|
Maw
<br />Honorable Mayor and Members of the City Council
<br />City of Link Lakes
<br />Page 23
<br />Table of Water Fund Revenues and Expenses:
<br />Operating revenue:
<br />Charges for services
<br />Other revenue
<br />Total operating revenue
<br />1998 % of Sales 1997 % of Sales
<br />$ 519,505
<br />66,801
<br />586,306
<br />88.6% $ 430,938
<br />11.4% 55,449
<br />100.0% 486,387
<br />Operating expenses:
<br />Personal services 87,736 15.0% 75,257
<br />Materials and supplies 73,301 12.5% 90,795
<br />Contractual services 17,289 2.9% 28,423
<br />Repair and maintenance 4,979 0.8% 24,813
<br />Depreciation on purchased assets 43,443 7.4% 26,527
<br />Utilities 52,578 9.0% 50,364
<br />Other 1,983 0.3% 1,923
<br />Total operating expenses 281,309 48.0% 298,102
<br />Net income (loss) from operations
<br />304,997 52.0%
<br />88.6%
<br />11.4%
<br />100.0%
<br />15.5%
<br />18.7%
<br />5.8%
<br />5.1%
<br />- 5.5%
<br />10.4%
<br />0.4%
<br />61.3%
<br />188,285 38.7%
<br />Other income (expense):
<br />Investment earnings 11,416 1.9% 35,387 7.3%
<br />Special assessments 283 0.0% 329,399 67.7%
<br />_
<br />Bond interest & paying agent fees (225,182) -38.4% (229,900) - 47.3%
<br />Total other income (expense) (213,483) -36.4% 134,886 27.7%
<br />Net income (loss) before operating transfers 91,514 15.6% 323,171 66.4%
<br />Operating transfer to Capital Projects Fund (90,000) -15.4% 0.0%
<br />Net income (loss) 1,514 0.3% 323,171 66.4%
<br />Retained earnings (deficit)
<br />Beginning balance, as previously stated
<br />Prior period adjustment
<br />Beginning balance, as restated
<br />837,555
<br />(3,544)
<br />834,011
<br />Residual equity transfer to Sewer Fund (655,283)
<br />Retained earnings - December 31
<br />Depreciation on contributed assets
<br />excluded above
<br />514,384
<br />514,384
<br />$ 180,242 $ 837,555
<br />126,168 137,569
<br />• Operating Revenue increased significantly because of the combination of additional users and a
<br />rate increase in 1998.
<br />• Income from Operations increased because expenses were held constant while the revenue
<br />increased.
<br />• Other Income was down significantly because 1997 included revenues on the adoption of an
<br />assessment roll for water improvements.
<br />• An Operating Transfer was made from the Water Fund to the Civic Complex Construction Fund to
<br />fund a portion of the construction costs.
<br />• The operating expenses as presented exclude the effects of the depreciation on contributed assets.
<br />These assets represent assets that were constructed using proceeds of special assessment bonds.
<br />While these assets are not included as a charge against the current operations these assets will
<br />need to be replaced at some point in the future when their useful life has expired.
<br />
|