HomeMy WebLinkAboutFinancial Statements Year Ended December 31, 1975 CITY OF OAK PARK HEIGHTS, MINNESOTA
FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 1975
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
PAGE NO.
AUDITOR'S REPORT
I — X
AUDITOR'S COMMENTS
COMBINED BALANCE SHEET (ALL FUNDS) Statement 1 1
Investment Transactions Schedule 1 -A 2
Statement of Interfund Audit Adjustments Schedule 1 -B 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 Compared to Budget Schedule 5 -A 10
Statement of Expenditures Compared to
Budget 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 ASSESSMENTS 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
FOOTNOTES TO FINANCIAL STATEMENTS 26
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
SUPPLEMENTAL INFORMATION
PAGE N0,
STATEMENT OF AUDITOR'S RESPONSI?:'.ITY AS TO
SUPPLEMENTAL DATA --
DEBT SERVICE PAYMENTS UNTIL MATURITY Exhibit 1 27
SECURITY FOR DEPOSITS Exhibit 2 2$
INSURANCE IN FORCE Exhibit 3 29
ORGANIZATION Exhibit 4 30
TAXABLE VALUATIONS, TAX LEVIES AND
MILL RATES Exhibit 5 31
DELAHUNT 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, 1975 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.
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, 1975 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.
Also, in our opinion, the accompanying Statements of Cash Receipts and Disbursements
present fairly the recorded cash transactions of the above funds of the CITY OF
OAK PARK HEIGHTS, MINNESOTA for the year ended December 31, 1975, on a basis con-
sistent with that of the preceding year,
DE LA HUNT VOTO & CO., LTD,
Certified Public Accountants
Date Field Work Completed: April 10, 1976
Date Audit Report Signed: 4 ^�Ov,
MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
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
._ Statements 3 through 18.
CASH AND INVESTMENTS
Clerk's Balance:
Checking Account $320,625
Investments and Savings 321,210
Deposits with Paying ;gents 948
Change Fund 50
.— Total $642,831
Investment and savings transactions for 1975 are summarized in Schedule 1 -A.
Balances on hand at December 31, 1975 were as follows:
DESCRIPTION
SAVINGS CERTIFICATES:
Cosmopolitan State Bank of Stillwater $291,800
First National Bank of Stillwater 6,652
SAVINGS ACCOUNT:
Oak Park Heights State Bank 22,758
Total $321.210
Interest received or added to investments totaled $30,231 during 1975
representing an increase of $10,239 over 1974. Interest yields during 1975 ranged
between 5 3/47. and 8 1/2 %.
Deposits with Paying Agents represent amounts transmitted to paying agents
for bond principal and interest but not remitted to bondholders at December 31,
1975. 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, 1975 is as follows:
FIRST
-' COLLATERAL REQUIREMENTS: COSMOPOLITAN NATIONAL OAK PARK
Demand Deposits $320,625
Savings Certificates $291,800 $ 6,652
Savings Account 22,758
Total $291,800 $ 6,652 $343,383
Less: F.D.I.C.
Insurance 100,000 6,652 62,758
Deposits Less F.D.I.C.
Insurance $191,800 $ -0- $280,625
` COLLATERAL REQUIREMENT - 110 $210,980 $ -0- $308,688
COLLATERAL PROVIDED - EXHIBIT 2 225,000 350,000
EXCESS COLLATERAL $ 14,020 $ 41,312
The above analysis shows that collateral pledged was sufficient to cover
deposits at December 31, 1975.
DUE FROM COUNTY
GENERAL FUND:
General Property Taxes $ 592
_ SPECIAL ASSESSMENT FUNDS:
General Property Taxes 286
Special Assessments 411
—' Total S 1.289
The above amounts represent collections by Washington County during November
and December, 1975 and not remitted to the City until 1976.
DUE FROM DEVELOPERS
Due from Developers represents unreimbursed construction costs incurred by
the City through December 31, 1975.
II
City of Oak Park Heights
Comments, Continued
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, 1975. The following schedule summarizes these
adjustments by fund:
FUND DUE FROM DUE TO
FUND DESCRIPTION NO. OTHER FUNDS OTHER FUNDS
General Fund 101 $ 5,841.40 $ 5,695.02
Enterprise - Water Operating 301 5,841.40-
Special Assessment Funds:
G.O. Bonds of 1967 and 1968 401 1,520.00 382.08
G.O. Bonds of 1971 402 8,302.30 37.07
Swager No. 2 Sewer and Water 502 63.83
Swager No. 3, 4 and 9 505 344.66
Capital Projects:
Storm Sewer No. 3 503 9,683.98
Revenue Sharing 600 5,695.02
Totals $ 21.703.38 $ 21.703.38
The above adjustments should be recorded on the City's financial records
during 1976. Council action is required to effect these transfers. We recommend
that the above transfers be recorded as early as possible in 1976 so that the cash
balances will not be distorted for 1976.
CONNECTION CHARGES RECEIVABLE
Connection charges receivable represents sewer and water hook -up charges
billed to property owners but not collected. Included in this balance are a
number of delinquent accounts. We recommend that the City implement procedures to
insure the timely collection of these accounts.
III
City of Oak Park Heights
Comments, Continued
ACCOUNTS RECEIVABLE - OTHER FUNDS
Accounts Receivable - Other Funds, represents construction costs incurred by
the General Fund and Swager No. 3, 4 and 5 Special Assessment fund to be reimbursed
by the Water and Sewer Operating Enterprise Funds. The following is a schedule
of costs to be financed by the Enterprise Funds:
GENERAL SWAGER
FUND NO. 5 TOTAL
CONSTRUCTION COSTS - December 31, 1975 $164,057 $ 84,513 $248,570
Less: City Portion 67,838 67,838
Billed to Developers 61,177 61,177
BALANCE - ENTERPRISE FUNDS $ 96,219 $ 23,336 $119,555
1975 Transfers from Enterprise
Funds 79,349 79,349
BALANCE - December 31, 1975 $ 16.870 $ 23.336 $ 40,206
DELINQUENT TAXES RECEIVABLE
Delinquent taxes receivable represents uncollected taxes for the years 1970
through 1975. These taxes, when collected, will be remitted to the City with the
regular county tax settlements. Tax collections during 1975 represented 99.75%
of taxes levied in 1974 for collection in 1975.
SPECIAL ASSESSMENTS RECEIVABLE
Delinquent $ 4,899
Deferred 289,685
Total $294.584
Deferred Assessments Receivable represents assessments to be collected in
years 1975 through 1999 with interest rates 67. to 8 %. The portion of the
December 31, 1975 deferred balance, certified to the county for collection in 1976
was $37,188, including interest.
ACCOUNTS RECEIVABLE
Enterprise Funds:
Water Operating $ 10,145
Sewer Operating 9,574
Total $ 19.719
IV
City of Oak Park Heights
Comments, Continued
Accounts Receivable represent water and sewer usage charges billed to regular
customers during 1975 and not collected by the City until 1976.
-- DUE FROM OTHER GOVERNMENTAL UNITS
Metropolitan Waste Control Commission:
Debt Payment Credit $307,046
Current Value Credit 975
Deferred Charges 13,078
Total $321.099,
The Debt Payment 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
sewer usage billings for the years 1976 through 2000. The Debt Payment Credits
will be allowed in the years 1976 through 1997 at reducing amounts per year.
The Current Value Credit will be allowed in the years 1976 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 1976 the City received a partial
refund of the 1971 deferred charge totaling $772 plus interest of $645.
FIXED ASSETS - NET
The Enterprise Fund 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 Progress which is detailed in Schedule 1 -C. Completed construc-
tion during 1975 totaled $95,536.
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
1976 through 1996.
V
City of Oak Park Heights
Comments, Continued
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 disbursements.
The General Fund Balance increased by $35,152.91 during 1975 due primarily to
operating revenues exceeding operating expenditures.
CAPITAL PROJECT FUNDS
The Capital Project Fund Balance Sheet, Statement of Changes in Fund Balance
and Statement of Cash Receipts and Disbursements are presented in Statements 5, 7
and 8.
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, 1975. As no method of financing this deficit
has been established, we recommend that the City review this situation, determine
a method of financing and close this fund during 1976.
SEALCOATING AND STREET IMPROVEMENT NO. 4:
This fund was closed during 1975 with a transfer of $5,757 from the General
Fund.
ENTERPRI SE FUNDS
The Enterprise Fund Balance Sheet, Statement of Changes in Fund Balance,
Statement of Income and Expense and Statement of Source and Application of Working
Capital are presented in Statements 9, 10, 11 and 12.
VI
City of Oak Park Heights
Comments, Continued
The unappropriated fund balances of the Enterprise Funds at December 31, 1975
W and 1974 were as follows:
DECEMBER 31, INCREASE
FUND 1975 1974 (DECREASE)
Water Operating $ 2,625 $ 29,343 $(26,718)
— Sewer Operating 31,604 80,483 J 48,879)
Total $ 34.229 $109.826 )
The above fund balance decrease was due to the financing of Well No. 2 and the
City's portion of Swager No. 5 by the Water and Sewer Enterprise Funds.
TRUST AND AGENCY FUND - REVENUE SHARING
The Trust and Agency Fund (Revenue Sharing) Balance Sheet and Statement of Cash
Receipts and Disbursements are presented in Statements 13 and 14.
The City has appropriated its Revenue Sharing Entitlements for the purchase
and improvement of park lands.
During 1975 the City made the final payment of $26,500 on a contract for deed
established in 1973 for $75,000.
The City also paid $5,695, construction costs related to park improvements;
--- however, these expenditures were not made in accordance with the Revenue Sharing
guidelines and accordingly were reimbursed by the General Fund.
SPECIAL ASSESSMENT FUNDS
The Special Assessment Fund Balance Sheet, Statement of Changes in Fund Balance
and Statement of Cash Receipts and Disbursements are presented in Statements 15,
16 and 17.
G. 0. BONDS OF 1967 AND 1968:
These bonds are payable in the years 1976 through 1998 as shown in Exhibit 1.
The special assessments are also collectible in the years 1976 through 1998. The
VII
City of Oak Park Heights
Comments, Continued
following schedule which projects future interest receivable and payable indicates
that this fund will have sufficient assets to meet bond principal and interest
requirements.
Fund Balance - December 31, 1975 $744,375
Add: Estimated Future Interest on
Special Assessments 138,400
Total $882,775
Deduct: Unmatured Interest Payable 738,160
Projected Surplus - December 31, 1998 $144.615
—' STORM SEWER BONDS OF 1971:
These bonds are payable in the years 1976 through 1991 as shown in Exhibit 1.
The special assessments are also collectible in the years 1976 through 1991. The
following schedule which projects future interest receivable and payable indicates
that this fund will not have sufficient assets to meet its bond principal and
interest requirements.
Fund Balance - December 31, 1975 $ 41,329
Add: Estimated Future Interest on
Special Assessments 1,100
Total $ 42,429
Deduct: Unmatured Interest Payable 69,633
Projected Deficit - December 31, 1991 $(27,204)
We recommend that the City establish a criteria by which the above projected
deficit will be financed. The following are possible alternatives available for
consideration:
1. Increase future debt service tax levies over the remaining years of
bond issue.
VIII
City of Oak Park Heights
Comments, Continued
2. Cash transfers from other appropriate funds having surpluses available.
SWAGER NO. 2 SEWER AND WATER:
Construction in this fund has been completed, and because the project was
never financed, the fund is being left open for the purpose of collecting special
assessments. The $349 cash deficit should be eliminated during 1976 with the
collections of special assessments. The $9,470 fund balance should increase by
approximately $5,700 due to future collection of interest on special assessments.
SWAGER NO. 3, 4 AND 5 IMPROVEMENTS:
Construction for Swager No. 3 and No. 4 was completed in prior years. Swager
No. 5 Sewer and Water was complete: in 1975 and Swager No. 5 Streets will be com-
pleted in 1976. All construction costs incurred in 1975 will be paid by a developer
or the City's enterprise funds.
The cash deficit of $26,007 should be eliminated in 1976 by developer deposits
and transfers from the Enterprise Funds.
PORT OF SUNNYSI DE:
Construction in this fund has been completed in prior years. The cash deficit
should be eliminated in future years by the collection of connection charges and
special assessments.
PURCHASING
Our examination included a review of the City's procedures and policies regarding
purchasing. That review and subsequent additional audit procedures disclosed that the
City did not follow the specific procedures of M.S.A., Section 471.345 with regard
to purchases in excess of $1,000. A more complete report of this situation has been
presented to the City Council and other interested parties under separate cover. We
recommend that the City take the required corrective action at the earliest possible
time.
IX
City of Oak Park Heights
Comments, Continued
SUMMARY
The following listing is a summary of the items which should be recorded and /or
resolved during 1976.
1. Record cash transfers to effect the 1975 interfund audit adjust-
ments.
2. Establish and implement procedures for the collection of connection
charges receivable.
3. Adopt an annual budget for 1977 (both Revenue and Expenditure)
and utilize periodic reports of cash receipts and disbursements
compared to budget.
4. Determine a method of financing for Storm Sewer No. 3 and close
this fund with the appropriate Council action and cash transfers.
5. Establish procedures to charge the Enterprise Funds with their
portion of payroll and payroll related costs during each operating
year.
6. Establish a criteria to finance the projected deficit of the
'— Storm Sewer Bonds of 1971 Special Assessment Fund.
7. Establish purchasing procedures.
Respectfully submitted,
DE LA HUNT VOTO CO., LTD.
Certified Public Accountants
X
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED BALANCE SHEET - ALL FUNDS
DECEMBER 31, 1975
TOTAL GENERAL
NOTE 2 FUND
Cash:
Clerk's Balance (Overdraft) $ 320,625.50 $100,252.70
Investments and Savings - At Cost 3 131,651.82
With Paying Agents 947.76
Change Fund 50.00 50.00
Total Cash $ 642,833.19 $231,954.52
Due from County 1,288.73 592.07
Due from Developers 12,841.26 7,766,32
Due from Other Funds 21,703.38 5,841.40
Connection Charges Receivable 34 829.42
Accounts Receivable - Other Funds 40,205,91 16,870.00
Delinquent Taxes Receivable 523.50
Special Assessments Receivable 294,583.67
Accounts Receivable 23,997,08 4,278.12
Due from Other Governmental Units 321,098.i9
Fixed Assets - Net 2,584,834.07
Amount to be Provided by Future Tax Levies 1,523,705.00
Total Assets $5.502.444.00 $267.302.43
LIABILITIES, RESERVES AND FUND BALANCE
LIABILITIES:
Accounts Payable $ 8,407.00 $ 7,584.97
Accounts Payable - Other Funds 40,205,91
Contracts Payable 20,789,00 20,789.00 _
Salaries Payable 610.00 610,00
Bonds Payable 1,370,000,00
Due to Other Governmental Units 8,053.75 2,595.76
Due to Other Funds 21,703.38 5,695.02
Matured Interest Payable 947.76
Total Liabilities $1,470,716.80 $ 37,274.75
RESERVES 372,136.14 50.00
FUND BALANCE:
Unappropriated (Deficit) 1,074,756.99 229,977.68
Invested in Fixed Assets 2,584,834.07
Total Liabilities, Reserves and Fund Balance $5.502.444.00 $267.302.43
STATEMENT 1
CAPITAL TRUST AND SPECIAL GENERAL
PROJECTS ENTERPRISE AGENCY ASSESSMENT FIXED
FUND FUNDS FUNDS FUNDS ASSETS
$(22,317.59) $ 96,256.46 $ (7,445.02) $ 153,878.95
22,758.11 166,800.00
947.76
$(22,317.59) $ 96,256.46 $ 15,313.09 $ 321,626.71
-- 696.66
5,074.94
5,695.02 10,166.96
34,829.42
23,335.91
523.50
294,583.67
— 19,718.96
321,098.79
1,500,983.99 $1,083,850.08
— 1,523,705.00
$(22.317.54) $1.938.058,20 $ 21.008.11 $2.214.542.77 $1.083,850.08
$ 784.53 $ 37.50
40,205.91
1,370,000.00
_ 5,457.99
$ 9,683.98 5,841.40 482.98
947.76
$ 9,683.98 $ 52,289.83 $1,371,468.24
350,554.53 $ 21,008.11 523.50
(32,001.57) 3 842,551.03
1,500,983.99 $1,083,850.08
$(22.317.59) $1.938.o58.20 $ 21.008.11 $2,214,542.77 $1.083.850.08
— 1
CITY OF OAK PARK HEIGHTS, MINNESOTA SCHEDULE 1 -A
INVESTMENTS AND SAVINGS
FOR THE YEAR ENDED DECEMBER 31, 1975
SPECIAL
_ GENERAL REVENUE ASSESSMENT
TOTAL FUND SHARING FUND
INVESTMENTS -
January 1, 1975 $298,082.71 $131,282.71 $166,800.00
Purchase of Investments
and Transfers to Savings 356,119.17 $ 22,519.17 333,600.00
Interest Added 608.05 369.11 238.94
Total $654,809.93 $131,651.82 $ 22,758.11 $500,400.00
Sale of Investments 333,600.00 333,600.00
INVESTMENTS AND SAVINGS -
-' December 31, 1975 $321.209.93. $131.651.82 $ 22.758.11 $166.800.00
Interest received and /or added to investments during 1975 totaled $30,231.
_ 2
CITY OF OAK PARK HEIGHTS, MINNESOTA
STATEMENT OF INTERFUND AUDIT ADJUSTMENTS
DECEMBER 31, 1975
DUE TO DUE FROM
G.O. Bonds of 1967 and 1968
G.O. Storm Sewer Bonds of 1971 _
Storm Sewer No, 3
G.O. Storm Sewer Bonds of 1971
Swager No. 3, 4 and 5
G.O. Bonds of 1967 and 1968
Swager No. 2 Sewer and Water
G.O. Storm Sewer Bonds of 1971
General Fund
Water Operating Fund
Revenue Sharing
General Fund
Total Due from Other Funds
Total Due to Other Funds ..
SCHEDULE 1-B
DUE FROM DUE TO
OTHER OTHER
_ FUNDS FUNDS EXPLANATION
$ 1,520.00
8,163.98
$ 9,683.98 To correct coding of assessments prepaid to the City.
138.32
344.66
382.08
37.07
_ 63.83 To correct coding of collections from county.
5,841.40
5,841.40 To reclassify payroll expense.
5,695.02
5,695.02 To reclassify costs of Park Improvements.
S 21.703.38
S 21.703.38
3
CITY OF OAK PARK HEIGHTS, MINNESOTA
CONSTRUCTION COSTS BY PROJECT
FOR THE YEAR ENDED DECEMBER 31, 1975 _
LAND CONTRACTOR ENGINEERING
GENERAL FUND:
Well No. 2 $ 59,500.00 $ 85,209.00 $ 11,386.64
1974 Street Improvement 6,705.68 1,272.26
Church Extension 5,639.64 174.00
Swager Townhouses 790,78
Summit Park Apartments 519.40
Beaudet Addition 700.00
Stagecoach Trail Storm Sewer 706.00
Valley View Road /Brekke Park 7,838.00 1,639.24
Total General Fund $ 59.500.00 $105.392.32 $ 17.188.32
Less: Completed Construction-
General Fund - Construction Work
in Process
SPECIAL ASSESSMENT FUNDS:
Swager No. 3, 4 and 5 Improvement Fund: -
Swager Addition No. 5 Water and Sewer $ 73,397.73 $ 8,030.81
Swager Addition No. 5 Streets 2,914,19
Total Special Assessment Funds $ 73.397.73 $ 10.945.00
Less: Completed Construction
Special Assessment Fund -
Construction Work in Process
SCHEDULE 1 -C
LEGAL,
FISCAL, TOTAL CURRENT LIABILITIES
EASEMENTS OTHERS COSTS PRIOR YEAR YEAR 12/31/75
$ 2,780.30 $ 5,181.48 $164,057.42 $ 67,838.25 $ 79,349.17 $ 16,870.00
48.24 8,026.18-' 1,156.50 6,869.68
97.00 5,910.64;; 5,910.64
95.00 35.00 920.78 920.78
519.40 479.40 40.00
700.00 680.00 20.00
160.00 35.35 901.35 901.35
50.00 86.78 9,614.02 9,614.02
$ 3.085.30 $ 5,483.85 $190,649.79 $ 68.994.75 $95.111.02 S 26.544.02
_. 13,936.82*
$176,712.97
$ 75.00 $ 95.74 $ 81,599.28-• $ 81,599.28
2,914.19 $ 2,876.69 $ 37.50
"- S 75.00 $ 9 5.74 $ 84,513.47 $ 2.876.69 $ 81.599.28 $ 37.50
81.599.28*
S 2.914.19
4
CITY OF OAK PARK HEIGHTS, MINNESOTA
STATEMENT OF BONDS PAYABLE
FOR THE YEAR ENDED DECEMBER 31, 1975 _
BOND ISSUE DATE OF ISSUE INTEREST RATES
General Obligation Improvement Bonds
of 1967 September 1, 1967 4.5, 4.61. 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, 1 971 5.4, 5.5, 5.6,
5.7
Totals
SCHEDULE 1 -D
BONDS RETIRED BONDS
PRIOR PERIOD PAYABLE CURRENT PAYABLE
ISSUED RETIRED 1/1/75 PERIOD 12/31/75
$ 825,000.00 $ 50,000.00 $ 775,000.00 $ 30,000.00 $ 745,000,00
490,000.00 10,000.00 480,000.00 10,000.00 470,000.00
173,000.00 13,000.00 16o,000.00 5,000.00 155,000.00
$1.488.000.00 $ 73.000.00 $1.415.000.00 $ 45.000.00 $1.370.000.00
.5
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED CONDENSED STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS (ALL FUNDS)
FOR THE YEAR ENDED DECEMBER 31, 1975
CLERK'S
BALANCE RECEIPTS
(OVERDRAFT)
FUND 1/1/75 REVENUE TRANSFERS IN
General Fund $ 5,274.60 $330,265.89 $ 86,950.93
Capital Projects Fund (34,280.14) 9,683.98 5,757.33
Enterprise Funds 140,285.45 89,007.72 97.00 _
Trust and Agency Funds 14,963.67 35,248.00
Special Assessment Funds 58,824.55 288,624.95 14,182.52
Totals - Note 2 $185.068.13 $752.830.54 $106.98
STATEMENT 2
CLERK'S
DISBURSEMENTS BALANCE
SALE OF TRANSFERS PURCHASE OF (OVERDRAFT)
INVESTMENTS TOTAL EXPENDITURES OUT INVESTMENTS 12/31/75
$ 422,491.42 $310,879.14 $ 11,359.58 $100,252.70
( 3,478.76 (22,317.59)
- 229,390.17 46,212.78 86,920.93 96,256.46
50,211.67 35,137.52 $ 22,519.17 (7,445.02)
$333,600.00 695,232.02 202,524.56 5,228.51 333,600.00 153,878.95
$333.600.00 $1.378.486.45 $594,754.00 $106,987.78 $356.119.17 $320.625.50
r
6
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 3
GENERAL FUND
BALANCE SHEET
•• DECEMBER 31, 1975
ASSETS
Cash:
Clerk's Balance $100,252.70
Investments - Schedule 1 -A - At Cost 131
Change Fund 50,00
Total Cash $231,954.52
Due from County Auditor 592.07
Due from Developers 7,766.32
Accounts Receivable 4,278.12
Accounts Receivable - Other Funds 16,870.00
Due from Other Funds 5,841.40
Total Assets $267.302.43
LIABILITIES, RESERVES AND FUND BALANCE
LIABILITIES:
Accounts Payable $ 7,584.97
Salaries Payable 610,00
Contracts Payable 20,789.00
Due to Other Governmental Units 2,595.76
Due to Other Funds 5,695.02
Total Liabilities $ 37,274.75
RESERVES:
Change Fund 50.00
FUND BALANCE 229,977.68
Total Liabilities, Reserves and Fund Balance $267.302.43
_. 7
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 4
GENERAL FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 1975
FUND BALANCE - January 1, 1975 $190,546.65
ADDITIONS:
Revenue:
General Property Tax $151,682.23
Local Government State Aid 82,064.73
_ Interest on Investments 9,119.11
Other 22,963.53
Total Revenue $265,829.60
Developers' Deposits 7,233.3
r Transfers In 96,2
Total Additions 369,
Total $559,828.74
DEDUCTIONS:
Expenditures:
Current Expense $203,362.1
Capital Outlay 4,833.90
Construction Costs:
Church Extension $ 5,910.64
1974 Street Improvement 6,869.68
Swager Townhouses 920.78
Summit Park Apartments 519.40
Beaudet Addition 700.00
Well No. 2 96,219.17
Stagecoach Trail Storm Sewer 901.35
Valley View /Brekke Park 9,614.02 121,655.04
Total Expenditures 329,851.06
FUND BALANCE - December 31, 1975 $229.977.68
8
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 5
GENERAL FUND
SUMMARY STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1975
CASH - CLERK'S BALANCE - January 1, 1975 $ 5,274.60
RECEIPTS:
Revenue - Schedule 5 -A $330,265.89
Transfers In 86,950.93
Total Receipts 417,216.82
Total $422,491.42
DI SBURSEMENTS:
Expenditures - Schedule 5 -B $310,879.14
Transfers Out 11,359.58
Total Disbursements 322,238.72
_- CASH - CLERK'S BALANCE - December 31, 1975 $100.252.70
_ 9
CITY OF OAK PARK HEIGHTS, MINNESOTA SCHEDULE 5 -A
GENERAL FUND
STATEMENT OF REVENUE
FOR THE YEAR ENDED DECEMBER 31, 1975
REVENUE:
General Property Taxes (1) $220,765.75
Licenses:
Dog 555.00
Cigarette 192.00
Contractor 650.00
Liquor 3,305.00
Other 125,00
Permits 4,859.85
Fines and Forfeits 1,498.50
Interest on Investments 8,750.00
Intergovernmental Revenue:
Local Governmental Aid 82,064.73
Homestead Credit 4,160.56
Charges for Current Services:
General Government 538.60
Dog Release Fee 592.21
Recreation 215.25
Other Revenue:
Insurance Recovery 433,00
Other Refunds and Reimbursements 1,560.44
Total Revenue $330,265.89
(1) Includes taxes collected by Washington County in 1974 and remitted to the
City in 1975:
General Property $ 67,664.04
Homestead Credit 1,949.12
Total S 69.613.16
10
CITY OF OAK PARK HEIGHTS, MINNESOTA SCHEDULE 5 -B
GENERAL FUND
STATEMENT OF EXPENDITURES COMPARED TO BUDGET
FOR THE YEAR ENDED DECEMBER 31, 1975
OVER
ACTUAL BUDGET (UNDER)
EXPENDITURES:
GENERAL GOVERNMENT:
Mayor and Council:
Current Expense $ 31,121.74 $ 33,950.00 $ (2,828.26)
City Clerk:
Current Expense 10,282.71 9,000.00 1,282
Capital Outlay 1,035.00 1,000.00 35.00
Planning and Zoning:
Current Expense 2,328.80 5,000.00 (2
Municipal Building:
Current Expense 4,229.48 3,400.00 829.48
Capital Outlay 420.00 420.00
_ PUBLIC SAFETY:
Police Department:
Current Expense 64,293.00 60,500.00 3,793,00
Capital Outlay 622.95 8,000.00 (7,377.05)
-- Fire Department:
Current Expense 4,880.00 6,000.00 (1,120.00)
Protective Inspection:
Current Expense 5,032.67 100.00 4,932.67
HIGHWAYS:
Streets and Alleys:
Current Expense 9,166.01 25,500.00 (16,333.99)
Snow and Ice Removal:
Current Expense 7,386.90 7,386.90
Street Lighting:
Current Expense 9,478.65 9,478.65
SANITATION AND WASTE REMOVAL:
Refuse Collection:
Current Expense 10,354.00 6,000.00 4,354.00
Weed Cutting:
Current Expense 5,063.43 5,063.43
RECREATION:
Parks, Playgrounds and Rinks:
Current Expense 23,019.51 23,500.00 (480.49)
Capital Outlay 2,755.95 4,000.00 (1,244.05)
SPECIAL SERVICES:
Utilities:
Current Expense 13,904.18 14,200.00 (295.82)
MUNICIPAL IMPROVEMENT:
Tree Planting:
Current Expense 10,383.78 10,383.78
CONSTRUCTION ACCOUNTS:
Construction Costs - Schedule 1 -C 95,111.02 107,915.00 (12,803.98)
OTHER 9.36 9.36
"- Totals $310.879.14 $308.065.00 $ 2.814.14
_ 11
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 6
CAPITAL PROJECT FUNDS
BALANCE SHEET
DECEMBER 31, 1975
STORM
SEWER
ASSETS
NO. 3
�- Cash - Clerk's Balance $(22,317.59)
Total Assets $(22.317.59,)
LIABILITIES AND FUND BALANCE
Liabilities:
Due to Other Funds $ 9,683.98
Fund Balance (32,001.57)
Total Liabilities and Fund Balance $(22.317.59
12�
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 7
CAPITAL PROJECT FUNDS
_ STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 1975
STORM
'-
SEWER
U0. 3
FUND BALANCE (DEFICIT) - January 1, 1975 $(32,001.57)
ADDITIONS -0
DEDUCTIONS -0
FUND BALANCE (DEFICIT) - December 31, 1975 S(32.001.57)
13
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 8
CAPITAL PROJECT FUNDS
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1975
STORM STREET
SEWER IMPROVEMENT
TOTAL NO. 3 NO. 4
CASH - CLERK'S BALANCE (OVERDRAFT) -
January 1, 1975 $(34,280,14) $(28,522.81) $ (5,757.33)
RECEiPTS:
Special Assessments Collected by City $ 9,683.98 $ 9,683.98
Transfers In - General Fund 5,757.33
Total Receipts $ 15,441.31 $ 9,683.98 $ 5,757.33
Total $( 1 8,838.83) $( $ -0-
DI SBURSEMENTS:
Transfers Out 3,478,76 3,478.76
CASH - CLERK'S BALANCE (OVERDRAFT)
December 31, 1975 $(22,317.59) $(22,317.59) $ -0-
14
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 9
ENTERPRISE FUNDS
BALANCE SHEET
'- DECEMBER 31, 1975
WATER SEWER
ASSETS TOTAL OPERATING OPERATING
r
CURRENT ASSETS
Cash - Clerk's Balance $ 96,256.46 $ 42,817.38 $ 53,439.08
Accounts Receivable - General
Customers 19,718.96 10,144.83 9,574.13
Total Current Assets $ 115,975.42 $ 52,962.21 $ 63,013.21
FIXED ASSETS - Schedule 9 -A (At Cost) $1,671,294.36 $713,759.66 $ 957,534.70
Less: Allowance for Depreciation 170,310.37 71,066.19 99,244.18
Net Fixed Assets $1,500,983.99 $642,693.47 $ 858,290.52
OTHER ASSETS
Due from Metropolitan Waste
Control Commission $ 321,098.79 $ 321,098.79
Total Assets $1.938.058.20 S,_g6 5.655.68 $1,242.402.52
LIABILITIES, RESERVES AND
FUND BALANCE
CURRENT LIABILITIES
Accounts Payable $ 784.53 $ 558.15 $ 226.38
Accounts Payable - Other Funds 40,205.91 14,072.07 26,133.84
Due to Other Funds 5,841.40 5,841.40
Due to Other Governmental Units 5,457.99 409.45 5,048.54
Total Liabilities $ 52,289.83 $ 20,881.07 $ 31,408.76
RESERVES
Meter Deposits $ 29,455.74 $ 29,455.74
Metropolitan Sewer Board Credits 321,098.79 $ 321,098.79
—' Total Reserves $ 350,554.53 $ 29,455.74 $ 321,098.79
FUND BALANCE
Unappropriated $ 34,229.85 $ 2,625.40 $ 31,604.45
Invested in Fixed Assets 1,500,983.99 642,693.47 858,290.52
Total Liabilities, Reserves
and Fund Balance L938.058.20 $695.655.68 $1.242.402.52
_ 15
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUNDS
STATEMENT OF FIXED ASSETS AND ALLOWANCE FOR DEPRECIATION .�
FOR THE YEAR ENDED DECEMBER 31, 1975
FIXED
YEAR BALANCE
ACQUIRED 1/1/75
WATER OPERATING:
Buildings and Structures:
Deep Well Pump No. 1 and Elevated Water
Storage Tank 1969 $104,522,14
Machinery and Equipment:
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
1974 Chevrolet Truck - 1/2 Cost 1974 2,212.77
Dump Body with Hoist Attachment 1974 1,095,00
Hydrant Meter 1975
Water Distribution System Various 569,613.87
Total $678,744.13
SEWER OPERATING FUND: —
Machinery and Equipment:
Pump with Suction Hose - 1/2 Cost 1970 $ 280.47
General Auger 1970 56.03
1974 Chevrolet Truck - 1/2 Cost 1974 2,212.78
Dump Body with Hoist Attachment 1974 1,095.00
Lateral Lines and Lift Station Various 925,746.13
Total 5929, 390.41
SCHEDULE 9 -A
_ ASSETS RESERVE FOR DEPRECIATION
ADDITIONS BALANCE BALANCE ADDITIONS BALANCE
(DELETIONS) 12/31/75 RATE 1/1/75 (DELETIONS) 12/31/75
$104,522.14 2 % $ 12,542.64 $ 2,090.44 $ 14,633.08
280.47 10 % 112.20 28.05 140.25
535.50 10 % 160.65 53.55 214.20
276.70 10 % 83.01 27.60 110.61
99.00 10 % 29.70 9.90 39.60
108.68 10 % 21.74 10.87 32.61
2,212.77 20 % 442.55 442.55
1,095.00 10 % 109.50 109.50
$ 346.73 346.73
34,668.80 604,282.67 2 % 43,951.51 11,392.28 55,343.79
L35.015.53 $713.759.66 $ 56.901.45 $ 14.164.74 $ 71.066.19
$ 280.47 10 % $ 112.20 $ 28.05 $ 140.25
56.03 5 % 11.20 2.80 14.00
- 2,212.78 20 % 442.56 442.56
1,095.00 10 % 109.50 109.50
_. $ 28,144.29 953,890.42 2 % 80,022.95 18,514.92 98,537.87
$ 28.144.29 $957.534.70 $ 80.146.35 $ 19.097.83 $ 99.244.18
16
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 10
ENTERPRISE FUNDS
STATEMENT OF CHANGES IN UNAPPROPRIATED FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 1975
WATER SEWER
OPERATING OPERATING
TOTAL FUND FUND
UNAPPROPRIATED FUND BALANCE -
January 1, 1975 $109,825.50 $ 29,342.60 $ 80,482.90
_ ADDITIONS:
Net Income - Statement 11 $ 12,256.68 $ 2,522.16 $ 9,734.52
Depreciation - A Non -Cash Expense 33,262.57 14,164.74 19,097.83
Total Additions $ 45,519.25 $ 16,686.90 $ 28,832.35
Total $155,344.75 $ 46,029.50 $109,315.25
DEDUCTIONS:
Capital Expenditures $ 1,559.82 $ 1,559.82
Transfers Out - Construction Costs 119,555.08 41,844.28 $ 77,710.80
Total Deductions $121,114.90 $ 43,404.10 $ 77,710.80
UNAPPROPRIATED FUND BALANCE
December 31, 1975 $ 34.229.85 $ 2.625.40 $ 31.604.45
_ 17
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 11
ENTERPRI SE FUNDS
STATEMENT OF INCOME AND EXPENSE
FOR THE YEAR ENDED DECEMBER 31, 1975
WATER SEWER
OPERATING OPERATING
TOTAL FUND FUND
INCOME:
Operating Income:
Customer Billings $ 66,161.89 $ 34 $ 31,696.67
Other Income:
Plumbing Permits 544.00 264.00 280.00
Penalties 1,254.93 701.39 553.54
Refunds 1,780.36 363.39 1,416.97
Sewer Availability Service Charge 204.75 204.75
Total Income $ 69,945.93 $ 35,794.00 $ 34,151.93
EXPENSES:
Operating:
Salaries $ 5,841.40 $ 5,841.40
Personal Services 1,459.80 780.80 $ 679.00
Material and Supplies 1,615.58 1,000.57 615.01
Fixed Charges 666.78 636.78 30.00
Contracted Services 14,813.12 10,817.55 3,995.57
Refunds and Reimbursements 30,00 30.00
Depreciation - Equipment 1,264.93 682.02 582.91
Total Operating Expense $ 25,691.61 $ 19,789.12 $ 5,902.49
_ OPERATING INCOME BEFORE DEPRECIATION $ 44,254.32 $ 16,004.88 $ 28,249.44
Depreciation - Water and Sewer System 31,997.64 13,482.72 18,514.92
NET INCOME $ 12.256.68 $ 2.522.16 $ 9.734.52
— 18
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 12
ENTERPRI SE FUNDS
STATEMENT OF SOURCE AND APPLICATION OF WORKING CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 1975
WORKING CAPITAL WAS PROVIDED BY
Operations:
Net Income - Statement 11 $ 12,256.68
Add: Depreciation - A Non -Cash
Expense 33,262.57
Increase in Reserve for
_ Meter Deposits 2,143,36
Total Working Capital Provided
by Operations $ 47,662,61
WORKING CAPITAL WAS APPLIED TO
Purchase of Fixed Assets $ 1,559.82
Financing of Well No. 2 96,219.17
Financing City Portion of Swager 5th 23,335.91 121,114.90
DECREASE IN WORKING CAPITAL
xU3.452.29,)
WORKING CAPITAL WAS AS FOLLOWS
DECEMBER 31, INCREASE
CURRENT ASSETS 1 97 4 1973 (DECREASE)
Cash - Clerk's Balance $ 96,256,46 $140,285.45
Accounts Receivable 19,718.96 15,052.15
Total Current Assets $115,975.42 $155,337.60 $(39,362,18)
CURRENT LIABILITIES
Accounts Payable $ 784.53 $ 2,394.85
Due to Other Governmental Units 5,457.99 8,233.11
Due to Other Funds 5,841.40 7,571.76
Accounts Payable - Other Funds 40,205.91
Total Current Liabilities $ 52,289.83 $ 18,199.72 34,090,11
WORKING CAPITAL $ 63.685.59, $137.137.88 $(73.452.29)
_ 19
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 13
REVENUE SHARING TRUST AND AGENCY FUND
BALANCE SHEET
DECEMBER 31, 1975
ASSETS
Cash:
Clerk's Balance (Overdraft)
$ (7,445.02)
Savings Account 22,758,11
Total Cash $ 15,313.09
Due from Other Funds 5 , 695 . 02
Total Assets $ 21.008.11
RESERVES
Reserve for Future Expenditures
$ 21,008.11
Total Reserves S 21.008.11
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, 1975
CASH - CLERK'S BALANCE - January 1, 1975 $ 14,963,67
RECEIPTS:
Revenue:
_ Federal Revenue Sharing:
Entitlements 35,248.00
Total Cash $ 50,211,67
DISBURSEMENTS:
Expenditures:
Park Improvements:
Professional Services $ 1,689.24
Contractual Services 4,005,78
Park Land Acquisition:
Principal 28,250,00
Interest 1,192.50
Total Expenditures $ 35,137.52
-' Purchase of Investments 22,519.17
Total Disbursements 57,656,69
CASH - CLERK'S BALANCE (OVERDRAFT) -
December 31, 1975 jC7.445.02)
_ 21
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT FUNDS
BALANCE SHEET _
DECEMBER 31, 1975
G. 0. BONDS
OF 1967
ASSETS TOTAL AND 1968
Cash:
Clerk's Balance (Overdraft) $ 153,878.95 $ 198,916.06
Investments - At Cost 166,800.00 166
With Paying Agents 947.76 587.76
Total Cash $ 321,626.71 $ `366,303.82
Due from County 696.66 554.41
Due from Other Funds 10,166.96 1,520.00
Due from Developer 5,074.94
Accounts Receivable - Other Funds 23,335.91
Connection Charges Receivable 34,829.42 20,079.42
Special Assessments Receivable:
Delinquent 4,898.93 3,792.29
Deferred 289,684.74 209,689.41
Delinquent Taxes Receivable 523.50 47/.78
Amount to be Provided from Future Tax
Levies 1,523,705.00 1,358,405.00.
Total Assets $2.214.542.77 $1.960.822.13
LIABILITIES, RESERVES AND FUND BALANCE
Liabilities:
Bonds Payable $1,370,000.00 $1,215,000.00
Accounts Payable 37.50
Due to Other Funds 482.98 382.08
Matured Interest Payable 947.76 587.76
Total Liabilities $1,371,468.24 $1,215,969.84
Reserves:
Delinquent Taxes 523.50 477.78
Fund Balance 842,551.03 744,374.51
Total Liabilities, Reserves and
Fund Balance $2.214.542.77 $1.960.822.13
STATEMENT 15
G. 0. STORM
SEWER SWAGER
IMPROVEMENT NO. 2 SWAGER
BONDS SEWER AND NO. 3, 4 PORT OF
OF 1971 WATER AND 5 SUNNYSIDE
$ 19,640.28 $ (349.42) $(26,007.42) $(38,320.55;
360.00
$ 20,000.28 $ (349.42) $(26,007.42) $(38,320.55
57.43 21.00 63.82
8,302.30 344.66
5,074.94
- 23,335.91
14t750.00
264.21 293.86 548.57
2,801.43 9,568.00 2 5,238.36 42,387.54
45.72
165,300.00
$196.771.37 S 9.533.44 S 28.598.84 S 18.816.99
$155,000.00
37.07 $ 63.83 $ 37.50
360.00
$155,397.07 $ 63.83 $ 37.50
45.72
41,328.58 9,469.61 28,561.34 $ 18,816.99
$196.771.37 S 9.533.44 S 28.598.84 S 18.816.99
i 22
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT FUNDS
STATEMENT OF CHANGES IN FUND BALANCE _
FOR THE YEAR ENDED DECEMBER 31, 1975
G. 0. BONDS
OF 1967
TOTAL AND 1968
FUND BALANCE (DEFICIT) -
January 1, 1975 $808,710.24 $753,448.02
ADDITIONS:
Revenue:
Interest on Assessments $ 20,240.88 $ 14,933.41
Interest on Investments 20,873.16 20,873.16
Connection Charges 21,301.47 12,001.47
Tax Collections in Excess of 95% 3,650.30 3,173.73
New Assessments Adopted 42 ,3 8 7.5 4
Other 351.11 88.20
Total Additions $108,804.46 $ 51,069.97
Total $917,514.70 $804,517.99
DEDUCTIONS:
Expenditures:
Interest on Bonds $ 67,660.00 $ 59,505.
Paying Agents' Charges 196.10 172.78
Construction Costs 6,641.87
Other 465.70 465.70
Total Deductions $ 74,963.67 $ 60,143.48
FUND BALANCE - December 31, 1975 $842.551.03_ $744.374.51
STATEMENT 16
G. 0. STORM
SEWER SWAGER
IMPROVEMENT NO. 2 SWAGER
BONDS SEWER AND NO. 3 PORT OF
OF 1971 WATER AND NO. 4 SUNNYSIDE
$ 47,813.65 $ 8,468.65 $ 18,308.60 $(19,328.68)
$ 953.77 $ 1,000.96 $ 3,352.74
476.57 6,9oo.00 $ 2,400.0o
262.91 42,387.54
$ 1,693.25 $ 1,000.96 $ 10,252.74 $ 44,787.54
$ 49,506.90 $ 9,469.61 $ 28,561.34 $ 25,458.86
$ 8,155.00
23.32
$ 6,641.87
$ 8,178.32 $ -0- $ -o- $ 6,641.87
$ 41.328.58 $ 9.469.61 $ 28.561.34 S 18.816.99,
23
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT FUNDS
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1975 �-
G. 0. BONDS
OF 1967 AND
TOTAL 1968
CASH - CLERK'S BALANCE (OVERDRAFT) -
January 1, 1975 $ 58,824.55 $113,102.47
RECEIPTS:
Revenue:
General Property Taxes $109,158.30 $ 94,012.76
Special Assessments:
Collected by County 44,980.41 33,092.15
Collected by City 25,463.00 11,803.52
Connection Charges 21,810.32 12,510.32
Interest on Investments 20,873.16 20,873.16
Developers' Deposits 64
Other Revenue 1,691.15 1,691.15
Total Revenue $288,624.95 $173,983.06
Transfers In 14,182.52 12,307.50
Sale of Investments 333,600.00 333,600.00
Total Receipts $636,407,47 $519,890.56
Total $695,232.02 $632,993.03
DISBURSEMENTS:
Expenditures:
Debt Retirement:
Principal $ 45,000.00 $ 40,000.00 ..
Interest 67,660.00 59,505.00
Paying Agents' Charges 196,10 172.78
Refunds and Reimbursements 465 .70 465.70 _
Construction Costs 89,202.76
Total Expenditures $202 $100,143.48
Transfers Out 5,228.51 333.49
Sale of Investments 333,600.00 333,600.00
Total Disbursements $541,353.07 $434,076.97
CASH - CLERK'S BALANCE (OVERDRAFT) -
December 31, 1975 5153 .8 78.95 $198.916.06
STATEMENT 17
- SWAGER
G. 0. STORM NO. 2 SWAGER
SEWER BONDS SEWER AND NO. 3 AND PORT OF
- OF 1971 WATER NO. 4 SUNNYSIDE
$ 18,302.37 $ (4,146.42) $(23,709.29) $(44,724.58)
$ 15,145.54
2,147.92 $ 2,297.42 $ 7,442.92
2,208.00 11,451.48
6,900.00 $ 2,400.00
56,132.62 8,515.99
— $ 17,293.46 $ 4,505.42 $ 81,927.02
$ 10 ,9 1 5.99
1,379.37
495.65
— $ 18,672.83 $ 4,505.42 $ 82,422.67
$ 10,915.99
$ 36,975.20 $ 359.00 $ 58,713.38
$(33,808.59}
- $ 5,000.00
8,155.00
23.32
$ 13,178.32 $ 84,690.80 $ 4,511.96
$ 84,690.80 $ 4,511,96
4,156.60 $ 708.42 30.00
$ 17,334.92 $ 708.42 $ 84,720.80
$ 4,511.96
$ 19.640.28 $ - (349.42) $(26.00 $(38.320.55)
24
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 18
GENERAL FIXED ASSETS
DECEMBER 31, 1975
CONSTRUCTION GENERAL
WORK IN FIXED
TOTAL PROGRESS ASSETS
Land $ 75,000.00
$ 75,000,00
Buildings and Structures 258,988.75 $164,057,42 94,9363
Machinery and Equipment 41,052.44 41,052.44
Furniture and Fixtures 6,465.55 6,465.55
Other Improvements 702,343.34 15,569.74 686,773.60
Total $1.083.850.08 $179.627,16 $904.222.92
25
CITY OF OAK PARK HEIGHTS, MINNESOTA ,
FOOTNOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1975
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.
NOTE 4 - During 1975, the City expended approximately $16,000 under contracts.
which were not in accordance with M.S.A., Section 471.345, Subdivision
3 and approximately $18,000 under contracts which were not in accordance
with M.S.A., Section 471.345, Subdivision 4. The accompanying finan-
cial statements contain no provision for contingent liability (if any
exist) as a result of the above.
26
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 analytical
purposes only, and is not considered essential for a fair presentation of the
financial position and results of operations. This information was derived from the
accounting 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, 1975
SPECIAL ASSESSMENT FUNDS
G. 0. STORM
SEWER
G. 0. BONDS IMPROVEMENT
OF 1967 BONDS
TOTAL AND 1968 OF 1971
Bonds Payable - Statement 9 $1,370,000.00 $1,215,000.00 $155,000.00
Future Interest Payable -
Statement 9 807,792.50 738,160.00 69,632.50
Totals $2,177,792.50 $1.953.160.00 $224.632.50
_ Year of Maturity:
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 16,740.00
1980 116,615,00 100,355.00 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 14,200.00
_ 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 82,69o,00 10,285.00
1992 79,795.00 79,795.00
1993 81,goo.00 81,900,00
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 $2,177,792.50 $1J5 3.160.00 $224.632.50
�7
CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 2
SECURITY FOR DEPOSITS
DECEMBER 31, 1975
(CENTS OMITTED)
.r
MUNICIPAL BONDS $ 25,000
FEDERAL SECURITIES 550,000
Total $575
The above securities have been assigned by the Cosmopolitan State Bank of Stillwater
and the Oak Park Heights State Bank and are on deposit with the American National
Bank and Trust Company of St. Paul and the Northwestern National Bank of Minneapolis.
28
CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 3
INSURANCE IN FORCE
DECEMBER 31, 1975
(CENTS OMITTED)
COVERAGE AMOUNT
Fire and Extended Coverage, Vandalism and
Malicious Mischief (Scheduled Locations) $310,000
Automobile Physical Damage and Comprehensive
Liability (Scheduled Vehicles):
Bodily Injury 300,000
Property Damage 300,000
Collision ($50 Deductible) A.C.V.
Comprehensive General Liability:
Bodily Injury 300,000
Property Damage 300,000
Workmen's Compensation Statutory
Surety Bonds:
Blanket Coverage $ 1,000
Clerk - Treasurer 9,000
29
-- CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 4
ORGANIZATION
DECEMBER 31, 1975
TERM
MAYOR:
EXPIRES
Raymond N. Johnson 12/31/76
COUNCILMEN:
Frank Sommerfeldt 12/31/76
John P. Groth 12/31/78
Donald Mondor 12/31/76
Robert S. Torgerson 12/31/76
CLERK-TREASURER:
` Ken Heuer Appointed
--
30
CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 5
TAXABLE VALUATIONS, TAX LEVIES AND MILL RATES
(CENTS OMITTED)
1976 1975 1974
Taxable Valuations:
Real Estate and Personal Property $31.168.276 $32,071,595 $31.190.457
Tax Levies Extended by County:
Year Extended 1975 1974 1973
Year Collectible 1976 1975 1974
_ Revenue $ 165,000 $ 151,303 $ 140,357
Bonds and Interest 75,300 76,651 66,747
Total $ 240.300 $ 227.954 $ 207.104
Mill Rates:
Revenue 5.00 4,87 4.50
Bonds and Interest 2.00 2.39 2.14
Total 7 7.26 6.64
31