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MUNICIPAL LIQUOR FUND.(CONTINUED) <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 />1978 <br />Percent <br />of sales <br />$2,284,541 100.00 <br />1,379,413 60.38 <br />$ 905,128 39.62 <br />548,824 24.02 <br />$ 356,304 15.60 <br />1977 <br />Percent <br />of sales <br />$2,062,428 100.00 <br />1,256,670 60.93 <br />$ 805,758 39.07 <br />506.382 24.55 <br />$ 299,376 14.52 <br />Percent <br />of sales <br />$1,968,468 100.00 <br />1,200,000 60.96 <br />$ 768,468 39.04 <br />531,327 26.99 <br />$ 237,141 12.05 <br />36,369 1.59 23,965 1.16 20,960 1.06 <br />S 392.67 17.19 S 334 15.68 S 258.101 13.11 <br />1978 1977 1976 <br />Percent Percent Percent <br />of net of net of net <br />income income income <br />S 275,000 <br />6.69 <br />70,03 $ 275,000 85.05 S 300.000 116.23 <br />Water Operating Fund - This fund accounts for the operations of the City -owned water <br />system. The fund had income of $37,057 in 1978. Income of the fund is pledged for <br />payment of the Water Revenue Bonds of 1963. <br />Sewer Operating Fund - This fund accounts for the operations of the City -owned sewer <br />system. The fund had income of $21,200 for 1978. <br />During 1971, the Metropolitan Waste Control Commission purchased the City's equity in <br />the Minneapolis sewer system. Payment is being made over a 30 -year period by means of <br />annual credits against issuingdisposal charges from the Commission. The amount payable <br />by the Commission in future years of $126,863 is included as a receivable on the <br />balance sheet. <br />IV <br />