HomeMy WebLinkAboutAnnual Financial Report CITY OF OAK PARK HEIGHTS, MINNESOTA
ANNILAL FINANCIAL, REPORT
DECEMBER 31, 1991
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
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Organization
Independent Auditor's Report
General Puroose 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 GrouD 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:
Forfeiture and Seizure Fund
Balance Sheet Statement 8
Statement of Revenue, Expenditures and Changes in Fund Balance Statement 9
Debt Service Funds:
Combining Balance Sheet Statement 10
Combining 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
Enterprise Fund:
Balance Sheet Statement 14
Statement of Revenue, Expenditures and Changes in Retained Earnings Statement 15
Statement of Cash Flows Statement 16
Agency Funds:
Combining Balance Sheet Statement 17
Combining Statement of Changes in Assets and Liabilities Statement 18
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
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Schedule of General Fixed Assets Statement 19
Schedule of General Long-Term Debt Statement 20
Surmlementary 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
Insurance in Force Exhibit 4
Future Scheduled Tax Levies Exhibit 5
Taxable Valuations, Tax Levies and Tax Rates Exhibit 6
Debt Service Escrow Agent Account:
Statement of Changes in Cash and Investments Exhibit 7
Bonds Payable Exhibit 8
Schedule of Construction Costs Exhibit 9
Schedule of Sources and Uses of Funds
For St. Croix Mall Tax Increment District Exhibit 10
Statistical Section
General and Special Revenue Funds - Expenditures by Function -
Years 1982 through 1991 Table 1
General and Special Revenue Funds - Revenue by Source -
Years 1982 through 1991 Table 2
Property Tax Levies and Collections - Years 1982 through 1991 Table 3
Special Assessment Collections - Years 1982 through 1991 Table 4
CITY OF OAK PARK HEIGHTS, MINNESOTA
ORGANIZATION
December 31, 1991
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Term Expires
Mayor:
Barbara O'Neal December 31, 1992
Council Members:
Richard Seggelke December 31, 1994
Jack Doerr December 31, 1994
Dean Kern Sr. December 31, 1992
Joe Carufel December 31, 1992
Administrator - Treasurer:
LaVonne Wilson Appointed
Deputy Clerk/Finance Director
Judy Holst 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, 1991
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Governmental Fund Types
Special Debt
Assets General Revenue Service
Cash and investments $1,000,965 $2,288 $789,449
Assets with deferred compensation plan administrator - _ _
Accrued interest receivable - _ _
Accounts receivable 18,567 - -
Due from other governmental units 3,469 - -
Due from developers _ _ _
Prepaid items - _ _
Taxes receivable:
Delinquent 32,692 - 2,344
Due from County 30,856 - 2,540
Special assessments receivable - - 99,869
Fixed assets (net of accumulated depreciation) _ _ _
Amount available in Debt Service Fund - _
Amount to be provided for retirement of general long -term debt - - _
Total assets $1,086,549 $2,288 $894,202
Liabilities, Equity and Other Credits
Liabilities:
Cash overdraft _ _ _
Accounts payable $45,971 -
Salaries payable 3,947 _
Contracts payable _
Due to other governmental units 415
Accrued interest
Deferred compensation payable _
Deposits !refunds payable
Compensated absences payable
Bonds payable _ _ _
Deferred revenue 35,165 - $93,151
Total liabilities 85,498 $0 93,151
Equity and other credits:
Invested in general fixed assets _ _ _
Contributions - net _ _ _
Retained earnings:
Reserved _ _ _
Unreserved _ _ _
Fund balance (deficit):
Reserved for debt service - - 801,051
Unreserved:
Designated 926,000 2,288 -
Undesignated 75,051 - -
Total equity and other credits 1,001,051 2,288 801,051
Total liabilities, equity and other credits $1,086,549 $2,288 $894,202
The accompanying notes are an integral part of these financial statements,
Statement 1
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Proprietary Fiduciary Totals
Fund Type Fund Type Account Groups (Memorandum Only)
------- - - - - -- - - -- - - - -- -
Capital General General Long- -
December 31,
Project Enterprise Agency Fixed Assets Term Debt 1991 1990
$1,433,963 $1,096,888 - - - $4,323,553 $3,741,939
$18,194 - - 18, 194 2,375
- - 30,737 - - 30,737 44,778
15,937 94,515 130 - - 129,149 109,596
- 2,233 - - - 5,702 3,124
- 12,113 - - 12,113 3,332
12,945 - - - 12,945 12,823
- - - - 35,036 33,458
- 33,396 54,404
167,204 - - - - 267,073 287,438
- 2,441,173 - $1,498,569 - 3,939,742 3,501,083
- - - $801,051 801,051 776,731
- - 1,398,632 1,398,632 415,671
$1,617,104 $3,647,754 $61,174 $1,498,569 $2,199,683 $11,007,323 $8,986,752
$99,379 - $34,212 - - $133,591 $169,034
30,083 $151,216 6,890 - - 234,160 58,951
- - - - - 3,947 4,163
53,787 - - - - 53,787 15,413
- 16,900 - - - 17,315 19,311
1,275 - - - 1,275 1,688
- 18,194 - - 18,194 2,375
2,750 67,233 1,878 - - 71,861 70,189
- - $47,683 47,683 41,402
- 60,000 - - 2,152,000 2,212,000 1,231,000
4,835
16 - - - - 293,151 304,828
350,834 296,624 61,174 $0 2,199,683 3,086,964 1,918,354
- - - 1,498,569 - 1,498,569 1,065,830
- 2,183,314 - - - 2,183,314 2,206,005
- 661,765 - - - 661,765 661,765
- 506,051 - - - 506,051 362,686
- - - - 801,051 776,731
1,384,196 - - - - 2,312,484 2,033,717
(117,926) - - - - (42,875) (38,336)
1,266,270 3,351,130 0 1,498,569 0 7,920,359 7,068,398
$1,617,104 $3,647,754 $61,174 $1,498,569 $2,199,683 $11,007,323 58,986,752
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
Statement 2
CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES
For The Year Ended December 31, 1991
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Totals (Memorandum Only)
Special Debt Capital December 31,
General Revenue Service Project 1991 1990
Revenue:
General property taxes $1,057,578 - $86,872 $26 $1,144,476 $1,190,806
Tax increment taxes - - - 52,322 52,322
Special assessments - - 194,968 41,312 236,280 372,768
Intergovernmental 51,460 - 381 - 51,841 40,065
Licenses and permits 122,804 - - - 122,804 48,870
Charges for services 123,969 - - - 123,969 102,836
Fines and forfeits 36,174 - - - 36,174 42,165
Interest on investments 51,983 $21 53,465 93,292 198,761 190,475
Connection charges - - - 43,909 43,909 10,950
Other services - - - 186,791 186,791
Escrow investment earnings - - - 3,070 3,070
Refunds and reimbursements 15,852 - - 462 16,314 9,812
Donations and contributions - - - 14,150 14,150 10,673
Other 595 2,301 - - 2,896 414
Total revenue 1,460,415 2,322 335,686 435,334 2,233,757 2,019,834
Expenditures:
Current:
General government 318,948 - - 43,322 362,270 332,422
Public safety 563,736 34 - - 563,770 469,581
Streets and highways 107,828 - - - 107,828 71,359
Sanitation 262,838 - - - 262,838 228,675
Recreation 139,726 - - - 139,726 129,226
Capital outlay 32,569 - - - 32,569 8,925
Debt service:
Principal - - 249,000 - 249,000 244,000
Interest - - 129,179 - 129,179 76,416
Paying agent fees - - 2,559 - 2,559 2,414
Construction costs - - - 1,323,492 1,323,492 383,803
Total expenditures 1,425,645 34 380,738 1,366,814 3,173,231 1,946,821
Revenue over (under) expenditures 34,770 2,288 (45,052) (931,480) (939,474) 73,013
Other financing sources (uses):
Bond proceeds - - 88,217 1,149,805 1,238,022 295,751
Operating transfers from other funds - - - 148,245 148,245 100,000
Operating transfers to other funds _ _
P g (100,000) (48,245) (148,245) (100,000)
Total other financing sources (uses) (100,000) 0 88,217 1,249,805 1,238,022 295,751
Net increase (decrease) in fund balance (65,230) 2,288 43,165 318,325 298,548 368,764
Fund balance - January 1 1,066,281 0 776,731 929,100 2,772,112 2,403,348
Residual equity transfer - In - - - 18,845 18,845 90,069
Residual equity transfer - Out - - (18,845) - (18,845) (90,069)
Fund balance - December 31 $1,001,051 $2,288 $801,051 $1,266,270 $3,070,660 $2,772,112
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND Statement 3
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For The Year Ended December 31, 1991
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1991
Over
(Under) 1990
Budget Actual Budget Actual
(Memorandum
Revenue: Only)
General property taxes $1,103,351 $1,057,578 ($45,773) $1,142,770
Intergovernmental 48,211 51,460 3,249 40,037
Licenses and permits 94,510 122,804 28,294 48,870
Charges for services 126,300 123,969 (2,331) 102,836
Fines and forfeits 47,300 36,174 (11,126) 42,165
Interest on investments 50,000 51,983 1,983 62,064
Other 500 16,447 15,947 10,003
Total revenue 1,470,172 1,460,415 (9,757) 1,448,745
Expenditures:
Current:
General government 328,132 318,948 (9,184) 285,328
Public safety 582,528 563,736 (18,792) 469,581
Streets and highways 109,365 107,828 (1,537) 71,359
Sanitation 264,332 262,838 (1,494) 228,675
Recreation 145,850 139,726 (6,124) 129,226
Contingency 54,928 - (54,928)
Capital outlay 33,600 32,569 (1,031) 8,925
Total expenditures 1,518,735 1,425,645 (93,090) 1,193,094
Revenue over (under) expenditures (48,563) 34,770 83,333 255,651
Other (decreases):
Operating transfers to Capital Project Fund - (100,000) (100,000) (100,000)
Net increase (decrease) in fund balance ($48,563) (65,230) ($16,667) 155,651
Fund balance- January 1 1,066,281 910,630
Fund balance- December 31 $1,001,051 $1,066,281
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEGHTS, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENSES AND Statement 4
CHANGES IN RETAINED EARNINGS
PROPRIETARY FUND TYPE
For The Year Ended December 31, 1991
Totals (Memorandum Only)
December 31,
1991 1990
Operating revenue:
Customer billings $354,898 $332,910
Penalties 5,004 4,370
Plumbing permits 632 616
Refunds and reimbursements 6,446 471
Meter sales 4,131
Charges for services _ 7,790 1,144
Total operating revenue 378,901 339,511
Operating expenses:
Contractual services 58,241 58,659
MWCC charges 144,150 139,861
Materials and supplies 10,110 7,036
Administrative and personnel charges 57,000 57,000
Depreciation 70,419 68,746
Total operating expenses 339,920 331,302
Net income from operations 38,981 8,209
Other income (expense):
Interest on investments 54,335 65,193
Bond interest (6,338) (7,678)
Paying agent fees (186) (210)
Loss on disposal of assets (3,037)
Total other income (expense) 44,774 57,305
Net income 83,755 65,514
Other increases:
Credit arising from transfer of depreciation to
contributions from property owners 59,610 59,241
Net increase in retained earnings 143,365 124,755
Retained earnings - January 1 1,024,451 899,696
Retained earnings - December 31 $1,167,816 $1,024,451
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED STATEMENT OF CASH FLOWS - Statement 5
PROPRIETARY FUND TYPE
For The Year Ended December 31, 1991
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Totals (Memorandum Only)
1991 1990
Cash flows from operating activities:
Operating income 538,981 $8,209
Adjustments to reconcile operating income to
net cash from operating activities:
Depreciation 70,419 68,746
Change in assets and liabilities:
Decrease (increase) in receivables (5,494) (9,909)
Decrease (increase) in prepaid expenses (122) (58)
Increase (decrease) in payables 144,083 1,701
Net cash flows from operating activities 247,867 68,689
Cash flows from capital and related financing activities:
Acquisition of fixed assets (42,457) (24,978)
Principal paid on revenue bond maturities (20,000) (15,000)
Interest and paying agent fees on revenue bonds (6,937) (8,197)
Net cash flows from capital and related financing activities (69,394) (48,175)
Cash flows from investing activities:
Interest received on investments 54,335 65,193
Net increase (decrease) in cash and cash equivalents 232,808 85,707
Cash and cash equivalents - January 1 864,080 778,373
Cash and cash equivalents - December 31 $1,096,888 $864,080
Noncash investing, capital and financing activities:
Fixed assets contributed during 1991 $36,920
Fixed assets deleted during 1991 $34,935
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page 1 of 18
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Tote 1 SUMMARY OF SIG NIFICANT ACCOUNTING POLICIES
The City of Oak Park Heights operates under the State of Minnesota Statutory Plan A form of government.
The governing body consists of a 5 member City council elected by voters of the City.
The financial statements of the City of Oak Park Heights have been prepared in conformity with generally
accepted accounting principles as applied to governmental units by the Governmental Accounting Standards
Board (GASB). The following is a summary of the significant accounting policies.
A . FINANCIAL REPORTING ENTITY
In accordance with GASB pronouncements the City's Financial Statements include all funds, account
groups, agencies, boards, commissions and other organizations over which the City Council exercises
oversight responsibility.
Oversight responsibility includes appointment of governing bodies, budget authority, approval of tax
levies outstanding debt secured by the City's full faith and credit or revenues, and responsibility for
funding deficits.
As a result of applying the entity definition criteria of the Governmental Accounting Standards Board,
certain organizations have been included or excluded from the City's financial statements as follows:
Entity Reason for Inclusion/Exclusion
Excluded None
Included: Housing and Redevelopment See below
Authority
The HRA 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
benefits derived from HRA activities are 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 Capital Project Fund.
B. FUND ACCOUNTING
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.
Special Revenue Funda - to account for the proceeds of specific revenue sources 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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page 2 of 18
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Qoital Proiect Fumy - to account for financial resources to be used for the acquisition or
construction of major facilities other than those financed by Proprietary Funds.
PROPRIETARY FUNDS
Entemrise 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 revenues earned, expenses incurred,
and/or net income is appropriate for capital maintenance, public policy, management control,
accountability, or other purposes.
FIDUCIARY FUNDS
Trust and Agencv Funds - to account for assets held by a governmental unit in a trustee
capacity or as an agent for individuals, private organizations, other governmental units, and/or
other funds. These include (a) expendable trust funds, (b) nonexpendable trust funds, (c)
pension trust funds, and (d) agency 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 contains 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 Deb( - This account group contains the long -term obligations of the City
including general obligation bonds, certificates of indebtedness, contracts payable and
compensated absences payable. These long -term liabilities are expected to be financed by the
governmental funds.
C. BASIS OF ACCOUNTING
The accounting and reporting treatment applied to a fund is determined by its measurement focus. All
governmental funds are accounted for on a current financial resources 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
decreases (expenditures and other financing uses) in net current assets.
All Proprietary Funds are accounted for on a flow of economic resources measurement focus. This
means that all assets and all 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
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page 3 of 18
The modified accrual basis of accounting is followed by the City for its Governmental Funds and
Fiduciary 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. "Measurable' means the amount of the transaction can be determined
and "available' means collectible within the current period or soon enough thereafter to be used to pay
liabilities of the current period. Major revenue sources susceptible to accrual include property taxes
(excluding delinquent taxes received over 60 days after year end), 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. Expenditures are generally
recognized in the accounting period when the fund liability is incurred, except for interest on general
long -term debt which is recognized when due.
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.
The government reports deferred revenue on its combined balance sheet. Deferred revenues arise when a
potential revenue does not meet both the "measurable" and "available' criteria for recognition in the
current period. Deferred revenues also arise when resources are received by the government before it has
a legal claim to them, as when grant monies are received prior to the incurrence of qualifying
expenditures. In subsequent periods, when both revenue recognition criteria are met, or when the
government has a legal claim to the resources, the liability for deferred revenue is removed from the
combined balance sheet and revenue is recognized.
The City has reported as deferred revenues the amount of $293,151, which consists of the following:
Property taxes receivable $35,037
Special assessments receivable 255,641
Excess TIF collections 2,473
Total $293,151
D. BUDGETS
Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual
appropriated budgets are adopted for the General and Special Revenue Funds.
Budgeted amounts are reported as originally adopted, or as amended by the City Council. Individual
amendments were not material in relation to the original appropriations which were adjusted. Budgeted
expenditure appropriations lapse at year end.
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 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 management.
E. LEGAL COMPLIANCE - BUDGETS
The City follows these procedures in establishing the budgetary data reflected in the financial
statements:
1. The City Administrator submits to the City Council a proposed operating budget for the fiscal
year commencing the following January 1. The operating budget includes proposed
expenditures and the means of financing them.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page 4 of 18
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2. Public hearings are conducted to obtain taxpayer comments.
3. The budget is legally enacted through passage of a resolution on a departmental basis and can
be expended by each department based upon detailed budget estimates for individual expenditure
accounts.
4. The City Administrator is authorized to transfer appropriations within any department budget.
Additional interdepartmental or interfund appropriations and deletions are or may be authorized
by the City Council with fund (contingency) reserves or additional revenues.
5. Formal budgetary integration is employed as a management control device during the year for
the General Fund.
6. Legal debt obligation indentures determine the appropriation level and debt service tax levies
for the Debt Service Funds. Supplementary budgets are adopted for the Proprietary Funds to
determine and calculate user charges. These debt service and budget amounts represent general
obligation bond indenture provisions and net income for operation and capital maintenance and
are not reflected in the financial statements.
7. A capital improvement program is reviewed annually by the City Council for the Capital
Projects Funds. However, appropriations for major projects are not adopted until the actual
bid award of the improvement. The appropriations are not reflected in the financial
statements.
8. Expenditures may not legally exceed budgeted appropriations at the total fund level.
Monitoring of budgets is maintained at the expenditure category level (i.e., personal services;
material and supplies; contractual services; capital outlay) within each department.
9. The City Council may authorize transfer of budgeted amounts between City funds.
F. CASH AND INVESTMENTS
Cash and investment 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 equity in the cash and investment pool.
Investments are stated at cost (plus interest added, if any) which approximates market value except for
assets of the Deferred Compensation Plan which are reported at market value. Material purchase
discounts and premiums are amortized over the term of the investment. Interest earnings are accrued at
the balance sheet date.
For purposes of the statement of cash flows the Proprietary Fund considers all highly liquid
investments with a maturity of three months or less when purchased to be cash equivalents. All of the
cash and investments allocated to the proprietary fund types have original maturities of 90 days or less.
Therefore the entire balance in such fund types are considered cash equivalents.
G. HOMESTEAD CREDIT AND AGRICULTURAL CREDIT AID (HACA)
Property taxes on homestead property (as defined by State Statutes) are partially reduced by HACA.
This credit is paid to the City by the State in lieu of taxes levied against homestead property. The
State remits this credit through installments each year. The credit is recognized as revenue by the City
at the time of collection.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page 5 of 18
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H. LOCAL GOVERNMENT AID REVENUE RECOGNITION
Local government aid is provided to the City by the State as a shared tax based upon a statutory
formula and without restrictions. Payment from the State is generally received during each calendar
year for that calendar year. The City recognizes local government aid revenue when it becomes both
measurable and available to finance current operations. In practice, local government aid is recognized
as revenue as it is received in cash.
I. PROPERTY TAX REVENUE RECOGNITION
The City Council annually adopts a tax levy and certifies it to the County in December
(levy /assessment date) of each year for collection in the following year. The County is responsible for
billing and collecting all property taxes for itself, the City, the local School District and other taxing
authorities. Such taxes become a lien on January 1 and are recorded as receivables by the City at that
date. Real property taxes are payable (by property owners) on May 15 and October 15 of each calendar
year. Personal property taxes are payable by taxpayers on February 28 and June 30 of each year. These
taxes are collected by the County and remitted to the City on or before July 7 and December 2 of the
same year. Additionally, delinquent collections for the months of January and February are remitted to
the City each April. Delinquent collections for November and December are received the following
January. The City has no ability to enforce payment of property taxes by property owners. The
County possesses this authority.
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 State credits received by
the City in July, December and January are recognized as revenue for the current year. Taxes collected
by the County by December 31 (remitted to the City the following January) and taxes and credits not
received at the year end are classed as delinquent and due from County taxes receivable. The portion
of delinquent taxes not collected by the City in January are fully offset by deferred revenue because they
are not available to finance current expenditures.
Cities in Minnesota operate under a levy limitation law. For 1991, a City's levy limit is equal to the
prior years levy limit base (revenue levy plus local government aid) increased by 1) three percent; and
2) a percentage equal to one -half of the greater of the percentage increases in population or in number of
households, if any, and reduced by the local government aid that the City has been certified to receive.
Levies for bonded indebtedness are not limited by the law.
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 commercialrndustrial property
valuation growth since 1971. Property taxes paid to the City through this formula for 1991 and 1990
totaled $59,711 and $33,746, respectively. Receipt of property taxes from this "fiscal disparities pool"
does not increase or decrease total tax revenue.
J. SPECIAL ASSESSMENT REVENUE RECOGNITION
Special assessments are levied against benefited properties for the cost or a portion of the cost of
special assessment improvement projects in accordance with State Statutes. These assessments are
collectible by the City over a term of years usually consistent with the term of the related bond issue.
Collection of annual installments (including interest) is handled by the County Auditor in the same
manner as property taxes. Property owners are allowed to (and often do) prepay future installments
without interest or prepayment penalties.
Revenue from special assessments is recognized by the City when it becomes measurable and available
to finance expenditures of the current fiscal period. In practice, current and delinquent special
assessments received by the City are recognized as revenue for the current year. Special assessments are
collected by the County and remitted by December 31 (remitted to the City the following January) and
are also recognized as revenue for the current year. All remaining delinquent, deferred and special
deferred assessments receivable in governmental funding are completely offset by deferred revenues.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page 6 of 18
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Once a special assessment roll is adopted, the amount attributed to each parcel is alien upon that
property until full payment is made or the amount is determined to be excessive by the City Council or
court action. If special assessments are allowed to go delinquent, the property is subject to tax forfeit
sale and 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. Pursuant to State Statutes, a
property shall be subject to a tax forfeit sale after three years unless it is homesteaded, agricultural or
seasonal recreational land in which event the property is subject to such sale after five years.
K. INVENTORIES
The original cost of materials and supplies has been recorded as expenditures at the time of purchase of
the Governmental Funds (purchases method).
L. FIXED ASSETS
GENERAL FIXED ASSETS
General fixed assets are recorded as expenditures of the Governmental Funds at the time of purchase.
Such assets are capitalized at historical cost or estimated historical cost in the General Fixed Asset
Account Group. Public Domain ( "infrastructure ") general fixed assets consisting of roads, bridges,
curbs, gutters, streets, sidewalks, drainage systems and lighting systems are excluded from general fixed
assets as these assets are immovable and of value only to the City. 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.
PROPRIETARY FUNDS
Fixed assets of the Proprietary Funds are stated at historical cost, estimated historical 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:
Buildings and structures 50 years
Equipment and machinery 3 -20 years
Distribution and collection systems 50 years
Fixed assets of the water and sewer utility operations include the water distribution system and sewage
collection system. These systems have been wholly (or substantially) financed by non - operating funds
(special assessments, general taxes, federal and state grants, and other sources) and contributed to the
sewer and water operating funds. City policy is to finance these assets by the sources indicated rather
than by user charges. Accordingly, the water and sewer user rates are not established at levels sufficient
to cover depreciation on these assets.
Depreciation on these assets is shown in the operating statements, however, the depreciation is
eventually transferred against the contribution account rather than retained earnings in accordance with
generally accepted accounting principles. Consequently, the contribution account reflects the net book
value of contributed assets rather than the original cost of such assets.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page 7 of 18
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M. COMPENSATED ABSENCES
Vested or accumulated vacation leave and other benefit amounts that are expected to be liquidated with
expendable available financial resources is reported as an expenditure and a fund liability of the
governmental fund that will pay it. Amounts that are not expected to be liquidated with expendable
available financial resources are reported in the General Long -Term Debt Account Group. No
expenditure is reported for these amounts. In accordance with the provisions of Statement of Financial
Accounting Standards No. 43, Accounting for Compensated Absences, no liability is recorded for
nonvesting accumulating rights to receive sick pay benefits.
N. LONG - TERM OBLIGATIONS
Long -term debt is recognized as a liability of a governmental fund when due, or when resources have
been accumulated in the Debt Service Fund for payment early in the following year. For other long-
term obligations, only that portion expected to be financed from expendable available financial
resources is reported as a fund liability of a governmental fund. The remaining portion of such
obligations is reported in the General Long -Term Debt Account Group. Long -term liabilities expected
to be financed from proprietary fund operations are accounted for in those funds.
O. FUND EQUITY
Contributed capital is recorded in Proprietary Funds that have received capital grants or contributions
from developers, customers or other funds. Reserves represent those portions of fund equity not
appropriable for expenditure or legally segregated for a speck future use. Designated fund balances
represent tentative plans for future use of financial resources.
P . INTERFUND TRANSACTIONS
Quasi - external transactions are accounted for as revenues, expenditures or expenses. Transactions that
constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly
applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as
reductions of expenditures /expenses in the fund that is reimbursed.
All other interfund transactions, except quasi - external transactions and reimbursements, are reported as
transfers. Nonrecurring or nonroutine permanent transfers of equity are reported as residual equity
transfers. All other interfund transfers are reported as operating transfers.
Q. MEMORANDUM ONLY - TOTAL COLUMNS
Total columns on the General Purpose Financial Statements are captioned "Memorandum Only" to
indicate that they are presented only to facilitate financial analysis. Data in these columns do not
present financial position, results of operations or changes in financial position in conformity with
generally accepted accounting principles. Neither are such data comparable to a consolidation.
Interfund elimination's have not been made in the aggregation of this data.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page S of 18
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Note 2 DEPOSITS AND INVESTMENTS
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 year -end, the carrying amount of the City's deposits were $4,189,912 and the bank balance was
$4,221,285. The entire bank balance was covered by Federal depository insurance collateral held by the
City's agent in the City's name.
INVESTMENTS
Minnesota Statutes authorize the City 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.
f) Repurchase or reverse 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; certain Minnesota securities broker - dealers; or, a
bank qualified as a depositor.
Balances at December 31, 1991 were:
Carrying Market
Amount Value
Investments:
Investment pools $250,771 $246,563
Assets with deferred
compensation plan administrator $18,194 $18,194
At December 31, 1991, the City held no investments subject to credit risk classification.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page 9 of 18
Note 3 FIXED ASSEI.S
• summary of changes in general fixed assets is as follows:
Balance Balance
1/1/91 Additions Deletions 12/31/91
Land $134,231 $134,231
Land improvements 302,868 302,868
Buildings and structures 753,630 $11,843 765,473
Machinery and equipment 152,693 24,364 177,057
Furniture and fixtures 106,340 12,600 _ 118,940
Totals $1,449,762 $48,807 $0 $1,498,569
• summary of Proprietary Fund fixed assets at December 31, 1991 is as follows:
Enterprise
Buildings and structures $504,040
Machinery and equipment 94,479
Distribution and collection systems 2,721,590
Total 3,320,109
Less: Accumulated depreciation (878,936)
Net fixed assets $2,441,173
lkte 4 CITY INDEBTEDNESS
The following is a schedule of changes in City indebtedness for the year ended December 31, 1991.
Balance Balance
1/1/91 Additions Deletions 12/31/91
General Long Term Debt Account Group:
Bonded debt:
General obligation $160,000 $1,250,000 $10,000 $1,400,000
Special assessment debt
with governmental commitment 991,000 239,000 752,000
Compensated absences 41,402 6,281 47,683
Total general long term debt 1,192,402 1,256,281 249,000 2,199,683
Proprietary Funds:
Revenue bonds 80,000 20,000 60,000
Totals $1,272,402 $1,256,281 $269,000 $2,259,683
All long -term bonded indebtedness outstanding at December 31, 1991 are backed by the full faith and credit of
the City, including special assessment and revenue bond issues. Delinquent assessments receivable at December
31, 1991 totaled $58,761.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page 10 of 18
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The annual requirement to amortize all debt outstanding at December 31, 1991 including interest payments of
$1,009,357 are as follows:
General Long Term Debt Proprietary Fund Tvoe Debt
Special
Assessment Water and
Year General Debt With Sewer
Ending Obligation Governmental Revenue
- December 31 Bonds Commitment Bonds Total
1992 $103,048 $328,236 $25,100 $456,384
1993 152,072 379,075 23,400 554,547
1994 153,548 133,250 21,700 308,498
1995 149,660 149,660
1996 150,690 150,690
1997 -2006 1,601,578 1,601,578
Total $2,310,596 $840,561 $70,200 $3 ,221,357
It is not practicable to determine the specific year for payment of long -term accrued compensated absences.
DEFEASANCE OF DEBT
In prior years, the City defeased certain general obligation and other bonds, by placing sufficient assets and/or
the proceeds of 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, 1991, $410,000 of bonds outstanding are considered defeased as
follows:
Issue Amount
$900,000 General Obligation Water and Sanitary
Sewer Improvements Bonds of 1967 $235,000
$500,000 General Obligation Water and Sanitary
Sewer Improvement Bonds of 1968 175,000
$410,000
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page 11 of 18
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City indebtedness at December 31, 1991 is composed of the following:
Final Authorized
Issue Maturity Interest And Outstanding
Date Date Rate Issued 12/31/91
General Long - Term Debt:
General Obligation Bonds:
Storm Sewer Bonds of 1982 12/01/82 12/01/03 10.12 $205,000 $150,000
G.O. Water and Sewer Bonds of 1991 5 /01/91 12/01/06 6.51 1,250,000 1,250,000
Special Assessment Bonds with
Governmental Commitment:
General Obligation Improvement
Bonds of 1982 8/01/82 8/01/93 10.75 165,000 40,000
General Obligation Improvement
Bonds of 1983 12/15/83 2/01/93 8.60 80,000 17,000
General Obligation Improvement
Bonds of 1987 7/01/87 12/01/93 5.97 995,000 395,000
General Obligation Improvement
Bonds of 1990 10/01/90 12/01/94 6.40 -6.60 300,000 300,000
Compensated Absences — — — — 47,683
Total General Long -Term Debt 2,199,683
Proprietary Fund Long - Term Debt:
Revenue Bonds:
G.O. Water and Sewer Bonds of 1980 10/01/80 10/01/94 7.50 200,000 60,000
Total $2,259,683
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page 12 of 18
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Note 5 LEGAL DEBT MAR SIN
The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness
payable principally from property taxes. The City's legal debt margin for 1991 and 1990 is
computed as follows:
December 31,
1991 1990
Market Value $200,073,600 $195,807,600
Applicable Debt Limit (percentage) 2.00% 2.00%
Debt Limit 4,001,472 3,916,152
Amount of Debt Applicable to Debt Limit:
Total bonded debt 2,212,000 1,231,000
Less: Non applicable debt:
Special Assessment Bonds (752,000) (991,000)
Revenue Bonds (1,310,000) (80,000)
Cash and investments in
corresponding Debt Service Funds (9,336) (8,762)
Total Amount of Debt Applicable to Debt Limit 140,664 151,238
Legal Debt Margin $3,860,808 $3,764,914
Note 6 PENSION PLANS
PUBLIC EMPLOYEES RETIREMENT ASSOCIATION (PER
Plan Description
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, 1991, was $254,062 and $310,641, respectively; the City's total payroll was
$588,204.
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 year of service. 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
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page 13 of 18
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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 Required 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) 4.44% 4.81% 10.04%
PEPFF 8.00% 12.00% 17.56%
Total contributions made by the City during fiscal year 1991 were:
Percentage of
Amount Covered Payroll
Employees Employer Employees Employer
PERF $9,559 $10,124 4.23% 4.48%
PEPFF 24,103 36,153 8.00% 12.00%
Totals $33,662 $46,277
The City's contribution for the year ended June 30, 1991 to the PERF represented .0099 percent of
total contributions required of all participating entities. For the PEPFF, contributions for the year
ended June 30, 1991, represented .1367 percent of total contributions required of all participating
entities.
F n ing Status and Pro gress
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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page 14 of 18
WIWNi111e11,IWLJIIJII:IJ:IVtl1Y i1L111111YL11YYYYYLdtluidliJL4111 VILIIiIIIWI JtdJYll: IUIJIdIIIWIILWI! WIIJIWIUIIIIIIJULLILIL ,iJ,UiWUIWJ!!LLWuddLl llt!L Y.1'
1 :I WIILLIIYI IJtlYWIJI! WYIWVIIY' e' oYVI! I: WYI 'IVWIJJIILWaLLII'VIJIJI' VII! JIJJL: wYII! L111IIIVIYIIUY' w11UitlYl! YIiJ' u111YbIUYa. tlLl' LLYYULYYJYYUWIY11L11Y11tlllillYUtlIY11WUWIWYW: IJU' LUIIUI! IIIHIIYY 'dY!:iI1141WIJUp1! IWiuWYYYWllIU4YYl4
The pension benefit obligations as of June 30, 1991, are shown below:
(In thousands) PERF PEPFF
Total pension
benefit obligation $4,458,010 $732,911
Net assets available
for benefits, at cost
(Market Values for
PERF = $3,662,769;
PEPFF = $872,430) 3,524,071 823,125
Unfunded (assets in
excess of) pension
benefit obligation $933,939 ($90,214)
The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30,
1991. Net assets available to pay pension benefits were valued as of June 30, 1991.
Chanves in Actuarial Methods and Benefit Provisions,
During the 1991 legislative session, benefit improvements were obtained for survivors of members in
the Basic Plan and the Police and Fire Fund. In the Basic Plan, the maximum family death benefit was
increased from $1,000 per month to 70 percent of the member's average salary. In the Police and Fire
Fund, children's benefits were restored for families of disabled members who had chosen the joint and
survivor annuity option before death. The effect of these changes increased the pension benefit
obligation in the PERF by $4,016,869 and had essentially no effect on the pension benefit obligation
in the PEPFF.
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, 1991. 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, 1991, and for the fiscal year then ended, PERA held no securities issued by the City or
other related parties.
Note 7 METROPOLITAN WASTE CONTROL COMMISSION
During 1971, 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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31,1991 Page 15 of 18
i � i� � IIIi i i I Jill I. JI 141111,11,11'Ali. JWYtli.11:l11iI. I,AILI4l0iblI Ytl lleHm A 11.11A41"A i1:IIIiI LW I I IIIA1. b hIYGJI dPlutlm,dl, I U III aJlH mmee 1IN,N411J II Il.1 A, I,!I II
IJWdI�II II IJIJYIilldi, hi�i� lam i,i,l�il IIOWWi�,ililu uLil i.i,di Il�i�ui 1�III J.JW,i�li11Y�IJ Al I�� 1�41I�� iIIIJ� i i du,li Iu,II�J�ii i.i,ll I� idIWllwi�i L I�Iw, iWll l.11el.4 W11 YJ1ui Jd.N�uNldleililWlldL iI1L141LI,iLJI I�Ildll IJ . Y
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 calendar 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, 1991 and 1990 were as follows:
December 31,
1991 1990
Current value credits $351 $390
Debt service credits 75,425 89,484
Deferred charges 2,101 2,352
Total $77,877 $92,226
RECONCIL,IATI OF C'ONTR ULUT'F- CAPITAL
Changes to contributed capital during the year are as follows:
Depreciation
Beginning Capital on Contributed Ending
Balance Contributions Assets Balance
Water $1,059,738 $11,430 ($30,482) $1,040,686
Sewer 1,146,266 25,490 (29,128) 1,142,628
Total ® $2,206,004 $36,920 ($59,610) $2,183,314
VLte 9 DF,FFyRFD COUEE PT,Abl
The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code
Section 457. The deferred compensation plan is offered by the International City Managers Association. The
plan, available to all employees, permits them to defer a portion of their salary until future years. The deferred
compensation is not available to the employees until termination, retirement, death or unforeseeable emergency.
All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and
all income attributable to those amounts, property or rights are (until paid or made available to the employee or
other beneficiary) solely the property and rights of the City (without being restricted to the provisions of
benefits under the plan), subject only to the claims of the City's general creditors. Participants' rights under the
plan are equal to those of general creditors of the City in an amount equal to the fair market value of the deferred
account for each participant.
Included in the Trust and Agency Funds on the combined balance sheet is $18,194 of funds recorded at market
value and primarily held by insurance companies in various investment pools for future payment of plan
benefits.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page 16 of 18
JII I,, IIIIl b Ii,iiul, llllll ll I ,Ill!I I, II II, J11:01111 I Ill, 141111: A I4 I," JIIIY LWI.I! 1I WI 11 1110 IN' 4:b ;I1LO I&IIII1V'u1Y IYY Itlu,Y1WdLY'ulY 1' II. ti141111W10WWJW' YJUYY11tl11YYYdVLYb ;d1116116'WWfYtlY
.Qte 10 SEGMEN INFORMATION
The City maintains one Enterprise Fund which provides water and sanitary sewer services. Segment
information for the year ended December 31, 1991 is as follows:
Water Sewer
Utility Utility Total
Operating revenue $152,992 $225,909 $378,901
Depreciation expense 38,924 31,495 70,419
Operating income 27,501 11,480 38,981
Current capital contributions 11,430 25,490 36,920
Property, plant and equipment additions 54,035 25,557 79,592
Property, plant and equipment deletions 34,654 280 34,934
Note 11 TAX TNC' REMENT DIJ RI .TS
The City established an economic development district, "St. Croix Mall Tax Increment District ", on August 7,
1989. There have been no bonds issued as of December 31, 1991.
Current Tax Capacity Value $394,979
Original Tax Capacity Value (186,952)
Captured Tax Capacity Value $208,027
Nate 12 SPECIAL TAXING VTSTRIC T
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.
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 13 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 1991 to 2003. The original scheduled levies totaled $486,999.
jgte 13 DE FICIT FUND BALANCES /RF,TATNF. F,ARNINGS
The City has deficit fund balances at December 31, 1991 as follows:
Amount
Capital Project:
St. Coix Mall (TIF) $117,926
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page 17 of 18
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i �, �aaun�ua i ni ww� �ni�. a��n , � , iuuu��� , ni,enu „,,,u�� „.u, way. n. a. u., �, �, ��ua. �. w., rr�o�d�u, 1i�, �h,, u, ��„ i�, iu��, u�„ ���i. o�i„ ��, u, �aa., omi, iw ,�d��,nuuwnm „m,������i����,ua, i,o�u,,,,
Note 14 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 judgment of the City attorney,
remotely recoverable by plaintiffs.
Note 15 DEFERRED AD VALOREM TAX LEVIES - BONDED DEBT
General Obligation bond issues sold by the City are 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 completely
by ad valorem tax levies is sold, speck annual amounts of such tax levies are stated in the bond resolution and
the County Auditor is noted and instructed to levy these taxes over the appropriate years. The future tax
levies are subject to cancellation when and if the City has provided alternative sources of financing. The City
Council is required to levy any additional taxes found necessary for full payment of principal and interest. These
future scheduled tax levies are not shown as assets in the accompanying financial statements at December 31,
1991 and 1990. Future scheduled tax levies for all bonds outstanding at December 31, 1991 totaled $292,601.
N-Ue 16 D ESIGNAT IONS , AND RESERVATIONS OF FUND FQUI1y
At December 31, 1991 and 1990 the City had designated and reserved portions of its various fund equities
through legal restriction and City Council authorization. Major fund equity appropriates at December 31, 1991
and 1990 are shown on the various balance sheets as segregation's of the fund equity. A summary of such
designations is as follows:
December 31,
1991 1990
General Fund:
Designated for cash flow $577,100 $554,000
Designated for contingent employee benefits 117,800 100,400
Designated for general contingency 228,600 227,800
Deiignated for ensuing year's budget 2,500 48,600
Designated for State aid loss 48,141
Special Revenue Fund:
Designated for Special Revenue program 2,288
Debt Service Funds:
Reserved for debt service 801,051 776,731
Capital Project Funds:
Designated for capital improvements 1,242,412 1,032,630
Designated for committed contracts 141,784 22,146
Enterprise Fund:
Reserved for capital improvements - 661,765 661,765
Totals $3,775,300 $3,472,213
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1991 Page 18 of 18
i1W11 WYIUWWLu'tVWIJI WlIYLI; WYIIIdJIWIWIIIIJIWlIIII IiIYllllllYIV1W, VIIIIIWWJ ;WYYI:IVW14JIIWYJIIIOWUI III I
Wl WIIIWf JIIIIIIIY41iIWIYWWW4WIWdIIIJdY11W61Wl 11111: YIIWIdJIlue61Wr4J1 'JLIWddVll'e,:lll' 111; iWltllld,t;' eJY1 .IIWWIWWV1141;uJ;IYtli1IJIlYdutl V141W11Ji111111uVi; lYVIVIWdllld1111 'IYYIIIIIiLIIJkIWYw1:41 114' 01WYIIJIIIIU11iYJl4uIVtlIiIYYWWJIIJ1fl 'JIWWIIIIIIIIIAWIW IWIW ;WIWIUWeWY;WiplleWl
Note 17 POS EMPLOYMENT BENEFITS
The City has agreed to pay post - retirement premiums of a retired police officer. The amount of such future
payments is $150 per month until June 1993.
Nate 18 PRIO PERIOD AD.IUSTMENT
During the year ended December 31, 1991, the City completed a physical inventory of all assets recorded in the
General Fixed Asset Account Group. Values were recorded as described in Note 1. The inventory resulted in
adjustments to the December 31, 1990 balances as follows:
Balances at
December 31, Adjusted
1990 Balance at
as Previously December 31,
Reported Adjustments 1990
Land $50,625 $83,606 $134,231
Land improvements 49,921 252,947 302,868
Building and structures 604,885 148,745 753,630
Machinery and equipment 321,364 (168,671) 152,693
Furniture and fixtures 39,035 67,305 106,340
Total $1,065,830 $383,932 $1,449,762
The 1990 totals have been restated to reflect the adjustments resulting from the inventory of the assets recorded
in the General Fixed Asset Account Group of December 31, 1990.
CONFINING,
INDIVIDUAL FUND
AND ACCOUNT GROUP
FINANCIAL STATEMENTS
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND Statement 6
BALANCE SHEET
December 31, 1991
With Comparative Totals for December 31, 1990
JJ'IWII I Will !Ili I IWWWJIi111IWi,ll.11ldlll iduL I Ill 4YIdYIdddYYY ill IIIIIJW,IYYW41YYllliI LWILI Ill 111I IdaYLYltii d W
Yd �. IIWIIYill' YWJ' WWiu' YJIIY111i11114YliWIIdIVL1111ll Ill idIUJdi ,ed'YI xWLIIAdWYid111WLIYdIIdIJdWLJ Milli 1W IWduWllYld' eiI1WbAidWdYWill 1W.eIdulW' Ill dr lluWniiuLhlYdWuL III ldrIY11WW1YWUIIII III i IIIwdrlul ,IWdwIII,YU1dnulmJUllewiu lid Ali il.11 I1444
December 31,
Assets 1991 1990
Cash and investments $1,000,965 $1,043,552
Accounts receivable 17,627 16,899
Accounts receivable - certified 940 940
Due from other governmental units 3,469 3,124
Taxes receivable:
Delinquent 32,692 32,100
Due from County 30,856 52,213
Total assets $1,086,549 $1,148,828
Liabilities and Fund Balance
Liabilities:
Accounts payable $45,971 $42,651
Salaries payable 3,947 4,163
Due to other governmental units 415 3,633
Deferred revenue 35,165 32,100
Total liabilities 85,498 82,547
Fund Balance:
Unreserved:
Designated for cash flow 577,100 554,000
Designated for contingent employee benefit 117,800 100,400
Designated for general contingency 228,600 227,800
Designated for ensuing years' budget 2,500 48,600
Designated for State aid loss -- 48,141
Undesignated 75,051 87,340
Total fund balance 1,001,051 1,066,281
Total liabilities and fund balance $1,086,549 $1,148,828
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND Statement 7
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES Page 1 of 4
IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1991
With Comparative Actual Amounts for the Year Ended December 31, 1990
111113il0,111111IIi 110 1 1, 1 ll i 11 11 II I IIIIIW411YII1u l jd "j I kIII1 III, L611AL11111 d Id. 11lllft „11161 IIA,, W Ili 11, 11l 111II: u1L, I "JALLLLdII'Jil,IY.IW'lll!,'A11i l ILIW'U"All III &1 I4I, IW11 11I16w WL1YlYI d +Idd4W4,
1991
Over (Under) 1990
Budget Actual Budget Actual
Revenue:
General property taxes:
Current and delinquent $1,063,497 $1,057,578 ($5,919) $1,142,175
Other 595
Total general property taxes 1,063,497 1,057,578 (5,919) 1,142,770
Intergovernmental:
State:
HACA 44,465 4,611 (39,854) 578
Police aid 29,200 31,651 2,451 25,049
Other 60 60
Total state 73,665 36,322 (37,343) 25,627
County:
Recycling grant 13,900 14,679 779 13,913
Gravel tax allocation 500 459 (41) 497
Total intergovernmental 88,065 51,460 (36,605) 40,037
Licenses and permits 94,510 122,804 28,294 48,870
Charges for services:
Refuse collection 66,800 64,721 (2,079) 43,095
Other 2,500 2,248 (252) 2,741
Administrative - Enterprise Fund 57,000 57,000 0 57,000
Total charges for services 126,300 123,969 (2,331) 102,836
Fines and forfeits 47,300 36,174 (11,126) 42,165
Interest on investments 50,000 51,983 1,983 62,064
Refunds and reimbursements 500 15,852 15,352 9,812
Donations and contributions 150
Sale of property 595 595 41
Total revenue 1,470,172 1,460,415 (9,757) 1,448,745
Expenditures:
General government:
Mayor and council:
Current:
Personal services 25,125 25,064 (61) 32,123
Contractual services 76,925 76,331 (594) 66,225
Total mayor and council 102,050 101,395 (655) 98,348
Elections:
Current:
Personal services 1,332
Materials and supplies 66
Total elections 0 0 0 1,398
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND Statement 7
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES Page 2 of 4
IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1991
With Comparative Actual Amounts for the Year Ended December 31, 1990
LaWOnWidlu MA' ,n „la uA'A'wI tl: wlu11111:N:f, "JnliB:'mwinWwiYl
, a.1, :nd,u luwlmlx eulradm i. 6 m 1 a 1 uuaenlelum , wwuwupumYW; ulw ui, ieuowuruu+ wwwuuwJWlauaaa, ulmwuunaawuudawuweoawuwo: ,. amaNwwNwmmd¢ wauiuoul, w, u. amma: moBwaum: a6W; wlumnm: uameum ,w:o:m:o,mumeaw
1991
Over (Under) 1990
Budget Actual Budget Actual
Expenditures: (continued)
General government: (continued)
City clerk:
Current:
Personal services $114,630 $114,437 ($193) $101,917
Materials and supplies 5,100 5,001 (99) 3,385
Contractual services 4,100 3,796 (304) 3,804
Total current 123,830 123,234 (596) 109,106
Capital outlay 500 543 43 588
Total city clerk 124,330 123,777 (553) 109,694
Planning and zoning:
Current:
Contractual services 23,000 24,219 1,219 7,825
Municipal Building:
Current:
Materials and supplies 5,700 5,156 (544) 5,798
Contractual services 13,500 12,171 (1,329) 10,767
Total current 19,200 17,327 (1,873) 16,565
Capital outlay
Total city hall 19,200 17,327 (1,873) 16,565
Assessor:
Current:
Personal services 9,000 9,051 51 8,595
Engineering:
Current:
Contractual services 15,292 11,860 (3,432) 11,577
General management:
Current:
Personal services 15,000 12,900 (2,100) 13,751
Materials and supplies 2,500 1,641 (859) 3,688
Contractual services 18,260 17,321 (939) 14,475
Total current 35,760 31,862 (3,898) 31,914
Capital outlay 6,000 6,000 0
Total general management 41,760 37,862 (3,898) 31,914
Total general government 334,632 325,491 (9,141) 285,916
Public safety:
Police department:
Current:
Personal services 467,030 454,008 (13,022) 392,515
Materials and supplies 25,800 22,628 (3,172) 22,772
Contractual services 20,863 20,112 (751) 14,765
Total current 513,693 496,748 (16,945) 430,052
Capital outlay 21,200 20,940 (260)
Total police department 534,893 517,688 (17,205) 430,052
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND Statement 7
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES Page 3 of 4
IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1991
With Comparative Actual Amounts for the Year Ended December 31, 1990
u4. uiiulil,iv i,,, ,i . J ,IEillull','ILUl ilw lv,luJ ,.,,,lu ul a „dt1' „wdY,t1,1tLl,d,ul 6JillsiJ44JJWtlY',uw1, 141 aYe141 "4',WVi11WL0004J 11VdW ''uaIYJVWIUiwhLlywdpLtl141uIJl IWItlIWIWiiwl JUwYfJJJJt LI, JJ Il uJ4'.Y41 JW I 'WWIYJIdIJWLJw11JYw1wIJYww'Y UYfYY LJJVlOI'uJYdY1WIJIw6L11JWJJ 11Jlue'IL I_
1991
Over (Under) 1990
Budget Actual Budget Actual
Expenditures: (continued)
Public safety: (continued)
Building inspections
Current:
Personal services $39,695 $41,988 $2,293 $18,977
Contractual services 2,335 1,675 (660) 553
Material and supplies 2,630 1,459 (1,171) 1,279
Total current 44,660 45,122 462 20,809
Capital outlay 3,700 3,572 (128) 481
Total building inspections 48,360 48,694 334 21,290
Fire protection:
Current:
Contractual services 20,000 18,979 (1,021) 14,918
Total fire protection 20,000 - 18,979 (1,021) 14,918
Animal control:
Current:
Materials and supplies 75 49 (26) 56
Contractual services 4,100 2,838 (1,262) 3,746
Total animal control 4,175 2,887 (1,288) 3,802
Total public safety 607,428 _ 588,248 (19,180) 470,062
Streets and highways:
Streets and alleys:
Current:
Materials and supplies 800 828 28 327
Contractual services 27,390 26,328 (1,062) 13,490
Total current 28,190 27,156 (1,034) 13,817
Capital Outlay 267
Total streets and alleys 28,190 27,156 (1,034) 14,084
Snow and ice removal:
Current:
Contractual services 45,100 45,014 (86) 18,944
Total snow and ice removal 45,100 45,014 (86) 18,944
Street lighting:
Current;
Contractual services 34,500 34,114 (386) 37,085
Arboreous:
Current:
Personal services 1,500 1,500 1,500
Materials and supplies 75 44 (31) 13
Total arboreous 1,575 1,544 (31) 1,513
Total streets and highways 109,365 107,828 (1,537) 71,626
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES Statement 7
IN FUND BALANCE - BUDGET AND ACTUAL Page 4 of 4
For The Year Ended December 31, 1991
With Comparative Actual Amounts for the Year Ended December 31 1990
6, I,,A I'a4uli, 1 ,qYL Wb dw, 1. L1111 Y IIIIJtI II,, 11 1111w I JM111 11,1 'IA dill 11i Wll. 6111 ld „ .1,ua+
1991
Over (Under) 1990
Expenditures: (continued) Budget Actual Budget Actual
Sanitation:
Refuse collection and disposal:
Current:
Materials and supplies $2,832 $2,832 $0
Contractual services 246,500 245,974 (526) $216,388
Total refuse collection and disposal 249,332 248,806 (526) 216,388
Tree removal and planting:
Current:
Contractual services 15,000 14,032 (968) 12,287
Total sanitation 264,332 262,838 (1,494) 228,675
Recreation:
Parks, playgrounds and rinks:
Current:
Personal services 132,600 128,975 (3,625) 120,161
Materials and supplies 6,030 5,714 (316) 4,912
Contractual services 7,220 5,037 (2,183) 4,153
Total current 145,850 139,726 (6,124) 129,226
Capital outlay 2,200 1,514
(686) 7,589
Total recreation
148,050 141,240 (6,810) 136,815
Contingency:
Current:
Contractual services 54,928 (54,928) 0
Total expenditures 1,518,735 1,425,645 (93,090) 1,193,094
Revenue over expenditures (48,563) 34,770 83,333 255,651
Other financing sources (uses):
Operating transfer to Capital Project Fund (100,000) (100,000) (100,000)
Total other financing sources (uses) 0 (100,000) (100,000) (100,000)
Net increase (decrease) in fund balance ($48,563) (651230) ($16,667) 155,651
Fund balance - January 1 1,066,281
910,630
Fund balance - December 31 $1,001,051
$1,066,281
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL REVENUE FUND Statement 8
FORFEITURE AND SEIZURE FUND
BALANCE SHEET
December 31, 1991
With Comparative Amounts For December 31, 1990
�WVYI+14iW"wl,IWIJ6 l,l ibl'idjW d 11, ,IIY,110 1 " kl: i HAIN Alli WJ Y14 WIOIlJIiI VJIWII J' IYl1YJ1IJl0.1l1w111! dIWJYlllldlWlWUJ !�IWw11JW11LLJlulddlllll'WYWti WdliI1WIIWIYLV' W�WdIUYILLtlWItIW1W�IWIIYdiwYW' YWiW1�YIYtlIYdW! BVIIIWWdNNdWwI6l4JtltlLIWtlI1t W, 4V1i11111W', LiW1lYd14' I' LVL' lII1 1111WWWYIIIIIYI64WLdiIIJ !WIiIIIII IWWIIWI!ll M MYJllWI1" WWllLiIIIrIWYWWi 'W11LLI'J,ultlluu' IWL!
Assets 1991 1990
Cash and investments $2,288
Total assets $2,288 $0
Liabilities and Fund Balance
Fund balances
Unreserved:
Designated for special revenue programs $2,288
Total fund balance 2,288 $0
Total liabilities and fund balance $2,288 $0
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL REVENUE FUND Statement 9
FORFEITURE AND SEIZURE FUND
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
For The Year Ended December 31, 1991
With Comparative Amounts For The Year Ended December 31, 1990
kill li I „I!I!!I'll kill ,I, 'I 11.illllul I' i I.All I l II I I Ill I.I 4.kIIil ou Ii I Ili 1., u J, li ,a Ilkli „ai ea All "Ik, o.Y�utluWWYItlYJS dW�dllel'wWiWI.1 Jdll'VLaYl1'w�awYJIJ,lIIUW,IiWJ tills dilAki JiuW'uuW dw IJIJY41IdIYWVaua�IJ4�luu4JU LIeIYUau WYl1d �I'r l'urt„ L ei,t�
1991 1990
Revenue:
Interest on investments $21
Police confiscations 2,301
Total revenue 2,322 $0
Expenditures:
Public safety:
Contractual services 34
Revenue over expenditures 2,288 0
Fund balance - January 1 0 0
Fund balance - December 31 $2,288 $0
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE FUNDS Statement 10
COMBINING BALANCE SHEET
December 31, 1991
luWi1JUYIJ I ill I Uw I..la I ill l d; Alt !I) h"W 1 �i
Yil Iu IYIUlWIYUIIW ILJI', 1litue, IJUI; Y, ll. ; WvIWao ieJIIN II ,WImJI�I,;I1Yla WW111dm IVWYJ ;I ImIIi W.;111;WhYll Ill w.ia l III tlnWtlllW mi111J;J,i1 iWWiIILIOYWWIWYYYWIYl I' aleo 1,6W4IWYYwitlil; JU41m1 YlII; WYll IIYidLJUIWWI, YYLi ;Yi ih.I;IJdiL illllu Ntl..YWY I'M .Yli iidl0 Ni! II Ill l Ill 1d11I Yd1ILYII hill d;uu,W u;I,,;IIl
A.A.E.
Special Assessment G.O. Water
G.O. G.O. G.O. G.O. and Sewer
Storm Sewer Improvement Improvement Improvement Improvement Revenue Totals
Bonds Bonds Bonds Bonds Bonds Bonds December 31,
of 1982 of 1982 of 1983 of 1987 of 1990 of 1991 1991 1990
Assets
Cash and investments $9,336 $44,732 $26,401 $521,959 $141,223 $45,798 $789,449 $758,578
Taxes receivable:
Delinquent 821 471 - 1,052 - - 2,344 1,358
Due from County 769 444 - 1,327 - - 2,540 2,191
Special assessments:
Delinquent - - - 39,288 - - 39,288 67,442
Deferred - 3,200 2,932 30,587 - - 36,719 106,523
Special deferred - 14,800 - - - - 14,800 14,800
Due from County - 1,496 2,111 5,455 - - 9,062 15,962
Total assets $10,926 $65,143 $31,444 $599,668 $141,223 $45,798 $894,202 $966,854
Liabilities and Fund Balance
Liabilities:
Deferred revenue $821 $18,471 $2,932 $70,927 $0 $0 $93,151 $190,123
Fund balance:
Reserved for debt service 10,105 46,672 28,512 528,741 141,223 45,798 801,051 776,731
Total liablities and
fund balance $10,926 $65,143 $31,444 $599,668 $141,223 $45,798 $894,202 $966,854
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, 1991
.4W1liLW11I1W41461,61094 WAR WI146W1AN11 1'd1I11YW'WiIII11,191 W11 WIIuI ".0 W11e1lOLHIAWWWWWYd11W11wweyupllW' IdWU! VYWWYYYII111W6V' wW10Ydu1LYYWIidWYIIWYIIWYile11d11YYlYId111iId u111WU16W 111' JWiIAIdYIA WW 61iWAIAUXMI ulloJOU9 WYIdYdWIYiWA' IWIWIWIdIellYIiVYYiu1WYId1iYIdWi! ultlllYYl�' JYWUIUJe' WiWWWUI,Y'uYddWlusemtwfWliu
G.O. Storm
Storm Sewer $165,000
Sewer Improvement Improvement
Bonds Bonds Bonds
of 1982 of 1971 of 1982
Revenue:
General property taxes:
Current and delinquent - $35 $15,196
Storm Sewer ad valorem taxes: -
Current $26,353 -
Special assessments: - - _
Current and delinquent - - 2,992
Penalties and interest - -
Prepayments - - 1,200
Intergovernmental: _ _
State:
Homestead credit 115 - 66
Interest on investments 604 1,062 2,705
Total revenue 27,072 1,097 22,159
Expenditures:
Debt service:
Principal 10,000 10,000 20,000
Interest 16,278 285 6,650
Paying agent fees 739 344 704
Total Expenditures 27,017 10,629 27,354
Revenue over (under) expenditures 55 (9,532) (5,195)
Other increases:
Bond proceeds
Net increase (decrease) in fund balance 55 (9,532) (5,195)
Fund balance - January 1 10,050 28,377 51,867
Residual equity transfer - In
Residual equity transfer - Out - (18,845) -
Fund balance - December 31 $10,105 $0 $46,672
Statement 11
euwiemwm'.wiumiw muinuaaiioaunuuaeemuy.uimscao iinucio,,,, wmnueuulumw,. uireua¢ mmu, uuwu. mmw, lldrL mk, OwWUa hAIMad111w14u 11)11 su�IrAun,n ii xmw.ablI1,Dui, llli IhLW wdmuu," A, Auuurullhb HAIULi�u1.1V.�.wm nAlA&JIUwww9i �1 Ii I "J'Ad 1 1i, o„ 1 11 �L Iaw.'wu.
Special Assessment A.A.E.
G.O. Water
G.O. G.O. and Sewer
$80,000 Improvement Improvement Revenue Totals
G.O. Bonds Bonds Bonds Bonds December 31,
of 1983 of 1987 of 1990 of 1991 1991 1990
- $45,288 - - $60,519 $19,750
0
26,353 28,286
0
$2,815 68,127 - _ 73,934 147,226
9,866 - - 9,866 13,046
2,932 29,436 $77,600 - 111,168 193,110
0
0
200 - - 381 28
1,501 37,744 6,946 $2,903 53,465 52,552
7,248 190,661 84,546 2,903 335,686 453,998
9,000 200,000 - - 249,000 244,000
1,917 35,890 22,837 45,322 129,179 76,416
772 - - 2,559 2,414
10,917 236,662 22,837 45,322 380,738 322,830
(3,669) (46,001) 61,709 (42,419) (45,052) 131,168
88,217 88,217 39,694
(3,669) (46,001) 61,709 45,798 43,165 170,862
32,181 574,742 79,514 - 776,731 521,243
0 84,626
- - (18,845)
$28,512 $528,741 $141,223 $45,798 $801,051 $776,731
CITY OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1991
St. Croix River Hills
Closed Capital Mall Utility & Street
Assets Bond Fund Improvements (TIF) Improvements
Cash and investments $873,272 $338,590 - $3,583
Accounts receivable - - - 12,932
Special assessments receivable:
Delinquent 18,103 - -
Deferred 146,732 - -
Due from County 2,369 - - -
Total assets $1,040,476 $338,590 $0 $16,515
Liabilities and Fund Balance
Liabilities:
Cash overdraft - - $99,379 -
Accounts payable - - 15,547 $8,766
Contracts payable - - 3,000 7,749
Deposits payable $2,750 - -
Deferred revenue 164,835 - - _
Total liabilities 167,585 $0 117,926 16,515
Fund balance (deficit):
Unreserved:
Designated for capital improvements 872,891 338,590 -
Designated for commited contracts - - _
Undesignated - - (117,926) -
Total fund balance (deficit) 872,891 338,590 (117,926) 0
Total liabilities and fund balance $1,040,476 $338,590 $0 $16,515
Statement 12
! d J16101 J 1 61tldh 1iY\I 1116 it li
I.YI I I tl0W1111Yl IlYI'IIJ,LIIUYIIe 1 IYYYII �1141tlJVl JI WYI.Itl,Ltl1lWdJUJi l,uulutid, Ilol 111 I I i � i
,W 41 YIIYNL'JI4441 W4� lil I!YI lit L'uliltll'II WWtltlu111Y1Y111tl1111wVILJLIId II IuJIIILII!'uJl luul"ll 111.1 A I",II1I'61411Y 01611 da1 „ IJI! JLOILJII,VLId1lYUdl {III II. wuYllll, IUJII,L lil,4lulLfildl i1dJ.ud41him undlu Y, lill "Ili dlYfltlliLWUlldu,ll114uJ dJIelle\ I, V"I" It l.
A.A.E.
Park & Valley Sanitary Storm 1991 Totals
Recreation Point Water Sewer Sewer Utility December 31,
Development 2nd Add. Connection Connection Connection Improvements 1991 1990
$16,009 $7,902 $1,101 $1,420 - $192,086 $1,433,963 $1,075,729
- - 1,212 - $1,793 - 15,937 373
- - 18,103 4,400
- 146,732 78,205
_ _ _ _ _ 2,369 106
$16,009 $7,902 $2,313 $1,420 $1,793 $192,086 $1,617,104 $1,158,813
- $99,379 $120,872
$1,388 - - - $4,382 30,083 8,073
3,000 - _ - 40,038 53,787 15,413
2,750 2,750
- 164,835 82,605
$0 4,388 $0 $0 $0 44,420 350,834 229,713
16,009 - 2,313 1,420 1,793 9,396 1,242,412 1,032,630
- 3,514 - - - 138,270 141,784 22,146
- - - - - - (117,926) (125,676)
16,009 3,514 2,313 1,420 1,793 147,666 1,266,270 929,100
$16,009 $7,902 $2,313 $1,420 $1,793 $192,086 $1,617,104 $1,158,813
CITY OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROTECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1991
River Hills
St. Croix Utility
Closed Capital Interim Mall and Street
Bond Fund Improvements Construction (TIF) Improvement
Revenue:
General property taxes:
Current and delinquent $26 - _ _ _
Tax increment taxes - - - $52,322
Special assessments:
Current and delinquent 14,672 - - _ _
Penalty and interest 419 - -
Prepayments 22,525 - $3,696 - -
Interestoninvestments 51,056 $15,065 - - $437
Connection charges 38,394 - - - _
Developer charges - - - - 186,791
Escrow investment earnings 3,070 - - _ _
Refunds and reimbursements - 462
Donations and contributions - 200 - - -
Total revenue 130,162 15,727 3,696 _ 52,322 187,228
Expenditures:
Professional services 9,040 2,834 _ _ _
Developer assistance - - - 30,908 -
Construction costs 3,732 20,135 51,941 13,664 187,228
Total expenditures 12,772 22,969 51,941 44,572 187,228
Revenue over (under) expenditures 117,390 (7,242) (48,245) 7,750 0
Other financing sources (uses):
Bond proceeds - _ _ _
Operating transfer from General Fund - 100,000 _
Operating transfer from Capital Project Fund - - 48,245
Operating transfer to Capital Project Fund (48,245) - -
Total financing sources (uses) (48,245) 100,000 48,245 0 0
Net increase (decrease) in fund balance 69,145 92,758 0 7,750 0
Fund balance (deficit) - January 1 784,901 245,832 - (125,676) 0
Residual equity transfer - In 18,845 -
Residual equity transfer - Out - -
Fund balance (deficit) - December 31 $872,891 $338,590 $0 ($117,926) $0
Statement 13
AIeLl4 tl, ildWiddYYWIJIIYWWItluIYIYW ,YdWWYIW' IYY4JdWlu' ui! IW4tl' + YJ4dIJY' uJWJJVWWLYWYJJJ+ YuY1WYY1h4LaW1' 1' 11, L6eWWIJYWJu{ YY1i616141 YI111 4hll. 1BYL1Mtl+ i11YJIiW1YY1MIV111LYLldYuPullWliYY114JI; dJWYIYItlIWYW. Y6YIIJWiL6Y141Y4LYYWbdJY 'JYludlYllY11114d1YiLUJIYdl4 WYIIJW YI YIIi14WlIIYutlI1WYYIdYJU11tIGtlNtlbI11V111WYV1YYYl8{ tlWYIWIWf ,1uIYYW's'4fdIUIY'JIWWppiWll! WYJYIYIY LIIUYYWIYIIYYeI
A.A.E.
Park and Valley Sanitary Storm 1991 Totals
Recreation Point Water Sewer Sewer Utility December 31,
Development 2nd Add. Connection Connection Connection Improvements 1991 1990
- $26 -
52,322 -
14,672 $17,931
- - 419 257
- _ 26,221 1,198
$428 51,636 $5 $6 - $24,659 93,292 75,859
2,308 1,414 $1,793 - 43,909 10,950
- - 186,791 373
3,070 -
462 -
13,950 _ _ _ _ _ 14,150 10,523
14,378 1,636 2,313 1,420 1,793 24,659 435,334 117,091
540 - - - - - 12,414 11,604
- 30,908
- 19,994 - - - 1,026,798 1,323,492 419,293
540 19,994 0 0 0 1,026,798 1,366,814 430,897
13,838 (18,358) 2,313 1,420 1,793 (1,002,139) (931,480) (313,806)
- _ _ _ _ 1,149,805 1,149,805 256,057
100,000 100,000
48,245 -
- (48,245) -
0 0 0 0 0 1,149,805 1,249,805 356,057
13,838 (18,358) 2,313 1,420 1,793 147,666 318,325 42,251
2, 171 21,872 0 0 0 - 929,100 971,475
18,845 5,443
- - (90,069)
$16,009 53,514 $2,313 $1,420 $1,793 $147,666 $1,266,270 $929,100
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUND Statement 14
BALANCE SHEET
December 31, 1991
With Comparative Amounts for December 31, 1990
Assets December 31,
1991 1990
Current assets:
Cash and cash equivalents $1,096,888 $864,080
Accounts receivable:
Customers 93,798 89,746
Certified to County 595 538
Other 122 970
Due from other governmental units 2,233
Prepaid MWCC 12,945 12,823
Total current assets 1,206,581 968,157
Fixed assets:
Buildings and structures 504,040 504,040
Machinery and equipment 94,479 86,743
Distribution and collection system 2,721,590 2,684,671
Total 3,320,109 3,275,454
Less: Allowance for depreciation (878,936) (840,201)
Net fixed assets 2,441,173 2,435,253
Total assets $3,647,754 $3,403,410
Liabilities and Fund Equity
Current liabilities:
Accounts payable $151,216 $8,227
Due to other governmental units 16,900 15,678
Accrued interest 1,275 1,688
Meter deposits 67,233 67,361
Bonds payable 20,000 20,000
Total current liabilities 256,624 112,954
Noncurrent liabilities:
Bonds payable 40,000 60,000
Total liabilities 296,624 172,954
Fund equity:
Contributions from property owners - net 2,183,314 2,206,005
Retained earnings:
Reserved 661,765 661,765
Unreserved 506,051 362,686
Total fund equity 3,351,130 3,230,456
Total liabilities and fund equity $3,647,754 53,403,410
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUND Statement 15
STATEMENT OF REVENUE, EXPENSES AND
CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1991
With Comparative Amounts For The Year Ended December 31, 1990
+W Wwuduuniem,amuu,dmron u,: rmwnmuduuiameu i, wxwu,.. w'. a: r, d. vrid,, uuuoi, , du, eno, wwinmu, nunwuiru, uruiddu, rvrauunmunrnawe4s, mmivamurioyuadmnimmumuiusw' un, uuaruvam® euri�uuuwumeunv: dm�, mieuueoumrwdruumum�rvYWmuuwwa �ruulnv�vwu,vy
Water Sewer Totals
Operating Operating 1991 1990
Revenue:
Customer billings $140,799 $214,099 $354,898 $332,910
Penalties 1,954 3,050 5,004 4,370
Plumbing permits 316 316 632 616
Refunds and reimbursements 5,672 774 6,446 471
Meter charges 4,131 4,131
Charges for services 120 7,670 7,790 1,144
Total operating revenue 152,992 225,909 378,901 339,511
Expenses:
Contractual services 48,923 9,318 58,241 58,659
NMICC charges 144,150 144,150 139,861
Materials and supplies 9,144 966 10,110 7,036
Administrative and personnel charge 28,500 28,500 57,000 57,000
Depreciation:
On purchased assets 8,442 2,367 10,809 9,505
On contributed assets 30,482 29,128 59,610 59,241
Total operating expenses 125,491 214,429 339,920 331,302
Operating income $27,501 $11,480 38,981 8,209
Other income (expense):
Interest on investments 54,335 65,193
Bond interest (6,338) (7,678)
Paying agent fees (186) (210)
Loss on disposal of assets (3,037)
Total other income (expense) 44,774 57,305
Net income 83,755 65,514
Other increases:
Credit arising from transfer of depreciation to
Contributions from property owners 59,610 59,241
Net increase in retained earnings 143,365 124,755
Retained earnings - January 1 1,024,451 899,696
Retained earnings - December 31 $1,167,816 $1,024,451
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUND Statement 16
STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1991
With Comparative Amounts For The Year Ended December 31, 1990
i6l LY lWdi,11 IYI l,'iL J1:, 4, I, J,WI'uJldlil dYa (,IJt:iLl 1'.4111i.YJlwl 111 IW11duulY4lUwl'IUIIJ Jl!'W'W.L114dtale ' ai1WWt ll uWWL}: 1W:. 4WYlWWI4lIWW: WUYWWWYWIdWWId {11dWaW "o4wY:Y4WJY IW:WIIIYWwIl11uWJ IdWJYt NWIYIdJWILU4JIIW6dl' aYIl4wVi11: Y11' JW: WIiiIY ,WYLY4tW4JIWIWY156lIIWI'IIYdWAd II:,dIY W ➢WWJtiYiuWW u:4d4i11W6ulltlYJ YVI ItItl14.
1991 1990
Cash flows from operating activities:
Operating income $38,981 $8,209
Adjustments to reconcile operating income to
net cash from operating activities:
Depreciation 70,419 68,746
Change in assets and liabilities:
Decrease (increase) in receivables (5,494) (9,909)
Decrease (increase) in prepaid expenses (122) (58)
Increase (decrease) in payables 144,083 1,701
Net cash flows from operating activities 247,867 68,689
Cash flows from capital and related financing activities:
Acquisition of fixed assets (42,457) (24,978)
Principal paid on revenue bond maturities (20,000) (15,000)
Interest and paying agent fees paid on revenue bonds (6,937) (8,197)
Net cash flows from capital and related financing activities (69,394) (48,175)
Cash flows from investing activities:
Interest received on investments 54,335 65,193
Net increase in cash and cash equivalents 232,808 85,707
Cash and cash equivalents - January 1 864,080 778,373
Cash and cash equivalents - December 31 $1,096,888 $864,080
Noncash investing, capital and financing activities:
Fixed assets contributed during 1991 $36,920
Fixed assets deleted during 1991 $34,935
CITY OF OAK PARK HEIGHTS, MINNESOTA
AGENCY FUNDS Statement 17
COMBINING BALANCE SHEET
December 31, 1991
II All L. iliiJill e.w Vllmry
IhWI4YWd1Y010ii1
III! iY YY mllltlillL141 YiLWILIi Aln� i l � i
J I "I'll IYILaY ldlel,l Yilld LY�IY�liil llu, IIJI', 11 {IY II..II, avuWY1'JI IIYII: iJlllull ll,, leilJlliI"IJiI"I-:IliiY llilllAilY,JJII :tlli ll llId lli I11 u14 I YY'IWIIoi11Ji14 i,liJl e1111 1; lle IItLiIIIiIIYIYI
Developers Deferred Totals
Deposit Investment Compensation December 31,
Fund Fund Fund 1991 1990
Assets
Assets with deferred compensation
plan administrator - - $18,194 $18,194 $2,375
Accrued interest receivable - $30,737 - 30,737 44,778
Accounts receivable $130 - - 130 130
Due from developers 12,113 - - 12,113 3,332
Total assets $12,243 $30,737 $18,194 $61,174 $50,615
Liabilities
Cash overdraft $3,475 $30,737 - $34,212 $48,162
Accounts payable 6,890 - - 6,890
Deferred compensation payable - - $18,194 18,194 2,375
Due to developers 1,878 - - 1,878 78
$12,243 $30,737 $18,194 $61,174 $50,615
Total liabilities
CITY OF OAK PARK HEIGHTS, MINNESOTA
AGENCY FUNDS Statement 18
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1991
Balance Balance
January 1, December 31,
1991 Additions _ Deletions 1991
DevelnDer Deposit Fund:
Assets:
Accounts receivable $130 $130
Due from developers 3,332 $8,781 12,113
Total assets $3,462 $8,781 $0 $12,243
Liabilities:
Cash overdraft $3,384 $91 $3,475
Accounts payable 0 6,890 6,890
Due to developers 78 1,800 1,878
Total liabilities $3,462 $8,781 $0 $12,243
Investment Fund:
Assets:
Accrued interest $44,778 $0 $14,041 $30,737
Liabilities:
Cash overdraft $44,778 $0 $14,041 $30,737
Deferred Compensation Fund:
Assets:
Assets with deferred compensation
plan administrator $2,375 $15,819 $0 $18,194
Liabilities:
Deferred compensation payable $2,375 $15,819 $0 $18,194
Total A¢ encv:
Assets:
Assets with deferred compensation
plan administrator $2,375 $15,819 $0 $18,194
Accrued interest receivable 44,778 0 14,041 30,737
Due from developers 3,332 8,781 0 12,113
Accounts receivable 130 0 0 130
Total assets $50,615 $24,600 $14,041 $61,174
Liabilities:
Cash overdraft $48,162 $91 $14,041 $34,212
Accounts payable 0 6,890 0 6,890
Deferred compensation payable 2,375 15,819 0 18,194
Due to developers 78 1,800 0 1,878
Total liabilities $50,615 $24,600 $14,041 $61,174
CITY OF OAK PARK HEIGHTS, ]MINNESOTA
SCHEDULE OF GENERAL FIXED ASSETS Statement 19
For The Year Ended December 31, 1991
eII iJ11Jl4lie fA Iu I, 11� IlI V „I,I li liil I4�, u. il,liW, .e IYI 11.1 I,;u4,111 .vs1a44 Ju wllltlll llJ1,116,IIVa, a dldIIYYY YI,V,'il,ilu,Yl.uelulile 1, I'll II 11 Ik1, 11AW1, 11 WIN l I' 1W 11 I'll ld 11 ".1 ll W 6,Il1Y 1,1"Ihlil Yell) II II ul ",lilii
Balance Balance
January 1, December 31,
Description 1991 Additions Deletions 1991
Land $134,231 $134,231
Land improvements 302,868 302,868
Buildings and structures 753,630 $11,843 765,473
Machinery and equipment 152,693 24,364 177,057
Furniture and fixtures 106,340 12,600 118,940
Totals $1,449,762 $48,807 $0 $1,498,569
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF GENERAL LONG - TERM DEBT Statement 20
December 31, 1991
With Comparative Amounts For December 31, 1990
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December 31,
1991 1990
Amount Available And To Be Provided For The
Retirement of Long -Term Debt
Bonds:
Amount available in debt service funds $801,051 $776,731
Amount to be provided from future tax levies/
special assessment collections, and connection charges 1,350,949 374,269
Compensated absences:
Amount available in General Fund 47,683 41,402
Total available and to be provided $2,199,683 $1,192,402
General Long -Term Debt Payable
Bonds payable:
General Obligation Bonds:
Storm Sewer Bonds of 1982 $150,000 $160,000
Water amd Sewer Revenue Bonds of 1991 1,250,000
Special Assessment Bonds with Governmental Commitment:
G.O. Storm Sewer Improvement Bonds of 1971 10,000
G.O. Improvement Bonds of 1982 40,000 60,000
G.O. Improvement Bonds of 1983 17,000 26,000
G.O. Improvement Bonds of 1987 395,000 595,000
G.O. Improvement Bonds of 1990 300,000 300,000
Compensated absences payable 47,683 41,402
Total general long -term debt payable $2,199,683 $1,192,402
SUPPLEMENTARY
FINANCIAL
INFORMATION
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS Exhibit 1
December 31, 1991
Final Net Bonds Principal Interest
Payment Interest Authorized Retired Outstanding Due Due
Date Due Rate And Issued To Date At 12/31/91 In 1992 In 1992
Bonded Indebtedness
Special Assessment Bonds
with governmental commitment:
General Obligation Storm
Bonds of 1982 8/1/82 8/1/93 10.75% $165,000 $125,000 $40,000 $20,000 $4,450
General Obligation Improvement
Bonds of 1983 12/15/83 2/1/93 8.60% 80,000 63,000 17,000 9,000 1,121
General Obligation Improvement
Bonds of 1987 7/1/87 12/1/93 5.97% 995,000 600,000 395,000 200,000 24,090
General Obligation Improvement
Bonds of 1990 10/1/90 12/1/94 7.08% 300,000 0 300,000 50,000 19,575
Total special assessment bonds
with governmental commitment 1,540,000 788,000 752,000 279,000 49,236
General Debt:
Storm Sewer Bonds of 1982 12/1/82 12/1/03 10.12% 205,000 55,000 150,000 10,000 15,353
General Obligation Water
and Sewer Bonds of 1991 5 /1/91 12/1/06 6.51% 1,250,000 0 1,250,000 0 77,695
Total general debt 1,455,000 55,000 1,400,000 10,000 93,048
Revenue Bonds:
General Obligation Water
and Sewer Bonds of 1980 10/1/80 10/1/94 7.50% 200,000 140,000 60,000 20,000 5,100
Total revenue bonds 200,000 140,000 60,000 20,000 5,100
Total Indebtedness $3,195,000 $983,000 $2,212,000 $309,000 $147,384
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT DEBT WITH GOVERNMENTAL COMMITMENT Exhibit 2
SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1991
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$165,000 $80,000 $995,000 $300,000
G.O. G.O. G.O. G.O.
Improvement Improvement Improvement Improvement
Bonds Bonds Bonds Bonds
of 1982 of 1983 of 1987 of 1990 Total
Bonds payable $40,000 $17,000 $395,000 $300,000 $752,000
Future interest payable 6,700 1,481 36,180 44,200 88,561
Totals $46,700 $18,481 $431,180 $344,200 $840,561
Payments to maturity:
1992 $24,450 $10,121 $224,090 $69,575 $328,236
1993 22,250 8,360 207,090 141,375 379,075
1994 e m - 133,250 133,250
Totals $46,700 $18,481 $431,180 $344,200 $840,561
CITY OF OAK PARK HEIGHTS, MINNESOTA
REVENUE BONDS AND GENERAL DEBT BONDS Exhibit 3
SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1991
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General General Special
Obligation Obligation Taxing District
Water and Sewer Water and Sewer $205,000
Revenue Bonds Revenue Bonds Storm Sewer
of 1980 of 1991 Bond of 1982
Bonds payable $60,000 $1,250,000 $150,000
Future interest payable 10,200 800,408 110,188
Totals $70,200 $2,050,408 $260,188
Payments to maturity:
1992 $25,100 $77,695 $25,353
1993 23,400 127,695 24,377
1994 21,700 130,145 23,403
1995 - 127,258 22,402
1996 - 129,287 21 ,403
1997 - 130,928 20,377
1998 _ 132,190 24,353
1999 - 133,060 22,815
2000 _ 133,560 21,270
2001 - 138,640 19,710
2002 - 142,970 18,150
2003 - 151,570 16,575
2004 - 159,095
2005 - 165,515 -
2006 - 170,800 -
Totals $70,200 $2,050,408 $260, 188
CITY OF OAK PARK HEIGHTS, MINNESOTA
INSURANCE IN FORCE Exhibit 4
December 31, 1991
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Coverage Amount
Umbrella Liability $1,000,000
Package:
Property Blanket Building and Contents 1,978,000
Public Liability 600,000
Errors or omissions (S2,500 deductible) 600,000
Inverse condemnation 600,000
Miscellaneous radio equipment 12,850
Contractors equipment 43,276
Business Auto Policy:
Liability CSL 600,000
Uninsured motorist 600,000
Underinsured motorist 600,00
Physical Damage:
Comprehensive ($250 deductible) A.C.V.
Collision ($500 deductible) A.C.V.
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
FUTURE SCHEDULED TAX LEVIES Exhibit 5
December 31, 1991
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Special
Special Assessment Bonds Taxing District
Year Of Year of Bond Issue Storm Sewer Total
Collection 1982 1990 Total Bonds of 1982 All Bonds
1992 $18,881 - $18,881 $26,621 $45,502
1993 - - - 25,597 25,597
1994 - $500 500 24,593 25,093
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 $18,881 $500 $19,381 5273,220 $292,601
CITY OF OAK PARK HEIGHTS, MINNESOTA
TAXABLE VALUATIONS, TAX LEVIES AND TAX RATES Exhibit 6
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I V vuLe �Iltl,i�i II.JIiiYU llu lui�lilei lu nJ�lll Ili1il i.m 11id iii. �I�iid�ll ltl141L III i��blillLp111 u�lll.w6�ll ��i lei Yi. I�nl IJillli ii li lidl Y iill,h Idle lJilill Ilie i I.. a Iiu,ll II,
Tax Capacity Values
1991/1992 1990/1991 1989/1990
Taxable Valuations:
Real estate $6,545,045 $6,685,547 $6,990,588
Personal property 111,948 110,994 124,501
Fiscal disparity:
Contribution (706,987) (824,162) (611,697)
Distribution 290,546 343,097 314,355
Captured tax increment value (208,027) (56,853) -
Total $6,032,525 $6,258,623 $6,817,747
Tax Levy:
City Wide:
General revenue $1,154,052 $1,107,962 $1,156,993
Debt service 18,881 64,000 20,000
Total City Wide 1,172,933 1,171,962 1,176,993
Storm Sewer District:
Storm Sewer Bonds of 1982 26,621 27,592 28,563
Total Tax Levy $1,199,554 $1,199,554 $1,205,556
Gross Tax Capacity Rate:
City Wide:
General revenue 18.526% 17.003% 17.100%
Debt service 0.304 0.983 0.309
Total City Wide 18.830 17.986 17.409
Storm Sewer District:
Storm Sewer Bonds of 1982 0.633 0.634 0.603
Total Tax Capacity Rate 19.463% 18.620% 18.012%
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE ESCROW AGENT ACCOUNT Exhibit 7
STATEMENT OF CHANGES IN CASH AND INVESTMENTS
For The Year Ended December 31, 1991
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Cash and investments (at cost) - January 1, 1991 $196,363
Additions:
Interest received on investments 43,834
Deductions:
Sale of investments (60,000)
Bond interest and paying agent fees (23,010)
Cash and investments (at cost) - December 31, 1991 $157,187
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE ESCROW AGENT ACCOUNT Exhibit 8
BONDS PAYABLE
December 31, 1991
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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 $235,000 $175,000 $410,000
Future interest payable 39,245 34,270 73,515
Totals $274,245 $209,270 $483,515
Year of maturity
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 0 25,520 25,520
Totals $274,245 $209,270 $483,515
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF CONSTRUCTION COSTS Exhibit 9
December 31, 1991
Legal Expended
and Current Prior
Contractor Engineer Fiscal Other Total Year Years
Closed Bond Fund:
County Seat Estates $66,279 $14,616 $670 $6,316 $87,881 * $3,732 $84,149
Capital Improvements Fund:
Park Improvements 4,972 3,600 - 17,911 26,483 20,135 6,348
St. Croix Mall (TIF)
Street improvement 108,175 21,766 745 8,654 139,340 13,664 125,676
Interim Construction:
Orleans St. and 65th St 50,983 225 205 528 51,941 * 51,941 -
River Hills Utility and Street Imp. 154,984 47,884 2,082 3,350 208,300 187,228 21,072
Valley Point 2nd Addition 209,077 37,545 1,843 7,841 256,306 19,994 236,312
1991 Utility Improvements:
Water Tower and
Utility Extensions 813,138 113,243 4,871 95,546 1,026,798 1,026,798 -
Total - All Funds $1,407,608 $238,879 $10,416 $140,146 $1,797,049 $1,323,492 $473,557
* Completed project
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS Exhibit 10
FOR ST. CROIX MALL TAX INCREMENT DISTRICT
December 31, 1991
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Accounted
Original for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Tax increments received $1,715,000 50 552,322 $1,662,678
Uses of funds:
Developer assistance 960,000 0 30,908 929,092
58th Street improvements 170,000 125,676 13,664 30,660
Other improvements 585,000 0 0 585,000
Total uses of funds 1,715,000 125,676 44,572 1,544,752
Funds remaining (deficit) $0 ($125,676) 57,750 5117,926
The City is the administering authority for the St. Croix Mall Tax Increment District. The district was established
August 7, 1989 pursuant to MS 469.174 and is scheduled to terminate on December 31, 1998.
There have been no bonds issued as of December 31, 1991.
STATISTICAL
SECTION
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS Table 1
EXPENDITURES BY FUNCTION
Years 1982 Through 1991
(UNAUDITED)
Streets
General Public and Capital
Year Total Government Safety Highways Sanitation Recreation Outlay
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
1990 1,193,094 285,328 469,581 71,359 228,675 129,226 8,925
1991 1,425,679 318,948 563,770 107,828 262,838 139,726 32,569
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS Table 2
REVENUE BY SOURCE
Years 1982 Through 1991
(UNAUDITED)
Licenses Fines Interest Charges
Inter - and and on for
Year Total Taxes governmental Permits Forfeits Investments services Miscellaneous
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
1990 1,448,745 1,142,770 40,037 48,870 42,165 62,064 102,836 10,003
1991 1,462,737 1,057,578 51,460 122,804 36,174 52,004 123,969 18,748
CITY OF OAK PARK HEIGHTS, MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS Table 3
Years 1982 Through 1991
(UNAUDITED)
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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
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%
1990 1,205,556 1,177,782 97.70% 13,024 1,190,806 98.78% 33,458 2.78%
1991 * 1,199,554 1,129,373 94.15% 15,103 1,144,476 95.41% 35,036 2.92%
* During 1991, the State cut the City's HACA by $43,148 representing 3.6% of the City's total certified tax levy. Without this
State aid reduction, 1991 total tax collections would have equaled 99% of the certified tax levy.
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT COLLECTIONS Table 4
Years 1982 Through 1991
(UNAUDITED)
'Itl 111114111; 111 "I 11 W.di,l 1 VI !il Illlul'Y'd 1, dlYl 111 J,I 1,11 Y.;11Y lili,I,YI ., IWaI 1111u1 v.1 "d',11d'B UL, 4,1111 ,1,11 d a111 46. 11 1Y IY'u l I'll 11 1Iu .4.h.iu 11 411 1 11 '1 IYIYYI 111Yu IlI;A 19, WLYY'. iI1tlWJ. WYtlJWW11W1, WYIlutlYNYl4uJWWI{ yl, WyyyMWuWVYWW' IYIIYYYYYYLIWWWIYWdYUWIWYW {WIIIYIWA,
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 590,298 $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 *
1990 136,458 104,145 76.32% * 61,407 121.32% * 73,320 *
1991 74,851 46,219 61.75% * 42,965 119.15% * 58,761 *
* Note: Special assessments for 1989 through 1991 include a single assessment roll collectible over five years (1989 through 1993)
appropriated to finance the G. O. Improvements Bonds of 1987. Approximately 90% 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 $58,761 at December 31, 1991 include $39,289 from this single developer. Actual
versus scheduled collections for this assessment roll have been as follows through December 31, 1991:
Excess
Actual Originally Scheduled Over
Year Annually Cumulative Annually Cumulative Scheduled
1987 $128,240 $128,240 $0 $128,240
1988 167,569 295,809 0 295,809
1989 248,017 543,826 260,700 5260,700 283,126
1990 308,029 851,855 245,200 505,900 345,955
1991 97,563 949,418 229,600 735,500 213,918
1992 214,100 949,600
1993 198,500 1,148,100
Based upon the past history of this developer (as shown above) the City provided alternative revenue to ensure the complete
and timely financing of this bond issue. Such alternative revenue sources (plus 1990 and 1991 delinquent collections) has
resulted in December 31, 1991 cash and investment balances exceeding remaining bonded debt obligations by 5127,000 or
32% for this bond issue.