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City of Lino Lakes, Minnesota <br />Management Report, Page 31 <br />ENTERPRISE (UTILITY FUND) <br />The City maintains three enterprise operating funds. The financial statements for these funds <br />are presented in Statements 14 through 16 of the 1993 Annual Financial Report. During the 1993 <br />year end closing process, the accounting for the water and sewer operations were split into two <br />separate funds. Statements of income and expense for 1993 (excluding depreciation on contributed <br />assets) for the water and sewer utility fund are shown in the following schedule: <br />Water Sewer <br />Operating revenue: <br />Charges for services $177,536 $291,062 <br />Other 55,863 5,237 <br />Total operating revenue 233,399 296,299 <br />Operating expenses: <br />Personal services 47,796 43,942 <br />Materials and supplies 79,808 1,192 <br />Contractual services 11,502 19,983 <br />Repair and maintenance 8,297 9,702 <br />MWCC sewer charges 0 168,891 <br />Depreciation 18 713 <br />Other 22,028 21,324 <br />Total operating expenses 169,449 265,747 <br />Income from operations 63,950 30,552 <br />Other income (expense): <br />Interest on investments 6,251 377 <br />Maintenance agreement - MWCC 0 7,294 <br />Area and unit charges 132,175 0 <br />Bond interest and paying agent fees (75,350) 0 <br />Total other income (expense) 63,076 7,671 <br />Net income before transfers 127,026 38,223 <br />Transfer from Area and Unit Charge Fund 93,238 0 <br />Transfer to Area and Unit Charge Fund (132,175) 0 <br />Net increase in retained earnings 88,089 38,223 <br />Retained earnings - January 1, 1993 30,538 65,499 <br />Retained earnings - December 31, 1993 $118,627 $103,722 <br />