HomeMy WebLinkAboutAnnual Financial Report CITY OF OAK PARK HEIGHTS, MINNESOTA
ANNUAL FINANCIAL RE PORT
DECEMBER 31, 1994
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
Organization
Independent Auditor's Report
General Purpose Financial Statements
Combined Balance Sheet - All Fund Types and Account Groups Statement 1
Combined Statement of Revenue, Expenditures and Changes in Fund Balance -
All Governmental Fund Types Statement 2
Combined Statement of Revenue, Expenditures and Changes in Fund Balance -
Budget and Actual - General Fund Statement 3
Combined Statement of Revenue, Expenses and Changes in Retained Earnings -
Proprietary Fund Type Statement 4
Combined Statement of Cash Flows - Proprietary Fund Type Statement 5
Notes to Financial Statements
Combining and Individual Fund and Account GrouD Financial Statements.
General Fund:
Balance Sheet Statement 6
Statement of Revenue, Expenditures and Changes in Fund Balance -
Budget and Actual Statement 7
Special Revenue Fund - Forfeiture and Seizure Fund:
Balance Sheet Statement 8
Statement of Revenue, Expenditures and Changes in Fund Balance Statement 9
Debt Service Funds:
Combining Balance Sheet Statement 10
Combining Statement of Revenue, Expenditures and Changes in Fund Balance Statement I l
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
General Fixed Asset Account Group:
Schedule of General Fixed Assets Statement 19
General Long -Term Debt Account Group:
Schedule of General Long -Term Debt Statement 20
Sunnlementary Financial Information
Combined Schedule of Indebtedness Exhibit 1
Debt Service Payments to Maturity:
Revenue Bonds and General Debt Bonds Exhibit 2
Insurance in Force Exhibit 3
Future Scheduled Tax Levies Exhibit 4
Taxable Valuations, Tax Levies and Tax Rates Exhibit 5
Debt Service Escrow Agent Account:
Statement of Changes in Cash and Investments Exhibit 6
Bonds Payable Exhibit 7
Schedule of Construction Costs Exhibit 8
Schedule of Sources and Uses of Funds
St. Croix Mall Tax Increment District Exhibit 9
Statistical Section
General and Special Revenue Funds - Expenditures by Function -
Years 1985 through 1994 Table 1
General and Special Revenue Funds - Revenue by Source -
Years 1985 through 1994 Table 2
Property Tax Levies and Collections - Years 1985 through 1994 Table 3
Special Assessment Collections - Years 1985 through 1994 Table 4
Principal Taxpayers Table 5
CITY OF OAK PARK HEIGHTS, MINNESOTA
ORGANIZATION
December 31, 1994
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Term EXDires
Mayor:
Barbara ONeal December 31, 1994
Council Members:
Richard Seggelke December 31, 1994
Jack Doerr December 31, 1994
Dean Kern, Sr. December 31, 1996
David Schaaf December 31, 1996
Administrator - Treasurer:
Mike Robertson Appointed
Deputy Clerk/Finance Director
Judy Holst Appointed
1
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4
GENERAL. PURPOSE
FINANCIAL STATEMENTS
5
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED BALANCE SHEET -
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1994
With Comparative Totals For December 31, 1993
., .... ��..,.� �..�, ,�, ���,� �:� . ..., .
Governmental Fund Types
Special Debt
Assets General Revenue Service
Cash and investments $901,811 $9,111 $231,554
Cash and investments in escrow - - 1,097,678
Assets held with deferred compensation plan administrator - - -
Accrued interest receivable - _
Accounts receivable 30,528 -
Due from other governmental units 12,328 - -
Due from developers -
Due from other funds - - -
Prepaid items _ - -
Taxes receivable:
Delinquent 20,564 - 367
Due from County 314,008 - 5,694
Special assessments receivable - - 70,744
Fixed assets (net of accumulated depreciation) - - -
Amount available in Debt Service Funds - -
Amount to be provided for retirement of general long -term debt - - -
Total assets $1,279,239 $9,111 $1,406,037
Liabilities, Equity and Other Credits
Liabilities:
Cash overdraft $ - $ - $ -
Accounts payable 53,199 - 229
Salaries payable 3,437 _ _
Due to other funds - - -
Contracts payable - _
Due to other governmental units 4,204 -
Accrued interest - - -
Deferred compensation payable - - -
Due to developers _ _ _
Deposits/refunds payable - - -
Compensated absences payable - - -
Bonds payable - - -
Deferred revenue 20,564 - 71,111
Total liabilities 81,404 0 71,340
Equity and other credits:
Invested in general fixed assets - - -
Contributions - net - - -
Retained earnings:
Reserved - - -
Unreserved - - -
Fund balance:
Reserved - - 1,334,697
Unreserved:
Designated 1,194,682 9,111 -
Undesignated 3,153 _ _
Total equity and other credits 1,197,835 9,111 1,334,697
Total liabilities, equity and other credits $1,279,239 $9,111 $1,406,037
6 The accompanying notes are an Integral part of these financial statements.
Statement 1
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Proprietary Fiduciary
Fund Type Fund Type Account Groups Totals
Capital General General Long- (Memorandum Only)
Project Enterprise Agency Fixed Assets Term Debt 1994 1993
$2,616,967 $420,252 $ - $ - $ - $4,179,695 $3,929,754
1,097,678 1,105,091
- - 96,668 - - 96,668 60,821
- 38,145 - - 38,145 22,784
118,672 130 - - 149,330 157,834
- 33,461 - - - 45,789 656,253
18,654 - 5,509 - - 24,163 6,460
- - - - 610,000
- 13,230 - - - 13,230 14,167
215 _ _ _ - 21,146 17,563
130 - - _ - 319,832 22,552
168,654 - - - - 239,398 272,713
- 4,169,893 - 1,598,616 - 5,768,509 5,388,151
_ _ - 1,334,697 1,334,697 1,481,100
- - 1,142,115 1,142,115 1,163,349
$2,804,620 $4,755,508 $140,452 $1,598,616 $2,476,812 $14,470,395 $14,908,592
$22,381 $ - $39,198 $ - $ - $61,579 $25,372
69,850 5,251 3,757 - - 132,286 165,272
- _ _ - 3,437 2,698
610,000
24,323 - - - - 24,323 157,586
- 14,182 - - - 18,386 5,729
- 425
- - 96,668 - - 96,668 60,821
- - 829 - - 829 -
18,680 - - - - 18,680 21,544
71,812 71,812 44,449
_ _ 2,405,000 2,405,000 2,620,000
182,862 - - - - 274,537 297,056
318,096 19,433 140,452 0 2,476,812 3,107,537 4,010,952
- 1,598,616 - 1,598,616 1,554,260
- 3,933,577 - - - 3,933,577 3,591,974
- 661,765 - - - 661,765 661,765
- 140,733 - - - 140,733 641,991
1,334,697 1,481,100
2,502,905 - - - - 3,706,698 2,951,990
(16,381) - - - - (13,228) 14,560
2,486,524 4,736,075 0 1,598,616 0 11,362,858 10,897,640
$2,804,620 $4,755,508 $140,452 $1,598,616 $2,476,812 $14,470,395 $14,908,592
The accompanying notes are an integral part of these financial statements, 7
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, 1994
With Comparative Totals For The Year Ended December 31, 1993
Totals
Special Debt Capital (Memorandum Only)
General Revenue Service Project 1994 1993
Revenue:
General property taxes $1,254,999 $ - $22,889 $206 $1,278,094 $1,286,879
Tax increment taxes - - - 165,260 165,260 179,450
Special assessments - - 29,259 13,690 42,949 207,304
Intergovernmental 136,359 - 1,395 761 138,515 446,540
Licenses and permits 60,914 - - - 60,914 62,898
Charges for services - 239,643 - - - 239,643 208,315
Fines and forfeits 55,111 - - - 55,111 44,189
Interest on investments 34,473 310 57,352 76,073 168,208 129,318
Connection charges - - - 30,338 30,338 184,562
Other charges _ _ _ 98,890 98,890 604,662
Escrow investment earnings - - - - - 118
Refunds and reimbursements 31,273 - - 2,531 33,804 26,276
Donations and contributions 500 - - 28,540 29,040 15,300
Other 4,366 4,000 - - 8,366 9,906
Total revenue 1,817,638 4,310 110,895 416,289 2,349,132 3,405,717
Expenditures:
Current:
General government 370,356 - - - 370,356 364,284
Public safety 682,063 1,865 - - 683,928 655,150
Streets and highways 100,059 - - - 100,059 94,365
Sanitation 338,498 - - - 338,498 312,423
Recreation 164,685 - - - 164,685 160,257
Capital outlay 36,024 945 - - 36,969 17,616
Debt service:
Principal - - 195,000 - 195,000 413,000
Interest - - 141,973 - 141,973 152,535
Paying agent fees - - 1,100 - 1,100 2,570
Refunding costs - - - - - 10,419
Construction costs - - - 400,124 400,124 1,349,239
Total expenditures 1,691,685 2,810 338,073 400,124 2,432,692 3,531,858
Revenue over (under) expenditures 125,953 1,500 (227,178) 16,165 (83,560) (126,141)
Other financing sources (uses):
Bond proceeds - - - - - 1,118,376
Operating transfers from other funds 15,000 - 65,000 714,077 794,077 807,566
Operating transfers to other funds (50,000) - - (80,000) (130,000) (777,566)
Total other financing sources (uses) (35,000) 0 65,000 634,077 664,077 1,148,376
Net increase (decrease) in fund balance 90,953 1,500 (162,178) 650,242 580,517 1,022,235
Fund balance - January 1 1,106,882 7,611 1,481,100 1,852,057 4,447,650 3,424,379
Residual equity transfer in - - 15,775 19,161 34,936 271,764
Residual equity transfer out - - - (34,936) (34,936) (270,728)
Fund balance - December 31 $1,197,835 $9,111 $1,334,697 $2,486,524 $5,028,167 $4,447,650
8 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, 1994
W C omparative
Actual Amounts For The Year Ended December 31,
993
. ..,,, ,... ... ..� ....
1994
Over
(Under) 1993
Budget Actual Budget Actual
Revenue:
General property taxes $1,244,884 $1,254,999 $10,115 $1,262,465
Intergovernmental 123,296 136,359 13,063 108,990
Licenses and permits 56,300 60,914 4,614 62,898
Charges for services 246,365 239,643 (6,722) 208,315
Fines and forfeits 40,600 55,111 14,511 44,189
Interest on investments 25,000 34,473 9,473 25,180
Other 18,350 36,139 17,789 30,408
Total revenue 1,754,795 1,817,638 62,843 1,742,445
Expenditures:
Current:
General government 397,350 370,356 (26,994) 364,284
Public safety 704,210 682,063 (22,147) 651,867
Streets and highways 103,215 100,059 (3,156) 94,365
Sanitation 347,400 338,498 (8,902) 312,423
Recreation 177,890 164,685 (13,205) 160,257
Capital outlay 39,730 36,024 (3,706) 15,789
Total expenditures 1,769,795 1,691,685 (78,110) 1,598,985
Revenue over (under) expenditures (15,000) 125,953 140,953 143,460
Other financing sources (uses):
Operating transfers from other funds 15,000 15,000 - -
Operating transfers to other funds - (50,000) (50,000) (50,000)
Total other financing sources (uses) 15,000 (35,000) (50,000) (50,000)
Net increase in fund balance $0 90,953 $90,953 93,460
Fund balance - January 1 1,106,882 1,013,422
Fund balance - December 31 $1,197,835 $1,106,882
The accompanying notes are an integral part of these financial statements, 9
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, 1994
With Comparative Amounts For The Year Ended December 31, 1994
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Enterprise Fund
1994 1993
Operating revenue:
Customer billings $447,650 $426,883
Penalties 5,786 5,507
Plumbing permits 840 720
Refunds and reimbursements 625 464
Meter sales 2,201 2,304
Charges for services 6,493 189
Total operating revenue 463,595 436,067
Operating expenses:
Contractual services 69,321 49,820
MWCC charges 147,893 174,944
Materials and supplies 3,868 4,754
Administrative and personnel charges 94,250 80,000
Depreciation 99,082 87,105
Total operating expenses 414,414 396,623
Net income from operations 49,181 39,444
Other income (expense):
Interest on investments 27,595 30,941
Bond interest (1,276) (2,975)
Paying agent fees (160) (185)
Loss on disposal of assets (2,219) -
Total other income (expense) 23,940 27,781
Net income before operating transfers 73,121 67,225
Operating transfers to Capital Project Fund (664,077) (30,000)
Net income (loss) (590,956) 37,225
Other increases (decreases):
Credit arising from transfer of depreciation to
contributions from property owners 89,698 77,316
Residual equity transfer out - (1,036)
Total other increases (decreases) 89,698 76,280
Net increase (decrease) in retained earnings (501,258) 113,505
Retained earnings - January 1 1,303,756 1,190,251
Retained earnings - December 31 $802,498 $1,303,756
10 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, 1994
With Comparative Amounts For The Year Ended December 31, 1993
Enterprise Fund
1994 1993
Cash flows from operating activities:
Operating income $49,181 $39,444
Adjustments to reconcile operating income to
net cash flows from operating activities:
Depreciation 99,082 87,105
Change in assets and liabilities:
Decrease (increase) in receivables (20,073) (26,420)
Decrease (increase) in prepaid expenses 937 1,089
Increase (decrease) in payables 10,916 (9,860)
Net cash flows from operating activities 140,043 91,358
Cash flows from noncapital financing activities:
Operating transfers to other funds (664,077) (30,000)
Cash flows from capital and related financing activities:
Acquisition of fixed assets (6,000) (1,458)
Principal paid on bond maturities (20,000) (20,000)
Interest and paying agent fees on bonds (1,861) (3,585)
Residual equity transfer out - (1,036)
Net cash flows from capital and related financing activities (27,861) (26,079)
Cash flows from investing activities:
Interest received on investments 27,595 30,941
Net increase (decrease) in cash and cash equivalents (524,300) 66,220
Cash and cash equivalents - January 1 944,554 878,334
Cash and cash equivalents - December 31 $420,254 $944,554
Significant noncash investing, capital and financing activities:
During 1994, fixed assets were contributed to the Enterprise Fund in the amount of $431,301.
The accompanying notes are an integral part of these financial statements. 11
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12
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
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Note 1 SUMMARY OF SIGNIFICA ACCOUNTING POIACIEa
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,
entities which the City is considered to be financially accountable. Blended component units, although
legally separate entities, are, in substance, part of the City's operations and so data from these units are
combined with data of the primary government.
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 FUNDS
General Fund - to account for all financial resources except those required to be accounted for
in another fund.
Special Revenue Funds - to account for the proceeds of specific revenue sources that are
legally restricted to expenditure for specified purposes.
Debt Service Funds - to account for the accumulation of resources for, and the payment of,
general long -term debt principal, interest, and related costs.
Capital Proiect Funds - to account for financial resources to be used for the acquisition or
construction of major facilities other than those financed by Proprietary Funds.
13
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
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tlYl; 1JWIIYWIIILJWWYIIYJUIIY; YIIIJVLI', JtlISYUIduYUlWUlllll' II; ��YLI' uidJdi: JI11vIWL' IJIYIIIWYeJJli11e1IWW; LIU;I IWILILII;; IL�IYIlW11111WP��IWIe1 ;IJ�Y✓UJILLd11111111W1'JY4u WLIl i11l,LW�eI � u W� WuLL'IYWLIWi:,111LIJJU;YLJ : iu 1 11 W W YIW.
PROPRIETARY FUNDS
Enterprise Funds - to account for operations: (a) that are financed and operated in a manner
similar to private business enterprises - where the intent of the governing body is that the
costs (expenses, including depreciation) of providing goods or services to the general public on
a continuing basis be financed or recovered primarily through user charges; or, (b) where the
governing body has decided that periodic determination of revenues earned, expenses incurred,
and/or net income is appropriate for capital maintenance, public policy, management control,
accountability, or other purposes.
FIDUCIARY FUNDS
Trust and 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 Long -Term Debt - This account group contains the long -term obligations of the City
including general obligation bonds, certificates of indebtedness, contracts payable and
compensated absences payable. These long -term liabilities are expected to be financed by the
governmental funds.
C m BASIS OF ACCOUNTING
The accounting and reporting treatment applied to a fund is detennined 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.
14
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
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.u:�i�ii��ru,vu�,iuwauaiu Ord+ Al 1wnei uie, i ioouuw,o i ' ,u .i,w11111 u a +aa
iru,iu '� nmiouao'w mm wimw w. i wiwI , won:a a n I "� ; s I:uu Ja „ �"r u ui am wa� au � °k mmdu i, ia�i' ie, o. i„ ! Ili , , a'oi a�aua
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. Governmental Accounting Standards Board (GASB) Statement #20, Accounting and
Financial Reporting for Proprietary Fonds and Other Governmental Entities that Use Proprietary Funds
provides proprietary activities with a choice of authoritative guidance issued after November 30, 1989.
The City of Oak Park Heights has elected to follow GASB pronouncements exclusively after that date.
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 $274,537, which consists of the following:
Property taxes receivable $21,146
Special assessments receivable 239,303
Other 14,088
Total $274,537
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.
15
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
ileL IJIIIIWJWiJYpYWLeIW 'WIWiWIY,'JIiWYU4YWYLI
.NIUJWIwIU oIWlLJJe tl; IwWIWV; dVIYi;; uL�W;; 1,;; IJeiul' uiILL�YUJWWIY4YWpl 1VeJ' J�IlulidlLl�IY ;IWJII'�ilu;lLi�u;ILAIWpI1L WlJdulll'LLLYWJ�IIiI4Wn� !IlIIIdY�1�lLlLLieliu,eYYLLILII JWIIIUUWNJJI'JU�I;wWl1u1'J YJ' �IO��YIdip141' uY1JdW1111' �lilulu' �WJ; JI;' ui�I; �ll�J�i11W11LU161nh ;i1duu4uu.111Ldi II;J',IiY1Jln a .vuWUlwula��IwJ4W11iWuVV41lIJ4 IIY
E . LEGAL COMPLIANCE - BUDGETS
The City follows these procedures in establishing the budgetary data reflected in the financial
statements:
I . 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 budget. Additional interdepartmental or interfund appropriations and deletions are
or may be authorized by the City Council with fund (contingency) reserves or additional
revenues.
5. Formal budgetary integration is employed as a management control device during the year for
the General Fund.
6. Legal debt obligation indentures determine the appropriation level and debt service tax levies
for the Debt Service Funds. Supplementary budgets are adopted for the Proprietary Funds to
determine and calculate user charges. These debt service and budget amounts represent general
obligation bond indenture provisions and net income for operation and capital maintenance and
are not reflected in the financial statements.
7. A capital improvement program is reviewed annually by the City Council for the Capital
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.
16
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
hi lo uWIUIJ, I:LIIL41Nw1l i�I IIIWe LI LIJWI ILIIIdIiLwAdtldill! IJUInLl1111nl ddliWlYluAl01eIJ1'!IiW"J'A I'MIMILWd' IYIL WIIYa�
YIIYl I t LItlWWIIWLI, IJYd1111�d1I�, ildlidlulllllid ,WdWiel.11.IUii��li YJJ i, IJillillliil�Llil�I�IJ�IIIIIJ�IIII Idl11i1L4IIJ11Y.11JIJJ�II d YI�I, Ie1l ILIIIJiI, �If:IdJIY,III�.I�il 1 1111 Ili iII,IWlllspld.11 IIIdIJiYIiId IJ1, 11111 {I IIi1W1'JI,IJdId L�dill� LIIJIl11WIIIlIIIU I.II Ii le I
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 1994 and 1993
totaled $61,842 and $53,263, 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.
17
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
JILdIeIIII,IIY VJi'Wd1WLL 11'J,I,II.I 4', +' Wd 1 u:ll' 1 + \YI W',+l+,u W.ld'Wi +, u'JV YUfdildlYUl blul W,.11l luld{IW IJIJIWY'flllWl l'J'11 JW eLIJWWLL ".J.1 V1+ Itlll II111WldlAd lIJII II.IL,11'.IIJII IIIIYY,I+.IIIYd diWdJ ll.l ullllLLllYJ +I11 6Y 11+6+11,1 lu':lJU I...I JIe++Y111+J 'JWd11+WW IWYIIWW W':YIYIIWI,
Revenue from special assessments is recognized by the City when it becomes measurable and available
to finance expenditures of the current fiscal period. In practice, current and delinquent special
assessments received by the City are recognized as revenue for the current year. Special assessments are
collected by the County and remitted by December 31 (remitted to the City the following January) and
are also recognized as revenue for the current year. All remaining delinquent, deferred and special
deferred assessments receivable in governmental funds are completely offset by deferred revenues.
Once a special assessment roll is adopted, the amount attributed to each parcel is a lien upon that
property until full payment is made or the amount is determined to be excessive by the City Council or
court action. If special assessments are allowed to go delinquent, the property is subject to tax forfeit
sale and the first proceeds of that sale (after costs, penalties and expenses of sale) are remitted to the
City in payment of delinquent special assessments- Generally, the City will collect the full amount of
its special assessments not adjusted by City Council or court action. Pursuant to State Statutes, a
property shall be subject to a tax forfeit sale after three years unless it is homesteaded, agricultural or
seasonal recreational land in which event the property is subject to such sale after five years.
K. INVENTORIES
The original cost of materials and supplies has been recorded as expenditures at the time of purchase of
the Governmental Funds (purchases method).
L FIXED ASSETS
GENERAL FIXED ASSETS
General fixed assets are recorded as expenditures of the Governmental Funds at the time of purchase.
Such assets are capitalized at historical cost or estimated historical cost in the General Fixed Asset
Account Group. Public Domain ( "infrastructure ") general fixed assets consisting of roads, bridges,
curbs, gutters, streets, sidewalks, drainage systems and lighting systems are excluded from general fixed
assets as these assets are immovable and of value only to the City. Gifts or contributions are recorded
in general fixed assets at fair market value at the time received. No depreciation has been provided on
general fixed assets.
PROPRIETARY FUNDS
Fixed assets of the Proprietary Funds are stated at historical cost, estimated historical cost, or in the
case of contributions, at fair market value at the time received. Depreciation has been provided using
the straight -line method over the estimated useful lives of assets, as follows:
Buildings and structures 50 years
Equipment and machinery 3 -20 years
Distribution and collection systems 50 years
Fixed assets of the water and sewer utility operations include the water distribution system and sewage
collection system. These systems have been wholly (or substantially) financed by non - operating funds
(special assessments, general taxes, federal and state grants, and other sources) and contributed to the
sewer and water operating funds. City policy is to finance these assets by the sources indicated rather
than by user charges. Accordingly, the water and sewer user rates are not established at levels sufficient
to cover depreciation on these assets.
Depreciation on these assets is shown in the operating statements; however, the depreciation is
eventually transferred against the contribution account rather than retained earnings in accordance with
generally accepted accounting principles. Consequently, the contribution account reflects the net book
value of contributed assets rather than the original cost of such assets.
18
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
ro :e � uulwuenI!I uwwJwwu uluY ¢diownludummla;umwwPOmuuwwa
uwdouw4 ,;dn;umououwdwa�.uewo����e� �,e� dca u. r���: ue�auw u wo�ad�w uu�ww
;m��a:;u:�n�aae e; moor ,n.:u + u ,u uooe urr�wna �an :�a�a mmu:uo:�,�dm��ummuew,u��anr�, "; doe, auuntld, uwmuuw;; muywi auwora��ow��uu ;;urwuwi��uuv�,uma iwwm�,: umuu�euawd,; warwue�� :r�;�,wu ,n�uo�uaw�a�mworeu�ai ��u m; � ; �
M. COMPENSATED ABSENCES
It is the City's policy to permit employees to accumulate earned but unused vacation and sick pay
benefits. No liability is recorded for unpaid accumulated sick leave, except that portion that is payable
as severance. 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.
N. LONGTERM 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 - external transactions are accounted for as revenues, expenditures or expenses. Transactions that
constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly
applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as
reductions of expenditures /expenses in the fund that is reimbursed.
All other interfund transactions, except quasi - external transactions and reimbursements, are reported as
transfers. Nonrecurring or nonroutine permanent transfers of equity are reported as residual equity
transfers. All other interfund transfers are reported as operating transfers.
Q. MEMORANDUM ONLY - TOTAL COLUMNS
Total columns on the General Purpose Financial Statements are captioned "Memorandum Only" to
indicate that they are presented only to facilitate financial analysis. Data in these columns do not
present financial position, results of operations or changes in 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.
R . COMPARATIVE DATA
Comparative total data for the prior year have been presented in selected sections of the accompanying
financial statements in order to provide an understanding of the changes in the City's financial position
and operations. Also, certain amounts presented in prior year data have been reclassified in order to be
consistent with the current year's presentation.
19
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
WLIk1kIl WUI I i I N " I I,I,, I I LWI: 11 II III Jll 11,111 k1fl 11 li, III Ill 'ka,IN11d11 114 4 I 111,111J II 1,J, 11, 11111111 41i 11ICUI1 A 91 U III I 1'III IIJ I !,11, ,,111 a, I Illl 43, 1.41111 1 L, kill,111W 1WLlllllll'ILI 1111WII bkYIIIIIIINI11All41 IIiiIIIII i. kill III ILIII Ill Il Alk 11 L1Ii•WI1111111I'WIW"II Will Ul4d11'WLWWUWI 'I"I'll I'll III
Note 2 DEPOSITS AND INVESTMENTS
DEPOSITS
In accordance with Minnesota Statutes, the City maintains deposits at those depository banks authorized by
the City Council, all of which are members of the Federal Reserve System.
Minnesota Statutes require that all City deposits be protected by insurance, surety bond, or collateral. The
market value of collateral pledged must equal 110% of the deposits not covered by insurance or bonds
(140% in the case of mortgage notes pledged).
Authorized collateral includes the legal investments described below, as well as certain first mortgage notes,
and certain other state or local government obligations. Minnesota Statutes require that securities pledged
as collateral be held in safekeeping by the City Treasurer or in a financial institution other than that
furnishing the collateral.
At year end, the carrying amount of the City's deposits was $3,033,504 and the bank balance was
$3,080,435, 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.
f) Repurchase or reverse repurchase agreements with banks that are members of the Federal Reserve
System with capitalization exceeding $10,000,000; a primary reporting dealer in U.S. government
securities to the Federal Reserve Bank of New York; certain Minnesota securities broker - dealers; or, a
bank qualified as a depositor.
Balances at December 31, 1993 were:
Carrying Market
Amount Value
Investments:
Investment pools $1,084,512 $1,032,707
Assets held with deferred
compensation plan administrator $96,668 $96,668
At December 31, 1994, the City held no investments subject to credit risk classification.
20
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
, uwJ! a. u; nuWhuueuYru, Y; usw, wo' JUwLUU;,; w, J✓. uuuwulm'+ uulnYlW .J,w,nnwwuuuuWJ'!:wlewlY
WJwJJIJWwi11W' uJIi. N1WIJLWIIJJ;.. W. i, JAwllllwdi! IJIL! ulllLJ, 4111JIU1W, wIU1J1; J; J01JUJLLi41JY! lllidiwlwuunuaNLLUu, WIIIIJWULUU. 41Ye11Yw11111' 1IJL111 LIIlllu! wWJdJL 'VhI1J!1d41JlJW6VIIL;IIUJ: WItlA! 111J1' uJ'. WWIlllltl! IiIYUIIOWIn u' IIIItlI! LIIY: W. IJJ !JIYL11i1WJ1elYlYllmlYfalWtllYl Illll VI
Ngte 3 FIXED ASSETS
• summary of changes in general fixed assets is as follows:
Balance Balance
1/1/94 Additions Deletions 12/31/94
Land $134,231 $ - $ - $134,231
Land improvements 309,333 - - 309,333
Buildings and structures 766,994 11,792 - 778,786
Machinery and equipment 207,119 22,875 14,701 215,293
Furniture and fixtures 136,583 25,074 684 160,973
Totals $1,554,260 $59,741 $15,385 $1,598,616
• summary of Enterprise Fund fixed assets at December 31, 1994 is as follows:
Enterprise
Land $60,000
Buildings and structures 1,254,445
Machinery and equipment 102,589
Distribution and collection systems a 3,888,442
Total 5,305,476
Less: accumulated depreciation (1,135,583)
Net fixed assets $4,169,893
Note 4 LONG -TERM DEIST
The following is a schedule of changes in City indebtedness for the year ended December 31, 1994:
Balance Balance
1/1/94 Additions Deletions 12/31/94
General Long -Term Debt Account Group:
Bonded debt:
General obligation $2,475,000 $ - $70,000 $2,405,000
Special assessment bonds 125,000 - 125,000 -
Compensated absences 44,449 _ 27,363 - 71,812
Total general long -term debt 2,644,449 27,363 195,000 2,476,812
Enterprise Fund:
Revenue bonds 20,000 - 20,000 -
Totals $2,664,449 $27,363 $215,000 $2,476,812
All long -term bonded indebtedness outstanding at December 31, 1994 is backed by the full faith and credit of the
City.
21
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
II 'i 1 JLII. Iei 'V UIYi I'0 tlI,YI, II'i'I' a 'ail
IWI, WW' IelJ uVWJJUIJIUWw, IId II II Ill WJIV' JIII 'JiIWONWdWYIW J' u1L111iYlYJJVYtlLludlll '111IIli;le'e11WU WWdY111; Y; NYJW11111111 'YIIWII'1114YIIWUIIW IWW4u 1J IIW1Y11 Mlsl 111 II1i1 LIJIWOYWWl11 i111Y1114WI1WY,11iuI IW4y WIY
The annual requirement to amortize all debt outstanding at December 31, 1994 including interest payments of
$501,213 is as follows:
General
Long -Term
Debt
Year General
Ending Obligation
December 31, Bonds
1995 $1,290,191
1996 147,242
1997 153,830
1998 154,810
1999 160,390
2000 -2046 999,750
Total $2,906,213
It is not practicable to determine the specific year for payment of long -teen accrued compensated absences.
Long -term debt at December 31, 1994 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 $1,145,000
G.O. Refunding Bonds of 1992 9/01/92 12/01/00 5.48 150,000 120,000
G.O. Crossover Refunding Bonds of 1993 4/01/93 12/01/06 4.71 1,140,040 1,140,000
Compensated absences 71,812
Total general long -term debt $2,476,812
* Scheduled for prepayment in full on December 1, 1995.
22
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
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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, 1994, $220,000 of bonds outstanding are considered defeased as
follows:
Issue Amount
$900,000 General Obligation Water and Sanitary
Sewer Improvements Bonds of 1967 $120,000
$500,000 General Obligation Water and Sanitary
Sewer Improvement Bonds of 1968 100,000
$220,000
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.
23
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
LLI1YUL 11'iIWIJ{'J IWULL4dL61WLdLLl dlL JI duJ 1, 1' 1 IuWJ . Y. {lu Yw VIIWI dYW'YLUJW IYYi11Y a'WU1,LLL4ll{,WW{WY,IW'd lldllllWl{ JI11' tll'JILIYIILW'W11111JlW1'i11{{! II'.11111{ l W,IJL11LL dJl Wd,YI'u1dIW YiW1u WW1lYtltll IIJLIWiI1JIJId1111W LII'II IJ YL l'1 Ytl1111 tl IYI lel'Ytld WU NLYJd dLL11Y'Jldl t' LYY11' IILYW4' WILdJdtllWll 'dWUY'YiYY1YdYG'WLLIdIYWI'IL
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 Q 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
24
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
wlWdu I m IW U L0. Y I"! klllW""I III wdw,IIIIWWllddPw WW eO, u, YbpdYWpY11Y111LY1WiWVIIWdOY, tlbti401tWEJ11{ YUWWIxIWI111Jdiw1lL' 11wY4YIVIJIlIYwW' n, WYIIBWwl, YliwdwYUll 'WILJtl41w!IdI,VtlWWw,WI4Y IJ,11WWwtldCIWY.if JIIIWIII ddWiwWml uOwIY ILLIwI Ja; I, 1hLILLwilIN1 L, IIY4eWILwihIYLLIWWYtlYLL 'IYWY'fAlldd JIYLAAYIUH,
Note 5 LEGAL DEIST 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 1994 and 1993 is computed as follows:
December 31,
1994 1993
Market value $205,301,600 $200,082,500
Debt limit percentage 2.00% 2.00%
Debt limit 4,106,032 4,001,650
Amount of debt applicable to debt limit:
Total bonded debt 2,405,000 2,620,000
Less:
Non applicable debt:
Special assessment bonds - (125,000)
Revenue bonds (2,285,000) (2,340,000)
Cash and investments in
corresponding Debt Service Funds (10,277) (12,792)
Total amount of debt applicable to debt limit 109,723 142,208
Legal debt margin $3,996,309 $3,859,442
Note 6 PENSION PLAN
PUBLIC EMPLOYEES RETIREMENT ASSOCIATION (pERAI
Plan Description
All full -time and certain part-time employees of the City of Oak Park Heights are covered by defined
benefit pension plans administered by the Public Employees Retirement Association of Minnesota
(PERA). PERA administers the Public Employees Retirement Fund (PERF) and the Public
Employees Police and Fire Fund ( PEPFF) which are cost - sharing multiple - employer retirement plans.
PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated members are
covered by Social Security and Basic members are not. All new members must participate in the
Coordinated Plan. All police officers, fire fighters and peace officers who qualify for membership by
statute are covered by the PEPFF. The payroll for employees covered by PERF and PEPFF for the
year ended December 31, 1994, was $311,156 and $368,183, respectively; the City's total payroll was
$705,662.
25
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
IN IWJI,W: mIWWWW J
WWIIlI1W �IJW "4Yd0W1YYLIUJI�.JJW dIJ IILVIIW4LIWIlIWI L I WIIJJ I J J,II I IwI.W11�W WWII LL, WI a P III I6YJIW :cl,i WSlll' +t14'Ji11W I IWJ IIIW1111WU J',W j YIIWIIdli d1,114'1!111L111111116J JJ IdNik, YIUW l6 YY111a'1JUlIYY IIIBIWWiWY111JIIL1JItlW11VlwLlWlWli.
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
2.65 percent for each year of service. For PERF members whose annuity is calculated using Method 1,
and for all PEPFF members, a full annuity is available when age plus years of service equal 90.
There are different types of annuities available to members upon retirement. A normal annuity is a
lifetime annuity that ceases upon the death of the retiree. No survivor annuity is payable. There are
also various types of joint and survivor annuity options available which will reduce the monthly
normal annuity amount, because the annuity is payable over joint lives. Members may also leave their
contributions in the fund upon termination of public service, in order to qualify for a deferred annuity at
retirement age. Refunds of contributions are available at any time to members who leave public
service, but before retirement benefits begin.
Contributions Required and Contributions Made
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. The City
makes annual contributions to the pension plans equal to the amount required by State Statutes.
According to Minnesota Statutes Chapter 356.215, Subd. 4(g), the date of full funding required for the
PERF and the PEPFF is the year 2020. As part of the annual actuarial valuation, PERA's actuary
determines the sufficiency of the statutory contribution rates towards meeting the required full funding
deadline. The actuary compares the actual contribution rate to a "required" contribution rate. Current
combined statutory contribution rates and actuarially required contribution rates for the plans are as
follows:
Statutory Rates: Required
Employees Employer Rates*
PERF (Basic and
Coordinated Plans) 4.30% 4.60% 9.58%
PEPFF 7.90% 11.70% 17.45%
*The recommended rates scheduled above represent the required rates for
fiscal year 1994 contributions as reported in the July 1, 1993, actuarial
valuation reports.
26
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
:Auuu 1111.11WIWYWU'uW YlxI111uW,IddYu YWLLw:wIWWdLIU1WL1101LLlIWW Wo6411WIIWI I:,wu4,W1141iiw1leliYli WIWiiIWYJ YdYJiIW; IUYJeIYJw, aYYWwuudu :uumlYW,e,ie�,V�uu6�an�m�u YIWI�.IWdth ltl�. iauoeNiu ,YUd6wu,mJWIJ�YwYIUJIWLIU �Vaiadleu Wt+ W�vlb !i1�ueW:�u!�mm:dLUruedi!,r�'u iuVttemmlu6LLwJw,, 6, hl�u9iYWU1u: YWw�u tutwYwil'wYluuu�:,uleu!eieuui
Total contributions made by the City during the fiscal year ended December 31, 1994 were:
Percentage of
Amount _ Covered Payroll
Employees Employer Employees Employer
PERF $13,162 $13,939 4.23% 4.48
PEPFF 27,985 41,979 7.60% 11.40%
Totals $41,147 $55,918
The City's contribution for the year ended June 30, 1994 to the PERF represented .011 percent of total
contributions required of all participating entities. For the PEPFF, contributions for the year ended
June 30, 1994, represented .127 percent of total contributions required of all participating entities.
Funding Status and Progress
Pension Benefit Obligation
The "pension benefit obligation" is a standardized disclosure measure of the present value of pension
benefits, adjusted for the effects of projected salary increases and step - rate benefits, estimated to be
payable in the future as a result of employee service to date. The measure, which is the actuarial
present value of credited projected benefits, is intended to help users assess PERA's funding status on a
going - concern basis, assess progress made in accumulating sufficient assets to pay benefits when due,
and make comparisons among Public Employees Retirement Systems and among employers. PERA
does not make separate measurements of assets and pension benefit obligation for individual employers.
The pension benefit obligations as of June 30, 1994, are shown below:
PERF PEPFF
(In thousands)
Total pension
benefit obligation $5,625,598 $1,020,950
Net assets available
for benefits, at cost
(Market Values for
PERF = $4,762,519;
PEPFF = $1,237,484) 4,733,845 1,229,769
Unfunded (assets in
excess of) pension
benefit obligation $891,753 ($208,819)
The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30,
1994. Net assets available to pay pension benefits were valued as of June 30, 1994.
For the PERF, significant actuarial assumptions used in the calculation of the pension benefit
obligation include (a) a rate of return on the investment of present and future assets of 8.5% per year,
compounded annually, prior to retirement, and 5% per year, compounded annually, following
retirement; (b) projected salary increases taken from a select and ultimate table; (c) payroll growth at
6% per year, consisting of 5% for inflation and I% due to growth in group size; (d) post- retirement
benefit increases that are accounted for by the 5% rate of return assumption following retirement; and
(e) mortality rates based on the 1983 Group Annuity Mortality Table set forward one year for retired
members and set back five years for each active member.
27
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
IWll144W14411 IYIIIJ11,414141111Y, 1 1 u 1 J 4 i , 1 1 , I I 1 1 1 0 4 1 4 1 ' , 1 ! III I I,' YLW 1WV4lillillI1IL41141141 , JI aL111wuY 1,1111111 , 41IJW i - 111 11 ljLL1111i I I l u W1,J41a,111WLWIWU1111U IIIIWi Willi, I l 1 4 1 ' k1j"J14 & i l l i l I, I Wk IWW I".J'0' Y 11111 ,41L.Y 141414 Lill 411L, 111111414hi,ill 114i'll W', lu'4iW.
Actuarial assumptions used in the calculation of the PEPFF include (a) a rate of return on the
investment of present and future assets of 8.5% per year, compounded annually, prior to retirement, and
5% per year, compounded annually, following retirement; (b) projected salary increases of 6.5% per
year, compounded annually, attributable to the effects of inflation; (c) post - retirement increases that are
accounted for by the 5% rate of return assumption following retirement; and (d) mortality rates based on
the 1971 Group Annuity Mortality Table projected to 1984 for males and females.
Changes in Plan Provisions
The 1994 legislative session did not include any benefit improvements which would impact funding
costs for the PERF and the PEPFF.
Changes in Actuarial Assumptions
Prior to fiscal year 1994, the salary increase assumption and the mortality tables used in the calculation
of pension benefit obligation for the PERF were the same as those specified for the PEPFF. For the
July 1, 1994 actuarial valuation, PERA's board of trustees approved new mortality rates updated to the
1983 Group Annuity Mortality Table, salary increases which were changed to a select and ultimate
table and a new payroll growth assumption which was changed from 6.5% to 6 %. These changes were
made to reflect actual experience of the plan.
With the adoption of the actuarial assumption changes and the new mortality tables for the PERF, the
pension benefit obligation increased $56,596,000. The actuarial assumption changes also necessitated
a $81,201,000 transfer from the PERF Benefit Reserve to the PERF Minnesota Post Retirement
Investment Fund (MPRIF) Reserve to finance the increased obligation for future retirement benefits.
The change in the mortality rate assumption increased the PERF's costs because pensioners are living
longer than assumed previously. The change in the salary increase assumption, however, offset some
of the additional costs because lower salary increases generally translate into lower benefit liabilities in
the future.
Potential changes in the assumptions used for the PEPFF may be made in the future after completion
of a special experience study for that fund. Completion of the PEPFF experience study is expected by
February 1, 1995.
Ten -Year Historical Trend Information
Ten -year historical trend information is presented in PERA's Comprehensive Annual Financial Report
for the year ended June 30, 1994. This information is useful in assessing the pension plan's
accumulation of sufficient assets to pay pension benefits as they become due.
Related Partv Investments
As of June 30, 1994, and for the fiscal year then ended, PERA held no securities issued by the City or
other related parties.
Note 7 METROPOLITAN COUNCIL WASTEWATER SERVICES
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. When the MWCC was formed, existing interceptor sewer lines and
treatment facilities were transferred from the cities to the Metropolitan Council Wastewater Services in exchange
for future credits. The MWCC merged with the Metropolitan Council during 1994 to form Metropolitan
Council Wastewater Services (MCWS).
The MCWS 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
28 from estimated to actual billings).
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
" J IWJ L& IM MAWIIIJIW" uId4LM: 11YIIluYI11; VYlilYJ4d01!LO1W111Y,ulY;LLYWWIi I1YYYWl 'u1J14'JJNIII;'ulllll!IIVUVWJllI IIWiWYYIWWIUVIY11YIdI11iYYYl' Y; IIIY1YIiWIYdWWV 'WYYW "W'YLLIti'JUwJJUULLI
iYLLWII!II:III;dI1:Y'JYJIIY IIIIYIJJ41!JdY.1VI;.1'dYILWIU' 411'JLIdMILIi WIuYIJLYIYLIIw11L! IiW,iIU. IV4Yi III dW�111J; IWiJIN�llll,i I'll LLIJJYJIIYIJdlJ119' uW�IYIII' uI'. iYIJ; JI�idVI, IWLIiWY .YdiJY1W'J11'uWIWIdA�W7V WL1tl Y
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, 1994 and 1993 were as follows:
December 31,
1994 1993
Current value credits $234 $273
Debt service credits 36,260 48,813
Deferred charges 443 1,049
Total $36,937 $50,135
R 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 $2,080,793 $186,966 ($37,951) $2,229,808
Sewer 1,511,181 244,335 (51,747) ® 1,703,769
Total @$3,591,974 _ ® $431,301 ($89,698) $3,933,577
Note 9 DEFERRED COMPENSATION
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 $96,668 of funds recorded at market value and
primarily held by insurance companies in various investment pools for future payment of plan benefits.
29
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
lullelau';iuII ,,i "i'": .,, II WJI! r L. 'WltWlJ J.WI a wslll ut VUl.I' i plul! „uilJUJlulJUl L'llIl6 JJ JIIdIUWUJWYWU IY IJdl16, •1l lldleYVl ,IUJL ILLS +IW,LIJII L'i', I'W WI LL'. JVIUdWl u'iJ „ILJI IWIAPluLL11 "WWJ6 LI'YtVl.u.rllWell lJ.Ju11JLIWYI4t'✓IIiYW11WW
Note 10 SEGMENT INFORMATION
The City maintains one Enterprise Fund which provides water and sanitary sewer services. Segment
information for the year ended December 31, 1994 is as follows:
Water Sewer
Operating Operating Total
Operating revenue $173,324 $290,271 $463,595
Depreciation expense 58,963 40,119 99,082
Operating income 18,451 30,730 49,181
Current capital contributions 186,966 244,335 431,301
Property, plant and equipment additions 191,529 245,773 437,302
Property, plant and equipment deletions 2,219 2,219 4,438
Operating transfers out 664,077
Net income (loss) (590,956)
Net working capital 566,182
Total assets 4,755,508
Total equity 4,736,075
Note 1 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, 1994.
Taxes
Payable
in 1994
Current net tax capacity $385,273
Original net tax capacity (as adjusted) (205,703)
Retained captured net tax capacity $179,570
Note 12 &PECIAL 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 1995 to 2000. The original scheduled levies totaled $198,000.
30
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
lul, mW" a r 1 ILIwLW Id d'ar Yu I to IIJlusw'l a L. uu IYLlidlllldwl IduliL:ulu1l:WWwu I tl' Y,r I Y loom WuL ltw,uluwuuV', l ,iJJILI:d',ILLWWId lllu:u':Iid,u,t11JWY11 I ItllVUl' di6IWwd1 wY'Y 1I l ,Ywi:Y,dilm,l4u 44,ewwu.J'wi1441.1YWY dr4l lvuJUlJtll WWuuY ul. Iw! dul, uVtl11JtINiVW 4YI: WwJYlkt' ulYldmult ,ulsil'oE'uIWWWU14411wYUt Y1u Lwlluuewnuull:uVl
,JiQ1t 13 DF.F[C11 FUND BALANCES /RETAINED EARNINGS
The following fund had a fund deficit at December 31, 1994:
Capital project funds:
58th Street Improvement Phase II $16,381
Note 14 CONTING .N .I ,S
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 1 �F.FF.RRF.n An VAi3ORFM TAX LEVIES - BONDED DEBT
General Obligation bond issues sold by the City are financed by ad valorem tax levies in addition to special
assessments levied against the benefiting properties. When a bond issue to be financed partially or completely
by ad valorem tax levies is sold, specific annual amounts of such tax levies are stated in the bond resolution and
the County Auditor is notified and instructed to levy these taxes over the appropriate years. The future tax
levies are subject to cancellation when and if the City has provided alternative sources of financing. The City
Council is required to levy any additional taxes found necessary for full payment of principal and interest. These
future scheduled tax levies are not shown as assets in the accompanying financial statements. Future scheduled
tax levies for all bonds outstanding at December 31, 1994 totaled $150,000.
31
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
duauLduw; wuwu;;.;d , ;, uuaa,; ;,, ,a imam uuw w mw¢ u, nwiaaw. o,wai,;i;u,o;mwu,,w,;u;wwawn;n wurv. am;✓ W,; uuurmuiludaad ;muuouu;u,auw,imnw,awuud'iuwuu wadwuuuua,awmu,umiawanu wuuwiwuwmwauuuaausemw ;wa¢uawudaunu uuamoumaw; wuu wua,urmaw
Note 16 DESIGNATIONS AND RESERVATIONS OF FUND EOTJITY
At December 31, 1994 and 1993 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,
1994 and 1993 are shown on the various balance sheets as segregations of the fund equity. A summary of such
designations is as follows:
December 31,
1994 1993
General Fund:
Designated for cash flow $703,000 $660,000
Designated for contingent employee benefits 158,744 129,000
Designated for general contingency 280,000 267,000
Designated for consolidation study 5,559 8,340
Designated for capital improvements 42,379 27,982
Designated for ensuing year's budget deficit 5,000 -
Special Revenue Fund:
Designated for special revenue program 9,111 7,611
Debt Service Funds:
Reserved for debt service 1,334,697 1,481,100
Capital Project Funds:
Designated for capital improvements 2,502,905 1,852,057
Enterprise Fund:
Reserved for debt service reserve 661,765 661,765
Totals $5,703,160 $5,094,855
bJDJg_L7 COM MITMENTS
Construction commitments at December 31, 1994 were composed of the following:
Expended Remaining
Contract as of Contract
Description Authorized 12/31/94 Commitment
Brekke Park ADA Improvements $23,671 $23,400 $271
Note 18 MA TOR TAXPAYER
The City has one major taxpayer, Northern States Power, the total tax capacity value for this taxpayer
represented approximately 57% of the City's total tax capacity value for taxes payable in 1994.
32
COMBINING,
INDIVIDUAL FUND
AND ACCOUNT GROUP
FINANCIAL STATEMENTS
33
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34
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND Statement 6
BALANCE SHEET
December 31, 1994
With Comparative Amounts for December 31, 1993
December 31,
Assets 1994 1993
Cash and investments $901,811 $1,117,355
Accounts receivable 27,986 33,258
Accounts receivable - certified 2,542 979
Due from other governmental units 12,328 13,309
Taxes receivable:
Delinquent 20,564 16,740
Due from County 314,008 22,131
Total assets $1,279,239 $1,203,772
Liabilities and Fund Balance
Liabilities:
Accounts payable $53,199 $74,842
Salaries payable 3,437 2,698
Due to other governmental units 4,204 2,610
Deferred revenue 20,564 16,740
Total liabilities 81,404 96,890
Fund Balance:
Unreserved:
Designated for cash flow 703,000 660,000
Designated for contingent employee benefit 158,744 129,000
Designated for general contingency 280,000 267,000
Designated for consolidation study 5,559 8,340
Designated for capital improvements 42,379 27,982
Designated for ensuing year's budget deficit 5,000 -
Undesignated 3,153 14,560
Total fund balance 1,197,835 1,106,882
Total liabilities and fund balance $1,279,239 $1,203,772
35
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, 1994
With Comparative Actual Amounts for the Year Ended December 31, 1993
ILWlll1l, umldlddl Jw: lll"I, Vllll I, ll lle ,aYl IJUU!L4WJV4'oJiW4LL , lu14WJlllld, YlN'IL: YY ;AhAlllwl I A''I'Wd I11VllW411 loll YwlV IU1WdY1NeIlY1W111YLLIIWYWIII! WIYIIII IIYYtlY' WIdWWYIUIWIIIIIddlWliluWlddhlY4Lim1! JtlludliiLtlw164YW11W' W! uYU1WeYIWllu111! IleiWlIIJ1IWdlWWJfWtlIdNtlVie'! IIWWd' tlWWIWbIdtiNiluYlWVpehIIWVIJwIU !dVVIdYi
1994
Over (Under) 1993
Budget Actual Budget Actual
Revenue:
General property taxes:
Current and delinquent $1,244,884 $1,232,906 ($11,978) $1,241,127
Payment in lieu of taxes - 7,696 7,696 6,301
Lost TIF - 14,397 14,397 15,037
Total general property taxes 1,244,884 1,254,999 10,115 1,262,465
Intergovernmental:
Federal:
SBA grant - - - 4,413
State:
HACA 75,246 75,245 (1) 54,358
Police aid 32,500 43,523 11,023 33,516
County:
Recycling grant 13,800 15,870 2,070 14,490
Gravel tax allocation 450 209 (241) 691
Other - miscellaneous 1,300 1,512 212 1,522
Total intergovernmental 123,296 136,359 13,063 108,990
Licenses and permits 56,300 60,914 4,614 62,898
Charges for services:
General government 2,000 2,681 681 1,579
Refuse collection 116,615 108,310 (8,305) 103,039
Inspections - City of Bayport 33,500 34,402 902 20,800
Administrative - Enterprise Fund 94,250 94,250 - 80,000
Other services - - - 2,897
Total charges for services 246,365 239,643 (6,722) 208,315
Fines and forfeits 40,600 55,111 14,511 44,189
Interest on investments 25,000 34,473 9,473 25,180
Refunds and reimbursements 17,850 31,273 13,423 26,276
Donations and contributions 500 500 - 1,500
Sale of property - 4,366 4,366 2,632
Total revenue 1,754,795 1,817,638 62,843 1,742,445
Expenditures:
General government:
Mayor and council:
Current:
Personal services 26,570 24,069 (2,501) 27,337
Contractual services 7,820 5,630 (2,190) 7,011
Total mayor and council 34,390 29,699 (4,691) 34,348
36
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, 1994
With Comparative Actual Amounts for the Year Ended Decem 31, 1993
1994
Over (Under) 1993
Budget Actual Budget Actual
Expenditures: (continued)
General government: (continued)
Elections:
Current:
Personal services $3,015 $3,503 $488 $ -
Materials and supplies 870 141 (729) -
Total elections 3,885 3,644 (241) 0
City administrator:
Current:
Personal services 157,440 151,142 (6,298) 143,276
Materials and supplies 2,540 2,662 122 2,420
Contractual services 5,700 5,626 (74) 5,018
Total current 165,680 159,430 (6,250) 150,714
Capital outlay 6,900 6,007 (893) 4,632
Total administrator 172,580 165,437 (7,143) 155,346
Planning and zoning:
Current:
Personal services 13,000 12,572 (428) 7,211
Municipal Building:
Current:
Materials and supplies 5,100 4,238 (862) 4,729
Contractual services 15,000 12,798 (2,202) 12,850
Total current 20,100 17,036 (3,064) 17,579
Capital outlay 4,650 4,168 (482) 1,394
Total municipal building 24,750 21,204 (3,546) 18,973
Assessor:
Current:
Personal services 11,000 11,005 5 10,173
Engineering:
Current:
Contractual services 8,000 4,300 (3,700) 7,738
General management:
Current:
Personal services 28,005 26,489 (1,516) 40,523
Materials and supplies 4,230 4,959 729 3,360
Contractual services 109,060 101,222 (7,838) 92,638
Total general management 141,295 132,670 (8,625) 136,521
Total general government 408,900 380,531 (28,369) 370,310
37
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, 1994
With Comparative Actual Amounts for the Year Ended December 31, 1993
YtlYU
Ill, ,I WI ,'allil, lkI l 111111, 1111110IIAll Ill II II I I l Y,IIII III ,IJI411141"IW 1 I "III I !',I,i'i III, JW'I!dIW11iIlYlllllll l YIJJ A& OU'll"Jill IIIII1,101 IYII 115L III LII II did 14Yl III l Ill III I Ill lhill All INI III IAIY MIVLIIIIIJIIIII !IIIIi1It Adl 1IJItl
1994
Over (Under) 1993
Budget Actual Budget Actual
Expenditures: (continued)
Public safety:
Police department:
Current:
Personal services $541,240 $533,196 ($8,044) $502,733
Materials and supplies 23,550 22,934 (616) 23,865
Contractual services 23,550 22,274 (1,276) 20,617
Total current 588,340 578,404 (9,936) 547,215
Capital outlay 21,800 20,386 (1,414) 9,108
Total police department 610,140 598,790 (11,350) 556,323
Building inspections
Current:
Personal services 58,795 53,529 (5,266) 67,884
Contractual services 4,500 1,774 (2,726) 2,244
Materials and supplies 1,425 1,267 (158) 1,491
Total current 64,720 56,570 (8,150) 71,619
Capital outlay 5,000 4,083 (917) 331
Total building inspections 69,720 60,653 (9,067) 71,950
Fire protection:
Current:
Contractual services 48,000 46,081 (1,919) 30,809
Animal control:
Current:
Materials and supplies 150 61 (89) 63
Contractual services 3,000 947 (2,053) 2,161
Total animal control 3,150 1,008 (2,142) 2,224
Total public safety 731,010 706,532 (24,478) 661,306
Streets and highways:
Streets and alleys:
Current:
Materials and supplies 2,600 448 (2,152) 854
Contractual services 24,415 23,733 (682) 22,710
Total streets and alleys 27,015 24,181 (2,834) 23,564
Snow and ice removal:
Current:
Contractual services 32,000 33,744 1,744 27,947
Street lighting:
Current:
Contractual services 42,200 40,130 (2,070) 41,196
38
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, 1994
With Comparative Actual Amounts
p for the Year Ended December 31, 1
1994
Over (Under) 1993
Budget Actual Budget Actual
Expenditures: (continued)
Streets and highways: (continued)
Arborist:
Current:
Personal services $1,950 $1,950 $ - $1,650
Materials and supplies 50 54 4 8
Total arborist 2,000 2,004 4 1,658
Total streets and highways 103,215 100,059 (3,156) 94,365
Sanitation:
Refuse collection and disposal:
Current:
Contractual services 332,400 326,926 (5,474) 297,452
Total refuse collection and disposal 332,400 326,926 (5,4741 297,452
Tree removal and planting:
Current:
Contractual services 15,000 11,572 (3,428) 14,971
Total sanitation 347,400 338,498 (8,902) 312,423
Recreation:
Parks, playgrounds and rinks:
Current:
Personal services 166,840 154,828 (12,012) 148,720
Materials and supplies 4,600 4,223 (377) 4,533
Contractual services 6,450 5,634 (816) 7,004
Total current 177,890 164,685 (13,205) 160,257
Capital outlay 1,380 1,380 - 324
Total recreation 179,270 166,065 (13,205) 160,581
Total expenditures 1,769,795 1,691,685 (78,110) 1,598,985
Revenue over (under) expenditures (15,000) 125,953 140,953 143,460
Other financing sources (uses):
Operating transfers from Capital Project Fund 15,000 15,000 - -
Operating transfers to Capital Project Fund - (50,000) (50,000) (50,000)
Total other financing sources (uses) 15,000 (35,000) (50,000) (50,000)
Net increase in fund balance $0 90,953 $90,953 93,460
Fund balance - January 1 1,106,882 1,013,422
Fund balance - December 31 $1,197,835 $1,106,882
39
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL REVENUE FUND Statement 8
FORFEITURE AND SEIZURE FUND
BALANCE SHEET
December 31, 1994
With Comparative Amounts For December 31, 1993
Assets 1994 1993
Cash and investments $9,111 $7,853
Total assets $9,111 $7,853
Liabilities and Fund Balance
Liabilities:
Accounts payable $ - $242
Total liabilities 0 242
Fund balance:
Unreserved:
Designated for special revenue programs 9,111 7,611
Total fund balance 9,111 7,611
Total liabilities and fund balance $9,111 $7,853
40
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, 1994
With Comparative A For The Year Ended December 31, 1993
1994 1993
Revenue:
Interest on investments $310 $320
Confiscated property - City share 4,000 7,274
Total revenue 4,310 7,594
Expenditures:
Public safety:
Current:
Contractual services 1,865 3,283
Capital outlay 945 1,827
Total expenditures 2,810 5,110
Revenue over expenditures 1,500 2,484
Fund balance - January 1 7,611 5,127
Fund balance - December 31 $9,111 $7,611
41
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE FUNDS Statement 10
COMBINING BALANCE SHEET
December 31, 1994
With Comparative Totals For December 31, 1993
G.O.
Revenue
Bonds of 1991/
Crossover
G.O. Refunding Refunding
Bonds of 1992 Bonds Totals
(Storm Sewer) of 1993 1994 1993
Assets
Cash and investments $10,277 $221,277 $231,554 $375,820
Cash and investment in escrow - 1,097,678 1,097,678 1,105,091
Taxes receivable:
Delinquent 367 - 367 414
Due from County 5,694 - 5,694 416
Special assessments:
Deferred - 70,744 70,744 92,330
Total assets $16,338 $1,389,699 $1,406,037 $1,574,071
Liabilities and Fund Balance
Liabilities:
Accounts payable $ - $229 $229 $227
Deferred revenue 367 70,744 71,111 92,744
Total liabilities 367 70,973 71,340 92,971
Fund balance:
Reserved for debt service 15,971 1,318,726 1,334,697 1,481,100
Total liabilities and fund balance $16,338 $1,389,699 $1,406,037 $1,574,071
42
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, 1994
With Comparative Totals For The Year Ended December 31, 1993
dW' YYIWIWWWIIWWY1YduWnuJW�WWYUIJY4' IIYY tWiWYYWIWWV11iWWJnWWaI WWYYYWWWW111Y�' WIWYyyI(' YIIWb11YhIWYJbW6 'uN'LdBY •• ". " c.. .., „ L uA 's' II ". "b 6W1iWdIdWIWJYNI '" •` "• ",• ' " . " • WIYWYWi fWWN1IbbW'Wd6N'uYWLWW141i
G.O.
Revenue
Bonds of 1991/
G.O. Crossover
G.O. Refunding Improvement Refunding
Bonds of 1992 Bonds Bonds Totals
(Storm Sewer) of 1990 of 1993 1994 1993
Revenue:
General property taxes:
Current and delinquent $ - $376 $ - $376 $893
Storm Sewer ad valorem taxes:
Current and delinquent 22,513 - - 22,513 23,516
Special assessments:
Current and delinquent - - 29,259 29,259 106,428
Penalties and interest - - - - 6,230
Prepayments - - - - 16,478
Intergovernmental:
State:
Homestead credit 1,364 31 - 1,395 1,019
Interest on investments 634 3,665 53,053 57,352 57,913
Total revenue 24,511 4,072 82,312 110,895 212,477
Expenditures:
Debt service:
Principal 15,000 125,000 55,000 195,000 413,000
Interest 6,748 8,250 126,975 141,973 152,535
Paying agent fees - 668 432 1,100 2,570
Refunding costs - - - - 10,419
Total expenditures 21,748 133,918 182,407 338,073 578,524
Revenue over (under) expenditures 2,763 (129,846) (100,095) (227,178) (366,047)
Other increases:
Bond proceeds - _ _ _ 1,118,376
Transfer from Capital Project Fund - - 65,000 65,000 65,000
Total other increases 0 0 65,000 65,000 1,183,376
Net increase (decrease) in fund balance 2,763 (129,846) (35,095) (162,178) 817,329
Fund balance - January 1 13,208 114,071 1,353,821 1,481,100 917,581
Residual equity transfer in - 15,775 - 15,775 1,143
Residual equity transfer out _ _ _ _ (254,953)
Fund balance - December 31 $15,971 $0 $1,318,726 $1,334,697 $1,481,100
43
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44
CITY OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROJECT FUNDS Statement 12
COMBINING BALANCE SHEET Page 1 of 2
December 31, 1994
With Comparative Totals For December 31, 1993
Park & St. Croix
Closed Capital Recreation Mall River Hills
Bond Fund Improvements Development (TIF) 2nd Addition
Assets
Cash and investments $1,036,078 $266,002 $90,237 $134,389 $14,199
Accounts receivable - - - - -
Due from other governmental units - - - _ _
Due from developers - - - - -
Due from other funds - - - - -
Taxes receivable:
Delinquent 215 - - - -
Due from County 130 - - - -
Special assessments receivable:
Delinquent 1,246 - - - -
Deferred 22,513 - - - -
Special deferred 144,800 - - - -
Due from County 95 - - _ _
Total assets $1,205,077 $266,002 $90,237 $134,389 $14,199
Liabilities and Fund Balance
Liabilities:
Cash overdraft $ - $ - $ _ $ _ $ _
Accounts payable - 1,460 - 49,578 111
Due to other funds _ _ _ _ _
Contracts payable - 8,775
Deposits payable _ _
Deferred revenue 168,774 - - - 14,088
Total liabilities 168,774 10,235 0 49,578 14,199
Fund balance:
Unreserved:
Designated 1,036,303 255,767 90,237 84,811 -
Undesignated - - - - -
Total fund balance 1,036,303 255,767 90,237 84,811 0
Total liabilities and fund balance $1,205,077 $266,002 $90,237 $134,389 $14,199
45
CITY OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1994
With Comparative Totals For December 31, 1993
LAW W 6WY�u„ u�W�W��Ww�WW����W
Valley View 58th Street
Street East Oaks Estates Renewal and Improvement
Reconstruction Swager Krongard Replacement Phase II
Assets
Cash and investments $57,450 $1,173 $ - $676,284 $
Accounts receivable - - _ _ _
Due from other governmental units _ -
Due from developers - - 18,654 - -
Due from other funds - - - _
Taxes receivable:
Delinquent - - - - -
Due from County - _ _ _ _
Special assessments receivable:
Delinquent - - - - -
Deferred - - - - -
Special deferred - - _ _
Due from County _ _ _ _ _
Total assets $57,450 $1,173 $18,654 $676,284 $0
Liabilities and Fund Balance
Liabilities:
Cash overdraft $ - $ - $8,523 $ - $13,858
Accounts payable 3,666 - 10,131 - 2,523
Due to other funds - - - - -
Contracts payable - - - - -
Deposits payable - - - - -
Deferred revenue - - - - -
Total liabilities 3,666 0 18,654 0 16,381
Fund balance:
Unreserved:
Designated 53,784 1,173 - 676,284 -
Undesignated - - - - (16,381)
Total fund balance 53,784 1,173 0 676,284 (16,381)
Total liabilities and fund balance $57,450 $1,173 $18,654 $676,284 $0
46
Statement 12
Page 2 of 2
AAE
High Sanitary Storm
Wal -Mart School 58th Street Sewer Water Sewer Totals
Addition Improvement Improvement ® Connection Connection Connection 1994 1993
$19,114 $23,984 $37,709 $55,767 $150,004 $54,577 $2,616,967 $1,484,172
- - - _ _ _ - 2,757
- 631,594
18,654 -
_ - 610,000
_ 215 409
- _ 130 5
- - - 1,246 1,217
® _ _ - 22,513 33,779
- - - 144,800 144,800
- - - - - - 95 587
$19,114 $23,984 $37,709 $55,767 $150,004 $54,577 $2,804,620 $2,909,320
$ - $ - $ - $ - $ - $ - $22,381 $
2,381 _ _ _ 69,850 80,675
- 610,000
- - 15,548 - - - 24,323 157,586
18,680 - - - - - 18,680 21,430
_ _ _ _ - 182,862 187,572
18,680 0 17,929 0 0 0 318,096 1,057,263
434 23,984 19,780 55,767 150,004 54,577 2,502,905 1,852,057
- - - - - - (16,381) -
434 23,984 19,780 55,767 150,004 54,577 2,486,524 1,852,057
$19,114 $23,984 $37,709 $55,767 $150,004 $54,577 $2,804,620 $2,909,320
47
This page intentionally left blank.
48
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, 1994
p
With Compa rative Totals For The Year Ended Decembe r 31, 1993
y1
III 714 I liull 11II I WJJ,iIr ;d,IlO.II Will, f I' 1I6 I I I I I d1 ulnWyuouiIII ill AIll IUWUUUIW;'I'1IJ11WUlJ1bIUY1 MIN III
1VlYL YUei4Y�W, uLyW, iauWUUili�ww�l�u�d� ;
Park and St. Croix
Closed Capital Recreation Mall River Hills
Bond Fund Improvements Development (TIF) 2nd Addition
Revenue:
General property taxes:
Current and delinquent $206 $ - $ - $ - $
Tax increment taxes - - - 165,260 -
Special assessments:
Current and delinquent 12,687 - - -
Penalty and interest 12 -
Prepayments 991
Tax forfeit -
Intergovernmental:
State project reimbursement - - - _
Interest on investments 29,651 9,509 2,774 1,799 522
Connection charges - - - ° _
Other charges 24,971 - - - 54,109
Escrow investment earnings - - - -
Refunds and reimbursements - 2,531 -
Donations and contributions - - . 28,540 - -
Total revenue 68,518 12,040 31,314 167,059 54,631
Expenditures:
Professional services 16,279 - 6,344 1,419 -
Developer assistance - - - 99,156 -
Construction costs - 54,749 - - 54,631
Total expenditures 16,279 54,749 6,344 100,575 54,631
Revenue over (under) expenditures 52,239 (42,709) e 24,970 66,484 0
Other financing sources (uses):
Operating transfers from General Fund - 50 >000 - - -
Operating transfers from Capital Project Fund - - - -
Operating transfers from Enterprise Fund -
Operating transfers to General Fund - (15,000) - - -
Operating transfers to Debt Service Fund -
Operating transfers to Capital Project Fund - - - _ _
Total financing sources (uses) 0 35,000 0 0 0
Net increase (decrease) in fund balance 52,239 (7,709) 24,970 66,484 0
Fund balance - January 1 980,678 263,476 65,267 18,327 -
Residual equity transfer in 19,161 - - - -
Residual equity transfer out (15,775) _ - - -
Fund balance (deficit) - December 31 $1,036,303 $255,767 $90,237 $84,811 $0
49
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, 1994
With Comparative Totals For The Year Ended December 31, 1993
id1011aWWIiI1111Y11e11au ❑yuu,o 1L1r WIn IJ.VllbY afulJll�Yl,u" , ILI IL tlihVW,tl I 4lu0Ww11d1 Wemm wJYi41J1IIIW1LYalIwtlVWi' YYWIIWII4waNYWWYVrWY1VSY4wYl' WGYWOWLLaWW1WW11WwYWYIpIW01ptlIYtll LUmiwu WIIVWN Yl uaauw➢ JlaYWtlrdlwaWawWlmu' iOtlWYt ilaam, JWIwdIWYIWa1WJIN ✓VlliYw'uWWiulullYO
Valley View 58th Street
Street East Oaks Estates Renewal and Improvement
Reconstruction Swager Krongard Replacement Phase II
Revenue:
General property taxes:
Current and delinquent $ - $ _ $ _ $ _ $
Tax increment taxes - - - - -
Special assessments:
Current and delinquent - - - - -
Penalty and interest - _ _ _
Prepayments
Tax forfeit - - - - -
Intergovernmental:
State project reimbursement - - - - -
Interest on investments 2,349 17 - 12,207 -
Connection charges - - - -
Other charges - 1,156 18,654 -
Escrow investment earnings _ _ _
Refunds and reimbursements - - - - -
Donations and contributions - - _ _
Total revenue 2,349 1,173 18,654 12,207 0
Expenditures:
Professional services - _ _ _ _
Developer assistance - - - _ _
Construction costs 15,002 - 18,654 - 16,381
Total expenditures 15,002 0 18,654 0 16,381
Revenue over (under) expenditures (12,653) 1,173 0 12,207 (16,381)
Other financing sources (uses):
Operating transfers from General Fund - _ _ _ _
Operating transfers from Capital Project Fund - _ _ _ _
Operating transfers from Enterprise Fund - - - 664,077 -
Operating transfers to General Fund _ _ _ _ _
Operating transfers to Debt Service Fund - - - - -
Operating transfers to Capital Project Fund - _ _ _ _
Total financing sources (uses) 0 0 0 664,077 0
Net increase (decrease) in fund balance (12,653) 1,173 0 676,284 (16,381)
Fund balance - January 1 66,437 _ _ _ _
Residual equity transfer in -
Residual equity transfer out _ _ _ _ _
Fund balance (deficit) - December 31 $53,784 $1,173 $0 $676,284 ($16,381)
50
Statement 13
Page 2 of 2
. . . . . . . . . . . . . . . . . . . . . .
AAE
High Norell Ave Sanitary Storm
Wal -Mart School MN DOT 58th Street Sewer Water Sewer Totals
Addition Improvement Improvement Improvement Connection Connection Connection 1994 1993
$ _ $ _ $ _ $ _ $ _ $ _ $ - $206 $5
- 165,260 179,450
- 12,687 58,225
_ 12 6,928
- 991 12,775
- 240
761 - - _ - 761 336,531
739 2,397 502 1,672 2,381 7,645 1,909 76,073 45,905
- 7,779 12,696 9,863 30,338 184,562
_ - - - 98,890 604,662
118
2,531 -
- - 28,540 13,800
739 2,397 1,263 1,672 10,160 20,341 11,772 416,289 1,443,201
- - - - - - 24,042 13,590
99,156 107,670
305 88,256 4,828 24,120 - - - 276,926 1,227,979
305 88,256 4,828 24,120 0 0 0 400,124 1,349,239
434 (85,859) (3,565) (22,448) 10,160 20,341 11,772 16,165 93,962
_ _ _ _ - - 50,000 50,000
- 662,566
664,077 30,000
(15,000) -
(65,000)
_ _ (10,000) (55,000) - (65,000) (662,566)
0 0 0 0 (10,000) (55,000) 0 634,077 15,000
434 (85,859) (3,565) (22,448) 160 (34,659) 11,772 650,242 108,962
- 109,843 22,726 42,228 55,607 184,663 42,805 1,852,057 1,488,249
- 19,161 270,621
- - (19,161) - - - - (34,936) (15,775)
$434 $23,984 $0 $19,780 $55,767 $150,004 $54,577 $2,486,524 $1,852,057
51
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUND Statement 14
BALANCE SHEET
December 31, 1994
With Comparative Amounts for December 31, 1993
Assets
1994 1993
Current assets:
Cash and cash equivalents $420,252 $944,554
Accounts receivable:
Customers 112,469 116,780
Certified to County 5,946 3,750
Other 257 180
Due from other governmental units 33,461 11,350
Prepaid MCWS 13,230 14,167
Total current assets 585,615 1,090,781
Fixed assets:
Land 60,000 60,000
Buildings and structures 1,254,445 1,254,445
Machinery and equipment 102,589 101,025
Distribution and collection system 3,888,442 3,457,141
Total 5,305,476 4,872,611
Less: Allowance for depreciation (1,135,583) (1,038,720)
Net fixed assets 4,169,893 3,833,891
Total assets $4,755,508 $4,924,672
Liabilities and Fund Equity
Liabilities:
Accounts payable $5,251 $5,398
Due to other governmental units 14,182 3,119
Accrued interest - 425
Bonds payable - 20,000
Total liabilities 19,433 28,942
Fund equity:
Contributions from property owners - net 3,933,577 3,591,974
Retained earnings:
Reserved 661,765 661,765
Unreserved 140,733 641,991
Total fund equity 4,736,075 4,895,730
Total liabilities and fund equity $4,755,508 $4,924,672
52
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, 1994
p 1, 1
With Comparative Totals For a Year n December
Water Sewer Totals
Operating Operating 1994 1993
Revenue:
Customer billings $167,463 $280,187 $447,650 $426,883
Penalties 2,388 3,398 5,786 5,507
Plumbing permits 420 420 840 720
Refunds and reimbursements - 625 625 464
Meter charges 2,201 - 2,201 2,304
Charges for services 852 5,641 6,493 189
Total operating revenue 173,324 290,271 463,595 _ 436,067
Expenses:
Contractual services 45,897 23,424 69,321 49,820
MCWS charges - 147,893 147,893 174,944
Materials and supplies 2,888 980 3,868 4,754
Administrative and personnel charge 47,125 47,125 94,250 80,000
Depreciation:
On purchased assets 7,216 2,168 9,384 9,789
On contributed assets 51,747 37,951 89,698 77,316
Total operating expenses 154,873 259,541 414,414 396,623
Operating income $18,451 $30,730 49,181 39,444
Other income (expense):
Interest on investments 27,595 30,941
Bond interest (1,276) (2,975)
Paying agent fees (160) (185)
Loss on disposal of assets (2,219) -
Total other income (expense) 23,940 27,781
Net income before operating transfers: 73,121 67,225
Operating transfers to Capital Project Funds (664,077) (30,000)
Net income (loss) (590,956) 37,225
Other increases (decreases):
Credit arising from transfer of depreciation to contributions from property owners 89,698 77,316
Residual equity transfer out - (1,036)
Total other increases (decreases) 89,698 76,280
Net increase (decrease) in retained earnings (501,258) 113,505
Retained earnings - January 1 1,303,756 1,190,251
Retained earnings - December 31 $802,498 $1,303,756
53
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUND Statement 16
STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1994
With Comparative Amounts For The Year Ended December 31, 1993
1994 1993
Cash flows from operating activities:
Operating income $49,181 $39,444
Adjustments to reconcile operating income to
net cash flows from operating activities:
Depreciation 99,082 87,105
Change in assets and liabilities:
Decrease (increase) in receivables (20,073) (26,420)
Decrease (increase) in prepaid expenses 937 1,089
Increase (decrease) in payables 10,916 (9,860)
Net cash flows from operating activities 140,043 91,358
Cash flows from noncapital financing activities:
Operating transfers to other funds (664,077) (30,000)
Cash flows from capital and related financing activities:
Acquisition of fixed assets (6,000) (1,458)
Principal paid on revenue bond maturities (20,000) (20,000)
Interest and paying agent fees paid on revenue bonds (1,861) (3,585)
Residual equity transfer out - (1,036)
Net cash flows from capital and related financing activities (27,861) (26,079)
Cash flows from investing activities:
Interest received on investments 27,595 30,941
Net increase (decrease) in cash and cash equivalents (524,300) 66,220
Cash and cash equivalents - January 1 944,554 878,334
Cash and cash equivalents - December 31 $420,254 $944,554
54
CITY OF OAK PARK HEIGHTS, MINNESOTA
AGENCY FUNDS Statement 17
COMBINING BALANCE SHEET
December 31, 1994
With Comparative Totals for December 31, 1993
Developers' Deferred
Deposit Investment Compensation Totals
Fund Fund Fund 1994 1993
Assets
Assets held with deferred compensation
plan administrator $ - $ - $96,668 $96,668 $60,821
Accrued interest receivable - 38,145 - 38,145 22,784
Accounts receivable 130 - - 130 130
Due from developers 5,509 - - 5,509 6,460
Total assets $5,639 $38,145 $96,668 $140,452 $90,195
Liabilities
Cash overdraft $1,053 $38,145 $ - $39,198 $25,372
Accounts payable 3,757 - - 3,757 3,888
Deferred compensation payable - - 96,668 96,668 60,821
Due to developers 829 - - 829 114
Total liabilities $5,639 $38,145 $96,668 $140,452 $90,195
55
CITY OF OAK PARK HEIGHTS, MINNESOTA
AGENCY FUNDS Statement 18
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1994
Balance Balance
January 1, December 31,
1994 Additions Deletions 1994
Developers' Deposit Fund:
Assets:
Accounts receivable $130 $ - $ - $130
Due from developers 6,460 5,509 6,460 5,509
Total assets $6,590 $5,509 $6,460 $5,639
Liabilities:
Cash overdraft $2,588 $37,288 $38,823 $1,053
Accounts payable 3,888 3,757 3,888 3,757
Due to developers 114 829 114 829
Total liabilities $6,590 $41,874 $42,825 $5,639
Investment Fund:
Assets:
Accrued interest $22,784 $38,145 $22,784 $38,145
Liabilities:
Cash overdraft $22,784 $38,145 $22,784 $38,145
Deferred Compensation Fund:
Assets:
Assets held with deferred compensation
plan administrator $60,821 $35,968 $121 $96,668
Liabilities:
Deferred compensation payable $60,821 $35,968 $121 $96,668
Total Agencv:
Assets:
Assets held with deferred compensation
plan administrator $60,821 $35,968 $121 $96,668
Accrued interest receivable 22,784 38,145 22,784 38,145
Accounts receivable 130 - - 130
Due from developers 6,460 5,509 6,460 5,509
Total assets $90,195 $79,622 $29,365 $140,452
Liabilities:
Cash overdraft $25,372 $75,433 $61,607 $39,198
Accounts payable 3,888 3,757 3,888 3,757
Deferred compensation payable 60,821 35,968 121 96,668
Due to developers 114 829 114 829
Total liabilities $90,195 $115,987 $65,730 $140,452
56
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF GENERAL FIXED ASSETS Statement 19
For The Year Ended December 31, 1994
Balance Balance
January 1, December 31,
Description 1994 Additions Deletions 1994
Land $134,231 $ - $ - $134,231
Land improvements 309,333 - - 309,333
Buildings and structures 766,994 11,792 - 778,786
Machinery and equipment 207,119 22,875 14,701 215,293
Furniture and fixtures 136,583 25,074 684 160,973
Totals $1,554,260 $59,741 $15,385 $1,598,616
57
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF GENERAL LONG -TERM DEBT Statement 20
December 31, 1994
With Comparative Amounts For December 31, 1993
1994 1993
Amount Available And To Be Provided For The
Retirement of Long -Term Debt
Bonds:
Amount available in debt service funds $1,334,697 $1,481,100
Amount to be provided from future tax levies/
special assessment collections, and connection charges 1,070,303 1,118,900
Compensated absences:
Amount available in General Fund 71,812 44,449
Total available and to be provided $2,476,812 $2,644,449
General Long -Term Debt Payable
Bonds payable:
General Obligation Bonds:
Water and Sewer Revenue Bonds of 1991 $1,145,000 $1,200,000
G.O. Refunding Bonds of 1992 120,000 135,000
G.O. Crossover Refunding Bonds of 1993 1,140,000 1,140,000
Special Assessment Bonds:
G.O. Improvement Bonds of 1990 - 125,000
Total bonds payable 2,405,000 2,600,000
Compensated absences payable 71,812 44,449
Total general long -term debt payable $2,476,812 $2,644,449
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.
58
SUPPLEMENTARY
F I N A N C I A L
I N F 0 R M A T 10 N
59
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS Exhibit I
December 31, 1994
Final Net Bonds Principal Interest
Payment Interest Authorized Retired Outstanding Due Due
Date Due Rate And Issued To Date At 12/31/94 In 1995 In 1995
Bonded Indebtedness
General Debt:
G.O. Water and Sewer
Revenue Bonds of 1991 5/1/91 12/1/06 6.51% $1,250,000 $105,000 $1,145,000 $1,145,000 $72,258
G.O. Refunding Bonds of 1992 9/l/92 12/1/00 5.48% 150,000 30,000 120,000 15,000 6,103
G.O. Crossover Refunding
Bonds of 1993 4/1/93 12/1/06 4.71% 1,140,000 - 1,140,000 - 51,830
Total general debt 2,540,000 135,000 2,405,000 1,160,000 130,191
Total Indebtedness $2,540,000 $135,000 $2,405,000 $1,160,000 $130,191
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.
60
CITY OF OAK PARK HEIGHTS, MINNESOTA
REVENUE BONDS AND GENERAL DEBT BONDS Exhibit 2
SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1994
General Debt Bonds
Special General General
Taxing District Obligation Obligation
$150,000 Water and Sewer Crossover
G.O. Refunding Revenue Bonds Refunding
Bonds of 1992 of 1991 _ Bonds of 1993
Bonds payable $120,000 $1,145,000 $1,140,000
Future interest payable 24,010 72,258 404,945
Totals $144,010 $1,217,258 $1,544,945
Payments to maturity:
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 $144,010 $1,217,258 $1,544,945
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.
61
CITY OF OAK PARK HEIGHTS, MINNESOTA
INSURANCE IN FORCE Exhibit 3
December 31, 1994
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
Limited Pollution 600,000
General Liability 600,000
Business Auto Policy:
Liability CSL 600,E
Uninsured motorist 600,000
Underinsured motorist 60,000
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
Open Meet Law Policy - Defenses Costs 20,000
62
CITY OF OAK PARK HEIGHTS, MINNESOTA
FUTURE SCHEDULED TAX LEVIES Exhibit 4
December 31, 1994
Special
Taxing District
Year Of G.O. Refunding
Collection Bonds of 1992
1995 $25,000
1996 25,000
1997 25,000
1998 25,000
1999 25,000
2000 25,000
Totals $150,000
Note: 1995 levy includes state paid HACA.
63
CITY OF OAK PARK HEIGHTS, MINNESOTA
TAXABLE VALUATIONS, TAX LEVIES AND TAX RATES Exhibit 5
Tax Capacity Values
1994/1995 1993/1994 1992/1993
Taxable Valuations:
Real estate $6,258,052 $6,342,152 $6,339,394
Personal property 211,583 123,745 151,966
Fiscal disparity:
Contribution (783,352) (760,641) (782,808)
Distribution 251,091 288,153 304,006
Captured tax increment value (167,668) (179,570) (194,989)
Total $5,769,706 $5,813,839 $5,817,569
Tax Levy:
City Wide:
General revenue $1,405,985 $1,320,130 $1,278,310
Debt service - 500 -
Total City Wide 1,405,985 1,320,630 1,278,310
Storm Sewer District:
G.O. Refunding Bonds of 1992 25,000 24,000 24,000
Total Tax Levy $1,430,985 $1,344,630 $1,302,310
Tax Capacity Rate:
City Wide:
General revenue 23.122% 21.411% 21.167%
Debt service 0.000% 0.009% 0.000%
Total City Wide 23.122% 21.420% 21.167%
Storm Sewer District:
Storm Sewer Bonds of 1982 0.635% 0.592% 0.587%
Total Storm Sewer District 23.757% 22.012% 21.754%
Note: The tax levies shown above represent gross tax levies before reduction for state aids.
64
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE ESCROW AGENT ACCOUNT Exhibit 6
SCHEDULE OF CHANGES IN CASH AND INVESTMENTS
For The Year Ended December 31, 1994
Cash and investments (at cost) - January 1, 1994 $93,104
Additions:
Interest received on investments 51,695
Deductions:
Bond principal payments (65,000)
Bond interest and paying agent fees (13,770)
Release of excess earnings to City -
Cash and investments (at cost) - December 31, 1994 * $66,029
* Market value of $214,849 at December 31, 1994
65
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE ESCROW AGENT ACCOUNT Exhibit 7
BONDSPAYABLE
December 31, 1994
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 $120,000 $100,000 $220,000
Future interest payable 11,280 11,770 23,050
Totals $13 1,280 $111,770 $243,050
Year of maturity
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 $131,280 $111,770 $243,050
66
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF CONSTRUCTION COSTS Exhibit 8
December 31, 1994
Legal Expended
and Current Prior
Contractor Engineer Fiscal Other Total Year Years
River Hills 2nd Addition $170,993 $26,584 $3,254 $187 $201,018 * $54,631 $146,387
Street Reconstruction - 34,038 14,287 469 48,794 15,002 33,792
Valley View Estates - 18,654 - - 18,654 18,654 -
58th Street - Phase II - 9,751 6,255 375 16,381 16,381 -
AAE - High School Improvement 464,871 68,250 19,257 87,822 640,200 * 88,256 551,944
AAE - 58th Street Improvement 532,163 92,316 17,618 30,714 672,811 * 24,120 648,691
Total - All Funds $1,168,027 $249,593 $60,671 $119,567 $1,597,858 $217,044 $1,380,814
* Project Completed in 1994,
67
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS Exhibit 9
FOR ST. CROIX MALL TAX INCREMENT DISTRICT
December 31, 1994
Accounted
Original for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Tax increments received (including interest) $1,715,000 $422,821 $167,059 $1,125,120
Uses of funds:
Developer assistance 960,000 254,415 99,156 606,429
58th Street improvements 170,000 150,079 - 19,921
Other improvements 585,000 - 1,419 583,581
Total uses of funds 1,715,000 404,494 100,575 1,209,931
Funds remaining (deficit) $0 $18,327 $66,484 ($84,811)
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, 1994.
68
S'TA'TIS'TICAL
SEC'TI ®N
69
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS Table 1
EXPENDITURES BY FUNCTION
Years 1985 Through 1994
(UNAUDITED)
Streets
General Public and Capital
Year Total Government Safety Highways Sanitation ® Recreation Outlay
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
1994 1,694,495 370,356 683,928 100,059 338,498 164,685 36,969
70
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS Table 2
REVENUE BY SOURCE
Years 1985 Through 1994
(UNAUDITED)
WL' YIeYWieWItiBuNWwiYuYiuLY88eidinWlldauWNWuWWBdi, , :',':.;' YLuuwi udWmW , " " - ° , . 10. . aadtl+ :i'aIYYYYaddYJYUUwWJ4VJ4'VaLI WJWWJ6YW "" „" „ "•, "" " . ' . W'J!b'aY'aN1'•' " "" ".' "•'" "„ uwie i,�,� ,. iii.,,.. ,..,,,
Licenses Charges Fines Interest
Inter- and for and on
Year Total Taxes governmental Permits Services Forfeits Investments Miscellaneous
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
1994 1,821,948 1,254,999 136,359 60,914 239,643 55,111 34,783 40,139
71
CITY OF OAK PARK HEIGHTS, MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS Table
Years l085 Through l004
(UNAUDITED)
ZZZ
Percent Total
of Collection Delinquent
Current Delinquent Total as Outstanding Percent of
Taxes Total Current Tax Levy Tux Tax 9ocoont Do\6oqueoi Current
Payabl Tax Levy Collections Collected Collections Collections of Levy Iuxou levy
1985 $722 $713,303 98.7196 $15,262 $728 100.8296 $15,762 2.1896
1986 722,273 705,013 97.7396 5,404 711,317 98.4896 26.716 3.70%
1087 702,677 774 97.6596 15.683 789,752 99.6396 29,641 3.74%
1988 923.731 914.739 09.0396 160 914.899 99.0496 21,293 2.31%
1989 1,031.733 983,752 95.35Y6 1,008 985,650 95.5396 30.833 2.9096
1990 1.205,556 1,177,782 97.70Y6 13,024 1 98.7896 33,458 2.7896
lVV} * 1.199,554 1 94.1596 15 1,144/476 05.41Y6 35,036 2.9296
1992 1.199,554 1,182,272 98.56Y6 8.815 1,191,087 99.29Y6 39,817 3.2596
1993 1,302,310 1,294.478 99.4096 26,441 1 101.43Y6 17.503 1.3596
1094 1.344,630 1.330,300 98.0396 2 1,332.644 99.1196 21,146 1.5796
During 199 1, 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.
72
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT COLLECTIONS Table 4
Years 1985 Through 1994
(UNAUDITED)
Current Total Outstanding
Collections Collections Delinquent
As a Percent As a Percent Assessments
Current Current Of Current Delinquent Of Current (including
Year Assessments Assessments Assessments Assessments Assessments Certified
Payable Due Collected Due Collected Due Bills)
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 *
1994 46,145 45,729 99.10% 35 99.17% 2,486
* 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 $ - $ - $128,240
1988 167,569 295,809 - - 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.
73
CITY OF OAK PARK HEIGHTS, MINNESOTA
PRINCIPAL TAXPAYERS (Ten Largest Taxpayers) Table 5
Taxes Payable in 1994
(UNAUDITED)
Percent of Percent of
Total Net Total Tax
Market Market Tax Capacity Property
Taxpayer Value Value Capacity Value Classification
Northern States Power $79,920,200 38.9% $3,676,328 56.9% Public Utilities
Oak Park Partners 9,836,400 4.8% 450,874 7.0% Commercial
Wal -Mart Stores Inc 2,588,000 1.3% 117,448 1.8% Commercial
K -Mart Corporation 1,940,700 0.9% 87,672 1.4% Commercial
Oak Ridge Place 2,451,000 1.2% 83,334 1.3% Res. over 3 units
Port of Sunnyside 1,415,700 0.7% 63,523 1.0% Commercial
Oak Park Associates 1,656,000 0.8% 56,304 0.9% Res. over 3 units
Greenbrier Partners 942,000 0.5% 32,028 0.5% Res. over 3 units
Stillwater Ford Lincoln Mercury 693,000 0.3% 30,278 0.5% Commercial
Routson Investments 635,000 0.3% 27,610 0.4% Commercial
Totals $102,078,000 49.7% $4,625,399 71.5%
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.
74