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Home My WebLink AboutAnnual Financial Report CITY OF OAK PARK HEIGHTS, MINNESOTA ANNUAL FINANCIAL REPORT December 31, 2000 This page intentionally left blank. CITY OF OAK PARK HEIGHTS, MINNESOTA TABLE OF CONTENTS Page Number Organization I Independent Auditor's Report 3 General Purpose Financial Statements Combined Balance Sheet - All Fund Types and Account Groups Statement 1 8 Combined Statement of Revenue, Expenditures and Changes in Fund Balance - All Governmental Fund Types Statement 2 10 Combined Statement of Revenue, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund Statement 3 11 Combined Statement of Revenue, Expenses and Changes in Retained Earnings - Proprietary Fund Type Statement 4 12 Combined Statement of Cash Flows - Proprietary Fund Type Statement 5 13 Notes to Financial Statements 15 Combining, Individual Fund and Account Group Financial Statements: General Fund: Balance Sheet Statement 6 38 Statement of Revenue, Expenditures and Changes in Fund Balance - Budget and Actual Statement 7 39 Special Revenue Funds: Combining Balance Sheet Statement 8 44 Combining Statement of Revenue, Expenditures and Changes in Fund Balance Statement 9 45 Debt Service Funds: Combining Balance Sheet Statement 10 46 Combining Statement of Revenue, Expenditures and Changes in Fund Balance Statement 11 47 Capital Project Funds: Combining Balance Sheet Statement 12 48 Combining Statement of Revenue, Expenditures and Changes in Fund Balance Statement 13 52 Enterprise Finds: Balance Sheet Statement 14 56 Combining Statement of Revenue, Expenses and Changes in Retained Earnings Statement 15 57 Statement of Cash Flows Statement 16 58 CITY OF OAK PARK HEIGHTS, MENNE SOTA. TABLE OF CONTENTS Page Number Agency Funds: Combining Balance Sheet Statement 17 59 Combining Statement of Changes in Assets and Liabilities Statement 18 60 General Fixed Assets Account Group: Schedule of General Fixed Assets Statement 19 61 General Long -Term Debt Account Group: Schedule of General Long -Tenn Debt Statement 20 62 Supplementary Financial Information Combined Schedule of Indebtedness Exhibit 1 64 Debt Service Payments to Maturity: Revenue Bonds and General Debt Bonds Exhibit 2 65 Insurance in Force Exhibit 3 66 Future Scheduled Tax Levies Exhibit 4 67 Taxable Valuations, Tax Levies and Tax Rates Exhibit 5 68 Schedule of Construction Costs Exhibit 6 69 Statistical Section General and Special Revenue Funds - Expenditures by Function - Years 1991 through 2000 Table 1 72 General and Special Revenue Funds - Revenue by Source - Years 1991 through 2000 Table 2 73 Property Tax Levies and Collections - Years 1991 through 2000 Table 3 74 Special Assessment Collections - Years 1991 through 2000 Table 4 75 Principal Taxpayers Table 5 76 CITY OF OAK PARK HEIGHTS, MINNESOTA ORGANIZATION December 31, 2000 Te rm Expires Mayor: David Schaaf December 31, 2000 Councilmembers: Lynae Bynre December 31, 2002 Mark Swenson December 31, 2002 David Beaudet December 31, 2000 Jerry Turnquist December 31, 2000 Administrator: Thomas Melena Appointed Deputy Clerk /Finance Director: Judy Holst Appointed 1 This page intentionally left blank. 2 ........... Al ri This page intentionally left blank. 4 Our audit was performed for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining, individual fund and account group financial statements, supporting schedules and supplementary information listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of Oak park Heights, Minnesota. Such information, except for that portion marked "unaudited," on which we express no opinion, has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects, in relation to the general purpose financial statements taken as a whole. February 28, 2001 /0 4 e � J P — A � � A -/ �a HLE TAUTGES REDpATH, LTD. Certified public Accountants 5 This page Intentionally let blank. 6 GENERAL PURPOSE FINANCIAL STATEMENTS 7 CITE' OF OAK PARK IIEIGHTS, MINNESOTA COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS December 31, 2000 With Comparative Totals For December 31, 1999 Governmental Fund Types Special Debt Assets General Revenue Service Cash and investments $1,306,085 $90,702 $526,859 Interfund loan receivable - 11,113 - Accrued interest receivable - _ Accounts receivable 19,920 - Due from other governmental units 31,650 - - Due from developers - - - Prepaid items - - Taxes receivable: Delinquent 21,264 804 Due from County 10,341 - 432 Special assessments receivable - - 1,281,724 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 $1,389,2 $101,815 $1,809,819 Liabilities, Equity and Other Credits Liabilities: Cash overdraft $ - $ - $ Interfund loan payable - 260,000 Escrow deposits payable - - - Accounts payable 61,510 415 Salaries payable 2,355 - Contracts payable - Due to other governmental units 23,010 - - Due to developers - - - Compensated absences payable _ Bonds payable - - - Deferred revenue 22,284 - 1,2 I Total liabilities 109,159 260,000 1,282,546 Equity and other credits: Invested in general fixed assets - - - Contributions - net - - Retained earnings: Reserved - _ Unreserved _ _ _ Fund balance: Reserved - 11,113 527,273 Unreserved: Designated 1,280,101 25,157 - Undesignated - (194,455) - Total equity and other credits 1,280,101 (158,185) 527,273 Total liabilities, equity and other credits $1,389,260 $101,815 $1,809,819 The accompanying notes are an integral part of these financial statements. 8 Statement 1 Proprietary Fiduciary Account Groups Totals Capital Fund Type Fund Type General General Long- (Memorandum Only) Project Enterprise Agency Fixed Assets Term Debt 2000 1999 $3,919,581 $424,043 $15,000 $ - $ - $6,282,270 $5,875,794 260,000 - - - - 271,113 270,313 - -• 174,170 - - 174,170 111,294 19,700 292,098 1,527 - - 333,245 165,503 - - _ - - 31,650 37,968 104,481 - 39,415 - - 143,896 109,353 - 21,244 - - - 21,244 21,952 48 _ _ - 22,116 23,980 16 - - - - 10,789 17,959 266,310 - - - - 1,548,034 1,837,046 - 5,388,882 - 2,791,327 - 8,180,209 7,336,171 - - - 123,418 123,418 102,958 _ - - 527,273 527,273 593,415 _ - - 2,487,727 2,487,727 2,811,585 $4,570,136 $6,126,267 $230,112 $2,791,327 $3,138,418 $20, 157,154 $ 19,315,291 $ - $ $205,275 $ - $ - $205,275 $183,280 11,113 - - - - 271,113 270,313 75,197 - 15,000 - - 90,197 40,347 9,712 18,218 5,071 - - 94,926 100,919 - 1,486 - - - 3,841 3,226 147,360 - - - - 147,360 176,222 - 187,741 - - - 210,751 18,645 4,766 - - 4,766 1,653 31,436 _ - 123,418 154,854 125,945 _ - - - 3,015,000 3,015,000 3,405,000 266,967 - - - - 1,571,382 1,838,859 5 10,349 238,881 230,112 0 3,138,418 5,769,465 6,164,409 - - - 2,791,327 - 2,791,327 2,690,219 - 5,148,586 - - - 5,148,586 4,403,495 - 661,765 - - - 661,765 661,765 - 77,035 - - - 77,035 97,156 260,000 - - - - 798,386 863,728 3,836,223 - - - - 5,141,481 4,684,737 (36,436) - - - (230,891) (250,218) - -- - - -- 4,059,787 5,887,386 0 2,791,327 0 14,387,689 13,150,882 $4,570,136 $6,126,267 $230,112 $2,791,327 $3,138,418 $20,157,154 $19,315,291 The accompanying notes are an integral part of these financial statements. 9 CITE' OF OAK PARK HEIGHTS, MINNE SOTA COMBINED STATEMENT OF REVENUE, EXPENDITURES AND Statement 2 CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES For The Year Ended December 31, 2000 With Comparative Totals For The Year Ended December 31, 1999 Totals Special Debt Capital (Memorandum Only) General Revenue__ _ Service Project 2000 1999 Revenue: General property taxes $1,405,002 $ - $59,379 $16 $1,464,397 $1,416,954 Tax increment taxes - - - - - 13,945 Special assessments - - 249,597 129,608 379,205 675,218 Intergovernmental 180,243 - - 9,497 189,740 192,194 Licenses and permits 314,527 - - - 314,527 227,693 Charges for services 193,615 - - - 193,615 230,147 Fines and forfeits 56,326 - - - 56,326 58,886 Earnings on investments 48,363 5,479 36,944 236,002 326,788 302,676 Connection charges - - - 408,852 408,852 67,286 Escrow /interfund loan interest - 800 - 20,000 20,800 20,313 Refunds and reimbursements 59,691 - - 445,618 505,309 1,197,994 Donations and contributions 250 - - 11,570 11,820 4,640 Other 4,525 21,164 - - 25,689 22,525 Total revenue 2,262,542 27,443 345,920 1,261,163 3,897,068 W 4,430,471 Expenditures: Current: General government 786,886 - - 786,886 772,729 Public safety 914,771 1,043 - - 915,814 887,643 Public works 170,408 - - - 170,408 192,501 Recreation 86,800 - - - 86,800 73,241 Community development 99,591 21,465 - - 121,056 124,331 Capital outlay 32,591 - - 25,433 58,024 217,671 Debt service: Principal - - 390,000 - 390,000 375,000 Interest - - 149,688 - 149,688 178,496 Materials and supplies - - - 963 963 - Professional services - - 415 9,584 9,999 19,584 Contractual services - - - 10,761 10,761 862 Developer assistance - - - - - 8,367 Administrative charge - - 3,450 3,450 7,253 Construction costs - - - 818,793 818,793 3,278,021 Total expenditures 2,091,047 22,508 540,103 868,984 3,522,642 6,135,699 Revenue over (under) expenditures 171,495 4,935 (194,183) 392,179 374,426 (1,705,228) Other financing sources (uses): Operating transfers from other funds 15,000 - 135,000 415,445 565,445 638,225 Operating transfers to other funds (97,475) - - (431,667) (529,142) (579,000) Total other financing sources (uses) (82,475) 0 135,000 (16,222) 36,303 59,225 Net increase (decrease) in fund balance 89,020 4,935 (59,183) 375,957 410,729 (1,646,003) Fund balance - January 1 1,191,081 (163,120) 593,415 3,676,871 5,298,247 6,944,250 Residual equity transfer - - (6,959) 6,959 - - Fund balance - December 31 $1,280,101 ($158,185) $527,273 $4,059, $5,708,976 $5,298,247 The accompanying notes are an integral part of these financial statements. 10 CITY OF OAK PARK HEIGHTS, MINNESOTA ESOTA COMBINED STATEMENT OF REVENUE, EXPENDITURES AND Statement 3 CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND For The Year Ended December 31, 2000 With Comparative Actual Amounts For The Year Ended December 31, 1999 2000 Favorable (Unfavorable) 1999 Budget Actual Variance Actual Revenue: General property taxes $1,425,800 $1,405,002 ($20,798) $1,333,194 Intergovernmental 185,511 180,243 (5,268) 192,194 Licenses and permits 241,535 314,527 72,992 227,693 Charges for services 212,700 193,615 (19,085) 230,147 Fines and forfeits 63,150 56,326 (6,824) 58,886 Earnings on investments 52,500 48,363 (4,137) 36,970 Refunds and reimbursements 57,000 59,691 2,691 65,295 Donations and contributions - 250 250 365 Other - 4,525 4,525 3,087 Total revenue 2,238,196 2,262 24,346 2,147,831 Expenditures: Current: General government 797,845 786,886 10,959 772,729 Public safety 960,000 914,771 45,229 886,666 Public works 171,155 170,408 747 192,501 Recreation 108,290 86,800 21,490 73,241 Community development 104,430 99,591 4,839 84,221 Capital outlay 32,591 (32,591) 40,055 Total expenditures 2,141,720 2,091,047 50,673 2,049,413 Revenue over expenditures 9b,476 171,495 75,019 98,418 Other financing sources (uses): Operating transfers from other funds 15,000 15,000 - - Operating transfers to other funds (83,475) (97,475) (14,000) (94,000) Total other financing sources (uses) (68,475) (82,475) (14,000) (94,000) Net increase in fund balance $28,001 89,020 $61,019 4,418 Fund balance - January 1 1,1 91,081 - 1,186,663 Fund balance - December 31 $1,280,101 $1,191 The accompanying notes are an integral part of these financial statements. 11 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, 2000 With Comparative Amounts For The Year Ended December 31, 19 Enterprise Fund 2000 1999 Operating revenue: Customer billings $843,814 $711,472 Penalties 10,776 13,416 Plumbing permits 1,800 2,160 Meter sales 10,450 10,930 Charges for services 8,028 3,317 Total operating revenue 874,868 741,295 Operating expenses: Personal services 254,459 236,017 Contractual services 253,419 202,271 Refunds and reimbursements 2,415 1,100 MCES charges 247,776 250,780 Materials and supplies 16,408 9,207 Administrative and personnel charges 99,400 80,655 Depreciation 130,527 120,930 Total operating expenses 1,004,404 900,960 Net income (loss) from operations (129,536) (159,665) Other income: Earnings on investments 27,690 27,060 Net income (loss) before operating transfers (101,846) (132,605) Other financing sources (uses): Operating transfer fi other finds 87,475 65,000 Operating transfer to other funds (123,778) (124,225) Total other financing sources (uses) (36,303) (59,225) Net income (loss) (138,149) (191,830) Other increases: Credit arising from transfer of depreciation to contributions from property owners 118,028 109,225 Net increase (decrease) in retained earnings (20,121) (82,605) Retained earnings - January 1 758,921 841,526 Retained earnings - December 31 $738,800 $758,921 The accompanying notes are an integral part of these financial statements. 12 CITY OF OAK PARK HEIGHTS, MINNESOTA COMBINED STATEMENT OF CASH FLOWS - Statement S PROPRIETARY FUND TYPE For The Year Ended December 31, 2000 With Comparative Amounts For The Year Ended December 31, 1999 Enterprise Fund 2000 1999 Cash flows from operating activities: Operating income (loss) ($129,536) ($159,665) Adjustments to reconcile operating income to net cash flows from operating activities: Depreciation 1 30,527 120,930 Change in assets and liabilities: Decrease (increase) in receivables (173,122) 46,277 Decrease (increase) in prepaid expenses 708 (3,195) Increase (decrease) in payables 177,497 (22,696) Net cash flows from operating activities 6,074 (18,349) Cash flows from noncapital financing activities: Operating transfers from other funds 87,475 65,000 Operating transfers to other funds (123,778) (124,225) Net cash flows from noncapital financing activities (36,303) (59,225) Cash flows from capital and related financing activities: Acquisition of fixed assets (10,338) (20,878) Cash flows from investing activities: Interest received on investments 27,690 27,060 Net increase (decrease) in cash and cash equivalents (12,877) (71,392) Cash and cash equivalents - January 1 436,920 508,312 Cash and cash equivalents - December 31 $424,043 $436,920 Significant noncash investing, capital and financing activities: During 1999 and 2000, fixed assets were contributed to the Enterprise Fund as follows: 2000 1999 Water Operating Fund $319,193 $187,914 Sewer Operating Fund 5 43,926 250,931 Total $863,119 $438,845 The accompanying notes are an integral part of these financial statements. 13 This page intentionally left blank. 14 CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 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 arc combined with data of the primary government. Blended Component Units The H RA 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. Separate financial statements are not prepared for the HRA. The EDA of the City of Oak Park Heights is a separate legal entity. The EDA board members are substantially the same as the City council in that four of the five board members are council members and the fifth board member is the City finance director. Separate financial statements are not prepared by the EDA. 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: GOVERNMENTALFUNDS 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. 15 CITY OF OAK PARK HEIGHTS, MIIiNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 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 Proicet Funds - to account for financial resources to be used for the acquisition or construction of major facilities other than those financed by Proprietary Funds. PROPRIETARY FUNDS Enterprise Funds - to account for operations: (a) that are financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or, (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and /or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. FIDUCIARY FUNDS 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. ACCOUNT GROUPS The governmental fund types are designed to account for the financial flow of a particular firnd; therefore, they generally include only current assets and current liabilities on their balance sheets. The City maintains two account groups to account for noncurrent assets and long -term liabilities as follows: General Fixed Assets - The City maintains a separate account group which contains the fixed assets used in the governmental fund type operations. They are assets of the City as a whole and not of individual funds. General Long -Term Debt - This account group contains the long -term obligations of the City including general obligation bonds, certificates of indebtedness, contracts payable and compensated absences payable. These long -term liabilities are expected to be financed by the governmental funds. 16 CITE' OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 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. The modified accrual basis of accounting is followed by the City for its Governmental Funds and Agency Funds. Under this method of accounting, revenues are recognized when they become susceptible to accrual - that is, when they become both measurable and available to finance expenditures of the fiscal period. "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Major revenue sources susceptible to accrual include property taxes (excluding delinquent taxes received over 60 days after year end), special assessments, intergovernmental revenues, charges for services and interest on investments. Major revenue sources not susceptible to accrual include licenses and permits, fees, and miscellaneous revenues. Such revenues are recorded as revenue when received because they are not measurable until collected. Expenditures are generally recognized in the accounting period when the fund liability is incurred, except for interest on general long -term debt which is recognized when due. The accrual basis of accounting is followed for the Proprietary Funds. Under this method of accounting, revenues are recognized during the accounting period in which they are earned and become measurable and expenses are recognized in the accounting period in which they are incurred if measurable. Governmental Accounting Standards Board (GASB) Statement #20, Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities that Use Proprietary Funds provides proprietary activities with a choice of authoritative guidance issued after November 30, 1959. 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. 17 CITE' OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 The City has reported as deferred revenues the amount of $1,571,382, which consists of the following: Unearned grants $1,648 Property taxes receivable 22,116 Special assessments receivable 1,547,618 Total $1,571,382 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. 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 T 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. 18 CITE' OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 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. All amounts over budget have been approved by the City council through the disbursement approval process. 9. The City Council may authorize transfer of budgeted amounts between City funds. The following is a listing of General Fund departments whose expenditures exceed budget appropriations: Over Budget Actual Budget City administrator $213,650 $222,253 $8,603 General management and building 66,675 67,484 809 Finance 150,100 150,385 285 Insurance 151,300 160,461 9,161 Assessing 17,000 17,085 85 Planning and zoning 30,000 32,082 2,082 Building inspections 88,590 91,779 3,189 Fire protection 82,000 83,740 1,740 Animal control 925 1,529 604 Street maintenance 27,480 43,309 15,829 19 CITE' OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 F. CASK 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 fair value, based upon quoted market prices. For proposes 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. 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 arc 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 arc 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 2000 and 1999 totaled $69,847 and $89,420, respectively. Receipt of property taxes from this "fiscal disparities pool" does not increase or decrease total tax revenue. 20 CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 H. SPECIAL ASSESSMENT REVENUE RE COGNITION 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. Proceeds of sales from tax forfeit properties are allocated first to the County's costs of administering all tax forfeit properties. Washington County has indicated that they anticipate their costs to exceed the proceeds of sales of these properties. Generally, the City will collect the full amount of its special assessments not adjusted by City Council, court action or properties going tax forfeit. 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. I, 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 fi•om 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. 21 CITE' OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 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. CAPITALIZATION OF INTEREST In accordance with FASB Statement 62, the City adopted the policy of capitalizing net interest costs on funds borrowed to finance the construction of Proprietary Fund fixed assets. The City did not borrow to finance the construction of Proprietary Fund fixed assets in 1999 or 2000. J. 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. 22 CITE' OF OAK PARK HEIGHTS, MINNE SOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 K. 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. L. FUND EQUITY Contributed capital is recorded in Proprietary Finds that have received capital grants or contributions fi 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 find balances represent tentative plans for fixture use of financial resources. M. 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. N. 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. 0. 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. 23 CITY OF OAK PARK HEIGHTS, MINNE SOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 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. Balances at December 31, 2000 are as follows: Bank Carrying Balances Amount 1) Insured or collateralized by securities held by the City or its agent in the City's name. $5,666,316 $5,425,861 2) Collateralized with securities held by the pledging institution trust department in the City's name. 3) Uncollateralized or collateralized with securities not in the City's name. Totals $5,666,316 $5,425,861 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. 24 CITE' OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 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 thew Canadian subsidiaries, of the highest quality, and maturing in 270 days or less. f) Repurchase or reverse repurchase agreements with banks that are members of the Federal Reserve System with capitalization exceeding $10,000,000; a primary reporting dealer in U.S. government securities to the Federal Reserve Bank of New York; certain Minnesota securities broker - dealers; or, a bank qualified as a depositor. Balances at December 31, 2000 were: Carrying Custodial Credit Risk category Amount Securities Type 1 2 3 (at Fair Value) U.S. Government and Agency Securities $100,000 $ - $ - $100,000 m Investments not subject to credit risk categorization: Investment company shares 551,034 Total investment 651,034 Deposits 5,425,861 Total deposits and investments 6,076,895 Change funds 100 Total $6,076,995 The City's investments are categorized above to give an indication of the level of custodial credit risk assumed at year end. Category 1 includes investments that are insured or registered or for which the securities are held by the City or its agent in the City's name. Category 2 includes uninsured or unregistered investments for which the securities are held by the counterparty's trust department or agent in the City's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty or by its trust department or agent but not in the City's name. 25 CITE' OF OAK PARK HEIGHT'S, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 Note 3 FIXED ASSETS • summary of changes in general fixed assets is as follows: Balance Balance 1/1/00 Additions Deletions 12/31/00 Land $482,859 $ - $ - $482,859 Land improvements 326,601 - - 326,601 Buildings and structures 1,138,979 26,947 - 1,165,926 Machinery and equipment 418,894 95,718 22,177 492,435 Furniture and fixtures 322,886 620 - 323,506 Totals $2,690,219 $123,285 $22,177 $2,791,327 • summary of Enterprise Fund fixed assets at December 31, 2000 is as follows: Enterprise Land $60,000 Buildings and structures 1,254,845 Machinery and equipment 174,600 Distribution and collection systems 5,733,853 Total 7,223,298 Less: allowance for depreciation (1,834,416) Net fixed assets $5,388,882 26 CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 Note 4 CITY INDEBTEDNESS The following is a schedule of changes in City indebtedness for the year ended December 31, 2000: Balance Balance 01/01/00 Additions Deletions 12/31/00 General Long -Term Debt Account Group: Bonded debt: General obligation $835,000 $ - $120,000 $715,000 Special assessment bonds 2,570,000 - 270,000 2,300,000 Compensated absences 102,958 20,460 - 123,418 Total general long -term debt 3,507,958 20,460 390,000 3,138,418 Proprietary funds: Compensated absences 22,987 8,449 - 31,436 Totals $3,530,945 $28,909 $390,000 $3,169,854 All long -term bonded indebtedness outstanding at December 31, 2000 is backed by the full faith and credit of the City, including special assessment bond issues. Delinquent assessments receivable at December 31, 2000 totaled $4,162. The annual requirement to amortize all debt outstanding at December 31, 2000 including interest payments of $700,597 is as follows: Year General Ending Obligation December 31, Bonds 200t $503,352 2002 507,768 2003 495,967 2004 468,493 2005 465,617 2006 -2013 1,274,400 Total $3,71 5,597 It is not practicable to determine the specific year for payment of long -term accrued compensated absences. 27 CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 Long -term debt at December 31, 2000 is composed of the following: Final Authorized Issue Maturity Interest And Outstanding Date Date Rate Issued 12/31/00 General Long -Term Debt: General obligation bonds: G.O. Crossover Refunding Bonds of 1993 04/01/93 12/01/06 4.71 $1,140,000 $715,000 Special assessment bonds: G.O. Improvement Bonds of 1995 07/01/95 12/01/05 4.69 1,130,000 600,000 G.O. Improvement Bonds of 1998 10/01/98 12/01/13 4.19 1,990,000 1,700,000 Compensated absences payable 154,854 Total general long -term debt $3,169,854 28 CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 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 1999 and 2000 is computed as follows: December 31, 2000 1999 Market value (for pay 2000 or 1999) $324,495,900 $295,721,900 Debt limit percentage 2.00% 2.00% Debt limit 6,489,918 5,914,438 Amount of debt applicable to debt limit: Total bonded debt 3,015,000 3,405,000 Less: Non applicable debt: Revenue bonds (715,000) (810,000) Special assessment bonds (2,300,000) (2,570,000) Cash and investments in corresponding Debt Service Funds - (31, (93) Total amount of debt applicable to debt limit 0 (6,193) Legal debt margin $6,489,918 $5,920 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. 29 CITY OF OAK PARK HEIGHT'S, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 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 (651)296 -7460 or 1- 800 -652 -9026. B. FUNDING POLICY Minnesota Stataites 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 8.75% and 4.75 %, respectively, of their annual covered salary. PEPFF members are required to contribute 6.20% of their annual covered salary. The City of Oak Park Heights is required to contribute the following percentages of annual covered payroll: 11.43% for Basic Plan PERF members, 5.18% for Coordinated Plan PERF members, and 9.30% for PEPFF members. The City's contributions to the Public Employees Retirement Fund for the years ending December 31, 2000, 1999 and 1998 were $31,344, $28,355 and $19,695, respectively. The City's contributions to the Public Employees Police and Fire Fund for the years ending December 31, 2000, 1999 and 1998 were $49,656, $52,788 and $54,602, respectively. The City's contributions were equal to the contractually required contributions for each year as set by state statute. Note 7 , CONCILIATION OF CONTRIBUTED CAPITAL Changes to contributed capital during the year are as follows: Depreciation Beginning Capital on Contributed Ending Balance Contributions Assets Balance Water $2,521,601 $319,193 $65,693 $2,775,101 Sewer 1,881,894_ 543,926 52,335 2,373,485 Total $4,403,495 $86 3,119 $1 18,028 $5,148,586 30 CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 Note 8 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 matured 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 was spread for collection in years 1995 to 2000. The original scheduled levies totaled $198,000. Note 9 DEFICIT FUND BALANCES TAINED EARNINGS The following funds had a fund deficit at December 31, 2000: Amount Special Revenue: Economic Development $183,342 Capital Project: Deep Well #3 1,153 Central Business District 12,866 Brackey - Oak Park Pond 22,417 Note 10 CONTINGENCIES A. LITIGATION 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. 31 CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 B. FEDERAL AND STATE FUNDS The City receives financial assistance from federal and state governmental agencies in the form of grants. The disbursement of funds received under these programs generally requires compliance with the terms and conditions specified in the grant agreements and is subject to audit by the grantor agencies. Any disallowed claims resulting from such audits could become a liability of the applicable fund. However, in the opinion of management, any such disallowed claims will not have a material effect on any of the financial statements of the individual fund types included herein or on the overall financial position of the City at December 31, 2000. C. TAX INCREMENT DISTRICTS The City's tax increment districts are subject to review by the State of Minnesota Office of the State Auditor (OSA). The City decertified an economic development district, "St. Croix Mall Tax Increment District," during 1999. Any disallowed claims or misuse of tax increments could become a liability of the applicable fiord. Management has indicated that they are not aware of any instances of noncompliance which would have a material effect on the financial statements. Note lI DEFERRED AD VALOREM TAX LEVIES -BONDED DEIST General Obligation bond issues sold by the City are financed by ad valorem tax levies in addition to special assessments levied against the benefiting properties. When a bond issue to be financed partially or completely by ad valorem tax levies is sold, 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, 2000 totaled $299,400. 32 CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 Note 12 DESIGNATIONS AND RESERVATIONS OF FUND EQUITY At December 31, 2000 and 1999 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, 2000 and 1999 are shown on the various balance sheets as segregations of the fund equity. A summary of such designations is as follows: December 31 , 2000 1999 General Fund: Designated for cash flow $807,000 $733,000 Designated for contingent employee benefit 161,090 135,153 Designated for general contingency 273,682 285,526 Designated for capital improvements 12,011 12,011 Designated for employee insurance benefits 26,318 25,391 Special Revenue Funds: Reserved for interfund loan receivable 11,113 10,313 Designated for special revenue program 25,157 4,124 Debt Service Funds: Reserved for debt service 527,273 593,415 Capital Project Funds: Reserved for interfund loan receivable 260,000 260,000 Designated for capital improvements 3,782,583 3,372,934 Designated for committed contracts 53,640 116,598 Enterprise Fund: Reserved for debt service reserve 661,765 661,765 Totals $6,601,632 $6,210,230 33 CITE' OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 Note 13 COMMITMENTS Construction commitments at December 31, 2000 were composed of the following: Expended Remaining Contract as of Contract Description Authorized 12/31/00 Commitment - -- - - - - - -- - - 57th Street Oakgreen Extention $255,339 $234,151 $21,188 58th Street Improvement Phase 111 789,016 706,222 82,794 Boutwells Landing 1,325,520 1,260,620 64,900 Deep Well #3 18,445 14,580 3,865 Note 14 MAJOR TAXPAYER The City has one major taxpayer, Xcel Energy. The total tax capacity value for this taxpayer represented approximately 53% of the City's total tax capacity value for taxes payable in 2000. Note 15 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 $10,000 per employee with a $167,532 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. 34 CITY OF OAK PARK HEIGHTS, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2000 Note 16 CONDUIT DEBT OBLIGATIONS From time to time, the City has issued Rental Housing or Industrial Revenue Bonds to provide financial assistance to private- sector entities for the acquisition and construction of rental housing, office space or a clinic deemed to be in the public interest. The bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private - sector entity served by the bond issuance. Neither the City, the State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of December 31, 2000, there were four series of Industrial Revenue Bonds outstanding. The principal amount payable at December 31, 2000 was $40 million. Note 17 INTEPF U _ UND LOANS There were interfund loans receivable and payable at December 31, 2000 as follows: Fund Receivable Payable Economic Development $11,113 $260,000 Capital Revolving Fund 260,000 - Central Business District - 11,113 Total $271,113 $271,113 The $260,000 loan will be repaid from yet undetermined sources by July 1, 2003. The $11,113 loan will be repaid from yet undetermined sources, and does not have a clue date. 35 This page intentionally left blank. 36 COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP FINANCIAL STATEMENTS 37 CI'T'Y OF ®AID PARK HEIGHTS, MINNESOTA GENERAL FUND Statement 6 BALANCE SHEET December 31, 2000 With Comparative Amounts For December 31, 1999 December 31, Assets 2000 1999 Cash and investments $1,306,085 $1,172,829 Accounts receivable 19,108 8,124 Accounts receivable - certified 812 906 Due from other governmental units 31,650 37,531 Taxes receivable: Delinquent 21,264 22,952 Due from County 10,341 17,061 Total assets $1 ,389,260 $1,259,403 Liabilities and Fund Balance Liabilities: Accounts payable $61,510 $34,602 Salaries payable 2,355 1,918 Due to other governmental units 23,010 7,830 Deferred revenue 22,284 23,972 Total liabilities 109,159 68,322 Fund balance: Unreserved: Designated for cash flow 807,000 733,000 Designated for contingent employee benefit 161,090 135,153 Designated for general contingency 273,682 285,526 Designated for capital improvements 12,011 12,011 Designated for employee insurance benefits 26,318 25,391 Total fund balance 1,280,101 1,191,081 Total liabilities and fund balance $1,389,260 $1,259,403 38 CITE' OF OAK PARK HEIGHTS, MINNE SOTA GENERAL FUND Statement 7 STATEMENT OF REVENUE, EXPENDITURES AND CHANGES Page 1 of 5 IN FUND BALANCE - BUDGET AND ACTUAL For The Year Ended December 31, 2000 With Comparative Ac tual Amounts For The Year Ended December 3 1, 199 2000 Favorable (Unfavorable) 1999 Budget Actual Variance Actual Revenue: General property taxes: Current and delinquent $1,380,800 $1,380,499 ($301) $1,315,529 Payment in lieu of taxes 45,000 23,359 (21,641) 11,778 Excess TIF - - - 5,808 Othertaxes - 1,144 1,144 79 Total general property taxes 1,425,800 1,405,002 (20,798) 1,333,194 Intergovernmental: Federal: Safe and sober - 6,031 6,031 - Cops grant 26,300 13,081 (13,219) 36,022 Underage compliance checks - - - 780 State: HACA 79,583 79,583 - 74,983 Local government aid 4,878 4,878 - - Local performance aid - - - 4,884 Police aid 52,815 52,828 13 53,446 Police training aid 4,185 4,185 - 2,963 Safe and sober - 2,000 2,000 - Disaster aid - - 1,559 Other 2,000 2,040 40 2,040 County: Recycling grant 15,000 14,691 (309) 14,691 Gravel tax allocation 750 926 176 826 Total intergovernmental 185,511 180,243 (5,268) 192,194 Licenses and permits 241,535 314,527 72,992 227,693 Charges for services: General government 13,200 12,092 (1,108) 14,767 Development charge 9,000 6,000 (3,000) 9,000 Refuse charge - Junker settlement 28,000 27,655 (345) 25,718 Inspections - City of Bayport 27,500 45,018 17,518 36,122 Administrative - Enterprise Fund 99,400 99,400 - 80,655 Administrative - TIP 15,600 3,450 (12,150) 7,253 Administrative - Construction 20,000 - (20,000) 56,632 Total charges for services 21 2,70 0 193,615 (19,085) 230,147 Fines and forfeits 63,150 56,326 (6,824) 58,886 Earnings on investments 52,500 48,363 (4,137) 36,970 Refunds and reimbursements 57,000 59,691 2,691 65,295 Donations and contributions - 250 250 365 Sale of property - 4,525 4,525 3,087 Total revenue 2,238,196 2,262,542 24,346 2,147,831 39 CITY OF OAK PARK HEIGHTS, MINNESOTA GENERAL FUND Statement 7 STATEMENT OF REVENUE, EXPENDITURES AND CHANGES Page 2 of S IN FUND BALANCE - BUDGET AND ACTUAL For The Year Ended December 31, 2000 With Comparative Actual Amounts For The Year En D ecember 31, 1999 2000 Favorable (Unfavorable) 1999 Budget Actual Variance Actual Expenditures: General government: Mayor and council: Current: Personal services $38,000 $34,111 $3,889 $35,439 Materials and supplies 1,500 349 1,151 1,247 Contractual services 22,400 15,435 6,965 22,663 Total current 61,900 49,895 12,005 59,349 Capital outlay - - - 947 Total mayor and council 61,900 49,895 12,005 60,296 City administrator: Current: Personal services 191,550 198,020 (6,470) 169,954 Materials and supplies 4,500 2,725 1,775 3,416 Contractual services 17,600 21,508 (3,908) 19,756 Total current 213,650 222,253 (8,603) 193,126 Capital outlay - - - 1,474 Total City administrator 213,650 222,253 (8,603) 194,600 Legal: Current: Personal services 30,000 23,617 6,383 23,337 General management and building: Current: Personal services 1,700 - 1,700 - Materials and supplies 8,900 8,463 437 11,688 Contractual services 55,575 58,146 (2,571) 65,013 Total current 66,175 66,609 (434) 76,701 Capital outlay 500 875 (375) 1,665 Total general management and building 66_,6 67,484 (809) 78,366 Elections: Current: Personal services 3,500 3,702 (202) - Materials and supplies 500 217 283 Contractual services 800 - 800 - Total elections 4,800 3,919 881 0 Finance: _ Current: Personal services 144,050 146,362 (2,312) 125,260 Materials and supplies 1,600 1,803 (203) 1,811 Contractual services 3,950 2,034 1,916 2 Total current 149,600 150,199 (599) 129,472 Capital outlay 500 186 314 247 Total finance 150,100 150,385 285 129,719 40 CITY OF OAK PARK HEIGHTS, MINNESOTA GENERAL FUND Statement 7 STATEMENT OF REVENUE, EXPENDITURES AND CHANGES Page 3 of 5 IN FUND BALANCE - BUDGET AND ACTUAL For The Year Ended December 31, 2000 With Comparative Actual Amounts For The Year Ended December 31, 1999 2000 Favorable (Unfavorable) 1999 Budget Variance Actual Expenditures: (continued) General government: (continued) Computer system: Current: Materials and supplies $800 $1,194 ($394) $457 Contractual services 14,500 13,133 1,367 22,165 Total computer system 15,300 14,327 973 22,622 Audit: Current: Personal services 15,000 12,044 2,956 7,141 Materials and supplies 120 - 120 - Total audit 15,120 12,044 3,076 7,141 Insurance: Current: Contractual services 151,3 160,461 (9,161) 165,725 Assessing: Current: Personal services 17,000 17,0 (85) 16,735 Planning and zoning: F C urgent: Personal services 30,000 32,072 (2,072) 43,664 Materials and supplies - 10 (10) - Contractual services - - - 40 Total planning and zoning 30,000 32,082 (2,082) 43,704 Engineering: Current: Personal services 30,000 23,528 6,472 29,421 General contingency: Current: Contractual services 12,000 10,867 1,133 5,396 Total general government 797,845 787,947 9,898 777,062 Public safety: Police department: Current: Personal services 693,610 668,985 24,625 655,095 Materials and supplies 25,750 29,382 (3,632) 25,038 Contractual services 42,625 41,355 1,270 34,430 Total current 761,985 739,722 22,263 714,563 Capital outlay 26,500 28,798 (2,298) 31,053 Total police department 788,485 768,520 19,965 745,616 41 CITY OF OAK PARK HEIGHTS, MINNESOTA GENERAL FUND Statement 7 STATEMENT OF REVENUE, EXPENDITURES AND CHANGES Page 4 of 5 IN FUND BALANCE - BUDGET AND ACTUAL For The Year Ended December 31, 2000 With Comparative Actual Amounts For The Year Ended December 31, 1999 2000 Favorable (Unfavorable) 1999 Budget Actual Variance Actual Expenditures: (continued) Building inspections: Current: Personal services $80,730 $83,989 ($3,259) $78,841 Materials and supplies 2,200 1,563 637 1,822 Contractual services 5,660 4,228 1,432 7,451 Total current 88,590 89,780 (1,190) 88,114 Capital outlay - 1,999 (1,999) - Total building inspections 88,590 91,779 (3,189) 88,114 Fire protection: Current: Contractual services 80,000 81,740 (1,740) 80,740 Materials and supplies 2,000 2,000 - 2,279 Total fine protection 82,000 83,740 (1,740) 83,019 Animal control: Current: Materials and supplies 175 - 175 50 Contractual services 750 1,529 (779) 920 Total animal control 925 1,529 (604) 970 Total public safety 960,000 945,568 14,432 917,719 Public works: Street maintenance: Current: Personal services 16,110 21,005 (4,895) 27,298 Materials and supplies 3,000 3,534 (534) 3,831 Contractual services 8,370 18,699 (10,329) 24,421 Total current 27,480 P 43,238 (15,758) 55,550 Capital outlay - 71 (71) 3,426 Total street maintenance 27,480 43,309 (15,829) 58,976 Snow removal: Current: Personal services - 766 (766) - Materials and supplies 2,500 2,267 233 606 Contractual services 63,250 56,574 6,676 57,653 Total current 65,750 59,607 6,143 58,259 Capital outlay 4,000 - 4,000 Total snow removal 69,750 59,607 10,143 58_,259 Street lighting: Current: Contractual services 45,000 41,824 3,176 45,43 42 CITY OF OAK PARK HEIGHTS, MINNESOTA GENERAL FUND Statement 7 STATEMENT OF REVENUE, EXPENDITURES AND CHANGES Page 5 of 5 IN FUND BALANCE - BUDGET AND ACTUAL For The Year Ended December 31, 2000 With Comparative Actual Amounts For The Year Ended December 31, 1999 2000 Favorable (Unfavorable) 1999 Budget Actual Variance Actual Expenditures: (continued) Arborist: Current: Personal services $13,600 $11,592 $2,008 $11,410 Contractual services 175 127 48 8 Materials and supplies 150 15 135 113 Total arborist 13,925 11,734 2,191 11,531 Tree removal and planting: Current: Contractual services 15,000 14,005 995 21,722 'T'otal public works 171,155 170,479 676 195,927 Recreation: Parks, playgrounds and rinks: Current: Personal services 45,875 48,854 (2,979) 47,110 Materials and supplies 2,920 5,751 (2,831) 4,307 Contractual services 49,495 32,195 17,300 21,824 Total current 98,290 86,800 11,490 73,241 Capital outlay 10,000 389 9,611 764 Total recreation 108,290 87,189 21,101 74,005 Community development: Current: Personal services 88,530 88,100 430 70,994 Contractual services 11,500 7,389 4,111 7,127 Materials and supplies 3,900 4,102 (202) 6,100 Total current 103,930 99,591 4,339 84,221 Capital outlay 500 273 227 479 Total community development 104,430 99,864 4,566 84,700 Total expenditures 2,141,720 2,091,047 50,673 2,049,413 Revenue over expenditures 96,476 171,495 75,019 98,418 Other financing sources (uses): Operating transfers from Capital Project Fund 15,000 15,000 - - Operating transfers to Enterprise Fund (83,475) (87,475) (4,000) (65,000) Operating transfers to Capital Project Fund - (10,000) (10,000) (29,000) Total other financing sources (uses) (68,475) (82,475) (14,000) (94,000) Net increase in fund balance $28,001 89,020 $61,019 4,418 Fund balance - January 1 1,191,081 1,186,663 Fund balance - December 31 $1,280,101 $1,191,081 43 CITY OF OAK PARK HEIGHTS, MINNESOTA SPECIAL REVENUE FUNDS Statement S COMBINING BALANCE SHEET December 31, 2000 With Comparative Totals For December 31, 1999 Forfeiture and Economic Totals Seizure Development 2000 1999 Assets Cash and investments $25,157 $65,545 $90,702 $86,567 Interfund loan receivable - 11,113 11,113 10,313 Total assets $25,157 $76,658 $101,815 $96,880 Liabilities and Fund Balance Liabilities: Interfund loan payable $ - $260,000 $260,000 $260,000 Fund balance: Reserved for interfund loan receivable _ 11,113 11,113 10,313 Unreserved: Designated for special revenue programs 25,157 - 25,157 4,124 Undesignated - (194,455) (194,455) (177,557) Total fund balance 25,157 (183,342) (158,185) (163,120) Total liabilities and fund balance $25,157 $76,658 $101,815 $96,880 44 CITE' 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, 2000 With Comparative Totals For The Year Ended December 31, 1999 Forfeiture and Economic Totals Seizure Development 2000 1999 Revenue: Earnings on investments $912 $4,567 $5,479 $5,741 Interfund loan interest - 800 800 313 Confiscated property 20,602 - 20,602 2,649 Sale of municipal property 562 - 562 1,381 Total revenue 22,076 5,367 27,443 10,084 Expenditures: Public safety: Current: Materials and supplies 610 610 - Contr•actual services 433 - 433 977 Capital outlay - - - 2,309 Community development: Current: Materials and supplies - - - 450 Contractual services - 1,465 1,465 19,660 Interfund loan interest - 20,000 20,000 20,000 Total expenditures 1,043 21,465 22,508 43,396 Revenue over (under) expenditures 21,033 (16,098) 4,935 (33,312) Fund balance - January 1 4,124 (167,244) (163,120) (129,808) Fund balance - December 31 $25,157 ($183,342) ($158,185) ($163,120) 45 CITE' OF OAK PARK HE,IGHTS, MINNE SOTA DEBT SERVICE FUNDS Statement 10 COMBINING BALANCE SHEET December 31, 2000 With Comparative Totals For December 31, 1999 G.O. Revenue Bonds of 1991/ Crossover G.O. G.O Refunding Improvement Improvement Bonds Bonds Bonds Totals of 1993 of 1995 of 1998 2000 1999 Assets Cash and investments $300,106 $195,157 $31,596 $526,859 $555,486 Accounts receivable - - - - 35,454 Taxes receivable: Delinquent - 804 - 804 1,028 Due from County - 432 - 432 898 Special assessments: Delinquent 2,270 1,892 - 4,162 3,680 Deferred - 173,301 1,103,864 1,277,165 1,439,573 Due from County - 397 - 397 1,577 Total assets $302, $371,983 $1,135,460 $1,809,819 $2,037,696 Liabilities and Fund Balance Liabilities: Accounts payable $415 $ - $ - $415 $ - Deferred revenue 2,270 175,997 1,103,864 1,282,131 1,444,281 Total liabilities 2,685 175,997 1,103,864 1,282,546 1,444,281 Fund balance: Reserved for debt service 299,691 195,986 31,596 527,273 593,415 Total liabilities and fund balance $302,376 $371,983 $1,135,460 $1,809,819 $2,037,696 46 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, 2000 With Comparative Totals For The Year Ended December 31, 19 G.O. Revenue Bonds of 1991/ Crossover G.O G.O. G.O. Refunding Refunding Improvement Improvement Bonds of 1992 Bonds Bonds Bonds Totals (Storm Sewer) of 1993 of 19 of 1998 2000 1999 Revenue: General property taxes: Current and delinquent $107 $ - $59,272 $ - $59,379 $59,001 Storm sewer ad valorem taxes: Current and delinquent - - - - - 24,759 Special assessments: Current and delinquent - - 49,536 155,168 204,704 57,539 Prepayments - - 5,290 39,468 44,758 263,541 Penalties and interest - - 126 9 135 211 Earnings on investments 1,769 16,386 14,033 4,756 36,944 28,387 Connection charge - - - - - 35,454 Total revenue 1,876 16,386 128,257 199,401 345,920 468,892 Expenditures: Debt service: Principal 25,000 95,000 120,000 150,000 390,000 375,000 Interest 1,375 38,910 34,140 75,263 149,688 178,496 Professional and consulting services - 415 - - 415 1,422 Total expenditures 26,375 134,325 154,140 225,263 540,103 554,918 Revenue over (under) expenditures (24,499) (1 17,939) (25,883) (25,862) (194,183) (86,026) Other financing sources: Operating transfer from Capital Project Fund - 135,000 - - 135,000 135,000 Net increase (decrease) in fund balance (24,499) 17,061 (25,883) (25,862) (59,183) 48,974 Fund balance - January 1 31,458 282,630 221,869 57,458 593,415 544,441 Residual equity transfer (6,959) - - - (6,959) - Fund balance - December 31 $0 $299,691 $19 5,986 $31,596 $527,273 $593,415 47 CITE' OF OAK PARK HEIGHTS, MINNESOTA CAPITAL PROJECT FUNDS COMBINING BALANCE SHEET December 31, 2000 With Comparative Totals For December 31, 1999 Budgeted Projects and 57th Street/ Capital Equipment Oakgreen Superamerica Revolving Fund Revolving Extension Valvoline Oil Assets Cash and investments $178,357 $34,134 $43,532 $10,658 Interfund loan receivable 260,000 - - - Accounts receivable - other - 19,700 - - Due from developers _ - Taxes receivable: Delinquent 48 - - - Due from County 16 - - Special assessments receivable: Delinquent - Deferred 241,291 _ - - Due from County 19 - - - Total assets $679,731 $53, 834 $43,532 $10,658 Liabilities and Fund Balance Liabilities: Cash overdraft $ - $ - $ - $ Interfund loan payable - - - Escrow deposits payable - - - 9,347 Accounts payable - - 1,192 - Contracts payable - - 11,708 - Deferred revenue 241,339 - - - Total liabilities 241,339 0 12,900 9,347 Fund balance: Reserved for interfund loan receivable 260,000 - - - Unreserved: Designated for capital improvement 178,392 53,834 9,444 1,311 Designated for committed contracts - - 21,188 - Undesignated - - - - Total fund balance 438,392 53,834 30,632 1,311 Total liabilities and fund balance $679,731 $53,834 $43,532 $10,658 48 Statement 12 Page 1 of 2 St. Croix Central Brekke Park Mall Street Deep Renewal and Business Park Development (TIP) Reconstruction Well 93 Replacement District Memorial $303,109 $91,663 $334,855 $705 $1,599,177 ($1,125) $777 $303,109 $91,663 $334,855 $705 $1,599,177 ($1,125) $777 750 - - _ 1,858 _ _ _ 628 750 0 0 1,858 0 11,741 0 302,359 91,663 334,855 - 1,599,177 - 777 (1,153) - (12,866) - 3 91,663 334,855 (1,153) 1,599,177 (12,866) 777 $303,109 $91,663 $334,855 $705 $1,599,177 ($1,125) $777 49 CITY OF OAK PARK HEIGHTS, MINNESOTA CAPITAL PROJECT FUNDS COMBINING BALANCE SHEET December 31, 2000 With Comparative Totals For December 31, 1999 AAE Brackey - Brackey - 58th Street Fern Oak Park Outlots Improvement Center Pond A & B Phase III Assets Cash and investments $511 ($22,417) $22,336 $69,054 Interfund loan receivable - - - - Accounts receivable - other - - - - Due from developers - - _ Taxes receivable: Delinquent _ _ _ - Due from County - - - - Special assessments receivable: Delinquent _ _ _ - Deferred - _ _ _ Due from County - - - - Total assets $511 ($22,417) $22,336 $69,054 Liabilities and Fund Balance Liabilities: Cash overdraft $ _ $ _ $ Interfirnd loan payable _ Escrow deposits payable - _ Accounts payable 481 - 1,291 Contracts payable - - 35,311 Deferred revenue - - Total liabilities 481 0 0 36,602 Fund balance: Reserved for interfund loan receivable _ _ _ Unreserved: Designated for capital improvement 30 - 22,336 - Designated for committed contracts - - - 32,452 Undesignated - (22,417) - - Total fund balance 30 (22,417) 22,336 32,452 Total liabilities and fund balance $511 ($22, $22,336 $69,054 50 Statement 12 Page 2 of 2 AAE Sanitary Storm First Boutwells Sewer Water Sewer Totals Student Landing Connection Connection Connection 2000 1999 $68,949 $ - $362,829 $280,662 $541,815 $3,919,581 $3,592,992 - _ _ _ - 260,000 260,000 - - 19,700 5 - 104,481 - - - 104,481 64,290 _ _ _ _ 48 - _ - 16 - _ - - - - 1,024 5,036 8,742 11,222 266,291 369,582 - _ - - - 19 21,610 $68,949 $104,481 $367,865 $289,404 $553,037 $4,570 $4,309,503 $ _ $ _ $ _ $ _ $ _ $ - $32,513 - _ _ _ - 11,113 10,313 65,850 •- - - 75,197 9,347 - 5,998 - - - 9,712 33,631 98,483 - - - 147,360 176,222 - - 5,036 8, 11,222 266,967 370,606 65,850 104,481 5,036 8,742 11,222 510,349 632,632 - - 260,000 260,000 3,099 - 362,829 280,662 541,815 3,782,583 3,372,934 - _ - - - 53,640 116,598 - _ - - - (36,436) (72,661) 3,099 0 362,829 280,662 541,815 4,059,787 3,676,871 $68,949 $104,481 $367,865 $289,404 $553,037 $4,570,136 $4,309, 51 CITY OF ®AID PARIS HEIGHTS, MINNESOTA CAPITAL PROJECT FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE For The Year Ended December 31, 2000 With Comparative Totals For The Year Ended December 31, 1999 Budgeted Projects Capital and 57th Street/ Osgood/ Revolving Equipment Oakgreen Highway 36 Superamerica/ Fund Revolving Extension Intersection Valvoline Oil Revenue: General property taxes - Current and delinquent $16 $ - $ - $ - $ - Tax increment taxes - Special assessments: Current and delinquent 100,135 Penalty and interest 474 Prepayments - Intergovernmental - Earnings on investments 6,268 2,254 1,230 - 630 Connection charges 12,560 - - Inter loan interest 20,000 - - - - Refunds and reimbursements - 21,171 - - - Donations and contributions - - Sale of property - - - Total revenue 139,453 23,425 1,230 0 630 Expenditures: Capital outlay 7,950 - - - Materials and supplies 99 80 _ Professional services 7,269 500 - - - Conti-actual services 10,132 476 - - - Developer assistance - - Administrative charge - - Interfund loan interest - _ - Construction costs - - 61,994 - - Total expenditures 25,450 1,056 61,994 0 0 Revenue over (under) expenditures 114,003 22,369 (60,764) 0 630 Other financing sources (uses): Operating transfers from General Fund - 5,000 - - - Operating transfers from Capital Project Fund 50,000 - 68,000 - - Operating transfers from Enterprise Fund - 5,750 - - - Operating transfers to General Fund - (15,000) - - Operating transfers to Debt Service Fund Operating transfers to Capital Project Fund (68,000) - - Total financing sources (uses) (18,000) (4,250) 68,000 0 0 Net increase (decrease) in fund balance 96,003 18,119 7,236 0 630 Fund balance - January 1 335,428 35,715 23,396 (7,666) 681 Residual equity transfer 6,961 - - 7,666 - Fund balance (deficit) - December 31 $ 438,392 $53, $30,632 $0 $1,311 52 Statement 13 Page 1 of 2 St. Croix Central Park Mall Street Bast Oaks Deep Renewal and Business Development (T1F) Reconstruction Swager Well #3 Replacement District - - 9,497 22,160 5,879 20,454 - 4 90,678 21 160 - - - - - - 7,700 - - - - - 3,500 30,020 5,879 20,454 0 4 90,678 13,018 15,902 - - - 1,581 - 784 - - - _ 750 1,065 - - - - 60 - - 93 - - - 3,450 - - - - - - - _ _ - - 800 95,410 - 14,280 - 60,157 - 21,981 112,906 4,515 14,280 93 60,157 1,581 22,781 (82,886) 1,364 6,174 (93) (60,153) 89,097 (9,763) - _ _ - - 5,000 59,000 - 4,667 - - 118,028 - (4,667) - - - (59,000) - 0 (4,667) 0 0 59,000 59,028 9,667 (82,886) (3,303) 6,174 (93) (1,153) 148,125 (96) 385,245 94,966 336,347 95 - 1,451,052 (12,770) - - (7,666) (2) _ _ $302,359 $91,663 $334,855 $0 ($1,153) $1,599,177 ($12,866) 53 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, 2000 With Comparative Totals For The Year Ended December 31, 1999 AAE Brekke Brackey - Brackey - 58th Street Park Fern Oak Park Outlets Improvement Memorial Center Pond A & B Phase III Revenue: General property taxes - current and delinquent $ - $ - $ - $ - $ - Tax increment taxes ° - - - Special assessments: Current and delinquent - - - - - Penalty and interest - - - - Prepayments - - - - - Intergovernmental - - - Earnings on investments 45 16 n 1,371 6,542 Connection charges - - - - Interfund loan interest - - Refunds and reimbursements - - - - - Donations and contributions 370 - - - - Sale of property - - - - - Total revenue 415 16 0 1,371 6,542 Expenditures: Capital outlay - - - Materials and supplies - - - - Professional set-vices - - - - Contractual services - - - - Developer assistance - - - - Administrative charge ° - - - - Interfund loan interest - - - - - Construction costs - 70,151 27 2,254 67,292 Total expenditures 0 70,151 _ 27 - 2,254 67,292 Revenue over (under) expenditures 415 (70,135) (27) (883) (60,750) Other financing sources (uses): Operating transfers from General Fund - - - - - Operating transfers from Capital Project Fund - 100,000 - - Operating transfers from Enterprise Fund - - - - Operating transfers to General Fund - - - - Operating transfers to Debt Service Fund - - - Operating transfers to Capital Project Fund - - - Total financing sources (uses) 0 100,000 0 0 0 Net increase (decrease) in fund balance 415 29,865 (27) (883) (60,750) Fund balance - January l 362 (29,835) (22,390) 23,219 93,202 Residual equity transfer - - - Fund balance (deficit) - December 31 $777 $30 ($22,417) $22,336 $32,452 54 Statement 13 Page 2 of 2 AAE Sanitary Storm First Boutwells Sewer Water Sewer Totals Student Landing Connection Connection Connection 2000 1999 $ - $ - $ - $ - $ - $16 $ - 13,945 5,841 10,140 13,018 129,134 321,814 - _ - 474 3,391 - - - - - 28,722 - _ - - 9,497 - 3,099 - 21,703 20,716 32,932 236,002 231,578 - a 66,015 184,573 145,544 408,852 31,832 _ _ - _ 20,000 20,000 - 424,447 - - - 445,618 1,132,699 - - - - 11,570 4,275 - - - - - - 15,408 3,099 424,447 93,559 215,429 191,494 1,261,163 1,803,664 _ - 25,433 175,307 - _ _ 963 - _ _ _ - 9,584 18,162 _ - - - 10,761 862 - - 8,367 - - - 3,450 7,253 - - - - 800 313 - 424,447 - - - 817,993 3,277,708 0 424,447 0 0 0 868,984 3,487,972 3,099 0 93,559 215,429 191,494 392,179 (1,684,308) - _ - - - 10,000 29,000 - - - - - 281,667 350,000 - - - - 123,778 124,225 - - (15,000) - - (20,000) (115,000) - (135,000) (135,000) - - (20,200) (35,200) (94,600) (281,667) (3 0 0 (40,200) (150,200) (94,600) (16,222) 18,225 3,099 0 53,359 65,229 96,894 375,957 (1,666,083) - - 309,470 215,433 444,921 3,676,871 5,342,954 - - - - - 6,959 - $3,099 $0 $362,829 $280,662 $541,815 $4,059,787 $3,676,8 55 CITE' OF OAK PARK HEIGHTS, MINNESOTA ENTERPRISE FUNDS Statement 14 BALANCE SHEET December 31, 2000 With Comparative Totals for December 31, 1999 Assets 2000 1999 Current assets: Cash and cash equivalents $424,043 $436,920 Accounts receivable: Customers 156,826 107,128 Certified to County 8,707 10,638 Other 126,565 773 Due from other governmental units - 437 Prepaid MCES 21,244 21,952 Total current assets 737,385 577,848 Fixed assets: Land 60,000 60,000 Buildings and structures 1,254,845 1,254,845 Machinery and equipment 174,600 162,707 Distribution and collection system 5,733,853 4,872,289 Total 7,223,298 6,349,841 Less: Allowance for depreciation (1,834,416) (1,703,889) Net fixed assets 5,388,882 4,645,952 Total assets $6,126,267 $5,223,800 Liabilities and Fund Equity Current liabilities: Accounts payable $18,218 $26,274 Salaries payable 1,486 1,308 Due to other governmental units 187,741 10,815 Total current liabilities 207,445 38,397 Noncurrent liabilities: Compensated absences payable 31,436 22,987 Total liabilities 2 38,881 61,384 Fund equity: Contributions from property owners - net 5,148,586 4,403,495 Retained earnings: Reserved for debt set reserve 661,765 661,765 Unreserved 77,035 97,156 Total fund equity 5,887,386 5,162,416 Total liabilities and fund equity $6,126,267 $5,223,800 56 CITY OF OAK PARK HEIGHTS, MINNESOTA ENTERPRISE FUNDS Statement 15 COMBINING STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS For The Year Ended December 31, 2000 With Comparative Totals For The Year Ended December 31, 1999 Water Sewer Storm Sewer Totals Operating Operating Sanitation Operating 2000 1999 Revenue: Customer billings $313,509 $387,512 $87,434 $55,359 $843,814 $711,472 Penalties 4,865 5,911 - - 10,776 13,416 Plumbing permits 1,275 525 - - 1,800 2,160 Meter sales 10,450 - - - 10,450 10,930 Charges for services 1,255 6,773 - - 8,028 3,317 Total operating revenue 331,354 400,721 87,434 55,359 874,868 741,295 Expenses: Personal services 100,854 115,134 500 37,971 254,459 236,017 Contractual services 56,101 28,084 159,300 9,934 253,419 202,271 Refunds and reimbursements 840 500 - 500 1,840 500 Recycling award - - 575 - 575 600 MCES charges - 247,776 - - 247,776 250,780 Materials and supplies 12,502 2,828 109 969 16,408 9,207 Administrative and personnel charge 30,970 43,000 14,680 10,750 99,400 80,655 Depreciation: On purchased assets 10,313 2,186 - - 12,499 11,705 On contributed assets 65,693 52,335 - - 118,028 109,225 Total operating expenses 277,273 491,843 175,164• 60,124 1,004,404 900,960 Operating income (loss) $54, 081 ($91,1 ($87,730) ($4,765) (129,536) (159,665) Other income: Earnings on investments 27,690 27,060 Net income (loss) before operating transfers (101,846) (132,605) Other financing sources (uses): Operating transfer from General Fund 87,475 65,000 Operating transfer to Capital Project Funds (123,778) (124,225) Total other financing sources (uses) (36,303) (59,225) Net income (loss) (138,149) (191,830) Other increases: Credit arising from transfer of depreciation to contributions from property owners 118,028 109,225 Net increase (decrease) in retained earnings (20,121) (82,605) Retained earnings - January 1 758,921 841,526 Retained earnings - December 31 $738,800 $758,921 57 CITE' OF HAIL PARK HEIGHTS, MINNESOTA ENTERPRISE FUNDS Statement 16 STATEMENT OF CASH FLOWS For The Year Ended December 31, 2000 With Comparative Totals For The Year Ended December 31, 1999 2000 1999 Cash flows from operating activities: Operating income (loss) ($129,536) ($159,665) Adjustments to reconcile operating income to net cash flows from operating activities: Depreciation 130,527 120,930 Change in assets and liabilities: Decrease (increase) in receivables (173,122) 46,277 Decrease (increase) in prepaid expenses 708 (3,195) Increase (decrease) in payables 177,497 (22,696) Net cash flows from operating activities 6,074 (18,349) Cash flows from noncapital financing activities: Operating transfers from other funds 87,475 65,000 Operating transfers to other funds (123,778) (124,225) Net cash flows from noncapital financing activities (36,303) (59,225) Cash flows from capital and related financing activities: Acquisition of fixed assets (10,338) (20,878) Cash flows from investing activities: Interest received on investments 27,690 27,060 Net increase (decrease) in cash and cash equivalents (12,877) (71,392) Cash and cash equivalents - January 1 436,920 508,312 Cash and cash equivalents - December 31 $424,043 $436,920 Significant noncash investing, capital and financing activities: During 1999 and 2000, fixed assets were contributed to the Enterprise Fund as follows: 2000 1999 Water Operating Fund $319,193 $187,914 Sewer Operating Fund 543,92 250,931 Total $863,119 $438,845 58 CITE' OF OAK PARK HEIGHTS, MINle1ESOTA AGENCY FUNDS Statement 17 COMBINING BALANCE SHEET December 31, 2000 With Comparative Totals For December 31, 1999 Developer Developer Deposit Escrow Investment Totals Fund Fund Fund 200 1999 Assets Cash and investments $ - $15,000 $ - $15,000 $31,000 Accrued interest receivable - - 174,170 174,170 111,294 Accounts receivable - certified 1,527 - - 1,527 2,475 Due from developers 39,415 - - 39,415 45,063 Total assets $40,942 $15,0 $174,170 $230,112 $189,832 Liabilities Cash overdraft $31,105 $ - $174,170 $205,275 $150,767 Escrow deposits payable - 15,000 - 15,000 31,000 Accounts payable 5,071 - - 5,071 6,412 Due to developers 4,766 _ - -- - 4,766 1,653 Total liabilities $40,942 $15,000 $174,170 $230,112 $189,832 59 CITY OF OAK PARK HEIGHTS, MINNESOTA AGENCY FUNDS Statement 18 COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES For The Year Ended December 31, 2000 Balance Balance January 1, December 31, 2000 Additions Deletions 2000 Developer Deposit Fund: Assets: Accounts receivable - certified $2,475 $1,527 $2,475 $1,527 Due from developers 45,063 39,415 45,063 39,415 Total assets $47,538 $40,942 $47,538 $40,9 Liabilities: Cash overdraft $39,473 $ - $8,368 $31,105 Accounts payable 6,412 5,071 6,412 5,071 Due to developers 1,653 4,766 1,653 4,766 Total liabilities $47,538 $9,837 $16,433 $40,942 Developer Escrow Fund: Assets: Cash and investments $31,000 $ - $16, $15,000 Liabilities: Escrow deposits payable $31,000 $15,000 $31,000 $15,00 Investment Fund: Assets: Accrued interest receivable $111,294 $174,170 $111,294 $ 174,170 Liabilities: Cash overdraft $111 ,294 $62 ,876 $ - $ 174,170 Total ARencv: Assets: Cash and investments $31,000 $ - $16,000 $15,000 Accrued interest receivable 111,294 174,170 111,294 174,170 Accounts receivable - certified 2,475 1,527 2,475 1,527 Due ftom developers 45,063 39,415 45,063 39,415 Total assets $189,832 $215,112 $174,832 $230,112 Liabilities: Cash overdraft $150,767 $62,876 $8,368 $205,275 Escrow deposits payable 31,000 15,000 31,000 15,000 Accounts payable 6,412 5,071 6,412 5,071 Due to developers 1,653 4,766 1,653 4,766 Total liabilities $189,832 $87,713 $47,433 $230,112 60 CITY OF OAK PARK FIGHTS, MINNESOTA SCHEDULE OF GENERAL FIXED ASSETS Statement 19 For The Year Ended December 31, 2000 Balance Balance January 1, December 31, Description 2000 Additions Deletions 2000 Land $482,859 $ - $ - $482,859 Land improvements 326,601 - - 326,601 Buildings and structures 1,138,979 26,947 - 1,165,926 Machinery and equipment 418,894 95,718 22,177 492,435 Furniture and fixtures 322,886 620 - 323,506 Totals $2,690,219 $123,285 $22,177 $2,791,327 61 CITY OF OAK PAID HEIGHTS, MINNESOTA SCHEDULE OF GENERAL LONG -TERM DEBT Statement 20 December 31, 2000 With Comparative Amounts For December 31, 1999 2000 1999 Amount Available And To Be Provided For The Retirement of Long -Term Debt Bonds: Amount available in Debt Service Funds $527,273 $593,415 Amount to be provided from future tax levies/ special assessment collections, and connection charges 2,487,727 2,811,585 Compensated absences: Amount available in General Fund 123,418 102,958 Total available and to be provided $3,138,418 $3,507, General Long -Term Debt Payable Bonds payable: General Obligation Bonds: G.O. Refunding Bonds of 1992 $ - $25,000 G.O. Crossover Refunding Bonds of 1993 715,000 810,000 Special Assessment Bonds: G.O. Improvement Bonds of 1995 600,000 720,000 G.O. Improvement Bonds of 1998 1,700,000 1,850,000 Total bonds payable 3,015,000 3,405,000 Compensated absences payable 123,418 102,958 Total general long -term debt payable $3,138,418 $3,507,958 62 SUPPLEMENTARY FINANCIAL INFORMATION ATI ®N 63 CITE' OF OAK PARK HEIGHTS, MINNESOTA COMBINED SCHEDULE OF INDEBTEDNESS Exhibit 1 December 31, 2000 Final Net Bonds Principal Interest Payment Interest Authorized Retired Outstanding Due Due Date Due Rate And Issued To Date At 12/31/00 In 2001 In 2001 Bonded indebtedness: General debt: G.O. Crossover Refunding Bonds of 1993 04/01/93 12/01/06 4.71% $1,140,000 $425,000 $715,000 $100,000 $34,825 Special assessments bonds: G.O. Improvement bonds of 1995 07/01/95 12/01/05 4.69% 1,130,000 530,000 600,000 120,000 28,740 G.O. Improvement bonds of 1998 10/01/98 12/01/13 4.19% 1,990,000 290,000 1,700,000 150,000 69,787 Total bonded indebtedness 4,260,000 1,245,000 3,015,000 370,000 133,352 Compensated absences payable - - 154,854 - - Total City indebtedness $4,260,000 $1,245,000 $3,169,854 $370,000 $133,352 64 CITY OF OAK PARK HEIGHTS, MINNESOTA REVENUE BONDS AND GENERAL DEBT BONDS Exhibit 2 SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY December 31, 2000 General Debt Bonds General Obligation General General Crossover Obligation Obligation Refunding Improvement Improvement Bonds of 1993 Bonds of 1995 Bonds of 1998 Total Bonds payable $715,000 $600,000 $1,700,000 $3,015,000 Future interest payable 124,465 87,720 488,412 700,597 Totals $839,465 $687,720 $2,188,412 $3,715,597 Payments to maturity: 2001 $134,825 $148,740 $219,787 $503,352 2002 150,325 143,280 214,163 507,768 2003 149,805 137,700 208,462 495,967 2004 158,805 132,000 177,688 468,493 2005 166,805 126,000 172,812 465,617 2006 78,900 - 167,813 246,713 2007 - - 162,687 162,687 2008 - - 157,500 157,500 2009 - - 152,250 152,250 2010 - - 146,938 146,938 2011 _. - 141,562 141,562 2012 - - 136,125 136,125 2013 - - 130,625 130,625 Totals $83 9,465 $6 87,720 $2,188,412 $3,715,597 65 CITY OF OAK PARK HE IGHTS, MINNESOTA INSURANCE IN FORCE Exhibit 3 December 31, 2000 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 66 CITE' OF OAK PARK HEIGHTS, MINNESOTA FUTURE SCHEDULED TAX LEVIES Exhibit 4 December 31, 2000 Year Of G.O. Improvement Collection Bonds of 1995 2001 $59,400 2002 60,000 2003 60,000 2004 60,000 2005 60,000 Totals $299,400 67 CITE' OF OAK PARK HEIGHTS, 1®'ilNNESOTA TAXABLE VALUATIONS, TAX LEVIES AND TAX RATES Exhibit S 2000/2001 1999/2000 Taxable valuations: Real estate $7,249,830 $6,571,300 Personal property 120,220 120,574 Fiscal disparity: Contribution (918,384) (784,872) Distribution 343,723 298,275 Total $6,795, $6,205,277 Tax levy: City -wide: General revenue $1,529,035 $1,380,800 Debt service 59,400 59,400 Total tax levy $1,588,435 $1,440 Tax capacity rate: City -wide: General revenue 22.818% 22.646% Debt service 0.874% 0.974% 'Total 23.692% 23.620% 68 CITE' OF OAK PART{ HEIGHTS, MINNESOTA SCHEDULE OF CONSTRUCTION COSTS Exhibit 6 December 31, 2000 Legal Expended and Current Prior Contractor Engineer Fiscal Other Total Year Years 57th St/Oakgreen Extension $255,832 $95,582 $6,354 $216,764 $574,532 $61,994 $512,538 Park Development: NSP Trail 28,480 1,314 - - 29,794 29,794 - Valley View Boardwalk /Bridge 64,940 - - 676 65,616 65,616 - Street Reconstruction 1,001,418 251,398 4,866 70,233 1,327,915 14,280 1,313,635 Deep Well #3 15,709 37,944 2,468 4,036 60,157 60,157 - Central Business District - 24,807 1,1 l l 22,658 48,576 22,781 25,795 Kern Center 831,502 156,009 19,344 126,673 1,133,528 70,151 1,063,377 Brackey - Oak Park Pond 497,927 98,772 4,722 41,026 642,447 27 642,420 Brackey Outlet- A & B 140,362 26,870 2,861 4,037 174,130 2,254 171,876 AAE - 58th Street - Phase 111 706,223 129,877 7,176 114,896 958,172 67,292 890,880 AAE - Boutwells Landing 1,270,891 231,471 2,768 32,950 1,538,080 424,447 1,113,633 Total- All Funds $4,813,284 $1,054,044 $51,670 $633,949 $6 ,552,947 $818,793 $5,734,154 69 This page intentionally left blank. 70 STATISTICAL SECTION 71 CITY OF OAK PARK HEIGHTS, MINNESOTA GENERAL AND SPECIAL REVENUE FUNDS Table I EXPENDITURES BY FUNCTION Years 1991 Through 2000 (UNAUDITED) General Public Public Community Capital Year Total Government Safety Works Sanitation Recreation Development Outlay 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 21 1,244 - 55,306 1998 2,086,569 774,444 835,293 139,948 - 120,255 43,471 173,158 1999 2,092,809 772,729 887,643 192,501 - 73,241 124,331 42,364 2000 2,113,555 786,886 915,814 170,408 - 86,800 121,056 32,591 72 CITY OF OAK PARK HEIGHTS, MINNESOTA GENERAL AND SPECIAL REVENUE FUNDS Table 2 REVENUE BY SOURCE Years 1991 Through 2000 (UNAUDITED) Licenses Charges Fines Earnings Inter- and for and on Year Total Taxes governmental Permits Services Forfeits Investments Miscellaneous 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 1998 2,157,782 1,479,490 200,368 125,678 186,799 60,183 49,912 55,352 1999 2,157,915 1,333,194 192,194 227,693 230,147 58,886 42,711 73,090 2000 2,289,985 1,405,002 180,243 314,527 193,615 56,326 53,842 86,430 73 CITY OF OAK PARK HEIGHTS, MINNESOTA PROPERTY TAX LEVIES AND COLLECTIONS Table 3 Years 1991 Through 2000 (UNAUDITED) Percent Total Total of Collection Delinquent Tax Levy Current Delinquent Total as a Outstanding Percent of Taxes (including Current Tax Levy Tax Tax Percent Delinquent Current Payable HACA) Collections Collected Collections Collections of Levy Taxes Levy 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% 1998 1,598,540 1,615,619 101.07% 5,726 1,621,345 101.43% 16,863 1.05% 1999 1,484,383 1,469,976 99.03% 4,296 1,474,272 99.32% 23,981 1.62% 2000 1,519,783 1,505,973 99.09% 13,454 1,519,427 99.98% 22,116 1.46% 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. 74 CITY OF OAK PARK HEIGHTS, MINNESOTA SPECIAL ASSESSMENT COLLECTIONS Table 4 Years 1991 Through 2000 (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) 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 1998 109,134 106,924 97.97% 2,503 100.27% 6,083 1999 416,712 414,520 99.47% 1,493 99.83% 6,782 2000 333,294 332,190 99.67% 1,647 100.16% 4,162 75 CITY OF OAK PARK HEIGHTS, MINNESOTA PRINCIPAL TAXPAYERS (Ten Largest Taxpayers) Table 5 Taxes Payable in 2000 (UNAUDITED) Percent of Percent of Total Net Total Tax Market Market Tax Capacity Property Taxpayer Value Value Capacity Value Classification Xcel Energy Inc $78,184,100 26.4% $3,292,828 53.1% Electric Utilities Diversey Inc 8,248,000 2.8% 330,426 5.3% Commercial KTJ Limited Partnership Eleven 8,030,900 2.7% 330,041 5.3% Commercial Menard Inc 5,257,100 1.8% 218,414 3.5% Commercial Wal -Mart Real Estate Business 3,569,500 1.2% 147,726 2.4% Commercial Oak Ridge Place of Oak Park 3,161,300 1.1% 86,768 1.4% Res. over 4 units Stillwater West LLC 1,788,100 0.6% 66,190 1.1% Commercial 158 Club 1,585,800 0.5% 62,464 1.0% Commercial Oak Park Associates 2,234,000 0.8% 61,318 1.0% Res. Over 4 units Secure Mini Storage limited Partnership 1,465,000 0.5% 53,938 0.9% Connnercial Totals $113,523,800 38.4% $4,650,113 74.9% Total City $295,757,100 $6,205,277 SOURCE: Washington County Auditor - Treasurer Taxation Division. NOTES: (1) This list is based only on parcels paying more than $5,000 net tax (2) If a taxpayer has property consisting of more than one classification, only one is shown. 76