HomeMy WebLinkAbout2001 Comprehensive Annual Financial ReportCity of Edina
2001 Comprehensive
Annual Financial Report
CITY OF EDINA, MINNESOTA
Comprehensive Annual Financial Report
Year ended December 31, 2001
Department of Finance
John Wallin--Treasurer and Finance Director
Peggy Gibbs--Assistant Finance Director
Paula Nelson—Accountant
CITY OF EDINA, MINNESOTA
TABLE OF CONTENTS
Page
PART I -- INTRODUCTORY SECTION
Elected and Appointed Officials.................................................................................................1
Letters of 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:
Balance Sheet ....................................................................................................................45
Statement of Revenues, Expenditures and Changes in
Fund Balance -- Budget and Actual................................................................................46
Schedule of Revenues -- Budget and Actual.....................................................................47
Schedule of Expenditures -- Budget and Actual ................................................................48
Schedule of Central Services Expenditures -- Budget and Actual....................................53
Special Revenue Funds:
Combining Balance Sheet..................................................................................................55
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance..................................................................................................................56
Debt Service Funds:
Combining Balance Sheet..................................................................................................58
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance..................................................................................................................59
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Page
Combining and Individual Fund and Account
Group Financial Statements (Continued):
Capital Project Funds:
Combining Balance Sheet..................................................................................................61
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance (Deficit).....................................................................................................62
Enterprise Funds:
Combining Balance Sheet..................................................................................................64
Combining Statement of Revenues, Expenses and Changes in Retained Earnings ......66
Combining Statement of Cash Flows.................................................................................68
Utilities Fund:
Balance Sheet ..............................................................................................................70
Statement of Revenues, Expenses and Changes in Retained Earnings....................71
Statement of Cash Flows.............................................................................................72
Liquor Fund:
Balance Sheet ..............................................................................................................73
Statement of Revenues, Expenses and Changes in Retained Earnings....................74
Statement of Cash Flows.............................................................................................75
Schedule of Operating Revenue and Expenses by Location......................................76
Swimming Pool Fund:
Balance Sheet ..............................................................................................................77
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)......78
Statement of Cash Flows.............................................................................................79
Golf Course Fund:
Balance Sheet ..............................................................................................................80
Statement of Revenues, Expenses and Changes in Retained Earnings....................81
Statement of Cash Flows.............................................................................................82
Schedule of Operating Expenses ................................................................................83
Arena Fund:
Balance Sheet ..............................................................................................................84
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)......85
Statement of Cash Flows.............................................................................................86
Art Center Fund:
Balance Sheet ..............................................................................................................87
Statement of Revenues, Expenses and Changes in Retained Earnings....................88
Statement of Cash Flows.............................................................................................89
Edinborough Park/Centennial Lake Fund:
Balance Sheet ..............................................................................................................90
Statement of Revenues, Expenses and Changes in Retained Earnings ...................91
Statement of Cash Flows.............................................................................................92
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Page
Trust and Agency Funds:
Combining Balance Sheet…………………......................................................................... 94
Deferred Compensation Expendable Trust Fund:
Balance Sheet..…………………………………………………………………………….. 95
Statement of Revenues, Expenses and Changes in Retained Earnings .................. 96
Agency Funds:
Combining Statement of Changes in Assets and Liabilities ....................................... 97
General Fixed Assets Account Group:
Schedule of General Fixed Assets.................................................................................... 99
General Long-term Debt Account Group:
Schedule of General Long-term Debt ...............................................................................101
Supplementary Information:
Exhibit Page
Combined Schedule of Bonded Indebtedness.........................Exhibit 1................................102
Schedule of Changes in Bonded Indebtedness.......................Exhibit 2 ................................104
Schedule of Bonds Payable.....................................................Exhibit 3................................105
Schedule of Debt Service Requirements .................................Exhibit 4................................109
Assessed Valuation, Tax Levies and Mill Rates ......................Exhibit 5................................110
PART III -- STATISTICAL SECTION
Table Page
General Governmental Expenditures by Function
Last Ten Fiscal Years.............................................................Table 1.................................111
General Governmental Revenues by Source
Last Ten Fiscal Years.............................................................Table 2.................................112
Property tax Levies and Collections -- Last Ten
Fiscal Years............................................................................Table 3.................................113
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Assessed Value or Tax Capacity and Estimated
Market Value of Taxable Property..........................................Table 4 .................................114
Property Tax Rates -- All Overlapping Governments
Last Ten Fiscal Years.............................................................Table 5.................................115
Special Assessment Collections -- Last Ten
Fiscal Years............................................................................Table 6.................................116
Ratio of Net General Bonded Debt to Assessed
Value/Tax Capacity and Net Bonded Debt per
Capita -- Last Ten Fiscal Years..............................................Table 7 .................................117
Computation of Overlapping Debt - December 31, 2000..........Table 8.................................118
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General
Expenditures -- Last Ten Fiscal Years...................................Table 9 .................................119
Revenue Bond Coverage -- Last Ten Fiscal Years..................Table 10 ................................120
Property and Construction Values -- Last Ten
Fiscal Years...........................................................................Table 11................................121
Principal Taxpayers - December 31, 2000...............................Table 12 ................................122
Major Employers in the City......................................................Table 13................................123
Labor Force Data ......................................................................Table 14 ................................124
Miscellaneous Statistics - December 31, 2000........................Table 15................................125
Schedule of Sources and Uses of Public Funds
for 50th & France-No. 1200, a Tax Increment
Financing District................................................................Table 16 ................................127
Schedule of Sources and Uses of Public Funds
for Southeast Edina Redevelopment District-
No. 1201, a Tax Increment Financing District....................Table 17 ................................128
Schedule of Sources and Uses of Public Funds
for Grandview Area Redevelopment District-
No. 1202, a Tax Increment Financing District....................Table 18 ................................129
Schedule of Sources and Uses of Public Funds
for Southeast Edina Redevelopment District-
No. 1203, a Tax Increment Financing District....................Table 19 ................................130
Schedule of Sources and Uses of Public Funds
for 70th Street and Cahill Road District-No.
1207, a Tax Increment Financing District......................... Table 20................................131
Page 1
CITY OF EDINA, MINNESOTA
Elected and Appointed Officials
December 31, 2000
Term of office
expires January*
Elected:
Mayor—Dennis Maetzold 2005
Council:
James Hovland 2003
Scot Housh 2003
Michael Kelly 2005
Linda Masica 2005
Appointed:
Manager-Gordon Hughes
Treasurer and Finance Director-John Wallin
Assistant Finance Director-Peggy Gibbs
Clerk-Debra Mangen
*First Official business day.
General Purpose Statements
Page 11
CITY OF EDINA, MINNESOTA
Combined Balance Sheet - All Fund Types and Account Groups
December 31, 2001
(with comparative totals for December 31, 2000)
Governmental fund types
SpecialDebt Capital
Assets and Other DebitsGeneralRevenueServiceProjects
Cash (note 2)$00041,109
Petty cash and change funds (note 2)3,300000
Investments (note 2)15,549,2171,126,558027,743,004
Cash and investments with
plan administrators (notes 2 and 7)0000
Cash and investments with fiscal agents (note 2)0000
Receivables:
Accounts230,770101,61907,731
Customers0000
Accrued interest12,39013,1430171,811
Special assessments0003,111,287
Due from other funds (note 9)41,678217,594844,73662,294
Due from other governments270,91417,8874,681890,082
Inventory0000
Prepaid expenses15,872000
Fixed assets (note 4)0000
Discount on bonds0000
Amount available in debt service fund0000
Amount to be provided for retirement of long-term debt0000
Amount to be provided for compensated absences0000
Total assets and other debits$16,124,1411,476,801849,41732,027,318
Liabilities, Fund Equity and Other Credits
Liabilities:
Accounts payable453,63521,75501,616,409
Salaries payable508,3971,34103,080
Contracts payable000439,279
Accrued interest payable0000
Due to other funds (note 9)623,72717,72201,848,227
Due to other governments44,735340100,309
Compensated absences payable107,954000
Deposits payable10,000003,107
Taxes payable00041,196
Deferred revenue (note 3)0003,635,711
Obligation under capital lease (note 13)0000
Bonds payable (note 5)0000
Total liabilities1,748,44840,85207,687,318
Fund equity and other credits:
Investment in general fixed assets (note 4)0000
Contributed Capital (note 15)0000
Retained earnings:
Reserved (note 10)0000
Unreserved-undesignated0000
Fund balance:
Reserved (note 10)15,8720849,4171,470,422
Unreserved - designated (note 10)14,359,821008,197,305
Unreserved - undesignated01,435,949014,672,273
Total fund equity and other credits14,375,6931,435,949849,41724,340,000
Contingencies (note 12)
Total liabilities, fund equity and other credits$16,124,1411,476,801849,41732,027,318
See accompanying notes to financial statements
Page 12
ProprietaryFiduciary
fund typefund typeAccount groups
GeneralGeneralTotals
Trust &FixedLong-term(memorandum only)
EnterpriseAgencyAssetDebt20012000
0209,19800250,307320,400
11,76500015,06514,125
10,407,66900054,826,44845,106,157
03,980,984003,980,9843,999,778
3,287,3310003,287,33119,013,091
132,472000472,592403,294
1,934,7260001,934,7262,170,225
67,734000265,078466,092
115,1710003,226,4583,451,540
2,148,2200003,314,5223,392,852
2,2130001,185,777396,430
4,1910004,1911,165,534
1,103,9090001,119,781141,939
41,345,383096,035,4990137,380,882132,315,401
94,43300094,43379,454
000849,417849,41716,712,468
00054,354,49654,354,49658,103,542
0002,354,8172,354,8172,220,886
60,655,2174,190,18296,035,49957,558,730268,917,305289,473,208
842,9060002,934,7051,828,819
126,377000639,195546,931
27,019000466,298302,062
310,891000310,891327,363
783,16841,678003,314,5223,392,852
127,476167,52000440,074656,568
622,784002,354,8173,085,5552,813,364
86,82300099,93050,593
000041,1960
5,0400003,640,7513,283,591
155,00000363,913518,913636,010
17,625,0000054,840,00072,465,00088,175,000
20,712,484209,198057,558,73087,957,030102,013,153
0096,035,499096,035,49990,961,462
5,284,0490005,284,0495,725,001
1,607,1200001,607,1201,607,120
33,051,56400033,051,56430,936,824
03,980,984006,316,69520,871,712
000022,557,12622,487,119
000016,108,22214,870,817
39,942,7333,980,98496,035,4990180,960,275187,460,055
60,655,2174,190,18296,035,49957,558,730268,917,305289,473,208
Page 13
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenditures and Changes in Fund Balance --
All Governmental Fund Types and Expendable Trust Fund
Year ended December 31, 2001
(with comparative totals for year ended December 31, 2000)
Governmental fund types
Special DebtCapital
GeneralRevenueServiceProjects
Revenues:
Taxes (note 3)$14,375,9910724,4349,309,360
Special assessments00684,660401,433
Franchise fees0473,70200
Licenses and permits2,239,611000
Intergovernmental1,657,599106,03103,322,351
Charges for services1,909,6660052,506
Fines and forfeitures976,952000
Investment Income157,30976,84401,040,141
Interest on funds held with fiscal agent0083,4070
Sales and rental of property250,352004,012,632
Other revenues16,0873,9650164,414
Total revenues21,583,567660,5421,492,50118,302,837
Expenditures:
Current:
General government 2,633,260000
Public safety9,409,291000
Public works4,313,065000
Parks2,375,565000
Unallocated general506,495000
Other32,024371,3632,0001,807,860
Capital outlay:
General government417,949000
Public safety737,972000
Public works576,727000
Parks116,905000
Infrastructure0009,342,455
Other01,14700
Debt Service:
Bond principal003,740,0000
Interest and fiscal charges003,148,7190
Total expenditures21,119,253372,5106,890,71911,150,315
Excess (deficiency) of revenues over expenditures 464,314288,032(5,398,218)7,152,522
Other financing sources (uses):
Operating transfers in (out):
Operating transfers in (out)--General Fund0000
Operating transfers in (out)--Revolving Fund0000
Operating transfers in (out)--HRA006,015,4110
Operating transfers in (out)--General Debt Service Fund000(6,015,411)
Operating transfers in (out)--Liquor Fund000100,000
Operating transfers in (out)--Utility Fund000100,000
Operating transfers in (out)--Art Center Fund000(8,252)
Operating transfers in (out)--Edinborough Park Fund(46,000)00(56,300)
Operating transfers in (out)--Arena Fund000(75,189)
Parkland dedication60,280000
Payments for refunding bonds00(15,810,000)0
Proceeds from sale of tax increment bonds0000
Total other financing sources (uses)14,2800(9,794,589)(5,955,152)
Excess (deficiency) of revenues and other financing
sources over expenditures and other financing uses478,594288,032(15,192,807)1,197,370
Fund balance - January 113,897,0991,147,91716,712,46822,472,386
Residual equity transfer00(670,244)670,244
Fund balance - December 31$14,375,6931,435,949849,41724,340,000
See accompanying notes to financial statements
Page 14
Totals
Fiduciary Type (memorandum only)
Expendable
Trust 20012000
0 24,409,78522,904,512
0 1,086,0931,159,876
0 473,702336,678
0 2,239,6111,835,828
0 5,085,9811,880,680
0 1,962,1722,902,666
0 976,952967,421
(250,750)1,023,5442,171,165
0 83,40788,788
0 4,262,9841,156,526
316,813 501,279408,089
66,06342,105,51035,812,229
0 2,633,2602,635,357
0 9,409,2918,846,360
0 4,313,0653,672,057
0 2,375,5652,150,588
0 506,495346,099
84,857 2,298,1041,685,437
0 417,94999,898
0 737,972375,731
0 576,727555,332
0 116,905104,921
0 9,342,4557,207,966
0 1,1478,646
0 3,740,0006,050,000
03,148,7193,108,601
84,85739,617,65436,846,993
(18,794)2,487,856(1,034,764)
0 0279,065
0 0(279,065)
0 6,015,4115,778,574
0 (6,015,411)(5,778,574)
0 100,000919,000
0 100,0000
0 (8,252)0
0 (102,300)(108,000)
0 (75,189)0
0 60,28085,520
0 (15,810,000)0
0 021,742,116
0(15,735,461)22,638,636
(18,794)(13,247,605)21,603,872
3,999,778 58,229,64836,625,776
0 00
3,980,98444,982,04358,229,648
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, 2001
(with comparative totals for year ended December 31, 2000)
General
Variance
favorable
BudgetActual(unfavorable)
Revenues:
Taxes (note 3)$14,293,34614,375,99182,645
Licenses and permits1,754,6352,239,611484,976
Intergovernmental1,630,1011,657,59927,498
Charges for services1,531,5761,909,666378,090
Fines and forfeitures743,370976,952233,582
Investment income53,497157,309103,812
Sales and rental of property137,230250,352113,122
Other revenues26,78016,087(10,693)
Total revenues20,170,53521,583,5671,413,032
Expenditures:
Current:
General government 2,872,0552,633,260238,795
Public safety9,496,6099,409,29187,318
Public works4,180,5574,313,065(132,508)
Parks2,440,4112,375,56564,846
Unallocated general485,793506,495(20,702)
Other 032,024(32,024)
Capital outlay:
General government43,496417,949(374,453)
Public safety488,838737,972(249,134)
Public works536,000576,727(40,727)
Parks103,666116,905(13,239)
Total expenditures20,647,42521,119,253(471,828)
Excess (deficiency) of revenues over expenditures(476,890)464,314941,204
Other financing sources (uses):
Operating transfers in476,8900(476,890)
Operating transfers out0(46,000)(46,000)
Parkland dedication060,28060,280
Total other financing sources (uses)476,89014,280(462,610)
Excess (deficiency) of revenues and other financing
sources over expenditures and other financing uses$0478,594478,594
Fund balance - January 1 13,897,099
Fund balance - December 3114,375,693
See accompanying notes to financial statements
Page 16
Totals
(memorandum only)
Special Revenue20012000
VarianceVariance
favorable favorable
BudgetActual(unfavorable)BudgetActual(unfavorable)Actual
00014,293,34614,375,99182,64513,575,850
0001,754,6352,239,611484,9761,835,828
182,331106,031(76,300)1,812,4321,763,630(48,802)1,626,423
0001,531,5761,909,666378,0902,024,518
000743,370976,952233,582967,421
00053,497157,309103,812430,577
000137,230250,352113,122171,585
00026,78016,087(10,693)9,803
182,331106,031(76,300)20,352,86621,689,5981,336,73220,642,005
0002,872,0552,633,260238,7952,635,357
0009,496,6099,409,29187,3188,846,360
0004,180,5574,313,065(132,508)3,672,057
0002,440,4112,375,56564,8462,150,588
000485,793506,495(20,702)346,099
182,331106,03176,300182,331138,05544,276116,151
00043,496417,949(374,453)99,898
000488,838737,972(249,134)375,731
000536,000576,727(40,727)555,332
000103,666116,905(13,239)104,921
182,331106,03176,30020,829,75621,225,284(395,528)18,902,494
000(476,890)464,314941,2041,739,511
000476,8900(476,890)0
0000(46,000)(46,000)(387,065)
000060,28060,28085,520
000476,89014,280(462,610)(301,545)
0000478,594478,5941,437,966
013,897,09912,459,133
014,375,69313,897,099
Page 17
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings -- All Proprietary Fund Types
Year ended December 31, 2001
(with comparative totals for year ended December 31, 2000)
Totals
20012000
Operating revenues:
Charges for sales and services:
Sales - Liquor $9,074,1128,989,480
Sales - Retail 355,413412,473
Sales - Utility 8,421,6168,639,374
Sales - Concessions 373,534396,353
Memberships 566,502583,979
Admissions 644,705562,707
Building rental 1,257,0011,190,171
Rental of equipment 384,163399,049
Greens fees 1,970,2802,156,438
Other fees 1,515,6041,535,683
Total operating revenues 24,562,93024,865,707
Operating expenses:
Cost of sales and services 7,241,6127,174,884
Personal services 4,472,5744,645,640
Contractual services 6,142,8526,083,352
Commodities 1,153,4681,196,540
Central services 1,521,3001,364,501
Depreciation 2,142,9432,132,071
Total operating expenses 22,674,74922,596,988
Operating income 1,888,1812,268,719
Nonoperating revenues (expenses):
Investment income 490,708619,273
Interest from fiscal agents 137,0400
Donations 24,72921,352
Miscellaneous revenue (expense)190655
Interest and fiscal charges (647,970)(681,487)
Interest on capital lease (10,483)(13,111)
Gain (loss) on disposal of capital assets (155,229)(249,072)
Amortization of bond discount (39,118)(17,819)
Total nonoperating expenses (200,133)(320,209)
Income before operating transfers 1,688,0481,948,510
Operating transfers in (out):
General fund 46,000108,000
Art center fund(104,000)(139,000)
Liquor store fund239,000220,000
Arena fund (135,000)(81,000)
Revolving fund(60,259)(919,000)
Total operating transfers, net (14,259)(811,000)
Net income 1,673,7891,137,510
Add depreciation on contributed assets 440,951452,966
Increase in retained earnings2,114,7401,590,476
Retained earnings - January 132,543,94430,953,468
Retained earnings - December 31 $34,658,68432,543,944
See accompanying notes to financial statements
Page 18
CITY OF EDINA, MINNESOTA
Combined Statement of Cash Flows -- All Proprietary Fund Types
Year Ended December 31, 2001
(with comparative totals for year ended December 31, 2000)
Totals
Cash flows from operating activities:20012000
Operating income$1,888,1812,268,719
Adjustments to reconcile operating income
to net cash provided by operating activities
Depreciation expense2,142,9432,132,071
Changes in assets and liabilities:
(Increase) decrease in accounts receivable(17,957)51,701
(Increase) decrease in customer accounts receivable235,499(159,665)
(Increase) decrease in special assessments receivable(38,714)28,755
(Increase) decrease in due from other funds(587,830)3,249,321
Decrease in due from other governments2,314685
Increase in prepaid expenses53,4970
(Increase) decrease in inventory3,937(184,466)
Increase in accounts payable117,07893,803
Increase in salaries payable5,49616,622
Increase (decrease) in contracts payable(67,544)81,393
Decrease in accrued interest payable(16,472)(74,329)
Increase (decrease) in due to other funds783,168(200,000)
Increase (decrease) in due to other governments(228,205)200,361
Increase in compensated absences payable56,690421,628
Increase in deposits payable36,23038,239
Miscellaneous revenue190655
Total adjustments2,480,3205,696,774
Net cash provided by operating activities4,368,5017,965,493
Cash flows from noncapital financing activities:
Donations 24,72921,352
Operating transfer in--General Fund46,000108,000
Operating transfer (out)--Art Center(104,000)(139,000)
Operating transfer in--Liquor Store Fund239,000220,000
Operating transfer (out)--Arena(135,000)(81,000)
Operating transfer (out)--Revolving fund(60,259)(919,000)
Net cash provided by (used in) noncapital financing activities10,470(789,648)
Cash flows from capital and related financing activities:
Net acquisition of capital assets(2,134,388)(3,109,973)
Loss on disposal of capital assets(155,229)(249,072)
Proceeds from revenue bonds4,620,0000
Principal paid on revenue bonds(780,000)(785,000)
Increase on bond discount(54,097)0
Principal paid on capital lease(55,000)(50,000)
Interest received from fiscal agent137,040137,041
Interest paid on capital lease(10,483)(13,111)
Interest paid on bonds(647,970)(681,487)
Net cash provided by (used in) capital and related financing activities919,873(4,751,602)
Cash flows from investing activities:
Purchase of investments(5,827,521)(2,820,478)
Decrease in interest receivable39,252(106,986)
Investment income 490,708482,232
Net cash used in investing activities(5,297,561)(2,445,232)
Net increase (decrease) in cash and cash equivalents1,283(20,989)
Cash and equivalents, beginning of year3,297,8133,318,802
Cash and equivalents, end of year$3,299,0963,297,813
See accompanying notes to financial statements
Page
CITY OF EDINA, MINNESOTA
19
Notes to General Purpose Financial Statements
December 31, 2001
(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 accounting principles generally accepted
in the United States of America 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 accounting principles generally accepted in the United States of
America, 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 accounting principles generally accepted in the United States
of America, 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.
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CITY OF EDINA, MINNESOTA
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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. No separate
financial statements are available for the HRA. 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
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CITY OF EDINA, MINNESOTA
21
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 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. The expendable trust fund is accounted for in essentially the
same manner as the governmental fund types, using the same measurement
focus and basis of accounting. Expendable trust funds account for assets where
both the principal and interest may be spent. Agency Funds are used to account
for assets held by the City as an agent 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 funds. The Long-Term Debt Account Group is used
to account for general long-term debt and certain other liabilities that are not
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.
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CITY OF EDINA, MINNESOTA
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Long-term liabilities expected to be financed from governmental funds are
accounted for in the General Long-term Debt Account Group, not in the
Governmental Funds. The exception to this general rule is for revenue bonds,
which are accounted for in Enterprise Funds.
The two account groups are not "funds." They are concerned only with the
measurement of financial position. They are not involved with measurement of
results of operations.
Because of their spending measurement focus, expenditure recognition for
Governmental Fund types is limited to exclude amounts represented by
noncurrent liabilities. Since they do not affect net current assets, such long-term
amounts are not recognized as governmental fund type expenditures or fund
liabilities. They are instead reported as liabilities in the General Long-term Debt
Account Group. 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
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CITY OF EDINA, MINNESOTA
23
are determined to be susceptible to accrual include property taxes, special
assessments, intergovernmental revenues, charges for service, and investment
income. 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 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 equity.
E. 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, a 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 are adopted on a basis consistent with generally accepted
accounting principles (GAAP).
(Continued)
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CITY OF EDINA, MINNESOTA
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6. The City Council may authorize transfers of budgeted amounts between
departments.
7. Reported budget amounts are as originally adopted or as amended by
Council-approved supplemental appropriations and budget transfers.
8. Expenditures may not legally exceed appropriations by department
unless offset by increases in revenues. All unencumbered
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 Fund which is part of the Capital Projects Fund.
G. Cash
Cash balances from all funds are pooled together and invested to the maximum
extent at favorable rates. This also allows certain funds to generate a temporary
cash overdraft. Interest earned is allocated as determined by the Investment
Advisory Committee.
H. Investments
The City’s investments, including deferred compensation investments and
investments with fiscal agents, are stated at fair value, based on quoted market
prices.
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. Interfund Receivables/Payables
Transactions between funds that are representative of lending/borrowing
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CITY OF EDINA, MINNESOTA
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arrangements outstanding at the end of the year are recorded as due to/from
other funds for the current portion and as advance to/from other fund.
K. Inventory
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
expenditures 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 when used or upon
termination of employment as a lump sum payment equal to 50% of their
balance up to 960 hours. Employees hired before January 1, 2000 elected to
choose from the above sick leave policy or six weeks severance after 20 years
of service. Vacation pay is payable when used or upon termination of
employment. Vacation and sick 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, 2001 reported in the Governmental Funds, Proprietary Funds
and General Long-term Debt Account Group was $107,954, $622,784,
$2,354,817 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 accounting principles generally accepted in the United
States of America. 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.
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CITY OF EDINA, MINNESOTA
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O. Reclassifications
Certain 2000 amounts were reclassified to conform to the 2001 presentation.
P. GASB 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),
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.
Q. Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to
make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues, expenditures, and
expenses during the reporting period. Actual results could differ from those
estimates.
(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,
2001 the City had no deposits that were uninsured or uncollateralized. The deposits
were insured or collateralized by securities held by the City’s agent in the City’s name.
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;
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CITY OF EDINA, MINNESOTA
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(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.
The City's investments are categorized in the following manner:
Category 1--Includes investments that are insured or registered for which the securities
are held by the City or its agent in the City's name.
Category 2--Includes uninsured and unregistered investments for which the securities
are held by the counterparty's trust department or agent in the City's name.
The investment balances at December 31, 2001 were as follows:
Credit Risk Category
Category Category Fair
1 2 Value
Certificates of deposit $1,079,000 0 1,079,000
Commercial paper 6,778,076 14,360,934 21,139,010
Banker’s acceptance 0 498,607 498,607
Money Market investments 11,700 15,304,626 15,316,326
Government securities:
United States Treasury Notes 393,890 2,233,664 2,627,554
Federal National Mortgage Association 2,696,547 3,300,358 5,996,905
Government National Mortgage Association 0 510,403 510,403
Federal Home Loan Mortgage Corporation 1,811,811 2,680,453 4,492,264
Federal Home Loan Bank 1,152,292 1,272,162 2,424,454
SBA Pool 257,715 484,210 741,925
$14,181,031 40,645,417 54,826,448
Cash and investments with fiscal agents 3,287,331
Cash and investments with plan administrators 3,980,984
Total investments $ 62,094,763
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CITY OF EDINA, MINNESOTA
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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 $479,840 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 material
adverse effect on the yield to maturity of the collateralized mortgage obligations.
Deposits at December 31, 2001 were as follows:
Carrying
Amount
Bank
balance
Checking accounts $ 41,109 1,304,735
Cash on hand 15,065 0
Cash with trustee 209,198 0
$ 265,372 1,304,735
(3) 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.
(Continued)
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CITY OF EDINA, MINNESOTA
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(4) Fixed Assets
A summary of changes in general fixed assets during 2001 is as follows:
Balance Balance
January 1 Additions Deletions December 31
Land $22,905,820 310,008 23,215,828
Land improvements 12,927,701 3,187,156 9,215 16,105,642
Buildings 20,684,526 13,457 0 20,697,983
Furniture & fixtures 1,155,256 42,485 284,025 913,716
Vehicles 4,814,009 1,035,771 408,327 5,441,453
Sidewalks 310,995 0 0 310,995
Leasehold improvements 188,545 0 0 188,545
Miscellaneous equipment 187,809 33,417 20,627 200,599
Park & playground equipment 865,473 18,606 380,407 503,672
Highway equipment 2,161,492 289,374 160,493 2,290,373
Police equipment 601,645 0 264,561 337,084
Fire equipment 894,870 0 498,023 396,847
Election equipment 45,513 0 45,513 0
Engineering Equipment 59,032 0 18,952 40,080
Traffic signals 153,570 12,220 0 165,790
Tools 5,812 0 0 5,812
Parks 16,293,082 3,599,616 0 19,892,698
Construction in progress 6,706,312 5,928,353 7,306,283 5,328,382
Total $90,961,462 14,470,463 9,396,426 96,035,499
A summary of proprietary fund fixed assets at December 31,2001 is as follows:
Enterprise
Fund
Land $1,088,965
Golf course 4,606,714
Land improvements 856,520
Water distribution system 12,428,415
Sewer collection system 13,934,870
Major recreation facilities 13,314,784
Major water facilities 18,769,961
Buildings—liquor stores 689,329
Furniture, fixtures and equipment 4,231,519
Vehicles 577,112
Lease property - capital lease 468,580
Construction in progress 1,241,208
72,207,977
Less accumulated depreciation (30,862,594)
Net book value $41,345,383
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CITY OF EDINA, MINNESOTA
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(5) Long-term Debt
Bonded Debt
The City has three types of bonded debt outstanding at December 31, 2001: tax
increment bonds, general obligation 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 type is payable primarily from enterprise revenue with
any deficiency to be provided for by general property taxes.
The bonded debt outstanding is summarized as follows:
Maturities
Interest rates
Balance
December 31,
2001
Tax Increment Bonds 2006 – 2013 4.50 - 6.45 $47,590,000
General Obligation Bonds 2017 – 2017 4.40 - 5.75 7,250,000
Revenue Bonds 2002 – 2017 2.25 - 6.05 17,625,000
Total $72,465,000
Changes in long-term debt during the year were as follows:
Balance
January 1,
2001
Issued/
Increases
Redeemed/
decreases
Balance
December 31,
2001
Tax Increment Bonds $66,670,000 0 19,080,000 47,590,000
General Obligation Bonds 7,550,000 0 300,000 7,250,000
Improvement Bonds 170,000 0 170,000 0
Revenue Bonds 13,785,000 4,620,000 780,000 17,625,000
Total bonds 88,175,000 4,620,000 20,330,000 72,465,000
Compensated absences
payable
2,220,886 133,931
0
2,354,817
Obligation under capital
lease
$426,010 0
62,097
363,913
The City had the following revenue bonds outstanding at December 31, 2001:
Recreation Facility Bonds, Series 1992A $3,385,000
Recreation Refunding Bonds, Series 1992C 3,395,000
Utility Revenue Bonds, Series 1999A 2,955,000
Recreation Refunding Bonds, Series 1999B 3,270,000
Recreation Facility Bonds, Series 2001A 4,620,000
$17,625,000
The Recreation Refunding Bonds (Golf Course Bonds) are general obligation revenue
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CITY OF EDINA, MINNESOTA
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bond issues payable from the Golf Course Enterprise Fund with any deficiency to be
provided first from Liquor Fund revenue and then from general property taxes. The
Recreation Facility Bonds are general obligation revenue bond issues payable from the
Golf Course, 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.
The annual requirements to amortize all debt outstanding as of December 31, 2001,
including interest payments of $16,706,060 are as follows:
Year ending Tax General
December 31 Increment Obligation Revenue Total
2002 $ 6,925,925 685,163 7,648,059 15,259,147
2003 10,569,299 695,388 1,453,492 12,718,179
2004 6,682,761 679,625 1,503,573 8,865,959
2005 6,822,300 687,913 1,509,393 9,019,606
2006 6,161,010 694,600 1,511,605 8,367,215
2007-2019 20,929,198 7,478,656 6,533,100 34,940,954
$ 58,090,493 10,921,345 20,159,222 89,171,060
In 2000, the City entered into a crossover debt refunding. Proceeds from the General
Obligation Tax Increment Refunding Bond, Series 2000C, were used on February 1,
2001 to redeem at the call date $16,600,000 of the City’s General Obligation Tax
Increment Refunding Bonds, Series 1992B. The purpose of the refunding was to take
advantage of lower interest rates at the time of the transaction. The crossover refunding
resulted in an economic gain of approximately $817,000.
During 2001, the City issued $4,620,000 in General Obligation Recreational Facility
Bonds, Series 2001A. Of the total proceeds, $3,066,437.93 was deposited into a
sinking fund to finance a crossover debt refunding of G.O. Recreational Facility
Refunding Bonds, Series 1992C. The sinking funds will remain in place until the
crossover date, at which time they will payoff the outstanding debt. Both issues will be
reported on the City’s financial statements until the call date of January 1, 2002 for the
G.O. Recreational Facility Refunding Bonds, Series 1992C. The cumulative savings on
this refunding will be $280,300, and the net present value of savings is $245,169. The
remaining proceeds of $1,491,964.86 will finance improvements in the swimming pool
and municipal golf facilites.
Subsequent Event
Subsequent to December 31, 2001, the City issued $12,410,000 Public Project
Revenue Bonds, Series 2002 to finance capital improvement projects.
Prior Year’s Defeasance
On December 31, 2001, a total of $6,250,000 of bonds outstanding are
considered defeased.
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CITY OF EDINA, MINNESOTA
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Legal Debt Margin
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, 2001, the legal debt margin was $109,181,330 calculated as follows:
Market value $5,821,566,500
Debt limit - 2% of market value 116,431,330
Amount of general obligation
debt $72,465,000
Less: Tax increment bonds $47,590,000
Revenue bonds 17,625,000
Total deductions 65,215,000
Total amount of debt
applicable to debt limit
7,250,000
Legal debt margin $109,181,330
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CITY OF EDINA, MINNESOTA
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Long-term Debt - Other
The City is the administering authority for the following tax increment finance districts. Tax
capacity values are for taxes payable in 2001.
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 $ 173,521
Current tax capacity value 1,442,572
Captured tax capacity value:
Retained by authority 1,269,051
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, 2001 $ 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 $ 150,717
Current tax capacity value 3,306,284
Captured tax capacity value:
Retained by authority 3,155,567
Shared with other taxing districts 0
General obligation tax increment bonds issued 22,410,000
Total loans incurred 0
Amounts redeemed 14,565,000
Outstanding bonds and loans at December 31, 2001 $ 7,845,000
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 $ 282,996
Current tax capacity value 957,930
Captured tax capacity value:
Retained by authority 674,934
Shared with other taxing districts 0
General obligation tax increment bonds issued 8,235,000
Total loans incurred 0
Amounts redeemed 1,650,000
Outstanding bonds and loans at December 31, 2001 $ 6,585,000
(Continued)
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CITY OF EDINA, MINNESOTA
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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 $ 384,951
Current tax capacity value 3,844,603
Captured tax capacity value:
Retained by authority 3,459,652
Shared with other taxing districts 0
General obligation tax increment bonds issued 35,744,724
Total loans incurred 0
Amounts redeemed 5,734,724
Outstanding bonds and loans at December 31, 2001 $ 30,010,000
General Obligation tax increment bonds issued amounts were restated to eliminate
the effect of doubling the bonds due to crossover refundings.
(6) Retirement Plans
A. Defined Benefit Pension Plans
The City is involved in one pension program as follows:
(a) Defined Benefit Pension Plans - Statewide:
Plan Description
All full-time and certain part-time employees of the City of Edina are covered by
defined benefit plans administered by the Public Employees Retirement
Association of Minnesota (PERA). PERA administers the Public Employees
Retirement Fund (PERF), and the Public Employees Police and Fire Fund
(PEPFF) which are cost-sharing multiple-employer retirement plans. These
plans are established and administered in accordance with Minnesota Statutes,
Chapters 353 and 356.
PERF members belong to the Coordinated Plan. Coordinated Plan members
are covered by Social Security. All police officers, fire-fighters and peace
officers who qualify for membership by statute are covered by the PEPFF.
PERA provides retirement benefits as well as disability benefits to members, and
benefits to survivors upon death of eligible members. Benefits are established
by State Statute, and vest after three years of credited service. The defined
retirement benefits are based on a member’s highest average salary for any five
successive years of allowable service, age, and years of credit at termination of
service.
(Continued)
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CITY OF EDINA, MINNESOTA
35
Two methods are used to compute benefits for PERF’s Coordinated members.
The retiring member receives the higher of a step-rate benefit accrual formula
(Method 1) or a level accrual formula (Method 2). Under Method 1, the annuity
accrual rate for a Coordinated Plan member is 1.2 percent of average salary for
each of the first 10 years and 1.7 percent for each remaining year. Under
Method 2, the annuity accrual rate is 1.7 percent of average salary for
Coordinated Plan members for each year of service. For PEPFF members, the
annuity accrual rate is 3.0 percent for each year of service. For all PEPFF
members and PERF members whose annuity is calculated using Method 1, a full
annuity is available when age plus years of service equal 90. A reduced
retirement annuity is also available to eligible members seeking early retirement.
There are different types of annuities available to members upon retirement. A
normal annuity is a lifetime annuity that ceases upon the death of the retiree - no
survivor annuity is payable. There are also various types of joint and survivor
annuity options available which will reduce the monthly normal annuity amount,
because the annuity is payable over joint lives. Members may also leave their
contributions in the fund upon termination of public service in order to qualify for
a deferred annuity at retirement age. Refunds of contributions are available at
any time to members who leave public service, but before retirement benefits
begin.
The benefit provisions stated in the previous paragraphs of this section are
current provisions and apply to active plan participants. Vested, terminated
employees who are entitled to benefits but are not receiving them yet are bound
by the provisions in effect at the time they last terminated their public 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 writing to PERA, 514 St. Peter Street #200, St. Paul,
Minnesota, 55102 or by calling (651) 296-7460 or 1-800-652-9026.
Funding Policy
Minnesota Statute Chapter 353 sets the rates for employer and employee
contributions. These statutes are established and amended by the state
legislature. The City makes annual contributions to the pension plans equal to
the amount required by state statutes. PERF Coordinated Plan members are
required to contribute 4.75% of their annual covered salary. PEPFF members
are required to contribute 6.20% of their annual covered salary. The City of
Edina is required to contribute the following percentages of annual covered
payroll: 5.18% for Coordinated Plan PERF members, and 9.30% for PEPFF
members.
(Continued)
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CITY OF EDINA, MINNESOTA
36
The City’s contributions to PERF and PEPFF for the years ended December 31,
2001, 2000, and 1999 were equal to the required contributions for each year, as
follows:
2001 2000 1999
PERF $516,964 485,277 459,914
PEPFF $455,461 439,163 475,059
(7) Deferred Compensation Plan
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.
The City is trustee for two of the plans and accordingly, the plan assets (recorded at fair
value) and fund balance are recorded in an expendable trust fund.
(Continued)
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CITY OF EDINA, MINNESOTA
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(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, art center and Edinborough
Park/Centennial Lake.
Segment information for the year ended December 31, 2001 is as follows:
Other Total
Golf Enterprise Enterprise
Utility Liquor Course Arena Funds Funds
Operating Revenues $ 8,556,810 9,074,112 3,651,525 1,148,072 2,132,411 24,562,930
Depreciation 912,983 48,571 512,198 324,101 345,090 2,142,943
Operating income (loss) 1,494,180 903,098 273,063 (151,173) (630,987) 1,888,181
Nonoperating revenues
(expenses), net (60,020) (17,730) (306,880) (105,857) 290,354 (200,133)
Operating transfers in
(out) (100,000) (339,000) 0 210,189 214,552 (14,259)
Net income 1,334,160 546,368 (33,817) (46,841) (126,081) 1,673,789
Property additions 3,674,470 40,520 202,601 80,939 64,195 4,062,725
Property deletions 214,225 35,193 303,777 31,462 249,232 833,889
Net working capital 7,033,678 2,052,530 4,350,243 1,374,263 1,564,066 16,374,780
Bonds payable 2,955,000 0 9,625,000 2,930,000 2,115,000 17,625,000
Total assets 34,378,119 3,231,809 11,994,489 5,894,147 5,156,653 60,655,217
Total retained earnings
(deficit) 30,173,667 2,743,316 1,798,500 (411,041) 354,242 34,658,684
(Continued)
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CITY OF EDINA, MINNESOTA
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(9) Due From To Other Funds
Interfund receivables and payables as of December 31, 2001 were as follows:
Interfund Interfund
Fund Receivables Payables
General (including amount due to Edina Housing
And Redevelopment Authority of $9,460) $ 41,678 623,727
Special Revenue:
Community Development Block Grant 0 17,722
Communications 217,594 0
Debt Service:
General Debt Service 844,736 0
Capital Project:
Construction 0 555,933
Housing and Redevelopment Authority of Edina 62,294 0
Revolving 0 1,292,294
Enterprise:
Utilities 0 783,168
Liquor 1,610,976 0
Swimming Pool 424,415 0
Golf Course 103,794 0
Arena 953 0
Art Center 970 0
Edinborough Park/Centennial Lake 7,112 0
Agency:
Police Seizure 0 41,678
$ 3,314,522 3,314,522
(Continued)
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CITY OF EDINA, MINNESOTA
39
(10) Reserved or Designated Fund Equity
The following fund equity balances as of December 31, 2001 have been reserved or
designated for the reasons noted below:
General Fund:
Reserved for prepaid insurance $15,872
Designated for Parkland dedication 122,494
Designated for Edinborough trust 4,645,867
Designated for unrealized investment gain 162,317
Designated for equipment replacement 2,336,096
Designated for insurance claims 925,765
Designated for General Fund operations 6,167,282
Debt Service Funds:
Reserved for debt service 849,417
Capital Projects:
Reserved for encumbrances 1,470,422
Designated for capital improvements 8,197,305
Enterprise Funds:
Reserved for debt service 1,607,120
Trust and Agency Funds:
Reserved for deferred compensation
plan participants
3,980,984
Total fund equity reservations and designations $30,480,941
(11) Fund Deficits
The following funds had deficit fund balances or retained earnings at December 31,
2001:
Capital Project Fund:
Construction $(608,889)
Enterprise Fund:
Arena (411,041)
The Capital Projects construction fund deficit will be covered in future periods by special
assessment collections, tax increments, operating revenues, or State and bond
proceeds. The enterprise Arena fund deficits will be covered in future periods by
operating revenues and operating transfers.
(Continued)
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CITY OF EDINA, MINNESOTA
40
(12) 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.
(13) 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
Golf Course
Arena
Edinborough
Park
Machinery and equipment $37,966 341,698 88,916
Less: Accumulated
depreciation (30,373)
(273,358) (71,133)
Total $7,593 68,340 17,783
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, 2001:
Year ending December 31:
2002 $67,620
2003 64,395
2004 35,971
Total minimum lease payments 167,986
Less: Amount representing interest (12,986)
Present value of net minimum lease payments $155,000
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)
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CITY OF EDINA, MINNESOTA
41
The asset acquired through this capital lease is as follows:
Asset General Fixed Assets
Building $630,749
Less: accumulated depreciation --
Total $630,749
Year ending December 31:
2002 $83,761
2003 83,761
2004 83,761
2005 83,761
2006 83,760
Total minimum lease payments 418,804
Less: Amount representing interest (54,891)
Present value of net minimum lease payments $363,913
(14) Related Party Transactions
During the past fiscal year, one of several depository institutions with which the City
maintained cash balances and conducted transactions, was considered a related party
since a current elected member of the City Council is employed as an officer of this
institution.
(15) Fund Equity -- Contributed Capital
The following is a summary of the changes in contributed capital:
Enterprise
Art Swimming Golf Edin. Pk.
Utilities Center Pool Course Arena Cent. Lake
Contributed capital:
Balance January 1, 2001 $ 21,020 291,926 1,468,264 2,800
3,286,798 654,193
Less:
Delete Contributed Assets 0 0 (7,312)
0 0 (9,023)
Less:
Transfer of depreciation
To contributed capital (443) (17,201) (94,908) (800) (187,352) (123,913)
Balance December 31, 2001 $ 20,577 274,725 1,366,044 2,000 3,099,446 521,257
(16) 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.
(Continued)
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CITY OF EDINA, MINNESOTA
42
Workers compensation, automobile, liability and pollution coverage are provided
through an insurance company. The City pays an annual premium for this coverage
and all claims are paid from the plan up to the annual maximum of $600,000 set by the
State. The City is not subject to a deductible for workers compensation, automobile,
liability and pollution coverage.
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 $52,053,445.
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 City covers all losses above the per occurrence and annual deductibles through a
reinsurance policy. The City has designated $925,765 in the general fund to finance
potential uninsured loss. Settlement claims have not exceeded insurance coverage for
either of the past three years.
(17) Conduit Debt Obligations
As of December 31, 2001, the City of Edina had outstanding 3 series of Housing and
Health Care Revenue Bonds, with an aggregate principal amount payable of
$28,765,000. 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)
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CITY OF EDINA, MINNESOTA
43
(18) Excess of Expenditures Over Appropriations
For the year ending December 31, 2001, expenditures exceeded appropriations in the
following departments:
Budget Actual Variance
General Government:
Mayor & council $ 69,040 71,055 (2,015)
Assessing 666,014 1,004,336 (338,322)
Public Safety:
Fire Protection 3,328,585 3,690,709 (362,124)
Inspections 557,453 575,289 (17,836)
Public Works:
Administration 160,264 202,811 (42,547)
Engineering 642,568 730,176 (87,608)
Street Maintenance 3,237,760 3,285,971 (48,211)
Parks:
Recreation 159,163 169,488 (10,325)
Unallocated General:
Contingencies 80,000 132,701 (52,701)
Share of Special Assess. 24,000 42,816 (18,816)
Deer Control 7,715 11,134 (3,419)
Central Services:
General 4,390,692 4,400,044 (9,352)
Public Works Building 250,380 288,007 (37,627)
All unfavorable variances were funded by favorable expenditure variances from other
departments or excess revenues.
(19) New Accounting Standards
In June 1999, the Governmental Accounting Standards Board (GASB) issued its
statement on financial reporting, GASB 34, “Basic Financial Statements – and
Management Discussion and Analysis – For State and Local Governments.” The new
financial reporting model required by the statement changes the presentation of
governments’ external financial statements. The effective date of the new
pronouncement will require implementation by the City for its year ending December 31,
2003. Management is currently studying the impact of adopting GASB No. 34 and other
related pronouncements.
(20) Committments
At December 31, 2001, the City had outstanding commitments of $3,350,000 for
construction contracts.
Combining and Individual Funds and
Account Group Statements
Page 44
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.
Page 45
CITY OF EDINA, MINNESOTA
General Fund
Balance Sheet
December 31, 2001
(with comparative amounts for December 31, 2000)
Assets20012000
Petty cash and change funds$3,3002,810
Investments15,549,21713,802,354
Accounts receivable230,770262,118
Accrued interest receivable12,39029,757
Taxes receivable:
Delinquent121,548116,362
Allowance for uncollectible taxes(121,548)(116,362)
Due from other funds41,678819,164
Due from other governments270,914228,156
Prepaid expenses15,872141,939
Total assets$16,124,14115,286,298
Liabilities and Fund Balance
Liabilities:
Accounts payable453,635465,951
Salaries payable508,397422,586
Due to other funds623,727384,523
Due to other governments44,73589,755
Compensated absences payable107,95426,384
Deposits payable10,0000
Total liabilities1,748,4481,389,199
Fund balance:
Reserved15,872141,939
Unreserved:
Designated14,359,82113,755,160
Total fund balance14,375,69313,897,099
Total liabilities and fund balance $16,124,14115,286,298
Page 46
CITY OF EDINA, MINNESOTA
General Fund
Statement of Revenue, Expenditures and Changes in Fund Balance --
Budget and Actual
20012000
Variance
Favorable
BudgetActual(unfavorable)Actual
Revenues:
Taxes$14,293,34614,375,99182,64513,575,850
Licenses and permits1,754,6352,239,611484,9761,835,828
Intergovernmental1,630,1011,657,59927,4981,584,192
Charges for service1,531,5761,909,666378,0902,024,518
Fines and forfeitures743,370976,952233,582967,421
Investment income53,497157,309103,812430,577
Sale and rental of property137,230250,352113,122171,585
Other revenues26,78016,087(10,693)9,803
Total revenues20,170,53521,583,5671,413,03220,599,774
Expenditures:
Current:
General government2,872,0552,633,260238,7952,631,444
Public safety9,496,6099,409,29187,3188,846,360
Public works4,180,5574,313,065(132,508)3,672,057
Parks2,440,4112,375,56564,8462,150,588
Unallocated general485,793506,495(20,702)346,099
Other032,024(32,024)73,920
Capital outlay:
General government43,496417,949(374,453)103,811
Public safety488,838737,972(249,134)375,731
Public works536,000576,727(40,727)555,332
Parks103,666116,905(13,239)104,921
Total expenditures20,647,42521,119,253(471,828)18,860,263
Excess (deficiency) of
revenues over expenditures(476,890)464,314941,2041,739,511
Other financing sources (uses):
Operating transfers in (out)
Liquor fund476,8900(476,890)0
Capital Project funds000(279,065)
Edinborough Park/Centennial Lake0(46,000)(46,000)(108,000)
Parkland dedication060,28060,28085,520
Total other financing sources 476,89014,280(462,610)(301,545)
Excess of revenues and other
financing sources over
expenditures and other financing uses $0478,594478,5941,437,966
Fund balance - January 1 13,897,09912,459,133
Fund Balance - December 31$14,375,693 $13,897,099
Year ended December 31, 2001
(with comparative actual amounts for year ended December 31, 2000)
Page 47
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Revenues -- Budget and Actual
20012000
Variance
Favorable
BudgetActual(unfavorable)Actual
Taxes:
General property tax$14,288,34614,356,98468,63813,569,399
Penalties and interest5,00019,00714,0076,451
Total taxes14,293,34614,375,99182,64513,575,850
Licenses and permits1,754,6352,239,611484,9761,835,828
Intergovernmental:
Federal aid8,24020,23011,9906,706
State grants:
Homestead credit979,864979,8640979,624
State highway aid140,000140,0000140,000
Other058,80958,8091,476
Police aid330,630297,122(33,508)294,436
County grants:
Health programs171,367161,574(9,793)161,950
Total intergovernmental1,630,1011,657,59927,4981,584,192
Charges for service:
Building Department2,57512,86610,29110,174
City Clerk017,67117,6714,155
Fire Department10,60026,28915,68921,027
Ambulance Fees858,0001,224,377366,3771,094,552
Police Department131,84079,317(52,523)117,098
Engineering95,55069,498(26,052)167,717
Health Department10,30010,87857813,821
Planning Department18,48023,9755,49523,275
Surcharge01,5541,5543,689
Housing Foundation Contract25,23522,487(2,748)21,725
HRA Services100,000101,4541,454234,904
Assessing Searches1,0301,8107801,320
Park Registration100,954131,52230,568134,869
Other Fees08,9428,9425,028
50th & France Assessment11,33011,330011,000
Charges to other Funds165,682165,69614160,164
Total charges for service1,531,5761,909,666378,0902,024,518
Fines and forfeitures743,370976,952233,582967,421
Sale and rental of property137,230250,352113,122171,585
Other revenues:
Investment Income53,497157,309103,812430,577
Donations1,0300(1,030)0
Other revenue25,75016,087(9,663)9,803
Total other revenues80,277173,39693,119440,380
Total revenues$20,170,53521,583,5671,413,03220,599,774
Year ended December 31, 2001
(with comparative actual amounts for year ended December 31, 2000)
Page 48
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
20012000
Variance
Favorable
BudgetActual(unfavorable)Actual
General government:
Mayor and council:
Personal services$27,50026,60689427,451
Contractual services4,0006,667(2,667)4,000
Commodities1,0001,242(242)831
Central services36,54036,540035,004
Total mayor and council69,04071,055(2,015)67,286
Administration:
Personal services544,471555,122(10,651)537,433
Contractual services157,700104,07053,63098,096
Commodities2,4002,470(70)2,550
Central services168,420165,7202,700151,896
Capital outlay5,6796,318(639)8,140
Total administration878,670833,70044,970798,115
Planning:
Personal services226,939221,8955,044217,717
Contractual services21,8506,51915,3313,848
Commodities1,21550171448
Central services73,81273,812067,464
Capital outlay5,0352144,8211,833
Total planning328,851302,94125,910290,910
Finance:
Personal services311,798291,78720,011282,209
Contractual services91,000110,426(19,426)97,049
Commodities1,1001,939(839)1,326
Central services95,50895,508087,408
Capital outlay7,3504456,90546,474
Total finance506,756500,1056,651514,466
Election:
Personal services65,00011,50153,49992,702
Contractual services8,9001,0787,8225,077
Commodities7,0004136,5877,022
Central services14,82014,820013,428
Capital outlay10,5004,0076,4933,913
Total election106,22031,81974,401122,142
Assessing
Personal services404,957390,58714,370395,288
Contractual services125,77985,71540,06452,329
Commodities1,8342,557(723)1,413
Central services118,512118,5120108,480
Capital outlay14,932406,965(392,033)43,451
Total assessing666,0141,004,336(338,322)600,961
Legal and court services:
Contractual services360,000307,25352,747341,375
Total general government2,915,5513,051,209(135,658)2,735,255
Year ended December 31, 2001
(with comparative actual amounts for year ended December 31, 2000)
Page 49
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
20012000
Variance
Favorable
BudgetActual(unfavorable)Actual
Public Safety:
Police protection:
Personal services3,660,7113,606,17354,5383,435,371
Contractual services266,178272,004(5,826)265,515
Commodities60,73363,593(2,860)61,259
Central services1,232,4841,232,48401,127,328
Capital outlay276,290126,726149,564204,534
Total police protection5,496,3965,300,980195,4165,094,007
Fire protection:
Personal services2,220,0002,112,787107,2132,037,141
Contractual services194,250209,790(15,540)215,511
Commodities124,420158,860(34,440)141,801
Central services617,784617,7840554,760
Capital outlay172,131591,488(419,357)156,704
Total fire protection3,328,5853,690,709(362,124)3,105,917
Civil defense:
Personal services24,21524,215023,947
Contractual services8,3934,6643,7295,698
Commodities1,25201,2521,366
Capital outlay7,9047,4554490
Total civil defense41,76436,3345,43031,011
Animal control:
Personal services42,07741,58449338,747
Contractual services7,3639,463(2,100)4,465
Commodities3,5826852,8971,196
Central services17,90417,904010,692
Capital outlay6,5322,6813,8510
Total animal control77,45872,3175,14155,100
Public Health:
Personal services198,526197,1251,401178,003
Contractual services197,168195,7601,408190,980
Commodities4,2488513,3972,763
Central services72,50472,504066,624
Capital outlay11,3455,3945,951207
Total public health483,791471,63412,157438,577
Inspections:
Personal services369,596387,110(17,514)349,650
Contractual services47,29058,049(10,759)31,476
Commodities6,4113,6822,7293,763
Central services119,520122,220(2,700)98,304
Capital outlay14,6364,22810,40814,286
Total inspections557,453575,289(17,836)497,479
Total public safety9,985,44710,147,263(161,816)9,222,091
Year ended December 31, 2001
(with comparative actual amounts for year ended December 31, 2000)
Page 50
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
20012000
Variance
Favorable
BudgetActual(unfavorable)Actual
Public Works:
Administration:
Personal services118,760162,616(43,856)114,169
Contractual services5,0003,5791,4213,643
Commodities0112(112)749
Central services36,50436,504034,920
Total administration160,264202,811(42,547)153,481
Engineering:
Personal services406,200402,2613,939366,650
Contractual services30,500135,056(104,556)30,152
Commodities12,00014,011(2,011)7,281
Central services143,868143,8680131,904
Capital outlay50,00034,98015,02024,905
Total engineering642,568730,176(87,608)560,892
Supervision and overhead:
Personal services164,541161,7282,813153,889
Contractual services40,00037,6262,37426,334
Commodities1,0001,056(56)208
Central services470,424470,4240428,832
Total supervision and overhead675,965670,8345,131609,263
Street Maintenance:
Personal services1,019,5001,047,275(27,775)859,839
Contractual services619,500523,70195,799532,740
Commodities547,500607,988(60,488)445,079
Central services565,260565,2600535,668
Capital outlay486,000541,747(55,747)530,427
Total street maintenance3,237,7603,285,971(48,211)2,903,753
Total public works4,716,5574,889,792(173,235)4,227,389
Year ended December 31, 2001
(with comparative actual amounts for year ended December 31, 2000)
Page 51
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
20012000
Variance
Favorable
BudgetActual(unfavorable)Actual
Parks:
Administration:
Personal services406,825384,16422,661379,976
Contractual services28,20029,394(1,194)26,784
Commodities19,40513,3136,09213,994
Central services129,156129,1560116,054
Capital outlay4,50114,811(10,310)5,230
Total administration588,087570,83817,249542,038
Recreation:
Personal services107,379122,010(14,631)93,925
Contractual services17,33223,445(6,113)12,273
Commodities34,45224,03310,41929,781
Total recreation159,163169,488(10,325)135,979
Maintenance:
Personal services$861,063850,90410,159772,800
Contractual services276,351255,10221,249191,569
Commodities142,432126,22816,204129,156
Central services417,816417,8160384,276
Capital outlay99,165102,094(2,929)99,691
Total supervision and overhead1,796,8271,752,14444,6831,577,492
Total parks2,544,0772,492,47051,6072,255,509
Year ended December 31, 2001
(with comparative actual amounts for year ended December 31, 2000)
Page 52
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
20012000
Variance
Favorable
BudgetActual(unfavorable)Actual
Unallocated general expenditures:
Contingencies
Personal services036(36)0
Contractual services80,000130,298(50,298)78,972
Commodities02,367(2,367)10,559
Total contingencies80,000132,701(52,701)89,531
Capital plan appropriation100,000100,00000
City's share of special assessment24,00042,816(18,816)22,505
Human Rights Commission
Contractual services86,61567,72318,89282,125
Total Human Rights Commission86,61567,72318,89282,125
Fireworks
Commodities12,00012,000011,000
Total fireworks12,00012,000011,000
Suburban Rate Authority
Contractual services4,1004,0001004,496
Total Suburban Rate Authority4,1004,0001004,496
Familink
Contractual services31,14531,144130,236
Total Familink31,14531,144130,236
Regional Planning Commission
Contractual services21,21821,217121,218
Total Regional Planning Commission21,21821,217121,218
Deer control
Personal services0707(707)786
Contractual services7,20010,300(3,100)315
Commodities515127388126
Total deer control7,71511,134(3,419)1,227
Fire Station debt service84,00083,76024083,761
Records management
Contractual services35,000035,0000
Total Records management35,000035,0000
Total unallocated general expenditures485,793506,495(20,702)346,099
Central services032,024(32,024)73,920
Total expenditures $20,647,425 21,119,253 (471,829)18,860,263
Year ended December 31, 2001
(with comparative actual amounts for year ended December 31, 2000)
Page 53
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Central Services Expenditures - Budget and Actual
20012000
Variance
Favorable
BudgetActual(unfavorable)Actual
General:
Personal services$3,435,9923,344,99790,9953,059,486
Contractual services853,500986,742(133,242)848,367
Commodities27,00050,816(23,816)45,010
Capital outlay74,20017,48956,71136,986
Total general4,390,6924,400,044(9,352)3,989,849
City Hall:
Personal services70,64561,5699,07663,577
Contractual services46,41250,790(4,378)47,315
Commodities34,89927,7257,17420,443
Fixed charges18,82818,828017,112
Total City Hall170,784158,91211,872148,447
Public Works building:
Personal services68,47272,099(3,627)108,338
Contractual services98,500130,762(32,262)98,329
Commodities61,20067,198(5,998)82,594
Fixed charges14,71214,712013,068
Capital outlay7,4963,2364,2604,392
Total Public Works building250,380288,007(37,627)306,721
Equipment operation:
Personal services313,572330,425(16,853)271,920
Contractual services93,50082,82610,67482,412
Commodities522,000524,110(2,110)484,386
Fixed charges277,044277,0440264,720
Capital outlay31,00014,56416,4365,769
Total equipment operation1,237,1161,228,9698,1471,109,207
Total central services expenditures6,048,9726,075,932(26,960)5,554,224
Less allocation to other activities6,048,9726,043,9085,0645,480,304
Net central services032,024(32,024)73,920
Year ended December 31, 2001
(with comparative actual amounts for year ended December 31, 2000)
Page 54
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.
Page 55
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Balance Sheet
December 31, 2001
(with comparative totals for December 31, 2000)
Community
DevelopmentTotals
Block GrantCommunications20012000
Assets
Investments $01,126,5581,126,5581,049,987
Accounts receivable0101,619101,6198
Accrued interest receivable013,14313,14312,869
Due from other funds0217,594217,594111,766
Due from other governments17,887017,8871,650
Total assets$17,8871,458,9141,476,8011,176,280
Liabilities and Fund Balance
Liabilities:
Accounts payable021,75521,75522,419
Salaries payable1651,1761,3411,207
Due to other funds17,722017,7221,650
Due to other governments034343,087
Total liabilities17,88722,96540,85228,363
Fund balance:
Unreserved - undesignated01,435,9491,435,9491,147,917
Total liabilities and fund balance$17,8871,458,9141,476,8011,176,280
Page 56
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended December 31, 2001
(with comparative totals for year ended December 31, 2000)
Community
DevelopmentTotals
Block GrantCommunications20012000
Revenues:
Franchise fees$0473,702473,702336,678
Intergovernmental:
Federal grants106,0310106,03142,231
Investment income076,84476,844117,016
Other revenue03,9653,9653,617
Total revenues106,031554,511660,542499,542
Expenditures:
Current:
Other:
Personal services4,38739,58643,97341,924
Contractual services101,644167,058268,702223,335
Commodities022,80822,8084,323
Fixed charges035,88035,88016,188
Capital outlay01,1471,1478,646
Total expenditures106,031266,479372,510294,416
Excess of revenues over
expenditures0288,032288,032205,126
Fund balance--January 1 01,147,9171,147,917942,791
Fund balance--December 31$01,435,9491,435,9491,147,917
Page 57
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 58
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Balance Sheet
December 31, 2001
(with comparative totals for December 31, 2000)
GeneralImprovement
DebtBondTotals
AssetsServiceRedemption II20012000
Cash$00075,751
Cash and investments with fiscal agents00015,726,593
Special assessments receivable:
Current00032,839
Deferred0002,260,602
Bloomington00096,533
Taxes Receivable:
Delinquent14,785014,78515,542
Allowance for uncollectible taxes(14,785)0(14,785)(15,542)
Due from other funds844,7360844,736901,532
Due from other governments4,68104,6818,764
Total assets$849,4170849,41719,102,614
Liabilities and Fund Balance
Liabilities
Due to other governments00096,704
Deferred revenue0002,293,442
Total liabilities0002,390,146
Fund balance:
Reserved for debt service849,4170849,41716,712,468
Total fund balance849,4170849,41716,712,468
Total liabilities and fund balance$849,4170849,41719,102,614
Page 59
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended December 31, 2001
(with comparative totals for year ended December 31, 2000)
GeneralImprovement
DebtBondTotals
ServiceRedemption II20012000
Revenues:
Taxes$724,4340724,434738,349
Special assessments0684,660684,660721,871
Interest on funds held with fiscal agent83,407083,40788,788
807,841684,6601,492,5011,549,008
Expenditures:
Current:
Other02,0002,0001,600
Debt service:
Bond principal3,570,000170,0003,740,0006,050,000
Interest and fiscal charges3,144,2994,4203,148,7193,108,601
Total expenditures6,714,299176,4206,890,7199,160,201
Excess (deficiency) of revenue
over expenditures(5,906,458)508,240(5,398,218)(7,611,193)
Other financing sources (uses):
Operating transfer in (out):
HRA6,015,41106,015,4115,778,574
Payments for refunding bonds(15,810,000)0(15,810,000)0
Proceeds from sale of tax increment bonds00018,137,804
Total other financing sources (uses)(9,794,589)0(9,794,589)23,916,378
Excess (deficiency) of revenues
and other financing sources
over expenditures and other financing uses(15,701,047)508,240(15,192,807)16,305,185
Fund balance - January 116,550,464162,00416,712,468407,283
Residual equity transfer out0(670,244)(670,244)0
Fund balance - December 31$849,4170849,41716,712,468
Page 60
CAPITAL PROJECT FUNDS
Capital Project Funds account for the resources expended to acquire assets of a
relatively permanent nature other than those financed by Enterprise Funds.
Construction Fund: This fund is used to account for the various special
assessment and state aid projects throughout the City.
Housing and Redevelopment Authority of Edina Fund: This fund is used to
account for revenues from several sources (property taxes, bond proceeds,
investment earnings, etc.) that are designated for housing and redevelopment.
Revolving Fund: This fund was established to provide financing for capital
improvements as designated in the City's capital improvement budget.
Page 61
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Balance Sheet
December 31, 2001
(with comparative totals for December 31, 2000)
Housing and
Redevelopment
Authority ofTotals
AssetsConstructionEdinaRevolving20012000
Cash$041,109041,109104,217
Investments018,128,2329,614,77227,743,00425,673,668
Accounts receivable007,7317,73126,653
Accrued interest receivable0112,84458,967171,811316,480
Special assessments receivable:
Current0011,278 11,278 0
Delinquent005,6145,6141,946
Deferred003,009,9283,009,928983,163
Bloomington0084,46784,4670
Due from other funds 062,294062,2940
Due from other governments704,689183,4641,929890,082153,333
Total assets$704,68918,527,94312,794,68632,027,31827,259,460
Liabilities and Fund Balance
Liabilities:
Accounts payable89,6681,419,425107,3161,616,409614,621
Salaries payable003,0803,0802,257
Contracts payable45,199394,0800439,279207,499
Due to other funds555,93301,292,2941,848,2272,965,001
Due to other governments10,782089,527100,30912,587
Deposits payable3,107003,1070
Taxes Payable041,196041,1960
Deferred revenue608,88903,026,8223,635,711985,109
Total liabilities1,313,5781,854,7014,519,0397,687,3184,787,074
Fund balance(deficit):
Reserved for encumbrances1,392,080001,392,08017,527
Reserved for special projects0078,34278,3420
Unreserved:
Designated008,197,3058,197,3058,731,959
Unreserved--undesignated(2,000,969)16,673,242014,672,27313,722,900
Total fund balance (deficit)(608,889)16,673,2428,275,64724,340,00022,472,386
Total liabilities and fund balance$704,68918,527,94312,794,68632,027,31827,259,460
Page 62
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance (Deficit)
Year ended December 31, 2001
(with comparative totals for year ended December 31, 2000)
Housing and
Redevelopment
Authority ofTotals
ConstructionEdinaRevolving20012000
Revenues:
Tax increments$09,309,36009,309,3608,590,313
Special assessments00401,433401,433438,005
Intergovernmental3,263,767058,5843,322,351254,257
Charges for services18,619033,88752,506878,148
Investment income0578,891461,2501,040,1411,739,756
Sale and rental of property04,005,6946,9384,012,632984,941
Other revenues01,887162,527164,41483,512
Total revenues3,282,38613,895,8321,124,61918,302,83712,968,932
Expenditures:
Current:
Other:
Personal services0101,45487,224188,678306,639
Professional fees0129,61489,154218,768384,578
Other01,305,14995,2651,400,414524,461
Construction costs3,367,8375,026,795947,8239,342,4557,207,966
Total expenditures3,367,8376,563,0121,219,46611,150,3158,423,644
Excess (deficiency) of revenues
over expenditures(85,451)7,332,820(94,847)7,152,5224,545,288
Other financing sources (uses):
Operating transfers in (out):
General fund0000279,065
Working capital/construction fund421,7240(421,724)00
General debt service fund0(6,015,411)0(6,015,411)(5,778,574)
Liquor fund00100,000100,000919,000
Utility fund00100,000100,0000
Art Center fund00(8,252)(8,252)0
Edinborough Park fund00(56,300)(56,300)0
Arena fund00(75,189)(75,189)0
Proceeds from sale of bonds00003,604,312
Total other financing sources (uses)421,724(6,015,411)(361,465)(5,955,152)(976,197)
Excess (deficiency) of revenues and
other financing sources over
expenditures and other financing uses336,2731,317,409(456,312)1,197,3703,569,091
Fund balance (deficit) --January 1(1,615,406)15,355,8338,731,95922,472,38618,903,295
Residual equity transfer in670,24400670,2440
Fund balance (deficit)--December 31$(608,889)16,673,2428,275,64724,340,00022,472,386
Page 63
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
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.
Page 64
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Balance Sheet
December 31, 2001
(with comparative totals for December 31, 2000)
Swimming
AssetsUtilitiesLiquorPool
Current assets:
Petty cash and change funds04,4400
Investments5,997,5490997,064
Cash with fiscal agents00532,195
Receivables:
Accounts01,5000
Customers1,934,72600
Interest7,07500
Special Assessments115,17100
Due from other funds01,610,976424,415
Due from other governments2,21300
Inventory137,289924,1070
Prepaid expenses000
Total current assets8,194,0232,541,0231,953,674
Property and equipment, net26,163,139690,7862,008,374
Discounts on bonds20,957015,367
Total assets$34,378,119 3,231,8093,977,415
Liabilities and Fund Equity
Current liabilities:
Accounts payable145,352251,581248,798
Salaries payable26,45434,7140
Contracts payable6,323010,125
Accrued interest payable48,102026,866
Due to other funds783,16800
Due to other governments12,406105,911283
Compensated absences payable138,54096,2870
Total current liabilities1,160,345488,493286,072
Long-term liabilities:
Deposits payable68,53000
Deferred revenue000
Obligation under capital lease000
Bonds payable2,955,00002,115,000
Total long-term liabilities3,023,53002,115,000
Total liabilities4,183,875488,4932,401,072
Fund equity:
Contributed capital20,57701,366,044
Retained earnings (deficit):
Reserved for debt service274,998032,500
Unreserved-undesignated29,898,6692,743,316177,799
Total retained earnings (deficit)30,173,6672,743,316210,299
Total liabilities and fund equity $34,378,119 3,231,8093,977,415
Page 65
GolfArtEdinborough ParkTotals
CourseArenaCenterCentennial Lake20012000
4,4007007251,50011,76511,315
2,005,2401,407,8160010,407,6694,580,148
2,751,1013,15808773,287,3313,286,498
985115,10110014,786132,472114,515
00001,934,7262,170,225
00060,65967,734106,986
0000115,17176,457
103,7949539707,1122,148,2201,560,390
00002,2134,527
25,471017,04201,103,9091,165,534
1,0482,13701,0064,1910
4,892,0391,529,86518,83785,94019,215,40113,076,595
7,060,0614,348,562400,996673,46541,345,38341,353,939
42,38915,7200094,43379,454
11,994,489 5,894,147419,833759,40560,655,217 54,509,988
120,86324,43226,54125,339842,906725,828
28,02412,6115,62318,951126,377120,881
10,57100027,01994,563
192,86343,06000310,891327,363
0000783,1680
5,0885191,2412,028127,476355,681
184,38774,98037,32291,268622,784566,094
541,796155,60270,727137,5862,840,6212,190,410
14,7933,5000086,82350,593
05,040005,0405,040
12,400111,600031,000155,000210,000
9,625,0002,930,0000017,625,00013,785,000
9,652,1933,050,140031,00017,871,863 14,050,633
10,193,9893,205,74270,727168,58620,712,48416,241,043
2,0003,099,446274,725521,2575,284,0495,725,001
1,115,031184,591001,607,1201,607,120
683,469(595,632)74,38169,56233,051,56430,936,824
1,798,500(411,041)74,38169,56234,658,68432,543,944
11,994,489 5,894,147419,833759,40560,655,217 54,509,988
Page 66
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
December 31, 2001
(with comparative totals for December 31, 2000)
Swimming
UtilitiesLiquorPool
Operating revenues:
Charges for sales and services:
Sales - Liquor$09,074,1120
Sales - Retail003,682
Sales - Utility8,421,61600
Sales - Concessions0085,538
Memberships00355,164
Admissions00153,233
Building rental0016,013
Rental of equipment000
Greens fees000
Other fees135,194017,280
Total operating revenues8,556,8109,074,112630,910
Operating expenses:
Cost of sales and services37,8166,760,04025,494
Personal services862,200784,414179,115
Contractual services4,258,340250,00589,178
Commodities493,09956,55637,522
Central services498,192271,42833,972
Depreciation912,98348,571143,610
Total operating expenses7,062,6308,171,014508,891
Operating income (loss)1,494,180903,098122,019
Nonoperating revenues (expenses):
Investment income127,33902,421
Interest from fiscal agents0022,200
Donations000
Miscellaneous revenue (expense)0200
Interest and fiscal charges(116,794)0(54,307)
Interest on capital lease 000
Gain (loss) on disposal of capital assets(67,606)(17,750)(25,176)
Amortization of bond discount(2,959)0(2,096)
Total nonoperating revenues (expenses)(60,020)(17,730)(56,958)
Income (loss) before operating transfers1,434,160885,36865,061
Operating transfers in (out):
General fund000
Art center fund0(104,000)0
Liquor store fund000
Arena fund0(135,000)0
Revolving fund(100,000)(100,000)0
Total operating transfers, net(100,000)(339,000)0
Net income (loss) 1,334,160546,36865,061
Add depreciation on contributed assets4430102,220
Increase (decrease) in retained earnings1,334,603546,368167,281
Retained earnings (deficit) - January 128,839,0642,196,94843,018
Retained earnings (deficit) - December 31$30,173,667 2,743,316210,299
Page 67
GolfArtEdinborough ParkTotals
CourseArenaCenterCentennial Lake20012000
00009,074,1128,989,480
264,76534,41052,5560355,413412,473
00008,421,6168,639,374
266,4380021,558373,534396,353
147,4064,06932,76827,095566,502583,979
363,99266,372061,108644,705562,707
67,412939,7040233,8721,257,0011,190,171
324,5713,716055,876384,163399,049
1,809,96600160,3141,970,2802,156,438
406,97599,801378,246478,1081,515,6041,535,683
3,651,5251,148,072463,5701,037,93124,562,93024,865,707
368,72193335,96612,6427,241,6127,174,884
1,378,623415,488205,249647,4854,472,5744,645,640
518,200403,947244,171379,0116,142,8526,083,352
278,34044,46066,216177,2751,153,4681,196,540
322,380110,31664,248220,7641,521,3001,364,501
512,198324,10146,026155,4542,142,9432,132,071
3,378,4621,299,245661,8761,592,63122,674,74922,596,988
273,063(151,173)(198,306)(554,700)1,888,1812,268,719
5,2743,4180352,256490,708619,273
114,840000137,0400
0024,729024,72921,352
170000190655
(389,805)(87,064)00(647,970)(681,487)
(839)(7,547)0(2,097)(10,483)(13,111)
(12,035)(5,086)(6,726)(20,850)(155,229)(249,072)
(24,485)(9,578)00(39,118)(17,819)
(306,880)(105,857)18,003329,309(200,133)(320,209)
(33,817)(257,030)(180,303)(225,391)1,688,0481,948,510
00046,00046,000108,000
0000(104,000)(139,000)
0135,000104,0000239,000220,000
0000(135,000)(81,000)
075,1898,25256,300(60,259)(919,000)
0210,189112,252102,300(14,259)(811,000)
(33,817)(46,841)(68,051)(123,091)1,673,7891,137,510
800187,35217,201132,935440,951452,966
(33,017)140,511(50,850)9,8442,114,7401,590,476
1,831,517(551,552)125,23159,71832,543,94430,953,468
1,798,500(411,041)74,38169,56234,658,68432,543,944
Page 68
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Cash Flows
December 31, 2001
(with comparative totals for year ended December 31, 2000)
Swimming
Cash flows from operating activities:UtilitiesLiquorPool
Operating income$1,494,180903,098122,019
Adjustments to reconcile operating income
to net cash provided by operating activities
Depreciation expense912,98348,571143,610
Changes in assets and liabilities:
(Increase) decrease in accounts receivable01,49353
(Increase) decrease in customer accounts receivable235,49900
(Increase) decrease in special assessments receivable(38,714)00
(Increase) decrease in due from other funds179,441(559,618)(181,415)
Decrease in due from other governments2,31400
Increase in prepaid expense000
(Increase) decrease in inventory(49,085)55,6190
Increase (decrease) in accounts payable(192,785)10,523246,781
Increase (decrease) in salaries payable1,9422,4580
Increase (decrease) in contracts payable(88,240)010,125
Decrease in accrued interest payable(4,542)0(618)
Increase (decrease) in due to other funds783,16800
Increase (decrease) in due to other governments(229,095)2,417252
Increase (decrease) in compensated absences payable(7,517)17,3650
Increase in deposits payable32,43000
Miscellaneous revenue0200
Total adjustments1,537,799(421,152)218,788
Net cash provided by (used in) operating activities3,031,979481,946340,807
Cash flows from noncapital financing activities:
Donations 000
Operating transfer in--General Fund000
Operating transfer (out)--Art Center0(104,000)0
Operating transfer in--Liquor Store Fund000
Operating transfer (out)--Arena0(135,000)0
Operating transfer (out)--Revolving fund(100,000)(100,000)0
Net cash provided provided by (used in) noncapital financing activities(100,000)(339,000)0
Cash flows from capital and related financing activities:
Net acquisition of capital assets(1,184,114)(125,196)(291,640)
Loss on disposal of capital assets(67,606)(17,750)(25,176)
Proceeds from revenue bonds001,040,000
Principal paid on revenue bonds(310,000)0(25,000)
Increase on bond discount00(12,172)
Principal paid on capital lease000
Interest received from fiscal agent0022,200
Interest paid on capital lease000
Interest paid on bonds(116,794)0(54,307)
Net cash provided by (used in) capital and related financing activities(1,678,514)(142,946)653,905
Cash flows from investing activities:
Purchase of investments(1,417,401)0(997,064)
Decrease in interest receivable36,59700
Investment income127,33902,421
Net cash provided by (used in) investing activities(1,253,465)0(994,643)
Net increase (decrease) in cash and cash equivalents0069
Cash and equivalents, beginning of year04,440532,126
Cash and equivalents, end of year04,440532,195
Page 69
GolfArtEdinborough ParkTotals
CourseArenaCenterCentennial Lake20012000
273,063(151,173)(198,306)(554,700)1,888,1812,268,719
512,198324,10146,026155,4542,142,9432,132,071
1,474(6,465)(100)(14,412)(17,957)51,701
0000235,499(159,665)
0000(38,714)28,755
(48,821)(385)7,64815,320(587,830)3,249,321
00002,314685
56,640(2,137)0(1,006)53,4970
(1,048)0(1,549)03,937(184,466)
59,147(15,251)9,798(1,135)117,07893,803
1,480(2,291)7801,1275,49616,622
10,571000(67,544)81,393
(8,267)(3,045)00(16,472)(74,329)
0000783,168(200,000)
(523)169506(1,931)(228,205)200,361
20,2166,5406,91713,16956,690421,628
3,80000036,23038,239
170000190655
607,037301,23670,026166,5862,480,3205,696,774
880,100150,063(128,280)(388,114)4,368,5017,965,493
0024,729024,72921,352
00046,00046,000108,000
0000(104,000)(139,000)
0135,000104,0000239,000220,000
0000(135,000)(81,000)
075,1898,25256,300(60,259)(919,000)
0210,189136,981102,30010,470(789,648)
(426,563)(70,257)(1,525)(35,093)(2,134,388)(3,109,973)
(12,035)(5,086)(6,726)(20,850)(155,229)(249,072)
2,190,0001,390,000004,620,0000
(325,000)(120,000)00(780,000)(785,000)
(25,831)(16,094)00(54,097)0
(4,400)(39,600)0(11,000)(55,000)(50,000)
114,840000137,040137,041
(839)(7,547)0(2,097)(10,483)(13,111)
(389,805)(87,064)00(647,970)(681,487)
1,120,3671,044,352(8,251)(69,040)919,873(4,751,602)
(2,005,240)(1,407,816)00(5,827,521)(2,820,478)
0002,65539,252(106,986)
5,2743,4180352,256490,708482,232
(1,999,966)(1,404,398)0354,911(5,297,561)(2,445,232)
501206450571,283(20,989)
2,755,0003,6522752,3203,297,8133,318,802
2,755,5013,8587252,3773,299,0963,297,813
Page 70
CITY OF EDINA, MINNESOTA
Utilities Fund
Balance Sheet
December 31, 2001
(with comparative amounts for December 31, 2000)
Assets20012000
Current assets:
Investments$5,997,5494,580,148
Receivables:
Customers1,934,7262,170,225
Interest7,07543,672
Assessments115,17176,457
Due from other funds0179,441
Due from other governments2,2134,527
Inventory137,28988,204
Total current assets8,194,0237,142,674
Property and equipment, net26,163,13925,892,008
Discount on bonds20,95723,916
Total assets$34,378,11933,058,598
Liabilities and Retained Earnings
Current liabilities:
Accounts payable145,352338,137
Salaries payable26,45424,512
Contracts payable6,32394,563
Accrued interest payable48,10252,644
Due to other funds783,1680
Due to other governments12,406241,501
Compensated absences payable138,540146,057
Total current liabilities1,160,345897,414
Long-term liabilities:
Deposits payable68,53036,100
Bonds payable2,955,0003,265,000
Total liabilities4,183,8754,198,514
Fund equity:
Contributed capital20,57721,020
Retained earnings:
Reserved for debt service274,998274,998
Unreserved--undesignated29,898,66928,564,066
Total retained earnings30,173,66728,839,064
Total liabilities and retained earnings$34,378,11933,058,598
Page 71
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 2001
(with comparative amounts for year ended December 31, 2000)
20012000
Operating revenues:
Storm sewer charges$585,378581,654
Water charges2,909,3242,909,622
Sewer charges4,496,2384,636,860
Recycling406,057495,300
Sale of meters 24,61915,938
Other
Penalties62,47582,802
State Health72,71971,210
Total operating revenues8,556,8108,793,386
Operating expenses:
Cost of sales and services37,816102,855
Personal services862,200893,746
Contractual services
General costs1,068,006949,182
Recycling charges355,695455,222
Disposal charges2,834,6392,973,995
Commodities
General costs341,010368,637
Water purchased152,089137,037
Central services498,192455,544
Depreciation912,983866,758
Total operating expenses7,062,6307,202,976
Operating income1,494,1801,590,410
Nonoperating revenues (expenses):
Investment income127,339159,569
Miscellaneous revenue (expense)0110
Interest and fiscal charges(116,794)(127,525)
Loss on disposal of capital assets(67,606)(58,299)
Amortization of bond discount(2,959)(2,958)
Total nonoperating expenses(60,020)(29,103)
Net income before operating transfers1,434,1601,561,307
Operating transfers out:
Revolving fund(100,000)0
Total operating transfers(100,000)0
Net income1,334,1601,561,307
Add depreciation on contributed assets443443
Increase in retained earnings1,334,6031,561,750
Retained earnings--January 128,839,06427,277,314
Retained earnings--December 31$30,173,66728,839,064
Page 72
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Cash Flows
Year ended December 31, 2001
(with comparative amounts for year ended year ended December 31,2000)
20012000
Cash flows from operating activities:
Operating income $1,494,1801,590,410
Adjustments to reconcile operating income
to net cash provided by operating activities:
Depreciation expense912,983866,758
Changes in assets and liabilities:
(Increase) decrease in customer accounts receivable235,499(159,665)
(Increase) decrease in assessments receivable(38,714)28,755
(Increase) decrease in due from other funds179,4413,387,000
(Increase) decrease in due from other governments2,314685
(Increase) decrease in inventory(49,085)(65,447)
Increase (decrease) in accounts payable(192,785)183,343
Increase in salaries payable1,9422,556
Increase (decrease) in contracts payable(88,240)81,393
Increase (decrease) in accrued interest payable(4,542)(38,964)
Increase (decrease) in due to other funds783,1680
Increase (decrease) in due to other governments(229,095)208,029
Increase (decrease) in compensated absences payable(7,517)110,946
Increase in deposits payable32,43036,100
Miscellaneous revenue0110
Total adjustments1,537,7994,641,599
Net cash provided by operating activities3,031,9796,232,009
Cash flows from noncapital financing activities:
Operating transfer out(100,000)0
Net cash used in noncapital financing activities(100,000)0
Cash flows from capital and related financing activities:
Net acquisition of capital assets(1,184,114)(3,006,604)
Loss on disposal of capital assets(67,606)(58,299)
Principal paid on revenue bonds(310,000)(335,000)
Interest paid on bonds(116,794)(127,525)
Net cash used in capital financing activities(1,678,514)(3,527,428)
Cash flows from investing activities:
Purchase of investments(1,417,401)(2,820,478)
Increase of interest receivable36,597(43,672)
Investment income127,339159,569
Net cash used in investing activities(1,253,465)(2,704,581)
Net increase in cash and cash equivalents00
Cash and cash equivalents, beginning of year00
Cash and cash equivalents, end of year00
Page 73
CITY OF EDINA, MINNESOTA
Liquor Fund
Balance Sheet
December 31, 2001
(with comparative amounts for December 31, 2000)
Assets20012000
Current assets:
Petty cash and change funds$4,4404,440
Accounts receivable1,5002,993
Due from other funds1,610,9761,051,358
Inventory924,107979,726
Total current assets2,541,0232,038,517
Property and equipment, net690,786614,161
Total assets$3,231,8092,652,678
Liabilities and Retained Earnings
Current liabilities:
Accounts payable251,581241,058
Salaries payable34,71432,256
Due to other governments105,911103,494
Compensated absences payable96,28778,922
Total current liabilities488,493455,730
Retained earnings:
Unreserved--undesignated2,743,3162,196,948
Total liabilities and retained earnings $3,231,8092,652,678
Page 74
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 2001
(with comparative totals for year ended December 31, 2000)
20012000
Operating revenues:
Sales - Liquor
Deposits/refunds$258665
Liquor2,580,5112,558,895
Wine3,663,3153,650,130
Beer2,515,0772,491,806
Miscellaneous314,951287,984
Total operating revenues9,074,1128,989,480
Operating expenses:
Cost of sales and services6,760,0406,663,033
Personal services784,414768,795
Contractual services250,005221,260
Commodities56,55651,094
Central services271,428243,612
Depreciation48,57157,609
Total operating expenses8,171,0148,005,403
Operating income903,098984,077
Nonoperating revenues (expenses):
Miscellaneous revenue (expense)20243
Loss on disposal of capital assets(17,750)(23,187)
Total nonoperating revenues (expenses)(17,730)(22,944)
Income before operating transfer out885,368961,133
Operating transfer out: Art Center(104,000)(139,000)
Operating transfer out: Arena(135,000)(81,000)
Operating transfer out: Revolving fund(100,000)(919,000)
(339,000)(1,139,000)
Net income (loss)546,368(177,867)
Retained earnings--January 12,196,9482,374,815
Retained earnings--December 31$2,743,3162,196,948
Page 75
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Cash Flows
Year ended December 31, 2001
(with comparative amounts for year ended December 31, 2000)
20012000
Cash flows from operating activities:$
Operating income 903,098984,077
Adjustments to reconcile operating income
to net cash provided by operating activities:
Depreciation expense48,57157,609
Changes in assets and liabilities:
(Increase) decrease in accounts receivable1,493(2,993)
(Increase) decrease in due from other funds(559,618)94,144
Increase in inventory55,619(98,963)
Increase (decrease) in accounts payable10,523(104,557)
Increase in salaries payable2,4583,447
Increase (decrease) in due to other governments2,417(1,091)
Increase in compensated absences payable17,36562,072
Miscellaneous revenue (expense)20243
Total adjustments(421,152)9,911
Net cash provided by operating activities481,946993,988
Cash flows from noncapital financing activities:
Decrease in advance to other funds0145,012
Operating transfer (out)--Art Center(104,000)(139,000)
Operating transfer (out)--Arena(135,000)(81,000)
Operating transfer (out)--Revolving fund(100,000)(919,000)
Net cash used in noncapital financing activities(339,000)(993,988)
Cash flows from capital and related financing activities:
Acquisition of capital assets(125,196)23,187
Loss on disposal of capital assets(17,750)(23,187)
Net cash used in capital financing activities(142,946)0
Net increase in cash and cash equivalents00
Cash and cash equivalents, beginning of year4,4404,440
Cash and cash equivalents, end of year$4,4404,440
Page 76
CITY OF EDINA, MINNESOTA
Liquor Fund
Schedule of Revenue and Operating Expenses by Location
Year ended December 31, 2001
(with comparative amounts for year ended December 31, 2000)
Totals
50th StreetYorkdaleVernon20012000
Operating revenues:
Sales - Liquor
Deposits/refunds$1500108258665
Liquor412,8361,258,611909,0642,580,5112,558,895
Wine816,3581,692,6321,154,3253,663,3153,650,130
Beer428,7021,295,676790,6992,515,0772,491,806
Miscellaneous56,363146,558112,030314,951287,984
Total operating revenues1,714,4094,393,4772,966,2269,074,1128,989,480
Operating expenses:
Selling:
Cost of sales and services1,252,1733,285,8832,221,9846,760,0406,663,033
Personal services121,767210,653166,198498,618462,761
Contractual services14,17512,88611,42338,48433,905
Commodities9,94419,41012,63441,98820,297
Total selling1,398,0593,528,8322,412,2397,339,1307,179,996
Occupancy:
Personal services1,9444,1471,8767,9679,533
Contractual services19,14040,19317,58076,91379,477
Commodities1713,3002,4655,9367,421
Depreciation17,97919,01411,57848,57157,609
Total occupancy39,23466,65433,499139,387154,040
Administrative:
Personal services85,352104,75087,727277,829296,501
Contractual services30,86961,57942,160134,608107,878
Commodities1,6895,1341,8098,63223,376
Central services68,268107,66495,496271,428243,612
Total administrative186,178279,127227,192692,497671,367
Total operating expenses1,623,4713,874,6132,672,9308,171,0148,005,403
Operating income$90,938518,864293,296903,098984,077
Page 77
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Balance Sheet
December 31, 2001
(with comparative amounts for December 31, 2000)
Assets20012000
Current assets:
Investments$997,0640
Cash with fiscal agents532,195532,126
Accounts receivable053
Due from other funds424,415243,000
Total current assets1,953,674775,179
Property and equipment, net2,008,3741,860,344
Discount on bonds15,3675,291
Total assets$3,977,4152,640,814
Liabilities and Retained Earnings
Current liabilities:
Accounts payable248,7982,017
Contracts payable10,1250
Accrued interest payable26,86627,484
Due to other governments28331
Total current liabilities286,07229,532
Long-term liabilities
Bonds payable2,115,0001,100,000
Total liabilities2,401,0721,129,532
Fund equity:
Contributed capital1,366,0441,468,264
Retained earnings:
Reserved for debt service32,50032,500
Unreserved--undesignated177,79910,518
Total retained earnings (deficit)210,29943,018
Total liabilities and fund equity $3,977,4152,640,814
Page 78
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 2001
(with comparative amounts for year ended December 31, 2000)
20012000
Operating revenues:
Sales - retail$3,682196
Sales - concessions85,53873,625
Memberships355,164373,798
Admissions153,233150,091
Building rental16,01315,397
Other fees
Lessons17,28023,858
Total operating revenues630,910636,965
Operating expenses:
Cost of sales and services25,49421,756
Personal services179,115183,178
Contractual services89,17889,917
Commodities37,52245,892
Central services33,97225,464
Depreciation143,610150,519
Total operating expenses508,891516,726
Operating income 122,019120,239
Nonoperating revenue (expenses):
Investment income2,4210
Interest from fiscal agent22,20022,201
Miscellaneous revenue045
Interest and fiscal charges(54,307)(55,425)
Loss on disposal of capital assets(25,176)(37,752)
Amortization of bond discount(2,096)(1,962)
Total nonoperating expenses(56,958)(72,893)
Net income 65,06147,346
Add depreciation on contributed assets102,22096,033
Increase in retained earnings167,281143,379
Retained earnings (deficit) --January 143,018(100,361)
Retained earnings (deficit) --December 31$210,29943,018
Page 79
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Cash Flows
Year ended December 31, 2001
(with comparative amounts for year ended December 31, 2000)
20012000
Cash flows from operating activities:
Operating income$122,019120,239
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense143,610150,519
Changes in assets and liabilities:
Increase in accounts receivable53(53)
Increase (decrease) in due from other funds(181,415)(190,033)
Increase in accounts payable246,7811,558
Increase in contracts payable10,1250
Increase (decrease) in accrued interest payable(618)(4,175)
Increase (decrease) in due to other governments 252(58)
Miscellaneous revenue 045
Total adjustments218,788(42,197)
Net cash provided by operating activities340,80778,042
Cash flows from capital and related financing activities:
Net acquisition of capital assets(291,640)9,459
Loss on disposal of capital assets(25,176)(37,752)
Proceeds from revenue bonds1,040,0000
Principal paid on revenue bonds(25,000)(20,000)
Increase on bond discount(12,172)0
Interest received from fiscal agent22,20022,201
Interest paid on bonds(54,307)(55,425)
Net cash provided by (used in) capital and related financing activities653,905(81,517)
Cash flows from investing activities:
Purchase of investments(997,064)0
Investment income 2,4210
Net cash used in investing activities(994,643)0
Net increase (decrease) in cash and cash equivalents69(3,475)
Cash and cash equivalents, beginning of year532,126535,601
Cash and cash equivalents, end of year $532,195532,126
Page 80
CITY OF EDINA, MINNESOTA
Golf Course Fund
Balance Sheet
December 31, 2001
(with comparative amounts for December 31, 2000)
Assets20012000
Current assets:
Petty cash and change funds$4,4004,400
Investments2,005,2400
Cash with fiscal agents2,751,1012,750,600
Accounts receivable9852,459
Due from other funds103,79454,973
Inventory25,47182,111
Prepaid expenses1,0480
Total current assets4,892,0392,894,543
Property and equipment, net7,060,0617,145,696
Discount on bonds42,38941,043
Total assets$11,994,48910,081,282
Liabilities and Retained Earnings
Current liabilities:
Accounts payable120,86361,716
Salaries payable28,02426,544
Contracts payable10,5710
Accrued interest payable192,863201,130
Due to other governments5,0885,611
Compensated absences payable184,387164,171
Total current liabilities541,796459,172
Long-term liabilities:
Deposits payable14,79310,993
Obligation under capital lease12,40016,800
Bonds payable9,625,0007,760,000
Total liabilities10,193,9898,246,965
Fund Equity:
Contributed capital2,0002,800
Retained earnings:
Reserved for debt service1,115,0311,115,031
Unreserved--undesignated683,469716,486
Total retained earnings1,798,5001,831,517
Total liabilities and retained earnings$11,994,48910,081,282
Page 81
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 2001
(with comparative amounts for year ended December 31, 2000)
20012000
Operating revenues:
Sales - retail
Pro shop$260,948338,081
Miscellaneous3,8178,936
Sales - concessions266,438297,666
Memberships147,406157,155
Admissions363,992271,716
Building rental67,41267,467
Rental of equipment
Golf cars297,880304,929
Golf carts/clubs25,81330,776
Miscellaneous equipment8782,316
Green fees1,809,9661,974,991
Other fees
Driving range342,477424,198
Lessons63,59872,429
Miscellaneous9003,348
Total operating revenues3,651,5253,954,008
Operating expenses:
Cost of sales and services368,721340,722
Personal services1,378,6231,461,937
Contractual services518,200459,641
Commodities278,340310,035
Central services322,380275,808
Depreciation512,198508,189
Total operating expenses3,378,4623,356,332
Operating income273,063597,676
Nonoperating revenues (expenses):
Investment income5,2740
Interest from fiscal agent114,840114,840
Miscellaneous revenue170170
Interest and fiscal charges(389,805)(405,548)
Interest on capital lease (839)(1,049)
Gain (loss) on disposal of capital assets(12,035)(34,983)
Amortization of bond discount(24,485)(11,749)
Total nonoperating expenses(306,880)(338,319)
Net income(33,817)259,357
Add depreciation on contributed assets800800
Increase in retained earnings(33,017)260,157
Retained earnings--January 11,831,5171,571,360
Retained earnings--December 31$1,798,5001,831,517
Page 82
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Cash Flows
Year ended December 31, 2001
(with comparative amounts for year ended December 31, 2000)
20012000
Cash flows from operating activities:$
Operating income273,063597,676
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense512,198508,189
Changes in assets and liabilities:
(Increase) decrease in accounts receivable1,4746,833
Increase in due from other funds(48,821)(54,973)
(Increase) decrease in prepaid expense56,6400
(Increase) decrease in inventory(1,048)(20,219)
Increase (decrease) in accounts payable59,14717,101
Increase in salaries payable1,4802,459
Increase (decrease) in contracts payable10,571
Increase (decrease) in accrued interest payable(8,267)(28,448)
Decrease in due to other funds0(200,000)
Increase (decrease) in due to other governments(523)437
Increase in compensated absences payable20,216122,028
Increase in deposits payable3,8002,139
Miscellaneous revenue170170
Total adjustments607,037355,716
Net cash provided by operating activities880,100953,392
Cash flow from noncapital financing activities:
Decrease in advance from other funds0(145,012)
Net cash used in noncapital financing activities0(145,012)
Cash flow from capital and related financing activities:
Net acquisition of capital assets(426,563)(166,150)
Gain (loss) on disposal of capital assets(12,035)(34,983)
Proceeds from revenue bonds2,190,0000
Principal paid on revenue bonds(325,000)(330,000)
Increase on bond discount(25,831)0
Principal paid on capital lease(4,400)(4,000)
Interest received from fiscal agent114,840114,840
Interest paid on capital lease(839)(1,049)
Interest paid on bonds(389,805)(405,548)
Net cash provided by (used in) capital and related financing activities1,120,367(826,890)
Cash flow from investing activities:
Purchase of investments(2,005,240)0
Investment income5,2740
Net cash used in investing activities(1,999,966)0
Net decrease in cash and cash equivalents501(18,510)
Cash and cash equivalents, beginning of year2,755,0002,773,510
Cash and cash equivalents, end of year2,755,5012,755,000
Page 83
CITY OF EDINA, MINNESOTA
Golf Course Fund
Schedule of Operating Expenses
Year ended December 31, 2001
(with comparative amounts for year ended December 31, 2000)
20012000
Administration
Personal services$842,944921,268
Contractual services239,077243,394
Commodities166,010155,419
Central services301,824257,292
Total administration1,549,8551,577,373
Clubhouse
Personal services36,99438,060
Contractual services97,02081,651
Commodities35,15716,649
Total clubhouse169,171136,360
Grill:
Cost of sales and services101,795105,075
Personal services95,22194,710
Contractual services16,74713,332
Commodities26,00121,997
Total grill239,764235,114
Golf Cars:
Personal services34,09834,880
Contractual services5,9899,697
Commodities9,69417,701
Total range and grill49,78162,278
Range:
Personal services119,019129,997
Contractual services1,982706
Commodities15,24644,110
Total range and grill136,247174,813
Richards:
Cost of sales and services8,8878,467
Personal services108,814107,246
Contractual services17,17412,439
Commodities19,01215,343
Total Richards153,887143,495
Pro Shop
Cost of sales and services256,778226,965
Personal services54,29155,242
Contractual services6,1292,965
Commodities2,6605,207
319,858290,379
Golf dome:
Cost of sales and services1,261215
Personal services87,24280,534
Contractual services134,08295,457
Commodities4,56033,609
Central services20,55618,516
Total golf dome247,701228,331
Depreciation512,198508,189
Total operating expenses$3,378,4623,356,332
Page 84
CITY OF EDINA, MINNESOTA
Arena Fund
Balance Sheet
December 31, 2001
(with comparative amounts for December 31, 2000)
Assets20012000
Current assets:
Petty cash and change funds$700700
Investments1,407,8160
Cash with fiscal agents3,1582,952
Accounts receivable115,101108,636
Due from other funds953568
Prepaid expenses2,1370
Total current assets1,529,865112,856
Property and equipment, net4,348,5624,602,406
Discount on bonds15,7209,204
Total assets$5,894,1474,724,466
Liabilities and Retained Earnings
Current liabilities:
Accounts payable24,43239,683
Salaries payable12,61114,902
Accrued interest payable43,06046,105
Due to other governments519350
Compensated absences payable74,98068,440
Total current liabilities155,602169,480
Long-term liabilities:
Deposits payable3,5003,500
Deferred revenue5,0405,040
Obligation under capital lease111,600151,200
Bonds payable2,930,0001,660,000
Total liabilities3,205,7421,989,220
Fund equity:
Contributed capital3,099,4463,286,798
Retained earnings:
Reserved for debt service184,591184,591
Unreserved--undesignated(595,632)(736,143)
Total retained earnings (deficit)(411,041)(551,552)
Total liabilities and retained earnings$5,894,1474,724,466
Page 85
CITY OF EDINA, MINNESOTA
Arena Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 2001
(with comparative amounts for year ended December 31, 2000)
20012000
Operating revenues:
Sales - retail$34,41024,720
Memberships4,0695,218
Admissions66,37282,745
Building rental939,704908,657
Rental of equipment3,7167,268
Other fees
Lessons81,94894,570
Skate sharpening17,85313,779
Total operating revenues1,148,0721,136,957
Operating expenses:
Cost of sales and services93365
Personal services415,488447,206
Contractual services403,947382,772
Commodities44,46060,824
Central services110,31699,240
Depreciation324,101321,095
Total operating expenses1,299,2451,311,202
Operating loss(151,173)(174,245)
Nonoperating revenues (expenses):
Investment income3,4180
Interest and fiscal charges(87,064)(92,989)
Interest on capital lease (7,547)(9,440)
Loss on disposal of capital assets(5,086)(11,353)
Amortization of bond discount(9,578)(1,150)
Total nonoperating expenses(105,857)(114,932)
Net loss before operating transfer in(257,030)(289,177)
Operating transfer in:
Liquor store fund135,00081,000
Revolving fund75,1890
Total operating transfers210,18981,000
Net Income (loss)(46,841)(208,177)
Add depreciation on contributed assets187,352187,352
Increase (decrease) in retained earnings140,511(20,825)
Retained earnings (deficit)--January 1(551,552)(530,727)
Retained earnings (deficit)--December 31$(411,041)(551,552)
Page 86
CITY OF EDINA, MINNESOTA
Arena Fund
Statement of Cash Flows
Year ended December 31, 2001
(with comparative amounts for year ended December 31, 2000)
20012000
Cash flows from operating activities:
Operating income (loss)$(151,173)(174,245)
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense324,101321,095
Changes in assets and liabilities:
Increase in accounts receivable(6,465)(8,025)
(Increase) decrease in due from other funds(385)2,146
(Increase) in prepaid expenses(2,137)0
(Decrease) in accounts payable(15,251)4,917
Increase in salaries payable(2,291)7,949
Decrease in accrued interest payable(3,045)(2,742)
Increase (decrease) in due to other governments169(8,729)
Increase(decrease) in compensated absences payable6,54053,571
Total adjustments301,236370,182
Net cash provided by operating activities150,063195,937
Cash flows from noncapital financing activities:
Operating transfer in--Liquor Fund135,00081,000
Operating transfer in--Revolving Fund75,1890
Net cash provided by noncapital financing activities210,18981,000
Cash flows from capital and related financing activities:
Net acquisition of capital assets(70,257)(25,238)
Loss on disposal of capital assets(5,086)(11,353)
Proceeds from revenue bonds1,390,0000
Principal paid on revenue bonds(120,000)(100,000)
Increase on bond discount(16,094)0
Principal paid on capital lease(39,600)(36,000)
Interest paid on capital lease (7,547)(9,440)
Interest paid on bonds(87,064)(92,989)
Net cash provided by (used in) capital and related financing activities1,044,352(275,020)
Cash flows from investing activities:
Purchase of investments(1,407,816)0
Investment income 3,4180
Net cash used in investing activities(1,404,398)0
Net increase in cash and cash equivalents2061,917
Cash and cash equivalents, beginning of year3,6521,735
Cash and cash equivalents, end of year $3,8583,652
Page 87
CITY OF EDINA, MINNESOTA
Art Center Fund
Balance Sheet
December 31, 2001
(with comparative amounts for December 31, 2000)
Assets20012000
Current assets:
Petty cash and change funds$725275
Accounts receivable1000
Due from other funds9708,618
Inventory17,04215,493
Total current assets18,83724,386
Property and equipment, net400,996445,497
Total assets$419,833469,883
Liabilities and Retained Earnings
Current liabilities:
Accounts payable26,54116,743
Salaries payable5,6234,843
Due to other governments1,241735
Compensated absences payable37,32230,405
Total liabilities70,72752,726
Fund equity:
Contributed capital274,725291,926
Retained earnings:
Unreserved--undesignated74,381125,231
Total retained earnings74,381125,231
Total liabilities and retained earnings$419,833469,883
Page 88
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 2001
(with comparative amounts for year ended December 31, 2000)
20012000
Operating revenues:
Sales - retail$52,55640,540
Memberships32,76826,629
Other fees
Class fees298,617253,313
Firing fees13,28412,170
Media studio fees65,97249,526
Misc fees373534
Total operating revenues463,570382,712
Operating expenses:
Cost of goods and services35,96635,810
Personal services205,249225,619
Contractual services244,171187,868
Commodities66,21664,320
Central services64,24862,465
Depreciation46,02656,032
Total operating expenses661,876632,114
Operating loss(198,306)(249,402)
Nonoperating revenues (expenses):
Donations24,72921,352
Loss on disposal of capital assets(6,726)(35,476)
Total nonoperating revenues (expenses)18,003(14,124)
Net loss before operating transfer in(180,303)(263,526)
Operating transfer in
Liquor store fund104,000139,000
Revolving fund8,2520
Total operating transfers112,252139,000
Net loss(68,051)(124,526)
Add depreciation on contributed assets17,20118,375
Decrease in retained earnings(50,850)(106,151)
Retained earnings--January 1125,231231,382
Retained earnings-- December 31$74,381125,231
Page 89
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Cash Flows
Year ended December 31, 2001
(with comparative amounts for year ended December 31, 2000)
20012000
Cash flows from operating activities:
Operating loss$(198,306)(249,402)
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense46,02656,032
Changes in assets and liabilities:
(Increase) decrease in accounts receivable(100)0
(Increase) decrease in due from other funds7,64811,648
(Increase) decrease in inventory(1,549)163
Increase (decrease) in accounts payable9,7983,557
Increase in salaries payable78087
Increase (decrease) in due to other governments506(285)
Increase in compensated absences payable6,91720,610
Total adjustments70,02691,812
Net cash used in operating activities(128,280)(157,590)
Cash flows from noncapital financing activities:
Donations 24,72921,352
Operating transfer in--Liquor Store104,000139,000
Operating transfer in--Revolving fund8,2520
Net cash provided by noncapital financing activities136,981160,352
Cash flow from capital and related financing activities:
Net acquisition of capital assets(1,525)32,764
Loss on disposal of capital assets(6,726)(35,476)
Net cash used in capital and related financing activities(8,251)(2,712)
Net increase in cash and cash equivalents45050
Cash and cash equivalents, beginning of year275225
Cash and cash equivalents, end of year 725275
Page 90
CITY OF EDINA, MINNESOTA
Edinborough Park/Centennial Lake Fund
Balance Sheet
December 31, 2001
(with comparative amounts for December 31, 2000)
Assets20012000
Current assets:
Petty cash and change funds$1,5001,500
Cash with fiscal agents877820
Accounts receivable14,786374
Accrued interest receivable60,65963,314
Due from other funds7,11222,432
Prepaid expenses1,0060
Total current assets85,94088,440
Property and equipment, net673,465793,827
Total assets$759,405882,267
Liabilities and Retained Earnings
Current liabilities:
Accounts payable25,33926,474
Salaries payable18,95117,824
Due to other governments2,0283,959
Compensated absences payable91,26878,099
Total current liabilities137,586126,356
Long-term liabilities:
Obligation under capital lease31,00042,000
Total liabilities168,586168,356
Fund equity:
Contributed capital521,257654,193
Retained earnings:
Unreserved--undesignated69,56259,718
Total retained earnings69,56259,718
Total liabilities and retained earnings$759,405882,267
Page 91
CITY OF EDINA, MINNESOTA
Edinborough Park/Centennial Lake Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 2001
(with comparative amounts for year ended December 31, 2000)
20012000
Operating revenues:
Sales - concessions$21,55825,062
Memberships27,09521,179
Admissions61,10858,155
Building rental233,872198,650
Rental of equipment55,87653,760
Green fees160,314181,447
Other fees
Programs22,61123,099
Association fees453,969410,497
Miscellaneous1,528350
Total operating revenues1,037,931972,199
Operating expenses:
Cost of sales and services12,64210,643
Personal services647,485665,159
Contractual services379,011363,495
Commodities177,275158,701
Central services220,764202,368
Depreciation155,454171,869
Total operating expenses1,592,6311,572,235
Operating loss(554,700)(600,036)
Nonoperating revenues (expenses):
Investment income352,256322,663
Miscellaneous revenue087
Interest on capital lease(2,097)(2,622)
Loss on disposal of capital assets(20,850)(48,022)
Total nonoperating revenues 329,309272,106
Net loss before operating transfers(225,391)(327,930)
Operating transfer in:
General fund46,000108,000
Revolving fund56,3000
Total operating transfers102,300108,000
Net loss (123,091)(219,930)
Add depreciation on contributed assets132,935149,963
Decrease in retained earnings9,844(69,967)
Retained earnings--January 159,718129,685
Retained earnings--December 31$69,56259,718
Page 92
CITY OF EDINA, MINNESOTA
Edinborough Park/Centennial Lake Fund
Statement of Cash Flows
Year ended December 31, 2001
(with comparative amounts for year ended December 31, 2000)
20012000
Cash flows from operating activities:
Operating loss$(554,700)(600,036)
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense155,454171,869
Changes in assets and liabilities:
(Increase) decrease in accounts receivable(14,412)55,939
(Increase) decrease in due from other funds15,320(611)
(Increase) decrease in prepaid expense(1,006)0
(Increase) decrease in accounts payable(1,135)(12,116)
Increase in salaries payable1,127124
Increase in due to other government(1,931)2,058
Increase (decrease) in compensated absences payable13,16952,401
Miscellaneous revenue087
Total adjustments166,586269,751
Net cash used in operating activities(388,114)(330,285)
Cash flows from noncapital financing activities:
Operating transfer in - General Fund46,000108,000
Operating transfer in - Revolving Fund56,3000
Net cash provided by noncapital financing activities102,300108,000
Cash flow from capital financing activities:
Net acquisition of capital assets(35,093)22,609
Loss on disposal of capital assets(20,850)(48,022)
Principal paid on capital lease(11,000)(10,000)
Interest paid on capital lease(2,097)(2,622)
Net cash used in capital financing activities(69,040)(38,035)
Cash flows from investing activities:
Decrease in interest receivable2,655(63,314)
Investment income352,256322,663
Net cash provided by investing activities354,911259,349
Net increase (decrease) in cash and cash equivalents57(971)
Cash and cash equivalents, beginning of year2,3203,291
Cash and cash equivalents, end of year $2,3772,320
Page 93
TRUST AND AGENCY FUNDS
Trust funds account for assets held by a governmental unit in a trustee capacity for
individual organizations, other governmental units, and other funds. The city has
one expendable trust fund.
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.
Agency funds account for assets held by a governmental unit as an agent for
individuals, private organizations, other governmental units and other funds. The city
has the following Agency funds.
Police Seizure Fund: Accounts for funds obtained by the police department which
will be remitted to the proper governments.
Page 94
CITY OF EDINA, MINNESOTA
Trust and Agency Funds
Combining Balance Sheet
Year ended December 31, 2001
(with comparative totals for December 31, 2000)
Expendable
Trust Agency
DeferredPolice Totals
CompensationSeizure 20012000
Assets:
Cash$0209,198209,198140,432
Cash and investments with
plan administrators3,980,98403,980,9843,999,778
Total assets $3,980,984209,198 4,190,1824,140,210
Liabilities:
Due to other funds $041,67841,67841,678
Due to other governments0167,520167,52098,754
Total liabilities 0209,198209,198140,432
Fund balance:
Reserved for deferred
compensation plan participants3,980,98403,980,9843,999,778
Total liabilities and fund balances$3,980,984209,1984,190,1824,140,210
Page 95
CITY OF EDINA, MINNESOTA
Deferred Compensation Expendable Trust Fund
Balance Sheet
Year ended December 31, 2001
(with comparative totals for December 31, 2000)
20012000
Assets:
Cash and cash equivalents $3,980,9843,999,778
Liabilities and fund balances:
Fund balance:
Reserved for deferred
compensation plan participants $3,980,9843,999,778
Page 96
CITY OF EDINA, MINNESOTA
Deferred Compensation Expendable Trust Fund
Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended December 31, 2001
(with comparative totals for December 31, 2000)
20012000
Revenues:
Net depreciation
in fair value of investments $(250,750)(116,184)
Employee contributions 316,813311,157
Total revenues66,063194,973
Expenditures:
Distributions to plan participants 78,826102,254
Administrative expense6,0316,215
Total expenditures84,857108,469
(Deficiency) excess of revenues
(under) over expenditures(18,794)86,504
Fund balance - January 1 3,999,7783,913,274
Fund balance - December 31$3,980,9843,999,778
Page 97
CITY OF EDINA, MINNESOTA
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Year ended December 31, 2001
BalanceBalance
1/1/01AdditionsDeductions12/31/01
Police Seizure Fund
Assets:
Cash$140,43268,7660209,198
Liabilities:
Due to other funds41,6780041,678
Due to other governments98,75468,7660167,520
$140,43268,7660209,198
Page 98
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 99
CITY OF EDINA, MINNESOTA
General Fixed Assets Account Group
Schedule of General Fixed Assets
December 31, 2001
(with comparative amounts for December 31, 2000)
20012000
General fixed assets:
Land and land improvements$39,321,47035,833,521
Buildings20,697,98320,684,526
Furniture and fixtures913,7161,155,256
Vehicles and equipment9,881,25010,288,763
Parks19,892,69816,293,082
Construction-in-progress5,328,3826,706,314
Total general fixed assets$96,035,49990,961,462
Total investment in general fixed assets$96,035,49990,961,462
Page 100
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.
Page 101
CITY OF EDINA, MINNESOTA
General Long-term Debt Account Group
Schedule of General Long-term Debt
December 31, 2001
(with comparative amounts for December 31, 2000)
20012000
Amount available and to be provided
for the retirement of long-term debt:
General Obligation Bonds:
Amount to be provided by tax increment financing$47,590,00066,670,000
Amount to be provided by property taxes7,613,9137,976,010
Amount to be provided by special assessments0170,000
Compensated absences:
Amount to be provided by revenue sources2,354,8172,220,886
Total available and to be provided$57,558,73077,036,896
General long-term debt payable:
Accrued compensated absences2,354,8172,220,886
Obligation under capital lease payable363,913426,010
General obligation bonds payable54,840,00074,390,000
Total general long-term debt payable$57,558,73077,036,896
Supplementary Schedules
Page 102
CITY OF EDINA, MINNESOTA
Combined Schedule of Bonded Indebtedness
December 31, 2001
Final
InterestIssuematurity
ratedatedate
Bonded indebtedness:
Tax Increment Bonds:
Tax Increment Refunding Bonds, Series 1992B4.90 - 6.0011/01/9202/01/09
Tax Increment Refunding Bonds, Series 1993A4.25 - 5.1004/13/9302/01/06
Tax Increment Refunding Taxable Bonds, Series 1996A5.85 - 6.2503/01/9602/01/09
Tax Increment Bonds, Series 1997B4.50 - 5.5004/01/9702/01/13
Tax Increment Bonds, Series 2000A4.30 - 4.8009/06/0002/01/11
Taxable Tax Increment Bonds, Series 2000B6.4509/06/0002/01/03
Tax Increment Refunding Bonds, Series 2000C4.50 - 4.6511/06/0002/01/09
General Obligation Bonds:
General Obligation Park & Rec Bonds, Series 1996B4.25 - 5.7508/01/9602/01/17
Improvement Bonds:
Improvement Refunding Bonds, Series 1992E 4.00 - 5.2011/01/9202/01/01
Revenue Bonds:
Recreation Bonds, Series 1992A4.00 - 6.0511/01/9201/01/13
Recreation Refunding Bonds, Series 1992C4.40 - 6.0011/01/9201/01/09
Utility Revenue Bonds,1999A 3.20 - 4.2005/03/9902/01/09
Recreational Facility Bonds, 1999B 3.70 - 4.4505/03/9901/01/13
Recreational Facility Bonds, 2001A 2.25 - 4.6511/01/0101/01/17
Total bonded indebtedness
Page 103
Exhibit 1
2001 PercentIndebtedness
paid by taxAuthorizedDue in 2002
leviesand issuedRedeemedOutstandingPrincipalInterest
None17,930,00017,930,000000
None19,580,0008,185,00011,395,0002,415,000514,693
None11,250,0001,775,0009,475,000700,000558,238
None5,090,000375,0004,715,000175,000242,568
None2,620,00002,620,000210,000114,718
None3,565,00003,565,0000229,943
None15,820,000015,820,0001,070,000695,768
75,855,00028,265,00047,590,0004,570,0002,355,928
None 8,090,000840,0007,250,000300,000385,163
8,090,000840,0007,250,000300,000385,163
None1,095,0001,095,000000
1,095,0001,095,000000
None3,975,000590,0003,385,0003,385,00099,498
None4,650,0001,255,0003,395,0003,395,00097,701
None3,600,000645,0002,955,000325,000110,060
None3,270,000 0 3,270,000 0 136,490
None4,620,000 0 4,620,000099,310
20,115,0002,490,00017,625,0007,105,000543,059
$105,155,00032,690,00072,465,00011,975,0003,284,150
Page 104
Exhibit 2
CITY OF EDINA, MINNESOTA
Schedule of Changes in Bonded Indebtedness
Year ended December 31, 2001
BalanceBalance
January 1IssuedRedeemedDecember 31
Tax Increment Bonds$66,670,000019,080,00047,590,000
General Obligation Bonds7,550,0000300,0007,250,000
Improvement Bonds170,0000170,0000
Revenue Bonds13,785,0004,620,000780,00017,625,000
$88,175,0004,620,00020,330,00072,465,000
Page 105
Exhibit 3
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable
December 31, 2001
IssueInterestMaturityPrincipal
dateratedateamount
Tax Increment Bonds:
$19,580,000 Tax Increment
Refunding Bond, Series 1993A5/1/93
$2,415,000.4.902/1/022,415,000
$2,455,000.5.002/1/032,455,000
$2,230,000.5.102/1/042,230,000
$2,555,000.5.102/1/052,555,000
$1,740,000.5.102/1/061,740,000
11,395,000
$11,250,000 Tax Increment
Taxable Refunding Bond, Series 1996A3/1/96
$700,0005.852/1/02700,000
$800,0005.852/1/03800,000
$900,0006.002/1/04900,000
$900,0006.102/1/05900,000
$1,000,0006.102/1/061,000,000
$1,475,0006.152/1/071,475,000
$1,800,0006.202/1/081,800,000
$1,900,0006.252/1/091,900,000
9,475,000
$5,090,000 Tax Increment
Temporary Bond, Series 1997B4/7/97
$175,0004.802/1/02175,000
$200,0004.852/1/03200,000
$225,0004.952/1/04225,000
$250,0005.052/1/05250,000
$405,0005.102/1/06405,000
$425,0005.152/1/07425,000
$445,0005.202/1/08445,000
$465,0005.302/1/09465,000
$490,0005.302/1/10490,000
$515,0005.352/1/11515,000
$545,0005.402/1/12545,000
$575,0005.502/1/13575,000
4,715,000
$2,620,000 Tax Increment
Bond, Series 2000A9/6/00
$210,0004.302/1/02210,000
$220,0004.352/1/03220,000
$230,0004.402/1/04230,000
$240,0004.452/1/05240,000
$255,0004.502/1/06255,000
$265,0004.552/1/07265,000
$280,0004.602/1/08280,000
$290,0004.652/1/09290,000
$305,0004.702/1/10305,000
$325,0004.802/1/11325,000
2,620,000
(Continued)
Page 106
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
IssueInterestMaturityPrincipal
dateratedateamount
$3,565,000 Tax Increment
Taxable Bond, Series 2000B9/6/00
$00.002/1/020
$3,565,0006.452/1/033,565,000
3,565,000
$15,820,000 Tax Increment
Refunding Bond, Series 2000C11/6/00
$1,070,0002/1/021,070,000
$1,325,0002/1/031,325,000
$1,460,0002/1/041,460,000
$1,505,0002/1/051,505,000
$1,655,0002/1/061,655,000
$2,490,0002/1/072,490,000
$3,060,0002/1/083,060,000
$3,255,0002/1/093,255,000
15,820,000
Total tax increment bonds 47,590,000
General Obligation Bonds:
$8,090,000 General Obligation Park & Rec
Bond, Series 1996B8/1/96
$300,0004.652/1/02300,000
$325,0004.802/1/03325,000
$325,0004.902/1/04325,000
$350,0005.002/1/05350,000
$375,0005.102/1/06375,000
$375,0005.202/1/07375,000
$400,0005.302/1/08400,000
$425,0005.402/1/09 425,000
$450,0005.452/1/10450,000
$475,000 5.502/1/11 475,000
$500,0005.552/1/12500,000
$525,0005.602/1/13525,000
$550,0005.652/1/14550,000
$600,0005.702/1/15600,000
$625,0005.752/1/16625,000
$650,0005.752/1/17650,000
Total General Obligation Bonds 7,250,000
(Continued)
Page 107
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
IssueInterestMaturityPrincipal
dateratedateamount
Revenue Bonds:
$3,975,000 Recreational Facility
Bonds, Series 1992A *11/1/92
$170,000 5.401/1/02170,000
$200,000 5.501/1/03200,000
$235,000 5.601/1/04235,000
$250,000 5.701/1/05250,000
$260,000 5.801/1/06260,000
$275,000 5.901/1/07275,000
$285,000 5.951/1/08285,000
$305,000 6.001/1/09305,000
$320,000 6.001/1/10320,000
$340,000 6.051/1/11340,000
$360,000 6.051/1/12360,000
$385,000 6.051/1/13385,000
3,385,000
$4,650,000 Recreational Facility
Refunding Bonds, Series 1992C *11/1/02
$360,000 5.401/1/02360,000
$365,000 5.501/1/03365,000
$380,000 5.601/1/04380,000
$410,000 5.701/1/05410,000
$435,000 5.801/1/06435,000
$445,000 5.901/1/07445,000
$495,000 5.951/1/08495,000
$505,000 6.001/1/09505,000
3,395,000
$3,600,000 Utility Revenue
Revenue Bond, Series 1999A5/3/99
$325,000 3.602/1/02325,000
$335,000 3.702/1/03335,000
$345,000 3.802/1/04345,000
$360,000 3.852/1/05360,000
$375,000 4.002/1/06375,000
$390,000 4.002/1/07390,000
$405,000 4.102/1/08405,000
$420,000 4.202/1/09420,000
2,955,000
*Bonds maturing in the years 2003 through 2013 will be called on January 1, 2002.
(Continued)
Page 108
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
IssueInterestMaturityPrincipal
dateratedateamount
$3,270,000 Recreational Facility
Revenue Bonds, Series 1999B5/3/99
$220,000 3.701/1/03220,000
$265,000 3.801/1/04255,000
$270,000 3.901/1/05265,000
$290,000 4.001/1/06270,000
$295,000 4.101/1/07290,000
$310,000 4.201/1/08295,000
$320,000 4.301/1/09310,000
$320,000 4.351/1/10320,000
$335,000 4.351/1/11335,000
$345,000 4.401/1/12345,000
$365,000 4.451/1/13365,000
3,270,000
$15,820,000 Recreational Facility
Revenue Bonds, Series 2001A11/1/01
$525,000 2.251/1/03525,000
$565,000 2.601/1/04565,000
$585,000 2.851/1/05585,000
$610,000 3.101/1/06610,000
$615,000 3.351/1/07615,000
$550,000 3.551/1/08550,000
$550,000 3.701/1/09550,000
$65,000 3.801/1/1065,000
$70,000 3.901/1/1170,000
$75,000 4.051/1/1275,000
$75,000 4.151/1/1375,000
$80,000 4.301/1/1480,000
$80,000 4.451/1/1580,000
$85,000 4.551/1/1685,000
$90,000 4.651/1/1790,000
4,620,000
Total revenue bonds 17,625,000
Total bonds payable 72,465,000
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Page 110
Exhibit 5
CITY OF EDINA, MINNESOTA
Assessed Valuation, Tax Levies and Mill Rates
(shown by year of tax collectibility)
19981999200020012002
Assessed valuation/tax capacity$87,726,81085,963,83690,806,94799,650,35872,583,694
Increment valuation(5,729,884)(6,230,928)(7,087,107)(8,559,204)(6,513,676)
Contribution to fiscal disparities pool(6,451,992)(7,511,473)(9,014,784)(10,127,351)(6,893,865)
Received from fiscal disparities pool2,217,2172,199,2242,460,9132,752,1491,830,348
Taxable valuation$77,762,15174,420,65977,165,96983,715,95261,006,501
Tax levies:
General Fund$13,099,14013,284,96213,650,15814,438,34615,990,256
Tax Capacity Rate:
General Fund $16.81317.81017.66917.23327.806
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Page 114
Table 4
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)
Ratio of total
Real propertyassessed value/
tax capacity to
AssessmentAssessed value/Estimatedtotal estimated
yeartax capacitymarket valuemarket value
199283,480,3503,568,897,1002.34%
199381,413,9533,607,576,6002.26%
199482,244,2153,733,888,4002.20%
199584,055,8193,849,796,6002.18%
199685,775,8874,071,654,134 2.11%
199791,586,9904,074,713,634 2.25%
199887,726,8104,267,758,501 2.06%
1999 85,963,8364,535,761,900 1.90%
200090,055,7524,861,730,000 1.85%
200172,133,5945,821,566,500 1.24%
Page 115
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 GeneralRevenueSchool
yearFundFundsTotalDistrictCountyOtherTotal
199213.480-13.48051.82334.3276.633106.263
199315.092-15.09263.74335.8397.629122.303
199416.032-16.03261.41737.4417.515122.405
199515.577-15.57757.97537.4546.851117.857
199616.331 -16.33162.26837.2707.494123.363
199715.626 -15.62657.21335.5156.659115.013
199816.813 -16.81347.49938.3887.538110.682
199917.810 -17.81050.76640.9948.553118.123
200017.669 -17.66951.67839.6558.426117.428
200117.233 -17.23346.83937.6248.126109.822
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Page 118
Table 8
CITY OF EDINA, MINNESOTA
Computation of Overlapping Debt
December 31, 2001
(Unaudited - see accompanying auditors' report)
PercentageAmount
applicableapplicable
Net debtto City ofto City of
JurisdictionoutstandingEdinaEdina
City of Edina$54,195,263100.00%$54,195,263
Hennepin County278,091,1187.07%19,661,042
ISD #273 (Edina)31,224,29497.52%30,449,932
ISD #270 (Hopkins)38,396,4707.89%3,029,481
ISD #271 (Bloomington)147,785,4390.01%14,779
ISD #272 (Eden Prairie)123,014,2411.05%1,291,650
ISD #280 (Richfield)47,736,00420.90%9,976,825
ISD #283 (St. Louis Park)53,602,9550.01%5,360
Metro Council141,032,0006.73%9,491,454
Hennepin Regional RR Authority50,000,0007.07%3,535,000
Hennepin County Regional Parks27,087,3349.39%2,543,501
$134,194,287
Page 119
Table 9
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)
Ratio of total
debt service
Totalto total
FiscaldebtTotal generalgeneral
yearPrincipalInterestserviceexpenditures (a)expenditures
19921,790,0004,173,8505,963,85019,610,52230.41%
19931,800,0004,847,3606,647,36021,384,89731.08%
19941,185,0006,148,4667,333,46622,035,99133.28%
19952,495,0005,378,8157,873,81523,630,85333.32%
19961,400,0004,881,475 6,281,475 23,128,537 27.16%
19972,120,0004,502,948 6,622,948 24,000,082 27.60%
19982,224,7244,099,809 6,324,533 25,390,000 24.91%
19993,275,0003,262,266 6,537,266 25,131,088 26.01%
20006,050,0003,108,601 9,158,601 25,814,880 35.48%
20013,740,0003,148,719 6,888,719 28,382,482 24.27%
Notes: (a) Includes General, Special Revenue, and Debt Service Funds.
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Page 122
Table 12
CITY OF EDINA, MINNESOTA
Principal Taxpayers
December 31, 2001
(Unaudited - see accompanying auditors' report)
2001 tax
TaxpayerType of Businesscapacity
SouthdaleShopping center$2,987,632
Pentagon Office ParkOffice building1,016,172
GalleriaShopping center964,866
Southdale Office ParkOffice building839,688
Cedars of EdinaApartments612,748
Centennial Lakes Phase IVOffice building552,218
United Health Care CorporationOffice building524,504
Southdale Medical BuildingOffice building496,792
Centennial Lakes Phase VOffice building473,362
7700 France Office building469,250
Centennial Lakes RetailRetail 409,952
Centennial Lakes Phase I Office building334,906
Centennial Lakes Phase IIOffice building334,904
Analysts International CorporationOffice building334,904
Edinborough PlazaApartments333,000
DurhamApartments320,995
York PlazaApartments319,559
TargetRetail 254,342
5050 Lincoln DriveOffice building232,920
Jerry's CenterRetail & Office227,632
Page 123
Table 13
CITY OF EDINA, MINNESOTA
Major Employers in the City
December 31, 2001
(Unaudited - see accompanying auditors' report)
Approximate
Number
EmployerProduct/Serviceof Employees
Fairview Southdale HospitalGeneral Medical & Surgical Hospitals2,400
Jerry's Enterprises Inc.Grocery Stores2,000
Golden Valley Microwave FoodsManufacturing650
Health Risk Management Inc.Pension, Health and Welfare Funds552
Marshall FieldsDepartment Store500
J.C. PenneyDepartment Store400
Norwest FundingMortgage Bankers & Correspondents358
Nash Finch Co.Groceries350
International Dairy Queen Inc.Eating Places300
Roach Organization Inc.Computer & Computer Software Stores140
Techpower Inc.Help Supply Services120
Source: City of Edina "Community Profile", Minnesota Department of Trade and Economic
Development, 2001
Page 124
Table 14
CITY OF EDINA, MINNESOTA
Labor Force Data
December 31, 2001
(Unaudited - see accompanying auditors' report)
December 2001December 2000
CivilianUnemploymentCivilianUnemployment
Labor ForceRateLabor ForceRate
Hennepin County677,7153.5%666,1082.4%
Mpls.-St. Paul MSA1,775,3023.5%1,751,7672.7%
State of Minnesota2,727,3854.0%2,772,6283.7%
Source: Minnesota Workforce Center.
Page 125
Table 15
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics
December 31, 2001
(Unaudited - see accompanying auditors' report)
Date of incorporationDecember 17, 1888
Date of adoption of Council-Manager PlanJanuary 1, 1955
Present form of governmentCouncil-Manager
Fiscal year beginsJanuary 1
Area of City16 square miles
Percent of City developed with buildings97%
Miles of streets and sewers:
Total streets (including state and county)224 miles
Sanitary sewer186.22 miles
Sewer connections13,984
Fire protection:
Number of stations2
Number of employees (full time)31
Police protection:
Number of stations1
Number of employees (full time)63
Park areas:
Present park acres and open space1,600
Total improved park acres1,007
Number of parks39
Private golf courses2
Public golf courses3
Municipal water plant:
Number of wells18
Miles of watermain198.81
Gallons of storage7 million
Number of consumers14,025
(Continued)
Page 126
Table 15, 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
1998 (estimated June 1998)47,113
1999 (estimated June 1999)47,235
2000 (census)47,425
2001 (census)47,425
Page 127
Table 16
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, 2001
Accounted
OriginalAmendedfor inCurrentAmount
budgetbudgetprior yearsyearremaining
Sources of funds:
Bond proceeds$2,200,0005,280,0005,251,998028,002
Tax increments
received031,748,48917,752,3461,341,39612,654,747
Real estate sales*800,000170,782170,78200
State aid0418,871418,87100
Special assessments01,321,096728,5050592,591
Parking permits0268,524268,52400
Community develop-
ment0186,064186,06400
Interest on invested
funds02,000,0002,111,642301,467(413,109)
Other073,88173,88100
Total sources of
funds3,000,00041,467,70726,962,6131,642,86312,862,231
Uses of funds:
Land acquisition0873,061873,06100
Installation of public
utilities and
improvements3,000,0007,867,0347,862,03205,002
Bond payments
Principal05,280,0002,200,00003,080,000
Interest04,738,3293,730,524158,450849,355
Administrative costs01,230,0001,162,47942,97224,549
Paid to other governments021,0008,7731,92310,304
Work orders016,25716,25700
Contingencies011,64411,64400
Interest0463,037463,03700
Miscellaneous062,09562,095915(915)
Transfer010,000,0002,972,6443,001,2444,026,112
Total uses of funds3,000,00030,562,45719,362,5463,205,5047,994,407
Funds remaining (or
deficient)010,905,2507,600,067(1,562,641)4,867,824
Cost to authority Price paid by developer
*Real estate sales
Liquor store site$128,064105,002
Union oil site134,50665,780
$262,570170,782
Page 128
Table 17
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, 2001
Accounted
OriginalAmendedfor inCurrentAmount
budgetbudgetprior yearsyearremaining
Sources of funds:
Bond proceeds$6,165,17721,470,00020,219,85201,250,148
Tax increments
received075,000,00038,162,5373,417,25233,420,211
Real estate sales*598,0053,000,0002,642,1150357,885
Loan proceeds01,321,096001,321,096
Community develop-
ment Block Grant0189,221189,22100
Interest on invested
funds03,500,0002,496,1014,436999,463
Other050,0001,357048,643
Total sources of
funds6,763,182104,530,31763,711,1833,421,68837,397,446
Uses of funds:
Land acquisition6,682,99812,200,0006,894,30305,305,697
Installation of public
utilities and
improvements016,000,00014,278,82301,721,177
Site improvements or
preparation costs2,885,4842,000,000468,09801,531,902
Bond payments
Principal021,470,00013,085,0001,480,0006,905,000
Interest020,100,00018,607,562430,7601,061,678
Administrative costs194,7001,800,0001,673,1551,189125,656
Paid to other governments0110,00040,7648,41360,823
Transfers out017,000,0006,606,312010,393,688
Interest reduction01,850,000001,850,000
Parkland dedication fees0767,852767,85200
Total uses of funds9,763,18293,297,85262,421,8691,920,36228,955,621
Funds remaining (or
deficient)(3,000,000)11,232,4651,289,3141,501,3268,441,825
Cost to authority Price paid by developer
*Real estate sales
Retail site$8,35011,899
Hotel site192,915192,915
Elderly site453,740346,534
Office site1,027,277784,563
Coventry Townhouses1,318,1031,318,103
$3,000,3852,654,014
Page 129
Table 18
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, 2001
Accounted
OriginalAmendedfor inCurrentAmount
budgetbudgetprior yearsyearremaining
Sources of funds:
Bond proceeds$4,500,0009,900,0008,075,91501,824,085
Tax increments
received029,737,1077,643,339740,45721,353,311
Real estate sales04,700,00004,005,694694,306
Interest on invested
funds0300,000479,904216,597(396,501)
Other0059,568300(59,868)
Total sources of
funds4,500,00044,637,10716,258,7264,963,04823,415,333
Uses of funds:
Land acquisition 06,500,0002,817,319309,937 3,372,744
Installation of public
utilities and
improvements4,310,00017,127,0004,012,1134,579,8858,535,002
Bond payments
Principal09,900,0001,450,000200,0008,250,000
Interest09,190,0001,697,430344,6277,147,943
Loan/note interest000614,901(614,901)
Paid to other governments00184,5311,948(186,479)
Administrative costs190,0001,920,1071,078,689117,315724,103
Total uses of funds4,500,00044,637,10711,240,0826,168,61327,228,412
Funds remaining (or
deficient)$005,018,644(1,205,565)(3,813,079)
Cost to authority Price paid by developer
*Real estate sales
5229 Eden Ave.$1,822,319
5220 Eden Circle995,000
5244 Eden Circle0
(Condemnation deposit)309,937
Project area4,005,694
$3,127,2564,005,694
Page 130
Table 19
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, 2001
Accounted
OriginalAmendedfor inCurrentAmount
budgetbudgetprior yearsyearremaining
Sources of funds:
Bond proceeds$41,400,00041,400,00033,761,67707,638,323
Tax increments
received80,000,00090,000,00014,719,6253,810,25571,470,120
Real estate sales*5,000,00011,637,07011,637,07000
Special assessment01,321,096001,321,096
Interest on invested
funds02,500,0002,184,74468,615246,641
Transfer in028,000,00010,690,1793,001,24414,308,577
Sale of material0255,710255,71000
Developer payments0297,826297,82600
Other020,00017,71902,281
Total sources of
funds126,400,000175,431,70273,564,5506,880,11494,987,038
Uses of funds:
Land acquisition13,900,00022,981,42522,981,42500
Installation of public
utilities and improvements26,677,00025,871,23016,468,675133,9689,268,587
Bond payments
Principal41,400,00041,400,0004,144,7241,590,00035,665,276
Interest38,000,00038,000,00025,311,1791,811,57410,877,247
Administrative costs1,140,8001,600,0001,213,42025,559361,021
Paid to other governments042,0008,0836,12327,794
Loan/note interest014,684,711810,596690,24813,183,867
Parkland dedication02,030,3452,030,34500
Total uses of funds121,117,800146,609,71172,968,4474,257,47269,383,792
Funds remaining (or
deficient)$5,282,20028,821,991596,1032,622,64225,603,246
Cost to authority Price paid by developer
*Real estate sales
Retail and theater site$3,213,7203,213,720
Medical office site815,092815,092
Office site1,107,1601,107,160
Office building #1449,300449,300
Office building #21,280,7021,280,702
Office building #31,341,5331,341,533
Office building #41,625,8491,625,849
Office building #51,803,7141,803,714
$11,637,07011,637,070
Page 131
Table 20
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, 2001
Accounted
OriginalAmendedfor inCurrentAmount
budgetbudgetprior yearsyearremaining
Sources of funds:
Bond proceeds$1,911,0001,911,000001,911,000
Tax increments
received2,177,8552,177,855746,86301,430,992
Interest on invested
funds0080,38546,502(126,887)
Other00000
Total sources of
funds4,088,8554,088,855827,24846,5023,215,105
Uses of funds:
Land acquisition529,400529,4008,2103,005518,185
Installation of public
utilities and
improvements325,000325,00089,4680235,532
Demolition150,000150,00000150,000
Relocation160,000160,00000160,000
Capitalized Interest150,000150,00000150,000
Debt service2,178,4552,178,455002,178,455
Paid to other governments002,7300(2,730)
Administrative costs596,000596,00045,86124,714525,425
Total uses of funds4,088,8554,088,855146,26927,7193,914,867
Funds remaining (or
deficient)$00680,97918,783(699,762)