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t_ <br />CITY OF ST. ANTHONY, MINNESOTA <br />WATER CONSTRUCTION FUND <br />STATEMENT OF INCOME AND RETAINED EARNINGS <br />YEARS ENDED DECEMBER 31, 1978 AND 1977 <br />1978 1977- <br />Income <br />977Income - Interest earned $ 4,414 $ 451 <br />Retained earnings January 1 57,116 56,665 <br />Retained earnings December 31 61,530 7 1 <br />STATEMENT OF CHANGES IN FINANCIAL POSITION <br />YEARS ENDED DECEMBER 31, 1978 AND 1977 <br />1978 1977 <br />SOURCE OF FUNDS <br />Operations <br />Income 4 414 <br />_. 51 <br />APPLICATION OF FUNDS <br />Increase in working capital L—A.A-14 451 <br />Various elements of increase in working capital <br />Cash and temporary investments 4.414 451 <br />See accompanying notes to financial statements. <br />43 <br />