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MATHIAS C. JUSTIN, LTD.
<br /> Certified Public Accountants
<br /> Member:
<br /> �.
<br /> American Institute of
<br /> P.O.Box 552
<br /> Pequot Lakes,Minnesota 56472 Certified Public Accountants
<br /> Mick Justin,CPA (218)568-5242 Minnesota Society of
<br /> Judith Moravec,CPA Fax: 568-8680 Certified Public Accountants
<br /> CITY OF PEQUOT LAKES
<br /> COUNCIL MEETING
<br /> For the Year Ended December 31,2003
<br /> INCREASE
<br /> 2003 2,002 (DECREASE)
<br /> Balance Sheet: Significant Notes:
<br /> Cash and Investments $ 1,021,589 $ 1,044,991 $ (23,402) Leaving sufficient reserves for the six month
<br /> operating period.
<br /> Liabilities 2,260,081 2,256,703 3,378 Increases in LT Debt of$158,487 and Retirements
<br /> of$131,098.
<br /> Fund Equity 4,439,858 4,375,471 64,387
<br /> Governmental Funds:
<br /> Revenues 1,359,001 1,193,625 165,376 Property tax collections increased$216,441
<br /> and Sales of Assets decreased$37,923.
<br /> Expenditures 1,291,306 1,199,423 91,883 Increases in all categories except Public Works
<br /> and Economic Development.
<br /> Excess(Deficit)Before Transfers 67,695 (5,798) 73,493
<br /> ,oprietary Fund:
<br /> \,�Jperating Revenues 345,245 315,723 29,522
<br /> Operating Expenses 455,917 435,001 20,916 Increase in Repairs and Maintenance$29,384 and
<br /> Net Operating(Loss) (110,672) (119,278) 8,606 Depreciation$11,637. Decreases in Supplies$19,329.
<br /> Non Operating Revenues (146,328) 18,721 (165,049) Interest Income decreased$13,202 and Interest
<br /> (Expense) Expense increased$151,847.
<br /> (Loss) Before Transfers (257,000) (100,557) (156,443)
<br /> Transfers: 2003
<br /> In Out
<br /> General $ 19,735 $ -
<br /> Special Revenue 35,265 -
<br /> Water - 55,000
<br /> $ 55,000 $ 55,000
<br /> Presented by: Judith Moravec,CPA
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