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Home My WebLink AboutAnnual Financial Report CITY OF OAK PARK HEIGHTS, MINNESOTA ANNUAL FINANCIAL REPORT DECEMBER 31, 1980 CITY OF OAK PARK HEIGHTS, MINNESOTA TABLE OF CONTENTS Organization Auditor's Report Combined Financial Statements 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 Condensed Combined Statement of Revenue, Expenditures and Changes in Fund Balance - Budget and Actual - General and Special Revenue Fund Type Statement 3 Condensed Combined Statement of Revenue, Expenses and Changes in Retained Earnings - All Proprietary Fund Type Statement 4 Condensed Combined Statement of Changes in Financial Position Proprietary Fund Type Statement 5 Combined Schedule of Indebtedness Statement 6 Fund And Account Group Statements 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 Project Funds: 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: Balance Sheet Statement 16 Statement of Revenue, Expenses and Changes in Retained Earnings Statement 17 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 Payments To Maturity: Special Assessment Bonds Exhibit 3 Revenue Bonds Exhibit 4 Securities for Deposit Exhibit 5 Insurance in Force Exhibit 6 Future Scheduled Tax Levies - Special Assessment Bonds Exhibit 7 Taxable Valuations, Tax Levies and Mill Rates Exhibit 8 CITY OF OAK PARK HEIGHTS, MINNESOTA ORGANIZATION December 31, 1980 Term Expires Mayor: - Donald Mondor December 31, 1980 Councilmen: William Westphal December 31, 1982 John Lang December 31, 1982 Richard Seggelke December 31, 1980 Robert Torgerson December 31, 1980 Clerk - Treasurer: LaVonne Wilson Appointed i _ 5 A. r�5#.. _ ' „,,a �• c.r:zw '�' ;w..�;w,u; K 7 I r sa I I f � t i ' {`.. ��..�:• ° x R 9 :�'�� :,`e. ��a E9a d'` ; ",, ., �. _:� �,:�. �� 7� ati � � .t� ., ' �=.` � + m j s � _ r 2 ,° & �'�. r s x • � e�: X77 MO F — Q • es�� ; %° ..�-, .:'�+sM�; », �,� .ate :�? �,• "< - .� - .. , ° tx : p'fJ aT1� °� �t'� Yr i�+�' � 95 .35 ,". � .� "' 4�,. '. r8 #��.« �. #$�, _� s - t - - 0, Loo- MO i CITY OF OAK PARK HEIGHTS, MINNESOTA CONDENSED COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1980 Special Capital Assets General Revenue Project Cash - treasurer's balance $ 1,505 $ 9,212 $ 26,094 Cash with paying agent Investments - at cost 162,576 121,491 30,880 Accrued interest receivable Accounts receivable 7,957 Due from other funds 6,090 12,711 Due from other governmental units 1,000 13,571 Due from developers Prepaid expenses Connection charges receivable Taxes receivable - net 2,840 Special assessments receivable Amount to be provided Fixed assets - net Restricted assets: Cash Investments Total assets $181,968 $156,985 $ 56,974 Liabilities And Fund Equity Liabilities: Accounts payable $ 32,217 $ 909 Salaries payable 958 Accrued interest Due to other governmental units 6,252 Due to other funds 14,894 6,090 Due to developers Refund payable Meter deposits Contracts payable Matured interest payable Bonds payable Deferred revenue Total liabilities 54,321 6,999 $ -0- Fund equity: Invested in general fixed assets Contributions from property owners Retained earnings: Undesignated Fund balance: Designated 149,986 56,974 Undesignated 127,647 Total fund equity 127,647 149,986 56,974 Total liabilities and fungi? equity $181,968 $156, $ 56,974 CI`1'Y OF OAK PARK HEIGHTS, MINNESOTA Statement 1 Proprietary Ac count Groups Totals Special Fund Type General December 31, Assessments Enterprise Fixed Assets 1980 1979 (Unaudited) (Memorandum Only) $ (153,601) $ 76,388 $ (40,402) $ 257,585 21,650 21,650 5,937 1,126,096 86,033 1,527,076 1,238,134 6,737 6,737 25,044 33,001 23,931 31,975 30,917 81,693 261,357 13,397 3,114 31,082 22,570 85,082 850,82 129,025 3,948 3,948 632 30,892 30,892 32,719 852 3,692 336,758 336,758 279,057 202,748 202,748 487,032 2,070,357 $337,573 2,407,930 1,982,264 43,436 43,436 86,76 86,761 $1,702,586 $2,425,998 $337 $4,862,084 $4,720,243 $ 796 $ 1,814 $ 35,736 $ 57,445 156 1,114 1,241 4,050 4,050 9,513 15,765 12,349 55,630 5,079 81,693 261,357 297 3,286 3,286 45,083 45,083 43,438 11,507 69,134 80,641 36,948 21,650 21,650 5,937 1,560,000 200,000 1,760,000 1,735,000 23,690 1,652,869 334,829 $ -0- 2,049,018 2,177,702 $337,573 337,573 251,537 1,865,705 1,865,705 1,675,411 225,464 225,464 49,717 256,677 244,977 127,647 181, 49,717 2,091,1 337,5 2,813,066 2,542,541 $1,702,58 $ 2,425,998 $337,5 $4,862 $4,720,243 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 ALL GOVERNMENTAL FUND TYPES. For The Year Ended December 31, 1980 Special General Revenue Revenue: Taxes $276,402 Intergovernmental revenue 125,222 $ 46,399 Licenses and permits 22,058 Fines and forfeits 2,722 Interest on investments 3,359 5,343 Charges for current services 7,864 Special assessments Connection charges Other .revenue 2,188 Special assessment revenue adjustment Total revenue 4 39,815 51 ,742 Expenditures: Current: General government 117,583 1,918 Public safety 168,443 Streets and highways 45,869 Sanitation and waste removal 58,534 Recreation 44,209 Miscellaneous Capital outlay 22,956 2,177 Debt service: Interest Paying agent fees Construction costs _ Total expenditures 457,594 4,095 Revenue over (under) expenditures (17,779 47,647 Other increases (decreases): Transfers from (to) other funds (41,410) (6,090) Bond proceeds Changes in amount to be provided Total other increases (decreases) (41 (6,090 Net increase (decrease) in fund balance (50,189) 41,557 Fund balance - January 1 186,836 108,42 Fund balance - December 31 $127,647 $149,986 CITY OF OAK PARK HEIGHTS, MINNESOTA Statement 2 Totals Capital Special December 31, Project Assessment 1980 1979 (Memorandum Only) $ 83,262 $ 359,664 $ 296,036 $ 23,690 6,053 201,364 214,513 22,058 33,189 2,722 1,466 10,427 103,190 122,319 109,921 7,864 18,515 270,008 270,008 32,520 126,883 126,883 14,434 9,414 1,134 12,736 7,222 (106,652 4 590,530 1,125,618 621,164 119,501 129,488 168,443 151,160 45,869 63,754 58,534 31,422 44,209 36,815 11,322 25,133 30,950 88,315 88,315 84,595 503 503 336 53,749 186,942 240,691 236,451 53,749 275,760 791,198 776,293 (10,218 314,770 334,420 (155,129 (43,938) (91,438) 22,286 98,683 (285,26 (285,260 (208,061 (43,938 (285,260 (376, (87,092 (54,156) 29,510 (42,278) (242,221) 111,130 20,2 426,602 668,823 $ 56,974 $ 49,717 $ 384,324 $ 426,602 The accompanying notes are an integral part of these financial statements CITY OF OAK PARK HEIGHTS, MINNESOTA CONDENSED COMBINED S'T'ATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND TYPES For T'he Year Ended December 31, 1980 General F Over (Under) B udge t Actual Budget Revenue: Taxes $296,000 $276,402 $(19,598) Intergovernmental revenue 79,564 125,222 45,658 Licenses and permits 18,040 22,058 4,018 Fines and forfeits 2,722 2,722 Interest on investments 15,000 3,359 (11,641) Charges for current services 7,864 7,864 Other revenue 2_, 2,188 Total revenue 408,6 439 ,815 31,211 Expenditures: Current: General government 97,173 117,583 20,410 Public safety 138,000 168,443 30,443 Streets and highways 40,052 45,869 5,817 Sanitation and waste removal 47,000 58,534 11,534 Recreation 34,000 44,209 10,209 Other Capital outlay 30,084 22,95 (7,128 Total expenditures 386,3 457,5 71,285 Revenue over (under) expenditures 22,295 (17,779 (4 0,074 ) Other increases (decreases): Transfer to Capital Project Fund (47,500) (47,500) Transfer to General Fund Transfer from Revenue Sharing Fund 6,090 6,090 Total other increases (decreases) M (47,5 00) (41,410 6,090 Net increase (decrease) in fund balance $(25,205 (59,189) $(33,984 Fund balance -- January 1 186,836 Fund balance - December 31 $127,647 CITY OF OAK PARK HEIGHTS, MINNESOTA Statement 3 Special Revenue 1980 Over Over (Under) (Under) 1979 Budget Actual Budget Budget Actual Budget Actual T (Memorandum Only) $ 296,000 $276,402 $(19,598) $219,802 $ 46,399 $ 46,399 79,564 171,621 92,057 185,939 18,040 22,058 4,018 33,189 2,722 2,722 1,466 5,343 5,343 15,000 8,702 (6,298) 22,633 7,864 7,864 18,515 _ 2,188 2,188 7,222 $ -°0- _ 51,742 51,742 408,604 491,557 82,953 488,766 97,173 117,583 20,410 130,218 138,000 168,443 30,443 151,160 40,052 45,869 5,817 63,754 47,000 58,534 11,534 31,422 76,044 1,918 (74,126) 110,044 46,127 (63,917) 37,750 37,636 2,177 2,177 30,08 _ 25,133 (4,951 76,044 4,095 (71,9 462,353 461,689 (664 451,940 (76,044) 47,647 123, ( 53,7 49) 29,868 83,617 36,826 (47,500) (47,500) (42,500) (15,000) (6,090) 8,910 (15,000) (6,090) 8,910 _ 6,090 6,090 ( 15,000 ) (6,090 8,910 (62,500 (47,500 15,000 (42,500 $(91,0 41,557 $132,601 $(116,249 (17,632) $ 98,617 (5,674) 108,429 295,265 300,939 $1 49,98 6 $277,633 $295,265 The accompanying notes are an integral part of these financial statements CITY OF OAK PARK HEIGHTS, MINNESOTA Statement 4 CONDENSED COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPE For The Year Ended December 31, 1980 Totals _ December 31, 1980 1979 (Memorandum Revenue: Only) Customer billings $ 90,200 $ 78,281 Penalties 1 _ 1,360 Total operating revenue 91,280 79,641 Expenses: Personnel services 16,314 8,326 Contractual services 15,015 19,223 Fixed charges 28,364 16,645. Materials and supplies (263) 1,206 Depreciation: On purchased assets 2,740 3,627 On contributed assets _ 33,220 _3 3,220 Total expenses 95,390 _ 8 2,247 Revenue over (under) expenses (4, 110) (2,606 Add: Other income Interest on investments 5,451 15,007 Plumbing permits g 352 384 . Sewer availability charge fees 185 352 Refunds and reimbursements 725 1,361 Other 650 _ Total other income 7,363 17,104 Net income 3,253 14,498 Other increases: Credit arising from transfer of depreciation to contributions from property owners 33,220 33,220 Transfer from Capital Project Fund 91,438 Increase in contributions (91,438 Total other increases 33,220 33,220 Net increase 36,473 47,718 Re.a fined earnings - January 1 188,991 141,273 Retained earnings - December 31 $225,464 $188,991 The accompanying notes are an integral part of these financial statements CITY OF OAK PARK HEIGIITS, MINNESOTA Statement 5 CONDENSED COMBINED STATEMENT OF CHANGES IN FINANCIAL, POSITION PROPRIETARY FUND TYPE For The Year Ended December 31, 1980 Totals December 31, 1980 1979 (Memorandum Sources of financial resources: Only) Operations: Net income $ 3,253 $ 14,498 Expenses not requiring outlay of working capital - depreciation 35,960 36,847 Total sources from operations 39,213 51,345 Proceeds from issuance of bond indebtedness 196,934 Transfer from other funds 91,438 _ Total sources 327,585 51,345 Uses of financial, resources: Purchase of fixed assets 240,448 23,410 Designation of restricted assets 130,197 Total uses 370,645 23,410 Net increase (decrease) in working capital $(43,060 $ 27,935 Components of increase (decrease) in working capital: Cash $(40,309) $ 47,434 Investments 50,951 (85,283) Accounts receivable (554) 1,530 Due from other governmental units (8,550) Due from other funds 12,836 18,081 Due from County 1,667 Accounts payable 1,656 (2,739) Accrued interest (4,050) Due to other governmental units (6,394) 67,808 Salaries payable (59) 161 Due to other funds 17,209 (22,286) Meter deposits (1,645) (5,114) Due from M.W.C.C. 3,316 8,343 Contract payable (69,134 Net increase (decrease) in working capital $(43,060 $ 27,935 The accompanying notes are an integral part of these financial statements CITY OF OAK PARK HEIGHTS, MINNESOTA COMBINED SCHEDULE OF INDEBTEDNESS December 31, 1980 Final Net Payment Interest Date Due Rate Bonded Indebtedness: _ Special assessment bonds: General Obligation Bonds of 1967 9/1/67 9/1/97 4.50` Water and Sanitary Sewer Bonds of 1968 3/1/68 2/1/98 4.80 General Obligation Storm Sewer Improvement Bonds of 1971 5/1/71 5/1/91 4.60 General Obligation Bonds of 1976 9/1/76 10/1/86 4.00 Improvement Bonds of 1977 12/3/77 11/1/83 4..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 Revenue Bonds: General Obligation Water and Sewer Bonds of 1980 10/1/80 10/1/94 7.50 Total Indebtedness CI`PY OF OAK PARK HEIGHTS, MINNESOTA Statement 6 Bonds Principal Interest Authorized Retired _ Outstanding Due Due And Issued To Dat At 12/31/80 In 1981 In 1981 $ 825,000 $230,000 $ 595,0000 $ 30,000 $ 27,585 490,000 80,000 410,000 20,000 20,460 173,000 63,000 110,000 10,000 5,760 249,000 104,000 145,000 35,000 7,160 100,000 40,000 60,000 20,000 2,700 100,000 20,000 80,000 20,000 4,400 100,000 20,000 80,000 20,000 4,400 100,000 20,000 80,000 20,000 4,200 200,0 200,000 1 6,200 $2,337,00 $577,000 $1,76 $175,000 $ 92,865 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, 1980 Tot Dece 31, 1980 1979 Assets (:Memorandum Only) Cash - treasurer's balance $ 1,505 $ 54,263 Investments - at cost 162,576 130,232 Accounts receivable 7,957 Due from other governmental units 1,000 Due from developers 11,815 Taxes receivable: Delinquent 4,413 4,252 Allowances and deferments (4,413) (4,252) Due from County 2,840 Due from other funds 6,090 70,6 Total assets $181,968 $266 Liabilities And Fund Balance Liabilities: Accounts payable $ 32,217 $ 52,135 Salaries payable 958 1,144 Due to other governmental units 6,252 9,230 Due - to other funds 14,894 17,628 Total liabilities 54,321 80, 137 Fund balance: Designated for committed contracts 22,596 Undesignated 127,647 164,240 Total fund balance 127,647 186,836 Total liabilities and fund balance $181,968 $266,973 The accompanying notes are an integral part of these financial statements CITY OF OAK PARK HEIGHTS, MINNESOTA Statement 8 Page 1 GENERAL FUND COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE -- BUDGE`7.' AND ACTUAL For The Year Ended December 31, 1980 1980 Over (Under) 1979 Budget Actual Budget Actual Revenue: (Memorandum Taxes: Only) Current and delinquent $274,545 $218,709 Fiscal disparities 1,119 872 Other _ 738 221 Total taxes (1) $2 96,00 0_ $276,402 $(19,598 219,802 Intergovernmental revenue: State: Homestead credit 20,174 20,174 10,710 Local government aid 79,564 79,564 77,434 Machinery aid 431 431 346 Diseased tree removal aid 15,016 15,016 11,913 Police aid 9,037 9,037 8,127 Local planning aid 2,619 Federal: 701 Grant 1,000 1,000 C.E.T.A. 19,186 Total intergovernmental revenue 79,564 125,222 45,658 130,335 Licenses and permits 18,040 22,058 4,018 33,189 Fines and forfeits 2,722 2,722 1,466 Interest on investments 15,000 3,359 (11,641) 16,278 Charges for current services 7,864 7,864 18,515 Refunds and reimbursements 1,188 1,188 4,992 Sale of property 1,980 Donations 1,000 1,000 250 Total. revenue 408,604 439,815 31,21 426,807 Expenditures: General government: Mayor and council: Current 48,300 47,728 (572) 65,490 Elections: Current 1,350 1,319 (31) City clerk: Current 31,500 32,597 1,097 39,534 Capital outlay 50 (50) Planning and zoning: Current 12,000 17,816 5,816 19,117 City hall: Current 4,023 4,833 810 5,347 Capital outlay 500 (500) 730 General management: Current 13,290 13,290 Total general government 97, 723 11 7,583 19,860 130218 (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 Page 2 GENERAL FUND COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND AC`PUAL For The Year Ended December 31, 1980 19 T � over (Under) 1979 Budge Actual Budget Actual Expenditures: (Continued) (Memorandum Public safety: Only) Police department: Current $130,500 $150,758 $ 20,258 $122,130 Capital outlay 25,309 22,956 (2,353) Fire protection: Current 7,500 8,387 887 6,606 Protective inspection: Current _ 9,2 9_8_ 9,2 98 _ 31,065 Total public safety 163,309 191,399 28, 090 159 Streets and highways: Streets and alleys: Current 9,952 21,194 11,242 14,172 Snow and ice removal: Current 11,000 6,670 (4,330) 7,298 Street lighting: Current 15,500 16,805 1,305 15,609 Arboreous: Current _ 3,6 00 1,200 (2,4 0_0_) _ 26,67 5 Total streets and highways m 4 4 5,869 5,817 63,754 Sanitation: Refuse collection and disposal: Current 31,000 35,664 4,664 31,332 Tree removal and planting: Current 16 22,870 6,870 90 Total sanitation 47,000 58,534 _ 11,534 31,422 Recreation: Parks, playgrounds and rinks: Current 34,000 44,209 10,209 36,815 Capital outlay 4,225 (4,225 935 Total recreation 3 8,225 44,209 5,984 37,750 Miscellaneous: Refunds and reimbursements 7,827 Storm sewer study 563 Utility - 720 Total miscellaneous -0- -0- -0- 9,110 Total expenditures $386,3 $457,594 $ 71,285 $432,055 The accompanying notes are an integral part of these financial statements CITY OF OAK PARK HEIGHTS, MINNESOTA Statement 8 Page 3 GENERAL FUND COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL For The Year Ended December 31, 1980 1980 Over (Under) 1979 Budget Actual Budget Actual (Memorandum Only) Revenue over (under.) expenditures $ 22 ,295 $(17,779 $(40,074 $ 3,393 Other increases (decreases): Transfer from Revenue Sharing Fund 6,090 6,090 Transfer to Capital Project Fund (47,500 (47,500 _ (42, Total other increases (decreases) (47,500 (41,410 6,090 (42,500 Net increase (decrease) in fund balance $(25,205 (59,189) $(33,984 (39,107) Fund balance °- January 1 186,836 2 25,943 Fund balance - December 31 $127,647 $186,836 The accompanying notes are an integral part of these financial statements CITY OF OAK PARK HEIGHTS, MIN14ESOTA Statement 9 SPECIAL REVENUE FUND - FEDERAL REVENUE SHARING BALANCE SHEET December 31, 1980 Totals_ December 31, 1980 1979 Assets (Memorandum Only) Cash - clerk's balance $ 9,212 $ 1,596 Investments - at cost 121,491 69,927 Due from other governmental units 13,571 10,906 Due from other. funds 12,711 26,000 Total assets $156,985 $108,429 Liabilities And Fund Balance Liabilities: Accounts payable $ 909 Due to other funds 6,090 Total liabilities 6,999 $ -0- Fund balance: Committed contracts 19,020 Designated for ensuing years budget 130,966 91,044 Undesignated 17,385 Total fund balance 149,986 108,429 Total liabilities and fund balance $156,985 $108,429 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 CHANEGS IN FUND BALANCE For The Year Ended December 31, 1980 Totals December 31 1980 1979 (Memorandum Only) Revenue: In ter governmenta1: Federal. grants $ 46,399 $ 55,604 Interest on investments 5,343 6,355 Total revenue 51,742 6 1,959 Expenditures: Current expense 1,918 2,212 Capital outlay 2,177 26,314 Total expenditures 4,095 28,526 Revenue over expenditures 47,647 33,433 Other increases (decreases): Transfer to General Fund (6,090 Net increase in fund balance 41,557 33,433 Fund balance - January 1 108,429 74,996 Fund balance -- December 31 $149,986 $108 2 429 The accompanying notes are an integral part of these financial statements CITY OF OAK PARK HEIGHTS, MINNESO`.t'A Statement 11 SPECIAL REVENUE FUND -- FEDERAL REVENUE SHARING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL For The Year Ended December 31, 1980 198 0_ Over (Under) 1979 _B udge t Actua Budget Ac _ Revenue: _ (Memorandum Intergovernmental: Only) Federal grants $ 46,399 $ 55,604 Interest on investments 5,343 6,355 Total revenue $ -0 - 51,74 $ 51,742 61, Expenditures: Current expense 47,212 1,918 (45,294) 2,212 Capital outlay 28,832 2,177 (26,655 26,314 Total expenditures 76,044 4,09 (71,949 2 8,526 Revenue over (under) expenditures (76,044) 47,647 123,691 33,433 Other increases (decreases): Transfer to General Fund (15,000) (6, 090) 8,910 --0-- Net increase (decrease) in fund balance $(91,044) 41,557 $132,601 33,433 Fund balance - January 1 108, 429 74, 996 Fund balance -- December 31 $149,98 $108,429 The accompanying notes are an integral part of these financial statements CITY OF OAK PARK HEIGHTS, MINNESOTA Statement 12 CAPITAL PROJECT FUNDS COMBINING BALANCE SHEET December 31, 1980 Totals Capital Lawcon December 31, Improvements Grant 1980 1979 Assets (Memorandum Only) Cash $ 17,747 $ 8,347 $ 26,094 $ 13,952 Investments - at cost 30,880 30,880 102,939 Due from other funds 30,753 Total assets $ 48,627 $ 8,34 $ 56,974 $147 Liabilities And Fund Balance Liabilities: Contracts payable $ 3,578 Due to other funds 9,246 Deferred revenue: Unearned Lawcon Grant _ _ 23,690 Total. liabilities $ °-0- $ °-0- $ -0-° 36,514 Fund balance: Designated for: Committed contracts 39,236 Capital improvements 48,627 8,347 56,974 _ 71 , 894 Total fund balance 48,627 8,347 56,974 111,130 Total liabilities and fund balance $ 48, 627 $ 8,347 $ 56, 974 $ 147,6 44 The accompanying notes are an integral part of these financial statements CITY OF OAK PARK HEIGHTS, MINNESOTA Statement 13 CAPITAL PROJECT FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE December 31, 1980 Totals Capital Lawcon December 31, Improvem Gran 1980 1979 (Memorandum Revenue: Only Intergovernmental: Federal grants $ 23,690 $ 23,690 $ 24,881 Interest on investments $ 9,227 1,200 10,427 6,653 Sale of property 9,414 _ - 9,414 Total revenue 18 ,641 24,8 43 3 1,534 Expenditures: Capital outlay 2,971 Construction costs 1,59 _ 52,154 53,749 46,790 Total expenditures 1,59 52,154 53 ,749 49,761 Revenue over (under) expenditures 1 (27,264 ( 10,21 8) (18, 227) Other increases: Transfer from General Fund 47,500 47,500 42,500 Transfer to Enterprise Fund (9 1,4 38 ) ( 91,438 ) Total other increases (43 ,938) -0- (43, 938) 42,500 Net increase (decrease) in fund balance (26,892) (27,264) (54,156) 24,273 Fund balance - January 1 75 ,519 35,611 1 11,13 0 86 ,857 Fund balance - December 31 $ 48,62 $ 8,347 $ 56,97 $111,130 The accompanying notes are an integral part of these financial statements CITY OF OAK PARK HEIGHTS, .MINNESOTA SPECIAL ASSESSMENT FUNDS COMBINING BALANCE SHEET December 31, 1980 G.O. Storm Sewer G.O. Bonds Improvement $249,000 Of 1967 Bonds G.O. Bonds Assets And 1968 Of 197 Of 197 Cast,: Clerk's balance (overdraft) $ (6,736) $ 7,111 $(30,755) With paying agent 5,000 Investments - at cost 777,693 159,522 Accrued interest receivable 6,737 Due from other funds 1,728 587 101 Due from other government units Due from developers 502 Connection charges receivable 9,947 Taxes receivable: Delinquent 1,026 170 70 Allowances and deferments (1,026) (170) (70) Due from County 689 115 48 Special assessments: Delinquent 1,660 37 2,978 Deferred 121,946 3,542 18,368 Due from County 55 Amount to be provided 98 ,393 98,6 5,747 Total assets $1,017 $110 ,000 $156,511 Liabilities And Fund Balance Liabilities: Account: payable Due to other funds $ 7,112 $ 11,511 Due to developers Refund payable Contracts payable Matured interest payable 5,000 Bonds payable 1, 005,00 0_ $110,00 145,000 Total liabilities 1,017 ,112 110,0 156, 511 Fund balance (deficit): Designated: Debt service Committed contracts Construction _ Total fund balance (deficit) w0- -0 -� -0- Total liabilities and fund balance $1,0 $110,000 $156,511 CITY OF OAK PARK HEIGHTS, MINxiESOTA Statement 14 $300,000 $100,000 G.O. Bonds Totals G.O. Bonds Completed Of 1978 Prison 1979 57th Street D ecem b er 31, Of 1977 Con struction And 1979 U tilities Utili Improve 198 1979 - y - -- (Memorandum Only) $(20,664) $ 17,985 $ (5,838) $(98,174) $(16,530) $ (153,601)$ 71,077 $ 16,650 21,650 5,937 188,881 1,126,096 899,954 6,737 21,344 360 7,855 31,975 115,860 13,397 13,397 9,831 57,094 17,655 85,082 117,210 20,945 30,892 32,719 1,266 1,780 (1,266) (1,780) 852 968 6,025 1,477 12,177 7,368 52,539 69,452 58,679 324,526 270,721 55 202,7 487,0 $ 6 9,075 $110,219 $262, $ 7,559 $(3 $ 1,125 $ 1,702,5 86 $2,008,8 $ 437 $ 359 $ 796 $ 1,838 $ 34,229 $ 470 2,308 55,630 212,197 297 $ 3,286 3,286 10,741 766 11,507 33,370 16,650 21,650 5,937 60,000 240,000 1,560,000 1,73 63,286 34,229 257,120 13 ,486 $ -0-- 1, 125 1,652,869 1,9 5,789 5,789 5,630 5,630 11,779 75,990 5,50 _ (5,927 ) (31,640 (5,630 38,298 8,428 5,789 75 5,505 (5,927 (31,640 -0- 49,7 20,207 $ 69,075 $110,219 $262,62 $ 7,559 $(31,640 $ 1,125 $1,702,5 $2,008,846 The accompanying notes are an integral part of these financial statements CITY OF OAK PARK. HEIGHTS, MINNESOTA SPECIAL ASSESSMENT FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE December 31, 1980 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 $ 67,078 $ 10,951 $ 4,670 Fiscal disparities _ 272 272 19 Total taxes 67,35 11,223 4,689 Intergovernmental revenue: Homestead credit 4, 894 818 341 Special assessments: _ New rolls adopted Connection charges 125,825 Interest on assessments 8,419 353 1,764 Direct: charges to developers Adjustments and other _ (2,222 ) 3, (281 Total special assessments 132,022 3,405 1,483 Interest on :investments 7 248 19,931 Other revenue _ 158 _ Total .revenue 275,712 15,6 26, 444 Expenditures: Debt service: Interest 50,355 6,260 8,700 Paying agent fees _ 1 5_5_ 26 61 Total debt service 50 ,510 6,286 8, Construction costs ^^ �^ 1,00 Total expenditures 50, 510 6 ,286 9,761 Revenue over (under) expenditures - 225,202 9,408 16, 683 Other increases (decreases): Bond proceeds Transfer in -- Enterprise Fund Decrease in amount to be provided (22 (9,4 0_8) (48,171 Total other increases (decreases) (225, (9 ( 48,171 ) Net increase (decrease) in fund balance -0- -0-- (31,488) Fund balance (deficit) - January 1 - 0- -0- 31,488 Fund balance ( defici.t) December 31 $ -0 -- $ -0 - $ -0- CITY OF OAK PARK HEIGHTS, MINNESOTA Statement 15 $300,000 $100,000 G.O. Bonds Tols G.O. Bonds Completed Of 1978 Prison 1979 57th Street Deceer 31, Of 1977 C onstructi on And 1979 Utili Utilities Impr 1980 1979 _ (Memorandum Only) $ 82,699 $ 75,934 563 300 83,262 76,2 6,053 3,693 $ 31,964 $ 95,788 127,752 1,058 126,883 14,434 $ 10,948 3,317 287 25,088 32,520 $102,247 $ 17,655 119,902 (3, 2_83) _ _ (2,73 (106,65 10,948 _ 33,05 102„ 96, 075 17,65 396,891 (59,698 $ 11,723 103,190 80,635 _ 1 58 10,948 ^ 33,056 11,723 102,247 9 6,075 17,655 589, 55.'l 100,86 3,600 19,400 88,315 84,595 5 205 _ 503 _3 36 3, 6 . 56 19,605 8 84,931 30,205 4,261 102,040 31 17 ,_655 186,9 189,661 3,656 30,205 23,86 1 02,040 31 ,781 17,65 275 ,760 274, 7 2,851 (12,1 2 07 64 ,294 -0- 313,794 (173,728 98,683 22,286 _ (1,50 (284 ( 208,061 ) (1,503 - -0- -0- - -0 - - = -0- (284,28 (87,092 5,789 2,851 (12,143) 207 64,294 -0- 29,510 (260,820) -0- 73,13 17,6 (6,134 (9 5,934 ) -0- 20,207 281,0 $ 5,789 $ 75,990 $ 5,505 $ (5, 927) $(31,640 $ -0- $ 49,7 $ 20,20 The accompanying notes are an integral part of these financial statements CITY OF OAK PARK HEIGHTS, MINNESOTA Statement 16 ENTERPRISE FUND BALANCE SHEET December 31, 1980 D ecember 31, 1980 1979 Assets (Memorandum Only) Current assets: Cash -- treasurer's balance $ 76,388 $ 116,697 Investments -- at cost 86,033 35,082 Due from other funds 30,917 18,081 Accounts receivable 23,377 23,931 Prepaid M.W.C.C. 3,948 632 Due from other government units 3,114 11,664 Due from County 1,6 67_ Total current assets 225,44 206 Utility plant in service --- at cost: Buildings and structures 304,576 304,576 Machinery and equipment: 58,213 55,244 Distribution and collection system 1,7 89,776 _ 1,630, 3 39 Totals - 2,152,565 1,990,159 Less: Allowance for depreciation (317,679) (281,718) Construction work in process _ 235,471 _ 22,286 Net fixed assets 2,0 70,357 1,730,727 Restricted assets: _ Cash 43,436 Investments 86,761 Total restricted assets 130,197 -0- Total assets $2 $ 1,936, 814 Liabilities And Fund Equity Current Liabilities: Accounts payable $ 1,814 $ 3,472 Due -to other_ funds 5,079 22,286 Due to other governmental units 9,513 3,119 Salaries payable 156 97 Contract payable 69,134 Accrued interest 4,050 Meter deposits _ 45,083 - 43,438 Total current liabilities 134,829 72,412 Non - current liabilities: Bonds payable 200,000 -0- Total liabilities 334,829 72,412 Fund equity: Contributions from property owners - net 1,865,705 1,675,411 Retained earnings: Undesignated 225 188,991 Total fund equity 2 ,091,169 1,864,402 Total liabilities and fund equity $2,425,998 $1,936,814 The accompanying notes are an integral part of these :financial statements CITY OF OAK PARK HEIGHTS, MINNESOTA Statement 17 ENTERPRISE FUND STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS December 31, 1980 Totals Water Sewer _ December 31, Oper ating Operatin ^ 1980 _1 979 (Memorandum Revenue: Only) Customer billings $ 50,325 $ 39,875 $ 90,200 $ 78,281 Penalties _ 540 540 1,080 1,360 Total operating revenue ^ 507865 4 0,41 5 91,280 79,641 Expenses: Personnel. services 13,106 3,208 16,314 8,326 Contractual services 14,414 601 15,015 19,223 Fixed charges 1,219 27,145 28,364 16,645 Materials and supplies 1,186 (1,449) (263) 1,206 Depreciation: On purchased assets 2,600 140 2,740 3,627 On contributed assets 17,228 15, 992 _3 3,220 33,22 Total operating expenses 49, 753 45,637 95, 390 82 ,247 Revenue over (under) expenses 1,112 (5,222 (4 ,110) (2,606 Add: Non - operating income: Interest on investments 2,744 2,707 5,451 15,007 Plumbing permits 176 176 352 384 Sewer availability charge fees 185 185 352 Refunds and reimbursements 725 725 1,361 Other 6 50 __ 650 Total other income 3_x, 3,793 7,363 17,104 Net income (loss) 4,682 (1,429 3,253 14,4 Other increases (decreases): Credit arising from transfer of depreciation to contributions from property owners 17,228 15,992 33,220 33,220 Transfer in from Capital Project Fund 45,719 45,719 91,438 Increase in contributions (45,719 (45,71 (91,438 Total other increases (decreases) 17,228 15,992 33,220 33,220 Net increase 21,910 14,563 36,473 47,718 Retained earnings - January 1 94,9 94,060 _ 188,9 91 141,273 Retained earnings - December 31 $11 $108,623 $ 225,464 $188, The accompanying notes are an integral part of these financial statements CITY OF OAK PARK HEIGHTS, MINNESOTA Statement 18 ENTERPRISE FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For The Year Ended December 31, 1980 Totals _ December 31, 1 1979 (memorandum Sources of financial resources: Only) Operations: Net income $ 3,253 $ 14,498 Expenses not requiring outlay of working capital - depreciation 35,960 36,847 Total sources from operations 39,213 51,345 Proceeds from issuance of bond indebtedness 196,934 Transfer from other funds 91,438 Total. sources 327,585 51,345 Uses of financial resources: Purchase of fixed assets 240,448 23,410 Designation of restricted assets 130,1 _ Total uses 370,6 23,410 Net increase (decrease) in working capital $(43,060 $ 27,935 Components of increase (decrease) in working capital: Cash $(40,309) $ 47,434 Investments 50,951 (85,283) Accounts receivable (554) 1,530 Due from other governmental units (8,550) Due from other funds 12,836 18,081 Due from County 1,667 Accounts payable 1,656 (2,739) Accrued interest (4,050) Due to other governmental units (6,394) 67,808 Salaries payable (59) 161 Due to other funds 17,209 (22,286) Meter deposits (1,645) (5,114) Due from M.W.C.C. 3,316 8,343 Contract payable ( 69,134 ) Net increase (decrease) in working capital $(43,060 $ 27,935 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, 1980 (UNAUDITED) Balance Balance i _ Description 1/1/80 Additions Deletions 12/31/80 Land $ 75,000 $ 75,000 Buildings and. structures 94,931 $ 54,342 $ 3,000 146,273 Machinery and equipment 69,593 33,892 500 102,985 Furniture and fixtures 12,013 1,302 13,315 Totals $25 1,53 7 $ 89, $ 3,500 $337,57 The accompanying notes are an integral part of these financial statements CI`Z'Y OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1980 Note 1: SUMM OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the City of Oak Park Heights, Minnesota 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 June 30, 1980 and encouraging earlier application of the restaged accounting principles con- tained herein. 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 the basis of funds and groups of accounts. 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 regulations, restrictions, or limitations. BASIS OF ACCOUNTING The modified accrual basis of accounting is followed by the City for its governmental funds (General, Special Revenue, Capital Project, and Special Assessment Funds) . Under_ this method of accounting, revenues are recognized when they become susceptible to accrual - that is, when they become both measurable and available to finance expenditures of the fiscal period. Also, under this method, expenditures are recognized in the accounting 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 employes 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 if measurable CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 19£30 Note 1 - S UMMA R Y OF SIGNI ACCO POL ICIES -- (Continued) PROPERTY TAX REVENUE RECOGNI'T'ION The City Counc=il 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 July 15, and December 15 of the same year. Additionally, delinquent collections (November through February) are remitted to the City each April. The City has no ability to enforce payment of property taxes by property owners. The County possesses this authority. Taxes on homestead property (as defined by State Statutes) are partially reduced by a homestead credit. This ::.;. dit i.; paid to the City by the State in lieu of taxes levied against homestead property® The State remits this credit in installments 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 are recognized as revenue for the current year. Additionally, taxes collected by the County by December 31 (remitted to - the City 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 (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 material effect upon the operating statements of the City. CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1980 Note 1 - SUMMARY OF SIGNIFICANT ACCO UNTING POLICIES - (Continued) SPECIAL ASSESSMENT REVENUE RECOGNITION Special assessments are levied against benefiting properties for the cost (or a portion of the cost) of special assessment improvement projects in accor- dance with State Statutes. The City usually adopts the assessment rolls when the individual projects are complete or substantially complete. The assessments are collectible (by the City) over a term of years usually con- sistent with the term of - the related bond issue. Collection of annual installments (including interest) is handled by the County Auditor in the same manner as property taxes. Property owners are allowed (and often do) to pre.- - pay future installments without interest or prepayment penalties. The City recognizes special assessment revenue when it becomes both measurable and available to finance bonded debt. In practice, special assessment prin- cipal is recognized as revenue in the year when the assessment rolls are tablu•- lated 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 par- cel 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 special assessments are allowed to go delinquent, after a State Statute determined numb of years, the property is subject to tax- forfeit sale and the first pro- ceeds 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 uncollec- tible 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 year for that calendar year. The City recogni- zes local government aid revenue when it becomes both measurable and available to finance current operations. In practice, local government aid is recognized as revenue as it is received. CI'T'Y OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1980 Note 1 SUMMARY OF SIGNIFICANT ACCO P OLICIES -- (Continued) 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. 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 expenditures at the time of purchase. The City does not maintain significant a?nount.s of inventories of material or supplies. FIXED ASSETS -- GE14ERAL General fixed assets are .recorded 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 impro�r,Dments (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 depre- ciation has been provided on general fixed assets. The City does not main detailed records nor accounting controls over general fixed assets. The amounts presented in the Statement of General Fixed Assets represent amounts accumulated from historcial financial. reports only, without regard to physical inventories or listings. Note 2 FIXED A - PROPRIETARY F UNDS Fixed assets of the proprietary funds (Water and Sewer) 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 follo Depreciable _ Depreciation As Lives 1980 1979 Purchased assets: Water 5 - 10 years $ 2,600 $ 3,044 Sewer 5 - 10 years 140 583 Contributed assets: Water_ 50 years 17,228 17,228 Sewer 50 years 15,992 15,992 Totals $ 35,960 $ 36,847 CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1980 Note 2 - FIXED ASSETS - PROPR F UNDS (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 (special assessments, general taxes, Federal and State grants, and other sources) and contributed to the sewer and water operating funds. Citv 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, the depreciation is eventually transferred against the contribution account rather than retained earnings in accordance with generally accepted accounting principles. Consequently, the contribution account reflects the net book value of contributed assets rather than the original cost of such assets. Note 3 - 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 revi- sions made during the year and /or for the year. Note 4 - ENCUMBR The City does not follow the optional_ encumbrance method of accounting in the governmental fund types. Major fund balance appropriations at December 31, 1980 and 1979 are sh on the various balance sheets as segregations of the fund balance and consist of: Dec 31 Desc ription 1980 197 General_ Fund: Designated for committed contracts $ 22,596 Special_ Revenue Funds: Designated for committed contracts $ 19,020 Designated for ensuing years expenditures 130,966 91,044 Capital. Projects Funds: Designated for committed contracts 39,236 Designated for capital improvements 56,974 71,894 Special Assessments: Designated for debt service 5,789 Designated for committed contracts 5,630 11,779 Designated for construction 38,298 8, 4_28 Total governmental fund types $256,677 $ CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL, STATEMENTS December 31, 1980 Note 5 METROPO WASTE CONT COMMI SSION During 1970, the Metropolitan Waste Control Commissi-on (M.W.C.C.) was organized to provide for consolidation of the sanitary sewer collection, treatment and disposal_ in the seven county metropolitan area surrounding Minneapolis and St. Paul. Previously, these operations were maintained by the city governments on an individual or collective bases. 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 volume. Includc>J in these user charges are amounts recuired to liquidate the credits ari.s ,g from the 1970 transfer identified above. In practice, every city receives annual credits based upon the assets transferred to the M.W.C.C. in 1970 and annual charges (to financed these credits) based upon annual 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 collection, treatment and disposal_ system. The M.W.C.C. bills the City annually based upon estimated volu.. e and budgeted cos LE. These billings are later adjusted when actual. volume and actual costs are determined. The adjustment to actual. is generally deterriined in the suc- ceeding calendar year and payable, by the City, in the second succeeding calen- dar. 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 adjustment.;; are determined (for adjustments from estimated to actual billings). In addition to the above charges/ credits, the City paid the I.I.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 approxi- mately 3-1/2%. Future credits and deferred charges are not reflected in these financial statements, as these credits will be off--set by annual charges as detailed above. The amount of these credits at December 31, 1980 and 1979 were: December _ , 1980 1979 _ Current value credits $ 780 $ 819 Debt service credits 237,998 254,636 Deferred charges 10,331 10 ,749 Totals $ 249 ,109 $ 266,20 -4 CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1980 Note 6 - DEFERRED A D VAL OREM T AX LEVIES - SPECIAL ASSESSMENT BOND ISSUES Certain special assessment bond issues sold by the City are partially financed by ad valorem tax levies in addition to special assessments levied against the benefitting properties. When a bond issue to be financed partially or wholly by ad valorem tax levies is sold, specific annual amounts of such tax le 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 alter- native sources of financing. These future scheduled tax levies are not shown as assets of the special assessment funds at December. 31, 1980 nor 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 general obligation special assessment bonds were and are as follows: Percent Levy /Collectio Schedule Actua Levied 1975/76 $ 75,300 $ 75,300 100.00% 1976/77 79,300 79,300 100.00 1977/78 80,300 80,3000 10 0.00 1978/79 79,300 79,300 100.00 1979/80 88,800 88,800 100.00 1980/81 88,400 48,800 55.21 1981/82 90,900 1982/83 89,300 1983/84 89,800 1984/85 87,300 1985/86 79,000 1986/87 77,200 1987/88 76,400 1988/89 79,800 1989/90 77,700 1990/91 63,700 1991/92 61,500 1992/93 64,700 1993/94 62,300 1994/95 60,000 1995/96 57,700 1996/97 64,200 Note 7 - BONDED IN All bond issues outstanding at December 31, 1980 are backed by the full faith and credit of the City, including special assessment bond issues. Outstanding balances at December 31, 1980, principal and interest payments due in 1981, 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 - Exhibits 3 and 4° CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINFINCIAL STATEMENTS December_ 31, 1980 Note 12 "MEMORANDUM ONL P RESENTATIONS 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 position, 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 present detail components by fund group (as is presented for current year totals) and therefore, are incomplete presentations 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 generally accepted accounting principles. (3) Statement 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 NOTES TO FINANCIAL STATEMENTS December 31, 1980 Note 8 - AC CRUED SICK AND VACATION PAY The City does not record the liability for vacation and sick pay earned by employees as such benefits accrued, but rather charges expenditures when employees take vacation or use sick time. Generally accepted accounting prin- ciples do not require the accrual of liability for vacation or sick pay in the City's funds. Sick pay at December 31, 1980 was $22,700. Accrued vacation pay accumulations was inmaterrial at December 31, 1980. Note 9 - RE'T'IREMENT PLA 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 qualifying as tem- porary or seasonal employees and employees covered by other plans (if applicable). This plan is a State administered plan and is coordinated 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 attri- buted to individual reporting entitles is riot determinable. City contribu- tions for 1980 and 1979, including amortiz«tion of estimated prior service cost is shown below. City contributions for 1980 and 1979 for all pension plans and all City funds were: D esc r i p tio n 1980 1 9_7 9 P.E. R. A. $ 16,700 $ 13,700 F.I.C.A. _ 4,200 _ 3,10 Totals $ 20,900 $ 16,800 Note 10 CONTIN 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 11 CONDENSE C OMBINED FINAN STA` I:U11EN The Condensed Combined Financial Statements contained in this report provide a summary overview of the financial position of all funds and account groups and of the operating results of all funds. They also serve as an introduction to the more detailed statements that follow. The reader is cautioned that these combined statements have been condensed for presentation purposes and that cer- tain disclosures contained in the combining, fund and account group financial statements may not be disclosed in the condensed combined financial statements. CITY OF OAK PARK HEIGHTS, MINNESOTA Exhibit 1 INTERFUND AUDIT ADJUSTMENTS December 31, 1980 Fund Due From Due To Fund Title 1\10. other Funds Other Funds Storm Sewer Bonds of 1971 502 $ 376.20 G.O. Bonds of 1977 509 21,344.42 Water Fund 702 355-96 Sewer Fund 703 355.95 .G.O. Bodns of 1967 and 1968 501 $ 7,111.93 G.O. Bonds of 1976 506 11,511.31 Completed Construction Fund 510 3,809.29 To reclassify special assessment collections G.O. Bonds of 1967 and 1968 501 215.05 Completed Construction Fund 510 215.05 To transfer special assessment prepayments Sewer Fund 703 30,204-59 Valley View Storm Sewer 513 7,384.76 Completed Construction Fund 510 30,204-59 Water Fund 702 4,042.10 Sewer Fund 703 1,034-91 High Security Facility 512 2,307.75 To reclassify construction costs Revenue Sharing 201 12,179-00 General Fund 101 12,179.00 To reclassify costs of shade tree program to match revenue in the general fund General Fund 101 6,089-50 Revenue Sharing 201 6,089-50 To transfer one-•half of shade tree costs to be paid by revenue sharing entitlements Revenue Sharing 201 531.53 General Fund 101 531.53 To reclassify expenditures G.O. Bonds of 1967 and 1968 501 1,512-57 Storm Sewer Bonds of 1971 502 210.70 G.O. Bonds of 1976 506 100.58 General Fund 101 1,823-85 To reclassify tax collections G.O. Bonds of 1967 and 1968 501 359.69 General Fund 101 359-69 To reclassify receipts to proper fund Valley View Storm Sewer 513 470.02 G.O. Bonds of 1978 511 470-02 To reclassify City special assessment collection - - Totals $ 81,690.52 81,690-52 CITY OF OAK PARK HEIGHTS, MINNESOTA CONSTRUCTION COSTS BY PROJECT For The Year Ended December 31, 1980 Contractor Engineering Capital Projects Fund: Lawcon Grant Park Improvements $128,279 $ 15,311 Special Assessment Funds: G.O. Bonds of 1978 and 1979: St. Croix Mall Storm Sewer $ 27,395 $ 2,810 57th Street. Improvement 15,318 2,254 Prison Utilities 93,860 8,388 1979 Utilities 115,496 11,531 Total Special Assessment Funds $252,069 $ 24,9e3 Revenue Bond: City Hall Expansion $210,603 $ 20,350 Total $590,951 $ 60,644 CITY OF OAK PARK HEIGHTS, MINNESOTA Ex h i b J" t 2 Legal. Expenditures Fiscal. Total Current Prior Easements Other Costs _Years - Years $ 16,196 $159,786 $ 52,153 $107,633 $ 30,205* $ 30,205 $ 83 17,655 17,655 $ 4,888 1,038 108,174* 102,040 $ 6,134 688 127,715 31,781 95,934 $ 4,888 $ 1,809 $283,749 $181,681 $102,068 $ 880 $ 3,638 $235,471 $235,471 $ -0- $ 5,768 $ 21,643 $679,006 $469,305 $209,701 Completed and capitalized at December 31, 1980 CZrI OF OAK PARK HEIGHTS, MINNESOTA � SPECIAL ASSESSMENT BONDS ! / SCHEDULE OF 000c SERVICE PAYMENTS T0 MATURITY December 31, 1980 � � G.O. Storm Sewer | G.O. Bonds Improvement $249,000 Of 1967 Bonds G.O. Bonds And 1968 0f 1971 Of 1976 Bonds payable $11005,00O $110,000 ¢145,000 sntozo interest payable 468, 33,83 22�860 Totals $1,473 085 $.u43, $167,86 Year of maturity: 1901 $ 98,045 $ 15,750 $ 42,160 1982 95,735 15,250 40,550 1983 93,385 14,730 18,870 1984 91 14,200 23,120 1985 88,055 13,660 22,100 1986 91,275 13,115 21,060 1987 88,665 12,568 1988 88,055 11,995 1989 88,445 11,425 1990 85,585 10,855 1991 82,690 10,285 1992 79,795 1993 81,900 1994 78,770 1995 75,640 1996 72,510 1997 69,380 1998 25,520 Totala $1 473 085 $143,835 ---------- -------- -------- � | CZzy Or OAK PuIu{ aEZGuIa, mzmNo8ocu Exhibit 3 $100,000 $100,000 $100,000 $108,000 G.O. G.O. G.O. Improvement Improvement Improvement Improvement Bonds Bonds Emoda Bonds Of 1977 0f 1978 Of 1978 Of 1979 Total. --------'---- --------n � 8O OOO � 8O 000 �1 5b0 � 60,00O � 8O,0O 000 ' ~ , , 5,400 11,000 11�x}0 10,600 562,780 $ 22,700 $ 24,400 $ 24,400 $ 24,208 $ 251,565 21,800 23,300 23,300 23,000 242,935 20,900 22,200 32,200 21,800 214,085 21,100 21,100 21,600 192,155 134,415 125,450 101,235 98,050 99,870 96,440 92,975 79,795 81,900 78,7?0 75,640 72,510 69,380 25,520 $2,122, CITY OF OAK PARK HEIGHTS, MINNESO`PA Exhibit 4 REVENUE BOND DEBT SERVICE PAYMENTS TO MATURITY December 31, 1980 Water And Sewer Re venue Bon Bonds payable $200,000 Future interest: payable 154,500 Total $354,500 Year Of Col Amoun 19 1 ~ ~^ $ 16,200 1982 26,200 1983 25,450 1984 24,700 1985 28,950 1986 27,788 1987 26,625 1988 25,425 1989 2-4,225 1990 22,987 1991 26,750 1992 25,100 1993 23,400 1944 21,700 Total_ $345,500 CI`.CY OF OAK PARK HEIGHTS, MINNESOTA E xhibi.t 5 SECURITY FOR DEPOSITS December 31, 1980 Washington Oak Park Federal Savings Heights And Lo State Bank Collateral requirements: ^� Demand deposits $ 7,420 Time and savings deposits $9 7_2 ,6 9_9 614,804 Total deposits 972,699 622,224 Less F.D.I.C. insurance 100,000 107, 420 Amount. requiring collateral. At percentage rate $872,699 $514,804 Collateral. required M 110% $959,968 $566,284 Collateral provided 860,146 360 ,000 Collateral deficiency $ 99,822 $206,284 Assi By _ � On Deposit With _ Amount Washington Federal Savings and Loan Washington Federal $860,146 Oak Park Heights State Bank American National Northwestern National 360,000 CITY OF OAK PARK HEIGHTS, MINNESOTA Exhibit 6 INSURANCE IN FORCE December 31, 1980 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 100,0001100,000 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, 0 -0.0 Automobile fleet, comprehensive and collision (scheduled vehicles): Liability: Bodily injury 500,000 Property damage 500,000 Uninsured motorist 50,000 Physical damage: C o ehen s ive 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 PARTS HEIGHTS, MINNESO`.PA Exhibit 7 FUTURE SCHEDULED TAX LEVIES -- SPECIAL ASSESSMENT BOLDS December 31, 1980 Year Of - _ ^� _ Of Bon I Collection 67 _ 196 _'197 1 976 r Tota 1981 $ 6,800 $ 37,000 $ 5,000 $ 48,800 1982 $ 34,700 34,200 12,000 10,000 90,900 1983 34,100 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 33,400 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 1994 34,500 27,800 62,300 1995 33,300 26,700 60,000 1996 32,000 25,700 57,700 1997 30 ,800 33 ,400 64,200 Totals $541,900 $497 ,400 $142,000 $ 49,000 $1, 230,300 CITY OF OAK PARK HEIGHTS, MINNESOTA Exhibit 8 TAXABLE VALUATIONS, TAX LEVIES AND MILL RATES December. 31, 1980 1980 _ 1979 Taxable valuations: City of Oak Park Heights: Real estate $42,657,078 $33,699,022 Personal property 6 86,216 -- 633,75 Total. 43, 343, 294 34, 332, 778 Fiscal disparity: Contribution --0- -0-- Distribution 297,109 127, 388 Totals $43,640,403 $34,460,166 Tax levies. Year of levy 1980 1979 Year of collection 1981 1980 Mill Mill Lev Rat Levy Rate Taxes levied: Revenue $424,305 9.721 $230,000 6.674 Bond and interest 48,800 1.1 19 79,300 2.303 Totals $473,105 10.840 $3 09,300 8.97