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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 />1998 1997 $ Change % Change <br />— Operating Revenues $586,306 $486,387 $ 99,919 20.54% <br />Operating Expenses 237,866 271,575 (33,709) (12.41 %) <br />(Excluding Deprecation) <br />Operating Income (Loss) <br />$348.440 $214.812 $133.628 62.21%, <br />Increases in revenues are attributed to the additional users on the system. <br />Sewer Fund - accounts for the operations of the municipal sanitary sewer system. The following <br />table illustrates the operations: <br />1998 1997 $ Change % Change <br />Operating Revenues $719,391 $628,536 $ 90,855 14.46% <br />Operating Expenses 652,015 494,219 157,796 31.93% <br />(Excluding Deprecation) <br />Maw <br />Operating Income (Loss) §_7.i7_ $L34.312 06,9411 (49.84 %1 <br />Mom <br />Expenditures increased due to repairs of the Lakes Addition sewer line and the increase in <br />sewage flow and fees paid to the Metropolitan Council Environmental Services division for <br />treatment. Also, the first phase of an Inflow and Infiltration study was completed in 1998, with <br />the second phase to be completed in 1999. <br />Gas Utility – this fund was closed during 1998 and all capitalized costs were written off. <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 the fall of 1999. <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 1998 was $1,155,931 compared to $766,675 in 1997. The increase in interest resulted <br />from bonds issued in 1998 and the corresponding balance in the construction funds. <br />MEW <br />13 <br />