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<br /> CITY OF ELK RIVER, MINNESOTA
<br />
<br />STATEMENT OF RE
<br />VE.Nli ES, EXPENSES, AND CHANGES IN Fli
<br />ND NET ASSETS ,
<br /> PROPRIETARY FUNDS
<br /> YEAR ENDEll DECEMBER 31, 2007
<br />
<br /> Municipal Liquor Gazbage
<br /> Cutrent Year Prior Year Current Yeaz Prior Year
<br />
<br />Sales and cost of sales: '
<br />Sales $ 6,036,756 $ 5,897,950 $ - $ -
<br />Costofsales (4,318,304) (4,233,42D)
<br />Gross profit 1,718,452 1,664,530 - - '
<br />Operating revenues:
<br />User charges - - 1,127,270 7,096,991
<br />
<br />Delinquency collections
<br />- -
<br />1D,576
<br />9,273 ,
<br />Other 6,332 8,818 9,127 9.795
<br />Total operating revenues 6,332 8,818 1,146,973 1,116,063
<br />Operating expenses:
<br />Personal services 563,896 527,531 9,776 5,207
<br />Supplies 13,]11 23,589 433 2,167
<br />Purchased power - - _ _
<br />
<br />Other service charges
<br />216,562 226,792
<br />1,103,924
<br />1.087,414 ,
<br />Depreciation 137,787 141,254 - -
<br />Totaloperatiugexpenses 931,356 919.166 1,114,133 1094,788
<br />Operating income (toss) 793,428 754, ] 82 32.840 21,275
<br />~Ionopera[ing revenues (expenses):
<br />Connection chages - - - -
<br />
<br />Interest income
<br />133,166 85,526
<br />9,872
<br />5,695 ,
<br />Miscellazteous revenue - - - -
<br />Interestexpense (51,938) (49,500) - -
<br />Bond issuance costs (414) (414) - -
<br />
<br />Gain (loss) on sale of capital assets
<br />- -
<br />-
<br />- ,
<br />Total nonoperating revenues (expenses) 80,814 35,612 9,872 5,695
<br />Income before contributions and transfers 874,242 789,794 42,7]2 26,970 ,
<br />Capital contributions - - - -
<br />Transfersin - - 26,860 47,667 -
<br />Transfers out (267,700) (233,300) -
<br />Change in net assets 606,542 556,494 69,572 74,637
<br />Total net assets - January L 4,615,497 4,059,003 784,426 109,789
<br />Prior period adjustments -
<br />Tota]net assets, restated-Sanuary] 4,615,497 4,059,003 184.426 109,789 '
<br />Total net assets -December 31 $ 5,222,039 $ 4,615,497 $ 253,998 $ 184,426
<br />1
<br />The notes [o [he financial statements are an integral part of [his statement. ,
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<br />32 '
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