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Www <br />Imo <br />Maw <br />INV <br />OMNI <br />City of Lino Lakes, Minnesota <br />Management Report, Page 40 <br />ENTERPRISE (UTILITY FUND) <br />The financial statements for the Enterprise Funds are presented in Statements 14 through 16 of <br />the 1992 Annual Financial Report. Condensed comparative statements of income and expense for <br />the years 1991 and 1992 (excluding depreciation on contributed assets) for the Water and Sewer <br />Utility Fund are shown in the following schedule: <br />For The Year Ended December 31, <br />1991 1992 <br />Amount Percent Amount Percent <br />Operating Income: <br />Water billings $75,434 28.56% $166,563 38.85% <br />Sewer billings 154,784 58.62% 204,947 47.81% <br />Other 33,839 12.82% 57,199 13.34% <br />Total operating income 264,057 100.00% 428,709 100.00% <br />Operating Expenses: <br />Personal services 79,127 29.97% 91,300 21.30% <br />MWCC 81,060 30.70% 111,897 26.10% <br />Repairs and maintenance 55,371 20.97% 67,414 15.72% <br />Depreciation 1,190 0.45% 1,073 0.25% <br />Other 71,223 26.97% 71,325 16.64% <br />Total operating expenses 287,971 109.06% 343,009 80.01% <br />Income from operations (23,914) (9.06)% 85,700 19.99% <br />Other income (expense): <br />Interest on investments 623 10,250 <br />MWCC maintenance agreement 14,564 13,061 <br />Area and unit charge 52,320 96,712 <br />Bond interest (57,632) <br />Total other income (expense) 67,507 62,391 <br />Net income 43,593 148,091 <br />Operating transfer to <br />area and unit fund (52,320) (96,712) <br />Increase (decrease) in retained earnings ($8,727) $51,379 <br />The City reviewed water and sewer rates and increased rates effective July 1, 1988 and January <br />1, 1989. The City increased rate by 5% effective July 1, 1991 and 5% on January 1, 1992 and <br />January 1, 1993. We recommend the City charge water rates at a level which will cover the cost of <br />retiring debt issued to construct the water tower and maintain adequate levels of retained earnings. <br />