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<br /> FINANCIAL INFORMATION
<br /> Electric Utility System Condensed Statement of Operations (1)
<br /> Fiscal Year Ended September 30.
<br /> Revenue 1992 1991 1990 1989 1988
<br /> Charges for Services $ 18,268,825 $ 18,372,105 $ 17,171,045 $ 17,353,737 $ 14,624,230
<br /> Interest 545.332 643.305 641.251 578.829 477.057
<br /> Total Revenues $ 18,814,157 $ 19,015,410 $ 17,812,296 $ 17,932,566 $ 15,101,287
<br /> Expenses
<br /> Purchased Power $ 12,280,095 $ 12,249,884 $ 11,060,151 $ 11,991,032 $ 9,764,788
<br /> Franchise taxes 1,427,978 1,445,545 1,340,241 982,246 567,470 }.
<br /> Contracted Services 1,881,932 1,937,133 1,871,275 1,480,388 1,459,331
<br /> Materials and Supplies 643,820 116,787 59,760 52,573 124,748
<br /> Other Charges -0- 553.264 582.691 400.359 263.662
<br /> Total Expenses $ 16.233.825 $ 16.302.613 $ 14.914.118 $ 14.906.598 $ 12.179.999
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<br /> Net Income Available for Debt
<br /> Service $ 2.580.332 $ 2,712.797 $ 2,898.178 $ 3.025.968 $ 2.921.288
<br /> Metered Electric Customers 13,264 13,348 13,702 13,646 13,700
<br /> (1) Excludes depreciation expenses and debt service costs.
<br /> Revenue Bond Coverage and Debt Service Fund Balance
<br /> Projected Average Annual Principal and Interest Requirements, 1993-2016 ...................... $1,298,843
<br /> Coverage of Average Requirements by 9-30-92 Net Income. . . . . . . . . . . . . . . . . . . . .". . . . . . . . . .. 1.99 Times
<br /> Projected Maximum Principal and Interest Requirements, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. $1,395,308
<br /> Coverage of Maximum Requirements by 9-30-92 Net Income .............................. 1.85 Times
<br /> Estimated Interest and Sinking Fund Balance, 3-31-93 .........,......................... $ 406,817
<br /> Reserve Fund, 3-31-93 ...................................................... $ 1,578,118
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<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 /> Director 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 court, utility billing and collections, internal service fund operation, annual budget
<br /> preparation and interim and annual financial reports.
<br /> Financial Policies
<br /> Basis of Accounting. . . The City's accounting records of the governmental fund revenues and expenditures are recognized on
<br /> the modified accrual basis. Revenues are recognized in the accounting period in which they are available and measurable.
<br /> Expenditures are recognized in the accounting period in which the fund liability is incurred, if measurable, except for unmatured
<br /> interest on generallong-tenn debt.
<br /> The accrual basis of accounting is utilized by proprietary funds. Under the accrual basis of accounting, revenues are recognized
<br /> in the accounting period in which they are earned and become measurable. Expenses are recorded in the accounting period
<br /> incurred, if measurable.
<br /> General Fund Balance. . . The City's policy is to maintain surplus and unencumbered funds in an amount not less than 15% of
<br /> expenditures in the General Fund. This policy allows the City to avoid interim borrowing pending tax receipts.
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