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CITY OF EDINA, MINNESOTA
1999
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1999
CITY OF EDINA, MINNESOTA
Comprehensive Annual Financial Report
Year ended December 31, 1999
Department of Finance
John Wallin— Treasurer and Finance Director
Peggy Gibbs — Assistant Finance Director
Paula Nelson— Accountant
CITY OF EDINA, MINNESOTA
TABLE OF CONTENTS
PART I — INTRODUCTORY SECTION
Page
Elected and Appointed Officials ................................................................... ..............................1
Lettersof Transmittal .................................................................................. ............................... 2
PART II — FINANCIAL SECTION
Independent Auditors' Report ..................................................................... ............................... 9
General Purpose Financial Statements:
Combined Balance Sheet — All Fund Types and Account Groups .......... .............................11
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance — All Governmental Fund Types .................................... .............................13
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance — Budget and Actual — General and Special Revenue Fund Types ..........
15
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings — All Proprietary Fund Types ............................... ...............................
17
Combined Statement of Cash Flows — All Proprietary Fund Types ........ .............................18
Notes to General Purpose Financial Statements ................................... ...............................
19
Combining and Individual Fund and Account Group Financial Statements:
General Fund:
BalanceSheet ...................................................................................... ............................... 46
Statement of Revenues, Expenditures and Changes in
Fund Balance — Budget and Actual ................................................. ............................... 47
Schedule of Revenues — Budget and Actual ...................................... ............................... 48
Schedule of Expenditures — Budget and Actual ................................. ............................... 49
Schedule of Central Services Expenditures — Budget and Actual ..... ............................... 56
Special Revenue Funds:
Combining Balance Sheet ................................................................... ............................... 58
Combining Statement of Revenues, Expenditures and Changes in
FundBalance .................................................................................... ............................... 59
Debt Service Funds:
Combining Balance Sheet ................................................................... ............................... 61
Combining Statement of Revenues, Expenditures and Changes in
FundBalance ...............................................:.................................... ............................... 62
CITY OF EDINA, MINNESOTA
Tabl - !'Contents, Continued
Page
Combining and Individual Fund and Account
Group Financial Statements (Continued):
Capital Project Funds:
CombiningBalance Sheet ................................................................... ............................... 64
Combining Statement of Revenues, Expenditures and Changes in
FundBalance ( Deficit) ...................................................................... ............................... 65
Enterprise Funds:
CombiningBalance Sheet ................................................................... ...............................
67
Combining Statement of Revenues, Expenses and Changes in Retained Earnings ......
69
Combining Statement of Cash Flows .................................................. ...............................
71
Utilities Fund:
BalanceSheet ....................... ............................... -....................... ...............................
73
Statement of Revenues, Expenses and Changes in Retained Earnings ....................
74
Statementof Cash Flows .............................................................. ...............................
76
Liquor Fund:
BalanceSheet ............................................................................... ...............................
77
Statement of Revenues, Expenses and Changes in Retained Earnings ....................
78..
Statementof Cash Flows .............................................................. ...............................
79
Schedule of Operating Expenses .................................................. ...............................
80
Swimming Pool Fund:
BalanceSheet ............................................................................... ...............................
81
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit) ......
82
Statementof Cash Flows .........................:.................................... ...............................
83
Golf Course Fund:
BalanceSheet ............................................................................... ...............................
84
Statement of Revenues, Expenses and Changes in Retained Earnings ....................
85
Statementof Cash Flows .............................................................. ...............................
86
Schedule of Operating Expenses .................................................. ...............................
87
Arena Fund:
BalanceSheet ............................................................................... ...............................
88
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit) ......
89
Statementof Cash Flows .............................................................. ...............................
90
Art Center Fund:
BalanceSheet ............................................................................... ...............................
91
Statement of Revenues, Expenses and Changes in Retained Earnings ....................
92
Statementof Cash Flows .............................................................. ...............................
93
Edinborough Park/Centennial Lake Fund:
BalanceSheet ............................................................................... ...............................
94
Statement of Revenues, Expenses and Changes in Retained Earnings ...................
95
Statementof Cash Flows .............................................................. ...............................
96
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Trust and Agency Funds:
Page
Combining Balance Sheet ............................................................... ............................... 98
Deferred Compensation Expendable Trust Fund:
BalanceSheet ............................................................ ............................... 99
Statement of Revenues, Expenses and Changes in Retained Eamings ..................100
Agency Funds:
Combining Statement of Changes in Assets and Liabilities ........ ............................... 101
General Fixed Assets Account Group:
Schedule of General Fixed Assets ......................... ............................... ............................103
General Long -term Debt Account Group:
Schedule of General Long -term Debt ..................... ............................... ............................105
Supplementary Information:
Exhibit Page
Combined Schedule of Bonded Indebtedness . ........................Exhibit 1 .... ............................106
Schedule of Changes in Bonded Indebtedness .......................Exhibit 2 .... ............................108
Schedule of Bonds Payable .............................. ........................Exhibit 3 .... ............................109
Schedule of Debt Service Requirements ......... ........................Exhibit 4 .... ............................113
Assessed Valuation, Tax Levies and Mill Rates ......................Exhibit 5 .... ............................114
PART III — STATISTICAL SECTION
Table
Page
General Governmental Expenditures by Function
Last Ten Fiscal Years ............................. ...............................
Table 1
..... ............................115
General Governmental Revenues by Source
-Last Ten Fiscal Years ............................. ...............................
Table 2
..... ............................116
Property tax Levies and Collections — Last Ten
FiscalYears ............................................ ...............................
Table 3
..... ............................117
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Assessed Value or Tax Capacity and Estimated
Market Value of Taxable Property .......... ...............................
Table 4 ..... ............................118
Property Tax Rates — All Overlapping Governments
LastTen Fiscal Years ............................. ...............................
Table 5 ..... ............................119
Special Assessment Collections — Last Ten
............................
Fiscal Years ................ ...............................
Table 6 .................................
120
Ratio of Net General Bonded Debt to Assessed
Value/Tax Capacity and Net Bonded Debt per
Capita — Last Ten Fiscal Years .............. ...............................
Table 7 ..... ............................121
Computation of Legal Debt Margin - December 31, 1999 .......
Table 8 ..... ............................122
Computation of Overlapping Debt - December 31, 1999.........
Table 9 ..... ............................123
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General
Expenditures — Last Ten Fiscal Years .. ...............................
Table 10 .... ............................124
Revenue Bond Coverage — Last Ten Fiscal Years .................
Table 11 .... ............................125
Property and Construction Values — Last Ten
FiscalYears ........................................... ...............................
Table 12 .... ............................126
Principal Taxpayers - December 31, 1999 ..............................
Table 13 .... ............................127
Major Employers in the City ...................... ...............................
Table 14 .... ............................128
LaborForce Data ...................................... ...............................
Table 15 .... ............................129
Miscellaneous Statistics - December 31, 1999 .......................
Table 16 .... ............................130
Schedule of Sources and Uses of Public Funds
for 50th & France -No. 1200, a Tax Increment
FinancingDistrict ................................ ...............................
Table 17 .... ............................132
Schedule of Sources and Uses of Public Funds
for Southeast Edina Redevelopment District -
No. 1201, a Tax Increment Financing District ...................
Table 18 . ............................... 133
Schedule of Sources and Uses of Public Funds
for Grandview Area Redevelopment District -
No. 1202, a Tax Increment Financing District ...................
Table 19 .... ............................134
Schedule of Sources and Uses of Public Funds
for Southeast Edina Redevelopment District -
No. 1203, a Tax Increment Financing District ...................
Table 20 .... ............................135
Schedule of Sources and Uses of Public Funds
for Southeast Edina Economic Development
District -No. 1204, a Tax Increment Financing
District............................................. ...............................
Table 21 .... ............................ 136
Schedule of Sources and Uses of Public Funds
for 70th Street and Cahill Road District -No.
1207, a Tax Increment Financing District ..........................
Table 22.... ............................137
INTRODUCTORY
SECTION
CITY OF EDINA, MINNESOTA
Elected and Appointed Officials
December 31, 1999
Elected:
Mayor — Dennis Maetzold
Council:
James Hovland
Scott Johnson
Nan Faust
Michael Kelly
Appointed:
Manager- Gordon Hughes
Treasurer and Finance Director -John Wallin
Assistant Finance Director -Peggy Gibbs
Clerk -Debra Mangen
*First Official business day.
Page 1
Term of office
expires January*
2001
2003
2001
2001
2001
March 31, 2000
To the Honorable Mayor and
Members of the City Council
City of Edina, Minnesota:
Page 2
City of Edina
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 31,1999 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) 826 -0390
EDINA, MINNESOTA 55424 -1394 TDD (612) 826 -0379
Page 3
The City of Edina, Minnesota concluded fiscal year 1999 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 subm
Go on Hughes
City Manager
March 31, 2000
To the Honorable Mayor,
Members of the City Council,
and City Manager
City of Edina, Minnesota:
Page 4
City of Edina
The Comprehensive Annual Financial Report of the City of Edina (the City), for the fiscal year
ended December 31,1999, is submitted herewith. This report was prepared by the City's
Finance Department. Responsibility for both the accuracy of the presented data and the
completeness and fairness of the presentation, including all disclosures, rests with the City. We
believe the data, as presented, is accurate in all material respects; that it is presented in a
manner designed to fairly set forth the financial position and results of operations of the City as
measured by the financial activity of its various funds; and that all disclosures necessary to
enable the reader to gain the maximum understanding of the City's financial affairs have been
included.
Accounting System and Budgetary Control
In developing and evaluating the City's accounting system, consideration is given to the
adequacy of internal accounting controls. Internal accounting controls are designed to provide
reasonable, but not absolute, assurance regarding: (1) the safeguarding of assets against loss
from unauthorized use or disposition; and (2) the reliability of financial records for preparing
financial statements and maintaining accountability for . assets. The concept of reasonable:
assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be
derived; and (2) the evaluation of costs and benefits requires estimates and judgments by
management.
All internal control evaluations occur within the above framework. We believe that the City's
internal accounting controls adequately safeguard assets and provide reasonable assurance of
proper recording of financial transactions.
Budgetary control is maintained through the issuance of purchase orders. Purchase orders
which would result in an overrun of the budgeted allotment are not released until additional
appropriations are made available.
City Hall (612) 927 -8861
4801 WEST 50TH STREET FAX (612) 826 -0390
EDINA, MINNESOTA 55424 -1394 TDD (612) 826 -0379
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 entities included in the City's report are those for which the
City is financially accountable and which the City's relationship with is such that exclusion would
cause the City's financial statements to be misleading or incomplete.
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 $33,792,113 in 1999, an increase of 9.1 percent
over 1998. General property taxes produced 65.1 percent of general revenues compared to
66.4 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
Taxes
Special assessments
Franchise fee
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Investment income
Interest on funds held with fiscal agent
Sale and rental of property
Other. revenues
Total revenues
Current tax collections were 99.0 percent of the tax levy, down .31 per 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 99.2 percent, a decrease of .41 percent from last year.
Charges for services revenues were 9.5 percent of general revenues compared to 5.9 percent in
1998. Investment income decreased compared with 1998 due to unrealized gains in 1998
compared to unrealized losses in 1999.
Increase
Percent
(decrease)
Total
of total
from 1998
$21,995,230
65.09%
$ 1,427,363
990,330
2.93%
146,260
297,866
.88%
1,439
2,135,541
6.32%
44,176
3,185,008
9.43%
633,556
3,215,441
9.52%
1,382,293
794,710
2.35%
103,355
415,114
1.23%
(938,407)
0
.00%
(43,331)
284,085
0.84%
197,446
478,788
1.42%
(125,311)
$33,792,113
100.00%
$2,828,839
Current tax collections were 99.0 percent of the tax levy, down .31 per 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 99.2 percent, a decrease of .41 percent from last year.
Charges for services revenues were 9.5 percent of general revenues compared to 5.9 percent in
1998. Investment income decreased compared with 1998 due to unrealized gains in 1998
compared to unrealized losses in 1999.
Page 6
Expenditures for general ,governmental purposes,.within the General, Special Revenue, Debt
Service and Capital Project Funds totaled $31,055,668 a decrease of 2.9 percent over 1998.
Increases (decreases) in levels of expenditures °for major functions of the City over last year are
shown in the following table:
Function
General government
Public safety
Public works
Parks
Unallocated general
Other
Capital outlay
Bond principal
Interest and fiscal charges
Total expenditures
$31,055,668 100.0% $ (942,062)
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 1999:
Gross bonded debt outstanding, January 1, 1999
Add bonds issued in fiscal year 1999
Deduct bonds redeemed in fiscal year 1999
Gross bonded debt outstanding, December 31, 1999
Deduct sinking fund assets, December 31, 1999
$ 1,453
$70,260,000
6,870,000
4,125,000
73,005,000
(4,384,419)
Net bonded debt, December 31, 1999 $68,620,581
The City's bonds continue to have an Aa1 rating as determined by Moody's Investors Service,
and an AA rating from Standard & Poors.
At December 31,1999 the City had $50,260,000 of Tax Increment Bonds outstanding, excluding
General Obligation, Improvement and Revenue Bonds. $772,210 was available in the General
Debt Service Fund for payment of these obligations, resulting in $49,487,790 net general debt at
December 31,1999.
Increase
Percent
(decrease)
Total
of total
from 1998
$2,527,547
8.1%
$ (1,013)
8,516,673
27.4%
385,380
3,744,124
12.1%
(340,527)
2,240,730
7.2%
280,619
366,332
1.2%
32,539
1,005,781
3.2%
(98,957)
6,117,215
19.7%
(1,412,836)
3,275,000
10.6%
1,050,276
3,262,266
10.5%
(837,543)
$31,055,668 100.0% $ (942,062)
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 1999:
Gross bonded debt outstanding, January 1, 1999
Add bonds issued in fiscal year 1999
Deduct bonds redeemed in fiscal year 1999
Gross bonded debt outstanding, December 31, 1999
Deduct sinking fund assets, December 31, 1999
$ 1,453
$70,260,000
6,870,000
4,125,000
73,005,000
(4,384,419)
Net bonded debt, December 31, 1999 $68,620,581
The City's bonds continue to have an Aa1 rating as determined by Moody's Investors Service,
and an AA rating from Standard & Poors.
At December 31,1999 the City had $50,260,000 of Tax Increment Bonds outstanding, excluding
General Obligation, Improvement and Revenue Bonds. $772,210 was available in the General
Debt Service Fund for payment of these obligations, resulting in $49,487,790 net general debt at
December 31,1999.
Page 7
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 1999 the City earned
$823,169 in investment income. The following. is a list of the City's cash and investments by
classification as of December 31, 1999:
Cash
Cash deficit
Cash with plan administrator
Cash with fiscal" agents
Certificates of deposit
Commercial paper
Government securities
Money market investments
Capital Project Funds
$6,370,138
(5,663,226)
3,913,274
3,306,034
100,000
15,392,568
16,613,255
5,679,207
$45,711,250
The major construction projects and equipment purchases are accounted for in four 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. The Park Improvements Fund is for park improvements
funded through property taxes.
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, 1999 the general fixed assets of the City amounted to $85,714,723 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.
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 1999 and 1998 is as follows:.
Utilities
Liquor
Swimming pool
Golf course
Arena
Art Center
Edinborough Park/Centennial Lake
Income (loss)
1999 1998
$1,767,425
$855,682
945,546
767,299
56,202
69,383
544,306
446,469
(183,441)
(198,708)
(153,006)
(220,309)
(356,487)
(343,155)
$2,620,545 $1,376,661
Operating transfers to /from other funds for various purposes were $560,000 to other enterprise
funds and $23,000 to the general fund in 1999 and $262,000 and $72,000 in 1998, 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 LLP has been
included in this Comprehensive Annual Financial Report for 1999.
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,
John Wallin, CPA
Treasurer and Finance Director
X
k ggg�bs
Assistant Finance Director,
FINANCIAL
SECTION
LIM��6V_-
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report
Honorable Mayor and Members of the City Council
City of Edina, Minnesota:
We have audited the general- purpose financial statements of the City of Edina,
Minnesota (the City), as of and for the year ended December 31, 1999, 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 as of December 31, 1999, 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 account
group financial statements and schedules 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. 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.
W
... KPMG LLB KPMG LLP, a U.S. nal, a liability partnership, Is
a member of KPMG International, a Swiss association.
KPMG
The data designated as the statistical section and supplementary information listed in the
accompanying table of contents is presented for purposes of additional analysis and is
not a required part of the general - purpose financial statements. Such information has not
been subjected to the auditing procedures applied in the audit of the general - purpose
financial statements and, accordingly, we express no opinion on it.
March 31, 2000
K'PMC, LCP
10
Page 11
CITY OF EDINA, MINNESOTA
Combined Balance Sheet - All Fund Types and Account Groups
December 31, 1999
(with comparative totals for December 31, 1998)
Assets and Other Debits
Cash (note 2)
Petty cash and change funds (note 2)
Investments (note 2)
Cash and investments with
plan administrators (notes 2 and 7)
Cash and investments with fiscal agents (note 2)
Receivables:
Accounts
Customers
Accrued interest
Special assessments
Taxes
Due from other funds (note 9)
Due from other governments
Inventory
Prepaid Expenses
Advance to other funds (note 10)
Fixed Assets (note 4)
Discount on bonds
Amount available in debt service fund
Amount to be provided for retirement of long -tens debt
Amount to be provided for compensated absences
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 9)
Due to other governments
Compensated absences payable
Deposits payable
Taxes payable
Deferred revenue (note 3)
Advance from other funds (note 10)
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 (note 16)
Retained earnings:
Reserved (note 11)
Unreserved - undesignated
Fund balance:
Reserved (note 11)
Unreserved - designated (note 11)
Unreserved - undesignated
Total fund equity and other credits
Contingencies (note 13)
Total liabilities, fund equity and other credits
See accompanying notes to financial statements
Governmental fund tvDes
Special Debt Capital
General Revenue Service Projects
$ 136,354 0 344,335 19,180
2,310 0 0 0
11,449,250 934,892 0 23,641,218
259,379
721
0
11,664
0
0
0
0
19,442
10,947
0
236,501
0
0
2,916,953
145,182
0
0
0
7,647
1,387,842
2,000
422,726
0
278,504
1,915
6,914
1,274,638
0
0
0
0
116,901
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$ 13.649.982
950.475
3.690.928
25.336.030
438,069
5,823
0
416,082
367,615
0
0
1,051
0
0
0
23,908
0
0
0
0
221,821
1,861
108,686
6,363,289
152,804
0
366,606
189
8,540
0
0
0
2,000
0
0
0
0
0
0
80,593
0
0
2,808,353
145,180
0
0
0
0
0
0
0
0
0
0
0
0
1,190,849
7,684
3,283,645
7,030,292
2,407,155
0
407,283
89,298
7,324,261
0
0
0
2,727,717
942,791
0
18,216,440
12,459,133
942,791
407,283
18,305,738
$ 13,649,982
950,475
3,690,928
25,336,030
Page 12
Proprietary
Fiduciary
fund type
fund type
Account
groups
General
General
Totals
Trust 8
Fixed
Long -term
(memorandum only)
Enterprise
Agency
Asset
Debt
1999
1998
1,503
191,965
0
0
693,337
637,252
11,265
0
0
0
13,575
13,931
1,759,670
0
0
0
37,785,030
30,616,008
0
3,913,274
0
0
3,913,274
3,095,848
3,306,034
0
0
0
3,306,034
1,177
166,216
0
0
0
437,980
523,122
2,010,560
0
0
0
2,010,560
2,083,336
0
0
0
0
266,890
217,654
105,212
0
0
0
3,167,347
2,715,152
0
0
0
0
7,647
224,533
5,382,687
0
0
0
7,195,255
6,128,813
5,212
0
0
0
1,567,183
336,159
981,068
0
0
0
981,068
982,249
0
0
0
0
116,901
35,889
145,012
0
0
0
145,012
953,429
39,778,477
0
85,714,723
0
125,493,200
123,202,414
97,273
0
0
0
97,273
59,246
0
0
0
407,283
407,283
721,406
0
0
0
58,512,616
58,512,616
61,529,456
0
0
0
612,972
612,972
582,459
53.750.189
4.105.239
85.714.723
59.532.871
246.730.437
234.659.533
615,442
0
0
0
1,475,416
1,291,065
104,258
0
0
0
472,924
400,261
5,170
0
0
0
29,078
187,859
401,692
0
0
0
401,692
238,589
200,000
41,678
0
0
6,937,335
6,128,813
155,320
150,287
0
0
825,206
994,569
144,466
0
0
612,973
765,979
727,423
12,354
0
0
0
14,354
6,852
0
0
0
0
80,593
0
5,040
0
0
0
2,958,573
2,553,137
145,012
0
0
0
145,012
953,429
260,000
0
0
484,898
744,898
850,862
14,570,000
0
0
58,435,000
73,005,000
70,260,000
16,618,754
191,965
0
59,532,871
87,856,060
84,592,859
0
0
85,714,723
0
85,714,723
83,354,041
6,177,967
0
0
0
6,177,967
6,617,920
1,607,120
0
0
0
1,607,120
1,607,870
29,346,348
0
0
0
29,346,348
26,253,919
0
3,913,274
0
0
6,817,010
5,647,530
0
0
0
0
7,324,261
6,812,960
0
0
0
0
21,886,948
19,772,434
37,131,435
3,913,274
85,714,723
0
158,874,377
150,066,674
53,750,189
4,105,239
85,714,723
59,532,871
246,730,437
234,659,533
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenditures and Changes in Fund Balance —
All Governmental Fund Types
Year ended December 31, 1999
(with comparative totals for year ended December 31, 1998)
Revenues:
Taxes (note 3)
Special assessments
Franchise fees
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Investment Income
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
Unallocated general
Other
Capital outlay.
General government
Public safety
Public works
Parks
Infjastructure
Other
Debt Service:
Bond principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses):
Operating transfers in (out):
Operating transfers in (out) — General Fund
Operating transfers in (out) - Swimming Pool Fund
Operating transfers in (out} - Capital Projects Fund
Operating transfers in (out)—Edinborough Park Fund
Operating transfers in (out)—HRA
Operating transfers in (out)—General Debt Service Fund
Parkland dedication
Payment for refunded bonds
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
Page 13
Governmental fund
types
Special
Debt
Capital
General
Revenue
Service
Projects
$ 13,187,547
0
723,026
8,084,657
0
0
855,137
135,193
0
297,866
0
0
2,135,541
0
0
0
1,703,797
46,241
0
1,434,970
1,866,475
0
0
1,348,966
794,710
0
0
0
(267,839)
(17,047)
0
700,000
0
0
0
0
280,304
0
0
3,781
9.899
0
0
468,889
19,710,434
327.060
1,578,163
12.176,456
2,527,547
0
0
0
8,516,673
0
0
0
3,744,124
0
0
0
2,240,730
0
.0
0
366,332
0
0
0
(135,671)
275,536
1,800
864,116
15,143
0
0
0
441,034
0
0
0
418,434
0
0
0
125,328
0
0
0
0
0
0
5,060,464
0
56,812
0
0
0
0
3,275,000
0
0
0
3,262,266
0
18,259,674
332,348
6,539,066
5,924,580
1,450,760
(5,288)
(4,960,903)
6,251,876
0
0
0
153,460
183,000
0
0
0
(153,460)
0
0
0
(206,000)
0
0
0
0
0
5,646,647
0
0
0
(999,867)
(4,646,780)
264,424
0
0
0
0
0
0
0
87,964
0
4,646,780
(4,493,320)
1,538,724
(5,288)
(314,123)
1,758,556
10,920,409
948.079
721,406
16,547,182
$ 12,459,133
942.791
407,283
18.305,738
Page 14
Totals
Fiduciary Type (memorandum only)
Expendable
Trust 1999 1998
0
21,995,230
20,567,867
0
990,330
844,070
0
297,866
296,427
0
2,135,541
2,091,365
0
3,185,008
2,551,452
0
3,215,441
1,833,148
0
794,710
691,355
579,053
994,167
1,353,521
0
0
43,331
0
284,085
86,639
291,458
770.246
1,210,206
870,511
34.662,624
31,569,381
0
2,527,547
2,528,560
0
8,516,673
8,131,293
0
3.744,124
4,084,651
0
2,240,730
1,960,111
0
366,332
333,793
53,085
1,058,866
1,125, 511
0
15,143
28,377
0
441,034
837,573
0
418,434
626,455
0
125,328
69,084
0
5,060,464
5,965,687
0
56,812
2,875
0
3,275,000
2,224,724
0
3,262,266
4,099,809
53,085
31,108,753
32,018,503
817,426
3,553,871
(449,122)
0
153,460
582,918
0
183,000
150,000
0
(153,460)
(322,918)
0
(206,000)
(222,000)
0
5,646,647
4,906,948
0
(5,646,647)
(5,166,948)
0
264,424
387,136
0
0
(17,260,276)
0
241,424
(16,945,140)
817,426
3,795,295
(17,394,262)
3,095,848
32,232.924
49,627,185
3,913,274
36,028,219
32.232,923
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, 1999
(with comparative totals for year ended December 31, 1998)
Revenues:
Taxes (note 3)
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Investment income
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
Parkland dedication
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
Page 15
General
Variance
favorable
Budget Actual (unfavorable)
13,089,962
1,221,000
1,582,590
1,632,439
470,000
20,000
55,443
25,400
18,096,834
2,517,432
8,607,753
3,773,770
2,175,204
342,905
0
27,199
456,144
512,418
114,009
18,526,834
(430,000)
430,000
0
0
430,000
n
13,187,547
2,135,541
1,703,797
1,866,475
794,710..
(267,839)
280,304
9,899
19,710,434
2,527,547
8,516,673
3,744,124
2,240,730
366,332
(135,671)
15,143
441,034
418,434
125,328
18,259,674
1,450,760
183,000
(359,460)
264,424
87,964
1,538,724
10,920,409
12.459.133
97,585
914,541
121,207
234,036
324,710
(287,839)
224,861
(15,501)
1,613,600
(10,115)
91,080
29,646
(65,526)
(23,427)
135,671
12,056
15,110
93,984
(11,319)
267,160
1,880,760
(247,000)
(359,460)
264,424
(342,036)
1,538,724
Page 16
Totals
(memorandum only)
Special Revenue
1999
1998
Variance
Variance
favorable
favorable
Budget
Actual
(unfavorable)
Budget
Actual
(unfavorable)
Actual
0
0
0
13,089,962
13,187,547
97,585
13,053,978
0
0
0
1,221,000
2,135,541
914,541
2,091,365
182,318
46,241
(136,077)
1,764,908
1,750,038
(14,870)
2,131,934
0
0
0
1,632,439
1,866,475
234,036
1,612,038
0
0
0
470,000
794,710
324,710
691,355
0
0
0
20,000
(267,839)
(287,839)
148,161
0
0
0
55,443
280,304
224,861
83,774
0
0
0
25,400
9,899
(15,501)
14,125
182,318
46,241
(136,077)
18,279,152
19,756,675
1,477,523
19,826,730
0
0
0
2,517,432
2,527,547
(10,115)
2,528,560
0
0
0
8,607,753
8,516,673
91,080
8,131,293
0
0
0
3,773,770
3,744,124
29,646
4,084,651
0
0
0
2,175,204
2,240,730
(65,526)
1,960,111
0
0
0
342,905
366,332
(23,427)
333,793
182,318
46,241
136,077
182,318
(89,430)
271,748
126,387
0
0
0
27,199
15,143
12,056
28,377
0
0
0
456,144
441,034
15,110
837,573
0
0
0
512,418
418,434
93,984
626,455
0
0
0
114,009
125,328
(11,319)
69,084
182,318
46,241
136,077
18,709,152
18,305,915
403,237
18,726,284
0
0
0
(430,000)
1,450,760
1,880,760
1,100,446
0
0
0
430,000
183,000
(247,000)
150,000
0
0
0
0
(359,460)
(359,460)
(804,918)
0
0
0
0
264,424
264,424
387,136
0
0
0
430,000
87,964
(342,036)
(267,782)
0
0
0
0
1,538,724
1,538,724
832,664
0
10,920,409
10,087,745
0
12.459.133
10.920.409
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings — All Proprietary Fund Types
Year ended December 31, 1999
(with comparative totals for year ended December 31, 1998)
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):
Investment income
Donations
Miscellaneous revenues
Interest and fiscal charges
Interest on capital lease
Gain (loss) on sale of fixed assets
Amortization of bond discount
Total nonoperating revenues (expenses)
Income before operating transfers
Operating transfers in (out):
General fund
Liquor store fund
Golf course fund
Arena fund
Total operating transfers, net
Net income
Add depreciation on contributed assets
Increase in retained earnings
Retained earnings - January 1
Retained earnings - December 31
See accompanying notes to financial statements
Page 17
Totals
1999 1998
$ 8,421,133 7,986,577
6,258,167 6,039,893
2,162,966 1,946,684
14,728,183 14,174,940
16,891,149 16,121,624
2,639,687
4,147,975
2,896,713
1,033,585
1,293,228
2.103.687
14,114,875
2,776,274
408,055
17,283
28,628
(605,479)
(15,511)
27,636
(16,341)
(155,729)
2,620,545
23,000
525,000
35,000
(560,000)
23,000
2,643,545
448,134
3,091,679
3,185,784
3,985,404
3,059,523
1,081,832
1,212,156
2,020,208
14,544,907
1,576,717
302,530
13,692
8,876
(485,626)
(17,811)
(15,132)
(6,585)
(200,056)
1,376,661
72,000
222,000
40,000
(262,000)
72,000
1,448,661
400,309
1,848,970
27,861,789 26,012,819
$ 30.953.468 27.861.789
Page 18
CITY OF EDINA, MINNESOTA
35,189
13,692
Combined Statement of Cash Flows - All Proprietary Fund Types
808,417
Combining Statement of Cash Flows
Increase (decrease) in advance from other funds
(808,417)
Year Ended December 31, 1999
Operating transfer in (out) - General Fund
23,000
(with comparative totals for December 31, 1998)
Operating transfer (out) -Art Center
(155,000)
Totals
Operating transfer in- Liquor Store Fund
Cash flows from operating activities:
1999
1998
Operating income
$ 2,776,274
1,576,717
Adjustments to reconcile operating income
(262,000)
Net cash (used) provided for noncapital financing activities
to net cash provided by operating activities
85,692
Net cash used by capital financing activities
Depreciation expense
2,103,687
2,020,208
Changes in assets and liabilities:
921,618
(Increase) decrease in accounts receivable
(72,651)
75,093
Decrease in customer accounts receivable
72,776
34,209
Increase in special assessments receivable
(58,820)
(24,239)
Decrease in taxes receivable
0
236
Increase in due from other governments
(4,554)
(658)
(Increase) decrease in inventory
1,181
(68,886)
Decrease in accounts payable
(38,973)
(68,276)
Increase in salaries payable
17,876
9,656
Decrease in contracts payable
(13,023)
(5,952)
Increase (decrease) in accrued interest payable
163,103
(155,917)
Decrease in due to other governments
(211,516)
(36,121)
Increase in compensated absences payable
11,513
2,645
Increase in deposits payable
5,502
682
Increase (decrease) in due from other funds
0
0
Decrease in due to other funds
(3,459,109)
(1,023,564)
Miscellaneous revenue (expense)
(50,000)
0
Miscellaneous revenue (expense)
23,921
10,081
Total adjustments
(1,509,087)
769,197
Net cash provided by operating activities
1,267,187
2,345,914
Cash flows from noncapital financing activities:
Donations
35,189
13,692
Increase (decrease) in advance to other funds
808,417
643,318
Increase (decrease) in advance from other funds
(808,417)
(643,318)
Operating transfer in (out) - General Fund
23,000
72,000
Operating transfer (out) -Art Center
(155,000)
(236,000)
Operating transfer in- Liquor Store Fund
680,000
458,000
Operating transfer in -Golf Course Fund
35,000
40,000
Operating transfer (out)-Arena
(560,000)
(262,000)
Net cash (used) provided for noncapital financing activities
58,189
85,692
Cash flows from capital financing activities
Net acquisition of capital assets
(2,025,610)
(1,532,043)
Gain (loss) on sale of fixed assets
27,636
(15,132)
Proceeds from revenue bonds
6,870,000
0
Principal paid on revenue bonds
(850,000)
(4,640,000)
Increase on bond discount
(54,368)
0
Principal paid on capital lease
(50,000)
(50,000)
Interest received from fiscal agent
68,275
0
Interest paid on capital lease
(15,511)
(108,863)
Interest paid on bonds
(605,479)
(394,574)
Net cash used by capital financing activities
3,364,943
(6,740,612)
Cash flows from investing activities
Decrease in interest receivable
48,674
4,936
Purchase of investments
(1,759,670)
0
Proceeds from sale of investments
0
10,266
Investment income
326,581
301,325
Net cash provided by investing activities
(1,384,415)
316,527
Net decrease in cash and cash equivalents
3,305,904
(3,992,479)
Cash and equivalents, beginning of year
12,898
4,005,377
Cash and equivalents, end of year
$ 3,318,802
12,898
Supplemental disclosure of noncash noncapital financing activity:
Contribution of fixed assets
8,181
921,618
Total noncash noncapital financing activity
$ 8,181
921,618
See accompanying notes to financial statements
Page 19
CITY OF EDINA, MINNESOTA
Notes to Financial Statemf.- Is
December 31,1999
(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 City was incorporated in 1888.
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
In accordance with Governmental Accounting Standards Board (GASB)
Statement No. 14, "The Financial Reporting Entity" the City's financial reporting
entity consists of (a) the primary government, (b) organizations for which the
primary government is financially accountable, and (c) other organizations for
which the nature and significance of their relationship with the primary
government are such that exclusion would cause the reporting entity's financial
statements to be misleading or incomplete. The primary government is
financially accountable for the component unit if it appoints a voting majority of
the component unit's governing body and is able to impose its will on the
component unit or there is a potential for the component unit to provide specific
financial benefits to, or impose specific financial burdens on, the primary
government.
As required by generally accepted accounting principles, the financial
statements of the reporting entity include those of the primary government and
its component units (legally separate organizations). The component unit
discussed below is included in the City's reporting entity because of the
significance of its operational or financial relationship with the City.
In conformity with generally accepted accounting principles, the financial
statements of a component unit has been included in the City's reporting entity
as a blended component unit. The blended component unit's financial data are
reported as part of the primary government.
Blended Component Unit. The following component unit has been presented as
a blended component unit because the component unit's government body is
substantively the same as the governing body of the City.
(Continued)
B.
Page 20
CITY OF EDINA, MINNESOTA
Housing and Redevelopment Authority of Edina
The Housing and Redevelopment Authority of Edina (HRA) strives to redevelop
the residential and commercial areas of the City and to provide affordable
housing, adequate jobs and a sound financial base for the City residents. The
City Council members act as the HRA board and therefore the HRA's governing
body is substantially the same as the City's governing body. The HRA activities
are included in the capital projects fund.
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.
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 are financed or recovered primarily through user charges; or (b) where the
(Continued)
Page 21
CITY OF EDINA, MINNESOTA
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
Trust and Agency Funds —Trust Funds account for assets held by the City in a
trustee capacity. The expendable trust fund is accounted for in essentially the
same manner as the governmental fund types, using the same measurement
focus and basis of accounting. Expendable trust funds account for assets where
both the principal and interest may be spent. Agency Funds are used to account
for assets held by the City as an agent 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.
Account Groups
The General Fixed Assets Account Group is used to account for fixed assets not
accounted for in proprietary funds. The Long -Term Debt Account Group is used
to account for general tong -term debt and certain other liabilities that are specific
liabilities of proprietary funds.
C. Measurement Focus
All Governmental Funds and the expendable trust fund 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
(Continued)
Page 22
CITY OF EDINA, MINNESOTA
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 concemed only with the
measurement of financial position. They are not involved with measurement of
results of operations.
Because of their spending measurement focus, expenditure recognition for
Governmental Fund types is limited to exclude amounts represented by
noncurrent liabilities. Since they do not affect net current assets, such long -term
amounts are not recognized as governmental fund type expenditures or fund
liabilities. They are instead reported as liabilities in the General Long -term Debt
Account Group. All Proprietary Funds are accounted for on a cost of services or
.capital maintenance" measurement focus. This means that current and long-
term assets and current and long -term 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 and expendable trust fund are accounted for
using the modified accrual basis of accounting. Their revenues are recognized
when they become measurable and available as net current assets.
"Measurable" means the amount of the transaction can be determined and
available" means collectible within the current period or soon enough thereafter
to pay liabilities of the current period. The government considers all revenues
available if they are collected within 60 days after year end. Major revenues that
are determined to be susceptible to accrual include property taxes, special
assessments, intergovernmental revenues, charges for service, and investment
(Continued)
Page 23
CITY OF EDINA, MINNESOTA
income. Major revenues that are determined not to be susceptible to accrual
because they are not available soon enough to pay liabilities of the current
period or are not objectively measurable include delinquent property taxes and
assessments, licenses, permits, fines and forfeitures.
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
yearend.
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 equity.
E. Budgets and Budgetary Accounting
The City adopts an annual budget for the General Fund and the Community
Development Block Grant Fund, a special revenue fund. (The council has
elected not to prepare a budget for the Communications Fund, a special revenue
fund.) The budgets are prepared on the modified accrual basis of accounting.
The City follows these procedures in establishing the budgetary data reflected in
the financial statements:
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.
5. Budgets for the General Fund and the Community Development Block
Grant Fund are adopted on a basis consistent with generally accepted
accounting principles (GAAP).
6. The City Council may authorize transfers of budgeted amounts between
departments.
(Continued)
Page 24
CITY OF EDINA, MINNESOTA
7. Reported budget amounts are as originally adopted or as amended by
Council- approved supplemental appropriations and budget transfers.
8. Expenditures may not legally exceed appropriations by department
unless offset by increases in revenues. All unencumbered
appropriations lapse at year end.
F. Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other
commitments for the expenditure of monies are recorded in order to reserve that
portion of the applicable appropriation, is employed as an extension of formal
budgetary integration.
Encumbrances outstanding at year -end represent the estimated amount of the
expenditures ultimately to result if unperformed contracts in process at year -end
are completed. Encumbrances outstanding at year -end do not constitute
expenditures or liabilities, and therefore, are presented in the financial
statements as reservations of fund balances. Encumbrances are recorded in
the Construction Fund which is part of the Capital Projects Fund.
G. Cash
Cash balances from all funds are pooled together and invested to the maximum
extent favorable rates. This also allows certain funds to generate a temporary
cash overdraft. Interest earned is allocated as determined by the Investment
Advisory Committee.
H. Investments
The City's investments, including deferred compensation investments and
investments with fiscal agents, are stated at fair value, based on quoted market
prices.
I. Statement of Cash Flows
For purposes of the statement of cash flows, the City's Enterprise Funds
consider all highly liquid investments with a maturity of three months or less
when purchased to be cash equivalents.
J. Advances and Interfund Receivables /Payables
Transactions between funds that are representative of lending /borrowing
arrangements outstanding at the end of the year are recorded as due to /from
other funds for the current portion and as advance to /from other fund for the
(Continued)
Page 25
CITY OF EDINA, MINNESOTA
long -term portion.
K. Inventory
Inventory is stated at the lower of cost (determined on a first in, first out basis) or
market value. The costs of proprietary fund -type inventories are recorded as an
expenditures when consumed rather than when purchased.
L. 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, 1999 reported in the
Governmental Funds, Proprietary Funds and General Long -term Debt Account
Group was $8,540, $144,466, $612,973 respectively.
M. 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 these data.
N. 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.
(Continued)
Page 26
CITY OF EDINA, MINNESOTA
O. Reclassifications
Certain 1998 amounts were reclassified to conform to the 1999 presentation.
P. GASB Statement No. 20
In accordance with Governmental Accounting Standards, proprietary and similar
trust funds may apply all GASB pronouncements, as well as the following
pronouncements issued on or before November 30, 1989, unless those
pronouncements conflict with or contradict GASB pronouncements; Statements
and Interpretations of the Financial Accounting Standards Board (FASB),
Accounting Principles Board (APB) Opinions, and Accounting Research
Bulletins (ARBs) of the Committee on Accounting Procedure. The City has
elected to apply only FASB, APB, and ARB materials issued on or before
November 30, 1989 to the Enterprise Funds.
Q. Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
(2) Cash and Investments
Cash
In accordance with Minnesota Statutes, the City maintains deposits at various financial
institutions. Deposits are carried at cost plus accrued interest. Minnesota Statutes
require that all City deposits be protected by an insurance surety bond or collateral. The
market value of collateral pledged must equal 110% of the deposits not covered by
insurance or bonds (140% in the case of mortgage notes pledged). At December 31,
1999 the City had no deposits that were uninsured or uncollateralized. The deposits
were insured or collateralized by securities held by the City's agent in the City's name.
Investments
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;
(Continued)
Page 27
CITY OF EDINA, MINNESOTA
(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;
(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.
(Continued)
Page 28
CITY OF EDINA, MINNESOTA
The City's cash and 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 counterparty's trust department or agent in the City's name.
The investment balances at December 31, 1999 were as follows:
Certificates of deposit
Commercial paper
Money Market investments
Government securities:
United States Treasury Notes
Federal National Mortgage Association
Government National Mortgage Association
Federal Home Loan Mortgage Corporation
Federal Home Loan Bank
SBA Pool
Municipal Bonds
Cash and investments with fiscal agents
Cash and investments with plan administrators
Total investments
Credit Risk Category
Category Category Fair
1 2 Value
$ 100,000 0 100,000
2,466,250 12,926,319 15,392,568
0 5,679,207 5,679,207
0 3,040,994 3,040,994
1,316,460 2,834,256 4,150,716
0 427,215 427,215
464,690 2,365,352 2,860,042
494,845 1,756,274 2,251,119
566,107 817,062 1,383,169
2,500,000 0 2,500,000
$ 7,938,352 29746,679 37,785,030
3,306,034
3,913,274
$ 45,004,338
In accordance with Minnesota Statutes, the City invests in various mortgage- backed
securities, such as collateralized mortgage obligations. Included in the Federal Home Loan
Mortgage Corporation investments are approximately $455,000 of collateralized mortgage
obligations, debt instruments issued by special purpose entities which are secured by pools
of mortgage loans or other mortgage- backed securities. Payments of interest and principal
on underlying collateral provide the funds to pay debt service on the collateralized
mortgage obligation. The Federal Home Loan Mortgage Corporation is a federally
chartered corporation and guarantees timely payment 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.
The municipal bond investment consists of a $2,500,000 Temporary Tax Increment Bond,
Series 1997B issued by the Housing and Redevelopment Authority of the City. This bond
is backed by the full faith, credit and taxing power of the City.
(Continued)
(3)
CITY OF EDINA, MINNESOTA
Deposits at December 31, 1999 were as follows:
Checking accounts $
Cash on hand
Cash with trustee
Carrying
Bank
Amount
balance
501,372
927,641
13,575
0
191,965
0
706,912
927,641
Page 29
During 1999, the City's investments incurred a decline in fair value of $623,171. This
decline related primarily to government securities for which the principal remained intact.
The City's policy is to hold all government securities until maturity. Therefore, unless the
City liquidates the investment(s) prior to maturity, it is expected that the decline in fair value
is temporary and will be recovered in future periods.
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 of the following year and are recorded as receivables by this
City at that date. Real property taxes are payable by property owners on May 15 ana
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 (rerr ;fed to the
City by the following January) are classified as delinquent and unremttted taxes
receivable. The delinquent receivables are fully offset by deferred revenue because
they are not available to finance current expenditures.
(Continued)
Page 30
CITY OF EDINA, MINNESOTA
(4) Fixed Assets
A summary of changes in general fixed assets during 1999 is as follows:
A summary of proprietary fund fixed assets at December 31,1999 is as follows:
Land
Golf course
Land improvements
Water distribution system
Sewer collection system
Major recreation facilities
Major water facilities
Buildings - liquor stores
Furniture, fixtures and equipment
Vehicles
Lease property - capital lease
Construction in progress
Less accumulated depreciation
Net book value
Enterprise
fund
$1,088,965
4,624,551
925,951
12,465,424
12,932,935
13,541,661
15,639,900
698,571
4,793,898
540,712
468,580
83,800
67,804,948
(28,026,471)
$39,778,477
(Continued)
Balance
Balance
January 1
Additions
Deletions
December 31
Land
$22,874,450
35,883
0
22,910,333
Land irrpro"rents
12,881,257
52,229
0
12,933,486
Buildings
20,454,112
183,622
0
20,637,734
Furnitum &fixtures
1,237,235
223,865
117,337
1,343,763
Vehicles
4,198,269
563,322
343,745
4,417,846
Sidewalks
310,995
0
0
310,995
La mehold im nonorants
190,330
0
0
190,330
Miscellaneous equipmeil
368,657
16,063
64,212
320,508
Park & playground equipment
873,271
84,895
54,873
903,293
HghAsyequiprrut
1,963,309
336,653
102,302
2,197,660
Police equipment
689,788
172,421
140,388
721,821
Fire equipment
1,488,825
44,487
414,358
1,118,954
Bection equipment
138,114
0
0
138,114
Engineering Equipment
95,515
16,835
15,152
97,308
Traffic signals
153,570
0
0
153,570
Tools:
5,812
0
0
5,812
Parks
9,73,548
6,246,474
0
15,979,022
Construction in progress
5,697,874
(4,363,700)
0
1,334,174
Total
$83,354,041
3,613,049
1,252367
85,714,723
A summary of proprietary fund fixed assets at December 31,1999 is as follows:
Land
Golf course
Land improvements
Water distribution system
Sewer collection system
Major recreation facilities
Major water facilities
Buildings - liquor stores
Furniture, fixtures and equipment
Vehicles
Lease property - capital lease
Construction in progress
Less accumulated depreciation
Net book value
Enterprise
fund
$1,088,965
4,624,551
925,951
12,465,424
12,932,935
13,541,661
15,639,900
698,571
4,793,898
540,712
468,580
83,800
67,804,948
(28,026,471)
$39,778,477
(Continued)
CITY OF EDINA, MINNESOTA
(5) Long -term Debt
Bonded Debt
Page 31
The City has four types of bonded debt outstanding at December 31,1999: tax
increment bonds, general obligation 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 type is payable solely from
general property taxes. The third and fourth 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:
Changes in long -term debt during the year were as follows:
Balance
Balance
Balance
January 1,
December 31,
Redeemed/
Maturities
Interest rates
1999
Tax Increment Bonds
2000-2013
4.50 - 6.25
50,260,000
General Obligation Bonds
2000-2017
4.40 - 5.75
7,825,000
Improvement Bonds
2000-2001
5.00 - 5.20
350,000
Revenue Bonds
2000-2013
3.20 - 6.05
14,570,00
Total
350,000
Revenue Bonds
$73,005,000
Changes in long -term debt during the year were as follows:
The City had the following revenue bonds outstanding at December 31,1999:
Recreation Facility Bonds, Series 1992A
Recreation Refunding Bonds, Series 1992C
Utility Revenue Bonds, Series 1999A
Recreation Refunding Bonds, Series 1999B
3,650,000
4,050,000
3,600,000
3,270,000
$14,570,000
The Recreation Refunding Bonds (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, Ice Arena and Swimming Pool Funds with any deficiency to be provided
(Continued)
Balance
Balance
January 1,
Issued/
Redeemed/
December 31,
1999
increases
decreases
1999
Tax Increment Bonds
53,090,000
0
2,830,000
50,260,000
General Obligation Bonds
8,090,000
0
265,000
7,825,000
Improvement Bonds
530,000
0
180,000
350,000
Revenue Bonds
8,550,000
6,870,000
850,000
14,570,000
70,260,000
6,870,000
4,125,000
73,005,000
The City had the following revenue bonds outstanding at December 31,1999:
Recreation Facility Bonds, Series 1992A
Recreation Refunding Bonds, Series 1992C
Utility Revenue Bonds, Series 1999A
Recreation Refunding Bonds, Series 1999B
3,650,000
4,050,000
3,600,000
3,270,000
$14,570,000
The Recreation Refunding Bonds (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, Ice Arena and Swimming Pool Funds with any deficiency to be provided
(Continued)
Page 32
CITY OF EDINA, MINNESOTA
first from Liquor Fund revenue and then from general property taxes. The Utility Bonds
are general obligation revenue bond issues payable from the Utility Fund and then from
general property taxes.
The annual requirements to amortize all debt outstanding as of December 31, 1999,
including interest payments of $26,863,650 are as follows:
Year ending
Tax
General
December 31
Increment
Obligation
Improvement
Revenue
Total
2000
8,254,264
686,688
193,340
1,540,816
10,675,108
2001
5,672,000
698,888
174,420
1,444,443
7,989,751
2002
6,619,768,
685,163
0
4,601,731
11,906,662
2003
6,686,138
695,388
0
1,316,358
8,697,884
2004
6,477,811
679,625
0
1,334,013
8,491,449
2005 -2017
32,155,682
8,861,167
0
8,173,161
49,190,010
$
65,865,663
12,306,919
367,760
18,410,522
96,950,864
During 1999, the City issued $3,270,000 General Obligation Recreation Refunding
Bonds, Series 1999B to replace the General Obligation Recreation Facility Bonds,
Series 1992A. These will be refunded by means of "crossover" refunding in 2002. The
cumulative savings will be $310,055, and the net present value savings is $223,732.
During 1999, the City issued $3,600,000 Utility Revenue Bonds, Series 1999A to
finance sewer and stormwater utilities improvements.
(Continued)
CITY OF EDINA, MINNESOTA
Legal Debt Margin
Page 33
Minnesota Statutes, Chapter 475, as amended, provide that the city shall not incur or be
subject to a net debt in excess of 2% of the market value of taxable property. At
December 31, 1999, the legal debt margin was $82,890,238 calculated as follows:
Market value $ 4,535,761,900
Debt limit - 2% of market value 90,715,238
Amount of general obligation $ 73,005,000
debt
Less: Tax increment bonds $ 50,260,000
Improvement bonds 350,000
Revenue bonds 14,570,000
Total deductions 65,180,000
Total amount of debt
applicable to debt limit 7,825,000
Legal debt margin $ 82,890,238
(Continued)
CITY OF EDINA, MINNESOTA
Long -term Debt - Other
Page 34
The City is the administering authority for the following tax increment finance districts. Tax
capacity values are for taxes payable in 1999.
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 $
184,070
Current tax capacity value
1,274,303
Captured tax capacity value:
Retained by authority
1,090,233
Shared with other taxing districts
0
General obligation tax increment bonds issued
5,350,000
Total loans incurred
0
Amounts redeemed
2,200,000
Outstanding bonds and loans at December 31, 1999 $ 3,150,000
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 $ 155,595
Current tax capacity value 2,833,159
Captured tax capacity value:
Retained by authority 2,677,564
Shared with other taxing districts 0
General obligation tax increment bonds issued 22,110,000
Total loans incurred 0
Amounts redeemed 11,375,000
Outstanding bonds and loans at December 31, 1999 $ 10,735,000
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 $ 323,126
Current tax capacity value 922,303
Captured tax capacity value:
Retained by authority 599,177
Shared with other taxing districts 0
General obligation tax increment bonds issued 4,550,000
Total loans incurred 0
Amounts redeemed 1,250,000
Outstanding bonds and loans at December 31, 1999 $ 3,300,000
(Continued)
Page 35
CITY OF EDINA, MINNESOTA
Southeast Edina Redevelopment District -No. 1203, a redevelopment district established
in 1988 pursuant to Minnesota Statutes with a termination date of 2016.
Original tax capacity value $ 200,642
Current tax capacity value 1,897,988
Captured tax capacity value:
Retained by authority 1,697,346
Shared with other taxing districts 0
General obligation tax increment bonds issued 35,734,724
Total loans incurred 0
Amounts redeemed 2,659,724
Outstanding bonds and loans at December 31, 1999 $ 33,075,000
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 Decertified
Current tax capacity value Decertified
Captured tax capacity value:
Retained by authority 0
Shared with other taxing districts 0
General obligation tax increment bonds issued 0
Total loans incurred 0
Amounts redeemed 0
Outstanding bonds and loans at December 31, 1999 $ 0
70th and Cahill Redevelopment District -No. 1207, a development district established in
1990 pursuant to Minnesota Statutes with a termination date of 2000.
Original tax capacity value $ 88,026
Current tax capacity value 254,634
Captured tax capacity value:
Retained by authority 166,608
Shared with other taxing districts 0
General obligation tax increment bonds issued 0
Total loans incurred 94,692
Amounts redeemed 94,692
Outstanding bonds and loans at December 31, 1999 $ 0
General Obligation tax increment bonds issued amounts were restated to eliminate
the effect of doubling the bonds due to crossover refundings.
(Continued)
Page 36
CITY OF EDINA, MINNESOTA
(6) Retirement Plans
A. Defined Benefit Pension Plans
The City is involved in one pension program as follows:
(a) Defined Benefit Pension Plans - Statewide:
Plan Description
All full -time and certain part-time employees of the City of Edina are covered by
defined benefit 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 employee retirement plans. These
plans are established and administered in accordance with, Chapters 353 and
356.
PERF members belong to either the Coordinated Plan or the Basic Plan.
Coordinated Plan members are covered by Social Security and Basic Plan
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.
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 PERF's Coordinated and Basic
Plan 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 Plan member is 2.2 percent of average
salary for each of the first 10 years of service and 2.7 percent for each remaining
year. The annuity accrual rate for a Coordinated member is 1.2 percent of
average salary for each of the first 10 years and 1.7 percent for each remaining
year. Under Method 2, the annuity accrual rate is 2.7 percent of average salary
for Basic Plan members and 1.7 percent for Coordinated Plan members for each
year of service. For PEPFF members, the annuity accrual rate is 3.0 percent for
each year of service. For all PEPFF members and for PERF members whose
annuity is calculated using Method 1, a full annuity is available when age plus
years of service equal 90. A reduced retirement annuity is also available to
eligible members seeking early retirement.
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,
(Continued)
Page 37
CITY OF EDINA, MINNESOTA
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.
The benefit provisions stated in the previous paragraphs of this section are
current provisions and apply to active plan participants. Vested, terminated
employees who are entitled to benefits but are not receiving them yet are bound
by the provisions in effect at the time they last terminated their public service.
PERA issues - a publicly available financial report that includes financial
statements and required supplementary information for PERF and PEPFF. That
report may be obtained by writing to PERA, 514 St. Peter Street #200, St. Paul,
Minnesota, 55102 or by calling (651) 296 -7460 or 1- 800 -652 -9026.
Funding Policy
Minnesota Statute, Chapter 353 sets the rate for employer and employee
contributions. These statutes are established ' and amended by the state
legislature. The City makes annual contributions to the pension plans equal to
the amount required by state statutes. PERF Basic Plan members and
Coordinated Plan members are required to contribute 8.75% and 4.75 %,
respectively, of their annual covered salary. PEPFF members are required to
contribute 7.60% of their annual covered salary. Effective July 1, 1999, this rate
changed to 6.2% of annual covered salary. The City of Edina is required to
contribute the following percentages of annual covered payroll: 11.43% for
Basic Plan PERF members, 5.18% for Coordinated Plan PERF members, and
11.40% for PEPFF members. Effective July 1, 1999, the City is required to
contribute 9.30% for PEPFF members.
The City's contributions to PERF and PEPFF for the years ended December 31,
1999, 1998, and 1997 were equal to the required contributions for each year, as
follows:
1999 1998 1997
PERF $459,914 446,033 379,677
PEPFF $475,059 515,730 490,765
(7) Deferred Compensation Plan
The City offers its employees six deferred compensation plans created in accordance
with Internal Revenue Code Section 457. The plans are Aetna, International City
Manager's Association (ICMA), Great West, T. Rowe Price, Minnesota State Retirement
System (MSRS), and Minnesota Mutual. The plans, available to all City employees,
permit participants to defer a portion of their salary until future years. The deferred
compensation is not available to participants until termination, retirement, death, or
unforeseeable emergency.
(Continued)
Page 38
CITY OF EDINA, MINNESOTA
The City is trustee for two of the plans and accordingly, the plan assets (recorded at fair
value) and fund balance are recorded in an expendable trust fund.
(8) Segment Information for Enterprise Funds
The City maintains Enterprise Funds for utility (water and sewer) services, liquor
facilities, golf course and arena. Individual funds are also maintained for other
enterprise operations designated below as "Other Enterprise Funds" which are
recreational in nature such as: swimming pool, art center and Edinborough Park.
Segment information for the year ended December 31,1999 is as follows:
Sales
Operating Revenues
Depreciation
Operating income (loss)
Nonoperating revenues
(expenses), net
Operating transfers in
(out)
Net income
Property additions
Property deletions
Networking capital
Bonds payable
Total assets
Total retained earnings
(deficit)
(Continued)
Other
Total
Golf
Enterprise
Enterprise
utility
Liquor
Course
Arena
Funds
Funds
$ 0
8,421,133
0
0
0
8,421,133
8,440,463
0
3,512,249
1,079,254
1,696,217
14,728,183
849,381
55,935
501,406
320,456
376,509
2,103,687
1,792,501
949,730
824,030
(90,809)
(699,178)
2,776,274
(25,076)
(4,184)
(279,724)
(92,632)
245,887
(155,729)
0
(680,000)
(35,000)
560,000
178,000
23,000
1,767,425
265,546
509,306
376,559
(275,291)
2,643,545
1,551,780
41,542
422,852
8,610
74,467
2,099,251
54,378
12,508
110,968
0
25,503
203,357
7,717,301
1,534,846
2,299,099
(9,454)
561,287
12,103,079
3,600,000
0
8,090,000
1,760,000
1,120,000
14,570,000
31,224,303
2,870,674
10,385,221
5,013,677
4,256,314
53,750,189
27,277,314
2,374,815
1,571,360
(530,727)
260,706
30,953,468
(Continued)
Page 39
CITY OF EDINA, MINNESOTA
(9) Due From To Other Funds
Interfund receivables and payables as of Decembe ,1999 were as follows:
(10) Advance From To Other Funds
Advances to /advances from other funds as of December 31, 1999 were as follows.
Fund
Enterprise:
Liquor
Golf Course
Advances to Advances from
other funds other funds
145,012 0
0 145,012
$ 145,012 145,012
(Continued)
Interfund
Interfund
Fund
Receivables
Payables
General (including amount due from Edina Housing
and Redevelopment Authority of $1,346,164) $
1,387,842
221,821
Special Revenue:
Community Development Block Grant
2,000
0
Communications
0
1,861
Debt Service:
General Debt Service
422,726
0
Improvement Bond Redemption II
0
366,606
Capital Project:
Construction Fund
0
4,718,616
Housing and Redevelopment Authority of Edina
0
1,346,164
Revolving Fund
0
298,509
Enterprise:
Utilities
4,139,417
0
Liquor
11145,502
0
Swimming Pool
52,967
0
Golf Course
0
200,000
Arena
2,714
0
Art Center
20,266
0
Edinborough Park/Centennial Lake
21,821
0
Agency:
Police Seizure
0
41,678
$
7,195,255
7,195,255
(10) Advance From To Other Funds
Advances to /advances from other funds as of December 31, 1999 were as follows.
Fund
Enterprise:
Liquor
Golf Course
Advances to Advances from
other funds other funds
145,012 0
0 145,012
$ 145,012 145,012
(Continued)
Page 40
CITY OF EDINA, MINNESOTA
(11) Reserved or Designated Fund Equity
The following fund equity balances as of December 31, 1999 have been reserved or
designated for the reasons noted below:
General Fund:
Reserved for equipment replacement
$1,831,390
Reserved for insurance claims
575,765
Unreserved — designated for dedicated funds
7,324,261
Debt Service Funds:
Reserved for debt service
407,283
Capital Projects:
(530,727)
Reserved for encumbrances
10,956
Reserved for special projects
78,342
Enterprise Funds:
Reserved for debt service
1,607,120
Trust and Agency Funds:
Reserved for deferred compensation
plan participants
3,913,274
Total fund equity reservations and designations
$15,748,391
(12) Fund Deficits
The following funds had deficit fund balances or retained earnings at December
31,1999:
Debt Service Funds:
Improvement Bond Redemption II
$ (364,927)
Capital Project Funds:
Construction Fund
(3,648,003)
Enterprise Funds:
Swimming Pool Fund
(100,361)
Arena Fund
(530,727)
The debt service fund deficit will be' covered in future periods by special assessment
collections. The construction fund deficit will be covered in future periods by special
assessment collections, tax increments, operating revenues, or State and bond
proceeds. The enterprise fund deficits will be covered in future periods by operating
revenues and operating transfers.
(Continued)
CITY OF EDINA, MINNESOTA
(13) Contingencies
Page 41
The City Attorney has indicated that existing and pending lar. °-suits, claims and other
actions in which the City is a defendant are either covered by . drance or will not have
a material adverse effect on the financial condition of the City.
(14) Capital Lease
The City has recorded a capital lease for equipment installed in the Arena, Golf Course
and Edinborough Park Enterprise Funds.
The assets acquired through capital leases are as follows:
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, 1999:
Year ending December 31:
2000
63,111
Edinborough
Asset
Golf Course
Arena
Park
Machinery and equipment
$37,966
341,698
88,916
Less: Accumulated
35,971
depreciation
(22,780)
205,019
(53,350)
Total
$15,186
136,6,:
35,566
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, 1999:
Year ending December 31:
2000
63,111
2001
65,483
2002
67,620
2003
64,395
2004
35,971
Total minimum lease payments
296,580
Less:
Amount representing interest
(36,580)
Present value of net minimum lease payments
$260,000
The City has recorded a capital lease for the purchase /construction of the Fire Station at
7335 York Avenue South. The terms of the lease agreement extend to the year 2006
and provide for an ownership transfer to the City at the termination of the lease.
(Continued)
Page 42
CITY OF EDINA, MINNESOTA
The asset acquired through this capital lease is as follows:
Asset General Fixed Assets
Building $630,749
Less: accumulated depreciation —
Total $630,749
Year ending December 31:
2000
$83,761
2001
83,761
2002
83,761
2003
83,761
2004
83,761
Later years
167,518
Total minimum lease payments
586,323
Less: Amount representing interest
(101,425)
Present value of net minimum lease payments $484,898
(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:
(Continued)
Enterprise
Art
Golf
Edin. Pk.
Utilities
Center
Pool
Course
Arena
Cent. Lake
Contributed capital:
Balance January 1, 1999
$ 21,905
323,373
1,670,967
0
3,661,502
940,173
Add:
Contribution of assets
0
4,181
0
4,000
0
0
Less:
Transfer of depreciation
To contributed capital
(443)
17,253
(106,669)
400
(187,352)
(136,017)
Balance December 31, 1999
$ 21,462
310,301
1,564,298
3,600
3,474,150
804,156
(Continued)
CITY OF EDINA, MINNESOTA
(17) Risk Management
Page 43
The City is exposed to various risks of loss related to torts; theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees; and natural
disasters.
Workers compensation, automobile, liability and pollution coverage are provided
through an insurance company. The City pays an annual premium for this coverage
and all claims are paid from the plan. If claims exceed the premium paid into the plan,
the City is liable for the deficiency, up to the annual maximum. The City is not subject to
a deductible for workers compensation, automobile, liability and pollution coverage, and
has an annual maximum of $399,054 in 1999.
Property coverage is also provided by an insurance company. The City pays an annual
premium for this coverage, and all claims are paid for by the plan. The City has a
$5,000 deductible per occurrence, with an annual maximum of $52,053,445.
Police professional insurance coverage is provided by an insurance company. The City
pays an annual premium for the coverage, and has a $10,000 deductible per
occurrence, with a $500,000 annual maximum.
Public official liability insurance coverage is provided by an insurance company. The
City pays an annual premium for this coverage, and has a $15,000 deductible per
occurrence, with a $1,000,000 annual maximum.
Inland Marine contractor's equipment insurance coverage is provided by an insurance
company. The City pays an annual premium for this coverage, and has a $1,000
deductible and $100,000 maximum per occurrence, with a $1,904,460 annual
maximum.
Boiler and machinery insurance coverage is provided by an insurance company. The
City pays an annual premium for this coverage, and has a $2,500 deductible per
occurrence, with a $1,000,000 annual maximum.
Ambulance professional liability insurance coverage is provided by an insurance
company. The City pays an annual premium for this coverage, and a $500,000 annual
maximum.
A public employee's blanket bond and a public official bond are provided by an
insurance company. The City pays an annual premium for this coverage, and is subject
to limits of $500 to $50,000 per individual for the public official bond, and a $50,000
annual maximum for the public employee's blanket bond.
The City covers all losses above the per occurrence and annual deductibles through a
reinsurance policy. The City has reserved $575,765 in the general fund to finance
potential uninsured loss. Settlement claims have not exceeded insurance coverage for
either of the past three years.
(Continued)
Page 44
CITY OF EDINA, MINNESOTA
(18) Conduit Debt Obligations
As of December 31, 1999 the City of Edina had outstanding 3 series of Housing and
Health Care Revenue Bonds, with an aggregate principal amount payable of
$36,645,000. The bonds are payable solely from revenues of the respective
organizations and do not constitute an indebtedness of the City, and are not a charge
against its general credit or taxing power. Accordingly, the bonds are not reported as
liabilities in the accompanying financial statements.
(19) Excess of Expenditures Over Appropriations
For the year ending December 31, 1999, expenditures exceeded appropriations in the
following departments:
All unfavorable variances were funded by favorable expenditure variances from other
departments or excess revenues.
Budget
Actual
Variance
General Government:
Administration
765,638
766,049
(411)
Planning
302,696
302,894
(198)
Legal & Court Services
381,000
428,941
(47,941)
Public Safety:
Animal Control
69,943
83,574
(13,631)
Public Health
427,727
437,705
(9,978)
Public Works:
Administration
150,434
150,696
(262)
Engineering
593,046
603,464
(10,418)
Street Maintenance
1,707,122
1,734,323
(27,201)
Street Lighting
425,000
442,205
(17,205)
Street Name Signs
67,500
69,147
(1,647)
Parks:
Maintenance
502,193
503,689
(1,496)
Mowing
93,119
95,160
(2,041)
Special Turf Care
213,480
280,450
(66,970)
Building Maintenance
304,356
350,604
(46,248)
Paths and Hard Surfaces
74,473
91,657
(17,184)
Capital Outlay
109,725
121,975
(12,250)
Unallocated General:
S.Hennepin Human Serv.
20,000
20,357
(357)
Share of Special Assess.
20,000
29,188
(9,188)
Contingencies
75,000
94,423
(19,423)
Community Resource Ctr
29,355
34,505
(5,150)
Deer Control
3,500
9,435
(5,935)
Central Services:
City Hall
160,020
161,804
(1,784)
Equipment Operation
1,110,900
1,267,936
(157,036)
All unfavorable variances were funded by favorable expenditure variances from other
departments or excess revenues.
Page 45
GENERAL FUND
The General Fund accounts for the revenues and expenditures used to cant' out
basic governmental activities of the City such as general government, public safety,
public works, and parks and recreation. Revenue is recorded by source (e.g., taxes,
licenses and permits, intergovernmental revenues, fines and forfeitures, charges for
services). General Fund expenditures are made primarily for current day - to-day
operations and operating equipment. This fund accounts for all financial
transactions not properly accounted for in another fund.
Page 46
CITY OF EDINA, MINNESOTA
General Fund
Balance Sheet
December 31, 1999
(with comparative amounts for December 31, 1998)
Assets
1999
1998
Cash
$ 136,354
0
Petty cash and change funds
2,310
2,210
Investments
11,449,250
7,527,080
Accounts Receivable
259,379
380,141
Accrued interest receivable
19,442
5,600
Taxes Receivable:
Delinquent
99,202
54,226
Allowance for uncollectible taxes
(99,202)
(54,226)
Due from other funds
1,387,842
3,882,766
Due from other governments
278,504
277,184
Prepaid expenses
116,901
35,889
Total assets
$ 13,649,982
12,110,870
Liabilities and Fund Balance
Liabilities:
Accounts payable
438,069
386,591
Salaries payable
367,615
313,642
Due to other funds
221,821
221,821
Due to other governments
152,804
256,396
Compensated absences payable
8,540
12,011
Deposits payable
2,000
0
Total liabilities
1,190,849
1,190,461
Fund balance:
Reserved
2,407,155
1,379,739
Unreserved:
Designated
7,324,261
6,812,960
Undesignated
2,727,717
2,727,710
Total fund balance
12,459,133
10,920,409
Total liabilities and fund balance
$ 13,649,982
12,110,870
Page 47
CITY OF EDINA, MINNESOTA
General Fund
Statement of Revenue, Expenditures and Changes in Fund Balance -
Budget and Actual
Year ended December 31, 1999
(with comparative actual amounts for year ended December 31, 1998)
1999
1998
Variance
Favorable
Budget
Actual
(unfavorable)
Actual
Revenues:
Taxes $
13,089,962
13,187,547
97,585
13,053,978
Licenses and permits
1,221,000
2,135,541
914,541
2,091,365
Intergovernmental
1,582,590
1,703,797
121,207
2,035,566
Charges for service
1,632,439
1,866,475
234,036
1,612,038
Fines and forfeitures
470,000
794,710
324,710
691,355
Investment income
20,000
(267,839)
(287,839)
148,161
Sale and rental of property
55,443
280,304
224,861
83,774
Other revenues
25,400
9,899
(15,501)
14,125
Total revenues
18,096,834
19,710,434
1,613,600
19,730,362
Expenditures:
Current:
General government
2,517,432
2,527,547
10,115
2,528,560
Public safety
8,607,753
8,516,673
(91,080)
8,131,293
Public works
3,773,770
3,744,124
(29,646)
4,084,651
Parks
2,175,204
2,240,730
65,526
1,960,111
Unallocated general
342,905
366,332
23,427
333,793
Other
0
(135,671)
(135,671)
30,019
Capital outlay:
General government
27,199
15,143
(12,056)
28,377
Public safety
456,144
441,034
(15,110)
837,573
Public works
512,418
418,434
(93,984)
626,455
Parks
114,009
125,328
11,319
69,084
Total expenditures
18,526,834
18,259,674
(267,160)
18,629,916
Excess (deficiency) of
revenues over expenditures
(430,000)
1,450,760
1,880,760
1,100,446
Other financing sources (uses):
Operating transfers in (out):
Liquor fund
430,000
0
(430,000)
0
Swimming Pool Fund
0
183,000
183,000
150,000
Capital Project funds
0
(153,460)
(153,460)
(582,918)
Edinborough Park/Centennial Lake
0
(206,000)
(206,000)
(222,000)
Parkland dedication
0
264,424
264,424
387,136
Total other financing sources
430,000
87,964
(342,036)
(267,782)
Excess of revenues and other
financing sources over
expenditures and other financing uses $
0
1,538,724
1,538,724
832,664
Fund balance - January 1
10,920,409
10,087,745
Fund Balance - December 31
$
12,459,133
$ 10,920,409
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Revenues - Budget and Actual
Year ended December 31, 1999
(with comparative actual amounts for year ended December 31, 1998)
Taxes:
General property tax
Penalties and interest
Total taxes
Licenses and permits
Intergovernmental:
Federal aid
State grants:
Homestead credit
State highway aid
Other
Police aid
County grants:
Health programs
Total intergovernmental
Charges for service:
Engineering
Assessing searches
Planning fees
False alarms
Police services
Hazmat fee
Housing and Redevelopment Authority
Charges to other funds
Ambulance service
Registration fee
Laboratory.fees
Maint Assmt - 50th & France
Housing Foundation Contract
Total charges for service
Fines and forfeitures
Investment income
Sale and rental of property
Other Revenues:
Donations
Other
Total other revenues
Total revenues
1999
Variance
Favorable
Budget Actual (unfavorable)
Page 48
1998
Actual
$ 13,084,962 13,183,581 98;619 13,052,867
5,000 3,966 (1,034) 1,111
13,089,962 13,187,547 97,585 13,053,978
1,221,000 2,135,541 914,541 2,091,365
8,000 138,260 130,260 528,903
956,476 956,476 0 956,594
140,000 140,000 0 140,000
0 15,153 15,153 40,779
315,000 291,704 (23,296) 246,954
163,114 162,204 (910) 122,336
1,582,590 1,703,797 121,207 2,035,566
110,000 160,313 50,313 43,544
0 1,163 1,163 2,004
15,000 25,565 10,565 20,196
67,000 84,545 17,545 53,593
75,000 76,826 1,826 69,512
1,000 1,538 538 3,086
180,000 180,087 87 180,000
149,439 151,584 2,145 145,080
900,000 1,034,216 134,216 953,692
90,000 106,114 16,114 97,712
10,000 9,349 (651) 9,174
11,000 11,000 0 10,000
24,000 24,175 175 24,445
1,632,439 1,866,475 234,036 1,612,038
470,000 794,710 324,710 691,355
20,000 (267,839) (287,839) 148,161
55,443 280,304 224,861 83,774
400 500 100 0
25,000 9,399 (15,601) 14,125
25,400 9,899 (15,501) 14,125
$ 18,096,834 19,710,434 1,613,600 19,730,362
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1999
(with comparative actual amounts for year ended December 31, 1998)
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:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total finance
Election:
Personal services
Contractual services
Commodities
Central services
Capital Outlay
Total election
1999
Page 49
1998
Actual
27,360
3,812
1,458
33,756
66,386
503,437
501,254
Variance
681,346
114,113
Favorable
Budget
Actual
(unfavorable)
$ 27,500
25,687
1,813
3,800
4,051
(251)
1,000
445
555
34,668
34,668
0
66,968
64,851
2,117
Page 49
1998
Actual
27,360
3,812
1,458
33,756
66,386
503,437
501,254
2,183
681,346
114,113
116,605
(2,492)
89,094
1,300
1,940
(640)
998
141,288
141,288
0
139,128
5,500
4,962
538
8,665
765,638
766,049
(411)
919,231
208,463
209,474
(1,011)
209,954
25,090
28,751
(3,661)
16,799
1,215
310
905
340
62,700
62,700
0
60,540
5,228
1,659
3,569
1,948
302,696
302,894
(198)
289,581
287,118
244,249
42,869
276,882
66,000
100,803
(34,803)
72,734
600
840
(240)
768
78,900
78,900
0
75,924
7,000
4,349
2,651
1,775
439,618
429,141
10,477
428,083
19,526
8,678
10,848
50,674
11,950
312
11,638
5,513
5,600
746
4,854
5,153
12,204
12,204
0
11,796
10,000
0
10,000
0
59,280
21,940
37,340
73,136
(Continued)
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1999
(with comparative actual amounts for year ended December 31, 1998)
Legal and court services:
Contractual services
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
Page 50
1998
Actual
306,441
33,712
673
91,128
15,989
447,943
381,000
428,941
1999
332,577
2,544,631
2,542,690
1,941
Variance
3,376,145
Favorable
61,179
Budget
Actual
(unfavorable)
Assessing
217,444
43,702
51,306
Personal services
$ 370,304
375,498
(5,194)
Contractual services
52,052
51,823
229
Commodities
1,700
1,476
224
Central services
95,904
95,904
0
Capital outlay
9,471
4,173
5,298
Total assessing
529,431
528,874
557
Legal and court services:
Contractual services
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
Page 50
1998
Actual
306,441
33,712
673
91,128
15,989
447,943
381,000
428,941
(47,941)
332,577
2,544,631
2,542,690
1,941
2,556,937
3,376,145
3,314,966
61,179
3,213,263
190,211
207,190
(16,979)
217,444
43,702
51,306
(7,604)
46,831
1,142,160
1,142,160
0
1,101,312
259,013
263,509
(4,496)
294,087
5,011,231
4,979,131
32,100
4,872,937
2,149,273
115,885
51,379
556,008
163,600
3,036,145
22,783
8,005
1,192
7,524
39,504
1,950,458
212,638
140,272
556,008
117,098
2,976,474
24,925
7,212
1,338
0
33,475
198,815
(96,753)
(88,893)
0
46,502
59,671
(2,142)
793
(146)
7,524
6,029
1,939,585
116,833
78,492
536,676
530,922
3,202,508
22,531
4,672
51
0
27,254
(Continued)
Page 51
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1999
(with comparative actual amounts for year ended December 31, 1998)
Inspections:
Personal services
346,335
1999
55,501
1998
Contractual services
23,655
24,271
Variance
14,936
Commodities
4,575
6,508
Favorable
5,283
Central services
Budget
Actual
(unfavorable)
Actual
Animal control:
13,930
34,883
(20,953)
12,564
Personal services
$ 39,065
34,771
4,294
30,650
Contractual services
7,030
11,178
(4,148)
6,210
Commodities
3,410
504
2,906
927
Central services
14,220
14,220
0
13,680
Capital outlay
6,218
22,901
(16,683)
0
Total animal control
69,943
83,574
(13,631)
51,467
Public Health:
0
800
(800)
0
Personal services
187,732
176,796
10,936
171,559
Contractual services
164,676
192,432
(27,756)
183,933
Commodities
4,060
434
3,626
728
Central services
65,400
65,400
0
62,945
Capital outlay
5,859
2,643
3,216
0
Total public health
427,727
437,705
(9,978)
419,165
Inspections:
Personal services
346,335
290,834
55,501
276,652
Contractual services
23,655
24,271
(616)
14,936
Commodities
4,575
6,508
(1,933)
5,283
Central services
90,852
90,852
0
86,100
Capital outlay
13,930
34,883
(20,953)
12,564
Total inspections
479,347
447,348
31,999
395,535
Total public safety
9,063,897
8,957,707
106,190
8,968,866
Public Works:
Administration:
Personal services
111,942
112,160
(218)
113,557
Contractual services
4,700
3,944
756
4,008
Commodities
0
800
(800)
0
Central services
33,792
33,792
0
32,616
Total administration
150,434
150,696
(262)
150,181
Engineering:
Personal services
380,665
357,894
22,771
359,072
Contractual services
25,200
58,214
(33,014)
39;801
Commodities
12,800
7,875
4,925
9,766
Central services
118,692
118,692
0
114,396
Capital outlay
55,689
60,789
(5,100)
41,894
Total engineering
593,046
603,464
(10,418)
564,929
(Continued)
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1999
(with comparative actual amounts for year ended December 31, 1998)
Supervision and overhead:
Personal services
Contractual services
Commodities
Central services
Total supervision and overhead
Street Maintenance:
Personal services
Contractual services
Commodities
Central services
Total street maintenance
Street lighting:
Personal services
Contractual services
Commodities
Total street lighting
Street name signs:
Personal services
Contractual services
Commodities
Total street name signs
Traffic control:
Personal services
Contractual services
Commodities
Total traffic control
Bridges:
Personal services
Contractual services
Commodities
Total bridges
1999
Variance
Favorable
Budget Actual (unfavorable)
$ 134,201
126,435
7,766
31,500
26,860
4,640
1,000
25
975
418,656
418,656
0
585,357
571,976
13,381
Page 52
1998
Actual
120,218
34,850
88
402,336
557,492
766,300
761,707
4,593
829,398
59,650.
80,823
(21,173)
74,339
373,500
384,121
(10,621)
661,338
507,672
507,672
0
488,580
1,707,122
1,734,323
(27,201)
2,053,655
22,000
21,008
992
21,835
386,500
404,479
(17,979)
369,706
16,500
16,718
(218)
21,054
425,000
442,205
(17,205)
412,685
32,000
40,865
(8,865)
42,312
500
0
500
0
35,000
28,282
6,718
39,704
67,500
69,147
(1,647)
82,016
41,000
25,033
15,967
18,732
88,500
76,564
11,936
74,350
20,500
20,780
(280)
18,863
150,000
122,377
27,623
111,945
12,000
8,242
3,758
15,043
2,500
0
2,500
0
4,000
2,115
1,885
7,180
18,500
10,357
8,143
22,223
(Continued)
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1999
(with comparative actual amounts for year ended December 31, 1998)
Retaining walls:
Personal services
Contractual services
Commodities
Total retaining walls
Sidewalks and ramps:
Personal services
Contractual services
Commodities
Total sidewalks and ramps
Other expenditures:
Capital outlay
Total public works
Parks:
Administration:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total administration
Recreation:
Athletic activities
Skating and hockey
Tennis instruction
Playground
Senior citizens
Miscellaneous and special activities
Total recreation
Page 53
1999 1998
456,729
357,645
Variance
584,561
4,286,188
4,162,558
Favorable
4,711,106
Budget
Actual
(unfavorable)
Actual
$ 7,000
3,074
3,926
0
10,000
14,566
(4,566)
9,496
4,000
1,262
2,738
11,088
21,000
18,902
2,098
20,584
36,000
32,997
3,003
36,998
52,500
39,301
13,199
66,731
23,000
9,168
13,832
47,106
111,500
81,466
30,034
150,835
456,729
357,645
99,084
584,561
4,286,188
4,162,558
123,630
4,711,106
383,712
363,046
20,666
341,591
20,831
26,344
(5,513)
24,432
18,481
19,759
(1,278)
12,499
114,300
114,300
0
110,028
4,284
3,353
931
0
541,608
526,802
14,806
488,550
9,429
10,130
(701)
11,024
41,988
34,941
7,047
32,549
13,352
19,223
(5,871)
18,693
28,044
24,783
3,261
20,633
21,553
22,290
(737)
24,565
31,152
33,382
(2,230)
35,735
145,518
144,749
769
143,199
(Continued)
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1999
(with comparative actual amounts for year ended December 31, 1998)
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:
'Prsonal services
mtractual services
,: ommodities
Total litter removal
Building maintenance:
Personal services
Contractual services
Commodities
Total building maintenance
1999
Variance
Favorable
Budget Actual (unfavorable)
Page 54
1998
Actual
$ 84,711
88,384
(3,673)
91,670
6,626
4,298
2,328
2,465
0
151
(151)
193
410,856
410,856
0
395,892
502,193
503,689
(1,496)
490,220
91,670
92,029
(359)
64,460
0
0
0
0
1,449
3,131
(1,682)
1,377
93,119
95,160
(2,041)
65,837
160,680
215,889
(55,209)
166,600
17,289
28,170
(10,881)
4,861
35,511
36,391
(880)
39,011
213,480
280,450
(66,970)
210,472
94,760
91,795
2,965
76,710
40,274
32,223
8,051
25,294
19,051
10,429
8,622
13,664
154,085
134,447
19,638
115,668
13,390
10,990
2,400
10,528
6,522
3,250
3,272
2,807
7,454
6,190
1,264
1,427
27,366
20,430
6,936
14,762
121,452
152,654
(31,202)
123,549
126,875
154,891
(28,016)
130,045
56,029
43,059
12,970
55,258
304,356
350,604
(46,248)
308,852
(Continued)
Page 55
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1999
(with comparative actual amounts for year ended December 31, 1998)
93,465
26,015
83,741
1999
1,612
1998
863
3,810
1,018
Variance
4,434
123,290
96,095
27,195
Favorable
1,492,362
1,572,532
Budget
Actual
(unfavorable)
Actual
Paths and hard surfaces:
69,084
2,289,213
2,366,058
(76,845)
Personal services
$ 13,390
11,913
1,477
15,847
Contractual services
51,765
60,482
(8,717)
11,863
Commodities
9,318
19,262
(9,944)
5,803
Total paths and hard surfaces
74,473
91,657
(17,184)
33,513
Skating rinks:
Personal services
Contractual services
Commodities
Total skating rinks
Total maintenance
Capital outlay
Total parks
Unallocated general expenditures:
Human Rights Commission
South Hennepin Human Services
City's share of special assessment
Fireworks
Contingencies
Community Resource Center
Records Retention
Deer control
Suburban Rate Authority
Fire Station debt service
Total unallocated general expenditures
Central services
Total expenditures
119,480
93,465
26,015
83,741
0
1,612
(1,612)
863
3,810
1,018
2,792
4,434
123,290
96,095
27,195
89,038
1,492,362
1,572,532
(80,170)
1,328,362
109,725
121,975
(12,250)
69,084
2,289,213
2,366,058
(76,845)
2,029,195
80,750
79,663
1,087
77,358
20,000
20,357
(357)
9,815
20,000
29,188
(9,188)
16,449
11,000
11,000
0
10,600
75,000
94,423
(19,423)
93,766
29,355
34,505
(5,150)
35,057
15,300
0
15,300
0
3,500
9,435
(5,935)
2,907
4,000
4,000
0
4,000
84,000
83,761
239
83,841
342,905
366,332
(23,427)
333,793
0
(135,671)
135,671
30,019
$ 18,526,834
18,259,674
267,160
18,629,916
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Central Services Expenditures - Budget and Actual
Year ended December 31, 1999
(with comparative actual amounts for year ended December 31, 1998)
General:
Personal services
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 operation:
Personal services
Contractual services
Commodities
Fixed charges
Capital outlay
Total equipment operation
Total central services expenditures
Less allocation to other activities
Net central services
Page 56
1999 1998
Variance
Favorable
Budget Actual (unfavorable) Actual
$ 2,979,520
2,755,131
224,389
2,784,130
781,868
734,979
46,889
714,840
26,000
36,651
(10,651)
33,544
77,800
39,595
38,205
105,642
3,865,188
3,566,356
298,832
3,638,156
67,265
66,301
964
58,239
42,393
45,745
(3,352)
42,515
34,558
33,954
604
20,920
15,804
15,804
0
15,240
160,020
161,804
(1,784)
136,914
63,626
50,762
12,864
46,062
94,500
85,241
9,259
79,678
56,000
65,410
(9,410)
46,966
9,744
9,744
0
9,504
7,298
1,240
6,058
103,251
231,168
212,397
18,771
285,461
284,661
271,188
13,473
275,582
85,500
85,669
(169)
76,293
470,000
468,397
1,603
456,940
243,516
243,516
0
230,952
27,223
199,166
(171,943)
39,777
1,110,900
1,267,936
(157,036)
1,079,544
5,367,276
5,208,493
158,783
5,140,075
5,367,276
5,344,164
23,112
5,110,056
0
(135,671)
135,671
30,019
Page 57
SPECIAL REVENUE FUNDS
Special revenue funds account for revenues derived from specific taxes or other
earmarked revenue sources and are usually required by statute or local ordinance
and /or resolution to finance particular functions, or activities of government. The City
has the following special revenue funds:
Community Development Block Grant Fund: This fund was established to
account for funds received under Title I of the Housing and Community Development
Act of 1974.
Communications Fund: This fund was established to account for funds received
from the franchise fee of the local cable television service.
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Balance Sheet
December 31, 1999
(with comparative totals for December 31, 1998)
Community
Development
Block Grant Communications
Assets
Page 58
Totals
1999 1998
Investments $
0
934,892
934,892
953,417
Accounts receivable
0
721
721
72
Accrued interest receivable
0
10,947
10,947
9,470
Due from other funds
0
2,000
2,000
0
Due from other governments
1,861
54
1,915
10,038
Total assets $
1,861
948,614
950,475
972,997
Liabilities and Fund Balance
Liabilities:
Accounts payable
Due to other funds
Due to other governments
Total liabilities
Fund balance:
Unreserved - undesignated
Total liabilities and fund balance $
0
5,823
5,823
14,723
1,861
0
1,861
7,506
0
0
0
2,689
1,861
5,823
7,684
24,918
0
942,791
942,791
948,079
1,861
948,614
950,475
972,997
Page 59
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended December 31, 1999
(with comparative totals for year ended December 31, 1998)
Community
Development
Totals
Block Grant
Communications
1999
1998
Revenues:
Franchise fees
$ 0
297,866
297,866
296,427
Intergovernmental:
Federal grants
46,241
0
46,241
96,368
Investment income
0
(17,047)
(17,047)
78,996
Total revenues
46,241
280,819
327,060
471,791
Expenditures:
Current:
Other.
Personal services
4,510
125
4,635
57,082
Contractual services
41,731
189,511
231,242
329,809
Commodities
0
4,475
4,475
13,505
Fixed charges
0
35,184
35,184
30,780
Capital outlay
0
56,812
56,812
2,875
Total expenditures
46,241
286,107
332,348
434,051
Excess of revenues over
expenditures
0
(5,288)
(5,288)
37,740
Fund balance- January 1
0
948,079
948,079
910,339
Fund balance- December 31
$ 0
942,791
942,791
948,079
Page 60
DEBT SERVICE FUNDS
The Debt Service Funds finance and account for the payment of principal and
interest on the General Obligation Redevelopment, General Obligation Park
Improvements 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.
Page 61
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Balance Sheet
December 31, 1999
(with comparative totals for December 31, 1998)
General
Improvement
Debt
Bond
Totals
Assets
Service
Redemption II
1999
1998
Cash
$ 344,335
0
344,335
409,666
Accounts receivable
0
0
0
13,970
Special assessments receivable:
Current
0
2 a
25,146
21,520
Deferred
0
2,78;. 07
2,783,207
2,406,306
Bloomington
0
10t+ .10
108,600
120,666
Taxes Receivable:
Delinquent
12,971
0
12,971
8,623
Allowance for uncollectible taxes
(12,971)
0
(12,971)
(8,623)
Due from other funds
422,726
0
422,726
322,469
Due from other governments
5,149
1,765
6,914
7,110
Total assets
$ 772,210
2,918,718
3,690,928
3,301,707
Liabilities and Fund Balance
Liabilities
Due to other. funds
0
366,606
366,606
31,718
Due to other governments
0
108,686
108,686
120,753
Deferred revenue
0
2,808,353
2,808,353
2,427,830
Total liabilities
0
3,283,645
3,283,645
2,580,301
Fund balance:
Reserved for debt service
772,210
(364,927)
407,283
721,406
Total fund balance
772,210
(364,927)
407,283
721,406
Total liabilities and fund balance
$ 772,210
2,918,718
3,690,928
3,301,707
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended December 31, 1999
(with comparative totals for year ended December 31, 1998)
Revenues:
Taxes
Special assessments
Interest on funds held with fiscal agent
Expenditures:
Current
Other
Debt service:
Bond principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenue
over expenditures
Other financing sources (uses):
Operating transfer in (out):
HRA
Construction fund
Payment for refunded bonds
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
Page 62
General
Improvement
5,646,647
5,166,948
Debt
Bond
Totals
(1,796,306)
Service
Redemption II
1999
1998
5,646,647
(999,867)
$ 723,026
0
723,026
729,681
0
855,137
855,137
699,354
0
0
0
43,331
723,026
855,137
1,578,163
1,472,366
721,406
200
1,600
1,800
1,500
3,095,000
180,000
3,275,000
2,224,724
3,240,016
22,250
3,262,266
4,099,809
6,335,216
203,850
6,539,066
6,326,033
(5,612,190) 651,287 (4,960,903) (4,853,667)
5,646,647
0
5,646,647
5,166,948
0
(999,867)
(999,867)
(1,796,306)
0
0
0
(17,260,276)
5,646,647
(999,867)
4,646,780
(13,889,634)
34,457
(348,580)
(314,123)
(18,743,301)
737,753
(16,347)
721,406
19,464,707
$ 772,210
(364,927)
407,283
721,406
Page 63
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.
Park Improvements Fund: This fund is used to account for projects funded by the
1996 referendum and financed by the General Obligation Park Improvements Series
19966 bond.
Revolving Fund: This fund was established to provide financing for capital
improvements as designated in the City's capital improvement budget.
Page 64
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Balance Sheet
December 31, 1999
(with comparative totals for December 31, 1998)
Housing and
Redevelopment
Authority of Park
Totals
Assets
Construction
Edina Improvements
Revolving
1999
1998
Cash
$ 0
19,180
0
0
19,180
55,204
Investments
0
16,229,611
0
7,411,607
23,641,218
22,105,857
Accounts receivable
0
0
0
11,664
11,664
35,374
Accrued interest receivable
0
166,659
0
69,842
236,501
153,910
Special assessments receivable:
Delinquent
0
0
0
1,982
1,982
2,441
Deferred
0
0
0
143,200
143,200
117,827
Taxes receivable
0
7,647
0
0
7,647
224,533
Due from other governments
1,149,414
0
0
125,224
1,274,638
209
Total assets
$ 1,149,414
16,423,097
0
7,763,519
25,336,030
22,695,355
Liabilities and Fund Balance
Liabilities:
Accounts payable
58,806
340,447
0
16,829
416,082
235,224
Salaries payable
0
0
0
1,051
1,051
237
Contracts payable
19,824
4,084
0
0
23,908
169,666
Due to other funds
4,718,616
1,346,164
0
298,509
6,363,289
5,604,290
Due to other governments
171
0
0
18
189
18,489
Taxes payable
0
80,593
0
0
80,593
0
Deferred revenue
0
0
0
145,180
145,180
120,267
Total liabilities
4,797,417
1,771,288
0
461,587
7,030,292
6,148,173
Fund balance(deficit):
Reserved for encumbrances
10,956
0
0
0
10,956
372,195
Reserved for special projects
0
0
0
78,342
78,342
78,342
Unreserved - undesignated
(3,658,959)
14,651,809
0
7,223,590
18,216,440
16,096,645
Total fund balance (deficit)
(3,648,003)
14,651,809
0
7,301,932
18,305,738
16,547;182
Total liabilities and fund balance
$ 1,149,414
16,423,097
0
7,763,519
25,336,030
22,695,55
Page 65
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance (Deficit)
Revenues:
Tax increments
Special assessments
Intergovernmental
Charges for services
Investment income
Rental of property
Other revenues
Total revenues
Expenditures:
Current
Other.
Personal services
Professional fees
Other
Construction costs
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Operating transfers in (out):
General fund
Working capital fund
General debt service fund
Proceeds from sale of bonds
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
Year ended December 31, 1999
(with comparative totals for year ended December 31, 1998)
Housing and
Redevelopment
Authority of
Park
Totals
Construction
Edina
Improvements
Revolving
1999
1998
$ 0
8,084,657
0
8.084,657
6,784,208
0
0
0
135,193
135,193
144,716
1,315.837
0
0
119,133
1,434,970
419,518
1,348,966
0
0
0
1,348,966
221,110
0
331,637
0
368,363
700,000
1,126,364
0
0
0
3,781
3,781
2,865
0
75,470
206.737
186,682
468,889
589,974
2,664,803
8.491,764
206.737
813.152
12,176,456
9.288.755
1,186
180,087
0
56,892
238,165
294,955
0
101,023
5,245
84,288
190.556
231,820
0
396,912
1,790
36,693
435,395
115,268
2.585,520
1,945,378
196.191
333,375
5,060,464
5,965.687
2,586,706
2,623,400
203.226
511,248
5,924.580
6,607,730
78,097
5.868.364
3.511
301,904
6,251,876
2.681.025
0
0
149,279
4,181
153,460
582,918
0
0
0
0
0
0
999.867
(5,646,647)
0
0
(4,646.780)
(3,370.642)
0
0
0
0
0
0
999,867
(5,646,647)
149.279
4,181
(4,493,320)
(2,787,724)
1,077,964
221,717
152,790
306,085
1,758,556
(106.699)
(4,725,967)
14,430,092
(152.790)
6,995.847
16,547,182
16,653,881
$ (3.648.003)
14.651,809
0
7.301,932
18,305,738
16,547,182
Page 66
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
Art Center Fund
Edinborough Park/Centennial Lake 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, 1999
(with comparative totals for December 31, 1998)
Assets
Current assets:
Cash
Petty cash and change funds
Investments
Cash with fiscal agents
Receivables:
Accounts
Customers
Interest
Special Assessments
Due from other funds
Due from other governments
Inventory
Total current assets
Advance to other funds
Property and equipment, net
Discounts on bonds
Total assets
Liabilities and Fund Equity
Current liabilities:
Accounts payable
Salaries payable
Contracts payable
Accrued interest payable
Due to other funds
Due to other governments
Compensated absences payable
Total current liabilities
Long -term liabilities:
Deposits payable
Deferred revenue
Advance from other funds
Obligation under capital lease
Bonds payable
Total long -term liabilities
Total liabilities
Fund equity:
Contributed capital
Retained earnings (deficit):
Reserved for debt service
Reserve for construction
Unreserved - undesignated
Total retained earnings (deficit)
Total liabilities and fund equity
Page 67
Swimming
Utilities
Liquor
Pool
$ 0
0
0
0
4,440
0
1,759,670
0
0
0
0
535,601
0
0
0
2,010,560
0
0
0
0
0
105,212
0
0
4,139,417
1,145,502
52,967
5,212
0
0
22,757
880,763
0
8,042,828
2,030,705
588,568
0
145,012
0
23,154,601
694,957
2,020,323
26,874
0
7,253
$ 31,224,303
2,870,674
2,616,144
138,211
345,615
459
21,955
28,809
0
5,170
0
0
91,608
0
31,659
0
0
0
33,472
104,585
89
35,111
16,850
0
325,527
495,859
32,207
0
0
0
0
0
0
0
0
0
0
0
0
3,600,000
0
1,120,000
3,600,000
0
1,120,000
3,925,527
495,859
1,152,207
21,462
0
1,564,298
274,998
0
32,500
0
0
0
27,002,316
2,374,815
(132,861)
27,277,314
2,374,815
(100,361)
$ 31,224,303
2,870,674
2,616,144
Page 68
Golf
Art
Edinborough Park
Totals
Course
Arena
Center
Centennial Lake
1999
1998
0
0
0
1,503
1,503
0
4,400
700
225
1,500
11,265
11,721
0
0
0
0
1,759,670
0
2,769,110
1,035
0
288
3,306,034
1,177
9,292
100,611
0
56,313
166,216
93,565
0
0
0
0
2,010,560
2,083,336
0
0
0
0
0
48,674
0
0
0
0
105,212
46,392
0
2,714
20,266
21,821
5,382,687
1,923,578
0
0
0
0
5,212
658
61,892
0
15,656
0
981,068
982,249
2,844,694
105,060
36,147
81,425
13,729,427
5,191,350
0
0
0
0
145,012
953,429
7,487,735
4,898,263
534,293
988,305
39,778,477
39,848,373
52,792
10,354
0
0
97,273
59,246
10,385,221
5,013,677
570,440
1,069,730
53,750,189
46,052,398
44,615
34,766
13,186
38,590
615,442
654,415
24,085
6,953
4,756
17,700
104,258
86,382
0
0
0
0
5,170
18,193
229,578
48,847
0
0
401,692
238,589
200,000
0
0
0
200,000
250,000
5,174
9,079
1,020
1,901
155,320
366,836
42,143
14,869
9,795
25,698
144,466
132,953
545,595
114,514
28,757
83,889
1,626,348
1,747,368
8,854
3,500
0
0
12,354
6,852
0
5,040
0
0
5,040
5,040
145,012
0
0
0
145,012
953,429
20,800
187,200
0
52,000
260,000
310,000
8,090,000
1,760,000
0
0
14,570,000
8,550,000
8,264,666
1,955,740
0
52,000
14,992,406
9,825,321
8,810,261
2,070,254
28,757
135,889
16,618,754
11,572,689
3,600
3,474,150
310,301
804,156
6,177,967
6,617,920
1,115,031
184,591
0
0
1,607,120
1,607,120
0
0
0
0
0
750
456,329
(715,318)
231;382
129,685
29,346,348
26,253,919
1,571,360
(530,727)
231,382
129,685
30,953,468
27,861,789
10,385,221
5,013,677
570,440
1,069,730
53,750,189
46,052,398
Page 69
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
December 31, 1999
(with comparative totals for December 31, 1998)
Swimming
Utilities Liquor Pool
Sates and cost of sales:
Sales $ 0 8,421,133 0
Cost of sales 0 6,258,167 0
Gross profit 0 2,162,966 0
Operating revenues:
Charges for services
Total gross profit and operating revenues
Operating expenses:
Disposal charges
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Investment income
Donations
Miscellaneous revenue (expense)
Interest and fiscal charges
Interest on capital lease
Gain (loss) on sale of fixed assets
Amortization of bond discount
Total nonoperating revenues (expenses)
Income (loss) before operating transfers
Operating transfers in (out):
General fund
Art center fund
Liquor store fund
Golf Course fund
Arena fund
Total operating transfers, net
Net income (loss)
Add depreciation on contributed assets
Increase (decrease) in retained earnings
Retained earnings (deficit) - January 1
8,440,463
0
550,103
8,440,463
2,162,966
550,103
2,639,687
0
0
754,731
694,571
178,017
1,440,473
181,838
74,175
481,962
38,420
27,086
481,728
242,472
17,844
849,381
55,935
150,879
6,647,962
1,213,236
448,001
1,792,501
949,730
102,102
60,454
0
13,199
0
0
0
0
(1,304)
0
(83,429)
0
(47,362)
0
0
0
0
(2,880)
(9,876)
(2,101)
0
(1,861)
(25,076)
(4,184)
(45,900)
1,767,425
945,546
56,202
0
0
(183,000)
0
(155,000)
0
0
0
0
0
0
0
0
(525,000)
0
0 (680,000) (183,000)
1,767,425 265,546 (126,798)
443 0 106,669
1,767,868 265,546 (20,129)
25,509,446 2,109,269 (80,232)
Retained earnings (deficit) - December 31 $ 27,277,314 2,374,815 (100,361)
Page 70
Golf
Art
Edinborough Park
Totals
Course
Arena
Center
Centennial Lake
1999
1998
0
0
0
0
8,421,133
7,986,577
0
0
0
0
6,258,167
6,039,893
0
0
0
0
2,162,966
1,946,684
3,512,249
1,079,254
316,569
829,545
14,728,183
14,174,940
3,512,249
1,079,254
316,569
829,545
16,891,149
16,121,624
0
0
0
0
2,639,687
3,185,784
1,251,399
370,745
290,108
608,404
4,147,975
3,985,404
458,998
350,860
60,074
330,295
2,896,713
3,059,523
234,712
47,998
55,483
147,924
1,033,585
1,081,832
241,704
80,004
38,232
191,244
1,293,228
1,212,156
501,406
320,456
54,987
170,643
2,103,687
2,020,208
2,688,219
1,170,063
498,884
1,448,510
14,114,875
14,544,907
824,030
(90,809)
(182,315)
(618,965)
2,776,274
1,576,717
68,275
0
0
266,127
408,055
302,530
0
0
17,283
0
17,283
13,692
0
17,906
12,026
0
28,628
8,876
(376,469)
(98,219)
0
0
(605,479)
(485,626)
(1,241)
(11,168)
0
(3,102)
(15,511)
(17,811)
40,939
0
0
(547)
27,636
(15,132)
(11,228)
(1,151)
0
0
(16,341)
(6,585)
(279,724)
(92,632)
29,309
262,478
(155,729)
(200,056)
544,306
(183,441)
(153,006)
(356,487)
2,620,545
1,376,661
0
0
0
206,000
23,000
72,000
0
0
155,000
0
0
0
0
525,000
0
0
525,000
222,000
0
35,000
0
0
35,000
40,000
(35,000)
0
0
0
(560,000)
(262,000)
(35,000)
560,000
155,000
206,000
23,000
72,000
509,306
376,559
1,994
(150,487)
2,643,545
1,448,661
400
187,352
17,253
136,017
448,134
400,309
509,706
563,911
19,247
(14,470)
3,091,679
1,848,970
1,061,654
(1,094,638)
212,135
144,155
27,861,789
26,012,819
1,571,360
(530,727)
231,382
129,685
30,953,468
27,861,789
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Cash Flows
December 31, 1999
(with comparative totals for year ended December 31, 1998)
Cash flows from operating activities:
Operating income
Adjustments to reconcile operating income
to net cash provided by operating activities
Depreciation expense
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
Decrease in customer accounts receivable
Increase in special assessments receivable
Decrease in taxes receivable
Increase in due from other governments
(Increase) decrease in inventory
Decrease in accounts payable
Increase in salaries payable
Decrease in contracts payable
Increase (decrease) in accrued interest payable
Decrease in due to other governments
Increase in compensated absences payable
Increase in deposits payable
Increase (decrease) in due from other funds
Decrease in due to other funds
Miscellaneous revenue (expense)
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Donations
Increase (decrease) in advance to other funds
Increase (decrease) in advance from other funds
Operating transfer in (out} - General Fund
Operating transfer (out) —Art Center
Operating transfer in— Liquor Store Fund
Operating transfer in —Golf Course Fund
Operating transfer (out) -Arena
Net cash provided for noncapital financing activities
Cash flows from capital financing activities
Net acquisition of capital assets
Gain (loss) on sale of fixed assets
Proceeds from revenue bonds
Principal paid on revenue bonds
Increase on bond discount
Principal paid on capital lease
Interest received from fiscal agent
Interest paid on capital lease
Interest paid on bonds
Net cash (used) provided for capital financing activities
Cash flows from investing activities
Decrease in interest receivable
Purchase of investments
Proceeds from sale of investments
Investment income
Net cash provided by investing activities
Net increase (decrease) in cash and cash equivalents
Cash and equivalents, beginning of year
Cash and equivalents, end of year
Supplemental disclosure of noncash noncapital financing activity:
Contribution of fixed assets
Total noncash noncapital financing activity
Page 71
1,504,749 (39,292) 425,712
0
0
Swimmin
Utilities
Liquor
Pool
$ 1,792,501
949,730
102,102
60,454
0
849,381
55,935
150,879
0
611
0
72,776
0
0
(58,820)
0
0
0
0
0
(4,554)
0
0
7,788
(6,382)
0
(18,889)
38,523
172
4,500
9,796
0
(13,023)
0
0
83,067
0
14,045
(223,497)
10,759
33
1,765
4,155
0
0
0
0
(2,778,067)
(671,309)
12,459
0
0
0
0
(1,304)
13,199
(2,077,573)
(559,216)
190,787
(285,072)
390,514
292,889
0
0
0
479,539
328,878
0
0
0
0
0
0
(183,000)
0
(155,000)
0
0
0
0
0
0
.0
(525,000)
0
479,5- _
(351,122)
(183,000)
(1,562,976)
(36,412)
(22,914)
0
(2,880)
(9,876)
3,600,000
0
530,000
(420,000)
0
(20,000)
(28,846)
0
(4,136)
0
0
0
0
0
0
0
0
0
(83,429)
0
(47,362)
1,504,749 (39,292) 425,712
0
0
0
(1,759,670)
0
0
0
0
0
60,454
0
0
(1,699,216)
0
0
0
100
535,601
0
4,340
0
0
4,440
535,601
0
0
0
$ 0
0
0
Page 72
Goff
0
Art
Edinborough Park
Totals
Course
Arena
Center
Centennial Lake
1999
1998
824,030
(90,809)
(182,315)
(618,965)
2,776,274
1,576,717
10,266
0
0
0
266,127
326,581
501,406
320,456
54,987
170,643
2,103,687
2,020,208
(2,322)
(17,377)
0
(53,563)
(72,651)
75,093
0
0
0
0
72,776
34,209
0
0
0
0
(58,820)
(24,239)
0
0
0
0
0
236
0
0
0
0
(4,554)
(658)
157
0
(382)
0
1,181
(68,886)
(42,930)
(2,941)
(27,849)
14,941
(38,973)
(68,276)
483
1,468
649
980
17,876
9,656
0
0
0
0
(13,023)
(5,952)
68,451
(2,460)
0
0
163,103
(155,917)
(1,536)
2,316
156
253
(211,516)
(36,121)
3,476
(1,941)
2,872
1,186
11,513
2,645
5,502
0
0
0
5,502
682
0
(2,714)
(20,266)
788
(3,459,109)
(1,023,564)
0
(50,000)
0
0
(50,000)
0
0
0
12,026
0
23,921
10,081
532,687
246,807
22,193
135,228
(1,509,087)
769,197
1,356,717
155,998
(160,122)
(483,737)
1,267,187
2,345,914
0
17,906
17,283
0
35,189
13,692
0
0
0
0
808,417
643,318
(328,878)
(479,539)
0
0
(808,417)
(643,318)
0
0
0
206,000
23,000
72,000
0
0
0
0
(155,000)
(236,000)
0
525,000
155,000
0
680,000
458,000
0
35,000
0
0
35,000
40,000
(35,000)
0
0
0
(560,000)
(262,000)
(363,878)
98,367
172,283
206,000
58,189
85,692
(359,941)
(8,791)
(12,717)
(21,859)
(2,025,610)
(1,532,043)
40,939
0
0
(547)
27,636
(15,132)
2,740,000
0
0
0
6,870,000
0
(310,000)
(100,000)
0
0
(850,000)
(4,640,000)
(21,386)
0
0
0
(54,368)
0
(4,000)
(36,000)
0
(10,000)
(50,000)
(50,000)
68,275
0
0
0
68.275
0
(1,241)
(11,168)
0
(3,102)
(15,511)
(108,863)
(376,469)
(98,219)
0
0
(605,479)
(394,574)
1,776,177 (254,178) (12,717) (35,508) 3,364,943 1 (6,740,612)
0
0
0
48,674
48,674
4,936
0
0
0
0
(1,759,670)
0
0
0
0
0
0
10,266
0
0
0
266,127
326,581
301,325
0
0
0
314,801
(1,384,415)
316,527
2,769,016
187
(556)
1,556
3,305,904
(3,992,479)
4,494
1,548
781
1,735
12,898
4,005,377
2,773,510
1,735
225
3,291
3,318,802
12,898
4,000
0
4,181
0
8,181
921,618
4,000
0
4,181
0
8,181
921,618
Page 73
CITY OF EDINA, MINNESOTA
Utilities Fund
Balance Sheet
December 31, 1999
(with comparative amounts for December 31, 1998)
Assets
Current assets:
Investments
Receivables:
Customers
Assessments
Due from other funds
Due from other governments
Inventory
Total current assets
Advance to other funds
Property end equipment, net
Discount on bonds
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Contracts payable
Accrued interest payable
Due to other governments
Compensated absences payable
Total current liabilities
Long -term liabilities:
Bonds payable
Total liabilities
Fund equity:
Contributed capital
Retained earnings:
Reserved for debt service
Unreserved — undesignated
Total retained earnings
1999
$ 1,759,670
2,010,560
.105,212
4,139,417
5,212
22,757
8,042,828
0
23,154,601
26,874
1998
C
2,083,336
46,392
1,361,350
658
30,545
3,522,281
479,539
22,441,006
129
$ 31,224,303 26,442,955
138,211
21,955
5,170
91,608
33,472
35,111
325,527
157,100
17,455
18,193
8,541
256,969
33,346
491,604
3,600,000 420,000
3,925,527 911,604
21,462
274,998
27,002,316
27,277,314
21,905
274,998
25,234,448
25,509,446
Total liabilities and retained earnings $ 31,224,303 26,442,955
Page 74
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1999
(with comparative amounts for year ended December 31, 1998)
Purification:
Personal services
1999
1998
Operating revenues:
89,852
120,756
Storm sewer charges $
577,884
575,658
Water charges
2,597,734
2,566,606
Sewer charges
4,682,113
4,377,827
Recycling
494,126
498,796
Sale of meters
26,359
25,086
Other
62,247
64,639
Total operating revenues
8,440,463
8,108,612
Contractual services
Operating expenses:
114,227
Commodities
Disposal charges -- contractual services
2,639,687
3,185,784
Source of supply:
Personal services
Personal services
120,929
102,938
Contractual services
100,951
59,302
Commodities
61,166
51,083
Distribution:
Personal services
Personal services
256,368
228,629
Contractual services
480,807
492,250
Commodities
237,656
193,548
Purification:
Personal services
62,850
53,625
Contractual services
89,852
120,756
Commodities
102,635
109,534
Source of collection:
Personal services
39,618
46,951
Contractual services
7,714
8,436
Commodities
4,120
3,630
Storm sewer:
Personal services
53,278
35,956
Contractual services
79,817
114,227
Commodities
56,210
38,504
General and administrative:
Personal services
202,687
210,698
Contractual services
260,016
450,408
Commodities
17,847
15,620
Recycling:
Personal services
19,001
16,566
Contractual services
421,316
407,438
Commodities
2,328
7,014
Central services
481,728
456,612
Depreciation
849,381
815,599
Total operating expenses
6,647,962
7,225,108
(Continued)
Page 75
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1999
(with comparative amounts for year ended December 31, 1998)
1999 1998
Operating income $ 1,792,501 883,504
Nonoperating revenues (expenses):
Investment income 60,454 0
Interest ^�id fiscal charges (83,429) (22,184)
Gain (Ir. - I from sale of fixed assets 0 (4,098)
Amortizz:jon of bond discount (2,101) (1,540)
Total nonoperating expenses (25,076) (27,822)
Net income 1,767,425 855,682
Add depreciation on contributed assets 443 221
Increase in retained earnings 1,767,868 855,903
Retained eamings -- January 1 25,509,446 24,653,543
Retained eamings — December 31 $ 27,277,314 25,509,446
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Cash Flows
Year ended December 31, 1999
(with comparative amounts for year ended year ended December 31,1998)
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:
Decrease in accounts receivable
Decrease in customer accounts receivable
Increase in assessments receivable
Decrease in taxes receivable
Increase in due from other governments
(Increase) decrease in inventory
Decrease in accounts payable
Increase in salaries payable
Decrease in contracts payable
Increase (decrease) in accrued interest payable
Decrease in due to other governments
Increase (decrease) in compensated absences payable
Increase in due from other funds
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Decrease in advance to other funds
Net cash provided by noncapital financing activities
Cash flows from capital financing activities:
Net acquisition of capital assets
Gain (loss) from sale of fixed assets
Proceeds on revenue bonds
Principal paid on revenue bonds
Increase on bond discount
Interest paid on bonds
Net cash used by capital financing activities
Cash flows from investing activities:
Purchase of investments
Investment income
Net cash provided by investing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
Supplemental disclosure of noncash noncapital financing activity:
Contribution of fixed assets
Total noncash noncapital financing activity
Page 76
1999 1998
$ 1,792,501 883,504
849,381
0
72,776
(58,820)
0
(4,554)
7,788
(18,889)
4,500
(13,023)
83,067
(223,497)
1,765
(2,778,067)
(2,077,573)
(285,072)
815,599
127
34,209
(24,239)
236
(658)
(8,803)
(1,066)
2,611
(5,952)
(7,795)
(42,553)
(329)
(554,622)
206,765
1,090,269
479,539 343,941
479,539 343,941
(1,562,976)
0
3,600,000
(420,000)
(28,846)
(83,429)
1,504,749
(1,759,670)
60,454
(1,699,216)
0
(1,007,928)
(4,098)
0
(400,000)
0
(22,184)
(1,434,210)
0
0
0
U
0 22,126
$ 0 22,126
Page 77
CITY OF EDINA, MINNESOTA
Liquor Fund
Balance Sheet
December 31, 1999
(with comparative amounts for December 31, 1998)
Assets
Current assets:
Petty cash and change funds
Accounts receivable
Due from other funds
Inventory
Total current assets
Advance to other funds
Property and equipment, net
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Due to other governments
Compensated absences payable
Total current liabilities
Retained earnings:
Unreserved — undesignated
1999 1998
$ 4,440
0
1,145,502
880,763
2,030,705
145,012
694,957
$ 2,870,674
4,340
611
474,193
874,381
1,353,525
473,890
714,480
2,541,895
345,615
307,092
28,809
19,013
104,585
93,826
16,850
12,695
495,859
432,626
2,374,815 2,109,269
Total liabilities and retained earnings $ 2,870,674 2,541,895
Page 78
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1999
(with comparative totals for year ended December 31, 1998)
Operating expenses:
Selling
1999
210,002
155,724
1998
50th Street
Yorkdale
Vernon
Totals
Totals
Sales $ 1,717,086
3,944,396
2,759,651
8,421,133
7,986,577
Cost of sales 1,278,912
2,932,058
2,047,197
6,258,167
6,039,893
Gross profit 438,174
1,012,338
712,454
2,162,966
1,946,684
Operating expenses:
Selling
120,454
210,002
155,724
486,180
450,313
Occupancy
39,296
66,746
40,442
146,484
139,186
Administrative
148,548
229,260
202,764
580,572
575,151
Total operating expenses
308,298
506,008
398,930
1,213,236
1,164,650
Operating income
129,876
506,330
313,524
949,730
782,034
Nonoperating revenues (expenses):
Miscellaneous expense
(182)
(568)
(554)
(1,304)
(903)
Loss on sale of fixed assets
(2,285)
0
(595)
(2,880)
(13,832)
Total nonoperating revenues (expenses)
(2,467)
(568)
(1,149)
(4,184)
(14,735)
Income before operating transfer out $
127,409
505,762
312,375
945,546
767,299
Operating transfer out Art Center
(155,000)
(236,000)
Operating transfer out: Arena
(525,000)
(222,000)
Net income
Retained eamings- January 1
(680,000) (458,000)
265,546 309,299
2,109,269 1,799,970
Retained eamings- December 31 $ 2,374,815 2,109,269
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Cash Flows
Year ended December 31, 1999
(with comparative amounts for year ended December 31, 1998)
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:
Decrease in accounts receivable
Increase in inventory
Increase (decrease) in accounts payable
Increase in salaries payable
Increase in due to other governments
Increase (decrease) in compensated absences payable
Increase in due from other funds
Miscellaneous expense
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Decrease in advance to other funds
Operating transfer (out )—Art Center
Operating transfer (out )—Arena
Net cash used by noncapital financing activities
Cash flows from capital financing activities:
Acquisition of capital assets
Loss on sale of fixed assets
Net cash used by capital financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents, beginning of year
Page 79
1999 1998
949,730 782,034
55,935
611
(6,382)
38,523
9,796
10,759
4,155
(671,309)
(1,304)
(559,216)
390,514
328,878
(155,000)
(525,000)
(351,122)
(36,412)
(2,880)
(39,292)
100
50,700
1,133
(48,103)
(105,029)
1,963
5,912
(476)
(453,025)
(903)
(547,828)
234,206
299,377
(236,000)
(222,000)
(158,623)
(61,751)
(13,832)
(75,583)
0
4,340 4,340
Cash and cash equivalents, end of year $ 4,440 4,340
Page 80
CITY OF EDINA, MINNESOTA
Liquor Fund
Schedule of Operating Expenses
Year ended December 31, 1999
(with comparative amounts for year ended December 31, 1998)
Occupancy:
Personal services
1,567
4,353
1,784
Totals
8,854
Contractual services:
50th Street
Yorkdale
Vernon
1999
1998
Selling:
1,047
10,699
3,212
14,958
16,492
Personal services
$ 111,760
189,849
145,992
447,601
418,133
Contractual services
431
888
1,177
2,496
3,037
Direct promotion
4,108
7,096
3,519
14,723
9,924
Commodities
4,586
13,057
6,213
23,856
22,256
Total selling
120,454
210,002
155,724
486,180
450,313 ,
Occupancy:
Personal services
1,567
4,353
1,784
7,704
8,854
Contractual services:
Professional services
1,047
10,699
3,212
14,958
16,492
Burglar alarm
480
442
280
1,202
1,547
Heat
431
888
1,177
2,496
3,037
Laundry and rug service
710
1,977
924
3,611
3,994
Light and power
10,062
15,168
8,670
33,900
32,328
Repair and maintenance
1,710
4,101
8,362
14,173
7,964
Rubbish hauling
885
788
690
2,363
3,278
Telephone
713
1,186
710
2,609
3,535
Water and sewer service
208
200
201
609
586
Commodities
764
4,623
1,537
6,924
6,871
Depreciation
20,719
22,321
12,895
55,935
50,700
Total occupancy
39,296
66,746
40,442
146,484
139,186
Administrative:
Personal services
66,998
85,934
86,334
239,266
258,940
Contractual services:
Data processing
1,300
1,950
1,625
4,875
4,500
Mileage
1,725
239
0
1,964
2,128
Professional service
13,926
35,823
22,570
72,319
66,868
Miscellaneous
4,212
3,573
4,251
12,036
7,768
Commodities
1,395
5,249
996
7,640
4,967
Central services
58,992
96,492
86,988
242,472
229,980
Total administrative
148,548
229,260
202,764
580,572
575,151
$ 308,298
506,008
398,930
1,213,236
1,164,650
Page 81
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Balance Sheet
December 31, 1999
(with comparative amounts for December 31, 1998)
Assets
Current assets:
Cash with fiscal agents
Due from other funds
Total current assets
Property and equipment, net
Discount on bonds
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Accrued interest payable
Due to other governments
Total current liabilities
Long -term liabilities
Bonds payable
Total liabilities
Fund equity:
Contributed capital
Retained earnings:
Reserved for debt service
Unreserved — undesignated
Total retained earnings (deficit)
1999
$ 535,601
52,967
588,568
2,020,323
7,253
$ 2,616,144
459
31,659
89
32,207
1998
0
65,426
65,426
2,148,288
4,978
2,218,692
287
17,614
56
17,957
1,120,000 610,000
1,152,207 627,957
1,564,298
32,500
(132,861)
(100,361)
1,670,967
32,500
(112,732)
(80,232)
Total liabilities and fund equity $ 2,616,144 2,218,692
Page 82
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 1999
(with comparative amounts for year ended December 31, 1998)
1999 1998
Operating revenues:
Season tickets $ 326,114 281,849
General admissions 129,662 161,079
Rentals and instruction programs 15,381 2,923
Registration 24,150 24,700
Concessions (less cost of goods sold) 54,796 53,249
Total operating revenues 550,103 523,800
Operating expenses:
Personal services
178,017
158,847
Contractual services
74,175
72,122
Commodities
27,086
20,811
Central services
17,844
15,984
Depreciation
150,879
150,881
Total operating expenses
448,001
418,645
Operating income (loss)
102,102
105,155
Nonoperating expenses:
Investment income 13,199 0
Interest and fiscal charges (47,362) (35,416)
Loss on sale of fixed assets (9,876) 0
Amortization of bond discount (1,861) (356)
Total nonoperating expenses (45,900) (35,772)
Income (loss) before operating transfers 56,202 69,383
Operating Transfer out - General fund (183,000) (150,000)
Net income (loss) (126,798) (80,617)
Add depreciation on contributed assets 106,669 96,910
Increase (decrease) in retained earnings (20,129) 16,293
Retained earnings (deficit) - January 1 (80,232) (96,525)
Retained earnings (deficit) - December 31 $ (100,361) (80,232)
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Cash Flows
Year ended December 31, 1999
(with comparative amounts for year ended December 31, 1998)
Cash flows from operating activities:
Operating income
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense
Changes in assets and liabilities:
Increase (decrease) in accounts payable
Increase (decrease) in accrued interest payable
Increase in due to other governments
Increase(decrease) in due from other funds
Miscellaneous revenue
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Operating transfer out - General Fund
Net cash used by noncapital financing activities
Cash flows from capital financing activities:
Net acquisition of capital assets
Loss on sale of fixed assets
Proceeds from revenue bonds
Principal paid on revenue bonds
Increase on bond discount
Interest paid on bonds
Net cash used by capital financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
Supplemental disclosure of noncash noncapital financing activity:
Contribution of fixed assets
Total noncash noncapital financing activity
Page 83
1999 1998
$ 102,102 105,155
150,879
172
14,045
33
12,459
13,199
190,787
292,889
150,881
(125)
(459)
56
(16,161)
0
134,192
239,347
(183,000) (150,000)
(183,000) (150,000)
(22,914)
(9,876)
530,000
(20,000)
(4,136)
(47,362)
425,712
535,601
0
(31,181)
0
0
(22,750)
0
(35,416)
(89,347)
535,601 0
0 18,725
$ 0 18,725
Page 84
CITY OF EDINA, MINNESOTA
Golf Course Fund
Balance Sheet
December 31, 1999
(with comparative amounts for December 31, 1998)
Assets 1999
Current assets:
Petty cash and change funds
Cash with fiscal agents
Accounts receivable
Inventory
Total current assets
Property and equipment, net
Discount on bonds
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Accrued interest payable
Due to other funds
Due to other governments
Compensated absences payable
Total current liabilities
Long -term liabilities:
Deposits payable
Advance from other funds
Obligation under capital lease
Bonds payable
Total liabilities
Fund Equity:
Contributed capital
Retained earnings:
Reserved for debt service
Unreserved - undesignated
Total retained earnings
$ 4,400
2,769,110
9,292
61,892
2,844,694
7,487,735
52,792
1998
4,400
94
6,970
62,049
73,513
7,625,200
42,634
$ 10,385,221 7,741,347
44,615
24,085
229,578
200,000
5,174
42,143
545,595
8,854
145,012
20,800
8,090,000
8,810,261
3,600
1,115,031
456,329
1,571,360
87,545
23,602
161,127
200,000
6,710
38,667
517,651
3,352
473,890
24,800
5,660,000
6,679,693
C
1,115,031
(53,377)
1,061,654
Total liabilities and retained earnings $ 10,385,221 7,741,347
Page 85
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1999
(with comparative amounts for year ended December 31, 1998)
Operating expenses:
Administration
1999
1998
Operating revenues:
130,479
147,775
Greens fees
$ 1,903,497
1,853,433
Golf cars
300,922
269,370
Other rental fees
90,203
87,778
Patron cards
141,989
139,149
Concessions (less cost of goods sold)
185,083
186,167
Range
359,362
320,909
Dome
334, ':5
429,334
Lessons
58,,: °,1
70,870
Pro Shop (less cost of goods sold)
82,9844
90,323
Other
55,272
5,424
Total operating revernuc:
3,512,249
3,452,757
Operating expenses:
Administration
778,220
732,182
Building -club house
130,479
147,775
Maintenance of course and grounds
640,286
625,418
Range and grill
235,333
233,027
Dome
210,676
217,822
Richards
126,583
149,575
Pro Shop
65,236
68,974
Depreciation
501,406
510,826
Total operating expenses
2,688,219
2,685,599
Operating income
824,030
767,158
Nonoperating revenues (expenses):
Investment income
68,275
0
Interest and fiscal charges
(376,469)
(324,150)
Interest on capital lease
(1,241)
(1,425)
Gain (loss) on sale of fixed assets
40,939
8,424
Amortization of bond discount
(11,228)
(3,538)
Total nonoperating revenues(expenses)
(279,724)
(320,689)
Income before operating transfers
544,306
446,469
Operating transfer out - Arena
(35,000)
(40,000)
(35,000)
(40,000)
Net income
509,306
406,469
Add depreciation on contributed assets
400
0
Increase in retained earnings
509,706
406,469
Retained earnings- January 1
1,061,654
655,185
Retained eamings- December 31 $
1,571,360
1,061,654
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Cash Flows
Year ended December 31, 1999
(with comparative amounts for year ended December 31, 1998)
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 in salaries payable
Increase (decrease) in accrued interest payable
Increase (decrease) in due to other governments
Increase in compensated absences payable
Increase in deposits payable
Total adjustments
Net cash provided by operating activities
Cash flow from noncapital financing activities:
Decrease in advance from other funds
Operating transfer out - Arena fund
Net cash used by noncapital financing activities
Cash flow from capital financing activities:
Net acquisition of capital assets
Gain from sale of fixed assets
Proceeds from revenue bonds
Principal paid on revenue bonds
Decrease on bond discount
Principal paid on capital lease
Interest received from fiscal agent
Interest paid on capital lease
Interest paid on bonds
Net cash used by capital financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
Page 86
1999 1998
824,030 767,158
501,406
(2,322)
157
(42,930)
483
68,451
(1,536)
3,476
5,502
532,687
1,356,717
(328,878)
(35,000)
(363,878)
(359,941)
40,939
2,740,000
(310,000)
(21,386)
(4,000)
68,275
(1,241)
(376,469)
1,776,177
2,769,016
510,826
6,728
(5,863)
17,012
7,672
(84,230)
1,358
706
682
454,891
1,222,049
(299,377)
(40,000)
(339,377)
(303,214)
8,424
0
(2,437,525)
0
(4,000)
0
(1,425)
(324,150)
(3,061,890)
(2,179,218)
4,494 2,183,712
2,773,510
4,494
Supplemental disclosure of noncash noncapital financing activity:
Contribution of fixed assets 4,000 0
Total noncash noncapital financing activity $ 4,000 0
CITY OF EDINA, MINNESOTA
Golf Course Fund
Schedule of Operating Expenses
Year ended December 31, 1999
(with comparative amounts for year ended December 31, 1998)
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
Central services
Total golf dome
Richards:
Personal services
Contractual services
Commodities
Total Richards
Pro Shop
Personal services
Contractual services
Commodities
Depreciation
1999
$ 376,414
148,917
28,801
224,088
778,220
35,809
78,191
16,479
130,479
414,920
116,242
109,124
640,286
189,650
10,157
35,526
235,333
87,908
86,280
18,872
17,616
210,676
91,881
14,663
20,039
126,583
54,817
4,548
5,871
65,236
501,406
Total operating expenses $ 2,688,219
1n?$
361,511
122,489
38,830
209,352
732,182
44,026
83,439
20,310
147,775
397,341
93,689
34,388
v "25,418
179,139
12,747
41,141
233,027
90,266
75,151
36,913
15,492
217,822
100,141
26,561
22,873
149,575
40,629
26,815
1,530
68,974
510,826
2,685,599
Page 87
Page 88
CITY OF EDINA, MINNESOTA
Arena Fund
Balance Sheet
December 31, 1999
(with comparative amounts for December 31, 1998)
Assets
Current assets:
Petty cash and change funds
Cash with fiscal agents
Accounts receivable
Due from other funds
Total current assets
Property and equipment, net
Discount on bonds
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Accrued interest payable
Due to other funds
Due to other governments
Compensated absences payable
Total current liabilities
Long -term liabilities:
Deposits payable
Deferred revenue
Advance from other funds
Obligation under capital lease
Bonds payable
Total liabilities
Fund equity:
Contributed capital
Retained earnings:
Reserved for debt service
Unreserved — undesignated
Total retained earnings (deficit)
1999
$ 700
1,035
100,611
2,714
105,060
1998
700
848
83,234
0
84,782
4,898,263 5,209,928
10,354 11,505
$ 5,013,677 5,306,215
34,766
6,953
48,847
0
9,079
14,869
114,514
3,500
5,040
0
187,200
1,760,000
2,070,254
3,474,150
184,591
(715,318)
(530,727)
37,707
5,485
51,307
50,000
6,763
16,810
168,072
3,500
5,040
479,539
223,200
1,860,000
2,739,351
.3,661,502
184,591
(1,279,229)
(1,094,638)
Total liabilities and retained earnings $ 5,013,677 5,306,215
Page 89
CITY OF EDINA, MINNESOTA
Arena Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 1999
(with comparative amounts for year ended December 31, 1998)
Operating expenses:
Personal services
1999
1998
Operating revenues:
350,860
359,122
Rental fees
$ 868,081
848,306
Season ticket sales
4,504
4,882
Daily skating fees
11,645
12,552
Admissions
59,104
65,777
Lessons
92,527
90,274
Concessions(less cost of goods sold)
1,650
2,027
Vending machine commissions
24,392
24,008
Services- -skate sharpening
17,351
18,011
Total operating revenues
1,079,254
1,065,837
Operating expenses:
Personal services
370,745
337,846
Contractual services
350,860
359,122
Commodities
47,998
63,200
Central services
80,004
72,396
Depreciation
320,456
313,940
Total operating expenses
1,170,063
1,146,504
Operating income (loss)
(90,809)
(80,667)
Nonoperating revenues (expenses):
Miscellaneous revenue
17,906
0
Interest from fiscal agent
0
0
Interest and fiscal charges
(98,219)
(103,876)
Interest on capital lease
(11,168)
(12,824)
Gain (loss) on sale of assets
0
(190)
Amortization of bond discount
(1,151)
(1,151)
Total nonoperating expenses
(92,632)
(118,041)
Net loss before operating transfer in
(183,441)
(198,708)
Operating transfer in:
Liquor store fund
525,000
222,000
Golf course fund
35,000
40,000
Total operating transfers
560,000
262,000
Net Income (loss)
376,559
63,292
Add depreciation on contributed assets
187,352
180,905
Increase (decrease) in retained earnings
563,911
244,197
Retained earnings (deficit)- January 1
(1,094,638)
(1,338,835)
Retained earnings (deficit) -- December 31
$ (530,727)
(1,094,638)
CITY OF EDINA, MINNESOTA
Arena Fund
Statement of Cash Flows
Year ended December 31, 1999
(with comparative amounts for year ended December 31, 1998)
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
(Decrease) in accounts payable
Increase (decrease) in salaries payable
Decrease in accrued interest payable
Increase (decrease) in due to other governments
Increase(decrease) in compensated absences payable
Increase in due from other funds
Decrease in due to other funds
Total adjustments
Net cash provided by operating activities
Cash flows from noncapital financing activities:
Donations
Decrease in advance from other funds
Operating transfer in— Liquor Fund
Operating transfer in —Golf Course Fund
Net cash (used) provided by noncapital financing activities
Cash flows from capital financing activities:
Net acquisition of capital assets
Loss from sale of fixed assets
Principal paid on revenue bonds
Principal paid on capital lease
Interest paid on capital lease
Interest paid on bonds
Net cash used for capital financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
Supplemental disclosure of noncash noncapital financing activity:
Contribution of fixed assets
Total noncash noncapital financing activity
Page 90
1999 1998
$ (90,809) (80,667)
320,456
(17,377)
(2,941)
1,468
(2,460)
2,316
(1,941)
(2,714)
(50,000)
246,807
155,998
17,906
(479,539)
525,000
35,000
98,367
(8,791)
0
(100,000)
(36,000)
(11,168)
(98,219)
(254,178)
187
313,940
69,488
(2,498)
(5,266)
(63,433)
(1,596)
1,237
0
0
311,872
231;205
0
(343,941)
222,000
40,000
(81,941)
(30,058)
(190)
(1,779,725)
(36,000)
(12,824)
(103,876)
(1,962,673)
(1,813,409)
1,548 1,814,957
1,735
0
1,548
264,249
264,249
CITY OF EDINA, MINNESOTA
Art Center Fund
Balance Sheet
December 31, 1999
(with comparative amounts for December 31, 1998)
Assets 1999
Current assets:
Petty cash and change funds
Due from other funds
Inventory
Total current assets
Property and equipment, net
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Due to other governments
Compensated absences payable
Total liabilities
Fund equity:
Contributed capital
Retained earnings:
Reserve for construction
Unreserved — undesignated
Total retained earnings
Total liabilities and retained earnings
1998
$ 225
781
20,266
0
15,656
15,274
36,147
16,055
534,293
572,382
$ 570,440
588,437
13,186
41,035
4,756
4,107
1,020
864
9,795
6,923
28,757
52,929
310,301
Ell
323,373
750
231,382 211,385
231,382 212,135
$ 570,440 588,437
Page 91
Page 92
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
30,907
Year ended December 31, 1999
Contractual services
(with comparative amounts for year ended December 31, 1998)
40,764
Commodities
1999
1998
Operating revenues:
65,838
102,599
Memberships
$ 25,872
23,879
Registration fees
225,236
209,275
Media Lab
39,614
22,644
Retail sales, less cost of goods sold
25,847
15,365
Total operating revenues
316,569
271,163
Operating expenses:
Administration:
Personal services
147,584
129,126
Contractual services
8,987
11,789
Commodities
30,262
51,109
Central services
38,232
37,884
Total administration
225,065
229,908
Occupancy:
Personal services
10,679
12,127
Contractual services
25,686
22,112
Commodities
10,221
6,302
Total occupancy
46,586
40,541
Media Lab:
Personal services
30,907
34,652
Contractual services
19,931
40,764
Commodities
15,000
27,183
Total Media Lab
65,838
102,599
Class costs
5,470
3,474
Instructors - personal services
100,938
102,309
Depreciation
54,987
37,317
Total operating expenses
498,884
516,148
Operating loss
(182,315)
(244,985)
Nonoperating revenues:
Investment income 0 1,205
Donations 17,283 13,692
Miscellaneous revenue 12,026 9,779
Total nonoperating revenues 29,309 24,676
Net loss before operating transfer in (153,006) (220,309)
Operating transfer in- Liquor Store 155,000 236,000
155,000 236,000
Net Income (loss) 1,994 15,691
Add depreciation on contributed assets 17,253 9,075
Increase (decrease) in retained earnings 19,247 24,766
Retained eamings- January 1 212,135 187,369
Retained earnings- December 31 $ 231,382 212,135
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Cash Flows
Year ended December 31, 1999
(with comparative amounts for year ended December 31, 1998)
Cash flows from operating activities:
Operating loss
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense
Changes in assets and liabilities:
Increase in inventory
Increase in accounts payable
Increase in salaries payable
Increase (decrease) in due to other governments
Increase in compensated absences payable
(Increase) decrease in due from other funds
Miscellaneous revenue
Total adjustments
Net cash used by operating activities
Cash flows from noncapital financing activities:
Donations
Operating transfer in— Liquor Store
Net cash provided by noncapital financing activities
Cash flow from capital financing activities:
Net acquisition of capital assets
Net cash used by capital financing activities
Cash flow from investing activities:
Proceeds from sale of investments
Net cash provided by investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
Supplemental disclosure of noncash noncapital financing activity:
Contribution of fixed assets
Total noncash noncapital financing activity
Page 93
1999 1998
(182,315)
54,987
(382)
(27,849)
649
156
2,872
(20,266)
12,026
22,193
(160,122)
(244,985)
37,317
(6,117)
27,626
1,084
401
2,088
643
10,984
74,026
(170,959)
17,283 13,692
155,000 236,000
172,283 249,692
(12,717) (88,443)
(12,717) (88,443)
0 10,266
0 10,266
(556) 556
781 225
225 781
4,181 322,929
$ 4,181 322,929
Page 94
CITY OF EDINA, MINNESOTA
Edinborough Park/Centennial Lake Fund
Balance Sheet
December 31, 1999
(with comparative amounts for December 31, 1998)
Assets
Current assets:
Cash
Petty cash and change funds
Cash with fiscal agents
Accounts receivable
Accrued interest receivable
Due from other funds
Total current assets
Property and equipment, net
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Due to other governments
Compensated absences payable
Total current liabilities
Long -term liabilities:
Obligation under capital lease
Total liabilities
Fund equity:
Contributed capital
Retained earnings:
Unreserved - undesignated
Total retained earnings
1999
1998
17,700
$ 1,503
0
1,500
1,500
288
235
56,313
2,750
0
48,674
21,821
22,609
81,425
75,768
988,305 1,137,089
$ 1,069,730 1,212,857
38,590
23,649
17,700
16,720
1,901
1,648
25,698
24,512
83,889
66,529
52,000
62,000
135,889
128,529
804,156 940,173
129,685 144,155
129,685 144,155
Total liabilities and retained earnings 1,069,730 1,212,857
CITY OF EDINA, MINNESOTA
Edinborough Park/Centennial Lake Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1999
(with comparative amounts for year ended December 31, 1998)
Operating revenues:
Association fees
Rental fees
Admissions
Season ticket sales
Skate rental
Concessions (less cost of goods sold)
Program income
Greens fees
Other
Total operating revenues
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating loss
Nonoperating revenues (expenses):
Investment income
Interest on capital lease
Loss on sale of assets
Total nonoperating revenues
Net loss before operating transfers
Operating transfer in - General Fund
Operating transfer in - Liquor Fund
Total operating transfers
Net income (loss)
Add depreciation on contributed assets
Increase (decrease) in retained earnings
Retained eamings - January 1
1999
356,855
176,505
61,219
22,369
38,068
6,478
19,137
142,759
6,155
829,545
608,404
330,295
147,924
191,244
170,643
1,448,510
(618,965)
266,127
(3,102)
(547)
262,478
(356,487)
206,000
0
206,000
(150,487)
136,017
(14,470)
144,155
Retained eamings - December 31 $ 129,685
1998
316,685
166,781
67,908
17,163
33,237
5,645
17,642
125,560
2,150
752,771
616,154
292,483
164,215
174,456
140,945
1,388,253
(635,482)
301,325
(3,1'5t;2)
(5,4?6)
292,327
(343,155)
222,000
0
222,000
(121,155)
113,198
(7,957)
152,112
144,155
Page 95
CITY OF EDINA, MINNESOTA
Edinborough Park/Centennial Lake Fund
Statement of Cash Flows
Year ended December 31, 1999
(with comparative amounts for year ended December 31, 1998)
Cash flows from operating activities:
Operating loss
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense
Changes in assets and liabilities:
Increase in accounts receivable
(Increase) decrease in accounts payable
Increase in salaries payable
Increase in due to other government
Increase (decrease) in compensated absences payable
Increase in due from other funds
Total adjustments
Net cash used by operating activities
Cash flows from noncapital financing activities:
Operating transfer in - General Fund
Net cash provided by noncapital financing activities
Cash flow from capital financing activities:
Net acquisition of capital assets
Loss on sale of fixed assets
Principal paid on capital lease
Interest paid on capital lease
Net cash used by capital financing activities
Cash flows from investing activities:
Decrease in interest receivable
Investment income
Net cash provided by investing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
Supplemental disclosure of noncash noncapital financing activity:
Contribution of fixed assets
Total noncash noncapital financing activity
Page 96
1999 1998
$ (618,965) (635,482)
170,643
(53,563)
14,941
980
253
1,186
788
135,228
140,945
(2,383)
(4,196)
1,592
301
(581)
(399)
135,279
(483,737) (500,203)
206,000
222,000
206,000
222,000
(21,859)
(9,468)
(547)
(5,436)
(10,000)
(10,000)
(3,102)
(3,562)
(35,508)
(28,466)
48,674
4,936
266,127
301,325
314,801
306,261
1,556 (408)
1,735 2,143
3,291 1,735
0 293,589
$ 0 293,589
Page 97
TRUST AND AGENCY FUNDS
Trust funds account for assets held by a governmental unit in a trustee capacity for
individual organizations, other governmental units, and other funds. The city has
one expendable trust fund.
Deferred Compensation Expendable Trust Fund: Accounts for assets that are
held in a trustee capacity by the City for employees in accordance with the
provisions of Internal Revenue Code Section 457.
Agency funds account for assets held by a governmental unit as an agent for
individuals, private organizations, other governmental units and other funds. The city
has the following Agency funds.
Police Seizure Fund: Accounts for funds obtained by the police department which
will be remitted to the proper governments.
1-494 Corridor Commission Fund: This fund is used to account for various
deposits made by the members of the Joint Powers Organization which includes
Bloomington, Eden Prairie, Maple Grove, Minnetonka, Plymouth and Richfield and
payments made to various organizations for planning and consulting services and
meeting expenses.
CITY OF EDINA, MINNESOTA
Trust and Agency Funds
Combining Balance Sheet
Year ended December 31, 1999
(with comparative totals for December 31, 1998)
Expendable
Trust Agency
Deferred Police 1-494
Compensation Seizure Commission
Assets:
Page 98
Totals
1999 1998
Cash ,
$
0
191,965
0
191,965
172,382
Investments
0
0
0
0
29,654
Cash and investments with
plan n�ministrators
3,913,274
0
0
3,913,274
3,095,848
Due fr, -,: i other governments
0
0
0
0
40,960
Total assets
$
3,913,274
191,965
0
4,105,239
3,338,844
Liabilities:
Accounts payable
$
0
0
0
0
112
Due to other funds
0
41,678
0
41,678
13,478
Due to other governments
0
150,287
0
150,287
229,406
Total liabilities
0
191,965
0
191,965
242,996
Fund balance:
Reserved for deferred
compensation plan participants
3,913,274
0
0
3,913,274
3,095,848
Total liabilities and fund balances
$
3,913,274
191,965
0
4,105,239
3,338,844
Page 99
CITY OF EDINA, MINNESOTA
Deferred Compensation Expendable Trust Fund
Balance Sheet
Year ended December 31, 1999
(with comparative totals for December 31, 1998)
Assets:
Cash and cash equivalents
Liabilities and fund balances:
Fund balance:
1999
$ 3,913,274
1998
3,095,848
Reserved for deferred
compensation plan participants $ 3,913,274 3,095,848
Page 100
CITY OF EDINA, MINNESOTA
Deferred Compensation Expendable Trust Fund
Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended December 31, 1999
(with comparative totals for December 31, 1998)
1999 1998
Revenues:
Net appreciation
in fair value of investments $ 579,053 311,149
Employee contributions 291,458 294,958
Total revenues 870,511 606,107
Expenditures:
Distributions to plan participants
47,455
15,921
Administrative expense
5,630
4,851
Total expenditures
53,085
20,773
Excess of revenues over expenditures
817,426
585,335
Fund balance - January 1
3,095,848
2,510,513
Fund balance - December 31
$ 3,913,274
3,095,848
Page 101
CITY OF EDINA, MINNESOTA
Agency Funds
Combining Statement of Changes in Assets and Liabilities
Police Seizure Fund
Assets:
Cash
Liabilities:
Due to other funds
Due to other governments
1-494 Commission Fund
Assets:
Cash
Investments
Due from other governments
Total assets
Liabilities:
Accounts payable
Due to other governments
Totals --All Agency Funds
Assets:
Cash
Investments
Due from other governments
Total assets
Liabilities:
Accounts payable
Due to other funds
Due to other governments
Total liabilities
Year ended December 31, 1999
Balance Balance
1/1/99 Additions Deductions 12/31/99
$ 163.764 28,201 0 191.965
13,477 28,201 0 41,678
150,287 0 0 150,287
$ 163,764 28,201 0 191,965
8,618
0
8,618
0
29,654
0
29,654
0
40,960
0
40,960
0
79,232
0
79,232
0
$ 112
0
112
0
112
0
79,120
0
79,120
0
79,232
0
79,232
0
$ 172,382
28,201
8,618
191,965
29,654
0
29,654
0
40,960
0
40,960
0
$ 242,996
28,201
79,232
191,965
$ 112
0
112
0
13,478
28,201
0
41,678
229,406
0
79,120
150,287
$ 242,996
28,201
79,232
191,965
Page 102
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 103
CITY OF EDINA, MINNESOTA
General Fixed Assets Account Group
Schedule of General Fixed Assets
December 31, 1999
(with comparative amounts for December 31, 1998)
1999
1998
General fixed assets:
Land and land improvements
$ 35,843,819
35,755,707
Buildings
20,637,734
20,454,112
Furniture and fixtures
1,343,763
1,237,235
Vehicles and equipment
10,576,211
10,476,565
Parks
15,979,022
9,732,548
Construction -in- progress
1,334,174
5,697,874
Total general fixed assets
$ 85,714,723
83,354,041
Total investment in general fixed assets
$ 85.714.723
83.354.041
Page 104
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 obligations 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 105
CITY OF EDINA, MINNESOTA
General Long -term Debt Account Group
Schedule of General Long -term Debt
December 31, 1999
(with comparative amounts for December 31, 1998)
1999 1998
Amount available and to be provided
for the retirement of long -term debt:
General Obligation Bonds:
Amount to be provided by tax increment financing
$ 50,260,000
53,090,000
Amount to be provided by property taxes
8,309,899
8,630,862
Amount to be provided by special assessments
350,000
530,000
Compensated absences:
Amount to be provided by revenue sources
612,972
582,459
Total available and to be provided
$ 59.532,871
62.833.321
General long -term debt payable:
Accrued compensated absences
612,973
582,459
Obligation under capital lease payable
484,898
540,862
General obligation bonds payable
58,435,000
61,710,000
Total general long -term debt payable
$ 59.532,871
62.833.321
Page 106
CITY OF EDINA, MINNESOTA
Combined Schedule of Bonded Indebtedness
December 31, 1999
General Obligation Bonds:
General Obligation Park & Rec Bonds, Series 1996B 4.25-5.75 08/01/96 02/01/07
Improvement Bonds:
Improvement Refunding Bonds, Series 1992E
4.00-5.20
11101/92
Final
Revenue Bonds:
Interest
Issue
maturity
Recreation Bonds, Series 1992A
rate
date
date
Bonded indebtedness:
4.40-6.00
11/01/92
01/01/09
Tax Increment Bonds:
3.20-4.20
05/03/99
02101/09
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
04/13/93
02/01/06
Tax Increment Refunding Taxable Bonds, Series 1996A
5.85-6.25
03/01/96
02/01/09
Tax Increment Temporary Bonds, Series 1997B
4.50-5.20
08/15/97
08/15/00
Tax Increment Bonds, Series 1997B
4.50-5.50
04/01/97
02/01/13
General Obligation Bonds:
General Obligation Park & Rec Bonds, Series 1996B 4.25-5.75 08/01/96 02/01/07
Improvement Bonds:
Improvement Refunding Bonds, Series 1992E
4.00-5.20
11101/92
02/01/01
Revenue Bonds:
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 Revenue Bonds,1999A
3.20-4.20
05/03/99
02101/09
Utility Refunding Bond, Series 1992D
3.80-4.90
11/01/92
02101/99
Recreational Facility Bonds, 1999B
3.70-4.45
05/03/99
01/01/13
Total bonded indebtedness
Page 107
Exhibit 1
1999 Percent
Indebtedness
paid by tax
Authorized
Due in 2000
levies
and issued
Redeemed
Outstanding
Principal
Interest
None
17,930,000
595,000
17,335,000
735,000
977,625
None
19,580,000
4,895,000
14,685,000
1,610,000
690,690
None
11,250,000
500,000
10,750,000
625,000
635,019
None
2,500,000
2,500,000
2,500,000
117,250
None
5,090,000
100,000
4,990,000
125,000
256,799
56,350,000
6,090,000
50,260,000
5,595,000
2,677,383
None
8,090,000
265,000
7,825,000
275,000
411,688
8,090,000
265,000
7,825,000
275,000
411,688
None
1,095,000
745,000
350,000
180,000
13,340
1,095,000
745,000
350,000
180,000
13,340
None
3,975,000
325,000
3,650,000
130,000
209,265
None
4,650,000
600,000
4,050,000
320,000
220,823
None
3,600,000
0
3,600,000
335,000
166,490
None
1,925,000
1,925,000
0
0
0
None
3,270,000
0
3,270,000
0
159,238
17,420,000
2,850,000
14,570,000
785,000
755,816
$
82,955,000
9,950,000
73,005,000
6,050,000
3,858,227
Tax Increment Bonds
General Obligation Bonds
Improvement Bonds
Revenue Bonds
CITY OF EDINA, MINNESOTA
Schedule of Changes in Bonded Indebtedness
Year ended December 31, 1999
Balance
January 1
$ 53,090,000
8,090,000
530,000
8,550,000
Issued
0
0
0
6,870,000
Page 108
Exhibit 2
Balance
Redeemed December 31
2,830,000
265,000
180,000
850,000
50,260,000
7,825,000
350,000
14,570,000
$ 70.260.000 6.870.000 4.125.000 73.005.000
CITY OF EDINA, MINNESOTA
Tax Increment Bonds:
$17,930,000 Tax Increment
Refunding Bond, Series 1992B
$735,000.
$790,000.
$1,125,000.
$1,265,000.
$1,410,000.
$1,470,000.
$1,635,000.
$2,490,000.
$3,090,000.
$3,325,000.
$19,580,000 Tax Increment
Refunding Bond, Series 1993A
$1,610,000.
$1,680,000.
$2,415,000.
$2,455,000.
$2,230,000.
$2,555,000.
$1,740,000.
$11,250,000 Tax Increment
Taxable Refunding Bond, Series 1996A
$625,000
$650,000
$700,000
$800,000
$900,000
$900,000
$1,000,000
$1,475,000
$1,800,000
$1,900,000
$2,500,000 Tax Increment
Temporary Bond, Series 1997B
$2,500,000
Schedule of Bonds Payable
December 31, 1999
Issue Interest Maturity
date rate date
11/1/92
Page 109
Exhibit 3
Principal
amount
5.00
2/1/00
735,000
5.20
2/1/01
790,000
5.40
2/1/02
1,125,000
5.50
211/03
1,265,000
5.60
211/04
1,410,000
5.70
2/1/05
1,470,000
5.80
211/06
1,635,000
5.90
2/1/07
2,490,000
5.95
2/1/08.
3,090,000
6.00
2/1/09
3,325,000
17,335,000
5/1/93
4.60
2/1/00
1,610,000
4.75
2/1/01
1,680,000
4.90
2/1/02
2,415,000
5.00
211/03
2,455,000
5.10
2/1/04
2,230,000
5.10
2/1/05
2,555,000
5.10
2/1/06
1,740,000
14,685,000
3/1/96
5.85
2/1100
625,000
5.85
2/1/01
650,000
5.85
211/02
700,000
5.85
2/1/03
800,000
6.00
2/1/04
900,000
6.10
2/1/05
900,000
6.10
2/1/06
1,000,000
6.15
211/07
1,475,000
6.20
2/1/08
1,800,000
6.25
211/09
1,900,000
10,750,000
8/15/97
4.50
8/15/00
2,500,000
(Continued)
Page 110
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
4,990,000
Total tax increment bonds
Issue Interest
Maturity
Principal
General Obligation Bonds:
date rate
date
amount
$5,090,000 Tax Increment
Temporary Bond, Series 1997B
4/7/97
$125,000
4.65
2/1/00
125,000
$150,000
4.75
2/1/01
150,000
$175,000
4.80
2/1/02
175,000
$200,000
4.85
2/1/03
200,000
$225,000
4.95
211/04
225,000
$250,000
5.05
211/05
250,000
$405,000
5.10
2/1/06
405,000
$425,000
5.15
211/07
425,000
$445,000
5.20
2/1/08
445,000
$465,000
5.30
2/1/09
465,000
$490,000
5.30
2/1/10
490,000
$515,000
5.35
2/1/11
515,000
$545,000
5.40
2/1/12
545,000
$575,000
5.50
211/13
575,000
4,990,000
Total tax increment bonds
50,260,000
General Obligation Bonds:
$8,090,000 General Obligation Park & Rec
Bond, Series 19966
8/1/96
$275,000
4.40
2/1/00
275,000
$300,000
4.50
2/1/01
300,000
$300,000
4.65
2/1/02
300,000
$325,000
4.80
2/1/03
325,000
$325,000
4.90
2/1/04
325,000
$350,000
5.00
2/1/05
350,000
$375,000
5.10
2/1/06
375,000
$375,000'
5.20
2/1/07
375,000
$400,000
5.30
2/1/08
400,000
$425,000
5.40
2/1/09
425,000
$450,000
5.45
2/1/10
450,000
$475,000
5.50
2/1/11
475,000
$500,000
5.55
2/1/12
500,000
$525,000
5.60
2/1/13
525,000
$550,000
5.65
2/1/14
550,000
$600,000
5.70
2/1/15
600,000
$625,000
5.75
2/1/16
625,000
$650,000
5.75
2/1/17
650,000
Total General Obligation Bonds
7,825,000
Improvement Bonds:
$900,000 Improvement
Refunding Bonds, Series 1992E
11/1/92
$180,000.
5.00
2/5/00
180,000
$170,000.
5.20
2/5/01
170,000
Total Improvement Bonds
350,000
(Continued)
Page 111
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
(Continued)
Issue
Interest
Maturity
Principal
date
rate
date
amount
Revenue Bonds:
$3,975,000 Recreational Facility
Bonds, Series 1992A
11/1/92
$130,000.
5.00
1/1/00
130,000
$135,000.
5.20
1/1/01
135,000
$170,000.
5.40
1/1/02
170,000
$200,000.
5.50
1/1/03
200,000
$235,000.
5.60
1/11/04
235,000
$250,000.
5.70
1/1105
250,000
$260,000.
5.80
1/1/06
260,000
$275,000.
5.90
1/1/07
275,000
$285,000.
5.95
1/1/08
285,000
$305,000.
6.00
1/1/09
305,000
$320,000.
6.00
1/1110
320,000
$340,000.
6.05
1/1/11
340,000
$360,000.
6.05
1/1/12
360,000
$385,000.
6.05
1/1/13
385,000
3,650,000
$4,650,000 Recreational Facility
Refunding Bonds, Series 1992C
11/1/02
$320,000.
5.00
1/1/00
320,000
$335,000.
5.20
1/1/01
335,000
$360,000.
5.40
1/1/02
360,000
$365,000.
5.50
1/1/03
365,000
$380,000.
5.60
1/1/04
380,000
$410,000.
5.70
1/1/05
410,000
$435,000.
5.80
1/1/06
435,000
$445,000.
5.90
1/1/07
445,000
$495,000.
5.95
1/1/08
495,000
$505,000.
6.00
1/11/09
505,000
4,050,000
$3,600,000 Utility Revenue
Revenue Bond, Series 1999A
5/3/99
$3,600,000.
3.20
2/1/00
335,000
3.50
2/1/01
310,000
3.60
211/02
325,000
3.70
2/11/03
335,000
3.80
2/1/04
345,000
3.85
2/1/05
360,000
4.00
2/1/06
375,000
4.00
2/1/07
390,000
4.10
2/1/08
405,000
4.20
2/1/09
420,000
3,600,000
(Continued)
Page 112
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
3,270,000
Total revenue bonds 14,570,000
Total bonds payable 73,005,000
Issue Interest
Maturity
Principal
date rate
date
amount
$3,270,000 Recreational Facility
Revenue Bonds, Series 1999B
5/3/99
$3,270,000.
3.70
1/1/00
0
3.70
11/1/01
0
3.70
1/1/02
0
3.70
1/1/03
220,000
3.80
1/1/04
255,000
3.90
1/1/05
265,000
4.00
1/11/06
270,000
4.10
1/1/07
290,000
4.20
1/11/08
295,000
4.30
1/11/09
310,000
4.35
1/11/10
320,000
4.35
1/1/11
335,000
4.40
1/11/12
345,000
4.45
1/1/13
365,000
3,270,000
Total revenue bonds 14,570,000
Total bonds payable 73,005,000
Exhibit 4
CITY OF EDINA, MINNESOTA
Schedule of Debt Service Requirements
December 31, 1999
Year
Tax Increment Bonds
General Obligation Bonds
Improvement Bonds
Revenue Bonds
Ended
Principal
Interest
Principal
Interest
Principal
Interest
Principal
Interest
2000
5,595,000
2,659,264
275,000
411,688
180,000
13,340
785,000
755,816
2001
3,270,000
2,402,000
300,000
398,888
170,000
4,420
780,000
664,443
2002
4,415,000
2,204,768
300,000
385,163
0
0
4,070,000
531,731
2003
4,720,000
1,966,138
325,000
370,388
0
0
920,000
396,358
2004
4,765,000
1,712,811
325,000
354,625
0
0
980,000
354,013
2005
5,175,000
1,443,088
350,000
337,913
0
0
1,035,000
308,190
2006
4,780,000
1,169,665
375,000
319,600
0
0
1,080,000
258,893
2007
4,390,000
906,559
375,000
300,288
0
0
1,125,000
206,505
2008
5,335,000
616,770'
400,000
279,938
0
0
1,195,000
150,409
2009
5,690,000
286,025
425,000
257,863
0
0
1,235,000
90,550
2010
490,000
101,593
450,000
234,125
0
0
320,000
52,955
2011
515,000
74,831
475,000
208,800
0
0
335,000
38,709
2012
545,000
46,340
500,000
181,863
0
0
345,000
23,832
2013
575,000
15,813
525,000
153,288
0
0
365,000
8,121
2014
0
0
550,000
123,050
0
0
0
0
2015
0
0
600,000
90,413
0
0
0
0
2016
0
0
625,000
55,344
0
0
0
0
2017
0
0
650,000
18,688
0
0
0
0
2018
0
0
0
0
0
0
0
0
$
50,260,000
15,605,663
7,825,000
4,481,919
' 350,000
17,760
14,570,000
3,840,522
v
co
m
J
w
Page 114
Exhibit 5
CITY OF EDINA, MINNESOTA
Assessed Valuation, Tax Levies and Mill Rates
(shown by year of tax collectibility)
1996
1997
1998
1999
2000
Assessed valuation/tax capacity
$
85,775,887
91,586,990
87,726,810
85,963,836
90,806,947
Increment valuation
(4,848,313)
(5,517,147)
(5,729,884)
(6,230,928)
(7,087,107)
Contribution to fiscal disparities pool
(8,442,482)
(8,385,640)
(6,451,992)
(7,511,473)
(9,014,784)
Received from fiscal disparities pool
2,301,627
2,402,957
2,217,217
2,199,224
2,460,913
Taxable valuation
$
74,786,719
80,087,160
77,762,151
74,420,659
77,165,969
Tax levies:
General Fund
$
12,178,440
12,531,244
13,099,140
13,284,962
13,650,158
Tax Capacity Rate:
General Fund
$
16.331
15.626
16.813
17.810
17.669
STATISTICAL
SECTION
Table 1
CITY OF EDINA, MINNESOTA
General Governmental Expenditures by Function (a)
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
Unallocated
Fiscal
General
Public
Public
general
Capital
Debt
year
government
safety
works
Parks
expenditures
Other
outlay
service
Total
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
1995
2,069,527
7,251,129
3,160,831
1,850,610
309,152
5,389,205
804,587
7,873,815
28,708,856
1996
2,201,312
7,440,601
3,290,742
1,919,759
251,215
5,847,706
970,882
6,281,475
28,203,692
1997
2,247,040
7,717,334
3,537,441
2,031,261
340,510
1,597,747
16,796,824
6,622,948
40,891,105
1998
2,528,560
8,131,293
4,084,651
1,960,111
333,793
1,104,738
7,530,051
6,324,533
31,997,730
1999
2,527,547
8,516,673
3,744,124
2,240,730
366,332
1,005,781
6,117,215
6,537,266
31,055,668
Note: (a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
d
m
J
Table 2
CITY OF EDINA, MINNESOTA
General Governmental Revenues by Source (a)
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
Note: (a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
m
M
rn
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
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
591,985
1,727,103
174,970
1,016,605
26,771,756
1995
15,534,902
858,897
209,519
1,070,352
5,693,802
1,510,470
545,996
411,345
1,742,621
68,871
591,318
28,238,093
1996
16,089,705
969,468
224,489
1,382,427
3,928,352
1,621,635
456,589
950,129
1,175,976
108,111
292,018
27,198,899
1997
17,653,621
955,208
331,527
1,388,968
1,996,744
2,842,923
562,910
1,199,251
1,038,850
152,398
194,679
28,317,077
1998
20,567,867
844,070
296,427
2,091,365
2,551,452
1,833,148
691,355
1,353,521
43,331
86,639
604,099
30,963,274
1999
21,995,230
990,330
297,866
2,135,541
3,185,008
3,215,441
794,710
415,114
0
284,085
468,638
33,781,963
Note: (a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
m
M
rn
Fiscal Total tax
year levy
Current tax
collections
Table 3
CITY OF EDINA, MINNESOTA
Property Tax Levies and Collections
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
1990
9,992,692
Percent
Percent of
Percent
Adjustments/
of total tax
outstanding
of total
Delinquent
- collections
Outstanding delinquent
tax levy
tax
Total tax to total
delinquent taxes to
collected
collections
collections tax levy
taxes total tax levy
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%
1995
11,390,898
11,198,647
98.31%
(67,047)
11,131,600
97.72%
88,399
0.78%
1996
12,178,440
12,026,177
98.75%
(262,279)
11,763,898
96.60%
36,198
0.30%
1997
12,531,244
12,381,729
98.81%
(244,913) i
12,136,816
96.85%
39,107
0.31%
1998
13,099,140
13,003,882
99.27%
48,985
13,052,867
99.65%
54,226
0.41%
1999
13,284,962
13,147,288
98.96%
36,293
13,183,581
99.24%
99,202
0.75%
N
d
CD
Page 118
Table 4
CITY OF EDINA, MINNESOTA
Assessed Value or Tax Capacity and
Estimated Market Value of Taxable Property
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
Ratio of total
Real property
assessed value/
tax capacity to
Assessment
Assessed value/
Estimated
total estimated
year
tax capacity
market value
market value
1990
90,320,919
3,388,087,700
2.67%
1991
87,214,668
3,496,892,900
2.49%
1992
83,480,350
3,568,897,100
2.34%
1993
81,413,953
3,607,576,600
2.26%
1994
82,244,215
3,733,888,400
2.20%
1995
84,055,819
3,849,796,600
2.18%
1996
85,775,887
4,071,654,134
2.11%
1997
91,586,990
4,074,713,634
2.25%
1998
87,726,810
4,267,758,501
2.06%
1999
85,963,836
4,535,761,900
1.90%
Page 119
Table 5
CITY OF EDINA, MINNESOTA
Property Tax Rates - -All Overlapping Governments
(per $100 of assessed value)
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
City of Edina
Special
Fiscal General Revenue School
year Fund Funds Total District County Other Total
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
7.515
122.405
1995
15.577 -
15.577
57.975
37.454
6.851
117.857
1996
16.331 -
16.331
62.268
37.270
7.494
123.363
1997
15.626 -
15.626
57.213
35.515
6.659
115.013
1998
16.813 -
16.813
47.499
38.388
7.538
110.682
1999
17.810 -
17.810
50.766
40.994
8.553
118.123
Table 6
CITY OF EDINA, MINNESOTA
Special Assessment Collections
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
v
d
c�
J
N
O
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
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%
: , ' 0
839,068
100.60%
22,259
1994
807,324
800,456
99.15%
-'•,622
806,078
99.85%
27,523
1995
786,480
779,517
99.11%
7,508
787,025
100.07%
26,223
1996
768,800
764,997
99.51%
16,636
781,633
101.67%
13,389
1997
590,048
576,513
97.71%
9,036
585,549
99.24%
17,889
1998
654,442
635,476
97.10%
3,798
639,274
97.68%
33,057
1999
598,575
578,575
96.66%
15,274
593,849
99.21%
37,783
v
d
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O
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 - see accompanying auditors' report)
*Source: Metropolitan Council estimate
Notes: (a) Official population per 1991 census.
(b) Includes all long -term general obligation debt.
v
CD
CD
N
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
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
1995
46,841
74,787
101,775,000
43,265,984
58,509,016
78.23%
1,249
1996
46,845
80,087
92,680,000
25,429,215
67,250,785
83.97%
1,436
1997
47,029
77,762
94,385,000
17,929,523
76,455,477
98.32%
1,626
1998
47,113
85,259
70,260,000
589,371
69,670,629
81.72%
1,479
1999
47,235
77,191
73,005,000
4,384,419
68,620,581
88.90%
1,453
*Source: Metropolitan Council estimate
Notes: (a) Official population per 1991 census.
(b) Includes all long -term general obligation debt.
v
CD
CD
N
CITY OF EDINA, MINNESOTA
Computation of Legal Debt Margin
December 31, 1999
(Unaudited - see accompanying auditors' report)
Estimated market value of taxable property
Debt limit -2.00% of total
estimated market value
Amount of debt applicable to debt
limit:
Total bonded debt
Less:
Other deductions allowed by law:
Tax increment bonds
Improvement bonds
Revenue bonds
Total deductions
Total amount of debt
applicable to debt limit
$ 50,260,000
350,000
14,570,000
$ 73,005,000
65,180,000
Page 122
Table 8
$ 4,535,761,900
90,715,238
7,825,000
Legal debt margin $ 82.890.238
Page 123
Table 9
CITY OF EDINA, MINNESOTA
Computation of Overlapping Debt
December 31, 1999
(Unaudited - see accompanying auditors' report)
Percentage
Amount
applicable
applicable
Net debt
to City of
to City of
Jurisdiction
outstanding
Edina
Edina
City of Edina
$ 57,517,740
100.00% $
57,517,740
Hennepin County
163,904,456
7.66%
12,555,081
ISD #273 (Edina)
42,879,620
97.00%
41,593,231
ISD #270 (Hopkins)
44,297,073
7.49%
3,317,851
ISD #271 (Bloomington)
92,737,352
0.01%
9,274
ISD #272 (Eden Prairie)
135,208,726
1.29%
1,744,193
ISD #280 (Richfield)
34,713,593
26.16%
9,081,076
ISD #283 (St. Louis Park)
12,033,074
0.01%
1,203
Metro Council
110,297,310
3.93%
4,334,684
Hennepin County Regional Parks
14,420,900
10.14%
1,462,279
$
131.616.612
Fiscal
year Principal
CITY OF EDINA, MINNESOTA
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
Total
debt
Interest service
Total general
expenditures (a)
1990
1,485,000
4,348,141
5,833,141
19,421,089
1991
1,480,000
4,386,400
5,866,400
20,559,514
1992
1,790,000
4,173,850
5,963,850
19,610,522
1993
1,800,000
4,847,360
6,647,360
21,384,897
1994
1,185,000
6,148,466
7,333,466
22,035,991
1995
2,495,000
5,378,815
7,873,815
23,630,853
1996
1,400,000
4,881,475
6,281,475
24,000,082
1997
2,120,000
4,502,948
6,622,948
23,128,537
1998
2,224,724
4,099,809
6,324,533
25,390,000
1999
3,275,000
3,262,266
6,537,266
25,131,088
Notes: (a) Includes General, Special Revenue, and Debt Service Funds.
Page 124
Table 10
Ratio of total
debt service
to total
general
expenditures
30.04%
28.53%
30.41%
31.08%
33.28%
33.32%
26.17%
28.64%
24.91%
26.01%
CITY OF EDINA, MINNESOTA
Revenue Bond Coverage
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
Direct*
Gross operating
Fiscal year revenue expenses
Table 11
Net
revenue
available
for debt Debt service requirements
service Principal Interest Total Coverage
Utility Bond
1990
5,197,400
4,761,182
436,218
170,000
194,382
364,382
120
1991
6,399,204
5,583,502
815,702
250,000
175,245
425,245
192
1992
5,867,015
5,365,942
501,073
275,000
169,233
444,233
113
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
2,165,000
155,573
2,320,573
18
1995
7,591,331
6,766,288
825,043
345,000
78,182
423,182
195
1996
7,753,016
7,007,293
745,723
370,000
52,019
422,019
177
1997
8,110,744
7,526,033
584,711
390,000
40,744
430,744
136
1998
8,108,612
7,226,648
881,964
400,000
22,184
422,184
209
1999
8,440,463
6,650,063
1,790,400
420,000
83,429
503,429
356
Recreational Facility Bonds
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
2,987,774
2,600,826
386,948
195,000
707,454
902,454
43
1994
3,446,755
3,086,401
360,354
200,000
854,920
1,054,920
34
1995
3,824,627
3,262,948
561,679
0
839,244
839,244
67
1996
4,311,141
3,545,291
765,850
250,000
774,800
1,024,800
75
1997
4,440,202
3,945,975
494,227
295,000
762,411
1,057,411
47
1998
5,042,394
4,270,042
772,352
4,240,000
372,390
4,612,390
17
1999
5,141,606
4,332,932
808,674
430,000
522,050
952,050
85
*Before interest costs. v
v
m
J
N
N
Table 12
CITY OF EDINA, MINNESOTA
Property and Construction Values
Last Ten Fiscal years
(Unaudited - see accompanying auditors' report)
•Assessor's estimated market value
-v
v
m
J
N
Commercial
Residential
construction
construction
Fiscal
Number of
Number of
Property
value'
year
permits
Value
permits
Value
Commercial /Industrial
Residential /Apartments
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
1995
274
14,349,143
564
28,064,106
668,098,800
3,181,697,800
1996
279
35,789,432
1,318
31,334,870
745,200,700
3,326,107,834
1997
407
37,074,290
1,780
32,387,315
824,767,100
3,438,309,200
1998
462
38,495,806
1,830
35,625,118
904,869,800
3,623,187,200
1999
323
36,708,942
3,478
27,637,742
980,837,900
3,924,031,400
•Assessor's estimated market value
-v
v
m
J
N
Page 127
Table 13
CITY OF EDINA, MINNESOTA
Principal Taxpayers
December 31, 1999
(Unaudited - see accompanying auditors' report)
1999 tax
Taxpayer
Type of Business
capacity
Southdale
Shopping center $
4,611,142
Gabberts and Galleria
Shopping center
1,492,290
Pentagon Office Park
Office building
1,430,899
Southdale Office Park
Office building
1,359,207
United Health Care Corporation
Office building
777,108
National Car
Office Building
721,112
Southdale Medical Building
Office building
703,241
Cedars of Edina
Apartments
645,854
Centennial Lakes Retail
Retail
602,989
Edinborough Plaza
Apartments
441,502
Target
Retail
391,775
Jerry's Center
Retail
368,036
Edinborough Office East
Office building
345,354
Durham
Apartments
344,602
York Plaza
Apartments
343,061
Hawthorne Suites Hotel
Hotel
325,974
7600 France
Office building
317,315
7301 Ohms La
Office building
316,063
7373 France
Medical Ofiice
313,309
7317 Cahill
Industrial
289,907
CITY OF EDINA, MINNESOTA
Major Employers in the City
December 31, 1999
(Unaudited - see accompanying auditors' report)
Employer Product/Service
Fairview Southdale Hospital
Jerry's Enterprises Inc.
Golden Valley Microwave Foods
Health Risk Management Inc.
Dayton's
J.C. Penney
Norwest Funding
Nash Finch Co.
International Dairy Queen Inc.
Roach Organization Inc.
Techpower Inc.
Health Ca?
Groceries
Manufactu—,g
Pension, Health and Welfare Funds
Department Store
Department Store
Mortgage Bankers & Correspondents
Groceries
Eating Places
Computer & Computer Software Stores
Help Supply Services
Source: City of Edina "Community Profile ", Minnesota Department of Trade and Economic
Development, August, 1996
Page 128
Table 14
Approximate
Number
of Employees
2,400
2,000
650
552
500
400
358
350
300
140
120
CITY OF EDINA, MINNESOTA
Labor Force Data
December 31, 1999
(Unaudited - see accompanying auditors' report)
December 1999
Civilian Unemployment
Labor Force Rate
Page 129
Table 15
December 1998
Civilian Unemployment
Labor Force Rate
Hennepin County 655,689
1.9% 650,699 1.9%
Mpls. -St. Paul MSA 1,707,123
2.2% 1,677,667 2.0%
State of Minnesota 2,706,421
3.1% 2,671,998 2.8%
Source: Minnesota Department of Economic Security.
1999 data is preliminary.
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics
December 31, 1999
(Unaudited - see accompanying auditors' report)
Date of incorporation
December 17, 1888
Date of adoption of Council- Manager Plan
January 1, 1955
Present form of government
Counci!- Manager
Fiscal year begins
Januz. ;
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
13984
Fire protection:
Number of stations 2
Number of employees (full time) 28
Police protection:
Number of stations 1
Number of employees (full time) 63
Park areas:
Present park acres and open space 1,600
Total improved park acres 1,007
Number of parks 39
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 130
Table 16
(Continued)
Page 131
Table 16, 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
1995 (estimated June 1995)
46,841
1996 (estimated June 1996)
46,845
1997 (estimated June 1997)
47,029
1998 (estimated June 1998)
47,113
1999 (estimated June 1999)
47,235
Page 132
Table 17
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for 50th & France -No. 1200, a Tax Increment Financing District
(Districts 1200, 1201, 1203, and 1204 are pooled)
(Unaudited - see accompanying auditors' report)
December 31, 1999
Uses of funds:
Land acquisition
0
872,539
Accounted
0
(522)
Installation of public
Original
Amended
for in
Current
Amount
utilities and
budget
budget
prior years
year
remaining
Sources of funds:
3,000,000
7,735,427
5,727,938
120,620
1,886,869
Bond proceeds
$ 2,200,000
5,280,000
5,251,998
0
28,002
Tax increments
0
5,280,000
2,200,000
0
3,080,000
received
0
31,748,489
15,083,049
1,227,775
15,437,665
Real estate sales'
800,000
170,782
170,782
0
0
State aid
0
418,871
418,871
0
0
Special assessments
0
1,321,096
728,505
0
592,591
Parking permits
0
210,721
210,721
31,370
(31,370)
Community develop-
0
44,000
30,429
0
13,571
ment
0
214,828
186,064
0
28,764
Interest on invested
Funds remaining (or
funds
0
2,000,000
1,290,791
383,210
325,999
Other
0
43,661
100,314
0
(56,653)
Total sources of
Price Paid by developer
'Real estate sales
funds
3,000,000
41,408,44
23,441,095
1,642,355
16,324,998
Uses of funds:
Land acquisition
0
872,539
873,061
0
(522)
Installation of public
utilities and
improve7! >:.its
3,000,000
7,735,427
5,727,938
120,620
1,886,869
Bond payments
Principal
0
5,280,000
2,200,000
0
3,080,000
Interest
0
4,738,329
3,413,402
158,450
1,166,477
Administrative costs
0
1,500,000
1,113,534
32,026
354,440
Work orders
0
16,825
16,257
0
568
Contingencies
0
12,300
11,644
0
656
Interest
0
363,037
400,835
0
(37,798)
Miscellaneous
0
44,000
30,429
0
13,571
Total uses of funds
3,000,000
20,562,457
13,787,100
311,096
6,464,261
Funds remaining (or
deficient)
0
20,845,991
9,653,995
1,331,259
9,860,737
Cost to authority
Price Paid by developer
'Real estate sales
Liquor store site
$
128,064
105,002
Union oil site
134,506
65,780
$
262,570
170,782
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Southeast Edina Redevelopment District -No. 1201, a Tax Increment Financing District
(Districts 1200, 1201, 1203, and 1204 are pooled)
(Unaudited - see accompanying auditors' report)
December 31, 1999
Sources of funds:
Bond proceeds
Tax increments
received
Real estate sales'
Community develop-
ment Block Grant
Interest on invested
funds
Other
Total sources of
funds
Uses of funds:
Land acquisition
Installation of public
utilities and
improvements
Site improvements or
preparation costs
Bond payments
Principal
Interest
Administrative costs
Transfers out
Interest reduction
Other
Parkland dedication fees
Total uses of funds
Funds remaining (or
deficient)
Page 133
Table 18
(3,000,000) 29.621,369 (5,229,678) (654,433) 35,505,480
Cost to authority
Accounted
'Real estate sales
Original
Amended
for in
Current
Amount
budget
budget
prior years
year
remaining
Office site
1,027,277
784,563
$ 6,165,177
21,470,000
20,219,852
0
1,250,148
0
75,000,000
31,235,363
3,734,402
40,030,235
598,005
3,000,000
2,417,432
236,582
345,986
0
189,221
189,221
0
0
0
4,000,000
2,247,132
95,867
1,657,001
0
50,000
25,931
0
24,069
6,763,182
103,709,221
56,334,931
4,066,851
43,307,439
6,682,998
12,200,000
11,560,648.
236,582
402,770
0
16,000,000
15,400,470
380,945
218,585
2,885,484
2,000,000
468,098
0
1,531,902
0
21,470,000
10,190,000
1,485,000
9,795,000
0
17,000,000
17,545,785
563,440
(1,109,225)
194,700
2,700,000
2,181,756
31,083
487,161
0
0
3,450,000
2,024,234
(5,474,234)
0
1,850,000
0
0
1,850,000
0
100,000
0
0
100,000
0
767,852
767,852
0
0
9,763,182
74,087,852
61,564,609
4,721,284
7,801,959
(3,000,000) 29.621,369 (5,229,678) (654,433) 35,505,480
Cost to authority
Price Paid by developer
'Real estate sales
Retail site
$ 8,350
11,899
Hotel site
192,915
192,915
Elderly site
453,740
346,534
Office site
1,027,277
784,563
Coventry Townhouses
1,318,103
1,318,103
$ 3,000,385
2,654,014
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Grandview Area Redevelopment District -No. 1202, a Tax Increment Financing District
(Unaudited - see accompanying auditors' report)
December 31, 1999
Sources of funds:
Bond proceeds
Tax increments
received
Real estate sales
Interest on invested
funds
Other
Total sources of
funds
Uses of funds:
Land acquisition
Installation of public
utilities and
improvements
Bond payments
Principal
Interest
Administrative costs
Total uses of funds
Funds remaining (or
deficient)
Page 134
Table 19
Accounted
Original Amended for in Current Amount
budget budget prior years year remaining
$ 4,500,000 8,400,000
0 26,495,107
0 4,700,000
4,471,603 0 3,928,397
6,329,711 603,231 19,562,165
0 0 4,700,000
0
300,000
226,325
73,505
170
0
0
66,299
0
(66,299)
4,500,000
39,895,107
11,093,938
676,736
28,124,433
0
6,100,000
2,784,785
0
3,315,215
4,310,000
16,702,000
3,274,707
11,420
13,415,873
0
8,400,000
1,100,000
150,000
7,150,000
0
7,140,000
1,385,788
154,300
5,599,912
190,000
1,553,107
746,855
203,786
602,466
4,500,000
39,895,107
9,292,135
519,506
30,083,466
$ 0
0
1,801,803
157,230
_ (1,959,033)
Page 135
Table 20
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Southeast Edina Redevelopment District -No. 1203, a Tax Increment Financing District
(Districts 1200, 1201, 1203, and 1204 are pooled)
(Unaudited - see accompanying auditors' report)
Sources of funds:
Bond proceeds
Tax increments
received
Real estate sales`
Interest on invested
funds
Transfer in
Other
Total sources of
funds
Uses of funds:
Land acquisition
Site improvements or
preparation costs
Bond payments
Principal
Interest
Administrative costs
Rebate to developers
Other
Total uses of funds
Funds remaining (or
deficient)
December 31, 1999
$ 5,282,200 (4,451,464) (1,192,803) 593,273 (3,851,934)
Cost to authority
Accounted
'Real estate sales
Original
Amended
for in
Current
Amount
budget
budget
prior years
year
remaining
Office building #1
449,300
449,300
$ 41,400,000
41,400,000
31,761,677
0
9,638,323
80,000,000
70,000,000
9,595,980
2,369,196
58,034,824
5,000,000
11,500,000
9,833,356
1,803,714
(137,070)
0
4,000,000
2,156,473
25,140
1,818,387
0
0
3,450,000
3,135,457
(6,585,457)
0
573,536
617,248
41,817
(85,529)
126,400,000
127,473,536
57,414,734
7,375,324
62,683,478
13,900,000
24,000,000
22,394,781
1,803,714
(198,495)
26,677,000
24,500,000
11,878,637
1,432,393
11,188,970
41,400,000
41,400,000
1,464,724
1,195,000
38,740,276
38,000,000
38,000,000
21,501,340
1,940,457
14,558,203
1,140,800
4,000,000
1,368,055
75,610
2,556,335
0
_ 0
0
334,877
(334,877)
0
25,000
0
0
25,000
121,117,800
131,925,000
58,607,537
6,782,051
66,535,412
$ 5,282,200 (4,451,464) (1,192,803) 593,273 (3,851,934)
Cost to authority
Price paid by developer
'Real estate sales
Retail and theater site
$ 3,213,720
3,213,720
Medical office site
815,092
815,092
Office site
1,107,160
1,107,160
Office building #1
449,300
449,300
Office building #2
1,280,702
1,280,702
Office building #3
1,341,533
1,341,533
Office building #4
1,625,849
1,625,849
Office building #5
1,803,714
1,803,714
$ 11,637,070
11,637,070
Page 136
Table 21
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Southeast Edina Economic Development District -No. 1204,
a Tax Increment Financing District
(Districts 1200; 1201, 1203, and 1204 are pooled)
(Unaudited - see accompanying auditors' report)
December 31, 1999
Uses of funds:
Land acquisition
50,000
0
Accounted
0
0
Installation of public
Original
Amended
for in
Current
Amount
utilities and
budget
budget
prior years
year
remaining
Sources of funds:
5,800,000
188,720
188,720
0
0
Bond proceeds
$ 9,400,000
0
0
0
0
Tax increments
1,100,000
0
0
0
0
received
22,657,749
5,544,667
714,323
0
4,830,344
Interest on invested
22,657,749
0
0
0
0
funds
0
693,047
841,561
0
(148,514)
Other
0
0
0
0
0
Total sources of
500,000
831
1,083
0
(252)
funds
32,057,749
6,237,714
1,555,884
0
4,681,830
Uses of funds:
Land acquisition
50,000
0
0
0
0
Installation of public
utilities and
improvements
5,800,000
188,720
188,720
0
0
Transit equipment
450,000
0
0
0
0
Transit improvement
1,100,000
0
0
0
0
Capitalized interest
500,000
0
0
0
0
Debt service
22,657,749
0
0
0
0
Transfer out
0
1,329,561
254,858
1,111,223
(36,520)
Tax abatement
0
4,718,602
0
0
4,718,602
Administrative costs
500,000
831
1,083
0
(252)
Total uses of funds
31,057,749
6,237,714
444,661
1,111,223
4,681,830
Funds remaining (or
deficient) $
1,000,000
0
1,111,223
(1,111,223)
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for 70th Street and Cahill Road District -No. 1207, a Tax Increment Financing District
(Unaudited - see accompanying auditors' report)
December 31, 1999
Sources of funds:
Bond proceeds
Tax increments
received
Interest on invested
funds
Other
Total sources of
funds
Uses of funds:
Land acquisition
Installation of public
utilities and
improvements
Demolition
Relocation
Capitalized Interest
Debt service
Administrative costs
Total uses of funds
Funds remaining (or
deficient)
Page 137
Table 22
Accounted
Original
Amended
for in
Current
Amount
budget
budget
prior years
year
remaining
$ 1,911,000
1,911,000
0
0
1,911,000
2,177,855
2,177,855
596,809
150,054
1,430,992
0
0
20,053
24,189
(44,242)
0
0
0
0
0
4,088,855
4,088,855
616,862
174,243
3,297,750
529,400
529,400
0
0
529,400
325,000
325,000
89,468
0
235,532
150,000
150,000
0
0
150,000
160,000
160,000
0
0
160,000
150,000
150,000
0
0
150,000
2,178,455
2,178,455
0
0
2,178,455
596,000
596,000
21,503
640
573,857
4,088,855
4,088,855
110,971
640
3,977,244
$ 0
0
505,891
173,603
(679,494)