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Debt Service Funds <br />Improvement Bonds Funds account for the accumulation of resources for debt service payments made on general <br />obligation debt issued for local improvement projects. <br />The Certificates of Indebtedness Fund accounts for debt service payments made on debt issued to finance capital <br />purchases. These certificates are financed internally. <br />The Public Project Revenue Bonds Fund and Public Project Refunding Bond Fund were established to account <br />for debt service payments related to the construction of the City's fire hall and civic complex. <br />The Lease Revenue Bond Fund was established to account for debt service payments related to the construction <br />of the City's Civic Complex. <br />Capital Project Funds <br />The Closed Bond Fund was established to account for all excess bond receipts. <br />The Dedicated Parks Fund accounts for revenues and expenditures for the acquisition and construction of park <br />projects. <br />The Area and Unit Charges Fund accounts for water and sewer area assessments to be used for the construction <br />of City utility infrastructure. <br />The Surface Water Management was established to help fund the costs associated with surface water issues and <br />- planning. <br />The Town Center /Civic Center Project Funds were established to account for costs associated with the creation <br />of the "Village ", including: infrastructure, civic buildings and development of the property for commercial use. <br />Tax Increment Funds were established to account for projects financed with tax increments. <br />MINIm <br />Enterprise Funds <br />The Water Fund accounts for the operations of the municipal water system. The following table illustrates the <br />operations: <br />2000 1999 $ Change % Change <br />Operating Revenues $718,822 $555,368 $163,454 29.43% <br />Operating Expenses 495,183 380,928 114,255 29.99% <br />— (Excluding Depreciation) <br />Operating Income (Loss) <br />$223,639 $174,440 $ 49,199 28.20% <br />Water revenues increased due to increased number of users on the system, resulting in greater consumption. <br />Installation of a telephone meter reading system caused increases in personnel, supply and contractual costs over <br />▪ the previous year. <br />fimml <br />7 <br />