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CITY OF OAK PARK HEIGHTS, MINNESOTA
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1992
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
Organization
Independent Auditor's Report
Qeneral Purpose Financial Statment s
Combined Balance Sheet - All Fund Types and Account Groups Statement 1
Combined Statement of Revenue, Expenditures and Changes in Fund Balance -
All Governmental Fund Types Statement 2
Combined Statement of Revenue, Expenditures and Changes in Fund Balance -
Budget and Actual - General Fund Statement 3
Combined Statement of Revenue, Expenses and Changes in Retained Earnings -
Proprietary Fund Type Statement 4
Combined Statement of Cash Flows - Proprietary Fund Type Statement 5
Notes to Financial Statements
Combining and Individual Fund and Account Group Financial 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
-111111 IRWIN
Schedule of General Fixed Assets Statement 19
Schedule of General Long -Term Debt Statement 20
Supplement= 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
St. Croix Mall Tax Increment District Exhibit 10
Statistical Section
General and Special Revenue Funds - Expenditures by Function
Years 1983 through 1992 Table 1
General and Special Revenue Funds - Revenue by Source
Years 1983 through 1992 Table 2
Property Tax Levies and Collections - Years 1983 through 1992 Table 3
Special Assessment Collections - Years 1983 through 1992 Table 4
Principal Taxpayers Table 5
CITY OF OAK PARK HEIGHTS, MINNESOTA
ORGANIZATION
December 31, 1992
Term Exams
Mayor.
Barbara ONeal 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, 1992
With Comparative Totals for December 31, 1991
Governmental Fund Tunes
Special Debt
Assets General Revenue Service
Cash and investments $929,559 $5,127 $910,723
Assets with deferred compensation plan administrator _ _ -
Accrued interest receivable - _
Accounts receivable 18,135 -
Due from other governmental units 3,850
Due from developers - _
Prepaid items - -
Taxes receivable:
Delinquent 36,804 - 2,213
Due from County 117,716 - 4,643
Special assessments receivable - - 218,760
Fixed assets (net of accumulated depreciation) - _ -
Amount available in Debt Service Funds
Amount to be provided for retirement of general long -term debt _ -
Total assets $1,106,064 $5,127 $1,136,339
Liabilities, Equity and Other Credits
Liabilities:
Cash overdraft
Accounts payable $47,835 - $192
Salaries payable 5,233 -
Contracts payable - _
Due to other governmental units 2,730 -
Accrued interest
Deferred compensation payable - - _
Deposits/refunds payable - - -
Compensated absences payable - _ _
Bonds payable _ - _
Deferred revenue 36,844 - 218,566
Total liabilities 92,642 $0 218,758
Equity and other credits:
Invested in general fixed assets - _
Contributions - net
Retained earnings:
Reserved
Unreserved
Fund balance (deficit):
Reserved - - 917,581
Unreserved:
Designated 1,013,422 5,127 -
Undesignated _ - _
Total equity and other credits 1,013,422 5,127 917,581
Total liabilities, equity and other credits $1,106,064 $5,127 $1,136,339
The accompanying notes are an integral part of these financial statements,
Statement 1
Proprietary Fiduciary
Fund Type Fund Type Account Groups Totals
Capital General General Long- (Memorandum Only)
Project Enterprise Agency Fixed Assets Term Debt 1992 1991
$1,483,233 $878,334 $386 - - $4,207,362 $4,323,553
- 35,002 - - 35,002 18,194
- _ 7,833 - - 7,833 30,737
10,821 102,418 130 - - 131,504 129,149
400,000 3,222 - - - 407,072 5,702
- - 2,632 - - 2,632 12,113
15,256 - - - 15,256 12,945
- - - - 39,017 35,036
- - 122,359 33,396
94,671 - - - - 313,431 267,073
- 3,300,430 - $1,554,208 - 4,854,638 3,939,742
- - _ $917,581 917,581 801,051
1,012,786 1,012,786 1,398,632
$1,988,725 $4,299,660 $45,983 $1,554,208 $1,930,367 $12,066,473 $11,007,323
$134,367 - $7,833 - - $142,200 $133,591
37,579 $4,173 835 - - 90,614 234,160
- _ - - - 5,233 3,947
90,397 11,528 - - - 101,925 53,787
- 2,676 - - - 5,406 17,315
850 - - - 850 1,275
- - 35,002 - - 35,002 18,194
21,430 - 2,313 - - 23,743 71,861
- _ _ - $57,367 57,367 47,683
- 40,000 - - 1,873,000 1,913,000 2,212,000
216,703 - - - - 472,113 293,151
500,476 59,227 45,983 $0 1,930,367 2,847,453 3,086,964
- _ - 1,554,208 - 1,554,208 1,498,569
3,050,182 - - - 3,050,182 2,183,314
661,765 - - - 661,765 661,765
528,486 - - - 528,486 506,051
- _ 917,581 801,051
1,540,571 - - - - 2,559,120 2,312,484
(52,322) - - - - (52,322) (42,875)
1,488,249 4,240,433 0 1 0 9,219,020 7,920,359
$1,988,725 $4,299,660 $45,983 $1,554,208 $1,930,367 $12,066,473 $11,007,323
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, 1992
With Comparative Totals For The Year Ended December 31, 1991
Special Debt Capital Totals (Memorandum Only)
General Revenue Service Project 1992 1991
Revenue:
General property taxes $1,121,894 $43,951 $1,165,845 $1,144,476
Tax increment taxes $190,856 190,856 /' 52,322
Special assessments 260,701 89,537 350,238 236,280
Intergovernmental 87,194 1,448 295,063 383,705 51,841
Licenses and permits 93,908 93,908 122,804
Charges for services 146,702 146,702 123,969
Fines and forfeits 38,557 38,557 36,174
Interest on investments 33,728 $177 35,047 76,794 145,746 198,761
Connection charges 404,236 404,236 43,909
Other charges 696,513 696,513 186,791
Escrow investment earnings 137 137 3,070
Refunds and reimbursements 21,349 2,400 23,749 16,314
Donations and contributions 37,225 37,225 14,150
Other 385 8,567 8,952 2,896
Total revenue 1,543,717 8,744 341,147 1,792,761 3,686,369 2,233,757
Expenditures:
Current:
General government 335,835 147,363 483,198 362,270
Public safety 605,414 5,905 611,319 563,770
Streets and highways 83,638 83,638 107,828
Sanitation 267,557 267,557 ° 262,838
Recreation 156,321 156,321 139,726
Capital outlay 58,231 58,231 / 32,569
Debt service:
Principal 429,000 429,000 249,000
Interest 143,684 143,684 ' 129,179
Paying agent fees 4,004 4,004 2,559
Refunding costs 4,622 4,622
Construction costs 1,407,831 1,407,831 1,323,492
Total expenditures 1,506,996 5,905 581,310 1,555,194 3,649,405 3,173,231
Revenue over (under) expenditures 36,721 2,839 240,163 237,567 36,964 939,474
Other financing sources (uses):
Bond proceeds 146,755 146,755 1,238,022
Operating transfers from other funds 25,650 209,938 907,211 1,142,799 148,245
Operating transfers to other funds (50,000) (922,799) (972,799) (148,245)
Total other financing sources (uses) (24,350) 0 356,693 (15,588) 316,755 1,238,022
Net increase in fund balance 12,371 2,839 116,530 221,979 353,719 298,548
Fund balance - January 1 1,001,051 2,288 801,051 1,266,270 3,070,660 2,772,112
Residual equity transfer - In 0 18,845
Residual equity transfer - Out 0 18,845
Fund balance - December 31 $1,013,422 $5,127 $917,581 $1,488,249 $3,424,379 $3,070,660
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, 1992
With Comparative Actual Amounts For The Year Ended December 31, 1991
1992
Over
(Under) 1991
Budget Actual Budget Actual
(Memorandum
Revenue: Only)
General property taxes $1,117,312 $1,121,894 $4,582 $1,057,578
Intergovernmental 79,140 87,194 8,054 51,460
Licenses and permits 90,405 93,908 3,503 122,804
Charges for services 146,800 146,702 (98) 123,969
Fines and forfeits 39,000 38,557 (443) 36,174
Interest on investments 50,000 33,728 (16,272) 51,983
Other 3,275 21,734 18,459 16,447
Total revenue 1,525,932 1,543,717 17,785 1,460,415
Expenditures:
Current:
General government 348,700 335,835 (12,865) 318,948
Public safety 622,060 605,414 (16,646) 563,736
Streets and highways 90,820 83,638 (7,182) 107,828
Sanitation 269,180 267,557 (1,623) 262,838
Recreation 160,975 156,321 (4,654) 139,726
Contingency 3,980 (3,980)
Capital outlay 58,340 58,231 (109) 32,569
Total expenditures 1,554,055 1,506,996 47,059) 1,425,645
Revenue over (under) expenditures 28,123 36,721 64,844 34,770
Other financing sources (uses):
Operating transfers from other funds 25,650 25,650 0
Operating transfers to other funds (50,000) (50,000) (100,000)
Total other financing sources (uses) 25,650 (24,350 50,000) X100,0000
Net increase (decrease) in fund balance ($2,473) 12,371 $14,844 (65,230)
Fund balance- January 1 1,001,051 1,066,281
Fund balance- December 31 $1,013,422 $1,001,051
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, 1992
With Comparative Amounts For The Year Ended December 31, 1991
Enterprise Funds
1992 1991
Operating revenue:
Customer billings $374,319 $354,898
Penalties 4,545 5,004
Plumbing permits 888 632
Refunds and reimbursements 3,710 6,446
Meter sales 5,822 4,131
Charges for services 2,384 7,790
Total operating revenue 391,668 378,901
Operating expenses:
Contractual services 57,111 58,241
MWCC charges 154,351 144,150
Materials and supplies 3,019 10,110
Administrative and personnel charges 78,000 57,000
Depreciation 72,132 70,419
Total operating expenses 364,613 339,920
Net income from operations 27,055 38,981
Other income (expense):
Interest on investments 43,238 54,335
Bond interest (4,675) (6,338)
Paying agent fees (185) (186)
Reclassification of meter deposits 67,233
Loss on disposal of assets (21 1) (3,037)
Total other income (expense) 105,400 44,774
Net income before operating transfers 132,455 83,755
Operating transfer to Capital Project Fund (170,00
Net income (loss) (37,545) 83,755
Other increases:
Credit arising from transfer of depreciation to
contributions from property owners 59,980 59,610
Net increase in retained earnings 22,435 143,365
Retained earnings m January 1 1,167,816 1,024,451
Retained earnings m December 31 $1,190,251 $1,167,816
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, 1992
With Comparative Amounts For The Year Ended December 31, 1991
Enterprise Funds
1992 1991
Cash flows from operating activities:
Operating income $27,055 $38,981
Adjustments to reconcile operating income to
net cash from operating activities:
Depreciation 72,132 70,419
Change in assets and liabilities:
Decrease (increase) in receivables (8,892) (5,494)
Decrease (increase) in prepaid expenses (2,311) (122)
Increase (decrease) in payables (149,739) 144,083
Net cash flows from operating activities (61,755) 247,867
Cash flows from noncapital financing activities:
Operating transfers to other funds 117010001
Cash flows from capital and related financing activities:
Acquisition of fixed assets (5,016) (42,457)
Principal paid on revenue bond maturities (20,000) (20,000)
Interest and paying agent fees on revenue bonds (5,285) (6,937)
Proceeds from sale of fixed assets 264
Net cash flows from capital and related financing activities (30,037) (69,39L
Cash flows from investing activities:
Interest received on investments 43,238 54,335
Net increase (decrease) in cash and cash equivalents (218,554) 232,808
Cash and cash equivalents - January 1 1,096,888 864,080
Cash and cash equivalents - December 31 $878,334 $1,096,888
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992 Page 1 of 17
1111 M
N ULC I ,511MMARY OF SIGNIFICANT 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 five 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 conformity 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 Funds - to account for the proceeds of specific revenue sources that are
legally restricted to expenditure for specified purposes.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992 Page 2 of 17
Debt Service Funds - to account for the accumulation of resources for, and the payment of,
general long -term debt principal, interest, and related costs.
vital Project Funds - 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
Enterprise Funds - to account for operations: (a) that are financed and operated in a manner
similar to private business enterprises - where the intent of the governing body is that the
costs (expenses, including depreciation) of 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 Agent 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.
AQCOUNT 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 Debt - This account group contains the long -term obligations of the City
including general obligation bonds, certificates of indebtedness, contracts payable and
compensated absences payable. 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, 1992 Page 3 of 17
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 $472,113, which consists of the following:
Property taxes receivable $39,017
Special assessments receivable 310,947
Other 122,149
Total $472,113
D. BUDGETS
Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual
appropriated budgets are adopted for the General Fund. The City does not adopt a budget for the Special
Revenue Fund and accordingly the combined statement of revenue, expenditures and changes in fund
balance - budget and actual (Statement 3) excludes amounts relating to this unbudgeted fund.
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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992 Page 4 of 17
E. LEGAL COMPLIANCE a 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.
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.
S. 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 is considered cash equivalents.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992 Page 5 of 17
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.
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. 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 classified as delinquent and due from County taxes receivable. The portion
of delinquent taxes not collected by the City in January is fully offset by deferred revenue because it is
not available to finance current expenditures.
Prior to 1993, cities in Minnesota operated under a levy limitation law. For 1992, a City's levy limit
is equal to the prior year's 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 commercial/industrial property
valuation growth since 1971. Property taxes paid to the City through this formula for 1992 and 1991
totaled $51,140 and $59,711, 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.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992 Page 6 of 17
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 funds are completely offset by deferred revenues.
Once a special assessment roll is adopted, the amount attributed to each parcel is a lien upon that
property until full payment is made or the amount is determined to be excessive by the City Council or
court action. If special assessments are allowed to go delinquent, 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, 1992 Page 7 of 17
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 eliminations have not been made in the aggregation of this data.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992 Page 8 of 17
Note 2 DEPOSITS AND INVESTM ,NTS
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 was $2,829,830 and the bank balance was
$2,874,106. The entire bank balance was covered by Federal depository insurance or 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.
(l) 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, 1992 were:
Carrying Market
Amount Value
Investments:
Investment pools $1,235,282 $1,224,999
Assets with deferred
compensation plan administrator $35,002 $35,002
At December 31, 1992, the City held no investments subject to credit risk classification.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992 Page 9 of 17
Note 3 FIXED ASSETS
• summary of changes in general fixed assets is as follows:
Balance Balance
1/1/92 Additions Deletions 12/31/92
Land $134,231 $134,231
Land improvements 302,868 $6,465 309,333
Buildings and structures 765,473 1,521 766,994
Machinery and equipment 177,057 52,233 $14,206 215,084
Furniture and fixtures 118 14,621 4 128
Totals $1,498,569 $74,840 119,201 $1,554,208
• summary of Proprietary Fund fixed assets at December 31, 1992 is as follows:
Enterprise
Land $60,000
Buildings and structures 1,254,445
Machinery and equipment 99,567
Distribution and collection systems 2,838
Total 4,252,044
Less: Accumulated depreciation (951,614)
Net fixed assets $3,300,430
Note 4 CITY INDEBTEDNESS
The following is a schedule of changes in City indebtedness for the year ended December 31, 1992.
Balance Balance
1/1/92 Additions Deletions 12/31/92
General Long -Term Debt Account Group:
Bonded debt:
General obligation $1,400,000 $150,000 $150,000 $1,400,000
Special assessment debt
with governmental commitment 752,000 279,000 473,000
Compensated absences 47,683 9 57
Total general long -term debt 2 159,684 429 1,930,367
Proprietary Funds:
Revenue bonds 60 20,000 40,000
Totals $2259,683 $159,684 1449,000 $1,970,367
All long -term bonded indebtedness outstanding at December 31, 1992 is backed by the full faith and credit of the
City, including special assessment and revenue bond issues. Delinquent assessments receivable for Debt Service
Funds at December 31, 1992 totaled $19,593.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992 Page 10 of 17
The annual requirement to amortize all debt outstanding at December 31, 1992 including interest payments of
$807,108 is as follows:
Proprietary
Fund
General Lone -Term Debt Type k
Special
Assessment Water and
Year General Debt With Sewer
Ending Obligation Governmental Revenue
December 31, Bonds Commitment Bonds Total
1993 $151,908 $379,075 $23,400 $554,383
1994 151,892 133,250 21,700 306,842
1995 148,361 148,361
1996 149,699 149,699
1997 155,628 155,628
1998 -2006 1 1,405,195
Total $2,162,683 $512,325 $45,100 $2,720,108
It is not practicable to determine the specific year for payment of long -term accrued compensated absences.
City indebtedness at December 31, 1992 is composed of the following:
Final Authorized
Issue Maturity Interest And Outstanding
Date Date Rate Issued 12/31/92
General Long -Term Debts
General Obligation Bonds:
G.O. Refunding Bonds of 1992 9/01/92 12/01/00 5.48 $150,000 $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:
General Obligation Improvement
Bonds of 1982 8/01/82 8/01/93 10.75 165,000 20,000
General Obligation Improvement
Bonds of 1983 12/15/83 2/01/93 8.60 80,000 8,000
General Obligation Improvement
Bonds of 1987 7/01/87 12/01/93 5.97 995,000 195,000
General Obligation Improvement
Bonds of 1990 10/01/90 12/01/94 6.40 -6.60 300,000 250,000
Compensated Absences — — — — 57
Total General Long -Tenn Debt 1,930,367
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 40
Total $1,970,367
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992 Page 11 of 17
During 1992, the City issued $150,000 in G,O, Refunding Bonds of 1992, dated September 1, 1992, to advance
refund $140,000 of outstanding 1982 G.O. Storm Sewer Bonds. The 1993 through 2003 maturities on the old
debt were called and prepaid, including a 1% call premium, on December 1, 1992. This refunding reduced the
total debt payments by almost $45,000.
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, 1992,$410,000 of bonds outstanding are considered defeased as
follows:
Issue Amount
$900,000 General Obligation Water and Sanitary
Sewer Improvements Bonds of 1967 $200,000
$500,000 General Obligation Water and Sanitary
Sewer Improvement Bonds of 1968 _ — 150 2 000
$350,000
Note 5 LEGAL DEBT MARGIN
The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable
principally from property taxes. The City's legal debt margin for 1992 and 1991 is computed as follows:
December 31,
1992 1991
Market Value $200,066,900 $200,073,600
Applicable Debt Limit (percentage) 2.00% 2.00%
Debt Limit 4,001,338 4
Amount of Debt Applicable to Debt Limit:
Total bonded debt 1,913,000 2,212,000
Less: Non applicable debt:
Special Assessment Bonds (473,000) (752,000)
Revenue Bonds (1,290,000) (1,310,000)
Cash and investments in
corresponding Debt Service Funds (9,736) (9,336)
Total Amount of Debt Applicable to Debt Limit 140,264 140,664
Legal Debt Margin $3,861,074 $3,860,808
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992 Page 12 of 17
Note 6 PENSION PLANS
PUBLIC EMPLOY .F.S R TIR MENT ASSO IADON (PERA)
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, 1992, was $288,519 and $315,490, respectively; the City's total payroll was
$630,811.
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.
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) 4.41% 4.74% 9.95%
PEPFF 8.00% 12.00% 18.60%
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992 Page 13 of 17
Total contributions made by the City during the fiscal year ended December 31, 1992 were:
Percentage of
Amount Covered Payroll
Employees Employer Employees Employer
PERF $12,204 $12,926 4.23% 4.48%
PEPFF 25,239 37,859 8.00% 12.00%
Totals $37,443 $50,785
The City's contribution for the year ended June 30, 1992 to the PERF represented .0113 percent of
total contributions required of all participating entities. For the PEPFF, contributions for the year
ended June 30, 1992, represented .1283 percent of total contributions required of all participating
entities.
Funding Status and Progress
Pension Benefit Obligation
The "pension benefit obligation" is a standardized disclosure measure of the present value of pension
benefits, adjusted for the effects of projected salary increases and step -rate benefits, estimated to be
payable in the future as a result of employee service to date. The measure, which is the actuarial
present value of credited projected benefits, is intended to help users assess PERA's funding status on a
going - concern basis, assess progress made in accumulating sufficient assets to pay benefits when due,
and make comparisons among Public Employees Retirement Systems and among employers. PERA
does not make separate measurements of assets and pension benefit obligation for individual employers.
The pension benefit obligations as of June 30, 1992, are shown below:
PERF PEPFF
(In thousands)
Total pension
benefit obligation $4,868,124 $821,604
Net assets available
for benefits, at cost
(Market Values for
PERF = $4,068,082;
PEPFF = $1,012,812) 3 963,565
Unfunded (assets in
excess of) pension
benefit obligation $935,000 ($141,961)
The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30,
1992. Net assets available to pay pension benefits were valued as of June 30, 1991.
Changes in Actuarial Methods and Benefit Provisions.
Effective for the June 30, 1992 valuation, legislative activity since the last actuarial valuation resulted
in some minor changes in the benefit provisions of the two funds. These changes did not have a
significant impact on the PERF or the PEPFF.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992 Page 14 of 17
Ten -Year Historical Trend I ormatio_n
Ten -year historical trend information is presented in PERA's Comprehensive Annual Financial Report
for the year ended June 30, 1992. This information is useful in assessing the pension plan's
accumulation of sufficient assets to pay pension benefits as they become due.
Related Party InvestmenL5
As of June 30, 1992, and for the fiscal year then ended, PERA held no securities issued by the City or
other related parties.
Note 7 METROPOL.iTAN WAST !Q�NTROL. COMMIS4ION
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.
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 amounts of these credits at December 31, 1992 and 1991 were as follows:
December 31,
1992 1991
Current value credits $312 $351
Debt service credits 61,868 75,425
Deferred charges 1,495 a 2,101
Total $63,675 $77
Note 8 RF,CONCILiATION nF C:ONTRII3IJTFD APIT/�j
Changes to contributed capital during the year are as follows:
Depreciation
Beginning Capital on Contributed Ending
Balance Contributions Assets Balance
Water $1,040,686 $871,519 ($30,597) $1,881,608
Sewer 1,142,628 55,329 (29,383) 1,168,574
Total $2,183,314 $926,848 ($59,980) $3,050,182
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992 Page 15 of 17
Note 9 DEFERRED COMPENSATION PLAN
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 Agency Fund on the combined balance sheet is $35,002 of funds recorded at market value and
primarily held by insurance companies in various investment pools for future payment of plan benefits.
Note 10 SEGMENT INFORMATION
The City maintains one Enterprise Fund which provides water and sanitary sewer services. Segment
information for the year ended December 31, 1992 is as follows:
Water Sewer
Utility Utility Total
Operating revenue $166,354 $225,314 $391,668
Depreciation expense 40,338 31,794 72,132
Operating income (loss) 37,669 (10,612) 27,057
Current capital contributions 871,519 55,329 926,848
Property, plant and equipment additions 877,133 55,329 932,462
Property, plant and equipment deletions 527 0 527
Operating transfers (out) (170,000)
Net income (loss) (37,545)
Net working capital 960,003
Total assets 4,299,660
Bonds payable 40,000
Total equity 4,240,433
Note I I TAX CREMENT DISTRICTS
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, 1992.
Current Tax Capacity Value $393,584
Original Tax Capacity Value (as adjusted) (198,595)
Captured Tax Capacity Value $194,989
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992 Page 16 of 17
Note 12 SPECIAL, TAxrNr DISTRICT
The City Council of Oak Park Heights established Storm Sewer Improvement Tax District No. 1 pursuant to
Minnesota Statutes, Section 444.17 and Ordinance No. 1600 adopted by the City on October 12, 1982.
Financing of the construction costs for establishment of this district was originally provided by issuing the
$205,000 General Obligation Storm Sewer Bonds of 1982. These bonds were entirely refunded in 1992 by the
$150,000 G.O. Refunding Bonds of 1992. The refunding bonds mature over the next eight years with final
payment due in 2000. 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 1993 to 2000. The original scheduled levies totaled $198,000.
Note 13 DEFICIT Ft1ND RALANCF.4 /R7 TAINFD 1~A NINGS
The City has deficit fund balances at December 31, 1992 as follows:
Amount
Capital Project:
St. Coix Mall (TIF) $52,322
Note 14 C LES
In previous years, the City collected certain charges for water meters provided to users. These collections were
not previously recognized as revenue but were recorded as meter deposits payable. The majority of these meters
have since been replaced. It is the City Attorney's opinion that the City has no financial obligations with
respect to the remaining meters; additionally, the total amount of charges relating to meters which have not been
replaced is considered immaterial. Based on this information, the City has recorded these certain meter charges
as revenue in 1992 ($67,233).
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 DF,FF,RRF.n AD VAi,nRFM TAX I,EVIFS BONDFD DFBT
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, specific annual amounts of such tax levies are stated in the bond resolution and
the County Auditor is notified and instructed to levy these taxes over the appropriate years. 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. Future scheduled
tax levies for all bonds outstanding at December 31, 1992 totaled $198,500.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992 Page 17 of 17
N ote, j6 DF� GN�''j'jf��JS AND RESERVATIONR OF FUND EOUITY
At December 31, 1992 and 1991 the City had designated and reserved portions of its various fund equities
through legal restriction and City Council authorization. Major fund equity appropriations at December 31,
1992 and 1991 are shown on the various balance sheets as segregations of the fund equity. A summary of such
designations is as follows:
December 31,
1992 1991
General Fund:
Designated for cash flow $639,000 $577,100
Designated for contingent employee benefits 142,000 117,800
Designated for general contingency 221,950 228,600
Deiignated for ensuing year's budget 2,500
Designated for capital improvements 10,472
Special Revenue Fund:
Designated for Special Revenue program 5,127 2,288
Debt Service Funds:
Reserved for debt service 917,581 801,051
Capital Project Funds:
Designated for capital improvements 1,492,125 1,242,412
Designated for committed contracts 48,446 141,784
Enterprise Fund:
Reserved for capital improvements 661 2 765 661,765
Totals $4,138,466 $3,775,300
Note 17 POST - 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.
C0MBINING,
INDIVIDUAL FUND
AND ACCOUNT GROUP
FINANCIAL STATEMENTS
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND Statement 6
BALANCE SHEET
December 31, 1992
With Comparative Amounts for December 31, 1991
December 31,
Assets 1992 1991
Cash and investments $929,559 $1,000,965
Accounts receivable 18,095 17,627
Accounts receivable - certified 40 940
Due from other governmental units 3,850 3,469
Taxes receivable:
Delinquent 36,804 32,692
Due from County 117,716 30,856
Total assets $1,106,064 $1,086,549
Liabilities and Fund Balance
Liabilities:
Accounts payable $47,835 $45,971
Salaries payable 5,233 3,947
Due to other governmental units 2,730 415
Deferred revenue 36,844 35,165
Total liabilities 92,642 85,498
Fund Balance:
Unreserved:
Designated for cash flow 639,000 577,100
Designated for contingent employee benefit 142,000 117,800
Designated for general contingency 221,950 228,600
Designated for ensuing year's budget 2,500
Designated for capital improvements 10,472
Undesignated 75,051
Total fund balance 1,013,422 1,001,051
Total liabilities and fund balance $1,106,064 $1,086,549
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, 1992
With Comparative Actual Amounts for the Year Ended December 31, 1991
1992
Over (Under) 1991
Budget Actual Budget Actual
Revenue:
General property taxes:
Current and delinquent $1,117,312' $1,108,949
($8,363) $1,057,578
Excess TIF 12,945 12,945
Total general property taxes 1,117,312 1,121,894 4,582 1,057,578
Intergovernmental:
State:
HACA 36,740 36,740 0 4,611
Police aid 26,000 .: 32,432 6,432 31,651
Total state 62,740 69,172 6,432 36,262
County:
Recycling grant 15,000 16,077 1,077 14,679
Gravel tax allocation 500 478 (22) 459
Other - miscellaneous 900 1,467 567 60
Total intergovernmental 79,140 87,194 8,054 51,460
Licenses and permits 90,405 ' 93,908 3,503 122,804
Charges for services:
Refuse collection 68,800 68,152 (648) 64,721
Other 550 550 2,248
Administrative - Enterprise Fund 78,000 78,000 0 57,000
Total charges for services 146,800 146,702 (98) 123,969
Fines and forfeits 39,000 38,557 (443) 36,174
Interest on investments 50,000: 33,728 (16,272) 51,983
Refunds and reimbursements 3,275 21,349 18,074 15,852
Sale of property 0 385 385 595
Total revenue 1,525,932 1,543,717 17,785 1,460,415
Expenditures:
General government:
Mayor and council:
Current:
Personal services 26,175 25,975 (200) 25,064
Contractual services 81,750 73,806 (7,944) 76,331
Total mayor and council 107,925 99,781 (8,144) 101,395
Elections:
Current:
Personal services 2,920 2,872 (48)
Materials and supplies 2,635 2,343 (292)
Total current 5,555 5,215 ' (340) 0
Capital outlay: 10,870 10,865 (5)
Total elections 16,425 16,080 (345) 0
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, 1992
With Comparative Actual Amounts for the Year Ended December 31, 1991
1992
Over (Under) 1991
Budget Actual Budget Actual
Expenditures: (continued)
General government: (continued)
City clerk:
Current:
Personal services $142,045 $141,749 ($296) $114,437
Materials and supplies 4,730 4,500 (230) 5,001
Contractual services 5,600 5,423 X177) 3,796
Total current 152,375 151,672. (703) 123,234
Capital outlay 440 440 0 543
Total city clerk 152,815: 152,112 (703) 123,777
Planning and zoning:
Current:
Personal services 8,500 6,500 (2,000) 24,219
Municipal Building:
Current
Materials and supplies 6,000 4,624 (1,376) 5,156
Contractual services 13,350 9,235 (4,115) 12,171
Total current 19,350 13,859 / (5,491) 17,327
Capital outlay 300 (3 T)
Total municipal building 19,650 13,859 X5,791) 17,327
Assessor:
Current
Personal services 10,000 %' 10,436 436 9,051
Engineering:
Current
Contractual services 8,000 5,259 (2,741) 11,860
General management:
Current
Personal services 15,000 14,668 (332) 12,900
Materials and supplies 2,850 3,093 243 1,641
Contractual services 19,145 25,352 6,207 17,321
Total current 36,995 43,113 f 6,118 31,862
Capital outlay 0 6,000
Total general management 36,995 43,113 6,118 37,862
Total general government 360,310 347,140 (13,170) 325,491
Public safety:
Police department
Current
Personal services 476,180 468,431 (7,749) 454,008
Materials and supplies 29,600 26,920 (2,680) 22,628
Contractual services 21,400 19,353 (2,047) 20,112
Total current 527,180 514,704 (12,476) 496,748
Capital outlay 37,500 37,677 177 20,940
Total police department 564,680 552,381 (12,299) 517,688
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, 1992
With Comparative Actual Amounts for the Year Ended December 31, 1991
1992
Over (Under) 1991
Budget Actual Budget Actual
Expenditures: (continued)
Public safety: (continued)
Building inspections
Current:
Personal services $68,005 $64,497 ($3,508) $41,988
Contractual services 3,675 3,826 151 1,675
Materials and supplies 2,050 1,815 (235) 1,459
Total current 73,730 70,138 (3,592) 45,122
Capital outlay 1,230 1,249 19 3,572
Total building inspections 74,960 71,387 (33,573) 48,694
Fire protection:
Current:
Contractual services 16,000 15,986 (14) 18,979
Animal control:
Current:
Materials and supplies 150 110 (40) 49
Contractual services 5,000 4,476 (524) 2,838
Total animal control 5,150 4,586 (564) 2,887
Total public safety 660,790 644,340 (16,450) 588,248
Streets and highways:
Streets and alleys:
Current:
Materials and supplies 2,025 1,995 (30) 828
Contractual services 23,545 23,527 (18) 26,328
Total streets and alleys 25,570 25,522 (48) 27,156
Snow and ice removal:
Current:
Contractual services 25,525 18,770 (6,755) 45,014
Street lighting:
Current:
Contractual services 38,000 ' 37,689 (311) 34,114
Arborist:
Current:
Personal services 1,650 1,650 0 1,500
Materials and supplies 75 7 (68) 44
Total arborist 1,725. 1,657 (68) 1,544
Total streets and highways 90,820 83,638 (7,182) 107,828
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND Statement 7
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES Page 4 of 4
IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1992
With Comparative Actual Amounts for the Year Ended December 31, 1991
1992
Over (Under) 1991
Budget Actual Budget Actual
Expenditures: (continued)
Sanitation:
Refuse collection and disposal:
Current:
Materials and supplies $2,832
Contractual services $251,000 $251,121 $121 245,974
Total refuse collection and disposal 251,000 251,121 121 248,806
Tree removal and planting:
Current:
Contractual services 18,180 16,436 (1,744) 14,032
Total sanitation 269,180 267,557 (1,623) 262,838
Recreation:
Parks, playgrounds and rinks:
Current:
Personal services 147,775 144,527 (3,248) 128,975
Materials and supplies 7,300 6,436 (864) 5,714
Contractual services 5,900 5,358 �542Z 5,037
Total current 160,975 156,321 (4,654) 139,726
Capital outlay 8,000 8,000 0 1,514
Total recreation 168,975 164,321 (4,654) 141,240
Contingency:
Current:
Contractual services 3,980 - 0 (3,980) 0
Total expenditures 1,554,055 1,506,996 (47,059) 1,425,645
Revenue over (under) expenditures (28,123) 36,721 64,844 34,770
Other financing sources (uses):
Operating transfers from Capital Project Fund 25,650 25,650 0
Operating transfers to Capital Project Fund (50,000) (50,000) (100,000)
Total other financing sources (uses) 25,650 X24,350) (50,000) (100,000)
Net increase (decrease) in fund balance ($2,473) 12,371 $14,844 (65,230)
Fund balance - January 1 1,001,051 1,066,281
Fund balance - December 31 $1,013,422 $1,001,051
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL REVENUE FUND Statement 8
FORFEITURE AND SEIZURE FUND
BALANCE SHEET
December 31, 1992
With Comparative Amounts For December 31, 1991
Assets 1992 1991
Cash and investments $5,127 $2,288
Total assets $5,127 $2,288
Liabilities and Fund Balance
Fund balance:
Unreserved:
Designated for special revenue programs $5,127 $2,288
Total fund balance 5,127 2,288
Total liabilities and fund balance $5,127 $2,288
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, 1992
With Comparative Amounts For The Year Ended December 31, 1991
1992 1991
Revenue:
Interest on investments $177 $21
Police confiscations 8,567 2,301
Total revenue 8,744 $2,322
Expenditures:
Public safety:
Contractual services 5,905 34
Revenue over expenditures 2,839 2,288
Fund balance o January 1 2,288 0
Fund balance a December 31 $5,127 $2,288
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE FUNDS Statement 10
COMBINING BALANCE SHEET
December 31, 1992
With Comparative Totals For December 31, 1991
A.A.E.
Special Assessment G.O. Water
Storm Sewer G.O. G.O. G.O. G.O. and Sewer
Bonds of 1982 / Improvement Improvement Improvement Improvement Revenue Totals
Refunding Bonds Bonds Bonds Bonds Bonds December 31,
Bonds of 1992 of 1982 of 1983 of 1987 of 1990 of 1991 1992 1991
Assets
Cash and investments $9,736 $41,444 $20,527 $375,351 $200,393 $263,272 $910,723 $789,449
Taxes receivable:
Delinquent 887 606 720 2,213 2,344
Due from County 2,717 1,921 5 4,643 2,540
Special assessments:
Delinquent 496 19,097 19,593 39,288
Deferred 1,600 1,955 9,519 44,715 124,171 181,960 36,719
Special deferred 14,800 14,800 14,800
Due from County 2,407 2,407 9,062
Total assets $13,340 $60,867 $22,482 $407,099 $245,108 $387,443 $1,136,339 $894,202
Liabilities and Fund Balance
Liabilities:
Accounts payable $192 $192
Deferred revenue $887 $17,502 $1,955 $29,336 $44,715 124,171 218,566 $93,151
Total liablities 887 17,502 1,955 29,336 44,715 124,363 218,758 93,151
Fund balance:
Reserved for debt service 12,453 43,365 20,527 377,763 200,393 263,080 917,581 801,051
Total liablities and
fund balance $13,340 $60,867 $22,482 $407,099 $245,108 $387,443 $1,136,339 $894,202
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE FUNDS Statement 11
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1992
With Comparative Totals For The Year Ende D ecember 31, 1991 MEMO I
millillilli Special Assessment A.A.E.
Storm Sewer G.O. Water
Bonds of G.O. G.O. G.O. and Sewer
1982/Refunding Improvement Improvement Improvement Revenue
Bonds of Bonds G.O. Bonds Bonds Bonds Bonds Totals
1992 of 1982 of 1983 of 1987 of 1990 of 1991 1992 1991
Revenues
General property taxes:
Current and delinquent $18,081 $265 $18,346 $60,519
Storm Sewer ad valorem taxes:
Current $25,605 25,605 26,353
Special assessments:
Current and delinquent 1,488 $1,300 38,085 40,873 73,934
Penalties and interest 4 3 7,629 7,636 9,866
Prepayments 5,774 $48,500 $157,918 212,192 111,168
Intergovernmental:
State:
Homestead credit 848 600 1,448 381
Interest on investments 1,390 1 833 22,019 6,915 $2,178 35,047 53,465
Total revenue 27,843 21,885 2,136 73,772 55,415 160,096 341,147 335,686
Expenditures:
Debt service:
Principal 150,000 20,000 9,000 200,000 50,000 429,000 249,000
Interest 16,753 4,450 1,121 24,090 19,575 77,695 143,684 129,179
Paying agent fees 875 742 660 1,108 619 4,004 2,559
Refunding costs 4,622 4,622
Total Expenditures 172,250 25,192 10,121 224,750 70,683 78,314 581,310 380,738
Revenue over (under) expenditures (144,407) X3,307) X7,985) (150,978) (15,268) ___ (240,163) (45,052)
Other increases.
Bond proceeds 146,755 146,755 88,217
Transfer from Capital Project Fund 74,438 135,500 209,938
Total other increases 146,755 0 0 0 74,438 135,500 356,693 88,217
Net increase (decrease) in fund balance 2,348 (3,307) (7,985) (150,978) 59,170 217,282 116,530 43,165
Fund balance - January 1 10,105 46,672 28,512 528,741 141,223 45,798 801,051 776,731
Residual equity transfer - Out 0 1_S 8_845)
Fund balance - December 31 $12, 453 $43, 365 $20,527 $377,763 $200,393 $263,080 $917,581 $801,051
CITY OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROJECT FUNDS Statement 12
COMBINING BALANCE SHEET Page 1 of 2
December 31, 1992
With Comparative Totals For December 31, 1991
River Hills
Park & Utility &
Closed Capital Recreation Street
Assets Bond Fund Improvements Development Improvements
Cash and investments $353,918 $369,148 $51,462 $17,211
Accounts receivable - - - 10,821
Due from other governmental units - - - -
Special assessments receivable:
Delinquent 30,928 - - -
Deferred 63,627 - - -
Due from County 116 - - -
Total assets $448,589 $369,148 $51,462 $28,032
Liabilities and Fund Balance
Liabilities:
Cash overdraft - - - -
Accounts payable $35 - - $280
Contracts payable - - - 10,541
Deposits payable 2,750 - - -
Deferred revenue 94,555 - - 17,211
Total liabilities 97,340 $0 $0 28,032
Fund balance (deficit):
Unreserved:
Designated 351,249 369,148 51,462 -
Undesignated - - - -
Total fund balance (deficit) 351,249 369,148 51,462 0
Total liabilities and fund balance $448,589 $369,148 $51,462 $28,032
CITY OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1992
With Comparative Totals For December 31, 1991
St. Croix Valley 1991
Mall Point Utility Wal -Mart
Assets 2nd Add. Improvements Addition
Cash and investments - $35,561 $51,979 $51,035
Accounts receivable
Due from other governmental units
Special assessments receivable:
Delinquent
Deferred
Due from County _ _ _ _
Total assets $0 $35,561 $51,979 $51,035
Liabilities and Fund Balance
Liabilities:
Cash overdraft $52,322 - _ -
Accounts payable - $387 $1,380 $2,928
Contracts payable - 3,000 33,531 8,823
Deposits payable - - - 18,680
Deferred revenue -
Total liabilities 52,322 3,387 34,911 30,431
Fund balance (deficit):
Unreserved:
Designated - 32,174 17,068 20,604
Undesignated (52,322) - -
Total fund balance (deficit) (52,322) 32,174 17,068 20,604
Total liabilities and fund balance $0 $35,561 $51,979 $51,035
Statement 12
Page 2 of 2
A.A.E.
High Norell Ave Sanitary Storm
School MN DOT 58th Street Sewer Water Sewer Totals
Improvement Improvement Improvement Connection Connection Connection 1992 1991
$139,040 - $269,263 $8,284 $129,966 $6,366 $1,483233 $1,433,963
- - - - - - 10,821 15,937
$400,000 - - - - 400,000 -
30,928 18,103
63,627 146,732
- - - - - - 116 2,369
$139,040 $400,000 $269,263 $8,284 $129,966 $6,366 $1,988,725 $1,617,104
- $82,045 - - - - $134,367 $99,379
$2,734 1,358 $28,477 - - - 37,579 30,083
22,842 11,660 - - - - 90,397 53,787
- _ _ - _ 21,430 2,750
- 104,937 - - - - 216,703 164,835
25,576 200,000 28,477 $0 $0 $0 500,476 350,834
113,464 200,000 240,786 8,284 129,966 6,366 1,540,571 1,384,196
- _ _ - _ (52,322) (117,926)
113,464 200,000 240,786 8,284 129,966 6,366 1,488,249 1,266,270
$139,040 $400,000 $269,263 $8,284 $129,966 $6,366 $1,988,725 $1,617,104
CITY OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROJECT FUNDS Statement 13
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND Page 1 of 2
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1992
With Comparative Totals For The Year Ended December 31, 1991
River Hills
Park and Utility
Closed Capital Recreation and Street
Bond Fund Improvements Development Improvement
Revenue:
General property taxes:
Current and delinquent
Tax increment taxes - - - -
Special assessments:
Current and delinquent $85,623 - - -
Penalty and interest 273 - - -
Prepayments 3,641 - - -
Intergovernmental:
State project reimbursement - - - -
Interest on investments 38,906 $14,627 $1,931 -
Connection charges - - - -
Other charges 2,400 - - $36,851
Escrow investment earnings 137 - - -
Refunds and reimbursements _ _ _ _
Donations and contributions - 475 36,750 -
Total revenue 130,980 15,102 38,681 36,851
Expenditures:
Professional services 27,622 2,000 3,228 -
Developer assistance - - - -
Construction costs - 6,894 - 54,062
Total expenditures 27,622 8,894 3,228 54,062
Revenue over (under) expenditures 103,358 6,208 35,453 (17,211)
Other financing sources (uses):
Bond proceeds - _ - _
Operating transfers from General Fund - 50,000 _ -
Operating transfers from Capital Project Fund - - - 17,211
Operating transfers from Enterprise Fund - _ _ _
Operating transfers to General Fund - (25,650) - -
Operating transfers to Debt Service Fund - - - -
Operating transfers to Capital Project Fund (625,000) _ _ _
Total financing sources (uses) (625,000) 24,350 0 17,211
Net increase (decrease) in fund balance (521,642) 30,558 35,453 0
Fund balance (deficit) - January 1 872,891 338,590 16,009 0
Residual equity transfer - In - - _
Fund balance (deficit) - December 31 $351,249 $369,148 $51,462 $0
CITY OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1992
With Comparative Totals For The Year Ended December 31, 1991
St. Croix Valley 1991
Mall Point Utility Wal -Mart
(TIF) 2nd Add. Improvements Addition
Revenue:
General property taxes:
Current and delinquent
Tax increment taxes $190,856
Special assessments:
Current and delinquent - _
Penalty and interest _ -
Prepayments _ _ - -
Intergovernmental:
State project reimbursement - -
Interest on investments - $277 $4,156 $3,900
Connection charges - - - _
Other charges - - _ 171,900
Escrow investment earnings _ _ _ _
Refunds and reimbursements - _ _
Donations and contributions - - _
Total revenue 190,856 277 4,156 175,800
Expenditures:
Professional services
Developer assistance ' 114,513
Construction costs 10,739 ' 1,617 209,754 ! 235,196
Total expenditures 125,252 1,617 209,754 235,196
Revenue over (under) expenditures 65,604 (1,340 (205,598) (59,396)
Other financing sources (uses):
Bond proceeds -
Operating transfers from General Fund - _ _ -
Operating transfers from Capital Project Fund - 30,000 - 80
Operating transfers from Enterprise Fund - - 75,000 -
Operating transfers to General Fund - _ _ _
Operating transfers to Debt Service Fund - _ _
Operating transfers to Capital Project Fund - _ _ -
Total financing sources (uses) 0 30,000 75,000 80,000
Net increase (decrease) in fund balance 65,604 28,660 (130,598) 20,604
Fund balance (deficit) - January 1 (117,926) 3,514 147,666 0
Residual equity transfer - In _ _ - -
Fund balance (deficit) - December 31 ($52,322) $32,174 $17,068 $20,604
Statement 13
Page 2 of 2
A.A.E.
High Norell Ave Sanitary Storm
School MN DOT 58th Street Sewer Water Sewer Totals
Improvement Improvement Improvement Connection Connection Connection 1992 1991
- $0 $26
- - 190,856 52,322
85,623 14,672
- - - 273 419
- _ _ _ 3,641 26,221
$295,063 - - - 295,063 -
$5,994 - - $1,687 $2,886 $2,430 76,794 93,292
- 53,619 272,506 78,111 404,236 43,909
289,348 - $196,014 - - - 696,513 186,791
- _ - _ _ _ 137 3,070
2,400 - - - 2,400 462
- - - - - - 37,225 14,150
295,342 295,063 198,414 55,306 275,392 80,541 1,792,761 435,334
32,850 12,414
- - - _ _ 114,513 30,908
541,878 295,063 52,628 - - - 1,407,831 1,323,492
541,878 295,063 52,628 0 0 0 1,555,194 1,366,814
(246,536) 0 145,786 55,306 275,392 80,541 237,567 (931,480)
- - - - - - 0 1,149,805
- - 50,000 100,000
360,000 200,000 - _ _ _ 687,211 48,245
- - 95,000 _ - - 170,000 -
- (25,650) -
(48,442) (147,739) (13,757) (209,938) (48,245)
- - - - - (62,211) (687,211) -
360,000 200,000 95,000 (48,442) (147,739) (75,968) (15,588) 1,249,805
113,464 200,000 240,786 6,864 127,653 4,573 221,979 318,325
0 0 0 1,420 2,313 1,793 1,266,270 929,100
- _ _ 0 18,845
$113,464 $200,000 $240,786 $8,284 $129,966 $6,366 $1,488,249 $1,266,270
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUND Statement 14
BALANCE SHEET
December 31, 1992
With Comparative Amounts for December 31, 1991
Assets
1992 1991
Current assets:
Cash and cash equivalents $878,334 $1,096,888
Accounts receivable:
Customers 98,291 93,798
Certified to County 2,657 595
Other 1,470 122
Due from other governmental units 3,222 2,233
Prepaid MWCC 15,256 12,945
Total current assets 999,230 1,206,581
Fixed assets:
Land 60,000
Buildings and structures 1,254,445 504,040
Machinery and equipment 99,567 94,479
Distribution and collection system 2,838,032 2,721,590
Total 4,252,044 3,320,109
Less: Allowance for depreciation (951,614) (878,936)
Net fixed assets 3,300,430 2,441,173
Total assets $4,299,660 $3,647,754
Liabilities and Fund Equity
Current liabilities:
Accounts payable $4,173 $151,216
Contracts payable 11,528
Due to other governmental units 2,676 16,900
Accrued interest 850 1,275
Meter deposits 67,233
Bonds payable 20,000 20,000
Total current liabilities 39,227 256,624
Noncurrent liabilities:
Bonds payable 20,000 40,000
Total liabilities 59,227 296,624
Fund equity:
Contributions from property owners - net 3,050,182 2,183,314
Retained earnings:
Reserved 661,765 661,765
Unreserved 528,486 506,051
Total fund equity 4,240,433 3,351,130
Total liabilities and fund equity $4,299,660 $3,647,754
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, 1992
With Comparative Totals For The Year Ended December 31, 1991
Water Sewer Totals
Operating Operating 1992 1991
Revenue:
Customer billings $156,765 $217,554 $374,319 $354,898
Penalties 1,898 2,647 4,545 5,004
Plumbing permits 444 444 888 632
Refunds and reimbursements 189 3,521 3,710 6,446
Meter charges 5,822 5,822 4,131
Charges for services 1,236 1,148 2,384 7,790
Total operating revenue 166,354 225,314 391,668 378,901
Expenses:
Contractual services 46,554 10,557 57,111 58,241
MWCC charges 154,351 154,351 144,150
Materials and supplies 2,795 224 3,019 10,110
Administrative and personnel charge 39,000 39,000 78,000 57,000
Depreciation:
On purchased assets 9,741 2,411 12,152 10,809
On contributed assets 30,597 29,383 59,980 59,610
Total operating expenses 128,687 235,926 364,613 339,920
Operating income (loss) $37,667 ($10,612) 27,055 38,981
Other income (expense):
Interest on investments 43,238 54,335
Bond interest (4,675) (6,338)
Paying agent fees (185) (186)
Reclassification of meter deposits 67,233
Loss on disposal of assets (211) (3,037)
Total other income (expense) 105,400 44,774
Net income before operating transfers: 132,455 83,755
Operating transfers to Capital Project Funds (170,OOOZ
Net income (loss) (37,545) 83,755
Other increases:
Credit arising from transfer of depreciation to
Contributions from property owners 59,980 59,610
Net increase in retained earnings 22,435 143,365
Retained earnings ® January 1 1,167,816 1,024,451
Retained earnings m December 31 $1,190,251 $1,167,816
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUND Statement 16
STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1992
With Comparative Amounts For The Year Ended December 31, 1991
1992 1991
Cash flows from operating activities:
Operating income $27,055 $38,981
Adjustments to reconcile operating income to
net cash from operating activities:
Depreciation 72,132 70,419
Change in assets and liabilities:
Decrease (increase) in receivables (8,892) (5,494)
Decrease (increase) in prepaid expenses (2,311) (122)
Increase (decrease) in payables (149,739) 144,083
Net cash flows from operating activities (61,755) 247,867
Cash flows from noncapital financing activities:
Operating transfers to other funds (170,000)
Cash flows from capital and related financing activities:
Acquisition of fixed assets (5,016) (42,457)
Principal paid on revenue bond maturities (20,000) (20,000)
Interest and paying agent fees paid on revenue bonds (5,285) (6,937)
Proceeds from sale of equipment 264.
Net cash flows from capital and related financing activities (30,037) (69,394)
Cash flows from investing activities:
Interest received on investments 43,238 54,335
Net increase in cash and cash equivalents (218,554) 232,808
Cash and cash equivalents - January 1 1,096,888 864,080
Cash and cash equivalents - December 31 $878,334 $1,096,888
CITY OF OAK PARK HEIGHTS, MINNESOTA
AGENCY FUNDS Statement 17
COMBINING BALANCE SHEET
December 31, 1992
With Comparative Totals for December 31, 1991
Developers' Deferred
Deposit Investment Compensation Totals
Fund Fund Fund 1992 1991
Assets
Cash and investments $386 $386
Assets with deferred compensation
plan administrator $35,002 35,002 $18,194
Accrued interest receivable $7,833 7,833 30,737
Accounts receivable 130 130 130
Due from developers 2,632 2,632 12,113
Total assets $3,148 $7,833 $35,002 $45,983 $61,174
Liabilities
Cash overdraft $7,833 $7,833 $34,212
Accounts payable $835 835 6,890
Deferred compensation payable $35,002 35,002 18,194
Due to developers 2,313 2,313 1,878
$3,148 $7,833 $35,002 $45,983 $61,174
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, 1992
Balance Balance
January 1, December 31,
1992 Additions Deletions 1992
Develouers' Deposit Fund:
Assets:
Cash and investments $0 $386 $386
Accounts receivable 130 130
Due from developers 12,113 $9,481 2,632
Total assets $12,243 $386 $9,481 $3,148
Liabilities:
Cash overdraft $3,475 $3,475 $0
Accounts payable 6,890 $835 6,890 835
Due to developers 1,878 2,313 1,878 2,313
Total liabilities $12,243 $3,148 $12,243 $3,148
Investment Fund•
Assets:
Accrued interest $30,737 $7,833 $30,737 $7,833
Liabilities:
Cash overdraft $30,737 $7,833 $30,737 $7,833
Deferred Comnensation Fund:
Assets:
Assets with deferred compensation
plan administrator $18,194 $16,808 $35,002
Liabilities:
Deferred compensation payable $18,194 $16,808 $35,002
Total Agency;
Assets:
Cash and investments $0 $386 $0 $386
Assets with deferred compensation
plan administrator 18,194 16,808 0 35,002
Accrued interest receivable 30,737 7,833 30,737 7,833
Accounts receivable 130 0 0 130
Due from developers 12,113 0 9,481 2,632
Total assets $61,174 $25,027 $40,218 $45,983
Liabilities:
Cash overdraft $34,212 $7,833 $34,212 $7,833
Accounts payable 6,890 835 6,890 835
Deferred compensation payable 18,194 16,808 0 35,002
Due to developers 1,878 2,313 1,878 2,313
Total liabilities $61,174 $27,789 $42,980 $45,983
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF GENERAL FIXED ASSETS Statement 19
For The Year Ended December 31, 1992
Balance Balance
January 1, December 31,
Description 1992 Additions Deletions 1992
Land $134,231 $134,231
Land improvements 302,868 $6,465 309,333
Buildings and structures 765,473 1,521 766,994
Machinery and equipment 177,057 52,233 $14,206 215,084
Furniture and fixtures 118,940 14,621 4,995 128,566
Totals $1,498,569 $74,840 $19,201 $1,554,208
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF GENERAL LONG - TERM DEBT Statement 20
December 31, 1992
With Comparative Amounts For December 31, 1991
1992 1991
Amount Available And To Be Provided For The
Retirement of Long -Term Debt
Bonds:
Amount available in debt service funds $917,581 $801,051
Amount to be provided from future tax levies/
special assessment collections, and connection charges 955,419 1,350,949
Compensated absences:
Amount available in General Fund 57,367 47,683
Total available and to be provided $1,930,367 $2,199,683
General Long -Term Debt Payable
Bonds payable:
General Obligation Bonds:
Storm Sewer Bonds of 1982 $150,000
Water and Sewer Revenue Bonds of 1991 $1,250,000 1,250,000
G.O. Refunding Bonds of 1992 150,000
Special Assessment Bonds:
G.O. Improvement Bonds of 1982 20,000 40,000
G.O. Improvement Bonds of 1983 8,000 17,000
G.O. Improvement Bonds of 1987 195,000 395,000
G.O. Improvement Bonds of 1990 250,000 300,000
Total bonds payable 1,873,000 2,152,000
Compensated absenses payable 57,367 47,683
Total general long -term debt payable $1,930,367 $2,199,683
SUPPLEMENTARY
FINANCIAL
INF0RMATI ®N
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS Exhibit 1
December 31, 1992
MINE
Final Net Bonds Principal Interest
Payment Interest Authorized Retired Outstanding Due Due
Date Due Rate And Issued To Date At 12/31/92 In 1993 In 1993
Bonded Indebtedness
Special Assessment Bonds:
G.O. Improvement Bonds of 1982 8/1/82 8/1/93 10.75% $165,000 $145,000 $20,000 $20,000 $2,250
G.O.Improvement Bonds of 1983 12/15/83 2/1/93 8.60% 80,000 72,000 8,000 8,000 360
G.O. Improvement Bonds of 1987 7/1/87 12/1/93 5.97% 995,000 800,000 195,000 195,000 12,090
G.O. Improvement Bonds of 1990 10/1/90 12/1/94 7.08% 300,000 50,000 250,000 125,000 16,375
Total special assessment bonds 1,540,000 1,067,000 473,000 348,000 31,075
General Debt:
Storm Sewer Bonds of 1982 12/1/82 12/1/03 10.12% 205,000 205,000
G.O. Water and
Sewer Bonds of 1991 5/1/91 12/1/06 6.51% 1,250,000 1,250,000 50,000 77,695
G.O. Refunding Bonds of 1992 9/1/92 12/1/00 5.48% 150,000 150,000 15,000 9,213
Total general debt 1,605,000 205,000 1,400,000 65,000 86,908
Enterprise Fund Bonds:
G.O. Water and Sewer
Revenue Bonds of 1980 10/1/80 10/1/94 7.50% 200,000 160,000 40,000 20,000 3,400
Total Indebtedness $3,345,000 $1,432,000 $1,913,000 $433,000 $121,383
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT BONDS Exhibit 2
SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1992
$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 $20,000 $8,000 $195,000 $250,000 $473,000
Future interest payable 2,250 360 12,090 24,625 39,325
Totals $22,250 $8,360 $207,090 $274,625 $512,325
Payments to maturity:
1993 $22,250 $8,360 $207,090 $141,375 $379,075
1994 133,250 133,250
Totals $22,250 $8,360 $207,090 $274,625 $512,325
CITY OF OAK PARK HEIGHTS, MINNESOTA
REVENUE BONDS AND GENERAL DEBT BONDS Exhibit 3
SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1992
General General Special
Obligation Obligation Taxing District
Water and Sewer Water and Sewer $150,000
Revenue Bonds Revenue Bonds G.O. Refunding
of 1980 of 1991 Bonds of 1992
Bonds payable $40,000 $1,250,000 $150,000
Future interest payable 5,100 722,713 39,970
Totals $45,100 $1,972,713 $189,970
Payments to maturity:
1993 $23,400 $127,695 $24,213
1994 21,700 130,145 21,747
1995 127,258 21,103
1996 129,287 20,412
1997 130,928 24,700
1998 132,190 23,720
1999 133,060 27,700
2000 133,560 26,375
2001 138,640
2002 142,970
2003 151,570
2004 159,095
2005 165,515
2006 170,800
Totals $45,100 $1,972,713 $189,970
CITY OF OAK PARK HEIGHTS, MINNESOTA
INSURANCE IN FORCE Exhibit 4
December 31, 1992
Coverage Amount
Umbrella Liability $1,000,000
Package:
Property Blanket Building and Contents ($500 deductible) 2,655,500
Public Liability 600,000
Errors or omissions ($2,500 deductible) 600,000
Inland Marine ($250 deductible) 39,776
Inland Marine ($250 deductible) 51,546
Business Auto Policy:
Liability CSL 600,000
Uninsured motorist 600,000
Underinsured motorist 600,000
Physical Damage:
Comprehensive ($250 deductible) A.C.V.
Collision ($500 deductible) A.C.V.
Worker's Compensation 200,000/200,000 /600,000
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, 1992
Special Special
Assessment Bonds Taxing District
Year Of G.O. Improvement G.O. Refunding Total
Collection Bonds of 1990 Bonds of 1992 All Bonds
1993 $24,000 $24,000
1994 $500 24,000 24,500
1995 25,000 25,000
1996 25,000 25,000
1997 25,000 25,000
1998 25,000 25,000
1999 25,000 25,000
2000 25,000 25,000
Totals $500 $198,000 $198,500
CITY OF OAK PARK HEIGHTS, MINNESOTA
TAXABLE VALUATIONS, TAX LEVIES AND TAX RATES Exhibit 6
Tax Capacity Values
1992/1993 1991/1992 1990/1991
Taxable Valuations:
Real estate $6,339,394 $6,545,045 $6,685,547
Personal property 151,966 111,948 110,994
Fiscal disparity:
Contribution (782,808) (706,987) (824,162)
Distribution 304,006 290,546 343,097
Captured tax increment value (194,989) (208,027) (56,853)
Total $5,817,569 $6,032,525 $6,258,623
Tax Levy:
City Wide:
General revenue $1,278,310 $1,154,052 $1,107,962
Debt service 18,881 64,000
Total City Wide 1,278,310 1,172,933 1,171,962
Storm Sewer District:
G.O. Refunding Bonds of 1992 24,000 26,621 27,592
Total Tax Levy $1,302,310 $1,199,554 $1,199,554
Gross Tax Capacity Rate:
City Wide:
General revenue 21.167% 18.526% 17.003%
Debt service 0.304% 0.983%
Total City Wide 21.167% 18.830% 17.986%
Storm Sewer District:
Storm Sewer Bonds of 1982 0.587% 0.633% 0.634%
Total Tax Capacity Rate 21.754% 19.463% 18.620%
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, 1992
Cash and investments (at cost) - January 1, 1992 $157,187
Additions:
Interest received on investments 46,646
Deductions:
Bond principal payments (60,000)
Bond interest and paying agent fees (19,810)
Release of excess earnings to City 138)
Cash and investments (at cost) - December 31, 1992 $123,885
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE ESCROW AGENT ACCOUNT Exhibit 8
BONDSPAYABLE
December 31, 1992
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 $200,000 $150,000 $350,000
Future interest payable 28,200 25,520 53,720
Totals $228,200 $175,520 $403,720
Year of maturity
1993 $49,400 $32,500 $81,900
1994 47,520 31,250 78,770
1995 45,640 30,000 75,640
1996 43,760 28,750 72,510
1997 41,880 27,500 69,380
1998 25,520 25,520
Totals $228,200 $175,520 $403,720
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF CONSTRUCTION COSTS Exhibit 9
December 31, 1992
Legal Expended
and Current Prior
Contractor Engineer Fiscal Other Total Year Years
Capital Improvements Fund:
Park Improvements $11,437 $3,600 $18,340 $33,377 $6,894 $26,483
River Hills Utility and Street Imp. 202,829 53,553 $2,082 3,898 262,362 54,062 208,300
St. Croix Mall (TIF)
Street improvement 114,705 23,142 745 11,486 150,078 10,738 139,340
Valley Point 2nd Addition 209,077 38,888 2,034 7,926 257,925 1,619 256,306
1991 Utility Improvements:
Water Tower and
Utility Extensions 970,615 126,830 8,122 130,986 1,236,553 209,755 1,026,798
AAE - Wal -Mart Addition 176,462 49,348 1,354 8,032 235,196 235,196
AAE - High School Improvement 456,846 59,123 3,017 22,892 541,878 541,878
AAE - Norell Ave./MN DOT
Improvement 233,191 15,840 6,229 39,803 295,063 295,063
AAE - 58th Street Improvement 8,478 4,288 39,861 52,627 52,627
Total - All Funds $1,837,114 $259,619 $23,010 $241,574 $2,361,317 $1,334,519 $1,026,798
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS Exhibit 10
FOR ST. CROIX MALL TAX INCREMENT DISTRICT
December 31, 1992
Accounted
Original for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Tax increments received $1,715,000 $52,322 $190,856 $1,471,822
Uses of funds:
Developer assistance 960,000 30,908 114,513 814,579
58th Street improvements 170,000 139,340 10,739 19,921
Other improvements 585,000 0 585,000
Total uses of funds 1,715,000 170,248 125,252 1,419,500
Funds remaining (deficit) $0 ($117,926) $65,604 $52,322
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, 1992.
S'TA°TIST'ICAL
SEC'TI ®N
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS Table 1
EXPENDITURES BY FUNCTION
Years 1983 Through 1992
(UNAUDITED)
NINE
Streets
General Public and Capital
Year Total Government Safety Highways Sanitation Recreation Outlay
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
1992 1,512,901 335,835 611,319 83,638 267,557 156,321 58,231
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS Table 2
REVENUE BY SOURCE
Years 1983 Through 1992
(UNAUDITED)
Licenses Fines Interest Charges
Inter - and and on for
Year Total Taxes governmental Permits Forfeits Investments Services Miscellaneous
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
1992 1,552,461 1,121,894 87,194 93,908 38,557 33,905 146,702 30,301
CITY OF OAK PARK HEIGHTS, MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS Table 3
Years 1983 Through 1992
(UNAUDITED)
Percent Total
of Collection Delinquent
Current Delinquent Total as a Outstanding Percent of
Taxes Total Current Tax Levy Tax Tax Percent Delinquent Current
Pa able Tax Levy Collections Collected Collections Collections of Levy Taxes Levy
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% 1 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%
1992 1,199,554 1,182,272 98.56% 8,815 1,191,087 99.29% 39,017 3.25%
* 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 1983 Through 1992
(UNAUDITED)
Current Total
Collections Collections
As a Percent As a Percent
Current Current Of Current Delinquent Of Current Outstanding
Year Assessments Assessments Assessments Assessments Assessments Delinquent
Payable Due Collected Due Collected Due Assessments
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 *
1992 120,717 102,217 84.67% * 24,861 105.27% * 50,927 *
* 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 $50,927 at December 31, 1992 include $19,097 from this single developer. Actual
versus scheduled collections for this assessment roll have been as follows through December 31, 1992:
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 $260,700 283,126
1990 308,029 851,855 245,200 505,900 345,955
1991 97,563 949,418 229,600 735,500 213,918
1992 43,859 993,277 214,100 949,600 43,677
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, 1991 and 1992 delinquent
collections) have resulted in December 31, 1992 cash and investment balances exceeding remaining bonded debt obligations
by $182,763 or 94% for this bond issue.
CITY OF OAK PARK HEIGHTS, MINNESOTA
PRINCIPAL TAXPAYERS (Ten Largest Taxpayers) Table 5
Taxes Payable in 1992
(UNAUDITED)
Percent of Percent of
Total Net Total Tax
Market Market Tax Capacity Property
Taxpayer Value Value Capacity Value Classification
Northern States Power $80,999,800 40.5% $3,847,490 57.8% Public Utilities
Oak Park Partners 9,836,400 4.9% 465,580 7.0% Commercial
K -Mart Corporation 1,940,700 1.0% 90,533 1.4% Commercial
Oak Ridge Place 2,300,000 1.1% 80,500 1.2% Res. over 3 units
Port of Sunnyside 1,415,700 0.7% 65,596 1.0% Comm. vacant land
Oak Park Associates 1,821,500 0.9% 63,753 1.0% Res. over 3 units
Routson Investments 817,000 0.4% 37,158 0.6% Commercial
B & R Investments 785,300 0.4% 35,652 0.5% Commercial
Greenbrier Partners 990,000 0.5% 34,650 0.5% Res. over 3 units
Fahrendorff, Frank D. 693,000 0.3% 31,268 0.5% Commercial
Totals $101,599,400 50.8% $4,752,180 71.4%
SOURCE: Washington County Auditor - Treasurer Taxation Division.
NOTES:
(1) This list is based only on parcels paying more than $15,000 net tax
(2) If a taxpayer has property consisting of more than one classification, only one is shown.