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City of Elk River <br />March 15, 2001 <br />Page Eight <br />Capital Projects Funds <br />Separate capital projects funds are established as projects are identified. Many of the projects incur preliminary planning, <br />legal, engineering or construction costs previous to funding arriving. Listed below are funds with deficit fund balances at <br />yearend: <br />Fund Fund Deficit <br />East Highway 10 Improvements $ 1,519,409 <br />Tax Increment Financing Districts 345,968 <br />Total 1,865.377 <br />Future revenue sources should eliminate these deficits but it is important to monitor each project's progress and ensure <br />revenue is adequate. <br />Enterprise Funds <br />The activities of the Enterprise Funds include the electric, water, sewer, garbage services and the off -sale liquor store. The <br />electric and water operations, under the direction of the Utilities Commission, are included in the financial statements since <br />City Council has the ultimate oversight responsibility for their operations. <br />Garbage Collection <br />Garbage collections are remitted monthly. The non-operating revenue is made up mainly from a county grant. The net <br />income continues to be positive and the cash balance is adequate for the current level of operations. <br />Percent <br />Percent <br />Percent <br />2000 <br />of Revenue <br />1999 <br />of Revenue <br />1998 <br />of Revenue <br />Operating revenue <br />$ 686,815 <br />100.0% <br />$ 754,804 <br />100.0% <br />$ 718,216 <br />100.0% <br />Operating expenses <br />791,043 <br />115.2 <br />748,683 <br />99.2 <br />717,400 <br />99.9 <br />Operating income <br />(104,228) <br />(15.2) <br />6,121 <br />.8 <br />816 <br />.1 <br />Nonoperating revenue <br />124,571 <br />18.1 <br />116,593 <br />15.4 <br />27,661 <br />3.9 <br />Net income before transfers <br />2.9% <br />12 14 <br />16.20 <br />Cash balances <br />255,671 <br />222 9 0 <br />6 2 <br />