HomeMy WebLinkAboutFinancial Statements Year Ended December 31, 1974 CITY OF OAK PARK HEIGHTS, MINNESOTA
FINANCIAL STATEMENTS
.. YEAR ENDED DECEMBER 31, 1974
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
PAGE NO,
AUDITOR'S REPORT
AUDITOR'S COMMENTS I — XI
COMBINED BALANCE SHEET (ALL FUNDS) Statement I 1
Investment Transactions Schedule 1 -A 2
Statement of Interfund Audit Adjustments Schedule 1 -8 3
_ Construction Costs Schedule 1 -C 4
Statement of Bonds Payable Schedule 1 -D 5
COMBINED CONDENSED STATEMENT OF CASH RECEIPTS
AND DISBURSEMENTS (ALL FUNDS) Statement 2 6
GENERAL FUND:
Balance Sheet Statement 3 7
Statement of Changes in Fund Balance Statement 4 8
Summary Statement of Cash Receipts and
Disbursements Statement 5 9
Statement of Revenue Schedule 5 -A 10
Statement of Expenditures Schedule 5 -B 11
-' CAPITAL PROJECT FUNDS:
Balance Sheet Statement 6 12
Statement of Changes in Fund Balance Statement 7 13
Statement of Cash Receipts and Disbursements Statement 8 14
ENTERPRISE FUNDS:
Balance Sheet Statement 9 15
Statement of Fixed Assets and Allowance for
Depreciation Schedule 9-A 16
Statement of Changes in Fund Balance Statement 10 17
Statement of Income and Expense Statement 11 18
Statement of Source and Application of
Working Capital Statement 12 19
TRUST AND AGENCY FUNDS:
Balance Sheet Statement 13 20
Statement of Cash Receipts and Disbursements Statement 14 21
SPECIAL ASSESSMENT FUNDS:
Balance Sheet - Statement 15 22
-' Statement of Changes in Fund Balance Statement 16 23
Statement of Cash Receipts and Disbursements Statement 17 24
STATEMENT OF GENERAL FIXED ASSETS Statement 18 25
STATEMENT OF GENERAL LONG -TERM DEBT Statement 19 26
FOOTNOTES TO FINANCIAL STATEMENTS 27 - 28
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
a
SUPPLEMENTAL INFORMATION PAGE N0._
STATEMENT OF AUDITOR'S RESPONSIBILITY AS TO
SUPPLEMENTAL DATA --
DEBT SERVICE PAYMENTS UNTIL MATURITY Exhibit 1 29
SECURITY FOR DEPOSITS Exhibit 2 30
INSURANCE IN FORCE Exhibit 3 31
ORGANIZATION Exhibit 4 32
TAXABLE VALUATIONS, TAX LEVIES AND
MILL RATES Exhibit 5 33
DE"H 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, Minnesota 55082
We have examined the financial statements of the following funds of the CITY OF
OAK PARK HEIGHTS, MINNESOTA at December 31, 1974 and for the year then ended.
GENERAL FUND
CAPITAL PROJECT
ENTERPRISE
TRUST AND AGENCY
SPECIAL ASSESSMENT
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
circumstances.
The accompanying Statements of Cash Receipts and Disbursements have been prepared
on the cash basis (Footnote 1) and therefore do not purport to present the results
of operations as they would have appeared had generally accepted modified accrual
basis accounting principles been applied in their presentation.
During 1974 the City changed its method of financial reporting for the debt
service and construction accounts and also certain accounting principles as to
the recognition of future interest on bonds payable to conform to the new reporting
standards of the American Institute of Certified Public Accountants, as recommended
by the Minnesota State Auditor's Office. The beginning fund balances have been
adjusted (where appropriate) to reflect these changes effective January 1, 1974.
In our opinion, the accompanying Balance Sheets, Statements of Changes in Fund
Balance, Statement of Income and Expense and Statement of Changes in Financial
Position present fairly the financial position of the above funds of the CITY
OF OAK PARK HEIGHTS, MINNESOTA at December 31, 1974 and the results of operations
and the changes in financial position of the Sanitary Sewer Maintenance Fund for
the year then ended in conformity with generally accepted accounting principles.
MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
City of Oak Park Heights
Page 2
Also, in our opinion, the accompanying Statements of Cash Receipts and Disburse-
ments present fairly the recorded cash transactions of the above funds of the
CITY OF OAK PARK HEIGHTS, MINNESOTA for the year ended December 31, 1974, on a
basis consistent with that of the preceding year.
DE LA HUNT VOTO & CO., LTD.
Certified Public Accountants
Date Field Work Completed: April 9, 1975
Date Audit Report Signed: May 14, 1975
CITY OF OAK PARK HEIGHTS. MINNESOTA
AUDIT COMMENTS
ALL FUNDS
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.
Separate financial statements for each fund or account group are presented in State-
ments 3 through 19. The reader will notice that the statement presentation of some
of the funds (Debt Service and Construction) has changed from previous years. This
is in accordance with the financial reporting standards of the American Institute of
.- Certified Public Accountants, as approved and recommended by the Minnesota State
Auditor's Office. These changes will be discussed in the following sections of
these Comments.
-' CASH AND INVESTMENTS
Clerk's Balance:
Checking Account $185,068
Investments 298,083
Deposits with Paying Agent 728
Change Fund 50
Total 5483.923
Investment transactions for 1974 are summarized in Schedule 1 -A. Investments
at December 31, 1974 were as follows:
DESCRIPTION
SAVINGS CERTIFICATES:
Cosmopolitan State Bank $291,800
First National Bank of Stillwater 6.283
Total 298.083
Interest received or added to investments totaled $19,992 during 1974 rep-
resenting an increase of $810 over 1973. Interest yields ranged between 5 3/4%
and 10% during 1974.
Deposits with Paying Agents represents amounts transmitted to paying agents for
bond principal and interest but not remitted to bondholders at December 31, 1974.
These monies are committed for debt retirement and cannot be used for any other
purpose.
I
City of Oak Park Heights
Comments, Continued
SECURITY FOR DEPOSITS
Security for deposits pledged by the City's depositories are presented in
Exhibit 2. An analysis of the collateral requirements and actual collateral pledged
at December 31, 1974 is as follows:
COSMO- FIRST
COLLATERAL REQUIREMENTS: POLITAN NATIONAL
Demand Deposits $185,068 $ -0-
Savings Certificates 291.800 6.281
Total Deposits $476,868 $ 6,283
Less: F.D.I.C. Insurance 140.000 40.000
Total $336.868 S -0-
'— COLLATERAL REQUIREMENT - 110% $370,555 S -0-
COLLATERAL PROVIDED - EXHIBIT 2 430.000
EXCESS COLLATERAL S 54.445
The above analysis shows that collateral pledged was sufficient to cover deposits
at December 31, 1974.
DUE FROM COUNTY
GENERAL FUND:
General Property Taxes $ 69,676
SPECIAL ASSESSMENT FUND:
Special Assessments 10,842
General Property Taxes 32.958,
Total $113.476
The above amounts represent collections by Washington County for the October
1974 Tax Settlement and for November and December 1974 collections. During 1973
and 1974 the City received assessment payments from Washington County that should have
been paid to Stillwater Township totaling $6,504. This erroneous overpayment was
deducted from the October Tax Settlement that was remitted to the City during the
first quarter of 1975.
II
City of Oak Park Heights
Comments, Continued
DUE FROM DEVELOPERS S 15.620
Due from developers represents unreimbursed construction costs through Decem-
ber 31, 1974.
DUE FROM (TO) OTHER FUNDS
The Statement of Interfund Audit Adjustments (Schedule 1-C) presents a detailed
explanation of cash transfers necessary to adjust the individual fund cash balances
at December 31, 1974. The following schedule summarizes these adjustments by fund:
FUND DUE FROM DUE TO
FUND DESCRIPTION NO. OTHER FUNDS OTHER FUNDS
General Fund 101 $ 7,571.76 $ 5,290.42
Enterprise Funds:
Water Operating 301 3,785.88
Sewer Operating 302 3,785.88
Special Assessment Fund:
G. 0. Bonds of 1967 and 1968 401 12,307.50 333.49
G. 0. Bonds of 1971 402 1,379.37 4,156.60
'— Swager No. 2 Sewer and Water 502 708.42
Swager No. 3 and No. 4 505 280.82
Capital Projects Funds:
Storm Sewer No. 3 503 3,4
_ Totals S 21.539.45 S 21.539.45
The above transfers should be made on the City's financial records during 1975.
Council action is required to effect these transfers. We recommend that these cash
transfers be recorded as early as possible in 1975 "so that the cash balances will not
be distorted.
CONNECTION CHARGES RECEIVABLE $ 3q.47q
Connection charges receivable represents sewer and water hookup charges billed
to property owners but not collected. Included in this balance are a number of old
outstanding accounts remaining uncollected over a number of years. We recommend that
the City consider procedures for the collection of these charges as soon as possible.
III
City of Oak Park Heights
Comments, Continued
r. LOANS RECEIVABLE - OTHER FUNDS
Loans receivable represents a loan from the General Fund to the Sealcoating and
Street Improvement No. 4 Capital Projects Fund to finance the 1972 Sealcoating Pro-
" ject. This project was completed in 1973 and final engineering costs of $1,129
were paid in 1974. The total cost of this project was $32,757. As it is the inten-
tion of the City to finance the project totally by the General Fund, we recommend the
following action be taken:
Construction Costs - to be paid by
General Fund $ 32,757.33
Loan Receivable - from 1972 Sealcoating .000.00)
Net - Transfer to Sealcoating and Street
Improvement No. 4 Capital Projects Fund S _7'S�_ 57.33
DELINQUENT TAXES RECEIVABLE
Delinquent taxes receivable represents uncollected taxes for the years 1969
through 1974 These taxes, when collected, will be remitted to the City with the
.— regular county tax settlements.
SPECIAL ASSESSMENTS RECEIVABLE
Delinquent $ 4,605
Deferred 294,596
Total 299.201
Deferred Assessments receivable represents assessments to be collected in years
1975 through 1999 with interest rates at 6% to 8 %. The portion certified to the
county for collection in 1975 is $34,843.
ACCOUNTS RECEIVABLE
Enterprise Funds:
Water Operating $ 8,485
Sewer Operating 6.567
Total $ 15.05%
IV
City of Oak Park Heights
Comments, Continued
Accounts receivable represents water and sewer usage charges billed to regular
customers during 1974 and not collected by the City until 1975.
DUE FROM OTHER GOVERNMENTAL UNITS
Metropolitan Waste Control Commission:
Debt Payment Credit $320,630
Current Value Credit 1,014
Deferred Charges 13.850
Total $335.
The Debt Payments Credits and the Current Value Credits represent the balance
due from the transfer of the interceptor sewer lines to the Metropolitan Waste Control
Commission in 1970. These credits will be used to reduce the City's sewage usage
billings for the years 1975 through 2000. The Debt Payment Credits will be allowed
in the years 1975 through 1997 at reducing amounts per year. The Current Value Credit
will be allowed in the years 1975 through 2000 at a rate of $39 per year. The Deferred
'— Charges represent adjustments to the City's sewer usage billings for the years 1971
and 1972. During 1974, the City received a partial refund of the 1971 deferred
charge totaling $241 plus $782 interest.
FIXED ASSETS - NET
The Enterprise Funds Fixed Assets are summarized in Schedule 9 -A. The General
Fixed Assets are summarized in Statement 18. Included in General Fixed Assets is
-- construction work in process which is presented in Schedule 1 -C. Completed con-
struction during 1974 totaled $260,782.
AMOUNT TO BE PROVIDED FOR GENERAL LONG -TERM DEBT
The Statement of General Long -Term Debt is presented in Statement 19. The amount
to be provided represents future Revenue Sharing Entitlements appropriated for the
retirement of a contract for Deed Payable for park land purchased by the City during
1973.
V
City of Oak Park Heights
Comments, Continued
AMOUNT TO BE PROVIDED BY THE GENERAL FUND
Amount to be provided by the General Fund represents a commitment made by the
City to finance the 1972 Sealcoating Project with General Fund monies (see above
Comments under "Loans Receivable - Other Funds ").
AMOUNT TO BE PROVIDED BY FUTURE TAX LEVIES
Amount to be Provided by Future Tax Levies represents deferred taxes to be
levied for the retirement of special assessment bonds for collection in the years
1975 through 1996.
-„ GENERAL FUND
The General Fund Balance Sheet, Statement of Changes in Fund Balance and Summary
Statement of Cash Receipts and Disbursements are presented in Statements 3, 4 and 5.
Schedules 5-A and 5 -B present a detailed schedule of cash receipts and cash disburse-
ments.
The General Fund balance decreased by $32,303 during 1974.
A detailed explanation of this decrease is as follows:
REVENUE:
1974 Cash Receipts $236,242
Audit Adjustment - Interest Earnings (5,260)
Interest Added to Investments 1,283
Increase in Due From County and Developers 12.141
Total Revenue $244,408
EXPENDITURES:
1974 Cash Disbursements $269,569
Audit Adjustments - Payroll Costs - Utilities (7,572)
Audit Adjustment - Miscellaneous 80
Increase in Payables 7,016
Increase in Reserve for 1972 Sealcoating Project 2,285
Work in Progress - December 31, 1973 5.303 276,711
NET DECREASE IN FUND BALANCE - 1974 $0 2.303 )
We recommend that the City utilize budgeting controls by the adoption of an
annual budget and the use of periodic reports of cash receipts and disbursements
VI
City of Oak Park Heights
Comments, Continued
compared to the budget in accordance with the recommendations of the Minnesota State
Auditor's Office.
Included in the General Fund are various construction accounts, some of which
are quite large with considerable activity. We recommend that the City account for
these improvements in a separate capital project or special assessment fund depending
upon the type of funding the project is to receive.
CAPITAL PROJECTS FUNDS
The Capital Projects Funds Balance Sheet, Statement of Changes in Fund Balance
and Statement of Cash Receipts and Disbursements are presented in Statements 6, 7
and 8. The funds were formerly presented as improvement funds but because of the
American Institute of Certified Public Accountants recent pronouncement on standards
for governmental accounting (Footnote 4) these funds are now classified as Capital
Projects Funds.
The Balance Sheet and Statement of Changes in Fund Balance reflects the financial
position of these funds at December 31, 1974 and the results of their operations for
the year.
STORM SEWER NO. 3
All construction in this fund has been completed. The fund has a fund balance
deficit of $32,002 as of December 31, 1974. As no method of financing this deficit
has been established, we recommend that the City determine a method of financing
and close this fund during 1975.
SEALCOATING AND STREET IMPROVEMENT NO. 4
All construction in this fund has been completed and the construction costs
incurred are to be financed by the General Fund. We recommend that the City close
this fund by a net transfer from the General Fund. Council action is necessary to
effect this closing and cash transfer.
VII
City of Oak Park Heights
Comments, Continued
ENTERPRISE FUNDS
The Enterprise Fund Balance Sheet, Statement of Changes in Fund Balance,
Statement of Income and Expense and Statement of Sources and Application of Working
Capital are presented in Statements 9, 10, 11 and 12.
These funds are not being charged for their portion of payroll costs of the
City's utility maintenance personnel. Payroll costs for 1974 have been recorded
by audit adjustment. We recommend that the City adopt procedures to properly charge
these funds for the above mentioned payroll costs.
TRUST AND AGENCY FUND - REVENUE SHARING
The Trust and Agency Fund Balance Sheet and Statement of Cash Receipts and Dis-
bursements are presented in Statements 13 and 14.
The City has appropriated its Revenue Sharing Entitlements for the purchase
of park land. At December 31, 1974, $26,500 remains unpaid on a contract for deed
established in 1973 for $75,000. The balance of $26,500 is due to be retired in
1975.
SPECIAL ASSESSMENT FUNDS
The Special Assessment Fund Balance Sheet, Statement of Changes in Fund Balance
and Statement of Cash Receipts and Disbursements is presented in Statements 15, 16
and 17. Two of the Special Assessment Funds were formerly presented as Debt Service
Funds; the G. 0. Bonds of 1967 and 1968 Fund and G. 0. Storm Sewer Improvement Bonds
of 1971 Fund. The other three Special Assessment Funds were formerly presented as
Improvement Funds; the Swager No. 2 Sewer and Water Fund, the Swager No. 3 and 4
Fund and the Port of Sunnyside Fund. These funds are now classified as Special
Assessment Funds pursuant to the American Institute of Certified Public Accountants
recent pronouncement on Standards for governmental accounting (Footnote 4).
VIII
City of Oak Park Heights
Comments, Continued
The accounting principles employed by the Special Assessment Funds have been
changed in one respect. Unmatured interest on bonds payable and future interest on
assessments receivable are not reflected in the fund balance until the year they
become payable or receivable. The theory behind this accounting concept is that
future interest on assessments (or interest earnings on investments in the case of
prepayments) will offset the Unmatured interest payable.
"- G.O. BONDS OF 1967 AND 1968
These bonds are payable over the years 1975 through 1998 as shown in Exhibit 1.
The special assessments are also collectible in the years 1975 through 1998. The
following projections of future interest payable and receivable indicate that this
fund will have sufficient assets to meet the bond principal and interest requirements.
Fund Balance - December 31, 1974 $753,448
Add: Estimated Future interest on
special assessments 174.000
Total $927,448
Deduct: Unmatured interest payable 797,,665
Projected Surplus - December 31, 1998 129.783
STORM SEWER BONDS OF 1971
These bonds are payable over the years 1975 through 1991 as shown in Exhibit 1.
The special assessments are also collectible in the years 1975 through 1991. The
following projection of future interest payable and receivable indicates that this fund
"- will not have sufficient assets to meet its bond principal and interest requirements.
Fund Balance - December 31, 1974 $ 47,814
Add: Estimated future interest on special
assessments 8,400
Total $ 56,214
Deduct: Unmatured interest payable 77.78
'—
Projected Def is i t - December 31, 1991 S(21.
IX
City of Oak Park Heights
Comments, Continued
We recommend that the City establish a criteria by which the above projected
deficit will be financed. The following alternatives are available, at the dis-
cretion of the Council.
1. Increase future debt service tax levies over the remaining years of the
bond issues.
2. Cash transfers from other appropriate funds having surpluses available to
transfer.
SWAGER NO. 2 SEWER AND WATER
Construction in this fund was completed in prior years, however, this project
was never financed by a bond issue, but is being financed by the collection of
special assessments. The $4,146 cash deficit should be eliminated during 1975
or 1976 depending upon special assessment prepayments. The $8,469 fund balance will
_ increase by approximately $8,000 due to future interest on deferred special assess-
ments.
SWAGER NO. 3 AND 4 IMPROVEMENTS
Construction in this fund was completed during 1974. This project is being
financed by developers and by special assessments. The $23,709 cash deficit will
be eliminated within three to five years depending upon special assessment pre-
payments.
PORT OF SUNNYSIDE
Construction in this fund was completed in 1974. The $19,329 fund deficit
should be eliminated by special assessments to be adopted in 1975. The $44,725 cash
deficit will be eliminated as the special assessments, connection charges and amounts
due from developer are received.
._ X
... C i t y of Oak Park Heights
Comments, Continued
SUMMARY
The following listing is a summary of items which should be recorded and /or
resolved during 1975.
1. Record cash transfers to effect the 1974 interfund audit adjustments.
2. Establish procedures for the collection of connection charges receivable.
3. Close the Sealcoating and Street Improvement No. 4 Fund and eliminate the
cash deficit by a transfer in from the General Fund,
4. Adopt an annual budget for 1976 and utilize periodic reports of cash
receipts and disbursements compared to budget.
.. 5. Set up Capital Projects and /or Special Assessment Funds for new construc-
tion projects.
-' 6. Determine a method of financing for Storm Sewer No. 3 and close this fund
with the appropriate Council action and cash transfer.
7. Establish procedures to charge the Enterprise Funds with their portion
of payroll and payroll related costs.
8. Establish a criteria to finance the projected deficit of the Storm Sewer
Bonds of 1971 Fund.
Respectfully submitted,
�
DE LA HUNT VOTO & CO., LTD.
Certified Public Accountants
XI
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED BALANCE SHEET (ALL FUNDS)
DECEMBER 31, 1974
TOTAL GENERAL
ASSETS NOTE 2 FUND
Cash:
Clerk's Balance (Deficit) $ 185,068.13 $ 5,274.60
Investments 298,082.71 131
With Paying Agents 727.76
Change Fund 50.00 50.00
Total Cash $ 483,928.60 $136,607.31
Due from County 113,475.76 69,675.59
Due from Developers 15,620.36 533.00
Due from Other Funds 21,539.45 7,571.76
Connection Charges Receivable 39,479.42
Loans Receivable - Other Funds 27,000.00 27,000.00
Delinquent Taxes Receivable 358,80
Special Assessments Receivable 299,201.02
Accounts Receivable 15,052.15
Due from Other Governmental Units 335,493.53
Fixed Assets - Net 2,410,820.50
Amount to be Provided for General Long Term Debt 26,500.00
Amount to be Provided by General Fund 32,757.33
Amount to be Provided from Future Tax Levies 1,596,190.00
Total Assets $5.417.416.92 $241.387.66
LIABILITIES, RESERVES AND FUND BALANCE
LIABILITIES:
Accounts Payable $ 13,952.50 $ 9,116.19 -
Contracts Payable 28,500.00
Salaries Payable 648.00 648.00
Bonds Payable 1,415,000.00 -
Due to Other Governmental Units 11 9 212.18 2,979.07
Due to Other Funds 21,539.45 5,290.42
Matured Interest Payable 727.76
Loans Payable - Other Funds 27,000.00
Total Liabilities $1,518,579.89 $ 18,033.68
RESERVES 410,935.71 32,807.33
FUND BALANCE:
Unappropriated (Deficit) 1,077,080.82 190,546.65
Invested in Fixed Assets 2,410,820.50
Total Liabilities, Reserves and Fund Balance $5.417.416.92 $241.387.66 .
STATEMENT 1
CAPITAL TRUST AND SPECIAL GENERAL GENERAL
PROJECTS ENTERPRISE AGENCY ASSESSMENT FIXED LONG-TERM
FUND FUNDS FUNDS FUNDS ASSETS DEBT
$(34,280.14) $ 140,285.45 $ 14,963.67 $ 58,824.55
166,800.00
727.76
$(34,280.14) $ 140,285.45 $ 14,963.67 $ 226,352.31
43,800.17
15,087.36
13,967.69
39,479.42
358.80
299,201.02
15,052.15
335,493.53
1,471,086.74 $939,733.76
_ 32,757.33 $ 26,500.00
1,596,190.00
$ (1, 522.81) $1.961. $ 14.963.67 $2.234.436.7,2 $939.733.76 $ 26. 500.00
$ 2,394.85 $ '.2,441.46
2,000.00 $ 26,500.00
1,415,000.00
8,233.11
$ 3,478.76 7,571.76 5,198.51
727.76
27,000;00
$ 30,478.76 $ 18,199.72 $1,425,367.73 $ 26,500.00
362,805.91 $ 14,963.67 358.80
(32,001.57) 109,825.50 808,710.24
1,471,086.74 $939,733.76
$ (1.522.81) $1.961.917.87 $ 14.963.67 $2.234.436.72 $939.733.76 $ 26.500.00
1
CITY OF OAK PARK HEIGHTS, MINNESOTA SCHEDULE 1 -A
INVESTMENT TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1974
SPECIAL
GENERAL ASSESSMENT
TOTAL FUND FUND
INVESTMENTS - January 1, 1974 $171,800.00 $ 5,000.00 $166,800.00
Investments Purchased 296,800.00 130,000.00 166,800.00
Interest Added 1,282.71 1,282.71
Total $469,882.71 $136,282.71 $333,600.00
Investments Sold 171,800.00 5,000.00 166,800.00
INVESTMENTS - December 31, 1974 $298.082.71
General Fund Investments $131,282,71
Special Assessment Fund Investments $166.800.00
.- 2
CITY OF OAK PARK HEIGHTS, MINNESOTA
STATEMENT OF INTERFUND AUDIT ADJUSTMENTS
DECEMBER 31, 1974
DUE TO DUE FROM
G.O. Storm Sewer Bonds of 1971
Swager No. 3 and No. 4
G.O. Bonds of 1967 and 1968
G.O. Storm Sewer Bonds of 1971
Swager No. 2 Sewer and Water
Swager No. 3 and No. 4
General Fund
G.O. Bonds of 1967 and 1968
G.O. Storm Sewer Bonds of 1971
Storm Sewer No. 3
Swager No. 2 Sewer and Water —
G.O. Bonds of 1967 and 1968
General Fund
G.O. Bonds of 1967 and 1968
G.O. Storm Sewer Bonds of 1971
General Fund
Water Operating Fund
Sewer Operating Fund
Total Due from Other Funds
Total Due to Other Funds
SCHEDULE 1 -B
DUE FROM DUE TO
_ OTHER OTHER
FUNDS FUNDS EXPLANATION
$ 141.59
250.82
$ 333.49
18.78 To correct distribution of county tax and assessment
40.14 settlements.
30.00
30.00 To correct coding of cash disbursements.
2,909.26
1,237.78
3,478.76
668.28 To correct coding of assessment prepayments.
5,260.42
5,260.42 To correct coding of interest earned on investments.
4,137.82
4 To correct coding of cash disbursements.
7,571.76
3,785.88
3,785.88 To correct distribution of payroll expense.
$ 21.539.45
21 539.45
3
CITY OF OAK PARK HEIGHTS, MINNESOTA
CONSTRUCTION COSTS BY PROJECT
FOR THE YEAR ENDED DECEMBER 31, 1974
LAND CONTRACTOR ENGINEERING
GENERAL FUND:
Highway 212 and 67 $ 18,185.73 $ 989.57
Well No. 2 $ 59,500.00 3,667.97 —
Summit Park Development 1,803.90
Summit Park Development, L.T.D. 874.00
1974 Street Improvement 1,196.26 -
Connel Road
Bank 30.00 -
Nash Finch 214.00
Total Construction Costs $ 59.500.00 $ 18,399.73 $ 8.561.70
Less: Completed Construction
General Fund - Construction Work _
in Process
CAPITAL PROJECTS FUNDS:
Sealcoating and Street Improvement No. 4
Improvement Fund $ 39,160.79 $ 4,502.41
SPECIAL ASSESSMENT FUNDS:
Swager No. 3 and 4 Improvement Fund:
Swager Addition No. 3 and Brekke Heights
Street Improvement Project $ 21,378.94 $ 3,167.70
Swager Addition No. 4 and Osman Avenue
Sewer and Water Project 25,283.00 2,980.82
Total Swager No. 3 and 4 $ 46,661.94 $ 6,148.52
Port of Sunnyside Improvement Fund: $124,393.80 $ 12,466.21
Total Construction Costs $210.216.53 $ 23.117.14
Less: Completed Construction
Construction Work in Process
SCHEDULE 1 -C
LEGAL EXPENDED
FISCAL TOTAL PRIOR CURRENT LIABILITIES
EASEMENTS OTHERS COSTS YEAR YEAR 12/31/74
$ 19,175.30 $ 2 , 4 +3. 1 7 $ 16,732.13
$ 2,685.30 $ 4,572.95 70,426.22 810.30 67,027.95 $ 2,587.97
574.68 18.00 2,396.58-'= 2 346.80
395.20 1,549.78 2,818.98 2,818.98
78.24 10274.50 1,156.50 118.00
50.00 65.00 115.00 115.00
,.., 250,00 280.00% 280.00
214.00 - 214.00
$ 3.705.18 $ 6,533.97 $ 96,700.58 $ 5.303.25 S 88.691.36 $ 2.705.97
24,884.86
,t 71.815.22
$ 60.00 $ 175.20 $ 43,898,40 - $ 42,769.54 $ 1,128.86
$ 100.00 $ 109.62 $ 24,756.26 $ 22,185.17 $ 2,571.09
32.50 96.42 28,392.74 - 24,607.22 3,785.52
$ 132.50 $ 206.04 $ 53,149.00': $ 46,792.39 $ 6,356.61
$ 995.60 $ 993.80 $138,849.41-; $115,117.22 $ 19,290.73 $ 4,441.46
$ 1.188.10 $ 1.375.04 $235,896.81 $204.679.15 $ 26.776.20 S 4.441.46
235,896.81;:
$ -
4
CITY OF OAK PARK HEIGHTS, MINNESOTA
STATEMENT OF BONDS PAYABLE
FOR THE YEAR ENDED DECEMBER 31, 1974
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 5.49 5.5, 5.69 -'
5.7
Totals
SCHEDULE 1 -D
BONDS RETIRED BONDS
PRIOR PERIOD PAYABLE CURRENT PAYABLE
ISSUED RETIRED 1/1/74 PERIOD 12/31/74
$ 825,000.00 $ 25,000.00 $ 800,000.00 $ 25,000.00 $ 775,000.00
"- 490,000.00 5,000.00 485,000.00 5,000.00 480,000.00
173,000.00 8,000.00 165,000.00 5,000.00 16o.000.00
$1.488.000.00 $ 38.000.00 $1.450.000.00 $ 35.000.00 $1.415,000.00
5
CITY OF OAK PARK HEIGHTS, MINNESOTA
CONDENSED COMBINED STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS (ALL FUNDS)
FOR THE YEAR ENDED DECEMBER 31, 1974
CLERK'S
BALANCE RECEIPTS _
(OVERDRAFT) TRANSFERS
FUND 1/1/74 REVENUE IN
GENERAL FUND $163,601.52 $236,788.83
CAPITAL PROJECTS FUNDS (43,866.19) 3,478.76 $ 10,836.15
ENTERPRISE FUNDS 82,796. 94,795.83 _
TRUST AND AGENCY FUNDS 12,387.00 33,135.00
SPECIAL ASSESSMENT FUNDS (67,002,11) 266,459.21 3,600.00
Totals - Note 2 $147.916,91 5634.657.63, S 14,436.15
CASH - CLERK'S BALANCE -
December 31, 1974
STATEMENT 2
CLERK'S
DISBURSEMENTS BALANCE
SALE OF TRANSFERS PURCHASE OF (OVERDRAFT)
INVESTMENTS TOTAL EXPENDITURES OUT INVESTMENTS 12/31/74
$ 5,000.00 $405,390.35 $270,115.75 $130,000.00 $ 5,274.60
(29,551.28) 1,128.86 $ 3,600.00 (34,280.14)
177,592.52 37,307.07 140,285.45
45,522,00 30,558.33 14,963.67
166,800.00 369,857.10 133,396.40 10,836.15 166,800.00 58,824.55
$171.800.00 1968.810.69 $472.506.41 S 14.436.15 $296.800.00
$185.068.13,
6
i
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT
GENERAL FUND
BALANCE SHEET
DECEMBER 31, 1974
ASSETS
Cash - Clerk's Balance $ 5,274.60
Change Fund 50.00
Investments - Schedule 1 -A 131,282.71
Due from County Auditor 69,675.59
Due from Developers 533.00
Due from Other Funds 7,571.76
Loan Receivable - Other Funds 27,000.00- -
Total Assets $241.387.66
LIABILITIES, RESERVES AND FUND BALANCE
LIABI LITI ES:
Accounts Payable $ 9,116.19
Salaries Payable 648.00
Due to Other Governmental Agencies 2,979,07
Due to Other Funds 5,290.42
Total Liabilities $ 18,033.68
RESERVES:
1972 Sealcoating Project 32,757.33
Change Fund 50.00
FUND BALANCE 190,546.65
Total Liabilities, Reserves and Fund Balance $241.387.66
7
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT L
GENERAL FUND
_ STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 1974
FUND BALANCE - January 1, 1974 $222,850.26
ADDITIONS:
Revenue:
General Property Tax (1) $140,674.05
Local Government State Aid 80,852.65
Other 22,881.07
Total Additions 244,407.77
._ Total $467,258.03
DEDUCTIONS:
Expenditures:
Current Expense $160,115.96
Capital Outlay 17,609.51
Construction Costs 96,700.58
Increase in Reserve for 1972
Sealcoating Project 2,285.33
Total Deductions 276,711.38
FUND BALANCE - December 31, 1974 $190.546.65
(1) Includes Homestead Credit in the amount of $3,898.24.
8
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 5
GENERAL FUND
SUMMARY STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1974
CASH - CLERK'S BALANCE - January 1, 1974 $163,601.52
_ RECEIPTS:
Revenue - Schedule 5-A $236,242.46
Sale of Investments 5,000.00
Total Receipts 241,242.46
Total $404,843.98
DISBURSEMENTS:
Expenditures - Schedule 5 -13 $269,569.38
Purchase of Investments 130,000.00
Total Disbursements 399,569.38
CASH - CLERK'S BALANCE - December 31, 1974 5 5.274.60
9
CITY OF OAK PARK HEIGHTS, MINNESOTA SCHEDULE 5 -A
GENERAL FUND
_ STATEMENT OF GENERAL REVENUE
FOR THE YEAR ENDED DECEMBER 31, 1974
REVENUE:
General Property Taxes:
Current and Delinquent $124,856.41
Homestead Credit 3,109.57
Penalty and Interest 303.60
Mortgage Registration 787.40
Other 7.05
Licenses:
Dog 624.00
Cigarette 212.00
Contractor 795.00
Liquor 2,445.00
Other 100.00
Permits 5,024.45
Fines and Forfeits 410.00
Interest on Investments 9,635.42
Intergovernmental Revenue:
..., State Aid 80,852.65
Charges for Current Services:
General Government 586.00
Recreation 229.81
Other Revenue:
Developers 2,779.98
Governmental Agencies 2
Street Lighting 911,00
Insurance Recovery 188.86
Other 120.80
Donations 200.00
Total Revenue $236.242.46
10
CITY OF OAK PARK HEIGHTS, MINNESOTA SCHEDULE 5-13
GENERAL FUND
STATEMENT OF GENERAL EXPENDITURES
FOR THE YEAR ENDED DECEMBER 31, 1974
EXPENDITURES:
GENERAL GOVERNMENT:
Mayor and Council:
Current Expense $ 25,927.11
Elections:
Current Expense 686,88
City Clerk:
Current Expense 7,288,89
Planning and Zoning:
Current Expense 4,863.10
'— Municipal Building:
Current Expense 2,309,36
PUBLIC SAFETY:
Police Department:
Current Expense $ 55,907.26
Capital Outlay 6,549.95 62
Fire Department:
Current Expense 4,776.25
Protective Inspections:
Current Expense 5,720,86
HIGHWAYS:
Streets and Alleys:
Current Expense 6,846.11
-- Snow and Ice Removal:
Current Expense 3,804.50
Street Lighting:
Current Expense $ 7,189.76
Capital Outlay 2,445,00 9,634.76
SANITATION AND WASTE REMOVAL:
Refuse Collection: -
Current Expense 624.80
Weed Cutting:
Current Expense 5,541.50
RECREATION:
Parks, Playgrounds and Rinks:
Current Expense $ 18 0 110,05
Capital Outlay 2,777.54 20,887.59
SPECIAL SERVICES:
Utilities:
Current Expense 12,004.05
MUNICIPAL IMPROVEMENT:
Tree Planting:
Current Expense $ 400.00
Capital Outlay 5,837.02 6,237.02
CONSTRUCTION ACCOUNTS:
Construction Costs - Schedule 1 -C 88,691.36
OTHER:
Refunds and Reimbursements 1,268,03
Total Expenditures $269,569.38
— 11
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 6
CAPITAL PROJECTS FUNDS
BALANCE SHEET
DECEMBER 31, 1974
SEALCOATING
STORM AND STREET
_. SEWER IMPROVEMENT
ASSETS TOTAL NO. 3 NO. 4
Cash - Clerk's Balance $(34,280.14) $(28,522.81) $ (5,757.33)
Amount to be Provided by General Fund 32,757.33 32,757.33
Total Assets $ (1. 522.81) $(28.522.81) $ 27.000.00
LIABILITIES AND FUND BALANCE
LIABILITIES:
Due to Other Funds $ 3,478.76 $ 3,478.76
Loans Payable - Other Funds 27,000.00 $ 27,000.00
Total Liabilities $ 30,478.76 $ 3,478.76 $ 27,000.00
FUND BALANCE (DEFICIT) (32,001.57) (32,001.57)
Total Liabilities and Fund Balance $ (1.522.81) $(28,522.81 $ 27.000.00
12
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 7
CAPITAL PROJECT FUNDS
COMBINED STATEMENT OF CHANGES IN FUND BALANCE (DEFICIT)
FOR THE YEAR ENDED DECEMBER 31, 1974
SEALCOATING
STORM AND STREET
SEWER IMPROVEMENT
TOTAL NO. 3 No. 4
FUND BALANCE (DEFICIT).- 1, 1974 $(33,158.04) $(32,001.57) $ (1,156.47)
ADDITIONS:
Due from General Fund 2,285.33 2.285.33
�
Total $(30,872.71) $(32,001.57) $ 1,128.86
.- DEDUCTIONS:
Construction Costs 1,128.86 1,128.86
_ FUND BALANCE (DEFICIT)
December 31, 1974 S (32.001.5Z) S (32.001 , U) S -0-
13
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 8
CAPITAL PROJECT FUNDS
_ STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1974
STORM STREET
SEWER IMPROVEMENT
TOTAL NO. 3 NO. 4
CASH - CLERK'S BALANCE (OVERDRAFT) -
January 1, 1974 $(43,866.19) $(28,401.57) $(15,464.62)
'- RECEIPTS:
Special Assessments Collected by City $ 3,478.76 $ 3,478.76
Transfers In 10,836.15 - $ 10,836.15
Total Receipts $ 14,314.91 $ 3,478.76 $ 10,836.15
Total $(29,551.28) $(24,92 $ (4,628.47)
DI SBURSEMENTS:
Construction Costs $ 1,128.86 $ 1,128.86
Transfers Out 3,600.00 $ 3,600.00
Total Disbursements $ 4,728.86 $ 3,600.00 $ 1,128.86
CASH - CLERK'S BALANCE (OVERDRAFT) -
December 31, 1974 $(34.280.14) $(28.522.81) $ (5.757.33
NOTE - The above collections of $3,478.76 for special assessments were erroneously
receipted into this fund. Corrections were made by interfund audit adjustments -
Statement 1 -C.
14
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 9
ENTERPRISE FUNDS
_ BALANCE SHEET
DECEMBER 31, 1974
WATER SEWER
OPERATING _OPERATING
ASSETS TOTAL FUND FUND
CURRENT ASSETS
Cash - Clerk's Balance $ 140,285.45 $ 53,464.70 $ 86,820.75
Accounts Receivable - General
—' Customers 15,052.15 8,484.76 6,567,39
Total Current Assets $ 155,337.60 $ 61,949.46 $ 93,388.14
FIXED ASSETS - Schedule 9 -A (At Cost) $1,608,134,54 $678,744.13 $ 929,390,41
Less: Allowance for Depreciation 137,047.80 56,901,45 80,146.35
Net Fixed Assets $1,471,086,74 $621,842.68 $ 849,244,06
OTHER ASSETS
Due from Metropolitan Waste Control
Commission $ 335,493.53 $ 335.493.53
Total Assets $1.961.917.87 $683.792.14 $1.278.125.73
LIABILITIES, RESERVES AND
FUND BALANCE
CURRENT LIABILITIES
Accounts Payable $ 2,394.85 $ 1,175.75 $ 1,219.10
Due to Other Governmental Units 8,233.11 332.85 7,900,26
Due to Other Funds 7.571.76 3.785.88 3.785.88
Total Liabilities $ 18,199.72 $ 5,294.48 $ 12.905.24-
RESERVES:
Meter Deposits $ 27,312.38 $ 27,312.38
Metropolitan Sewer Board Credits 335.493.53 335.493.53
Total Reserves $ 362,805,91 $ 27,312.38 $ 335.493.53
FUND BALANCE:
'— Unappropriated $ 109,825.50 $ 29,342.60 $ 80,482.90
Invested in Fixed Assets 1,471,086.74 621,842.68 849,244.06
Total Liabilities, Reserves
and Fund Balance $1.961.91 $683.792.14 1 2 8.125.Zj
15
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUNDS
STATEMENT OF FIXED ASSETS AND ALLOWANCE FOR DEPRECIATION
FOR THE YEAR ENDED DECEMBER 31, 1974
FIXED
YEAR BALANCE
ACQUIRED 1/1/74 _
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 -
Pump with Suction Hose - 1/2 Cost 1970 280.47
Hydrant Markers with Accessories (90) 1971 535.50
Top Extention and Rod Assembly (6) 1971 276,70
Incubator 1971 99.00
Incubator and Pump 1972 108.68
1974 Chevrolet Truck - 1/2 Cost 1974
Dump Body with Hoist Attachment 1974 -
Water Distribution System Various 477,761.36
Totals $584.583.35
SEWER OPERATING:
Machinery and Equipment:
1968 Chevrolet 3/4 Ton Truck - 1/2 Cost 1968 $ 999.50
Pump with Suction Hose - 1/2 Cost 1970 280.47 -
General Auger 1970 56.
1974 Chevrolet Truck - 1/2 Cost 1974
Dump Body with Hoist Attachment 197
Lateral Lines and Lift Stations Various 834,209.15
Totals ,5.545.15. _
SCHEDULE 9 -A
_ ASSETS RESERVE FOR DEPRECIATION
ADDITIONS BALANCE BALANCE ADDITIONS BALANCE
(DELETIONS) 12/31/74 RATE 1/1/74 (DELETIONS) 12/31/74
$104,522.14 2 % $ 10,452.20 $ 2,090.44 $ 12,542.64
$ (999.50) -0- 999.50 (999.50) -0-
280.47 10 % 84.15 28.05 112.20
535.50 10 % 107.10 53.55 160.65
276.70 10 % 55.34 27.67 83.01
'- 99.00 10 % 19.80 9.90 29.70
108.68 10 % 10.87 10.87 21.74
2,212.77 2,212.77 20 %
...
1,095.00 1, 095.00 10 %
91,852.51 569,613.87 2 % 34,396.28 9,555.23 43,951.51
$ 94.160.78 $678.744.13 S 46.125.24 $ 10,776.21 S 56.901.45
$ (999.50) $ -0- $ 999.50 $ (999.50) $ -0-
280.47 10 % 84.15 28.05 112.20
56.03 5 % 8.40 2.80 11.20
2 2,212.78 20 %
1 1,095.00 10 %
91,536698 925,746.13 2 % 63,338.77 16,684.18 80,022.95
L33.845.26 $929,390.41 S 64.430.82 $ 15.715.51 S 80.146.3E
-' 16
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 10
ENTERPRISE FUNDS
STATEMENT OF CHANGES IN UNAPPROPRIATED FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 1974
-" WATER SEWER
OPERATING OPERATING
TOTAL FUND FUND
UNAPPROPRIATED FUND BALANCE -
January 1, 1974 $ 80,335.27 $ 17,777.66 $ 62,557.61
ADDITtONS:
Net Income - Statement 11 $ 11,094.09 $ 7,274,83 $ 3,819,26
Depreciation - A Non -Cash Expense 28,490.74 11,775.71 16,715.03
Total Additions $ 39,584.83 $ 19,050.54 $ 20,534.29
Total $119,920.10 $ 36,828.20 $ 83,091.90
DEDUCTIONS:
Capital Expenditures 10,094.60 7,485.60 2,609.00
UNAPPROPRIATED FUND BALANCE -
December 31, 1974 5109.825.5 0 S 29.342.60 $ 80,482.90
17
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 11
ENTERPRISE FUNDS
STATEMENT OF INCOME AND EXPENSE
FOR THE YEAR ENDED DECEMBER 31, 1974
WATER SEWER
OPERATING OPERATING
TOTAL FUND FUND
INCOME:
Operating Income:
Customer Billings $ 52,738.66 $ 29,591,40 $ 23,147,26
Other Income:
Plumbing Permits 568.00 280.00 288.00
Penalties 992.17 553.14 439.03
Refunds 2,446,08 59.25 2,386.83
_ Sewer Availability Service Charge 194.96 194,96
Total Income $ 56,939.87 $ 30,483.79 $ 26,456,08
EXPENSES:
Operating:
Salaries $ 6,800.00 $ 3,400.00 $ 3,400.00
Retirement Benefits 771.76 385.88 385.88
Materials and Supplies 974.99 802.43 172.56
Fixed Charges 253.75 221.75 32.00
Personal Services 499.20 243.20 256.00
Contracted Services 8,055.34 6,379.99 111675.35
Depreciation - Equipment 160.89 130.04 30.85
Total Operating Expense $ 17,515.93 $ 11,563.29 $ 5.952.64
OPERATING INCOME BEFORE DEPRECIATION $ 39,423.94 $ 18,920.50 $ 20.503.44
Depreciation - Water and Sewer System $ 28,329.85 $ 11,645.67 $ 16,684,18
NET INCOME $ 11.094.09 $ 7.274.83 $ 3.819
18
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 12
ENTERPRISE FUNDS
STATEMENT OF SOURCE AND APPLICATION OF WORKING CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 1974
WORKING CAPITAL WAS PROVIDED BY
OPERATIONS:
Net Income - Statement 11 $ 11,094,09
Add: Depreciation - A Non -Cash Expense 28,490.74
; increase in Reserve for Meter Deposits 4,863,34
Total Working Capital Provided $ 44,448.17
WORKING CAPITAL WAS APPLIED TO
Purchase of Fixed Assets 10,094.60
INCREASE IN WORKING CAPITAL S 34.353.51
WORKING CAPITAL WAS AS FOLLOWS DECEMBER 31, INCREASE
CURRENT ASSETS 1974 1973 (DECREASE)
_
Cash - Clerk's Balance $140,285,45 $ 82,796.69
Accounts Receivable 15,052.15 12,144.43
Accounts Receivable - Maintenance
Agreement -0- 11,780.43
Total Current Assets $155.337.60 $106,721.55 $ 48,616.05
CURRENT LIABILITIES
Accounts Payable $ 2,394.85 $ 17.32
Due to Other Governmental Units 8,233.11 3,919.92
Due to Other Funds 7,571.76 _10-
Total Current Liabilities $ 18,199.72 $ 3.937.24 14,262,48
WORKING CAPITAL $137.137.88 $102.784.31 $ 34.3 53.57
19
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 13
REVENUE SHARING TRUST AND AGENCY FUND
BALANCE SHEET
DECEMBER 31, 1974
.. ASSETS
Cash - Clerk's Balance $ 14,963.67
Total Assets $ 14.963.67
RESERVES
Reserves: $ 14,963,67
Future Expenditures
—' Total Reserves $ 14.963.62
20
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 14
REVENUE SHARING TRUST AND AGENCY FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1974
CASH - CLERK'S BALANCE - January 1, 1974 $ 12,387.00
RECEIPTS:
Revenue:
Federal Revenue Sharing
-' Entitlements 33.135.00
Total Cash $ 45,522.00
DI SBURSEMENTS:
Expenditures:
Park Land Acquisition:
Principal $ 26,500.00
Interest 2,385.00
Park Improvements 1.673.33
Total Expenditures 30.558.33
CASH - CLERK'S BALANCE - December 31, 1974 $ 14.963.67
21
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT FUNDS
BALANCE SHEET
DECEMBER 31, 1974
ASSETS TOTAL
Cash:
Clerk's Balance $ 58,824.55
Investments 166
With Paying Agent 727.76 _
Total Cash $ 226,352.31
Due from County Auditor 43,800.17
Due from Other Funds 13,967.69
Due from Developer 15,087.36
Connection Charges Receivable 39,479.42
Special Assessments Receivable:
Delinquent 4 1 ,605.02 _-
Deferred 294,596.00
Delinquent Taxes Receivable 358.80
Amount to be Provided from Future Tax Levies 1,596,190.00 _
Total Assets $2.234,436.72
LIABILITIES, RESERVES AND FUND BALANCE
LIABILITIES:
Bonds Payable $1,415,000.00
Contracts Payable 2 0 000.00
Accounts Payable 2,441.46
Due to Other Funds 5,198.51
Matured Interest Payable 727.76
Total Liabilities $1,425,367.73
RESERVES:
Delinquent Taxes 358.80
FUND BALANCE (DEFICIT) 808,710.24
Total Liabilities, Reserves and Fund Balance $2.234.436.72
STATEMENT 15
G.O. STORM
SEWER SWAGER
G.O. BONDS IMPROVEMENT NO. 2 SWAGER
OF 1967 BONDS SEWER AND NO. 3 AND PORT OF
AND 1968 OF 1971 WATER NO. 4 SUNNYSI DE
$ 113,102.47 $ 18,302.37 $ (4,146.42) $(23,709.29) $(44,724.58)
166,800,00
367.76 360.00
$ 280,270.23 $ 18,662.37 $ (4,146.42) $(23,709.29) $(44,724.58)
35,422.08 5,570.96 533.45 2,273.68
12,307.50 1,379.37 280.82
15,087.36
24,729.42 14,750.00
3,582.83 250.85 278.04 493.30
231 11,666.70 12,512.00 38,970.09
336.51 22.29
1,421,390.00 174,800.00
$2,009.485.78 $212.3 S 9.1 77.07 $ 18.308.60 $(14.88
$1,255,000.00 $16o,000.00
$ 2,000.00
333.49 4,156.60 $ 708.42 2,441 .46
367.76 360.00
$1,255,701.25 $164,516.60 $ 708.42 $ 4,441.46
336.51 22.29
753,448.02 47,813.65 8,468.65 $ 18,308.60 (19,328.68)
$2.009.485.78 $212.352.54 $ 9.1 77.07 $ 18.308.60 $(14.887.22)
22
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT FUNDS
STATEMENT OF CHANGES IN FUND BALANCE (DEFICIT)
FOR THE YEAR ENDED DECEMBER 31, 1974
TOTAL
FUND BALANCE (DEFICIT) - January 1, 1974 $748,418.28 —
ADDITIONS:
Revenue:
Interest Received on Assessments $ 24,693^
Interest Received on Investments 5,260.42
Connection Charges Received 61,071.64 _
Developers Deposits 40
Tax Collections in Excess of 95% 3,285.28
New Assessments Adopted 3,128.63 _
Appropriations in Excess of Expenditures - January 1, 1974 12,417.59
Other 447.58
Total Additions $150,429.16
Total $898,847.44
DEDUCTIONS:
Expenditures:
Construction Costs $ 13,897.96
Paying Agent Charges 194.06
Interest on Bonds Payable 69,225.00
Other 3,300.00
Adjustment for Assessment Overpayment in 1973 by County 3,520.18
Total Deductions $ 90,137.20
FUND BALANCE (DEFICIT) - December 31, 1974 $808.710.24
STATEMENT 16
G.O. STORM
SEWER SWAGER
G.O. BONDS IMPROVEMENT NO. 2 SWAGER
OF 1967 BONDS SEWER AND NO. 3 PORT OF
AND 1968 OF 1971 WATER AND NO. 4 SUNNYSIDE
$758,484.46 $ 54,470.60 $ 7.449.52 $(25.201.96) $(46,784.34)
$ 16,776.47 $ 111093.09 $ 1,192.32 $ 5,631.96
5,260.42
33,471.64 7,800.00 $ 19,800.00
2,790.53 494.75 24,183.15 15,941.03
3,128.63
154.73 292.85 5,288.12 7,129.47
$ 58,453.79 $ 1,880.69 $ 1,192.32 $ 46,031.86 $ 42,870.50
$816,938.25 $ 56,351.29 $ 8,641.84 $ 20,829.90 $ (3,913.84)
$ 170.18 $ 23.88 $ 1,783.12 $ 12,114.84
-- 60,870.00 8,355.00
2,450.05 158.76 $ 173.19 738.18 3,300.00
$ 63,490.23 $ 8,537.64 $ 173.19 $ 2,521.30 $ 15,414.84
$7S3.448.02 S 47.813.65, S 8.468.65 S 18.308.60 S(19.328.68)
23
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT FUNDS
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1974
TOTAL
CASH - CLERK'S BALANCE - January 1, 1974 $(67,002.11)
RECEIPTS:
Revenue: 66,684.15
General Property Taxes $
Special Assessments:
Collected by County 41,512.25
Collected by City 33,727.84
Connection Charges 46,526.88
Interest on Investments 10,008.00 _
Developers Deposits 68,000.09
Total Revenue $266,459.21
Transfers In 3,600.00 _
Sale of Investments 166,800.00
Total Receipts $436,859.21
Total $369,857.10
DI SBURSEMENTS:
Expenditures:
Debt Retirement:
Principal $ 35,000.00
Interest 69,225.00
Paying Agents Charges 194.06
Construction Costs 25,677.34
Refunds and Reimbursements 3,300.00
Total Expenditures $133,396.
Transfers Out 10,836
Purchase of Investments 166,800.00
Total Disbursements $311,032.55
CASH - CLERK'S BALANCE - December 31, 1974 $ 58.824.55
STATEMENT 17
G.O. STORM
SEWER SWAGER
G.O. BONDS IMPROVEMENT NO. 2 SWAGER
OF 1967 AND BONDS SEWER AND NO. 3 AND PORT OF
1968 OF 1971 WATER NO. 4 SUNNYSIDE
$ 58,361.21 $ 15,322.18 $ 1,975.24 $(71,659.95) $(71,000.79)
$ 56,681.52 $ 10,002.63
31,954.18 2 $ 2,482.21 $ 4,857.24
13,998.68 2,232.28 17,496.88
33,676.88 7,800.00 $ 5,050.00
10,008.00
24,183.15 43,816.94
$146,319.26 $ 12,221.25 $ 4,714.49 $ 54,337.27 $ 48,866.94
3,600.00
166,800.00
$316,719.26 $ 12,221.25 $ 4,714.49 $ 54,337.27 $ 48,866.94
$375,080.47 $ 27,543.43 $ 6,689.73 $(17,322.68) $(22,133.85)
$ 30,000.00 $ 5,000.00
64,997.50 4
180.50 13.56
$ 6,386.61 $ 19,290.73
3,300.00
$ 95,178.00 '$ 9,241.06 $ 6,386.61 $ 22,590.73
$ 10,836.15
166,800.00
$261,978.00 $ 9,241.06 $ 10,836.15 $ 6,386.61 $ 22,590.73
$113.102.47 S 18.302.37 $ (4.146.42) $(23.709.29) S(44.724.58)
24
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 18
GENERAL FIXED ASSETS
DECEMBER 31, 1974
CONSTRUCTION GENERAL
WORK IN FIXED
TOTAL PROCESS ASSETS
Land $ 75,000.00 $ 75,000.00
Buildings and Structures 164,937.55 $ 70,426.22 94,511.33
-- Machinery and Equipment 38,296.49 38
I
Furniture and Fixtures 5,026.59 5,026.59
Other Improvements 656,473.13 1,389.50 655,083.63
Total $939.733.76 ,5-21-815.7 5867.818.04
25
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 19
STATEMENT OF GENERAL LONG-TERM DEBT
DECEMBER 31, 1974
Amount to be Provided by Future
Revenue Sharing Entitlements $ 26,500.00
Total $ 26.500.00
Contract for Deed Payable - Park Land (1) $ 26,500.00
Total $ 26.500.00
(1) Payable in 1975 with interest at 4 1/2% per annum.
26
CITY OF OAK PARK HEIGHTS, MINNESOTA
FOOTNOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1974
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Oak Park Heights conform to generally
accepted accounting principles as applicable to governmental units except for
the Statements of Cash Receipts and Disbursements which are presented on the
cash basis and, therefore, do not reflect the results of operations as they
would appear had they been presented on the accrual or modified accrual basis.
The following is a summary of the significant accounting policies.
BASES OF ACCOUNTING - The accrual basis of accounting (except as noted above)
is followed (with minor exceptions) by all funds other than the General Fund
which utilize the modified accrual basis of accounting. Modifications to the
accrual basis are as follows:
1. Revenues are recorded as received in cash except for
(a) revenues susceptible to an accrual and
(b) material revenues that are not received at the normal time of receipt.
2. Expenditures are recorded on the accrual basis except for
(a) disbursements for inventory type items which are considered expen-
ditures at the time of purchase,
(b) prepaid expenses which are not recorded, and
(c) interest on long -term debt which is not recorded until maturity.
INVESTMENTS - Investments are stated at cost plus interest added, if any.
INVENTORIES - The cost value of items of inventory has been recorded as an
expenditure at the time items were purchased.
'- ENTERPRISE FUND FIXED ASSETS - Enterprise Fund fixed assets are stated at
cost, estimated cost or, in the case of gifts or contributions, at fair market
value at the time received. Depreciation has been provided using the straight-
- line method.
GENERAL FIXED ASSETS - General fixed assets are stated at cost, estimated
cost, or, in the case of gifts or contributions, at fair market value at the
time received. No depreciation has been provided on general fixed assets.
NOTE 2 - The "Total" columns of the Combined Balance Sheet and Summary Statement of
Cash Receipts and Disbursements is presented for informational purposes only.
The reader is cautioned that these "Total" columns represent a combining of
unlike purpose funds and cannot be construed to be indicative of the over-
- all financial position nor the over -all results of the cash transactions of
the City.
NOTE 3 - Debt service payments until maturity are shown in Exhibit 1 for the special
assessment bonds payable.
27
CITY OF OAK PARK HEIGHTS, MINNESOTA
FOOTNOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1974
NOTE 4 - During 1974 the City changed its method of financial reporting for the debt
service and construction accounts and also certain accounting principles as
to the recognition of future interest on bonds payable to conform to the
new reporting standards of the American Institute of Certified Public Account-
ants, as recommended by the Minnesota State Auditor's Office. The beginning
fund balances have been adjusted (where appropriate) to reflect these changes
effective January 1, 1974. Major changes from past reporting and accounting
methods are as follows:
1. The combining of special assessment construction accounts and special
assessment debt service accounts into a single Special Assessment Fund.
2. Future interest on all long -term debt is not recognized (for financial
reporting) until the year of maturity.
3. Future interest on special assessments is not recognized (for financial
reporting) until the year it is due to create a matching with item 2
above.
28
STATEMENT OF AUDITOR'S RESPONSIBILITY AS TO SUPPLEMENTAL DATA
The audited financial statements of the City are presented in the preceding
section of this report. The following supplementary data is submitted for analytica r
-' purposes only, and is not considered essential for a fair presentation of the finan-
cial position and results of operations. This information was derived from the account-
ing and other records and was tested only to the extent necessary under the usual
auditing procedures followed in the examination of the financial statements and in
our opinion is fairly presented in all material respects in relation to financial
"' statements taken as a whole.
CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 1
STATEMENT OF DEBT SERVICE PAYMENTS UNTIL MATURITY
DECEMBER 31, 1974
SPECIAL ASSESSMENT FUNDS
G. 0. STORM
SEWER
G. 0. BONDS IMPROVEMENT
OF 1967 BONDS
TOTAL AND 1968 OF 1971
' Bonds Payable - Statement 9 $1,415,000.00 $1,255,000.00 $160,000.00
Future Interest Payable - Statement 9 875,452.50 797,665.00 77,787.50
Totals S2.290.452.50 $2,052.665.00 $237.787.50
Year of Maturity:
1475 $ 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 16,740.00
1980 116 100,355.00 16,260.00
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
1985 102,315.00 88 13,660.00
1986 104,390.00 91,275.00 13,115.00
1987 101 88,665.00 12,560.00
-' 1988 98 86,055.00 11,995.00
1989 99,870.00 88,445.00 11 11 425.00
1990 96,440.00 85,585.00 10,855.00
1991 92,975.00 82 10
1992 79,795.00 79,795.00
1993 81,900.00 81,900.00
1994 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 $2,290.452.50 $2.052,665.00 $237,787.50
29
CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 2
SECURITY FOR DEPOSITS
DECEMBER 31, 1974
_ MUNICIPAL BONDS $155,000.00
SCHOOL DISTRICT BONDS 25,000.00
INDUSTRIAL BONDS 50
FEDERAL NATIONAL MANAGEMENT ASSOCIATION BONDS 200,000.00
Total $430.000.00
The above securities have been assigned by the Cosmopolitan State Bank of Stillwater
and are on deposit at the Northwestern National Bank of Minneapolis and the First
National City Bank of New York.
30
CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 3
INSURANCE IN FORCE
_ DECEMBER 31, 1974
COVERAGE AMOUNT
Fire and Extended Coverage, Vandalism and Malicious
Mischief (Scheduled Locations) $ 158 400
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 50,000
Workmen's Compensation Statutory
Surety Bonds:
Blanket Coverage $ 1,000
C 1 erk- Treasu rer 9,000
31
CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 4
ORGANIZATION
DECEMBER 31, 1974
TERM
EXPIRES
Mayor:
Raymond N. Johnson 12/31/75
_ Councilmen:
Frank Sommerfeldt 12/31/76
John P. Groth 12/31/74
Donald Mondor 12/31/75
Robert S. Torgerson 12/31/75
Clerk- Treasurer:
Ken Heuer Appointed
32
CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 5
TAXABLE VALUATIONS, TAX LEVIES AND MILL RATES
1975 1974 1973
Taxable Valuations:
Real Estate $30,588,058.00 $30,893,658.00
Personal Property 602,399,00 591,082.00
Totals 132.071.595.00 531.190.457.00 $31.484.740.00
Tax Levies Extended by County
Auditor:
Year Extended 1974 1973 1972
Year Collectible 1975 1974 1973
Revenue $ 156 $ 140,357.06 $ 115,549.00
Bonds and Interest 76,651.11 66,747.58 66,747.65
Totals $ 232.83 S 207.104.64 S 182.296.65
Mill Rates:
Revenue 4.87 4.50 3.67
Bonds and Interest 2.39 2.14 2.12
Totals 7.26 6 5.79
33