05 Audit for FY01-02 - Laserfiche WebLink

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ENTERPRISE FDI~D The Enterprise Fund accounts for operations that are financed and operated in a manner similar to private business enterprises. The intent of the City is that costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges. The periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. Currently, the City's only enterprise activity is its water and sewer utility system. The activities of the Enterprise Fund are reported in the following sub-funds: Water and Sewer Sub-Fund This fund accounts for all revenues and expenditures related to water and sewer services, except those legally required to be accounted for elsewhere, and those accounted for separately for internal management purposes. It is the primary operating fund for the utility. Included in this fund are a water and sewer contingency and a voluntary reserve to pay the cost of future water rights. Water Revenue Construction Sub-Fund This fund accounts for the receipt and distribution of proceeds from the 1997 Waterworks and Sewer System Revenue Bonds of $5,000,000, the 1998 Waterworks and Sewer System Revenue Refunding Bonds of $6,905,000, the 1998 Tax and Revenue Refunding Bonds of $5,810,000, and the 2000 Waterworks and Sewer System Revenue Bonds of $9,500,000. The 1998 issues represent $930,000 of new money and a partial refunding of the 1991 and 1992 issues. The 2001 issue was to refund the remaining bonds of Series 1991. Revenue Bond Sinking Sub-Fund This fund accounts for all water and sewer related interest and sinking funds. It also accounts for certain water and sewer reserves. Each interest and sinking fund collects and expends funds necessary to pay all principal, interest, and related costs on their corresponding debt issue. Some debt ordinances require the establishment of a reserve fund to further guarantee the timely payment of debt obligations. Those interest and sinking funds and reserve funds which currently exist are: Water and Sewer Revenue Bonds Reserve Water and Sewer Revenue I & S 1992 Series Certificates of Obligation I & S 1994 Series Water and Sewer Revenue I & S 1997 Series Water and Sewer Revenue Refunding I & S 1998 Series Tax and Revenue Refunding I & S 1998 Series Water and Sewer Revenue Bonds I & S 2000 Series Tax and Revenue Refunding Bonds I & S 2001 Series