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HomeMy WebLinkAbout1992 Comprehensive Annual Financial Report',k n 0/ e wl\,j�l CITY OF EDINA, MINNESOTA Comprehensive Annual Financial Report Year ended December 31, 1992 Department of Finance John Wallin Treasurer and Finance Director Eric Anderson— Assistant Finance Director Linda Margl— Accountant O. CITY OF EDINA, MINNESOTA TABLE OF CONTENTS Page PART I— INTRODUCTORY SECTION Elected and Appointed Officials .................................... ............................... 1 Lettersof Transmittal ................................................ ............................... 2 PART II— FINANCIAL SECTION Independent Auditors' Report ...................................... ............................... 9 General Purpose Financial Statements: Combined Balance Sheet —All Fund Types and Account Groups ......................... 11 Combined Statement of Revenues, Expenditures and Changes in Fund Balance —All Governmental Fund Types .............. .............................13 Combined Statement of Revenues, Expenditures and Changes in Fund Balance— Budget and Actual - General and Special Revenue Fund Types .......................................... .............................15 Combined Statement of Revenues, Expenses and Changes in Retained Earnings —All Proprietary Fund Types ............. .............................17 Combined Statement of Cash Flows —All Proprietary Fund Types .......................18 Notesto Financial Statements ..................................... .............................19 Combining and Individual Fund and Account Group Financial Statements: General Fund: BalanceSheet ..................................................... .............................41 Statement of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual .......................... .............................42 Schedule of Revenues — Budget and Actual ................... .............................43 Schedule of Expenditures— Budget and Actual ............... .............................44 Schedule of Central Services Expenditures— Budget and Actual ........................ 50 Special Revenue Funds: Combining Balance Sheet ....................................... .............................52 Combining Statement of Revenues, Expenditures and Changes in FundBalance ................................................... .............................53 Debt Service Funds: Combining Balance Sheet ....................................... .............................55 Combining Statement of Revenues, Expenditures and Changes in Fund Balance ( Deficit) ......................................... .............................56 CITY OF EDINA, MINNESOTA Table of Contents, Continued Page Combining and Individual Fund and Account Group Financial Statements (Continued): Capital Project Funds: Combining Balance Sheet ..................................... .............................58 Combining Statement of Revenues, Expenditures and Changes in Fund Balance (Deficit) .................................... .............................59 Enterprise Funds: Combining Balance Sheet ............:........................ .............................61 Combining Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit) ............................ ............................... 63 Combining Statement of Cash Flows ........................ .............................65 Utilities Fund: BalanceSheet .............................................. .............................67 Statement of Revenues, Expenses and Changes in Retained Earnings ........... 68 Statement of Cash Flows ........ :...................... ..70 . ............... ................ Liquor Fund: BalanceSheet ............................................ ............................... Statement of Revenues, Expenses and Changes in Retained Earnings.- ...::...72 Statement of Cash Flows .................... ........... ............................... 73 Schedule of Operating Expenses ......................... .............................74 Swimming Pool Fund: Balance Sheet Statement of Revenues, Expenses and Changes in Retained Earnings ........... 76 Statement of Cash Flows ................................. .............................77 Golf Course Fund: BalanceSheet .............................................. .............................78 Statement of Revenues, Expenses and Changes in Retained Earnings ........... 79 Statement of Cash Flows ............................... ............................... 80 Schedule of Operating Expenses ......................... .............................81 _ Arena Fund: BalanceSheet ............................................ ............................... 82 Statement of Revenues, Expenses and Changes in Retained Earnings ( Deficit) ................................................. ............................... 83 Statement of Cash Flows ............................... ............................... 84 Gun Range Fund: BalanceSheet ............................................ ............................... 85 -- Statement of Revenues, Expenses and Changes in Retained Earnings ........... 86 Statement of Cash Flows ............................... ............................... 87 Art Center Fund: BalanceSheet .............................................. .............................88 Statement of Revenues, Expenses and Changes in Retained Earnings ........... 89 Statement of Cash Flows ................................. .............................90 3 CITY OF EDINA, MINNESOTA Table of Contents, Continued Page Combining and Individual Fund and Account Group Financial Statements (Continued): Edinborough Park Fund: BalanceSheet .............................................. .............................91 Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit) ................................................. ............................... 92 Statement of Cash Flows ................................. .............................93 Agency Funds: Statement of Changes in Assets and Liabilities ............. .............................95 General Fixed Assets Account Group: Schedule of General Fixed Assets ........................... .............................97 General Long -term Debt Account Group: Schedule of General Long -tern Debt ........................ .............................99 Supplementary Information: Exhibit Page Combined Schedule of Bonded Indebtedness .......................Exhibit 1............100 a Schedule of Changes in Bonded Indebtedness ......................Exhibit 2............102 Schedule of Bonds Payable ................... ........................Exhibit 3............103 Schedule of Debt Service Requirements ............................. Exhibit 4............110 Assessed Valuation Tax Levies and Mill Rates Exhibit 5............111 Schedule of Sources and Uses of Public Funds: For 50th and France —No. 1200, a Tax Increment Financing District .......................... ........................Exhibit 6............113 For Southeast Edina Redevelopment District— No. 1201, a Tax Increment Financing District .................Exhibit 7............114 _ For Grandview Area Redevelopment District— No. 1202, a Tax Increment Financing District ................. Exhibit 8 ............115 For Southeast Edina Economic Development District — No. 1203, A Tax Increment Financing District .................Exhibit 9............116 Independent Auditors' Report on the Schedule of Federal Financial Assistance .......................... ........................Exhibit 10 ..........117 -- Schedule of Federal Financial Assistance .... ........................Exhibit 11 ..........118 Independent Auditors' Report on Compliance with General Requirements Applicable to Federal Financial Assistance Programs .................. ............................... Exhibit 12 ..........119 Schedule of Finding and Questioned Cost ... ........................Exhibit 12 ..........120 4 CITY OF EDINA, MINNESOTA Table of Contents, Continued Supplementary Information (Continued): Exhibit Page Independent Auditors' Report on Compliance at the General Purpose Financial Statement Level ....................... Exhibit 13 ..........121 Independent Auditors' Report on the Internal Control Structure at the Federal Financial Assistance ProgramLevel ......................... ............................... Exhibit 14 ..........122 Independent Auditors' Report on the Internal Control Structure at the General Purpose Financial Statement Level .... Exhibit 15 ..........124 PART III — STATISTICAL SECTION Table Page General Governmental Expenditures by Function— Last Ten Fiscal Years ........................ ..........................Table 1..............126 General Governmental Revenues by Source —Last " Ten Fiscal Years .............................. ..........................Table 2..............127 Property Tax Levies and Collections —Last Ten . . Fiscal .............................. ............................... Years Table 3 ..............128 Assessed Value or Tax Capacity and Estimated Market Value of Taxable Property—Last Ten Fiscal Years .... ............................... ..........................Table 4..............130 Property Tax Rates —All Overlapping Governments— Last Ten Fiscal Years ........................ ..........................Table 5..............131 Special Assessment Collections —Last Ten Fiscal Years ............Table 6 ..............132 Ratio of Net General Bonded Debt to Assessed Value/Tax Capacity and Net Bonded Debt Per Capita— Last Ten Fiscal Years ........................ ..........................Table 7..............134 Computation of Legal Debt Margin — December 31, 1992 ........... Table 8 ..............135 Computation of Overlapping Debt— December 31, 1992 ............ Table 9 ..............136 _ Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures —Last Ten Fiscal Years .............................. ..........................Table 10 ............137 Revenue Bond Coverage —Last Ten Fiscal Years ....................Table 11 ............138 Property and Construction Values —Last Ten Fiscal Years.......... Table 12 ............139 Principal Taxpayers — December 31, 1992 .. ..........................Table 13 ............140 Miscellaneous Statistics— December 31, 1992 ........................Table 14 ............141 INTRODUCTORY SECTION CITY OF EDINA, MINNESOTA Elected and Appointed Officials December 31, 1992 Elected: Mayor — Frederick S. Richards Council: Glenn L. Smith Bernard G. Rice, Jr. Peggy Kelly Jane L. Paulus 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 — Term of office expires January* 1997 1995 1995 1997 1997 w9tN�1r� Cn • ����bRroa 5�� City of Edina - April 23, 1993 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, 1992 and for the fiscal year then, ended. Responsibility for both the accuracy .of the presented data and `the completeness and fairness: of the presentation, including all disclosures, rests with the City. All disclosures necessary to enable the reader to gain the maximum understanding of the City's financial affairs have been included. In developing and evaluating the City's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are discussed by the Finance Director in his accompanying letter of transmittal, and within that framework, I believe that the City's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. In accordance with the above - mentioned guidelines the accompanying report consists of three sections: 1) Introductory section — includes the Finance Director's letter of transmittal; 2) Financial section— includes the financial statements and supplemental schedules of the government accompanied by our independent auditors' reports; and 3) Statistical section — includes a number of tables of unaudited data depicting the financial history of the government for the past ten years, information on overlapping governments, and demographic and other miscellaneous information. State law requires that the financial statements of the City of Edina, Minnesota be audited by a certified public accountant selected by the City Council. This requirement has been complied with, and our independent auditors' reports. are included in the financial section of this report. City Hall (612) 927 -8861 4801 WEST 50TH STREET -2- FAX (612) 927 -7645 EDINA, MINNESOTA 55424 -1394 TDD (612) 927 -5461 The City of Edina, Minnesota concluded fiscal year 1992 in a sound financial condition, which is shown in the report. Preparation of this annual financial report could not have been accomplished without the dedicated effort of the Finance Director and his entire staff. Their efforts over the past years toward upgrading the accounting and financial reporting systems of the City of Edina have lead substantially to the improved quality of,the information being reported to the City Council, state oversight boards, and the citizens of the City of Edina. Respectfully submitted, 1 Kenneth E. Rosland City Manager —3— �91Na, ,yll� �1 o e Cn 0 • 'N�bRwMT�� City of Edina April 23, 1993 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, 1992, is submitted herewith. This report was prepared by the City's Finance Department. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the City. We believe the data, as presented, is accurate in all material respects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the City as measured by the financial activity of its various' funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the City's financial affairs have been included. Accounting System .and Budgetary Control In developing and evaluating the City's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding:. (1) the safeguarding of assets against loss from unauthorized use or disposition; and (2) the reliability of financial records for preparing financial. statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits requires estimates and judgments by management. All internal control evaluations occur within the above framework. We believe that the City's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. Budgetary control is maintained through the issuance of purchase orders. Purchase orders which would result in an overrun of the budgeted allotment are not released until additional appropriations are made available. City Hall (612) 927 -8861 4801 WEST 50TH STREET FAX (612) 927 -7645 EDINA, MINNESOTA 55424 -1394 TDD (612) 927 -5461 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 Project Funds totaled $24,951,335 in 1992, an increase of 10.5 percent over 1991. General property taxes produced 63.8 percent of general revenues compared to 71.7 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 1991 Taxes $ 15,935;816 63:8% $ 1,510,616 Special assessments 1,563,993. 6.2 583,304 Franchise fee 168,122 .7 34,442 Licenses and permits 820;007 3.3 (30,890) Intergovernmental 1,000;395 4:0 419,834 Charges for services 19282,432 5.2 (5,092) Fines and forfeitures 471,038 1.9 33,605 Interest on investments 424,622 1.7 (450,698) Sale and rental of property 128,019 .5 3,870 Miscellaneous 3,156,891 12.7 268,461 Total revenues $ 24,951,335 100.0% $ 2,367,452 Current tax collections were 97.1 percent of the tax levy, down .1 percent from last year. Delinquent tax collections were less than last year. The ratio of total collections (current and delinquent) to the current tax levy was 98.3 percent, a decrease of .4 percent from last year. —5— Intergovernmental revenues were 4.0 percent of general revenues compared to 3.0 percent in 1991. Expenditures for all general governmental purposes totaled $24,662,408, a decrease of 12.6 percent over 1991. Increases (decreases) in levels of expenditures for major functions of the City over last year are shown in the following table: 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 1992: Gross bonded debt outstanding, January 1, 1992 Add bonds issued in fiscal year 1992 Deduct bonds redeemed in fiscal year 1992 Gross bonded debt outstanding, December 31, 1992 Deduct sinking fund assets, December 31, 1992 Net bonded debt, December 31, 1992 .9236 $ 1,388 $ 63,565,000 29,575,000 2,260,000 90,880,000 (26,899,229) $ 63,980,771 The City's bonds continue to have an Aal rating as determined by Moody's Investors Service, and an AA rating from Standard & Poors. Increase Percent (decrease) Function Total of total from 1991 General government $ 1,987,784 8.0% $ (8,844) Public safety 6,218,655 25.2 101,811 Public works 2,750,808 11.2 (111,575) Parks 2,137,194 8.7 350,023 Unallocated general 588,319 2.4 (28,798) Other 4,429,119 18.1 3,447,976 Capital outlay 586,679 2.3 (7,416,916) Bond principal 1,790,000 7.2 310,000 Interest and fiscal charges 4,173,850 16.9 (209,575) Total expenditures $ 24,662,408 100.0% $(3,565,898) Expenditures for public safety were 25.2 percent of total general governmental expenditures. This expenditure function includes police protection, fire protection, civil defense, animal control, public health and building inspection 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 1992: Gross bonded debt outstanding, January 1, 1992 Add bonds issued in fiscal year 1992 Deduct bonds redeemed in fiscal year 1992 Gross bonded debt outstanding, December 31, 1992 Deduct sinking fund assets, December 31, 1992 Net bonded debt, December 31, 1992 .9236 $ 1,388 $ 63,565,000 29,575,000 2,260,000 90,880,000 (26,899,229) $ 63,980,771 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, 1992 the City had $68,655,000 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, 1992. This compares with the City's debt limit as shown below: Debt limit Legal debt margin Cash Management $ 71,377,942 $ 71,377,942 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 1992 the City earned $424,622 in interest income. The following is a list of the City's cash and investments by classification as of December 31, 1992: Cash $ 8,374,767 Cash deficit (7,923,568) Cash with plan administrator 5,156,699 Cash with fiscal agents 25,309,200 Certificates of deposit 1,000,000 Commercial paper 7,454,968 Government securities 9,324,109 Money markets 3,067,935 $ 51,764,110 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 seven tax increment districts. The Construction Fund and Revolving Fund are for construction projects or major equipment purchases funded through special assessments, State aids, General Fund appropria- tions, 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, 1992 the general fixed assets of the City amounted to $62,954,661. 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 1992 and 1991 is as follows: Income (loss) before transfers 1992 1991 Utilities $ 330,387 637,453 Liquor 394,396 416,044 Swimming Pool (36,877) 6,802 Golf Course (12,597) (124,310) Arena (151,343) (131,001) Gun Range (2,375) (5,491) Art Center (70,098) (47,540) Edinborough Park (149,548) (52,600) $ 301,945 699,357 Transfers from /to other funds for various purposes were $20,000 and $380,000 in 1992 and $20,000 and $380,000 in 1991, 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 1992. 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, �� �^^' w 5;Z ohn Wallin, CPA Treasurer and Finance Director 4" "�� Linda Margl Accountant —8— FINANCIAL SECTION 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, 1992, 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, as of December 31, 1992, 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. 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 individual account group financial statements and schedules listed in the accompanying table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of Edina, Minnesota. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. mil' FIEF[Ilynveld ember 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 23, 1993 —10— CITY OF EDINA, MINNESOTA Combined Balance Sheet —All Fund Types and Account Groups December 31, 1992 (with comparative totals for December 31, 199 1) See accompanying notes to financial statements. –11– Governmental fund types Special Debt Assets and Other Debits General Revenue Service Cash (note 2) $ 6,795,955 0 0 Investments (note 2) 7,575,466 850,000 0 Cash with plan administrators (notes 2 and 7) 0 0 0 Cash with fiscal agents (notes 2 and 5) 0 0 18,810,119 Receivables: Accounts 389,020 487 18,371 Interest 3,624 12,470 0 Special assessments 0 0 3,706,018 Metropolitan Waste Control 0 0 0 Notes 0 0 0 Due from other funds (note 10) 30,000 939 200,000 Due from other governments 219,486 17,281 0 Inventory 0 0 0 Prepaid expense 80,464 0 0 Fixed assets (note 4) 0 0 0 Discount on bonds 0 0 0 Amount available in debt service fund 0 0 0 Amount to be provided for retirement of long -term debt 0 0 0 Total assets and other debits Liabilities_ Fund Other Credits $ 15,094,015 881,177 22,734,508 Equity and Liabilities: Cash deficit (note 2) 0 99,875 80,929 Salaries payable 50,674 0 0 Accounts payable 308,266 27,892 0 Contracts payable 0 0 0 Accrued interest payable 0 0 0 Due to other funds (note 10) 6,542,622 0 0 Due to other governments 0 0 0 Deposits payable 0 0 0 Due to participants (note 7) 0 0 0 Due to federal government 0 0 0 Accrued compensated absences (note 5) 0 0 0 Deferred revenue 0 0 3,706,018 Bonds payable (note 5) 0 0 0 Total liabilities 6,562 127,767 3,786,947 Fund equity and other credits: Investment in general fixed assets 0 0 0 Contributed capital 0 0 0 Retained earnings: Reserved (note 11) 0 0 0 Unreserved— undesignated 0 0 0 Fund balance: Reserved (note 11) 687,261 0 18,947,561 Unreserved — designated (note 11) 6,893,303 0 0 Unreserved — undesignated 611,889 753,410 0 Total fund equity and other credits 8,192,453 753,410 18,947,561 Total liabilities, fund equity and other credits $ 15,094,015 881,177 22,734,508 See accompanying notes to financial statements. –11– _. 5,625,839 Proprietary Fiduciary Account groups 7,923,568 9,355,024 291 fund type fund type General General Totals Capital 62,368 688,629 Fixed Long -term (memorandum only) Projects Enterprise Agency Assets Debt 1992 1991 432,536 1,113,468 32,808 0 0 8,374,767 9,121,536 9,446,875 2,831,087 143,584 0 0 20,847,012 18,574,446 0 .0 5,156,699 0 0 5,156,699 4,468,793 0 6,499,081 0 0 0 25,309,200 0 9,508 1,209,160 0 0 0 1,626,546 2,162,533 72,488 93,211 371 0 0 182,164 130,627 221,071 9,146 0 0 0 3,936,235 4,418,709 0 274,659 0 0 0 274,659 96,595 950,612 0 0 0 0 950,612 800,101 6,269,062 72,621 0 0 0 6,572,622 9,595,459 0 0 0 0 0 236,767 206,854 0 529,666 0 0 0 529,666 458,347 2,266 0 0 0 0 82,730 61,962 0 32,307,712 0 62,954,661 0 95,262,373 90,904,696 0 153,543 0 0 0 153,543 72,511 0 0 0 0 200,000 200,000 200,000 0 0 0 0 73,153,999 73,153,999 55,874,965 17,404,418 45,093.354 5,333,462 62,954,661 73,353,999 242,849,594 197,148,134 _. 5,625,839 2,116,925 0 0 0 7,923,568 9,355,024 291 16,796 0 0 0 67,761 0 62,368 688,629 0 0 0 1,087,155 901,801 35,780 43,580 0 0 0 79,360 69,036 0 104,326 0 0 0 104,326 74.133 0 30,000 0 0 0 6,572,622 9,595,459 0 (36,222) 176,763 0 0 140,541 158,798 0 15,200 0 0 0 15,200 17,192 0 0 5,156,699 0 0 5,156,699 4,468,793 0 0 0 0 0 0 139,434 0 0 0 0 723,999 723,999 679,965 224,373 12,600 0 0 0 3,942,991 4,456,416 0 18,250,000 0 0 72,630,000 90,880,000 63565,000 5,948,951- 1 41, 5, 3 , 62 -U' -7-3-,3-5-3,-9W 116,6 4 93,481,051 0 0 0 62,954,661 0 62,954,661 61,656,664 0 950,446 0 0 0 950,446 578,311 0 1,422,529 0 0 0 1,422,529 826,815 0 21,478,545 0 0 0 21,478,545 22,085,115 0 0 0 0 0 19,634,822 834,546 0 0 0 0 0 6,893,303 5583,863 11,455,767 0 0 0 0 12,821,066 12,101,769 11,455,767 23,851 ;520 0 62,954,661 0 126,155,372 103,667,083 17,404,418 45,093,354 5,333,462 62,954,661 73,353,999 242,849,594 197,148,134 -12- CITY OF EDINA, MINNESOTA Combined Statement of Revenues, Expenditures and Changes in Fund Balance — All Governmental Fund Types Year ended December 31, 1992 (with comparative totals for year ended December 31, 1991) Expenditures: Current: General government Public safety Public works Parks Unallocated general Other Capital outlay: General government Public safety Public works Parks Debt service: Bond principal Interest and fiscal charges Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources (uses): Proceeds from issuance of bonds Proceeds from sale of land Operating transfers in Operating transfers out Parkland dedication Parkland dedication for Edina HRA Total other financing sources (uses) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses Fund balance (deficit)— January 1 Fund balance— December 31 See accompanying notes to financial statements. —13— 1,987,784 0 Governmental fund types 6,218,655 0 Special Debt 0 General Revenue Service Revenues: 588,319 0 0 Taxes $ 10,018,724 0 0 Special assessments 0 0 1,410,231 Franchise fee 0 168,122 0 Licenses and permits 820,007 0 0 Intergovernmental 796,920 67,132 0 Charges for services 1,282,432 0 0 Fines and forfeitures 471,038 0 0 Interest on investments 33,215 71,241 0 Sale and rental of property 28,019 0 0 Miscellaneous 108,412 0 0 Total revenues 13,558,767 306,495 1,410,231 Expenditures: Current: General government Public safety Public works Parks Unallocated general Other Capital outlay: General government Public safety Public works Parks Debt service: Bond principal Interest and fiscal charges Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources (uses): Proceeds from issuance of bonds Proceeds from sale of land Operating transfers in Operating transfers out Parkland dedication Parkland dedication for Edina HRA Total other financing sources (uses) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses Fund balance (deficit)— January 1 Fund balance— December 31 See accompanying notes to financial statements. —13— 1,987,784 0 0 6,218,655 0 0 2,750,808 0 0 1,678,669 0 0 588,319 0 0 48,001 359,975 14,461 13,326 0 0 190,462 0 0 299,534 0 0 83,357 0 0 0 0 0 0 0 1,790,000 0 0 4,173,850 13,858,915 359,975 5,978,311 (300,148) (53,480) (4,568,080) 0 0 18,821,172 0 0 0 380,000 0 4,990,105 0 0 0 (20,200) 0 0 1,329,640 0 0 1,689,440 0 23,811,277 1,389,292 (53,480) 19,243,197 6,803,161 806,890 (295,636) $ 8,192,453 753,410 18,947,561 e Totals Capital (memorandum only) Projects 1992 1 1991 5,917,092 15,935,816 14,425,200 153,762 1,563,993 980,689 0 168,122 133,680 0 820,007 850,897 136,343 1,000,395 580,561 0 1,282,432 1,287,524 0 471,038 437,433 320,166 424,622 875,320 100,000 128,019 124,149 3,048,479 3,156,891 2,888,430 9,675,842 24,951,335 22,583,883 0 1,987,784 1,996,628 0 6,218,655 6,116,844 0 2,750,808 2,862,383 458,525 2,137,194 1,787,171 0 588,319 617,117 4,006,682 4,429,119 981,143 0 13,326 22,293 0 190,462 280,791 0 299,534 322,043 0 83,357 7,378,468 0 1,790,000 1,480,000 0 4,173,850 4,383,425 4,465,207 24,662,408 - 28,228,306 5,210,635 288,927 (5,644,423) 0 18,821,172 0 49,474 49,474 2,616 256,800 5,626,905 6,168,393 (5,266,905) (5,266,905) (5,808,393) 0 (20,200) 89,317 0 1,329,640 42,400 (4,960,631) 20,540, 86 494,333 250,004 20,829,013 (5,150,090) 11,205,763 18,520,178 23,670,268 11,455,767 39,349,191 18,520,178 -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, 1992 (with comparative totals for year ended December 31, 1991) Revenues: Taxes Franchise fee Licenses and permits Intergovernmental Charges for services Fines and forfeitures Interest on investments Sales and rental of property Miscellaneous Total revenues Expenditures: Current: General government Public safety Public works Parks Unallocated general Other Capital outlay: General government Public safety Public works Parks Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources (uses): Operating transfers in Operating transfers out Parkland dedication Parkland dedication for Edina HRA Total other financing sources (uses) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses Fund balance -January 1 Fund balance- December 31 See accompanying notes to financial statements. M &IM General Variance - favorable Budget Actual (unfavorable) 10,481,761 10,018,724 (463,037) 0 0 0 778,284 820,007 41,723 503,100 796,920 293,820 954,300 1,282,432 328,132 495,000 471,038 (23,962) 80,000 33,215 (46,785) 30,000 28,019 (1,981) 115,500 108,412 (7,088) 13,437,945 13.55 ,767 120,822 1,982,798 1,987,784 (4,986) 6,080,621 6,218,655 (138,034) 2,904,441 2,750,808 153,633 1,629,410 1,678,669 (49,259) 344,528 588,319 (243,791) 0 48,001 (48,001) 21,299 13,326 7,973 323,272 190,462 132,810 328,212 299,534 28,678 86,364 83,357 3,007 13,700,945 13,85 (157,970) (263,000) 380,000 (117,000) 0 0 263,000 (300,148) 380,000 0 (20,200) 1,329,640 1,689,440 (37,148) 0 117,000 (20,200) 1,329,640 1,426,440 $ 0 1,389,292 1,389,292 6,803,161 $ 8,192,453 0 359,975 ( 13,700,945 14,218 (517.-9T5-) --IT.-67-r.1-53 0 (53,480) (53,480) (263,000) Totals (90,628) (986,527) 0 0 0 (memorandum only) 380,000 Special Revenue 0 0 1992 (117,000) 1991 117,000 (437,000) Variance- 0 0 Variance- (20,200) (20,200) 89,317 favorable 0 0 favorable 1,329,640 Budget Actual (unfavorable) Budget Actual (unfavorable) Actual 1,426,440 74,717 0 0 0 10,481,761 10,018,724 (463,037) 10,186,860 0 168,122 168,122 0 168,122 168,122 133,680 0 0 .0 778,284 820,007 41,723 850,897 0 67,132 67,132 503,100 864,052 360,952 478,561 0 0 0 954,300 1,282,432 328,132 1,287,524 0 0 0 495,000 471,038 (23.962) 437,433 0 71,241 71,241 80,000 104,456 24,456 152,991 0 0 0 30,000 28,019 (1,981) 24,149 0 0 0 115,500 108,412 (7,088) 131,531 0 306,495 306,495 13,437,945 13,865,262 427,317 13,683,626 0 0 0 1,982,798 1,987,784 (4,986) 1,996,628 0 0 0 6,080,621 6,218,655 (138,034) 6,116,844 0 0 0 2,904,441 2,750,808 153,633 2,862,383 0 0 0 1,629,410 1,678,669 (49,259) 1,787,171 0 0 0 344,528 588,319 (243,791) 617,117 0 359,975 (359,975) 0 407,976 (407,976) 576,478 0 0 0 21,299 13,326 7,973 22,293 0 0 0 323,272 190,462 132,810 280,791 0 0 0 328,212 299,534 28,678 322,043 0 0 0 86,364 83,357 3,007 88,405 0 359,975 ( 13,700,945 14,218 (517.-9T5-) --IT.-67-r.1-53 0 (53,480) (53,480) (263,000) (353,628) (90,628) (986,527) 0 0 0 380,000 380,000 0 380,000 0 0 0 (117,000) 0 117,000 (437,000) 0 0 0 0 (20,200) (20,200) 89,317 0 0 0 0 1,329,640 1,329,640 42,400 0 0 0 263,00 1,689,440 1,426,440 74,717 0 (53,480) (53,480) 0 1,335,812 1,335,812 806,890 7.610,051 753,410 8,945,863 -16- (911,810) 8,521,861 7,610,051 CITY OF EDINA, MINNESOTA Combined Statement of Revenues; Expenses and Changes in Retained Earnings —All Proprietary Fund Types Year ended December 31, 1992 (with comparative totals for year ended December 31, 1991) Totals 1992 1991 Sales and cost of sales: Sales $ 5,514,555 5,375,006 Cost of sales 4,322,091 4,184,179 Gross profit 1,192,464 1,190,827 Operating revenues: 821,194 845,126 Charges for services 9,147,391 8,429,976 Total gross profit and operating 1,228,308 1,401,440 revenues 10,339,855 9,620,803 Operating expenses: Disposal charges 2,704,753 2,877,048 Personal services 2,972,630 2,803,671 Contractual services 1,626,631 1,589,350 Commodities 821,194 845,126 Central services 751,106 638,986 Depreciation 1,228,308 1,401,440 Total operating expenses 10,104,622 10,155,621 Operating income (loss) 235,233 (534,818) Nonoperating revenues (expenses): Contribution from special assessments 0 583,464 Income on investments 635,644 764,126 Current value credit —MWCC 40,855 61,020 Donations 21,043 412,000 Interest and fiscal charges (619,205) (582,935) Amortization of bond discount (18,817) (5,917) Miscellaneous 7,192 2,417 Total nonoperating revenues (expenses) 66,712 1,234,175 Income before operating transfers and depreciation on contributed assets 301,945 699,357 Net operating transfers out (360,000) (360,000) Net income (loss) (58,055) 339,357 Add depreciation on contributed assets 47,199 17,634 Increase (decrease) in retained earnings (10,856) 356,991 Retained earnings —January 1 22,911,930 22,554,939 Retained earnings — December 31 $ 22,901,074 22,911,930 See accompanying notes to financial statements. —17- CITY OF EDINA, MINNESOTA Combined Statement of Cash Flows —All Proprietary Fund Types Year ended December 31, 1992 (with comparative totals for year, ended December 31, 1991) Totals 1992 1991 Cash flows from operating activities: Operating income (loss) $ 235,233 (534,818) Adjustments to reconcile operating income (loss) (389) (2,365) to net cash provided by operating activities: 7,581 4,782 Depreciation expense 1,228,308 1,401,440 Changes in assets and liabilities: (380,000) (380,000) (Increase) decrease in petty cash 560 (650) Increase in accounts receivable (227,244) (104,231) Decrease in notes receivable 5,322 0 Increase in due from other funds (63,571) (3,293) Increase in inventory (71,319) (131,745) Decrease in long -term receivable 39,284 57,162 Increase in salaries payable 16,796 0 Increase in accounts payable 261,105 60,553 Increase in contracts payable 42,830 0 Increase (decrease) in accrued interest payable 24,092 (8,025) Decrease in due to other governments (36,222) 0 Increase (decrease) in deposits payable (1,992) 6,008 Decrease in deferred revenue (26,684) (57,162) Total adjustments 1,191,265 1,220,057 Net cash provided by operating activities 1,426,498 685,239 Cash flows from noncapital financing activities: Acquisition of capital assets (4,287,988) (1,824,750) Cash short (389) (2,365) Miscellaneous 7,581 4,782 Donations 21,043 19,008 Operating transfer to General Fund (380,000) (380,000) Operating transfer from Revolving Fund 20,000 20,000 Contributed capital 419,334 371,503 Current value credit 40,855 61,020 Net cash used for noncapital financing activities (4,159,564) (1,730,802) Cash flows from capital financing activities: Proceeds from revenue bonds 10,456,252 0 Principal paid on revenue bonds (504,305) (390,000) Interest paid on revenue bonds (584,900) (582,935) Payment to other funds (10,000) (10,000) Net cash provided (used) by capital 5,782,917 (532,738) financing activities 9,357,047 (982,935) Cash flows from investing activities: (Increase) decrease in investments (1,403,233) 600,343 (Increase) decrease in interest receivable (73,475) 135,369 Interest on investments 635,644 760,048 Net cash provided (used) by investing activities (841,064) 1,495,760 Net increase (decrease) in cash and cash equivalents 5,782,917 (532,738) Cash and cash equivalents (deficit), beginning of year Cash and cash equivalents (deficit), end of year See accompanying notes to financial statements. –18– (295,033) 237,705 $ 5,487,884 (295,033) CITY OF EDINA, MINNESOTA Notes to Financial Statements December 31, 1992 (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 is for revenue bonds, which are accounted for in Enterprise Funds. The two account groups are not "'funds." They are concerned only with the measurement of financial position. They are not involved with measurement of results of operations. Because of their spending measurement focus, expenditure recognition for Governmental Fund types is limited to exclude amounts represented by noncurrent liabilities. Since they do not affect net current assets, such long- term amounts are not recognized as governmental fund type expenditures or fund liabilities. They are instead reported as liabilities in the General Long- term Debt Account Group. (Continued) —21— CITY OF EDINA, MINNESOTA 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. Depreciation of exhaustible fixed assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on Proprietary Fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight -line method. The estimated useful lives are as follows: Buildings 20 -30 years Equipment and machinery 5 -10 years Distribution systems, sewer mains and lift stations 50 years The City follows the practice of including, as part of property, plant and equipment of these funds, the costs of distribution systems, sewer mains and lift stations which are paid for by assessments against benefited property. D. Basis of Accounting Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. The Governmental Fund types 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. (Continued) —22— CITY OF EDINA, MINNESOTA 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. E. Budgets and Budgetary Accounting The City follows these procedures in establishing the budgetary data reflected in the financial statements: 1. The City Manager submits to the City Council a proposed operating budget for the fiscal year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them. 2. Public hearings are conducted to obtain taxpayer comments. 3. The budget is legally enacted by the passage of a resolution by the City Council. 4. Formal budgetary integration is employed as a management control device during the year for the General and Special Revenue Funds. 5. Budgets for the General and Special Revenue Funds are adopted on a basis consistent with generally accepted accounting principles (GAAP). 6. The City Council may authorize transfer of budgeted amounts between departments. 7. Reported budget amounts are as originally adopted or as amended by Council - approved supplemental appropriations and budget transfers. 8. Expenditures may not legally exceed appropriations by department unless offset by increases in revenues. All unencumbered appropria- tions lapse at year end. F. Statement of Cash Flows For purposes of the statement of cash flows, the City's Enterprise Funds consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. (Continued) —23— CITY OF EDINA, MINNESOTA G. Inventory Inventory is stated at the lower of cost (determined on a first in, first out basis) or market value. 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, 1992 for vacation and sick pay was $723,999 and $2,827,125, respectively, although it is anticipated that only a percentage of the accrued sick pay will be used. I. Memorandum Only —Total Column Total columns on the combined statements are captioned memorandum only to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. J. Comparative Data Comparative total data for the prior year have been presented in the accompanying financial statements in order to provide an understanding of changes in the City's financial position and operations. However, comparative data have not been presented in all statements because their inclusion would make certain statements unduly complex and difficult to understand. (2) Cash and Investments Cash In accordance with Minnesota Statutes, the City maintains deposits at various financial institutions. Deposits are carried at cost plus accrued interest. Minnesota Statutes require that all City deposits be protected by an insurance surety bond or collateral. The market value of collateral pledged must equal 110% of the deposits not covered by insurance or bonds (140% in the case of mortgage notes pledged). At December 31, 1992, 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. Carrying Bank amount balance Checking accounts: Insured, collateral held by bank in City's name $ 442,319 945,753 Cash held by broker in City's name 30,465,899 30,465,899 Change funds 8,880 0 $ 30,917,098 31,411,652 Investments The City's investments are stated at cost. Commercial paper is stated at amortized cost,. The City's investments are categorized in the following manner. Category 1— Includes investments that are insured or registered for which the securities are held by the City or its agent in the City's name. Category 2— Includes uninsured and unregistered investments for which the securities are held by the counter party's trust department or agent in the City's name. (Continued) —25— CITY OF EDINA, MINNESOTA Certificates of deposit Commercial paper: Uninsured, unregistered and held in City's name Government securities held in City's name: United States treasury notes Federal National Mortgage Association Government National Mortgage Association Federal Home Loan Bank SBA Pool Money markets Total investments (3) Property Tax Carrying amount Category Category Market 1 2 value $ 1,000,000 0 1,000,000 0 7,454,968 7,473,200 0 3,348,404 3,318,485 0 3,422,476 3,453,931 0 1,199,271 1,191,400 0 916,723 904,421 0 437,235 425,040 0 3,067,935 3,067,935 $ 1,000,000 19,847,012 20,834,412 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 in November and December are remitted to the City each January. The City has no ability to enforce payment of property taxes by property owners. The County possesses this authority. The City recognizes property tax revenue when it becomes both measurable and available to finance expenditures of the current period. In practice, current and delinquent taxes received by the City in July and December are recognized as revenue for the current year. Taxes not collected by the County by December 31 (remitted to the City by the following January) are classified as delinquent and unremitted taxes receivable. The delinquent receivables are fully offset by deferred revenue because they are not available to finance current expenditures. (Continued) —26— CITY OF EDINA, MINNESOTA (4) Fixed Assets A summary of changes in general fixed assets during 1992 is as follows: (Continued) -27- Balance Balance January 1 Additions Deletions December 31 Land $ 17,263,863 0 0 17,263,863 Land improvements 8,952,262 1,245,700 0 10,197,962 Buildings 19,381,041 119,567 0 19,500,608 Furniture and fixtures 762,881 3,865 (161,417) 605,329 Vehicles 1,113,471 136,751 (254,166) 996,056 Sidewalks 92,174 188,720 0 280,894 Leasehold improvements 0 137,808 0 137,808 Miscellaneous equipment 440,045 23,716 (83,906) 379,855 Park and playground equipment 595,704 71,804 (115,305) 552,203 Highway equipment 2,596,108 279,204 0 2,875,312 Police equipment 998,480 45,311 0 1,043,791 Fire equipment 1,544,094 83,790 0 1,627,884 Election equipment 138,114 0 0 138,114 Engineering equipment 134,918 2,735 0 137,653 Traffic signals 116,184 0 0 116,184 Tools 5,812 0 0 5,812 Parks 6,767,735 97,295 0 6,865,030 Construction in progress 753,778 230,303 (753,778) 230,303 Total $ 61,656,664 2,666,569 (1,368,572) 62,954,661 (Continued) -27- CITY OF EDINA, MINNESOTA A summary of proprietary fund fixed assets at December 31, 1992 is as follows: Enterprise fund Land $ 285,341 Golf course 989,502 Land improvements 589,515 Water distribution system 9,955,844 Sewer collection system 11,908,106 Major recreation facilities 6,639,376 Major water facilities 13,179,036 Buildings —liquor stores 721,307 Furniture, fixtures and equipment 3,437,175 Vehicles 266,707 Construction in progress 2,603,616 50,575,525 Less accumulated depreciation (18,267,813) Net book value $ 32,307,712 (5) Long -term Debt Bonded Debt The City has three types of bonded debt outstanding at December 31, 1992: 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 Tax Increment Bonds 1993 -2009 Improvement Bonds 1994 -2001 Revenue Bonds 1994 -2013 Total —28— Interest rates 4.90 - 11.00% 4.00 -8.75 3.80 -8.70 Balance December 31, 1992 $ 68,655,000 3,975,000 18,250,000 $ 90,880,000 (Continued) CITY OF EDINA, MINNESOTA Changes in long -term debt during the year were as follows: $ 64,244,965 30,131,616 2,772,582 91,603,999 The City had the following revenue bonds outstanding at December 31, 1992: Golf Course Bonds, Series 1985 Balance Recreation Facility Bonds, Series 1988 2,420,000 Balance 1,965,000 January 1, Issued/ Redeemed/ December 31, Utility Refunding Bonds, Series 1992D 1992 increases decreases 1992 Tax Increment Bonds $ 51,785,000 17,930,000 1,060,000 68,655,000 Improvement Bonds 3,610,000 1,095,000 .730,000 3,975,000 Revenue Bonds 8,170,000 10,550,000 470,000 18,250,000 Compensated absences 679,965 556,616 512,582 723,999 $ 64,244,965 30,131,616 2,772,582 91,603,999 The City had the following revenue bonds outstanding at December 31, 1992: Golf Course Bonds, Series 1985 $ 850,000 Recreation Facility Bonds, Series 1988 2,420,000 Recreation Facility Bonds, Series 1989 1,965,000 Recreation Facility Bonds, Series 1992A 3,975,000 Recreation Facility Bonds, Series 1992C 4,650,000 Utility Refunding Bonds, Series 1992D 1,925,000 Utility Bonds, Series 1988 2,465,000 $ 18,250,000 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. During 1992 the City issued $3,975,000 in General Obligation Recreational Facility Bonds to finance two Golf Course projects and a Swimming Pool restoration. (Continued) —29— CITY OF EDINA, MINNESOTA During 1992 the City issued $17,930,000 in General Obligation Tax Increment Refunding Bonds to replace the Tax Increment Bonds, Series 1988 and the Tax Increment Bonds, Series 1989. The 1988 and 1989 bonds will be refunded by means of a "crossover" refunding. The refunding issue proceeds, net of issuance costs, was placed in an irrevocable trust and invested in government securities. These securities are structured to pay debt service on the new bonds through the call date of the refunded bonds, at which time the escrow account will crossover and pay the remaining principal on the original issues by calling all the remaining bonds. From 1992 to 1998 both issues will be reported in the City's financial statements. The refunding was to take advantage of lower interest rates in effect at the time of the transaction. The cumulative savings to the City resulting from the refunding will be $896,416 and the net present value savings is $589,361. The City issued $4,650,000 General Obligation Recreational Facility Refunding Bonds, Series 1992C to replace the Golf Course and Recreational Facility Bonds of 1985, 1988 and 1989. These will be refunded by means. of "crossover" refunding as described above. The cumulative savings will be $199,462 and the net present value savings is $113,788. The City issued $1,925,000 General Obligation Utility Refunding Bonds, Series 1992D to replace Utility Revenue Bonds, Series 1988. These will be refunded by means of "crossover refunding as described above. The cumulative savings will be $64,942 and the net present value savings is $55,890. The City issued $1,095,000 General Obligation Improvement Bonds, Series 1992E to replace Improvement Bonds, Series 1989. These will be refunded by means of "crossover" refunding as described above. The cumulative savings will be $28,050 and the net present value savings is $23,062. The annual requirements to amortize all debt outstanding as of December 31, 1992, including interest payments of $55,784,441 are as follows: Year ending Tax December 31 Increment Improvement Revenue Total 1993 $ 5,094,223 647,781 1,030,207 6,772,211 1994 5,156,110 933,410 3,439,233 9,528,753 1995 6,303,307 1,632,715 1,470,466 9,406,488 1996 6,225,216 508,895 2,065,637 8,799,748 1997 -2009 92,161,021 1,010,443 18,985,777 112,157,241 $ 114,939,877 4,733,244 26,991,320 146,664,441 (Continued) —30— 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 1993: 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 $ 296,087 Current tax capacity value 1,472,010 Captured tax capacity value: Retained by authority 1,175,923 Shared with other taxing districts 0 General obligation tax increment bonds issued 5,280,000 Total loans incurred 0 Amounts redeemed 1,950,000 Outstanding bonds and loans at December 31, 1992 $ 3,330,000 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 $ 222,983 Current tax capacity value 2,150,850 Captured tax capacity value: Retained by authority 1,927,867 Shared with other taxing districts 0 General obligation tax increment bonds issued 21,470,000 Total loans incurred 0 Amounts redeemed 4,775,000 Outstanding bonds and loans at December 31, 1992 $ 16,695,000 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 $ 254,967 Current tax capacity value 831,844 Captured tax capacity value: Retained by authority 576,877 Shared with other taxing districts 0 General obligation tax increment bonds issued 2,000,000 Total loans incurred 0 Amounts redeemed 300,000 Outstanding bonds and loans at December 31, 1992 $ 1,700,000 (Continued) –31– CITY OF EDINA, MINNESOTA Southeast Edina Redevelopment District —No. 1203, a redevelopment district established in 1988 pursuant to Minnesota Statutes with a termination date of 2016. Original tax capacity value $ 281,448 Current tax capacity value 1,323,416 Captured tax capacity value: Retained by authority 1,041,968 Shared with other taxing districts 0 General obligation tax increment bonds issued 46,930,000 Total loans incurred 0 Amounts redeemed 0 Outstanding bonds and loans at December 31, 1992 $ 46,930,000 Economic Development District —No. 1204, a development district established in 1989 pursuant to Minnesota Statutes with a termination date of 1997. Original tax capacity value $ 8,272,698 Current tax capacity value 10,914,657 Captured tax capacity value: Retained by authority 2,641,959 Shared with other taxing districts 0 General obligation tax increment bonds issued 0 Total loans incurred 0 Amounts redeemed 0 Outstanding bonds and loans at December 31, 1992 $ 44th and France —North 1205, a redevelopment district established in 1991 pursuant to Minnesota Statutes with a termination date of 2015. Original tax capacity value $ 109,087 Current tax capacity value 124,067 Captured tax capacity value: Retained by authority 14,980 Shared with other taxing districts 0 General obligation tax increment bonds issued 0 Total loans incurred 0 Amounts redeemed 0 Outstanding bonds and loans at December 31, 1992 $ 0 (Continued) —32— 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 $ 80,779 Current tax capacity value 71,011 Captured tax capacity value: Retained by authority (9,768) Shared with other taxing districts 0 General obligation tax increment bonds issued 0 Total loans incurred 0 Amounts redeemed 0 Outstanding bonds and loans at December 31, 1992 $ 0 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 $ 299,266 Current tax capacity value 311,518 Captured tax capacity value: Retained by authority 12,252 Shared with other taxing districts 0 General obligation tax increment bonds issued 0 Total loans incurred 94,692 Amounts redeemed 0 Outstanding bonds and loans at December 31, 1992 $ 94,692 (6) 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 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,- 1992 was $6,589,515 and $3,643,102, respectively; the City's total payroll was $11,339,868. (Continued) –33– CITY OF EDINA, MINNESOTA PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors upon death of eligible members. Benefits are established by State Statute, and vest after three years of credited service. The defined retirement benefits are based on a member's 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% of average salary for each of the first 10 years of service and 2.5% for each remaining year. For a Coordinated member, the annuity accrual rate is 1 % of average salary for each of the first 10 years and 1.5% 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 the annuity accrual rate is 2.5% for each year of service. 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 actuarial valuation, PERA's actuary determines the sufficiency of the statutory contribution rates towards meeting the required full funding deadline. The actuary compares the actual contribution rate to a "required" contribution rate. Current combined statutory contribution rates and actuarially required contribution rates for the plans are as follows: Statutory rates Required Employees Employer rates PERF (Basic and Coordinated Plans) 4.41% 4.74% 9.95% PEPFF 8.00 12.00 18.60 (Continued) —34— CITY OF EDINA, MINNESOTA Total contributions made by the City during fiscal year 1992 were: Amounts Employees Employer. PERF $ 296,713 323,263 PEPFF 291,142 436,459 Totals $ 587,855 759,722 Percentage of covered payroll Employees Employer 4.50% 4.91% 8.0 12.00 The City's contribution for the year ended June 30, 1992 to the PERF represented .29% of total contributions required of all participating entities. For the PEPFF, contributions for the year ended June 30, 1992 represented 1.52% of total contributions required of all participating entities. B. Funding Status and Progress 1. Pension Benefit Obligation The "pension benefit obligation" is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and step -rate benefits, estimated to be payable in the future as a result of employee service to date. The measure, which is the actuarial present value of credited projected benefits, is intended to help users assess PERA's funding status on a going- concern basis, assess progress made in, accumulating sufficient assets to pay benefits when due, and make comparisons among Public Employees Retirement Systems and among employers. PERA does not make separate measurements of assets and pension benefit obligation for individual employers. The pension benefit obligations as of June 30, 1992, are shown below: Total pension benefit obligations Net assets available for benefits, at cost (Market values for PERF = $4,068,082; PEPFF = $(1,012,812) Unfunded (assets in excess of) pension benefit obligations PERF PEPFF m thousands) $ 4,868,124 821,604 3,933,124 963,565 $ 935,000 (141,961) The measurement of the pension benefit obligations is based on an actuarial valuation as of June 30, 1992. Net assets available to pay pension benefits were valued as of June 30, 1992. (Continued) —35— CITY OF EDINA, MINNESOTA 2. Changes in Benefit Provisions Effective for the June 30, 1992 valuation, legislative activity since the last actuarial valuation resulted in some minor changes in benefit provisions for the two funds. These changes did not have a significant impact on the PERF or the PEPFF. C. 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, 1992. This information is useful in assessing the pension plan's accumulation of sufficient assets to pay pension benefits as they become due. D. Related Party Investments As of June 30, 1992, and for the fiscal year then ended, PERA held no securities issued by the City or other related parties. (7) Deferred Compensation Plan .The City offers its employees five deferred compensation plans which are in accordance with Internal Revenue Code Section 457. The plans are Aetna, International City Manager's Association (ICMA), Great West, T. Rowe Price and Minnesota State Retirement Systems (MSRS). The plans permit employees to defer a portion of their salary until future years. The deferred compensation is not available until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the City, subject only to the claims of the City's general creditors. Participants' rights under the plan are equal to those of general creditors of the City in an amount equal to the fair market value of the deferred account for each participant. Plan assets of $5,156,699 at December 31, 1992 are recorded at fair market value and are shown in the Agency Funds on the combined balance sheet. (Continued) —36— CITY OF EDINA, MINNESOTA (8) Segment Information for Enterprise Funds The City maintains Enterprise Funds for utility (water and sewer) services and liquor facilities. Individual funds are also maintained for other enterprise operations designated below as "Other Enterprise Funds" which are recreational in nature such as: swimming pool, golf course, arena, gun range, art center and Edinborough Park. Segment information for the year ended December 31, 1992 is as follows: The Edina Firemen's Relief Association (the 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 Association's accrued liability. As of December 31, 1992 there was no unfunded liability. (Continued) —37— Other Total Enterprise Enterprise Utility Liquor Funds Funds Sales $ 0 5,514,555 0 5,514,555 Operating revenues 5,805,995 1,192,464 3,341,396 10,339,855 Depreciation 633,249 42,671 552,388 1,228,308 Operating income (loss) 460,218 390,936 (615,921) 235,233 Nonoperating revenues (expenses), net (129,831) 3,460 193,083 66,712 Operating transfers in (out) 0 (380,000) 20,000 (360,000) Net income (loss) 330,387 14,396 (402,838) (58,055) Property additions 1,026,325 28,673 3,232,990 4,287,988 Net working capital 4,329,080 240,660 5,171,905 9,741,645 Bonds payable 4,390,000 0 13,860,000 18,250,000 Total assets 26,214,874 1,131,683 17,746,797 45,093,354 Total retained earnings 21,716,545 861,117 323,412 22,901,074 (9) Edina Firemen's Relief Association The Edina Firemen's Relief Association (the 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 Association's accrued liability. As of December 31, 1992 there was no unfunded liability. (Continued) —37— CITY OF EDINA, MINNESOTA (10) Due From/To Other Funds Interfund receivables and payables as of December 31, 1992 were as follows: Fund General (including amount due Edina Housing and Redevelopment Authority) Special Revenue: Communications Debt Service: General Debt Service Capital Project Funds: Housing Redevelopment Authority of Edina Enterprise: Art Center Edinborough (11) Reserved or Designated Fund Equity Interfund Interfund receivables payables $ 30,000 6,542,622 939 0 11 111 6,269,062 0 5,757 0 66,864 30,000 $ 6,572,622 6,572,622 The following fund equity balances as of December 31, 1992 have been reserved or designated for the reasons noted below: General Fund: Reserved for commitments Unreserved - designated for dedicated funds Debt Service Funds: Reserved for debt service Enterprise Funds: Reserved for debt service Total fund equity reservations /designations —38— $ 687,261 6,893,303 18,947,561 1,422,529 $ 27,950,654 (Continued) CITY OF EDINA, MINNESOTA (12) Fund Deficits The following funds had deficit fund balances or retained earnings at December 31, 1992: Construction Fund Arena Fund Edinborough Park Fund $ (4,855,004) (895,053) (424,976) These deficits will be covered in future periods by special assessment collections, tax increment, operating revenues, internal financing or State and bond proceeds. (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. —39— 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. —40— CITY OF EDINA, MINNESOTA General Fund Balance Sheet December 31, 1992 (with comparative amounts for December 31, 1991) Assets 1992 1991 Petty cash and change funds $ 1,140 1,140 Cash 6,794,815 7,188,873 Investments 7,575,466 8,718,179 Accrued interest receivable 3,624 6,177 Taxes receivable: $ 15,094,015 16,390,943 Delinquent 300,656 241,915 Allowance for uncollectible taxes (300,656) (241,915) Accounts receivable 389,020 170,024 Due from other funds 30,000 40,000 Due from other governments 219,486 206,854 Prepaid expense 80,464 59,696 Total assets $ 15,094,015 16,390,943 Liabilities and Fund Balance Liabilities: Salaries payable 50,674 0 Accounts payable 308,266 403,812 Due to other funds 6,542,622 9,183,970 Total liabilities 6,901,562 9,587,782 Fund balance: Reserved 687,261 634,546 Unreserved: Designated 6,893,303 5,583,863 Undesignated 611,889 584,752 Total fund balance 8,192,453 6,803,161 Total liabilities and fund balance $ 15,094,015 16,390,943 —41— CITY OF EDINA, MINNESOTA General Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Year ended December 31, 1992 (with comparative actual amounts for year ended December 31, 199 1) Revenues: Taxes Licenses and permits Intergovernmental Charges for services Fines and forfeitures Interest on investments Sale and rental of property Miscellaneous Total revenues Expenditures: Current: General government Public safety Public works Parks Unallocated general Other (central services) Capital outlay: General government Public safety Public works Parks Total expenditures Deficiency of revenues over expenditures Other financing sources (uses): Operating transfers in (out): Liquor Fund Capital Project Funds Transfer dedicated funds Parkland dedication Reserve for construction Parkland dedication for Southeast Edina Total other finan- cing sources (uses) Excess (deficiency) of revenues and other financing sources a ier expenditures and other financing uses Fund balance-January I Fund balance- December 31 1992 1991 Variance - favorable Budget Actual (unfavorable) Actual $ 10,481,761 10,018,724 (463,037) 10,186,860 778,284 820,007 41,723 850,897 503,100 796,920 293,820 414,601 954,300 1,282,432 328,132 1,287,524 495,000 471,038 (23,962) 437,433 80,000 33,215 (46,785) 97,061 30,000 28,019 (1,981) 24,149 115,500 108,412 (7,088) 131,531 13,437,W 13,55 ,767 120.822 -D-776756- 1,982,798 1,987,784 (4,986) 1,996,628 6,080,621 6,218,655 (138,034) 6,116,844 2,904,441 2,750,808 153,633 2,862,383 1,629,410 1,678,669 (49,259) 1,787,171 344,528 588,319 (243,791) 617,117 0 48,001 (48,001) 258,838 21,299 13,326 7,973 17,889 323,272 190,462 132,810 280,791 328,212 299,534 28,678 322,043 86,364 83,357 3,007 88,405 13,700,945 13,858,915 (157,970) 14,348,109 (263,000) (300,148) (37,148) (918,053) 380,000 380,000 0 380,000 (117,000) 0 117,000 (117,000) 0 (75,000) (75,000) (320,000) 0 52,400 52,400 89,317 0 2,400 2,400 0 0 1,329,640 1,329,640 42,400 263,000 1,689,440 1,426,440 74,717 $ 0 -42- 1,389,292 1,389,292 6,803,161 $ 8,192,453 (843,336) 7,646,497 6,803,161 CITY OF EDINA, MINNESOTA General Fund Schedule of Revenues - Budget and Actual Year ended December 31, 1992 (with comparative actual amounts for year ended December 31, 199 1) Taxes: General property tax Penalties and interest Total taxes Licenses and permits Intergovernmental: Federal aid State grants: Local government aid Homestead credit State highway aid Police aid Other state aid County grants: Health programs Total intergovernmental Charges for services: Engineering and clerical charges Assessing searches Planning fees False alarms Housing and Redevelopment Authority Charges to other funds Ambulance service Recycling fees Laboratory fees Total charges for services Fines and forfeitures Miscellaneous: Interest on investments Sale and rental of property Donations Registration fees Other Total miscellaneous Total revenues -43- 1992 1991 Variance - favorable Budget Actual (unfavorable) Actual $ 10,481,761 10,014,805 (466,956) 10,183,996 0 3,919 3,919 2,864 10,481,761 10,018,724 (463,037) 10,186,860 778,284 820,007 41,723 850,897 10,000 9,304 (696) 7,000 0 274,437 274,437 (127) 0 0 0 1,446 160,000 160,000 0 60,000 220,000 240,014 20,014 223,190 0 0 0 5,863 113,100 113,165 65 117,229 503,100 796,920 293,820 414,601 140,000 154,142 14,142 185,392 5,000 5,258 258 3,504 11,000 10,956 (44) 10,910 42,000 44,109 2,109 42,975 150,000 140,092 (9,908) 194,768 123,300 123,336 36 115,020 475,000 499,159 24,159 427,212 0 293,256 293,256 296,641 8,000 12,124 4,124 11,102 954,300 1,282,432 328,132 1,287,524 495,000 471,038 (23,962) 437,433 80,000 33,215 (46,785) 97,061 30,000 28,019 (1,981) 24,149 500 6 (494) 30 80,000 77,800 (2,200) 98,132 35,000 30,606 (4,394) 33,369 225,500 169,646 (55,854) 252,741 $ 13,437,945 13,558,767 120,822 13,430,056 -43- CITY OF EDINA, MINNESOTA General Fund Schedule of Expenditures - Budget and Actual Year ended December 31, 1992 (with comparative actual amounts for year ended December 31, 199 1) (Continued) -44- 1992 1991 Variance- favorable Budget Actual (unfavorable) Actual General government: Mayor and council: Personal services $ 27,450 26,877 573 27,557 Contractual services 2,700 1,551 1,149 3,135 - Commodities 1,300 561 739 576 Central services 28,800 28,800 0 28,080 Total mayor and council 67,25T- --57.7W -7 5V-3W Administration: Personal services 392,173 388,383 3,790 416,968 _ Contractual services 66,100 81,416 (15,316) 71,471 Commodities 700 3,055 (2,355) 1,825 Central services 111,000 111,000 0 107,916 Capital outlay 9,168 11,808 (2,640) 4,107 Total administration 579,141 5.66-2 (16,521) 6 7 Planning: Personal services 163,410 159,576 3,834 149,847 Contractual services 1,700 1,203 497 277 Commodities 800 577 223 328 Central services 49,800 49,800 0 48,540 Capital outlay 2,721 0 2,721 10,737 _ Total planning 218,431 218,431 211,156 7,1�7� ,729 Finance: Personal services 228,630 231,615 (2,985) 216,103 Contractual services 50,950 55,459 (4,509) 54,183 Commodities 500 375 125 595 Central services 59,280 59,280 0 57,960 Capital outlay 5,367 0 5,367 3,045 Total finance 6,729 T2-,U2T 3 1, 6 Election: Personal services 69,990 64,947 5,043 14,562 Contractual services 12,000 1,638 10,362 11,465 Commodities 4,500 5,905 (1,405) 45 Central services 8,160 8,160 0 7,800 Total election 94,650 80,650 14,000 33,872 (Continued) -44- CITY OF EDINA, MINNESOTA General Fund Schedule of Expenditures - Budget and Actual Year ended December 31, 1992 (with comparative actual amounts for year ended December 31, 199 1) Fire protection: Personal services 1,469,413 1992 (49,731) 1991 Contractual services 68,650 71,153 Variance- 61,314 Commodities 37,100 47,891 favorable 31,265 Central services Budget Actual (unfavorable) Actual Assessing: 135,154 83,790 51,364 98,600 Personal services $ 259,453 258,899 554 246,686 Contractual services 41,422 45,159 (3,737) 40,093 Commodities 1,000 1,679 (679) 1,216 Central services 70,980 70,980 0 69,960 Capital outlay 4,043 1,518 2,525 0 Total assessing 76, 378,2 5 (1,337) 357,955 Legal and court services: 27,761 � �4, 99 20,182 Contractual services 330,000 330,889 (889) 419,440 Total general government 2,004,097 2,001,110 2,987 2,014,517 Public safety: Police protection: Personal services 2,466,583 2,493,035 (26,452) 2,445,857 Contractual services 131,610 144,623 (13,013) 143,690 Commodities 24,850 33,739 (8,889) 33,952 Central services 822,852 822,852 0 792,960 Capital outlay 162,787 100,652 62,135 169,887 Total police protection 3,608,682 3,594,901 13,781 3,586,346 Fire protection: Personal services 1,469,413 1,519,144 (49,731) 1,549,311 Contractual services 68,650 71,153 (2,503) 61,314 Commodities 37,100 47,891 (10,791) 31,265 Central services 409,552 409,648 (96) 392,112 Capital outlay 135,154 83,790 51,364 98,600 Total fire protection 2,119,869 2,131,626 (11,757) 2,132,602 Civil defense: Personal services 18,797 18,797 0 16,422 Contractual services 2,110 1,503 607 1,219 Commodities 1,000 1,022 (22) 2,541 Capital outlay 5,854 1,440 4,414 0 Total civil defense 27,761 � �4, 99 20,182 Animal control: Personal services 31,262 29,289 1,973 29,345 Contractual services 6,150 713 5,437 5,297 Commodities 3,000 2,245 755 2,703 Central services 11,820 11,820 0 11,880 Capital outlay 5,250 0 5,250 0 Total animal control 57,482 44,067 13,415 49,225 (Continued) -45- CITY OF EDINA, MINNESOTA General Fund Schedule of Expenditures - Budget and Actual Year ended December 31, 1992 (with comparative actual amounts for year ended December 31, 199 1) 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 administration Engineering: Personal services Contractual services Commodities Central services Capital outlay Total engineering Supervision and overhead: Personal services Contractual services Commodities Central services Total supervision and overhead 324,29F C20, 5- ---3-,675 �8, TT 183,900 1992 (34,663) 1991 5,500 5,231 Variance- 4,575 2,100 4,114 favorable 1,934 Budget Actual (unfavorable) Actual $ 131,482 129,002 2,480 124,929 130,244 130,237 7 125,020 2,790 2,738 52 6,285 52,608 52,608 0 51,540 7,156 6,020 1,136 649 324,29F C20, 5- ---3-,675 �8, TT 183,900 218,563 (34,663) 218,817 5,500 5,231 269 4,575 2,100 4,114 (2,014) 1,934 67,248 67,248 0 63,876 7,071 0 7,071 11,655 26571F --727,73-7 --TUF5-7 6,403,893 6,409,117 (5,224) 6,397,635 90,192 83,755 6,437 88,947 1,250 437 813 605 27,780 27,780 0 26,760 119,222 111,972 7,250 116,312 287,000 285,246 1,754 276,807 16,200 15,979 221 28,336 11,000 7,911 3,089 13,038 93,600 93,600 0 92,880 18,209 2,735 15,474 32,035 426,009 405,471 20,538 443,096 129,243 122,952 6,291 236,933 10,700 7,751 2,949 10,866 5,250 4,294 956 1,300 718,476 718,509 (33) 721,630 863,669 853,506 10,163 970,729 -46- (Continued) CITY OF EDINA, MINNESOTA General Fund Schedule of Expenditures - Budget and Actual Year ended December 31, 1992 (with comparative actual amounts for year ended December 31, 199 1) -47- 1992 1991 Variance - favorable Budget Actual (unfavorable) Actual Street maintenance: Personal services $ 556,800 557,936 (1,136) 490,232 Contractual services 37,750 59,933 (22,183) 49,762 Commodities 335,000 263,558 71,442 319,318 Total street maintenance 929,550 881,427 48,123 859,312 Street lighting: Personal services 14,650 16,612 (1,962) 14,799 Contractual services 312,000 261,136 50,864 257,027 Commodities 13,500 10,869 2,631 12,310 Total street lighting 5T0,15 ---T8-8,617 51,533 284,-137 Street name signs: Personal services 29,500 26,995 2,505 28,040 Contractual services 500 0 500 0 Commodities 23,500 23,204 296 28,727 Total street name signs 535W X50,1 I� , O1 X767 Traffic control: Personal services 27,400 24,049 3,351 21,242 Contractual services 51,000 49,106 1,894 41,287 Commodities 18,000 13,620 4,380 12,827 Total traffic control ,4W X777 Bridges: Contractual services 10,000 4,902 5,098 4,092 Personal services 500 0 500 419 Commodities 5,000 2,837 2,163 2,302 Total bridges -15 7,7W 7,761 ----6-.TIT Sidewalks and ramps: Personal services 26,000 17,218 8,782 25,655 Contractual services 27,500 37,280 (9,780) 36,987 Commodities 25,150 13,339 11,811 19,255 Total sidewalks and ramps 78,650 67,837 10,813 81,897 Other expenditures: Capital outlay 310,003 296,799 13,204 290,008 Total public works 3,232,653 3,050,342 182,311 3,184,426 (Continued) -47- CITY OF EDINA, MINNESOTA General Fund Schedule of Expenditures - Budget and Actual Year ended December 31, 1992 (with comparative actual amounts for year ended December 31, 199 1) Parks: Administration: Personal services Contractual services Commodities Central services Capital outlay Total administration Recreation: Athletic activities Skating and hockey Tennis instruction Playground Swimming instruction Senior citizens Miscellaneous and special activities Total recreation Maintenance: Supervision and overhead: Personal services Contractual services Commodities Central services Total supervision and overhead Mowing: Personal services Contractual services Commodities Total mowing Special turf care: Personal services Contractual services Commodities Total special turf care Planting and trees: Personal services Contractual services Commodities Total planting and trees 18,500 4,509 13,991 10,863 116,750 137,1 2 , 0) 1T6, ) 59,500 1992 (12,604) 1991 2,500 3,069 Variance- 2,049 0 75 favorable 4 Budget Actual (unfavorable) Actual 364,880 378,428 $ 276,606 281,225 (4,619) 283,704 10,500 6,916 3,584 16,520 2,600 2,020 580 16,104 91,080 91,080 0 89,100 1,914 1,907 7 3,064 382,700 383,148 (448) 408,492 12,000 3,722 9,700 5,747 3,953 11,097 26,100 31,198 (5,098) 28,757 10,000 12,969 (2,969) 10,990 18,100 31,855 (13,755) 26,595 23,300 33,029 (9,729) 23,739 11,050 17,883 (6,833) 24,049 18,500 4,509 13,991 10,863 116,750 137,1 2 , 0) 1T6, ) 59,500 72,104 (12,604) 76,088 2,500 3,069 (569) 2,049 0 75 (75) 4 302,880 303,180 (300) 301,200 364,880 378,428 (13,548) 379,341 53,800 73,592 (19,792) 71,385 0 0 0 632 1,000 688 312 3,083 54,800 74,280 (19,480) 75,100 100,300 140,535 (40,235) 141,056 12,000 3,722 8,278 5,999 35,000 14,936 20,064 23,133 147,300 159,193 (11,893) 170,188 80,200 71,994 8,206 89,314 56,000 86,631 (30,631) 111,163 19,000 5,634 13,366 8,151 155,200 164,259 (9,059) 208,628 -48- (Continued) CITY OF EDINA, MINNESOTA General Fund Schedule of Expenditures - Budget and Actual Year ended December 31, 1992 (with comparative actual amounts for year ended December 31, 199 1) Litter removal: Personal services Contractual services Commodities Total litter removal Building and equipment: Personal services Contractual services Commodities Total building and equipment Paths and hard surfaces: Personal services Contractual services Commodities Total paths and hard surfaces Skating rinks: Personal services Commodities Total skating rinks Total maintenance Capital outlay Total parks Unallocated general expenditures: Human Rights Commission South Hennepin Human Services Council City's share of special assessment Recycling Fireworks Contingencies Centennial/futures Suburban Rate Authority Total unallocated general expenditures Central services Total expenditures 1992 1991 Variance- favorable Budget Actual (unfavorable) Actual $ 17,000 13,463 3,537 14,366 5,000 3,824 1,176 4,716 10,000 8,714 1,286 5,734 32,00- ---2-6-,FOI 5,999 2471 81,494 85,649 (4,155) 92,025 99,000 96,590 2,410 90,060 49,400 52,238 (2,838) 37,876 229,894 234,477 (4,583) 219,961 11,000 14,803 (3,803) 12,763 45,000 15,339 29,661 64,962 4,000 10,636 (6,636) 1,552 60,000 40,778 19,222 79,277 80,800 81,306 (506) 85,274 7,000 1,516 5,484 3,068 87,800 82,822 4,978 88,342 1,131,874 1,160,238 (28,364) 1,245,653 84,450 81,450 3,000 85,341 1,7� 1,76 , 6 6, 5�$75,5� 58,690 58,348 342 53,775 11,102 11,102 0 6,769 45,000 35,384 9,616 51,450 159,986 453,883 (293,897) 453,910 6,000 7,000 (1,000) 5,212 60,000 18,316 41,684 37,527 0 0 0 7,250 3,750 4,286 (536) 1,225 344,528 588,319 (243,791) 617,118 0 48,001 (48,001) 258,838 $ 13,700,945 13,858,915 (157,970) 14,348,110 -49- CITY OF EDINA, MINNESOTA General Fund Schedule of Central Services Expenditures - Budget and Actual Year ended, December 31, 1992 (with comparative actual amounts for year ended December 31, 199 1) -50- 1992 1991 Variance- favorable Budget Actual (unfavorable) Actual General: Contractual services $ 2,675,890 2,712,089 (36,199) 2,692,031 Commodities 15,000 28,166 (13,166) 35,823 Capital outlay 19,340 0 19,340 5,000 Total general 2,710,230 2,740,255 (30,025) 2,732,854 City hall: Personal services 67,270 74,753 (7,483) 72,636 Contractual services 35,950 33,256 2,694 63,990 Commodities 30,400 26,376 4,024 0 Fixed charges 12,360 12,360 0 12,240 Total city hall 145,980 146,745 (765) 148,866 Public works building: Personal services 50,527 35,905 14,622 33,967 Contractual services 68,500 75,091 (6,591) 69,490 Commodities 31,500 34,632 (3,132) 33,452 Fixed charges 7,440 7,440 0 7,440 Capital outlay 3,373 1,946 1,427 7,638 Total public works building 161,340 155,014 6,326 151,987 Equipment operations: Personal services 230,488 232,379 (1,891) 222,733 Contractual services 77,000 76,518 482 78,418 Commodities 378,000 411,955 (33,955) 463,245 Fixed charges 169,740 169,740 0 162,300 16,384 4,557 11,827 2,295 Total equipment operations 871,612 895,149 (23,537) 928,991 Total central services expenditures 3,889,162 3,937,163 (48,001) 3,962,698 Less allocation to other activities 3,889,162 3,889,162 0 3,703,860 Net central services $ 0 48,001 (48,001) 258,838 -50- 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. —51- CITY OF EDINA, MINNESOTA Special Revenue Funds Combining Balance Sheet December 31, 1992 (with comparative totals for December 31, 1991) Liabilities: Cash deficit Community 84,667 99,875 32,242 Accounts payable Development 25,332 Totals 9,600 Assets Block Grant Communications 1992 1991 Cash $ 0 0 0 19,309 Accounts receivable 487 0 487 0 Due from other governments 17,281 0 17,281 0 Investments 0 850,000 850,000 824,296 Accrued interest receivable 0 12,470 12,470 24,436 Due from other funds 0 939 939 Total assets $ 17,768 863,409 881,177 868,041 Liabilities: Cash deficit 15,208 84,667 99,875 32,242 Accounts payable 2,560 25,332 27,892 9,600 Due to other governments 0 0 0 19,309 Total liabilities 17,768 109,999 127,767 61,151 Fund balance: Unreserved- undesignated 0 753,410 753,410 806,890 Total liabilities and fund balance $ 17,768 863,409 881,177 868,041 -52- CITY OF EDINA, MINNESOTA Special Revenue Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balance December 31, 1992 (with comparative totals for December 31, 1991) -53- Community Development Totals Block Grant Communications 1992 1991 Revenues: Franchise fee $ 0 168,122 168,122 133,680 Intergovernmental: Federal grants 67,132 0 67,132 63,960 Interest on investments 0 71,241 71,241 55,930 Total revenues 67,132 239,363 306,495 253,570 Expenditures: Current: Other: Personal services 0 91,558 91,558 83,036 Contractual services 67,132 177,457 244,589 214,386 Commodities 0 4,928 4,928 3,838 Fixed charges 0 18,900 18,900 16,380 Capital outlay 0 0 0 4,404 Total expenditures 67,132 292,843 359,975 322,044 Deficiency of revenues over expenditures 0 (53,480) (53,480) (68,474) Fund balance- January 1 0 806,890 806,890 875,364 Fund balance - December 31 $ 0 753,410 753,410 806,890 -53- 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. —54— CITY OF EDINA, MINNESOTA Debt Service Funds Combining Balance Sheet December 31, 1992 (with comparative totals for December 31, 199 1) General Improvement Debt Bond Totals Assets Service Redemption II 1992 1991 Cash with fiscal agent Accounts receivable Special assessments receivable: Delinquent Current Deferred Due from other funds Total assets Liabilities and Fund Balance Liabilities: Cash deficit Accounts payable Due to other governments Deferred revenue Total liabilities Fund balance (deficit): Reserved for debt service Unreserved — undesignated Total fund balance (deficit) Total liabilities and fund balance $ 17,733,837 1,076,282 18,810,119 0 0 18,371 18,371 14,448 0 20,946 20,946 69,125 0 420,076 420,076 489,525 0 3,264,996 3,264,996 3,608,182 200,000 0 200,000 200,000 $ 17,933,837 4,800,671 22,734,508 4,381,280 0 80,929 80,929 455,372 0 0 0 52 0 0 0 54,660 0 3,706,018 3,706,018 4,166,832 0 3,786,947 3,786,947 4,676,916 17,933,837 0 1,013,724 0 18,947,561 200,000 0 (495,636) 17,933,837 1,013,724 18,947,561 (295,636) $ 17,933,837 4,800,671 22,734,508 4,381,280 —55— CITY OF EDINA, MINNESOTA Debt Service Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balance (Deficit) December 31, 1992 (with comparative totals for December 31, 1991) Revenues: Special assessments Expenditures: Current: Other Debt service: Bond principal Interest and fiscal charges Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources: Operating transfer in: HRA Proceeds from refunding bonds Total other financing Excess (deficiency) of revenues and other financing sources over expenditures Fund balance (deficit) — January 1 Fund balance (deficit) — December 31 General Improvement Debt Bond Totals Service Redemption H 1992 1991 $ 0 1,410,231 1,410,231 782,058 0 14,461 14,461 2,975 1,060,000 730,000 1,790,000 1,480,000 3,930,105 243,745 4,173,850 4,383,425 4,990,105 988,206 5,978,311 5,866,400 (4,990,105) 422,025 (4,568,080) (5,084,342) 4,990,105 0 4,990,105 5,023,265 17,733,837 1,087,335 18,821,172 0 22,723,942 1,087,335 23,811,277 5,023,265 17,733,837 1,509,360 19,243,197 (61,077) 200,000 (495,636) (295,636) (234,559) $ 17,933,837 1,013,724 18,947,561 (295,636) —56— CAPITAL PROJECT FUNDS Capital Project Funds account for the resources expended to acquire assets of a relatively permanent nature other than those financed by Enterprise Funds. Construction Fund —This fund is used to account for the various special assessment and state - aid projects throughout the City. Housing and Redevelopment Authority of Edina Fund —This fund is used to account for revenues from several sources (property taxes, bond proceeds, investment earnings, etc.) that are designated for housing and redevelopment. Revolving Fund —This fund was established to provide financing for capital improvements as designated in the City's capital improvement budget. –57– Cash Investments Accounts receivable Prepaid insurance Special assessments receivable: Delinquent Deferred Due from other funds Loan receivable Accrued interest receivable Total assets Liabilities and Fund Balance Liabilities: Salaries payable Cash deficit Accounts payable Contracts payable Deferred revenue Total liabilities Fund balance (deficit): Unreserved -undesignated CITY OF EDINA, MINNESOTA Capital Project Funds Combining Balance Sheet December 31, 1992 (with comparative totals for December 31, 1991) 0 Housing and 291 291 0 4,811,347 Redevelopment 814,492 5,625,839 6,813,517 24,129 Authority of 20,072 Totals Construction Edina Revolving 1992 1991 68,286 $ 0 432,536 0 432,536 60,225 0 2,491,111 6,955,764 9,446,875 7,467,437 0 0 9,508 9,508 818,975 0 2,266 0 2,266 2,266 0 0 6,281 6,281 8,976 0 0 214,790 214,790 239,724 0 6,269,062 0 6,269,062 8,974,920 0 950,612 0 950,612 794,779 0 7,778 64,710 72,488 31,377 $ 0 10,153,365 7,251,053 17,404,418 18,398,679 0 0 291 291 0 4,811,347 0 814,492 5,625,839 6,813,517 24,129 18,167 20,072 62,368 60,813 16,227 19,553 0 35,780 68,286 3,301 0 221,072 224,373 250,300 4,855,004 37,720 1,055,927 5,948,651 7,192,916 (4,855,004) 10,115,645 6,195,126 11,455,767 11,205,763 Total liabilities and fund balance $ 0 10,153,365 7,251,053 17,404,418 18,398,679 -58- CITY OF EDINA, MINNESOTA Capital Project Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balance (Deficit) Revenues: Tax increments Special assessments Intergovernmental Interest on investments Rental of property Miscellaneous Total revenues Expenditures: Current: Personal services Professional fees Other Special assessments Construction costs Total expenditures Excess of revenues over expenditures Other financing sources (uses): Proceeds from sale of land Operating transfers in (out): General Debt Service Fund General Fund Construction Fund Revolving Fund Enterprise Fund Total other financing sources (uses) December 31, 1992 (with comparative totals for December 31, 1991) 256,800 (4,940,631) (276,800) (4,960,631) (4,603,649) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses 1,296,983 (1,114,224) 67,245 250,004 (4,177,203) Fund balance (deficit)-January 1 (6,151,987) 11,229,869 6,127,881 11,205,763 15,382,966 Fund balance (deficit�-December 31 $ (4,855,004) 10,115,645 6,195,126 11,455,767 11,205,763 -59- Housing and Redevelopment Authority of Totals Construction Edina Revolving 1992 1991 $ 0 5,917,092 0 5,917,092 4,238,340 0 18,998 134,764 153,762 198,631 136,343 0 0 136,343 102,000 0 79,827 240,339 320,166 722,329 0 0 100,000 100,000 100,000 2,694,126 353,371 982 3,048,479 2,756,899 2,830,469 6,369,288 476,085 9,675,842 8,118,199 0 150,092 89,119 239,211 194,768 0 111,623 12,459 124,082 58,013 0 86,303 8,929 95,232 148,909 0 0 0 0 1,961,481 1,790,286 2,194,863 21,533 4,006,682 5,328,582 1,790,286 2,542,881 132,040 4,465,207 7,691,753 1,040,183 3,826,407 344,045 5,210,635 426,446 0 49,474 0 49,474 2,616 0 (4,990,105) 0 (4,990,105) (5,023,265) 0 0 0 0 320,000 0 0 (256,800) (256,800) (328,128) 256,800 0 0 256,800 445,128 0 0 (20,000) (20,000) (20,000) 256,800 (4,940,631) (276,800) (4,960,631) (4,603,649) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses 1,296,983 (1,114,224) 67,245 250,004 (4,177,203) Fund balance (deficit)-January 1 (6,151,987) 11,229,869 6,127,881 11,205,763 15,382,966 Fund balance (deficit�-December 31 $ (4,855,004) 10,115,645 6,195,126 11,455,767 11,205,763 -59- 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 Arena 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. .1 CITY OF EDINA, MINNESOTA Enterprise Funds Combining Balance Sheet December 31, 1992 (with comparative totals for December 31, 1991) Current assets: Petty cash and change funds Cash and cash equivalents Cash with fiscal agents Investments Receivables: Accounts Customers Special assessments Metropolitan Waste Control Notes Interest Due from other funds Inventory Total current assets Long -term receivables: Metropolitan Waste Control Commission Property and equipment, net Discount on bonds Total assets �y Current liabilities: Cash deficit Accounts payable Salaries payable Due to other governments Accrued interest payable Total current liabilities Long -term liabilities: Advances from other funds Reserve for construction Contracts payable Deposits payable Deferred revenue Bonds payable Total long -term liabilities Total liabilities Fund equity: Contributed capital Retained earnings: Reserved for debt retirement Unreserved - undesignated Total retained earnings Total liabilities and fund equity -61- $ 26,214,874 1,131,683 820,256 0 87,320 Swimming Utilities Liquor Pool 3,904 3,979 $ 0 3,640 0 1,105,459 0 0 1,903,786 0 0 0 0 0 0 32,321 0 1,118,928 0 0 9,146 0 0 274,659 0 0 0 0 0 0 0 0 0 0 0 25,431 475,265 0 4,437,409 511,226 0 0 0 0 21,755,758 620,457 813,088 21,707 0 7,168 $ 26,214,874 1,131,683 820,256 0 87,320 111,750 73,628 179,267 331 3,904 3,979 0 (36,222) 0 0 67,019 0 6,101 108,329 270,566 118,182 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4,390,000 0 650,000 4,390,000 0 650,000 4,498,329 270,566 768,182 0 0 0 274,998 0 32,500 21,441,547 861,117 19,574 21,716,545 861,117 52,074 $ 26,214,874 1,131,683 820,256 Golf Arena Gun Art Edinborough Totals Course Fund Range Center Park 1992 1991 1,800 700 0 100 1,500 7,740 8,300 0 0 269 0 0 1,105,728 1,758,860 2,757,177 1,838,118 0 0 0 6,499,081 0 2,776,831 0 0 54,256 0 2,831,087 1,427,854 0 57,605 0 (19) 325 90,232 92,694 0 0 0 0 0 1,118,928 1,066,392 0 0 0 0 0 9,146 3,177 0 0 0 0 0 274,659 57,311 0 0 0 0 0 0 5,322 0 0 0 0 93,211 93,211 65,883 0 0 0 5,757 66,864 72,621 380,539 18,076 0 0 10,894 0 529,666 458,347 5,553,884 1,896,423 269 70,988 161,900 12,632,099 5,324,679 0 0 0 0 0 0 39,284 5,975,971 1,802,642 28,297 303,427 1,008,072 32,307,712 29,248,032 89,433 35,235 0 0 0 153,543 72,511 11,619,288 3,734,300 28,566 374,415 1,169,972 45,093,354 34,684,506 261,201 886,326 0 158,231 612,097 2,116,925 2,053,893 376,893 16,284 607 12,090 29,529 688,629 427,524 3,904 1,628 49 456 2,876 16,796 0 0 0 0 0 0 (36,222) 0 31,206 0 0 0 0 104,326 74,133 673,204 904,238 656 170,777 644,502 2,890,454 2,555,550 0 0 0 30,000 0 30,000 411,489 0 0 0 750 0 750 750 42,830 0 0 0 0 42,830 0 11,700 3,500 0 0 0 15,200 17,192 7,560 5,040 0 0 0 12,600 39,284 9,493,425 3,716,575 0 0 0 18,250,000 8,170,000 9,555,515 3,725,115 0 30,750 0 18,351,380 8,638,715 10,228,719 4,629,353 656 201,527 644,502 21,241,834 11,194,265 0 0 0 0 950,446 950,446 578,311 1,115,031 0 0 0 0 1,422,529 826,815 275,538 (895,053) 27,910 172,888 (424,976) 21,478,545 22,085,115 1,390,569 (895,053) 27,910 172,888 (424,976) 22,901,074 22,911,930 11,619,288 3,734,300 28,566 374,415 1,169,972 45,093,354 34,684,506 -62- CITY OF EDINA, MINNESOTA Enterprise Funds Combining Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit) December 31, 1992 (with comparative totals for December 31, 1991) Sales and cost of sales: Sales Cost of sales Gross profit Operating revenues: Charges for services Total gross profit and operating revenues Operating expenses: Disposal charges Personal services Contractual services Commodities Central services Depreciation Total operating expenses Operating income (loss) Nonoperating revenues (expenses): Contribution from special assessments Income on investments Current value credit -MWCC Donations Interest and fiscal charges Amortization of bond discount Miscellaneous Total nonoperating revenues (expenses) Income (loss) before operating transfers Operating transfers in (out): General fund Revolving fund Net income (loss) Add depreciation on contributed assets Increase (decrease) in retained earnings Retained earnings (deficit )-January 1 Swimming Utilities Liquor Pool $ 0 5,514,555 0 0 4,322,091 0 0 1,192,464 0 5,805,995 0 161,558 5,805,995 1,192,464 161,558 2,704,753 0 0 676,293 485,847 79,451 670,161 92,760 29,865 365,065 24,970 9,184 296,256 155,280 7,872 633,249 42,671 32,484 5,345,777 801,528 158,856 460,218 390,936 2,702 0 0 0 0 0 0 40,855 0 0 0 0 0 (160,241) 0 (39,579) (10,445) 0 0 0 3,460 0 (129,831) 3,460 (39,579) 330,387 394,396 (36,877) 0 (380,000) 0 0 0 0 330,387 14,396 (36,877) 0 0 0 330,387 14,396. (36,877) 21,386,158 846,721 88,951 Retained earnings (deficit )-December 31 $ 21,716,545 861,117 52,074 -63- Golf Arena Gun Art Edinborough Totals Course Fund Range Center Park 1992 1991 0 0 0 0 0 5,514,555 5,375,006 0 0 0 0 0 4,322,091 4,184,179 0 0 0 0 0 1,192,464 1,190,827 1,817,182 642,424 33,788 176,521 509,923 9,147,391 8,429,976 1,817,182 642,424 33,788 176,521 509,923 10,339,855 9,620,803 0 0 0 0 0 2,704,753 2,877,048 740,167 253,358 18,664 184,239 534,611 2,972,630 2,803,671 321,483 213,643 5,090 20,790 272,839 1,626,631 1,589,350 147,687 27,698 7,326 20,046 219,218 821,194 845,126 123,180 49,068 1,770 18,620 99,060 751,106 638,986 297,791 114,703 3,313 29,797 74,300 1,228,308 1,401,440 1,630,308 658,470 36,163 273,492 1,200,028 10,104,622 10,155,621 186,874 (16,046) (2,375) (96,971) (690,105) 235,233 (534,818) 0 0 0 0 0 0 583,464 92,989 0 0 2,098 540,557 635,644 764,126 0 0 0 0 0 40,855 61,020 0 0 0 21,043 0 21,043 412,000 (287,415) (131,970) 0 0 0 (619,205) (582,935) (5,045) (3,327) 0 0 0 (18,817) (5,917) 0 0 0 3,732 0 7,192 2,417 (199,471) (135,297) 0 26,873 540,557 66,712 1,234,175 (12,597) (151,343) (2,375) (70,098) (149,548) 301,945 699,357 0 0 0 0 0 (380,000) (380,000) 0 10,000 0 10,000 0 20,000 20,000 (12,597) (141,343) (2,375) (60,098) (149,548) (58,055) 339,357 0 0 0 0 47,199 47,199 17,634 (12,597) (141,343) (2,375) (60,098) (102,349) (10,856) 356,991 1,403,166 (753,710) 30,285 232,986 (322,627) 22,911,930 22,554,939 1,390,569 (895,053) 27,910 172,888 (424,976) 22,901,074 22,911,930 -64- CITY OF EDINA, MINNESOTA Enterprise Funds Combining Statement of Cash Flows December 31, 1992 (with comparative totals for December 31, 199 1) Cash flows from capital financing activities: Proceeds from revenue bonds 1,915,376 0 Swimming Payment to other funds Utilities Liquor Pool Cash flows from operating activities: (275,000) 0 (34,305) Operating income (loss) $ 460,218 390,936 2,702 Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities: 1,480,135 0 609,354 Depreciation expense 633,249 42,671 32,484 Changes in assets and liabilities: 0 0 0 (Increase) decrease in accounts receivable (275,853) (31,837) 0 Decrease in notes receivable 0 5,322 0 Increase (decrease) in due to (from) other funds 0 0 (371,489) Increase in inventory (3,405) (49,708) 0 Decrease in long -term receivable 39,284 0 0 Increase (decrease) in accounts payable (16,761) 5,885 (54,534) Increase in salaries payable 3,904 3,979 0 Decrease in due to other governments (36,222) 0 0 Increase (decrease) in accrued interest payable (7,114) 0 0 Increase in contracts payable 0 0 0 Increase (decrease) in deposits payable 0 0 0 Increase (decrease) in deferred revenue (39,284) 0 0 (Increase) decrease in petty cash 0 (140) 0 Total adjustments 297,798 (23828) Net cash provided (used) by operating activities 758,016 367,108_ (390,837) Cash flows from noncapital financing activities: Acquisition of capital assets (1,026,325) (28,673) (285,129) Cash short 0 (389) 0 Miscellaneous 0 3,849 0 Donations 0 0 0 Operating transfer to General Fund 0 (380,000) 0 Operating transfer from Revolving Fund 0 0 0 Contributed capital 0 0 0 Current value credit 40,855 0 0 Net cash provided (used) by non- capital financing activities (985,470) 40( 5,213) 2( 85,129) Cash flows from capital financing activities: Proceeds from revenue bonds 1,915,376 0 648,933 Payment to other funds 0 0 0 Principal paid on revenue bonds (275,000) 0 (34,305) Interest paid on revenue bonds (160,241) 0 (5,274) Net cash provided (used) by capital financing activities 1,480,135 0 609,354 Cash flows from investing activities: (Increase) decrease in investments 0 0 0 (Increase) decrease in interest receivable 0 0 0 Interest on investments 0 0 0 Net cash provided (used) by investing activities 0 0 0 Net increase (decrease) in cash and cash equivalents 1,252,681 (38,105) (66,612) Cash and cash equivalents (deficit), beginning of year 1,756,564 (49,215) (45,138) Cash and cash equivalents (deficit), end of year $ 3,009,245 (87,320) (111,750) —65— Golf Arena Gun Art Edinborough Totals Course Fund Range Center Park 1992 1991 (10,000) (175,825) (19,175) 0 0 0 (504,305) 186,874 (16,046) (2,375) (96,971) (690,105) 235,233 (534,818) (582,935) 5,587,304 1,690,254 0 (10,000) 0 9,357,047 297,791 114,703 3,313 29,797 74,300 1,228,308 1,401,440 74,627 2,964 700 19 2,136 (227,244) (104,231) 0 0 0 0 0 5,322 0 0 0 0 0 307,918 (63,571) (3,293) (18,076) 0 0 (130) 0 (71,319) (131,745) 0 0 0 0 0 39,284 57,162 340,191 (648) (404) 4,708 (17,332) 261,105 60,553 3,904 1,628 49 456 2,876 16,796 0 0 0 0 0 0 (36,222) 0 31,206 0 0 0 0 24,092 (8,025) 42,830 0 0 0 0 42,830 0 (1,992) 0 0 0 0 (1,992) 6,008 7,560 5,040 0 0 0 (26,684) (57,162) 700 0 0 � - 0 0 560 (650 7�1 173,6T7 , 5T 6 , I 1,191,265-- 1,220,057 965,615 107,641 1,283 (62,121) (320,207) 1,426,498 685,239 (2 ,505,262) 0 (3,310) (1,836) (437,453) (4,287,988) (1,824,750) 0 0 0 0 0 (389) (2,365) 0 0 0 3,732 0 7,581 4,782 0 0 0 21,043 0 21,043 19,008 0 0 0 0 0 (380,000) (380,000) 0 10,000 0 10,000 0 20,000 20,000 0 0 0 0 419,334 419,334 371,503 0 0 0 0 0 40,855 61,020 2,5( 05,262) 10,000 (3,310) 32,939 (18,119) (4,159,564) 1,7( 30,802) 6,050,544 1,841,399 0 0 0 10,456,252 0 0 0 0 (10,000) 0 (10,000) (10,000) (175,825) (19,175) 0 0 0 (504,305) (390,000) (287,415) (131,970) 0 0 0 (584,900) (582,935) 5,587,304 1,690,254 0 (10,000) 0 9,357,047 9( 82.935) (1,411,031) 0 0 7,798 0 (1,403,233) 600,343 0 0 0 0 (73,475) (73,475) 135,369 92,989 0 0 2,098 540,557 635,644 760,048 (1,318,042) 0 0 9,896 467,082 (841,064) 1,495,760 2,729,615 1,807,895 (2,027) (29,286) 128,756 5,782,917 (532,738) (233,639) (856,103) 2,296 (128,945) (740,853) (295,033) 237,705 2,495,976 951,792 269 (158,231) (612,097) 5,487,884 (295,033) -66- CITY OF EDINA, MINNESOTA Utilities Fund Balance Sheet December 31, 1992 (with comparative amounts for December 31, 1991) Assets 1992 1991 Current assets: 3,904 0 Cash and cash equivalents $ 1,105,459 1,756,564 Cash with fiscal agents 1,903,786 0 Receivables: 108,329 164,522 Customers 1,118,928 1,066,392 Assessments 9,146 3,177 Due from Metropolitan Waste Control 274,659 57,311 Inventory 25,431 22,026 Total current assets 4,437,409 2,905,470 Long -term receivable— Metropolitan Waste Control Commission 0 39,284 Property and equipment, net 21,755,758 21,362,682 Discount on bonds 21,707 22,528 Total assets $ 26,214,874 24,329,964 Liabilities and Retained Earnings Current liabilities: Accounts payable 73,628 90,389 Salaries payable 3,904 0 Due to other governments (36,222) 0 Accrued interest payable 67,019 74,133 Total current liabilities 108,329 164,522 Long -term liabilities: Deferred revenue 0 39,284 Bonds payable 4,390,000 2,740,000 Total liabilities 4,498,329 2,943,806 Retained earnings: Reserved for debt service 274,998 412,920 Unreserved— undesignated 21,441,547 20,973,238 Total retained earnings 21,716,545 21,386,158 Total liabilities and retained earnings $ 26,214,874 24,329,964 –67– CITY OF EDINA, MINNESOTA Utilities Fund Statement of Revenues, Expenses and Changes in Retained Earnings December 31, 1992 (with comparative amounts for December 31, 1991) Operating expenses: Disposal charges - contractual services 1992 1991 Operating revenues: Storm sewer charges $ 570,237 573,387 Water charges 1,486,248 1,374,863 Sewer charges 3,633,767 3,326,319 Sale of meters (less cost of meters sold) 13,623 15,265 Other 102,120 67,816 Total operating revenues 5,805,995 5,357,650 Operating expenses: Disposal charges - contractual services 2,704,753 2,877,048 Source of supply: Personal services 108,196 113,507 Contractual services 85,444 78,609 Commodities 55,939 89,941 Distribution: Personal services 207,975 208,176 Contractual services 341,951 326,099 Commodities 156,437 118,234 Purification: Personal services 49,497 31,960 Contractual services 1,909 7,395 Commodities 51,706 53,627 Source of collection: Personal services 54,815 46,348 Contractual services 910 4,775 Commodities 67,987 45,500 Storm sewer: Personal services 35,385 1,139 Contractual services 47,907 22,360 Commodities 30,830 751 General and administrative: Personal services 220,425 232,464 Contractual services 192,040 222,983 Commodities 2,166 9,659 Central services 296,256 268,140 Depreciation 633,249 824,787 Total operating expenses 5,345,777 5,583,502 Operating income (loss) 460,218 (225,852) (Continued) -68- CITY OF EDINA, MINNESOTA Utilities Fund Statement of Revenues, Expenses and Changes in Retained Earnings December 31, 1992 (with comparative amounts for December 31, 1991) Nonoperating revenues (expenses): Contribution from special assessments Interest on investments Current value credit —MWCC Donations Interest and fiscal charges Amortization of bond discount Total nonoperating revenues (expenses) Net income Retained earnings —January 1 Retained earnings— December 31 M 1992 1991 $ 0 583,464 0 4,078 40,855 61,020 0 392,992 (160,241) (175,245) (10,445) (3,004) (129,831) 863,305 330,387 637,453 21,386,158 20,748,705 $ 21,716,545 21,386,158 CITY OF EDINA, MINNESOTA Utilities Fund Statement of Cash Flows December 31, 1992 (with comparative amounts for year ended December 31, 1991) Cash flows from noncapital financing activities: Acquisition of capital assets (1,026,325) (742,762) Current value credit 40,855 61,020 Net cash used by noncapital financing activities (985,470) (681,742) Cash flows from capital financing activities: Proceeds from revenue bonds 1,915,376 0 Principal paid on revenue bonds (275,000) (250,000) Interest paid on revenue bonds (160,241) (175,245) Net cash provided (used) by capital financing activities 1,480,135 (425,245) Cash flows from investing activities: Decrease in investments 0 369,647 Interest on investments 0 4,078 Net cash provided by investing activities 0 373,725 Net increase (decrease) in cash and cash equivalents 1,252,681 (197,708) Cash and cash equivalents, beginning of year 1,756,564 1,954,272 Cash and cash equivalents, end of year $ 3,009,245 1,756,564 —70— 1992 1991 Cash flows from operating activities: Operating income (loss) $ 460,218 (225,852) Adjustments to reconcile operating income (loss) to net cash provided by operating activities: Depreciation expense 633,249 824,787 Changes in assets and liabilities: Increase in accounts receivable (275,853) (85,287) Increase in inventory (3,405) (8,843) Decrease in long -term receivable 39,284 57,162 Increase (decrease) in accounts payable (16,761) 40,624 Increase in salaries payable 3,904 0 Decrease in due to other governments (36,222) 0 Decrease in accrued interest payable (7,114) (9,875) Decrease in deferred revenue (39,284) (57,162) Total adjustments 297,798 761,406 Net cash provided by operating activities 758,016 535,554 Cash flows from noncapital financing activities: Acquisition of capital assets (1,026,325) (742,762) Current value credit 40,855 61,020 Net cash used by noncapital financing activities (985,470) (681,742) Cash flows from capital financing activities: Proceeds from revenue bonds 1,915,376 0 Principal paid on revenue bonds (275,000) (250,000) Interest paid on revenue bonds (160,241) (175,245) Net cash provided (used) by capital financing activities 1,480,135 (425,245) Cash flows from investing activities: Decrease in investments 0 369,647 Interest on investments 0 4,078 Net cash provided by investing activities 0 373,725 Net increase (decrease) in cash and cash equivalents 1,252,681 (197,708) Cash and cash equivalents, beginning of year 1,756,564 1,954,272 Cash and cash equivalents, end of year $ 3,009,245 1,756,564 —70— CITY OF EDINA, MINNESOTA Liquor Fund Balance Sheet December 31, 1992 (with comparative amounts for December 31, 1991) Assets 1992 1991 Current assets: Petty cash and change funds $ 3,640 3,500 Accounts receivable 32,321 484 Notes receivable 0 5,322 Inventory 475,265 425,557 Total current assets 511,226 434,863 Property and equipment, net 620,457 634,455 Total assets $ 1,131,683 1,069,318 Liabilities and Retained Earnings Current liabilities: Cash deficit 87,320 49,215 Accounts payable 179,267 173,382 Salaries payable 3,979 0 Total current liabilities 270,566 222,597 Retained earnings: Unreserved — undesignated 861,117 846,721 Total liabilities and retained earnings $ 1,131,683 1,069,318 —71— CITY OF EDINA, MINNESOTA Liquor Fund Statement of Revenues, Expenses and Changes in Retained Earnings Year ended December 31, 1992 (with comparative totals for year ended December 31, 1991) Sales Cost of sales Gross profit Operating expenses: Selling Occupancy Administrative Total operating expenses Operating income Nonoperating revenues (expenses): Cash over (short) Miscellaneous Total nonoperating revenues (expenses) Income before operating transfer out Operating transfer out: General Fund Net income Retained earnings - January 1 Retained earnings - December 31 58 (421) (26) (389) (2,365) 914 1,425 1,510 3,849 1,045 972 1,004 1,484 3,460 (1,320) $ 59,918 160,686 173,792 -72- 394,396 416,044 (380,000) (380,000) 14,396 36,044 846,721 810,677 $ 861,117 846,721 1992 1991 50th Street Yorkdale Grandview Totals Totals $ 1,146,721 2,216,893 2,150,941 5,514,555 5,375,006 870,247 1,756,857 1,694,987 4,322,091 4,184,179 276,474 460,036 455,954 1,192,464 1,190,827 64,760 89,593 100,352 254,705 254,432 31,438 38,190 34,320 103,948 100,370 121,330 172,571 148,974 442,875 418,661 217,528 300,354 283,646 801,528 773,463 58,946 159,682 172,308 390,936 417,364 58 (421) (26) (389) (2,365) 914 1,425 1,510 3,849 1,045 972 1,004 1,484 3,460 (1,320) $ 59,918 160,686 173,792 -72- 394,396 416,044 (380,000) (380,000) 14,396 36,044 846,721 810,677 $ 861,117 846,721 CITY OF EDINA, MINNESOTA Liquor Fund Statement of Cash Flows Year ended December 31, 1992 (with comparative amounts for year ended December 31, 1991) Cash flows from operating activities: Operating income Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation expense Changes in assets and liabilities: (Increase) decrease in accounts receivable Decrease in notes receivable Increase in inventory Increase in accounts payable Increase in salaries payable (Increase) decrease in petty cash Total adjustments Net cash provided by operating activities Cash flows from noncapital financing activities: Acquisition of capital assets Cash short Miscellaneous Operating transfer to general fund Net cash used by noncapital financing activities Net decrease in cash and cash equivalents Cash and cash equivalents (deficit), beginning of year Cash and cash equivalents (deficit), end of year —73— 1992 1991 $ 390,936 417,364 42,671 42,638 (31,837) 5,777 5,322 0 (49,708) (124,943) 5,885 21,742 3,979 0 (140) 300 (23,828) (54,486) 367,108 362,878 (28,673) (37,214) (389) (2,365) 3,849 1,045 (380,000) (380,000) (405,213) (418,534) (38,105) (55,656) (49,215) 6,441 $ (87,320) (49,215) CITY OF EDINA, MINNESOTA Liquor Fund Schedule of Operating Expenses Year ended December 31, 1992 (with comparative amounts for year ended December 31, 1991) Totals 50th Street Yorkdale Grandview 1992 1991 Selling: Personal services $ 59,450 82,659 93,856 235,965 226,546 Contractual services: Direct promotion 1,770 1,067 1,758 4,595 12,653 Commodities 3,540 5,867 4,738 14,145 15,233 Total selling 64,760 89,593 100,352 254,705 254,432 Occupancy: Personal services 1,719 1,375 1,003 4,097 3,392 Contractual services: Burglar alarm 556 1,135 578 2,269 2,478 Heat 459 889 1,371 2,719 2,965 Janitorial service 94 137 27 258 414 Laundry and rug 694 928 934 2,556 1,877 service 623 735 664 2,022 2,451 Light and power 8,301 11,962 6,242 26,505 24,937 Maintenance, renting 121,330 172,571 148,974 442,875 418,661 and cooling 506 93 795 1,394 233 Repair and maintenance 1,554 2,234 563 4,351 7,479 Rubbish hauling 1,181 824 1,911 3,916 3,800 Telephone 2,021 2,198 1,606 5,825 6,035 Water and sewer service 134 111 94 339 534 Commodities 850 5,182 1,550 7,582 3,014 Depreciation 13,440 11,315 17,916 42,671 42,638 Total occupancy 31,438 38,190 34,320 103,948 100,370 Administrative: Personal services 81,186 93,332 71,267 245,785 229,073 Contractual services: Data processing 5,023 5,563 5,563 16,149 14,223 Mileage 0 1,950 0 1,950 1,960 Professional service (1,486) 6,432 12,966 17,912 18,672 Miscellaneous 694 928 934 2,556 1,877 Commodities 1,113 1,246 884 3,243 3,696 Central services 34,800 63,120 57,360 155,280 149,160 Total administrative 121,330 172,571 148,974 442,875 418,661 $ 217,528 300,354 283,646 801,528 773,463 -74- CITY OF EDINA, MINNESOTA Swimming Pool Fund Balance Sheet December 31, 1992 (with comparative amounts for December 31, 1991) Assets 1992 1991 Property and equipment, net $ 813,088 560,443 Discount on bonds 7,168 0 Total assets $ 820,256 560,443 Liabilities and Retained Earnings Current liabilities: Cash deficit 111,750 45,138 Accounts payable 331 54,865 Accrued interest payable 6,101 0 Due to other funds 0 371,489 Total current liabilities 118,182 471,492 Long -term liabilities: Bonds payable 650,000 0 Retained earnings: Reserved for debt retirement 32,500 0 Unreserved — undesignated 19,574 88,951 Total retained earnings 52,074 88,951 Total liabilities and retained earnings $ 820,256 560,443 –75– CITY OF EDINA, MINNESOTA Swimming Pool Fund Statement of Revenues, Expenses and Changes in Retained Earnings Year ended December 31, 1992 (with comparative amounts for year ended December 31, 1991) 1992 1991 Operating revenues: Season tickets $ 90,392 58,519 General admissions 41,066 18,248 Rentals and instruction programs 10,580 13,832 Concessions (less cost of goods sold) 19,520 13,556 Other 0 302 Total operating revenues 161,558 104,457 Operating expenses: Personal services 79,451 75,251 Contractual services 29,865 18,336 Commodities 9,184 8,475 Central services 7,872 4,440 Depreciation 32,484 (8,847) Total operating expenses 158,856 97,655 Operating income 2,702 6,802 Nonoperating expenses: Interest and fiscal charges (5,274) 0 Interest on loan (34,305) 0 Total nonoperating expenses (39,579) 0 Net income (loss) (36,877) 6,802 Retained earnings —January 1 88,951 82,149 Retained earnings — December 31 $ 52,074 88,951 —76— CITY OF EDINA, MINNESOTA Swimming Pool Fund Statement of Cash Flows Year ended December 31, 1992 (with comparative amounts for year ended December 31, 1991) Cash flows from operating activities: Operating income Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation expense Changes in assets and liabilities: Increase (decrease) in accounts payable Increase (decrease) in due to other funds Total adjustments Net cash provided (used) by operating activities Cash flows from noncapital financing activities: Acquisition of capital assets Cash flows from capital financing activities: Proceeds from revenue bonds Interest paid on loans Interest on bonds Net cash provided by capital financing activities Net increase (decrease) in cash and cash equivalents Cash deficit, beginning of year Cash deficit, end of year —77— 1992 1991 $ 2.702 6.802 32,484 (8,847) (54,534) 50,163 (371,489) 371,489 (393,539) 412,805 (390,837) 419,607 (285,129) (360,777) 648,933 0 (34,305) 0 (5,274) 0 609,354 0 (66,612) 58,830 (45,138) (103,968) $ (111,750) (45,138) CITY OF EDINA, MINNESOTA Golf Course Fund Balance Sheet December 31, 1992 (with comparative amounts for December 31, 199 1) Current assets: Cash with fiscal agents Petty cash and change funds Investments Accounts receivable Accrued interest receivable Inventory Total current assets Property and equipment, net Discount on bonds Total assets Liabilities and Retained Earnings Current liabilities: Cash deficit Accounts payable Salaries payable Accrued interest payable Total current liabilities Long -term liabilities: Contracts payable Deposits payable Deferred revenue Bonds payable Total liabilities Retained earnings: Reserved for debt retirement Unreserved — undesignated Total retained earnings Total liabilities and retained earnings —78— 1992 1991 $ 2,757,177 0 1,800 2,500 2,776,831 1,365,800 0 28,480 0 46,147 18,076 0 S SSZ R9A i AA) Q77 5,975,971 3,768,500 89,433 30,022 $ 11,619,288 5,241,449 0 261,201 233,639 376,893 36,702 3,904 0 31,206 0 673,204 270,341 42,830 0 11,700 13,692 7,560 0 9,493,425 3,554,250 10,228,719 3,838,283 1,115,031 413,895 275,538 989,271 1,390,569 1,403,166 $ 11,619,288 . 5,241,449 CITY OF EDINA, MINNESOTA Golf Course Fund Statement of Revenues, Expenses and Changes in Retained Earnings Year ended December 31, 1992 (with comparative amounts for year ended December 31, 1991) Operating revenues: -Green fees Rental fees Patron cards Concessions (less cost of goods sold) Range Dome Lessons Other Total operating revenues Operating expenses: Administration Building -Club House and Pro Shop Maintenance of course and grounds Range and grill Dome Depreciation Total operating expenses Operating income Nonoperating revenues (expenses): Interest on investments Interest and fiscal charges Amortization of bond discount Total nonoperating revenues (expenses) Net loss Retained earnings -January 1 Retained earnings - December 31 -79- 1992 1991 $ 774,265 703,655 178,409 227,040 114,086 106,564 114,072 101,729 242,895 236,538 330,308 213,967 53,741 60,794 9,406 13,087 1,817,182 1,663,374 455,404 414,362 105,601 87,378 393,644 440,421 209,325 203,938 168,543 136,255 297,791 344,508 1,630,308 1,626,862 186,874 36,512 92,989 113,406 (287,415) (272,489) (5,045) (1,739) (199,471) (160,822) (12,597) (124,310) 1,403,166 1,527,476 $ 1,390,569 1,403,166 CITY OF EDINA, MINNESOTA Golf Course Fund Statement of Cash Flows Year ended December 31, 1992 (with comparative amounts for year ended December 31, 1991) Cash flows from operating activities: Operating income Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation expense Changes in assets and liabilities: (Increase) decrease in petty cash (Increase) decrease in accounts receivable Decrease in accrued interest receivable Increase in inventory Increase (decrease) in accounts payable Increase in salaries payable Increase in accrued interest payable Increase in contracts payable Increase in deferred revenue Increase (decrease) in deposits payable Total adjustments Net cash provided by operating activities Cash flow from noncapital financing activities: Acquisition of capital assets Cash flows from capital financing activities: Proceeds from revenue bonds Principal paid on revenue bonds Interest paid on revenue bonds Net cash provided (used) by capital financing activities 1992 1991 $ 186,874 36,512 297,791 344,508 700 (300) 28,480 (28,045) 46,147 1,850 (18,076) 0 340,191 (68,075) 3,904 0 31,206 0 42,830 0 7,560 0 (1,992) 6,008 778,741 255,946 965,615 292,458 (2,505,262) (233,948) 6,050,544 0 (175,825) (120,750) (287,415) (272,489) 5,587,304 (393,239) Cash flows from investing activities: (Increase) decrease in investments (1,411,031) 241,687 Interest on investments 92,989 113,406 Net cash provided (used) by investing activities (1,318,042) 355,093 Net increase in cash and cash equivalents 2,729,615 20,364 Cash deficit, beginning of year (233,639) (254,003) Cash (deficit), end of year $ 2,495,976 (233,639) —80— CITY OF EDINA, MINNESOTA Golf Course Fund Schedule of Operating Expenses Year ended December 31, 1992 (with comparative amounts for year ended December 31, 1991) Building -Club House and Pro Shop: Personal services 34,764 31,892 Contractual services 71,892 50,507 Less amount charged to grill (9,112) (8,913) Commodities 8,057 13,892 Total building -Club House and Pro Shop 105,601 87,378 Maintenance of course and grounds: Personal services 272,533 224,342 Contractual services 51,781 138,972 Commodities 69,330 77,107 Total maintenance of course and grounds 393,644 440,421 Range and grill: Personal services 158,755 148,732 Contractual services 7,010 15,745 Commodities 43,560 39,461 Total range and grill 209,325 203,938 Golf dome: Personal services 1992 1991 Administration: 89,849 51,730 Personal services $ 208,943 284,083 Contractual services 110,063 15,885 Commodities 13,218 21,994 Central services 123,180 92,400 Total administration 455,404 414,362 Building -Club House and Pro Shop: Personal services 34,764 31,892 Contractual services 71,892 50,507 Less amount charged to grill (9,112) (8,913) Commodities 8,057 13,892 Total building -Club House and Pro Shop 105,601 87,378 Maintenance of course and grounds: Personal services 272,533 224,342 Contractual services 51,781 138,972 Commodities 69,330 77,107 Total maintenance of course and grounds 393,644 440,421 Range and grill: Personal services 158,755 148,732 Contractual services 7,010 15,745 Commodities 43,560 39,461 Total range and grill 209,325 203,938 Golf dome: Personal services 65,172 65,774 Contractual services 89,849 51,730 Commodities 13,522 18,751 Total golf dome 168,543 136,255 Depreciation 297,791 344,508 Total operating expenses $ 1,630,308 1,626,862 -81- CITY OF EDINA, MINNESOTA Arena Fund Balance Sheet December 31, 1992 (with comparative amounts for December 31, 1991) Assets 1992 1991 Current assets: Cash with fiscal agents $ 1,838,118 0 Petty cash and change funds 700 700 Accounts receivable 57,605 60,569 Total current assets 1,896,423 61,269 Property and equipment, net 1,802,642 1,917,345 Discount on bonds 35,235 19,961 Total assets $ 3,734,300 1,998,575 Liabilities and Retained Earnings Current liabilities: Cash deficit 886,326 856,103 Accounts payable 16,284 16,932 Salaries payable 1,628 0 Total current liabilities 904,238 873,035 Long -term liabilities: Deferred revenue 5,040 0 Deposits payable 3,500 3,500 Bonds payable 3,716,575 1,875,750 Total liabilities 4,629,353 2,752,285 Retained earnings (deficit): Unreserved — undesignated (895,053) (753,710) Total liabilities and retained earnings $ 3,734,300 1,998,575 –82– CITY OF EDINA, MINNESOTA Arena Fund Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit) Year ended December 31, 1992 (with comparative amounts for year ended December 31, 1991) 1992 1991 Operating revenues: Rental fees $ 471,040 450,979 Season ticket sales 13,863 12,568 Daily skating fees 19,828 16,127 Admissions 25,041 26,156 Lessons 56,748 65,861 Concessions (less cost of goods sold) 33,675 32,116 Vending machine commissions 10,230 11,616 Services -skate sharpening 11,999 11,285 Total operating revenues 642,424 626,708 Operating expenses: Personal services 253,358 241,514 Contractual services 213,643 201,850 Commodities 27,698 31,615 Central services 49,068 41,376 Depreciation 114,703 104,979 Total operating expenses 658,470 621,334 Operating income (loss) (16,046) 5,374 Nonoperating expenses: Interest and fiscal charges (131,970) (135,201) Amortization of bond discount (3,327) (1,174) Total nonoperating expenses (135,297) (136,375) Loss before operating transfer in (151,343) (131,001) Operating transfer in- Revolving Fund 10,000 10,000 Net loss (141,343) (121,001) Retained earnings (deficit�-January 1 (753,710) (632,709) Retained earnings (deficit )-December 31 $ (895,053) (753,710) -83- CITY OF EDINA, MINNESOTA Arena Fund Statement of Cash Flows Year ended December 31, 1992 (with comparative amounts for year ended December 31, 199 1) Cash flows from operating activities: Operating income (loss) Adjustments to reconcile operating income (loss) to net cash provided by operating activities: Depreciation expense Changes in assets and liabilities: (Increase) decrease in accounts receivable Decrease in accounts payable Increase in salaries payable Increase in deferred revenue Total adjustments Net cash provided by operating activities Cash flows from noncapital financing activities: Operating transfer from Revolving Fund Cash flows from capital financing activities: Proceeds from revenue bonds Principal paid on revenue bonds Interest paid on revenue bonds Net cash provided (used) by capital financing activities Net increase (decrease) in cash and cash equivalents Cash (deficit), beginning of year Cash (deficit), end of year —84— 1992 1991 $ (16,046) 5,374 114,703 104,979 2,964 (3,109) (648) (2,357) 1,628 0 5,040 0 123,687 99,513 107,641 104,887 =U111 1 111 1,841,399 0 (19,175) (19,250) (131,970) (135,201) 1,690,254 (154,451) 1,807,895 (39,564) (856,103) (816,539) $ 951,792 (856,103) CITY OF EDINA, MINNESOTA Gun Range Fund Balance Sheet December 31, 1992 (with comparative amounts for December 31, 1991) Assets Current assets: Cash and cash equivalents $ Accounts receivable Total current assets Property and equipment, net 1992 1991 269 2,296 0 700 269 2,996 28,297 28,300 Total assets $ 28,566 31,296 Liabilities and Retained Earnings Current liabilities: Accounts payable 607 1,011 Salaries payable 49 0 Total current liabilities 656 1,011 Retained earnings: Unreserved — undesignated 27,910 30,285 Total liabilities and retained earnings $ 28,566 31,296 —85— CITY OF EDINA, MINNESOTA Gun Range Fund Statement of Revenues, Expenses and Changes in Retained Earnings Year ended December 31, 1992 (with comparative amounts for year ended December 31, 199 1) 1992 1991 Operating revenues: Range fees $ 28,396 28,544 Sale of ammunition 4,758 5,331 Concessions (less cost of goods sold) 503 494 Other 131 2,849 Total operating revenues 33,788 37,218 Operating expenses: Personal services 18,664 17,407 Contractual services 5,090 8,398 Commodities 7,326 8,488 Central services 1,770 1,260 Depreciation 3,313 7,156 Total operating expenses 36,163 42,709 Net loss (2,375) (5,491) Retained earnings — January 1 30,285 35,776 Retained earnings— December 31 $ 27,910 30,285 CITY OF EDINA, MINNESOTA Gun Range Fund Statement of Cash Flows Year ended December 31, 1992 (with comparative amounts for year ended December 31, 1991) 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 receivable Decrease in accounts payable Increase in salaries payable Total adjustments Net cash provided 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, beginning of year Cash and cash equivalents, end of year —87— 1992 1991 $ (2,375) (5,491) 3,313 7,156 700 (700) (404) (70) 49 0 3,658 6,386 1,283 895 (3,310) 0 (2,027) 895 2,296 1,401 $ 269 2,296 CITY OF EDINA, MINNESOTA Art Center Fund Balance Sheet December 31, 1992 (with comparative amounts for December 31, 1991) Assets 1992 1991 Current assets: Petty cash and change funds $ 100 100 Investments 54,256 62,054 Accounts receivable (19) 0 Due from other funds 5,757 5,757 Inventory 10,894 10,764 Total current assets 70,988 78,675 Property and equipment, net 303,427 331,388 Total assets $ 374,415 410,063 Liabilities and Retained Earning Current liabilities: Cash deficit 158,231 128,945 Accounts payable 12,090 7,382 Salaries payable 456 0 Total current liabilities 170,777 136,327 Long -term liabilities: Reserve for construction 750 750 Due to other funds 30,000 40,000 Total liabilities 201,527 177,077 Retained earnings: Unreserved — undesignated 172,888 2329986 Total liabilities and retained earnings $ 374,415 410,063 –88– CITY OF EDINA, MINNESOTA Art Center Fund Statement of Revenues, Expenses and Changes in Retained Earnings Year ended December 31, 1992 (with comparative amounts for year ended December 31, 1991) -89- 1992 1991 Operating revenues: Memberships $ 15,033 14,222 Registration fees 150,916 166,192 Retail sales, less cost of goods sold 10,572 15,248 Total operating revenues 176,521 195,662 Operating expenses: Administration: Personal services 83,903 84,099 Contractual services 1,959 1,603 Commodities 17,127 25,429 Central services 18,620 16,210 Total administration 121,609 127,341 Occupancy: Personal services 12,442 13,012 Contractual services 18,831 15,688 Commodities 1,965 2,957. Total occupancy 33,238 31,657 Class costs 954 505 Instructors - personal services 87,894 80,224 Depreciation 29,797 29,222 Total operating expenses 273,492 268,949 Operating loss (96,971) (73,287) Nonoperating revenues: Income on investments 2,098 3,002 Donations 21,043 19,008 Miscellaneous 3,732 3,737 Total nonoperating revenues 26,873 25,747 Net loss before operating transfer in (70,098) (47,540) Operating transfer in- Revolving Fund 10,000 10,000 Net loss (60,098) (37,540) Retained earnings -January 1 232,986 270,526 Retained earnings- December 31 $ 172,888 232,986 -89- CITY OF EDINA, MINNESOTA Art Center Fund Statement of Cash Flows Year ended December 31, 1992 (with comparative amounts for year ended December 31, 1991) Cash flows from noncapital financing activities: Acquisition of capital assets 1992 1991 Cash flows from operating activities: 21,043 19,008 Operating loss $ (96,971) (73,287) Adjustments to reconcile operating loss to net 3,732 3,737 cash used by operating activities: Depreciation expense 29,797 29,222 Changes in assets and liabilities: Decrease in petty cash 0 150 (Increase) decrease in accounts receivable 19 (150) (Increase) decrease in inventory (130) 2,041 Increase (decrease) in accounts payable 4,708 (4,952) Increase in salaries payable 456 0 Total adjustments 34,850 26,311 Net cash used by operating activities (62,121) (46,976) Cash flows from noncapital financing activities: Acquisition of capital assets (1,836) (3,706) Donations 21,043 19,008 Operating transfer from General Fund 10,000 10,000 Miscellaneous 3,732 3,737 Net cash provided by noncapital financing activities 32,939 29,039 Cash flow from capital financing activities: Payment to other funds (10,000) (10,000) Cash flows from investing activities: (Increase) decrease in investments 7,798 (10,991) Interest on investments 2,098 3,002 Net cash used in investing activities 9,896 (7,989) Net decrease in cash and cash equivalents (29,286) (35,926) Cash deficit, beginning of year (128,945) (93,019) Cash deficit, end of year $ (158,231) (128,945) S'I110 CITY OF EDINA, MINNESOTA Edinborough Park Fund Balance Sheet December 31, 1992 (with comparative amounts for December 31, 1991) Current assets: Petty cash and change funds Accounts receivable Interest receivable Due from other funds Total current assets Property and equipment, net Total assets Liabilities and Fund Equity Current liabilities: Cash deficit Accounts payable Salaries payable Total current liabilities Fund equity (deficit): Contributed capital Retained earnings (deficit): Unreserved — undesignated Total fund equity (deficit) Total liabilities and fund equity —91— 1QQ1) 1001 $ 1,500 1,500 325 2,461 93,211 19,736 66,864 374,782 161,900 398,479 1,008,072 644,919 $ 1,169,972 1,043,398 612,097 740,853 29,529 46,861 2,876 0 644,502 787,714 950,446 578,311 (424,976) (322,627) 525,470 255,684 $ 1,169,972 1,043,398 CITY OF EDINA, MINNESOTA Edinborough Park Fund Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit) Year ended December 31, 1992 (with comparative amounts for period ended December 31, 1991) 1992 1991 Operating revenues: Association fees $ 225,255 217,972 Rental fees 126,146 115,984 Admissions 79,804 69,133 Season ticket sales 11,046 10,159 Skate rental 20,805 0 Concessions (less cost of goods sold) 4,638 1,430 Program income 20,014 8,472 Other 22,215 21,757 Total operating revenues 509,923 444,907 Operating expenses: Personal services 534,611 444,736 Contractual services 272,839 316,617 Commodities 219,218 256,797 Central services 99,060 66,000 Depreciation 74,300 56,997 Total operating expenses 1,200,028 1,141,147 Operating loss (690,105) (696,240) Nonoperating revenues - income on investments 540,557 643,640 Net loss (149,548) (52,600) Add depreciation on contributed assets 47,199 17,634 Decrease in retained earnings (102,349) (34,966) Retained earnings (deficit}- January 1 (322,627) (287,661) Retained earnings (deficit)- December 31 $ (424,976) (322,627) -92- CITY OF EDINA, MINNESOTA Edinborough Park Fund Statement of Cash Flows Year ended December 31, 1992 (with comparative amounts for December 31, 1991) Cash flows from operating activities: Operating loss Adjustments to reconcile operating loss to net cash used by operating activities: Depreciation expense Changes in assets and liabilities: Increase in petty cash Decrease in accounts receivable Increase (decrease) in accounts payable Increase in salaries payable (Increase) decrease in due from other funds Total adjustments Net cash used by operating activities Cash flows from noncapital financing activities: Acquisition of capital assets Contributed assets Net cash used by noncapital financing activities 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 deficit, beginning of year Cash deficit, end of year —93— 1992 1991 $ (690,105) (696,240) 74,300 56,997 0 (800) 2,136 7,283 (17,332) 23,478 2,876 0 307,918 (374,782) 369,898 (287,824) (320,207) (984,064) (437,453) (446,343) 419,334 371,503 (18,119) (74,840) (73,475) 131,291 540,557 643,640 467,082 774,931 128,756 (283,973) (740,853) (456,880) $ (612,097) (740,853) AGENCY FUNDS Agency Funds account for assets held by a governmental unit in a trustee capacity or as an agent for individuals, private organizations, other governmental units and other funds. The City has the following Agency Funds: Deferred Compensation Fund — Accounts for assets retained by the City pursuant to agreements with individual employees that provide for specific salary amounts to be paid at a later date. These assets are in the custody of a third party for investment purposes. Federal Arbitrage Fund — Accounts for arbitrage earnings which will be remitted to the federal government. Police Seizure Fund — Accounts for funds obtained by the police department which will be remitted to the proper governments. —94— CITY OF EDINA, MINNESOTA Agency Funds Statement of Changes in Assets and Liabilities Year ended December 31, 1992 Deferred Compensation Assets Cash with plan administrators Liabilities Due to participants Federal Arbitrage Assets Investments Accounts receivable Liabilities Due to federal government Police Seizure Assets Cash Liabilities Due to other governments Totals -All Agency Funds Assets Cash Cash with plan administrators Investments Interest receivable Total assets Liabilities Due to participants Due to federal government Due to other governments Total liabilities Balance Balance 1/1/92 Additions Deductions 12/31/92 $ 4,468,793 870,018 182,112 5,156,699 $ 4,468,793 870,018 182,112 5,156,699 136,680 6,904 0 143,584 2,754 0 2,383 371 $ 139,434 6,904 2,383 143,955 2,754 $ 139,434 4,521 0 143,955 $ 84,829 0 52,021 32,808 $ 84,829 0 52,021 32,808 84,829 0 52,021 32,808 4,468,793 870,018 182,112 5,156,699 136,680 6,904 0 143,584 2,754 0 2,383 371 $ 4,693,056 876,922 236,516 5,333,462 4,468,793 870,018 182,112 5,156,699 139,434 4,521 0 143,955 84,829 0 52,021 32,808 $ 4,693,056 874,539 234,133 5,333,462 -95- 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. ERM CITY OF EDINA, MINNESOTA General Fixed Assets Account Group Schedule of General Fixed Assets December 31, 1992 (with comparative amounts for December 31, 1991) General fixed assets: Land and land improvements Buildings Furniture and fixtures Vehicles and equipment Construction -in- progress Total general fixed assets Total investment in general fixed assets —97— 1992 1991 $ 34,607,747 33,076,034 19,500,608 19,381,041 605,329 762,881 8,010,674 7,682,930 230,303 753,778 $ 62,954,661 61,656,664 $ 62,954,661 61,656,664 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. SUE CITY OF EDINA, MINNESOTA General Long -term Debt Account Group Schedule of General Long -term Debt December 31, 1992 (with comparative amounts for December 31, 199 1) Amount available and to be provided for the retirement of long -term debt General Obligation Bonds: Amount available with fiscal agents Amount available in Debt Service Funds Amount to be provided by tax increment financing Amount to be provided by 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 O 1992 .. $ 18,810,120 0 200,000 200,000 50,721,162 51,585,000 2,898,718 3,610,000 723,999 679,965 $ 73,353,999 56,074,965 723,999 679,965 72,630,000 55,395,000 $ 73,353,999 56,074,965 CITY OF EDINA, MINNESOTA Combined Schedule of Bonded Indebtedness December 31, 1992 Improvement Bonds: Improvement Bonds of 1984 7.00 -8.75 09/01/84 Final Improvement Bonds of 1986 Interest Issue maturity Improvement Bonds of 1989 rate date date Bonded indebtedness: 4.00 -5.20 11/01/92 02/01/01 Tax Increment Bonds: Redevelopment Bonds 5.30- 6.50% 12/01/75 12/01/93 Tax Increment Bonds, Series 1981 9.50 -11.00 10/01/81 10/01/93 Tax Increment Bonds, Series 1986A 5.20 -7.00 08/01/86 08/01/06 Tax Increment Bonds, Series 1986B 5.20 -7.00 08/01/86 08/01/03 Tax Increment Bonds, Series 1988 6.40 -7.30 10/01/88 02/01/09 Tax Increment Taxable Bonds, Series 1988 9.20 -9.75 10/01/88 02/01/09 Tax Increment Bonds, Series 1989 6.80 -7.30 04/01/89 02/01/09 Tax Increment Taxable Bonds, Series 1989 10.00 -10.25 04/01/89 02/01/09 Tax Increment Refunding Bonds, Series 1989 6.00 -7.00 11/01/89 01/01/06 Tax Increment Bonds, Series 1990 6.70 -6.80 03/01/90 02/01/05 Tax Increment Refunding Bonds, Series 1992B 4.90 -6.00 11/01/92 02/01/09 Improvement Bonds: Improvement Bonds of 1984 7.00 -8.75 09/01/84 01/01/94 Improvement Bonds of 1986 4.50 -6.60 08/01/86 08/01/96 Improvement Bonds of 1989 6.75 -7.10 04/01/89 02/01/01 Improvement Refunding Bonds, Series 1992E 4.00 -5.20 11/01/92 02/01/01 Revenue Bonds: Golf Course Bonds 6.25 -8.70 09/01/85 01 /01 /00 Recreation Bonds of 1988 6.10 -7.30 10/01/88 01/01/09 Utility Bonds 5.90 -6.80 10/01/88 02/01/99 Recreation Bonds of 1989 6.75 -7.30 04/01/89 01/01/09 Recreation Bonds, Series 1992A 4.00 -6.05 11/01/92 01/01/13 Recreation Refunding Bonds, Series 1992C 4.40 -6.00 11/01/92 01/01/09 Utility Refunding Bond, Series 1992D 3.80 -4.90 11/01/92 02/01/99 Total bonded indebtedness MKIIHE P\ r. Exhibit 1 1992 percent Indebtedness paid by tax Authorized Due in 1993 levies and issued Redeemed Outstanding Principal Interest None None None None None None None None None None None None None None None 2,200,000 4,500,000 4,000,000 2,000,000 10,175,000 5,100,000 8,425,000 5,300,000 12,970,000 3,080,000 17,930,000 75,680,000 11 111 11 111 .1 111 1' 111 iro'kLWOOTI,Il 1,950,000 4,050,000 250,000 300,000 0 0 0 475,000 0 0 7,025,000 5,100,000 1,5W, 111 180,000 1 :1 111 250,000 450,000 3,750,000 1,700,000 10,175,000 5,100,000 8,425,000 5,300,000 12,495,000 3,080,000 17,930,000 68,655,000 11 111 111 111 wIoll ITjTI None 1,200,000 350,000 850,000 None 2,470,000 50,000 2,420,000 None 3,160,000 695,000 2,465,000 None 2,100,000 135,000 1,965,000 None 3,975,000 0 3,975,000 None 4,650,000 0 4,650,000 None 1,925,000 0 1,925,000 19,480,000 1,230,000 18,250,000 $ 105,915,000 15,035,000 90,880,000 250,000 450,000 100,000 100,000 0 0 0 0 ** 0 0 900,000 0 ** 250,000 180,000 0 430,000 0 ** 0 ** 300,000 0 ** 0 0 0 'Ann (M 16,250 49,500 257,650 114,425 727,012 488,175 607,838 538,562 418,559 207,195 769,057 4 194.221 13,125 63,000 P 103,185 38,471 217,781 35,350 86,575 151,545 70,201 151,650 171,551 63,337 730,209 1,630,000 5,142,213 *This represents interest due July 1, 1993 as interest due January 1, 1993 was paid in December 1992. * *Principal due January 1, 1993 was paid in December 1992. - 101- ;i Tax Increment Bonds Improvement Bonds Revenue Bonds Exhibit 2 CITY OF EDINA, MINNESOTA Schedule of Changes in Bonded Indebtedness Year ended December 31, 1992 Balance Balance January 1 Issued Redeemed December 31 $ 51,785,000 17,930,000 1,060,000 68,655,000. 3,610,000 1,095,000 730,000 3,975,000 8,170,000 10,550,000 470,000 18,250,000 $ 63,565,000 29,575,000 2,260,000 90,880,000 —102— I Exhibit 3 CITY OF EDINA, MINNESOTA Schedule of Bonds Payable December 31, 1992 -103- Issue Interest Maturity Principal date rate date amount Tax Increment Bonds: $2,200,000 Redevelopment Bonds 12101!75 } $250,000 6.50% 12/01/93 $ 250,000 $4,500,000 Tax Increment Bonds, Series 1981 10/01/81 $450,000 11.00 10/01/93 450,000 $4,000,000 Tax Increment Bonds, Series 1986A 08/01/86 - $100,000 per year 6.00 -6.20 08101/93-94 200,000 $150,000 per year 6.40 -6.70 08/01/95-97 450,000 $200,000 per year 6.75 -6.90 08/01/98 -00 600,000 $250,000 per year 7.00 08/01/01 -03 750,000 $550,000 per year 7.00 08/01/04 550,000 $600,000 per year 7.00 08/01/05 -06 1,200,000 3,750,000 $2,000,000 Tax Increment — - Bonds, Series 1986B 08/01/86 $100,000 per year 6.00 -6.20 08/01/93-94 200,000 $150,000 per year 6.40 -6.90 08/01/95-W 900,000 $200,000 per year 7.00 08/01/01-03 600,000 1,700,000 $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 $250,00041,800,000 6.70 -7.30 02/01/98-09, 9,675,000 10,175,000 Bonds maturing in the years 1999 through 2009 will be called on February 1, 1998. (Continued) -103- Exhibit 3, Cont. CITY OF EDINA, MINNESOTA Schedule of Bonds Payable, Continued G PI 1'1'1' $8,425,000 Tax Increment Bonds, Series 1989 Issue Interest Maturity Principal $225,000 date rate date amount $5,100,000 Taxable Tax 6.90 02/01/96 75,000 Increment Bonds, 6.90 02/01/97 125,000 Series 1988 10/01/88 02/01/98 -09 8,000,000 $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 G PI 1'1'1' $8,425,000 Tax Increment Bonds, Series 1989 04/01/89 $225,000 6.80 02/01/95 225,000 $75,000 6.90 02/01/96 75,000 $125,000 6.90 02/01/97 125,000 $200,00041,500,000 6.95 -7.30 02/01/98 -09 8,000,000 8,425,000 Bonds maturing in the years 1999 through 2009 will be called on February 1, 1998. (Continued) -104- Exhibit 3, Cont. CITY OF EDINA, MINNESOTA Schedule of Bonds Payable, Continued -105- (Continued) Issue Interest Maturity Principal date rate date amount $5,300,000 Taxable Tax Increment Bonds, Series 1989 04/01/89 $125,000 10.00% 02/01/95 $ 125,000 $50,000 10.00 02/01/96 50,000 $75,000 10.00 02/01/97 75,000 $125,000 10.00 02/01/98 125,000 $175,000 10.00 02/01/99 175,000 $225,000 10.00 02/01/00 225,000 $250,000 10.00 02/01/01 250,000 $275,000 10.00 02/01/02 275,000 $325,000 10.00 02/01/03 325,000 $375,000 per year 10.10 -10.20 02/01/04-05 750,000 $400,000 10.20 02/01/06 400,000 $700,000 10.25 02/01/07 700,000 $875,000 10.25 02/01/08 875,000 $950,000 10.25 02/01/09 950,000 5,300,000 $12,970,000 Tax Increment Refunding Bond, Series 1989 11/01/89 $170,000 6.20 01/01/94 170,000 $555,000 6.30 01/01/95 555,000 $1,060,000 6.40 01/01/96 1,060,000 $1,055,000 6.45 01/01/97 1,055,000 $1,045,000 6.50 01/01/98 1,045,000 $1,035,000 6.60 01/01/99 1,035,000 $1,025,000 6.70 01/01/00 1,025,000 $1,115,000 6.75 01/01/01 1,115,000 $1,100,000 6.80 01/01/02 1,100,000 $1,085,000 6.85 01/01/03 1,085,000 $1,070,000 6.90 01/01/04 1,070,000 $1,100,000 7.00 01/01/05 1,100,000 $1,080,000 7.00 01/01/06 1,080,000 12,495,000 $3,080,000 Tax Increment Bonds, Series 1990 03/01/90 $700,000 6.70 02/01/02 700,000 $745,000 6.70 02/01/03 745,000 $800,000 6.70 02/01/04 800,000 $835,000 6.80 02/01/05 835,000 7 AOA AAA -105- (Continued) CITY OF EDINA, MINNESOTA Schedule of Bonds Payable, Continued $17,930,000 Tax Increment Refunding Bond, Series 1992B $570,000 $735,000 $790,000 $1,125,000 $1,265,000 $1,410,000 $1,470,000 $1,635,000 $2,515,000 $3,090,000 $3,325,000 Total tax increment bonds Improvement Bonds: $5,400,000 Improvement Bonds, Series 1984 $300,000 $2,500,000 Improvement Bonds, Series 1986 $250,000 per year $1,760,000 Improvement Bonds, Series 1989 Issue Interest Maturity date rate date Exhibit 3, Cont. Principal 1 1/01/92 4.90% 02/01/99 $ 570,000 5.00 02/01/00 735,000 5.20 02/01/01 790,000 5.40 02/01/02 1,125,000 5.50 02/01/03 1,265,000 5.60 02/01/04 1,410,000 5.70 02/01/05 1,470,000 5.80 02/01/06 1,635,000 5.90 02/01/07 2,515,000 5.95 02/01/08 3,090,000 6.00 02/01/09 3,325,000 68,655,000 09/01/84 8.75 01/01/94 300,000 08/01/86 04/01/89 6.00-6.60 1: 1 ' •. 1,000,000 $180,000 per year 6.75 -6.80 02/01/93-94 360,000 $175,000— $170,000 6.80 -7.10 02/01/95-01 1,220,000 1,580,000 Bonds maturing in the years 1996 through 2001 will be called on February 1, 1995. (Continued) —106— -107- Exhibit 3, Cont. CITY OF EDINA, MINNESOTA Schedule of Bonds Payable, Continued Issue Interest Maturity Principal date rate date amount $1,095,000 Improvement Refunding Bonds, Series 1992E 11/01/92 $195,000 4.00% 02/01/96 $ 195,000 $185,000. 4.40 02/01/97 185,000 $185,000 4.70 C2; ,02/98 185,000 $180,000 4.90 02/0309 180,000 $180,000 5.00 02/04/00 180,000 $170,000 5.20 02/05/01 170,000 1,095,000 Total improvement bonds 3,975,000 j Revenue Bonds: -' $1,200,000 Golf Course Bonds 09/01/85 $100,000 per year 7.80 -8.00 01/01/94-95 200,000 $100,0004150,000 per year 8.10 -8.70 01/01/96-00 650,000 850,000 Bonds maturing in the years 1997 through 2000 will be called on January 1, 1996. $2,470,000 Recreational Facility Bonds 10/01/88 $25,000 per year 6.30 -6.60 01/01/94 -97 100,000 $175,0004325,000 per year 6.70 -7.30 01/01/98-09 2,320,000 2,420,000 J Bonds maturing in the years 1999 through 2009 will be called on January 1, 1998. $3,160,000 Utility Bonds 10/l/88 $300,000 6.20 02/01/93 300,000 $300,000 - $425,000 6.30 -6.80 02/01/95-99 2,165,000 2,465,000 Bonds maturing in the years 1995 through 1999 will be called on February 1, 1994. (Continued) -107- CITY OF EDINA, MINNESOTA Schedule of Bonds Payable, Continued Issue Interest date rate $2,100,000 Recreational Facility Bonds, Series 1989 04/01/89 $70,000 $75,000 $80,000 $85,000 $95,000 - $195,000 Exhibit 3, Cont. ..a Maturity Principal 6.80% 01/01/94 $ 70,000 6.80 01/01/95 75,000 6.90 01/01/96 80,000 6.90 01/01/97 85,000 6.95 -7.30 01/01/98-09 1,655,000 ,,.1 ^^- Bonds maturing in the years 1999 through 2009 will be called on January 1, 1998. $3,975,000 Recreational Facility Bonds, Series 1992 11/01/92 $45,000 4.00 01/01/96 45,000 $70,000 4.40 01/01/97 70,000 $105,000 4.70 01/01/98 105,000 $105,000 4.90 01/01/99 105,000 $130,000 5.00 01/01/00 130,000 $135,000 5.20 01/01/01 135,000 $170,000 5.40 01/01/02 170,000 $200,000 5.50 01/01/03 200,000 $235,000 5.60 01/01/04 235,000 $250,000 5.70 01/01/05 250,000 $260,000 5.80 01/01/06 260,000 $275,000 5.90 01/01/07 275,000 $285,000 5.95 01/01/08 285,000 $305,000 6.00 01/01/09 305,000 $320,000 6.00 01/01/10 320,000 $340,000 6.05 01/01/11 340,000 $360,000 6.05 01/01/12 360,000 $385,000 6.05 01/01/13 385,000 3,975,000 (Continued) -108- i I -109- Exhibit 3, Cont. CITY OF EDINA, MINNESOTA Schedule of Bonds Payable, Continued Issue Interest Maturity Principal - date rate date amount $4,650,000 Recreational Facility Refunding Bonds, Series 1992C 11/01/92 $115,000 4.40% 01/01/97 $ 115,000 $160,000 - 4.70 01/01/98 160,000 $325,000 4.90 01/01/99 325,000 $320,000 5.00 01/01/00 320,000 $335,000 5.20 01/01/01 335,000 $360,000 5.40 01/01/02 360,000 $365,000 5.50 01/01/03 365,000 $380,000 5.60 01/01/04 380,000 - $410,000 5.70 01101105 410,000 $435,000 5.80 01/01/06 435,000 $445,000 5.90 01/01/07 445,000 $495,000 5.95 01/01/08 495,000 -- $505,000 6.00 01/01/09 505,000 4,650,000 $1,925,000 Utility Revenue Refunding Bonds, Series 1992D 11/01/92 $345,000 3.80 02/01/95 345,000 $370,000 4.00 02/01/96 370,000 $390,000 4.40 02/01/97 390,000 $400,000 4.70 02/01/98 400,000 $420,000 4.90 02/01/99 420,000 1,925,000 Total revenue bonds 18,250,000 Total bonds payable $ 90,880,000 -109- Exhibit 4 CITY OF EDINA, MINNESOTA Schedule of Debt Service Requirements December 31, 1992 Year Tax Increment Bonds Improvement Bonds - Revenue Bonds ended Principal Interest Principal Interest Principal Interest 1993 $ 900,000 4,194,223 430,000 217,781 300,000 730,207 1994 370,000 4,786,110 730,000 203,410 2,360,000 1,079,233 1995 1,580,000 4,723,307 1,470,000 162,715 545,000 925,466 1996 1,610,000 4,615,216 445,000 63,895 1,170,000 895,637 1997 1,830;000 4,499,149 185,000 39,425 685,000 816,508 1998 19,320,000 4,365,157 185,000 31,008 4,640,000 780,334 1999 .2,280,000 2,973,592 - 180,000 22,250 850,000 462,163 2000 2,560,000 2,811,371 180,000 13,340 450,000 430,088 2001 2,830,000. 2,631,439 170,000 4,420 470,000 - 406,618 2002 " ' 3,900,000 2,401,905 0 0 530,000 380,088 2003 4,170,000 2,126,125 0 0 565,000 350,240 2004 4,555,000 1,828,373 0 0 615,000 317,483 2005. 5,0 4;7500 - 1,505,298 0- . 0 660,000 281,453 2006; - 4,165,000 1,190,267 0 0 --695,000 242,488 2007---- _ 3,865,000 879,622 -0 :_ -0 720,000, 201,093 20082- ' 4,790;000 - 561,410 0 .0 780,000 156,648 2009 51175,000 192,313 0 0 810,000 109,143 2010 - ,. 0' 0 0 0 320,000- 75,243 2011 0 - 0 0 0 340,000 55,358 2012 0 - 0 0 0 360,000 34,183 2013 -0 0 0 0 385,000 11,646 $ 68,655,000 46,284,877 3,975,000 758,244 18,250,000 8,741,320 -110- CITY OF EDINA, MINNESOTA Assessed Valuation, Tax Levies and Mill Rates (shown by year of tax collectibility) Tax levies: General Fund $ 8,996,527 Mill rates: General Fund 9.887 Note: (a) In 1989, assessed valuation was replaced by tax capacity — 111 — 9,992,692 10,384,072 12.959 12.879 1989 1990 1991 Assessed valuation/tax capacity $ 101,668,819 (a) 90,662,309 91,730,888 Increment valuation (3,968,472) (3,891,583) (4,288,608) Contribution to fiscal disparities pool (9,224,484) (9,436,024) (9,709,309) Received from fiscal disparities pool 2,499,218 2,470,873 2,704,760 Taxable valuation $ 90,975,081 79,805,575 80,437,731 Tax levies: General Fund $ 8,996,527 Mill rates: General Fund 9.887 Note: (a) In 1989, assessed valuation was replaced by tax capacity — 111 — 9,992,692 10,384,072 12.959 12.879 Exhibit 5 1992 1993 88,124,109 84,393,406 (5,684,605) (7,391,826) (9,546,954) (10,366,571) 2,657,724 2,641,657 75,550,274 69,276,666 10,456,761 11,325,115 11480 15.084 -112- CITY OF EDINA, MINNESOTA Schedule of Sources and Uses of Public Funds for 50th & France -No. 1200, a Tax Increment Financing District December 31, 1992 Sources of funds: Bond proceeds Tax increments received Real estate sales* State aid Special assessments Parking permits Community develop- ment Other Total sources of funds Uses of funds: Land acquisition Transfers to southeast increment districts Installation of public utilities and improvements Bond payments: Principal Interest Administrative costs Work orders Contingencies Interest Miscellaneous Total uses of funds Funds remaining (or deficient) *Real estate sales: Liquor store site Union oil site Exhibit 6 Accounted Original Amended for in Current Amount budget budget prior years year remaining $ 2,200,000 5,280,000 5,251,998 0 18,817,930 6,153,837 800,000 170,782 170,782 0 418,870 418,870 0 1,321,096 709,507 0 38,208 113,325 0 214,828 186,064 0 0 69,217 3,000,000 26,261,714 13,073,600 0 28,002 1,080,030 11,584,063 0 0 0 0 0 611,589 12,425 (87,542) 0 28,764 0 (69,217) 1,092,455 12,095,659 0 647,551 647,539 0 12 0 9,000,000 0 0 9,000,000 3,000,000 6,257,748 4,656,225 1,261,193 340,330 0 5,280,000 1,700,000 250,000 3,330,000 0 4,738,329 2,287,596 239,695 2,211,038 0 69,260 211,365 202,005 (344,110) 0 16,825 16,257 0 568 0 12,300 11,644 0 656 0 9,400 9,197 0 203 0 7,100 13,132 0 (6,032) 3,000,000 26,038,513 9,552,955 1,952,893 14,532,665 $ 0 223,201 3,520,645 (860,438) (2,437,006) Cost to authority Price paid by developer $ 128,064 105,002 134,506 65,780 $ 262,570 170,782 -113- 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, 1992 Accounted Original Amended for in Current Amount budget budget prior years year remaining Sources of funds: Bond proceeds $ 6,165,177 21,470,000 21,470,000 0 0 Tax increments received 0 85,000,000 13,491,207 2,155,979 69,352,814 Interest on invested funds 0 0 1,930,542 0 (1,930,542) Real estate sales* 598,005 1,750,000 1,333,274 0 416,726 Community Develop- ment Block Grant 0 0 189,221 0 (189,221) Other 0 0 107,326 43,120 (150,446) Total:sources of funds - 6,763,182 108,220,000 38,521,570 2,199,099 67,499,331 Uses of funds: - Land acquisition 6,682,998 15,278,569 10,479,127 0 4,799,442 Site improvements or preparation costs 0 21,894,254 15,397,695 0 6,496,559 Installation of public utilities and improvements 2,885,484 2,392,303 459,310 8,788 1,924,205 Bond payments: Principal 0 21,470,000 4,065,000 710,000 16,695,000 Interest 0 17,000,000 11,514,202 1,208,598 4,277,200 Administrative costs 194,700 2,466,200 1,965,206 12,733 488,261 Parkland dedication fees 0 0 767,852 0 (767,852) Total uses of funds 9,763,182 80,501,326 44,648,392 1,940,119 33,912,815 Funds remaining (or deficient) $ (3,000,000) 27,718,674 (6,126,822) 258,980 33,586,516 Cost to authority Price ap id by developer *Real estate sales: Elderly site $ 453,740 346,534 Office site 1,027,277 784,563 $ 1,481,017 1,131,097 –114– Exhibit 8 CITY OF EDINA, MINNESOTA Schedule of Sources and Uses of Public Funds for Grandview Area Redevelopment District —No. 1202, a Tax Increment Financing District December 31, 1992 Sources of funds: Bond proceeds Tax increments received Interest on invested funds Other Total sources of funds Uses of funds: Installation of public utilities and improvements Bond payments: Principal Interest Administrative costs Total uses of funds Funds remaining Accounted Original Amended for in Current Amount budget budget prior years year remaining $ 4,500,000 4,500,000 2,000,000 0 2,500,000 0 10,531,072 1,915,251 632,535 7,983,286 0 0 68,513 0 (68,513) 0 0 461,428 0 (461,428) 4,500,000 15,031,072 4,445,192 632,535 9,953,345 4,310,000 4,310,000 2,126,961 0 2,183,039 0 2,000,000 200,000 100,000 1,700,000 0 1,539,950 677,944 120,225 741,781 190,000 190,000 157,611 52,080 (19,691) 4,500,000 8,039,950 3,162,516 272,305 4,605,129 $ 0 6,991,122 1,282,676 360,230 5,348,216 —115— Exhibit 9 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 Sources of funds: Bonds proceeds Tax increments received Interest on invested funds Real estate sales* Other Total sources of funds Uses of funds: Land acquisition Site improvements or preparation costs Bond payments: Principal Interest Administrative costs Total uses of fund Funds remaining (or deficient) *Real estate sales: Retail and theatre site Medical office site Office site December 31, 1992 s 121,117,800 29,625,186 2,916,802 88,575,812 $ 5,282,200 6,473,815 (1,384,481) 192,866 Cost to authority $ 3,213,720 815,092 757,160 $ 4,785,972 –116– Price paid by developer 3,213,720 815,092 757,160 4,785,972 Accounted for in C Current A Amount Budget p prior years y year r remaining $ 41,400,000 2 28,698,123 0 0 1 12,701,877 80,000,000 6 648,329 1 1,148,457 7 78,203,214 0 1 1,394,525 3 36,564 ( (1,431,089) 5,000,000 4 4,785,972 9 9,283 2 204,745 - 572,052 3 338,017 ( (910,069) 126,400,000 3 36,099,001 1 1,532,321 8 88,768,678 - 13,900,000 1 15,137,870 0 0 ( (1,237,870) 0 26,677,000 7 7,435,878 - -.517,384 1 18,723,738 0 __. 41,400,000 0 0 - - 0 4 41,400,000 38,000,000 6 6,118;264 2 2,361,588 2 29,520,148 1,140,800 9 933,174 3 37,830 1 169,796 Cost to authority $ 3,213,720 815,092 757,160 $ 4,785,972 –116– Price paid by developer 3,213,720 815,092 757,160 4,785,972 - - KI P��OPeat Marwick Certified Public Accountants 4200 Norwest Center Telephone 612 341 2222 90 South Seventh Street Minneapolis, MN 55402 Independent Auditors' Report on the Schedule of Federal Financial Assistance Honorable Mayor and Members of the City Council City of Edina, Minnesota: Exhibit 10 Telecopier 612 341 0202 We have audited the general purpose financial statements of the City of Edina, Minnesota, as of and for the year ended December 31, 1992, and have issued our report thereon dated April 23, 1993. 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 includes examining, on a test basis, evidence supporting the amounts and disclosure s 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, Minne "sots, taken as a whole. 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. The information in that schedule 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 23, 1993 —117— Member Firm of ..®n Klynveld Peat Marwick Goerdeler Exhibit 11 CITY OF EDINA, MINNESOTA Schedule of Federal Financial Assistance Year ended December 31, 1992 Accrued/ Accrued/ (deferred) (deferred) Federal Program revenue at revenue at Federal grantor /pass - through CFDA Pass - through or award December 31, Disbursements December 31, grantor /program title number grantor's number amount I ' 1991 Receipts or expenditures 1992 U.S. Department of HUD: i Passed through Hennepin ... County— Community 00 Development Block Grant 14.218 B88UC270001 $ 321,476 0 (49,851) 67,132 17,281 1 /CAP �PPeat Marwick Certified Public Accountants 4200 Norwest Center Telephone 612 341 2222 90 South Seventh Street Minneapolis, MN 55402 Exhibit 12 Telecopier 612 341 0202 Independent Auditors' Report on Compliance with General Requirements. Applicable to Federal Financial Assistance Programs 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, 1992, and have issued our report thereon dated April 23, 1993. We have applied procedures to test the City of Edina, Minnesota's compliance with the following requirements applicable to its federal financial assistance program, which is identified 1:n the schedule of federal financial assistance for the year ended December 31, 1992: political activity, Davis/Bacon Act, civil rights, cash management, federal financial reports, allowable costs /cost principles, Drug -Free Workplace Act and administrative requirements. 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 second 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 findings and questioned costs. This report is intended for the information of management, the City Council and cognizant agencies. This restriction is not intended to limit the distribution of this report, which is a matter of public record. April 23, 1993 Member Firm of Klynveld Peat Marwick Goerdeler _119— Exhibit 12, Cont. CITY OF EDINA, MINNESOTA Schedule of Finding and Questioned Cost Year ended December 31, 1992 Finding Questioned Cost The City of Edina does not have a drug -free workplace policy as required by federal laws and regulations 0 Client response A drug -free workplace policy:will be established in 1993: —120— ��GaPeat Marwick Certified Public Accountants 4200 Norwest Center Telephone 612 341 2222 90 South Seventh Street Minneapolis, MN 55402 Independent Auditors' Report on Compliance at the General Purpose Financial Statement Level Honorable Mayor and Members of the City Council City of Edina, Minnesota: Exhibit 13 Telecopier 612 341 0202 We have audited. the general purpose financial statements of the City of Edina, Minnesota, as of and for the year ended December 31, 1992, and have issued our report thereon dated April 23, 1993. 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 of Edina, Minnesota, is the responsibility of the fiianagement of the City Hof 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 of Edina, Minnesota'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 of Edina, Minnesota, 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, the City Council and cognizant agencies. This restriction is not intended to limit the distribution of this report, which is a matter of public record. A74e� ;7,0c*� April 23, 1993 —121— lossmMember Fir of .' Klynveld Peat Marwick Goerdeler ) Marwick Certified Public Accountants 4200 Norwest Center Telephone 612 341 2222 90 South Seventh Street Minneapolis, MN 55402 Exhibit 14 Telecopier 612 341 0202 Independent Auditors' Report on the Internal Control Structure at the Federal Financial .Assistance Program Level 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, 1992, and have issued our report thereon dated April 23, 1993. We conducted our audit in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General of the United States; and Office of Management and Budget (OMB) Circular A -128, Audits of State and Local Governments. Those standards and OMB Circular A -128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement and about whether the City of Edina, Minnesota complied. with certain laws and regulations. In planning and performing our audit for the year ended December 31, 1992, we considered the City's internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the City's general purpose financial statements and not to provide assurance on the internal control structure. This report addresses our consideration of internal control structure policies and procedures relevant to compliance with requirements applicable to federal financial assistance programs. We have addressed policies and procedures relevant to our audit of the general purpose financial statements in a separate report dated April 23, 1993. The management of 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, that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purpose financial statements in accordance with generally accepted accounting principles, and that federal financial assistance programs are managed in compliance with applicable laws and regulations. Because of inherent limitations in any internal control structure, errors, irregularities, or instances of noncompliance 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. —122— Member Firm of Klynveld Peat Marwick Goerdeler Exhibit 14, Cont. For the purpose of this report, we have classified the significant internal control structure policies and procedures used in administering federal financial assistance programs in the following categories: Accounting controls: — revenue and receipts, and — purchases and disbursements. Administrative controls- - political activity; — Davis -Bacon Act; — civil rights; — cash management; — federal financial reports; — allowable costs/cost principle; — Drug -free Workplace.Act; and — administrative requirements. ., . For all of the internal control structure categories listed above, we obtained an .understanding of the design of relevant policies and procedures and determined whether they have been placed in operation, and we assessed control risk. During the year ended. December 31, 1992, the City of Edina, Minnesota had no major federal financial assistance programs and expended 100 percent of its total federal financial assistance under the following nonmajor federal financial assistance program: Community Development Block Grant. We performed tests of controls, as required. by OMB Circular A -128, to evaluate the effectiveness of the design and operation of internal control structure policies and procedures that we considered relevant to preventing or detecting material noncompliance with specific requirements, general requirements, and requirements governing claims for advances and reimbursements, and amounts claimed or used for matching that are applicable to the aforementioned nonmajor program. Our procedures were less in scope than would be necessary to render an opinion on these internal control structure policies and procedures. Accordingly, we do not express such an opinion. 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 reportable condition in which the design or operation of one or more of the internal control structure elements does not reduce to a relatively low level the risk that noncompliance with laws and regulations that would be material in relation to a federal financial assistance program 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 management of the City of Edina, Minnesota, in a separate letter dated April 23, 1993. This report is intended for the information of management, City Council and federal and cognizant agencies. This restriction is. not intended to limit the-distribution of this report, which is a matter of public record. elw April 23, 1993 —123— Peat Marwick Certified Public Accountants 4200 Norwest Center 90 South Seventh Street Minneapolis, MN 55402 Telephone 612 341 2222 Exhibit 15 Telecopier 612 341 0202 Independent Auditors' Report on the Internal Control Structure at the General Purpose Financial Statement Level 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, 1992, and have issued our report thereon dated April 23, 1993. 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, 1992, 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 general purpose 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. —124— Member, Firm of Klynveld Peat Marwick Goerdeler Exhibit 15, Cont. For the purpose of this report, we have classified the significant internal control structure policies and procedures in the following categories: • Accounting controls: — revenue and receipts, and — purchases and disbursements. Administrative controls: — political activity; — Davis -Bacon Act; — civil rights; — cash management; — federal financial reports; — allowable costs/cost principle; — Drug -free Workplace Act; and — administrative requirements. 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 the revenue /receipts cycle, because we believed the audit could be performed more efficiently by expanding substantive testing rather than placing reliance on the internal control system. The purpose of our consideration of the internal control structure was to determine the nature, timing and extent of the auditing procedures necessary for expressing an opinion on the general purpose financial - statements. 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 reportable condition in which the design or operation of one or more of the internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the general purpose 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 23, 1993. This report is intended for the information of management, City Council and federal and cognizant agencies. This restriction is not intended to limit the distribution of this report, which is a matter of public record. April 23, 1993 —125— 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 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 i 1986 1,383,353 4,520,851 2,444,260 1,068,170 350,475 825,817 9,443,950 3,571,172 23,608,048 1987 1,425,939 4,762,906 2,209,872 1,369,848 340,300 868,647 9,075,508 3,999,429 24,052,449 1988 1,655,826 5,122,392 2,441,928 1,471,741 321,166 1,049,684 19,875,745 4,120,163 36,058,645 1989 1,823,403 5,345,763 2,502,980 1,654,159 300,142 1,094,418 8,857,367 4,850,967 26,429,199 1990 1,937,867 5,855,776 2,719,479 1,570,886 646,345 679,889 8,456,658 5,833,141 27,700,041 1991 1,996,628 6,116,844 2,862,383 1,787,171 617,117 981,143 8,003,595 5,863,425 28,228,306 1992 1,987,784 6,218,655 2,750,808 2,137,194 588,319 4,429,119 586,679 5,963,850 24,662,408 Note: (a) Includes General, Special Revenue, Debt Service and Capital Project Funds. 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- Taxes assessments fee permits governmental services forfeitures investments property laneous Totals 1983 S 5,668,153 0 0 443,061 2,442,080 389,811 337,978 665,488 67,887 183,745 10,198,203 1984 6,645,913 0 0 405,685 1,930,171 410,950 375,101 760,801 23,032 118,188 10,669,841 1985 7,057,640 0 0 553,908 1,949,957 540,458 386,333 977,946 1,162,307 81,325 12,709,874 1986 7,850,460 0 0 695,898 2,027,833 772,920 401,203 1.594,460 135,871 58,865 13,537,510 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 i 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 i 1991 14.425,200 980.689 133.680 850,897 580,561 1.287.524 437,433 875,320 124,149 437,429 20,132,882 1992 15.935,816 1,563,993 168.122 820,007 1,000.395 1.282,432 471.038 424,622 128,019 3,156,891 24,951,335 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) —128— Percent of total Delinquent Fiscal Total tax Current tax tax levy tax Total tax year levy collections collected collections collections 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 1991 10,384,072 10,129,419 97.55 38,558 10,167,977 1992 10,182,324 9,887,842 97.12 126,956 10,014,798 —128— Table 3 Percent Percent of of total tax outstanding collections Outstanding delinquent to total delinquent taxes to tax levy taxes total tax levy 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 97.91 241,915 2.33 98.35 274,437 2.70 —129— 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. —130— Ratio of total Real property assessed value/ tax capacity to Assessment Assessed value/ Estimated total estimated year tax capacity market value market value 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 1991 87,214,668 3,496,892,900 2.49 1992 83,480,350 3,568,897,100 2.34 Note: (a) In 1988, assessed value was replaced by tax capacity. —130— 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. - 131- City of Edina Special General Revenue School Fiscal year Fund Funds Total District County Other Total 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 1991 12.879 12.879 45.490 30.114 8.441 96.924 1992 13.480 13.480 51.823 34.327 6.633 106.263 Note: (a) In 1989, mill rates were replaced by tax capacity rates. - 131- CITY OF EDINA, MINNESOTA Special Assessment Collections Last Ten Fiscal Years (unaudited) —132— Percentage Collection of levy of prior Collection collected year's levy of current Year Total levy year's levy 1983 $ 1,715,209 1,591,398 1984 1,649,440 1,492,190 1985 1,492,140 1,410,553 1986 1,262,257 1,200,287 1987 1,292,379 1,257,033 1988 1,071,212 1,044,584 1989 787,932 736,574 1990 782,763 738,498 1991 586,124 558,429 1992 998,069 977,184 —132— Percentage Collection of levy of prior Total collected year's levy collections 92.78 % $ 103,960 1,695,358 90.47 85,500 1,577,690 94.53 158,984 1,569,537 95.09 31,599 1,231,886 97.26 31,579 1,288,612 97.51 6,478 1,051,062 93.48 66,768 803,342 94.35 12,937 751,435 95.27 24,934 583,363 97.91 39,851 1,017,035 Table 6 Percentage of total Total collections outstanding to total levy assessments 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 99.53 78,101 101.90 27,228 —133— 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 1991 census. (b) Includes all long -term general obligation debt. (c) In 1988, assessed value was replaced by tax capacity. —134— Ratio of Net net bonded Net assessed Debt debtto bonded value/tax Gross service assessed debt Fiscal *Popu- capacity (in bonded monies Net bonded value/tax per year lation thousands) debt (b) available debt capacity capita 1983 45,340 S 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 1988(c) 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 1,026,815 64,408,185 .8007 1,398 1991 46,070 75,550 63,565,000 1,026,815 62,538,185 .8278 1,357 1992 46,079 69,276 90,880,000 26,899,229 63,980,771 .9236 1,388 *Source: Metropolitan Council estimate Notes: (a) Official population per 1991 census. (b) Includes all long -term general obligation debt. (c) In 1988, assessed value was replaced by tax capacity. —134— Table 8 CITY OF EDINA, MINNESOTA Computation of Legal Debt Margin December 31, 1992 (unaudited) Estimated market value of taxable property $ 3,568,897,100 Debt limit- 2.00% of total estimated market value 71,377,942 Amount of debt applicable to debt limit: Total bonded debt $ 90,880,000 Less: Other deductions allowed by law: Tax increment bonds $ 68,655,000 Improvement bonds 3,975,000 Revenue bonds 18,250,000 Total deductions 90,880,000 Total amount of debt applicable to debt limit 0 Legal debt margin $ 71,377,942 -135- CITY OF EDINA, MINNESOTA Computation of Overlapping Debt December 31, 1992 (unaudited) Percentage applicable Net debt to City of Jurisdiction outstanding Edina City of Edina $ 63,980,771 100.00% Hennepin County 60,142,017 7.52 IDS #273 (Edina) 38,760,000 98.10 IDS #287 (Hennepin Tech) 0 11.55 IDS #270 (Hopkins) 6,007,684 6.86 IDS #271 (Bloomington) 0 .02 IDS #272 (Eden Prairie) 67,722,373 2.14 IDS #280 (Richfield) 0 26.25 IDS #283 (St. Louis Park) 15,800,000 .01 Metro Council 23,112,017 3.91 Metro Transit 2,950,000 4.27 Hennepin County Regional Parks 7,656,869 10.87 Total —136— Ea Table 9 Amount applicable to City of Edina 63,980,771 4,522,680 38,023,560 0 412,127 0 1,449,259 0 1,580 903,680 125,965 832.302 $ 110,251,924 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 —137— debt service Total to total Fiscal debt Total general general year Principal Interest service expenditures (a) expenditures 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 1991 1,480,000 4,386,400 5,866,400 20,559,514 .2853 1992 1,790,000 4,173,850 5,963,850 19,610,522 .3041 Notes: (a) Includes General, Special Revenue and Debt Service Funds. (b) Includes refinancing of temporary bonds. —137— Table 11 CITY OF EDINA, MINNESOTA Revenue Bond Coverage Last Ten Fiscal Years (unaudited) Recreational Facility Bonds 1983 925,169 863,069 Net 110,000 18,601 128,601 1984 1,030,952 923,838 107,114 revenue 14,760 139,760 1985 1,106,658 1,052,131 54,527 Direct* available 177,627 1986 1,158,660 1,177,380 (18,720) Gross operating for debt Debt service requirements 1,424,381 Fiscal year revenue expenses service Principal Interest Total Coverage Utility Bonds 50,000 161,182 211,182 1989 2,348,220 1,725,118 623,102 1983 $ 3,425,476 3,336,716 88,760 - - - - 1984 3,436,525 3,386,541 49,984 - - - - 1 1985 3,686,287 3,731,907 (45,620) - - - - w 1986 3,621,775 3,726,699 (104,924) - - - - 1 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 1991 6,399,204 5,583,502 815,702 250,000 175,245 425,245 192 1992 5,867,015 5,365,942 580,371 275,000 169,233 444,233 131 Recreational Facility Bonds 1983 925,169 863,069 62,100 110,000 18,601 128,601 1984 1,030,952 923,838 107,114 125,000 14,760 139,760 1985 1,106,658 1,052,131 54,527 120,000 57,627 177,627 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 1988 1,703,728 1,431,693 272,035 50,000 161,182 211,182 1989 2,348,220 1,725,118 623,102 50,000 346,201 396,201 1990 2,453,425 1,993,388 460,087 50,000 411,298 461,298 1991 2,413,488 2,248,196 165,292 140,000 407,690 547,690 1992 2,552,605 2,288,778 263,827 195,000 398,127 593,127 * Before interest costs. 48 77 31 119 129 157 100 30 44 Table 12 CITY OF EDINA, MINNESOTA Property and Construction Values Last Ten Fiscal Years (unaudited) *Assessor's market. —139— Commercial Residential construction construction Fiscal Number of Number of Property value* year permits Value permits Value Commercial Residential 1983 4 $ 9,250,500 189 $ 20,140,000 458,115,920 1,848,196,590 1984 3 1,290,000 116 14,800,000 495,218,100 1,922,762,150 1985 5 6,645,080 327 34,886,143 532,936,100 1,984,633,450 1986 5 18,034,760 397 39,909,000 567,688,400 2,042,953,950 1987 342 19,797,541 551 30,600,000 621,601,700 2,185,908,300 1988 336 22,100,000 560 26,327,000 667,282,000 2,392,686,800 1989 407 65,000,000 86 11,463,231 681,372,900 2,530,888,800 1990 378 37,299,553 605 31,762,558 713,876,500 2,674,211,200 1991 518 21,596,135 546 22,781,128 751,280,100 2,745,612,800 1992 415 18,371,703 647 22,086,178 767,495,300 2,801,401,800 *Assessor's market. —139— Taxpayer Southdale Gabberts and Galleria Pentagon Office Park Southdale Office Center Southdale Medical Building Centennial Lakes Center Cedars of Edina National Car Honeywell Building Jerry's Retail Center 7373 France Avenue South Target, 7000 York Rembrandt Heritage Durham York Plaza Edina Towers Edinborough Office Lincoln Drive Apartments 7900 West 78th Street 8000 West 78th Street CITY OF EDINA, MINNESOTA Principal Taxpayers December 31, 1992 (unaudited) Type of business Shopping center Shopping center Office building Office building Office building Retail Apartments Office building Office building Retail & Office Medical Office Retail Apartments Apartments Apartments Apartments Office building Apartments Office building Office building —140— Table 13 1993 tax capacity 8,891,830 1,746,700 1,540,837 1,032,300 933,788 645,913 642,225 632,800 567,712 451,579 390,985 380,150 376,164 360,400 340,000 306,000 286,700 281,888 276,595 274,895 CITY OF EDINA, MINNESOTA Miscellaneous Statistics December 31, 1992 (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) 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 —141— Table 14 December 17, 1888 January 1, 1955 Council- Manager January 1 16 square miles 97% 224 miles 186.22 miles 13,783 1 30 1- 54 1,600 1,007 38 2 3 18 198.81 7 million 14,025 (Continued) Table 14, Cont. CITY OF EDINA, MINNESOTA Miscellaneous Statistics, Continued Population: 1920 1,833 1930 3,138 1940 5,855 1950 9,744 1960 28,501 1965 (special census) 35,302 1970 44,046 1975 (estimated April 1) 49,736 1980 (census) 46,073 1981 (estimated April 1) 46,080 1982 (estimated April 1) 45,370 1983 (estimated April 1) 45,340 1984 (estimated April 1) 45,280 1985 (estimated April 1) 44,940 1986 (estimated April 1) 45,523 1987 (estimated April 1) 45,924 1988 (estimated April 1) 46,095 1989 (estimated April 1) 44,943 1990 (census) 46,070 1991 (estimated) 46,070 1992 (estimated May 1992) 46,079 —142—