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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
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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—
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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—