HomeMy WebLinkAboutAudit Review Ci ty Of
Oak Park Heights,
M E
innesota
2001 Audit Review
April 9, 2002
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Annua Reports Issued
Management
F
Report
Report on State
Internal Legal
Controls Compliance
Report
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2
Annual Financial
Report
♦ City's financial statements
♦ Independent auditor
reports on the fair
presentation of the
financial statements
♦ "Clean opinion 9) on the
2001 financial statements
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W 3
State Legal
Compliance Report
♦ Required by Minnesota
Statute §6.65
♦ SA established a task
force to develop audit guide
for legal compliance
♦ Audit guide covers five
categories
1) contracting and bidding
2) deposits and investments
3) conflicts of interest
4) public indebtedness
5) claims and disbursement
♦ No compliance findings for
� 2001 based on items tested
a M
�.y 4
Report on Internal
Control
♦ Required by audit standards
♦ Based on inquiries and
observations
♦ Identifies reportable
conditions
♦ deportable condition
d efined as 66 s;gnificant
deficiencies in the design or
operation of the internal control over
financial reporting that would
adversely affect the City's ability to
record, process, summarize, and
report financial data 99
♦ No reportable conditions
� noted
x 5
Management Report
Summary:
— General Fund:
Fund balance decreased
$107
— Budget Actual Variance
Revenue /transfers in $2,403,000 $2,298,000 ($105,000)
Expenditures /transfers out 2,375,000 2,405,000 - -- (30,000)
Increase (decrease) in fund balance $28,000 ($ 107,000) ($ 135,000)
Fund balance at December
I
31 2001 was $1 � 173
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Management Report
General Fund Monthly Cash Balances
$1,400,000
$1,200,000
$1,000,000 $861,000
decrease
$800,000
1
$600,000
$ 9
400 000
$ 200 , 000
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QQ++ 000 649 000 $508 000 $44Q,000 I
` 0 � /1 /Ol 1/31/01 2/28/01 � 3/31/01 � 4/30/01 5/31/01 1 6/30/01 1 7/31/01 8/31/01 9/30/01 1 10/31/01 11/30/01 12/31/01 1
h Series] 151,301,00051,152,00015984,00 1$818, - 1 I- _ - 1$1,172,0001$967,000 15808,000 5698,000- i5570000_�I$1,142,000
Management Report
—
E nter rise Funds:
• Water operations reflected
operating income for 2001
of $27,000
• Sewer operations reflected
an operating loss for 2001
of $5,000
• sanitation operations are
subsidized by the General
fund. The 2001 transfer
was $83,000
• Storm fewer operation
reflected an operating
income for 2001 of $6,000
�y 9
Management Report
Other
• The City experienced an
overall collection rite of
99% for special
assessments in 2001.
• The City has an excellent
property tax collection rats
99% for 2001.
• Significant changes in
accounting and financial
reporting will be required by
2004 (GASB 34)
as
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x
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Management Report
Tax Rates and Tax Capacity
I
2000 2001 2002
Market value $325,495,900 $324,581,100 $349,905,900
Tax capacity values;
Deal estate $6,571,300 $7,249,830 $5,085,897
Personal property 120,574 120,220 77,543
Subtotal 6,691,874 7,370,050 5,163,440
Fiscal disparity contribution (784,872) (918,384) (611,097)
Fiscal disparity distribution 298,275 343,723 221,368
Total $6,205,277 $6,795,389 $4,773,711
Tax capacity rates 23.620 23.692 41.741
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Tax levy $1 $1,588,435 - $1,967,579
- - --
Market Value � x Class hate — Tax Capacity
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Management Report
Tax Rates and Tax Capacity
Percent
Decrease
Property Classification Market Value Class Rate Tax Capacity in Tax Capacity
2001 '
Residential Homestead $150,000 1 st $76,000 - 1.00 % $1,981
Remainder - 1.65%
Residential Homestead $500,000 Ist $76,000 - 1.00% $7,756
Remainder - 1.65%
Commercial $500,000 1st $150,000 - 2.40% $11,900
Remainder - 3.40%
Commercial $1,500,000 1st $150,000 - 2.40% $49,500
Remainder - 3.40%
2002
Residential Homestead $150,000 1st $500,000 - 1.00% $1,500 24%
Remainder - 1.25%
Residential Homestead $500,000 1st $500,000 - 1.00% $5,000 35%
Remainder - 1.25%
Commercial $500,000 1st $150,000 - 1.50% $9,250 22%
Remainder - 2.00%
Commercial $1,500,000 1st $150,000 - 1.50% $29,250 40%
Remainder - 2.00%
Percent of Total
City Tax Capacity__
Taxpayer° 1999 2000 2001
Xcel Energy, Inc. 55.3% 53.1% 36.7%
SC Mall, LLC 5.2% 5.3% 4.4%
KTJ Limited Partnership Eleven 5.0% 5.3% 4.2%
enards, Inc. 3.6% 3.5% 2.8%
Wal -Mart Deal Estate Business 2.4% 2.4% 1.9%
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Management Report
Tax Rates and Tax Capacity
Tax Levy ( I 'Tax Capacity I = I Tax :hate
a b c d e
I (a x b) (c x d)
Market Class 'Tax Tax City
Value Rate Capacity Rate 'Tax -�
Market Tax Tax City Percent
Property Type Value Capacity Rate Tax Increase
I P ty yl�
2001
Residential Homestead $150,000 $1,981 23.692 $469
Residential Homestead 500,000 7,756 23.692 1,837
Commercial 1,500,000 49,500 23.692 11,727
2002
Residential Homestead 150,000 1,500 41.741 626 33%
Residential Homeste 500,000 5,000 41.741 2,087 13%
_ - 0 1
Commercial 1,500,000 29,2501 41.741 12,209 4/0
(1) 2002 is before reduction for market value homestead credit. i
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