1977 CAFR - Laserfiche WebLink

Home Browse Search

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 construction 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 maintained to account for the operations of the City -owned liquor stores. Percentages and detailed statements by stores are included in the report as additional aids in reviewing results of operations. Shown below is a condensed summary of liquor store operations for 1977, 1976 and 1975. Sales Cost of sales Gross profit Operating expense Operating income Other income less other expense Net incone Transfers to other funds Equivalent mill rate of transfers PUBLIC UTILITY FUNDS 1977 Percent of sales $2,062,428 100.00 1,256,670 60.93 $ 805,758 39.07 506,382 24.55 $ 299,376 14.52 23,965 1.16 $ 323.341 15,68 1977 Percent of net income S 275 000 85.05 1976 Percent of sales $1,968,468 100.00 1,200,000 60.96 $ 768,468 39.04 531,327 26.99 $ 273,141 12.05 20,960 1.06 258.101 13.11 1976 Percent of net income S 300.000 116.23 7_92 1975 Percent of sales $2,029,367 100.00 1.247,655 61.48 $ 781,712 38.52 511.519 25.21 $ 270,193 13.31 39,233 1.94 309 6 1975 Percent of net income 00 000 96.95 i Water Operating Fund - This fund accounts for the operations of the City -owned water system. The fund had income of $40,002 in 1977. Revenues of the fund are pledged for payment of the Water Revenue Bonds of 1961 and 1963. III