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CITY OF.EDINA, MINNESOTA
1 9 8 9
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1989
4
CITY OF EDINA, MINNESOTA
Comprehensive Annual Financial Report
Year ended December 31, 1989
Department of Finance
John Wallin - Treasurer and Finance Director
Eric Anderson - Assistant Finance Director
Linda Margl - Accountant
CITY OF EDINA, MINNESOTA
TABLE OF CONTENTS
PART I - INTRODUCTORY SECTION
Page .
Elected and Appointed Officials 1
Letters of Transmittal 2
PART H - 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 Changes in Financial Position - All
Proprietary Fund Types
18
Notes to Financial Statements
19
COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP
FINANCIAL STATEMENTS:
General Fund:
Balance Sheet 38
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual 39
Schedule of Revenues - Budget and Actual 40
Schedule of Expenditures - Budget and Actual 41
Schedule of Central Services Expenditures - Budget and Actual 48
Special Revenue Funds:
Combining Balance Sheet 50
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance 51
Debt Service Funds:
Combining Balance Sheet 53
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance 54
Capital Project Funds:
Combining Balance Sheet 56
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance 57
2
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Page
COMBINING AND INDMDUAL FUND AND ACCOUNT GROUP
FINANCIAL STATEMENTS (CONTINUED):
Enterprise Funds:
Combining Balance Sheet
59
Combining Statement of Revenues, Expenses and Changes
in Retained Earnings
61
Combining Statement of Changes in Financial Position
63
Schedule of Property and Equipment
65
Utilities Fund:
Balance Sheet
69
Statement of Revenues, Expenses and Changes in Retained Earnings
70
Statement of Changes in Financial Position
72
Liquor Fund:
Balance Sheet
73
Statement of Revenues, Expenses and Changes in Retained Earnings
74
Statement of Changes in Financial Position
75
Schedule of Operating Expenses
76
Swimming Pool Fund:
Balance Sheet
77
Statement of Revenues, Expenses and Changes in Retained Earnings
78
Statement of Changes in Financial Position
79
Golf Course Fund:
Balance Sheet
80
Statement of Revenues, Expenses and Changes in Retained Earnings
81
Statement of Changes in Financial Position
82
Schedule of Operating Expenses
83
Recreation Center Fund:
Balance Sheet
84
Statement of Revenues, Expenses and Changes in Retained Earnings
85
Statement of Changes in Financial Position
86
Gun Range Fund:
Balance Sheet
87
Statement of Revenues, Expenses and Changes in Retained Earnings
88
Statement of Changes in Financial Position
89
Art Center Fund:
Balance Sheet
90
Statement of Revenues, Expenses and Changes in Retained Earnings
91
Statement of Changes in Financial Position
92
Edinborough Park Fund:
Balance Sheet
93
Statement of Revenues, Expenses and Changes in Retained Earnings
94
Statement of Changes in Financial Position
95
Agency Fund:
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
3
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
General Governmental Expenditures by Function - Last Ten
Fiscal Years
Exhibit Page
SUPPLEMENTARY INFORMATION:
General Governmental Revenues by Source - Last Ten Fiscal
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 4 111
Assessed Valuation, Tax Levies and Mill Rates
Exhibit 5 112
Schedule of Sources and Uses of Public Funds:
of Taxable Property - Last Ten Fiscal Years
For 50th and France - No. 1200, a Tax Increment
131
Financing District
Exhibit 6 114
For Southeast Edina Redevelopment District -
Last Ten Fiscal Years
No. 1201, a Tax Increment Financing District
Exhibit 7 115
For Grandview Area Redevelopment District -
Table 6
No. 1202, a Tax Increment Financing District
Exhibit 8 116
For Southeast Edina Economic Development District -
No. 1203, A Tax Increment Financing District
Exhibit 9 117
Independent Auditors' Report on Schedule of Federal
Financial Assistance
Exhibit 10 118
Schedule of Federal Financial Assistance
Exhibit 11 119
Independent Auditors' Report on Compliance with General
Requirements
Exhibit 12 120
Independent Auditors' Report on Compliance at the
Financial Statement Level
Exhibit 13 121
Independent Auditors' Report on Compliance with Specific
Requirements Applicable to Nonmajor Programs
Exhibit 14 122
Independent Auditors' Report on Internal Accounting and
Administrative Controls - Based on a Study and
Evaluation Made as a Part of an Audit of the Financial
Statements and the Additional Tests Required by the
Single Audit Act
Exhibit 15 123
Independent Auditors' Report on the Internal Control
Structure in Accordance with Government Auditing
Standards
Exhibit 16 125
PART III - STATISTICAL SECTION
Table Page
General Governmental Expenditures by Function - Last Ten
Fiscal Years
Table 1
127
General Governmental Revenues by Source - Last Ten Fiscal
Years
Table 2
128
Property Tax Levies and Collections - Last Ten Fiscal Years
Table 3
129
Assessed Value or Tax Capacity and Estimated Market Value
of Taxable Property - Last Ten Fiscal Years
Table 4
131
Property Tax Rates - All Overlapping Governments -
Last Ten Fiscal Years
Table 5
132
Special Assessment Collections - Last Ten Fiscal Years
Table 6
133
4
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
PART III - STATISTICAL SECTION (CONTINUED) Table Page
Ratio of Net General Bonded Debt to Assessed Value /Tax
Capacity and Net Bonded Debt Per Capita -
Last Ten Fiscal Years
Table 7
135
Computation of Legal Debt Margin - December 31, 1989
Table 8
136
Computation of Overlapping Debt - December 31, 1989
Table 9
137
Ratio of Annual Debt Service Expenditures for General Bonded
Debt to Total General Expenditures - Last Ten Fiscal Years
Table 10
138
Revenue Bond Coverage - Last Ten Fiscal Years
Table 11
139
Property and Construction Values - Last Ten Fiscal Years
Table 12
140
Principal Taxpayers - December 31, 1989
Table 13
141
Miscellaneous Statistics - December 31, 1989
Table 14
142
INTRODUCTORY
SECTION
CITY OF EDINA, MINNESOTA
Elected and Appointed Officials
December 31, 1989
Term of
office expires
January*
Elected:
Mayor - Frederick S. Richards 1993
Council:
Glenn L. Smith
1991
Bernard G. Rice, Jr.
1991
Peggy Kelly
1993
Jane L. Paulus
1993
Appointed:
Manager - Kenneth E. Rosland
Treasurer and Finance .Director - John Wallin
Assistant Finance Director - Eric Anderson
Clerk - Marcella M. Daehn
*First official business day.
-1-
i6DINA
1801 WEST 50TH STREET, EDINA, MINNESOTA 55424
A2-927-8861
April 27, 1990
To the Honorable Mayor and
Members of the City Council
City of Edina, Minnesota:
In accordance with state statutes and local charter provision, I hereby transmit the
annual financial report of the City of Edina, Minnesota as of December 31, 1989 and for
the fiscal year then ended. Responsibility for both the accuracy of the presented data
and the completeness and fairness of the presentation, including all disclosures, rests
with the City. All disclosures necessary to enable the reader to gain the maximum
understanding of the City's financial affairs have been included.
In developing and evaluating the City's accounting system, consideration is given to the
adequacy of internal accounting controls. Internal accounting controls are discussed by
the Finance Director in his accompanying letter of transmittal, and within that
framework, I believe that the City's internal accounting controls adequately safeguard
assets and provide reasonable assurance of proper recording of financial transactions.
In accordance with the above — mentioned guidelines the accompanying report consists of
three sections:
1) Introductory section — includes the Finance Director's letter of transmittal;
2) Financial section — includes the financial statements and supplemental schedules
of the government accompanied by our independent auditors' reports; and
3) Statistical section — includes a number of tables of unaudited data depicting the
financial history of the government for the past ten years, information on
overlapping governments, and demographic and other miscellaneous information.
State law requires that the financial statements of the City of Edina, Minnesota be
audited by a certified public accountant selected by the City Council. This requirement
has been complied with, and our independent auditors' report is included in the financial
section of this report.
Although the City of Edina, Minnesota concluded fiscal year 1989 in a sound financial
condition, there are several external areas of concern which may require special
attention by the mayor and members of the City Council during the present fiscal period.
—2—
The State Legislature again adopted additional major property tax changes during its
last session. These changes, at first glance, do not seem to affect us as greatly this year
as in past years. Local government aids and homestead credit were taken away from us
in 1989, so that effect has already taken place. The State, however, did try to penalize
us by taking away our share of the State gas tax. However, our efforts were successful
in defeating that part of the tax bill. There was one small, minor gain for our taxpayers
in that the 2% rate between 68,000 to 100,000 was changed to between 68,000 to
110,000. A new comparable worth bill was passed which again will create some
additional problems. However, hopefully we can handle this without a real extreme
impact on our budget. All in all, the City of Edina survived another legislative year.
The preparation of this annual financial report could not have been accomplished
without the dedicated effort of the Finance Director and his entire staff. Their efforts
over the past years toward upgrading the accounting and financial reporting systems of
the City of Edina have lead substantially to the improved quality of the information
being reported to the City Council, state oversight boards, and the citizens of the City
of Edina.
Respectfully submitted,
Kenneth E. Roslan
City Manager
ki
A-iii 661NA I
1801 WEST 50TH STREET; EDINA, MINNESOTA 55424
312- 927 -8861
April 27, 1990
To the Honorable Mayor,
Members of the City Council,
and City Manager
City of Edina, Minnesota:
The Comprehensive Annual Financial Report of the City of Edina (the City), for the
fiscal year ended December 31, 1989, is submitted herewith. This report was prepared
by the City's Finance Department. Responsibility for both the accuracy of the
presented data and the completeness and fairness of the presentation, including all
disclosures, rests with the City. We believe the data, as presented, is accurate in all
material respects; that it is presented in a manner designed to fairly set forth the
financial position and results of operations of the City as measured by the financial
activity of its various funds; and that all disclosures necessary to enable the reader to
gain the maximum understanding of the City's financial affairs have been included.
Accounting. System and Budgetary Control
In developing and evaluating the City's accounting system, consideration is given to the
adequacy of internal accounting controls. Internal accounting controls are designed to
provide reasonable, but not absolute, assurance regarding: (1) the safeguarding of assets
against loss from unauthorized use or disposition; and (2) the reliability of financial
records for preparing financial statements and maintaining accountability for assets.
The concept of reasonable assurance recognizes that: (1) the cost of a control should
not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits
requires estimates and judgments by management.
All internal control evaluations occur within the above framework. We believe that the
City's internal accounting controls adequately safeguard assets and provide reasonable
assurance of proper recording of financial transactions.
Budgetary control- is maintained through the issuance of purchase orders. Purchase
orders which would result in an overrun of the budgeted allotment are not released until
additional appropriations are made available.
-4-
The Reporting Entity and Its Services
The City has reviewed its reporting entity definition in light of NCGA Statement 3,
Defining the Governmental Reporting Entity as adopted by Governmental Accounting
Standards Board Statement 1. The entities included in the City's report are those for
which the City has oversight responsibility.
The City provides the full range of municipal services. These services include police
and fire protection, civil defense, public health, animal control, inspections, public
works maintenance, public improvements, parks and recreation activities, and general
administrative services.
SIGNIFICANT EVENTS AND ACCOMPLISHMENTS
General Governmental Functions
Revenues for general governmental functions reported within the General, Special
Revenue, Debt Service and Capital Projects Funds totaled $21,322,904 in 1989, an
increase of 1.29 percent over 1988: General property taxes produced 51.8 percent of
general revenues compared to 59.7 percent last, year. The amount of revenues from
various sources and the increase (decrease) over last year are shown in the following
table:
Current tax collections were 97.4 percent of the tax levy, down 1.4 percent from last
year. Delinquent tax collections were more than last year. The ratio of total collections
(current and delinquent) to the current tax levy was 98.2 percent, a decrease of 1.4
percent from last year.
-5-
Increase
Percent
(decrease)
Revenue source
Total
of total
from 1988
Taxes
$ 11,050,785
51.8%
$ 1,197,225
Special assessments
936,026
4.4
(564,024)
Franchise fee
49,969
.2
1,441
Licenses and permits
893,191
4.2
269,431
Intergovernmental revenues
3,548,522
16.6
1,122,802
Charges for services
873,549
4.1
132,841
Fines and forfeitures
467,957
2.3
(64,300)
Interest on investments
1,737,726
8.1
1,204,079
Sale and rental.of property
151,180
.7
23,334
Miscellaneous
1,613,999
7.6
1,483.233
Total
$ 21.322.904
10-0
806,062
Current tax collections were 97.4 percent of the tax levy, down 1.4 percent from last
year. Delinquent tax collections were more than last year. The ratio of total collections
(current and delinquent) to the current tax levy was 98.2 percent, a decrease of 1.4
percent from last year.
-5-
Expenditures for all general governmental. purposes totaled $26,429,199, a decrease of
26.56 percent over 1988. Increases (decreases) in levels of expenditures for major
functions of the City over the preceding year are shown in the following table:
Expenditures for public safety were 20.2 percent of total general governmental
expenditures. This expenditure function includes police protection, fire protection, civil
defense, animal control, public health and building inspections expenditures.
Expenditures for capital outlay were 33.5 percent of total governmental expenditures.
There was a $10,950,094 decrease from 1988. This decrease is due principally to the
Edinborough project.
Unreserved fund balances were maintained at adequate levels. The General Fund
balance of $1,533,976 was up $338,702 from last year; and the Capital Projects Fund
balance of $17,609,662 was up $12,194,501 from last year.
Debt Administration
The ratio of net bonded debt to tax capacity and the amount of bonded debt per capita
are useful indicators of the City's debt position and are listed below:
Ratio of net bonded debt to tax capacity .788
Net bonded debt per capita $ 1,399
The following is a summary of bonded debt for fiscal year 1989:
Gross bonded debt outstanding, January 1, 1988 $ 47,305,000
Add bonds issued in fiscal year 1989 30,555,000
Deduct bonds redeemed in fiscal year 1989 13,800.000
. Gross bonded debt outstanding, December 31, 1989 64,060,000
Deduct sinking fund assets, December 31, 1989 (1,202.505)
Net bonded debt, December 31, 1989 $ 2.857.49
-6-
Increase
Percent
(decrease)
Function
Total
of total
from 1988
General government
$ 1,823,403
6.9%
$ 167,577
Public safety
5,345,763
20.2
223,371
Public works
2,502,980
9.5
61,052
Parks
1,654,159
6.3
182,418
Unallocated general
300,142
1.3
(21,024)
Other
1,094,418
4.1
44,734
Capital outlay
8,857,367
33.5
(10,950,094)
Bond principal
1,900,000
7.1
(50,000)
Interest and fiscal charges
2.950,967
11.1
780.804
Total
$ 26.429.199
IDM%
$ (9.561.162)
Expenditures for public safety were 20.2 percent of total general governmental
expenditures. This expenditure function includes police protection, fire protection, civil
defense, animal control, public health and building inspections expenditures.
Expenditures for capital outlay were 33.5 percent of total governmental expenditures.
There was a $10,950,094 decrease from 1988. This decrease is due principally to the
Edinborough project.
Unreserved fund balances were maintained at adequate levels. The General Fund
balance of $1,533,976 was up $338,702 from last year; and the Capital Projects Fund
balance of $17,609,662 was up $12,194,501 from last year.
Debt Administration
The ratio of net bonded debt to tax capacity and the amount of bonded debt per capita
are useful indicators of the City's debt position and are listed below:
Ratio of net bonded debt to tax capacity .788
Net bonded debt per capita $ 1,399
The following is a summary of bonded debt for fiscal year 1989:
Gross bonded debt outstanding, January 1, 1988 $ 47,305,000
Add bonds issued in fiscal year 1989 30,555,000
Deduct bonds redeemed in fiscal year 1989 13,800.000
. Gross bonded debt outstanding, December 31, 1989 64,060,000
Deduct sinking fund assets, December 31, 1989 (1,202.505)
Net bonded debt, December 31, 1989 $ 2.857.49
-6-
The City's bonds continue to have an Aal rating as determined by Moody's Investors
Service, and an AA rating from Standard & Poors.
At December 31, 1989 the City had $50,570,000 of Tax Increment Bonds outstanding,
excluding Improvement and Revenue Bonds. $200,000 was available in the General Debt
Service Fund for payment of these obligations, resulting in $(200,000) net general debt
at December 31, 1989. This compares with the City's debt limit as shown below:
Debt limit
Legal debt margin
Cash Management
$ 4.245.234
$ 4.445.234
The City subscribes to the "pooled cash" concept of investing which means that all funds
with cash balances participate in an investment pool. This permits some funds to be
overdrawn and others to show cash balances when in fact, the City has a cash balance.
This pooled cash concept provides for investing greater amounts of money at more
favorable rates. Interest earnings are then periodically allocated to the participating
funds. During 1989 the City earned $1,737,726 in interest. The following is a list of the
City's cash and investments by classification as of December 31, 1989:
Cash
Certificates of deposit
Commercial paper
Government securities
Money markets
Capital Project Funds
$ 1,513,374
5,196,952
1,595,062
8,816,148
13.450.956
$ 0.572.492
The major construction projects and equipment purchases are accounted for in three
Capital Project Funds. The HRA Fund accounts for construction projects within the
City's four tax increment districts. The Construction Fund and Capital Project Funds
are for construction projects or major equipment purchases funded through special
assessments, state aids, General Fund appropriations, or working capital funds.
General Fixed Assets
The general fixed assets of the City are those fixed assets used in the performance of
general governmental functions and exclude the fixed assets of the Enterprise Funds. As
of December 31, 1989 the general fixed assets of the City amounted to $52,884,271.
This amount represents the original cost of the assets and is considerably less than 'their
present value. Depreciation of general fixed assets is not recognized in the City's
accounting system.
—7—
Enterprise Funds
The City currently operates eight enterprise funds which are set up to operate primarily
from user fees charged to the general public. A comparative statement of income (loss)
before operating transfers for the fiscal years ended 1989 and 1988 is as follows:
Income (loss)
before transfers
1989 1988
Utilities
$ 527,202
(557,075)
Liquor
335,552
353,567
Swimming Pool
(9,146)
(6,550)
Golf Course
146,773
170,646
Recreation Center
(46,082)
(82,793)
Gun Range
4,525
(590)
Art Center
1,479
(10,953)
Edinborough Park
3( 6,341)
23( 5.333)
Transfers from /to other
funds for various purposes were $57,466 and $350,000 in 1989
and $229,828 and $350,000 in 1988, respectively.
Independent Audit
Minnesota State Statutes require that every city with a population of more than 2,500
submit to the State Auditor audited financial statements which have been attested to by
a certified public accountant, public accountant or the State Auditor. This statute has
been complied with, and the report of the certified public accounting firm of KPMG
Peat Marwick has been included in this Comprehensive Annual Financial Report for 1989.
Acknowledgments
The preparation of this report on a timely basis could not be accomplished without the
efficient and dedicated services of the entire staff of the Finance Department. We
would like to express our appreciation to all members of the Department who assisted
and contributed to its preparation. We should also like to thank the mayor and City
Council members for their interest and support in planning and conducting the financial
operations of the City in a responsible and progressive manner.
Respectfully submitted,
John Wallin, CPA
Treasurer and Finance Dir for
Linda Margl
Accountant
8
KJ �PA�GNPeat Marwick
Certified Public Accountants
Peat Marwick Main & Co.
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report
Honorable Mayor and Members
of the City Council
City of Edina, Minnesota:
We have audited the general purpose financial statements of the City of Edina,
Minnesota as of and for the year ended December 31, 1989, as listed in the
accompanying table of contents. These general purpose financial statements are the
responsibility of the City's management. Our responsibility is to express an opinion on
these general purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the general purpose financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the general purpose financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly,
in all material respects, the financial position of the City of Edina, Minnesota, at
December 31, 1989, and the results of its operations and the changes in financial
position of its proprietary fund types for the year then ended in conformity with
generally accepted accounting principles.
As discussed in note 14 to the financial statements, the City reclassified revenues
previously reported in the Improvement Bond Redemption II Fund into the Construction
Fund.
Our audit was made for the purpose of forming an opinion on the general purpose
financial statements taken as a whole.. The combining, individual fund, and account
group financial statements and schedules listed in -the accompanying table of contents
are presented for purposes of additional analysis and are not a required part of the
general purpose financial statements of the City of Edina, Minnesota. Such information
has been subjected to the auditing procedures applied in the. audit of the, general purpose
financial statements and, in our opinion, is fairly presented in all material respects in
relation to the general purpose financial statements taken as a whole.
-9-
Member Firm of
Klynveld Peat Marwick Goerdeler
The data designated as the "statistical section" in the accompanying table of contents is
presented for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has not been subjected to the auditing
procedures applied in the audit of the basic financial statements and, accordingly, we
express no opinion on it.
April 27, 1990
—10—
CITY OF EDINA, MINNESOTA
Combined Balance Sheet - All Fund Types and Account Groups
December 31, 1989
(with comparative totals for December 31, 1988)
See accompanying notes to financial statements.
-11-
Governmental fund tunes
Special Debt
Capital
Assets
General
Revenue Service
Proiects
Cash (deficit) (note 2)
$ 5,143,620
(119,679) (685,989)
(3,022,962)
Investments (note 2)
5,070,362
851,466 351,744
18,598,830
Cash with plan administrators
-
- -
-
Receivables:
Accounts
468,039
129,796 -
460,844
Interest
3,127
5,500 40,000
364,557
Special assessments
-
- 2,191,803
391,356
Metro Waste Control (note 6)
-
- -
-
Notes
-
- -
1,716
Due from other funds (note 10)
7,268
- 200,000
2,611,692
Due from other governments
387,056
- 47,177
699
Inventory
2,500
- -
-
Prepaid expense
18,794
- -
-
Fixed assets - net of accumulated
depreciation (note 4)
-
- -
-
Discount on bonds
-
- -
-
Amount available in debt service fund
-
- -
-
Amount to be provided for retirement
of long -term debt
-
- -
-
Total assets
Fund Eauity
$ j 1.100.766
867.083 2.144.735
19.406.732
Liabilities and
Liabilities:
Accounts payable
444,312
11,088 808
325,889
Contracts payable
-
- -
307,236
Accrued interest payable
-
- -
-
Due to other funds (note 10)
2,818,960
- -
-
Due to other governments
18,903
- 69,183
-
Reserve for construction
-
- -
-
Deposits payable
-
- -
-
Due to participants
-
- -
-
Due to federal government
-
- -
-
Accrued compensated absences
(note 5)
-
- -
-
Deferred revenue (note 6)
-
- 2,175,727
391,356
Bonds payable (note 5)
-
- -
Total liabilities
3.282.175
11.088 2.245.718
1.024.481
Fund equity:
Investment in general fixed assets
-
- -
-
Contributed capital
-
- -
-
Retained earnings:
Reserved (note 11)
-
- -
-
Unreserved - undesignated
-
- -
-
Fund balance:
Reserved (note 11)
423,248
- (100,983)
-
Unreserved - designated (note 11)
5,861,367
- -
772,589
Unreserved - undesignated
1.533.976
855.995 -
17.609.662
Total fund equity
7.818.591
855.995 (100.983)
18.382.251
Total liabilities and fund
equity
$ 11.100.766
867.083 2.144.735
19"406"732
See accompanying notes to financial statements.
-11-
Proprietary Fiduciary
fund toe
fund woes General General
Totals
- - -
Fixed Long -term
(memorandum
only)
Enterprise
Aged Assets Debt
1989
1988
298,384
- - -
1,613,374
132,543
3,973,287
113,429 - -
28,959,118
17,896,456
-
3,136,961 - -
3,136,961
2,649,132
982,603
- - -
2,041,282
1,195,278
222,961
3,337 - -
639,482
-
253
- - -
2,583,412
2,459,433
240,571
- - -
240,571
225,546
16,661
- - -
18,377
-
-
_ _ -
2,818,960
1,073,225
_
_ _ _
434,932
370,771
484,770
- - -
487,270
516,711
-
- - -
18,794
275,693
21,577,219
- 52,884,271 -
74,461,490
71,211,004
84,186
- - -
84,186
-
2,741,008
38.427.490
139.174.290
281,345 - -
- 1,063,442
1,535,140
- - -
- 307,236
-
88,188 - -
- 88,188
96,968
- - -
- 2,818,960
1,073,225
- - -
- 88,086
43,102
750 - -
- 750
-
8,871 - -
- 8,871
42,298
- 3,136,961 -
- 3,136,961
2,649,132
- 116,766 -
- 116,766
-
- - -
609,356 609,356
593,498.
151,410 - -
8.780.000
9.310.564 3.253.727 -
- 2,718,493
55.280.000 64.060.000
55.889.356 75.017.109
2,642,257
47.305.000
55.980.620
- - 52,884,271
- 52,884,271
50,117,411
249,151 - -
- 249,151
273,545
1,002,505 - -
- 1,002,505
797,646
17,318,675 - -
- 17,318,675
16,867,715
- - -
- 322,265
3,230,893
- - -
- 6,633,956
19.999.633
8,979,012
2.927.448
18.570.331 52.884,271
- 98.410.456
83.193.670
-12-
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenditures
and Changes in Fund Balance - All Governmental Fund Types
Year ended December 31, 1989
(with comparative totals for year ended December 31, 1988)
Governmental fund
Special Debt
General Revenue Service
Revenues:
Taxes (note 3)
$ 7,751,686 - -
Special assessments
- - 769,386
- 49,969 -
Franchise fee
Licenses and permits
893,191 - -
Intergovernmental
2,051,422 262,850 -
Charges for services
873,549 - -
Fines and forfeitures
467,957 - -
82,413 59,318 102,468
Interest on investments
51,180 - -
Sale and rental of property
Other
Miscellaneous
Total revenues
182.106 873.112
12.353.504 1.245.249 871.854
Expenditures:
General government
1,815,177
8,226 -
Public safety
5,345,763
- -
Public works
2,502,980
- -
Parks
1,654,159
- -
Unallocated general
300,142
(242,790)
- -
348,090 5,591
Other
Capital outlay:
General government
23,664
2,189 -
Public safety
259,548
- -
Public works
370,313
- -
Parks
55,252
- -
Debt service:
Bond principal
-
- 1,900,000
Interest and fiscal charges
-
Total expenditures
12.084.208
358.505 4.856.558
Excess (deficiency) of revenues
over expenditures
269.296
886.744 (3.984.7041
Other financing sources (uses):
Proceeds from issuance of bonds
-
- -
Proceeds from sale of land
operating transfers in
-
332,138
- -
- 3,366,378
Operating transfers out
(140,000)
- -
Parkland dedication
144,113
- -
Parkland dedication for Edina HRA
973.700
- -
Total other financing sources
1.309.951
- 3.366.378
Excess (deficiency) of revenues and
other financing sources over expen-
ditures and other financing uses
1,579,247
886,744 (618,326)
Fund balance (deficit) - January 1 as
previously stated
6,239,344
(30,749) 2,741,008
Prior period adjustment (note 14)
-
- (2.223.665)
Fund balance (deficit) - January 1 restated
6.239.344
(30.749) 517.343
Fund balance (deficit) - December 31
7.818.591
855.995` (1019831
See accompanying notes to financial statements.
-13-
types Totals
Capital (memorandum only)
Projects 1989 1988
3,299,099
11,050,785
9,853,560
166,640
936,026
1,500,050
-
49,969
48,528
-
893,191
623,760
1,234,250
3,548,522
2,425,720
-
873,549
740,708
-
467,957
532,257
1,493,527
1,737,726
533,647
100,000
151,180
127,846
6.852,297 21.322.904 16.516,842
- 1,823,403
1,655,826
- 5,345,763
5,122,392
- 2,502,980
2,441,928
- 1,654,159
1,471,741
- 300,142
321,166
983,527 1,094,418
1,049,684
- 25,853
15,088
- 259,548
246,899
- 370,313
293,155
8,146,401 8,201,653
19, 252,319
- 1,900,000
1,950,000
2.950.967
2.170.163
9.129.928 26.429.199
35.990.361
(2.277.631) (5.106.295) (19.473.519)
15,321,534
15,321, 534
15,111,818
192,915
192,915
4,783,356
140,000
3,838,516
3,822,770
(3,405,982)
(3,545,982)
(3,702,598)
-
144,113
973.700
51,617
2.558.859
12.248.467
16.924.796
22.625.822
9,970,836
11,818,501
31152,303
6,187,750
2.223.665
15,137,353
11,985,050
8.411.415
18.382.251
15.137.353
26.955.854
1 .981 5.050
15.137.353
-14-
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual -
General and Special Revenue Fund Types
Year ended December 31, 1989
(with comparative totals for year ended December 31, 1988)
Revenues:
Taxes (note 3)
Franchise fee
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest on investments
Sales and rental of property
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Public works
Parks
Unallocated general
Other
Capital outlay:
General government
Public safety
Public works
Parks
Total expenditures
Excess (deficiency) of
revenues over expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Parkland dedication
Parkland dedication for Edina HRA
Total other financing source
Excess of revenues and other
financing sources over
expenditures and other
financing uses
Fund balance (deficit) - January 1
Fund balance - December 31
350,000 332,138 (17,862)
(140,000) (140,000) -
144,113 144,113
973.700 973.700
210.000 1.309.951 1.099.951
- 1,579,247 1,579,247
6.239.344 6.239.344 -
$ 6.239.344 7.818.591 1-529,242
See accompanying notes to financial statements.
-15-
General
Variance -
favorable
Budget
Actual
(unfavorable)
$ 7,915,664
7,751,686
(163,978)
637,000
893,191
256,191
1,997,824
2,051,422
53,598
802,620
873,549
70,929
510,000
467,957
(42,043)
70,000
82,413
12,413
20,000
85.500
12.038.608
51,180
182.106
12.353.504
31,180
96.606
314.896
1,802,996
1,815,177
(12,881)
5,328,442
5,345,763
(17,321)
2,679,823
2,502,980
176,843
1,501,056
1,654,159
(153,103)
346,800
300,142
46,658
(57,200)
(242,790)
185,590
19,148
23,664
(4,516)
306,380
259,548
46,832
235,866
85.297
12.248.608
370,313
55.252
12.084.208
(134,447)
30.045
164.400
(210.000)
269.296
479.296
350,000 332,138 (17,862)
(140,000) (140,000) -
144,113 144,113
973.700 973.700
210.000 1.309.951 1.099.951
- 1,579,247 1,579,247
6.239.344 6.239.344 -
$ 6.239.344 7.818.591 1-529,242
See accompanying notes to financial statements.
-15-
350,000 332,138 (17,862) 350,000
(140,000) (140,000) - (487,360)
114,113 114,113 51,617
973.700 973.700 2.558.859
210.000 1.309.951 1.099.951 2.473.116
886,744 886,744 - 2,465,991 2,465,991 2,146,404
(30.7491 (30.749) 6.208.595 6.208.595 - 4.062.191
85_ 5.995 6.208.595 8.674586 2.46 L Og"c9;
-16-
_
(memorandum
Totals
only)
Special Revenue
Variance -
1989
Variance -
1988
Budget Actual
favorable
(unfavorable)
Budget
Actual
favorable
(unfavorable)
Actual
-
7,915,664
7,751,686
(163,978)
7,433,321
- 49,969
49,969
-
49,969
49,969
48,528
-
637,000
893,197
256,191
623,760
- 262,850
262,850
1,997,824
2,314,272
316,448
2,208,870
- -
-
802,620
873,549
70,929
740,708
-
510,000
467,957
(42,043)
532,257
- 59,318
59,318
70,000
141,731
71,731
118,759
-
- 873.112
- 1.245.249
873.112
1.245.249
20,000
85.500
12.038.608
51,180
1.055.218
31,180
969.718
1.560.145
27,846
81.972
11.816.021
13.598.753
- 8,226
(8,226)
1,802,996
1,823,403
(20,407)
1,655,826
- -
-
5,328,442
5,345,763
(17,321)
5,122,392
- -
-
2,679,823
2,502,980
176,843
2,471,373
- -
-
1,501,056
1,654,159
(153,103)
1,471,741
-
346,800
300,142
46,658
321,166
- 348,090
(348,090)
(57,200)
105,300
(162,500)
421,526
- 2,189
(2,189)
19,148
25,853
(6,705)
15,088
- -
-
306,380
259,548
46,832
246,899
- -
-
- 358.505
-
(358.5051
235,866
85.297
12.248.808
370,313
55.252
12.442.713
(134,447)
30.045
(194.105)
293,155
123.567
12.142.733
350,000 332,138 (17,862) 350,000
(140,000) (140,000) - (487,360)
114,113 114,113 51,617
973.700 973.700 2.558.859
210.000 1.309.951 1.099.951 2.473.116
886,744 886,744 - 2,465,991 2,465,991 2,146,404
(30.7491 (30.749) 6.208.595 6.208.595 - 4.062.191
85_ 5.995 6.208.595 8.674586 2.46 L Og"c9;
-16-
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings — All Proprietary Fund Types
Year ended December 31, 1989
(with comparative totals for year ended December 31, 1988)
Totals
1989 1988
Sales and cost of sales:
Sales $ 5,054,564 5,181,955
Cost of sales 3.984.418 4.081.675
Gross profit 1,070,146 1,100,280
Operating revenues:
Charges for services 7.660.349 6.534.601
Total gross profit and operating
revenues 8.730.495 7.634.881
Operating expenses:
Disposal charges
2,650,263
2,621,462
Personal services
2,336,860
2,058,294
Contractual services
1,384,879
1,409,739
Commodities
661,953
694,884
Central services
545,665
529,296
Depreciation
759.855
687.389
Total operating expenses
8.339.475
8.001.064
Operating income (loss)
391.020
(366.1831
Nonoperating revenues (expenses):
Contribution from Special Assessment
202,421
—
Interest on investments
743,906
116,187
Current value credit — MWCC
61,020
61,020
Rental income
—
7,960
Donations
36,822
25,290
Interest and fiscal charges
(518,619)
(238,940)
Subsidy from general fund
—
16,337
Amortization of bond discount
(6,240)
—
Miscellaneous
13.632
9.248
Total nonoperating revenues (expenses)
532.942
(2.898)
Income (loss) before operating transfers
and depreciation on contributed assets
923,962
(369,081)
Net operating transfers out
(292.5341
(120.1721
Net income
631,428
(489,253)
Add depreciation on contributed assets
24.391
23.291
Increase (decrease) in retained earnings
655,819
(465,962)
Retained earnings — January 1
17.665.361
18.131.323
Retained earnings — December 31
$ 18321.180
7-6] 65.361
See accompanying notes to financial statements.
—17—
CITY OF EDINA, MINNESOTA
Combined Statement of Changes in Financial Position -
All Proprietary Fund Types
Year ended December31, 1989
(with comparative totals for year ended December 31, 1988)
Totals
1989 1988
Sources of working capital:
52,850
50,817
Operations:
1,243,482
2,405,411
Net income (loss)
$ 923,962
(369,081)
Add items not requiring working capital:
50,000
50,000
Depreciation
759,855
687,391
Amortization of bond discount
6.240
350.000
Working capital provided by operations
1,690,057
318,310
Proceeds from revenue bonds
2,072,000
5,630,000
Decrease in other assets
52,850
50,817
Transfer from other funds
302,466
229,828
Increase in deposits
3,038
608
Reduction in notes receivable
4,625
6,714
Transfer of bonds to other funds
166.000
-
Total sources of working capital
4.291.736
26, 36.277
Uses of working capital:
Decrease in other liabilities
52,850
50,817
Additions to property and equipment
1,243,482
2,405,411
Additions to bond discount
63,126
-
Reduction of long -term debt
50,000
50,000
Transfer of bonds from other funds
166,000
-
Transfers to other funds
595,000
350.000
Total uses of working capital
2.170.458
2,856,228
Net increase in working capital
$ 1
3.380.049
Elements of increase (decrease) in
working capital:
Cash
702,981
646,101
Investments
469,617
3,503,670
Receivables
480,658
(90,176)
Due from other funds
(245,000)
-
Inventory
(26,941)
(134,579)
Prepaid expense
-
(400)
Accounts payable
477,388
(449,135)
Accrued interest
18,325
(96,968)
Due to other funds
245,000
1,536
Reserve for construction
(750)
Net increase in working capital
$ 2.121.278
3.380.049
See accompanying notes to financial statements.
-18-
CITY OF EDINA, MINNESOTA
Notes to Financial Statements
December 31, 1989
(1) Summary of Significant Accounting Policies
The City operates under the "Optional Plan B" form of government according to
applicable State of Minnesota Statutes. The Statutes prescribe a
Council- Manager form of organization. The City provides the following
services: public safety, highways and streets, sanitation, health and social
services, culture- recreation, public improvements, planning and zoning, and
general administration.
The accounting policies of the City conform to generally accepted accounting
principles as applicable to governments. The following is a summary of the
more significant policies:
A. Financial Re o�rting Entity
The City has implemented National Council on Governmental Accounting
Statement No. 3, Defining the Governmental Reporting Entity as
adopted by the Governmental Accounting Standards Board Statement
No. 1. In accordance with Statement No. 1, for financial reporting
purposes the City's financial statements include all funds, account
groups, boards and commissions over which the City Council exercises
oversight responsibility.
Oversight responsibility includes appointment of governing bodies, budget
authority, approval of tax levies, and responsibility for funding
deficits. The City, for financial reporting purposes, includes all funds
and account groups, including those of the Park and Recreation Board
and the Housing and Redevelopment Authority of Edina that are
controlled by or dependent on the City's executive or legislative
branches. Control by or dependence on the City was determined on the
basis of budget adoption, taxing authority, outstanding debt secured by
revenues or general obligations of the City or the City's obligation to
fund any deficits that may occur.
B. Fund Accounting
The accounts of the City are organized on the basis of funds and account
groups, each of which is considered a separate accounting entity. The
operations of each fund are accounted for with a separate set of
self - balancing accounts that comprise its assets, liabilities, fund
equity, revenues, and expenditures, or expenses, as appropriate.
(Continued)
1510
CITY OF EDINA, MINNESOTA
Government resources are allocated to and accounted for in individual
funds based upon the purposes for which they are to be spent and the
means by which spending activities are controlled. The various funds
are grouped, in the financial statements in this report, into six generic
fund categories and three broad fund types as follows:
Governmental Funds
General Fund - The General Fund is the primary operating fund of
the City. It is used to account for all financial resources except
those required to be accounted for in another fund.
Special Revenue Funds - Special Revenue Funds are used to account
.for the proceeds of specific revenue sources that are legally
restricted to expenditures for specified purposes.
Debt Service Funds - Debt Service Funds are used to account for the
accumulation of resources for, and the payment of, general
long -term debt principal, interest, and related costs.
Capital Project Funds - Capital Project Funds are used to account
for the financial resources to be used for the acquisition or
construction of major capital facilities (other than those financed by
Proprietary Funds).
Proprietary Funds
Enterprise Funds Enterprise Funds are used to account for
operations (a) that are financed and operated in a manner similar to
private business enterprises - where the intent of the governing body
is that the costs (expenses, including depreciation) of providing goods
or services to the general public on a continuing basis be financed or
recovered primarily through user charges; or (b) where the governing
body has decided that periodic determination of revenues earned,
expenses incurred, and/or net income is appropriate for capital
maintenance, public policy, management control, accountability or
other purposes.
Fiduciary Funds
Agency Funds - Agency Funds are used to account for assets held by
the City in a trustee capacity for individuals, private organizations,
other governments, and /or other funds. Agency Funds are custodial
in nature (assets equal liabilities) and do not involve measurement of
results of operations.
(Continued)
-20-
CITY OF EDINA, MINNESOTA
C. Measurement Focus
The accounting and reporting treatment applied to the fixed assets and
long -term liabilities associated with a fund are determined by its
measurement focus. All governmental funds are accounted for on a
spending or "financial flow" measurement focus. This means that only
current assets and current liabilities are generally included on their
balance sheets. Their reported fund balance is considered a measure of
"available spendable resources ". Governmental fund operating
statements present increases (revenues and other financing sources)
and decreases (expenditures and other financing uses) in net current
assets. Accordingly, they are said to present a summary of sources and
uses of "available spendable resources" during a period.
Fixed assets used in governmental fund types 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 value on the date donated.
Long -term liabilities expected to be financed from governmental funds
are accounted for in the General Long -term Debt Account Group, not
in the governmental funds. The exception to this general rule are 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 all assets and all
liabilities associated with their activity are included on their balance
sheets. Their reported fund equity (net total assets) is segregated into
contributed capital and retained earnings components. The operating
statements of the funds present increases (revenues) and decreases
(expenses) in net total assets.
(Continued)
-21-
CITY OF EDINA, MINNESOTA
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 Accountin
Basis of accounting refers to when revenues and expenditures or expenses
are recognized in the accounts and reported in the financial
statements. Basis of accounting relates to the timing of the
measurements made, regardless of the measurement focus applied.
The governmental fund types are accounted for using the modified
accrual basis of accounting. Their revenues are recognized when they
become measurable and available as net current assets.
Expenditures are generally recognized under the modified accrual basis of
accounting when the related fund liability is incurred. Exceptions to
this general rule include: (1) accumulated unpaid vacation, sick pay,
and other employee amounts which are not accrued; and (2) principal
and interest on long -term debt which is recognized when due. Unpaid
vacation pay as of year end is reported in the long -term debt account
group.
The proprietary fund types are accounted for using the accrual basis of
accounting. Their revenues are recognized when earned and their
expenses are recognized when incurred. Unbilled utility service
receivables are recorded at year end.
During the course of normal operations, the City has numerous
transactions between funds including expenditures and transfers of
resources to provide services, construct assets and service debt. The
governmental and proprietary funds' financial statements generally
reflect such transactions as transfers. Nonrecurring or nonroutine
transfers of equity between funds are recorded as equity transfers and,
accordingly, are reported as additions or deductions from fund balances
of governmental fund types.
(Continued)
-22-
CITY OF EDINA, MINNESOTA
E. Budgets and Budgetary Accounting
The City follows these procedures in establishing the budgetary data
reflected in the financial statements:
1. The City Manager submits to the City Council a proposed
operating budget for the fiscal year commencing the following
January 1. The operating budget includes proposed expenditures
and the means of financing them.
2. Public hearings are conducted to obtain taxpayer comments.
3. The budget is legally enacted by the passage of a resolution by
the City Council.
4. Formal budgetary integration is employed as a management
control device during the year for the General and Special
Revenue funds.
5. Budgets for the General and Special Revenue funds are adopted
on a basis consistent with generally accepted accounting
principles (GAAP).
6. The City Council may authorize transfer of budgeted amounts
between departments.
7. Reported budget amounts are as originally adopted or as
amended by Council- approved supplemental appropriations and
budget transfers.
8. Expenditures may not legally exceed appropriations by
department unless offset by increases in revenues. All
unencumbered appropriations lapse at year end.
F. Cash and Investments
Cash surpluses are invested in certificates of deposit and short -term
government securities. Investment earnings are allocated to funds on
the basis of individual participation. Investments are stated at cost,
which approximates market, and are identified with specific funds.
G. Inventory
Inventory is stated at the lower of cost (first in, first out) or market.
(Continued)
-23-
CITY OF EDINA, MINNESOTA
H. Compensated Absences
Accrued vacation pay is recorded in the long -term debt account group.
Sick pay is not recorded as a liability. City employees are entitled to
vacation and sick pay based on length of employment and the payment
thereof is treated as an expenditure in the period paid. The amount of
accrued leave at December 31, 1989 for vacation and sick pay was
$609,356 and $2,181,266, respectively, although it is anticipated that
only a percentage of the accrued sick pay will be used.
I. Memorandum Only - Total Column
Total columns on the combined statements are captioned memorandum
only to indicate that they are presented only to facilitate financial
analysis. Data in these columns do not present financial position,
results of operations, or changes in financial position in conformity
with generally accepted accounting principles. Neither is such data
comparable. to a consolidation. Interfund eliminations have not been
made in the aggregation of this data.
J. Comparative Data
Comparative total data for the prior year have been presented in the
accompanying financial statements in order to provide an
understanding of changes in the City's financial position and
operations. However, comparative data have not been presented in all
statements because their inclusion would make certain statements
unduly complex and difficult to understand.
K. Reclassifications
Certain 1988 amounts were reclassified to conform to the 1989
presentation.
(2) Cash and Investments
Cash
In accordance with Minnesota Statutes, the City maintains deposits at various
financial institutions. Deposits are carried at cost plus accrued interest.
Minnesota Statutes require that all City deposits be protected by an insurance
surety bond or collateral. The market value of collateral pledged must equal
110% of the deposits not covered by insurance or bonds (140% in the case of
mortgage notes pledged). At December 31, 1989, the City was in compliance
with Minnesota Statutes regarding pledged collateral.
(Continued)
-24-
CITY OF EDINA, MINNESOTA
One certificate of deposit, the checking accounts, change funds and petty cash are
included as cash on the balance sheet.
Checking accounts:
Insured, collateral held by bank
in City's name
Cash held by broker in City's name
Change funds
Certificate of deposit
Total cash
Carrying Bank
amount balance
$ 1,498,439 3,004,076
7,145 7,145
7,790 —
100.000 100.000
Investments
The City's investments are stated at cost. Commercial paper is stated at
amortized cost.
The City's investments are categorized in the following manner:
Category 1 — Includes investments that are insured or registered for which the
securities are held by the City or its agent in the City's name.
Cate g= 2 — Includes uninsured and unregistered investments for which the
securities are held by the broker's or dealer's trust department or agent in the
City's name.
Certificates of deposit
Commercial paper:
Uninsured, unregistered and
held in City's name
Government securities held in City's
name:
United States treasury notes
United States treasury bond
Federal National Mortgage
Association
Government National Mortgage
Association
Federal Farm Credit
Federal Home Loan Bank
Government strips
United States short —term securities
Money markets
American International Group
Total investments
—25—
Carr ing amount
Category Category Market
1 2 value
$ 5,096,952 — 5,121,159
— 1,595,062 1,604,502
$ 5"096.952
3,563,513
101,875
604,330
260,405
492,812
3,428,619
364,594
449,500
2,596,407
10.405.049
23.8®
3,568,079
98,281
609,131
249,346
526,971
3,534,295
441,681
449,500
2,596,407
10.750.345
(Continued)
CITY OF EDINA, MINNESOTA
(3) Property Tax
The City Council annually adopts a tax levy and certifies it to the County for
collection in October of each year. The County is responsible for billing and
collecting all property taxes for itself, the City, the local School District and
other taxing authorities. Such taxes become a lien on January 1 and are
recorded as receivables by the City at that date. Real property taxes are
payable (by property owners) on May 15 and October 15 of each calendar year.
These taxes are collected by the County and remitted to the City on or before
July 5 and December 4 of the same year. Additionally, delinquent collections
(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 collected by the County by December 31
(remitted to the City the following January) and taxes and credits not received
at the normal time are classified as delinquent and unremitted taxes receivable.
The delinquent receivables are fully offset by an allowance for uncollectible
taxes because they are not available to finance current expenditures.
(4) Changes in General Fixed Assets
A summary of changes in general fixed assets during 1989 follows:
Land
Land improvements
Buildings
Furniture and fix-
tures
Vehicles
Sidewalks
Miscellaneous equip-
ment
Park equipment
Highway equipment
Police equipment
Fire equipment
Election equipment
Engineering equip-
ment
Traffic signals
equipment
Tools
Parks
Land and public
improvements -
Edina HRA
Total
Balance
Balance
January 1
Additions Deletions
December 31
$ 2,281,017
- -
2,281,017
1,880,274
733,803 -.
2,614,077
2,077,636
- -
2,077,636
615,769
60,735 -
676,504
279,446
524,967 152,900
651,513
82,878
- -
82,878
177,921
4,687 -
182,608
563,435
32,269 -
595,704
2,323,303
11,093 -
2,334,396
842,258
64,988 -
907,246
1,357,662
55,857 -
1,413,519
138,114
- -
138,114
96,217
19,943 -
116,160
116,184
- -
116,184
5,812
- -
5,812
3.876.232
-
3.876.232
16.714.158
1,508.342 152.900
18.069.600
33.403.253 2.705.519 1,294,102 34.814.671
$ 50.1® 4 -21® 1.44® 52_S®
-26-
(Continued)
CITY OF EDINA, MINNESOTA
A summary of proprietary fund property and equipment at December 31, 1989
follows:
Net book value $
(5) Long -term Debt
Bonded 'Debt
The City has three types of bonded debt outstanding at December 31, 1989: tax
increment bonds, improvement bonds and revenue bonds.
The first type of bond is payable solely from tax increment monies with any
deficiency to be provided for by general property taxes. The second and third
types are payable primarily from special assessments and enterprise revenue,
respectively, with any deficiency to be provided for by general property taxes.
The bonded debt outstanding is summarized as follows:
Enterprise
Property and equipment
fund
Land
$ 285,341
Golf course
1,170,373
Land improvements
112,092
Water distribution system
9,556,684 _
Sewer collection system
10,925,894
Major recreation facilities
6,195,998 _
Major water facilities
3,342,235
Buildings - liquor stores
729,769
Furniture, fixtures and equipment
1,594,693
Vehicles
207,441
Construction in progress
236.034
34,356,554
Less accumulated depreciation
12.779.335
Net book value $
(5) Long -term Debt
Bonded 'Debt
The City has three types of bonded debt outstanding at December 31, 1989: tax
increment bonds, improvement bonds and revenue bonds.
The first type of bond is payable solely from tax increment monies with any
deficiency to be provided for by general property taxes. The second and third
types are payable primarily from special assessments and enterprise revenue,
respectively, with any deficiency to be provided for by general property taxes.
The bonded debt outstanding is summarized as follows:
-27-
Balance
December 31,
Maturities
Interest rates
1989
Tax Increment Bonds
1989 -2009
5.20 - 11.00%
$ 50,570,000
Improvement Bonds
1989 -1996
5.20 -8.75
4,710,000
Revenue Bonds
1989 -2009
5.90 -8.70
8.780.000
Total
$ 64.060.000
(Continued)
-27-
CITY OF EDINA, MINNESOTA
Changes in long -term debt during the year were as follows:
Balance
Balance
January 1, Issued/ Redeemed/
December 31,
1989 increases decreases
1989
Tax Increment Bonds $ 36,475,000 26,695,000 12,600,000
50,570,000
Improvement Bonds 4,100,000 1,760,000 1,150,000
4,710,000
Revenue Bonds 6,730,000 2,100,000 50,000
8,780,000
Compensated absences 593.498 15.858 -
609.356
$ 47.898.498 0.570.858 13.800.000
4.669.356
The City had the following revenue bonds outstanding at December 31, 1989:
Golf Course Bonds, Series 1985
$ 1,050,000
Recreation Facility Bonds, Series 1988
2,470,000
Recreation Facility Bonds, Series 1989
2,100,000
Utility Bonds, Series 1988
3,160,000
$ .780.0000 -
The Golf Course Bonds are general obligation revenue bond issues payable from the
Golf Course enterprise fund with any deficiency to be provided first from Liquor
Fund revenue and then from general property taxes.
The Recreation Facility Bonds are general obligation revenue bond
issues payable
from the Golf Course and Ice Arena Funds with any deficiency to be provided
first from Liquor Fund revenue and then from general property taxes.
The Utility Bonds are general obligation revenue bond issues payable from the
Utility Fund and then from general property taxes.
The annual requirements to amortize all debt outstanding as of
December 31,
1989, including interest payments of $59,053,083 are as follows:
Year ending Tax
December 31 Increment Improvement Revenue
Total
1990 $ 4,336,967 527,326 782,504
5,646,797
1991 4,790,199 852,451 903,585
6,546,235
1992 5,609,236 987,480 996,140
7,592,856
1993 4,701,449 935,335 1,046,735
6,683,519
1994 3,923,510 882,115 1,009,480
5,815,105
1995 -2009 78.302.872 2,067,255 10.458.444
90.828.571
V $ 101.664.233 fi-25� 15.196.888
123.113.083
The City is in compliance with all significant bond covenants.
(Continued)
-28-
CITY OF EDINA, MINNESOTA
Lone -term Debt - Other
The City is the administering authority for the following tax increment finance
districts:
50th and France - No. 1200, a redevelopment district established in 1974
pursuant to Minnesota Statutes 462.545 and 462.585 with a duration of 35
years.
Original tax capacity value $ 350,477
Current tax capacity value 1,356,162
Captured tax capacity value:
Retained by authority 1,005,685
Shared with other taxing districts -
General obligation redevelopment bonds issued 2,200,000
Total loans incurred -
Amounts redeemed 1.100.000
Outstanding bonds and loans at December 31, 1989 $ 1
Southeast Edina Redevelopment District - No. 1201, a redevelopment district
established in 1977 pursuant to Minnesota Statutes 462.545 and 462.585 with
a duration of 32 years.
Original tax capacity value
$ 304,835
Current tax capacity value
2,830,091
Captured tax capacity value:
Retained by authority
2,525,256
Shared with other taxing districts
-
General obligation tax increment bonds issued
-
Total loans incurred
25,500,000
Amounts redeemed
2.400.000
Outstanding bonds and loans at December 31, 1989 $ 23.100.000
Grandview Area Redevelopment District - No. 1202, a redevelopment district
established in 1984 pursuant to Minnesota Statutes 462.545 and 462.585 with
a duration of 25 years.
Original tax capacity value
$ 515,223
Current tax capacity value
1,191,367
Captured tax capacity value:
Retained by authority
676,144
Shared with other taxing districts
-
General obligation redevelopment bonds issued
2,000,000
Total loans incurred
-
Amounts redeemed
-
Outstanding bonds and loans at December 31, 1989 $ 2.000.000
(Continued)
�19
CITY OF EDINA, MINNESOTA
Southeast Edina Economic Development District - No. 1203, a redevelopment
district established in 1988 pursuant to Minnesota Statutes 462.545 and
462.585 with a duration of 25 years.
Original tax capacity value $ 591,580
Current tax capacity value 624,742
Current tax capacity value:
Retained by authority, 32,762
Shared with other taxing districts -
General obligation tax increment bonds issued 10,275,000
Total loans incurred -
Amounts redeemed -
Outstanding bonds and loans at December 31, 1989 $ 10.275.000
Economic Development District - No. 1204, a development district established in
1989 pursuant to Minnesota Statutes 462.545 and 462.585, with a duration of 10
years.
Original tax capacity value $ 318,546
Current tax capacity value 318,546
Captured tax capacity value:
Retained by authority 318,546
Shared with other taxing districts -
General obligation redevelopment bonds issued -
Total loans incurred. -
Amounts redeemed
Outstanding bonds and loans at December 31, 1989 $ -
(6) Metropolitan Waste Control Commission
The long -term receivable and corresponding deferred revenue of the enterprise
funds from the Metropolitan Waste Control Commission (the Commission) in the
amount of $151,410, represents the City's share of equity in the City's system
which was acquired by the Commission January 1, 1971. This receivable will be
paid to the City by issuing credits annually through 1999 against future sewer
billings from the Commission. These credits are reflected in the statement of
income as received.
(7) Retirement Plans
A. Defined Benefit Pension Plans
1. Plan Description
All full -time and certain part -time employees of the City are covered by
defined benefit pension plans administered by the Public Employees
(Continued)
-30-
CITY OF EDINA, MINNESOTA
Retirement Association of Minnesota (PERA). PERA administers the
Public Employees Retirement Fund (PERF) and the Public Employees
Police and Fire Fund (PEPFF) which are cost - sharing
multiple - employer public employee retirement plans. PERF members
belong to either the Coordinated Plan or the Basic Plan. Coordinated
members are covered by Social Security and Basic members are not.
All new members must participate in the Coordinated Plan. All police
officers, fire fighters and peace officers who qualify for membership
by statute are covered by the PEPFF. The payroll for employees
covered by PERF and PEPFF for the year ended December 31, 1989
was $5,383,640 and $3,065,787, respectively; the City's total payroll
was $9,157,553.
PERA provides retirement benefits as well as disability benefits to
members, and benefits to survivor upon death of eligible members.
Benefits are established by State Statute, and vest after five years of
credited service. The defined retirement benefits are based on a
member's average salary for any five successive years of allowable
service, age and years of credit at termination of service. Two
methods are used to compute benefits for Coordinated and Basic
members. The retiring member receives the higher of a step -rate
benefit accrual formula (Method 1) or a level accrual formula (Method
2). Under Method 1, the annuity accrual rate for a Basic member is 2
percent of average salary for each of the first 10 years of service and
2.5 percent for each remaining year. For a Coordinated member, the
annuity accrual rate is 1 percent of average salary for each of the first
10 years and 1.5 percent for each remaining year. Using Method 2, the
annuity accrual rate is 2.5% of average salary for Basic members and
1.5% for Coordinated members. For PERF members whose annuity is
calculated using Method 1 and for all PEPFF members, a full annuity is
available when age plus years of service equal 90.
There are different types of annuities available to members upon
retirement. A normal annuity is a lifetime annuity that ceases upon
the death of the retiree. No survivor annuity is payable. There are
also various types of joint and survivor annuity options available which -
will reduce the monthly normal annuity amount, because the annuity is
payable over joint lives. Members may also leave their contributions in
the fund upon termination of public service, in order to qualify for a
deferred annuity at retirement age. Refunds of contributions are
available at any time to members who leave public service, but before
retirement benefits begin.
2. Contributions Required and Contributions Made
Minnesota Statutes Chapter 353 sets the rates for employer and employee
contributions. The City makes annual contributions to the pension
plans equal to the amount required by State Statutes. Minnesota
Statutes Chapter 356.215, Subd. 4(g) provides the formula for
determining the date of full funding for the PERF and the PEPFF.
Those dates are 2010 and 2018, respectively. As part of the annual
(Continued)
-31-
CITY OF EDINA, MINNESOTA
actuarial valuation, PERA's actuary determines the sufficiency of the
statutory contribution rates towards meeting the required full funding
deadline. The actuary compares the actual contribution rate to a
"required" contribution rate. Current combined statutory contribution
rates and actuarially required contribution rates for the plans are as
follows:
Statutory rates Required
Employees Employer rates
PERF (Basic and
Coordinated Plans) 4.27% 4.67% 9.42%
PEPFF 8.00 12.00 16.69
Total contributions made by the City during fiscal year 1989 were:
Amounts
Employees Employer
PERF $ 240,138 264,025
PEPFF 245.264 367.899
Totals $ 485.402 631.980
Percentage of
covered pa=ll
Employees Employer
4.46% 4.90%
8.00 12.00
The City's contribution for the year ended June 30, 1989 to the PERF
represented .31 percent of total contributions required of all
participating entities. For the PEPFF, contributions for the year ended
June 30, 1989 represented 1.66 percent of total contributions required
of all participating entities.
B. Funding Status and Progress
1. Pension Benefit Obligation
The "pension benefit obligation" is a standardized disclosure measure of
the present value of pension benefits, adjusted for the effects of
projected salary increases and step -rate benefits, estimated to be
payable in the future as a result of employee service to date. The
measure, which is the actuarial present value of credited projected
benefits, is intended to help users assess PERA's funding status on a
going - concern basis, assess progress made in accumulating sufficient
assets to pay benefits when due, and make comparisons among Public
Employees Retirement Systems and among employers. PERA does not
make separate measurements of assets and pension benefit obligation
for individual employers.
(Continued)
-32-
2.
CITY OF EDINA, MINNESOTA
The pension benefit obligations as of June 30, 1989, are shown below:
Total pension benefit obligations
Net assets available for
benefits, at cost (Market
values for PERF = $3,801,129;
PEPFF = $694,227)
Unfunded assets in excess (deficiency)
of pension benefit obligations
PERF PEPFF
(in thousands)
$ 3,714,257 582,299
2,934,977 637,868
$ 779.280 )
The measurement of the pension benefit obligations is based on an
actuarial valuation as of June 30, 1989. Net assets available to pay
pension benefits were valued as of June 30, 1989.
Changes in Actuarial Methods and Benefit Provisions
A number of benefit improvements became effective during fiscal year
1989. Some of the major improvements affecting each fund include a
reduction in the period required for vesting from five years to three
years; and option for members hired before July 1, 1989, to have their
annuity calculated under a level benefit accrual formula; the interest
rate credited on refunds of member contributions increased from 5
percent to 6 percent; and the provision for an automatic bounce back
feature for all joint and survivor annuity options. In the PEPFF, age
and /or service requirements were reduced for eligibility for a normal
retirement annuity, and early retirement annuity and for certain
disability and death benefits.
For each fund, there were changes in the actuarial assumptions used in
the annual actuarial valuation. Effective for all funds beginning in
fiscal year 1989, the preretirement interest rate assumption was
increased from 8 percent to 8.5 percent. Additionally, for the PERF
and the PEPFF, the amortization target date has been changed to
2020. Shown below are the effects on the pension benefit obligation of
these changes in plan benefits and actuarial assumptions.
Increase (decrease) in pension benefit obligation due to:
PERF PEPFF
(in thousands)
Changes in plan benefits $ 127,472 27,851
Changes in actuarial assumptions 8( 4.154) (25,963)
Net increase in pension
benefit obligation
-33-
(Continued)
CITY OF EDINA, MINNESOTA
D. Ten -Year Historical Trend Information
Ten -year historical trend information is presented in PERA's Comprehensive
Annual Financial Report for the year ended June 30, 1989. This information
is useful in assessing the pension plan's accumulation of sufficient assets to
pay pension benefits as they become due.
E. Related Party Investments
As of June 30, 1989, and for . the fiscal year then ended, PERA held no
securities issued by the City or other related parties.
(8) Segment Information for Enterprise Funds
The City maintains enterprise funds for utility (water and sewer) services and
liquor facilities. Individual funds are also maintained for other enterprise
operations designated below as "Other Enterprise Funds" which are recreational
in nature such as: swimming pool, golf course, recreation center, gun range, art
center and Edinborough Park. Segment information for the year ended
December 31, 1989 is as follows:
(9) Edina Firemen's Relief Association
The Edina Firemen's Relief Association is the pension fund for the City's
Volunteer Fire Department employees. Funding for the pension plan is provided
from the two percent insurance premium rebate from the state of Minnesota.
The City is responsible for any unfunded portion of the Relief Association's
accrued liability. As of December 31, 1989 there was no unfunded liability.
—34—
(Continued)
Other
Total
Enterprise
Enterprise
Utility
Liquor
Funds
Funds
Sales $
-
5,054,546
-
5,054,564
Operating revenues
5,028,385
-
2,631,964
7,660,349
Depreciation
395,490
30,026
334,339
759,855
Operating income
(loss)
192,424
329,890
(131,294)
391,020
Nonoperating revenues
(net)
334,778
5,662
192,502
532,942
Operating transfers
(out)
(350,000)
57,466
(292,534)
Net income (loss)
527,202
(14,448)
143,065
655,819
Property additions
301,848
14,283
927,351
1,243,482
Net working capital
4,816,110
274,925
597,217
5,688,252
Bonds payable
3,160,000
-
5,620,000
8,780,000
Total assets
19,848,310
1,073,416
6,959,169
27,880,895
Total equity
16,407,590
924,264
989,326
18,321,180
(9) Edina Firemen's Relief Association
The Edina Firemen's Relief Association is the pension fund for the City's
Volunteer Fire Department employees. Funding for the pension plan is provided
from the two percent insurance premium rebate from the state of Minnesota.
The City is responsible for any unfunded portion of the Relief Association's
accrued liability. As of December 31, 1989 there was no unfunded liability.
—34—
(Continued)
CITY OF EDINA, MINNESOTA
(10) Interfund Receivable and Payable Balances
Interfund receivables and payables as of December 31, 1989 were as follows:
Interfund Interfund
Fund receivables payables
General (including amount due Edina Housing
and Redevelopment Authority) $ 7,268 2,818,960
Debt Service:
General Debt Service 200,000 -
Capital Project Funds:
Housing Redevelopment Authority of Edina 2,611,692
1.692 -
$ � 2.818.960
(11) Reserved or Designated Fund Equity
The following fund equity balances as of December 31, 1989 have been reserved or
designated for the reasons noted below:
General Fund:
Reserved for commitments
$ 423.248
Unreserved - designated:
Designated for dedicated funds
5,663,163
Bond proceeds designated for construction
95,007
Other
103.197
Total unreserved - designated
5,861,367
Debt Service Funds:
Reserved for debt service
(100,983)
Capital Project Funds:
Designated for housing and redevelopment projects
772,589
Enterprise Funds:
Reserved for debt service
1,002,505
Total fund equity reservations
$ 7.958.726
(Continued)
-35-
1.
CITY OF EDINA, MINNESOTA
(12) Fund Deficits
The following funds had deficit fund balances or retained earnings at December 31,
1989:
Improvement Bond Redemption II Fund
Construction Fund
Recreation Center Fund
Edinborough Park Fund
$ 300,983
4,071,121
534,769
223,093
These deficits will be covered in future periods by special assessment collections,
tax increment, operating revenues, internal financing or state and bond
processes.
(13) Bond Refunding
During the year, the City of Edina issued $12,970,000 of General Obligation Tax
Increment Refunding Bonds. The proceeds of these bonds were placed in a
irrevocable escrow account in an amount sufficient to meet all principle and
interest payments on $11,850,000 of General Obligation Tax Increment Bonds
refunded. This refunding gave rise to a present value savings of $426,959
resulting from reduced future interest payments on the refunding bonds.
(14) Prior Period Adjustment
The City implemented a change in accounting for revenue from bond proceeds in
the Debt Service and Capital Project Funds. In the past, the City recorded
revenue from bond proceeds in the Improvement Bond Redemption II Fund and
loaned the funds to the Construction Fund. In 1989, the City transferred
revenue recorded from the Improvement Bond Redemption II Fund to the
Construction Fund. The cumulative effect of this change increases fund balance
in the Construction Fund and reduces fund balance in the Improvement Bond
u Redemption II Fund by $2,223,665.
(15) Contingencies _
The City Attorney has indicated that existing and .pending lawsuits, claims and
other actions in which the City is a defendant are either covered by insurance,
of an insignificant amount, or, in the judgment of the City Attorney, remotely
recoverable by plaintiffs.
—36—
GENERAL FUND
The General Fund accounts for the revenues and expenditures used to carry out basic
governmental activities of the City such as general government, public safety, public
works, and parks and recreation. Revenue is recorded by source (e.g., taxes, licenses
and permits, intergovernmental revenues, fines and forfeitures, charges for services).
General Fund expenditures are made primarily for current day - to-day operations and
operating equipment. They are recorded by major functional classification and by
operating departments. This fund accounts for all financial transactions not properly
accounted for in another fund.
—37—
CITY OF EDINA, MINNESOTA
General Fund
Balance Sheet
December 31, 1989
(with comparative amounts for December 31, 1988)
Assets
Petty cash and change funds
Cash
Investments
Interest receivable
Taxes receivable:
Delinquent
Allowance for uncollectible taxes
Accounts receivable
Due from other funds
Due from other governments
Inventory
Prepaid expense
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Due to other funds
Due to other governments
Total liabilities
1989 1988
$ 1,140 ✓ 1,070
5,142,480V 1,927,016
5,070,362 ✓ 4,618,288
3;1271 -
198,204 v 182,013
(198,204)y (182,013)
468,0391--- 69,688
7,268 ✓ 51,039
387,056 356,593
2,500 5,000
18.794 ,% 275.693
$ 11.100,766 7.304.387
445,189 V/ 287,857
2,818,083 ✓ -
18.903✓ 777.186
3.282.175 1,065,043
Fund balance:
Reserved 423,248 '� 489,885
Unreserved:
Designated �7L 5,861,367 ✓ 4,554,185
Undesignated s 3 s, �� 1 q 1.533.976 1,195.274
Total fund balance 7.818.591 26, 39.344
Total liabilities and fund balance $
c� -7
-7 L
22-� off-'
�� -38-
CITY OF EDINA, MINNESOTA
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Year ended December 31, 1989
(with comparative actual amounts for year ended December 31, 1988)
1989
Variance -
1988
Budget
Actual
favorable
(unfavorable)
Actual
Revenues:
Taxes
$ 7,915,664
7,751,686
(163,978)
7,433,321
Licenses and permits
637,000
893,191
256,191
623,760
Intergovernmental
1,997,824
2,051,422
53,598
2,154,799
Charges for services
802,620
873,549
70,929
740,708
Fines and forfeitures
510,000
467,957
(42,043)
532,257
Interest on investments
70,000
82,413 _
12,413
118,759
Sale and rental of property
20,000
51,180
31,180
27,846
Miscellaneous
85.500
182.106
96.606
81.972
Total revenues
12.038.608
12.353.504
314.896
11.713.422
Expenditures:
Current:
General government
1,802,996
1,815,177
(12,181)
1,655,826
Public safety
5,328,442
5,345,763
(17,321)
5,122,392
Public works
2,679,823
2,502,980
176,843
2,441,928
Parks
1,501,056
1,654,159
(153,103)
1,471,741
Unallocated general
346,800
300,142
46,658
321,166
Other (central services)
(57,200)
(242,790)
185,590
276,068
Capital outlay:
,
General government
19,148
23,664
(4,516)
15,088
Public safety
306,380
259,548
46,832
246,899
Public works
235,866
370,313
(134,447)
293,155
Parks
85.297
30.445
123.567
Total expenditures
12.248.608
1 �.9$4.�
164.400
11.967.830
Excess (deficiency)
of revenues over
expenditures
(210.000)
269.296
479.296
(254.408)
Other financing sources (uses):
Operating transfers in (out):
Liquor Fund
350,000
332,138
(17,862)
350,000
Enterprise Fund
-
-
-
(197,000)
Capital Project Funds
(140,000)
(140,000)
-
(319,805)
Transfer dedicated funds
-
84,499
84,499
-
Parkland dedication
-
59,614
59,614
51,617
Parkland dedication for
Edina HRA
-
973.700
973.700
2.558.859
Total other finan-
cing sources
210.000
1.309.951
1.099.951
2.443.671
Excess of revenues
and other finan-
cing sources over
expenditures
-
1,579,247
1,579,247
2,189,263
Fund balance - January 1
6.239.344
6.239.344
-
4.050.081
Fund balance - December 31
$ 6.239.344
7,919,591
571 9.247
6.239.344
-39-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Revenues - Budget and Actual
Year ended December 31, 1989
(with comparative actual amounts for year ended December 31, 1988)
1989
Variance -
1933
favorable
Budget
Actual
(unfavorable)
Actual
Taxes:
General property tax
$ 7,890,664
7,727,256
(163,408)
(570)
7,392,760
40.561
Penalties and interest
Total taxes
25.000
7.915.664
24.430
7.751.686
(163.978)
7.433.321
Licenses and permits
637.000
893.191
256.191
623.760
Intergovernmental:
Federal aid
20,000
9,379
(10,621)
9,069
State grants:
Local government aid
561,431
560,771
(660)
549,706
Homestead credit
1,105,727
1,105,727
-
1,052,396
58,000
State highway aid
Police aid
60,000
145,000
60,000
215,443
-
70,443
206,905
Other state aid
2,000
-
(2,000)
175,057
County grants:
103.666
100.102
(3.564)
103.666
Health programs
Total inter-
governmental
1.997.824
2.051.422
53.598
2.154.799
Charges for services:
Engineering and
clerical charges
120,000
101,850
(18,150)
53,549
Assessing searches
25,000
13,000
6,652
5,345
(18,348)
(7,655)
11,405
10,420
Planning fees
False alarms
41,000
37,433
(3,567)
30,055
Housing and Redevelopment
Authority
135,000
196,191
61,191
89,348
Charges to other funds
100,620
365,000
100,620
384,571
-
19,571
96,600
375,236
Ambulance service
Recycling fees
-
31,973
31,973
71,876
Laboratory fees
3.000
8.914
5,914
2.219
Total charges
for services
802.620
873.549
70.929
740.708
Fines and forfeitures
510.000
467.957
42
532.257
Miscellaneous:
Interest on investments
70,000
82,413
12,413
31,180
118,759
27,846
Sale and rental of property
20,000
500
51,180
28,514
28,014
-
Donations
Registration fees
65,000
20.000
76,327
77.265
11,327
57.265
65,078
16.894
Other
Total miscellane-
175.500
315.699
14 1
228.577
ous
Total revenues
$ 12.03 8.608
.12,353-501
11.71
-40-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1989
(with comparative actual amounts for year ended December 31, 1988)
1989 1988
Variance -
favorable
Budget Actual (unfavorable) Actual
General government:
Mayor and council:
Personal services
$ 27,450
27,451
(1)
21,533
Contractual services
3,650
5,086
(1,436)
5,105
Commodities
5,600
4,234
1,366
1,536
Central services
27.720
27.720
-
26.700
Total mayor
and council
64.420
64.491
(71)
54.874
Administration:
Personal services
366,951
364,405
2,546
279,324
Contractual services
65,800
87,982
(22,182)
93,837
Commodities
670
1,052
(382)
1,296
Central services
102,600
102,608
(8)
98,340
Capital outlay
6.700
16.172
(9.472)
5.368
Total adminis-
tration
542.721
572.219
(29,498
478.165
Planning:
Personal services
137,338
94,948
42,390
121,970
Contractual services
1,700
758
942
1,016
Commodities
800
144
656
170
Central services
44,640
44,640
-
41,700
Capital outlay
2.792
4.491
(1.699)
-
Total planning
187.270
144.981
42,289
164.856
Finance:
Personal services
186,479
185,961
518
168,988
Contractual services
38,825
36,764
2,061
38,181
Commodities
500
814
(314)
360
Central services
55,440
55,440
-
49,200
Capital outlay
5.614
3.001
2.613
7.500
Total finance
286.858
281.980
4.878
264.229
Election:
Personal services
11,252
12,190
(938)
17,926
Contractual services
4,250
6,943
(2,693)
38,445
Commodities
500
209
291
5,549
Central services
7.800
7.800
-
7.200
Total election
23.802
27.142
(3.340)
69.120
(Continued)
-41-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures — Budget and Actual, Continued
1989 1988
Variance —
favorable
Budget Actual (unfavorable) Actual
Assessing:
Personal services
$ 204,222
205,635
(1,413)
186,084
Contractual services
30,709
30,417
292
34,476
Commodities
1,100
809
291
718
Central services
63,000
63,000
—
59,760
Capital outlay
4.042
—
4,042
2.220
Total assessing
303.073
299.861
3.212
283.258
Legal and court services:
Contractual services
414.000
448.167
(34.167)
356.412
Total general
government
1.822.144
1.838.841
(16.697)
1.670.914
Public safety:
Police protection:
Personal services
2,101,328
2,099,425
1,903
2,013,448
Contractual services
132,960
147,923
(14,963)
128,222
Commodities
24,334
24,600
(266)
23,360
Central services
714,360
714,360
—
693,120
Capital outlay
119.188
121.176
(1.988)
113.675
Total police
protection
3.092.170
3.107.484
(15.314)
2.971.825
Fire protection:
Personal services
1,324,165
1,337,146
(12,981)
1,288,237
Contractual services
65,370
63,696
1,674
54,685
Commodities
36,350
28,755
7,595
42,524
Central services
360,000
360,000
—
335,400
Capital outlay
157.232
114.564
42,668
109.210
Total fire
protection
1.943.117
1.904.161
38.956
1.830.056
Civil defense:
Personal services
16,029
14,500
1,529
15,987
Contractual services
2,110
2,748
(638)
1,709
Commodities .
1,000
—
1,000
86
Capital outlay
5.854
10.287
(4.433)
1.250
Total civil
defense
24.993
27.535
(2.542)
19.032
(Continued)
—42—
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures — Budget and Actual, Continued
1989 1988
Variance —
favorable
Budget t Actual (unfavorable) Actual
Animal control:
Personal services $
28,215
27,223
992
28,424
Contractual services
6,150
4,987
1,163
6,372
Commodities
3,000
2,113
887
3,131
Central services
10,800
10,800
—
10,200
Capital outlay
5.250
2.493
2.757
625
Total animal
control
53.415.
47.616
5.799
48.752
Public health:
Personal services
109,959
132,837
(22,878)
107,064
Contractual services
99,323
70,959
28,364
97,652
Commodities
2,590
5,990
(3,400)
2,578
Central services
49,380
49,380
—
45,540
Capital outlay
4.056
2.984
1.072
11.347
Total public
health
265.308
262.150
3.158
264.181
Inspections:
Personal services
176,039
184,717
(8,678)
164,829
Contractual services
5,100
3,178
1,922
2,563
Commodities '
1,200
1,746
(546)
1,941
Central services
58,680
58,680
—
55,320
Capital outlay
14.800
8.044
6.756
10.792
Total inspections
255.819
256.365
(546)
235.445
Total public safety
5.634.822
5.605.311
29.511
5.369.291
Public works:
Administration:
Personal services
76,447
73,144
3,303
67,200
Contractual services
825
849
(24)
445
Central services
26.640
26.640
—
24.660
Total administra-
tion
103.912
100.633
3.279
92.305
Engineering:
Personal services
273,108
251,643
21,465
200,185
Contractual services
15,760
28,730
(12,970)
46,410
Commodities
9,300
12,625
(3,325)
6,625
Central services
86,640
861950
(310)
78,000
Capital outlay
29.648
31.512
(1.864)
8.127
Total engineering
414.456
411.460
2.996
339.347
(Continued)
—43—
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
1989 1988
Variance -
favorable
Budget Actual (unfavorable) Actual
Supervision and overhead:
Personal services
$ 107,283
101,446
5,837
192,094
Contractual services
1,600
1,987
(387)
1,007
Commodities
1,000
1,437
(437)
1,478
Central services
651.900
651.991
(91)
620.400
Total supervision
and overhead
761.783
756.861
4.922
814.979
Street maintenance:
Personal services
547,000
521,746
25,254
361,139
Contractual services
29,500
21,825
7,675
14,090
Commodities
309.000
296.149
12.851
284,432
Total street
maintenance
885.500
839.720
45.780
659.661
Street lighting:
Personal services
14,000
10,430
3,570
6,865
Contractual services
274,920
272,745
2,175
287,537
Commodities
12.500
7.304
5.196
10.105
Total street
lighting
301.420
290.479
10.941
304.507
Street name signs:
Personal services
29,000
25,349
3,651
27,026
Commodities
16.000
18.997
(2.997)
20.325
Total street name
signs
45.000
44.346
654
47.351
Traffic control:
Personal services
26,000
21,663
4,337
20,027
Contractual services
37,000
30,214
6,786
32,403
Commodities
16.000
8.274
7.726
15.865
Total traffic
control
79.000
60.151
18.849
68.295
Bridges:
Contractual services
500
-
500
-
Personal services
13,000
5,163
7,837
7,790
Commodities
4.500
1.905
2.595
6.168
Total bridges
18.000
7.068
10.932
13.958
(Continued)
-44-
CITY OF EDINA, NUNNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
1989 1988
Variance -
favorable
Budget Actual (unfavorable) Actual
Storm drainage:
Personal services 20,520
Contractual services - - - 4,651
Commodities - - - 7.167
Total storm
drainage - - - 32.338
City properties:
Personal services - - - 810
Contractual services - - - 15,140
Commodities - - - 1.430
Total city 17.380
properties - -
Sidewalks and ramps:
Personal services
44,000
22,099
21,901
15,109
Contractual services
31,250
21,827
9,423
24,752
Commodities
25.150
18.387
6.763
20.073
Total sidewalks
and ramps
100.400
62.313
38.087
59.934
Other expenditures:
Capital outlay
206.218
338.801
1 2
285.028
Total public works
2.915.689
2.911.832
3.857
2.735.083
Parks:
Administration:
Personal services
222,886
224,163
(1,277)
201,805
Contractual services
38,200
46,839
(8,639)
38,332
Commodities
2,600
1,351
1,249
3,169
Central services
271,920
271,920
-
255,780
Capital outlay
1.842
3.751
11.909)
3.600
Total administra-
tion
537.448
548.024
(10.576)
502.686
(Continued)
-45-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
(Continued)
-46-
1989
Variance -
1988
favorable
Budget
Actual
(unfavorable)
Actual
Recreation:
Baseball and softball
$ 8,600
8,010
590
5,729
Skating and hockey
25,200
28,261
(3,061)
26,208
Tennis instruction
7,800
9,890
(2,090)
11,145
Playground
17,100
19,888
(2,788)
19,769
Swimming instruction
25,750
28,333
(2,583)
23,836
Senior citizens
9,500
9,438
62
9,479
Miscellaneous and
special activities
18.700
23.140
(4,440
27.859
Total recreation
112.650
126.960
114,310)
124.025
Maintenance:
Supervision and overhead:
Personal services
43,400
59,344
(15,944)
66,657
Contractual services
2,300
2,132
168
80
Commodities
-
-
-
58
Central services
86.400
86.404
(4)
83.820
.Total supervision
and overhead
132.100
147.880
(15.780)
150.615
Mowing:
Personal services
37,000
53,240
(16,240)
51,417
Contractual services
-
50
(50)
3,845
Commodities
500
2.357
(1.857)
38
Total mowing
37.500
55.647
(18,147
55.300
Special turf care:
Personal services
82,000
116,610
(34,610)
104,271
Contractual services
12,300
7,163
5,137
13,341
Commodities
35.500
22.033
13.467
21.918
Total special
turf care
129.800
145.806
(16.006)
139.530
Planting and trees:
Personal services
86,000
80,594
5,406
93,651
Contractual services
60,000
113,996
(53,996)
13,244
Commodities
20.500
9.382
11.118
5.039
Total planting
and trees
166.500
203.972
(37.472)
111.934
Litter removal:
Personal services
20,000
16,917
3,083.
17,713
Contractual services
5,000
2,019
2,981
2,415
Commodities
10.000
14.362
(4.362)
7.706
Total litter
removal
35.000
33.298
1.702
27.834
(Continued)
-46-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures — Budget and Actual, Continued
MLM
1989
Variance —
1988
favorable
Budget
Actual
(unfavorable)
Actual
Building and equipment:
Personal services $
84,000
90,405
(6,405)
87,469
Contractual services
64,000
83,176
(19,176)
99,201
Commodities
49.400
30.901
18.499
38.358
Total building
and equipment
197.400
204.482
(7.082)
225.028
Paths and hard surfaces:
Personal services
10,500
13,374
(2,874)
12,780
Contractual services
40,000
50,572
(10,572)
28,761
Commodities
4.000
1.168
2.832
8.417
Total paths and
hard surfaces
54.500
65.114
(10.614)
49.958
Skating rinks:
Personal services
93,000
83,530
9,470
86,871
Commodities
7.000
907
6.093
1.560
Total skating
rinks
100.000
84.437
15.563
88.431
Total maintenance
848.630
Capital outlay
83.455
55.252
28.203
119.967
Total parks
1.586.353
1.670.872
(84.519)
1.595.308
Unallocated general
expenditures:
Human Rights Commission
50,700
47,245
3,455
45,067
South Hennepin Human
Services Council
13,650
13,578
72
9,626
City's share of special
assessment
53,500
46,124
7,376
54,642
Recycling
86,588
77,686
8,902
86,486
Fireworks
6,000
6,840
(840)
6,300
Contingencies
115,000
87,418
27,582
73,030
Centennial
—
(111)
111
26,178
Suburban rate authority
3,500
3,500
—
3,500
Loss subsidy — operating
funds
17.862
17.862
—
16.337
Total unallocated
general
expenditures
346.800
300.142
46.658
321.166
Central services
(57.200)
(242.790)
185.590
276.068
Total expen-
ditures $
12.248.608
12-0
164.®400
11.9®67 830
MLM
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Central Services Expenditures - Budget and Actual
Year ended December 31, 1989
(with comparative actual amounts for year ended December 31, 1988)
-48-
1989
1988
Variance -
favorable
Budget
Actual
(unfavorable)
Actual
General:
Contractual services
$ 2,170,777
1,851,350
319,427
2,155,878
Commodities
23,000
28,560
(5,560)
35,656
Capital outlay
23.023
2.395
20,628
12,492
Total general
2,216,800
1.882.305
334,495
2,204,026
City Hall:
Personal services
57,800
94,520
(36,720)
84,678
Contractual services
34,100
32,896
1,204
39,494
Commodities
26,300
45,765
(19,465)
39,426
Fixed charges
Total City Hall
10,800
129,000
10,800
183,981
-
(54.981)
10.200
173.798
Public Works building:
Personal services
37,965
45,331
(7,366)
58,879
Contractual services
61,200
55,880
5,320
68,536
Commodities
24,000
30,055
(6,055)
43,045
Fixed charges
Capital outlay
9,000
2.595
9,000
1.000
-
1.595
8,700
1,477
Total Public Works
building
134.760
141,266
(6,506)
180.637
Equipment operations:
Personal services
197,766
206,140
(8,374)
219,702
Contractual services
62,300
327,000
81,321
393,031
(19,021)
(66,031)
80,134
389,271
Commodities
Fixed charges
149,400
149,400
-
146,940
14,734
8.726
6.008
-
Total equipment
operations
751.200
838,618
(87,419)
836.047
Total central ser-
vices expenditures.
3,231,760
3,046,170
185,590
3,394,508
Less allocation to other
activities
3,288,960
60 3,288.9
-
113. 8.440
Net central services
$ (5
(24�
1 g
-48-
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.
M'II
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Balance Sheet
December 31, 1989
(with comparative totals for December 31, 1988)
Community
Fund balance:
Unreserved - designated - - - (30,749)
Unreserved - undesignated - 5855 995 855,995.
-
Total fund balance - 855.995 855.995 (30,749
Total liabilities
and fund balance $ 11.008 856.075 7;083 2
—50—
Development
Totals
Assets
Block Grant
Communications
1989
1988
J
Cash
$ (118,788)11
(891)
(119,679)
-
Accounts receivable
-
17,268
Due from other govern m ents
129, 796
-
129,796
Investment securities
-
851,466 J
851,466
-
Interest receivable
-
5.500
5.500
-
Total assets
$ 11.008
856.075
867.083
20.290
Liabilities and Fund Balance
Liabilities:
/
✓
11,088
Accounts payable
11,008
80
-
Due to other funds
-
-
-
51.039
Total liabilities
11.008
80
11.088
51.039
Fund balance:
Unreserved - designated - - - (30,749)
Unreserved - undesignated - 5855 995 855,995.
-
Total fund balance - 855.995 855.995 (30,749
Total liabilities
and fund balance $ 11.008 856.075 7;083 2
—50—
I
G3 m UL M 5 ;
�2 C, Cc s
�i
faYa�(e,
lt'12� �9/
.fin ko-e s.( JE�P c lj6 ll--71c,
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended December 31, 1989
(with comparative totals for year ended December 31, 1988)
Community
Development Totals
Block Grant Communications 1989 1988
Revenues:
Franchise fee
$ -
49,969
49,969
48,528
Intergovernmental:
Federal grants
262,850
-
262,850
54,071
Interest on investments
-
59,318
59,318
-
Miscellaneous
-
873.112
873.112
-
Total revenues
262.850
982.399
1.245.249
102.599
Expenditures:
Current:
Other:
General
-
8,226
8,226
-
Personal services
-
46,678
46,678
52,402
Contractual services
262,850
38,562
301,412
93,056
Capital outlay
-
2.189
2.189
-
Total expenditures
262.850
95.655
358.505
145.458
Excess (deficiency) of
revenues over expenditures
-
886,744
886,744
(42,859)
Fund balance - January 1
-
3( 0.749)
(30.749)
12.110
Fund balance (deficit) -
December 31
$
-51-
DEBT SERVICE FUNDS
The Debt Service Funds finance and account for the payment of principal and interest on
the General Obligation Redevelopment and Tax Increment Bonds. Provisions are made
in the City's general property tax levy for money sufficient to meet the general
obligation debt. The Improvement Bond Redemption II Fund was established to finance
and account for payment of principal and interest on special assessment bonds issued.
Financing of this debt service comes primarily from special assessments levied against
benefited properties.
-52-
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Balance Sheet
December 31, 1989
(with comparative totals for December 31, 1988)
Liabilities and Fund Balance
("3
L (o
Liabilities:
i
General
Improvement
Accounts payable
— 808
808
Debt
Bond
Totals
69,183
Assets
Service
Redemption H
1989
1988
Total liabilities
— 2.245.718
2,245,718
1.970.565
Fund balance:
Cash
$ —
(685,989) ✓
(685,989
2,556,865
Investments
—
351,744
351,74
—
Special assessments
12�
receivable:
Delinquent
—
32,412
32,412
3,538
Current
—
431,485
431,485
494,668
Deferred
—
1•,711,830
1,711,830
1,429,257
Other
—
16,076
16,076
21,436
Due from other funds
200,000W'
—
200,000
200,000
Due from other governments
—
47,177 /
47,177
5,809
Interest receivable
—
40.000✓
40.000
—
Total assets
$ 200.000
1.944.735
2.144.735
4.711.573
Liabilities and Fund Balance
Total liabilities
and fund
balance $ 200.000 1.944.735 2.144135 4.711.573
0�
�c
-53-
Liabilities:
i
Accounts payable
— 808
808
—
Due to other governments
— 69,183
69,183
43,102
Deferred revenue
2.175.727
2.175.727
1.927.463
Total liabilities
— 2.245.718
2,245,718
1.970.565
Fund balance:
Reserved for debt
service
200.000 5300.983)
(100.983)
2,741,008
Total liabilities
and fund
balance $ 200.000 1.944.735 2.144135 4.711.573
0�
�c
-53-
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
Year ended December 31, 1989
(with comparative totals for year ended December 31, 1988)
General
Improvement
Debt
Bond
Totals
Service
Redemption II
1989
1988
Revenues:
Special assessments
$ -
769,386
769,386
1,074,793
Interest on investments
102.468
102.468
23.010
Total revenues
-
871.85
871.854
1.097.803
Expenditures:
Current:
Other
-
5,591
5,591
2,400
Debt service:
Bond principal
750,000
1,150,000
1,900,000
1,950,000
Interest and fiscal
charges
2.616,378
334.589
2,950,967
2170.163
Total expenditures
3.366.378
1.490.180
4.856.558
4,122,563
Deficiency of
°
revenues over
expenditures
(3,366,378)
618 326
(3.984,704)
(3.024.760)
Other financing sources
(uses):
Operating transfers in
(out):
HRA
3,366,378
-
3,366,378
2,286,643
Revolving Fund
-
-
-
(14,311)
Construction Fund
-
-
-
(229.155)
Total other
financing sources
3.366.378
-
3.366.378
2,043.177
Deficiency of revenues and
other financing sources
over expenditures
-
(618,326)
(618,326)
(981,583)
Fund balance - January 1 as
previously stated
200,000
2,541,008
2,741,008
3,722,591
Prior period adjustment
-
(2,223.665)
(2.223.665)
-
Fund balance - January 1
restated
200.000
317.343
517,343
3.722.591
Fund balance - December 31
$ 200.000
(300.983)
(100.9831
2.741.008
-54-
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 — This fund is used to account for the various special assessment and
state —aid projects throughout the City.
Housing and Redevelopment Authority of Edina — 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 — This fund was established to provide financing for capital improvements as
designated in the City's capital improvement budget.
—55—
Liabilities and Fund Balance
Liabilities: --
Accounts payable 1- 851 P7 1$0, 2
Contracts - payable ,668 ✓_
Deposits payable
Deferred revenue -
Total liabilities 442,892
Fund balance:
Unreserved:
Designated
Undtesignated
Total fund balance
Total liabilities
and fund balance
1391 901 5,76 325,889 479,005
44,568 - 307,236 -
- 36,465
- 391 356 391,356 510,534
184,469 397,120 1,024,481 1,026,004
587,250 / 18,261
7 -1i X6,158,451
(4,071,121 16,176,712
$ (3.628.229) 16.361.181
0 fc-,
a
-56-
772,589 4,455,576
6,276,660 17,609,662 1,732,174
6,276,660 18,382,251 6,187,750
66® 19.406.732 7.213.754
Capital Project Funds
Combining Balance Sheet
December 31, 1989
(with comparative totals for December ,31, 1988)
m�
Housing and
Redevelopment
Authority of
Totals
Assets
Construction Edina
Revolving j
1989
1988
Cash
$ (3,628,229) 62,880
542,387/(3,022,962)
(3,947,811)
Investments
- 12,895,589
5,703,241
18,598,830
9,774,498
Accounts receivable
- 460,844
-
460,844
298,246
Prepaid insurance
- 1,716
-
1,716
-
Special assessments receivable:
Delinquent
- -
9,120
9,120
43,337
Deferred
- -
382,236
382,236
467,197
Due from other funds
Due from other governments
- 2,611,692
- -
-
69
2,611,692
699
577,186
1,101
Interest receivable
- 328,460
36,097
364,557
-
Total assets
$ 3 62 16.3®
6.6
12affh712
•2®
Liabilities and Fund Balance
Liabilities: --
Accounts payable 1- 851 P7 1$0, 2
Contracts - payable ,668 ✓_
Deposits payable
Deferred revenue -
Total liabilities 442,892
Fund balance:
Unreserved:
Designated
Undtesignated
Total fund balance
Total liabilities
and fund balance
1391 901 5,76 325,889 479,005
44,568 - 307,236 -
- 36,465
- 391 356 391,356 510,534
184,469 397,120 1,024,481 1,026,004
587,250 / 18,261
7 -1i X6,158,451
(4,071,121 16,176,712
$ (3.628.229) 16.361.181
0 fc-,
a
-56-
772,589 4,455,576
6,276,660 17,609,662 1,732,174
6,276,660 18,382,251 6,187,750
66® 19.406.732 7.213.754
4804 4 COL. - 8804 4 COL.
A W W W W W W W W W W N N N N N N N N N N
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-
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-f
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
Year ended December 31, 1989
(with comparative totals for year ended December 31, 1988)
Housing and
Redevelopment
Authority of Totals
Construction Edina Revolving 1989 1988
Revenues:
Tax increments $ - 3,299,099 - ✓ 3,299,099 2,420,239
Special assessments - - 166,640 166,640 425,257
Intergovernmental 1,234,250 - - / / 1,234,250 216,850
Interest on investments - 1,036,032 457,495✓ 1,493,527 391,878
Rental of property - - 100,000/ 100,000 100,000
Miscellaneous 1233,056 102,811 222,914 558,781 48,794
Total revenues 1,467,306 4,437,942 947,049 6,852,297 3,603,018
Expenditures:
Current:
Professional fees - 2,859 - 2,859 259,092
Insurance - 198,946 - 198,946 -
Interest charges on loans from
other funds - - - - 13,596
Personal services - 196,191 - 196,191 180,740
Other - 514,186 - 514,186 48,562
Special assessments - 71,345 - 71,345 123,768
Construction costs 5,866,779 2,136,120 143 502 /, 8,146,401 19,128,752
Total expenditures 5,866,779 3,119,647 143,502 Y/ 9,129,928 1 9,754,510
Excess (deficiency) of reve-
nues over expenditures (4,399,473) 1,319,295 803,547 (2,277,631) (16,151;492)
Other financing sources (uses): /
Proceeds from issuance of bonds 1,745,230 13,576,304 - 15,321,534 15,275,000
Bond discount le - - - - (163,182)
Proceeds from sale,ofland - 192,915 - 192,915 4,783,356
Operating transfer in (out):
General Debt Service Fund - (3,366,378) - (3,366,378) (2,5989071)
General Fund - - 140,000 140,000 319,805
Construction Fund - - - - -
Improvement Bond Redemption lI Fund - - - - 554,894
Revolving Fund - - - - -
Enterprise Fund - - (39,604) (39,604) (32,828)
Total other financing
sources 1,745,230 10,402,841 100,396 12,248,467 18,138,974
Excess (deficiency) of reve-
nues and other financing
sources over expenditures
and other financing uses (2,654,243) 11,721,136 903,943 9,970,836 1,987,482
Fund balance (deficit) - January 1 as
previously stated (3,640,543) 4,455,576 5,372,717 6,187,750 4,200,268
Prior period adjustment 2,223,665 - - 2,223,665 -
Fund balance (deficit) -January l
restated (1,416,878) 4,455,576 5,372,717 8,411,415 4,200,268
Fund balance - December 31 $ (4.071.121) 16.1 7 6.276.660 18.3® 16.7.750
1
�O'
a�
-57-
ENTERPRISE FUNDS
Enterprise Funds account for the financing of self- supporting activities of governmental
units which render services to the general public on a user charge basis. Records are
maintained on the accrual basis of accounting. The reports of Enterprise Funds are
similar to private enterprise and are self- contained. Creditors, legislators or the
general public can evaluate the performance of the municipal enterprise on the same
basis as investor -owned enterprises.
The following enterprise funds were established to account for the operation of
City -owned facilities:
Utilities Fund
Liquor Fund
Swimming Pool Fund
Golf Course Fund
Recreation Center Fund
Gun Range Fund
Art Center Fund
Edinborough Park Fund
All activities necessary to provide such services are accounted for in these funds,
including, but not limited to, administration, operations, maintenance, financing, debt
service, billing and collection.
-58-
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Balance Sheet
December 31, 1989
(with comparative totals for December 31, 1988)
Swimming
Assets
Utilities
Liquor
Pool
Current assets:
Petty cash and change funds
$ -
3,800
-
Cash (deficit)
1,723,844
(34,099)
(84,122)
Investments
2,218,182
-
-
Receivables:
360
-
Accounts
-
Customers
884,968
-
-
Special assessments
253
-
-
Metropolitan Waste Control
89,161
-
-
Notes
-
6,366
-
Interest
-
-
Due from other funds
-
-
'
Inventory
29,012
447,650
Total current assets
4,945,420
24 4.077
(84.122)
Long -term receivables:
Metropolitan Waste Control Commission
151,410
-
-
Notes
Total long-term receivables
151.410
.10.295
10.295
-
Property and equipment, less
accumulated depreciation
14,722,914
639,044
210,871
Discount on bonds
28.566
-
-
Total assets
$ 19-848.310
1.073.416
126.749
Liabilities and Fund Eguity
Current liabilities:
Accounts payable
41,122
149,152
8
Accrued interest payable
88,188
-
-
Due to other funds
-
-
'
Total current liabilities
129.310
149,152
8
Long -term liabilities:
Reserve for construction
-
-
-
Deposits payable
-
'
Deferred revenue
151,410
-
-
Bonds payable
3.160.000
-
-
Total long -term liabilities
3.311.410
-
Total liabilities
3.440.720
149,152
_8
Fund equity:
Contributed capital - -
Retained earnings:
Reserved for debt retirement 412,920
Unreserved - undesignated 15.994.670 29 4,264 126.741
Total retained earnings 16.407.590 924,264 126.741
Total liabilities and fund
equity $ 19.848.310
—59—
Golf
Recreation
Gun
Art
Edinborough
Totals
768,278
Course
Center
Ranee
Center
Park
1989
1988
2,200
700
-
250
700
7,650
7,650
(102,759)
(811,376)
8,013
(12,806)
(395,961)
290,734
(412,247)
1,755,105
-
-
-
-
3,973,287
3,503,670
10,000
57,718
-
28,219
1,338
97,635
97,517
_
_
_
_
_
884,968
716,805
-
-
8.780.000
_
-
253
-
_
-
8.941.031
_
_
89,161
-
-
_
_
_
-
6,366
6,366
54,519
-
-
-
168,442
222,961
-
-
_
_
_
_
-
245,000
201,174
_
_
8.108
-
484,770
511.711
1.719.065
( 752. 958)
8.013
23.771
(225.481)
6,057.785
4.676.472
_
_
_
_
-
151,410
204,260.
10.295
14.920
161.705
219.180
3,429,642
2,100,949
30,646
181,887
261,266
21,577,219
21,093,593
33.015
22.605
1.370.596
-
38.659
_
205.658
-
35.785
84.186
27.880.895
-
25.989.245
5. 181.722
70,604
6,865
133
3,734
9,727
281,345
768,278
_
_
_
_
_
88,188
96,968
245.000
70.604
6.865
133
3.734
9,727
369.533
1.110.246
-
-
-
750
-
750
-
5,371
3,500
-
-
-
8,871
5,833
_
_
_
_
_
151,410
204,260
3.725.000
1,895,000
-
-
-
8.780.000
6.730.000
3,730,371
1,898,500
-
750
-
8.941.031
6.940.093
3,800,975
1.905.365
133
4.484
9.727
9,310.564
8.050.339
_
_
_
-
249,151
249,151
273,545
589,585
-
-
-
-
1,002,505
797,646
791.162
(534.769)
38,526
201,174
22
17.318.675
16.867.715
1.380.747
(534.769)
38.526
201.174
(223,093
18.321.180
17.665.361
-60-
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1989
(with comparative totals for year ended December 31, 1988)
Sales and cost of sales:
Sales
Cost of sales
Gross profit
Operating revenues:
Charges for services
Total gross profit and
operating revenues
Operating expenses:
Disposal charges
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Contribution from special
assessments
Interest on investments
Current value credit — MWCC
Rental income
Donations
Interest and fiscal charges
Subsidy from general fund
Miscellaneous
Amortization of bond discount
Total nonoperating revenues
(expenses)
Income (loss) before operating
transfers
Operating transfers in (out):
General fund
Revolving fund
Net income (loss)
Add depreciation on contributed assets
Increase (decrease) in retained
earnings
Retained earnings (deficit) — January 1
Equity transfers in (out)
Retained earnings (deficit) — December 31
—61—
Swimming
Utilities Liquor Pool
$ — 5,054,564 —
3,984,418 1,070,146
—
5.028.385
—
104.195
5.028.385
1.070.146
104.195
(172,418)
2,650,263
—
—
577,593
452,219
62,573
679,675
97,966
18,845
315,260
5,965
7,338
217,680
154,080
7,500
395.490
30.026
17.085
4.835.961
740,256
113.341
192.424
329.890
(9.146]
202,421
— —
247,547
1,741 —
61,020
— —
(172,418)
— -
-
3,921 —
(3.7921
334,778
5,662 —
527,202
335,552 (9,146)
(350,000) 17,862
— — 25.000
527,202 (14,448) 33,716
527,202 (14,448) 33,716
15,880,388 938,712 93,025
$ 16.407.590 924.264 126.741
,ft
Golf
Recreation
Gun
Art
Edinborough
Totals
-
Course
Center
Ranee
Center
Park
1989
1988
-
-
-
-
-
5,054,564
5,181,955
-
-
-
-
-
3,984,418
4.081.675
-
-
-
-
-
1,070,146
1.100.280
1,475,429
558.930
39.868
162,908
290.634
7,660,349
6.534.601
1,475,429
558.930
39.868
162.908
290,634
8,730.495
7.634.881
-
-
-
-
-
2,650,263
2,621,462
571,019
207,419
16,712
148,939
300,386
2,336,860
2,058,294
173,533
183,647
4,195
14,677
212,341
1,384,879
1,409,739
167,783
32,820
8,575
18,188
106,024
661,953
694,884
84,300
29,400
360
11,545
40,800
545,665
529,296
201.539
71.210
5.501
14.613
24.391
759.855
687.389
1,198,174
524. 496
35 .343
207.962
683.942
8,339.475
8.001.064
277.255
34.434
4.525
(45,054
(393.308)
391.020
(366.183)
101,233
36,418
-
-
356,967
-
-
-
36,822
-
(230,441)
(115,760)
-
-
-
-
-
-
9,711
-
(1.274)
(1,174
-
-
-
(130,482)
(80,516)
-
46,533
356,967
146,773
(46,082)
4,525
1,479
(36,341)
-
10.000
-
4.604
-
146,773
(36,082)
4,525
6,083
(36,341)
-
-
-
-
24.391
146,773
(36,082)
4,525
6,083
(11,950)
988,974
(253,687)
34,001
195,091
(211,143)
24
1.380.747
2( 45.000)
(534.769)
-
-
201.174
-
(223.093)
-62-
202,421
-
743,906
116,187
61,020
61,020
-
7,960
36,822
25,290
(518,619)
(238,940)
-
16,377
13,632
9,248
(6.240)
-
532,942
(2,898)
923,962
(369,081)
(332,138)
(153,000)
39.604
32.828
631,428
(489,253)
24.391
23.291
655,819
(465,962)
17,665,361
18.321.180
18,131,323
17.665.361
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Changes in Financial Position
Year ended December 31, 1989
(with comparative totals for year ended December 31, 1988)
Swimming
Utilities Liquor Pool
Sources of working capital:
Operations:
Net income (loss)
$ 527,202
335,552
(9,146)
Add items not requiring working capital:
Depreciation
395,490
30,026
17,085
Amortization of bond discount
3.792
Working capital provided (used) by operations
926.484
365.578
7.939
Proceeds from revenue bonds
-
-
-
Decrease in other assets
52,850
-
-
Transfer from other funds
-
-
42,862
Increase in deposits
-
-
-
Reduction in notes receivable
-
4,625
-
Bond transfer from other funds
Total sources of working capital
979.334
370.203
50.801
Uses of working capital:
Decrease in other liabilities
52,850
-
-
Additions to property and equipment
301,848
14,284
25,265
Additions to bond discount
32,358
-
-
Reduction of long -term debt
-
-
-
Bond transfer to other funds
-
-
-
Transfers to other funds
-
350.000
-
Total uses of working capital
387.056
364,284
25,265
Net increase (decrease) in working capital
$
91Q
Elements of net increase (decrease)
in working capital:
Cash
481,840
43,824
25,519
Investments
(326,323)
-
-
Receivables
257,577
360
-
Due from other funds
-
-
-
Inventory
4,925
(32,573)
-
Prepaid expense
-
-
-
Accounts payable
209,535
-
17
Accrued interest payable
(35,276)
(5,692)
-
Due to other funds
-
-
-
Reserve for construction
-
Net increase (decrease) in working capital $ 592.278 5.919
-63-
W,
Golf Recreation Gun Art Edinborough Totals
Course Center Range Center Park 1989 1988
146,773
(46,082)
4,525
1,479
(36,341)
923,962
(369,081)
201,539
71,210
5,501
14,613
24,391
759,855
-
1,274
1,174
(245,000)
- - -
(245,000)
6,240
687,391
349,586
26,302
10,026
16,092
(11,950)
1,690,057
318,310
2,072,700
-
-
-
-
2,072,700
5,630,000
-
-
-
-
-
52,850
50,817
245,000
10,000
-
4,604
-
302,466
229,828
3,038
-
-
-
-
3,038
608
-
-
-
-
-
4,625
6,714
-
166,000
-
-
-
166,000
-
2,670,324
202,302
10,026
20,696
1( 1,950)
4,291,736
6,236,277
-
-
-
-
-
52,850
50,817
418,400
455,740
972
15,759
11,214
1,243,482
2,405,411
6,989
23,779
-
-
-
63,126
-
50,000
-
-
-
-
50,000
50,000
166,000
-
-
-
-
166,000
-
-
245,000
595,000
350,000
641,389
724,519
972
15,759
11,214
2,170,458
2,856,228
3,38
(70,421)
395,408
12,310 (25,005) (160,494)
702,981
646,101
1,755,105
(959,165)
- - -
469,617
3,503,670
64,519
9,601
(4,000) 28,219 124,382
480,658
(90,176)
-
(245,000)
- - -
(245,000)
-
-
(221)
- - -
(26,941)
(134,579)
-
-
- 928 -
-
(400)
21,515
246,321
- - -
477,388
(449,135)
13,217
30,839
744 1,545 12,948
18,325
(96,968)
245,000
-
- - -
245,000
1,536
-
-
- 750) -
(750)
-
( )
4 MUD
2,1=
3,380,042
-64-
CITY OF EDINA, MINNESOTA
Enterprise Funds
Schedule of Property and Equipment
Year ended December 31, 1989
Assets
Balance Balance
January 1, December 31,
1989 Additions Deletions 1989
Utilities Fund:
Land
$ 26,556
-
-
261556
Land improvements
43,225
-
-
43,225✓
Buildings and equipment
3,299,925
73,449
31,139
3,342,235 J
Distribution system
9,436,738
119,946
-
9,556,684
Sewer mains and lift stations
10,854,778
72,456
1,340
10,925,894]
Furniture and fixtures
12,697
499
-
13,196
Vehicles
171,139
23,887
20,500
174,526 V ".
Equipment and machinery
227,357
12,950
-
240,307
Construction in progress
84.531
-
-
84.531
Buildings
24.156.946
3 03, 1
52.979
24.407.154
Liquor Fund:
103,740
10,209
54,528
59,421
Land
233,785
-
-
233,785
Land improvements
23,923
-
-
23,923
Building
729,769
-
-
729,769
Furniture, fixtures and
equipment
310.423
14.284
3.035
321.672
1.297.900
14.284
3.035
1309.149
Swimming Pool Fund:
Land
10,000
-
-
10,000
Swimming pool and bathhouse
462,900
-
-
462,900
Filter system
32,981
21,395
27,566
26,810
Furniture and fixtures
18.386
3.870
-
22.256
524.267
25.265
27.566
25 1.966
Golf Course Fund:
Golf course
1,153,039
17,334
-
1,170,373
Buildings
2,039,559
258,428
-
2,297,987
Well
121,304
-
-
121,304
Parking lot and roadway
19,711
3,323
-
23,034
Equipment
610,214
101,377
-
711,5911
Construction in progress
92.857
130.795
92,857
130.795
4.036.684
511.257
92,857
4.455.084
Recreation Center Fund:
J
Land improvements
52,174
2,710
52,174
2,710
Buildings
1,017,980
1,878,232
31,002
2,865,210
Furniture and equipment
103,740
10,209
54,528
59,421
Construction in progress
1.435.411
33.810
1,469,221
-
2.609.305
1,924,961
1.606.925
2,927,341
-65-
233,785
11,940
Accumulated depreciation
12,803
11,120
Balance
13,878 -
370,367
Balance
274,685
January 1,
286,935
34,737
December 31, Net book
1989
Additions
Deletions
1989
value
311,095
210,871
86,279
17,968
-
104,247
26,556
29,927
1,235
-
31,162
12,063
2,258,315
68,137
31,140
2,295,312
1,046,923
3,964,268
189,065
-
4,153,333✓
5,403,351
2,805,074
88,595
-
2,893,669
8,032,225
10,307
1,849
-
12,156
1,040
101,417
23,226
20,500
104 143
70,383
171,082
23,383
-
194,465
45,842
52,174
22
52,174
22'�
84,531
9,340,390
395,490
51,640
9,684,240
14,722,914
233,785
11,940
863 -
12,803
11,120
356,489
13,878 -
370,367
359,402
274,685
15,285 3,035
286,935
34,737
643,114
30,026 3,035
670,105
639,044
10,000
278,930
13,884
-
292,814
170,086
29,809
1,611
27,566
3,854
22,956
12,837
1,590
-
14,427
7,829
321,576
17,085
27,566
311,095
210,871
86,279
17,968
-
104,247
1,066,126
349,434
94,163
-
443,597
1,854,390
36,392
4,853
-
41,245
80,059
13,174
728
-
13,902
9,132
338,624
83,827
-
422,451
289,140
130,795
823,903
201,539
-
1,025,442
3,429,642
52,174
22
52,174
22'�
2,688
755,181
68,620
31,002
792,799
2,072,411
85,531
2,568
54,528
33,571
25,850
892,886
71,210
137,704
826,392
2,100,949
(Continued)
M.
CITY OF EDINA, MINNESOTA
Enterprise Funds
Schedule of Property and Equipment, Continued
Assets
Balance Balance
January 1, December 31,
1989 Additions Deletions 1989
Gun Range Fund:
Land improvements
$ 16,290
972
- 17,262
Building
60,685
-
- 60,685
Furniture and equipment
15,251
-
- 15,251
Construction in progress
-
-
- -
92.226
972
93.198
Art Center Fund:
Land
15,000
-
- 15,000
Land improvements
1,937
-
- 1,937
Building
251,523
-
- 251,523
Furniture and equipment
13,964
1,344
- 15,308
Machinery and equipment
20,526
-
- 20,526
Construction in progress
3.260
14.415
- 17.675
306.210
15.759
321.969
Edinborough Park Fund:
Pool, ice rink and track
256,032
1,660
- 257,692
Machinery and equipment
52,449
6,800
- 59,249
Miscellaneous equipment
999
2.753
- 3.752
309.480
11.213
320.693
$ 33.333.018
2-806-M 1,783,362
34.356.554.
—67—
-68-
Accumulated depreciation
Balance
Balance
January 1,
December 31,
Net book
1989
Additions Deletions
1989
value
12,062
812 -
12,874
4,388
38,080
3,232 -
41,312
19,373
6,909
1,457 -
8,366
6,885
57.051
5,501 -
62.552
30.646
-
- -
-
15,000
1,543
129 -
1,672
265
101,712
11,657 -
113,369
138,154
8,569
1,376 -
9,945
5,363
13,645
1,451 -
15,096
5,430
17.675
125.469
14,613
140.082
181.887
19,202
12,843 -
32,045
225,647
15,734
11,170 -
26,904
32,345
100
378 -
478
3.274
35.036
12.239.425
24.391
759855 -
59.427
2.779.335
261.266
21.577.219
-68-
CITY OF EDINA, MINNESOTA
Utilities Fund
Balance Sheet
December 31, 1989
(with comparative amounts for December 31, 1988)
Assets
Current assets:
Cash
Investments
Receivables:
Customers
Assessments
Due from Metropolian Waste Control
Inventory
Total current assets
Long -term receivable - Metropolitan Waste
Control Commission
Property and equipment, less accumulated
depreciation
Discount on bonds
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Accrued interest payable
Total current liabilities
Long -term liabilities:
Deferred revenue
Bonds payable
Total long -term liabilities
Total liabilities
Retained earnings:
Reserved for debt service
Unreserved - undesignated
Total liabilities and retained earnings
-69 -�
1989 1988
$ 1,723,844 1,242,004
2,218,182 2,544,505
884,968 716,805
253 -
89,161, -
29.012./ 24.087
4,945,420 / 4,527,401
V
- 151,410 204,260
i
14,722,914 14,816_556
$ 19.848.310 19.548.217
41122/ 250,657
�8 .188 2 12
303.569
151,410 / 204,260
3.160.000 ✓ 3.160.000
3.311.410 3.364.260
3.440.720 3.667.829
412,920 V 412,920
15.994.670 15.467.468
16.407.590 15.880.388
$ 19.848.310 19.548.217
i
1
Ccm M _
(f--` L-
m
4
& V\ 'XI
(�hal�Pro,� 4t �o ri }fit
J �sLOu t- ell l3 d kL4S
OFF -7sg
7�s G 6
4i
�a X3.3 '0 , %a ( l 23 gds, «g 3X266
r
u-Q-Y�
oet
2y7,5ql
(-I a o
SSo �l��S
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1989
(with comparative amounts for year ended December 31, 1988)
-70-
1989
1988
Operating revenues:
/
Storm sewer charges
$ 538,141
-
Water charges
1,520,890
1,390,588
Sewer charges
2,943,068 /
2,866,544
Sale of meters (less cost of meters sold)
23,525 ✓
17,038
Other
2,761
2,276
Total operating revenues
5,028,385
4,276,446
Operating
/
expenses:
Disposal charges - contractual services
2,650,263
2,621,462
S9&ce of supply:
✓Personal
✓ services
148,142
91,560
VContractual services
184,441
199,199
Commodities
101,834
104,380
Di, bution:
✓ Personal services
200,823
211,686
vContractual services
316,808
344,984
Commodities
127,178
140,582
VP fication:
3,145
2,833
ersonal services
Contractual services
238
23,092
Commodities
67,538
76,716
So}}a�''ce of collection:
V Personal services
110,819
116,544
!/Contractual services
9,594
971
Commodities
12,257
66,578
Storm sewer:
'"Personal services
27,994
-
✓tontractual services
58,077
-
Commodities
3,750
-
Geperal and administrative:
rsonal_ services -
- 86,670
91,595
VContractual services
110,517
148,720
Commodities
2,703/
161
Central services
217,680'
201,780
Depreciation
395.490✓
399,954
Total operating expenses
4,835,961
4,842,797
Operating gain (loss)
192,424
(566,351)
(Continued)
-70-
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings, Continued
\� �U 1989 1988
Nonoperating revenues:
Contribution from special assessments
Interest on investments 3� 2, �� "� 2N
Current value credit — MWCC
Rental income
Interest and fiscal charges eke
Amortization of bond discount
Total nonoperating revenues
Net income (loss)
Retained earnings — January 1
Retained earnings — December 31
—71—
$ 424071: 1'1/'0) - '- -M,054
61,020 ✓ 61,020
7,960
(172,418) ✓ (77,758)
(3.792) 334.778�' 9.276
527,202
15.880.388
(557,075)
16.437.463
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Changes in Financial Position
Year ended December 31, 1989
(with comparative amounts for year ended December 31, 1988)
1989 1988
Sources of working capital:
Operations:
Net income (loss)
$ 527,202
(557,075)
Add items not requiring working capital:
Depreciation
395,490
-
Amortization of bond discount
3.792
399.955
Working capital provided (used) by
operations
926,484
(157,120)
Proceeds from revenue bonds -
-
3,160,000
Decrease in other assets
52.850
50.817
Total sources of working capital
979.334
3.053.697
Uses of working capital:
Decrease in other liability
52,850
50,817
Additions to property and equipment
301,848
217,750
Additions to bond discount
32.358
-
Total uses of working capital
387.056
268.567
Net increase in working capital
$ 592.M
Z S Q
Elements of net increase (decrease)
in working capital:
Cash
481,840
553,296
Investments
(326,323)
2,544,505
Receivables
257,577
(69,764)
Inventory
4,925
(6,386)
Accounts payable
209,535
(185,145)
Accrued interest
(35,276)
(52,912)
Due to other funds
-
1.536
Net increase in working capital
$ 592.278
2.785.130
-72-
CITY OF EDINA, MINNESOTA
Liquor Fund
Balance Sheet
December 31, 1989
(with comparative amounts for December 31, 1988)
Assets
1989
1988
Current assets:
/
Petty cash and change funds
$ 3,800 ✓
3,800
Cash (deficit)
(34,099V/
(77,923)
Accounts receivable
360,,"
-
Notes receivable
✓
6,366
Inventory
447.650
480.223
Total current assets
424,077
412,466
Long -term receivables:
Notes receivable
10,295 ,
14,920
Property and equipment, less accumulated
depreciation
639.044
654.786
Total assets
$ LOIA16
Liabilities and Retained Earnings
Current liabilities:
Accounts payable 149,152 143,460
Retained earnings:
Unreserved - undesignated 924.264 938.712
Total liabilities and retained earnings $ 1.073.416 1.082.17
-73-
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1989
(with comparative totals for year ended December 31, 1988)
Operating
transfer out:
General Fund
Net income (loss)
Retained earnings -
January 1
Retained earnings -
December 31
-74-
(350.000) (350,000)
(14,448) 3,567
938.712 935.145
8 924.264 938.712
1989
1988
50th Street
Yorkdale
Grandview
Totals
Totals
Sales
$ 1,046,447
2,076,414
1,931,703
5,054,564
5,181,955
Cost of sales
801.549
1,670.284
1,512.585
3,984,418
4.081.675
Gross profit
244,898
406.130
419.118
1,070,146
1.100.280
Operating expenses:
Selling
90,997
123,215
119,491
333,703
355,347
Occupancy
35,551
36,941
18,309
90,801
107,531
Administrative
85.482
118.123
112.147
315.752
286.346
Total operating
expenses
212.030
278.279
249.947
740.256
749.224
Operating income
32.868
127.851
169.171
329.890
351.056
Nonoperating
revenues
(expenses):
Interest on invest-
ments
1,741
-
-
1,741
1,393
Cash over (short)
(342)
(1,577)
217
(1,702)
(178)
Miscellaneous
4.943
1.963
(1.283)
5.623
1,296
Total nonoperating
revenues (expenses)
6.342
386
(1.066)
5.662
2.511
Income before
operating trans-
fer out
$ 39.210
128.237
168.105
335,552
353,567
Operating
transfer out:
General Fund
Net income (loss)
Retained earnings -
January 1
Retained earnings -
December 31
-74-
(350.000) (350,000)
(14,448) 3,567
938.712 935.145
8 924.264 938.712
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Changes in Financial Position
Year ended December 31, 1989
(with comparative amounts for year ended December 31, 1988)
1989 1988
Sources of working capital:
Operations:
Income before operating transfers out
$ 335,552
353,567
Add items not requiring working capital:
Depreciation
30.026
40,403
Working capital provided by operations
365,578
393,970
Reduction in notes receivable
4.625
6.714
Total sources of working capital
370,203
400,684
Uses of working capital:
Additions to property and equipment
14,284
652
Transfer to other fund
350.000
350,000
Total uses of working capital
63 4,284
350.652
Net increase in working capital
$ 5.919
50.032
Elements of net increase (decrease) in working capital:
Cash
43,824
166,667
Accounts receivable
360
-
Notes receivable
1,393
Inventory
(32,573)
(126,901)
Prepaid expenses
-
(400)
Accounts payable
(5.692)
9.273
Net increase in working capital
-75-
-76-
CITY OF EDINA, MINNESOTA
Liquor Fund
Schedule of Operating Expenses
Year ended December 31, 1989
(with comparative
amounts for
year ended December 31,
1988)
Totals
50th Street
Yorkdale Grandview
1989
1988
Selling:
Personal services
$ 82,555
119,222
114,243
316,020
324,682
Contractual services:
Direct promotion
4,994
4,284
5,044
14,322
17,286
Licenses and dues
935
382
370
1,687
606
Commodities
2,513
73
(166)
1,674
12,773.
90,997
123,215
119,491
333,703
355,347
Occupancy:
Personal services
1,192
1,661
3,698
6,551
3,060
Contractual services:
Burglar alarm
707
935
713
2,355
1,936
Heat
822
1,225
1,268
3,315
3,991
Janitorial service
251
167
164
582
347
Laundry and rug
service
774
769
937
2,480
1,635
Light and power
6,291
9,672
4,964
20,927
23,092
Maintenance, renting
and cooling
387
106
89
582
1,919
Repair and maintenance
1,112
6,539
1,657
9,308
10,573
Rubbish hauling
2,346
2,704
2,338
7,388
8,225
Telephone
1,738
1,939
1,449
5,126
5,539
Water and sewer service
134
122
81
337
1,796
Commodities
156
542
1,126
1,824
5,015
Depreciation
19,641
10,560
(175)
30,026
40,403
35,551
36,941
18,309
90,801
107,531
Administrative:
Personal services
38,078
47,506
44,064
129,648
98,677
Contractual services:
Data processing
3,883
3,883
3,883
11,649
9,646
Mileage
-
1,300
Professional service
2,200
2,200
2,200
6,600
6,300
Miscellaneous
3,757
4,341
3,210
11,308
14,692
Commodities
604
1,033
830
2,467
3,211
Central services
36,960
59,160
57,960
154,080
152,520
85,482
118,123
112,147
315,752
286,346
$ 21
27�
24
749.224
-76-
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Balance Sheet
December 31, 1989
(with comparative amounts for December 31, 1988)
Assets 1989 1988
Current asset:
Cash (deficit) $ (84,122) (109,641)
Property and equipment, less accumulated
depreciation 210,871. 202.691
Total assets $ 21 S.Z�9 DSO
Liabilities and Retained Earnings
Current liabilities:
Accounts payable 8 ✓ 25
Retained earnings: /
Unreserved — undesignated 126,7411 5
Total liabilities and retained
earnings $ 126.749
b�--'
—77—
FAM
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1989
(with comparative amounts for year ended December 31, 1988)
1989 1988
Operating revenues:
Season tickets
$ 30,155-.
63,364
General admissions
54,184
27,139
Rentals and instruction programs
8,018
8,763
Concessions (less cost of goods sold)
11,802
11,685
Other
36
_56
Total operating revenues
104,195
111,007
Operating expenses:
Personal services
62,573
67,425
Contractual services
18,845
17,371
Commodities
7,338
14,301
Central services
7,500
7,140
Depreciation
17.085
15.828
Total operating expenses
113.341
122.065
Operating loss
19.146)
1( 1.058)
Nonoperating revenues:
Subsidy from general fund
17.862
4.508
Income (loss) before operating transfer in
8,716
(6,550)
Operating transfer in - revolving fund
25.000
4.952
Net income (loss)
33,716
(1,598)
Retained earnings - January 1
93.025
_
Retained earnings - December 31
$ 126.741
91025
-78-
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Changes in Financial Position
Year ended December 31, 1989
(with comparative amounts for year ended December 31, 1988)
Sources of working capital:
Operations:
Net income (loss) before operating transfer in
Add items not requiring working capital:
Depreciation
Working capital provided (used) by operations
Transfers from other funds
Total sources of working capital
Uses of working capital:
Additions to property and equipment
Net increase in working capital
Elements of net increase in working capital:
Cash
Accounts payable
Due to other funds
Net increase in working capital
—79—
1989
1988
$ 8,716
(6,550)
17.085
15.828
25,801
9,278
25.000
4.952
50,801
14,230
25.265 1.243
25,519 12,892
17 95
$ 25.Sd§ 12.987
CITY OF EDINA, MINNESOTA
Golf Course Fund
Balance Sheet
December 31, 1989
(with comparative amounts for December 31, 1988)
Assets
1989 1988
Current assets:
Petty cash and change funds $ 2,200 ✓ 2,200
Cash (deficit) (102,759) (32,338)
Investments 1,755,105✓ -
Accounts receivable 10,000/ -
Accrued interest 54.519 -
Total current assets 1,719,065 (30,138)
Property and equipment, less accumulated
depreciation
Discount on bonds
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Accrued interest payable
Due to other funds
Total current liabilities
Long -term liabilities:
Deposits payable
Bonds payable
Total long -term liabilities
Total liabilities
Retained earnings:
Reserved for debt retirement
Unreserved - undesignated
Total retained earnings
Total liabilities and retained earnings
-80-
3,429,642 ✓ 372129781
33.015 ✓
S �.181� 3.182.643
70,604 92,119
/13,217
245,000
70.604 350.336
5,371/ 2 333
3,725,0001 1,841,000
3.730.371
1,843,333
3.800.975 2.193.669
589,585 ✓ 384,726
791,162 ✓ 604,248
1380,747 988,974
1.182.
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1989
(with comparative amounts for year ended December 31, 1988)
1989 1988
Operating revenues:
Green fees
$ 654,685
641,572
Rental fees
211,925
137,011
Patron cards
89,735
85,868
Concessions (less cost of goods sold)
83,345
132,840
Range
186,868
194,883
Dome
237,033
44,660
Lessons
4,376
3,985
Other
7.462
990
Total operating revenues
1.475.429
1,241,809
Operating expenses:
Administration
265,192
250,028
Building - Club House and Pro Shop
122,812
89,041
Maintenance of course and grounds
338,314
307,978
Range and grill
149,719
143,240
Dome
120,598
27,704
Depreciation
201,539
142.561
Total operating expenses
1.198.174
960,552
Operating income
277.255
281.257
Nonoperating revenues (expenses):
Interest on investments
101,233
2,231
Interest and fiscal charges
(230,441)
(112,842)
Amortization of bond discount
(1,274)
-
Total nonoperating expenses
X130.482)
(110.611)
Net income
146,773
170,646
Retained earnings - January 1
988,974
818,328
Equity transfer
245.000
-
Retained earnings - December 31
$ 1.380.747
988.974
-81-
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Changes in Financial Position
Year ended December 31, 1989
(with comparative amounts for year ended December 31, 1988)
1989 1988
Sources of working capital:
(70,421)
303,459
Operations:
1,755,105
—
Net income before equity transfer
$ 146,773
170,646
Add items not requiring working capital:
21,515
(31,472)
Depreciation
201,539
142,561
Amortization of bond discount
1.274
—
Working capital provided by operations
349,586
313,207
Proceeds from revenue bonds
2,072,700
741,000
Increase in deposits payable
3,038
608
Equity transfer
245.000
—
Total sources of working capital
2.670,324
1.054.815
Uses of working capital:
Decrease in deposits payable
—
—
Additions to property and equipment
418,400
767,930
Reduction of long —term debt
50,000
50,000
Bond transfer to Recreation Fund
166,000
—
Additions to bond discount
6.989
—
Total uses of working capital
46 1.389
817.930
Net increase in working capital
$
236.885
Elements of net increase (decrease) in working capital:
Cash
(70,421)
303,459
Investments
1,755,105
—
Accounts receivable
10,000
(21,885)
Accounts payable
21,515
(31,472)
Interest receivable
54,519
—
Accrued interest payable
13,217
(13,217)
Due to other funds
245,000
Net increase in working capital
$ 2.028.935
236.885
—82—
CITY OF EDINA, MINNESOTA
Golf Course Fund
Schedule of Operating Expenses
Year ended December 31, 1989
(with comparative amounts for year ended December 31, 1988)
1989 19$8
Administration:
Personal services $ 160,054 158,709
Contractual services 6,670 9,355
Commodities 14,168 12,328
Central services 84.300 69.636
Total administration 265,192 250 28
Building - Club House and Pro Shop:
Personal services 55,294 25,594
Contractual services 64,483 56,092
Less amount charged to grill (8,383) (11,321)
Commodities 11.418 18.676
Total building - Club House and Pro Shop 122,812 89,041
Maintenance of course and grounds:
Personal services 187,155 174,499
Contractual services 42,506 48,813
Commodities 108.653 84.666
Total maintenance 338.314 307.978
Range and grill:
Personal services 115,807 106,645
Contractual services 15,981 15,787
Commodities 17,931 20,808
Total range and grill 149,719 143.240
Golf dome:
Personal services 52,709 10,234
Contractual services 43,893 15,054
Commodities 23.996 2.416
Total golf dome 120,598 27.704
Depreciation 201,539 142.561
Total operating expenses $ 1.19 ilA 9fi0.55.�
-83-
CITY OF EDINA, MINNESOTA
Recreation Center Fund
Balance Sheet
December 31, 1989
(with comparative amounts for December 31, 1988)
Assets
Current assets:
Petty cash and change funds
Cash (deficit)
Investments
Accounts receivable
Due from other funds
Inventory
Total current assets
Property and equipment, less accumulated depreciation
Discount on bonds
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Accrued interest payable
Total current liabilities
Long —term liabilities:
Deposits payable
Bonds payable
Total liabilities
Retained earnings (deficit):
Unreserved — undesignated
Total liabilities and retained
earnings (deficit)
—84—
1989 1988
$ 700 -'�� .700
(811 376) (1,206,784)
C 959,165
-5 48,117
— 245,000
221
(752,958) 46,419
00 1,716,419
22 60
6,865 253,186
— 30.839
6,865 284,025
3,500 / 3,500
1.895.000 1.729.000
1,905,365 2,016,525
(534.769) 1 (253.687)
CITY OF EDINA, MINNESOTA
Recreation Center Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1989
(with comparative amounts for year ended December 31, 1988)
Operating revenues:
Rental fees
Season ticket sales
Daily skating fees
Admissions
Lessons
Concessions (less cost of goods sold)
Vending machine commissions
Services - skate sharpening
Other
Total operating revenues
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income (loss)
Nonoperating revenue (expenses):
Interest on investments
Interest and fiscal charges
Amortization of bond discount
Subsidy from general fund
Loss before operating transfer in
Operating transfer in - Revolving Fund
Net loss
Retained earnings (deficit) - January 1
Equity transfer out
Retained earnings (deficit) - December 31
-85-
1989 1988
$ 395,170
318,291
13,333
10,962
17,012
15,429
24,921
22,197
72,035
35,704
15,838
11,028
11,533
8,227
8,200
6,127
888
663
558,930
428.628
207,419
183,647
32,820
29,400
71,210
524,496
179,387
179,052
28,635
38,460
45.607
471.141
34,434 (42,513)
36,418
5,204
(115,760)
(48,340)
(1,174)
-
-
2.856
(80.516)
4L 0)
(46,082)
(82,793)
10.000 23.000
(36,082) (59,793)
(253,687) (193,894)
(245.000) -
5qZ
R
Em
Z-,-?L iS
gw)OZ
-1 T�
0 o IQ(
/S�h
QS 6
CITY OF EDINA, MINNESOTA
Recreation Center Fund
Statement of Changes in Financial Position
Year ended December 31, 1989
(with comparative amounts for year ended December 31, 1988)
1989 1988
Sources of working capital:
Operations:
Loss before operating transfer in $ (46,082) (82,793)
Add items not requiring working capital:
Depreciation 71,210 45,607
Amortization of bond discount 1.174
Working capital provided (used) by operations 26,302 (37,186)
Proceeds from revenue bonds — 1,729,000
Transfer from other funds 10,000 23,000
Bond transfer from Golf Course 166.000
Total sources of working capital 202,302 1,714,814
Uses of working capital:
Additions to property and equipment
455,740
1,406,450
Equity transfer
245,000
—
Additions to bond discount
23.779
Total uses of working capital
724.519
1,406,450
Net increase(decrease)in working capital
$ (522.217)
308.364
Elements of net increase (decrease) in working capital:
Cash
395,408
(398,796)
Investments
(959,165)
959,165
Accounts receivable
9,601
15,116
Due from other funds
(245,000)
—
Inventory
(221)
(129)
Accounts payable
246,321
(236,153)
Accrued interest payable
30.839
(30,839)
Net increase (decrease) in working capital
$ 522.217)
308.364
M H., �.
CITY OF EDINA, MINNESOTA
Gun Range Fund
Balance Sheet
December 31, 1989
(with comparative amounts for December 31, 1988)
Assets
Current assets:
Cash (deficit)
Accounts receivable
Total current assets
Property and equipment, less accumulated depreciation
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Retained earnings:
Unreserved — undesignated
Total liabilities and retained earnings
—87—
1989 1988
$ 8,0131 (4,297)
4.000
8,013 (297)
J
30.646 35.175
133 J 877
38.526 34,001
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1989
(with comparative amounts for year ended December 31, 1988)
1989 1988
Operating revenues:
Range fees
$ 30,069
28,272
Sale of ammunition
7,714
5,457
Concessions (less cost of goods sold)
1,084
626
Other
1.001
381
Total operating revenues
39.868
34.736
Operating expenses:
Personal services
16,712
13,950
Contractual services
4,195
5,466
Commodities
8,575
8,933
Central services
360
1,500
Depreciation
5,501
5.477
Total operating expenses
35.343
35.326
Net income (loss)
4,525
(590)
Retained earnings - January 1
34,001
34,591
Retained earnings - December 31
$!!1
—88—
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Changes in Financial Position
Year ended December 31, 1989
(with comparative amounts for year ended December 31, 1988)
1989 1988
Sources of working capital:
Operations:
Net income (loss)
$ 4,525
(590)
Add item not requiring working capital:
Depreciation
5.501
5.477
Working capital provided by operations
10,026
4,887
Uses of working capital:
Additions to property and equipment
972
22.250
Net increase in working capital
$ SOS
Elements of net increase (decrease) in working capital:
Cash
12,310
1,571
Accounts receivable
(4,000)
Inventory
—
(250)
Accounts payable
744
1.316
Net increase in working capital
$ �0�
"
1530
CITY OF EDINA, MINNESOTA
Art Center Fund
Balance Sheet
December 31, 1989
(with comparative amounts for December 31, 1988)
Asses 1989 1988
Current assets:
Petty cash and change funds $ 250 250
Cash (12,806) 12,199
Inventory 8,108 V 7,180
Accounts receivable 28,219 -
Total current assets 23,771 / 19,629
Property and equipment, less accumulated depreciation 181.887 180.741
Total assets $ 2U" 200.370
Liabilities and Retained Earnings
Current liabilities:
Accounts payable 3,734 V 5,279
Reserve for construction 750/ -
Retained earnings:
Unreserved - undesignated 201,174 195.091
Total liabilities and retained earnings $ ,,658
� (G
—90—
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1989
(with comparative amounts for year ended December 31, 1988)
Operating revenues:
Memberships
Registration fees
Retail sales, less cost of goods sold
Total operating revenues
Operating expenses:
Administration:
Personal services
Contractual services
Commodities
Central services
Occupancy:
Personal services
Contractual services
Commodities
Class costs
Instructors — personal services
Depreciation
Total operating expenses
Operating loss
Nonoperating revenues:
Donations
Subsidy from general fund
Miscellaneous
Total nonoperating revenues
Income (loss) before operating transfer in
Operating transfer in — Revolving Fund
Net income (loss)
Retained earnings — January 1
Retained earnings — December 31
—91—
1989 1988
$ 11,200
10,075
145,406
123,764
6.302
— 5,748
162.908
139.587
69,323
57,342
2,041
4,795
9,030
9,779
11.545
14.100
91.939
86.016
4,320
5,397
12,636
14,019
2.821
1,866
19.777
21.282
6.337
5.197
75,296
66.2699
14.613
14.169
207.962
192.933
(45,054 ) 5( 3.346)
36,822
25,290
—
8,973
9,711
8,130
46,533
42,393
1,479
(10,953)
4.604
4,876
6,083
(6,077)
195,091.
201,168
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Changes in Financial Position
Year ended December 31, 1989
(with comparative amounts for year ended December 31, 1988)
1989 1988
Sources of working capital:
Operations:.
Net income (loss) before operating transfer in
$ 1,479
(10,953)
Add items not requiring working capital:
Depreciation
14.613
14.169
Working capital provided by operations
16,092
3,216
Transfer from other funds
4.604
4.876
Total sources of working capital
20,696
8,092
Uses of working capital:
Additions to property and equipment
15.759
8.137
Net increase (decrease) in working capital
Elements of net increase (decrease) in working capital:
Cash (25,005) 2,574
Accounts receivable 28,219 —
Inventory 928 (913)
Accounts payable 1,545 (1,706)
Reserve for construction (750) Net increase (decrease) in working capital $ 4.937 (45)
—92—
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Balance Sheet
December 31, 1989
Assets
Current assets:
Petty cash and change funds
Cash (deficit)
Accounts receivable
Interest receivable
Total current assets
Property and equipment, less accumulated depreciation
Total assets
Liabilities and Fund Equity
Current liabilities:
Accounts payable
Fund equity: 13�Sa�
Contributed capital
Retained earnings:
Unreserved - undesignated
Total fund equity
Total liabilities and fund equity
0
-93-
1989 1988
$ 700 / 700
(395,961 (235,467)
1,338 45,400
168.442 -
(225,481) (189,367)
261.266/ 274,444
$ 35.785 85.077
9.727 22,675
249,151 273,545
(223,093
) 21( 1.143)
26,058 62.402
$ 35.785 85.077
30 - Eo /Ij bop OUGN
AP, (,, l �,s5 �/n �Pi1rL5'� �Ge -�G�� � j7tirt"ere sf (ZeG,
614 —
GL
273,
29u , 63i4
3 5to , 9 67
'17601
;7q 96g
G� 3 Z. !O
3J 9y2.
plc
-- 2Y 35/
G`L 576,( 33
la S.
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1989
(with comparative amounts for period ended December 31, 1988)
1989 1988
Operating revenues:
Association fees $ 129,310 155,950
Rental fees 63,305 59,144
Admissions 68,727 60,723
Season ticket sales 11,063 11,616
Commissions 1,141 1,240
Swim program 4,696 4,229
Program income 1,086 1,955
Other 11.306 7.531
Total operating revenues 290.634 302.388
Operating expenses:
Personal services 300,386 252,206
Contractual services 212,341 224,210
Commodities . 106,024 83,059
Central services 40,800 44,160
Depreciation 24.391 23.391
Total operating expenses 683.942 627.026
Operating loss (393,308) (324,638)
Nonoperating revenues - interest on investments a85,rrll- 356 89,305
Net loss before operating transfer in 7ag6g -(36,341) (235,333)
Operating transfer in - General Fund - 197,000
Net loss (36,341) (38,333)
Add depreciation on contributed assets 24.391 23 2 1
Decrease in retained earnings , (11,950) (15,042)
/
Retained earnings - January 1 1� 211 14 1( 96,101}
Retained earnings - December 31 $ (22x)
1123 p°E
3
—94—
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Statement of Changes in Financial Position
Year ended December 31, 1989
(with comparative amounts for period ended December 31, 1988)
Sources of working capital:
Operations:
Net loss before operating transfer in
Add items not requiring working capital:
Depreciation
Working capital used by operations
Transfer from other fund
Total uses of working capital
Uses of working capital:
Additions to property and equipment
Net decrease in working capital
Elements of net decrease (increase) in working capital:
Cash
Accounts receivable
Accounts payable
Interest receivable
Net decrease in working capital
-95-
1989 1988
$ (36,341) (235,333)
2_ 4 321 23.391
(11,950) (211,942)
197.000
(11,950) (14,942)
11.214 999
(160,494) 4,438
(44,060) (15,036)
12,948 (5,343)
168.442
$ M, 16-
AGENCY FUND
Agency Funds account for assets held by a governmental unit in a trustee capacity or as
an agent for individuals, private organizations, other governmental units and other
funds. The City has the following Agency Funds:
Deferred Compensation - Accounts for assets retained by the City pursuant to
agreements with individual employees that provide for specific salary amounts to be
paid at a later date. These assets are in the custody of a third party for investment
purposes.
Federal Arbitrage - Accounts for arbitrage earnings which will be remitted to the
federal government.
-96-
CITY OF EDINA, MINNESOTA
Agency Fund
Statement of Changes in Assets and Liabilities
Year ended December 31, 1989
Deferred Compensation
Asset
Cash with plan
administrators
Liabilities
Due to participants
Federal Arbitrage
Assets
Investments
Interest receivable
Balance Balance
1 -1 -89 Additions Deductions 12 -31 -89
$ 2.649.132 714.119 3.136.961
$ � 714.119 � 3.136.961
113,439
- 3.337
$ - 116.766
Liabilities
Due to federal government $ -
-97-
113,439
3.337
- 116.766
GENERAL FIXED ASSETS ACCOUNT GROUP
General Fixed Assets Account Group provides for the accounting of fixed assets other
than those accounted for in the enterprise funds.
—98—
CITY OF EDINA, MINNESOTA
General Fixed Assets Account Group
Schedule of General Fixed Assets
December 31, 1989
(with comparative amounts for December 31, 1988)
General fixed assets:
Land and land improvements
Buildings
Furniture and fixtures
Vehicles and equipment
Edina HRA land and public improvements
Total general fixed assets
Total investment in general fixed assets
-99-
1989 1988
$ 8,771,326
8,037,523
2,077,636
2,077,636
676,504
615,769
6,544,134
5,983,230
34.814.671
33.403.253
$ 52.884.271
50.117.411
$ 52.884.271
50.117.411
GENERAL LONG -TERM DEBT ACCOUNT GROUP
The General Long -term Debt Account Group is used to account for the long -term debt
of the City other than debt recorded in. the Enterprise Funds. Primarily, these are
general obligation and other forms of long -term debt supported by general revenues and
special assessments, and are obligations of a governmental unit as a whole and not its
individual constituent funds.
-100-
CITY OF EDINA, MINNESOTA
General Long -term Debt Account Group
Schedule of General Long -term Debt
December 31, 1989
(with comparative amounts for December 31, 1988)
Amount available and to be provided for
the retirement of long -term debt
General Obligation Bonds:
Amount available in Debt Service Funds
Amount to be provided by tax increment
financing
Amount to be provided by special assessments
Compensated absences:
Amount to be provided by revenue sources
Total available and to be provided
General long -term debt payable
Accrued compensated absences
General obligation bonds payable
Total general long -term debt payable
-101-
1989 1988
$ 200,000- 2,741,008
50,370,000 36,275,000
4,710,000 1,558,992
609.356 593.498
$ 55.889.356 41.168.498
609,356 593,498
55.280.000 40.575.000
$ 55.889.356 41.168.498
CITY OF EDINA, MINNESOTA
Combined Schedule of Bonded Indebtedness
December 31, 1989
Bonded indebtedness:
Tax Increment Bonds:
Redevelopment Bonds
Tax Increment Bonds,
Series 1981
Tax Increment Bonds,
Series 1985
Tax Increment Bonds,
Series 1986A
Tax Increment Bonds,
Series 1986B
Tax Increment Bonds,
Series 1988
Tax Increment Taxable
Bonds, Series 1988
Tax Increment Bonds,
Series 1989
Tax Increment Taxable
Bonds, Series 1989
Tax Increment Refunding
Bonds, Series 1989
Improvement Bonds:
Improvement Bonds
of 1984
Improvement Bonds
of 1986
Improvement Bonds
of 1989
Revenue Bonds:
Golf Course Bonds
Recreation Bonds of 1988
Utility Bonds
Recreation Bonds of 1989
Total bonded
indebtedness
Final 1989 percent
Interest
Issue
maturity
paid by tax
rate
date
date
levies
5.30- 6.50%
12/01/75
12/01/93
None
9.50 -11.00
10/01/81
10/01/93
None
6.50 -9.00
09/01/85
01/01/06
None
5.20 -7.00
08/01/86
08/01/06
None
5.20 -7.00
08/01/86
08/01/03
None
6.40 -7.30
10/01/88
02/01/09
None
9.20 -9.75
10/01/88
02/01/09
None
6.80 -7.30
04/01/89
02/01/09
None
10.00 - 10.25
04/01/89
02/01/09
None
6.00 -7.00
11/01/89
01/01/06
None
7.00 -8.75
09/01/84
01/01/94
None
4.50 -6.60
08/01/86
08/01/96
None
6.75 -7.10
04/01/89
02/01/01
None
6.25 -8.70
09/01/85
01 /01 /00
None
6.10 -7.30
10/01 /88
01/01/09
None
5.90 -6.80
10/01/88
02/01/99
None
6.75 -7.30
04/01/89
01/01/09
None
-102-
Indebtedness
Authorized Due in 1990
and issued Redeemed Outstandine Principal Interest
$ 2,200,000
1,300,000
900,000
200,000
70,380
4,500,000
2,700,000
1,800,000
450,000
283,500
12,000,000
12,000,000
—
— **
508,988*
4,000,000
50,000
3,950,000
50,000
271,550
2,000,000
50,000
1,950,000
50,000
131,125
10,175,000
-
10,175,000
-
605,844
5,100,000
-
5,100,000
-
406,813
8,425,000
-
8,425,000
-
607,838
5,300,000
-
5,300,000
-
538,562
12.970.000
-
12.970.000
-
577.325
66.670.000
16.100.000
50.570.000
750.000
3.586.967
5,400,000
4,200,000
1,200,000
- **
50,925*
2,500,000
1.760.000
750,000
1,750,000
1.760.000
250,000
-
105,000
121.401
9.660.000
1,200,000
4.950000
150,000
4.710.000
1,050,000
250.000
- **
277.326
42,750*
2,470,000
-
2,470,000
-
176,225
3,160,000
-
3,160,000
170,000
206,635
2.100.000
-
2.100.000
-
186.894
8.930.000
150.000
8.780.000
170.000
612.504
$ 85 -2®
21 -2®
64.060.000
1.170.000
4,4476.7
*This represents interest due July 1, 1990 as interest due January 1,
1990 was paid in December 1989.
* *Principal due January 1, 1990 was paid in December 1989.
-103-
Exhibit 2
CITY OF EDINA, MINNESOTA
Schedule of Changes in Bonded Indebtedness
Year ended December 31, 1989
Balance Balance
January I Issued Redeemed December 31
Tax Increment Bonds $ 36,475,000 26,695,000 12,600,000
Improvement Bonds 4,100,000 1,760,000 1,150,000
Revenue Bond 6.730.000 2.100.000 50.000
$ 47.305.000 30.555.000
-104-
50,570,000
4,710,000
8.780.000
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable
December 31, 1989
Issue Interest Maturity
date rate date
Tax Increment Bonds:
$2,200,000 Redevelopment
Bonds 12/01/75
$200,000 per year 6.34 -6.40% 12/01/90 -91 $
$250,000 per year 6.50 12/01/92 -93
$4,500,000 Tax Increment
Bonds, Series 1981
$450,000 per year
$4,000,000 Tax Increment.
Bonds, Series 1986A
$50,000 per year
$100,000 per year
$150,000 per year
$200,000 per year
$250,000 per year
$550,000
$600,000 per year
$2,000,000 Tax Increment
Bonds, Series 1986B
$50,000 per year
$100,000 per year
$150,000 per year
$200,000 per year
10/01/81
08/01/86
08/01/86
10.40 -11.00 10/01/90 -93
5.40 -5.60
5.80 -6.20
6.40 -6.70
6.75 -6.90
7.00
7.00
7.00
5.20 -5.40%
5.60 -6.20
6.40 -6.90
7.00
-105-
08/01/90 -91
08/01/92 -94
08/01/95 -97
08/01/98 -00
08/01/01 -03
08/01/04
08/01/05 -06
08/01/90
08/01/91 -94
08/01/95 -00
08/01/01 -03
Exhibit
Principal
amount
400,000
500.000
900.000
1.800,000
100,000
300,000
450,000
600,000
750,000
550,000
1.200.000
3.950.000
50,000
400,000
900,000
600.000
1.950.000
(Continued)
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
$10,175,000 Tax Increment
Bonds, Series 1988
$250,000
$75,000
$175,000
$250,000
$325,000
$425,000
$475,000
$525,000
$625,000
$700,000
$750,000
$825,000
$1,325,000
$1,650,000
$1,800,000
$5,100,000 Taxable Tax
Increment Bonds,
Series 1988
$125,000
$50,000
$100,000
$125,000
$150,000
$225,000 per year
$250,000
$300,000
$350,000
$375,000
$450,000
$650,000
$825,000
$900,000
Exhibit 3. Cont.
Issue
Interest
Maturity
ate
rate
date
10/01/88
6.40
02/01/95
6.50
02/01/96
6.60
02/01/97
6.70
02/01/98
6.80
02/01/99
6.90
02/01/00
7.00
02/01/01
7.05
02/01/02
7.10
03/01/03
7.15
02/01/04
7.20
02/01/05
7.25
02/01/06
7.25
02/01/07
7.30
02/01/08
7.30
02/01/09
10/01/88
9.20
02/01/95
9.25
02/01/96
9.30
02/01/97
9.35
02/01/98
9.35
02/01/99
9.40
02/01/00 -01
9.45
02/01/02
9.45
02/01/03
9.50
02/01/04
9.55
02/01/05
9.60
02/01/06
9.65
02/01/07
9.70
02/01/08
9.75
02/01/09
-106-
Principal
amount
250,000
75,000
175,000
250,000
325,000
425,000
475,000
525,000
625,000
700,000
750,000
825,000
1,325,000
1,650,000
1,800,000
10.175,000
125,000
50,000
100,000
125,000
150,000
450,000
250,000
300,000
350,000
375,000
450,000
650,000
825,000
900,000
5,100,000
(Continued)
Exhibit 3. Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
0401102M
(Continued)
-107-
Issue
Interest
Maturity
Principal
ate
rate
date
amount
$8,425,000 Tax Increment
Bonds, Series 1989
04/01/89
$225,000
6.80%
02/01/95
$ 225,000
$75,000
6.90
02/01/96
75,000
$125,000
6.90.
02/01/97
125,000
$200,000
6.95
02/01/98
200,000
$275,000
7.00
02/01/99
275,000
$350,000
7.05
02/01/00
350,000
$375,000
7.10
02/01/01
375,000
$450,000
7.15
02/01/02
450,000
$500,000
7.20
02/01/03
500,000
$575,000
7.25
02/01/04
575,000
$600,000
7.25
02/01/05
600,000
$700,000
7.25
02/01/06
700,000
$1,000,000
7.30
02/01/07
1,100,000
$1,375,000
7.30
02/01/08
1,375,000
$1,500,000
7.30
02/01/09
1.500.000
8.425.000
$5,300,000 Taxable Tax
Increment Bonds,
Series 1989
04/01/89
$125,000
10.00
02/01/95
125,000
$50,000
10.00
02/01/96
50,000
$75,000
10.00
02/01/97
75,000
$125,000
10.00
02/01/98
125,000
$175,000
10.00
02/01/99
175,000
$225,000
10.00
02/01/00
225,000
$250,000
10.00
02/01/01
250,000
$275,000
10.00
02/01/02
275,000
$325,000
10.00
02/01/03
325,000
$375,000 per year
10.10 -10.20
02/01/04 -05
750,000
$400,000
10.20
02/01/06
400,000
$700,000
10.25
02/01/07
700,000
$875,000
10.25
02/01/08
875,000
$950,000
10.25
02/01/09
950.000
0401102M
(Continued)
-107-
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
$2,970,000 Taxable Tax
Increment Refunding
Bonds, Series 1989
$185,000
$130,000
$160,000
$170,000
$555,000
$1,060,000
$1,055,000
$1,045,000
$1,035,000
$1,025,000
$1,115,000
$1,100,000
$1,085,000
$1,070,000
$1,100,000
$1,080,000
Total general
obligation bonds
Improvement Bonds:
$5,400,000 Improvement
Bonds, Series 1984
$900,000 per year
$300,000 per year
$2,500,000 Improvement
Bonds, Series 1986
$250,000 per year
$1,760,000 Improvement
Bonds, Series 1989
$180,000 per year
$175,000 per year
$170,000
Total special
assessment bonds
Issue
Interest
Maturity
date
rate
date
11/01/89
6.00%
01/01/91
6.10
01/01/92
6.15
01/01/93
6.20
01/01/94
6.30
01/01/95
6.40
01/01/96
6.45
01/01/97
6.50
01/01/98
6.60
01/01/99
6.70
01 /01 /00
6.75
01 /01 /01
6.80
01/01/02
6.85
01/01/03
6.90
01/01/04
7.00
01/01/05
7.00
01/01/06
09/01/84
7.90
8.20 -8.75
01/01/91 -94
08/01/86
5.40 -6.60
08/01/90
04/01/89
6.75 -6.80
02/01/92 -94
6.80 -7.05
02/01/95-00
7.10
02/01/01
-108-
Exhibit 3. Cont.
Principal
amount
185,000
130,000
160,000
170,000
555,000
1,060,000
1,055,000
1,045,000
1,035,000
1,025,000
1,115,000
1,100, 000
1,085,000
1,070,000
1,100,000
1.080.000
12.970.000
50.570.000
1.200.000
1.750.000
540,000
1,050,000
170.000
1.760.000
4.710,000
Revenue Bonds:
$1,200,000 Golf
Course Bonds
$50,000 per year
$100,000 per year
$150,000 per year
$2,470,000 Recreational
Facility Bonds
$25,000 per year
$175,000
$200,000 per year
$225,000
$250,000
$270,000
$275,000
$325,000 per year
$3,160,000 Utility
Bonds
$170,000
$250,000
$275,000
$300,000 per year
$320,000
$350,000
$375,000
$395,000
$425,000
CITY OF EDINA, MINNESOTA
Exhibit 3. Cont.
Schedule of Bonds Payable, Continued
Issue
date
09/01/85
10/01/88
10/01/88
-109-
Interest
rate
6.75 -7.30%
7.60 -8.25
8.40 -8.70
6.10 -6.90
7.00
7.05 -7.10
7.15
7.20
7.25
7.25
7.30
5.90
6.00
6.10
6.20 -6.30
6.40
6.50
6.60
6.70
6.80
Maturity
date
01/01/90 -92 $
01/01/93 -97
01/01/98 -00
01/01/92 -00
01/01/01
01/01/02 -03
01/01/04
01/01/05
01/01/06
01/01/07
01/01/08 -09
02/01/90
02/01/91
02/01/92
03/01/93 -94
02/01/95
02/01/96
02/01/97
02/01/98
02/09/99
Principal
amount
100,000
500,000
450.000
1.050.000
225,000
175,000
400,000
225,000
250,000
270,000
275,000
650.000
2.470.000
170,000
250,000
275,000
600,000
320,000
350,000
375,000
395,000
425.000
3.160.000
(Continued)
Exhibit 3. Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
2.100.000
Total revenue bonds 8.780.000
Total bonds payable $ 44.060.000
-110-
Issue Interest
Maturity
Principal
date rate
date
amount
$2,100,000 Recreational
Facility Bonds, Series 1989
04/01/89
$65,000
6.75%
01/01/92 $
65,000
$70,000 per year
6.75 -6.80
01/01/93 -94
140,000
$75,000
6.80
01/01/95
75,000
$80,000
6.90
01/01/96
80,000
$85,000
6.90
01/01/97
85,000
$95,000
6.95
01/01/98
95,000
$100,000
7.00
01/01/99
100,000
$105,000
7.05
01/01/00
105,000
$115,000
7.10
01/01/01
115,000
$120,000
7.15
01/01/02
120,000
$130,000
7.20
01/01/03
130,000
$140,000
7.25
01/01/04
140,000
$145,000
7.25
01/01/05
145,000
$160,000
7.25
01/01/06
160,000
$170,000
7.30
01/01/07
170,000
$180,000
7.30
01/01/08
180,000
$195,000
7.30
01/01/09
195.000
2.100.000
Total revenue bonds 8.780.000
Total bonds payable $ 44.060.000
-110-
Exhibit 4
CITY OF EDINA, MINNESOTA
Schedule of Debt Service Requirements
December 31, 1989
Year
Tax Increment
Bonds
Improvement
Bonds
Revenue Bonds
ended
Principal
Interest
Principal
Interest
Principal
Interest
1990 $
750,000
3,586,967
250,000
277,326
170,000
612,504
1991
985,000
3,805,199
550,000
302,451
300,000
603,585
1992
1,030,000
3,726,785
730,000
257,480
415,000
581,140
1993
1,060,000
3,641,449
730,000
205,335
495,000
551,735
1994
370,000
3,553,510
730,000
152,115
495,000
514,480
1995
1,580,000
3,490,707
425,000
111,420
520,000
475,873
1996
1,610,000
3,382,616
425,000
83,432
555,000
439,284
1997
1,830,000
3,266,549
175,000
54,857
585,000
400,030
1998
2,095,000
3,132,557
175,000
42,739
665,000
356,102
1999
2,310,000
2,976,958
175,000
30,533
700,000
307,180
2000
2,600,000
2,799,401
175,000
18,239
280,000
270,841
2001
2,890,000
2,601,446
170,000
6,035
290,000
249,545
2002
3,050,000
2,381,746
-
-
320,000
227,998
2003
3,285,000
2,144,754
-
-
330,000
204,877
2004
3,620,000
1,886,973
-
-
365,000
179,979
2005
3,800,000
1,605,845
-
-
395,000
152,604
2006
4,055,000
1,304,482
-
-
430,000
122,760
2007
3,775,000
971,981
-
-
445,000
90,999
2008
4,725,000
621,295
-
-
505,000
56,392
2009
5.150.000
213.013
520.000
18.980
$
50,570.000
51. 094. 233
4,710,000 1,541,962
8,780,000
•416.888
-111-
CITY OF EDINA, MINNESOTA
Assessed Valuation, Tax Levies and Mill Rates
(shown by year of tax collectibility)
Mill rates:
General Fund 11.303 11.954 12.151
Park Fund - -
Total 11.39 11.954 9.887
Note:
(a) In 1989, assessed valuation was replaced by tax capacity.
-112-
1986
1987
1988
Assessed valuation/tax capacity
$ 711,408,696
732,481,746
775,009,761
Increment valuation
(14,328,756)
(16,543,050)
(23,366,739)
Contribution to fiscal disparities pool
(51,834,996)
(58,165,527)
(64,666,035)
Received from fiscal disparities pool
14,222,975
16,151,787
18.583,073
Taxable valuation
$ 659.467.919
673.924.956
705.560.060
Tax levies:
General Fund
5,898,883
8,045,584
8,569,143
Park Fund
755,368
-
-
Total
$ 6.654.251
8.045.584
8.569.143
Mill rates:
General Fund 11.303 11.954 12.151
Park Fund - -
Total 11.39 11.954 9.887
Note:
(a) In 1989, assessed valuation was replaced by tax capacity.
-112-
Exhibit 5
1989
1990
101,668,819 (a)
90,662,309
(3,968,472)
(3,891,583)
(9,224,484)
(9,436,024)
2.499.218
2.470.873
79.805.575
8,996,527 9,992,692
9.887 12.96
-113-
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for 50th & France - No. 1200,
a Tax Increment Financing District
December 31, 1989
Sources of funds:
Bond proceeds
Tax increments
received
Real estate sales*
State aid
Special assessments
Parking permits
Community develop-
ment
Other
Total sources of
funds
Uses of funds:
Land acquisition
Site improvements or
preparation costs
Installation of public
utilities and
improvements
Bond payments:
Principal
Interest
Administrative costs
Work orders
Contingencies
Interest
Miscellaneous
Total uses of funds
Funds remaining (or
deficient)
*Real estate sales:
Liquor store site
Union oil site
Exhibit 6
Accounted
for in
Original Amended prior Current Amount
budget budget years year remaining
$ 2,200,000
2,200,000
2,200,000
-
-
-
4,141,800
3,524,834
737,635
(120,669)
800,000
170,782
170,782
-
-
-
418,870
418,870
-
-
-
709,496
709,507
-
(11)
-
38,208
84,947
9,256
(55,995)
-
214,828
186,064
-
28,764
-
-
251.846
-
21 51.846)
3,000,000
7.893.984
7,546,850
(399.757)
-
647,551
647,539
-
12
3,000,000
3,158,038
4,178,628
114,430
(1,135,020)
-
41,710
41,701
-
9
-
2,200,000
1,100,000
209,000
891,000
-
1,742,850
1,842,454
71,066
(170,670)
-
69,260
115,398
27,119
(73,257)
-
16,825
16,257
-
568
-
12,300
11,644
-
656
-
9,400
9,197
-
203
-
7.100
13.132
-
(6.032)
3.000.000
7.905.034
7.975.950
421.615
(492,531)
$ - (11.050) (325.276) (892.288)
Cost to authority Price paid by developer
$ 128,064
134.506
$ 262.570
-114-
105,002
65.780
(Continued)
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Southeast Edina Redevelopment District - No. 1201,
a Tax Increment Financing District
December 31, 1989
Sources of funds:
Bond proceeds
Tax increments
received
Interest on invested
funds
Real estate sales*
Community Develop-
ment Block Grant
Other
Total sources of
funds
1
Uses of funds:
Land acquisition
Site improvements or
preparation costs
Installation of public
utilities and
improvements
Bond payments:
Principal
Interest
Administrative costs
Parkland dedication
fees
Total uses of
funds
Funds remaining (or
deficient)
*Real estate sales:
Elderly site
Office site
Exhibit 7
Accounted
for in
Original Amended prior Current Amount
budget budget ^years year remaining
$ 6,165,177
37,100,000
25,500,000
13,576,304
(1,976,304)
-
85,000,000
7,596,360
2,110,332
75,293,308
-
-
1,164,699
756,581
(1,921,280)
598,005
1,750,000
1,131,097
192,915
425,988
-
-
189,221
-
(189,221)
-
-
13,007
94,319
(107,326)
6,763,182
123,850,000
35,594,384
14,730,451
71,525,165
6,682,998
15,278,569
10,479,127
-
4,799,442
-
21,894,254
13,469,328
1,928,367
6,496,559
2,885,484
2,392,303
292,331
71,345
2,028,627
-
37,100,000
2,400,000
500,000
34,200,000
-
35,000,000
7,289,320
2,414,187
25,296,493
194,700
2,466,200
967,049
897,928
601,223
-
-
767,852
(767,852)
6,763,182
114,131,326
35,665,007
5,811,827
72,654,492
$ - 9.718.674 70.623 (0.918.624) 1.129.327)
Cost to authority Price paid by developer
$ 453,740 346,534
1,027,277 784,563
-115-
Exhibit 8
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Grandview Area Redevelopment District - No. 1202,
a Tax Increment Financing District
December 31, 1989
Accounted
for in
Original Amended prior Current Amount
budget budget years year remaining
Sources of funds:
Bond proceeds $
4,500,000
4,500,000
2,000,000
-
2,500,000
Tax increments
received
-
10,531,072
358,468
451,133
9,721,471
Interest on
invested funds
-
-
67,992
521
(68,513)
Other
-
-
461.428
-
(461.428)
Total sources
of funds
4.500.000
15.031.072
2,887,888
451,654
11.691.530
Uses of funds:
Installation of
public utilities
and improvements
4,310,000
4,310,000
2,035,054
70,048
2,204,898
Bond payments:
Principal
-
2,000,000
-
50,000
1,950,000
Interest
-
1,539,950
292,466
131,125
1,116,359
Administrative
costs
190.000
190.000
100.586
30.130
59.284
Total uses
of funds
4,500,000 0.000
8.039.950
2,428,106
281.303
5.330.541
Funds remaining
(or deficient) $
-
6.991.122
(459.782)
(170.351)
6.360.989
-116-
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Southeast Edina Economic Development District - No. 1203,
a Tax Increment Financing District
December 31, 1989
Sources of funds:
Bonds proceeds
Tax increments received
Interest on invested funds
Real estate sales*
Total sources of
funds
Uses of funds:
Land acquisition
Site improvements or
preparation costs
Bond payments:
Principal
Interest
Administrative costs
Total uses of funds
Funds remaining
*Real estate sales:
Retail and theatre site
Medical office site
Office site
Accounted
for in
prior Current
Budget _ years year
Exhibit
Amount
remaining_
$ 41,400,000
10,275,000 -
31,125,000
80,000,000
- -
80,000,000
5,000,000
4,783,356 -
216,644
126.400,000
15.058.356
111,341,644
13,900,000
10,211,312 -
3,688,688
26,677,000
286,748 -
26,390,252
41,400,000 -
38,000,000 -
1,140,800 64,779
121.117.800 10,562,839
$ 5.282.200 4.495.517
Cost to authority
$ 3,211,104
815,092
757,160
-117-
41,400,000
38,000,000
1,076,021
110,554,961
- 786.683
Price paid by developer
3,211,104
815,092
757,160
4.783.356
Exhibit 10
Independent Auditors' Report on
Schedule of Federal Financial Assistance
Honorable Members
of City Council
City of Edina, Minnesota:
We have audited the general purpose financial statements of the City of Edina,
Minnesota, as of and for the year ended December 31, 1989, and have issued our report
thereon dated April 27, 1990. These general purpose financial statements are the
responsibility of the management of the City. Our responsibility is to express an opinion
on these general purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the general purpose financial statements are free of material
misstatement. An audit in accordance with those standards includes examining, on a
test basis, evidence supporting the amounts and disclosures in the general purpose
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our
opinion.
Our audit was made for the purpose of forming an opinion on the general purpose
financial statements of the City of Edina, Minnesota, taken as a whole. The
supplementary information included in the accompanying schedule of federal financial
assistance is presented for purposes of additional analysis and is not a required part of
the general purpose financial statements. Such supplementary information has been
subjected to the auditing procedures applied in the audit of the general purpose financial
statements and, in our opinion, is fairly stated in all material respects in relation to the
general purpose financial statements taken as a whole.
April 27, 1990
,Ww� Al'�Zlgee�
-118-
i
0
i
Exhibit 11
CITY OF EDINA, MINNESOTA
Schedule of Federal Financial Assistance
Year ended December 31, 1989
Accrued/
Accrued/
(deferred)
(deferred)
Federal
Program
revenue at
Receipts
revenue at
Federal grantor /pass- through
CFDA
Pass - through
or award
December 31,
or revenue
Disbursements
December 31,
grantor /program title
number
grantor's number
amount
1988
recognized
(expenditures)
1989
U.S. Department of HUD:
Passed through Hennepin
County Community
Development Block Grant
14.218
B89UC270001
$ 133,761
7,268
140,322
262,850
129,796
B88UC270001
139,118
U.S. Department of FEMA:
Federal Disaster
Assistance
83.516
N/A
-
140,665
140,665
-
-
Exhibit 12
Independent Auditors' Report on
Compliance with General Requirements
Honorable Members
of City Council
City of Edina, Minnesota:
We have audited the general purpose financial statements of the City of Edina,
Minnesota, as of and for the year ended December 31, 1989, and have issued our report
thereon dated April 27, 1990.
We have also applied procedures to test the City of Edina, Minnesota's compliance with
the following requirements applicable to the nonmajor federal financial assistance
programs, which are identified in the schedule of federal financial assistance for the
year ended December 31, 1989: political activity, Davis /Bacon Act, civil rights, cash
management and reporting.
Our procedures were limited to the applicable procedures described in the Office of
Management and Budget's Compliance Supplement for Single Audits of State and Local
Governments. Our procedures were substantially less in scope than an audit, the
objective of which is the expression of an opinion on the City of Edina, Minnesota's
compliance with the requirements listed in the preceding paragraph. Accordingly, we do
not express such an opinion.
With respect to the items tested, the results of those procedures disclosed no material
instances of noncompliance with the requirements listed in the first paragraph of this
report. With respect to items not tested, nothing came to our attention that caused us
to believe that the City of Edina, Minnesota had not complied, in all material respects,
with those requirements.
This report is intended for the information of management, members of City Council
and Hennepin County. This restriction is not intended to limit the distribution of this
report, which is a matter of public record.
April 27, 1990
—120—
Exhibit 13
Independent Auditors' Report on
Compliance at the Financial Statement Level
Honorable Members
of City Council
City of Edina, Minnesota:
We have audited the general purpose financial statements of the City of Edina,
Minnesota, as of and for the year ended December 31, 1989, and have issued our report
thereon dated April 27, 1990.
We conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the general purpose financial statements are free of material
misstatement.
Compliance with laws, regulations, contracts and grants applicable to the City is the
responsibility of the management of the City of Edina, Minnesota. As part of obtaining
reasonable. assurance about whether the general purpose financial statements are free of
material misstatement, we performed tests of the City's compliance with certain
provisions of laws, regulations, contracts and grants. However, our objective was not to
provide an opinion on overall compliance with such provisions. Accordingly, we do not
express such an opinion.
The results of our tests indicate that, with respect to the items tested, the City
complied, in all material respects, with the provisions referred to in the preceding
paragraph. With respect to items not tested, nothing came to our attention that caused
us to believe that the City of Edina, Minnesota had not complied, in all material
respects, with those provisions.
This report is intended for the information of management, members of City Council
and Hennepin County. This restriction is not intended to limit the distribution of this
report, which is a matter of public record.
April 27, 1990
—121—
Exhibit 14
Independent Auditors' Report on Compliance with
Specific Requirements Applicable to Nonmaor Programs
Honorable Members
of City Council
City of Edina, Minnesota:
In connection with our audit of the 1989 general purpose financial statements of the
City of Edina, Minnesota, and with our study and evaluation of the City of Edina,
Minnesota's internal control systems used to administer federal financial assistance
programs, as required by Office of Management and Budget Circular A -128, Audits of
State and Local Governments, we selected certain transactions applicable to certain
nonmajor federal financial assistance programs for the year ended December 31, 1989.
As required by OMB Circular A -128, we have performed auditing procedures to test
compliance with the requirements governing types of services allowed or unallowed,
eligibility, matching and reporting that are applicable to those transactions. Our
procedures were substantially less in scope than an audit, the objective of which is the
expression of an opinion on the City of Edina, Minnesota's compliance with these
requirements. Accordingly, we do not express such an opinion.
With respect to the items tested, the results of those procedures disclosed no material
instances of noncompliance with the requirements listed in the preceding paragraph.
With respect to items not tested, nothing came to our attention that caused us to
believe that the City of Edina, Minnesota had not complied, in all material respects,
with those requirements.
This report is intended for the information of management, members of City Council
and Hennepin County. This restriction is not intended to limit the distribution of this
report, which is a matter of public record.
April 27, 1990
, " �/" YX , 4 / "?"z 4 � �z
-122-
Exhibit 15
Independent Auditors' Report on
Internal Accounting and Administrative
Controls — Based on a Study and Evaluation Made
as a Part of an Audit of the Financial Statements and
the Additional Tests Required by the Single Audit Act
Honorable Members
of City Council
City of Edina, Minnesota:
We have audited the general purpose financial statements of the City of Edina,
Minnesota, as of and for the year ended December 31, 1989, and have issued our report
thereon dated April 27, 1990. As part of our audit, we made a study and evaluation of
the internal control systems, including applicable internal administrative controls, used
in administering federal financial assistance programs to the extent we considered
necessary to evaluate the systems as required by generally accepted auditing standards,
Government Auditing Standards, issued by the Comptroller General of the United States,
the Single Audit Act of 1984, and the provisions of Office of Management and Budget
Circular A -128, Audits of State and Local Governments. For the purpose of this report,
we have classified the significant internal accounting and administrative controls used in
administering federal financial assistance programs in the following categories:
• Accounting controls:
— Revenue /receipts, and
— Purchases /disbursements.
• Administrative controls:
— Political activity,
— Civil rights, and
— Cash management,
The management of the City of Edina, Minnesota is responsible for establishing and
maintaining internal control systems used in administering federal financial assistance
programs. In fulfilling that responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of control procedures. The
objectives of internal control systems used in administering federal financial assistance
programs are to provide management with reasonable, but not absolute, assurance that,
with respect to federal financial assistance programs, resource use is consistent with
laws, regulations and policies; resources are safeguarded against waste, loss and misuse;
and reliable data are obtained and fairly disclosed in reports.
—123—
Exhibit 15, Cont.
Because of inherent limitations in any system of internal accounting and administrative
controls used in administering federal financial assistance programs, errors or
irregularities may nevertheless occur and not be detected. Also, projection of any
evaluation of the systems to future periods is subject to the risk that procedures may
become inadequate because of changes in conditions or that the degree of compliance
with the procedures may deteriorate.
Our study included all the applicable control categories listed above. During the year
ended December 31, 1989, the City of Edina, Minnesota had no major federal financial
assistance programs and expended 97 percent of its total federal financial assistance
under the following nonmajor federal financial assistance programs: Community
Development Block Grant and Federal Disaster Assistance. With respect to internal
control systems used in administering these nonmajor federal financial assistance
programs, our study and evaluation included considering the types of errors and
irregularities that could occur, determining the internal control procedures that should
prevent or detect such errors and irregularities, determining whether the necessary
procedures are prescribed and are being followed satisfactorily, and evaluating any
weaknesses.
With respect to the internal control systems used solely in administering the nonmajor
federal financial assistance programs of the City of Edina, Minnesota, our study and
evaluation was limited to a preliminary review of the systems to obtain an understanding
of the control environment and the flow of transactions through the accounting system.
Our study and evaluation of the internal control systems used solely in administering the
nonmajor federal financial assistance programs of the City of Edina, Minnesota did not
extend beyond this preliminary review phase.
Our study and evaluation was more limited than would be necessary to express an
opinion on the internal control systems used in administering the federal financial
assistance programs of the City of Edina, Minnesota. Accordingly, we do not express an
opinion on the internal control systems used in administering the federal financial
assistance programs of the City of Edina, Minnesota.
Also, our audit, made in accordance with the standards mentioned above, would not
necessarily disclose material weaknesses in the internal control systems for which our
study and evaluation was limited to a preliminary review of the systems as discussed in
the fifth paragraph of this report.
This report is intended solely for the use of management, members of City Council and
Hennepin County, and should not be used for any other purpose. This restriction is not
intended to limit the distribution of this report which, upon acceptance by the
management of the City of Edina, Minnesota, is a matter of public record.
April 27, 1990
—124—
Exhibit 16
Independent Auditors' Report on the Internal Control
Structure in Accordance with Government Auditing Standards
Honorable Members
of City Council
City of Edina, Minnesota:
We have audited the general purpose financial statements of the City of Edina,
Minnesota, as of and for the year ended December 31, 1989, and have issued our report
thereon dated April 27, 1990.
We conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the general purpose financial statements are free of material
misstatement.
In planning and performing our audit of the general purpose financial statements of the
City of Edina, Minnesota for the year ended December 31, 1989, we considered its
internal control structure in order to determine our auditing procedures for the purpose
of expressing our opinion on the general purpose financial statements and not to provide
assurance on the internal control structure.
The management of the City of Edina, Minnesota is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related costs
of internal control structure policies and procedures. The objectives of an internal
control structure are to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from unauthorized use or disposition,
and that transactions are executed in accordance with management's authorization and
recorded properly to permit the preparation of financial statements in accordance with
generally accepted accounting principles. Because of inherent limitations in any
internal control structure, errors or irregularities may nevertheless occur and not be
detected. Also, projection of any evaluation of the structure to future periods is subject
to the risk that procedures may become inadequate because of changes in conditions or
that the effectiveness of the design and operation of policies and procedures may
deteriorate.
For the purpose of this report, we have classified the significant internal control
structure policies and procedures in the following categories: purchases /disbursements
and revenue /receipts.
—125—
Exhibit 16. Cont.
Our consideration of the internal. control structure included all the control categories
listed above except that we did not evaluate the internal control structure over
revenue /receipts because we believed the audit could be performed more efficiently by
expanding substantive testing rather than placing reliance on the internal control system
and because the accounting controls that were not evaluated are not significant to the
federal financial assistance programs.
Our consideration of the internal control structure would not necessarily disclose all
matters in the internal control structure that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more of the
specific internal control structure elements does not reduce to relatively low level the
risk that errors or irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within a timely period
by employees in the normal course of performing their assigned functions. We noted no
matters involving the internal control structure and its operation that we consider to be
material weaknesses as defined above.
However, we noted certain matters involving the internal control structure and its
operation that we have reported to the management of the City of Edina, Minnesota in a
separate letter dated April 27, 1990.
This report is intended for the information of management, members of City Council
and Hennepin County. This restriction is not intended to limit the distribution of this
report, which is a matter of public record.
April 27, 1990
-126-
STATISTICAL
SECTION
Table 1
CITY OF EDINA, MINNESOTA
General Governmental Expenditures by Function (a)
Last Ten Fiscal Years
(unaudited)
Note:
(a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
Unallocated
Fiscal
General
Public
Public
general
Capital
Debt
year
government
safety
works .
Parks
expenditures
Other
outlay
service
Total
1980
$ 755,444
2,929,500
1,732,689
788,631
143,642
6,852
2,157,655
909,747
9,424,160
1981
842,863
3,260,927
2,117,412
785,141
385,232
5,942
2,052,761
766,905
10,217,183
1982
1,003,928
3,513,056
2,073,000
826,282
263,496
5,805
2,132,529
1,195,445
11,013,541
1983
1,083,906
4,146,820
2,236,979
940,765
211,372
65,714
1,163,921
1,149,491
10,998,968
i 1984
1,204,887
4,018,072
2,597,141
1,001,235
199,697
269,148
3,125,207
1,621,969
14,037,356
1985
1,397,975
4,356,382
2,508,679
1,227,795
363,635
291,850
1,816,758
2,022,009
13,985,083
i 1986
1,383,353
4,520,851
2,444,260
1,068,170
350,475
825,817
9,443,950
3,571,172
23,608,048
1987
1,425,939
4,762,906
2,209,872
1,369,848
340,300
868,647
9,075,508
3,999,429
24,052,449
1988
1,655,826
5,122,392
2,441,928
1,471,741
321,166
1,049,684
19,875,745
4,120,163
36,058,645
1989
1,823,403
5,345,763
2,502,980
1,654,159
300,142
1,094,419
8,857,367
4,850,967
26,429,199
Note:
(a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
tm
W11-f-W
CITY OF EDINA, MINNESOTA
General Governmental Revenues by Source (a)
Last Ten Fiscal Years
(unaudited)
Note:
(a) Includes General, Special Revenue, Debt Service and Capital Projects Funds.
Licenses
Charges
Sales and
Fiscal
year
Taxes
Special
assessments
Franchise
fee
and
permits
Inter-
governmental
for
services
Fines and
forfeitures
Interest on
Investments
rental of
p
Miscel-
laneous
Totals
1980
$ 3,195,287
-
-
229,646
3,243,594
332,280
663,816
663,816
154,342
154,342
8,068,279
1981
3,516,712
-
-
335,480
2,426,623
355,747
772,233
772,233
173,672
173,672
7,858,166
1982
3,971,620
-
-
337,208
2,101,175
331,006
823,236
823,236
807,457
807,457
8,670,231
1983
5,668,153
-
-
443,061
2,442,080
389,811
665,488
665,488
183,745
183,745
10,198,203
1984
6,645,913
-
-
405,685
1,930,171
410,950
760,801
760,801
118.188
118,188
10,669,841
1985
7,057,640
-
-
553,908
1,949,957
540,458
977,946
977,946
81,325
81,325
12,709.874
1986
7,850,460
1,251,456
-
695.898
3,176.762
772,920
1.319.021
1,319.021
58,865
58,865
15,662,456
1987
8,486,440
1,787.962
58,683
710,282
3,010,203
652,389
515,172
785,228
152,495
182.109
16.340,963
1988
9,853,560
1,500,050
48,528
623,760
2,425,720
740,708
532,257
533,647
127,846
130,766
16,516,842
1989
11,050.785
936,026
49,969
893,191
3,548,522
873.549
467.957
1,737.726
151,180
1,613,999
21.322,904
Note:
(a) Includes General, Special Revenue, Debt Service and Capital Projects Funds.
CITY OF EDINA, MINNESOTA
Property Tax Levies and Collections
Last Ten Fiscal Years
(unaudited)
-129-
Percent
of total
Delinquent
Fiscal
Total tax
Current tax
tax levy
tax
Total tax
year
levy
collections
collected
collections
collections
1980
$ 4,128,322
4,083,521
98.91%
$ 35,791
4,119,312
1981
4,452,156
4,398,470
98.79
13,566
4,412,036
1982
4,855,622
4,785,501
98.56
43,088
4,828,589
1983
5,423,374
5,337,812
98.42
44,998
5,382,810
1984
6,343,688
6,341,589
99.96
41,179
6,382,768
1985
6,654,251
6,548,680
98.41
74,091
6,622,771
1986
7,440,298
7,368,782
99.04
98,170
7,466,952
1987
8,045,584
7,904,551
98.25
61,041
7,965,592
1988
8,569,599
8,463,929
98.77
71,756
8,535,685
1989
8,996,391
8,764,316
97.42
68,377
8,832,983
-129-
Table
Percent
Percent of
of total tax
outstanding
collections
Outstanding
delinquent
to total
delinquent
taxes to
tax levy
taxes
total tax levy
99.78%
$ 57,443
1.39%
99.10
73,361
1.65
99.44
95,062
1.96
99.25
76,623
1.41
100.62
110,610
1.74
99.53
103,878
1.66
100.36
77,224
1.04
99.01
189,063
2.35
99.60
182,013
2.12
98.18
198,204
2.20
-130-
Table 4
CITY OF EDINA, MINNESOTA
Assessed Value or Tax Capacity and
Estimated Market Value of Taxable Property
Last Ten Fiscal Years
(unaudited)
Note:
(a) In 1989, assessed value was replaced by tax capacity.
—131—
Ratio of total
Real
property
assessed value/
tax capacity to
Assessment
Assessed value/
Estimated
total estimated
year
tax capacity
market value
market value
1980
$ 498,770,340
1,797,105,355
27.75%
1981
558,462,248
2,008,008,157
27.81
1982
629,028,224
2,241,781,656
28.06
1983
648,942,012
2,306,312,510
28.14
1984
682,304,872
2,417,980,250
28.22
1985
704,791,469
2,517,569,550
27.99
1986
725,895,608
2,610,642,350
27.81
1987
768,050,021
2,807,510,000
27.35
1988
100,735,332
3,061,404,810
3.29
1989 (a)
87,055,570
3,212,261,700
2.71
Note:
(a) In 1989, assessed value was replaced by tax capacity.
—131—
Table
CITY OF EDINA, MINNESOTA
Property Tax Rates - All Overlapping Governments
(leer $100 of assessed value)
Last Ten Fiscal Years
(unaudited)
Note:
(a) In 1989, mill rates are replaced by tax capacity rates.
-132-
School
District
Count
City
of Edina
46.215
31.205
3.835
Special
Debt
29.292
Fiscal
General
Revenue
Service
4.384
year
Fund
Funds
Funds
Other Total
1980
$ 8.134
1.079
.597
.039 9.849
1981
7.986
1.194
-
.034 9.214
1982
7.881
1.184
-
- 9.065
1983
7.959
1.090
-
- 9.049
1984
9.235
1.137
-
- 10.372
1985
9.168
1.174
-
- 10.342
1986
11.303
-
-
- 11.303
1987
11.954
-
-
- 11.954
1988
12.151
-
-
- 12.151
1989(a)
9.887
-
-
- 9.887
Note:
(a) In 1989, mill rates are replaced by tax capacity rates.
-132-
School
District
Count
Other
Total
46.215
31.205
3.835
91.104
41.779
29.292
4.490
84.775
45.936
29.183
4.384
88.568
47.437
28.451
5.106
90.043
47.597
29.689
7.222
94.880
48.160
29.272
5.184
92.958
45.033
29.688
7.853
93.877
43.065
29.356
7.812
92.187
44.838
31.675
8.659
97.323
43.477
27.101
7.371
87.836
CITY OF EDINA, MINNESOTA
Special Assessment Collections
Last Ten Fiscal Years
(unaudited)
-133-
Collection
Percentage
Collection
of current
of levy
of prior
Total
Year
Total levy
year's levy
collected
year's levy
collections
1980
$ 1,127,933
1,092,310
96.84%
$ 66,910
1,159,220
1981
1,571,590
1,452,879
92.45
25,566
1,478,445
1982
1,547,754
1,409,504
91.07
35,996
1,445,500
1983
1,715,209
1,591,398
92.78
103,960
1,695,358
1984
1,649,440
1,492,190
90.47
85,500
1,577,690
1985
1,492,140
1,410,553
94.53
158,984
1,569,537
1986
1,262,257
1,200,287
95.09
31,599
1,231,886
1987
1,292,379
1,257,033
97.26
31,579
1,288,612
1988
1,071,212
1,044,584
97.51
6,478
1,051,062
1989
787,932
736,574
93.48
66,768
803,342
-133-
Table 6
Percentage
of total Total
collections outstanding
to total levy assessments
102.77% $ 1,220
94.07 66,678
93.39 167,848
98.84 186,821
95.65 229,793
105.19 178,008
97.59 180,501
99.71 47,059
98.12 67,209
101.96 47,894
—134—
CITY OF EDINA, MINNESOTA
Ratio of Net General Bonded Debt to Assessed
Value /Tax Capacity and Net Bonded Debt Per Capita
Last Ten Fiscal Years
(unaudited)
*Source: Metropolitan Council estimate
Notes:
(a) Official population per 1980 census.
(b) Includes all long —term general obligation debt.
(c) In 1988, assessed value was replaced by tax capacity.
—135—
Ratio of
net bonded
debt to
assessed
value /tax
capacity!
.0168%
.0195
.0160
.0152
.0161
.0330
.0428
.0388
.4920
.7880
Table 7
Net
bonded
debt
per
capita
$ 176
227
212
205
229
484
634
596
972
1,399
Net
assessed
Debt
value /tax
Gross
service
Fiscal
*Popu—
capacity (in
bonded
monies
Net bonded
year
lation
thousands)
debt (b)
available
debt
1980
46,073 (a)
$ 482,836
10,780,000
2,682,689
8,097,311
1981
46,080
535,509
13,785,000
3,323,336
10,461,664
1982
45,370
599,315
12,740,000
3,139,512
9,600,488
1983
45,340
613,145
11,730,000
2,440,053
9,289,947
1984
45,280
643,379
11,955,000
1,585,175
10,369,825
1985
44,940
659,468
23,385,000
1,614,721
21,770,279
1986
45,523
673,941
30,185,000
1,335,954
28,849,046
1987
45,924
705,560
28,400,000
1,017,238
27,382,762
(c) 1988
46,095
90,975
47,305,000
2,513,806
44,791,194
1989
44,943
79,805
64,060,000
1,202,505
62,857,495
*Source: Metropolitan Council estimate
Notes:
(a) Official population per 1980 census.
(b) Includes all long —term general obligation debt.
(c) In 1988, assessed value was replaced by tax capacity.
—135—
Ratio of
net bonded
debt to
assessed
value /tax
capacity!
.0168%
.0195
.0160
.0152
.0161
.0330
.0428
.0388
.4920
.7880
Table 7
Net
bonded
debt
per
capita
$ 176
227
212
205
229
484
634
596
972
1,399
CITY OF EDINA, MINNESOTA
Computation of Legal Debt Margin
December 31, 1989
(unaudited)
Estimated market value of taxable property
Debt limit - 2.00% of total
estimated market value
Amount of debt applicable to debt
limit:
Total bonded debt
Less:
Assets in debt service funds
available for payment of
principal
Other deductions allowed by law:
Tax increment bonds
Improvement bonds
Revenue bonds
Total deductions
Total amount of debt
applicable to debt limit
Legal debt margin
$ 200,000
50,570,000
4,710,000
8.780.000
-136-
$ 64,060,000
64.260.000
Table
64,245,234
(200.000)
$ 64.445.234
Table 9
CITY OF EDINA, MINNESOTA
Computation of Overlapping Debt
December 31, 1989
(unaudited)
Total $
-137-
Percentage
Amount
applicable
applicable
Net debt
to City of
to City of
Jurisdiction
outstanding
Edina
Edina
City of Edina
$ 64,060,000
100.00%
$ 64,060,000
Hennepin County
96,775,000
7.48
7,238,770
IDS #273 (Edina)
220,000
97.37
214,214
IDS #287 (Hennepin Tech)
3,300,000
11.70
386,100
IDS #270 (Hopkins)
10,365,000
6.06
628,119
IDS #271 (Bloomington)
4,660,000
.01
466
IDS #272 (Eden Prairie)
45,720,000
3.67
1,677,924
IDS #280 (Richfield)
490,000
26.86
131,614
IDS #283 (St. Louis Park)
-
.01
-
Metro Council
372,631,000
3.91
14,569,872
Metro Transit
10,950,000
4.25
465.375
Total $
-137-
CITY OF EDINA, MINNESOTA
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures
Last Ten Fiscal Years
(unaudited)
Table 1
Ratio of total
Notes:
(a) Includes General, Special Revenue and Debt Service Funds.
(b) Includes refinancing of temporary bonds.
-138-
debt service
Total
to total
Fiscal
debt
Total general
general
year
Principal
Interest
service
expenditures (a)
expenditures
1980
$ 1,150,000
559,742
1,709,742
7,725,448
.2213%
1981
5,550,000 (b)
666,905
6,216,905
8,101,844
.7673
1982
900,000
1,095,445
1,995,445
9,074,606
.2199
1983
900,000
1,049,491
1,949,491
9,818,076
.1986
1984
5,050,000 (b)
1,071,969
6,121,969
10,693,544
.5725
1985
1,650,000
1,472,009
3,122,009
12,561,374
.2485
1986
1,650,000
1,921,172
3,571,172
14,450,898
.2471
1987
1,700,000
2,299,429
3,999,429
14,843,024
.2694
1988
1,950,000
2,170,163
4,120,163
16,336,066
.2522
1989
1,800,000
3,037,525
4,837,525
17,299,271
.2796
Notes:
(a) Includes General, Special Revenue and Debt Service Funds.
(b) Includes refinancing of temporary bonds.
-138-
i
w
�o
i
Table 11
CITY OF EDINA, MINNESOTA
Revenue Bond Coverage
Last Ten Fiscal Years
(unaudited)
Net
revenue
Direct* available
Gross operating for debt Debt service requirements
Fiscal year revenue expenses service Principal Interest Total Coverage
Utility Bonds
1980
$ 2,694,573
2,541,720
152,853
-
-
-
-
1981
2,831,689
2,732,819
98,870
-
-
-
-
1982
3,434,255
3,390,,516
43,739
-
-
-
-
1983
3,425,476
3,336,716
88,760
-
-
-
-
1984
3,436,525
3,386,541
49,984
-
-
-
-
1985
3,686,287
3,731,907
(45,620)
-
-
-
-
1986
3,621,775
3,726,699
(104,924)
-
-
-
-
1987
4,149,444
4,127,469
21,975
-
-
-
-
1988
4,285,722
4,842,797
(557,075)
-
-
-
-
1989
5,539,373
4,839,753
699,620
-
172,418
172,418
406
Recreational Facility Bonds
1980
725,931
741,157
(15,226)
145,000
32,775
177,775
-
1981
844,403
796,155
48,248
145,000
29,906
174,906
28
1982
905,776
787,233
118,543
145,000
24,277
169,277
70
1983
925,169
863,069
62,100
110,000
18,601
128,601
48
1984
1,030,952
923,838
107,114
125,000
14,760
1399760
77
1985
1,106,658
1,052,131
54,527
120,000
57,627
177,627
31
1986
1,158,660
1,177,380
(18,720)
50,000
99,512
149,512
-
1987
1,424,381
1,206,116
218,265
85,000
97,690
182,690
119
1988
1,703,728
1,431,693
2729035
50,000
161,182
211,182
129
1989
2,348,220
1,725,118
623,102
50,000
346,201
396,201
157
* Before interest costs.
Fiscal
year
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
CITY OF EDINA, MINNESOTA
Property and Construction Values
Last Ten Fiscal Years
(unaudited)
Commercial
construction
Number of
Value
permits
Value
14,302,000
16 $
5,662,717
12
27,624,140
6
1,730,000
4
9,250,500
3
1,290,000
5
6,645,080
5
18,034,760
342
19,797,541
336
22,100,000
407
65,000,000
*Assessor's market.
Residential
construction
Number of
permits
Value
144 $
14,302,000
135
11,257,000
134
10,490,700
189
20,140,000
116
14,800,000
327
34,886,143
397
39,909,000
551
30,600,000
560
26,327,000
86
11,463,231
—140—
Propert;
Commercial
340,000,255
391,154,527
432,641,116
458,115,920
495,218,100
532,936,100
567,688,400
621,601,700
667,282,000
681,372,900
Table 12
value*
Residential
1,457,105,100
1,616,853,630
1,809,140,540
1,848,196,590
1,922,762,150
1,984,633,450
2,042,953,950
2,185,908,300
2,392,686,800
2,530,888,800
Table 13
CITY OF EDINA, MINNESOTA
Principal Taxpayers
December 31, 1989
(unaudited)
-141-
Percent
1989
of total
tax
tax
Taxpayer
Type of business
capacity
capacity
Southdale
Shopping center
$ 5,450,109
6.26%
Pentagon
Office building
1,364,442
1.57
Gabberts and Galleria
Shopping center
987,166
1.13
Southdale Office Center
Office building
959,640
1.10
Southdale Medical Building
Office building
946,537
1.09
National Car
Office building
866,890
1.00
Cedars of Edina
Apartments
789,660
0.91
Honeywell Building
Office building
670,061
0.77
Durham
Apartments
483,588
0.56
7201 Metro Boulevard
Office building
480,700
0.55
7600 France
Office building
441,820
0.51
York Plaza
Apartments
437,371
0.50
7401 Metro Boulevard
Office building
435,100
0.50
7300 Metro Boulevard
Office building
422,459
0.49
7505 Metro Boulevard
Office building
420,057
0.48
7301 Ohms Lane
Office building
420,057
0.48
Edinborough Office
Office building
399,740
0.46
Rembrandt Heritage
Apartments
397,273
0.46
7900 West 78th Street
Office building
364,320
0.42
8000 West 78th Street
Office building
362,560
0.42
-141-
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics
December 31, 1989
(unaudited)
Date of incorporation
Date of adoption of Council- Manager Plan
Present form of government
Fiscal year begins
Area of City
Percent of City developed with buildings
Miles of streets and sewers:
Total streets
Streets with permanent surfacing
Sanitary sewer
Sewer connections
Fire protection:
Number of stations
Number of employees (full time)
Police protection:
Number of stations
Number of employees
Park areas:
Present park acres and open space
Proposed park acres to be acquired
Total improved park acres
Number of parks
Private golf courses
Public golf courses
Municipal water plant:
Number of wells
Miles of watermain
Gallons of storage
Number of consumers
-142-
Table 14
December 17, 1888
January 1, 1955
Council- Manager
January 1
16 square miles
97%
227 miles
226.61 miles
186.22 miles
13,783
1
31
1
67
1,535
50
900
37
3
2
18
198.81
7 million
14,025
(Continued)
Table 14. Cont.
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics, Continued
Population:
1920
1,833
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
—143—
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