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Enterprise Funds <br />Water Fund - accounts for the operations of the municipal water system. The following table <br />illustrates the operations: <br />Operating Revenues <br />Operating Expenses <br />(Excluding Depreciation) <br />1999 1998 $ Change % Change <br />$555,368 $586,306 ($30,938) (5.28 %) <br />380,928 237,866 143,062 60.14% <br />Operating Income (Loss) $174,440 $348,440 ($112,124) (32.18 %) <br />Water revenues decreased due to a wetter than normal summer resulting in reduced water <br />consumption. Installation of a telephone meter reading system caused increases in personnel, <br />supply and contractual costs over the previous year. <br />Sewer Fund - accounts for the operations of the municipal sanitary sewer system. The following <br />table illustrates the operations: <br />1999 1998 $ Change % Change <br />Operating Revenues $713,523 $719,391 ($5,868) (0.82 %) <br />Operating Expenses 549,162 652,015 (102,853) (15.77 %) <br />(Excluding Deprecation) <br />Operating Income (Loss) <br />$164,361 $67,376 $96,985 161.36% <br />Although Metropolitan Council Environmental Services charges for sewage treatment increased, <br />and personnel costs were higher, costs for system maintenance and repair were substantially <br />lower in 1999, resulting in an overall reduction in expenses from the previous year. <br />AGENCY FUNDS <br />Contractors Deposits - accounts for the pass- through costs of developer financed projects within <br />the City. <br />Pending Assessments - accounts for the receipt of assessment prepayments prior to certification. <br />This fund is closed annually at certification time. The balance in this fund is the result of <br />assessments being collected that will not be certified to Anoka County until 2000. <br />Investment Fund - accounts for the pooling of all the City's money that is invested throughout the <br />year. Interest on investments is recorded in this fund before allocating to all funds. Interest <br />earned in 1999 was $245,589 compared to $1,155,931 in 1998. The decrease in interest income <br />resulted from changing market conditions and unrealized losses booked as a result of decreased <br />market value of securities held, in compliance with GASB 31. <br />8 <br />