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Highlights of the Enterprise Funds <br />Fund Balance <br />The water fund ended 2016 with a $6.7M unreserved fund <br />balance, which is $604K, or 9.9% higher than 2015 and <br />exceeded budget by $4.01VI, or 250.0 %. Ending fund <br />balance continues to maintain adequate reserves for <br />capital projects. <br />The sewerfund ended 2016 with a $7.7M unreserved fund <br />balance, which is $6.2M, above budget. Unreserved fund <br />balance continues to trend upward to fund future capital <br />projects. <br />The golf course ended 2016 with a $118K unreserved <br />fund balance, which is $483K, or 80.4% below budget. <br />The surface water fund ended 2016 with a $2.6M unreserved fund balance, which is $1.4M, or 111.4% <br />higher than 2015 but was below budget by $120K, or 4.4 %. <br />Unreserved fund balances for all enterprise funds continue to be affected by the implementation of GASB <br />Statement No. 68 Accounting and Financial Reporting for Pensions; which the City implemented in 2015. <br />Employers are now required to recognize their proportionate share of any unfunded pension liability on their <br />balance sheets as well as certain pension expenses immediately rather than extending them over time. <br />The impact to 2016 was a net increase of $9.51K spread across all enterprise funds. <br />Revenues <br />Charges for Services 2014 - 2016 <br />$to Charges for services in the sewer and surface water funds are <br />$9 showing steady increases due to regular rate increases and <br />$7 <br />$ steady usage. The water fund shows a slight decrease; while <br />$6 a rate increase occurred for 2016, consumption was lower than <br />$5 2015. Charges for services remain the main source of funding <br />$4 in all utility funds. <br />$1 Golf course total revenue was $1.7M and is $85K below <br />$� <br />Water Sewer Golf Surface Water budget. Transfers into the golf course fund were $300K, which <br />11111204 111112015 11112016 was the same level of general contribution as 2015. <br />Expenses <br />Several projects were under way in 2016. Considerable work was completed on Interurban Ave S in the <br />water and surface water funds. Significant work was completed on the CBD Sanitary Sewer Rehabilitation <br />project in the sewer fund. The surface water fund also completed the Crystal Springs Emergency Surface <br />Water Repair in lieu of the 2016 Annual Small Drainage Program. <br />Golf course expenses were $1.8M, which was $62 thousand or 3.4% under budget. <br />M <br />Ending Fund Balance - Enterprise Funds <br />N $9 <br />0 $8 <br />� <br />$6 <br />$5 <br />$4 <br />0 <br />$3 <br />^ <br />$0 <br />Water Sewer Golf Surface Water <br />1111112014 111112015 111112016 <br />The surface water fund ended 2016 with a $2.6M unreserved fund balance, which is $1.4M, or 111.4% <br />higher than 2015 but was below budget by $120K, or 4.4 %. <br />Unreserved fund balances for all enterprise funds continue to be affected by the implementation of GASB <br />Statement No. 68 Accounting and Financial Reporting for Pensions; which the City implemented in 2015. <br />Employers are now required to recognize their proportionate share of any unfunded pension liability on their <br />balance sheets as well as certain pension expenses immediately rather than extending them over time. <br />The impact to 2016 was a net increase of $9.51K spread across all enterprise funds. <br />Revenues <br />Charges for Services 2014 - 2016 <br />$to Charges for services in the sewer and surface water funds are <br />$9 showing steady increases due to regular rate increases and <br />$7 <br />$ steady usage. The water fund shows a slight decrease; while <br />$6 a rate increase occurred for 2016, consumption was lower than <br />$5 2015. Charges for services remain the main source of funding <br />$4 in all utility funds. <br />$1 Golf course total revenue was $1.7M and is $85K below <br />$� <br />Water Sewer Golf Surface Water budget. Transfers into the golf course fund were $300K, which <br />11111204 111112015 11112016 was the same level of general contribution as 2015. <br />Expenses <br />Several projects were under way in 2016. Considerable work was completed on Interurban Ave S in the <br />water and surface water funds. Significant work was completed on the CBD Sanitary Sewer Rehabilitation <br />project in the sewer fund. The surface water fund also completed the Crystal Springs Emergency Surface <br />Water Repair in lieu of the 2016 Annual Small Drainage Program. <br />Golf course expenses were $1.8M, which was $62 thousand or 3.4% under budget. <br />M <br />