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1 <br />3® <br />itev <br />f-'‘ <br />;-Agffev <br />:,V •%' ‘ - ■ <br />S*?%- <br />^5f. <br />iiS- <br />% A> <br />m^' <br />Jp-r.: <br />J^ft- <br />fegii-"- <br />To the Chy Council uid Citizens of the City of Orono luMl. 1992 <br />1991 PliBuc Facilities Fund <br />During 1991, the 1991 Public Facilities Fund was created to account for the bond proceeds of <br />13,950,000 from the 1991 Public Facilities Revenue Bonds and the costs of land acquisition and <br />oominictioo of the 1991 public facilities project consisting of a City meeting hall. City offices, <br />police offlcit, and detention/processing. Public Works offices, storage, maintenance and repair <br />of machinery and equipment space, and a cold storage building. Prior to the sale of bonds, dated <br />De ce mber 1, 1991, ^ Building capital Outlay Fund advanced S2S5.6S9 fur varmus cusis <br />incurred for the project. These advances are to be repaid to the Building Capital Outlay Fund <br />from die bond proceeds. The fond balance designated for construction was $3,114,445 at <br />DecMbbmSl, 1991. <br />ftflWltte PtlNDS <br />EMerpriae Funds are used to account for financial resources used in providing self-supporting public <br />lervi ^ in which most of die costs involved are paid in the form of charges by the users of the services. <br />BlCipt for ownership. Enterprise Funds bear z close resemblance to privately owned utility or s«vice <br />emeipriaes. <br />Hm City owns and operates a water utility, sewer utility, and a public golf course <br />WAtW OPERATING fund <br />The Wm Operating Fund accounts for the provision o vater services to the residents of the <br />City who have wmer service available All activities necessary to provide such services are <br />•ccounled for in this fond, including administration, operations, maintenance, billing, and <br />coilacfion. <br />The summary of operatiom for 1991 and 1990 is as follows <br />December 31 <br />1991 1990 <br />Op^atii^ revenue <br />Opmiing expenses <br />S 2 S 161.565 <br />Operating toss t (43.760 1 I (40.503 ) <br />OpiTMii^ kMi for 1991 does not Include nonoperating reveiuie tyf $77,691 or nmoperatii^ <br />eepamai of 177,013. Operming lr»s for 1990 does not include nemopenKing revalue of <br />IND,503 or nonoperating eipenso of $76,299 Reuined earnings as of December 31. 1991 <br />were $143,491, whidi lepreseiM • decrease of $9,753 from 1990, net of the e ffects of <br />deprecia tion on omtrRiuted assets and of nonoperaing Hems <br />i-f- <br />S <br />/