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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />equipment, office furniture and equipment, miscellaneous tools and equipment, <br />several cars and trucks, and some small construction and maintenance <br />equi pment. These items are 1 i sted on the depreci ati on schedul e in Appendix <br />F. Included on the list is the description of the property, acquisition date, <br />estimated service 1 ife, cost, and accumul ated depreci ati on. The facil ities <br />and equipment are well maintained. <br /> <br />In 1985, the Water Department owned about $54.1 million of fixed assets. The <br />net value after depreciation was about $44.9 million. The amount outstanding <br />on general obligation water bonds was about $22.4 million. <br /> <br />4.0 FINANCIAL STATUS <br /> <br />The diversity of city services and the necessity of assuring legal compliance <br />preclude recording and sunmarizing all financial activity of the city in a <br />single account entity. Therefore, the accounting system used by the City of <br />Greeley combines several fiscal units which are accounted for in separate <br />funds. For the Water and Sewer Department, three separate funds have been <br />establ i shed--the water fund, sewer fund, and sewer 1 agoon fund. Only the <br />water fund will be discussed in this report. <br /> <br />The water fund is a proprietary fund which is used to provide water service to <br />the residents of the city. The fund is self-sustaining and self-supporting by <br />relying completely on user charges. The water fund is administered by the <br />Water Department. All acti vi ti es necessary to provi de treated water to the <br />Ci ty I S water customers are supported by thi s fund, i ncl udi ng admi ni strati on, <br />operati ons, mai ntenance, fi nanci ng and debt servi ce, and bi 11 i ng and revenue <br />collection. <br /> <br /> <br />The schedule of water general obligation bond coverage for the last ten fiscal <br />years is presented on Table 11.1. Tile column in the table representing the <br />net revenue available for debt service is derived from the gross revenues, <br />less expenses excluding debt service; The ratio of the net revenue available <br />for debt service to the debt servi ce requi rement has exceeded 1.5 over the <br />1 ast four years. In 1985, the debt service requi rement was nearly $2.4 <br /> <br />-11- <br />