HomeMy WebLinkAboutAnnual Financial Report CITY OF OAK PARK HEIGHTS, MINNESOTA
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1997
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 5
Notes to Financial Statements
Combininsa. Individual Fund and Account Group Financial Statements.
General Fund:
Balance Sheet Statement 6
Statement of Revenue, Expenditures and Changes in Fund Balance -
Budget and Actual Statement 7
Special Revenue Funds:
Combining Balance Sheet Statement 8
Combining 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
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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 -Tenn Debt Account Group:
Schedule of General Long -Term Debt Statement 20
Supplementary 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
Schedule of Construction Costs Exhibit 6
Schedule of Sources and Uses of Funds:
St. Croix Mall Tax Increment District Exhibit 7
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
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Statistical Section
General and Special Revenue Funds - Expenditures by Function -
Years 1988 through 1997 Table 1
General and Special Revenue Funds - Revenue by Source -
Years 1988 through 1997 Table 2
Property Tax Levies and Collections - Years 1988 through 1997 Table 3
Special Assessment Collections - Years 1988 through 1997 Table 4
Principal Taxpayers Table 5
CITY OF OAK PARK HEIGHTS, MINNESOTA
ORGANIZATION
December 31, 1997
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Term Expires
Mayor:
David Schaaf December 31, 1998
Council Members:
Janet Robert December 31, 1998
Mark Swenson December 31, 1998
David Beaudet December 31, 2000
Jerry Turnquist December 31, 2000
Interim Administrator - Treasurer:
Judy Holst Appointed
Deputy Clerk/Finance Director:
Judy Holst Appointed
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4
GENERAL PURPOSE
FINANCIAL STATEMENTS
5
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED BALANCE SHEET -
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1997
With Comparative Totals For December 31, 1996
Governmental Fund Types
Special Debt
Assets General Revenue Service
Cash and investments $1,337,184 $21,745 $518,953
Interfund receivable - - -
Assets held with deferred compensation plan administrator - - -
Accrued interest receivable _ _
Accounts receivable 29,011 -
Due from other governmental units 15,256 -
Due from developers - -
Prepaid items - -
Inventory 3,056 - -
Taxes receivable:
Delinquent 10,805 - 142
Due from County (41,155) - (721)
Special assessments receivable - 342,814
Fixed assets (net of accumulated depreciation) _ _ _
Amount available in general fund - - -
Amount available in debt service fund _ _ _
Amount to be provided for retirement of general long -term debt - - -
Total assets $1,354,157 $21,745 $861,188
Liabilities, Equity and Other Credits
Liabilities:
Cash overdraft $ $ - $ -
Interlund payable - -
Escrow deposits payable - -
Accounts payable 64,652 - -
Salaries payable 17,116 - -
Contracts payable - -
Due to other governmental units 14,217 199 -
Judgment payable - -
Deferred compensation payable - -
Due to developers _ -
Compensated absences payable - -
Contract for deed payable - -
Bonds payable - - -
Deferred revenue 11,825 7,220 342,104
Total liabilities 107,810 7,419 342,104
Equity and other credits:
Invested in general fixed assets - - -
Contributions - net - - -
Retained earnings:
Reserved - - -
Unreserved - - -
. Fund balance:
Reserved - - 519,084
Unreserved:
Designated 1,188,814 14,326 -
Undesignated 57,533 - -
Total equity and other credits 1,246,347 14,326 519,084
Total liabilities, equity and other credits $1,354,157 $21,745 $861,188
6 The accompanying notes are an integral part of these financial statements.
Statement 1
Proprietary Fiduciary Account Groups Totals
Capital Fund Type Fund Type General General Long- (Memorandum Only)
Project Enterprise Agency Fixed Assets Term Debt 1997 1996
$3,624,580 $538,004 $29,000 $ - $ $6,069,466 $5,601,132
75,000 - - - - 75,000 -
- _ _ _ 215,653
- 131,530 - - 131,530 66,932
127,630 - - 156,641 168,500
- 22,281 - - 37,537 14,138
101,845 - 48,044 - 149,889 93,213
- 19,574 - - 19,574 23,238
- _ _ - 3,056 4,294
10,947 18,196
_ _ _ - (41,876) 5,156
154,752 - - - 497,566 791,700
- 4,319,669 - 1,837,486 - 6,157,155 5,748,063
- 95,814 95,814 80,274
519,084 519,084 496,308
- - 1,505,916 1,505,916 1,758,692
$3,956,177 $5,027,158 $208,574 $1,837,486 $2,120,814 $15,387,299 $15,085,489
$59,891 $ - $163,130 $ - $ - $223,021 $107,638
75,000 - - - - 75,000 -
- - 29,000 - 29,000 33,000
22,723 5,972 15,273 - 108,620 91,581
- - - - 17,116 164,109
130,431 _ _ - 130,431 -
- 2,051 - - 16,467 41,517
_ _ _ _ 100,000
_ 215,653
1,171 - 1,171 313
_ - 95,814 95,814 80,274
20,000 20,000 40,000
2,005,000 2,005,000 2,215,000
154,572 - - - - 515,721 808,060
442,617 8,023 208,574 0 2,120,814 3,237,361 3,897,145
- 1,837,486 - 1,837,486 1,770,837
- 4,082,158 - - - 4,082,158 3,736,928
- 661,765 - - - 661,765 661,765
- 275,212 - - - 275,212 213,368
- 519,084 496,308
3,578,274 - - - - 4,781,414 4,338,885
(64,714) - - - - (7,181) (29,747)
3,513,560 5,019,135 0 1,837,486 0 12,149,938 11,188,344
$3,956,177 $5,027,158 $208,574 $1,837,486 $2,120,814 $15,387,299 $15,085,489
The accompanying notes are an integral part of these financial statements. 7
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND Statement 2
CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES
For The Year Ended December 31, 1997
With Comparative Totals For The Year Ended December 31, 1996
Totals
Special Debt Capital (Memorandum Only)
General Revenue Service Project 1997 1996
Revenue:
General property taxes $1,387,227 $ - $23,648 $ - $1,410,875 $1,414,321
Tax increment taxes - - - 130,343 130,343 142,586
Special assessments - - 94,741 250,900 345,641 235,213
Intergovernmental 164,352 2,780 1,336 - 168,468 146,908
Licenses and permits 204,986 - - - 204,986 156,181
Charges for services 216,536 - - - 216,536 230,579
Fines and forfeits 60,682 - - - 60,682 56,545
Interest on investments 55,885 616 29,541 205,222 291,264 248,027
Connection charges - - - 288,283 288,283 206,621
Other charges - - - - - 13,258
Escrow investment earnings - - - 231 231 207
Refunds and reimbursements 51,108 - - 177,960 229,068 441,255
Donations and contributions 50 - - 38,120 38,170 13,120
Other 4,226 8,500 - - 12,726 12,592
Total revenue 2,145,052 11,896 149,266 1,091,059 3,397,273 3,317,413
Expenditures:
Current:
General government 507,902 - - - 507,902 441,852
Public safety 845,287 1,728 - - 847,015 796,557
Streets and highways 99,412 - - - 99,412 136,611
Sanitation 313,302 - - - 313,302 434,175
Recreation 211,244 - - - 211,244 185,372
Capital outlay 52,018 3,288 - 37,613 92,919 134,062
Debt service:
Principal - - 210,000 - 210,000 160,000
Interest - - 102,490 - 102,490 108,737
Professional services - - - 52,145 52,145 42,545
Developer assistance _ _ _ 78,206 78,206 85,551
Construction costs - - - 495,970 495,970 737,050
Total expenditures 2,029,165 5,016 312,490 663,934 3,010,605 3,262,512
Revenue over (under) expenditures 115,887 6,880 (163,224) 427,125 386,668 54,901
Other financing sources (uses):
Operating transfers from other funds - 1,112 186,000 646,774 833,886 303,324
Operating transfers to other funds (182,133) - - (550,550) (732,683) (205,000)
Total other financing sources (uses) (182,133) 1,112 186,000 96,224 101,203 98,324
Net increase (decrease) in fund balance (66,246) 7,992 22,776 523,349 487,871 153,225
Fund balance - January 1 1,312,593 6,334 496,308 2,990,211 4,805,446 4,652,221
Fund balance - December 31 $1,246,347 $14,326 $519,084 $3,513,560 $5,293,317 $4,805,446
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, 1997
With Comparative Actual Amounts For The Year Ended December 31, 1996
1997
Over
(Under) 1996
Budget Actual Budget Actual
Revenue:
General property taxes $1,371,254 $1,387,227 $15,973 $1,390,443
Intergovernmental 154,401 164,352 9,951 145,741
Licenses and permits 165,980 204,986 39,006 156,181
Charges for services 212,300 216,536 4,236 230,579
Fines and forfeits 52,100 60,682 8,582 56,545
Interest on investments 45,000 55,885 10,885 56,468
Refunds and reimbursements 21,735 51,108 29,373 45,268
Donations and contributions 50 50 - 1,600
Other - 4,226 4,226 8,742
Total revenue 2,022,820 2,145,052 122,232 2,091,567
Expenditures:
Current:
General government 439,665 507,902 68,237 441,852
Public safety 889,030 845,287 (43,743) 791,916
Streets and highways 97,725 99,412 1,687 136,611
Sanitation 327,600 313,302 (14,298) 434,175
Recreation 203,650 211,244 7,594 185,372
Capital outlay 44,000 52,018 8,018 34,645
Total expenditures 2,001,670 2,029,165 27,495 2,024,571
Revenue over expenditures 21,150 115,887 94,737 66,996
Other financing sources (uses):
Operating transfers to other funds (96,000) (182,133) (86,133) (35,000)
Net increase (decrease) in fund balance ($74,850) (66,246) $8,604 31,996
Fund balance - January 1 1,312,593 1,280,597
Fund balance - December 31 $1,246,347 $1,312,593
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, 1997
With Comparative Amounts For The Year Ended December 31, 1996
Enterprise Fund
1997 1996
Operating revenue:
Customer billings $489,759 $494,369
Penalties 6,692 8,656
Plumbing permits 1,410 1,860
Meter sales 6,683 5,580
Charges for services 4,154 2,010
Total operating revenue 508,698 512,475
Operating expenses:
Contractual services 80,652 61,731
Refunds and reimbursements 888 606
MCES charges 226,198 266,494
Materials and supplies 16,659 7,719
Administrative and personnel charges 102,100 98,850
Depreciation 112,284 108,564
Total operating expenses 538,781 543,964
Net income (loss) from operations (30,083) (31,489)
Other income:
Interest on investments 37,777 31,201
Refund of prior SAC charges 54,150 20,700
Total other income 91,927 51,901
Net income before operating transfers 61,844 20,412
Operating transfers to Capital Project Fund (101,203) (98,324)
Net income (loss) (39,359) (77,912)
Other increases:
Credit arising from transfer of depreciation to
contributions from property owners 101,203 98,325
Net increase in retained earnings 61,844 20,413
Retained earnings - January 1 875,133 854,720
Retained earnings - December 31 $936,977 $875,133
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, 1997
With Comparative Amounts For The Year Ended December 31, 1996
Enterprise Fund
1997 1996
Cash flows from operating activities:
Operating income (loss) ($30,083) ($31,489)
Refund of prior SAC charges 54,150 20,700
Adjustments to reconcile operating income to
net cash flows from operating activities:
Depreciation 112,284 108,564
Change in assets and liabilities:
Decrease (increase) in receivables (7,715) (22,081)
Decrease (increase) in prepaid expenses 3,664 (2,611)
Increase (decrease) in payables (34,638) (443)
Net cash flows from operating activities 97,662 72,640
Cash flows from noncapital financing activities:
Operating transfers to other funds (101,203) (98,324)
Cash flows from capital and related financing activities:
Acquisition of fixed assets (8,294) (17,358)
Cash flows from investing activities:
Interest received on investments 37,777 31,201
Net increase (decrease) in cash and cash equivalents 25,942 (11,841)
Cash and cash equivalents - January 1 512,062 523,903
Cash and cash equivalents - December 31 $538,004 $512,062
Significant noncash investing, capital and financing activities:
During 1996 and 1997, fixed assets were contributed to the Enterprise Fund as follows:
1997 1996
Water Operating Fund $266,417 $ -
Sewer Operating Fund 180,016 -
Total $446,433 $0
The accompanying notes are an integral part of these financial statements. 11
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CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
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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 Proiect Funds - to account for financial resources to be used for the acquisition or
construction of major facilities other than those financed by Proprietary Funds.
13
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
PROPRIETARY FUNDS
Enternrise Funds - to account for operations: (a) that are financed and operated in a manner
similar to private business enterprises - where the intent of the governing body is that the
costs (expenses, including depreciation) of providing goods or services to the general public
on a continuing basis be financed or recovered primarily through user charges; or, (b) where
the governing body has decided that periodic determination of revenues earned, expenses
incurred, and/or net income is appropriate for capital maintenance, public policy,
management control, accountability, or other purposes.
FIDUCIARY FUNDS
Trust and Agencv Funds - to account for assets held by a governmental unit in a trustee
capacity or as an agent for individuals, private organizations, other governmental units,
and/or other funds. These include (a) expendable bust 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 Lone -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, 1997
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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. Govermmental 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 $515,721, which consists of the following:
Unearned grants $8,239
Property taxes receivable 10,947
Special assessments receivable 496,535
Total $515,721
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 Funds and accordingly the combined statement of revenue, expenditures and changes
in fund balance - budget and actual (Statement 3) excludes amounts relating to these unbudgeted
funds.
Budgeted amounts are reported as originally adopted, or as amended by the City Council. Individual
amendments were not material in relation to the original appropriations which were adjusted.
Budgeted expenditure appropriations lapse at year end.
15
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
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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.
16
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
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F. CASH AND INVESTMENTS
Cash and investment balances from all funds are pooled and invested to the extent available in
authorized investments. Earnings from investments are allocated to individual funds on the basis of
the fund's equity in the cash and investment pool.
Investments are stated at cost (plus interest added, if any) which approximates market value except for
assets of the Deferred Compensation Plan which are reported at market value. Material purchase
discounts and premiums are amortized over the term of the investment. Interest earnings are accrued
at the balance sheet date.
For purposes of the statement of cash flows the Enterprise Fund considers all highly liquid investments
with a maturity of three months or less when purchased to be cash equivalents. All of the cash and
investments allocated to the Enterprise 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. PROPERTY TAX REVENUE RECOGNITION
The City Council annually adopts a tax levy and certifies it to the County in December
(levy /assessment date) of each year for collection in the following year. The County is responsible for
billing and collecting all property taxes for itself, the City, the local School District and other taxing
authorities. Such taxes become a lien on January 1 and are recorded as receivables by the City at that
date. Real property taxes are payable (by property owners) on May 15 and October 15 of each
calendar year. Personal property taxes are payable by taxpayers on February 28 and June 30 of each
year. These taxes are collected by the County and remitted to the City on or before July 7 and
December 2 of the same year. Delinquent collections for November and December are received the
following January. The City has no ability to enforce payment of property taxes by property owners.
The County possesses this authority.
The City recognizes property tax revenue when it becomes both measurable and available to finance
expenditures of the current period. In practice, current and delinquent taxes and State credits received
by the City in July, December and January are recognized as revenue for the current year. Taxes
collected by the County by December 31 (remitted to the City the following January) and taxes and
credits not received at the year end are classified as delinquent and due from County taxes receivable.
The portion of delinquent taxes not collected by the City in January is fully offset by deferred revenue
because it is not available to finance current expenditures.
The City's property tax revenue includes payments from the Metropolitan Revenue Distribution (Fiscal
Disparities Formula) per State Statute 473F. This statute provides a means of spreading a portion of
the taxable valuation of commercial/industrial real property to various taxing authorities within the
defined metropolitan area. The valuation "shared" is a portion of commercial/industrial property
valuation growth since 1971. Property taxes paid to the City through this formula for 1997 and 1996
totaled $72,735 and $64,727, respectively. Receipt of property taxes from this "fiscal disparities pool"
does not increase or decrease total tax revenue.
17
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
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I. 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.
J. INVENTORIES
Inventories are valued cost using the first- in/first -out (FIFO) method. The cost of certain
governmental fund type inventories are recorded as expenditures when consumed rather than when
purchased.
K. 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. Interest incurred during construction is not capitalized on general
fixed assets.
18
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
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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.
L. 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.
M. LONG -TERM OBLIGATIONS
Long -term debt is recognized as a liability of a governmental fund when due, or when resources have
been accumulated in the Debt Service Fund for payment early in the following year. For other long-
term obligations, only that portion expected to be financed from expendable available financial
resources is reported as a fund liability of a governmental fund. The remaining portion of such
obligations is reported in the General Long -Term Debt Account Group. Long -term liabilities expected
to be financed from proprietary fund operations are accounted for in those funds.
N. 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.
19
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
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O. 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.
P. 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.
Q. 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.
R. USE OF ESTIMATES
The preparation of financial statements in accordance with generally accepted accounting principles
(GAAP) requires management to make estimates that affect amounts reported in the financial
statements during the reporting period. Actual results could differ from such estimates.
20
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
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Note 2 DEPOSITS AND INVESTMENTS
DEPOSITS
In accordance with Minnesota Statutes, the City maintains deposits at those depository banks authorized by
the City Council, all of which are members of the Federal Reserve System.
Minnesota Statutes require that all City deposits be protected by insurance, surety bond, or collateral. The
market value of collateral pledged must equal 110% of the deposits not covered by insurance or bonds
(140% in the case of mortgage notes pledged).
Authorized collateral includes the legal investments described below, as well as certain first mortgage
notes, and certain other state or local government obligations. Minnesota Statutes require that securities
pledged as collateral be held in safekeeping by the City Treasurer or in a financial institution other than
that furnishing the collateral.
At year end, the carrying amount of the City's deposits was $4,888,969 and the bank balance was
$5,200,836. The entire bank balance was covered by Federal Depository Insurance or by 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 instrumentalities,
or organizations created by an act of congress, excluding mortgage- backed securities defined as high
risk.
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, 1997
Balances at December 31, 1997 were:
Carrying Market
Amount Value
Investments:
Shared investment pools $957,376 $958,568
Deposits 4,888,969
Change funds 100
Total $5,846,445
At December 31, 1997, the City held no investments subject to custodial credit risk classification.
Note 3 FIXED ASSETS
• summary of changes in general fixed assets is as follows:
Balance Balance
1/1/97 Additions Deletions 12/31/97
Land $154,231 $20,000 $ - $174,231
Land improvements 320,958 5,643 - 326,601
Buildings and structures 852,047 12,679 - 864,726
Machinery and equipment 260,152 48,976 28,413 280,715
Furniture and fixtures 183,449 9,564 1,800 191,213
Totals $1,770,837 $96,862 $30,213 $1,837,486
• summary of Enterprise Fund fixed assets at December 31, 1997 is as follows:
Enterprise
Land $60,000
Buildings and structures 1,254,445
Machinery and equipment 134,613
Distribution and collection systems 4,334,874
Total 5,783,932
Less: accumulated depreciation (1,464,263)
Net fixed assets $4,319,669
22
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
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Note 4 LONG -TERM DEBT
The following is a schedule of changes in City indebtedness for the year ended December 31, 1997:
Balance Balance
1/1/97 Additions Deletions 12/31/97
General Long -Term Debt Account Group:
Bonded debt:
General obligation $1,155,000 $ $100,000 $1,055,000
Special assessment bonds 1,060,000 - 110,000 950,000
Compensated absences 80,274 15,540 - 95,814
Contract for deed 40,000 - 20,000 20,000
Total general long -term debt $2,335,274 $15,540 $230,000 $2,120,814
All long -term bonded indebtedness outstanding at December 31, 1997 is backed by the full faith and credit of
the City.
The annual requirement to amortize all debt outstanding at December 31, 1997 including interest payments of
$466,419 is as follows:
Year General Contract
Ending Obligation for
December 31, Bonds Deed
1998 $308,905 $21,094
1999 319,810 -
2000 314,425 -
2001 283,565 -
2002 293,605 -
2003 -2006 950,015 -
Total $2,470,325 $21,094
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, 1997
Long -term debt at December 31, 1997 is composed of the following:
Final Authorized
Issue Maturity Interest And Outstanding
Date Date Rate Issued 12/31/97
General Long -Tenn Debt:
General obligation bonds:
G.O. Refunding Bonds of 1992 9/01/92 12/01/00 5.48 $150,000 $70,000
G.O. Crossover Refunding Bonds of 1993 4/01/93 12/01/06 4.71 1,140,000 985,000
Special assessment bonds:
G.O. Improvement Bonds of 1995 7/1/95 12/1/05 4.69 1,130,000 950,000
Compensated absences 95,814
Contract for deed 2/27/96 2/16/98 5.47 60,000 20,000
Total general long -term debt $2,120,814
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, 1997, $25,000 of bonds outstanding are considered defeased as
follows:
Issue Amount
$500,000 General Obligation Water and Sanitary
Sewer Improvement Bonds of 1968 $25,000
24
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
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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 1996 and 1997 is computed as follows:
December 31,
1997 1996
Market value (for pay 1997) $223,205,500 $223,097,480
Debt limit percentage 2.00% 2.00%
Debt limit 4,464,110 4,461,950
Amount of debt applicable to debt limit:
Total bonded debt 2,005,000 2,215,000
Less:
Non applicable debt:
Revenue bonds (985,000) (1,065,000)
Special assessment bonds (950,000) (1,060,000)
Cash and investments in
corresponding Debt Service Funds (29,770) (26,873)
Total amount of debt applicable to debt limit 40,230 63,127
Legal debt margin $4,423,880 $4,398,823
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. The defined retirement benefits are based on a member's highest average salary for
any five successive years of allowable service, age, and years of credit at termination of service.
PERA issues a publicly available financial report that includes financial statements and required
supplementary information for PERF and PEPFF. That report may be obtained by writing to PERA,
514 St. Peter Street #200, St. Paul, Minnesota, 55102 or by calling (612)296 -7460 or 1- 800 - 652 -9026.
25
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
B. Funding Policy
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. These
statutes are established and amended by the state legislature. The City makes annual contributions to
the pension plans equal to the amount required by state statutes. PERF Basic Plan members and
Coordinated Plan members are required to contribute 8.23% and 4.23 %, respectively, of their annual
covered salary. PEPFF members are required to contribute 7.60% of their annual covered salary. The
City of Oak Park Heights is required to contribute the following percentages of annual covered
payroll: 10.73% for Basic Plan PERF members, 4.48% for Coordinated Plan PERF members, and
11.40% for PEPFF members. The City's contributions for the years 1997, 1996 and 1995 were
$62,116, $60,609 and $55,796, respectively, equal to the contractually required contributions for each
year as set by state statute.
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). The MCES changed their billing methods effective January 1,
1998. The MCES will bill on a quarterly basis based on normalized flows with a two quarter delay in flow
determination. The 1999 bills will reflect the actual cost adjustment for 1997 estimated billings.
Future credits and deferred charges are not reflected in these financial statements, as these credits will be offset
by annual charges as detailed above. The amounts of these credits at December 31, 1997 and 1996 were as
follows:
December 31,
1997 1996
Current value credits $106 $147
Debt service credits 10,251 21,297
Total $10,357 $21,444
26
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
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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 $2,191,568 $266,417 $57,062 $2,400,923
Sewer 1,545,360 180,016 44,141 1,681,235
Total $3,736,928 $446,433 $101,203 $4,082,158
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 and
PEBSCO. 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.
On August 20, 1996 the provisions of Internal Revenue Code Section 457 were amended to enable plans to
hold all assets and income of the plan in trust for the exclusive benefit of participants and their beneficiaries.
These assets were previously required to be held as property of the City. The Governmental Accounting
Standards Board (GASB) issued Statement 32 in October 1997. This Statement rescinds GASB Statement 2
which required deferred compensation plans to be presented as Agency Funds within the City's financial
statements. GASB 32 is effective for the year ended December 31, 1999 or on the date (if earlier) that the plan
changes its trust provisions. The plan provisions for the ICMA and PEPSCO defined compensation plans were
amended to hold the plan assets in trust for the plan participants and their beneficiaries. The deferred
compensation Agency Fund is therefore closed at December 31, 1997.
Note 10 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, 1997.
Taxes
Payable
in 1997
Current net tax capacity $385,283
Original net tax capacity (as adjusted) (243,513)
Retained captured net tax capacity $141,770
27
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
. "WIdYYYbWWiWiYJiNtlY14WWYYWYYWVW WLitlWiiLIWWYItlWi111WdNWeYWiWWWtlydYIh1 WIY, IWiYIiYIIdWYtlYiIYWWWhIWYYUW 'YtiiWIYgWWIWYYL •, ,• • •.• • " " . " 1Y4tlYYWtlWWWIWWY�WJhIYW1WItlYWYWbYIWIIWiiWIiWWtl41WYYYtlIY 'WWW ` YIIIULWYWtlWIW11WWWYdiYYlYlW4uiYJtlWIdtlAYYYLYYW1dYtlId4WWtl14YWULWYLW1YYeffiWL
Note 11 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 three 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.
Note 12 DEFICIT FUND BALANCESIRETAINED EARNINGS
The following funds had a fund deficit at December 31, 1997:
Amount
Capital Project:
Interim construction ($3,458)
River Hills 2nd addition (65)
West Frontage Road connection (947)
58th Street Improvement Phase II1 (50,866)
Autumn Ridge 3rd addition (9,378)
Note 13 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 14 DEFERRED AD VALOREM TAX LEVIES - BONDED DEBT
General Obligation bond issues sold by the City are financed by ad valorem tax levies in addition to special
assessments levied against the benefiting properties. When a bond issue to be financed partially or completely
by ad valorem tax levies is sold, specific annual amounts of such tax levies are stated in the bond resolution and
the County Auditor is notified and instructed to levy these taxes over the appropriate years. The future tax
levies are subject to cancellation when and if the City has provided alternative sources of financing. The City
Council is required to levy any additional taxes found necessary for full payment of principal and interest.
These future scheduled tax levies are not shown as assets in the accompanying financial statements. Future
scheduled tax levies for all bonds outstanding at December 31, 1997 totaled $553,410.
28
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
:wwumY,urrYUml Wmmlullwuiounruw: nYUaaudlwaY, uimuuYWwarJmanrm 'uul.oYmuulWduoaJll JawnrYmuuWnYl :YUWI1ruYmmuoaerrna
IUWWY'WIWVWII I! Illlullb6l; i' J,IIIWW.I!IIIiIIIItlJJ!iI4YJYYi III,IIJII,Ii IIIlurY111111JW11Y Ill, LIIIIY1WdiJIIWYJdllp141YVdi144W1 JIIYl{YJeu LWlllp.Illll lilt: IYI, IIVIiIWIIVaII ,LIWIWiIYLYYM1Iilll1l',:Illli 1dIV !YaIIY,WWWJIJ10IIYYIVYILL'111Y l
Note 15 DESIGNATIONS AND RESERVATIONS OF FUND EOUITY,
At December 31, 1997 and 1996 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,
1997 and 1996 are shown on the various balance sheets as segregations of the fund equity. A summary of such
designations is as follows:
December 31,
1997 1996
General Fund:
Designated for cash flow $760,000 $724,000
Designated for contingent employee benefit 120,814 197,308
Designated for general contingency 308,000 245,823
Designated for capital improvements - 72,962
Designated for ensuing year's budget deficit - 61,000
Designated for comprehensive plan - 11,500
Special Revenue Fund:
Designated for special revenue program 14,326 6,334
Debt Service Funds:
Reserved for debt service 519,084 496,308
Capital Project Funds:
Designated for capital improvements 3,541,989 3,019,958
Designated for committed contracts 36,285 -
Enterprise Fund:
Reserved for debt service reserve 661,765 661,765
Totals $5,962,263 $5,496,958
29
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
tlWYWdu1'el 11111.1WI,L JYY IIILlilllll {W 4 WJIII 6111.6 1i'L lol LLILeIWibY'IdtlYI1J 11'dLI;J1sYWJWIW,WI116Y btl J4111J IIIiYJI; IJW' YWIIJ' JYY' mY, d; l, l', WILJILYIIYIWIW6 'l1WUJWYWW6.lIYLV WYYYL¢W lluu. WI;WIIWWIIW',uWWtldbYWWLWIWYWWJY J11WwtleWWJLWJYVilWLL' L: IWYJAlIJ1 .1WY'h11d{WdiYWll'W;'1114J &WLLIuW IuWLI'wi• {WU, YLLWWWl1hkYIWI1L
Note 16 COMMITMENTS
Construction commitments at December 31, 1997 were composed of the following:
Expended Remaining
Contract as of Contract
Description Authorized 12/31/97 Commitment
Autumn Ridge 3rd Addition $201,634 $187,567 $14,067
Brackey West Addition 340,908 288,321 52,587
Note 17 MAJOR TAXPAYER
The City has one major taxpayer, Northern States Power, the total tax capacity value for this taxpayer
represented approximately 64% of the City's total tax capacity value for taxes payable in 1997.
Note 18 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; injuries to employees; and natural disasters.
Workers compensation coverage is provided through a pooled self - insurance program through the League of
Minnesota Cities Insurance Trust (LMCIT). The City pays an annual premium to LMCIT. The City is subject to
supplemental assessments if deemed necessary by the LMCIT. The LMCIT reinsures through Workers Compensation
Reinsurance Association (WCRA) as required by law. For workers compensation, the City is not subject to a
deductible. The City's workers compensation coverage is retrospectively rated. With this type of coverage, final
premiums are determined after loss experience is known. The amount of premium adjustment, if any, is considered
immaterial and not recorded until received or paid.
Property and casualty insurance coverage is provided through a pooled self - insurance program through the LMCIT.
The City pays an annual premium to the LMCIT. The City is subject to supplemental assessments if deemed
necessary by the LMCIT. The LMCIT reinsures through commercial companies for claims in excess various amounts.
The City retains risk for deductible portions. These deductibles are considered immaterial to the financial statements.
Employee health and disability insurance is provided through commercial insurance. For employee health insurance
coverage, the City has a deductible of $5,000 per employee with a $47,500 annual maximum.
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.
30
COMBINING,
INDIVIDUAL FUND
AND ACCOUNT GROUP
FINANCIAL STATEMENTS
31
This page intentionally left blank.
32
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND Statement 6
BALANCE SHEET
December 31, 1997
With Comparative Amounts for December 31, 1996
December 31,
Assets 1997 1996
Cash and investments $1,337,184 $1,453,511
Accounts receivable 27,306 25,234
Accounts receivable - certified 1,705 1,970
Due from other governmental units 15,256 13,238
Inventory 3,056 4,294
Taxes receivable:
Delinquent 10,805 17,859
Due from County (41,155) 5,068
Total assets $1,354,157 $1,521,174
Liabilities and Fund Balance
Liabilities:
Accounts payable $64,652 $81,522
Salaries payable 17,116 6,695
Due to other governmental units 14,217 2,505
Judgment payable - 100,000
Deferred revenue 11,825 17,859
Total liabilities 107,810 208,581
Fund balance:
Unreserved:
Designated for cash flow 760,000 724,000
Designated for contingent employee benefit 120,814 197,308
Designated for general contingency 308,000 245,823
Designated for capital improvements - 72,962
Designated for ensuing year's budget deficit - 61,000
Designated for comprehensive plan - 11,500
Undesignated 57,533 -
Total fund balance 1,246,347 1,312,593
Total liabilities and fund balance $1,354,157 $1,521,174
33
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, 1997
With Comparative Actual Amounts for the Year Ended December 31, 1996
1997
Over (Under) 1996
Budget Actual Budget Actual
Revenue:
General property taxes:
Current and delinquent $1,371,254 $1,367,012 ($4,242) $1,36$,127
Payment in lieu of taxes - 8,116 8,116 7,185
Excess TIF - 12,059 12,059 14,711
Other taxes - 40 40 420
Total general property taxes 1,371,254 1,387,227 15,973 1,390,443
Intergovernmental:
Federal:
Safe &Sober 10,150 8,687 (1,463) 12,938
State:
HACA 73,065 73,065 - 67,063
Local Performance aid 4,186 4,186 - -
Police aid 50,000 44,900 (5,100) 52,211
Snow plowing - 15,800 15,800 -
County:
Recycling grant 16,000 16,505 505 13,300
Gravel tax allocation 1,000 1,109 109 229
Other - miscellaneous - 100 100 -
Total intergovernmental 154,401 164,352 9,951 145,741
Licenses and permits 165,980 204,986 39,006 156,181
Charges for services:
General government 2,200 2,456 256 2,674
Refuse collection 93,000 87,830 (5,170) 103,444
Inspections - City of Bayport 15,000 24,150 9,150 25,611
Administrative - Enterprise Fund 102,100 102,100 - 98,850
Total charges for services 212,300 216,536 4,236 230,579
Fines and forfeits 52,100 60,682 8,582 56,545
Interest on investments 45,000 55,885 10,885 56,468
Refunds and reimbursements 21,735 51,108 29,373 45,268
Donations and contributions 50 50 - 1,600
Sale of property - 4,226 4,226 8,742
Total revenue 2,022,820 2,145,052 122,232 2,091,567
Expenditures:
General government:
Mayor and council:
Current:
Personal services 42,095 70,576 28,481 41,662
Contractual services 7,900 8,405 505 4,779
Total current 49,995 78,981 28,986 46,441
Capital outlay - 11,352 11,352 2,544
Total mayor and council 49,995 90,333 40,338 48,985
34
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, 1997
With Comparative Actual Amounts for the Year Ended December 31, 1996
ddW lluLlYU.hd luLwA(W I,LAwelY ba,Y l,lu u. '.,,p, s,a ,, .. v. m. YU, d,pa u,,wae e. awuoludee, uae" ,,, ,, . uaw JiJd', d alu W4Ws ,Ll6sutluY, udLLelY1J'1o11WWYWhJI1W VJU Ytl11'YYCWVWWWw4Y8.0 sWYw14W4JdJa illwhlWtledJY , a "LLU'u 16W1 LWa,0Y0¢wWIWN,N4WWU 0' I,m,l wawa wYW'Y4UN'.01ull
1997
Over (Under) 1996
Budget Actual Budget Actual
Expenditures: (continued)
General government: (continued)
Elections:
Current:
Personal services $ - $ - $ - $2,611
Contractual services 720 720 - 126
Total elections 720 720 0 2,737
City administrator:
Current:
Personal services 176,600 178,594 1,994 161,248
Materials and supplies 3,150 3,620 470 3,192
Contractual services 10,050 14,165 4,115 16,093
Total current 189,800 196,379 6,579 180,533
Capital outlay 1,000 288 (712) 1,856
Total City administrator 190,800 196,667 5,867 182,389
Planning and zoning:
Current:
Personal services 30,000 35,230 5,230 45,745
Municipal building:
Current:
Materials and supplies 5,300 5,299 (1) 6,318
Contractual services 17,150 21,988 4,838 19,794
Total current 22,450 27,287 4,837 26,112
Capital outlay 2,000 2,050 50 2,263
Total municipal building 24,450 29,337 4,887 28,375
Assessor:
Current:
Personal services 13,200 15,042 1,842 13,412
Engineering:
Current:
Contractual services 10,000 15,245 5,245 5,086
General management:
Current:
Personal services 14,000 37,841 23,841 13,879
Materials and supplies 4,250 6,406 2,156 8,661
Contractual services 105,250 94,771 (10,479) 99,246
Total general management 123,500 139,018 15,518 121,786
Total general government 442,665 521,592 78,927 448,515
35
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, 1997
With Comparative Actual Amounts for the Year Ended December 31, 1996
1997
Over (Under) 1996
Budget Actual Budget Actual
Expenditures: (continued)
Public safety:
Police department:
Current:
Personal services $683,625 $634,099 ($49,526) $613,468
Materials and supplies 23,500 30,826 7,326 31,144
Contractual services 24,610 22,995 (1,615) 25,565
Total current 731,735 687,920 (43,815) 670,177
Capital outlay 25,400 25,784 384 21,693
Total police department 757,135 713,704 (43,431) 691,870
Building inspections:
Current:
Personal services 95,420 95,904 484 60,721
Contractual services 2,000 4,090 2,090 3,056
Materials and supplies 1,550 1,648 98 1,810
Total current 98,970 101,642 2,672 65,587
Capital outlay 500 22 (478) 6,289
Total building inspections 99,470 101,664 2,194 71,876
Fire protection:
Current:
Contractual services 57,225 54,183 (3,042) 55,428
Animal control:
Current:
Materials and supplies 100 53 (47) 105
Contractual services 1,000 1,489 489 619
Total animal control 1,100 1,542 442 724
Total public safety 914,930 871,093 (43,837) 819,898
Streets and highways:
Streets and alleys:
Current:
Materials and supplies 1,300 2,228 928 689
Contractual services 15,325 8,653 (6,672) 10,221
Total current 16,625 10,881 (5,744) 10,910
Capital outlay 9,100 7,598 (1,502) -
Total streets and alleys 25,725 18,479 (7,246) 10,910
Snow and ice removal:
Current:
Contractual services 35,000 45,131 10,131 81,144
Street lighting:
Current:
Contractual services 43,800 41,280 (2,520) 42,307
36
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, 1997
With Comparative Actual Amounts for the Year Ended December 31, 1996
AMA: ,u4lJlrs'YII.WdI'A Allll'V QLUl{'IJ1Y1IUW W!1110I {I11161L16, YJVV1',IWwl uu, wJl IIJY. ILI' lw4lWvl' atl. ll' aVL' Lt1, WJb' WUId! d' LIIJ.', WI'. dJd1dIWJ .W4,:'WJ!WII {u{4WWYIaf lluJU.LLY, 1.uullullLIlu a 'Ww,I;ui1JWYLLJIJi!WIIJVi1WIYl'1 6111{ Jlllyll! 4WIWIbYIWYd' luliiW {y11MYWIIW't1YJLYtl11Yl'L4YVYLW JYWY46Y' JWI' llY' IYWIWYYIYJYYYWYIWIWWWYWWOWYIY! L 'd'1'JYWW'JWYWIWIYWWWVYWIW.'LL'W IIWIII
1997
Over (Under) 1996
Budget Actual Budget Actual
Expenditures: (continued)
Streets and highways: (continued)
Arborist:
Current:
Personal services $2,100 $2,100 $ - $2,225
Contractual services 150 - (150) -
Materials and supplies 50 20 (30) 25
Total arborist 2,300 2,120 (180) 2,250
Total streets and highways 106,825 107,010 185 136,611
Sanitation:
Refuse collection and disposal:
Current:
Court judgment - - - 100,000
Contractual services 317,600 298,842 (18,758) 326,036
Total refuse collection and disposal 317,600 298,842 (18,758) 426,036
Tree removal and planting:
Current:
Contractual services 10,000 14,460 4,460 8,139
Total sanitation 327,600 313,302 (14,298) 434,175
Recreation:
Parks, playgrounds and rinks:
Current:
Personal services 184,375 180,925 (3,450) 171,282
Materials and supplies 5,275 5,869 594 5,783
Contractual services 14,000 24,450 10,450 8,307
Total current 203,650 211,244 7,594 185,372
Capital outlay 6,000 4,924 (1,076) -
Total recreation 209,650 216,168 6,518 185,372
Total expenditures 2,001,670 2,029,165 27,495 2,024,571
Revenue over expenditures 21,150 115,887 94,737 66,996
Other financing sources (uses):
Operating transfers to Special Revenue Fund - (1,112) (1,112) -
Operating transfers to Debt Service Fund (61,000) (61,000) -
Operating transfers to Capital Project Fund (35,000) (120,021) (85,021) (35,000)
Total other financing sources (uses) (96,000) (182,133) (86,133) (35,000)
Net increase (decrease) in fund balance ($74,850) (66,246) $8,604 31,996
Fund balance - January 1 1,312,593 1,280,597
Fund balance - December 31 $1,246,347 $1,312,593
37
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL REVENUE FUNDS Statement
COMBINING BALANCE SHEET
December 3l,1997
With Comparative Amounts For December 3}, 1996
Forfeiture Law
and Enforcement Totals
Seizure Grant 1997 1996
/\uaeta
Cash and investments $13 $8,176 $21,745 $6,334
Total assets $13,569 $8,176 $21,745 $6,334
Liabilities and Fund Balance
LiuhUdicx:
Due to other governmental onkx $199 $ - $199 $ -
Deferred revenue 7 7 '
Total liabilities 199 7,220 7,419 O
Fund balance:
Ducexoncd:
Designated for special revenue programs 13.370 956 14,326 6,334
Total fund balance 13 956 14 6.334
Total liabilities and fund balance $13,560 $8,176 $21 $6,334
38
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL REVENUE FUNDS Statement 9
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
For The Year Ended December 31, 1997
With Comparative Amounts For The Year Ended December 31, 1996
Forfeiture Law
and Enforcement Totals
Seizure Grant 1997 1996
Revenue:
Intergovernmental - Federal block grant $ - $2,780 $2,780 $ -
Interest on investments 463 153 616 400
Other refunds and reimbursements - - - 1,680
Confiscated property 8,500 - 8,500 3,850
Total revenue 8,963 2,933 11,896 5,930
Expenditures:
Public safety:
Current:
Materials and supplies 1,030 - 1,030 3,360
Contractual services 698 - 698 1,281
Capital outlay 199 3,089 3,288 3,751
Total expenditures 1,927 3,089 5,016 8,392
Revenue over (under) expenditures 7,036 (156) 6,880 (2,462)
Other financing sources:
Transfer from General Fund - 1,112 1,112
Net increase (decrease) in fund balance 7,036 956 7,992 (2,462)
Fund balance - January 1 6,334 - 6,334 8,796
Fund balance - December 31 $13,370 $956 $14,326 $6,334
39
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE FUNDS Statement 10
COMBINING BALANCE SHEET
December 3l
With Comparative Totals For December 3l, 1996
..... ... ~~..~.,.-~~~~~~~^~~~^.~..~..~,~~.~_^.....~^...~~..~..~.-^�~~..~~~...~~~,.'~.^.�..~....^~^..~...^^...~~...^.~~.~..~..~^^.~~~
G.O.
Revenu
Bonds of|99|/
Crossover G.O.
G.O. Refunding }��odin� Improvement
Bonds of|9D2 Bundy Bonds Totals
(Storm Sewer) of1993 nf1995 1997 1996
}\xsuto
Cash and investments $29,770 S259.208 $229.975 $518,953 $495,055
Taxes receivable:
Delinquent 142 ' ' 142 337
Due from County ( ( XX
Special uxaoosmnntu:
Delinquent 2 1 3,335 1.506
Deferred ' 4,214 334 338,628 439,760
Due from County - ' 851 851 1,165
Total assets $29 S265 $566,305 $861 $937,911
Liabilities and Fund Balance
L|uhUkioc
Deferred revenue $142 $6,483 $335 $342,104 $441
Total Uuhilbioa 142 6,483 335,479 342.104 441,603
Fund balance:
Reserved for debt service 29,049 259.209 230,826 519,084 496,308
Total liabilities and fund balance $29,191 S265,692 $566.305 $861,188 $937,911
40
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, 1997
With Comparative Totals For The Year Ended December 31, 1996
d1J. 4Y41LJItlWltllt uWYlluWLLiLLIWiYYJ45d .116111WLI4111W0 il e
YW.hl Ili d'�, J,, ,IYIIItYI 11 !. '1 ..YitlYJYl.,1 J'L aIWYWdIYl lil ll u R i, YJYaIYW' Yl' WIIILLY�411111. WI,JILIJII,IW'IWWWIYIYll 1'WIWI A10 IIIYI�IW,IWJIi LY 4 flI IIII'�1141i, II YJWJWI dIWe I uIYWIWWtl1411 YYWIL Ydw d'lIIILLIIWWtl WWWYll, 111YI11W0NlIYlW WIYYtO'YIY Y �, JIY,JYYLwtYWWId e�WWY1WWWYY'uuWYYWYYIiWfIwWY I WYUYW
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 1997 1996
Revenue:
Storm sewer ad valorem taxes:
Current and delinquent $23,648 $ - $ - $23,648 $23,789
Special assessments:
Current and delinquent - (9,572) 72,697 63,125 108,017
Prepayments - 1,773 29,624 31,397 47,346
Penalties and interest - 3 216 219 151
Intergovermnental:
State:
HACA 1,264 - - 1,264 1,167
Local performance aid 72 - - 72 -
Interest on investments 1,804 14,510 13,227 29,541 24,522
Total revenue 26,788 6,714 115,764 149,266 204,992
Expenditures:
Debt service:
Principal 20,000 80,000 110,000 210,000 160,000
Interest 4,700 49,130 48,660 102,490 108,737
Total expenditures 24,700 129,130 158,660 312,490 268,737
Revenue over (under) expenditures 2,088 (122,416) (42,896) (163,224) (63,745)
Other financing sources:
Transfer from General Fund - - 61,000 61,000 -
Transfer from Capital Project Fund - 125,000 - 125,000 120,000
Total other financing sources 0 125,000 61,000 186,000 120,000
Net increase in fund balance 2,088 2,584 18,104 22,776 56,255
Fund balance - January 1 26,961 256,625 212,722 496,308 440,053
Fund balance - December 31 $29,049 $259,209 $230,826 $519,084 $496,308
41
CITY OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1997
With Comparative Totals For December 31, 1996
Yu..Yw ll.aw.u. "4...:.LIW.1a..a uu4uLAYJJi'W'�' "'•' "•• "" '•,, , "• "••' " " " „`' ' " "•'•' ,rai.i,.e a. .,i., „ r i,aa. ., e. a a r a....a.. a. a a "w,ae.a .0 . it ra ra a aar a e ilY YlW4tlw t4ell tl.VU1m4 r1 rd'u',U4LL4''u
Budgeted
Projects
and
Capital Equipment Park Interim
Revolving Fund Revolving Development Construction
Assets
Cash and investments $892,939 $339,867 $326,210 $ -
Interfund receivable 75,000 - - -
Due from developers - - - 37,441
Special assessments receivable:
Delinquent 1,632 - - -
Deferred 138,140 - - -
Special deferred 14,800 - - -
Due from County 180 - - -
Total assets $1,122,691 $339,867 $326,210 $37,441
Liabilities and Fund Balance
Liabilities:
Cash overdraft $ - $ - $ - $38,939
Interfund payable - - - -
Accounts payable 195 15,730 - 374
Contracts payable - 23,650 - 1,586
Deferred revenue 154,572 - -
Totalliabilities 154,767 39,380 0 40,899
Fund balance:
Unreserved:
Designated 967,924 300,487 326,210 -
Undesignated - - - (3,458)
Total fund balance 967,924 300,487 326,210 (3,458)
Total liabilities and fund balance $1,122,691 $339,867 $326,210 $37,441
42
Statement 12
Page 1 of 2
St. Croix Valley View West Brackey -
Mall River Hills Street East Oaks Estates Frontage Road Renewal and Oak Park
(TIF) 2nd Addition Reconstruction Swager Krongard Connection Replacement Pond
$121,447 $ - $115,529 $ - $15,384 $ - $1,101,175 $163,123
776 - 889 - - - -
$121,447 $776 $115,529 $889 $15,384 $0 $1,101,175 $163,123
$ - $841 $ - $701 $ - $947 $ - $ -
883 93 - - - 2,481
15,307 - - 9,947
0 841 883 794 15,307 947 0 12,428
121,447 - 114,646 95 77 - 1,101,175 150,695
- (65) - - - (947) - -
121,447 (65) 114,646 95 77 (947) 1,101,175 150,695
$121,447 $776 $115,529 $889 $15,384 $0 $1,101,175 $163,123
43
CITY OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1997
With Comparative Totals For December 31, 1996
6111111YW11uidYYY 141 YU6 v4„ IYW, I, JIYIYl J. I JII LL4IYY UIW'1 ":YYI ILLibllYY4W,ulIWJWNYIY IY. I,; YIYI WI,Y IIY Ii IY WJYfWW, IIIYWUIYJl1111YWIIJ1YWIOIWJWI 'Y1Y1111lJYtl'III:L'JYlYl6 YYIWWW.Iaa aJY IYYV11Wd IeYYYVWVII'YUIY YYYWbll,ol'IWYliwle YYeY'oYWllYll'l1eW',IWWI YJJIWY IuIY I.i I'tlll ltWtl YWYYe6::WW1Y'WY4LLa w'WYJI tbIYI:ItYWY:
Brackey
Addition
Brackey - 58th Street Utility and 58th Street
Outlots Improvement Autumn Street Improvement
A & B Phase II Ridge Improvement Phase III
Assets
Cash and investments $ - $82,640 $494 $6,305 $24,134
Interfund receivable - - - - -
Due from developers 6,077 - - 27,319 -
Special assessments receivable:
Delinquent - - - - -
Deferred - - - - -
Special deferred - - - - -
Due from County - - - - -
Total assets $6,077 $82,640 $494 $33,624 $24,134
Liabilities and Fund Balance
Liabilities:
Cash overdraft $2,514 $ - $ - $ - $ -
Interfund payable - - - - 75,000
Accounts payable 680 243 - 1,643 -
Contracts payable 2,883 29,217 - 25,492 -
Deferred revenue - - - - -
Total liabilities 6,077 29,460 0 27,135 75,000
Fund balance:
Unreserved:
Designated - 53,180 494 6,489 -
Undesignated - - - - (50,866)
Total fund balance 0 53,180 494 6,489 (50,866)
Total liabilities and fund balance $6,077 $82,640 $494 $33,624 $24,134
44
Statement 12
Page 2 of 2
AAE
Autumn Autumn Sanitary Storm
Haase Ridge Ridge Sewer Water Sewer Totals
Addition 2nd Addition 3rd Addition Connection Connection Connection 1997 1996
$ - $ - $ - $157,997 $126,142 $151,194 $3,624,580 $3,101,170
- 75,000 -
14,466 1,505 13,372 - - - 101,845 85,353
- - _ _ - - 1,632 1,407
- - 138,140 202,391
- - 14,800 144,800
- _ - - - - 180 671
$14,466 $1,505 $13,372 $157,997 $126,142 $151,194 $3,956,177 $3,535,792
$14,444 $1,505 $ - $ - $ - $ - $59,891 $33,706
- _ - _ - 75,000 -
- - 401 - - - 22,723 5,863
22,349 - - - 130,431 157,414
- - - - - - 154,572 348,598
14,444 1,505 22,750 0 0 0 442,617 545,581
22 - - 157,997 126,142 151,194 3,578,274 3,019,958
- - (9,378) - - - (64,714) (29,747)
22 0 (9,378) 157,997 126,142 151,194 3,513,560 2,990,211
$14,466 $1,505 $13,372 $157,997 $126,142 $151,194 $3,956,177 $3,535,792
45
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, 1997
With Comparative Totals For The Year Ended December 31, 1996
Budgeted
Projects
and
Capital Equipment Park Interim
Revolving Fund Revolving Development Construction
Revenue:
General property taxes:
Current and delinquent
Tax increment taxes
Special assessments:
Current and delinquent 62,347 - -
Penalty and interest 75 - - -
Prepayments 157,495 - - -
Interest on investments 63,630 17,707 17,887
Connection charges 40,680 - -
Other charges -
Escrow investment earnings 231 - - -
Refunds and reimbursements 7,389 2,882 - -
Donations and contributions - 250 37,870 -
Total revenue 331,847 20,839 55,757 0
Expenditures:
Professional services 41,166 3,719 5,188 2,072
Developer assistance - - -
Capital outlay - 37,613 -
Construction costs 1,928 35,721 - -
Total expenditures 43,094 77,053 5,188 2,072
Revenue over (under) expenditures 288,753 (56,214) 50,569 (2,072)
Other financing sources (uses):
Operating transfers from General Fund - 120,021 - -
Operating transfers from Capital Project Fund 50,000 - -
Operating transfers from Enterprise Fund - - - -
Operating transfers to Debt Service Fund
Operating transfers to Capital Project Fund (375,550) - -
Total financing sources (uses) (325,550) 120,021 0 0
Net increase (decrease) in fund balance (36,797) 63,807 50,569 (2,072)
Fund balance - January 1 1,004,721 236,680 275,641 (1,386)
Fund balance (deficit) - December 31 $967,924 $300,487 $326,210 ($3,458)
46
Statement 13
Page 1 of 2
. ahval� ' Cti4'WtlilW46kdutu, +'w , �wuu u4Y'UY.W9uruJYU �'e LL��?. i.!= _ J4 '• °• ° , •:. xaw,wnr�u .i+ ".•. W, ewuWYYyuwYSSNWu' rmu' w: o4 s�v�. � dawua. wwwwuuw�umu, e. tWUueuwwWUJa, uYdun WU. uaYUwudmyWwu: wwuu. wwwu: aWsbuW: uwww• . . m... .:u °e,:¢eaomwrewuwuawae.wuuWa
St. Croix Valley View West Brackey -
Mall River Hills Street East Oaks Estates Frontage Road Renewal and Oak Park
(TIF) 2nd Addition Reconstruction Swager Krongard Connection Replacement Pond
130,343 - - - - - - -
4,844 - 10,220 1 77 - 57,318 840
1,284 7,162 - - 8,583
135,187 0 10,220 1,285 7,239 0 57,318 9,423
78,206 - - - - - - -
- 65 24,285 1,231 7,162 - - 234,278
78,206 65 24,285 1,231 7,162 0 0 234,278
56,981 (65) (14,065) 54 77 0 57,318 (224,855)
- 375,550
- - - - - 101,203 -
0 0 0 0 0 0 101,203 375,550
56,981 (65) (14,065) 54 77 0 158,521 150,695
64,466 - 128,711 41 - (947) 942,654 -
$121,447 ($65) $114,646 $95 $77 ($947) $1,101,175 $150,695
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, 1997
With Comparative Totals For The Year Ended December 31, 1996
Brackey
Addition
Brackey - 58th Street Utility and 58th Street
Outlots Improvement Autumn Street Improvement
A & B Phase 11 Ridge Improvement Phase III
Revenue:
General property taxes:
Current and delinquent $ - $ - $ - $ _ $ _
Tax increment taxes - - -
Special assessments:
Current and delinquent - - -
Penalty and interest - - - _
Prepayments - - -
Interest on investments - 4,755 23 324 969
Connection charges - - - - -
Other charges - - -
Escrow investment earnings - - - -
Refunds and reimbursements 71,030 - 6,584 50,632
Donations and contributions - - - _ -
Total revenue 71,030 4,755 6,607 50,956 969
Expenditures:
Professional services - - - _ _
Developer assistance
Capital outlay _ _ _ _ _
Construction costs 71,030 8,879 6,584 50,911 24,421
Total expenditures 71,030 8,879 6,584 50,911 24,421
Revenue over (under) expenditures 0 (4,124) 23 45 (23,452)
Other financing sources (uses):
Operating transfers from General Fund - - - _ _
Operating transfers from Capital Project Fund - - - - -
Operating transfers from Enterprise Fund - - - - -
Operating transfers to Debt Service Fund - - - - -
Operating transfers to Capital Project Fund - - - - -
Total financing sources (uses) 0 0 0 0 0
Net increase (decrease) in fund balance 0 (4,124) 23 45 (23,452)
Fund balance - January 1 - 57,304 471 6,444 (27,414)
Fund balance (deficit) - December 31 $0 $53,180 $494 $6,489 ($50,866)
48
Statement 13
Page 2 of 2
AAE
Autumn Autumn Sanitary Storm
Haase Ridge Ridge Sewer Water Sewer Totals
Addition 2nd Addition 3rd Addition Connection Connection Connection 1997 1996
$ - $ - $ - $ - $ - $ - $ - $89
- - - - - - 130,343 142,586
6,268 10,902 13,813 93,330 30,012
75 575
- - - 157,495 49,112
8,548 10,077 8,002 205,222 166,637
51,067 87,142 109,394 288,283 206,621
- _ - 13,258
- 231 207
11,089 3,150 8,175 - - - 177,960 394,307
- - 38,120 11,520
11,089 3,150 8,175 65,883 108,121 131,209 1,091,059 1,014,924
- - - - - - 52,145 42,545
78,206 85,551
- - - - - - 37,613 95,666
11,089 3,150 17,553 - - (2,317) 495,970 737,050
11,089 3,150 17,553 0 0 (2,317) 663,934 960,812
0 0 (9,378) 65,883 108,121 133,526 427,125 54,112
- - - - - - 120,021 35,000
- 425,550 50,000
- 101,203 98,324
(20,000) (105,000) - (125,000) (120,000)
(50,000) (425,550) (50,000)
0 0 0 (20,000) (105,000) (50,000) 96,224 13,324
0 0 (9,378) 45,883 3,121 83,526 523,349 67,436
22 - - 112,114 123,021 67,668 2,990,211 2,922,775
$22 $0 ($9,378) $157,997 $126,142 $151,194 $3,513,560 $2,990,211
49
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUND Statement 14
BALANCE SHEET
December 3l,l997
With Comparative Amounts for December 3l
�".��_�^°�..~.~...^``~~.~.�~�^=.-..~.^~.....'.^..~-..^......~~~.~.~~.~~~-~~.^~..^.^~..^~.~..~`.~.~"=^,."==~�~,"^~�°^�"."~.~°==�=.~"~^^==._~�°,^�^�.~~~~=
Assets
1997 1996
Current assets:
Cash and cash equivalents $538,004 $512,062
Accounts receivable:
Customers 115.206 123,625
CortificdtoCounty 12,202 6,905
Other 222 10
Due from other governmental units 22,281 900
PreyuidMCE3 19,574 23,238
Total current assets 707,489 677,496
Fixed assets:
LuuJ 60 60,000
Buildings and structures 1,254,445 1,254,445
Machinery and equi 134 126.457
Distribution and collection system 4,334,874 3,888,442
Total 5,783 5,329,344
Less: Allowance for depreciation (1, (1`352,118)
Net fixed assets 4,319 3,977,226
Total assets $5,027,158 $4,654,722
Liabilities and Fund Equity
LiuhUdioc
Accounts payable $5,972 $3,649
Due W ot governmental units 2 39,012
Total liabilities 8,023 42,661
Fund equity:
Contributions from property owners ' net 4,082 3,736,928
Retained earnings:
Deuen/od 661,765 661.765
Duremuo/eJ 275,212 213.368
Total fund equity 5,019,135 4
Total liabilities and fund equity $5,027 $4,654,722
50
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, 1997
With Comparative Totals For The Year Ended December 31, 1996
'41J,uVI ul lsWi.Ww v4. Wr1tl. W,hlt „tuuiwtlw,u.1.Vdu,,,,.b uomWlW'1W4e,V.I WNdv ul awAUUWWW rOWe!'d J',wJUIIVW4W UWVW', YWI I,W YU W, uultlV'lJ.J II WIUweWIh111Wl.YVV .VIIY II tl6WWU U1' WOW', IS, u11WYYllle' uIdYYWJVIYYWIWIYWWUY1141uiWWWIWWW WdSWW'LtW lll'Ye.buY'WYYW tWIwsIMUi LUllb, wYY41u 4YbWeW,4lIVa11u,
Water Sewer Totals
Operating Operating 1997 1996
Revenue:
Customer billings $174,221 $315,538 $489,759 $494,369
Penalties 2,401 4,291 6,692 8,656
Plumbing permits 705 705 1,410 1,860
Meter charges 6,683 - 6,683 5,580
Charges for services 2,017 2,137 4,154 2,010
Total operating revenue 186,027 322,671 508,698 512,475
Expenses:
Contractual services 65,043 15,609 80,652 61,731
Refunds and reimbursements 888 - 888 606
MCES charges - 226,198 226,198 266,494
Materials and supplies 10,808 5,851 16,659 7,719
Administrative and personnel charge 51,050 51,050 102,100 98,850
Depreciation:
On purchased assets 8,770 2,311 11,081 10,240
On contributed assets 57,062 44,141 101,203 98,324
Total operating expenses 193,621 345,160 538,781 543,964
Operating income (loss) ($7,594) ($22,489) (30,083) (31,489)
Other income:
Interest on investments 37,777 31,201
Refund of prior SAC charges 54,150 20,700
Total other income 91,927 51,901
Net income before operating transfers 61,844 20,412
Operating transfer to Capital Project Funds (101,203) (98,324)
Net income (loss) (39,359) (77,912)
Other increases:
Credit arising from transfer of depreciation to contributions from property owners 101,203 98,325
Net increase in retained earnings 61,844 20,413
Retained earnings - January 1 875,133 854,720
Retained earnings - December 31 $936,977 $875,133
51
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUND Statement 16
STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1997
With Comparative Amounts For The Year Ended December 31, 1996
wuuw.mmw ,, u,u„a,,, .,, siaw aun ,,.nuv,a m,r„.u,u m,a ira.o,a iwau uwnw,,uun,, uee,w mu ur u.ue,umu uu,wea.,u,eawuwuoua ruo amuam.aw„wuu,w,ur uw, ,uwowui uw,nou, a. uwu,ww , +,,,,,, ",,, ,,, , "„ . " 1. ",,, , x.; , y.,xur,wu..:u
1997 1996
Cash flows from operating activities:
Operating income (loss) ($30,083) ($31,489)
Refund of prior SAC charges 54,150 20,700
Adjustments to reconcile operating income to
net cash flows from operating activities:
Depreciation 112,284 108,564
Change in assets and liabilities:
Decrease (increase) in receivables (7,715) (22,081)
Decrease (increase) in prepaid expenses 3,664 (2,611)
Increase (decrease) in payables (34,638) (443)
Net cash flows from operating activities 97,662 72,640
Cash flows from noncapital financing activities:
Operating transfers to other funds (101,203) (98,324)
Cash flows from capital and related financing activities:
Acquisition of fixed assets (8,294) (17,358)
Cash flows from investing activities:
Interest received on investments 37,777 31,201
Net increase (decrease) in cash and cash equivalents 25,942 (11,841)
Cash and cash equivalents - January 1 512,062 523,903
Cash and cash equivalents - December 31 $538,004 $512,062
Significant noncash investing, capital and financing activities:
During 1996 and 1997, fixed assets were contributed to the Enterprise Fund as follows:
1997 1996
Water Operating Fund $266,417 $ -
Sewer Operating Fund 180,016
Total $446,433 $0
52
CITY OF OAK PARK HEIGHTS, MINNESOTA
AGENCY FUNDS Statement 17
COMBINING BALANCE SHEET
December 31, 1997
With Comparative Totals for December 31, 1996
Developer Developer
Deposit Escrow Investment Totals
Fund Fund Fund 1997 1996
Assets
Cash and investments $ - $29,000 $ - $29,000 $33,000
Assets held with deferred
compensation plan administrator - - - - 215,653
Accrued interest receivable - - 131,530 131,530 66,932
Due from developers 48,044 - - 48,044 7,860
Total assets $48,044 $29,000 $131,530 $208,574 $323,445
Liabilities
Cash overdraft $31,600 $ - $131,530 $163,130 $73,932
Escrow deposits payable - 29,000 - 29,000 33,000
Accounts payable 15,273 - - 15,273 547
Deferred compensation payable - - - - 215,653
Due to developers 1,171 - - 1,171 313
Total liabilities $48,044 $29,000 $131,530 $208,574 $323,445
53
CITY OF OAK PARK HEIGHTS, MINNESOTA
AGENCY FUNDS Statement 18
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1997
: ,Yw'ildWWdllW,e,Wdw1LL1 ; „
wCYJWl1:4J1111bW:Y'YJ,0 W8f W8h IW.LWIJ.WnWe,eo :
w11 .u.1 iJY 11, le, , Vu,LdtlulWwbll u w 'IY i "II dJw I I, LJ 681 tlW'u W Wp WILYIV BwllWudu,llY 111tlY VV YYIb I,i lllld nbIII WIVJW 011i,lul Y'V1,11 ".. l.I ,VW, LdI:Il141V8 {IYIJ1l'tl JIa,W4 '1' 111Y 141:111 YI'J 1111, , J:LLIilY111wLIJI84WW YW L YuJ.WL'VW J'i
Balance Balance
January 1, December 31,
1997 Additions Deletions 1997
Developer Deposit Fund:
Assets:
Due from developers $7,860 $48,044 $7,860 $48,044
Liabilities:
Cash overdraft $7,000 $24,600 $ - $31,600
Accounts payable 547 15,273 547 15,273
Due to developers 313 1,171 313 1,171
Total liabilities $7,860 $41,044 $860 $48,044
Developer Escrow Fund:
Assets:
Cash and investments $33,000 $ - $4,000 $29,000
Liabilities:
Escrow deposits payable $33,000 $29,000 $33,000 $29,000
Investment Fund:
Assets:
Accrued interest receivable $66,932 $131,530 $66,932 $131,530
Liabilities:
Cash overdraft $66,932 $64,598 $ - $131,530
Deferred Compensation Fund:
Assets:
Assets held with deferred compensation
plan administrator $215,653 $ - $215,653 $ -
Liabilities:
Deferred compensation payable $215,653 $ - $215,653 $ -
Total Aaenev:
Assets:
Cash and investments $33,000 $ - $4,000 $29,000
Assets held with deferred compensation
plan administrator 215,653 - 215,653 -
Accrued interest receivable 66,932 131,530 66,932 131,530
Due from developers 7,860 48,044 7,860 48,044
Total assets $323,445 $179,574 $294,445 $208,574
Liabilities:
Cash overdraft $73,932 $89,198 $ - $163,130
Escrow deposits payable 33,000 29,000 33,000 29,000
Accounts payable 547 15,273 547 15,273
Deferred compensation payable 215,653 - 215,653 -
Due to developers 313 1,171 313 1,171
Total liabilities $323,445 $134,642 $249,513 $208,574
54
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF GENERAL FIXED ASSETS Statement 19
For The Year Ended December 31, 1997
diWUldllWdYiW dWV'. W. YYd11Wi,u,l;J 4YYfddJYiu'II ILW lL(IL.iL YUW,uWId4LW1111d1YJ IlItlY1d1Y,W W'W YdWlL.WW N1WW. Y IIfLLY IVL,JVIIWIII Odb JIkLyYl4VUYiId'.eYW4YWY'V01y iW.YlI rJILL.Viud e.11L,aWUw .L.yIWWULLWLW...u,W rleu,W Wwy wwd.„�'. .. .....0 ,.w.
Balance Balance
January 1, December 31,
Description 1997 Additions Deletions 1997
Land $154,231 $20,000 $ - $174,231
Land improvements 320,958 5,643 - 326,601
Buildings and structures 852,047 12,679 - 864,726
Machinery and equipment 260,152 48,976 28,413 280,715
Furniture and fixtures 183,449 9,564 1,800 191,213
Totals $1,770,837 $96,862 $30,213 $1,837,486
55
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF GENERAL LONG -TERM DEBT Statement 20
December 31, 1997
With Comparative Amounts For December 31, 1996
1997 1996
Amount Available And To Be Provided For The
Retirement of Loner-Term Debt
Bonds:
Amount available in Debt Service Funds $519,084 $496,308
Amount to be provided from future tax levies/
special assessment collections, and connection charges 1,485,916 1,718,692
Compensated absences:
Amount available in General Fund 95,814 80,274
Contract for deed:
Amount to be provided for retirement 20,000 40,000
Total available and to be provided $2,120,814 $2,335,274
General Long -Term Debt Payable
Bonds payable:
General Obligation Bonds:
G.O. Refunding Bonds of 1992 $70,000 $90,000
G.O. Crossover Refunding Bonds of 1993 985,000 1,065,000
Special Assessment Bonds:
G.O. Improvement Bonds of 1995 950,000 1,060,000
Total bonds payable 2,005,000 2,215,000
Compensated absences payable 95,814 80,274
Contract for deed payable 20,000 40,000
Total general long -term debt payable $2,120,814 $2,335,274
56
SUPPLEMENTARY
FINANCIAL
INFORMATI ®N
57
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS Exhibit I
December 31, 1997
Final Net Bonds Principal Interest
Payment Interest Authorized Retired Outstanding Due Due
Date Due Rate And Issued To Date At 12/31/97 In 1998 In 1998
Bonded Indebtedness
General Debt:
G.O. Refunding Bonds of 1992 9/1/92 12/1/00 5.48% $150,000 $80,000 $70,000 $20,000 $3,720
G.O. Crossover Refunding
Bonds of 1993 4/1/93 12/1/06 4.71% 1,140,000 155,000 985,000 85,000 46,090
Special assessments bonds:
G.O. Improvement bonds of 1995 7/1/95 12/1/05 4.69% 1,130,000 180,000 950,000 110,000 44,095
Total Indebtedness $2,420,000 $415,000 $2,005,000 $215,000 $93,905
58
CITY OF OAK PARK HEIGHTS, MINNESOTA
REVENUE BONDS AND GENERAL DEBT BONDS Exhibit 2
SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1997
General Debt Bonds
Special General
Taxing District Obligation General
$150,000 Crossover Obligation
G.O. Refunding Refunding Improvement
Bonds of 1992 Bonds of 1993 Bonds of 1995
Bonds payable $70,000 $985,000 $950,000
Future interest payable 7,795 252,155 205,375
Totals $77,795 $1,237,155 $1,155,375
Payments to maturity:
1998 $23,720 $131,090 $154,095
1999 27,700 132,690 159,420
2000 26,375 133,910 154,140
200 1 - 134,825 148,740
2002 - 150,325 143,280
2003 - 149,805 137,700
2004 - 158,805 132,000
2005 - 166,805 126,000
2006 - 78,900 -
Totals $77,795 $1,237,155 $1, 155,375
59
CITY OF OAK PARK HEIGHTS, MINNESOTA
INSURANCE IN FORCE Exhibit 3
December 31, 1997
.dW IL UI II Ild IIII IIIIIIIIIIIall, IdIl I W'II,IIlJIYILLJYIII IL ,II II'—JIIYI, ldu lLlW I I al 1Y1lLIll. Ill 1111I W111.[Ill0,1,YYIIll Yd1IYI I.Ilill I d— ad Iiii I, all ill LLl Ill I difill all I,dlWWW1u I'll 1111111Y1'I,YYIAkall ll d Ill ,a1111,. IYI'tld YYUYLYWill Id' .11dall III YYYbII Ilia— laid ;IISILJY 11 I IIIad IILYl :kill a aiIIIIIIIad, Ili y ll tld ltl vl u,ialla"
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 Meeting Law Policy - Defenses Costs 20,000
60
CITY OF OAK PARK HEIGHTS, MINNESOTA
FUTURE SCHEDULED TAX LEVIES Exhibit 4
December 31, 1997
Special
Taxing District
Year Of G.O. Refunding G.O. Improvement
Collection Bonds of 1992 Bonds of 1995 Total
1998 $25,000 $58,410 $83,410
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 $75,000 $478,410 $553,410
61
CITY OF OAK PARK HEIGHTS, MINNESOTA
TAXABLE VALUATIONS, TAX LEVIES AND TAX RATES Exhibit 5
1997/1998 1996/1997
Taxable Valuations:
Real estate $5,987,202 $6,591,894
Personal property 120,878 136,796
Fiscal disparity:
Contribution (663,765) (750,991)
Distribution 300,520 313,429
Captured tax increment value (47,749) (143,528)
Total $5,697,086 $6,147,600
Tax Levy:
City Wide:
General revenue $1,440,637 $1,371,254
Debt service 58,410 -
Total City Wide 1,499,047 1,371,254
Storm Sewer District:
G.O. Refunding Bonds of 1992 25,000 23,644
Total Tax Levy $1,524,047 $1,394,898
Tax Capacity Rate:
City Wide:
General revenue 25.336% 22.270%
Debt service 1.027% 0.000%
Total City Wide 26.363% 22.270%
Storm Sewer District:
Storm Sewer Bonds of 1982 0.778% 0.628%
Total 27.141% 22.898%
Note: The tax levies shown above represent net tax levies after reduction for state aids.
62
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF CONSTRUCTION COSTS Exhibit 6
December 31, 1997
Legal Expended
and Current Prior
Contractor Engineer Fiscal Other Total Year Years
River Hills 2nd Addition $173,386 $30,706 $1,189 $13,904 $219,185 $65 $219,120
Street Reconstruction 998,838 226,743 4,866 68,518 1,298,965 24,285 1,274,680
Valley View Estates 257,813 55,640 1,879 6,766 322,098 7,162 314,936
Brackey - Oak Park Pond 198,941 31,888 2,240 1,209 234,278 234,278 -
Brackey Outlot - A & B 57,664 10,613 2,264 489 71,030 71,030 -
AAE - 58th Street - Phase 11 440,467 73,846 2,080 11,269 527,662 8,879 518,783
AAE - Autumn Ridge 177,317 52,791 742 1,976 232,826 6,584 226,242
AAE - Brackey Addition 223,286 38,496 2,129 3,502 267,413 50,911 216,502
AAE - 58th Street - Phase III - 397 1,913 49,525 51,835 24,421 27,414
AAE - Haase Addition 65,857 15,371 741 608 82,577 11,089 71,488
AAE - Autumn Ridge - 2nd Addition 303,132 52,706 486 2,847 359,171 3,150 356,021
AAE - Autumn Ridge - 3rd Addition 163,917 29,537 472 6,543 200,469 17,553 182,916
Total - All Funds $3,060,618 $618,734 $21,001 $167,156 $3,867,509 $459,407 $3,408,102
63
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF SOURCES AND USES 0F FUNDS Exhibit
FOR ST. C80[X MALL TAX INCREMENT DISTRICT
December 3l,!V97
Accounted
Original for in Current Amount
Budget Prior Years Year Deouobuiva
Sources offunds:
Tax increments received (including interest) $1,780 $893,470 $135,187 %671,343
Uses offunds:
Developer assistance 960.008 531 78,206 350
5Xth Street improvements 170,000 150,079 ' 19,921
Other improvements:
Street reconstruction 520 145,800 - 374,200
Other ' 1.419 - (1,419)
Administrative 50,000 - 50,000
Total uses offunds 1,700,000 829,004 78,206 792
Funds remaining (dofiuit) $0 $64,466 $56,981 ($121
The City is the administering authority for the St. Croix Mall Tax Increment District. The district was established
August 7 pursuant toM8469.l74 and ia scheduled to terminate ou December 3l,l99X. There have been uo
bonds issued uaof December 3l 1097.
64
STATISTICAIL
SECTION
65
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS Table 1
EXPENDITURES BY FUNCTION
Years 1988 Through 1997
(UNAUDITED)
�� ,vu�:��:,�u�dr,��d�W:, y ,, ru,;... ��y: ; : W, .,,.: Ww� ,:,�����,�,,,�.W,:�,�lia„� .... ��: �; �, �uW��WWa��w,; , �, �,,:: u,, �, ��We, �,,•,. ouu,��,�,�,�;d�,,,:,,,,� „
Streets
General Public and Capital
Year Total Government Safety Highways Sanitation Recreation Outlay
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
1996 2,032,963 441,852 796,557 136,611 434,175 185,372 38,396
1997 2,034,181 507,902 847,015 99,412 313,302 211,244 55,306
66
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS Table 2
REVENUE BY SOURCE
Years 1988 Through 1997
(UNAUDITED)
auumww, wouwa, �uiuuw: wuuwe�uuwiwru��u�muanuuxiuwuwu• m, oariw: e, uw�m,.. u. , w..,,,..., , w. , ..:._ ,..,,. ,., , ....,...,,.,.......,.,., ....,.......,,. , , .............. ........ ...... ....,., .,.... .,., ...,,.,...,, .,..
Licenses Charges Fines Interest
Inter- and for and on
Year Total Taxes governmental Permits Services Forfeits Investments Miscellaneous
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
1996 2,097,097 1,390,443 145,741 156,181 230,579 56,545 56,468 61,140
1997 2,156,948 1,387,227 167,132 204,986 216,536 60,682 56,501 63,884
67
CITY OF OAK PARK HEIGHTS, MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS Table 3
Years 1988 Through 1997
(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
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%
1996 1,459,621 1,452,564 99.52% 7,674 1,460,238 100.04% 18,196 1.25%
1997 1,469,247 1,460,795 99.42% 4,194 1,464,989 99.71% 10,946 0.75%
* 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.
68
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT COLLECTIONS Table 4
Years 1988 Through 1997
(UNAUDITED)
Current Total Outstanding
Collections Collections Delinquent
As a Percent As a Percent Assessments
Current Current Of Current Delinquent Of Current (including
Year Assessments Assessments Assessments Assessments Assessments Certified
Payable Due Collected Due Collected Due Bills)
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
1996 139,628 136,958 98.09% 1,071 98.85% 4,163
1997 166,723 162,433 97.43% 1,743 98.47% 6,582
* 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.
69
CITY OF OAK PARK HEIGHTS, MINNESOTA
PRINCIPAL TAXPAYERS (Ten Largest Taxpayers) Table 5
Taxes Payable in 1997
(UNAUDITED)
J'1L:W14LIY+Ji1'll + inu' „ +e uuuie,uu v. uaii,u ru+u, uu ei, ,, ',i uiiul,Y+1 YbYitlddl 'al4Y+w41u11LLalLe1'IYYYI LU,1YYeY Y114u111Yw 'wYUWWd1YLLUU'Wu'Wwlub WlAu J.dIYLdWYWIII'JYYJ.Y1111JL1WY J. III'Y' Ia'JLYr1Y Y'WYYI4NlxIWYLV IWYY411
Percent of Percent of
Total Net Total Tax
Market Market Tax Capacity Property
Taxpayer Value Value Capacity Value Classification
Northern States Power $72,935,300 32.7% $4,068,608 60.5% Public Utilities
Watson Centers Inc 3,549,900 1.6% 197,152 2.9% Commercial
Watson Centers Inc 3,313,600 1.5% 182,098 2.7% Carmnercial
Northern States Power 2,898,600 1.3% 160,980 2.4% Electric Utilities
Wal -Mart Stores Inc 2,588,000 1.2% 141,800 2.1% Commercial
Oak Ridge Place of Oak Park 2,565,100 1.1% 102,486 1.5% Res. over 3 units
Northern States Power 1,656,700 0.7% 92,416 1.4% Public Utilities
Oak Park Associates 1,821,600 0.8% 72,779 1.1% Res. over 3 units
Watson Centers Inc 881,000 0.4% 48,925 0.7% Commercial
158 Club 901,600 0.4% 48,354 0.7% Commercial
Totals $93,111,400 41.7% $5,115,598 76.0%
Total City $223,205,500 $6,147,600
SOURCE: Washington County Auditor - Treasurer Taxation Division.
NOTES:
(1) This list is based only on parcels paying more than $30,000 net tax
(2) If a taxpayer has property consisting of more than one classification, only one is shown.
70