HomeMy WebLinkAboutAnnual Financial Report CITY OF OAK PARK HEIGHTS, MINNESOTA
A-N�[jJAL FINANCIAL, REPORT,
DECEMBER 31, 1993
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
Organization
Independent Auditor's Report
General Pumos Financial Statements
Combined Balance Sheet - All Fund Types and Account Groups Statement 1
Combined Statement of Revenue, Expenditures and Changes in Fund Balance -
All Governmental Fund Types Statement 2
Combined Statement of Revenue, Expenditures and Changes in Fund Balance -
Budget and Actual - General Fund Statement 3
Combined Statement of Revenue, Expenses and Changes in Retained Earnings -
Proprietary Fund Type Statement 4
Combined Statement of Cash Flows - Proprietary Fund Type Statement 5
Notes to Financial Statements
Combining and Individual Fund and Account GmUD 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
Schedule of General Fixed Assets Statement 19
Schedule of General Long -Term Debt Statement 20
&pplementary Financial Information
Combined Schedule of Indebtedness Exhibit I
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 1984 through 1993 Table 1
General and Special Revenue Funds - Revenue by Source -
Years 1984 through 1993 Table 2
Property Tax Levies and Collections - Years 1984 through 1993 Table 3
Special Assessment Collections - Years 1984 through 1993 Table 4
Principal Taxpayers Table 5
CITY OF OAK PARK HEIGHTS, MINNESOTA
ORGANIZATION
December 31, 1993
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Term Expires
Mayor:
Barbara ONE December 31, 1994
Council Members:
Richard Seggelke December 31, 1994
Jack Doerr December 31, 1994
Dean Kem, Sr. December 31, 1996
David Schaaf December 31, 1996
Administrator - Treasurer:
LaVonne Wilson Appoint
Deputy Clerk/Finance Director
Judy Holst Appointed
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GENERAL PURPOSE
FINANCIAL STATEMENTS
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Statement 1
Proprietary Fiduciary
Fund Type Fund Type Account Groups Totals
Capital General General Long- (Memorandum Only)
Project Enterprise Agency Fixed Assets Term Debt 1993 1992
$1,484,172 $944,554 a _ - $ 3,929,754 $4,207,362
- 1,105,091 -
$60,821 - - 60,821 35,002
- - 22,784 - - 22,784 7,833
2,757 120,710 130 - - 157,834 131,504
631,594 11,350 - - - 656,253 407,072
- 6,460 - - 6,460 2,632
610,000 - - - - 610,000 -
- 14,167 - - - 14,167 15,256
409 - - - - 17,563 39,017
5 _ - _ - 22,552 122,359
180,383 - - - - 272,713 313,431
- 3,833,891 - $1,554,260 - 5,388,151 4,854,638
- - - $1,481,100 1,481,100 917,581
- - 1,163,349 1,163,349 1,012,786
$2,909,320 $4,924,672 $90,195 $1,554,260 $2,644,449 $14,908,592 $12,066,473
- - $25,372 - - $25,372 $142,200
$80,675 $5,398 3,888 - - 165,272 90,614
- _ _ - _ 2,698 5,233
610,000 - - - - 610,000 -
157,586 - - - - 157,586 101,925
- 3,119 - - - 5,729 5,406
425 - - - 425 850
- 60,821 - - 60,821 35,002
21,430 - 114 - - 21,544 23,743
- _ - _ $44,449 44,449 57,367
- 20,000 - - 2,600,000 2,620,000 1,913,000
187,572 - - - - 297,056 472,113
1,057,263 28,942 90,195 $0 2,644,449 4,010,952 2,847,453
- - - 1,554,260 - 1,554,260 1,554,208
- 3,591,974 - - - 3,591,974 3,050,182
- 661,765 - - - 661,765 661,765
- 641,991 _ _ _ 641,991 528,486
- 1,481,100 917,581
1,852,057 - _ _ - 2,951,990 2,559,120
- - - - - 14,560 (52,322)
1,852,057 4,895,730 _ 0 1,554,260 0 10,897,640 9,219,020
$2,909,320 $4,924,672 $90,195 $1,554,260 $2,644,449 $14,908,592 $12,066,473
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, 1993
Totals
Special Debt Capital (Memorandum Only)
General Revenue Service Project 1993 1992
Revenue:
General property taxes $1,262,465 $24,409 $5 $1,286,879 $1,165,845
Tax increment taxes 179,450 179,450 190,856
Special assessments 129,136 78,168 207,304 350,238
Intergovernmental 108,990 1,019 336,531 446,540 383,705
Licenses and permits 62,898 62,898 93,908
Charges for services 208,315 208,315 146,702
Fines and forfeits 44,189 44,189 38,557
Interest on investments 25,180 $320 57,913 45,905 129,318 145,746
Connection charges 184,562 184,562 404,236
Other charges 604,662 604,662 696,513
Escrow investment earnings 118 118 137
Refunds and reimbursements 26,276 26,276 23,749
Donations and contributions 1,500 13,800 15,300 37,225
Other 2,632 7,274 9,906 8,952
Total revenue 1,742,445 7,594 212,477 1,443,201 3,405,717 3,686,369
Expenditures:
Current:
General government 364,284 364,284 483,198
Public safety 651,867 3,283 655,150 606,517
Streets and highways 94,365 94,365 83,638
Sanitation 312,423 312,423 267,557
Recreation 160,257 160,257 156,321
Capital outlay 15,789 1,827 17,616 63,033
Debt service:
Principal 413,000 413,000 429,000
Interest 152,535 152,535 143,684
Paying agent fees 2,570 2,570 4,004
Refunding costs 10,419 10,419 4,622
Construction costs 1,349,239 1,349,239 1,407,831
Total expenditures 1,598,985 5,110 578,524 1,349,239 3,531,858 3,649,405
Revenue over (under) expenditures 143,460 2,484 (366,047) 93,962 (126,141) 36,964
Other financing sources (uses):
Bond proceeds 1,118,376 1,118,376 146,755
Operating transfers from other funds 65,000 742,566 807,566 1,142,799
Operating transfers to other funds (50,000) (727,566) (777,566) (972,799)
Total other financing sources (uses) (50,000) 0 1,183,376 15,000 1,148,376 316,755
Net increase in fund balance 93,460 2,484 817,329 108,962 1,022,235 353,719
Fund balance m January 1 1,013,422 5,127 917,581 1,488,249 3,424,379 3,070,660
Residual equity transfer in 1,143 270,621 271,764
Residual equity transfer out (254,953) (15,775) (270,728)
Fund balance m December 31 $1,106,882 $7,611 $1,481,100 $1,852,057 $4,447,650 $3,424,379
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, 1993
1993
Over
(Under) 1992
Budget Actual Budget Actual
Revenue:
General property taxes $1,223,952 $1,262,465 $38,513 $1,121,894
Intergovernmental 105,948 108,990 3,042 87,194
Licenses and permits 65,320 62,898 (2,422) 93,908
Charges for services 202,800 208,315 5,515 146,702
Fines and forfeits 39,150 44,189 5,039 38,557
Interest on investments 23,000 25,180 2,180 33,728
Other 8,340 30,408 22,068 21,734
Total revenue ® 1,668,510 1,742,445 73,935 1,543,717
Expenditures:
Current:
General government 370,802 364,284 (6,518) 335,835
Public safety 695,585 651,867 (43,718) 605,414
Streets and highways 92,791 94,365 1,574 83,638
Sanitation 311,000 312,423 1,423 267,557
Recreation 163,930 160,257 (3,673) 156,321
Contingency 9,356 (9,356)
Capital outlay 25,046 15,789 (9,257) 58,231
Total expenditures 1,668,510 1,598,985 (69,525) 1,506,996
Revenue over expenditures 0 143,460 143,460 36,721
Other financing sources (uses):
Operating transfers from other funds 0 25,650
Operating transfers to other funds (50,000) (50,000) (50,000)
Total other financing sources (uses) 0 ® (50,000) (50,000) (24,350)
Net increase in fund balance $0 93,460 $93,460 12,371
Fund balance ® January 1 1,013,422 1,001,051
Fund balance a December 31 $1,106,882 $1,013,422
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENSES AND Statement 4
CHANGES IN RETAINED EARNINGS
PROPRIETARY FUND TYPE
For The Year Ended December 31, 1993
Enterprise Fund
1993 1992
Operating revenue:
Customer billings $426,883 $374,319
Penalties 5,507 4,545
Plumbing permits 720 888
Refunds and reimbursements 464 3,710
Meter sales 2,304 5,822
Charges for services 189 2,384
Total operating revenue 436,067 391,668
Operating expenses:
Contractual services 49,820 57,111
MWCC charges 174,944 154,351
Materials and supplies 4,754 3,019
Administrative and personnel charges 80,000 78,000
Depreciation 87,105 72,132
Total operating expenses 396,623 364,613
Net income from operations 39,444 27,055
Other income (expense):
Interest on investments 30,941 43,238
Bond interest (2,975) (4,675)
Paying agent fees (185) (185)
Reclassification of meter deposits 67,233
Loss on disposal of assets (211)
Total other income (expense) 27,781 105,400
Net income before operating transfers 67,225 132,455
Operating transfers to Capital Project Fund (30,000) (170,000)
Net income (loss) 37,225 (37,545)
Other increases (decreases):
Credit arising from transfer of depreciation to
contributions from property owners 77,316 59,980
Residual equity transfer out (1,036)
Total other increases (decreases) 76,280 59,980
Net increase in retained earnings 113,505 22,435
Retained earnings - January 1 1,190,251 1,167,816
Retained earnings - December 31 $1,303,756 $1,190,251
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, 1993
Enterprise Fund
1993 1992
Cash flows from operating activities:
Operating income $39,444 $27,055
Adjustments to reconcile operating income to
net cash flows from operating activities:
Depreciation 87,105 72,132
Change in assets and liabilities:
Decrease (increase) in receivables (26,420) (8,892)
Decrease (increase) in prepaid expenses 1,089 (2,311)
Increase (decrease) in payables (9,860) (149,739)
Net cash flows from operating activities 91,358 (61,755)
Cash flows from noncapital financing activities:
Operating transfers to other funds (30,000) (170,000)
Cash flows from capital and related financing activities:
Acquisition of fixed assets (1,458) (5,016)
Principal paid on bond maturities (20,000) (20,000)
Interest and paying agent fees on bonds (3,585) (5,285)
Residual equity transfer out (1,036)
Proceeds from sale of fixed assets 264
Net cash flows from capital and related financing activities (26,079) (30,037)
Cash flows from investing activities:
Interest received on investments 30,941 43,238
Net increase (decrease) in cash and cash equivalents 66,220 (218,554)
Cash and cash equivalents - January 1 878,334 1,096,888
Cash and cash equivalents - December 31 $944,554 $878,334
Significant noncash investing, capital and financing activities:
During 1993, fixed assets were contributed to the Enterprise Fund in the amount of $619,108.
The accompanying notes are an integral part of these financial statements.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1993 Page 1 of 19
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Nyite 1. SUMr ARY OF SIGNIFICA T ACC",OTJMNG POL
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
As required by generally accepted accounting principles, the financial statements of the reporting entity
include those of the City of Oak Park Heights (the primary government) and its component units. The
component unit discussed below is included in the City's reporting entity because of the significance of
its operational or financial relationships with the City.
Component Units. In conformity with generally accepted accounting principles, the financial
statements of the component unit have been included in the financial reporting entity as a blended
component unit.
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 City council also serve as HRA board
members. The transactions of the HRA 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 FIJND�
General Fund - to account for all financial resources except those required to be accounted for
in another fund.
S,1_ __.ial Revenue Funda - to account for the proceeds of specific revenue sources that are
legally restricted to expenditure for specified purposes.
Debt Service Funds - to account for the accumulation of resources for, and the payment of,
general long -term debt principal, interest, and related costs.
Qaoital Proiect Fundl - to account for financial resources to be used for the acquisition or
construction of major facilities other than those financed by Proprietary Funds.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1993 Page 2 of 19
PROPRIETARY FUNDS,
Emj�, mrise 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 Aeencv Funds - to account for assets held by a governmental unit in a trustee
capacity or as an agent for individuals, private organizations, other governmental units, and/or
other funds. These include (a) expendable trust funds, (b) nonexpendable trust funds, (c)
pension trust funds, and (d) agency funds.
ACCOUNT GROUPS
The governmental fund types are designed to account for the financial flow of a particular fund;
therefore, they generally include only current assets and current liabilities on their balance
sheets. The City maintains two account groups to account for noncurrent assets and long-
term liabilities as follows:
General Fixed Assets - The City maintains a separate account group which contains the fixed
assets used in the governmental fund type operations. They are assets of the City as a whole
and not of individual funds.
General LonLy-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, 1993 Page 3 of 19
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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 $297,056, which consists of the followings
Property taxes receivable $17,563
Special assessments receivable 272,126
Other 7,367
Total $297,056
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, 1993 Page 4 of 19
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E. LEGAL COMPLIANCE - BUDGETS
The City follows these procedures in establishing the budgetary data reflected in the financial
statements:
1. The City Administrator submits to the City Council a proposed operating budget for the fiscal
year commencing the following January 1. The operating budget includes proposed
expenditures and the means of financing them.
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 department heads are authorized to transfer appropriations under $500 within any
department budgets Additional interdepartmental or interfund appropriations and deletions are
or may be authorized by the City Council with fund (contingency) reserves or additional
revenues.
5. Formal budgetary integration is employed as a management control device during the year for
the General Fund.
6. Legal debt obligation indentures determine the appropriation level and debt service tax levies
for the Debt Service Funds. Supplementary budgets are adopted for the Proprietary Funds to
determine and calculate user charges. These debt service and budget amounts represent general
obligation bond indenture provisions and net income for operation and capital maintenance and
are not reflected in the financial statements.
7. A capital improvement program is reviewed annually by the City Council for the Capital
Project 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 Enterprise 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 Enteprise Fund have original maturities of 90 days or less. Therefore the
entire balance in the fund is considered cash equivalents.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1993 Page 5 of 19
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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.
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 1993 and 1992
totaled $53,263 and $51,140, 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, 1993 Page 6 of 19
dY 1pl,II,JV11lNlYlYW 41WwIWJWwI I. Ill ill 1: JWn1 Ili "IlYJlWVJ JIIWLPILUJl'O, Ill, dIII10 A4JW 'lldl1,I"IIIliIiii hil LJlQ,ull lJd',IYWUJYW141L"ills lililWWWi['hklIlll5LY'ulilh AJhIJY4 In IJII 1 I lfillhl LL,1F„ld,LlkilJiW61,9
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 a 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, 1993 Page 7 of 19
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M. COMPENSATED ABSENCES
Vested or accumulated vacation leave and other benefit amounts that are expected to be liquidated with
expendable available financial resources are reported as an expenditure and a fund liability of the
governmental fund that will pay them. 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 specific future use. Designated fund balances
represent tentative plans for future use of financial resources.
P < INTERFUND TRANSACTIONS
Quasi- extemal 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 cash flow 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, 1993 Page 8 of 19
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J WY.IIIIIULLI'J.I, �el�d a I.LIIL '�I' I J..IJ. udJYJ llI LL. 11�, uY I.u. 1 „L Y,di IIIJYilIIII Y4 ��li LWLLLIi I IL, III IYWl11J,a!Y I"i�I11111116YY, Ill WI I.YI ILI,YI4:LWwiILW.I11111W(I YI��Y 1 Y'L ', L'I JWILLL :111 I I' I � IJII
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Note 2 DEPOSITS AND INVEST MENTS
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 $2,616,804 and the bank balance was
$2,645,078, all of which 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.
d) Bankers acceptance of United States banks eligible for purchase by the Federal Reserve System.
e) Commercial paper issued by United States corporations or their Canadian subsidiaries, of the highest
quality, and maturing in 270 days or less.
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, 1993 were:
Carrying Market
Amount Value
Investments:
Investment pools $1,287,578 $1,274,889
Assets held with deferred
compensation plan administrator $60,821 $60,821
At December 31, 1993, the City held no investments subject to credit risk classification.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1993 Page 9 of 19
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r4ote 3 FIX ASSET
• summary of changes in general fixed assets is as follows:
Balance Balance
1/1/93 Additions Deletions 12/31/93
Land $ 134,231 $134,231
Land improvements 309,333 309,333
Buildings and structures 766,994 766,994
Machinery and equipment 215,084 $10,530 $18,495 207,119
Furniture and fixtures 128,566 8,495 478 136,583
Totals $1,554,208 $19,025 $18,973 $1,554,260
-
• summary of Enterprise Fund fixed assets at December 31, 1993 is as follows:
Enterprise
Larild $60,000
Buildings and structures 1,254,445
Machinery and equipment 101,025
Distribution and collection systems 3,457,141
Total 4,872,611
Less: Accumulated depreciation (1,038,720)
Net fixed assets $3,833,891
Note, 4 CITY INDEBTEDNESS
The following is a schedule of changes in City indebtedness for the year ended December 31,1993:
Balance Balance
1/1/93 Additions Deletions 12/31/93
General Long -Term Debt Account Group:
Bonded debt:
General obligation $1,400,000 $1,140,000 $65,000 $2,475,000
Special assessment bonds 473,000 348,000 125,000
Compensated absences 57,367 12,918 44,449
Total general long -term debt 1,930,367 1,140 425,918 2
Enterprise Fund:
Revenue bonds 40,000 20,000 20,000
Totals $1,970,367 $1,140,000 $445,918 $2,664,449
All long -term bonded indebtedness outstanding at December 31, 1993 is backed by the full faith and credit of the
City, including special assessment and revenue bond issues. There were no delinquent assessments receivable
for Debt Service Funds at December 31, 1993.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1993 Page 10 of 19
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The annual requirement to amortize all debt outstanding at December 31, 1993 including interest payments of
$634,935 is as follows:
Proprietary
Fund
General Long -Term Debt Water and
Year General Special Sewer
Ending Obligation Assessment Revenue
December 31, Bonds Bonds Bonds of 1980 Total
1994 $203,722 $133,250 $21,700 $358,672
1995 1,290,191 1,290,191
1996 147,242 147,242
1997 153,830 153,830
1998 154,810 154,810
1999 -2006 1,160,140 _ 1,160,140
Total $3,109,935 $133,250 $21,700 $3,264,885
It is not practicable to determine the specific year for payment of long -term accrued compensated absences.
City indebtedness at December 31, 1993 is composed of the following:
Final Authorized
Issue Maturity Interest And Outstanding
Date Date Rate Issued 12/31/93 _
General Long -Term Debt:
General Obligation Bonds:
G.O. Water and Sewer Revenue Bonds of 1991 5/01/91 12/01/06 6.51 $1,250,000 $1,200,000
G.O. Refunding Bonds of 1992 9/01/92 12/01/00 5.48 150,000 135,000
G.O. Crossover Refunding Bonds of 1993 4/01/93 12/01/06 4.71 1,140,000 1,140,000
Special Assessment Bonds:
G.O. Improvement Bonds of 1990 10/01/90 12/01/94 6.40 -6.60 300,000 125,000
Compensated Absences 44,449
Total General Long -Term Debt 2,644,449
Proprietary Fund Long -Term Debt:
Revenue Bonds:
G.O. Water and Sewer Revenue Bonds of 1980 10/01/80 10/01/94 7.50 200,000 20,000
Total $2,664,449
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1993 Page 11 of 19
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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, 1993, $285,000 of bonds outstanding are considered defeased as
follows:
Issue Amount
$900,000 General Obligation Water and Sanitary
Sewer Improvements Bonds of 1967 $160,000
$500,000 General Obligation Water and Sanitary
Sewer Improvement Bonds of 1968 125,000
$285,000
CROSSOVER REFUNDING
On April 6, 1993, the City issued $1,140,000 in General Obligation Crossover Refunding Bonds dated April 1,
1993 with an average interest rate of 4.7% to advance refund $1,090,000 of outstanding G.O. Water and Sewer
Revenue Bonds of 1991 with an average interest rate of 6.5 %. The net proceeds were used to purchase U.S.
Government Securities. Those securities were deposited in an irrevocable trust with an escrow agent to provide
for the interest on the refunding bonds before the crossover date and called principal on the refunded bonds on
December 1, 1995.
The City advance refunded the 1991 Bonds to reduce its total debt service payments over the next 13 years by
$92,150 and to obtain an economic gain (difference between the present values of the debt service payments on
the old and new debt) of $50,936.
The City is responsible for the debt service of the refunded bonds through the crossover date (December 1, 1995)
and the debt service of the refunding bonds after the crossover date. The debt service of the refunding bonds
before the crossover date is payable from the escrow account. Assets held with the escrow agent total
$1,105,091 at December 31, 1993.
The financial statements present both bond issues and the escrow account assets pursuant to SFAS No. 76. The
effect on the financial statements is to report greater debt than, in substance, the City will be responsible for
paying.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1993 Page 12 of 19
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The City and the escrow agent are responsible for debt service payments as follows:
Debt Service Payments Debt Service Commitment
Payment Refunded Refunding Escrow
Date Bonds Total Bonds Total Account City
06/01/93 $38,848 $38,848
12/01/93 88,848 $34,553 $34,553 88,848
06/01/94 37,573 25,915 25,915 37,573
12/01/94 92,573 25,915 25,915 92,573
06/01/95 36,129 25,915 25,915 36,129
12/01/95 1,181,129 25,915 1,115,915 91,129
06/01/96 25,915 25,915
12/01/96 100,915 100,915
06/01/97 24,565 24,565
12/01/97 104,565 104,565
06/01/98 23,045 23,045
12/01/98 108,045 108,045
06/01/99 21,345 21,345
12/01/99 111,345 111,345
06/01/00 19,455 19,455
12/01/00 114,455 114,455
06/01/01 17,413 17,413
12/01/01 117,413 117,413
06/01/02 15,163 15,163
12/01/02 135,163 135,163
06/01/03 12,403 12,403
12/01/03 137,403 137,403
06/01/04 9,403 9,403
12/01/04 149,403 149,403
06/01/05 5,903 5,903
12/01/05 160,903 160,903
06/01/06 1,950 1,950
12/01/06 76,950 76,950
$1,475,100 $1,631,333 $1,228,213 $1,878,220
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1993 Page 13 of 19
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Note 5 LE rAL D EBT 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 1993 and 1992 is computed as follows:
1993 1992
Market Value $200,082,500 $200,066,900
Applicable Debt Limit (percentage) 2.00% 2.00%
Debt Limit 4,001,650 4,001,338
Amount of Debt Applicable to Debt Limit:
Total bonded debt 2,620,00 1,913,000
Less: Non applicable debt:
Special Assessment Bonds (125,000) (473,000)
Revenue Bonds (2,360,000) (1,290,000)
Cash and investments in
corresponding Debt Service Funds (12,792) (9,736)
Total Amount of Debt Applicable to Debt Limit 122,208 140,264
Legal Debt Margin $3,879,442 $3,861,074
Note 6 PSION PLANS
PUBLIC. EMP ,OY ..S TIRF,MF.NT SS��IATION (PERA)
Plan Descrintion
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, 1993, was $308,643 and $335,185, respectively; the City's total payroll was
$686,247.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1993 Page 14 of 19
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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 through June 30, 1993. (Effective July 1, 1993, the annual accrual
rate for PEPFF is 2.65 percent.) 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.
Contribu Reouired 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) 4.39% 4.67% 9.95%
PEPFF 8.00% 12.00% 18.60%
*The recommended rates scheduled above represent the required rates for
fiscal year 1993 contributions as reported in the July 1, 1992, actuarial
valuation reports.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1993 Page 15 of 19
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Total contributions made by the City during the fiscal year ended December 31, 1993 were:
Amount Covered Payroll
Employees Employer Employees Employer
PERF $13,042 $13,813 4.23% 4.48%
PEPFF 25,736 38,604 7.68% 11.52%
Totals $38,778 $52,417
The City's contribution for the year ended June 30, 1993 to the PERF represented .012 percent of total
contributions required of all participating entities. For the PEPFF, contributions for the year ended
June 30, 1993, represented .127 percent of total contributions required of all participating entities.
Funding Statu and Pro gess
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, 1993, are shown below:
PERF PEPFF
(In thousands)
Total pension
benefit obligation $5,163,766 $932,333
Net assets available
for benefits, at cost
(Market Values for
PERF = $4,515,052;
PEPFF = $1,173,312) _ 4,304,163 1,090,857
Unfunded (assets in
excess of) pension
benefit obligation $859,603 ($158,524)
The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30,
1993. Net assets available to pay pension benefits were valued as of June 30, 1993.
Changes in Actu Me thods and Benefit Provisions,
Three bills enacted during the 1993 legislative session improved benefits for many members without a
material effect on the pension benefit obligation in the PERF or the PEPFF. The early retirement
incentive bill permitted a public employer to offer PERA's Basic and Coordinated members an increase
of one - fourth percent (.25 %) in the formula multiplier for each year of service, up to the first 30 years,
or health insurance coverage to age 65. Also, the survivor protection bill provided benefits to either a
surviving spouse or children of PERF Coordinated Plan members who die before age 50. Lastly, the
Police and Fire benefit increase bill, which became effective July 1, 1993, permanently increased the
PEPFF formula multiplier from 2.5 percent to 2.65 percent of an individual's average salary over the
five highest consecutive years of earnings.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1993 Page 16 of 19
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Ten -Year Historical Trend Information
Ten -year historical trend information is presented in PERA's Component Unit Financial Report for the
year ended June 30, 1993. This information is useful in assessing the pension plan's accumulation of
sufficient assets to pay pension benefits as they become due.
Related Partv Investmentg
As of June 30, 1993, and for the fiscal year then ended, PERA held no securities issued by the City or
other related parties.
�Tgte 7 METROPOLITAN WASTE CONT CO MMMUDN
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, 1993 and 1992 were as follows:
1993 ® 1992
Current value credits $273 $312
Debt service credits 48,813 61,868
Deferred charges 1,049 . 1,495
Total $50,135 $63,675
Note 8 RECONCILIATION OF CONTRIBUTED CAPITAL
Changes to contributed capital during the year are as follows:
Depreciation
Beginning Capital on Contributed Ending
Balance Contributions Assets Balance
Water $1,881,608 $246,012 ($46,827) $2,080,793
Sewer 1,168,574 373,096 (30,489) 1,511,181
Total $3,050,182 $619,108 ($77,316) $3,591,974
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1993 Page 17 of 19
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NDIS_ 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 $60,821 of funds recorded at market value and
primarily held by insurance companies in various investment pools for future payment of plan benefits.
Npte _ 14 SF,G j OR ION
The City maintains one Enterprise Fund which provides water and sanitary sewer services. Segment
information for the year ended December 31, 1993 is as follows:
Water Sewer
Operating Operating Total
Operating revenue $162,148 $273,919 $436,067
Depreciation expense 54,227 32,878 87,105
Operating income 28,150 11,294 39,444
Current capital contributions 246,012 373,096 619,108
Property, plant and equipment additions 247,470 373,096 620,566
Property, plant and equipment deletions 0 0 0
Operating transfers out (30,000)
Net income 37,225
Net working capital 1,061,839
Total assets 4,924,672
Bonds payable 20,000
Total equity 4,895,730
Note 11 TAX INCREMENT 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, 1993.
Current Tax Capacity Value $385,273
Original Tax Capacity Value (as adjusted) (205,703)
Captured Tax Capacity Value $179,570
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1993 Page 18 of 19
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uu+ia a;,�,I I ,u�,�w�ua�n; �u' �, �uni�w;. w. a��ro; aawim un ueur�i, or .,dwc��;u.;a;n;,u,emuya,��rmoe I a; un uoa. uu uum uuU uaa;✓ a�� iwao�, �uauuww; u�u�, r�w; mwua�ain; uwi, uuaamuw; ���. owwuwier,. euwud; nuuaiwamwoon eb� ��miu ardow�uwauo ;u;u;im;,u'uuai,uuar�weu
Note 12 SPECIAL TAXING DISTRICT
The City Council of Oak Park Heights established Storm Sewer Improvement Tax District No. 1 pursuant to
Minnesota Statutes, Section 444.17 and Ordinance No. 1600 adopted by the City on October 12, 1982.
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 seven 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 1994 to 2000. The original scheduled levies totaled $198,000.
Note 13 DEF TCTT F IJND R C ,S /REIAINF,D E ARNTNGS
The City has no deficit fund balances at December 31, 1993.
Note 14 CONTINGENCIES
The City attorney has indicated that existing and pending lawsuits, claims and other actions in which the City is
a defendant are either covered by insurance; of an immaterial amount; or, in the judgment of the City attorney,
remotely recoverable by plaintiffs.
Note 15 DEFERRED AD VALOREM TAX LEVIES - BONDED DEIST
General Obligation bond issues sold by the City are financed by ad valorem tax levies in addition to special
assessments levied against the benefiting properties. When a bond issue to be financed partially or completely
by ad valorem tax levies is sold, speck annual amounts of such tax levies are stated in the bond resolution and
the County Auditor is 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, 1993 totaled $174,500.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1993 Page 19 of 19
lnte 16 DESIGNATIONS AND RESERVATIONS OF FUND EQUITY
At December 31, 1993 and 1992 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,
1993 and 1992 are shown on the various balance sheets as segregations of the fund equity. A summary of such
designations is as follows:
December 31,
1993 1992
General Fund:
Designated for cash flow $660,000 $639,000
Designated for contingent employee benefits 129,000 142,000
Designated for general contingency 267,000 221,950
Designated for consolidation study 8,340
Designated for capital improvements 27,982 10,472
Special Revenue Fund:
Designated for special revenue program 7,611 5,127
Debt Service Funds:
Reserved for debt service 1,481,100 917,581
Capital Project Funds:
Designated for capital improvements 1,852,057 1,540,571
Enterprise Fund
Reserved for capital improvements 661,765 661,765
Totals $5,094,855 $4,138,466
Note 17 COMMITMENTS
Construction commitments at December 31, 1993 were composed of the following:
Expended Remaining
Contract as of Contract
Description Authorized 12/31/93 Commitment
AAE High School $497,784 $459,676 $38,108
58th Street/Stillwater High School 563,814 516,615 47,199
River Hills Phase II 180,667 123,667 57,000
Well #2 Pump Repair 10,034 0 10,034
C0MBINING,
INDIVIDUAL, FUND
AND ACCOUNT GROUP
FINANCIAL. STATEMENTS
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND Statement 6
BALANCE SHEET
December 31, 1993
With Comparative Amounts for December 31, 1992
December 31,
Assets 1993 1992
Cash and investments $1,117,355 $929,559
Accounts receivable 33,258 18,095
Accounts receivable - certified 979 40
Due from other governmental units 13,309 3,850
Taxes receivable:
Delinquent 16,740 36,804
Due from County 22,131 117,716
Total assets $1,203,772 $1,106,064
Liabilities and Fund Balance
Liabilities:
Accounts payable $74,842 $47,835
Salaries payable 2,698 5,233
Due to other governmental units 2,610 2,730
Deferred revenue 16,740 36,844
Total liabilities 96,890 92,642
Fund Balance:
Unreserved:
Designated for cash flow 660,000 639,000
Designated for contingent employee benefit 129,000 142,000
Designated for general contingency 267,000 221,950
Designated for consolidation study 8,340
Designated for capital improvements 27,982 10,472
Undesignated 14,560
Total fund balance 1,106,882 1,013,422
Total liabilities and fund balance $1,203,772 $1,106,064
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, 1993
With Comparative Actual Amounts for the Year Ended December 31, 1992
Y ��'' ! IIW o 1 IJYW, ILILLWI IIiJILLLII! P, YYI141YWWIIYIYlIYW' WY 'INI4{YWYiIIIYUII1WWtlrIIYWWuJ II YIuWYYIIVtlii' Yltlll! WIIWIIIYViWWYiIIlu11WY114YImY11111II! NLIIiLYWIYUIIW' YV YWWI! YYJiIIVWIydII IVdIIWYIiNIdVI111h11114 .IItiliYUIIIV;YWYIYVIWiYW1
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1993
Over (Under) 1992
Budget Actual Budget Actual
Revenue:
General property taxes:
Current and delinquent $1,223,952 $1,241,127 $17,175 $1,105,859
Payment in lieu of taxes 6,301 6,301 3,090
Excess TIF 15,037 15,037 12,945
Total general property taxes 1,223,952 1 ,262,465 38,513 1,121,894
Intergovernmental:
Federal:
SBA grant 4,400 4,413 13
State:
HACA 54,358 54,358 0 36,740
Police aid 31,000 33,516 2,516 32,432
County:
Recycling grant 14,340 14,490 150 16,077
Gravel tax allocation 400 691 291 478
Other - miscellaneous 1,450 1,522 72 1,467
Total intergovernmental 105,948 108,990 3,042 87,194
Licenses and permits 65,320 62,898 (2,422) 93,908
Charges for services:
General government 2,000 1,579 (421) 2,076
Refuse collection 98,800 103,039 4,239 66,076
Inspections - City of Bayport 22,000 20,800 (1,200)
Administrative - Enterprise Fund 80,000 80,000 0 78,000
Other services 2,897 2,897 550
Total charges for services 202,800 208,315 5,515 146,702
Fines and forfeits 39,150 44,189 5,039 38,557
Interest on investments 23,000 25,180 2,180 33,728
Refunds and reimbursements 5,600 26,276 20,676 21,349
Donations and contributions 1,500 1,500 0
Sale of property 1,240 2,632 1,392 385
Total revenue 1,668,510 1,742,445 73,935 1,543,717
Expenditures:
General government:
Mayor and council:
Current:
Personal services 29,570 27,337 (2,233) 25,975
Contractual services 7,310 7,011 (299) 73,806
Total mayor and council 36,880 34,348 (2,532) 99,781
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, 1993
With Comparative Actual Amounts for the Year Ended December 31, 1992
1993
Over (Under) 1992
Budget Actual Budget Actual
Expenditures: (continued)
General government: (continued)
Elections:
Current:
Personal services $0 $2,872
Materials and supplies 0 _ 2,343
Total current a $0 $0� 0 5,215
Capital outlay 0 10,865
Total elections 0 0 0 16,080
City clerk:
Current:
Personal services 143,480 143,276 (204) 141,749
Materials and supplies 2,560 2,420 (140) 4,500
Contractual services 5,550 5,018 (532) 5,423
Total current 151,590 150,714 (876) 151,672
Capital outlay 5,600 4,632 (968) 440
Total city clerk 157,190 155,346 (1,844) 152,112
Planning and zonings
Current:
Personal services 8,000 7,211 (789) 6,500
Municipal Building:
Current:
Materials and supplies 5,150 4,729 (421) 4,624
Contractual services 14,000 12,850 (1,150) 9,235
Total current 19,150 17,579 (1,571) 13,859
p' y 1,394 (212)
Capital outlay 1,606
Total municipal building 20,756 18,973 (1,783) 13,859
Assessor:
Current:
Personal services 10,500 10,173 (327) 10,436
Engineering:
Current:
Contractual services 8,000 7,738 (262) 5,259
General management: -
Current:
Personal services 38,157 40,523 2,366 14,668
Materials and supplies 3,325 3,360 35 3,093
Contractual services 95,200 92,638 (2,562) - 25,352
Total general management 136,682 136,521 (161) 43,113
Total general government 378,008 370,310 (7,698) 347,140
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, 1993
With Comparative Actual Amounts for the Year Ended December 31, 1992
LLI'1 :LI11 1111 lui uii L ijill 6 111 11, 1 1 lI 1 ;! Ili III d i:!lI, i III Ii likh, ilu lYJY61luiJ411 LUi1LdwiLJ 4, LiilJ WJ illl I 1Y1 1,dl'l l lidliL,LJLI!i:,l I, 1 YII:
1993
Over (Under) 1992
Budget Actual ® Budget Actual
Expenditures: (continued)
Public safety:
Police department:
Current:
Personal services $541,375 $502,733 ($38,642) $468,431
Materials and supplies 23,500 23,865 365 26,920
Contractual services 22,950 20,617 (2,333) 19,353
Total current 587,825 547,215 (40,610) 514,704
Capital outlay 16,840 9,108 (7,732) 37,677
Total police department 604,665 5 56,323 (48,342) 552,381
Building inspections
Current:
Personal services 69,160 67,884 (1,276) 64,497
Contractual services 3,000 2,244 (756) 3,826
Materials and supplies 1,950 1,491 (459) 1,815
Total current 74,110 71,619 (2,491) 70,138
Capital outlay 500 331 (169) 1,249
Total building inspections 74,610 71,950 (2,660) 71,387
Fire protection:
Current:
Contractual services 31,000 30,809 X191 15,986
Animal control:
Current:
Materials and supplies 150 63 (87) 110
Contractual services 2,500 2,161 (339) 4,476
Total animal control 2,650 2,224 (426) 4,586
Total public safety 712,925 661,306 (51,619) 644,340
Streets and highways:
Streets and alleys:
Current:
Materials and supplies 1,100 854 (246) 1,995
Contractual services 22,766 22,710 (56) 23,527
Total streets and alleys 23,866 23,564 (302) 25,522
Snow and ice removal:
Current:
Contractual services 26,000 27,947 1,947 18,770
Street lighting:
Current:
Contractual services 41,200 41,196 (4) 37,689
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, 1993
With Comparative Actual Amounts for the Year Ended December 31, 1992
1993
Over (Under) 1992
Budget Actual Budget Actual
Expenditures: (continued)
Streets and highways: (continued)
Arborist:
Current:
Personal services $1,650 $1,650 $0 $1,650
Materials and supplies 75 8 (67) 7
Total arborist 1,725 1,658 (67) 1,657
Total streets and highways 92,791 94,365 1,574 83,638
Sanitation:
Refuse collection and disposal:
Current:
Contractual services 296,000 297,452 1,452 251,121
Total refuse collection and disposal 296,000 _ 297,452 1,452 251,121
Tree removal and planting:
Current:
Contractual services 15,000 14,971 (29) r 16,436
Total sanitation 311,000 312,423 1,423 267,557
Recreation:
Parks, playgrounds and rinks:
Current:
Personal services 152,330 148,720 (3,610) 144,527
Materials and supplies 4,600 4,533 (67) 6,436
Contractual services 7,000 7,004 4 5,358
Total current 163,930 160,257 (3,673) 156,321
Capital outlay 500 324 (176) 8,000
Total recreation 164,430 160,581 (3,849) 164,321
Contingency:
Current:
Contractual services 9,356 (9,356)
Total expenditures 1,668,510 1,598,985 (69,525) 1,506,996
Revenue over expenditures 0 143,460 143,460 36,721
Other financing sources (uses):
Operating transfers from Capital Project Fund 0 25,650
Operating transfers to Capital Project Fund (50,000) (50,000) (50,000)
Total other financing sources (uses) 0 (50,000) (50,000) (24,350)
Net increase in fund balance $0 93,460 $93,460 12,371
Fund balance - January 1 1,013,422 1,001,051
Fund balance - December 31 $1,106,882 $1,013,422
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL REVENUE FUND Statement 8
FORFEITURE AND SEIZURE FUND
BALANCE SHEET
December 31, 1993
With Comparative .Amounts For December 31, 1992
II YY'Y llflliWlh' u1N{ IWWWYYWIYI➢ WIW!' YWidIYVYWYuWI' 'iY!'rWY9,kdLL'L "J61'Yi'J'dlWiW W' IWdAJtiII11YY11' �" JV141Y6JYIYItldI' VI6diYW11LWWLL! 11Y4 'IYLLIIIII',JJdIWll4!IYYWiud11 , WI1J! i11LVUJ' ' L' 4'' JY!' VYWLLWIiW6'! III' 4111tlluWIIWLJINYI�WILJW111116611 !Y'JIIIYIVIIIL!IIL'Y�Y1JIli
IYLIY IJll 'ul�lul Yi1111V, IJiulr IIvL Ii11J� 11'I WJI YY,IJi4'L!,LI mYIl LI4',WIII'JIIWil 111uJWlYllY1'IJhJY!JIJVi VdLl,l l'iI W.IIUI I!VWi1111111 �II,IIY4IYIIL;111W1LLi J144YY V toi,
Assets 1993 1992
Cash and investments $7,853 $5,127
Total assets $7,853 $5,127
Liabilities and Fund Balance
Liabilities:
Accounts payable $242
Total liabilities 242 $0
Fund balance:
Unreserved:
Designated for special revenue programs 7,611 5,127
Total fund balance 7,611 5,127
Total liabilities and fund balance $7,853 $5,127
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, 1993
With Comparative Amounts For The Year Ended December 31, 1992
..... .....
1993 1992
Revenue:
Interest on investments $320 $177
Confiscated property - City share 7,274 8,567
Total revenue 7,594 8,744
Expenditures:
Public safety:
Current:
Contractual services 3,283 1,103
Capital outlay 1,827 4,802
Total expenditures 5,110 5,905
Revenue over expenditures 2,484 2,839
Fund balance - January 1 5,127 2,288
Fund balance - December 31 $7,611 $5,127
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE FUNDS Statement 10
COMBINING BALANCE SHEET
December 31, 1993
With Comparative Totals For December 31, 1992
d11i11WIdiWdI1Y1WIAWiI' JdLLtlWJYtletlYdtiYIW 'JNYJIWYWdudtllwAtlWaY YJYIWIYYddYIOWYi'IiLW111ui BWL11LNb"Dil,�W uuu�J�JW' dLLdIIJ4'Iiu'uYYW14WUlYWiiW4tlL6Y 1111W�u' JI1' IJINYUIYJYYLYJIiLL�W11uWtlJlduYliWl�aWllL' YLtlMWYLL' Y�wYWWIYtlO' duLtlYl' yiIWiWWIWWLLWIWtlIIditlYIWYULLYYIWa IWJULJW 1 ii" "AIJ WJItliWiM YWI9IW91A111 ILUWWVIM11,' 1111U'L114JI41uW1uWWWWtllltlltitl W'JJIY'JWIA ,l d",WA66
G.O.
Special Assessment Revenue
G.O. Bonds of 1991/
G.O. Refunding Improvement Refunding
Bonds of 1992 Bonds Bonds Totals
(Storm Sewer) of 1990 of 1993 1993 1992
Assets
Cash and investments $12,792 $114,071 $248,957 $375,820 $910,723
Cash and investment in escrow 1,105,091 1,105,091
Taxes receivable:
Delinquent 414 414 2,213
Due from County 416 416 4,643
Special assessments:
Delinquent 0 19,593
Deferred 92,330 92,330 181,960
Special deferred 0 14,800
Due from County 0 2,407
Total assets $13,622 $114,071 $1,446,378 $1,574,071 $1,136,339
Liabilities and Fund Balance
Liabilities:
Accounts payable $227 $227 $192
Deferred revenue $414 92,330 92,744 218,566
Total liabilities 414 $0 92,557 92,971 218,758
Fund balance:
Reserved for debt service 13,208 114,071 1,353,821 1,481,100 917,581
Total liabilities and fund balance $13,622 $114,071 $1,446,378 $1,574,071 $1,136,339
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, 1993
With Comparative Totals For The Year Ended December 31 1992
Special Assessment G.O.
Revenue
G.O. G.O. G.O. Bonds of 1991/
G.O. Refunding Improvement Improvement Improvement Refunding
Bonds of 1992 Bonds G.O. Bands Bonds Bonds Bonds Totals
(Storm Sewer) of 1982 of 1983 of 1987 of 1990 of 1993 1993 1992
Revenue:
General property taxes:
Current and delinquent $407 $196 $290 $893 $18,346
Storm Sewer ad valorem taxes:
Current and delinquent $23,516 23,516 25,605
Special assessments:
Current and delinquent 2,064 1,192 28,427 $48,068 $26,677 106,428 40,873
Penalties and interest 106 6,124 6,230 7,636
Prepayments 16,478 16,478 212,192
Intergovernmental:
State:
Homestead credit 1,019 1,019 1,448
Interest on investments 432 1,096 428 12,138 6,530 37,289 57,913 35,047
Total revenue 24,967 3,673 1,816 46,979 54,598 80,444 212,477 341,147
Expenditures:
Debt service:
Principal 15,000 20,000 8,000 195,000 125,000 50,000 413,000 429,000
Interest 9,212 2,250 360 12,090 16,375 112,248 152,535 143,684
Paying agent fees 739 731 688 412 2,570 4,004
Refunding costs 10,419 10,419 4,622
Total expenditures 24,212 22,989 8,360 207,821 142,063 173,079 578,524 581,310
Revenue over (under) expenditures 755 (19,316) (6,544) (160,842) (87,465) (92,635) (366,047) (240,163)
Other increases:
Bond proceeds 1,118,376 1,118,376 146,755
Transfer from Capital Project Fund 65,000 65,000 209,938
Total other increases 0 0 0 0 0 1,183,376 1,183,376 356,693
Net increase (decrease) in fund balance 755 (19,316) (6,544) (160,842) (87,465) 1,090,741 817,329 116,530
Fund balance a January 1 12,453 43,365 20,527 377,763 200,393 263,080 917,581 801,051
Residual equity transfer in 1,143 1,143
Residual equity transfer out L24 (13,983) (216,921) (254,953)
Fund balance m December 31 $13,208 $0 $0 $0 $114,071 $1,353,821 $1,481,100 $917,581
CITY OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROJECT FUNDS Statement 12
COMBINING BALANCE SHEET Page 1 of 2
December 31, 1993
With Comparative Totals For December 31, 1992
Park & St. Croix
Closed Capital Recreation Mall
Bond Fund Improvements Development (TIF)
Assets
Cash and investments $372,836 $263,476 $65,499 $72,162
Accounts receivable - - _ -
Due from other governmental units - - _ -
Due from other funds 610,000 - _ _
Taxes receivable:
Delinquent 409 - _ _
Due from County 5 - _ _
Special assessments receivable:
Delinquent 1,217 - - -
Deferred 33,779 - - -
Special deferred 144,800 - _ -
Due from County 587 _ _ -
Total assets $1,163,633 $263,476 $65,499 $72,162
Liabilities and Fund Balance
Liabilities:
Cash overdraft - - - -
Accounts payable - - $232 $53,835
Due to other funds - - -
Contracts payable
Deposits payable $2,750
Deferred revenue 180,205 - -
Totalliabilities 182,955 $0 232 53,835
Fund balance:
Unreserved:
Designated 980,678 263,476 65,267 18,327
Undesignated - _ _
Total fund balance 980,678 263,476 65,267 18,327
Total liabilities and fund balance $1,163,633 $263,476 $65,499 $72,162
CITY OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1993
With Comparative Totals For December 31, 1992
WIY'WdYYlhl I.IIWULIY IlllYlil'ul'Y 01�IIIII W illiAll II Id LIIIA i'AII.lulinlld Ill A WWII IWIIWddW,IIYWIIkY11WiJ lWhi iLIJIWWllIW' 1WWtWIWWWYdW1uJl' Jli& WtlltJWlllu 4idYIL' di' JIIIIILI 4W' 6LL' i111111ViV YJIWIIY l' JYLL' dINtlWIWlYI1111VIiWIdll tlullaWWIWYOWIJWYlY41J41 LLJI!'11141d'JIiI�W4LLIILW ulLIIY IIIIJIIfuIWWdld WIWiVV�LIJ111WIL�YII IYIIJJV' JiA1611Pi111WIIIlYU�WiIYY 'JL'JIII9WI WL1111iiiblYIIIIIfillil 111 IJIIIJI i llll111
Wd ! J.
1991
River Hills Street Utility Wal -Mart
2nd Addition Reconstruction Addition
Assets
Cash and investments $14,247 $85,681 $1,000 $19,680
Accounts receivable - _ - _
Due from other governmental units - - _ _
Due from other funds - - _ _
Taxes receivable:
Delinquent - - - -
Due from County - - - -
Special assessments receivable:
Delinquent - - - -
Deferred - - - -
Special deferred - _ - _
Due from County - - - -
Total assets $14,247 $85,681 $1,000 $19,680
Liabilities and Fund Balance
Liabilities:
Cash overdraft - - - -
Accounts payable $697 $19,244 $1,000 $1,000
Due to other funds _ _ _ -
Contracts payable 6,183 - - -
Deposits payable _ _ _ 18,680
Deferred revenue 7,367 - - -
Total liabilities 14,247 19,244 1,000 19,680
Fund balance:
Unreserved:
Designated - 66,437 - -
Undesignated _ - - _
Total fund balance 0 _ 66,437 0 0
Total liabilities and fund balance $14,247 $85,681 $1,000 $19,680
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 1993 1992
$114,467 $1,162 $193,644 $54,900 $183,509 $41,909 $1,484,172 $1,483,233
- - 707 1,154 896 2,757 10,821
631,594 - - - - 631,594 400,000
610,000 -
- - - - - 409
5 -
1,217 30,928
33,779 63,627
144,800 -
- - - - _ 587 116
$114,467 $632,756 $193,644 $55,607 $184,663 $42,805 $2,909,320 $1,988,725
- - - - - - $0 $134,367
$27 $30 $4,610 - - - 80,675 37,579
610,000 - - - - 610,000 -
4,597 - 146,806 - - - 157,586 90,397
- - - - 21,430 21,430
- - - - - - 187,572 216,703
4,624 610,030 151,416 $0 $0 $0 1,057,263 500,476
109,843 22,726 42,228 55,607 184,663 42,805 1,852,057 1,540,571
- - - - - - 0 (52,322)
109,843 22,726 42,228 55,607 184,663 42,805 1,852,057 1,488,249
$114,467 $632,756 $193,644 $55,607 $184,663 $42,805 $2,909,320 $1,988,725
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, 1993
With Comparative Totals For The Year Ended December 31, 1992
River Hills
Park and Utility St. Croix
Closed Capital Recreation and Street Mall
Bond Fund , Improvements Development - Improvement (TIF)
Revenue:
General property taxes:
Current and delinquent $5 - - - -
Tax increment taxes - - - - $179,450
Special assessments:
Current and delinquent 55,372 - - - -
Penalty and interest 6,928 - - -
Prepayments 3,785 - - - _
Tax forfeit 240 - - - -
Intergovernmental:
State project reimbursement - - - - -
Interest oninvestments 12,349 $11,397 $1,944 $519 193
Connection charges - - ° - -
Other charges 1,650 - - 19,249 -
Escrow investment earnings 118 - - - -
Refunds and reimbursements _ - _ _
Donations and contributions - 1,200 12,600 - -
Total revenue 80,447 - 12,597 14,544 19,768 179,643
Expenditures:
Professional services - 6,391 739 5,136 1,324
Developer assistance - - - - 107,670
Construction costs 6,309 61,878 - - -
Total expenditures 6,309 68,269 739 5,136 108,994
Revenue over (under) expenditures 74,138 ® (55,672) 13,805 14,632 70,649
Other financing sources (uses):
Operating transfers from General Fund - 50,000 - - -
Operating transfers from Capital Project Fund 405,450 - - -
Operating transfers from Enterprise Fund -
Operating transfers to General Fund
Operating transfers to Debt Service Fund
Operating transfers to Capital Project Fund (106,067) (100,000) - - -
Total financing sources (uses) 299,383 (50,000) 0 0 0
Net increase (decrease) in fund balance 373,521 (105,672) 13,805 14,632 70,649
Fund balance (deficit) - January 1 351,249 369,148 51,462 0 (52,322)
Residual equity transfer in 255,908 - - _ _
Residual equity transfer out - _ _ (14,632) -
Fund balance - December 31 $980,678 $263,476 $65,267 $0 $18,327
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, 1993
With Comparative Totals For The Year Ended December 31, 1992
Y!YJIWffi;i l; del ; J,. 111, 1 id,le; Ill , 11 lid W,I, I, II1 JWLdW; I Willi Will,I ddi,id „did: "'Al lludu'ouYd Wu, II LW,IlII1LWl wv+ 1, i1W,+ w+ wuu, i' 1. 1IIWId6 1 1lidMIddr I Willi Ii
Valley 1991
Point River Hills Street Utility Wal -Mart
2nd Addition 2nd Addition Reconstruction Improvements Addition
Revenue:
General property taxes:
Current and delinquent - - - - -
Tax increment taxes - - - - -
Special assessments:
Current and delinquent - - _ _ -
Penalty and interest - - - - _
Prepayments - - _ - _
Land forfeit - - - - _
Intergovernmental:
State project reimbursement - - - - -
Interest on investments $270 $7 $229 $352 $1,306
Connection charges - - - - -
Other charges - 132,703 - - (1,239)
Escrow investment earnings - - - _ _
Refunds and reimbursements -
Donations and contributions - -
Total revenue 270 132,710 229 352 67
Expenditures:
Professional services - - - - -
Developer assistance - - - - -
Construction costs 31,301 146,387 33,792 18,456 7,520
Total expenditures 31,301 146,387 - 33,792 18,456 7,520
Revenue over (under) expenditures (31,031) (13,677) (33,563) (18,104) (7,453)
Other financing sources (uses):
Operating transfers from General Fund - _ -
Operating transfers from Capital Project Fund - - 100,000
Operating transfers from Enterprise Fund - - _ - _
Operating transfers to General Fund - - _ _
Operating transfers to Debt Service Fund - - - - _
Operating transfers to Capital Project Fund - - - - (13,151)
Total financing sources (uses) 0 0 100,000 0 (13,151)
Net increase (decrease) in fund balance (31,031) (13,677) 66,437 (18,104) (20,604)
Fund balance (deficit) - January 1 32,174 - - 17,068 20,604
Residual equity transfer in - 13,677 - 1,036 -
Residual equity transfer out (1,143) - - -
Fund balance - December 31 $0 $0 $66,437 $0 $0
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 1993 1992
$5
- 179,450 $190,856
$2,853 58,225 85,623
_ _ 6,928 273
8,990 12,775 3,641
240 -
- $336,531 - - - - 336,531 295,063
$3,889 - $6,537 $952 $5,609 352 45,905 76,794
- - - 59,998 104,088 20,476 184,562 404,236
2,557 - 449,742 - - - 604,662 696,513
- 118 137
- 0 2,400
- - - 13,800 37,225
6,446 336,531 456,279 60,950 109,697 32,671 1,443,201 1,792,761
- - - 13,590 32,850
107,670 114,513
10,067 313,805 598,464 - - - 1,227,979 1,407,831
10,067 313,805 598,464 0 0 0 1,349,239 1,555,194
(3,621) 22,726 (142,185) 60,950 109,697 m 32,671 93,962 237,567
50,000 50,000
131,521 - - 25,595 662,566 687,211
30,000 - - - 30,000 170,000
0 (25,650)
(10,000) (55,000) - (65,000) (209,938)
(200,000) _ (217,894) (3,627) - (21,827) (662,566) (687,211)
0 (200,000) (56,373) (13,627) (55,000) 3,768 15,000 (15,588)
(3,621) (177,274) (198,558) 47,323 54,697 36,439 108,962 221,979
113,464 200,000 240,786 8,284 129,966 6,366 1,488,249 1,266,270
- _ _ _ _ - 270,621 -
(15,775)
$109,843 $22,726 $42,228 $55,607 $184,663 $42,805 $1,852,057 $1,488,249
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUND Statement 14
BALANCE SHEET
December 31, 1993
With Comparative Amounts for December 31, 1992
Assets
1993 1992
Current assets:
Cash and cash equivalents $944,554 $878,334
Accounts receivables
Customers 116,780 98,291
Certified to County 3,750 2,657
Other 180 1,470
Due from other governmental units 11,350 3,222
Prepaid MWCC 14,167 15,256
Total current assets 1,090,781 999,230
Fixed assets:
Land 60,000 60,000
Buildings and structures 1,254,445 1,254,445
Machinery and equipment 101,025 99,567
Distribution and collection system 3,457,141 2,838,032
Total 4,872,611 4,252,044
Less: Allowance for depreciation (1,038,720) (951,614)
Net fixed assets 3,833,891 3,300,430
Total assets $4,924,672 $4,299,660
Liabilities and Fund Equity
Current liabilities:
Accounts payable $5,398 $4,173
Contracts payable 11,528
Due to other governmental units 3,119 2,676
Accrued interest 425 850
Bonds payable 20,000 20,000
Total current liabilities 28,942 39,227
Noncurrent liabilities:
Bonds payable 20,000
Total liabilities 28,942 59,227
Fund equity:
Contributions from property owners - net 3,591,974 3,050,182
Retained earnings:
Reserved 661,765 661,765
Unreserved 641,991 528,486
Total fund equity 4,895,730 4,240,433
Total liabilities and fund equity $4,924,672 $4,299,660
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, 1993
With Comparative Totals For The Yea En December 31,,Y1992
Water Sewer Totals
Operating Operating 1993 1992
Revenue:
Customer billings $157,191 $269,692 $426,883 $374,319
Penalties 2,119 3,388 5,507 4,545
Plumbing permits 360 360 720 888
Refunds and reimbursements 464 464 3,710
Meter charges 2,304 2,304 5,822
Charges for services 174 15 189 2,384
Total operating revenue 162,148 _ 273,919 436,067 391,668
Expenses:
Contractual services 37,534 12,286 49,820 57,111
MWCC charges 174,944 174,944 154,351
Materials and supplies 2,237 2,517 4,754 3,019
Administrative and personnel charge 40,000 40,000 80,000 78,000
Depreciation:
On purchased assets 7,400 2,389 9,789 12,152
On contributed assets 46,827 30,489 77,316 59,980
Total operating expenses 133,998 262,625 396,623 364,613
Operating income $28,150 $11,294 39,444 27,055
Other income (expense):
Interest on investments 30,941 43,238
Bond interest (2,975) (4,675)
Paying agent fees (185) (185)
Reclassification of meter deposits 67,233
Loss on disposal of assets (
Total other income (expense) 27,781 - 105,400
Net income before operating transfers: 67,225 132,455
Operating transfers to Capital Project Funds (30,000) (170,000)
Net income (loss) 37,225 (37,545)
Other increases (decreases):
Credit arising from transfer of depreciation to contributions from property owners 77,316 59,980
Residual equity transfer out (1,036)
Total other increases (decreases) 76,280 59,980
Net increase in retained earnings 113,505 22,435
Retained earnings - January 1 1,190,251 1,167,816
Retained earnings - December 31 $1,303,756 $1,190,251
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUND Statement 16
STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1993
With Comparative 1
4 wwwuuwwuWauuuosuoewuwwi� omousWeuwu muumewuwmuauudwa�sue�wuomaawieu�w�wuuw
1993 1992
Cash flows from operating activities:
Operating income $39,444 $27,055
Adjustments to reconcile operating income to
net cash flows from operating activities:
Depreciation 87,105 72,132
Change in assets and liabilities:
Decrease (increase) in receivables (26,420) (8,892)
Decrease (increase) in prepaid expenses 1,089 (2,311)
Increase (decrease) in payables (9,860) (149,739)
Net cash flows from operating activities 91,358 (61,755)
Cash flows from noncapital financing activities:
Operating transfers to other funds (30,000) (170,000)
Cash flows from capital and related financing activities:
Acquisition of fixed assets (1,458) (5,016)
Principal paid on revenue bond maturities (20,000) (20,000)
Interest and paying agent fees paid on revenue bonds (3,585) (5,285)
Residual equity transfer out (1,036)
Proceeds from sale of equipment 264
Net cash flows from capital and related financing activities (26,079) (30,037)
Cash flows from investing activities:
Interest received on investments 30,941 43,238
Net increase (decrease) in cash and cash equivalents 66,220 (218,554)
Cash and cash equivalents - January 1 878,334 1,096,888
Cash and cash equivalents - December 31 $944,554 $878,334
CITY OF OAK PARK HEIGI -ITS, MINNESOTA
AGENCY FUNDS Statement 17
COMBINING BALANCE SHEET
December 31, 1993
With Comparative Totals for December 31, 1992
Developers' Deferred
Deposit Investment Compensation Totals
Fund Fund Fund 1993 1992
Assets
Cash and investments $0 $386
Assets held with deferred compensation
plan administrator $60,821 60,821 35,002
Accrued interest receivable $22,784 22,784 7,833
Accounts receivable $130 130 130
Due from developers 6,460 6,460 2,632
Total assets $6,590 $22,784 $60,821 $90,195 $45,983
Liabilities
Cash overdraft $2,588 $22,784 $25,372 $7,833
Accounts payable 3,888 3,888 835
Deferred compensation payable $60,821 60,821 35,002
Due to developers 114 114 2,313
$6,590 $22,784 $60,821 $90,195 $45,983
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, 1993
" " " " " " JIWffiWtlWi WJUYlJfNW1 WdIWYU " " " " " " " " " " "•. .••: "': "•,• "` " " " " " "' " , ". ", "'" •, ""'" n• ' " JIJYYWYJ'1Y44vWuWdJJJUWW ::,,': " ... """ `•• "'- ' hWJ4J6llWJ44Y10WY1�liWW
Balance Balance
January 1, December 31,
1993 Additions Deletions 1993
Develo ners' Denosit Fund:
Assets:
Cash and investments $386 $386 $0
Accounts receivable 130 130
Due from developers 2,632 $13,168 9,340 6,460
Total assets $3,148 $13,168 $9,726 $6,590
Liabilities:
Cash overdraft $0 $2,588 $2,588
Accounts payable 835 3,888 $835 3,888
Due to developers 2,313 2,055 4,254 114
Total liabilities $3,148 $8,531 $5,089 $6,590
Lnyglm nt Fungi
Assets:
Accrued interest $7,833 $22,784 $7,833 $22,784
Liabilities:
Cash overdraft $7,833 $22,784 $7,833 $22,784
Deferred Compensation Fund:
Assets:
Assets held with deferred compensation
plan administrator $35,002 $28,046 $2,227 $60,821
Liabilities:
Deferred compensation payable $35,002 $28,046 $2,227 $60,821
Total Agencyl
Assets:
Cash and investments $386 $0 $386 $0
Assets held with deferred compensation
plan administrator 35,002 28,046 2,227 60,821
Accrued interest receivable 7,833 22,784 7,833 22,784
Accounts receivable 130 0 0 130
Due from developers 2,632 13,168 9,340 6,460
Total assets $45,983 $63,998 $19,786 $90,195
Liabilities:
Cash overdraft $7,833 $25,372 $7,833 $25,372
Accounts payable 835 3,888 835 3,888
Deferred compensation payable 35,002 28,046 2,227 60,821
Due to developers 2,313 2,055 4,254 114
Total liabilities $45,983 $59,361 $15,149 $90,195
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF GENERAL FIXED ASSETS Statement 19
For The Year Ended December 31, 1993
Balance Balance
January 1, December 31,
Description 1993 Additions Deletions 1993
Land $134,231 $134,231
Land improvements 309,333 309,333
Buildings and structures 766,994 766,994
Machinery and equipment 215,084 $10,530 $18,495 207,119
Furniture and fixtures 128,566 8,495 478 136,583
Totals $1,554,208 $19,025 $18,973 $1,554,260
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF GENERAL LONG -TERM DEBT Statement 20
December 31, 1993
With Comparative Amounts For December 31, 1992
aiauwuiaYi. waaumanauumuuua, b�WU�dnmua�aeYanuauauwuuaaurwu�ar�aodaaw. w.auwrmu.aw.tuuunrw.wuoww�a.ea '.r.;,.', .." uyu�s " „ ^ ,. ,.,. "",... " „ "" ",., ", ' uvuuw,a� „ . , . ,, ... , .. ,, y�, W . .., ., ,,„
1993 1992
Amount Available And To Be Provided For The
Retirement of Long -Term Debt
Bonds:
Amount available in debt service funds $1,481,100 $917,581
Amount to be provided from future tax levies/
special assessment collections, and connection charges 1,118,900 955,419
Compensated absences:
Amount available in General Fund 44,449 57,367
Total available and to be provided $2,644,449 $1,930,367
General Long -Term Debt Payable
Bonds payable:
General Obligation Bonds:
Water and Sewer Revenue Bonds of 1991 $1,200,000 $1,250,000
G.O. Refunding Bonds of 1992 135,000 150,000
G.O. Crossover Refunding Bonds of 1993 1,140,000
Special Assessment Bonds:
G.O. Improvement Bonds of 1982 20,000
G.O. Improvement Bonds of 1983 8,000
G.O. Improvement Bonds of 1987 195,000
G.O. Improvement Bonds of 1990 125,000 250,000
Total bonds payable 2,600,000 1,873,000
Compensated absences payable 44,449 57,367
Total general long -term debt payable $2,644,449 $1,930,367
Note:
The G.O. Water and Sewer Revenue Bonds of 1991 were refunded by the G.O. Crossover Refunding Bonds of 1993. Proceeds
of the crossover refunding bonds were placed in an escrow account to be used for debt service of the refunding bonds through
the crossover date of December 1, 1995 and principal called for prepayment of the refunded bonds totaling $1,090,000 on
such date.
SUPPLEMENTARY
F I N A N C I A L
INFO RMATIO N
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS Exhibit 1
December 31, 1993
Final Net Bonds Principal Interest
Payment Interest Authorized Retired Outstanding Due Due
Date Due Rate And Issued To Date At 12/31/93 In 1994 In 1994
Bonded Indebtedness
Special Assessment Bonds:
G.O. Improvement Bonds of 1990 10/1/90 1211/94 7.08% $300,000 $175,000 $125,000 $125,000 $8,250
General Debt:
G.O. Water and Sewer
Revenue Bonds of 1991 5/1/91 1211/06 6.51% 1,250,000 50,000 1,200,000 55,000 75,145
G.O. Refunding Bonds of 1992 9/1/92 1211/00 5.48% 150,000 15,000 135,000 15,000 6,748
G.O. Crossover Refunding
Bonds of 1993 4/1/93 12/1/06 4.710 1,140,000 1,140,000 51,830
Total general debt 2,540,000 65,000_ 2,475,000 70,000 133,723
Enterprise Fund Bonds:
G.O. Water and Sewer
Revenue Bonds of 1980 10/1/80 10/1/94 7.50% 200,000 180,000 20,000 20,000 1,700
Total Indebtedness $3,040,000 $420,000 $2,620,000 $215,000 $143,673
Note:
The G.O. Water and Sewer Revenue Bonds of 1991 were refunded by the G.O. Crossover Refunding Bonds of 1993. Proceeds of the crossover
refunding bonds were placed in an escrow account to be used for debt service of the refunding bonds through the crossover date of December 1,
1995, and principal called for prepayment of the refunded bonds totaling $1,090,000 on such date.
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT BONDS Exhibit 2
SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1993
,ww „,..,,, , „,.,, ,, " ",� e,��„ua „ : „w . m�a+ �uuwwiu: ouamuatluwwunmwuuuauuuwawrcuuwmuwwmmuuuuwwwm ++.wumrmav,cmwwwuuuiammarmuwaw ° °�, ° „, i�wuadmamwa', wwumwwuiwwwuummwaa< mdiwuv' rmwuwmammvut' aummu: uuwawmawuawwW�mnuwmm: u�wwawu�wuunrmuWUUUw�muumw J<i�WUwwooi���auauw ��i�a�i �: ::,u�d
$300,000
G.O.
Improvement
Bonds
of 1990
Bonds payable $125,000
Future interest payable 8,250
Totals $133,250
Payments to maturity:
1994 $133,250
Totals $133,250
CITY OF OAK PARK HEIGHTS, MINNESOTA
REVENUE BONDS AND GENERAL DEBT BONDS Exhibit 3
SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1993
Revenue Bond General Debt Bonds
General Special General General
Obligation Taxing District Obligation Obligation
Water and Sewer $150,000 Water and Sewer Crossover
Revenue Bonds G.O. Refunding Revenue Bonds Refunding
of 1980 Bonds of 1992 of 1991 Bonds of 1993
Bonds payable $20,000 $135,000 $1,200,000 $1,140,000
Future interest payable 1,700 30,757 147,403 456,775
Totals $21,700 $165,757 $1,347,403 $1,596,775
Payments to maturity:
1994 $21,700 $21,747 $130,145 $51,830
1995 21,103 1,217,258 51,830
1996 20,412 126,830
1997 24,700 129,130
1998 23,720 131,090
1999 27,700 132,690
2000 26,375 133,910
2001 134,825
2002 150,325
2003 149,805
2004 158,805
2005 166,805
2006 78,900
Totals $21,700 $165,757 $1,347,403 $1,596,775
Note: The G.O. Water and Sewer Revenue Bonds of 1991 were refunded by the G.O. Crossover Refunding Bonds of 1993.
Proceeds of the crossover refunding bonds were placed in an escrow account to be used for debt service of the
refunding bonds through the crossover date of December 1, 1995 and principal called for prepayment of the refunded
bonds totaling $1,090,000 on such date.
CITY OF OAK PARK HEIGHTS, MINNESOTA
INSURANCE IN FORCE Exhibit 4
December 31, 1993
Coverage Amount
Umbrella Liability $1,000,000
Package:
Property Blanket Building and Contents ($500 deductible) 3,004,960
Public Liability including errors and omissions 600,000
Inland Marine ($500 deductible) 109 > 000
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 200,000/600,000 /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, 1993
Special Special
Assessment Bonds Taxing District
Year Of G.O. Improvement G.O. Refunding Total
Collection Bonds of 1990 Bonds of 1992 All Bonds
1994 $500 $24,400 $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 $174,000 $174,500
Note: 1994 levy includes state paid HACA.
CITY OF OAK PARK HEIGHTS, MINNESOTA
TAXABLE VALUATIONS, TAX LEVIES AND TAX RATES Exhibit 6
_ Tax Capacity Values
1993/1994 1992/1993 1991/1992
Taxable Valuations:
Real estate $6,342,152 $6,339,394 $6,545,045
Personal property 123,745 151,966 111,948
Fiscal disparity:
Contribution (760,641) (782,808) (706,987)
Distribution 288,153 304,006 290,546
Captured tax increment value (179,570) (194,989) (208,027),
Total $5,813,839 $5,817,569 $6,032,525
Tax Levy:
City Wide:
General revenue $1,320,130 $1,278,310 $1,154,052
Debt service 500 18,881
Total City Wide 1,320,630 1,278,310 1,172,933
Storm Sewer District:
G.O. Refunding Bonds of 1992 24,000 24,000 26,621
Total Tax Levy $1,344,630 $1,302,310 $1,199,554
Tax Capacity Rate:
City Wide:
General revenue 21.411% 21.167% 18.526%
Debt service 0.009% 0.304%
Total City Wide 21.420% 21.167% 18.830%
Storm Sewer District:
Storm Sewer Bonds of 1982 0.592% 0.587% 0.633%
Total Tax Capacity Rate 22.012% 21.754% 19.463%
Note: The tax levies shown above represent gross tax levies before reduction for state aids.
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, 1993
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', wufau'm wW'm uww¢� ullouuueum��amuu: � u
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i'�.iW:o!umlwwuuud A iwnWi o i u � wuwlem mi eWt iuu ul w i
Cash and investments (at cost) - January 1, 1993 $123,885
Additions:
Interest received on investments 51,253
Deductions:
Bond principal payments (65,000)
Bond interest and paying agent fees (16,916)
Release of excess earnings to City (118)
Cash and investments (at cost) - December 31, 1993 $93,104
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE ESCROW AGENT ACCOUNT Exhibit 8
BONDS PAYABLE
December 31, 1993
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 $160,000 $125,000 $285,000
Future interest payable 18,800 18,020 36,820
Totals $178,800 $143,020 $321,820
Year of maturity
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 $178,800 $143,020 $321,820
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF CONSTRUCTION COSTS Exhibit 9
December 31, 1993
Legal Expended
and Current Prior
Contractor Engineer Fiscal Other Total Year Years
Valley Point 2nd Addition $235,345 $45,248 $6,889 $1,742 $289,224 * $31,301 $257,923
River Hills 2nd Addition 123,667 21,524 1,009 187 146,387 146,387
Street reconstruction 29,477 4,147 168 33,792 33,792
1991 Utility Improvements:
Water Tower and
Utility Extensions 976,041 143,289 40,022 95,656 1,255,008 * 18,456 1,236,552
AAE - Wal -Mart Addition 177,627 55,816 6,797 2,476 242,716 * 7,520 235,196
AAE - High School Improvement 459,676 67,000 8,430 16,838 551,944 10,067 541,877
AAE - Norell Ave)MN DOT
Improvement 250,813 19,792 12,409 325,853 608,867 * 313,805 295,062
AAE - 58th Street Improvement 516,615 89,670 11,692 30,714 - 648,691 598,464 50,227
Total - All Funds $2,739,784 $471,816 $91,395 $473,634 $3,776,629 $1,159,792 $2,616,837
* - Project Completed in 1993.
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS Exhibit Id
FOR ST. CROIX MALL TAX INCREMENT DISTRICT
December 31, 1993
Accounted
Original for in Current Amount
Budget Prior Years r __ Year Remaining
Sources of funds:
Tax increments received $1,715,000 $243,178 $179,643 $1,292,179
Uses of funds:
Developer assistance 960,000 145,421 108,994 705,585
58th Street improvements 170,000 150,079 19,921
Other improvements 585,000 585,000
Total uses of funds 1,715,000 295,500 108,994 1,310,506
Funds remaining (deficit) $0 ($52,322) $70,649 ($18,327)
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, 1993.
S T A T I S T I C A L
S E C T 10 N
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS Table 1
EXPENDITURES BY FUNCTION
Years 1984 Through 1993
(UNAUDITED)
Streets
General Public and Capital
Year Total Government Safety Highways Sanitation Recreation Outlay
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 1,512,901 335,835 606,517 83,638 267,557 156,321 63,033
1993 1,604,095 364,284 655,150 94,365 312,423 160,257 17,616
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS Table 2
REVENUE BY SOURCE
Years 1984 Through 1993
(UNAUDITED)
Licenses Charges Fines Interest
Inter- and for and on
Year Total Taxes ® governmental Permits Services Forfeits Investments Miscellaneous
1984 $877,106 $543,573 $192,959 $15,967 $33,318 $14,633 $49,681 $26,975
1985 881,379 559,613 196,654 15,569 33,068 27,630 43,997 4,848
1986 913,523 579,557 192,505 22,716 35,031 28,474 40,729 14,511
1987 997,368 681,636 185,050 18,882 35,493 31,809 38,658 5,840
1988 1,150,650 804,441 194,553 22,682 48,452 27,788 45,043 7,691
1989 1,278,878 868,420 205,914 20,187 67,334 36,776 53,348 26,899
1990 1,448,745 1,142,770 40,037 48,870 102,836 42,165 62,064 10,003
1991 1,462,737 1,057,578 51,460 122,804 123,969 36,174 52,004 18,748
1992 1,552,461 1,121,894 87,194 93,908 146,702 38,557 33,905 30,301
1993 1,750,039 1,262,465 108,990 62,898 208,315 44,189 25,500 37,682
CITY OF OAK PARK HEIGHTS, MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS Table 3
Years 1984 Through 1993
(UNAUDITED)
e`S'YIYWYYWIWYiWIMi s�.�.�11YWYlYdYWIWYWYWY YWWWUYtl4/ YWJW4YWWWWWWdWIWIYWIYY. rm. w. md. e® deiSIWYIWdWWY11VI�WYYmYIWI .�.:.vm Vie_. 4am.'a�' 4L4E11W6 " i °y — -. - u . YWW6IdWWW' W1VJ'LL'AYWdN1YlY1WduLWUYi '!
Percent Total
of Collection Delinquent
Current Delinquent Total as a Outstanding Percent of
Taxes Total Current Tax Levy Tax Tax Percent Delinquent Current
Payable Tax Levy Collections Collected Collections Collections of Levy Taxes Levy
1984 $696,639 $680,144 97.63% $10,419 $690,563 99.13% $21,698 3.11%
1985 722,719 713,393 98.71% 15,262 728,655 100.82% 15,762 2.18%
1986 722,273 705,913 97.73% 5,404 711,317 98.48% 26,716 3.70%
1987 792,677 774,069 97.65% 15,683 789,752 99.63% 29,641 3.74%
1988 923,731 914,739 99.03% 160 914,899 99.04% 21,293 2.31%
1989 1,031,733 983,752 95.35% 1,898 985,650 95.53% 30,833 2.99%
1990 1,205,556 1,177,782 97.70% 13,024 1,190,806 98.78% 33,458 2.78%
1991 * 1,199,554 1,129,373 94.15% 15,103 1,144,476 95.41% 35,036 2.92%
1992 1,199,554 1,182,272 98.56% 8,815 1,191,087 99.29% 39,017 3.25%
1993 1,302,310 1,294,478 99.40% 26,441 1,320,919 101.43% 17,563 1.35%
* 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 1984 Through 1993
(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 m Due Collected Due _ Collected Due Assessments
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 *
1993 125,110 123,137 98.42% * 48,247 136.99% * 2,106 *
* Note: Special assessments for 1989 through 1993 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 elected to pay these assessments as the underlying parcels
were sold and/or developed rather than over the scheduled years of the certified collections for this assessment roll. The
above delinquent assessments of $2,106 at December 31, 1993 include $998 from this single developer. Actual
versus scheduled collections for this assessment roll have been as follows through December 31, 1993:
Excess
(Deficiency)
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 28,427 1,021,704 198,500 1,148,100 (126,396)
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 - 1993 delinquent
collections) resulted in a remaining surplus of $216,921 after the bonds were fully retired.
CITY OF OAK PARK HEIGHTS, MINNESOTA
PRINCIPAL TAXPAYERS (Ten Largest Taxpayers) Table 5
Taxes Payable in 1993
(UNAUDITED)
Percent of Percent of
Total Net Total Tax
Market Market Tax Capacity Property
Taxpayer e Value Value Capacity Value _ Classification
Northern States Power $80,317,700 40.1% $4,706,876 70.7% Public Utilities
Oak Park Partners 9,028,800 4.5% 524,974 7.9% Commercial
K -Mart Corporation 2,748,300 1.4% 158,329 2.4% Commercial
Oak Ridge Place 2,451,000 1.2% 103,615 1.6% Res. over 3 units
Port of Sunnyside 1,415,700 0.7% 80,858 1.2% Commercial
Oak Park Associates 1,656,000 0.8% 70,007 1.1% Res. over 3 units
B & R Investments 785,300 0.4% 43,733 0.7% Commercial
Greenbrier Partners 942,000 0.5% 39,823 0.6% Res. over 3 units
Fahrendorff, Frank D. 693,000 0.3% 38,344 0.6% Commercial
Routson Investments 635,000 0.3% 34,959 0.5% Commercial
Totals $100,672,800 50.3% $5,801,518 87.1%
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.