HomeMy WebLinkAbout2009 Audit Review March 30, 2010 2009 Audit Review
City of k P Heights, Oa ark Min nesota
March 30, 2010
David J. Mol, CPA
d; P
Member of HLB International 1 Tautses Ftadpath� Ltd_
Reports Issued
♦ Opinion on financial statements
• Clean opinion
♦ Report on Compliance with Minnesota Statutes
• Collateral provided for Bank deposits
♦ Report on Internal Control
Financial statement preparation
• Audit adjustments
• Timesheet approval
♦ Management / Audit Committee Letter
Member of HLB International 2 Tautgaa Redpath Ltd_
Financial Results
Governmental Business -type
Activities Activities
Program revenue:
Charges for services $395,000 $1,272,000
Operating grants and contributions 88,000 -
Capital grants and contributions 689,000 -
Total program revenue 1,172,000 1,272,000
Program expenses: (4,152,000) (1,158,000)
Net expenses fund by property taxes and other sources (2,980,000) 114,000
General revenues:
Property taxes (net of abatements of $60,000) 3,538,000 -
Unrestricted grants 180,000 -
Investment income 457,000 26,000
Other 26,000 -
Interfund transfers:
Cash transfer 351,000 (351,000)
Capital asset transfer (900,000) 900,000
Total general revenues 3,652,000 575,000
Increase In net assets $672,000 $689,000
s
Tautgas Radpath� Ltd_
Member of HLB International 3
General Fund Budget Performance
Budget Actual Variance
Revenue $4,012,000 $3,823,000 ($189,000)
Expenditures 3 2 281,000
Revenue over expenditures 792,000 884,000 92,000
Other financing sources (uses):
Sale of property - 12,000 12,000
Transfers out (792, 000) (792, 000) -
Net change in fund balance $0 $104,000 $104,000
1,
Member of HLB International 4 Taaatgaa Ftacipati�. Ltd
General Fund Reserves
General Fund Balance
December 31,
q
Budget
Designated for:
Cash flow $1,558,000 $1,541,000
Contingent employee beenfits 188,000 188,000
t General contingency 557,000 542,000
Ensuing year's budget 194,000 -
Subtotal - designated 2,497,000 2,271,000
Undesignated 223,000 345,000
Total fund balance $2,720,000 $2,616,000
^•. l A k
Tautgas Radpath. Ltd_
Member of HLB International 5
Capital Project Funds
December 31, Increase
Fund 2008 2009 (Decrease) Comments
financed 50% of land purchase for water tower
Capital Revolving $820,496 $429,520 ($390,976) and well site
Budgeted Projects and Equipment RevoMn 794,248 931,934 137,686 see later com m ents
Park Development 485,853 498,894 13,041
received $612,000 contribution from Xcel Energy
Moelter Park - 612,896 612,896 for park improvements
received $320,000 transfer from General Fund
Street Reconstruction 1,317,841 1,424,962 107,121 and financed 2009 mill and overlay project
receives annual transfer from Water and Sewer
Renewal and Replacement 3,559,002 3,844,043 285,041 in amount equal to depreciation
Brekke Park Memorial 384 - (384) transferred balance to Budgeted Projects Fund
f k City Hall Improvements 5,840,475 3,492,930 (2,347,545) $1.2M bonds issued in 2009
Y4, Water Tower Rehabilitation 80,153 187,070 106,917 received $78,847 transfer from Water Utility
Storm Sewer Renewal and Replacement 78,000 157,730 79,730 received $77,000 transfer from General Fund
Sanitary Sewer Connection 356,564 366,948 10,384 received $9,571 of connection charges
received $18,160 of connection charges,
financed 50% of land purchase for water tower
Water Connection 699,852 291,596 (408,256) and well site
Storm Sewer Connection 864,247 887,825 23,578 received $23,198 of connection charges
Well Rehabilitation I 32,268 68,138 35,870 received $51,614 transfer from Water Utility Sewer Rehabilitation I i 48,295 41,875 (6,420)
Totals $14,977,678 $13,236,361 ($1,741,317)
oR'Mx
ll�
Member of HLB International 6 Tautg ®s Fiedpath� �..td.
Water Utility
$800,000
Water Operating
$700'000 Revenue & Expense
$600,000
$500,000 Transfer Out
Depreciation
All Other Expenses
f 'x $400,000
Contractual Services
O Personal Services
t Operating Revenue
$300,000 -
$200,000 -
$100,000 —
v e:4jc"#fa.
$0
✓� '` "' 2002 2003 2004 2005 2006 2007 2008 2009
Member of HLB International 7 Tas&A*Was FR®cipath. Ltd_
Sewer Utilit
$900,000
Sewer
Operating
$800,000 Revenue &
Expense
$700,000
J
$600,000
� Transfer Out
$500,000 � Depreciation
Personal Services
All Other Expenses
$400,000
O MCES
---t— Operating Revenue
$300,000
$200,000 —
$100,000
a.
k $0 I I I I
2002 2003 2004 2005 2006 2007 2008 2009
Member of HLB International 8 Taaatgas Radpath� Ltd.
Se U t ili t y Storm
$80,000
Storm Sewer
$70,000 Operating
Revenue & Expense
$60,000
$50,000
� Transfer Out
� All Other Expenses
$40,000 — � Contractual Services
r Personal Services
Operating Revenue
$30,000
$20,000 —
$10,000 —
2002 2003 2004 2005 2006 2007 2008 2009
Member of HLB International 9 Tauts ®s Radpatl�, Ltd_