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UTILITY FUNDS <br />Water Operating Fund - This fund accounts for the operations of the City -owned water <br />system. The fund had income of $3,289 in 1979. <br />Sewer Operating Fund - This fund accounts for the operations of the City -owned sewer <br />system. The fund had a net loss of $34,959 in 1979. <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 issuing disposal charges from the Commission. The amount payabl::: <br />by the Commission in future years of $123,160 is included as a receivable on the <br />balance sheet. <br />A condensed summary of operations for the Water and Sewer Operating Funds for the <br />last three years is presented below: <br />Net income (loss) $( 34.959) S 21.200 $ 18.573 <br />Operating expenses for 1979 include disposal charges of $175,783 as compared with <br />$162,277 and $157,266 in 1978 and 1977 respectively. <br />Water Construction Fund - Proceeds from the issuance of Water Revenue Bonds of 1961 <br />and 1963 were received in this fund and used to finance the cost of various water <br />improvements. The balance of the fund was closed into the Water Operating Fund <br />in 1979. <br />IV <br />1979 <br />1978 <br />1977 <br />Water Operating Fund <br />Operating income <br />$ 152,012 <br />$ 159,463 <br />$ 163,621 <br />Operating expenses (excluding <br />depreciation) <br />(132,574) <br />(109,141) <br />(107,385) <br />Other income and (expense) <br />15,412 <br />16,065 <br />9,093 <br />Income before depreciation <br />$ 34,850 <br />$ 66,387 <br />$ 65,329 <br />Depreciation (non -contributed <br />assets only) <br />_(_L1 ,561) <br />( 29,330) <br />( 25,327) <br />Net income <br />S 3.289 <br />1-27 .0 5—Z <br />$40.002 <br />Sewer Operating Fund <br />Operating income <br />$ 195,268 <br />$ 195,872 <br />$ 206,062 <br />Operating expenses (excluding <br />depreciation) <br />(243,544) <br />(208,308) <br />(196,874) <br />Other income and (expense) <br />17,809 <br />37,170 <br />12,261 <br />Income (loss) before depreciation <br />$( 30,467) <br />$ 24,734 <br />$ 21,449 <br />Depreciation (non -contributed <br />assets only) <br />( 4,492)3 <br />534 <br />��) <br />( 2,876) <br />Net income (loss) $( 34.959) S 21.200 $ 18.573 <br />Operating expenses for 1979 include disposal charges of $175,783 as compared with <br />$162,277 and $157,266 in 1978 and 1977 respectively. <br />Water Construction Fund - Proceeds from the issuance of Water Revenue Bonds of 1961 <br />and 1963 were received in this fund and used to finance the cost of various water <br />improvements. The balance of the fund was closed into the Water Operating Fund <br />in 1979. <br />IV <br />