|
<br />City's Equity in System
<br /> 12 Months
<br /> Ended
<br /> August 31 Fiscal Year Ended September 30,
<br /> 1988 1987 1986 1985 1984
<br /> (Unaudited)
<br />Waterworks and Sewer
<br />System $16,168,008 $15,188,496 $ 9,405,599 $ 8,133,675 $7,906,648
<br />Less Reserve for
<br />Deprecia tion 4,361,217 3,827,096 3,303,473 3,361,469 3,172,712
<br />$11,806,791 $11,361,400 $ 6,102,126 $ 4,77 2,206 $4,733,936
<br />Plus Construction Fund 761,641 646,487 4,838,885 3,834,936 196,687
<br />Net Plant $12,568,432 $12,007,887 $10,941,011 $ 8,607,142 $4,930,623
<br />Plus Net Working Capita! 2,046,456 .2,145,391 1,816,827 2,831,553 2,821,919
<br />Tota! $14,614,888 $14,153,278 $12,757,838 $11 ,438,695 $7,752,542
<br />Revenue Bond Debt $ 4,060,000 $ 2,740,000 $ 2,685,000 $ 2,755,000 $2,785,000
<br />Less Interest and
<br />Sinking Fund and
<br />Reserve Fund 906,841 567,586 404,366 405,116 404,787
<br />Net Revenue Debt $ 3,153,159 $ 2,172,414 $ 2,280,634 $ 2,349,884 $2,380,21.3
<br />City's Equity in System $11,461,729 $11,980,864 $10,477,204 $ 9,088,8Jl $5,372,329
<br />Percentage City's 69.3096
<br />Equity in System 78.4396 84.6596 82. 1296 79.46%
<br />FinanciaJ Administration
<br />
<br />The financial administration of the City is vested in the Department of Finance. The Department of
<br />Finance operates under the Director of Finance, who is appointed by the City Manager. Required
<br />activities of the Department of Finance are control, custody and disbursement of City funds, assessment
<br />and collection of taxes and issuance of licenses. Other activities of the department include data
<br />processing, utility billing and collections, internal service fund operation, annual budget preparation and
<br />interim and annual financial reports.
<br />
<br />Financial Policies
<br />
<br />Basis of Accounting... The City's accounting records of the governmental fund revenues and
<br />expenditures are recognized on the modified accrual basis. Revenues are recognized int he accounting
<br />period in which they are available and measurable. Expenditures are recognized in the accounting period
<br />in which the fund liabiJity is incurred, if measurable, except for unmatured interest on general long-term
<br />debt.
<br />
<br />The accrual basis of account is utilized by proprietary funds. Under the accrual basis of accounting,
<br />revenues are recognized in the accounting period in which they are earned and become mesurable.
<br />Expenses are recorded in the accounting period incurred, if measurable.
<br />
<br />General Fund Balance
<br />
<br />The City policy is to maintain surplus and unencumbered fund equal to three (3) months of expendi tures in
<br />the General Fund. This aJlows the City to avoid interim borrowing pending tax receipts.
<br />
<br />Debt Service Fund Balance. . . (COpy TO COME)
<br />
<br />Use of Bond Proceeds, Grants, etc. . . The City's policy is to use bond proceeds, grants, revenue sharing or
<br />other non-recurring revenues for capital expenditures only. Such revenues are never to be used to fund
<br />City operations.
<br />
<br />- 13 -
<br />
|