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CITY OF EDINA, MINNESOTA
1 9 9 0
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1990
CITY OF EDINA, MINNESOTA
Comprehensive Annual Financial Report
Year ended December 31, 1990
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 II - FINANCIAL SECTION
Independent Auditors' Report
9
GENERAL PURPOSE FINANCIAL STATEMENTS:
Combined Balance Sheet - All Fund Types and Account Groups
11
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance - All Governmental Fund Types
13
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual - General and Special
Revenue Fund.Types
15
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings - All Proprietary Fund Types
17
Combined Statement of Cash Flows - All Proprietary Fund Types
18
Notes to 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 INDIVIDUAL 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 Cash Flows
63
Utilities Fund:
Balance Sheet
65
Statement of Revenues, Expenses and Changes in Retained Earnings
66
Statement of Cash Flows
68
Liquor Fund:
Balance Sheet
69
Statement of Revenues, Expenses and Changes in Retained Earnings
70
Statement of Cash Flows
71
Schedule of Operating Expenses
72
Swimming Pool Fund:
Balance Sheet
73
Statement of Revenues, Expenses and Changes in Retained Earnings
74
Statement of Cash Flows
75
Golf Course Fund:
Balance Sheet
76
Statement of Revenues, Expenses and Changes in Retained Earnings
77
Statement of Cash Flows
78
Schedule of Operating Expenses
79
Recreation Center Fund:
Balance Sheet
80
Statement of Revenues, Expenses and Changes in Retained Earnings
81
Statement of Cash Flows
82
Gun Range Fund:
Balance Sheet
83
Statement of Revenues, Expenses and Changes in Retained Earnings
84
Statement of Cash Flows
85
Art Center Fund:
Balance Sheet
86
Statement of Revenues, Expenses and Changes in Retained Earnings
87
Statement of Cash Flows
88
Edinborough Park Fund:
Balance Sheet
89
Statement of Revenues, Expenses and Changes in Retained Earnings
90
Statement of Cash Flows
91
Agency Fund:
Statement of Changes in Assets and Liabilities 93
General Fixed Assets Account Group:
Schedule of General Fixed Assets 95
General Long —term Debt Account Group:
Schedule of General Long -term Debt 97
3
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
PART III — STATISTICAL SECTION Table Page
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 98
Schedule of Changes in Bonded Indebtedness
Exhibit 2 100
Schedule of Bonds Payable
Exhibit 3 101
Schedule of Debt Service Requirements
Exhibit 4 107
Assessed Valuation, Tax Levies and Mill Rates
Exhibit 5 108
Schedule of Sources and Uses of Public Funds:
of Taxable Property — Last Ten Fiscal Years
For 50th and France — No. 1200, a Tax Increment
128
Financing District
Exhibit 6 110
For Southeast Edina Redevelopment District —
Last Ten Fiscal Years
No. 1201, a Tax Increment Financing District
Exhibit 7 111
For Grandview Area Redevelopment District —
Table 6
No. 1202, a Tax Increment Financing District
Exhibit 8 112
For Southeast Edina Economic Development District —
No. 1203, A Tax Increment Financing District
Exhibit 9 113
Independent Auditors' Report on Schedule of Federal
Financial Assistance
Exhibit 10 114
Schedule of Federal Financial Assistance
Exhibit 11 115
Independent Auditors' Report on Compliance with General
Requirements
Exhibit 12 116
Independent Auditors' Report on Compliance at the
Financial Statement Level
Exhibit 13 118
Independent Auditors' Report on Compliance with Specific
Requirements Applicable to Nonmajor Programs
Exhibit 14 119
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 15 120
Independent Auditors' Report on the Internal Control
Structure in Accordance with Government Auditing
Standards
Exhibit 16 122
PART III — STATISTICAL SECTION Table Page
General Governmental Expenditures by Function — Last Ten
Fiscal Years
Table 1
124
General Governmental Revenues by Source — Last Ten Fiscal
Years
Table 2
125
Property Tax Levies and Collections — Last Ten Fiscal Years
Table 3
126
Assessed Value or Tax Capacity and Estimated Market Value
of Taxable Property — Last Ten Fiscal Years
Table 4
128
Property Tax Rates — All Overlapping Governments —
Last Ten Fiscal Years
Table 5
129
Special Assessment Collections — Last Ten Fiscal Years
Table 6
130
4
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
PART III — STATISTICAL SECTION (CONTINUED)
Table Pace
Ratio of Net General Bonded Debt to Assessed Value /Tax
Capacity and Net Bonded Debt Per Capita —
Last Ten Fiscal Years
Table 7 132
Computation of Legal Debt Margin — December 31, 1990
Table 8 133
Computation of Overlapping Debt — December 31, 1990
Table 9 134
Ratio of Annual Debt Service Expenditures for General Bonded
Debt to Total General Expenditures — Last Ten Fiscal. Years
Table 10 135
Revenue Bond Coverage — Last Ten Fiscal Years
Table 11 136
Property and Construction Values — Last Ten Fiscal Years
Table 12 137
Principal Taxpayers — December 31, 1990
Table 13 138
Miscellaneous Statistics — December 31, 1990
Table 14 139
INTRODUCTORY
SECTION
CITY OF EDINA, MINNESOTA
Elected and Appointed Officials
December 31, 1990
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
CITY
4801 WEST 50TH STREET, EDINA, MINNESOTA 55424
612 - 927 -8861
April 26, 1991
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, 1990 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 1990 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, as you know, is again working on the property tax system. Again,
these changes at first glance do not seem to affect us; however, until the session is
completed, it is difficult to tell what may happen.: On the other side of the ledger, there
may be some tax relief for our tax payers, if the 3% tax rate is brought down by some
measure. However, we must also realize that 'a good share of our citizens may have
their taxes raised if the lower rate is brought'up.. The break —even point for our taxpayer
would be approximately that of a home value of $165,000. We will continue to manage
our budget as soundly as we can so that no matter what the State Legislature does, we
can operate the City frugally and effectively.
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. Rosland
City Manager
—3—
ifill ®OF INA
4801 WEST 50TH STREET, EDINA, MINNESOTA 55424
612 - 927 -8861
April 26, 1991
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, 1990, 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 $21,033,886 in 1990, a
decrease of 1.4 percent over 1989. General property taxes produced 61.7 percent of
general revenues compared to 51.8 percent last year. The amount of revenues from
various sources and the increase (decrease) over last year are shown in the following
table:
—5—
Increase
Percent
(decrease)
Revenue source
Total
of total
from 1989
Taxes $
12,968,717
61.7% $
1,917,932
Special assessments
936,042
4.5
16
Franchise fee
96,715
.5
46,746
Licenses and permits
874,298
4.1
(18,893)
Intergovernmental revenues
572,262
2.7
(2,976,260)
Charges for services
1,235,812
5.9
362,263
Fines and forfeitures
494,009
2.3 _
26,052
Interest on investments
1,289,470
6.1
(448,256)
Sale and rental of property
133,809
.6
(17,371)
Miscellaneous
2.432.752
11.6
818.753
Total $
21.0®
100.0% $
(289®.018)
Current tax collections were 97.6 percent of the tax levy, up 0.2 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 98.1 percent, an increase of 0.2
percent from last year.
This increase is due to a decrease in state aids
for 1990. Intergovernmental
revenues
were 2.7 percent of general revenues compared to
16.6 percent
in 1989.
—5—
Expenditures for all general governmental purposes totaled $27,700,041, an increase of
4.8 percent over 1989. 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 21.1 percent of total general governmental
expenditures. This expenditure function includes police protection, fire protection, civil
defense, animal control, public health and building inspections expenditures.
Debt Administration
The ratio of net bonded debt to tax capacity and the amount of bonded debt per capita
are useful indicators of the City's debt position and are listed below:
Ratio of net bonded debt to tax capacity
Net bonded debt per capita
The following is a summary of bonded debt for fiscal year 1990:
Gross bonded debt outstanding, January 1, 1989
Add bonds issued in fiscal year 1990
Deduct bonds redeemed in fiscal year 1990
Gross bonded debt outstanding, December 31, 1990
Deduct sinking fund assets, December 31, 1990
Net bonded debt, December 31, 1990
ISM
7.985
$ 1.394
$ 64,060,000
3,080,000
(1.705.000)
65,435,000
(1.026.815)
$ 64.408.185
Increase
Percent
(decrease)
Function
Total
of total
from 1989
General government
$ 1,937,867
7.0%
$ 114,464
Public safety
5,855,776
21.1
510,013
Public works
2,719,479
9.8
216,499
Parks
1,570,886
5.7
(83,273)
Unallocated general
646,345
2.3
346,203
Other
679,889
2.5
(414,529)
Capital outlay
8,456,658
30.5
(400,709)
Bond principal
1,485,000
5.4
(415,000)
Interest and fiscal charges
4.348.141
15.7
1,397,174
Total
$ 27.700.041
100.0%
$ 1.270.842
Expenditures for public safety were 21.1 percent of total general governmental
expenditures. This expenditure function includes police protection, fire protection, civil
defense, animal control, public health and building inspections expenditures.
Debt Administration
The ratio of net bonded debt to tax capacity and the amount of bonded debt per capita
are useful indicators of the City's debt position and are listed below:
Ratio of net bonded debt to tax capacity
Net bonded debt per capita
The following is a summary of bonded debt for fiscal year 1990:
Gross bonded debt outstanding, January 1, 1989
Add bonds issued in fiscal year 1990
Deduct bonds redeemed in fiscal year 1990
Gross bonded debt outstanding, December 31, 1990
Deduct sinking fund assets, December 31, 1990
Net bonded debt, December 31, 1990
ISM
7.985
$ 1.394
$ 64,060,000
3,080,000
(1.705.000)
65,435,000
(1.026.815)
$ 64.408.185
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, 1990 the City had $52,715,000 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, 1990. This compares with the City's debt limit as shown below:
Debt limit
Legal debt margin
Cash Management
$ 67.761.754
$ 67.561.754
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 1990 the City earned $1,289,470 in interest. The following is a list of the
City's cash and investments by classification as of December 31, 1990:
Cash $ 860,425
Cash with plan administrator 3,735,555
Certificates of deposit 3,484,594
Commercial paper 7,212,440
Government securities 6,850,004
Money markets 7.541.031
L?
Capital Project Funds
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, 1990 the general fixed assets of the City amounted to $58,102,137.
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 1990 and 1989 is as follows:
Independent Audit
Minnesota State Statutes require that every city with a population of more than 2,500
submit to the State Auditor audited financial statements which have been attested to by
a certified public accountant, public accountant or the State Auditor. This statute has
been complied with, and the independent auditors' report of the certified public
accounting firm of KPMG Peat Marwick has been included in this Comprehensive Annual
Financial Report for 1990.
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,
0.211 =-
John Wallin, CPA
Treasurer and Finance Director
Linda Margl
Accountant
Income (loss)
before transfers
1990
1989
Utilities
$ 241,836
527,202
Liquor
236,413
335,552
Swimming Pool
(44,592)
(9,146)
Golf Course
146,729
146,773
Recreation Center
(177,940)
(46,082)
Gun Range
(2,750)
4,525
Art Center
(30,648)
1,479
Edinborough Park
(89.280)
(36.341)
Transfers from /to other funds for various purposes were $180,000 and $350,000 in 1990
and $57,466 and $350,000 in 1989, respectively.
Independent Audit
Minnesota State Statutes require that every city with a population of more than 2,500
submit to the State Auditor audited financial statements which have been attested to by
a certified public accountant, public accountant or the State Auditor. This statute has
been complied with, and the independent auditors' report of the certified public
accounting firm of KPMG Peat Marwick has been included in this Comprehensive Annual
Financial Report for 1990.
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,
0.211 =-
John Wallin, CPA
Treasurer and Finance Director
Linda Margl
Accountant
FINANCI
SECTIO
Certified Public Accountants
4200 Norwest Center Telephone 612 341 2222 Telecopier 612 341 0202
90 South Seventh Street
Minneapolis, MN 55402
June 14, 1991
The 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 (the City) for the year ended December 31, 1990, and have issued our report
thereon dated April 26, 1991. In planning and performing our audit of the general
purpose financial statements of the City, 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. We have not considered the internal control structure since the date
of our report.
During our audit we noted certain matters involving the internal control structure and
other operational matters that are presented for your consideration. These comments
and recommendations, all of which have been discussed with the appropriate members of
management, are intended to improve the internal control structure or result in other
operating efficiencies and are presented in the attached exhibit.
It should be noted that this letter, by its nature, is critical in that it contains only our
comments and recommendations on deficiencies. It does not include our observations on
the many strong features of the City's operations.
We would like to take this opportunity to express our appreciation for the cooperation
and assistance provided to us during our audit. The accounting staff made significant
improvements this year which greatly contributed to the efficiency of the audit. If you
have any questions concerning the matters discussed in this letter, or wish to discuss any
other phase of our audit, please feel free to contact us.
This report is intended solely for the information and use of the City Council,
management and others within the City of Edina.
[TFIFIlynveld ember Firm of
Peat Marwick Goerdeler
I
Exhibit
CITY OF EDINA, MINNESOTA
Comments and Recommendations
DEVELOP ACCOUNTING POLICIES AND PROCEDURES MANUAL
As discussed in the 1989 management letter, the City does not have a written
accounting policies and procedures manual. Although the lack of formal policies does
not necessarily include an inadequacy in such procedures, formalizing the City's
accounting policies and procedures in written form can produce the following benefits:
• Documents the accounting procedures and routines of the various City
departments;
• Aids new and existing personnel by providing reference material pertaining to City
policy and internal control procedures;
• Helps ensure that personnel responsible for performance of procedures or
attainment of certain results or objectives understand such requirements; and
• Provides assurances that the necessary financial information is accumulated for
both financial presentation and City management decision - making.
We recommend that the City develop and document accounting policies and procedures
to address the following items, among others;
• Cash management policies and practices encompassing bank relations;
• Fixed assets (i.e., disposals, capitalization, and depreciation methods);
• Special assessments (i.e., prepayments, additions, and write - offs);
• Income and expense accrual policies (i.e., booking of payables for liquor purchases
near year -end; setting up payables for incomplete contacts; and, accruing for
interest earned since the last payment date); and
• Explanation of closing and other standard journal entries.
Procedures should also be established to periodically monitor the continued applicability
and usefulness of these policies, and monitor the adherence to documented standards.
INVESTMENT POLICY AND PROCEDURES
As discussed in the 1989 management letter, a comprehensive written investment policy
helps to provide a better basis for management's review of investment activities and
will enhance the informal guidelines now in use. Documented policies and procedures
are important steps in limiting loss exposures in this area.
,p
2 Exhibit, Cont.
CITY OF EDINA, MINNESOTA
Comments and Recommendations, Continued
Comprehensive investment policies and procedures should be documented and approved
by the City Council. The policy should address the following areas at a minimum:
• Investment portfolio objectives;
• Investment authority and responsibility;
• Credit risk (i.e., acceptable investment grades, diversification of investments, and
collateralization of deposits);
• Interest rate risk; and
• Liquidity risk.
We encourage management to periodically review and revise the investment policy to
reflect changes in the City's stategic goals and changes in the business and regulatory
environments.
CONSTRUCTION CONTRACTS
During our review of construction contracts, we noted the following:
• Certain contracts had work performed and paid for which exceeded the approved
contract amount; and
• Change orders (i.e., increases or decreases of the original contract amounts) were
not approved by City Council.
The lack of council approval for work performed and payments made to contractors in
excess of the original contract amounts may lead to misappropriation of funds.
We recommend that the City institute a policy that all material expenditures in excess
of original contract amounts be submitted as change orders and be approved by City
Council. This will prevent misappropriation of funds and ensure that City Council
maintains control over significant contract activity.
J6�WPeat Marwick
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report
Honorable Mayor and Members
of the City Council
City of Edina, Minnesota:
We have audited the general purpose financial statements of the City of Edina,
Minnesota as of and for the year ended December 31, 1990, 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, 1990, and the results of its operations and cash flows of its proprietary
fund types for the year then ended in conformity with generally accepted accounting
principles.
As discussed in note 1 —F to the financial statements, the City adopted Statement No. 9
of the Governmental Accounting Standards Board which requires the presentation of a
statement of cash flows and certain other disclosures.
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
❑ 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 26, 1991
—10—
CITY OF EDINA, MINNESOTA
Combined Balance Sheet — All Fund Types and Account Groups
December 31, 1990
(with comparative totals for December 31, 1989)
Assets and Other Debits
Cash (deficit) (note 2)
Investments (note 2)
Cash with plan administrators (note 2)
Receivables:
Accounts
Interest
Special assessments
Metro Waste Control Commission (note 6)
Notes
Due from other funds (note 10)
Due from other governments
Inventory
Prepaid expense
Fixed assets (note 4)
Discount on bonds
Amount available in debt service fund
Amount to be provided for retirement
of long —term debt
Total assets and other debits
Liabilities, Fund Equity and Other Credits
Liabilities:
Cash deficit
Accounts payable
Contracts payable
Accrued interest payable
Due to other funds (note 10)
Due to other governments
Deposits payable
Due to participants
Due to federal government
Accrued compensated absences
(note 5).
Deferred revenue (note 6)
Bonds payable (note 5)
Total liabilities
Fund equity and other credits:
Investment in general fixed assets
Contributed capital
Retained earnings:
Reserved (note 11)
Unreserved — undesignated
Fund balance:
Reserved (note 11)
Unreserved — designated (note 11)
Unreserved — undesignated
Total fund equity and
other credits
108,135 — — 647
$ 12.886.727 821118 1,719,512 16,611d954
399,938 16,806 78 653,617
— — — 292,510
4,840,362 — — _
— — 61,901 —
1.891,092 282,861
5.240.300 16.806 1.953.071 1.228.988
650,180 — 200,000 —
5,647,567 — — —
1.348.750 875.364 (434.559) 15.382.966
7.646.497 875.364 (234.559) 15.382.966
Total liabilities, fund
equity and other credits $ 12-996-797 892.170 1,719-512 16 6
See accompanying notes to financial statements.
—11—
Governmental
fund tunes
Special
Debt
Capital
General
Revenue
Service_
Proiects
$ 5,248,144
(25,396)
(425,525)
(4,638,107)
6,581,320
858,466
—
15,393,906
342,830
—
2,617
655,779
4,581
4,926
—
282,263
—
—
1,891,092
282,861
50,000
—
200,000
4,634,605
551,787
54,174
50,328
—
108,135 — — 647
$ 12.886.727 821118 1,719,512 16,611d954
399,938 16,806 78 653,617
— — — 292,510
4,840,362 — — _
— — 61,901 —
1.891,092 282,861
5.240.300 16.806 1.953.071 1.228.988
650,180 — 200,000 —
5,647,567 — — —
1.348.750 875.364 (434.559) 15.382.966
7.646.497 875.364 (234.559) 15.382.966
Total liabilities, fund
equity and other credits $ 12-996-797 892.170 1,719-512 16 6
See accompanying notes to financial statements.
—11—
Proprietary
fund type
Enterprise
1,969,764
2,028,197
958,795
199,024
1,282
251,713
5,322
5,757
326,602
23,748,986
78,428
29.573.870
Fiduciary
fund types
Agency
99,074
126,180
3,735,555
4,059
3.964.868
Account
groups
General
General
Fixed
Long -term
Assets
Debt
58,102,137 -
200,000
57.314.712
58.102.137 57.514.712
Totals
memorandum onl
1990
1989
2,227,954
1,613,374
24,988,069
28,959,118
3,735,555
3,136,961
1,960,021
2,041,282
494,853
639,482
2,175,235
2,583,412
251,713
240,571
5,322
18,377
4,890,362
2,818,960
656,289
434,932
326,602
487,270
108,782
18,794
81,851,123
74,461,490
78,428
84,186
200,000
57.314.712
181.265.020
1,724,409
- - - 1,724,409
-
366,971
- - - 1,437,410
1,063,442
750
- - - 293,260
307,986
84,008
- - - 84,008
88,188
50,000
- - - 4,890,362
2,818,960
-
99,074 - - 160,975
88,086
11,184
- - - 11,184
8,871
-
3,735,555 - - 3,735,555
3,136,961
-
130,239 - - 130,239
116,766
-
- - 639,712 639,712
609,356
96,446
- - - 2,270,399
2,718,493
8.560.000
- - 56.875.000 65.435.000
64.060.000
10.893.768
3.964.868 - 57.514.712 80.812.513
75.017.109
-
- 58,102,137 - 58,102,137
52,884,271
224,442
- - - 224,442
249,151
826,815
- - - 826,815
1,002,505
17,628,845
- - - 17,628,845
17,318,675
850,180 322,265
5,647,567 6,633,956
7.172.521 19.999.633
0.452.507 98.410.456
29.573.870 3.964.868 58.102.137 57.514.712 181.265.020 173.427.565
-12-
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenditures
and Changes in Fund Balance - All Governmental Fund Types
Year ended December 31, 1990
(with comparative totals for year ended December 31, 1989)
Governmental fund
Special Debt
General Revenue Service
Revenues:
Taxes
$ 9,839,663
- -
Special assessments
-
- 737,304
Franchise fee
-
96,715 -
Licenses and permits
874,298
- -
Intergovernmental
394,923
95,669 -
Charges for services
1,235,812
- -
Fines and forfeitures
494,009
- -
Interest on investments
77,168
68,614 9,682
Sale and rental of property
33,809
- -
Miscellaneous
67.420
43,074 -
Total revenues
13.017.102
304.072 746.986
Expenditures:
General government
1,937,867
- -
Public safety
5,855,776
- -
Public works
2,719,479
- -
Parks
1,570,886
- -
Unallocated general
646,345
- -
Other
(46,504)
280,879 2,302
Capital outlay:
General government
24,370
3,824 -
Public safety
204,945
- -
Public works
284,364
- -
Parks
103,415
- -
Debt service:
Bond principal
-
- 1,485,000
Interest and fiscal charges
-
- 4,348,141
Total expenditures
13.300.943
294,703 5.835.443
Excess (deficiency) of revenues
over expenditures
(283.841)
19.369 (5.088.457)
Other financing sources (uses):
Proceeds from issuance of bonds
-
- -
Proceeds from sale of land
-
- -
Operating transfers in
350,000
- 4,954,881
Operating transfers out
(345,000)
- -
Parkland dedication
41,747
- -
Parkland dedication for Edina HRA
65.000
- -
Total other financing sources (uses)
111.747
- 4.954.881
Excess (deficiency) of revenues and
other financing sources over expen-
ditures and other financing uses
(172,094)
19,369 (133,576)
Fund balance (deficit) - January 1
7.818.591
855.995 (100.983)
Fund balance (deficit) - December 31
$ 7.646.497
875.364 (234.559)
See accompanying notes to financial statements.
—13—
types Totals
Capital (memorandum only)
Projects 1990 1989
3,129,054
12,968,717
11,050,785
198,738
936,042
936,026
—
96,715
49,969
—
874,298
893,191
81,670
572,262
3,548,522
—
1,235,812
873,549
—
494,009
467,957
1,134,006
1,289,470
1,737,726
100,000
133,809
151,180
2.322.258
2.432.752
1.613.999
6.965.726
21.033.886
21.322.904
—
1,937,867
1,823,403
—
5,855,776
5,345,763
—
2,719,479
2,502,980
—
1,570,886
1,654,159
—
646,345
300,142
443,212
679,889
1,094,418
—
28,194
25,853
—
204,945
259,548
—
284,364
370,313
7,835,740
7,939,155
8,201,653
—
1,485,000
1,900,000
4.348.141
2.950.967
8.278.952
27.700.041
26.429.199
(1.313.226)
(6.666.155)
(5.106.295)
3,051,998
3,051,998
15,321,534
51,824
51,824
192,915
1,141,153
6,446,034
3,838,516
(5,931,034)
(6,276,034)
(3,545,982)
—
(1.686.0591
41,747
65.000
3.380.569
144,113
973.700
16.924.796
(2,999,285) (3,285,586) 11,818,501
18.382.251 26.955.854 15.137.353
1L382.966 23.67® 26.9
—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, 1990
(with comparative totals for year ended December 31, 1989)
General
Variance -
favorable
Budget Actual (unfavorable)
Revenues:
Taxes (note 3) $
10,017,692
9,839,663
(178,029)
Franchise fee
Licenses and permits
-
696,300
-
874,298
177,998
Intergovernmental
342,000
394,923
52,923
Charges for services
845,000
1,235,812
390,812
Fines and forfeitures
515,000
494,009
(20,991)
Interest on investments
80,000
22,000
77,168
33,809
(2,832)
11,809
Sales and rental of property
Miscellaneous
90.500
67.420
(23,080
Total revenues
12.608.492
13.017.102
408.610
Expenditures:
Current:
General government
1,842,255
1,937,867
(95,612)
Public safety
5,610,091
5,855,776
(245,685)
Public works
2,735,412
2,719,479
15,933
Parks
1,569,854
1,570,886
(1,032)
Unallocated general
386,659
646,345
(259,686)
Other
(25,000)
(46,504)
21,504
Capital outlay:
General government
20,478
24,370
(3,892)
Public safety
317,340
204,945
112,395
Public works
301,953
284,364
17,589
Parks
84.450
103.415
(18.965)
Total expenditures
12.843.492
13.300.943
(457,451
Excess (deficiency) of
revenues over expenditures
(235.000)
(283.841)
(49,841
Other financing sources (uses):
Operating transfers in
Operating transfers out
350,000
(115,000)
350,000
(345,000)
-
(230,000)
Parkland dedication
-
41,747
65.000
41,747
65,000
Parkland dedication for Edina HRA
-
Total other financing sources (uses)
235.000
111.747
(123,25
Excess of revenues and other
financing sources over
expenditures and other
-
(172,094)
(172,094)
financing uses
Fund balance - January 1
7.818.591
7.818.591
-
Fund balance (deficit) - December 31 $
-LULM
-Lklkm
(172®.094_)
See accompanying notes to financial statements.
-15-
19.369 19.369 (235.000) (264.472) (29,472) 1.156.040
350,000
350,000 -
332,138
Totals
(345,000) (230,000)
(140,000)
41,747 41,747
65.000 65,000
(memorandum
only)
111.747 (123.253)
Special Revenue
- 19,369 19,369 -
(152,725) (152,725)
1990
855.995 855.995 - 8.674.586
8-674-596
1989
6.208.595
8'6e
Variance -
Variance -
favorable
favorable
Budget Actual
(unfavorable)
Budget
Actual
(unfavorable)
Actual
-
-
10,017,692
9,839,663
(178,029)
7,751,686
- 96,715
96,715
-
96,715
96,715
49,969
-
-
696,300
874,298
177,998
893,197
- 95,669
95,669
342,000
490,592
148,592
2,314,272
_
_
845,000
1,235,812
390,812
873,549
-
-
515,000
494,009
(20,991)
467,957
- 68,614
68,614
80,000
145,782
65,782
141,731
_ _
_
22,000
33,809
11,809
51,180
- 43,074
43.074
90.500
110.494
19.994
1.055.218
- 304.072
304.072
12.608.492
13.321.174
712.682
13.598.753
-
-
1,842,255
1,937,867
(95,612)
1,823,403
_
-
5,610,091
5,855,776
(245,685)
5,345,763
_ -
-
2,735,412
2,719,479
15,933
2,502,980
-
-
1,569,854
1,570,886
(1,032)
1,654,159
-
-
386,659
646,345
(259,686)
300,142
- 280,879
(280,879)
(25,000)
234,375
(259,375)
105,300
- 3,824
(3,824)
20,478
28,194
(7,716)
25,853
-
_
317,340
204,945
112,395
259,548
_
-
301,953
284,364
17,589
370,313
84.450
103.415
(18.965)
55.252
- 284.703
(284.703)
12.843.492
13.585.646
(742.154)
12.442.713
19.369 19.369 (235.000) (264.472) (29,472) 1.156.040
350,000
350,000 -
332,138
(115,000)
(345,000) (230,000)
(140,000)
41,747 41,747
65.000 65,000
114,113
973.700
_ -
(235.000) .
111.747 (123.253)
1.309.951
- 19,369 19,369 -
(152,725) (152,725)
2,465,991
855.995 855.995 - 8.674.586
8-674-596
8.674.586 -
g.s_ (152.725)
6.208.595
8'6e
955 -995 87_ .12.369
-16-
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings - All Proprietary Fund Types
Year ended December 31, 1990
(with comparative totals for year ended December 31, 1989)
Totals
1990 1989
Sales and cost of sales:
Sales
$ 5,066,227
5,054,564
Cost of sales
4.025.160
3.984,418
Gross profit
1,041,067
1,070,146
Operating revenues:
Charges for services
7.956.777
7.660.349
Total gross profit and operating
revenues
8.997.844
8.730.495
Operating expenses:
Disposal charges
2,396,472
2,650,263
Personal services
2,593,721
2,336,860
Contractual services
1,576,900
1,384,879
Commodities
782,895
661,953
Central services
605,458
545,665
Depreciation
857.949
759.855
Total operating expenses
8.813.395
8.339.475
Operating income.
184.449
391.020
Nonoperating revenues (expenses):
Contribution from special assessments
-
202,421
Interest on investments
612,794
743,906
Current value credit - MWCC
61,020
61,020
Donations
28,700
36,822
Interest and fiscal charges
(605,680)
(518,619)
Subsidy from general fund
5,757
-
Amortization of bond discount
(1,514)
(6,240)
Miscellaneous
(5.758)
13.632
Total nonoperating revenues
95.319
532.942
Income before operating transfers
and depreciation on contributed assets
279,768
923,962
Net operating transfers out
(170.000)
(292.534)
Net income
109,768
631,428
Add depreciation on contributed assets
24.712
24.391
Increase in retained earnings
134,480
655,819
Retained earnings - January 1
18.321.180
17.665.361
Retained earnings - December 31
$ 18.455.660
See accompanying notes to financial statements.
-17-
CITY OF EDINA, MINNESOTA
Combined Statement of Cash Flows
Year ended December 31, 1990
(with comparative totals for year ended December 31, 1989)
Cash flows from noncapital financing activities:
Acquisition of capital assets
Totals
1990
1989
Cash flows from operating activities:
(4,965)
(1,702)
Operating income
$ 184.449
391.020
Adjustments to reconcile operating income
28,700
36,822
to net cash provided by operating activities:
(350,000)
(350,000)
Depreciation expense
857,949
759,855
Changes in assets and liabilities:
80,000
35,000
Increase in accounts receivable
(43,327)
(257,695)
Decrease in notes receivable
11,339
4,625
Increase in due from other funds
(5,757)
-
Decrease in inventory
158,168
26,941
Decrease in long -term receivable
54,964
52,850
Increase(decrease)in accounts payable
85,626
(486,933).
Decrease in accrued interest pay
(4,180)
(8,780)
Increase in reserve for construction
-
750
Increase in deposits payable
2,313
3,038
Decrease in deferred revenue
(54.964)
(52.850)
Total adjustments
1.062.131
41.801
Net cash provided by operating activities
1.246.580
432.821
Cash flows from noncapital financing activities:
Acquisition of capital assets
(3,029,716)
(1,243,481)
Cash short
(4,965)
(1,702)
Miscellaneous
3,451
15,334
Donations
28,700
36,822
Operating transfer to General Fund
(350,000)
(350,000)
Operating transfer from General Fund
105,757
22,466
Operating transfer from Revolving Fund
80,000
35,000
Contribution from special assessments
-
202,421
Current value credit
61.020
61.020
Net cash used for noncapital financing
activities
(3.105.753)
(1.222.120)
Cash flows from capital financing activities:
Proceeds from revenue bonds - 2,238,700
Bond discount - (63,126)
Bond transfer to Recreation Fund - (166,000)
Principal paid on revenue bonds (220,000) (50,000)
Interest paid on revenue bonds (605,680) (518,619)
Advances from other funds 50.000 -
Net cash provided (used) by capital
financing activities (775.680) 1.440.955
Cash flows from investing activities:
(Increase) decrease in investments 1,945,090 (469,617)
(Increase) decrease in interest receivable 23,940 (222,964)
Interest on investments 612.794 743.906
Net cash provided by investing activities 2.581.824 51.325
Net increase in cash and cash equivalents (53,029) 702,981
Cash and cash equivalents (deficit), beginning of year 290.734 (412.247)
Cash and cash equivalents, end of year $ 237"705 290.734
See accompanying notes to financial statements.
-19-
CITY OF EDINA, MINNESOTA
Notes to Financial Statements
December 31, 1990
(1) Summary of Significant Accounting Policies
The City operates under the "Optional Plan B" form of government according to
applicable State of Minnesota Statutes. The Statutes prescribe a
Council- Manager form of organization. The City provides the following
services: public safety, highways and streets, sanitation, health and social
services, culture- recreation, public improvements, planning and zoning, and
general administration.
The accounting policies of the City conform to generally accepted accounting
principles as applicable to governments. The. following is a summary of the
more significant policies:
A. Financial Reporting Entity
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)
-19-
CITY OF EDINA, MINNESOTA
Government resources are allocated to and accounted for in individual
funds based upon the purposes for which they are to be spent and the
means by which spending activities are controlled. The various funds
are grouped, in the financial statements in this report, into six generic
fund categories and three broad fund types as follows:
Governmental Funds
General Fund - The General Fund is the primary operating fund of
the City. It is used to account for all financial resources except
those required to be accounted for in another fund.
Special Revenue Funds - Special Revenue Funds are used to account
for the proceeds of specific revenue sources that are legally
restricted to expenditures for specified purposes.
Debt Service Funds - Debt Service Funds are used to account for the
accumulation of resources for, and the payment of, general
long -term debt principal, interest, and related costs.
Capital Project Funds - Capital Project Funds are used to account
for the financial resources to be used for the acquisition or
construction of major capital facilities (other than those financed by
Proprietary Funds).
Proprietary Funds
Enterprise Funds - Enterprise Funds are used to account for
operations (a) that are financed and operated in a manner similar to
private business enterprises - where the intent of the governing body
is that the costs (expenses, including depreciation) of providing goods
or services to the general public on a continuing basis be financed or
recovered primarily through user charges; or (b) where the governing
body has decided that periodic determination of revenues earned,
expenses incurred, and /or net income is appropriate for capital
maintenance, public policy, management control, accountability or
other purposes.
Fiduciary Funds
Agency Funds - Agency Funds are used to account for assets held by
the City in a trustee capacity for individuals, private organizations,
other governments, and /or other funds. Agency Funds are custodial
in nature (assets equal liabilities) and do not involve measurement of
results of operations.
(Continued)
-20-
CITY OF EDINA, MINNESOTA
C. Measurement Focus
The accounting and reporting treatment applied to the fixed assets and
long —term liabilities associated with a fund are determined by its
measurement focus. All governmental funds are accounted for on a
spending or "financial flow" measurement focus. This means that only
current assets and current liabilities are generally included on their
balance sheets. Their reported fund balance is considered a measure of
"available spendable resources ". Governmental fund operating
statements present increases (revenues and other financing sources)
and decreases (expenditures and other financing uses) in net current
assets. Accordingly, they are said to present a summary of sources and
uses of "available spendable resources" during a period.
Fixed assets used in governmental fund 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 market value on the date donated.
Long —term liabilities expected to be financed from governmental funds
are accounted for in the General Long —term Debt Account Group, not
in the governmental funds. The exception to this general rule 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 Accountine
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 Budgetaryy 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. Statement of Cash Flows
In 1990, the City adopted GASB Statement No. 9, Reporting Cash Flows
of Propriety Funds.
For purposes of the statement of cash flows, the City's enterprise funds
consider all highly liquid investments with a maturity of three months
or less when purchased to be cash equivalents.
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, .1990 for vacation and sick pay was
$639,712 and $2,343,344, respectively, although it is anticipated that
only a percentage of the accrued sick pay will be used.
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 1989 amounts were reclassified to conform to the 1990
presentation.
(2) rash 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, 1990, 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
Investments
Carrying Bank
amount balance
$ 852,635 1,134,896
3,735,555 3,735,555
7,790 —
100.000 100,000
Lq
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.
Categm 2 — Includes uninsured and unregistered investments for which the
securities are held by the counter party's trust department or agent in the City's
name.
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—
Carr3dne amount
Category Category Market
1 2 value
$ 3,384,594 — 3,418,013
— 7,212,440 7,241,878
— 2,652,555
2,694,620
— 101,875
100,250
— 500,937
508,281
_ 247,980
239,886
— 492,813
503,453
— 1,877,250
1,932,218
— 364,594
482,137
— 612,000
612,000
— 370,561
370,561
7.170.470
7.170.470
$ 3-,;S4_594 8 21.6
(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 not collected by the County by December
31 (remitted to the City by the following January) are classified as delinquent
and unremitted taxes receivable. The delinquent receivables are fully offset by
an allowance for uncollectible taxes because they are not .available to finance
current expenditures.
(4) Changes in Fixed Assets
A summary of changes in general fixed assets during 1990 follows:
(Continued)
-26-
Balance
Balance
January 1
Additions
Deletions
December 31
Land $
2,281,017
-
-
2,281,017
Land improvements
2,627,375
-
-
2,627,375
Buildings
2,077,636
-
-
2,077,636
Furniture and fix-
tures
663,206
93,430
8,732
747,904
Vehicles
651,513
283,570
77,300
857,783
Sidewalks
82,878
9,296
-
92,174
Miscellaneous equip-
ment
182,608
-
-
182,608
Park equipment
595,704
-
-
595,704
Highway equipment
2,334,396
261,712
-
2,596,108
Police equipment
907,246
20,393
656
926,983
Fire equipment
1,413,519
31,975
-
1,445,494
Election equipment
138,114
-
-
138,114
Engineering equip-
116,160
-
-
116,160
ment
Traffic signals
equipment
116,184
-
-
116,184
Tools
5,812
-
-
5,812
Parks
3.876.232
968:108
-
4.844.340
18.069.600
1,668.484
86.688
19.651.3%
Land and public
improvements -
Edina HRA
34.814.671
3.636.070
-
38.450.741
Total $
52.884.271
5-304.554
86.688
SS'10
(Continued)
-26-
(5)
CITY OF EDINA, MINNESOTA
A summary of proprietary fund fixed assets at December 31, 1990 follows:
Enterprise
fund
Land
$ 285,341
Golf course
989,502
Land improvements
354,792
9,556,684
Water distribution system
11,116,657
Sewer collection system
3,716,640
Major recreation facilities
4,721,499
Major water facilities
3,378,488
Buildings - liquor stores
Furniture, fixtures and equipment
2,698,344
Vehicles
182,057
270,789
Construction in progress
Less accumulated depreciation (13.521.807)
Net book value $ 23.7
Long-term Debt
Bonded Debt
The City has three types of bonded debt outstanding at December 31, 1990: 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:
Maturities Interest rates
Tax Increment Bonds 1989 -2009 5.20- 11.00%
Improvement Bonds 1989 -1996 5.20 -8.75
Revenue Bonds 1989 -2009 5.90 -8.70
Total
-27-
Balance
December 31,
1990
$ 52,715,000
4,160,000
8.560.000
X11
(Continued)
CITY OF EDINA,. MINNESOTA
Changes in long -term debt during the year were as follows:
Balance Balance
January 1, Issued/ Redeemed/ December 31,
1990 increases decreases 1990
Tax Increment Bonds $ 50,570,000 3,080,000 935,000 52,715,000
Improvement Bonds 4,710,000 - 550,000 4,160,000
Revenue Bonds 8,780,000 - 220,000 8,560,000
Compensated absences 609.356 458,072 427,716 639.712
$ 64.669.356 3-538,012 2.132,71fi 66.
The City had the following revenue bonds outstanding at December 31, 1990:
Golf Course Bonds, Series 1985 $ 1,000,000
Recreation Facility Bonds, Series 1988 2,470,000
Recreation Facility Bonds, Series 1989 2,100,000
Utility Bonds, Series 1988 2.990.000
The Golf Course Bonds are general obligation revenue bond issues payable from the
Golf Course enterprise fund with any deficiency to be provided first from Liquor
Fund revenue and then from general property taxes.
The Recreation Facility Bonds are general obligation revenue bond issues payable
from the Golf Course and Ice Arena Funds with any deficiency to be provided
first from Liquor Fund revenue and then from general property taxes.
The Utility Bonds are general obligation revenue bond issues payable from the
Utility Fund and then from general property taxes.
The annual requirements to amortize all debt outstanding as of December 31,
1990, including interest payments of $56,652,073 are as follows:
Year ending Tax
December 31 Increment Improvement Revenue Total
1991
$ 4,465,732
501,526
639,115
5,606,373
1992
4,963,980
987,480
987,288
6,938,748
1993
4,908,644
935,335
1,037,733
6,881,712
1994
4,130,705
882,115
1,004,980
6,017,800
1995
5,277,902
536,420
995,873
6,810,195
1996 -2009 78 838.839
1.530.835
9.462.571
89.832.245
$ 102585.802
14-127-56D
122.087.0
The City
is in compliance with all significant bond covenants.
(Continued)
-28-
CITY OF EDINA, MINNESOTA
Long -term Debt - Other
The City is the administering authority for the following tax increment finance
districts. Tax capacity values are for taxes payable in 1991:
50th and France - No. 1200, a redevelopment district established in 1974
pursuant to Minnesota Statutes with a termination date of 2009.
Original tax capacity value
$ 312,173
Current tax capacity value
1,305,924
Captured tax capacity value:
Retained by authority
993,751
Shared with other taxing districts
-
General obligation tax increment bonds issued
5,280,000
Total loans incurred
-
Amounts redeemed
1,500,00Q
Outstanding bonds and loans at December 31, 1990 $
Southeast Edina Redevelopment District - No. 1201, a redevelopment district
established in 1977 pursuant to Minnesota Statutes with a a termination
date of 2009.
Original tax capacity value
$ 260,058
Current tax capacity value
2,090,422
Captured tax capacity value:
Retained by authority
1,830,364
Shared with other taxing districts
-
General obligation tax increment bonds issued
21,470,000
Total loans incurred
-
Amounts redeemed
3.435.000
Outstanding bonds and loans at December 31, 1990 $
Grandview Area Redevelopment District - No. 1202, a redevelopment district
established in 1984 pursuant to Minnesota Statutes with a a termination
date of 2010.
Original tax capacity value
$ 268,962
Current tax capacity value
875,985
Captured tax capacity value:
Retained by authority
607,023
Shared with other taxing districts
-
General obligation redevelopment bonds issued
2,000,000
Total loans incurred
Amounts redeemed
-
100.000
Outstanding bonds and loans at December 31, 1990 $
(Continued)
-29-
CITY OF EDINA, MINNESOTA
Southeast Edina Redevelopment District — No. 1203, a redevelopment district
established in 1988 pursuant to Minnesota Statutes with a a termination
date of 2016.
Original tax capacity value
$ 352,888
Current tax capacity value
798,663
Current tax capacity value:
Retained by authority
445,775
Shared with other taxing districts
—
General obligation tax increment bonds issued
29,000,000
Total loans incurred
—
Amounts redeemed
—
Outstanding bonds and loans at December 31, 1990 $
Economic Development District — No. 1204, a development district
established in 1989 pursuant to Minnesota Statutes with a termination date
of 1997.
Original tax capacity value $ 7,074,663
Current tax capacity value 7,477,880
Captured tax capacity value:
Retained by authority 403,217
Shared with other taxing districts —
General obligation redevelopment bonds issued —
Total loans incurred —
Amounts redeemed —
Outstanding bonds and loans at December 31, 1990 $
44th and France — North 1205, a redevelopment district established in 1990
pursuant to Minnesota Statutes with a termination date of 2015.
Original tax capacity value $ 115,929
Current tax capacity value 124,407
Captured tax capacity value:
Retained by authority 8,478
Shared with other taxing districts —
General obligation tax increment bonds issued —
Total loans incurred —
Amounts redeemed —
Outstanding bonds and loans at December 31, 1990 $
(Continued)
—30—
(6)
(7)
CITY OF EDINA, MINNESOTA
Valley View/Wooddale Redevelopment District - No. 1206, a redevelopment
district established in 1990 pursuant to Minnesota Statutes with a
termination date of 2000.
Original tax capacity value $ 77,619
Current tax capacity value 77,619
Captured tax capacity value:
Retained by authority -
Shared with other taxing districts -
General obligation tax increment bonds issued -
Total loans incurred -
Outstanding bonds and loans at December 31, 1990 $ -
70th and Cahill Redevelopment District - No. 1207, a redevelopment district
established in 1990 pursuant to Minnesota Statutes with a termination date
of 2000.
Original tax capacity value $ 284,466
Current tax capacity value 284,466
Captured tax capacity value:
Retained by authority -
Shared with other taxing districts
General obligation tax increment bonds issued -
Total loans incurred -
Amounts redeemed -
Outstanding bonds and loans at December 31, 1990 $
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 $96,446, 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.
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
-31-
(Continued)
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, 1990
was $5,853,223 and $3,391,447, respectively; the City's total payroll
was $10,074,631.
PERA provides retirement benefits as well as disability benefits to
members, and benefits to survivors upon death of eligible members.
Benefits are established by State Statute, and vest after 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. According to
Minnesota Statutes Chapter 356.215, Subd. 4(g), the date of full funding
for the PERF and the PEPFF is the year 2020. As part of the annual
(Continued)
-32-
B.
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:
PERF (Basic and
Coordinated Plans)
PEPFF
Statutory rates Required
Employees Employer rates
4.47% 4.82% 8.83%
8.00 12.00 16.21
Total contributions made by the City during fiscal year 1990 were:
Amounts
Employees Employer
PERF $ 266,848 292,314
PEPFF 271,316 406,974
Totals
Percentage of
covered payroll
Employees Employer
4.56% 4.99%
8.00 12.00
The City's contribution for the year ended June 30, 1990 to the PERF
represented .31 percent of total contributions required of all
participating entities. For the PEPFF, contributions for the year ended
June 30, 1990 represented 1.68 percent of total contributions required
of all participating entities.
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.
-33-
(Continued)
CITY OF EDINA, MINNESOTA
The pension benefit obligations as of June 30, 1990, are shown below:
Total pension benefit obligations
Net assets available for
benefits, at cost (Market
values for PERF = $3,547,243;
PEPFF = $803,320)
Unfunded assets in excess (deficiency)
of pension benefit obligations
PERF PEPFF
(in thousands)
$ 4,089,960 .657,453
3.250.157 (739,068
1 839.803 (81"6151
The measurement of the pension benefit obligations is based on an
actuarial valuation as of June 30, 1990. Net assets available to pay
pension benefits were valued as of June 30, 1990.
2. Changes in Actuarial Methods and Benefit Provisions
For the fiscal year 1990 actuarial valuation, the PERA board of trustees
approved the use of new withdrawal rates. The change was made to
reduce, if not eliminate, the series of large, annually recurring
actuarial losses in the last few years due to lower than expected
terminations.
With the adoption of new withdrawal rates, the pension benefit obligation
increased $59,942,000 in the PERF and $6,978,000 in the PEPFF.
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, 1990. 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, 1990, and for the fiscal year then ended, PERA held no
securities issued by the City or other related parties.
(Continued)
-34-
(8)
(9)
(10)
CITY OF EDINA, MINNESOTA
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, 1990 is as follows:
Other Total
Enterprise Enterprise
Utility Liquor Funds Funds
Sales $
—
5,066,227
—
5,066,227
Operating revenues
5,033,009
1,041,067
2,923,768
8,997,844
Depreciation
414,056
38,786
405,107
857,949
Operating income
(loss)
274,861
239,779
(330,191)
184,449
Nonoperating revenues
(expenses) (net)
(33,025)
(3,366)
131,710
95,319
Operating transfers in
(out)
—
(350,000)
180,000
(170,000)
Net income (loss)
241,836
(113,587)
(18,481)
109,768
Property additions
2,060,114
39,621
929,981
3,029,716
Net working capital
3,244,922
170,798
58,902
3,474,622
Bonds payable
2,990,000
—
5,570,000
8,560,000
Total assets
19,869,645
962,317
7,474,379
28,306,341
Total equity
16,649,426
810,677
995,557
18,455,660
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, 1990 there was no unfunded liability.
Interfund Receivable and Payable Balances
Interfund receivables and payables as of December 31, 1990 were as follows:
Fund
General (including amount due Edina Housing
and Redevelopment Authority)
Debt Service:
General Debt Service
Capital Project Funds:
Housing Redevelopment Authority of Edina
Art Center
—35—
Interfund Interfund
receivables pavables
$ 50,000 4,8401362
200,000 —
4,634,605
5.757 50.000
$ 4-89 4.89
(Continued)
(11)
CITY OF EDINA, MINNESOTA
Reserved or Designated Fund Equity
The following fund equity balances as of December 31, 1990 have been reserved or
designated for the reasons noted below:
General Fund:
Reserved for commitments
Unreserved — designated:
Designated for dedicated funds
Bond proceeds designated for construction
Other
Total unreserved — designated
Debt Service Funds:
Reserved for debt service
Enterprise Funds:
Reserved for debt service
Total fund equity reservations /designations
(12) Fund Deficits
$ 650,180
5,409,249
95,007
143.311
5,647,567
200,000
826,815
The following funds had deficit fund balances or retained earnings at December 31,
1990:
Improvement Bond Redemption II Fund $ 434,559
Construction Fund 4,960,488
Recreation Center Fund 632,709
Edinborough Park Fund 287,661
These deficits will be covered in future periods by special assessment collections,
tax increment, operating revenues, internal financing or state and bond
processes.
(13) Contingencies
The City Attorney has indicated that existing and pending lawsuits, claims and
other actions in which the City is a defendant are either covered by insurance,
of an insignificant amount, or, in the judgment of the City Attorney, remotely
recoverable by plaintiffs.
INIM
GENERAL FUND
The General Fund accounts for the revenues and expenditures used to carry out basic
governmental activities of the City such as general government, public safety, public
works, and parks and recreation. Revenue is recorded by source (e.g., taxes, licenses
and permits, intergovernmental revenues, fines and forfeitures, charges for services).
General Fund expenditures are made primarily for current day - to-day operations and
operating equipment. They are recorded by major functional classification and by
operating department. This fund accounts for all financial transactions not properly
accounted for in another fund.
-37-
CITY OF EDINA, MINNESOTA
General Fund
Balance Sheet
December 31, 1990
(with comparative amounts for December 31, 1989)
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
Fund balance:
Reserved
Unreserved:
Designated
Undesignated
Total fund balance
Total liabilities and fund balance
—38—
1990 1989
$ 1,140
1,140
5,247,004
5,142,480
6,581,320
5,070,362
4,581
3,127
158,558
198,204
(158,558)
(198,204)
342,830
468,039
50,000
7,268
551,787
387,056
—
2,500
108.135
18.794
$ 12.8®
11.100,766
399,938 445,189
4,840,362 2,818,083
18.903
5.240.300 3.282.175
650,180 423,248
5,647,567 5,861,367
1.348.750 1.533.976
7.646.497 7.818.591
$ 12.8 11.1
CITY OF EDINA, MINNESOTA
General Fund
_
Statement of Revenues, Expenditures
and Changes in Fund Balance -
Budget and Actual
Year ended December 31, 1990
(with comparative actual amounts for year ended December 31, 1989)
1990
1989
Variance -
favorable
Budget
Actual
(unfavorable)
Actual -
Revenues:
Taxes $
10,017,692
9,839,663
(178,029)
7,751,686
Licenses and permits
696,300
874,298
177,998
893,191
Intergovernmental
342,000
394,923
52,923
2,051,422
Charges for services
845,000
1,235,812
390,812
873,549
Fines and forfeitures
515,000
494,009
(20,991)
467,957
Interest on investments
80,000
77,168
(2,832)
82,413
Sale and rental of property
22,000
33,809
11,809
51,180 --
Miscellaneous
90.500
67.420
123.080)
182.106
Total revenues
12.608.492
13.017.102
408,610
12.353.504
Expenditures:
Current:
General government
1,842,255
1,937,867
(95,612)
1,815,177
Public safety
5,610,091
5,855,776
(245,685)
5,345,763
Public works
2,735,412
2,719,479
15,933
2,502,980
Parks
1,569,854
1,570,886
(1,032)
1,654,159
Unallocated general
386,659
646,345
(259,686)
300,142
Other (central services)
(25,000)
(46,504)
21,504
(242,790)
Capital outlay:
General government
20,478
24,370
(3,892)
23,664
Public safety
317,340
204,945
112,395
259,548
Public works
301,953
284,364
17,589
370,313
Parks
84.450
103.415
(18.965)
55.252
Total expenditures
12.843.492
13.300.943
(457.451)
12.084.208
Excess (deficiency)
of revenues over
expenditures
(235.000)
(283.841)
(48.841)
269.296
Other financing sources (uses):
Operating transfers in (out):
Liquor Fund
350,000
350,000
-
332,138
Capital Project Funds
(115,000)
(115,000)
-
(140,000)
Transfer dedicated funds
-
(230,000)
(230,000)
84,499
Parkland dedication
-
41,747
41,747
59,614
Parkland dedication for
Edina HRA
-
65.000
65.000
973.700
Total other finan-
cing sources (uses)
235.000
111.747
(123.253)
1.309.951
Excess (deficiency) of
revenues and other
`
financing sources
over expenditures and
other financing uses
-
(172,094)
(172,094)
1,579,247
Fund balance - January 1
7.818.591
7.818.591
-
6.239.344
Fund balance - December 31 $
_=
7.646-497
(172.094)
7'S
-39-
I
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Revenues - Budget and Actual
Year ended December 31, 1990
(with comparative actual amounts for year ended December 31, 1989)
1990 1989
Variance -
favorable
Budget Actual (unfavorable) Actual
Taxes:
General property tax
$ 9,992,692
9,835,705
(156,987)
7,727,256
Penalties and interest
25.000
3.958
2 1 1.042)
24.430
Total taxes
10.017.692
9.839.663
(178.029)
7.751.686
Licenses and permits
696.300
874.298
177.998
893.191
Intergovernmental:
Federal aid
10,000
8,000
(2,000)
9,379
State grants:
Local government aid
-
-
-
560,771
Homestead credit
-
3,419
3,419
1,105,727
State highway aid
60,000
60,000
-
60,000
Police aid
145,000
196,885
51,885
215,443
Other state aid
2,000
-
(2,000)
-
County grants:
Health programs
125.000
126.619
1.619
100.102
Total inter-
governmental
342.000
394.923
52.923
2.051.422
Charges for services:
Engineering and
clerical charges
150,000
141,813
(8,187)
101,850
Assessing searches
13,000
4,120
(8,880)
6,652
Planning fees
13,000
9,362
(3,638)
5,345
False alarms
41,000
35,234
(5,766)
37,433
Housing and Redevelopment
Authority
145,000
166,428
21,428
196,191
Charges to other funds
105,000
105,000
-
100,620
Ambulance service
375,000
411,441
36,441
384,571
Recycling fees
-
352,539.
352,539
31,973
Laboratory fees
3.000
9.875
6.875
8.914
Total charges
for services
845.000
1.235.812
390.812
873.549
Fines and forfeitures
515.000
494.009
(20.991)
467.957
Miscellaneous:
Interest on investments
80,000
77,168
(2,832)
82,413
Sale and rental of property
22,000
33,809
11,809
51,180
Donations
500
25
(475)
28,514
Registration fees
70,000
78,758
8,758
76,327
77.265
Other
20.000
(11.363)
(31.363)
Total miscellane-
ous
192.500
178.397
(14.103)
315.699
Total revenues
$. 12"6_
13-0 17.102
408.610
1.. 53,504
-40-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures — Budget and Actual
Year ended December 31, 1990
(with comparative actual amounts for
year ended December 31, 1989)
1990
1989
Variance —
favorable
Budget
Actual
(unfavorable)
Actual
General government:
Mayor and council:
Personal services
$ 27,450
27,556
(106)
27,451
Contractual services
3,750
3,701
49
5,086
Commodities
1,300
1,534
(234)
4,234
Central services
27.480
27.480
—
27.720 "
Total mayor
and council
59.980
60.271
(291)
64:491
Administration:
Personal services
360,800
430,068
(69,268)
364,405
Contractual services
61,150
57,688
3,462
87,982
Commodities
670
1,485
(815)
1,052 "
Central services
105,000
105,000
—
102,608
Capital outlay
8.057
4.066
3,991
16,172
Total adminis-
tration
535.677
598.307
62
572,219
Planning:
Personal services
148,089
107,772
40,317
94,948
Contractual services
1,700
3,638
(1,938)
758
Commodities
800
156
644
144
Central services
46,800
46,800
—
44,640
Capital outlay
2.721
1.636
1.085
4.491
Total planning
200.110
160.002
40,108
144.981
Finance:
Personal services
205,209
198,127
7,082
185,961
Contractual services
41,850
41,868
(18)
36,764
Commodities
500
1,870
(1,370)
814
Central services
57,240
57,240
—
55,440
Capital outlay
5.657
5.791
134
3.001
Total finance
310.456
304.896
5.560
281.980
Election:
Personal services
11,022
47,226
(36,204)
12,190
Contractual services
42,800
9,518
33,282
6,943
Commodities
8,000
5,354
2,646
209
Central services
7.800
7.800
—
7.800
Total election
69.622
69.898
(276)
27.142
(Continued)
—41—
r
(Continued)
-42-
CITY OF EDINA, MINNESOTA
General
Fund
Schedule of Expenditures — Budget and Actual, Continued
1990
1989
Variance —
favorable
Budget
Actual
(unfavorable)
Actual
v Assessing:
Personal services
$ 227,100
230,952
(3,852)
205,635
Contractual services
37,845
35,004
2,841
30,417
Commodities
1,100
950
150
809
Central services
67,800
67,800
—
63,000
' Capital outlay
4.043
12877
(8.834)
—
Total assessing
337.888
347.583
(9.695)
299.861
Legal and court services:
Contractual services
349.000
421.280
(72,280
448.167
Total general
government
1.862.733
1.962.237
(99,504
1.838.841
Public safety:
Police protection:
Personal services
2,239,193
2,314,520
(75,327)
2,099,425
Contractual services
136,500
174,858
(38,358)
147,923
` Commodities
24,850
36,654
(11,804)
24,600
Central services
751,200
751,200
-
714,360
Capital outlay
159.605
109.781
49.824
121.176
Total police
protection
3.311.348
3.387.013
(75.665)
3.107.484
Fire protection:
Personal services
1,348,053
1,452,594
(104,541)
1,337,146
Contractual services
66,000
74,222
(8,222)
63,696
Commodities
37,100
35,279
1,821
28,755
Central services
378,000
378,000
-
360,000
Capital outlay
132.504
56.547
75.957
114.564
Total fire
protection
1.961.657
1.996.642
(34,985
1.904.161
Civil defense:
Personal services
17,579
22,514
(4,935)
14,500
Contractual services
2,110
1,841
269
2,748
Commodities
Capital outlay
1,000
5.854
477
-
523
5.854
-
10.287
Total civil
defense
26.543
24.832
1.711
27.535
(Continued)
-42-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures — Budget and Actual, Continued
Animal control:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total animal
control
Public health:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total public
health
Inspections:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total inspections
Total public safety
Public works:
Administration:
Personal services
Contractual services
Central services
Total administra-
tion
Engineering:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total engineering
1990
Variance —
favorable
Budget Actual (unfavorable)
$ 29,417
6,150
3,000
11,400
5:250
55.217
118,999
114,029
2,690
50,640
7.056
293.414
204,551
5,200
1,230
61,200
7.071
279.252
5.927.431
84,817
1,250
26.640
112.707
288,362
15,900
9,600
90,000
17.179
421.041
—43—
30,418
5,692
3,019
11,400
12.102
62.631
120,043
115,244
9,139
50,640
295.066
197,129
7,210
2,483
61,200
26.515
294.537
6.060.721
86,077
424
26.640
113.141
282,721
15,306
15,679
90,000
4.712
408.418
(1,001)
458
(19)
(6.852)
(7,414
(1,044)
(1,215)
(6,449)
7.056
(1.652)
7,422
(2,010)
(1,253)
1�)
(15.285)
(133,290)
(1,260)
826
(434)
5,641
594
(6,079)
12.467
12.623
1989
Actual
27,223
4,987
2,113
10,800
2.493
47.616
132,837
70,959
5,990
49,380
2.984
262.150
184,717
3,178
1,746
58,680
8.044
256.365
5.605.311
73,144
849
26.640
100.633
251,643
28,730
12,625
86,950
31.512
411.460
(Continued)
CITY OF EDINA, MINNESOTA
_
General
Fund
Schedule of
Expenditures — Budget and Actual, Continued
1990
1989
Variance —
favorable
Budget
Actual
(unfavorable)
Actual
J Supervision and overhead:
Personal services .
$ 112,964
111,931
1,033
101,446
Contractual services
10,250
9,057
1,193
1,987
Commodities
1,000
109
891
1,437
Central services
699.000
699.000
—
651.991
Total supervision
and overhead
823.214
820.097
3.117
756.861
Street maintenance:
Personal services
520,300
517,405
2,895
521,746
Contractual services
26,500
20,030
6,470
21,825
Commodities
276.500
306.499
(29.999)
296.149
Total street
maintenance
823.300
843.934
(20.634)
839.720
Street lighting:
Personal services
14,000
15,715
(1,715)
10,430
Contractual services
294,000
292,140
1,860
272,745
Commodities
12.500
14,643
(2,143
7.304
Total street
lighting
320.500
322.498
(1.998)
290.479
Street name signs:
Personal services
30,000
39,388
(9,388)
25,349
Contractual services
500
-
500
-
Commodities
19,000
29.256
(10.256)
18.997
Total street name
signs
49.500
68.644
(19.144)
44.346
Traffic control:
Personal services
26,000
23,104
2,896
21,663
Contractual services
43,000
50,190
(7,190)
30,214
Commodities
17.000
13.417
3.583
8.274
Total traffic
control
86:000
86.711
(711)
60.151
Bridges:
Contractual services
13,000
4,376
8,624
-
Personal services
500
-
500
5,163
Commodities
5.000
4.023
977
1.905
Total bridges
18.500
8.399
10.101
7.068
(Continued)
—44—
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
1990 1989
Variance -
favorable
Budget Actual (unfavorable) Actual
Sidewalks and ramps:
Personal services
$ 28,000
14,848
13,152
22,099
Contractual services
31,500
31,703
(203)
21,827
Commodities
21.150
5.798
15.352
18.387
Total sidewalks
and ramps
80.650
52.349
28.301
62.313
Other expenditures:
Capital outlay
301.953
279.652
22.301
338.801
Total public works
3.037.365
3.003.843
33.522
2.911.832
Parks:
Administration:
Personal services
233,911
239,277
(5,366)
224,163
Contractual services
42,700
38,122
4,578
46,839
Commodities
2,600
7,456
(4,856)
1,351
Central services
85,200
85,200
-
271,920
Capital outlay
1.843
2.077
(2 34
3.751
Total administra-
tion
366.254
372.132
(5.878)
548.024
Recreation:
Athletic activities
9,700
10,601
(901)
8,010
Skating and hockey
28,100
31,200
(3,100)
28,261
Tennis instruction
10,000
6,015
3,985
9,890
Playground
18,100
23,896
(5,796)
19,888
Swimming instruction
21,800
(12,130)
33,930
28,333
Senior citizens
11,000
11,857
(857)
9,438
Miscellaneous and
special activities
19.000
18.394
606
23.140
Total recreation
117.700
89.833
27.867
126.960
(Continued)
-45-
CITY OF EDINA, MINNESOTA
General Fund
i Schedule of Expenditures — Budget and Actual, Continued
1990
Variance —
favorable
Budget Actual (unfavorable)
1989
Actual
Maintenance:
Supervision and overhead:
Personal services $
70,000
83,675
(13,675)
59,344
Contractual services
2,500
2,866
(366)
2,132
Commodities
—
56
(56)
—
Central services
289.200
289.200
—
86.404
Total supervision
and overhead
361.700
375.797
(14,097,
147.880
Mowing:
Personal services
50,000
62,197
(12,197)
53,240
Contractual services
—
—
—
50
Commodities
500
1.262
(762)
2.357
Total mowing
50.500
63.459
1( 2.959)
55.647
Special turf care:
Personal services
96,000
131,979
(35,979)
116,610
Contractual services
12,300
20,661
(8,361)
7,163
Commodities
34.000
25.053
8.947
22.033
Total special
turf care
142.300
177.693
(35,393
145.806
Planting and trees:
Personal services
86,000
81,277
4,723
80,594
_
Contractual services
52,000
40,106
11,894
113,996
Commodities
19.000
9.613
9.387
9.382
Total planting
and trees
157.000
130.996
26,004
203.972
Litter removal:
Personal services
17,000
21,149
(4,149)
16,917
Contractual services
5,000
4,584
416
2,019
Commodities
6.000
5.180
820
14.362
Total litter
removal
28.000
30.913
(2.913)
33.298
(Continued)
-46-
-47-
CITY OF EDINA, MINNESOTA
General
Fund
Schedule of Expenditures - Budget and Actual, Continued
1990
1989
Variance -
favorable
Budget
Actual
(unfavorable)
Actual
Building and equipment:
Personal services
$ 84,000
83,896
104
90,405
Contractual services
64,000
94,943
(030,943)
83,176
Commodities
49.400
35.361
14,039
30,901
Total building
and equipment
197.400
214.200
11 6.800)
204.482
Paths and hard surfaces:
Personal services
11,000
17,818
(6,818)
13,374
Contractual services
40,000
16,457
23,543
50,572
Commodities
4.000
3.876
124
1.168
Total paths and
hard surfaces
55.000
38.151
16,849
65.114
Skating rinks:
Personal services
87,000
77,599
9,401
83,530
Commodities
7.000
2.190
4.810
907
Total skating
rinks
94.000
79.789
14.211
84.437
Total maintenance
1,085,900
1,110,998
(25.098)
940.636
Capital outlay
84.450
101.338
(16.888)
55.252
Total parks
1.654.304
1.674.301
(19.9971
1.670.872
Unallocated general
expenditures:
Human Rights Commission
53,225
53,214
11
47,245
South Hennepin Human
Services Council
14,292
14,394
(102)
13,578
City's share of special
assessment
59,400
42,951
.16,449
46,124
Recycling
149,885
444,760
(294,875)
77,686
Fireworks
6,000
7,000
(1,000)
6,840
Contingencies
84,600
67,266
17,334
87,418
Centennial /futures
10,000
7,503
2,497
(111)
Suburban Rate Authority
3,500
3,500
-
3,500
Loss subsidy - operating
funds
5.757
5.757
-
17.862
Total unallocated
general
expenditures
386.659
646.345
(259.686)
300.142
Central services
(25.000)
(46.504)
21.504
(242.790)
Total expen-
`
ditures
$ 12.843.492
13.3 ®®
(45,x,455111
12.0 08
-47-
-48-
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Central Services Expenditures - Budget and Actual
Year ended December
31, 1990
(with comparative actual amounts for
year ended December 31, 1989)
1990
1989
_
Variance -
favorable
Budget
Actual
(unfavorable)
Actual
_ General:
Contractual services
$ 2,405,912
2,186,048
219,864
1,851,350
Commodities
25,000
22.088
40,083
26.922
(15,083)
(4.83
28,560
Capital outlay
Total general
2,453,000
2,2 3
199.947
1,882,305
City Hall:
Personal services
60,000
36,500
73,464
41,708
(13,464)
(5,208)
94,520
32,896
Contractual services
Commodities
28,900
35,535
(6,635)
45,765
Fixed charges
. Total City Hall
12,000
137.400
12,000
162,707
(25,307
10,900
183.981
Public Works building:
Personal services
37,233
52,138
(14,905)
45,331
Contractual services
65,500
26,000
73,483
44,565
(7,983)
(18,565)
55,880
30,055
Commodities
Fixed charges
7,200
3.267
7,200
3.210
-
9,000
1,000
Capital outlay
Total Public Works
building
139.200
4
(1.396)
141,266
Equipment operations:
Personal services
209,842
219,469
(9,627)
206,140
Contractual services
67,000
348,500
80,029
402,730
(13,029)
(54,230)
81,321
393,031
Commodities
Fixed charges
154,800
154,800
-
149,400
16.658
51,512
(34,854
8,726
Total equipment
operations
796.800
08 4
111740
838.618
- Total central ser-
vices expenditures 3,526,400
3,504,896
.21,504
3,046,170
Less allocation to other
activities
3.551.400
1,400
3,551,400
-
3,288,960
Net central services
$ (2
(46-504)
21,504
(24
-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.
-49-
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Balance Sheet
December 31, 1990
(with comparative totals for December 31, 1989)
Liabilities and Fund Balance
Liabilities:
Accounts payable — 16,806 16,806 11,088
Fund balance:
Unreserved — undesignated — 875.364 875,364 855.995
Total liabilities
and fund balance $ — 892.170 892.170 867.083
M112
Community
Development
Totals
Assets
Block Grant
Communications
1990
1989
Cash (deficit)
$ (54,174)
28,778
(25,396)
(119,679)
Due from other governments
54,174
—
54,174
129,796
Investments
—
858,466
858,466
851,466
Interest receivable
—
4,926
4.926
5.500
Total assets
$ —
892.170
892 1 Z�
b$ Z�Q8
Liabilities and Fund Balance
Liabilities:
Accounts payable — 16,806 16,806 11,088
Fund balance:
Unreserved — undesignated — 875.364 875,364 855.995
Total liabilities
and fund balance $ — 892.170 892.170 867.083
M112
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended December 31, 1990
(with comparative totals for year ended December 31, 1989)
Community
Development Totals
Block Grant Communications 1990 1989
Revenues:
Franchise fee $ —
96,715
96,715
49,969
Intergovernmental:
Federal grants 95,669
—
95,669
262,850
Interest on investments —
68,614
68,614
59,318
Miscellaneous —
43.074
43.074
873.112
Total revenues 95.669
208.403
304.072
1,245,249
Expenditures:
Current:
Other:
Personal services —
58,899
58,899
46,678
Contractual services 95,669
96,780
192,449
301,412
Commodities —
13,931
13,931
—
Fixed charges —
15,600
15,600
8,226
Capital outlay —
3.824
3.824
2.189
Total expenditures 95.669
189.034
284,703
358,505
Excess of revenues over
expenditures —
19,369
19,369
886,744
Fund balance — January 1 —
855.995
855.995
(30.749)
Fund balance — 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, 1990
(with comparative totals for December 31, 1989)
-53-
General
Improvement
Debt
Bond
Totals
Assets
Service
Redemption 11
1990
1989
Cash deficit
$ -
(425,525)
(425,525)
(685,989)
Investments
-
-
-
351,744
Accounts receivable
-
2,617
2,617
-
Special assessments
receivable:
Delinquent
-
43,978
43,978
32,412
Current
-
323,245
323,245
431,485
Deferred
-
1,523,869
1,523,869
1,711,830
Other
16,076
Due from other funds
200,000
-
200,000
200,000
Due from other governments
-
50,328
50,328
47,177
Interest receivable
-
-
-
40.000
Total assets
$ 20®
1$ ,512
2,144,735
Liabilities and Fund Balance
Liabilities:
Accounts payable
-
78
78
808
Due to other governments
-
61,901
61,901
69,183
Deferred revenue
-
1,891,092
1 8 1 2
2.175.727
Total liabilities
-
1,953.071
1,953,071
2 24 718
Fund balance:
Reserved for debt
service
200,000
-
200,000
(100,983)
Unreserved - undesignated
-
(434,559
4 4
-
200.000
(434,559
(234.559)
(100.983)
Total liabilities
and fund
balance
$ 20
1.518®.512
1.71®12
2.144.735
-53-
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
Year ended December 31, 1990
(with comparative totals for year ended December 31, 1989)
—54—
General
Improvement
Debt
Bond
Totals
Service
Redemption II
1990
1989
Revenues:
Special assessments
$ —
737,304
737,304
769,386
Interest on investments
—
9.682
9.682
102,468
Total revenues
—
746.986
746.986
871,854
Expenditures:
Current:
Other
—
2,302
2,302
5,591
Debt service:
Bond principal
935,000
550,000
1,485,000
1,900,000
Interest and fiscal
charges
4,019,881
328 26
4.348.141
2,950,967
Total expenditures
4,954,981
880.562
5,835,443
4.856.558
Deficiency of
revenues over
expenditures
(4,954,881)
(133,576)
(5,088,457)
(3,984,704)
Other financing sources:
Operating transfer in:
HRA
4,954,881
—
4,954,881
3.366.378
Deficiency of revenues and
other financing sources
over expenditures
—
(133,576)
(133,576)
(618,326)
Fund balance — January 1 as
—
2,741,008
previously stated
—
—
Prior period adjustment
—
—
—
(2,223,665)
Fund balance — January 1
restated
200,000
(300.983)
(100.983)
517.343
Fund balance — December 31
$ Q
(4 4 91
(23
(10
—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—
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Balance Sheet
December 31, 1990
(with comparative totals for December 31, 1989)
-56-
Housing and
Redevelopment
Authority of
Totals
Assets
Construction
Edina
Revolving
1996
1989
Cash (deficit)
$ (4,160,941)
(54,407)
(422,759)
(4,638,107)
(3,022,962)
Investments
-
9,042,828
6,351,078
15,393,906
18,598,830
Accounts receivable
31,000
624,779
-
655,779
460,844
Prepaid insurance
-
647
-
647
1,716
Special assessments receivable:
Delinquent
-
-
12,883
12,883
9,120
Deferred
-
-
269,978
269,978
382,236
Due from other funds
-
4,634,605
-
4,634,605
2,611,692
Due from other governments
-
-
-
-
699
Interest receivable
-
242,344
39,919
282,263
364,557
Total assets
$ 4 129 94
14.490.796
6 2. 51.099
16.6, 11.954
19.4
Liabilities and Fund Balance
Liabilities:
Accounts payable
629,648
16,095
7,874
653,617
325,889
Contracts payable
200,899
91,611
-
292,510
307,236
Deferred revenue
-
-
282,861
282,861
391,356
Total liabilities
830,547
107,706
290,735
1,228,988
1,024,481
Fund balance:
Unreserved:
Designated
-
-
-
-
772,589
Undesignated
(4 960 488)
14,383,090
5,960,364
15,382,966
17,609,662
Total fund balance
4,960,488
14,383,090
5,960,364
15,382,966
18,382,251
Total liabilities
and fund balance
$ 4 129 941
14.4®
6 2. 51.099
16.6®
-56-
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
Year ended December 31, 1990
(with comparative totals for year ended December 31, 1989)
Revenues:
Tax increments
Special assessments
Intergovernmental
Interest on investments
Rental of property
Miscellaneous
Charges to other funds
Total revenues
Expenditures:
Current:
Personal services
Insurance
Professional fees
Other
Special assessments
Construction costs
Total expenditures
Excess (deficiency) of reve-
nues over expenditures
Other financing sources (uses):
Proceeds from issuance of bonds
Proceeds from:sale of land
Operating transfers in (out):
General Debt Service Fund
General Fund
Construction Fund
Improvement Bond Redemption U Fund
Revolving Fund
Enterprise Fund
Total other financing
sources (uses)
Excess (deficiency) of reve-
nues and other financing
sources over expenditures
and other financing uses
Fund balance - January 1 as
previously stated
Prior period adjustment
Fund balance (deficit) - January 1
restated
Fund balance (deficit) -December 31
Housing and
Redevelopment
Authority of Totals
Construction Edina Revolving 1990 1989
$ - 3,129,054
81,670 -
- 752,169
34,328 253,769
2,029,417 -
2,145,415 4,134,992
-
3,129,054
3,299,099
198,738
198,738
166,640
-
81,670
1,234,250
381,837
1,134,006
1,493,527
100,000
100,000
100,000
4,744
292,841
558,781
-
2,029,417
-
685,319
6,965,726
6,852,297
- 169,805
32,729
202,534
2,859
_ -
_
_
198,946
- 212,740
42,580
255,320
196,191
- 199
5,215
5,414
514,186
- 59,944
-
59,944
71,345
4,060,935 3,634,867
59,938
7,755,740
8,146,401
4,060,935 4,077,555
140,462
8,278,952
9,129,928
(1,915,520)
130,000
896,153
1,026,153
57,437
3,051,998
51,824
(4,954,881)
(1,851,059)
(889,367)
(1,793,622)
(4,071,121)
16,176,712
$ 4-960,488
J113090
-57-
544,857 (1,313,226) (2,277,631)
-
3,051,998
15,321,534
-
51,824
192,915
_
-
(3,366,378)
115,000
245,000
140,000
(896,153)
(896,153)
-
-
(4,954,881)
-
-
896,153
-
(80,000)
(80,000)
(39,604)
(861,153)
(1,686,059)
12,248,467
(316,296) (2,999,285) 9,970,836
6,187,750
2,223,665
6,276,660 18,382,251 8,411,415
5,96g.364 15,382,966 18 82 2
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, 1990
(with comparative totals for December 31, 1989)
Assets
Utilities
Liquor
Swimming
Pool
Current assets:
Petty cash and change funds
$ -
3,800
-
Cash and cash equivalents (deficit)
1,954,272
6,441
-
Investments
369,647
-
-
Receivables:
Accounts
-
6,261
-
Customers
885,044
-
_
Special assessments
1,282
Metropolitan Waste Control
.155,267
-
_
Notes
-
5,322
-
Interest
_
-
_
Due from other funds
-
Inventory
13.183
300.614
-
Total current assets
3.378.695
322.438
-
Long -term receivables:
Metropolitan Waste Control Commission
96,446
-
_
Notes
Total long -term receivables
96.446
Property and equipment, less .
accumulated depreciation
16,368,972
639,879
190,819
Discount on bonds
25.532
Total assets
Liabilities Fund Equity
$ 19.8, 6�
962"317
19
and
Current liabilities:
Cash deficit
-
-
103,968
Accounts payable
49,765
151,640
4,702
Accrued interest payable
84.008
Total cturent liabilities
133.773
151.640
108.670
Long -term liabilities:
Advances from other funds
_
_
_
Reserve for construction
Deposits payable
_
Deferred revenue
96,446
-
-
Bonds payable
2.990.000
Total long -term liabilities
3.086.446
Total liabilities
3.220.219
151.640
108.670
Fund equity:
Contributed capital
Retained earnings:
Reserved for debt retirement 412,920 - -
Unreserved - undesignated 16.236.506 810.677 82.149
Total retained earnings 16.649.426 810.677 82.149
Total liabilities and fund
equity $ 19 -969 -645 962 -317 190,919
-59-
Golf Recreation
Gun Art
Edinborough
Totals
- - - 50,000 -
Course Center
Ranee Center
Park
1990
1989
2,200 700
- 250
700
7,650
7,650
- -
1,401 -
-
1,962,114
290,734
1,607,487 -
- 51,063
-
2,028,197
3,973,287
435 57,461
- (150)
9,744
73,751
97,635
- -
- -
-
885,044
884,968
- -
- -
-
1,282
253
- -
- -
-
155,267
89,161
- -
- -
-
5,322
6,366
47.997 -
- -
151,027
199,024
222.961
- -
- 5,757
-
5.757
-
96,446 151,410
10.295
96.446 161.705
3,879,060 2,022,323 35,456 356,904 255.573 23,748,986 21,577,219
31.761 21.135 - - - 78.428 84.186
5. 568. 940 2.101.619 36.857 426.629 417.044 29.573.870 27.880.895
254,003 816,539 - 93,019 456,880
1,724,409 -
104,777 19,289 1,081 12,334 23,383
- - - - -
358 .780 835.828 1.081 105.353 480.263
366,971 281,345
84.008 88.188
2.175.388 369.533
- - - 50,000 -
50,000 -
- - - 750 -
750 750
7,684 3,500 - - -
11,184 8,871
96,446 151,410
413,895 - - - - 826,815 1,002,505
-60-
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1990
(with comparative totals for year ended December 31, 1989)
Nonoperating revenues (expenses):
Utilities
Lig or
Swimming
Pool
Sales and cost of sales:
assessments
-
Sales
$ -
5,066,227
-
Cost of sales
-
4.025.160
-
Gross profit
-
1,041,067
-
Operating revenues:
Subsidy from general fund
-
- -
Charges for services
5.033.009
-
99.259
Total gross profit and
Total nonoperating revenues
operating revenues
5.033.009
1.041.067
99.259
Operating expenses:
transfers
Disposal charges
2,396,472
-
-
Personal services
632,191
479,502
70,923
Contractual services
679,861
119,186
16,880
Commodities
379,368
24,614
6,607
Central services
256,200
139,200
4,200
Depreciation
414.056
38.786
45.241
Total operating expenses
4.758.148
801.288
143.851
Operating income (loss)
274.861
239.779
(44.592)
Nonoperating revenues (expenses):
Contribution from special
assessments
-
- -
Interest on investments
103,371
348 -
Current value credit - MWCC
61,020
- -
Donations
-
- -
Interest and fiscal charges
(194,382)
- -
Subsidy from general fund
-
- -
Miscellaneous
-
(3,714) -
Amortization of bond discount
(3.034)
Total nonoperating revenues
(expenses)
(33.0251
13.366) -
Income (loss) before operating
transfers
241,836
236,413 (44,592)
Operating transfers in (out):
General fund
-
(350,000) -
Revolving fund
-
-
Net income (loss)
241,836
(113,587) (44,592)
Add depreciation on contributed assets
Increase (decrease) in retained
earnings 241,836 (113,587) (44,592)
Retained earnings (deficit) - January 1 16.407.590 924.264 126.741
Retained earnings (deficit) - December 31 $ 16.6 910-677 49
-61-
Golf Recreation Gun Art Edinborough Totals
Course Center Ranee Center Park 1990 1989
5,066,227 5,054,564
4.025.160 3.984.418
1,041,067 1,070,146
1.632.586
621.454
28.616
179.522
1.632.586
621.454
28,616
179.522
663,924
230,746
17,127
172,872
223,873
232,654
6,397
19,752
173,865
30,258
8,777
15,305
85,800
40,200
1,200
15,058
180.479
128,965
(2.135)
25.873
1.327.941
304.645
662.723
(41,269
31.366
12.750)
248.860
(69.338)
119,435
—
—
2,033
— 28,700
(276,097) (135,201) — -
- 5,757
— — — 2,200
(1.254) (1.470) - -
(157.916) (136.671) - 38.690
362.331 7.956.777 7.660.349
362,331 8.997.844 8.730.495
—
2,396,472
2,650,263
326,436
2,593,721
2,336,860
278,297
1,576,900
1,384,879
144,101
782,895
661,953
63,600
605,458
545,665
26.784
839.218
857.949
8.813.395
759.855
8.339.475
(476.887)
184.449
391.020
—
—
202,421
387,607
612,794
743,906
—
61,020
61,020
—
28,700
36,822
—
(605,680)
(518,619)
—
5,757
-
-
387.607
(1,514)
(5.758)
95.319
13,632
(6.240)
532.942
146,729
(177,940) (2,750) (30,648) (89,280)
-
146,729
-
80.000 - 144,000 -
(97,940) (2,750) 69,352 (89,280)
- - - 24.712
146,729
(97,940) (2,750) 69,352 (64,568)
1.380.747
1-52_
(534.769) 28.526 201.174 (223.093)
270.526 (28
(632-7Q9 25,776
—62—
279,768 • 923,962
(350,000) (332,138)
180.000 39.604
109,768 631,428
24.712 24.391
134,480 655,819
18.321.180 17.665.361
18.455.660 18.3
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Cash Flows
Year ended December 31, 1990
(with comparative totals for year ended December 31, 1989)
Swimming
Cash flows from investing activities:
(Increase) decrease in investments 1,848,535 -
Decrease in interest receivable - - -
Interest on investments 103.371 348 -
Net cash provided (used) by
investing activities 1.951.906 349 -
Net increase (decrease) cash in cash
and cash equivalents 230,428 40,540 (19,846)
Cash and cash equivalents (deficit),
beginning of year 1.723.844 (34.0991 (84.122)
Cash and cash equivalents (deficit),
end of year $ 1.954.272 6"441 (143,9fig
-63-
Utilities Liauor Pool
Cash flows from operating activities:
Operating income (loss)) $
274.861 239.779 4_( 4.5921
Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities:
Depreciation expense
414,056 38,786 45,241
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
(67,211) (51901) -
Decrease in notes receivable
- 11,339 -
Increase in due from other funds
- - -
(Increase) decrease in inventory
15,829 147,036 -
Decrease in long -term receivable
. 54,964 - -
Increase (decrease) in accounts payable
8,643 2,488 4,694
Decrease in accrued interest pay
(4,180) - -
Increase in reserve for construction
- -
Increase in deposits payable
- - -
Decrease in deferred revenue
(54.9641 -
Total adjustments
367.137 193.748 49.935
Net cash provided (used) by operating
activities
641.998 433.527 5.343
Cash flows from noncapital financing activities:
Acquisition of capital assets
(2,060,114) (39,621) (25,189)
Cash short
- (4,965) -
Miscellaneous
- 1,251 -
Donations
- - -
Operating transfer to General Fund
- (350,000) -
Operating transfer from General Fund
- - -
Operating transfer from Revolving Fund
- - -
Contribution from special assessments
- - -
Current value credit
61.020 -
Net cash provided (used) by non-
capital financing activities
(1.999.094) (393.335) 125.1891
Cash flows from capital financing activities:
Proceeds from revenue bonds
- - -
Advances from other funds
- - -
Bond discount
- - -
Bond transfer to Recreation Fund
- - -
Principal paid on revenue bonds
(170,000) - -
Interest paid on revenue bonds
(194.382) -
Net cash provided (used) by capital
financing activities
(364.382] - -
Cash flows from investing activities:
(Increase) decrease in investments 1,848,535 -
Decrease in interest receivable - - -
Interest on investments 103.371 348 -
Net cash provided (used) by
investing activities 1.951.906 349 -
Net increase (decrease) cash in cash
and cash equivalents 230,428 40,540 (19,846)
Cash and cash equivalents (deficit),
beginning of year 1.723.844 (34.0991 (84.122)
Cash and cash equivalents (deficit),
end of year $ 1.954.272 6"441 (143,9fig
-63-
Golf
Recreation
Gun
Art
Edinborough
Totals
Course
Center
Range
Center
Park
1990
1989
304,645
(41.269)
(2.750)
(69.338)
(476,887
184,449
391.020
180,479
128,865
(2,135)
25,873
26,784
857,949
759,855
9,565
257
-
28,369
(8,406)
(43,327)
(257,695)
-
-
-
-
-
11,339
4,625
-
-
-
(5,757)
-
(5,757)
-
-
-
(4,697)
-
158,168
26,941
-
-
-
-
-
54,964
52,850
34,173
12,424
948
8,600
13,656
85,626
(486,933)
-
-
-
-
-
(4,180)
(8,780)
-
-
-
-
-
-
750
2,313
-
-
-
-
2,313
3,038
-
-
-
-
-
(54.964)
(52.850)
226.530
141.546
(1.187)
52.388
32.034
1.062.131
41.891
531.175
100.277
(3.937)
(16.950
(444,853
1.246.580
432.821
(629,897)
(50,239)
(2,675)
(200,890)
(21,091)
(3,029,716)
(1,243,481)
-
-
-
-
-
(4,965)
(1,702)
-
-
-
2,200
-
3,451
15,334
-
-
-
28,700
-
28,700
36,822
-
-
-
-
-
(350,000)
(350,000)
-
-
-
105,757
-
105,757
22,466
-
80,000
-
-
-
80,000
35,000
-
-
(629.897)
-
-
29.761
-
-
(2.675)
-
-
(64,233
-
-
(21.091)
-
61.020
(3.105.753)
202,421
61.020
(1.222.120)
-
-
-
-
-
-
2,238,700
-
-
-
50,000
-
50,000
-
-
-
-
-
-
-
(63,126)
(166,000)
(50,000)
(276,097
(326.097)
-
(135,201)
(135,201)
-
-
-
-
-
50"000
-
-
(220,000)
(605.680)
(775.680)
(50,000)
(518.619)
147,618
-
-
(51,063)
-
-
1,945,090
1.440.955
(469,617)
6,522
-
-
-
17,418
23,940
(222,964)
119.435
-
-
2.033
387.607
612.794
743.906
273.575
-
-
(49.030)
405.025
2.581.824
51.325
(151,244)
(5,163)
(6,612)
(80,213)
(60,919)
(53,029)
702,981
(102,759)
(811.376)
$,913
112,906)
(395.961)
290.734
(412.247)
(254.403)
(916,539)
Lai
(93.019)
(456180)
237.705
290.734
-64-
CITY OF EDINA, MINNESOTA
Utilities Fund
Balance Sheet
December 31, 1990
(with comparative amounts for December 31, 1989)
Assets 1990 1989
Current assets:
Cash and cash equivalents
$ 1,954,272
1,723,844
Investments
369,647
2,218,182
Receivables:
Customers
885,044
884,968
Assessments
1,282
253
Due from Metropolitan Waste Control
155,267
89,161
Inventory
13.183
29.012
Total current assets
3,378,695
4,945,420
Long —term receivable —,Metropolitan Waste
Control Commission
96,446
151,410
Property and equipment, less accumulated
depreciation
16,368,972
14,722,914
Discount on bonds
25.532
28.566
Total assets
$ 19.8®
19.8®48.3100
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
49,765
41,122
Accrued interest payable
84.008
88.188
Total current liabilities
133.773
129.310
Long —term liabilities:
Deferred revenue
96,446
151,410
Bonds payable
2.990.000
3.160.000
Total long —term liabilities
3.086.446
3.311.410
Total liabilities
3.220.219
3.440.720
Retained earnings:
Reserved for debt service 412,920 412,920
Unreserved — undesignated 16.236.506 15.994.670
16.649.426 16.407.590
Total liabilities and retained earnings $
—65—
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1990
(with comparative amounts for year ended December 31, 1989)
1990 1989
Operating revenues:
Storm sewer charges $ 556,125 538,141
Water charges 1,355,273 1,520,890
Sewer charges 3,040,952 2,943,068
Sale of meters (less cost of meters sold) 20,055 23,525
Other 60,604 2,761
Total operating revenues 5,033,009 5,028,385
Operating expenses:
Disposal charges - contractual services
2,396,472
2,650,263
Source of supply:
74,418
148,142
Personal services
12,075
184,441
Contractual services
82,709
101,834
Commodities
Distribution:
Personal services
186,805
200,823
Contractual services
330,715
112,732
316,808
127,178
Commodities
Purification:
5,172
3,145
Personal services
35,679
238
Contractual services
47,354
67,538
Commodities
Source of collection:
111,706
110,819
Personal services
81,873
9,594
Contractual services
94,370
12,257
Commodities
Storm sewer:
Personal services
59,749
27,994
Contractual services
63,
39,2201 01
58,077
3,750
Commodities
General and administrative:
194,341
86,670
Personal services
Contractual services
155,986
110,517
Commodities
3,002
256,200
2,703
217,680
Central services
414.056
395.490
Depreciation
Total operating expenses
4,758,148
4,835,961
Operating gain
274,861
192,424
(Continued)
-66-
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings, Continued
Nonoperating revenues:
Contribution from special assessments
Interest on investments
Current value credit - MWCC
Rental income
Interest and fiscal charges
Amortization of bond discount
Total nonoperating revenues
Net income
Retained earnings - January 1
Retained earnings - December 31
—67—
1990 1989
$ —
202,421
103,371
247,547
61,020
61,020
(194,382)
(172,418)
(3.034)
(3.792)
(33.025)
334.778
241,836 527,202
16.407.590 15.880.388
$ 16.649.426 16.407.590
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Cash Flows
Year ended December 31, 1990
(with comparative amounts for year ended December 31, 1989)
1990 1989
Cash flows from operating activities:
Operating income
$ 274.861
192,424
Adjustments to reconcile operating income
to net cash provided by operating activities:
Depreciation expense
414,056
395,490
Changes in assets and liabilities:
Increase in accounts receivable
(67,211)
(257,577)
(Increase) decrease in inventory
15,829
(4,925)
Decrease in long —term receivable
54,964
52,850
Increase (decrease) in accounts payable
8,643
(209,535)
Increase (decrease) in accrued interest pay
(4,180)
35,276
Decrease in deferred revenue
(54,964)
(52.8501
Total adjustments
367.137
(41,271
Net cash provided by operating activities
46 1.998
151.153
Cash flows from noncapital financing activities:
Acquisition of capital assets
(2,060,114)
(301,848)
Contribution from special assessments
—
202,421
Current value credit
61,020
- 61.0 -20
Net cash used for noncapital
financing activities
(1.999.094)
(38.407)
Cash flows from capital financing activities:
Bond discount revenue — (32,358)
Principal paid on revenue bonds (170,000) —
Interest paid on revenue bonds (194.382) (172.418)
Net cash used for capital financing
activities (364.382) (204.776)
Cash flows from investing activities:
Decrease in investments 1,848,535 326,323
Interest on investments 103,371 247.547
Net cash provided by investing activities 1,951,906 573.870
Net increase in cash and cash equivalents 230,428 481,840
Cash and cash equivalents, beginning of year 1.723.844 1.242.004
Cash and cash equivalents, end of year $ 1.954.272 1.723.844
—68—
CITY OF EDINA, MINNESOTA
Liquor Fund
Balance Sheet
December 31, 1990
(with comparative amounts for December 31, 1989)
Assets
1990
1989
Current assets:
Petty cash and change funds
$ 3,800
3,800
Cash and cash equivalents (deficit)
6,441
(34,099)
Accounts receivable
6,261
360
Notes receivable
5,322
6,366
Inventory
300.614
447,650
Total current assets
322,438
424,077
Long —term receivables:
Notes receivable — 10,295
Property and equipment, less accumulated
depreciation 639.879 639,044
Total assets $ 96
Liabilities and Retained Earnings
Current liabilities:
Accounts payable 151,640 149,152
Retained earnings:
Unreserved — undesignated 810.677 924,264
Total liabilities and retained earnings $ 96® 1.073416
—69—
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1990
(with comparative totals for year ended December 31, 1989)
Sales
Cost of sales
Gross profit
Operating expenses:
Selling.
Occupancy
Administrative
Total operating
expenses
Operating income (loss)
Nonoperating
revenues
(expenses):
Interest on invest-
ments
Cash short
Miscellaneous
Total nonoperating
revenues (expenses)
Income (loss) before
operating trans-
fer out
Operating
transfer out:
General Fund
Net loss
Retained earnings —
January 1
Retained earnings —
December 31
$ 13® 10® 236,413 335,552
(350.000) (350.000)
(113,587) (14,448)
-70-
924.264 938.E
$ 81®
1990
1989
50th Street
Yorkdale
Grandview
Totals
Totals
$ 1,054,293
2,054,059
1,957,875
5,066,227
5,054,564
844,355
1,610,629
1.570.176
4.025.160
3,984,418
209.938
443,430
387.699
1,041,067
1.070.146
61,093
94,986
56,025
212,104
333,703
32,768
36,619
33,696
103,083
90,801
124,536
170.635
190,930
486.101
315.752
218,397
302.240
280.6511
801.288
7440,256
(8,459
141,190
107.048
239,779
329.890
348
—
—
348
1,741
(393)
(2,688)
(1,884)
(4,965)
(1,702)
119.
377
755
1.251
5.623
74
(2.311)
(1.129)
(3.366)
5.662
$ 13® 10® 236,413 335,552
(350.000) (350.000)
(113,587) (14,448)
-70-
924.264 938.E
$ 81®
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Cash Flows
Year ended December 31, 1990
(with comparative amounts for year ended December 31, 1989)
—71—
1990
1989
Cash flows from operating activities:
Operating income
$ 239.779
329,890
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense
38,786
30,026
Changes in assets and liabilities:
Increase in accounts receivable
(5,901)
(360)
Decrease in notes receivable
11,339
4,625
Decrease in inventory
147,036
32,573
Increase in accounts payable
2.488
5,692
Total adjustments
193,748
72,556
Net cash provided by operating activities
433.527
402,446
Cash flows from noncapital financing activities:
Acquisition of capital assets
(39,621)
(14,284)
Cash short
(4,965)
(1,702)
Miscellaneous
1,251
5,623
Operating transfer to general fund
5(3 0.000)
(350,000)
Net cash used for noncapital financing
activities
(393.335)
(360.363)
Cash flow from investing activities:
Interest on investments
348
1,741
Net increase in cash and cash equivalents
40,540
43,824
Cash and cash equivalents (deficit), beginning of year
3S 4.099)
(77.923)
Cash and cash equivalents (deficit), end of year
$ 6.441
(34.099)
—71—
CITY OF EDINA, MINNESOTA
Liquor Fund
Schedule of Operating Expenses
Year ended December 31, 1990
(with comparative amounts for year ended December 31, 1989)
Occupancy:
Personal services
828
1,491
3,650
Totals
6,551
Contractual services:
50th Street
Yorkdale
Grandview
1990
_ 1989
Selling:
752
1,005
697
2,454
2,355
Personal services
$ 52,201
81,790
45,995
179,986
316,020
Contractual services:
74
351
50
475
582
" Direct promotion
5,325
4,925
5,330
15,580
14,322
Licenses and dues
-
-
-
-
1,687
Commodities
3.567
8.271
4.700
16.538
1,674
Maintenance, renting
61.093
94.986
56.025
212.104
333.703
Occupancy:
Personal services
828
1,491
3,650
5,969
6,551
Contractual services:
Burglar alarm
752
1,005
697
2,454
2,355
Heat
684
1,685
1,346
3,715
3,315
Janitorial service
74
351
50
475
582
Laundry and rug
3,487
2,458
1,784
7,729
11,308
service
786
812
1,227
2,825
2,480
Light and power
8,147
12,669
6,720
27,536
20,927
Maintenance, renting
124,536
170,635
190.930
486.101
315.752
and cooling
-
-
-
-
582
Repair and maintenance
1,751
3,073
818
5,642
9,308
Rubbish hauling
1,529
743
1,423
3,695
7,388
Telephone
2,131
2,391
2,432
6,954
5,126
Water and sewer service
177
108
180
465
337
Commodities
1,089
1,270
2,208
4,567
1,824
Depreciation
14.820
32.768
11.021
36.619
12.945
33.696
38.786
103.083
30.026
90.801
Administrative:
Personal services
74,588
96,104
122,855
293,547
129,648
Contractual services:
Data processing
4,876
5,776
5,376
16,028
11,649
Mileage
-
1,363
10
1,373
-
Professional service
9,594
6,939
8,182
24,715
6,600
Miscellaneous
3,487
2,458
1,784
7,729
11,308
Commodities
791
1,595
1,123
3,509
2,467
Central services
31.200
56.400
51.600
139.200
154.080
124,536
170,635
190.930
486.101
315.752
$ 215.327
302.240
280.651
80M
740.256
-72-
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Balance Sheet
December 31, 1990
(with comparative amounts for December 31, 1989)
Assets 1990 1989
Current asset:
Cash and cash equivalents (deficit) $ — (84,122)
Property and equipment, less accumulated
depreciation 190.819 210.871
Total assets $ 190.®819 12
Liabilities and Retained Earnings
Current liabilities:
Cash deficit 103,968 —
Accounts payable 4,702 8
Retained earnings:
Unreserved — undesignated 82.149 126.741
Total liabilities and retained
earnings $ 190.819 126.749
—73—
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1990
(with comparative amounts for year ended December 31, 1989)
1990 1989
Operating revenues:
Season tickets
$ 19,987
30,155
General admissions
56,867
54,184
Rentals and instruction programs
9,225
8,018
Concessions (less cost of goods sold)
13,446
11,802
Other
(266)
36
Total operating revenues
99,259
104,195
Operating expenses:
Personal services
70,923
62,573
Contractual services
16,880
18,845
Commodities
6,607
7,338
Central services
4,200
7,500
Depreciation
45,241
17,085
Total operating expenses
143,851.
113,341
Operating loss
41 4,592)
59,146)
Nonoperating revenues:
Subsidy from general fund
—
17,862
Income (loss) before operating transfer in
(44,592)
8,716
Operating transfer in — revolving fund
—
25,000
Net income (loss)
(44,592)
33,716
Retained earnings — January 1 126,741 93,025
Retained earnings — December 31 $ 126.741
—74—
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Cash Flows
Year ended December 31, 1990
(with comparative amounts for year ended December 31, 1989)
Cash flows from operating activities:
Operating loss
Adjustments to reconcile operating loss to
net cash provided by operating activities:
Depreciation expense
Changes in assets and liabilities:
Increase (decrease) in accounts payable
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Acquisition of capital assets
Operating transfer from General Fund
Operating transfer from Revolving Fund
Net cash provided (used) by
noncapital financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents (deficit), beginning of year
Cash and cash equivalents (deficit), end of year
—75—
1990 1989
$ (44,592 - (9.146)
45,241 17,085
4,694 (17)
49.935 17.068
5.343 7.922
(25,189) (25,265)
17,862
— 25.000
(25.189) 17.597
(19,846) 25,519
(84.122) (109.641)
$ 1103.9681 (8L)
CITY OF EDINA, MINNESOTA
Golf Course Fund
Balance Sheet
December 31, 1990
(with comparative amounts for December 31, 1989)
Asses 1990 1989
Current assets:
Petty cash and change funds $ 2,200 2,200
Cash and cash equivalents (deficit) - (102,759)
Investments 1,607,487 1,755,105
Accounts receivable 435 10,000
Accrued interest 47.997 54.519
Total current assets 1,658,119 1,719,065
Property and equipment, less accumulated
depreciation
3,879,060
3,429,642
Discount on bonds
31.761
33.015
Total assets
$ 5.568.940
5.18=
Liabilities and Retained Earnings
Current liabilities:
Cash deficit
254,003
-
Accounts payable
104.777
70.604
Long -term liabilities:
Deposits payable
7,684
5,371
Bonds payable
3,675,000
3.725.000
Total long -term liabilities
3,682,684
3,730,371
Total liabilities
4 4.0 1.464
83. 00.975
Retained earnings:
Reserved for debt retirement 413,895 589,585
Unreserved - undesignated 1,113,581 7 1 162
Total retained earnings 1.527.476 1.380.747
Total liabilities and retained earnings $ 5.568.940 5.181.722
-76-
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1990
(with comparative amounts for year ended December 31, 1989)
1990 1989
Operating revenues:
Green fees
$ 708,019
654,685
Rental fees
207,209
211,925
Patron cards
95,053
89,735
Concessions (less cost of goods sold)
89,740
83,345
Range
229,299
186,868
Dome
253,529
237,033
Lessons
31,814
4,376
Other
17.923
7.462
Total operating revenues
1.632.586
1,475,429
Operating expenses:
Administration
352,751
265,192
Building — Club House and Pro Shop
107,983
122,812
Maintenance of course and grounds
386,899
338,314
Range and grill
191,040
149,719
Dome
108,789
120,598
Depreciation
180.479
201.539
Total operating expenses
1_ _.327.941
1.198.174
Operating income
304.645
277.255
Nonoperating revenues (expenses):
Interest on investments 119,435 101,233
Interest and fiscal charges (276,097) (230,441)
Amortization of bond discount (1.254) (1.274)
Total nonoperating expenses (157.916) (130.482)
Net income 146,729 146,773
Retained earnings — January 1 1,380,747 988,974
Equity transfer — 245.000
Retained earnings — December 31 $ 1.380.747
—77—
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Cash Flows
Year ended December 31, 1990
(with comparative amounts for year ended December 31, 1989)
1990 1989
Cash flows from operating activities:
Operating income
$ 304,645
277.255
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense
180,479
201,539
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
9,565
(10,000)
(Increase) decrease in accrued interest
receivable
6,522
(54,519)
Increase (decrease) in accounts payable
34,173
(21,515)
Decrease in accrued interest payable
—
(13,217)
Increase in deposits payable
2,313
3,03$
Total adjustments
233.052
105,326
Net cash provided by operating activities
537.697
382.581
Cash flow from noncapital financing activities:
Acquisition of capital assets
(629'897)
(418.400)
Cash flows from capital financing activities:
Proceeds from revenue bonds
—
2,072,700
Bond discount
—
(6,989)
Bond transfer to Recreation Fund
—
(166,000)
Principal paid on revenue bonds
(50,000)
(50,000)
Interest paid on revenue bonds
(276.097)
1230.441)
Net cash provided (used) by capital
financing activities
2(3 6.497
1.619.270
Cash flows from investing activities:
(Increase) decrease in investments 147,618 (1,755,105)
Interest on investments 119.435 101,233
Net cash provided (used) by
investing activities 267.053 (1.653.872)
Net decrease in cash and cash equivalents (151,244) (70,421)
Cash and cash equivalents (deficit), beginning of year (102,759) (32.338)
Cash and cash equivalents (deficit), end of year $ (254.0031 (102®759)
—78—
CITY OF EDINA, MINNESOTA
Golf Course Fund
Schedule of Operating Expenses
Year ended December 31, 1990
(with comparative amounts for year ended December 31, 1989)
1990 1989
Administration:
Personal services $ 210,072 160,054
Contractual services 39,519 6,670
Commodities 17,360 14,168
Central services 85.800 84.300
Total administration 352.751 265.192
Building - Club House and Pro Shop:
Personal services 48,919 55,294
Contractual services 63,062 64,483
Less amount charged to grill (9,459) (8,383)
Commodities 5.461 11.418
Total building - Club House and Pro Shop 107.983 122.812
Maintenance of course and grounds:
Personal services 213,046 187,155
Contractual services 63,966 42,506
Commodities 109.887 108.653
Total maintenance 386.899 338,314
Range and grill:
Personal services 136,848 115,807
Contractual services 18,152 15,981
Commodities 36.040 17.931
Total range and grill 191.040 149.719
Golf dome:
Personal services 55,039 52,709
Contractual services 48,633 43,893
Commodities 5.117 23.996
Total golf dome �1 8,789 120,598
Depreciation 180.479 201.539
Total operating expenses $ 1.32®7.941® 1.198.174
-79-
CITY OF EDINA, MINNESOTA
Recreation Center Fund
Balance Sheet
December 31, 1990
(with comparative amounts for December 31, 1989)
Assets
1990
1989
Current assets:
Petty cash and change funds
$ 700
700
Cash and cash equivalents (deficit)
-
(811,376)
Accounts receivable
57.461
57.718
Total current assets
58,161
(752,958)
Property and equipment, less accumulated depreciation
2,022,323
2,100,949
Discount on bonds
21.135
22.605
Total assets
$ 2.101.619
1.370.596
Liabilities and Retained Earnings
Current liabilities:
Cash deficit
816,539
-
Accounts payable
19,289
6,865
Long -term liabilities:
Deposits payable
3,500
3,500
Bonds payable
1.895.000
1,895,000
Total liabilities
2,734,328
1,905,365
Retained earnings (deficit):
Unreserved - undesignated (632.709) 35 4.769)
Total liabilities and retained earnings $ 2.101.619 1.370596
5:1111
CITY OF EDINA, MINNESOTA
Recreation Center Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1990
(with comparative amounts for year ended December 31, 1989)
1990 1989
Operating revenues:
Rental fees
$ 454,990
395,170
Season ticket sales
13,999
13,333
Daily skating fees
20,165
17,012
Admissions
25,385
24,921
Lessons
64,907
72,035
Concessions (less cost of goods sold)
19,799
15,838
Vending machine commissions
12,060
11,533
Services — skate sharpening
9,875
8,200
Other
274
88$
Total operating revenues
621,454
558.930
Operating expenses:
Personal services
230,746
207,419
Contractual services
232,654
183,647
Commodities
30,258
32,820
Central services
40,200
29,400
Depreciation
128.865
71.210
Total operating expenses
662.723
524,496
Operating income (loss)
(41,269)
34.434
Nonoperating revenue (expenses):
Interest on investments
—
36,418
Interest and fiscal charges
(135,201)
(115,760)
Amortization of bond discount
(1,470)
(1,174)
Subsidy from general fund
—
(136.67D
—
180.516)
Loss before operating transfer in
(177,940)
(46,082)
Operating transfer in — Revolving Fund
80.000
10.000
Net loss
(97,940)
(36,082)
Retained earnings (deficit) — January 1 (534,769) (253,687)
Equity transfer out — (245,000
Retained earnings (deficit) — December 31 $ (63®1 (534.7691
—81—
CITY OF EDINA, MINNESOTA
Recreation Center Fund
Statement of Cash Flows
Year ended December 31, 1990
(with comparative amounts for year ended December 31, 1989)
1990 1989
Cash flows from operating activities:
Operating income (loss)
$ (41,269
34.434
Adjustments to reconcile operating income (loss) to
80.000
10.000
net cash provided (used) by operating activities:
Depreciation expense
128,865
71,210
Changes in assets and liabilities:
-
166,000
(Increase) decrease in accounts receivable
257
(9,601)
Increase in inventory
Increase (decrease) in accounts payable
-
12,424
221
(246,321)
Decrease in accrued interest payable
-
(30.839)
Total adjustments
141,546
(215.330)
Net cash provided (used) by operating
-
959,165
activities
100,277
(180.896)
Cash flows from noncapital financing activities:
Acquisition of capital assets
(50,239)
(455,740)
Operating transfer from Revolving Fund
80.000
10.000
Net cash provided (used) by noncapital
financing activities
29,761.
(445,740
Cash flows from capital financing activities:
-
166,000
Proceeds from revenue bonds
-
(23,779)
Bond discount
Interest paid on revenue bonds
(135.201)
11
Net cash provided (used) by capital
financing activities
(135.201)
-�6,4-6
Cash flows from investing activities:
-
959,165
Decrease in investments
-
6 41
Interest on investments
Net cash provided by investing activities
-
995.583
Net increase (decrease) in cash and cash equivalents
(5,163)
395,408
Cash and cash equivalents (deficit), beginning of year
(811,376
(1.206.784)
Cash and cash equivalents (deficit), end of year
$ (816®539)
)
-82-
CITY OF EDINA, MINNESOTA
Gun Range Fund
Balance Sheet
December 31, 1990
(with comparative amounts for December 31, 1989)
Assets 1990 1989
Current assets:
Cash and cash equivalents $ 1,401 8,013
Property and equipment, less accumulated depreciation 35.456 30.646
Total assets $ 36.857 38.659
Liabilities and Retained Earnings
Current liabilities:
Accounts payable 1,081 133
Retained earnings:
Unreserved - undesignated 35.776 38.526
Total liabilities and retained earnings $ 36.857 38.659
-83-
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1990
(with comparative amounts for year ended December 31, 1989)
1990 1989
Operating revenues:
Range fees $ 17,417 30,069
Sale of ammunition 5,655 7,714
Concessions (less cost of goods sold) 343 1,084
Other 5.201 1.001
Total operating revenues 28.616 39.868
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Net income (loss)
Retained earnings — January 1
Retained earnings — December 31
—84—
17,127
16,712
6,397
4,195
8,777
8,575
1,200
360
(2.135)
5,501
31.366
35.343
(2,750) 4,525
38.526 34,001
$ 38.526
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Cash Flows
Year ended December 31, 1990
(with comparative amounts for year ended December 31, 1989)
Cash flows from operating activities:
Operating income (loss)
Adjustments to reconcile operating income (loss) to
net cash provided (used) by operating activities:
Depreciation expense
Changes in assets and liabilities:
Decrease in accounts receivable
Increase (decrease) in accounts payable
Total adjustments
Net cash provided (used) by operating activities
Cash flows from noncapital financing activities:
Acquisition of capital assets
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents (deficit), beginning of year
Cash and cash equivalents, end of year
—85—
1990 1989
$ (2,750 4,525
(2,135) 5,501
— 4,000
`948 (744)
(1,187 8.757
(3.937) 13.282
(2.6751 (972)
(6,612) 12,310
8.013 (4,297�
$ 1.401 8.013
CITY OF EDINA, MINNESOTA
Art Center Fund
Balance Sheet
December 31, 1990
(with comparative amounts for December 31, 1989)
Assets
Current assets:
Petty cash and change funds
Cash and cash equivalents (deficit)
Investments
Inventory
Accounts receivable
Due from other funds
Total current assets
Property and equipment, less accumulated depreciation
Total assets
Liabilities and Retained Earning
Current liabilities:
Cash deficit
Accounts payable
Long -term liabilities:
Reserve for construction
Advances from other funds
Total liabilities
Retained earnings:
Unreserved - undesignated
Total liabilities and retained earnings
-86-
1990 1989
$ 250
250
-
(12,806)
51,063
-
12,805
8,108
(150)
28,219
5,757
-
69,725
23,771
356,904
181.887
$ 426.629
�
93,019 —
12,334 3,734
750 750
50.000 -
156,103 750
270,526 201.174
$ 422.2 205.658
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1990
(with comparative amounts for year ended December 31, 1989)
1990 1989
Operating revenues:
—
28,700
Memberships
$ 11,915
11,200
Registration fees
154,699
145,406
Retail sales, less cost of goods sold
12.908
6.302
Total operating revenues
179.522
162.908
Operating expenses:
Administration:
Personal services
77,088
69,323
Contractual services
1,941
2,041
Commodities
12,019
9,030
Central services
15.058
11.545
106,106
_ 91.939
Occupancy:
Personal services
12,738
4,320
Contractual services
17,811
12,636
Commodities
2.915
2.821
33,464
19.777
Class costs
371
6,337
Instructors — personal services
83,046
75,296
Depreciation
25.873
14.613
Total operating expenses
248.860
207.962
&Ferating loss -4.1%):13) jultsX,
Nonoperating revenues:
Income on investments
Donations
Subsidy from general fund
Miscellaneous
Total nonoperating revenues
Income (loss) before operating transfer in
Operating transfer in — Revolving Fund
Net income
Retained earnings — January 1
Retained earnings — December 31
—87—
2,033.
—
28,700
36,822
5,757
2.200
—
9.711
38.690
46,533
(30,648)
1,479
100,000
4,604
69,352
6,083
201,174 195.091
$ 270.526 20
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Cash Flows
Year ended December 31, 1990
(with comparative amounts for year ended December 31, 1989)
1990 1989
Cash flows from operating activities:
Operating loss
$ (69.3381
(45,054
Adjustments to reconcile operating loss to net
cash used by operating activities:
Depreciation expense
25,873
14,613
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
28,369
(28,219)
Increase in due from other funds
(5,757)
—
Increase in inventory
(4,697)
(928)
Increase (decrease) in accounts payable
8,600
(1,545)
Increase in reserve for construction
—
750
Total adjustments
52,38a
(15.329)
Net cash used by operating activities
(16.950)
(60.383)
Cash flows from noncapital financing activities:
Acquisition of capital assets (200,890) (15,759)
Donations 28,700 36,822
Operating transfer from General Fund 105,757 4,604
Miscellaneous 2.200 9.711
Net cash provided (used) by noncapital
financing activities (64.233) 35-378
Cash flow from capital financing activities:
Advances from other funds 50.000 —
Cash flows from investing activities:
Increase.in investments (51,063) —
Interest on investments 2.033
Net cash used in investing activities (49.030)
Net decrease in cash and cash equivalents (80,213) (25,005)
Cash and cash equivalents (deficit), beginning of year (12,806 12.199
Cash and cash equivalents (deficit), end of year $ (93.019)
—88—
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Balance Sheet
December 31, 1990
(with comparative amounts for December 31, 1989)
Assets
Current assets:
Petty cash and change funds
Cash and cash equivalents (deficit)
Accounts receivable
Interest receivable
Total current assets
Property and equipment, less accumulated depreciation
Total assets
Liabilities and Fund Equity
Current liabilities:
Cash deficit
Accounts payable
Fund equity:
Contributed capital
Retained earnings:
Unreserved — undesignated
Total fund equity
Total liabilities and fund equity
—89—
1990 1989
$ 700
700
—
(395,961)
9,744
1,338
151.027
168,442
161,471
(225,481)
255.573
261.266
456,880 —
23.383 9.727
224,442 249,151
2( 87.661) 22( 3.093)
(63.219) 26.058
$ 417.044 35.785
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1990
(with comparative amounts for period ended December 31, 1989)
Operating expenses:
Personal services
1990
122
Operating revenues:
278,297
212,341
Association fees
$ 165,144
129,310
Rental fees
89,462
63,305
Admissions
63,384
68,727
Season ticket sales
8,375
11,063
Commissions
1,141
1,141
Swim program
7,787
4,696
Program income
11,800
1,086
Other
15.238
11.306
Total operating revenues
362.331
290.634
Operating expenses:
Personal services
326,436
300,386
Contractual services
278,297
212,341
Commodities
144,101
106,024
Central services
63,600
40,800
Depreciation
26.784
24.391
Total operating expenses
839.218
683.942
Operating loss
(476,887)
(393,308)
Nonoperating revenues - interest on investments
387.607
356.967
Net loss before operating transfer in
(89,280)
(36,341)
Add depreciation on contributed assets
24.712
24.391
Decrease in retained earnings
(64,568)
(11,950)
Retained earnings (deficit) - January 1
(223.093)
(211.143)
Retained earnings (deficit) - December 31
$ (2$7.6611
(223.0931
—90—
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Statement of Cash Flows
Year ended December 31, 1990
(with comparative amounts for December 31, 1989)
Cash flows from operating activities:
Operating loss
Adjustments to reconcile operating loss to net
cash provided (used) by operating activities:
Depreciation expense
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
Increase (decrease) in accounts payable
Total adjustments
Net cash provided (used) by operating
activities
Cash flows from noncapital financing activities:
Acquisition of capital assets
Cash flows from investing activities:
(Increase) decrease in interest receivable
Interest on investments
Net cash provided by investing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents (deficit), beginning of year
Cash and cash equivalents (deficit), end of year
—91—
1990 1989
$ (476,887) (393,308)
26,784 24,391
(8,406) 44,062
13.656 1( 2.948)
32.034 55,5
444 (337.803)
(21,091 ) 1( 1.213 )
17,418 (168,445)
387.607 356,967
405,025 188.522
(60,919) (160,494)
(395.961) (235.467)
$ L41LM !395.9611
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.
Police Seizure — Accounts for funds obtained by the police department which will be
remitted to the proper governments.
—92—
CITY OF EDINA, MINNESOTA
Agency Fund
Statement of Changes in Assets and Liabilities
Year ended December 31, 1989
Balance Balance
1 -1 -90 Additions Deductions 12 -31 -90
Deferred Compensation
Assets
Cash with plan
administrators $ 3.1 125 3,73
Liabilities
Due to participants $ 3 -1® z.S1Q 6
Federal Arbitrage.
Assets
Investments 113,439 12,741 — 126,180
Interest receivable 3.337 722 4,059
$ 116.77 13.463 — 130.239
Liabilities
Due to federal government $ 116.776 13.463
Police Seizure.
Assets
Cash $ 99.074
Liabilities
Due to other governments $ 99.074
—93—
GENERAL FIXED ASSETS ACCOUNT GROUP
The General Fixed Assets Account Group provides for the accounting of fixed assets
other than those accounted for in the enterprise funds.
—94—
CITY OF EDINA, MINNESOTA
General Fixed Assets Account Group
Schedule of General Fixed Assets
December 31, 1990
(with comparative amounts for December 31, 1989)
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
—95—
1990 1989
$ 9,844,906 8,771,326
2,077,636 2,077,636
747,904 676,504
6,980,950 6,544,134
38.450.741 34.814.671
u
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.
—96—
CITY OF EDINA, MINNESOTA
General Long -term Debt Account Group
Schedule of General Long -term Debt
December 31, 1990
(with comparative amounts for December 31, 1989)
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
-97-
1990 1989
$ 200,000 200,000
52,515,000 50,370,000
4,160,000 4,710,000
639.712 609.356
$ 57.514.712 55.889.356
639,712 609,356
56.875.000 55.280.000
$ 57.514,712 55.8
CITY OF EDINA, MINNESOTA
Combined Schedule of Bonded Indebtedness
December 31, 1990
Total bonded
indebtedness
W -M
Final
1990 percent
Interest
Issue
maturity
paid by tax
rate
date
date
levies
Bonded indebtedness:
Tax Increment Bonds:
Redevelopment Bonds
5.30 -6.50%
12/01/75
12/01/93
None
Tax Increment Bonds,
Series 1981
9.50 -11.00
10/01/81
10/01/93
None
Tax Increment Bonds,
Series 1986A
5.20 -7.00
08/01/86
08/01/06
None
Tax Increment Bonds,
Series 1986B
5.20 -7.00
08/01/86
08/01/03
None
Tax Increment Bonds,
Series 1988
6.40 -7.30
10/01/88
02/01/09
None
Tax Increment Taxable
. Bonds, Series 1988
9.20 -9.75
10/01/88
02/01/09
None
Tax Increment Bonds,
Series 1989
6.80 -7.30
04/01 /89
02/01/09
None
Tax Increment Taxable
Bonds, Series 1989
10.00 -10.25
04/01/89
02/01/09
None
Tax Increment Refunding
Bonds, Series 1989
6.00 -7.00
11/01/89
01/01/06
None
Tax Increment Bonds,
Series 1990
6.70 -6.80
03/01/90
02/01/05
None
Improvement Bonds:
Improvement Bonds
of 1984
7.00 -8.75
09/01/84
01/01/94
None
Improvement Bonds
of 1986
4.50 -6.60
08/01/86
08/01/96
None
Improvement Bonds
of 1989
6.75 -7.10
04/01/89
02/01/01
None
Revenue Bonds:
Golf Course Bonds
6.25 -8.70
09/01/85
01 /01 /00
None
Recreation Bonds of 1988
6.10 -7.30
10/01/88
01/01/09
None
Utility Bonds
5.90 -6.80
10/01/88
02/01/99
None
Recreation Bonds of 1989
6.75 -7.30
04/01/89
01/01/09
None
Total bonded
indebtedness
W -M
Exhibit 1
Indebtedness
Authorized Due in 1991
and issued Redeemed Outstanding Principal Interest
$ 2,200,000
1,500,000
700,000
200,000
45,300
4,500,000
3,150,000
1,350,000
450,000
145,800
4,000,000
100,000
3,900,000
50,000
266,250
2,000,000
100,000
1,900,000
100,000
125,825
10,175,000
—
10,175,000
—
727,012
5,100,000
—
5,100,000
—
488,175
8,425,000
—
8,425,000
—
607,838
5,300,000
—
5,300,000
—
538,562
12,970,000
185,000
12,785,000
— **
427,444*
3.080.000
3.080.000
—
293.526
57.750.000
5.035.000
52.715.000
800.000
3,665,732
5,400,000
4,500,000
900,000
— **
38,625*
2,500,000
1,000,000
1,500,000
250,000
91,500
1.760.000
1.760.000
—
121.401
9.660.000
5.500.000
4.160.000
250,000
251.526
1,200,000
200,000
1,000,000
— **
40,975*
2,470,000
—
2,470,000
—
88,112*
3,160,000
170,000
2,990,000
250,000
185,270
2.100.000
2.100.000
—
74.758*
8.930.000
370.000
8.560.000
250.000
389.115
'ARRUITITITIM I
*This represents interest due July 1, 1991 as interest due January 1,
1991 was paid in December 1990.
* *Principal due January 1, 1991 was paid in December 1990.
—99—
Exhibit 2
CITY OF EDINA, MINNESOTA
Schedule of Changes in Bonded Indebtedness
Year ended December 31, 1990
Balance
Balance
January 1
Issued Redeemed
December 31
Tax Increment Bonds $ 50,570,000
3,080,000 935,000
52,715,000
Improvement Bonds 4,710,000
— 550,000
4,160,000
Revenue Bonds 8.780.000
— 220.000
8.560.000
$ 64.060.000
3.080.000 1.705.000
65.435.000
-100-
Exhibit 3
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable
December 31, 1990
Issue Interest Maturity Principal
date rate date amount
Tax Increment Bonds:
$2,200,000 Redevelopment
Bonds 12/01/75
$200,000 6.40%
$250,000 per year 6.50
$4,500,000 Tax Increment
Bonds, Series 1981
$450,000 per year
$4,000,000 Tax Increment
Bonds, Series 1986A
$50,000
$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
$100,000 per year
$150,000 per year
$200,000 per year
10/01/81
08/01/86
08/01/86
12/01/91 $ 200,000
12/01/92 -93 500.000
700.000
10.60 -11.00 10/01/91 -93
5.60
5.80 -6.20
6.40 -6.70
6.75 -6.90
7.00
7.00
7.00
5.60 -6.20
6.40 -6.90
7.00
-101-
08/01/91
08/01/92 -94
08/01/95 -97
08/01/98 -00
08/01/01 -03
08/01/04
08/01/05 -06
08/01/91 -94
08/01/95 -00
08/01/01 -03
1.350.000
50,000
300,000
450,000
600,000
750,000
550,000
1.200.000
3.900.000
400,000
900,000
600.000
1.900.000
(Continued)
Exhibit 3. Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
5.100.000
(Continued)
-102-
Issue
Interest
Maturity
Principal
date
rate
date
amount
$10,175,000 Tax Increment
Bonds, Series 1988
10/01/88
$250,000
6.40%
02/01/95
$ 250,000
$75,000
6.50
02/01/96
75,000
$175,000
6.60
02/01/97
175,000
$250,000
6.70
02/01/98
250,000
$325,000
6.80
02/01/99
325,000
$425,000
6.90
02/01/00
425,000
$475,000
7.00
02/01/01
475,000
$525,000
7.05
02/01/02
525,000
$625,000
7.10
03/01/03
625,000
$700,000
7.15
02/01/04
700,000
$750,000
7.20
02/01/05
750,000
$825,000
7.25
02/01/06
825,000
$1,325,000
7.25
02/01/07
1,325,000
$1,650,000
7.30
02/01/08
1,650,000
$1,800,000
7.30
02/01/09
1.800.000
10.175.000
$5,100,000 Taxable Tax
Increment Bonds,
Series 1988
10/01/88
$125,000
9.20
02/01/95
125,000
$50,000
9.25
02/01/96
50,000
$100,000
9.30
02/01/97
100,000
$125,000
9.35
02/01/98
125,000
$150,000
9.35
02/01/99
150,000
$225,000 per year
9.40
02/01/00 -01
450,000
$250,000
9.45
02/01/02
250,000
$300,000
9.45
02/01/03
300,000
$350,000
9.50
02/01/04
350,000
$375,000
9.55
02/01/05
375,000
$450,000
9.60
02/01/06
450,000
$650,000
9.65
02/01/07
650,000
$825,000
9.70
02/01/08
825,000
$900,000
9.75
02/01/09
900.000
5.100.000
(Continued)
-102-
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
$8,425,000 Tax Increment
Bonds, Series 1989
$225,000
$75,000
$125,000
$200,000
$275,000
$350,000
$375,000
$450,000
$500,000
$575,000
$600,000
$700,000
$1,000,000
$1,375,000
$1,500,000
$5,300,000 Taxable Tax
Increment Bonds,
Series 1989
$125,000
$50,000
$75,000
$125,000
$175,000
$225,000
$250,000
$275,000
$325,000
$375,000 per year
$400,000
$700,000
$875,000
$950,000
Issue
to
04/01/89
04/01/89
-103-
Interest Maturity
rate date
Exhibit 3. Cont.
Principal
amount
6.80%
02/01/95
$ 225,000
6.90
02/01/96
75,000
6.90
02/01/97
125,000
6.95
02/01/98
200,000
7.00
02/01/99
275,000
7.05
02/01/00
350,000
7.10
02/01/01
375,000
7.15
02/01/02
450,000
7.20
02/01/03
500,000
7.25
02/01/04
575,000
7.25
02/01/05
600,000
7.25
02/01/06
700,000
7.30
02/01 /07
1,100,000
7.30
.02/01/08
1,375,000
7.30
02/01/09
1.500.000
8.425.000
10.00
02/01/95
125,000
10.00
02/01/96
50,000
10.00
02/01/97
75,000
10.00
02/01/98
125,000
10.00
02/01/99
175,000
10.00
02/01/00
225,000
10.00
02/01/01
250,000
10.00
02/01/02
275,000
10.00
02/01/03
325,000
10.10 -10.20
02/01/04 -05
750,000
10.20
02/01/06
400,000
10.25
02/01/07
700,000
10.25
02/01/08
875,000
10.25
02/01/09
950.000
No "1111161
(Continued)
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
$12,970,000 Tax Increment
Refunding Bond, Series
Series 1989
$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
$3,080,000 Tax Increment
Bonds, Series 1990
$700,000
$745,000
$800,000
$835,000
Total tax increment
bonds
Improvement Bonds:
$5,400,000 Improvement
Bonds, Series 1984
$300,000 per year
$2,500,000 Improvement
Bonds, Series 1986
$250,000 per year
Issue
Interest
Maturity
date
rate
date
11/01/89
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
03/01/90
6.70%
02/01/02
6.70
02/01/03
6.70
02/01/04
6.80
02/01/05
09/01/84
8.40 -8.75
01/01/92-94
08/01/86
5.60 -6.60
08/01/91 -96
-104-
Exhibit 3. Cont.
Principal
amount
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
12.785.000
700,000
745,000
800,000
835.000
3.080.000
1,500.000
(Continued)
CITY OF EDINA, MINNESOTA
Exhibit 3. Cont.
Schedule of Bonds Payable, Continued
$1,760,000 Improvement
Bonds, Series 1989
$180,000 per year
$175,000 per year
$170,000
Total improvement
bonds
Revenue Bonds:
$1,200,000 Golf
Course Bonds
$50,000
$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
$250,000
$275,000
$300,000 per year
$320,000
$350,000
$375,000
$395,000
$425,000
Issue
date
04/01/89
09/01/85
10/01/88
10/01/88
-105-
Interest
rate
6.75 -6.80%
6.80 -7.05
7.10
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
6.00
6.10
6.20 -6.30
6.40
6.50
6.60
6.70
6.80
Maturity
date
02/01/92 -94 $
02/01/95 -00
02/01/01
01/01/92
01/01/93 -97
01/01/98 -00
01/01/92 -00
O1 /01 /01
01/01/02 -03
01/01/04
01/01/05
01/01/06
01/01/07
01/01/08 -09
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
540,000
1,050,000
170.000
1.760.000
4,160.000
50,000
500,000
450,000
225,000
175,000
400,000
225,000
250,000
270,000
275,000
650.000
2,470.000
250,000
275,000
600,000
320,000
350,000
375,000
395,000
425,000
2,990.000
(Continued)
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
$2,100,000 Recreational
Facility Bonds, Series 1989
$65,000
$70,000 per year
$75,000
$80,000
$85,000
$95,000
$100,000
$105,000
$115,000
$120,000
$130,000
$140,000
$145,000
$160,000
$170,000
$180,000
$195,000
Total revenue bonds
Total bonds payable
Issue
date
04/01/89
-106-
Interest Maturity.
rate date
Exhibit 3. Cont.
Principal
amount
6.75%
01/01/92
$ 65,000
6.75 -6.80
01/01/93 -94
140,000
6.80
01/01/95
75,000
6.90
01/01/96
80,000
6.90
01/01/97
85,000
6.95
01/01/98
95,000
7.00
01/01/99
100,000
7.05
01 /01 /00
105,000
7.10
01 /01 /01
115,000
7.15
01/01/02
120,000
7.20
01/01/03
130,000
7.25
01/01/04
140,000
7.25
01/01/05
145,000
7.25
01/01/06
160,000
7.30
01/01/07
170,000
7.30
01/01/08
180,000
7.30
01/01/09
195.000
2,100.000
8.560.000
Exhibit 4
CITY OF EDINA, MINNESOTA
Schedule of Debt Service Requirements
December 31, 1990
Year
Tax Increment Bonds
Improvement Bonds
Revenue
Bonds
ended
Principal
Interest
Principal
Interest
Principal
Interest
1991
$ 800,000
3,665,732
250,000
251,526
250,000
389,115
1992
1,030,000
3,933,980
730,000
257,480
415,000
572,288
1993
1,060,000
3,848,644
730,000
205,335
495,000
542,733
1994
370,000
3,760,705
730,000
152,115
495,000
509,980
1995
1,580,000
3,697,902
425,000
111,420
520,000
475,873
1996
1,610,000
3,589,811
425,000
83,432
555,000
439,284
1997
1,830,000
3,473,744
175,000
54,857
585,000
400,030
1998
2,095,000
3,339,752
175,000
42,739
665,000
356,102
1999
2,310,000
3,184,153
175,000
30,533
700,000
307,180
2000
2,600,000
3,006,596
175,000
18,239
280,000
270,841
2001
2,890,000
2,808,641
170,000
6,035
290,000
249,545
2002
3,750,000
2,565,491
-
-
320,000
227,998
2003
4,030,000
2,280,092
-
-
330,000
204,877
2004
4,420,000
1,970,553
-
-
365,000
179,979
2005
4,635,000
1,634,235
-
-
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
$ 52.715.000
49. 870. 802
4. 160 .000
1.213.711
8.560.000
5.567.560
-107-
CITY OF EDINA, MINNESOTA
Assessed Valuation, Tax Levies and Mill Rates
(shown by year of tax collectibility)
Assessed valuation/tax capacity
Increment valuation
Contribution to fiscal disparities pool
Received from fiscal disparities pool
Taxable valuation
Tax levies:
General Fund
Mill rates:
General Fund
Note:
1987
$ 732,481,746
(16,543,050)
(58,165,527)
16.151.787
$ 673.924.956
1988
775,009,761
(23,366,739)
(64,666,035)
18.583.073
705.560.060
1989
101,668,819 (a)
(3,968,472)
(9,224,484)
2.499.218
90.975.081
$ 8.045.584 8.569.143 8.996.527
11.954 12.151 9.887
(a) In 1989, assessed valuation was replaced by tax capacity.
—108—
Exhibit
1990 1991
90,662,309 91,730,888
(3,891,583) (4,288,608)
(9,436,024) (9,709,309)
2.470.873 2.704.760
-109-
Exhibit 6
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for 50th & France - No. 1200,
a Tax Increment Financing District
December 31, 1990
Accounted
for in
Original Amended prior Current Amount
budget budget years year remaining
Sources of funds:
Bond proceeds $
2,200,000
5,280,000
2,200,000
3,051,998
28,002
Tax increments
received
-
18,817,930
4,262,469
880,608
13,674,853
Real estate sales*
800,000
170,782
170,782
-
-
State aid
-
418,870
418,870
-
-
Special assessments
-
1,321,096
709,507
-
611,589
Parking permits
-
38,208
94,203
11,308
(67,303)
Community develop-
ment
-
214,828
186,064
-
28,764
Other
-
-
251.846
69.217
(321.063)
Total sources of
funds
3,000,000
26.261.714
8.293.741
4.013.131
13.954.842
Uses of funds:
Land acquisition
-
647,551
647,539
-
12
Transfers to southeast
increment districts
-
9,000,000
-
-
9,000,000
Installation of public
utilities and
improvements
3,000,000
6,257,748
4,334,759
200,689
1,722,300
Bond payments:
Principal
-
5,280,000
1,300,000
200,000
3,780,000
Interest
-
4,738,329
1,913,520
57,900
2,766,909
Administrative costs
-
69,260
151,517
59,848
(142,105)
Work orders
-
16,825
16,257
-
568
Contingencies
-
12,300
11,644
-
656
Interest
-
9,400
9,197
-
203
Miscellaneous
-
7.100
13.132
-
(6.032)
Total uses of funds
3,000.000
26.038.513
8.397.565
518.437
17.122.511
Funds remaining (or
deficient) $
-
223.201
(103.824)
3.494.694
(3.167.669)
Cost to authority
Price
paid by developer
*Real estate sales:
Liquor store site $ 128,064 105,002
Union oil site 134.506 65.780
$ 262.570 17_Q�ZB.
(Continued)
-110-
Exhibit 7
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, 1990
*Real estate sales:
Elderly site $ 453,740 346,534
Office site 1,027,277 784,563
$ 1.481.017 1.131.097
-111-
Accounted
for in
Original
Amended
prior
Current
Amount
budget
budget
years
year
remaining_
Sources of funds:
Bond proceeds
$ 6,165,177
21,470,000
21,470,000
-
-
Tax increments
received
-
85,000,000
9,706,692
1,554,698
73,738,610
Interest on invested
funds
-
-
1,921,280
9,262
(1,930,542)
Real estate sales*
598,005
1,750,000
1,324,012
9,262
425,988
Community Develop-
ment Block Grant
-
-
189,221
-
(189,221)
Other
-
107,326
-
(107,326)
Total sources of
funds
6,763,182
108,220,000
34,718,531
1,563,960
71,937,509
Uses of funds:
Land acquisition
6,682,998
15,278,569
10,479,127
-
4,799,442
Site improvements or
preparation costs
-
21,894,254
15,397,695
-
6,496,559
Installation of public
utilities and
improvements
2,885,484
2,392,303
363,676
86,116
1,942,511
Bond payments:
Principal
-
21,470,000
2,750,000
685,000
18,035,000
Interest
-
17,000,000
9,703,507
1,471,869
5,824,624
Administrative costs
194,700
2,466,200
1,864,977
100,229
500)994
Parkland dedication
fees
-
767,852
-
(767,852)
Total uses of
funds
6,763,182
80,501,326
41,326,834
2.343,214
36,831,278
Funds remaining
$ -
27.718.674.
6.608.303
779.254
35.106.231
Cost to authority
Price
paid by developer
*Real estate sales:
Elderly site $ 453,740 346,534
Office site 1,027,277 784,563
$ 1.481.017 1.131.097
-111-
Exhibit
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, 1990
—112—
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
809,601
506,181
9,215,290
Interest on
invested funds
—
—
68,513
—
(68,513)
Other
—
—
461.428
—
(461.428)
Total sources
of funds
4,500,000
15.031.072
3,339.542
506.181
11.185.349
Uses of funds:
Installation of
public utilities
and improvements
4,310,000
4,310,000
2,105,102
21,859
2,183,039
Bond payments:
Principal
—
2,000,000
.50,000
50,000
1,900,000
Interest
—
1,539,950
423,591
128,525
987,834
Administrative
costs
190.000
190.000
130.716
23.725
35.559
Total uses
of funds
4.500.000
8.039.950
2.709.409
224,109
5.106.432
Funds remaining
(or deficient) $
6.9®
(63®0 133)
(2g2�072)
6.0
—112—
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, 1990
Accounted
for in
prior
Budget years
Sources of funds:
Exhibit
Current Amount
year remaining
Bonds proceeds $ 41,400,000
28,698,123 -
12,701,877
Tax increments received 80,000,000
22,184 176,998
79,800,818
Interest on invested funds -
636,935 576,508
(1,213,443)
Real estate sales* 5,000,000
4,783,356 -
216,644
Other -
94.319 268.875
(363.194)
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
126,400,000 34,234.917 1022,381 91,142,702
13,900,000 15,137,870
26,677,000 2,665,703
41,400,000 -
38,000,000 1,395,090
1,140,800 645,340
121,117.800 19.844,003
$ 5.2� 14.390.914
Cost to authority
$ 3,211,104
815,092
757,160
-113-
- (1,237,870)
3,406,204 20,605,093
- 41,400,000
2,361,587 34,243,323
178,960 316,500
5.946,751 95,327,046
( M) 14.184344)
Price paid by developer
3,211,104
815,092
757,160
4.783.356
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on
Schedule of Federal Financial Assistance
Exhibit 10
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, •1990, and have issued our report
thereon dated April 26, 1991. 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 26, 1991
Member Firm of
Klynveld Peat Marwick Goerdeler
—114—
Exhibit 11
CITY OF EDINA, MINNESOTA
Schedule of Federal Financial Assistance
Year ended December 31, 1990
cn
Accrued/-
Accrued/
(deferred)
„_.:.
(deferred)
Federal
Program
revenue-at
=.b
revenue at
Federal grantor /pass - through
CFDA
Pass- through
or award.
December =31,
Disbursements
December 31,
grantor /program title
number
grantor's number
amount
1989-
Receipts•-
or expenditures
1990
U.S. Department of HUD:
Passed through Hennepin
County Community
-
Development Block Grant
14.218
B88UC270001
$ 139,118
129,796x,
132,946
5,062
1,912
B99UC270001
133,761
-
_ 29,972._ -.
69,168.
39,196
B90UC270001
134,116
-
5.373
21.439
13.066
cn
k;;6iPeat Marwick
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on
Compliance with General Requirements
Honorable Members
of City Council
City of Edina, Minnesota:
Exhibit 12
We have audited the general purpose financial statements of the City of Edina,
Minnesota, as of and for the year ended December 31, 1990, and have issued our report
thereon dated April 26, 1991.
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
program, which is identified in the schedule of federal financial assistance for the year
ended December 31, 1990: 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. However, the results of our procedures disclosed an
immaterial instance of noncompliance with those requirements, which is described in the
accompanying schedule of finding and questioned costs.
This report is intended for the informatio n
and Hennepin County. This restriction is
report, which is a matter of public record.
April 26, 1991
❑111ynveld ember Firm of
Peat Marwick Goerdeler
of management, members of City Council
not intended to limit the distribution of this
—116—
CITY OF EDINA, MINNESOTA
Schedule of Finding and Questioned Cost
Year ended December 31, 1990
Findine
The City of Edina does not have a drug -free
workplace policy as required by federal
requirements
Client response
A drug -free workplace policy will be established in 1991.
-117-
Exhibit 12. Cont.
Questioned Cost
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on
Compliance at the Financial Statement Level
Honorable Members
of City Council
City of Edina, Minnesota:
Exhibit 13
We have audited the general purpose financial statements of the City of Edina,
Minnesota, as of and for the year ended December 31, 1990, and have issued our report
thereon dated April 26, 1991.
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 26, 1991
Member Firm of
Klynveld Peat Marwick Goerdeler
—118—
k;;6iPeat Marwick Exhibit 14
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on Compliance with Specific Requirements
Applicable to Nonmajor Federal Financial Assistance Programs
Honorable Members
of City Council,
City of Edina, Minnesota:
In connection with our audit of the 1990 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, 1990.
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 26, 1991
-119-
FIFITIm Member Fir of
Klynveld Peat Marwick Goerdeler
Peat Marwick
Exhibit 15
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402,
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, 1990, and have issued our report
thereon dated April 26, 1991. 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.
—120 —
ember Fir of
FUT1m lynveld Peat Marwick Goerdeler
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, 1990, the••City of Edina, Minnesota had no major federal financial
assistance programs and expended 100 `percent of its'lotal', federal financial assistance
under the following nonmajor federal financial assistance', program: Community
Development Block Grant. " With .respect ' to inte"rrial' control systems used in
administering this nonmajor- federal. - financial. assistance program, 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 program 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 program 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 program 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 program 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 26, 1991
—121—
Certified Public Accountants
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on the Internal Control
Structure in Accordance with Government Auditing Standards
Honorable Members
of City Council
City of Edina, Minnesota:
Exhibit 16
We have audited the general purpose financial statements of the City of Edina,
Minnesota, as of and for the year ended December 31, 1990, and have issued our report
thereon dated April 26, 1991.
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, 1990, 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: revenue /receipts and
purchases /disbursements.
—122—
Member Firm of
Klynveld Peat Marwick Goerdeler
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 26, 1991.
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 26, 1991
—123-
., -.r�.
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
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
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
1986
1,383,353
4,520,851
29444,260
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
1,094,418
8,857,367
4,850,967
26429,199
1990
1,937,867
5,855,776
2,719,479
1,570,886
646,345
679,889
8,456,658
5,833,141
27,700,041
Note:
(a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
N
N
1
Table 2
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 Project Funds.
Licenses
Charges
Sales and
Fiscal
Special
Franchise
and
Inter-
for
Fines and
Interest on
rental of
Miscel-
year
Taxes
assessments
fee
permits
governmental
services
forfeitures
investments
property
laneous
Totals
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
1990
12,968,717
936,042
96,715
874,298
572,262
1,235,812
494,009
1,289,470
133,809
2,432,752
21,033,886
Note:
(a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
CITY OF EDINA, MINNESOTA
Property Tax Levies and Collections
Last Ten Fiscal Years
(unaudited)
—126—
Percent
of total
Delinquent
Fiscal
Total tax
Current tax
tax levy
tax
Total tax
year
levy
collections
collected
collections
collections
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
1990
9,992,692
9,752,024
97.59
83,684
9,835,708
—126—
Table 3
Percent
Percent of
of total tax
outstanding
collections
Outstanding
delinquent
to total
delinquent
taxes to
tax levy
taxes
total tax levy
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
98.43
158,558
1.59
—127—
Table 4
CITY OF EDINA, MINNESOTA
Assessed Value or Tax Capacity and
Estimated Market Value of Taxable Property
Last Ten Fiscal Years
(unaudited).
Note:
(a) In 1988, assessed value was replaced by tax capacity.
—128—
Ratio of total
Real
property
assessed value/
tax capacity to
Assessment
Assessed value/
Estimated
total estimated
year
tax capacity
market value
market value
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 (a)
100,735,332
3,061,404,810
3.29
1989
87,055,570
3,212,261,700
2.71
1990
90,320,919
3,388,087,700
2.67
Note:
(a) In 1988, assessed value was replaced by tax capacity.
—128—
Table 5
CITY OF EDINA, MINNESOTA
Property Tax Rates - All Overlapping Governments
(per $100 of assessed value)
Last Ten Fiscal Years
(unaudited)
Note:
(a) In 1989, mill rates were replaced by tax capacity rates.
-129-
City
of Edina
Special
Debt
Fiscal
General
Revenue
Service
School
.year
Fund
Funds
Funds
Other Total
District
o n
Other
Total
1981
$ 7.986
1.194
-
.034 9.214
41.779
29.292
4.490
84.775
1982
7.881
1.184
-
- 9.065
45.936
29.183
4.384
88.568
1983
7.959
1.090
-
- 9.049
47.437
28.451
5.106
90.043
1984
9.235
1.137
-
- 10.372
47.597
29.689
7.222
94.880
1985
9.168
1.174
-
- 10.342
48.160
29.272
5.184
92.958
1986
11.303
-
-
- 11.303
45.033
29.688
7.853
93.877
1987
11.954
-
-
- 11.954
43.065
29.356
7.812
92.187
1988
12.151
-
-
- 12.151
44.838
31.675
8.659
97.323
1989 (a)
9.887
-
-
- 9.887
43.477
27.101
7.371
87.836
1990
12.959
-
-
- 12.959
42.369
27.916
7.046
90.290
Note:
(a) In 1989, mill rates were replaced by tax capacity rates.
-129-
CITY OF EDINA, MINNESOTA
Special Assessment Collections
Last Ten Fiscal Years
(unaudited)
—130—
Collection
Percentage
Collection
of current
of levy
of prior
Total
Year
Total levy
„year's levy
collected
year's levy
collections
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
1990
782,763
738,498
94.35
12,937
751,435
—130—
Table 6
Percentage
of total Total
collections outstanding
to total levy assessments
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
96.00 56,861
—131—
Table 7
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 1990 census.
(b) Includes all long —term general obligation debt.
(c) In 1988, assessed value was replaced by tax capacity.
—132—
Ratio of
Net
net bonded
Net
assessed
Debt
debt to
bonded
value /tax
Gross
service
assessed
debt
Fiscal
*Popu—
capacity (in
bonded
monies
Net bonded
value /tax
per
year
lain
thousands)
debt (b)
available
debt
capacity
capita
1981
46,080
$ 535,509
13,785,000
3,323,336
10,461,664
.0195%
$ 227
1982
45,370
599,315
12,740,000
3,139,512
9,600,488
.0160
212
1983
45,340
613,145
11,730,000
2,440,053
9,289,947
.0152
205
1984
45,280
643,379
11,955,000
1,585,175
10,369,825
.0161
229
1985
44,940
659,468
23,385,000
1,614,721
21,770,279
.0330
484
1986
45,523
673,941
30,185,000
1,335,954
28,849,046
.0428
634
1987
45,924
705,560
28,400,000
1,017,238
27,382,762
.0388
596
(c) 1988
46,095
90,975
47,305,000
2,513,806
44,791,194
.4920
972
1989
44,943
79,805
64,060,000
.1,202,505
62,857,495
.7880
1,399
1990
46,070 (a)
80,438
65,435,000
1,202,505
64,232,495
.7985
1,394
*Source: Metropolitan Council estimate
Notes:
(a) Official population per 1990 census.
(b) Includes all long —term general obligation debt.
(c) In 1988, assessed value was replaced by tax capacity.
—132—
CITY OF EDINA, MINNESOTA
Computation of Legal Debt Margin
December 31, 1990
(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
52,715,000
4,160,000
8,560,000,
—133—
$ 65,435,000
65.635.000
Table 8
►, 1: 11
67,761,754
(200.000)
$ 67.561.754
Table 9
CITY OF EDINA, MINNESOTA
Computation of Overlapping Debt
December 31, 1990
(unaudited)
Total $
-134-
Percentage
Amount
applicable
applicable
Net debt
to City of
to City of
Jurisdiction
outstanding
Edina
Edina
City of Edina
$ 65,435,000
100.00%
$ 65,435,000
Hennepin County
118,530,000
7.48
8,866,044
IDS #273 (Edina)
-
97.37
-
IDS #287 (Hennepin Tech)
2,000,000
11.70
234,000
IDS #270 (Hopkins)
9,985,000
6.06
605,091
IDS #271 (Bloomington)
3,410,000
.01
341
IDS #272 (Eden Prairie)
44,210,000
3.67
1,622,507
IDS #280 (Richfield)
360,000
26.86
96,696
IDS #283 (St. Louis Park)
-
.01
-
Metro Council
427,696,000
3.91
16,722,914
Metro Transit
9,250,000
4.25
393.125
Total $
-134-
CITY OF EDINA, MINNESOTA
Ratio of Annual Debt-Service Expenditures for
General Bonded Debt to Total General Expenditures
Last Ten Fiscal Years
(unaudited)
Table 10
Ratio of total
Notes:
(a) Includes General, Special Revenue and Debt Service Funds.
(b) Includes refinancing of temporary bonds.
—135—
debt service
Total
to total
Fiscal
debt
Total general
general
year
Principal
Interest
service
expenditures (a)
expenditures
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
1990
1,485,000
4,348,141
5,833,141
19,421,089
.3003
Notes:
(a) Includes General, Special Revenue and Debt Service Funds.
(b) Includes refinancing of temporary bonds.
—135—
Fiscal
year
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
CITY OF EDINA, MINNESOTA
Property and Construction Values
Last Ten Fiscal Years
Commercial
construction
Number of
18,034,760
permits
Value
336
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
378
37,299,553
*Assessor's market.
(unaudited)
Residential
construction
Number of
permits
Value
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
605
31,762,558
—137—
Propert;
Commercial
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
713,876,500
Table 12
value*
Residential
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
2,674,211,200
w
o>
CITY OF EDINA, MINNESOTA
Revenue, Bond Coverage
Last Ten Fiscal Years
(unaudited)
Net
revenue
Direct* available
Gross operating for debt
Fiscal year revenue expenses service
Utility Bonds
Table 11
Debt service requirements
Principal Interest Total Coverage
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
1990
5,197,400
4,761,182
436,218 170,000 194,382 364,382 119
Recreational Facility Bonds
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
139,760
77
1985
1,106,658
1,052,131
54,527
120,000
57,627
177,627
31
1986
1,158,660
1,177,380
(18,720)
50,000
99,512
149,512
-
1987
1,424,381
1,206,116
218,265
85,000
97,690
182,690
119
1988
1,703,728
1,431,693
272,035
50,000
161,182
211,182
129
1989
2,348,220
1,725,118
623,102
50,000
346,201
396,201
157
1990
2,453,425
1,993,388
460,087
50,000
411,298
461,298
100
* Before interest costs.
Table 13
CITY OF EDINA, MINNESOTA
Principal Taxpayers
December 31, 1990
(unaudited)
-138-
Percent
1990
of total
tax
tax
Taxpayer
Tyne of business
capacity
capacity
Southdale
Shopping center
$ 6,125,129
7.61%
Pentagon Office Park
Office building
1,545,509
1.92
Gabberts and Galleria
Shopping center
1,249,120
1.55
Southdale Office Center
Office building
908,060
1.13
Southdale Medical Building
Office building
906,367
1.13
National Car
Office building
848,017
1.05
Cedars of Edina
Apartments
801,504
1.00
Honeywell Building
Office building
655,495
0.81
Durham
Apartments
483,588
0.60
7201 Metro Boulevard
Office building
470,250
0.58
7600 France
Office building
413,209
0.51
York Plaza
Apartments
437,371
0.54
7401 Metro Boulevard
Office building
425,613
0.53
7300 Metro Boulevard
Office building
413,276
0.51
7505 Metro Boulevard
Office building
410,897
0.51
7301 Ohms Lane
Office building
410,897
0.51
Edinborough Office
Office building
408,870
0.51
Rembrandt Heritage
Apartments
397,218
0.49
7900 West 78th Street
Office building
356,400
0.44
8000 West 78th Street
Office building
354,650
0.44
-138-
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics
December 31, 1990
(unaudited)
Date of incorporation
Date of adoption of Council- Manager Plan
Present form of government
Fiscal year begins
Area of City
Percent of City developed with buildings
Miles of streets and sewers:
Total streets (including state and county)
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 (full time)
Park areas:
Present park acres and open space
Total improved park acres
Number of parks
Private golf courses
Public golf courses
Municipal water plant:
Number of wells
Miles of watermain
Gallons of storage
Number of consumers
-139-
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
29
1
51
1,552
900
33
3
2
18
198.81
7 million
14,025
(Continued)
Population:
1920
1930
1940
1950
1960
1965 (special census)
1970
1975 (estimated April
1980 (census)
1981 (estimated April
1982 (estimated April
1983 (estimated April
1984 (estimated April
1985 (estimated April
1986 (estimated April
1987 (estimated April
1988 (estimated April
1989 (estimated April
1990 (census)
1)
1)
1)
1)
1)
1)
1)
1)
1)
1)
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics, Continued
—140—
Table 14. Cont.
1,833
3,138
5,855
9,744
28,501
35,302
44,046
49,736
46,073
46,080
45,370
45,340
45,280
44,940
45,523
45,924
46,095
44,943
46,070