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CITY OF LINO LAKES, MINNESOTA
<br />COMBINED STATEMENT OF REVENUE, EXPENSES AND
<br />CHANGES IN RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES
<br />For The Year Ended December 31, 1998
<br />Statement 4
<br />Enterprise Funds
<br />1998 1997
<br />Operating revenue:
<br />▪ Water sales $519,505 $452,438
<br />Sewer charges 668,779 602,349
<br />Other operating revenue 117,413 60,136
<br />Total operating revenue 1,305,697 1,114,923
<br />Operating expenses:
<br />Personal services 176,155 154,387
<br />Materials and supplies 78,145 98,421
<br />Contractual services 46,270 79,976
<br />Repair and maintenance 180,012 42,731
<br />MCES sewer charges 326,619 297,202
<br />Depreciation:
<br />Purchased assets 52,061 31,768
<br />Contributed assets 322,807 334,208
<br />Utilities 77,328 95,832
<br />Other 5,352 3,177
<br />Total operating expenses 1,264,749 1,137,702
<br />Net income (loss) from operations 40,948 (22,779)
<br />Other income (expense):
<br />Investment earnings 36,310 53,824
<br />Special assessments 566 329,405
<br />_ Loss on disposal of assets (2,375) -
<br />Bond interest (223,582) (229,375)
<br />Paying agent fees (1,600) (525)
<br />Total other income (expense) (190,681) 153,329
<br />Net income (loss) before operating transfers
<br />Operating transfers:
<br />Operating transfer from General Fund
<br />Operating transfer to Capital Project Fund
<br />Total operating transfers
<br />Net income (loss)
<br />Credit arising from transfer of depreciation
<br />▪ to contributions from property owners
<br />Retained earnings
<br />Beginning balance, as previously stated
<br />Prior period adjustment
<br />Beginning balance as restated
<br />▪ Residual equity transfer to Sewer Fund
<br />Retained earnings - December 31
<br />(149,733) 130,550
<br />17,241
<br />(180,000)
<br />(162,759)
<br />(312,492) 130,550
<br />322,807 334,208
<br />1,492,588 1,027,830
<br />(5,875) -
<br />1,486,713 1,027,830
<br />(655,283)
<br />$ 841,745 $ 1,492,588
<br />The accompanying notes are an integral part of these financial statements.
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