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The Water Fund accounts for the operation of the water system, with 8,695 customers currently being billed. The City purchased all of the water it uses from the City of St. Paul. The City reviews its financial position and the rate structure annually. Excess fund balances are used to finance current operations. The City did not increase rates for 1983, but rates were increased by 9.07 in 1984 and 4.7% in 1985. Approximately 69% of the water operating expense, including depreciation of the distribution system, is for water provided by the City of St. Paul. Consequently, the water rates are in a large part determined by the City of St. Paul charges. Water rates are not calculated to generate revenues to offset depreciation on the distribution system since these assets were originally financed by special assessment, and future replacement of these assets is planned to be financed by special assessments. Following is a summary of the water operations: Operating Revenues User charges Other Total operating revenues Operating Expenses Water - City o£ St. Paul Depreciation Other Total operating expenses Operating income (loss) Nonoperating revenues Income (loss) before operating transfers Operating transfers to (from) other City funds Net Income (loss) 1984 $1,540,749 4,920 $1,545,669 $1,173,051 141,512 397,339 $1,711,902 $( 166,233) 128,845 $( 37,388) Q1� $( 37,388) 1983 $1,380,518 2,928 $1,383,446 $1,055,134 142,435 372,804 $1,570,373 $( 186,927) 94,552 $( 92,375) 95,000 $ 2,625 The Golf Fund accounts for the operation of one, par-three, nine-hole golf course. This golf course was purchased in 1967, and the annual profits from the user charges have been sufficient to cover all operating costs and the bond principal and interest payments since the purchase date. Green fees were increased in 1984 to $4.00 from $3.90 in 1983. -in-