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CITY OF ELK RIVER, MINNESOTA
<br />STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
<br />PROPRIETARY FUNDS
<br />YEAR ENDED DECEMBER 31, 2006
<br />Municipal LiquorGarbage
<br />Current YearPrior YearCurrent YearPrior Year
<br />Sales and cost of sales:
<br /> Sales$5,897,950$4,801,541$-$-
<br /> Cost of sales(4,233,420)(3,505,709)--
<br /> Gross profit
<br />1,664,5301,295,832--
<br />Operating revenues:
<br /> User charges--1,096,9951,048,655
<br /> Delinquency collections--9,2737,098
<br /> Other8,8184,5209,7959,255
<br /> Total operating revenues
<br />8,8184,5201,116,0631,065,008
<br />Operating expenses:
<br /> Personal services527,531430,3645,2077,611
<br /> Supplies23,58970,7112,16744
<br /> Purchased power----
<br /> Other service charges226,792156,4411,087,4141,039,824
<br /> Depreciation141,254139,907--
<br /> Total operating expenses
<br />919,166797,4231,094,7881,047,479
<br />Operating income (loss)
<br />754,182502,92921,27517,529
<br />Nonoperating revenues (expenses):
<br /> Connection charges----
<br /> Interest income85,52649,2875,6952,235
<br /> Miscellaneous revenue----
<br /> Interest expense(49,500)(41,541)--
<br /> Bond issuance costs(414)(242)--
<br /> Gain (loss) on sale of capital assets----
<br /> Total nonoperating revenues (expenses)
<br />35,6127,5045,6952,235
<br />Income before contributions and transfers789,794510,43326,97019,764
<br />Capital contributions----
<br />Transfers in--47,6673,480
<br />Transfers out(233,300)(233,300)--
<br />Change in net assets556,494277,13374,63723,244
<br />Total net assets - January 14,059,0033,781,870109,78986,545
<br />Prior period adjustments----
<br />Total net assets, restated - January 14,059,0033,781,870109,78986,545
<br />Total net assets - December 31$4,615,497$4,059,003$184,426$109,789
<br />The notes to the financial statements are an integral part of this statement.
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