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4 <br />MUNICIPAL LIQUOR FUND <br />This fund is maintained to account for the operation of the Village -owned liquor stores. <br />Percentages and detailed statements by stores are included in the report as additional <br />aids in reviewing results of operations. Shown below is a condensed summary of liquor <br />store operations for 1973, 1972 and 1971. <br />1973 1972 <br />Percent Percent <br />of sales of sales <br />Sales $1,955,034 100.0 $1,867,888 100.0 <br />Cost of sales 1,228,443 62.8 1,216,048 65.1 <br />1971 <br />Percent <br />of sales <br />$1,919,584 100.0 <br />1,264,596 65.9 <br />Gross profit <br />$ 726,591 <br />37.2 <br />$ 651,840 <br />34.9 <br />$ 654,988 <br />Operating expense <br />417,646 <br />21.4 <br />417,237 <br />22.3 <br />411,590 <br />Operating expense <br />126,296 <br />Operating income <br />$ 308,945 <br />15.8 <br />$ 234,603 <br />12.6 <br />$ 243,398 <br />Other income less <br />289 <br />(3,095) <br />(3,531) <br />Net income <br />$ 25.150 <br />other expense <br />26,635 <br />1.4 <br />17,185 <br />.9 <br />25,164 <br />Net income <br />$ 335,580 <br />17.2 <br />S 251.788 <br />13.5 <br />S 268.562 <br />Transfers to <br />other funds <br />$ 289.817 <br />86.36 <br />1_10 .000 <br />119,15 <br />$ 300.000 <br />Equivalent mill rate <br />to transfers <br />8.68 <br />2-L70 <br />31.07 <br />PUBLIC UTILITY FUNDS <br />34.1 <br />21.4 <br />12.7 <br />103 <br />14.0 <br />111,76 <br />Water Operating Fund - This fund accounts for the operations of the Village -owned water <br />system. The fund had net income of $25,150 in 1973. Revenues of the fund are pledged <br />for payment of the Water Revenue Bonds of 1961 and 1963. <br />Sewer Operating Fund - This fund accounts for the operations of the Village -owned sewer <br />system. The fund reported a loss of $2,922 for 1973. <br />During 1971, the Metropolitan Sewer Board purchased the City's equity in the Minneapolis <br />sewer system. Payment is being made over a 30 -year period by means of annual credits <br />against future sewer billings from the Board. The amount payable by the Board in future <br />years is shown as a receivable on the balance sheet in the amount of $139,377. <br />A condensed summary of operations for the Water and Sewer Operating Funds for the last <br />three years is presented below: <br />1973 <br />1972 <br />1971 <br />Water Operating Fund <br />Operating revenue <br />$151,157 <br />$144,573 <br />$136,526 <br />Operating expense <br />126,296 <br />130,603 <br />124,674 <br />Operating income <br />$ 24,861 <br />$ 13,970 <br />$ 11,852 <br />Other income and (expense) <br />289 <br />(3,095) <br />(3,531) <br />Net income <br />$ 25.150 <br />L l0 aZ58 <br />321 <br />