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MAY-23-2003 15:15 763 569 5799 763 569 5799 P.12/19 FINANCIAL ANALYSIS (Continued) Enterprise Funds Enterprise funds are used to account for operations financed and operated in a manner similar to private business enterprises, where the government intends that the cost of providing goods or services to the public be financed or recovered primarily through user charges. The City's enterprise funds include Water, Wastewater, Transit, and Hydro Plant. Water Fund: Operating revenues for the Water Fund increased 2.9% from $1,225,745 in 2001 to $1,261,790 in 2002. Operating expenses (including depreciation) pccreased by 16.1 % from $1,473,072 in 2001 to $1,236,434 in 2002. The Water Fund experienced an operating income for the first time since 1996 for 2002, amounting to $25,356. When including non-operating revenues and expenses and operating transfers out to other funds, the Water Fund had a net loss of $125,205 for 2002. After netting depreciation charged on contributed assets against retained earnings, Water Fund retained earnings increased by $252,403 to $3,104,736 at December 31,2002. The following chart indicates the Water Fund results over the past five years. Income (loss) before operating transfers 1S shown as opposed to net income (loss) due to large fluctuations in transfer activity during the time span illustrated. , Water Fund so . , -..- $1.600.000 $1,400,000 $1,200,000 $1,000,000 $800.000 5600,000 $400.000 $200.000 ($200.000) ($400.000) 1998 1999 2000 2001 2002 - .Operating Expenses (Including Deprecia[jon) 0 Income (Loss) Before Opera ling rransfers !I Wa ter Cha rges . Operating (LO!:!:) 10