Res 1992-038 - Laserfiche WebLink

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FINANCIAL INFORMATION Waterworks and Sewer System Condensed Statement of Operations'" Fiscal Ycar Ended Seotember 30. REVENUE 1991 1990 1989 1988 1987 Charges for Services $4,717,306 $ 4,822,990 $ 4,539,365 $ 4,189,966 $ 4,241,804 EXPENSE Waterworks and Sewer System $ 2.650.843 $ 2.463.429 $ 2.227.273 $ 2.186.681 $ 1.657.931 NET AVAILABLE FOR DEBT SERVICE S 2.066.463 $ 2.359 .561 S 2.312.092 $ 2.003.285 S 2.583 .873 Metered Water Customers 5,848 5,768 5,824 5,822 5,816 Metered Sewer Customers 5,560 5,424 5,505 5,538 5,489 *Excludes depreciation expenses and debt service costs. Coverage and Fund Balances Average Annusl Principal and Interest Requirements, 1992-2008 . . . . . . . . . . . . . . . . . . . . . . . . . . .. $ 747,149'" Coverage of Average Requirements by 1991 Net Income ................................. 2.76 Times'" Maximum Principal and Interest Requirements, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " $1,472,083'" Coverage of Maximum Requirements by 1991 Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1.40 Times* Waterworks and Sewer System Revenue Bonds to be Outstanding afterIssuance of These $1,050,000 Bonds 9-30-92 .................................... $7,695,000'" Interest and Sinking Fund, 2-29-92 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. $ 27,218 Reserve Fund 2-29-92 ...................................................... $ 590,000 "'Includes the "Bonds". Fmancial AdminDtration The financial administration of the City is vested in the Department of Finance. The Department of Finance operates under the Director of Finance, who is appointed by the City Manager. Required activities of the Department of Finance are control, custody and disbursement of City funds, assessment and collection of taxes and issuance of licenses. Othcr activities of the department include data processing, utility billing and collections, internal service fund operation, annual budget preparation and interim and annual financial reports. FUl8DCial Policies Basis of Accounting. . . The City's accounting records of the governmental fund revenues and expenditures are recognized on the modified accrual basis. Revenues are recognized in the accounting period in which they are available and measurable. Expenditures are recognized in the accounting period in which thc fund liability is incl1I1'ed, if measurable, except for unmatured interest on generallong-tcnn debt. The accnJal basis of accounting is utilized by proprietary funds. Under the accrual basis of accounting, revenues are recognized in the accounting period in which they are earned and become measurable. Expenses are recorded in the accounting period incurred, if measurable. General Fund Balance. . . The City policy is to maintain surplus and unencumbered funds equal to three (3) months of expenditures in the General Fund. This allows the City to avoid interim borrowing pending tax receipts. 12