Laserfiche WebLink
The Sewer Fund accounts for the operations of the municipal sanitary sewer system. The following table <br />illustrates the operations: <br />Operating Revenues <br />Operating Expenses <br />(Excluding Deprecation) <br />Operating Income (Loss) <br />2000 1999 $ Change % Change <br />$875,850 $713,523 $162,327 22.75% <br />641,729 549,162 92,567 16.86% <br />$234,121 $164,361 $69,760 42.44% <br />As with the Water Fund, additional users resulted in increased revenues for the year. Personnel costs, <br />Metropolitan Council Environmental Services charges for sewage treatment, and system maintenance and repair <br />costs driven by installation of a telephone meter reading system were responsible for the increase in expenses <br />from the previous year. <br />AGENCY FUNDS <br />The Contractors Deposits Fund accounts for the pass - through costs of developer financed projects within the <br />City. <br />The Pending Assessments Fund accounts for the receipt of assessment prepayments prior to certification. This <br />fund is closed annually at certification time. The balance in this fund is the result of assessments being collected <br />that will not be certified to Anoka County until 2001. <br />The Investment Fund accounts for the pooling of all the City's money that is invested throughout the year. <br />Interest on investments is recorded in this fund before allocating to all funds. Interest earned in 2000 was <br />$1,000,915 compared to $245,589 in 1999. The increase in interest income resulted from changing market <br />conditions and unrealized gains booked as a result of increased market value of securities held, in compliance <br />with GASB 31. <br />GENERAL FIXED ASSETS ACCOUNT GROUP <br />General fixed assets are those assets used for general governmental functions only. This does not include <br />enterprise funds. Depreciation is not recorded on the general fixed assets. <br />GENERAL LONG -TERM DEBT ACCOUNT GROUP <br />This group reports the current assets available in the Debt Service Funds and recognizes the amounts to be <br />provided through future tax levies, assessments and tax increments. <br />CASH MANAGEMENT <br />Cash temporarily idle during the year was invested in certificates of deposit, commercial paper, and obligations <br />of the U.S. Treasury. The City's investment policy's primary objective is safety of principal. Therefore, all <br />deposits were either insured by Federal depository insurance or were collateralized as required by State Statute. <br />The City Council reviews the investment policy annually and last amended it in 1998. <br />8 <br />