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CITY OF LINO LAKES, MINNESOTA Statement 8
<br />STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS - PROPRIETARY FUNDS
<br />Year Ended December 31, 2007
<br />Total
<br />Water Sewer 2007
<br />Operating revenue:
<br />Charges for services $ 1,154,661 $ 1,426,262 $ 2,580,923
<br />Hook -up charges 25,280 19,850 45,130
<br />Water meter sales 30,967 30,967
<br />Other operating revenue 4,855 4,855
<br />Total operating revenue 1,215,763 1,446,112 2,661,875
<br />Operating expenses:
<br />- Personal services 161,073 161,989 323,062
<br />Materials and supplies 368,561 23,798 392,359
<br />Contractual services 86,970 110,247 197,217
<br />- MCES sewer charges 536,211 536,211
<br />Depreciation 389,412 431,211 820,623
<br />Utilities 65,664 26,035 91,699
<br />Other 16,689 9,472 26,161
<br />Total operating expenses 1,088,369 1,298,963 2,387,332
<br />Net income from operations 127,394 147,149 274,543
<br />Other income (expense):
<br />Investment earnings 125,436 240,386 365,822
<br />Special assessments 10,416 134 10,550
<br />Bond interest (77,246) (77,246)
<br />Paying agent fees (5,287) (5,287)
<br />Total other income (expense) 53,319 240,520 293,839
<br />Net income before contributions and transfers 180,713 387,669 568,382
<br />Contributions and transfers:
<br />Contributions from private sources 36,100 34,100 70,200
<br />Capital contributions from primary government 776,712 776,712
<br />Transfer in 141,199 - 141,199
<br />Transfer out (11,112) (11,112) (22,224)
<br />Total contributions and transfers 942,899 22,988 965,887
<br />Net income 1,123,612 410,657 1,534,269
<br />Net Assets - January 1 15,232,576 21,133,913 36,366,489
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<br />Net Assets - December 31 $ 16,356,188 $ 21,544,570 $ 37,900,758
<br />The accompanying notes are an integral part of these basic financial statements.
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