HomeMy WebLinkAboutAnnual Financial Report CITY OF OAK PARK HEIGHTS, MINNESOTA
ANNUAL
DECEMBER 31, 1959
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
(Page 1 of 2)
Organization
Independent Auditor's Report
n r 1 roose Financial Statements
Combined Balance Sheet - All Fund Types and Account Groups Statement 1
Combined Statement of Revenue, Expenditures and Changes in Fund Balance
All Governmental Fund Types Statement 2
Combined Statement of Revenue, Expenditures and Changes in Fund Balance
Budget and Actual - General Fund Statement 3
Combined Statement of Revenue, Expenses and Changes in Retained Earnings
Proprietary Fund Type Statement 4
Combined Statement of Cash Flows - Proprietary Fund Type Statement 5
Notes to Financial Statements
Combining and Individual Fund and Account Group Financial Statement
General Fund:
Balance Sheet Statement 6
Statement of Revenue, Expenditures and Changes in Fund Balance -
Budget and Actual Statement 7
Debt Service Funds:
Combining Balance Sheet Statement 8
Combining Statement of Revenue, Expenditures and Changes in Fund Balance Statement 9
Capital Project Funds:
Combining Balance Sheet Statement 10
Combining Statement of Revenue, Expenditures and Changes in Fund Balance Statement 11
Enterprise Fund:
Balance Sheet Statement 12
Statement of Revenue, Expenditures and Changes in Retained Earnings Statement 13
Statement of Cash Flows Statement 14
Agency Funds:
Combining Balance Sheet Statement 15
Combining Statement of Changes in Assets and Liabilities Statement 16
Statement of General Fixed Assets Statement 17
Statement of General Long -Term Debt Statement 18
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
(Page 2 of 2)
&nnlementary Financial Information
Combined Schedule of Indebtedness Exhibit 1
Debt Service Payments to Maturity:
Special Assessment Debt with Governmental Commitment Exhibit 2
Revenue Bonds and General Debt Bonds Exhibit 3
Securities for Deposit Exhibit 4
Insurance in Force Exhibit 5
Future Scheduled Tax Levies Exhibit 5
Taxable Valuations, Tax Levies and Tax Rates Exhibit 7
Debt Service Escrow Agent Accounts
Balance Sheet Exhibit 8
Statement of Changes in Fund Balance Exhibit 9
Bonds Payable Exhibit 10
Schedule of Construction Costs Exhibit 11
Statistical Section
General and Special Revenue Funds - Expenditures by Function -
Years 1980 through 1989 Table I
General and Special Revenue Funds - Revenue by Source -
Years 1980 through 1989 Table 2
Property Tax Levies and Collections - Years 1980 through 1989 Table 3
Special Assessment Collections - Years 1982 through 1989 Table 4
CITY OF OAK PARK HEIGHTS, MINNESOTA
ORGANIZATION
December 31, 1989
Term Expire
Mayor:
Frank Sommerfeldt December 31, 1990
Council Members:
Richard Seggelke December 31, 1990
Jack Doerr December 31, 1990
Barbara O'Neal December 31, 1992
Dean Kern Sr. December 31, 1992
Clerk - Treasurer:
LaVonne Wilson Appointed
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GENERAL PURPOSE
FINANCIAL STATEMENTS
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED BALANCE SHEET -
ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1989
Governmental Fund Tvr)es
Debt Capital
Assets General Service Proiect
Cash and investments $940,739 $525,204 $986,707
Accrued interest receivable
Accounts receivable 10,195
Due from other funds 4,658 1,019 901
Due from other governmental units 3,912
Due from developers 2,746
Prepaid expenses
Taxes receivable:
Delinquent 29,480 1,352
Due from County 17,355 855
Special assessments receivable 400 460,397 73,250
Fixed assets (net of accumulated depreciation)
Amount available in Debt Service Fund
Amount to be provided for retirement of general
long -term debt r
Total Assets $1.006.739 $988,827 $1,063.604
Liabilities and Fund Equity
Liabilities:
Cash overdraft $2,746
Accounts payable $60,448 4,367
Salaries payable 4,356
Contracts payable 19,743
Accrued interest
Due to other governmental units 1,825
Due to other funds $7,440
Deposits / refunds payable
Compensated absences payable
Bonds payable
Deferred revenue 29.480 460.144 65.273
Total liabilities 96.109 467,584 92.129
Fund Equity:
Invested in general fixed assets
Contributions - net
Retained earnings:
Designated
Undesignated
Fund balance (deficit):
Reserved for debt service 521,243
Unreserved:
Designated 840,700 971,475
Undesignated 69,930
Total fund equity 910.630 521.243 971,475
Total liabilities and fund equity $1.006.739 $988.827 $1.063.604
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 1
Proprietary Fiduciary Totals
Fund Tvpe Fund Tvpe ® Account Groups (Memorandum Only)
General General Long- December 31.
Enterprise Agencv ® Fixed Assets Term Debt 1989 1988
(unaudited)
$778,373 $3,231,023 $3,406,934
$28,250 28,250 47,765
80,483 130 90,808 78,766
862 7,440 22,946
3,912 2,417
4,244 6,990 1,798
12,765 12,765 9,370
30,832 21,293
18,210 1,277
534,047 744,777
2,479,020 $1,042,966 3,521,986 2,844,795
$521,243 521,243 500,064
612,225 612,225 872,435
$3,351,503 $32,624 1,042,966 - $1,133,468 $8,619,731 $8.554,637
$31,399 $34,145 $48,669
$2,628 825 68,268 73,079
4,356 4,352
19,743 41,621
1,997 1,997 2,306
22,858 24,683 5,855
7,440 22,946
61,054 400 61,454 61,532
$38,468 38,468 33,499
95,000 1,095,000 1,190,000 1,449,000
554,897 766.071
183,537 32,624 $0 1,133,468 2,005.451 2,508,930
1,042,966 1,042,966 935,775
2,265,245 2,265,245 1,685,244
661,765 661,765
240,956 240,956 785,756
521,243 500,064
1,812,175 2,043,131
69,930 95,737
3,167.966 0 1,042,966 0 6,614,280 6,045.707
$3.351,503 $32,624 $1,042,966 $1,133,468 $8,619,731 $8.554.637
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 2
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES
For The Year Ended December 31, 1989
Totals (Memorandum Only)
Debt Capital December 31,
Revenue: General Service . _ Proie 1989 1988
General property taxes $868,420 $42,943 $911,363 $843,848
Intergovernmental 205,914 3,584 209,498 197,986
Licenses and permits 20,187 20,187 22,682
Fines and forfeits 36,776 36,776 27,788
Interest on investments 53,348 49,637 $117,173 220,158 174,031
Charges for services 67,334 67,334 48,452
Special assessments 4,451 262,584 20,519 287,554 202,998
Connection charges 16,443 16,443 19,210
Refunds and reimbursements 19,423 47,393 66,816
Donations and contributions 25 20,000 20,025
Other 3,000 3,000 7,691
Total revenue 1,278,878 358,748 221,528 1,859,154 1,544,686
Expenditures:
Current:
General government 255,945 42,607 298,552 258,660
Public safety 414,777 414,777 358,184
Streets and highways 78,654 78,654 72,221
Sanitation 185,484 185,484 143,567
Recreation 113,262 113,262 104,229
Capital outlay 62,931 62,931 27,314
Debt service:
Principal 244,000 244,000 39,000
Interest 91,776 91,776 95,143
Paying agent fees 1,793 1,793 1,392
Construction costs 603,509 603,509 114,403
Total expenditures 1,111,053 337,569 646,116 2,094,738 1,214,113
Revenue over (under) expenditures 167,825 21,179 (424,588) (235,584) 330.573
Other increases (decreases):
Operating transfers from other funds 22,100 350,000 372,100 107,000
Operating transfers to other funds (150,000) (222,100) (372,100) (107,000)
Total other increases (decreases) (127,900) 0 127,900 0 0
Net increases (decreases) in fund balance 39,925 21,179 (296,688) (235,584) 330,573
Fund balance- January 1 870,705 500,064 1,268,163 2,638,932 2,308,359
Fund balance - December 31 $910,630 $521,243 $971,475 $2,403,348 $2,638,932
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 3
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For The Year Ended December 31, 1989
1989
Over
(Under) 1988
Budget Actual Budget Actual
(Memorandum
Revenue: Only)
General property taxes $889,242 $868,420 ($20,822) $804,441
Special assessments 4,451 4,451
Intergovernmental 197,618 205,914 8,296 194,553
Licenses and permits 18,445 20,187 1,742 22,682
Fines and forfeits 33,600 36,776 3,176 27,788
Interest on investments 37,000 53,348 16,348 45,043
Charges for current services 63,500 67,334 3,834 48,452
Other 200 22,448 22,248 7,691
Total revenue 1,239,605 1,278.878 39,273 1,150,650
Expenditures:
Current:
General government 293,590 255,945 (37,645) 257,214
Public safety 454,775 414,777 (39,998) 358,184
Streets and highways 90,450 78,654 (11,796) 72,221
Sanitation 180,500 185,484 4,984 143,567
Recreation 121,450 113,262 (8,188) 104,229
Contingency 11,323 (11,323)
Capital outlay 62,931 62,931 20.301
Total expenditures 1,152,088 1,111,053 (41,035) 955,716
Revenue over expenditures 87,517 167,825 80,308 194,934
Other increases (decreases):
Operating transfers to Capital Project Fund (150,000) (150,000) (107,000)
Operating transfers from Capital Project Fund 22,100 22.100
Total other increases (decreases): (127,900) (127,900) 0 (107,000)
Net increase (decrease) in fund balance (540,383) 39,925 $80,308 87,934
Fund balance- January 1 870,705 782,771
Fund balance- December 31 $910.630 5870.705
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEGHTS, MINNESOTA
Statement 4
COMBINED STATEMENT OF REVENUE, EXPENSES AND
CHANGES IN RETAINED EARNINGS
PROPRIETARY FUND TYPE
For The Year Ended December 31, 1989
Totals (Memorandum Only)
December 31,
1989 1988
Operating revenue:
Customer billings $294,655 $292,406
Penalties 3,449 2,919
Plumbing permits 336 510
Refunds and reimbursements 389 2,653
Charges for services 6,099 1,625
Total operating revenue 304,928 300,113
Operating expenses:
Contractual services 60,144 47,488
MWCC charges 129,557 101,837
Materials and supplies 6,208 10,985
Administrative charges 38,000 36,250
Depreciation 52,010 51,320
Total operating expenses 285,919 247,880
Net income from operations 19,009 52,233
Other income (expense):
Interest on investments 66,003 45,331
Bond interest (8,916) (10,125)
Paying agent fees (160) (104)
Loss on disposal of assets _ (806)
Total other income (expense) 56,121 35,102
Net income 75,130 87,335
Other increases (decreases):
Credit arising from transfer of depreciation to
contributions from property owners 41,835 41,835
Net increase in retained earnings 116,965 129,170
Retained eamings- January 1 785,756 656,586
Retained earnings- December 31 5902,721 5785,756
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 5
COMBINED STATEMENT OF CASH FLOWS
PROPRIETARY FUND TYPE
For The Year Ended December 31, 1989
Totals (Memorandum Only)
1989 1988
Cash Flows from Operating Activities:
Operating income $19,009 552,233
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation 52,010 51,320
Change in assets and liabilities:
Decrease (increase) in receivables (10,605) 15,002
Decrease (increase) in prepaid expenses (3,395) (2,255)
Increase (decrease) in payables 18, (24,056)
Net cash flows from operating activities 75,660 92,244
Cash flows from capital and related financing activities:
Acquisition of fixed assets (143) (7,743)
Loss on disposal of fixed assets (806)
Principal paid on revenue bond maturities (15,000) (15,000)
Interest and paying agent fees on revenue bonds (9,076) (10,229)
Net cash flows from capital and related financing activities (25,025) (32,972)
Cash flows from investing activities:
Interest on investments 66,003 45,331
Net increase (decrease) in cash 116,638 104,603
Cash and investments ® January 1 661,765 557,162
Cash and investments m December 31 $778,403 5661,765
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, 1989
NOTE 1 - 5KMMABY OF S NIF CANT ACCO1JNTTNG 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
In accordance with the Codification of Governmental Accounting and Financial Reporting
Standards (GASB) Section 2100, "Defining the Reporting Entity ", for financial reporting purposes
the City's financial statements 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.
As a result of applying the criteria of the Codification of Governmental Accounting Standards
Board Section 2100, certain organizations have been included or excluded from the City's financial
statements:
Entity Reason for inclusion /exclusion
Excluded: None
Included. Housing and Redevelopment See below
Authority
The BRA of the City of Oak Park Heights is a separate legal entity which is authorized to expend
monies generated by the City's tax increment district. The HRA shares the accounting system of
the City. The appointment of HRA board members is made by the City Council. All activity and
benefit derived from HRA activities is included within the City's boundaries.
The transactions of the HRA have been included in the Annual Financial Report of the City of
Oak Park Heights in conformance with the criteria established by the GASB. These transactions
are confined to the St. Croix Mall TIF Fund.
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:
General Fund - to account for all financial resources except those required to be accounted for
in another fund.
D Service Funds - to account for the accumulation of resources for, and the payment of,
general long -term debt principal, interest and related costs.
Cr�ital Pro Funds - to account for financial resources to be used for the acquisition or
construction of major capital facilities.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 2 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
FUNDS AND ACCOUNT GROUPS (cont'd)
PROPRIETARY FUNDS:
Enterorise 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 providing 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 revenue earned, expenses incurred,
and/or net income is appropriate for capital maintenance, public policy, management control,
accountability, or other purposes.
FIDU CIARY FUNDS
Agencv 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 account group 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 and leases payable.
MEASUREMENT FOCUS
The accounting and reporting treatment applied to a fund is determined by its measurement focus.
All Governmental Funds are accounted for on a spending or "financial flow" measurement focus.
This means that only current assets and current liabilities are generally included on their balance
sheets. Governmental Fund operating statements present increases (revenues and other financing
sources) and (expenditures and other financing uses) in net current assets.
All Proprietary Funds are accounted for on a cost of services or "capital maintenance" measurement
focus. This means that all assets and liabilities (whether current or noncurrent) associated with this
activity are included on their balance sheets. Their reported fund equity (net total assets) is
segregated into contributed capital and retained earnings components. Proprietary fund type
operating statements present increases (revenues) and decreases (expenses) in net total assets.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 3 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIF5_ (continued)
BASIS OF ACCOUNTING
The modified accrual basis of accounting is followed by the City for its governmental funds
(General, Debt Service and Capital Project) 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.
Major revenue sources susceptible to accrual include property taxes, special assessments,
intergovernmental revenues, charges for services and interest on investments.
Major revenue sources not susceptible to accrual include 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 funds. 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. 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 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.
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 not considered necessary to assure effective
budgetary control or to facilitate effective cash planning and control. Any appropriations that need
to be carried forward to the next year have to be re- appropriated by the City Council from the fund
balance of the fund involved.
NOTE 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS.
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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 4 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 m DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (continued)
CASH AND INVESTMENTS (cont'd)
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.
Investment earnings are accrued at the balance sheet date. Cash and investment balances were as
follows at December 31, 1989:
Petty cash $50
Checking (6,972)
Savings 126,000
Certificates of deposit 3,077,800
Total $3,196,878
DEPOSITS
In accordance with Minnesota Statutes, the City maintains deposits at those depository banks
authorized by the City Council all of which are members of the Federal Reserve System.
Minnesota Statutes require that all City deposits be protected by insurance, surety bond, or
collateral. The market value of collateral pledged must equal 110% of the deposits not covered by
insurance or bonds (140% in the case of mortgage notes pledged).
Authorized collateral includes the legal investments described below, as well as certain first
mortgage notes and certain other state or local government obligations. Minnesota Statutes require
that securities pledged as collateral be held in safekeeping by the City treasurer or in a financial
institution other than that furnishing the collateral.
At December 31, 1989, the carrying amount and bank balance of the City's deposits were
$3,196,878 and $3,240,024 respectively, all of which was covered by federal depository insurance
or collateralized by securities held in the City's name.
INVESTMENTS
The City is authorized by Minnesota Statutes to invest in the following:
(a) Direct obligations or obligations guaranteed by the United States or its agencies.
(b) Shares of investment companies registered under the Federal Investment Company Act of
1940 and whose only investments are in securities described in (a) above.
(c) General obligations of the State of Minnesota or any of its municipalities.
(d) Bankers acceptance of United States banks eligible for purchase by the Federal Reserve
System.
(e) Commercial paper issued by United States corporations or their Canadian subsidiaries, of
the highest quality, and maturing in 270 days or less.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 5 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPSs (continued)
CASH AND INVESTMENTS (cont'd)
(f) Repurchase or reserve repurchase agreements with banks that are members of the Federal
Reserve System with capitalization exceeding $10,000,000, a primary reporting dealer in
U.S. government securities to the Federal Reserve Bank of New York, or certain Minnesota
securities broker - dealers.
(g) Future contracts sold under authority of Minnesota Statutes 471.56, subd. 5.
During 1989, the City chose not to invest in any of the above type of investments.
MUNICIPAL STATE AID
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.
Municipal State Aid (MSA) is recognized as revenue in the period the funds are designated for
specific construction projects.
LOCAL GOVERNMENT AID
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
Property tax levies are set by the Council in October each year, and are certified to Washington
County for collection in the following year. The County spreads all levies over assessable
property. Such taxes become a lien on January 1 and are recorded as receivable by the City at that
date. 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 December) are remitted to the City each January. 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 during the year are recognized as revenue for the current year.
Additionally, taxes collected by the County by December 31 (remitted to the City the following
January) 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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 6 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 m DETAIL NOTES ON ALL FUND AND AC'COi?NT C:ROIJPS (continued)
PROPERTY TAX REVENUE RECOGNITION (cont'd)
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 100% deferral of revenue.
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 1989 and 1988 totaled $36,912 and $26,128 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. Special assessment principal and interest is recognized as revenue in the year
of collection. 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. Unpaid special assessments are reflected in the balance sheets at December 31,
subject to a 100% deferral of revenue.
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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 7 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 w DETAIL NOTES ON ALL FT1ND AND ACCOUNT GROTIPS. (continued)
FIXED ASSETS
GENERAL
General fixed assets are recorded as expenditures of the governmental funds at the time of purchase.
Such assets are capitalized, at cost, in the general fixed asset group of accounts except for certain
improvements (roads, bridges, curbs, gutters, streets, sidewalks, drainage systems 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
1/1/89 Additions Deletions _ 12/31/89
Umd $100,546 $100,546
Buildings and structures 576,643 $23,400 600,043
Machinery and equipment 231,809 76,023 307,832
Furniture and fixtures 26,777 7,768 34,545
Totals $935,775 $107,191 $0 $1,042,966
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 1 1988
Purchased assets:
Water 5 - 50 years $7,810 $7,467
Sewer 5 - 50 years 2,365 2,018
Contributed assets:
Water 50 years 21,070 21,070
Sewer 50 years 20,765 20,765
Totals $52,010 $51,320
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 contributions 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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 8 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT (rR P (continued)
FIXED ASSETS (cont'd)
A summary of proprietary fund assets at December 31, 1989 is as follows:
Buildings and structures $504,040
Machinery and equipment 61,765
Water and sewer lines 2,684,670
Total 3,250,475
Less: Accumulated depreciation (771,455)
Net fixed assets $2,479,020
INTERFUND RECEIVABLES /PAYABLES
As of December 31, 1989 the City had interfund receivable and payables totalling $7,440. All
such interfund receivables and payables consist of year -end closing adjustments to the accounting
records of the City and are planned to be eliminated in 1990.
CITY INDEBTEDNESS
The following is a schedule of changes in City indebtedness for the year ended December 31, 1989:
Special
Assessment
Debt With
General Revenue Governmental
Obligation Bonds Commitment Total
Bondspayable - January 1, 1989 $180,000 $110,000 $1,159,000 $1,449,000
Bonds retired in 1989 (10,000) (15,000) (234,000) (259,000)
Bonds payable - December 31, 1989 $170,000 $95,000 $925,000 $1,190,000
All bond issues outstanding at December 31, 1989 are backed by the full faith and credit of the
City, including special assessment bond issues. Outstanding balances at December 31,1989,
principal and interest payments due in 1990, final due dates, 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 annual requirement to amortize all bonded debt outstanding at December 31, 1989 including
interest payments of $316,920 are as follows:
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 9 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROi,�.,P (continued)
CITY INDEBTEDNESS (cont'd)
Special
Assessment
General Debt With
Year Ending Obligation Governmental Proprietary
December 990 31, $27,203 Commitment
F und Types Total
293,213
$22,987 $343,403
1991 26,277 283,742 26,750 336,769
1992 25,353 258,461 25,100 308,914
1993 24,377 237,700 23,400 285,477
1994 23,403 21,700 45,103
1995 -2003 187,055 187,055__
Total $313,668 $1,073,116 $119,937 $1,506,721
The amount to be provided in the General Long -Term Debt Group of Accounts represents future
tax levies and special assessments for the retirement of bonds payable. Total scheduled deferred tax
levies to retire general long -term debt bonds are $412,883. City indebtedness at December 31,
1989 is composed of the following:
Final Net
Payment Interest Authorized Outstanding
Date Due Rate and Issued At 12/31/89
Bonded Indebtedness:
General Debt:Special Assessment Bonds:
Storm Sewer Bonds of 1982 12101/82 12/1/03 10.12 % $205,000 $170,000
Special Assessment Bonds with
Governmental Commitment:
General Obligation Storm Sewer
Improvement Bonds of 1971 5101(71 5/01/91 4.60 173,000 20,000
General Obligation Improvement
Bonds of 1982 8/01182 8/01/93 10.75 165,000 75,000
General Obligation Improvement
Bonds of 1983 12/15 /83 2/01/93 8.60 80,000 35,000
General Obligation Improvement
Bonds of 1987 7/01 /87 12/01/93 5.97 995,000 795.000
Total Special Assessment Bonds
With Governmental commitment 1.413,000 92_5,000
Revenue Bonds:
General Obligation Water and
Sewer Bonds of 1980 10 /01 /80 10/01/94 7.50 200,000 95,000
Total Indebtedness S1,818,000 51,190.000
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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 10 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 w DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (continued)
DEFEASANCE OF DEBT
In prior years, the City defeased certain general obligation and other bonds through an advance
refunding by placing the proceeds of the new bonds in an irrevocable trust to provide for all future
debt service payments on the old bonds. Accordingly, trust account assets and the related liability
for the defeased bonds are not included in the City's financial statements. At December 31, 1989,
the $900,000 General Obligation Water and Sanitary Sewer Improvement Bonds of 1967 and the
$500,000 General Obligation Water and Sanitary Sewer Improvement Bonds of 1968 are considered
defeased. The remaining principal of the outstanding bonds at December 31, 1989 is as follows:
Issue Amount
$900,000 General Obligation Water and Sanitary
Sewer Improvement Bonds of 1967 $305,000
$500,000 General Obligation Water and Sanitary
Sewer Improvement Bonds of 1968 225,000
$530,000
The financial transactions of the escrow account are not presented in the financial statements. A
summary of the 1989 activity, however, is presented in Exhibits 8, 9 and 10 of the Supplementary
Financial Information Section.
LEGAL DEBT MARGIN
The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness
payable principally from taxes (MS 475.53). The City of Oak Park Height's legal debt margin for
1989 and 1988 is computed as follows:
December 31,
1989 1988
Functional Value:
Market value $196,515,200 $185,913,700
Assessed value (after fiscal disparities
and tax increment captured values)
Applicable Debt Limit (percentage) _ 2.00% 2.00%
Debt Limit 3,930,304 3,718,274
Amount of Debt Applicable to Debt Limit:
Total bonded debt 1,190,000 1,449,000
Less: Non - applicable debt:
Special Assessment Bonds (925,000) (1,159,000)
Revenue Bonds (95,000) (110,000)
Cash and investments in
corresponding Debt Service Funds (8,140) (7,608)
Total Amount of Debt Applicable to Debt Limit 161,860 172,392
Legal Debt Margin $3,768,444 $3,545,882
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 11 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS, (continued)
LEGAL DEBT MARGIN (cont'd)
Legal debt margin is calculated on general obligation bond issues only (i.e., this does not include
General Obligation Debt with special assessments pledged for payment or Revenue/Enterprise
Fund bonded debt).
DEFERRED REVENUE
Deferred revenue at December 31, 1989 consisted of the following amounts:
Property taxes receivable:
Delinquent $30,833
Special assessments receivable:
Delinquent 100,658
Deferred 408,606
Special deferred 14,800
Total $554,897
RETIREMENT
MULTIPLE EMPLOYER PERS
Plan DeseriDtion
All full -time and certain part -time employees of the City of Oak Park Heights are covered by
defined benefit pension plans administered by the Public Employees Retirement Association of
Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the
Public Employees Police and Fire Fund ( PEPFF) which are cost - sharing multiple- employer
retirement plans. PERF members belong to either the Coordinated Plan or the Basic Plan.
Coordinated members are covered by Social Security and Basic members are not. All new
members must participate in the Coordinated Plan. All police officers, fire fighters and peace
officers who qualify for membership by statute are covered by the PEPFF. The payroll for
employees covered by PERF and PEPFF for the year ended December 31, 1989, was $237,322 and
$185,262, respectively; the City's total payroll was $451,798.
PERA provides retirement benefits as well as disability benefits to members, and benefits to
survivors upon death of eligible members. Benefits are established by State Statute, and vest after
three years of credited service. The defined retirement benefits are based on a member's average
salary for any five successive years of allowable service, age, and years of credit at termination of
service. Two methods are used to compute benefits for Coordinated and Basic members. The
retiring member receives the higher of step -rate benefit accrual formula (Method 1) or a level
accrual formula (Method 2). Under Method 1, the annuity accrual rate for a Basic member is 2
percent of average salary for each of the first 10 years of service and 2.5 percent for each remaining
year. For a Coordinated member, the annuity accrual rate is 1 percent of average salary for each of
the first 10 years and 1.5 percent for each remaining year. Using Method 2, the annuity accrual
rate is 2.5 percent of average salary for Basic members and 1.5 percent for Coordinated members.
For PEPFF members, the annuity accrual rate is 2.5 percent for each of the first 25 years and 2
percent for each remaining year. For PERF members whose annuity is calculated using Method 1,
and for all PEPFF members, a full annuity is available when age plus years of service equal 90.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 12 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 ® DETAIL NOTES ON ALI, FUND AND ACCOUNT GROUPS (continued)
RETIREMENT (cont'd)
There are different types of annuities available to members upon retirement. A normal annuity is a
lifetime annuity that ceases upon the death of the retiree. No survivor annuity is payable. There
are also various types of joint and survivor annuity options available which will reduce the
monthly normal annuity amount, because the annuity is payable over joint lives. Members may
also leave their contributions in the fund upon termination of public service, in order to qualify for
a deferred annuity at retirement age. Refunds of contributions are available at any time to members
who leave public service, but before retirement benefits begin.
Contributions Reauired and Contributions Made
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. The City
makes annual contributions to the pension plans equal to the amount required by state statutes.
According to Minnesota Statutes Chapter 356.215, Subd. 4(g), the date of full funding required for
the PERF and the PEPFF is the year 2020. As part of the annual actuarial valuation, PERA's
actuary determines the sufficiency of the statutory contribution rates towards meeting the required
full funding deadline. The actuary compares the actual contribution rate to a "required"
contribution rate. Current combined statutory contribution rates and actuarially required
contribution rates for the plans are as follows:
Statutory Rates: Required
Employees Employer Rates
PERF (Basic and
Coordinated Plans) 4.27% 4.67% 9.42%
PEPFF 8.00% 12.00% 16.69%
Total contributions made by the city during fiscal year 1989 were:
Percentage of
Amount Covered Payroll
Employees Employer Employees Employer
PERF $7,911 $8,652 4.27% 4.67%
PEPFF 19,356 29,221 8.16% 12.31%
Totals $27,267 $37,873
The City's contribution for the year ended June 30, 1989 to the PERF represented .0102 percent of
total contributions required of all participating entities. For the PEPFF, contributions for the year
ended June 30, 1989, represented .1316 percent of total contributions required of all participating
entities.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 13 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 DETAIL NOTES ON ALL FIND AND ACCOUNT GROUPa (continued)
RETIREMENT (cont'd)
Funding Status and Proeress
1. Pension Benefit Obligation
The "pension benefit obligation" is a standardized disclosure measure of the present value of
pension benefits, adjusted for the effects of projected salary increases and step -rate benefits,
estimated to be payable in the future as a result of employee service to date. The measure,
which is the actuarial present value of credited projected benefits, is intended to help users
assess PERA's funding status on a going- concern basis, assess progress made in accumulating
sufficient assets to pay benefits when due, and make comparisons among Public Employees
Retirement Systems and among employers. PERA does not make separate measurements of
assets and pension benefit obligation for individual employers.
The pension benefit obligations as of June 30, 1989, are shown below:
Total pension
benefit obligation $3,714,257 $582,299
Net assets available
for benefits, at cost
(Market Values for
PERF = $3,801,129;
PEPFF = $694,277) w 2.934,977 637,868
Unfunded (assets in
excess of) pension
benefit obligation $779,280 ($55,569)
The measurement of the pension benefit obligation is based on an actuarial valuation as of
June 30, 1989. Net assets available to pay pension benefits were valued as of June 30, 1989.
2. Changes in Actuarial Methods and Benefit Provisions.
A number of benefit improvements became effective during fiscal year 1989. Some of the
major improvements affecting each fund include a reduction in the period required for vesting
from five years to three years; an option for members hired before July 1, 1989, to have their
annuity calculated under a level benefit accrual formula; the interest rate credited on refunds of
member contributions increased from 5 percent to 6 percent; and the provision for an
automatic bounce back feature for all joint and survivor annuity options. In the PEPFF, age
and/or service requirements were reduced for eligibility for a normal retirement annuity, and
early retirement annuity, and for certain disability and survivor benefits.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 14 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 - nETAIL NOTES ON ALL FUND AND.._.ACCOUNT GROUPS (continued)
RETIREMENT (cont'd)
For each fund, there were changes in the actuarial assumptions used in the annual actuarial
valuation. Effective for all funds beginning in fiscal year 1989, the preretirement interest rate
assumption was increased from 8 percent to 8.5 percent. Additionally for the PERF and the
PEPFF, the amortization target date has been changed to 2020. Shown below are the effects
on the pension benefit obligation of these changes in plan benefits and actuarial assumptions.
Increase (Decrease) in Pension
Benefit Obligation Due to:
(In Thousands)
PERF PEPFF
Changes in plan benefits $127,472 527,851
Changes in actuarial assumptions (84,154) (25,963)
Net increase in pension
benefit obligation R 543,318 $1,888
Ten -Year Historical Trend Information
Ten -year historical trend information is presented in PERA's Comprehensive Annual Financial
Report for the year ended June 30, 1989. This information is useful in assessing the pension
plan's accumulation of sufficient assets to pay pension benefits as they become due.
Related Partv Investments
As of June 30, 1989, and for the fiscal year then ended, PERA held no securities issued by the
City or other related parties.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 15 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 DETAIL NOTES ON _ ALL FUND AND ACCOUNT GROIJP,� (continued)
DESIGNATIONS AND RESERVATIONS OF FUND EQUITY
Major fund equity designations at December 31, 1989 and 1988 are as follows:
December 31,
1989 1988
General Fund:
Designated for cash flow $554,200 $531,700
Designated for contingent employee benefits 87,100 79,400
General contingency designation 199,400 160,400
Designated for ensuing year's budget 3,468
Debt Service Funds:
Reserved for debt service 521,243 500,064
Capital Project Funds:
Designated for capital improvements 971,475 1,268,163
Enterprise Fund:
Designated for capital improvements 661,765
Totals $2,995,183 $2,543,195
NOTE 3 COMBINED FINANCIAL STATEMENTS
The 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 combined financial statements.
NOTE 4 ® "MFMORAND JM ONLY" PRESENT
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 combining of unlike
purpose funds and cannot be construed to be indicative of the overall 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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 16 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 4 m "MEMORANDUM ONLY" PRESENTATIONS (continued)
(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 m DEFERR VI ,S
General obligation bonded debt of all Minnesota cities is issued in accordance with State Statutes.
When a bond issue to be financed by an ad valorem tax levy 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 financing. Alternatively, the City Council is required
to levy any additional taxes found necessary for the full payment of principal and interest.
These future scheduled tax levies are not shown as assets in the accompanying financial statements
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 the general obligation debt with special assessments
pledged were and are scheduled to be as follows:
Levy /Coliectiom Scheduled Actual Percent 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 55.20%
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 22,500 125.00%
1987/88 19,000 18,000 94.74%
1988/89 19,000 18,000 94.74%
1989/90 20,000 20,000 100.00%
1990/91 8,000
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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 17 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 6 m SPECIAL TAXING DISTRICT (continued)
Financing of the construction costs for establishment of this district was provided by issuing the
$205,000 General Obligation Storm Sewer Bonds of 1982. The bonds mature over the next 14
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 taxable property in the Storm Sewer Improvement Tax
District an ad valorem tax. The levy is to be spread for collection in years 1990 to 2003. The
original scheduled levies totaled $486,999.
NOTE 7 = runny rretar WASTE O TROL 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.
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 succeeding calender year and payable by the City, in the
second succeeding calendar 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, 1989
and 1988 were as follows:
December 31,
1989 1988
Current value credits m $429 5468
Debt service credits 104,045 119,108
Deferred charges 2,705 3,091
Total $107,179 $122,667
CITY OF OAK PARK HEIGHTS, MINNESOTA
Page 18 of 18
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 8 -,COMPENSATED ABSENCES
The accrued liability for compensated absences is recorded as a liability in the General Long -Term
Debt Group of Accounts (for governmental funds) and the Proprietary Funds. Unused vacation, the
portion of sick leave payable as severance pay, and the compensatory time 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 1989 1988
Vacation $2,267 $2,267 $2,110
Severence 36,201 36,201 31,389
Total $38,468 $0 $38,468 $33,499
The City also has an unrecorded contingent liability for unused employee sick leave of $86,638
and $77,263 at December 31, 1989 and 1988 respectively.
NOTE 9 - SEGMENT INFORMATION
The City maintains one Enterprise Fund which provides water and sewer services. Segment
information for the year ended December 31, 1989 is as follows:
Water Sewer
Operating Revenue $126,127 $178,801
Operating Expenses (before depreciation) 63,616 170,293
Depreciation 28,880 23,130
Operating Income (Loss) 33,631 (14,622)
NOTE 10 -CONTINGENCIES
The City attorney has indicated that existing and pending lawsuits, claims and other actions in
which the City is a defendant are either covered by insurance; of an immaterial amount; or, in the
judgement of the City attorney, remotely recoverable by plaintiffs.
NOTE 11 - POST RETIREMENT BENEFITS
The City has agreed to pay post - retirement medical premiums of a retired police officer. The
amount of such future payments is $150 per month until June 1993.
NOTE 12 - TAB INC CENT DISIRIU
-- The City established an economic development district, "St. Croix Mall Tax Increment District ",
on August 7, 1989. The original and current tax capacity values are $180,683. There have been
no bonds issued as of December 31, 1989.
INDIVIDUAL FUND
AND ACCOUNT GROUP
FINANCIAL STATEMENTS
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 6
GENERAL FUND
BALANCE SHEET
December 31, 1989
December 31.
Assets 1989 1988
Cash and investments $940,739 $911,344
Accounts receivable 9,255 2,435
Due from other governmental units 3,912 2,417
Due from other funds 4,658 18,000
Accounts receivable - certified 940 5,598
Special assessments receivable 400
Taxes receivable;
29,480 20,201
Delinquent
Due from county 17.355 1,143
Total assets $1,006,739 5961,138
Liabilities and fund balance
Liabilities:
Accounts payable $60,448 $64,705
Salaries payable 4,356 4,352
Due to other governmental units 1,825 1,175
Deferred revenue 29,480 20,201
Total liabilities 96,109 90.433
Fund Balance:
Unreserved:
Designated for cash flow 554,200 531,700
Designated for contingent employee benefit 87,100 79,400
Designated for general contingency 199,400 160,400
Designated for ensuing years' budget 3,468
Undesignated 69,930 95,737
Total fund balance 910,630 870,705
Total liabilities and fund balance $1,006,739 5961.138
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 7
GENERAL FUND Pagel of 4
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1989
1989
Over
(under) 1988
Budget Actual Budget Actual
(Memorandum
only)
Revenue:
General property taxes:
Current and delinquent $889,242 $866,632 ($22,610) $803,944
Other 1,788 1,788 497
Total general property taxes 889,242 868,420 (20,822) 804,441
Special assessments 4451 4,451
Intergovernmental:
State:
Homestead credit 72,498 72,498 67,760
Small business credit 2,935
Local government aid 101,645 101,527 (118) 99,521
Police aid 22,350 24,863 2,513 23,856
EMS grant 625 625
Other 500 (500)
Total state 197,618 199,513 1,895 194,072
County:
Recycling grant 5,909 5,909
Gravel tax allocation 492 492 481
Total intergovernmental 197,618 205,914 8,296 194,553
Licenses and permits 18,445 20,187 1,742 22,682
Charges for services:
Refuse collection 23,000 26,850 3,850 7,947
Other 2,500 2,484 (16) 4,255
Administrative - Enterprise Fund 38,000 38,000 36,250
Total charges for services 63,500 67.334 1 834 48,452
Fines and forfeits 33,600 36,776 3,176 27,788
Interest on investments 37,000 53,348 16,348 45,043
Refunds and reimbursements 19,423 19,423 6,066
Sale of property 3,000 3,000 459
Donations 200 25 (175) 1,166
Total revenue 1,239,605 1,278.878 39,273 1,150,650
Expenditures:
General government:
Mayor and council:
Current:
Personal services 28,130 32,801 4,671 33,301
Contractual services 64,350 55,405 (8,945) 63,485
Total mayor and council 92,480 88,206 (4,274) 96,786
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 7
GENERAL FUND Page 2 of 4
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1989
1989
Over
(under) 1988
Budget Actual Budget Actual
Expenditures: (continued) (Memorandum
General government: (continued) only)
Elections:
Current:
Personal services $998
Materials and supplies 220
Total elections $0 $0 $0 1,218
City clerk:
Current
Personal services 86,750 85,989 (761) 77,431
Materials and supplies 2,600 2,997 397 3,366
Contractual services 4,050. 2,625 (1.425a 3,004
Total current 93,400 91,611 (1,789) 83,801
Capital outlay 500 655 155
Total city clerk 93,900 _ 92,266 (1,634) 83,801_ .
Planning and zoning:
Current:
Contractual services 19,500 20,648, 1,148 19,969
City hall:
Current:
Materials and supplies 4,400 4,699 299 3,384
Contractual services 11,642 8,190 (3,452) 8,520
Total current 16,042 12,889 (3,153) 11,904
Capital outlay 24,100 24,230 130 1,763
Total city hall 40,142 37,1 (3,023) 13,667
Assessor:
Current:
Personal services 7,160 7.037 (123) 6,720
Engineering:
Current:
Contractual services 3,000 1,736 (1,264), 2,730_
General management:
Current:
Personal services 15,500 12,672 (2,828) 16,229
Materials and supplies 1,700 3,648 1,948 1,762
Contractual services 20,650 17,498 (3.152) 16,095
Total general management 37,850 33,818 (4,032), 34,086
Total general government 294,032 280,830 (13,202), 258,977
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 7
GENERAL FUND Page 3 of 4
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1989
1989
Over
(under) 1988
Budget Actual Budget Actual
Expenditures: (continued) (Memorandum
Public safety: only)
Police department:
Current:
Personal services $354,400 $362,393 $7,993 $307,867
Materials and supplies 17,550 18,636 1,086 17,341
Contractual services 21,025 12,600 (8,425) 12,063
Total current 392,975 393,629 654 337,271
Capital outlay 36,300 36.283 (17) 17,473
Total police department 429,275 429,912 637 354,744
Fire protection:
Current:
Contractual services 20, 16,700 (3,300) 16,071
Total fire protection 20,000 16,700 (3,300) 16,071
Animal control:
Current:
Materials and supplies 63 63 68
Contractual services 5,500 _ 4 ,385 (LIL51 4,774
Total animal control 5,500 4, (1,052) 4,842
Total public safety 454,775 451,060 (3,715 375,657
Streets and highways:
Streets and alleys:
Current:
Materials and supplies 700 930 230 425
Contractual services 17,500 15.041 (2,459) 16,792
Total streets and alleys 18,200 15.971 (2,229) 17.217
Snow and ice removal:
Current:
Materials and supplies 3,861
Contractual services 25,000 26,004 1.004 15,934
Total snow and ice removal 25,000 26,004 1,004 19,795
Street lighting:
Current:
Contractual services 45,000 34,419 (10,581) 34,212
Arboreous:
Current:
Personal services 2,150 2,144 (6) 942
Materials and supplies 50 72 22 25
Contractual services 50 44 (6) 30
Total aboreous 2,250 2,260 10 997
Total streets and highways 90,450 78.654 (11.796) 72,221
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 7
GENERAL FUND Page 4 of 4
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1989
1989
Over
(under) 1988
Budget Actual Budget Actual
Expenditures: (continued) (Memorandum
Sanitation: only)
Refuse collection and disposal:
Current
Contractual services $156,000 $174,244 $18,244 $129,000
Tree removal and planting:
Current;
Contractual services 24,500 11,240 (13,260) 14,567
Total sanitation 180,500 185,484 _ 4,984 143,567
Recreation:
Parks, playgrounds and rinks:
Current:
Personal services 105,400 103,350 (2,050) 94,778
Materials and supplies 3,700 4,401 701 4,800
Contractual services 10,150 5,511 (4,639) 4,651
Total current 119,250 113,262 (5,988) 104,229
Capital outlay 2,200 1,763 (437) 1,065
Total recreation 121 450 115,025 (6,425) 105,294
Contingency:
Current:
Contractual services 11,323 (11,323),
Total expenditures 1,152,530 1,111,053 (41,477) 955,
Revenue over expenditures 87,075 167,825 80,750 194,934
Other increases (decreases):
Operating transfer from Capital Project Fund 22,100 22,100
Operating transfer to Capital Project Fund (150,000) (150,000) (107,000)
Total other increases (decreases) (127,900) (127,900) 0 (107,000)
Net increase in fund balance (¢40,825) 39,925 _ $80,750 87,934
Fund balance - January 1 870,705 782,771
Fund balance - December 31 $910,630 $870,705
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1989
G.O.
Storm sewer
Improvement Storm Sewer
Bonds of 1971 Bonds of 1982
Assets
Cash and investments $31,385 $8,140
Taxes receivable:
Delinquent 127 881
Due from county 107 532
Due from other funds
Special assessments:
Delinquent
Deferred 460
Special deferred
Due from county 31
Total assets $32,110 59,553
Liabilities and Fund Balance
Liabilities:
Due to other governments
Due to other funds
Deferred revenue $587 $881
Total liabilities 587 881
Fund Balance:
Reserved for debt service 31,523 8,672
Total liabilities and fund balance $32,110 59,553
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 8
$165,000 G.O. Totals
Improvement $80,000 G.O. Improvement December 31,
Bonds of 1982 Bonds of 1983 Bonds of 1987 1989 1988
$53,686 $37,106 $394,887 $525,204 $521,708
344 1,352 1,092
216 855 56
1,019 1,019 1,151
95,692 95,692 7,564
8,800 9,773 329,267 348,300 642,321
14,800 14,800 14,800
31 1,543 1,605
578,896 $48,422 5819,846 $988,827 $1,188,692
$109
$7,440 $7,440 22,742
$23,944 $9,773 424,959 460,144 665,777
23,944 9,773 432,399 467,584 688,628
54,952 38,649 387,447 521,243 500.064
$78,896 $48,422 $819,846 $988,827 S1,188,692
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1989
G.O.
Storm Sewer
Improvement Storm Sewer
Bonds of 1 Bonds of 1982
Revenue:
General property taxes:
Current and delinquent S5,478
Storm Sewer ad valorem taxes:
Current $26,602
Special assessments:
Current and delinquent 285
Prepayments
Total special assessments 285 0
Intergovernmental:
State:
Homestead credit 457 2,222
Small business credit
Total intergovernmental 457 2,222
Interest on investments _ 2,909 670
Total revenue 9,129 29,494
Expenditures:
Debt service:
Principal 10,000 10,000
Interest 1,425 18,103
Paying agent fees 359 359
Total Expenditures 11,784 28,462
Revenue over (under) expenditures (2,655) 1,032
Net increase (decrease) in fund balance (2,655) 1,032
Fund balance - January 1 34,178 7,640
Fund balance - December 31 531,523 58,672
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 9
$165,000 G.O. Totals
Improvement $80,000 G.O. Improvement December 31,
Bonds of 1982 Bonds of 1983 Bonds of 1987. 1989 ... _ ,_. _ 1988
$10,863 _ $16,341 516,606
26,602 22,652
3,473 $10,809 $87,956 102,523 7,022
160,061 160,061 170,369
3,473 10,809 248,017 262,584, 177.391
905 3,584 3,290
143
905 0 0 3,584 3,433
5,183 3,026 37,849 49,637 32,163
20,424 13,835 285,866 358,748 m 252.245
15,000 9,000 200,000 244,000 39,000
9,875 3,483 58,890 91,776 95,143
359 716 1,793 1,392
25,234 12,483 259,606 337,569 135.535
(4,810) 1,352 26,260, 21,179 116,710
(4,810) 1,352 26,260 21,179 1 16,710
59,762 37,297 361,187 500,064 383,354
$54,952 $38,649 $387,447 $521.243 $500,064
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1989
Closed Capital
Assets Bond Fund Improvements
Cash and investments $730,605 $168,164
Due from other funds
Due from developer
Special assessments receivable:
Delinquent 3,982
Deferred 43,588
Due from County 6,113
Total assets $784,288 S168,164
Liabilities and
fund balance
Liabilities:
Cash overdraft
Accounts payable $3,460
Contracts payable 19,743
Due to other funds
Deferred revenue $47,570
Total liabilities 47,570 23,203
Fund balance (deficit):
Unreserved:
Designated for capital
improvements 736,718 144,961
Undesignated
Total fund balance 736,718 144,961
Total liabilities and
fund balance $784,288 $168,164
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 10
Swager's St. Croix Totals
Completed 9th Mall December 31,
Construction Utilities (TIF) 1989 - 1988
$4,693 $83,245 $986,707 $1,312,117
901 901 3,658
$2,746 2,746
984 4,966 4,844
16,719 60,307 75,248
1,864 7,977 78
$25,161 $83.245 $2,746 $1,063,604 $1,395.945
$2,746 $2,746
$643 $264 4,367 $5,970
19,743 41,621
98
17,703 _ 65,273 80.093
18,346. 264 _ 2,746 92.129 127,782
6,815 82,981 971,475 1,268,163
6,815 82,981 0 971,475 1,268,163
$25.161 $83,245 $2,746 $1,063,604 $1.395,945
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1989
Closed Capital
Bond Fund Improvements
Revenue:
General property taxes:
Current and delinquent
Special assessments:
Current and delinquent $12,605
Prepayments 1,286
Total special assessments 13,891
Interest on investments 55,268 $48,974
Connection charges 16,443
Refunds and reimbursements
Donations and contributions 20.000
Total revenue 85,602 68.974
Expenditures:
Professional services 783
Construction costs 519,082
Capital outlay
Total expenditures 783 519.082
Revenue over (under) expenditures 84,819 (450,108)
Other increases (decreases):
Operating transfer from General Fund 150,000
Operating transfer to General Fund (22,100)
Operating transfer from Capital Project Fund 200,000
Operating transfer to Capital Project Fund (200,000)
Total other increases (decreases) (222,100) 350.000
Net increase (decrease) in fund balance (137,281) (100,108)
Fund balance (deficit) e January 1 873,999 245.069
Fund balance o December 31 5736,718 $144,961
The accompanying notes are an integral part of these financial statements
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 1 i
Swager's River Hills St. Croix Totals
Completed 9th Utility and Street Mall December 31,
Construction Utilities Improvement (TIM 1989 1988
(Memorandum
Only)
$149
$6,373 $18,978 21,581
255 1,541 4,026
6,628 20,519 25,607
4,401 $8,530 117,173 96,825
16,443 19,210
$20,698 $26,695 47,393
20,000
11,029 8,530 20,698 26,695 221,528 141.791
14,865 26,695 42,343 1,446
76,137 8,554 603,773 111,875
- -- -- - -- - -- 9,541
76,137 8,554 14,865 26,695 646,116 122,862
(65,108). (24) 5,833 0 (424,588) 18,929
150,000 107,000
(22,100)
200,000
(200.000)
0 0 0 p 0 127,900 107,000
(65,108) (24) 5,833 0 (296,688) 125,929
71,923 83,005 (5,833) 0 1,268,163 1,142,234
$6.815 $82,981 $0 $0 $971,475 $1,268,163
The accompanying notes are an integral part of these financial statements
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 12
ENTERPRISE FUND
BALANCE SHEET
December 31, 1989
December 31,
Assets 1989 1988
(Memorandum
Current assets: Only)
Cash and investments $778,373 $661,765
Due from other funds 862 137
Accounts receivable:
Customers 79,372 69,494
Certified to county 725 1,109
Other 386
Prepaid MWCC 12,765 9.370
Total current assets 872,483 741,875
Utility plant in service - at cost:
Buildings and structures 504,040 504,040
Machinery and equipment 61,765 61,591
Distribution and collection system 2,684,670 2,062,834
Total 3,250,475 2,628,465
Less: Allowance for depreciation (771,455) (719.445)
Net fixed assets 2,479,020 1,909,020 _
Total assets $3,351,503 $2,650,895
Liabilities and fund equity
Current Liabilities:
Accounts payable $2,628 $1,859
Due to other governmental units 22,858 4,571
Due to other funds 106
Accrued interest 1,997 2,306
Meter deposits 61,054 61,053
Bonds payable 15,000 15,000
Total current liabilities 103,537 84,895
Noncurrent liabilities:
Bonds payable 80,000 95.000
Total liabilities 183,537 179,895
Fund equity:
Contributions from property owners - net 2,265,245 1,685,244
Retained earnings:
Designated 661,765
Undesignated 240,956 785,756
Total fund equity 3,167,966 2,471,000
Total liabilities and fund equity $3,351,503 $2,650,895
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 13
ENTERPRISE FUND
STATEMENT OF REVENUE, EXPENSES AND
CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1989
Totals
Water Sewer December 31,
Operating Operating 1989 1988
(Memorandum
Revenue: Only)
Customer billings $119,330 $175,325 $294,655 $292,406
Penalties 1,404 2,045 3,449 2,919
Plumbing permits 168 168 336 510
Refunds and reimbursements 389 389 2,653
Charges for services 5.225 874 6,099 1,625
Total operating revenue 126,127 178,801 304,928 300.113
Expenses:
Contractual services 38,602 21,542 60,144 47,488
MWCC charges 129,557 129,557 101,837
Materials and supplies 6,014 194 6,208 10,985
Administrative and personnel charge 19,000 19,000 38,000 36,250
Depreciation:
On purchased assets 7,810 2,365 10,175 9,485
On contributed assets 21,070 20,765 41,835 41,835
Total operating expenses 92,496 193,423 285,919 247.880
Operating income (loss) $33,631 ($14,622) 19,009 52,233
Other income (expense):
Interest on investments 66,003 45,331
Bond interest (8,916) (10,125)
Paying agent fees (160) (104)
Loss on disposal of assets (806)
Total other income 56.121 35,102
Net income 75.130 87.335
Other increases (decreases):
Credit arising from transfer of depreciation to
Contributions from property owners 41,835 41,835
Net increase in retained earnings 116,965 129,170
Retained earnings - January 1 785,756 656,586
Retained earnings - December 31 $902,721 $785,756
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 14
ENTERPRISE FUND
STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1989
Totals
1989 1988
(Memorandum
Cash Flows from Operating Activities: Only)
Operating income $19,009 $52,233
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation 52,010 51,320
Change in assets and liabilities:
Decrease (increase) in receivables (10,605) 15,002
Decrease (increase) in prepaid expenses (3,395) (2,255)
Increase (decrease) in payables 18,641 (24,056)
Net cash flows from operating activities 75,660 92,244
Cash flows from capital and related financing activities:
Acquisition of fixed assets (174) (7,743)
Loss on disposal of fixed assets (806)
Principal paid on revenue bond maturities (15,000) (15,000)
Interest and paying agent fees on revenue bonds (9,076) (10,229)
Net cash flows from capital and related financing activities (25,056) (32,972)
Cash flows from investing activities:
Interest on investments 66,003 45,331
Net increase in cash 116,607 I04,603
Cash and investments - January 1 661,765 557,162
Cash and investments - December 31 5778372 $661,765
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 15
AGENCY FUNDS
COMBINING BALANCE SHEET
December 31, 1989
Developers Totals
Deposit Investment December 31,
Fund Fund 1989 1988
Assets (Memorandum
Only)
Cash
Accrued interest receivable $28,250 $28,250 $47,765
Accounts receivable $130 130 130
Due from developers 4,244 4,244 1.798
Total assets $4,374 528, $32,624 _ 549.693
Liabilities
Cash overdraft $3,149 $28,250 $31,399 $48,669
Accounts payable 825 825 545
Due to developers 400 400 479
Total liabilities $4,374 $28,250 $32,624 549.693
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 16
AGENCY FUNDS
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1989
Balance Balance
January 1, December 31,
1989 Additions Deletions 1989
Developers' Deposits Fund:
Assets
Cash ($904) $12,633 $14,878 (53,149)
Accounts receivable 130 130
Due from developers 1,798 3,455 1,009 4,244
Total assets S1,024 $16,088 S15,887 $1,225
Liabilities
Accounts payable $545 $825 $545 $825
Due to developers 479 166 245 400
Total liabilities $1,024 5991 5790 51,225
Investment Fund:
Assets
Accrued interest $47,765 $28,250 $47.765 $28,250
Liabilities
Cash overdraft $47,765 $13,122,596 $13,142,111 $28,250
Total A�-Yencv:
Assets
Cash ($904) $12,633 $14,878 ($3,149)
Accrued interest receivable 47,765 28,250 47,765 28,250
Due from developers 1,798 3,455 1,009 4,244
Due from county 130 0 0 130
Total assets 548,789 544,338 $63,652 $29,475
Liabilities
Cash overdraft $47,765 $13,122,596 $13,142,111 $28,250
Accounts payable 545 825 545 825
Due to developers 479 166 245 400
Total liabilities $48,789 $13,123,587 $13.142,901 529,475
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 17
STATEMENT OF GENERAL FIXED ASSETS
December 31, 1989
(UNAUDITED)
Balance Balance
January 1, December 31,
Description 1989 Additions.-... Deletions 1989
Land $50,625 $50,625
Land improvements 49,921 49,921
Buildings and structures 576,643 $23,400 600,043
Machinery and equipment 231,809 76,023 307,832
Furniture and fixtures 26,777 7,768 34,545
Totals $935,775 $ 107,191 $0 $ 1,042,966
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
Statement 18
STATEMENT OF GENERAL LONG -TERM DEBT
December 31, 1989
December 31,
1989 1988
Amount Available And To Be Provided For The (Memorandum
Retirement of Long -Term Debt, Only)
Bonds:
Amount available in debt service funds $521,243 $500,064
Amount to be provided from future tax levies/
special assessment collections 573,757 838,936
Compensated absences:
Amount to be provided 38,468 33,499
Total available and to be provided $1,133,468 $1,372,499
General Long -Term Debt Pavable
Bonds payable:
General Obligation Bonds:
Storm Sewer Bonds $170,000 $180,000
Special Assessment Bonds with Governmental Commitment:
G.O. Storm Sewer Improvement Bonds of 1971 20,000 30,000
G.O. Improvement Bonds of 1982 75,000 90,000
G.O. Improvement Bonds of 1983 35,000 44,000
G.O. Improvement Bonds of 1987 795,000 995,000
Compensated absenses payable 38,468 33,499
Total general long -term debt payable $1,133,468 $1,372,499
The accompanying notes are an integral part of these financial statements.
SUPPLEMENTARY
FINANCIAL
IN F 0 R M A T 10 N
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 1989
Final Net
Payment Interest
Dated Due Rate
Bonded Indebtedness
Special Assessment Bonds with governmental commitment:
General Obligation Storm Sewer Improvement
Bonds of 1971 5/1/71 5/1/91 4.60%
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%
General Obligation Improvement Bonds of 1987 7/1/87 12/1/93 5.97%
Total special assessment bonds
with governmental commitment
General Debt:
Storm Sewer Bonds of 1982 12/1/82 12/1/03 10.12%
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 12/31/89 In 1990 In 1990
$173,000 $153,000 $20,000 $10,000 $855
165,000 90,000 75,000 15,000 8,263
80,000 45,000 35,000 9,000 2,704
995.000 200.000 795.000 200.000 47,390
1,413.000 488,000 925,000 , 234,000 59,212
205.000 35,000 170,00, 10.000 17,203
200,000 105.000 95,000 15,000 7.987
51,818.000 $628.000 $1.190.000 $259,000 584,402
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 2
SPECIAL ASSESSMENT DEBT WITH GOVERNMENTAL, COMMITMENT
SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1989
G.O. $165,000 $80,000 $995,000
Storm Sewer G.O. G.O. G.O.
Improvement Improvement Improvement Improvement
Bonds Bonds Bonds Bonds
of 1971 m of 1982 of 1983 of 1987 Total
Bonds payable $20,000 $75,000 $35,000 $795,000 $925,000
Futute interest payable 1,140 21,413 6,103 119,460 148,116
Totals $21,140 $96,413 $41,103 $914,460 $1,073,116
Payments to maturity:
1990 $10,855 $23,263 $11,705 $247,390 $293,213
1991 10,285 26,650 10,917 235,890 283,742
1992 24,250 10,121 224,090 258,461
1993 22,250 8,360 207,090 237,700
Totals $21,140 $96,413 $41,103 $914,460 $1,073,116
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 3
REVENUE BONDS AND DEBT SERVICE BONDS
SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1989
Special
Taxing District
$205,000
Water And Sewer Storm Sewer
Revenue Bond Bond of 1982
Bonds payable $95,000 $170,000
Futute interest payable 24,937 143,668
Totals $119,937 5313.668
Payments to maturity:
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
Totals $119,937 $313,668
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 4
SECURITIES FOR DEPOSIT
December 31, 1989
Description Amount
U. S. Treasury Note $1,601,000
Federal Home Loan Mortgage 3,445,702
Federal National Mortgage Association 1,977,899
Federal Home Loan Bank 901,359
St. Paul Port Authority Bond 51,108
Government National Mortgage Association 519.576
Total $8,496,644
The above securities have been:
Ass41ned By: Held By Amount
Metropolitan Federal Bank FHLB - Des Moines, Iowa $3,530,704
Cosmopolitan State Bank of Stillwater First Bank St. Paul 100,109
Central Bank First Minneapolis 2,224,099
Firstar Bank First Minneapolis 2,641,732
Total $8,496,644
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 5
INSURANCE IN FORCE
December 31, 1989
Coverage Amount
Umbrella Liability $ 1,000,000
Package:
Property Blanket Building and Contents 1,525,450
Public Liability 600,000
Errors or omissions 600,000
Miscellaneous radio equipment 12,850
Contractors Equipment 36,276
Business Auto Policy:
Liability CSL 600,000
Uninsured motorist 600,000
Underinsured motorist 600,000
Physical Damage:
Comprehensive ($250 deductible) A.C.V.
Collision ($500 deductible) A.C.V.
Law Enforcement Liability ($2,500 deductible) 500,000
Worker's Compensation Statutory
Public Employees Bond:
Clerk - treasurer 50,000
Deputy Clerk - treasurer 50,000
Bond - Public Employees Blanket Bond 50,000
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 6
FUTURE SCHEDULED TAX LEVIES
December 31, 1989
Special
Special Assessment Bonds Taxing District
Year Of Year of Bond Issue Storm Sewer Total
Collection 1971 1982 Total Bonds of 1982 All Bonds
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 $ 12,000 $24,000 $36,000 $329,375 $365,375
CITY OF OAK PARK HEIGHTS, NIINNESOTA
Exhibit 7
TAXABLE VALUATIONS, TAX LEVIES AND TAX RATES
_ Tax Capacity Values Assessed Values
1989/1990 1988/1989 1987/1988 1986/1987
Taxable Valuations:
Real estate $6,990,588 $7,161,701 $53,623,632 $51,341,491
Personal property 124,501 114,560 920,587 873,803
Fiscal disparity:
Contribution (611,697) (452,863) (3,397,242) (2,752,913)
Distribution 326,159 282,761 1,822,244 1,490,130
Total $6,829,551 $7,106,159 $52,969,221 $50,952,511
Tax Levy:
City Wide:
General revenue $1,108,430 $961,740 $899,000 $745,000
Debt service 20,000 18,000 22,500
Total City Wide 1,128,430 979,740 899,000 767,500
Storm Sewer District:
Storm Sewer Bonds of 1982 28,563 29,508 24,731 25,177
Total Tax Levy $1,156,993 $1,009,248 $923,731 $792,677
Mill Rate:
City Wide:
General revenue 17.034 14.813
Ccbt service 0.449
Total City Wide 17.034 15.262
Storm Sewer District:
Storm Sewer Bonds of 1982 0.701 0.461
Total Mill Rate 17.735 15.723
Gross Tax Capacity Rate:
City Wide:
General revenue 17.100% 13.528%
Debt service 0.309 0.253
Total City Wide 17.409 13.781
Storm Sewer District:
Storm Sewer Bonds of 1982 0.603 0.629
Total Tax Capacity Rate 18.012% 14.410%
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 8
DEBT SERVICE ESCROW AGENT ACCOUNT
BALANCE SHEET
December 31, 1989
First Trust St. Paul
December 31,
Assests 1989 1988
Cash $793 $350
Investments 241,557 296,897
Total cash and investments 242,350 297,247
Amount to be provided by future interest 287,650 292,753
Total assets $530,000 $590,000
Liabilities
Liabilities:
Bonds payable $530,000 $590,000
Total liabilities $530,000 $590,000
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 9
DEBT SERVICE ESCROW AGENT ACCOUNT
STATEMENT OF CHANGES IN FUND BALANCE
For The Year Ended December 31, 1989
Amount to be provided - January 1, 1989 $292,753
Deductions:
Interest received on investments (33,548)
Additions:
Bond interest and paying agent fees 28,445
.Amount to be provided - December 31, 1989 $287,650
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 10
DEBT SERVICE ESCROW AGENT ACCOUNT
BONDSPAYABLE
December 31, 1989
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 $305,000 $225,000 $530,000
Future interest payable 66,270 55,521 121,791
Totals $371,270 $280,521 5651,791
Year of maturity
1990 $49,335 $36,250 585,585
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 $371.270 $280,521 5651,791
CITY OF OAK PARK HEIGHTS, MINNESOTA
Exhibit 11
SCHEDULE OF CONSTRUCTION COSTS
December 31, 1989
Legal,
and Current Prior
Contractor Engineer Fiscal Other Total Year Years
Capital Improvements Fund:
City Hall Expansion $394,874 $40,295 $50 $33,182 $468,401 $468,401 $0
Street Sealcoat 18,757 2,515 597 21,869 21,869 0
Park Improvements 28,812 28,812 28,812 0
Total 413,631 42,810 50 62,591 519,082 519,082 0
Completed Construction Fund:
County Seat Estates 57,502 13,306 500 4,829 76,137 76,137 0
Swager's 9th Fund:
Swagers 9th 681,443 8 2,016 10,630 38,916 813,005 8,554 804,451
Total - All Funds $1,152,576 $138,132 $11,180 $106,336 $1,408,224 $603,773 S804,451
S T A T I S T I C A L
S E C T 10 N
CITY OF OAK PARK HEIGHTS, MINNESOTA
Table 1
GENERAL AND SPECIAL REVENUE FUNDS
EXPENDITURES BY FUNCTION
Years 1980 Through 1989
(UNAUDITED)
Streets
General Public and Capital
Year Total Government Safety Highways Sanitation Recreation Outlay
1980 $461,689 $117,583 $168,443 $45,869 $58,534 $46,127 $25,133
1981 533,788 161,276 170,733 43,928 63,586 54,439 39,826
1982 534,910 134,061 189,877 48,442 58,362 74,355 29,813
1983 551,944 131,768 204,955 62,900 63,814 74,714 13,793
1984 606,763 154,095 227,844 60,414 74,652 79,938 9,820
1985 679,409 176,495 258,079 70,352 75,169 85,002 14,312
1986 771,847 206,642 286,424 53,558 97,266 94,351 33,606
1987 851,156 210,609 327,380 55,555 124,719 92,831 40,062
1988 955,716 257,214 358,184 72,221 143,567 104,229 20,301
1989 1,111,053 255,945 414,777 78,654 185,484 113,262 62,931
CITY OF OAK PARK HEIGHTS, MINNESOTA
Table 2
GENERAL AND SPECIAL REVENUE FUNDS
REVENUE BY SOURCE
Years 1980 Through 1989
(UNAUDITED)
Licenses Fines Charges
Inter - and and Interest for
Year Total Taxes povernmental Permits Forfeits Income services Miscellaneous
1980 $491,557 $276,402 $171,621 $22,058 $2,722 $8,702 $7,864 $2,188
1981 608,701 386,515 182,356 16,263 7,576 11,151 329 4,511
1982 669,827 423,843 165,075 12,058 5,560 20,878 39,361 3,052
1983 756,505 482,084 186,939 16,808 7,730 24,798 33,221 4,925
1984 877,106 543,573 192,959 15,967 14,633 49,681 33,318 26,975
1985 881,379 559,613 196,654 15,569 27,630 43,997 33,068 4,848
1986 913,523 579,557 192,505 22,716 28,474 40,729 35,031 14,511
1987 997,368 681,636 185,050 18,882 31,809 38,658 35,493 5,840
1988 1,150,650 804,441 194,553 22,682 27,788 45,043 48,452 7,691
1989 1,278,878 868,420 205,914 20,187 36,776 53,348 67,334 26,899
CITY OF OAK PARK HEIGHTS, MINNESOTA
Table 3
PROPERTY TAX LEVIES AND COLLECTIONS
Years 1980 Through 1989
(UNAUDITED)
Percent Total
of Collection Delinquent
Current Delinquent Total as a Outstanding Percent of
Taxes Total Current Tax Levy Tax Tax Percent Delinquent Current
payable Tax Levy Collections Collected Collections Collections of Levy Taxes Levy
1980 $384,800 $374,902 97.43% $6,558 $381,460 99.13% $5,680 1.48%
1981 473,105 448,905 94.88% 1,648 450,553 95.23% 11,836 2.50%
1982 521,081 504,547 96.83% 6,325 510,872 98.04% 16,175 3.10%
1983 605,259 595,034 98.31% 10,778 605,812 100.09% 15,622 2.58%
1984 696,639 680,144 97.63% 10,419 690,563 99.13% 21,698 3.11%
1985 722,719 713,393 98.71% 15,262 728,655 100.82% 15,762 2.18%
1986 722,273 705,913 97.73% 5,404 711,317 98.48% 26,716 3.70%
1987 792,677 774,069 97.65% 15,683 789,752 99.63% 29,641 3.74%
1988 923,731 914,739 99.03% 160 914,899 99.04% 21,293 2.31%
1989 1,031,733 983,752 95.35% 1,898 985,650 95.53% 30,833 2.99%
CITY OF OAK PARK HEIGHTS, MINNESOTA
Table 4
SPECIAL ASSESSMENT COLLECTIONS
Years 1982 Through 1989
(UNAUDITED)
Current Total
Collections Collections
As a Percent As a Percent
Current Current Of Current Delinquent Of Current Outstanding
Year Assessments Assessments Assessments Assessments Assessments Delinquent
Payable Due Collected Due Collected Due _Assessments
1982 $90,298 $76,415 84.63 % $2,732 87.65% $27,275
1983 59,286 56,847 95.89% 21,636 132.38% 8,195
1984 93,917 85,506 91.04% 2,234 93.42% 13,850
1985 69,510 64,533 92.84% 6,471 102.15% 12,020
1986 45,734 40,547 88.66% 6,210 102.24% 10,882
1987 40,260 38,170 94.81% 2,140 100.12% 10,781
1988 30,286 27,685 91.41% 918 94.44% 12,408
1989 211,926 113,895 53.74% * 8,889 57.94% * 102,323
* Note: Special assessments for 1989 include a single assessment roll collectible over five years (1989 through 1993) appropriated
to finance the G. O. Improvements Bonds of 1987. Substantially all of the underlying property is owned or controlled by
a single developer. This developer has elected to pay these assessments as the underlying parcels are sold and/or developed
rather than over the scheduled years of the certified collections for this assessment roll. The above delinquent assessments
of $102,323 include $95,700 from this single developer. Actual versus scheduled collections for this assessment roll have
been as follows through December 31, 1989:
Originally
Year Actual Scheduled
1987 $128,240 $0
1988 167,569 0
1989 248,017 261,700
$543,826 $261,700
Based upon the past history of this developer (as shown above) the City expects that the 1989 delinquencies (plus future
installments) will be collected at or before the related bond maturities. Should this not occur, the City has sufficient
reserve balances in other City Funds to temporarily finance any temporary shortages.