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COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1993
CITY OF EDINA, MINNESOTA
Comprehensive Annual Financial Report
Year ended December 31, 1993
Department of Finance
John Wallin — Treasurer and Finance Director
Eric Anderson— Assistant Finance Director
Stefanie Dunfee— Accountant
CITY OF EDINA, MINNESOTA
TABLE OF CONTENTS
Page
PART I— INTRODUCTORY SECTION
Elected and Appointed Officials ............................................. ...............................
Letters of Transmittal .............^ ........................................... ...............................
PART II— FINANCIAL SECTION
Independent Auditors' Report ............................................... ............................... 9
General Purpose Financial Statements:
Combined Balance Sheet —All Fund Types and Account Groups ..... .............................11
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance —All Governmental Fund Types ....................... .............................13
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance— Budget and Actual - General and Special
RevenueFund Types ...........:....................................... .............................15
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings —All Proprietary Fund Types ...................... .............................17
Combined Statement of Cash Flows —All Proprietary Fund Types ... .............................18
Notes to Financial Statements .............................................. .............................19
Combining and Individual Fund and Account Group Financial Statements:
General Fund:
BalanceSheet .............................................................. .............................41
Statement of Revenues, Expenditures and Changes in
Fund Balance— Budget and Actual ................................... .............................42
Schedule of Revenues — Budget and Actual ............................ .............................43
Schedule of Expenditures— Budget and Actual ..................:..... .............................44
Schedule of Central Services Expenditures — Budget and Actual .... .............................52
Special Revenue Funds:
Combining Balance Sheet ................................................ .............................54
Combining Statement of Revenues, Expenditures and Changes in
FundBalance ............................................................ .............................55
Debt Service Funds:
Combining Balance Sheet ................................................ .............................57
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance ( Deficit) .................................................. .............................58
2
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Page
Combining and Individual Fund and .Account
Group Financial Statements (Continued):
Capital Project Funds:
Combining Balance Sheet .............................................. .............................60
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance (Deficit) ............................................. .............................61
Enterprise Funds:
Combining Balance Sheet .............................................. .............................63
Combining Statement of Revenues, Expenses and Changes
in Retained Earnings (Deficit) ..................................... ...............................
65
Combining Statement of Cash Flows ................................. .............................67
Utilities Fund:
BalanceSheet ....................................................... ...:.........................69
Statement of Revenues, Expenses and Changes in Retained Earnings ....................70
Statement of Cash Flows .......................................... .............................72
Liquor Fund:
BalanceSheet ....................................................... .............................73
Statement of Revenues, Expenses and Changes in Retained Earnings ....................74
Statement of Cash Flows ........................................ ...............................
75
Schedule of Operating Expenses .................................. .............................76
Swimming Pool Fund:
BalanceSheet ....................................................... .............................77
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit) .........78
Statement of Cash Flows .......................................... .:...........................79
Golf Course Fund:
BalanceSheet ........................................................ .............................80
Statement of Revenues, Expenses and Changes in Retained Earnings ....................81
Statement of Cash Flows ........................................ ...............................
82
Schedule of Operating Expenses .................................. .............................83
Arena Fund:
BalanceSheet ....................................................... .............................84
Statement of Revenues, Expenses and Changes in Retained Earnings
(Deficit) .......................................................... ...............................
85
Statement of Cash Flows ........................................ ...............................
86
Gun Range Fund:
BalanceSheet ....................................................... .............................87
Statement of Revenues, Expenses and Changes in Retained Earnings ....................88
Statemc z it of Cash Flows ........................................ ...............................
89
Art Center Fund:
BalanceSheet ....................................................... .............................90
Statement of Revenues, Expenses and Changes in Retained Earnings ....................91
Statement of Cash Flows .......................................... .............................92
3
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Page
Combining and Individual Fund and Account
Group Financial Statements (Continued):
Edinborough Park Fund:
BalanceSheet ....................................................... .............................93
Statement of Revenues, Expenses and Changes in Retained Earnings
(Deficit) .......................................................... ............................... 94
Statement of Cash Flows .......................................... .............................95
Agency Funds:
Statement of Changes in Assets and Liabilities ...................... .............................97
General Fixed Assets Account Group:
Schedule of General Fixed Assets ................................ ............................... 100
General Long -term Debt Account Group:
Schedule of General Long -term Debt ............................. ............................... 102
Supplementary Information:
Exhibit Page
Combined Schedule of Bonded Indebtedness .......................Exhibit
1.....................103
Schedule of Changes in Bonded Indebtedness ......................Exhibit
2.....................105
Schedule of Bonds Payable ................... ........................Exhibit
3.....................106
Schedule of Debt Service Requirements .............................
Exhibit 4.....................113
Assessed Valuation, Tax Levies and Mill Rates ....................Exhibit
5.....................114
Schedule of Sources and Uses of Public Funds:
For 50th and France —No. 1200, a Tax Increment
Financing District ................... ...............................
Exhibit 6.....................116
For Southeast Edina Redevelopment District—
No. 1201, a Tax Increment Financing District .................
Exhibit 7.....................117
For Grandview Area Redevelopment District—
No. 1202, a Tax Increment Financing District .................
Exhibit 8.....................118
For Southeast Edina Economic Development District—
No. 1203, A Tax Increment Financing District .................Exhibit
9.....................119
Independent Auditors' Report on the Schedule of Federal
Financial Assistance .......................... ........................Exhibit
10 ...................120
Schedule of Federal Financial Assistance .... ........................Exhibit
11 ...................121
Independent Auditors' Report on Compliance with General
Requirements Applicable to Federal Financial
Assistance Programs .................. ...............................
Exhibit 12 122
Schedule of Findings and Questioned Costs ........................
Exhibit 12 ...................123
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Supplementary Information (Continued):
Exhibit Page
Independent Auditors' Report on Compliance at the
General Purpose Financial Statement Level ....................... Exhibit 13 ...................124
Independent Auditors' Report on the Internal
Control Structure at the Federal Financial.Assistance
Program Level —No Major Programs ............................. Exhibit 14 ...................125
Independent Auditors' Report on the Internal Control
Structure at the General Purpose Financial Statement Level .... Exhibit 15 ...................127
PART III — STATISTICAL SECTION
Table ................. Page
General Governmental Expenditures by Function—
Last Ten Fiscal Years ................... ............................... Table 1.......................129
General Governmental Revenues by Source—Last
Ten Fiscal Years ......................... ............................... Table 2 .......................130
Property Tax Levies and Collections —Last Ten
Fiscal Years .............................. ............................... Table 3 .......................131
Assessed Value or Tax Capacity and Estimated
Market Value of Taxable Property —Last Ten
Fiscal Years .............................. ............................... Table 4.......................132 .
Property Tax Rates —All Overlapping Governments —
Last Ten Fiscal Years ................... ............................... Table 5 .......................133
Special Assessment Collections —Last Ten Fiscal Years ............ Table 6 .......................134
Ratio of Net General Bonded Debt to Assessed
Value/Tax Capacity and Net Bonded Debt Per Capita —
Last Ten Fiscal Years ................... ............................... Table 7 .......................135
Computation of Legal Debt Margin— December 31, 1993 ........... Table 8 .......................136
Computation of Overlapping Debt—December 31, 1993 ............ Table 9 .......................137
Ratio of Annual Debt Service Expenditures for General
Bonded Debt to Total General Expenditures —Last
Ten Fiscal Years .............................. ..........................Table 10 .....................138
Revenue Bond Coverage—Last Ten Fiscal Years .................... Table 11 .....................139
Property and Construction Values —Last Ten Fiscal Years .......... Table 12 .....................140
Principal Taxpayers — December 31, 1993 .. ..........................Table 13 .....................141
Miscellaneous Statistics — December 31, 1993 ........................Table 14 .....................142
INTRODUCTORY
SECTION
CITY OF EDINA, MINNESOTA
Elected and Appointed Officials
December 31, 1993
Elected:
Mayor — Frederick S. Richards
Council:
Glenn L. Smith
Bernard G. Rice, Jr.
Peggy Kelly
Jane L. Paulus
Appointed:
Manager — Kenneth E. Rosland
Treasurer and Finance Director —John Wallin
Assistant Finance Director —Eric Anderson
Clerk— Marcella M. Daehn
*First official business day.
— 1 —
Term of office
expires January*
1997
1995
1995
1997
1997
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' •'N�bflvdM���•
City of Edina
April 22, 1994
To the Honorable Mayor and
Members of the City Council
City of Edina, Minnesota:
In accordance with State Statutes and local charter provision, I hereby transmit the annual financial
report of the City of Edina, Minnesota as of December 31, 1993 and for the fiscal year then ended.
Responsibility for both the accuracy of the presented data. and the completeness and fairness of the
presentation, including all disclosures, rests with the City. All disclosures necessary to enable the
reader to gain the maximum understanding of the City's financial affairs have been included.
In developing and evaluating the City's accounting system, consideration is given to the adequacy
of internal accounting controls. Internal accounting controls are discussed by the Finance Director
in his accompanying letter of transmittal, and within that framework, I believe that the City's
internal accounting controls adequately safeguard assets and provide reasonable assurance of
proper recording of financial transactions.
In accordance with the above- mentioned guidelines the accompanying report consists of three
sections:
1) Introductory section — includes the Finance Director's letter of transmittal;
2) Financial section— includes the financial statements and supplemental schedules of the
government accompanied by our independent auditors' reports; and
3) Statistical section— includes a number of tables of unaudited data depicting the financial
history of the government for the past ten years, information on overlapping governments,
and demographic and other miscellaneous information.
State law requires that the financial statements of the City of Edina, Minnesota be audited by a
certified public accountant selected . by the City Council. This requirement has been complied with,
and our independent auditors' reports are included in the financial section of this report.
City Hall (612) 927 -8861
4801 WEST 50TH STREET -2- FAX (612) 927 -7645
EDINA, MINNESOTA 55424 -1394 TDD (612) 927 -5461
The City of Edina, Minnesota concluded fiscal year 1993 in a sound financial condition, which is
shown in the report. Preparation of this annual financial report could not have been accomplished
without the dedicated effort of the Finance Director and his entire staff. Their efforts over the past
years toward upgrading the accounting and financial reporting systems of the City of Edina have
lead substantially to the improved quality of the information being reported to the City Council,
state oversight boards, and the citizens of the City of Edina.
Respectfull submitted,
Kenneth E. Rosl d
City Manager
—3—
oe�
• �''cbRPOMTfi� _
City of Edina
April 22, 1994
To the Honorable Mayor,
Members of the City Council,
and City Manager
City of Edina, Minnesota:
The Comprehensive Annual Financial Report of the City of Edina (the City), for the fiscal year
ended December 31, 1993, is submitted herewith. This report was prepared by the City's Finance
Department. Responsibility for both the accuracy of the presented data and the completeness and
fairness of the presentation, including all disclosures, rests with the City. We believe the data, as
presented, is accurate in all material respects; that it is presented in a manner designed to fairly set
forth the financial position and results of operations of the City as measured by the financial
activity of its various funds; and that all disclosures necessary to enable the reader to gain the
maximum understanding of the City's financial affairs have been included.
Accounting System and . Budgetary Control
In developing and evaluating the City's accounting system, consideration is given to the adequacy
of internal accounting controls. Internal accounting controls are designed to provide reasonable,
but not absolute, assurance regarding: (1) the safeguarding of assets against loss from
unauthorized use or disposition; and (2) the reliability of financial records for preparing financial
statements and maintaining accountability for assets. The concept of reasonable assurance
recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2)
the evaluation of costs and benefits requires estimates and judgments by management.
All internal control evaluations occur within the above framework. We believe that the City's
internal accounting controls adequately safeguard assets and provide reasonable assurance of
proper recording of financial transactions.
Budgetary control is maintained through the issuance of purchase orders. Purchase orders which
would result in an overrun of the budgeted allotment are not released until additional appropriations
are made available.
City Hall (612) 927 -8861
4801 WEST 50TH STREET -4- FAX (612) 927 -7645
EDINA, MINNESOTA 55424 -1394 TDD (612) 927 -5461
The Reporting Entity and Its Services
The City has reviewed its reporting entity definition in accordance with Governmental Accounting
Standards Board Statement 14, The Financial Reporting Entity. The entities included in the City's
report are those for which the City has oversight responsibility.
The City provides the full range of municipal services. These services include police and fire
protection, civil defense, public health, animal control, inspections, public works maintenance,
public improvements, parks and recreation activities, and general administrative services.
SIGNIFICANT EVENTS AND ACCOMPLISHMENTS
General Governmental Functions
Revenues for general governmental functions reported within the General, Special Revenue, Debt
Service and Capital Project Funds totaled $23,800,320 in 1993, a decrease of 4.6 percent over
1992. General property taxes produced 69.3 percent of general revenues compared to 63.8 percent
last year. The amount of revenues from various sources and the increase (decrease) over last year
are shown in the following table:
Current tax collections were 95.3 percent of the tax levy, down 1.8 percent from last year. "
Delinquent tax collections were less than last year. The ratio of total collections (current and
delinquent) to the current tax levy was 95.3 percent, a decrease of 3.0 percent from last year.
—5
Increase
Percent
(decrease)
Revenue source
Total
of total
from 1992
Taxes
$ 17,505,272
69.3%
$ 1,569,456
Special assessments
991,394
3.9
(572,599)
Franchise fee
260,039
1.0
91,917
Licenses and permits
1,037,783
4.0
217,776
Intergovernmental
1,749,631
7.1
749,236
Charges for services
1,167,446
4.6
(192,786)
Fines and forfeitures
350,582
1.4
(120,456)
Interest on investments
431,976
1.7
7,354
Interest on funds held with fiscal agent
1,443,530
5.7
1,443,530
Sale and rental of property
100,765
.4
765
Miscellaneous
205,432
.9
(2,901,678)
Total revenues
$ 25,243,850
�
100.0%
s
$ 292,515
�
Current tax collections were 95.3 percent of the tax levy, down 1.8 percent from last year. "
Delinquent tax collections were less than last year. The ratio of total collections (current and
delinquent) to the current tax levy was 95.3 percent, a decrease of 3.0 percent from last year.
—5
Intergovernmental revenues were 7.1 percent of general revenues compared to 4.0 percent in 1992.
Expenditures for general governmental purposes within the General, Special Revenue, Debt
Service and Capital Project Funds totaled $22,417,392 a decrease of 9.1 percent over 1992.
Increases (decreases) in levels of expenditures for major functions of the City over last year are
shown in the following table:
Increase
Percent (decrease)
Function Total of total from 1992
General government $ 1,999,863 8.9% $ 12,079
Public safety 6,544,220 29.2 325,565
Public works 2,990,247 13.3 239,439
Parks 1,744,807 7.8 (392,387)
Unallocated general 117,451 .5 (470,868)
Other 1,911,799 8.5 (2,517,320)
Capital outlay 496,334 2.2 (90,345)
Bond principal 1,800,000 8.0 10,000
Interest and fiscal charges 4,847,360 21.6 673,510
Total expenditures $ 22,452,081 10 $(2,210,327)
_
Expenditures for public safety were 29.2 percent of total general governmental expenditures. This
expenditure function includes police protection, fire protection, civil defense, animal control,
public health and building inspection expenditures.
Debt Administration
The ratio of net bonded debt to tax capacity and the amount of bonded debt per capita are useful
indicators of the City's debt position and are listed below:
Ratio of net bonded debt to tax capacity
Net bonded debt per capita
The following is a summary of bonded debt for fiscal year 1993:
Gross bonded debt outstanding, January 1, 1993
Add bonds issued in fiscal year 1993
Deduct bonds redeemed in fiscal year 1993
Gross bonded debt outstanding, December 31, 1993
Deduct sinking fund assets, December 31, 1993
Net bonded debt, December 31, 1993
.9108
$ 1,325
$ 90,880,000
19,580,000
2,295,000
108,1 5,000
(45,994,060)
$ 62,170,940
The City's bonds continue to have an AaI rating as determined by Moody's Investors Service, and
an AA rating from Standard & Poors.
Elm
At December 31, 1993 the City had $87,165,000 of Tax Increment Bonds outstanding, excluding
Improvement and Revenue Bonds. $37,992,718 was available in the General Debt Service Fund
for payment of these obligations, resulting in $49,172,282 net general debt at December 31, 1993.
Cash Management
The City subscribes to the "pooled cash" concept of investing which means that all funds with cash
balances participate in an investment pool. This permits some funds to be overdrawn and others to
show cash balances when in fact, the City has a cash balance. This pooled cash concept provides
for investing greater amounts of money at more favorable rates. Interest earnings are then
periodically allocated to the participating funds. During 1993 the City earned $431,976 in interest
income. The following is a list of the City's cash and investments by classification as of
December 31, 1993:
Cash
Cash deficit
Cash with plan administrator
Cash with fiscal agents
Certificates of deposit
Commercial paper
Government securities
Money markets
Capital Project Funds
$ 9,847,396
(8,597,397)
5,908,312
45,483,594
1,010,000
7,926,735
10,738,871
1,513,347
$ 73,830,858
The major construction projects and equipment purchases are accounted for in three Capital Project
Funds. The HRA Fund accounts for construction projects within the City's seven tax increment
districts. The Construction Fund and Revolving Fund are for construction projects or major
equipment purchases funded through special assessments, State aids, General Fund appropria-
tions, or working capital funds.
General Fixed Assets
The general fixed assets of the City are those fixed assets used in the performance of general
governmental functions and exclude the fixed assets of the Enterprise Funds. As of December 31,
1993 the general fixed assets of the City amounted to $62,834,119. This amount represents the
original cost of the assets and is considerably less than their present value. Depreciation of general
fixed assets is not recognized in the City's accounting system.
—7—
Enterprise Funds
The City currently operates eight Enterprise Funds which are set up to operate primarily from user
fees charged to the general public. A comparative statement of income (loss) before operating
transfers for the fiscal years ended 1993 and 1992 is as follows:
Transfers from /to other funds for various purposes were $126,894 and $486,894 in 1993 and
$20,000 and $380,000 in 1992, respectively.
Independent Audit
Minnesota State Statutes require that every city with a population of more than 2,500 submit to the
State Auditor audited financial statements which have been attested to by a certified public
accountant, public accountant or the State Auditor. This Statute has been complied with, and the
independent auditors' report of the certified public accounting firm of KPMG Peat Marwick has
been included in this Comprehensive Annual Financial Report for 1993.
Acknowledgments
The preparation of this report on a timely basis could not be accomplished without the efficient and
dedicated services of the entire staff of the Finance Department. We would like to express our
appreciation to all members of the Department who assisted and contributed to its preparation. We
should also like to thank the Mayor and City Council members for their interest and support in
planning and conducting the financial operations of the City in a responsible and progressive
manner.
Respectfully submitted,
John Wallin, CPA
Treasurer and Finance Director
Stefan fee CPA
Accountant
—8—
Income (loss)
before transfers
1993 1992
Utilities
$ 641,510 330,387
Liquor
411,560 394,396
Swimming Pool
(118,121) (36,877)
Golf Course
(247,132) (12,597)
Arena
(159,014) (151,343)
Gun Range
(7,055) (2,375)
Art Center
(61,236) (70,098)
Edinborough Park
(64,270) (149,548)
$ 396,242 301,945
Transfers from /to other funds for various purposes were $126,894 and $486,894 in 1993 and
$20,000 and $380,000 in 1992, respectively.
Independent Audit
Minnesota State Statutes require that every city with a population of more than 2,500 submit to the
State Auditor audited financial statements which have been attested to by a certified public
accountant, public accountant or the State Auditor. This Statute has been complied with, and the
independent auditors' report of the certified public accounting firm of KPMG Peat Marwick has
been included in this Comprehensive Annual Financial Report for 1993.
Acknowledgments
The preparation of this report on a timely basis could not be accomplished without the efficient and
dedicated services of the entire staff of the Finance Department. We would like to express our
appreciation to all members of the Department who assisted and contributed to its preparation. We
should also like to thank the Mayor and City Council members for their interest and support in
planning and conducting the financial operations of the City in a responsible and progressive
manner.
Respectfully submitted,
John Wallin, CPA
Treasurer and Finance Director
Stefan fee CPA
Accountant
—8—
FINANCIAL
SECTION
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report
Honorable Mayor and Members
of the City Council
City of Edina, Minnesota:
We have audited the general purpose financial statements of the City of Edina, Minnesota, as of
and for the year ended December 31, 1993, as listed in the accompanying table of contents. These
general purpose financial statements are the responsibility of the City's management. Our
responsibility is to express an opinion on these general purpose financial statements based on our
audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the general
purpose financial statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the general purpose financial
statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all
material respects, the financial position of the City of Edina, Minnesota, as of December 31, 1993,
and the results of its operations and cash flows of its proprietary fund types for the year then ended
in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements taken as a whole. The combining, individual fund, and individual account group
financial statements and schedules listed in the accompanying 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 Edina, Minnesota. Such information 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.
FFFFMember Firm of
Klynveld Peat Marwick Goerdeler
The data designated as the "statistical section" in the accompanying table of contents is presented
for purposes of additional analysis and is not a required part of the basic financial statements. Such
information has not been subjected to the auditing procedures applied in the audit of the basic
financial statements and, accordingly, we express no opinion on it.
April 22, 1994
—10—
CITY OF EDINA, MINNESOTA
Combined Balance Sheet —All Fund Types and Account Groups
December 31,1993
(with comparative totals for December 31, 1992)
See accompanying notes to financial statements.
mum
Governmental fund types
Specs
bt
pit
Assets and Other Debits
General
Revenue
Service
Projects
Cash (note 2)
$ 7,775,152
0
0
156,676
Investments (note 2)
7,731,428
903,707
0
12,019,169
Cash with plan administrators (notes 2 and 7)
0
0
0
0
Cash with fiscal agents (note 2)
0
0
38,881,720
0
Receivables:
Accounts
139,602
51,241
0
(18,648)
Interest
1,881
9,951
0
83,038
Special assessments
0
0
3,568,733
191,736
Metropolitan Waste Control
0
0
0
0
-Notes
0
0
0
1,120,612
Due from other funds (note 10)
20,000
0
200,000
6,201,067
Due from other governments
247,724
41,885
1,227
40,059
Inventory
0
0
0
0
Prepaid expense
33,462
0
0
0
Fixed assets (note 4)
0
0
0
0
Discount on bonds
0
0
0
0
Amount available in debt service fund
0
0
0
0
Amount to be provided for retirement of long -term debt
0
0
0
0
Total assets and other debits
Other Credits
$ 15,949,249
1,006,784
42,651,680
19,793,709
Liabilities, Fund Enemy and
liabilities:
Cash deficit (note 2)
0
119,160
156,316
5,578,641
Salaries payable
101,726
653
0
288
Accounts payable
869,612
8,901
0
33,566
Contracts payable
0
0
0
17,569
Accrued interest payable
0
0
0
0
Due to other funds (note 10)
6,703,453
0
0
0
Due to other governments
51,327
0
181,000
0
Deposits payable
0
0
0
0
Due to participants (note 7)
0
0
0
0
Due to federal government
0
0
0
0
Accrued compensated absences (note 5)
0
0
0
0
Deferred revenue
0
0
3387,733
198,037
Obligation under capital leases (note 14)
0
0
0
0
Bonds payable (note 5)
0
0
0
0
Total liabilities
7,726,118
128,7-14—
3,725,049
5,828,101
Fund equity and other credits:
Investment in general fixed assets
0
0
0
0
Contributed capital
0
0
0
0
Retained earnings:
Reserved (note 11)
0
0
0
0
Unreserved— undesignated
0
0
0
0
Fund balance:
Reserved (note 11)
753,855
0
38926,631
844
Unreserved— designated (note 11)
6,950,184
0
0
0
Unreserved— undesignated
519,092
878,070
0
13,964,764
Total fund equity and other credits
8.223,131
878, /)
, 2_6
1
Total liabilities, fund equity and other credits
$ 15,949,249
1,006,784
42,651,680
19,793,709
See accompanying notes to financial statements.
mum
Proprietary
Fiduciary
Account
rou s
fund type
fund type
enera
ene
Totals
Fixed
Long -term
(memorandum only)
Enterprise
Agency
Assets
Debt
��3
1,900,628
14,940
0
0
9,847,396
8,374,767
386,432
148,217
0
0
21,188,953
20,847,012
0
5,908 ,312
0
0
5,908;312
5,156,699
6,601,874
0
0
0
45,483,594
25,309,200
1,512,048
0
0
0
1,684,243
1,626,546
72,975
370
0
0
168,215
182,164
3,620
0
0
0
3,764,089
3,936,235
45,541
0
0
0
45,541
274,659
0
0
0
0
1,120,612
950,612
302,386
0
0
0
6,723,453
6,572,622
98,828
0
0
0
429,723
236,767
552,604
0
0
0
552,604
529,666
0
0
0
0
33,462
82,730
34,180,807
0
62,834,119
0
97,014,926
95,262,373
126,524
0
0
0
126,524
153,543
0
0
0
200,000
200,000
200,000
0
0
0
90.877,612
90,877,612
73,153,999
45,784,267
6,071,839
62,834,119
91 ,077,612
285,169,259
242.849,594
2,743,280
0
0
0
8,597 ,397
7,923,568
29,158
0
0
0
131,825
67,761
430,501
0
0
0
1,342,580
1,087,155
47,512
0
0
0
65,081
79,360
335,525
0
0
0
335,525
104,326
20,000
0
0
0
6,723,453
6,572,622
0
14,916
0
0
247,243
140,541
12,929
0
0
0
12,929
15,200
0
5,908,312
0
0
5,908,312
5,156,699
0
148,611
0
0
148,611
0
0
0
0
667,612
667,612
723,999
12,600
0
0
0
3,598 ,370
3,942,991
510,000
0
0
0
510,000
0
17,755,000
0
0
90,410,000
108,165,000
90,880,000
18'8 ,3b51,
�.
I
ZW
MK X94-72-2-
22
0
0
62,834,119
0
62,834,119
62,954,661
891,314
0
0
0
891,314
950,446
1,607,120
0
0
0
1,607,120
1,422,529
21,389,328
0
0
0
21,389,328
21 A78,545
0
0
0
0
39,681,330
19,634,822
0
0
0
0
6,950,184
6,893,303
0
0
0
0
15,361,926
12,821,066
23,887,762
��
0
11
x12-
45,784,267
6,071,839
62,834.119
91,077,612
285,169,259
242,849.594
-12-
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenditures and Changes in Fund Balance -
All Governmental Fund Types
Revenues:
Taxes (note 3)
Special assessments
Franchise fee
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest on investments
Interest on funds held with
fiscal agent
Sale and rental of property
Other
Total revenues
Expenditures:
Current:
General government
Public safety
Public works
Parks
Unallocated general
Other
Capital outlay:
General government
Public safety
Public works
Parks
Debt service:
Bond principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of
revenues over
expenditures
Year ended December 31, 1993
(with comparative totals for year ended December 31, 1992)
-13-
(Continued)
Governmental fund types
Totals
Special
Debt
---U' pi
(memorandum only)
General
Revenue
Service
Projects
9
99
$ 9,986,635
0
0
7,518,637
17,505,272
15,935,816
0
0
834,486
156,908
991,394
1,563,993
0
260,039
0
0
260,039
168,122
1,037,783
0
0
0
1,037,783
820,007
1,451,471
159,163
0
138,997
1,749,631
1,000.395
1,167,446
0
0
0
1,167,446
1.360.232
350,582
0
0
0
350,582
471,038
9,506
101,188
0
321,282
431,976
424,622
0
0
1,443,530
0
1,443,530
0
0
0
0
100,765
100,765
100,000
48.181
0
0
157,251
205,432
3,107,110
14,051,6U-
, 1
2,278,016
8,393,840
1,999,863
0
0
0
1,999,863
1,987,784
6,544,220
0
0
0
6.544.220
6,218,655
2,990,247
0
0
0
2,990,247
2,750,808
1,744,807
0
0
0
1,744,807
2,137,194
117,451
0
0
0
117,451
588,319
447,885
395,730
1,000
1,067,184
1,911,799
4,429,119
8.530
0
0
0
8,530
13,326
165.017
0
0
0
165,017
190.462
245,825
0
0
0
245,825
299.534
76,962
0
0
0
76,962
83,357
0
0
1,800,000
0
11800,000
1,790,000
0
0
4,847,360
0
4,847,360
4,173,850
14,340,8W
7T 3,73�
"277=
-HST
(289,203)
124,660
(4,370,344)
7,326,656
2,791,769
288,927
-13-
(Continued)
2
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenditures and Changes in Fund Balance —
All Governmental Fund Types, Continued
Year ended December 31, 1993
(with comparative totals for year ended December 31, 1992)
Other financing sources (uses):
Proceeds from issuance of bonds
Proceeds from sale of land
Operating transfers in
Operating transfers out
Transfer dedicated funds
Parkland dedication
Parkland dedication for Edina HRA
Reserve for construction
Total other financing
sources (uses)
Excess of revenues
and other financing
sources over
expenditures and
other financing uses
Fund balance — January 1
30,678 124,660 19,979,070 2,509,841 22,644,249 20,829,013
8,192,453 753,410 18,947,561 11,455,767 39,349,191 18520,178
Fund balance— December 31 $ 8,223,131 878,070 38,926,631 13,965,608 61,993,440 39,349,191
See accompanying notes to financial statements.
—14—
Governmental fund types
Totals
S
bt
pi
(memorandum only)
General
Revenue
Service
Projects
1993
1992
0
0
19,435,599
0
19,435599
18,821,172
0
0
0
0
0
49,474
380,000
0
4,913,815
252,207
5,546,022
5,626.905
(117,000)
0
0
(5,069,022)
(5,186,022)
(5,266,905)
(84,812)
0
0
0
(84,812)
0
139,293
0
0
0
139,293
(20,200)
0
0
0
0
0
1,329,640
2,400
0
0
0
2,400
0
319,881
0
24,349,414
(4,816,815)
19,852,480
20540,086
30,678 124,660 19,979,070 2,509,841 22,644,249 20,829,013
8,192,453 753,410 18,947,561 11,455,767 39,349,191 18520,178
Fund balance— December 31 $ 8,223,131 878,070 38,926,631 13,965,608 61,993,440 39,349,191
See accompanying notes to financial statements.
—14—
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance- Budget and Actual -General and Special Revenue Fund Types
Year ended December 31, 1993
(with comparative totals for year ended December 31, 1992)
See accompanying notes to financial statements.
-15-
General
Variance-
favorable
Budget
Actual
(unfavorable)
Revenues:
Taxes (note 3)
$ 10,285,115
9,986.635
(298,480)
Franchise fee
0
0
0
Licenses and permits
777,100
1,037,783
260,683
Intergovernmental
1,343,100
1,451,471
108,371
Charges for services
1,096,000
1,167,446
71,446
Fines and forfeitures
475,000
350,582
(124,418)
Interest on investments
50,000
9,506
(40,494)
Sales and rental of property
0
0
0
Other
65,500
48,181
(17,319)
Total revenues
14,091,815
14,051,604
(40,211)
Expenditures:
Current:
General government
1,991,835
1,999,863
(8,028)
Public safety
6,473,159
6,544,220
(71,061)
Public works
3,088,294
2,990,247
98,047
Parks
1,697,319
1,744,807
(47,488)
Unallocated general
288,050
117,451
170,599
Other
0
447,885
(447,885)
Capital outlay:
General government
22,497
8,530
13,967
Public safety
339,168
165,017
174,151
Public works
362.079
245,825
116,254
Parks
92,414
76.962
15,452
Total expenditures
14.354.815
14,340.807
14,008
Excess (deficiency) of revenues over expenditures
(263,000)
(289.203)
(26,203)
Other financing sources (uses):
Operating transfers in
380,000
380,000
0
Operating transfers out
(117,000)
(117,000)
0
Transfer dedicated funds
0
(84.812)
(84,812)
Parkland dedication
0
139,293
139,293
Parkland dedication for Edina HRA
0
0
0
Reserve for construction
0
2,400
2,400
Total other financing sources (uses)
263,000
319.881
56,881
Excess (deficiency) of revenues and other financing
sources over expenditures and other financing uses
$ 0
30,678
30,678
Fund balance -January 1
8,192,453
Fund balance- December 31
8,223,131
See accompanying notes to financial statements.
-15-
0 124,660 124,660 0
753,410
155.338 155.338 1.335.812
8,945,863 7,610,051
878,070 9,101,201 8,9_ 45,863
-16-
Totals
(memorandum only)
Special
Revenue
1993
1992
Variance-
Variance-
favorable
favorable
Budget
Actual
(unfavorable)
Budget
Actual
(unfavorable)
Actual
0
0
0
10,285,115
9,986,635
(298,480)
10,018,724
0
260,039
260,039
0
260,039
260,039
168,122
0
0
0
777,100
1,037,783
260,683
820,007
0
159,163
159,163
1,343,100
1,610,634
267,534
864,052
0
0
0
1,096,000
1,167,446
71,446
1,332,213
0
0
0
475,000
350,582
(124,418)
471,038
0
101,188
101,188
50,000
110,694
60,694
104,456
0
0
0
0
0
0
28,019
0
0
0
65,500
48,181
(17,319)
58.631
0
520,390
520,390
14,091,815
14 71,994
480,179
13,865,262
0
0
0
1,991,835
1,999.863
(8,028)
1,987.784
0
0
0
6,473,159
6,544,220
(71.061)
6,218,655
0
0
0
3,088,294
2.990.247
98,047
2,750,808
0
0
0
1.697,319
1,744,807
(47,488)
1.678,669
0
0
0
288,050
117,451
170,599
588.319
0
395.730
(395,730)
0
843,615
(843,615)
407.976
0
0
0
0
0
22,497
8.530
13.967
13.326
0
0
0
339.168
165,017
174,151
190.462
0
0
0
362,079
245,825
116.254
.299.534
0
0
0
92,414
76,962
15,452
83,357
0
395,730
(395,730)
14,354,815
14,736537
(381,722)
14,218,890
0
124.660
124,660
(263,000)
(164,543)
98,457
(353,628)
0
0
0
380,000
380.000
0
380.000
0
0
0
(117,000)
(117.000)
0
0
0
0
0
0
(84,812)
(84,812)
0
0
0
0
0
139.293
139,293
(20,200)
0
0
0
0
0
0
1.329,640
0
0
0
0
2,400
2,400
0
0
0
0
263,000
319,881
56,881
1,689.440
0 124,660 124,660 0
753,410
155.338 155.338 1.335.812
8,945,863 7,610,051
878,070 9,101,201 8,9_ 45,863
-16-
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings —All Proprietary Fund Types
Year ended December 31,1993 .
(with comparative totals for year ended December 31, 1992)
Operating transfers in (out):
General fund
Revolving fund
Art center fund
Swimming pool fund
Arena fund
Golf dome
Total operating transfers, net
Net income (loss)
Add depreciation on contributed assets
Increase (decrease) in retained earnings
Retained earnings— January 1
Retained earnings — December 31
See accompanying notes to financial statements.
—17—
(380,000) (380,000)
20,000
Totals
38,619
1993
1992
Sales and cost of sales:
61,837
0
Sales
$ 5,557,278
5,514,555
Cost of sales
4,285,916
4,322,091
Gross profit
1,271.362
9,37T
Operating revenues:
Charges for services
10,471,794
9,147,391
Total gross profit and operating revenues
11,743,1.56—
10;3r
Operating expenses:
Disposal charges
2,940,398
2,704,753
Personal services
2973,824
2,972,630
Contractual services
2,492,688
1,626,631
Commodities
803,923
821,194
Central services
807,858
751,106
Depreciation
1,250,708
1,228,308
Total operating expenses
11,269,399
10,104,622
Operating income
473,757
235,233
Nonoperating revenues (expenses):
Contribution from special assessments
21,691
0
Income on investments
782,346
635,644
Current value credit --MWCC
0
40,855
Donations
24,256
21,043
Interest from fiscal agent
337,682
0
Interest and fiscal charges
(1,154,199)
(619,205)
Gain (loss) on sale of fixed asset
(65,834)
0
Amortization of bond discount
(27,019)
(18,817)
Miscellaneous
3,562
7,192
Total nonoperating revenues (expenses)
(77,51)
6 6,Tl r
Income before operating transfers
396,242
301,945
Operating transfers in (out):
General fund
Revolving fund
Art center fund
Swimming pool fund
Arena fund
Golf dome
Total operating transfers, net
Net income (loss)
Add depreciation on contributed assets
Increase (decrease) in retained earnings
Retained earnings— January 1
Retained earnings — December 31
See accompanying notes to financial statements.
—17—
(380,000) (380,000)
20,000
20,000
38,619
0
6,438
0
61,837
0
(106,894)
0
(360,000)
(36
36,242
(58,055)
59,132
47,199
9,37T
1 ,8
22,901,074
$ 22,996,448
22,911,930
22,901,074
CITY OF EDINA, MINNESOTA
Combined Statement of Cash Flows -All Proprietary Fund Types
Year ended December 31, 1993
(with comparative totals for year ended December 31, 1992)
Cash flows from capital financing activities:
Proceeds from revenue bonds
Totals
10,456,252
1993
1992
Cash flows from operating activities:
Principal paid on revenue bonds
(495,000)
Operating income
$ 473,757
235,233
Adjustments to reconcile operating income to net cash provided by operating activities:
Interest paid on bonds
�1,154,199
Depreciation expense
1,250,707
1,228,308
Changes in assets and liabilities:
Cash and cash equivalents, end of year
$ 5,751,482
Increase in accounts receivable
(167,071)
(227,244)
Decrease in notes receivable
0
5,322
Increase in due from other funds
(229,765)
(63,571)
Increase in inventory
(22,938)
(71,319)
Decrease in long -term receivable
0
39,284
Increase (decrease) in accounts payable
(258,128)
261,105
Increase in salaries payable
12,362
16,796
Increase (decrease) in due to other governments
36,222
(36,222)
Increase in accrued interest payable
231,199
24,092
Increase in contracts payable
3,932
42,830
Decrease in deposits payable
(2,271)
(1,992)
Decrease in deferred revenue
0
26,124
Total adjustments
Net cash provided by operating activities
1,328,006
1,426,498
Cash flows from noncapital financing activities:
Net acquisition of capital assets
(2,613,803)
(4,287,988)
Loss on sale of fixed assets
(65,834)
0
Cash short
(501)
(389)
Miscellaneous
4,063
7,581
Donations
24,256
21,043
Operating transfer out - General Fund
(380,000)
(380,000)
Operating transfer in- Revolving Fund
20,000
20,000
Operating transfer out --Golf dome
(106,894)
0
Operating transfer in-Art center
38,619
0
Operating transfer in- Swimming pool
6,438
0
Operating transfer in -Arena
61,837
0
Contributed capital
0
419,334
Contribution from special assessments
21,691
0
Current value credit
0
40,855
Net cash used for noncapital financing activities
Cash flows from capital financing activities:
Proceeds from revenue bonds
0
10,456,252
Payment to other funds
(10,000)
(10,000)
Principal paid on revenue bonds
(495,000)
(504,305)
Interest from fiscal agent
337,682
0
Interest paid on bonds
�1,154,199
584,900
Net cash provided (used) by capital financing activities
(1,321,517)
(295,033)
Cash flows from investing activities:
(Increase) decrease in investments
2,444,655
(1,403,233)
(Increase) decrease in interest receivable
20,236
(73,475)
Interest on investments
782,346
635,644
Net cash provided (used) by investing activities
Net increase in cash and cash equivalents
263,598
5,782,917
Cash and cash equivalents (deficit), beginning of year
5,487,884
(295,033)
Cash and cash equivalents, end of year
$ 5,751,482
5,487,884
See accompanying notes to financial statements.
-18-
CITY OF EDINA, MINNESOTA
Notes to Financial Statements
December 31, 1993
(1) Summary of Significant Accounting Policies
The City operates under the "Optional Plan B" form of government according to applicable
State of Minnesota Statutes. The Statutes prescribe a Council- Manager form of
organization. The City provides the following services: public safety, highways and
streets, sanitation, health and social services, culture - recreation, public improvements,
planning and zoning, and general administration.
The accounting policies of the City conform to generally accepted accounting principles as
applicable to governments. The following is a summary of the more significant policies:
A. Financial Reporting Entity
During 1993, the City adopted Governmental Accounting Standards Board
Statement No. 14, The Governmental Reporting Entity, which provides
standards for defining the financial reporting entity and identifying the entities
to be included in its general purpose financial statements. For financial
reporting purposes the City's financial statements include all funds, account
groups, boards and commissions over which the City Council exercises
oversight responsibility.
Oversight responsibility includes appointment of governing bodies, budget
authority, approval of tax levies, and responsibility for funding deficits. The
City, for financial reporting purposes, includes all funds and account groups,
including those of the Park and Recreation Board and the Housing and
Redevelopment Authority of Edina that are controlled by or dependent on the
City's executive or legislative branches. Control by or dependence on the City
was determined on the basis of budget adoption, taxing authority, outstanding
debt secured by revenues or general obligations of the City or the City's
obligation to fund any deficits that may occur.
B. Fund Accounting
The accounts of the City are organized on the basis of funds and account groups,
each of which is considered a separate accounting entity. The operations of
each fund are accounted for with a separate set of self - balancing accounts that
comprise its assets, liabilities, fund equity, revenues, and expenditures, or
expenses, as appropriate.
(Continued)
—19—
CITY OF EDINA, MINNESOTA
Government resources are allocated to and accounted for in individual funds
based upon the purposes for which they are to be spent and the means by
which spending activities are controlled. The various funds are grouped, in
the financial statements in this report, into six generic fund categories and
three broad fund types as follows:
Governmental Funds
General Fund —The General Fund is the primary operating fund of the
City. It is used to account for all financial resources except those required to
be accounted for in another fund.
Special Revenue Funds— Special Revenue Funds are used to account
for the proceeds of specific revenue sources that are legally restricted to
expenditures for specified purposes.
Debt Service Funds —Debt Service Funds are used to account for the
accumulation of resources for, and the payment of, general long -term debt
principal, interest, and related costs.
Capital Project Funds — Capital Project Funds are used to account for
the financial resources to be used for the acquisition or construction of
major capital facilities (other than those financed by Proprietary Funds).
Proprietary Funds
Enterprise Funds — Enterprise Funds are used 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
Agency Funds — Agency Funds are used to account for assets held by the
City in a trustee capacity for individuals, private organizations, other
governments, and/or other funds. Agency Funds are custodial in nature
(assets equal liabilities) and do not involve measurement of results of
operations.
(Continued)
–20–
CITY OF EDINA, MINNESOTA
C. Measurement Focus
The accounting and reporting treatment applied to the fixed assets and long -term
liabilities associated with a fund are determined by its measurement focus. All
Governmental Funds are accounted for on a spending or "financial flow"
measurement focus. This means that only current assets and current liabilities
are generally included on their balance sheets. Their reported fund balance is
considered a measure of "available spendable resources '. Governmental Fund
operating statements present increases (revenues and other financing sources)
and decreases (expenditures and other financing uses) in net current assets.
Accordingly, they are said to present a summary of sources and uses of
"available spendable resources" during a period.
Fixed assets used in Governmental Fund type operations (general fixed assets)
are accounted for in the General Fixed Assets Account Group, rather than in
Governmental Funds. Public domain (infrastructure) general fixed assets
consisting of certain improvements other than buildings, including roads,
bridges, curbs and gutters, streets and sidewalks, drainage systems, and
lighting systems, are not capitalized along with other general fixed assets. No
depreciation has been provided on general fixed assets.
All fixed assets are valued at historical cost or estimated historical cost if actual
cost is not available. Donated fixed assets are valued at their estimated fair
market value on the date donated.
Long -term liabilities expected to be financed from governmental funds are
accounted for in the General Long -term Debt Account Group, not in the
Governmental Funds. The exception to this general rule is for revenue bonds,
which are accounted for in Enterprise Funds.
The two account groups are not "funds." They are concerned only with the
measurement of financial position. They are not involved with measurement
of results of operations.
Because of their spending measurement focus, expenditure recognition for
Governmental Fund types is limited to exclude amounts represented by
noncurrent liabilities. Since they do not affect net current assets, such long-
term amounts are not recognized as governmental fund type expenditures or
fund liabilities. They are instead reported as liabilities in the General Long-
term Debt Account Group.
(Continued)
—21—
CITY OF EDINA, MINNESOTA
All Proprietary Funds are accounted for on a cost of services or "capital
maintenance" measurement focus. This means that all assets and all liabilities
associated with their activity are included on their balance sheets. Their
reported fund equity (net total assets) is segregated into contributed capital and
retained earnings components. The operating statements of the funds present
increases (revenues) and decreases (expenses) in net total assets.
Depreciation of exhaustible fixed assets used by proprietary funds is charged as
an expense against their operations. Accumulated depreciation is reported on
Proprietary Fund balance sheets. Depreciation has been provided over the
estimated useful lives using the straight -line method. The estimated useful
lives are as follows:
Buildings 20-30 years
Equipment and machinery 5-10 years
Distribution systems, sewer mains and lift
stations 50 years
The City follows the practice of including, as part of property, plant and
equipment of these funds, the costs of distribution systems, sewer mains and
lift stations which are paid for by assessments against benefited property.
D. Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are
recognized in the accounts and reported in the financial statements. Basis of
accounting relates to the timing of the measurements made, regardless of the
measurement focus applied.
The Governmental Fund types are accounted for using the modified accrual basis
of accounting. Their revenues are recognized when they become measurable
and available as net current assets.
Expenditures are generally recognized under the modified accrual basis of
accounting when the related fund liability is incurred. Exceptions to this
general rule include: (1) accumulated unpaid vacation, sick pay, and other
employee amounts which are not accrued; and (2) principal and interest on
long -term debt which is recognized when due. Unpaid vacation pay as of year
end is reported in the Long -term Debt Account Group.
The Proprietary Fund types are accounted for using the accrual basis of
accounting. Their revenues are recognized when earned and their expenses are
recognized when incurred. Unbilled utility service receivables are recorded at
year end.
(Continued)
—22—
CITY OF EDINA, MINNESOTA
During the course of normal operations, the City has numerous transactions
between funds including expenditures and transfers of resources to provide
services, construct assets and service debt. The Governmental and Proprietary
Funds' financial statements generally reflect such transactions as transfers.
Nonrecurring or nonroutine transfers of equity between funds are recorded as
equity transfers and, accordingly, are reported as additions or deductions
from fund balances of Governmental Fund types.
E. Budgets and Budgetary Accounting
The City follows these procedures in establishing the budgetary data reflected in
the financial statements:
1. The City Manager 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 by the passage of a resolution by the City
Council.
4. Formal budgetary integration is employed as a management control
device during the year for the General Fund.
5. A budget for the General Fund is adopted on a basis consistent with
generally accepted accounting principles (GAAP).
6. The City Council may authorize transfer of budgeted amounts between
departments.
7. Reported budget amounts are as originally adopted or as amended by
Council - approved supplemental appropriations and budget transfers.
8. Expenditures may not legally exceed appropriations by department
unless offset by increases in revenues. All unencumbered appropria-
tions lapse at year end.
F. Statement of Cash Flows
For purposes of the statement of cash flows, the City's Enterprise Funds
consider all highly liquid investments with a maturity of three months or less
when purchased to be cash equivalents.
(Continued)
—23—
CITY OF EDINA, MINNESOTA
G. Inventory
Inventory is stated at the lower of cost (determined on a first in, first out basis)
or market value.
H. Compensated Absences
Accrued vacation pay is recorded in the Long -term Debt Account Group. Sick
pay is not recorded as a liability. City employees are entitled to vacation and
sick pay based on length of employment and the payment thereof is treated as
an expenditure in the period paid. The amount of accrued leave at
December 31, 1993 for vacation and sick pay was $667,612 and
$2,520,129, respectively, although it is anticipated that only a percentage of
the accrued sick pay will be used.
I. Memorandum Only —Total Column
Total columns on the combined 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 financial position in conformity with generally accepted accounting
principles. Neither is such data comparable to a consolidation. Interfund
eliminations have not been made in the aggregation of this data.
J. Comparative Data
Comparative total data for the prior year have been presented in the
accompanying financial statements in order to provide an understanding of
changes in the City's financial position and operations. However,
comparative data have not been presented in all statements because their
inclusion would make certain statements unduly complex and difficult to
understand.
K. Certain 1992 amounts were reclassified to conform to the 1993 presentation.
(2) Cash and Investments
Cash
In accordance with Minnesota Statutes, the City maintains deposits at various financial
institutions. Deposits are carried at cost plus accrued interest. Minnesota Statutes
require that all City deposits be protected by an 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). At December 31,
1993, the City was in compliance with Minnesota Statutes regarding pledged collateral.
(Continued)
–24–
CITY OF EDINA, MINNESOTA
The checking accounts, change funds and petty cash are included as cash on the balance
sheet.
Carrying Bank
amount balance
Checking accounts:
Insured, collateral held by bank in City's name $ 1,240,719 1,627,219
Cash held by broker in City's name 51,391,906 51,391,906
Change funds 9,280 0
$ 52,641,905 53,019,125
Investments
The City's investments are stated at cost, excluding commercial paper which is stated at
amortized cost.
The City's investments are categorized in the following manner:
Category 1— Includes investments that are insured or registered for which the
securities are held by the City or its agent in the City's name.
Category 2— Includes uninsured and unregistered investments for which the
securities are held by the counter party's trust department or agent in the City's name.
(Continued)
—25—
CITY OF EDINA, MINNESOTA
Certificates of deposit
Commercial paper
Government securities:
United States treasury notes
Federal National Mortgage
Association
Government National
Mortgage Association
Federal Home Loan Bank
SBA Pool
Money markets
Total investments
(3) Property Taxes
Carrying
amount
Category
Category
Market
1
2
value
$ 1,010,000
0
1,010,000
0
7,926,735
7,947,120
0
3,863,771
3,9671,309
0
2,913,703
2,854,528
0
0
0
0
109,716
3,519,622
332,059
1,513,347
113,932
3,515,516
330,318
1,513,347
$ 1,010,000 20,178,953 21,252,070
a o
The City Council annually adopts a tax levy and certifies it to the County for collection in
October of each year. The County is responsible for billing and collecting all property
taxes for itself, the City, the local school district and other taxing authorities. Such
taxes become a lien on January 1 and are recorded as receivables by the City at that
date. Real property taxes are payable by property owners on May 15 and October 15 of
each calendar year. These taxes are collected by the County and remitted to the City on
or before July 5 and December 4 of the same year. Additionally, delinquent collections
in November and December are remitted to the City each 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
received by the City in July and December are recognized as revenue for the current
year. Taxes not collected by the County by December 31 (remitted to the City by the
following January) are classified as delinquent and unremitted taxes receivable. The
delinquent receivables are fully offset by deferred revenue because they are not
available to finance current expenditures.
(Continued)
—26—
CITY OF EDINA, MINNESOTA
(4) Fixed Assets
A summary of changes in general fixed assets during 1993 is as follows:
(Continued)
!W*A3
Balance
Balance
January 1
Additions
Deletions
December 31
Land
$ 17,263,863
0
0
17,263,863
Land improvements
10,197,962
76,475
(10,699)
10,263,738
Buildings
19,500,608
68,490
0
19,569,098
Furniture and fixtures
605,329
11,859
0
617,188
Vehicles
996,056
111,087
(126,133)
981,010
Sidewalks
280,894
0
0
280,894
Leasehold improvements
137,808
50,737
0
188,545
Miscellaneous equipment
379,855
39,434
(14,950)
404,339
Park and playground
equipment
552,203
38,768
(6,798)
584,173
Highway equipment
2,875,312
217,192
(35,920)
3,056,584
Police equipment
1,043,791
14,884
(409,396)
649,279
Fire equipment
1,627,884
31,878
(332,850)
1,326,912
Election equipment
138,114
0
.0
138,114
Engineering equipment
137,653
25,761
(63,366)
100,048
Traffic signals
116,184
0
0
116,184
Tools
5,812
0
0
5,812
Parks
6,865,030
193,270
(265)
7,058,035
Construction in progress
230,303
0
0
230,303
Total
$ 62,954,661
879,835
(1,000,377)
62,834,119
(Continued)
!W*A3
CITY OF EDINA, MINNESOTA
A summary of proprietary fund fixed assets at December 31, 1993 is as follows:
Net book value $ 34,180,807
(5) Long -term Debt
Bonded Debt
The City has three types of bonded debt outstanding at December 31, 1993: tax increment
bonds, improvement bonds and revenue bonds.
The first type of bond is payable solely from tax increment monies with any deficiency to
be provided for by general property taxes. The second and third types are payable
primarily from special assessments and enterprise revenue, respectively, with any
deficiency to be provided for by general property taxes.
The bonded debt outstanding is summarized as follows:
Tax Increment Bonds
Improvement Bonds
Revenue Bonds
Total
Maturities Interest rates
1993 -2009 4.90 - 11.00%
1994 -2001 4.00— 8.75
1994 -2013 3.80— 8.70
—28—
Balance
December 31,
1993
$ 87,165,000
3,245,000
17,755,000
$ 108,165,000
(Continued)
Enterprise
fund
Land
$ 285,341
Golf course
989,502
Land improvements
589,515
Water distribution system
9,955,844
Sewer collection system
11,925,158
Major recreation facilities
8,007,324
Major water facilities
13,285,216
Buildings —liquor stores
726,327
Furniture, fixtures and equipment
3,046,153
Vehicles
266,707
Construction in progress
4,599,967
53,677,054
Less accumulated depreciation
(19,496,247)
Net book value $ 34,180,807
(5) Long -term Debt
Bonded Debt
The City has three types of bonded debt outstanding at December 31, 1993: tax increment
bonds, improvement bonds and revenue bonds.
The first type of bond is payable solely from tax increment monies with any deficiency to
be provided for by general property taxes. The second and third types are payable
primarily from special assessments and enterprise revenue, respectively, with any
deficiency to be provided for by general property taxes.
The bonded debt outstanding is summarized as follows:
Tax Increment Bonds
Improvement Bonds
Revenue Bonds
Total
Maturities Interest rates
1993 -2009 4.90 - 11.00%
1994 -2001 4.00— 8.75
1994 -2013 3.80— 8.70
—28—
Balance
December 31,
1993
$ 87,165,000
3,245,000
17,755,000
$ 108,165,000
(Continued)
CITY OF EDINA, MINNESOTA
Changes in long -term debt during the year were as follows:
$ 91,603,999 19,580,000 2,351,387 108,832,612
The City had the following revenue bonds outstanding at December 31, 1993:
Golf Course Bonds, Series 1985
Balance
Recreation Facility Bonds, Series 1988
2,395,000
Balance
2,165,000
January 1,
Issued/
Redeemed/
December 31,
Recreation Facility Bonds, Series 1992C
1993
increases
decreases
1993
Tax Increment Bonds
$ 68,655,000
19,580,000
1,070,000
87,165,000
Improvement Bonds
3,975,000
0
730,000
3,245,000
Revenue Bonds
18,250,000
0
495,000
17,755,000
Compensated absences
723,999
0
56,387
667,612
$ 91,603,999 19,580,000 2,351,387 108,832,612
The City had the following revenue bonds outstanding at December 31, 1993:
Golf Course Bonds, Series 1985
$ 750,000
Recreation Facility Bonds, Series 1988
2,395,000
Utility Bonds, Series 1988
2,165,000
Recreation Facility Bonds, Series 1989
1,895,000
Recreation Facility Bonds, Series 1992A
3,975,000
Recreation Facility Bonds, Series 1992C
4,650,000
Utility Refunding Bonds, Series 1992D
1,925,000
$ 17,755,000 .
The Golf Course Bonds are general obligation revenue bond issues payable from the Golf
Course Enterprise Fund with any deficiency to be provided first from Liquor Fund
revenue and then from general property taxes.
The Recreation Facility Bonds are general obligation revenue bond issues payable from the
Golf Course and Ice Arena Funds with any deficiency to be provided first from Liquor
Fund revenue and then from general property taxes.
The Utility Bonds are general obligation revenue bond issues payable from the Utility
Fund and then from general property taxes.
During 1992, the City issued $17,930,000 in General Obligation Tax Increment
Refunding Bonds, Series 1992B, to replace the Tax Increment Bonds, Series 1988 and
Series 1989. The 1988 and 1989 bonds will be refunded by means of a "crossover"
refunding. The refunding issue proceeds, net of issuance costs, was placed in an
irrevocable trust and invested in government securities. These securities are structured
to pay debt service on the new bonds through the call date of the refunded bonds, at
which time the escrow account will crossover and pay the remaining principal on the
original issues by calling all the remaining bonds. From 1992 to 1998 both issues will
be reported in the City's financial statements. The refunding was to take advantage of
lower interest rates in effect at the time of the transaction. The cumulative savings to the
City resulting from the refunding will be $896,416 and the net present value savings is
$589,361.
(Continued)
—29—
CITY OF EDINA, MINNESOTA
The City issued $4,650,000 General Obligation Recreational Facility Refunding Bonds,
Series 1992C to replace the Golf Course and Recreational Facility Bonds of 1985,
1988 and 1989. These will be refunded by means of "crossover" refunding as
described above. The cumulative savings will be $199,462 and the net present value
savings is $113,788.
The City issued $1,925,000 General Obligation Utility Refunding Bonds, Series 1992D to
replace Utility Revenue Bonds, Series 1988. These will be refunded by means of
"crossover" refunding as described above. The cumulative savings will be $64,942 and
the net present value savings is $55,890.
The City issued $1,095,000 General Obligation Improvement Bonds, Series 1992E to
replace Improvement Bonds, Series 1989. These will be refunded by means of
"crossover" refunding as described above. The cumulative savings will be $28,050 and
the net present value savings is $23,062.
During 1993, the City issued $19,580,000 General Obligation Tax Increment Refunding
Bonds to replace the Tax Increment Bonds Series 1986A, Series 1986B and Series
1990 and Tax Increment Refunding Bonds Series 1989. These will be refunded by
means of "cross over refunding as described above in the years 1996 and 1997. The
cumulative savings will be $1,277,877 and the net present value savings is $944,442.
The annual requirements to amortize all debt outstanding as of December 31, 1993,
including interest payments of $50,701,765 are as follows:
Year ending
Tax
December 31
Increment
Improvement
Revenue
Total
1994
$ 5,743,360
620,285
2,990,434
9,354,079
1995
7,243,955
1,632,715
1,470,466
10,347,136
1996
21,799,741
508,895
2,065,637
24,374,273
1997
9,493,031
224,425
1,501,508
11,218,964
1998 -2013
85,302,026
786,018
17,484,269
103,572,313
$ 129,582,113 3,772,338 25,512,314 158,866,765
(Continued)
—30—
CITY OF EDINA, MINNESOTA
Long -term Debt —Other
The City is the administering authority for the following tax increment finance districts.
Tax capacity values are for taxes payable in 1994.
50th and France —No. 1200, a redevelopment district established in 1974 pursuant to
Minnesota Statutes with a termination date of 2009.
Original tax capacity value
$ 289,708
Current tax capacity value
1,479,898
Captured tax capacity value:
Retained by authority
1,190,190
Shared with other taxing districts
0
General obligation tax increment bonds issued
8,412,800
Total loans incurred
0
Amounts redeemed
2,200,000
Outstanding bonds and loans at December 31, 1993 $ 6,212,800
Southeast Edina Redevelopment District —No. 1201, a redevelopment district established
in 1977 pursuant to Minnesota Statutes with a termination date of 2009.
Original tax capacity value $ 239,757
Current tax capacity value 2,300,777
Captured tax capacity value:
Retained by authority 2,061,020
Shared with other taxing districts 0
General obligation tax increment bonds issued 36,546,600
Total loans incurred U
Amounts redeemed 5,495,000
Outstanding bonds and loans at December 31, 1993 $ 31,051,600
Grandview Area Redevelopment District—No. 1202, a redevelopment district established
in 1984 pursuant to Minnesota Statutes with a termination date of 2010.
Original tax capacity value $ 250,007
Current tax capacity value 705,928
Captured tax capacity value:
Retained by authority 455,921
Shared with other taxing districts 0
General obligation tax increment bonds issued 3,370,600
Total loans incurred 0
Amounts redeemed 400,000
Outstanding bonds and loans at December 31, 1993 $ 2,970,600
(Continued)
—31—
CITY OF EDINA, MINNESOTA
Southeast Edina Redevelopment District —No. 1203, a redevelopment district established
in 1988 pursuant to Minnesota Statutes with a termination date of 2016.
Original tax capacity value $ 263,576
Current tax capacity value 1,314,684
Captured tax capacity value:
Retained by authority 1,051,088
Shared with other taxing districts 0
General obligation tax increment bonds issued 46,930,000
Total loans incurred 0
Amounts redeemed 0
Outstanding bonds and loans at December 31, 1993 $ 46,930,000
Economic Development District —No. 1204, a development district established in 1989
pursuant to Minnesota Statutes with a termination date of 1997.
Original tax capacity value $ 9,268,729
Current tax capacity value 10,697,699
Captured tax capacity value:
Retained by authority 1,428,970
Shared with other taxing districts 0
General obligation tax increment bonds issued 0
Total loans incurred 0
Amounts redeemed 0
Outstanding bonds and loans at December 31, 1993 $
70th and Cahill Redevelopment District—No. 1207, a redevelopment district established
in 1990 pursuant to Minnesota Statutes with a termination date of 2000.
Original tax capacity value $ 315,127
Current tax capacity value 335,214
Captured tax capacity value:
Retained by authority 20,087
Shared with other taxing districts 0
General obligation tax increment bonds issued 0
Total loans incurred 94,692
Amounts redeemed 8,092
Outstanding bonds and loans at December 31, 1993 $ 86,600
(Continued)
—32—
CITY OF EDINA, MINNESOTA
(6) Retirement Plans
A. Defined Benefit Pension Plans
1. Plan Description
All full-time and certain part -time employees of the City are covered by defined
benefit pension plans administered by the Public Employees Retirement
Association of Minnesota (PERA). PERA administers the Public Employees
Retirement Fund (PERF) and the Public Employees Police and Fire Fund
(PEPFF) which are cost- sharing multiple - employer public employee retirement
plans. PERF members belong to either the Coordinated Plan or the Basic Plan.
Coordinated members are covered by Social Security and Basic members are
not. All new members must participate in the Coordinated Plan. All police
officers, fire fighters and peace officers who qualify for membership by Statute
are covered by the PEPFF. The payroll for employees covered by PERF and
PEPFF for the year ended December 31, 1993 was $6,762,812 and
$3,761,491, respectively; the City's total payroll was $11,568,124.
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 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 Coordinated and Basic
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 member is 2% of average salary for each of
the first 10 years of service and 2.5% for each remaining year. For a
Coordinated member, the annuity accrual rate is 1% of average salary for each
of the first 10 years and 1.5% for each remaining year. Using Method 2, the
annuity accrual rate is 2.5% of average salary for Basic members and 1.5% for
Coordinated members. For PEPFF members the annuity accrual rate is 2.5%
for each year of service through June 30, 1993 (effective July 1, 1993, the
annual accrual rate for PEPFF is 2.65 %). For PERF members whose annuity
is calculated using Method 1 and for all PEPFF members, a full annuity is
available when age plus years of service equal 90.
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.
(Continued)
—33—
CITY OF EDINA, MINNESOTA
2. Contributions Required and Contributions Made
Minnesota Statutes Chapter 353 sets the rates for employer and employee
contributions. The City makes annual contributions to the pension plans equal
to the amount required by State Statutes. According to Minnesota Statutes
Chapter 356.215, Subd. 4(g), the date of full funding for the PERF and the
PEPFF is the year 2020. As part of the annual actuarial valuation, PERA's
actuary determines the sufficiency of the statutory contribution rates towards
meeting the required full funding deadline. The actuary compares the actual
contribution rate to a "required" contribution rate. Current combined statutory
contribution rates and actuarially required contribution rates for the plans are as
follows:
Statutory rates Required
Employees Employer rates
PERF (Basic and
Coordinated Plans) 4.39% 4.67% 9.95%
PEPFF 8% 12% 18.60%
Total contributions made by the City during fiscal year 1993 were:
The City's contribution for the year ended June 30, 1993 to the PERF
represented .29% of total contributions required of all participating entities. For
the PEPFF, contributions for the year ended June 30, 1993 represented
1.48% of total contributions required of all participating entities.
(Continued)
—34—
Percentage of
Amounts
covered
payroll
Employees
Employer
Employees
Employer
PERF $ 300,678
325,651
4.45%
4.82%
PEPFF 300,918
451,379
8%
12%
Totals $ 601,596
777,030
The City's contribution for the year ended June 30, 1993 to the PERF
represented .29% of total contributions required of all participating entities. For
the PEPFF, contributions for the year ended June 30, 1993 represented
1.48% of total contributions required of all participating entities.
(Continued)
—34—
CITY OF EDINA, MINNESOTA
B. Funding Status and Progress
1. Pension Benefit Obligation
The "pension benefit obligation" is a standardized disclosure measure of the
present value of pension benefits, adjusted for the effects of projected salary
increases and step -rate benefits, estimated to be payable in the future as a result
of employee service to date. The measure, which is the actuarial present value
of credited projected benefits, is intended to help users assess PERA's funding
status on a going- concern basis, assess progress made in accumulating
sufficient assets to pay benefits when due, and make comparisons among
Public Employee Retirement Systems and among employers. PERA does not
make separate measurements of assets and pension benefit obligations for
individual employers.
The pension benefit obligations as of June 30, 1993, are shown below:
Total pension benefit obligations
Net assets available for benefits, at
cost (Market values for PERF =
$4,515,052; PEPFF = $(1,173,312)
Unfunded (assets in excess of)
pension benefit obligations
PERF PEPFF
(in thousands)
$ 5,163,766 932,333
4,304,163 1,090,857
$ 859,603 (158,524)
The measurement of the pension benefit obligations is based on an actuarial
valuation as of June 30, 1993. Net assets available to pay pension benefits
were valued as of June 30, 1993.
2. Changes in Benefit Provisions
Three bills enacted during the 1993 legislative session improved benefits for
many members without a material effect on the pension benefit obligation in the
PERF or the PEPFF. The early retirement incentive bill permitted a public
employer to offer PERA's Basic and Coordinated members an increase of one-
fourth percent (.25 %) in the formula multiplier for each year of service, up to
the first 30 years, or health insurance coverage to age 65. Also, the survivor
protection bill provided benefits to either a surviving spouse or children of
PERF Coordinated Plan members who die before age 50. Lastly, the Police
and Fire benefit increase bill, which became effective July 1, 1993,
permanently increased the PEPFF formula multiplier from 2.5% to 2.65% of
an individual's average salary over the five highest consecutive years of
earnings.
(Continued)
—35—
CITY OF EDINA, MINNESOTA
C. Ten -Year Historical Trend Information
Ten -year historical trend information is presented in PERA's Comprehensive
Annual Financial Report for the year ended June 30, 1993. This information is
useful in assessing the pension plan's accumulation of sufficient assets to pay
pension benefits as they become due.
D. Related Party Investments
As of June 30, 1993, and for the fiscal year then ended, PERA held no securities
issued by the City or other related parties.
(7) Deferred Compensation Plan
The City offers its employees five deferred compensation plans which are in accordance
with Internal Revenue Code Section 457. The plans. are Aetna, International City
Manager's Association (ICMA), Great West, T. Rowe Price and Minnesota State
Retirement Systems (MSRS).
The plans permit employees to defer a portion of their salary until future years. The
deferred compensation is not available until termination, retirement, death, or
unforeseeable emergency.
All amounts of compensation deferred under the plan, all property and rights purchased
with those amounts, and all income attributable to those amounts, property, or rights
are (until paid or made available to the employee or other beneficiary) solely the
property and rights of the City, subject only to the claims of the City's general
creditors. Participants' rights under the plan are equal to those of general creditors of
the City in an amount equal to the fair market value of the deferred account for each w
participant.
Plan assets of $5,908,312 at December 31, 1993 are recorded at fair market value and are
shown in the Agency Funds on the combined balance sheet.
(Continued)
—36—
CITY OF EDINA, MINNESOTA
(8) Segment Information for Enterprise Funds
The City maintains Enterprise Funds for utility (water and sewer) services and liquor
facilities. Individual funds are also maintained for other enterprise operations
designated below as "Other Enterprise Funds" which are recreational in nature such as:
swimming pool, golf course, arena, gun range, art center and Edinborough Park.
Segment information for the year ended December 31, 1993 is as follows:
(9) Edina Firemen's Relief Association
The Edina Firemen's Relief Association (the Association) is the pension fund for the
City's Volunteer Fire Department employees. Funding for the pension plan is provided
from the two percent insurance premium rebate from the State of Minnesota. The City
is responsible for any unfunded portion of the Association's accrued liability. As of
December 31, 1993 there was no unfunded liability.
(Continued)
—37—
Other
Total
Enterprise
Enterprise
Utility
Liquor
Funds
Funds
Sales
$ 0
5,557,278
0
5,557,278
Operating revenues
7,021,661
0
3,450,133
10,471,794
Depreciation
643,357
40,727
566,624
1,250,708
Operating income
(loss)
796,529
412,061
(734,833)
473,757
Nonoperating
revenues
(expenses), net
(155,019)
(501)
78,005
(77,515)
Operating transfers
in (out)
0
(380,000)
20,000
. (360,000)
Net income (loss)
641,510
31,560
(577,696)
95,374
Property additions
123,230
54,800
3,431,842
3,609,872
Net working capital
5,203,727
258,146
2,476,599
7,938,472
Bonds payable
4,090,000
0
13,665,000
17,755,000
Total assets
26,650,665
1,155,889
17,977,713
45,784,267
Total retained
earnings (deficit)
22,358,055
892,677
(254,284)
22,996,448
(9) Edina Firemen's Relief Association
The Edina Firemen's Relief Association (the Association) is the pension fund for the
City's Volunteer Fire Department employees. Funding for the pension plan is provided
from the two percent insurance premium rebate from the State of Minnesota. The City
is responsible for any unfunded portion of the Association's accrued liability. As of
December 31, 1993 there was no unfunded liability.
(Continued)
—37—
CITY OF EDINA, MINNESOTA
(10) Due From/To Other Funds
Interfund receivables and payables as of December 31, 1993 were as follows:
Fund
General (including amount due Edina Housing and
Redevelopment Authority)
Debt Service:
General Debt Service
Capital Project:
Housing Redevelopment Authority of Edina
Enterprise:
Art Center
Edinborough
(11) Reserved or Designated Fund Equity
Interfund Interfund
receivables payables
$ 20,000 6,703,453
ill 1'1 1 1
6,201,067 0
0 20,000
302,386 0
$ 6,723,453 6,723,453
The following fund equity balances as of December 31, 1993 have been reserved or
designated for the reasons noted below:
General Fund:
Reserved for commitments
Unreserved —designated for dedicated funds
Debt Service Funds:
Reserved for debt service
Capital Projects:
Reserved for encumbrances
Enterprise Funds:
Reserved for debt service
Total fund equity reservations and designations
—38—
$ 753,855
6,950,184
38,926,631
844
1,607,120
$ 48,238,634
(Continued)
CITY OF EDINA, MINNESOTA
(12) Fund Deficits
The following funds had deficit fund balances or retained earnings at December 31, 1993:
Construction Fund
Swimming Pool Fund
Arena Fund
Edinborough Park Fund
$ (4,969,768)
(59,609)
(982,230)
(430,114)
These deficits will be covered in future periods by special assessment collections, tax
increment, operating revenues, internal financing or State and bond proceeds.
(13) Contingencies
The City Attorney has indicated that existing and pending lawsuits, claims and other
actions in which the City is a defendant are either covered by insurance, of an
insignificant amount, or, in the judgment of the City Attorney, remotely recoverable by
plaintiffs.
(14) Capital Lease
The City has recorded a capital lease for equipment installed in the Arena, Golf Course and
Edinborough.
The following is a schedule by years of future minimum lease payments under the capital
lease together with the present value of the net minimum lease payments as of
December 31, 1993:
Year ending December 31:
1994
1995
1996
1997
1998
Later years
Total minimum lease payments
Less: Amount representing interest
Present value of net minimum lease payments
—39—
$ 43,990
63,266
66,629
64,761
67,811
362,092
(158,549)
$ 510,000
(Continued)
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
Finance:
Personal services
247,851
1994
6,586
1993
Contractual services
55,900
60,429
Variance-
62,939
Commodities
550
449
favorable
645
Central Services
Budget
Actual
(unfavorable)
Actual
General government:
5,426
9,747
(4,321)
5,552
Mayor and council:
,
Personal Services
$ 27,450
27,255
195
27,556
Contractual services
2,700
3,470
(770)
2,286
Commodities
1,300
633
667
2,764
Central services
30,876
30,876
0
29,820
Total mayor and council
62,326
62,234
92
62,
Administration:
Personal services
414,516
420,856
(6,340)
405,040
Contractual services
81,700
79,614
2,086
75,180
Commodities
950
2,339
(1,389)
1,522
Central Services
123,660
123,660
0
116,220
Capital Outlay
10,000
6,966
3,034
1,808
Total administration
,
Planning:
Personal services
178,329
162,527
15,802
158,095
Contractual services
4,600
4,087
513
1,519
Commodities
800
79
721
516
Central Services
53,220
53,220
0
51,960
Capital Outlay
1,229
985
244
558
Total planning
----T7,280
212,6-4EF
Finance:
Personal services
247,851
241,265
6,586
232,432
Contractual services
55,900
60,429
(4,529)
62,939
Commodities
550
449
101
645
Central Services
65,988
65,988
0
62,004
Capital Outlay
5,426
9,747
(4,321)
5,552
Total finance
,
Election:
Personal services
52,123
72,779
(20,656)
13,165
Contractual services
8,000
10,065
(2,065)
4,715
Commodities
6,000
4,639
1,361
45
Central Services
9,180
9,180
0
8,520
Total election
,
CITY OFEDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
1994 1993
Variance-
favorable
Budget Actual (unfavorable) Actual
Assessing:
Personal services
275,502
270,743
4,759
265,711
Contractual services
39,300
•33,353
5,947
29,575
Commodities
1,000
915
85
1,279
Central Services
79,752
79,752
0
74,484
Capital Outlay
4,271
2,668
1,603
612
Total assessing
,
Legal and court services:
Contractual Services
351,000
345,088
5,912
371,870
Total general government
2,133,173
2,123,627
9,546
2,008,392
Public Safety:
Police protection:
Personal services
2,703,962
2,610,463
93,499
2,578,101
Contractual services
159,610
128,698
30,912
140,944
Commodities
36,580
35,418
1,162
30,537
Central Services
931,680
931,680
0
879,900
Capital Outlay
196,655
172,941
23,714
121,853
Total police protection
,
Fire protection:
Personal services
1,647,935
1,679,591
(31,656)
1,639,422
Contractual services
80,115
82,314
(2,199)
80,297
Commodities
42,823
47,777
(4,954)
44,943
Central Services
461,016
461,016
0
438,072
Capital Outlay
140,859
120,118
20,741
34,638
Total fire protection
,
Civil defense:
Personal services
16,437
16,763
(326)
19,110
Contractual services
6,320
4,418
1,902
1,309
Commodities
1,065
1,272
(207)
106
Capital Outlay
6,358
0
6,358
7,491
Total civil defense
,
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
aniftnomm. Hill
Personal services
141,346
1994
(30,854)
1993
Contractual services
143,730
145,007
Variance-
137,367
Commodities
2,985
10,842
favorable
3,956
Central Services.
Budget
Actual
(unfavorable)
Actual
Animal Control
4,080
431
3,649
0
Personal services
31,939
30,998
941
25,636
Contractual services
6,400
4,614
1,786
10,935
Commodities
3,120
1,602
1,518
1,448
Central Services
13,020
13,020
0
12,240
Capital Outlay
5,550
13,181
(7,631)
0
Total animal control
4,250
4,051
,3W
50,
aniftnomm. Hill
Personal services
141,346
172,200
(30,854)
135,614
Contractual services
143,730
145,007
(1,277)
137,367
Commodities
2,985
10,842
(7,857)
3,956
Central Services.
54,960
54,960
0
55,188
Capital Outlay
4,080
431
3,649
0
Total public health
,
Inspections:
Personal services
200,484
250,310
(49,826)
226,175
Contractual services
5,875
10,817
(4,942)
9,707
Commodities
4,150
3,104
1,046
2,733
Central Services
75,216
75,216
0
70,476
Capital Outlay
7,386
1,217
6,169
1,035
Total inspections:
Total public safety
7,131,656
7,079,988
51,668
6,709,233
Public works:
Administration
Personal services
95,578
97,148
(1,570)
94,251
Contractual services
4,250
4,051
199
2,635
Central services
28,920
28,920
0
29,160
Total administration
12$74
Engineering:
Personal services
295,455
290,625
4,830
262,325
Contractual services
12,800
27,581
(14,781)
51,312
Commodities
12,700
6,016
6,684
9,479
Central Services
103,524
103,524
0
96,984
Capital Outlay
43,338
37,701
5,637
27,847
Total engineering
,
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
1994 1993
Variance-
favorable
Budget Actual (unfavorable) Actual
Supervision and overhead:
Personal services
147,011
103,728
43,283
119,202
Contractual services
20,300
30,786
(10,486)
26,591
Commodities
1,000
1,312
(312)
974
Central services
346,680
346,680
0
326,076
Total supervision & overhead
,
Street maintenance:
Personal services
596,000
581,280
14,720
570,990
Contractual services
7,000
632
6,368
919
Commodities
425,200
322,148
103,052
371,014
Central services
433,380
433,380
0
428,580
Total street maintenance
,
Street lighting:
Personal services 18,000 21,836 (3,836) 20,360
Contractual Services 322,000 319,533 2,467 321,532
Commodities 14,500 12,758 1,742 13,567
Total street lighting ,
Street name signs:
Personal services 28,000 24,740 3,260 34,688
Contractual Services 500 0 500 0
Commodities 26,800 32,526 (5,726) 30,924
Total street name signs ,
Traffic control:
Personal services 25,000 26,428 (1,428) 15,095
Contractual services 60,500 54,858 5,642 53,157
Commodities 19,500 10,965 8,535 12,139
Total traffic control ,
Bridges:
Personal services 4,907 8,882 (3,975) 14,040
Contractual services 500 0 500 0
Commodities 5,300 6,358 (1,058) 4,458
Total bridges ,
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
Sidewalks and ramps:
Personal services
24,000
1994
1993
11,106
Contractual services
variance-
34,022
10,478
39,348
favorable
29,100
16,936
Budget
Actual (unfavorable)
Actual
Retaining walls:
21,365
3,235
,
Personal services
6,000
450 5,550
3,746
Contractual services
2,000
0 2,000
0
Commodities
12,000
475 11,525
7,989
Total retaining walls
290,768
3,236,075
,
Sidewalks and ramps:
Personal services
24,000
18,029
5,971
11,106
Contractual services
44,500
34,022
10,478
39,348
Commodities
29,100
16,936
12,164
17,609
Total sidewalks and ramps
24,600
21,365
3,235
,
Other expenditures:
0
0
0
33,997
Capital outlay
345,302
266,469
78,833
217,978
Total public works
3,561,545
3,270,777
290,768
3,236,075
Parks:
23,100
18,146
4,954
8,117
Administration:
,
Personal services
299,349
288,804
10,545
297,226
Contractual services
19,000
25,090
(6,090)
10,177
Commodities
14,600
25,734
(11,134)
11,851
Central Services
96,300
96,300
0
95,820
Capitial Outlay
2,057
0
2,057
3,435
Total administration
,
Recreation:
Athletic activities
8,000
10,276
(2,276)
9,174
Skating and hockey
30,700
36,217
(5,517)
31,946
Tennis instruction
11,500
8,137
3,363
15,796
Playground
24,600
21,365
3,235
30,302
Swimming instruction
0
0
0
33,997
Senior citizens
17,900
17,478
422
18,499
Miscellaneous and
special activities
23,100
18,146
4,954
8,117
Total recreation
,
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
Mowing:
Personal services 75,000 66,685 8,315 61,631
Contractual services 0 399 (399) 0
Commodities 1,100 1,983 (883) 1,094
Total mowing ,
Special turf care:
Personal services
115,000
1994
(16,503)
1993
Contractual services
10,000
6,433
anance-
5,232
Commodities
31,000
23,599
favorable
20,368
Total special turf care
Budget
Actual
(unfavorable)
Actual
Maintenance:
Supervision and overhead:
75,200
87,295
(12,095)
64,589
Personal services
75,000
64,730
10,270
82,925
Contractual services
2,700
1,877
823
2,992
Commodities
0
146
(146)
60
Central services
332,220
332,220
0
318,924
Total supervision and overhead
409,920
347-
404,
Mowing:
Personal services 75,000 66,685 8,315 61,631
Contractual services 0 399 (399) 0
Commodities 1,100 1,983 (883) 1,094
Total mowing ,
Special turf care:
Personal services
115,000
131,503
(16,503)
124,799
Contractual services
10,000
6,433
3,567
5,232
Commodities
31,000
23,599
7,401
20,368
Total special turf care
,
Forestry:
Personal services
75,200
87,295
(12,095)
64,589
Contractual services
65,000
50,101
14,899
73,499
Commodities
17,000
7,384
9,616
8,745
Total planting and trees
- �44,78U
12,42U
146,
Litter removal:
Personal services 14,000 11,547 2,453 9,147
Contractual services 5,000 5,121 (121) 6,827
Commodities 10,000 2,905 7,095 10,835
Total litter removal 29,000
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
1994 1993
variance-
favorable
Budget Actual (unfavorable) Actual
Building maintenance:
Personal services
86,000
102,716
(16,716)
107,297
Contractual services
107,000
98,853
8,147
96,229
Commodities
51,000
32,741
18,259
62,419
Total Building maintenancef0
,
Paths and hard surfaces:
Personal services
12,000
17,781
(5,781)
12,285
Contractual services
45,000
12,168
32,832
15,111
Commodities
5,700
8,619
(2,919)
10,323
Total paths and hard services
,
Skating rinks:
Personal services
84,000
79,744
4,256
84,999
Commodities
5,000
2,464
2,536
1,575
Total skating rinks
6,792
86,57217
Total maintenance
1,223,920
1,149,014
74,906
1,181,905
Capital outlay
84,001
72,459
11,542
73,527
Total parks
1,855,027
1,769,020
86,007
1,821,772
Unallocated general
expenditures
Human Rights Commmission
61,650
60,901
749
55,734
South Hennepin Human
Service council
14,500
10,875
3,625
12,900
City's share of special
assessment
33,000
29,623
3,377
20,166
Recycling
0
0
0
0
Fireworks
7,000
7,000
0
7,300
Contingencies
60,000
73,119
(13,119)
17,601
Centennial /futures
0
Suburban Rate Authority
3,750
3,750
0
3,750
Reserve rebuild
84,000
0
84,000
0
Total unallocated general expenditu
,
Central services
0
3,231
(3,231)
447,883
Total expenditures
,
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
1994 1993
Variance-
favorable
Budget Actual (unfavorable) Actual
Schedule of Central Services Expenditures - Budget and Actual
General:
Contractual services 3,069,500 3,102,286 (32,786) 3,284,154
Commodities 20,000 27,065 (7,065) 27,632
Capital outlay 19,340 4,945 14,395 10,228
Total general ,
City Hall:
Personal services
61,172
60,159
1,013
83,717
Contractual services
39,600
40,875
(1,275)
39,997
Commodities
32,900
23,638
9,262
30,371 .
Fixed Charges
13,740
13,740
0
12,900
Total City Hall
18,314
10,718
7,596
,
Public Works building:
941,604
,
Personal services
57,762
58,539
(777)
41,359
Contractual services
80,500
68,939
11,561
75,932
Commodities
33,000
37,632
(4,632)
37,682
Fixed charges
8,400
.8,400
0
7,920
Capital outlay
4,246
2,597
1,649
3,841
Total public works building
Equipment operations:
Personal services
243,550
245,937
(2,387)
253,459
Contractual services
80,500
84,375
(3,875)
50,903
Commodities
414,500
410,410
4,090
423,920
Fixed charges
184,140
184,140
0
176,940
Capital outlay
18,314
10,718
7,596
5,664
Total equipment operations
941,604
,
Total central services expenditures
Less allocation to other
activities 4,381,164 4,381,164 0 4,118,736
Net central services ,
GENERAL FUND
The General Fund accounts for the revenues and expenditures used to carry out basic governmental
activities of the City such as general government, public safety, public works, and parks and
recreation. Revenue is recorded by source (e.g., taxes, licenses and permits, intergovernmental
revenues, fines and forfeitures, charges for services). General Fund expenditures are made
primarily for current day -to -day operations and operating equipment. They are recorded by major
functional classification and by operating department. This fund accounts for all financial
transactions not properly accounted for in another fund.
—40—
CITY OF EDINA, MINNESOTA
General Fund
Balance Sheet
December 31, 1993
(with comparative amounts for December 31, 1992)
Assets
1993
1992
Petty cash and change funds
$ 1,640
1,140
Cash
7,773,512
6,794,815
Investments
7,731,428
7,575,466
Accrued interest receivable
1,881
3,624
Taxes receivable:
Delinquent
204,153
300,656
Allowance for uncollectible taxes
(204,153)
(300,656)
Accounts receivable
139,602
389,020
Due from other funds
20,000
30,000
Due from other governments
247,724
219,486
Prepaid expense
33,462
80,464
Total assets
$ 15,949,249
15,094,015
Liabilities and Fund Balance
Liabilities:
Salaries payable
101,726
50,674
Accounts payable
869,612
308,266
Due to other governments
51,327
0
Due to other funds
6,703,453
6,542,622
Total liabilities
7,726,118
6,901,562
Fund balance:
Reserved 753,855 687,261
Unreserved:
Designated 6,950,184 6,893,303
Undesignated 519,092 611,889
Total fund balance 8,223,131 8,192,453
Total liabilities and fund balance $ 15,949,249 15,094,015
—41—
CITY OF EDINA, MINNESOTA
General Fund
Combined Statement of Revenues, Expenditures and Changes in Fund Balance-
Budget and Actual
Revenues:
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Other revenues
Total revenues
Expenditures:
Current:
General government
Public safety
Public works
Parks
Unallocated general
Other
Capital outlay:
General government
Public safety
Public works
Parks
Debt service:
Bond principal
Interest and fiscal charges
Total expenditures ,
Year ended December 31, 1993
(with comparative actual amounts for year ended December 31, 1992)
Deficiency of revenues over expenditures
Other financing - sources (uses):
Proceeds from issuance of bonds
Proceeds from sale of land
Operating transfers in (out):
Liquor Fund
Capital Project Funds
Transfer dedicated funds
Parkland dedication
Reserve for construction
Parkland dedication for
Southeast Edina
Total other financing
sources (uses)
Excess of revenues and other financing sources
over expenditures and other financing uses
Fund balance - January l
Fund balance- December 31
-42-
(263,000) (289,203) (26,203) (300,148)
0
1993
0
.1992
0
0
Variance-
0
380,000
380,000
favorable
380,000
Budget
Actual
(unfavorable)
Actual
$ 10,285,115
9,986,635
(298,480)
10,018,724
777,100
1,037,783
260,683
820,007
1,343,100
1,451,471
108,371
796,920
1,096,000
1,167,446
71,446
1,360,232
475,000
350,582
(124,418)
471,038
115,500
57,687
(57,813)
91,846
1491,817
14,0
(40,211)
13§8,W
1,991,835
1,999,863
(8,028)
1,987,784
6,473,159
6,544,220
(71,061)
6,218,655
3,088,294
2,990,247
98,047
2,750,808
1,697,319
1,744,807
(47,488)
1,678,669
288,050
117,451
170,599
588,319
0
447,885
(447,885)
48,001
22,497
8,530
13,967
13,326
339,168
165,017
174,151
190,462
362,079
245,825
116,254
299,534
92,414
76,962
15,452
83,357
0
0
0
0
0
0
0
0
11 3 4
14,34U,80
1 ,008
Deficiency of revenues over expenditures
Other financing - sources (uses):
Proceeds from issuance of bonds
Proceeds from sale of land
Operating transfers in (out):
Liquor Fund
Capital Project Funds
Transfer dedicated funds
Parkland dedication
Reserve for construction
Parkland dedication for
Southeast Edina
Total other financing
sources (uses)
Excess of revenues and other financing sources
over expenditures and other financing uses
Fund balance - January l
Fund balance- December 31
-42-
(263,000) (289,203) (26,203) (300,148)
0
0
0
0
0
0
0
0
380,000
380,000
0
380,000
(117,000)
(117,000)
0
0
0
(84,812)
(84,812)
(75,000)
0
139,293
139,293
52,400
0
2,400
2,400
2,400
0
0
0
1,329,640
263,000
319,881
56,881
1,689,440
$ 0
30,678
30,678
1,389,292
8,192,453 6,803,161
$ 8,223,131 8,192,453
CITY OF EDINA, M NNESOTA
General Fund
Schedule of Revenues - Budget and Actual
. Year ended December 31, 1993
(with comparative actual amounts for year ended December 31, 1992)
Other revenues:
Interest on investments
50,000
1993
(40,494)
1992
Sale and rental of property
30,000
38,137
Variance -
28,019
Donations
500
0
favorable
6
Other
Budget
Actual
(unfavorable)
Actual
Taxes:
115,500
57,687
(57,813)
1, 6
General property tax
$ 10,260,115
9,989,618
(270,497)
10,014,805
Penalties and interest .
25,000
(2,983)
(27,983)
3,919
Total taxes
10,285,115
9,986,635
(298,480)
10,018,724
Licenses and permits
777,100
1,037,783
260,683
820,007
Intergovernmental:
Federal aid
10,000
17,218
7,218
9,304
State grants:
Homestead credit
840,000
909,305
69,305
274,437
State highway aid
160,000
160,000
0
160,000
Police aid
220,000
251,139
31,139
240,014
Other state aid
0
0
0
0
County grants:
Health programs
113,100
113,809
709
113,165
Total intergovernmental
1,343,10-
1
108,371
-79-6-,920-
Charges for services:
Engineering and clerical charges
140,000
130,301
(9,699)
154,142
Assessing searches
5,000
1,913
(3,087)
5,258
Planning fees
12,000
12,062
62
10,956
False alarms
39,000
42,266
3,266
44,109
Z"04HamwAfce
3,000
3,108
108
0
Housing and Redevelopment
Authority
150,000
150,000
0
140,092
Charges to other funds
127,000
127,008
8
123,336
Ambulance service
525,000
576,993
51,993
499,159
Recycling fees
0
0
0
293,256
Registration fee
85,000
109,659
24,659
77,800
Laboratory fees
10,000
14,136
4,136
12,124
Total charges for services
1,096,000
1,167,446
71,446
1,360,232
Fines and forfeitures
475,000
350,582
(124,418)
471,038
Other revenues:
Interest on investments
50,000
9,506
(40,494)
33,215
Sale and rental of property
30,000
38,137
8,137
28,019
Donations
500
0
(500)
6
Other
35,000
10,044
(24,956)
30,606
Total miscellaneous
115,500
57,687
(57,813)
1, 6
Total revenues
$ 14,091,815.
14,051,604
(40,211)
13,558,767
-43-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1993
(with comparative actual amounts for year ended December 31, 1992)
General government:
Mayor and council:
Personal services
Contractual services
Commodities
Central services
Total mayor and
council
Administration:
Personal services
Contractual services
Commodities
Central services
Capital outlay.
Total administration
Planning:
1993
Variance-
favorable
Budget Actual (unfavorable)
1992
Actual
$ 27,450
27,557
(107)
26,877
2,700
2,286
414
1,551
1,300
2,764
(1,464)
561
29,820
29,820
0
28,800
61,270
62,427
(1,157)
57,789
Capital outlay
2,800
405,004
405,040
(36)
388,383
68,450
75,181
(6,731)
81,416
790
1,522
(732)
3,055
116,220
116,220
0
111,000
10,000
1,808
8,192
11,808
600,464
599,771
673-
595,66
Personal services
171,089
158,095
12,994
159,576
Contractual services
1,700
1,519
181
1,203
Commodities
800
516
284
577
Central services
51,960
51,960
0
49,800
Capital outlay
2,800
558
2,242
0
Total planning
228,349
212,648
15,701
211,156
Finance:
Personal services
239,305
232,431
6,874
231,615
Contractual services
52,000
62,939
(10,939)
55,459
Commodities
525
645
(120)
375
Central services
62,004
62,004
0
59,280
Capital outlay
5,426
5,552
(126)
0
Total finance
359,260
363,571
(4,311)
346,729
(Continued)
-44-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1993
(with comparative actual amounts for year ended December 31, 1992)
Assessing:
Personal services
269,535
1993
3,824
1992
Contractual services
41,600
29,575
Variance-
45,159
Commodities
1,050
1,279
favorable
1,679
Central services
Budget
Actual
(unfavorable)
Actual
Election:
4,271
612
3,659
1,518
Personal services
$ 15,489
13,165
2,324
64,947
Contractual services
6,500
4,715
1,785
1,638
Commodities
540
45
495
5,905
Central services
8,520
8,520
0
8,160
Total election
31,049
26,445
4,604
80,650
Assessing:
Personal services
269,535
265,711
3,824
258,899
Contractual services
41,600
29,575
12,025
45,159
Commodities
1,050
1,279
(229)
1,679
Central services
74,484
74,484
0
70,980
Capital outlay
4,271
612
3,659
1,518
Total assessing
390,940
371,661
19,279
378,235
Legal and court services:
(Continued)
Contractual services
343,000
371,870
(28,870)
330,889
Total general
government
2,014,332
2,008,393
5,939
2,001,110
Public safety:
Police protection:
Personal services
2,596,446
2,578,101
18,345
2,493,035
Contractual services
154,200
140,943
13,257
144,623
Commodities
35,350
30,536
4,814
33,739
Central services
879,900
879,900
0
822,852
Capital outlay
171,623
121,853
49,770
100,652
Total police protection
3,837,519
3,751,333
86,186
3,594,901
Fire protection:
Personal services
1,580,056
1,639,423
(59,367)
1,519,144
Contractual services
72,575
80,298
(7,723)
71,153
Commodities
41,375
44,945
(3,570)
47,891
Central services
438,076
438,072
4
409,648
Capital outlay
142,600
34,638
107,962
83,790
Total fire protection
2,274,682
2,237,376
37,306
2,1 1,626
(Continued)
-45-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1993
(with comparative actual amounts for year ended December 31, 1992)
Civil defense:
Personal services
Contractual services
Commodities
Capital outlay
Total civil defense
Animal control:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total animal control
Public health:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total public health
Inspections:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total inspections
Total public safety
1993
variance-
favorable
Budget Actual (unfavorable)
1992
Actual
$ 19,361
19,110
251
18,797
2,110
1,309
801
1,503
1,065
106
959
1,022
6,358
7,491
(1,133)
1,440
28,894
28,016
878
22,762
27,156
25,635
1,521
29,289
6,400
10,935
(4,535)
713
3,120
1,448
1,672
2,245
12,240
12,240
0
11,820
5,550
0
5,550
0
54,466
50,258
4,208
44,067
137,861
135,614
2,247
129,002
136,335
137,367
(1,032)
130,237
2,890
3,957
(1,067)
2,738
55,188
55,188
0
52,608
5,651
0
5,651
6,020
337,925
332,126
5,799
320,605
192,279
226,175
(33,896)
218,563
5,600
9,708
(4,108)
5,231
3,100
2,734
366
4,114
70,476
70,476
0
67,248
7,386
1,035
6,351
0
278,P-1
310,128
(31,297-)
295,156
6,812,327
6,709,237
103,090
6,409,117
-46-
(Continued)
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1993
(with comparative actual amounts for year ended December 31, 1992)
1993
Variance -
favorable
Budget Actual (unfavorable)
1992
Actual
Public works:
295,574
262,326
33,248
Contractual services
Administration:
51,312
(38,712)
Commodities
12,700
Personal services $
92,934
94,252
(1,318)
83,755
Contractual services
1,250
2,635
(1,385)
437
Central services
29,160
29,160
0
27,780
Total administration
123,344
126,047
(2,703)
111,972
Engineering:
Personal services
295,574
262,326
33,248
Contractual services
12,600
51,312
(38,712)
Commodities
12,700
9,479
3,221
Central services
96,984
96,984
0
Capital outlay
26,203
27,847
(1,644)
Total engineering
444,061
447,948
(3,887)
Supervision and overhead:
Personal services
138,961
119,202
19,759
Contractual services
18,450
26,592
(8,142)
Commodities
1,500
974
526
Central services
326,076
3269076
0
Total supervision
428,580
0
407,580
and overhead
484,987
472,844
12,143
Street maintenance:
285,246
15,979
7,911
93,600
2,735
405,471
122,952
7,751
4,294
310,929
445,926
Personal services
580,675
570,989
9,686
557,936
Contractual services
44,000
29,681
14,319
59,933
Commodities
357,100
342,249
14,851
263,558
Central services
428,580
428,580
0
407,580
Total street maintenance
1,410,355
1,371,499
38,856
1,289,007
Street lighting:
Personal services
14,650
20,360
(5,710)
16,612
Contractual services
350,000
321,532
28,468
261,136
Commodities
14,500
13,567
933
10,869
Total street lighting
379,150
355,459
23,691
288,617
(Continued)
-47-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1993
(with comparative actual amounts for year ended December 31, 1992)
1993
Variance -
favorable
Budget Actual (unfavorable)
1007
e,..,,at
Street name signs:
27,400
15,095
12,305
24,049
Personal services $
29,500
34,688
(5,188)
26,995
Contractual services
500
0
500
0
Commodities
25,100
30,923
(5,823)
23,204
Total street name
78,400
68,062
10,338
67,837
signs
55,100
65,611
(10,511)
50,199
Traffic control:
Personal services
27,400
15,095
12,305
24,049
Contractual services
56,000
53,157
2,843
49,106
Commodities
19,900
12,139
7,761
13,620
Total traffic control
103,300
80,391
22,909
86,775
Bridges:
78,400
68,062
10,338
67,837
Contractual services
10,000
14,040
(4,040)
4,902
Personal services
500
0
500
0
Commodities
5,300
4,458
842
2,837
Total bridges
15,800
18,498
(2,698)
7,739
Retaining walls:
Personal services
6,000
3,746
2,254
0
Contractual services
2,000
0
2,000
0
Commodities
12,000
7,989
4,011
0
Total retaining walls
20,000
11,735
8,265
0
Sidewalks and ramps:
Personal services
22,000
11,106
10,894
17,218
Contractual services
34,500
39,348
(4,848)
37,280
Commodities
21,900
17,608
4,292
13,339
Total sidewalks
and ramps
78,400
68,062
10,338
67,837
Other expenditures:
Capital outlay
335,876
217,978
117,898
296,799
Total public works
3,450,373
3,236,072
214,301
3,050,342
(Continued)
-48-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1993
(with comparative actual amounts for year ended December 31, 1992)
Parks:
Administration:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total administration
Recreation:
Athletic activities
Skating and hockey
Tennis instruction
Playground
Swimming instruction
Senior citizens
Miscellaneous and
special activities
Total recreation
Maintenance:
Supervision and overhead:
Personal services
Contractual services
Commodities
Central services
Total supervision
and overhead
Mowing:
Personal services
Contractual services
Commodities
Total mowing
1993
Variance -
favorable
Budget Actual (unfavorable)
$ 289,445
10,000
9,600
95,820
2,057
406,922
297,225
10,177
11,852
95,820
3,435
418,509
(7,780)
(177)
(2,252)
0
(1,378)
(11,587)
1992
Actual
281,225
6,916
2,020
91,080
1,907
383,148
10,260
9,173
1,087
5,747
26,700
31,946
(5,246)
31,198
10,150
15,796
(5,646)
12,969
18,920
30,302
(11,382)
31,855
23,800
33,997
(10,197)
33,029
14,500
18,499
(3,999)
17,883
20,300
8,117
12,183
4,509
124,630
147,830
(23,200)
137,190
65,000
82,925
(17,925)
72,104
2,500
2,992
(492)
3,069
0
60
(60)
75
318,924
318,924
0
303,180
386,424
404,901
(18,477)
378,428
60,000
61,631
(1,631) .
73,592
0
0
0
0
1,100
1,094
6
688
61,100
62,725
(1,625)
74,280
-49-
(Continued)
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures- Budget and Actual
Year ended December 31, 1993
(with comparative actual amounts for year ended December 31, 1992)
Forestry:
Personal services
83,000
1993
18,411
1992
Contractual services
56,000
73,498
Variance-
86,631
Commodities
19,000
8,745
favorable
5,634
Total planting and
Budget
Actual
(unfavorable)
Actual
Special turf care:
158,000
146,832
11,168
164,259
Personal services
$ 106,000
124,799
(18,799)
140,535
Contractual services
11,000
5,233
5,767
3,722
Commodities
33,700
20,367
13,333
14,936
Total special turf care
150,700
150,399
301
159,193
Forestry:
Personal services
83,000
64,589
18,411
71,994
Contractual services
56,000
73,498
(17,498)
86,631
Commodities
19,000
8,745
10,255
5,634
Total planting and
trees
158,000
146,832
11,168
164,259
Litter removal:
Personal services 14,000
9,147
4,853
13,463
Contractual services 5,000
6,827
(1,827)
3,824
Commodities 10,000
10,835
(835)
8,714
Total litter removal 29,000
26,809
2,191
26,001
Building maintenance:
Personal services
84,500
107,297
(22,797)
85,649
Contractual services
99,000
96,230
2,770
96,590
Commodities
50,000
62,418
(12,418)
52,238
Total building
and equipment
233,500
265,945
(32,445)
234,477
Paths and hard surfaces:
Personal services
11,500
12,285
(785)
14,803
Contractual services
45,000
15,111
29,889
15,339
Commodities
4,000
10,323
(6,323)
10,636
Total paths and
hard surfaces
60,500
37,719
22,781
40,778
(Continued)
-50-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures- Budget and Actual
Year ended December 31, 1993
(with comparative actual amounts for year ended December 31, 1992)
Skating rinks:
Personal services
Commodities
Total skating rinks
Total maintenance
Capital outlay
Total parks
Unallocated general expenditures:
Human Rights Commission
South Hennepin Human
Services Council
City's share of special
assessments
Recycling
Fireworks
Contingencies
Centennial/futures
Suburban Rate Authority
Reserve rebuild
Loss subsidy - operating funds
Total unallocated
general
expenditures
Central services
Total expenditures
-51-
1993
1992
Variance -
favorable
Budget
Actual
(unfavorable)
Actual
$ 81,600
84,998
(3,398)
81,306
7,000
1,575
5,425
1,516
88,600
86,573
2,027
82,822
1,167,824
1,181,903
(14,079)
1,160,238
90,357
73,527
16,830
81,450
1,789,733
1,821,769
(32,036)
1,762,026
58,400
55,734
2,666
58,348
12,900
12,900
0
11,102
45,000
20,166
24,834
35,384
0
0
0
453,883
6,000
7,300
(1,300)
7,000
62,000
17,601
44,399
18,316
0
0
0
0
3,750
3,750
0
4,286
100,000
0
100,000
0
0
0
0
0
288,050
117,451
170,599
588,319
0
447,885
(447,885)
48,001
$ 14,354,815
14,340,807
14,008
13,858,915
-51-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Central Services Expenditures - Budget and Actual
Year ended December 31, 1993
(with comparative actual amounts for year ended December 31, 1992)
1993
Variance -
favorable
Budget Actual (unfavorable)
General:
1992
Actual
Contractual services
$ 2,834,180
3,284,154
(449,974)
2,712,089
Commodities
17,000
27,633
(10,633)
28,166
Capital outlay
19,340
10,228
9,112
0
Total general
2,870,520
3,322,015
(451,495)
2,740,255
City hall:
Personal services
69,696
83,717
(14,021)
74,753
Contractual services
38,600
39,998
(1,398)
33,256
Commodities
31,900
30,370
1,530
26,376
Fixed charges
12,900
12,900
0
12,360
Total city hall
153,096
166,985
(13,889)
146,745
Public works building:
Personal services
46,999
41,360
5,639
35,905
Contractual services
74,800
75,932
(1,132)
75,091
Commodities
34,500
37,682
(3,182)
34,632
Fixed charges
7,920
7,920
0
7,440
Capital outlay
4,237
3,841
396
1,946
Total public works building
168,456
166,735
1,721
155,014
Equipment operations:
Personal services
238,383
253,458
(15,075)
232,379
Contractual services
80,000
50,902
29,098
76,518
Commodities
413,500
423,922
(10,422)
411,955
Fixed charges
176,940
176,940
0
169,740
Capital outlay
17,841
5,664
12,177
4,557
Total equipment operations
926,664
910,886
15,778
895,149
Total central services
expenditures
4,118,736
4,566,621
(447,885)
3,937,163
Less allocation to other activities
4,118,736
4,118,736
0
3,889,162
Net central services
$ 0
447,885
(447,885)
48,001
-52-
SPECIAL REVENUE FUNDS
Special revenue funds account for revenues derived from specific taxes or other earmarked
revenue sources and are usually required by statute or local ordinance and/or resolution to
finance particular functions, or activities of government. The City has the following special
revenue funds:
Community Development Block Grant Fund —This fund was established to account
for funds received under Title I of the Housing and Community Development Act of 1974.
Communications Fund —This fund was established to account for funds received from the
franchise fee of the local cable television service.
—53—
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Balance Sheet
December 31, 1993
(with comparative totals for December 31, 1992)
Liabilities and Fund Balance
Liabilities:
Cash deficit
Community
79,241
119,160
99,875
Accounts payable
Development
7,034
Totals
Assets
Block Grant
Communications
1993
1992
Accounts receivable
$ 0
51,241
51,241
487
Due from other governments
41,885
0
41,885
17,281
Investments
0
903,707
903,707
850,000
Accrued interest receivable
0
9,951
9,951
12,470
Due from other funds
0
0
0
939
Total assets
$ 41,885
964,899
1,006,784
881,177
Liabilities and Fund Balance
Liabilities:
Cash deficit
39,919
79,241
119,160
99,875
Accounts payable
1,867
7,034
8,901
27,892
Salaries payable
99
554
653
0
Due to other governments
0
0
0
0
Total liabilities
41,885
86,829
128,714
127,767
Fund balance:
Unreserved - undesignated
0
878,070
878,070
753,410
Total liabilities
and fund balance
$ 41,885
964,899
1,006,784
881,177
-54-
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
December 31, 1993
(with comparative totals for December 31, 1992)
Revenues:
Franchise fee
Intergovernmental:
Federal grants
Interest on investments
Total revenues
Expenditures:
Current:
Other:
Personal services
Contractual services
Commodities
Fixed charges
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over expenditures
Fund balance- January 1
Community
Development Totals
Block Grant Communications 1993 1992
$ 0
260,039
260,039
168,122
159,163
0
159,163
67,132
0
101,188.
101,188
71,241
159,163
361,227
520,390
306,495
10,503
79,112
89,615
91,558
148,660
134,421
283,081
244,589
0
2,946
2,946
4,928
0
19,200
19,200
18,900
0
888
888
0
159,163
236,567
395,730
359,975
0 124,660
0 753,410
Fund balance - December 31 $ 0 878,070
-55-
124,660 (53,480)
753,410 806,890
878,070 753,410
DEBT SERVICE FUNDS
The Debt Service Funds finance and account for the payment of principal and interest on the
General Obligation Redevelopment and Tax Increment Bonds. Provisions are made in the City's
general property tax levy for money sufficient to meet the general obligation debt. The
Improvement Bond Redemption II Fund was established to finance and account for payment of
principal and interest on special assessment bonds issued. Financing of this debt service comes
primarily from special assessments levied against benefited properties.
—56—
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Balance Sheet
December 31, 1993
(with comparative totals for December 31, 1992)
General Improvement
Debt Bond Totals
Assets Service Redemption 11 1993 1992
Cash with fiscal agent
Accounts receivable
Special assessments receivable:
Delinquent
Current
Deferred
Bloomington
Due from other funds
Due from other governments
Total assets
Liabilities and Fund Balance
Liabilities:
Cash deficit
Accounts payable
Due to other governments
Deferred revenue
Total liabilities
Fund balance:
Reserved for debt
service
Total liabilities and
fund balance
$ 37,792,718
1,089,002
38,881,720
18,810,119
0
0
0
18,371
0
17,542
17,542
20,946
0
406,546
406,546
420,076
0
2,963,645
2,963,645
3,264,996
0
181,000
181,000
0
200,000
0
200,000
200,000
0
1,227
1,227
0
$ 37,992,718
4,658,962
42,651,680
22,734,508
0
1569316
156,316
80,929
0
0
0
0
0
1819000
1819000
0
0
3,387,733
3,387,733
3,706,018
0
3,725,049
3,725,049
3,786,947
37,992,718 933,913 38,926,631 18,947,561
$ 37,992,718 4,658,962 42,651,680 22,734,508
—57—
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance (Deficit)
December 31, 1993
(with comparative totals for December 31, 1992)
—58—
General
Improvement
Debt
Bond
Totals
Service
Redemption H
1993
1992
Revenues:
Interest on funds held with
fiscal agent
$ 1,392,339
51,191
1,443,530
0
Special assessments
0
834,486
834,486
1,410,231
1,392,339
885,677
2,278,016
1,410,231
Expenditures:
Current:
Other
0
1,000
1,000
14,461
Debt service:
Bond principal
1,070,000
730,000
1,800,000
1,790,000
Interest and fiscal
charges
4,612,872
234,488
4,847,360
4,173,850
Total expenditures
5,682,872
965,488
6,648,360
5,978,311
Deficiency of
revenues over
expenditures
(4,290,533)
(79,811)
(4,370,344)
(4,568,080)
Other financing sources:
Operating transfer in:
HRA
4,913,815
0
4,913,815
49990,105
Proceeds from refunding
bonds
19,435,599
0
19,435,599
18,821,172
Total other financing
sources
24,349,414
0
24,349,414
23,811,277
Excess (deficiency) of revenues
and other financing sources
over expenditures
20,058,881
(79,811)
19,979,070
19,243,197
Fund balance (deficit) —
January 1
17,933,837
1,013,724
18,947,561
(295,636)
Fund balance — December 31
$ 37,992,718
933,913
38,926,631
18,947,561
—58—
CAPITAL PROJECT FUNDS
Capital Project Funds account for the resources expended to acquire assets of a relatively
permanent nature other than those financed by Enterprise Funds.
Construction Fund —This fund is used to account for the various special assessment and state -
aid projects throughout the City.
Housing and Redevelopment Authority of Edina Fund —This fund is used to account for
revenues from several sources (property taxes, bond proceeds, investment earnings, etc.) that are
designated for housing and redevelopment.
Revolving Fund —This fund was established to provide financing for capital improvements as
designated in the City's capital improvement budget.
-59-
Cash
Investments
Accounts receivable
Prepaid insurance
Special assessments receivable:
Delinquent
Deferred
Due from other governments
Due from other funds
Loan receivable
Accrued interest receivable
Total assets
Liabilities:
Salaries payable
Cash deficit
Accounts payable
Contracts payable
Deferred revenue
Total liabilities
Fund balance (deficit):
Reserved for encumbrances
Unreserved- undesi gnated
Total fund balance
(deficit)
Total liabilities
and fund balance
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Balance Sheet
December 31, 1993
(with comparative totals for December 31, 1992)
50
Housing and
238
288
291
4,984,692
Redevelopment
593,949
5,578,641
5,625,839
12,783
Authority of
17,092
Totals
Construction
Edina
Revolving
1993
1992
$ 0
156,676
0
156,676
432,536
0
4,982,192
7,036,977
12,019,169
9,446,875
0
0
(18,648)
(18,648)
9,508
0
0
0
0
2,266
0
0
2,301
2,301
6,281
0
0
189,435
189,435
214,790
38,627
0
1,432
40,059
0
0
6,201,067
0
6,201,067
6,269,062
0
1,120,612
0
1,120,612
950,612
0
10,312
72,726
83,038
72,488
$ 38,627
12,470,859
7,284,223
19,793,709
17,404,418
50
0
238
288
291
4,984,692
0
593,949
5,578,641
5,625,839
12,783
3,691
17,092
33,566
62,368
7,569
10,000
0
17,569
35,780
3,301
0
194,736
198,037
224,373
5,008,395
13,691
806,015
5.828,101
5,948,651
844
0
0
844
0
(4,970,612)
12,457,168
6,478,208
13,964,764
11,455,767
(4,969,768)
12,457,168
6,478,208
13,965,608
11,455,767
$ 38,627 12,470,859
-60-
7,284,223 19,793,709 17,404,418
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance (Deficit)
Expenditures:
Current:
Personal services
Professional fees
Other
Construction costs
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Proceeds from sale of land
Operating transfers in (out):
General debt service
General fund
Construction fund
Revolving fund
Enterprise fund
Total other financing
sources (uses)
Excess (deficiency) of revenues
and other financing sources
over expenditures and other
financing uses
Fund balance (deficit} - January I
Fund balance (deficitl- December 31
0
December 31, 1993
57,314
207,314
239,211
0
(with comparative totals
for December 31,
1992)
124,082
0
28,325
28,927
Housing and
95,232
474,133
110,054
144,776
728,963
Redevelopment
474,133
356,110
236,941
1,067,184
4,465,207
Authority of
Totals
(249,971)
7,255,338
Construction
Edina
Revolving
1993
1992
Revenues:
0
0
0
0
49,474
Tax increments
$ 0
7,518,637
0-
7,518,637
5.917,092
Special assessments
0
0
156,908
156,908
153,762
Intergovernmental
138,997
0
0
138,997
136,343
Interest on investments
0
44,870
276,412
321,282
320,166
Rental of property
0
0
100,765
100,765
100,000
Other revenues
85,165
47,941
24,145
157,251
3,048,479
Total revenues
224,162
7,611,448
558,230
8,393,840
9,675,842
Expenditures:
Current:
Personal services
Professional fees
Other
Construction costs
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Proceeds from sale of land
Operating transfers in (out):
General debt service
General fund
Construction fund
Revolving fund
Enterprise fund
Total other financing
sources (uses)
Excess (deficiency) of revenues
and other financing sources
over expenditures and other
financing uses
Fund balance (deficit} - January I
Fund balance (deficitl- December 31
0
150,000
57,314
207,314
239,211
0
67,731
5,924
73,655
124,082
0
28,325
28,927
57,252
95,232
474,133
110,054
144,776
728,963
4,006,682
474,133
356,110
236,941
1,067,184
4,465,207
(249,971)
7,255,338
321,289
7,326,656
5,210,635
0
0
0
0
49,474
0 (4,913,815)
0 0
0 0
135,207 0
0 0
135,207 (4,913,815)
(114,764) 2,341,523
0 (4,913,815) (4,990,105)
117,000 117,000 0
(135,207) (135,207) (256,800)
0 135,207 256,800
(20,000) (20,000) (20,000)
(38.207) (4,816,815) (4,960,631)
283,082 2,509,841 250,004
(4,855,004) 10,115,645 6,195,126 11,455,767 11,205,763
$ (4,969,768) 12,457,168 6,478,208 13,965,608 11,455,767
-61-
ENTERPRISE FUNDS
Enterprise Funds account for the financing of self- supporting activities of governmental units
which render services to the general public on a user charge basis. Records are maintained on the
accrual basis of accounting. The reports of Enterprise Funds are similar to private enterprise and
are self - contained. Creditors, legislators or the general public can evaluate the performance of the
municipal enterprise on the same basis as investor -owned enterprises.
The following Enterprise Funds were established to account for the operation of City -owned
facilities:
Utilities Fund
Liquor Fund
Swimming Pool Fund
Golf Course Fund
Arena Fund
Gun Range Fund
Art Center Fund
Edinborough Park Fund
All activities necessary to provide such services are accounted for in these funds, including, but not
limited to, administration, operations, maintenance, financing, debt service, billing and collection.
-62-
Assets
Current assets:
Petty cash and change funds
Cash and cash equivalents
Cash with fiscal agents
Investments
Receivables:
Accounts
Customers
Special assessments
Metropolitan Waste Control
Other
Interest
Due from other governments
Due from other funds
Inventory
Total current assets
Property and equipment, net
Discount on bonds
Total assets
Current liabilities:
Cash deficit
Accounts payable
Salaries payable
Due to other governments
Accrued interest payable
Total current liabilities
Long -term liabilities:
Advances from other funds
Reserve for construction
Contracts payable
Deposits payable
Deferred revenue
Obligation under capital lease
Bonds payable
Total long -term liabilities
Total liabilities
Fund equity:
Contributed capital
Retained earnings:
Reserved for debt retirement
Unreserved- undesignated .
(Total retained earnings
Total liabilities and fund equity
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Balance Sheet
December 31, 1993
(with comparative totals for December 31, 1992)
-63-
Utilities
$ 0
1,892,888
1,919,733
0
Swimming
Liquor Pool
3,640 0
0 0
0 0
0 0
0
402
0
1,424,156
0
0
3,620
0
0
45,541
0
0
220
0
0
0
0
0
98,828
0
0
0
0
0
21,351
517,316
0
5,406,337
521,358
0
21,235,630
634,531
698,887
8,698
0.
6,756
$ 26,650,665 1,155,889 705,643
0
61,325
95,445
101,174
193,994
1,257
6,980
7,893
0
0
0
0
94,456
0
18,550
202,610
263,212
115,252
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,090,000
0
650,000,
4,090,000
0
650,000
4,292,610 263,212 765,252
0 0 0
274,998 0 32,500
22,083,057 892,677 9( 2,109)
22,358,055 892,677 5( 9,609)
$ 26,650,665 1,155,889 705,643
Golf
862,650
Gun
Art
Edinborough
Totals
Course
Arena
Range
Center
Park
1993
1992
1,800
700
0
100
1,500
7,740
7,740
0
0
0
0
0
1,892,888
1,105,728
2,809,285
1,872,856
0
0
0
6,601,874
6,499,081
316,491
0
0
69,941
0
386,432
2,831,087
26,741
60,519
0
0
10
87,672
90,232
0
0
0
0
0
1,424,156
1,118,928
0
0
0
0
0
3,620
9,146
0
0
0
0
0
45,541
274,659
0
0
0
0
0
220
0
0
0
0
0
72,975
72,975
93,211
0
0
0
0
0
98,828
0
0
0
0
0
302,386
302,386
72,621
0
0
0
13,937
. 0
552,604
529,666
3,154,317
1,934,075
0
83,978
376,871
11,476,936
12,632,099
8,208,944
2,056,047
24,960
277,018
1,044,790
34,180,807
32,307,712
80,505
30,565
0
0
0
126,524
153,543
11,443,766
4,020,687
24,960
360,996
1,421,661
45,784,267
45,093,354
721,094
862,650
714
166,226
835,826
2,743,280
2,116,925
85,843
14,332
3,341
13,037
17,523
430,501
688,629
6,799
1,612
50
712
5,112
29,158
16,796
0
0
0
0
0
0
(36,222)
171,336
51,183
0
0
0
335,525
104,326
985,072
929,777
4,105
179,975
858,461
3,538,464
2,890,454
0
0
0
20,000
0
20,000
30,000
0
0
0
750
0
750
750
46,762
0
0
0
0
46,762
42,830
9,429
3,500
0
0
0
12,929
15,200
7,560
5,040
0
0
0
12,600
12,600
40,800
367,200
0
0
102,000
510,000
0
9,317,600
3,697,400
0
0
0
17,755,000
18,250,000
9,422,151
4,073,140
0
20,750
102,000
18,358,041
18,351,380
10,407,223
5,002,917
4,105
200,725
9609461
21,896,505
21,241,834
0
0
0
0
891,314
891,314
950,446
1,115,031
184,591
0
0
0
1,607,120
1,422,529
(78,488)
(1,166,821)
20,855
160,271
(430,114)
21,389,328
21,478,545
1,036,543
(982,230)
20,855
160,271
(430,114)
22,9969448
22,901,074
11,443,766
4,020,687
24,960
360,996
1,421,661
45,784,267
45,093,354
-64-
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
December 31, 1993
(with comparative totals for December 31, 1992)
Sales and cost of sales:
Sales
Cost of sales
Gross profit
Operating revenues:
Charges for services
Total gross profit and operating revenues
Operating expenses:
Disposal charges
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Contribution from special assessments
Income on investments
Current value credit -MWCC
Donations
Interest from fiscal agent
Interest and fiscal charges
Gain (loss) on sale of fixed assets
Amortization of bond discount
Miscellaneous
Total nonoperating revenues (expenses)
Income (loss) before operating transfers
Operating transfers in (out):
General fund
Revolving fund
Art center fund
Swimming pool fund
Arena fund
Golf dome
Total operating transfers, net
Net income (loss)
Add depreciation on contributed assets
Increase (decrease) in retained earnings
Retained earnings (deficit) - January 1
Retained earnings (deficit) - December 31
-65-
Swimming
Utilities Liquor Pool
$ 0
5,557,278
0
0
4,285,916
0
0
1,271,362
0
7,021,661
0
191,434
7,021,661
1,271,362
191,434
(242,984)
0
2,940,398
0
0
690,528
524,801
83,489
1,289,753
109,426
47,248
332,968
24,327
8,563
328,128
160,020
8,112
643,357
40,727
53,816
6,225,132
859,301
201,228
796,529 412,061 (9,794)
21,691
0
0
0
0
0
0
0
0
0
0
0
79,284
0
0
(242,984)
0
(37,320)
0
0
(70,595)
(13,010)
0
(412)
0
(501)
0
(155,019)
(501)
(108,327)
641,510 411,560 (118,121)
0
(380,000)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,438
0
(380,000)
6,438
641,510
31,560
(111,683)
0
0
0
641,510 31,560 (111,683)
21,716,545 861,117 52,074
$ 22,358,055 892,677 (59,609)
Golf
0
Gun
Art
Edinborough
Totals
Course
Arena
Range
Center
Park
1993
1992
635,644
0
0
0
0
0
0
0
0
0
0
5,557,278
5,514,555
0
0
0
0
0
4,285,916
4,322,091
0
0
0
0
0
1,271,362
1,192,464
1,824,039
668,622
34,985
191,109
539,944
10,471,794
9,147,391
1,824,039
668,622
34,985
191,109
539,944
11,743,156
10,339,855
(27,019)
(18,817)
0
0
0
4,063
0
0
0
0
0
2,940,398
2,704,753
765,678
249,437
19,874
102,871
537,146
2,973,824
2,972,630
306,146
224,391
8,017
107,975
399,732
2,492,688
1,626,631
152,187
34,806
9,692
25,670
215,710
803,923
821,194
135,270
51,288
1,620
18,780
104,640
807,858
751,106
281,996
113,795
3,337
26,409
87,271
1,250,708
1,228,308
1,641,277
673,717
42,540
281,705
1,344,499
11,269,399
10,104,622
182,762 (5.095) (7,555) (90,596) 8( 04,555) 473,757 235,233
0
0
0
0
0
21,691
0
40,520
0
0
1,541
740,285
782,346
635,644
0
0
0
0
0
0
40,855
0
0
500
23,756
0
24,256
21,043
155,039
103,359
0
0
0
337,682
0
(621,286)
(252,609)
0
0
0
(1,154,199)
(619,205)
4,761
0
0
0
0
(65,834)
0
(8,928)
(4,669)
0
0
0
(27,019)
(18,817)
0
0
0
4,063
0
3,562
7,192
(429,894 )
(153,919)
500
29,360
740,285
(77,515)
66,712
(247,132)
(159,014)
(7,055)
(61,236)
(64,270)
396,242
301,945
0
0
0
0
0
(380,000)
(380,000)
0
10,000
0
10,000
0
20,000
20,000
(38,619)
0
0
0
0
(38,619)
0
(6,438)
0
0
0
0
(6,438)
0
(61,837)
0
0
0
0
(61,837)
0
0
61,837
0
38,619
0
106,894
0
(106,894)
71,837
0
48,619
0
(360,000)
(360,000)
(354,026)
(87,177)
(7,055)
(12,617)
(64,270)
36,242
(418,055)
0
0
0
0
59,132
59,132
47,199
(354,026)
(87,177)
(7,055)
(12,617)
(5,138)
95,374
(370,856)
1,390,569
89( 5,053)
27,910
172,888
(424,976 )
22,901,074
22,911,930
1,036,543
(982,230)
20,855
160,271
(430,114)
22,996,448
22,541,074
-66-
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Cash Flows
December 31, 1993
(with comparative totals for December 31, 1992)
Cash flows from noncapital financing activities:
Net acquisition of capital assets
(123,230)
(54,800)
Swimming
Gain (loss) on sale of fixed assets
Utilities
Liquor
Pool
Cash flows from operating activities:
0
(501)
0
Operating income (loss)
$ 796,529
412,061
(9,794)
Adjustments to reconcile operating income (loss) to net cash provided (used) by
0
0
0
operating activities:
0
(380,000)
0
Depreciation expense
643,357
40,726
53,816
Changes in assets and liabilities:
0
0
6,438
(Increase) decrease in accounts receivable
(169,632)
31,919
0
Decrease in notes receivable
0
0
0
Increase (decrease) in due to (from) other funds
0
0
0
(Increase) decrease in inventory
4,080
(42,051)
0
Decrease in long -term receivable
0
0
0
Increase (decrease) in accounts payable
27,546
14,727
926
Increase (decrease) in salaries payable
3,076
3,914
0
Increase (decrease) in due to other governments
36,222
0
0
Increase in accrued interest payable
27,437
0
12,449
Increase in contracts payable
0
0
0
Decrease in deposits payable
0
0
0
Decrease in deferred revenue
0
0
0
Total adjustmentsi
, T
Net cash provided (used) by operating activities
1,368,615
461,296
57,397
Cash flows from noncapital financing activities:
Net acquisition of capital assets
(123,230)
(54,800)
60,385
Gain (loss) on sale of fixed assets
0
0
(70,595)
Cash over (short)
0
(501)
0
Miscellaneous
0
0
0
Donations
0
0
0
Operating transfer out — General Fund
0
(380,000)
0
Operating transfer in— Revolving Fund
0
0
0
Operating transfer out—Golf dome
0
0
6,438
Operating transfer in —Art Center
0
0
0
Operating transfer in —Swimming Pool
0
0
0
Operating transfer in —Arena
0
0
0
Contributed capital
0
0
0
Contribution from special assessments
21,691
0
0
Current value credit
0
0
0
Net cash provided (used) by non - capital financing activities
(101,539)
(435,301)
Cash flows from capital financing activities:
Proceeds from revenue bonds
0
0
0
Payment to other funds
0
0
0
Principal paid on revenue bonds
(300,000)
0
0
Interest from fiscal agent
79,284
0
0
Interest paid on bonds
(242,984)
0
(37,320)
Net cash provided (used) by capital financing activities
(
(87,320)
(111,750)
Cash flows from investing activities:
(Increase) decrease in investments
0
0
0
(Increase) decrease in interest receivable
0
0
0
Interest on investments
0
0
0
Net cash provided (used) by investing activities
— –
Net increase (decrease) in cash and cash equivalents
803,376
25,995
16,305
Cash and cash equivalents (deficit), beginning of year
3,009,245
(87,320)
(111,750)
Cash and cash equivalents (deficit), end of year
$ 3,812,621
(61,325)
(95,445)
–67–
Golf Gun Act Edinborough Totals
Course Arena Range Center Park 1993 1992
182,762 (5,095) (7,555) (90,596) (804,555) 473,757 235,233
281,996
113,795
3,337
26,409
87,271
1,250,707
1,228,308
(26,741)
(2,913)
0
(19)
315
(167,071)
(227,244)
0
0
0
0
0
0
5,322
0
0
0
5,757
(235,522)
(229,765)
(63,571)
18,076
0
0
(3,043)
0
(22,938)
(71,319)
0
0
0
0
0
0
39,284
(291,050)
(1,952)
2,734
947
(12,006)
(258,128)
261,105
2,895
(16)
1
256
2,236
12,362
16,796
0
0
0
0
0
36,222
(36,222)
140,130
51,183
0
0
0
231,199
24,092
3,932
0
0
0
0
3,932
42,830
(2,271)
0
0
0
0
(2,271)
(1,992)
0
0
0
0
0
0
(26,684)
126,967
-'TgU.W
-97r
--TVbT
--777W)
309,729
155,002
(1,483)
(60,289)
(962,261)
1,328,006
1,425,938
(2,474,169)
0
0
0
(21,989)
(2,613,803)
(4,287,988)
4,761
0
0
0
0
(65,834)
0
0
0
0
0
0
(501)
(389)
0
0
0
4,063
0
4,063
7,581
0
0
500
23,756
0
24,256
21,043
0
0
0
0
0
(380,000)
(380,000)
0
10,000
0
10,000
0
20,000
20,000
0
61,837
0
38,619
0
106,894
0
(38,619)
0
0
0
0
(38,619)
0
(6,438)
0
0
0
0
(6,438)
0
(61,837)
0
0
0
0
(61,837)
0
0
0
0
0
0
0
419,334
0
0
0
0
0
21,691
0
0
0
0
0
0
0
40,855
(2,576,302)
71,837
500
76,438
(21,989)
(2,990,128)
(4,159,564)
0
0
0
0
0
0
10,456,252
0
0
0
(10,000)
0
(10,000)
(10,000)
(175,825)
(19,175)
0
0
0
(495,000)
(504,305)
155,039
103 ,359
0
0
0
337,682
(621,286)
(252,609)
0
0
0
(1,154,199)
(584,900)
(168,425)
0
((1677
2,460,340
0
0
(15,685)
0
2,444,655
(1,403,233)
0
0
0
0
20,236
20,236
(73,475)
40,520
0
0
1,541
740,285
782,346
635,644
2,500,860
_S
---F
(1,1Tr
---772-1
-TT47,-2-37
(8 1 c )
(407,785)
58,414
(983)
(7,995)
(223,729)
263,598
5,782,357
2,495,976
951,792
269
(158,231)
(612,097)
5,487,884
(295,033)
2,088,191
1,010,206
(714)
(166,226)
(835,826)
5,751,482
5,487,324
-68-
CITY OF EDINA, MINNESOTA
Utilities Fund
Balance Sheet
December 31, 1993
(with comparative amounts for December 31, 1992)
Assets
1993
1992
Current assets:
6,980
3,904
Cash and cash equivalents
$ 1,892,888
1,105,459
Cash with fiscal agents
1,919,733
1;903,786
Receivables:
202,610
108,329
Customers
1,424,156
1,118,928
Assessments
3,620
9,146
Due from Metropolitan Waste Control
45,541
274,659
Other
220
0
Due from other governments
98,828
0
Inventory
21,351
25,431
Total current assets
5,406,337
4,437,409
Property and equipment, net
21,235,630
21,755,758
Discount on bonds
8,698
21,707
Total assets $ 26,650,665 26,214,874
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
101,174
73,628
Salaries payable
6,980
3,904
Due to other governments
0
(36,222)
Accrued interest payable
94,456
67,019
Total current liabilities,
202,610
108,329
Long -term liabilities:
Bonds payable
Total liabilities
Retained earnings:
Reserved for debt service
Unreserved — undesignated
Total retained earnings
Total liabilities and retained earnings
–69–
4,090,000 4,390,000
4,292,610 4,498,329
274,998
22,083,057
22,358,055
$ 26,650,665
274,998
21,441,547
21,716,545
26,214,874
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1993
(with comparative amounts for December 31, 1992)
Operating expenses:
Disposal charges - contractual services
1993
1992
Operating revenues:
Storm sewer charges
$ 568,728
570,237
Water charges
1,626,001
1,486,248
Sewer charges
4,119,098
3,633,767
Recycling
504,069
Sale of meters (less cost of meters sold)
8,990
13,623
Other
194,775
102,120
Total operating revenues
7,021,661
5,805,995
Operating expenses:
Disposal charges - contractual services
2,940,398
2,704,753
Source of supply:
Personal services
109,836
108,196
Contractual services
73,156
85,444
Commodities
42,122
55,939
Distribution:
Personal services
228,620
207,975
Contractual services
329,641
341,951
Commodities
170,974
156,437
Purification:
Personal services
38,082
49,497
Contractual services
113,718
1,909
Commodities
44,020
51,706
Source of collection:
Personal services
33,434
54,815
Contractual services
1,734
910
Commodities
52,666
67,987
Storm sewer:
Personal services
27,764
35,385
Contractual services
123,987
47,907
Commodities
15,088
30,830
General and administrative:
Personal services
216,305
220,425
Contractual services
190,339
192,040
Commodities
3,027
2,166
(Continued)
-70-
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and Changes in Retained Earnings, Continued
Year ended December 31, 1993
(with comparative amounts for December 31, 1992)
Operating expenses, cont.:
Recycling:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income
Nonoperating revenues (expenses):
Contribution from special assessments
Current value credit —MWCC
Interest from fiscal agent
Interest and fiscal charges
Amortization of bond discount
Total nonoperating revenues (expenses)
Net income
Retained earnings — January 1
Retained earnings— December 31
—71—
1993 1992
$ 36,487.
0
457,178
0
5,071
0-
328,128
296,256
643,357
633,249
6.225.132
5.345.777
796,529 460,218
21,691
0
79,284
(242,984)
(13,010)
(155,019)
641,510
21.716.545
0
40,855
0
(160,241)
(10,445)
(129,831)
330,387
21.386.158
$ 22,358,055 21,716,545
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Cash Flows
Year ended December 31, 1993
(with comparative amounts for year ended December 31, 1992)
Cash flows from operating activities:
Operating income
Adjustments to reconcile operating income to net
cash provided by operating activities:
Depreciation expense
Changes in assets and liabilities:
Increase in accounts receivable
(Increase) decrease in inventory
Decrease in long -term receivable
Increase (decrease) in accounts payable
Increase in salaries payable
Increase (decrease) in due to other governments
Increase (decrease) in accrued interest payable
Decrease in deferred revenue
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Acquisition of capital assets
Current value credit
Contribution from special assessments
Net cash used by noncapital financing activities
Cash flows from capital financing activities:
Proceeds from revenue bonds
Principal paid on revenue bonds
Interest from fiscal agent
Interest paid on revenue bonds
Net cash provided (used) by capital financing
activities
Net increase in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
—72—
1993 1992
$ 796,529 460,218
643,357 633,249
(169,632) (275,853)
4,080
(3,405)
0
39,284
27,546
(16,761)
3,076
3,904
36,222
(36,222)
27,437
(7,114)
0 (39,284)
572,086
1,368,615 758,016
(123,230) (1,026,325) .
0 40,855
21,691 0
101,5 BT (985,47
0
1,915,376
(300,000)
(275,000)
79,284
0
(242,984)
(160,241)
(463,700)
1,480,135
803,376
1,252,681
3,009,245
1,756,564
$ 3,812,621
3,009,245
CITY OF EDINA, MINNESOTA
Liquor Fund
Balance Sheet
December 31, 1993
(with comparative amounts for December 31, 1992)
Assets
Current assets:
Petty cash and change funds
Accounts receivable
Notes receivable
Inventory
Total current assets
Property and equipment, net
Total assets
Liabilities and Retained Earnings
Current liabilities:
Cash deficit
Accounts payable
Salaries payable
Total current liabilities
Retained earnings:
Unreserved — undesignated
Total liabilities and retained earnings
—73—
1993 1992
$ 3,640 3,640
402 32,321
0 0
517,316 475,265
521,358 511,226
634,531 620,457
$ 1,155,889 1,131,683
61,325
87,320
193,994
179,267
7,893
3,979
263,212
270,566
892,677 861,117
$ 1,155,889 1,131,683
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Retained earnings-
January 1
Retained earnings -
December 31
-74-
861,117 846,721
$ 892,677 861,117
Year ended December 31, 1993
(with comparative totals for year ended December 31, 1992)
1993
1992
50th Street
Yorkdale
Vernon
Totals
Totals
Sales
$ 1,194,151
2,224,521
2,138,606
5,557,278
5,514,555
Cost of sales
896,541
1,733,891
1,655,484
4,285,916
4,322,091
Gross profit
297,610
490,630
483,122
1,271,362
19192,464
Operating expenses:
Selling
71,056
96,938
104,938
272,932
254,705
Occupancy
30,492
37,287
35,179
102,958
103,948
Administrative
141,032
184,708
157,671
483,411
442,875
Total operating
expenses
242,580
318,933
297,788
859,301
801,528
Operating income
55,030
171,697
185,334
412,061
390,936
Nonoperating
revenues
(expenses):
Cash over (short)
(75)
(635)
209
(501)
(389)
Miscellaneous
0
0
0
0
3,849
Total nonoperating
revenues
(expenses)
(75)
(635)
209
(501)
3,460
Income before
operating
transfer out
$ 54,955
171,062
185,543
411,560
394,396
Operating transfer
out:
General Ftmd
(380,000)
(380,000)
Net income
31,560
14,396
Retained earnings-
January 1
Retained earnings -
December 31
-74-
861,117 846,721
$ 892,677 861,117
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Cash Flows
Year ended December 31, 1993
(with comparative amounts for year ended December 31, 1992)
Cash flows from operating activities:
Operating income
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense
Changes in assets and liabilities:
Increase (decrease) in accounts receivable
Increase in notes receivable
(Increase) in inventory
Increase in accounts payable
Increase in salaries payable
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Acquisition of capital assets
Cash short
Miscellaneous
Operating transfer to general fund
Net cash used by noncapital financing
activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents (deficit), beginning of year
Cash and cash equivalents (deficit), end of year
—75—
1993 1992
$ 412,061 390,936
40,726 42,671
31,919 (31,837)
0
5,322
(42,051)
(49,708)
14,727
5,885
3,914.
3,839
49,235
(23,828)
461,296
367,108
(54,800)
(28,673)
(501)
(389)
0
3,849
(380,000)
(380,000)
(435,301)
(405,213)
25,995
(38,105)
(87,320)
(49,215)
$ (61,325) (87,320)
s
CITY OF EDINA, MINNESOTA
Liquor Fund
Schedule of Operating Expenses
Year ended December 31, 1993
(with comparative amounts for year ended December 31, 1992)
Selling:
Personal services
Contractual services:
Direct promotion
Commodities
Total selling
Occupancy:
Personal services
Contractual services:
Professional services
Burglar alarm
Heat
Janitorial service
Laundry and rug
service
Light and power
Maintenance, renting
and cooling
Repair and maintenance
Rubbish hauling
Telephone
Water and sewer service
Commodities
Depreciation
Total occupancy
Administrative:
Personal services
Contractual services:
Data processing
Mileage
Professional service
.Miscellaneous
Commodities
Central services
Total administrative
Totals
50th Street Yorkdale Vernon 1993 1992
$ 65,311
86,915
96,997
249,223
235,965
32`(U
2 7-4;
2,876
2,404
2,878
8,158
4,595
2,869
7,619
5,063
15,551
14,145
71,056
96,938
104,938
272,932
254,705
1,691
1,060
745
3,496
4,097
0
258
0
258
0
829
701
787
2,317
2,269
948
1,226
1,834
4,008
2,719
0
40
0
40
258
666
830
590
2,086
2,022
7,749
13,517
6,289
27,555
26,505
43
0
0
43
1,394
1,474
2,495
816
4,785
4,351
827
835
1,633
3,295
3,916
2,652
2,390
1,615
6,657
5,825
112
144
102
358
339
3,275
1,987
2,071
7,333
7,582
10,226
11,804
18,697
40,727
42,671
30,492
37,287
35,179
102,958
103,948
90,200
100,778
81,104
272,082
245,785
5,521
5,687
5,558
16,766
16,149
0
2,031
0
2,031
1,950
7,906
9,640
10,858
28,404
17,912
1,208
729
728
2,665
2,556
797
323
323
1,443
3,243
35,400
65,520
59,100
160,020
155,280
141,032
184,708
157,671
483,411
442,875
$ 242,580
318,933
297,788
859,301
801,528
-76-
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Balance Sheet
December 31, 1993
(with comparative amounts for December 31, 1992)
Assets 1993 1992
Property and equipment, net $ 698,887 813,088
Discount on bonds 6,756 7,168
Total assets $ 705,643 820,256
Liabilities and Retained Earnings (Deficit)
Current liabilities:
Cash deficit 95,445 111,750
Accounts payable 1,257 331
Accrued interest payable 18,550 6,101
Total current liabilities 115,252 118,182
Long -term liabilities:
Bonds payable 650,000 650,000
Total liabilities 765,252 768,182
Retained earnings:
Reserved for debt retirement 32,500 32,500
Unreserved — undesignated (92,109) 19,574
Total retained earnings (deficit) (59,609) 52,074
Total liabilities and retained earnings (deficit) $ 705,643 820,256
–77–
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 1993 -
(with comparative amounts for year ended December 31, 1992)
Operating revenues:
Season tickets
General admissions
Rentals and instruction programs
Concessions (less cost of goods sold)
Total operating revenues
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income (loss)
Nonoperating expenses:
Interest and fiscal charges
Interest on loan
Loss on sale of fixed assets
Bond discount amortization
Total nonoperating expenses
Net loss before operating transfer in
Operating transfer in —golf dome
Net loss
Retained earnings — January 1
Retained earnings (deficit )—December 31
–78–
1993 1992
$ 107,769
90,392
50,257
41,066
12,206
10,580
21,202
19,520
191,434
161,558
83,489
79,451
47,248
29,865
8,563
9,184
8,112
7,872
53,816
32,484
201,228
158,856
(9,794) 2,702
0 (5,274)
(37,320) (34,305)
(70,595) 0
(412) 0
(108,327) (39,579)
(118,121) (36,877)
6,438 0
(111,683) (36,877)
52,074 88,951
$ (59,609) 52,074
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Cash Flows
Year ended December 31, 1993
(with comparative amounts for year ended December 31, 1992)
Cash flows from operating activities:
Operating income (loss)
Adjustments to reconcile operating income (loss) to
net cash provided by operating activities:
Depreciation expense
Changes in assets and liabilities:
Increase (decrease) in accounts payable
Increase (decrease) in due to other funds
Increase in accrued interest payable
Total adjustments
Net cash provided (used) by
operating activities
Cash flows from noncapital financing activities:
Acquisition (sale) of capital assets
Loss on sale of fixed assets
Operating transfer in golf dome
Net cash used by noncapital financing
activities
Cash flows from capital financing activities:
Proceeds from revenue bonds
Interest paid on loans
Interest on bonds
Net cash provided (used) by capital
financing activities
Net increase (decrease) in cash and cash equivalents
Cash deficit, beginning of year
Cash deficit, end of year
—79—
1993 1992
$ (9,794) . 2,702
53,816 32,484
926 (54,534)
0 (371,489)
12,449 0
67,191 (393,539)
57,397 (390,837)
60,385 (285,129)
(70,595) 0
6,438 0
(3,772) (285,129)
0 648,933
0 (34,305)
(37,320) (5,274)
(37,320) 609,354
16,305 (66,612)
(111,750) (45,138)
$ (95,445) (111,750)
CITY OF EDINA, MINNESOTA
Golf Course Fund
Balance Sheet
December 31, 1993
(with comparative amounts for December 31, 1992)
Assets
1993
1992
Current assets:
9,429
11,700
Cash with fiscal agents
$ 2,809,285
2,757,177
Petty cash and change funds
1,800
1,800
Investments
316,491
2,776,831
Accounts receivable
26,741
0
Inventory
0
18,076
Total current assets
3,154,317
5,553,884
Property and equipment, net
8,208,944
5,975,971
Discount on bonds
80,505
89,433
Total assets
$ 11,443,766
11,619,288
Liabilities and Retained Earnings
Current liabilities:
Cash deficit 721,094 261,201
Accounts payable 85,843 376,893
Salaries payable 6,799 3,904
Accrued interest payable 171,33.6 31,206
Total current liabilities 985,072 673,204
Long -term liabilities:
Contracts payable
46,762
42,830
Deposits payable
9,429
11,700
Deferred revenue
7,560
7,560
Obligation under capital lease
40,800
0
Bonds payable
9,317,600
9,493,425
Total liabilities
10,407,223
10,228,7.19
Retained earnings:
Reserved for debt retirement 1,115,031 1,115,031
Unreserved — undesignated (78,488) 275,538
Total retained earnings 1,036,543 1,390,569
Total liabilities and retained earnings $ 119443,766 11,619,288
–80–
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1993
(with - comparative amounts for year ended December 31, 1992)
Operating expenses:
Administration
1993
1992
Operating revenues:
91,419
105,601
Green fees
$ 777,043
774,265
Rental fees
174,466
178,409
Patron cards
107,956
114,086
Concessions (less cost of goods sold)
104,612
114,072
Range
230,982
242,895
Dome
357,978
330,308
Lessons
62,757
53,741
Other
8,245
9,406
Total operating revenues
1,824,039
1,817,182
Operating expenses:
Administration
499,644
455,404
Building -club house
91,419
105,601
Maintenance of course and grounds
392,833
393,644
Range and grill
201,789
209,325
Dome
173,596
168,543
Depreciation
281,996
297,791
Total operating expenses
1,641,277
1,63U,7W
Operating income
182,762
186,874
Nonoperating revenues (expenses):
Interest on investments
40,520
92,989
Interest from fiscal agent
155,039
0
Interest and fiscal charges
(621,286)
(287,415)
Amortization of bond discount
(8,928)
(5,045)
Gain (loss) on sale of fixed assets
4,761
0
Total nonoperating revenues (expenses)
( 29,89
-?199,471)
Net loss before operating transfers out
(247,132)
(12,597)
Operating transfers out:
Art center funds
(38,619)
0
Swimming pool fund
(6,438)
0
Arena fund
(61,837)
0
Total operating transfers out
(894)
0
Net loss
(354,026)
(12,597)
Retained earnings -January 1
1,390,569
1,403,166
Retained earnings- December 31
$ 1,036,543
1,390,569
-81-
CITY OF EDINA, NIINNESOTA
Golf Course Fund
Statement of Cash Flows
Year ended December 31, 1993
(with comparative amounts for year ended December 31, 1992)
Cash flow from noncapital financing activities:
Net acquisition of capital assets
1993
1992
Cash flows from operating activities:
4,761
0
Operating income
$ 182,762
186,874
Adjustments to reconcile operating income to
(6,438)
0
net cash provided by operating activities:
(61,837)
0
Depreciation expense
281,996
297,791
Changes in assets and liabilities:
Decrease in petty cash
0
700
(Increase) decrease in accounts receivable
(26,741)
28,480
Decrease in accrued interest receivable
0
46,147
(Increase) decrease in inventory
18,076
(18,076)
Increase (decrease) in accounts payable
(291,050)
340,191
Increase in salaries payable
2,895
3,904
Increase in accrued interest payable
140,130
31,206
Increase in contracts payable
3,932
42,830
Increase in deferred revenue
0
7,560
Decrease in deposits payable
(2,271)
(1,992)
Total adjustments
126,967
778,741
Net cash provided by operating activities
309,729
965,615
Cash flow from noncapital financing activities:
Net acquisition of capital assets
(2,474,169)
(2,505,262)
Proceeds from sale of fixed assets
4,761
0
Operating transfer out —Art Center
(38,619)
0
Operating transfer out Swimming pool
(6,438)
0
Operating transfer out —Arena
(61,837)
0
(2,576,302)
(2,505,262)
Cash flows from capital financing activities:
Proceeds from revenue bonds
0
6,050,544
Principal paid on revenue bonds
(175,825)
(175,825)
Interest from fiscal agent
155,039
0
Interest paid on revenue bonds
(621,286)
(287,415)
Net cash provided (used) by capital
financing activities
(642,072)
5,587,304
Cash flows from investing activities:
(Increase) decrease in investments 2,460,340 (1,411,031)
Interest on investments 40,520 92,989
Net cash provided (used) by investing activities 2,500,860 (1,318,042)
Net increase (decrease) in cash and cash equivalents (407,785) 2,729,615
Cash (deficit), beginning of year 2,495,976 (233,639)
Cash, end of year $ 2,088,191 2,495,976
—82—
CITY OF EDINA, MINNESOTA
Golf Course Fund
Schedule of Operating Expenses
Year ended December 31, 1993
(with comparative amounts for year ended December 31, 1992)
1993 1992
Administration:
Personal services
$ 251,958
208,943
Contractual services
92,653
110,063
Commodities
19,763
13,218
Central services
135,270
123,180
Total administration
499,644
455,404
Building -Club House:
Personal services 16,297 34,764
Contractual services 68,132 62,780
Commodities 6,990 8,057
Total building -Club House 91,419 105,601
Maintenance of course and grounds:
Personal services 276,037 272,533
Contractual services 45,912 51,781
Commodities 70,884 69,330
Total maintenance of course and grounds 392,833 393,644
Range and grill:
Personal services 155,749 158,755
Contractual services 5,173 7,010
Commodities 40,867 43,560
Total range and grill 201,789 209,325
Golf dome:
Personal services 65,637 65,172
Contractual services 94,276 89,849
Commodities 13,683 13,522
Total golf dome 173,596 168,543
Depreciation 281,996 297,791
Total operating expenses
-83-
$ 1,641,277 1,630,308
CITY OF EDINA, MINNESOTA
Arena Fund
Balance Sheet
December 31, 1993
(with comparative amounts for December. 31, 1992)
Assets 1993 1992
Current assets:
Cash with fiscal agents $ 1,872,856 1,838,118
Petty cash and change funds 700 700
Accounts receivable 60,519 57,605
Total current assets 1,934,075 1,896,423
Property and equipment, net 2,056,047 1,802,642
Discount on bonds 30,565 35,235
Total assets $ 4,020,687 3,734,300
Liabilities and Retained Earnings (Deficit)
Current liabilities:
Cash deficit 862,650 886,326
Accounts payable 14,332 16,284
Salaries payable 1,612 1,628
Accrued interest payable 51,183 0
Total current liabilities 929.777 904.238
Long -term liabilities:
Deferred revenue 5,040 5,040
Deposits payable 3,500 3,500
Obligations under capital lease 367,200 0
Bonds payable 3,697,400 3,716,575
Total liabilities 5,002,917 4,629,353
Retained earnings (deficit):
Reserved for debt service 184,591 184,591
Unreserved — undesignated (1,166,821) (1,079,644)
Total retained earnings (deficit) (982,230) (895,053)
Total liabilities and retained earnings (deficit) $ 4,020,687 3,734,300
–84–
CITY OF EDINA, MINNESOTA
Arena Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 1993
(with comparative amounts for year ended December 31, 1992)
Operating expenses:
Personal services
1993
1992
Operating revenues:
224,391
213,643
Rental fees
$ 499,737
471,040
Season ticket sales
11,448
13,863
Daily skating fees
17,277
19,828
Admissions
28,311
25,041
Lessons
50,898
56,748
Concessions (less cost of goods sold)
37,463
33,675
Vending machine commissions
10,335
10,230
Services -skate sharpening
13,153
11,999
Total operating revenues
668,622
642,424
Operating expenses:
Personal services
249,437
253,358
Contractual services
224,391
213,643
Commodities
34,806
27,698
Central services
51,288
49,068
Depreciation
113,795
114;703
Total operating expenses
673,717
658,470
Operating loss
(5,095)
(16,046)
Nonoperating expenses:
Interest from fiscal agent 103,359 0
Interest and fiscal charges (252,609) (131,970)
Amortization of bond discount (4,669) (3,327)
Total nonoperating expenses (153,919) (135,297)
Net loss before operating transfer in (159,014) (151,343)
Operating transfer in -golf dome 61,837 0
Operating transfer in- revolving fund 10,000 10,000
Total operating transfers in 71,837 10,000
Net loss (87,177) (141,343)
Retained earnings (deficit)- January 1 (895,053) (753,710)
Retained earnings (deficit)- December 31 $ (982,230) (895,053)
-85-
CITY OF EDINA, MINNESOTA
Arena Fund
Statement of Cash Flows
Year ended December 31, 1993
(with comparative amounts for year ended December 31, 1992)
Cash flows from operating activities:
Operating loss
Adjustments to reconcile operating loss to
net cash provided by operating activities:
Depreciation expense
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
Decrease in accounts payable
Increase (decrease) in salaries payable
Increase in deferred revenue
Increase in accrued interest payable
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Operating transfer in —golf dome
Operating transfer in— revolving fund
Net cash provided by noncapital financing
activities
Cash flows from capital financing activities:
Proceeds from revenue bonds
Principal paid on revenue bonds
Interest from fiscal agent
Interest paid on revenue bonds
Net cash provided (used) by capital
financing activities
Net increase in cash and cash equivalents
Cash (deficit), beginning of year
Cash, end of year
–86–
1993 1992
$ (5,095) - (16,046)
113,795
(2,913)
(1,952)
(16)
0
51,183
160,097
155.002
114,703
2,964
(648)
1,628
5,040
0
123,687
107,641
61,837
0
10,000
10,000
71,837
10,000
0
1,841,399
(19,175)
(19,175)
103,359
0
(252,609)
(131,970)
(168,425)
1,690,254
58,414
1,807,895
951,792
(856,103)
$ 1,010,206
951,792
CITY OF EDINA, MINNESOTA
Gun Range Fund
Balance Sheet
December 31, 1993
(with comparative amounts for December 31, 1992)
Assets
Current assets:
Cash and cash equivalents $
Property and equipment, net
1993 1992
0 269
24,960 28,297
Total assets $ 24,960 28,566
Liabilities and Retained Earnings
Current liabilities:
Cash deficit
714
0
Accounts payable
3,341
607
Salaries payable
50
49
Total current liabilities
4,105
656
Retained earnings:
Unreserved — undesignated
20,855
27,910
Total liabilities and retained earnings
$ 24,960
28,566
—87—
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1993
(with comparative amounts for year ended December 31, 1992)
Operating revenues:
Range fees
Sale of ammunition
Concessions (less cost of goods sold)
Other
Total operating revenues
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating loss
Nonoperating revenues (expenses):
Donations
Net loss
Retained earnings — January 1
Retained earnings— December 31
—88—
1993 1992
$ 29,889.
28,396
4,514
4,758
369
503
213
131
34,985
33,788
19,874
18,664
8,017
5,090
9,692
7,326
1,620
1,770
3,337
3,313
42,540
36,163
(7,555) (2,375)
500 0
(7,055)
(2,375)
27,910
30,285
$ 20,855
27,910
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Cash Flows
Year ended December 31, 1993
(with comparative amounts for year ended December 31, 1992)
Cash flows from operating activities:
Operating loss
Adjustments to reconcile operating loss to
net cash provided by operating activities:
Depreciation expense
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
Increase (decrease) in accounts payable
Increase in salaries payable
Total adjustments
Net cash provided (used) by operating activities
Cash flows from noncapital financing activities:
Acquisition of capital assets
Donations
Net cash provided (used) by noncapital financing
activities
Net decrease in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents (deficit), end of year
—89—
1993 1992
$ (7,555) (2,375)
3,337 3,313
0 700
2,734 (404)
1 49
6,072 3,658
(1,483) 1,283
0 (3,310)
500 0
500 —(3,310).
(983) (2,027)
269 2,296
$ (714) 269
CITY OF EDINA, MINNESOTA
Art Center Fund
Balance Sheet
December 31, 1993
(with comparative amounts for December 31, 1992)
Assets
1993
1992
Current assets:
Petty cash and change funds
$ 100.
100
Investments
69,941
54,256
Accrued interest receivable
0
5,738
Inventory
13,937
10,894
Total current assets
83,978
70,988
Property and equipment, net
277,018
303,427
Total assets
$ 360,996
374,415
Liabilities'and Retained Earnings
Current liabilities:
Cash deficit 166,226 158,231
Accounts payable 13,037 12,090
Salaries payable 712 456
Total current liabilities 179,975 170,777
Long -term liabilities:
Reserve for construction 750 750
Due to other funds 20,000 30,000
Total liabilities 200,725. 201,527
Retained earnings:
Unreserved — undesignated 160,271 172,888
Total liabilities and retained earnings $ 360,996 374,415
W
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1993
(with comparative amounts for year ended December 31, 1992)
-91-
1993
1992
Operating revenues:
Memberships
$ 14,552
15,033
Registration fees
167,311
150,916
Retail sales, less cost of goods sold
9,246
10,572
Total operating revenues
191,1W
17
Operating expenses:
Administration:
Personal services
89,129
83,903
Contractual services
3,353
1,959
Commodities
21,194
17,127
Central services
18,780
18,620
Total administration
13
1
Occupancy:
Personal services
13,742
12,442
Contractual services
17,927
18,831
Commodities
3,600
1,965
Total occupancy
3
Class costs
876
954
Instructors - personal services
86,695
87,894
Depreciation
26,409
29,797
Total operating expenses
281,705
273,492
Operating loss
(90,596)
(96,971)
Nonoperating revenues:
Income on investments
1,541
2,098
Donations
23,756
21,043
Miscellaneous
4,063
3,732
Total nonoperating revenues
L� ,36
Net loss before operating transfers in
(61,236)
(70,098)
Operating transfer in -golf dome
38,619
0
Operating transfer in- revolving fund
10,000
10,000
Total operating transfers in
48,619
10,000
Net loss
(12,617)
(60,098)
Retained earnings -January 1
172,888
232,986
Retained eamings- December 31
$ 160,271
172,888
-91-
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Cash Flows
Year ended December 31, 1993
(with comparative amounts for year ended December 31, 1992)
Cash flows from operating activities:
Operating loss
Adjustments to reconcile operating loss to net
cash provided by operating activities:
Depreciation expense
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
Increase in inventory
Decrease in due from other funds
Increase in accounts payable
Increase in salaries payable
Total adjustments
Net cash used by operating activities
Cash flows from noncapital financing activities:
Acquisition of capital assets
Donations
Operating transfer from revolving fund
Operating transfer from golf dome
Miscellaneous
Net cash provided by noncapital
financing activities
Cash flow from capital financing activities:
Payment to other funds
Cash flows from investing activities:
(Increase) decrease in investments
Interest on investments
Net cash provided (used) by investing activities
Net decrease in cash and cash equivalents
Cash deficit, beginning of year
Cash deficit, end of year
—92—
1993 1992
$ (90,596) , (96,971)
26,409 29,797
(19)
19
(3,043)
(130)
5,757
0
947
4,708
256
456
30,307 34,850
(60,289) (62,121)
0 (1,836)
23,756 21,043
10,000 10,000
38,619 0
4,063 3,732
76,438 32,939
(10,000)
(10,000)
(15,685)
7,798
1,541
2,098
(14,144)
9,896
(7,995)
(29,286)
(158,231)
(128,945)
$ (166,226)
(158,231)
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Balance Sheet
December 31, 1993
(with comparative amounts for December 31, 1992)
Assets 1993 •1.992
Current assets:
Petty cash and change funds $ 1,500 1,500
Accounts receivable 10 325
Accrued interest receivable 72,975 93,211
Due from other funds 302,386 66,864
Total current assets 376,871 161,900
Property and equipment, net 1,044,790 1,008,072
Total assets $ 1,421,661 1,169,972
Liabilities and Fund Equity
Current liabilities:
Cash deficit 835,826 612,097
Accounts payable 17,523 29,529
Salaries payable 5,112 2,876
Total current liabilities 858,461 644,502
Long -term liabilities:
Obligations under capital lease
102,000
0
Total liabilities
960,461
644,502
Fund equity:
Contributed capital
891,314
950,446
Unreserved — undesignated
(430,114)
(424,976)
Total fund equity
461,200
525,470
Total liabilities and fund equity
$ 1,421,661
1,169,972
–93–
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 1993
(with comparative amounts for year ended December 31, 1992)
Operating revenues:
Association fees
Rental fees
Admissions
Season ticket sales
Skate rental
Concessions (less cost of goods sold)
Program income
Other
Total operating revenues
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating loss
Nonoperating revenues — income on investments
Net loss
Add depreciation on contributed assets
Decrease in retained earnings
Retained earnings (deficit )—January 1
Retained earnings (deficit )—December 31
—94—
1993 1992
$ 250,933
225,255
138,539
126,146
72,436
79,804
14,458
11,046
20,382
20,805
762
4,638
16,415
20,014
26,019
22,215
539,944
509,923
537,146
534,611
399,732
272,839
215,710
219,218
104,640
99,060
87,271
74,300
1.344.499
1.200.028
(804,555) (690,105)
740.285 540.557
(64,270) (149,548)
59,132 47,199
(5,138) (102,349)
(424,976) (322,627)
$ (430,114) (424,976)
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Statement of Cash Flows
Year ended December 31, 1993
(with comparative amounts for December 31, 1992)
Cash flows from operating activities:
Operating loss
Adjustments to reconcile operating loss to net
cash used by operating activities:
Depreciation expense
Changes in assets and liabilities:
Decrease in accounts receivable
Decrease in accounts payable
Increase in salaries payable
(Increase) decrease in due from other funds
Total adjustments
Net cash used by operating
activities
Cash flows from noncapital financing activities:
Acquisition of capital assets
Contributed assets
Net cash used by noncapital financing
activities
Cash flows from investing activities:
(Increase) decrease in interest receivable
Interest on investments
Net cash provided by investing activities
Net increase (decrease) in cash and cash equivalents
Cash deficit, beginning of year
Cash deficit, end of year
Win
1993 1992
$ (804,555) - (690,105)
87,271 74,300
315
2,136
(12,006)
(17,332)
2,236
2,876
(235,522)
307,918
(157,706)
369,898
(962,261)
(320,207)
(21,989) (437,453)
0 419,334
(21,989) (18,119)
20,236
(73,475)
740,285
540,557
760,521
467,082
(223,729)
128,756
(612,097)
(740,853)
$ (835,826) (612,097)
AGENCY FUNDS
Agency Funds account for assets held by a governmental unit in a trustee capacity or as an agent
for individuals, private organizations, other governmental units and other funds. The City has the
following Agency Funds:
Deferred Compensation Fund — Accounts for assets retained by the .City pursuant to
agreements with individual employees that provide for specific salary amounts to be paid at a
later date. These assets are in the custody of a third party for investment purposes.
Federal Arbitrage Fund — Accounts for arbitrage earnings which will be remitted to the
federal government.
Police Seizure Fund — Accounts for funds obtained by the police department which will be
remitted to the proper governments.
IRM
CITY OF EDINA, MINNESOTA
Agency Funds
Statement of Changes in Assets and Liabilities
Year ended December 31, 1993
Balance Balance
1/1/93 Additions Deductions 12/31/93
Deferred Compensation
Assets
Cash with plan
administrators $ 5,156,699 751,613 0 5,908,312
Liabilities
Due to participants $ 5,156,699 751,613 0 5,908,312
Federal Arbitrage
Assets
Cash
0
24
0
24
Investments
143,584
4,633
0
148,217
Accounts receivable
371
0
1
370
$ 143,955
4,657
1
148,611
Liabilities
Due to federal government
$ 143,955
4,656
0
148,611
Police Seizure
Assets
Cash $ 32,808 0 17,892 14,916
Liabilities
Due to other governments $ 32,808 0 17,892 14,916
(Continued)
—97—
CITY OF EDINA, MINNESOTA
Agency Funds
Statement of Changes in Assets and Liabilities, Continued
Totals —All Agency Funds
Assets
Cash
Cash with plan
administrators
Investments
Interest receivable
Total assets
Liabilities
Due to participants
Due to federal government
Due to other governments
Total liabilities
Year ended December 31, 1993
Balance
1/1/93 Additions Deductions
Balance
1 1% I'll 1 /A'1
$ 32,808
24
17,892
14,940
5,156,699
751,613
0
5,908,312
143,584
4,633
0
148,217
371
0
1
370
$ 5,333,462
756,270
17,893
6,071,839
5,156,699
751,613
0
5,908,312
143,955
4,656
0
148,611
32,808
0
17,892
14,916
$ 5,333,462
756,269
17,892
6,071,839
WE
GENERAL FIXED ASSETS ACCOUNT GROUP
The General Fixed Assets Account Group provides for the accounting of fixed assets other than
those accounted for in the Enterprise Funds.
UM
CITY OF EDINA, MINNESOTA
General Fixed Assets Account Group
Schedule of General Fixed Assets
December 31, 1993
(with comparative amounts for December 31, 1992)
General fixed assets:
Land and land improvements
Buildings
Furniture and fixtures
Vehicles and equipment
Parks
Construction -in- progress
Total general fixed assets
Total investment in general fixed assets
—100—
1993
$ 27,527,601
19,569,098
617,188
7,831,894
7,058,035
230,303
1992
27,461,825
19,500,608
605,329
8,291,568
6,865,028
230,303
$ 62,834,119 62,954,661
$ 62,834,119 62,954,661
GENERAL LONG -TERM DEBT ACCOUNT GROUP
The General Long -term Debt Account Group is used to account for the long -term debt of the City
other than debt recorded in the Enterprise Funds. Primarily, these are general obligation and other
forms of long -term debt supported by general revenues and special assessments, and are
obligations of a governmental unit as a whole and not its individual constituent funds.
—101—
CITY OF EDINA, MINNESOTA
General Long -term Debt Account Group
Schedule of General Long -term Debt
December 31, 1993
(with comparative amounts for December 31, 1992)
Amount available and to be provided
for the retirement of long -term debt
General Obligation Bonds:
Amount available with fiscal agents
Amount available in Debt Service Funds
Amount to be provided by tax increment
financing
Amount to be provided by special assessments
Compensated absences:
Amount to be provided by revenue sources
Total available and to be provided
Accrued compensated absences
General obligation bonds payable
Total general long -term debt payable
—102—
1993 1992
$ 38,881,720 18,810,120
200,000 200,000
49,172,282 50,721,162
2,155,998 2,898,718
667,612 723,999
$ 91,077,612 73,353,999
667,612 723,999
90.410.000 72.630.000
$ 91,077,612 73,353,999
CITY OF EDINA, MINNESOTA
Combined Schedule of Bonded Indebtedness
December 31, 1993
Total bonded
indebtedness
- 103-
Final
Interest
Issue
maturity
rate
date
date
Bonded indebtedness:
Tax Increment Bonds:
Tax Increment Bonds, Series 1986A
5.20- 7.00%
08/01/86
08/01/06
Tax Increment Bonds, Series 1986B
5.20 -7.00
08/01/86
08/01/03
Tax Increment Bonds, Series 1988
6.40 -7.30
10/01/88
02/01/09
Tax Increment Taxable Bonds, Series 1988
9.20 -9.75
10/01/88
02/01/09
Tax Increment Bonds, Series 1989
6.80 -7.30
04/01/89
02/01/09
Tax Increment Taxable Bonds, Series 1989
10.00 -10.25
04/01/89
02/01/09
Tax Increment Refunding Bonds, Series 1989
6.00 -7.00
11/01/89
01/01/06
Tax Increment Bonds, Series 1990
6.70 -6.80
03/01/90
02/01/05
Tax Increment Refunding Bonds, Series 1992B
4.90 -6.00
11/01/92
02/01/09
Tax Increment Refunding Bonds, Series 1993A
4.25 -5.10
05/01/93
02/01/06
Improvement Bonds:
Improvement Bonds of 1986
4.50 -6.60
08/01/86
08/01/96
Improvement Bonds of 1989
6.75- 7.10
04/01/89
02/01/01
Improvement Refunding Bonds, Series 1992E
4.00 -5.20
11/01/92
02/01/01
Revenue Bonds:
Golf Course Bonds
6.25 -8.70
09/01/85
01/01/00
Recreation Bonds of 1988
6.10 -7.30
10/01/88
01/01/09
Utility Bonds
5.90 -6.80
10/01/88
02/01/99
Recreation Bonds of 1989
6.75 -7.30
04/01/89
01/01/09
Recreation Bonds, Series 1992A
4.00 -6.05
11/01/92
01/01/13
Recreation Refunding Bonds, Series 1992C
4.40 -6.00
11/01/92
01/01/09
Utility Refunding Bond, Series 1992D
3.80 -4.90
11/01/92
02/01/99
Total bonded
indebtedness
- 103-
Exhibit 1
1993 percent Indebtedness
paid by tax Authorized Due in 1994
levies and issued Redeemed Outstanding Principal Interest
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
$ 4,000,000
2,000,000
10,175,000
5,100,000
8,425,000
5,300,000
12,970,000
3,080,000
17,930,000
19,580,000
88,560,000
2,500,000
1,760,000
1,095,000
5,355,000
350,fff
• 11 111
1
1
1
1
645,000
1
1
1
• 111
3,650,000
1,600,000
10,175,000
5,100,000
8,425,000
5,300,000
12,325,000
3,080,000
17,930,000
19,580,000
87,165,000
1,750,000 750,000
360,000 1,400,000
0 1,095,000
2,110,000 3,245,000
100,000
100,000
0
0
0
0
0 **
0
0
0
200.000
251,650
108,425
727,012
488,175
607,838
538,562
413,289
207,195
1,025,405
1,175,809
5.543360
250,000 48,000
180,000 90,990
0 51,295
430,000 190,285
1,200,000
450,000
750,000
0 **
31,450
2,470,000
75,000
2,395,000
0 **
85,788
3,160,000
995,000
2,165,000
2,165,000
71,123
2,100,000
205,000
1,895,000
0 **
67,821
3,975,000
0
3,975,000
0
227,475
4,650,000
0
4,650,000
0
257,327
1,925,000
0
1,925,000
0
84,450
19,480,000
.1,725,000
17,755,000
29165,000
825,434
$ 113,3959000
5,230,000
10891659000
2,795,000
6,559,079
*This represents interest due July 1, 1994 as interest due January 1, 1994 was paid
in December 1993.
* *Principal due January 1, 1994 was paid in December 1993.
-
104-
*
*
Tax Increment Bonds
Improvement Bonds
Revenue Bonds
Exhibit 2
CITY OF EDINA, MINNESOTA
Schedule of Changes in Bonded Indebtedness
Year ended December 31, 1993
Balance
Balance
January 1
Issued •
Redeemed
December 31
$ 68,655,000
19,580,000
1,070,000
87,165,000
3,975,000
0
730,000
3,245,000
18,250,000
0
495,000
17,755,000
$ 90,880,000
19,580,000
2,295,000
108,165,000
—105—
Exhibit 3
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable
December 31, 1993
(Continued)
-106-
Issue . Interest
Maturity
Principal
date rate
date
amount
Tax Increment Bonds:
$4,000,000 Tax Increment
Bonds, Series 1986A
08/01/86
$100,000
6.20%
8/1/94 $
100,000
$150,000
6.40
8/1/95
150,000
$150,0004600,000 per year
6.60 -7.00
08/01/96-06
3,400,000
3,650,000
Bonds maturing in the years 1996
through 2006 will be called on February 1, 1996.
$2,000,000 Tax Increment
Bonds, Series 1986B
08/01/86
$100,000
6.20
8/1/94
100,000
$150,000
6.40
8/1/95
150,000
$150,0004200,000 per year
6.60 -7.00
08/01/96 -03
1,350,000
1,600,000
Bonds maturing in the years 1996 through 2003 will be called on February 1, 1996.
$10,175,000 Tax Increment
Bonds, Series 1988
10/01/88
$250,000
6.40
02/01/95
250,000
$75,000
6.50
02/01/96
75,000
$175,000
6.60
02/01/97
175,000
$250,00041,800,000 per year
6.70- 7.30
02/01/98 -09
9,675,000
10,175,000
Bonds maturing in the years 1999 through 2009 will be called on February 1, 1998.
(Continued)
-106-
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
$8,425,000 Tax Increment
Bonds, Series 1989
Issue Interest
Maturity
Principal
$225,000
date rate
date
amount
$5,100,000 Taxable Tax
6.90
02/01/96
75,000
Increment Bonds,
6.90
02/01/97
125,000
Series 1988
10/01/88
02/01/98 -09
8,000,000
$125,000
9.20%
02/01/95 $
125,000
$50,000
9.25
02/01/96
50,000
$100,000
9.30
02/01/97
100,000
$125,000
9.35
02/01/98
125,000
$150,000
9.35
02/01/99
150,000
$225,000 per year
9.40
02/01/00-01
450,000
$250,000
9.45
02/01/02
250,000
$300,000
9.45
02/01/03
300,000
$350,000
9.50
02/01/04
350,000.
$375,000
9.55
02/01/05
375,000
$450,000
9.60
02/01/06
450,000
$650,000
9.65
02/01/07
650,000
$825,000
9.70
02/01/08
825,000
$900,000
9.75
02/01/09
900,000
5,100,000
$8,425,000 Tax Increment
Bonds, Series 1989
04/01/89
$225,000
6.80
02/01/95
225,000
$75,000
6.90
02/01/96
75,000
$125,000
6.90
02/01/97
125,000
$200,00041,500,000 per year
6.95- 7.30
02/01/98 -09
8,000,000
X- , 13111
Bonds maturing in the years 1999 through 2009 will be called on February 1, 1998.
(Continued)
-107-
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
f. �
$12,970,000 Tax Increment
Refunding Bond, Series 1989 11/01/89
$555,000 6.30 01/01/95 555,000
$1,055,00041,080,000 per year 6.45 -7.00 01/01/1996 -06 11,770,000
12,325,000
Bonds maturing in the years 1997 through 2006 will be called on January 1, 1996.
$3,080,000 Tax Increment
Bonds, Series 1990 03/01/90
$700,000- $835,000 per year 6.70 -6.80 2/1/02 -05 3,080,000
- 3,080,000
All bonds will be called on February 1, 1997.
(Continued)
-108-
Issue Interest
Maturity
Principal
date rate
date
amount
$5,300,000 Taxable Tax
Increment Bonds,
Series 1989
04/01/89
$125,000
10.00%
02 /01/95 $
125,000
$50,000
10.00
02/01/96
50,000
$75,000
10.00
02/01 /97
75,000
$125,000
10.00
02/01/98
125,000
$175,000
10.00
02/01/99
175,000
$225,000
10.00
02/01/00
225,000
$250,000
10.00
02/01/01
250,000
$275,000
10.00
02/01/02
275,000
$325,000
10.00
02/01/03
325,000
$375,000 per year
10.10 - 10.20
02/01/04-05
750,000
$400,000
10.20
02/01/06
400,000
$700,000
10.25
02/01/07
700,000
$875,000
10.25
02/01/08
875,000
$950,000
10.25
02/01/09
950,000
f. �
$12,970,000 Tax Increment
Refunding Bond, Series 1989 11/01/89
$555,000 6.30 01/01/95 555,000
$1,055,00041,080,000 per year 6.45 -7.00 01/01/1996 -06 11,770,000
12,325,000
Bonds maturing in the years 1997 through 2006 will be called on January 1, 1996.
$3,080,000 Tax Increment
Bonds, Series 1990 03/01/90
$700,000- $835,000 per year 6.70 -6.80 2/1/02 -05 3,080,000
- 3,080,000
All bonds will be called on February 1, 1997.
(Continued)
-108-
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
�� 1�
Bonds maturing in the years 1996 through 2001 will be called on February 1, 1995.
(Continued)
—109—
Issue
Interest
Maturity
Principal
date
rate
date
amount
$17,930,000 Tax Increment
Refunding Bond, Series 1992B
11/01/92
$570,000
4.90%
02 /01/99 $
570,000
$735,000
5.00
02/01/00
735;000
$790,000
5.20
02/01/01
790,000
$1,125,000
5.40
02/01/02
1,125,000
$1,265,000
5.50
02/01/03
1,265,000
$1,410,000
5.60
02/01/04
1,410,000
$1,470,000
5.70
02/01/05
1,470,000
$1,635,000
5.80
02/01/06
1,635,000
$2,515,000
5.90
02/01/07
2,515,000
$3,090,000
5.95
02/01/08
3,090,000
$3,325,000
6.00
02/01/09
3,325,000
17,930,000
$19,580,000 Tax Increment
Refunding Bond, Series 1993A
05/01/93
$1,635,000
4.25
02/01/97
1,635,000
$1,625,000
4.40
02/01/98
1,625,000
$1,635,000
4.40
02/01/99
1,635,000
$1,610,000
4.60
02/01/00
1,610,000
$1,680,000
4.75
02/01/01
.1,680,000
$2,415,000
4.90
02/01/02
2,415,000
$2,455,000
5.00
02/01/03
2,455,000
$2,230,000
5.10
02/01/04
2,230,000
$2,555,000
5.10
02/01/05
2,555,000
$1,740,000
5.10
02/01/06
1,740,000
19,580,000
Total tax increment
bonds
87,165,000
Improvement Bonds:
$2,500,000 Improvement
Bonds, Series 1986
08/01/86
$250,000 per year
6.20 -6.60
08/01/94 -96
750,000
$1,760,000 Improvement
Bonds, Series 1989
04/01/89
$180,000
6.80
2/1/94
180,000
$175,000— $170,000 per year
6.80 -7.10
02/01/95 -01
1,220,000
�� 1�
Bonds maturing in the years 1996 through 2001 will be called on February 1, 1995.
(Continued)
—109—
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
Issue Interest Maturity Principal
date rate date amount
$1,095,000 Improvement
Refunding Bonds, Series 1992E 11/01/92
$195,000
$185,000
$185,000
$180,000
$180,000
$170,000
Total improvement bonds
Revenue Bonds:
4.00%
02/01/96 $
195,000
4.40
02/01/97
185,000
4.70
02/02/98
185,000
4.90
02/03/99
180,000
5.00
02/04/00
180,000
5.20
02/05/01
170,000
$1,200,000 Golf Course Bonds 09/01/85
$100,000 8.00 01/01/95 100,000
$100,0004150,000 per year 8.10 -8.70 01/01/96-00 650,000
750,000
Bonds maturing in the years 1997 through 2000 will be called on January 1, 1996.
$2,470,000 Recreational
Facility Bonds 10/01/88
$25,000 per year 6.40 -6.60 01/01/95 -97 75,000
$175,000- $325,000 per year 6.70 -7.30 01/01/98 -09 2,320,000
2,395,000
Bonds maturing in the years 1999 through 2009 will be called on January 1, 1998.
$3,160,000 Utility
Bonds 10/1/88
$300,000 - $425,000 per year 6.30- 6.80 02/01/94-99 2,165,000
2,165,000
Bonds maturing in the years 1995 through 1999 will be called on February 1, 1994.
(Continued)
-110-
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
-111 -
T
Issue
Interest
Maturity
Principal
date
rate
date
amount
$2,100,000 Recreational
Facility Bonds, Series 1989
04/01/89
$75,000
6.80%
01/01/95 $
75,000
$80,000
6.90
01/01/96
80,000
$85,000
6.90
01/01/97
85,000
$95,000- $195,000 per year
6.95 -7.30
01/01198 -09
1,655,000
1,895,000
Bonds maturing in the years 1999 through 2009 will be called on January 1, 1998.
$3,975,000 Recreational Facility
Bonds, Series 1992
11/01/92
$45,000
4.00
01/01/96
45,000
$70,000
4.40
01/01/97
70,000
$105,000
4.70
01/01/98
105,000
$105,000
4.90
01/01/99
105,000
$130,000
5.00
01/01/00
130,000
$135,000
5.20
01/01/01
135,000
$170,000
5.40
01/01/02
170,000
$200,000
5.50
01/01/03
200,000
$235,000
5.60
01/01/04
235,000
$250,000
5.70
01101105
250,000
$260,000
5.80
01/01/06
260,000
$275,000
5.90
01/01/07
275,000
$285,000
5.95
01/01/08
285,000
$305,000
6.00
01/01/09
305,000
$320,000
6.00
01/01/10
320,000
$340,000
6.05
01/01/11
340,000
$360,000
6.05
01/01/12
360,000
$385,000
6.05
01/01/13
385,000
3,975,000
(Continued)
-111 -
T
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
-112-
Issue
Interest
Maturity
Principal
date
rate
date
amount
$4,650,000 Recreational Facility
Refunding Bonds, Series 1992C
11/01/92
$115,000
4.40%
01/01/97
$ 115,000
$160,000
4.70
01/01/98
160,000
$325,000
4.90
01/01/99
325,000
$320,000
5.00
01/01/00
320,000
$335,000
5.20
01 /01 /01
335,000
$360,000
5.40
01/01/02
360,000
$365,000
5.50
01/01/03
365,000
$380,000
5.60
01/01/04
380,000
$410,000
5.70
01101105
410,000
$435,000
5.80
01/01/06
435,000
$445,000
5.90
01/01/07
445,000
$495,000
5.95
01/01/08
495,000
$505,000
6.00
01/01/09
505,000
4,650,000
$1,925,000 Utility Revenue
Refunding Bonds, Series 1992D
11/01/92
$345,000
3.80
02/01/95
345,000
$370,000
4.00
02/01/96
370,000
$390,000
4.40
02/01/97
390,000
$400,000
4.70
02/01/98
400,000
$420,000
4.90
02/01/99
420,000
1,925,000
Total revenue bonds
17,755,000
Total bonds payable
$ 108,165,000
-112-
Exhibit 4
CITY OF EDINA, MINNESOTA
Schedule of Debt Service Requirements
December 31, 1993
Year
Tax Increment Bonds
Improvement Bonds
Revenue Bonds
ended
Principal
Interest
Principal
Interest
Principal
Interest
1994
$ 200,000
5,543,360
430,000
190,285
2,165,000
825,434
1995
1,580,000
5,663,955
1,470,000
162,715
545,000
925,466
1996
16,770,000
5,029,741
445,000
63,895
1,170,000
895,637
1997
5,190,000
4,303,031
185,000
39,425
685,000
816,508
1998
19,550,000
4,083,034
185,000
31,008
4,640,000
780,334
1999
2,530,000
2,711,492
180,000
22,250
850,000
462,163
2000
2,795,000
2,568,564
180,000
13,340
450,000
430,088
2001
2,945,000
2,407,820
170,000
4,420
470,000
406,618
2002
4,065,000
2,209,199
0
0
530,000
380,088
2003
4,345,000
1,967,346
0
0
565,000
350,240
2004
4,365,000
1,708,688
0
0
615,000
317,483
2005
4,775,000
1,432,701
0
0
660,000
281,453
2006
4,225,000
1,154,837
0
0
695,000
242,488
2007
3,865,000
879,622
0
0
720,000
201,093
2008
4,790,000
561,410
0
0
780,000
156,648
2009
5,175,000
192,313
0
0
810,000
109,143
2010
0
0
0
0
320,000
75,243
2011
0
0
0
0
340,000
55,358
2012
0
0
0
0
360,000
34,183
2013
0
0
0
0
385,000
11,646
$ 87,165,000 42,417,113 3,245,000 527,338 17,755,000 7,757,314
-113-
CITY OF EDINA, MINNESOTA
Assessed Valuation, Tax Levies and Mill Rates
(shown by year of tax collectibility)
Assessed valuation/tax capacity
Increment valuation
Contribution to fiscal disparities pool
Received from fiscal disparities pool
Taxable valuation
Tax levies:
General Fund
Mill rates:
General Fund
1990
1991
1992
$ 90,662,309
91,730,888
88,124,109
(3,891,583)
(4,288,608)
(5,684,605)
(9,436,024)
(9,709,309)
(9,546,954)
2,470,873
2,704,760
2,657,724
$ 79,805,575
80,437,731
75,550,274
$ 9,992,692 10,384,072 10,182,324
12.959 12.879 13.480
Note: (a) In 1989, assessed valuation was replaced by tax capacity.
—114—
1993
84,393,406
(7,391,826)
(10,366,571)
2,641,657
69,276,666
10,485,115
15.092
Exhibit 5
1994
82,244,215
(6,207,276)
(10,289,650)
2,511,902
68,259,191
10,927,551
16.032
-115-
Exhibit 6
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for 50th & France -No. 1200, a Tax Increment Financing District
Sources of funds:
Bond proceeds
Tax increments
received
Real estate sales*
State aid
Special assessments
Parking permits
Community develop-
ment
Other
Total sources of
funds
Uses of funds:
Land acquisition
Transfers to southeast
increment districts
Installation of public
utilities and
improvements
Bond payments:
Principal
Interest
Administrative costs
Work orders
Contingencies
Interest
Miscellaneous
Total uses of funds
Funds remaining (or
deficient)
*Real estate sales:
Liquor store site
Union oil site
December 31, 1993
Accounted
Original Amended for in Current Amount
budget budget prior years year remaining
$ 2,200,000
5,280,000
5,274,658
0
5,342
0
18,817,930
7,321,933
1,405,636
10,090,361
800,000
170,782
170,782
0
0
0
418,870
418,870
0
0
0
1,321,096
728,505
0
592,591
0
38,208
129,575
13,212
(104,579)
0
214,828
186,064
0
28,764
0
0
245,515
0
(245,515)
3,000,000
26,261,714
14,475,902
1,418,848
10,366,964
0
647,551
647,539
0
12
0
9,000,000
0
0
9,000,000
3,000,000
6,257,748
5,679,586
0
578,162
0
5,280,000
1,950,000
250,000
3,080,000
0
4,738,329
2,227,321
223,445
2,287,563
0
69,260
467,412
61,671
(459,823)
0
16,825
16,257
0
568
0
12,300
11,644
0
656
0
9,400
363,037
0
(353,637)
0
7,100
18,588
1,314
(12,802)
3,000,000
26038,513
11,381,384
536,430
14,120,699
$ 0
223,201
3,094,518
882,418
(3,753,735)
Cost to authoritX
Price
paid by developer
$ 128,064
105,002
134,506
65,780
$ 262,570
170,782
-116-
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Southeast Edina Redevelopment District —No. 1201, a Tax Increment Financing District
December 31, 1993
Sources of funds:
Bond proceeds
Tax increments
received
Interest on invested
funds
Real estate sales*
Community Develop-
ment Block Grant
Other
Total sources of
funds
Uses of funds:
Land acquisition
Site improvements or
preparation costs
Installation of public
utilities and
improvements
Bond payments:
Principal
Interest
Administrative costs
Parkland dedication
fees
Total uses of
funds
Funds remaining (or
deficient)
*Real estate sales:
Retail site
Hotel site
Elderly site
Office site
Exhibit 7
Accounted
Original Amended for in Current Amount
budget budget prior years year remaining
$ 6,165,177
21,470,000
20,219,852
0
1,250,148
0
85,000,000
15,647,186
2,004,957
67,347,857
0
0
1,930,542
0
(1,930,542)
598,005
1,750,000
1,335,911
0
414,089
0
0
189,221
0
(189,221)
0
0
25,931
0
(25,931)
6,763,182
108,220,000
39,348,643
2,004,957
66,866,400
6,682,998
15,278,569
10,479,127
0
4,799,442
0
21,894,254
15,397,695
0
6,496,559
2,885,484
2,392,303
468,098
0
1,924,205
0
21,470,000
4,925,000
720,000
15,825,000
0
17,000,000
12,142,070
1,144,268
3,713,662
194,700
2,466,200
1,977,939
22,324
465,937
0
0
767,852
0
(767,852)
9,763,182
80,501,326
46,157,781
1,886,592
32,456,953
$ (3,000,000)
27,718,674
(6,809,138)
118,365
34,409,447
Cost to authority
Price
paid by develo=
$ 8,350
11,899
192,915
192,915
453,740
346,534
1,027,277
784,563
$ 1,682,282
1,335,911
–117–
Exhibit 8
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Grandview Area Redevelopment District—No. 1202, a Tax Increment Financing District
December 31, 1993
Sources of funds:
Bond proceeds
Tax increments
received
Interest on
invested funds
Other
Total sources
of funds
Uses of funds:
Installation of
public utilities
and improvements
Bond payments:
Principal
Interest
Administrative
costs
Total uses
of funds
Funds remaining
Accounted
Original Amended for in Current Amount
budget budget prior years year remaining
$ 4,500,000
4,500,000
1,971,603
0
2,528,397
0
10,531,072
2,563,538
538,536
7,428,998
0
0
77,974
0
(77,974)
0
0
6,731
0
(6,731)
4,500,000
15,031,072
4,619,846
538,536
9,872,690
4,310,000
4,310,000
1,970,538
20,881
2,318,581
0
2,000,000
300,000
100,000
1,600,000
0
1,539,950
767,950
114,425
657,575
190,000
190,000
196,429
68,851
(75,280)
4,500,000
8,039,950
3,234,917
304,157
4,500,876
$ 0
6,991,122
1,384,929
234,379
5,371,814
Exhibit 9
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Southeast Edina Economic Development. District —No. 1203,
a Tax Increment Financing District
Sources of funds:
Bonds proceeds
Tax increments received
Interest on invested funds
Real estate sales*
Other
Total sources of
funds
Uses of funds:
Land acquisition
Site improvements or
preparation costs
Bond payments:
Principal
Interest
Administrative costs
Total uses of funds
Funds remaining (or
deficient)
*Real estate sales:
Retail and theatre site
Medical office site
Office site
December 31, 1993
126,400,000 35,515,049
1,259,476 89,625,475
13,900,000
Accounted
0
(1,237,870)
for in
Current
Amount
Budget
prior years
year
remaining
0
$ 41,400,000
26,688,323
0
149711,677
80,000,000
1,796,786
1,179,137
77,024,077
0
1,729,943
44,870
(1,774,813)
5,000,000
4,785,972
0
214,028
0
514,025
35,469
(549,494)
126,400,000 35,515,049
1,259,476 89,625,475
13,900,000
15,137,870
0
(1,237,870)
0
26,677,000
7,435,878
58,220
19,182,902
0
41,400,000
0
0
41,400,000
38,000,000
8,479,551
2,361,775
27,158,674
1,140,800
971,004
61,799
107,997
121,117,800
32,024,303
2,481,794
86,611,703
$ 5,282,200
3,490,746
(1,222,318)
3,013,772
Cost to authority
$ 3,213,720
815,092
757,160
$ 4,785,972
—119—
3,213,720
815,092
757 I An
4,785,972
WIWI t1i Peat Marwick
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on the
Schedule of Federal Financial Assistance
Honorable Mayor and Members
of the City Council
City of Edina, Minnesota:
Exhibit 10
We have audited the general purpose financial statements of the City of Edina, Minnesota, as of
and for the year ended December 31, 1993, and have issued our report thereon dated April 22,
1994. These general purpose financial statements are the responsibility of the management of the
City. Our responsibility is to express an opinion on these general purpose financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government
Auditing Standards, issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the general
purpose financial statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the general purpose financial
statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements of the City of Edina, Minnesota, taken as a whole. The accompanying schedule of
federal financial assistance is presented for purposes of additional analysis and is not a required
part of the general purpose financial statements. The information in that schedule 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.
4
April 22, 1994
11FIFT Member Firm of —120—
Klynveld Peat Marwick Goerdeler
CITY OF EDINA, MINNESOTA
Schedule of Federal Financial Assistance
Year ended December 31, 1993
Federal Emergency Management Agency:
Passed through State of MN
State and Local Warning Grant 83.513
9,158 0
Exhibit 11
Accrued/
(deferred)
revenue at
Disbursements December 31,
Receipts or expenditures 1993
134,560 159,164
9,158 9,158
41,885
0
Accrued/
(deferred)
Federal
Program
revenue at
Federal grantor /pass - through
CFDA
Pass - through or award
December 31,
grantor /program title
number
grantor's number amount
1992
U.S. Department of HUD:
Passed through Hennepin
County —Community
Development Block Grant
i
14.218
B88UC270001 $ 178,458
17,281
Federal Emergency Management Agency:
Passed through State of MN
State and Local Warning Grant 83.513
9,158 0
Exhibit 11
Accrued/
(deferred)
revenue at
Disbursements December 31,
Receipts or expenditures 1993
134,560 159,164
9,158 9,158
41,885
0
k;;Ul Peat Marwick
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on
Compliance with General Requirements
Applicable to Federal Financial Assistance Programs
Honorable Mayor and Members
of the City Council
City of Edina, Minnesota:
Exhibit 12
We have audited the general purpose financial statements of the City of Edina, Minnesota, as of
and for the year ended December 31, 1993, and have issued our report thereon dated April 22,
1994.
We have applied procedures to test the City of Edina, Minnesota's compliance with the following
requirements applicable to its federal financial assistance programs, which are identified in the
schedule of federal financial assistance for the year ended December 31, 1993: political activity,
Davis/Bacon Act, civil rights, cash management, federal financial reports, allowable costs/cost
principles, Drug -Free Workplace Act and administrative requirements.
Our procedures were limited to the applicable procedures described in the Office of Management
and Budget's Compliance Supplement for Single Audits of State and Local Governments. Our
procedures were substantially less in scope than an audit, the objective of which is the expression
of an opinion on the City of Edina, Minnesota's compliance with the requirements listed in the
preceding paragraph. Accordingly, we do not express such an opinion.
With respect to the items tested, the results of those procedures disclosed no material instances of
noncompliance with the requirements listed in the second paragraph of this report. With respect to
items not tested, nothing came to our attention that caused us to believe that the City of Edina,
Minnesota, had not complied, in all material respects, with those requirements. However, the
results of our procedures disclosed an immaterial instance of noncompliance with those
requirements, which is described in the accompanying schedule of findings and questioned costs.
This report is intended for the information of management, the City Council and cognizant
agencies. This restriction is not intended to limit the distribution of this report, which is a matter of
public record.
elt-1 � A2, � � � � /�". lc��
April 22, 1994
[IFFF Member Firm of —122—
Klynveld Peat Marwick Goerdeler
Exhibit 12, Cunt.
CITY OF EDINA, MINNESOTA
Schedule of Findings and Questioned Costs
Year ended December 31, 1993
Finding Questioned Cost
The City of Edina has a formal drug -free workplace policy, but has not
notified all employees regarding this policy as required by federal laws
and regulations. $ 0
Client response
During 1994, the City will give all employees training regarding the
drug -free workplace policy.
—123—
Peat Marwick
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on Compliance
at the General Purpose Financial Statement Level
Honorable Mayor and Members
of the City Council
City of Edina, Minnesota:
Exhibit 13
We have audited the general purpose financial statements of the City of Edina, Minnesota, as of
and for the year ended December 31, 1993, and have issued our report thereon dated April 22,
1994.
We conducted our audit in accordance with generally accepted auditing standards and Government
Auditing Standards, issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the general
purpose financial statements are free of material misstatement.
Compliance with laws, regulations, contracts and grants applicable to the City of Edina,
Minnesota, is the responsibility of the management of the City of Edina, Minnesota. As part of
obtaining reasonable assurance about whether the general purpose financial statements are free of
material misstatement, we performed tests of the City of Edina, Minnesota's compliance with
certain provisions of laws, regulations, contracts and grants. However, our objective was not to
provide an opinion on overall compliance with such provisions. Accordingly, we do not express
such an opinion.
The results of our tests indicate that, with respect to the items tested, the City of Edina, Minnesota,
complied, in all material respects, with the provisions referred to in the preceding paragraph. With
respect to items not tested, nothing came to our attention that caused us to believe that the City of
Edina, Minnesota had not complied, in all material respects, with those provisions.
This report is intended for the information of management, the City Council and cognizant
agencies. This restriction is not intended to limit the distribution of this report, which is a matter of
public record.
April 22, 1994
FFIFF Member Firm of —124—
Klynveld Peat Marwick Goerdeler
k;;6i Peat Marwick
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Exhibit 14
Independent Auditors' Report on the Internal Control Structure at
the Federal Financial Assistance Program Level —No Major Programs
Honorable Mayor and Members
of the City Council
City of Edina, Minnesota:
We have audited the general purpose financial statements of the City of Edina, Minnesota as of and
for the year ended December 31, 1993, and have issued our report thereon dated April 22, 1994.
We conducted our audit in accordance with generally accepted auditing standards; Government
Auditing Standards, issued by the Comptroller General of the United States; and Office of
Management and Budget (OMB) Circular A -128, Audits of State and Local Governments. Those
standards and OMB Circular A -128 require that we plan and perform the audit to obtain reasonable
assurance about whether the general purpose financial statements are free of material misstatement
and about whether the City of Edina, Minnesota complied with certain laws and regulations.
In planning and performing our audits for the year ended December 31, 1993, we considered the
City's internal control structure in order to determine our auditing procedures for the purpose of
expressing our opinion on the City's general purpose financial statements and not to provide
assurance on the internal control structure. This report addresses our consideration of internal
control structure policies and procedures relevant to compliance with requirements applicable to
federal financial assistance programs. We have addressed policies and procedures relevant to our
audit of the general purpose financial statements in a separate report dated April 22, 1994.
The management of City of Edina, Minnesota is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of internal control structure policies
and procedures. The objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized
use or disposition, that transactions are executed in accordance with management's authorization
and recorded properly to permit the preparation of general purpose financial statements in
accordance with generally accepted accounting principles, and that federal financial assistance
programs are managed in compliance with applicable laws and regulations. Because of inherent
limitations in any internal control structure, errors, irregularities, or instances of noncompliance
may nevertheless occur and not be detected. Also projection of any evaluation of the structure to
future periods is subject to the risk that procedures may become inadequate because of changes in
conditions or that the effectiveness of the design and operation of policies and procedures may
deteriorate.
RIJT Member Firm –125–
Klynveld Peat Marwick Goerdeler
Exhibit 14, Cont.
For the purpose of this report, we have classified the significant internal control structure policies
and procedures used in administering federal financial assistance programs in the following
categories:
• Accounting controls:
— revenue and receipts, and
— purchases and disbursements.
• Administrative controls:
— political activity,
— Davis -Bacon Act,
— civil rights,
— cash management,
— federal financial reports,
— allowable costs/cost principle,
— Drug -free Workplace Act, and
— administrative requirements.
For all of the internal control structure categories listed above, we obtained an understanding of the
design of relevant policies and procedures and determined whether they have been placed in
operation, and we assessed control risk.
During the year ended December 31, 1993, the City of Edina, Minnesota had no major federal
financial assistance programs and expended 100 percent of its total federal financial assistance
under the following nonmajor federal financial assistance programs: Community Development
Block Grant and State and Local Warning Grant.
We performed tests of controls, as required by OMB Circular A -128, to evaluate the effectiveness
of the design and operation of internal control structure policies and procedures that we considered
relevant to preventing or detecting material noncompliance with specific requirements, general
requirements, and requirements governing claims for advances and reimbursements, and amounts
claimed or used for matching that are applicable to the aforementioned nonmajor programs. Our
procedures were less in scope than would be necessary to render an opinion on these internal
control structure policies and procedures. Accordingly, we do not express such an opinion.
Our consideration of the internal control structure would not necessarily disclose all matters in the
internal control structure that might be material weaknesses under standards established by the
American Institute of Certified Public Accountants. A material weakness is a reportable condition
in which the design or operation of one or more of the internal control structure elements does not
reduce to a relatively low level the risk that noncompliance with laws and regulations that would be
material in relation to a federal financial assistance program may occur and not be detected within a
timely period by employees in the normal course of performing their assigned functions. We noted
no matters involving the internal control structure and its operation that we consider to be material
weaknesses as defined above.
However, we noted certain matters involving the internal control structure and its operation that we
have reported to management of the City of Edina, Minnesota, in a separate letter dated April 22,
1994.
This report is intended for the information of management, City Council and federal and cognizant
agencies. This restriction is not intended to limit the distribution of this report, which is a matter of
public record.
.�oir�Gi✓p/a��
April 22, 1994
—126—
,7 /-I 17 I .
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on the Internal Control
Structure at the General Purpose Financial Statement Level
Honorable Mayor and Members
of the City Council
City of Edina, Minnesota:
Exhibit 15
We have audited the general purpose financial statements of the City of Edina, Minnesota, as of
and for the year ended December 31, 1993, and have issued our report thereon dated April 22,
1994.
We conducted our audit in accordance with generally accepted auditing standards and Government
Auditing Standards, issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the general
purpose financial statements are free of material misstatement.
In planning and performing our audit of the general purpose financial statements of the City of
Edina, Minnesota, for the year ended December 31, 1993, we considered its internal control
structure in order to determine our auditing procedures for the purpose of expressing our opinion
on the general purpose financial statements and not to provide assurance on the internal control
structure.
The management of the City of Edina, Minnesota, is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of internal control
structure policies and procedures. The objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in accordance with
management's authorization and recorded properly to permit the preparation of general purpose
financial statements in accordance with generally accepted accounting principles. Because of
inherent limitations in any internal control structure, errors or irregularities may nevertheless occur
and not be detected. Also, projection of any evaluation of the structure to future periods is subject
to the risk that procedures may become inadequate because of changes in conditions or that the
effectiveness of the design and operation of policies and procedures may deteriorate.
Member Firm of - —127—
Klynveld Peat Marwick Goerdeler
Exhibit 15, Cont.
For the purpose of this report, we have classified the significant internal control structure policies
and procedures in the following categories:
• Accounting controls:
— revenue and receipts, and
— purchases and disbursements.
• Administrative controls:
— political activity,
— Davis -Bacon Act,
— civil rights,
— cash management,
— federal financial reports,
— allowable costs/cost principle,
— Drug -free Workplace Act, and
— administrative requirements.
For all of the internal control structure categories listed above, we obtained an understanding of the
design of relevant policies and procedures and determined whether they have been placed in
operations, and we assessed control risks.
Our consideration of the internal control structure would not necessarily disclose all matters in the
internal control structure that might be material weaknesses under standards established by the
American Institute of Certified Public Accountants. A material weakness is a reportable condition
in which the design or operation of one or more of the internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities in amounts that would be
material in relation to the general purpose. financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of performing their assigned
functions. We noted no matters involving the internal control structure and its operation that we
consider to be material weaknesses as defined above.
However, we noted certain matters involving the internal control structure and its operation that we
have reported to the management of the City of Edina, Minnesota, in a separate letter dated
April 22, 1994.
This report is intended for the information of management, City Council and federal and cognizant
agencies. This restriction is not intended to limit the distribution of this report, which is a matter of
public record.
April 22, 1994
—128—
STATISTICAL
SECTION
Table 1
CITY OF EDINA, MINNESOTA
General Governmental Expenditures by Function (a)
Last Ten Fiscal Years
(Unaudited)
Note: (a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
Unallocated
Fiscal
General
Public
Public
general
Capital
Debt
year
government
safety
works
Parks
expenditures
Other
outlay
service
Total
1984
$ 1,204,887
4,018,072
2,597,141
1,001,235
199,697
269,148
3,125,207
1,621,969
14,037,356
i 1985
1,397,975
4,356,382
2,508,679
1,227,795
363,635
291,850
1,816,758
2,022,009
13,985,083
1986
1,383,353
4,520,851
2,444,260
1,068,170
350,475
825,817
9,443,950
3,571,172
23,608,048
i 1987
1,425,939
4,762,906
2,209,872
1,369,848
340,300
868,647
9,075,508
3,999,429
24,052,449
1988
1,655,826
5,122,392
2,441,928
1,471,741
321,166
1,049,684
19,875,745
4,120,163
36,058,645
1989
1,823,403
5,345,763
2,502,980
1,654,159
300,142
1,094,418
8,857,367
4,850,967
26,429,199
1990
1,937,867
5,855,776
2,719,479
1,570,886
646,345
679,889
8,456,658
5,833,141
27,700,041
1991
1,996,628
6,116,844
2,862,383
1,787,171
617,117
981,143
8,003,595
5,863,425
28,228,306
1992
1,987,784
6,218,655
2,750,808
2,137,194
588,319
4,429,119
586,679
5,963,850
24,662,408
1993
1,999,863
6,544,220
2,990,247
1,744,807
117,451
1,877,110
496,334
6,647,360
22,417,392
Note: (a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
Table 2
CITY OF EDINA, MINNESOTA
General Governmental Revenues by Source (a)
Last Ten Fiscal Year:
(Unaudited)
Note: (a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
Interest
on funds
Licenses
Charges
held with
Sales and
Fiscal
Special
Franchise
and
Inter-
for
Fines and
Interest on
fiscal
rental of
Miscel-
year
Taxes
assessments
fee
permits
governmental
services
forfeitures
investments
agent
property
laneous
Totals
1984
$ 6,645,913
0
0
405,685
1,930,171
410,950
375,101
760,801
0
23,032
118,188
10,669,841
1985
7,057,640
0
0
553,908
1,949,957
540,458
386,333
977,946
0
1,162,307
81,325
12,709,874
1986
7,850,460
0
0
695,898
2,027,833
772,920
401,203
1,594,460
0
135,871
58,865
13,537,510
1987
8,486,440
1,787,962
58,683
710,282
3,010,203
652,389
515,172
785,228
0
152,495
182,109
16,340,963
1988
9,853,560
1,500,050
48,528
623,760
2,425,720
740,708
532,257
533,647
0
127,846
130,766
16,516,842
1989
11,050,785
936,026
49,969
893,191
3,548,522
873,549
467,957
1,737,726
0
151,180
1,613,999
21,322,904
c 1990
12,968,717
936,042
96,715
874,298
572,262
1,235,812
494,009
1,289,470
0
133,809
2,432,752
21,033,886
i 1991
14,425,200
980,689
133,680
850,897
580,561
1,287,524
437,433
875,320
0
124,149
437,429
20,132,882
1992
15,935,816
1,563,993
168,122
820,007
1,000,395
1,360,233
471,038
424,622
0
100,000
3,107,110
24,951,336
1993
17,505,272
991,394
260,039
1,037,783
1,749,631
1,167,446
350,582
431,976
1,443,530
100,765
205,432
25,243,850
Note: (a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
w
Table 3
CITY OF EDINA, MINNESOTA
Property Tax Levies and Collections
Last Ten Fiscal Years
(Unaudited)
Percent
Percent of
Percent
of total tax
outstanding
of total
Delinquent
collections
Outstanding
delinquent
Fiscal
Total tax
Current tax
tax levy
tax
Total tax
to total
delinquent
taxes to
year
levy
collections
collected
collections
collections
tax levy
taxes
total tax levy
1984
$ 6,343,688
6,341,589
99.96%
$ 41,179
6,382,768
100.62%
$ 110,610
1.74%
1985
6,654,251
6,548,680
98.41
74,091
6,622,771
99.53
103,878
1.66
1986
7,440,298
7,368,782
99.04
98,170
7,466,952
100.36
77,224
1.04
1987
8,045,584
7,904,551
98.25
61,041
7,965,592
99.01
189,063
2.35
1988
8,569,599
8,463,929
98.77
71,756
8,535,685
99.60
182,013
2.12
1989
8,996,391
8,764,316
97.42
68,377
8,832,693
98.18
198,204
2.20
1990
9,992,692
9,752,024
97.59
83,684
9,835,708
98.43
158,558
1.59
1991
10,384,072
10,129,419
97.55
38,558
10,167,977
97.91
241,915
2.33
1992
10,182,324
9,887,842
97.12
126,956
10,014,798
98.35
274,437
2.70
1993
10,485,115
9,989,612
95.27
(2,977)
9,986,635
95.26
204,153
1.95
Table 4
CITY OF EDINA, MINNESOTA
Assessed Value or Tax Capacity and
Estimated Market Value of Taxable Property
Last Ten Fiscal Years
(Unaudited)
Note: (a) In 1988, assessed value was replaced by tax capacity.
—132—
Ratio of total
Real property
assessed value/
tax capacity to
Assessment
Assessed value/
Estimated
total estimated
year
tax capacity
market value
market value
1984
$ 682,304,872
2,417,980,250
28.22%
1985
704,791,469
2,517,569,550
27.99
1986
725,895,608
2,610,642,350
27.81
1987
768,050,021
2,807,510,000
27.35
1988 (a)
100,735,332
3,061,404,810
3.29
1989
87,055,570
3,212,261,700
2.71
1990
90,320,919
3,388,087,700
2.67
1991
87,214,668
3,496,892,900
2.49
1992
83,480,350.
3,568,897,100
2.34
1993
81,413,953
3,607,576,600
2.26
Note: (a) In 1988, assessed value was replaced by tax capacity.
—132—
Table 5
CITY OF EDINA, MINNESOTA
Property Tax Rates -All Overlapping Governments
(per $100 of assessed value)
Last Ten Fiscal Years
(Unaudited)
Note: (a) In 1989, mill rates were replaced by tax capacity rates.
-133-
City
of Edina
Special
General
Revenue
School
Fiscal year
Fund
Funds
Total
District
County
Other
Total
1984 $
9.235
1.137
10.372
47.597
29.689
7.222
94.880
1985
9.168.
1.174
10.342
48.160
29.272
5.184
92.958
1986
11.303
11.303
45.033
29.688
7.853
93.877
1987
11.954
11.954
43.065
29.356
7.812
92.187
1988
12.151
12.151
44.838
31.675
8.659
97.323
1989 (a)
9.887
9.887
43.477
27.101
7.371
87.836
1990
12.959
12.959
42.369
27.916
7.046
90.290
1991
12.879
12.879
45.490
30.114
8.441
96.924
1992
13.480
13.480
51.823
34.327
6.633
106.263
1993
15.092
15.092
63.743
35.839
7.629
122.303
Note: (a) In 1989, mill rates were replaced by tax capacity rates.
-133-
Table 6
CITY OF EDINA, MINNESOTA
Special Assessment Collections
Last Ten Fiscal Years
(Unaudited)
Percentage
Collection
Percentage
Collection
of total
Total
of current
of levy
of prior
Total
collections
outstanding
Year
Total levy
year's levy
collected
year's levy
collections
to total levy
assessments
1984
$ 1,649,440
1,492,190
90.47%
$ 85,500
1,577,690
95.65 %
$ 229,793
1985
1,492,140
1,410,553
94.53
158,984
1,569,537
105.19
178,008
1986
1,262,257
1,200,287
95.09
31,599
1,231,886
97.59
180,501
1987
1,292,379
1,257,033
97.26
31,579
1,288,612
99.71
47,059
1988
1,071,212
1,044,584
97.51
6,478
1,051,062
98.12
67,209
1989
787,932
736,574
93.48
66,768
803,342
101.96
47,894
1990
782,763
738,498
94.35
12,937
751,435
96.00
56,861
1991
586,124
558,429
95.27
24,934
583,363
99.53
78,101
1992
998,069
977,184
97.91
39,851
1,017,035
101.90
27,228
1993
834,099
826,178
99.05
12,890
839,068
100.60
22,259
Table 7
CITY OF EDINA, MINNESOTA
Ratio of Net General Bonded Debt to Assessed
Valuer Tax Capacity and Net Bonded Debt Per Capita
Last Ten Fiscal Years
(Unaudited)
*Source: Metropolitan Council estimate
Notes: (a) Official population per 1991 census.
(b) Includes all long -term general obligation debt.
(c) In 1988, assessed value was replaced by tax capacity.
—135—
Ratio of
Net
net bonded
Net
assessed
Debt
debt to
bonded
value /tax
Gross
service
assessed
debt
Fiscal
*Popu-
capacity (in
bonded
monies
Net bonded
value /tax
per
year
lation
thousands)
debt (b)
available
debt
capacity-
capita
1984
45,280
$ 643,379
11,955,000
1,585,175
10,369,825
.0161 %
229
1985
44,940
659,468
23,385,000
1,614,721
21,770,279
.0330
484
1986
45,523
673,941
30,185,000
1,335,954
28,849,046
.0428
634
1987
45,924
705,560
28,400,000
1,017,238
27,382,762
.0388
596
1988(c)
46,095
90,975
47,305,000
2,513,806
44,791,194
.4920
972
1989
44,943
79,805
64,060,000
1,202,505
62,857,495
.7880
1,399
1990
46,070 (a) 80,438
65,435,000
1,026,815
64,408,185
.8007
1,398
1991
46,070
75,550
63,565,000
1,026,815
62,538,185
.8278
1,357
1992
46,079
69,276
.90,880,000
26,899,229
63,980,771
.9236
1,388
1993
46,916
68,259
108,165,000
45,994,060
62,170,940
.9108
1,325
*Source: Metropolitan Council estimate
Notes: (a) Official population per 1991 census.
(b) Includes all long -term general obligation debt.
(c) In 1988, assessed value was replaced by tax capacity.
—135—
Table 8
CITY OF EDINA, MINNESOTA
Computation of Legal Debt Margin
December 31, 1993
(Unaudited)
Estimated market value of taxable property $ 3,607,576,600
Debt limit- 2.00% of total
estimated market value 72,151,532
Amount of debt applicable to debt
limit:
Total bonded debt $ 108,165,000
Less:
Other deductions allowed by law:
Tax increment bonds $ 87,165,000
Improvement bonds 3,245,000
Revenue bonds .17,755,000
Total deductions 108,165,000
Total amount of debt
applicable to debt limit 0
Legal debt margin $ 72,151,532
—136—
Table 9
CITY OF EDINA, MINNESOTA
Computation of Overlapping Debt
December 31, 1993
(Unaudited)
—137—
Percentage
Amount
applicable
applicable
Net debt
to City of
to City of
Jurisdiction
outstanding
Edina
Edina
City of Edina
$ 62,170,940
100.00%
$ 62,170,940
Hennepin County
79,583,833
8.08
6,430,374
IDS #273 (Edina)
37,970,443
98.20
37,286,975
IDS #287 (Hennepin Tech)
0
11.99
0
IDS #270 (Hopkins)
6,927,444
7.33
507,782
IDS #271 (Bloomington)
(293,569)
0.02
(59)
IDS #272 (Eden Prairie)
81,129,969
1.52
1,233,176
IDS #280 (Richfield)
36,900,000
31.48
11,616,120
IDS #283 (St. Louis Park)
15,392,193
0.01
1,539
Metro Council
45,818,259
4.18
1,915,203
Metro Transit
1,354,000
4.56
61,742
Hennepin County Regional Parks
11,875,517
11.31
1,343,121
Total
$ 122,566,913
—137—
CITY OF EDINA, MINNESOTA
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures
Last Ten Fiscal Years
(Unaudited)
Table 10
Ratio of total
Notes: (a) Includes General, Special Revenue and Debt Service Funds.
(b) Includes refinancing of temporary bonds.
—138—
debt service
Total
to total
Fiscal
debt
Total general
general
year
Principal
Interest
service
expenditures (a)
expenditures
1984
$ 5,050,000 (b)
1,071,969
6,121,969
10,693,544
.5725%
1985
1,650,000
1,472,009
3,122,009
12,561,374
.2485
1986
1,650,000
1,921,172
3,571,172
14,450,898
.2471
1987
1,700,000
2,299,429
3,999,429
14,843,024
.2694
1988
1,950,000
2,170,163
4,120,163
16,336,066
.2522
1989
1,800,000
3,037,525
4,837,525
17,299,271
.2796
1990
1,485,000
4,348,141
5,833,141
19,421,089
.3003
1991
1,480,000
4,386,400
5,866,400
20,559,514
.2853
1992
1,790,000
4,173,850
5,963,850
19,610,522
.3041
1993
1,800,000
4,847,360
6,647,360
21,384,897
.3108
Notes: (a) Includes General, Special Revenue and Debt Service Funds.
(b) Includes refinancing of temporary bonds.
—138—
Table 11
CITY OF EDINA, MINNESOTA
Revenue Bond Coverage
Last Ten Fiscal Years
(Unaudited)
Recreational Facility Bonds
1984
1,030,952
923,838
Net
125,000
14,760
139,760
77
1985
1,106,658
1,052,131
revenue
120,000
57,627
177,627
31
1986
1,158,660
Direct*
available
50,000
99,512
149,512
-
1987
Gross
operating
for debt
Debt service requirements
97,690
Fiscal year
revenue
expenses
service
Principal
Interest
Total
Coverage
Utility Bonds
129
1989
2,348,220
1,725,118
623,102
50,000
346,201
1984
$ 3,436,525
3,386,541
49,984
-
-
-
-
1985
3,686,287
3,731,907
(45,620)
-
-
-
-
1986
3,621,775
3,726,699
(104,924)
-
-
-
-
1987
4,149,444
4,127,469
21,975
-
-
-
-
i 1988
4,285,722
4,842,797
(557,075)
-
-
-
- -
1989
5,539,373
4,839,753
699,620
-
172,418
172,418
406
1990
5,197,400
4,761,182
436,218
170,000
194,382
364,382
119
1991
6,399,204
5,583,502
815,702
250,000
175,245
425,245
192
1992
5,867,015
5,365,942
580,371
275,000
169,233
444,233
131
1993
7,122,636
6,238,142
884,494
300,000
214,791
514,791
172
Recreational Facility Bonds
1984
1,030,952
923,838
107,114
125,000
14,760
139,760
77
1985
1,106,658
1,052,131
54,527
120,000
57,627
177,627
31
1986
1,158,660
1,177,380
(18,720)
50,000
99,512
149,512
-
1987
1,424,381
1,206,116
218,265
85,000
97,690
182,690
119
1988
1,703,728
1,431,693
272,035
50,000
161,182
211,182
129
1989
2,348,220
1,725,118
623,102
50,000
346,201
396,201
157
1990
2,453,425
1,993,388
460,087
50,000
411,298
461,298
100
1991
2,413,488
2,248,196
165,292
140,000
407,690
547,690
30
1992
2,552,605
2,288,778
263,827
195,000
398,127
593,127
44
1993
4,523,957
4,269,570
254,387
195,000
707,454
902,454
28
* Before interest costs.
CITY OF EDINA, MINNESOTA
Property and Construction Values
Last Ten Fiscal Years
(Unaudited)
*Assessor's market.
—140—
Table 12
Pronertv value*
ommercial Residential
495,218,100
532,936,100
567,688,400
621,601,700
667,282,000
681,372,900
713,876,500
751,280,100
767,495,300
711,471,100
1,922,762,150
1,984,633,450
2,042,953,950
2,185,908,300
2,392,686,800
2,530,888,800
2,674,211,200
2,745,612,800
2,801,401,800
2,896,105,500
Commercial
Residential
construction
construction
Fiscal
Number of
Number of
year
permits
Value
permits
Value
1984
3 $
1,290,000
116
$ 14,800,000
1985
5
6,645,080
327
34,886,143
1986
5
18,034,760
397
39,909,000
1987
342
19,797,541
551
30,600,000
1988
336
22,100,000
560
26,327,000
1989
407
65,000,000
86
11,463,231
1990
378
37,299,553
605
31,762,558
1991
518
21,596,135
546
22,781,128
1992
415
18,371,703
647
22,086,178
1993
396
35,014,704
673
27,505,219
*Assessor's market.
—140—
Table 12
Pronertv value*
ommercial Residential
495,218,100
532,936,100
567,688,400
621,601,700
667,282,000
681,372,900
713,876,500
751,280,100
767,495,300
711,471,100
1,922,762,150
1,984,633,450
2,042,953,950
2,185,908,300
2,392,686,800
2,530,888,800
2,674,211,200
2,745,612,800
2,801,401,800
2,896,105,500
Taxpayer
Southdale
Gabberts and Galleria
Pentagon Office Park
Cedars of Edina
Southdale Office Center
Southdale Medical Building
Centennial Lakes Center
Rembrandt Heritage
Durham
Alliant Techsystems
National Car
Edinborough
York Plaza
Target
7373 France Avenue South
Lincoln Drive Apartments
Vernon Terrace
Jerry's Retail Center
Edina Towers
Yorktown Continental
CITY OF EDINA, MINNESOTA
Principal Taxpayers
December 31, 1993
(Unaudited)
Type of business
Shopping center
Shopping center
Office building
Apartments
Office building
Office building
Retail
Apartments
Apartments
Office building
Office building
Apartments
Apartments
Retail
Medical Office
Apartments
Apartments
Retail & Office
Apartments
Apartments
—141—
L,
Table 13
1993 tax
capacity
8,701,942
1,724,550
1,508,115
534,083
808,000
734,400
632,234
361,054
360,400
472,121
457,250
238,258
323,000
390,664
382,730
265,812
247,520
329,715
244,800
163,900
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics
December 31, 1993
(Unaudited)
Date of incorporation
Date of adoption of Council - Manager Plan
Present form of government
Fiscal year begins
Area of City
Percent of City developed with buildings
Miles of streets and sewers:
Total streets (including state and county)
Sanitary sewer
Sewer connections
Fire protection:
Number of stations
Number of employees (full time)
Police protection:
Number of stations
Number of employees (full time)
Park areas:
Present park acres and open space
Total improved park acres
Number of parks
Private golf courses
Public golf courses
Municipal water plant:
Number of wells
Miles of watermain
Gallons of storage
Number of consumers
—142—
Table 14
December 17, 1888
January 1, 1955
Council- Manager
January 1
16 square miles
97%
224 miles
186.22 miles
13,783
1
30
1
54
1,600
1,007
38
2
3
18
198.81
7 million
14,025
(Continued)
Table 14, Cont.
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics, Continued
Population:
1930
3,138
1940
5,855
1950
9,744
1960
28,501
1965 (special census)
35,302
1970
44,046
1975 (estimated April 1)
49,736
1980 (census)
46,073
1981 (estimated April 1)
46,080
1982 (estimated April 1)
45,370
1983 (estimated April 1)
45,340
1984 (estimated April 1)
45,280
1985 (estimated April 1)
44,940
1986 (estimated April 1)
. 45,523
1987 (estimated April 1)
45,924
1988 (estimated April 1)
46,095
1989 (estimated April 1)
44,943
1990 (census)
46,070
1991 (estimated)
46,070
1992 (estimated May 1992)
46,079
1993 (estimated June 1993)
46,916
—143—