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<br />WATER FUND
<br />
<br />At December 31, 2024, the Water Fund had a cash deficit of ($988,894) net of interfund loans and total
<br />net position of $4,331,311. Of this net position total, $5,269,219 is the net investment in capital assets,
<br />while ($937,908) is unrestricted (deficit unrestricted balance). The following graph shows the financial
<br />position of the Water Fund over the past 10 years:
<br /> $(2,000,000)
<br /> $(1,000,000)
<br />$–
<br /> $1,000,000
<br /> $2,000,000
<br /> $3,000,000
<br /> $4,000,000
<br /> $5,000,000
<br />2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
<br />Water Fund Financial Position
<br />Year Ended December 31,
<br />Cash, Net of Interfund Loans Total Net Position Operating Revenue
<br />
<br />The following graph shows the operating results of the Water Fund over the last 10 years:
<br />$–
<br /> $200,000
<br /> $400,000
<br /> $600,000
<br /> $800,000
<br /> $1,000,000
<br /> $1,200,000
<br /> $1,400,000
<br /> $1,600,000
<br />2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
<br />Water Fund Operating Results
<br />Year Ended December 31,
<br />Operating Expenses Operating Revenue
<br /> During fiscal 2024, the Water Fund reported an operating income of $57,847, compared to an operating
<br />income of $115,903 in fiscal 2023. 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 and contractual services contributed to the change in operating expenses.
<br />The City issued water revenue bonds in 2020 contributing to the change in cash presented in the top table.
<br />The bonds were issued to finance a multi-year project for significant improvements to the water treatment
<br />system. The City has continued to invest in water infrastructure by using interfund loans, resulting in a
<br />deficit net cash position for this individual utility fund.
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