1976 CAFR - Laserfiche WebLink

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SPECIAL ASSESSMENT FUND Special assessment funds are established to account for assessments levied to finance improvements or services deemed to benefit the properties against which the assessments are levied. Primarily, the transactions accounted for in the special assessment construction accounts are receipt of bond proceeds for con- struction work done. Special assessment debt service accounts account mainly for collection of assessments against benefited property owners and disbursements of assessment collections for the payment of bonds and interest. The appropriated fund balance represents the interest on the bonded indebtedness which is payable in future years. MUNICIPAL LIQUOR FUND This fund is maintanined to account for the operations of the City -owned liquor i stores. Percentages and detailed statements by stores are included in the report as additional aids in reviewing results of operations. Shown below is a con- densed summary of liquor store operations for 1976, 1975 and 1974. i 1976 1975 1974 Percent Percent Percent of sales of sales of sales Sales $1,968,468 100.0 $2,029,367 100.0 $2,054,998 100,0 Cost of Sales 1,200,000 61.0 1,247,655 61.5 1,308,703 63.7 Gross profit $ 768,468 39.0 $ 781,712 38.5 $ 746,295 36.3 Operating expense 531,327 27.0 511,519 25.2 470,124 22,9 I Operating income $ 237,141 12.0 $ 270,193 13.3 $ 276,171 13.4 Other income less other expense 20,960 1.1 39,233 1.9 21,290 1.1 Net income $ 258,101 13.1 $ 309,426 15.2 S 297.461 14.5 Transfers to other funds Equivalent mill rate of transfers PUBLIC UTILITY FUNDS 1976 1975 1974 Percent of Percent of Percent of net income net income net income 300,000 116.23 $ 300,000 7.92 96.95 $ 275,000 JL.45 8_11 Water Operating Fund - This fund accounts for the operations of the City -owned water system. The fund had income of $96,019 in 1976. Revenues of the fund are pledged for payment of the Water Revenue Bonds of 1961 and 1963. III