HomeMy WebLinkAboutAnnual Financial Report CITY OF OAK PARK HEIGHTS, MINNESOTA
ANNUAL FINANCIAL REPORT
December 31, 2001
-This page intentionally left blank --
CITE' 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 39
Statement of Revenue, Expenditures and Changes in Fund Balance - Budget and Actual Statement 7 40
Special Revenue Funds:
Combining Balance Sheet Statement 8 46
Combining Statement of Revenue, Expenditures and Changes in Fund Balance Statement 9 47
Debt Service Funds:
Combining Balance Sheet Statement 10 48
Combining Statement of Revenue, Expenditures and Changes in Fund Balance Statement 11 49
Capital Project Funds:
Combining Balance Sheet Statement 12 51
Combining Statement of Revenue, Expenditures and Changes in Fund Balance Statement 13 54
Enterprise Funds:
Balance Sheet Statement 14 58
Combining Statement of Revenue, Expenses and Changes in Retained Earnings Statement 15 59
Statement of Cash Flows Statement 16 60
CITY OF OAK PARK HEIGHTS, MINNESOTA
TABLE OF CONTENTS
Page
Number
Agency Funds:
Combining Balance Sheet Statement 17 61
Combining Statement of Changes in Assets and Liabilities Statement 18 62
General Fixed Assets Account Group:
Schedule of General Fixed Assets Statement 19 63
General Long -Term Debt Account Group:
Schedule of General Long -Term Debt Statement 20 64
Supplementary Financial Information
Combined Schedule of Indebtedness Exhibit 1 66
Debt Service Payments to Maturity:
Revenue Bonds and General Debt Bonds Exhibit 2 67
Future Scheduled Tax Levies Exhibit 3 68
Taxable Valuations, Tax bevies and Tax Rates Exhibit 4 69
Schedule of Construction Costs Exhibit 5 70
Statistical Section
General and Special Revenue Funds - Expenditures by Function -
Years 1992 through 2001 Table 1 72
General and Special Revenue Funds - Revenue by Source -
Years 1992 through 2001 Table 2 73
Property Tax Levies and Collections - Years 1992 through 2001 Table 3 74
Special Assessment Collections - Years 1992 through 2001 Table 4 75
Principal Taxpayers Table 5 76
CITY OF OAK PARK HEIGHTS, MINNESOTA
ORGANIZATION
December 31, 2001
Term Expires
Mayor:
David Beaudet December 31, 2004
Councilmembers:
Lynae Bynre December 31, 2002
Mark Swenson December 31, 2002
Jack Doerr December 31, 2004
Mary McComber December 31, 2004
Acting Administrator:
Kimberly Kamper Appointed
Deputy Clerk /Finance Director:
Judy Holst Appointed
1
This page intentionally left blank -
2
�;�:
�.� �.
>�
ro y&
�--yy h� Sk' e �..
�f. �q arY � r � �+��' k �" � �.•�.
Y �'� tb r+ E � 64•� xx � 1 yk.s�v.
ev m. n � � _� r 5
�� � � � �
,��
� � ^,
E �.. �' k �� �,. - �. .- af" � � a�
3
-t
�.. "1 a � e 1 �.. .� �s .w�. as � <ac t� �: "�' y , 'c _
+yin ,,. °` �' ;. .� as. � �*�' � � *ki
fix• � 'mw - s':C �. ?� �,'" a' �i ``MJ F �:�. � �. �.
s�
f a? "ti .�� �" ,.� � �„r � ,��. p'
F r �' ,� '� «� � +��,' a ze � ,.
�.
1 L %
_. a' : a '�
"K au5� �� " a' �� �` �
� � r� n� ak
�� `.�� � ;' a�, ek v � '� ¢ � » "y "� �� ��I . a.�1 �� � `� �� �.
�' „ � �.
� �-
e.se�n — n, Y �r ��� s�`a � �,.. ,�. is `� ��� � i.L. ;� '"�
�c
! °"'
tta.- w � o �'. �t r mk ..°�" d
- 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.
March 1, 2002
�G a
HLB TAUTGES 1ZEDPATH, LTD.
Certified Public Accountants
5
This page intentionally left blank -
6
GENERAL PURPOSE FINANCIAL STATEMENTS
7
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED BALANCE SHEET -
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 2001
Governmental Fund Types
Special _ Debt
Assets General Revenue Service
Cash and investments $1,141,909 $65,670 $623,969
Interfund loan receivable _ _ _
Accrued interest receivable - -
Accounts receivable 35,311 181 -
Due from other governmental units 28,458 - -
Due from developers - -
Prepaid items _ _ _
Taxes receivable:
Delinquent 23,267 - 905
Due from County 10,198 - 393
Special assessments receivable - - 1,050,999
Fixed assets (net of accumulated depreciation) -
Amount available in general fund -
Amount available in debt set fiend -
Amount to be provided for retirement of general long -term debt - -
Total assets R $1,239,143 $ $1,676,266
Liabilities, Equity and Other Credits
Liabilities:
Cash overdraft $
Interfund loan payable -
Escrow deposits payable _
Accounts payable 35,123 - 2,560
Salaries payable 1,563 -
Contracts payable _ _
Due to other governmental units 5,052 -
Due to developers - - -
Compensated absences payable
Bonds payable - - -
Deferred revenue 24,287 - 1,044,087
Total liabilities 66,025 0 1,046,647
Equity and other credits:
Invested in general fixed assets _ _ _
Contributions - net - - -
Retained earnings:
Reserved - - -
Unreserved _ - _
Fund balance:
Reserved - - 629,619
Unreserved:
Designated 1,173,118 65,851 -
Undesignated - - -
Total equity and other credits 1,173,118 65,851_ 629,619
Total liabilities, equity and other credits $1,239,143 $65,851 $1,676,266
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 Enterpr Agency Fixed Assets Term Debt 2001 2000
$4,094,137 $425,024 $15,142 $ - $ $6,365,851 $6,282,270
- - - - 271,113
- - 125,810 - - 125,810 174,170
250 140,341 - - _ 176,083 333,245
1,125 - - - - 29,583 31,650
29,994 - 16,264 - - 46,258 143,896
- 23,699 - - - 23,699 21,244
27 - - - _ 24,199 22,116
4 - - - 10,595 10,789
162,999 - - - - 1,213,998 1,548,034
- 5,795,660 _ 2,815,619 - 8,611,279 8,180,209
- - - - 132,476 132,476 123,418
629,619 629,619 527,273
2,025,381 2,025,381 2,487,727
$4,288,536 $ 6,3 8 4,724 $157,216 $2,815,619 $2,787,476 $19,414,831 $20,157,154
$19,540 $ $125,810 $ - $ - $145,350 $205,275
- _ - - 271,113
9,347 11,000 - - 20,347 90,197
133,497 21,380 6,592 - - 199,152 94,926
- 1,420 - - - 2,983 3,841
7,966 - - - 7,966 147,360
- 2,979 - - 8,031 210,751
- 13,814 - 13,814 4,766
35,340 - 132,476 167,816 154,854
- - - - 2,655,000 2,655,000 3,015,000
163,026 _ _ _ - 1,231,400 1,571,382
333,376 61,119 157,216 0 2,787,476 4,451,859 5,769,465
- - - 2,815,619 - 2,815,619 2,791,327
- 5,546,885 - - - 5,546,885 5,148,586
- 200,000 - - - 200,000 661,765
- 576,720 - - - 576,720 77,035
_ - _ _ - 629,619 798,386
3,956,018 - - - - 5,194,987 5,141,481
(858) _ _ _ _ (858) (230,891)
3,955,160 6,323,605 0 2,815,619 0 14,962,972 14,387,689
$4,288,536 $6,384,724 $157,216 $2,815,619 $2,787,476 $19,414,831 $20,157,154
The accompanying notes are an integral part of these financial statements.
9
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND Statement 2
CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES
For The Year Ended December 31, 2001
Totals
Special Debt Capital (Memorandum Only)
General Revenue Service Project 2001 2000
Revenue:
General property taxes $1,524,300 $ - $59,274 $26 $1,583,600 $1,464,397
Special assessments - - 318,054 121,034 439,088 379,205
Intergovernmental 179,591 - - 1,753 181,344 189,740
Licenses and permits 213,651 - - - 21 3,651 314,527
Charges for services 197,318 - - - 197,318 193,615
Fines and forfeits 63,655 - - - 63,655 56,326
Earnings on investments 48,559 4,784 33,643 230,970 317,956 326,788
Connection charges - - - 72,602 72,602 408,852
Escrow /interfund loan interest - - - 20,000 20,000 20,800
Refunds and reimbursements 68,154 181 - 84,505 152,840 505,309
Donations and contributions 1,200 - - 500 1,700 11,820
Other 1,448 5,179 - - 6,627 25,689
Total revenue 2,297,876 10,144 410,971 531,390 3,250,381 3,897,068
Expenditures:
Current:
General government 919,622 - - - 919,622 786,886
Public safety 966,000 1,854 - - 967,854 915,814
Public works 168,011 - - 76,676 244,687 182,132
Recreation 109,481 - - - 109,481 86,800
Community development 105,956 20,400 - - 126,356 121,056
Capital outlay 10,503 12,741 - 35,745 58,989 58,024
Debt service:
Principal - - 850,000 - 850,000 390,000
Interest - - 133,352 - 133,352 149,688
Paying agent fees - - 4,052 - 4,052 415
Developer assistance - - - 95,100 95,100 -
Administrative charge - - - 452 452 3,450
Construction costs - - - 177,119 177,119 828,377
Total expenditures 2,279,573 34,995 987,404 385,092 3,687,064 3,522,642
Revenue over (under) expenditures 18,303 (24,851) (576,433) 146,298 (436,683) 374,426
Other financing sources (uses):
Bond proceeds - - 483,779 - 483,779 -
Operating transfers from other funds - 260,000 195,000 230,041 685,041 565,445
Operating transfers to other funds (125,286) (11,113) - (480,966) (617,365) (529,142)
Total other lmancing sources (uses) (125,286) 248,887 678,779 (250,925) 551,455 36,303
Net increase (decrease) in fund balance (106,983) 224,036 102,346 (104,627) 114,772 410,729
Fund balance - January 1 1,280,101 (158,185) 527,273 4,059,787 5,708,976 5,298,247
Fund balance - December 31 $1,173,118 $65,851 $629,619 $3,955,160 $5,823,748 $5,708,976
The accompanying notes are an integral part of these financial statements.
10
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND Statement 3
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For The Year Ended December 31, 2001
2001
Favorable
(Unfavorable) 2000
Budget Actual Variance Actual
Revenue:
General property taxes $1,589,035 $1,524,300 ($64,735) $1,405,002
Intergovernmental 161,231 179,591 18,360 180,243
Licenses and permits 245,280 213,651 (31,629) 314,527
Charges for services 234,900 197,318 (37,582) 193,615
Fines and forfeits 66,400 63,655 (2,745) 56,326
Earnings on investments 50,000 48,559 (1,441) 48,363
Refunds and reimbursements 56,600 68,154 11,554 59,691
Donations and contributions - 1,200 1,200 250
Other - 1,448 1,448 4,525
Total revenue 2,403,446 2,297,876 (105,570) 2,262,542
Expenditures:
Current:
General government 863,420 919,622 (56,202) 786,886
Public safety 1,000,860 966,000 34,860 914,771
Public works 172,375 168,011 4,364 170,408
Recreation 100,095 109,481 (9,386) 86,800
Community development 111,700 105,956 5,744 99,591
Capital outlay 13,700 10,503 3,197 32,591
Total expenditures 2,262,150 2,279,573 (17,423) 2,091,047
Revenue over (under) expenditures 141,296 18,303 (122,993) 171,495
Other financing sources (uses):
Operating transfers from other funds - - - 15,000
Operating transfers to other funds (113,275) (125,286) (12,011) (97,475)
Total other financing sources (uses) (113,275) (125,286) (12,011) (82,475)
Net increase (decrease) in fund balance $28,021 (106,983) ($135,004) 89,020
Fund balance - January 1 1,280,101 1,191,081
Fund balance - December 31 $1,173,118 $ 1,280,101
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, 2001
Enterprise Fund
2001 2000
Operating revenue:
Customer billings $950,271 $843,814
Penalties 12,701 10,776
Plumbing permits 450 1,800
Meter sales 12,460 10,450
Charges for services 4,387 8,028
Total operating revenue 980,269 874,868
Operating expenses:
Personal services 268,846 254,459
Contractual services 273,788 253,419
Refunds and reimbursements 1,377 2,415
MCES charges 243,670 247,776
Materials and supplies 8,118 16,408
Administrative and personnel charges 95,300 99,400
Depreciation 148,448 130,527
Total operating expenses 1,039,547 1,004,404
Net income (loss) from operations (59,278) (129,536)
Other income:
Earnings on investments 29,598 27,690
Net income (loss) before operating transfers (29,680) (101,846)
Other financing sources (uses):
Operating transfer from other funds 83,000 87,475
Operating transfer to other funds (150,676) (123,778)
Total other financing sources (uses) (67,676) (36,303)
Net income (loss) (97,356) (138,149)
Other increases:
Credit arising from transfer of depreciation to
contributions from property owners 135,276 118,028
Net increase (decrease) in retained earnings 37,920 (20,121)
Retained earnings - January 1 738,800 758,921
Retained earnings - December 31 $776,720 $738,800
The accompanying notes are an integral part of these financial statements.
12
CITY OF OAK PARK HEIGHTS, MINNESOTA
COMBINED STATEMENT OF CASH FLOWS - Statement 5
PROPRIETARY FUND TYPE
For The Year Ended December 31, 2001
Enterprise Fund
2001 2000
Cash flows from operating activities:
Operating income (loss) ($59,278) ($129,536)
Adjustments to reconcile operating income to
net cash flows from operating activities:
Depreciation 148,448 130,527
Change in assets and liabilities:
Decrease (increase) in receivables 151,757 (173,122)
Decrease (increase) in prepaid expenses (2,455) 708
Increase (decrease) in payables (177,762) 177,497
Net cash flows from operating activities 60,710 6,074
Cash flows from noncapital financing activities:
Operating transfers from other funds 83,000 87,475
Operating transfers to other funds (150,676) (123,
Net cash flows from noncapital financing activities (67,676) (36,303)
Cash flows from capital and related financing activities:
Acquisition of fixed assets (21,651) (10,338)
Cash flows from investing activities:
Earnings on investments 29,598 27,690
Net increase (decrease) in cash and cash equivalents 981 (12,877)
Cash and cash equivalents - January 1 424,043 436,920
Cash and cash equivalents - December 31 $425,024 $424,043
Significant noncash investing, capital and financing activities:
During 2000 and 2001, fixed assets were contributed to the Enterprise Fund as follows:
2001 2000
Water Operating Fund $177,042 $319,193
Sewer Operating Fund 356,533 543,926
Total $533,575 $863,119
The accompanying notes are an integral part of these financial statements.
13
- This pale intentionally left blank
14
CITY OF OAK PART{ HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
Note I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Oak Park Heights operates under the State of Minnesota Statutory Plan A form of government. The
governing body consists of a five member City council elected by voters of the City.
The financial statements of the City of Oak Park Heights have been prepared in conformity with generally
accepted accounting principles as applied to governmental units by the Governmental Accounting Standards
Board (GASB). The following is a summary of the significant accounting policies.
A. FINANCIAL REPORTING ENTITY
As required by generally accepted accounting principles, the financial statements of the reporting entity
include those of the City of Oak Park Heights (the primary government) and its component units,
entities which the City is considered to be financially accountable. Blended component units, although
legally separate entities, are, in substance, part of the City's operations and so data from these units are
combined with data of the primary government.
BLENDED COMPONENT UNITS
The HRA of the City of Oak Park Heights is a separate legal entity which is authorized to expend
monies generated by the City's tax increment district. The City council also serve as HRA board
members. The transactions of the HRA are confined to the St. Croix Mall TIF Capital Project
Fund. 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:
GOVERNMENTAL FUNDS
General Fund - to account for all financial resources except those required to be accounted for in
another fund.
Special Revenue Funds - to account for the proceeds of specific revenue sources that are legally
restricted to expenditure for specified purposes.
15
CITY OF OAK PARIS HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
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 fund;
therefore, they generally include only current assets and current liabilities on their balance sheets.
The City maintains two account groups to account for noncurrent assets and long -term liabilities as
follows:
General Fixed Assets - The City maintains a separate account group which contains the fixed
assets used in the governmental fund type operations. They are assets of the City as a whole and
not of individual funds.
General Long -Term Debt - This account group contains the long -term obligations of the City
including general obligation bonds, certificates of indebtedness, contracts payable and
compensated absences payable. These long -term liabilities are expected to be financed by the
governmental funds.
16
CITE' OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
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 earnings 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 920, Accounting and
Financial Reporting for Proprietary Funds and Other Governmental Entities that Use Pr•oprietaf °y
Funds provides proprietary activities with a choice of authoritative guidance issued after November 30,
1989. The City of Oak Park Heights has elected to follow GASB pronouncements exclusively after
that date.
The government reports deferred revenue on its combined balance sheet. Deferred revenues arise when
a potential revenue does not meet both the "measurable" and "available" criteria for recognition in the
current period. Deferred revenues also arise when resources are received by the government before it
has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying
expenditures. In subsequent periods, when both revenue recognition criteria are met, or when the
government has a legal claim to the resources, the liability for deferred revenue is removed from the
combined balance sheet and revenue is recognized.
17
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
The City has reported as deferred revenues the amount of $1,231,400, which consists of the following:
Unearned grants $1,020
Property taxes receivable 24,198
Special assessments receivable 1,206,182
Total $1,231,400
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 finds.
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 - 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
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
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
Mayor and council $58,650 $58,822 $172
Legal 31,500 36,221 4,721
General management and building 74,950 80,682 5,732
Insurance 167,795 219,151 51,356
Assessing 17,000 18,070 1,070
Planning and zoning 29,500 58,719 29,219
General contingency 20,000 34,435 14,435
Annual control 900 1,863 963
Street maintenance 29,950 37,643 7,693
Recreation 100,095 109,486 9,391
19
CITE' OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
F. CASH AND INVESTMENTS
Cash and investment balances from all funds are pooled and invested to the extent available in
authorized investments. Earnings from investments are allocated to individual finds 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 purposes of the statement of cash flows the Enterprise Fund considers all highly liquid investments
with a maturity of three months or less when purchased to be cash equivalents. All of the cash and
investments allocated to the Enterprise Fund have original maturities of 90 days or less. Therefore the
entire balance in the fund is considered cash equivalents.
G. PROPERTY TAX REVENUE COGNITION
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 I and are recorded as receivables by the City at that
date. Real property taxes are payable (by property owners) on May 15 and October 15 of each
calendar year. Personal property taxes are payable by taxpayers on February 28 and June 30 of each
year. These taxes are collected by the County and remitted to the City on or before July 7 and
December 2 of the same year. Delinquent collections for November and December are received the
following January. The City has no ability to enforce payment of property taxes by property owners.
The County possesses this authority.
The City recognizes property tax revenue when it becomes both measurable and available to finance
expenditures of the current period. In practice, current and delinquent taxes and State credits received
by the City in July, December and January arc 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 2001 and 2000
totaled $78,785 and $69,847, respectively. Receipt of property taxes from this "fiscal disparities pool"
does not increase or decrease total tax revenue.
20
CITE' OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
H. SPECIAL ASSESSMENT REVENUE RECOGNITION
Special assessments are levied against benefited properties for the cost or a portion of the cost of
special assessment improvement projects in accordance with State Statutes. These assessments are
collectible by the City over a term of years usually consistent with the term of the related bond issue.
Collection of annual installments (including interest) is handled by the County Auditor in the same
manner as property taxes. Property owners are allowed to (and often do) prepay future installments
without interest or prepayment penalties.
Revenue fiom 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 fiom 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 frill
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, FINE D ASSETS
GENERAL FIXED ASSETS
General fixed assets are recorded as expenditures of the Governmental Funds at the time of purchase.
Such assets are capitalized at historical cost or estimated historical cost in the General Fixed Asset
Account Group. Public Domain ( "infrastructure ") general fixed assets consisting of roads, bridges,
curbs, gutters, streets, sidewalks, drainage systems and lighting systems are excluded from general
fixed assets as these assets are immovable and of value only to the City. Gifts or contributions are
recorded in general fixed assets at fair market value at the time received. No depreciation has been
provided on general fixed assets. Interest incurred during construction is not capitalized on general
fixed assets.
21.
CITE' OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
PROPRIETARY FUNS
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 2000 or 2001.
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
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
K. LONG -TERM OBLIGATIONS
Long -term debt is recognized as a liability of a governmental fiord when due, or when resources have
been accumulated in the Debt Set-vice 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 find operations are accounted for in those funds.
L. F[JND EQUITY
Contributed capital is recorded in Proprietary Funds that have received capital grants or contributions
from developers, customers or other funds. Reserves represent those portions of fund equity not
appropriable for expenditure or legally segregated for a specific future use. Designated fund balances
represent tentative plans for future use of financial resources.
M. INTERFUND TRANSACTIONS
Quasi - external transactions are accounted for as revenues, expenditures or expenses. Transactions that
constitute reimbursements to a find 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.
O, 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, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
Note 2 DEPOSITS AND INVE STMENTS
A. 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, 2001 arc as follows:
Bank Carrying
Balances Amount
1) Insured or collateralized by securities held by the City
or its agent in the City's name. $1,052,452 $1,052,452
2) Collateralized with securities held by the pledging institution
trust department in the City's name. 4,593,842 4,496,689
3) Uncollateralized or collateralized with securities
not in the City's name. - -
Totals $5,646,294 $5,549,141
B. 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
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
c) General obligations of the State of Minnesota or any of its municipalities.
d) Bankers acceptance of United States banks eligible for purchase by the Federal Reserve System.
e) Commercial paper issued by United States corporations or their Canadian subsidiaries, of the
highest quality, and maturing in 270 days or less.
f) Repurchase or reverse repurchase agreements with banks that are members of the Federal Reserve
System with capitalization exceeding $10,000,000; a primary reporting dealer in U.S. government
securities to the Federal Reserve Bank of New York; certain Minnesota securities broker - dealers;
or, a bank qualified as a depositor.
Balances at December 31, 2001 were:
Carrying
Custodial Credit Risk category Amount
Securities Type 1 2 3 (at Fair Value)
U.S. Government and Agency Securities $399,875 $ - $ - $399,875
Investments not subject to credit risk categorization:
4M Fund and money market 271,385
Total investment 671,260
Deposits 5,549,141
Total deposits and investments 6,220,401
Change funds 100
Total $6,220,501
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 HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
Note 3 FIXED ASSETS
A summary of changes in general fixed assets is as follows:
Balance Balance
1 /1 /01 Additions Deletions 12/31/01
Land $482,859 $ - $ - $482,859
Land improvements 326,601 - - 326,601
Buildings and structures 1,165,926 162 106 1,165,982
Machinery and equipment 492,435 18,445 7,208 503,672
Furniture and fixtures 323,506 21,568 8,569 336,505
Totals $2,791,327 $40,175 $15,883 $2,815,619
A summary of Enterprise Fund fixed assets at December 31, 2001 is as follows:
Enterprise
Land $60,000
Buildings and structures 1,255,770
Machinery and equipment 195,378
Distribution and collection systems 6,267,402
Total 7,778,550
Less: allowance for depreciation (1,982,890)
Not fixed assets $5,795,660
26
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
Dote 4 CITY INDEBTEDNESS
The following is a schedule of changes in City indebtedness for the year ended December 31, 2001:
Balance Balance
01/01/01 Additions Deletions 12/31/01
General Long -Term Debt Account Group:
Bonded debt:
General obligation $715,000 $ - $100,000 $615,000
Special assessment bonds 2,300,000 490,000 750,000 2,040,000
Compensated absences 123,418 9,058 - 132,476
Total general long -term debt 3,138,418 499,058 850,000 2,787,476
Proprietary funds:
Compensated absences 31,436 3,904 - 35,340
Totals $3,169,854 $502,962 $850,000 $2,822,816
All long -term bonded indebtedness outstanding at December 31, 2001 is backed by the full faith and credit of
the City, including special assessment bond issues. Delinquent assessments receivable at December 31, 2001
totaled $197.
The annual requirement to amortize all debt outstanding at December 31, 2001 including interest payments of
$545,108 is as follows:
Year General
Ending Obligation
December 31, Bonds
2002 $509,668
2003 494,030
2004 468,818
2005 453,192
2006 246,713
2007 -2013 1,027,687
Total $3,200,108
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, 2001
Long -term debt at December 31, 2001 is composed of the following:
Final Authorized
Issue Maturity Interest And Outstanding
Date Date Rate Issued 12/31/01
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 $615,000
Special assessment bonds:
G.O. Improvement Bonds of 1998 10/01/98 12/01/13 4.19 1,990,000 1,550,000
G.O. Refunding Bonds of 2001 11/01/01 12101105 2.98 490,000 490,000
Compensated absences payable 132,476
Total general long -term debt $2,787,476
Current Refunding — On November 1, 2001, the City issued the $490,000 General Obligation Refunding
Bonds of 2001 with an average interest rate of 298% to refund the City's General Obligation Bonds of
1995 with an average remaining interest rate of 4.69 %. The advance refunding was undertaken to reduce
debt payments over the next four years by $2,137.
28
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
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 2000 and 2001 is computed as follows:
December 31,
2001 20 00
Market value (for pay 2001 and 2000) $324,581,100 $324,495,900
Debt limit percentage 2.00% 2.00%
Debt limit 6,491,622 6,489,918
Amount of debt applicable to debt limit:
Total bonded debt 2,655,000 3,015,000
Less:
Non applicable debt:
Revenue bonds (615,000) (715,000)
Special assessment bonds (2,040,000) (2,300,000)
Total amount of debt applicable to debt limit 0 0
Legal debt margin $6,491,622 $6,489,918
Note 6 PENSION PLANS
A. PLANT 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 Fine 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 HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
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.
Two methods are used to compute benefits for PERF's Coordinated and Basic Plan members. The
retiring member receives the higher of a step -rate benefit accrual formula (Method 1) or a level accrual
formula (Method 2). Under Method 1, the annuity accrual rate for a Basic Plan member is 2.2% of
average salary for each of the first 10 years of service and 2.7% for each remaining year. The annuity
accrual rate for a Coordinated Plan member is 1.2% of average salary for each of the first 10 years and
1.7% for each remaining year. Under Method 2, the annuity accrual rate is 2.7% of average salary for
Basic Plan members and 1.7% for Coordinated Plan members for each year of service. For PEPFF
members, the annuity accrual rate is 3.0% for each year of service.
For all PEPFF and PERF members whose annuity is calculated using Method 1, a full annuity is
available when age plus years of service equal 90. A reduced retirement annuity is also available to
eligible members seeking early retirement.
There are different types of annuities available to members upon retirement. A normal annuity is a
lifetime annuity that ceases upon the death of the retiree — no survivor annuity is payable. There are
also various types of joint and survivor annuity options available which will reduce the monthly normal
annuity amount, because the annuity is payable over joint lives. Members may also leave their
contributions in the fund upon termination of public service in order to qualify for a deferred annuity at
retirement age. Refunds of contributions are available at any time to members who leave public
service, but before retirement benefits begin.
The benefit provisions stated in the previous paragraphs of this section are current provisions and apply
to active plan participants. Vested, terminated employees who are entitled to benefits but are not
receiving them yet are bound by the provisions in effect at the time they last terminated their public
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, 60
Empire Drive #200, St. Paul, Minnesota, 55103 -1855 or by calling (651)296 -7460 or 1- 800 -652 -9026.
B. FUNDING POLICY
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. These statutes
are established and amended by the state legislature. The City makes annual contributions to the
pension plans equal to the amount required by state statutes. PERF Basic Plan members and
Coordinated Plan members are required to contribute 8.75% 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, 2001, 2000 and 1999 were $32,391, $31,344 and $28,355, respectively. The
30
CITE' OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
City's contributions to the Public Employees Police and Fire Fund for the years ending December 31,
2001, 2000 and 1999 were $50,599, $49,656 and $52,788, respectively. Member and employer
contribution rates for Basic and Coordinated members will increase by 0.35% effective January 2002.
The City's contributions were equal to the contractually required contributions for each year as set by
state statute.
Note 7 RE 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 $2,775,101 $177,042 $72,062 $2,880,081
Sewer 2,373,485 356,533 63,214 2,666,804
Total $5,148,586 $533,575 $135,276 $5,546,885
31
CITE' OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
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.
Note 9 DEFICIT FUND BALANCES TAINED EARNINGS
The following funds had a fund deficit at December 31, 2001:
Amount
Capital Project:
Deep Well #3 $668
Central Business District 190
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.
32
CITE' OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
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
fiord. 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, 2001.
C. TAX INCREMENT DISTRICTS
The City's tax increment districts tire 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 fund. Management has indicated that they are not aware of any instances of
noncompliance which would have a material effect on the financial statements.
Note 11 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, 2001 totaled $245,400.
33
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
Note 12 DESIGNATIONS AND RESERVATIONS OF FUND EQUITY
At December 31, 2001 and 2000 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,
2001 and 2000 are shown on the various balance sheets as segregations of the fund equity. A summary of such
designations is as follows:
December 31,
2001 2000
General Fund:
Designated for cash flow $956,000 $807,000
Designated for contingent employee benefit 104,161 161,090
Designated for general contingency 112,957 273,682
Designated for capital improvements - 12,011
Designated for employee insurance benefits - 26,318
Special Revenue Funds:
Reserved for interfund loan receivable - 11,113
Designated for special revenue programs 65,851 25,157
Debt Service Funds:
Reserved for debt service 629,619 527,273
Capital Project Funds:
Reserved for interfund loan receivable - 260,000
Designated for capital improvements 3,936,057 3,782,583
Designated for committed contracts 19,961 53,640
Enterprise Fund:
Reserved for debt service reserve 200,000 661,765
Totals $6,024,606 $6,601,632
34
CITY OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
Note 13 COMMITMENTS
Construction commitments at December 31, 2001 were composed of the following:
Expended Remaining
Contract as of Contract
Description Authorized 12/31/01 Commitment
55th Street Improvements $36,350 $24,748 $11,602
58th Street Improvement Phase III 789,016 730,687 58,329
Boutwells Landing 1,325,520 1,271,250 54,270
Trunk Highway 36 Corridor Study 7,500 - 7,500
Note 14 MAJOR TAXPAYER
The City has one major taxpayer, Xcel Energy. The total tax capacity value for this taxpayer represented
approximately 36% of the City's total tax capacity value for taxes payable in 2001.
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 through July 2001, the City has a deductible of $10,000 per employee with a $167,532
annual maximum. After July 1, 2001, the City does not have a deductible.
35
CITE' OF OAK PARK HEIGHTS, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
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, 2001, there were four series of Industrial Revenue Bonds outstanding. The principal
amount payable at December 31, 2001 was $40 million.
36
COMBINING, INDIVIDUAL, FUND
AND ACCOUNT GROUP
FINANCIAL STATEMENTS
37
This page intentionally left blank -
38
CITY OIL OAK PARK HEIGHTS, MINNES ®TA
GENERAL FUND Statement 6
BALANCE SHEET
December 31, 2001
With Comparative Amounts For December 31, 2000
December 31,
Assets 2001 2000
Cash and investments $1,141,909 $1,306,085
Accounts receivable 17,437 19,108
Accounts receivable - certified 17,874 812
Due fiom other governmental units 28,458 31,650
Taxes receivable:
Delinquent 23,267 21,264
Due from County 10,198 10,341
Total assets $1,239,143 $1,389,260
Liabilities and Fund Balance
Liabilities:
Accounts payable $35,123 $61 ,510
Salaries payable 1,563 2,355
Due to other governmental units 5,052 23,010
Deferred revenue 24,287 22,284
Total liabilities 66,025 109,159
Fund balance:
Unreserved:
Designated for cash flow 956,000 807,000
Designated for contingent employee benefit 104,161 161,090
Designated for general contingency 112,957 273,682
Designated for capital improvements - 12,011
Designated for employee insurance benefits - 26,318
Total fund balance 1,173,118 1,280,101
Total liabilities and fund balance $1,239,143 $1,389,260
39
CITY OF OAK PARK HEIGHTS, NHNNESOTA
GENERAL FUND Statement 7
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES Page 1 of 6
IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2001
With Comparative Actual Amounts For The Year Ended December 31, 2000
2001
Favorable
(Unfavorable) 2000
Budget Actual Variance Actual
Revenue:
General property taxes:
Current and delinquent $1,529,035 $1,524,288 ($4,747) $1,380,499
Payment in lieu of taxes 60,000 (2,223) (62,223) 23,359
Other taxes - 2,235 2,235 1,144
Total general property taxes 1 1,524,300 (64,735) 1,405,002
Intergovernmental:
Federal:
Safe and sober - 19,499 19,499 6,031
Cops grant _ _ _ 13,081
Underage compliance checks - 2,160 2,160 -
State:
HACA 79,603 79,603 - 79,583
Local government aid 4,878 4,878 - 4,878
Police aid 55,000 49,613 (5,387) 52,828
Police training aid 4,000 4,037 37 4,185
Safe and sober - - - 2,000
Other 2,000 4,161 2,161 2,040
County:
Recycling grant 15,000 14,691 (309) 14,691
Gravel tax allocation 750 949 199 926
Total intergovernmental 161,231 179,591 18,360 180,243
Licenses and permits 245,280 213,651 (31,629) 314,527
Charges for services:
General government 14,600 30,097 15,497 12,092
Development charge 12,000 - (12,000) 6,000
Refuse charge - Junker settlement 28,000 28,422 422 27,655
Inspections - City of Bayport 30,000 43,047 13,047 45,018
Administrative - Enterprise Fund 95,300 95,300 - 99,400
Administrative - TIF 10,000 452 (9,548) 3,450
Administrative - Construction 45,000 - (45,000) -
Total charges for services 234,900 197,318 (37,582) 193,615
Fines and forfeits 66,400 63,655 (2,745) 56,326
Earnings on investments 50,000 48,559 (1,441) 48,363
Refunds and reimbursements 56,600 68,154 11,554 59,691
Donations and contributions - 1,200 1,200 250
Sale of property - 1,448 1,448 4,525
Total revenue 2,403,446 2,297,876 (105,570) 2,262,542
40
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND Statement 7
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES Page 2 of 6
IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2001
With Comparative Ac t u al Amounts For The Year Ended December 31, 2000
2001
Favorable
(Unfavorable) 2000
Budget Actual Variance Actual
Expenditures:
General government:
Mayor and council:
Current:
Personal services $36,000 $35,957 $43 $34,111
Materials and supplies 1,500 1,572 (72) 349
Contractual services 21,150 21,293 (143) 15,435
Total mayor and council 58,650 58,822 (172) 49,895
City administrator:
Current:
Personal services 212,900 195,961 16,939 198,020
Materials and supplies 4,500 2,944 1,556 2,725
Contractual services 20,000 17,838 2,162 21,508
Total current 237,400 216,743 20,657 222,253
Capital outlay 1,000 231 769 -
Total City administrator 2 38,400 216,974 21,426 222,253
Legal:
Current:
Personal set 31,500 36,221 (4,721) 23,617
General management and building:
Current:
Personal services - 639 (639) -
Materials and supplies 10,700 7,590 3,110 8,463
Contractual set 62,750 67,685 (4,93 58,146
Total current 73,450 m 75,914 (2,464) 66,609
Capital outlay 1,5 4,768 (3,268) 875
Total general management and building 74,950 80,682 (5,732) 67,484
Elections:
Current:
Personal services - - - 3,702
Materials and supplies - 110 (110) 217
Contractual services 800 - 800 -
Total elections 800 110 690 3,919
Finance:
Current:
Personal services 152,325 151,340 985 146,362
Materials and supplies 1,800 1,823 (23) 1,803
Contractual services 4,900 3,636 1,264 2,034
Total current 159,025 156,799 2,226 150,199
Capital outlay 5,000 3,659 1,341 186
Total finance 164,025 ® 160,458 3,567 150,385
41
CITE' OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND Statement 7
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES Page 3 of 6
IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2001
With Comparative Actual Amounts For The Year Ended December 31, 2000
2001
Favorable
(Unfavorable) 2000
Budget Actual Variance Actual
Expenditures: (continued)
General government: (continued)
Computer system:
Current:
Materials and supplies $1,000 $375 $625 $1,194
Contractual services 24,800 13,361 11,439 13,133
Total computer system 25,800 13,736 12,064 14,327
Audit:
Current:
Personal services 12,500 12,361 139 12,044
Insurance:
Current:
Contractual services 167,795 219,151 (51,356) 160,461
Assessing:
Current:
Personal services 17,0 18,070 (1,070) 17,085
Planning and zoning:
Current:
Personal services 27,800 56,418 (28,618) 32,072
Materials and supplies 200 2 t98 10
Contractual services 1,500 2,299 (799) -
c
Total planning and zoning 29,500 58,719 (29,219) 32,082
Engineering:
Current:
Personal services 30,000 18,541 11,459 23,528
General contingency:
Current:
Contractual services 20,000 34,435 (14,435) 10,867
Total general government 870,920 928,280 (57,360) 787,947
Public safety:
Police department:
Current:
Personal services 740,900 714,169 26,731 668,985
Materials and supplies 31,000 30,342 658 29,382
Contractual services 40,625 40,384 241 41,355
Total current 812,525 784,895 27,630 739,722
Capital outlay 1,500 1,254 246 28,798
Total police department 814,025 786,149 27,876 768,520
42
CITY OF OAK PARK I4EIGHTS, MINNESOTA
GENERAL FUND Statement 7
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES Page 4 of 6
IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2001
With Comparative Actual Amounts For The Year Ended December 31, 2000
2001
Favorable
(Unfavorable) 2000
Budget Actual Variance Actual
Expenditures: (continued)
Building inspections:
Current:
Personal services $96,205 $89,536 $6,669 $83,989
Materials and supplies 2,400 2,591 (191) 1,563
Contractual services 7,725 7,185 540 4,228
Total current 106,330 99,312 7,018 89,780
Capital outlay 500 - 500 1,999
Total building inspections 106,830 99,312 7,518 91,779
Fire protection:
Current:
Contractual services 81,105 79,930 1,175 81,740
Materials and supplies - - - 2,000
Total Eire protection 81,1 79,930 1,175 83,740
Animal control:
Current:
Materials and supplies 150 72 78
Contractual services 750 1,791 (1,041) 1,529
Total animal control 900 1,863 (963) 1,529
Total public safety 1,002,860 967,254 35,606 945,568
Public works:
Street maintenance:
Current:
Personal services 17,450 20,731 (3,281) 21,005
Materials and supplies 5,950 2,783 3,167 3,534
Contractual services 6,350 14,124 (7,774) 18,699
Total current 29,750 37,638 (7,888) 43,238
Capital outlay 200 5 195 71
Total street maintenance 29,950 37,643 (7,693) 43,309
Snow removal:
Current:
Personal services 2,820 3,345 (525) 766
Materials and supplies 3,500 3,460 40 2,267
Contractual services 60,480 53,391 7,089 56,574
Total current 66,800 60,196 6,604 59,607
Capital outlay 3,000 - 3,000 -
Total snow removal 69,800 60,196 9,604 59,607
Street lighting:
Current:
Contractual services 46,000 43,121 2,879 41,824
43
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND Statement 7
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES Page 5 of 6
IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2001
W ith Co mparative Actual Amounts For The Year Ended December 31, 2000
2001
Favorable
(Unfavorable) 2000
Budget Actual Variance Actual
Expenditures: (continued)
Abborist:
Current:
Personal services $12,600 $10,682 $1,918 $11,592
Contractual services 175 2 173 127
Materials and supplies 150 118 32 15
Total arborist 12,_925 10,802 2,123 11,734
Tree removal and planting:
Current:
Materials and supplies - 36 (36) -
Contractual services 16,900 16,218 682 14,005
Total tree removal and planting 16,900 16,254 646 14,005
Total public works 175,575 168,016 7,559 170,479
Recreation:
Parks, playgrounds and rinks:
Current:
Personal services 47,775 57,249 (9,474) 48,854
Materials and supplies 3,120 4,717 (1,597) 5,751
Contractual services 49,200 47,515 1,685 32,195
Total current 100,095 109,481 (9,386) 86,800
Capital outlay - 5 (5) 389
Total recreation 100,095 109,486 (9,391) 87,189
Community development:
Current:
Personal services 96,950 94,809 2,141 88,100
Contractual services 10,250 9,711 539 7,389
Materials and supplies 4,500 1,436 3,064 4,102
Total current 111,700 105,956 5,744 99,591
Capital outlay 1,000 581 419 273
Total community development 112,700 106,537 6,163 99,864
Total expenditures 2,262,150 2,279,573 (17,423) 2,091,047
Revenue over (under) expenditures 141,296 18,303 (122,993) 171,495
44
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL FUND Statement 7
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES Page 6 of 6
IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2001
With Comparative Actual Amounts For The Year Ended December 31, 2000
2001
Favorable
(Unfavorable) 2000
Budget Actual Variance Actual
Other financing sources (uses):
Operating transfers from Capital Project Fund $ - $ - $ - $15,000
Operating transfers to Enterprise Fund (83,000) (83,000) - (87,475)
Operating transfers to Capital Project Fund (30,275)_ (42,286) (12,011) (10,000)
Total other financin sources uses 113,275 (125,286) 12,011 (82,475)
Net increase (decrease) in fund balance $ (106,983) ($ 135,004) 89,020
Fund balance - January 1 1,280,101 1,191,081
Fund balance - December 31 $1,173,118 $1,280,101
45
CITY OF DAIS PARK HEIGHTS, MINNESOTA
SPECIAL REVENUE FUNDS Statement 8
COMBINING BALANCE SHEET
December 31, 2001
With Comparative Totals For December 31, 2000
Forfeiture
and Economic Totals
Seizure Development 2001 2000
Assets
Cash and investments $16,986 $48,684 $65,670 $90,702
Accounts receivable 181 - 181 -
Interfund loan receivable - - - 11,113
Total assets $17,167 $48,684 $65,851 $101,815
Liabilities and Fund Balance
Liabilities:
Interfund loan payable $ - $ - $ - $260,000
Fund balance:
Reserved for Interfund loan receivable - - - 11,113
Unreserved:
Designated for special revenue programs 17,167 48,684 65,851 25,157
Undesignated - - - (194,455)
Total fund balance 17,167 48,684 65,851 (158,185)
Total liabilities and fund balance $17,167 $48,684 $65,851 $101,815
46
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL REVENUE FUNDS Statement 9
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
For The Year Ended December 31, 2001
With Comparative Totals For The Year Ended December 31, 2000
Forfeiture
and Economic Totals
Seizure Development 2001 2000
Revenue:
Earnings on investments $1,245 $3,539 $4,784 $5,479
Interfund loan interest - - - 800
Refunds and reimbursements 181 - 181 -
Confiscated property 4,529 - 4,529 20,602
Sale of municipal properly 650 - 650 562
Total revenue 6,605 3,539 10,144 27,443
Expenditures:
Public safety:
Current:
Materials and supplies 687 - 687 610
Contractual services 1,167 - 1,167 433
Capital outlay 12,741 - 12,741 -
Community development:
Current:
Contractual services - 400 400 1,465
Interfund loan interest - 20,000 20,000 20,000
Total expenditures 14,595 20,400 34,995 22,508
Revenue over(under)expenditures (7,990) (16,861) (24,851) 4,935
Other financing sources (uses):
Operating transfer from Capital Project Fund - 260,000 260,000 -
Operating transfer to Capital Project Fund - (11,113) (11,113) -
Total other financing sources (uses) 0 248,887 248,887 0
Net increase (decrease) in fund balance (7,990) 232,026 224,036 4,935
Fundbalance - January 1 25,157 (183,342) (158,185) (163,120)
Fund balance - December 31 $17,167 $48,684 $65,851 ($158,185)
47
CITY OF OAK PARK HEIGHTS, MINNESOTA
DEBT SERVICE FUNDS Statement I®
COMBINING BALANCE SHEET
December 31, 2001
With Comparative Totals For December 31, 2000
G.O. G.O.
Revenue Improvement
Bonds of 1991/ Bonds
Crossover of 1995/ G.O
Refunding Refunding Improvement
Bonds Bonds Bonds Totals
of 1993 of 2001 of 1998 2001 20
Assets
Cash and investments $325,406 $183,185 $115,378 $623,969 $526,859
Taxes receivable:
Delinquent - 905 - 905 804
Due from County - 393 - 393 432
Special assessments:
Delinquent - 197 - 197 4,162
Deferred - 122,807 920,178 1,042,985 1,277,165
Due from County - 1,823 5,994 7,817 397
Total assets $325,406 $309,310 $1,041,550 $1,676,266 $1,809,
Liabilities and Fund Balance
Liabilities:
Accounts payable $ - $2,560 $ - $2,560 $415
Deferred revenue - 123,909 920,178 1,044,087 1,282,131
Total liabilities 0 126,469 920,178 1,046,647 1,282,546
Fund balance:
Reserved for debt service 325,406 182,841 121,372 629,619 527,273
Total liabilities and fund balance $325,406 $ 309,310 $1,041,550 $1,676,266 $1,809,819
4.8
CITY OF OAK PARK FIGHTS, MINNESOTA
DEBT SERVICE FUNDS Statement 11
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 2001
With Comparative Totals For The Year Ended December 31, 2000
G.O. G.O
Revenue Improvement
Bonds of 1991/ Bonds
Crossover of 1995/ G.O.
Refunding Refunding Improvement
Bonds Bonds Bonds Totals
of 1993 of 2001 of 1998 2001 2000
Revenue:
General property taxes:
Current and delinquent $ - $59,274 $ - $59,274 $59,379
Special assessments:
Current and delinquent 2,270 47,619 145,079 194,968 204,704
Prepayments - 15,834 104,839 120,673 44,758
Penalties and interest 1,202 567 644 2,413 135
Earnings on investments 17,275 12,367 4,001 33,643 36,944
Total revenue 20,747 135,661 254,563 410,971 345,920
Expenditures:
Debt service:
Principal 100,000 600,000 150,000 850,000 390,000
Interest 34,825 28,740 69,787 133,352 149,688
Paying agent fees 207 3,845 - 4,052 415
Total expenditures 135,032 632,585 219,787 987,404 540,103
Revenue over (under) expenditures (114,285) (496,924) 34,776 (576,433) (194,183)
Other financing sources:
Bond proceeds - 483,779 - 483,779 -
Operating transfer from Capital Project Fund 140,000 - 55,000 195,000 135,000
Total other financing sources 140,000 483,779 55,000 678,779 135,000
Net increase (decrease) in fund balance 25,715 (13,145) 89,776 102,346 (59,183)
Fund balance - January 1 299,691 195,986 31,596 527,273 593,415
Residual equity transfer - - - - (6,959)
Fund balance - December 31 $325,406 $182,841 $121,372 $629,619 $527,273
49
® This pale intentionally left blank
50
CITE' OF OAK PARK HEIGHTS, MINNESOTA
CAPITAL PROJECT FUNDS Statement 12
COMBINING BALANCE SHEET Page 1 of 2
December 31, 2001
With Comparative Totals For December 31, 2000
Budgeted
Proj ects
Capital and
Revolving Equipment Superamerica Park
Fund Revolving Valvoline Oil Development
Assets
Cash and investments $295,417 $47,368 $11,307 $320,406
Interfund loan receivable - - - -
Accounts receivable - other - 250 - -
Due from other governmental units - - _
Due from developers - -
Taxes receivable:
Delinquent 27 - _
Due from County 4 - - -
Special assessments receivable:
Deferred 162,999 - -
Due from County - - - -
Total assets $458,447 $47,618 $11,307 $320,406
Liabilities and Fund Balance
Liabilities:
Cash overdraft $ - $ - $ - $
Interfund loan payable - - - -
Escrow deposits payable - - 9,347 -
Accounts payable 37,125 - -
Contracts payable _ _
Deferred revenue 163,026 - -
Total liabilities 200,151 0 9,347 0
Fund balance:
Reserved for interfund loan receivable - - - -
Unreserved:
Designated for capital improvement 250,796 47,618 1,960 320,406
Designated for committed contracts 7,500 - - -
Undesignated - - - -
Totalfundbalance 258,296 47,618 1,960 320,406
Total liabilities and fund balance $458,447 $47,618 $11,307 $320,406
51
CI'T'Y OF OAK PARK HEIGHTS, iVITNNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 2001
With Comparative Totals For December 31, 2000
St. Croix Central
Mall Street Deep Renewal and Business
(TIF) Reconstruction Well #3 Replacement District
Assets
Cash and investments $95,100 $367,317 $61 $1,830,661 $ -
Interfund loan receivable - _ - _
Accounts receivable - other _ - - _ _
Due from other governmental units - - - - 1,125
Due from developers - - - - -
Taxes receivable:
Delinquent - - - - -
Due from County - - - -
Special assessments receivable:
Deferred - - - - -
Due from County - -• - - -
Total assets $95,100 $367,317 $61 $1,830,661 $1,125
Liabilities and Fund Balance
Liabilities:
Cash overdraft $ - $ - $ - $ - $1,315
Interfund loan payable - - - - -
Escrow deposits payable _ _ _ _
Accounts payable 95,100 - - - -
Contracts payable - _ 729 _
Deferred revenue - - - - -
Totalliabilities 95,100 0 729 0 1,315
Fund balance:
Reserved for interfund loan receivable _ _ _ _ _
Unreserved:
Designated for capital improvement - 367,317 - 1,830,661
Designated for committed contracts - _ _ - _
Undesignated - - (668) - (190)
Total fund balance 0 367,317 (668) 1,830,661 (190)
Total liabilities and fund balance $95,100 $367,317 $61 $1,830,661 $1,125
52
Statement 12
Page 2 of 2
AAE
Brekke 58th Street Sanitary Storm
Park Kern Improvement Boutwells Sewer Water Sewer Totals
Memorial Center Phase III Landing Connection Connection Connection 2001 2000
$824 $ - $9,201 $ - $357,804 $203,804 $554,867 $4,094,137 $3,919,581
- _ _ - 260,000
250 19,700
_ _ _ 1,125 -
26,926 - 3,068 - - - 29,994 104,481
- - 27 48
_ _ _ 4 16
- - 162,999 266,291
_ - _ 19
$824 $26,926 $9,201 $3,068 $357,804 $203,804 $554,867 $4,288,536 $4,570,136
$ - $17,256 $ - $969 $ - $ - $ - $19,540 $ -
_ - _ _ _ _ 11,113
9,347 75,197
173 - 1,099 - - - 133,497 9,712
1,237 5,000 1,000 - - - 7,966 147,360
163,026 266,967
0 18,666 5,000 3,068 0 0 0 333,376 510,349
- - - - - - - - 260,000
824 - - - 357,804 203,804 554,867 3,936,057 3,782,583
- 8,260 4,201 - - - - 19,961 53,640
(858) (36,436)
824 8,260 4,201 0 357,804 203,804 554,867 3,955,160 4,059,787
$824 $26,926 $9,201 $3,068 $357,804 $203,804 $554,867 $4,288,536 $4,570,136
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, 2001
With Comparative Totals For The Year Ended December 31, 2000
Budgeted
Projects
Capital and 57th Street/
Revolving Equipment Oakgreen Superamerica/
Fund Revolving Extension Valvoline Oil
Revenue:
General property taxes -
current and delinquent $26 $ - $ _ $
Tax increment taxes - - -
Special assessments:
CWTcnt and delinquent 94,034 - -
Penalty and interest - - -
Prepayments - - -
Intergovernmental -
Earnings on investments 12,331 2,063 1,082 649
Connection charges - - - -
Interfund loan interest 20,000 - -
Refunds and reimbursements - 1,352 -
Donations and contributions - 500 - -
Total revenue 126,391 3,915 1,082 649
Expenditures:
Public works:
Materials and supplies 108 1,046 -
Contractual services 18,363 54,760 -
Capital outlay 7,925 - - -
Developer assistance - - - -
Administrative charge - - -
Interfund loan interest _ _ -
Construction costs 34,125 - 37,680 -
Total expenditures 60,521 55,806 37,680 0
Revenue over (under) expenditures 65,870 (51,891) (36,598) 649
Other financing sources (uses):
Operating transfers from General Fund - 30,275
Operating transfers from Special Revenue Fund - - - -
Operating transfers from Capital Project Fund 20,000 - 5,966
Operating transfers from Enterprise Fund - 15,400 _ _
Operating transfers to General Fund - - -
Operating transfers to Special Revenue Fund (260,000) -
Operating transfers to Debt Service Fund - -
Operating transfers to Capital Project Fund (5,966) - -
Total financing sources (uses) (245,966) 45,675 5,966 0
Net increase (decrease) in fund balance (180,096) (6,216) (30,632) 649
Fund balance - January 1 438,392 53,834 30,632 1,311
Residual equity transfer - - - -
Fund balance (deficit) - December 31 $258,296 $47,618 $0 $1,960
54
Statement 13
Page 1 of 2
St. Croix Central Brekke
Park Mall Street Deep Renewal and Business Park
Development (T1F) Reconstruction Well #3 Replacement District Memorial
- _ - 1,753
18,398 5,082 20,451 21 97,337 - 47
18,398 5,082 20,451 21 97,337 1,753 47
351 1,193 665 190
95,100 - - - -
452 - - -
351 96,745 0 665 0 190 0
18,047 (91,663) 20,451 (644) 97,337 1,563 47
- - 12,011 - - - -
- _ _ 11,113 -
- - 135,276 - -
0 0 12,011 0 135,276 11,113 0
18,047 (91,663) 32,462 (644) 232,613 12,676 47
302,359 91,663 334,855 (1,153) 1,599,177 (12,866) 777
- - - 1,129 (1,129) - -
$320,406 $0 $367,317 ($668) $1,830,661 ($190) $824
55
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, 2001
With Comparative Totals For The Year Ended December 31, 2000
AAE
Brackey - Brackey - 58th Street
Kern Oak Park Outlots Improvement
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 904 - 81 1,236
Connection charges _ _ -
Interfund loan interest -
Refunds and reimbursements 51,505 - -
Donations and contributions - _ - -
Total revenue 52,409 0 81 1,236
Expenditures:
Public works:
Materials and supplies - - -
Contractual services -
Capital outlay - - -
Developer assistance - _ - _
Administrative charge - - - -
Interfund loan interest - _ _ -
Construction costs 44,179 - - 29,487
Total expenditures 44,179 0 0 29,487
Revenue over (under) expenditures 8,230 0 81 (28,251)
Other financing sources (uses):
Operating transfers from General Fund - - -
Operating transfers fi•om Special Revenue Fund - - - -
Operating transfers from Capital Project Fund _ _ - _
Operating transfers from Enterprise Fund _ _ - _
Operating transfers to General Fund - - - -
Operating transfers to Special Revenue Fund - - - -
Operating transfers to Debt Service Fund - - - -
Operating transfers to Capital Project Fund - - - -
Total financing sources (uses) 0 0 0 0
Net increase (decrease) in fund balance 8,230 0 81 (28,251)
Fund balance - January 1 30 (22,417) 22,336 32,452
Residual equity transfer - 22,417 (22,417) -
Fund balance (deficit) - December 31 $8,260 $0 $0 $4,201
56
Statement 13
Page 2 of 2
AAE
Sanitary Storm
First Boutwells Sewer Water Sewer Totals
Student Landing Connection Connection Connection 2001 2000
$ - $ - $ - $ $ - $26 $16
5,439 9,441 12,120 121,034 129,134
_ _ - _ - 474
_ _ - - 1,753 9,497
(3,099) - 22,621 17,788 33,978 230,970 236,002
14,690 25,538 32,374 72,602 408,852
- - - 20,000 20,000
31,648 - - - 84,505 445,618
_ _ _ - - 500 11,570
(3,099) 31,648 42,750 52,767 78,472 531,390 1,261,163
- - - - 1,154 963
- 75,522 10,761
27,820 35,745 25,433
_ - 95,100 -
_ _ 452 3,450
_ _ 800
31,648 - _ - 177,119 827,577
0 31,648 0 0 27,820 385,092 868,984
(3,099) 0 42,750 52,767 50,652 146,298 392,179
- - - - 42,286 10,000
11,113 -
_ 25,966 281,667
_ 150,676 123,778
- (15,000)
- (260,000) -
(47,775) (129,625) (17,600) (195,000) (135,000)
(20,000) (25,966) (281,667)
0 0 (47,775) (129,625) (37,600) (250,925) (16,222)
(3,099) 0 (5,025) (76,858) 13,052 (104,627) 375,957
3,099 - 362,829 280,662 541,815 4,059,787 3,676,871
_ _ _ _ _ _ 6,959
$0 $0 $357,804 $203,804 $554,867 $3,955,160 $4,059,787
57
CITE' OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUNDS Statement 14
BALANCE SHEET
December 31, 2001
With Comparative Amounts for December 31, 2000
Assets
2001 2000
Current assets:
Cash and cash equivalents $425,024 $424,043
Accounts receivable:
Customers 129,005 156,826
Certified to County 10,705 8,707
Other 631 126,565
Prepaid items 23,699 21,244
Total current assets 589,_064_ 737,385
Fixed assets:
Land 60,000 60,000
Buildings and structures 1,255,770 1,254,845
Machinery and equipment 195,378 174,600
Distribution and collection system 6,267,402 5,733,853
Total 7,778,550 7,223,298
Less: Allowance for depreciation (1,982,890) (1,834,416)
Net fixed assets 5,795,660 5,388,882
Total assets $6,384,724 $6,126,267
Liabilities and Fund Equity
Current liabilities:
Accounts payable $21,380 $18,218
Salaries payable 1,420 1,486
Due to other governmental units 2,979 187,741
Total current liabilities 25,779 207,445
Noncurrent liabilities:
Compensated absences payable 35,340 31,436
Total liabilities 61,119 238,881
Fund equity:
Contributions from property owners - net 5,546,885 5,148,586
Retained earnings:
Reserved for debt service reserve 200,000 661,765
Unreserved 576,720 77,035
Total fund equity 6,323,605 5,887,386
Total liabilities and fund equity $6,384,724 $6,126,267
58
CITY OF OAK PARIS HEIGHTS, MINNESOTA
ENTERPRISE FUNDS Statement 15
COMBINING STATEMENT OF REVENUE, EXPENSES AND
CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 2001
With Comparative Totals For The Year Ended December 31, 2000
Water Sewer Storm Sewer Totals
Operating Operating Sanitation Operating 2001 2000
Revenue:
Customer billings $325,529 $470,284 $97,575 $56,883 $950,271 $843,814
Penalties 5,171 7,530 - - 12,701 10,776
Plumbing permits 270 150 - 30 450 1,800
Meter sales 12,460 - - - 12,460 10,450
Charges for services 600 3,787 - - 4,387 8,028
Total operating revenue 344,030 481,751 97,575 56,913 980,269 874,868
Expenses:
Personal services 129,710 98,193 750 40,193 268,846 254,459
Contractual services 70,063 32,259 166,954 4,512 273,788 253,419
Refunds and reimbursements 71 771 - - 842 1,840
Recycling award - - 535 - 535 575
MCES charges - 243,670 - - 243,670 247,776
Materials and supplies 4,669 2,416 - 1,033 8,118 16,408
Administrative and personnel charge 30,200 43,860 15,940 5,300 95,300 99,400
Depreciation:
On purchased assets 10,411 2,761 - - 13,172 12,499
On contributed assets 72,062 63,214 - - 135,276 118,028
Total operating expenses 317,186 487,144 184,179 51,038 1,039,547 1,004,404
Operating income (loss) $26,844 ($5,3 ($86,604) $5,875 (59,278) (129,536)
Other income:
Earnings on investments 29,598 27,690
Net income (loss) before operating transfers (29,680) (101,846)
Other financing sources (uses):
Operating transfer from General Fund 83,000 87,475
Operating transfer to Capital Project Funds (150,676) (123,778)
Total other financing sources (uses) (67,676) (36,303)
Net income (loss) (97,356) (138,149)
Other increases:
Credit arising from transfer of depreciation to contributions from property owners 135,276 118,028
Net increase (decrease) in retained earnings 37,920 (20,121)
Retained earnings - January 1 738,800 758,921
Retained earnings - December 31 $776,7 $738,800
59
CITY OF OAK PARK HEIGHTS, MINNESOTA
ENTERPRISE FUNDS Statement 16
STATEMENT OF CASH FLOWS
For The Year Ended December 31, 2001
With Comparative Amounts For The Year Ended December 31, 2000
2001 2000
Cash flows from operating activities:
Operating income (loss) ($59,278) ($129,536)
Adjustments to reconcile operating income to
net cash flows from operating activities:
Depreciation 148,448 130,527
Change in assets and liabilities:
Decrease (increase) in receivables 151,757 (173,122)
Decrease (increase) in prepaid expenses (2,455) 708
Increase (decrease) in payables (177,762) 177,497
Net cash flows from operating activities 60,710 6,074
Cash flows from noncapital financing activities:
Operating transfers from other funds 83,000 87,475
Operating transfers to other funds (150,676) (123,778)
Net cash flows from noncapital financing activities (67,676) (36,303)
Cash flows from capital and related financing activities:
Acquisition of fixed assets (21,651) (10,338)
Cash flows from investing activities:
Earnings on investments 29,598 27,690
Net increase (decrease) in cash and cash equivalents 981 (12,877)
Cash and cash equivalents - January 1 424,043 436,920
Cash and cash equivalents - December 31 $425,024 $424,043
Significant noncash investing, capital and financing activities:
During 2000 and 2001, fixed assets were contributed to the Enterprise Fund as follows:
2001 2000
Water Operating Fund $177,042 $319,193
Sewer Operating Fund 356,533 543,926
Total $ 533,57 5 $863,119
60
CITY OF OAK PARK HEIGHTS, MINNESOTA
AGENCY FUNDS Statement 17
COMBINING BALANCE SHEET
December 31, 2001
With Comparative Totals For December 31, 2000
Developer Developer
Deposit Escrow Investment Totals
Fund Fund Fund 2001 2000
Assets
Cash and investments $4,142 $11,000 $ - $15,142 $15,000
Accrued interest receivable - - 125,810 125,810 174,170
Accounts receivable - certified - - - - 1,527
Due from developers 16,264 - - 16,264 39,415
Total assets $20,406 $ 11,000 $125,810 $157, $230,112
Liabilities
Cash overdraft $ - $ - $125,810 $125,810 $205,275
Escrow deposits payable - 11,000 - 11,000 15,000
Accounts payable 6,592 - - 6,592 5,071
Due to developers 13,814 - - 13,814 4,766
Total liabilities $20,406 $11,000 $125,810 $157,216 $230,112
61
CITY OF OAK PARK HEIGHTS, MINNESOTA
AGENCY FUNDS Statement 18
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 2001
Balance Balance
January 1, December 31,
2001 Additions Deletions 2001
Developer Deposit Fund:
Assets:
Cash and investments $ - $4,142 $ - $4,142
Accounts receivable - certified 1,527 - 1,527
Due from developers 39,415 16,264 39,415 16,264
Total assets $40,942 $20,406 $40,942 $20,406
Liabilities:
Cash overdraft $31,105 $ - $31,105 $ -
Accounts payable 5,071 6,592 5,071 6,592
Due to developers 4,766 13,814 4,766 13,814
Total liabilities $40,942 $20,406 $40,942 $20,406
Developer Escrow Fund:
Assets:
Cash and investments $15,000 $11,00 $15,000 $11,000
Liabilities:
Escrow deposits payable $15,000 $11,000 $15,000 $11,000
Investment Fund:
Assets:
Accrued interest receivable $174,170 $125,810 $174,170 $125,810
Liabilities:
Cash overdraft $174,170 $ - $48,360 $ 1 25,810
Total Avencv:
Assets:
Cash and investments $15,000 $15,142 $15,000 $15,142
Accrued interest receivable 174,170 125,810 174,170 125,810
Accounts receivable - certified 1,527 - 1,527 -
Due from developers 39,415 16,264 39,415 16,264
Total assets $230,112 $157,216 $230,112 $157,216
Liabilities:
Cash overdraft $205,275 $ - $79,465 $125,810
Escrow deposits payable 15,000 11,000 15,000 11,000
Accounts payable 5,071 6,592 5,071 6,592
Due to developers 4,766 13,814 4,766 13,814
Total liabilities $230,112 $31,406 $104,302 $1 57,216
62
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF GENERAL FIXED ASSETS Statement 19
For The Year Ended December 31, 2001
Balance Balance
January 1, December 31,
Description 2001 Additions Deletions 2001
Land $482,859 $ - $ - $482,859
Land improvements 326,601 - - 326,601
Buildings and structures 1,165,926 162 106 1,165,982
Machinery and equipment 492,435 18,445 7,208 503,672
Furniture and Fixtures 323,506 21,568 8,569 336,505
Totals $2,791,327 $40,175 $15,883 $2,815,619
63
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF GENERAL LONG -TERM DEBT Statement 20
December 31, 2001
With Comparative Amounts For December 31, 2000
2001 2000
Amount Available And To Be Provided For The
Retirement of Long -Term Debt
Bonds:
Amount available in Debt Service Funds $629,619 $527,273
Amount to be provided from future tax levies/
special assessment collections, and connection charges 2,025,381 2,487,727
Compensated absences:
Amount available in General Fund 132,476 123,418
Total available and to be provided $2,787,476 $3,138,418
General Long -Term Debt Payable
Bonds payable:
General Obligation Bonds:
G.O. Crossover Refunding Bonds of 1993 $615,000 $715,000
Special Assessment Bonds:
G.O. Improvement Bonds of 1995 _ 600,000
G.O. Improvement Bonds of 1998 1,550,000 1,700,000
G.O. Refunding Bonds of 2001 490,000
Total bonds payable 2,655,000 3,015,000
Compensated absences payable 132,476 123,418
Total general long -term debt payable $2,787,476 $3,138,418
64
SUPPLEMENTARY FINANCIAL INFORMATION
65
CITE' OF OAK PARK HEIGHTS, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS Exhibit 1
December 31, 2001
Final Net Bonds Principal Interest
Payment Interest Authorized Retired Outstanding Due Due
Date Due Rate And Issued To Date At 12/31/01 In 2002 In 2002
Bonded indebtedness:
General debt:
G.O. Crossover Refunding
Bonds of 1993 04/01/93 12/01/06 4.71% $1,140,000 $525,000 $615,000 $120,000 $30,325
Special assessments bonds:
G.O. Improvement Bonds of 1995 07/01/95 12/01/01 4.69% 1,130,000 1,130,000 - - -
G.O. Improvement Bonds of 1998 10/01/98 12/01/13 4.19% 1,990,000 440,000 1,550,000 150,000 64,162
G.O. Refunding Bonds of 2001 11/01/01 12/01/05 2.98% 490,000 - 490,000 130,000 15,180
Total bonded indebtedness 4,750,000 2,095,000 2,655,000 400,000 109,667
Compensated absences payable - - 167,816 - -
Total City indebtedness $4,750,000 $2,095,000 $2,822,816 $400,000 $10 9,667
66
CITY OF OAK PARK HE IGIITS, MINNESOTA
REVENUE BONDS AND GENERAL DEBT BONDS Exhibit 2
SCHEDULE OF DEBT SERVICE PAYMENTS TO MATURITY
December 31, 2001
General Debt Bonds
General
Obligation General General
Crossover Obligation Obligation
Refunding Refunding Improvement
Bonds of 1993 Bonds of 2001 Bonds of 1998 Total
Bonds payable $ 615, 000 $490,000 $1,550,000 $2,655,000
Future interest payable 89,640 36,843 418,625 545,108
Totals $704,640 $526,843 $1,968,625 $3,200,108
Payments to maturity:
2002 $150,325 $145,180 $214,163 $509,668
2003 149,805 135,763 208,462 494,030
2004 158,805 132,325 177,688 468,818
2005 166,805 113,575 172,812 453,192
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 $704,640 $526,843 $1,968,625 $3,200,108
67
CITY OF OAK PARK HEIGHTS, MINNESOTA
FUTURE SCHEDULED TAX LEVIES Exhibit 3
December 31, 2001
Year Of G.O. Improvement G.O. Refunding;
Collection Bonds of 1995 Bonds of 2001 Total
2002 $59,400 $ - $59,400
2003 - 62,000 62,000
2004 - 62,000 62,000
2005 - 62,000 62,000
Totals $59,400 $186,000 $245,400
68
CITE' OF OAK PARK HEIGHTS, MINNESOTA
TAXABLE VALUATIONS, TAX LEVIES AND TAX RATES Exhibit 4
2001 /2002 2000/2001
Taxable valuations:
Real estate $5,085,897 $7,249,830
Personal property 77,543 120,220
Subtotal 5,163,440 7,370,050
Fiscal disparity:
Contribution (611,097) (918,3 84)
Distribution 221,368 343,723
Total $4,773,711 $6,795,389
Tax levy:
City -wide:
General revenue $1,908,179 $1,529,035
Debt service 59,400 59,400
Total tax levy $1,967,579 $1,588,435
Tax capacity rate:
City -wide:
General revenue 40.495% 22.818%
Debt service 1.246% 0.874%
Total 41.741% 23.692%
69
CITY OF OAK PARK HEIGHTS, MINNESOTA
SCHEDULE OF CONSTRUCTION COSTS Exhibit 5
December 31, 2001
Legal Expended
and Current Prior
Contractor Engineer Fiscal Other Total Year Years
57th St /Oakgreen Extension $289,419 $107,668 $6,485 $242,765 $646,337 $71,805 $574,532
Kern Center:
Business Center 831,502 167,761 21,090 120,335 1,140,688 7,160 1,133,528
55th Street 24,748 12,216 55 - 37,019 37,019 -
AAE - 58th Street - Phase 1I1 730,687 140,207 10,261 106,504 987,659 29,487 958,172
AAE - Boutwells Landing 1,281,521 257,944 30,020 243 1,569,728 31,648 1,538,080
Total - All Funds $3,157,877 $685,796 $67,911 $469,847 $4,381,431 $177,119 m $4,204,312
70
STATISTICAL SECTION
71
CITY OF OAK PARK HEIGHTS, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS Table I
EXPENDITURES BY FUNCTION
Years 1992 Through 2001
(UNAUDITED)
General Public Public Community Capital
Year Total Government Safety Works Sanitation Recreation Development Outlay
1992 $1,512,901 $335,835 $606,517 $83,638 $267,557 $156,321 $ - $63,033
1993 1,604,095 364,284 655,150 94,365 312,423 160,257 - 17,616
1994 1,694,495 370,356 683,928 100,059 338,498 164,685 - 36,969
1995 1,795,775 398,640 724,112 86,000 344,396 178,567 - 64,060
1996 2,032,963 441,852 796,557 136,611 434,175 185,372 - 38,396
1997 2,034,181 507,902 847,015 99,412 313,302 211,244 - 55,306
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
2001 2,314,568 919,622 967,854 168,011 - 109,481 12.6,356 23,244
72
CITE' OF OAK PARK HEIGHTS, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS Table 2
REVENUE BY SOURCE
Years 1992 Through 2001
(UNAUDITED)
Licenses Charges Fines Earnings
Inter- and for and on
Year Total Taxes governmental Permits Services Forfeits Investments Miscellaneous
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
2001 2,308,020 1,524,300 179,591 213,651 197,318 63,655 53,343 76,162
73
CITY OF OAK PARK HEIGHTS, MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS Table 3
Years 1992 Through 2001
(UNAUDITED)
Percent Total
of Collection Delinquent
Current Delinquent Total as a Outstanding Percent of
Taxes Total Current Tax Levy Tax Tax Percent Delinquent Current
Payable Tax Levy M Collections Collected Collections Collections of Levy T axes Levy
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 1,392,558 1,385,501 99.49% 7,674 1,393,175 100.04% 18,196 1.31%
1997 1,396,182 1,387,730 99.39% 4,194 1,391,924 99.70% 10,946 0.78%
1998 1,524,087 1,541,166 101.12% 5,726 1,546,892 101.50% 16,863 1.11%
1999 1,409,400 1,394,993 98.98% 4,296 1,399,289 99.28% 23,981 1.70%
2000 1,440,200 1,426,390 99.04% 13,454 1,439,844 99.98% 22,116 1.54%
2001 1,588,435 1,566,938 98.65% 16,563 1,583,501 99.69% 24,199 1.52%
1996 through 2001 excludes HACA.
74
CITY OF OAK PARK HEIGHTS, MINNESOTA
SPECIAL ASSESSMENT COLLECTIONS Table 4
Years 1992 Through 2001
(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)
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
2001 312,038 311,840 99.94% 4,161 101.27% 197
75
CITY OF OAK PARK HEIGHTS, MINNESOTA
PRINCIPAL TAXPAYERS (Ten Largest Taxpayers) Table 5
Taxes Payable in 2001
(UNAUDITED)
Percent of Percent of
Total Net Total Tax
Market Market Tax Capacity Property
Taxpayer Value Value Capacity Value Classification
Xcel Energy Inc $79,698,300 24.6% $2,706,275 36.7% Electric Utilities
SC Mall LLC 9,596,100 3.0% 323,268 4.4% Commercial
KTJ Limited Partnership Eleven 9,184,800 2.8% 310,783 4.2% Commercial
Menard Inc 6,044,800 19% 204,023 2.8% Commercial
Wal -Mart Real Estate Business 4,148,000 1.3% 139,532 19% Commercial
VSSA Housing 4,504,100 1.4% 122,783 1.7% Res. over 4 units
Oak Ridge Place of Oak Park 3,635,800 1.1% 87,259 1.2% Res. over 4 units
Stillwater West LLC 2,056,300 0.6% 68,414 0.9% Commercial
Jacob Holdings of 60th Street 2,132,100 0.7% 62,012 0.8% Commercial
Secure Mini Storage Limited Partnership 1,986,500 0.6% 66,041 0.9% Commercial
Totals $122,98 37.9% $4,090,390 55.5%
Total City $324 ,581,100 $7,370,050
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