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WATER FUND <br />At December 31, 2023, the Water Fund had a cash balance of $374,239 and total net position of <br />$4,627,101. Of this net position total, $4,288,159 is the net investment in capital assets, while $338,942 is <br />unrestricted. The following graph shows the financial position of the Water Fund over the past 10 years: <br />$5,000,000 <br />$4,000,000 <br />$3,000,000 <br />$2,000,000 <br />$1,000,000 <br />S(1,000,000) <br />Water Fund Financial Position <br />Year Ended December 31, <br />2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 <br />Cash, Net ofInterfund Loans OTotal Net Position Operating Revenue <br />The following graph shows the operating results of the Water Fund over the last 10 years: <br />$1,600,000 <br />$1,400,000 <br />$1,200,000 <br />$1,000,000 <br />$800,000 <br />$600,000 <br />$400,000 <br />$200,000 <br />2014 <br />Water Fund Operating Results <br />Year Ended December 31, <br />2015 2016 2017 2018 2019 2020 2021 2022 2023 <br />Operating Expenses Operating Revenue <br />During fiscal 2023, the Water Fund reported an operating income of $115,903, compared to an operating <br />income of $260,670 in fiscal 2022. Consumption will fluctuate from year-to-year based on many factors, <br />including weather patterns and number of utility customers. Additional conservation measures on water <br />usage by citizens also impacts water consumption. The City should continue to review utility rates during <br />its annual budget process to make sure an adequate, yet fair, rate is charged for the services provided. An <br />increase in personal services, supplies, and contractual services contributed to the change in operating <br />expenses. The City issued water revenue bonds in 2020 contributing to the change in cash presented in the <br />top table. The bonds were issued to finance a multi -year project for significant improvements to the water <br />treatment system. <br />-13- <br />