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<br /> (alAS
<br /> FIN Ai. "f C IAL INF 0 Ri. '\fA TI 0 N
<br /> Condensed Statement of Operations(l)
<br /> For Fiscal Year Ended September 30.
<br /> Revenues 1994 1993 1992 1991
<br /> Charges for Services S 6,453,916 S 6,664,517 S 4,796,.240 S 4,717,306
<br /> Interest Income and Other 671.039 936.938 1.063.457 1.213.057
<br /> Total S 7.124.955 S 7.601.455 S 5.859.697 S 5.930.363
<br /> Exuenses
<br /> Franchise Taxes S 477,.219 S 466,.293 S 370,322 S 0
<br /> Personnel Services 1,045,427 1,014,659 1,171,390 1,090,.292
<br /> Contracted Services 1,523,465 1,184,.256 816,127 579,536
<br /> Materials and Supplies 527,071 462,371 480,532 417,991
<br /> Other Charges 1.599.406 1.365.146 769.679 563.024
<br /> Total S 5.172.588 S 4.492.725 S 3.608.050 S 2.650.843
<br /> Net Available for Debt Service S 1 952 367 5 3 108 730 S' '51 647 S "I '79 520
<br /> Metered Water Customers 6,030 5,929 5,921 5,848
<br /> Metered Sewer Customers 5,710 5,616 5,593 5,560
<br /> (1) Excludes depreçiation expenses and debt service costs.
<br /> CoveI'1lge and Fund Balances (1)
<br /> Average Annual Principal and Interest Requirements, 1996 - 2009.......................................................................... S 790,655
<br /> Coverage of Average Requirements by 1994 Net Income """"""""""""""""""""""""""""""""""""""""""""'. 2.47 Times
<br /> Maximum Principal and Interest Requirements, 2005 ...................................................................~.......................... S 1,555,645
<br /> Coverage of1ia:åmum Requirements by 1994 Net Income...................................................................................... 1.26 Times
<br /> Water and Sewer System Revenue Bonds Outstanding after the Issuance of the Bonds """""""""""""""""""""" 513,980,000
<br /> Interest and Sinking Fund, 5-31-95....................................................................................."""""""""""""""""'" S 712,875
<br /> Reserve Fund, 5-31-95 ......................................................................................""""""""""""""""""""""""""" 5 824,871
<br /> (1) Estimated, includes the Bonds.
<br /> Financial Administration
<br /> The financial administration of the City is vested in the Department of Finance. The Department of Finance operates under the
<br /> Diredor of Finance, who is appointed by the City Manager. Required activities of the Department of Finance are control,
<br /> custody and disbursement of City funds, assessment and collection' of taxes and issuance of licenses. Other activities of the
<br /> Department of Finance include municipal colUt, utility billing and collections, internal service fund operation, annual budget
<br /> preparation and interim and annual financial reports.
<br /> Financial Policies
<br /> Basis of Ac.:ounting . . . The City's accounting records of the gov=ental fund revenues and expenditures are reçognized on
<br /> the modified accrual basis. Revenues are reçognized in the accounting period in which they are available and measurable.
<br /> Expenditures are reçognized in the accounting period in which the fund liability occUITed, if measurable, except for unmatured
<br /> interest on generallong-tenn debt
<br /> Proprietary Fund revenues and expenses are recognized on the full accrual basis. Revenues are recognized in the accounting
<br /> period in which they are earned and become measurable. Expenses are recognized in the accounting period in which they are
<br /> incUITed.
<br /> Fund Balances. . . It is the City's policy regarding the General Fund and EnteIprise Funds that werking capital r=urces
<br /> should be maintained at a minimum of 15% of the Funds' operating expenditure budget The City maintains its various debt
<br /> service funds in accordance with the covenants of the bond ordinances.
<br /> Use of Bond Proceeds, Grants, etc. . . The City's policy is to use bond proceeds, grants, revenue sharing or other non-recurring
<br /> revenues for capital expenditures only. Such revenues are never to be used to fund City operations.
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