HomeMy WebLinkAboutAnnual Financial Report CITY OF OAK PARK HEIGHTS, MINNESOTA
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1982
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 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
Combining And Individual Fund And Account Group Financial Statements
General Fund:
Balance Sheet Statement 6
Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual Statement 7
Special Revenue Fund:
Balance Sheet Statement 8
Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual Statement 9
Debt Service Fund:
Balance Sheet Statement 10
Statement of Revenue, Expenditures and Changes in
Fund Balance 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 Fund:
Balance Sheet Statement 16
Statement of Revenue, Expenses and Changes in
Retained Earnings Statement 17
Statement of Changes in Financial Position Statement 18
Trust and Agency Funds:
Combining Statement of Changes in Assets and Liabilities Statement 19
Statement of General Fixed Assets Statement 20
Statement of General Long Term Debt Statement 21
Notes to Financial Statements
Supplementary Financial Information
Combined Schedule of Indebtedness Exhibit 1
Debt Service Payments to Maturity:
Special Assessment Bonds Exhibit 2
Revenue /General Debt Bonds Exhibit 3
Construction Costs - By Project Exhibit 4
Securities for Deposit Exhibit 5
Insurance in Force Exhibit 6
Future Scheduled Tax Levies Exhibit 7
Taxable Valuations, Tax Levies and Mill Rates Exhibit 8
CITY OF OAK PARK HEIGHTS, MINNESOTA
ORGANIZATION
December 31, 1982
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
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CITY OF OAK PARK HEIGHTS, MINNESOTA
CONDENSED COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1982
Governmental Fund Types
Special Debt Capital Special
Assets General Revenue Service Project Assessments
Cash (overdraft) and investments $274,965 $ 60,326 $20,782 $217,212 $1,094,376
Accrued interest receivable
Accounts receivable 7,497
Due from other funds 6,079
Due from other governmental units 420 9,203 7,191
Due from State
Due from developers 654 4,812
Prepaid expenses
Connection charges receivable 30,109
Taxes receivable:
Delinquent 14,414 1,761
Due from County 54,059 5,740
Allowances and deferrments (14,414) (1,761)
Special assessments receivable 288,071
Amount to be provided 202,543
Fixed assets - net
Total assets $337,595 $ 69,529 $20,782 $217,212 $1,638,921
Liabilities And Fund Equity
Liabilities:
Accounts payable $ 20,375 $ 2,710 $ 3,794
Salaries payable 1,348
Accrued interest
Due to other governmental units 5,768
Due to other funds 3,252 2,827
Refund payable 4,853 1,195
Deposits payable 1,000
Contracts payable 10,918 3,306
Bonds payable 1,375,000
Total liabilities 36,596 $ -0- $ -0- 13,628 1,386,122
Fund equity:
Investment in general fixed
assets
Contributions from property
owners - net
Retained earnings:
Undesignated
Fund balance:
Designated 56,500 20,782 203,584 252,799
Undesignated 300,999 13,029
Total fund equity 300,999 69,529 20,782 203,584 252,799
Total liabilities and
fund equity $337,595 $ 69,529 $20,782 $217,212 $1,638,921
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 1
Fiduciary Account Group
Proprietary Fund Type General Total (Memorandum Only)
Fund Type Trust and General Long�Term December 31,
Enterprise Agency Fixed Assets Debt 1982 1981
(Unaudited)
$ 201,180 $(13,270) $1,855,571 $1,450,603
13,586 13,586 32,529
37,118 44,615 39,085
6,079 11,928
5,445 22,259 18,339
32,338
964 6,430 14,783
5,075 5,075 5,958
30,109 31,991
16,175 11,835
59,799 552
(16,175) (11,835)
288,071 348,488
$ 205,000 407,543 72,571
1,984,187 $553,619 2,537,806 2,540,933
$2,233,005 $ 1,280 $553,619 $ 205,000 $5,276,943 $4,600,098
$ 1,358 $ 239 $ 28,476 $ 38,540
1,348 1,573
3,863 3,863 4,050
177 5,945 18,261.
6,079 11,928
1,041 7,089 2,029
45,993 46,993 45,633
1,110 15,334
190,000 $ 205,000 1,770,000 1,585,000
242,501 1,280 $ -0- 205,000 1,885,127 1,707,014
553,619 553,619 532,063
1,710,351 1 1,752,186
280,153 280,153 242,611
533,665 167,932
314,028 198,292
1,990,504 -0-- 553,619 -0- 3,391,816 2,893,084
$2,233,005 $ 1,280 $553,619 $ 205,000 $5,276,943 $4,600,098
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, 1982
Special
General Revenue
Revenue:
General property taxes $423,843
Intergovernmental revenue 122,425 $ 42,650
Licenses and permits 12,058
Fines and forfeits 5,560
Interest on investments 13,333 7,545
Charges for current services 39,361
Special assessments
Connection charges
Other revenue 3,052
Total revenue 619,632 50,195
Expenditures:
Current:
General government 131,242 2,819
Public safety 189,877
Streets and highways 48,442
Sanitation 58,362
Recreation 74,355
Capital outlay 3,219 26,594
Debt service:
Interest
Paying agent fees
Construction costs
Total expenditures 505,497 29,413
Revenue over (under) expenditures 114,135 20,782
Other increases (decreases):
Transfers from other funds 30,000
Transfers to other funds (26,075) (30,000)
Changes in amount to be provided
Bond proceeds
Total other increases (decreases) 3,925 (30
Net increase (decrease) in fund balance 118,060 (9,218)
Fund balance - January 1 182,939 78,747
Fund balance - December 31 $300,999 $ 69,529
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 2
Totals (Memorandum Only)
Debt Capital Special December 31,
Service Project Assessment 1982 1981
$ 45,142 $ 468,985 $ 431,124
4,169 169,244 186,103
12,058 16,263
5,560 7,576
$ 101 $ 5,329 132,740 159,048 181,861
39,361 329
20,809 20,809 34,382
1,950 1,950 2,700
750 3,802 4,511
101 6,079 204,810 880,817 864,849
134,061 161,276
189,877 170,733
48,442 43,928
58,362 63,586
74,355 54,439
29,813 39,826
67,935 67,935 76,665
439 439 440
31,816 94,086 125,902 66,880
-0- 31,816 162,460 729,186 677,773
101 (25,737) 42,350 151,631 187,076.
26,075 56,075 29,140
(56,075) (104,140)
(35,028) (35,028) (130,176)
20,681 181,482 162,703 364,866
20,681 207,557 127,675 329,838 (205,176)
20,782 181,820 170,025 481,469 (18,100)
-0- 21,764 82,774 366,224 384,324
$20,782 $203,584 $ 252,799 $ 847,693 $ 366,224
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, 1982
General Fund
Over
(Under)
Budget Actual Budget
Revenue:
General property taxes $426,531 $423,843 $ (2,688)
Intergovernmental revenue 137,674 122,425 (15,249)
Licenses and permits 4,000 12,058 8,058
Fines and forfeits 3,000 5,560 2,560
Interest on investments 4,000 13,333 9,333
Charges for current services 30,000 39,361 9,361
Other revenue 3,052 3,052
Total revenue 605,205 619,632 14,427
Expenditures:
Current:
General government 146,000 131,242 (14,758)
Public safety 193,100 176,417 (16,683)
Streets and highways 45,300 48,442 3,142
Sanitation 59,000 58,362 (638)
Recreation 59,000 74,355 15,355
Contingency 33,805 13,460 (20,345)
Capital outlay 2,925 3,219 294
Total expenditures 539,130 505,497 (33,633)
Revenue over (under) expenditures 66,075 114,135 48,060
Other increases (decreases):
Transfer from other funds 30,000 30,000
Transfer to other funds (26,075) (26,075)
Total other increases (decreases) 3,925 3,925 -0-
Net increase (decrease) in fund balance $ 70,000 118,060 $ 48,060
Fund balance - January 1 182,939
Fund balance •- December 31 $300,999
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 3
Special Revenue 1982
Over Over
(Under) (Under) 1981
Budget Actual. Budget Budget Actual Budget Actual
(Memorandum
Only)
$426,531 $423,843 $ (2,688) $386,515
$ 40,000 $ 42,650 $ 2,650 177,674 165,075 (12,599) 182,356
4,000 12,058 8,058 16,263
3,000 5,560 2,560 7,576
7,545 7,545 4,000 20,878 16,878 11,151
30,000 39,361 9,361 329
3,052 3,052 4,511
40,000 50,195 10,195 645,205 669,827 24,622 608,701
2,680 2,819 139 148,680 134,061 (14,619) 161,276
193,100 176,417 (16,683) 170,733
45,300 48,442 3,142 43,928
59,000 58,362 (638) 63,586
59,000 74,355 15,355 54,439
33,805 13,460 (20,345)
70,714 26,594 (44,120) 73,639 29,813 (43,826) 39,826
73,394 29,413 (43,981) 612,524 534,910 (77,614) 533,788
(33,394) 20,782 54,176 32,681 134,917 102,236 74,913
30,000 30,000 6,640
(30,000) (30,000) (56,075) (56,075) (97,500)
(30,000) (30,000) -0- (26,075) (26,075) -0- (90,860)
$ (63,394) (9,218) $ 54,176 $ 6,606 108,842 $102,236 (15,947)
78,747 261,686 277,633
$ 69,529 $370,528 $261,686
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
PROPRIETARY FUND TYPE
For The Year Ended December 31, 1982
Totals
December 31,
1982 1981
Revenue:
Customer billings $136,406 $101,268
Penalties 1,888 1,388
Total operating revenue 138,294 102,656
Expenses:
Personnel services 15,967
Contractual services 21,093 19,644
Fixed charges 51,230 55,692
Materials and supplies 2,902 1,736
Administrative charges 30,000
Depreciation:
On purchased assets 7,427 3,492
On contributed assets 41,835 41,340
Total operating expenses 154,487 137,871
Net income (loss) (16,193) (35,215)
Other income (expense):
Interest on investments 24,476 15,538
Plumbing permits 112 112
Sewer availability charge fees 30 39
Refunds and reimbursements 1,005 756
Charges for services 2,343
Interest (16,013) (5,265)
Paying agent fees (53) (50)
Refunds and reimbursements (108)
Total other income (loss) 11,900 11,022
Net (loss) (4,293) (24,193)
Other increases (decreases):
Credit arising from transfer of depreciation
to contributions from property owners 41,835 41,340
Transfer from Special Revenue Fund 75,000
Increase in contributions (75,000)
Total other increases (decreases) 41,835 41,340
Net increase in retained earnings 37,542 17,147
Retained earnings - January 1 242,611 225,464
Retained earnings - December 31 $280,153 $242,611
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 5
CONDENSED COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
PROPRIETARY FUND TYPE
For The Year Ended December 31, 1982
Totals
December 31,
1982 1981
Sources of financial resources:
Operations:
Net (loss) $ (4,293) $(24,193)
Expenses not requiring outlay of
working capital - depreciation 49,261 44,832
Total sources from operations 44,968 20,639
Proceeds from issuance of bond indebtedness
Transfer from other funds 75,000
Reduction in restricted assets 130,197
Total sources 44,968 225,836
Uses of financial resources:
Purchase of fixed assets 24,578 130,524
Bond principal - current portion 10,000 10,000
Total uses 34,578 140,524
Net increase in working capital $ 10,390 $ 85,312
Components of increase in working capital:
Cash and investments $(12,625) $ 51,384
Accounts receivable 3,353 8,958
Due from other governmental units 5,445 (3,114)
Due from other funds (608) (30,309)
Due from County 309 (546)
Accounts payable 1,059 (603)
Accrued interest 187
Due to other governmental units 15,262 (5,926)
Salaries payable 140 16
Due to other funds 221 4,858
Meter deposits (360) (550)
Due from M.W.C.C. (883) 2,010
Contract payable (1 69,134
Bonds payable (10,000)
Net increase (decrease) in working capital $ 10,390 $ 85,312
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 6
GENERAL FUND
BALANCE SHEET
December 31, 1982
1982 1981
Assets
Cash and investments $274,965 $179,115
Accounts receivable 10 777
Due from other governmental units 420
Dur from State 31,139
Due from developers 654 3,120
Accounts receivable - certified 7,487 4,852
Taxes receivable:
Delinquent 14,414 10,201
Due from County 54,059 494
Allowances and deferments (14,414) (10,201)
Due from other funds 3,888
Total assets $337,595 $223,385
Liabilities And Fund Balance
Liabilities:
Accounts payable $ 20,375 $ 36,034
Salaries payable 1,348 1,433
Due to other governmental units 5,768 2,822
Due to other funds 3,252 157
Refund payable 4,853
Escrow deposit 1,000
Total liabilities 36,596 40,446
Fund balance:
Undesignated 300,999 182,939
Total fund balance 300,999 182,939
Total liabilities and fund balance $337,595 $223,385
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 7
Page 1 of 3
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1982
1982
Over
(Under) 1981
Budget Actual Budget Actual
Revenue: (Memorandum
Taxes: Only)
Current and delinquent $426,531 $422,321 $ (4,210) $385,301
Other 1,522 1,522 1,214
Total general property taxes 426,531 423,843 (2,688) 386,515
Intergovernmental revenue:
State:
Homestead credit 39,960 35,291 (4,669) 28,487
Local government aid 82,324 68,950 (13,374) 75,994
Machinery aid 394 394 418
Reduced assessment aid 4,590 3,951 (639) 4,077
Diseased tree removal aid 1,800 3,576 1,776
Police aid 9,000 10,263 1,263 9,751
Metro council planning grant 3,615
Surcharge rebate 1,394
Mini energy audit 1,200
Federal:
701 Grant 5,558
Total intergovernmental revenue 137,674 122,425 (15,249) 130,494
Licenses and permits 4,000 12,058 8,058 16,263
Charges for services:
Current 9,361 9,361 329
Administrative - Enterprise Fund 30,000 30,000
Total charges for services 30,000 39,361 9,361 329
Fines and forfeits 3,000 5,560 2,560 7,576
Interest on investments 4,000 13,333 9,333 5,019
Refunds and reimbursements 901 901 2,625
Sale of property 2,151 2,151 1,344
Donations 542
Total revenue 605,205 619,632 14,427 550,707
Expenditures:
General government:
Mayor and council:
Current 43,100 47,526 4,426 50,907
Elections:
Current 2,000 1,396 (604)
City clerk:
Current 49,600 52,413 2,813 39,657
Capital outlay 1,500 1,425 (75) 127
Planning and zoning:
Current 22,000 4,959 (17,041) 20,947
City hall:
Current 11,850 9,773 (2,077) 8,324
Capital outlay 1,538
Engineering:
Current 4,000 2,763 (1,237) 6,323
General management:
Current 13,450 12,412 (1,038) 17,875
Total general government $147,500 $132,667 $(14,833) $145,698
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 7
Page 2 of 3
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1982
1982
Over
(Under) 1981
Budget Actual Budget Actual
Expenditures: (Continued) (Memorandum
Public safety: Only)
Police department:
Current $184,000 $167,308 $(16,692) $163,835
Capital outlay 190 190 392
Fire protection:
Current 8,500 8,748 248 6,554
Animal control:
Current 600 361 (239) 344
Total public safety 193,100 176,607 (16,493) 171,125
Streets and highways:
Streets and alleys:
Current 10,300 6,110 (4,190) 13,598
Snow and ice removal:
Current 10,500 17,839 7,339 9,042
Street lighting:
Current 23,000 23,676 676 20,237
Arboreous:
Current 1,500 817 (683) 1,051
Total streets and highways 45,300 48,442 3,142 43,928
Sanitation:
Refuse collection and disposal:
Current 47,000 46,550 (450) 46,140
Tree removal and planting:
Current 12,000 11,812 (188) 17,446
Total sanitation 59,000 58,362 (638) 63,586
Recreation:
Parks, playgrounds and rinks:
Current 59,000 74,355 15,355 54,439
Capital outlay 1,425 1,604 179 779
Total recreation 60,425 75,959 15,534 55,218
Contingency:
Current 33,805 13,460 (20,345)
Total contingency 33,805 13,460 (20,345) -0-
Total expenditures $539,130 $505,497 $(33,633) $479,555
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 7
Page 3 of 3
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1982
1982
Over
(Under) 1981
Budget Actual Budget Actual
(Memorandum
Only)
Revenue over (under) expenditures $ 66,075 $114,135 $ 48,060 $ 71,152
Other increases (decreases):
Transfer from Revenue Sharing Fund 30,000 30,000
Transfer to Capital Project Fund (26,075) (26,075) (22,500)
Transfer from Capital Project Fund 6,640
Total other increases (decreases) 3,925 3,925 -0- (15,860)
Net increase (decrease) in fund balance $ 70,000 118,060 $ 48,060 55,292
Fund balance m January 1 182,939 127,647
Fund balance - December 31 $300,999 $182,939
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 8
SPECIAL REVENUE FUND - FEDERAL REVENUE SHARING
BALANCE SHEET
December 31, 1982
Totals
December 31,
1982 1981
Assets
Cash and investments $ 60,326 $ 67,599
Due from other governmental units 9,203 11,148
Total assets $ 69,529 $ 78,747
Fund Balance
Fund balance:
Designated for ensuing years budget $ 56,500 $ 63,394
Undesignated 13,029 15,353
Total fund balance 69,529 78,747
Total liabilities and fund balance $ 69,529 $ 78,747
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 9
SPECIAL REVENUE FUND - FEDERAL REVENUE SHARING
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1982
1982
Over
(Under) 1981
Budget Actual Budget Actual
Revenue: (Memorandum
Intergovernmental: Only)
Federal grants $ 40,000 $ 42,650 $ 2,650 $ 51,862
Interest on investments 7,545 7,545 6,132
Total revenue 40,000 50,195 10,195 57,994
Expenditures:
Current expense 2,680 2,819 139 17,243
Capital outlay 70,714 26,594 (44,120) 36,990
Total expenditures 73,394 29,413 (43,981) 54,233
Revenue over (under) expenditures (33,394) 20,782 54,176 3,761
Other (decreases):
Transfer to General Fund (30,000) (30,000)
Transfer to Proprietary Fund (75,000)
Total other decreases (30,000) (30,000) -0- (75,000)
Net increase (decrease) in fund balance $ (63,394) (9,218) $ 54,176 (71,239)
Fund balance - January 1 78,747 149,986
Fund balance - December 31 $ 69,529 $ 78,747
The accompanying notes are an integral part of these financial statements,
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 10
DEBT SERVICE FUND
BALANCE SHEET
December 31, 1982
Storm Sewer
Bonds of 1982
Assets
Cash and investments $ 20,782
Total assets $ 20,782
Liabilities and Fund Balance
Liabilities:
Total liabilities $ ®0_
Fund balances
Designated for debt service 20,782
Total liabilities and fund balance $ 20,782
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 11
DEBT SERVICE FUND
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
For The Year Ended December 31, 1982
Storm Sewer
Bonds of 1982
Revenue:
Interest on investments $ 101
Total revenue 101
Expenditures:
Total expenditures - 0 -
Revenue over expenditures 101
Other increases:
Bond proceeds 20,681
Net increase in fund balance 20,782
Fund balance - January 1 - 0 -
Fund balance - December 31 $ 20,782
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, 1982
Storm Sewer Totals
Capital Drainage December 31,
Improvements Improvement 1982 1981
Assets (Memorandum
Only)
Cash and investments $ 54,183 $163,029 $217,212 $ 21,764
Total assets $ 54,183 $163,029 $217,212 $ 21,764
Liabilities And Fund Balance
Liabilities:
Accounts payable $ 387 $ 2,323 $ 2,710
Contract payable 10,918 10,918
Total liabilities 11,305 2,323 13,628 $ -0-
Fund balance:
Designated for committed contracts 4,430 156,063 160,493
Designated for capital improvements 38,448 4,643 43,091 21,764
Total fund balance 42,878 160,706 203,584 21,764
Total liabilities and
fund balance $ 54,183 $163,029 $217,212 $ 21,764
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, 1982
Storm Sewer Totals
Capital Drainage December 31,
Improvements Improvement 1982 1981
(Memorandum
Revenue: Only)
Interest on investments $ 4,210 $ 1 $ 5,329 $ 3,051
Donation 750 750
Total revenue 4,960 1,119 6,079 3,051
Expenditures:
Construction costs 15,427 16,389 31,816 54,121
Total expenditures 15,427 16,389 31,816 54,121
Revenue over (under) expenditures (10,467) (15,270) (25,737) (51,070)
Other increases (decreases):
Transfer from General Fund 26,075 26,075 22,500
Transfer to General Fund (6,640)
Bond proceeds 181,482 181,482
Total other increases
(decreases) 26,075 181,482 207,557 15,860
Net increase (decrease) in fund balance 15,608 166,212 181,820 (35,210)
Fund balance (deficit) - January 1 27,270 (5,506) 21,764 56,974
Fund balance - December 31 $ 42,878 $160,706 $203,584 $ 21,764
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, 1982
Debt Service
G .O.
Storm Sewer
G.O. Bonds Improvement
Of 1967 Bonds
Assets And 1968 Of 1971
Cash (overdraft) and investments $ 850,285 $ 28,189
Due from other funds 2,827
Due from developers
Connection charges receivable 6,462
Taxes receivable:
Delinquent 527 582
Due from County 921 1,375
Allowances and deferments (527) (582)
Special assessments:
Delinquent 2,287 37
Deferred 102,351 2,898
Due from County 26 41
Amount to be provided 57,460
Total assets $ 965,159 $ 90,000
Liabilities And Fund Balance
Liabilities:
Refund payable
Bonds payable $ 905,000 $ 90,000
Total liabilities 905,000 90,000
Fund balance:
Designated for:
Debt service 60,159
Committed contracts
Construction
Total fund balance 60,159 -0-
Total liabilities and fund balance $ 965,159 $ 90,000
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 14
Page 1 of 2
$300,000 $165,000
$249,000 $100,000 G.O. Bonds Improvement
G.O. Bonds G.O. Bonds Of 1978 Bonds Total Debt
Of 1976 Of 1977 And 1979 Of 1982 Service
$ 90,322 $ (6,569) $ 117,019 $ 19,917 $ 1,099,163
2,827
244 244
6,462
252 200 200 1,761
1,148 1,148 1,148 5,740
(252) (200) (200) (1,761)
728 18,045 4,168 25,265
12,264 26,270 28,655 172,438
827 894
145,083 202,543
$ 104,462 $ 39,721 $ 151,234 $ 165,000 $ 1,515,576
$ 1,183 $ 1,183
$ 75,000 20,000 $ 120,000 $ 165,000 1,375,000
75,000 21,183 120,000 165,000 1,376,183
29,462 18,538 31,234 139,393
29,462 18,538 31,234 -0- 139,393
$ 104,462 $ 39,721 $ 151,234 $ 165,000 $ 1,515,576
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, 1982
Construction
Completed Prison 1979
Construction Utilities Utilities
Assets
Cash (overdraft) and investments $ 21,883 $ (18,794) $ (69,948)
Due from other funds
Due from other government units 7,191
Due from State
Due from developers 3,280
Connection charges receivable 23,647
Taxes receivable:
Delinquent
Allowances and deferments
Due from County
Special assessments:
Delinquent 152 1,858
Deferred 46,355 40,501
Due from County 608
Amount to be provided
Total assets $ 92,037 $ (11,603) $ (23,701)
Liabilities And Fund Balance
Liabilities:
Accounts payable
Due to other funds $ 2,827
Refund payable $ 12
Contracts payable
Bonds payable
Total liabilities 2,827 $ -0- 12
Fund balance (deficit):
Designated for:
Debt service
Committed contracts
Construction 89,210 (11,603) (23,713)
Total fund balance (deficit) 89 (11,603) (23,713)
Total liabilities and fund balance $ 92,037 $ (11,603) $ (23,701)
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 14
Page 2 of 2
Swager's 1982 Totals
57th Street 8th Sewer And Total December 31,
Improvement Addition Water Construction 1982 1981
(Memorandum
Only)
$ (1,288) $ (3,252) $ 66,612 $ (4,787 $ 1,094,376 $ 1,000,849
3,252 3,252 6,079 7,432
7,191 7,191 7,191
1,199
1,288 4,568 4,812 6,929
23,647 30,109 31,991
1,761 1,634
(1,761) (1,634)
5,740 58
2,010 27,275 16,356
86,856 259,294 331,944
608 1,502 188
202,543 72,571
$ -0- $ -0- $ 66,612 $ 123,345 $ 1,638,921 $ 1,476,708
$ 3,794 $ 3,794 $ 3,794 $ 89
2,827 2,827 7,662
12 1,195 1,183
3,306 3,306 3,306
1,375,000 1,385,000
$ -0- $ -0- 7,100 9,939 1,386,122 1,393,934
139,393 36,413
157,772 157,772 157,772
(98,260) (44,366) (44,366) 46,361
-0- -0- 59,512 113,406 252,799 82,774
$ -0- $ -0- $ 66,612 $ 123,345 $ 1,638,921 $ 1,476,708
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
For The Year Ended December 31, 1982
G.O.
Storm Sewer
G.O. Bonds Improvement
Of 1967 Bonds
And 1968 Of 1971
Revenue:
General property taxes:
Current and delinquent $ 7,546 $ 10,975
Intergovernmental revenue:
State:
Homestead credit 601 898
Reduced assessment aid 67 101
Total intergovernmental revenue 668 999
Special assessments:
Interest on assessments 7,390 258
Adjustments and other (1,689)
Total special assessments 5,701 258
Interest on investments 95,573 2,739
Connection charges 1,950
Total revenue 111,438 14,971
Expenditures:
Debt service:
Interest 45,735 5,250
Paying agent fees 104 50
Total debt service 45,839 5,300
Total expenditures 45,839 5,300
Revenue over expenditures 65,599 9,671
Other increases (decreases):
(Decrease) in amount to be provided (5,440) (9,671)
Bond proceeds
Total other increases (decreases) (5,440) (9,671)
Net increase (decrease) in fund balance 60,159 -0-
Fund balance - January 1 -0- -0-
Fund balance - December 31 $ 60,159 $ -0-
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 15
Page 1 of 2
$300,000 $165,000
$249,000 $100,000 G.O. Bonds Improvement
G.O. Bonds G.O. Bonds Of 1978 Bonds Total Debt
Of 1976 Of 1977 And 1979 Of 1982 Service
$ 8,914 $ 8,854 $ 8,853 $ 45,142
750 750 750 3,749
84 84 84 420
834 834 834 4,169
1,185 3,152 11,985
6 (1,683)
1,185 3,158 10,302
11,513 15,077 $ 830 125,732
1,950
22,446 12,846 24,764 830 187,295
5,550 1,800 9,600 67,935
61 56 168 439
5,611 1,856 9,768 -0- 68,374
5,611 1,856 9,768 -0- 68,374
16,835 10,990 14,996 830 118,921
(19,917) (35,028)
19,087 19,087
-0- -0- -0- (830) (15,941)
16,835 10,990 14,996 -0- 102,980
12,627 7,548 16,238 -0- 36,413
$ 29,462 $ 18,538 $ 31,234 $ -0- $ 139,393
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
For The Year Ended December 31, 1982
Construction
Completed Prison 1979
Construction Utilities Utilities
Revenue:
General property taxes:
Current and delinquent
Intergovernmental revenue:
State:
Homestead credit
Reduced assessment aid
Total intergovernmental revenue
Special assessments:
Interest on assessments $ 4,743 $ 3,650
Direct charges to developers 907
Adjustment and other 72
Total special assessments 4,815 4,557
Interest on investments 1,461
Connection charges
Total revenue 6,276 $ -0- 4,557
Expenditures:
Debt service:
Interest
Paying agent fees
Total debt service
Construction costs 1,000 1,300 1,000
Total expenditures 1 1,300 1,000
Revenue over expenditures 5,276 (1,300) 3,557
Other increases (decreases):
(Decrease) in amount to be provided
Bond proceeds
Total other increases (decreases) -0- -0- -0-
Net increase (decrease) in fund balance 5,276 (1,300) 3,557
Fund balance (deficit) - January 1 83,934 (10,303) (27,270)
Fund balance (deficit) - December 31 $ 89,210 $ (11,603) $ (23,713)
.d
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 15
Page 2 of 2
Swager's 1982 Totals
57th Street 8th Sewer And Total December 31,
Improvement Addition Water Construction 1982 1981
$ 45,142 $ 44,609
3,749 3,278
420 469
4,169 3,747
$ 8,393 20,378 25,685
$ 500 $ 635 2,042 2,042 8,161
72 (1,611) 536
500 635 10,507 20,809 34,382
$ 5,547 7,008 132,740 167,659
1,950 2,700
500 635 5,547 17,515 204,810 253,097
67,935 76,665
439 440
68,374 77,105
500 635 89,651 94,086 94,086 12,759
500 635 89,651 94,086 162,460 89,864
-0- -0- (84,104) (76,571) 42,350 163,233
(35,028) (130,176)
143,616 143,616 162,703
-0- -0- 143,616 143,616 127,675 (130,176)
-0- -0- 59,512 67,045 170,025 33,057
-0- -0- -0- 46,361 82,774 49,717
$ -0- $ -0- $ 59,512 $ 113,406 $ 252,799 $ 82,774
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, 1982
December 31,
1982 1981
Assets
Current assets:
Cash and investments $ 201,180 $ 213,805
Due from other funds 608
Accounts receivable:
Customers 35,688 32,335
Certified to County 1,430 1,121
Prepaid M.W.C.C. 5,075 5,958
Due from other government units 5,445
Total current assets 248,818 253,827
Utility plant in service - at cost:
Buildings and structures 504,040 502,769
Machinery and equipment 60,464 59,357
Distribution and collection system 1,836,934 1,814,734
Total 2,401,438 2,376,860
Less: Allowance for depreciation (417,251) (367,990)
Net fixed assets 1,984,187 2,008,870
Total assets $2,233,005 $2,262,697
Liabilities And Fund Equity
Current Liabilities:
Accounts payable $ 1,358 $ 2,417
Due to other funds 221
Due to other governmental units 177 15,439
Salaries payable 140
Contract payable 1,110
Accrued interest 3,863 4,050
Meter deposits 45,993 45,633
Bonds payable 10,000 10,000
Total current liabilities 62,501 77,900
Non - current liabilities:
Bonds payable 180,000 190,000
Total liabilities 242,501 267,900
Fund equity:
Contributions from property owners - net 1,710,351 1,752,186
Retained earnings:
Undesignated 280,153 242,611
Total fund equity 1,990,504 1,994,797
Total liabilities and fund equity $2,233,005 $2,262,697
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
For The Year Ended December 31, 1982
Totals
Water Sewer December 31,
Operating Operating 1982 1981
(Memorandum
Revenue: Only)
Customer billings $ 62,565 $ 73,841 $136,406 $101,268
Penalties 866 1,022 1,888 1,388
Total operating revenue 63,431 74,863 138,294 102,656
Expenses:
Contractual services 17,026 4,067 21,093 19,644
Fixed charges 121 51,109 51,230 55,692
Materials and supplies 2,564 338 2,902 1,736
Administrative and personnel charge ( 15,000 15,000 30,000 15,967
Depreciation:
On purchased assets 5,312 2,115 7,427 3,492
On contributed assets 21,070 20,765 41,835 41,340
Total operating expenses 61,093 93,394 154,487 137,871
Operating income (loss) $ 2,338 $(18,531) (16,193) (35,215)
Other income (expenses):
Interest on investments 24,476 15,538
Plumbing permits 112 112
Sewer availability charge fees 30 39
Refunds and reimbursements 1,005 756
Charges for services 2,343
Bond interest (16,013) (5,265)
Paying agent fees (53) (50)
Refunds and reimbursements (108)
Total other income 11,900 11,022
Net (loss) (4,293) (24,193)
Other increases (decreases):
Credit arising from transfer of
depreciation to contributions from
property owners 41,835 41,340
Transfer from Capital Project Fund
Transfer from Special Revenue Fund 75,000
Increase in contributions (75,000)
Total other increases (decreases) 41,835 41,340
Net increase in retained earnings 37,542 17,147
Retained earnings - January 1 242,611 225,464
Retained earnings - December 31 $280,153 $242,611
(1) 1982 expense is a direct charge from General Fund. 1981 expense was based on
direct allocation of labor and did not include administrative costs.
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, 1982
Totals
December 31,
1982 1981
Sources of financial resources:
Operations:
Net (loss) $ (4,293) $(24,193)
Expenses not requiring outlay of
working capital - depreciation 49,261 44,832
Total sources from operations 44,968 20,639
Transfer from other funds 75,000
Reduction in restricted assets 130,197
Total sources 44,968 225,836
Uses of financial resources:
Purchase of fixed assets 24,578 130,524
Bond principal - current portion 10,000 10,000
Total uses 34,578 140,524
Net increase in working capital $ 10,390 $ 85,312
Components of increase in working capital:
Cash and investments $(12,625) $ 51,384
Accounts receivable 3,353 8,958
Due from other governmental units 5,445 (3,114)
Due from other funds (608) (30,309)
Due from County 309 (546)
Accounts payable 1,059 (603)
Accrued interest 187
Due to other governmental units 15,262 (5,926)
Salaries payable 140 16
Due to other funds 221 4,858
Meter deposits (360) (550)
Due from M.W.C.C. (883) 2,010
Contract payable (1 69,134
Bonds payable (10,000)
Net increase in working capital $ 10,390 $ 85,312
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 19
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1982
Balance Balance
1/1/82 Additions Deletions 12/31/82
Developers' Deposits Fund:
Assets
Cash $ -0- $ 9,174 $ 8,858 $ 316
Due from developers 4,734 3,033 6,803 964
$ 4,734 $ 12,207 $ 15,661 $ 1,280
Liabilities
Accounts payable $ -0- $ 239 $ -0- $ 239
Due to other funds 3,888 3,888 -0-
Due to developers 846 2,132 1,937 1,041
Total liabilities $ 4,734 $ 2,371 $ 5,825 $ 1,280
Investment Fund:
Assets
Cash and investments $(32,529) $ 32,529 $ 13,586 $ (13,586)
Accrued interest receivable 32,529 13,586 32,529 13,586
Total assets $ -0- $ 46,115 $ 46,115 $ -0-
Total Agency:
Assets
Cash and investments $(32,529) $ 41,703 $ 22,444 $ (13,270)
Accrued interest receivable 32,529 13,586 32,529 13,586
Due from developers 4,734 3,033 6,803 964
Total assets $ 4,734 $ 58,322 $ 61,776 $ 1,280
Liabilities
Accounts payable $ -0- $ 239 $ 239
Due to other funds 3,888 $ 3,888 -0-
Due to developers 846 2,132 1,937 1,041
Total liabilities $ 4,734 $ 2,371 $ 5,825 $ 1,280
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 20
STATEMENT OF GENERAL FIXED ASSETS
December 31, 1982
(UNAUDITED)
Balance Balance
Description 1/1/82 Additions Deletions 12/31/82
Land $ 75,000 $ 75,000
Land improvements 26,554 $ 1,420 27,974
Buildings and structures 307,711 307,711
Machinery and equipment 108,964 28,070 $ 8,553 128,481
Furniture and fixtures 13,834 619 14,453
Totals $532,053 $ 30,109 $ 8,553 $553,619
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 21
STATEMENT OF GENERAL LONG -TERM DEBT
December 31, 1982
Amount Available and to be Provided for the
Retirement of Long -Term Debt
Bonds:
Amount available in Debt Service Funds $ 20,782
Amount to be provided from future tax levies 184,218
Total available and to be provided $ 205,000
General Long -Term Debt Payable
Bonds payable:
Storm Sewer Bonds $ 205,000
Total general long -term debt payable $ 205,000
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
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.
ENTITY
The criteria as prescribed by the National Council on Governmental Accounting
in Statement 3 discussing the reporting entities has been applied in the pre-
paration of this Annual Financial Report. Only City financial presentations
are included and no additional reporting entities meet the criteria presribed
to be included herein.
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, Debt Service, 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 con-
sidered expenditures when purchased; and, (3) prepaid insurance and similar
services extending over more than one accounting period are considered expen-
ditures 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
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
PROPERTY TAX REVENUE RECOGNITION - Continued
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 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, 1982
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 to 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 recognizes
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
$1,923,610 and $1,454,785 at December 31, 1982 and 1981 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, 1982 totaling $6,420 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, 1982
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (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.
METER DEPOSITS
The City collects from water utility customers a deposit equal to the approxi-
mate cost of the meter at the time of installation of the meter. These depo-
sits are refundable to the customer upon return of the meter in proper working
order and payment of all delinquent charges to the City.
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 were recognized
as revenue in 1981 based on the State's assurance that the aid would be paid to
the City by February 26, 1982 (Third Special Session Laws, 1981, Chapter
1). Payment of Homestead Credit and Attached Machinery Aid were also deferred
by the State and were recognized as revenue in 1981. 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:
Depreciable Depreciation
Assets Lives 1982 1981
Purchased assets:
Water 5 - 50 years $ 5,312 $ 3,359
Sewer 5 - 50 years 2,115 133
Contributed assets:
Water 50 years 21,070 21,057
Sewer 50 years 20,765 20,283
Totals $ 49,262 $ 44,832
CI`1'Y OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 3 - FIXED ASSETS - PROPRIETARY FUNDS (Continued)
Fixed assets of the water and sewer utility operations include the water
distribution system and sewage collection system. These systems have been
wholly (or substantially) financed by non - operating funds (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 7 and 9 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. The City budgets an amount for con-
tingency expenditures. The budget for 1982 included $33,805 of which the City
expended $13,460 for Personnel Services in the City's Police Department.
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,
1982 and 1981 are shown on the various balance sheets as segregations of the
fund balance and consist of:
December 31,
Description 1982 1981
Special Revenue Funds:
Designated for ensuing years expenditures $ 56,500 $ 63,394
Debt Service:
Designated for debt service 20,782
Capital Project Funds:
Designated for capital improvements 199,154 21,764
Designated for committed contracts 4,430
Special Assessments:
Designated for debt service 139,393 36,413
Designated for committed contracts 157,772
Designated for construction (44,366) 46,361
Total governmental fund types $533,665 $167,932
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
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 off -set by annual charges as detailed
above. The amount of these credits at December 31, 1982 and 1981 were:
December 31,
1982 1981
Current value credits $ 702 $ 741
Debt service credits 205,878 221,745
Deferred charges 9,351 9,856
Totals $ 215,931 $ 232,342
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
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:
Percent
Levy /Collection Scheduled 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 94,300 27,000 28.63
1983/84 95,800
1984/85 93,300
1985/86 85,000
1986/87 84,200
1987/88 83,400
1988/89 86,800
1989/90 85,700
1990/91 71,700
1991/92-
1996/97 378,400
Note 8 SPECIAL TAXING DISTRICT
The City Council of Oak Park Heights established Storm Sewer Improvement Tax
District No. 1 pursuant to Minnesota Statues, Section 444.17 and Ordinance No.
1600 adopted by the City on October 12, 1982. The City is accounting for the
activity of this fund as a debt service fund.
Financing of the construction costs for establishment of this district was pro-
vided by issuing the $205,000 General Obligation Storm Sewer Bonds of 1982.
The bonds mature over the next 21 years with final payment due in 2003. To
provide monies for payment of the principal and interest on the bonds the City
levied upon all the taxable property in the Storm Sewer Improvement Tax
District an ad valorem tax. The levy is to be spread for collection in years
1984 to 2003. The total amount of this levy adopted was $436,999. (See Exhibit 3)
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 9 - BONDED INDEBTEDNESS
All bond issues outstanding at December 31, 1982 are backed by the full faith
and credit of the City, including special assessment bond issues. Outstanding
balances at December 31, 1982, principal and interest payments due in 1982,
final due date, interest rates, and other pertinent data is presented in the
Combined Statement of Indebtedness - Exhibit 1 and /or the Statements of Debt
Service Payments to Maturity - Exhibits 2 and 3.
Note 10 ACCRUED SICK AND VACATION PAY
The City has a contingent liability for unused vacation and sick leave of its
employees at December 31, 1982. The liability which is fully vested and
immaterial is not reflected in these financial statements.
Note 11 - RETIREMENT PLANS
The City participates in contributory pension plans through the Public
Employees Retirement Association (P.E.R.A.) under Minnesota Statutes Chapter
353, which covers substantially all employees except those 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 1982 and 1981, including amortization of estimated prior service
cost is shown below.
City contributions for 1982 and 1981 for all pension plans for all City funds
were:
Descri 1982 1981
P.E.R.A. $ 20,762 $ 15,800
F.I.C.A. 5,897 4,700
Totals $ 26,659 $ 20,500
Note 12 - CONTINGENCIES
The City Attorney has indicated that existing and pending lawsuits, claims and
other actions in which the City is a defendent are either covered by
insurance; of an immaterial amount; or, in the judgment of the City Attorney,
remotely recoverable by plaintiffs.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 13 - 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 14 - "MEMORANDUM ONLY" PRESENTATIONS
Presented in these financial statements are certain amounts labeled
"memorandum only ". The reader is cautioned that this information has certain
limitations as follows:
(1) The "Total" columns of the various combined statements
present a combining of unlike purpose funds and cannot
be construed to be indicative of the overall financial
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.
Note 15 - INTERFUND RECEIVABLE /PAYABLES
As of December 31, 1982 there were the following amounts due between funds.
Due From Due To
Fund Other Funds Other Funds
General $ 3,252
Special Assessment Fund $ 6,079 2,827
$ 6,079 $ 6,079
The above interfund receivables and payables are planned to be eliminated in
1983.
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 1982
Final Net
Payment Interest
Dated Due Rate
Bonded Indebtedness:
General Debt:
Storm Sewer Bonds of 1982 12/1/82 12/1/83 10.13%
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
General Obligation Improvement Bonds of 1982 8/1/82 8/1/93 10.75
Total special assessment bonds
Revenue Bonds:
General Obligation Water and Sewer Bonds of 1980 10/1/80 10/1/94 7.50
Total Indebtedness
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 1
Bonds Principal. Interest
Authorized Retired Outstanding Due Due
And Issued To Date At 12/31/82 In 1983 In 1983
$ 205,000 $ 205,000 $ 20,252
825,000 $290,000 535,000 $ 30,000 24,885
490,000 120,000 370,000 20,000 18,500
173,000 83,000 90,000 10,000 4,730
249,000 174,000 75,000 15,000 3,870
100,000 80,000 20,000 20,000 900
100,000 60,000 40,000 20,000 2,200
100,000 60,000 40,000 20,000 2,200
100,000 60,000 40,000 20,000 1,800
165,000 165,000 17,750
2,302,000 927,000 1,375,000 155,000 76,835
200,000 10,000 190,000 10,000 15,450
$2,707,000 $937,000 $1,770,000 $165,000 $112,537
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT BONDS
SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1982
G.O. Storm
Sewer
G.O. Bonds Improvement $249,000
Of 1967 Bonds G.O. Bonds
And 1968 Of 1971 Of 1976
Bonds payable $ 905,000 $ 90,000 $ 75,000
Future interest payable 374,305 22,825 10,150
Totals $1,279,305 $112,825 $ 85,150
Year of maturity:
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 $1,279,305 $112,825 $ 85,150
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 2
$100,000 $100,000 $100,000 $165,000
$100,000 G.O. G.O. G.O. G.O.
Improvement Improvement Improvement Improvement Improvement
Bonds Bonds Bonds Bonds Bonds
Of 1977 Of 1978 Of 1978 Of 1979 Of 1982 Total
$ 20,000 $ 40,000 $ 40,000 $ 40,000 $ 165,000 $1,375,000
900 3,300 3,300 2,400 122,238 539,418
$ 20,900 $ 43,300 $ 43,300 $ 42,400 $ 287,238 $1,914,418
$ 20,900 $ 22,200 $ 22,200 $ 21,800 $ 17,750 $ 231,835
21,100 21,100 20,600 32,750 223,905
31,175 155,590
29,600 155,050
28,025 129,250
26,450 124,500
24,875 124,745
23,263 119,703
26,650 119,625
24,450 104,245
22,250 104,150
78,770
75,640
72,510
69,380
25,520
$ 20,900 $ 43,300 $ 43,300 $ 42,400 $ 287,238 $1,914,418
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 3
REVENUE BONDS AND GENERAL DEBT BONDS
DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1982
Special
Taxing District
$205,000
Water And Sewer Storm Sewer
Revenue Bond Bond of 1982
Bonds payable $ 190,000 $ 205,000
Future interest payable 113,100 279,035
Total $ 303,100 $ 484,035
Year Of Maturity:
1983 $ 25,450 $ 20,252
1984 24,700 25,253
1985 28,950 24,827
1986 27,788 24,403
1987 26,625 23,977
1988 25,425 23,553
1989 24,225 28,102
1990 22,987 27,203
1991 26,750 26,277
1992 25,100 25,353
1993 23,400 24,377
1994 21,700 23,403
1995 22,402
1996 21,403
1997 20,377
1998 24,353
1999 22,815
2000 21,270
2001 19,710
2002 18,150
2003 16,575
Total $ 303,100 $ 484,035
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 4
CONSTRUCTION COSTS BY PROJECT
For The Year Ended December 31, 1982
Capital Project Funds Special Assessment
Brekke Park Anderson /Lindquist
Grading and Storm Sewer Water and Sewer
Construction Costs Improvements Drainage Improvement Extensions
Contractor $ 10,918 $ 66,122
Engineering 3,888 $ 15,051 20,602
Legal, Fiscal, Easements 3,999
Other 621 2,845 2,927
Total costs $ 15,427 21,895 $ 89,651
Current Year $ 15,427 16,389 $ 89,651
Prior Years $ -0- $ 5,506 $ 5,506
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 5
SECURITIES FOR DEPOSITS
December 31, 1982
Description Amount
U.S. Treasury Bills $ 480,000
Federal National Mortgage Association 300,000
Federal Home Loan Banks 200,000
Federal Farm Credit Banks 400,000
Municipal Bonds 440,000
Conventional First Mortgage 421,521
Total $ 2,241,521
The above securities have been assigned:
By: To: Amount
Northwest National Bank Northwestern State Bank $ 400,000
Cosmopolitan State Bank National City Bank of Minneapolis 285,000
First State Bank of Bayport First National Bank of St. Paul 600,000
Oak Park Heights State Bank Northwest National Bank of
Minneapolis 956,521
Total $ 2,241,521
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 6
INSURANCE IN FORCE
December 31, 1982
Coverage Amount
Umbrella liability $ 5,000,000
Property and general liability:
Property (scheduled locations) 1,033,527
Contractual liability:
Bodily injury 500,000
Property damage 100,000/100,000
General liability:
Bodily injury 500,000/500,000
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 and property damage 500,000
Uninsured motorist 100,000
Underinsured motorist 100,000
Personal injury protection:
Medical 20,000
Disability 10,000
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
FUTURE SCHEDULED TAX LEVIES
December 31, 1982
Special Assessment Bonds
Year Of Bond Issue
Year Of Collection 1967 1968 1971 1976
1983 $ 12,000
1984 $ 33,400 $ 32,400 12,000 $ 12,000
1985 32,700 31,600 11,000 12,000
1986 37,200 30,800 11,000
1987 36,300 29,900 11,000
1988 35,300 29,100 12,000
1989 34,400 33,400 12,000
1990 33,400 32,300 12,000
1991 32,500 31,200
1992 31,600 29,900
1993 35,700 29,000
1994 34,500 27,800
1995 33,300 26,700
1996 32,000 25,700
1997 30,800 33,400
1998
1999
2000
2001
2002
2003
Totals $473,100 $423,200 $ 93,000 $ 24,000
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 7
Special
_ Taxing District
Storm Sewer Total
1977 1978/79 1982 Total Bonds Of 1982 All Bonds
$ 41,000 $ 10,000 $ 5,000 $ 68,000 $ 68,000
6,000 95,800 $ 26,516 122,316
6,000 93,300 26,069 119,369
6,000 85,000 25,623 110,623
7,000 84,200 25,177 109,377
7,000 83,400 24,731 108,131
7,000 86,800 29,508 116,308
8,000 85,700 28,563 114,263
8,000 71,700 27,592 99,292
8,000 69,500 26,621 96,121
64,700 25,597 90,297
62,300 24,593 86,893
60,000 23,523 83,523
57,700 22,473 80,173
64,200 21,397 85,597
25,571 25,571.
23,956 23,956
22,333 22,333
20,695 20,695
19,057 19,057
17,404 17,404
$ 41,000 $ 10,000 $ 68,000 $1,132,300 $ 486,999 $ 1,619,299
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 8
TAXABLE VALUATIONS, TAX LEVIES AND MILL RATES
1982 1981
Taxable valuations:
City of Oak Park Heights:
Real estate $43,449,451 $44,519,133
Personal property 801,911 790,142
Total 44,251,362 45,309,275
Fiscal disparity:
Contribution (2,030,071) (2,042,454)
Distribution 569,642 438,718
Totals $42,790,933 $43,705,539
Tax levies:
Year of levy 1982 1981
Year of collection 1983 1982
Mill Mill
Levy Rate Levy Rate
Taxes levied:
Revenue $537,259 12.639 $471,081 10.789
Bond and interest 68,000 1.602 50,000 1.149
Totals $605,259 14.241 $521,081 11.938