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CITY OF ORONO. MINNESOTA
<br />Water Operating Fund
<br />Comparative Statement of Revenue, Expenses, and Changes in Retained Earnings
<br />Years Ended December 31,1998 and 1997
<br />1998
<br />Exhibit F-5
<br />1997
<br />Operating revenue
<br />Metered water sales $ 259,840 S 217,668
<br />Other 1,596 2,954
<br />Total operating revenue 261,436 220,622
<br />Operating expenses
<br />Salaries and wages 69,993 68,794
<br />Retirement contributions 6,942 8,513
<br />Health and life insurance contributions 2,364 1,366
<br />Purchased water 12,014 10,598
<br />Professional services 9,213 9,075
<br />Operating and maintenance supplies 19,113 19,640
<br />Heat, light, and power 25,042 31,738
<br />Depreciation 43,193 63,294
<br />Maintenance and repairs 8,863 10,667
<br />Administrative charges from General Fund 5,560 6,020
<br />Communications 2,306 2,192
<br />OfTtce supplies 901 450
<br />Printing, publishing, and advertising —505
<br />Data processing —27
<br />Insurance 13,938 7,968
<br />Other expenses 3,300 2,442
<br />Total operating expenses 222,742 243,289
<br />Operating income (loss)38,694 (22,667)
<br />Nonoperating revenue (expense)
<br />Property tax revenue 105,394 105,631
<br />Water connection fee 64,356 —
<br />Water tower rental fee 49,499 —
<br />Special assessment levy 288,750 —
<br />Interest earned on investments - operations 20,841 10,128
<br />Interest on special assessments 12,453 14,699
<br />Interest expense on revenue bonds (22,625)(27,330)
<br />Revenue bond expense (81)(82)
<br />Total nonoperating revenue (expense)518,587 103,046
<br />Net income 557,281 80,379
<br />Credit for depreciation on contributed equity 19,090 32,886
<br />Net increase in retained earnings 576,371 113,265
<br />Retained earnings
<br />Beginning of year 449,903 336.638
<br />End of year $ 1.026.274 $ 449.903
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