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ENTERPRISE FUNDS OVERVIEW
<br />The City maintains enterprise funds to account for services the City provides that are financed primarily
<br />through fees charged to those utilizing the service. This section of the report provides you with an
<br />overview of the financial trends and activities of the City's enterprise funds, which include the Water,
<br />Sewer, Surface Water Management, and Recycling Funds.
<br />The utility funds comprise a considerable portion of the City's activities. We understand that the City is
<br />proactive in reviewing these activities on an ongoing basis, and we want to reiterate the importance of
<br />continually monitoring these operations. Over the years, we have emphasized to our city clients the
<br />importance of these utility operations being self-sustaining, preventing additional burdens on general
<br />government funds. This would include the accumulation of net position for future capital improvements
<br />and to provide a cushion in the event of a negative trend in operations.
<br />ENTERPRISE FUNDS FINANCIAL POSITION
<br />The following table summarizes the changes in the financial position of the City's enterprise funds during
<br />the year ended December 31, 2023, presented both by classification and by fund:
<br />Enterprise Funds Change in Financial Position
<br />Net Position
<br />as of December 31,
<br />2023 2022 Change
<br />Net position of enterprise funds
<br />Total by classification
<br />Net investment in capital assets
<br />$ 18,887,277
<br />$ 18,960,842
<br />$ (73,565)
<br />Unrestricted
<br />6,079,346
<br />4,679,804
<br />1,399,542
<br />Total enterprise funds
<br />$ 24,966,623
<br />$ 23,640,646
<br />$ 1,325,977
<br />Total by fund
<br />Water
<br />$ 10,824,360
<br />$ 10,350,785
<br />$ 473,575
<br />Sewer
<br />8,110,877
<br />7,544,199
<br />566,678
<br />Surface Water Management
<br />5,790,963
<br />5,539,163
<br />251,800
<br />Nonmajor Recycling
<br />240,423
<br />206,499
<br />33,924
<br />Total enterprise funds
<br />$ 24,966,623 $ 23,640,646 $ 1,325,977
<br />In total, the net position of the City's enterprise funds increased by $1,325,977 during the year ended
<br />December 31, 2023. The increase in net position is primarily related to positive operating results and
<br />capital contributions for connection fees and capital grants recognized in the current year.
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