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1 <br /> <br /> <br /> <br />1 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />LJ <br />City of Elk River <br />March 13, 2008 <br />Page ] 7 <br />Water Fund <br />The following is a summary of operatim~s in the Water fund for the past three years: <br />2005 2006 <br />.Amount Yzrcenl Amount Percent <br />tom <br />Amount Pcrccnt <br />Opcratiug rcvcuucs $ 7.362,902 100.0 '% $ T,77U, 819 100.0 % $ 2,144,622 100.0 <br />Opcrating cxpcuscs 7.828,489 1342 1,860,439 105.1 2.112,796 98.5 <br /> <br />Operating income (loss) (465,587) (34.2) (89,620) (5.1) 31,826 ].5 <br />Nonopcrating rcvcuucs 659,498 48.4 873,948 49.4 440,752 20.6 <br />Capital contributions 533,038 39.1 838,674 4Z4 292,965 L39 <br />Teans fore out (25,739) (l .9) (31,018) {1.8) (20,000) (0.9) <br /> <br />Change in net assets S 701,210 51.4 % $ 7.591,984 89.9 % $ 745543 34.9 <br /> <br />Cash and investments S 1.754,023 $ 2.579224 S 2,394,387 <br />Bonds payable S 6,146,250 S 5.736.250 _5_ __5,311,250 <br />Water Fund Operations Summary <br />$3,OOQ000 - <br />$2,500,000 - <br />$2,OOQ000 - <br />$1,500,000 <br />$1,OOQ000 <br />$500,000 <br />$- <br />S(500,000) -, <br />$(1.000,000) ~ <br />2005 2006 2007 <br />__ --- _.. <br />^ Operating revenues ~ Operating expenses ®Operallng loss O Change in net assets O Cash and investments <br />As with the Sewer fund, the cash balance remains sn-ong relative to operations. The nonoperating revenue is made up <br />mainly of connection fees. 'These connection fees ultimately provide for current debt service and future expansion of the <br />system. This is the first time in tour years that the Water fund has reported operating income. We recommend the City <br />annually evaluate rates to insure revenues are covering casts. <br />9szsa~ eo~o e,x eaz.ass.aze i <br />www.aemct~a.ti.cnm <br />