HomeMy WebLinkAbout1976 Financial Statements` 4 'r`,, ,,I r� F ,.
11 ,� ,k I . I r / } ":, 1ti JI (
1 .J Lr., , r,r 1 )I J ( .a 1 f ,� ). , , 4f ,
I 1r +'i { lr /1j ( �' / r �If� `S�It .,l (It.r (,I I I" �..
11 , I (J f r \ 1 r,
'I I� �'li I Y .,f'! , "... ) f ,f r� r 1 ill \, ! , - ,1 ( !"? It i_ r
� I Ili f�a1(.� �I� V :t r 1) -1- r,
)� I,
,�� 0':,'
1 �r11, f �. I,� 1.,II l,r �I1. �i�" ,. 1 r, t ! } 1 Y• t l.
r - � I' �J 1 'f 1 Ir i I, ,`' f .at
a X. t
",, / 111
° I I� I I rl -r I I) r :1
° ` L� �i % r I I S r.
1 ,Y ' I.',
t, I I i 1 � r 1 Y(�,, ,L r, /th I 111 + 1 ir°
I j' I r Y r Il �II'I J ! r�r y I �I 1,, �vI W � � %?. ,; - t I1) t ! � r! t.�:�
\ l} Ir ( . .t ;� .
rl � { it ' 11 (' Ir 1 cl 1. f + (1r rr ,y r� ° C
i'.� r ) I. \ rf�' '•�': LrY,, I '.� I 1)'ll•I l� .', f,r °t -I1 I
S - t 1; � J 1 ` f /
,,lll I, "I I 1I. ' I YIi I r 1
I 1 ( i ") III t . ,l,l I - ( 1 , l` 11 -,1, �) ,I. I ' -
_ I i ;I L' I l ' r ✓l' "I' ` I r 1 1, - .
I I 1 I r- 1 ,j r1, t) v) r
� �� I (fr, `I 7 t1,) r1 y
r
I/' ,, Yt {Y, ,'', _ ,, � � ' , . , , , -, r 1 I) iJ rf�� , , ,. A: ', "_ I .
}
t.i 71i i �!, I/ r",I
1 ,
fir, t ., ,
I .
, : 11) 1 ,1
.It. 'I 1. � 1, -i-
t�'F1 I _ t .� i.:
I` 1t (1jlr
-171 f I r , 1. ). ,
1 /
{)
1.14.,
, �a 4 (�1 �T 1 ) . I r�.
r 1 �j A,.- I f .
,, 111 {){ J \t �, I ',! •;.
rS 11 l\
I1�1 �ti� N Y '• , ,1 Y F ,1 :-
Z' ' "1 i' ^ >,,S ��7� it .eV!. , 1,. ,.1I S„ I, , .�. r',,i�,0, 11
;%
1 l '. I �.. I{ '- , 1 t v 111 1I t,' 1
1 ' 1•,ff TI,. , , 4 1 " , J!-_'". r l rrli ?�..: S�p .1'•
.I - 1'. ", ) ,I }�
;� 1 / I• r 1 1� t.
1 v F.., ) rI, I
r !, , I-, �, J 1 't1 " 111
I ., l �; � - � it t�I 1 7 <J'�`1 �� °N
,
r 1, , °C' �; ✓, -I IAA. J ;, lfrl �, l ?. '
J J Jvl' I .,f,l 1.1. 1 „, 1 1 '” ti °; }TI! �t(it'
I f r 11 /T I J , 1 ) , 1 JS I !1, I' f Y/ , I '1 tt ° v T 1 ,I 1 , .
J' , }. C r. )
{ ->, 1 1 , .4. Y, 1 1 I I,.✓ % ! . Ir r , 1 % o N 7�r ). ,.
\ / I J ,. � I °a ).� '� I ' 1 -. -, 1 � . � 1 / % ,'I r y1 „ 1 \. _ 1 1 J _ I y I �
.'J [, i� ( 1' h / r 11 'I„ I, :, ,III rill ! l YI I r 1. f ° , '\ ,ILj1 -1,1 /r �r� , 1 7 J 1 ,I1 ,(! a
'�l, l I ` I Jry, \ , .%t 1�. 1 . ., \ s , . { I '' 1 , I I1% If JJ I CS
.1 1 �,r _ f �� I; 1 111 �� ''� J! � - 11 ,\ r. J ,_. I � Y i C 111 r ). I� 1el .:.1
I , r ,C " ,! '- ! r , � � 1 1 t, l I ! 1
( .� 1 t �(r r➢ ✓,, )N .1W ti, lr r. � J..� 11% 11 ..� �f ��, t`, 1 ,Y�I I1, 'f1
f C �1. ) v x, 1- �f /h •I ,I till( 1' ill ✓�1 ? �i �,.t (, �:III.i
'! Y l t,1.1' It, I �` %r+ I . 1� 1 11 �,J :1 ,, I, .1.1. t, �', /,l . 11 �. i I - � + t I I Jirti {� t 1 j' 1 ,r , '- 11, .I 1 , ,y {111 1' k.
{ ' J r �(r +. %�y f j7 ` J - - �r , �t11 r,, t ✓IY t r�{
1 rail a) ) Y fl a 1 1 ICI
f 'I :� r(1. ) �(� 1. Ir J 1 1 Ir : +h
r1 ltd 1 J 1 .I ( f ! v i I _ 11
11' ( (' ' I Jt I t .{ J 1 { ,I.
'. 1
,•7 1',," l 1�,1 r1 r r . rtj -, A�i! (� r , It t r fl�'I' i ., r% �1 L A11 {,�'I �: `��r 'a 1 . -A;
rl r 1 II J1 1 I \ S11 I \ ,r 1 Y�I y { I,. 1 ( ' `r ✓` Cr
r li / `I 1�1 �1 1r1�1 \t.� a t I.JI. I I CI �I�r7 r 1 t " I �°!� 1 I. 11,'1'+
r - r
^+ ,t iF';.. 1A .% ItY 11 . •. C, �t t�1 ; c ' { /,. i "7", ., ' III1 'i 71
1, � V II I v - II /1''u+,.y•..1''/ II 14-- ,: •1: t;r I. 1 �:r -- ,, .1`I��{� ,; t�'
' ,%• I1Jill l rl I ,, I� 11 13 `. 1 / r f'�'li �, y + ' ,,.` ` J1 -IJ
,�, ,, 1 , ,,A 5( 1 l 1 2 1 I. (I 1 � - ", r It• 1 - ",1(1 • 'i
o ti iI1 ' \ -. �'�' \ (r, J f {, ! I ,I ,, r 111 \ 1 1
t I I J , ..
I!r .lr �,' v�� ,13''f,, )+ .r \, �I IZ I,r Ird r c - I . r II ;'�I t\ -' tI 1 II If j
1. 1r t _ ) 1I V 11 )IIf! v t� r .,0 fr t? . , i I 1, -Ir I
1'I I i, C, _ 1 ,, 11,1` ; \ r v < <r- ..
•1 - 1 �I I r �. �(y lll� 4 �, A� 11 , �./� r,itIf 1 ''T t,1,,I1
) I I `Tl (i ,r., tll� 1 t' t , t I"; it /� I/ v ' II,
�; - .1� 1\ : {I)I I1 `l �J !1 \��S .�� r 11,, II 1 �j.l ° I �, "j', � r' ',1. I , ii/ �,, �,, ,
4 /;
1
!) `',GEORGE (��I H'ANSEN COMPANY 11f ,- r, ,
f �, . r r (,, I ,+ rT , �l 1 - r {r r , ' �r I' ? 1111 fr
,I t t } I Y.7� 1 '� mil, 7 ,, Ce Vilified Public Accountants, + 1 - .1. � `` 'J , t �� I' ��r r L
I, /I i / ..j � 11 r 'I IC t�, 1' {
JI• '. .f Iy r ;r - �r✓/ :� '. \ (7 I MINNEAPOLIS,.MINNE30TA 6E416 r �a �. ��_. .� - ' -r' )i
'I,' 1 1 { (t, r I J r, ' !y ��l I. I ,,,, f•. t l' -, - I -' �,�l1 + �� ` �� ,�'.
H i. r fh -11 1 1 V { !,( !)•_ t I l r1. v '
I l .1 I t ,1 , J I , ,
1 - �I I , ( .i I / r�' 1 . .1 / III+ ')I. ail {,I� y -. t1 IJr \1 /, r r,r ff ' y `, .
}�( I 1�� I ,' ��): r11 I f1' ltll ) (1 �., - ",f J Y I I' ' ('IV - `
I. { :, vl I.I } 1 , 1 1 /
!, - ti C L.I 11 / t'PI 'I I i. 1 i ✓1 I ✓ Y I , � It, ,t
l , I 1 r• I' 1 .'UI r '. f , tlr'r� 11. 7 1 ( - '' 1 ., -:l ! ✓ It ,i , irI 11,. ' I I" r 4 �. I l l f K l + , 0111 1 . y # / .i� 1) I 1 J I ) r i <. i
-1 I Y ''I +� 1) f ;�- I %1f ) II'. ,... - �r 'Y 4 ,�+ , r ), Ir )) r fir° 'r•'
;.1 /I ' It t�l Ill')♦ , ' ''' / .'�f I I t. ,'1 1 I I ,{ Jam'✓ t ! ,J
r 1)i., 1 _ `t ,[ 1 r 1' ,' `e J °.J I - 1 ) ) ft '
t ,1 3 I 1'. •� + \ ; r 1rl.t fJ 1� , r, I, t ) 1 �, 1
Jr I / /I \�:c14 �li '1,)11, . i r rt1 1( ' }r 11
I t r I I I ', I ( f I
I Ir7' r 1171 1 1 r
- I 1`. tI:. �. 1 .r, I° ('1 .1 as .(I 1 ✓ _.N I r, �, °/ + /,' ti -, - A't
J, • I . !-.• ��(I 7r.! i \ln.,y'y.l l� Ji � ;�)„ ,�rJ f �. � .�- ..rte \ ��,. `y� -, `�` .\.,1
U / . /J, rf ` .� ,/( r i
CITY OF ED.INA, MINNESOTA
FINANCIAL STATEMENTS
DECEMBER 31, 1976
CITY OF EDINA, MINNESOTA
ELECTED AND APPOINTED OFFICIALS
DECEMBER 31. 1976
Term of
office expires
January*
Elected
Mayor - James Van Valkenburg
1977
Council
C. Wayne Courtney
1977
June A. Schmidt
1977
Willis F. Shaw
1977
Frederick S. Richards
1979
Effective January 1, 1977
Mayor - James Van Valkenburg
1981
Council
Frederick S. Richards
1979
Willis F. Shaw
1979
C. Wayne Courtney
1981
June A. Schmidt
1981
Appointed
Manager - Warren C. Hyde
Treasurer and finance director - J. N. Dalen
. Clerk - Florence Hallberg
* First official business day
CITY OF EDINA, MINNESOTA
TABLE OF CONTENTS
Page.
Comments
I
Accountants' opinion
1
General Fund
Balance sheet
3
Statement of changes in fund balance
4
Statement of revenue and
transfers
5
Statement of expenditures
and transfers
6
Central services expenditures
-
11
Special revenue funds
Balance sheets
12
Statements of changes in
fund balance
12
Statements of revenue
13
Statements of expenditures
14
General debt service funds
Balance sheets
15
Statements of changes in
fund balance
15
Park Construction Fund
Balance sheet
16
Statement of revenue, expenditures.and
fund balance
17
Enterprise funds
Balance sheets
20
Waterworks Fund
Statement of income and
retained earnings
22
Statement of changes in
financial position
23
Sewer Rental Fund
Statement of income and
retained earnings
24
Statement of changes in
financial position
25
Liquor Fund
Statement of income and
retained earnings
26
Statement of changes in
financial position
27
Statement of operating
expenses
28
Swimming Pool Fund
Statement of income and
retained earnings
29
Statement of changes in
financial position
30
Golf Course Fund
Statement of income and
retained earnings
31
Statement of changes in
financial position
32
Statement of operating
expenses
33
Recreation Center Fund
Statement of income and
retained earnings
34
Statement of changes in
financial position.
35
Gun Range Fund
Statement of income and
retained earnings
36
Statement of changes in
financial position
37
Statement of changes in
property and equipment
38
CITY OF EDINA, MINNESOTA
TABLE OF CONTENTS (CONTINUED)
Special assessment funds
Balance sheets
Statements of revenue, expenditures and fund balance
Statement of General Fixed Assets
Notes to the financial statements
Supplemental information
Balance sheets - All funds
Statement of cash and security for deposits
Statement of investments
Bonds payable - All funds
Statement of changes in bonded indebtedness
Employees' surety bonds
Tax levies and collections
Special assessment levies and collections
Assessed valuations, tax levies and mill rates
Page
CITY OF EDINA, MINNESOTA
COMMENTS
The City of Edina operates under "Optional Plan B" as defined in the
State of
Minnesota Statutes. Optional
Plan B is known
as the Council - manager
plan. Under
this plan, as specified in the
Statutes, "The
council shall exercise
the legislative
power of the city and determine
all matters of
policy.
The city manager shall be
the head of the administrative
branch of the
city government and shall be responsible
to the council for the proper
administration
of all affairs relating
to the City.
The council is composed of five
members, including
the mayor who is chairperson.
The city manager is appointed
by the council.
GENERAL FUND
The General Fund was established
to account for
the revenues and expenditures necessary
to provide basic governmental
services to the
City such
as general government,
public safety, and public works
A plan of financial operation
of the Fund is
set forth in the annual
budget adopted.
by Council. The General Fund
statements are
prepared to show the budget estimates
and actual amounts. A condensed
summary of revenue and
expenditures
is shown below.
1976
1975
Budget
Actual
Budget
Actual
REVENUE
General property taxes
$2,417,538
$2,419,148
$2,037,939
$2,004,328
Licenses and permits
153,000
171,255
156,500
147,151
Fines and forfeitures
200,000
170,224
186,000
185,610
From use of money and
property
44,000
49,476
50,000
76,374
From other agencies
894,137
910,327
893,136
895,738
Charges for current services
200,700
180,274
239,872
254,784
Other revenue
21,000
39,842
69,690
50,472
Transfers from other funds
184,943
197,443
159,600
359,600
Total revenue
$4,115,318
$4,137,989
$3,792737
$3,974,057
EXPENDITURES
General government
$ 660,865
$ 647,471
$ 540,548
$ 553,397
Public safety
1,910,128
1,951,201
1,775,511
1,778,852
Public works
1,240,665
1,205,560
1,149,557
1,162,519
Unallocated general expense
130,860
147,358
98,121
126,409
Central services
117,900
119,240
100,100
122,097
Reserve for committments
135,500
135,500
128,900
128,900
Total expenditures
$4,195,918
$4,206,330
$3,792,737
$3,872,174
During 1976 the fund balance decreased
$68,341
to $158,878 at December 31, 1976.
I
SPECIAL REVENUE FUNDS
Special revenue funds are established to account for taxes and other revenues
set aside for a particular purpose. Following is a brief description of each fund.
Revenue Sharing Fund - The Revenue Sharing Fund was established to account for
revenue received from the Federal Government in accordance with the "State and
Local Fiscal Assistance Act of 1972." Expenditures can only be made from this
fund -as outlined in the Act. The City's share of revenue for 1976 was $213,165.
During 1976 reimbursements of $161,776 were made to the General Fund leaving a
fund balance of $297,520 at December 31, 1976.
Nursing Services Fund - The Nursing Services Fund.accounts for money used for
health and nursing services. The fund had a.deficit fund balance of,$1,940 at
December 31, 1976.
Park Fund - The Park Fund was established to account for administration and
maintenance of the City parks. Expenditures exceeded revenue by $3,780 during
1976 and increased.the fund deficit to $47,867 at December 31, 1976.
GENERAL DEBT SERVICE FUNDS
The General Debt Service funds are used to account for the accumulation of resources
and for payment of general obligation bonds or other general indebtedness and
interest thereon. General property taxes are being collected to provide the
necessary funds.
Park Sinking Fund - The Park Sinking Fund was established to account for debt
retirement of the Park Construction Bonds of 1957 and the General Obligation Park
Bonds of 1975. Included in the fund is $436,328 of bond proceeds for park im-
provements. The bond proceeds are being transferred to the Park Construction
Fund as needed to pay improvement costs.
Redevelopment Sinking Fund - The Redevelopment Sinking Fund was established to
account for debt retirement of the 1975 Redevelopment Bonds.
PARK CONSTRUCTION FUND
The Park Construction was established to account for improvements to park
facilities. Transfers are made from the General Debt Service Fund for im-
provement costs. The fund balance was $60,008 at December 31, 1976. In addition
$436,328 of bond proceeds is available in the Park Sinking Fund for park
improvements.
ENTERPRISE FUNDS
Enterprise funds are established to account for the self supporting activities of
the City which render services to the general public on a user charge basis..
Following is a brief desceiption of each.
Waterworks Fund - The Waterworks Fund accounts for the operations of the City -owned
water system. During 1965, revenue bonds in the amount of $400,000 were sold.
Revenues of this fund are pledged for payment of principal and interest on these
bonds, $200,000 of these bonds remain outstanding at December 31, 1976. Shown .
below is a condensed summary of operations for the last three years.
II
Waterworks Fund (Continued)
Liquor Fund - The Liquor Fund accounts for the operations of the City -owned liquor
operation. Shown below is a condensed summary of operations for the last three years.
1976
1976
1975
1974
Income
$ 704,959
$ 522,677
$.
552,155
Expense
_ 719,932
596,515
Amount
540,571
Operating
income (loss)
$ ( 14,973)
$ ( 73,838)
11,584
Other income
(expense)
2,930
6,376
$ 777,807
7,634
Net income (loss)
S ( 12,043)
$ ( 67,462)
19,218
Sewer Rental Fund -
The Sewer Rental
Fund accounts for
the operations
of
the sewer
collection system.
Shown below is a
condensed summary
of operations
for
the last three
years.
18.68
Operating expenses
113,620
14.61
128,418
10.56
115,815
1976
1975
$ 13,501
1974
Income
7.53
$1,189,206
$ 690,389
$
674,248
Expense
1,019,857
886,278
716,256
Operating
income (loss)
$ 169,349
$( 195,889)
$(
42,008)
Other income
(expense)
21,4871.
219871
80.05
7,906.
Net income (loss)
190,836
$( 174,018)
$( 34,102)
Liquor Fund - The Liquor Fund accounts for the operations of the City -owned liquor
operation. Shown below is a condensed summary of operations for the last three years.
III
1976
1975
1974
Percent
Percent
Percent
Amount
of sales
Amount
of sales
Amount
of sales
50th Street
Sales
$ 777,807
100.00
$1,216,411
100.00
$1,254,955
100.00
Cost of goods sold
650,686
83.66
996,303
81.91
1,020,558
81.32
Gross profit
.$ 127,121
16.34
$ 220,108
18.09
$ 234,397.
18.68
Operating expenses
113,620
14.61
128,418
10.56
115,815
9.23
Operating income
$ 13,501
1.73
$ 91,690
7.53
$ 118,582
9.45
Yorkdale
Sales
$1,715,418
100.00
$1,948,675
100.00
$1,784,548
100.00
Cost of goods sold
1,412,526
82.34
1,559,940
80.05
1,402,932
78.62
Gross profit
$ 302,892
17.66
$ 388,735.
19.95
$ 381,616
2108
Operating expenses
151,998
8.86
145,118
7.45
122,357
6.86
Operating income
$ 150,894
8.80
$ $ 24 3617
12.50
$ 259,259
Grandview
Sales
$1,406,140
100.00
$1,298,628
100.00
$1,125,617
100.00
Cost of goods sold
1,177,651
83.75
1,072,329
82.57
912,445
81.06
Gross profit
$ 228,489
16.25
$ 226,299
17,43
$ 213,172
18.94
Operating expenses
131,568
9.36
119,936
9.24
101,822
9.05
Operating income
$ 96,921
6.89
$ 106,363
8.19
$ 111,350
9.89
III
_ENTERPRISE FUNDS (CONTINUED)
Liquor Fund (Continued)
During 1976 net income for all stores
was $301,638. Transfers
to other
funds during the
year were $400,000 or 133% of net income. The $400,000 transfer was
the equivalent of a
1.11 mill tax levy.
Swimming Pool Fund - The Swimming Pool
Fund accounts for
the operations of the City -owned
swimming pool. Shown below is a condensed
summary of operations
for
the last three years.
1976
1975
1974
Income
$ 50,505
$ 43,065
$ 45,908
Expense
57,378
53,118
49,802
Net loss
$( 6,873)
$( 10,053)
$( 3,894)
Golf Course Fund - The Golf Course Fund
accounts for the operations of
the City -owned golf
course. During 1963, revenue bonds in-the
amount of $825,000
were sold. Revenues of this
fund are pledged for payment of principal
and interest on
these bonds,
$490,000 of the
bonds are outstanding at December 31,
1976. Shown below
is a condensed
summary of
operations for the last three years.
1976
1975
1974
Income
$ 346,247
$312,896
$ 287,029
Expense
273,813
247,246
229,481
Operating income
$ 72,434
$ 65,650
$ 57,548
Other income (expense)
A 17,730)
( 12,836)
( 24,810)
Net income
$ 54,704
$ 52,814
$ 32,738
Recreation Center Fund - The Recreation Center Fund accounts for the
operations of the
City -owned recreation center. During
1965 and 1969, revenue bonds in
the amount of
$450,000 and $100,000 respectively were
sold, $285,000 of
the bonds are
outstanding at
December 31, 1976. Revenues of this fund are pledged for
payment of
principal and
interest on these bonds. Shown below
is a condensed summary of operations for 1976,
1975 and 1974.
1976
1975
1974
Income
$ 207,014.
$ 194,270
$ 191,332
Expense
222,456
198,353
172,176
Operating income (loss)
$( 15,442)
$( 4,083)
$ 19,156
Other income (expense)
( 9,600)
( 12,051)
_ 23,602)
Net loss
S( 25;042)
$( 16.134)
$( 4.446)
Gun Range Fund - The Gun Range Fund accounts
for the operations of the
City - owned
gun range. Shown below is a condensed
summary of operations for 1976,
1,975 and 1974.
1976
1975
1974
Income
$ 11,138
$ 6,964
$ 7,341
Expense
13,695
14,073
9,528
Net loss
$( 2,557)
$( 7,109)
$( 2,187)
IV
SPECIAL ASSESSMENT FUNDS
Special assessment funds are established to account for assessments levied to finance
improvements or services deemed to benefit the properties against which the assessments
are levied. Primarily, the transactions accounted for in special assessment construction
funds are receipt of bonds proceeds and disbursement of bond proceeds for construction
work done. Special assessment debt service funds are primarily to account for collection
of assessments against benefited property owners and disbursement of assessment collections
for the payment of bonds and interest.
V
GEORGE M. HANSEN COMPANY
Cerlified Public Accountants
SOUTH PLAZA BUILDING
MINNEAPOLIS. MINNESOTA 55416
Honorable City Council
City of Edina, Minnesota
We have examined the accompanying financial statements of the various funds and
general fixed asset group of accounts of the City of Edina for the year ended
December 31, 1976, shown on pages 3 through 44. Our examination was made in
accordance with generally accepted auditing standards, and accordingly included such
tests of the accounting records and such other auditing procedures as we considered
necessary in the circumstances.
In our opinion, the accompanying financial statements present fairly the financial
position of the various funds and general fixed asset group of accounts of the
City of Edina at December 31, 1976, and the results of operations of such funds
and the changes in financial position of the enterprise funds for the year then
ended, in conformity with generally accepted accounting principles applied on a
basis consistent with that of the preceding year, except as noted in footnote 4.
The accompanying supplemental schedules and related information presented on
pages 48 to 55 are not necessary for a fair presentation of the financial
statements, but are presented as additional analytical data. This information
has been subjected to the tests and.other auditing procedures applied in the
examination of the financial statements mentioned above and,,in our opinion,
is fairly stated in all material respects in relation to the financial state-
ments taken as a whole.
0�7
June 163, 1977
3.
CITY OF EDINA, MINNESOTA
GENERAL FUND
BALANCE SHEET
DECEMBER 31, 1976
ASSETS
Cash
$ 327,231
Petty cash and change funds
550
Departmental cash
2,204
Investments
Land
155,501
Donated securities
995
Receivables
Accounts receivable
151,505
Due from other governmental units
110,941
Unremitted taxes receivable
.150,343
Delinquent taxes receivable
161,232
Allowance for uncollected receivables
( 161,232)
Donations receivable
15,500
Due from other_ funds
615,281
Inventories
10,000
Total assets
$ 1,540,051
LIABILITIES, RESERVES AND FUND BALANCE
Liabilities
Accounts payable
$ 109,870
Accrued payroll
85,002
Due to other governmental units
3,445
Due to other funds
73,490
Deposits payable
500
Due to Edina HRA
389,055
Reserves
Dedicated funds
109,889
Reserve for Morningside
10,788
Reserve for impressed cash and inventory
10,550
Reserve for committments
588,584.
Fund balance.- Unappropriated
158,878
Total liabilities, reserves and fund balance
$ 1,540,05„1
4
CITY OF EDINA,
MINNESOTA
GENERAL
FUND
STATEMENT OF CHANGES
IN FUND BALANCE
YEARS ENDED DECEMBER
31, 1976 AND
1975
1976
1975
Budget
Actual
Fund balance, January 1
$ 237,219,
Adjustment to set up reserve-for
inventory
( 10,000)
Adjusted fund balance
$ 227,219
$ 227,219
$ 135,336
Add - -- Revenue and transfers
4,115,318
4,137,989
3,974,057
Deduct — Expenditures and transfers
(4,195,918)
(4,206,330)
(3,872,174)
Fund balance, December 31
$ 146,619
$158,878
$ 237,219
See accompanying notes to financial statements.
General property taxes.
Taxes
State property tax relief fund
Homestead tax aid
Penalties and interest on taxes
Licenses and permits
Fines and forfeitures
Revenue from use of money and property
Interest
Rent
Revenue from other agencies
Local government aid
State highway tax
Other state aid
Anti- recession aid
Charges for current services
Engineering and clerical charges on
construction projects
Police services.
Planning fees
Automobile licenses
Charges to other funds
Housing and Redevelopment Authority
Ambulance service
Other
Miscellaneous revenue
Donations
Transfers
Revenue Sharing Fund
Liquor Fund
Surplus
Reserve for committments
Total revenue and transfers
See accompanying notes to financial statements.
$2,053,611
309,843
$2,399,538 $2,363,454
18;000 55,694
$2,417,538 $2,419,148
$ 153,000
$
171,255
$ 200,000
$
170,224
8,237
$1,974,897
29,431
$2,004,328
$ 147,151
$ 185,610
$ 35,000 $ 43,184 $ 56,450
9,.000 6,292 19,924
$ 44,000 $ 49,476 $ 76,374
$ 843,137 $ 843,854 $ 844,573
51,000 54,855 51,165
.7,375
4,243
$ 894,137 $ 910,327 $ 895,738
$ 120,000.
6,700
2,000
32,000
30,000
10,000
$ 200,700
$ 21,000
$ 150,000
34,943
$ 184,943
$4,115,318
$
77,450
$ 171,861
7,115
7,447
8,237
26,591
36,483
30,000
31,672
18,725
3,420
8,736
7,321
$
180,274
$ 254,784
$
27,432
$ 50,472
$
12,410
$
150,000
$ .125,000
34,943
.234,600
12,500
$
197,443
$ 359,600
-$4,137,989
$3,974,057
6
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES AND TRANSFERS
YEARS ENDED DECEMBER 31, 1976 AND 1975
General Government
Mayor and council
Personal services
Contractual services
Commodities
Central services
Planning
Personal services
Contractual services
Commodities
Central services
Capital outlay
Administration
Personal services
Contractual services
Commodities
Central services
Capital outlay
F inance
Personal services
Contractual services
Commodities
Central services
Capital outlay
Election
Personal services
Contractual services
Commodities
Central services
Capital outlay
Assessing
Personal services
Contractual services
Commodities
Central services
1976
Budget
Actual
1975
Actual
$
14,300
$
14,850
$
14,376
200
251
271
400
218
64
7,440
7,440
6,480
$ 22,340
$
22,759
$
21,191
$
36,560
$
37,281
$
23,413
920
682
1,163
225
991
1,269
13,416
13,416
10,020
788
$
51,121
$
52,370
$
36,653
$
106,150
$
105,674
$
104,018
29,747
28,210
16,898
2,400
2,274
2,522
29,928
29,928
23,040
389
$ 168,225
$
166,086
$
146,867
$
85,540
$
84,837
$
98,286
24,294
23,261
21,182
500
301
548
22,560
22,560
19,860.
492
$
132,894
$
130,959
$ 140,368
$
17,913
$
17,828
$
7,134
8,721
9,448
2,350
2,425
2,386
1,137
2,220
2,220
1,860
9,600`
9,600
$ 40,879
$
41,482
$
12,481
$
82,620
$
81,319
$
68,860
3,920
3,694
2,421
1,750
330
121
25,356
25,356.
20,340
$
113,646
$
110,699
$
91,742
See accompanying notes to financial statements.
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES AND TRANSFERS (CONTINUED)
YEARS ENDED DECEMBER 31, 1976 AND 1975
General Government (Continued)
Legal and Court Services
Personal services
Contractual services
Central services
Total General Government
Public-Safety-
Police Protection
Personal services
Contractual services
Commodities
Central services
Capital outlay
Fire Protection
Personal services
Contractual services
Commodities
Central services
Capital outlay
Civil Defense
Personal services
Contractual.services
Commodities
Public Health
.Personal services
Contractual services
Commodities
Central services
Capital outlay
Animal Control
Personal services
Contractual services
Commodities
Central services
7
1976 1975
Budget Actual Actual
$ 24,500
$
22,984
$ 18,841
105,700
35,262
98,572
83,574
1,560
439
1,560
1,680
$ 131,760
$
123,116
$ 104,095
$ 660,865
$
647,471
$ 553,397
$ 854,713 $ 878,948 $ 817,973
23,493 24,843 25,983
4,980 9,361 10,725
282,876 282,876 232,776
26,500 31,693 38,734
$1,192,562 $1,227,721 $1,126,191
$ 379,496 $ 379,348 $ 352,860
25,562 25,418 25,026
12,710 12,529 11,804
115,800 115,800 90,036
18,945 31,892 8,551
$ 552,513 $ 564,987 $ 4882277
$ 3,012 $ 54 $ 3,552
965 884 463
$
40,370
$
40,196
$
35,262
596
439
990
1,532
793
1,110
12,024
12,024
10,020
198
184
$
54,720
$
53,452
$
47,566
$
11,530
$
11,378
$
9,701
3,500
3,055
3,879
300
241
10
4,872
4,872
4,020
$
20,202
$
19,546
$
17,610
See accompanying notes to financial statements.
n
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES AND TRANSFERS (CONTINUED)
YEARS ENDED DECEMBER 31, 1976 AND 1975
1976
Public Safety (Continued)
Inspections
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total Public Safety
Public Works
Administration
Personal services
Contractual services
Central services
Capital outlay
Engineering
Personal services
Contractual services
Commodities
Central services
Capital outlay
Supervision and overhead
Personal services
Contractual services
Commodities
Central services
Street Maintenance
Personal services
Contractual services
Commodities
Central services
Capital outlay
Budget
Actual
1975
Actual
$
60,950
$
60,032
$
75,275
845
839
1,134
2,145
2,119
1,460
21,564
21,564
17,100
195
$
85,504
$ 84,554
$
95,164
$1,910,128
$1,951,201
$1,778,852
$
28,960
$
24,017
$
37,271
370
165
60
9,792
9,792
8,040
700
667
$
39,822
$
34,641
$
45,371
$
124,090
$
117,436
$
143,594 .`
5,700
5,552
10,160
8,800
8,757
7,466
42,276
42,276
39,240
6,100
6,081
5,707
$
186,966
$
180,102
$
206,167
$
43,758
$
41,649
$
41,554.
455
407
215
131
91,020
91,020
83,580
$
135,233
$ 133,076
$
125,480
$
235,892
$
227,521
$
235,547
31,100
30,288
22,815
95,100
107,997
109,105
106,800
106,800
95,460
53,250
37,377
38,203
$
522.142
S
509.983
S
501.130
9
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF
EXPENDITURES AND TRANSFERS (CONTINUED)
YEARS
ENDED DECEMBER 31, 1976
AND 1975
1976
1975
Budget
Actual
Actual
Public Works (Continued)
Street Lighting
Personal services
$
5,320
$
4,633
$
2,078
Contractual services
141,600
141,416
111,509
Commodities
1,100
978
4,967
Central services
1,260
1,260
1,080
$
149,280
$
148,287
$
119,634
Street Name Signs
Personal services
$
3,660
$
3,519
$
3,359
Commodities
1,423
1,360
1,503
Central services
3,480
3,480
2,940
$
8,563
$
8,359
$
7,802
Traffic Control
Personal services
$
20,040
$
19,632
$
12,460
Contractual services
19,160
19,084
17,128
Commodities
22,164
21,422
11,748
Central services
6,600
6,600
4,380
$
67,964
$
66,738
$
45,716
Bridges
Personal services
$
240
$
105
$
2,749
Contractual services
300
255
Commodities
385
246
829
Central services
1,260
1,260
2,340
$
2,185
$
1,866
$
5,918
Storm Drainage
Personal services
$
17,140
$
16,822
$
19,059
Contractual services
940
861
4,203
Commodities
5,650
5,561
8,065
Central services
6,600
6,600
5,640
$ 30,330
$
29,844
$
36,967
City Properties
Personal services
$
55,560
$
55,256
$
35,134
Contractual services
10,600
10,382
7,078
Commodities
5,200
4,724
5,058
Central services
10,140
10,140
8,640
$
81,500
$
80,502
$
55,910
10
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES AND TRANSFERS (CONTINUED)
YEARS ENDED DECEMBER 31, 1976 AND 1975
1976
Budget Actual
Public Works (Continued)
Sidewalks and Ramp
Personal services .
Contractual services
Commodities
Central services
Total Public Works
Unallocated General Expenses
.Environmental quality commission
Human rights commission
Salaries
Contractual services
Commodities
Central services - capital outlay
City's share of special assessments
Legal claims settlement
Dutch elm subsidy
Improvements
Capital outlay
-Recycling
Contingencies
Transfers
Central services
Reserve for committments
Civil defense
Public works
Fire
Capital improvement
Unallocated
1975
Actual
$ 7,480 $ 7,162 $ 7,067
4,240 1,457 3,831
3,400 1,983 206
1,560 1,560 1,320
$ 16,680 $ 12,162 $ 12,424
$1,240,665 $1,205,560 $1,162,519
Total expenditures and transfers $4,195,918 $4,206 330 $3,872,174
$
1,621
$ 2,000
$
1,914
5,979
13,600
13,487
1,214
500
478
375
3,400
2,718
78,800
81,805
62,408
5,000
5,962
4,044
16,481
1,250
2,667
6,662
27,560
17,851
21,851
25,000
$ 130,860
$
147,358
$
126,409
$ 117,900
$
119,240
$
122,097
$ 1,500
$
1,500
75,000
75,000
$
65,000
9,000
9,000
12,500
50,000
50,000
50,000
1,400
$ 135,500
$
135,500
$
128,900
Total expenditures and transfers $4,195,918 $4,206 330 $3,872,174
11
CITY OF EDINA, MINNESOTA
GENERAL FUND
CENTRAL.SERVICES EXPENDITURES
YEARS ENDED DECEMBER 31, 1976 AND 1975
General
Personal services
Contractual services
Commodities
City hall
Personal services
Contractual services
Commodities
Fixed charges
Public works building
Personal services
Contractual services
Commodities
Fixed charges
Equipment operations
Personal services
Contractual services
Commodities
Fixed charges
Total Central Services expenditures
Less allocations to other activities
Total Central Services
See accompanying notes to financial statements.
1976
1975
Budget
Actual
$ 497,960
$
493,115
275,164
269,853
$
622,201
12,000
7,443
15,270
$ 785,124
$
770,411
$
637,471
$ 23,390
$
23,319
$
23,556
17,750
20,082
19,111
6,900
7,081
10,191
2,940
2,940
2,460
$ 50,980
,$ 53,422
$
55,318
$ 13,410
$
13,410
$
15,297
27,030
29,137
29,133
5,000
4,990
3,644
2,100
2,100
1,740
$ 47,540
$
49,627
$
49,814
$ 104,900
$
104,873
$
97,270
57,100
60,667
46,406
170,100
173,284
153,950
48,780
48,780
40,740
$ 380,880
$
387,604
$
338,366
$1,264,524
$1,261,064
$1,080,969
1,146,624
1,141,824
958,872
117,900
$ 119,240
$ 122,097
See accompanying notes to financial statements.
12
CITY OF EDINA, MINNESOTA
SPECIAL
REVENUE FUNDS
BALANCE SHEETS
DECEMBER 31, 1976
Revenue
Nursing
Combined
Sharing
Services
Park
ASSETS
Cash
$ 498,037
$ 406,016
$( 6,487)
$ 9.8,508
Receivables
Accounts receivable
60,381
53,280
7,101
Due from other funds
30,902
3,064
27,838
Unremitted taxes receivable
14,063
1,483
122580
Delinquent taxes receivable
12,093
12,093
Allowance for delinquent taxes
( 12,093)
( 12,093)
Total assets
0 38
S 459,296.
1 940)
S 146,.027
LIABILITIES, RESERVE AND FUND BALANCE.
Liabilities
Accounts payable
$ 223,766
$ 22,766
Accrued payroll
151159
15.,159
Due to other funds
175,277
$ 161,776
13,501.
Deposits
6,137
6,137
Reserve for park acquisition and
improvement
136,331
136,331
Fund balance (deficit)
Appropriated
150,000
150,000
Unappropriated
97,713
147,520
$( 1,940)
( 47,867),.
Total liabilities, reserve
and fund balance
603,383
S 459,,296
, 1.940)
$ 146027
STATEMENTS OF
CHANGES IN
FUND BALANCE
YEAR ENDED DECEMBER
31, 1976
Revenue
$ 751,351
$ 2219259
$ 23,834
$ 5062258
Expenditures
696,782
161,776
24,968
510,038
Revenue over (under)expenditures
$ 54,569,''$
59,483
$( 1,134)
$( 3,780;
Fund balance (deficit) January 1
193,744
2382037.
( 806)
( 43P4.87)
Adjustment to remove inventory from
January 1, 1976 fund balance
( 600)
600)
Fund balance (deficit) December 31
2A7P713
297,520
S( 1,940)
4 86
See accompanying notes to financial statements.
13
CITY OF EDINA, MINNESOTA
SPECIAL REVENUE FUNDS
STATEMENTS OF REVENUE
YEARS ENDED DECEMBER 31, 1976 AND 1975
1976 1975
REVENUE SHARING FUND
Federal revenue sharing grant
Interest on investments
Total Revenue Sharing Fund
NURSING SERVICES FUND
General property taxes
State property tax relief fund
Homestead tax aid
Total Nursing Services Fund
PARK FUND
General property taxes
State property tax relief fund
Homestead tax aid
Registration fees.
Transfer from other funds
Other revenues
Total Park Fund
Total revenue
Budget
Actual
Actual
$213,165
$201,417
8,094
9,742
-0-
$221,259
$211,159
$ 20,770
3,064
$ 24,868
$ 23,834
379
$171,371
25,537
$196,940
$196,908
$179,714
28,000
21,191
261256
276,433
285,057
243,328
200
3,102
1,515
501 573
$506,258
$450,813
526 41
751 351
Ikk2,351
See accompanying notes to financial statements.
14
CITY OF EDINA,
MINNESOTA
SPECIAL REVENUE FUNDS
STATEMENTS OF EXPENDITURES
YEARS ENDED DECEMBER
31, 1976 AND 1975
1976
1975
Budget
Actual
Actual
FEDERAL REVENUE SHARING FUND
Transfer to General Fund
$161,776
$188,275
Transfer to Park Fund
87,137
Total Revenue Sharing Fund
$ -0 -.
161,77_6
$275,412
NURSING SERVICES FUND
Contractual services
$ 24,868
$ 24,868
$ 17,178
Professional services
100
400
Total Nursing Services Fund
24,868
24,968
17,578
PARK FUND
Administration
Personal services
$ 79,733
$ 72,030
$ 75,445
Contractual services
2,350
2,980
2,414
Commodities
325
779
886
Central services
77,520
77,520
63,360
Training
400
662
2,064
Paid leave
19,700
39,257
27,033
Total administration
180 028
$193,228
$171,202
Recreation
Baseball and softball
$ 5,430
$ 3,808
$ 5,459
Skating and hockey
16,900
18,7:94
16,735
Tennis instruction
4,550
3,748
4,243
Playgrounds
15,100
11,299
11,857 .
Swimming instruction
25,425
18,512
17,352
Teen program
7,357
Miscellaneous and special activities
12,600
14,560
17,902
Total recreation
80,005
70,721
80,905
Maintenance
,Mowing
$ 30,580
$ 21,657
$ 20,140
Special turf care
44,260
60,412
53,001
Plantings and-trees
16,600
14,089
7,588
Litter removal
11,160
12,076
7,730
Parking areas
11,430
5,886
10,582
Buildings and equipment
50,510
43,343
55,522
Skating rinks
59,200
73,607
71,242
Total maintenance
$223,740
$231,070
$225,805
Capital outlay
$ -0-
15,019
15,159
Total Park Fund
$483,773
$510,038
$493,071
Total expenditures
508 6 1
$696,782
7 6 0 1
See accompanying notes to financial statements.
CITY OF EDINA, MINNESOTA
GENERAL DEBT SERVICE FUNDS
BALANCE SHEETS
DECEMBER 31, 1976
Combined
ASSETS
Park
Redevelopment Sinking
Sinking Fund Fund
15
Cash
$ 1,053,840
$ 1,053,840
Taxes receivable
Unremitted
57,132
572132
Delinquent
17,293
17,293
Deferred
5,055,400
$ 32860,400
1,195,000
Allowance for uncollectible taxes
( 244,613)
( 184,650)
( 5.9,963).
Due from Edina Housing and Redevelopment
Authority
133,550
133,550
Total assets
$ 6,072,602
$ 3,809,300
$ 2,263,302
LIABILITIES, RESERVES AND FUND BALANCE
Liabilities
Due to other funds
Future maturities - Bonds
Reserves
Uncollectible taxes
Land acquisition
Fund balance
Appropriated
Unappropriated
Total liabilities, reserves
and fund balance
$ 322,362 $ 322,362
3,400,000: $ 2,200,000 1,200,000
173,616 17,616
436,328 436,328
1,765,525 1,609,300 156,225
130,771 130.771
$ 6,072,602 $ 3,809,300 $ 2,263,302
STATEMENTS OF CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1976
Fund balance, January 1 $ 2,063,319 $ 1,742,850 $ 320,469
Adjustment
Provision for uncollected receivable
Adjusted fund balance
Revenue
General property taxes
Expenditures
Interest and.service charges
Fund,balance, December 31
404 404
$ 2,063,723 $ 1,742,850 $ 320,873
28,711 28,711
( 196,138) ( 133,550) ( 62,588)
$ 1,896,296 $ 1,609,300 $ 286,996
See accompanying notes to financial statements.
ASSETS
Cash (deficit)
$( 281,112)
Accounts receivable
19,660
Due from other funds
322,363
Construction in progress
2,430,815
Total assets.
$2,491726
LIABILITIES, RESERVE AND FUND BALANCE
Liabilities
Accounts payable
$ 903
Contracts payable
60,000
Reserve for construction in progress
2,370,815
Fund balance (deficit)
Appropriated
171,148
Unappropriated
( 111,140)
Total liabilities, reserve and fund balance
$2,491,726
See accompanying notes to financial statements.
CITY OF EDINA, MINNESOTA
PARK CONSTRUCTION FUND
STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE
YEAR ENDED DECEMBER 31, 1976
Revenue
Rents
Partial transfer of bond proceeds
Grant
Sale of land
Donations for land purchase
Transfer from Liquor Fund
Total revenue
Expenditures
Construction costs
Donation refund
Other
Total expenditures
Revenue over (under) expenditures
Fund balance, January 1
Fund balance, December 31
$ 2,175
322,363
5,000
75,000
40,655
80,000
$525,193
$567,538
5,655
41
$573,234
$(48,041)
108,049
60 008
17
18
CITY OF EDINA, MINNESOTA
ENTERPRISE FUNDS
BALANCE SHEETS
DECEMBER 31, 1976
Combined
ASSETS
Current assets
Cash (deficit)
$ 1,032,847
Restricted cash
56,550
Total cash
$-1,089,397
Petty cash and change
funds
4,600
Investments
36,318
Receivables
Accounts receivable
74,204
Customers
366,339
Assessments
407
Unremitted assessments
23
Due from other funds
28,855
Prepaid expenses
9,544
Inventories
533,466
Total current
assets
$;2,143,153
Property and equipment,
less accumulated depreciation
$17,468,450
Other assets
Deferred receivable -
Metropolitan Waste Control Commission
$ 77431932
Loan to other funds
515,000
Total other assets
$ 1,289,932
Total assets
$20,901,525
19
Sewer
Swimming
Golf
Recreation
Gun
Waterworks
Rental
Liquor
Pool
Course
Center
Range
Fund
Fund
Fund
Fund
Fund
Fund
Fund
$ 738,037
$ 23,238
$ 383,380
$( 16,374)
$ 65,934
$( 152,401)
$( 8,967).
56,550
$ 7942587
$ 23,238
$ 383,380
$( 16,374)
$ 65,934
$( 152,401)
$( 8,967)
33,500
400
700
23,589
12,729
4,545
18,702
50,957
151,375
214,964
407
23
14,765
13,773
317
3,667
563
3,162
390
429
1,333
8,556
524,075
585
250
$1,001,084
$ 239,195
$ 932,819
$ 15,984
$ 79,492
$( 85,053)
$( 8,400)
$6,261,206
$8 ;242,171
$ 603,808
327,885
$1,011,786
,$ 961,507
$ 60,087
$ 774,932
$ 100,000
$ 415,000
$ 100,000
$ 774,932
$ 415,000
$7,362,29Q
$9,256,298
$1.951,627
S 311.2U
1.091.278
S 876,454,
S 51,687
20
CITY OF EDINA, MINNESOTA
ENTERPRISE FUNDS
BALANCE SHEETS (CONTINUED)
DECEMBER 31, 1976
Combined
LIABILITIES, RESERVES AND RETAINED EARNINGS
Current liabilities
Accounts payable
$ 1283,736
Accrued payroll
221271
Due to other funds
3,689
Bonds payable
130,000
Accrued interest
3,905
Total current liabilities
$ 288,601
Other liabilities
Long -term liability - Bonds payable, less current portion above
$ 845,000
Deferred credit
774,932
Loan from other funds
715,000
Total other liabilities
$ 2,334,932
Reserve for debt retirement
$ 145,350
Retained earnings
Invested in fixed assets
$ 2,794,673
Contributed invested in fixed assets
12,973,147
Working capital
2,364,832
Total retained earnings
$18,132,652
Total liabilities, reserves and retained earnings
$20,901,535
See accompanying notes to financial statements.
..
21
Sewer
Swimming
Golf
Recreation
Gun
Waterworks
Rental
Liquor
, Pool
Course
Center
Range
Fund
Fund
Fund
Fund
Fund
Fund
Fund
$ 24,619
$ 12,993
$ 79,074
$ 409
$ 950
$ 10,147
$ 544.
33,911
219144
10,098
13%655
4,359.
104
3,189
500
50,000
40,000
40,000
533
3,372.
$ 79,063
$ 15,137
�$ 92,361
409
$ 42,605
$ 57,878
$ 1,148
$ 150,000
$ 450,000
$ 245,000
.
$ 7743,932
245,000
470,000
$ 150,000.
$ 774,932
$ 695,000
$ 715,000
56,550
$ 52,300
36,500
$1,307,457
$ 739824
$ 603,808
$ 327,835
$ 276,786
$ 189,876
$ 15,087
4,753,750
81168,347
50
61000
45,000
1,015,470
224,058
1,255,458
( 16,393)
24,587
( 128,800)
( 9,548)
,. $7,076,677
$8,466,229
$1,859,266
311,492
$ 301,373
$ 67,076
$ 50,539
,$7,362.290
$9,256.298
$1,951,62Z
S 311,901.
51,091,278
, 876.454
68
22
CITY OF EDINA, MINNESOTA
WATERWORKS FUND
STATEMENT OF INCOME AND RETAINED EARNINGS
YEARS ENDED DECEMBER 31, 1976 AND 1975
1976
1975
Operating revenue
Water charges
$ 679,032
$ 504,474
Sale of meters (less cost of meters sold)
4,719
3,010
Hydrant rental
14,765
141,124
Permits
1,370
1,023
Other
5,073
46
Total operating revenue
704,959
$ 522,677
Operating expenses
Source of supply`
Personal services
$ 24,090
$ 21,936
Other services and charges
2002018
115,736
Supplies
4,159
15,644.
Distribution
Personal services
49,047
551020
Other services and charges
37,324
19,720
Supplies
292626
17,710
Purification
Personal services
52679
5,876
Other services and charges
504
Supplies
19,556
15,908
General and administrative
Personal services
582615
47,374
Other services and charges
39,985
48,518
Supplies
13,641
1,421
Depreciation
237,688
231,652
Total operating expense
719,932
$ 596,515
Operating loss-
14,973)
$( 73,838)
Other income .(expense)
Interest on investments
$ 101816
$ 151949
Interest and paying agent fees
7,886)
( 9,573)
Total other income
2,930
6,376
Net loss
$( 12,043)
$( 67,462)
Retained earnings January 1
62866,389
6,804,087
Property and equipment contributed by
special assessments
220,731
107,374
Reduction in reserve for debt retirement
1,600
22,390
Retained earnings December 31
X076,677
$6,866,389
See accompanying notes to financial statements.
23
CITY OF EDINA, MINNESOTA
WATERWORKS FUND
STATEMENT OF CHANGES IN FINANCIAL
POSITION
YEARS ENDED DECEMBER 31, 1976 AND 1975
1976
1975
Funds provided
Operations
Net loss
$( 12,043)
$( 67,462)
Items not requiring current outlay of funds
Depreciation
237,688
231,652
$ 225,645
$ 164,190
Contributions in aid to construction
220,73L
107,374
Total
$ 446,376
$ 271,564
Funds used
Additions to property and equipment
$ 221,567
$ 122,525
Current installment of long -term debt
50,000
50,000
Total
271,567
$ 172,525
Net increase in working capital
X0.9
Various elements of net increase (decrease) in
working capital
Cash
$ 636,835
$(442,977)
Restricted cash
( 1,600)
( 12,040)
Investments
(502,266)
502,266
Accounts receivable
24,293
1,746
Due from other funds
14,765
Prepaid expenses
935
( 505)
Inventories
( 1,263)
1,239
Accounts payable
( 11,004)
13,255
Accrued payroll
( 1,272)
( 980)
Accrued interest payable
133
533
Due to other funds
152253
26,502
Bonds payable
10,000
Net increase (decrease) in working capital
1
2AJ09
y'-0
See accompanying notes to financial statements.
24
CITY OF EDINA, MINNESOTA
SEWER RENTAL FUND
STATEMENT OF INCOME AND RETAINED EARNINGS
YEARS ENDED DECEMBER 31, 1976 AND 1975
1976
1975
Operating revenue - Sewer rentals
$1,189,206
$ 690,389
Operating expenses
Collection
Personal services
$ 659181
$ 60,921
Other services and charges
302212
23,168
Supplies
23,229
25,032
Disposal - Contractual services
753,607
643,898
Administrative and general
Personal services
12,543
10,067
Other services and charges
34,229.
23,781
Supplies
279
289
Depreciation
100,577
99,122:
Total. operating expenses
$1,019,857
$ 886,278
Operating income (loss)
$ 169,349
$( 195,889)
Other income
Deferred charges
$ 13,609
$ 13,018
Rental income
7,878
7,878
Other
975
Total other income
$ 21,487
$ 21,871
Net income (loss)
$ 1909836
$( 174,018)
Retained earnings, January 1
8,145,477
7,906,236
Property and equipment contributed by
special assessments
129,916
413,259
Retained earnings, December 31
$8.466.229
$8.145.477
25
Funds provided
Operations
Net income
Items not requiring current outlay of funds
Depreciation
Contributions in aid to construction
Total
Funds used
Operations
Net loss
Items not requiring current outlay of funds
Depreciation
Additions to property and equipment
Total
Net increase (decrease) in working capital
Various elements of net increase (decrease)
in working capital
Cash
Receivables
Prepaid expenses
Accounts payable
Accrued salaries and wages
Due to other funds
Net increase (decrease) in working capital
$ 190,835
100,577
$
291,412
1294916 $ 413,259
$ 421,328 $ 413,259
S 29001511 S( 79.611)
$ 174,018
( 99,122)
S 74,896
$ 130,817
417,974
$ 130,817
$ 492,870
$ 290,511
S( 79,611)
$ 285,976
$( 160,273)
76,594
183,254
( 623,865)
63,246
( 8,355)
( 12170)
( 839)
( 296)
628
S 29001511 S( 79.611)
26
CITY OF EDINA, MINNESOTA
LIQUOR FUND
STATEMENT OF INCOME AND RETAINED EARNINGS
YEARS ENDED DECEMBER 31, 1976 AND 1975
1976
1975
50th Street
Yorkdale
Grandview
Combined
Combined
Sales
$ 777,807
$1,715,418
$1,406,140
$3,899,365
$4,463,713 .
Cost of goods sold
650,686
1,412,526
1,177,651
3,240,863
3,628,571
Gross profit
$ 127,121
$ 302,892
$ 228,489
$ 658,502
$ 835,142
Operating expenses
Selling
$ 65,347
$ 822275
$ 69,910
$ 217,532
$ 225,739
Occupancy
123220
29,997
25,643
67,860
652621
.Administrative
36,053
39,726
36,015
111,794
102,112.
Total operating expense
$ 113,620
$ 151,998
$ 131,568
$ 397,186
$ 393,472
Operating income
$ 13,501
$ 150,894
$ 96,921
$ 261,316
$ 4419670
Other income (expense)
Interest income
71
1,7 86
Discounts
63,442
17,877
14,789
391108
29,974 .
Cash over (short)
10
( 209)
147
( 52)
( 6)
Other
1,195
1,195
1,095
Net income
S 21,148
5 168,562
,$ 111,852
$ 301,638
$ 4749519
Transfers to other funds
( 400,000)
( 325,000
Retained earnings January
1
1,957,628
1,808,109
Retained earnings December
31
$1.859.266
$1„9570628
27
CITY OF EDINA, MINNESOTA
LIQUOR FUND
STATEMENT OF CHANGES IN FINANCIAL
POSITION
YEARS ENDED DECEMBER 31, 1976 AND 1975
1976
1975
Funds provided - Operations
Net income
$ 301,638
$ 474,518
Item not requiring current outlay of funds
Depreciation
28,730
29,164
Total
330,368
$ 503,682
Funds used
Transfers to other funds
$ 400,000
$ 325,000
Additions to property and equipment
38,381
1,587
Total
438,381
$ 326,587
Net increase (decrease) in working capital
1_(128,013)
$ 177,095
Various elements of net increase (decrease) in
working capital
Cash
$ 29,288
$ 112,331
Investments
(102,955)
1022955
Inventories
( 82,479)
( 14,120)
Accounts receivable
18,702
Due from other funds.
( 175)
( 18,600)
Prepaid expenses
780
( 2,473)
Accounts payable.
332817
( 1,966)
Accrued payroll
( 1,802)
( 1,032)
Due to other funds
( 3,189)
Net increase (decrease) in working capital
08 1 )
1 7 095
See accompanying notes to financial statements.
28
CITY OF EDINA, MINNESOTA
LIQUOR FUND
STATEMENT OF OPERATING EXPENSES
YEARS ENDED DECEMBER 31, 1976 AND 1975
Occupancy
Salaries and wages $ 6 $ 81 $ 356 $ 443 $ 279
Telephone
574
1976
56
Light and power
1975
Maintenance, heating and
50th Street
Yorkdale
Grandview
Combined
Combined
Selling
322
Insurance
3,351
Share of maintenance
693
Salaries and wages
$ 51,317
$ 65,485
$ 55,976
$ 172,778
$ 184,729
Supplies
2,695
5,329
2,985
11,009
109159
Licenses and dues
18
28
18
64
172
Service contract
255
437
346
1,038
704
Direct promotion
102839
101824
10,585
322248
28,912
Other
223
172
1,439
395
1,063
554
$ 65,347
$ 82,275
$ 69,910
$ 217,532
$ 225,739
Occupancy
Salaries and wages $ 6 $ 81 $ 356 $ 443 $ 279
Telephone
574
Supplies
56
Light and power
2,095
Maintenance, heating and
cooling 447
Heat
501
Laundry and rug service
604
Burglar alarm
322
Insurance
3,351
Share of maintenance
693
Repair and maintenance
231
Depreciation
2,146
Rubbish hauling
480
Janitorial service
13,260
Water and sewer service
147
Miscellaneous
3,840
12,447
$ 12,220
Administrative
Salaries and wages $ 18,718
Supplies 241
Professional services 1,811
Allocated expenses - retirement,
insurance, office supplies,
etc. 13,020
Mileage 260
Survey 1,823
Miscellaneous 180
$ 36,053
503
396
1,473
1,469
814
454
1,324
1,128
7,105
3,299
12,499
12,848
568
358
1,373
4,105
549
693
1,743
1,662
483
551
1,638
1,618
540
321
1,183
131539
52256
3,840
12,447
4,758
510
180
690
1,020
249
207
687
2,804
12,370
14,214
28,730
29,164
480
480
1,440
1,440
136
105
1,501
1,439
218
189
554
348
135
135
29,997
$ 25,643
$ 67,860
$ 65,621
$ 21,209
$ 18,660
$ 58,587
$ 57,304
326
326
893
2,460
1,812
13,811
5,434
5,721
14,100
123,660
39,780
35,940
261
260
781
660
1,823
1,824
52470
195
474
849
27
$ 39,726
$ 36,015
$ 111,794
$ 102,112
113 620 ij 1-.9 98
See accompanying notes to.financial statements.
131P568 397,186 393P472
29
CITY OF EDINA, MINNESOTA
SWIMMING POOL FUND
STATEMENT OF INCOME AND RETAINED
EARNINGS
YEARS ENDED DECEMBER 31, 1976 AND 1975
1976
1975
Income
Season tickets
$ 31,618
$ 3.0,457
General admissions
621266
6,122
Rentals and instruction programs
5,880
211000
Concessions.(less cost of goods sold)
6,733
4,486
Other
8
Total revenue
50,505
$ 43,065
Operating expenses
Salaries and wages
$ 30,704
$ 29,340
Supplies
8,918
8,473
Utilities
53,501
3,949
Insurance
901
654
Repair and maintenance
1,929
1,810
Professional service
300
275
Printing and office expense
865
1,086
Central services
3,840
3,660
Concessions - Operating
3,618
3,456 .
Contractual services
212
161
Depreciation
404
64
Other
186
190
57,378
$ 53,118
Net loss
$( 6,873)
$( 10,053)
Retained earnings January 1
2032338
194,657
Transfer from General Fund
180734.
Equipment transfer from Park Construction Fund
132,027
Disposal of equipment
( 17,000)
Retained earnings December 31
A-311.492
$ 203,338
: 30
CITY OF EDINA, MINNESOTA
SWIMMING POOL FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31, 1976 AND 1975
Funds provided
Transfer from General Fund
Funds applied
Operations
Net loss.
Item not requiring current outlay of funds
Depreciation
Additions to property and equipment
Total
Net increase (decrease) in working capital
Various elements of net increase (decrease).
in working capital
Cash
Due from other funds
Prepaid insurance
Accounts payable
Net increase (decrease) in working capital
See accompanying notes to financial statements,
$ 62873 $ 10,053
( 404)
$ 6,469
6,469
S( 6,469)
$ 72,798
( 78,853)
( 68)
( 379)
$ 9,674
250
$ .
9,924
S 8,810
$( 70,196)
78,853
183
( 346) ( 30)
6,,469) S 8,810
Income
Green fees
$
220,842
$
197,895
Rental fees
37,067
28,473
Membership fees
25,479
25,651
Concessions (less cost of
goods sold)
28,478
29,091
Range
34,346
31,752
Other
35
34
Total income
$
346,247.
$
312,896
Operating expenses
Administration
$
58,486
$
49,105
Building - Club house and
pro shop
27,400
26,054
_ Maintenance of course and
grounds
135,734
121,476
Range and grill
43,481
38,059
Depreciation
8,712
12,552
Total operating expenses
$
273,813
$
247,246
Operating income
$
72,434
$
65,650
Other income (expense)
Interest earned
$
42
$
6,058
Interest on bonds
( 17,772)
( 18,894)
$( 17,730)
$( 12,836)
Net income
$
54,704
$
52,814
Retained-earnings January 1
246,669
193,855
Retained earnings. December
31 -
$ 301.373
S 246,669
See accompanying notes to financial statements.
32
CITY OF EDINA, MINNESOTA
GOLF COURSE FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31, 1976 AND 1975
Funds provided
Operations
Net income
Item not requiring current outlay of funds
Depreciation
Fund applied
Additions to property and equipment
Current installment of long -term debt
Net increase (decrease) in working capital
Various elements of net increase (decrease)
in working capital
Cash
Petty cash
Investments
Prepaid insurance
Accounts payable
Accrued payroll
Due to other funds
Bond payable
Net increase (decrease) in working capital
See accompanying notes to financial statements.
1976 1975
$ 54,704 $ 521,814
8,712 12,552
63,416 65,366
$ 24,989 $ 7,210
40,000 35,000
4,989 42.21
1 7 )
$ 64,702
( 100)
( 61,773)
18
69
( 583)
1,094
$( 46,512)
61,773
( 371
( 42)
828
7,480
5,00
S( 1,573) S 23,156
33
CITY OF EDINA, MINNESOTA
GOLF COURSE FUND
STATEMENT OF OPERATING EXPENSES
YEARS ENDED DECEMBER 31, 1976 AND
1975
1976
1975
Administration
Personal services
$
30,265
$
27,927
Contractual services
26,844
20,113
Commodities and supplies
1,025
759
.Other charges
352
306
Total administration expense
$
58,486
$
49,105
Building - Club house and pro shop
Personal services.
$,
11,572
$
11,878
Utilities
10,267
9,417
Fuel
1,684
1,749
Supplies
1,173
1,421
Repairs - Building
3,661
2,991
Contractual services
2,327
1,695
Less amount charged to grill
(
4,146)
(
3,693)
Other
862
596
Total building - club house and pro shop
$
27,400
$
26,054
Maintenance of course and grounds
Personal services
$
77,022
$
76,755
Contractual services
9,519
1,825
Commodities and supplies
28,701
21,200
Fixed charges
19,980
21,300
Other
512
396
Total maintenance of course and grounds
$
135,734
$
121,476
Range and grill
Personal services
$
34,905
$
31;623
Contractual services
4,495
2,618
Commodities and supplies
4,081
3,818
. Total range and grill
$
43,481
$
38,059
Depreciation
$
8,712
$
12,552
Total operating expenses
273,813
$ 247,246
34
. CITY OF EDINA, MINNESOTA
RECREATION CENTER FUND
STATEMENT OF INCOME AND RETAINED
EARNINGS
YEARS ENDED DECEMBER 31, 1976 AND 1975
1976
1975
Operating revenue
Rental fees
$ 143 408
$.127,217
Season ticket sales
25,797
Daily skating fees
4,452
32677,
. Admissions
16,896
14,366
Concessions (less cost of goods sold)
4,747
5,635
Vending.machine commissions
519931
4,866
Services - Skate sharpening
5,665
4,882
Other
118
83
Total operating revenue
207,014
194,270
Operating expense
Personal services
$ 929860
$ 90,431
Contractual services
912842
72,964
Commodities and supplies
14,225
12,905
Depreciation
3$1189
4 593
Other charges
20,340
17,460
Total operating expense
222,456
198,353
Operating loss
$( 15,442)
$( 4,083)
Other expense - Interest on bonds
9,600)
( 12,051)
Net.loss
$( 25,042)
$( 16,134)
Retained earnings January 1
122,618
138,752
Contribution of equipment
6,000
Retained earnings December 31
10 5 6
$ 122,618
See accompanying notes to financial statements.
35
CITY OF EDINA, MINNESOTA
RECREATION CENTER FUND
STATEMENT OF CHANGES IN FINANCIAL
POSITION
YEARS ENDED DECEMBER 31, 1976.AND 1975
1976
1975
Fund provided
Contribution of equipment
$ 6,000
Loan from other funds
200,00
Total
6,000
200,000
Funds applied
Operations
Net loss
$ 25,042
$ 16,134
Item not requiring current outlay of funds
Depreciation
( 3,189)
( 4,593)
$ 212853
$ 113,541
Additions to property and
equipment
1631631
1431859
Current installment of long -term debt
40,000
40,000
Total
78,484
66,400
Net increase (decrease) in working capital
S( 72,484)
S 133,600
Various elements of net increase (decrease) in
working capital
Cash
$(120,398)
$ 140,527
Accounts receivable
253-193
1,513 "
Due from other funds
5,273
( 3,500)
Inventory
265
( 225)
Prepaid insurance
112
( 590)
Accounts payable
2,035
( 1,993)
Accrued payroll
( 255)
( 12215)
Accrued interest
508
508
Due to other funds
14,783
( 4,583)
Deferred income
3,158
Net increase (decrease) in working capital
S( 72,484)
S 133,600
See accompanying notes to financial statements.'
CITY OF EDINA, MINNESOTA
GUN RANGE FUND
STATEMENT OF INCOME AND RETAINED EARNINGG
YEARS ENDED DECEMBER 31,
Income
Range fees
Sale of ammunition
Concessions (less cost of goods sold)
Other
Total income
Operating expenses
Personal service
Contractual services
Commodities and supplies
Depreciation
Other
Total expenses
Net loss
Retained earnings January 1
Transfer from General Fund
Transfer from Construction Fund
Retained earnings December 31
1976 AND 1975
1976
1975
$ 831290
$ 5,064
2,509
.11581
39
140
300
179
11,138
6,964
$ 7,157
$ 7,994
2,915
1,961
3,442
49053
59
59
122
6
13,695
14,073
$( 2,557)
$( 7,109)
48,988
29,832
26,265
4,108
48 88
CITY OF EDINA, MINNESOTA
GUN RANGE FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31, 1976 AND 1975
Funds provided
Transfers from other funds
Funds applied
Operations
Net loss
Item not requiring current outlay of funds
Depreciation
Additions to property and equipment
Total
Net increase (decrease) in working capital
Various elements of net increase (decrease) in
working capital
Cash
Receivables
Due from other funds
Prepaid expenses
Accounts payable
Accrued payroll
Due to other funds
Net increase (decrease) in working capital
See accompanying notes to financial statements.
1976 1975
4,108 26,265
$ 2,557 $ 7,109
( 59) ( 59)
$ 2,498 $ 7,050
4,108
$ 6,606 $ 7,050
S( 2,498) $ 19 }215
$( 5,239) $ 242,511
( 1,107)
( 53)
103
( 104)
3,902
2 4 9 8)
218
( 836)
( 408)
132
( 4,402)
S 19 X215
37
38
CITY OF EDINA, MINNESOTA
ENTERPRISE FUNDS
STATEMENT OF CHANGES IN PROPERTY AND EQUIPMENT
YEAR ENDED DECEMBER 31, 1976
Waterworks Fund
Land
Land improvements.
Buildings and equipment
Distribution system
Sewer Rental Fund
Land improvements
Sewer mains and lift stations
Furniture and fixtures
Vehicles .
Equipment and machinery
Liquor Fund
Land
Land improvements
Building
.Furniture and fixtures
Leasehold improvements
Construction in progress
Swimming Pool Fund
Land
Swimming pool and bathhouse
Filter system
Furniture and fixtures
Golf Course Fund
Golf course
Buildings
Well
Parking lot and roadway
Equipment
Recreation Center Fund
Land improvements
Buildings
Furniture and equipment
Gun Range Fund
Land improvements
Building
Furniture and equipment
Assets
Balance Balance
January 1, December 31
1976 Additions Disposals 1976
$ 26,556 $ 26,556
24,132 $ 835 24,967
2,552,811 $ 1,723 2,551,088
6,672,265 220,732 6,892,997
$9,275,764 $ 221,567 $ 1,723 $9,495,608
$ 5,605 $ 313 $ 5,918
9,644,948 129,916 9,774,864
2,162 2,162
12,666 12,666
43,774 588 44,362.
$9,709,155 $ 130,817 $9,839,972
$ 151,449 $ 1,070 $ 152,519
21,804 141 $ 39485 18,460
455,911 25,733 481,644
149,325 149,325
3,035 3,035
14,922 14,922
$ 781,524 $ 41,866 $ 3,485 $ 819,905 '.
$ 102000 $ 1031000
184,027 $ 104,021 288,048
17,000 28,006 $ 17,000 28,006
4,190 4,190
$ 215,217 $ 132,027 $ 17,000 $ 330.,244
$ 726,414 $ 726,414
204,781 204,781
15,018 15,018.
93,627 9,627
129,197 $ 24,989 154,186
$1,085,037 $ 24,989 1,1101026
$ 52,174 $ 52,174
885,191 8852191
45,936 $ 16,630 62,566
$ 983,301 $ 16,630 $ 999,931
$ 82075 $ 4,107 $ 121.182
47,532 47,532
863 863
-h cL L-7 n b L 1^- h- cn 11-
39.
Accumulated Depreciation
Balance
Balance
Net
January 1,
December 31,
Book
1976
Additions Disposals
1976
Value
$ 26,556
$ 101439
$ 974
$ 11,413
13,554
13,219,681
101,070 $ 1,723
11319,028
1,232,060
,1,768,317
135,644
1,903,961
4,989,036
$23998,437
$_ 237,688 $ 1,723
$3,234,402
$6,261,206
$ 2,831
$. 230
$ 3,061
$ 2,857
1,449,193
97,749
1,546,942
8,227,922
2,132
22
2,154
8
9,262
756
10,018
2,648
33,806
1,820
35,626
8,736
$1,497,224
$ 100,577
$1,597,801
$8,242,171
$ 152,519
$ 5,175
-$ 631 --
$ 5 -806
- --12-654
121,268
152514
136,782
344,862.
59,255
12,281
71,536
77,789
1,670
303
1,973
1,062
14,922
$ 187,368
$ 28,729
$ 216,097
$ 603,808
$ 10,000.
288,048
28,006
$ 1,955.
$ 404
$ 2,359
1,831
1,955
$ 404
$ 2,359
$ 327,885
$ 726,414
204,781
15,018
9,627
$ 89,528
$ 8,712
$ 98,240
55,946
89,528
$ 8,712
$ 98,240
$1,011,786
$ 52,174
885,191
$ 35,236
$ 3,188
$ 38,424
24,142
$ 35,236
$ 3,188
$ 38,424
$ 961,507
$ 12,182
47,532
$ 431
$ 59
$ 490
373
1 431
$ 59
$ 490
$ 60,087
$43810,179 $ 379,_357 $ 1,723 $5,187,813 $17,468,450
40
CITY OF EDINA, MINNESOTA
BALANCE SHEETS
DECEMBER 31, 1976
Total
ASSETS
Cash (deficit)
$ 303,252
Investment
557,547
Accounts receivable
8,318
Due from other governmental units
659,515
Special assessments receivable
Unremitted
158,788
Delinquent
492,160
Deferred
6,942,564
City's share
211,754
Allowance for uncollectible receivables
( 844,709)
Loan to other funds
200,000
Due from other funds
770,532
Unallocated construction costs
161,283
Construction in progress
Current
1,976,715
Deferred
17,083
Total assets
$110614,802
LIABILITIES, RESERVE AND FUND BALANCE
Liabilities
Accounts payable
$ 18,060
Due to other governmental units
143,414
Accrued interest on bonds
25,913
Contracts payable
17,083
Deposits payable
77316.14
Loan from other funds
938,833
Due to other.funds
254,282
Bonds payable
6010,0001
Reserve for assessment adjustments
171,434
Fund balance (deficit)
Appropriated
40,617
Unappropriated
3,617,552
Total liabilities, reserve and fund balance
$11,614,802
See accompanying notes to financial statements,
41
Debt Service
Permanent Sanitary Improvement Municipal Advance
Improvement Sewer Bond State -aid Funding
Revolving No. 53 Redemption Street Bonds Highway Bonds Construction
$ 213,835
382
40,027
( 35,210)
200,000
$ 42,843
50
7,629
( 7,679)
$ 859,026
557,547
158,356
444,504
6,942,564
211,754
( 801,820)
738,833 31,699
148,967 12,316
1,976,715
17,083
S 419,034 $ 42,843 $9,259;731 ,V 424) $ 672,,365 $ 1.221.253
$( 424) $ 672,365
$(1,484,393)
8,318
659,515
$ 18,060
25,913
$ 143,414
17,083
77,614
938,833
$ 4,572 246,018 3,692
5,6851000 $ 625,000
7,073 164,361
40,617
407,389 $ 42,843 3,120,379 $( 424) 47,365
$ 412,034 S 42.843 $9,259,731 S L 424) S 672 -365 S 1,221.253
42
CITY OF EDINA, MINNESOTA
SPECIAL ASSESSMENTS FUNDS
STATEMENTS OF REVENUE, EXPENDITURES AND FUND BALANCE
YEAR ENDED DECEMBER 31, 1976
Revenue
Interest
Investments
Capitalized interest
Special assessments
Assessment adjustments
Total revenue
Expenditures
Interest
Paying agent service charges
Total expenditures
Revenue over (under) expenditures
Fund balance (deficit) January 1, 1976
Adjustment of provision for uncollectible receivables
Adjusted fund balance
Fund balance (deficit) December 31, 1976
See accompanying notes to financial statements,
Total
$ 87,601
125,722
388,205
1.211
$ 602,739
$ 381,193
1,803
382,996
$. 219,743
$ 3,418,481
19,945
$ 3,438,426
3.658.169
43
Debt Service
Permanent Sanitary Improvement Municipal Advance
Improvement Sewer Bond State -aid Funding
Revolving No. 53 Redemption Street Bonds Highway Bonds Construction
$ 1,776 $ 29 $ 50,952
125,722
260 387,945
1,211
$ 2,036 $ 29 $ 565,830
$ 328,380
1,296
$ 329,676
$ 2,036 $ 29 $ 236,154
$ 405,589 $ 42,558 $2,864,300 $( 424)
( 236) 256 19,925
$ 405,353 $ 42,814 $2,884,225 $( 424)
$ 407.389 $ 42.843 $3.120.379 $( 424)
$ 34,844
$ 34,844
$ 52,813
507
$ 53,320
$( 18,476)
$ 65,841
$ 65,841
S 47.365
$ 40,617
40,617
40.617
44
l'TTV AL+ UnTMA IAT ATATP 0 AIVA
DECEMBER 31, 1976
GENERAL FIXED ASSETS
Land
Land improvements
Buildings
Furniture and fixtures
Equipment
Construction in progress
INVESTMENT IN GENERAL FIXED ASSETS
Investment in general fixed assets
$ 729,617
1,005,714
1,493,080
141,381
1,778,017
591.522
$5.739,331
$5,739.331
45
CITY OF EDINA, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1976
Note 1 - Summary of significant accounting policies
The accounting policies of the City of Edina conform to generally accepted accounting
principles as applicable to governmental units, except that a statement of general
long -term debt is not included as explained in note 2 nor is depreciation expense
on certain enterprise fund property and equipment recorded, see note 3.
Basis of accounting - The accrual basis of accounting is followed (with minor exceptions)
by all funds other than the General, special revenue and general debt service funds.
Financial statements of the General, special revenue and general debt service funds are
presented on the modified accrual basis of accounting. Under the modified accrual
basis of accounting:
Revenues are recognized at the time cash is, or normally should be received
or when susceptible to accrual (measurable and available within the budget
year)
Expenditures are recognized as a liability when incurred, except for interest
on long -term debt which is recognized when due. Purchase of inventory items
are considered expenditures when received. Accordingly, inventory is recorded
with an offsetting reserve.
Investments - Investments are stated at cost, which approximates market. Investment
revenue is recorded as earned.
Inventories - Inventories held by the Enterprise funds are stated at cost, which is
lower than market on a first in, first out basis.
Property and equipment - Enterprise Funds - The property and equipment are stated at
cost. Depreciation has been provided using the straight -line method over the estimated
useful lives of the assets. See Note 3.
Additions to property and equipment for general City purposes are recorded as ex-
penditures of the specific fund in the year in which the asset was purchased and are
capitalized at cost in the General Fixed Asset Group of accounts. Depreciation is
not recorded on these assets.
Note 2 - General Long -Term Debt
The City financial statements do not include a statement of general long -term debt.
All general long -term debt is included in the general debt service funds. The long-
term debt group of accounts has not been set up, as specific tax levies have been
made at the time of issue as part of the bond indenture for the payment of bonds and
interest. The proceeds of such levies are appropriated to the specific debt service
funds as part of the bond indenture and the levies are scheduled for collection over
the life of the bond issue. This accounting treatment is not in accordance with
generally accepted accounting principles.
46
CITY OF EDINA, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1976
Note 3 - Depreciation enterprise fund property and equipment
.Certain property and equipment of the enterprise funds has not been depreciated and
related depreciation expense is not included as an operating expense. The amount
by which the related expense would affect the financial statements has not been
determined. The City has adopted the policy of not recording depreciation on items
of property and equipment which will not be replaced from operating revenues. Such
a policy is not in accordance with generally accepted accounting principles. The
following property and equipment has not been depreciated: Cost
Swimming Pool Fund - Pool, bathhouse and filter system $316,054
Golf Course Fund - Buildings, Well, parking lot and road 229,426
Recreation Center Fund - Land improvements and building 937,365
Gun Range Fund - Land improvements and building 59,714
Note 4 - Prior period adjustment
Prior to January 1, 1976 the general fixed assets and general long -term debt were
included in the General, Special Revenue and Park Construction Funds, which treat-
ment was not in accordance with generally accepted accounting principles. Effective
January 1, 1976 the general fixed assets were set up separately. See Note 2
regarding General Long -Term Debt.
Note 5 - Metropolitan Waste Control Commission
The receivable and corresponding liability of the Sewer Rental Fund from the
Metropolitan Waste Control Commission represents the City's share of equity in the
City's and Minneapolis' sewer systems which were acquired by the Commission January 1,
1971. This receivable will be paid to the City by issuing credits, annually through
1999 against future sewer billings from the Commission. These credits will be reflected
in the statement of income as received.
Note 6 - Bonded debt
The City has three types of bonded debt outstanding at December 31, 1976. There
are general obligation bonds, special assessment improvement bonds, and revenue
bonds.
The first type'of bonds are payable solely from a general property taxes. The
second and third types are payable primarily from special assessments and enterprise
revenue respectively with any deficiency to be provided for by general property taxes.
See the supplemental information for schedules of bond and interest maturities.
Note 7 - Revenue bonds
The City has outstanding the following revenue bonds:
Waterworks Bonds of 1963
Golf Course Bonds of 1964
Recreation Center Bonds, Series A of 1965
Recreation Center Bonds, Series B of 1965
Recreation Center Bonds, Series C of 1969
$200,000
490,000
170,000
85;.000
30,000.
The waterworks bonds are payable primarily from the revenue of the waterworks fund,
with any deficiency to be provided by general property taxes.
Note 7 - Revenue bonds (continued)
The other four revenue bond issues are payable primarily from the respective utility
with any deficiency to be provided first from Liquor Fund revenue than from general.
property taxes.
The revenue bond indentures have specific requirements which are to be met by the
City. All these covenants are being complied with.
Note 8 - Retirement Plan
The City participates in a state -wide contributory pension plan under the Public
Employee's Retirement Association, Minnesota Statutes Chapter 353, which covers
all employees except certain temporary or seasonal employees. The City's contribution
for pension costs, under the state -wide plan was $274,798 for the year ended
December 31, 1976. Under existing Minnesota law, the City has no future contingent
obligations or commitments to the plan or its participants except to make continuing
contributions as determined from time to time by the State Legislature.
Note 9 -.Bond proceeds
In 1975 the City issued General Obligation Park. Bonds of $950,000. The proceeds
of the issue are recorded in the General Debt Service Fund and transfers are made
to the Capital Project Fund for park land acquisition. Transfers of $322,363 and
$191,309 were made for 1975.and 1976 respectively leaving a balance of $436,328 at
December 31, 1976.
Note 10 - Vacation and Sick Leave
Accrued vacation and sick leave are not recorded as liabilities at December 31, 1976.
City employees are entitled to vacation and sick leave based on length of employment
and the payment thereof is treated as expense in the period paid. The amount of
accrued leave at December 31, 1976 for vacation and sick leave was $180,859 and
$777,427 respectively, although it is anticipated that only $310,000 of the accrued
sick leave will be used.
Note 11 - Litigation
The City had the usual and customary types of miscellaneous claims pending at year
end, mostly of.a minor nature and usually all covered by insurance carried for that
purpose.
48
CITY OF EDINA, MINNESOTA
BALANCE SHEETS - ALL FUNDS
DECEMBER 31, 1976
Special.
General
revenue
Fund
funds
ASSETS
Cash
$ 327,231
$ 498,037
Petty cash and change funds
550
Departmental cash
2,204
Investments
156,496
Receivables
Other
277,946
60,381
Taxes receivable
311,575
26,156
Special assessments receivable
Allowance for uncollected taxes and assessments
( 161,232)
( 12,093)
,. Due from other funds
615,281
30,902
Inventories
10,000
Construction in progress
Prepaid expenses
Unallocated construction costs
Property and equipment less accumulated depreciation
Total assets
$ 1,540,051
$ 603,383
LIABILITIES, RESERVES AND FUND BALANCE
Liabilities
Other
$ 502,870
$ 28,903
Accrued payroll
85,002
15,159
Contracts payable
Due to other funds
73,490
175,277
Bonded indebtedness
Future bond maturities
Metropolitan Waste Control Commission
Reserves
719,811
136,331
Investment in assets
Retained earnings
Fund balance
158,878
247,713
Total liabilities, reserves and fund
balance
$ 1,540,051
$ 603.383
49
General
Park
Special
General
debt service
Construction
Enterprise
assessment
Fixed
funds
Fund
funds
funds
Assets
$ 1,053,840
$( 281,112)
$ 1,089,397
$ 303,252
4,600
36,318
557,547
133,550
19,660
1,215,475
667,833
5,129,825
430
7,805,266
( 244,613)
( 844,709)
322,363
543,855
970,532
533,466
2,430,815
1,993,798
9,544
161,283
17,468,450
$ 5,739,331
S 6,072,602
$ 2,491,726
$20,901,535
$11,614,802
$ 5,739,331
$ 903
$ 132,641
$ 265,001
22,271
60,000
179083
$ 322,362
718,689
1,193,115
3,400,000
975,000
6,310,000
774,932
453,944
2,370,815
145,350
171,434
$ 5,739,331
18,132,652
1,896,296
60,008
3,658,169
$ 6,072,602
$ 2,491,726
$20,901,535
$11,614,802
$ 5,739,331
50
CITY OF EDINA, MINNESOTA
STATEMENT OF CASH AND SECURITY FOR
DEPOSITS
DECEMBER 31, 1976
Face amount of
securities pledged
by depository
Cash as collateral
Cash
First Edina National Bank, Edina, Minnesota
Checking account
$ 424,212
Certificates of deposit
1,825,000 12,285,000
First Southdale National Bank, Edina, Minnesota
Deposit account
91,433
Payroll account
25,000
Certificates of deposit
425,000 $1,370,000
..Southwest Fidelity State Bank, Edina, Minnesota
Certificates of deposit
100,000 $ 100,000
Americana State Bank, Edina, Minnesota
Certificates of deposit
100,000
Petty cash and change funds
7,354
Total cash
$2,997,999
Additional coverage of $40;000 for demand deposits and
$100,000 for time deposits
is provided at each depository by the Federal Deposit
Insurance Corporation.
Minnesota law stipulates that the amount of deposits
cannot exceed the F.D.I.C.
insurance plus ninety percent of the market value of
securi ies pledged as collateral
by the bank. At December 31, 1976, the deposits at First
Edina National Bank were
in excess of this requirement.
Allocation by fund
General Fund
$ 329,985
Special Revenue funds
Revenue Sharing Fund
406,016
Nursing Services Fund
( 6,487)
Park Fund
98,508
General Debt Service Fund
1,053,840
Park Construction Fund
( 281,112)
Enterprise funds
Waterworks Fund
794,587
Sewer Rental Fund
23,238
Liquor Fund
386,880
Swimming Pool Fund
( 16,374)
Golf Course Fund
66,334
Recreation Center Fund
( 151,701)
Gun Range Fund
( 8,967)
Special assessment funds
Permenant Improvement Revolving Fund
213,835
Sanitary Sewer No. 53 Fund
42,843
Improvement Bond redemption Fund
859,026
Municipal State -aid Street Bonds Fund
( 424)
Advance Funding Highway Fund
672,365
- Construction Fund
(1,484,393)
Total cash
$ 2,997,999
51
CITY OF EDINA, MINNESOTA
STATEMENT OF INVESTMENTS
DECEMBER 31,
1976
Face
Interest
Amount
Rate
Maturity
Cost
Banks for Coop
$ 500,000
5.93
1/3/77
$ 500$47
City of Edina bonds
Improvement Bonds
of 1955
253,000
2.9
3/1/77
25,000
Improvement Bonds
of 1957
7,000
3.9
3/1/78
7,000
Improvement Bonds
of 1957
10,000
3.9
3/1/79
10,000
Improvement Bonds
of 1968
15,000
4.0
12/1/78
152000
Waterworks Bonds
of.1963
5,000
3.2
12/1/77
4,556
Waterworks Bonds
of 1963
20,000
3.3
12/1/79
192033
Golf Course Bonds
5 —,000
3.4
.12/1/81
3,808
Golf Course Bonds
5,000
3.4
12/1/83
4,604
Golf Course Bonds
5,000
3.5
12/1/87
4,317
S 593.865
Allocation by fund
Waterworks Fund
$ 23,589
Golf Course Fund
12,729
Improvement Bond
Redemption
557,547
86
52
CITY
OF EDINA, MINNESOTA
BONDS
PAYABLE -
ALL FUNDS
DECEMBER 31,
1976
Issue
Interest
Maturity
Principal
date
rate
date
amount
Special Assessment Debt Service Fund
First series of 1955 Improvement
Bonds
9/1/55
2.90%
3/1/77
$ 40,000
First series of 1957 Improvement
Bonds
3/1/57
3.90
3/1/77 -79
195,000
First series of 1967 Improvement
Bonds
12/1/67
4.20
12/1/77 -79
600,000
Improvement Bonds of 1968
12/1/68
4.00
12/1/77 -79
6003,000
Improvement Bonds of 1969
12/1/69
5.70
12/1/77 -79
750,000 `.
Advance Funding Highway Bonds
1/1/70
5.70
7/1/77
625,000
Improvement Bonds of 1975
12/1/75
5.30 -5.50
12/1/77 -83
3,500,000=.°
Total special assessment debt
service
fund
$ 6,310,000
General Debt Service Funds
Park Construction Bonds
3/1/57
3.90%
3/1/77 -51
$ 2501,000
General Obligation Park Bonds
12/1/75
5.30 -5.50
12/1/77 -80
950,000
General Obligation Redevelopment
Bonds
12/1/75
5.30 -6.50
12/1/78 -93
2,200,000.,.
Total general debt service
funds
$ 3,400,000
Revenue Bonds
Golf Course Bonds
12/1/64
3.20 -3.50
12/1/77 -87
$ 490,000
Waterworks Bonds of 1963
12/1/63
3.20 -3.30
12/1/77 -80
200,000
Recreation Center Series A
9/l/65
3.20 -3.30
9/1/77 -82
1703,000.
Recreation Center Series B
9/1/65
3.00
9/1/77 -82
85,000
Recreation Center Series C
8/1/69
5.00
8/1/77 -79
30,000 ;
Total revenue bonds
$ 975,000
Total bonds payable - All funds
$10.685,000
i
53
CITY OF EDINA, MINNESOTA
STATEMENT OF CHANGES IN BONDED INDEBTEDNESS
YEAR ENDED DECEMBER 31, 1976
Balance
Balance
January 1,
December 31,
1976 Issued
Redeemed
1976
Special assessment bonds
$ 8,040,000
$ 1,730,000
$ 6,310,000
General obligation bonds
3,440 31000
40,000
3,400,000
Revenue bonds
Golf Course
525,000
35,000
490000
Waterworks
250,000
50,000
,
200,000
Recreation Center
325,000
40,000
285,000
512.580.000 $ -0-
$ 1.895.000
$10.685.000
EMPLOYEES' SURETY BONDS
DECEMBER 31, 1976
Name
Position
Surety Bond
J. N. Dalen
Treasurer
$ 50,000
Florence B. Hallberg
Clerk
500
Kent Swanson
Assessor
500
Ronald A. Blagen
Deputy Assessor
500
Ralph E. Johnson
Deputy Assessor
500
Police Department employees
are covered by a faithful performance blanket
position bond of $5,000.
All employees, except those
listed above, are covered by a faithful performance
blanket position bond of $50,000.
54
CITY
OF EDINA, MINNESOTA
TAX LEVIES AND COLLECTIONS
Percentage
Collection
Percentage
Collection
of total
Total
of current
of levy
of prior
Total
collections
Year
levy
year's levy
collected
year's levy
collections
to levy_
1976
$2,950,564
$2,844,997.
96.4%
$60,903
$2,905,900
98.5%
SPECIAL ASSESSMENT LEVIES
AND COLLECTIONS
Percentage
Collection
Percentage
Collection
of total
Total
of current
of levy
of prior
Total
collections
Year
levy
year's levy
collected
year's levy
collections
to levy .
1976
$1,3719621
$1,223,649
89.2%
$134,421
$1,358,070
99.0%
,.
55
CITY
OF EDINA, MINNESOTA
ASSESSED VALUATION, TAX LEVIES
AND MILL RATES
(SHOWN BY YEAR OF TAX COLLECTIBILITY)
1975.
1976.
1977
Assessed valuation
$331,699,920
$371,802,648
$394,825,413
Increment valuation
( 317,306)
( 576,977)
Contribution to fiscal disparities
Pool
( 9,252,067)
(12,053,223)
(11,948,475)
Received from fiscal disparities
Pool
1,709,843
2,378,308
2,208,307
Taxable valuation
$324,157,696
$361,810.427
$384.508.268
Tax levies
General Fund
$ 2,023,068
$ 2,399,888
$ 2,585,877
Park Fund
197,736
197,187
283,666
Bonds and interest
13,290
313,328
312,339
Public nursing
24,965
32,878
Fire protection
15,560
15,196
14,910
Firemen's Relief
5,187
Total
$ 2,254,841
$ 2,950,564
$ 3.229,670
Mill rates
General Fund
6.241
6.633
6.764
Park Fund
.610
.545
.740
Bonds and interest
.041
.866
.817
Public nursing
.069
.086
Fire protection
.048
.042
.039
Firemen's Relief
.016
Total
6.956
8.155
8.446