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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 n� co m N V .D d M N 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 d M N co 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 m J W 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. co m J W w 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 w co 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