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PUBLIC UTILITY FUNDS (CONTINUED)
<br />Sewer Operating Fund - This fund accounts for the operations of the City -owned sewer
<br />system. The fund reported a loss of $7,875 for 1976.
<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, $123,591, is included as a
<br />receivable on the balance sheet.
<br />A condensed summary of operations for the Water and Sewer Operating Funds for the
<br />last three years is presented below:
<br />Operating expenses for 1975 include disposal charges of $139,323 as compared with
<br />$117,150 and $80,083 in 1975 and 1974 respectively.
<br />WATER CONSTRUCTION FUND
<br />Proceeds from the issuance of Water Revenue Bonds of 1961 and 1963 were received
<br />in this fund and used to finance the cost of various water improvements. A balance
<br />of $56,665 at December 31, 1976 is available for future construction.
<br />GENERAL DEBT SERVICE FUND
<br />This fund was established to accumulate resources, primarily property taxes, for
<br />the redemption of certificates of indebtedness and interest thereon. During
<br />1975, certificates in the amount of $30,000 were issued. $10,000 was paid during
<br />1976, leaving $20,000 payable $10,000 per year in 1977 and 1978.
<br />IV
<br />1976
<br />1975
<br />1974
<br />Water Operating Fund
<br />Operating revenue
<br />$ 193,732
<br />$ 142,826
<br />$ 157,348
<br />Operating expense (less depreciation)
<br />( 88,342)
<br />( 75,165)
<br />( 68,434)
<br />Other income and (expense)
<br />6,878
<br />4,849
<br />11,715
<br />Income before deprecication
<br />$ 112,268
<br />$ 72,510
<br />$ 100,629
<br />Depreciation
<br />( 16,249)
<br />( 38,062)
<br />( 36,513)
<br />Net income
<br />$ 96,019
<br />S 34.448
<br />$ 64.116
<br />Sewer Operatia& Fund
<br />Operating revenue
<br />$ 151,731
<br />$ 155,178
<br />$ 108,701
<br />Operating expense (less depreciation)
<br />(170,456)
<br />(141,727)
<br />(102,109)
<br />Other income and (expense)
<br />12,906
<br />12,815
<br />27,322
<br />Income (loss) before depreciation
<br />$( 5,819)
<br />$ 26,266
<br />$ 33,914
<br />Depreciation
<br />_(_1,056)
<br />2,836
<br />3,086)
<br />Net income (loss)
<br />7.875)
<br />$ 23.430
<br />$ 30,828
<br />Operating expenses for 1975 include disposal charges of $139,323 as compared with
<br />$117,150 and $80,083 in 1975 and 1974 respectively.
<br />WATER CONSTRUCTION FUND
<br />Proceeds from the issuance of Water Revenue Bonds of 1961 and 1963 were received
<br />in this fund and used to finance the cost of various water improvements. A balance
<br />of $56,665 at December 31, 1976 is available for future construction.
<br />GENERAL DEBT SERVICE FUND
<br />This fund was established to accumulate resources, primarily property taxes, for
<br />the redemption of certificates of indebtedness and interest thereon. During
<br />1975, certificates in the amount of $30,000 were issued. $10,000 was paid during
<br />1976, leaving $20,000 payable $10,000 per year in 1977 and 1978.
<br />IV
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