HomeMy WebLinkAboutAnnual Financial Report December 31, 1984 CITY OF OAK PARK HEIGHTS, MINNESOTA
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1984
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
.. Notes to Financial Statements
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
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
Debt Service Escrow Agent Account (Balance Sheet) Exhibit 9
Debt Service Escrow Agent Account (Bonds Payable) Exhibit 10
CITY OF OAK PARK HEIGHTS, MINNESOTA
ORGANIZATION
December 31, 1984
Term Expires
Mayor:
Frank Sommerfeldt December 31, 1986
Council members:
Joseph Carufel December 31, 1986
Jack Doerr December 31, 1986
Richard Seggelke December 31, 1984
Barbara O'Neal December 31, 1984
Clerk- Treasurer:
LaVonne Wilson Appointed
VOTO, REARDON, TAUTGES & CO., LTD.
PUBLIC CERTIFIED U C ACCOUNTANTS
y / Birch Lake Professional Building • 1310 E. Hwy. 96 • White Bear Lake, MN 55110 • Phone 426 -3263 \
�- To the Honorable Mayor and
Members of the City Council ROBERT J. VOTO, CPA
City of Oak Park Heights TIMOTHY E. REARDON, CPA
_ Oak Park Heights, Minnesota ROBERT G. TAUTGES, CPA
We have examined the combined financial statements of the CITY OF OAK PARK
HEIGHTS, MINNESOTA, and the combining, individual fund, and account group finan-
cial statements of the City as of and for the year ended December 31, 1984, as
listed in the table of contents. Our examination was made in accordance with
generally accepted auditing standards and, accordingly, included such tests of
the accounting records and such other auditing procedures as we considered
necessary in the circumstances, except as stated in the following paragraph.
The City does not maintain complete accounting controls over quantities and
costs of general fixed assets and it was therefore impractical to audit the
accompanying Statement of General Fixed Assets and, accordingly, we do not
express an opinion on this account group.
In our opinion, except for the effects of such adjustments, if any, as might
have been determined to be necessary had we been able to audit general fixed
assets, the combined financial statements referred to above present fairly the
financial position of the CITY OF OAK PARK HEIGHTS, MINNESOTA at December 31,
1984, and the results of its operations and changes in financial position of its
proprietary fund types for the year then ended, in conformity with generally
accepted accounting principles applied on a basis consistent with that of the
preceding year. Also, in our opinion, the combining, individual fund, and
account group financial statements referred to above present fairly the finan-
cial position of the individual funds and account groups of the CITY OF OAK PARK
HEIGHTS, MINNESOTA at December 31, 1984 and the results of operations of such
—. funds and the changes in financial position of its proprietary funds for the
year then ended, in conformity with generally accepted accounting principles
applied on a basis consistent with that of the preceding year.
Our examination was made for the purpose of forming an opinion on the combined
financial statements taken as a whole and on the combining, individual fund, and
account group financial statements. The accompanying financial information
listed as supplementary data in the table of contents is presented for purposes
of additional analysis and is not a required part of the combined financial
statements of the City. The information has been subjected to the auditing pro-
- cedures applied in the examination of the combined, combining, individual fund,
and account group financial statements and, in our opinion, is fairly stated in
all material respects in relation to the combined financial statements taken as
a whole.
February 8 , 1985
VOTO, REARDON, TAUTGES & CO., LTD.
Certified Public Accountants
MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • PRIVATE COMPANIES PRACTICE SECTION
MINNESOTA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
MUNICIPAL FINANCE OFFICERS ASSOCIATION • MINNESOTA ASSOCIATION OF SCHOOL BUSINESS OFFICIALS
CITY OF OAK PARK HEIGHTS, MINNESOTA
CONDENSED COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS _
December 31, 1984
_ Governmental Fund Types
Special Debt Capital Special
Assets General Revenue Service Project Assessments
Cash (overdraft) and investments $617,489 $ 65,825 $ 2,456 $ 63,885 $ 536,348
Accrued interest receivable
Accounts receivable 5,642 7,776
Due from other funds
Due from other governmental units 745 9,698
Due from developers _
Interfund loan receivable 50,900
Prepaid expenses
Connection charges receivable
Taxes receivable:
Delinquent 18,756 584 2,358
Allowances and deferments (18,756) (584) (2,358)
Special assessments receivable 356,951 _
Fixed assets - net
Amount available and to be provided 105,374
Total assets $623,876 $ 75,523 $ 2,456 $ 63,885 $1,057,349
Liabilities And Fund Equity -
Liabilities:
Accounts payable $ 33,964 $ 4,425 $ 1,303 $ 1,532
Salaries payable 3,526
Accrued interest
Due to other governmental units 6,774
Due to other funds 819
Interfund loan payable 50,900
Refund payable 155
Deposits payable
Retainage payable 7,861 413
Contracts payable 57,304 7,083
Compensated absences payable
Bonds payable 340,000
Total liabilities 44,264 4,425 $ -0- 118,187 349,183
Fund equity:
Investment in fixed assets
Contributions - net
Retained earnings:
Undesignated
Fund balance:
Reserved 2,456 659,613
Unreserved:
Designated 71,098 (54,302) 48,553
Undesignated 579,612
Total fund equity 579,612 71,098 2,456 (54,302) 708,166
Total liabilities and
fund equity $623,876 $ 75,523 $ 2,456 $ 63,885 $1,057,349
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 1
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Fiduciary Account Group
Proprietary Fund Type General Total (Memorandum Only)
Fund Type Trust and General Long -Term December 31,
Enterprise Agency Fixed Assets D ebt _ 1984 1983
-`
(Unaudited)
$ 293,457 $ (9,803) $1,569,657 $1,868,637
9,310 9,310 19,505
50,330 63,748 73,462
819 819 30,318
22,378 152 32,973 38,145
_ 1,666 1,666 2,629
50,900
4,125 4,125 5,543
8,376
21,698 15,622
(21,698) (15,622)
356,951 334,766
2,106,703 $556,550 2,663,253 2,508,514
$ 213,614 318,988 400,824
$2,477,812 $ 1,325 $556,550 $ 213,614 $5,072,390 $5,290,719
$ 2,699 $ 424 $ 44,347 $ 42,169
3,526 2,145
3,488 3,488 3,675
4,849 11,623 6,398
819 30,318
50,900
901 1,056 4,028
50,278 50,278 47,810
8,274 8,126
64,387
$ 13,614 1 3, 614 10,806
170,000 200,000 710,000 1,685,000
231,314 1,325 $ -0- 213,614 962,312 1,840,475
556,550 556,550 576,019
1,852,582 1,852,582 1,668,517
393,916 393,916 348,692
662,069 255,831
65,349 147,678
579,612 453,507
2,246,498 -0- 556,550 -0- 4,110,078 3,450,244
$2,477,812 $ 1,325 $556,550 $ 213,614 $5,072,390 $5,290,719
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, 1984
Special
General Revenue
Revenue:
General property taxes $543,573 _
Intergovernmental 152,742 $ 40,217
Licenses and permits 15,967
Fines and forfeits 14,633
Interest on investments 43,748 5,933
Interest - other
Charges for current services 33,318
Special assessments
Connection charges
Sale of property 23,000
Other 3,975 _
Total revenue 830,956 46,150
Expenditures:
Current:
General government 151,095 3,000
Public safety 227,844
Streets and highways 60,414
Sanitation 74,652
Recreation 79,938
Capital outlay 4,454 5,366
Debt service:
Principal
a
Interest
Paying agent fees
Bonding costs
Construction costs
Total expenditures 598,397 8,366
Revenue over (under) expenditures 232,559 37,784
Other increases (decreases):
Transfers from other funds 25,000
Transfers to other funds (131,454) (25,000)
Bond defeasance
Changes in amount to be provided
Reclassification of prior costs
Bond retirement ,
Total other increases (decreases) (106,454) (25,000)
Net increase (decrease) in fund balance 126,105 12,784
Fund balance - January 1 453,507 58,314
Fund balance (deficit) - December 31 $579,612 $ 71,098
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 2
Totals (Memorandum Only)
Debt Capital Special December 31,
Service Project Assessment 1984 1983
$23,846 $ 68,544 $ 635,963 $ 543,015
2,086 5,910 200,955 193,958
15,967 16,808
14,633 7,730
235 $ 5,565 111,497 166,978 133,419
12,293 12,293
200 33,518 44,516
.- 117,372 117,372 223,787
66,166 66,166 10,453
23,000
3,975 4,641
26,167 5,765 381,782 1,290,820 1,178,327
154,095' 131,768
227,844 204,955
--
60,414 62,900
74,652 63,814
79,938 74,714
9,820• 13,793
5,000 5,000
20,252 73,237 93,489 97,087
50 576 626 657
2,520 2,520
190,986 64,690 255,676 501,789
25,302 190,986 141,023 964,074 1,151,477
865 (185,221) 240,759 326,746 26,850
122,500 648,850 ' 796,350 100,268
(639,896) (796,350) (100,268)
-- (602,088) (602,088)
(79,644) (79,644) (97,527)
(2,522) 2,522
805,000 805,000 80,000
-0- 119,978 134,744 123,268 (17,527)
865 (65,243) 375,503 450,014 9,323
1,591 10,941 332,663 857,016 847,693
$ 2,456 $(54,302) $ 708,166 $1,307,030 $ 857,016
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, 1984
General Fund
Over
(Under)
Budget Actual Budget
Revenue:
General property taxes $548,236 $543,573 $ (4,663)
Intergovernmental 151,961 152,742 781
Licenses and permits 12,858 15,967 3,109 -
Fines and forfeits 5,000 14,633 9,633
Interest on investments 11,000 43,748 32,748
Charges for current services 32,000 33,318 1,318
Sale of property 23,000 23,000
Other 1,400 3,975 2,575
Total revenue 762,455 830,956 68,501 _
Expenditures:
Current:
General government 162,230 151,095 (11,135)
Public safety 223,725 227,844 4,119
Streets and highways 61,250 60,414 (836)
Sanitation 75,756 74,652 (1,104)
Recreation 83,150 79,938 (3,212)
Contingency 12,179 (12,179)
Capital outlay 6,665 4,454 (2,211)
Total expenditures 624,955 598,397 (26,558)
Revenue over (under) expenditures 137,500 232,559 95,059
Other increases (decreases):
Transfer from other funds 25,000 25,000
Transfer to other funds (122,500) (131,454) (8,954) _
Total other increases (decreases) (97,500) (106,454) (8,954)
Net increase (decrease) in fund balance $ 40,000 126,105 $ 86,105
Fund balance - January 1 453,507
Fund balance - December 31 $579,612
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 3
i
Totals (Memorandum Only)
Special Revenue 1984
Over Over
(Under) (Under) 1983
Budget Actual Budget Budget Actual Budget Actual
$548,236 $543,573 $ (4,663) $482,084
$ 32,990 $ 40,217 $ 7,227 184,951 192,959 8,008 186,939
12,858 15,967 3,109 16,808
5,000 14,633 9,633 7,730
5,933 5,933 11,000 49,681 38,681 24,798
32,000 33,318 1,318 33,221
23,000 23,000
1,400 3,975 2,575 4,925
32,990 46,150 13,160 795,445 877,106 81,661 756,505
3,000 3,000 165,230 154,095 (11,135) 131,768
223,725 227,844 4,119 204,955
61,250 60,414 (836) 62,900
_ 75,756 74,652 (1,104) 63,814
83,150 79,938 (3,212) 74,714
12,179 (12,179) -0-
51,500 5,366 (46,134) 58,165 9,820 (48,345) 13,793
54,500 8,366 (46,134) 679,455 606,763 (72,692) 551,944
(21,510) 37,784 59,294 115,990 270,343 154,353 204,561
25,000 25,000 37,000
(25,000) (25,000) (147,500) (156,454) (8,954) (100,268)
(25,000) (25,000) -0- (122,500) (131,454) (8,954) (63,268)
$ (46,510) 12,784 $ 59,294 $ (6,510) 138,889 $145,399 141,293
58,314 511,821 370,528
.- $ 71,098 $650,710 $511,821
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, 1984
Totals
December 31,
1984 1983 _
Revenue:
Customer billings $183,028 $153,108
Penalties 1,733 1,167
Total operating revenue 184,761 154,275
Expenses:
Contractual services 47,053 26,112
MWCC charges 52,960 57,531
Materials and supplies 3,652 4,501
Administrative charges 30,000 30,000 _
Depreciation 51,693 51,693
Total operating expenses 185,358 169,837
Net income (loss) (597) (15,562)
Other income (expense):
Interest on investments 25,832 19,420
Plumbing permits 531 352
Refunds and reimbursements 1,410 1,641
Charges for services 829 15
Gain on sale of property 35,000
Adjustment to sale of property (see Note 15) (10,000)
Interest on contract for deed 1,178
Interest (14,513) (15,262)
Paying agent fees (103) (78)
Total other income 3,986 42,266
Net income 3,389 26,704
Other increases:
Credit arising from transfer of depreciation
to contributions from property owners 41,835 41,835
Net increase in retained earnings 45,224 68,539
Retained earnings - January 1 348,692 280,153
Retained earnings - December 31 $393,916 $348,692
The accompanying notes are an integral part of these financial statements.
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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, 1984
Totals
December 31,
1984 1983
Sources of working capital:
Operations:
Net income (loss) $ 3,389 $ 26,704
Expenses not requiring outlay of
working capital - depreciation 51,693 51,693
Total working capital provided from operations 55,082 78,397
Total sources working capital 55,082 78,397
Uses of working capital:
Bond principal - long -term portion 15,000 10,000
Total uses of working capital 15,000 10,000
Total net increase in working capital $ 40,082 $ 68,397
Components of increase in working capital:
Cash and investments $ 70,881 $ 21,396
Accrued interest receivable (1,178)
Accounts receivable (12,821) 27,153
Due from other governmental units 13,561 3,372
Due from other funds (16,681) 17,500
Due from County (759) 817
Accounts payable (122) (1,219)
Accrued interest payable 188 188
Due to other governmental units (4,500) (172)
Due to other funds 399 (399)
Meter deposits (2,468) (1,817)
Due from MWCC (1,418) 468
Contract payable 1,110
Bond payable - current portion (5,000)
-' Net increase in working capital $ 40,082 $ 68,397
The accompanying notes are an integral part of these financial statements.
_ CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
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
^' For the year ended December 31, 1984, the City has implemented National Council
on Governmental Accounting Statement No. 3, Defining the Governmental Reporting
Entity. In accordance with Statement No. 3, for financial reporting purposes,
the city's financial statements include all funds, account groups, boards and
commissions over which the City Council exercise oversight responsibility.
Oversight responsibility includes appointment of governing bodies, budget
authority, approval of tax levies and responsibility for funding deficits.
There are no additional units of government which meet the criteria of NCGA #3
for inclusion in the Annual Financial Report of the City of Oak Park Heights,
Minnesota, except as follows:
• The Housing and Redevelopment Authority of the City of Oak Park Heights.
The HRA of the City of Oak Park Heights is a separate legal entity which
was organized to provide adequate housing within Oak Park Heights. The
appointment of HRA board members is made by the City Council. There
have been no financial transactions as of December 31, 1984 of the HRA.
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,
Special Assessment Funds, and Trust and Agency). 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 expenditures 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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
PROPERTY TAX REVENUE RECOGNITION
The City Council annually adopts a tax levy and certifies it to the County for
collection. The County is responsible for billing and collecting all property
taxes for itself, the City, the local School District and other taxing
authorities. These taxes are payable (by property owners) by May 15 and
October 15 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.
The City's Property Tax Revenue includes receipts from the Metropolitan Revenue
Distribution (fiscal disparities formula) per State Statute 473F. This statute
provides a means of spreading a portion of the taxable valuation of commercial/
industrial real property to various taxing authorities within the defined
metropolitan area. The valuation "shared" is a portion of the commercial/
industrial property valuation growth since 1971. Property taxes paid to the
City of Oak Park Heights for 1984 and 1983 through this formula totaled $11,677
and $6,580 respectively. Receipt of property taxes from this "fiscal dispari-
ties pool" does not increase or decrease total tax revenue.
.� CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
SPECIAL ASSESSMENT REVENUE RECOGNITION
Special assessments are levied against benefiting properties for the cost (or
a portion of the cost) of special assessment improvement projects in accor-
dance with State Statutes. The City usually adopts the assessment rolls when
the individual projects are complete or substantially complete. The
assessments are collectible (by the City) over a term of years usually con-
sistent with the term of the related bond issue. Collection of annual
installments (including interest) is handled by the County Auditor in the same
manner as property taxes. Property owners are allowed (and often do) to pre-
pay future installments without interest or prepayment penalties.
The City recognizes special assessment revenue when it becomes both measurable
and available to finance bonded debt. In practice, special assessment prin-
cipal is recognized as revenue in the year when the assessment rolls are tablu-
lated and adopted by the City Council, and when it is available to finance the
related bond issue principal. Special assessment interest is recognized as
revenue in the year due, which generally corresponds to the period it is
actually earned.
Once a special assessment roll is adopted, the amount attributed to each par-
cel is a lien upon that property until full payment is made or the amount is
determined to be excessive by the City Council or court action. If special
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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.
GRANT REVENUE RECOGNITION
The City receives various Federal, State and other grants, the purpose of
which is to fund specific City expenditures. These revenues are recognized at
the time of the specific expenditures.
The City also receives Federal Revenue Sharing and other general purpose
grants. These grants are recognized as revenues in the period to which the
grant applies.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
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. Cash and investments at _
December 31, 1984 and 1983 were as follows:
December 31,
1984 1983 -
Petty cash $ 50 $ 50
Cash - checking (1,170) (1,669)
Investments 1,570,777 1,870,256
Total $1,569,657 $1,868,637
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, 1984 totaling $910 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.
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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.
.,, CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 2 - 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 1984 1983
Purchased assets:
Water 5 - 50 years $ 7,669 $ 7,669
Sewer 5 - 50 years 2,189 2,189
Contributed assets:
Water 50 years 21,070 21,070
Sewer 50 years 20,765 20,765
Totals $ 51,693 $ 51,693
` 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 3 - 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 1984 included $12,179 (after subsequent
adjustments) of which the City incurred no expenditures. The budget basis of
accounting is modified accrual.
Note 4 - METROPOLITAN WASTE CONTROL COMMISSION
During 1970, the Metropolitan Waste Control Commission (MWCC) 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 MWCC was formed, existing inter-
_ ceptor sewer lines and treatment facilities were transferred from the cities to
the MWCC in exchange for future credits.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 4 - METROPOLITAN WASTE CONTROL COMMISSION (Continued)
The MWCC 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
MWCC 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 MWCC 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 MWCC reserve capa-
city deferred charges in 1971 and 1972. These deferred charges are being
repaid to the City at nominal amounts per year including interest at approxima-
tely 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, 1984 and 1983 were:
December 31,
1984 1983
Current value credits $ 624 $ 663
Debt service credits 175,349 190,413
Deferred charges 8,207 8,796
Totals $ 184,180 $ 199,872
Note 5 - 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, 1984 nor 1983 in accordance with generally
accepted accounting principles. Revenue from these tax levies is recognized
annually as explained under "Property Tax Revenue Recognition ".
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
:rote 5 - DEFERRED AD VALOREM TAX LEVIES - SPECIAL ASSESSMENT BOND ISSUES (Continued)
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 68,000 72.11
1983/84 95,800 75,000 78.29
1984/85 75,000 75,000 100'.00
1985/86 17,000
1986/87 18,000
1987/88 19,000
1988/89 19,000
1989/90 20,000
1990/91 8
1991/92 8,000
Note 6 - SPECIAL TAXING DISTRICT
The City Council of Oak Park Heights established Storm Sewer Improvement Tax
District No. 1 pursuant to Minnesota Statutes, 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 original levy adopted was $486,999. City Council approved
an additional tax levy of $21,650 for each of the calendar years 1985 and 1986
(see Exhibit 7) to provide financing for excess construction costs totaling
$35,000 at December 31, 1984.
Note 7 - 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
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 7 - RETIREMENT PLANS (Continued)
being amortized over a period of 40 years and is being funded by payments
determined as a percentage of gross wages paid by all employers participating
in the State Association. The amount of unfunded prior service cost attributed
to individual reporting entitles is not determinable. City contributions for
1984 and 1983, including amortization of estimated prior service cost is shown
below. _
City contributions for 1984 and 1983 for all pension plans for all City funds
were:
Description 1984 1983
P.E.R.A. $ 22,643 $ 22,400
F.I.C.A. 7,162 6,300
Totals $ 29,805 $ 28,700
Note 8 - ACCRUED SICK AND VACATION PAY
The City at December 31, 1984 and 1983 has a recorded liability in the General
Long -Term Debt Account Group for employee compensated absences and severance
pay as follows:
1984 1983 •
Vacation pay $ 1,211 $ 1,987
Severance pay 12,403 8,819
$ 13,614 $ 10,806
Vacation pay is payable when used or upon termination of employment. Severance
pay is payable to employees with ten years of service upon termination of
employment. All permanent employees are eligible to receive severance pay for
unused sick leave at a rate of one -half their accumulated sick leave balance up ,
to a maximum of 75 days.
The City also has an unrecorded contingent liability for employee sick leave of
$45,215 and $43,398 at December 31, 1984 and 1983, respectively.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 9 - BONDED INDEBTEDNESS
During 1984, the City experienced the following changes in bonded indebted-
ness:
General Special
Obligation Assessment Revenue Total
Bonds payable at
January 1, 1984 $ 205,000 $1,300,000 $180,000 $1,685,000
Defeased 805,000 805,000
Bonds retired 5 155,000 10,000 170,000
_ Bonds payable at
December 31, 1984 $ 200,000 $ 340,000 $170,000 $ 710,000
All bond issues outstanding at December 31, 1984 are backed by the full faith
and credit of the City, including special assessment bond issues. Outstanding
balances at December 31, 1984, principal and interest payments due in 1985,
final due date, interest rates, and other pertinent data is presented in the
Combined Schedule of Indebtedness - Exhibit 1 and /or the Statements of Debt
Service Payments to Maturity - Exhibits 2 and 3.
The following schedule details the aggregate required debt service payments.
Included in these payments is interest totaling $456,393.
'- General Special
Obligation Assessment Revenue Total
1985 $ 24,827 $ 82,440 $ 28,950 $ 136,217
1986 24,403 78,539 27,788 130,730
1987 23,977 54,598 26,625 105,200
1988 23,553 51,697 25,425 100,675
1989 28,102 48,783 24,225 101,110
1990/2003 313,668 158,856 119,937 592,461
Total $438,530 $ 474,913 $252,950 $1,166,393
Certain outstanding bond issues of the City have been refinanced and are
payable from assets of special escrow accounts. These outstanding bonds are
not included in the City's financial statements, however, the refunding bonds
escrow account is presented in Exhibits 9 and 10 of the Annual Financial
Report.
Note 10 - 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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 11 - "MEMORANDUM ONLY" PRESENTATIONS
Presented in these financial statements are certain amounts labeled
"memorandum only ". The reader is cautioned that this information has certain
limitations as follows:
(1) The "Total" columns of the various combined statements
present a combining of unlike purpose funds and cannot
be construed to be indicative of the overall financial
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 12 - INTERFUND RECEIVABLE /PAYABLES
The City had an interfund loan at December 31, 1984 as follows:
Loan Loan
Receivable Payable ,
Closed Bond Fund $ 50,900
Storm Sewer Drainage
Improvement $28,800
Brekke Park Improvement 22.100
Interest is being charged at 10% per annum.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 13 - RESTRICTIONS OF FUND EQUITY
At December 31, 1984 and 1983 the City had reserved and designated portions of
their fund equity through legal restriction, City Council action, policy,
and /or intent. The following is a summary of the restrictions:
December 31,
Description 1984 1983
Special Revenue Funds:
Designated for ensuing years expenditures $ 71,098 $ 58,314
_ Debt Service:
Reserved for debt service 2,456 1,591
Capital Project Funds:
Designated for capital improvements (60,723) 6,511
Designated for committed contracts 6,421 4,430
_ Special Assessments:
Reserved for debt service 659,613 254,240
Designated for committed contracts 1,626 19,292
Designated for construction 46,927 59,131
Total governmental fund types $727,418 $403,509
Note 14 - CONTINGENCIES
._ The City Attorney has indicated that existing and pending lawsuits, claims and
other actions in which the City is a defendent are either covered by
insurance; of an immaterial amount; or, in the judgment of the City Attorney,
remotely recoverable by plaintiffs.
Note 15 - SALE OF PROPERTY
In April of 1983, the City of Oak Park Heights sold the old municipal sewage
plant for a sum of $35,000, $17,500 down, the remaining $17,500 payable one
year from the date of agreement at a rate of 9 %.
During October of 1984, the City agreed to lower the contract price by $10,000
when it was discovered that the sewer system was insufficient to the occupant.
A schedule of the total amount received by the City is as follows:
Original purchase price $ 35,000.00
Less: Down payment 17,500.00
Balance 17,500.00
Less: Discount for sewer problem 10,000.00
Adjusted balance 7,500.00
Interest at 9% from April, 1983 through
September, 1984 956.25
Total amount received by City $ 25,956.25
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 6
_ GENERAL FUND
BALANCE SHEET
December 31, 1984
December 31,
1984 1983
Assets
Cash and investments $617,489 $508,736
Accounts receivable 44
Due from other governmental units 745 671
Accounts receivable - certified 5,598 5,598
Taxes receivable:
Delinquent 18,756 13,810
Allowances and deferments (18,756) (13,810)
_ Total assets $623,876 $515,005
Liabilities And Fund Balance
Liabilities:
Accounts payable $ 33,964 $ 29,577
Salaries payable 3,526 2,145
Due to other governmental units 6,774 6,049
Due to other funds 23,727
Total liabilities 44,264 61,498
Fund balance:
Undesignated 579,612 453,507
Total fund balance 579,612 453,507
Total liabilities and fund balance $623,876 $515,005
_ The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA _
Statement 7
Page 1 of 4
GENERAL FUND _
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1984
1984
Over _
(Under) 1983
Budget Actual Budget Actual
(Memorandum _
Only)
Revenue:
General property taxes:
Current and delinquent $548,236 $543,290 $ (4,946) $481,923
Other 283 283 161
Total general property taxes 548,236 543,573 (4,663) 482,084
Intergovernmental: .,
State:
Homestead credit 46,887 46,887 49,840
Local government aid 94,074 94,074 82,324
Machinery aid 460
Reduced assessment aid 5,637
Police aid 11,000 11,284 284 10,720
Gravel tax allocation -0- 497 497
Surcharge rebate 410
Total intergovernmental revenue 151,961 152,742 781 149,391
Licenses and permits 12,858 15,967 3,109 16,808 ..,
Charges for services:
Current 2,000 3,318 1,318 3,221
Administrative - Enterprise Fund 30,000 30,000 30,000 _
Total charges for services 32,000 33,318 1,318 33,221
Fines and forfeits 5,000 14,633 9,633 7,730
Interest on investments 11,000 43,748 32,748 20,181
Refunds and reimbursements 700 3,123 2,423 3,716
Sale of property 23,000 23,000 525
Donations 700 700 400
Special assessment 152 152 284
Total revenue 762,455 830,956 68,501 714,340
Expenditures: _
General government:
Mayor and council:
Current:
Personal services 10,310 17,665 7,355 17,942
Materials and supplies 4 4 116
Contractual services 39,300 34,096 (5,204) 27,928
Total mayor and council $ 49,610 $ 51,765 $ 2,155 $ 45,986
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 7
Page 2 of 4
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1984
1984
_ Over
(Under) 1983
Budget Actual Budget Actual
Expenditures: (continued) (Memorandum
General government: (continued) Only)
Elections:
Current:
Personal services $ 1,200 $ 1,240 $ 40
Materials and supplies 500 290 (210)
Capital outlay 2,265 2,437 172
Total elections 3,965 3,967 2 $ -0-
City clerk:
Current:
Personal services 60,900 60,611 (289) 54,978
Materials and supplies 1,050 1,201 151 989
Contractual services 3,370 2,993 (377) 2,812
Total current 65,320 64,805 (515) 58,779
Capital outlay 500 464 (36) 470
Total city clerk 65,820 65,269 (551) 59,249
Planning and zoning:
_ Current:
Contractual services 5,000 1,129 (3,871) 2,063
City hall:
Current:
Materials and supplies 3,000 2,720 (280) 2,013
Contractual services 15,200 8,068 (7,132) 7,783
Total City hall 18,200 10,788 (7,412) 9,796
Engineering:
Current:
Contractual services 3,000 1,201 (1,799) 962
_ General management:
Current:
Materials and supplies 600 348 (252) 903
Contractual services 18,800 19,529 729 7,534
Total general management 19,400 19,877 477 8,437
Total general government 164,995 153,996 (10,999) 126,493
Public safety:
Police department:
Current:
Personal services 184,150 188,867 4,717 168,779
Materials and supplies 10,950 11,199 249 10,271
Contractual services 18,050 19,082 1,032 15,622
Total current 213,150 219,148 5,998 194,672
Capital outlay 1,700 752 (948) 471
Total police department $214,850 $219,900 $ 5,050 $195,143
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA .,
Statement 7
Page 3 of 4
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1984
1984
Over
(Under) 1983
Budget Actual Budget Actual
Expenditures: (continued) (Memorandum _
Public safety: (continued) Only)
Fire protection:
Current:
Contractual services $ 10,000 $ 8,290 $ (1,710) $ 9,775 -
Animal control:
Current:
Materials and supplies 75 51 (24) 48 .^
Contractual services 500 355 (145) 460
Total animal control 575 406 (169) 508
Total public safety 225,425 228,596 3,171 205,426
Streets and highways:
Streets and alleys:
Current:
Materials and supplies 1,200 545 (655) 723
Contractual services 11,500 16,270 4,770 7,802
Total streets and alleys 12,700 16,815 4,115 8,525
Snow and ice removal:
Current:
Contractual services 18,900 14,970 (3,930) 27,468 '^
Total snow and ice removal 18,900 14,970 (3,930) 27,468
Street lighting:
Current:
Contractual services 28,500 28,136 (364) 26,583
Arboreous:
Current:
Personal Service 1,000 409 (591)
Material and supplies 50 45 (5)
Contractual services 100 39 (61) 324
Total arboreous 1,150 493 (657) 324
Total streets and highways 61,250 60,414 (836) 62,900
Sanitation: ,
Refuse collection and disposal:
Current: _
Contractual services 58,000 58,236 236 54,360
Tree removal and planting:
Current:
Materials and supplies 78
Contractual services 17,756 16,416 (1,340) 9,376
Total tree removal and planting 17,756 16,416 (1,340) 9,454
Total sanitation $ 75,756 $ 74,652 $ (1,104) $ 63,814
The accompanying notes are an integral part of these financial statements. _
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 7
Page 4 of 4
GENERAL FUND
'- STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1984
1984
Over
(Under) 1983
Budget Actual Budget Actual
Expenditures: (continued) (Memorandum
"- Recreation: Only)
Parks, playgrounds and rinks:
Current:
.- Personal services $ 72,000 $ 70,378 $ (1,622) $ 64,973
Materials and supplies 3,650 2,533 (1,117) 2,473
Contractual services 7,500 7,027 (473) 7,268
Total current 83,150 79,938 (3,212) 74,714
Capital outlay 2,200 801 (1,399) 2,217
Total parks, playgrounds
and rinks 85,350 80,739 (4,611) 76,931
Total recreation 85,350 80,739 (4,611) 76,931
Contingency:
Current:
Personal services 12,179 (12,179)
Total contingency 12,179 -0- (12,179) -0-
Total expenditures 624,955 598,397 (26,558) 535,564
Revenue over (under) expenditures 137,500 232,559 95,059 178,776
Other increases (decreases):
Transfer from Revenue Sharing Fund 25,000 25,000 37,000
Transfer to Capital Project Fund (122,500) (122,500) (22,500)
Transfer to Special Assessment Fund (8,954) (8,954) (40,768)
Total other increases (decreases) (97,500) (106,454) (8,954) (26,268)
Net increase (decrease) in fund balance $ 40,000 126,105 $ 86,105 152,508
Fund balance - January 1 453,507 300,999
Fund balance - December 31 $579,612 $453,507
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, 1984
December 31, _
1984 1983
Assets
Cash and investments $ 65,825 $ 48,142
Due from other governmental units 9,698 10,172
Total assets $ 75,523 $ 58,314 r-
Liabilities and Fund Balance _
Liabilities:
Accounts payable $ 4,425
Total liabilities 4,425 $ -0- '-
Fund balance:
Designated for ensuing years budget 71,098 58,314
Total fund balance 71,098 58,314
Total liabilities and fund balance $ 75,523 $ 58,314 _
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, 1984
1984
Over
(Under) 1983
Budget Actual Budget Actual
Revenue: (Memorandum
Intergovernmental: Only)
Federal grants $ 32,990 $ 40,217 $ 7,227 $ 37,548
Interest on investments 5,933 5,933 4,617
Total revenue 32,990 46,150 13,160 42,165
Expenditures:
Current expense 3,000 3,000 5,745
Capital outlay 51,500 5,366 (46,134) 10,635
Total expenditures 54,500 8,366 (46,134) 16,380
Revenue over (under) expenditures (21,510) 37,784 59,294 25,785
Other (decreases):
Transfer to General Fund (25,000) (25,000) (37,000)
Net increase (decrease) in fund balance $ (46,510) 12,784 $ 59,294 (11,215)
—' Fund balance - January 1 58,314 69,529
Fund balance - December 31 $ 71,098 $ 58,314
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA —
Statement 10
DEBT SERVICE FUND
STORM SEWER BONDS OF 1982
BALANCE SHEET
December 31, 1984
December 31, ._
1984 1983
Assets
Cash and investments $ 2,456 $ 1,591
Taxes receivable:
Delinquent 584
Allowances and deferrments (584)
Total assets $ 2,456 $ 1,591
Liabilities and Fund Balance
Liabilities
Total liabilities $ -0- $ -0-
Fund balance:
Reserved for debt service 2,456 1,591
Total liabilities and fund balance $ 2,456 $ 1,591
The accompanying notes are an integral part of these financial statements.
_ CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 11
DEBT SERVICE FUND
STORM SEWER BONDS OF 1982
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
For The Year Ended December 31, 1984
December 31,
1984 1983
Revenue:
Storm sewer ad valorem taxes:
Current $ 23,846
Intergovernmental:
State:
Homestead credit 2,086
Interest on investments 235
Total revenue 26,167 1,111
Expenditures:
Principal 5,000
Interest 20,252 20
Paying agent fees 50 50
Total expenditures 25,302 20,302
Revenue over (under) expenditures 865 (19,191)
Fund balance - January 1 1,591 20,782
Fund balance - December 31 $ 2,456 $ 1,591
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, 1984
Storm Sewer Totals
Capital Drainage Brekke Park December 31,
Improvements Improvement Improvement 1984 1983
Assets (Memorandum
Only)
Cash (overdraft) and
investments $ 63,817 $ 37 $ 31 $ 63,885 $ 4,368
Due from other funds 1,346
Due from other
governmental units 11.295
Total assets $ 63,817 $ 37 $ 31 $ 63,885 $ 17,009
Liabilities And
Fund Balance _
Liabilities:
Accounts payable $ 394 $ 909 $ 1,303 $ 1,096
Contract payable 9,736 $ 6,269 41,299 57,304 -"
Interfund loan payable 28,800 22,100 50,900
Retainage payable 7,861 7,861 3,626
Due to other funds 819 819 1,346 _.
Total
liabilities 10,130 35,069 72,988 118,187 6,068
Fund balance (deficit):
Designated for
committed contracts 6,421 6,421 4,430
Designated for capital
improvements (deficit) 53,687 (35,032) (79,378) (60,723) 6,511
Total fund
balance 53,687 (35,032) (72,957) (54,302) 10,941
Total liabilities
and fund balance $ 63,817 $ 37 $ 31 $ 63,885 $ 17,009
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, 1984
Storm Sewer Totals
Capital Drainage Brekke Park December 31,
Improvements Improvement Improvement 1984 1983
(Memorandum
Only)
Revenue:
Interest on
investments $ 5,400 $ 165 $ 5,565 $ 9,231
Reimbursement of
construction costs 28 $ 172 200 11,295
Total revenue 5,428 172 165 5,765 20,526
Expenditures:
Construction costs 13,780 6,606 170,600 190,986 235,669
Total expenditures 13,780 6,606 170,600 190,986 235,669
Revenue over (under)
expenditures (8,352) (6,434) (170,435) (185,221) (215,143)
Other increases
_ (decreases):
Transfer from
General Fund 22,500 100,000 122,500 22,500
Reclassification of
�- prior period cost (2,522) (2,522)
Total other
increases
(decreases) 22,500 -0- 97,478 119,978 22,500
Net increase (decrease)
in fund balance 14,148 (6,434) (72,957) (65,243) (192,643)
Fund balance (deficit) -
January 1 39,539 (28,598) -0- 10,941 203,584
Fund balance (deficit) -
December 31 $ 53,687 $(35,032) $(72,957) $(54,302) $ 10,941
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, 1984
Debt Service
G.O. _
Storm Sewer $249,000 $165,000 $80,000
Improvement G.O. Closed Improvement G.O. Total
Bonds Bonds Bond Bonds Bonds Debt _
Assets Of 1971 Of 1976 Fund Of 1982 Of 1983 Service
Cash (overdraft) and investments S 30,687 f 71,119 $446,687 S (3,190) $ 5,944 S 551,247 -�
Due from other funds
Due from other government units
Connection charges receivable -.
Accounts receivable 6,932 6,932
Interfund loan receivable 50,900 50,900
Taxes receivable: _
Delinquent 476 54 1,742 86 2,358
Allowances and deferments (476) (54) (1,742) (86) (2,358)
Special assessments:
Delinquent 2,187 5,634 4,802 12,623 '-
Deferred 1,932 6,020 105,422 80,320 78,183 271,877
Due from County 75 246 482 803
Amount to be provided 37,306 68,068 -0- 105,374 .,
Total assets $ 70,000 $ 79,572 $616,057 $ 150,000 $ 84,127 S 999,756
Liabilities And Fund Balance
Liabilities:
Accounts payable
Due to other funds
Refund payable $ 143 $ 143 _-
Contracts payable
Retainage payable
Bonds payable $ 70,000 S 40,000 $ 150,000 $ 80,000 340,000
Total liabilities 70,000 40,000 143 150,000 80,000 340,143
Fund balance:
Reserved for: -
Debt service 39,572 615,914 4,127 659,613
Designated for:
Committed contracts
Construction
Total fund balance -0- 39,572 615,914 -0- 4,127 659,613
Total liabilities and
fund balance $ 70,000 $ 79,572 $616,057 S 150,000 S 84,127 $ 999,756
_ CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 14
Construction
58th d 59th 1982 Totals
Interim Completed Street Sewer and 1983 Total December 31,
Construction Construction Improvements Water Improvements Construction 1984 1983
(Memorandum
Only)
$ (2,435) S 31,286 $ (460) S (42,572) $ (718) $(14,899) $ 536,348 $1,102,612
11,472
7,190
_ 8,376
844 844 7,776 3,954
50,900
2,358 1,812
(2,358) (1,812)
1,227 1,227 13,850 8,195
57,272 57,272 329,149 323,405
13,149 13,149 13,952 3,166
_ 105,374 185,018
$ (2,435) $ 89,785 $ 384 $ (29,423) $ (718) S 57,593 $1,057,349 $1,653,388
$ 275 $ 356 $ 901 $ 1,532 $ 1,532 $ 8,558
4,846
$ 12 12 155 2,821
$ 5,433 1,650 7,083 7,083
413 413 413 4,500
340,000- 1,300,000
688 12 356 5,433 2,551 9,040 349,183 1,320,725
659,613 254,240
1,626 1,626 1,626 19,292
(4,749) 89,773 28 (34,856) (3,269) 46,927 46,927 59,131
(3,123) 89,773 28 (34,856) (3,269) 48,553 708,166 332,663
$ (2,435) $ 89,785 $ 384 $ (29,423) $ (718) $ 57,593 $1,057,349 $1,653,388
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, 1984
Debt Service
G.O.
Storm Sewer
G.O. Bonds Improvement $249,000 —
Of 1967 Bonds G.O. Bonds
And 1968 Of 1971 Of 1976
Revenue:
General property taxes:
Current and delinquent $ 125 $ 11,032 $ 60
Intergovernmental: _
State:
Homestead credit 944
Reduced assessment aid
Total intergovernmental -0- 944 -0-
Special assessments:
Interest on assessments 6,000 177 692
Direct charges
Adjustments and other 14
New rolls
Total special assessments 6,014 177 692
Interest on investments 78,190 2,546 8,081
Interest - other 12,293
Connection charges 66,166
Total revenue 162,788 14,699 8,833 —
Expenditures:
Debt service:
Interest 41,034 4,200 3,120
Paying agent fees 102 50 106
Bonding costs
Total debt service 41,136 4,250 3,226
Construction costs
Total expenditures 41,136 4,250 3,226
Revenue over (under) expenditures 121,652 10,449 5,607
Other increases (decreases):
Increase (decrease) in amount to be provided (10,449)
Retirement of bonds 805,000
Bond defeasance (602,088)
Transfer from Special Assessment Fund
Transfer to Special Assessment Fund (431,460)
Transfer from General Fund
Reclassification of prior period of
construction costs
Bond proceeds
Total other increases (decreases) (228,548) (10,449) -0-
Net increase (decrease) in fund balance (106,896) -0- 5,607
Fund balance - January 1 106,896 -0- 33,965
Fund balance - December 31 $ -0- $ -0- $ 39,572
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 1!
Page 1 of
$300,000 $165,000
_. Closed $100,000 G.O. Bonds Improvement $80,000 Total
Bond G.O. Bonds Of 1978 Bonds G.O. Bonds Debt
Fund Of 1977 And 1979 Of 1982 Of 1983 Service
$ 377 $ 51,464 $ 5,486 $ 68,541
4,489 477 5,91(
-0- 4,489 477 5,91(
(121) 3,066 10,414 20,22E
26 4(
$ 78,183 78,18:
(121) 3,066 10,440 78,183 98,451
$ 3,819 5,556 5,993 106 763 105,054
12,29
66,16E
3,819 5,812 65,012 16,509 78,946 356,41E
2,800 17,750 4,333 73,231
268 50 57E
500 50C
3,568 17,800 4,333 74,313_
-0-
-0- -0- 3,568 17,800 4,333 74,313
3,819 5,812 61,444 (1,291) 74,613 282,105
1,291 (70,486) (79,644
805,OOC
(602,088
612,095 612,095
(72,292) (108,343) (612,095
612,095 (72,292) (108,343) 1,291 (70,486) 123,268
615,914 (66,480) (46,899) -0- 4,127 405,373
-0- 66,480 46,899 -0- -0- 254,240
$615,914 $ -0- $ -0- $ -0- $ 4,127 $659,613
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, 1984
Construction Funds
Interim Completed Prison
Construction Construction Utilities
Revenue:
General property taxes:
Current and delinquent
Intergovernmental:
State:
Homestead credit
Reduced assessment aid
Total intergovernmental
Special assessments:
Interest on assessments $ 3,127
Direct charges $ (7,190)
Adjustments and other
New rolls —
Total special assessments 3,127 (7,190)
Interest on investments 5,293
Interest - other
Connection charges —
Total revenue $ -0- 8,420 (7,190)
Expenditures: —
Debt service:
Interest
Paying agent fees
Bonding costs 2,020
Total debt service -0- 2,020 -0-
Construction costs 9,641 2,294 _
Total expenditures 9,641 2,020 2,294
Revenue over (under) expenditures (9,641) 6,400 (9,484)
Other increases (decreases):
Increase (decrease) in amount to be provided
Retirement of bonds
Bond defeasance
Transfer from Special Assessment Fund 10,461 17,340
Transfer to Special Assessment Fund (768) (17,340)
Transfer from General Fund 8,954
Reclassification of prior period of
construction costs 2,522
Bond proceeds
Total other increases (decreases) 10,708 (6,879) 17,340
Net increase (decrease) in fund balance 1,067 (479) 7,856
Fund balance (deficit) - January 1 (4,190) 90,252 (7,856)
Fund balance (deficit) - December 31 $ (3,123) $ 89,773 $ -0-
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 15
Page 2 of 2
1982 58th & 59th Totals _
1979 Sewer And 1983 Street Total December 31, _
._ Utilities Water Improvements Improvement Construction 1984 1983
$ 68,544 $ 60,931
5,910 6,305
719
5,910 7,019
$ 2,796 $ 41 $ 5,964 26,192 26,386
$ 20,297 13,107 13,107 80,816
(200) 50 (150) (110) (397
78,183 116,698
2,596 91 20,297 18,921 117,372 223,503
$ 1,122 28 6,443 111,497 98,279
12,293
66,166 10,453
2,596 91 1,122 20,325 25,364 381,782 400,185
73,237 76,835
_ 576 607
2,020 2,520
-0- -0- -0- -0- 2,020 76,333 77,442
5,978 26,480 20,297 64,690 64,690 266,120
-0- 5,978 26,480 20,297 66,710 141,023 343,562
2,596 (5,887) (25,358) 28 (41,346) 240,759 56,623
(79,644) (97,527
805,000
(602,088)
27,801 639,896 40,768
(9,693) (27,801) (639,896)
8,954 8,954
2,522 2,522
80,000
(9,693) -0- -0- -0- 11,476 134,744 23,241
(7,097) (5,887) (25,358) 28 (29,870) 375,503 79,864
7,097 (28,969) 22,089 -0- 78,423 332,663 252,799
$ -0- $(34,856) $ (3,269) $ 28 $ 48,553 $ 708,166 $ 332,663
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, 1984
December 31,
1984 1983
Assets
Current assets:
Cash and investments $ 293,457 $ 222,576
Accrued interest receivable 1,178
Due from other funds 819 17,500
Accounts receivable:
Customers 48,371 43,827
Certified to County 1,488 2,247
Other 471 17,836
Prepaid MWCC 4,125 5,543
Due from other government units 22,378 8,817
Total current assets 371,109 319,524
Utility plant in service - at cost:
Buildings and structures 504,040 504,040
Machinery and equipment 60,464 60,464
Distribution and collection system 2,062,834 1,836,934
Total 2,627,338 2,401,438
Less: Allowance for depreciation (520,635) (468,943)
Net fixed assets 2,106,703 1,932,495
Total assets $2,477,812 $2,252,019
Liabilities And Fund Equity
Current Liabilities:
Accounts payable $ 2,699 $ 2,577
Due to other funds 399
Due to other governmental units 4,849 349
Accrued interest 3,488 3,675
Meter deposits 50,278 47,810
Bonds payable 15,000 10,000 _
Total current liabilities 76,314 64,810
Non - current liabilities:
Bonds payable 155,000 170,000
Total liabilities 231,314 234,810
Fund equity:
Contributions from property owners - net 1,852,582 1,668,517
Retained earnings:
Undesignated 393,916 348,692
Total fund equity 2,246,498 2,017,209
Total liabilities and fund equity $2,477,812 $2,252,019
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, 1984
Totals
Water Sewer December 31,
Operating Operating 1984 1983
_
Revenue:
Customer billings $ 73,338 $109,690 $183,028 $153,108
Penalties 706 1,027 1,733 1,167
Total operating revenue 74,044 110,717 184,761 154,275
Expenses:
Contractual services 33,953 13,100 47,053 26,112
_. MWCC charges 52,960 52,960 57,531
Materials and supplies 2,876 776 3,652 4,501
Administrative and personnel charge 15,000 15,000 30,000 30,000
_ Depreciation:
On purchased assets 7,669 2,189 9,858 9,858
On contributed assets 21,070 20,765 41,835 41,835
Total operating expenses 80,568 104,790 185,358 169,837
Operating income (loss) $ (6,524) $ 5,927 (597) (15,562)
Other income (expenses):
Interest on investments 25,832 19,420
Plumbing permits 531 352
Refunds and reimbursements 1,410 1,641
Charges for services 829 15
Bond interest (14,513) (15,262)
Paying agent fees (103) (78)
Gain on sale of property 35,000
Adjustment to sale of property (see Note 15) (10,000)
Interest on contract for deed 1,178
Total other income 3,986 42,266
Net income (loss) 3,389 26,704
Other increases:
Credit arising from transfer of
depreciation to contributions from
property owners 41,835 41,835
Net increase in retained earnings 45,224 68,539
Retained earnings - January 1 348,692 280,153
Retained earnings - December 31 $393,916 $348,692
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, 1984
Totals
December 31,
1984 1983 _
Sources of financial resources:
Operations: _
Net income (loss) $ 3,389 $ 26,704
Expenses not requiring outlay of
working capital - depreciation 51,693 51,693
Total sources from operations 55,082 78,397
Total sources 55,082 78,397
Uses of financial resources:
Bond principal - long -term portion 15,000 10,000
Total uses 15,000 10,000
Net increase in working capital $ 40,082 $ 68,397
Components of increase in working capital:
Cash and investments $ 70,881 $ 21,396 _
Accrued interest receivable (1,178)
Accounts receivable (12,821) 27,153
Due from other governmental units 13,561 3,372
Due from other funds (16,681) 17,500
Due from County (759) 817
Accounts payable (122) (1,219)
Accrued interest 188 188
Due to other governmental units (4,500) (172)
Due to other funds 399 (399)
Meter deposits (2,468) (1,817) _
Due from MWCC (1,418) 468
Contract payable 1,110
Bonds payable - current portion (5,000)
Net increase in working capital $ 40,082 $ 68,397
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
- Statement 19
TRUST AND AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1984
Balance Balance
January 1, December 31,
1984 Additions Deletions 1984
Developers' Deposits Fund:
Assets
Cash (overdraft) $ (1,061) $ 11,664 $ 11,096 $ (493)
Due from developers 2,629 1,377 2,340 1,666
Due from County 152 152
Total assets $ 1,568 $ 13,193 $ 13,436 $ 1,325
Liabilities
Accounts payable $ 361 $ 424 $ 361 $ 424
Due to developers 1,207 901 1,207 901
Total liabilities $ 1,568 $ 1,325 $ 1,568 $ 1,325
Investment Fund:
Assets
Cash (overdraft) $(1,888,583) $ 8,039,876 $ 7,731,380 $(1,580,087)
Investments 1,870,256 7,538,749 7,838,228 1,570,777
Accrued interest 18,327 33,805 42,822 9,310
Total assets $ -0- $15,612,430 $15,612,430 $ -0-
Total Agency:
Assets
Cash (overdraft) and
investments $ (19,388) $15,590,289 $15,580,704 $ (9,803)
�-' Accrued interest receivable 18,327 33,805 42,822 9,310
Due from developers 2,629 1,377 2,340 1,666
Due from County 152 152
Total assets $ 1,568 $15,625,623 $15,625,866 $ 1,325
Liabilities
Accounts payable $ 361 $ 424 $ 361 $ 424
Due to developers 1,207 901 1,207 901
Total liabilities $ 1,568 $ 1,325 $ 1,568 $ 1,325
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, 1984
(UNAUDITED)
Balance Balance
January 1, December 31,
Description 1984 Additions Deletions 1984
Land $ 75,000 $ 23,000 $ 52,000
Land improvements 49,921 49,921
Buildings and structures 308,644 308,644
Machinery and equipment 127,060 $ 3,126 130,186
Furniture and fixtures 15,394 405 15,799
Totals $576,019 $ 3,531 $ 23,000 $556,550
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, 1984
December 31,
1984 1983
Amount Available and to be Provided for the
Retirement of Long -Term Debt
Bonds:
Amount available in Debt Service Funds $ 2,456 $ 1,591
Amount to be provided from future tax levies 197,544 203,409
Compensated absences:
Amount to be provided 13,614 10,806
Total available and to be provided $ 213,614 $ 215,806
General Long -Term Debt Payable
Bonds payable:
Storm Sewer Bonds $ 200,000 $ 205,000
Compensated absences payable 13,614 10,806
Total general long -term debt payable $ 213,614 $ 215,806
_, The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 1984
Final Net _
Payment Interest
Dated Due Rate
Bonded Indebtedness:
General Debt:
Storm Sewer Bonds of 1982 12/1/82 12/1/03 10.12%
Special assessment bonds:
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
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
General Obligation Improvement Bonds of 1983 12/15/83 2/1/93 8.60
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 12/31/84 In 1985 In 1985
$ 205,000 $ 5,000 $ 200,000 $ 5,000 $ 19,827
173,000 103,000 70,000 10,000 3,660
249,000 209,000 40,000 20,000 2,100
100,000 100,000
100,000 100,000
100,000 100,000
165,000 15,000 150,000 15,000 16,175
�-
80,000 80,000 9,000 6,505
967,000 627,000 340,000 54,000 28,440
200,000 30,000 170,000 15,000 13,950
$1,372,000 $ 662,000 $ 710,000 $ 74,000 $ 62,217
CITY OF OAK PARK HEIGHTS, MINNESOTA _
Exhibit 2
SPECIAL ASSESSMENT BONDS _
SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1984
G.O. Storm $165,000 $80,000 .,
Sewer G.O. G.O.
Improvement $249,000 Improvement Improvement
Bonds G.O. Bonds Bonds Bonds _
Of 1971 Of 1976 Of 1982 Of 1983 Total
Bonds payable $ 70,000 $ 40,000 $ 150,000 $ 80,000 $ 340,000
Future interest payable 13,895 3,160 86,738 31,120 134,913
Totals $ 83,895 $ 43,160 $ 236,738 $ 111,120 $ 474,913 _
Year of maturity: _
1985 $ 13,660 $ 22,100 $ 31,175 $ 15,505 $ 82,440
1986 13,115 21,060 29,600 14,764 78,539
1987 12,560 28,025 14,013 54,598
1988 11,995 26,450 13,252 51,697
1989 11,425 24,875 12,483 48,783
1990 10,855 23,263 11,705 45,823
1991 10,285 26,650 10,917 47,852 _
1992 24,450 10,121 34,571
1993 22,250 8,360 30,610
Totals $ 83,895 $ 43,160 $ 236,738 $ 111,120 $ 474,913
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 3
_. REVENUE BONDS AND GENERAL DEBT BONDS
DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1984
Special
Taxing District
$205,000
Water And Sewer Storm Sewer
Revenue Bond Bond of 1982
_ Bonds payable $ 170,000 $ 200,000
Future interest payable 82,950 238,530
Total $ 252,950 $ 438,530
Year Of Maturity:
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 $ 252,950 $ 438,530
CITY OF OAK PARK HEIGHTS, MINNESOTA
CONSTRUCTION COSTS BY PROJECT
For The Year Ended December 31, 1984
Capital Project Funds
Capital
Improvement
Fund Storm Sewer Brekke _
City Hall Drainage Park
Construction Costs Retro Fit Improvements Improvements
Contractor $ 9,736 $183,935 $157,226
Engineering 1,097 37,561 14,119
Legal, Fiscal, Easements 1,000 5,339 50
Other 1,116 7,122 2,558
Total costs $ 12,949 $233,957 $173,953
Current Year $ 12,949 $ 6,606 $171,431
Prior Years $ -0- $227,351 $ 2,522
* Completed at December 31, 1984
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 4
Special Assessment
58th & 59th
Street Interim
1982 Water and Sewer Improvements Construction Fund
Anderson /Lindquist 1983 Improvements Water Anderson/
Water and Sewer Heights and Sewer Lindquist NSP
Extensions Business Park Extensions Pond Manholes
$247,849 $ 60,942 $ 16,845 $ 8,254
34,924 8,956 2,705 $ 1,121 1,327
1,795 612 1,263
10,536 3,436 135 50 60
$293,309 $ 75,129* $ 20,297 $ 2,434 $ 9,641
$ 5,978 $ 26,480 $ 20,297 $ -0- $ 9,641
$287,331 $ 48,649 $ -0- $ 2,434 $ -0-
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 5
SECURITIES FOR DEPOSITS
December 31, 1984
Description Amount
Federated GNMA Trust $ 1,130,716
Municipal Bond 85,000
U.S. Treasury Bills 600,000
$ 1,815,716
The above securities have been assigned:
By: Oak Park Heights To: Amount
Cosmopolitan State Bank of National City Bank of Minneapolis
Stillwater $ 85,000
Cosmopolitan State Bank of 1st National Bank of St. Paul
Stillwater 120,000
Washington Federal State Street Bank & Trust -
New York 1,010,716
Oak Park Heights State Bank Norwest Bank of Minneapolis 600,000
$ 1,815,716
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 6
_ INSURANCE IN FORCE
December 31, 1984
Coverage Amount
Umbrella liability: $ 5,000,000
Bodily injury 500,000/500,000
Property damage 100,000/100,000
Comprehensive Auto including:
Non -owned
Hired (CSL) 500,000
Employers Liability (Each accident) 100,000
Host liquor 500,000
Depositors Forgery 50,000
Faithful performance blanket bond 50,000
Property Scheduled location 1,098,845
Workmen's compensation Statutory
Business Auto Policy
Liability CSL 500,000
Uninsured motorist 100,000
Underinsured motorist 100,000
Physical damage:
Comprehensive A.C.V.
Collision ($250 deductible) A.C.V.
Public officials' errors and omissions ($500 deductible) 500,000/1,000,000
Public employees bond:
Clerk - treasurer 50,000
Deputy Clerk - treasurer 50,000
Police Professional 500,000/500,000
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 7
FUTURE SCHEDULED TAX LEVIES
December 31, 1984
Special Assessment Bonds Special Taxing District
Year Of Year of Bond Issue Storm Sewer Storm Sewer Total
Collection 1971 1976 1982' Total Bonds Of 1982 Construction All Bonds
1985 S 11,000 $ 12,000 $ 52,000 $ 75,000 $ 26,069 S 21,650 $ 122,719 -
1986 11,000 6,000 17,000 25,623 21,650 64,273
1987 11,000 7,000 18,000 25,177 43,177
1988 12,000 7,000 19,000 24,731 43,731 -
1989 12,000 7,000 19,000 29,508 48,508
1990 12,000 8,000 20,000 28,563 48,563
1991 8,000 8,000 27,592 35,592 -
1992 8,000 8,000 26,621 34,621
1993 25,597 25,597
1994 24,593 24,593
1995 23,523 23,523
1996 22,473 22,473
1997 21,397 21,397
1998 25,571 25,571 -
1999 23,956 23,956
2000 22,333 22,333
2001 20,695 20,695
2002 19,057 19,057
2003 17,404 17,404
Totals f 69,000 $ 12,000 $103,000 $184,000 * $ 460,483 S 43,300 S 687,783
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 8
TAXABLE VALUATIONS, TAX LEVIES AND MILL RATES
1984 1983
Storm Sewer Storm Sewer
District Total City District Total City
Taxable valuations:
_ Real property $36,910,438 $49,052,999 $34,345,700 $45,753,661
Personal property 850,583 844,907
Total 36,910,438 49,903,582 34,345,700 46,598,568
Fiscal disparity adjustment:
Distribution 1,105,582 875,666
Contribution (1,812,148) (2,114,690) (954,967) (1,120,997)
Total (1,812,148) (1 (954,967) (245,331)
Total taxable valuation $35,098,290 $48,894,474 $33,390,733 $46,353,237
Tax levies and mill rates:
Year of levy 1984 1983
Year of collection 1985 1984
Amount Mill Amount Mill
Levied Rates Levied Rates
City -wide levies:
Revenue $600,000 12.371 $595,123 12.864
Bonded debt 75,000 1.548 75,000 1.621
Total $675,000 13.919 $670,123 14.485
Storm Sewer District:
Storm Sewer Bonds of 1982 $ 47,719 1.178 $ 26,516 .795
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 9
DEBT SERVICE ESCROW AGENT ACCOUNT
BALANCE SHEET
December 31, 1984
First Trust
St. Paul
December 31,
Assets 1984
Cash S -0-
Investments 582,590
Total cash and investments 582,590
Amount to be provided by future interest 222,410
Total assets $ 805,000
Liabilities
Liabilities:
Bonds payable $ 805,000
Total liabilities $ 805,000 .
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 10
_ DEBT SERVICE ESCROW AGENT ACCOUNT
BONDS PAYABLE
December 31, 1984
First Trust St. Paul
$900,000 $500,000
Water and Sanitary Water and Sanitary
Sewer Improvement Sewer Improvement
Bonds Of 1967 Bonds Of 1968 Total
Bonds payable $ 475,000 $ 330,000
$ 805,000
Future interest payable 161,865 128,021 289,886
Totals $ 636,865 $ 458,021 $ 1,094,886