|
r .m1
<br />1
<br />J
<br />J
<br />1
<br />1
<br />1
<br />J
<br />1
<br />]
<br />J
<br />I
<br />I
<br />I
<br />1
<br />1
<br />]
<br />11
<br />1
<br />Water Operating Fund
<br />The table below shows a summary of the Water Operating Fund financial results for the past six years.
<br />Metered water sales increased 11 % over 1994 amounts, due mainly to a rate increase implemented during
<br />1995. Even though the City increased water rates during 1995, the City still had a net loss, which has been
<br />the simation in all but one of the last six years.
<br />During 1995, the Water Operating Fund received $26,326 of residual equity from the 1980 Improvement
<br />Bonds Debt Service Fund. This transfer was directly recorded to contributed equity and it is intended to
<br />be used to help finance the revenue bond debt.
<br />Water 1990 1991 1992 1993 1994 1995
<br />Metered water sales S 159,289 $ 153,199 $ 169,470 $ 151,798 $ 199,208 $ 220,848
<br />Total operating
<br />revenue $ 161,565 $ 157,152 $ 171,376 $ 155,126 $ 202,446 223,638
<br />Total operating
<br />expenses 202,068 200,912 219,277 198,527 231,518 243.378
<br />Operating loss (40,503)(43,760)(47.901)(43,401)(29,072)(19.740)
<br />Nonoperating
<br />revenue 103,503 77,691 50,315
<br />10,252 40,975 47.894
<br />Nonoperating
<br />expenses (76,299)(77,013)(74,808)(70,143) (64,691)
<br />(58,871)
<br />Operating transfers
<br />in .mm 142,088
<br />Net income
<br />(loss)$(13,299)$ (43,082)$ (72,394)$ 38,796 $ (52,788)(30.717)
<br />Depreciation on
<br />contributed assets
<br />charged to operations $ 33,329 $ 33,329 $ 33,329 $ 33,329 $ 34,872 $ 32.886
<br />Net income (loss)
<br />as a percentage of
<br />operating revenue (8.2)% (27.4)% (42.2)% 25.0% (26.1)%(13.7)%
<br />Statewide average **8.6% 6.7% 7.7% 5.4% 10.8%N/A
<br />* Per report of the State Auditor on Revenues, Expenditures, and Debt of Minnesota Cities over
<br />2,500 in population.
<br />We have also indicated the amount of depreciation expense on contributed assets which is included in
<br />operating expenses. These are assets that were paid for by other funds which ty^jically were financed by
<br />special assessments or taxes. In some cases, it is not the intent of the City to entirely recover this
<br />depreciation through user charges.
<br />-10-
|