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23 Honorable Mayor and Members of the City Council City of St. Anthony,Minnesota Financial Summary, continued Proprietary Funds, continued The Utility Fund had net income from operations of$177,781 for the year. Utility rates were increased effective January 1,2003,to eliminate operating losses incurred in prior years. These losses were partially offset by investment income from water filtration funds. Revenues from the water filtration funds are being used for maintenance of treatment facilities. The increase in rates were also necessary to provide revenues for repayment of the bonds issued in 2003 related to system improvements. Other Matters Included in the accrued compensated absences liability at December 31,2002,was approximately $100,000 related to compensatory time owed City employees. Due to management efforts during the year this portion of the liability was significantly reduced. Transfers from the General Fund were not necessary to pay these costs since the liability was paid from operating funds during the year. Other recommendations presented in the prior year's letter were addressed and/or completed by management during the year. This report is intended solely for the information and use of the City Council,management and others within the organization. Again,recommendations are intended to improve or strengthen financial management and administration. If the Council wishes, I would be pleased to meet and discuss any of the observations,comments,or recommendations mentioned or other matters pertaining to the audit with the Council or management at your convenience. If the City desires, I am available to assist with the implementation of any of the recommendations. I wish to express my appreciation for the courtesies and cooperation extended by the City Manager, Finance Director and City personnel during the engagement. - YJ Stuart J. Bonni ell Certified Public Accountant