HomeMy WebLinkAboutAnnual Financial Report CITY OF OAK PARK HEIGHTS, MQNNESOTA
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1995
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
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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 S
Notes to Financial Statements
Combinina and Individual Fund and Account Grout) Financial Statements,
General Fund:
Balance Sheet Statement 6
Statement of Revenue, Expenditures and Changes in Fund Balance-
Budget and Actual Statement 7
Special Revenue Fund - Forfeiture and Seizure Fund:
Balance Sheet Statement 8
Statement of Revenue, Expenditures and Changes in Fund Balance Statement 9
Debt Service Funds:
Combining Balance Sheet Statement 10
Combining Statement of Revenue, Expenditures and Changes in Fund Balance Statement 11
Capital Project Funds:
Combining Balance Sheet Statement 12
Combining Statement of Revenue, Expenditures and Changes in Fund Balance Statement 13
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
Enterprise Fund:
Balance Sheet Statement 14
Statement of Revenue, Expenses 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
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
Supt)lementary 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
CITY OF OAK PARK ]HEIGHTS, MINNESOTA
TABLE OF CONTENTS
�iikr�r r Meru °sui�
Statistical Section
General and Special Revenue Funds - Expenditures by Function -
Years 1986 through 1995 Table 1
General and Special Revenue Funds - Revenue by Source -
Years 1986 through 1995 Table Z
Property Tax Levies and Collections - Years 1986 through 1995 Table 3
Special Assessment Collections - Years 1986 through 1995 Table 4
Principal Taxpayers Table 5
CITY OF OAK PARK HEIGHTS, MINNESOTA
ORGANIZATION
December 31, 1995
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Term Expires
Mayor:
Barbara O`Neal December 31, 1996
Council Members:
Janet Robert December 31, 1995
Mark Swenson December 31, 1995
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 BEIGHTS, MEqNESOTA
COMBINED BALANCE SHEET -
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1995
With Comparative Totals For December 31, 1994
.. ........
Governmental Fund Types
Special Debt
Assets General Revenue Service
Cash and investments $1,306,755 $8,796 $440,879
Cash and investments in escrow - -
Assets held with deferred compensation plan administrator
Accrued interest receivable -
Accounts receivable 29,514
Due from other governmental units 10,109
Due from developers -
Prepaid items - -
Inventory 5,138 - -
Taxes receivable:
Delinquent 18,434 - 286
Due from County 8,195 - 145
Special assessments receivable - - 559,750
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 $1,378,145 $8,796 $1,001,060
Liabilities, Equity and Other Credits
Liabilities:
Cash overdraft $ - $ - $ -
Accounts payable 68,389 - 971
Salaries payable 6,633 - -
Contracts payable - -
Due to other governmental units 4,092 -
Deferred compensation payable - -
Due to developers - -
Deposits/refunds payable - -
Compensated absences payable - -
Bonds payable - - -
Deferred revenue 18,434 - 560,036
Total liabilities 97,548 0 561,007
Equity and other credits:
Invested in general fixed assets - - -
Contributions - net - -
Retained earnings:
Reserved - -
Unreserved - - -
Fund balance:
Reserved - - 440,053
Unreserved:
Designated 1,273,637 8,796 -
Undesignated 6,960 - -
Total equity and other credits 1,280,597 8,796 440,053
Total liabilities, equity and other credits $1,378,145 $8,796 $1,001,060
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 1995 1994
$2,919,525 $523,903 $ - $ - $ - $5,199,858 $4;179,695
- 1,097,678
168,958 - - 168,958 96,668
45,796 - - 45,796 38,145
- 120,115 - - - 149,629 149,330
232,322 - - - - 242,431 45,789
74,563 - 3,829 - - 78,392 24,163
- 20,627 - - - 20,627 13,230
- _ _ _ _ 5,138 -
93 - - _ 18,813 21,146
57 _ _ _ _ 8,397 319,832
415,883 - - - - 975,633 239,398
- 4,068,432 - 1,659,455 - 5,727,887 5,768,509
- _ - - 1,334,697
- - 2,449,225 2,449,225 1,142,115
$3,642,443 $4,733,077 $218,583 $1,659,455 $2,449,225 $15,090,784 $14,470,395
$86,510 $ - $46,383 $ - $ - $132,893 $61,579
13,181 3,174 2,015 - - 87,730 132,286
- 6,633 3,437
191,521 - - - - 191,521 24,323
- 39,930 - - - 44,022 18,386
- 168,958 - - 168,958 96,668
1,227 - - 1,227 829
18,680
74,225 74,225 71,812
2,375,000 2,375,000 2,405,000
428,456 - - - - 1,006,926 274,537
719,668 43,104 218,583 0 2,449,225 4,089,135 3,107,537
- - 1,659,455 - 1,659,455 1,598,616
- 3,835,253 - - - 3,835,253 3,933,577
- 661,765 - - - 661,765 661,765
- 192,955 - - - 192,955 140,733
440,053 1,334,697
2,922,775 _ _ - - 4,205,208 3,706,698
6,960 (13,228)_
2,922,775 4,689,973 0 1,659,455 0 11,001,649 m 11,362,858
$3,642,443 $4,733,077 $218,583 $1,659,455 $2,449,225 $15,090,784 $14,470,395
The accompanying notes are an integral part of these financial statements. 7
CITY OF OAK PARK BEIGHTS, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND Statement 2
CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES
For The Year Ended December 31, 1995
With Comparative Totals For The Year Ended December 31, 1994
a
Totals
Special Debt Capital (Memorandum Only)
General Revenue Service Project 1995 1994
Revenue:
General property taxes $1,354,677 $ - $23,716 $124 $1,378,517 $1,278,094
Tax increment taxes - - - 154,306 154,306 165,260
Special assessments - - 174,748 41,591 216,339 42,949
Intergovernmental 144,480 - 1,365 230,000 375,845 138,515
Licenses and permits 117,511 - - - 117,511 60,914
Charges for services 241,874 - - - 241,874 239,643
Fines and forfeits 49,020 - - - 49,020 55,111
Interest on investments 54,917 519 60,084 164,322 279,842 168,208
Connection charges - - - 269,212 269,212 30,338
Other charges - - - 954,221 954,221 98,890
Escrow investment earnings - - - 430 430 -
Refunds and reimbursements - - - 10,308 10,308 33,804
Donations and contributions - - - 153,304 153,304 29,040
Other 37,524 2,700 - - 40,224 8,366
Total revenue 2,000,003 3 259,913 1,977,818 4,240,953 2,349,132
Expenditures:
Current:
General government 398,640 - - - 398,640 370,356
Public safety 723,034 1,078 - - 724,112 683,928
Streets and highways 86,000 - - - 86,000 100,059
Sanitation 344,396 - - - 344,396 338,498
Recreation 178,567 - - - 178,567 164,685
Capital outlay 61,604 2,456 - - 64,060 36,969
Debt service:
Principal - - 1,160,000 - 1,160,000 195,000
Interest - - 151,647 - 151,647 141,973
Paying agent fees - - 1,234 - 1,234 1,100
Construction costs - - - 2,732,347 2,732,347 400,124
Total expenditures 1,792,241 3,534 1,312,881 2,732,347 5,841,003 2,432,692
Revenue over (under) expenditures 207,762 (315) (1,052,968) (754,529) (1,600,050) (83,560)
Other financing sources (uses):
Bond proceeds - 63,324 1,062,456 1,125,780 -
Operating transfers from other funds 35,000 - 95,000 819,978 949,978 794,077
Operating transfers to other funds (160,000) - - (691,654) (851,654) (130,000)
Total other financing sources (uses) (125,000) 0 158,324 1,190,780 1,224,104 664,077
Net increase (decrease) in fund balance 82,762 (315) (894,644) 436,251 (375,946) 580,517
Fund balance - January 1 1,197,835 9,111 1,334,697 2,486,524 5,028,167 4,447,650
Residual equity transfer in - - - 44,900 44,900 34,936
Residual equity transfer out - - - (44,900) (44,900) (34,936)
Fund balance - December 31 $1,280,597 $8,796 $440,053 $2,922,775 $4,652,221 $5,028,167
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, 1995
pars
' E
With Comparative Actual Amounts For The Year December 31, 1994
1995
Over
(Under) 1994
Budget Actual Budget Actual
Revenue:
General property taxes $1,329,370 $1,354,677 $25,307 $1,254,999
Intergovernmental 135,265 144,480 9,215 136,359
Licenses and permits 88,865 117,511 28,646 60,914
Charges for services 230,000 241,874 11,874 239,643
Fines and forfeits 49,200 49,020 (180) 55,111
Interest on investments 36,900 54,917 18,017 34,473
Other 19,700 37,524 17,824 36,139
Total revenue 1,889,300 2,000,003 110,703 1,817,638
Expenditures:
Current:
General government 420,515 398,640 (21,875) 370,356
Public safety 742,338 723,034 (19,304) 682,063
Streets and highways 90,925 86,000 (4,925) 100,059
Sanitation 363,000 344,396 (18,604) 338,498
Recreation 181,272 178,567 (2,705) 164,685
Capital outlay 61,250 61,604 354 36,024
Total expenditures 1,859,300 1,792,241 (67,059) 1,691,685
Revenue over (under) expenditures 30,000 207,762 177,762 125,953
Other financing sources (uses):
Operating transfers from other funds - 35,000 35,000 15,000
Operating transfers to other funds (35,000) (160,000) (125,000) (50,000)
Total other financing sources (uses) (35,000) (125,000) (90,000) (35,000)
Net increase in fund balance ($5,000) 82,762 $87,762 90,953
Fund balance - January 1 1,197,835 1,106,882
Fund balance - December 31 $1,280,597 $1,197,835
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, 1995
With Comparative Amounts For The Year Ended December 31, 1995
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Enterprise Fund
1995 1994
Operating revenue:
Customer billings $444,981 $447,650
Penalties 6,402 5,786
Plumbing permits 1,350 840
Refunds and reimbursements - 625
Meter sales 5,954 2,201
Charges for services 1,578 6,493
Total operating revenue a 460,265 463,595
Operating expenses:
Contractual services 47,207 69,321
MCES charges 207,485 147,893
Materials and supplies 5,535 3,868
Administrative and personnel charges 95,000 94,250
Depreciation 108,242 99,082
Total operating expenses 463,469 414,414
Net income (loss) from operations (3,204) 49,181
Other income (expense):
Interest on investments 33,533 27,595
Bond interest - (1,276)
Paying agent fees - (
Gain on disposal of assets 21,893 -
Loss on disposal of assets - (2,219)
Total other income (expense) 55,426 23,940
Net income before operating transfers 52,222 73,121
Operating transfers to Capital Project Fund (98,325) (664,077)
Net income (loss) (46,103) (590,956)
Other increases (decreases):
Credit arising from transfer of depreciation to
contributions from property owners 98,325 89,698
Total other increases (decreases) 98,325 89,698
Net increase (decrease) in retained earnings 52,222 (501,258)
Retained earnings - January 1 802,498 1,303,756
Retained earnings - December 31 $854,720 $802,498
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, 1995
With Comparative Amounts For The Year Ended December 31, 1994
Enterprise Fund
1995 1994
Cash flows from operating activities:
Operating income (loss) ($3,204) $49,181
Adjustments to reconcile operating income to
net cash flows from operating activities:
Depreciation 108,242 99,082
Change in assets and liabilities:
Decrease (increase) in receivables 32,018 (20,073)
Decrease (increase) in prepaid expenses (7,397) 937
Increase in payables 23,671 10,916
Net cash flows from operating activities 153,330 140,043
Cash flows from noncapital financing activities:
Operating transfers to other funds (98,325) (664,077)
Cash flows from capital and related Financing activities:
Acquisition of fixed assets 15,111 (6,000)
Principal paid on bond maturities - (20,000)
Interest and paying agent fees on bonds - _ (1,861)
Net cash flows from capital and related Financing activities 15,111 (27,861)
Cash flows from investing activities:
Interest received on investments 33,533 27,595
Net increase (decrease) in cash and cash equivalents 103,649 (524,300)
Cash and cash equivalents - January 1 420,254 944,554
Cash and cash equivalents - December 31 $523,903 $420,254
Significant noncash investing, capital and financing activities:
During 1994 and 1995, fixed assets were contributed to the Enterprise Fund in the amount of $431,301 and $0,
respectively.
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, 1995
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Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES,
The City of Oak Park Heights operates under the State of Minnesota Statutory Plan A form of government.
The governing body consists of a five member City council elected by voters of the City.
The financial statements of the City of Oak Park Heights have been prepared in conformity with generally
accepted accounting principles as applied to governmental units by the Governmental Accounting Standards
Board (GASB). The following is a summary of the significant accounting policies.
A. FINANCIAL REPORTING ENTITY
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 Project Funds - to account for financial resources to be used for the acquisition or
construction of major facilities other than those financed by Proprietary Funds.
13
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
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 Aaencv 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. BASIS OF ACCOUNTING
The accounting and reporting treatment applied to a fund is determined by its measurement focus.
All governmental funds are accounted for on a current financial resources measurement focus. This
means that only current assets and current liabilities are generally included on their balance sheets.
Governmental fund operating statements present increases (revenues and other financing sources) and
decreases (expenditures and other financing uses) in net current assets.
All Proprietary Funds are accounted for on a flow of economic resources measurement focus. This
means that all assets and all liabilities (whether current or noncurrent) associated with this activity
are included on their balance sheets. Their reported fund equity (net total assets) is segregated into
contributed capital and retained earnings components. Proprietary fund type operating statements
present increases (revenues) and decreases (expenses) in net total assets.
14
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
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The modified accrual basis of accounting is followed by the City for its Governmental Funds and
Fiduciary Funds. Under this method of accounting, revenues are recognized when they become
susceptible to accrual - that is, when they become both measurable and available to finance
expenditures of the fiscal period. "Measurable" means the amount of the transaction can be
determined and "available” means collectible within the current period or soon enough thereafter to
be used to pay liabilities of the current period. Major revenue sources susceptible to accrual include
property taxes (excluding delinquent taxes received over 60 days after year end), special assessments,
intergovernmental revenues, charges for services and interest on investments. Major revenue sources
not susceptible to accrual include licenses and permits, fees, and miscellaneous revenues. Such
revenues are recorded as revenue when received because they are not measurable until collected.
Expenditures are generally recognized in the accounting period when the fund liability is incurred,
except for interest on general long -term debt which is recognized when due.
The accrual basis of accounting is followed for the Proprietary Funds. Under this method of
accounting, revenues are recognized during the accounting period in which they are earned and
become measurable and expenses are recognized in the accounting period in which they are incurred
if measurable. Governmental Accounting Standards Board (GASB) Statement #20, Accounting and
Financial Reporting for Proprietary Funds 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 $1,006,926, which consists of the
following:
Property taxes receivable $18,813
Special assessments receivable 975,663
Other 12,450
Total $ L 006.926
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.
15
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
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Encumbrance accounting, under which purchase orders, contracts, and other commitments for the
expenditure of monies are recorded in order to reserve that portion of the appropriation, is not
employed by the City because it is at present not considered necessary to assure effective budgetary
control or to facilitate effective cash management.
E. LEGAL COMPLIANCE - BUDGETS
The City follows these procedures in establishing the budgetary data reflected in the financial
statements:
1. The City Administrator submits to the City Council a proposed operating budget for the
fiscal year commencing the following January 1. The operating budget includes proposed
expenditures and the means of financing them.
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
16 the fund's equity in the cash and investment pool.
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
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.
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.
17
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
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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 1995
and 1994 totaled $53,496 and $61,842, respectively. Receipt of property taxes from this "fiscal
disparities pool" does not increase or decrease total tax revenue.
J. SPECIAL ASSESSMENT REVENUE RECOGNITION
Special assessments are levied against benefited properties for the cost or a portion of the cost of
special assessment improvement projects in accordance with State Statutes. These assessments are
collectible by the City over a term of years usually consistent with the term of the related bond issue.
Collection of annual installments (including interest) is handled by the County Auditor in the same
manner as property taxes. Property owners are allowed to (and often do) prepay future installments
without interest or prepayment penalties.
Revenue from special assessments is recognized by the City when it becomes measurable and
available to finance expenditures of the current fiscal period. In practice, current and delinquent
special assessments received by the City are recognized as revenue for the current year. Special
assessments are collected by the County and remitted by December 31 (remitted to the City the
following January) and are also recognized as revenue for the current year. All remaining delinquent,
deferred and special deferred assessments receivable in governmental 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.
IC INVENTORIES
The original cost of materials and supplies has been recorded as expenditures at the time of purchase
of the Governmental Funds (purchases method).
18
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
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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.
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.
19
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
N. LONG-TERM OBLIGATIONS
Long-term debt is recognized as a liability of a governmental fund when due, or when resources have
been accumulated in the Debt Service Fund for payment early in the following year. For other long-
term obligations, only that portion expected to be financed from expendable available financial
resources is reported as a fund liability of a governmental fund. The remaining portion of such
obligations is reported in the General Long-Tenn 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.
20
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
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, its instrumentalites,
or organizations created by an act of congress, excluding mortgage - backed securities.
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, general obligation tax - exempt
securities, or repurchase or reverse repurchase agreements.
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.
21
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Balances at December 31, 1995 were:
Carrying Market
Amount Value
Investments:
Investment pools $857,104 $880.793
Assets held with deferred
compensation plan administrator $168,958 $168,958
At December 31, 1995, the City held no investments subject to credit risk classification.
Note 3 FIXED ASSETS
• summary of changes in general fixed assets is as follows:
Balance Balance
1/1/95 Additions Deletions 12/31/95
Land $134,231 $ - $ - $134,231
Land improvements 309,333 - - 309,333
Buildings and structures 778,786 31,744 - 810,530
Machinery and equipment 215,293 64,153 31,226 248,220
Furniture and fixtures 160.973 7,560 11.392 157,141
Totals $1,598,616 $103,457 $42,618 $1,659,455
• summary of Enterprise Fund fixed assets at December 31, 1995 is as follows:
Enterprise
Land $60,000
Buildings and structures 1,254,445
Machinery and equipment 109,370
Distribution and collection systems 3,888,442
Total 5,312,257
Less: accumulated depreciation (1,243,825)
Net fixed assets $4,068,432
22
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Note 4 LONGTERM DEBT
The following is a schedule of changes in City indebtedness for the year ended December 31, 1995:
Balance Balance
1/1/95 Additions Deletions 12/31/95
General Long -Term Debt Account Group:
Bonded debt:
General obligation $2,405,000 $ - $1,160,000 $1,245,000
Special assessment bonds - 1,130,000 - 1,130,000
Compensated absences 71,812 2,413 - 74,225
Total general long -term debt $2,476,812 $1,132,413 $1,160,000 $2,449,225
All long -term bonded indebtedness outstanding at December 31, 1995 is backed by the full faith and credit of
the City.
The annual requirement to amortize all debt outstanding at December 31, 1995 including interest payments of
$670,552 is as follows:
Year General
Ending Obligation
December 31, Bonds
1996 $268,737
1997 312,490
1998 308,905
1999 319,810
2000 314,425
2001 -2006 1,527,185
Total $3,051,552
It is not practicable to determine the specific year for payment of long -term accrued compensated absences.
23
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
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Long -term debt at December 31, 1995 is composed of the following:
Final Authorized
Issue Maturity Interest And Outstanding
Date Date Rate Issued 12/31/95
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 $ -
G.O. Refunding Bonds of 1992 9/01/92 12/01/00 5.48 150,000 105,000
G.O. Crossover Refunding Bonds of 1993 4/01/93 12/01/06 4.71 1,140,000 1,140,000
Special assessment bands:
G.O. Improvement Bonds of 1995 7/1/95 12/1/05 4.69 1,130,000 1,130,000
Compensated absences 74,225
Total general long -term debt $2,449,225
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, 1995, $155,000 of bonds outstanding are considered defeased as
follows:
Issue Amount
$900,000 General Obligation Water and Sanitary
Sewer Improvements Bonds of 1967 $80,000
$500,000 General Obligation Water and Sanitary
Sewer Improvement Bonds of 1968 75,000
$155,000
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.
24
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
... ........ ............
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.
The City and the escrow agent are responsible for debt service payments as follows:
Debt Service Pavments Debt Service Commitment
Payment Refunded Refunding Escrow
Date Bonds Total Bonds Total Account City
06/01/93 $38,848 $ - $ - $38,848
12/01/93 88,848 34,553 34,553 88,848
06/01/94 37,573 25,915 25,915 37,573
12/01/94 92,573 25,915 25,915 92,573
06/01/95 36,129 25,915 25,915 36,129
12/01/95 1,181,129 25,915 1,115,915 91,129
06/01/96 - 25,915 - 25,915
12/01/96 - 100,915 - 100,915
06/01/97 - 24,565 - 24,565
12/01/97 - 104,565 - 104,565
06/01/98 - 23,045 - 23,045
12/01/98 - 108,045 - 108,045
06/01/99 - 21,345 - 21,345
12/01/99 - 111,345 - 111,345
06/01/00 - 19,455 - 19,455
12/01/00 - 114,455 - 114,455
06/01/01 - 17,413 - 17,413
12/01/01 - 117,413 - 117,413
06/01/02 - 15,163 - 15,163
12/01/02 - 135,163 - 135,163
06/01/03 - 12,403 - 12,403
12/01/03 - 137,403 - 137,403
06/01/04 - 9,403 - 9,403
12/01/04 - 149,403 - 149,403
06/01/05 - 5,903 - 5,903
12/01/05 - 160,903 - 160,903
06/01/06 - 1,950 - 1,950
12/01/06 - 76,950 - 76,950
$1,475,100 $1,631,333 $1,228,213 $1,878,220
25
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Note 5 LEGAL DEBT MARGIN
The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable
principally from property taxes. The City's legal debt margin for 1995 and 1994 is computed as follows:
December 31,
1995 1994
Market value $214,227,300 $205,301,600
Debt limit percentage 2,00% 2.00%
Debt limit 4,284,546 4,106,032
Amount of debt applicable to debt limit:
Total bonded debt 2,375,000 2,405,000
Less:
Non applicable debt:
Revenue bonds (1,140,000) (2,285,000)
Cash and investments in
corresponding Debt Service Funds (20,923) (10,277)
Total amount of debt applicable to debt limit 1,214,077 109,723
Legal debt margin $3,070,469 $3,996,309
Note 6 PENSION PLANS
A. Plan Description
All full -time and certain part-time employees of the City of Oak Park Heights are covered by defined
benefit 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. These plans are
established and administered in accordance with Minnesota Statute, Chapters 353 and 356.
PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan members
are covered by Social Security and Basic Plan members are not. All new members must participate
in the Coordinated Plan. All police officers, firefighters and peace officers who qualify for
membership by statute are covered by the PEPFF.
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.
PERA issues a publicly available financial report that includes financial statements and required
supplementary information for the PERF and PEPFF. A copy of this report can be obtained by
sending a request to: Public Employees Retirement Association of Minnesota, 514 St. Peter Street,
St. Paul, MN 55102 -1090.
26
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
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B. Funding Policy
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. The City
make annual contributions to the pension plans equal to the amount required by state statutes. 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 (a blended rate for both the
Basic and Coordinated Plans) 4.31% 4.60% 9.76%
PEPFF 7.60% 11.40% 19.00%
*The recommended rates scheduled above represent the required rates for fiscal year
1995 contributions as reported in the July 1, 1994 actuarial valuation reports.
The City's contribution to PERF and PEPFF for the last three years, which were equal to the required
contributions for each year, are as follows:
PERF PEPFF Total _
1995 $11,799 $43,997 $55,796
1994 13,939 41,979 55,918
1993 13,813 38,604 52,417
Note 7 METROPOLITAN COUNCIL ENVIRONMENTAL 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 MWCC in exchange for future credits. The MWCC
merged with the Metropolitan Council during 1994 to form Metropolitan Council Environmental Services
(MCES).
The MCES bills the City annually based upon estimated volume and budgeted costs. These billings are later
adjusted when actual volume and actual costs are determined. The adjustment to actual is generally
determined in the succeeding calendar year and payable by the City in the second succeeding calendar year.
The City follows the accounting policy of recognizing these charges as an expense of the sewer utility
operation in the year for which they are billed (for estimated billings) and in the year the adjustments are
determined (for adjustments from estimated to actual billings).
27
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
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�.,
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, 1995 and 1994 were
as follows:
December 31,
1995 1994
Current value credits $186 $234
Debt service credits 32,845 36,260
Deferred charges 438 443
Total $33,469 $36,937
Note 8 RECONCILIATION OF CONTRIBUTED CAPITAL
Changes to contributed capital during the year are as follows:
Depreciation
Beginning Capital on Contributed Ending
Balance Contributions Assets Balance
Water $2,302,541 $ o ($55,487) $2,247,054
Sewer 1,631,036 _ (42,838), , 1,588,198
Total $3.933.577 $0 ($98,325) $3,835,252
Note 9 DEFERRED COMPENSATION PLAN
The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code
Section 457. The deferred compensation plan is offered by the International City Managers Association. The
plan, available to all employees, permits them to defer a portion of their salary until future years. The deferred
compensation is not available to the employees until termination, retirement, death or unforeseeable
emergency.
All amounts of compensation deferred under the plan, all property and rights purchased with those amounts,
and all income attributable to those amounts, property or rights are (until paid or made available to the
employee or other beneficiary) solely the property and rights of the City (without being restricted to the
provisions of benefits under the plan), subject only to the claims of the City's general creditors. Participants'
rights under the plan are equal to those of general creditors of the City in an amount equal to the fair market
value of the deferred account for each participant.
Included in the Agency Fund on the combined balance sheet is $168,958 of funds recorded at market value
and primarily held by insurance companies in various investment pools for future payment of plan benefits.
28
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
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, 1995 is as follows:
Water Sewer
Operating Operating Total
Operating revenue $177,345 $282,920 $460,265
Depreciation expense 63,093 45,149 108,242
Operating income 26,869 (30,073) (3,204)
Property, plant and equipment additions 6,781 ° 6,781
Property, plant and equipment deletions - °
Operating transfers out 98,325
Net income (loss) (46,103)
Net working capital 621,541
Total assets 4,733,077
Total equity 4,689,973
Note 11 TAX INCREMENT DISTRICTS
The City established an economic development district, "St. Croix Mall Tax Increment District," on August 7,
1989. There have been no bonds issued as of December 31, 1995.
Taxes
Payable
in 1996
Current net tax capacity $385,283
Original net tax capacity (as adjusted) (230,195)
Retained captured net tax capacity $155,088
Note 12 SPECIAL TAXING DISTRICT
The City Council of Oak Park Heights established Storm Sewer Improvement Tax District No. 1 pursuant to
Minnesota Statutes, Section 444.17 and Ordinance No. 1600 adopted by the City on October 12, 1982.
Financing of the construction costs for establishment of this district was originally provided by issuing the
$205,000 General Obligation Storm Sewer Bonds of 1982. These bonds were entirely refunded in 1992 by the
$150,000 G.O. Refunding Bonds of 1992. The refunding bonds mature over the next seven years with final
payment due in 2000. To provide monies for payment of the principal and interest on the bonds, the City
levied upon all taxable property in the Storm Sewer Improvement Tax District an ad valorem tax. The levy is
to be spread for collection in years 1995 to 2000. The original scheduled levies totaled $198,000.
29
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Note 13 DEFICIT FUND BALANCES/RETAINED EARNINGS
The following fund had a fund deficit at December 31, 1995:
Capital project funds:
58th Street Improvement Phase III $5,987
Note 14 CONTINGENCIES
The City attorney has indicated that existing and pending lawsuits, claims and other actions in which the City
is a defendant are either covered by insurance; of an immaterial amount; or, in the judgment of the City
attorney, remotely recoverable by plaintiffs.
Note 15 DEFERRED AD VALOREM TAX LESS - BONDED DEBT
General Obligation bond issues sold by the City are financed by ad valorem tax levies in addition to special
assessments levied against the benefiting properties. When a bond issue to be financed partially or completely
by ad valorem tax levies is sold, speck annual amounts of such tax levies are stated in the bond resolution
and the County Auditor is 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, 1995 totaled $665,000.
30
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Note 16 (DESIGNATIONS AND RESERVATIONS OF FUND EQUITY
At December 31, 1995 and 1994 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,
1995 and 1994 are shown on the various balance sheets as segregations of the fund equity. A summary of such
designations is as follows:
December 31,
1995 1994
General Fund:
Designated for cash flow $717,000 $703,000
Designated for contingent employee benefits 168,606 158,744
Designated for general contingency 292,000 280,000
Designated for cooperation study 2,780 5,559
Designated for capital improvements 58,251 42,379
Designated for ensuing year's budget deficit 5,000
Designated for comprehensive plan 35,000
Special Revenue Fund:
Designated for special revenue program 8,796 9,111
Debt Service Funds:
Reserved for debt service 440,053 1,334,697
Capital Project Funds:
Designated for capital improvements 2,922,775 2,502,905
Enterprise Fund:
Reserved for debt service reserve 661,765 661,765
Totals $5,307,026 $5,703,160
Note 17 COMMITMENTS
Construction commitments at December 31, 1995 were composed of the following:
Expended Remaining
Contract as of Contract
Description Authorized 12/31 /95 Commitment
Autumn Ridge 1st Addition $179,113 $157,401 $21,712
Haase Addition 78,950 54,818 24,132
Autumn Ridge 2nd Addition 363,564 316,107 47,457
Valley View Estates e Phase II 259,194 229,301 29,893
58th Street Improvements 432,635 383,797 48,838
Street Reconstruction 1,022,539 980,880 41,659 31
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Note 18 MAJOR TAXPAYER
The City has one major taxpayer, Northern States Power, the total tax capacity value for this taxpayer
represented approximately 61% of the City's total tax capacity value for taxes payable in 1995.
Note 19 RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors
and omissions and natural disasters for which the City carries commercial insurance policies. The City retains
risk for the deductible portions of the insurance policies. The amount of these deductibles are considered
immaterial to the financial statements.
There were no significant reductions in insurance from the previous year or settlements in excess of insurance
coverage for any of the past three fiscal years.
32
COMBINING,
INDIVIDUAL. FUND
AND ACCOUNT GROUP
FINANCIAL. STATEMENTS
33
This page intentionally left blank.
34
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND Statement 6
BALANCE SHEET
December 31, 1995
With Comparative Amounts for December 31, 1994
December 31,
Assets 1995 1994
Cash and investments $1,306,755 $901,811
Accounts receivable 27,900 27,986
Accounts receivable - certified 1,614 2,542
Due from other governmental units 10,109 12,328
Inventory 5,138 -
Taxes receivable:
Delinquent 18,434 20,564
Due from County 8,195 314,008
Total assets $1,378,145 $1,279,239
Liabilities and Fund Balance
Liabilities:
Accounts payable $68,389 $53,199
Salaries payable 6,633 3,437
Due to other governmental units 4,092 4,204
Deferred revenue 18,434 20,564
Total liabilities 97,548 81,404
Fund Balance:
Unreserved:
Designated for cash flow 717,000 703,000
Designated for contingent employee benefit 168,606 158,744
Designated for general contingency 292,000 280,000
Designated for cooperation study 2,780 5,559
Designated for capital improvements 58,251 42,379
Designated for ensuing year's budget deficit - 5,000
Designated for comprehensive plan 35,000 -
Undesignated 6,960 3,153
Total fund balance 1,280,597 1,197,835
Total liabilities and fund balance $1,378,145 $1,279,239
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, 1995
With Comparative Actual Amounts for the Year Ended December 31, 1994
IIil, 111 1 1, 1 hi ue W1,S1W 11! l 1 LLB, IJ111 l III I i I III ILL1„1,1I1111 Id IIU 1 iI 11I ,bI L ihilU6 1,1I11J 911J,u;u. ;aw.al ' u l I jill, dIII WI1111kU IY:WY11L 4w.
1995
Over (Under) 1994
Budget Actual Budget Actual
Revenue: -
General property taxes:
Current and delinquent $1,329,370 $1,331,499 $2,129 $1,232,906
Payment in lieu of taxes - 7,306 7,306 7,696
Lost TIF - 15,872 15,872 _ 14,397
Total general property taxes 1,329,370 1,354,677 25,307 1,254,999
Intergovernmental:
State:
HACA 76,615 76,615 - 75,245
Police aid 43,500 48,245 4,745 43,523
County:
Recycling grant 12,700 16,568 3,868 15,870
Gravel tax allocation - - 209
Other - miscellaneous 2,450 3,052 602 1,512
Total intergovernmental 135,265 144,480 9,215 136,359
Licenses and permits 88,865 117,511 28,646 60,914
Charges for services: -
General government 2,000 2,329 329 2,681
Refuse collection 113,000 110,021 (2,979) 108,310
Inspections - City of Bayport 20,000 34,524 14,524 34,402
Administrative - Enterprise Fund 95,000 95,000 - 94,250
Total charges for services 230,000 241,874 11,874 239
Fines and forfeits 49,200 49,020 (180) 55,111
Interest on investments 36,900 54,917 18,017 34,473
Refunds and reimbursements 16,000 33,270 17,270 31,273
Donations and contributions 700 200 (500) 500
Sale of property 3,000 4,054 1,054 4,366
Total revenue 1,889,300 2,000,003 110,703 1,817,638
Expenditures:
General government:
Mayor and council:
Current:
Personal services 29,070 25,396 (3,674) 24,069
Contractual services 6,600 8,331 1,731 5,630
Total current 35,670 33,727 (1,943) 29,699
Capital outlay 2,100 2,080 (20) -
Total mayor and council 37,770 35,807 (1,963) 29,699
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, 1995
With C omparative Actua Am for t he Year Ended December 31, 1994
1995
Over (Under) 1994
Budget Actual Budget Actual
Expenditures: (continued)
General government: (continued)
Elections:
Current:
Personal services $720 $720 $ - $3,503
Materials and supplies - - - 141
Total elections 720 720 0 3,644
City administrator:
Current:
Personal services 165,950 161,780 (4, 170) 151,142
Materials and supplies 2,600 2,974 374 2,662
Contractual services 10,000 7,727 (2,273) 5,626
Total current 178,550 172,481 (6,069) 159,430
Capital outlay 16,400 16,106 (294) 6,007
Total administrator 194,950 188,587 (6,363) 165,437
Planning and zoning:
Current:
Personal services 30,000 29,698 (302) 12,572
Municipal Building:
Current:
Materials and supplies 4,750 5,132 382 4,238
Contractual services 13,600 11,032 (2,568) 12,798
Total current 18,350 16,164 (2,186) 17,036
Capital outlay 6,750 9,548 2,798 4,168
Total municipal building 25,100 25,712 612 21,204
Assessor:
Current:
Personal services 11,500 12,388 888 11,005
Engineering:
Current:
Contractual services 8,000 8,572 572 4,300
General management:
Current:
Personal services 17,000 18,885 1,885 26,489
Materials and supplies 3,650 5,052 1,402 4,959
Contractual services 117,075 100,953 (16,122) 101,222
Total general management 137,725 124,890 (12,835) 132,670
Total general government 445,765 426,374 (19,391) 380,531
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, 1995
With C omparative Actual Amounts for th Ye Ended December 31, 1994
1995
Over (Under) 1994
Budget Actual Budget Actual
Expenditures: (continued)
Public safety:
Police department:
Current:
Personal services $567,660 $559,697 ($7,963) $533,196
Materials and supplies 24,350 25,343 993 22,934
Contractual services 28,650 22,623 (6,027) 22,274
Total current e 620,660 607,663 (12,997) 578,404
Capital outlay 34,500 33,320 (1,180) 20,386
Total police department 655,160 640,983 (14,177) 598,790
Building inspections
Current:
Personal services 68,860 66,991 (1,869) 53,529
Contractual services 2,900 978 (1,922) 1,774
Materials and supplies 1,400 897 (503) 1,267
Total current 73,160 68,866 (4,294) 56,570
Capital outlay 500 - (500) 4,083
Total building inspections 73,660 68,866 (4,794) 60,653
Fire protection:
Current:
Contractual services 46,568 45,704 (864) 46,081
Animal control:
Current:
Materials and supplies 450 55 (395) 61
Contractual services 1,500 746 (754) _ 947
Total animal control 1,950 801 (1,149) 1,008
Total public safety 777,338 756,354 (20,984) 706,532
Streets and highways:
Streets and alleys:
Current:
Materials and supplies 2,600 771 (1,829) 448
Contractual services 13,525 8,834 (4,691) 23,733
Total streets and alleys 16,125 9,605 (6,520) 24,181
Snow and ice removal:
Current:
Contractual services 30,000 33,816 3,816 33,744
Street lighting:
Current:
Contractual services 42,800 40,606 (2,194) 40,130
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, 1995
1994
With Comparative Actual Amounts for the Year Ended December r 31 , lli�llI tl1 W1YI,IWLI'Y,YWIW61111I1IN Y 1k1l",,J1tlYd,dltlll,I, „1I,IY,JIIJIJJJ
YWU'I , 1 U.1 ,u 41ii l J , 1 „IIII i, Id ,dl.. L. ;i 1 11 YIW 11I IYI, IL IIIYY�, d11, Il,u, III�IIIWI, 11 ,1111 �IL�I.W.11, 4YuY Y,II Yi'I�YIIJ �JII III IIJ tlY,l WJ �.ti1.YLI.11edu IWY,WWI WYYWWIAWWIWYiuIWW YYIWIWtUUd. IIWW.e ddWI.IW111WYi4
1995
Over (Under) 1994
Budget Actual Budget Actual
Expenditures: (continued)
Streets and highways: (continued)
Arborist:
Current:
Personal services $1,950 $1,950 $ - $1,950
Materials and supplies 50 23 (27) 54
Total arborist 2,000 1,973 (27) 2,004
Total streets and highways 90,925 86,000 (4 ,925) 100,059
Sanitation:
Refuse collection and disposal:
Current:
Contractual services 348,000 334,053 (13,947) 326,926
Total refuse collection and disposal 348,000 334,053 (13,947) 326,926
Tree removal and planting:
Current:
Contractual services 15,000 10,343 (4,657) 11,572
Total sanitation 363,000 344,396 (18,604) 338,498
Recreation:
Parks, playgrounds and rinks:
Current:
Personal services 168,390 167,594 (796) 154,828
Materials and supplies 5,332 4,822 (510) 4,223
Contractual services 7,550 6,151 (1,399) 5,634
Total current 181,272 178,567 (2,705) 164,685
Capital outlay 1,000 550 _ (450) 1,380
Total recreation 182,272 179,117 (3,155) 166,065
Total expenditures w 1,859,300 1,792,241 (67,059) 1,691,685
Revenue over (under) expenditures 30,000 207,762 177,762 125,953
Other financing sources (uses):
Operating transfers from Capital Project Fund - 35,000 35,000 15,000
Operating transfers to Capital Project Fund (35,000) (160,000) (125,000) (50,000)
Total other financing sources (uses) (35,000) (125,000) (90,000) (35,000)
Net increase in fund balance ($5,000) 82,762 $87,762 90,953
Fund balance - January 1 1,197,835 1,106,882
Fund balance - December 31 $1,280,597 $1,197,835
39
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL REVENUE FUND Statement 8
FORFEITURE AND SEIZURE FUND
BALANCE SHEET
December 31, 1995
With Comparative Amounts For December 31, 1994
110 iJw11idw„ 1 1 Ad.. lu e, "u wu :,w:,W , , Jl Lt ei, lPb JbO IY,IJ Vd14W.4Wl ttlullWltlJ:OVI IWllllwdl ul llpWlYYlYilu' 1lt4l:n14YWYVYIWLLIWLAYwwu!WYI41 wow wwYYw014 'IW +uilWW4w'uYUlLiwuX11WJ 1d1Y,Will'..ID6tli0dWYIf OtlWYW110YlJVl' WAJHYYWdPIIi1WWW :YaI,w.YWUa:eJOJ1u
Assets 1995 1994
Cash and investments $8,796 $9,111
Total assets $8,796 $9,111
Liabilities and Fund Balance
Liabilities:
Accounts payable $ $
Total liabilities 0 0
Fund balance:
Unreserved:
Designated for special revenue programs 8,796 9,111
Total fund balance 8,796 9,111
Total liabilities and fund balance $8,796 $9,111
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, 1995
With Comparative Amounts For The Year Ended December 31, 1994
a Yl4 wll, u1WYYJ�, aIYYIIYIllY1JLYWu411YWYLi6YLIdI�IYhIIdYY�wl1, bWYlYYh1YYYWYVYY IYW1 111LVYWW 111WI;WYY+ILYYIIIJIIYJIIIYII
1U ,.,.II..I. II, L +Iliilie,J I," �,6i1 I,I it "I,, ,111 +JJU +I'kl ,lY'.I idl +I L, l.LII +I J',L YdlWlkl'1I+iI IL L+II I,'ll 11JJiiL.k'�, Y'YJ 11WIWWYLa'.'.I I,VL LYJtWW'�lYlillilllYJYl11 IWLLWIrIWV. YdIVJYIWtW111YLLluull k1114lVYLILII'YL�1 W
1995 1994
Revenue:
Interest on investments $519 $310
Confiscated property 2,700 4,000
Total revenue 3,219 4,310
Expenditures:
Public safety:
Current:
Contractual services 1,078 1,865
Capital outlay 2,456 945
Total expenditures 3,534 2,810
Revenue over (under) expenditures (315) 1,500
Fund balance - January 1 9, 7,611
Fund balance - December 31 $8,796 $9,111
41
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE FUNDS Statement 10
COMBINING BALANCE SHEET
December 31, 1995
With Comparative Totals For December 31, 1994
nuwu,v ueouan u'. eur,n ue uu„ - 1,1WM M ie �wuu1u ;uw a n.euuuww!401A +we, ww, AUld IAMS miwoew: wwuuurewuw .wuuww:,wmmowuuueu.ewwwww ouvaw, wuwwmu: wmwumwuw+ weoiw: mww ,✓Weomwwuuuwwwuuewweuu.w,wa ywaumi rsa xua ,omw.uuw✓r
G.O.
Revenue
Bonds of 1991/
Crossover G.O.
G.O. Refunding Refunding Improvement
Bonds of 1992 Bonds Bonds Totals
(Storm Sewer) of 1993 of 1995 - 1995 1994
Assets
Cash and investments $20,923 $227,409 $192,547 $440,879 $231,554
Cash and investment in escrow - - - - 1,097,678
Taxes receivable:
Delinquent 286 - - 286 367
Due from County 145 - - 145 5,694
Special assessments:
Deferred - 49,158 510,592 559,750 70,744
Total assets $21,354 $276,567 $703,139 $1,001,060 $1,406,037
Liabilities and Fund Balance
Liabilities:
Accounts payable $ - $971 $ - $971 $229
Deferred revenue 286 49,158 510,592 560,036 71,111
Total liabilities 286 50,129 510,592 561,007 71,340
Fund balance:
Reserved for debt service 21,068 226,438 192,547 440,053 1,334,697
Total liabilities and fund balance $2 $276,567 $703,139 $1,001,060 $1,406,037
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, 1995
1, 94
Co mparative 1�. dap �. Decemb With I, l" Tota For The YKi3 En D1NYm Y ? ;J INV A ; Akili 11W Ilk, 0;WW;, WNW;; II1 j:,hId4IIW1IiI k6kIYYP, 6Wry ; I'M Ill HWWJI;LPilOLWy AI"I;llYPek'Wil 1 ; 1111 IJLb
G.O.
Revenue
Bonds of 1991/
Crossover G.O.
G.O. Refunding Refunding Improvement
Bonds of 1992 Bonds Bonds Totals _
(Storm Sewer) of 1993 1995 1995 m 1994
Revenue:
General property taxes:
Current and delinquent $ - $ - $ - $ - $376
Storm Sewer ad valorem taxes:
Current and delinquent 23,716 - 23,716 22,513
Special assessments:
Current and delinquent - 26,892 - 26,892 29,259
Prepayments - - 147,856 147,856 -
Intergovernmental:
State:
Homestead credit 1,365 - - 1,365 1,395
Interest on investments 1,119 56,142 2,823 _ 60,084 57,352
Total revenue 26,200 83,034 150,679 259,913 110,895
Expenditures:
Debt service:
Principal 15,000 1,145,000 - 1,160,000 195,000
Interest 6,103 124,088 21,456 151,647 141,973
Paying agent fees - 1,234 - 1,234 1,100
Total expenditures 21,103 1,270,322 21,456 1,312,881 338,073
Revenue over(under)expenditures 5,097 (1,187,288) 129,223 (1,052,968) (227,178)
Other financing sources:
Bond proceeds - - 63,324 63,324 -
Transfer from Capital Project Fund - 95,000 - 95,000 65,000
Total other financing sources 0 95,000 63,324 158,324 ® 65,000
Net increase (decrease) in fund balance 5,097 (1,092,288) 192,547 (894,644) (162,178)
Fund balance - January 1 15,971 1,318,726 - 1,334,697 1,481,100
Residual equity transfer in - - - - 15,775
Fund balance - December 31 $21,068 $226,438 $192,547 $440,053 $1,334,697
43
CITY OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1995
With Comparative Totals For December 31, 1994
Y WYI, IUIYIJY11114'u 1 'WIIiWIJ111tlW l' JlYUtI;! JJYIWJ. YWllp6; IIdIdJdlll IW41! 11141LWWYIWYWI 'pJi1b1;WJYltl'JIYitlllldtl Y'wlleYlll!'.!;JIIdILLYIYLd'I YIIYYVYIIIiW4YIWi1111JWYId1YLY 'i IVILdWIiIII ;YW161V41uYVBWIuIIIY!16111III ltlu' tl ;YIYNIIYIIWIIYWWlY1114Y111u1Y 4IIIiY1'IldlW4lYlL!IdLWI WIWUIIlYtl11J4JWJllIYIYh 'IW'WLY{II!WWIIJIIW IJJ'JYYfI!W!11'aYWWYpLL'JI II JYVV. 1611Y liiuY JW;Illut!YdJ'YOYtIIY;liY4dJ,.tli IVYIYiW;141LYIJWII a pLY lY!Ai
Park &
Closed Capital Recreation
Bond Fund Improvements Development
Assets
Cash and investments $795,205 $297,353 $251,006
Due from other governmental units 2,322 - -
Due from developers - -
Taxes receivable:
Delinquent 93 - -
Due from County 57 - -
Special assessments receivable:
Delinquent 1,318 - -
Deferred 269,765 - -
Special deferred 144,800 - -
Due from County - - -
Total assets $1,213,560 $297,353 $251,006
Liabilities and Fund Balance
Liabilities:
Cash overdraft $ - $ - $ -
Accounts payable 1,177 - 705
Contracts payable 3,610 - -
Deposits payable - - -
Deferred revenue 415,974 - -
Total liabilities 420,761 0 705
Fund balance:
Unreserved:
Designated 792,799 297,353 250,301
Undesignated - - -
Total fund balance 792,799 297,353 250,301
Total liabilities and fund balance $1,213,560 $297,353 $251,006
44
Statement 12
Page I of 2
AAE
St. Croix Valley View 58th Street
Mall River Hills Street East Oaks Estates Renewal and Improvement Wal-Mart
2nd Addition Reconstruction Swager Krongard Replacement Phase II Addition
$6,156 $12,568 $237,562 $795 $ $799,452 $ - $
- - - - - 230,000
14,912 -
$6,156 $12,568 $237,562 $795 $14,912 $799,452 $230,000 $0
$ $ - $ - $ - $ - $ - $80,377
86 143 173 86 - 1,491
84,830 14,826 - 37,055
12,482 - - - -
0 12,568 84,973 173 14,912 0 118,923 0
6,156 - 152,589 622 - 799,452 111,077
6,156 0 152,589 622 0 799,452 111,077 0
$6,156 $12,568 $237,562 $795 $14,912 $799,452 $230,000 $0
45
CITY OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1995
With Comparative Totals For December 31, 1994
® High
School 58th Street Autumn Brackley
Improvement Improvement Ridge Addition
Assets
Cash and investments $ - $ - $378 $109,525
Due from other governmental units - - - -
Due from developers - - 12,420
Taxes receivable:
Delinquent - ° - -
Due from County - - - -
Special assessments receivable:
Delinquent - - ° -
Deferred - - -
Special deferred - - - -
Due from County - - - -
Total assets $0 $0 $12,798 $109,525
Liabilities and Fund Balance
Liabilities:
Cash overdraft $ - $ - $ - $ -
Accounts payable - - 333 1,024
Contracts payable - - 12,087 -
Deposits payable - - - -
Deferred revenue - - - -
Total liabilities 0 0 12,420 1,024
Fund balance:
Unreserved:
Designated - - 378 108,501
Undesignated - _ - -
Total fund balance 0 0 378 108,501
Total liabilities and fund balance $0 $0 $12,798 $109,525
46
Statement 12
Page 2 of 2
i i I � i �� ,� i i II n i � i N bI :IL;,N,L;IllilXeJunfwnu „: eaan:u.:.:d s u..,
, u: uu; nwmLieouuouu IN, mm�wur�uuud+ ��aweo: uuuuwuuwun ,w:u�semwwui�um,mwewaeuwu ueinm:ru:r:u:u ��wuwwtxI. III v, eu: ouasmi, wYOnowuewuuueivar�muu ;uuw�un�uwu:�iva iwiwaw:o;,�iu�m:w,,u uuauuum,niu,o��u, u�:m� wiu, duuwuuu, u�; ueu,, ���, uuunmw,: uu6�uuuwW�, u,,: r,.. u.. � :mwuud „�ammu:uumawauu,�amw.0 wi w u
AAE
58th Street Autumn Sanitary Storm
Improvement Haase Ridge Sewer Water Sewer Totals
Phase III Addition Addition Connection Connection Connection 1995 1994
$ - $ - $ - $93,091 $161,005 $155,429 $2,919,525 $2,616,967
- - - 232,322 -
5,645 41,586 - - - 74,563 18,654
- - - - - 93 215
_ - - - - 57 130
- - - - 1,318 1,246
- - - - 269,765 22,513
- - - 144,800 144,800
- - - - - - 95
$0 $5,645 $41,586 $93,091 $161,005 $155,429 $3,642,443 $2,804,620
$5,905 $228 $ - $ - $ - $ - $86,510 $22,381
82 2,667 5,214 - - - 13,181 69,850
- 2,741 36,372 - - - 191,521 24,323
- - - - - - 18,680
- - - - - - 428,456 182,862
5,987 5,636 41,586 0 0 0 719,668 318,096
(5,987) 9 - 93,091 161,005 155,429 2,922,775 2,502,905
- _ - - - - (16,381)
(5,987) 9 0 93,091 161,005 155,429 2,922,775 2,486,524
$0 $5,645 $41,586 $93,091 $161,005 $155,429 $3,642,443 $2,804,620
47
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, 1995
With C omparative T F Th Y Ended Dec 31, 1994
Park and
Closed Capital Recreation
Bond Fund Improvements Development
Revenue:
General property taxes:
Current and delinquent $124 $ - $ -
Tax increment taxes - - -
Special assessments:
Current and delinquent 10,207 - -
Penalty and interest 95 - -
Prepayments 31,289 - -
Intergovernmental:
State project reimbursement - - -
Other state revenue - - -
Interest on investments 62,475 11,583 8,719
Connection charges 42,840 - -
Other charges 2,321 390 -
Escrow investment earnings 430 - -
Refunds and reimbursements - - -
Donations and contributions - 200 153,104
Total revenue 149,781 12,173 161,823
Expenditures:
Professional services 31,271 - 1,759
Developer assistance - - -
Construction costs 61,914 40,587 -
Total expenditures 93,185 40,587 1,759
Revenue over (under) expenditures 56,596 (28,414) 160,064
Other financing sources (uses):
Bond proceeds - - -
Operating transfers from General Fund - 125,000
Operating transfers from Capital Project Fund - - -
Operating transfers from Enterprise Fund - - -
Operating transfers to General Fund - - -
Operating transfers to Debt Service Fund - - -
Operating transfers to Capital Project Fund (345,000) (55,000) -
Total financing sources (uses) (345,000) 70,000 0
Net increase (decrease) in fund balance (288,404) 41,586 160,064
Fund balance - January 1 1,036,303 255,767 90,237
Residual equity transfer in 44,900 - -
Residual equity transfer out - - -
Fund balance (deficit) - December 31 $792,799 $297,353 $250,301
48
Statement 13
Page 1 of 2
I "{ILLJIL J. I WJW IJJ' LW I'IYV I tlIY, JIJ4WI,IYY{IdYWlllldlLL'ItlIIIIJ WII W lieu IvIII1111W6'W JJIIl111W1 J "ll uW eliWldl'1111'.IiI YY! II YdYLLWU' WIII, WIYWWiWYLLItlLIWIWYY ',Y111WIYWYWAIIWJYItl1Y1 WIIL IWtlWIILa IYY!I,YIWIIY'W WY I'I WIIIUJJWd; IJ' li' IILLIYIIIW:IIIl4YlYdIYYYVYtlIIY ULLv11 LWIIIYV I, YWdWI1LYlWIdILIIYidl +WI1tlYI,Y,1111LLLYLIIIJ11dJW
"U"A' Uba'1110, III WI III 111WIW IwIp,II,NIItlWUd'IddoIdlip,JOp�
AAE
St. Croix Valley View 58th Street
Mail River Hills Street East Oaks Estates Renewal and Improvement Wal -Mart
(TIFF 2nd Addition Reconstruction Swager Krongard Replacement Phase H Addition
154,306
- _ - _ _ - 230,000 -
5,423 821 11,266 64 - 40,698 - 495
3,474 _ - 262,896
1,646
159,729 4,295 11,266 64 262,896 40,698 230,000 2,141 _
92,584 - - - - - - -
- 4,295 1,191,571 615 262,896 - 447,542 257
92,584 4,295 1,191,571 615 262,896 0 447,542 257
67,145 0 (1,180,305) (551) 0 40,698 (217,542) 1,884
- - 1,062,456 - _ - _ _
251,654 - _ - 345,000
- - _ 98,324 -
(35,000) - - - - -
(145,800) - - _ - (15,854) -
(145,800) 0 1,279,110 0 0 82,470 e 345,000 0
(78,655) 0 98,805 (551) 0 123,168 127,458 1,884
84,811 - 53,784 1,173 - 676,284 (16,381) 434
(2,318)
$6,156 $0 $152,589 $622 $0 $799,452 $111,077 $0
49
CITY OF OAK PARK HEIGHTS, MIIMSOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1995
With Comparative Totals For The Year Ended December 31, 1994
11 'h'i IUII111J I111111 W, :,, I I IJ, 1 W L;J, ILI 111111; I A II! I 11, 111, 11 J 111 IJiWU,l Il11' Ii u11L1' ! A I I ILI WILL 1WILA Wi �I III IL I A LI WILL 4IIIJ4 'flWLLJJ1L'YIWWWYI,IYIYYW1ytl Il M IYLL',WIIV,WJAIM111YIYM1'JIII, "Aal I WILIML, ;100 Wl LI I IIW 1!111, WL I I, I LII JIU W,
High
School 58th Street Autumn Brachley
Improvement _Improvement Ridge Addition
Revenue:
General property taxes:
Current and delinquent $ - $ - $ - $ -
Tax increment taxes - - - -
Special assessments:
Current and delinquent - - - -
Penalty and interest - - - -
Prepayments - - - -
Intergovernmental:
State project reimbursement - - - -
Other state revenue - - - -
Interest on investments 489 988 378 1,961
Connection charges - - - -
Other charges 732 - 206,177 108,105
Escrow investment earnings - - - -
Refunds and reimbursements - - - 8,662
Donations and contributions - - -
Total revenue 1,221 988 206,555 118,728
Expenditures:
Professional services - - - -
Developer assistance - - - -
Construction costs 512 2,879 206,177 10,227
Total expenditures 512 2,879 206,177 10,227
Revenue over (under) expenditures 709 (1,891) 378 108,501
Other financing sources (uses):
Bond proceeds - - - -
Operating transfers from General Fund - - - -
Operating transfers from Capital Project Fund - _ -
Operating transfers from Enterprise Fund - - - -
Operating transfers to General Fund - - - -
Operating transfers to Debt Service Fund - - - -
Operating transfers to Capital Project Fund - - - -
Total financing sources (uses) 0 0 0 0
Net increase (decrease) in fund balance 709 (1,891) 378 108,501
Fund balance - January 1 23,984 19,780 - -
Residual equity transfer in - -
Residual equity transfer out (24,693) (17,889) - -
Fund balance (deficit) - December 31 $0 $0 $378 $108,501
50
Statement 13
Page 2 of 2
ILLJ: Itllldllddidi. I; JJI. IA!:; lu! YW Iii,
IJ,ILILJI4'uuLWl!mllll'Wd WInWl, W4YNwlIdLlOLU44 WO! W; ll:, '.uYlilldlY{i;IYIIYYti1Y1W:,W!VWd ILWIY :IdWYl11W1.LYJeW,LWWIJWPWILL uWUW14:WJWWYI!lli Idl[ W: IWJJIdWWY11WYYYWul1V; WYWIIYWUWIVIIVIItl' JYY00dII4A111111YUiiIIIIWWWAWY ,dY9L4VVd.' IYWIWY
YYWYIIWWYJ, WWVW! WtlldYluYi, WIWL9LnYIWIWIYJIIWJILUIWIWWuYI; WW! IIII' WdlWlladJWWlu1WYIIIe11 WWYItlV JIiWIWYII I(
AAE
58th Street Autumn Sanitary Storm
Improvement Haase Ridge Sewer Water Sewer Totals
Phase 3 Addition Addition Connection Connection Connection 1995 1994
$ _ $ _ $ _ $ _ $ _ $ - $124 $206
154,306 165,260
10,207 12,687
95 12
31,289 991
_ - - - 761
_ - 230,000 -
9 - 4,079 9,997 4,877 164,322 76,073
- - 48,245 81,004 97,123 269,212 30,338
70,852 299,274 - - - 954,221 98,890
_ - _ _ - 430 -
_ - 10,308 2,531
_ _ _ - - 153,304 28,540
0 70,861 299,274 52,324 91,001 102,000 - 1,977,818 416,289
- - 33,030 24,042
_ - _ _ _ - 92,584 99,156
5,987 70,852 299,274 - - 1,148 2,606,733 276,926
5,987 70,852 299,274 0 0 1,148 2,732,347 400,124
(5,987) 9 0 52,324 91,001 100,852 (754,529) 16,165
- _ _ - - 1,062,456 -
- 125,000 50,000
- 596,654 -
_ _ - 98,324 664,077
- - (35,000) (15,000)
(15,000) (80,000) - (656,654) (65,000)
0 0 m 0 (15,000) (80,000) 0 ®_ 1,190,780 634,077
(5,987) 9 37,324 11,001 100,852 436,251 650,242
55,767 150,004 54,577 2,486,524 1,852,057
_ _ - 44,900 19,161
_ - - - (44,900) (34,936)
($5,987) $9 $0 $93,091 $161,005 $155,429 $2,922,775 $2,486,524
51
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUND Statement 14
BALANCE SHEET
December 31, 1995
With Comparative Amounts for December 31, 1994
dJlJ '1,IJJYJ1W11l'11tl41116'Iu'lul Y. 114J,v, 11'uWW,V U iIY1411411LIiL JWUI', Jl Woad, 1ddJlYLIIIY, IIWWI!lll'llL;WU!IIIW IIYIOlJ1l1; 5'! 1111YW1' 3WI41 !WIIIIIYIWIitlWtlYJYWYWYWWUWYV L'i1lYL'tlYtItlY4We Walu4ltlL lylll;!1lY'JL'JWWY411 d, W1Y111YL1' W16YIYJIlW1EWl111Y1A !IIIIWWYWIIYUIYYIW WY11111111'W11111 WY LLI'411Y1141 vJiWl'IY;W WIILIA' JlNtllllll!! WYllYWW1VdI1dItlA IIIYIdWLLIIYII11d111lVWlIWId11LL1iWYWIIJ I,lii;lill
Assets
1995 1994
Current assets:
Cash and cash equivalents $523,903 $420,252
Accounts receivable:
Customers 113,807 112,469
Certified to County 6,203 5,946
Other 105 257
Due from other governmental units - 33,461
Prepaid MCES 20,627 13,230
Total current assets 664,645 585,615
Fixed assets:
Land 60,000 60,000
Buildings and structures 1,254,445 1,254,445
Machinery and equipment 109,370 102,589
Distribution and collection system 3,888,442 3,888,442
Total 5,312,257 5,305,476
Less: Allowance for depreciation (1,243,825) (1,135,583)
Net fixed assets 4,068,432 4,169,893
Total assets $4,733,077 $4,755,508
Liabilities and Fund Equity
Liabilities:
Accounts payable $3,174 $5,251
Due to other governmental units 39,930 14,182
Total liabilities 43,104 19,433
Fund equity:
Contributions from property owners - net 3,835,253 3,933,577
Retained earnings:
Reserved 661,765 661,765
Unreserved 192,955 140,733
Total fund equity 4,689,973 4,736,075
Total liabilities and fund equity $4,733,077 $4,755,508
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, 1995
With Comparative Totals For The Year Ended December 31, 1994
Yd I: tlllalYYI1IIIYJYIIJJIl114YlY :YYIIW: 611' IIIJdI11Wt14W111YYWlw IXYYL'IllLLIJWII 4YilY' u' JIWitlWWIYIIIIIW' IUIVYIW '311111YWIIIVYYdil1i:IILIWIJJI III11111YJ61dt WYllilllldilWllllY, lIIJ1Yi111, V' IYYOJ ,'IIIlY11111111,iIIIWIJdlli YllIIIY�
:l1 .'.I,:.: i,rn +; I! l,1 "d:,Il,u 'uJ:l,lu iu ' !Y ruli,,mn .I Y,mow udwWlwl lu' , w! aIWInnd.wuwJwou'luwu 11
Water Sewer Totals
Operating Operating 1995 1994
Revenue:
Customer billings $166,887 $278,094 $444,981 $447,650
Penalties 2,838 3,564 6,402 5,786
Plumbing permits 675 675 1,350 840
Refunds and reimbursements - - - 625
Meter charges 5,954 - 5,954 2,201
Charges for services 991 587 1,578 6,493
Total operating revenue 177,345 282,920 460,265 463,595
Expenses:
Contractual services 35,185 12,022 47,207 69,321
MCES charges - 207,485 207,485 147,893
Materials and supplies 4,698 837 5,535 3,868
Administrative and personnel charge 47,500 47,500 95,000 94,250
Depreciation:
On purchased assets 7,607 2,311 9,918 9,384
On contributed assets 55,486 42,838 98,324 89,698
Total operating expenses 150,476 312,993 463,469 414,414
Operating income (loss) $26,869 ($30,073) (3,204) 49,181
Other income (expense):
Interest on investments 33,533 27,595
Bond interest - (1,276)
Paying agent fees - (
Gain on disposal of assets 21,893 -
Loss on disposal of assets - (2,219)
Total other income (expense) 55,426 23,940
Net income before operating transfers 52,222 73,121
Operating transfers to Capital Project Funds (98,325) (664,077)
Net income (loss) (46,103) (590,956)
Other increases (decreases):
Credit arising from transfer of depreciation to contributions from property owners 98,325 89,698
Total other increases (decreases) 98,325 89,698
Net increase (decrease) in retained earnings 52,222 (501,258)
Retained earnings - January 1 802,498 1,303,756
Retained earnings - December 31 $854,720 $802,498
53
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUND Statement 16
STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1995
With Comparative Amounts For The Year Ended December 31, 1994
WvllL JI,IJJ,iWILU,W1pd IUJJ UIIUIl YI w11:VL WIIII.II,I IIW'JI VII.IIIVY'J11 LILI1VLlvVdYIVL,ILLW',II'. LIJIIWI 'JLWYWJJWLWYILVIYL'JIVWLLJIJYI I'V LLWdilY1lLLIU1JOLLd11 WWIL;IdII'JIIW IVLLlILI11dILIIIiLlLlllldl WILIL'JWIYJL!YLLILLILWJ Vtlllit lYL1L1lII!iLWJWIW:IL11Wl d, LYYL iW111WJb'llul`I11, 11111111' IWdWLWI( Y .'LLIJWWLLIUIIYuLLJIIILLIIJJJLIIW JI WU. LW,1 WOliLL4Vlld "IIJIaY Ji
1995 1994
Cash flows from operating activities:
Operating income(loss) (3,204) $49,181
Adjustments to reconcile operating income to
net cash flows from operating activities:
Depreciation 108,242 99,082
Change in assets and liabilities:
Decrease (increase) in receivables 32,018 (20,073)
Decrease (increase) in prepaid expenses (7,397) 937
Increase (decrease) in payables 23,671 10,916
Net cash flows from operating activities 153,330 a 140,043
Cash flows from noncapital financing activities:
Operating transfers to other funds (98,325) (664,077)
Cash flows from capital and related financing activities:
Acquisition of fixed assets 15,111 (6,000)
Principal paid on revenue bond maturities (20,000)
Interest and paying agent fees paid on revenue bonds - _ (1,861)
Net cash flows from capital and related financing activities 15,111 (27,861)
Cash flows from investing activities:
Interest received on investments 33,533 27,595
Net increase (decrease) in cash and cash equivalents 103,649 (524,300)
Cash and cash equivalents - January 1 420,254 944,554
Cash and cash equivalents - December 31 $523,903 $420,254
54
CITY OF OAK PARK HEIGHTS, MINNESOTA
AGENCY FUNDS Statement 17
COMBINING BALANCE SHEET
December 31, 1995
With Comparative Totals for December 31, 1994
Developers' Deferred
Deposit Investment Compensation Totals
Fund Fund Fund 1995 1994
Assets
Assets held with deferred compensation
plan administrator $ - $ - $168,958 $168,958 $96,668
Accrued interest receivable - 45,796 - 45,796 38,145
Accounts receivable - - - - 130
Due from developers 3,829 - - _ 3,829 5,509
Total assets $3,829 $45,796 $168,958 $218,583 $140,452
Liabilities
Cash overdraft $587 $45,796 $ - $46,383 $39,198
Accounts payable 2,015 - - 2,015 3,757
Deferred compensation payable - - 168,958 168,958 96,668
Due to developers 1,227 - - 1,227 829
Total liabilities $3,829 $45,796 $168,958 $218,583 $140,452
55
CITY OF OAK PARK HEIGHTS, M PINESOTA
AGENCY FUNDS Statement 18
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1995
VIII W II dd, IId"", IIWII II I I II ILI LWIIIIIIIW 11 YeYLLIIlY 1 1111, IW, 11111' IYJM1IIW IIbYWW LLY, 1' tlWWlllllll', IILWIu IW'lIu IIW101 WYYWYYIIWJLLL UYL IIYILII'MJIIIIWYIYIWYIbW'1WJIL I1111111YU111L did W 14WJYI di IIWII1:11YW1W a111111' ILWLIaY11WLIdWIWYIVJIILIWl1111Y IdIWAILIIY JIIIJIYIWWILW, WIIL IIJ111d, IN' IJIW' IIJIYLLIIYI IIV'011111 , IIJ11144 1�IIA.,1.1111119191I41111II111 II WW1. H II ;Ij I111 LIMA.
Balance Balance
January 1, December 31,
1995 Additions Deletions 1995
Developers' Deposit Fund:
Assets:
Accounts receivable $130 $ - $130 $ -
Due from developers 5,509 3,829 5,509 3,829
Total assets $5,639 $3,829 $5,639 $3,829
Liabilities:
Cash overdraft $1,053 $ - $466 $587
Accounts payable 3,757 2,015 3,757 2,015
Due to developers 829 1,227 829 1,227
Total liabilities $5,639 $3,242 $5,052 $3,829
Investment Fund:
Assets:
Accrued interest $38,145 $45,796 $38,145 $45,796
Liabilities:
Cash overdraft $38,145 $45,796 $38,145 $45,796
Deferred Compensation Fund:
Assets:
Assets held with deferred compensation
plan administrator $96,668 $75,452 $3,162 $168,958
Liabilities:
Deferred compensation payable $96,668 $75,452 $3,162 $168,958
Total Auencv:
Assets:
Assets held with deferred compensation
plan administrator $96,668 $75,452 $3,162 $168,958
Accrued interest receivable 38,145 45,796 38,145 45,796
Accounts receivable 130 - 130 -
Due from developers 5,509 3,829 5,509 3,829
Total assets $140,452 $125,077 $46,946 $218,583
Liabilities:
Cash overdraft $39,198 $45,796 $38,611 $46,383
Accounts payable 3,757 2,015 3,757 2,015
Deferred compensation payable 96,668 75,452 3,162 168,958
Due to developers 829 1,227 829 1,227
Total liabilities $140,452 $124,490 $46,359 $218,583
56
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF GENERAL FIXED ASSETS Statement 19
For The Year Ended December 31, 1995
Balance Balance
January 1, December 31,
Description 1995 1 Additions ® Deletions 1995
Land $134,231 $ $ - $134,231
Land improvements 309,333 - 309,333
Buildings and structures 778,786 31,744 - 810,530
Machinery and equipment 215,293 64,153 31,226 248,220
Furniture and fixtures 160,973 7,560 11,392 157,141
Totals $1,598,616 $103,457 $42,618 $1,659,455
57
CITY OF OAK PARK HEIGHTS, MDWESOTA
SCHEDULE OF GENERAL LONG -TERM DEBT Statement 20
December 31, 1995
With Comparative Amounts For December 31, 1994
1995 1994
Amount Available And To Be Provided For The
Retirement of Long -Term Debt
Bonds:
Amount available in Debt Service Funds $440,053 $1,334,697
Amount to be provided from future tax levies/
special assessment collections, and connection charges 1,934,947 1,070,303
Compensated absences:
Amount available in General Fund 74,225 71,812
Total available and to be provided $2,449,225 $2,476,812
General Long -Term Debt Payable
Bonds payable:
General Obligation Bonds:
Water and Sewer Revenue Bonds of 1991 $ - $1,145,000
G.O. Refunding Bonds of 1992 105,000 120,000
G.O. Crossover Refunding Bonds of 1993 1,140,000 1,140,000
Special Assessment Bonds:
G.O. Improvement Bonds of 1995 1,130,000 -
Total bonds payable 2,375,000 2,405,000
Compensated absences payable 74,225 71,812
Total general long -term debt payable $2,449,225 $2,476,812
58
SUPPLEMENTARY
FINANCIAL
INFORMATION
59
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS Exhibit 1
December 31, 1995
Final Net Bonds Principal Interest
Payment Interest Authorized Retired Outstanding Due Due
Date Due Rate And Issued To Date At 12/31/95 In 1996 In 1996
Bonded Indebtedness
General Debt:
G.O. Water and Sewer
Revenue Bonds of 1991 5/1/91 12/1/06 6.51% $1,250,000 $1,250,000 $ m $ m $ -
G.O. Refunding Bonds of 1992 9/1/92 12/1/00 5.48% 150,000 45,000 105,000 15,000 5,412
G.O. Crossover Refunding
Bondsof1993 4/1/93 12/1/06 4.71% 1,140,000 m 1,140,000 75,000 51,830
Special assessments bonds:
G.O. Improvement bonds of 1995 7/1/95 12/1/05 4.69% 1,130,000 m 1,130,000 70,000 51,495
Total Indebtedness $3,670,000 $1,295,000 $2,375,000 $160,000 $108,737
60
CITY OF OAK PARK HEIGHTS, MINNESOTA
REVENUE BONDS AND GENERAL DEBT BONDS Exhibit 2
SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1995
IWWwLeW,11J IY.IuwtlilWllIY WIILbllll, iWWi' WY1i1Ld W1YJ.dWI!heLLY'J JUt11'nLl4dul0.Jlwa'tWl 'W,11Y OwI"HAWtl01LL'h0W11WIJLWiWb'llI YYCYI YYUkvW01AUdLLIYU" U' A dIwO'11MIAW „IdWIN1tl1`u4w1 II III iIIWIJYVW-NCII'" Y TIJ111 MIA 1,6IWV0A1,, Iwldl
General Debt Bonds
Special General
Taxing District General Obligation
$150,000 Obligation Crossover
G.O. Refunding Improvement Refunding
Bonds of 1992 Bonds of 1995 Bonds of 1993
Bonds payable $105,000 $1,130,000 $1,140,000
Future interest payable 17,907 305,530 353,115
Totals $122,907 $1,435,530 $1,493,115
Payments to maturity:
1996 $20,412 $121,495 $126,830
1997 24,700 158,660 129,130
1998 23,720 154,095 131,090
1999 27,700 159,420 132,690
2000 26,375 154,140 133,910
2001 - 148,740 134,825
2002 - 143,280 150,325
2003 - 137,700 149,805
2004 - 132,000 158,805
2005 - 126,000 166,805
2006 - - 78,900
Totals $122,907 $1,435,530 $1,493,115
61
CITY OF OAK PARK HEIGHTS, MINNESOTA
INSURANCE IN FORCE Exhibit 3
December 31, 1995
diW' WyL11YJLuAYI1dW1111YVU1VUJWWJIWUWIWWYII WWdNWYdYW1YLJid' WdifWeWW 'IWWwliYtluLW�iA1W11Yd'IWYiYY' 'JhWY'll'JWW4WWitlJWWl'JI u1WiWLItlftlVrmWWhYWWWtiJYItlWWUWilJtlNYJIYdtlYW 'YIYWdWJ 04YdWIbWIWJWYWYUW1YiWUWiW 'YJYUWYb
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 600,000
Uninsured motorist 600,000
Underinsured motorist 600,000
Physical Damage:
Comprehensive ($250 deductible) A.C.V.
Collision ($500 deductible) A.C.V.
Worker's Compensation 200,000/600,000 /600,000
Public Employees' Bond:
Clerk - treasurer 50,000
Deputy Clerk - treasurer 50,000
Bond - Public Employees Blanket Bond 50,000
Open Meet Law Policy - Defenses Costs 20,000
62
CITY OF OAK PARK HEIGHTS, MINNESOTA
FUTURE SCHEDULED TAX LEVIES Exhibit 4
December 31, 1995
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YIUJIIiIWIti II IIWddIWIdtl, VII�VW' WIIIII i ! I1.00lill"A lili'lllliYi'.I11Y11 I I'll I" hi UWW.IY' dVII Id14piYlilIIYYLIli Is! IiIIIII!J
Special
_ Taxing District
Year Of G.O. Refunding G.O. Improvement
Collection Bonds of 1992 Bonds of 1995 Total
1996 $25,000 $ - $25,000
1997 25,000 61,000 86,000
1998 25,000 59,000 84,000
1999 25,000 60,000 85,000
2000 25,000 60,000 85,000
2001 - 60,000 60,000
2002 - 60,000 60,000
2003 - 60,000 60,000
2004 - 60,000 60,000
2005 - 60,000 60,000
Totals $125,000 $540,000 $665,000
63
CITY OF OAK PARK HEIGHTS, MINNESOTA
TAXABLE VALUATIONS, TAX LEVIES AND TAX RATES Exhibit 5
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Tax Capacity Values
1995/1996 1994/1995
Taxable Valuations:
Real estate $6,411,815 $6,258,052
Personal property 129,330 211,583
Fiscal disparity:
Contribution (755,512) (783,352)
Distribution 280,681 251,091
Captured tax increment value (155,088) (167,668)
Total $5,911,226 $5,769,706
Tax Levy:
City Wide:
General revenue $1,367,545 $1,329,370
Debt service -
Total City Wide 1,367,545 1,329,370
Storm Sewer District:
G.O. Refunding Bonds of 1992 23,840 25,000
Total Tax Levy $1,391,385 $1,354,370
Tax Capacity Rate:
City Wide:
General revenue 23.145% 23.122%
Debt service 0.000% 0.000%
Total City Wide 23.145% 23.122%
Storm Sewer District:
Storm Sewer Bonds of 1982 0.636% 0.635%
Total Storm Sewer District 23.781% 23.757%
Note: The tax levies shown above represent net tax levies after 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, 1995
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Cash and investments (at cost) - January 1, 1995 $66,029
Additions:
Interest received on investments 53,198
Deductions:
Bond principal payments (65,000)
Bond interest and paying agent fees (10,640)
Release of excess earnings to City (429)
Cash and investments (at cost) - December 31, 1995 * $43,158
* Market value of $157,757 at December 31, 1995
65
CITY OF OAK PARK HEIGHTS,1bIINNESOTA
DEBT SERVICE ESCROW AGENT ACCOUNT Exhibit 7
BONDSPAYABLE
December 31, 1995
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First Trust St. Paul
$900,000 $500,000
Water and Sanitary Water and Sanitary
Sewer Improvement Sewer Improvement
Bonds of 1967 Bonds of 1968 Total
Bonds payable $80,000 $75,000 $155,000
Future interest payable 5,640 6,770 12,410
Totals $85,640 $81,770 $167,410
Year of maturity
1996 $43,760 $28,750 $72,510
1997 41,880 27,500 69,380
1998 a 25,520 25,520
Totals $85,640 $81,770 $167,410
66
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF CONSTRUCTION COSTS Exhibit 8
December 31, 1995
Legal Expended
and Current Prior
Contractor Engineer Fiscal Other Total Year Years
River Hills 2nd Addition $171,123 $30,696 $3,307 $187 $205,313 * $4,295 $201,018
Street Reconstruction 980,880 188,717 18,380 52,389 1,240,366 1,191,572 48,794
Valley View Estates 229,301 49,501 671 2,077 281,550 262,896 18,654
AAE - 58th Street - Phase 11 383,797 67,989 6,916 5,222 463,924 447,543 16,381
AAE - 58th Street - Phase III - 81 914 4 5,987 5,987 -
AAE - Autumn Ridge 157,401 46,057 742 1,976 206 206,176 -
AAE - Autumn Ridge - 2nd Additi 263,260 35,310 486 218 299,274 299,274 -
AAE - Brackey Addition - 7,439 1,804 964 10,207 10,207 -
AAE - Haase Addition 54,818 14,712 714 608 70,852 70,852 -
AAE - High School Improvement 464,871 68,250 19,257 87,822 640,200 * - 640,200
AAE - 58th Street Improvement 535,042 92,316 17,618 30,714 675,690 * 2 672,811
Total - All Funds $3,240,493 $601,068 $70,809 $187,169 $4,099,539 $2,501,681 $1,597,858
* Project Completed in 1995.
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, 1995
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Accounted
Original for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Tax increments received (including interest) $1,715,000 $589,880 $159,729 $965,391
Uses of funds:
Developer assistance 960,000 353,571 92,584 513,845
58th Street improvements 170,000 150,079 - 19,921
Street reconstruction - 145,800 (145,800)
Other improvements 585,000 1,419 - 583,581
Total uses of funds 1,715,000 505,069 m 238,384 971,547
Funds remaining (deficit) $0 $84,811 ($78,655) ($6,156)
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, 1995.
68
STATISTICAL
SECTION
69
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS Table 1
EXPENDITURES BY FUNCTION
Years 1986 Through 1995
(UNAUDITED)
- -777 -
Streets
General Public and Capital
Year Total Government Safety Highways Sanitation Recreation Outlay
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
1995 1,795,775 398,640 724,112 86,000 344,396 178,567 64,060
70
CITY OF OAK PARK HEIGHTS, NIINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS Table 2
REVENUE BY SOURCE
Years 1986 Through 1995
(UNAUDITED)
Licenses Charges Fines Interest
Inter - and for and on
Year Total Taxes governmental Permits Services Forfeits Investments Miscellaneous
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
1995 2,003,222 1,354,677 144,480 117,511 241,874 49,020 55,436 40,224
71
CITY OF OAK PARK HEIGHTS, MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS Table 3
Years 1986 Through 1995
(UNAUDITED)
Percent Total
Of Collection Delinquent
Current Delinquent Total as a Outstanding Percent of
Taxes Total Current Tax Levy Tax Tax Percent Delinquent Current
Payable Tax Levy Collections Collected Collections Collections _ of Levy Taxes Levy
1986 $722,273 $705,913 97.73% $5,404 $711,317 98.48% $26,716 3.70%
1987 792,677 774,069 97.65% 15,683 789,752 99.63% 29,641 3.74%
1988 923,731 914,739 99.03% 160 914,899 99.04% 21,293 2.31%
1989 1,031,733 983,752 95.35% 1,898 985,650 95.53% 30,833 2.99%
1990 1,205,556 1,177,782 97.70% 13,024 1,190,806 98.78% 33,458 2.78%
1991 * 1,199,554 1,129,373 94.15% 15,103 1,144,476 95.41% 35,036 2.92%
1992 1,199,554 1,182,272 98.56% 8,815 1,191,087 99.29% 39,017 3.25%
1993 1,302,310 1,294,478 99.40% 26,441 1,320,919 101.43% 17,563 1.35%
1994 1,344,630 1,330,300 98.93% 2,344 1,332,644 99.11% 21,146 1.57%
1995 1,430,985 1,421,284 99.32% 12,034 1,433,318 100.16% 18,813 1.31%
* During 1991, the State cut the City's HACA by $43,148 representing 3.6% of the City's total certified tax levy. Without this
State aid reduction, 1991 total tax collections would have equaled 99% of the certified tax levy.
72
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT COLLECTIONS Table 4
Years 1986 Through 1995
(UNAUDITED)
IL ..._. _.
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
Pa able - Due - Collected Due ® Collected Due Bills)
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
1995 47,191 43,888 93.00% 1,021 95.16% 2,282
* 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 1995
(UNAUDITED)
Percent of Percent of
Total Net Total Tax
Market Market Tax Capacity Property
Taxpayer Value Value Capacity Value Classification
Northern States Power $78,707,300 36.7% $3,620,536 55.4% Public Utilities
Oak Park Partners 9,836,400 4.6% 450,874 6.9% Commercial
Wal-Mart Stores Inc 2,588,000 1.2% 117,448 1.8% Commercial
K -Mart Corporation 1,814,200 0.8% 81,853 1.3% Commercial
Oak Ridge Place 2,451,000 1.1% 83,334 1.3% Res. over 3 units
Port of Sunnyside 1,415,700 0.7% 63,523 1.0% Commercial
Oak Park Associates 1,821,600 0.9 61,934 0.9% Res. over 3 units
Greenbrier Partners 942,000 0.4% 32,028 0.5% Res. over 3 units
Fahrendorff, Frank D. 715,700 0.3% 31,322 0.5% Commercial
Routson Investments 635,000 0.3% 27,610 0.4% Commercial
Totals $100,926,900 47.1% $4,570,462 69.9%
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