HomeMy WebLinkAbout1994 Comprehensive Annual Financial Reporto� e
CITY OF EDINA, MINNESOTA
1994
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31,1994
CITY OF EDINA, MINNESOTA
Comprehensive Annual Financial Report
Year ended December 31, 1994
Department of Finance
John Wallin— Treasurer and Finance Director
Eric Anderson— Assistant Finance Director
Stefanie Dunfee-- Accountant
CITY OF EDINA, MINNESOTA
TABLE OF CONTENTS
Page
PART I — INTRODUCTORY SECTION
Elected and Appointed Officials ................ ..... ... ......... 1
Letters of Transmittal .. .................. 2
PART 11 -- FINANCIAL SECTION
Independent Auditors' Report ............. ............................... 9
General Purpose Financial Statements:
' Combined Balance Sheet — All Fund Types and Account Groups ...............
11
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance - All Governmental Fund Types ..............
13
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance — Budget and Actual — General and Special
_.. Revenue Fund Types ................. .............................15
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings -- All Proprietary Fund Types ..........................
17
Combined Statement-of Cash Flows — All Proprietary Fund Types ..............
18
Notes to Financial Statements .................................. :.......
19
Combining and Individual Fund and Account Group Financial Statements:
General Fund:
Balance Sheet...... ........... . ...............................
44
Statement'of Revenues, Expenditures and Changes in
Fund Balance — Budget and Actual .... ...............................
45
Schedule of Revenues — Budget and, Actual ..............................
46
Schedule of Expenditures — Budget and Actual ...........................
47
Schedule of Central Services Expenditures — Budget and Actual ..............
54
Special, Revenue Funds:'
Combining Balance Sheet .........................................
56
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance .....................................................
57
Debt Service Funds:
Combining Balance Sheet ......... ..................................
59
- Combining Statement of Revenues, Expenditures and Changes in
Fund Balance ..................... ...............................
60
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 ............. ............................... 62
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance (Deficit) .............. ............................... 63
Enterprise Funds:
Combining Balance Sheet ............. ...............................
65
Combining Statement of Revenues, Expenses and Changes in
Retained Earnings (Deficit) ........... ...............................
67
Combining Statement of Cash Flows .... ...............................
69
Utilities Fund:
Balance Sheet ..................... .............................71
Statement of Revenues, Expenses and Changes in Retained Earnings ......
72
Statement of Cash Flows .......... ...............................
74
Liquor Fund:
Balance Sheet ..................... .............................75
Statement of Revenues, Expenses and Changes in Retained Earnings ......
76
Statement of Cash Flows ..........................................
77
Schedule of Operating Expenses .... ...............................
78
Swimming Pool Fund:
Balance Sheet ..................... .............................79
Statement of Revenues, Expenses and Changes
in Retained Earnings (deficit) ...... ...............................
80
Statement of Cash Flows .......... ...............................
81
Golf Course Fund
Balance Sheet ................... ...............................
82
Statement of Revenues, Expenses and Changes in Retained Earnings ......
83
Statement of Cash Flows .......... ...............................
84
Schedule of Operating Expenses .... ...............................
85
Arena Fund:
Balance Sheet ..................... .............................86
Statement of Revenues, Expenses and Changes in
Retained Earnings (Deficit) ........ ...............................
87
Statement of Cash Flows .......... ...............................
88
Gun Range Fund:
Balance Sheet ................... ...............................
89
Statement of Revenues, Expenses and Changes in Retained Earnings ......
90
Statement of Cash Flows .......... ...............................
91
Art Center Fund:
Balance Sheet ..................... .............................92
Statement of Revenues, Expenses and Changes in Retained Earnings ......
93
Statement of Cash Flows .......... ...............................
94
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Page
Combining and Individual Fund and Account
Group Financial Statements (Continued):
Edinborough Park Fund:
Balance Sheet ..................... .............................95
Statement of Revenues, Expenses and Changes in
Retained Earnings (Deficit) ........ ............................... 96
Statement of Cash Flows .......... ............................... 97
Agency Funds:
Statement of Changes in Assets and Liabilities ............................ 99
General Fixed Assets Account Group:
Schedule of General Fixed Assets ..... ............................... 101
General Long -term Debt Account Group:
Schedule of General Long -term Debt ... ............................... 103
Supplementary Information:
Exhibit Page
Combined Schedule of Bonded Indebtedness .......
Exhibit 1 .............. 104
Schedule of Changes in Bonded Indebtedness ......
Exhibit 2 .............. 106
Schedule of Bonds Payable .....................
Exhibit 3 .............. 107
Schedule of Debt Service Requirements ...........
Exhibit 4 .............. 114
Assessed Valuation, Tax Levies and Mill Rates ......
Exhibit 5 .............. 115
Independent Auditors' Report on the Schedule
of Federal Financial Assistance .................
Exhibit 6 .............. 116
Schedule of Federal Financial Assistance ..........
Exhibit 7 .............. 117
Independent Auditors' Report on Compliance
with General Requirements Applicable to
Federal Financial Assistance Programs ..........
Exhibit 8 .............. 118
Schedule of Findings and Questioned Costs ........
Exhibit 8 .............. 119
Independent Auditors' Report on Compliance with
Laws, Regulations, Contracts, and Grants
Based on an Audit of the General Purpose
Financial Statements Performed in Accordance
with Government Auditing Standards ............
Exhibit 9 .............. 120
Independent Auditors' Report on the Internal Control
Structure Used in Administering Federal Financial
Assistance Programs —No Major Programs ........
Exhibit 10 ............. 121
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Supplementary Information (Continued):
Exhibit Page
Independent Auditors Report on the Internal Control
Structure Based on an Audit of the General Purpose
Financial Statements Performed in Accordance
with Government Auditing Standards ............ Exhibit 11 ............. 124
Independent Auditors' Report on Compliance with
Specific Requirements Applicable to Nonmajor
Federal Financial Assistance Program Transactions . Exhibit 12 ............. 126
PART III -- STATISTICAL SECTION
Table
Page
General Governmental Expenditures by Function
Last Ten Fiscal Years ..........................
Table 1 ..............
127
General Governmental Revenues by Source
Last Ten Fiscal Years ..........................
Table 2 ..............
128
Property tax Levies and Collections — Last Ten
Fiscal Years ........ ..........................Table
3 ..............
129
Assessed Value or Tax Capacity and Estimated
Market Value of Taxable Property .................
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 ..............
133
Computation of Legal Debt Margin - December 31, 1994
. Table 8 ..............
134
Computation of Overlapping Debt - December 31, 1994 ..
Table 9 ..............
135
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General
Expenditures — Last Ten Fiscal Years .............
Table 10 ..............
136
Revenue Bond Coverage — Last Ten Fiscal Years .....
Table 11 ..............
137
Property and Construction Values — Last Ten
Fiscal Years .. ...............................
Table 12..............
138
Principal Taxpayers - December 31, 1994 ...........
Table 13 ..............
139
Miscellaneous Statistics - December 31, 1994 ........
Table 14 ..............
140
INTRODUCTORY
SECTION
CITY OF EDINA, MINNESOTA
Elected and Appointed Officials
December 31, 1994
Page 1
Term of office
expires January
Elected:
Mayor — Frederick S. Richards 1997
Council:
Glenn L. Smith
1999
Dennis Maetzold
1999
Peggy Kelly
1997
Jane L. Paulus
1997
Bernard G. Rice, Jr.
1995
Appointed:
Manager- Kenneth E. Rosland
Treasurer and Finance Director -John Wallin
Assistant Finance Director -Eric Anderson
Clerk- Marcella M. Daehn
*First Official business day.
Page 2
I..
�I
O
GLY of Edina
April 21, 1995
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 31,1994 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 FAX (612) 927 -7645
EDINA, MINNESOTA 55424 -1394 TDD (612) 927 -5461
Page 3
The City of Edina, Minnesota concluded fiscal year 1994 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,
X� . S
Kenneth E. Rosland
City Manager
o 6 7.
H Jy ;,
ry /
April 21, 1995
To the Honorable Mayor,
Members of the City Council,
and City Manager
City of Edina, Minnesota:
Page 4
City or Edi nc
The Comprehensive Annual Financial Report of the City of Edina (the City), for the fiscal year
ended December 31,1994, 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 positron 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
Page 5
The Reporting Entity and Its Services
The City has reviewed its reporting entity definition in accordance with Governmental
Accounting Standards Board Statement 14, The Financial Reporting Entity. 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 $26,771,756 in 1994, an increase of 6.1 percent
over 1993. General property taxes produced 65.9 percent of general revenues compared to
69.3 percent last year. The amount of revenues from various sources and the increase
(decrease) over last year are shown in the following table:
Revenue Source
Total
Percent
of total
Increase
(decrease)
from 1993
Taxes
$ 17,637,458
65.88%
$ 132,186
Special assessments
1,087,831
4.06%
96,437
Franchise fee
206,261
0.77%
(53,778)
Licenses and permits
947,122
3.54%
(90,661)
Intergovernmental
1,807,826
6.75%
58,195
Charges for services
1,251,603
4.68%
84,157
Fines and forfeitures
322,992
1.21%
(27,590)
Interest on investments
570,568
2.13%
138,592
Interest on funds held with fiscal agent
1,727,103
6.45%
283,573
Sale and rental of property
100,632
0.38%
(133)
Other revenues 1,112,360 4.16% 906,928
Total revenues $ 26,771,756 100.00% $ 1,527,906
Current tax collections were 97.8 percent of the tax levy, up 2.5 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 97.9 percent, an increase of 2.6 percent from last year.
Page 6
Intergovernmental revenues were 6.8 percent of general revenues compared to 7.1 percent in
1993.
Expenditures for general governmental purposes within the General, Special Revenue, Debt
Service and Capital Project Funds totaled $25,072,001 an increase of 11.7 percent over 1993.
Increases (decreases) in levels of expenditures for major functions of the City over last year are
shown in the following table:
Function
Total
General government
$ 2,097,521
Public safety
6,774,592
Public works
2,985,893
Parks
1,725,641
Unallocated general
180,589
Other
3,273,848
Capital outlay
700,451
Bond principal
1,185,000
Interest and fiscal charges
6,148,466
Total expenditures
Expenditures for public safety were 27.0 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 capital
The following is a summary of bonded debt for fiscal year 1994:
Gross bonded debt outstanding, January 1, 1994
Add bonds issued in fiscal year 1994
Deduct bonds redeemed in fiscal year 1994
Gross bonded debt outstanding, December 31, 1994
Deduct sinking fund assets, December 31, 1994
Net bonded debt, December 31, 1994
.8185
$ 1.273
$108,165,000
0
3,550,000
104,615,000
(44,810,021)
The City's bonds continue to have an Aa1 rating as determined by Moody's Investors Service,
and an AA rating from Standard & Poors.
Increase
Percent
(decrease)
of total
from 1993
8.4%$
97,658
27.0%
230,372
11.9%
(4,354)
6.9%
(19,166)
0.7%
63,138
13.1%
1,362,049
2.8%
204,117
4.7%
(615,000)
24.5%
1,301,106
Expenditures for public safety were 27.0 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 capital
The following is a summary of bonded debt for fiscal year 1994:
Gross bonded debt outstanding, January 1, 1994
Add bonds issued in fiscal year 1994
Deduct bonds redeemed in fiscal year 1994
Gross bonded debt outstanding, December 31, 1994
Deduct sinking fund assets, December 31, 1994
Net bonded debt, December 31, 1994
.8185
$ 1.273
$108,165,000
0
3,550,000
104,615,000
(44,810,021)
The City's bonds continue to have an Aa1 rating as determined by Moody's Investors Service,
and an AA rating from Standard & Poors.
Page 7
At December 31,1994 the City had $86,410,000 of Tax Increment Bonds outstanding, excluding
Improvement and Revenue Bonds. $37,476,845 was available in the General Debt Service
Fund for payment of these obligations, resulting in $48,933,155 net general debt at
December 31,1994.
Cash Management
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 1994 the City earned
$570,568 in interest income. The following is a list of the City's cash and investments by
classification as of December 31, 1994:
Cash
Cash deficit
Cash with plan administrator
Cash with fiscal agents
Certificates of deposit
Commercial paper
Bankers acceptance
Government securities
Money market investments
Capital Project Funds
$ 10,244,027
(9,832,925)
6,521,280
43,003,458
383,800
9,827,229
488,333
12,345,842
65,611
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
appropriations, or working capital funds.
General Fixed Assets
The general fixed assets of the City are those fixed assets used in the performance of general
governmental functions and exclude the fixed assets of the Enterprise Funds. As of December
31, 1994 the general fixed assets of the City amounted to $63,695,202 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.
Transfers from /to other funds for various purposes were $100,321 and $460,321 in 1994 and
$126,894 and $486,894 in 1993, 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 LLP
has been included in this Comprehensive Annual Financial Report for 1994.
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
John Wallin, CPA
Treasurer and Finance Director
3
Stefan fee, CPA
Accountant
Page 8
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 1994' 4 nd 1993 is as.follows
Income (loss).,
before transfers
1994. 1993
Utilities
$ 310,955 $ 641,510
Liquor
588,872 4111,560
Swimming pool
(21996) (1.18,121)
Golf course
(234;214) (247,132)
Arena
(257,356) (159,014)
Gun Range
29299 (7,055)
Art Center
(73,342) (61,236)
Edinborough Park
(705,257) (64,270)
(371.0391 $ 396:242
Transfers from /to other funds for various purposes were $100,321 and $460,321 in 1994 and
$126,894 and $486,894 in 1993, 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 LLP
has been included in this Comprehensive Annual Financial Report for 1994.
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
John Wallin, CPA
Treasurer and Finance Director
3
Stefan fee, CPA
Accountant
FINANCIAL
SECTION
� 'Peat Marwick LLP
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:
Page 9
We have audited the general purpose financial statements of the City of Edina, Minnesota, as
of and for the year ended December 31,1994, 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
31,1994, 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.
Member Firm of
Klynveld Pea! Mack Goerdeler
KPMG Peat Marwick LLP
Page 10
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.
LLB°
April 21, 1995
Page 11
CITY OF EDINA, MINNESOTA
Combined Balance Sheet - All Fund Types and Account Groups
December 31, 1994
(with comparative totals for December 31, 1993)
Assets and Other Debits
General
Cash $
184,051
Investments
8,232,113
Cash and investments with
7,296
plan administrators (notes 7)
0
Cash with fiscal agents
0
Receivables:
0
Accounts
302,415
Interest
15,797
Special assessments
0
Metropolitian Waste Control
0
Loan
0
Due from other funds (note 10)
7,507,085
Due from other governments
93,389
Inventory
0
Prepaid Expenses
56,667
Fixed Assets (note 4)
0
Discount on bonds
0
Amount available in debt service fund
0
Amount to be provided for retirement of long -term debt
0
Total assets and other debits
Liabilities, Fund Equity and Other Credits
Liabilities:
Accounts payable
Salaries payable
Contracts payable
Accrued interest payable
Due to other funds (note 10)
Due to other governments
Deposits payable
Due to participants (note 7)
Due to federal government
Taxes payable
Accrued compensated absences (note 5)
Deferred revenue
Obligation under capital lease (note 14)
Bonds payable (note 5)
Total liabilities
Fund equity and other credits:
Investment in general fixed assets (note 4)
Contributed Capital
Retained earnings:
Reserved (note 11)
U n reserved- undesig nated
Fund balance:
Reserved (note 11)
Unreserved - designated (note 11)
Unreserved - undesignated
Total fund equity and other credits
Contingenicies (note 13)
Total liabilities, fund equity and other credits
See accompanying notes to financial statements
Governmental fund types
Special
Debt
Capital
Revenue
Service
Projects
0
7,296
108,154
818,707
0
14,006,162
0
0
0
0
38,351,489
0
51,879
0
(1,134)
14,171
0
136,035
0
3,035,203
147,308
0
168,933
0
0
0
1,290,612
0
394,819
6,596,375
31,027
1,273
3,389
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$ 16,391,517
915,784
41,959,013
22,286,901
295,464
12,477
0
22,551
195,824
625
0
710
0
0
0
64,169
0
0
0
0
6,796,375
78,429
0
6,395,454
95,438
0
182,323
2,014
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
81,882
17,332
2,979
0
0
0
0
3,035,203
178,209
0
0
0
0
0
0
0
0
7,400,433
94,510
3,217,526
6,744,989
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,129,031
0
38,741,487
183,040
6,867,639
0
0
0
994,414
821,274
0
15,358,872
8,991,084
821,274
38,741,487
15,541,912
$ 16,391,517
915,784
41,959,013
22,286,901
Page 12
Proprietary
Fiduciary
fund type
fund type
Account groups
General
General
Totals
Fixed
Long -term
(memorandum only)
Enterprise
Agency
Asset
Debt
1994
1993
63,753
47,848
0
0
411,102
1,249,999
53,833
0
0
0
23,110,815
21,188,953
0
6,521,280
0
0
6,521,280
5,908,312
4,651,969
0
.0
0
43,003,458
45,483,594
1,697,701
0
0
0
2,050,861
1,684,243
103,924
0
0
0
269,927
168,215
17,054
0
0
0
3,199,565
3,764,089
0
0
0
0
168,933
45,541
0
0
0
0
1,290,612
1,120,612
2,154,499
0
0
0
16,652,778
15,320,850
99,059
0
0
0
228,137
429,723
579,318
0
0
0
579,318
552,604
0
0
0
0
56,667
33,462
33,848,775
0
63,464,899
0
97,313,674
97,014,926
110,698
0
0
0
110,698
126,524
0
0
0
38,941,487
38,941,487
39,126,631
0
0
0
50,746,760
50,746,760
51,950,981
43,380,583
6,569,128
63,464,899
89,688,247
284,656,072
285,169,259
296,886
0
0
0
627,378
1,342,580
29,737
0
0
0
226,896
131,825
750
0
0
0
64,919
65,081
276,256
0
0
0
276,256
335,525
3,369,042
13,478
0
0
16,652,778
15,320,850
231,804
34,370
0
0
545,949
247,243
15,017
0
0
0
15,017
12,929
0
6,521,280
0
0
6,521,280
5,908,312
0
0
0
0
0
148,611
0
0
0
0
81,882
0
102,436
0
0
463,247
585,994
667,612
12,600
0
0
0
3,226,012
3,598,370
490,000
0
0
0
490,000
510,000
15,390,000
0
0
89,225,000
104,615,000
108,165,000
20,214,528
6,569,128
0
89,688,247
133,929,361
136,453,938
0
0
63,464,899
0
63,464,899
62,834,119
772,573
0
0
0
772,573
891,314
1,607,120
0
0
0
1,607,120
1,607,120
20,786,362
0
0
0
20,786,362
21,389,328
0
0
0
0
40,053,558
39,681,330
0
0
0
0
6,867,639
6,950,184
0
0
0
0
17,174,560
15,361,926
23,166,055
0
63,464,899
0
150,726,711
148,715,321
43,380,583
6,569,128
63,464,899
89,688,247
284,656,072
285,169,259
CITY OF EDINA, MINNESOTA
Page 13
Combined Statement of Revenues, Expenditures and Changes in Fund Balance -
All Governmental Fund Types
Year ended December 31, 1994
(with comparative totals for year ended December 31, 1993)
Revenues:
Taxes (note 3)
Special assessments
Franchise fees
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest on investments
Interest on funds held with fiscal agent
Sales and rental of property
Other revenues
Total revenues
Expenditures:
Current:
General government
Public safety
Public works
Parks
Other
Capital outlay:
General government
Public safety
Public works
Parks
Other
Debt Service:
Bond principal
Interest and fiscal charges
Total expenditures
Governmental fund types
20,367
Special
Debt
Capital
General
Revenue
Service
Projects
10,698,748
0
0
6,938,710
0
0
912,759
175,072
0
206,261
0
0
947,122
0
0
0
1,512,495
159,714
0
135,617
1,251,603
0
0
0
322,992
0
0
0
21,417
4,220
0
566,348
0
0
1,727,103
0
74,338
0
0
100,632
32,217
0
0
984,388
14,860,932
370,195
2,639,862
8,900,767
2,097,521
0
0
0
6,774,592
0
0
0
2,985,893
0
0
0
1,725,641
0
0
0
(10,664)
426,991
2,100
435,683
20,367
0
0
0
303,513
0
0
0
304,112
0
0
0
72,459
0
0
0
0
0
0
2,600,327
0
0
1,185,000
0
0
0
6,148,466
0
14,273,434
426,991
7,335,566
3,036,010
Excess (deficiency) of revenues over expenditures 587,498 (56,796) (4,695,704) 5,864,757
Other financing sources (uses):
Proceeds from issuance of bonds
Proceeds from sale of land
Operating transfers in
Operating transfers out
Transfer dedicated funds
Reserve for construction
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
0
0
0
0
0
0
0
5,107
380,000
0
4,510,560
237,000
(237,000)
0
0
(4,530,560)
35,055
0
0
0
2,400
0
0
0
180,455
0
4,510,560
(4,288,453)
767,953
(56,796)
(185,144)
1,576,304
8,223,131
878,070
38,926,631
13,965,608
$ 8,991,084
821,274
38,741,487
15,541,912
Page 14
Totals
(memorandum only)
1994 1993
17,637,458 17, 505,272
1,087,831
991,394
206,261
260,039
947,122
1,037,783
1,807,826
1,749,631
1,251,603
1,167,446
322,992
350,582
591,985
431,976
1,727,103
1,443,530
174,970
100,765
1,016,605
205,432
26,771,756 25,243,850
2,097,521
1,999,863
6,774,592
6,544,220
2,985,893
2,990,247
1,725,641
1,744,807
854,110
1,300,287
20,367
8,530
303,513
165,017
304,112
245,825
72,459
76,962
2,600,327
728,963
1,185,000
1,800,000
6,148,466
4,847,360
25,072, 001
22,452,081
1,699,755
2,791,769
0 19,435,599
5,107 0
5,127,560 5,546,022
(4,767,560) (5,046,729)
35,055 (84,812)
2,400 2,400
402,562 19,852,480
2,102,317 22,644,249
61,993,440 39,349,191
64,095,757 61,993,440
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, 1994
(with comparative totals for year ended December 31, 1993)
Revenues:
Taxes (note 3)
Franchise fees
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest on investments
Sales and rental of property
Other revenues
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
Transfer dedicated funds
Parkland dedication
Reserve for construction
Total other financing sources (uses)
Page 15
General
Variance
favorable
Budget Actual (unfavorable)
$ 10,622,551
0
816,130
1,487,120
1,181,000
470,000
45,000
30,000
30,500
14,682,301
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
2,112,247
6,770,768
3,172,905
1,768,969
263,900
0
20,926
360,888
388,640
86,058
14,945,301
10,698,748
0
947,122
1,512,495
1,251,603
322,992
21,417
74,338
32,217
14,860,932
2,097,521
6,774,592
2,985,893
1,725,641
180,589
(191,253)
20,367
303,513
304,112
72,459
14,273,434
76,197
0
130,992
25,375
70,603
(147,008)
(23,583)
44,338
1,717
178,631
14,726
(3,824)
187,012
43,328
83,311
191,253
559
57,375
84,528
13,599
671,867
(263,000) 587,498 850,498
380,000
(117,000)
0
0
0
263,000
380,000
(117,000)
35,055
(120,000)
2,400
180,455
0 767,953
8,223,131
8,991,084
0
0
35,055
(120,000)
2,400
(82,545)
767,953
Page 16
0 (56,796) (56,796) (263,000) 530,702 793,702 (164,543)
0 0
0
380,000
380,000
Totals
380,000
0 0
0
(117,000)
(117,000)
(memorandum only)
(117,000)
0 0
Special Revenue
0
35,055
1994
(84,812)
1993
0
0
Variance
(120,000)
139,293
Variance
0
0
2,400
favorable
2,400
0 0
favorable
263,000
Budget
Actual
(unfavorable)
Budget
Actual
(unfavorable)
Actual
0
0
0
10,622,551
10,698,748
76,197
9,986,635
0
206,261
206,261
0
206,261
206,261
260,039
0
0
0
816,130
947,122
130,992
1,037,783
158,257
159,714
1,457
1,645,377
1,672,209
26,832
1,610,634
0
0
0
1,181,000
1,251,603
70,603
1,167,446
0
0
0
470,000
322,992
(147,008)
350,582
0
4,220
4,220
45,000
25,637
(19,363)
110,694
0
0
0
30,000
74,338
44,338
0
0
0
0
30,500
32,217
1,717
48,181
158,257
370,195
211,938
14,840,558
15,231,127
390,569
14,571,994
0
0
0
2,112,247
2,097,521
14,726
1,999,863
0
0
0
6,770,768
6,774,592
(3,824)
6,544,220
0
0
0
3,172,905
2,985,893
187,012
2,990,247
0
0
0
1,768,969
1,725,641
43,328
1,744,807
0
0
0
263,900
180,589
83,311
117,451
158,257
426,991
(268,734)
158,257
235,738
(77,481)
843,615
0
0
0
20,926
20,367
559
8,530
0
0
0
360,888
303,513
57,375
165,017
0
0
0
388,640
304,112
84,528
245,825
0
0
0
86,058
72,459
13,599
76,962
158,257
426,991
(268,734)
15,103,558
14,700,425
403,133
14,736,537
0 (56,796) (56,796) (263,000) 530,702 793,702 (164,543)
0 0
0
380,000
380,000
0
380,000
0 0
0
(117,000)
(117,000)
0
(117,000)
0 0
0
0
35,055
35,055
(84,812)
0 0
0
0
(120,000)
(120,000)
139,293
0 0
0
0
2,400
2,400
2,400
0 0
0
263,000
180,455
(82,545)
319,881
0 (56,796)
(56,796)
0
711,157
711,157
155,338
878,070
9,101,201
8,945,863
821,274
9,812,358
9,101,201
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings — All Proprietary Fund Types
Year ended December 31, 1994
(with comparative totals for year ended December 31, 1993)
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
Nonoperating revenues (expenses):
Contribution from special assessments
Interest on investments
Donations
Interest earned from fiscal agent
Interest and fiscal charges
Interest on capital lease
Gain (loss) on sale of fixed assets
Amortization of bond discount
Miscellaneous
Total nonoperating revenues (expenses)
Income (loss) before operating transfers
Operating transfers in (out):
General fund
Revolving fund
Art center fund
Swimming pool fund
Arena fund
Golf dome
Total operating transfers, net
Net income (loss)
Add depreciation on contributed assets
Increase (decrease) in retained earnings
Retained earnings - January 1
Retained earnings - December 31
See accompanying notes to financial statements
Page 17
Totals
1994 1993
$ 5,821,688 5,557,278
4,393,544 4,285,916
1,428,144 1,271,362
10,990,426 10,471,794
12,418,570 11,743,156
3,262,098
3,202,834
2,560,240
763,472
909,676
1,405,991
12,104,311
314,259
0
85,261
26,987
214,091
(952,517)
(47,749)
287
(15,826)
4,168
(685,298)
(371,039)
(380,000)
20,000
33,735
0
46,586
(80,321)
(360,000)
(731,039)
128,073
(602,966)
2,940,398
2,973,824
2,492,688
803,923
807,858
1,250,708
11,269,399
473,757
21,691
782,346
24,256
337,682
(1,154,199)
0
(65,834)
(27,019)
3,562
(77,515)
396,242
(380,000)
20,000
38,619
6,438
61,837
(106,894)
(360,000)
36,242
59,132
95,374
22,996,448 22,901,074
$ 22,393,482 22,996,448
Page 18
CITY OF EDINA, MINNESOTA
Combined Statement of Cash Flows — All Proprietary Fund Types
December 31, 1994
(with comparative totals for December 31, 1993)
Cash flows from capital financing activities
Payment to other funds
Totals
(10,000)
Principal paid on revenue bonds
1994
1993
Cash flows from operating activities:
(20,000)
0
Operating income $
314,259
473,757
Adjustments to reconcile operating income to net cash provided by operating activities:
(47,749)
0
Depreciation expense
1,405,991
1,250,707
Changes in assets and liabilities:
(3,181,175)
(1,321,517)
(Increase) in accounts receivable
(153,546)
(167,071)
(Increase) decrease in due from other governments
(231)
0
(Increase) in inventory
(26,714)
(22,938)
(Decrease) in accounts payable
(133,615)
(258,128)
Increase in salaries payable
579
12,362
Increase in compensated absences payable
102,436
0
Increase in due to other governments
231,804
36,222
Increase (decrease) in accrued interest payable
(59,269)
231,199
Increase (decrease) in contracts payable
(46,762)
3,932
Increase (decrease) in deposits payable
2,088
(2,271)
Total adjustments
1,322,761
1,084,014
Net cash provided by operating activities
1,637,020
1,557,771
Cash flows from noncapital financing activities:
Net acquisition of capital assets
(1,073,958)
(2,613,803)
Gain (loss) on sale of fixed assets
287
(65,834)
Miscellaneous
4,168
3,562
Donations
26,987
24,256
(Increase) decrease in due from other funds
(132,634)
(1,949,244)
Increase (decrease) in due to other funds
615,762
2,743,280
Operating transfers out— General Fund
(380,000)
(380,000)
Operating transfers in— Revolving Fund
20,000
20,000
Operating transfers out —Golf dome
(80,321)
(106,894)
Operating transfers in —Art center
33,735
38,619
Operating transfers in— Swimming pool
0
6,438
Operating transfers in —Arena
46,586
61,837
Contributed capital
9,331
0
Contribution from special assessments
0
21,691
Net cash used for noncapital financing activities
(910,057)
(2,196,092)
Cash flows from capital financing activities
Payment to other funds
(10,000)
(10,000)
Principal paid on revenue bonds
(2,365,000)
(495,000)
Principal paid on capital lease
(20,000)
0
Interest earned from fiscal agent
214,091
337,682
Interest paid on capital lease
(47,749)
0
Interest paid on bonds
(952,517)
(1,154,199)
Net cash used for capital financing activities
(3,181,175)
(1,321,517)
Cash flows from investing activities
Decrease in investments
332,599
2,444,655
(Increase) decrease in interest receivable
(30,949)
20,236
Interest on investments
85,261
782,346
Net cash provided by investing activities
386,911
3,247,237
Net increase (decrease) in cash and cash equivalents
(2,067,301)
1,287,399
Cash and cash equivalents, beginning of year
6,783,023
5,495,624
Cash and cash equivalents, end of year
$ 4,715,722
6,783,023
See accompanying notes to financial statement
Page 19
CITY OF EDINA, MINNESOTA
Notes to Financial Statements
December 31,1994
(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 criteria used to determine the financial reporting entity conforms with the
Governmental Accounting Standards Board Statement No. 14, The Financial
Reporting Entice, which provides standards for defining the financial reporting
entity and identifying the entities to be included in its general purpose financial
statements. 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)
Page 20
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)
Page 21
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 type operations (general fixed assets)
are accounted for in the General Fixed Assets Account Group, rather than in
Governmental Funds. Public domain (infrastructure) general fixed assets
consisting of certain improvements other than buildings, including roads, bridges,
curbs and gutters, streets and sidewalks, drainage systems, and lighting
systems, are not capitalized along with other general fixed assets. No
depreciation has been provided on general fixed assets.
All fixed assets are valued at historical cost or estimated historical cost if actual
cost is not available. Donated fixed assets are valued at their estimated fair
market value on the date donated.
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)
Page 22
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 principal and interest on long -term debt which is recognized when
due.
The Proprietary Fund types are accounted for using the accrual basis of
accounting. Their revenues are recognized when earned and their expenses are
recognized when incurred. Unbilled utility service receivables are recorded at
year end.
(Continued)
Page 23
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 Fund.
5. A budget for the General Fund is adopted on a basis consistent with
generally accepted accounting principles (GAAP).
6. The City Council may authorize transfers of budgeted amounts between
departments.
1. Reported budget amounts are as originally adopted or as amended by
Council- approved supplemental appropriations and budget transfers.
8. Expenditures, may not legally exceed appropriations by department
unless offset by increases in revenues. All unencumbered appropriations
lapse at year end.
F. Statement of Cash Flows
For purposes of 1he statement of cash-fl ' ows, the City's Enterprise Funds
consider all highly liquid investments wit a maturity of three months or less
when purchased to be cash equivalents.
(Continued)
CITY OF EDINA, MINNESOTA
G. Inventory
Page 24
Inventory is stated at the lower of cost (determined on a first in, first out basis) or
market value.
H. Compensated Absences
It is the City's policy to permit employees to accumulate earned but unused
vacation and sick pay benefits. Sick leave is payable only when used and
consequently, is not recorded as a liability. Vacation pay is payable when used
or upon termination of employment (up to 240 hours). Vacation pay is accrued
when incurred in Proprietary Funds and reported as a liability. For
Governmental Funds, vacation pay that is expected to be liquidated with
expendable available financial resources is reported as an expenditure and a
fund liability of the Fund that will pay it. Amounts not expected to be liquidated
with expendable available financial resources are reported in the General Long -
Term Debt Account Group. No expenditure is reported for these amounts. The
amount of accrued vacation pay at December 31, 1994 reported in the
Governmental Funds, Proprietary Funds and General Long -Term Debt Account
Group was $20,311, $102,385 and $463,247, respectively.
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. The columns
do not present financial position, results of operations, or changes in financial
position in conformity with generally accepted accounting principles. Interfund
eliminations have not been made in the aggregation of this data.
J. Comparative Data
Comparative total data for the prior year have been presented in the
accompanying financial statements in order to provide an understanding of
changes in the City's financial position and operations. However, comparative
data have not been presented in all statements because their inclusion would
make certain statements unduly complex and difficult to understand.
K. Certain 1993 amounts were reclassified to conform to the 1994 presentation.
(Continued)
CITY OF EDINA, MINNESOTA
(2) Cash and Investments
Cash
Page 25
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,
1994, the City was in compliance with Minnesota Statutes regarding pledged collateral.
The checking accounts, change funds and petty cash are included as cash on the
balance sheet.
Checking accounts:
Insured, collateral held by bank in City's name
Cash held by broker in City's name
Change funds
Investments
Carrying Bank
Amount balance
$ 401,622 1,254,618
49, 524, 738 49, 524,181
9,480 0
The City is authorized by Minnesota Statutes to invest in the following:
(a) Direct obligations or obligations guaranteed by the United States or its
agencies;
(b) Shares of investment companies registered under the Federal Investment
Company Act of 1940 and whose only investments are in securities described
in (a) above;
(c) General obligations in the State of Minnesota or any of its municipalities;
(d) Bankers' acceptances of United States banks eligible for purchase by the
Federal Reserve System;
(e) Commercial paper issued by United States corporations or their Canadian
Subsidiaries, of the highest quality, and maturing in 270 days or less;
(f) Guaranteed investment contracts issued or guaranteed by United States
commercial banks or domestic branches of foreign banks or United States
insurance companies or their subsidiaries;
(Continued)
CITY OF EDINA, MINNESOTA
Investments
Page 26
(g) Repurchase or reverse repurchase agreements with banks that are members
of the Federal Reserve System with capitalization exceeding $10,000,000, a
primary reporting dealer in U.S. government securities to the Federal Reserve
Bank of New York, or certain Minnesota securities broker - dealers; and
(h) Futures contracts sold under authority of Minnesota Statutes 471.56,
subdivision 5.
The City's investments are stated at cost, excluding commercial paper which 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)
Carrying amount
Category
Market
Category
1
2
value
Certificates of deposit
$ 290,000
$ 0 $
290,000
Commercial paper
0
9,827,229
9,909,835
Bankers Acceptances
0
488,333
491,146
Government securities:
United States Treasury Notes
0
3,005,460
2,756,800
Federal National Mortgage Association
0
2,539,546
2,302,278
Government National Mortgage
Association
0
937,250
950,214
Federal Home Loan Mortgage
Corporation
0
3,124,348
2,925,364
Federal Home Loan Bank
0
2,084,916
2,238,500
SBA Pool
0
748,122
749,902
Money market investments
0
65,611
65,611
Total investments
$ 290.000
$ 22.820.815 $
22.679.650
(Continued)
Page 27
CITY OF EDINA, MINNESOTA
In accordance with Minnesota Statutes, the City invests in various mortgage- backed
securities, such as collateralized mortgage obligations. Included in the Federal National
Mortgage Association and Federal Home Loan Mortgage Corporation investments are
approximately $2,190,441 (market value of approximately $2,028,222) of collateralized
mortgage obligations and approximately $111,556 (market value of approximately
$102,543) of interest only collateralized mortgage obligations. Collateralized mortgage
obligations are debt instruments issued by special purpose entities which are secured by
pools of mortgage loans or other mortgaged- backed securities. Payments of interest
and principal on underlying collateral provide the funds to pay debt service on the
collateralized mortgage obligation. The Federal National Mortgage Association is a
federally chartered corporation and guarantees timely payment of interest and principal
to security holders. The cash flows and yields on collateralized mortgage obligations
are sensitive to the rate of principal payments (including prepayments) on the underlying
collateral. For example a rapid or slow rate of principal payments on the underlying
collateral may have a material adverse effect on the yield to maturity of the collateralized
mortgage obligations. In addition, an investor in an interest only collateralized mortgage
obligations may incur substantial losses if the underlying collateral experiences greater
than anticipated prepayments of principal.
(3) Property Taxes
The City Council annually adopts a tax levy and certifies it to the County for collection in
October of each year. The County is responsible for billing and collecting all property
taxes for itself, the City, the local school district and other taxing authorities. Such taxes
become a lien on January 1 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)
Page 28
CITY OF EDINA, MINNESOTA
(4) Fixed Assets
A summary of changes in general fixed assets during 1994 is as follows:
(Continued)
Balance
Balance
January 1
Additions
Deletions
December 31
Land
$ 17,263,863 $
0
$ 0
$17,263,863
Land improvements
10,263,738
241,701
0
10,505,439
Buildings
19,569,098
1,215
0
19,570,313
Furniture and fixtures
617,188
83,228
(40,856)
659,560
Vehicles
981,010
352,697
(76,083)
1,257,624
Sidewalks
280,894
0
0
280,894
Leasehold improvements
188,545
1,785
0
190,330
Miscellaneous equipment
404,339
15,236
0
419,575
Park and playground
equipment
584,173
65,557
(23,851)
625,879
Highway equipment
3,056,584
316,563
(168,500)
3,204,647
Police equipment
649,279
39,199
0
688,478
Fire equipment
1,326,912
13,016
(55,546)
1,284,382
Election equipment
138,114
0
0
138,114
Engineering equipment
100,048
3,019
0
103,067
Traffic signals
116,184
0
0
116,184
Tools
5,812
0
0
5,812
Parks
7,058,035
92,703
0
7,150,738
Construction in progress
230,303
0
(230,303)
0
Total
$ 62.834.119 $
1.225.919
$ (595.1391
$ 63.464.899
(Continued)
(5)
Page 29
CITY OF EDINA, MINNESOTA
A summary of proprietary fund fixed assets at December 31,1994 is as follows:
Enterprise
fund
Land
$ 1,088,965
Golf course
4,586,927
Land improvements
133,194
Water distribution system
9,955,844
Sewer collection system
11,925,158
Major recreation facilities
7,959,012
Major water facilities
13,808,792
Buildings — liquor stores
734,009
Furniture, fixtures and equipment
3,701,477
Vehicles
291,725
Lease property - capital lease
474,580
54,659,683
Less accumulated depreciation
(20,810,908)
Net book value $ 33.848.775
Long -term Debt (See note 14)
Bonded Debt
The City has three types of bonded debt outstanding at December 31,1994: 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:
Tax Increment Bonds
Improvement Bonds
Revenue Bonds
Total
Maturities
1995-2009
1995-2001
1995-2013
Interest rates
4.90 -10.25%
4.00 - 7.10
3.80 - 8.70
Balance
December 31,
1994
$ 86,410,000
2,815,000
15,390,000
(Continued)
CITY OF EDINA, MINNESOTA
Changes in long -term debt during the year were as follows:
Balance
January 1,
1994
Issued/
increases
Page 30
Balance
Redeemed/ December 31,
decreases 1994
Tax Increment Bonds
$ 87,165,000
0 755,000
86,410,000
Improvement Bonds
3,245,000
0 430,000
2,815,000
Revenue Bonds
17,755,000
0 2,365,000
15,390,000
Compensated absences
667,612
0 81,668
585,944
The City had the following revenue bonds outstanding at December 31, 1994:
Golf Course Bonds, Series 1985
$ 650,000
Recreation Facility Bonds, Series 1988
2,370,000
Recreation Facility Bonds, Series 1989
1,820,000
Recreation Facility Bonds, Series 1992A
3,975,000
Recreation Refunding Bonds, Series 1992C
4,650,000
Utility Refunding Bonds, Series 1992D
1,925,000
$ 15.390.000
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 $17,930,000 in General Obligation Tax Increment
Refunding Bonds, Series 1992B, to replace the Tax Increment Bonds, Series 1988 and
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.
(Continued)
Page 31
CITY OF EDINA, MINNESOTA
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
ad 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.
During 1993, the City issued $19,580,000 General Obligation Tax Increment Refunding
Bonds to replace the Tax Increment Bonds Series 1986A, Series 1986B and Series
1990 and Tax Increment Refunding Bonds Series 1989. These will be refunded by
means of "crossover" refunding as described above in the years 1996 and 1997. The
cumulative savings will be $1,277,877 and the net present value savings is $944,442.
The annual requirements to amortize all debt outstanding as of December 31, 1994,
including interest payments of $43,507,852 are as follows:
Year ending Tax
December 31 Increment
Improvement
Revenue
Total
1995
$ 6,275,666
1,596,230
1,085,406
8,957,302
1996
21,799,741
508,895
2,065,637
24,374,273
1997
9,493, 031
224,425
1,501,508
11, 218, 964
1998
23,633,034
216,008
5,420,334
29,269,376
1999-2013
61,668,992
$ 122.870.464
570,010
3.115.568
12,063,935
22.136.820
74,302,937
148.122.852
(Continued)
Page 32
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 1994.
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
$ 289,708
Current tax capacity value
1,456,854
Captured tax capacity value:
Retained by authority
1,167,146
Shared with other taxing districts
0
General obligation tax increment bonds issued
8,412,800
Total loans incurred
0
Amounts redeemed
2,300,000
Outstanding bonds and loans at December 31, 1994 $ 6.11 La
Southeast Edina Redevelopment District -No. 1201, a redevelopment district established
in 1977 pursuant to Minnesota Statutes with a termination date of 2009.
Original tax capacity value
$ 228,319
Current tax capacity value
2,200,215
Captured tax capacity value:
Retained by authority
1,971,896
Shared with other taxing districts
0
General obligation tax increment bonds issued
36,546,600
Total loans incurred
0
Amounts redeemed
6,050,000
Outstanding bonds and loans at December 31, 1994 $ 30.496.600
Grandview Area Redevelopment District -No. 1202, a redevelopment district established
in 1984 pursuant to Minnesota Statutes with a termination date of 2010.
Original tax capacity value
Current tax capacity value
Captured tax capacity value:
Retained by authority
Shared with other taxing districts
General obligation tax increment bonds issued
Total loans incurred
Amounts redeemed
Outstanding bonds and loans at December 31, 1994
$ 250,007
763,142
513,135
0
3,370,600
0
500,000
(Continued)
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 $ 269,717
Current tax capacity value 1,313,500
Captured tax capacity value:
Retained by authority. 1,043,783
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, 1994 $ 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 $ 10,217,848
Current tax capacity value 10,610,023
Captured tax capacity value:
Retained by authority 392,175
Shared with other taxing districts 0
General obligation tax increment bonds issued 0
Totalloans incurred 0
Amounts redeemed 0
Outstanding bonds and loans at December 31, 1994 $ 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
$ 331,829
Current tax capacity value
406,465
Captured tax capacity value: .
Retained by authority
74,636
Shared with other taxing districts
0
General obligation tax increment bonds issued
0
Total loans incurred
94`,692
Amounts redeemed
26,229
Outstanding bonds and loans, at December 31, 1994 $ 68.463
(Continued)
Page 34
CITY OF EDINA, MINNESOTA
(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
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, 1994 was $6,867,091 and $3,823,480, respectively; the
City's total payroll was $12,006,457.
PERA provides retirement benefits as well as disability benefits to
members, and benefits to survivors upon death of eligible members.
Benefits are established by State Statute, and vest after three years of
credited service. The defined retirement benefits are based on a
member's highest average salary for any five successive years of
allowable service, age and years of credit at termination of service. 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 PEPFF members the annuity accrual rate is 2.65% 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.
(Continued)
2.
Page 35
CITY OF EDINA, MINNESOTA
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.
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) 4.30% 4.60% 9.58%
PEPFF 7.90% 11.70% 17.45%
Total contributions made by the City during fiscal year 1994 were:
Percentage of
Amounts covered payroll
Employees Employer Employees Employer
PERF $ 297,799 319,014 4.34% 4.65%
PEPFF 291,179 436,806 7.62% 11.42%
Totals $ 588.978 755.820
The City's contribution for the year ended June 30, 1994 to the PERF
represented .27% of total contributions required of all participating
entities. For the PEPFF, contributions for the year ended June 30, 1994
represented 1.34% of total contributions required of all participating
entities.
(Continued)
Page 36
CITY OF EDINA, MINNESOTA
B. Funding Status and Progress
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 Employee Retirement
Systems and among employers. PERA does not make separate
measurements of assets and pension benefit obligations for individual
employers.
The pension benefit obligations as of June 30,1994, are shown below:
PERF PEPFF
(in thousands)
Total pension benefit obligations $ 5,625,598 1,020,950
Net assets available for benefits, at cost
(Market values for PERF = $4,762,519;
PEPFF = $1,237,484) 4,733,845 1,229,769
Unfunded (assets in excess of pension
benefit obligations) $ 891.753 (208.819)
The measurement of the pension benefit obligations is based on an
actuarial valuation as of June 30, 1994. Net assets available to pay
pension benefits were valued as of June 30,1994.
For the PERF, significant actuarial assumptions used in the calculation of
the pension benefit obligation include (a) a rate of return on the
investment of present and future assets of 8.5 percent per year,
compounded annually, prior to retirement, and 5 percent per year,
compounded annually, following retirement; (b) projected salary
increases taken from a select and ultimate table; (c) payroll growth at 6
percent per year, consisting of 5 percent for inflation and 1 percent due to
growth in group size; (d) post- retirement benefit increases that are
accounted for by the 5 percent rate of return assumption following
retirement; and (e) mortality rates based on the 1983 Group Annuity
Mortality Table set forward one year for retired members and set back
five years for each active member.
(continued)
Page 37
CITY OF EDINA, MINNESOTA
Actuarial assumptions used in the calculation of the PEPFF include (a) a
rate of return on the investment of present and future assets of 8.5
percent per year, compounded annually, prior to retirement, and 5
percent per year, compounded annually, following retirement; (b)
projected salary increases of 6.5 percent per year, compounded annually,
attributable to the effects of inflation; (c) post- retirement increases that
are accounted for by the 5 percent rate of return assumption following
retirement; and (d) mortality rates based on the 1971 Group Annuity
Mortality Table projected to 1984 for males and females.
2. Changes in Plan Provisions
The 1994 legislative session did not include any benefit improvements
which would impact funding costs for the PERF and the PEPFF.
3. Changes in Actuarial Assumptions
Prior to fiscal year 1994, the salary increase assumption and the mortality
tables used in the calculation of pension benefit obligation for the PERF
were the same as those specified for the PEPFF. For the July 1, 1994
actuarial valuation, PERA's board of trustees approved new mortality
rates updated to the 1983 Group Annuity Mortality Table, salary
increases which were changed from 6.5 percent to 6 percent. These
changes were made to reflect actual experience of the plan.
With the adoption of the actuarial assumption changes and the new
mortality tables for the PERF, the pension benefit obligation increased
$56,596,000. The actuarial assumption changes also necessitated a
$81,201,000 transfer for the PERF Benefit Reserve to the PERF
Minnesota Post Retirement Investment Fund (MPRIF) Reserve to finance
the increased obligation for future retirement benefits. The change in the
mortality rate assumption increased the PERF's costs because
pensioners are living longer than assumed previously. The change in the
salary increase assumption, however, offset some of the additional costs
because lower salary increases generally translate into lower benefit
liabilities in the future.
Potential changes in the assumptions used for the PEPFF may be made
in the future after completion of a special experience study for that fund.
Completion of the PEPFF experience study is expected by February 1,
1995.
(Continued)
Page 38
CITY OF EDINA, MINNESOTA
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, 1994. 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, 1994, 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 $6,521,280 at December 31,1994 are recorded at fair market value and
are shown in the Agency Funds on the combined balance sheet.
It is the opinion of the City's Management that the City has no liability for losses under
the plan but does have the duty of due care that would be required of an ordinary
prudent investor.
(Continued)
(8)
(9)
Page 39
CITY OF EDINA, MINNESOTA
Segment Information for Enterprise Funds
The City maintains Enterprise Funds for utility (water and sewer) services and liquor
facilities. Individual funds are also maintained for other enterprise operations
designated below as "Other Enterprise Funds" which are recreational in nature such as:
swimming pool, golf course, arena, gun range, art center and Edinborough Park.
Segment information for the year ended December 31,1994 is as follows:
Sales
Operating revenues
Depreciation
Operating income (loss)
Nonoperating revenues
(expenses), net
Operating transfers in (out)
Net income (loss)
Property additions
Net working capital
Bonds payable
Total assets
Total retained earnings
(deficit)
Other
Enterprise
Utility Liquor Funds
$ 0
7,017,153
649,545
416,827
(105,872)
0
310,955
547,894
3,453,743
1,925,000
24,911,094
22,669,010
Edina Firemen's Relief Association
5,821,688
0
45,118
588,434
438
(380,000)
208,872
15,107
497,029
0
1,307,551
1,101,549
0
3,973,273
711,328
(691,002)
(579, 864)
20,000
(1,250,866)
510,957
1,174,177
13,465,000
17,161, 938
(1,377,077)
Total
Enterprise
Funds
5,821,688
10,990,426
1,405, 991
314,259
(685,298)
(360, 000)
(731,039)
1,073,958
5,124, 949
15,390,000
43, 380, 583
22,393,482
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 31,1994 there was no unfunded liability.
(Continued)
Page 40
CITY OF EDINA, MINNESOTA
(10) Due From To Other Funds
Interfund receivables and payables as of December 31,1994 were as follows:
Interfund Interfund
Fund receivables payables
General (including amount due to Edina Housing and
Redevelopment Authority of $6,596,375)
Special Revenue:
Community Development Block Grant
Communications
Debt Service:
General Debt Service
Improvement Bond Redemption II
Capital Project:
Construction Fund
Housing and Redevelopment Authority of Edina
Revolving Fund
Enterprise:
Utilities
Liquor
Swimming Pool
Golf Course
Arena
Art Center
Edinborough Park
Agency:
Police Seizure
$ 7,507,085 6,796,375
0 19,310
0 59,119
200,000
0
194,819
0
0
6,025,624
6,596,375
0
0
369,830
1,974,068
0
180,431
0
0
67,575
0
1,079,633
0
889,963
0
171,488
0
1,160, 383
0 13,478
$ 16.652.778
(Continued)
Page 41
CITY OF EDINA, MINNESOTA
(11) Reserved or Designated Fund Equity
The following fund equity balances as of December 31, 1994 have been reserved or
designated for the reasons noted below:
General Fund:
Reserved for commitments
$ 929,960
Reserved for self insurance
199,071
Unreserved -- designated for dedicated funds
6,867,639
Debt Service Funds:
Reserved for debt service
38,741,487
Capital Projects:
Reserved for encumbrances
156,582
Reserved for special projects
26,458
Enterprise Funds:
Reserved for debt service
1,607,120
Total fund equity reservations and designations $ 48,528.31Z-
(12) Fund Deficits
The following funds had deficit fund balances or retained earnings at
December 31,1994:
Capital Project Funds:
Construction Fund $ (6,122,476)
Enterprise Funds:
Swimming Pool Fund (62,605)
Arena Fund (1,183,000)
Edinborough Park Fund (1,007,298)
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 or will not have
a material adverse effect on the financial condition of the City.
(Continued)
CITY OF EDINA, MINNESOTA
(14) Capital Lease
Page 42
The City has recorded a capital lease for equipment installed in the Arena, Golf Course
and Edinborough Park.
The following is a schedule by years of future minimum lease payments under the
capital lease together with the present value of the net minimum lease payments as of
December 31, 1994:
Year ending December 31:
1995
$ 63,265
1996
66,629
1997
64,761
1998
67,811
1999
65,511
Later years
296,580
Total minimum lease payments
624,557
Less: Amount representing interest
(134,557)
Present value of net minimum lease payments
$ 490.000
(15) Related Party Transactions
During the past fiscal year, one of the several depository institutions with which the City
maintained cash balances and conducted transactions, was considered a related party
since a current elected member of the City Council is employed as an officer of this
institution.
(16) Fund Equity -- Contributed Capital
The following is a summary of the changes in contributed capital:
Enterprise
Edinborough
Park
Contributed capital, January 1, 1994 $ 891,314
Add:
Contribution of fixed assets 9,332
Less:
Tranfer of depreciation to contributed capital (128,073)
Contributed capital, December 31, 1994 $ 772.573
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, (ntergovernmental.revenues, fines and
forfeitures, charges for services). General Fund expenditures are made primarily
for current day -to -day operations and operating equipment. This fund accounts
for all financial transactions not properly accounted for in another fund.
Page 44
CITY OF EDINA, MINNESOTA
General Fund
Balance Sheet
December 31, 1994
(with compartive amounts for December 31, 1993)
Assets 1994
Petty cash and change funds
Cash
Investments
Accrued interest receivable
Taxes receivable:
Delinquent
Allowance for uncollectible taxes
Accounts receivable
Due from other funds
Due from other governments;
Prepaid expenses
Total assets
Liabilities and Fund Balance
Liabilities:
Salaries payable
Accounts payable
Due to other governments
Due to other funds
Compensated absences payable
Total liabilities
Fund balance:
Reserved
Unreserved:
Designated
Undesignated
Total fund balance
1993
$ 1,640
1,640
182,411
895,594
8,232,113
7,731,428
15,797
1,881
154,482
204,153
(154,482)
(204,153)
302,415
139,602
7,507,085
6,897,918
93,389
247,724
56,667
33,462
$ 16,391,517 15,949,249
195,824
295,464
95,438
6,796,375
17,332
7,400,433
1,129,031
6,867,639
994,414
8,991,084
101,726
869,612
51,327
6,703,453
0
7,726,118
753,855
6,950,184
519,092
8,223,131
Total liabilities and fund balance $ 16,391,517 15,949,249
CITY OF EDINA, MINNESOTA
General Fund
Combined Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
Revenues:
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Other revenues
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 (out):
Liquor Fund
Capital Project Funds
Transfer dedicated funds
Parkland dedication
Reserve for construction
Total other financing sources (uses)
1994
2,112,247
6,770,768
3,172,905
1,768,969
263,900
0
20,926
360,888
388,640
86,058
14,945,301
(263,000)
380,000
(117,000)
0
0
0
263,000
Excess of revenues
and other financing sources
over expenditures and other financing uses $ 0
Fund balance - January 1
Fund balance - December 31
2,097,521
6,774,592
2,985,893
1,725,641
180,589
(191,253)
14,726
(3,824)
187,012
43,328
83,311
191,253
20,367
559
Variance -
57,375
304,112
favorable
Budget
Actual
(unfavorable)
10,622,551
10,698,748
76,197
816,130
947,122
130,992
1,487,120
1,512,495
25,375
1,181,000
1,251,603
70,603
470,000
322,992
(147,008)
105,500
127,972
22,472
14,682, 301
14,860,932
178,631
2,112,247
6,770,768
3,172,905
1,768,969
263,900
0
20,926
360,888
388,640
86,058
14,945,301
(263,000)
380,000
(117,000)
0
0
0
263,000
Excess of revenues
and other financing sources
over expenditures and other financing uses $ 0
Fund balance - January 1
Fund balance - December 31
2,097,521
6,774,592
2,985,893
1,725,641
180,589
(191,253)
14,726
(3,824)
187,012
43,328
83,311
191,253
20,367
559
303,513
57,375
304,112
84,528
72,459
13,599
14,273,434
671,867
587,498
850,498
380,000
0
(117,000)
0
35,055
35,055
(120,000)
(120,000)
2,400
2,400
180,455
(82,545)
767,953
767,953
8,223,131
$ 8,991,084
Page 45
1993
Actual
9,986,635
1,037,783
1,451,471
1,167,446
350,582
57,687
14,051,604
1,999,863
6,544,220
2,990,247
1,744,807
117,451
447,885
8,530
165,017
245,825
76,962
14,340,807
(289,203)
380,000
(117,000)
(84,812)
139,293
2,400
319,881
30,678
8,192,453
$ 8,223,131
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Revenues - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
Taxes:
General property tax
Penalties and interest
Total taxes
Licenses and permits
Intergovernmental:
Federal aid
State grants:
Homestead credit
State highway aid
Police aid
County grants:
Health programs
Total intergovernmental
1994
Variance -
favorable
Budget Actual (unfavorable)
Page 46
1993
Actual
$ 10,602,551 10,697,392 94,841 9,989,618
20,000 11356 (18,644) (2,983)
10,622,551 10,698,748 76,197 9,986,635
816,130 947,122 130,992 1,037,783
10,000 9,963 (37) 17,218
994,020 994,020 0 909,305
140,000 140,556 556 160,000
230,000 254,007 24,007 251,139
113,100 113,949 849 113,809
1,487,120 1,512,495 25,375 1,451,471
Charges for services:
Engineering and clerical charges
140,000
93,511
(46,489)
130,301
Assessing searches
2,000
635
(1,365)
1,913
Planning fees
12,500
12,606
106
12,062
False alarms
42,500
43,083
583
42,266
Hazmet Fee
3,000
435
(2,565)
3,108
Housing and Redevelopment Authority
175,000
175,000
0
150,000
Charges to other funds
131,000
131,004
4
127,008
Ambulance service
560,000
670,856
110,856
576,993
Registration fee
75,000
80,887
5,887
109,659
Laboratory fees
10,000
13,362
3,362
14,136
Maint Assmt - 50th & France
10,000
10,000
0
0
Housing Foundation Contract
20,000
20,224
224
0
Total charges for services
1,181,000
1,251,603
70,603
1,167,446
Fines and forfeitures
470,000
322,992
(147,008)
350,582
Other Revenues:
Interest on investments
45,000
21,417
(23,583)
9,506
Sale and rental of property
30,000
74,338
44,338
38,137
Donations
500
325
(175)
0
Other
30,000
31,892
1,892
10,044
Total other revenues
105,500
127,972
22,472
57,687
Total revenues $
14,682,301
14,860,932
178,631
14,051,604
Page 47
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
1994 1993
Variance-
favorable
Budget Actual (unfavorable) Actual
General government:
Mayor and council:
Personal Services
Contractual services
Commodities
Central services
Total mayor and council
Administration:
Personal services
Contractual services
Commodities
Central Services
Capital Outlay
Total administration
Planning:
Personal services
Contractual services
Commodities
Central Services
Capital Outlay
Total planning
Finance:
$ 27,450
27,255
195
27,557
2,700
3,470
(770)
2,286
1,300
633
667
2,764
30,876
30,876
0
29,820
62,326
62,234
92
62,427
Capital Outlay
414,516
426,246
(11,730)
405,040
81,700
80,609
1,091
75,181
950
2,339
(1,389)
1,522
123,660
123,660
0
116,220
10,000
6,966
3,034
1,808
630,826
639,820
(8,994)
599,771
Commodities
178,329
165,195
13,134
158,095
4,600
4,087
513
1,519
800
79
721
516
53,220
53,220
0
51,960
1,229
1170 470
985
244
.. ^A^
558
Personal services
247,851
241,265
6,586
232,431
Contractual services
55,900
60,429
(4,529)
62,939
Commodities
550
449
101
645
Central Services
65,988
65,988
0
62,004
Capital Outlay
5,426
9,747
(4,321)
5,552
Total finance
375,715
377,878
(2,163)
363,571
Election:
Personal services
52,123
43,774
8,349
13,165
Contractual services
8,000
8,683
(683)
4,715
Commodities
6,000
3,852
2,148
45
Central Services
9,180
9,180
0
8,520
Total election
75,303
65,489
9,814
26,445
(Continued)
Page 48
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
1994 1993
Variance-
favorable
Budget Actual (unfavorable) Actual
Assessing:
Personal services
$ 275,502
270,743
4,759
265,711
Contractual services
39,300
33,353
5,947
29,575
Commodities
1,000
915
85
1,279
Central Services
79,752
79,752
0
74,484
Capital Outlay
4,271
2,668
1,603
612
Total assessing
399,825
387,431
12,394
371,661
Legal and court services:
(3,092)
80,298
42,823
47,809
Contractual Services
351,000
361,471
(10,471)
371,870
Total general government
Public Safety:
Police protection:
Personal services
Contractual services
Commodities
Central Services
Capital Outlay
Total police protection
Fire protection:
Personal services
Contractual services
Commodities
Central Services
Capital Outlay
Total fire protection
Civil defense:
Personal services
Contractual services
Commodities
Capital Outlay
Total civil defense
2,133,173 2,117,889 15,284 2,008,393
2,703,962
2,618,794
85,168
2,578,101
159,610
121,228
38,382
140,943
36,580
36,328
252
30,536
931,680
931,680
0
879,900
196,655
168,565
28,090
121,853
4,028,487
3,876,595
151,892
3,751,333
1,647,935
1,719,155
(71,220)
1,639,423
80,115
83,207
(3,092)
80,298
42,823
47,809
(4,986)
44,945
461,016
461,016
0
438,072
140,859
120,118
20,741
34,638
2,372,748
2,431,305
(58,557)
2,237,376
16,437
16,763
(326)
19,110
6,320
4,418
1,902
1,309
1,065
1,272
(207)
106
6,358
0
6,358
7,491
30,180
22,453
7,727
28,016
(Continued)
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
1994
Variance-
favorable
Animal Control
Personal services
Contractual services
Commodities
Central Services
Capital Outlay
Total animal control
Public Health:
Personal services
Contractual services
Commodities
Central Services
Capital Outlay
Total public health
Inspections:
Personal services
Contractual services
Commodities
Central Services
Capital Outlay
Total inspections:
Total public safety
Public works:
Administration
Personal services
Contractual services
Central services
Total administration
Engineering:
Personal services
Contractual services
Commodities
Central Services
Capital Outlay
Total engineering
Page 49
1993
Budget
Actual
(unfavorable)
Actual
$ 31,939
30,998
941
25,635
6,400
4,664
1,736
10,935
3,120
1,602
1,518
1,448
13,020
13,020
0
12,240
5,550
13,181
(7,631)
0
60,029
63,465
(3,436)
50,258
141,346
140,986
360
135,614
143,730
143,296
434
137,367
2,985
3,948
(963)
3,957
54,960
54,960
0
55,188
4,080
431
3,649
0
347,101
343,621
3,480
332,126
200,484
250,310
(49,826)
226,175
5,875
10,817
(4,942)
9,708
4,150
3,104
1,046
2,734
75,216
75,216
0
70,476
7,386
1,217
6,169
1,035
293,111
340,664
(47,553)
310,128
7,131,656
7,078,103
53,553
6,709,237
95,578
97,148
(1,570)
94,252
4,250
4,051
199
2,635
28,920
28,920
0
29,160
128,748
130,119
(1,371)
126,047
295,455
291,239
4,216
262,326
12,800
27,581
(14,781)
51,312
12,700
6,083
6,617
9,479
103,524
103,524
0
96,984
43,338
37,701
5,637
27,847
467,817
466,128
1,689
447,948
(Continued)
Page 50
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
1994 1993
Variance-
favorable
Budget Actual (unfavorable) Actual
Supervision and overhead:
Personal services
$ 147,011
103,728
43,283
119,202
Contractual services
20,300
30,786
(10,486)
26,592
Commodities
1,000
1,312
(312)
974
Central services
346,680
346,680
0
326,076
Total supervision & overhead
514,991
482,506
32,485
472,844
Street maintenance:
Personal services
596,000
580,789
15,211
570,989
Contractual services
43,000
55,730
(12,730)
29,681
Commodities
389,200
286,113
103,087
342,249
Central services
433,380
433,380
0
428,580
Total street maintenance
1,461,580
1,356,012
105,568
1,371,499
Street lighting:
Personal services
18,000
21,836
(3,836)
20,360
Contractual Services
322,000
319,533
2,467
321,532
Commodities
14,500
12,758
1,742
13,567
Total street lighting
354,500
354,127
373
355,459
Street name signs:
Personal services
28,000
24,740
3,260
34,688
Contractual Services
500
0
500
0
Commodities
26,800
32,526
(5,726)
30,923
Total street name signs
55,300
57,266
(1,966)
65,611
Traffic control:
Personal services
25,000
26,428
(1,428)
15,095
Contractual services
60,500
54,858
5,642
53,157
Commodities
19,500
10,965
8,535
12,139
Total traffic control
105,000
92,251
12,749
80,391
Bridges:
Personal services
4,907
8,882
(3,975)
14,040
Contractual services
500
0
500
0
Commodities
5,300
6,358
(1,058)
4,458
Total bridges
10,707
15,240
(4,533)
18,498
(Continued)
Page 51
(Continued)
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
1994
1993
Variance-
favorable
Budget
Actual
(unfavorable)
Actual
Retaining walls:
Personal services
$ 6,000
450
5,550
3,746
Contractual services
2,000
0
2,000
0
Commodities
12,000
475
11,525
7,989
Total retaining walls
20,000
925
19,075
11,735
Sidewalks and ramps:
Personal services
24,000
18,029
5,971
11,106
Contractual services
44,500
34,022
10,478
39,348
Commodities
29,100
16,969
12,131
17,608
Total sidewalks and ramps
97,600
69,020
28,580
68,062
Other expenditures:
Capital outlay
345,302
266,411
78,891
217,978
Total public works
3,561,545
3,290,005
271,540
3,236,072
Parks:
Administration:
Personal services
299,349
288,804
10,545
297,225
Contractual services
19,000
24,894
(5,894)
10,177
Commodities
14,600
26,208
(11,608)
11,852
Central Services
96,300
96,300
0
95,820
Capital Outlay
2,057
0
2,057
3,435
Total administration
431,306
436,206
(4,900)
418,509
Recreation:
Athletic activities
8,000
10,276
(2,276)
9,173
Skating and hockey
30,700
36,217
(5,517)
31,946
Tennis instruction
11,500
8,137
3,363
15,796
Playground
24,600
21,365
3,235
30,302
Swimming instruction
0
0
0
33,997
Senior citizens
17,900
17,973
(73)
18,499
Miscellaneous and
special activities
23,100
17,749
5,351
8,117
Total recreation
115,800
111,717
4,083
147,830
(Continued)
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
1994
Variance-
favorable
Budget Actual (unfavorable)
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
Forestry:
Personal services
Contractual services
Commodities
Total planting and trees
Litter removal:
Personal services
Contractual services
Commodities
Total litter removal
Page 52
$ 75,000
64,730
10,270
82,925
2,700
1,837
863
2,992
0
146
(146)
60
332,220
332,220
0
318,924
409,920
398,933
10,987
404,901
75,000
80,424
(5,424)
61,631
0
399
(399)
0
1,100
1,983
(883)
1,094
76,100
82,806
(6,706)
62,725
115,000
131,503
(16,503)
124,799
10,000
6,545
3,455
5,233
31,000
23,599
7,401
20,367
156,000
161,647
(5,647)
150,399
75,200
92,198
(16,998)
64,589
65,000
50,101
14,899
73,498
17,000
7,384
9,616
8,745
157,200
149,683
7,517
146,832
14,000
11,547
2,453
9,147
5,000
5,121
(121)
6,827
10,000
2,905
7,095
10,835
29,000
19,573
9,427
26,809
(Continued)
Page 53
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended
December
31, 1993)
1994
1993
Variance-
favorable
Budget
Actual
(unfavorable)
Actual
Building maintenance:
Personal services
$ 86,000
112,681
(26,681)
107,297
Contractual services
107,000
98,840
8,160
96,230
Commodities
51,000
32,780
18,220
62,418
Total Building maintenance
244,000
244,301
(301)
265,945
Paths and hard surfaces:
Personal services
12,000
17,781
(5,781)
12,285
Contractual services
45,000
12,168
32,832
15,111
Commodities
5,700
8,619
(2,919)
10,323
Total paths and hard services
62,700
38,568
24,132
37,719
Skating rinks:
Personal services
84,000
79,745
4,255
84,998
Commodities
5,000
2,464
2,536
1,575
Total skating rinks
89,000
82,209
6,791
86,573
Total maintenance
1,223,920
1,177,720
46,200
1,181,903
Capital outlay
84,001
72,459
11,542
73,527
Total parks
1,855,027
1,798,102
56,925
1,821,769
Unallocated general
expenditures
Human Rights Commmission
61,650
60,901
749
55,734
South Hennepin Human
Service council
14,500
14,500
0
12,900
City's share of special
assessment
33,000
29,623
3,377
20,166
Recycling
0
0
0
0
Fireworks
7,000
7,000
0
7,300
Contingencies
60,000
64,815
(4,815)
17,601
Centennial /futures
0
Suburban Rate Authority
3,750
3,750
0
3,750
Reserve rebuild
84,000
0
84,000
0
Total unallocated general expenditures 263,900
180,589
83,311
117,451
Central services
0
(191,254)
191,254
447,885
Total expenditures
$ 14,945,301
14,273,434
671,867
14,340,807
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Central Services Expenditures - Budget and Actual
Year ended December 31, 1994
(with comparative actual amounts for year ended December 31, 1993)
General:
Contractual services
Commodities
Capital outlay
Total general
City Hall:
Personal services
Contractual services
Commodities
Fixed Charges
Total City Hall
Public Works building:
Personal services
Contractual services
Commodities
Fixed charges
Capital outlay
Total public works building
Equipment operations:
Personal services
Contractual services
Commodities
Fixed charges
Capital outlay
Total equipment operations
Total central services expenditures
Less allocation to other
activities
Net central services
Page 54
4,381,164 4,189,910
191,254 4,566,621
4,381,164
1994
0
1993
0
(191,254)
Variance-
447,885
favorable
Budget
Actual
(unfavorable)
Actual
$ 3,069,500
2,903,629
165,871
3,284,154
20,000
26,986
(6,986)
27,633
19,340
4,966
14,374
10,228
3,108,840
2,935,581
173,259
3,322,015
61,172
60,159
1,013
83,717
39,600
40,875
(1,275)
39,998
32,900
23,638
9,262
30,370
13,740
13,740
0
12,900
147,412
138,412
9,000
166,985
57,762
58,539
(777)
41,360
80,500
68,939
11,561
75,932
33,000
38,510
(5,510)
37,682
8,400
8,400
0
7,920
4,246
2,597
1,649
3,841
183,908
176,985
6,923
166,735
243,550
245,937
(2,387)
253,458
80,500
84,375
(3,875)
50,902
414,500
413,762
738
423,922
184,140
184,140
0
176,940
18,314
10,718
7,596
5,664
941,004
938,932
2,072
910,886
4,381,164 4,189,910
191,254 4,566,621
4,381,164
4,381,164
0
4,118,736
0
(191,254)
191,254
447,885
Page 55
SPECIAL REVENUE FUNDS
Special revenue funds account for revenues derived from specific taxes or other
earmarked revenue sources and are usually required by statue or local
ordinance and /or resolution to finance particular functions, or activities of
government. The City has the following special revenue funds:
Community Development Block Grant Fund: This fund was established to
account for funds received under Title I of the Housing and Community
Development Act of 1974.
Communications Fund: This fund was established to account for funds
received from the franchise fee of the local cable television service.
Page 56
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Balance Sheet
December 31, 1994
(with comparative totals for December 31, 1993)
Liabilities and Fund Balance
Community
Liabilities:
Development
Totals
Accounts payable
Block Grant
Communications
1994
1993
Assets
60
565
625
653
Accounts receivable
$ 0
51,879
51,879
51,241
Due from other governments
31,027
0
31,027
41,885
Investments
0
818,707
818,707
903,707
Accrued interest receivable
0
14,171
14,171
9,951
Total assets
$ 31,027
884,757
915,784
1,006,784
Liabilities and Fund Balance
Liabilities:
Accounts payable
11,657
820
12,477
8,901
Salaries Payable
60
565
625
653
Due to other funds
19,310
59,119
78,429
119,160
Compensated absences
0
2,979
2,979
0
Total liabilities
31,027
63,483
94,510
128,714
Fund balance:
Unreserved - undesignated
0
821,274
821,274
878,070
Total liabilities and fund balance $
31,027
884,757
915,784
1,006,784
Page 57
Expenditures:
Current:
Other:
Personal services
Contractual services
Commodities
Fixed charges
Capital outlay
Total expenditures
Excess (deficiency) of revenues over
expenditures
Fund balance- January 1
Fund balance- December 31 $
21,626
CITY OF EDINA, MINNESOTA
79,981
89,615
138,088
Special Revenue Funds
307,581
283,081
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
8,071
8,071
December 31, 1994
0
20,640
20,640
(with comparative totals for December 31, 1993)
0
10,718
10,718
Community
159,714
267,277
426,991
Development
Totals
Block Grant Communications
1994
1993
Revenues:
0
878,070
878,070
Franchise fees
$ 0 206,261
206,261
260,039
Intergovernmental
821,274
878,070
Federal grants
159,714 0
159,714
159,163
Interest on investments
0 4,220
4,220
101,188
Total revenues
159,714 210,481
370,195
520,390
Expenditures:
Current:
Other:
Personal services
Contractual services
Commodities
Fixed charges
Capital outlay
Total expenditures
Excess (deficiency) of revenues over
expenditures
Fund balance- January 1
Fund balance- December 31 $
21,626
58,355
79,981
89,615
138,088
169,493
307,581
283,081
0
8,071
8,071
2,946
0
20,640
20,640
19,200
0
10,718
10,718
888
159,714
267,277
426,991
395,730
0
(56,796)
(56,796)
124,660
0
878,070
878,070
753,410
0
821,274
821,274
878,070
Page 58
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.
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Balance Sheet
December 31, 1994
(with comparative totals for December 31, 1993)
General Improvement
Debt Bond
Assets Service Redemption II
Cash
Cash with fiscal agent
Special assessments receivable:
Delinquent
Current
Deferred
Bloomington
Due from other funds
Due from other governments
Total assets
Liabilities and Fund Balance
Liabilities
Due to other funds
Due to other governments
Deferred revenue
Total liabilities
Fund balance:
Reserved for debt service
Total fund balance
$ 0
7,296
37,276,845
1,074,644
0
24,125
0
415,234
0
2,595,844
0
168,933
200,000
194,819
0
1,273
$ 37,476,845
4,482,168
0 0
0 182,323
0 3,035,203
0 3,217,526
37,476,845 1,264,642
Page 59
Totals
1994 1993
7,296 0
38,351,489 38,881,720
24,125
17,542
415,234
406,546
2,595,844
2,963,645
168,933
181,000
394,819
200,000
1,273
1,227
41,959,013
42,651,680
0 156,316
182,323 181,000
3,035,203 3,387,733
3,217,526 3,725,049
38,741,487 38,926,631
37,476,845 1,264,642 38,741,487 38,926,631
Total liabilities and fund balanc $ 37,476,845 4,482,168 41,959,013 42,651,680
Page 60
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
December 31, 1994
(with comparative totals for December 31, 1993)
General
Improvement
Debt
Bond
Totals
Service
Redemption II
1994
1993
Revenues:
Interest from fiscal agent $
1,685,341
41,762
1,727,103
1,443,530
Special assessments
0
912,759
912,759
834,486
1,685,341
954,521
2,639,862
2,278,016
Expenditures:
Current:
Other
0
2,100
2,100
1,000
Debt service:
Bond principal
755,000
430,000
1,185,000
1,800,000
Interest and fiscal charges
5,956,774
191,692
6,148,466
4,847,360
Total expeditures
6,711,774
623,792
7,335,566
6,648,360
Excess(deficiency) of revenue
over expenditures
(5,026,433)
330,729
(4,695,704)
(4,370,344)
Other financing sources:
Operating transfer in:
HRA
4,510,560
0
4,510,560
4,913,815
Proceeds from refunding bonds
0
0
0
19,435,599
Total other financing
4,510,560
0
4,510,560
24,349,414
Excess (deficiency) of revenues
and other financing sources
over expenditures
(515,873)
330,729
(185,144)
19,979,070
Fund balance - January 1
37,992,718
933,913
38,926,631
18,947,561
Fund balance - December 31 $
37,476,845
1,264,642
38,741,487
38,926,631
Page 61
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.
Assets
Cash
Investments
Accounts receivable
Special assessments receivable:
Delinquent
Deferred
Due from other governments
Due from other funds
Loan receivable
Accrued interest receivable
Total assets
Liabilities and Fund Balance
Liabilities:
Salaries payable
Accounts payable
Contracts payable
Due to other funds
Due to other governments
Taxes payable
Deferred revenue
Total liabilities
Fund balance(deficit):
Reserved for encumbrances
Reserved for special projects
Unreserved -u ndesignated
Total fund balance (deficit)
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Balance Sheet
December 31, 1994
(with comparative totals for December 31, 1993)
Housing and
Redevelopment
Authority of
Construction Edina Revolving
Page 62
Totals
1994 1993
$ 0
108,154
0
108,154
156,676
0
6,727,714
7,278,448
14,006,162
12,019,169
0
0
(1,134)
(1,134)
(18,648)
0
0
1,655
1,655
2,301
0
0
145,653
145,653
189,435
0
0
3,389
3,389
40,059
0
6,596,375
0
6,596,375
6,201,067
0
1,290,612
0
1,290,612
1,120,612
0
72,979
63,056
136,035
83,038
$ 0
14,795,834
7,491,067
22,286,901
19,793,709
118
0
592
710
288
1,904
797
19,850
22,551
33,566
64,169
0
0
64,169
17,569
6,025,624
0
369,830
6,395,454
5,578,641
2,014
0
0
2,014
0
0
81,882
0
81,882
0
28,647
0
149,562
178,209
198,037
6,122,476
82,679
539,834
6,744,989
5,828,101
156,582
0
0
156,582
844
0
0
26,458
26,458
0
(6,279,058)
14,713,155
6,924,775
15,358,872
13,964,764
(6,122,476)
14,713,155
6,951,233
15,541,912
13,965,608
Total liabilities and fund balance $ 0 14,795,834 7,491,067 22,286,901 19,793,709
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance (Deficit)
December 31, 1994
(with comparative totals for December 31, 1993)
Housing and
Redevelopment
Revenues:
Tax increments
Special assessments
Intergovernmental
Interest on investments
Rental of property
Other revenues
Total revenues
Expenditures:
Current:
Personal services
Professional fees
Other
Construction costs
Total expenditures
Excess (deficiency) 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)
Excess (deficiency) of revenues and
other financing sources over
expenditures and other'financing uses
Fund balance (deficit) - January 1
Fund balance (deficit)- December 31
Authority of Totals
Page 63
Construction
Edina
Revolving
1994
1993
$ 0
6,938,710
.0
6,938,710
7,518,637
0
0
175,07.2
175,072
156,908
135,617
0
0
135,617
136,997
0
284,869
281,479
566;348
.321,282
0
0
100,632
100,632
100,765
821,973
28,803
133,612
984,388
157;251
957,590
7,252,382
696,795
8,900,767
8,393,840
0
175,000
52,419
227,419
207,314
0
15,914
0
15,914
73,655
0
59,315
133,635
192,350
57,252'
2,312,473
240,713
47,141
2,600,327
728,963
2,312,473
490,942
232,595
3,036,010
1,067,184
(1,354,883)
6,761,440
458,200,
5,864,757
7,326,656
0
5,107
0
5,107
0
0
(4,510,560)
0
(4,510,560)
(4,913,815)
0
0
237,000
237,000
117,000
0
0
(202,175)
(202,175)
(135,207)
202,175
0
.0
202,175
135,207
0
0
(20,000)
(20,600)
(20,000)
202,175 (4,505,453) .14;825 (4,288,453) (4,816,815)
(1,152,708)
2,255,987
473,025
1,576,304
2,509,841
(4,969,768)
12,457,168
6,478,208
13,965,608
11,455,767
$ (6,122,476)
14,713,155
6,951,233
15,541,912
13,965,608
Page 64
ENTERPRISE FUNDS
Enterprise Funds account for the financing of self supporting activities of
governmental units which render services to the general public on a user charge
basis. Records are maintained on the accrual basis of accounting. The reports
of Enterprise Funds are similar to private enterprise and self - contained.
Creditors, legislators or the general public can evaluate the performance of the
municipal enterprise on the same basis as investor -owned enterprises.
The following Enterprise Funds were established to account for the operation of
City -owned facilities:
Utilities Fund
Liquor Fund
Swimming Pool Fund
Golf Course Fund
Arena Fund
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.
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Balance Sheet
December 31, 1994
(with comparative totals for December 31, 1993)
Assets
Current assets:
Petty Cash and change funds
Cash and cash equivalents
Cash with fiscal agents
Investments
Receivables:
Accounts
Customers
Special assessments
Metropolitian Waste Control
Other
Interest
Due from other governments
Due from other funds
Inventory
Total current assets
Property and equipment, net
Discount on bonds
Total assets
Liabilities and Fund Equity
Current liabilities:
Accounts payable
Salaries payable
Compensated absences payable
Due to other funds
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
Obligation under capital lease
Bonds payable
Total long -term liabilities
Total liabilities
Fund equity:
Contributed Capital
Retained earnings:
Reserved for debt service
Unreserved - undesignated
Total retained earnings
Total liabilities and fund equity
Utilities
Liquor
Page 65
Swimming
Pool
$ 0
3,640
0
48,643
4,864
0
0
0
0
0
0
0
0
163
0
1,614,954
0
0
17,054
0
0
0
0
0
0
0
0
0
0
0
99,059
0
0
1,974,068
180,431
0
17,049
513,933
0
3,770,827
703,031
0
21,133,978
604,520
667,481
6,289
0
6,400
$ 24,911,094
1,307,551
673,881
84,751
118,237
361
6,422
6,950
0
29,104
13,173
0
0
0
67,575
161,620
67,642
0
35,187
0
18,550
317,084
206,002
86,486
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,925,000
0
650,000
1,925,000
0
650,000
2,242,084
206,002
736,486
0
0
0
274,998
0
32,500
22,394,012
1,101,549
(95,105)
22,669,010
1,101,549
(62,605)
$ 24,911,094
1,307,551
673,881
Page 66
Golf
Gun
Art
Edinborough
Totals
Course
Arena
Range
Center
Park
1994
1993
1,900
700
0
100
1,500
7,840
7,740
0
0
2,406
0
0
55,913
173,409
2,790,892
1,860,966
0
0
111
4,651,969
6,601,874
0
0
0
53,833
0
53,833
386,432
6,286
68,647
0
0
7,651
82,747
87,672
0
0
0
0
0
1,614, 954
1,424,156
0
0
0
0
0
17,054
3,620
0
0
0
0
0
0
45,541
0
0
0
0
0
0
220
0
0
0
0
103,924
103,924
72,975
0
0
0
0
0
99,059
98,828
0
0
0
0
0
2,154,499
2,021,865
35,692
0
0
12,644
0
579,318
552,604
2,834,770
1,930,313
2,406
66,577
113,186
9,421,110
11,476,936
8,324,037
1,878,273
21,432
253,181
965,873
33,848,775
34,180,807
71,922
26,087
0
0
0
110,698
126,524
11,230,729
3,834,673
23,838
319,758
1,079,059
43,380,583
45,784,267
31,336
20,666
458
9,990
31,087
296,886
430,501
5,816
3,342
175
988
6,044
29,737
29,158
25,548
12,085
51
5,398
17,077
102,436
0
1,079,633
889,963
0
161,488
1,160,383
3,359,042
2,743,280
0
869
0
480
1,193
231,804
0
171,336
51,183
0
0
0
276,256
335,525
1,313,669
978,108
684
178,344
1,215,784
4,296,161
3,538,464
0
0
0
10,000
0
10,000
20,000
0
0
0
750
0
750
750
0
0
0
0
0
0
46,762
11,517
3,500
0
0
0
15,017
12,929
7,560
5,040
0
0
0
12,600
12,600
39,200
352,800
0
0
98,000
490,000
510,000
9,136,775
3,678,225
0
0
0
15,390,000
17,755,000
9,195,052
4,039,565
0
10,750
98,000
15,918,367
18,358,041
10,508,721
5,017,673
684
189,094
1,313,784
20,214,528
21,896,505
0
0
0
0
772,573
772,573
891,314
1,115,031
184,591
0
0
0
1,607,120
1,607,120
(393,023)
(1,367,591)
23,154
130,664
(1,007,298)
20,786,362
21,389,328
722,008
(1,183,000)
23,154
130,664
(1,007,298)
22,393,482
22,996,448
11,230,729
3,834,673
23,838
319,758
1,079,059
43,380,583
45,784,267
Page 67
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 1994
0
(380,000)
(with comparative totals for year ended December 31, 1993)
Revolving fund
0
0
0
Swimming
0
Utilities
Liquor
Pool
Sales and cost of sales:
0
0
Arena fund
Sales
$ 0
5,821,688
0
Cost of Sales
0
4,393,544
0
Gross profit
0
1,428,144
0
Operating revenues:
208,872
(2,996)
Add depreciation on contributed assets
Charges for services
7,017,153
0
258,284
Total gross profit and operating revenues
7,017,153
1,428,144
258,284
Operating expenses:
892,677
(59,609)
Retained earnings (deficit) - December 31
Disposal charges
3,262,098
0
0
Personal services
739,497
515,036
104,284
Contractual services
1,263,388
94,533
51,168
Commodities
337,174
18,543
5,593
Central services
348,624
166,480
8,724
Depreciation
649,545
45,118
53,970
Total operating expenses
6,600,326
839,710
223,739
Operating income (loss)
416,827
588,434
34,545
Nonoperating revenues (expenses):
Contribution from special assessments
0
0
0
Interest on investments
6,642
0
0
Donations
0
0
0
Interest from fiscal agent
(12,507)
0
0
Interest and fiscal charges
(97,597)
0
(37,185)
Interest on lease payable
0
0
0
Gain (loss) on sale of fixed assets
0
0
0
Amortization of bond discount
(2,410)
0
(356)
Miscellaneous
0
438
0
Total nonoperating revenues (expenses)
(105,872)
438
(37,541)
Income (loss) before operating transfers
310,955
588,872
(2,996)
Operating transfers in (out):
General fund
0
(380,000)
0
Revolving fund
0
0
0
Art center fund
0
0
0
Swimming pool fund
0
0
0
Arena fund
0
0
0
Golf dome
0
0
0
Total operating transfers, net
0
(380,000)
0
Net income (loss)
310,955
208,872
(2,996)
Add depreciation on contributed assets
0
0
0
Increase (decrease) in retained earnings
310,955
208,872
(2,996)
Retained earnings (deficit) - January 1
22,358,055
892,677
(59,609)
Retained earnings (deficit) - December 31
$ 22,669,010
1,101,549
(62,605)
Page 68
Golf
Gun
Art
Edinborough
Totals
Course
Arena
Range
Center
Park
1994
1993
0
0
0
0
0
5,821,688
5,557,278
0
0
0
0
0
4,393,544
4,285,916
0
0
0
0
0
1,428,144
1,271,362
2,256,105
694,967
43,203
192,241
528,473
10,990,426
10,471,794
2,256,105
694,967
43,203
192,241
528,473
12,418,570
11,743,156
0
0
0
0
0
3,262,098
2,940,398
892,444
265,335
20,115
108,452
557,671
3,202,834
2,973,824
383,215
264,900
6,991
112,267
383,778
2,560,240
2,492,688
204,613
29,268
9,290
28,219
130,772
763,472
803,923
182,760
54,768
1,980
20,100
126,240
909,676
807,858
378,438
148,093
3,528
27,879
99,420
1,405,991
1,250,708
2,041,470
762,364
41,904
296,917
1,297,881
12,104,311
11,269,399
214,635
(67,397)
1,299
(104,676)
(769,408)
314,259
473,757
0
0
0
0
0
0
21,691
3,301
0
0
1,617
73,701
85,261
782,346
0
0
1,000
25,987
0
26,987
24,256
135,959
90,639
0
0
0
214,091
337,682
(583,206)
(234,529)
0
0
0
(952,517)
(1,154,199)
(3,820)
(34,379)
0
0
(9,550)
(47,749)
0
7,500
(7,213)
0
0
0
287
(65,834)
(8,583)
(4,477)
0
0
0
(15,826)
(27,019)
0
0
0
3,730
0
4,168
3,562
(448,849)
(189,959)
1,000
31,334
64,151
(685,298)
(77,515)
(234,214)
(257,356)
2,299
(73,342)
(705,257)
(371,039)
396,242
0
0
0
0
0
(380,000)
(380,000)
0
10,000
0
10,000
0
20,000
20,000
(33,735)
0
0
0
0
(33,735)
(38,619)
0
0
0
0
0
0
(6,438)
(46,586)
0
0
0
0
(46,586)
(61,837)
0
46,586
0
33,735
0
80,321
106,894
(80,321)
56,586
0
43,735
0
(360,000)
(360,000)
(314,535)
(200,770)
2,299
(29,607)
(705,257)
(731,039)
36,242
0
0
0
0
128,073
128,073
59,132
(314,535)
(200,770)
2,299
(29,607)
(577,184)
(602,966)
95,374
1,036,543
(982,230)
20,855
160,271
(430,114)
22,996,448
22,901,074
722,008
(1,183,000)
23,154
130,664
(1,007,298)
22,393,482
22,996,448
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Cash Flows
December 31, 1994
(with comparative totals for December 31, 1993)
Cash flows from operating activities:
Operating income (loss)
Adjustments to reconcile operating income
to net cash provided by operating activities
Depreciation expense
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
(Increase)decrease in due from other governments
(Increase) decrease in inventory
Increase (decrease) in accounts payable
Increase in salaries payable
Increase in compensated absences payable
Increase (decrease) in due to other governments
Increase (decrease) in accrued interest payable
Increase (decrease) in contracts payable
Increase in deposits payable
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Net acquisition of capital assets
Gain (loss) on sale of fixed assets
Miscellaneous
Donations
(Increase) decrease in due from other funds
Increase (decrease) in due to other funds
Operating transfer out— General Fund
Operating transfer in— Revolving Fund
Operating transfer out —Golf dome
Operating transfer in —Art center
Operating transfer in— Swimming pool
Operating transfer in —Arena
Contributed capital
Contribution from special assessments
Net cash used for noncapital financing activities
Cash flows from capital financing activities
Payment to other funds
Principal paid on revenue bonds
Principal paid on capital lease
Interest earned from fiscal agent
Interest paid on capital lease
Interest paid on bonds
Net cash used for capital financing activities
Cash flows from investing activities
(Increase) decrease in investments
Decrease in interest receivable
Interest on investments
Net cash used in investing activities
Net increase (decrease) in cash and cash equivalents
Cash and equivalents (deficit), beginning of year
Cash and equivalents (deficit), end of year
Page 69
Swimming
Utilities Liquor Pool
$ 416,827
588,434
34,545
649,545
45,118
53,970
(158,471)
239
0
(231)
0
0
4,302
3,383
0
(16,423)
(75,757) .
(896)
(558)
(943)
0
29,104
13,173
0
161,620
67,642
0
(59,269)
0
0
0
0
0
0
0
0
609,619
52,855
53,074
1,026,446
641,289
87,619
(547,894)
(15,107)
(22,564)
0
0
0
0
438
0
0
0
0
(254,589)
(180,431)
0
0
(61,325)
(27,870)
0
(380,000)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(802,483)
(636,425)
(50,434)
0
0
0
(2,165,000)
0
0
0
0
0
(12,507)
0
0
0
0
0
(97,597)
0
(37,185)
(2,275,104)
0
(37,185)
0
0
0
0
0
0
6,642
0
0
6,642
0
0
(2,044,499)
4,864
0
2,093,142
3,640
0
$ 48,643
8,504
0
Page 70
Golf
Gun
Art
Edinborough
Totals
Course
Arena
Range
Center
Park
1994
1993
214,635
(67,397)
1,299
(104,676)
(769,408)
314,259
473,757
378,438
148,093
3,528
27,879
99,420
1,405,991
1,250,707
20,455
(8,128)
0
0
(7,641)
(153,546)
(167,071)
0
0
0
0
0
(231)
0
(35,692)
0
0
1,293
0
(26,714)
(22,938)
(54,507)
6,334
(2,883)
(3,047)
13,564
(133,615)
(258,128)
(983)
1,730
125
276
932
579
12,362
25,548
12,085
51
5,398
17,077
102,436
0
0
869
0
480
1,193
231,804
36,222
0
0
0
0
0
(59,269)
231,199
(46,762)
0
0
0
0
(46,762)
3,932
2,088
0
0
0
0
2,088
(2,271)
288,585
160,983
821
32,279
124,545
1,322,761
1,084,014
503,220
93,586
2,120
(72,397)
(644,863)
1,637,020
1,557,771
(493,531)
29,682
0
(4,042)
(20,502)
(1,073,958)
(2,613,803)
7,500
(7,213)
0
0
0
287
(65,834)
0
0
0
3,730
0
4,168
3,562
0
0
1,000
25,987
0
26,987
24,256
0
0
302,386
(132,634)
(1,949,244)
358,539
27,313
(714)
(4,738)
324,557
615,762
2,743,280
0
0
0
0
0
(380,000)
(380,000)
0
10,000
0
10,000
0
20,000
20,000
0
46,586
0
33,735
0
80,321
106,894
(33,735)
0
0
0
0
(33,735)
(38,619)
0
0
0
0
0
0
(6,438)
(46,586)
0
0
0
0
(46,586)
(61,837)
0
0
0
0
9,331
9,331
0
0
0
0
0
0
0
21,691
(207,813)
106,368
286
64,672
615,772
(910,057)
(2,196,092)
0
0
0
(10,000)
0
(10,000)
(10,000)
(180,825)
(19,175)
0
0
0
(2,365,000)
(495,000)
(1,600)
(14,400)
0
0
(4,000)
(20,000)
0
135,959
90,639
0
0
0
214,091
337,682
(3,820)
(34,379)
0
0
(9,550)
(47,749)
0
(583,206)
(234,529)
0
0
0
(952,517)
(1,154,199)
(633,492)
(211,844)
0
(10,000)
(13,550)
(3,181,175)
(1,321,517)
316,491
0
0
16,108
0
332,599
2,444,655
0
0
0
0
(30,949)
(30,949)
20,236
3,301
0
0
1,617
73,701
85,261
782,346
319,792
0
0
17,725
42,752
386,911
3,247,237
(18,293)
(11,890)
2,406
0
111
(2,067,301)
1,287,399
2,811,085
1,873,556
0
100
1,500
6,783,023
5,495,624
2,792,792
1,861,666
2,406
100
1,611
4,715,722
•6,783,023
Page 71
CITY OF EDINA, MINNESOTA
Utilities Fund
Balance Sheet
December 31, 1994
(with comparative amounts for December 31, 1993)
Assets
Current assets:
Cash and cash equivalents
Cash with fiscal agents
Receivables:
Customers
Assessments
Due from Metropolitan Waste Control
Other
Due from other funds
Due from other governments
Inventory
Total current assets
Property and equipment, net
Discount on bonds
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Compensated absences payable
Due to other governments
Accrued interest payable
Total current liabilities
Long -term liabilities:
Bonds payable
Total liabilities
Retained earnings:
Reserved for debt service
U neserved— undesignated
Total retained earnings
1994 1993
$ 48,643
0
1,614,954
17,054
0
0
1,974,068
99,059
17,049
3,770,827
173,409
1,919,733
1,424,156
3,620
45,541
220
1,719,479
98,828
21,351
5,406,337
21,133,978 21,235,630
6,289 8,698
$ 24,911,094 26,650,665
84,751
6,422
29,104
161,620
35,187
317,084
101,174
6,980
0
0
94,456
202,610
1,925,000 4,090,000
2,242,084 4,292,610
274,998
22,394,012
22,669,010
274,998
22,083,057
22,358,055
Total liabilities and retained earnings $ 24,911,094 26,650,665
Page 72
CITY OF EDINA, MINNESOTA
'
Utilities Fund
Statement of Revenues, Expenses and Changes in
Retained Earnings
December 31, 1994
(with comparative; amounts for December 31, 1993)
1994
1993
Operating revenues:
Storm sewer charges $
566,528
568,728
Water charges
1,740,020
1,626,001
Sewer charges
3,999,910
4,119,098
Recycling "
523;557
504,069
Sale of meters (less cost of meters sold)
14,102
8,990
Other
173,036
194,775
Total operating revenues
7,017,153
7,021,661
Operating expenses:
Disposal charges - contractual services
3,262,098
2,940,398
Source of.supply:
Personal services
116,842
109,836
Contractual services
102,747
73,156
Commodities
43,171
42,122
Distribution:
Personal services
219,004
228,620
Contractual services
319,543
329;641
Commodities
162,159
170;974
Purification:
Personal services
40;652
38,082
Contractual services
75,695
113,718
Commodities
39,444
44,020
Source of,collection:
Personal services
38,447
33,434
Contractual services
2,034.
11734
Commodities
52,705
52,666
Storm sewer:
Personal - services
41,624
27,764
Contractual. services
125,553
123;987
Commodities.
35,048
15,088
General and administrative:
Personal services
257,634
216,305
Contractual services
161,554
190,339
Commodities
1,797
3,027
Recycling:
Personal services
25,294
36,487
Contractual services
476,262
457,178
Commodities
2,850
5,071
Central services
348,_ 624
328,128
Depreciation
649,45
643;357
Total operating expenses
6,600,326
6,225,132,
Operating income
416,827
796;529
(Continued)
Page 73
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
December 31, 1994
(with comparative amounts for December 31, 1993)
Nonoperating revenues (expenses):
Contribution from special assessments
Interest on investments
Interest from fiscal agent
Interest and fiscal charges
Amortization of bond discount
Total nonoperating expenses
Net income
Retained earnings— January 1
1994
$ 0
6,642
(12,507)
(97,597)
(2,410)
(105,872)
310,955
1993
21,691
0
79,284
(242,984)
(13,010)
(155,019)
641,510
22,358,055 21,716,545
Retained eamings— December 31 $ 22,669,010 22,358,055
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Cash Flows
December 31, 1994
(with comparative amounts for year ended December 31,1993)
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) in accounts receivable
(Increase) in due from other governments
Decrease in inventory
Increase (decrease) in accounts payable
Increase (decrease) in salaries payable
Increase in compensated absences payable
Increase in due to other governments
Increase (decrease) in accrued interest payable
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Acquisition of capital assets
Contribution from special assessments
(Increase) in due from other funds
Net cash used by noncapital financing activities
Cash flows from capital financing activities:
Principal paid on revenue bonds
Interest from fiscal agent
Interest paid on revenue bonds
Net cash provided (used) by capital financing activities
Cash flows from investing activities:
Interest on investments
Net cash provided by investing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of year
Page 74
1994 1993
$ 416,827 796,529
649,545
(158,471)
(231)
4,302
(16,423)
(558)
29,104
161,620
(59,269)
609,619
1,026,446
(547,894)
0
(254,589)
(802,483)
(2,165,000)
(12,507)
(97,597)
(2,275,104)
643,357
(169,632)
0
4,080
27,546
3,076
0
36,222
27,437
572,086
1,368,615
(123,230)
21,691
(1,719,479)
(1,821,018)
(300,000)
79,284
(242,984)
(463,700)
6,642 0
6,642 0
(2,044,499) (916,103)
2,093,142 3,009,245
Cash and cash equivalents, end of year $ 48,643 2,093,142
CITY OF EDINA, MINNESOTA
Liquor Fund
Balance Sheet
December 31, 1994
(with comparative amounts for December 31, 1993)
Assets
Current assets:
Petty cash and change funds
Cash
Accounts receivable
Due from other funds
Inventory
Total current assets
Property and equipment, net
Total assets
1994 1993
$ 3,640
3,640
4,864
0
163
402
180,431
0
513,933
517,316
703,031
521,358
604,520
634,531
$ 1,307,551
1,155,889
Liabilities and Retained Earnings
Current liabilities:
Accounts payable 118,237
Salaries payable 6,950
Compensated absences payable 13,173
Due to other funds 0
Due to other governments 67,642
Total current liabilities 206,002
Retained earnings:
U nreserved— undesignated
Total liabilities and retained earnings
193,994
7,893
0
61,325
0
263,212
1,101,549 892,677
$ 1,307,551 1,155,889
Page 75
Page 76
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1994
(with comparative totals for year ended December 31, 1993)
Operating expenses:
Selling
67,407
1994
107,657
1993
50th Street
Yorkdale
Vernon
Totals
Totals
Sales $ 1,287,883
2,297,257
2,236,548
5,821,688
5,557,278
Cost of sales 956,468
1,731,615
1,705,461
4,393,544
4,285,916
Gross profit 331,415
565,642
531,087
1,428,144
1,271,362
Operating expenses:
Selling
67,407
93,277
107,657
268,341
272,932
Occupancy
35,205
39,022
37,257
111,484
102,958
Administrative
119,904
187,161
152,820
459,885
483,411
Total operating expenses
222,516
319,460
297,734
839,710
859,301
Operating income
108,899
246,182
233,353
588,434
412,061
Nonoperating revenues (expenses):
Cash over (short)
(243)
(472)
(347)
(1,062)
(501)
Miscellaneous
500
500
500
1,500
0
Total nonoperating revenues (expenses)
257
28
153
438
(501)
Income before operating transfer out $
109,156
246,210
233,506
588,872
411,560
Operating transfer out: General Fund
(380,000)
(380,000)
Net income
Retained eamings - January 1
208,872 31,560
892,677 861,117
Retained eamings - December 31 $ 1,101,549 892,677
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Cash Flows
Year ended December 31, 1994
(with comparative amounts for year ended December 31, 1993)
Cash flows from operating activities:
Operating income
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
(Increase) decrease in inventory
Increase (decrease) in accounts payable
Increase (decrease) in salaries payable
Increase in compensated absences
Increase in due to other governments
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Acquistion of capital assets
Cash short
Miscellaneous
(Increase) in due from other funds
Increase (decrease) in due to other funds
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
1994
Page 77
1993
588,434 412,061
45,118
239
3,383
(75,757)
(943)
13,173
67,642
52,855
641,289
(15,107)
(1,062)
1,500
(180,431)
(61,325)
(380,000)
(636,425)
4,864
40,726
31,919
(42,051)
14,727
3,914
0
0
49,235
461,296
(54,800)
(501)
0
0
61,325
(380,000)
(373,976)
87,320
3,640 (83,680)
Cash and cash equivalents(deficit), end of year $ 8,504 3,640
CITY OF EDINA, MINNESOTA
Liquor Fund
Schedule of Operating Expenses
Year ended December 31, 1994
(with comparative amounts for year ended December 31, 1993)
Selling:
Personal services
Contractual services
Direct promotion
Commodities
Total selling
Occupancy:
Personal services
Contractual services:
Professional services
Burglar alarm
Heat
Janitorial service
Laundry and rug service
Light and power
Maintenance, renting and cooling
Repair and maintenance
Rubbish hauling
Telephone
Water and sewer service
Commodities
Depreciation
Total occupancy
Administrative:
Personal services
Contractual services:
Data processing
Mileage
Professional service
Miscellaneous
Commodities
Central services
Total administrative
Page 78
Totals
50th Street
Yorkdale
Vernon
1994
1993
61,402
84,653
100,844
246,899
249,223
3,271
2,249
2,295
7,815
8,158
2,734
6,375
4,518
13,627
15,551
67,407
93,277
107,657
268,341
272,932
2,012
2,163
794
4,969
3,496
0
0
0
0
258
865
995
787
2,647
2,317
894
1,494
1,731
4,119
4,008
0
0
0
0
40
412
857
559
1,828
2,086
11,126
14,511
8,226
33,863
27,555
183
86
537
806
43
981
1,612
532
3,125
4,785
1,275
1,164
1,100
3,539
3,295
2,240
2,508
1,865
6,613
6,657
364
209
172
745
358
2,877
336
899
4,112
7,333
11,976
13,087
20,055
45,118
40,727
35,205
39,022
37,257
111,484
102,958
75,468
105,981
81,719
263,168
272,082
323
323
324
970
16,766
1,950
0
1,950
2,031
5,424
9,162
9,679
24,265
28,404
1,184
543
521
2,248
2,665
49
562
193
804
1,443
37,456
68,640
60,384
166,480
160,020
119,904
187,161
152,820
459,885
483,411
$ 222,516
319,460
297,734
839,710
859,301
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Balance Sheet
December 31, 1994
(with comparative amounts for December 31, 1993)
Assets
Property and equipment, net
Discount on bonds
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Due to other funds
Accrued interest payable
Total current liabilities
Long -term liabilities
Bonds payable
Total liabilities
Retained earnings:
Reserved for debt retirement
U nreserved— undesignated
Total retained earnings
Total liabilities and retained earnings
1994
1993
$ 667,481
698,887
6,400
6,756
$ 673,881
705,643
32,500 32,500
(95,105) (92,109)
(62,605) (59,609)
$ 673,881 705,643
Page 79
361
1,257
67,575
95,445
18,550
18,550
86,486
115,252
650,000
650,000
736,486
765,252
32,500 32,500
(95,105) (92,109)
(62,605) (59,609)
$ 673,881 705,643
Page 79
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 1994
(with comparative amounts for year ended December 31, 1993)
Operating revenues:
Season tickets
General admissions
Rentals and instruction programs
Registration
Concessions (less cost of goods sold)
Other
Total operating revenues
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income
Nonoperating expenses:
Interest on loan
Loss on sale of fixed assets
Bond discount amortization
Total nonoperating expenses
Net loss before operating transfer in
Operating transfer in —golf dome
Net loss
Retained earnings (deficit) — January 1
Retained earnings (deficit) — December 31
1994
1993
$ 148,399
107,769
52,892
50,257
6,936
12,206
28,160
0
21,892
21,202
5
0
258,284
191,434
104,284
83,489
51,168
47,248
5,593
8,563
8,724
8,112
53,970
53,816
223,739
201,228
34,545
(9,794)
(37,185) (37,320)
0 (70,595)
(356) (412)
(37,541) (108,327)
(2,996) (118,121)
0 6,438
(2,996) (111,683)
(59,609) 52,074
$ (62,605) (59,609)
Page 80
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Cash Flows
Year ended December 31, 1994
(with comparative amounts for year ended December 31, 1993)
Cash flows from operating activities:
Operating income (loss)
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 accrued interest payable
Total adjustments
Net cash provided(used) by operating activities
Cash flows from noncapital financing activities:
Acquistion of capital assets
Loss on sale of fixed assets
Increase (decrease) in due to other funds
Operating transfer in golf dome
Cash flows from capital financing activities:
Interest paid 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
Page 81
1994 1993
$ 34,545 (9,794)
53,970
(896)
0
53,074
87,619
(22,564)
0
(27,870)
0
(50,434)
53,816
926
12,449
67,191
57,397
60,385
(70,595)
95,445
6,438
91,673
(37,185) (37,320)
(37,185) (37,320)
0 111,750
0 (111,750)
$ 0 0
Page 82 ;
CITY OF EDINA, MINNESOTA
Golf Course Fund
Balance Sheet
December 31, 1994
-. (with comparative amounts for December 31,,..1993).
Assets
1994
1993
Current assets:
Cash with fiscal agents $
2,790,892
2,809,285
Petty, cash and change funds
1,900
.1,800
Investments
0
316,491
Accounts receivable
6285
.26,741
Inventory
35,692
0
Total current assets
2,834,770
3,154,317
Property and equipment, net
8,324,037
8,208,944
Discount on bonds
71,922
80,505
Total assets $
11,230,729
11,443,766
Liabilities and Retained Earnings
Current liabilities:
Cash deficit
0
0
Accounts payable
31,336
85,843
Salaries payable
5,816
6,799
Compensated Absences payable
25,548
0
Due to other funds
1,079,633
721,094
Accrued interest payable
171,336
171,336
Total current liabilities
1,313,669
985,072
Long -term liabilities:
Contracts payable
0
46,762
Deposits payable
11,517
9,429
Deferred revenue
7,560.
7,560
Obligation under capital lease
39,200
40,800
Bonds payable
9,136,775
9,317,600
Total liabilities
10,508,721
10,407,223
Retained earnings:
Reserved for debt services
1,115,031
1,115,031
Unreserved - undesignated
(393,023)
(78,488)
Total retained earnings
722,008
1,036,543
Total liabilities and retained earnings $
11,230,729 .
11,443,766
Page 83
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1994
(with comparative amounts for year ended December 31, 1993)
Operating revenues:
Greens fees
Rental fees
Patron cards
Concessions(less cost of goods sold)
Range
Dome
Lessons
Other
Total operating revenues
Operating expenses:
Administration
Building -club house
Maintenance of course and grounds
Range and grill
Dome
Normandale
Depreciation
Total operating expenses
Operating income
Nonoperating revenues (expenses):
Interest on investments
Interest from fiscal agent
Interest and fiscal charges
Interest on lease payable
Amortization of bond discount
Gain (loss) on sale of fixed assets
Total nonoperating revenues(expenses)
Net loss before operating transfer out
Operating transfers (out):
Art center fund
Swimming pool fund
Arena fund
Net loss
Retained eamings- January 1
1994
$ 1,149,023
235,861
118,971
123,657
233,151
299,023
77,283
19,136
2,256,105
612,775
113,105
413,658
207,939
219,519
96,036
378,438
2,041,470
214,635
3,301
135,959
(583,206)
(3,820)
(8,583)
7,500
(448,849)
(234,214)
(33,735)
0
(46,586)
(80,321)
(314,535)
1993
777,043
174,466
107,956
104,612
230,982
357,978
62,757
8,245
1,824,039
499,644
91,419
392,833
201,789
173,596
0
281,996
1,641,277
182,762
40,520
155,039
(621,286)
0
(8,928)
4,761
(429,894)
(247,132)
(38,619)
(6,438)
(61,837)
(106,894)
(354,026)
1,036,543 1,390,569
Retained earnings- December 31 $ 722,008 1,036,543
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Cash Flows
Year ended December 31, 1994
(with comparative amounts for year ended December 31, 1993)
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
(Increase) decrease in inventory
Increase (decrease) in accounts payable
Increase (decrease) in salaries payable
Increase in compensated absences payable
Increase in accrued interest payable
Increase (decrease) in contracts payable
Increase (decrease) in deposits payable
Total adjustments
Net cash provided by operating activities
Cash flow from noncapital financing activities:
Acquistion of capital assets
Proceeds from sale of fixed assets
Increase in due to other funds
Operating transfer out —Art Center
Operating transfer out — Swimming pool
Operating transfer out —Arena
Cash flow from capital financing activities:
Principal paid on revenue bonds
Principal paid on capital lease
Interest from fiscal agent
Interest paid on lease
Interest paid on revenue bonds
Net cash provided(used) by capital financing activities
Cash flows from investing activities:
(Increase) decrease in investments
Interest on investments
Net cash provided(used) by investing activities:
Net decrease in cash and cash equivalents
Cash and cash equivalents, beginning of year
Page 84
1994 1993
214,635 182,762
378,438
20,455
(35,692)
(54,507)
(983)
25,548
0
(46,762)
2,088
288,585
503,220
(493,531)
7,500
358,539
(33,735)
0
(46,586)
(207,813)
(180,825)
(1,600)
135,959
(3,820)
(583,206)
(633,492)
316,491
281,996
(26,741)
18,076
(291,050)
2,895
140,130
3,932
(2,271)
126,967
309,729
(2,474,169)
4,761
721,094
(38,619)
(6,438)
(61,837)
(1,855,208)
(175,825)
0
155,039
0
(621,286)
(642,072)
2,460,340
3,301 40,520
319,792 2,500,860
(18,293) 313,309
2,811,085 2,497,776
Cash and cash equivalents, end of year $ 2,792,792 2,811,085
Page 85
CITY OF EDINA, MINNESOTA
Golf Course Fund
Schedule of Operating Expenses
Year ended December.31, 1994
(with comparative amounts for year ended December 31, 1993)
Administration
Personal services
Contractual services
Commodities
Central services
Total administration
Building -Club House
Personal services
Contractual services
Commodities
Total building -Club House
Maintenance of course and grounds:
Personal services
Contractual services
Commodities
Total maintenance of course and grounds
Range and grill:
Personal services
Contractual services
Commodities
Total range and grill
Golf dome:
Personal services
Contractual services
Commodities
Total golf dome
Normandale:
Personal services
Contractual services
Commodities
Total normandale
Depreciation
1994
$ 303,353
108,793
17,869
182,760
612,775
23,570
76,525
13,010
113,105
268,786
37,326
107,546
413,658
164,023
5,488
38,428
207,939
62,277
147,916
9,326
219,519
70,435
7,167
18,434
96,036
1993
251,958
92,653
19,763
135,270
CL•i:1I,�
16,297
68,132
6,990
91,419
276,037
45,912
70,884
392,833
155,749
5,173
40,867
201,789
65,637
94,276
13,683
173,596
0
378,438 281,996
Total operating expenses $ 2,041,470 1,641,277
Page 86
CITY OF EDINA, MINNESOTA
Arena Fund
Balance Sheet
December 31, 1994
(with comparative amounts for December 31, 1993)
Assets 1994
Current assets:
Cash with fiscal agents
Petty cash and change funds
Accounts receivable
Total current assets
Property and equipment, net
Discount on bonds
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Compensated absences payable
Due to other funds
Due to other governments
Accrued interest payable
Total current liabilities
Long -term liabilities:
Deferred revenue
Deposits payable
Obligation under capital lease
Bonds payable
Total liabilities
Retained earnings (deficit):
Reserved for debt service
Unreserved — undesignated
Total retained earnings
$ 1,860,966
700
68,647
1,930,313
1993
1,872,856
700
60,519
1,934,075
1,878,273 2,056,047
26,087 30,565
$ 3,834,673 4,020,687
20,666
3,342
12,085
889,963
869
51,183
978,108
5,040
3,500
352,800
3,678,225
5,017,673
184,591
(1,367,591)
(1,183,000)
14,332
1,612
0
862,650
0
51,183
929,777
5,040
3,500
367,200
3,697,400
5,002,917
184,591
(1,166,821)
(982,230)
Total liabilities and retained earnings $ 3,834,673 4,020,687
Page 87
CITY OF EDINA, MINNESOTA
Arena Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
December 31, 1994
(with comparative amounts for December 31, 1993)
Operating revenues:
Rental fees
Season ticket sales
Daily skating fees
Admissions
Lessons
Concessions(less cost of goods sold)
Vending machine commissions
Services -skate sharpening
Total operating revenues
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Interest from fiscal agent
Interest and fiscal charges
Interest on lease payable
Amortization of bond discount
(Loss) on sale of fixed assets
Total nonoperating expenses
Net loss before operating transfer in
Operating transfer in -golf dome
Operating transfer in- Revolving Fund
Net loss
Retained earnings (deficit)- January 1
1994 1993
$ 517,874
11,829
20,009
23,400
74,259
24,390
9,746
13,460
694,967
265,335
264,900
29,268
54,768
148,093
762,364
(67,397)
90,639
(234,529)
(34,379)
(4,477)
(7,213)
(189,959)
(257,356)
46,586
499,737
11,448
17,277
28,311
50,898
37,463
10,335
13,153
668,622
249,437
224,391
34,806
51,288
113,795
673,717
(5,095)
103,359
(252,609)
0
(4,669)
0
(153,919)
(159,014)
61,837
10,000 10,000
56,586 71,837
(200,770) (87,177)
(982,230) (895,053)
Retained earnings (deficit) - December 31 $ (1,183,000) (982,230)
Cash flows from operating activities:
Operating income
(67,397)
(5;095)
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense
148,0.93
113,795
Changes in assets and liabilities:
(Increase) in accounts receivable
(8,128)
(2,913)
Increase,(decrease) in accounts payable
6,334
(1,952)
Increase (decrease) in salaries payable
1,730
(16)
Increase in compensated absences payable
12,085
0
Increase in due to other governments
869
0
Increase in accrued interest payable
0
51,183
Total adjustments
160,983
160,097
Net cash provided by operating activities
93,586
155,002
Cash flows from noncapital financing activities:
Acquisition of capital assets
29,682
0
Loss from sale of fixed assets
(7,213)
0
Increase in due to other funds
27,313
862,650
Operating transfer in —golf dome
46,586
61,837
Operating transfer in— Revolving Fund
10,000
10,000
106,368
934,487
Cash flows from capital financing activities:
Principal paid on revenue bonds
(191175)
(19,175)
Principal paid on capital lease
(14,400)
0
Interest from fiscal agent
90,639
103,359
Interest paid on lease payable
(34,379)
0
Interest paid on revenue bonds
(234,529)
(252,609)
Net cash provided(used) by capital financing activities
(211,844)
(168,425)
Net increase (decrease) in cash and cash equivalents
(11,890)
921,064
Cash and cash equivalents, beginning of year
1,873,556
952,492
Cash and cash equivalents, end of year $
1,861,666
1,873,556
CITY OF EDINA, MINNESOTA
Gun Range Fund
Balance Sheet
December 31, 1994
(with comparative amounts for December 31, 1993)
Assets
Current assets:
Cash and cash equivalents
Total current assets
Property and equipment, net
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Due to other funds
Due to other governments
Total current liabilities
Retained earnings:
Unreserved — undesignated
Total liabilities and retained earnings
1994 1993
$ 2,406 0
2,406 0
21,432 24,960
$ 23,838 24,960
458
3,341
175
50
0
714
51
0
684
4,105
23,154
20,855
$ 23,838
24,960
Page 89
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
December 31, 1994
(with comparative amounts for December 31, 1993)
Operating revenues:
Range fees
Sale of ammunition
Concessions(less cost of goods sold)
Other
Total operating revenues
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income
Nonoperating revenues (expenses):
Donations
Total nonoperating revenues(expenses)
Net income (loss)
Retained earnings - January 1
Retained earnings - December 31
1994 1993
$ 38,013
29,889
4,566
4,514
481
369
143
213
43,203
34,985
20,115
19,874
6,991
8,017
9,290
9,692
1,980
1,620
3,528
3,337
41,904
42,540
1,299 (7,555)
1,000 500
1,000 500
2,299 (7,055)
20,855 27,910
$ 23,154 20,855
Page 90
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Cash Flows
December 31, 1994
(with comparative amounts for December 31, 1993)
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 in salaries payable
Increase in due to other governments
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Donations
Increase (decrease) in due to other funds
Net cash provided by noncapital financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
Page 91
1994
1993
$ 1,299
(7,555)
3,528
3,337
(2,883)
2,734
125
1
51
0
821
6,072
2,120
(1,483)
1,000
500
(714)
714
286
1,214
2,406
(269)
0
269
$ 2,406
0
Page 92
CITY OF EDINA, MINNESOTA
Art Center Fund
Balance Sheet
December 31, 1994
(with comparative amounts for December 31, 1993)
Assets
Current assets:
Petty cash and change funds
Investments
Inventory
Total current assets
Property and equipment, net
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Due to other funds
Due to other Governments
Compensated absences payable
Total current liabilities
Long -term liabilities:
Reserve for construction
Due to other funds
Total liabilities
Retained earnings:
U n reserved —u ndesig nated
1994 1993
$ 100
100
53,833
69,941
12,644
13,937
66,577
83,978
253,181 277,018
$ 319,758 360,996
9,990
13,037
988
712
161,488
166,226
480
0
5,398
0
178,344
179,975
750 750
10,000 20,000
189,094 200,725
130,664 160,271
Total liabilities and retained earnings $ 319,758 360,996
Page 93
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1994
(with comparative amounts for year ended December 31, 1993)
Operating revenues:
Memberships
Registration fees
Retail sales, less cost of goods sold
Total operating revenues
Operating expenses:
Administration:
Personal services
Contractual services
Commodities
Central services
Total administration
Occupancy:
Personal services
Contractual services
Commodities
Total occupancy
Class costs
Instructors - personal services
Depreciation
Total operating expenses
Operating loss
Nonoperating revenues:
Income on investments
Donations
Miscellaneous
Total nonoperating revenues
Net loss before operating transfer in
Operating transfer in golf dome
Operating transfer in- Revolving Fund
Net loss
Retained earnings- January 1
1994 1993
$ 14,561
170,425
7,255
192,241
95,422
3,586
24,770
20,100
143,878
13,030
18,447
3,449
34,926
1,683
88,551
27,879
296,917
(104,676)
1,617
25,987
3,730
31,334
(73,342)
33,735
10,000
43,735
(29,607)
14,552
167,311
9,246
191,109
89,129
3,353
21,194
18,780
132,456
13,742
17,927
3,600
35,269
876
86,695
26,409
281,705
(90,596)
1,541
23,756
4,063
29,360
(61,236)
38,619
10,000
48,619
(12,617)
160,271 172,888
Retained earnings- December 31 $ 130,664 160,271
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Cash Flows
Year ended December 31, 1994
(with comparative amounts for year ended December 31, 1993)
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
( Increase)decrease in inventory
Increase(decrease) in accounts payable
Increase(decrease) in due to other governments
Increase in salaries payable
Increase in compensated absences payable
Total adjustments
Net cash used by operating activities
Cash flows from noncapital financing activities:
Acquisition of capital assets
Donations
Decrease in due from other funds
Increase (decrease) in due to other funds
Operating transfer from Revolving Fund
Operating transfer from golf dome
Miscellaneous
Net cash provided by noncapital financing activities
Cash flow from capital financing activities:
Payment to other funds
Cash flow from investing activities:
( Increase(decrease in investments
Interest on investments
Net cash used in investing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents (deficit), beginning of year
Cash and cash equivalents, end of year
1994
$ (104,676)
27,879
0
1,293
(3,047)
480
276
5,398
32,279
(72, 397)
(4,042)
25,987
0
(4,738)
10,000
33,735
3,730
64,672
(10,000)
16,108
1,617
17,725
0
100
$ 100
Page 94
1993
(90,596)
26,409
(19)
(3,043)
947
0
256
0
24,550
(66,046)
0
23,756
5,757
166,226
10,000
38,619
4,063
248,421
(10,000)
(15,685)
1,541
(14,144)
158,231
(158,131)
100
Page 95
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Balance Sheet
December 31, 1994
(with comparative amounts for December 31, 1993)
Assets
1994
1993
Current assets:
Petty cash and change funds
$ 1,500
1,500
Cash with fiscal agents
111
0
Accounts receivable
7,651
10
Accrued interest receivable
103,924
72,975
Due from other funds
0
302,386
Total current assets
113,186
376,871
Property and equipment, net
965,873
1,044,790
Total assets
$ 1,079,059
1,421,661
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
31,087
17,523
Salaries payable
6,044
5,112
Compensated absences payable
17,077
0
Due to other funds
1,160,383
835,826
Due to other government
1,193
0
Total current liabilities
1,215,784
858,461
Long -term liabilities:
Obligation under capital lease
98,000
102,000
Total liabilities
1,313,784
960,461
Retained earnings (deficit):
Contributed capital
772,573
891,314
Unreserved — undesignated
(1,007,298)
(430,114)
Total retained earnings
(234,725)
461,200
Total liabilities and retained earnings
$ 1,079,059
1,421,661
Page 96
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 1994
(with comparative amounts for year ended December 31, 1993)
Operating revenues:
Association fees
Rental fees
Admissions
Season ticket sales
Skate rental
Concessions (less cost of goods sold)
Program income
Other
Total operating revenues
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating loss
Nonoperating revenues (expenses):
Interest on investments
Interest paid on lease payable
Total nonoperating revenues (expenses)
Net loss
Add depreciation on contributed assets
Decrease in retained earnings
Retained earnings (deficit)- January 1
1994 1993
$ 244,676
145,397
63,372
12,163
24,178
4,925
14,747
19,015
528,473
557,671
383,778
130,772
126,240
99,420
1,297,881
(769,408)
73,701
(9,550)
64,151
(705,257)
250,933
138,539
72,436
14,458
20,382
762
16,415
26,019
539,944
537,146
399,732
215,710
104,640
87,271
1,344,499
(804,555)
740,285
0
740,285
(64,270)
128,073 59,132
(577,184) (5,138)
(430,114) (424,976)
Retained earnings (deficit)- December 31 $ (1,007,298) (430,114)
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Statement of Cash Flows
Year ended December 31, 1994
(with comparative amounts for year ended December 31, 1993)
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
Increase(decrease) in accounts payable
Increase in salaries payable
Increase in compensated absences payable
Increase in due to other government
Total adjustments
Net cash used by operating activities
Cash flows from noncapital financing activities:
Acquisition of capital assets
Contributed assets
(Increase) decrease in due from other funds
Increase in due to other funds
Net cash used by noncapital financing activities
Cash flow from capital financing activities:
Principal paid on capital lease
Interest paid on lease
Net cash used by capital financing activities
Cash flows from investing activities:
(Increase) decrease in interest receivable
Interest on investments
Net cash provided by investing activities
Net (decrease) in cash and cash equivalents
Cash and cash equivalents (deficit), beginning of year
Page 97
1994 1993
$ (769,408) (804,555)
99,420
(7,641)
13,564
932
17,077
1,193
124,545
87,271
315
(12,006)
2,236
0
0
77,816
(644,863) (726,739)
(20,502)
9,331
302,386
324,557
615,772
(4,000)
(9,550)
(13,550)
(30,949)
73,701
42,752
111
1,500
(21,989)
0
(235,522)
835,826
578,315
i
0
20,236
740,285
760,521
612,097
(610,597)
Cash and cash equivalents, end of year $ 1,611 1,500
Page 98
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.
Deferred Compensation Fund
Assets:
Cash with plan administrators
Liabilities:
Due to participants
Federal Arbitrage Fund
Assets:
Cash
Investments
Accounts receivable
Liabilities:
Due to federal government
Police Seizure Fund
Assets:
Cash
Liabilities:
Due to other funds
Due to other governments
Totals -All Agency Funds
Assets:
CITY OF EDINA, MINNESOTA
Agency Funds
Statement of Changes in Assets and Liabilities
Year ended December 31, 1994
Balance
1/1/94 Additions Deductions
Page 99
Balance
12/31/94
$ 5,908,312 612,968 0 6,521,280
$ 5,908,312 612,968 0 6,521,280
$ 24 0 24 0
148,217 1,838 150,055 0
370 0 370 0
$ 148,611 1,838 150,449 0
$ 148,611 6,934 155,545 0
$ 14,916 32,932 0 47,848
0 13,478 0 13,478
14,916 19,454 0 34,370
$ 14,916 32,932 0 47,848
Cash
$ 14,940
32,932
24
47,848
Cash with plan administrators
5,908,312
612,968
0
6,521,280
Investments
148,217
1,838
150,055
0
Interest receivable
370
0
370
0
Total assets
$ 6,071,839
647,738
150,449
6,569,128
Liabilities:
Due to participants
$ 5,908,312
612,968
0
6,521,280
Due to federal government
148,611
6,934
155,545
0
Due to other funds
0
13,478
0
13,478
Due to other governments
14,916
19,454
0
34,370
Total liabilities
$ 6,071,839
652,834
155,545
6,569,128
Page 100
GENERAL FIXED ASSETS ACCOUNT GROUP
The General Fixed Assets Account Group provides for the accounting of fixed
assets other than those accounted for in the Enterprise Funds.
Page 101
CITY OF EDINA, MINNESOTA
General Fixed Assets Account Group
Schedule of General Fixed Assets
December 31, 1994
(with comparative amounts for December 31, 1993)
General fixed assets:
Land and land improvements
Buildings
Furniture and fixtures
Vehicles and equipment
Parks
Construction -in- progress
Total general fixed assets
1994 1993
$ 27,769,302
27,527,601
19, 570, 313
19, 569, 098
659,560
617,188
8,314,986
7,831,894
7,150,738
7,058,035
0
230,303
$ 63,464,899
62,834,119
Total investment in general fixed assets $ 63,464,899 62,834,119
Page 102'
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.
Page 103
CITY OF,EDINA, MINNESOTA
General'Long -term Debt Account Group
Schedule of General Long -term Debt
December 31, 1994
(with comparative.amounts for December 31, 1993)
1994
1993
Amount available and to be provided
for the retirement of long -term debt:
General Obligation Bonds:
Amount available with fiscal agents $
38,351,489
38,881,720
Amount available in Debt Service Funds
2001000
200,000
Amount to be provided by tax increment financing
48,933,155
49,172,282
Amount to be provided by special assessments
1,740,356
2,155,998
Compensated absences:
Amount to be provided by revenue sources
463,247
667,612
Total available and to be provided $
89,688,247
91,077,612
General long -term debt payable:
Accrued compensated absences
463,247
667,612
General obligation bonds payable
89,225,000
90,410,000
Total general long -term debt payable $
89,688,247
91,077,612
Page 104
CITY OF EDINA, MINNESOTA
Combined Schedule of Bonded Indebtedness
December 31, 1994
Revenue Bonds:
Golf Course Bonds of 1995
6.25- 8.70
09/01/85
Final
Recreation Bonds of 1988
Interest
Issue
maturity
Recreation Bonds of 1989
rate
date
date
Bonded indebtedness:
4.00- 6.05
11/01/92
01/01/13
Tax Increment Bonds:
4.40- 6.00
11/01/92
01/01/09
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
10/01188
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
Tax Increment Refunding Bonds, Series 1993A
4.25- 5.10
05/01/93
02/01/06
Improvement Bonds:
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 of 1995
6.25- 8.70
09/01/85
01/01/00
Recreation Bonds of 1988
6.10- 7.30
10/01/88
01/01/09
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
Page 105
Exhibit 1
1994 Percent
Indebtedness
paid by tax
Authorized
Due in 1995
levies
and issued
Redeemed
Outstanding
Principal
Interest
None
$4,000,000
450,000
3,550,000
150,000
245,450
None
2,000,000
500,000
1,500,000
150,000
102,225
None
10,175,000
0
10,175,000
250,000
719,012
None
5,100,000
0
5,100,000
125,000
482,425
None
8,425,000
0
8,425,000
225,000
600,188
None
5,300,000
0
5,300,000
125,000
532,312
None
12,970,000
1,200,000
11,770,000
0 **
395,806
None
3,080,000
0
3,080,000
0
207,195
None
17,930,000
0
17,930,000
0
1,025,405
None
19,580,000
0
19,580,000
0
940,648
88,560,000
2,150,000
86,410,000
1,025,000
5,250,666
None
2,500,000
2,000,000
500,000
250,000
32,500
None
1,760,000
540,000
1,220,000
1,220,000
42,435
None
1,095,000
0
1,095,000
0
51,295
5,355,000
2,540,000
2,815,000
1,470,000
126,230
None
1,200,000
550,000
650,000
0 "`
27,450
None
2,470,000
100,000
2,370,000
0 *'
84,988
None
2,100,000
280,000
1,820,000
0 **
65,271
None
3,975,000
0
3,975,000
0
227,475
None
4,650,000
0
4,650,000
0
257,327
None
1,925,000
0
1,925,000
345,000
77,895
16,320,000
930,000
15,390,000
345,000
740,406
$110,235,000
5,620,000
104,615,000
2,840,000
6,117,302
*This represents interest due July 1, 1995 as interest due January 1, 1995 was paid in
December 1994.
* *Principal due January 1, 1995 was paid in December 1994.
CITY OF EDINA, MINNESOTA
Schedule of Changes in Bonded Indebtedness
Year ended December 31, 1994
Balance
January 1 Issued
Tax Increment Bonds $ 87,165,000
Improvement Bonds 3,245,000
Revenue Bonds 17,755,000
0
0
0
Redeemed
755,000
430,000
2,365,000
Page 106
Exhibit 2
Balance
December 31
86,410,000
2,815,000
15,390,000
$ 108,165,000 0 3,550,000 104,615,000
Page 107
Exhibit 3
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable
December 31, 1994
Bonds maturing in the years 1996 through 2003 will be called on February 1, 1996.
$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 per year 6.70 -7.30 02101/98 -09 9,675,000
10,175,000
Bonds maturing in the years 1999 through 2009 will be called on February 1, 1998.
(Continued)
Issue
Interest
Maturity
Principal
date
rate
date
amount
Tax Increment Bonds:
$4,000,000 Tax Increment
Bonds Series 1986A
08/01/86
$150,000
6.40
08/01/95 $
150,000
$150,000 - $600,000 per year
6.60-7.00
08/01/96 -06
3,400,000
3,550,000
Bonds maturing in the years 1996
through 2006 will be called on
February 1, 1996.
$2,000,000 Tax Increment
Bonds, Series 1986B
08/01/86
$150,000
6.40
08/01 /95
150,000
$150,000 - $200,000 per year
6.60 -7.00
08/01/96 -03
1,350,000
1,500,000
Bonds maturing in the years 1996 through 2003 will be called on February 1, 1996.
$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 per year 6.70 -7.30 02101/98 -09 9,675,000
10,175,000
Bonds maturing in the years 1999 through 2009 will be called on February 1, 1998.
(Continued)
Page 108
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
(Continued)
Issue
Interest
Maturity
Principal
date
rate
date
amount
$5,100,000 Taxable Tax
Increment Bonds, Series 1988
10/01/88
$125,000
9.20%
02/01/95 $
125,000
$50,000
9.25
02/01/96
50,000
$100,000
9.30
02/01/97
100,000
$125,000
9.35
02/01/98
125,000
$150,000
9.35
02/01/99
150,000
$225,000 per year
9.40
02/01/00 -01
450,000
$250,000
9.45
02/01/02
250,000
$300,000
9.45
02/01/03
300,000
$350,000
9.50
02/01/04
350,000
$375,000
9.55
02/01/05
375,000
$450,000
9.60
02/01/06
450,000
$650,000
9.65
02/01/07
650,000
$825,000
9.70
02/01/08
825,000
$900,000
9.75
02/01/09
900,000
5,100,000
$8,425,000 Tax Increment
Bonds Series 1989
04/01/89
$225,000
6.80
02/01/95
225,000
$75,000
6.90
02/01/96
75,000
$125,000
6.90
02/01/97
125,000
$200,000 - $1,500,000 per year
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)
Page 109
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
Bonds maturing in the years 1997 through 2006 will be called on January 1, 1996.
$3,080,000 Tax Increment
Bonds, Series 1990 03/01/90
$700,000 - $835,000 per year 6.70 -6.80 02/01/02 -05 3,080,000
All bonds will be called on February 1, 1997.
(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
$1,055,000 41,080,000 per year
6.45 -7.00
01101/96 -06
11,770,000
Bonds maturing in the years 1997 through 2006 will be called on January 1, 1996.
$3,080,000 Tax Increment
Bonds, Series 1990 03/01/90
$700,000 - $835,000 per year 6.70 -6.80 02/01/02 -05 3,080,000
All bonds will be called on February 1, 1997.
(Continued)
Page 110
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
Bonds maturing in the years 1996 through 2001 will be called on February 1, 1995.
(Continued)
Issue
Interest
Maturity
Principal
date
rate
date
amount
$17,930,000 Tax Increment
Refunding Bond, Series 1992B
11/01/92
$570,000
4.90%
02/01/99 $
570,000
$735,000
5.00
02/01/00
735,000
$790,000
5.20
02/01/01
790,000
$1,125,000
5.40
02/01/02
1,125,000
$1,265,000
5.50
02/01/03
1,265,000
$1,410,000
5.60
02/01/04
1,410,000
$1,470,000
5.70
02/01/05
1,470,000
$1,635,000
5.80
02/01/06
1,635,000
$2,515,000
5.90
02/01/07
2,515,000
$3,090,000
5.95
02/01/08
3,090,000
$3,325,000
6.00
02/01/09
3,325,000
17,930,000
$19,580,000 Tax Increment
Refunding Bond, Series 1993A
05/01/93
$1,635,000
4.25
02/01/97
1,635,000
$1,625,000
4.40
02/01/98
1,625,000
$1,635,000
4.40
02/01/99
1,635,000
$1,610,000
4.60
02/01/00
1,610,000
$1,680,000
4.75
02/01/01
1,680,000
$2,415,000
4.90
02/01/02
2,415,000
$2,455,000
5.00
02/01/03
2,455,000
$2,230,000
5.10
02/01/04
2,230,000
$2,555,000
5.10
02/01/05
2,555,000
$1,740,000
5.10
02/01/06
1,740,000
19,580,000
Total tax increment bonds
86,410,000
Improvement Bonds:
$2,500,000 Improvement
Bonds, Series 1986
08/01/86
$250,000 per year
6.40 -6.60
08/01/95 -96
500,000
$1,760,000 Improvement
Bonds, Series 1989
04/01/89
$175,000 - $170,000 per year
6.80 -7.10
02/01/95 -01
1,220,000
Bonds maturing in the years 1996 through 2001 will be called on February 1, 1995.
(Continued)
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
Issue Interest Maturity
date rate date
$1,095,000 Improvement
Refunding Bonds, Series 1992E
11/01/92
$195,000
4.00%
02/01/96
$185,000
4.40
02/01/97
$185,000
4.70
02/02/98
$180,000
4.90
02/03/99
$180,000
5.00
02/04/00
$170,000
5.20
02/05/01
Total improvement bonds
Revenue Bonds:
$1,200,000 Golf Course Bonds 09/01/85
series 1985
$100,000 4150,000 per year 8.10 -8.70 01/01/96 -00
Bonds maturing in the years 1997 through 2000 will be called on January 1, 1996.
$2,470,000 Recreational
Facility Bonds, Series 1988 10/01/88
$25,000 per year 6.50 -6.60 01/01/96 -97
$175,000 - $325,000 per year 6.70 -7.30 01/01/98 -09
Bonds maturing in the years 1999 through 2009 will be called on January 1, 1998
Page 111
Exhibit 3, Cont.
Principal
amount
$ 195,000
185,000
185,000
180,000
180,000
170,000
1,095,000
2,815,000
650,000
50,000
2,320,000
2,370,000
(Continued)
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
$2,100,000 Recreational
Facility Bonds, Series 1989
$80,000
$85,000
$95,000 - $195,000 per year
Page 112
Exhibit 3, Cont.
Issue Interest
Maturity
Principal
date rate
date
amount
04/01/89
01/01/98
105,000
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
5.40
01/01/02
1,820,000
Bonds maturing in the years 1999 through 2009 will be called on January 1, 1998.
$3,975,000 Recreational Facility
Bonds, Series 1992A
$45,000
$70,000
$105,000
$105,000
$130,000
$135,000
$170,000
$200,000
$235,000
$250,000
$260,000
$275,000
$285,000
$305,000
$320,000
$340,000
$360,000
$385,000
11/01/92
4.00
01/01/96
45,000
4.40
01101/97
70,000
4.70
01/01/98
105,000
4.90
01/01/99
105,000
5.00
01/01/00
130,000
5.20
01/01/01
135,000
5.40
01/01/02
170,000
5.50
01/01/03
200,000
5.60
01/01/04
235,000
5.70
01/01/05
250,000
5.80
01/01/06
260,000
5.90
01/01/07
275,000
5.95
01/01/08
285,000
6.00
01/01/09
305,000
6.00
01/01/10
320,000
6.05
01/01/11
340,000
6.05
01/01/12
360,000
6.05
01/01/13
385,000
3,975,000
(Continued)
Page 113
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
$1,925,000 Utility Revenue
Refunding Bonds, Series 1992D
Issue Interest
Maturity
Principal
$345,000
date rate
date
amount
$4,650,000 Recreational Facility
4.00
02/01/96
370,000
Refunding Bonds, Series 1992C
11/01/02
02/01/97
390,000
$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
01/01102
360,000
$365,000
5.50
01/01/03
365,000
$380,000
5.60
01/01/04
380,000
$410,000
5.70
01/01/05
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
15,390,000
Total bonds payable
$ 104,615,000
Page 114
Exhibit 4
CITY OF EDINA, MINNESOTA
Schedule of Debt Service Requirements
December 31, 1994
Year
Tax Increment Bonds
Improvement Bonds
Revenue
Bonds
ended
Principal
Interest
Principal
Interest
Principal
Interest
1995 $
1,025,000
5,250,666
1,470,000
126,230
345,000
740,406
1996
16,770,000
5,029,741
445,000
63,895
1,170,000
895,637
1997
5,190,000
4,303,031
185,000
39,425
685,000
816,508
1998
19,550,000
4,083,034
185,000
31,008
4,640,000
780,334
1999
2,530,000
2,711,492
180,000
22,250
850,000
462,163
2000
2,795,000
2,568,564
180,000
13,340
450,000
430,088
2001
2,945,000
2,407,820
170,000
4,420
470,000
406,618
2002
4,065,000
2,209,199
0
0
530,000
380,088
2003
4,345,000
1,967,346
0
0
565,000
350,240
2004
4,365,000
1,708,688
0
0
615,000
317,483
2005
4,775,000
1,432,701
0
0
660,000
281,453
2006
4,225,000
1,154,837
0
0
695,000
242,488
2007
3,865,000
879,622
0
0
720,000
201,093
2008
4,790,000
561,410
0
0
780,000
156,648
2009
5,175,000
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
$
86,410,000
36,460,464
2,815,000
300,568
15,390,000
6,746,820
Exhibit 5
CITY OF EDINA, MINNESOTA
Assessed Valuation, Tax Levies and Mill Rates
(shown by year of tax collectibility)
v
v
co
m
1991
1992
1993
1994
1995
Assessed valuation /tax capacity $
91,730,888
88,124,109
84,393,406
82,244,215
84,055,819
Increment valuation
(4,288,608)
(5,684,605)
(7,391,826)
(6,207,276)
(5,162,771)
Contribution to fiscal disparities pool
(9,709,309)
(9,546,954)
(10,366,571)
(10,289,650)
(8,042,316)
Received from fiscal disparities pool
2,704,760
2,657,724
2,641,657
2,511,902
2,214,875
Taxable valuation $
80,437,731
75,550,274
69,276,666
68,259,191
73,065,607
Tax levies:
General Fund $
10,384,072
10,182,324
10,485,115
10,927,551
11,390,898
Mill rates:
General Fund
12.879
13.480
15.092
16.032
15.577
v
v
co
m
r-v
Peat Marwick LLP Page 116
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Exhibit 6
Independent Auditors' Report on the
Schedule of Federal Financial Assistance
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, 1994, and have issued our report thereon dated April
21, 1995. 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 will generally accepted auditing standards and
Government Auditing Standards 1988 Revision, 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 disclosures in the general purpose financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements of the City of Edina, Minnesota, taken as a whole. The 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 21, 1995
Member Firm o'
Kly -elo Peal Marwick Goerdeier
Federal grantor /pass- through
grantor /program title
U.S. Department of HUD:
Passed through Hennepin
County-- Commuity Development
Block Grant*
Federal Emergency
Management Agency: Passed
through State of MN State and
Local Warning Grant
Total
* Selected non -major program
CITY OF EDINA, MINNESOTA
Schedule of Federal Financial Assistance
Year ended December 31, 1994
Accrued/
(deferred)
Federal Program revenue at
CFDA Pass - through or award December 31, Disbursements
number grantor's number amount 1993 Receipts or expenditures
Exhibit 7
Accrued/
(deferred)
revenue at
December 31,
1994
14.218 B88UC270001 $ 197,821
41,885
169,572
158,714
31,027
83.513 9,964
0
9,964
9,964
0
207,785
41;885
179,536
168,678
31,027
o�
co
m
, s -Peat Marwick ALP
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
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:
Page 118
Exhibit 8
We have audited the general purpose financial statements of the City of Edina, Minnesota, as
of and for the year ended December 31, 1994, and have issued our report thereon dated April
21, 1995.
We have applied procedures to test the City of Edina, Minnesota's compliance with the
following requirements applicable to its federal financial assistance for the year ended
December 31, 1994: 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
Govemments. 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 federal and
state agencies. However, this report is a matter of public record and its distribution is not
limited.
April 21, 1995
Member Firm of
Kly -eld Pea; Marwick Goerdeler
CITY OF EDINA, MINNESOTA
Schedule of Findings and Questioned Costs
Year ended December 31, 1994
Current Year
Finding
Page 119
Exhibit 8, Cont.
Questioned Cost
The City of Edina has a formal drug -free workplace policy, but has not
notified all employees regarding this policy as required by federal laws
and regulations. $p
Client response
During March 1995, the City provided all employees training regarding
the drug -free workplace policy.
Prior Year
Finding
The City of Edina has a formal drug -free workplace policy, but has not
notified all employees regarding this policy as required by federal laws
and regulations. $p
Current Status
During March 1995, the City provided all employees training regarding
the drug -free workplace policy.
l Peat Marwick LLP
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on Compliance
with Laws, Regulations, Contracts, and Grants
Based on an Audit of the General Purpose Financial Statements
Performed in Accordance with Government Auditing Standards
Honorable Mayor and Members
of the City Council
City of Edina, Minnesota:
Page 120
Exhibit 9
We have audited the general purpose financial statements of the City of Edina, Minnesota, as
of and for the year ended December 31, 1994, and have issued our report thereon dated
April 21, 1995.
We conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards 1988 Revision, 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 management of the City of Edina, Minnesota. As part of
obtaining reasonable assurance about whether the general purpose financial statements are
free of material misstatement, we performed tests of the City 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 the items not tested, nothing came to our attention that caused us
to believe tha t the City of Edina, Minnesota had no complied, in all material respects, with
those provisions.
This report is intended for the information of management, the City Council and federal and
state agencies. However, this report is a matter of public record and its distribution is not
limited.
April 21, 1995
Member Firm of
Klynveld Peat Mack Goerdeler
.,WN Peat Marwick ALP Page 121
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Exhibit 10
Independent Auditors' Report on the Internal Control Structure
Used in Administering Federal Financial Assistance Programs —No Major 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, 1994 and have issued our report thereon dated April 21,
1995.
We conducted our audit in accordance with generally accepted auditing standards; Govemment
Auditing Standards1988 Revision, issued by the Comptroller General of the United States; and
Office of Management and Budget (OMB) Circular A -128, Audits of State and Local
Govemments. 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.
In planning and performing our audits for the year ended December 31, 1994, 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 21, 1995.
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.
Member Fvm of
Klynveld Peal Marwick Goerdele:
KPMG Peat Marwick LLP
Page 122
Exhibit 10, 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.
General Requirements:
- political activity,
- Davis -Bacon Act,
- civil rights,
- cash management,
- federal financial reports,
- allowable costs /cost principle,
- Drug -free Workplace Act, and
- administrative requirements.
Specific Requirements:
- types of services allowed or not allowed;
- eligibility;
- matching, level of effort, or earmarking;
- special tests and provisions;
- financial reports and claims for advances; and
- amounts claimed for reimbursement or used for matching.
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, 1994, the City of Edina, Minnesota had no major federal
financial assistance programs and expended 94 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 programs. Our procedures were less in scope than would be
necessary to render and opinion on these internal control structure policies and procedures.
Accordingly, we do not express such an opinion.
KPMG Peat Marwick LAP Page 123
Exhibit 10, Cont.
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 relativel -y1ow 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 in 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 21, 1995
This report is intended for the information of management, City Council and federal and state
agencies. However, this report is a matter of public record and its distribution is not limited.
April 21, 1995
Peat Marwick LLP
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors Report on the Internal Control Structure
Based on an Audit of the General Purpose Financial Statements
Performed in Accordance with Government Auditing Standards
Honorable Mayor and Members
of the City Council
City of Edina, Minnesota:
Page 124
Exhibit 11
We have audited the general purpose financial statements of the City of Edina, Minnesota, as
of and for the year ended December 31, 1994, and have issued our report thereon dated
April 21, 1995.
We conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards 1988 Revision, 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, 1994, 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 an opinion 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.
Member Firm o`
Klynveld Pea: Marwick Goerdeler
KPMG Peat Marwick uP
page 125
Exhibit 11, 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.
General Requirements:
- political activity,
- Davis -Bacon Act,
- civil rights,
- cash management,
- federal financial reports,
- allowable costs /cost principle,
- Drug -free Workplace Act, and
- administrative requirements.
Specific Requirements:
- types of services allowed or not allowed;
- eligibility;
- matching, level of effort, or earmarking;
- special tests and provisions;
- financial reports and claims for advances; and
- amounts claimed for reimbursement or used for matching.
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.
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 specific 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 function. 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 managment of the City of Edina, Minnesota, in a separate letter dated
April 21, 1995.
This report is intended for the information of management, City Council, and federal and state
agencies. However, this report is a matter of public record and its distribution is not limited.
4/ lrlo� ZZ//--,
April 21, 1995
Peat Marwick LLP
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on
Compliance with Specific Requirments Applicable
To Nonmajor Federal Financial Assistance Program Transactions
Honorable Mayor and Members
of the City Council
City of Edina, Minnesota:
Page 126
Exhibit 12
We have audited the general - purpose financial statements of City of Edina, Minnesota, as of
and for the year ended December 31, 1994, and have issued our report thereon dated
April 21, 1995.
In connection with our audit of the general - purpose financial statements of City of Edina,
Minnesota, and with our consideration of City of Edina, Minnesota's control structure used to
administer federal financial assistance programs, as required by Office of Management and
Budget Circular A -128, Audits of State and Local Govemments, we selected certain
transactions applicable to certain nonmajor federal financial assistance programs for the year
ended December 31, 1994. As required by OMB Circular A -128, we have performed auditing
procedures to test compliance with the requirements governing types of services allowed or
unallowed, eligibility, matching, level of effort and/or earmarking requirments, financial reports
and claims for advances and reimbursements and special tests and provisions that are
applicable to those transactions. Our procedures were substantially less in scope than an
audit, the objective of which is the expression of an opinion on City of Edina, Minnesota's
compliance with these requirements. Accordingly, we do not express such an opinion.
With respect to the items tested, the results of those procedures disclosed no material
instances of noncompliance with the requirements listed in the preceding paragraph. With
respect to items not tested, nothing came to our attention that caused us to believe that City of
Edina, Minnesota, had not complied, in all material respects, with those requirements.
This report is intended for the information of management, City Council and federal and statet
agencies. However, this report is a matter of public record and its distribution is not limited.
April 21, 1995
77PI777
} . r Member Fm of
_,y_�, _— Klynveld Pea: Mack Goerdeler
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.
v
n�
co
m
N
V
Unallocated
Fiscal
General
Public
Public
general
Capital
Debt
year
government
safety
works
Parks
expenditures
Other
outlay
service
Total
1985 $
1,397,975
4,356,382
2,508,679
1,227,795
363,635
291,850
1,816,758
2,022,009
13,985,083
1986
1,383,353
4,520,851
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
1993
1,999,863
6,544,220
2,990,247
1,744,807
117,451
1,877,110
496,334
6,647,360
22,417,392
1994
2,097,521
6,774,592
2,985,893
1,725,641
180,589
3,273,848
700,451
7,333,466
25,072,001
Note: (a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
v
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V
.D
d
M
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co
Table 2
CITY OF EDINA, MINNESOTA
General Governmental Revenues
by Source
(a)
Last Ten Fiscal Years
(Unaudited)
Interest
on funds
Licenses
Charges
held with
Sales and
Fiscal
Special
Franchise
and
Inter-
for
Fines and
Interest on
fiscal
rental of
year
Taxes
assessments
Fee
permits
governmental
services
forfeitures
investments
agent
property
Miscellaneous
Totals
1985 $
7,057,640
0
0
553,908
1,949,957
540,458
386,333
977,946
0
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
0
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
0
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
0
127,846
130,766
16,516,842
1989
11,050,785
936,026
49,969
893,191
3,548,522
873,549
467,957
1,737,726
0
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
0
133,809
2,432,752
21,033,886
1991
14,425,200
980,689
133,680
850,897
580,561
1,287,524
437,433
875,320
0
124,149
437,429
20,132,882
1992
15,935,816
1,563,993
168,122
820,007
1,000,395
1,360,233
471,038
424,622
0
100,000
3,107,110
24,951,336
1993
17,505,272
991,394
260,039
1,037,783
1,749,631
1,167,446
350,582
431,976
1,443,530
100,765
205,432
25,243,850
1994
17,637,458
1,087,831
206,261
947,122
1,807,826
1,251,603
322,992
570,568
1,727,103
100,632
1,112,360
26,771,756
Note: (a) Includes General,
Special Revenue,
Debt Service and Capital Project Funds.
.D
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Table 3
CITY OF EDINA, MINNESOTA
Property Tax Levies and Collections
Last Ten Fiscal Years
(Unaudited)
m
m
N
m
Percent
Percent of
Percent
of total tax
outstanding
of total
Delinquent
collections
Outstanding
delinquent
Fiscal
Total tax
Current tax
tax levy
tax
Total tax
to total
delinquent
taxes to
year
levy
collections
collected
collections
collections
tax levy
taxes
total tax levy
1985 $
6,654,251
6,548,680
98.41% $
74,091
6,622,771
99.53% $
103,878
1.56%
1986
7,440,298
7,368,782
99.04%
98,170
7,466,952
100.36%
77,224
1.04%
1987
8,045,584
7,904,551
98.25%
61,041
7,965,592
99.01%
189,063
2.35%
1988
8,569,599
8,463,929
98.77%
71,756
8,535,685
99.60%
182,013
2.12%
1989
8,996,391
8,764,316
97.42%
68,377
8,832,693
98.18%
198,204
2.20%
1990
9,992,692
9,752,024
97.59%
83,684
9,835,708
98.43%
158,558
1.59%
1991
10,384,072
10,129,419
97.55%
38,558
10,167,977
97.92%
241,915
2.33%
1992
10,182,324
9,887,842
97.11%
126,956
10,014,798
98.35%
274,437
2.70%
1993
10,485,115
9,989,612
95.27%
(2,977)
9,986,635
95.25%
204,153
1.95%
1994
10,927,551
10,691,572
97.84%
5,819
10,697,391
97.89%
154,482
1.41%
m
m
N
m
CITY OF EDINA, MINNESOTA
Assessed Value or Tax Capacity and
Estimated Market Value of Taxable Property
Last Ten Fiscal Years
(Unaudited)
Real property
Assessment
Assessed value/
Estimated
year
tax capacity
market value
1985
$ 704,791,469
2,517,569,550
1986
725,895,608
2,610,642,350
1987
768,050,021
2,807,510,000
1988 (a)
100,735,332
3,061,404,810
1989
87,055,570
3,212,261,700
1990
90,320,919
3,388,087,700
1991
87,214,668
3,496,892,900
1992
83,480,350
3,568,897,100
1993
81,413,953
3,607,576,600
1994
83,136,702
3,733,888,400
Note: (a) In 1988, assessed value was replaced by tax capacity.
Page 130
Table 4
Ratio of total
assessed value/
tax capacity to
total estimated
market value
27.99%
27.81%
27.36%
3.29%
2.71%
2.67%
2.49%
2.34%
2.26%
2.23%
Page 131
Table 5
CITY OF EDINA, MINNESOTA
Property Tax Rates -All Overlapping Governments
(per $100 of assessed value)
Last Ten Fiscal Years
(Unaudited)
City of Edina
Special
Fiscal General Revenue School
year Fund Funds Total District County Other Total
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
1993
15.092
- 15.092
63.743
35.839
7.629
122.303
1994
16.032
- 16.032
61.417
37.441
7.377
122.267
Note: (a) In 1989, mill rates were replaced by tax capacity rates.
Table 6
CITY OF EDINA, MINNESOTA
Special Assessment Collections
Last Ten Fiscal Years
(Unaudited)
Percentage
Collection
Percentage Collection
of total
Total
of current
of levy of prior
Total
collections
outstanding
Year
Total levy
year's levy
collected year's levy
collections
to total. levy,
assessments
1985
$ 1,492,140
1,410,553
94.53% $ 158,984
1,569,537
105.19% $
178,008
1986
1,262,257
1,2009287
95.09% 31,599 ,.
1,231,886
97.59%
180,501
1987
1,292,379
.1,257,033
97.27% 31,579
1,288,612
99.71%
47,059
1988
1,071,212
1,044,584.
97.51% 6,478
1,0511062
98.12%
67,209
1989
787,932 -
736,574
93.48% 66,768
803,342
101.96%
47,894
1990
782;763
738,498
94.35% 12,937
751,435
96:00%
56,861
1991
586,124
558,429.
95.27% 24,934
583,363
99.53%
78,101
1992,
998;069
977,184
97.91% 39,851
1,017,035
101.90%
27,228
1993
834,099
826,178
99.05 % - 129890
839,068
100.60%
22,269
1994
807,324
800,456
99.15% 5,622
806,078.
99.85%
27;523
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.
co
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J
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w
Ratio of
Net
net bonded
Net
assessed
Debt
debt to
bonded
value /tax
Gross
service
assessed
debt
Fiscal
capacity (in
bonded
monies
Net bonded
value /tax
per
year
"Population
thousands)
debt (b)
available
debt
capacity
capita
1985
44,940
659,468
23,385,000
1,614,721
21,770,279
3.30%
484
1986
45,523
673,941
30,185,000
1,335,954
28,849,046
4.28%
634
1987
45,924
705,560
28,400,000
1,017,238
27,382,762
3.88%
596
1988(c)
46,095
90,975
47,305,000
2,513,806
44,791,194
49.23%
972
1989
44,943
79,805
64,060,000
1,2029505
62,857,495
78.76%
1,399
1990
46,070
(a) 80,438
65,435,000
1,026,815
64,408,185
80.07%
1,398
1991
46,070
75,550
63,565,000
1,026,815
62,538,185
82.78%
1,357
1992
46,079
69,276
90,880,000
26,899,229
63,980,771
92.36%
1,389
1993
46,916
68,259
108,165,000
45,994,060
62,170,940
91.08%
1,325
1994
46,984
73,066
104,615,000
44,810,021
59,804,979
81.85%
1,273
*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.
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Page 134
Table 8
CITY OF EDINA, MINNESOTA
Computation of Legal Debt Margin
December 31, 1994
(Unaudited)
Estimated market value of taxable property $ 3,733,888,400
Debt limit -2.00% of total
estimated market value 74,677,768
Amount of debt applicable to debt
limit: $ 104,615,000
Total bonded debt
Less:
Other deductions allowed by law:
Tax increment bonds $ 86,410,000
Improvement bonds 2,815,000
Revenue bonds 15,390,000
Total deductions 104,615,000
Total amount of debt
applicable to debt limit 0
Legal debt margin $ 74,677,768
CITY OF EDINA, MINNESOTA
Computation of Overlapping Debt
December 31, 1994
(Unaudited)
Net debt
Jurisdiction outstanding
City of Edina
Hennepin County
IDS #273 (Edina)
IDS #270 (Hopkins)
IDS #271 (Bloomington)
IDS #272 (Eden Prairie)
IDS #280 (Richfield)
IDS #283 (St. Louis Park)
Metro Council
Metro Transit
Hennepin County Regional Parks
$ 48,899,118
62,214,511
38,021,596
5,219,254
12,286,615
93,725,300
35,024,522
15,258,839
46,221,284
807,000
15,415,684
Percentage
applicable
to City of
Edina
100.00%
8.16%
98.33%
68.62%
0.02%
1.36%
35.18%
0.01%
3.85%
4.23%
11.33%
Page 135
Table 9
Amount
applicable
to City of
Edina
$ 48,899,118
5,076,704
37,384,838
3,581,437
2,846
1,274,237
12,320,315
1,913
1,779,519
34,136
1,746,597
$ 112,101,660
Page 136
Table 10
CITY OF EDINA, MINNESOTA
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures
Last Ten Fiscal Years
(Unaudited)
Notes: (a) Includes General, Special Revenue, and Debt Service Funds.
Ratio of total
debt service
Total
to total
Fiscal
debt
Total general
general
year
Principal
Interest
service
expenditures (a)
expenditures
1985 $
1,650,000
1,472,009
3,122,009
12,561,374
24.85%
1986
1,650,000
1,921,172
3,571,172
14,450,898
24.71%
1987
1,700,000
2,299,429
3,999,429
14,843,024
26.94%
1988
1,950,000
2,170,163
4,120,163
16,336,066
25.22%
1989
1,800,000
3,037,525
4,837,525
17,299,271
27.96%
1990
1,485,000
4,348,141
5,833,141
19,421,089
30.04%
1991
1,480,000
4,386,400
5,866,400
20,559,514
28.53%
1992
1,790,000
4,173,850
5,963,850
19,610,522
30.41%
1993
1,800,000
4,847,360
6,647,360
21,384,897
31.08%
1994
1,185,000
6,148,466
7,333,466
25,072,001
29.25%
Notes: (a) Includes General, Special Revenue, and Debt Service Funds.
Table 11
CITY OF
EDINA, MINNESOTA
Revenue Bond Coverage
Last Ten Fiscal Years
(Unaudited)
Net
revenue
Direct"
available
Gross
operating
for debt
Debt service requirements
Fiscal year
revenue
- expenses
service
Principal
Interest .
Total
'Coverage.
Utility ; Bond
1985 $
3,686,287
3,731,907
(45,620)
0
0
0
0
%1986
3,621,775
3,726,699
(104,924)
0
0
0
0
1987
4,149,444
4,127,469
21,975
0
0
0
0
1988
4,285,722
4,842,797
(557,075)
0
0
0
0
1989
5,539,373
4,839,753
699,620
0
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
1993
7,122,636
6,238,142
884,494
300,000
214,791
514;791
172
1994
7,011,288
6,602,736
408,552
2,1653000
155,573
2,320,573
18
Recreational Facility Bonds.
1985
1,106,658
1,052;131
54,527
120,000
57,627
177,627
31
1986
1,158,660
1,177,380
(18,720)
50,000 -
99;512
149,512
0.
1987
1,424,381
1,206,116
218,265
85,000
97,690
182,690:-'.
119
1988
1,703,728
1,431,693
272,035
50,000
161,182
211,182
129
1989
2,348,220
1,725,118
623,102
50,000
346,201
396,201
157
1990
2,453,425
1,993,388
460,037
50,000
411,298
461,298
100
1991
2,413,488
2,248,196
165,292
140,000
407;690
547,690
30
1992
.2,552,605
2,288,778
263,827
195,000
398,127
593,127.
44
1993
4,523,957
4,269;570
254,387
195,000
707,454
902;454
28
1994
4;316,707
4,732,653
(415,946)
200,000
854,920
1,0541920
0
-o�
co
m
CA)
CITY OF EDINA, MINNESOTA
Property and Construction Values
Last Ten Fiscal years
(Unaudited)
Commercial Residential
construction construction
Fiscal Number of Number of
year permits Value permits Value
Table 12
Property value*
Commercial Residential
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
1993
396
35,014,704
673
27,505,219
711,471,100
2,896,105,500
1994
267
14,695,441
689
29,985,727
691,570,800
3,042,317,600
*Assessor's market.
CD
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Page 139
Table 13
CITY OF EDINA, MINNESOTA
Principal Taxpayers
December 31, 1994
(Unaudited)
1994 tax
Taxpayer
Type of Business
capacity
Southdale
Shopping center
$ 8,995,330
Gabberts and Galleria
Shopping center
1,724,550
Pentagon Office Park
Office building
1,508,114
Cedars of Edina
Apartments
555,218
Southdale Office Center
Office building
808,000
Southdale Medical Building
Office building
734,400
Centennial Lakes Center
Retail
632,234
Rembrandt Heritage
Apartments
361,054
Durham
Apartments
360,400
Alliant Techsystems
Office building
471,654
National Car
Office building
457,250
Edinborough
Apartments
238,258
York Plaza
Apartments
323,000
Target
Retail
390,664
7373 France Avenue South
Medical Office
382,730
Lincoln Drive Apartments
Apartments
265,812
Vernon Terrace
Apartments
247,520
Jerry's Retail Center
Retail & Office
328,115
Edina Towers
Apartments
275,400
Yorktown Continental
Apartments
163,900
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics
December 31, 1994
(Unaudited)
Date of incorporation
December 17, 1888
Date of adoption of Council- Manager Plan
January 1, 1955
Presenf form of government
Council- Manager
Fiscal year begins
January 1
Area of City
16 square miles
Percent of City developed with buildings
97%
Miles of streets and sewers:
Total streets (including state and county)
224 miles
Sanitary sewer
186.22 miles
Sewer connections
13,783
Fire protection:
Number of stations 1
Number of employees (full time) 30
Police protection:
Number of stations 1
Number of employees (full time) 54
Park areas:
Present park acres and open space 1,600
Total improved park acres 1,007
Number of parks 38
Private golf courses 2
Public golf courses 3
Municipal water plant:
Number of wells
18
Miles of watermain
198.81
Gallons of storage
7 million
Number of consumers
14,025
Page 140
Table 14
(Continued)
Page 141
Table 14, Cont.
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics, Continued
Population:
1930
3,138
1940
5,855
1950
9,744
1960
28,501
1965 (special census)
35,302
1970
44,046
1975 (estimated April 1)
49,736
1980 (census)
46,073
1981 (estimated April 1)
46,080
1982 (estimated April 1)
45,370
1983 (estimated April 1)
45,340
1984 (estimated April 1)
45,280
1985 (estimated April 1)
44,940
1986 (estimated April 1)
45,523
1987 (estimated April 1)
45,924
1988 (estimated April 1)
46,095
1989 (estimated April 1)
44,943
1990 (census)
46,070
1991 (estimated)
46,070
1992 (estimated May 1992)
46,079
1993 (estimated June 1993)
46,916
1994 (estimated June 1994)
46,984