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Home My WebLink AboutAnnual Financial Report CITY OF OAK PARK HEIGHTS, MINNESOTA ANNUAL FINANCIAL REPORT DECEMBER 31, 1979 CITY OF OAK PARK HEIGHTS, MINNESOTA TABLE OF CONTENTS ORGANIZATION A U D I T O R ' S REPORT COMBINED FINANCIAL STATEME CONDENSED COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS Statement 1 CONDENSED COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES Statement 2 COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND TYPES Statement 3 COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES Statement 4 COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION - ALL PROPRIETARY FUND TYPES Statement 5 COMBINED SCHEDULE OF INDEBTEDNESS Statement 6 FUND AND ACCOUNT GROUP STATEMENT GENERAL FUND Balance Sheet Statement 7 Statement of Revenue, Expenditures and Changes in Fund Balance Budget and Actual Statement 8 SPECIAL REVENUE FUNDS Combining Balance Sheet Statement 9 Combining Statement of Revenue, Expenditures and Changes in Fund Balance Statement 10 Combining Statement of Revenue, Expenditures and Changes in Fund Balance - Budget and Actual Statement 11 CAPITAL PROJECTS FUND Combining Balance Sheet Statement 12 Combining Statement of Revenue, Expenditures and Changes in Fund Balance Statement 13 CITY OF OAK PARK HEIGHTS, MINNESOTA TABLE OF CONTENTS _ SPECIAL ASSESSMENT FUNDS Combining Balance Sheet Statement 14 Combining Statement of Revenue, Expenditures and Changes in Fund Balance Statement 15 ENTERPRISE FUNDS Combining Balance Sheet Statement 16 Combining Statement of Revenue, Expenses and Changes in Retained Earnings Statement 17 Combining Statement of Changes in Financial Position Statement 18 STATEMENT OF GENERAL FIXED ASSETS Statement 19 NOTES TO FINANCIAL STATEMENTS SUPPLEMENTARY FINANCIAL INFORMATION INTERFUND AUDIT ADJUSTMENTS Exhibit 1 CONSTRUCTION COSTS - BY PROJECT Exhibit 2 DEBT SERVICE PAYME TO MATURITY Special Assessment Bonds Exhibit 3 SECURITIES FOR DEPOSIT Exhibit 4 1 NSURANCE IN FORCE Exhibit 5 TAXABLE VALUATIONS, TAX LEVIES AND MILL RATES Exhibit 6 FUTURE SCHEDULED TAX LEVIES w SPECIAL ASSESSMENT BONDS Exhibit 7 CITY OF OAK PARK HEIGHTS, MINNESOTA ORGANIZATION DECEMBER 31, 1979 TERM EXPIRES MAYOR: Donald Mondor 12/31/80 COUNCILMEN: 12/31/82 William Westphal John Lang 12/31/82 Richard Seggelke 12/31/8 Robert Torgerson 12/31/80 CLERK-TREASURER: LaVonne Wilson Appointed E I w d x u w _ F � _ R E air �, � ", ,� as" n �'�_� •mm �� J gym. t > M. M s: i f n : i i n$ i I _ I. CITY OF OAK PARK HEIGHTS, MINNESOTA CONDENSED COMBINED BALANCE SHEET ALL FUND TYPES A ACCOUNT GROUPS DECEMBER 31, 1979 SPECIAL CAPITAL GE NERAL REVENUE PROJECTS ASSETS _ Cash Treasurer's Balance $ 54,263 $ 1,59 $ 1 3,952 Cash with Paying Agents Investments ° At Cost 130,232 69,927 10 Accrued Interest Receivable Accounts Receivable 10,906 Due from Other Funds 70,663 26,000 30,753 Due from County Due from Other Governmental Units Due from Developers 11,815 Prepaid Expenses Connection Charges Receivable Taxes Receivable - Delinquent 4,252 Allowances and Deferments (4,252) Special Assessments: Delinquent Deferred Amount to be Provided Fixed Assets w Net Total Assets S266,= 5,_108,420 5147,6 a LIABILITIES AND FUND EQUITY Liabilities: Accounts Payable $ 5 Salaries Payable 9,7 Due to Other Governmental Units 9,230 Due to Other Funds 17,628 S 9,246 Due to Developers Meter Deposits Contracts Payable 3,578 Matured Interest Payable Bonds Payable Deferred Revenue 23,690 Total Liabilities $ 88,778 S -0- S 3 6 _ 1 5 14 Fund Equity: Invested in General Fixed Assets Contributions from Property Owners Retained Earnings .Fund Balance: Appropriated /Designated /Committed $ 22,596 $ 01,04': 5111,130 Unappropriated 155,59 17 Total Fund Equity 5178,195 $ 108,420 5111 Total Liabilities and Fund Equity 5266,97 5108,4 514 ,644 STATEMENT 1 PROPRIETARY ACCOUNT GROUPS TOTALS SPECIAL FUND TYPE '^ EN (SAL DECEMBER 31, ASSESSMENTS ENTERPRISE FIXED ASSETS 1979 1978 UNAUDITED _ (MEMORANDUM ONLY) $ 71,077 $ 116,697 $ 257,585 $ 71,036 5,937 5,937 482 899,954 35,082 1,238,134 1,268,771 5,714 23,931 34,837 23,493 115,860 18,081 261,357 235,589 968 968 1,022 11,664 11,664 14,054 117,210 129,025 517,218 632 632 32,719 32,719 28,446 1,780 6,032 6,915 (1,780) (6,03 (6,915) 7,368 7,368 5,867 270 270,721 295,9 48 7,032 487,032 595,094 1,730,727 $251,537 1 1 982,264 1 ,703,037 82,0 18 ,814 2 1, 54,720,2.43 542 65,736 $ 1,838 $ 3,47 $ 57,445 $ 66,565 97 9,882 1,500 3,119 12,349 89,655 212,197 22,286 261,357 235,589 297 297 297 43,438 43,438 38,324 33,370 36,948 67,150 5,937 5,937 483 1,735,000 1,735,000 1,740,000 23 690 48,571 $1,988, $ _72,412 $ -0- $2,18 $2,288,134 $251,537 $ 251,537 $ 232,808 $1,675,411 1,675,411 1,434,698 188,991 188,991 141,273 $ 20,207 244,977 499,534 _ 172,984 1 69,289 5 20,2 $1,864,4d $251,537 $2,533,900 $2, 477,6 02 S2 ,0o8 8 46 516,814 25 S 4,720,24 a 6 536 The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA CONDENSED COMBIN STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE ALL GOVERNMENTAL FUND TYPES FOR THE YEAR ENDED DECEMBER 31, 1979 SPECIAL GENERAL REVENUE REVENUE: Taxes $219,802 Intergovernmental Revenue 13 $ 55,604 Licenses and Permits 33 ,189 Fines and Forfeits 1,466 Interest income 16,278 6,355 Charges for Current Services 18,5 Special Assessments: New Rolls Adopted Interest on Assessments Connection Charges Other Revenue 7,222 Special Assessment Revenue Adjustment Total Revenue $426,807 $ 61,959 EXPENDITURES: Current Expenditures: General Government $129,L68 Public Safety 159,801 Streets and Highways 63 ,754 Sanitation and Waste Removal 31,422 Recreation 36,815 Miscellaneous 9,110 $ 2,212 Capital Outlay 1,665 26,314 Debt Service: Interest Paying Agent Fees Construction Costs Total Expenditures $432,055 $ 28,5 REVENUE OVER (UNDER) EXPENDITURES $ 5 ,2+8 ) $ 33 ,433 OTHER INCREASES (DECREASES): Decrease in Reserve for Annexation Transfers from (to) Other Funds $(42,500) Bond Proceeds Changes in Amount to be Provided _ Total Other Increases (Decreases) $ 42,500) $ -0- NET INCREASE (DECREASE) IN FUND BALANCE BEFORE CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES $(47,748) $ 33 ,433 CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING '' RINCIPLES FUND BALANCE ° January 1 2 - , 243 74 ,99 6 FUND BALANCE - December 31 �M 4 M_ X 108,42 9- STATEMENT 2 TOTALS CAPITAL SPECIAL DECEMBER 31, PROJECT ASSESSMENT 1979 1978 (MEMORANDUM ONLY) $ 76,234 S 296,036 $ 288,138 $ 24,881 3,693 214,513 214,559 33,189 60,921 1,466 1,418 6,653 80,635 109,921 67,946 18,515 629,071 65,674 32,520 32,52 20,332 14,434 14,434 53,130 7,222 10,542 (106,652 (106,652 -0- 1 1,534 $ 100,864 s 621,164 $1 ,411,731 S 129,488 $ 99,539 159,801 162,453 63,754 24,991 31,422 37,394 36,815 31,356 11,322 1,204 $ 2 30,950 21,211 $ 84,595 84,595 77,245 336 336 264 46,790 18g,661 2 36,451 LE931981 $ 49,761 $ 274,592 S 7 84,9 34 $ 949,638 $(18,227 1(173,728 S(163,770 $ 462,093 $ 2,800 $ 42,500 $ 22,286 S 22,286 - 0 - 98,683 98,683 196,696 (208,061 (208,061 (411,597 $ 42,500 $ (87,092 S (87, $ (212,101 5 2LE,273 $ (260,820) S (250,862) $ 249,992 -0-- (714,669) 86,857 281,02 668,8 1,133 5 1 11,130 � 2 0,20 j S 4LZ 5_ _66 8,8 J2 The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA CONDENSED COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND TYPES FOR THE YEAR ENDED DECEMBER 31, 1979 GENERAL FUND OVER (UNDER) BUDGET ACTU BUDGET REVENUE: Taxes $230,000 $219,802 $(10,198) Intergovernmental Revenue 77,434 130,335 52,901 Licenses and Permits 7,870 33,189 25,319 Fines and Forfeits 1, 1,466 Interest Income 16,278 16,278 Charges for Current Services 18,515 18,515 Other Revenue _ 7,222 7,222 Total Revenue $315 1426,807 $111,503 EXPENDITURES: Current and Capital: General Government $ 90,850 $130,218 $ 39,368 Public Safety 125,000 159,801 34,801 Streets and Highways 34,000 63,754 29,754 Sanitation and Waste Removal 45,000 31,422 (13,578) Recreation 37,000 37,750 750 Other _ � 9 110 9,110 Total Expenditures $33 1,850 $432., $100,205 REVENUE OVER (UNDER) EXPENDITURES $ (16 ,546) $ (5,2LO $ 11_ ,298 OTHER (DECREASES) : Transfer to Capital Projects Fund $(42,500 $(42,500 NET INCREASE (DECREASE) IN FUND BALANCE $_ 046 $(47,7 $ 1_1,238 FUND BALANCE - January 1 225 FUND BALANCE -- December 31�� STATEMENT 3 TOTALS SPECIAL. REVENUE (MFMQRANQ ONLY) OVER OVER (UNDER) (UNDER) BUDGET ACTUAL BU DGET BUDGET ACTUAL BUDGET $230,000 $219,802 $(10,198) $ 44,698 $ 55,604 $ io,906 122,132 185,939 63,807 7,870 33,189 25,319 1,466 1,466 6,355 6,355 22,633 22,633 18,515 18,515 7,222 7,222 $ 44,698 $ 61,959 $ 17,26 $360,002 $48 8,766 $1 I2 T,76T $ 90,850 $130,218 $ 39,368 125,000 159,801 34,801 34,000 63,754 29,754 45,000 31,422 (13,578) 37,000 37,750 750 $ 5,962 $ 28, $ 22,56 _ 5,962 37,636 31,674 $ 5,962 $ 2 8,5 26 $ 22,5 $337 $4 60,5 81 $122,769 $ 38,736 $ 33,LQ3 (5 303) $ 2 2,190 $ 28,185 $ 5,9 142 500) $(42,500) $ 33,433 $ _S ) $( 2 0 , 3 1 . 0 ) $(1 5,995 74,9 _30939 $108 5286 624 The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 4 ENTERPRI SE FUNDS CONDENSED COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1979 TOTALS DECEMBER 31, 1979 1978 (MEMORANDUM REVENUE: ONLY) Customer Billings $ 78,281 $ 79,509 Penalties 1,360 1 Total Operating Revenue $ 79,641 $ 80,755 EXPENSES: Personnel Services $ 8 ,326 $ 9,272 Contractual Services 19,223 13,090 Fixed Charges 16,645 23,043 Materials and Supplies 1,206 1,698 Depreciation: On Purchased Assets 3,627 3,409 On Contributed Assets 33,220 33,220 Total Expenses $ 882,247 $ 83,732 REVENUE OVER (UNDER) EXPENSES $ ( 2,606 ) $ (2,977 ADD: OTHER INCOME Interest $ 15,007 $ 365 Plumbing Permits 384 864 Sewer Availability Charge Fees 352 1,262 Refunds and Reimbursements 1,361 1,215 Compensation for Loss of Property 95 Total Other Income $ 17,104 $ 3,8 01 NET INCOME $ 14,498 $ 824 OTHER INCREASES: Credit Arising from Transfer of Depreciation to Contributions from Property Owners 33,220 33,220 NET INCREASE $ 47,718 $ 34,044 RETAINED EARNINGS - January 1 141,273 107,229 RETAINED EARNINGS - December 31 188,91 S The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 5 ENTERPRI SE FUNDS CONDENSED COMBINED ST ATEMENT OF CHANGES IN FINANCIAL. POSITION FOR THE YEAR ENDED DECEMBER 31, 1979 TOTALS DECEMBER 31 1979 1978 (MEMORANDUM SOURCES OF FINANCIAL RESOURCES: ONLY) Operations: Net Income $ 14,498 $ 824 Expenses not Requiring Outlay of Working Capital: Depreciation 36,$47 36,629 Total Sources $ 51,345 $ 37,453 USES OF FINANCIAL RESOURCES: Purchase of Fixed Assets 23,410 3,345 Net Increase in Working Capital 12Z.3 34 1o 8 COMPONENTS OF INCREASE (DECREASE) IN WORKING CAPITAL: Cash $ 47,434 $(21,769) Investments (85,283) 120,365 Accounts Receivable 1,530 (197) Due from Other Governmental Units 3,954 Due from Other Funds 18,081 Accounts Payable ( 2 ,739) 195 Due to Other Governmental Units 67,808 (63,467) Salaries Payable 161 (243) Due to Other Funds (22,286) 500 Meter Deposits (5,114) (5,230) Due from M,W,C,C, 8 2 3 43 Net Increase in Working Capital 2 7 - , 33; X The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA CONDENSED COMBINED SCHEDULE OF INDEBTEDNESS DECEMBER 31, 1979 FINAL NET PAYMENT INTEREST DATED DUE RATE BONDED I NDEBTEDNESS: a Special Assessment Bonds: General Obligation Bonds of 1967 9/1/67 9/1/97 4.50 Water and Sanitary Sewer Bonds of 1968 3/l/68 2/1/98 4.803% General Obligation Storm Sewer Improvement Bonds of 1971 5/1/71 5/1/91 4.6(Y/,, General Obligation Bonds of 1976 9/1/76 10/1/86 4,00% Improvement Bonds of 1977 12/3/77 11/1/83 LE.50% General Obligation Improvement Bonds of 1978 9/1/78 9/1/84 5.50 General Obligation Improvement Bonds of 1978 11/1/78 11/1/84 5.50% General Obligation Improvement Bonds of 1979 3/1/79 3/1/84 6.00'/ Total Indebtedness STATEMENT 6 BONDS PRINCIPAL INTEREST AUTHORIZED RETIRED OUTSTANDING DUE DUE AND ISSUED T O DATE AT 12/31/79 IN 1 980 IN 1980 $ 825,000 $200,000 $ 625,000 $ 30,000 $ 28,935 49o,000 60,000 430,000 20,000 21,420 173,000 53,000 120,000 10,000 6,260 249,000 69,000 180,000 35,000 8,700 100,000 20,000 80,000 20,000 3,600 100,000 100,000 20,000 5,500 100,000 100,000 20,000 5,500 100 100 ,000 20,0 8,40 s 7 - , -- Q O �4 02,00o $1 ,735,000 1 00 The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 7 GENERAL FUND BALANCE SHEET DECEMBER 31, 1979 TOTALS DECEMBER. 31 , 1979 1978 ASSETS (MEMORANDUM ONLY) Cash ° Treasurer's Balance $ 54,263 $181,358 Investments - At Cost 130,232 204,592 Accrued interest Receivable 138 Accounts Receivable 1,092 Due from County 24 7 Due from Other Governmental Units 10, 1 OO Due from Developers 11,815 10,298 Taxes Receivable w Delinquent 4,252 4,543 Allowances and Deferments ( (4,543) Due from Other Funds 70,663 Total Assets 5266,E 5 LIABILITIES AND FUND BALANCE Liabilities: Accounts Payable $ 52,135 $ 58,785 Salaries Payable 9,785 1,242 Due to Other Governmental Units 9, 18,728 Due to Other Funds 17,628 94,302 Contracts Payable 8,88 Total Liabilities $ 88,778 $18 Fund Balance: Designated for Committed Contracts $ 22,596 Designated for Ensuing Years Budget $ 59,000 Undesignated 155,599 166,94 Total Fund Balance $178 ,195 $225, Total Liabilities and Fund Balance $266,9 . $4 02,825 The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 8 GENERAL FUND PAGE 1 COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1979 1979 OVER (UNDER) 1978 B UDGET ACTUA BUDGET ACTUAL REVENUE: (MEMORANDUM Taxes: ONLY) Current and Delinquent $218,709 $210,710 Fiscal Disparities 872 578 Other 221 289 Total Taxes (1) $230,000 $219,802 $(10,198 $211,577 Intergovernmental Revenue: State: Homestead Credit $ 10,710 $ 10,710 $ 9,442 Local Government Aid $ 77,434 77,434 77,434 Machinery Aid 346 346 355 Diseased Tree Removal Aid 11,913 11,913 8,113 Police Aid 8,127 8,127 8,381 Local Planning Aid 2,619 2,619 3,021 Federal: C.E,T,A. 19 19,186 21,562 Total Intergovernmental Revenue $ 77,434 $130,335 $ 52,901 $128,308 Licenses and Permits $ 7,870 $ 33,159 $ 25,319 $ 60,921 Fines and Forfeits 1,466 1,466 1,418 Interest Income 16,278 16,278 14,811 Charges for Current Services 18,515 18,515 10,200 Other, Refunds and Reimbursements 4,992 4,99 3,199 Charges for Construction Costs 6,443 Sale of Property 1,980 1,980 700 Donations 250 250 _ 200 Total Revenue $315,304 $426,807 $111503 $437,777 EXPENDITURES: General Government: Mayor and Council: Current Expense $ 48,600 $ 65,490 $ 16,890 $ 48,546 Elections: Current Expense 1,223 City Clerk: Current Expense ig,600 39,534 19,934 19,581 Capital Outlay 50 (50) 25 Planning and Zoning: Current Expense 16,000 19,117 3,117 21,840 City Hall: Current Expense 5,600 5,347 (253) 3,402 Capital Outlay 1,000 73_0 270) 1 2 6 15 Total General Government $ 90,850 $130 2 218 $ 39 ? 368 $ 96,232 (1) The budgeted amount for taxes includes State paid homestead credits. The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 8 GENERAL FUND PAGE 2 COMBINING STATEMENT OF REVENUE ' E XPEN DITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1979 1979 OVER (UNDER) 1978 EXPENDITURES: (CONTINUED) BUDGET ACTUAL BUDGET ACTUAL Public Safety: (MEMORANDUM Police Department: ONLY) Current Expense $118,000 $122,130 $ 4,130 $ 108,704 Fire Protection: Current Expense 7,000 6,606 (394) 5,473 Protective Inspection: Current Expense 31,065 31,065 48,276 Total Public Safety $125,000 $159,801 $ 34,801 $ 162,453 Streets and Highways: Streets and Alleys: Current Expense $ 5,500 $ 14,172 $ 8,672 $ 7,827 Snow and Ice Removal: Current Expense 10,000 7,298 (2,702) 4,008 Street Lighting: Current Expense 15,000 15,609 60g 12,899 Arboreous: Current Expense 3, 500 26,675 23,175 _ 257 Total Streets and Highways $ 34,0 $ 63,75 $ 2 $ 24, 991 Sanitation and Waste Removal: Refuse Collection and Disposal: Current Expense $ 25,000 $ 31,332 $ 6,33 $ 21,904 Tree Removal and Planting: Current Expense 20,00 g0 _(1 1 5 . , 490 Total Sanitation and Waste Removal $ 45,000 $ 31,422 $(13,578 $ 37,394 Recreation: Parks, Playgrounds and Rinks: Current Expense $ 32,000 $ 36,815 $ 30,383 Capital Outlay 5,000 935 11,434 Total Recreation $ 37,000 $ 37,750 $ 750 $ 41,817 Miscellaneous: Refunds and Reimbursements $ 7,827 $ 287 Storm Sewer Study 563 917 Utility 720 _ Total Miscellaneous $ ~0- $ 9,110 $ 9,110 $ 1 20 4_ Total Expenditures $33 - 5 0 $ $100,205 $091 REVENUE OVER (UNDER) EXPENDITURES $(16,546 $ (5,248 $ 11,298 $ 73, 686 OTHER INCREASES (DECREASES): Decrease in Reserve for Annexation $ 2,800 Transfer to Capital Projects Fund $(42,500) $(42,500) (82,500) Transfer to Anti - Recession Fund (516) Transfer to Special Assessment Fund (3 J 3 Total Other Increases (Decreases) $ $(4 $ -0- $(116 ,548) NET INCREASE (DECREASE) IN FUND BALANCE $(47,748) x_ 11,298 $ ( 1 +2,862) FUND BALANCE - January 1 225,943 268, 805_ FUND BALANCE - December 31178 22 ,9 1 LJ The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 9 SPECIAL REVENUE FUND - F EDERAL REVENUE SHARING BALANCE SHEET DECEMBER 31, 1979 TOTALS DECEMBER 31, 1979 1978 ASSETS (MEMORANDUM ONLY) Cash a Clerk's Balance $ 1 ,596 $ (4,576) Investments - At Cost 69,927 104,350 Accrued Interest Receivable 222 Accounts Receivable 10 ,906 Due from Other Funds 26,000 Total Assets ` $ io8 , 429 $99,06 t LIABILITIES AND FUND BALANCE Liabilities: Due to Other Funds $ °-0- _ 1 _ 25 � , O LO Fund Balance: Designated for Ensuing Years Budget $ 91 ,044 $ 72 ,650 Undesignated 17,385 2,346 Total Fund Balance $108,4 $ 74,996 Total Liabilities and Fund Balance X 10 8,429 1 - 9 9,996 The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 10 SPECIAL REVENUE FUND - FEDERAL REVENUE SHARING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED DECEMBER 31 1979 TOTALS DECEMBER 31, 197 197$ REVENUE: (MEMORANDUM Intergovernmental: ONLY) Federal Grants $ 55,604 $ 52,433 Interest Income 6,35 3,896 Total Revenue $ 61,959 $ 56,329 EXPENDITURES: Current Expense $ 2,212 $ 4,922 Capital Outlay - Playground Equipment 26,314 4 Total Expenditures $ 28 $ 9,897 REVENUE OVER EXPENDITURES $ 33 ,433 $ 46,432 OTHER INCREASES (DECREASES): Transfer to Capital Projects Fund (25,000) Transfer from General Fund 516 NET INCREASE IN FUND BALANCE $ 33,433 $ 21 ,9L�8 FUND BALANCE - January 1 74,996 53,0 FUND BALANCE - December 31 1 42 $ 7LF 96 The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 11 SPECIAL REVENUE FUND - FEDERAL REVENUE SHARI STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1979 1979 OVER (UNDER) 1978 BUDGET ACTUAL BUDGET ACTUAL REVENUE: (MEMORANDUM Intergovernmental: ONLY) Federal Grants $ 44,698 $ 55,604 $ 10,906 $ 51,960 Interest Income 6,355 6 3 Total Revenue $ 44,698 $ 61,959 $ 17,261 $ 55,856 EXPENDITURES: Current Expense $ 2,212 $ 2,212 $ 4,576 Capital Outlay $ 5,962 26,314 20,352 4 ,975 Total Expenditures $ 5,962 $ 28,526 $ 22,564 $ 9,551 REVENUE OVER (UNDER) EXPENDITURES I J8,736 $ 33,433 L15-.J001) $ 46,305 OTHER INCREASES (DECREASES): Transfer to Capital Projects Fund __ _1 25,000 ) NET INCREASE IN FUND BALANCE $ 33,433 $ 21,305 FUND BALANCE _ January 1 74,996 53,691 FUND BALANCE December 31 $lo8,4 ZL a96 The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 12 CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET DECEMBER 31 , 1979 TOTALS CAPITAL LAWCON DECEMBER 31, IMPR GRANT 1979 _ 1978 _ ASSETS (MEMORANDUM ONLY) Cash (Overdraft) $ 13,952 $ 13,952 $ (3,023) Investments - At Cost $ 75,519 27,420 102,939 118 ,286 Due from Other Funds 30,753 30,753 80,000 Total Assets L75-, j 72 , l 25 S 1 4Z y 64 4 $� , 26 LIABILITIES AND FUND BALANCE Liabilities: Accounts Payable $ 3,186 Contracts Payable $ 3 ,578 $ 3,578 Due to Other Funds 9, 246 9,246 56,649 Deferred Revenue: Unearned Lawcon Grant __ 23,690 23,6 48,571 Total Liabilities $� °0 - - $ 3 6,514' $ 36,514 $108,406 Fund Balance: Designated for: Committed Contracts $ 39 ,236 $ 39 ,236 Capital Improvements $ 75,519 (3,625 71,894 $ 86 8 Total Fund Balance $ 75,519 $ 35 ,61 1 $111,1 $ 8 6,8 5 7 Total Liabilities and Fund Balance S 15,5 $ 72,125 5147 ,644 $195,263 The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 13 CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED DECEMBER 31, 1979 TOTALS CAPITAL LAWCON DECEMBER 31, IMPROVEMENTS GRANT 1979 1978 REVENUE: (MEMORANDUM Intergovernmental: ONLY) Federal Grants $ 24,881 $ 24,881 $ 30,404 Interest Income $ 3,8 2,786 6,653 8,369 Total Revenue $ 3,867 $ 27,667 $ 31,534 $ 38,7 EXPENDITURES: Current Expenditures: Personnel Services $ 973 Capital Outlay $ 2 ,97 1 $ 2 ,97 1 3, Construction Costs _ 46 _ 56,649 Total Expenditures $ -O $ 49, 7j L 1 - ± 9 ,7 b 1 $ 60,809 REVENUE OVER (UNDER) EXPENDITURES $ 3,867 $(2 $(18,227 $(22 OTHER INCREASES: Transfer from General Fund $ 42,500 $ 42,500 $ 82,500 Transfer from Special Revenue Fund - 0° 25,000 Total Other Increases $ - X2,50 $ -0 $ X2,500 $ 1 07,500 NET INCREASE (DECREASE) IN FUND BALANCE $ 46,367 $(22,094) $ 24,273 $ 85,464 CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES - 0° (78,975) FUND BALANCE - January 1 _ 2 57,705 . 86,857 80,368 FUND BALANCE - December 31 x-35 -,61 _111_1 0 86 857 The Accompanying Notes are an Integral Part of These Financial Statements CITY Or OAK PARK HEIGHTS, MINNESOTA SPECIAL ASSESSMENT FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1979 G.O. STORM SEWER G.O. BONDS IMPROVEMENT $249,000 OF 1967 BONDS G.O. BONDS AND 1968 OF 1971 OF 197 ASSETS Cash: Clerk's Balance (Overdraft) $ 27,526 $ 3,390 $ 7,210 With Paying Agent 5,000 Investments w At Cost 531,893 6,649 167,815 Accrued Interest Receivable Due from Other Funds 20,259 544 206 Due from County 345 b23 Due from Developers 502 Connection Charges Receivable 11,832 Taxes Receivable d Delinquent 1,470 210 100 Allowances and Deferments (1,470) (210) (100) Special Assessments: Delinquent 3,970 37 2,193 Deferred 135,580 1,364 22,206 Amount to be Provided _ 32 3,595 1 53, 918 Total Assets X1,_060,000 $120 000 J2 673. LIABILITIES AND FUND BALANCE Liabilities: Accounts Payable Due to Other Funds $ 43,185 Due to Developers Contracts Payable Matured Interest Payable $ 5,000 Bonds Payable 1,055,000 $1 20 ,0 00 180,000 Total Liabilities $1,060,000 $120 $2 23,185 Fund Balance (Deficit): Designated: Committed Contracts Construction --0-- $ 31,488 Total Fund Balance (Deficit) $ -0- _ $ $ 31,488 Total Liabilities and Fund Balance 1 060 00 X1 20000 X254 -6 7a STATEMENT 14 $300,000 $100,000 G.O. BONDS TOTALS G.O. BONDS COMPLETED OF 1978 PRISON 1979 DECEMBER 31, OF 1977 CONSTRUCTION AND 1979 U TILITIES UTILIT 1979 1978 (MEMORANDUM ONLY) $( $ 5,405 $ 51,998 $ (860) $ (1, $ 71,077 $ ( 112 825 5,937 482 193,597 899,954 721,178 5,354 40,085 32,119 22,647 115,86o 155,589 968 775 19,662 359 96,687 117,210 506,920 20,887 32,719 28,446 1,780 2,372 (1,780) (2,372) 1,168 7,368 5,867 65,674 45,897 2 7 0 ,7 21 295,913 1,5 _ _.� _ 487,032 595 f L 04,Ul �-_ 73,7 1 6 _�3_ZJs $- _(8 �2 1 ,558. $2,008 846 2 1, 43,632 $ 1,838 $ 1,838 $ 3,862 $ 24,421 $ 280 $ 56,753 $ 5,274 82,284 212,197 59,638 297 297 297 33,370 33,370 58,325 112 825 5,937 483 80,000 _ 300 _ 1,735, 1,74o,000 $1 04,53 3 $ 5 77 $357,578 $ 5 ,274 $117,4 $1,988 $ 1,862,605 $ 11,779 $ 11,779 $ 47,535 $ 73,139 $ 17 ,648 $ ( 6, 13 (107,713) _ 8,428 2 33,492 $ -°0 - $ 73 ,139 $ 17,6 $ (6,134 $ 95 $_____ 20 104 16 S 5 - 2 226 S X8 60) S 2 t,�8 $ 2 , 008 ,84 1, ��3 , 6 The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA SPECIAL ASSESSMENT FUNDS COMBINING STATEMENT OF RE EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED DECEMBER 31, 1979 G.O. STORM SEWER G.O. BONDS IMPROVEMENT $249,000 OF 1967 BONDS G.O. BONDS AND 1968 OF 1971 OF 1976 REVENUE: Taxes: Current and Delinquent $ 59,77 $ 11,392 $ 4,766 Fiscal Disparities 2 3 6 45 19 Total Taxes $ 60,012 $ 11,437 $ 4,785 Intergovernmental Revenues Homestead Credit $ 2,901 $ 559 $ 233 Special Assessments: New Rolls Adopted Connection Charges $ 14,434 Interest on Assessments 10,080 $ 140 $ 2,244 Direct Charges to Developers _ Total Special Assessments $ 24,514 $ 140 $ 2 244 Interest on Investments $ 56,573 $ 624 $ 14,842 Special Assessment Adjustment Total Revenue $144 $ 12,760 $ 22,104 EXPENDITURES: Debt Service: Interest $ 52,185 $ 6,740 $ 10,170 Paying Agent Fees 1 5 4 _ 26 2 5 Total Debt Service $ 5 2 ,339 $ 10,195 Construction Costs $ 800 Total Expenditures $ 52 ,3 39 $ „6 $ 10,9 REVENUE OVER (UNDER) EXPENDITURES $ 91,661 $ 5 ,994 $ 11,109 OTHER INCREASES (DECREASES): Bond Proceeds Transfer in - Enterprise Fund Transfer in - General Fund Increase (Decrease) in Amount to be Provided $( 91,661 ) $ (5,994 $(11 Total Other Increases (Decreases) $ 91 b61) $_ (51994 ) $(11 NET INCREASE (DECREASE) IN FUND BALANCE BEFORE CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES $ - 0 - $ -0- $ (800) CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES FUND BALANCE (DEFICIT) - January 1 --0— _ 3 2,28 8 FUND BALANCE (DEFICIT) - December 31 -0� rya; } �8 STATEMENT 15 $300,000 $100,000 G.O. BONDS TOTALS G.O. BONDS COMPLETED OF 1978 PRISON 1979 DECEMBER 31, OF 1977 CONSTRUCTION AND 1979 UTILITIES UTI LITI ES 1979 1978 (MEMORANDUM ONLY) $ 75,934 $ 76,352 300 209 $ 76 $ 76,561 $ 3,693 $ 3,414 $ 65,674 $ 14,434 53,130 $ 8,303 $ 11,753 32,520 20,332 _ 618,871 $ 8,303 $ 11,75 $ 46,954 $ 758 $ 3,558 $ 5,038 $ 80,635 $ 40,870 _ (106,652 _ (106,652 $ 3,5 $ 8,3 $ (89,861 $ -o- $ -0- $ 100,864 $ 878,852 $ 4,500 $ 11,000 $ 84,595 $ 77,245 92 3 9 336 264 $��,59z $ 11,03 $ ,9 $ 77,5 $ 6,731 $ 58,636 $ 5,274 $ 118,220 $ 189 $ 437 ,332 $ 11,323 $_ -0- $ 69,675 $ 5,274 $ 118,220 $ 274, $ 514, $ (7,765 $ 8,303 $(159,5 $ (5,274 $( 118,2 20) $(173 $ 364,011 $ 98,683 $ 98,683 $ 196,696 $ 22,286 22,286 36,33 $ 1,503 (100,000 _(20 8,061 ) (411,597 $ 1,503 $ - 0 - $ (1,317 $ -a- $- 22,2 $ (87,092 $(178,56 $ (6,262) $ 8,303 $(160,853) $ (5,274) $ (95,934) $(260,820) $ 185,442 -o- (635,694) 6,262 64,836 _ 1 78,501 (8 6o) _ -0- 281, 731,27 V -0- _ $ 17 , 648 (6 , 94)9_,._'±) 0 2 7 x_ , 07.7 The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 16 ENTERPRI SE FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1979 TOTALS WATER SEWER DECEMBER 31, OPERATING OPERATING 1979 1978 ASSETS (MEMORANDUM ONLY) CURRENT ASSETS: Cash ® Treasurer's Balance $ 77,717 $ 38,980 $ 116,697 $ 69,263 Investments - At Cost 35 ,Q82 35,082 120,365 Due from Other Funds 18,081 18,081 Accounts Receivable 10,364 13,567 23,931 22,401 Total Current Assets $ 106,162 $ 87,629 $ 193,791 $ 212,029 UTILITY PLANT IN SERVICE A AT COST: Buildings and Structures $ 304,576 $ 304,576 $ 304,576 Machinery and Equipment 51,600 $ 3,644 55,244 54,120 Distribution and Collection System 683,410 946,929 1,630 1,356,405 Totals $1,039,586 $ 950,573 $1,990, $1,715,101 Less: Allowance for Depreciation (137,568) (144,150) (281,718) (244,872) Construction Work in Process 22,286 22,286 _ Net Fixed Assets $ 924,304 $ 806 $1,730,727 $1,470,2 OTHER ASSETS: Prepaid to M.W,C.C. $ 632 $ 632 Due from M,W,C,C. 11 11,6 $ 3,954 Total Assets $1,030,4.66 $ 906,348 $1,936,814 $1,686 212 LIABILITIES AND FUND EQUITY CURRENT LIABILITIES: Accounts Payable $ 215 $ 3,257 $ 3,472 $ 732 Due to Other Funds 22,286 22,286 Due to Other Governmental Units 3,1 3, 70,927 Salaries Payable 97 97 258 Total Current Liabilities $ 22,501 $ 6,473 $ 28,974 $ 71 NONCURRENT LIABILITIES: Meter Deposits $ 43 ,438 $ 43,438_ $ 38,324 Total Liabilities $ 65,939 $ 6 _ , 4 7 - 3 $ 7 2 -+1 $ 110,241 FUND EQUITY: Contributions from Property Owners - Net $ 869,596 $ 805,815 $1,675,411 $1,434,698 Retained Earnings _ 94 , 931 94,060 _ 18 8 8 __�, 9 ._ 9 9 1 __ 14 1,273 Total Fund Equity $ 964,5 $$ 89975 $1, _ F b L,4U L $1 ,575,971 Total Liabilities and Fund Equity 1 0 4 66 X06 348 $1,936 X 1,686 ,212 The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 17 ENTERPRI SE FUNDS COMBINING STATEMENT OF REVENUE, EXPENSES AN CHANGES IN RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31 1979 TOTALS WATER SEWER DECEMBER 31, OPERATING OPERATING 1979 1978 (MEMORANDUM REVENUE: ONLY) Customer Billings $ 40,052 $ 38,229 $ 78,281 $ 79,509 Penalties 680 68 1,360 1,246 Total Operating Revenue $ 40,732 $ 38,909 $ 79,641 $ 80,755 EXPENSES: Personnel Services $ 7, $ 8 97 $ 8 ,3 26 $ 9 ,272 Contractual Services 14,338 4,885 19,223 13,090 Fixed Charges 115 16,530 16,645 23,043 Materials and Supplies 1, 147 1,206 1,698 Depreciation: On Purchased Assets 3,044 583 3,627 3,409 On Contributed Assets 17,228 15,992 33,220 33,220 Total Expenses $ 43,2 $ 39,034 $ 82,247 $ 83,732 REVENUE OVER (UNDER) EXPENSES $� (125) $ (2,606 $ (2 ADD; NON-OPERATING INCOME I nterest $ 6,264 $ 8,743 $ 15,007 $ 365 Plumbing Permits 19 192 384 864 Sewer Availability Charge Fees 352 352 1,262 Refunds and Reimbursements 616 745 1,361 1,215 Compensation for Loss of Property 95 Total Other Income $ 7, 072 $ 10,032 $ 17,104 $ 3,8 01 NET INCOME $ 4 ,591 $ 9,907 $ 14,498 $ 824 OTHER INCREASES: Credit Arising from Transfer of Depreciation to Contributions from Property Owners 17, 15,992 33,220 33,220 NET INCREASE $ 21,819 $ 25,899 $ 47,718 $ 34,044 RETAINED EARNINGS ® January 1 73,112 68 ,161 141,273 107,229 RETAINED EARNINGS - December 31 S 94 ��1_ 5L 4 060 S 18_ S 1Lf1 2 The Accompanying Notes are an integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 18 ENTERPRI SE FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITIO FOR THE YEAR ENDED DECEMBER 31, 1979 TOTALS WATER SEWER DECEMBER 31, OPERATING OPERATING 1979 1978 SOURCES OF FINANCIAL RESOURCES: (MEMORANDUM Operations: ONLY) Net Income $ 4,591 $ 9,907 $ 14,498 $ 824 Expenses not Requiring Outlay of Working Capital: Depreciation 20 16,575 36,847 36,629 °total Sources $ 24,863 $ 26,482 $ 51,345 $ 37,453 USES OF FINANCIAL RESOURCES: Purchase of Fixed Assets 23,410 _ 23,41 3,345 Net Increase in Working Capital � 1,453 S 26,482 $ 2], ' $ 34,108 COMPONENTS OF INCREASE IN WORKING CAPITAL: Cash $ 75,181 $(27,747) $ LE7,434 $(21,769) Investments (64,540) (20,743) (85,283) 120,365 Accounts Receivable (1,043) 2 ,573 1,530 (197) Due from Other Governmental Units 3,954 Due from Other Funds 18,081 18,081 Accounts Payable 477 (3,216) (2,739) 195 Due to Other Governmental Units 439 67,369 67,808 (63,467) Salaries Payable 258 (97) 161 (243) Due to Other Funds (22,286) (22 ,286) 500 Meter Deposits (5,114) (5,114) (5,230) Due from M.W.C.C, _ 8,343 8,34 Net Increase in Working Capital 1 451 X 26,482 5 27,935 L3 08 The Accompanying Notes are an integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA STATEMENT 19 STATEMENT OF GENERAL FIXED ASSETS DECEMBER 31, 1979 (UNAUDITED) BALANCE _ 1979 BALANCE DESCRIPTION 11117 ADDITIONS DELETIO 12/31/79 Land $ 75,000 $ 75,000 Buildings and Structures 94,931 94,931 Machinery and Equipment 56,264 $ 23,079 $ 9,750 69,593 Furniture and Fixtures 6,613 5 ,400 12,013 Total 808 28,4Z� 1 - 9,750 L 2 5 1 ,531 The Accompanying Notes are an Integral Part of These Financial Statements CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1979 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 as disclosed below, RESTATED ACCOUNTING PRINCIPLES In March, 1979, the National Council on Governmental Accounting issued its Statement 1 to be effective for fiscal years ending after June 30, 1980 and encouraging earlier application of the restated accounting principles. The financial statements contained in this annual financial report are in accordance with these restated accounting principles, FUND ACCOUNTING The accounts of the City are organized and operated on a fund basis and groups of account. A fund is defined as a fiscal and accounting entity with a self - balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regula- tions, restrictions, or limitations. BASES OF ACCOUNTING The City employs the modified accrual basis of accounting for its govern - mental funds (General Fund, Special Revenue, Capital Projects, and Special Assessment Funds), Under this method revenues are recognized in the accounting period in which they become susceptible to accrual - that is, when they become both measurable and available to finance expenditures of the fiscal period. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Also, under this method, expenditures are recognized in the account- ing period when the liability is incurred, except for: (1) interest on long -term debt which is recognized when due, except for January maturities which are recognized in the previous fiscal period; (2) inventory items which are considered expenditures when purchased; and, (3) prepaid insurance and similar services extending over more than one accounting period are considered expenditures of the period of acquisition. The City employs the accrual basis of accounting for its proprietary funds (Enterprise Funds). Under this method, revenues are recognized in the accounting period in which they are earned and expenses are recognized in the accounting period when incurred, CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1979 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) PROPERTY TAX REVENUE RECOGNITION The City Council annually adopts a tax levy and certifies it to the County for collection, The County is responsible for billing and collecting all property taxes for itself, the City, the local School District and other taxing authorities. These taxes are payable (by property owners) by May 31 and October 31 of each calendar year. These taxes are collected by the County and remitted to the City by approximately each subsequent July 15 and December 15. Additionally, delinquent collections (November through February or March) are remitted to the City each April. The City has no ability to enforce payment of property taxes by property owners, The County possess this authority. Taxes on homestead property (as defined by State Statutes) is partially reduced by a homestead credit. This credit is paid to the City by the State in lieu of taxes levied against homestead property. The State remits this credit in two equal installments in July and December of each year. The City recognizes property tax revenue when it becomes both measurable and available to finance expenditures of the current period. In practice, current and delinquent taxes and homestead credits received by the City in July and December are recognized as revenue for the current year. Addi- tionally, taxes collected by the County by December 31 (remitted to the City by the following April) and taxes and credits not received at the normal time are recognized as revenue for the current year. Unpaid delinquent taxes are generally measurable but not available to finance the expenditures of the current year. Accordingly, these taxes are not recognized as revenue until they are collected by the County. Unpaid delinquent property taxes are reflected in the balance sheets at December 31 subject to a 100% allowance for doubtful accounts and deferred revenue. This accounting practice is at nominal variance with generally accepted accounting principles in that the deferred income position (i.e. that part of delinquent taxes expected to be collected over the next several years) technically should be shown separately as a liability. However, this variance is immaterial and the cost of determining this measurement and reclassification does or could exceed the benefit. Additionally, this variance has no effect upon the operating statements of the City, CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1979 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) SPECIAL ASSESSMENT REVENUE RECOGNITION Special assessments are levied against the benefiting properties for the assessable costs of special assessment improvement projects in accordance with State Statutes. The City usually adopts the assessment rolls when the individual projects are complete or substantially complete. The assessments are collectible over a term of years generally consistent with the term of years of the related bond issue. Collection of annual installment (includ- ing interest) is handled by the County in the same manner as property taxes. Property owners are allowed (and often do) to prepay future installments without interest or prepayment penalties. The City recognizes special assessment revenue when it becomes both measur- able and available to finance bonded debt. In practice, special assessment principal is recognized as revenue in the year when the assessment rolls are tabulated and adopted by the City Council, and when it is available to finance the related bond issue principal. Special assessment interest is recognized as revenue in the year due, which generally corresponds to the period it is actually earned. Once a special assessment roll is adopted, the amount attributed to each parcel is a lien upon that property until full payment is made or the amount is determined to be excessive by the City Council or court action. If s special assessments are allowed to go delinquent for a State Statute deter- mined number of years, the property is subject to tax-forfeit sale and the first proceeds of that sale (after costs, penalties and expenses of sale) are remitted to the City in payment of delinquent special assessments. Generally, the City will collect the full amount of its special assessments not adjusted by City Council or court action. Accordingly, no allowance for potentially uncollectible assessments has been provided. LOCAL GOVERNMENT AID REVENUE RECOGNITION Local government aid is provided the City by the State as a shared tax based upon a statutory formula and without restrictions. Payment from the State is generally received during each calendar year for that calendar year. The City recognizes local government aid revenue when it becomes both measur- able and available to finance current operations, In practice, local govern- ment aid is recognized as revenue as it is received in cash, GRANT REVENUE RECOGNITION The City receives various Federal, State and other grants, the purpose of which is to fund specific City expenditures, These revenues are recognized at the time of the specific expenditures, The City also receives Federal Revenue Sharing and "other general purpose grants. These grants are recognized as revenues in the period to which the grant applies. CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31 1979 NOTE 1 m SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) INVESTMENTS Investments are stated at cost plus accrued interest as of the balance sheet date. INVENTORIES The original cost of materials and supplies has been recorded as expendi- tures at the time of purchase, The City does not maintain significant amounts of inventories of materials and supplies. FIXED ASSETS a GENERAL General fixed assets are recognized as expenditures of the governmental funds at the time of purchase. Such assets are capitalized, at cost, in the general fixed assets group of accounts except for certain improvements (roads, bridges, curbs, gutters, streets, sidewalks, drainage system and lighting systems) which are not capitalized. Gifts or contributions are recorded in general fixed assets at fair market value at the time received, No depreciation has been provided on general fixed assets. The City does not maintain detailed records nor accounting controls over general fixed assets. The amounts presented in the Statement of General Fixed Assets represent amounts accumulated from historical financial reports only, without regard to physical inventories or listings. FIXED ASSETS - PROPRIETARY FUNDS Fixed assets of the proprietary funds (Water and Sewer Operating Funds) are stated at cost, estimated cost, or in the case of contributions, at fair market value at the time received. Depreciation has been provided using the straight -line method over the estimated useful lives of assets, as follows; DEPRECIABLE DEPRECIATION ASSETS LIVES 1979 1978 PURCHASED ASSETS: ^ Water 5 - 10 yrs $ 3,044 $ 2,826 Sewer 5 - 10 yrs 583 583 CONTRIBUTED ASSETS: Water 50 yrs 17,228 17,228 Sewer 50 yrs _ 15 ,992 15, 992 Totals 3b,847 $ 36,6Z� CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31 1979 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) FIXED ASSETS - PROPRIETARY FUNDS (CONTINUED) Fixed assets of the water and sewer utility operations include the water distribution system and sewage collection system. These systems have been wholly (or substantially) financed by non - operating funds (i.e. special assessments, general taxes, Federal and State grants, other sources) and contributed to the sewer and water operating funds. City policy is to finance these assets by the sources indicated rather than by user charges. Accordingly, the water and sewer user rates are not established at levels sufficient to cover depreciation on these assets. Depreciation on these assets is shown in the operating statements; however, this depreciation is eventually transferred against the contribution account rather than retained earnings in accordance with generally accepted account- ing principles. Consequently, the contribution account reflects the net book value of contributed assets rather than the original cost of such assets. NOTE 2 BUDGETARY DATA The City Council adopts an annual budget for the General Fund and those Special Revenue funds as presented in Statements 7 through 11 on an annual basis. During the budget year supplemental appropriations and deletions are or may be authorized by the City Council. The amounts shown in the financial statements as "Budget" represent the original budgeted amounts plus all revisions made during the year and /or for the year. NOTE 3 - ENCUMBRANCES The City does not follow the optional encumbrance method of accounting in the governmental fund types. Major fund balance appropriations at December 31, 1979 and 1978 are shown on the various balance sheets as segregations of the fund balance and consist of the following: DECEMBER 31, DESCRIPTION 197 1978 General Fund: Designated for Committed Contracts $ 22,596 Designated for Ensuing Years Expenditures $ 59,000 Special Revenue Funds: Designated for Ensuing Years Expenditures 91,0 72,650 Capital Projects Funds: Designated for Committed Contracts 39,236 Designated for Capital Improvements 71;894 86,857 Special Assessment: Designated for Committed Contracts 11 ,779 47 ,535 Designated for Construction 8 ,428 233,49 Total Governmental Fund Types S241F �91Z 4�9 = � 4 CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL. STATEMENTS DECEMBER 31, 1979 NOTE 4 - METROPOLITAN WASTE CONTROL COMMISSION During 1970, the Metropolitan Waste Control Commission was organized to provide for consolidation of the sanitary sewage collection, treatment and disposal in the seven county metropolitan area surrounding Minneapolis and St, Paul. Previously, these operations were maintained by the city govern- ments on an individual or collective basis. When the M,W,C.C, was formed, existing interceptor sewer lines and treatment facilities were transferred from the cities to the M.W,C.C, in exchange for future credits, The M,W.C.C, finances its operations by user charges to the various cities based upon annual volume. Included in these user charges are amounts required tc liquidate the credits arising from the 1970 transfer identified above. In practice, each city receives annual credits upon the assets transferred to the M,W.C.C, in 1970 and annual charges (to finance these credits) based upon volume. The net amount of these credits is billed to each city as part of its annual user charge for operation and maintenance of the collec- tion, treatment and disposal system. The M.W.C.C, bills the City annually based upon estimated actual volume budgeted costs. These billings are later adjusted when volume and actual costs are determined. The adjustment to actual is generally determined in the succeeding calendar year and payable, by the City, in the second succeeding calendar year. The City follows the accounting policy of recognizing these charges as an expense of the sewer utility operation in the year for which they are billed (for estimated billings) and in the year the adjustments are determined (for adjustments from estimated to actual billings). In addition to the above charges /credits, the City paid the M.W.C.C, reserve capacity deferred charges in 1971 and 1972. These deferred charges are being repaid to the City at nominal amounts per year including interest at approximately 3 -1/2 %. Future credits and deferred charges are not reelected in these financial statements, as these credits will be off -set b%,° annual charges as detailed above. The amount of these credits at December 31, 1979 and 1978 were as follows: DECEMBER 31, _ 1979 _ 1978 Current Value Credits $ 819 $ 858 Debt Service Credits 254,636 267,449 Deferred Charges 10 ,749 11,1 Totals L266,204 �2Z9 CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1979 NOTE 5 DEFERRED AD VALOREM TAX LEVIES - SPECIAL ASSESSMENT BOND ISSUES Certain special assessment bond issued sold by the City are partially financed by ad valorem tax levies in addition to special assessment levies against the benefiting properties. When a bond issue to be financed partially or wholly by ad valorem tax levies is sold, specific annual amounts of such tax levies are stated in the bond resolution and the County Auditor is notified and instructed to levy these taxes over the appropriate years. These future tax levies are subject to cancellation when and if the City has provided alternative sources of financing. These future scheduled tax levies are now shown as assets of the special assessment funds at December 31, 1979 in accordance with generally accepted accounting principles. Revenue from these tax levies is recognized annually as explained under "Property Tax Revenue Recognition". Scheduled and actual debt service tax levies for special assessment bonds were and are scheduled to be as follows: YEAR OF PERCENT LEVY /COLLECTION SCHEDULED ACTUAL LEVIED 1975/1976 $ 75,300 $ 75,300 100,00 1976/1977 79,300 79,300 IOO.OT10 1977/1978 80,300 80,300 100.0w / 1978/1979 79,300 79,300 loo.OT /, 1979/1980 88,800 88,800 100,00 / 1980/1981 88,400 1981/1982 90,900 1982/1983 89,300 1983/1984 89,800 1984/1985 87,300 1985/1986 79,000 1986/1987 77,200 1987/1988 76,400 1988/1989 79,800 1989/1990 77,700 1990/1991 63,700 1991/1992 61,5oo 1992/1993 64,700 1993/1994 62,300 1994/1995 60,000 1995/1996 57,700 1996/1997 64,200 NOTE 6 - BONDED INDEBTEDNESS All bond issues outstanding at December 31, 1979 are backed by the full faith and credit of the City unless otherwise specified, Outstanding balances at December 31, 1979, principal payments due in 1980, future interest to maturity, final due date, interest rates, and other pertinent data is presented in the Combined Statement of Indebtedness and /or the Statements of Debt Service Payments to Maturity ~ Exhibit 3. CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1979 NOTE 7 _ ACCRUED SICK AND VACATION PAY The City does not record the liability for vacation and Bich pay earned by employees as such benefits accrued, but rather charges expenditures when employees take vacation or use sick time. Generally accepted account- ing principles do not require the accrual of liability for vacation or sick pay in the City's funds. Total accumulations were not material at December 31, 1979 and 1978. NOTE 8 - RETIREMENT PLANS The City participates in contributory pension plans through the Public Employees Retirement Association (P.E.R.A.) under Minnesota Statutes Chapter 353, which covers substantially all employees except those qualify- ing as temporary or seasonal employees and employees covered by other plans (if applicable). This plan is a State administered plan and is coordin- ated with the Federal Social Security Retirement Plan. State Statute requires the City to fund current service pension costs as it accrues. Prior service cost is being amortized over a period of 40 years and is being funded by payments determined as a percentage of gross wages paid by all employers participating in the State Association. The amount of unfunded prior service cost attributed to individual reporting entities is not determinable. City contributions for 1979 and 1978, including amortization of estimated prior service cost is shown below. City contributions for 1979 and 1978 for all pension plains and all City funds were as follows: DE SCR I PT I O 1979 _ 1978 P.E.R.A. _ $ _ _ 13 ,738 $ 11,882 F.I.C.A. 3,072 3,0 28 Totals _ 16 81.0 5,__14 NOTE 9 CONTINGENCIES The City Attorney has indicated that existing and pending lawsuits, claims and other actions in which the City is a defendent are either covered by insurance; of an immaterial amount; or, in the judgment of the City Attorney, remotely recoverable by plaintiffs. NOTE 10 - CONDENSED COMBINED FINANCIAL STATEMENTS The Condensed Combined Financial Statements contained in this report pro- - vide a summary overview of the financial position of - -:11 funds and account groups and of the operating re,.11!lts of < 11 funds. Th./ also serve as an introduction to the more detailed stat -ants that follow. The reader is cautioned that these combined °:atemen?_�., have been condensed for presen- tation purposes and that certain disclosures contained in the combining, fund and account group financial statements may not b.� ::'isclosed in the condensed combined financial statements. CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1979 NOTE 11 - "MEMORANDUM ONLY" PRESENTATIONS Presented in these financial statements are certain amounts labeled "Memorandum Only ". The reader is cautioned that this information has certain limitations as follows: 1) The "Total" columns of the various combined statements present a combining of unlike purpose funds and cannot be construed to be indicative of the overall financial posi- tion nor overall results of operations nor overall changes in financial position of the City. 2) Prior year "Total" columns likewise may combine unlike purpose funds (as in 1 above) and additionally do not pre- sent detail components by fund group (as is presented for current year totals) and therefore, are incomplete presen- tations of prior year statements of financial position, results of operations, and changes in financial position of the various funds of the City as established by gen- erally accepted accounting principles, 3) Statements of Revenue, Expenditures and Changes in Fund Balance Compared to Budget present prior year actual amounts. These amounts are incomplete presentations in that prior years budget amounts are not included in conformance with generally accepted accounting principles. CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 1 INTERFUND AUDIT ADJUSTMENTS DECEMBER 31, 1979 FUND DUE FROM DUE TO FUND TITLE NO. OTHER F OTHER FUNDS G.O.--Bonds of 1967 and 1968 501 $ 3,318.61 Storm Sewer Bonds of 1971 502 61,70 G.O. Bonds of 1976 506 $ 3,100.03 Consolidated Construction Fund 510 280.23 To reclassify County tax collections G.O. Bonds of 1967 and 1968 501 3,187.54 Storm Sewer Bonds of 1971 502 482.24 G.O. Bonds of 1976 506 205,69 General Fund 101 3,875.47 To reclassify homestead credit collections Bonds of 1977 509 4o,o85.00 G.O. Bonds of 1976 506 40,085.00 To reclassify bond payment G.O. Bonds of 1967 and 1968 501 13,753.00 General Fund 101 13,753.Q0 To reclassify connection charges 1979 Utilities 512 22,285.87 Water Fund 701 22,285.87 To charge water fund for its portion of construction costs General Fund 101 70,663,32 Capital Improvements 401 4,753.03 Bonds of 1978 511 29,051,'62 Water Fund 701 18,081.00 Bonds of 1977 509 24,421,15 1979 Utilities 512 361.19 82,283,86 Bonds of 1978 511 4,753-03 Lawcon Grant 403 6,178,46 Prison Utilities 512 5,273.66 To reclassify construction costs Bonds of 1978 511 3,067,44 Lawcon Grant 403 3,067,44 To allocate construction costs Revenue Sharing 201 26,000,00 Bonds of 1978 511 26,Oo0.o0 To reverse transfer Lawcon Grant 403 26,000.00 Bonds of 1978 511 26,000.00 To reverse transfer Totals 5261 ,35 725 261,357_,25 CITY OF OAK PARK HEIGHTS, MINNESOTA CONSTRUCTION COSTS BY PROJECT FOR THE YEAR ENDED DECEMBER 31, 1979 C ONTRACTOR ENGINEERING CAPITAL PROJECTS FUND Lawcon Grant Park Improvements $ 89 482 $_1_LF,354 SPECIAL_ ASSESSMENT FUND $100,000 G.O. Bonds of 1977: 1977 Sewer and Water Extension and 1978 1978 Street Improvements $244,010 $ 3 0,781 G.O. Bonds of 1978 and 1979: Brekke Heights #2 $198,6o4 $ 22,295 Raymie Johnson Estates 1 0_3,513 11,618 Total $200,000 Bond Fund $302,117 $ 33,913 Prison Utilities 5,881 1979 Utilities 108,7 9 >4 ?1 Total Special Assessment Funds 654 z 926 579,96 EXHIBIT 2 LEGAL EXPENDITURES FISCAL TOTAL CURRENT PRIOR EASEMENTS OTHER COSTS YEAR YEA - - 1-3 oZ 6 3 4 _5_$ � 6 � $ 1,430 $ 3,5 33 $279,754 - $ 6 $273,023 $ 912 $ 711 $222,522 $ 43,622 $178,900 _ L03 363 _115,977 _ 15,o _ 100,963 $1,395 $ 1 , 0 7 4 $338, - $ 58,636 $279,863 253 6,134 5,274 86o 118 220 1 $ z .__4 607 $742. 61 188 Completed and Capitalized at December 31, 1979 CITY OF OAK PARK HEIGHTS, MINNESOTA S CHEDULE OF DEBT SERVICE PAYMENTS UNTIL MATURITY DECEMBER 31, 1979 G.O. STORM SEWER G.O. BONDS IMPROVEMENT $249,000 OF 1967 BONDS G.O. BONDS AND 1968 OF 1971 OF 1976 Bonds Payable $1,055,000 $120,000 $180,000 Future Interest Payable 518,440 40,095 31,560 Tota 1 s $1�5Z3,440 160 0 21 1 60 Year of Maturity: 1980 $ 100,355 $ 16,260 $ 43,700 1981 98,045 15,760 42,16o 1982 95,735 15,250 40,550 1983 93,385 14,730 18,870 1984 91,035 14,200 23,120 1985 88,655 13,660 22,100 1986 91,275 13,115 21,060 1987 88,665 12,560 1988 86,055 11,995 1989 88,445 11,425 1990 85,585 10,855 1991 82,690 10,285 1992 79,795 1993 81,9oo 1994 78,770 1995 75,640 1996 72,510 1997 69,380 1998 25 ,520 Totals 573,440 X16 0,095 211 60 EXHI BIT 3 i I $100,000 $100,000 $100,000 $100,000 G.O. G.O. G,O. IMPROVEMENT IMPROVEMENT IMPROVEMENT IMPROVEMENT BONDS BONDS BONDS BONDS OF 1977 OF 1978 OF 1978 O 197 TOTAL $ 80,000 $100,000 $100,000 $100,000 $1,735,000 9,000 16 16,500 19,000 651,095 8 00 11 6 1 500 X116 ,500 Li9 0 00 2 ,3 86 ,99 5- $ 23,600 $ 25,500 $ 25,500 $ 28,400 $ 263,315 22,700 24,400 24,400 24,200 251,665 21,800 23,300 23,300 23,000 242,935 20,900 22,200 22,200 21,800 214,o85 21,100 21,100 21,600 192,155 124,415 125,450 101,225 98,050 99,870 96,440 92,975 79,795 81,goo 78,770 75,640 72,510 69,380 25, 520 1 16 x00 _ t t 6 00 1 � I, 000 $ 2 , 3 86 , og5 CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 4 SECURITY FOR DEPOSITS DECEMBER 31 1979 WASHINGTON OAK PARK FEDERAL SAVINGS HEIGHTS AND LOAN STATE BANK COLLATERAL REQUIREMENTS: Demand Deposits $ 257,586 Time and Savings Deposits $ 69 545,839 Total Deposits $ 69 $ 803,425 Less F.D,I.C, Insurance (100,000 140,000) Amount Requiring Collateral $ 59 $ 663,425 At Percentage Rate X 110 X 110% COLLATERAL REQUIRED - 11CF / $ 651,525 $ 729,767 COLLATERAL PROVIDED 705 _ 835 ,000 EXCESS COLLATERAL �L-5,. — $ 10",2,233 ASSIGNED BY ON D EPOSI T W ITH AMOUNT Washington Federal Savings and Loan Washington Fed.-r - al � Oak Park Heights State Bank American National $ 285,000 Northwestern National 550,000 $ 835,000 CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 5 INSURANCE IN FORCE DECEMBER 31, 1979 COVERAGE AMOUNT UMBRELLA LIABILITY $ 5,000,000 PROPERTY AND GENERAL LIABILITY: Property (Scheduled Locations) 675,953 General Liability: Bodily Injury 500,000/500,000 Property Damage 100,000 /100,000 Contractual 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 50,000 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 CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 6 TAXABLE VALUATIONS, TAX LEVIES AND MILL RATES DECEMBER 31 , 1979 1978 1.979 TAXABLE VALUATIONS; City of Oak Park Heights: Real Estate $33,699,02.2 $33,614,817 Personal Property _ 633,756 660 Total $34,332,778 $34,274,992 Fiscal Disparity: Distribution 127,388 165, 070 Totals ,460 X34,440,062 TAX LEVIES: Year of Levy 1978 1979 Year of Collection 1979 1980 MILL MILL LEV RA LEVY RATE TAXES LEVIED: Revenue $230,000 6,674 $296,000 8,603 Bond and Interest 7 9 : ;00 2.303 888 00 2.583 Totals 5 �3-0960 8 — S 83 4,800 11.186 i CITY OF OAK PARK HEIGHTS, MINNESOTA EXHIBIT 7 FUTURE SCHEDULED TAX LEVIES - SPECIAL ASSESSMENT BON DECEMBER 31 1979 YEAR OF YEAR OF BOND ISSUE COLLECTION 1967 1968 1971 1976 TOTAL 1980 $ 35,900 $ 35,900 s 12,000 $ 5,000 $ 88,800 1981 35,400 35,000 13,000 5,000 88,400 1982 34,700 34,200 12,000 10,000 90,900 1983 34,1oo 33,200 12,000 10,000 89,300 1984 33,400 32,400 12,000 12,000 89,800 1985 32,700 31,600 11,000 12,000 87,300 1986 37,200 30,800 11,000 79,000 1987 36,300 29,900 11,000 77,200 1988 35,300 29,100 12,000 76,400 1989 34,400 33,400 12,000 79,800 1990 33, 32,300 12,000 77,700 1991 32,500 31,200 63,700 1992 31,600 29,900 61,500 1993 35,700 29,000 64,700 199 34,500 27,800 62,300 1995 33,300 26,700 6o,000 1996 32,000 25,700 57,700 1997 30,80 33,400 _ 64, Totals 561' � 61 00 5 0,000 4 000 1 138,700