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City of Elk River
<br /> May 17,2013
<br /> Page 11
<br /> Enterprise Funds
<br /> The activities of the Enterprise funds include the municipal liquor,garbage,sewer,water and electric. The electric and water
<br /> operations,under the direction of the Utilities Commission,are included in the financial statements since City Council has the ultimate
<br /> oversight responsibility for their operations.
<br /> Municipal Liquor Fund
<br /> The following is a summary of operations in the Municipal Liquor fund for the past three years:
<br /> 2010 2011 2012
<br /> Total Percent Total Percent Total Percent
<br /> Sales $ 5,948,986 100.0 % $ 6,139,096 100.0 % $ 6,516,386 100.0 %
<br /> Cost of sales (4,273,029) (71.8) (4,385,452) (71.4) (4,638,550)
<br /> Gross profit 1,675,957 28.2 1,753,644 28.6 1,877,836 28.8
<br /> Operating revenues 4,640 0.1 6,596 0.1 8,848 0.1
<br /> Operating expenses (954,037) (16.0) (947,692) (15"4) (970,330) (14"9)
<br /> Operating income 726,560 12.3 812,548 13.3 916,354 14.0
<br /> Nonoperating
<br /> revenues(expenses) 3,531 0.1 12,031 0.2 (68,740) (1.1)
<br /> Transfers out (341,415) (5.7) (3,115,592) (50.8) (468,667) (7.2)
<br /> Change in net position $ 388,676 6.7 % $ (2,291,013) (37.3) % $ 378,947 5.7 %
<br /> Cash and investments $ 4,122,226 $ 1,797,477 $ 1,555,676
<br /> Bonds payable $ 880,000 $ 730,000 $ -
<br /> Municipal Liquor Fund Operations Summary
<br /> $7,000,000
<br /> $6,000,000 28.8%
<br /> 282% 28.6%
<br /> $5,000,000
<br /> $4,000,000
<br /> $3,000,000
<br /> $2,000,000
<br /> $1,000,000
<br /> $-
<br /> 2010 2011 2012
<br /> Sales (Gross profit (Operating income Cash and investment
<br /> Sales,gross profit and operating income increased consecutively the past two years.The 2011 change in net position decreased
<br /> significantly due to a transfer out to provide funding for the public works facility project.The change in net position for 2012 is
<br /> comparable to 2010.The decrease in cash compared to 2011 was a result of$570,000 debt prepaid.
<br /> 952.835.9090 • Fax 952.835.3261
<br /> www.aemcpas.com
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