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<br />MUNICIPAL LIQUOR FUND
<br />This fund is maintained to account for the operation of the City -owned liquor
<br />stores. Percentages and detailed statements by stores are included in the report
<br />as additional aids in reviewing results of operations. Shown below is a con-
<br />densed summary of liquor store operations for 1975, 1974 and 1973.
<br />Sales
<br />Cost of Sales
<br />Gross profit
<br />Operating expense
<br />Operating income
<br />Other income less
<br />other expense
<br />Net income
<br />Transfers to
<br />other funds
<br />Equivalent mill rate
<br />of transfers
<br />PUBLIC UTILITY FUNDS
<br />1975
<br />1974
<br />1974
<br />Percent
<br />$1,955,034
<br />Percent
<br />1,243,947
<br />of sales
<br />$ 711,087
<br />of sales
<br />$2,029,367
<br />100.0
<br />$2,054,998
<br />100.0
<br />1,247,655
<br />61.5
<br />1,308,703
<br />63.7
<br />$ 781,712
<br />38.5
<br />$ 746,295
<br />36.3
<br />511,519
<br />25.2
<br />470,124
<br />22.9
<br />$ 270,193
<br />13.3
<br />$ 276,171
<br />13.4
<br />39,233
<br />1.9
<br />21,290
<br />1.1
<br />$ 309,426
<br />15,2
<br />S 297.461
<br />__L4.5
<br />Percent of
<br />net income
<br />974
<br />1973
<br />26,635 1.4
<br />S 320,076 16.4
<br />Percent of Percent of
<br />net income net income
<br />$ 300,000 96.95 S 275,000 92.45 S 289.817 90,55
<br />PM
<br />9"
<br />Water Operating Fund - This fund accounts for the operations of the City -owned
<br />water system. The fund had income of $34,448 in 1975. Revenues of the fund are
<br />pledged for payment of the Water Revenue Bonds of 1961 and 1963.
<br />Sewer Operating Fund - This fund accounts for the operations of the City -owned
<br />sewer system. The fund reported an income of $23,430 for 1975.
<br />During 1971, the Metropolitan Waste Control Commission purchased the City's equity
<br />in the Minneapolis sewer system. Payment is being made over a 30 -year period by
<br />means of annual credits against future sewer billings from the Commission. The
<br />amount payable by the Commission in future years, $128,852, is included as a
<br />receivable on the balance sheet.
<br />A condensed summary of operations for the Water and Sewer Operating Funds for
<br />the last three years is presented below:
<br />Percent
<br />1974
<br />of sales
<br />$1,955,034
<br />100.0
<br />1,243,947
<br />63.6
<br />$ 711,087
<br />36.4
<br />417,646
<br />21.4
<br />$ 293,441
<br />15.0
<br />26,635 1.4
<br />S 320,076 16.4
<br />Percent of Percent of
<br />net income net income
<br />$ 300,000 96.95 S 275,000 92.45 S 289.817 90,55
<br />PM
<br />9"
<br />Water Operating Fund - This fund accounts for the operations of the City -owned
<br />water system. The fund had income of $34,448 in 1975. Revenues of the fund are
<br />pledged for payment of the Water Revenue Bonds of 1961 and 1963.
<br />Sewer Operating Fund - This fund accounts for the operations of the City -owned
<br />sewer system. The fund reported an income of $23,430 for 1975.
<br />During 1971, the Metropolitan Waste Control Commission purchased the City's equity
<br />in the Minneapolis sewer system. Payment is being made over a 30 -year period by
<br />means of annual credits against future sewer billings from the Commission. The
<br />amount payable by the Commission in future years, $128,852, is included as a
<br />receivable on the balance sheet.
<br />A condensed summary of operations for the Water and Sewer Operating Funds for
<br />the last three years is presented below:
<br />1975
<br />1974
<br />1973
<br />Water Operating Fund
<br />Operating revenue
<br />$142,826
<br />$157,348
<br />$151,157
<br />Operating expense (less depreciation)
<br />L
<br />75,165
<br />68,434
<br />64,145
<br />Other income and (expense)
<br />4,849
<br />11,715
<br />289
<br />Income before depreciation
<br />$ 72,510
<br />$100,629
<br />$ 87,301
<br />_ Depreciation
<br />38,062
<br />36,513
<br />36,096
<br />Net income
<br />34 48
<br />4 6
<br />205
<br />III
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