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HomeMy WebLinkAbout1999 Comprehensive Annual Financial Reporto e � y r�CORPOPAZ v less 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 c� J N 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)