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CITY OF LANESBORO, MINNESOTA PROPRIETARY FUND


Fri, Jun 7th, 2013
Posted in Lanesboro Legals

CITY OF LANESBORO, MINNESOTA

PROPRIETARY FUND

Statement of Net Position

December 31, 2012

With Comparative Totals as of December 31, 2011

Totals - Utilities Commission

2012 2011

ASSETS

Current Assets

Cash and investments $397,472 $564,420

Due from other funds 7,276

Accounts receivable, net 134,888 118,033

Inventory 41,155 38,060

Other receivables/prepaid 1,697 1,576

Total Current Assets 582,488 722,089

Noncurrent Assets

Capital assets:

Nondepreciable 70,636 70,636

Depreciable 6,929,853 6,519,453

Less: Accumulated depreciation 4,038,913 3,887,595

Net capital assets 2,961,576 2,702,494

Total Assets 3,544,064 3,424,583

LIABILITIES

Current Liabilities

Accounts payable 115,667 61,955

Accrued liabilities 56,465 59,791

Due to other funds 76,433

Customer deposits 19,573 19,324

Current maturities of bonds payable 139,179 134,436

Total Current Liabilities 330,884 351,939

Noncurrent Liabilities

Loans payable 120,371 148,553

Bonds payable 952,000 1,063,000

Less: bond discount, net of amortization (12,553) (13,841)

Less: bond issuance costs, net of amortization (20,746) (23,407)

Total Noncurrent Liabilities 1,039,072 1,174,305

Total Liabilities 1,369,956 1,526,244

NET POSITION

Invested in capital assets,

net of related debt 1,783,325 1,393,753

Restricted for debt 103,000 103,000

Unrestricted 287,783 401,586

Total Net Position $2,174,108 $1,898,339



CITY OF LANESBORO, MINNESOTA

PROPRIETARY FUND

Statement of Revenues, Expenses

and Changes in Fund Net Position

For the Year Ended December 31, 2012

With Comparative Totals as of December 31, 2011

Totals - Utilities Commission

2012 2011

Operating Revenues

Charges for services $1,316,034 $1,267,734

Operating Expenses

Purchased power/facility charge 396,553 443,678

Contracted services 35,610 32,461

Generation fuel/oil 2,806 1,979

Utilities 73,781 66,483

Salaries and wages 139,605 141,239

Employee benefits 46,375 42,626

Repairs and maintenance 74,994 38,884

Materials, chemicals and supplies 43,671 46,014

Professional fees 15,257 41,831

Laboratory testing 4,976 3,445

Depreciation and amortization 205,197 196,488

Insurance 21,236 22,728

Other 35,976 23,611

Total Operating Expenses 1,096,037 1,101,467

Operating Income 219,997 166,267

Nonoperating Revenues (Expenses)

Interest income 380 969

Interest expense (42,439) (45,300)

Other income 109,831 58,001

Total Nonoperating Revenue (Expenses) 67,772 13,670

INCOME BEFORE TRANSFERS

AND CONTRIBUTIONS 287,769 179,937

Transfers out (12,000) (12,000)

CHANGE IN NET POSITION 275,769 167,937

NET POSITION - BEGINNING OF YEAR 1,898,339 1,730,402

TOTAL NET POSITION - END OF YEAR $2,174,108 $1,898,339



CITY OF LANESBORO, MINNESOTA

PROPRIETARY FUND

Statement of Cash Flows

For the Year Ended December 31, 2012

With Comparative Totals for December 31, 2011

Totals - Utilities Commission

2012 2011

Cash Flows From Operating Activities

Cash received from customers and users $1,299,179 $1,256,293

Cash paid to suppliers and employers (902,158) (880,137)

Other income 109,831 58,001

Net Cash Provided By Operating Activities 506,852 434,157

Cash Flows From Noncapital Financing Activities

Operating transfers out, net (12,000) (12,000)

Due to other funds (83,709) 76,433

Net Cash Provided By (Used In) Noncapital Financing Activities (95,709) 64,433

Cash Flows From Capital and Related Financing Activities

Capital asset acquisitions (400,736) (155,730)

Principal payments on bonds (43,295) (46,157)

Interest payments on bonds (134,440) (131,718)

Net Cash (Used In) Capital and Related Financing Activities (578,471) (333,605)

Cash Flows From Investing Activities

Investment income received 380 969

NET INCREASE (DECREASE)

IN CASH AND CASH EQUIVALENTS (166,948) 165,954

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 564,420 398,466

CASH AND CASH EQUIVALENTS, END OF YEAR $397,472 $564,420

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