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CITY OF HUGO, MINNESOTA <br />PROPRIETARY FUND <br />Statement of Revenues, Expenses <br />and Changes in Fund Net Position <br />For the Year Ended December 31, 2015 <br />Operating Revenue <br />351,248 <br />Water charges <br />$ 867,847 <br />Meter sales <br />24,578 <br />Sewer charges <br />1,104,839 <br />Total Operating Revenues <br />1,997,264 <br />Operating Expenses <br />Personal services <br />351,248 <br />Engineering <br />99,177 <br />Electricity <br />90,595 <br />Repairs and maintenance <br />537,816 <br />Sewer charges - MCES <br />471,903 <br />Depreciation <br />587,412 <br />Miscellaneous <br />119,038 <br />Total Operating Expenses <br />2,257,189 <br />Operating (Loss) <br />(259,925) <br />Nonoperating Revenue <br />Future infrastructure charges <br />539,576 <br />Rental income <br />29,404 <br />Intergovernmental revenue <br />13,124 <br />Investment earnings <br />74,066 <br />Net increase in the fair value of investments <br />17,670 <br />Miscellaneous <br />182,865 <br />Total Nonoperating Revenue <br />856,705 <br />Net Income Before Transfers and Contributions <br />596,780 <br />Capital contributions - special assessments <br />7,161 <br />Noncash capital contributions <br />1,033,897 <br />Transfers out <br />(107,839) <br />Change in net position <br />1,529,999 <br />Net Position, Beginning, as originally stated <br />34,306,987 <br />Restatement (Note 5) <br />(222,740) <br />Net Position, Beginning, as restated <br />34,084,247 <br />Net Position, End of Year <br />$ 35,614,246 <br />See Notes to Financial Statements <br />