Laserfiche WebLink
<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 />I <br />I <br />I <br /> <br />4.0 FINANCIAL STATUS <br /> <br />The diversity of city services and the necessity of assuring legal compliance <br />preclude recording all financial activity of the City in a single account <br />entity. Therefore, the accounting system used by the City of Craig combines <br />several fiscal units which are accounted for in separate funds. For the <br />Divi sion of Water and Sewer, three separate funds have been establ ished--the <br />water fund, the sewer fund, and the refuse fund. Only the water fund will be <br />addressed in this report. <br /> <br />T~e water fund is a proprietary fund which is used to provide water service to <br />the residents of the City. The fund is administered by the Water Departme~t. <br />All activities necessary to provide treated water to the City's water <br />customers are supported by the fund, including, but not limited to <br />administration, operations, maintenance, new construction, debt service, <br />billing, and collection. <br /> <br />The schedule of water general obligation bond coverage for the last ten fiscal <br />years is presented in Table 11.1. The colull~ in the table representin9 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 service requirement has exceeded 1.1 over the <br />last ten years. In 1985, the debt service requirement was about $662,000. <br />This compares favorably with net revenues of $752,000. <br /> <br />In 1985, gross revenues of $1.2 million were derived primarilY from user <br />fees. Nearly $5.0 million of outstanding bonds are payable through the year <br />2000. <br /> <br />- 11 - <br />