07-08-1996 Council Packet - Laserfiche WebLink

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To ihe City Council and Citizens of the City of Orono May 29. 19% The operating loss for 1995 does not include nonoperating revenue of $167,138 or nonoperating expenses of $67,721. The operating loss for 1994 also does not include nonoperating revenue of $156,067 or nonoperating expenses of $63,160. Retained earnings as of December 31, 1995 were $1,711,219, which represents an increase of $31,747 from 1994, net of the effects of depreciation on contributed assets, and nonoperating items. Golf C oiitsf Operating Find The Golf Course Operating Fund accounts for the operation of the City-owned and operated golf course sales and expenses necessary to provide this ser\ ice. The summary of operations for 1995 and 1994 ts as follows: December 31 1995 1994 Gross profit and operating revenue $ 173,934 $ 178.283 Operating expenses 142,170 130,461 Operating income $31,764 $ 47,822 The operating income for 1995 does not include nonoperating revenue of $8,150. The operating income for 1994 Jso does not include nonoperating revenue of $5,582 or nonoperating expenses of $8,774. Retained earnings as of December 31, 1995 were $268,844, which represents an increase of $40,623 from 1994, net of the elfects of depreciation on contributed assets and nonoperating items. Debt A dministration At December 31, 1995, the City had five bond issues outstanding. The City’s legal debt limitation, based on state statutes, equals 2% of market value. All City bonded debt at December 31, 1995 is special assessment or revenue funded and therefore is excluded from the limit. The City bond rating from Moody's Investors Service is Aal for all bond issues except the 1991 Public Facilities Revenue Bond which has a bond rating from Moody’s Investors Service of Aa. -12- ... j _ !