HomeMy WebLinkAboutAnnual Financial Report CITY OF OAK PARK HEIGHTS, MINNESOTA
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1981
CITY OF OAK PARK HEIGHTS, MINNESO`T'A
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 Types Statement 3
Condensed Combined Statement of Revenue, Expenses and Changes in
Retained Earnings - 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 Fund:
Balance Sheet
Statement
9
Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual
Statement
10
Capital Project Funds:
Balance Sheet
Statement
11
Combining Statement of Revenue, Expenditures and
Changes in Fund Balance
Statement
12
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
Special Assessment Funds:
Combining Balance Sheet
Statement
13
Combining Statement of Revenue, Expenditures and Changes in
Fund Balance
Statement
14
Enterprise Fund:
Balance Sheet
Statement
15
Statement of Revenue, Expenses and Changes in
Retained Earnings
Statement
16
Statement of Changes in Financial Position
Statement
17
Trust and Agency Funds:
Combining Statement of Changes in Assets and Liabilities
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 Bond 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, 1981
Term Expires
Mayor:
Frank SommerFeldt (Appointed) December_ 31, 1982
Council members:
William Westphal
December
31,
1982
John Lang
December
31,
1982
Richard Seggelke
December
31,
1984
Barbara O'Neal
December
31,
1984
Clerk - Treasurer:
LaVonne Wilson Appointed
CITY OF OAK. PARK HEIGH`T'S, MI NNESO!'A
CONDENSED COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1981
Assets
Cash and investments
Accrued interest receivable
Accounts receivable
Due from other funds
Due from other governmental units
Due from State (Note 2)
Due from developers
Prepaid expenses
Connection charges receivable
Taxes receivable - net
Special assessments receivable
Amount to be provided
Fixed assets -° net
Restricted assets:
Cash and investments
Total assets
Liabilities And Fund Equity
Liabilities:
Accounts payable
Salaries payable
Accrued interest
Due to other governmental units
Due to other funds
Refund payable
Meter deposits
Contracts payable
.Bonds payable
Total liabilities
Fund equity:
Investments in general fixed assets
Contributions from property owners net
Retained earnings:
Undesignated
Fund balance:
Designated
Undesignated
Total fund equity
Total liabilities and
fund equity
$223,38 $ 78,747 $ 27,270 $1,471,202
$ 36,034 $ 89
1,433
2,822
157 7,662
1,183
1,385,000
40,446 $ -0- $ -0- 1,393,934
78,747 27,270 77,268
182,939
182,939 _ 78,747 27,270 77
$223,385 $ 78,747 $ 27,270 $1,471,20
Governmental
Fund Types
Special
Capital
Special
General
Revenue
Project Assessments
$179,115
$ 67,599
$ 27,270 $
995,343
5,629
_ 3,888
7,432
11,148
7,191
31,139
1,199
3,120
6,929
31,991
494
58
348,488
72,571
Fund equity:
Investments in general fixed assets
Contributions from property owners net
Retained earnings:
Undesignated
Fund balance:
Designated
Undesignated
Total fund equity
Total liabilities and
fund equity
$223,38 $ 78,747 $ 27,270 $1,471,202
$ 36,034 $ 89
1,433
2,822
157 7,662
1,183
1,385,000
40,446 $ -0- $ -0- 1,393,934
78,747 27,270 77,268
182,939
182,939 _ 78,747 27,270 77
$223,385 $ 78,747 $ 27,270 $1,471,20
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 1
Fidiciary
Proprietary
Fund Ty
Account Group
_ Totals (Memorandum Only)_
Fund Type
Trust and
General
December 31,
Enterprise
Agency
Fixe Assets
1981
1980
(Unaudited)
$ 213,805
$ (32,529)
$1,450,603
$1,486,674
32,529
32,529
6,737
33,456
39,085
33,001
608
11,928
81,693
18,339
31,082
32,338
4,734
14,783
85,082
5,958
5,958
3,948
31,991
30,892
552
3,692
348,488
336,758
72,571
202,748
2,008,370
$532,063
2,540,933
2,402,451
_
130,197
$2,262,697
$ 4,734
$5 32,063
$4 ,600,098
$4,834,955
$ 2,417
$ 846
$ 39,386
$ 35,736
140
1,573
1,114
4,050
4,050
4,050
15,439
18,261
15,765
221
3,888
11,928
81,693
1,183
3,286
45,633
45,633
45,083
80,641
200,000
1,585,000
1,7
2 67,900
4,734
$ --0-
1,707,014
2,027,36
532,063
532,063
337,573
1,752,186
1,752,186
1,860,226
242,611
242,611
225,464
183,285
256,677
_
182,93
127,647
1,99
-0-
532
2 ,893,084
2,807,587
$2,26
$ 4, 734
$532 ,063
$4 ,600,0 98
$4 ,834,95 5
The accompanying
noises
are, an �..nt:.egr_a'_ : part
,
of t,�ese `inanr.�_�. ._
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, 1981
Exp�ndituresm
Special
Current:
General
Revenue
Revenue:
144,033
17,243
General property taxes
$386,515
Intergovernmental revenue
130,494
$ 51,862
Licenses and permits
16,263
Fines and forfeits
7,576
Interest on investments
5,019
6,132
Charges for current services
329
Special assessments
Connection charges
Other revenue
4,511
Total revenue
550,707
57, 994
Exp�ndituresm
Current:
General government
144,033
17,243
Public safety
170,733
Streets and highways
43,928
Sanitation
63,586
Recreation
54,439
Capital outlay
2,836
36,990
Debt service:
Interest
Paying agent fees
Construction costs
Total expenditures
479,555
54,233
Revenue over (under) expenditures
71,152
3,761
Other increases (decreases):
Transfers from other funds 6,640
Transfers to other funds (22,500) (75,000)
Changes in amount to be provided
Total other increases (decreases) ( 15,860 ) (75,000
Net increase (decrease) in fund. balance 55,292 (71,239)
Fund balance -- January 1 127,647 149,986
Fund balance - December 31 $182,939 $ 78,747
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 2
The accompanying notes are an integral part of these financial statements.
Totals (Memo
Only)
Capital
Special
December 31,
_
Project
As sessment
1981
1980
$ 44,609
$ 431,124
$ 359,664
3,747
186,103
201,364
16,263
13,423
76,665
7,576
2,722
$ 3,051
167,659
181,861
122,319
48,615
18,265
329
7,864
48,61
37,082
37,082
270,008
(45,564
157 ,727
187,076
126,883
22,500
4,511
12,736
3,0
253,0
864,849
1,116 ,983
The accompanying notes are an integral part of these financial statements.
161,276
119,501
170,733
159,808
43,928
45,869
63,586
58,534
54,439
44,209
39,826
25,133
76,665
76,665
88,315
440
440
503
48,615
18,265
66,88
_ 240,691
48,61
95,370
677,7
782,563
(45,564
157 ,727
187,076
334,420
22,500
29,140
.53,590
(6,640)
(104,140)
(145,028)
(130,176
_ (130,176
(285,260
15,860
(130,176
(205,176
(376,698
(29,704)
27,551
(18,100)
(42,278)
56,974
49,717
384,324
426,602
$ 27,270
$ 77,268
$ 366,2.24
$ 384,324
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, 1981
General Fund
Over
(Under)
Budget Actual Budg
Revenue:
General property taxes
$395,818
$386,515
$ (9,303)
Intergovernmental revenue
102,487
130,494
28,007
Licenses and permits
16,515
16,263
(252)
Fines and forfeits
7,576
7,576
Interest on investments
10,000
5,019
(4,981)
Charges for current services
329
329
Other revenue
4,511
4,511
Total revenue
524,820
550,707
2 5,887
Expenditures:
Currents
General government
121,220
144,033
22,813
Public safety
161,850
170,733
8,883
Streets and highways
48,750
43,928
(4,822)
Sanitation
49,000
63,586
14,586
Recreation
51,500
54,439
2,939
Capital outlay
5,000
2,836
(2,164
Total expenditures
437,
479,555
42,235
Revenue over (under) expenditures
87,500
71,152
(16,348
Other increases (decreases):
Transfer from other funds 6,640 6,640
Transfer to other funds (22,500 (22,500 _
Total other increases (decreases) (22,50 (15,860 6,6 40
Net increase (decrease) in fund balance $ 65,000 55,292 $ (9,708
Fund balance - January 1
127,647
Fund balance - December 31 $182,939
CI'T'Y OF' OAK PARK HEIGHTS, MINNESOTA
Special R
Statement 3
Over Over
(Under) (Under) 1980
Budget Actual Budget Budget Actual Budget A ctua l
$ 43,000 $ 51,862 $ 8,862
5,500 6,132
48,500 57,994
632
9,494
1981
40,740
17,243
(23,497)
( Memorandum
161,276
(684)
117,583
Only)
$395,818
$386,515
$ (9,303)
$276,402
145,487
182,356
36,869
171,621
16,515
16,263
(252)
13,423
45,869
7,576
7,576
2,722
15,500
11,151
(4,349)
8,702
329
329
7,864
54,439
_ 4,511
4,511
2,1 8_8
57 3,320
608,701
35,3
482,922
40,740
17,243
(23,497)
161,960
161,276
(684)
117,583
161,850
170,733
8,883
159,808
48,750
43,928
(4,822)
45,869
49,000
63,586
14,586
58,534
51,500
54,439
2,939
46,127
43,00
36,990
(6,010
48 ,000
39,826
(8,174
_25,
83,740
54,233
(29,50
521,060
533,
12,728
453,054
(35,240
3,761
39 ,001
52,260
7 4,913
22,653
29,8
6,640
6,640
(
(75,000
(97,500
(97,500
(53,590
(75,000
(75,000
(9 7,500 )
(90,860
6,640
(47,500
$(110,240
(71,239)
$ 39,001
$(
(15,947)
$ 29,293
(17,632)
149,986
277,633
295,265
$ 78,747
$261,686
$277,633
The accompanying notes are an integral. part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
CONDENSED COMBINED STATEMENT OF REVENUE, EXPENSES AND
CHANGES IN RETAINED EARNINGS
PROPRIETARY FUND TYPE
For The Year Ended December 31, 1981
Revenue:
Customer billings
Penalties
Total operating revenue
Expenses:
Personnel services
Contractual services
Fixed charges
Materials and supplies
Depreciation:
On purchased assets
On contributed assets
Total operating expenses
Revenue over (under) expenses
Add: Non - operating revenue:
Interest on investments
Plumbing permits
Sewer availability charge fees
Refunds and reimbursements
Other
Total non - operating revenue
Deduct: Non - operating expenses:
Interest
Paying agent fees
Refunds and reimbursements
Total non - operating expenses
Net (loss)
Other increases (decreases):
Credit arising from transfer of depreciation
to contributions from property owners
Transfer from Capital Project Fund
Transfer from Special Revenue Fund
Increase in contributions
Total other increases (decreases)
Net increase in retained earnings
Statement 4
Totals
December
31,
1981
_
1980
$101,268
$ 90,200
1,388
1,080
102,656
91,280
15,967
16,314
19,644
15,015
55,692
28
1,736
(263)
3,492
2,740
41,340
38,699
137,871
100,8
(35,215
(9, 589)
15,538
5
112
352
39
185
756
725
41,340
6
16,445
7,363
5,265
50
108
5,423 -0-
( 24,193 ) (2,226
41,340
38,699
91,438
75,000
(75,000
(91,438
41,340
38,699
17,147
36,473
Retained earnings - January 1 225,464 188,99
Retained earnings - December 31 $242,611 $225,464
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MI ;NESOTA
Statement 5
CONDENSED COMBINED STATEMENT OF CHANGES It�i FINE,NCIAL POSITION
PROPRIETARY FUND TYPE
For The Year Ended December 31, 1981
Uses of financial resources:
Purchase of fixed assets 130,524 240,448
Designation of restricted assets 130,197
Bond reduction _1 0,000 _
Total uses 140,524 370, 645
Net increase (decrease) in working capital $ 85,312 $(43,060)
Components of increase (decrease) in working capital:
Tota ls_
Cash and investments
December
31,
Accounts receivable
1981
198
Sources of financial resources:
(3,114)
(8
Operations:
(30,309)
12,836
Net (loss)
$(24,193) $
(2,226)
Expenses not requiring outlay of
(603)
1,656
working capital -- depreciation
44,832
41 ,439
Total sources from operations
20,639
39,213
Proceeds from issuance of bond indebtedness
16
196,934
Transfer from other funds
75,000
91,438
Reduction in restricted assets
130,197
(1,645)
Total sources
225,836
327,5
Uses of financial resources:
Purchase of fixed assets 130,524 240,448
Designation of restricted assets 130,197
Bond reduction _1 0,000 _
Total uses 140,524 370, 645
Net increase (decrease) in working capital $ 85,312 $(43,060)
Components of increase (decrease) in working capital:
Cash and investments
$ 51,384
$ 10,642
Accounts receivable
8,958
(554)
Due from other governmental units
(3,114)
(8
Due from other funds
(30,309)
12,836
Due from County
(546)
1,667
Accounts payable
(603)
1,656
Accrued interest
(4,050)
Due to other governmental units
(5,926)
(6,394)
Salaries payable
16
(59)
Due to other funds
4,858
17,209
Meter deposits
(550)
(1,645)
Due from M.W.C.C.
2,010
3,316
Contract payable
69,134
(69,134)
Bonds payable
(10,000
Net increase (decrease) in working capital
$ 85,312
$ (43,060 )
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 1981
Total Indebtedness
See Note 8 for industrial revenue act disclosure.
Final
Net
Payment
Interest
Dated
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
Total special assessment bonds
Revenue Bonds:
General Obligation
Water and Sewer Bonds
of 1980
10/1/80
10/1/94
7.50
Total Indebtedness
See Note 8 for industrial revenue act disclosure.
CITY OF OAF: PARK HEIGHTS, MINNESOTA
Statement 6
The accompanying notes are an integral. part of these financial statements.
Bonds
�
Principal
Interest
Authorized�
Retired
Outstanding
Due
Due
And Issued
To Date
At 12/31/81
I n 19
In 1982
$ 825,000
$260,000
$ 565,000
$ 30,000
$ 26,235
490,000
100,000
390,000
20,000
19,500
173,000
73,000
100,000
10,000
5,250
249,000
139,000
110,000
35,000
5,550
100,000
60,000
40,000
20,000
1,800
100,000
40,000
60,000
20,000
3,300
100,000
40,000
60,000
20,000
3,300
100,000
40,00
6 0,00 0
_ 20,000
--.3
2,137,000
75 2,000
^ 1, 385,000 _
175,000
67 ,935
200,000
200 ,000
10,000
16,2
$2,33 7,000
$752,
$1,585
$185,00
$ 84,135
The accompanying notes are an integral. part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND
BALANCE SHEET
December 31, 1981
Statement 7
Liabilities And Fund Balance
Liabilities:
Accounts payable $ 36,034 $ 32,217
Salaries payable 1,433 958
Due to other governmental units 2,822 6,252
Due to other funds _ 157 14,894
Total liabilities 40, 446 5 4,321
Fund balance:
Undesignated 182,939 127,647
Total fund balance 182, 939 127,647
Total liabilities and fund balance $223,385 $181,9
The accompanying notes are an integral part of these financial statements.
Totals
December
31,
1981
1980
Assets
Cash and investments
$179,115
$164;081
Accounts receivable
777
7,957
Due from other governmental units
1,000
Dur from State
31,139
Due from developers
3,120
Accounts receivable - certified
4,852
Taxes receivable:
Delinquent
10,201
4,413
Allowances and deferments
(10,201)
(4,413)
Due from County
494
2
Due from other funds
3,888
6,090
Total assets
$223,385
$181,968
Liabilities And Fund Balance
Liabilities:
Accounts payable $ 36,034 $ 32,217
Salaries payable 1,433 958
Due to other governmental units 2,822 6,252
Due to other funds _ 157 14,894
Total liabilities 40, 446 5 4,321
Fund balance:
Undesignated 182,939 127,647
Total fund balance 182, 939 127,647
Total liabilities and fund balance $223,385 $181,9
The accompanying notes are an integral part of these financial statements.
CITY OF
OAK PARK HEIGHTS, MINNESOTA
Statement 8
Page 1
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES
IN
FUND BALANCE
- BUDGET AND
ACTUAL
For The
Year Ended December
31, 1981
1981
Over
(Under)
1980
Budget
Actual
_J�udget_
Actual
Revenue:
(Memorandum
Taxes:
only)
Current and delinquent
$395,818
$385,301
$(10,517)
$275,664
Other
1,214
1,214
738
Total general property taxes 395,818
386,515
(9,303)
276,402
Intergovernmental revenue:
State:
Homestead credit
28,487
28,487
20,174
Local government aid
74,000
75,994
1,994
79,564
Machinery aid
418
418
431
Reduced assessment aid
4,077
4,077
Diseased tree removal aid
15,016
Police aid
9,751
9,751
9,037
Metro council planning grant
3,615
3,615
Surcharge rebate
1,394
1,394
Mini energy audit
1,200
1,200
Federal:
701 Grant
5,558
5,558
1,000
Total intergovernmental revenue 102,487
130,494
28,007
125,222
Licenses and permits
16,515
16,263
(252)
13,423
Fines and forfeits
7,576
7,576
2,722
Interest on investments
10,000
5,019
(4,981)
3,359
Charges for current services
329
329
7,864
Refunds and reimbursements
2,625
2,625
1,188
Sale of property
1,344
1,344
Donations
542
542
1,000
Total revenue
5�T-4,826
550,707
25,887
431,180
Expenditures:
General government:
Mayor and council:
Current
53,400
50,907
(2,493)
47,728
Elections:
Current
1,319
City clerk:
Current
42,600
39,657
(2,943)
32,597
Capital outlay
127
127
Planning and zoning:
Current
7,000
20,947
13,947
17,816
City hall:
Current
6,220
8,324
2,104
4,748
Capital outlay
1,538
1,538
Engineering:
Current
3,000
6,323
3,323
85
General management:
Current
9,000
17,875
8,875
13,290
Total general government
$121,220
$145,698
$ 24,478
$117,583
The accwpanyinq notes are
an integral part of
these financial. statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1981
Statement 8
Page 2
The accompanying notes are an integral part of these financial statements.
1981
Over
(Under)
1980
Budget
Actual
Budget
Actual
Expenditures: (Continued)
(Memorandum
Public safety:
Only)
Police department:
Current
$153,000
$163,835
$ 10,835
$150,758
Capital outlay
392
392
22,956
Fire protection:
Current
8,500
6,554
(1,946)
8,387
Animal control:
Current
350
_ 344
(6
663
Total public safety
161,850
171,125
9,275
182,764
Streets and highways:
Streets and alleys:
Current
16,000
13,598
(2,402)
21,194
Snow and ice removal:
Current
11,000
9,042
(1,958)
6,670
Street lighting:
Current
20,000
20,237
237
16,805
Arboreous:
Current
_ 1,750
_ _ 1,051
(69 9_)
_ 1,200
Total streets and highways
� 48,750
43,928
(4,822
45, 869
Sanitation:
_
Refuse collection and disposal:
Current
39,000
46,140
7,140
35,664
Tree removal and planting:
Current
10,000
_17,446
7,446
22
Total sanitation
49 ,000
63,
_
14,586
58,534
Recreation:
Parks, playgrounds and rinks:
Current
51,500
54,439
2,939
44,209
Capital outlay
5,000
779
(4,221
Total recreation
56,500
55 ,218
(1,282
_
44,209
Total expenditures
$437,320
$479,5
$ 42,235
$4
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 8
Page 3
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1981
Revenue over (under) expenditures
Other increases (decreases);
Transfer from Revenue Sharing Fund
Transfer to Capital Project Fund
Transfer from Capital Project Fund
Total other increases (decreases)
Net increase (decrease) in fund balance
Fund balance - January 1
Fund balance - December 31
The accompanying notes are an integral part of these financial statements.
1981
Over
(Under)
1980
_Budget
Actual
Budget
Actual
(Memorandum
Only)
$ 87,500
$ 71,152
$(16,348)
$(17,779)
6,090
(22,500)
(22,500)
(47,500)
6,640
6,640
(22,
(15,860)
6,640
(41,410)
$ 65,000
55,292
$ (9,708)
(59,189)
127,647
186,836
$182,939
$127,647
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL REVENUE FUND -- FEDERAL REVENUE SHARING
BALANCE SHEEP
December 31, 1981
Assets
Cash and investments
Due from other governmental units
Due from other funds
Total assets
Liabilities And Fund Balance
Liabilities:
Accounts payable
Due to other funds
Total liabilities
Fund balance:
Designated for committed contracts
Designated for ensuing years budget
Total fund balance
Total liabilities and fund balance
Statement 9
Totals
Dece mber 31,
1981 1980
$ 67,599 $130,703
11,148 13,571
12,711
$ 78,747 $156,
$ 909
6, 090
$ -0-° 6
19,020
_ 78,747 130,966
78,747 149,9
$ 78, 747 $1
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 10
SPECIAL REVENUE FUND - FEDERr,L REVENUE SHARING
STATEMENT OF REVENUE, EXPENDITURES A_.'D
CHANGES IN FUND BALANCE -- BUDGET AND ACTUAL
For The Year Ended Decelber 31, 1981
_ 1981
Over
(Under) 1980
Budget Actual Budget Actual
Revenues (Memorandum
Intergovernmental: Only)
Federal grants $ 43,000 $ 51,862 $ 8,862 $ 46,399
Interest on investments _ 5,500 6,132 632 5,343
Total revenue 48,500 57, 99= 9,494 51, 742
Expenditures:
Current expense
40,7
17,243
(23,497)
1,918
Capital outlay
4 3,000
_ 36,
_( 6,010 )
_ 2, 177
Total expenditures
83,740
54,233
(29,507
4,095
Revenue over (under) expenditures
(35,240)
3,761
39,001
47,647
Other. (decreases):
Transfer to General Fund
(6,090)
Transfer to Enterprise Fund
(7
(
Total other decreases
(75,000)
(75,000)
(6,090)
Net increase (decrease) in fund balance
$
(71,239)
$ 39,001
41,557
Fund balance -- January 1
M 1 49,9 86
108
Fund balance - December 31
$ 7
$149,9
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 11
CAPITAL PROJECT FUND - CAPITAL IMPROVEMENTS
BALANCE SHEET
December 31, 1981
Totals
Assets
Cash and investments
Total assets
Liabilities And Fund Balance
Liabilities:
Total liabilities
Fund balance:
Designated for capital. improvements
Total fund balance
Total liabilities and
fund balance
December 31,
1981 1980
(Memorandum
Only)
$ 27,270 $ 56,974
$ 27,270 $ 56,974
$ -0- $ -0-
27,270 56,974
27,270 56,974
$ 27,270 $ 56,974
(1) 1980 included the Lawcon Grant Fund which was closed in 1981.
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 12
The accompanying notes are an integral par;, of these financial statements.
CAPITAL PROJECT FUNDS
COMBINING
STATEMENT OF REVENUE,
EXPENDITURES
FIND
CHANGES IN FUND BALANCE
December 31, 1981
Totals r
Capital
Lawcon
December 31,
Grant
1981
1980
_I mprovements
(Meraorandum
Revenue:
Only)
Intergovernmental:
Federal grants
$ 23,690
Interest on investments
$ 3,051
$ 3,051
10,427
Sale of property
__
9,414
Total revenue
3,051
$ - 0-
3,051
4 3,531
Expenditures:
Construction costs
46,908
1,7
48,615
53,749
Total expenditures
46,908
1, 707
48,615
53,749
Revenue over (under) expenditures ( 43,857 )
( 1,70 7)
(45,564
(10
Other increases (decreases):
Transfer from General Fund
22,500
22,500
47,500
Transfer to General Fund
(6,640)
(6,640)
Transfer to Enterprise Fund
_ _
_
(91,438
Total other increases
(decreases)
22,500
(6,6
15,8
(43
Net: (decrease) in fund balance
(2 "1,357)
(8,347)
(29,704)
(54,156)
Fund balance ° January 1
48,
8 ,347
5 6,974
111,130
Fund balance - December 31
$ 2 7,270
$ -0-
$ 27 ,270
$ 5.6,974
The accompanying notes are an integral par;, of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT FUNDS
COMBINING BALANCE SHEET
December 31, 1981
Debt Service
G.O.
Storm Sewer
G.O. Bonds
Improvement
$249,000
$100,000
Of 1967
Bonds
G.O. Bonds
G.O. Bonds
.And 1968
Of 1971
Of 1976
Of 1977
Assets
Cash and investments
$ 823,665
$ 28,627
$100,708
$ (4,877)
Due from other funds
763
34
6,247
Due from other government units
Due from State
168
908
123
Due from developers
Connection charges receivable
9,234
Taxes receivable:
Delinquent
832
690
112
Allowances and deferments
(832)
(690)
(112)
Due from County
8
44
6
Special assessments:
Delinquent
1,640
36
395
11,777
Deferred
113,894
3,220
15,148
49,236
Due from County
188
Amount to be provided
5, 440
67,131
Total assets
$ 9
$100,
$122,627
$ 5 6,136
Liabilities And Fund Balance
Liabilities:
Accounts payable
Due to other funds
$ 7,405
Refund payable
1,183
Contracts payable
Bonds payable
$ 955,000
$100,000
$110,000
40,00
Total liabilities
_ 955,000
100,000
110,000
48,588
Fund balance (deficit):
Designated for:
Debt service
12,627
7,548
Committed contracts
Construction
Total fund balance (deficit)
-
_ -0-
12 ,627
7,548
Total liabilities and fund balance
$ 955 ,000
$100,000
$122
$ 56 ,136
CITY OF OAK PARK HEIGHTS, Mlt'dESOTA
Construction
Statement 13
$300,000
Storm
G.O. Bonds
Swager's
Sewer
Totals
Of 1978
Completed
Prison
1979
57th Street
8
Drainage
D ece mb er 31, Y
A nd 19
Const ruction
Utili
Utilitie
Impr
Addition
Imp
1981 _ 1980
(Memorandum
Only)
$151,585
$ (244)
$(17,494)
$ (77,805)
$ (788)
$ (2,528)
$ (5,506)
$ 995,343 $ 979,232
168
220
7,432 31,975
7,191
7,191 13,397
1,199
243
3,281
788
2,617
6,929 85,082
22,757
31,991 30,892
1,634 1,266
(1,634) (1,266)
58 852
2,012
496
16,356 12,177
44,410
59,288
46,748
331,944 324,526
188 55
72,571 2 02,748
$196 ,238
$ 83,981
$(10,303
$
$ -0 - -
$ 89
$ (5,506)
$ $1
$ 89
$ 47 $ 210
$180, _ _`�
180 ,000 J 47 $ -0- 210 $ -0 89 $ -0-
$ 89 $ 796
7,662 55,630
1,183 3,286
11,507
1,385,00 .1,560,000
1,393 ,934 1,63 1,219
16,238 36,413 5,789
5,630
83,934 (10,303 (27,270 -- _( 5,506 ) 4 38,298
16,238 83,934 (10,303) (27,270) -0- - _ (5,506 - 77, 268 49,717
$196,238 $ 83 ,981 $(10,303 $ ( 27,060 ) $ -0 $ 89 $ (5,506 $1,471,2 $1,680,936
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESS` -1ENT FUNDS
COMBINING
STATEMENT OF REVENUE, EXPENDITURES
AND
CHANGES IN FUND
BALANCE
For
The Year Ended December 31, 1981
--.--
S
G.O.
-
Storm Sewer
G.O. Bonds
Improvement
$249,000
$100,000
Of 1967
Bonds
G.O. Bonds
G.O. Bonds
And 1 968
Of 1971
Of 1976
Of 1977
Revenue:
_
General property taxes:
Current and delinquent
$ 6,461
$ 33,583
$ 4,565
Intergovernmental revenue:
State:
Homestead credit
457
2,484
337
Reduced assessment aid
66
355
48
Total intergovernmental revenue
523
2,839
385
Special assessments:
New rolls adopted
Connection charges
2,700
Interest on assessments
8,222
283
1,443
$ 4,203
Direct charges to developers
(502)
Adjustments and other
159
312
Total special assessments
11,081
_
283
_ 941
4,515
Interest on investments
123,037
582
19,704
Other revenue
Total revenue
141,102
37 ,2.87
25,595
4,515
Expenditures:
Debt service:
Interest
48,045
5,760
7,160
2,700
Paying agent fees
1
5
61
56
Total debt service
48,150
5,810
7,221
2,756
Construction costs
Total expenditures
48,150
5,810
7,221
2,756
Revenue over (under) expenditures
92,
31,477
1 8,374
1, 759
Other (decreases):
(Decrease) in amount to be provided
(92,952
(31,477
(_ 5,747 )
Total other (decreases)
(92,952
(31,477
(5,747
-O-
Net increase (decrease) in fund balance
-0-
-0-
12,627
1,759
Fund balance (deficit) - January 1
-0-
-0-
-0-
5,789
Fund balance (deficit) - December 31
$ -0-
$ -0-
$ 12,627
$ 7,548
CITY OF OAK PARK HEIGHTS, MININESOTA
Statement 14
Construction
$300,000
1,032
6,
2,617
1,628
1,0
Storm
2,617
G.O. Bonds
4,37
-0-
-0-
Swager's
Sewer
Tota
Of 1978
Completed
Prison
1979
57th Street
8
Drainage
_ _
D_ec_e 31
_
An 1979
Construction
Uti lities .
_
Improvement
Add ition
-
Improvement
-
19 81 198 0_
(Memorandum
Only)
Only)
$ 44,60 $ 8 3,26 2
3,278 6,053
469
3,747 6, 053
127,752
2,700 126,883
$ 6,132
$ 5,402
25,685 25,088
1,812
$ (2,748)
$ 6,982
$ 2,617
8,161 119,902
$ 65
_ _
V~ 536 (2,734
65
7,944
(2,748
5,402
6,982
2 ,617
37,082 396,891
24,336
103,190
-
'
158
24,401
7, 944
(2 ,748)
5 ,402
6 ,982
2,617
$ -0
253, 097 589,554
13,000
168
13,168
_ 500
~ 13,668
10,733
1 Q, 733
5,505
$ 16 ,238
1,628
1,032
6,
2,617
1,628
1,0
6,982
2,617
7,944 (4,376
4,37
-0-
-0-
-0- -0- -0- -0-
7,944 (4,376) 4,370 -0-
75,990 (5,9 (31,640 -0-
$ 83,934 $(10 ,303) $ ( 27,270 ) $ -0-
-0-
-0-
- 0-
$ -0-
76,665 88,315
440
503
77,105
88,818
5, 18 r
18 6,942
5,506 95,370
275,760
( 5,506 ) 157,72 313,794
(130,176) (284,284)
-0- (130, (284,284
(5,506) 27,551 29,510
-0- 49,717 20,207
$ (5 ,506) $ 77,2.68 $ 49,717
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUND
BALANCE SHEET
December 31, 1981
Statement 15
December 3 1,
1981 1980
Assets
Current assets:
Cash and investments
Due from other funds
Accounts receivable:
Customers
Certified to County
Prepaid M.W.C.C.
Due from other government units
Total current assets
Utility plant in service - at cost:
Buildings and structures
Machinery and equipment
Distribution and collection system
Totals
Less: Allowance for
depreciation
Construction work in
process
Net fixed assets
Restricted assets:
Cash and investments
Total assets
Liabilities And Fund Equity
Current Liabilities:
Accounts payable
Due to other funds
Due to other governmental units
Salaries payable
Contract payable
Accrued interest
Meter deposits
Bonds payable
Total current liabilities
Non - current liabilities:
Bonds payable
Total liabilities
Fund equity:
Contributions from property
owners - net
Retained earnings:
Undesignated
Total fund equity
Total liabilities and
fund equity
$ 213,805 $ 162,421
608 30,917
32,335
1,121
5,958
253,8
502,769
59,357
1,814,734
2,376,860
23,377
1,667
3,948
3,114
225,444
304,576
58,213
1,789,776
2,152,565
(367,990) (323,158)
235,47
2,008,870 2,064,878
130,19
$2,262,6 $2,4
$ 2,417
$ 1,814
221
5,079
15,439
9,513
140
156
69,134
4,050
4,050
45,633
45,083
10,000
77,900
^ �134,�829
19
200,00
2 67,900
334,829
1,752,186 1,860,226
242,611 225,464
1,994,797 2,085,690
$2,262,69 $2,4 20,519
The accompanying notes are an integral. part of these financial statements.
CITY OF OAK PARK HEIGHTS,
MliiNESOTA
Statement
16
ENTERPRISE
FUND
STATEMENT OF
REVENUE, EXPENSES A% - ,D
CHANGES IN
RETAINED EARNINGS
For The Year Ended
December 31, 1981
---.-
Water
Sewer
December
31,
Ope rating
Op erating
1981
^ 1980
(Memorandum
Revenue:
Only)
Customer billings
$ 50,557
$ 50,711
$101,268 $
90,200
Penal
708
680
1,388
1,080
Total operating revenue
51,265
51,391
102,656
91,280
Expenses:
Personnel services
11,031
4,936
15,967
16,314
Contractual services
14,969
4,675
19,644
15,015
Fixed charges
1,259
54,433
55,692
28,364
Materials and supplies
1,370
366
1,736
(263)
Depreciation:
On purchased assets
3,359
133
3,492
2,740
On contributed assets
21,057
20,283
41,340
38,699
Total operating expenses
53,045
84,826
137,871
100,869
Operating (loss)
$ (1,780)
$(33,435)
(35,215)
_(9,589)
Add: Non-operating revenue:
Interest on investments
15,538
5,451
Plumbing permits
112
352
Sewer availability charge fees
39
185
Refunds and reimbursements
756
725
Other
650
Total non-operating revenue
16,445
7,363
Deduct: Non-operating expense:
Bond Interest
5,265
Paying agent fees
50
Refunds and reimbursements
108
Total non-operating expenses
5,423
-0-
Net (loss)
(24,193)
(2,226)
Other increases (decreases):
Credit arising from transfer of
depreciation to contributions from
property owners
41,340
38,699
Transfer from Capital Project Fund
91,438
Transfer from Special Revenue Fund
75,000
Increase in contributions
(75,000)
(91,438)
Total other increases (decreases)
41,340
38,699
Net increase in retained earnings
17,147
36,473
Retained earnings - January 1
225,464
188,991
Retained earnings - December 31
$242,611 $225,464
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 17
EN`.C'ERPRISE FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
For The Year Ended December 31, 1981
Sources of financial resources:
Operations:
Net (loss)
Expenses not requiring outlay of
working capital - depreciation
Total sources from operations
Proceeds from issuance of bond indebtedness
Transfer from other funds
Reduction in restricted assets
Total sources
Uses of financial resources:
Purchase of fixed assets
Designation of restricted assets
Bond principal -° current portion
Total uses
Net increase (decrease) in working capital
Components of increase (decrease) in working capital:
Cash and investments
Accounts receivable
Due from other governmental units
Due from other funds
Due from County
Accounts payable
Accrued interest
Due to other governmental units
Salaries payable
Due to other funds
Meter deposits
Due from M.W.C.C.
Contract payable
Bonds payable
Net increase (decrease) in working capital
Totals
December 31 _
1981 1980
$(24,193) $ (2,226)
44,
20,639
75,000
130,197
41,439
39,213
196,934
91,438
225,836 327,585
130,524 240,448
130,197
_ 10 , 000 _ _
140,524 3 70,b 45
$ 85,312 $(43,060
$ 51,384 $ 10,642
8,958
(554)
(3,114)
(8
(30,309)
12,836
(546)
1,667
(603)
1,656
(4,050)
(5,926)
(6,394)
16
(59)
4,858
17,209
(550)
(1,645)
2,010
3,316
69,134
(69,134)
(10,000
$ 85,312 $( 43,060 )
The accompanying notes are an integral part of these financial. statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Investment Fund:
Assets
Cash and investments $ 30,830
Accrued interest receivable 36,035
Total assets $ -o- $ 66,865
Total Agency:
Assets
Cash and investments
Accrued interest receivable
Due from developers
Total assets
Liabilities
Due to other funds
Due to developers
Total liabilities
$
30,830
36,035
Statement 18
$ -0- $
AGENCY
FUNDS
$
3,888
COMBINING
STATEMENT OF'
CHANGES IN ASSETS
AND LIABILITIES
For The Year
Ended
December 31,
1981
Balance
Balance
1/1/81
Additions
Deletions
12/31/81
Developers' Deposits Fund-
Assets
Due from devlopers
$ -0-
$
4,734
$ -0-
$ 4,734
Liabilities
Due to other. funds
$
3,888
$ 3,888
Due to developers
846
846
Total liabilities
$ -0-
$
4,734
$ -0-
$ 4,734
Investment Fund:
Assets
Cash and investments $ 30,830
Accrued interest receivable 36,035
Total assets $ -o- $ 66,865
Total Agency:
Assets
Cash and investments
Accrued interest receivable
Due from developers
Total assets
Liabilities
Due to other funds
Due to developers
Total liabilities
$
30,830
36,035
4,734
$ -0- $
71,599
$
3,888
846
C�- $
4,734
$ 63,359
3,506
$ 66,865
$ 63,359
3,506
-0-
$ 66,865
$(32,529)
32,529
$
$(32,529)
32,529
4,734
$ 4,734
$ 3,888
846
$ 4,734
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
STATEMENT OF GENERAL FIXED ASSETS
December 31, 1981
Description
Land
Land improvements
Buildings and structures
Machinery and equipment
Furniture and fixtures
Totals
(UNAUDITED)
Statement 19
Balance
Balance
1/1/81
Additions
Deletions
12 /31/81
$ 75,000
$ 75,000
$ 26,554
26,554
146,273
166,438
$ 5,000
307,711
102,985
12,753
6,774
108,964
13,315
519
13, 834
$ 337,5 73
$206,264
$ 11,774
$532,063
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1981
Note 1 -° SUMMARY 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.
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 foll -jwed 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 1 maturities which are recognized in
the previous fiscal period; (2) inventory items which are considered expendi-
tures when purchased; and, (3) prepaid insurance and similar services extending
over more than one accounting period are considered expenditures in 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 if measurable
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 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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1981
Note 1 ° SUMMARY OF SIGNIFICANT ACCOUNTING POLIC - (Continued)
PROPERTY TAX REVENUE RECOGNITION - Continued
Taxes on homestead property (as defined by State Statutes) are 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 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.
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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1981
Note 1 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
SPECIAL ASSESSMENT REVENUE RECOGNITION - Continued
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
number 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, except as in Note 2.
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.
CASH AND INVESTMENTS
Cash balances from all funds are pooled and invested to the extent available,
in authorized investments. Earnings from such investments are allocated to the
individual funds on the basis of applicable cash balances available by each of
the funds and in accordance with State Statute. Invested amounts totaled
$1,454,785 and $1,613,827 at December. 31, 1981 and 1980 respectively.
The payment of City bonds is made through various agents (banking institutions).
Cash is paid to the paying agents and they in turn pay principal and interest
to the various bond holders. Amounts of cash on hand with the paying agent at
December 31, 1981 totaling $5,000 is not included in these financial statements.
INVENTORIES
The original cost of materials and supplies has been recorded as expenditures
at the time of purchase. The City does not maintain significant amounts of
inventories of materials or supplies.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1981
Note 1 -- S UMMARY OF SIGNIFICANT ACCOUNTING POLICI -- (Continued)
FIXED ASSETS - GENERAL
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 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.
Note 2 - DELAYED STATE AID PAYMENTS
Due to State fiscal difficulties, the 1981 allotment of Local Government Aid
was not entirely received during 1981. The deferred payments have been
recognized as revenue in 1981 based on the State's assurance that the aid will
be paid to the City by February 26, 1982 (Third Special Session Laws, 1981,
Chapter 1). Payment of Homestead Credit and Attached Machinery Aid have also
been deferred by the State and are recognized as revenue in 1981 in these
financial statements. The State aid payments were received by the City on
March 1, 1982. The amount of the delayed payments from the State were as
follows at December 31, 1981:
Local Government Aid $ 20,581
Homestead Credit 10,571
Attached Machinery Aid 139
Reduced Assessment Aid 1,047
Total $ 32,338
Note 3 - FIXED ASSETS - PROPRIETARY FUNDS
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 follows:
Assets
Purchased assets:
Water
Sewer
Contributed assets:
Water
Sewer
Totals
Depreciable De preciation
Lives 1981 1980
5 - 10 years $ 3,359 $ 2,600
5 - 10 years 133 140
50 years 21,057 19,760
50 years 20, 18,939
$ 44,8 $ 41 ,439
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1981
Note 3 - FIXE ASSETS - 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 (special assessments,
general taxes, Federal and State grants, and 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, 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 4 -• BUDGETARY DATA
The City Council. adopts an annual budget for the General Fund and those Special
Revenue Funds as presented in Statements 8 and 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 5 ... ENCUMBRANCES
The City does not follow the optional encumbrance method of accounting in the
governmental fund types. Major fund balance appropriations at December 31,
1981 and 1980 are shown on the various balance sheets as segregations of the
fund balance and consist of:
December 31,
Descrip 1981 1980
Special Revenue Funds:
Designated for committed contracts $ 19,020
Designated for ensuing years expenditures $ 78,747 130,966
Capital Project Funds:
Designated for capital improvements 27,270 56,974
Special Assessments:
Designated for debt service 36,413 5,789
Designated for committed contracts 5,630
Designated for construction 42,234 _ 38,298
Total governmental fund types $184,664 $25 6,677
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1981
Note 6 -- METROPOLITAN WASTE CONTROL COMMISSION
During 1970, the Metropolitan Waste Control Commission (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 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 volume. Included in these user charges are amounts required to
liquidate the credits arising 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 finance 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 volume and budgeted
costs. These billings are later adjusted when actual volume and actual costs
are determined. The adjustment to actual is generally determined 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 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 approxi-
mately 3 -1/2 %.
Future credits and deferred charges are not reflected in. these financial
statements, as these credits will be offset by annual charges as detailed
above. The amount of these credits at December 31, 1981 and 1980 were:
Current value credits
Debt service credits
Deferred charges
Totals
December 31,
1981 1980
$ 741 $ 780
221,745 237,998
9,856 10,331
$ 232,342 $ 24 9,109
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL, STATEMENTS
December 31, 1981
Note 7 -- DEFERRED AD VALOREM TAX 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 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 alter-
native sources of financing.
These future scheduled tax levies are not shown as assets of the special
assessment funds at December 31, 1981 nor 1980 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:
Note 8 T BONDED INDEBTEDNESS
All bond issues outstanding at December 31, 1981 are backed by the full faith
and credit of the City, including special bond issues. Outstanding
balances at December 31, 1981, principal and interest payments due in 1982,
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.
Percent
Levy /Collectio
w
Schedul
Actual
Levied
1975/76
$ 75,300
$ 75,300
100.00%
1976/77
79,300
79,300
100.00
1977/78
80,300
80,300
100.00
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
30,000
33.00
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
1991/97
370,400
Note 8 T BONDED INDEBTEDNESS
All bond issues outstanding at December 31, 1981 are backed by the full faith
and credit of the City, including special bond issues. Outstanding
balances at December 31, 1981, principal and interest payments due in 1982,
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 FINANCIAL STATEMENTS
December 31, 1981
Note 8 - BOND IND ° (Continued)
The Minnesota Municipal Indus Development Act allows Minnesota cities to
issue industrial development bonds for the purpose of financing private
development, subject to approval by the State. Under the terms of the bond
issues authorized and the requirements of the Minnesota Industrial Development
Act, the City has no obligation for the payment of principal or interest other
than its interest in the "Industrial Development Project ". Accordingly, this
liability (and the related "interest" in the "Industrial Development Project ")
have been excluded from these financial statements. The amount authorized and
issued at December 31, 1981 is:
Description Authorized Issued _ Balance
K Mart Corporation $2,000,000 $2,000,000 $1,965,000
Note 9 -- ACCRUED SICK AND VACATION P AY
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, 1931 was $3,200. Accrued vacation
pay accumulations was immaterial at December 31, 1981.
Note 10 - RETIRE 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 not determinable. City contribu-
tions for 1981 and 1980, including amortization of estimated prior service
cost is shown below.
City contributions for 1981 and 1980 for all pension plans for all City funds
were:
Description 1981 1980
P.E.R.A. $ 15,800 $ 16,700
F.I.C.A. 4,700 4 ,200
Totals $ 20,500 $ 20,900
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1981
Note 11 - CONTINGEN
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 12 -° CONDENSED COMBINED FINANCIAL STATEMENTS
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
certain disclosures contained in the combining, fund and account group finan-
cial statements may not be disclosed in the condensed combined financial
statements.
Note 13 - "MEMO ONLY" PRE
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
Exhibit 1
INTERFUND AUDIT
ADJUSTMENTS
December
31, 1981
Fund
Due From
Due To
F und Title
N
O the r Fu nds
Other Funds
G.O. Bonds of 1967 and 1968
501
$ 47.50
$
Completed Construction Fund
510
47.50
Reclassify assessment payments
Utility Fund
702
157.00
General Fund
101
157.00
Reclassify state withholding payments
G.O. Bonds of 1967 and 1968
501
715.31
Storm Sewer Bonds of 1971
502
33.85
G.O. Bonds of 1976
506
6,247.37
Completed Construction Fund
510
168.26
Utility Fund
702
450.82
G.O. Bonds of 1977
509
7,405.37
G.O. Bonds of 1978
513
210.24
Reclassify County assessment collections
G.O. Bonds of 1978
513
221.21
Utility Fund
702
221.21
Reclassify construction costs
General Fund
101
3,888.31
Developer's Deposits
901
3,888.31
Set up Trust and Agency Fund
Totals
$ 11,929.63
$ 11,9 29.63
CITY OF OAK PARK HEIGHTS, MINNESOTA
CONSTRUCTION COSTS BY PROJECT"
For The Year Ended December 31, 1981
C ontrac tor En
Capital Projects Fund:
Lawcon Grant Park Improvements $128,279 $ 16,018
Street Seal Coat Project (Capital Improvement Fund) 41,660 4,437
Total Capital Projects Fund $169,939 $ 20, 455
Special Assessment Funds:
Prison Utilities $ 93,860 $ 9,260
1979 Utilities 115,496 12,151
57th Street Improvement 21,393 2,661
Swager's 8th Addition 2,617
Storm Sewer Drainage Improvement 5,5 0_6
Total Special Assessment Funds $230,749 $ 32,1
Enterprise Fund (Water and Sewer):
City Hall Expansion $319, $ 29 ,546
Total $719,8 $ 82,196
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 2
Legal
Expenditures
Fiscal
Total
Current
Prior
Easements
Other
Costs
Year
Year
$
17,196
$161,493-
$ 1,707
$159,786
811
46,908
46,908
$
18,007
$2 08,401
$ 48,615
$159,78
$ 5,144
$
1,538
$109,802*
$ 1,628
$108,174
1,099
128,746*
1,032
127,714
583
24,637
6,982
17,655
2,617
2,617
5,506
_ 5,506
$ 5,144
$
3,220
$271,308
$ 17,765
$253
$ 880
$
14,99
$364,630
$129,159
$235,471
$ 6,024
$
36,220
$844,
$ 195,539
$6
* Completed and capitalized at December 31, 1981
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT BONDS
SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1981
G.O. Storm
Sewer
G.O. Bonds
Improvement
$249,000
Of 1967
Bonds
G.O. Bonds
And 1968
Of 1971
Of 1976
Bonds payable
$ 955,000
$100,000
$110,000
Future interest payable
420,040
28,0
15,700
Totals
$1,375,040
$128,075
$125,700
Year of maturity:
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
81,900
1994
78,770
1995
75,640
1996
72,510
1997
69,380
1998
25 ,520
Totals
$1,375,040
$128,075
$125,700
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 3
$100,000 $100,000 $100,000
$100,000 G.O. G.O. G.O.
Improvement Improvement Improvement Improvement
2,700
$ 42,700
$ 21,800
20,900
6,600
6,600
6,400
$ 66,600
$ 23,300
22,200
21,100
$ 66,600
$ 23,300
22,200
21,100
$ 42,700 $ 66,600 $ 66,600
$ 23,000
21,800
2.1,600
$ 66,4
Total
486,115
$1,871,115
$ 242,935
214,085
192,155
124,415
125,450
101,225
98,050
99,870
96,440
92,975
79,795
81,900
78,770
75,640
72,510
69,380
25,520
$1,871,115
CITY OF OAK PARK HEIGHTS, MINNESOTA
REVENUE BOND
DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1981
Water And Sewer
Revenue Bond
Bonds payable $200,000
Future interest payable 129,300
Total $32 9,300
Year Of
Maturity
Amount
1982
$ 26,200
1983
25,450
1984
24,700
1985
28,950
1986
27,788
1987
26,625
1988
25,425
1989
24,225
1990
22,987
1991
26,750
1992
25,100
1993
23,400
1994
21,700
Exhibit 4
Total $329,300
CITY OF OAK PARK HEIGHTS, MINNESOTA
SECURITIES FOR DEPOSITS
December 31, 1981
Oak Park
Heights
State Bank
Collateral requirements:
Demand deposits
Time and savings deposits
Total deposits
Less F.D.I.C. insurance
Amount requiring collateral
$ 6,051
665,660
671,711
106,05
Collateral required -° 1100
Collateral provided
Collateral (deficiency) excess
Assi By
Oak Park Heights State Bank
Cosmopolitan State Bank
$ 622,226
605,000
$ (17,226
On Deposit with
Oak Park Heights State Bank
Northwestern National
National City Bank
Exhibit 5
Cosmopolitan
State
Bank
$ 783,074
783,074
100,000
$ 68 3,074
$ 751,381
1,035,000
$ 283,619
Amount
$ 675,212
605,000
1,035,000
CITY OF OAK PARK HEIGHTS, MINNESOTA
INSURANCE IN FORCE
December 31, 1981
Exhibit 6
Coverage Amount
Umbrella liability $ 5,000,000
Property and general liability:
Property (scheduled locations)
1,038,640
Contractual liability:
Bodily injury
500,000/500,000
Property damage
100,000/100,000
General liability:
Bodily injury
500,000
Property damage
100,000/100,000
Personal injury
500,000
Host liquor
500,000
Public employees bond:
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 100,000
Underinsured motorist 50,000
Physical damage:
Comprehensive A.C.V.
Collision ($250 deductible) A.C.V.
Workmen's compensation Statutory
Public officials' errors and omissions ($500 deductible) 100,000/1,000,000
Enforcement professional liability 100,000/300,000
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 7
FUTURE SCHEDULED TAX LEVIES - SPECIAL ASSESSMENT BONDS
December 31, 1981
Year Of
Year Of Bond Issue
llection
1967
1968
1971
1976
1 977 197 Total
1982
$ 8,000
$ 12,000
$ 10,000
$ 10,000 $ 10,000 $ 50,000
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 $507,200 $464,400 $105, $ 44, $ 10, $ 10,000 $1,1
CITY OF OAK. PARK. HEIGHTS, MINNESOTA
TAXABLE VALUATIONS, TAX LEVIES AND MILL RATES
Taxable valuations:
City of Oak Park Heights:
Real estate
Personal property
Total
Fiscal disparity:
Contribution
Distribution
Totals
".Pax levies:
Year of levy
Year of collection
Taxes levied:
Revenue
Bond and interest
Totals
1981
(1)
45,309,275
(2,042,454)
488,718
$43,755,539
1981
1982
Exhibit 8
M
$42,657,078
686,21
43, 343, 294
_0_
297,109
$43,640,403
1980
1981
(1) Information not available.
Mill
Mill
Levy
Rat
Levy
Rate
$471,081
10.789
$424,305
9.721
50,00
1.149
48,800
1.11
$5 21,0 81
11.9
$473,105
10.840
(1) Information not available.
4