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ELK RIVER MUNICIPAL UTILITIES
<br /> ELK RIVER, MINNESOTA
<br /> STATEMENTS OF CASH FLOWS
<br /> YEARS ENDED DECEMBER 31,2003 AND 2002
<br /> 2003
<br /> Electric Water Total
<br /> CASH FLOWS FROM OPERATING ACTIVITIES
<br /> Receipts from customers and users $ 13,612,021 $ 1,790,523 $ 15,402,544
<br /> Other operating cash receipts 864,499 602,248 1,466,747
<br /> Payments to suppliers (11,132,501) (1,112,746) (12,245,247)
<br /> Payments to employees (857,022) (151,674) (1,008,696)
<br /> NET CASH PROVIDED
<br /> BY OPERATING ACTIVITIES 2,486,997 1,128,351 3,615,348
<br /> CASH FLOWS FROM
<br /> NONCAPITAL FINANCING ACTIVITIES
<br /> Operating transfer to city (317,918) (28,361) (346,279)
<br /> Due from other city funds 4,084 - 4,084
<br /> Due to other city funds 36,427 (505) 35,922
<br /> Transfers from restricted funds - - -
<br /> NET CASH PROVIDED(USED)
<br /> BY NONCAPITAL FINANCING ACTIVITIES (277,407) (28,866) (306,273)
<br /> CASH FLOWS FROM CAPITAL
<br /> AND RELATED FINANCING ACTIVITIES
<br /> Acquisition of fixed assets (3,943,134) (1,631,718) (5,574,852)
<br /> Principal payments on revenue bonds - (280,000) (280,000)
<br /> Proceeds of revenue bonds 1,271,250 2,384,082 3,655,332
<br /> Interest paid on revenue bonds (27,563) (261,434) (288,997)
<br /> Principal payments on promissory note (79,112) - (79,112)
<br /> Proceeds of promissory note - - -
<br /> Special assessments collections 1,283 - 1,283
<br /> NET CASH PROVIDED(USED)
<br /> BY CAPITAL
<br /> AND RELATED FINANCING ACTIVITIES (2,777,276) 210,930 (2,566,346)
<br /> CASH FLOWS FROM INVESTING ACTIVITIES
<br /> Interest on investments 37,527 4,899 42,426
<br /> INCREASE(DECREASE)
<br /> IN CASH AND CASH EQUIVALENTS (530,159) 1,315,314 785,155
<br /> CASH AND CASH EQUIVALENTS,JANUARY 1 2,250,971 1,918,160 4,169,131
<br /> CASH AND CASH EQUIVALENTS,DECEMBER 31 $ 1,720,812 $ 3,233,474 $ 4,954,286
<br /> See Notes To Financial Statements.
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