Reso 2016-019 - Laserfiche WebLink

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Proprietary Funds The City’s proprietary funds provide the same type of information found in the government-wide financial statements but in greater detail. The total net position of the enterprise funds decreased by $7.4 million, mainly reflected in the Water Pollution Control Plant’s net pension liability of $11.2 million offset by net income of $4.3 million. Net position for internal service funds at June 30, 2015 amounted to $9.3 million, an increase of $820,000. Water Pollution Control Plant Enterprise Fund – The Water Pollution Control Plant Enterprise Fund was established to account for the City’s sewers, which protect public health and preserve water quality through collection, treatment, and disposal of wastewater and wastewater solids. As of June 30, 2015, the fund’s net position totaled nearly $44.6 million, a decrease of $8.3 million (18.61%). This decrease is mainly due to the implementation of GASB 68, but it is offset by net income. Shoreline Enterprise Fund - The Shoreline Enterprise Fund was established in 2002-03 by combining the Marina Enterprise and the Golf Course Enterprise Funds. The fund accounts for the operation of recreational berthing, food service facilities, and the public golf course. As of June 30, 2015, the fund’s net position totaled ($1.2) million. The deficit has accumulated over many years and includes the transfer of golf course assets in 2003 pursuant to the City’s lease with American Golf Company. The deficit will be eliminated over the next several years through cost containment and revenue enhancement and has decreased in size since FY 2013-14 when it was ($2.0) million. 15