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CITY OF LINO LAKES, MINNESOTA
<br />STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS - PROPRIETARY FUNDS
<br />For The Year Ended December 31, 2003
<br />Statement 8
<br />Water
<br />Totals
<br />Sewer 2003
<br />Operating revenue:
<br />Charges for services $ 1,001,470 $ 1,201,575 $ 2,203,045
<br />Hook -up charges 17,280 14,950 32,230
<br />Water meter sales 38,074 - 38,074
<br />Other operating revenue 7,502 64 7,566
<br />Total operating revenue 1,064,326 1,216,589 2,280,915
<br />Operating expenses:
<br />Personal services 161,498 140,500 301,998
<br />Materials and supplies 231,124 6,355 237,479
<br />Contractual services 29,899 17,938 47,837
<br />MCES sewer charges 507,351 507,351
<br />Depreciation 304,382 342,563 646,945
<br />Utilities 66,587 23,217 89,804
<br />Other 16,299 8,246 24,545
<br />Total operating expenses 809,789 1,046,170 1,855,959
<br />Net income (loss) from operations
<br />254,537 170,419 424,956
<br />Other income (expense):
<br />Investment earnings 3,203 17,663 20,866
<br />Special assessments 16,252 1,892 18,144
<br />Bond interest (157,359) (157,359)
<br />Paying agent fees (1,310) (1,310)
<br />Total other income (expense) (139,214) 19,555 (119,659)
<br />Net income before contributions and operating transfers 115,323 189,974 305,297
<br />Contributions and operating transfers:
<br />Contributions from private sources 942,449 1,758,488 2,700,937
<br />Operating transfer from Capital Projects Fund 301,355 301,355
<br />Total contributions and operating transfers 1,243,804 1,758,488 3,002,292
<br />Net income (loss) 1,359,127 1,948,462 3,307,589
<br />Net Assets - January 1 10,128,680 15,880,050 26,008,730
<br />Net Assets - December 31 $ 11,487,807 $ 17,828,512 $ 29,316,319
<br />The accompanying notes are an integral part of these basic financial statements.
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