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<br /> CITY OF ELK RIVER, MINNESOTA I
<br />STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
<br /> PROPRIETARY FUNDS
<br /> YEAR ENDED DECEMBER 31, 2004 I
<br /> Municipal I
<br /> Liquor Garbage Sewer
<br />Sales and cost of sales:
<br />Sales $ 4,341,147 $ $ I
<br />Cost of sales (3,160,094)
<br />Gross profit 1,181,053
<br />Operating revenues: I
<br />User charges 967,528 1,141,437
<br />Delinquency collections 5,648 I
<br />Other 4,555 8,615 1,725
<br />Total operating revenues 4,555 981,791 1,143,162
<br />Operating expenses: I
<br />Personal services 368,724 8,528 280,619
<br />Supplies 8,875 85 39,546
<br />Purchased power I
<br />Other service charges 127,080 944,819 304,432
<br />Depreciation 64,083 724,112
<br />Total operating expenses 568,762 953,432 1,348,709 I
<br />Operating income (loss) 616,846 28,359 (205,547)
<br />Nonoperating revenues (expenses): I
<br />Connection charges 1,222,100
<br />Interest income 30,974 613 64,903
<br />Interest expense (31,300) (108,677) I
<br />Amortization of bond discount (7,023)
<br />Total nonoperating revenues (expenses) (326) 613 1,171,303
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<br />Income before contributions and transfers 616,520 28,972 965,756
<br />Capital contributions 1,532,501 I
<br />Transfers in (out) (465,568) 6,688 (33,475)
<br />Change in net assets 150,952 35,660 2,464,782 I
<br />Total net assets - January 1 3,630,918 50,885 20,776,064
<br />Total net assets - December 31 $ 3,781,870 $ 86,545 $ 23,240,846 I
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<br />The notes to the fmancial statements are an integral part of this statement.
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