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City of Lino Lakes, Minnesota <br />Management Report, Page 39 <br />ENTERPRISE (UTILITY FUNDI <br />The financial statements for the Enterprise Funds are presented in Statements 14 through 16 of <br />the 1991 Annual Financial Report. Condensed comparative statements of income and expense for <br />the years 1991 and 1990 (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 1990 <br />Amount Percent Amount Percent <br />Operating Income: <br />Water billings $127,754 40.38% $99,894 40.43% <br />Sewer billings 154,784 48.92% 119,112 48.20% <br />Other 33,839 10.70% 28,100 11.37% <br />Total operating income 316,377 100.00% 247,106 100.00% <br />Operating Expenses: <br />Personal services 79,127 25.01% 61,965 25.08% <br />MWCC 81,060 25.62% 63,655 25.76% <br />Repairs and maintenance 55,371 17.50% 38,845 15.72% <br />Depreciation 1,190 0.38% 820 0.33% <br />Other 71,223 22.51% 43,340 17.54% <br />Total operating expenses 287,971 91.02% 208,625 84.43% <br />Income from operations <br />28,406 8.98% 38,481 15.57% <br />Other income: <br />Interest on investments 623 256 <br />MWCC maintenance agreement 14,564 7,233 <br />Net income 43,593 45,970 <br />Operating transfer to <br />area and unit fund <br />(52,320) (80,365) <br />Increase/(decrease) in retained earnings ($8,727) <br />As shown above, the water and sewer operations have reflected net decreases in retained <br />earnings. Retained earnings are required to support: <br />✓ working capital needs <br />✓ net fixed assets <br />✓ capital replacement requirements <br />