HomeMy WebLinkAboutFinancial Statements Year Ended December 31, 1973 VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 1973
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
PAGE NO.
Auditor's Report
Comments 1 - VI
COMBINED BALANCE SHEET (ALL FUNDS) Statement 1 1
Summary of Investment Transactions Schedule 1 -A 2
Schedule of Interfund Accounts Schedule 1 -13 3
Summary of Construction Costs by Project Schedule 1 -C 4
Statement of Bonds Payable Schedule 1 -D 5
_. CONDENSED COMBINED STATEMENT OF CASH RECEIPTS AND DISBURSE-
MENTS (ALL FUNDS) Statement 2 6
_ GENERAL FUND:
Balance Sheet Statement 3 7
Statement of Changes in Fund Balance Statement 4 8
Statement of Cash Receipts and Disbursements Statement 5 9 - 11
DEBT SERVICE FUNDS:
Combined Balance Sheet Statement 6 12
—. Statement of Changes in Amounts to be Provided for Debt
Retirement Statement 7 13
Statement of Cash Receipts and Disbursements Statement 8 14
IMPROVEMENT FUNDS:
Combined Balance Sheet Statement 9 15
Appropriations Schedule 9-A 16
Analysis of Changes in Fund Balances Statement 10 17
Combined Statement of Cash Receipts and Disbursements Statement 11 18
PUBLIC SERVICE ENTERPRISE FUNDS:
Combined Balance Sheet Statement 12 19
Statement of Fixed Assets and Allowance for Depreciation Schedule 12 -A 20
_ Statement of Changes in Unappropriated Fund Balance Statement 13 21
Combined Statement of Cash Receipts and Disbursements Statement 14 22
REVENUE SHARING TRUST AND AGENCY FUND:
Balance Sheet Statement 15 23
Statement of Cash Receipts and Disbursements Statement 16 24
GENERAL FIXED ASSETS Statement 17 25
FOOTNOTES TO FINANCIAL STATEMENTS 26 - �7
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
SUPPLEMENTARY INFORMATION
PAGE NO.
STATEMENT OF DEBT SERVICE PAYMENTS TO FINAL MATURITY Exhibit 1 28
SECURITY FOR DEPOSITS Exhibit 2 29
INSURANCE IN FORCE Exhibit 3 30
ORGANIZATION Exhibit 4 31
TAXABLE VALUATIONS, TAX LEVIES AND MILL RATES Exhibit 5 32
DELAH U NT VOTO & CO., LTD.
-.. CERTIFIED PUBLIC ACCOUNTANTS
WHITE BEAR LAKE, MINNESOTA 55110
PHONE 426 -3263 P. O. BOX 8678
To the Honorable Mayor and Members
of the City Council
City of Oak Park Heights
Route #1
Stillwater, Mn. 55082
We have examined the Balance Sheets, Statements of Changes in Fund Balance, State-
"" ments of Changes in Amount to be Provided for Debt Retirement and Statements of Cash
Receipts and Disbursements of the following funds of the VILLAGE OF OAK PARK HEIGHTS,
MINNESOTA, as of December 31, 1973, and for the year then ended:
GENERAL FUND
DEBT SERVICE FUNDS
IMPROVEMENT FUNDS
PUBLIC SERVICE ENTERPRISE FUNDS
REVENUE SHARING FUND
Our examination (a limited general audit) was made in accordance with generally
accepted auditing standards, and accordingly included such tests of the accounting
records and such other auditing procedures as we considered necessary in the circum-
stances.
The accompanying Statements of Cash Receipts and Disbursements have been prepared
on the cash basis (see Footnote 1) and therefore do not purport to present the
results of operations as they would have appeared had generally accepted modified
accrual basis governmental accounting principles been applied in their presentation.
In our opinion, the accompanying Balance Sheets, Statements of Changes in Fund
Balance and Statements of Changes in Amount to be Provided for Debt Retirement
present fairly the financial position and the results of operations of the various
funds of the VILLAGE OF OAK PARK HEIGHTS, MINNESOTA, at December 31, 1973, and for
the year then ended, in conformity with generally accepted governmental accounting
principles applied on a basis consistent with that of the preceding year. Also, in
our opinion, the accompanying Statements of Cash Receipts and Disbursements present
fairly the recorded cash transactions of the various funds of the VILLAGE OF OAK
PARK HEIGHTS, MINNESOTA, for the year ended December 31, 1973, on a basis consistent
with that of the preceding year,
DE LA HUNT VOTO & CO., LTD,
Certified Public Accountants
Date Field Work Completed: January 30, 1974
Date Audit Report Signed: March 20, 1974
MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
VILLAGE OF OAK PARK HEIGHTS
COMMENTS
The Combined Balance Sheet - All Funds and the Condensed Combined Statement of Cash
Receipts and Disbursements - All Funds are presented in Statements 1 and 2. Individual
Balance Sheets, Statements of Changes in Fund Balance (Amount to be Provided) and State-
ments of Cash Receipts and Disbursements are presented for each of the separate funds or
groups of funds. A discussion of the various statements follows.
COMBINED BALANCE SHEET - ALL FUNDS - Statement 1
CASH
Clerk's Balance $147,917
In Transit 10,008
Change Fund 50
With Paying Agents 1,133
Total Cash $159.108
The Clerk's Balance was verified directly with the depository. Cash in transit
represents interest earned on time deposit investments maturing December 31, 1973, and
received in January, 1974. Change fund was verified by count on January 2, 1974. Cash
with paying agents represents amounts paid to paying agents for bond interest payments
but not remitted to bond holders at December 31, 1973.
INVESTMENTS $171.800
Investment transactions were summarized in Schedule 1 -A, All investments were time
deposits. The amounts were confirmed by the depositories at December 31, 1973.
DUE FROM COUNTY AUDITOR $107,970
The October, 1973 tax settlement was not distributed by the county auditor until
January, 1974. The January receipts represent:
Current and Delinquent Ad Valorem Taxes $ 89,010
Current and Delinquent Special Assessments 16,980
Interest and Penalties and Delinquent Taxes and
Assessments 100
Homestead Credit 1,161
Mortgage Registration 712
Mobile Home Tax 7
Total $107
I
Village of Oak Park Heights
Comments, Cont.
CONSTRUCTION WORK IN PROGRESS 5 183.404
Summary of 1973 construction costs by project, construction completed during 1973 and
construction in progress at December 31, 1973 is shown in Schedule 1 -C.
LOANS RECEIVABLE $ 27.000
This amount represents a loan from General Fund to Sealcoating and Street Improvement
No. 4 Improvement Fund to finance 1972 sealcoating project. This project was completed
in 1973. Total cost of this project was $30,472. Council action is required to finance
-- the project as follows:
Recind the $27,000 temporary transfer authorized in 1972, and authorize a
$30,472 permanent transfer from the General Fund to finance the 1972 seal -
coating project.
TAXES RECEIVABLE - NET $1.659.175
Delinquent $ 329
Deferred 1,746,500
Total $1,746,829
Less: Allowance for Uncollectible Taxes 87,654
Total 51.659.175
Delinquent taxes were taken from the county auditor's delinquent tax roll in 1971
for 1965 through 1971 and adjusted at December 31, 1973 to reflect 1973 delinquencies.
The allowance for uncollectible taxes is computed at 5% of deferred and 100% of delinquent
taxes.
SPECIAL ASSESSMENTS RECEIVABLE $ 372.173
Current $ 41,078
Delinquent 2,421
Deferred 328,674
Total $ 372.173
.... Delinquent assessments were taken from the county auditor's delinquent tax rolls
in 1971 and adjusted at December 31, 1973 to reflect 1973 delinquencies.
Deferred assessments represent that portion of assessment rolls adopted in prior
years which will be extended on the tax rolls in subsequent years.
II
-- Village of Oak Park Heights
Comments, Cont.
ACCOUNTS RECEIVABLE $ 37,079
_ Debt Service Funds:
Sewer and Water Connection Charges $ 24,935
Public Service Enterprise Funds:
Sewer and Water Usage Charges 12,144
Total S 37.079
Negative form confirmation requests, which seek replies only where differences exist
between the statement and the customers' records were mailed with 100% of the December 31,
_ 1973 utility billings. No significant differences were reported.
DUE FROM METROPOLITAN SEWER BOARD X359.227,
Current Value Credits Receivable $ 1,053
Debit Service Credits Receivable 332,304
Deferred Charges Credits Receivable 14,090
Sewage Treatment Plant Maintenance Reimbursements _ 11,780
Total $ 3E 0 1.227
FIXED ASSETS - NET $2.103.786
Details of fixed assets are shown as follows:
Public Service Enterprise Fund - Schedule 12 -A
Statement of General Fixed Assets - Statement 17
INTERFUND ACCOUNTS S 14.436
The transfer of funds required in 1974 to adjust the December 31, 1973 cash balances
is shown in Schedule 1 -B. Council resolution is required to affect these transfers,
LIABILITIES S1.571.395
Liabilities were determined by generally accepted governmental auditing procedures.
_ All liabilities disclosed by our examination are included in this report. A summary of
Bonds Payable is presented in Schedule 1 -A.
_ III
Village of Oak Park Heights
Comments, Cont.
RESERVES $1.345.046
General Fund:
1972 Sealcoating Project $ 30,472
Debt Service Funds:
Future Interest on Bonds 944
Public Service Enterprise Funds:
Meter Deposits 22,449
Metropolitan Sewer Board 347,447
Total 51.345.046
AMOUNT TO BE PROVIDED $ 188.047
Debt Service Funds $ 113,853
An analysis of changes in amount to be provided
for debt retirement is shown in Statement 7.
See below for an analysis of remaining bond and
interest requirements over provisions and future
interest on deferred assessments.
Improvement Funds 30,472
Amount required from General Fund for 1972
sealcoating street project.
Revenue Sharing Fund 43,722
Amount required for park land acquisition
approved at the March 12, 1973 council meeting.
Total 5 188.047
An analysis of remaining bond and interest requirements over provisions and future
interest on deferred assessments for each debt service fund follows.
G.O. BONDS OF 1967 AND 1968 DEBT SERVICE FUND:
Bond and Interest Requirements $2,143,535
Assets Provided $2,060,260
Future Interest on Assessments
(estimated) 184,900 2,245,160
(Excess) over Requirements S (101.625)
The fund has sufficient assets to meet all bond and interest requirements to
maturity.
IV
Village of Oak Park Heights
Comments, Cont.
G.O. STORM SEWER IMPROVEMENT BONDS OF 1971 DEBT SERVICE FUND:
Bond and Interest Requirements $ 251,142
Assets Provided $ 220,563
Future Interest on Assessments
(estimated) 9,300 229,863
Amount Required $ 21.279
The fund does not appear to have sufficient assets to meet all bond and interest
requirements to maturity. It would appear additional financing will have to be provided
so that the fund can meet all its obligations.
The estimated future interest on special assessments shown is a figure based on a
calculation on deferred assessments without consideration of future prepayments of
deferred assessments.
UNAPPROPRIATED FUND BALANCE $ 90.871
An analysis of changes in fund balances during 1973 is shown as follows:
GENERAL FUND - Statement 4
The analysis shows a $13,595 increase in the fund balance during 1973. During
1972 the fund balance increased $44,194 and the increase for 1971 was $38,827.
This indicates the ad valorem taxes levied during the three-year period exceeded
the amount required.
IMPROVEMENT FUNDS - Statement 10
A discussion of each improvement fundts unappropriated fund balance follows:
Swaqer No. 2 Sewer and Water Improvement Fund
The fund balance increased $2,920 during 1973. Future interest on
assessments should increase the fund balance an estimated $10,000.
The amount will be available for future construction.
Storm Sewer No. 3 Improvement Fund
The fund has a $32,001 fund balance deficit at December 31, 1973.
All construction has been completed. It is recommended a General
Fund transfer eliminate the deficit in 1974.
Sealcoatinq and Street Improvement No. 4 Improvement Fund
The fund has a $1,156 fund balance deficit at December 31, 1973. 'All
construction has been completed, It is recommended the $1,156 required
be provided by the Swager No. 2 Sewer and Water Improvement Fund.
V
Village of Oak Park Heights
Comments, Cont.
Swaqer No. 3 and No. 4 Improvement Fund
Summary of Construction Costs by Project (Schedule 1 -B) shows the
projects authorized during the year, the project completed and the
projects under construction at December 31, 1973. All projects have
been assessed. Future interest on deferred assessments should provide
the amount required to eliminate the fund balance deficit.
Port of Sunnyside Improvement Fund
Construction costs for sewer and water lines authorized under Planned
Unit Development Special Use Permit #1 are recorded in this fund.
DE LA HUNT VOTO CO., LTD.
Certified Public Accountants
VI
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
COMBINED BALANCE SHEET (ALL FUNDS) _
DECEMBER 31, 1973
GENERAL
TOTAL FUND
NOTE 11 STATEMENT 3 _
ASSETS
Cash:
Clerk's Balance (Deficit) - Statement 2 $ 147,916.91 $ 163,601.52
In Transit 10,008.00
Change Fund 50.00 50.00
With Paying Agents 1,132.76
Total Cash $ 159,107.67 $ 163,651.5 _
Investments - Schedule 1 -A 171,800.00 5,000.00
Due from County Auditor - Note III 107,970.15 58,065.57
Due from Developer 42 ,9 6 3. 2 7
Construction Work in Progress - Schedule 1 -C 183,403.70 5,303.25
Due from Other Funds - Schedule 1-13 14,436.15
Loans Receivable - Note IV 27,000.00 27,000.00
Taxes Receivable -Net 1,659,175.00
Special Assessments Receivable 372,173.30
Accounts Receivable 37,079.09
Due from Metropolitan Sewer Board 359,227.60 _
Fixed Assets, Net 2,103,785.63
Amount to be Provided 188,046,97
Total Assets $5.426,168.53 $ 259.020.34
LIABILITIES, RESERVES, APPROPRIATIONS AND -
FUND BALANCE
LIABILITIES:
Accounts Payable $ 3,690.04 $ 3,672.72
Contracts Payable 69,190.84
Salaries Payable 566.50 566.50
Bonds Payable - Schedule 1 -D 1,450,000.00
Due to Other Governmental Units 5,378.78 1,458.86
Due to Other Funds - Schedule 1 -B 14,436.15
Interest Payable 3,109.09
Matured Interest Payable 1,132.76
Loans Payable - Note IV 27,000.00
Total Liabilities $1,574,504.16 $ 5,698.08
RESERVES 1,345,045.71 30,472.00
APPROPRIATIONS 190,518.04
FUND BALANCE:
Unappropriated (Deficit) 212,314.99 222,850.26
Invested in Fixed Assets 2,103,785.63 '
Total Liabilities, Reserves, Appropriations and
Fund Balance $5.426.168.53 $ 259.020.34
STATEMENT
PUBLIC SERVICE REVENUE SHARING
DEBT SERVICE INPROVEMENT ENTERPRISE TRUST & AGENCY GENERAL
FUNDS FUNDS FUNDS FUND FIXED ASSETS
STATEMENT 6 STATEMENT 9 STATEMENT 12 STATEMENT 15 STATEMENT 17
$ 73,683.39 $ (184,551.69) $ 82,796.69 $ 12,387.00
10,008.00
1,132.76
$ 84,824.15 $ (184,551.69) $ 82,796.69 $ 12,387.00
166,800. oo
48,673.48 1,231.10
42,963.27
-- 178,100.45
3,600.00 10,836.15
1,659,175.00
293,950.09 78,223.21
24,934.66 12,144.43
_ 359,227.60
1,309,572.44 $ 794,213.19
113,852.88 30,472.00 43,722.09
52,39 5.810.26 $ 157.274.49 $1.763.741.16 $ 56,109.09 $ 794,213.19
$ 17.32
$ 16,190.84 $ 53,000.00
$1,450,000.00
— 3,919.9
14,436.15
3,109-09
1,132.76
27,000.00
$1,451,132.76 $ 57,626.99 $ 3,937.24 $ 56,109.09
944,677.50 369,896.21
19 0,518.04
(90,870.54) 80,335.27
1,309,572.44 $ 794,213.19
$2,395,810.26 $ 157.274.49 $1.763.741.16 $ 56.109.09 $ 794.213.19
1.
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA SCHEDULE 1 -A
SUMMARY OF INVESTMENT TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1973
G.O. BONDS OF
1967 & 1968
TOTAL GENERAL DEBT SERVICE
NOTE II FUND FUND _
INVESTMENTS - January 1, 1973 $171,800.00 $ 5,000.00 $166,800.00
Investments Purchased 166,800.00 166,800.00
Total $338,600.00 $ 5,000.00 $333,600.00
Investments Sold 166,800.00 166,800.00
INVESTMENTS - December 31, 1973 - To Statement 1 $171.800.00
. Generaf Fund Investments - To Statement 3 S 5.000.00
Debt Service Fund Investments - To
Statement 6 $166.800.00
2
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF INTERFUND ACCOUNTS
DECEMBER 31, 1973
DUE TO DUE FROM
G.O. Bonds of 1967 and 1968 Debt Service Fund
Storm Sewer No. 3 Improvement Fund
Sealcoating and Street Improvement No. 4
Improvement Fund Swager No. 2 Sewer and Water Improvement
Fund
Total Due from Other Funds - To Statement 1
Total Due to Other Funds - To Statement 1
SCHEDULE 1 -B
DUE FROM DUE TO
OTHER OTHER
FUNDS FUNDS EXPLANATION
_ $ 3,600.00 Connection charges recorded incorrect fund
$ 3,600.00
10,836.15 Swager No. 2 Street assessments recorded incorrect fund
10,836.15
_ S 14,436.15
$ 14.436.15
3
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
SUMMARY OF CONSTRUCTION COSTS BY PROJECT
FOR THE YEAR ENDED DECEMBER 31, 1973
CONTRACTOR ENGINEERING
GENERAL FUND:
Highway 212 and 67 $ 833.57
Water Tower No. 2 95.00
Summit Park Development 1,703.90
Totals $ 2.632.47 .
Less Completed Construction
Construction Work in Progress - To Statement 3
IMPROVEMENT FUNDS:
Sealcoating and Street Improvement No. 4 Improvement Fund $ 39,160.79 $ 3,373.55
Swager No. 3 and No. '+ Improvement Fund:
Swager Addition No. 3 and Brekke Heights Sewer and
Water Project $ 34,233.00 $ 4,531.08
Swager Addition No. 3 and Brekke Heights Street Project 20,910.94 3,155.70
Swager Addition No. 4 and Osman Avenue Sewer and Water
Project 25,199.00 1,788.50
Totals $ 80,342.94 $ 9,475.28
Port of Su6nyside Improvement Fund:
Watermains, Sanitary Sewer and Lift Station Project $116,173.55 $ 8,586.62
Totals $235,677.28 $ 21,43
Less Completed Construction
Construction Work in Progress - To Statement 9
Total Costs, All Funds
;;Completed Construction Capitalized:
Watermains
Sanitary Sewer Lines
Streets and Storm Sewer Lines
Total Completed Construction
Construction Work in Progress - To Statement 1
SCHEDULE 1 -1
LEGAL EXPENDED
FISCAL TOTAL PRIOR CURRENT LIABILITIES
EASEMENTS OTHERS COSTS YEARS YEAR 1 2 /31/73
$ 1,609.60 $ 2,443.17 $ 383.57 $ 2,059.60
$ 715.30 810.30 95.00 715.30
327.88 18.00 2,049.78 2,049.78
$ 1.043.18 S 1.627.60 $ 5,303.25 $ 478.57 $ 4.824.68
-0-
$ 5.303.25
$ 6o.00 $ 175.20 $ 42,769.54--; $ 26,983.01 $ 15,786.53
$ 25.00 $ 77.40 $ 38,866.48-; $ 34,628.00 $ 4,238.48
100.00 109.62 24,276.26 22,185.17 $ 2,091.09
25.00 77.12 27,089.62 24,607.22 2,482.40
$ 150.00 $ 264.14 $ 90,232.36 $ 34,628.00 $ 51,030.87 $ 4,573.49
$ 980.60 $ 993.80 $126,734.57 $ 591.80 $114,525.42 $ 11,617.35
— S 1,19o.6o $ 1.433.14 $259,736.47 $ 62.202.81 $181.342.82 $ 16.190.84
81,636.02
$178.100.45
$265,039.72
$ 25,912.28
12,954.20
42,769.54
81,636,02::
$ 183.403.70
4
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
STATEMENT OF BONDS PAYABLE
FOR THE YEAR ENDED DECEMBER 31, 1973
BOND ISSUE DATE OF ISSUE INTEREST RATES
General Obligation Improvement Bonds
of 1967 September 1, 1967 4.5, 4.6, 4.7
General Obligation Water and Sanitary
Sewer Improvement Bonds of 1968 March 1, 1968 4.8, 5
General Obligation Storm Sewer
Improvement Bonds of 1971 May 1, 1971 5.4, 5.5, 5.6, 5.
Totals
Bonds Payable - To Statements 1
and 6
SCHEDULE 1 -D
BONDS RETIRED BONDS
PRIOR PERIOD PAYABLE CURRENT PAYABLE
ISSUED RETIRED 1/1/73 PERIOD 12/31/73
$ 900,000.00 $ 75,000.00 $ 825,000.00 $ 25,000.00 $ 800,000.00
500,000.00 10,000.00 490,000.00 5,000.00 485,000.00
173,000.00 173,000.00 8,000.00 165,000.00
$1.573,000.00 $ 85.000.00 $1,488.000.00 $ 38,000.00
$1,45o.000.00
5
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
CONDENSED COMBINED STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS (ALL FUNDS)
FOR THE YEAR ENDED DECEMBER 31, 1973
CLERK'S
BALANCE RECEIPTS
(DEFICIT) TRANSFERS
FUND 1/1/73 REVENUE IN
General Fund - Statement 5 $127,834.04 $166,817.21 $ 5,440.25
Debt Service Funds - Statement 8 28,044.17 147,683.81 28,605.57
Improvement Funds - Statement 11 (75,433.89) 78,906.49 14,882.03
Public Service Enterprise Funds
Statement 14 38,028.66 73,802.37
Revenue Sharing Trust and Agency Fund -
Statement 16 8,695.00 25,692.00
Totals $127,167.98 $492,901.88 $ 48.927.85
Cash -'Clerk's Balance -
December 31, 1973 - To Statement 1
STATEMENT 2
DISBURSEMENTS CLERK'S
SALE OF TRANSFERS PURCHASE OF BALANCE
INVESTMENTS TOTAL EXPENDITURES OUT INVESTMENTS 12/31/73
$300,091.50 $136,197.91 $ 292.07 $163,601.52
$166,800.00 371,133.55 109,057.13 21,593.03 $166,800.00 73,683.39
18,354.63 180,920.32 21,986.00 (184,551.69
111,831.03 23,977.59 5,056.75 82,796.69
34,387.00 22,000.00 12,387.00
$166.800.00 $835.797.71 $472.152.95 S 48.927.85 5166.800.00
$147.916.91
6
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 3
GENERAL FUND
BALANCE SHEET
DECEMBER 31, 1973
r
ASSETS
` Cash - Clerk's Balance - Statement 5 $163,601.52
Change Fund 50.00
Investments - Schedule 1 -A 5,000.00
Due from County Auditor - Note 111 58,065.57
Construction Work in Progress - Schedule 1 -C 5,3
Loans Receivable - Nose IV 27,000.00
Total Assets $259.020.34
LIABILITIES, RESERVES AND FUND BALANCE
Liabilities:
— Accounts Payable $ 3,672.72
Salaries Payable 566.50
Due to Other Governmental Units 1,458.86
Total Liabilities $ 5,698.08
RESERVES:
1972 Sealcoating Project - Note IV 30,472.00
FUND BALANCE - Statement 4 222,850.26
Total Liabilities, Reserves and Fund Balance $259.020.34
7
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 4
GENERAL FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 1973
FUND BALANCE - January 1, 1973 $209,255.27
ADDITIONS:
Taxes Extended - Collectible 1973 $117,841.12
Revenue 39,656.24
Decrease in Allowance for Uncollectible Taxes 1,371.05
_ Decrease in Accounts Payable and Salaries Payable 2,145.44
Total Additions 161,013.85
Total $370,269.12
DEDUCTIONS:
-- Expenditures $130,553.86
1972 Sealcoating Project Reserve Increase 16,865.00
Total Deductions 147,418.86
FUND BALANCE - December 31, 1973 - To Statement 3 $222.850.26
8
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 5
GENERAL FUND PAGE 1
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1973
CASH, CLERK'S BALANCE - January 1, 1973 $127,834.04
RECEIPTS:
Revenue:
General Property Taxes:
Current and Delinquent $124,777.04
Homestead 2,108.05
Penalties and Interest on Delinquent Taxes 485.39
Licenses:
Dog 636.00
Cigarette 76.00
Contractor 800.00
Liquor, Nonintoxicating Malt and Sunday 1,938.00
-' Permits 3,664.60
Fines and Forfeits:
Court Fines 632.50
Revenue from Other Agencies:
Shared Taxes:
State Aid 17,572.80
Exempt Reimbursement 487.34
Cigarette 2,848.52
Liquor 2,388.13
Mortgage Registration 1,086.05
Grants:
State - Police Protection 5,236.24
Charges for Current Services:
r General Government 657.50
Recreation 295.90
Refunds and Reimbursements:
County - Diseased Trees 163.50
Developer 613.25
Insurance 25.00
Other 113.40
'- Donations 212.00
Total Revenue $166,817.21
r
Transfers In 5,440.25
_ Total Receipts 172,257.46
Total Cash - Forward to Page 2 $300,091.50
9
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 5
'— GENERAL FUND PAGE 2
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1973
Total Cash - Forward from Page 1 $300,091.50
DISBURSEMENTS:
Expenditures:
General Government:
Mayor and Council:
Current Expense $ 22,132.45
Elections:
Current 404.50
Village Clerk:
Current Expense 7,293.63
Planning and Zoning:
Current Expense 6,586.33
Municipal Building:
Current Expense 1,900.38
Total General Government $ 38,317.29
Public Safety:
Police Department:
Current Expense $ 35,558.81
Capital Outlay 822,50
Fire Department:
"- Current Expense 4,600.00
Protective Inspections:
Current Expense 5,139.53
Total Public Safety 46,120.84
Highways:
Streets and Alleys:
Current Expense $ 5,607.53
Snow and Ice Removal:
Current Expense 3,502.50
Street Lighting:
Current Expense 4,429.75
Total Highways 13,539.78
Sanitation and Waste Removal:
Refuse Collection and Disposal:
_ Current Expense $ 1,772.00
Weed Eradication:
Current Expense 814.50
Total Sanitation and Waste Removal 2,586.50
Total Expenditures - Forward to
Page 3 $100,564.41
Total Cash - Forward to Page 3 $300,091.50
10
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 5
'- GENERAL FUND PAGE 3
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1973
Total Cash - Forward from Page 2 $300,091.50
Disbursements (continued):
Expenditures (continued):
Total forward from Page 2 $100,564.41
-' Recreation:
Park, Playgrounds, Skating Rinks:
Current Expense $ 14,636.72
Capital Outlay 3,329.17
Total Recreation 17,965.89
Special Services:
Utilities:
Current Expense $ 11,091.46
Total Special Services 11,091.46
Construction:
Well No. 2 $ 715.30
.- Watermain T.H. 212 and County Road 67 2,059.60
Summit Park 2,049.78
Total Construction 4,824.68
Other:
Refunds and Reimbursements $ 42.00
Developer 883.25'
Other 48.85
Total Other 974.10
Total Expenditures $135,420.54
Transfers Out 292.07
Total Disbursements 135,712.61
Total Cash $164,378.89
Adjustment:
Payroll deductions and surcharges remitted to
governmental agencies during 1973 $ 11,498.44
Less payroll deductions and surcharges
collected during 1973 10,721.07 777.37
CASH, CLERK'S BALANCE - December 31, 1973
To Statement 3 $163.601.52
5613.25 of the expense reimbursed during 1973.
11
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 6
DEBT SERVICE FUNDS
COMBINED BALANCE SHEET
DECEMBER 31, 1973
DEBT SERVICE FUND
_ G. 0. G. 0. STORM
BONDS SEWER
TOTAL OF IMPROVEMENT
NOTE II 1967 & 1968 BONDS OF 1971
ASSETS
Cash:
Clerk's Balance - Statement 8 $ 73,683.39 $ 58,361.21 $ 15,322.18
In Transit 10,008.00 10,008.00
With Paying Agent 1,132.76 487.76 645.00
Total Cash $ 84,824.15 $ 68,856.97 $ 15,967.18
Investments - Schedule 1 -A $ 166,800.00 $ 166,800.00
Due from County Auditor - Note III 48,673.48 42,644.74 $ 6,028.74
Due from Other Funds - Schedule 1 -B 3,600.00 3,600.00
Connection Charges Receivable 24,934.66 24,934.66
Totals $ 244,008.14 $ 237,979.40 $ 6,028.74
Taxes Receivable:
Delinquent $ 329.08 $ 312.04 $ 17.04
Deferred 1,746,500.00 1,552,500.00 194,000.00
Total $1,746,829.08 $1,552,812.04 $ 194,017.04
Less: Allowance for Uncollectible
Taxes 87,654.08 77,937.04 9,717.04
Net Taxes Receivable $1,659,175.00 $1,474,875.00 $ 184,300.00
Special Assessments Receivable:
Delinquent $ 2,246.26 $ 2,090.15 $ 156.11
Current 30,444.20 28,592.02 1,852.18
Deferred 261,259.63 248,355.15 12,904.48
Total Special Assessments
Receivable $ 293,950.09 $ 279,037.32 $ 14,912.77
Amount to be Provided for Debt Retire-
ment - Statement 7 $ 113,852.88 $ 83,274.07 $ 30,578.81
Total Assets $2.395.810.26 $2.144.022.76 $ 251.787.50
LIABILITIES AND RESERVES
LIABILITIES:
Bonds Payable - Schedule 1 -D $1,450,000.00 $1,285,000.00 $ 165,000.00
Matured Interest Payable 1,132.76 487.76 645.00
Total Liabilities $1,451,132.76 $1,285,487.76 $ 165,645.00
RESERVES:
Future Interest on Bonds 944,677.50 858,535.00 86,142.50
Total Liabilities and Reserves $2.395.810.26 $2.144.022.76 $ 251.787.50
12
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 7
DEBT SERVICE FUNDS
STATEMENT OF CHANGES IN AMOUNTS TO BE PROVIDED FOR DEBT RETIREMENT
FOR THE YEAR ENDED DECEMBER 31, 1973
DEBT SERVICE FUNDS
_ G. 0. G. 0. STORM
BONDS SEWER
TOTAL OF IMPROVEMENT
NOTE II 1967 & 1968 BONDS OF 1971
AMOUNT TO BE PROVIDED FOR DEBT RETIREMENT -
January 1, 1973 $156,436.48 $124,298.90 $ 32,137.58
ADDITIONS:
Fiscal Agent's Charges $ 207.13 $ 173.60 $ 33.53
Deferred Levy Exceeded Taxes Extended 64.50 64.50
Collectible 1973
Total Additions $ 271.63 $ 238.10 $ 33.53
Total $156,708.11 $124,537.00 $ 32,171.11
DEDUCTIONS:
Non-Resident Assessments $ 4,122.00 $ 4,122.00
Connection Charges Increase 5,143.80 5,143.80
.— Interest Received on Connection Charges 1,941.60 1,941.60
Interest Earned on Investments 10,008.00 10,008.00
Interest Received on Prepaid Assessments 40.01 40.01
Interest Added - Assessments Collectible 1974 17,869.56 16,776.47 $ 1,093.09
.r Taxes Extended Collectible 1973 Exceeded
Deferred Levy 12.15 - 12.15
Reduction in Allowance for Uncollectible Taxes 3,253.78 2,766.72 487.06
Refunds and Reimbursements 464.33 464.33
Total Deductions $ 42,855.23 $ 41,262.93 $ 1,592.30
AMOUNT TO BE PROVIDED FOR DEBT RETIREMENT -
December 31, 1973 - To Statement 6 $113,852.88 $ 83.2 $ 30.578.81
13
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 8
DEBT SERVICE FUNDS
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1973
DEBT SERVICE FUNDS
r , G. 0. G. 0. STORM
BONDS SEWER
TOTAL OF IMPROVEMENT
NOTE II 1967 - & 1968 BONDS OF 1971
CASH - CLERK'S BALANCE - January 1, 1973 $ 28,044.17 $ 19,995.73 $ 8,048.44
RECEIPTS:
Revenue:
General Property Taxes:
Current and Delinquent $ 66,998.27 $ 56,988.44 $ 10,009.83
Special Assessments:
Collected by Village:
Prepayments 24,834.37 24,834.37
Connection Charges 7,095.20 7,095.20
Collected by County:
Current and Delinquent 37,136.03 34,506.97 2,629.06
Interest Received:
Investments 9,174.00 9,174.00
Prepayments 40.01 40.01
Connection Charges 1,941.60 1,941.60
Refunds and Reimbursements 464.33 464.33
Total Revenue $147,683.81 $135,044.92 $ 12,638.89
Transfers In 28,605.57 3,929.34 24,676.23
Investments Sold 166,800.00 166,800.00
Total Receipts $343,089.38 $305,774.26 $ 37,315.12
Y
Total $371,133.55 $325,769.99 $ 45,363.56
DISBURSEMENTS:
Expenditures:
Debt Retirement:
Principal $ 38,000.00 $ 30,000.00 $ 8,000.00
Interest 70,850.00 62,235.00 8,615.00
Paying Agent's Charges 207.13 173.60 33.53
Total Expenditures $109,057.13 $ 92,408.60 $ 16,648.53
Transfers Out 21,593.03 8,200.18 13,392.85
Investments Purchased 166,800.00 166,800.00
Total Disbursements $297,450.16 $267,408.78 $ 30,041.38
CASH - CLERK'S BALANCE - December 31, 1973
To Statement 6 $ 73.683.3,E $ 58.361.21 $ 15.322.18
14
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
IMPROVEMENT FUNDS
COMBINED BALANCE SHEET
DECEMBER 31, 1973
TOTAL
NOTE II
ASSETS
Cash - Clerk's Balance (Deficit) - Statement 11 $(184,551.69)
Due from County Auditor - Note III 1,231.10
Due from Other Funds - Schedule 1 -B 10,836.15
Due from Developer 42,963.27
Construction Work in Progress - Schedule 1 -C 178,100,45
Totals $ 48,579.28
Special Assessments Receivable:
Delinquent $ 175.33
Current 10,633.54
Deferred 67,414.34
Total Special Assessments Receivable $ 78,223.21
Amount to be Provided by General Fund - Note IV 30,472.00
Total Assets $157.274.49
LIABILITIES, APPROPRIATIONS AND FUND BALANCE
LIABILITIES:
Contracts Payable $ 16,190.84
Due to Other Funds - Schedule 1 -B 14,436.15
Loans Payable - Note IV 27,000.00
Total Liabilities $ 57,626.99
APPROPRIATIONS - Schedule 9 -A 190,518.04
FUND BALANCE (DEFICIT) - Statement 10
(90,87.54)
Total Liabilities, Appropriations and Fund Balance $157.274.49
STATEMENT
IMPROVEMENT FUND _
SEALGOATING
SWAGER NO. 2 STORM & STREET SWAGER PORT
SEWER AND SEWER IMPROVEMENT NO. 3 AND OF
WATER NO. 3 NO. 4 NO. 4 SUNNYSIDE
$ 1,975.24 $(28,401.57) $(15,464.62) $(71,659.95) $(71,000.7
1,231.10
10,836.15
_ 42,963.2
51,365.88 126,734.5
$ 3,206,34 $(28,401.57) $ (4,628.47) $(20,294.07) $ 98,697.6
$ 175.33
2,020.32 $ 8,613.22
14,076.00 53,338.34
$ 16,271.65 $ 61,951.56
$ 30,472.00
$ 19.477.99, $(28,401.57) $ 25.843.53 $ 41,657.49 $ 98,697.0
_ $ 10,836.15 $ 3,600.00 $ 4,573.49 $ 11,617.3
$ 27,000.00
$ 10,836.15 $ 3,600.00 $ 27,000.00 $ 4,573.49 $ 11,617.3
56,654.00 133,864.0
8,641.84 (32,001.57) (1,156.47) (19,570.00) (46,784.3
$ 19,477.99 $(28.401.57) $ 25.843.53 $ 41.657.49 $ 98,697.0
15
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA SCHEDULE 9 -A
IMPROVEMENT FUNDS
APPROPRIATIONS
_ DECEMBER 31, 1973
IMPROVEMENT FUND
' SEALCOATING
STREET SWAGER PORT
TOTAL IMPROVEMENT NO. 3 AND OF
-- NOTE II NO. 4 NO. 4 SUNNYSIDE
APPROPRIATIONS - January 1, 1973 $ 76,320.84 $ 35,928.44 $ 39,460.60 $ 931.80
ADDITIONS:
1973 Construction Costs $190,006.74 $ 13,056.33 $ 51,147.64 $125,802.77
Encumbrances - December 31, 1973 12,417.59 5,288.12 7,129.47
Total Additions $202,424.33 $ 13,056.33 $ 56,435.76 $132,932.24
Total $278,745.17 $ 48,984.77 $ 95,896.36 $133,864.04
DEDUCTIONS:
Construction Completed $ 81,636.02 $ 42,769.54 $ 38,866.48
Encumbrances - January 1, 1973 6,591.11 6,215.23 375.88
Total Deductions $ 88,227.13 $ 48,984.77 $ 39,242.36
APPROPRIATIONS - December 31, 1973
To Statement 9 $190.518.04 $ - 0- $ 56,654.00 $133.864.04
16
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
IMPROVEMENT FUNDS
ANALYSIS OF CHANGES IN FUND BALANCES
FOR THE YEAR ENDED DECEMBER 31, 1973
TOTAL
NOTE 11
FUND BALANCE (DEFICIT) - January 1, 1973 $(102,600.89)
ADDITIONS:
Connection Charges Collected $ 7,050.00
Adjust Deferred Assessments 828.00
Assessments Adopted - 1973 75,004.67
Interest Added - Assessments Collectible 1974 6,824.28
Amount to be Provided by General Fund 30,472,00
Developers' Reimbursement 87,079.70
Refunds and Reimbursements 304.92
Encumbrances - January 1, 1973 6,591.11
Total Additions $214,154.68 _
Total $111,553.79
r
DECREASES:
1973 Construction Costs $190,006.74
Encumbrances - December 31, 1973 12,417.59
Total Decreases $202,424.33
FUND BALANCE (DEFICIT) - December 31, 1973 - To Statement 9 S(90.8 _
STATEMENT 10
IMPROVEMENT FUND
SWAGER SEALCOATING
NO. 2 STORM & STREET SWAGER PORT
SEWER AND SEWER IMPROVEMENT NO. 3 AND OF
WATER NO, 3 NO. 4 NO. 4 SUNNYSIDE
$ 5,721.52 $(32,001.57) $(35,928.44) $(39,460.60) $ (931.80)
$ 900. 00 $ 6,150-00
828.00
$ 10,836.15 64,168.52
1,192.32 5,631.96
30,472.00
$ 87,079.70
304.92
6,215.23 375.88
- $ 2,920.32 $ 47,828.30 $ 76,326.36 $ 87,079.70
$ 8,641.84 $(32,001.57) $ 11,899.86 $ 36,865.76 $ 86,147.90
$ 13,056.33 $ 51,147.64 $125,802.77
5,288.12 7,129.47
$ 13,056.33 $ 56,435.76 $132,932.24
$ 8,641.84 $(32,001.57 $ (1.156.47) $(19,570.00 $(46.784.34)
17
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
IMPROVEMENT FUNDS
COMBINED STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1973
TOTAL
NOTE II
CASH - CLERK'S BALANCE (DEFICIT) - January 1, 1973 $(75,433.89) —
RECEIPTS: _
Revenue:
Special Assessments:
Collected by Village:
Prepayments $ 21,169.07
Connection Charges 10,650.00
Collected by County:
Current and Delinquent 2,666.07 _
Developers' Reimbursement 44,116.43
Other Refunds and Reimbursements 304.92
Total Revenue $ 78,906.49
Transfers In 14,882.03
Total Receipts $ 93,788.52 -'
Total $ 18,354.63
DISBURSEMENTS:
Expenditures:
Construction Costs $180,920.32 _.
Transfers Out 21,986.00
Total Disbursements $202,go6.32 _
CASH - CLERK'S BALANCE (DEFICIT) - December 31, 1973 - To Statement 9 $(184.551.69)
(1) $10,836.15 receipted incorrectly - to be transferred to other fund during 1974. -
(2) Receipted incorrectly - to be transferred to other fund during 1974.
STATEMENT 11
IMPROVEMENT FUND
SWAGER SEALCOATING
NO. 2 STORM & STREET SWAGER PORT
SEWER AND SEWER IMPROVEMENT NO. 3 AND OF
WATER NO. 3 NO. 4 NO. 4 SUNNYSIDE
$(15,546.74) $(24,684.34) $ 16.99 $(34,628.00) $ (591.80)
$ 13,320.15(1) $ 7,848.92
900.00 $ 3,600.00(2) 6,150.00
2,666.07
$ 44,116.43
$ 3o4.92
$ 16,886.22 $ 3,600.00 $ 304.92 $ 13,998.92 $ 44,116.43
1,489.18 13,392.85
$ 18,375.40 $ 16,992.85 $ 304.92 $ 13,998.92 $ 44,116.43
$ 2,828.66 $ (7,691.49) $ 321.91 $(20,629.08) $ 43,524.63
$ 15,701.53 $ 50,980.87 $114,237.92
$ 853.42 $ 20,710.08 85.00 50.00 287.50
$ 853.42 $ 20,710.o8 $ 15,786.53 $ 51,03o.87 $114,525.42
S 1.975.24 $(28.401.57,) 5(15.464.62) $(71.659.95) �L71.000.Za)
18
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 12
PUBLIC SERVICE ENTERPRISE FUNDS
COMBINED BALANCE SHEET
DECEMBER 31, 1973
'— WATER SEWER
TOTAL OPERATING OPERATING
NOTE II FUND FUND
ASSETS
Cash - Clerk's Balance - Statement 14 $ 82,796.69 $ 34,377.37 $ 48,419.32
Accounts Receivable 12,144.43 6,099.57 6,044.86
Due from Metropolitan Sewer Board 359,227.60 359,227.60
Total $ 454,168.72 $ 40,476.94 $ 413,691.78
Fixed Assets - Schedule 12 -A $1,420,128.50 $ 584,583.35 $ 835,545.15
Less: Allowance for Depreciation. -
Schedule 12 -A 110,556.06 46,125.24 64,430.82
Net Fixed Assets $1,309,572.44 $ 538,458.11 $ 771,114.33
Total Assets $1.763.741.16 $ 578.935.05 $1.184.806.11
LIABILITIES, RESERVES AND FUND BALANCE
LIABILITIES:
Accounts Payable $ 17.32 $ 8.66 $ 8.66
Due to Other Governmental Units 3,919.92 241.58 3,678.34
Total Liabilities $ 3,937.24 $ 250.24 $ 3,687.00
RESERVES:
Meter Deposits $ 22,449.04 $ 22,449.04
Metropolitan Sewer Board Credits 347,447.17 $ 347,447.17
Total Reserves $ 369,896.21 $ 22,449.04 $ 347,447.17
FUND BALANCE:
Unappropriated - Statement 13 $ 80,335.27 $ 17,777.66 $ 62,557.61
Invested in Fixed Assets 1,309,572.44 538,458.11 771,114.33
Total Fund Balance $1,389,907.71 $ 556,235.77 $ 833,671.94
Total Liabilities, Reserves and
Fund Balance $1,763.741.16 $ 578.935.05 $1.184.806.11
19
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA
PUBLIC SERVICE ENTERPRISE FUNDS
STATEMENT OF FIXED ASSETS AND ALLOWANCE FOR DEPRECIATION
FOR THE YEAR ENDED DECEMBER 31, 1973
BALANCE
YEAR JANUARY 1,
ACQUIRED 1973
WATER OPERATING:
Buildings and Structures:
Deep Well Pump No. 1 and Elevated Water
Storage Tank 1969 $104,522.14
Machinery and Equipment:
1968 Chevrolet 3/4 Ton Truck - 1/2 cost 1968 999.50 —
#9TP31A Pump with Suction Hose - 1/2 cost 1970 280.47
Hydrant Markers with Accessories (90) 1971 535.50
Top Extension and Rod Assembly (6) 1971 276.70
Incubator 1971 99.00
Incubator and Pump 1972 108.68
Water Distribution System 448,103.17
Totals $554.925.16
Fixed Assets - To Statement 12
Depreciation Reserve - To Statement 12
SEWER OPERATING:
Machinery and Equipment:
1968 Chevrolet 3/4 Ton Truck - 1/2 cost 1968 $ 999.50
#9TP31A Pump with Suction Hose - 1/2 cost 1970 280.47
General Auger 1970 56.03
Lateral Lines and Lift Stations 821,254.95
Totals $822.590.95,
Fixed Assets - To Statement 12
Depreciation Reserve - To Statement 12
Total Fixed Assets - To Statement 1
Total Reserve for Depreciation - To Statement 1
SCHEDULE 12-
FIXED ASSETS RESERVE FOR DEPRECIATION
BALANCE BALANCE BALANCE _
DECEMBER 31, JANUARY 1, DECEMBER 31
ADDITIONS 1973 RATE 1973 ADDITIONS 1973
$ 104,522.14 2 $ 8,361.76 $ 2,090.44 $ 10,452.2
999.50 20 799.10 200.40 999.5
280.47 10 56.10 28.05 84.1
535.50 10 53.55 53.55 107.1
276.70 10 27.67 27.67 55.3
99.00 10 9.90 9.90 19.8
108.68 10 10.87 10.8
$ 29,658.19 477,761.36 2 25,434.22 8,962.06 34,396.2
S 29.658.19 $ 34.742.30 $ 11.382.94
$ 584.583.35
$ 46.125.2
$ 999.50 20 $ 799.10 $ 200.40 $ 999.5
280.47 10 56.10 28.05 84.1
5 5 5.60 2.80 8.4
$ 12,954.20 834,209.15 2 46,654.59 16,684.18 63,338.7
S 12.954.20 835.545.15 $ 47.515.33 S 16.915.43
_ $
S 64.430.8
$1.420.128.50
$110.556.01
20
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 13
_. PUBLIC SERVICE ENTERPRISE FUNDS
STATEMENT OF CHANGES IN UNAPPROPRIATED FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 1973
WATER SEWER
TOTAL OPERATING OPERATING
NOTE II FUND FUND
UNAPPROPRIATED FUND BALANCE - January 1, 1973 $ 32,859.20 $ 3,082.91 $ 29,776.29
ADDITIONS:
Revenue - Statement 14 $ 57,865.26 $ 24,246.06 $ 33,619.20
Accounts Receivable !ncrease 1,328.01 259.43 1,068.58
Accounts Payable Decrease 294.25 140.62 153.63
SAC Charge Administrative Income 123.44 123.44
Total Additions $ 59,610.96 $ 24,646.11 $ 34,964.85
Total $ 92,470.16 $ 27,729.02 $ 64,741.14
_ DEDUCTIONS:
Expenditures - Statement 14 $ 11,593.72 $ 9,936.63 $ 1,657.09
Other 541.17 14.73 526.44
Total Deductions $ 12,134.89 $ 9,951.36 $ 2,183.53
UNAPPROPRIATED FUND BALANCE - December 31, 1973 -
-' To Statement 12 $ 80.335.27 $ 17.777.66 $ 62,557.61
21
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 14
PUBLIC SERVICE ENTERPRISE FUNDS
COMBINED STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1973
WATER SEWER
TOTAL OPERATING OPERATING
NOTE II FUND FUND
'
CASH - CLERKS BALANCE - January 1,-1973 $ 38,028.66 $ 18,
_ $ 19,724.02
RECEIPTS:
Revenue:
Customer Collections for Service Provided $ 44,510.59 $ 23,402.50 $ 21,108.09
Penalties 1,089.03 544.56 544.47
Permits 512.00 248.00 264,00
Metropolitan Sewer Board 11,702.64 11,702.64
Refunds and Reimbursements 51,00 51.00
Total Revenue - To Statement 13 $ 57,865.26 $ 24,246.06 $ 33,619.20
Other Receipts:
-- Meter Deposits $ 2,674.97 $ 2,674.97
Sales Tax Collected 917.89 917.89
SAC Charges Collected 12,344.25
$ 12,344.25
Total Other Receipts $ 15,937.11 $ 3,592.86 $ 12,344.25
Total Receipts $ 73,802.37 $ 27,838.92 $ 45,963.45
Total $111,831.03 $ 46,143.56 $ 65,687.47
DISBURSEMENTS:
Expenditures:
Personal Services $ 864.90 $ 393.00 $ 471.90
Contractual Services 5,084.28 4,185.09 899.19
_. Materials and Supplies 1,662.41 1,479.52 182.89
Fixed Charges 30.00 30.00
Capital Outlay 3,745.91 3,745.91
Refunds and Reimbursements 206.22 103.11 103,11
Total Expenditures - To Statement 13 $ 11,593.72 $ 9,936.63 $ 1,657.09
Other Expenditures:
Meter Deposits Refunded $ 224.14 $ 224.14
'- Sales Taxes Remitted 910.39 910.39
SAC Charges Remitted 8,542.47 $ 8,542.47
Sewage Treatment Plant 2,706.87 2,706.87
Total Other Expenditures $ 12,383.87 $ 1,134.53 $ 11,249,34
Transfers Out $ 5,056.75 $ 695.03 $ 4,361.72
Total Disbursements $ 29,034.34 $ 11,766.19 $ 17,268.15
CASH - CLERK'S BALANCE - December 31, 1973 -
To Statement 12 $ 82.796.69 $ 34.3 S 48.419.32
22
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 15
REVENUE SHARING TRUST AND AGENCY FUND
BALANCE SHEET
DECEMBER 31, 1973
ASSETS
Cash - Clerk's Balance - Statement 16 $ 12,387,00
Amount Required for Park Land Acquisition 43,722.09
Total Assets S 56.109.09
LIABILITIES
Contract Payable $ 53,000.00
Interest Payable 3,109.09
Total Liabilities S 56.109.09
SEE NOTE V
23
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 16
REVENUE SHARING TRUST AND AGENCY FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1973
CASH - CLERK'S BALANCE - January 1, 1973 $ 8,695.00
RECEIPTS:
Revenue:
Shared Taxes:
Federal Government 25,692.00
Total Cash $ 34,387.00
DISBURSEMENTS:
Expenditures:
Park Land Acquisition 22,000.00
CASH - CLERK'S BALANCE - December 31, 1973 - To Statement 15 $ 12,387,00
24
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 17
-" GENERAL FIXED ASSETS
DECEMBER 31, 1973
Land $ 75,000.00
Buildings and Structures 94,511.33
Machinery and Equipment 26,272.95
Furniture and Fixtures 3,587.59
Other Improvements 594,841.32
Total General Fixed Assets - To Statement 1 $794.213,19
25
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA PAGE 1 OF 2
FOOTNOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1973
NOTE I - This summary of accounting principles and policies of the Village of Oak Park
Heights is presented to assist the reader in evaluating the Village's financial
statements included in this report. The Village has consistently followed these
principles and policies in all material respects.
The Balance Sheets, Statement of Changes in Fund Balance and Statement of
Changes in Amounts to be Provided for Debt Retirement of the various funds
are presented on the modified accrual basis in that revenues are generally
reflected in the fund balance when received and in that liabilities are
generally reflected in the fund balance when the liability is incurred.
Major exceptions occur in the Debt Service Funds as revenue from tax levies
is reflected in the fund when the deferred taxes are certified to the
county auditor rather than when the tax monies are received; revenue from
assessments is reflected in the fund balance when the assessment rolls are
adopted rather than when the monies are received; and the liability for bond
principal and interest payable to maturity is reflected at the time the bond
issue is sold.
The Statements of Cash Receipts and Disbursements of the various funds of the
Village are presented on the cash basis, in that revenues are reflected in the
cash balance when the money is received and the expenditures are reflected in the
cash balance when the money is disbursed.
r NOTE If - The "Total" columns of the various "combined" financial statements are presented
for informational purposes only. The reader is cautioned that the figures shown
'- in these "Total" columns represent a combining of unlike purpose groups (funds)
and cannot be construed as indicative of the over -all financial position or the
over -all results of the cash transactions of the Village. The financial position
of each fund should be ascertained by reference to the individual balance sheet
of each fund. The results of the cash transactions of each fund should be ascer-
tained by reference to the individual statement of cash receipts and disburse-
r ments of each fund.
NOTE III - DUE FROM COUNTY AUDITOR: The October, 1973 tax settlement was not distributed
by the county auditor until January, 1974.
NOTE IV - In 1972, the council authorized a $27,000.00 temporary transfer from the General
Fund to the Sealcoating and Street Improvement No. 4 Project Improvement Fund
as temporary financing of the sealcoating portion of the project. All construc-
tion was completed in 1973. Total costs for the sealcoating portion of the
project was $30,472.00.
NOTE V - On March 12, 1973, the council authorized a $75,000.00 purchase agreement with
Earle and Lorette Dixon for acquisition of 62 1/2 acres of land for recreation
development. The amount to be paid out of federal revenue sharing funds.
In 1973 $22,000.00 was paid, with the remaining $53,000.00 to be paid in two
26
s
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA PAGE 2 OF 2
FOOTNOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1973
r
equal payments in 1974 and 1975, with 4 1/2% interest paid annually on the remain-
- ing balance. A resume shows:
Land purchase agreement $ 75,000.00
Down payment 22,000.00
Contract Payable, December 31, 1973 $ 53,000.00
Interest Payable on Contract 3,109.09
Total Required $ 56,109.09
Available at December 31, 1973 12,387.00
Additional Amount Required $ 43.722.09
27
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 1
STATEMENT OF DEBT SERVICE PAYMENTS TO FINAL MATURITY
DECEMBER 31, 1973
DEBT SERVICE FUND
G. 0. STORM
G. 0. BONDS SEWER
TOTAL OF IMPROVEMENT
NOTE II 1967 & 1968 BONDS OF 1971
Bonds Payable - Statement 6 $1,450,000.00 $1,285,000.00 $165,000.00
Future Interest Payable - Statement 6 944,677.50 858,535.00 86,142.50
Totals $2,394,677.50 $2.143.535.00 $251.142.50
Year of Maturity:
1974 $ 104,225.00 $ 90,870.00 $ 13,355.00
1975 112,660.00 99,505.00 13,155.00
1976 110,630.00 97,675.00 12,955.00
1977 113,487.50 95,845.00 17,642.50
1978 111,215.00 94,015.00 17,200.00
1979 108,925.00 92,185.00 16,74o.00
1980 116,615.00 100,355.00 16,26o.00
1981 113,805.00 98,045.00 15,760.00
1982 110,985.00 95,735.00 15,250.00
1983 108,115.00 93,385.00 14,730.00
1984 105,235.00 91,035.00 14,200.00
1985 102,315.00 88,655.00 13,660.00
1986 104,390.00 91,275.00 13,115.00
1987 101,225.00 88,665.00 12,560.00
1988 98,050.00 86,055.00 11,995.00
1989 99,870.00 88,445.00 11,425.00
1990 96,440.00 85,585.00 10,855.00
1991 92,975.00 82,690.00 10,285.00
1992 79,795.00 79,795.00
1993 81,900.00 81,goo.00
1 99 4 78,770.00 78,770.00
1995 75,640.00 75,640.00
1996 72,510.00 72,510.00
1997 69,380.00 69,380.00
1998 25,520.00 25,520.00
Totals $2,394.6 $2,143.53 $251.142.50
28
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 2
SECURITY FOR DEPOSITS
DECEMBER 31, 1973
United States Treasury Notes $200,000.00
Municipal Bonds 50,000.00
Federal National Management Association Bonds 200,000.00
Total $450,000.00
The above securities have been assigned by the Cosmopolitan State Bank of Stillwater and
are on deposit at the Northwestern National Bank of Minneapolis.
29
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 3
INSURANCE IN FORCE
DECEMBER 31, 1973
COVERAGE AMOUNT
Fire and Extended Coverage, Vandalism and Malicious Mischief
(Scheduled Locations) $190,400.00
Automobile Physical Damage and Comprehensive Liability
(Scheduled Vehicles):
Bodily Injury $50,300,000
Property Damage $50,000
Collision ($50 deductible) ACV
Comprehensive General Liability:
Bodily Injury $50,300,000
Property Damage $50,300,000
Workmen's Compensation Statutory
Surety Bonds:
Blanket Coverage $1,000
Clerk - Treasurer $9,000
30
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 4
ORGANIZATION
1973
TERM
EXPIRES
Mayor:
Raymond N. Johnson 12/31/75
Councilmen:
Frank Sommerfeldt 12/31/73
John P. Groth 12/31/74
Donald Mondor 12/31/75
Robert S. Torgerson 12/31/75
Clerk-Treasurer:
Ken Heuer Appointed
31
VILLAGE OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 5
TAXABLE VALUATIONS, TAX LEVIES AND MILL RATES
1974 1973 1972
Taxable Valuations:
Real Estate $30,588,058.00 $30,893,658.00 $10,163,739.00
Personal Property 602,399.00 591,082.00 230,935.00
Totals $31,190,457.00 $31.484.740.00 $10,394.674.00
Tax Levies Extended by County Auditor:
'-' Year Extended 1973 1972 1971
Year Collectible 1974 1973 1972
Revenue $ 140,357.06 $ 115,549.00 $ 131,076.84
Bonds and Interest 66,747.58 66,747.65 67,253.54
Totals $ 207.104.64 $ 182,296.65 $ 198,330.38
Mill Rates:
Revenue 4.50 3.67 .12.61
Bonds and Interest 2.14 2.12 6.47
Totals 6.64 179 19.08
32