1977 CAFR - Laserfiche WebLink

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PUBLIC UTILITY FUNDS (CONTINUED) Sewer Operating Fund - This fund accounts for the operations of the City -owned sewer system. The fund had income of $18,573 for 1977. During 1971, the Metropolitan Waste Control Commission purchased the City's equity in the Minneapolis sewer system. Payment is being made over a 30 -year period by means of annual credits against future sewer billings from the Commission. The amount payable by the Commission in future years, $130,424 is included as a receivable on the balance sheet. A condensed summary of operations for the Water and Sewer Operating Funds for the last three years is presented below: Water Operating Fund Operating revenue Operating expense (less depreciation) Other income and (expense) Income before depreciation Depreciation Net income Sewer Operating Fund Operating revenue Operating expense (less depreciation) Other income and (expense) Income (loss) before depreciation Depreciation 1977 $ 163,621 (107,385) 9,093 1976 $ 193,732 ( 88,342) 6,878 $ 65,329 $ 112,268 ( 25,327) 16,249 $ 206,062 (196,874) 12,261 $ 21,449 ( 2,876) $ 151,731 (170,456) 12,906 $( 5,819) ( 2,056) 1975 $ 142,826 ( 75,165) 4,849 $ 72,510 ( 38,062) 4 44 $ 155,178 (141,727) 12,815 $ 26,266 ( 2,836) Net income (loss)? Operating expense for 1977 include disposal charges of $157,266 as compared with $139,323 and $117,150 in 1976 and 1975 respectively. WATER CONSTRUCTION FUND Proceeds from the issuance of Water Revenue Bonds of 1961 and 1963 were received in this fund and used to finance the cost of various water improvements. A balance of $57,116 at December 31, 1977 is available for future construction. GENERAL DEBT SERVICE FUND This fund was established to accumulate resources, primarily property taxes, for the redemption of certificates of indebtedness and interest thereon. During 1975, certificates in the amount of $30,000 were issued. $10,000 was paid during 1977, leaving $10,000 payable in 1978. IV