HomeMy WebLinkAboutAnnual Financial Report December 31, 1985 CITY OF OAK PARK HEIGHTS, MINNESOTA
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1985
... 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 v.wA.L A
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
Statement of Changes in Fund Balance Exhibit 10
Bonds Payable Exhibit 11
CITY OF OAK PARK HEIGHTS, MINNESOTA
ORGANIZATION
December 31, 1985
Term Expires
Mayor:
Frank Sommerfeldt December 31, 1986
Council members:
Joseph Carufel December 31, 1986
Jack Doerr December 31, 1986
Barry Torgerson December 31, 1988
Barbara O'Neal December 31, 1988
Clerk- Treasurer:
LaVonne Wilson Appointed
VOTO, REARDON, TAUTGES & CO., LTD.
CERTIFIED PUBLIC ACCOUNTANTS \ I rt ; a w
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
TIMOTHY E.
City of Oak Park Heights ROBERT G. TAUTGE5 CPA
Oak Park Heights, Minnesota
_ We have examined the combined financial statements of the CITY OF OAK PARK HEIGHTS,
MINNESOTA, and the combining, individual fund, and account group financial statements
of the City as of and for the year ended December 31, 1985, 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. Therefore, we were not able to obtain sufficient evidential
_ matter to form an opinion regarding the amounts at which property plant and equipment
are recorded in the General Fixed Assets Group of Accounts at December 31, 1985 or
1984 (stated at $779,673 and $556,550 respectively). 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, 1985, 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 financial position of the individual funds and account
groups of the CITY OF OAK PARK HEIGHTS, MINNESOTA at December 31, 1985 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 finan-
cial statements taken as a whole and on the combining, individual fund, and account
group financial statements. The accompanying financial information listed as supple-
mentary 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 procedures 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 15, 1986
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, 1985
Governmental Fund Types _
Special Debt Capital
Assets General Revenue Service Project
Cash (overdraft) and investments $ 706,295 $ 23,531 $ 5,866 $ 95,354
Accrued interest receivable
Accounts receivable 5,608
Due from other funds 44 1,889
Due from other governmental units 1,680 9,498
Due from developers
Interfund loan receivable
Prepaid expenses
Taxes receivable:
Delinquent 13,305 510 279
Allowances and deferments (13,305) (510) (279)
Due from county 5,482 230 174
Special assessments receivable
Fixed assets - net
Amount available and to be provided
Total assets $ 719,109 $ 33,029 $ 6,096 $ 97,417
Liabilities And Fund Equity
Liabilities:
Accounts payable $ 48,968 - $ 137
Salaries payable 2,502
Accrued interest
Due to other governmental units 9,000
Due to other funds 1,774 $ 1,955 2,880
Interfund loan payable 28,800
Deposits /refunds payable
Contracts payable
Compensated absences payable
Bonds payable
Total liabilities 62,244 $ -0- 1,955 31,817
Fund equity:
Investment in fixed assets
Contributions - net
Retained earnings:
Undesignated
Fund balance:
Reserved 4,141
Unreserved:
Designated 33,029 86,016
Undesignated 656,865 (20,416)
Total fund equity 656,865 33,029 4,141 65,600
Total liabilities and
fund equity $ 719,109 $ 33,029 $ 6,096 $ 97,417
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 1
._ Fiduciary Account Group
Proprietary Fund Type General General Totals (Memorandum Only)
Special Fund Type Trust and Fixed Long -Term December 31,
_ Assessments Enterprise Agency Assets Debt 1985 1984
(Unaudited)
$ 755,612 $ 378,442 $ (18,603) $ 1,946,497 $ 1,569,657
17,704 17,704 9,310
6,291 51,387 63,286 63,748
15,096 152 17,181 819
6,626 17,804 32,973
1,285 1,285 1,666
28,800 28,800 50,900
6,593 6,593 4,125
1,668 15,762 21,698
(1,668) (15,762) (21,698;
685 6,571
'- 240,526 240,526 356,951
2,055,230 $ 779,673 2,834,903 2,663,253
50,366 $ 210,287 260,653 318,988
$ 1,097,376 $ 2,498,278 $ 538 $ 779,673 $ 210,287 $ 5,441,803 $ 5,072,390
$ 107 $ 4,241 $ 496 $ 53,949 $ 44,347
2,502 3,526
3,197 3,197 3,488
14,115 23,115 11,623
�. 10,446 126 17,181 819
28,800 50,900
12 52,296 42 52,350 51,334
72,661
$ 15,287 15,287 13,614
286,000 155,000 195,000 636,000 710,000
296,565 228,975 538 $ -0- 210,287 832,381 962,312
_ 779,673 779,673 556,550
1,810,748 1,810,748 1,852,582
458,555 458,555 393,916
63,935 68,076 46,155
737,396 856,441 681,263
(520) 635,929 579,612
800,811 2,269,303 -0- 779,673 -0- 4,609,422 4,110,076
$ 1,097,376 $ 2,498,278 $ 538 $ 779,673 $ 210,287 $ 5,441,803 $ 5,072,39C
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, 1985
Special
General Revenue
Revenue:
General property taxes $ 559,613
Intergovernmental 158,447 $ 38,207
Licenses and permits 15,569
Fines and forfeits 27,630
Interest on investments 39,832 4,165
Interest - other
Charges for current services 33,068
Special assessments
Connection charges
Sale of property 1,525
Other 3,323
Total revenue 839,007 42,372
Expenditures:
Current:
General government 173,251 3,244
Public safety 258,079
Streets and highways 70,352
Sanitation 75,169
Recreation 85,002
Capital outlay 3,615 10,697
Debt service:
Principal
Interest
Paying agent fees
Bonding costs
Construction costs
Total expenditures 665,468 13,941
Revenue over (under) expenditures 173,539 28,431
Other increases (decreases):
Transfers from other funds 66,500
Transfers to other funds (162,500) (66,500)
Bond defeasance
Changes in amount to be provided
Bond retirement
Fund escrow account (286)
Total other increases (decreases) (96,286) (66,500)
Net increase (decrease) in fund balance 77,253 (38,069)
Fund balance (deficit) - January 1 579,612 71,098
Fund balance - December 31 $ 656,865 $ 33,029
_ CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 2
Totals (Memorandum Only)
Debt Capital Special December 31,
Service Project Assessment 1985 1984
$ 24,161 $ 19,724 $ 69,986 $ 673,484/ $ 635,963
1,989 1,652 5,722 206,017 200,955
15,569 15,967
27,630/ 14,633
413 5,828 52,826 103,064 166,978
_ 4,533 4,533 12,293
33,068/ 33,518
32,837 32,837./ 117,372
18,809 18,809 66,166
1,525 23,000
3,323 3,975
26,563 27,204 184,713 1,119,859 1,290,820
_ 176,495 154,095
258,079 227,844
70,352 60,414
75,169 74,652
85,002 79,938
23,159 37,471 9,820
-- -5,000 5,000 5,000
19,828 4,533 28,440 52,801 93,489
50 206 256 626
2,520
42,110 17,124 59,234 255,676
24,878 69,802 45,770 819,859 964,074
1,685 (42,598) 138,943 300,000 326,746
162,500 55,832 284,832 796,350
(46,398) (275,398) (796,350)
(602,088)
(55,008) (55,008) (79,644)
805,000
(724) (1,010)
-0- 162,500 (46,298) (46,584) 123,268
1,685 119,902 92,645 253,416 450,014
2,456 (54,302) 708,166 1,307,030 857,016
$ 4,141 $ 65,600 $ 800,811 $ 1,560,446 $ 1,307,030
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, 1985
General Fund
Over
(Under)
Revenue: Budget Actual Budget
General property taxes $ 554,225 $ 559,613 $ 5,388
Intergovernmental 156,475 158,447 1,972
Licenses and permits 13,735 15,569 1,834
Fines and forfeits 16,000 27,630 11,630
Interest on investments 20,000 39,832 19,832
Charges for current services 32,000 33,068 1,068
Sale of property 1,525 1,525
Other 2,595 3,323 728
Total revenue 795,030 839,007 43,977
Expenditures:
Current:
General government 167,050 173,251 6,201
Public safety 258,848 258,079 (769)
Streets and highways 67,844 70,352 2,508
Sanitation 80,500 75 ,.169 (5,331)
Recreation 89,058 85,002 (4,056)
Contingency 31,947 (31,947)
Capital outlay 3,783 3,615 (168)
Total expenditures 699,030 665,468 (33,562)
Revenue over (under) expenditures 96,000 173,539 77,539
Other increases (decreases):
Transfer from other funds 66,500 66,500
Transfer to other funds (162,500) (162,786) (286)
Total other increases (decreases) (96,000) (96,286) (286)
Net increase (decrease) in fund balance $ -0- 77,253 $ 77,253
Fund balance - January 1 579,612
Fund balance - December 31 $ 656,865
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 3
Totals (Memorandum Only)
_ Special Revenue 1985
Over Over
(Under) (Under) 1984
Budget Actual Budget Budget Actual Budget Actual
$ 554,225 $ 559,613 $ 5,388 $ 543,573
$ 39,093 $ 38,207 $ (886) 195,568 196,654 1,086 192,959
_ 13,735 15,569 1,834 15,967
16,000 27,630 11,630 14,633
4,165 4,165 20,000 43,997 23,997 49,681
32,000 33,068 1,068 33,318
'- 1,525 1,525 23,000
2,595 3,323 728 3,975
39,093 42,372 3,279 834,123 881,379 47,256 877,106
3,000 3,244 244 170,050 176,495 6,445 154,095
258,848 258,079 (769) 227,844
67,844 70,352 2,508 60,414
80,500 75,169 (5,331) 74,652
89,058 85,002 (4,056) 79,938
31,947 (31,947)
14,650 10,697 (3,953) 18,433 14,312 (4,121) 9,820
17,650 13,941 (3,709) 716,680 679,409 (37,271) 606,763
21,443 28,431 6,988 117,443 201,970 84,527 270,343
66,500 66,500 25,000
(66,500) (66,500) (229,000) (229,286) (286) (156,454)
'-' (66,500) (66,500) -0- (162,500) (162,786) (286) (131,454)
$ (45,057) (38,069) $ 6,988 $ (45,057) 39,184 $ 84,241 138,889
71,098 650,710 511,821
$ 33,029 $ 689,894 $ 650,710
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, 1985
Totals
December 31,
1985 1984
Revenue:
Customer billings $ 199,880 $ 183,028
Penalties 1,937 1,733
Total operating revenue 201,817 184,761
Expenses:
Contractual services 35,388 47,053
MWCC charges 65,253 52,960
Materials and supplies 5,085 3,652
Administrative charges 30,000 30,000
Depreciation 51,473 51,693
Total operating expenses 187,199 185,358
Net income (loss) 14,618 (597)
Other income (expense):
Interest on investments 28,093 25,832
Plumbing permits
184 531
Refunds and reimbursements 2,814 1,410
Charges for services 293 829
Adjustment to sale of property (10,000)
Interest (13,660) (14,513)
Paying agent fees (104) (103)
Total other income 17,620 3,986
Net income 32,238 3,389
Other increases (decreases):
Transfer to special assessment funds (9,434)
Credit arising from transfer of depreciation
to contributions from property owners 41,835 41,835
Total other increases (decreases): 32,401 41,835
Net increase in retained earnings 64,639 45,224
Retained earnings - January 1 393,916 348,692
Retained earnings - December 31 $ 458,555 $ 393,916
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, 1985
Totals
December 31,
1985 1984
Sources of working capital:
Operations:
Net income $ 32,238 $ 3,389
._ Expenses not requiring outlay of
working capital - depreciation 51,473 51,693
Total working capital provided from operations 83,711 55,082
Total sources of working capital 83,711 55,082
Uses of working capital:
Bond principal - long -term portion 15,000 15,000
Transfer to other funds 9,433
Total uses of working capital 24,433 15,000
Total net increase in working capital $ 59,278 $ 40,082
Components of increase in working capital:
Cash and investments $ 84,985 $ 70,881
Accrued interest receivable (1,178)
Accounts receivable 213 (12,821)
Due from other governmental units (15,752) 13,561
Due from other funds (819) (16,681)
Accounts receivable - certified 844 (759)
Prepaid MWCC 2,468 (1,418)
Accounts payable (1,542) (122)
Accrued interest payable 291 188
Due to other governmental units (9,266) (4,500)
Due to other funds (126) 399
Meter deposits (2,018) (2,468)
Bond payable - current portion (5,000)
Net increase in working capital $ 59,278 $ 40,082
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 1 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
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.
FINANCIAL REPORTING ENTITY
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 state-
ments include all funds, account groups, boards and commissions over which the
City Council exercises 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, 1985 of the HRA.
FUNDS AND ACCOUNT GROUPS
The accounting system of the City is organized and operated on a fund basis.
_ 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.
The following types of funds and account groups are employed by the City:
GOVERNMENTAL FUNDS
The General Fund - to account for all financial resources except those required
to be accounted for in another fund.
Special Revenue Funds - to account for the proceeds of specific revenue sources
(other than special assessments, expendable trusts, or for major capital
projects) that are legally restricted to expenditure for specified purposes.
Debt Service Funds - to account for the accumulation of resources for, and the
payment of, general long -term debt principal, interest, and related costs.
"- Capital Project Funds - to account for financial resources to be used for the
acquisition or construction of major capital facilities (other than those
financed by Proprietary Funds, Special Assessment Funds, and Trust Funds).
Special Assessment Funds - to account for the financing of public improvements
or services deemed to benefit the properties against which special assessments
are levied.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 2 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
PROPRIETARY FUNDS
Enterprise Funds - to account for operations: (a) that are financed and operated
in a manner similar to private business enterprises - where the intent of the
governing body is that the costs (expenses, including depreciation) of pro-
viding goods or services to the general public on a continuing basis be
financed or recovered primarily through user charges; or (b) where the
governing body has decided that periodic determination of revenues earned,
expenses incurred, and /or net income is appropriate for capital maintenance,
public policy, management control, accountability, or other purposes.
FIDUCIARY FUNDS
Agency Funds - to account for assets held by a governmental unit as an agent
for individuals, private organizations, other governmental units and /or other
funds.
ACCOUNT GROUPS
The governmental fund types are designed to account for the financial flow of a
particular fund; therefore, they generally include only current assets and
current liabilities on their balance sheets. The City maintains two account
groups to account for noncurrent assets and long -term liabilities as follows:
General Fixed Assets - The City maintains a separate group of accounts which
contain the fixed assets used in the governmental fund type operations. They
are assets of the City as a whole and not of individual funds.
General Long -Term Debt - This account group contains the long -term obligations
of the City including general obligation bonds, certificates of indebtedness,
contracts payable and compensated absences payable. It does not include the
long -term liabilities of Special Assessment Funds which are accounted for in
those funds.
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) and Agency 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:
• Interest on long -term debt which is recognized when due, except for
January 1 maturities which are recognized in the previous fiscal
period.
• Disbursements for inventory type items and prepaid expenses which are
considered expenditures at the time of purchase.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 3 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
BASIS OF ACCOUNTING (Continued)
Major revenue sources susceptible to accrual include property taxes, special
assessments, intergovernmental revenues, charges for services and interest on
investments.
Interest on special assessments is recognized as revenue when due.
Major revenue sources not susceptible to accrual includes licenses and permits,
fees, and miscellaneous revenues. Such revenues are recorded as revenue when
received because they are not measurable until collected.
The accrual basis of accounting is followed for the proprietary fund. Under
this method of accounting, revenues are recognized during the accounting period
in which they are earned and become measurable, and expenses are recognized in
the accounting period in which they are incurred, if measurable.
BUDGETARY DATA
The City Council adopts an annual budget for the General Fund and the Special
Revenue Fund. During the budget year supplemental appropriations and deletions
are or may be authorized by the City Council. The amounts shown in the finan-
cial statements as "Budget" represent the original budgeted amounts plus all
revisions made during the year and /or for the year. The modified accrual basis
of accounting is used by the City for budgetary data.
The City monitors budget performance on the departmental basis. All amounts
over budget have been approved by the City Council through the disbursement
approval process. Significant budget variances are as follows for the current
year:
Over
(Under)
Budget Actual Budget
General Fund:
Mayor and Council:
Current $ 44,340 $ 64,172 $ 19,832
City Hall:
Current 18,325 12,657 (5,668)
— Animal Control:
Current 3,475 762 (2,713)
Streets and Alleys:
Current 11,200 8,163 (3,037)
Snow and Ice Removal:
Current 27,494 32,295 4,801
CITY OF OAK PARK HEIGHTS, MINNESOTA _
Page 4 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
BUDGETARY DATA (Continued)
The $19,832 excess of expenditure over budget for Mayor and Council resulted
primarily from higher than anticipated insurance rates.
The $5,668 favorable budget variance for City Hall is the result of lower than
anticipated expenditures for utilities.
The $2,713 favorable budget variance for Animal Control is the result of not
hiring a dog catcher.
The $3,037 favorable budget variance for Streets and Alleys is the result of
fewer street repairs than anticipated.
The $4,801 excess of expenditures over budget for snow and ice removal is
the result of higher snowfall than had been anticipated.
Encumbrance accounting, under which purchase orders, contracts, and other
commitments for the expenditure of monies are recorded in order to reserve that
portion of the applicable appropriation, is not employed by the City because it
is at present considered not necessary to assure effective budgetary control or
to facilitate effective cash planning and control.
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS
ASSETS
CASH AND INVESTMENTS
Cash balances from all funds are pooled and invested to the extent available in
authorized investments. Earnings from investments are allocated to individual
funds on the basis of the fund's available cash balance.
Investments are stated at cost (plus interest added, if any) which approximates
market value. Material purchase discounts and premiums are amortized over the
term of the investment. Interest earnings are accrued at the balance sheet
date.
Cash and investment balances were as follows at December 31, 1985 and 1984:
December 31,
1985 1984
Cash (overdraft) - checking $ (6,144) $ (1,170)
Petty cash and change 50 50
Investments 1,952,591 1,570,777
Totals $1,946,497 $1,569,657
_ CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 5 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
GRANT REVENUE RECOGNITION
The City receives various Federal, State and other grants, the purpose of
which is to fund specific City expenditures. These revenues are recognized at
the time of the specific expenditures.
The City also receives Federal Revenue Sharing and other general purpose
grants. These grants are recognized as revenues in the period to which the
grant applies.
LOCAL GOVERNMENT AID REVENUE RECOGNITION
Local government aid is provided by the State. This aid is provided as a
shared tax based upon a statutory formula and without restrictions. Payment
from the State is generally received during each 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 in cash.
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 May 15 and October 15 of each calendar
year by the property owners. These taxes are collected by the County and
remitted to the City by approximately July 15 and December 15. 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. Pursuant to State
Statutes, a property shall be subject to a tax forfeit sale after 3 years
unless it is homesteaded, agricultural, or seasonal recreational land (as
defined in state statutes) in which event the property is subject to such sale
after 5 years.
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 credits not
received at the normal time are recognized as revenue for the current year.
Homestead credits received by the City from the State are recognized as revenue
when received in cash.
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
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 6 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
PROPERTY TAX REVENUE RECOGNITION (Continued)
accounting practice is at nominal variance with generally accepted accounting _
principles in that the deferred income position (i.e., that part of delinquent
taxes expected to be collected over the next several years) technically should
be shown separately as a liability. However, this variance is immaterial and
the cost of determining this measurement and reclassification does or could
exceed the benefit. Additionally, this variance has no effect upon the
operating statements of the City.
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 during each year.
The City's property tax revenue includes payments 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 commercial /industrial -
property valuation growth since 1971. Property taxes paid to the City of Oak
Park Heights through this formula for 1985 and 1984 totaled $11,195 and
$11,677 respectively. Receipt of property taxes from this "fiscal disparities
pool" does not increase or decrease total tax revenue.
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 accordance
with State Statutes. Usually, the City adopts the assessment roll when the
individual project is completed or substantially completed. The City certifies
the adopted assessment roll to the County for collection. Collection of annual
installments including interest, is handled by the County in the same manner as
for property taxes. Assessments are collectible over a term of years,
generally consistent with the term of years of the related bond issue.
Property owners are allowed to and often do, prepay future installments without
interest or prepayment penalty.
The City recognizes special assessment revenue when it becomes both measurable
and available to finance bonded debt. In practice, special assessment
principal is recognized as revenue in the year when the assessment roll is
adopted by the City Council and 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
Page 7 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
SPECIAL ASSESSMENT REVENUE RECOGNITION (Continued)
Once a special assessment roll is adopted, the amount attributed to each parcel
becomes 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 become delinquent, the property is subject to tax forfeit sale.
The first proceeds of that sale (after costs, penalties and expenses of sale)
are remitted to the City in payment of delinquent special assessments.
Generally, the City will collect the full amount of its special assessments not
adjusted by City Council or court action. Accordingly, no allowance for poten-
tially uncollectible assessments has been provided. Pursuant to State
Statutes, a property shall be subject to a tax forfeit sale after 3 years
unless it is homesteaded, agricultural, or seasonal recreational land (as
defined in State Statutes) in which event the property is subject to such sale
after 5 years.
INVENTORIES
The original cost of materials and supplies has been recorded as expenditures
and /or expenses at the time of purchase. No funds maintain significant amounts
of inventories of materials and supplies.
FIXED ASSETS
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.
A summary of changes in General Fixed Assets is as follows:
Balance Balance
1/1/85 Additions Deletions 12/31/85
Land $ 101,921 $ 1,375 $ 100,546
Buildings and structures 308,644 $ 187,864 496,508
Machinery and equipment 130,186 34,225 150 164,261
Furniture and fixtures 15,799 2,559 18,358
Totals $ 556,550 $ 224,648 $ 1,525 $ 779,673
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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 8 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
FIXED ASSETS - PROPRIETARY FUNDS
Fixed assets of the proprietary fund (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:
Depreciation
Assets Depreciable Lives 1985 1984
Purchased assets:
Water 5 -50 years $ 7,559 $ 7,669
Sewer 5 -50 years 2,079 2,189
Contributed assets:
Water 50 years 21,070 21,070
Sewer 50 years 20,765 20,765
Totals $ 51,473 $ 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 prin-
ciples. Consequently, the contribution account reflects the net book value of
contributed assets rather than the original cost of such assets.
A summary of proprietary fund assets at December 31, 1985 is as follows:
Buildings and structures $ 504,040
Machinery and equipment 60,464
Water and sewer lines 2,062,834
Total 2,627,338
Less: Accumulated depreciation (572,108)
Net fixed assets $2,055,230
AMOUNT TO BE PROVIDED
The City's policy relating to Special Assessment Debt Service Funds is such
that they may not reflect a fund deficit. For any Special Assessment Debt
Service Fund which would reflect a deficit, an "amount to be provided" has been
recorded. The "amount to be provided" is each fund's supplemental financing
requirement.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 9 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
CITY INDEBTEDNESS
The following is a schedule of bond transactions of the City for the year ended
December 31, 1985.
General Revenue Special
Obligation Bonds Assessment Total
Bonds payable -
January 1, 1985 $ 200,000 $ 170,000 $ 340,000 $ 710,000
Bonds retired in 1985 5,000 15,000 54,000 74,000
Bonds payable -
December 31, 1985 $ 195,000 $ 155,000 $ 286,000 $ 636,000
All bond issues outstanding at December 31, 1985 are backed by the full faith
and credit of the City, including special assessment bond issues. Outstanding
balance at December 31, 1985, principal and interest payments due in 1986,
final due date, interest rates, and other pertinent data are presented in the
Combined Schedule of Indebtedness (Exhibit 1). Principal and interest
payments through maturity are presented in Exhibits 2 and 3.
The financial transactions of the escrow account are not presented in the
financial statements. A summary of the 1985 activity, however, is presented in
Exhibits 9, 10 and 11 of the Supplementary Financial Information Section.
The annual requirement to amortize all bonded debt outstanding at December 31,
1985 including interest payments of $394,176 are as follows:
General Special
Year Ending Obligation Assessment Proprietary
... December 31, Bonds Bonds Fund Types Total
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 27,203 45,823 22,987 96,013
1991 -2003 286,465 113,033 96,950 496,448
Total $ 413,703 $ 392,473 $ 224,000 $ 1,030,176
The amount to be provided in the General Long -Term Debt Group of Accounts
represents future tax levies for the retirement of bonds payable. Total
deferred tax levies to retire general long -term debt bonds are $434,414.
CITY OF OAK PARK HEIGHTS, MINNESOTA _
Page 10 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
CITY INDEBTEDNESS (Continued)
The amount to be provided in the special assessment funds will be derived from _
assessments to be levied annually against the benefited properties and future
tax levies as scheduled to provide funds for debt retirement. Total deferred
tax levies to retire special assessment bonds are $126,000 at December 31,
1985.
All bond issues outstanding at December 31, 1985 are backed by the full faith
and credit of the City unless otherwise specified.
_Outstanding balances at December 31, 1985, principal payments due in 1986,
future interest to maturity, final due date, interest rates, and other per-
tinent data are presented in the Combined Statement of Indebtedness and /or the
Schedules of Debt Service Payments to Maturity - Exhibits 1 through 3.
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. Cash on hand with the paying agent is not
included in these financial statements.
LEGAL DEBT MARGIN
The City is subject to a statutory limitation by the State of Minnesota for -
bonded indebtedness payable principally from property taxes. The City of Oak
Park Heights legal debt margin for 1985 and 1984 is computed as follows:
r
December 31,
1985 1984
Assessed value (after fiscal disparities) $47,918,929 $48,894,474
Debt limit (7 -1/3% of assessed value) $ 3,593,920 $ 3,667,086
Amount of debt applicable to debt limit:
Total bonded debt $ 636,000 $ 710,000
Less: Special assessment bonds and
proprietary bonds 441,000 510,000
Less: Cash and investments in
debt service funds 5,866 2,456
Total debt applicable to debt limit $ 189,134 $ 197,544
Legal debt margin $ 3,404,786 $ 3,469,542
Legal debt margin is calculated on general obligation bond issues only (i.e.,
this does not include Special Assessment or Revenue /Enterprise Fund bonded
debt).
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 11 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
COMPENSATED ABSENCES
The accrual for compensated absences is recorded as a liability in the General
Long -Term Debt Group of Accounts. Unused vacation and the portion of sick
leave payable as severance pay are recorded as liabilities in these financial
statements.
The City's liability for compensated absences is scheduled below:
General Total
Long -Term December 31,
Debt Proprietary 1985 1984
Vacation $ 1,717 $ 1,717 $ 1,211
Severance 13,570 13,570 12,403
Total $ 15,287 $ -0- $ 15,287 $ 13,614
The City also has an unrecorded contingent liability for unused employee sick
leave of $51,125 and $43,398 at December 31, 1985 and 1984 respectively.
RETIREMENT
The City of Oak Park Heights participates in the Public Employees Retirement
Association defined benefit plans as follows:
Public Employees Police and
Retirement Fund Fire Fund
Police Employees 7
Other City Employees 5
Totals 5 7
The City had 12 employees covered by PERA and 12 total employees.
_ The Public Employees Retirement Fund and the Police and Fire Fund are defined
benefit pension plans administered by the Public Employees Retirement
Association in accordance with Minnesota Statutes, Chapters 353 and 356.
The Public Employees Retirement Fund's membership consists of employees of
counties, cities, and schools in non - certified positions throughout the State
of Minnesota. The membership of the Public Employees Police and Fire Fund con-
_ sists of police officers and fire fighters employed by counties and cities
throughout the State of Minnesota.
CITY OF OAK PARK HEIGHTS, MINNESOTA _
Page 12 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
RETIREMENT (Continued)
In general, the association provides defined retirement benefits based on a
member's average salary for any five successive years of allowable service,
age, and years of credit at termination of service. In addition, the retire-
ment program provides benefits to members upon disability and to survivors upon
death of eligible members.
A summary of plan eligibility requirements is available at PERA. Such retire-
ment terms are governed by State Statute.
Retirees have a variety of annuity options available for payment of benefits.
The amounts of annuity (retirement benefits) are based on the following _
formulas:
BASIC MEMBERS - 2% of the average salary over the highest five successive
years on which deductions were paid for each of the first 10 years and
2 -1/2% of said "average salary" for the period thereafter.
COORDINATED MEMBERS - 1% of the average salary over the highest five suc-
cessive years on which deductions were paid for each of the first 10 years
and 1 -1/2% of said average salary for the period thereafter.
POLICE AND FIRE MEMBERS - 2 -1/2% of the average salary over the highest
five successive years on which deductions were paid for each of the first
25 years and 2% of said average salary for the period thereafter.
PERA also provides death and disability benefits. Pension benefits are funded
from member and employer contributions and income from investment of fund -
assets. Public Employees Retirement Fund members belong to either the Basic or
Coordinated Plan. Coordinated members are covered by Social Security and Basic
members are not. All new members of the Public Employees Retirement Fund must
participate in the Coordinated Plan. Current contribution rates for the funds
are as follows:
Additional
Employee Employer Employer
Public Employees Retirement Fund:
Basic Plan 8% 8% 2-1/2%
Coordinated Plan 4% 4% 1/4%
Public Employees Police and Fire Fund 8% 12% - -
Upon termination, regardless of years of service, if not rehired in a PERA-
covered position, all salary deductions will be refunded, with interest at 5% -
compounded annually.
_ CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 13 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
RETIREMENT (Continued)
_ Minnesota Statutes, Section 356.215, Subd. 4, provides the annual actuarial
valuations of plan benefits shall be computed in accordance with the entry age
normal cost (level normal cost) method. This method is a standardized disclo-
sure measure of the accrued pension benefit obligation. The actuarial present
value (APV) is the discounted amount of benefits estimated to be payable in the
future as a result of employee services to date, computed by attributing an
equal benefit amount (including the effects of projected salary increases) to
each year of credited and expected future employee service. In the calculation
of normal cost and accrued liabilities of the benefit plan, the actuary uses an
8 percent interest rate assumption and assumes an annual growth rate of 6 -1/2
percent in member's salary. The unfunded accrued liabilities of $645,700,193
in the Public Employees Retirement Fund and $27,079,452 in the Public Employees
Police and Fire Fund as of June 30, 1985, are the amounts by which reserves
required to fund plan benefits exceed the assets of the funds calculated as
follows:
Public Employees Public Employees
Retirement Fund Police and Fire Fund
Net assets - June 30, 1985 $ 1,812,024,978 $ 330,662,288
Aggregate accrued liabilities
including APV of plan benefits 2,457,725,171 357,741,740
Unfunded actuarial accrued liability $ 645,700,193 $ 27,079,452
The City made employer contributions of $21,524 for the year ended June 30,
1985 and $24,524 for the year ended December 31, 1985 in accordance with
funding requirements determined by Minnesota statutes.
The City made employer contributions of $7,317 to the Federal Social Security
Retirement Plan.
CITY OF OAK PARK HEIGHTS, MINNESOTA _
Page 14 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
RESTRICTIONS OF FUND EQUITY
Major fund equity designations at December 31, 1985 and 1984 are as follows: _
December 31,
1985 1984
Special Revenue Funds: -
Designated for ensuing years expenditures $ 33,029 $ 71,098
Debt Service Funds: -
Reserved for debt service 4,141 2,456
Capital Project Funds:
r
Designated for capital improvements 86,016 53,687
Designated for committed contracts 6,421
Special Assessment Funds: -
Reserved for debt service 63,935 43,699
Designated for committed contracts 1,626
Designated for construction /debt service 737,396 705,715 -
Totals $ 924,517 $ 884,702
The Storm Sewer Drainage Improvement Fund had a deficit at December 31, 1985 of
$(20,416). This deficit is to be funded by a supplemental tax levy to be
collected in 1986. -
Note 3 - 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. Also, these statements serve as an
introduction to the more detailed statements which 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 financial statements may not be disclosed in the condensed com-
bined financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 15 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 4 - "MEMORANDUM ONLY" PRESENTATIONS
Presented in these financial statements are certain amounts labeled "memorandum
only ". The reader is cautioned that this information has certain limitations
r , 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 com-
ponents 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) Statements of Revenue, Expenditures and Changes in Fund Balance
compared to budget present prior year actual amounts. These
amounts are incomplete presentations in that prior year budget
amounts are not included in conformance with generally accepted
accounting principles.
Note 5 - 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 18 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
approximately $41,000 at December 31, 1985.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 16 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 6 - DEFERRED AD VALOREM TAX LEVIES - SPECIAL ASSESSMENT BOND ISSUE
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
benefiting properties. When a bond issue to be financed partially or wholly by
ad valorem tax levies is sold, specific annual amounts of such tax levies are
stated in the bond resolution and the County Auditor is notified and instructed
to levy these taxes over the appropriate years. These future tax levies are
subject to cancellation when and if the City has provided alternative sources _
of financing. Alternatively, the City Council is required to levy any addi-
tional taxes found necessary for the full payment of principal and interest.
These future scheduled tax levies are not shown as assets of the special
assessment funds 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 68,000 72.11
1983/84 95,800 75,000 78.29
1984/85 75,000 75,000 100.00
1985/86 17,000 34,000 200.00 ..
1986/87 18,000
1987/88 19,000
1988/89 19,000
1989/90 20,000
1990/91 8,000
1991/92 8,000 _
Note 7 - 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
interceptor sewer lines and treatment facilities were transferred from the
cities to the MWCC in exchange for future credits.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 17 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 7 - 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 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).
Future credits and deferred charges are not reflected in these financial
statements, as these credits will be offset by annual charges as detailed
above. The amount of these credits at December 31, 1985 and 1984 were as
follows:
December 31,
1985 1984
Current value credits $ 585 $ 624
- Debt service credits 160,687 175,349
Deferred charges 7,546 8,207
Total $ 168,818 $ 184,180
Note 8 - INTERFUND RECEIVABLES /PAYABLES
The City had an interfund loan at December 31, 1985 as follows:
Loan Loan
Receivable Payable
Closed Bond Fund $ 28,800
Storm Sewer Drainage Improvement $ 28,800
Interest is being charged at 10% per annum.
CITY OF OAK PARK HEIGHTS, MINNESOTA -
Page 18 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1985
Note 9 SEGMENT INFORMATION
Enterprise Segments
1985 1984
Sewer and Water: _
Operating revenue $ 201,817 $ 184,761
Depreciation 51,473 51,693
Operating income (loss) 14,618 (597)
Net income 32,238 3,389
Net working capital 354,073 294,795
Total assets 2,498,278 2,477,812
Total equity 2,269,303 2,246,498 -
Bonds payable 155,000 170,000
Transfers out 9,434 -0-
Note 10 - CONTINGENCIES
The City attorney has indicated that existing and pending lawsuits, claims and r
other actions in which the City is a defendant are either covered by insuran-
ce; of an immaterial amount; or, in the judgment of the City attorney, remo-
tely recoverable by plaintiffs.
r
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 6
GENERAL FUND
BALANCE SHEET
December 31, 1985
December 31,
1985 1984
Assets
Cash and investments $ 706,295 $ 617,489
—
Accounts receivable 10 44
Due from other governmental units 1,680 745
Due from other funds 44
Accounts receivable - certified 5,598 5,598
Taxes receivable:
Delinquent 13,305 18,756
Allowances and deferments (13,305) (18,756)
Due from County 5,482
Total assets $ 719,109 $ 623,876
Liabilities And Fund Balance
Liabilities:
Accounts payable $ 48,968 $ 33,964
Salaries payable 2,502 3,526
Due to other governmental units 9,000 6,774
Due to other funds 1,774
Total liabilities 62,244 44,264
Fund balance:
Unreserved:
Undesignated 656,865 579,612
Total fund balance 656,865 579,612
Total liabilities and fund balance $ 719,109 $ 623,876
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, 1985
1985
Over _
(Under) 1984
Budget Actual Budget Actual
(Memorandum
Only)
Revenue:
General property taxes:
Current and delinquent $559,676 $543,290
Other (63) 283
Total general property taxes $554,225 559,613 $ 5,388 543,573
Intergovernmental:
State:
Homestead credit 45,775 45,775 46,887
Local government aid 99,700 99,652 (48) 94,074
Police aid 11,000 11,669 669 11,284
Surcharge rebate 899 899
Total state 156,475 157,995 1,520 152,245
County:
Gravel tax allocation 452 452 497
Total intergovernmental revenue 156,475 158,447 1,972 152,742
Licenses and permits 13,735 15,569 1,834 15,967
Charges for services:
Current 2,000 3,068 1,068 3,318
Administrative - Enterprise Fund 30,000 30,000 30,000
Total charges for services 32,000 33,068 1,068 33,318
Fines and forfeits 16,000 27,630 11,630 14,633
Interest on investments 20,000 39,832 19,832 43,748
Refunds and reimbursements 1,895 2,623 728 3,123
Sale of property 1,525 1,525 23,000
Donations 700 700 700
Special assessment 152
Total revenue 795,030 839,007 43,977 830,956
Expenditures:
General government:
Mayor and council:
Current:
Personal services 20,900 22,915 2,015 17,665
Materials and supplies 4
Contractual services 23,440 41,257 17,817 34,096
Total mayor and council $ 44,340 $ 64,172 $ 19,832 $ 51,765
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 7
Page 2 of 4
i GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1985
i
1985
_ Over
(Under) 1984
Budget Actual Budget Actual
_ Expenditures: (continued) (Memorandum
General government: (continued) Only)
Elections:
Current:
-- Personal services $ 1,240
Materials and supplies 290
Capital outlay 2,437
Total elections $ -0- $ -0- $ -0- 3,967
City clerk:
Current:
_ Personal services 65,475 62,484 (2,991) 60,611
Materials and supplies 1,550 1,685 135 1,201
Contractual services 4,350 3,170 (1,180) 2,993
Total current 71,375 67,339 (4,036) 64,805
Capital outlay 500 550 50 464
Total city clerk 71,875 67,889 (3,986) 65,269
Planning and zoning:
Current:
Contractual services 2,500 1,030 (1,470) 1,129
City hall:
Current:
r ` Materials and supplies 2,400 2,482 82 2,720
Contractual services 15,925 10,175 (5,750) 8,068
Total city hall 18,325 12,657 (5,668) 10,788
Assessor:
Current:
Personal services 6,410 6,404 (6)
Capital outlay 824 838 14
Total assessor 7,234 7,242 8 -0-
Engineering:
Current:
Contractual services 3,000 555 (2,445) 1,201
General management:
Current:
Personal services 14,000 16,658 2,658
Materials and supplies 300 350 50 348
Contractual services 6,800 4,086 (2,714) 19,529
Total general management 21,100 21,094 (6) 19,877
i
Total general government $168,374 $174,639 $ 6,265 $153,996
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, 1985
1985
Over _
(Under) 1984
Budget Actual Budget Actual
Expenditures: (continued) (Memorandum
Public safety: Only)
Police department:
Current:
Personal services $220,648 $203,606 $(17,042) $188,867
Materials and supplies 13,375 14,404 1,029 11,199
Contractual services 10,350 30,933 20,583 19,082
Total current 244,373 248,943 4,570 219,148 _
Capital outlay 1,500 833 (667) 752
Total police department 245,873 249,776 3,903 219,900
Fire protection:
Current:
Contractual services 11,000 8,374 (2,626) 8,290
Animal control:
Current:
Materials and supplies 175 87 (88) 51
Contractual services 3,300 675 (2,625) 355
Total animal control 3,475 762 (2,713) 406
Total public safety 260,348 258,912 (1,436) 228,596
Streets and highways: -
Streets and alleys:
Current:
Materials and supplies 1,200 423 (777) 545
Contractual services 10,000 7,740 (2,260) 16,270
Total current 11,200 8,163 (3,037) 16,815
Capital outlay 225 225
Total streets and alleys 11,200 8,388 (2,812) 16,815
Snow and ice removal:
Current:
Contractual services 27,494 32,295 4,801 14,970
Street lighting:
Current:
Contractual services 28,500 29,457 957 28,136 _
Arboreous:
Current:
Personal Service 500 394 (106) 409
Material and supplies 50 6 (44) 45
Contractual services 100 37 (63) 39
Total arboreous 650 437 (213) 493
Total streets and highways $ 67,844 $ 70,577 $ 2,733 $ 60,414
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, 1985
1985
Over
(Under) 1984
Budget Actual Budget Actual
Expenditures: (continued) (Memorandum
Sanitation: Only)
Refuse collection and disposal:
Current:
Contractual services $ 72,500 $ 66,859 $ (5,641) $ 58,236
Tree removal and planting:
Current:
Contractual services 8,000 8,310 310 16,416
Total sanitation 80,500 75,169 (5,331) 74,652
Recreation:
Parks, playgrounds and rinks:
Current:
Personal services 76,583 75,499 (1,084) 70,378
Materials and supplies 3,750 3,195 (555) 2,533
Contractual services 8,725 6,308 (2,417) 7,027
Total current 89,058 85,002 (4,056) 79,938
Capital outlay 959 1,169 210 801
Total recreation 90,017 86,171 (3,846) 80,739
Contingency:
Current:
... Personal services 31,947 -0- (31,947) -0-
Total expenditures 699,030 665,468 (33,562) 598,397
Revenue over expenditures 96,000 173,539 77,539 232,559
Other increases (decreases):
Transfer from Revenue Sharing Fund 66,500 66,500 25,000
Transfer to Capital Project Fund (162,500) (162,500) (122,500)
Transfer to Special Assessment Fund (8,954)
Fund escrow account (286) (286)
Total other increases (decreases) (96,000) (96,286) (286) (106,454)
Net increase in fund balance $ -0- 77,253 $ 77,253 126,105
Fund balance - January 1 579,612 453,507
Fund balance - December 31 $656,865 $579,612
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, 1985
December 31, _
1985 1984
Assets
Cash and investments $ 23,531 $ 65,825 —
Due from other governmental units 9,498 9,698
Total assets $ 33,029 $ 75,523
Liabilities and Fund Balance
Liabilities:
Accounts payable $ 4,425
Total liabilities $ -0- 4,425
Fund balance:
Unreserved:
Designated for ensuing years budget 33,029 71,098
Total fund balance 33,029 71,098
Total liabilities and fund balance $ 33,029 $ 75,523
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, 1985
1985
—
Over
(Under) 1984
Budget Actual Budget Actual
Revenue:
(Memorandum
Intergovernmental: Only)
Federal grants $ 39,093 $ 38,207 $ (886) $ 40,217
Interest on investments 4,165 4,165 5,933
Total revenue 39,093 42,372 3,279 46,150
Expenditures:
Current expense 3,000 3,244 244 3,000
Capital outlay 14,650- 10,697 (3,953) 5,366
Total expenditures 17,650 13,941 (3,709) 8,366
Revenue over expenditures 21,443 28,431 6,988 37,784
Other (decreases):
Transfer to General Fund (66,500) (66,500) -0- (25,000)
Net increase (decrease) in fund balance $(45,057) (38,069) $ 6,988 12,784
._ Fund-balance - January 1 71,098 58,314
Fund balance - December 31 $ 33,029 $ 71,098
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, 1985
December 31,
1985 1984
Assets
Cash and investments $ 5,866 $ 2,456
Taxes receivable:
Delinquent 510 584
Allowances and deferments (510) (584)
Due from County 230
Total assets $ 6,096 $ 2,456 -
Liabilities and Fund Balance -
Liabilities
Due to other funds $ 1,955
Total liabilities 1,955 $ -0-
Fund balance:
Reserved for debt service 4,141 2,456
Total liabilities and fund balance $ 6,096 $ 2,456
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, 1985
December 31,
1985 1984
Revenue:
Storm sewer ad valorem taxes:
Current $ 24,161 $ 23,846
-- Intergovernmental:
State:
Homestead credit 1,989 2,086
Interest on investments 413 235
Total revenue 26,563 26,167
_ Expenditures:
Principal 5,000 5,000
Interest 19,828 20,252
Paying agent fees 50 50
Total expenditures 24,878 25,302
Revenue over (under) expenditures 1,685 865
Fund balance - January 1 2,456 1,591
Fund balance - December 31 $ 4,141 $ 2,456
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, 1985
Storm Sewer Totals
Capital Drainage Brekke Park EDP December 31,
Improvements Improvement Improvement System 1985 1984
Assets (Memorandum
Only)
Cash and investments $ 55,751 $ 9,201 S 2,458 $ 27,944 $ 95,354 $ 63,885 _
Due from other funds 1,889 1,889
Taxes receivable:
Delinquent 279 279
Allowances and deferments (279) (279)"
Due from County 174 174
Total assets $ 55,751 $ 11,264 $ 2,458 $ 27,944 $ 97,417 $ 63,885
Liabilities And -
Fund Balance
Liabilities: ..
Accounts payable $ 137 $ 137 $ 1,303
Contract payable 57,304
Interfund loan payable S 28,800 28,800 50,900
Retainage payable 7,861
Due to other funds 2,880 2,880 819
Total liabilities $ -0- 31,680 137 $ -0- 31,817 118,187
Fund balance (deficit):
Unreserved:
Designated for
committed contracts 6, 421
Designated for capital
Improvements 55,751 2,321 27,944 86,016 53,687
Undesignated (20,416) (20,416) (114,410) -
Total fund
balance (deficit) 55,751 (20,416) 2,321 27,944 65,600 (54,302)
Total liabilities
and fund balance $ 55,751 $ 11,264 $ 2,458 $ 27,944 $ 97.417 $ 63,885
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, 1985
Storm Sewer Totals
Capital Drainage Brekke Park EDP December 31,
Improvements Improvement Improvement System 1985 1984
Revenue:
(Memorandum
General property taxes: Only)
Current and delinquent S 19,719 S 19,719
Other 5 5
Total general
'- property taxes 19,724 19,724
Intergovernmental:
State:
Homestead credit 1,652 1,652
Interest on Investments S 4,646 60 $ 19 $ 1,103 5,828 $ 5,565
Reimbursement of
construction costs 200
Total revenue 4,646 21,436 19 1,103 27,204 5,765
Expenditures:
Interfund Interest 2,880 1,653 4,533
Construction costs 25,082 3,940 13,088 42,110 190,986
Capital outlay 23,159 23,159
.... Total expenditures 25,082 6,820 14.741 23,159 69,802 190,986
Revenue over (under) expenditures (20.436) 14,616 (14,722) Q2.056) (42,598) (185,221)
Other increases (decreases):
Transfer from General Fund 22,500 90,000 50,000 162,500 122,500
Reclassification of prior
period cost
(2,522)
Total other increases
(decreases) 22,500 -0- 90,000 50.000 162.500 119,978
Net increase (decrease)
in fund balance 2,064 14,616 75,278 27,944 119,902 (65,243)
Fund balance (deficit) -
January 1 53,687 (35,032) (72,957) -0- (54,302) 10,941
Fund balance (deficit) -
December 31 S 55,751 S (20,416) S 2,321 $ 27.944 $ 65,600 $(54,302)
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, 1985
Debt Service _
G.O.
Storm Sewer $249,000 $165,000
Improvement G.O. Closed Improvement
Bonds Bonds Bond Bonds _
Of 1971 Of 1976 Fund Of 1982
Assets
Cash (overdraft) and investments $ 30,614 $ 72,554 $515,107 $ 56,182
Due from other funds 149 418 4,970 544
Accounts receivable 6,291
Interfund loan receivable 28,800
Taxes receivable:
Delinquent 283 171 517 697
Allowances and deferments (283) (171) (517) (697)
Due from County 105 99 60 421
Special assessments: ---
-
Delinquent 193 5,828
Deferred 1, 656 2,578 92,512 41,151
Special defer d 14,800
Due from County - _ (35)
Amount to be provided 27,505' 22,861
Total assets S 60,029 $ 75,842 $653,533 $ 135.959
Liabilities And Fund Balance
Liabilities:
Accounts payable
Due to other funds S 29 S 8,247 S 959
Refund payable
Contracts payable
Retainage payable I/ '
Bonds payable 8` 60,000 S 20,000 135,000
Total liabilities 60,029 20,000 8.247 135,959
Fund balance:
Reserved for:
Debt service 55,842
Unreserved:
Designated for:
Committed contracts
Construction /debt service 645,286
Undesignated
Total fund balance -0- 55,842 645,286 -0-
Total liabilities and fund balance S 60,029 $ 75,842 $653,533 $ 135.959
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 14
$80,000
G.O. Total Construction Totals
_ Bonds Debt Interim Completed Total December 31,
Of 1983 Service Construction Construction Construction 1985 1984
(Memorandum
Only)
S 35,956 $ 710,413 S (413) $ 45,612 $ 45,199 S 755,612 S 536,348
8,542 14,623 473 473 15,096
6,291 6,291 7,776
28,800 28,800 50,900
1,668 1,668 2,358
(1,668) (1,668) (1,358)
685. 685
4,104 10,125 1,895 1,895 12,020 13,850
26,387 164,284 45,175 45,175 209,459 329,149
-_ - - --
14,800 14, 800
4,104 4,069 178 178 4,247 13,952
50,366 50,366 105,374
S 79,093 $1,004,456 $ (413) $ 93,333 $ 92,920 $1,097,376 $1,057,349
$ 107 3 107 $ 107 S 1,532
$ 9,235 $ 1,211 1,211 10,446
_ 12 12 12 155
7,083
413
$ 71,000 286,000 286,000 340,000
71,000 2'95,235 107 1,223 1,330 296,565 349,183
8,093 63,935 63,935 43,699
1,626
645,286 92,110 92,110 737,396 705,715
(520) (520) (520) (42,874)
8,093 709,221 (520) 92,110 91,590 800,811 708,166
$ 79,093 $1,004,456 $ (413) $ 93,333 $ 92,920 $1,097,376 $1,057,349
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, 1985
Debt Service
G.O.
Storm Sewer $249,000 $165,000 $80,000
Improvement G.O. Closed G.O. G.O. Total
Bonds Bonds Bond Bonds Bonds Debt
Of 1971 Of 1976 Fund Of 1982 Of 1982 Service
Revenue:
General property taxes:
Current and delinquent $ 10,353 $ 10,967 S 1,225 $ 47,422 $ 69,967
Other 3 3 13 19
Total general property taxes 10,356 10,970 1,225 47,435 69,986 -
Intergovernmental:
State:
Homestead credit 839 916 -0- 3,967 5,722
Special assessments:
Interest on assessments 155 469 8,076 7,862 $ 8,600 25,162
Direct charges
Adjustments and other 21 221 409 896 333 1,880
New rolls
Total special assessments 176 690 8,485 8,758 8,933 27,042
Interest on investments 2,140 5,900 39,190 1,272 1,538 50,040 -
Interest - other 4,533 4,533
Connection charges 18,809 18,809
Total revenue 13,511 18,476 72,242 61,432 10,471 176,132
Expenditures:
Debt service:
Interest 3,660 2,100 16,175 . 6,505 28,440
Paying agent fees 50 106 50 206
Bonding costs
Total debt service 3,710 2,206 -0- 16,225 6,505 28,646 -
Construction costs -0- -0- -0- -0- -0- -0-
Total expenditures 3,710 2,206 -0- 16,225 6,505 28,646
Revenue over (under) expenditures 9,801 16,270 72,242 45,207 3,966 147,486
Other increases (decreases):
Increase (decrease) in amount to be provided (9,801) (45,207) (55,008)
Retirement of bonds
Bond defeasance
Transfer from Special Assessment Fund 1,764 1,764
Transfer to Special Assessment Fund (44,634) (44,634)
Transfer from General Fund
Transfer from Enterprise Fund
Fund escrow account -
Reclassification of prior period
construction costs
Total other increases (decreases) (9,801) -0- (42,870) (45,207) -0- (97,878)
Net Increase (decrease) in fund balance -0- 16,270 29,372 -0- 3,966 49,608
Fund balance (deficit) - January 1 -0- 39,572 615,914 -0- 4,127 659,613
Fund balance (deficit) - December 31 $ -0- $ 55,842 $645,286 $ -0- $ 8,093 $709,221
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 15
Construction Funds
1982
Sewer 58th E 59th Total
Interim Completed and 1983 Street Total December 31,
Construction Construction Water Improvements Improvement Construction 1985 1984
$ 69,967 $ 68,544
19
69,986 68,544
5,722 5,910
$ 4,628 $ 4,628 29,790 26,192
_ 13,107
635 $ 532 1,167 3,047 (110)
78,183
5,263 532 5,795 32,837 117,372
2,775 $ 11 2,786 52,826 111,497
4,533 12,293
18,809 66,166
-0- 8,038 532 S -0- 11 8,581 184,713 381,782
28,440 73,237
206 576
2,520
-0- -0- -0- -0- -0- -0- 28,646 76,333
4,577 5,701 4,276 _ 11001 1,569 17,124 17,124 64.690
4,577 5,701 4,276 1,001 1,569 17,124 45,770 141,023
(4,577) 2,337 (3,744) (1,001) (1,558) (8,543) 138,943 240,759
(55,008) (79,644)
805,000
(602,088)
... 40,364 4,270 44,634 46,398 639,896
(1,764) (1,764) (46,398) (639,896)
8,954
7,180 2,254 9,434 9,434
(724) (724) (724)
2,522
7,180 -0- 38,600 4,270 1,530 51,580 (46,298) 134,744
2,603 2,337 34,856 3,269 (28) 43,037 92,645 375,503
(3,123) 89,773 (34,856) (3,269) 28 48,553 708,166 332,663
$ (520) $ 92,110 $ -0- $ -0- $ -0- $ 91,590 $800,811 $708,166
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, 1985 -
December 31, _
1985 1984
Assets
Current assets:
Cash and investments $ 378,442 $ 293,457
Due from other funds 819
Accounts receivable: -
Customers 49,003 48,371
Certified to County 2,332 1,488
Other 52 471 _
Prepaid MWCC 6,593 4,125
Due from other governmental units 6,626 22,378
Total current assets 443,048 371,109 _
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 2,062,834 -
Total 2,627,338 2,627,338
Less: Allowance for depreciation (572,108) (520,635)
Net fixed assets 2,055,230 2,106,703
Total assets $2,498,278 $2,477,812
Liabilities And Fund Equity
Current Liabilities: -
Accounts payable $ 4,241 $ 2,699
Due to other governmental units 14,115 4,849
Due to other funds 126 _
Accrued interest 3,197 3,488
Meter deposits 52,296 50,278
Bonds payable 15,000 15,000
Total current liabilities 88,975 76,314
Non - current liabilities:
Bonds payable 140,000 155,000
Total liabilities 228,975 231,314 -
Fund equity:
Contributions from property owners - net 1,810,748 1,852,582 -
Retained earnings:
Undesignated 458,555 393,916
Total fund equity 2,269,303 2,246,498
Total liabilities and fund equity $2,498,278 $2,477,812
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, 1985
Totals
Water Sewer December 31,
Operating Operating 1985 1984
Revenue:
Customer billings $ 81,792 $ 118,088 $ 199,880 $ 183,028
_ Penalties 965 972 1,937 1,733
Total operating revenue 82,757 119,060 201,817 184,761
Expenses:
Contractual services 26,832 8,556 35,388 47,053
MWCC charges 65,253 65,253 52,960
Materials and supplies 4,316 769 5,085 3,652
... Administrative and personnel charge 15,000 15,000 30,000 30,000
Depreciation:
On purchased assets 7,559 2,079 9,638 9,858
_ On contributed assets 21,070 20,765 41,835 41,835
Total operating expenses 74,777 112,422 187,199 185,358
Operating income (loss) $ 7,980 $ 6,638 14,618 (597)
Other income (expenses):
Interest on investments 28,093 25,832
Plumbing permits 184 531
Refunds and reimbursements 2,814 1,410
Charges for services 293 829
Bond interest (13,660) (14,513)
Paying agent fees (104) (103)
Adjustment to sale of property (10,000)
Total other income 17,620 3,986
Net income 32,238 3,389
Other increases (decreases):
Transfer to special assessment fund (9,434)
Credit arising from transfer of
depreciation to contributions from
property owners 41,835 41,835
Total other increases (decreases) 32,401 41,835
Net increase in retained earnings 64,639 45,224
Retained earnings - January 1 393,916 348,692
Retained earnings - December 31 $ 458,555 $ 393,916
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, 1985
Totals
December 31,
1985 1984
Sources of financial resources:
Operations:
Net income $ 32,238 $ 3,389 -
Expenses not requiring outlay of
working capital - depreciation 51,473 51,693
Total sources from operations 83,711 55,082 _
Total sources 83,711 55,082
Uses of financial resources:
Bond principal - long -term portion 15,000 15,000
Transfers to other funds 9,433
Total uses 24,433 15,000
Net increase in working capital $ 59,278 $ 40,082
Components of increase in working capital:
Cash and investments $ 84,985 $ 70,881
Accrued interest receivable (1,178)
Accounts receivable 213 (12,821)
Due from other governmental units (15,752) 13,561
Due from other funds (819) (16,681)
Accounts receivable - certified 844 (759)
Prepaid MWCC 2,468 (1,418) _
Accounts payable (1,542) (122)
Accrued interest payable 291 188
Due to other governmental units (9,266) (4,500)
Due to other funds (126) 399
Meter deposits (2,018) (2,468)
Bonds payable - current portion (5,000)
Net increase in working capital $ 59,278 $ 40,082
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, 1985
Balance Balance
._ January 1, December 31,
1985 Additions Deletions 1985
Developers' Deposits Fund:
Assets
Cash (overdraft) $ (493) $ 11,419 $ 11,825 $ (899)
Due from developers 1,666 528 909 1,285
Due from County 152 152
Due from other funds 152 152
Total assets $ 1,325 $ 12,099 $ 12,886 $ 538
Liabilities
Accounts payable $ 424 $ 496 $ 424 $ 496
Due to developers 901 42 901 42
Total liabilities $ 1,325 $ 538 $ 1,325 $ 538
Investment Fund:
Assets
Cash (overdraft) $(1,580,087) $ 7,184,060 $ 7,574,270 $(1,970,297)
Investments 1,570,777 7,769,471 7,387,655 1,952,593
Accrued interest 9,310 39,962 31,568 17,704
Total assets $ -0- $14,993,493 $14,993,493 $ -0-
Total Agency:
Assets
Cash (overdraft) and
_ investments $ (9,803) $14,964,950 $14,973,750 $ (18,603)
Accrued interest receivable 9,310 39,962 31,568 17,704
Due from developers 1,666 528 909 1,285
Due from County 152 152
Due from other funds 152 152
Total assets $ 1,325 $15,005,592 $15,006,379 $ 538
Liabilities
Accounts payable $ 424 $ 496 $ 424 $ 496
Due to developers 901 42 901 42
Total liabilities $ 1,325 $ 538 $ 1,325 $ 538
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, 1985
(UNAUDITED)
Balance Balance
January 1, December 31,
Description 1985 Additions Deletions 1985
Land $ 52,000 $ 1,375 $ 50,625
Land improvements 49,921 49,921
Buildings and structures 308,644 $187,864 496,508
Machinery and equipment 130,186 34,225 150 164,261
Furniture and fixtures 15,799 2,559 18,358
Totals $556,550 $224,648 $ 1,525 $779,673
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, 1985
December 31,
._ 1985 1984
Amount Available and to be Provided for the
Retirement of Long -Term Debt
Bonds:
Amount available in Debt Service Funds $ 4,141 $ 2,456
Amount to be provided from future tax levies 190,859 197,544
Compensated absences:
Amount to be provided 15,287 13,614
Total available and to be provided $ 210,287 $ 213,614
General Long -Term Debt Payable
Bonds payable:
Storm Sewer Bonds $ 195,000 $ 200,000
Compensated absences payable 15,287 13,614
Total general long -term debt payable $ 210,287 $ 213,614
,,� The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 1985
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 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 12/31/85 In 1986 In 1986
$ 205,000 $ 10,000 $ 195,000 $ 5,000 $ 19,403
173,000 113,000 60,000 10,000 3,115
249,000 229,000 20,000 20,000 1,060
165,000 30,000 135,000 15,000 14,600
80,000 9 71,000 9,000 5,765
667,000 381,000 286,000 54,000 24,540
200,000 45,000 155,000 15,000 12,788
$1,072,000 $ 436,000 $ 636,000 $ 74,000 $ 56,731
-
Y
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 2 "
SPECIAL ASSESSMENT BONDS
SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY -
December 31, 1985
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 $ 60,000 $ 20,000 $ 135,000 $ 71,000 $ 286,000
Future interest payable 10,235 1,060 70,563 24,615 106,473
Totals $ 70,235 $ 21,060 $ 205,563 $ 95,615 $ 392,473
Year of maturity:
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 $ 70,235 $ 21,060 $ 205,563 $ 95,615 $ 392,473
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 3
REVENUE BONDS AND GENERAL DEBT BONDS
DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1985
Special
Taxing District
$205,000
Water And Sewer Storm Sewer
Revenue Bond Bond of 1982
Bonds payable $ 155,000 $ 195,000
Future interest payable 69,000 218,703
Total $ 224,000 $ 413,703
Year of maturity:
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 $ 224,000 $ 413,703
CITY OF OAK PARK HEIGHTS, MINNESOTA
CONSTRUCTION COSTS BY PROJECT
For The Year Ended December 31, 1985 —
Capital Project Funds
Capital _
Improvement Storm Sewer
Fund Drainage
Construction Costs Sealcoating Improvements
Contractor $ 21,569 $183,935
Engineering 2,879 40,746 _
Legal, Fiscal, Easements 500 12,006
Other 134 1,210
Total costs $ 25,082* $237,897*
Current Year $ 25,082 $ 3,940
Prior Years $ -0- $233,957
* Completed at December 31, 1985 _
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 4
Special Assessment
1982 Water and Sewer Interim
Brekke EDP Anderson /Lindquist Construction Fund
Park System Water and Sewer NSP
Improvements Acquisition Extensions Manholes
$163,647 $247,849 $ 12,332
16,996 38,201 1,826
50 10,869 60
7,171 $ 23,159 666
$187,864* $ 23,159 $297,585* $ 14,218*
$ 14,742 $ 23,159 $ 4,276 $ 4,577
$173,122 $ -0- $293,309
$ 9,641
-
-
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 5
SECURITIES FOR DEPOSITS
December 31, 1985
Description Amount
Federal GNMA Trust $ 1,436,199
First Mortgage 171,000
FHLB 300,000
Total $ 1,907,199
The above securities have been:
Assigned By: Held By: Amount
Cosmopolitan State Bank of First National Bank of St. Paul $ 300,000
Stillwater
Washington Federal Savings State Street Bank and Trust -
and Loan Pittsburgh 1,436,199
Washington Federal Savings First National Bank of Stillwater
and Loan 171,000
... Total $ 1,907,199
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 6 -
INSURANCE IN FORCE
December 31, 1985 -
Coverage Amount
Umbrella liability: $ 1,000,000
Bodily injury 600,000/600,000 -
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 1,269,775
Miscellaneous radio equipment 12,050
Miscellaneous garden equipment 32,900
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: r
Clerk - treasurer 50,000
Deputy Clerk - treasurer 50,000
Police Professional 1,000,000/1,000,000
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 7
_ FUTURE SCHEDULED TAX LEVIES
December 31, 1985
... Special Taxing District
Special Assessment Bonds Storm Sewer
Year Of Year of Bond Issue Bonds Storm Sewer Total
Collection 1971 1982 Total Of 1982 Construction All Bonds
1986 $ 22,000 $ 12,000 $ 34,000 $ 25,623 $ 21,650 $ 81,273
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 $ 69,000 $ 57,000 $ 126,000 $ 434,414 $ 21,650 $ 582,064
CITY OF OAK PARK HEIGHTS, MINNESOTA _
Exhibit 8
TAXABLE VALUATIONS, TAX LEVIES AND MILL RATES
1985 1984
Storm Sewer Storm Sewer _
District Total City District Total City
Taxable valuations:
Real property $35,393,500 $49,011,167 $36,910,438 $49,052,999
Personal property 875,867 850,583 —
Total 35,393,500 49,887,034 36,910,438 49,903,582
Fiscal disparity adjustment:
Distribution 455,107 1,188,305 1,105,582
Contribution (2,590,267) (3,156,410) (1,812,148) (2,114,690)
Total (2,135,160) (1,968,105) (1,812,148) (1 —
Total taxable valuation $33,258,340 $47,918,929 $35,098,290 $48,894,474
Tax levies and mill rates:
Year of levy 1985 1984
Year of collection 1986 1985
Amount Mill Amount Mill
Levied Rates Levied Rates
City -wide levies:
Revenue $631,309 13.510 $600,000 12.371
Bonded debt 33,486 .717 75,000 1.548
Total $664,795 14.227 $675,000 13.919
Storm Sewer District:
Storm Sewer Bonds of 1982 $ 40,402 1.232 $ 47.719 1.178
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 9
DEBT SERVICE ESCROW AGENT ACCOUNT
BALANCE SHEET
December 31, 1985
First Trust
St. Paul
December 31,
Assets 1985
Cash $ 1,668
Investments 498,003
Total cash and investments 499,671
Amount to be provided by future interest 255,329
Total assets $ 755,000
Liabilities
Liabilities:
Bonds payable $ 755,000
Total liabilities $ 755,000
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 10
DEBT SERVICE ESCROW AGENT ACCOUNT
STATEMENT OF CHANGES IN FUND BALANCE
For The Year Ended December 31, 1985
Amount to be provided - January 1, 1985 $(222,410)
Additions:
Interest received on investments 5,838
Deductions:
Bond interest and paying agent fees 38,757
Amount to be provided - December 31, 1985 $(255,329)
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 11
DEBT SERVICE ESCROW AGENT ACCOUNT
BONDS PAYABLE
December 31, 1985
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 $ 445,000 $ 310,000 $ 755,000
Future interest payable 139,710 111,521 251,231
Totals $ 584,710 $ 421,521 $ 1,006,231
Year of maturity:
1986 $ 55,775 $ 35,500 $ 91,275
1987 54,165 34,500 88,665
1988 52,555 33,500 86,055
1989 50,945 37,500 88,445
1990 49,335 36,250 85,585
- 1991 47,690 35,000 82,690
1992 46,045 33,750 79,795
1993 49,400 32,500 81,900
1994 47,520 31,250 78,770
1995 45,640 30,000 75,640
1996 43,760 28,750 72,510
1997 41,880 27,500 69,380
1998 25,521 25,521
Totals $ 584,710 $ 421,521 $ 1,006,231