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ENTERPRISE FUNDS OVERVIEW
<br />The City maintains several enterprise funds to account for services the City provides that are financed
<br />primarily through fees charged to those utilizing the services. This section of the report provides you with
<br />an overview of the financial trends and activities of the City's enterprise funds, which include the Water,
<br />Sewer, Storm Water, and Street Light Funds.
<br />The utility funds comprise a considerable portion of the City's activities. We understand that the City is
<br />proactive in reviewing these activities on an ongoing basis and we want to reiterate the importance of
<br />continually monitoring these operations. Over the years, we have emphasized to our city clients the
<br />importance of these utility operations being self-sustaining, preventing additional burdens on general
<br />government funds. This would include the accumulation of net position for future capital improvements
<br />and to provide a cushion in the event of a negative trend in operations.
<br />ENTERPRISE FUNDS FINANCIAL POSITION
<br />The following table summarizes the changes in the financial position of the City's enterprise funds during
<br />the year ended December 31, 2023, presented both by classification and by fund:
<br />Enterprise Funds Change in Financial Position
<br />Net position of enterprise funds
<br />Total by classification
<br />Net investment in capital assets
<br />Unrestricted
<br />Total enterprise funds
<br />Total by fund
<br />Water
<br />Sewer
<br />Storm Water
<br />Street Light
<br />Total enterprise funds
<br />Net Position
<br />as of December 31,
<br />2023 2022 Change
<br />$ 7,617,563 $ 6,630,980 $ 986,583
<br />5,088,544 5,628,694 (540,150)
<br />$ 12,706,107
<br />$ 12,259,674
<br />$ 446,433
<br />$ 4,627,101
<br />$ 4,561,476
<br />$ 65,625
<br />4,630,230
<br />4,395,788
<br />234,442
<br />3,363,021
<br />3,210,921
<br />152,100
<br />85,755
<br />91,489
<br />(5,734)
<br />$ 12,706,107 $ 12,259,674 $ 446,433
<br />In total, the net position of the City's enterprise funds increased by $446,433 during the year ended
<br />December 31, 2023. The City's ongoing investment in Water Fund infrastructure contributed to the
<br />increase in net investment in capital assets, while reducing unrestricted net position.
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