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Exhibit C-3 <br />CITY OF GEM LAKE, MINNESOTA <br />SEWER ENTERPRISE FUND <br />STATEMENT OF CASH FLOWS <br />For the Years Ended December 31, 2003 and 2002 <br />Cash Flows From Operating Activities <br />Net income <br />Adjustments to reconcile net income to net cash <br />provided by operating activities: <br />Depreciation <br />(Increase) decrease in assets: <br />Accounts receivable <br />Interest receivable <br />Net Cash Provided By Operating Activities <br />Cash Flows From Investing Activities <br />Purchase of sewer system <br />Purchases of investments <br />Net Cash (Used In) Investing Activities <br />Cash Flows From Financing Activities <br />Contribution of capital: <br />Net Increase in Cash and Cash Equivalents <br />Cash and Cash Equivalents, Beginning of Year <br />Cash and Cash Equivalents, End of Year <br />See Independent Accountant's Compilation Report <br />9 <br />2003 2002 <br />$ 19,932 $ 28,691 <br />980 327 <br />(804) <br />999 <br />4,331 <br />1,869 <br />21,107 <br />35,218 <br />- <br />(5,940) <br />(49,000) <br />(18,242) <br />(5,940) <br />(67,242) <br />- <br />32,806 <br />15,167 <br />26,706 <br />782 <br />25,924 <br />$ 41,873 $ 26,706 <br />