HomeMy WebLinkAboutFinancial Statements Year Ended December 31, 1977 CITY OF OAK PARK HEIGHTS, MINNESOTA
FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 1977
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
PAGE NO.
AUDITOR'S REPORT -
AUDITOR'S COMMENTS
COMBINED BALANCE SHEET - ALL FUNDS Statement 1 1
Investment Transactions Schedule t -A 2
Schedule of Interfund Audit Adjustments Schedule 1 -B 3
-' Construction Costs by Project Schedule I -C 4
Schedule 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 Receipted Compared to Budget Schedule 5 ^A 10
Statement of Expenditures Disbursed Compared to
Budget Schedule 5 -B 11
SPECIAL REVENUE FUNDS:
Balance Sheet Statement 6 12
Statement of Changes in Fund Balance Statement 7 13
Statement of Cash Receipts and Disbursements
Compared to Budget:
Revenue Sharing Statement 8 14
Anti-Recession Fiscal Assistance Statement 9 15
LAWCON GRANT CAPITAL PROJECT FUND:
.,., Balance Sheet Statement 10 16
Statement of Changes in Fund Balance Statement 11 17
Statement of Cash Receipts and Disbursements Statement 12 18
ENTERPRISE FUNDS:
Balance Sheet Statement 13 19
Statement of Changes in Retained Earnings Statement 14 20
Statement of Income and Expense Statement 15 21
Statement of Changes in Financial Position Statement 16 22
.,, SPECIAL ASSESSMENT FUNDS:
Balance Sheet Statement 17 23
Statement of Changes in Fund Balance Statement 18 24 -25
Statement of Cash Receipts and Disbursements Statement 19 26 -27
STATEMENT OF GENERAL FIXED ASSETS Statement 20 28
FOOTNOTES TO FINANCIAL STATEMENTS �9 -30
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
SUPPLEMENTAL INFORMATION
PAGE NO.
STATEMENT OF AUDITOR'S RESPONSIBILITY AS TO
SUPPLEMENTAL DATA --
DEBT SERVICE PAYMENTS UNTIL MATURITY Exhibit 1 31
SECURITY FOR DEPOSITS Exhibit 2 32
INSURANCE IN FORCE Exhibit 3 33
ORGANIZATION Exhibit 4 34
"' TAXABLE VALUATIONS, TAX LEVIES AND MILL RATES Exhibit 5 35
DELAH U NT VOTO & CO., LTD.
- CERTIFIED PUBLIC ACCOUNTANTS
WHITE BEAR LAKE, MINNESOTA 55110
PHONE 426.3263 P. O. BOX 8678
To the Honorable Mayor and
Members of the City Council
City of Oak Park Heights
6141 Panama Avenue North
Stillwater, Minnesota 55082
We have examined the financial statements of the following funds and account groups
of the CITY OF OAK PARK HEIGHTS, MINNESOTA at December 31, 1977 and for the year
then ended.
GENERAL FUND ENTERPRISE
SPECIAL REVENUE SPECIAL ASSESSMENT
_ CAPITAL PROJECTS GENERAL FIXED ASSETS
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, except as explained in the following paragraph.
The City does not maintain fixed asset records which provide complete accounting
control over quantities and cost of all general fixed assets and it was, therefore,
impractical to audit the accompanying statement of general fixed assets and accord-
_ ingly we do not express an opinion on the financial statements of the general fixed
assets group of accounts.
The accompanying Statement of Cash Receipts and Disbursements have been prepared
on the cash basis (Note 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 (except as noted above), the aforementioned financial statements
present fairly the financial position of the various funds and account groups of
the CITY OF OAK PARK HEIGHTS, MINNESOTA at December 31, 1977, and the changes in
fund balance of such funds and the results of operations and changes in financial
position of the Enterprise Funds for the year then ended, in conformity with
generally accepted accounting principles applied on a basis consistent with that
of the preceding year.
Also, in our opinion, the accompanying Statements of Cash Receipts and Disbursements
present fairly the recorded cash transactions of the above funds of the CITY OF OAK
PARK HEIGHTS, MINNESOTA for the year ended December 31, 1977, on a basis consistent
with that of the preceding year.
DE LA HUNT VOTO & CO., LTD.
Certified Public Accountants
Date Field Work Completed: March 4, 1978
Date Audit Report Signed: March 29, 1978
MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
CITY OF OAK PARK HEIGHTS, MINNESOTA
AUDIT COMMENTS
The CITY OF OAK PARK HEIGHTS maintains its financial records on the basis of
cash receipts and disbursements. The accompanying Balance Sheets, Statements of
Changes in Fund Balance, Statement of Income and Expense, and Statement of Changes
in Financial Position have been prepared on the "modified accrual basis" or "accrual
basis" as explained in Footnote 1. All necessary adjustments to the City's "cash
basis" financial records have been made to present these statements as noted above.
The accompanying Statements of Cash Receipts and Disbursements are presented on the
"cash basis ".
The Combined Balance Sheet — All Funds and the Summary of Cash Receipts and
Disbursements — All Funds are presented in Statements 1 and 2. Separate financial
statements for each fund or fund group are presented in Statements 3 through 20.
The following Comments relate to the Combined Balance Sheet — All Funds.
CASH AND INVESTMENTS
Clerk's Balance:
Checking Account $ 217,952
Investments and Savings 941,44$
With Paying Agents 12,050
Change Fund 50
Total S1.171.S00
The Clerk's Balance (checking account) was $217,952 at December 31, 1977 and
averaged approximately $275,000 during 1977. We recommend that the City implement
procedures to minimize uninvested cash balances and maximize interest earnings.
This could be accomplished using short — term certificates of deposit or a daily
interest savings account.
To assist the City Clerk in maximizing interest earnings, we also recommend
that the City Council authorize the City Clerk to issue checks (to invest surplus
cash) prior to formal Council approval. Such authorization should be conditioned
City of Oak Park Height
Comments, Page 2
upon and subject to approval of the Mayor (prior to investment) and post - approval
by the City Council. Formal Council action is required to effect this procedure.
Investments and savings transactions for 1977 are summarized in Schedule 1 -A.
Balances on hand at December 31, 1977 were as follows:
SAVINGS CERTIFICATES:
Oak Park Heights State Bank - 7.2 %. $166,800
Cosmopolitan State Bank of Stillwater -
5.75% to 6% 220,552
First National Bank of Stillwater -
5.75% to 6% 291,614
First State Bank of Bayport - 7.25% 108,000
SAVINGS ACCOUNTS:
Oak Park Heights State Bank - 5% 80,692
Washington Federal Savings and Loan of
Stillwater - 6.75% 73,790
` Total S941.448
Interest received or added to investments and savings totaled $33,177 during
1977 representing a $7,500 increase over 1976.
SECURITY FOR DEPOSITS
Security for deposits pledged by the City's depositories are presented in
Exhibit 2. Our analysis of collateral requirements and actual collateral pledged
indicated that all depositories had pledged sufficient collateral except the First
National Bank of Stillwater, as follows:
City of Oak Park Heights
Comments, Page 3
FIRST OTHER
NATIONAL DEPOSITORIES
COLLATERAL REQUIREMENTS:
Demand Deposits $ 217,952
Savings Certificates $291,614 495,352
Savings Accounts 154,482
Total Deposits $291,614 $ 867,786
Less: Federal Insurance 100,000 413,790
Net Deposits 5191.614 S 453.996
COLLATERAL REQUIREMENTS —110% $210,775 $ 499,396
COLLATERAL PROVIDED — EXHIBIT 2 100,000 1,200,000
EXCESS COLLATERAL S 700.604
COLLATERAL DEFICIENCY $110,775
We recommend that the City correct the above situation at the earliest possible
time and implement procedures to insure full compliance with Minnesota Statutes,
Chapter 118.
DUE FROM COUNTY
GENERAL FUND:
General Property Taxes $ 163
SPECIAL ASSESSMENT FUNDS:
General Property Taxes 67
Special Assessments 104
Total S 334
The above amounts represent collections by Washington County during November
` and December, 1977• These amounts will be remitted to the City in 1978.
DUE FROM OTHER GOVERNMENTAL UNITS:
WATER
OPERATING
GENERAL ENTERPRISE
TOTAL FUND FUND
C.E.T.A. Reimbursement $ 3,827 $ 3,827
Court Fine 77 77
Metropolitan Waste Control
Commission:
Debt Payment Credit 280,455 $280,455
Current Value Credit 897 897
Deferred Charges 11,659 11,659
Totals 5296.915 S 3.904 5293.011
City of Oak Park Heights
Comments, Page 4
The C.E.T.A. reimbursements and court fines are current receivables which were
received by the City early in 1978.
The amounts due from the M.W.C.C. 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
1978 through 2000. The Debt Payment Credits will be allowed in the years 1978
through 1997 at reducing amounts per year. The current Value Credit will be allowed
in the years 1978 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 1977 the City received a partial refund of the deferred charges totaling
$400 plus interest of $492.
DUE FROM DEVELOPERS
Due from Developers represents cost incurred by the City to be reimbursed by
developers and other organizations. The $9,609 balance at December 31, 1977 includes
'— several accounts that have remained unpaid for one or more years. We recommend that
the City continue to extend its collection procedures on these accounts to insure a
more timely collection.
The City maintains several of the developer accounts in the General Fund.
These accounts represent costs incurred (mainly for engineering and related expenses)
which are to be billed to the developer rather than an expenditure of City funds.
These activities are more properly accounted for in a Trust and Agency Fund rather
than the City's General Fund. We recommend that the City amend its accounting
policies and account for costs such as these in one or more Trust and Agency Funds
rather than the General Fund effective January 1, 1978.
City of Oak Park Heights
Comments, Page 5
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, 1978. The following schedule summarizes these adjustments by fund:
FUND DUE FROM DUE TO
FUND DESCRIPTION NO. OTHER FUNDS OTHER FUNDS
General Fund 101 $ 3,612.02
Enterprise Funds:
Water Operating 301 $ 500.00
Special Revenue Funds:
Revenue Sharing 401 1,651.52
Special Assessment Funds:
G.O. Bonds of 1967 and 1968 501 2,544.53 598.00
G.O. Bonds of 1971 502 535
G.O. Bonds of 1976 506 123.80
G.O. Bonds of 1977 509 1,460.50
Consolidated Construction 510 598.00 1,885.61
... Totals — All Funds S 6.754.55 S 6.754.55
The above adjustments should be recorded on the City's financial records during
1978• Council action is required to effect these transfers. We recommend that the
above transfers be recorded as early as possible in 1978 so that the cash balances
will not be distorted.
CONNECTION CHARGES RECEIVABLE
Connection charges receivable represents sewer and water hook —up charges to
property owners, but not collected at December 31, 1977• The $30,709 balance at
December 31, 1977 represents a $2,500 decrease during 1977• We recommend that the
City continue to extend its collection procedures on these accounts to effect collec—
tion and to assist in eliminating a cash overdraft of the new Consolidated Construction
Special Assessment Fund.
City of Oak Park Height-
Comments, Page 6
DELINQUENT TAXES RECEIVABLE
Delinquent taxes receivable were $5,320 at December 31, 1977 representing a
$2,530 increase during 1977. These taxes (when collected) will be remitted to the
City with the regular tax settlements. Tax collection during 1977 amounted to 99%
of taxes levied in 1976 for collection in 1977.
SPECIAL ASSESSMENTS RECEIVABLE
-' DECEMBER 31, INCREASE
1977 1976 (DECREASE)
Delinquent $ 4,361 $ 8,897 $ (4,536)
Deferred 268,140 349,516 (81,376)
Totals 5272.501 $358.413, S (85.9121
Deferred Assessments Receivable represents assessments to be collected in years
1978 through 1999 with interest at rates between 6% and 8 %. The portion of the
December 31, 1977 deferred balance, certified to the county for collection in 1978
was $40,790, including interest of $19,674.
FUND BALANCE
DECEMBER 31, INCREASE
FUND 1977 1976 (DECREASE)
General $ 268,754 $ 239,503 $ 29,251
Special Revenue:
Revenue Sharing 53,691 53,652 39
Anti - Recession
Fiscal Assistance (643) 1,588 (2,231)
Capital Project:
Lawcon Grant 80,368 -0- 80,368
Enterprise:
—' Water 54,203 46,625 7,578
Sewer 53,026 38,799 14,227
Special Assessment:
... Debt Service 635,695 700,453 (64,758)
Construction 95,585 103,975 (8,390)
_ Totals S1.240.679 51.184.595 S 56.084
City of Oak Park Height?
Comments, Page 7
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 -13 present a detailed schedule of cash receipts and
cash disbursements compared to budget.
The General Fund Balance increased by $29,000 during 1977 due primarily to
operating revenues exceeding the 1977 revenue budget as shown in Schedule 5 —A.
The fund balance of the General Fund was $268,754 at December 31, 1977 and $89,105
of that amount was appropriated as follows:
APPROPRIATION AMOUNT
Lawcon Grant Matching Funds $ 55,000
1978 Operations 19,105
Future Building Expansion 15,000
Total S 89.ios
SPECIAL REVENUE FUND
The Special Revenue Fund Balance Sheet, Statement of Changes in Fund Balance
and Statement of Cash Receipts and Disbursements are presented in Statements 6, 7,
8 and 9. These funds (Revenue Sharing and Anti — Recession Fiscal Assistance) were
previously classified as Trust and Agency Funds. These funds have been reclassified
to more appropriately present the financial operations of these funds.
City of Oak Park Height -
Comments, Page 8
REVENUE SHAR ING
A Summary of Revenue Sharing transactions from December 31, 1972 through
December 31, 1977 is as follows:
PRIOR
YEARS 1977 TOTAL
REVENUE:
Revenue Sharing Entitlements $134,227 $ 33,256 $167,483
Interest on Investments 1,426 1,326 2,752
Total Revenue 5135.653 S 34.582 S170,2
EXPENDITURES:
Purchase of Land:
Principal $ 75,000 $ 75,000
Interest 3,578 3,578
Playground Equipment 1,673 1,673
Land Easement 1,750 1,750
Police Vehicles $ 9,750 9,750
Parks Chain Link Fence
Project 21,295 21,295
Bayport Fire Protection
Contract 3,498 3,498
Total Expenditures S 82.001 S 34.543 5116.544
BALANCE — December 31, 1977 $ 53,691
_ APPROPR IAT IONS:
Office Equipment $ 4,000
Grass Cutting Equipment 3,500
Recreation Equipment 10,000
Matching Lawcon Funds 25,000
Total Appropriations 42,500
UNAPPROPRIATED BALANCE —
December 31, 1977 S 11.191
'— The remaining unappropriated balance represents Revenue Sharing monies and /or
interest earnings attributable to the following Federal entitlement periods and must
be appropriated by the City as follows:
APPROPRIATION
... ENTITLEMENT PERIOD AMOUNT DEADLINE
January 1, 1977 — September 30, 1977 $ 10,783 September 30, 1979
October 1, 1977 — September 30, 1978 408 September 30, 1980
Total S 11.191
City of Oak Park Heights
Comments, Page 9
The rules and regulations of the Federal Office of Revenue Sharing have changed
substantially effective January 1, 1977. Actions of the City (both administratively
and at the City Council level) to appropriate Revenue Sharing monies must be taken
r in conjunction with a series of public hearings. Additionally, new regulations
relating to anti — discrimination of the handicapped are now in effect. Alternatively,
old regulations relating to "priority expenditure classifications" have been deleted
-- and the City is more free to expend these monies at its own discretion. We recommend
that the City continue to monitor its procedures to insure compliance with these new
Revenue Sharing rules and regulations.
The new rules and regulations of the Federal Office of Revenue Sharing include a
requirement that the financial records of the City be audited and that the City obtain
a "compliance audit" and send a copy of the "compliance audit" to the Office of
Revenue Sharing at least once every three years beginning with 1977. The City's
regular audit satisfies the financial audit requirements. The "compliance audit"
requires additional verification and audit procedures not included in the regular audit.
Guidelines for this special "compliance audit" were issued in January, 1978. This
special "compliance audit" will be performed at a later date, subject to City Council
concurrence and authorization.
ANTI— RECESSION FISCAL ASSISTANCE
A summary of the Anti— Recession Fiscal Assistance transactions for 1976 and 1977
is as follows:
1976 1977 TOTALS
REVENUE:
Federal Grants S 2.321 S 2.096 $ 4,417
EXPENDITURES:
Personal Services S 732 S 4.328 5,060
BALANCE (DEFICIT) —
December 31, 1977 S (643)
City of Oak Park Heights
Comments, Page 10
The Federal rules and regulations pertaining to Anti — Recession Fiscal Assistance
-- grants require a City to appropriate or obligate these monies within six months of the
date of receipts. Our examination disclosed that the City did disburse these monies
r for the payment of recreation and public safety salaries; however, we were unable
to determine that the City Council had formally appropriated or obligated these
monies for those purposes. We recommend that the City investigate this situation
—. and approve an appropriate Council action to satisfy this requirement.
CAPITAL PROJECTS FUND
The Capital Projects Fund Balance Sheet, Statement of Changes in Fund Balance
and Statement of Cash Receipts and Disbursements are presented in Statements 10,
11 and 12. The City had one Capital Project Fund, the Lawcon Grant — Park Improvement
Project, during 1977•
ENTERPRISE FUNDS
The Enterprise Fund Balance Sheet, Statement of Changes in Retained Earnings,
Statement of Income and Expense and Statement of Changes in Financial Position are
presented in Statements 13, 14, 15 and 16.
The City maintains its financial records on the basis of cash receipts and
disbursements. The records have been adjusted (for receivables, payables and other
accruals) to properly reflect income on the accrual basis and to present the financial
position of each enterprise account at December 31, 1977. Condensed comparative
statements of income and expense for each of the City's utility operations follow.
These condensed, comparative statements have been changed from prior years, in that
depreciation is shown for machinery and equipment only. Depreciation of the wells,
tanks, pumphouses, distribution system and collection system (i.e. those assets not
financed by the utility operations) is not reflected as a charge against operating
,.., revenues.
City of Oak Park Heights
Comments, Page 11
WATER OPERATING ACCOUNT
1977 1976
AMOUNT PER CENT AMOUNT PER CENT
INCOME:
Customer Billings $ 41,182 96.05% $ 41,523 97.77%
Other 1,695 3.95 947 2.23
Total Income $ 42,877 100.00% $ 42,470 100.00%
OPERATING EXPENSES:
Salaries $ 8,369 19.52% $ 6,336 14.92%
Contractual Services 21,627 50.44 7,984 18.80
Other 2,613 6.09 2,068 4.87
Total Operating Expenses $ 32,609 76.05% $ 16,388 38.59%
OPERATING INCOME BEFORE
DEPRECIATION $ 10,268 23.95% $ 26,082 61.41
DEPRECIATION — Machinery and
Equipment 2,690 2,550
NET INCOME $ 7.578 S 23.532
The Net Income of the Water Operating Account decreased by $16,000 due primarily
to increased costs of repairs.
SEWER OPERATING ACCOUNT
1977 1976
AMOUNT PER CENT AMOUNT PER CENT
INCOME:
Customer Billings $ 36,165 94.78% $ 29,987 91.58%
Other 1,992 5.22 2,756 8.42
Total Income $ 38,157 100.00% $ 32,743 100.00%
OPERATING EXPENSES:
M.W.C.C. $ 20,919 54.82% $ 13,962 42.64%
Other 2,428 6.37 1,062 3.24
Total Operating
Expenses $ 23,347 61.19% $ 15,024 45.88°%
OPERATING INCOME BEFORE
..,, DEPRECIATION $ 14,810 38.81% $ 17,719 54.12%,
DEPRECIATION — Machinery
and Equipment 583 583
NET INCOME $ 14.227 $ 17.136
City of Oak Park Heights
Comments, Page 12
The Net Income of the Sewer Operating Account decreased by $2,900 due to in—
creased billings from the M.W.C.C.
The Metro Waste Control Commission bills the City annually on an estimated basis.
These estimated billings are adjusted at a later date and the City is billed the
additional amount or given a refund. These estimated billings vary from year to
year and may cause material variances in annual profits (or losses) of the sewer
operating account. The Metro Waste Control Commission billings for calendar years
1971 through 1978 are as follows:
ESTIMATED FINAL
YEAR BILLINGS BILLINGS
1971 $ 9,992 $ 4,175
1972 (53) 210
1973 (5,886) (1,803)
1974 (3,825) 258
19 (1,954) 6,641
1976 4,682 11,698
1977 13,903 Not Available
–. 1978 20,387 Not Available
NOTE: The bracketed figures above indicate payments from the M.W.C.C. The
unbracketed figures above indicate payments to the M.W.C.C.
As the above schedule indicates, the billings from the M.W.C.C. vary greatly
and are increasing. These charges represent the largest single expense of the
_ Sewer Operating Account and fluctuations in this expense can mean the difference
between a net income or a net loss. We recommend that the City monitor the billings
from the M.W.C.C. (and the related Customer Billings) to insure adequate levels of
operating income and net income.
SPECIAL ASSESSMENT FUND
The Balance Sheet, Statement of Changes in Fund Balance and Statement of Cash
— Receipts and Disbursements for the City's Special Assessment Fund are presented in
Statements 17, 18 and 19. A Special Assessment Fund is a classification of funds to
w
City of Oak Park Heights
Comments, Page 13
accounts for special assessments levied to finance public improvements or services
deemed to benefit the properties against which assessments are levied. Special
Assessment Fund accounts for both the construction phase and debt service phase of
local improvement projects which will be wholly or partially assessed,
The accounting principles employed by the Special Assessment Fund are such that
future interest on bonds payable is not reflected as a liability until the year it
becomes payable. Also, future interest on special assessments is not reflected until
the year it becomes receivable. Therefore, the fund balance or deficit does not
reflect future interest receivable nor payable. In order to project the final fund
surplus or deficit these two items must be added /subtracted from the fund balance.
The following schedule projects the surpluses or deficits based upon estimated
future interest on currently collectible special assessments and interest payments
to the maturity of the bond issues. Future interest earnings on investments are not
taken into consideration because of the uncertainties involved. The effect of these
future interest earnings would be to increase the projected surplus or decrease the
projected deficit.
BALANCE PROJECTED
(DEFICIT) FUTURE INTEREST SURPLUS
ACCOUNT 12/31/77 ASSESSMENTS BONDS (DEFICIT)
G.O. Bonds of 1967 and 1968 $711,987 $110,000 $624,640 $197,347
Storm Sewer Bonds of 1971 27,415 1,000 54,035 (25,620)
G.O. Bonds of 1976:
Construction Account 32,288 32,288
Debt Service Account (8,207) 14,000 53,260 (47,467)
Consolidated Construction 58,275 40,000 98,275
Totals S821.758 S165.000 S731.935 S254.823
City of Oak Park Heights
Comments, Page 14
G.O. BONDS OF 1967 AND 1968
The projected surplus in the amount of $197,347 represents an $18,000 increase
during 1977 due primarily to interest earnings on investments.
a The projected surplus indicates that this account will have sufficient assets
to meet all bond principle and interest requirements. These bonds mature during
the years 1978 through 1998. The surplus of this account is committed to these
bonds (until the bonds mature and are fully paid) except that the City could use
this surplus to reduce or cancel future scheduled tax levies on these issues. We
recommend that the City reduce the 1978 collectible 1979 tax levies on these issues
by $25,000 to $30,000 (see later Comments under Storm Sewer Bonds of 1971).
STORM SEWER BONDS OF 1971
The projected deficit in the amount of $25,620 represents a $400 deficit decrease
during 1977. The projected deficit indicates that this account will need additional
financing to meet all bond principal and interest requirements. These bonds mature
-- during the years 1978 through 1991. The projected deficit of this account will
become a cash deficit by 1988 or 1989. We recommend that the City establish a
criteria to finance the above projected deficit. The following options and alter-
natives are available, at the discretion of the City Council:
1. Increased future debt service tax levies.
2. Cash transfers from other funds having surpluses available.
We recommend that the City levy an additional $25,000 to $30,000 tax levy in
i
October, 1978 to be collected in 1979. Additionally, the City may cancel $25,000/
$30,000 of the 1978/79 tax levy for the G.O. Bonds of 1967 and maintain an overall
debt service tax levy which is consistent with existing scheduled debt service levies
.- (see above Comments). Council action is required to effect the above.
i
City of Oak Park Heights
Comments, Page 15
G.O. BONDS OF 1976
During 1976 the City issued special assessment bonds in the amount of $249,000
to finance various improvement projects. The proceeds of this bond issue were
appropriated to the following improvement projects:
BOND ASSESSMENTS
IMPROVEMENT PROCEEDS ANTICIPATED ACTUAL
Swager — 6th Addition $138,160 $146,900 $117,829
Baudet Addition and Peller Ave. 97,000 44,700 32,577
Totals 5235.160 5191.600 s150.406
Actual construction costs totaled $203,000 rather than the expected $235,000
leaving a $32,000 balance in the construction account at December 31, 1977. This
balance may be used to finance a similar improvement project or transferred to the
debt service account for this bond issue.
Actual assessments were less than anticipated due primarily to the reduced
construction costs. The projected deficit in the amount of $47,467 at December 31,
1977 is the result of special assessments being less than anticipated and special
assessment prepayments ($4,700 for 1976 and $84,000 for 1977) and the resulting
decrease in estimated future interest thereon.
The projected deficit means that this account will require additional financing
to meet its bond principal and interest requirements. We recommend that the City
utilize the construction account balance to reduce the projected deficit and that the
City maximize future interest on investments to eliminate the remaining projected
deficit (i.e. $100,000 invested at 5% per annum will yield $5,000 per year and
eliminate the remaining deficit over the term of this bond issue).
City of Oak Park Heightz
Comments, Page 16
CONSOLIDATED CONSTRUCTION
During 1977 the City closed the following completed construction accounts and
created the Consolidated Construction Account:
OTHER
ACCOUNT CASH ASSETS
Swager No. 2 $ 4,602 $ 6,295
Swager No. 3, 4 and 5 7,900 11,222
Port of Sunnyside (23,548) 51,804
Total V11.046) S 69.321
The resulting cash deficit of $11,046 will be eliminated within approximately
two years as the City collects the special assessments and other receivables of this
account. The fund balance of this account has been earmarked to finance the pro-
jected deficit of the Storm Sewer Bonds of 1971 Debt Service Account.
G.O. BONDS OF 1977
During 1977 the City issued special assessment bonds in the amount of $100,000
to finance various Public Improvements. These projects were in process at December
31, 1977 and should be completed in 1978. These projects are being financed partially
by bond proceeds and partially by direct charges to developers and other benefiting
property owners.
INTERNAL ACCOUNTING CONTROLS
Our examination included a review of the City's system of internal control. A
system of internal control comprises the plan of organization and all of the coordinate
.- methods and measures adopted within a City to safeguard its assets; check the accuracy
and reliability of its accounting data; promote operational efficiency; and insure
adherence to Council policies and various Federal, State and local statutes.
City of Oak Park Heigh
Comments, Page 17
An accounting system is a part of the overall system of internal control, and it
is the means by which information is accumulated, recorded, classified, summarized and
reported. The prime purpose of any accounting system is to provide complete and
accurate financial information: (1) in proper form, (2) on a timely basis, and (3)
with a minimum of cost.
Current auditing standards now require an auditor to communicate any material
weaknesses in internal accounting controls directly to City Council and /or City
Administrators. Accordingly, we have prepared (as a separate report) our communi—
cation on this topic.
SUMMARY
The following listing is a summary of items which should be recorded, investigated
and /or resolved during 1978.
y 1. Establish and implement procedures to minimize uninvested cash balances
and maximize interest earnings on City monies available for investment.
2. Obtain the required security for bank deposits and implement procedures
to insure full compliance with Minnesota Statutes, Chapter 118.
3. Continue to extend collection procedures on amounts due from developers
_. and connection charges.
4. Establish Trust and Agency accounting for payments for developers, effective
January 1, 1978.
5. Record cash transfers to effect the 1977 interfund audit adjustments.
6. Continue to monitor the City's procedures relating to Revenue Sharing
and Anti — Recession Fiscal Assistance to insure full compliance with the
various rules and regulations of these Federal programs.
City of Oak Park HeighL.3
Comments, Page 18
7. Approve a special "compliance audit" for Revenue Sharing and Anti — Recession
Fiscal Assistance for 1977 and /or 1978.
8. Formally appropriate the Anti — Recession Fiscal Assistance monies received
to date.
9. Continue to monitor the operations (costs and revenues) of the City's Water
and Sewer Utility Accounts to insure adequate levels of net income
10. Levy an additional $25,000 to $30,000 tax levy (in October, 1978 for collection
in 1979) for the Storm Sewer Bonds of 1971.
11. Utilize the G.O. Bonds of 1976 Construction Account surplus to reduce the
projected deficit of the related debt service account and maximize future
interest on investments to eliminate the remaining projected deficit.
12. Consider improvements to the City's internal accounting controls as
recommended in our separate report.
Respectfully submitted,
DE LA HUNT VOTO & CO., LTD.
Certified Public Accountants
CITY OF OAK PART; HEIGHTS, MINNESOTA
COMBINED BALANCE SHEET - ALL FUNDS
DECEMBER 31, 1977
SPECIAL
TOTAL GENERAL REVENUE
ASSETS (NOTE 2) FUND FUND
Cash:
Clerk's Balance (Overdraft) $ 217,951.70 $ 56,086.78 $ (600.80) _
Investments - At Cost 941,448.16 235,590.13 55,342.80
With Paying Agents 12,050.00
Change Fund 50.00 50.00
Total Cash $1,171,499.86 $291,726.91 $ 54,742 00
Due from County 334.23 162.69
Due from Other Governmental Units 296,915.37 3,904.3
Due from Developers 9,608 67 8,319.57
Due from Other Funds 6,754.55 3,612.02
Connection Charges Receivable 30,708.39
Delinquent Taxes Receivable 5,320.24 3,271.43
Special Assessments Receivable 272,500.61
Accounts Receivable - Other 23,408.03 810.44
Fixed Assets - Net 2,724,857.46 _
Amount to be Provided by Future
Tax Levies - Net 1,442,385.00
Total Assets $5.984,292.41 $311,807.38 S 54.742.00
LIABILITIES, RESERVES
AND FUND BALANCE _
Liabilities:
Accounts Payable $ 19,720.58 $ 16,080.21
Contracts Payable 39,803.35 14,707.65 —
Salaries Payable 329.67 272.30 $ 42 . 4 3
Bonds Payable 1,624,000.00
Due to Developers 297 15
Due to Other Governmental Units 13,330.87 5,871.42
Due to Other Funds 6,754.55 1,651.52
Matured Interest Payable 12,050.00 _
Total Liabilities $1,716,286.17 $ 36,931.58 $ 1,693-95
Reserves and Contributions 1,805,981.08 6,121.43
Fund Balance:
Retained Earnings 107,229.33
Unappropriated 1,001,845.27 179,649.37 10,548.05 _
Appropriated 131,605.00 89,105.00 42,500.00
Invested in General Fixed Assets 1,221,345.56
Total Liabilities, Reserves
and Fund Balance $,984,292,41 $311,807.38 $ 4,742.00
STATEMENT 1
CAPITAL SPECIAL GENERAL
PROJECT ENTERPRISE ASSESSMENT FIXED
FUND FUND FUND ASSETS
(UNAUDITED)
$ (1,854.10) $ 91,032.29 $ 73,287.53
82,418.00 568,097.23
12,050.00
$ 80 ,5 6 3.90 $ 91,032 29 $ 653,434.76
171.54
293,011.05
1,289.10
3,142.53
3
2,048.81
272,500.61
22,597.59
1,503,511.90 $1,221,345.56
1,442,385.00
-i S 80,563.90 $1,910,152.83 $2.405.680.74 $1,221,345.56
$ 195.78 $ 927.27 $ 2,517.32
25,095.70
14.94
1,624,000.00
297.15
7,459.45
500.00 4,603.03
_ 12,050.00
$ 195.78 $ 8,901.66 $1,668,563.20
1,794,021.84 5,837.81
107,229.33
80,368.12 731,279.73
$1,221,345.56
$ 80,563.90 $1.910,152.83 $2,405,680.74 $1.221.345.56
'- 1
CITY OF OAK PARK HEIGHTS, MINNESOTA SCHEDULE 1-A
INVESTMENT TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1977
BALANCE 1977 TRANSACTIONS BALANCE
12/31/76 PURCHASES SALES 12/31/77
GENERAL FUND $135,636.37 $ 368,473.95 $268,520.19 $235,590.13
SPECIAL REVENUE FUNDS:
Revenue Sharing $ 23,944.79 $ 31,398.01 $ 55,342.80
CAPITAL PROJECT FUND:
Lawcon Grant $ -0- $ 82,418.00 $ 82,418.00
SPECIAL ASSESSMENT FUNDS:
G.O. Bonds of 1967
and 1968 $271,373.38 $ 372,817.73 $233,711.17 $410,479.94
$249,000 G.O. Bonds
of 1976 -0- 145,061.83 145,061.83
$100,000 G.O. Bonds
of 1977 -0- 12,555.46 12,555.46
Total Special
Assessment Funds $271,373.38 $ 530,435.02 $233,711.17 $568,097.23
Total $430,954.54 $1,012,724.98 $502.231.36 $941.448.16
— 2
CITY OF OAK PARK HEIGHTS, MINNEtOTA
SCHEDULE OF INTERFUND AUDIT ADJUSTMENTS
DECEMBER 31, 1977
DUE TO DUE FROM
Completed Construction
G.O. Bonds of 1967 and 1868
G.O. Bonds of 1967 and 1968
G.O. Storm Sewer Improvement Bonds of�1971
General
Revenue Sharing
General
$100,000 G.O. Bonds of 1977
G.O. Bonds of 1967 and 1968
G.O. Storm Sewer Improvement Bonds of 1971
$249 ,000 G.O. Bonds of 1976 _
Completed Construction
General
Water Operating
Total Due from Other Funds —
Total Due to Other Funds
SCHEDULE 1 -B
DUE FROM DUE TO
OTHER OTHER
FUNDS FUNDS EXPLANATION
_ $ 598.00
$ 598.00 To reclassify special assessment prepayments collected
by City.
460. oo
460.00 To reclassify special assessment prepayments collected
by City.
1,651.52
1,651.52 To reclassify expenditures for parks chain link fencing
project.
1,460.50
1,460.50 To reclassify Oren Avenue construction costs.
2,084.53
75.12
_. 123.80
1,885.61 To reclassify tax collections.
_ 500.00
500.00 To reclassify insurance reimbursement for damage done
to file cabinets.
S 6,754.55
$ 6.754.55
3
CITY OF OAK PARK HEIGHTS, MINNESOTA
CONSTRUCTION COSTS BY PROJECT
FOR THE YEAR ENDED DECEMBER 31, 1977
LEGAL
FISCAL —
CONTRACTOR ENGINEERING EASEMENTS
GENERAL FUND
Olene Avenue Landscaping $ 2,460.00 $ 2,405.94 $ 160.00
1977 Street Seal Coat Project 27,709.65 3,101.46
Tennis Court Resurfacing 5,125 50 566.04
Total General Fund Construction
in Progress $ 35,295.15, $ 6,073.44 $ 160.00
SPECIAL REVENUE FUNDS
Revenue Sharing
Parks Chain Link Fencing (Completed
Construction Capitalized) $ 19,175.91 $ 2,067.18
CAPITAL PROJECTS FUND
Lawcon Grant Park Improvements S 2.049.88
Capital Projects Fund Construction
in Progress
SPECIAL ASSESSMENT FUNDS
$249,000 G.O. Bonds of 1976:
Swager #6 Streets $ 41,818.06 $ 5,944.22 $ 75.00
$100,000 G.O. Bonds of 1977:
1977 Sewer and Water Extensions 101,733.37 13,003.66 1,355.00
Total Special Assessment Funds $143,551.43 $ 18.947.88 $ 1.430.00
Less: Completed Construction
Capitalized
Special Assessment Funds -
Construction in Progress
SCHEDULE 1-C
TOTAL PRIOR CURRENT LIABILITIES
OTHERS COSTS YEARS YEAR 12/31/77
$ 5,025.94 $ 2,512.14 $ 2,513.80
$ 52.54 30,863.65 22,252.73 8,610.92
90.30 5,781.84 656.34 5,125.50
$ 142.84 $ 41.671.43, $ 25.421.21 $ 16.250.22
$ 51.84 $ 21.294.9.E $ 19.643.41 $ 1.651.52
$ 2,049.88 $ 1.854.10 $ 195.78
$ 2.049.88
$ 88.56 $ 47,925.84° $ 26,082.26 $ 21,843.58
322.68 116,414.71 87,341.19 $ 29,073.52
$ 411.24 $164,340.55 $ 26,082.26 $109.184.71 $ 29.073.52
47,925-84*
$116.414.71
4
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF BONDS PAYABLE _
FOR THE YEAR ENDED DECEMBER 31, 1977
BOND ISSUE DATE OF ISSUES 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, 5.0
General Obligation Storm Sewer Improvement
Bonds of 1971 May 1, 1971 .5.4, 5.5, 5.6, 5.7
$249,000 General Obligation Bonds of 1976 October 1, 1976 4.0, 4.2, 4.4, 4.6,
4.8, 5.0, 5.1, 5.2,
5.3
$100,000 General Obligation Improvement
Bonds of 1977 November 1, 1977 4.5
Totals - Note 3
SCHEDULE 1 -D
BONDS BON DS
PRIOR PERIOD PAYABLE CURRENT PERIOD PAYABLE
ISSUED RETIRED 12/31/76 ISSUED RETIRED 12/31/77
$ 825,000.00 $110,000.00 $ 715,000.00 $ 30,000.00 $ 685,000.00
4go,000.00 30,000.00 46o,000,00 10,000.00 450,000.00
173,000.00 23,000.00 150,000.00 10,000.00 )40,000.00
249,000.00 249,000.00 249,000.00
$100,000.00 100,000.00
1! - , 7.37.000.00 $163.000.00 $1,574,000.00 $100,000.00 $ 50,000.00 $1,624,000.00
5
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED CONDENSED STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS - ALL FUNDS
FOR THE YEAR ENDED DECEMBER 3 1977 --
CLERK'S RECEIPTS _
BALANCE .�
FUND 12/31/76 REVENUE TRANSFERS IN
General Fund $133,179.14 $347,835.37 $ 921.60
Special Revenue Funds 10,577.83 36,678.42 21,450.17
Capital Project Fund -0- 82,418.00
Enterprise Funds 86,331.99 110,928.33 202.93
Special Assessment Funds 187,448.84 404,604.15 54,729.96
Totals - Note 2 X 417,537.80 $982.464.27 $ $ 77, 304.66 _
STATEMENT 2
CLERK'S
_ DISBURSEMENTS BALANCE
SALE OF TRANSFERS PURCHASE OF (OVERDRAFT)
INVESTMENTS TOTAL EXPENDITURES OUT INVESTMENTS 12/31/77
$268,520.19 $ 750,456.30 $304,445.40 $ 21,450.17 $ 368,473.95 $ 56,086.78
68,706.42 37,909.21 31,398.01 (600.80)
82,418.00 1,854.10 82,418.00 (1,854.10)
197,463.25 92,928.03 13,502.93 91,032.29
233,711.17 880,494.12 234,420.01 42,351.56 530,435.02 73,287.53
5502.231.36 $1,979,538.09 ,_ 6Z1,556.75 $ 77,304 $1,012.724.98 $217,951.70
6
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 3
GENERAL FUND
— BALANCE SHEET
DECEMBER 31, 1977
_ ASSETS
Cash:
Clerk's Balance $ 56,086.78
Investments - At Cost 235,590.13
Change Fund 50.00
Total Cash $291,726.91
._ Due from County 162.69
Due from Other Governmental Units 3,904.32
Due from Developers 8,319.57
Due from Other Funds 3,612.02
... Delinquent Taxes Receivable 3,271.43
Accounts Receivable - Other 810.44
"- Total Assets $311.807.38
_ LIABILITIES, RESERVES AND FUND BALANCE
Liabilities:
Accounts Payable $ 16,080.21
Contracts Payable 14,707.65
Salaries Payable 272.30
Due to Other Governmental Units 5,871.42
Total Liabilities $ 36,931.58
Reserves:
Change Fund $ 50.00
Delinquent Taxes Receivable 3,271.43
Annexation Deposit 2,800.00
Total Reserves 6,121.43
Fund Balance:
Unappropriated $179,649.37
Appropriated 89,105.00
Total Fund Balance 268,754.37
Total Liabilities, Reserves
and Fund Balance $311,807.38
7
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 4
GENERAL FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 1977
FUND BALANCE - December 31, 1976 $239,502.79
ADDITIONS:
Revenue:
General Property Taxes $190,949.70
-- Local Government Aid 77,386.06
Interest on Investments 9,953.76
Reimbursement from Revenue Sharing Fund
for Parks Chain Link Fencing Project 1,405.49
Other 42,027.52
Total Additions 321,722.53
Total $561,225.32
DEDUCTIONS:
Expendi to res:
Current Expense $248,461.58
Capital Outlay 2,337.94
Construction Costs:
Olene Avenue Landscaping 5,025.94
1977 Street Seal Coat Project 30,863.65
Tennis Court Resurfacing 5,781.84
Total Deductions 292,470.95
FUND BALANCE - December 31, 1977 $268,754.37
NOTE: At December 31, 1977, the City Council had appropriated $89,105.00 of the above
—' Fund Balance as follows:
Lawcon Grant Matching Funds $ 55,000.00
.-. 1978 Operations 19,105.00
Future Building Expansion 15,000.00
Total $ 89.105.00
8
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 5
GENERAL FUND
SUMMARY STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1977
CASH - CLERK'S BALANCE - December 31, 1976 $133,179.14
RECEIPTS:
Revenue - Schedule 5 -A $318,571.45
Collections and Withholding for Other
Governmental Units 29,263.92
Transfers In 921.60
Sale of Investments 268,520.19
Total Receipts 617,277.16
Total $750,456.30
DI SBURSEMENTS:
Expenditures - Schedule 5-13 $275,160.91
Remittances to Other Governmental Units 29,284.49
Transfers Out 21,450
Purchase of Investments 368,473.95
Total Disbursements 694,369.52
CASH - CLERK'S BALANCE - December 31, 1977 $ 56.086.78
9
CITY OF OAK PARK HEIGHTS, MINNtSOTA SCHEDULE 5-A
GENERAL FUND
STATEMENT OF REVENUE RECEIPTED COMPARED TO BUDGET
FOR THE YEAR ENDED DECEMBER 31; 1977
OVER
(UNDER)
ACTUAL BUDGETED BUDGET
REVENUE:
General Property Taxes:
Current and Delinquent $182,984.80
Other 1,731.40
Licenses:
Dog 739.00
Cigarette 204.00
Contractor Registration 700.00
Liquor 405.00
Tavern and Sunday 2,420.00
Amusement 200.00
Permits:
Building 2,386.75
Plumbing and Heating 1,679.
Fines and Forfeits 2,793.5
Interest on Investments 9,953.76
Intergovernmental Revenue:
Homestead Credit 7,969.08
Local Government Aid 77,386.06
C.E.T.A. 8,106.14
Machinery Aid 179.45
Diseased Tree Removal Aid 2,759.09
Police Aid 4,831.13
Charges for Current Services:
General Government 6,733.17
Dog Release Fee 143.32
` Recreation 92.53
Other:
Insurance Policy Adjustments 2
Insurance Recoveries 789.40
Refunds and Reimbursements 479.72
Donations 200.00
r
Sale of Police Cars 427.00
Total Revenue Receipted $318,571.45 $270,395.00 S 48.176.45
r
10
r
CITY OF OAK PARK HEIGHTS, MINNESOTA SCHEDULE 5 -B
GENERAL FUND
STATEMENT OF EXPENDITURES DISBURSED COMPARED TO BUDGET
FOR THE YEAR ENDED DECEMBER 31, 1977
OVER
(UNDER)
EXPENDITURES: ACTUAL BUDGETED BUDGET
—
General Government:
Mayor and Council:
Current Expense $ 46,912.09 $ 42,600.00 $ 4,312.09
City Clerk:
Current Expense 14,958.25 15,000.00 (41.75)
Capital Outlay 135.58 4,000.00 (3,864.42)
Planning and Zoning:
Current Expense 10,387.09 5,000.00 5,387.09
City Hall and Building:
Current Expense 3,810.62 5,750.00 (1,939.38)
Public Safety:
Police Department:
-- Current Expense 92,765.52 100,000.00 (7,234.48)
Capital Outlay 1,350.66 1,350.66
Fire Protection:
Current Expense 1,505.00 10,000.00 (8,495.00)
Protective Inspection:
Current Expense 3,712.24 3,700.00 12.24
Highways:
Streets and Alleys:
Current Expense 3,170.61 9,000.00
Snow and Ice Removal: (5, 82 9.39)
Current Expense 5,983.00 12,000.00 (6,017.00)
Street Lighting:
Current Expense 13,450.51 15,000.00 (1,549.49)
Arborist:
Current Expense 1,370.00 2,600.00 (1,230.00)
Sanitation and Waste Removal:
Refuse Collection and Disposal:
Current Expense 18,949.80 15,000.00 3,949.80
Tree Removal and Planting:
Current Expense 7,457.00 11,000.00
Recreation: (3,543.00)
Parks, Playgrounds and Rinks:
Current Expense 21,380.20 24,000.00 (2,619.80)
Capital Outlay 730.00 730.00
Refunds and Reimbursements 5.00 5.00
Construction Costs 27,127.74 15,000.00 12,127.74
Total Expenditures Disbursed $275.160.91 $289.650.00 $(14.489.09,)
r
r
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 6
SPECIAL REVENUE FUNDS
BALANCE SHEET
DECEMBER 31, 1977
ANTI -
RECESSION
REVENUE FISCAL
ASSETS TOTAL SHARING ASSISTANCE
Cash:
Clerk's Balance (Overdraft) $ ( 600.80) $ (600.80)
Investments - At Cost 55,342.80 $ 55,342.80
Total Assets $ 54.742.00 $ 55, 342.80 $ (600.80)
LIABILITIES AND FUND BALANCE
Liabilities:
Salaries Payable $ 42.43 $ 42.43
Due to Other Funds 1,651.52 $ 1,651.52
Total Liabilities $ 1,693.95 $ 1,651.52 $ 42.43
_. Fund Balance (Deficit):
Unappropriated $ 10,548.05 $ 11,191.28 $ (643.23)
Appropriated 42,500.00 42,500.00
Total Fund Balance (Deficit) $ 53,048.05 $ 53,691.28 $ (643.23)
Total Liabilities and
Fund Balance $ 54.742.00 $ 55,342.80 $ (600.80)
r
` 12
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 7
SPECIAL REVENUE FUNDS
STATEMENT OF CHANGES IN FUND BALANCE
.r FOR THE YEAR ENDED DECEMBER 31, 1977
.—
ANTI-
RECESSION
REVENUE FISCAL
TOTAL SHARING ASSISTANCE
FUND BALANCE - December 31, 1976 $ 55,240.29 $ 53,651.79 $ 1,588.50
ADDITIONS:
Revenue:
Federal Entitlements $ 35,352.00 $ 33,256.00 $ 2,096.00
,., Interest on Investments 1,326.42 1,326.42
Total Additions $ 36,678.42 $ 34,582.42 $ 2,096.00
Total $ 91,918.71 $ 88,234.21 $ 3,684.50
DEDUCTIONS:
Expenditures:
Personal Services $ 4,327.73 $ 4,327.73
Contractural Services 3,498.00 $ 3,498.00
Capital Outlay - Police 9 , 750 -00 9,750,00
Construction Costs 21,294.93 21,294.93
Total Deductions $ 38,870.66 $.34,542.93 $ 4,327.73
FUND BALANCE (DEFICIT) -
December 31, 1977 $ 53.048.05 $ 53,691.28 $ (643.23)
-� NOTE: At December 31, 1977, the City Council had appropriated $42,500.00 of the
Revenue Sharing Fund Balance.
13
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT '8
REVENUE SHARING SPECIAL REVENUE FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS COMPARED TO BUDGET
FOR THE YEAR ENDED DECEMBER 31, 1977
OVER
-- (UNDER)
ACTUAL BUDGETED BUDGET
y CASH - CLERK'S BALANCE -
December 31, 1976 $ 8,256.83
RECEIPTS:
-' Revenue:
Federal Entitlements $ 33,256.00 $ -0- $ 33,256.00
Interest on Investments 1,326.42 -0- 1,326.42
Total Revenue $ 34,582.42 $ -0- S 34.582.42
Transfers In 21,450.17
Total Receipts $ 56,032.59
Total $ 64,289.42
DISBURSEMENTS:
-- Expenditures:
Contractural Services $ 3,498.00 $ -0- $ 3,498.00
Capital Outlay - Police 9,750.00 -0- 9,750.00
Construction Costs 19,643.41 -0- 19,643.41
Total Expenditures $ 32,8,91.41 $ -0- $ 32.891.41
Purchase of Investments 31,398.01
Total Disbursements $ 64,289.42
CASH - CLERK'S BALANCE (OVERDRAFT) -
December 31, 1977 S -0-
NOTE: The Revenue Sharing Fund was not budgeted for in 1977.
14
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 9
ANTI-RECESSION FISCAL ASSISTANCE SPECIAL REVENUE FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS COMPARED TO BUDGET
FOR THE YEAR ENDED DECEMBER 31, 1977
'- OVER
(UNDER)
ACTUAL BUDGETED BUDGET
-.. CASH - CLERK'S BALANCE -
December 31, 1976 $ 2,321.00
RECEIPTS:
Revenue:
Federal Entitlements 2,096.00 $ ..0- $ 2.096.00
Total $ 4,417.00
DISBURSEMENTS:
Expend tures:
Personal Services 5,017.80 $ _O_ ,$ 5,017.80
CASH .. CLERK'S BALANCE
December 31, 1977 $ (600.80)
NOTE: The Anti - Recession Fiscal Assistance Fund was not budgeted for 1977.
15
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 10
LAWCON GRANT CAPITAL PROJECT FUND
BALANCE SHEET
DECEMBER 31, 1977
ASSETS
Cash:
Clerk's Balance (Overdraft) $ ( 1,854.10)
Investments 82,418.00
Total Assets $ 80,563.90
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts Payable $ 195.78
Fund Balance 80,368.12
Total Liabilities and Fund Balance $ 80.563.90
16
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 11
LAWCON GRANT CAPITAL PROJECT FUND
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 1977
FUND BALANCE - December 31, 1976 $ - 0-
ADDITIONS:
Revenue:
Grant Proceeds $ 80,000.00
Interest on Investments 2,418.00 82,418.00
Total $ 82,418.00
DEDUCTIONS:
Expenditures:
Construction Costs 2,049.88
FUND BALANCE - December 31, 1977 $ 80.368.12
17
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT_ 12
LAWCON GRANT CAPITAL PROJECT FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1977
CASH - CLERK'S BALANCE - December 31, 1976 $ -0-
RECEIPTS:
Revenue:
Grant Proceeds $ 80,000.00
Interest on Investments 2,418.00
Total Receipts 82,418.00
Total $ 82,418.00
DISBURSEMENTS:
Expenditures:
Construction Costs $ 1,854.10
Purchase of Investments 82,418.00
Total Disbursements 84,272.10
CASH - CLERK'S BALANCE (OVERDRAFT) -
December 31, 1977 S (1,854.10)
r 18
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 13
ENTERPRISE FUNDS
BALANCE SHEET
DECEMBER 31, 1977
WATER SEWER
ASSETS TOTAL OPERATING OPERATING
CURRENT ASSETS:
Cash - Clerk's Balance $ 91,032.29 $ 43,338.97 $ 47,693.32
Accounts Receivable - General
Customers 22,597.59 11,783.32 10,814.27
Total Current Assets $ 113,629.88 $ 55,122.29 $ 58,507.59
UTILITY PLANT IN SERVICE AT COST:
Buildings and Structures $ 304,575.59 $304,575.59
Machinery and Equipment 50,775.20 47,130.92 $ 3,644.28
Distribution and Collection Systems 1,356,404.89 556,822.50 799,582.39
Totals $1,711,755.68 $908,529.01 $ 803,226.67
Less: Allowance for
Depreciation 208,243.78 97,242.53 111,001.25
Net Fixed Assets $1,503,511.90 $811,286.48 $ 692,225.42
OTHER ASSETS:
Due from Metropolitan Waste
Control Commission $ 293,011.05 $ 293,011,05
Total Assets $1,910,152.83 $866.408.77 $1,043,744.06
LIABILITIES, RESERVES, CONTRI-
BUTIONS AND RETAINED EARNINGS
CURRENT LIABILITIES:
Accounts Payable $ 927.27 $ 704.11 $ 223.16
_ Salaries Payable 14.94 14.94
Due to Other Funds 500,00 500.00
Due to Other Governmental Units 7,459.45 443.81 7,015.64
Total Liabilities $ 8,901.66 $ 1,647.92 $ 7,253.74
RESERVES AND CONTRIBUTIONS:
Meter Deposits $ 33,093.24 $ 33,093.24
Metropolitan Waste Control
Commission Credits 293,011.05 $ 293,011.05
Contributions from Special Assess-
_ ment Funds - Net 1,467,917.55 777,464.30 690,453.25
Total Reserves and
Contributions $1,794,021.84 $810,557.54 $ 983,464,30
-' RETAINED EARNINGS $ 107,229.33 $ 54,203.31 $ 53,026.02
Total Liabilities,
Reserves, Contributions
and Retained Earnings $1,910,152.83 $866,408.ZZ $1,043,744.06
19
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 14
ENTERPRISE FUNDS
STATEMENT OF CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1977
WATER SEWER
TOTAL OPERATING OPERATING
UNAPPROPRIATED FUND BALANCE -
December 31, 1976 $ 49,270.38 $ 12,826.27 $ 36,444.11
ADJUSTMENT:
Reclassification of Fund Balance
Invested in Fixed Assets and Net
Fixed Assets Contributed by
Special Assessment Funds - Net 36,153.70 33,798.63 2,355.07
RETAINED EARNINGS - January 1, 1977 $ 85,424.08 $ 46,624.90 $ 38,799.18
ADDITIONS:
Net Income - Statement 15 21,805.25 7,578.41 14,226.84
RETAINED EARNINGS - December 31, 1977 $107,229.33 $ 54,203.31 ,53.026.02
20
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 1.5
ENTERPRISE FUNDS
_ STATEMENT OF INCOME AND EXPENSE
FOR THE YEAR ENDED DECEMBER 31, 1977
WATER SEWER
TOTAL OPERATING OPERATING
INCOME:
Operating Income:
Customer Billings $ 77,346.70 $ 41,182.05 $ 36,164.65
-- Other Income:
Plumbing Permits 616.00 304.00 312.00
Penalties 1,258.17 620.23 637.94
Refunds and Reimbursements 1,663.12 770.66 892.46
Sewer Availability Service Charge 149.75 149.75
Total Income $ 81,033.74 $ 42,876.94 $ 38,156.80
EXPENSES:
Operating:
Salaries $ 9,491.02 $ 9,240.08 $ 250.94
-- Personal Services 534.50 534.50 - 0 -
Materials and Supplies 1,774.85 1,170.47 604.38
Fixed Charges 67.00 37.00 30.00
Contractual Services 44,088.33 21,626.59 22,461.74
Total Operating Expenses $ 55,955.70 $ 32,608.64 $ 23,347.06
OPERATING INCOME BEFORE DEPRECIATION $ 25,078.04 $ 10,268.30 $ 14,809.74
DEPRECIATION:
On Assets Acquired from Own Funds (3,272.79) (2,689.89) (582.90)
On Assets Acquired from Contributed
Assets (33,219.61) (17,227.96) (15,991.65)
NET INCOME (LOSS) $(11,414.36) $ (9,649.55) $ (1,764.81)
ADD:
Credit Arising from Transfer of
Depreciation to Contributions
from Special Assessment Funds 33,219.61 17,227.96 15,991.65
-- NET INCOME TRANSFERRED TO
RETAINED EARNINGS S 21.805.25 S 7.578.41 S 14.226.84
21
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 16
-- ENTERPRISE FUNDS
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEARS ENDED DECEMBER 31, 1977
WORKING CAPITAL WAS PROVIDED BY:
Operations:
Net Income (Loss) - Statement 15 $(11,414.36)
Add: Depreciation - An Expense not Requiring
Working Capital 36,492.40
Total Working Capital Provided by Operations $ 25,078.04
Increase in Reserve for Meter Deposits 1,958.82
Total Working Capital Provided $ 27,036.86
WORKING CAPITAL WAS APPLIED TO:
Purchase of Fixed Assets 2,713.44
INCREASE IN WORKING CAPITAL $ 24.323.42
WORKING CAPITAL WAS AS FOLLOWS:
DECEMBER 31, INCREASE
1977 1976 (DECREASE)
,,. CURRENT ASSETS
Cash - Clerk's Balance $ 91,032.29 $ 86,331.99 $ 4,700.30
Due from Other Funds 202.93 (202.93)
Accounts Receivable - General
-' Customers 22,597.59 20,527.90 2,069.69
Total Current Assets $113,629.88 $107,062.82 $ 6,567.06
CURRENT LIABILITIES
Accounts Payable $ 927.27 $ 2,386.76 $ (1,459.49)
Accounts Payable - Other Funds 13,300,00 (13,300.00)
Salaries Payable 14.94 14.94
Due to Other Funds 500.00 202.93 297.07
Due to Other Governmental Units 7,459.45 10,768.33 (3,308.88)
Total Current Liabilities $ 8,901.66 $ 26,658.02 $(17,756.36)
WORKING CAPITAL $104.728.22 $ 80.404.80 $ 24, 323.42
22
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT FUNDS
BALANCE SHEET
DECEMBER 31, 1977
G.O. BONDS r
OF 1967
ASSETS TOTAL AND 1968
Cash:
Clerk's Balance (Overdraft) $ 73,287.53 $ 15,104.49
Investments - At Cost 568,097.23 410,479.94
With Paying Agents 12,050.00
Total Cash (Overdraft) $ 653,434.76 $ 425,584.43
Due from County 1 7 1 .5 4 1 5 8 .7 1 r
Due from Other Funds 3,142.53 2,544.53
Due from Developers 1,289.10
Connection Charges Receivable 30,708.39 15,958.39
Special Assessments Receivable:
Delinquent 4,360.67 2,745.40
Deferred 268,139.94 165,307.76
Delinquent Taxes Receivable 2,048.81 1,835.78 r
Amount to be Provided from Future Tax
Levies - Net 1,442,385.00 1,235,285.00
r
Total Assets $2,405.680.74 $1,849,420.00
LIABILITIES, RESERVES AND FUND BALANCE
Liabilities:
Bonds Payable $1,624,000.00 $1,135,000.00 _
Accounts Payable 2,517.32
Contracts Payable 25,095.70
Due to Other Funds 4,603.03 598.00 _
Due to Developers 297.15
Matured Interest Payable 12,050.00
Total Liabilities $1,668,563.20 $1,135,598.00
Reserves:
Delinquent Taxes 2,048.81 1,835.78
Developers' Deposits 3,789.00
Fund Balance (Deficit):
Debt Service Accounts 635,694.31 711,986.22
Construction Accounts 95,585.42 r
Total Liabilities, Reserves
and Fund Balance $2.405,680.74 $1.849,420.00
r
STATEMENT 17
G. 0. STORM
_
SEWER
IMPROVEMENT $249,000 $100,000
BONDS G.O. BONDS G.O. BONDS CONSOLIDATED
OF 1971 OF 1976 OF 1977 CONSTRUCTION
$ 19,788.34 $ 20,156.21 $ 29,284.31 $(11,045.82)
145,061.83 12,555.46
520.00 11,530.00
$ 20,308.34 $176,748.04 $ 41,839.77 $(11,045.82)
8.55 4.28
598.00
502.50 545.00 241.60
14,750.00
104.27 1,511.00
1,748.72 45,169.44 55,914.02
137.95 75.08
146,300.00 60,800.00
$168.6oZ.8 $284,810.34 $ 42,384.77 $ 60,457.80
$140,000.00 $249,000.00 $100,000.00
2,517.32
25,095.70 .
535.12 123.80 1,460.50 $ 1,885.61
'- 297.15
520.00 11,530,00
$141,055.12 $260,653.80 $129,073.52 $ 2,182.76
137.95 75.08
3,789.00
27,41 4.76 (8,206.67) (95,500.00)
r' 32,288.13 5,022.25 58,275.04
— $168,607.83 $284,810.34 S 42,384.77 $ 60,457.80
23
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT FUNDS
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 1976
G. 0. BONDS
OF 1967
TOTAL AND 1968
FUND BALANCE - December 31, 1976 $ 804,427.55 $730,511.57
ADDITIONS:
Revenue:
Interest on Assessments $ 27,515.63 $ 12,164.97
Interest on Investments 19,478.54 17,888.86
Interest on Penalties and Connection
Charges 1,706.82 1,706.82
Connection Charges 13,488.00 2,988.00
Tax Collections in Excess of 95% 3,604.50 2,734,62 ,
New Assessments Adopted 49,107.78
Developers' Escrow Deposits 23,884.00
Proceeds from the Sale of Bonds 98,437.5
Total Revenue $ 237,222.77 $ 37,483.27
Transfers In 105,371.74
Total Additions $ 342,594.51 $ 37,483.27
Total $1,147,022.06 $767,994.84
DEDUCTIONS:
Expenditures:
Interest on Bonds $ 75,017.50 $ 55,845.00
Paying Agents' Charges 217,74 163.62
Construction Costs 135,135.35
Total Expenditures $ 210,370.59 $ 56,008.62
Increase in Bonds Payable 100,000.00
Transfers Out 105,371.74 -
Total Deductions $ 415,742.33 $ 56,008.62
FUND BALANCE - December 31, 1977 $ 731,279.73 $711.986.22 -
STATEMENT 18
PAGE 1
G. 0. STORM
SEWER
-� IMPROVEMENT SWAGER SWAGER
BONDS NO. 2 SEWER NO. 3, 4
OF 1971 AND WATER AND 5
$ 34,262.71 $ 10,235.05 $ 17,697.40
$ 187.26 $ 662.40 $ 1,424.92
632.58
$ 819.84 $ 662.40 $ 1,424.92
$ 819.84 $ 662.40 $ 1,424.92
$ 35,082.55 $ 10,897.45 $ 19,122.32
$ 7,642.50
25.29
$ 7,667.79
$ 10,897.45 S 19,122.32
$ 7,667.79 $ 10,897.45 $ 19,122.32
S 27,414.76 S -0- S -0-
24
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT FUNDS
STATEMENT OF CHANGES IN FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 1977
$249,000 G.O.
PORT OF CONSTRUCTION
SUNNYSIDE ACCOUNTS
FUND BALANCE (DEFICIT) -
December 31, 1976 $ 25,033 82 $ 51,008.77
ADDITIONS:
Revenue:
Interest on Assessments $ 3,221.45
Interest on Investments
Connection Charges
Tax Collections in Excess of 95%
New Assessments Adopted
Developers' Escrow Deposits ,
Proceeds from the Sale of Bonds
Total Revenue $ 3,221.45
Transfers In 23,548.35
Total Additions $ 26,769.80
Total $ 51,803.62 $ 51,008.77
DEDUCTIONS:
Expenditures:
Interest on Bonds
Paying Agents' Charges
Construction Costs $ 18,720.64
Total Expenditures $ 18,720.64
Increase in Bonds Payable
Transfers Out $ 51,803.62
Total Deductions $ 51,803.62 $ 18,720.64
FUND BALANCE (DEFICIT) -
December 31, 1977 $ -0- $ 32.288.13
STATEMENT 18
PAGE 2
_-- BONDS OF 1976 $100,000 G.O. BONDS OF 1977
DEBT SERVICE CONSTRUCTION DEBT SERVICE CONSOLIDATED
ACCOUNTS ACCOUNTS ACCOUNTS CONSTRUCTION
$ (64,321.77) $ -0- $ -0- $ -D-
$ 9,854.63
1,574.22 $ 15.46
-- 6,900.00 3,600.00
237.30
49,107.78
23,884.00
93,937.50 $ 4,500.00
$ 67,673.93 $121,436.96 $ 4,500.00
$ 81,823.39
$ 67,673.93 $121,436.96 $ 4,500.00 $ 81,823.39
$ 3,352.16 $121,436.96 $ 4,500.00 $ 81,823.39
$ 11,53
28.83
$116,414.71
$ 11,558.83 $116,414.71
'- $100,000.00
$ 23,548.35
$ 11,558.83 $116,414.71 $100,000.00 $ 23,548.35
S (8.206.67) S 5.022.25 S(95.500.00) S 58.275.04
25
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT FUNDS
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1977
G.O. BONDS
OF 1 967
TOTAL AND 1968
CASH - CLERK'S BALANCE (OVERDRAFT)
December 31, 1976 $187,448.84 $126,090.48
RECEIPTS:
Revenue:
General Property Taxes $ 78,944.97 $ 63,831.07
Special Assessments: '
Collected by County 62,747.94 26,019.79
Collected by City 100,075.30 11,075.06
Connection Charges 16,024.18 5,524.18
Interest on Investments 19,478.54 17,888.86
Interest and Penalties on Connection
Charges 1,706.82 1,706.82
Interest on Prepaid Assessments 60.90
Proceeds from the Sale of Bonds 98,437.50
Developers' Escrow Deposits 27,128.00
Total Revenue $404,604.15 $126,045.78
Transfers In 54,729.96
Sale of Investments 233,711.17 233,711.17
Total Receipts $693,045.28 $359,756.95
Total $880,494.12 $485,847.43
DI SBURSEMENTS:
Expenditures:
Debt Retirement:
Principal $ 50,000.00 $ 40,000.00
Interest 75,017.50 55,845.00
Paying Agents' Charges 217.74 163.62
Construction Costs 109,184.77
Total Expenditures $234,420.01 $ 96,008.62
Transfers Out .42,351-56 1,916.59
Purchase of Investments 530,435.02 372,817.73 _
Total Disbursements $807,206.59 $470,742.94
CASH -• CLERK'S BALANCE (OVERDRAFT)
December 31, 1977 $ 73,287.5 15.104.49
STATEMENT 19
PAGE 1
G.O. STORM
SEWER
IMPROVEMENT SWAGER SWAGER
BONDS NO. 2 SEWER NO. 3, 4
OF 1971 AND WATER AND 5
$ 26,053.98 $ 1,722.08 $(12,131.63)
$ 10,130.88
435.72 $ 1,478.93 $ 2,877.80
815.96 1,242.00 3,262.52
$ 11,382.56 $ 2,720.93 $ 6,140.32
159.90 289.02 14,025.40
$ 11,542.46 $ 3,009.95 $ 20,165.72
$ 37,596.44 $ 4,732.03 $ 8,034.09
$ 10,000.00
7,642.50
25.29
$ 17,667.79
140.31 $ 4,732.03 $ 8,034.09
$ 17,808.10 $ 4,732.03 $ 8,034.09
$ 19.788.34 $ -0- S -0-
26
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT FUNDS
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1977
$249,000
PORT OF G. 0. BONDS
SUNNYSIDE OF 1976
CASH - CLERK'S BALANCE (OVERDRAFT) -
December 31, 1976 $(31,130.51) $ 79,903.03
RECEIPTS:
Revenue:
General Property Taxes $ 4,983.02
Special Assessments:
Collected by County $ 6,677.59 25,258.11
Collected by City 83,679.76
Connection Charges 6,900.00
Interest on Investments 1,574.22
Interest on Prepaid Assessments 60.90
Proceeds from the Sale of Bonds _
Developers' Escrow Deposits
Total Revenue $ 6,677.59 $122,456.01
Transfers In 24,694.52
Total Receipts $ 31,372.11 $122,456.01
Total $ 241.60 $202,359.04
DISBURSEMENTS:
Expenditures:
Debt Retirement: _
Interest $ 11,530.00
Paying Agents' Charges 28.83
Construction Costs 21,843.58
Total Expenditures $ 33,402.41
Transfers Out $ 241.60 3,738.59
Purchases of Investments 145,061.83
Total Disbursements $ 241.60 $182,202.83
CASH - CLERK'S BALANCE (OVERDRAFT)
December 31, 1977 $ -0- $ 20.156.21
STATEMENT 19
PAGE 2
BEAU DET PELLAR
ADDITION AVENUE $100,000
SEWER AND SEWER G. 0. BONDS CONSOLIDATED
WATER AND WATER OF 1977 CONSTRUCTION
$ (2,407.00) $ (651.59) $ - 0 - $ - 0 -
$ 3,600.00
15.46
_ 9831437.50
27,128.00
$129,180.96
$ 2,407.00 $ 651.59 $ 12,502.53
$ 2,407.00 $ 651.59 $129,180.96 $ 12,502.53
$ -0- $ -0- $129,180.96 $ 12,502.53
$ 87,3
$ 87,341.19
$ 23,548.35
12,555.46
$ 99,896.65 $ 23,548.35
S -0- $ -0- S 29.284.31 $(11.045.82)
_ 27
CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 20
STATEMENT OF GENERAL FIXED ASSETS
-- DECEMBER 31, 1977
(UNAUDITED)
CONSTRUCTION GENERAL
WORK IN FIXED
TOTAL PROGRESS ASSETS
Land $ 75,000.00 $ 75,000.00
Buildings and Structures 94,931.33 94,931.33
—" Machinery and Equipment 46,237.38 46,237.38
Furniture and Fixtures 6,465.55 6,465.55
Other Improvements 998,711.30 $160,136.02 838,575.28
Total $1,221,345.56 $160.136.02 $1,061,209.54
28
CITY OF OAK PARK HEIGHTS, MINNESOTA
FOOTNOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1977
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Oak Park Heights conform to general-
ly 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 and Special Revenue Funds 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
expenditures 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.
— STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS - The accompanying Statements
of Cash Receipts and Disbursements are presented on the cash basis.
29
CITY OF OAK PARK HEIGHTS, MINNESOTA
FOOTNOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1977
NOTE 2 - The "Total" columns of the Combined Balance Sheet and Summary Statements 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 indica-
tive 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
r assessment bonds payable.
30
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 analy-
tical 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
SCHEDULE OF DEBT SERVICE PAYMENTS UNTIL MATURITY
DECEMBER 31, 1977
(CENTS OMITTED)
G.O. STORM
SEWER $100,000
G.O. BONDS IMPROVEMENT $249,000 IMPROVEMENT
OF 1967 BONDS OF G.O. BONDS BONDS
TOTAL AND 1968 1971 OF 1976 OF 1977
Bonds Payable $1,624,000 $1,135,000 $140,000 $249,000 $100,000
Future Interest
Payable 749,935 624,640 54,035 53,260 18,000
Totals $2,373,935 $1.759.640 $194,035 $302,260 $118,000
Year of Maturity:
1978 $ 161,245 $ 94,015 $ 17,200 $ 45,530 $ 4,500
1979 178,595 92,185 16,740 45,170 24,500
1980 183,915 100,355 16,260 43,700 23,600
1981 178,665 98,045 15,760 42,160 22,700
1982 173,335 95,735 15,250 40,550 21,800
1983 147,885 93,385 14,730 18,870 20,900
1984 128,355 91,035 14,200 23,120
1985 124,415 88,655 13,660 22,100
1986 125,450 91,275 13,115 21,060
1987 101,225 88,665 12,560
1988 98,050 86,055 11,995
1989 99,870 88,445 11,425
1990 96,440 85,585 10,855
1991 92,975 82,690 10,285
1992 79,795 79,795
1993 81,900 81,900
1994 78,770 78,770
1995 75,640 75,640
- 1996 72,510 72,510
1997 69,380 69,380
1998 25,520 25,520
Totals $2,373,935 $1.759,640 $194.035 $302.260 $118.000
r
r
31
CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 2
SECURITY FOR DEPOSITS
DECEMBER 31, 1977
(CENTS OMITTED)
'— State Bonds $ 50,000
Federal Securities 1,250,000
Total $1.300.000
ASSIGNED BY ON DEPOSIT WITH AMOUNT
Cosmopolitan State Bank of Northwestern National Bank
Stillwater of Minneapolis $ 350,000
First National Bank of First National Bank of
Stillwater Minneapolis 100,000
First State Bank of Bayport First National Bank of
St. Paul 100,000
Oak Park Heights State Bank American National Bank 750,000
Total $1.300.000
32
CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 3
INSURANCE IN FORCE
DECEMBER 31, 1977
(CENTS OMITTED)
COVERAGE AMOUNT
UMBRELLA LIABILITY $ 5,000,000
PROPERTY AND GENERAL LIABILITY:
Property (Scheduled Locations) 474,858
General Liability:
Bodily Injury 500,000/500,000
— Property Damage 100,000 /100,000
Cont racturaI Liability:
Bodily Injury 500,000
Property Damage 100,000 /100,000
Personal Injury 500,000
Host Liquor 500,000
Employee Dishonesty:
Clerk- Treasurer 50,000
Deputy Clerk- Treasurer 50,000
Faithful Performance Blanket Bond 50,000
Counterfeit and Depositors Forgery 50,000
AUTOMOBILE FLEET, COMPREHENSIVE AND COLLISION (SCHEDULED
_ VEHICLES):
Liability:
Bodily Injury 500,000
Property Damage 500,000
-- Uninsured Motorist 25,000
Physical Damage:
Comprehensive A.C.V.
._ Collision ($250 Deductible) A.C.V.
WORKMEN'S COMPENSATION Statutory
PUBLIC OFFICIALS' ERRORS AND OMMISSIONS 100,000 /1,000,000
33
CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 4
ORGANIZATION
DECEMBER 31, 1977
TERM
EXPIRES
MAYOR:
Donald Mondor 12/31/78
COUNCILMEN:
John Groth 12/31/78
John Lang 12/31/78
Richard Seggelke 12/31/80
Robert Torgerson 12/31/80
CLERK-TREASURER:
Ken Heuer Appointed
34
CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 5
TAXABLE VALUATIONS, TAX LEVIES AND MILL RATES
(CENTS OMITTED)
TAXABLE VALUATIONS:
Real Estate and Personal Property $32,968,402 531,7 19,432 $31,168,276
_ TAX LEVIES EXTENDED BY COUNTY:
Year Extended 1977 1976 1975
Year Collectible 1978 1977 1976
Revenue $221,590 $192,691 $165,000
Bonds and Interest 80,877 79,734 75,300
Total $302,467 $272,425 $240,300
_ MILL RATES:
Revenue 6.74 6.09 5.00
Bonds and Interest 2.46 2.52 2.00
Total 9.20 8.61 .0
35