HomeMy WebLinkAbout1997 Comprehensive Annual Financial Reporto e��
CITY OF EDINA, MINNESOTA
1997
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31,1997
CITY OF EDINA, MINNESOTA
Comprehensive Annual Financial Report
Year ended December 31, 1997
Department of Finance
John Wallin— Treasurer and Finance Director
Eric Anderson— Assistant Finance Director
Peggy Gibbs — Accountant
CITY OF EDINA, MINNESOTA
TABLE OF CONTENTS
PART I -- INTRODUCTORY SECTION
Page
Elected and Appointed Officials ................................................................... ..............................1
Lettersof Transmittal .................................................................................. ............................... 2
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 Revenue Fund 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 General Purpose Financial Statements ..................................... .............................19
Combining and Individual Fund and Account Group Financial Statements:
General Fund:
BalanceSheet ...................................................................................... ............................... 47
Statement of Revenues, Expenditures and Changes in
Fund Balance — Budget and Actual ................................................. ............................... 48
Schedule of Revenues — Budget and Actual ...................................... ............................... 49
Schedule of Expenditures — Budget and Actual ................................. ............................... 45
Schedule of Central Services Expenditures — Budget and Actual ..... ............................... 57
Special Revenue Funds:
Combining Balance Sheet ................................................................... ............................... 59
Combining Statement of Revenues, Expenditures and Changes in
FundBalance .................................................................................... ............................... 60
Debt Service Funds:
Combining Balance Sheet ................................................................... ............................... 62
Combining Statement of Revenues, Expenditures and Changes in
FundBalance ...................................................................................... .............................63
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Page
Combining and Individual Fund and Account
Group Financial Statements (Continued):
Capital Project Funds:
CombiningBalance Sheet ..................................................................... .............................65
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance (Deficit) ...................................................................... ............................... 66
Enterprise Funds:
CombiningBalance Sheet ................................................................... ...............................
68
Combining Statement of Revenues, Expenses and Changes in Retained Earnings .......
70
Combining Statement of Cash Flows .................................................. ...............................
72
Utilities Fund:
BalanceSheet ............................................................................... ...............................
74
Statement of Revenues, Expenses and Changes in Retained Earnings ....................
75
Statementof Cash Flows .............................................................. ...............................
77
Liquor Fund:
BalanceSheet ............................................................................... ...............................
78
Statement of Revenues, Expenses and Changes in Retained Earnings ....................
79
Statement of Cash Flows .............................................................. ...............................
80
Schedule of Operating Expenses .................................................. ...............................
81
Swimming Pool Fund:
BalanceSheet ............................................................................... ...............................
82
Statement of Revenues, Expenses and Changes in Retained Earnings ...................
83
Statement of Cash Flows .............................................................. ...............................
84
Golf Course Fund
BalanceSheet ............................................................................... ...............................
85
Statement of Revenues, Expenses and Changes in Retained Earnings ....................
86
Statementof Cash Flows .............................................................. ...............................
87
Schedule of Operating Expenses .................................................. ...............................
88
Arena Fund:
BalanceSheet ............................................................................... ...............................
89
Statement of Revenues, Expenses and Changes in Retained Earnings ...................
90
Statement of Cash Flows .............................................................. ...............................
91
Gun Range Fund:
BalanceSheet ............................................................................... ...............................
92
Statement of Revenues, Expenses and Changes in Retained Earnings ....................
93
Statement of Cash Flows .............................................................. ...............................
94
Art Center Fund:
BalanceSheet ............................................................................... ...............................
95
Statement of Revenues, Expenses and Changes in Retained Earnings ....................
96
Statementof Cash Flows .............................................................. ...............................
97
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Page
Combining and Individual Fund and Account
Group Financial Statements (Continued):
Edinborough Park/Centennial Lake Fund:
BalanceSheet ............................................................................... ............................... 98
Statement of Revenues, Expenses and Changes in Retained Earnings ................... 99
Statement of Cash Flows ................................. ............................... ............................100
Trust and Agency Funds:
Combining Balance Sheet ................................. ............................... ............................102
Deferred Compensation Expendable Trust Fund:
BalanceSheet ................................ ............................... ............................103
Statement of Revenues, Expenses and Changes in Retained Earnings ..................104
Agency Funds:
Statement of Changes in Assets and Liabilities .............................. ............................105
General Fixed Assets Account Group:
Schedule of General Fixed Assets ......................... ............................... ............................107
General Long -term Debt Account Group:
Schedule of General Long -term Debt ..................... ...............................
............................109
Supplementary Information:
Exhibit
Page
Combined Schedule of Bonded Indebtedness .....................
Exhibit 1
.... ............................110
Schedule of Changes in Bonded Indebtedness ...................
Exhibit 2
.... ............................112
Schedule of Bonds Payable ................... ...............................
Exhibit 3
.... ............................113
Schedule of Debt Service Requirements .............................
Exhibit 4
.... ............................117
Assessed Valuation, Tax Levies and Mill Rates ..................
Exhibit 5
.... ............................118
Independent Auditors' Report on Minnesota Legal
Compliance......................................... ...............................
Exhibit 6
.... ............................119
Schedule of Findings on Legal Compliance .........................
Exhibit 7
.... ............................120
PART III -- STATISTICAL SECTION
Table
Page
General Governmental Expenditures by Function
Last Ten Fiscal Years ............................. ...............................
Table 1
..... ............................122
General Governmental Revenues by Source
Last Ten Fiscal Years ............................. ...............................
Table 2
..... ............................123
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Statistical Section (Continued):
Property tax Levies and Collections — Last Ten
FiscalYears ............................................ ...............................
Assessed Value or Tax Capacity and Estimated
Market Value of Taxable Property .......... ...............................
Property Tax Rates — All Overlapping Governments
Last Ten Fiscal Years ............................. ...............................
Special Assessment Collections — Last Ten
FiscalYears ............................................ ...............................
Ratio of Net General Bonded Debt to Assessed
Value/Tax Capacity and Net Bonded Debt per
Capita — Last Ten Fiscal Years ............. ...............................
Computation of Legal Debt Margin - December 31, 1997.......
Computation of Overlapping Debt - December 31, 1997 ........
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General
Expenditures — Last Ten Fiscal Years .. ...............................
Revenue Bond Coverage — Last Ten Fiscal Years .................
Property and Construction Values — Last Ten
FiscalYears ........................................... ...............................
Principal Taxpayers - December 31, 1997 ..............................
Major Employers in the City ...................... ...............................
Labor Force Data ...................................... ...............................
Miscellaneous Statistics - December 31, 1997 .......................
Sources and Uses of Public Funds
for 50th & France -No. 1200, a Tax Increment
Financing District ................................ ...............................
Sources and Uses of Public Funds
for Southeast Edina Redevelopment District -
No. 1201, a Tax Increment Financing District ...................
Sources and Uses of Public Funds
for Grandview Area Redevelopment District -
No. 1202, a Tax Increment Financing District ...................
Sources and Uses of Public Funds
for Southeast Edina Redevelopment District -
No. 1203, a Tax Increment Financing District ...................
Sources and Uses of Public Funds
for Southeast Edina Economic Development
District-No. 1204, a Tax Increment Financing
District............................................. ...............................
Sources and Uses of Public Funds
for 70th Street and Cahill Road District -No.
1207, a Tax Increment Financing District ..........................
Table
Page
Table 3 ..... ............................124
Table 4 ..... ............................125
Table 5 ..... ............................126
Table 6 ..... ............................127
Table 7 ..... ............................128
Table 8 ..... ............................129
Table 9 ..... ............................130
Table 10 .... ............................131
Table 11 .... ............................132
Table 12 .... ............................133
Table 13 .... ............................134
Table 14 .... ............................135
Table 15 .... ............................136
Table 16 .... ............................137
Table 17 .... ............................139
Table 18 .... ............................140
Table 19 .... ............................141
Table 20 .... ............................142
Table 21 ..........
Table 22 ................
................143
......144
INTRODUCTORY
SECTION
CITY OF EDINA, MINNESOTA
Elected and Appointed Officials
December 31, 1997
Elected:
Mayor —Glenn L. Smith
Council:
Dennis Maetzold
James Hovland
Nan Faust
Michael Kelly
Appointed:
Manager- Kenneth E. Rosland
Treasurer and Finance Director -John Wallin
Assistant Finance Director -Eric Anderson
Clerk -Debra Mangen
*First Official business day.
Page 1
Term of office
expires January*
2001
1999
1999
2001
2001
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April 3, 1998
To the Honorable Mayor and
Members of the City Council
City of Edina, Minnesota:
Page 2
City of Edilna
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 31,1997 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 FAX (612) 927 -7645
EDINA, MINNESOTA 55424 -1394 TDD (612) 927 -5461
Page 3
The City of Edina, Minnesota concluded fiscal year 1997 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.
Respectfully submitted,
Kenneth E. R
City Manager
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April 3, 1998
To the Honorable Mayor,
Members of the City Council,
and City Manager
City of Edina, Minnesota:
Page 4
City of Edina
The Comprehensive Annual Financial Report of the City of Edina (the City), for the fiscal year
ended December 31,1997, 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 FAX (612) 927 -7645
EDINA, MINNESOTA 55424 -1394 TDD (612) 927 -5461
Page 5
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 is financially accountable and which the
City's relationship with is such that exclusion would cause the City's financial statements to be
misleading or incomplete.
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 $28,313,052 in 1997, an increase of 4.1 percent
over 1996. General property taxes produced 62.4 percent of general revenues compared to
59.2 percent last year. The amount of revenues from various sources and the increase
(decrease) over last year are shown in the following table:
Revenue Source
Taxes
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 revenues
Total revenues
Percent
Total of total
$17,653,621
955,206
331,527
1,388,968
1,996,744
2,842,923
562,910
62.35%
3.37%
1.17%
4.91%
7.05%
10.04%
1.99%
Increase
(decrease)
from 1996
$ 1,563,916
(14, 262)
107,038
6,541
(1,931,608)
1,221,288
106,321
1,199,251
4.24% 218,310
1,038,850
3.67% (137,126)
152,398
0.54% (73,948)
190,654
.67% 48,731
$28,313,052 100.00% $1,115,201
Current tax collections were 98.8 percent of the tax levy, up .06 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 96.9 percent, an increase of 0.25 percent from last year.
Page 6
Intergovernmental revenues were 7.1 percent of general revenues compared to 14.4 percent in
1996.
Expenditures for general governmental purposes within the General, Special Revenue, Debt
Service and Capital Project Funds totaled $40,891,105 an increase of 45.0 percent over 1996.
Increases (decreases) in levels of expenditures for major functions of the City over last year are
shown in the following table: .
Function
General government
Public safety
Public works
Parks
Unallocated general
Other
Capital outlay
Bond principal
Interest and fiscal charges
Total expenditures
$40,891,105 100.0% $12,687,413
Expenditures for capital outlay were 41.0 percent of total general governmental expenditures.
The increase from 1996 is primarily due to the purchase of land by the HRA for $5,157,412 and
$6,598,274 in park improvements associated with the Park Bond Referendum.
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 capital
The following is a summary of bonded debt for fiscal year 1997:
Gross bonded debt outstanding, January 1, 1997
Add bonds issued in fiscal year 1997
Deduct bonds redeemed in fiscal year 1997
Gross bonded debt outstanding, December 31, 1997
Deduct sinking fund assets, December 31, 1997
Net bonded debt, December 31, 1997
.9832
$ 1.626
$92,680,000
12,590,000
10,885,000
94,385,000
(17,729,522)
$76,655,478
The City's bonds continue to have an Aa1 rating as determined by Moody's Investors Service,
and an AA rating from Standard & Poors.
Increase
Percent
(decrease)
Total
of total
from 1996
$2,247,040
5.5%
$45,728
7,717,334
18.9%
276,733
3,537,441
8.7%
246,699
2,031,261
5.0%
111,502
340,510
.8%
89,295
1,597,747
3.9%
(192,576)
16,796,824
41.0%
11,768,559
2,120,000
5.2%
720,000
4,502,948
11.0%
(378,527)
$40,891,105 100.0% $12,687,413
Expenditures for capital outlay were 41.0 percent of total general governmental expenditures.
The increase from 1996 is primarily due to the purchase of land by the HRA for $5,157,412 and
$6,598,274 in park improvements associated with the Park Bond Referendum.
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 capital
The following is a summary of bonded debt for fiscal year 1997:
Gross bonded debt outstanding, January 1, 1997
Add bonds issued in fiscal year 1997
Deduct bonds redeemed in fiscal year 1997
Gross bonded debt outstanding, December 31, 1997
Deduct sinking fund assets, December 31, 1997
Net bonded debt, December 31, 1997
.9832
$ 1.626
$92,680,000
12,590,000
10,885,000
94,385,000
(17,729,522)
$76,655,478
The City's bonds continue to have an Aa1 rating as determined by Moody's Investors Service,
and an AA rating from Standard & Poors.
Page 7
At December 31,1997 the City had $72,390,000 of Tax Increment Bonds outstanding, excluding
General Obligation, Improvement and Revenue Bonds. $18,166,594 was available in the
General Debt Service Fund for payment of these obligations, resulting in $54,223,406 net
general debt at December 31,1997.
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 1997 the City earned
$1,168,439 in interest income. The following is a list of the City's cash and investments by
classification as of December 31, 1997:
Cash
Cash deficit
Cash with plan administrator
Cash with fiscal agents
Certificates of deposit
Commercial paper
Government securities
Money market investments
Capital Project Funds
$7,974,819
(7,773,089)
2,510,513
21, 724,134
100,000
11,324,630
15,561,194
5,093,020
$56,515,221
The major construction projects and equipment purchases are accounted for in four 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
appropriations, or working capital funds. The Park Improvements Fund is for park
improvements funded through property taxes.
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, 1997 the general fixed assets of the City amounted to $78,124,113 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.
Page 8
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 1997 and 1996 is as follows:
Utilities
Liquor
Swimming pool
Golf course
Arena
Gun Range
Art Center
Edinborough Park/Centennial Lake
Income (loss)
1997
1996
$543,967
$693,705
720,658
594,848
(164,313)
47,124
184,030
83,880
(214,861)
(139,954)
(10,840)
(13,741)
(73,434)
(79,953)
(402,273)
(329,069)
$582,934 $856,840
Operating transfers to /from other funds for various purposes were $214,408 and $1,600,000 in
1997 and $500,000 and $100,000 in 1996, 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 LLP
has been included in this Comprehensive Annual Financial Report for 1997.
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,
9r—La ge
John Wallin, CPA
Treasurer and Finance Director
PegN
Accountant
FINANCIAL
SECTION
K�FAgGiPeat Marwick LLP
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:
Page 9
We have audited the general purpose financial statements of the City of Edina, Minnesota, as
of and for the year ended December 31,1997. 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 and
Govemment 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 general purpose 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
31,1997, 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.
As discussed in notes 7 and 21 to the financial statements the City changed its method of
accounting for deferred compensation plan to adopt the provisions of Governmental Accounting
Standards Board Statement No. 32, Accounting and Financial Reporting for Intemal Revenue
Code Section 457 Deferred Compensation Plans.
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 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.
Member Firm of KPMG International
KP 4GJ Peat Marwick LAP
Page 10
The data designated as the statistical section 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. 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.
'��/ lorOW�4�el-v
April 3, 1998
CITY OF EDINA, MINNESOTA
Combined Balance Sheet - All Fund Types and Account Groups
December 31, 1997
(with comparative totals for December 31, 1996)
Assets and Other Debits
Cash (note 2)
Petty cash and change funds (note 2)
Investments (note 2)
Cash and investments with
plan administrators (notes 2 and :7)`
Cash and investments with fiscal•agents
Receivables:
Accounts
Customers
Interest
Special assessments
Developer loan
Taxes
Due from other funds (note 9)
Due from other governments
Inventory
Prepaid Expenses
Advance to other funds (note 10)
Fixed Assets (note 4)
Discount on bonds
Amount available in debt service fund
Amount to be provided for retirement of long -tens debt
Total assets and other debits
Liabilities, Fund Equity and Other Credits
Liabilities:
Accounts payable
Salaries payable
Contracts payable
Accrued interest payable
Due to other funds (note 9)
Due to other governments
Compensated absences payable
Deposits payable
Due to participants (note 7 and 22)
Property tax abatement payable
Deferred revenue
Advance from other funds (note 10)
Obligation under capital lease (note 15)
Bonds payable (note 5)
Total liabilities
Fund equity and other credits:
Investment in general fixed assets (note 4)
Contributed Capital
Retained earnings:
Reserved (note 11)
Unreserved - undesignated
Fund balance:
Reserved (note 11)
Unreserved - designated (note 11)
Unreserved - undesignated
Total fund equity and other credits
Contingencies (note 14)
Total liabilities, fund equity and other credits
See accompanying notes to financial statements
Governmental fund types
Page 11
.1"
325,729
Special
Debt
Capital
General
Revenue
Service
Projects
_
$ 27,108
0
0
18,279
1,690
0
0
0
5,271,540
881,453
0
25,796,426
0
0
0
0
0
0
17,729,522
0
2021330
45
31,427
20,716
0
0
0
0
41
7,310
0
137,616
0
0
2,681;199
100,836
0
0
0
0
0
0
0
46,149
5,361,025
26,376
1,698,455
0
220,954
28,171
3,8.35
326
0
0
0
0
21,080
0
0.
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$ 11.105.768
943.355
22.144.438
26.120.348
325,729
52,826
0
258,888
259,477
1,229
0
998
0
0
0
224,109
0
0
0
0
221,821
5,885
0
7,494,686
354,449
0
132,819
36
0
911
0
0
0
0
0
0
0
0
0
0
0
0
0
1,488,691
0
0
2,546,912
100,836
0
0
0
0
0
0
0
0
0
0
0
0
1,161,476
60,851
2,679,731
9,568,244
0
0
0
0
0
0
0
0
0
0
0
0
0
0.
0
0
1,642,733
0
19,464,707
181,361
5,708,632
0
0
0
2,592,927
882,504
.0
16,370,743
9,944,292,
882,504
19,464,707 ',
16,552,104
$ 11,105,768
943,355
22,144,438
26,120,348
Page 12
Proprietary
Fiduciary
fund type
fund type
Account groups
General
General
Totals
Trust &
Fixed
Long -tens
(memorandum only)
Enterprise
Agency
Asset
Debt
1997
1996
0
143,888
0
0
189,275
596,399
10,765
0
0
0
12,455
10,355
10,266
119,159
0
0
32,078,844
32,335,367
0
2,510,513
0
0
2,510,513
8,217,281
3,994,612
0
0
0
21,724,134
24,923,924
168,658
0
0
0
423,176
606,585
2,117,545
0
0
0
2,117,545
2,089,453
53,610
0
0
0
198,577
353,315
22,153
0
0
0
2,804,188
2,897,524
0
0
0
0
0
1,616,446
236
0
0
0
46,385
0
900,014
0
0
0
7,985,870
6,460,033
0
6,420
0
0
259,706
409,106
913,363
0
0
0
913,363
797,606
0
0
0
0
21,080
26,931
1,596,747
0
0
0
1,596,747
2,711,415
39,414,920
0
78,124,113
0
117,539,033
102,242,904
65,831
0
0
0
65,831
80,787
0
0
0
19,464,707
19,464,707
21,767,924
0
0
0
62,846,317
62,846,317
58,194,348
49.268.720
2.779.980
78.124.113
82.311.024
272.797.746
266.337.703
722,691
7,981
0
0
1,368,115
1,475,136
76,726
0
0
0
338,430
262,475
24,145
0
0
0
248,254
116,940
394,506
0
0
0
394,506
407,858
250,000
13,478
0
0
7,985,870
6,460,033
402,957
248,008
0
0
1,138,269
454,778
130,308
0
0
522,035
653,254
644,878
6,170
0
0
0
6,170
229,989
0
0
0
0
0
8,217,281
0
0
0
0
1,488,691
0
5,040
0
0
0
2,652,788
2,761,538
1,596,747
0
0
0
1,596,747
2,711,415
360,000
0
0
593,989
953,989
1,055,000
13,190,000
0
0
81,195,000
94,385,000
92,680,000
17,159,290
269,467
0
82,311,024
113,210,083
117,477,321
0
0
78,124,113
0
78,124,113
68,409,756
6,096,611
0
0
0
6,096,611
628,981
1,607,870
0
0
0
1,607,870
1,607,870
24,404,949
0
0
0
24,404,949
22,020,960
0
2,510,513
0
0
23,799,314
25,085,457
0
0
0
0
5,708,632
7,310,166
0
0
0
0
19,846,174
23,797,192
32,109,430
2,510,513
78,124,113
0
159,587,663
148,860,382
49,268,720
2,779,980
78,124,113
82,311,024
272,797,746
266,337,703
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenditures and Changes in Fund Balance -
AII Governmental Fund Types
Year ended December 31, 1997
(with comparative totals for year ended December 31, 1996)
Revenues:
Taxes (note 3)
Special assessments
Franchise fees
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest on investments
Interest on funds held with fiscal agent
Sales and rental of property
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
Infrastructure.
Other
Debt Service:
Bond principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues over expenditures
Nonoperating revenues:
Donations
Total nonoperating revenues
Income (loss) before other financing sources
Other financing sources (uses):
Operating transfers in (out):
Operating transfers in (out) - General Fund
Operating transfers in (out )-Liquor Fund
Operating transfers in (out) - Capital Projects Fund
Operating transfers in (out) - Edinborough Park Fund
Operating transfers in (out) -HRA
Operating transfers in (out) - General Debt Service Fund
Parkland dedication
Capital Lease
Proceeds from sale of bonds
Proceeds of refunding bonds
Payment to refunded bond escrow agent
Payment for refunded bonds
Reserve for construction
Total other financing sources (uses)
Excess (deficiency) of revenues and other financing
sources over expenditures and other financing uses
Page 13.
Governmental fund
types
0
Fiduciary Type
0
Special
Debt
Capital
Expendable
General
Revenue
Service
Projects
Trust
$ 12,105,724
0
666,072
4,881,825
0
0
0
840,238
114,968
0
0
331,527
0
0
0
1,388,968
0
0
0
0
1,643,648
182,507
0
170,589
0
1,576,224
0
0
1,266,699
0
562,910
0
0
0
0
30,812
49,067
0
1,119,372
0
0
0
1,038,850
0
0
149,047
0
0
3,351
0
45,186
0
0
145,468
614,412
17,502,519
563,101
2,545,160
7,702,272
614,412
2,247,040
0
0
0
0
7,717,334
0
0
0
0
3,537,441
0
0
0
0
2,031,261
0
0
0
0
340,510
0
0
0
0
117,167
454,952
2,281
1,023,347
42,185
51,638
0
0
0
0
334,523
0
0
0
0
431,291
0
0
0
0
104,058
0
0
0
0
0
0
0
15,867,676
0
0
7,638
0
0
0
0
0
2,120,000
0
0
0
0
4,502,948
0
0
16,912,263
462,590
6,625,229
16,891,023
42,185
590,256
100,511
(4,080,069)
(9,188,751)
572,227
0
0
0
4,025
0
0
0
0
4,025
0
590,256
100,511
(4,080,069)
(9,184,726)
572,227
0
0
0
78,142
0
0
0
0
(333,000)
0
0
0
(1,600,000)
0
0
0
254,858
0
4,856,852
0
0
0
0
(4,856,852)
331,466
0
0
0
0
0
0
0
0
0
0
7,573,354
0
0
5,000,000
0
0
0
0
0
0
0
(8,080,000)
0
0
0
0
0
(1,346,676)
0
1,776,852
2,794,644
(756,420)
100,511
(2,303,217)
(6,390,082)
Fund balance - January 1 10,700,712 781,993 21,767,924 22,942,186
Cummulative effect of adoption of GASB 32 (note 7 and 21) 0 0 0 0
Fund balance - December 31
See accompanying notes to financial statements
0
0
0
0
0
0
0
0
0
0
0
0
0
0
572,227
0
1,938,286
$ 9,944,292 882,504 19,464,707 16,552,104 2,510,513
Page 14
Totals
(memorandum only)
1997 1996
17, 653, 621
16, 089, 705
955,206
969,468
331,527
224,489
1,388,968
1,382,427
1,996,744
3,928,352
2,842,923
1,621,635
562,910
456,589
1,199,251
950,129
1,038,850
1,175,976
152,398
108,111
805,066
292,018
28,927,464
27,198,899
2,247,040
2,201,312
7,717,334
7,440,601
3,537,441
3,290,742
2,031,261
1,919,759
340,510
251,215
1,639,932
1,790,323
51,638
21,433
334,523
326,379
431,291
509,513
104,058
113,557
15,867,676
4,055,972
7,638
1,411
2,120,000
1,400,000
4,502,948
4,881,475
40,933,290
28,203,692
(12,005,826)
(1,004,793)
5,111,710
4,025
19,654
4,025
19,654
(12,001,801)
(985,139)
78,142
50,159
0
400,000
(333,000)
(50,159)
(1,600,000)
0
5,111,710
4,243,252
(4,856,852)
(4,243,252)
331,466
65,561
0
650,000
7,573,354
8,042,433
5,000,000
10,050,000
0
(10,050,000)
(8,080,000)
(15,815,000)
0
800
3,224,820 (6,656,206)
(8,776,981) (7,641,345)
56,192,815 63,834,160
1,938,286 0
49,354,120 56,192,815
Page 15
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, 1997
(with comparative totals for year ended December 31, 1996)
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Parkland dedication
Reserve for construction
Total other financing sources (uses)
Excess (deficiency) of revenues and other financing
sources over expenditures and other financing uses $
Fund balance - January 1
Fund balance - December 31
See accompanying notes to financial statements
(400,000)
400,000
0
0
0
400,000
590,256
254,858
(1,933,000)
331,466
0
(1,346,676)
990,256
(145,142)
(1,933,000)
331,466
0
(1,746,676)
(756,420) (756,420)
10,700,712
9,944,292
General
Variance
favorable
Budget
Actual
(unfavorable)
Revenues:
Taxes (note 3)
$ 12,291,244
12,105,724
(185,520)
Licenses and permits
1,008,500
1,388,968
380,468
Intergovernmental
1,453,735
1,643,648
189,913
Charges for services
1,435,700
1,576,224
140,524
Fines and forfeitures
395,000
562,910
167,910
Interest on investments
15,000
30,812
15,812
Sales and rental of property
50,000
149,047
99,047
Other revenues
30,500
45,186
14,686
Total revenues
16,679,679
17,502,519
822,840
Expenditures:
Current:
General government
2,264,586
2,247,040
17,546
Public safety
7,880,017
7,717,334
162,683
Public works
3,580,764
3,537,441
43,323
Parks
2,031,983
2,031,261
722
Unallocated general
291,265
340,510
(49,245)
Other
0
117,167
(117,167)
Capital outlay:
General government
26,576
51,638
(25,062)
Public safety
437,484
334,523
102,961
Public works
472,704
431,291
41,413
Parks
94,300
104,058
(9,758)
Total expenditures
17,079,679
16,912,263
167,416
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Parkland dedication
Reserve for construction
Total other financing sources (uses)
Excess (deficiency) of revenues and other financing
sources over expenditures and other financing uses $
Fund balance - January 1
Fund balance - December 31
See accompanying notes to financial statements
(400,000)
400,000
0
0
0
400,000
590,256
254,858
(1,933,000)
331,466
0
(1,346,676)
990,256
(145,142)
(1,933,000)
331,466
0
(1,746,676)
(756,420) (756,420)
10,700,712
9,944,292
Page 16
Totals
(memorandum only)
Special Revenue
1997
1996
Variance
Variance
favorable
favorable
Budget
Actual
(unfavorable)
Budget
Actual
(unfavorable)
Actual
0
0
0
12,291,244
12,105,724
(185,520)
11,747,743
0
0
0
1,008,500
1,388,968
380,468
1,382,427
188,011
182,507
(5,504)
1,641,746
1,826,155
184,409
1,723,940
0
0
0
1,435,700
1,576,224
140,524
1,621,635
0
0
0
395,000
562,910
167,910
456,589
0
0
0
15,000
30,812
15,812
16,815
0
0
0
50,000
149,047
99,047
103,367
0
0
0
30,500
45,186
14,686
10,402
188,011
182,507
(5,504)
16,867,690
17,685,026
817,336
17,062,918
0
0
0
2,264,586
2,247,040
17,546
2,201,312
0
0
0
7,880,017
7,717,334
162,683
7,440,601
0
0
0
3,580,764
3,537,441
43,323
3,290,742
0
0
0
2,031,983
2,031,261
722
1,919,759
0
0
0
291,265
340,510
(49,245)
251,215
188,011
182,507
5,504
188,011
299,674
(111,663)
473,597
0
0
0
26,576
51,638
(25,062)
21,433
0
0
0
437,484
334,523
102,961
326,379
0
0
0
472,704
431,291
41,413
509,513
0
0
0
94,300
104,058
(9,758)
113,557
188,011
182,507
5,504
17,267,690
17,094,770
172,921
16,548,108
0
0
0
(400,000)
590,256
990,257
514,810
0
0
0
400,000
254,858
(145,142)
400,000
0
0
0
0
(1,933,000)
(1,933,000)
(50,159)
0
0
0
0
331,466
331,466
65,561
0
0
0
0
0
0
800
0
0
0
400,000
(1,346,676)
(1,746,676)
416,202
0
0
0
0
(756,420)
(756,420)
931,012
0
10,700,712
9,769,700
0
9,944,292
10,700,712
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings — All Proprietary Fund Types
Year ended December 31, 1997
(with comparative totals for year ended December 31, 1996)
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
Nonoperating revenues (expenses):
Interest on investments
Donations
Miscellaneous expense
Interest earned from fiscal agent
Interest and fiscal charges
Interest on capital lease
Gain (loss) on sale of fixed assets
Amortization of bond discount
Total nonoperating revenues (expenses)
Income before operating transfers
Operating transfers in (out):
General fund
Art center fund
Liquor store fund
Arena fund
Gun range fund
Edinborough Park/Centennial Lake
Total operating transfers, net
Net income
Add depreciation on contributed assets
Increase in retained earnings
Retained earnings - January 1
Residual equity transfer out
Retained earnings - December 31
See accompanying notes to financial statements
Page 17
Totals
1997 1996
$ 7,426,218 6,399,235
5,607,325 4,813,865
1,818,893 1,585,370
13, 275, 588 12, 608, 639
15,094,481 14,194,009
3,715,800
3,955,454
2,610,358
986,910
1,069,164
1,779,721
14,117,407
977,074
374,217
34,102
6,556
182,924
(803,155)
(19,761)
(154,067)
(14,956)
(394,140)
582,934
1,600,000
(67,000)
214,408
(100,000)
(22,408)
(25,000)
1,600,000
2,182,934
214,074
2,397,008
3,423,248
3,715,083
2,403,736
936,244
1,031,551
1,662,373
13,172,235
1,021,774
424,425
14,479
7,575
219,459
(826,818)
(21,629)
32,531
(14,956)
(164,934)
856,840
(400,000)
(95,000)
100,000
0
(5,000)
0
(400,000)
456,840
70,725
527,565
23,628,830 23,101,265
(13,019)
$ 26,012,819 23,628,830
Page 18
CITY OF EDINA, MINNESOTA
Combined Statement of Cash Flows - All Proprietary Fund Types
Combining Statement of Cash Flows
Year Ended December 31, 1997
(with comparative totals for December 31, 1996)
Totals
Cash flows from operating activities:
1997
1996
Operating income $
977,074
1,021,774
Adjustments to reconcile operating income
to net cash provided by operating activities
Depreciation expense
1,779,721
1,662,373
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
(59,032)
133,898
(Increase) decrease in customer accounts receivable
(28,092)
22,349
Increase in special assessments receivable
(1,526)
(18,868)
Increase in taxes receivable
(236)
0
Decrease in due from other governments
3,757
3,692
Increase in inventory
(115,757)
(173,842)
Decrease in prepaid expenses
0
288,506
Increase in accounts payable
266,609
77,100
Increase in salaries payable
19,564
13,522
Increase in contracts payable
14,357
9,788
Decrease in accrued interest payable
(13,352)
(45,417)
Increase (decrease) in due to other governments
289,668
(12,915)
Increase in compensated absences payable
6,772
14,467
Decrease in deposits payable
(3,981)
(6,125)
Increase (decrease) in deferred revenue
(24,401)
13,910
Increase in due from other funds
(817,830)
(8,678)
Increase (decrease) in due to other funds
(220,458)
171,602
Total adjustments
1,095,783
2,145,362
Net cash provided by operating activities
2,072,857
3,167,136
Cash flows from noncapital financing activities:
Donations
23,836
14,479
Miscellaneous revenue
6,556
7,575
Decrease in advance to other funds
194,137
302,309
Decrease in advance from other funds
(1,114,668)
(69,795)
Decrease in reserve for construction
0
(750)
Operating transfer in (out)-General Fund
1,600,000
(400,000)
Operating transfer (out )-Art Center
(67,000)
(95,000)
Operating transfer in- Liquor Store Fund
214,408
100,000
Operating transfer (out )-Arena
(100,000)
0
Operating transfer (out) -Gun Range
(22,408)
(5,000)
Operating transfer (out) - Edinborough Park
(25,000)
0
Residual equity transfer out
(13,019)
0
Net cash (used) provided for noncapital financing activities
696,842
(146,182)
Cash flows from capital financing activities
Net acquisition of capital assets
(1,679,789)
(2,212,299)
Gain (loss) on sale of Fixed assets
(154,067)
32,531
Principal paid on revenue bonds
(685,000)
(1,170,000)
Principal paid on capital lease
(45,000)
(45,000)
Interest earned from fiscal agent
182,924
219,459
Interest paid on capital lease
(236,638)
(238,346)
Interest paid on bonds
(586,278)
(610,102)
Net cash used by capital financing activities
(3,203,848)
(4,023,757)
Cash flows from investing activities
(Increase) decrease in interest receivable
16,063
(747)
Interest on investments
374,217
424,425
Net cash provided by investing activities
390,280
423,678
Net decrease in cash and cash equivalents
(43,869)
(579,125)
Cash and equivalents, beginning of year
4,049,246
4,628,371
Cash and equivalents, end of year $
4,005,377
4,049,246
Supplemental disclosure of noncash noncapital financing activity:
Donation of investments $
10,266
0
Contribution of fixed assets
5,681,704
0
Total noncash noncapital financing activity $
5,691,970
0
See accompanying notes to financial statements
Page 19
CITY OF EDINA, MINNESOTA
Notes to Financial Statements
December 31,1997
(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 City was
incorporated in 1888.
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
In accordance with Governmental Accounting Standards Board (GASB)
Statement No. 14, °The Financial Reporting Entity" the City's financial reporting
entity consists of (a) the primary government, (b) organizations for which the
primary government is financially accountable, and (c) other organizations for
which the nature and significance of their relationship with the primary
government are such that exclusion would cause the reporting entity's financial
statements to be misleading or incomplete. The primary government is
financially accountable for the component unit if it appoints a voting majority of
the component unit's governing body and is able to impose its will on the
component unit or there is a potential for the component unit to provide specific
financial benefits to, or impose specific financial burdens on, the primary
government.
As required by generally accepted accounting principles, the financial
statements of the reporting entity include those of the primary government and
its component units (legally separate organizations). The component unit
discussed below is included in the City's reporting entity because of the
significance of its operational or financial relationship with the City.
In conformity with generally accepted accounting principles, the financial
statements of a component unit has been included in the City's reporting entity
as a blended component unit. The blended component unit's financial data are
reported as part of the primary government.
Blended Component Unit. The following component unit has been presented as
a blended component unit because the component unit's government body is
substantively the same as the governing body of the City.
(Continued)
Page 20
CITY OF EDINA, MINNESOTA
Housing and Redevelopment Authority of Edina
The Housing and Redevelopment Authority of Edina (HRA) strives to redevelop
the residential and commercial areas of the City and to provide affordable
housing, adequate jobs and a sound financial base for the City residents. The
City Council members act as the HRA board and therefore the HRA's governing
body is substantially the same as the City's governing body. The HRA activities
are included in the capital projects fund.
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.
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 are financed or recovered primarily through user charges; or
(b) where the governing body has decided that periodic determination of
(Continued)
Page 21
CITY OF EDINA, MINNESOTA
revenues earned, expenses incurred, and /or net income is appropriate for
capital maintenance, public policy, management control, accountability or other
purposes.
Fiduciary Funds
Trust and Agency Funds —Trust Funds account for assets held by the City in
a trustee capacity. 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.
Account Groups
The General Fixed Assets Account Group is used to account for fixed assets
not accounted for in proprietary or trust funds. The Long -Term Debt Account
Group is used to account for general long -term debt and certain other liabilities
that are specific liabilities of proprietary funds.
C. Measurement Focus
All Governmental Funds and the expendable trust fund 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.
(Continued)
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CITY OF EDINA, MINNESOTA
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. All Proprietary Funds are accounted for on a cost of
services or "capital maintenance" measurement focus. This means that current
and long -term assets and current and long -term 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 and expendable trust fund are accounted for
using the modified accrual basis of accounting. Their revenues are recognized
when they become measurable and available as net current assets.
"Measurable" means the amount of the transaction can be determined and
°available" means collectible within the current period or soon enough thereafter
to pay liabilities of the current period. The government considers all revenues
available if they are collected within 60 days after year end. Major revenues
that are determined to be susceptible to accrual include property taxes, special
assessments, intergovernmental revenues, charges for service, and interest on
investments. Major revenues that are determined not to be susceptible to
accrual because they are not available soon enough to pay liabilities of the
current period or are not objectively measurable include delinquent property
(Continued)
E.
Page 23
CITY OF EDINA, MINNESOTA
taxes and assessments, licenses, permits, fines and forfeitures.
Expenditures are generally recognized under the modified accrual basis of
accounting when the related fund liability is incurred. Exceptions to this general
rule include principal and interest on long -term debt which is recognized when
due.
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.
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.
Budgets and Budgetary Accounting
The City adopts an annual budget for the General Fund and the Community
Development Block Grant Fund, a Special Revenue Fund. (The council has
elected not to prepare a budget for the Communications Fund, the City's other
Special Revenue Fund.) The budgets are prepared on the modified accrual
basis of 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.
5. Budgets for the General Fund and the Community Development Block
Grant Fund, a Special Revenue Fund, are adopted on a basis consistent
with generally accepted accounting principles (GAAP).
6. The City Council may authorize transfers of budgeted amounts between
departments.
(Continued)
Page 24
CITY OF EDINA, MINNESOTA
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
appropriations lapse at year end.
F. Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other
commitments for the expenditure of monies are recorded in order to reserve
that portion of the applicable appropriation, is employed as an extension of
formal budgetary integration.
Encumbrances outstanding at year -end represent the estimated amount of the
expenditures ultimately to result if unperformed contracts in process at year -end
are completed. Encumbrances outstanding at year -end do not constitute
expenditures or liabilities, and therefore, are presented in the financial
statements as reservations of fund balances. Encumbrances are recorded in
the Construction, Park Improvements, and Revolving Funds which are part of
the Capital Projects Fund.
G. Cash
Cash balances from all funds are pooled together and invested to the maximum
extent favorable rates. This also allows certain funds to generate a temporary
cash overdraft. Interest eamed is allocated as determined by the Investment
Advisory Committee.
H. Investments
The City's investments are stated at cost or amortized cost, except for deferred
compensation investments and investments with fiscal agents which are stated
at market value.
I. 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.
J. Advances and Interfund Receivables /Payables
Transactions between funds that are representative of lending/borrowing
arrangements outstanding at the end of the year are recorded as due
to /from other funds for the current portion and as advance toffrom other
fund for the long -term portion.
(Continued)
CITY OF EDINA, MINNESOTA
K. Inventory
Page 25
Inventory is stated at the lower of cost (determined on a first in, first out basis)
or market value. The costs of proprietary fund -type inventories are recorded as
an expense when consumed rather than when purchased.
L. Compensated Absences
It is the City's policy to permit employees to accumulate earned but unused
vacation and sick pay benefits. Sick leave is payable only when used and
consequently, is not recorded as a liability. Vacation pay is payable when used
or upon termination of employment (up to 240 hours). Vacation pay is accrued
when incurred in Proprietary Funds and reported as a liability. For
Governmental Funds, vacation pay that is expected to be liquidated with
expendable available financial resources is reported as an expenditure and a
fund liability of the Fund that will pay it. Amounts not expected to be liquidated
with expendable available financial resources are reported in the General Long-
term Debt Account Group. No expenditure is reported for these amounts. The
amount of accrued vacation pay at December 31, 1997 reported in the
Governmental Funds, Proprietary Funds and General Long -term Debt Account
Group was $911, $130,308 and $522,035, respectively.
M. 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. The
columns do not present financial position, results of operations, or changes in
financial position in conformity with generally accepted accounting principles.
Interfund eliminations have not been made in the aggregation of these data.
N. 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.
O. Reclassifications
Certain 1996 amounts were reclassified to conform to the 1997 presentation.
P. GAS13 Statement No. 20
In accordance with Governmental Accounting Standards, proprietary and similar
trust funds may apply all GASB pronouncements, as well as the following
pronouncements issued on or before November 30, 1989, unless those
pronouncements conflict with or contradict GASB pronouncements; Statements
and Interpretations of the Financial Accounting Standards Board (FASB),
(Continued)
Page 26
CITY OF EDINA, MINNESOTA
Accounting Principles Board (APB) Opinions, and Accounting Research
Bulletins (ARBs) of the Committee on Accounting Procedure. The City has
elected to apply only FASB, APB, and ARB materials issued on or before
November 30, 1989 to the Enterprise Funds.
(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,
1997 the City was not in compliance with Minnesota Statutes regarding pledged
collateral. The City's deposits are insured or collateralized, however, the City's interest
in pledged collateral for deposits of $744,637 at two financial institutions was not
perfected.
Investments
The City is authorized by Minnesota Statutes to invest in the following:
(a) Direct obligations or obligations guaranteed by the United States or its
agencies;
(b) Shares of investment companies registered under the Federal Investment
Company Act of 1940 and whose only investments are in securities described
in (a) above;
(c) General obligations in the State of Minnesota or any of its municipalities;
(d) Bankers' acceptances of United States banks eligible for purchase by the
Federal Reserve System;
(e) Commercial paper issued by United States corporations or their Canadian
Subsidiaries, of the highest quality, and maturing in 270 days or less;
(f) Guaranteed investment contracts issued or guaranteed by United States
commercial banks or domestic branches of foreign banks or United States
insurance companies or their subsidiaries;
(g) Repurchase or reverse repurchase agreements with banks that are members
of the Federal Reserve System with capitalization exceeding $10,000,000, a
primary reporting dealer in U.S. government securities to the Federal Reserve
Bank of New York, or certain Minnesota securities broker - dealers; and
(h) Futures contracts sold under authority of Minnesota Statutes 471.56,
subdivision 5.
(Continued)
Page 27
CITY OF EDINA, MINNESOTA
The City's cash and 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.
The cash and investment balances at December 31, 1997 were as follows:
Cash
Change funds
Certificates of deposit
Commercial paper
Money Market investments
Government securities:
United States Treasury Notes
Federal National Mortgage
Association
Government National Mortgage
Association
Federal Home Loan Mortgage
Corporation
Federal Home Loan Bank
Federal Farm Credit
SBA Pool
Municipal Bonds
Donated Stocks
Bank Balance
Category
Category
1
2
$ 300,000 $
744,637
0
0
100,000
0
0
11,324,700
0
5,093,020
0
3,645,003
0
2,809,936
0
297,140
0
1,836,549
0
2,393,449
0
100,000
0
1,968,781
0
2,500,000
0
10,266
$ 400,000 $
32,723,481
Market Book
Value Balance
$ 1,044,637 $ 189,275
12,455 12,455
100,000 100,000
11, 374,097 11, 324,630
5,093,020 5,093,020
3,826,237 3,645,073
2,842,588 2,809,936
298,661 297,140
1,814,073
2,401,128
100,397
1,997,459
2,500,000
10,266
$ 33,415,018 $
1,836,549
2,393,449
100,000
1,968,781
2,500,000
10,266
32,280,574
In accordance with Minnesota Statutes, the City invests in various mortgage - backed
securities, such as collateralized mortgage obligations. Included in the Federal Home
Loan Mortgage Corporation investments are approximately $501,197 (market value of
approximately $478,750) of collateralized mortgage obligations, debt instruments
issued by special purpose entities which are secured by pools of mortgage loans or
other mortgage- backed securities. Payments of interest and principal on underlying
collateral provide the funds to pay debt service on the collateralized mortgage
obligation. The Federal Home Loan Mortgage Corporation is a federally chartered
corporation and guarantees timely payment and principal to security holders. The cash
flows and yields on collateralized mortgage obligations are sensitive to the rate of
principal payments (including prepayments) on the underlying collateral. For example, a
rapid or slow rate of principal payments on the underlying collateral may have a
(Continued)
(3)
Page 28
CITY OF EDINA, MINNESOTA
material adverse effect on the yield to maturity of the collateralized mortgage
obligations.
The Donated Stocks were given to the City prior to year end and were sold
subsequently.
The City also has the following unclassified cash and investments:
Cash and Carrying Bank balance
Investments: Amount
With plan administrators $ 2,510,513 2,510,513
With fiscal agents 21,724,134 21,724,134
$ 24,234,647 24,234,647
The municipal bond investment consists of a $2,500,000 Temporary Tax
Increment Bond, Series 1997B issued by the Housing and Redevelopment
Authority of the City. This bond is backed by the full faith, credit and taxing
power of the City.
Property Taxes
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 of the following year 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)
CITY OF EDINA, MINNESOTA
(4) Fixed Assets
A summary of changes in general fixed assets during 1997 is as follows:
Land
Land improvements
Buildings
Furniture & fixtures
Vehicles
Sidewalks
Leasehold improvements
Miscellaneous equipment
Park & playground equipment
Highway equipment
Police equipment
Fire equipment
Election equipment
Engineering Equipment
Traffic signals
Tools
Parks
Construction in progress
Total
Page 29
Balance
Balance
January 1
Additions
Deletions
Reclassifications
December 31
$17,263,863
5,239,852
0
0
22,503,715
12,010,375
870,882
0
0
12,881,257
19,680,962
772,449
0
0
20,453,411
858,131
296,385
158,826
4,029
999,719
3,286,379
465,536
354,786
32,560
3,429,689
310,995
0
0
0
310,995
190,330
0
0
0
190,330
372,230
51,256
7,006
(36,889)
379,591
737,845
87,373
15,099
31,319
841,438
1,855,982
193,931
109,429
(37,271)
1,903,213
725,486
32,403
134,277
367
623,979
1,280,125
59,763
0
0
1,339,888
138,114
0
0
0
138,114
99,958
15,204
23,103
5,885
97,944
153,570
0
0
0
153,570
5,812
0
0
0
5,812
7,355,921
1,792,100
0
0
9,148,021
2,083,678
639,749
0
0
2,723,427
$68,409,756
10,516,883
802,526
(0)
78,124,113
A summary of proprietary fund fixed assets at December 31,1997 is as follows:
Land
Golf course
Land improvements
Water distribution system
Sewer collection system
Major recreation facilities
Major water facilities
Buildings - liquor stores
Furniture, fixtures and equipment
Vehicles
Lease property - capital lease
Construction in progress
Less accumulated depreciation
Net book value
Enterprise
fund
$1,088,965
4,608,216
924,865
11,642,927
11, 925,158
12,355,239
15,092,995
695,714
4,410,299
450,097
468,580
15,553
63,678,608
(24,263,688)
$39,414,920
(Continued)
CITY OF EDINA, MINNESOTA
(5) Long -term Debt
Bonded Debt
Page 30
The City has four types of bonded debt outstanding at December 31,1997: tax
increment bonds, general obligation 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 type is payable solely from
general property taxes. The third and fourth 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:
Balance
December 31,
Maturities Interest rates 1997
Tax Increment Bonds
2003-2009 4.25 -7.30%
$72,390,000
General Obligation Bonds
1999-2017 4.25 -
5.75 8,090,000
Improvement Bonds
1997-2001 4.00 -
5.20 715,000
Revenue Bonds
1997-2013 3.80 -
7.30 13,190,000
Total
$94,385,000
Changes in long -term debt during the year were as
follows:
Balance
Balance
January 1, Issued/
Redeemed/ December 31,
1997 increases
decreases
1997
Tax Increment Bonds
$69,815,000 12,590,000
10,015,000
72,390,000
General Obligation Bonds
8,090,000 0
0
8,090,000
Improvement Bonds
900,000 0
185,000
715,000
Revenue Bonds
13,875,000 0
685,000
13,190,000
$92,680,000 12,590,000
10,885,000
94,385,000
The City had the following revenue bonds outstanding at December 31, 1997:
Recreation Facility Bonds, Series 1988
Recreation Facility Bonds, Series 1989
Recreation Facility Bonds, Series 1992A
Recreation Refunding Bonds, Series 1992C
Utility Refunding Bonds, Series 1992D
$ 2,320,000
1,655,000
3,860,000
4,535,000
820,000
$ 13,190, 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.
(Continued)
Page 31
CITY OF EDINA, MINNESOTA
The Recreation Facility Bonds are general obligation revenue bond issues payable
from the Golf Course, Ice Arena and Swimming Pool 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 1997, the City issued $5,090,000 in General Obligation Tax Increment Bonds,
Series 1997B with an average interest rate of 5.057% to refund the Temporary Tax
Increment Bond, Series 1997A, for $5,000,000. The 1997A Series had an original
interest rate of 4.50 %. The net proceeds of $5,073,354 (after payment of $16,646
including the discount and issuance costs) were used to pay off the entire Temporary
Tax Increment, Series 1997A, for $5,000,000. The City issued the long -term debt to
replace the temporary debt. The resulting economic gain (loss) related to the refunding
is immaterial to the general purpose financial statements, taken as a whole.
On August 15, 1997, the City issued $2,500,000 in a Temporary Tax Increment Bond,
Series 1997B. The debt was issued to finance development efforts in the Grandview
area of the Housing and Redevelopment Authority of Edina (HRA).
During 1992, the City issued $17,930,000 in General Obligation Tax Increment
Refunding Bonds, Series 19928, 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, were 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.
During 1996, the City issued $11,250,000 in Taxable General Obligation Tax Increment
Refunding Bonds, Series 1996A with an average interest rate of 6.255 percent to
advance refund $4,925,000 of the 1988 Taxable Series bonds with an original net
interest rate of 9.70 percent and $5,125,000 of the 1989 Taxable Series bonds with an
original net interest rate of 10.273 percent. The net proceeds of $11,035,398 (after
payment of $214,602 including the discount and issuance costs) were used to
purchase U.S. Government securities. Those securities were deposited in an
irrevocable trust with an escrow agent to provide for all future debt service payments on
the 1988 and 1989 Taxable Series bonds. As a result, the 1988 and 1989 Taxable
Series bonds are considered to be "in-substance" defeased and the liability for those
bonds has been removed from the general long -term debt account group.
The City advance refunded the 1988 and 1989 taxable bonds to reduce its total debt
service payments over the next 13 years by $1,788,562.89, and to obtain an economic
gain (difference between the present values of the debt service payments on the old
and new debt) of $1,526,103.67.
(Continued)
Page 32
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. The 1985 issue was refunded in 1996 by means of a "crossover" refunding.
The 1988 and 1989 issues will be refunded by means of "crossover" refunding in 1998.
The cumulative savings will be $199,462, and the net present value savings is
$113,788.
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 "crossover" 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, 1997,
including interest payments of $32,351,381 are as follows:
Year ending
Tax
General
December 31
Increment
Obligation
Improvement
Revenue
Total
1998 $
23,547,389
429,000
216,008
5,420,334
29,612,731
1999
5,628,760
688,369
202,250
1,312,163
7,831,542
2000
8,254,264
686,688
193,340
880,088
10,014,380
2001
5,672,000
698,888
174,420
876,618
7,421,926
2002 -2018
51,939,399
10,921,344
0
8,995,061
71,855,804
$
95,041,812
13,424,289
786,018
17,484,264
126,736,383
(Continued)
CITY OF EDINA, MINNESOTA
Legal Debt Margin
Page 33
Minnesota Statutes, Chapter 475, as amended, provide that the city shall not incur or
be subject to a net debt in excess of 2% of the market value of taxable property. At
December 31, 1997, the legal debt margin was $73,404,273 calculated as follows:
Market value
Debt limit - 2% of market value
Amount of general obligation
debt
Less: Tax increment bonds $ 72,390,000
Improvement bonds 715,000
Revenue bonds 13,190,000
Total deductions
Total amount of debt
applicable to debt limit
Legal debt margin
$ 94,385,000
86.295.000
$ 4,074,713,634
81,494,273
Q non nnn
73,404,273
(Continued)
CITY OF EDINA, MINNESOTA
Long -term Debt - Other
Page 34
The City is the administering authority for the following tax increment finance districts. Tax
capacity values are for taxes payable in 1997.
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
1,432,698
Captured tax capacity value:
Retained by authority
1,142,990
Shared with other taxing districts
0
General obligation tax increment bonds issued
5,350,000
Total loans incurred
0
Amounts redeemed
2,200,000
Outstanding bonds and loans at December 31, 1997 $ 3,150,000
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
$ 228,409
Current tax capacity value
2,600,990
Captured tax capacity value:
Retained by authority
2,372,581
Shared with other taxing districts
0
General obligation tax increment bonds issued
22,110,000
Total loans incurred
0
Amounts redeemed
8,415,000
Outstanding bonds and loans at December 31, 1997 $ 13,695,000
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
Current tax capacity value
Captured tax capacity value:
Retained by authority
Shared with other taxing districts
General obligation tax increment bonds issued
Total loans incurred
Amounts redeemed
Outstanding bonds and loans at December 31, 1997
$ 321,372
897,953
576,581
0
4,550,000
0
950,000
$ 3,600,000
(Continued)
Page 35
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
$ 269,717
Current tax capacity value
1,339,220
Captured tax capacity value:
Retained by authority
1,069,503
Shared with other taxing districts
0
General obligation tax increment bonds issued
52,995,000
Total loans incurred
0
Amounts redeemed
1,050,000
Outstanding bonds and loans at December 31, 1997 $ 51,945,000
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 $ 12,184,589
Current tax capacity value 12,184,589
Captured tax capacity value:
Retained by authority 0
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, 1997 $ 0
70th and Cahill Redevelopment District -No. 1207, a development district established in
1990 pursuant to Minnesota Statutes with a termination date of 2000.
Original tax capacity value $ 0
Current tax capacity value 303,468
Captured tax capacity value:
Retained by authority 235,789
Shared with other taxing districts 67,679
General obligation tax increment bonds issued 0
Total loans incurred 94,692
Amounts redeemed 88,329
Outstanding bonds and loans at December 31, 1997 $ 6,363
General Obligation tax increment bonds issued amounts were restated to
eliminate the effect of doubling the bonds due to crossover refundings.
(Continued)
Page 36
CITY OF EDINA, MINNESOTA
(6) Retirement Plans
A. Defined Benefit Pension Plans
The City is involved in two pension programs (a and b) as follows:
(a) Defined Benefit Pension Plans - Statewide:
Plan Description
The City contributes to the Public Employees Retirement Fund (PERF) and the
Public Employees Police and Fire Fund (PEPFF), which are cost - sharing
multiple - employer defined benefit pension plans administered by the Public
Employees Retirement Association of Minnesota (PERA). PERF and PEPFF
provide retirement and disability benefits, annual cost of living adjustments, and
death benefits to plan members and beneficiaries. Benefit provisions are
established by State Statute and vest after three years of credited service.
PERA issues a publicly available financial report that includes financial
statements and required supplementary information for PERF and PEPFF.
That report may be obtained by contacting PERA.
Funding Policy
PERF and PEPFF plan members are required to contribute 4.3% and 7.60% of
their annual covered salary, respectively, and the City is required to contribute
at an actuarially- determined rate. The current rate is 4.6 and 11.40% for PERF
and PEPFF of annual covered payroll, respectively. The contribution
requirements of plan members and the City are established and may be
amended by State Statute.
The City's contributions to PERF and PEPFF for the years ended December 31,
1997, 1996, and 1995 were equal to the required contributions for each year, as
follows:
1997 1996 1995
PERF $379,677 359,241 333,775
PEPFF $490,765 480,694 465,061
(b) Federal Insurance Contribution Act
Approximately 98% of the City employees are covered by the Federal Insurance
Contribution Act (Social Security). The contribution rate for 1997 was 6.2% and
was based on the first $65,400 paid. In 1997 the City also contributed 1.45% of
the contribution rate on employee's wages for mandatory Medicare. The cost of
Social Security and mandatory Medicare in 1997 and 1996 was $725,247 and
$679,118 respectively.
(Continued)
Page 37
CITY OF EDINA, MINNESOTA
(7) Deferred Compensation Plan
In 1997, the City implemented GASB No. 32, Accounting and Financial Reporting for
Internal Revenue Code Section 457 Deferred Compensation Plans, which requires
deferred compensation plans that meet the criteria in Internal Revenue Code Section
457(8) and are held in a trustee capacity to be reported as an expendable trust fund.
The City offers its employees six deferred compensation plans created in accordance
with Internal Revenue Code Section 457. The plans are Aetna, International City
Manager's Association (ICMA), Great West, T. Rowe Price, Minnesota State
Retirement System (MSRS), and Minnesota Mutual. The plans, available to all City
employees, permit participants to defer a portion of their salary until future years. The
deferred compensation is not available to participants until termination, retirement,
death, or unforeseeable emergency.
In 1997, the City amended its deferred compensation plans and transferred all assets
and income of the plans to trusts established for the exclusive benefit of eligible
participants and their beneficiaries in accordance with Internal Revenue Code Section
457(g). No part of either trust shall revert to the City or be used for or diverted to
purposes other than the exclusive benefit of participants and their beneficiaries. The
City is trustee for two of the plans and accordingly, the plan assets (recorded at market
value) and fund balance are recorded in an expendable trust fund. Plan assets were
$2,510,513 at December 31, 1997.
The City's other four deferred compensation plans have third -party administrators who
also act in a trustee capacity. Accordingly, these plan assets were reported as agency
fund deductions in 1997 and will no longer be reported in the City's financial
statements.
(Continued)
Page 38
CITY OF EDINA, MINNESOTA
(8) Segment Information for Enterprise Funds
The City maintains Enterprise Funds for utility (water and sewer) services, liquor
facilities, golf course and arena. Individual funds are also maintained for other
enterprise operations designated below as "Other Enterprise Funds" which are
recreational in nature such as: swimming pool, gun range, art center and Edinborough
Park. Segment information for the year ended December 31,1997 is as follows:
Sales
Operating Revenues
Depreciation
Operating income (loss)
Nonoperating revenues
(expenses), net
Operating transfers in
(out)
Net income (loss)
Property additions
Property deletions
Net working capital
Bonds payable
Total assets
Total retained earnings
(deficit)
(Continued)
Other
Total
Golf
Enterprise
Enterprise
utility
Liquor
Course
Arena
Funds
Funds
$ 0
7,426,218
0
0
0
7,426,218
8,092,634
0
3,170,255
880,691
1,132,008
13,275,588
771,851
45,568
516,927
216,544
228,831
1,779,721
568,141
721,255
647,196
(41,091)
(918,427)
977,074
(24,174)
(597)
(463,166)
(173,770)
267,567
(394,140)
0
(214,408)
0
100,000
1,714,408
1,600,000
543,967
506,250
184,030
(114,861)
1,063,548
2,182,934
1,042,375
72,062
522,821
3,780,211
2,149,856
7,567,325
85,758
21,169
482,430
0
340,685
1,216,437
2,421,843
323,274
1,678,463
1,728,051
38,258
6,189,889
820,000
0
8,097,525
3,639,725
632,750
13,190,000
26,020,231
2,330,226
10,132,580
7,209,896
3,575,787
49,268,720
24,653,543
1,799,970
655,185
(1,338,835)
242,956
26,012,819
(Continued)
Page 39
(9)
CITY OF EDINA, MINNESOTA
Due From To Other Funds
Interfund receivables and payables as of December 31,1997 were as follows:
00) Advance From To Other Funds
Advances to /advances from other funds as of December 31, 1997 were as follows.
Advances to Advances from
Fund other funds other funds
Enterprise:
Utilities
Liquor
Golf Course
Arena
823,480
773,267
0
0
$ 1,596,747
0
0
773,267
823,480
1,596,747
(Continued)
Interfund
Interfund
Fund
Receivables
Payables
General (including amount due from Edina Housing
and Redevelopment Authority of $1,645,896) $
5,361,025
221,821
Special Revenue:
Community Development Block Grant
0
5,885
Communications
26,376
0
Debt Service:
General Debt Service
433,237
0
Improvement Bond Redemption II
1,265,218
0
Capital Project:
Construction Fund
0
4,867,582
Housing and Redevelopment Authority of Edina
0
1,645,896
Revolving Fund
0
258,391
Park Improvement
0
722,817
Enterprise:
Utilities
806,728
0
Liquor
21,168
0
Swimming Pool
49,265
0
Golf Course
0
200,000
Arena
0
50,000
Art Center
643
0
Edinborough Park/Centennial Lake
22,210
0
Agency:
Police Seizure
0
13,478
$
7,985,870
7,985,870
00) Advance From To Other Funds
Advances to /advances from other funds as of December 31, 1997 were as follows.
Advances to Advances from
Fund other funds other funds
Enterprise:
Utilities
Liquor
Golf Course
Arena
823,480
773,267
0
0
$ 1,596,747
0
0
773,267
823,480
1,596,747
(Continued)
Page 40
CITY OF EDINA, MINNESOTA
(11) Reserved or Designated Fund Equity
The following fund equity balances as of December 31, 1997 have been reserved or
designated for the reasons noted below:
General Fund:
Reserved for equipment replacement
Reserved for insurance claims
Unreserved -- designated for dedicated funds
Debt Service Funds:
Reserved for debt service
Capital Projects:
Reserved for encumbrances
Reserved for special projects
Enterprise Funds:
Reserved for construction
Reserved for debt service
Trust and Agency Funds:
Reserved for deferred compensation
plan participants
Total fund equity reservations and designations
(12) Fund Deficits
$1,266,968
375,765
5,708,632
19,464,707
103,019
78,342
750
1,607,120
2,510,513
$31,115,816
The following funds had deficit fund balances or retained earnings at December
31,1997:
Capital Project Funds:
Construction Fund
Enterprise Funds:
Swimming Pool Fund
Arena Fund
$(4,909,958)
(96,525)
(1,338,835)
The construction fund deficit will be covered in future periods by special assessment
collections, tax increments, operating revenues, or State and bond proceeds. The
enterprise fund deficits will be covered in future periods by operating revenues, and
operating transfers.
(13) Subsequent Events
On January 2, 1998, the $2,470,000 Series 1988 and $2,100,000 Series 1989
Recreation Facility Bonds were called. These bonds were serviced through a
crossover refunding which originally took place during 1992.
On February 1, 1998, the $10,175,000 Series 1988 and $8,425,000 Series 1989 Tax
Increment Bonds were called. These bonds were serviced through a crossover
refunding which originally took place during 1992.
(Continued)
Page 41
CITY OF EDINA, MINNESOTA
The owners of Southdale Shopping Center had filed a claim for the property taxes
payable and interest in 1994, 1995 and 1996. This claim has been settled and on April
6, 1998, the City made a settlement payment to Hennepin County in the amount of
$1,718,321. As of December 31, 1997, the City recorded $1,488,691 of the settlement
related to the TIF districts as property tax abatement payable in the capital projects
fund and with $229,630 of the settlement related to interest on abatement as due to
other governments in the general fund.
(14) 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 or will not have
a material adverse effect on the financial condition of the City.
(15) Capital Lease
The City has recorded a capital lease for equipment installed in the Arena, Golf Course
and Edinborough Park Enterprise Funds.
The assets acquired through capital leases are as follows:
Asset
Machinery and equipment
Less: Accumulated
depreciation
Total
Golf Course
$37,966
Edinborough
Arena Park
341,698 88,916
(15,186) (136,679) (35,566)
$22,780 205,019 53,350
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, 1997:
Year ending December 31:
1998
$67,811
1999
65,511
2000
63,111
2001
65,483
2002
67,620
Later years
100,366
Total minimum lease payments
429,902
Less: Amount representing interest
(69,902)
Present value of net minimum lease payments $360,000
The City has recorded a capital lease for the purchase /construction of the Fire
Station at 7335 York Avenue South. The terms of the lease agreement extend
to the year 2006 and provide for an ownership transfer to the City at the
termination of the lease.
(Continued)
CITY OF EDINA, MINNESOTA
The asset acquired through this capital lease is as follows:
Asset
Building
Less: accumulated depreciation
Total
Year ending December 31:
1998
1999
2000
2001
2002
Later years
Total minimum lease payments
Less: Amount representing interest
General Fixed Assets
$630,749
Present value of net minimum lease payments
(16) Fund Equity -- Contributed Capital
$630,749
The following is a summary of the changes in contributed capital:
Contributed capital:
Balance January 1, 1997 $
Add:
Contribution of fixed assets
Less:
Transfer of depreciation to
contributed capital
Page 42
$83,761
83,761
83,761
83,761
83,761
335,039
753,844
(159,855)
$593,989
Enterprise
Edinborough Park
Art Center Pool Arena Centennial Lake
0 0 0 628,981
10,020 1,797,419 3,665,386 208,879
(501) (48,267) (87,228) (78,078)
Balance December 31, 1997 $ 9,519 1,749,152 3,578,158 759,782
(17) Risk Management
The City is exposed to various risks of loss related to torts; theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees; and natural
disasters.
Workers compensation, automobile, liability and pollution coverage are provided
through an insurance company. The City pays an annual premium for this coverage
(Continued)
Page 43
CITY OF EDINA, MINNESOTA
and all claims are paid from the plan. If claims exceed the premium paid into the plan,
the City is liable for the deficiency, up to the annual maximum. The City is not subject
to a deductible for workers compensation, automobile, liability and pollution coverage,
and has an annual maximum of $393,633 in 1997.
Property coverage is also provided by an insurance company. The City pays an annual
premium for this coverage, and all claims are paid for by the plan. The City has a
$5,000 deductible per occurrence, with an annual maximum of $54,782,530.
Police professional insurance coverage is provided by an insurance company. The City
pays an annual premium for the coverage, and has a $10,000 deductible per
occurrence, with a $500,000 annual maximum.
Public official liability insurance coverage is provided by an insurance company. The
City pays an annual premium for this coverage, and has a $15,000 deductible per
occurrence, with a $1,000,000 annual maximum.
Inland Marine contractor's equipment insurance coverage is provided by an insurance
company. The City pays an annual premium for this coverage, and has a $1,000
deductible and $100,000 maximum per occurrence, with a $1,904,460 annual
maximum.
Boiler and machinery insurance coverage is provided by an insurance company. The
City pays an annual premium for this coverage, and has a $2,500 deductible per
occurrence, with a $1,000,000 annual maximum.
Ambulance professional liability insurance coverage is provided by an insurance
company. The City pays an annual premium for this coverage, and a $500,000 annual
maximum.
A public employee's blanket bond and a public official bond are provided by an
insurance company. The City pays an annual premium for this coverage, and is
subject to limits of $500 to $50,000 per individual for the public official bond, and a
$50,000 annual maximum for the public employee's blanket bond.
The plans cover all losses above the per occurrence and annual deductibles through a
reinsurance policy. The City has reserved $375,765 in the general fund to finance
potential uninsured loss. Settlement claims have not exceeded insurance coverage for
either of the past three years.
(18) Conduit Debt Obligations
As of December 31, 1997, the City of Edina had outstanding 3 series of Housing
Revenue Bonds, with an aggregate principal amount payable of $45,815,000. The
bonds are payable solely from revenues of the respective organizations and do not
constitute an indebtedness of the City, and are not a charge against its general credit
or taxing power. Accordingly, the bonds are not reported as liabilities in the
accompanying financial statements.
(Continued)
Page 44
CITY OF EDINA, MINNESOTA
(19) Related Party Transactions
During the past fiscal year, one of the several depository institutions with which the City
maintained cash balances and conducted transactions, was considered a related party
since a current member of the City Council is employed as an officer of this institution.
(20) Excess of Expenditures Over Appropriations
For the year ending December 31, 1997, expenditures exceeded appropriations in the
following departments:
All unfavorable variances were funded by favorable expenditure variances from other
departments or excess revenues.
(21) Change in Accounting Principle
As described in note 7, the City implemented GASB No. 32, Accounting and Financial
Reporting for Intemal Revenue Code Section 457 Deferred Compensation Plans,
(Continued)
Budget
Actual
Variance
General Government:
Mayor & Council
65,214
65,313
(99)
Administration
702,638
751,711
(49,073)
Finance
415,004
417,592
(2,588)
Assessing
436,384
462,194
(25,810)
Public Safety:
Civil Defense
36,755
42,895
(6,140)
Public Works:
Administration
141,808
146,572
(4,764)
Supervision & Overhead
550,461
552,839
(2,377)
Street Lighting
431,500
511,138
(79,638)
Sidewalks & Ramps
111,980
154,353
(42,373)
Parks:
Recreation
137,045
153,552
(16,507)
Special Turf Care
198,000
228,372
(30,372)
Litter Removal
26,500
30,015
(3,515)
Building Maintenance
276,000
276,308
(308)
Capital Outlay
90,500
102,181
(11,681)
Unallocated General:
So. Hennepin Hum. Serv.
18,965
63,601
(44,636)
Contingencies
70,000
93,866
(23,866)
Central Services:
General
3,602,316
3,687,094
(84,778)
Public Works Building
203,292
224,293
(21,001)
Equipment Operation
1,035,804
1,055,381
(19,577)
All unfavorable variances were funded by favorable expenditure variances from other
departments or excess revenues.
(21) Change in Accounting Principle
As described in note 7, the City implemented GASB No. 32, Accounting and Financial
Reporting for Intemal Revenue Code Section 457 Deferred Compensation Plans,
(Continued)
Page 45
CITY OF EDINA, MINNESOTA
during 1997. This statement requires two of the City's deferred compensation plans to
be reported in an expendable trust fund. Prior to 1997, these deferred compensation
plans were reported in an agency fund. The adjustment to reflect this change in
accounting principle at January 1, 1997 is as follows:
Trust and Agency Funds
Fund equity, as previously reported $ 0
Cumulative effect of change in accounting
principle for GASB No. 32 $ 1,938,286
Fund equity, as restated $ 1,938,286
(22) Residual Equity Transfer
During 1997, the City closed the gun range enterprise fund and transferred the
remaining assets and liabilities to the general fixed asset account group. The net
equity transferred was $13,019, which the City reported as a residual equity
transfer out in the gun range enterprise fund.
Page 46
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. This fund accounts for all financial
transactions not properly accounted for in another fund.
CITY OF EDINA, MINNESOTA
General Fund
Balance Sheet
December 31, 1997
(with comparative amounts for December 31, 1996)
Assets
Cash
Petty cash and change funds
Investments
Accounts Receivable
Accrued interest receivable
Taxes Receivable:
Delinquent
Allowance for uncollectible taxes
Due from other funds
Due from other governments
Prepaid expenses
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Salaries payable
Due to other funds
Due to other governments
Compensated absences payable
Total liabilities
Fund balance:
Reserved
Unreserved:
Designated
Undesignated
Total fund balance
Total liabilities and fund balance
1997
1996
$ 27,108
350,897
1,690
1,690
5,271,540
6,710,643
202,330
229,297
41
1,411
39,107
36,198
(39,107)
(36,198)
5,361,025
5,270,759
220,954
259,140
21,080
26,931
$ 11,105,768
12,850,768
325,729
259,477
221,821
354,449
0
1,161,476
654,684
203,032
1,189,276
90,290
12,774
2,150,056
1,642,733 1,491,189
5,708,632
7,310,166
2,592,927
1,899,357
9,944,292
10,700,712
11,105,768 12,850,768
Page 47
Page 48
CITY OF EDINA, MINNESOTA
General Fund
Combined Statement of Revenue, Expenditures and Changes in Fund Balance -
Budget and Actual
Year ended December 31, 1997
(with comparative actual amounts for year ended December 31, 1996)
1997
1996
Variance
Favorable
Budget
Actual
(unfavorable)
Actual
Revenues:
Taxes $
12,291,244
12,105,724
(185,520)
11,747,743
Licenses and permits
1,008,500
1,388,968
380,468
1,382,427
Intergovernmental
1,453,735
1,643,648
189,913
1,513,350
Charges for service
1,435,700
1,576,224
140,524
1,621,635
Fines and forfeitures
395,000
562,910
167,910
456,589
Sale and rental of property
50,000
149,047
99,047
103,367
Other revenues
45,500
75,998
30,498
27,217
Total revenues
16,679,679
17,502,519
822,840
16,852,328
Expenditures:
Current:
General government
2,264,586
2,247,040
(17,546)
2,201,312
Public safety
7,880,017
7,717,334
(162,683)
7,440,601
Public works
3,580,764
3,537,441
(43,323)
3,290,742
Parks
2,031,983
2,031,261
(722)
1,919,758
Unallocated general
291,265
340,510
49,245
251,215
Other
0
117,167
117,167
263,007
Capital outlay:
General government
26,576
51,638
25,062
21,433
Public safety
437,484
334,523
(102,961)
326,379
Public works
472,704
431,291
(41,413)
509,513
Parks
94,300
104,058
9,758
113,557
Total expenditures
17,079,679
16,912,263
(167,416)
16,337,518
Excess (deficiency) of
revenues over expenditures
(400,000)
590,256
990,256
514,810
Other financing sources (uses):
Operating transfers in (out)
Liquor fund
400,000
0
(400,000)
400,000
Capital Project funds
0
(333,000)
(333,000)
(50,159)
Edinborough Park/Centennial Lake
0
(1,600,000)
(1,600,000)
0
HRA
0
254,858
254,858
0
Parkland dedication
0
331,466
331,466
65,561
Reserve for construction
0
0
0
800
Total other financing sources
400,000
(1,346,676)
(1,746,676)
416,202
Excess of revenues and other
financing sources over
expenditures and other financing uses $
0
(756,420)
(756,420)
931,012
Fund balance - January 1
10,700,712
9,769,700
Fund Balance - December 31
$ 9,944,292
$
10,700,712
Page 49
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Revenues - Budget and Actual
Year ended December 31, 1997
(with comparative actual amounts for year ended December 31, 1996)
Charges for service:
Engineering
120,000
1997
(41,539)
1996
Assessing searches
0
430
Variance
780
Planning fees
13,000
18,593
Favorable
19,210
False alarms
Budget
Actual
(unfavorable)
Actual
Taxes:
75,000
75,227
227
78,307
General property tax
$ 12,281,244
12,136,817
(144,427)
11,763,898
Penalties and interest
10,000
(31,093)
(41,093)
(16,155)
Total taxes
12,291,244
12,105,724
(185,520)
11,747,743
Licenses and permits
1,008,500
1,388,968
380,468
1,382,427
Intergovernmental:
84,000
87,764
3,764
91,816
Federal aid
8,000
17,000
9,000
8,000
State grants:
10,000
10,000
0
10,000
Homestead credit
932,635
956,224
23,589
917,820
State highway aid
140,000
140,000
0
140,000
Other
0
81,136
81,136
0
Police aid
260,000
311,044
51,044
334,424
County grants:
Health programs
113,100
138,244
25,144
113,106
Total intergovernmental
1,453,735
1,643,648
189,913
1,513,350
Charges for service:
Engineering
120,000
78,461
(41,539)
187,577
Assessing searches
0
430
430
780
Planning fees
13,000
18,593
5,593
19,210
False alarms
52,000
58,822
6,822
55,808
Police services
75,000
75,227
227
78,307
Hazmat fee
1,000
1,000
0
1,048
Housing and Redevelopment Authority
180,000
180,000
0
180,000
Charges to other funds
146,700
146,700
0
141,756
Ambulance service
720,000
900,309
180,309
821,600
Registration fee
84,000
87,764
3,764
91,816
Laboratory fees
14,000
10,246
(3,754)
10,010
Maint Assmt - 50th & France
10,000
10,000
0
10,000
Housing Foundation Contract
20,000
8,672
(11,328)
23,723
Total charges for service
1,435,700
1,576,224
140,524
1,621,635
Fines and forfeitures
395,000 -
562,910
167,910
456,589
Sale and rental of property
50,000
149,047
99,047
103,367
Other Revenues:
Interest on investments
15,000
30,812
15,812
16,815
Donations
500
0
(500)
0
Other
30,000
45,186
15,186
10,402
Total other revenues
45,500
75,998
30,498
27,217
Total revenues
$ 16,679,679
17,502,519
822,840
16,852,327
Page 50
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1997
(with comparative actual amounts for year ended December 31, 1996)
Administration:
Personal services
464,293
1997
(29,768)
1996
Contractual services
91,400
86,485
Variance
92,133
Commodities
950
3,295
Favorable
1,293
Central services
Budget
Actual
(unfavorable)
Actual
General government:
9,375
31,250
(21,875)
6,041
Mayor and council:
702,638
751,711
(49,073)
677,858
Personal services
$ 27,450
27,498
(48)
26,736
Contractual services
3,800
2,874
926 _
3,175
Commodities
1,000
1,978
(978)
3,132
Central services
32,964
32,963
1
32,172
Total mayor and council
65,214
65,313
(99)
65,215
Administration:
Personal services
464,293
494,061
(29,768)
446,571
Contractual services
91,400
86,485
4,915
92,133
Commodities
950
3,295
(2,345)
1,293
Central services
136,620
136,620
0
131,820
Capital outlay
9,375
31,250
(21,875)
6,041
Total administration
702,638
751,711
(49,073)
677,858
Planning:
Personal services
193,816
191,109
2,707
180,873
Contractual services
4,990
3,729
1,261
4,483
Commodities
800
466
334
315
Central services
59,640
59,640
0
57,288
Capital outlay
5,000
5,404
(404)
0
Total planning
264,246
260,348
3,898
242,959
Finance:
Personal services
271,957
270,517
1,440
263,548
Contractual services
61,300
67,460
(6,160)
47,874
Commodities
550
944
(394)
962
Central services
74,496
74,496
0
71,616
Capital outlay
6,701
4,175
2,526
12,493
Total finance
415,004
417,592
(2,588)
396,493
Election:
Personal services
18,180
15,495
2,685
65,313
Contractual services
11,000
6,223
4,777
12,961
Commodities
2,000
139
1,861
7,543
Central services
11,496
11,496
0
11,040
Total election
42,676
33,353
9,323
96,857
(Continued)
Page 51
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1997
(with comparative actual amounts for year ended December 31, 1996)
Fire protection:
Personal services
1,884,740
1997
(30,417)
1996
Contractual services
91,698
90,586
Variance
88,128
Commodities
47,162
71,983
Favorable
70,168
Central services
Budget
Actual
(unfavorable)
Actual
Assessing
160,609
53,121
107,488
145,495
Personal services
$ 302,068
304,239
(2,171)
292,291
Contractual services
38,400
56,363
(17,963)
41,834
Commodities
1,100
1,467
(367)
1,150
Central services
89,316
89,316
0
85,476
Capital outlay
5,500
10,809
(5,309)
2,899
Total assessing
436,384
462,194
(25,809)
423,650
Legal and court services:
Contractual services
365,000
308,167
56,833
319,713
Total general government
2,291,162
2,298,678
(7,516)
2,222,745
Public Safety:
Police protection:
Personal services
3,165,027
3,003,296
161,731
2,892,071
Contractual services
182,136
186,528
(4,392)
171,644
Commodities
42,212
51,558
(9,346)
43,484
Central services
1,083,636
1,083,605
31
1,030,392
Capital outlay
246,538
260,516
(13,978)
179,863
Total police protection
4,719,549
4,585,503
134,046
4,317,454
Fire protection:
Personal services
1,884,740
1,915,157
(30,417)
1,872,849
Contractual services
91,698
90,586
1,112
88,128
Commodities
47,162
71,983
(24,821)
70,168
Central services
530,676
530,676
0
508,080
Capital outlay
160,609
53,121
107,488
145,495
Total fire protection
2,714,885
2,661,523
53,362
2,684,720
Civil defense:
Personal services
21,025
21,761
(736)
20,312
Contractual services
7,732
4,338
3,394
8,830
Commodities
1,151
990
161
157
Capital outlay
6,847
15,806
(8,959)
0
Total civil defense
36,755
42,895
(6,140)
29,299
(Continued)
Page 52
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1997
(with comparative actual amounts for year ended December 31, 1996)
Public Health:
Personal services
153,830
1997
27,668
1996
Contractual services
155,485
162,006
Variance
150,105
Commodities
3,910
1,955
Favorable
5,770
Central services
Budget
Actual
(unfavorable)
Actual
Animal control:
5,291
4,871
420
0
Personal services
$ 35,697
25,692
10,005
19,216
Contractual services
6,790
12,010
(5,220)
7,616
Commodities
3,294
989
2,305
1,556
Central services
13,356
13,356
0
12,912
Capital outlay
5,976
0
5,976
0
Total animal control
65,113
52,047
13,066
41,300
Public Health:
Personal services
153,830
126,162
27,668
143,762
Contractual services
155,485
162,006
(6,521)
150,105
Commodities
3,910
1,955
1,955
5,770
Central services
61,164
61,164
0
58,956
Capital outlay
5,291
4,871
420
0
Total public health
379,680
356,158
23,522
358,593
Inspections:
Personal services
279,876
259,268
20,608
242,338
Contractual services
20,455
6,106
14,349
8,106
Commodities
4,509
3,692
817
3,053
Central services
84,456
84,456
0
81,096
Capital outlay
12,223
209
12,014
1,021
Total inspections
401,519
353,731
47,788
335,614
Total public safety
8,317,501
8,051,857
265,644
7,766,980
Public Works:
Administration:
Personal services
105,050
110,435
(5,385)
104,515
Contractual services
4,250
3,629
621
4,343
Central services
32,508
32,508
0
31,200
Total administration
141,808
146,572
(4,764)
140,058
Engineering:
Personal services
340,068
298,674
41,394
267,575
Contractual services
20,017
21,255
(1,238)
33,007
Commodities
14,180
11,117
3,063
7,824
Central services
112,020
112,020
0
107,544
Capital outlay
54,924
47,934
6,990
58,479
Total engineering
541,209
491,000
50,209
474,429
(Continued)
Page 53
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1997
(with comparative actual amounts for year ended December 31, 1996)
Street Maintenance:
Personal services
689,000
1997
1,806
1996
Contractual services
80,150
93,630
Variance
56,271
Commodities
392,500
280,992
Favorable
372,051
Central services
Budget
Actual
(unfavorable)
Actual
Supervision and overhead:
1,635,230
1,535,396
99,834
1,572,849
Personal services
$ 118,085
120,890
(2,805)
92,103
Contractual services
30,300
29,578
722
23,551
Commodities
1,000
1,295
(295)
510
Central services
401,076
401,076
0
382,452
Total supervision and overhead
550,461
552,839
(2,377)
498,616
Street Maintenance:
Personal services
689,000
687,194
1,806
685,695
Contractual services
80,150
93,630
(13,480)
56,271
Commodities
392,500
280,992
111,508
372,051
Central services
473,580
473,580
0
458,832
Total street maintenance
1,635,230
1,535,396
99,834
1,572,849
Street lighting:
Personal services
32,000
17,894
14,106
16,252
Contractual services
381,500
489,980
(108,480)
332,988
Commodities
18,000
3,264
14,736
6,264
Total street lighting
431,500
511,138
(79,638)
355,504
Street name signs:
Personal services
34,000
28,965
5,035
29,467
Contractual services
500
373
127
0
Commodities
33,000
35,879
(2,879)
29,609
Total street name signs
67,500
65,217
2,283
59,076
Traffic control:
Personal services
33,000
29,364
3,636
42,408
Contractual services
67,500
61,062
6,438
62,146
Commodities
19,000
18,039
961
18,200
Total traffic control
119,500
108,465
11,035
122,754
Bridges:
Personal services
12,000
7,178
4,822
8,900
Contractual services
500
0
500
0
Commodities
5,000
2,186
2,814
3,556
Total bridges
17,500
9,364
8,136
12,456
(Continued)
Page 54
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1997
(with comparative actual amounts for year ended December 31, 1996)
(Continued)
1997
1996
Variance
Favorable
Budget
Actual
(unfavorable)
Actual
Retaining walls:
Personal services $
7,000
97
6,903
360
Contractual services
6,000
10,934
(4,934)
3,220
Commodities
6,000
0
6,000
3,989
Total retaining walls
19,000
11,031
7,969
7,569
Sidewalks and ramps:
Personal services
33,780
56,732
(22,952)
43,900
Contractual services
54,500
48,221
6,279
43,765
Commodities
23,700
49,400
(25,700)
18,245
Total sidewalks and ramps
111,980
154,353
(42,373)
105,910
Other expenditures:
Capital outlay
417,780
383,357
34,423
451,034
Total public works
4,053,468
3,968,732
84,736
3,800,255
Parks:
Administration:
Personal services
354,287
329,472
24,815
312,276
Contractual services
19,950
25,991
(6,041)
20,090
Commodities
17,850
15,235
2,615
6,102
Central services
107,712
107,712
0
103,500
Capital outlay
3,800
1,877
1,923
12,086
Total administration
503,599
480,287
23,312
454,054
Recreation:
Athletic activities
9,320
9,517
(197)
11,662
Skating and hockey
37,725
48,979
(11,254)
42,983
Tennis instruction
11,700
12,818
(1,118)
8,943
Playground
27,200
24,308
2,892
24,275
Senior citizens
19,900
29,200
(9,300)
18,681
Miscellaneous and special activities
31,200
28,730
2,470
21,137
Total recreation
137,045
153,552
(16,507)
127,681
(Continued)
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1997
(with comparative actual amounts for year ended December 31, 1996)
Maintenance:
Supervision and overhead:
Personal services
Contractual services
Commodities
Central services
Total supervision and overhead
Mowing:
Personal services
Contractual services
Commodities
Total mowing
Special turf care:
Personal services
Contractual services
Commodities
Total special turf care
Forestry:
Personal services
Contractual services
Commodities
Total planting and trees
Litter removal:
Personal services
Contractual services
Commodities
Total litter removal
Building maintenance:
Personal services
Contractual services
Commodities
Total building maintenance
W111i
86,000
79,925
Variance
1,038
1,400
Favorable
Budget
Actual
(unfavorable)
$ 80,035
81,123
(1,088)
6,500
3,803
2,697
0
109
(109)
385,704
385,704
0
472,239
470,739
1,500
86,000
79,925
0
1,038
1,400
2,890
87,400
83,853
106,000
147,000
193,323
16,700
6,502
34,300
28,547
198,000
228,372
89,000
103,780
38,900
18,092
18,400
9,058
146,300
130,930
13,000
17,721
6,300
4,196
7,200
8,098
26,500
30,015
106,000
114,223
119,800
119,741
50,200
42,344
276,000
276,308
6,075
(1,038)
(1,490)
3,547
(46,323)
10,198
5,753
(30,372)
(14,780)
20,808
9,342
15,370
(4,721)
2,104
(898)
(3,515)
(8,223)
59
7,856
(308)
Page 55
1996
Actual
77,264
3,675
157
372,504
453,600
61,315
308
2,305
63.928
177,228
2,071
27,148
206,447
103,479
15,616
11,572
130,667
17,286
3,549
4,491
25,326
108,732
114,761
56,333
279,826
(Continued)
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1997
(with comparative actual amounts for year ended December 31, 1996)
Paths and hard surfaces:
Personal services
Contractual services
Commodities
Total paths and hard surfaces
Skating rinks:
Personal services
Commodities
Total skating rinks
Total maintenance
Capital outlay
Total parks
Unallocated general expenditures:
Human Rights Commission
South Hennepin Human Services
City's share of special assessment
Fireworks
Contingencies
Deer control
Suburban Rate Authority
Fire Station debt service
Total unallocated general expenditures
Central services
Total expenditures
Page 56
1997
1996
Variance
Favorable
Budget
Actual
(unfavorable)
Actual
$ 13,000
9,029
3,971
15,985
50,000
53,385
(3,385)
46,720
9,000
1,834
7,166
8,644
72,000
64,248
7,752
71,349
113,000
110,786
2,214
116,594
3,700
4,048
(348)
2,373
116,700
114,834
1,866
118,967
1,395,139
1,399,299
(4,160)
1,350,110
90,500
102,181
(11,681)
101,471
2,126,283
2,135,319
(9,036)
2,033,316
66,200
65,218
982
61,715
18,965
63,601
(44,636)
17,865
29,000
15,890
13,110
18,842
7,600
7,600
0
7,350
70,000
93,866
(23,866)
135,944
7,500
6,654
846
5,499
4,000
4,000
0
4,000
88,000
83,681
4,319
0
291,265
340,510
(49,245)
251,215
0
117,167
(117,167)
263,007
$ 17,079,679
16,912,263
167,415
16,337,518
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Central Services Expenditures - Budget and Actual
Year ended December 31, 1997
(with comparative actual amounts for year ended December 31, 1996)
General:
Contractual services
Commodities
Capital outlay
Total general
City Hall:
Personal services
Contractual services
Commodities
Fixed charges
Capital outlay
Total City Hall
Public Works building:
Personal services
Contractual services
Commodities
Fixed charges
Capital outlay
Total Public Works building
Equipment operation:
Personal services
Contractual services
Commodities
Fixed charges
Capital outlay
Total equipment operation
Total central services expenditures
Less allocation to other activities
Net central services
1997
Variance
Favorable
Budget Actual (unfavorable)
$ 3,511,500
3,469,905
41,595
25,000
44,702
(19,702)
65,816
172,487
(106,671)
3,602,316
3,687,094
(84,778)
62,840
41,000
32,900
15,000
0
151,740
61,787
79,500
46,000
9,384
6,621
203,292
58,632
39,079
25,836
15,000
0
138,547
59,524
101,618
51,779
9,384
1,988
224.293
4,208
1,921
7,064
0
0
13.193
2,263
(22,118)
(5,779)
0
4,633
(21,001)
Page 57
1996
Actual
3,566,809
42,528
22,112
3,631,4495-
67,869
39,169
23,823
14,424
0
135,285
76,495
79,836
52,573
9,120
5,711
223,735
272,703
252,739
19,964
252,819
76,500
73,790
2,710
92,210
443,500
486,741
(43,241)
475,109
220,776
220,776
0
208,980
22,325
21,335
990
28,084
1,035,804
1,055,381
(19,577)
1,057,202
4,993,152
5,105,315
(112,163)
5,047,671
4,993,152
4,988,148
5,004
4,784,664
0
117,167
(117,167)
263,007
Page 58
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.
Assets
Investments
Accounts receivable
Accrued interest receivable
Due from other funds
Due from other governments
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Salaries Payable
Due to other funds
Due to other governments
Compensated absences
Total liabilities
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Balance Sheet
December 31, 1997
(with comparative totals for December 31, 1996)
Community
Development
Block Grant Communications
Page 59
Totals
1997 1996
$ 0
881,453
881,453
830,195
0
45
45
59,726
0
7,310
7,310
9,501
0
26,376
26,376
0
28,171
0
28,171
133,337
$ 28,171
915,184
943,355
1,032,759
22,286
30,540
52,826
40,082
0
1,229
1,229
1,123
5,885
0
5,885
208,187
0
0
0
78
0
911
911
1,296
28,171
32,680
60,851
250,766
Fund balance:
Unreserved - undesignated 0 882,504 882,504
Total liabilities and fund balance $ 28,171 915,184 943,355
1,032,759
Page 60
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended December 31, 1997
(with comparative totals for year ended December 31, 1996)
Community
Development
Totals
Block Grant
Communications
1997
1996
Revenues:
Franchise fees
$ 0
331,527
331,527
224,489
Intergovernmental:
Federal grants
182,507
0
182,507
210,590
Interest on investments
0
49,067
49,067
36,480
Total revenues
182,507
380,594
563,101
471,559
Expenditures:
Current:
Other:
Personal services
6,084
63,815
69,899
66,353
Contractual services
176,423
174,754
351,177
393,397
Commodities
0
11,352
11,352
23,712
Fixed charges
0
22,524
22,524
21,588
Capital outlay
0
7,638
7,638
1,411
Total expenditures
182,507
280,083
462,590
506,461
Excess (deficiency) of revenues over
expenditures
0
100,511
100,511
(34,902)
Fund balance- January 1
0
781,993
781,993
816,895
Fund balance- December 31
$ 0
882,504
882,504
781,993
Page 61
DEBT SERVICE FUNDS
The Debt Service Funds finance and account for the payment' of principal and
interest on the General Obligation Redevelopment, General Obligation Park
Improvements 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.
Page 62
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Balance Sheet
December 31, 1997
(with comparative totals for December 31, 1996)
Liabilities and Fund Balance
Liabilities
Due to other. governments
Deferred revenue
Total liabilities
Fund balance:
Reserved for debt service
Reserved for advances to other funds
Total fund balance
0 132,819 132,819 168,632
0 2,546,912 2,546,912 2,631,338
0 2,679,731 2,679,731 2,799,970
18,166,594 1,298,113 19,464,707 21,119,943
0 0 647,981
18,166,594 1,298,113 19,464,707 21,767,924
Total liabilities and fund balance $ 18,166,594 3,977,844 22,144,438 24,567,894
General
Improvement
Debt
Bond
Totals
Assets
Service
Redemption II
1997
1996
Cash & investments with fiscal agents
$ 17,729,522
0
17,729,522
20,883,343
Accounts receivable
0
31,427
31,427
47,742
Special assessments receivable:
Delinquent
0
1,557
1,557
11,201
Current
0
13,999
13,999
438,322
Deferred
0
2,532,910
2,532,910
2,181,815
Bloomington
0
132,733
132,733
144,800
Taxes Receivable:
Delinquent
5,907
0
5,907
0
Allowance for uncollectible taxes
(5,907)
0
(5,907)
0
Due from other funds
433,237
1,265,218
1,698,455
200,000
Advance to other funds
0
0
0
647,981
Due from other governments
3,835
0
3,835
12,690
Total assets
$ 18,166,594
3,977,844
22,144,438
24,567,894
Liabilities and Fund Balance
Liabilities
Due to other. governments
Deferred revenue
Total liabilities
Fund balance:
Reserved for debt service
Reserved for advances to other funds
Total fund balance
0 132,819 132,819 168,632
0 2,546,912 2,546,912 2,631,338
0 2,679,731 2,679,731 2,799,970
18,166,594 1,298,113 19,464,707 21,119,943
0 0 647,981
18,166,594 1,298,113 19,464,707 21,767,924
Total liabilities and fund balance $ 18,166,594 3,977,844 22,144,438 24,567,894
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended December 31, 1997
(with comparative totals for year ended December 31, 1996)
Revenues:
Taxes
Special assessments
Interest on funds held with fiscal agent
Expenditures:
Current:
Other
Debt service:
Bond principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenue
over expenditures
Other financing sources (uses):
Operating transfer in:
HRA
Proceeds of refunding bonds
Payment to refunded bond escrow agent
Payment for refunded bonds
Total other financing sources (uses)
Excess (deficiency) of revenues
and other financing sources
over expenditures and other financing uses
Fund balance - January 1
Fund balance - December 31
Page 63
General
Improvement
Debt
Bond
Totals
Service
Redemption 11
1997
1996
$ 666,072
0
666,072
0
0
840,238
840,238
806,292
1,038,850
0
1,038,850
1,175,976
1,704,922
840,238
2,545,160
1,982,268
0
2,281
2,281
3,083
1,935,000
185,000
2,120,000
1,400,000
4,463,523
39,425
4,502,948
4,881,475
6,398,523
226,706
6,625,229
6,284,558
(4,693,601)
613,532
(4,080,069)
(4,302,290)
4,856,852
0
4,856,852
4,243,252
5,000,000
0
5,000,000
10,050,000
0
0
0
(10,050,000)
(8,080,000)
0
(8,080,000)
(15,815,000)
1,776,852
0
1,776,852
(11,571,748)
(2,916,749)
613,532
(2,303,217)
(15,874,038)
21,083,343
684,581
21,767,924
37,641,962
$ 18,166,594
1,298,113
19,464,707
21,767,924
Page 64
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.
Park Improvements Fund: This fund is used to account for projects funded by the
1996 referendum and financed by the General Obligation Park Improvements Series
1996B bond.
Revolving Fund: This fund was established to provide financing for capital
improvements as designated in the City's capital improvement budget.
Assets
Cash
Investments
Accounts receivable
Accrued interest receivable
Special assessments receivable:
Delinquent
Deferred
Taxes receivable
Loan receivable
Due from other funds
Advance to other funds
Due from other governments
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Salaries payable
Contracts payable
Due to other funds
Due to other governments
Deposits payable
Taxes payable
Deferred revenue
Total liabilities
Fund balance(deficit):
Reserved for encumbrances
Reserved for special projects
Reserved for advances to other funds
Unreserved - undesignated
Total fund balance (deficit)
Page 65
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Balance Sheet
42,500
December 31, 1997
74,466
57,857
258,888
(with comparative totals for December 31, 1996)
92
0
0
906
Housing and
1,158
7,883
26,713
180,643
8,870
Redevelopment
107,152
4,867,582
1,645,896
722,817
258,391
Authority of
Park
0
Totals
0
Construction
Edina
Improvements
Revolving
1997
1996
$ 0
18,279
0
0
18,279
150,185
0
17,243,056
1,635,831
6,917,539
25,796,426
24,794,529
8,099
0
9,798
2,819
20,716
160,194
0
101,998
5,880
29,738
137,616
272,730
0
0
0
2,397
2,397
1,369
0
0
0
98,439
98,439
99,390
0
46,046
0
103
46,149
0
0
0
0
0
0
1,616,446
0
0
0
0
0
907,733
0
0
0
0
0
272,550
0
0
0
326
326
182
$ 8,099
17,409,379
1,651,509
7,051,361
26,120,348
28,275,308
42,500
84,065
74,466
57,857
258,888
324,288
92
0
0
906
998
1,158
7,883
26,713
180,643
8,870
224,109
107,152
4,867,582
1,645,896
722,817
258,391
7,494,686
4,579,277
0
0
0
36
36
650
0
0
0
0
0
219,838
0
1,488,691
0
0
1,488,691
0
0
0
0
100,836
100,836
100,759
4,918,057
3,245,365
977,926
426,896
9,568,244
5,333,122
73,005
0
30,014
0
103,019
1,475,452
0
0
0
78,342
78,342
78,342
0
0
0
0
0
272,550
(4,982,963)
14,164,014
643,569
6,546,123
16,370,743
21,115,842
(4,909,958)
14,164,014
673,583
6,624,465
16,552,104
22,942,186
Total liabilities and fund balance $ 8,099 17,409,379 1,651,509 7,051,361 26,120,348 28,275,308
Page 66
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance (Deficit)
Revenues:
Tax increments
Special assessments
Intergovernmental
Charges for services
Interest on investrnents
Rental of property
Other revenues
Total revenues
Expenditures:
Current
Other.
Personal services
Professional fees
Other
Construction costs
Total expenditures
Excess (deficiency) of revenues
over expenditures
Nonoperating revenues:
Donations
Total nonoperating revenues
Income before operating transfers
Other financing sources (uses):
Operating transfers in (out):
General fund
General debt service fund
Capital leases
Proceeds from sale of bonds
Total other financing sources (uses)
Excess (deficiency) of revenues and
other financing sources over
expenditures and other financing uses
Fund balance (deficit) -January 1
Year ended December 31, 1997
(with comparative totals for year ended December 31, 1996)
0
Housing and
222,103
69,159
471,262
340,564
0
Redevelopment
323,127
34,962
461,984
515,499
0
Authority of
Park
36,121
Totals
163,120
Construction
Edina
Improvements
Revolving
1997
1996
$ 0
4,881,825
0
0
4,881,825
4,341,962
0
0
0
114,968
114,968
163,176
170,589
0
0
0
170,589
626,468
1,266,699
0
0
0
1,266,699
1,577,944
0
748,685
269,676
101,011
1,119,372
896,834
0
0
0
3,351
3,351
4,744
0
46,707
132
98,629
145,468
281,616
1,437,288
5,677,217
269,808
317,959
7,702,272
7,892,744
0
180,000
222,103
69,159
471,262
340,564
0
103,895
323,127
34,962
461,984
515,499
0
53,980
0
36,121
90,101
163,120
1,647,485
7,321,467
6,598,274
300,450
15,867,676
4,055,972
1,647,485
7,659,342
7,143,504
440,692
16,891,023
5,075,155
(210,197)
(1,982,125)
(6,873,696)
(122,733)
(9,188,751)
2,817,589
0
0
0
4,025
4,025
19,654
0
0
0
4,025
4,025
19,654
(210,197)
(1,982,125)
(6,873,696)
(118,708)
(9,184,726)
2,837,243
0
(254,858)
333,000
0
78,142
50,159
0
(4,856,852)
0
0
(4,856,852)
(4,243,252)
0
0
0
0
0
650,000
0
7,573,354
0
0
7,573,354
8,042,433
0
2,461,644
333,000
0
2,794,644
4,499,340
(210,197) 479,519
(4,699,761) 13,684,495
(6,540,696)
7,214,279
(118,708) (6,390,082) 7,336,583
6,743,173 22,942,186 15,605,603
Fund balance (deficit) - December 31 $ (4,909,958) 14,164,014 673,583 6,624,465 16,552,104 22,942,186
Page 67
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 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/Centennial Lake 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.
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Balance Sheet
December 31, 1997
(with comparative totals for December 31, 1996)
Assets
Current assets:
Petty cash and change funds $
Investments
Cash with fiscal agents
Receivables:
Accounts
Customers
Interest
Special Assessments
Taxes
Due from other funds
Due from other governments
Inventory
Total current assets
Advance to other funds
Property and equipment, net
Discounts on bonds
Total assets
Liabilities and Fund Equity
Current liabilities:
Accounts payable
Salaries payable
Contracts payable
Accrued interest payable
Due to other funds
Due to other governments
Compensated absences payable
Total current liabilities
Long -term liabilities:
Deposits payable
Deferred revenue
Advance from other funds
Obligation under capital lease
Bonds payable
Total long -term liabilities
Total liabilities
Fund equity:
Contributed capital
Retained earnings (deficit):
Reserved for debt service
Reserve for construction
Unreserved- undesig nated
Total retained earnings (deficit)
Total liabilities and fund equity
Utilities Liquor
Page 68
Swimming
Pool
0 4,340 0
0 0 0
0 0 0
127
2,117,545
0
22,153
236
806,728
0
21,742
2,968,531
823,480
22,226,551
1,669
$ 26,020,231
158,166
14,844
24,145
16,336
0
299,522
33,675
546,688
0
0
0
0
820,000
820,000
1,366,688
1,744
0
0
0
0
21,168
0
826,278
853,530
773,267
703,429
0
2,330,226
412,121
17,050
0
0
0
87,914
13,171
530,256
0
0
0
0
0
0
530,256
0
0
274,998
0
0
0
24,378,545
1,799,970
24,653,543
1,799,970
$ 26,020,231
2,330,226
0
0
0
0
0
49,265
0
0
49,265
0
2,249,263
5,334
2,303,862
412
0
0
18,073
0
0
0
18,485
0
0
0
0
632,750
632,750
651,235
1,749,152
32,500
0
(129,025)
(96,525)
2,303,862
Page 69
Golf
Gun
Art
Edinborough Park
Totals
Course
Arena
Range
Center
Centennial Lake
1997
1996
4,000
700
0
225
1,500
10,765
8,665
0
0
0
10,266
0
10,266
0
2,179,712
1,814,257
0
0
643
3,994,612
4,040,581
13,698
152,722
0
0
367
168,658
109,626
0
0
0
0
0
2,117,545
2,089,453
0
0
0
0
53,610
53,610
69,673
0
0
0
0
0
22,153
20,627
0
0
0
0
0
236
0
0
0
0
643
22,210
900,014
81,541
0
0
0
0
0
0
3,757
56,186
0
0
9,157
0
913,363
797,606
2,253,596
1,967,679
0
20,291
78,330
8,191,222
7,221,529
0
0
0
0
0
1,596,747
1,790,884
7,832,811
5,229,562
0
198,327
974,977
39,414,920
33,833,148
46,173
12,655
0
0
0
65,831
80,787
10,132,580
7,209,896
0
218,618
1,053,307
49,268,720
42,926,348
70,533
40,205
0
13,409
27,845
722,691
456,082
15,930
10,751
0
3,023
15,128
76,726
57,162
0
0
0
0
0
24,145
9,788
245,357
114,740
0
0
0
394,506
407,858
200,000
50,000
0
0
0
250,000
469,815
5,352
.8,359
0
463
1,347
402,957
113,289
37,961
15,573
0
4,835
25,093
130,308
123,536
575,133
239,628
0
21,730
69,413
2,001,333
1,637,530
2,670
3,500
0
0
0
6,170
10,151
0
5,040
0
0
0
5,040
29,441
773,267
823,480
0
0
0
1,596,747
2,711,415
28,800
259,200
0
0
72,000
360,000
405,000
8,097,525
3,639,725
0
0
0
13,190,000
13,875,000
8,902,262
4,730,945
0
0
72,000
15,157,957
17,031,007
9,477,395
4,970,573
0
21,730
141,413
17,159,290
18,668,537
0
3,578,158
0
9,519
759,782
6,096,611
628,981
1,115,031
184,591
0
0
0
1,607,120
1,607,120
0
0
0
750
0
750
750
(459,846)
(1,523,426)
0
186,619
152,112
24,404,949
22,020,960
655,185
(1,338,835)
0
187,369
152,112
26,012,819
23,628,830
10,132,580
7,209,896
0
218,618
1,053,307
49,268,720
42,926,348
Page 70
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
December 31, 1997
(with comparative totals for December 31, 1996)
Swimming
Utilities
Liquor
Pool
Sales and cost of sales:
Sales
$ 0
7,426,218
0
Cost of sales
0
5,607,325
0
Gross profit
0
1,818,893
0
Operating revenues:
Charges for services
8,092,634
0
276,372
Total gross profit and operating revenues
8,092,634
1,818,893
276,372
Operating expenses:
Disposal charges
3,715,800
0
0
Personal services
810,107
623,392
124,320
Contractual services
1,405,463
173,356
37,331
Commodities
425,176
30,742
32,414
Central services
396,096
224,580
10,584
Depreciation
771,851
45,568
103,005
Total operating expenses
7,524,493
1,097,638
307,654
Operating income (loss)
568,141
721,255
(31,282)
Nonoperating revenues (expenses):
Interest on investments
0
0
0
Donations
0
0
0
Miscellaneous revenue (expense)
0
(185)
(262)
Interest from fiscal agent
0
0
0
Interest and fiscal charges
(40,744)
0
(36,764)
Interest on capital lease
0
0
0
Gain (loss) on sale of fixed assets
18,110
(412)
(95,649)
Amortization of bond discount
(1,540)
0
(356)
Total nonoperating revenues (expenses)
(24,174)
(597)
(133,031)
Income (loss) before operating transfers
543,967
720,658
(164,313)
Operating transfers in (out):
General fund
0
0
0
Art center fund
0
(67,000)
0
Liquor store fund
0
0
0
Arena fund
0
(100,000)
0
Gun Range
0
(22,408)
0
Edinborough Park/Centennial Lake
0
(25,000)
0
Total operating transfers, net
0
(214,408)
0
Net income (loss)
543,967
506,250
(164,313)
Add depreciation on contributed assets
0
0
48,267
Increase (decrease) in retained earnings
543,967
506,250
(116,046)
Retained earnings (deficit) - January 1
24,109,576
1,293,720
19,521
Residual equity transfer out
0
0
0
Retained earnings (deficit) - December 31
$ 24,653,543
1,799,970
(96,525)
Golf Gun Art
Course Arena Range Center
0 0 0 0
0 0 0 0
0 0 0 0
Edinborough Park
Centennial Lake
0
0
0
Page 71
Totals
1997 1996
7,426,218 6,399,235
5,607,325 4,813,865
1,818,893 1,585,370
3,170,255
880,691
10,270
240,018
605,348
13,275,588
12,608,639
3,170,255
880,691
10,270
240,018
605,348
15,094,481
14,194,009
0
0
0
0
0
3,715,800
3,423,248
1,155,529
317,737
10,207
240,701
673,461
3,955,454
3,715,083
396,333
264,574
3,947
32,427
296,927
2,610,358
2,403,736
253,510
64,931
979
35,192
143,966
986,910
936,244
200,760
57,996
2,520
23,220
153,408
1,069,164
1,031,551
516,927
216,544
2,395
20,017
103,414
1,779,721
1,662,373
2,523,059
921,782
20,048
351,557
1,371,176
14,117,407
13,172,235
647,196
(41,091)
(9,778)
(111,539)
(765,828)
977,074
1,021,774
0
0
0
0
374,217
374,217
424,425
0
3,000
0
31,102
0
34,102
14,479
0
0
0
7,003
0
6,556
7,575
109,884
73,040
0
0
0
182,924
219,459
(494,542)
(231,105)
0
0
0
(803,155)
(826,818)
(1,581)
(14,228)
0
0
(3,952)
(19,761)
(21,629)
(68,344)
0
(1,062)
0
(6,710)
(154,067)
32,531
(8,583)
(4,477)
0
0
0
(14,956)
(14,956)
(463,166)
(173,770)
(1,062)
38,105
363,555
(394,140)
(164,934)
184,030
(214,861)
(10,840)
(73,434)
(402,273)
582,934
856,840
0
0
0
0
1,600,000
1,600,000
(400,000)
0
0
0
0
0
(67,000)
(95,000)
0
100,000
22,408
67,000
25,000
214,408
100,000
0
0
0
0
0
(100,000)
0
0
0
0
0
0
(22,408)
(5,000)
0
0
0
0
0
(25,000)
0
0
100,000
22,408
67,000
1,625,000
1,600,000
(400,000)
184,030
(114,861)
11,568
(6,434)
1,222,727
2,182,934
456,840
0
87,228
0
501
78,078
214,074
70,725
184,030
(27,633)
11,568
(5,933)
1,300,805
2,397,008
527,565
471,155
(1,311,202)
1,451
193,302
(1,148,693)
23,628,830
23,101,265
0
0
(13,019)
0
0
(13,019)
0
655,185
(1,338,835)
0
187,369
152,112
26,012,819
23,628,830
Cash flows from capital financing activities
Net acquisition of capital assets
Gain poss) on sale of foxed assets
Principal paid on revenue bonds
Principal paid on capital lease
Interest earned from fiscal agent
Interest paid on capital lease
Interest paid on bonds
Net cash (used) provided for capital financing activities
Cash flows from investing activities
(Increase) decrease In interest receivable
Interest on investments
Net cash provided by investing activities
Net decrease in cash and cash equivalents
Cash and equivalents, beginning of year
Cash and equivalents, end of year
Supplemental disclosure of noncash noncapital financing activity:
Donation of investments
Contribution of fixed assets
Total noncash noncapital financing activity
(1,043,821)
(71,648)
44,703
(439,075)
Page 72
CITY OF EDINA, MINNESOTA
(95,649)
(68,344)
(390,000)
0
Enterprise Funds
(265,750)
0
0
0
Combining Statement of Cash Flows
0
0
0
109,884
December 31, 1997
0
0
(1,581)
(40,744)
(with comparative totals for December 31, 1996)
(36,764)
(494,542)
(1,456,455)
(72,060)
(97,710)
(1,163,008)
Swimming
Golf
Cash flows from operating activities:
Utilities
Liquor
Pool
Course
Operating income $
568,141
721,255
(31,282)
647,196
Adjustments to reconcile operating income
0
700
(0)
(17,381)
to net cash provided by operating activities
3,640
0
2,201,093
$ 0
Depreciation expense
771,851
45,568
103,005
516,927
Changes in assets and liabilities:
0
0
0
0
(Increase) decrease in accounts receivable
3,106
359
35
15,524
(Increase) decrease in customer accounts receivable
(28,092)
0
0
0
Increase in special assessments receivable
(1,526)
0
0
0
Increase in taxes receivable
(236)
0
0
0
Decrease in due from other governments
3,757
0
0
0
(increase) decrease in inventory
(4,512)
(113,787)
0
2,635
Decrease in prepaid expenses
0
0
0
0
Increase (decrease) in accounts payable
2,672
214,588
305
25,456
Increase in salaries payable
2,488
1,303
0
3,980
Increase in contracts payable
14,357
0
0
0
Increase (decrease) in accrued interest payable
(7,216)
0
199
(5,958)
Increase (decrease) in due to other governments
289,395
(9,863)
0
2,721
Increase (decrease) in compensated absences payable
2,922
(3,895)
0
2,630
Decrease in deposits payable
0
0
0
(3,981)
Increase (decrease) in deferred revenue
(19,808)
0
0
(4,593)
Increase (decrease) in due from other funds
(806,728)
(21,168)
(49,265)
0
Increase (decrease) in due to other funds
0
0
0
0
Total adjustments
222,430
113,105
54,279
555,341
Net cash provided by operating activities
790,571
834,360
22,997
1,202,537
Cash flows from noncapital financing activities:
Donations
0
0
0
0
Miscellaneous revenue (expense)
0
(185)
(262)
0
Increase (decrease) in advance to other funds
665,884
(547,007)
74,975
0
Increase (decrease) in advance from other funds
0
0
0
(56,910)
Decrease in reserve for construction
0
0
0
0
Operating transfer in (out )-General Fund
0
0
0
0
Operating transfer (out)-Art Center
0
(67,000)
0
0
Operating transfer in- liquor Store Fund
0
0
0
0
Operating transfer (out) -Arena
0
(100,000)
0
0
Operating transfer (out) -Gun Range
0
(22,408)
0
0
Operating transfer (out )-Edinborough Park
0
(25,000)
0
0
Residual equity transfer out
0
0
0
0
Net cash (used) provided for noncapital financing activities
665,884
(761,600)
74,713
(56,910)
Cash flows from capital financing activities
Net acquisition of capital assets
Gain poss) on sale of foxed assets
Principal paid on revenue bonds
Principal paid on capital lease
Interest earned from fiscal agent
Interest paid on capital lease
Interest paid on bonds
Net cash (used) provided for capital financing activities
Cash flows from investing activities
(Increase) decrease In interest receivable
Interest on investments
Net cash provided by investing activities
Net decrease in cash and cash equivalents
Cash and equivalents, beginning of year
Cash and equivalents, end of year
Supplemental disclosure of noncash noncapital financing activity:
Donation of investments
Contribution of fixed assets
Total noncash noncapital financing activity
(1,043,821)
(71,648)
44,703
(439,075)
18,110
(412)
(95,649)
(68,344)
(390,000)
0
(10,000)
(265,750)
0
0
0
(3,600)
0
0
0
109,884
0
0
0
(1,581)
(40,744)
0
(36,764)
(494,542)
(1,456,455)
(72,060)
(97,710)
(1,163,008)
0
0
0
0
0
0
0
0
0
0
0
0
0
700
(0)
(17,381)
0
3,640
0
2,201,093
$ 0
4,340
(0)
2,183,712
$ 0
0
0
0
0
0
1,797,419
0
0
0
1,797,419
0
Page 73
Gun
Art
Edinborough Park
Totals
Arena
Range
Center
Centennial Lake
1997
1996
(41,091)
(9,778)
(111,539)
(765,828)
977,074
1,021,774
216,544
2,395
20,017
103,414
1,779,721
1,662,373
(78,044)
0
0
(12)
(59,032)
133,898
0
0
0
0
(28,092)
22,349
0
0
0
0
(1,526)
(18,868)
0
0
0
0
(236)
0
0
0
0
0
3,757
3,692
0
0
(93)
0
(115,757)
(173,842)
0
0
0
0
0
288,506
27,364
(1,162)
3,868
(6,482)
266,609
77,100
5,484
0
1,519
4,790
19,564
13,522
0
0
0
0
14,357
9,788
(377)
0
0
0
(13,352)
(45,417)
7,512
(32)
(107)
42
289,668
(12,915)
1,514
0
355
3,246
6,772
14,467
0
0
0
0
(3,981)
(6,125)
0
0
0
0
(24,401)
13,910
0
0
0
59,331
(817,830)
(8,678)
0
(13,831)
(643)
(205,984)
(220,458)
171,602
179,997
(12,630)
24,916
(41,655)
1,095,783
2,145,362
138,906
(22,408)
(86,623)
(807,483)
2,072,857
3,167,136
3,000
0
20,836
0
23,836
14,479
0
0
7,003
0
6,556
7,575
0
0
285
0
194,137
302,309
69,474
0
0
(1,127,232)
(1,114,668)
(69,795)
0
0
0
0
0
(750)
0
0
0
1,600,000
1,600,000
(400,000)
0
0
0
0
(67,000)
(95,000)
100,000
22,408
67,000
25,000
214,408
100,000
0
0
0
0
(100,000)
0
0
0
0
0
(22,408)
(5,000)
0
0
0
0
(25,000)
0
0
(13,019)
0
0
(13,019)
0
172,474
9,389
95,124
497,768
696,842
(146,182)
(114,827)
14,081
(8,501)
(60,701)
(1,679,789)
(2,212,299)
0
(1,062)
0
(6,710)
(154,067)
32,531
(19,250)
0
0
0
(685,000)
(1,170,000)
(32,400)
0
0
(9,000)
(45,000)
(45,000)
73,040
0
0
0
182,924
219,459
(231,105)
0
0
(3,952)
(236,638)
(238,346)
(14,228)
0
0
0
(586,278)
(610,102)
(338,770)
13,019
(8,501)
(80,363)
(3,203,848)
(4,023,757)
0
0
0
16,063
16,063
(747)
0
0
0
374,217
374,217
424,425
0
0
0
390,280
390,280
423,678
(27,390)
0
0
202
(43,869)
(579,125)
1,842,347
0
225
1,941
4,049,246
4,628,371
1,814,957
0
225
2,143
4,005,377
4,049,246
0
0
10,266
0
10,266
0
3,665,386
0
10,020
208,879
5,681,704
0
3,665,386
0
20,286
208,879
5,691,970
0
Page 74
CITY OF EDINA, MINNESOTA
Utilities Fund
Balance Sheet
December 31, 1997
(with comparative amounts for December 31, 1996)
Assets
Current assets:
Receivables:
Accounts
Customers
Assessments
Taxes
Due from other funds
Due from other governments
Inventory
Total current assets
Advance to other funds
Property and equipment, net
Discount on bonds
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Contracts payable
Accrued interest payable
Due to other governments
Compensated absences payable
Total current liabilities
Long -term liabilities:
Deferred revenue
Bonds payable
Total liabilities
Retained earnings:
Reserved for debt service
Un reserved — undesignated
Total retained earnings
1997 1996
$ 127
2,117,545
22,153
236
806,728
0
21,742
2,968,531
823,480
22,226,551
1,669
3,233
2,089,453
20,627
0
0
3,757
17,230
2,134,300
1,489,364
21,954,581
3,209
$ 26,020,231 25,581,454
158,166
14,844
24,145
16,336
299,522
33,675
546,688
0
820,000
1,366,688
274,998
24,378,545
24,653,543
155,494
12,356
9,788
23,552
10,127
30,753
242,070
19,808
1,210,000
1,471,878
274,998
23,834,578
24,109,576
Total liabilities and retained earnings $ 26,020,231 25,581,454
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1997
(with comparative amounts for year ended December 31, 1996)
Operating revenues:
Storm sewer charges
Water charges
Sewer charges
Recycling
Sale of meters
Other
Total operating revenues
Operating expenses:
Disposal charges - contractual services
Source of supply:
Personal services
Contractual services
Commodities
Distribution:
Personal services
Contractual services
Commodities
Purification:
Personal services
Contractual services
Commodities
Source of collection:
Personal services
Contractual services
Commodities
Storm sewer:
Personal services
Contractual services
Commodities
General and administrative:
Personal services
Contractual services
Commodities
Recycling:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
1997
$ 571,312
2,235,487
4,627,618
536,330
15,946
105,941
8,092,634
3,715,800
102,672
80,149
100,776
252,934
447,026
206,379
56,469
102,425
54,371
51,454
7,938
2,335
71,074
115,767
50,843
256,691
146,960
6,322
18,813
505,198
4,150
396,096
771,851
7,524,493
1996
508,895
2,165,924
4,410,522
506,282
15,734
139,803
7,747,160
3,423,248
105,839
79,087
94,207
251,286
387,670
214,711
53,922
79,712
65,848
56,915
3,731
6,805
45,848
57,200
26,351
236,873
208,591
6,516
19,147
480,534
557
379,968
721,187
7,005,753
Page 75
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1997
(with comparative amounts for year ended December 31, 1996)
1997 1996
Operating income $ 568,141 741,407
Nonoperating revenues (expenses):
Interest and fiscal charges
Gain from sale of fixed assets
Amortization of bond discount
Total nonoperating expenses
Net income
Retained eamings— January 1
Retained eamings — December 31
(40,744)
(52,018)
18,110
5,856
(1,540)
(1,540)
(24,174)
(47,702)
543,967 693,705
24,109,576 23,415,871
$ 24,653,543 24,109,576
Page 76
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Cash Flows
Year ended December 31, 1997
(with comparative amounts for year ended year ended December 31,1996)
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:
Decrease in accounts receivable
(Increase) decrease in customer accounts receivable
Increase in assessments receivable
Increase in taxes receivable
Decrease in due from other governments
(Increase) in inventory
Decrease in prepaid expenses
Increase in accounts payable
Increase (decrease) in salaries payable
Increase in contracts payable
(Decrease) in accrued interest payable
Increase (decrease) in due to other governments
Increase in compensated absences payable
Increase (decrease) in deferred revenue
Decrease in due from other funds
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Decrease in advance to other funds
Net cash provided by noncapital financing activities
Cash flows from capital financing activities:
Net acquisition of capital assets
Gain from sale of fixed assets
Principal paid on bonds
Interest paid on bonds
Net cash used by capital financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
Page 77
1997
1996
$ 568,141
741,407
771,851
721,187
3,106
894
(28,092)
22,349
(1,526)
(18,868)
(236)
0
3,757
448
(4,512)
(733)
0
288,506
2,672
27,766
2,488
(3,462)
14,357
9,788
(7,216)
(11,922)
289,395
(37,821)
2,922
2,828
(19,808)
19,808
(806,728)
0
222,430
1,020,768
790,571
1,762,175
665,884
336,135
665,884
336,135
(1,043,821)
18,110
(390,000)
(40,744)
(1,456,455)
0
0
0
(1,682,147)
5,856
(370,000)
(52,019)
(2,098,310)
0
0
0
CITY OF EDINA, MINNESOTA
Liquor Fund
Balance Sheet
December 31, 1997
(with comparative amounts for December 31, 1996)
Assets 1997
Current assets:
Petty cash and change funds
Accounts receivable
Due from other funds
Inventory
Total current assets
Advance to other funds
Property and equipment, net
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Due to other governments
Compensated absences payable
Total current liabilities
Retained earnings:
Unreserved — undesignated
Total liabilities and retained earnings
1996
$ 4,340
3,640
1,744
2,103
21,168
0
826,278
712,491
853,530
718,234
773,267
703,429
226,260
677,349
$ 2,330,226 1,621,843
412,121
17,050
87,914
13,171
530,256
1,799,970
$ 2,330,226
197,533
15,747
97,777
17,066
328,123
1,293,720
1,621,843
Page 78
Page 79
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1997
(with comparative totals for year ended December 31, 1996)
Operating expenses:
Selling
1997
171,492
126,760
1996
50th Street
Yorkdale
Vernon
Totals
Totals
Sales $ 1,565,839
3,325,449
2,534,930
7,426,218
6,399,235
Cost of sales 1,173,723
2,510,053
1,923,549
5,607,325
4,813,865
Gross profit 392,116
815,396
611,381
1,818,893
1,585,370
Operating expenses:
Selling
102,649
171,492
126,760
400,901
347,229
Occupancy
39,030
56,908
32,824
128,762
126,402
Administrative
154,831
225,038
188,106
567,975
516,279
Total operating expenses
296,510
453,438
347,690
1,097,638
989,910
Operating income
95,606
361,958
263,691
721,255
595,460
Nonoperating revenues (expenses):
Miscellaneous expense
235
374
(794)
(185)
(612)
Loss on sale of fixed assets
0
0
(412)
(412)
0
Total nonoperating revenues (expenses)
235
374
(1,206)
(597)
(612)
Income before operating transfer out
Operating transfer out: General Fund
Operating transfer out: Art Center
Operating transfer out: Gun Range
Operating transfer out: Arena
Operating transfer out: Edinborough Park
Net income
Retained eamings - January 1
$ 95,841 362,332 262,485 720,658 594,848
0 (400,000)
(67,000) (95,000)
(22,408) (5,000)
(100,000) 0
(25,000) 0
(214,408) (500,000)
506,250 94,848
1,293,720 1,198,872
Retained eamings- December 31 $ 1,799,970 1,293,720
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Cash Flows
Year ended December 31, 1997
(with comparative amounts for year ended December 31, 1996)
Cash flows from operating activities:
Operating income
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Depreciation expense
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
Increase in inventory
Increase in accounts payable
Increase in salaries payable
Increase (decrease) in due to other governments
Increase (decrease) in compensated absences payable
Increase in due from other funds
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Miscellaneous expense
(Increase) decrease in advance to other funds
Operating transfer (out) — General Fund
Operating transfer (out) —Art Center
Operating transfer (out) —Gun Range
Operating transfer (out) —Arena
Operating transfer (out) — Edinborough Park
Net cash used by noncapital financing activities
Cash flows from capital financing activities:
Acquisition of capital assets
Loss on sale of fixed assets
Net cash 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
Page 80
1997 1996
721,255 595,460
45,568
359
(113,787)
214,588
1,303
(9,863)
(3,895)
(21,168)
113,105
834,360
46,401
(9)
(153,894)
65,562
8,602
27,363
3,119
0
(2,856)
592,604
(185)
(612)
(547,007)
21,139
0
(400,000)
(67,000)
0
(22,408)
0
(100,000)
(95,000)
(25,000) (5,000)
(761,600) (479,473)
(71,648) (113,131)
(412) 0
(72,060) (113,131)
700 0
3,640 3,640
$ 4,340 3,640
Page 81
CITY OF EDINA, MINNESOTA
Liquor Fund
Schedule of Operating Expenses
Year ended December 31, 1997
(with comparative amounts for year ended December 31, 1996)
Occupancy:
Personal services
1,214
3,645
3,088
Totals
5,422
Contractual services:
50th Street
Yorkdale
Vernon
1997
1996
Selling:
$
11,841
0
11,841
1,192
Personal services
94,818
156,642
118,333
369,793
305,478
Contractual services
853
1,789
1,682
4,324
3,602
Direct promotion
3,443
2,757
3,987
10,187
19,155
Commodities
4,388
12,093
4,440
20,921
22,596
Total selling
102,649
171,492
126,760
400,901
347,229
Occupancy:
Personal services
1,214
3,645
3,088
7,947
5,422
Contractual services:
Professional services
0
11,841
0
11,841
1,192
Burglar alarm
1,415
477
357
2,249
931
Heat
853
1,789
1,682
4,324
3,602
Laundry and rug service
496
3,088
330
3,914
3,125
Light and power
10,685
9,614
8,471
28,770
38,509
Maintenance, renting and cooling
293
709
49
1,051
609
Repair and maintenance
3,115
1,067
431
4,613
4,208
Rubbish hauling
740
450
789
1,979
2,408
Telephone
3,309
3,397
2,798
9,504
10,202
Water and sewer service
146
152
147
445
598
Commodities
2,386
1,784
2,387
6,557
9,195
Depreciation
14,378
18,895
12,295
45,568
46,401
Total occupancy
39,030
56,908
32,824
128,762
126,402
Administrative:
Personal services
76,210
93,574
75,868
245,652
235,981
Contractual services:
Data processing
1,938
2,928
2,238
7,104
5,432
Mileage
0
2,006
0
2,006
1,950
Professional service
18,672
35,294
28,230
82,196
46,724
Miscellaneous
1,814
854
505
3,173
7,100
Commodities
1,477
982
805
3,264
1,628
Central services
54,720
89,400
80,460
224,580
217,464
Total administrative
154,831
225,038
188,106
567,975
516,279
$
296,510
453,438
347,690
1,097,638
989,910
Page 82
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Balance Sheet
December 31, 1997
(with comparative amounts for December 31, 1996)
Assets
Current assets:
Accounts receivable
Due from other funds
Total current assets
Advance to other funds
Property and equipment, net
Discount on bonds
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Accrued interest payable
Total current liabilities
Long -term liabilities
Bonds payable
Total liabilities
Fund equity:
Contributed capital
Retained earnings:
Reserved for debt service
Unreserved — undesignated
Total retained earnings (deficit)
1997
$ 0
49,265
49,265
0
2,249,263
5,334
$ 2,303,862
412
18,073
18,485
1996
35
0
35
74,975
599,553
5,689
680,252
107
17,874
17,981
632,750 642,750
651,235 660,731
1,749,152
32,500
(129,025)
(96,525)
0
32,500
(12,979)
19,521
Total liabilities and fund equity $ 2,303,862 680,252
Page 83
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 1997
(with comparative amounts for year ended December 31, 1996)
1997 1996
Operating revenues:
Season tickets $
153,712
190,142
General admissions
71,389
92,258
Rentals and instruction programs
10,042
9,730
Registration
24,250
32,160
Concessions (less cost of goods sold)
16,979
31,803
Total operating revenues
276,372
356,093
Operating expenses:
Personal services
124,320
131,787
Contractual services
37,331
57,143
Commodities
32,414
17,706
Central services
10,584
10,068
Depreciation
103,005
55,428
Total operating expenses
307,654
272,132
Operating income (loss)
(31,282)
83,961
Nonoperating expenses:
Miscellaneous expense
(262)
0
Interest and fiscal charges
(36,764)
(36,481)
Loss on sale of fixed assets
(95,649)
0
Bond discount amortization
(356)
(356)
Total nonoperating expenses
(133,031)
(36,837)
Net income (loss)
(164,313)
47,124
Add depreciation on contributed assets
48,267
0
Increase (decrease) in retained earnings
(116,046)
47,124
Retained earnings (deficit) — January 1
19,521
(27,603)
Retained earnings (deficit) — December 31 $
(96,525)
19,521
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Cash Flows
Year ended December 31, 1997
(with comparative amounts for year ended December 31, 1996)
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 (decrease) in accounts payable
Increase (decrease) in accrued interest payable
Increase in due from other funds
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Miscellaneous expense
(Increase) decrease in advance to other funds
Net cash used by noncapital financing activities
Cash flows from capital financing activities:
Net acquisition of capital assets
Loss on sale of fixed assets
Principal paid on revenue bonds
Interest paid on bonds
Net cash used by capital financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents, beginning of year
Page 84
1997 1996
$ (31,282) 83,961
103,005
35
305
199
(49,265)
54,279
22,997
(262)
74,975
74,713
44,703
(95,649)
(10,000)
(36,764)
(97,710)
(0)
0
Cash and cash equivalents, end of year $ (0)
55,428
(35)
(4,233)
(615)
0
50,545
134,506
0
(54,680)
(54,680)
(36,095)
0
(7,250)
(36,481)
(79,826)
0
Page 85
CITY OF EDINA, MINNESOTA
Golf Course Fund
Balance Sheet
December 31, 1997
(with comparative amounts for December 31, 1996)
Assets
Current assets:
Petty cash and change funds
Cash with fiscal agents
Accounts receivable
Inventory
Total current assets
Property and equipment, net
Discount on bonds
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Accrued interest payable
Due to other funds
Due to other governments
Compensated absences payable
Total current liabilities
Long -term liabilities:
Deposits payable
Deferred revenue
Advance from other funds
Obligation under capital lease
Bonds payable
Total liabilities
Retained earnings:
Reserved for debt service
Unreserved - undesignated
Total retained earnings
1997
$ 4,000
2,179,712
13,698
56,186
2,253,596
1996
2,600
2,198,493
29,222
58,821
2,289,136
7,832,811 7,910,663
46,173 54,756
$ 10,132,580 10,254,555
70,533
15,930
245,357
200,000
5,352
37,961
575,133
2,670
0
773,267
28,800
8,097,525
9,477,395
1,115,031
(459,846)
655,185
45,077
11,950
251,315
200,000
2,631
35,331
546,304
6,651
4,593
830,177
32,400
8,363,275
9,783,400
1,115,031
(643,876)
471,155
Total liabilities and retained earnings $ 10,132,580 10,254,555
Page 86
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1997
(with comparative amounts for year ended December 31, 1996)
Operating expenses:
Administration
1997
1996
Operating revenues:
128,433
155,620
Greens fees
$ 1,627,618
1,538,402
Golf cars
183,488
212,153
Other rental fees
132,325
82,376
Patron cards
141,546
133,516
Concessions (less cost of goods sold)
151,108
158,662
Range
312,308
290,647
Dome
472,670
370,476
Lessons
74,212
72,906
Pro Shop (less cost of goods sold)
66,634
88,709
Other
8,346
14,563
Total operating revenues
3,170,255
2,962,410
Operating expenses:
Administration
701,241
665,064
Building -club house
128,433
155,620
Maintenance of course and grounds
523,209
524,491
Range and grill
216,731
212,944
Dome
245,341
218,908
Richards
133,898
98,394
Pro Shop
57,279
72,499
Depreciation
516,927
563,841
Total operating expenses
2,523,059
2,511,761
Operating income
647,196
450,649
Nonoperating revenues (expenses):
Interest from fiscal agent
109,884
122,898
Interest and fiscal charges
(494,542)
(506,029)
Interest on capital lease
(1,581)
(1,730)
Gain (loss) on sale of fixed assets
(68,344)
26,675
Amortization of bond discount
(8,583)
(8,583)
Total nonoperating revenues(expenses)
(463,166)
(366,769)
Net income
184,030
83,880
Retained eamings - January 1
471,155
387,275
Retained eamings- December 31 $
655,185
471,155
CITY.OF EDINA, MINNESOTA
Golf Course Fund
Statement of Cash Flows
Year ended December 31, 1997
(with comparative amounts for year ended December 31, 1996)
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
Decrease in due from other governments
(Increase) decrease in inventory
Increase (decrease) in accounts payable
Increase in salaries payable
Decrease in accrued interest payable
Increase (decrease) in due to other governments
Increase in compensated absences payable
Decrease in deposits payable
Decrease in deferred revenue
Total adjustments
Net cash provided by operating activities
Cash flow from noncapital financing activities:
Decrease in advance from other funds
Net cash used by noncapital financing activities
Cash flow from capital financing activities:
Net acquisition of capital assets
Gain (loss) from sale of fixed assets
Principal paid on revenue bonds
Principal paid on capital lease
Interest earned from fiscal agent
Interest paid on capital lease
Interest paid on bonds
Net cash used by capital financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
Page 87
1997 1996
647,196
516,927
15,524
0
2,635
25,456
3,980
(5,958)
2,721
2,630
(3,981)
(4,593)
555,341
1,202,537
450,649
563,841
(7,092)
3,244
(18,481)
(12,551)
3,017
(31,987)
(1,523)
5,229
(6,125)
(5,898)
491,674
942,323
(56,910) (18,755)
(56,910) (18,755)
(439,075)
(68.344)
(265,750)
(3,600)
109,884
(1,581)
(494,542)
(1,163,008)
(17,381)
2,201,093
$ 2,183,712
(360,374)
26,675
(773,500)
(3,600)
122,898
(1,730)
(506,029)
(1,495,660)
(572,092)
2,773,185
2,201,093
Page 88
CITY OF EDINA, MINNESOTA
Golf Course Fund
Schedule of Operating Expenses
Year ended December 31, 1997
(with comparative amounts for year ended December 31, 1996)
Maintenance of course and grounds:
Personal services
1997
1996
Administration
34,766
57,942
Personal services
$ 362,306
357,821
Contractual services
115,199
85,565
Commodities
25,470
26,935
Central services
198,266
194,743
Total administration
701,241
665,064
Building -Club House
43,301
36,690
Personal services
34,289
43,882
Contractual services
80,490
91,369
Commodities
13,654
20,369
Total building -Club House
128,433
155,620
Maintenance of course and grounds:
Personal services
371,266
352,713
Contractual services
34,766
57,942
Commodities
117,177
113,836
Total maintenance of course and grounds
523,209
524,491
Range and grill:
Personal services
167,173
171,972
Contractual services
6,257
4,282
Commodities
43,301
36,690
Total range and grill
216,731
212,944
Golf dome:
Personal services
96,573
88,615
Contractual services
120,859
116,791
Commodities
25,415
13,502
Central services
2,494
0
Total golf dome
245,341
218,908
Richards:
Personal services
87,732
76,775
Contractual services
22,006
7,848
Commodities
24,160
13,771
Total Richards
133,898
98,394
Pro Shop
Personal services
36,190
36,746
Contractual services
16,756
28,579
Commodities
4,333
7,174
57,279
72,499
Depreciation
516,927
563,841
Total operating expenses $
2,523,059
2,511,761
Page 89
CITY OF EDINA, MINNESOTA
Arena Fund
Balance Sheet
December 31, 1997
(with comparative amounts for December 31, 1996)
Assets
Current assets:
Petty cash and change funds
Cash with fiscal agents
Accounts receivable
Total current assets
Property and equipment, net
Discount on bonds
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Accrued interest payable
Due to other funds
Due to other governments
Compensated absences payable
Total current liabilities
Long -term liabilities:
Deposits payable
Deferred revenue
Advance from other funds
Obligation under capital lease
Bonds payable
Total liabilities
Fund equity:
Contributed capital
Retained earnings:
Reserved for debt service
Unreserved —u ndesignated
Total retained earnings (deficit)
1997
$ 700
1,814,257
152,722
1,967,679
1996
700
1,841,647
74,678
1,917,025
5,229,562 1,665,892
12,655 17,133
$ 7,209,896 3,600,050
40,205
10,751
114,740
50,000
8,359
15,573
239,628
3,500
5,040
823,480
259,200
3,639,725
4,970,573
3,578,158
184,591
(1,523,426)
(1,338,835)
12,841
5,267
115,117
50,000
847
14,059
198,131
3,500
5,040
754,006
291,600
3,658,975
4,911,252
L
184,591
(1,495,793)
(1,311,202)
Total liabilities and retained earnings $ 7,209,896 3,600,050
CITY OF EDINA, MINNESOTA
Arena Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 1997
(with comparative amounts for year ended December 31, 1996)
Operating revenues:
Rental fees
Season ticket sales
Daily skating fees
Admissions
Lessons
Concessions(less cost of goods sold)
Vending machine commissions
Services -skate sharpening
Total operating revenues
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Donations
Interest from fiscal agent
Interest and fiscal charges
Interest on capital lease
Amortization of bond discount
Total nonoperating expenses
Net loss before operating transfer in
Operating transfer in- Liquor fund
Net loss
Add depreciation on contributed assets
Decrease in retained earnings
Retained earnings (deficit) -- January 1
Retained earnings (deficit) - December 31
1997
$ 670,742
6,330
12,677
60,866
88,260
1,934
25,355
14,527
880,691
317,737
264,574
64,931
57,996
216,544
921,782
1996
584,048
7,487
11,469
26,412
73,303
20,381
12,173
11,231
746,504
296,882
205,276
35,805
55,668
137,048
730,679
(41,091) 15,825
3,000
0
73,040
96,561
(231,105)
(232,290)
(14,228)
(15,573)
(4,477)
(4,477)
(173,770)
(155,779)
(214,861) (139,954)
100,000 0
100,000 0
(114,861) (139,954)
87,228 0
(27,633) (139,954)
(1,311,202) (1,171,248)
$ (1,338,835) (1,311,202)
Page 90
CITY OF EDINA, MINNESOTA
Arena Fund
Statement of Cash Flows
Year ended December 31, 1997
(with comparative amounts for year ended December 31, 1996)
Cash flows from operating activities:
Operating income (loss)
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 (decrease) in accounts payable
Increase in salaries payable
Decrease in accrued interest payable
Increase (decrease) in due to other governments
Increase in compensated absences payable
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Page 91
1997 1996
(41, 091) 15,825
216,544
(78,044)
27,364
5,484
(377)
7,512
1,514
179,997
138,906
Donations 3,000
Increase (decrease) in advance from other funds 69,474
Operating transfer in— Liquor Fund 100,000
Net cash used provided by noncapital financing activities 172,474
Cash flows from capital financing activities:
Net acquisition of capital assets
Principal paid on revenue bonds
Principal paid on capital lease
Interest earned from fiscal agent
Interest paid on capital lease
Interest paid on revenue bonds
Net cash used for capital financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents, beginning of year
(114,827)
(19,250)
(32,400)
73,040
(231,105)
(14,228)
(338,770)
(27, 390)
137,048
98,322
(2,577)
3,546
(893)
(1,022)
674
235,098
250,923
0
(54,448)
0
(54,448)
(509)
(19,250)
(32,400)
96,561
(232,290)
(15, 573)
(203,461)
(6,986)
1,842, 347 1,849, 333
Cash and cash equivalents, end of year $ 1,814,957 1,842,347
CITY OF EDINA, MINNESOTA
Gun Range Fund
Balance Sheet
December 31, 1997
(with comparative amounts for December 31, 1996)
Assets 1997
Property and equipment, net
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Due to other funds
Due to other governments
Total liabilities
Retained earnings:
Unreserved -- undesignated
Total liabilities and retained earnings
1996
$ 0 16,476
$ 0 16,476
0
1,162
0
0
0
13,831
0
32
0
15,025
0
1,451
$ 0
16,476
Page 92
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1997
(with comparative amounts for year ended December 31, 1996)
1997
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 expenses:
Loss on sale of fixed assets
Total nonoperating expenses
Loss before operating transfers
Operating transfer in:
$ 8,684
1,408
91
87
10,270
10,207
3,947
979
2,520
2,395
20,048
(9,778)
(1,062)
(1,062)
(10,840)
Transfer in— Liquor Fund
22,408
Total nonoperating expenses
22,408
Net income (loss) before residual equity transfers
11,568
Retained earnings - January 1
1,451
Residual equity transfer out
(13,019)
Retained earnings - December 31 $
0
..,
24,718
4,311
346
117
29,492
21,088
6,262
10,609
2,412
2,862
43,233
(13,741)
0
0
(13,741)
5,000
5,000
(8,741)
10,192
0
1,451
Page 93
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Cash Flows
Year ended December 31, 1997
(with comparative amounts for year ended December 31, 1996)
Cash flows from operating activities:
Operating income (loss)
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense
Changes in assets and liabilities:
(Increase) decrease in accounts payable
Decrease in salaries payable
Increase (decrease) in due to other governments
Increase (decrease) in due to other funds
Total adjustments
Net cash used by operating activities
Cash flows from noncapital financing activities:
Operating transfer in— Liquor Store
Residual equity transfer out
Net cash provided by noncapital financing activities
Cash flows from capital financing activities:
Net acquisition of capital assets
Loss on sale of fixed assets
Net cash 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
Page 94
1997 1996
$ (9,778) (13,741)
2,395
(1,162)
0
(32)
(13,831)
(12,630)
(22,408)
22,408
(13,019)
9,389
14,081
(1,062)
13,019
0
0
$ 0
2,862
830
(130)
12
5,168
8,742
(4,999)
5,000
0
5,000
(1)
0
(1)
0
0
0
CITY OF EDINA, MINNESOTA
Art Center Fund
Balance Sheet
December 31, 1997
(with comparative amounts for December 31, 1996)
Assets 1997
Current assets:
Petty cash and change funds
Investments
Due from other funds
Inventory
Total current assets
Advance to other funds
Property and equipment, net
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Due to other Governments
Compensated absences payable
Total liabilities
Fund equity:
Contributed capital
Retained earnings:
Reserve for construction
Unreserved — undesignated
Total retained earnings
Total liabilities and retained earnings
1996
$ 225
225
10,266
0
643
0
9,157
9,064
20,291
9,289
0
285
198,327
199,823
$ 218,618
209,397
13,409
9,541
3,023
1,504
463
570
4,835
4,480
21,730
16,095
9,519 0
750 750
186,619 192,552
187,369 193,302
$ 218,618 209,397
Page 95
Page 96
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1997
(with comparative amounts for year ended December 31, 1996)
1997 1996
Operating revenues:
Memberships $
22,759
22,702
Registration fees
184,440
177,051
Media Lab
17,677
17,290
Retail sales, less cost of goods sold
15,142
15,659
Total operating revenues
240,018
232,702
Operating expenses:
Administration:
Personal services
109,392
97,453
Contractual services
5,985
3,453
Commodities
27,678
29,153
Central services
23,220
22,332
Total administration
166,275
152,391
Occupancy:
Personal services
13,450
13,043
Contractual services
22,018
21,179
Commodities
6,417
5,186
Total occupancy
41,885
39,408
Media Lab:
Personal services
13,297
10,253
Contractual services
1,776
769
Commodities
1,097
516
Total Media Lab
16,170
11,538
Class costs
2,648
1,986
Instructors- personal services
104,562
101,736
Depreciation
20,017
28,262
Total operating expenses
351,557
335,321
Operating loss
(111,539)
(102,619)
Nonoperating revenues:
Donations
31,102
14,479
Miscellaneous revenue
7,003
8,187
Total nonoperating revenues
38,105
22,666
Net loss before operating transfer in
(73,434)
(79,953)
Operating transfer in- Liquor Store
67,000
95,000
67,000
95,000
Net Income (loss)
(6,434)
15,047
Add depreciation on contributed assets
501
0
Increase (decrease) in retained earnings
(5,933)
15,047
Retained eamings- January 1
193,302
178,255
Retained earnings- December 31 $
187,369
193,302
Page 97
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Cash Flows
Year ended Deoember 31, 1997
(with comparative amounts for year ended December 31, 1996)
Cash flows from noncapital financing activities:
Donations
1997
1996
Cash flows from operating activities:
7,003
8,187
Operating loss
$ (111,539)
(102,619)
Adjustments to reconcile operating income to
0
(750)
net cash provided by operating activities:
67,000
95,000
Depredation expense
20,017
28,262
Changes in assets and liabilities:
Increase in inventory
(93)
(734)
Increase (decrease) in accounts payable
3,868
(1,119)
Increase in salaries payable
1,519
475
Increase (decrease) in due to other governments
(107)
128
Increase (decrease) in compensated absences payable
355
(1,348)
Increase in due to other funds
(643)
(39,550)
Total adjustments
24,916
(13,886)
Net cash used by operating activities
(86,623)
(116,505)
Cash flows from noncapital financing activities:
Donations
20,836
14,479
Miscellaneous revenue
7,003
8,187
(Increase) decrease in advance to other funds
285
(285)
Decrease in reserve for construction
0
(750)
Operating transfer in— Liquor Store
67,000
95,000
Net cash provided by noncapital financing activities
95,124
116,631
Cash flow from capital financing activities:
Net acquisition of capital assets
(8,501)
(1)
Net cash used by capital financing activities
(8,501)
(1)
Net increase in cash and cash equivalents
0
125
Cash and cash equivalents, beginning of year
225
100
Cash and cash equivalents, end of year
$ 225
225
Supplemental disclosure of noncash noncapital financing activity:
Donation of investments
$ 10,266
0
Page 98
CITY OF EDINA, MINNESOTA
Edinborough Park/Centennial Lake Fund
Balance Sheet
December 31, 1997
(with comparative amounts for December 31, 1996)
Assets
Current assets:
Petty cash and change funds
Cash with fiscal agents
Accounts receivable
Accrued interest receivable
Due from other funds
Total current assets
Property and equipment, net
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Due to other funds
Due to other governments
Compensated absences payable
Total current liabilities
Long -term liabilities:
Advance from other funds
Obligation under capital lease
Total liabilities
Fund equity:
Contributed capital
Retained earnings (deficit):
Un reserved — undesignated
Total retained earnings (deficit)
1997 1996
$ 1,500
643
367
53,610
22,210
78,330
1,500
441
355
69,673
81,541
153,510
974,977 808,811
$ 1,053,307 962,321
27,845
15,128
0
1,347
25,093
69,413
0
72,000
141,413
759,782
34,327
10,338
205,984
1,305
21,847
273,801
1,127,232
81,000
1,482,033
628,981
152,112 (1,148,693)
152,112 (1,148,693)
Total liabilities-and retained earnings $ 1,053,307 962,321
CITY OF EDINA, MINNESOTA
Edinborough Park/Centennial Lake Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 1997
(with comparative amounts for year ended December 31, 1996)
Operating revenues:
Association fees
Rental fees
Admissions
Season ticket sales
Skate rental
Concessions (less cost of goods sold)
Program income
Greens fees
Other
Total operating revenues
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating loss
Nonoperating revenues (expenses):
Interest on investments
Interest on capital lease
Loss on sale of assets
Total nonoperating revenues
Net loss before operating transfers
Operating transfer in - General Fund
Operating transfer in - Liquor Fund
Total operating transfers
Net income (loss)
Add depreciation on contributed assets
Increase (decrease) in retained earnings
Retained earnings (deficit)- January 1
Retained earnings (deficit)- December 31
1997
$ 278,964
165,876
67,298
13,395
29,600
4,148
13,546
27,694
4,827
605,348
673,461
296,927
143,966
153,408
103,414
1,371,176
(765,828)
1996
251,944
153,512
65,745
13,695
24,547
5,468
13,262
0
6,105
534,278
597,606
273,022
156,578
148,896
107,344
1,283,446
(749,168)
374,217 424,425
(3,952) (4,326)
(6,710) 0
363,555 420,099
(402,273) (329,069)
1,600,000 0
25,000 0
1,625,000 0
1,222,727
(329,069)
78,078
70,725
1,300,805
(258,344)
(1,148,693)
(890,349)
$ 152,112
(1,148,693)
Page 99
Page 100
CITY OF EDINA, MINNESOTA
Edinborough Park/Centennial Lake Fund
Statement of Cash Flows
Year ended December 31, 1997
(with comparative amounts for year ended December 31, 1996)
Cash flow from capital financing activities:
Net acquisition of capital assets
1997
1996
Cash flows from operating activities:
(6,710)
0
Operating loss
$ (765,828)
(749,168)
Adjustments to reconcile operating income in
(3,952)
(4,326)
net cash provided by operating activities:
(80,363)
(33,367)
Depreciation expense
103,414
107,344
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
(12)
41,818
Increase (decrease) in accounts payable
(6,482)
3,422
Increase in salaries payable
4,790
1,474
Increase (decrease) in due to other government
42
(52)
Increase in compensated absences payable
3,246
3,965
(Increase) decrease in due from other funds
59,331
(8,678)
Increase (decrease) in due to other funds
(205,984)
205,984
Total adjustments
(41,655)
355,277
Net cash used by operating activities
(807,483)
(393,891)
Cash flows from noncapital financing activities:
Increase (decrease) in advance from other funds
(1,127,232)
3,408
Operating transfer in - General Fund
1,600,000
0
Operating transfer in - Liquor Fund
25,000
0
Net cash provided by noncapital financing activities
497,768
3,408
Cash flow from capital financing activities:
Net acquisition of capital assets
(60,701)
(20,041)
Loss on sale of fixed assets
(6,710)
0
Principal paid on capital lease
(9,000)
(9,000)
Interest paid on capital lease
(3,952)
(4,326)
Net cash used by capital financing activities
(80,363)
(33,367)
Cash flows from investing activities:
(Increase) decrease in interest receivable 16,063 (747)
Interest on investments 374,217 424,425
Net cash provided by investing activities 390,280 423,678
Net increase (decrease) in cash and cash equivalents 202 (172)
Cash and cash equivalents, beginning of year 1,941 2,113
Cash and cash equivalents, end of year $ 2,143 1,941
Page 101
TRUST AND 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.
Police Seizure Fund: Accounts for funds obtained by the police department which
will be remitted to the proper governments.
Deferred Compensation Expendable Trust Fund: Accounts for assets that are
held in a trustee capacity by the City for employees in accordance with the
provisions of Internal Revenue Code Section 457.
1-494 Corridor Commission Fund: This fund is used to account for various
deposits made by the members of the Joint Powers Organization which includes
Bloomington, Eden Prairie, Maple Grove, Minnetonka, Plymouth and Richfield and
payments made to various organizations for planning and consulting services and
meeting expenses.
Assets:
Cash
Investments
Cash and investments with
plan administrators
Due from other governments
Total assets
Page 102
CITY OF EDINA, MINNESOTA
Trust and Agency Funds
Combining Balance Sheet
Year ended December 31, 1997
(with comparative totals for December 31, 1996)
Expendable
Trust Agency
Deferred Deferred Police 1-494 Totals
Compensation Compensation Seizure Commission 1997 1996
$ 0 0 139,790 4,098 143,888 95,317
0 0 0 119,159 119,159 0
2,510,513 0 0 0 2,510,513 8,217,281
0 0 0 6,420 6,420 0
$ 2,510,513 0 139,790 129,677 2,779,980 8,312,598
Liabilities:
Accounts payable $
0
0
0
7,981
7,981
0
Due to other funds
0
0
13,478
0
13,478
13,478
Due to other governments
0
0
126,312
121,696
248,008
81,839
Due to participants
0
0
0
0
0
8,217,281
Total liabilities
0
0
139,790
129,677
269,467
8,312,598
Fund balance:
Reserved for deferred
compensation plan participants
2,510,513
0
0
0
2,510,513
0
Total liabilities and fund balances $
2,510,513
0
139,790
129,677
2,779,980
8,312,598
Page 103
CITY OF EDINA, MINNESOTA
Deferred Compensation Expendable Trust Fund
Balance Sheet
Year ended December 31, 1997
(with comparative totals for December 31, 1996)
Assets:
Cash and cash equivalents
Liabilities and fund balances:
Fund balance:
1997
$ 2,510,513
1996
0
Reserved for deferred
compensation plan participants $ 2,510,513 0
CITY OF EDINA, MINNESOTA
Deferred Compensation Expendable Trust Fund
Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended December 31, 1997
(with comparative totals for December 31, 1996)
Revenues:
Net appreciation (depreciation)
in fair value of investments $
Employee contributions
Total revenues
Expenditures:
Distributions to plan participants
Administrative expense
Total expenditures
1997
330,374
284,038
614,412
38,063
4,122
42,185
Excess of revenues over expenditures 572,227
Fund balance - January 1 0
Cummulative effect of adoption of GASB 32 1,938,286
Fund balance as restated 1,938,286
Fund balance - December 31 $ 2,510,513
1996
0
0
0
0
0
0
0
0
0
0
0
Page 104
Page 105
CITY OF EDINA, MINNESOTA
Agency Funds
Statement of Changes in Assets and Liabilities
Year ended December 31, 1997
Balance Balance
1/1/97 Additions Deductions 12/31/97
Deferred Compensation Fund
Assets:
Cash & investments with plan administrators $ 8,217,281 0 8,217,281 0
Liabilities:
Due to participants
Police Seizure Fund
Assets:
Cash
Liabilities:
Due to other funds
Due to other governments
1494 Commission Fund
Assets:
Cash
Investments
Due from other governments
Total assets
Liabilities:
Accounts payable
Due to other governments
Totals -All Agency Funds
Assets:
Cash
Investments
Cash & investments with plan administrators
Due from other governments
Total assets
Liabilities:
Accounts payable
Due to other funds
Due to other governments
Due to participants
Total liabilities
$ 8,217,281 0 8,217,281 0
$ 95,317 44,473 0 139,790
13,478 0 0 13,478
81,839 44,473 0 126,312
$ 95,317 44,473 0 139,790
0
4,098
0
4,098
0
119,159
0
119,159
0
6,420
0
6,420
0
129,677
0
129,677
$ 8,312,598
174,150
0
7,981
0
7,981
0
121,696
0
121,696
0
129,677
0
129,677
$ 95,317
48,571
0
143,888
0
119,159
0
119,159
8,217,281
0
8,217,281
0
0
6,420
0
6,420
$ 8,312,598
174,150
8,217,281
269,467
$ 0
7,981
0
7,981
13,478
0
0
13,478
81,839
166,169
0
248,008
8,217,281
0
8,217,281
0
$ 8,312,598
174,150
8,217,281
269,467
Page 106
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.
Page 107
CITY OF EDINA, MINNESOTA
General Fixed Assets Account Group
Schedule of General Fixed Assets
December 31, 1997
(with comparative amounts for December 31, 1996)
General fixed assets:
Land and land improvements
Buildings
Furniture and fixtures
Vehicles and equipment
Parks
Construction -in- progress
Total general fixed assets
1997
$ 35,384,971
20,453,411
999,719
9,414,564
9,148,021
2,723,427
1996
29,274,238
19,680,962
858,131
9,156,826
7,355,921
2,083,678
$ 78,124,113 68,409,756
Total investment in general fixed assets $ 78,124,113 68,409,756
Page 108
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 obligations 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.
CITY OF EDINA, MINNESOTA
General Long -term Debt Account Group
Schedule of General Long -term Debt
December 31, 1997
(with comparative amounts for December 31, 1996)
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 property taxes
Amount to be provided by special assessments
Compensated absences:
Amount to be provided by revenue sources
Total available and to be provided
General long -term debt payable:
Accrued compensated absences
Obligation under capital lease payable
General obligation bonds payable
Page 109
1997 1996
$ 19,464,707
0
52,925,293
8,683,989
715,000
522,035
$ 82,311,024
522,035
593,989
81,195,000
21,767,924
200,000
47,847,076
8,740,000
900,000
507,272
79,962,272
507,272
650,000
78,805,000
Total general long -term debt payable $ 82,311,024 79,962,272
Page 110
CITY OF EDINA, MINNESOTA
Combined Schedule of Bonded Indebtedness
December 31, 1997
Total bonded indebtedness
(a) call date 02101/97
Final
Interest
Issue
maturity
rate
date
date
Bonded indebtedness:
Tax Increment Bonds:
Tax Increment Bonds, Series 1988
6.40- 7.30
10101/88
02/01/09
Tax Increment Bonds, Series 1989
6.80- 7.30
04/01/89
02101/09
Tax Increment Bonds, Series 1990
6.70- 6.80
03/01/90 (a)
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
Tax Increment Refunding Taxable Bonds, Series 1996A
5.85-6.25
03/01/96
02101/09
Tax Increment Temporary Bonds, Series 1997A
4.5
02/05/97
02/05/00
Tax Increment Temporary Bonds, Series 1997B
4.5
08/15/97
08/15/00
Tax Increment Bonds, Series 1997B
4.50-5.50
04/07/97
02/01/13
General Obligation Bonds:
General Obligation Park & Rec Bonds, Series 1996B
4.25 -5.75
08/01/96
08/01/17
Improvement Bonds:
Improvement Refunding Bonds, Series 1992E
4.00- 5.20
11/01/92
02/01/01
Revenue Bonds:
Recreation Bonds of 1988
6.10- 7.30
10/01/88
01/01/09
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
02101/99
Total bonded indebtedness
(a) call date 02101/97
1997 Percent
paid by tax
levies
Authorized
and issued
Indebtedness
Redeemed
Page 111
Exhibit 1
Due in 1998
Outstanding Principal Interest
None
10,175,000
500,000
9,675,000
9,675,000
686,213
None
8,425,000
425,000
8,000,000
8,000,000
571,788
None
3,080,000
3,080,000
0
0
0
None
17,930,000
0
17,930,000
0
1,025,405
None
19,580,000
1,635,000
17,945,000
1,625,000
835,410
None
11,250,000
0
11,250,000
0
682,550
None
5,000,000
5,000,000
0
0
0
None
2,500,000
0
2,500,000
0
93,750
None
5,090,000
0
5,090,000
0
352,273
83,030,000
10,640,000
72,390,000
19,300,000
4,247,389
None
8,090,000
0
8,090,000
0
429,000
None
1,095,000
380,000
715,000
185,000
31,008
1,095,000
380,000
715,000
185,000
31,008
None
2,470,000
150,000
2,320,000
2,320,000
165,863
None
2,100,000
445,000
1,655,000
1,655,000
115,856
None
3,975,000
115,000
3,860,000
105,000
220,128
None
4,650,000
115,000
4,535,000
160,000
248,508
None
1,925,000
1,105,000
820,000
400,000
29,980
15,120,000
1,930,000
13,190,000
4,640,000
780,335
$ 107,335,000
12,950,000
94,385,000
24,125,000
5,487,732
Page 112
Exhibit 2
CITY OF EDINA, MINNESOTA
Schedule of Changes in Bonded Indebtedness
Year ended December 31, 1997
Balance
Balance
January 1
Issued
Redeemed
December 31
Tax Increment Bonds
$ 69,815,000
12,590,000
10,015,000
72,390,000
General Obligation Bonds
8,090,000
0
0
8,090,000
Improvement Bonds
900,000
0
185,000
715,000
Revenue Bonds
13,875,000
0
685,000
13,190,000
$ 92,680,000
12,590,000
10,885,000
94,385,000
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable
December 31, 1997
Issue
date
Tax Increment Bonds:
$10,175,000 Tax Increment
Bonds, Series 1988 10/1/88
$250,00041,800,000 per year
Interest
Page 113
Exhibit 3
Maturity Principal
date amount
6.70 -7.30 02/01/98 -09 $ 9,675,000
Bonds maturing in the years 1999 through 2009 called on February 1, 1998.
$8,425,000 Tax Increment
Bonds Series 1989 4/1/89
$200,000-$1,500,OOO per year 6.95 -7.30 02/01/98 -09 8,000,000
Bonds maturing in the years 1999 through 2009 called on February 1, 1998.
$17,930,000 Tax Increment
Refunding Bond, Series 1992B
11/1192
$595,000
4.90%
2/1/99
595,000
$735,000
5.00
2/2/00
735,000
$790,000
5.20
2/1/01
790,000
$1,125,000
5.40
2/1/02
1,125,000
$1,265,000
5.50
2/1/03
1,265,000
$1,410,000
5.60
211/04
1,410,000
$1,470,000
5.70
211/05
1,470,000
$1,635,000
5.80
211/06
1,635,000
$2,490,000
5.90
211/07
2,490,000
$3,090,000
5.95
2/1/08
3,090,000
$3,325,000
6.00
2/1/09
3,325,000
17,930,000
$19,580,000 Tax Increment
Refunding Bond, Series 1993A
5/1/93
$1,625,000
4.40
2/1/98
1,625,000
$1,635,000
4.40
2/1/99
1,635,000
$1,610,000
4.60
2/2/00
1,610,000
$1,680,000
4.75
2/1/01
1,680,000
$2,415,000
4.90
2/1102
2,415,000
$2,455,000
5.00
2/1/03
2,455,000
$2,230,000
5.10
2/1/04
2,230,000
$2,555,000
5.10
2/1/05
2,555,000
$1,740,000
5.10
2/1/06
1,740,000
17,945,000
(Continued)
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
$11,250,000 Tax Increment
Taxable Refunding Bond, Series 1996A
$500,000
$625,000
$650,000
$700,000
$800,000
$900,000
$900,000
$1,000,000
$1,475,000
$1,800,000
$1,900,000
$2,500,000 Tax Increment
Temporary Bond, Series 1997B
$2,500,000
$5,090,000 Tax Increment
Temporary Bond, Series 1997B
$100,000
$125,000
$150,000
$175,000
$200,000
$225,000
$250,000
$405,000
$425,000
$445,000
$465,000
$490,000
$515,000
$545,000
$575,000
Total tax increment bonds
Page 114
Exhibit 3, Cont.
Issue Interest
Maturity
Principal
date rate
date
amount
4.75
2/1/01
3/1/96
4.80
2/1/02
5.85
2/1/99 $
500,000
5.85
2/1/00
625,000
5.85
211/01
650,000
5.85
2/1/02
700,000
5.85
2/1/03
800,000
6.00
211/04
900,000
6.10
2/1/05
900,000
6.10
2/1/06
1,000,000
6.15
2/1/07
1,475,000
6.20
2/1/08
1,800,000
6.25
2/1/09
1,900,000
8/15/97
4!7/97
11,250,000
4.50 8/15/00 2,500,000
4.50
2/1/99
100,000
4.65
2/1/00
125,000
4.75
2/1/01
150,000
4.80
2/1/02
175,000
4.85
2/1/03
200,000
4.95
2/1/04
225,000
5.05
2/1/05
250,000
5.10
2/1/06
405,000
5.15
211/07
425,000
5.20
2/1/08
445,000
5.30
2/1/09
465,000
5.30
2/1/10
490,000
5.35
2/1/11
515,000
5.40
2/1/12
545,000
5.50
2/1/13
575,000
5,090,000
72,390,000
(Continued)
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
Issue Interest Maturity
date rate date
General Obligation Bonds:
$8,090,000 General Obligation Park & Rec
Bond, Series 1996B
$265,000
$275,000
$300,000
$300,000
$325,000
$325,000
$350,000
$375,000
$375,000
$400,000
$425,000
$450,000
$475,000
$500,000
$525,000
$550,000
$600,000
$625,000
$650,000
Total General Obligation Bonds
Improvement Bonds:
$1,095,000 Improvement
Refunding Bonds, Series 1992E
$185,000
$180,000
$180,000
$170,000
Total Improvement Bonds
Page 115
Exhibit 3, Cont
Principal
amount
8/1/96
4.25
2/1/99
$ 265,000
4.40
2/1/00
275,000
4.50
2/1/01
300,000
4.65
2/1/02
300,000
4.80
2/1/03
325,000
4.90
2/1/04
325,000
5.00
211/05
350,000
5.10
2/1/06
375,000
5.20
211/07
375,000
5.30
2/1/08
400,000
5.40
2/1/09
425,000
5.45
2/1/10
450000
5.50
2/1/11
475,000
5.55
2/1/12
500000
5.60
2/1/13
525,000
5.65
2/1/14
550,000
5.70
2/1/15
600,000
5.75
2/1/16
625,000
5.75
2/1/17
650,000
8,090,000
11/1/92
4.70
2/2/98
185,000
4.90
2/3/99
180,000
5.00
2/5/00
180,000
5.20
2/5/01
170,000
Revenue Bonds:
$2,470,000 Recreational
Facility Bonds, Series 1988 10/1/88
$175,000 - $325,000 per year 6.70 -7.30
Bonds maturing in the years 1999 through 2009 called on January 1, 1998
$2,100,000 Recreational
Facility Bonds, Series 1989 4/1/89
$95,000 - $195,000 per year 6.95 -7.30
Bonds maturing in the years 1999 through 2009 called on January 1, 1998.
715,000
01/01/98 -09 2,320,000
01/01/98-09 $ 1,655,000
(Continued)
Page 116
Exhibit 3, Cont
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
3,860,000
$4,650,000 Recreational Facility
Refunding Bonds, Series 1992C
Issue Interest
Maturity
Principal
$160,000
date rate
date
amount
$3,975,000 Recreational Facility
4.90
1/1/99
325,000
Bonds, Series 1992A
11/1/92
1/2/00
320,000
$105,000
4.70
1/1/98
105,000
$105,000
4.90
1/1/99
105,000
$130,000
5.00
1/2/00
130,000
$135,000
5.20
1/1/01
135,000
$170,000
5.40
1/1/02
170,000
$200,000
5.50
1/1/03
200,000
$235,000
5.60
1/1/04
235,000
$250,000
5.70
1/1/05
250,000
$260,000
5.80
1/1/06
260,000
$275,000
5.90
1/1107
275,000
$285,000
5.95
1/1/08
285,000
$305,000
6.00
111/09
305,000
$320,000
6.00
111/10
320,000
$340,000
6.05
1/1/11
340,000
$360,000
6.05
1/1/12
360,000
$385,000
6.05
1/1/13
385,000
3,860,000
$4,650,000 Recreational Facility
Refunding Bonds, Series 1992C
11/1/02
$160,000
4.70
1/1/98
160,000
$325,000
4.90
1/1/99
325,000
$320,000
5.00
1/2/00
320,000
$335,000
5.20
1/1/01
335,000
$360,000
5.40
1/1/02
360,000
$365,000
5.50
1/1/03
365,000
$380,000
5.60
1/1/04
380,000
$410,000
5.70
1/1/05
410,000
$435,000
5.80
1/1/06
435,000
$445,000
5.90
1/1/07
445,000
$495,000
5.95
1/1108
495,000
$505,000
6.00
1/1/09
505,000
4,535,000
$1,925,000 Utility Revenue
Refunding Bonds, Series 1992D
11/1/92
$400,000
4.70
2/1/98
$ 400,000
$420,000
4.90
2/1/99
420,000
820,000
Total revenue bonds 13,190,000
Total bonds payable $ 94,385,000
Exhibit 4
CITY OF EDINA, MINNESOTA
December 31, 1997
Year Tax Increment Bonds General Obligation Bonds Improvement Bonds Revenue Bonds
Ended Principal Interest Principal Interest Principal Interest Principal Interest
1.998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
19,300,000
2,830,000
5,595,000
3,270,000
4,415,000
4,720,000
4,765,000
5,175,000
4,780,000
4,390,000
5,335,000
5,690,000
490,000
515,000
545,000
575,000
0
0
0
0
0
$ 72,390,000
4,247,389
2,798,760
2,659,264
2,402,000
2,204,768
1,966,138
1,712,811
1,443,088
1,169,665
906,559
616,770
286,025
101,593
74,831
46,340
15,813
0
0
0
0
0
22,651,812
0
265,000
275,000
300,000
300,000
325,000
325,000
350,000
375,000
375,000
400,000
425,000
450,000
475,000
500,000
525,000
550,000
600,000
625,000
650,000
0
429,000
423,369
411,688
398,888
385,163
370,388
354,625
337,913
319,600
300,288
279,938
257,863
234,125
208,800
181,863
153,288
123,050
90,413
55,344
18,688
0
185,000
180,000
180,000
170,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8,090,000 5,334,288 715,000
31,008
22,250
13,340
4,420
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
71,018
4,640,000
850,000
450,000
470,000
530,000
565,000
615,000
660,000
695,000
720,000
780,000
810,000
320,000
340,000
360,000
385,000
0
0
0
0
0
13,190,000
780,334
462,163
430,088
406,618
380,088
350,240
317,483
281,453
242,488
201,093
156,648
109,143
75,243
55,358
34,183
11,646
0
0
0
0
0
4,294,263
v
w
co
m
J
Assessed valuation/tax capacity
Increment valuation
Contribution to fiscal disparities pool
Received from fiscal disparities pool
Taxable valuation
Tax levies:
General Fund
Tax Capacity Rate:
General Fund
Page 118
Exhibit 5
CITY OF EDINA, MINNESOTA
Assessed Valuation, Tax Levies and Mill Rates
(shown by year of tax collectibiliity)
1994
1995
1996
1997
1998
$ 82,244,215
84,055,819
85,775,887
91,586,990
87,726,810
(6,207,276)
(5,162,771)
(4,848,313)
(5,517,147)
(5,729,884)
(10,289,650)
(8,042,316)
(8,442,482)
(8,385,640)
(6,451,992)
2,511,902
2,214,875
2,301,627
2,402,957
2,217,217
$ 68,259,191
73,065,607
74,786,719
80,087,160
77,762,151
$ 10,927,551
11,390,898
12,178,440
12,531,244
13,099,140
16.032
15.577
16.331
15.626
16.813
".6 Peat Marwick LLP
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on
Minnesota Legal Compliance
Page 119
Exhibit 6
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, 1997, and have issued our report thereon dated April 3, 1998.
We conducted our audit in accordance with generally accepted auditing standards and the
provisions of the Minnesota Legal Compliance Audit Guide for Local Govemment, promulgated by
the Legal Compliance Task Force pursuant to Minnesota Statute 6.65. Accordingly, the audit
included such tests of the accounting records and such other auditing procedures as we considered
necessary in the circumstances.
The Minnesota Legal Compliance Audit Guide for Local Government covers five main categories of
compliance to be tested: contracting and bidding, deposits and investments, conflicts of interest,
public indebtedness, and claims and disbursements. Our study included all of the listed categories.
The results of our test indicate that, for the items tested, the City complied with the material terms
and conditions of applicable legal provisions, except as described in the schedule of findings on
legal compliance. Further, for the items not tested, based on our audit and the procedures referred
to above, nothing came to our attention to indicate that the City had not complied with such legal
provisions.
This report is intended solely for the use of the City and should not be used for any other purpose.
This restriction is not intended to limit the distribution of this report, which is a matter of public
record.
April 3, 1998
11111111 Member Firm of KPMG International
Page 120
Exhibit 7
CITY OF EDINA, MINNESOTA
Schedule of Findings on Legal Compliance
Year ended December 31, 1997
Finding
MN Stat. Sec. 118A.04, Subd. 9, requires the City to provide, annually, a written statement of
investment restrictions to their investment brokers prior to the completion of an initial transaction.
During our audit, we noted brokers did not acknowledge their awareness of investment restrictions
prior to the first investment transaction in 1997.
Management's Response
Broker certifications were not received until after the start of the year. Certifications will be sent out
earlier in the future.
Finding
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Section
1823(e) states that a security agreement, including an assignment of collateral to a deposit account,
is not valid against FDIC unless the following steps have been satisfied. Satisfying the following
steps ensures a perfected interest in the security.
1. The assignment must be made in writing;
2. The assignment must have been executed contemporaneously with the receipt of the
deposit by the depositors;
3. The assignment must have been approved by the depository's board of directors or loan
committee; and
4. The assignment needs to have been continuously, from time of its execution, an official
record of the depository.
During our audit, we noted the City did not have perfected interests in collateral assigned by
National City Bank and Americana Bank as of December 31, 1997. The interest was not perfected
since the Bank's board of directors did not approve the collateral nor was this indicated in the Bank's
official record. Therefore, the City did not have sufficient collateral pledged to cover the uninsured
deposits, as required by Minnesota Statutes Sect. 118A.03, Subdivision 1.
Management's Response
One of the banks has satisfied the requirement to perfect the collateral. The other bank is
researching the best way to address this issue. Neither bank in question is the City's primary bank
and only occasionally do these banks go over the $100,000 FDIC insurance limit.
Page 121
Finding
MN Stat. Sec. 412.271, Subd. 2, requires the City to provide the following declarations to be made
by employees on all payroll disbursements.
1. A timekeeper, supervisor, officer or employee must sign a declaration that states that the
facts recited on the payroll (including employees' names, and number of hours worked
each day) are correct to the best of the declarant's knowledge, and
2. The employee must declare, once the disbursement is made, that the employee has
received the wages and done the work for which wages have been paid.
During our audit, we noted the City does not obtain the declarations specified above.
Management's Response
The specified declarations will be included on the timecards the next time the forms are printed.
April 3, 1998
STATISTICAL
SECTION
Table 1
CITY OF EDINA, MINNESOTA
General Governmental Expenditures by Function (a)
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
Unallocated
Fiscal
General
Public
Public
general
Capital
Debt
year
government
safety
works
Parks
expenditures
Other
outlay
service
Total
1988$
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
1994
2,097,521
6,774,592
2,985,893
1,725,641
180,589
3,273,848
700,451
7,333,466
25,072,001
1995
2,069,527
7,251,129
3,160,831
1,850,610
309,152
5,389,205
804,587
7,873,815
28,708,856
1996
2,201,312
7,440,601
3,290,742
1,919,759
251,215
5,847,706
970,882
6,281,475
28,203,692
1997
2,247,040
7,717,334
3,537,441
2,031,261
340,510
1,597,747
16,796,824
6,622,948
40,891,105
Note: (a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
v
d
so
m
J
N
N
Table 2
CITY OF EDINA, MINNESOTA
General Governmental Revenues by Source (a)
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
Note: (a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
'0
m
m
N
W
Interest
on funds
Licenses
Charges
held with
Sales and
Fiscal
Special
Franchise
and
Inter-
for
Fines and
Interest on
fiscal
rental of
year
Taxes
assessments
Fee
permits
governmental
services
forfeitures
Investments
agent
property
Miscellaneous
Totals
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
1990
12,968,717
936,042
98,715
874,298
572,262
1,235,812
494,009
1,289,470
0
133,809
2,432,752
21,033,886
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
1994
17,637,458
1,087,831
206,261
947,122
1,807,826
1,251,603
322,992
591,985
1,727,103
174,970
1,016,605
26,771,756
1995
15,534,902
858,897
209,519
1,070,352
5,693,802
1,510,470
545,998
411,345
1,742,621
68,871
591,318
28,238,093
1996
16,089,705
969,468
224,489
1,382,427
3,928,352
1,621,635
456,589
950,129
1,175,976
108,111
292,018
27,198,899
1997
17,653,621
955,208
331,527
1,388,968
1,996,744
2,842,923
562,910
1,199,251
1,038,850
152,398
190,654
28,313,052
Note: (a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
'0
m
m
N
W
Table 3
CITY OF EDINA, MINNESOTA
Property Tax Levies and Collections
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
o�
c�
N
A
Percent
Percent of
Percent
Adjustments/
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
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
97.92%
241,915
2.33%
1992
10,182,324
9,887,842
97.11%
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
95.25%
204,153
1.95%
1994
10,927,551
10,691,572
97.84%
5,819
10,697,391
97.89%
154,482
1.41%
1995
11,390,898
11,198,647
98.31%
(67,047)
11,131,600
97.72%
88,399
0.78%
1996
12,178,440
12,026,177
98.75%
(262,279)
11,763,898
96.60%
36,198
0.30%
1997
12,531,244
12,381,729
98.81%
(244,913)
12,136,816
96.85%
39,107
0.31%
o�
c�
N
A
CITY OF EDINA, MINNESOTA
Assessed Value or Tax Capacity and
Estimated Market Value of Taxable Property
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
Note: (a) In 1988, assessed value was replaced by tax capacity.
Page 125
Table 4
Ratio of total
assessed value/
tax capacity to
total estimated
market value
3.29%
2.71%
2.67%
2.49%
2.34%
2.26%
2.20%
2.18%
2.11%
2.25%
Real property
Assessment
Assessed value/
Estimated
year
tax capacity
market value
1988 (a)
$ 100,735,332
3,061,404,810
1989
87,055,570
3,212,261,700
1990
90,320,919
3,388,087,700
1991
87,214,668
3,496,892,900
1992
83,480,350
3,568,897,100
1993
81,413,953
3,607,576,600
1994
82,244,215
3,733,888,400
1995
84,055,819
3,849,796,600
1996
85,775,887
4,071,654,134
1997
91,586,990
4,074,713,634
Note: (a) In 1988, assessed value was replaced by tax capacity.
Page 125
Table 4
Ratio of total
assessed value/
tax capacity to
total estimated
market value
3.29%
2.71%
2.67%
2.49%
2.34%
2.26%
2.20%
2.18%
2.11%
2.25%
Page 126
Table 5
CITY OF EDINA, MINNESOTA
Property Tax Rates -All Overlapping Governments
(per $100 of assessed value)
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
City of Edina
Special
Fiscal General Revenue School
year Fund Funds Total District County Other Total
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
1994
16.032 -
16.032
61.417
37.441
7.515
122.405
1995
15.577 -
15.577
57.975
37.454
6.851
117.857
1996
16.331 -
16.331
62.268
37.270
7.494
123.363
1997
15.626 -
15.626
57.213
35.515
6.659
115.013
Note: (a) In 1989, mill rates were replaced by tax capacity rates.
Table 6
CITY OF EDINA, MINNESOTA
Special Assessment Collections
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
.D
d
N
V
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
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
1994
807,324
800,456
99.15%
5,622
806,078
99.85%
27,523
1995
786,480
779,517
99.11%
7,508
787,025
100.07%
26,223
1996
768,800
764,997
99.51%
16,636
781,633
101.67%
13,389
1997
590,048
576,513
97.71%
9,036
585,549
99.24%
17,889
.D
d
N
V
Table 7
CITY OF EDINA, MINNESOTA
Ratio of Net General Bonded Debt to Assessed
Valuerrax Capacity and Net Bonded Debt Per Capita
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
*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.
d
m
N
co
Ratio of
Net
net bonded
Net
assessed
Debt
debt to
bonded
value /tax
Gross
service
assessed
debt
Fiscal
capacity (in
bonded
monies
Net bonded
value /tax
per
year
*Population
thousands)
debt (b)
available
debt
capacity
capita
1988 (c)
46,095
90,975
47,305,000
2,513,806
44,791,194
49.23%
972
1989
44,943
79,805
64,060,000
1,202,505
62,857,495
78.76%
1,399
1990
46,070 (a)
80,438
65,435,000
1,026,815
64,408,185
80.07%
1,398
1991
46,070
75,550
63,565,000
1,026,815
62,538,185
82.78%
1,357
1992
46,079
69,276
90,880,000
26,899,229
63,980,771
92.36%
1,389
1993
46,916
68,259
108,165,000
45,994,060
62,170,940
91.08%
1,325
1994
46,984
73,066
104,615,000
44,810,021
59,804,979
81.85%
1,273
1995
46,841
74,787
101,775,000
43,265,984
58,509,016
78.23%
1,249
1996
46,845
80,087
92,680,000
25,429,215
67,250,785
83.97%
1,436
1997
47,029
77,762
94,385,000
17,929,523
76,455,477
98.32%
1,626
*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.
d
m
N
co
CITY OF EDINA, MINNESOTA
Computation of Legal Debt Margin
December 31, 1997
(Unaudited - see accompanying auditors' report)
Estimated market value of taxable property
Debt limit -2.00% of total
estimated market value
Amount of debt applicable to debt
limit:
Total bonded debt
Less:
Other deductions allowed by law:
Tax increment bonds
Improvement bonds
Revenue bonds
Total deductions
Total amount of debt
applicable to debt limit
$ 72,390,000
715,000
13,190,000
$
94,385,000
86,295,000
Page 129
Table 8
$ 4,074,713,634
81,494,273
8,090,000
Legal debt margin $ 73,404,273
CITY OF EDINA, MINNESOTA
Computation of Overlapping Debt
December 31, 1997
(Unaudited - see accompanying auditors' report)
Percentage
applicable
to City of
Edina
Page 130
Table 9
Amount
applicable
to City of
Edina
100.00% $
Net debt
Jurisdiction
outstanding
98.29%
33,851,076
City of Edina
$ 62,550,477
Hennepin County
100,776,398
IDS #273 (Edina)
34,440,000
IDS #270 (Hopkins)
49,272,166
IDS #271 (Bloomington)
10,463,660
IDS #272 (Eden Prairie)
103,316,840
IDS #280 (Richfield)
35,406,349
IDS #283 (St. Louis Park)
11,845,679
Metro Council
83,155,873
Hennepin County Regional Parks
9,669,528
Percentage
applicable
to City of
Edina
Page 130
Table 9
Amount
applicable
to City of
Edina
100.00% $
62,550,477
8.07%
8,132,655
98.29%
33,851,076
7.10%
3,498,324
0.02%
2,093
1.55%
1,601,411
31.98%
11,322,950
0.01%
1,185
4.12%
3,426,022
10.78%
1,042,375
$
125,428,568
Fiscal
year Principal
CITY OF EDINA, MINNESOTA
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
Interest
Page 131
Table 10
Ratio of total
debt service
Total to total
debt Total general general
service expenditures (a) expenditures
1988 $
1,950,000
2,170,163
4,120,163
16,336,066
25.22%
1989
1,800,000
3,037,525
4,837,525
17,299,271
27.96%
1990
1,485,000
4,348,141
5,833,141
19,421,089
30.04%
1991
1,480,000
4,386,400
5,866,400
20,559,514
28.53%
1992
1,790,000
4,173,850
5,963,850
19,610,522
30.41%
1993
1,800,000
4,847,360
6,647,360
21,384,897
31.08%
1994
1,185,000
6,148,466
7,333,466
25,072,001
29.25%
1995
2,495,000
5,378,815
7,873,815
28,708,856
27.43%
1996
1,400,000
4,881,475
6,281,475
28,203,816
22.27%
1997
2,120,000
4,502,948
6,622,948
40,891,104
16.20%
Notes: (a) Includes General, Special Revenue, and Debt Service Funds.
Table 11
CITY OF EDINA, MINNESOTA
Revenue Bond Coverage
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
Net
revenue
T
m
"Before interest costs.
J
W
N
Direct"
available
Gross
operating
for debt
Debt service requirements
Fiscal year
revenue
expenses
service
Principal
Interest
Total
Coverage
Utility Bond
1988
$ 4,285,722
4,842,797
(557,075)
0
0
0
0
1989
5,539,373
4,839,753
699,620
0
172,418
172,418
406
1990
5,197,400
4,761,182
436,218
170,000
194,382
364,382
120
1991
6,399,204
5,583,502
815,702
250,000
175,245
425,245
192
1992
5,867,015
5,365,942
501,073
275,000
169,233
444,233
113
1993
7,122,636
6,238,142
884,494
300,000
214,791
514,791
172
1994
7,011,288
6,602,736
408,552
2,165,000
155,573
2,320,573
18
1995
7,591,331
6,766,288
825,043
345,000
78,182
423,182
195
1996
7,753,016
7,007,293
745,723
370,000
52,019
422,019
177
1997
8,110,744
7,526,033
584,711
390,000
40,744
430,744
136
Recreational Facility Bonds
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
460,037
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
2,987,774
2,600,826
386,948
195,000
707,454
902,454
43
1994
3,446,755
3,086,401
360,354
200,000
854,920
1,054,920
34
1995
3,824,627
3,262,948
561,679
0
839,244
839,244
67
1996
4,311,141
3,545,291
765,850
250,000
774,800
1,024,800
75
1997
4,440,202
3,945,975
494,227
295,000
762,411
1,057,411
47
T
m
"Before interest costs.
J
W
N
Table 12
CITY OF EDINA, MINNESOTA
Property and Construction Values
Last Ten Fiscal years
(Unaudited - see accompanying auditors' report)
*Assessor's market.
d
Q
CD
W
w
Commercial
Residential
construction
construction
Fiscal
Number of
Number of
Property value*
year
permits
Value
permits
Value
Commercial
Residential
1988
336
$ 22,100,000
560
26,327,000
667,282,000
2,392,686,800
1989
407
65,000,000
86
11,463,231
681,372,900
2,530,888,800
1990
378
37,299,553
605
31,762,558
713,876,500
2,674,211,200
1991
518
21,596,135
546
22,781,128
751,280,100
2,745,612,800
1992
415
18,371,703
647
22,086,178
767,495,300
2,801,401,800
1993
396
35,014,704
673
27,505,219
711,471,100
2,896,105,500
1994
267
14,695,441
689
29,985,727
691,570,800
3,042,317,600
1995
274
14,349,143
564
28,064,106
668,098,800
3,181,697,800
1996
279
35,789,432
1,318
31,334,870
745,200,700
3,326,107,834
1997
407
37,074,290
1,780
32,387,315
824,767,100
3,438,309,200
*Assessor's market.
d
Q
CD
W
w
Page 134
Table 13
CITY OF EDINA, MINNESOTA
Principal Taxpayers
December 31, 1997
(Unaudited - see accompanying auditors' report)
1997 tax
Taxpayer
Type of Business
capacity
Southdale
Shopping center $
6,333,776
Pentagon Office Park.
Office building
1,477,916
Gabberts and Galleria
Shopping center
1,406,890
Southdale Office Park
Office building
1,384,050
Southdale Medical Building
Office building
696,480
United Health Care Corporation
Office building
875,345
National Car
Office Building
573,480
Centennial Lakes Retail
Retail
560,218
Cedars of Edina
Apartments
519,002
Target
Retail
425,842
Jerry's Center
Retail
392,390
7373 France
Medical Office
350,778
Edinborough Office East
Office building
340,290
Durham
Apartments
338,532
Edinborough
Apartments
334,130
York Plaza
Apartments
301,478
7505 Metro Boulevard
Office building
282,434
7401 Metro Boulevard
Office building
280,234
6363 France Avenue
Medical Office
276,654
Vernon Terrace Apartments
Senior Apartments
275,210
Employer
Fairview Southdale Hospital
Jerry's Enterprises Inc.
Golden Valley Microwave Foods
Health Risk Management Inc.
Dayton's
J.C. Penney
Norwest Funding
Nash Finch Co.
International Dairy Queen Inc.
Roach Organization Inc.
Techpower Inc.
CITY OF EDINA, MINNESOTA
Major Employers in the City
December 31, 1997
(Unaudited - see accompanying auditors' report)
Product/Service
Health Care
Groceries
Manufacturing
Pension, Health and Welfare Funds
Department Store
Department Store
Mortgage Bankers & Correspondents
Groceries
Eating Places
Computer & Computer Software Stores
Help Supply Services
Source: City of Edina "Community Profile" Minnesota Department of Trade and Economic
Development, August, 1996
Page 135
Table 14
Approximate
Number
of Employees
2,400
2,000
650
552
500
400
358
350
300
140
120
CITY OF EDINA, MINNESOTA
Labor Force Data
December 31, 1997
(Unaudited - see accompanying auditors' report)
December 1997
Civilian Unemployment
Labor Force Rate
Page 136
Table 15
December 1996
Civilian Unemployment
Labor Force Rate
Hennepin County 645,899 3.2% 647,933 2.1%
Mpls. -St. Paul MSA 1,580,436 3.8 1,617,236 2.3
State of Minnesota 2,636,536 3.0 2,603,423 3.3
Source: Minnesota Department of Economic Security. 1997 data is preliminary.
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics
December 31, 1997
(Unaudited - see accompanying auditors' report)
Date of incorporation
December 17, 1888
Date of adoption of Council- Manager Plan
January 1, 1955
Present form of government
Council- Manager
Fiscal year begins
January 1
Area of City
16 square miles
Percent of City developed with buildings
97%
Miles of streets and sewers:
Total streets (including state and county)
224 miles
Sanitary sewer
186.22 miles
Sewer connections
13,783
Fire protection:
Number of stations 2
Number of employees (full time) 29
Police protection:
Number of stations 1
Number of employees (full time) 58
Park areas:
Present park acres and open space 1,600
Total improved park acres 1,007
Number of parks 39
Private golf courses 2
Public golf courses 3
Municipal water plant:
Number of wells
18
Miles of watermain
198.81
Gallons of storage
7 million
Number of consumers
14,025
Page 137
Table 16
(Continued)
Page 138
Table 16, 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
1994 (estimated June 1994)
46,984
1995 (estimated June 1995)
46,841
1996 (estimated June 1996)
46,845
1997 (estimated June 1997)
47,029
Page 139
Table 17
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for 50th & France -No. 1200, a Tax Increment Financing District
(Districts 1200, 1201, 1203, and 1204 are pooled)
(Unaudited - see accompanying auditors' report)
December 31, 1997
Accounted
Original
Amended
for in
Current
Amount
budget
budget
prior years
year
remaining
Sources of funds:
Bond proceeds
$ 2,200,000
5,280,000
5,251,998
0
28,002
Tax increments
received
0
18,817,930
12,500,721
1,288,695
5,028,514
Real estate sales'
800,000
170,782
170,782
0
0
State aid
0
418,870
418,871
0
(1)
Special assessments
0
1,321,096
728,505
0
592,591
Parking permits
0
38,208
187,297
23,424
(172,513)
Community develop-
ment
0
214,828
186,064
0
28,764
Interest on invested
funds
0
0
521,045
342,353
(863,398)
Other
0
0
73,881
0
(73,881)
Total sources of
funds
3,000,000
26,261,714
20,039,164
1,654,472
4,568,078
Uses of funds:
Land acquisition
0
647,551
647,539
5,000
(4,988)
Installation of public
utilities and
improvements
3,000,000
6,257,748
5,641,851
3,576
612,321
Bond payments
Principal
0
5,280,000
2,200,000
0
3,080,000
Interest
0
4,738,329
3,072,129
182,823
1,483,377
Administrative costs
0
69,260
946,703
79,014
(956,457)
Work orders
0
16,825
16,257
0
568
Contingencies
0
12,300
11,644
0
656
Interest
0
9,400
400,835
0
(391,435)
Miscellaneous
0
7,100
22,478
7,951
(23,329)
Total uses of funds
3,000,000
17,038,513
12,959,436
278,364
3,800,713
Funds remaining (or
deficient)
0
9,223,201
7,079,728
1,376,108
767,365
Cost to authority
Price Paid by developer
*Real estate sales
Liquor store site
$
128,064
105,002
Union oil site
134,506
65,780
$
262,570
170,782
Page 140
Table 18
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Southeast Edina Redevelopment District -No. 1201, a Tax Increment Financing District
(Districts 1200, 1201, 1203, and 1204 are pooled)
(Unaudited - see accompanying auditors' report)
December 31, 1997
Accounted
Original
Amended
for in
Current
Amount
budget
budget
prior years
year
remaining
Sources of funds:
Bond proceeds
$ 6,165,177
21,470,000
20,219,852
0
1,250,148
Tax increments
received
0
85,000,000
25,191,754
2,869,744
56,938,502
Real estate sales'
598,005
1,750,000
1,842,874
304,178
(397,052)
Community develop-
ment Block Grant
0
0
189,221
0
(189,221)
Interest on invested
funds
0
0
1,930,542
132,352
(2,062,894)
Other
0
0
25,931
0
(25,931)
Total sources of
funds
6,763,182
108,220,000
49,400,174
3,306,274
55,513,552
Uses of funds:
Land acquisition
6,682,998
15,278,569
10,986,090
304,178
3,988,301
Installation of public
utilities and
improvements
0
21,894,254
15,397,695
0
6,496,559
Site improvements or
preparation costs
2,885,484
2,392,303
468,098
0
1,924,205
Bond payments
Principal
0
21,470,000
7,380,000
1,335,000
12,755,000
Interest
0
17,000,000
16,227,846
689,379
82,775
Administrative costs
194,700
2,466,200
2,113,884
35,757
316,559
Parkland dedication fees
0
0
767,852
0
(767,852)
Total uses of funds
9,763,182
80,501,326
53,341,465
2,364,314
24,795,547
Funds remaining (or
deficient)
(3,000,000)
27,718,674
(3,941,291)
941,960
30,718,005
Cost to authority
Price paid by developer
'Real estate sales
Retail site
$
8,350
11,899
Hotel site
192,915
192,915
Elderly site
453,740
346,534
Office site
1,027,277
784,563
Coventry Townhouses
811,141
811,141
$
2,493,423
2,147,052
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Grandview Area Redevelopment District -No. 1202, a Tax Increment Financing District
(Unaudited - see accompanying auditors' report)
December 31, 1997
Sources of funds:
Bond proceeds
Tax increments
received
Interest on invested
funds
Other
Total sources of
funds
Uses of funds:
Land acquisition
Installation of public
utilities and
improvements
Bond payments
Principal
Interest
Administrative costs
Total uses of funds
Funds remaining (or
deficient)
Page 141
Table 19
0 (5,872,035) 1,365,168 (42,305) (7,194,898)
Accounted
Original
Amended
for in
Current
Amount
budget
budget
prior years
year
remaining
4,500,000
8,400,000
1,971,603
2,500,000
3,928,397
0
10,531,072
4,846,104
724,278
4,960,690
0
0
68,512
77,382
(145,894)
0
0
6,731
22,256
(28,987)
4,500,000
18,931,072
6,892,950
3,323,916
8,714,206
0
3,000,000
0
2,784,785
215,215
4,310,000
5,210,000
3,116,529
122,651
1,970,820
0
8,400,000
650,000
300,000
7,450,000
0
7,140,000
1,171,563
58,075
5,910,362
190,000
1,053,107
589,690
100,710
362,707
4,500,000
24,803,107
5,527,782
3,366,221
15,909,104
0 (5,872,035) 1,365,168 (42,305) (7,194,898)
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Southeast Edina Redevelopment District -No. 1203, a Tax Increment Financing District
(Districts 1200, 1201, 1203, and 1204 are pooled)
(Unaudited - see accompanying auditors' report)
December 31, 1997
Sources of funds:
Bond proceeds
Tax increments
received
Real estate sales*
Interest on invested
funds
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)
Page 142
Table 20
5,282,200 5,282,200 (1,362,818) (341,456) 6,986,474
Cost to authority
Accounted
*Real estate sales
Original
Amended
for in
Current
Amount
budget
budget
prior years
year
remaining
Office building #1
449,300
449,300
$ 41,400,000
41,400,000
26,688,323
5,073,354
9,638,323
80,000,000
80,000,000
6,905,814
1,303,271
71,790,915
5,000,000
5,000,000
5,585,272
0
(585,272)
0
0
2,036,995
85,883
(2,122,878)
0
0
617,248
0
(617,248)
126,400,000
126,400,000
41,833,652
6,462,508
78,103,840
13,900,000
13,900,000
15,937,170
2,367,627
(4,404,797)
26,677,000
26,677,000
7,999,921
2,027,737
16,649,342
41,400,000
41,400,000
750,000
300,000
40,350,000
38,000,000
38,000,000
17,317,410
1,999,867
18,682,723
1,140,800
1,140,800
1,191,969
108,733
(159,902)
121,117,800
121,117,800
43,196,470
6,803,964
71,117,366
5,282,200 5,282,200 (1,362,818) (341,456) 6,986,474
Cost to authority
Price paid by developer
*Real estate sales
Retail and theater site
$ 3,213,720
3,213,720
Medical office site
815,092
815,092
Office site
1,107,160
1,107,160
Office building #1
449,300
449,300
$ 5,585,272
5,585,272
Page 143
Table 21
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Southeast Edina Economic Development District -No. 1204,
a Tax Increment Financing District
(Districts 1200, 1201, 1203, and 1204 are pooled)
(Unaudited - see accompanying auditors' report)
December 31, 1997
Accounted
Original
Amended
for in
Current
Amount
budget
budget
prior years
year
remaining
Sources of funds:
Bond proceeds
$ 9,400,000
9,400,000
0
0
9,400,000
Tax increments
received
22,657,749
22,657,749
2,183,518
(1,469,195)
21,943,426
Interest on invested
funds
0
0
693,047
111,742
(804,789)
Other
0
0
0
0
0
Total sources of
funds
32,057,749
32,057,749
2,876,565
(1,357,453)
30,538,637
Uses of funds:
Land acquisition
50,000
50,000
0
0
50,000
Installation of public
utilities and
improvements
5,800,000
5,800,000
188,720
0
5,611,280
Transit equipment
450,000
450,000
0
0
450,000
Transit improvement
1,100,000
1,100,000
0
0
1,100,000
Capitalized interest
500,000
500,000
0
0
500,000
Debt service
22,657,749
22,657,749
0
0
22,657,749
Transfer interest
0
0
0
254,858
(254,858)
Administrative costs
500,000
500,000
526
305
499,169
Total uses of funds
31,057,749
31,057,749
189,246
255,163
30,613,340
Funds remaining (or
deficient)
1,000,000
1,000,000
2,687,319
(1,612,616)
(74,703)
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for 70th Street and Cahill Road District -No. 1207, a Tax Increment Financing District
(Unaudited - see accompanying auditors' report)
December 31, 1997
Sources of funds:
Bond proceeds
Tax increments
received
Interest on invested
funds
Other
Total sources of
funds
Uses of funds:
Land acquisition
Installation of public
utilities and
improvements
Demolition
Relocation
Capitalized Interest
Debt service
Administrative costs
Total uses of funds
Funds remaining (or
deficient)
Page 144
Table 22
Accounted
Original
Amended
for in
Current
Amount
budget
budget
prior years
year
remaining
$ 1,911,000
1,911,000
0
0
1,911,000
2,177,855
2,177,855
261,289
165,033
1,751,533
0
0
0
0
0
0
0
0
0
0
4,088,855
4,088,855
261,289
165,033
3,662,533
529,400
529,400
0
0
529,400
325,000
325,000
89,468
0
235,532
150,000
150,000
0
0
150,000
160,000
160,000
0
0
160,000
150,000
150,000
0
0
150,000
2,178,455
2,178,455
0
0
2,178,455
596,000
596,000
10,496
5,404
580,100
4,088,855
4,088,855
99,964
5,404
3,983,487
0
0
161,325
159,629
(320,954)