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CITY OF EDINA, MINNESOTA
2000
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 2000
CITY OF EDINA, MINNESOTA
Comprehensive Annual Financial Report
Year ended December 31, 2000
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 ...................................................................................... ............................... 45
Statement of Revenues, Expenditures and Changes in
Fund Balance — Budget and Actual ................................................. ............................... 46
Schedule of Revenues — Budget and Actual ...................................... ............................... 47
Schedule of Expenditures — Budget and Actual ................................. ............................... 48
Schedule of Central Services Expenditures — Budget and Actual .................... :............... 53
Special Revenue Funds:
CombiningBalance Sheet ................................................................... ............................... 55
Combining Statement of Revenues, Expenditures and Changes in
FundBalance .................................................................................... ............................... 56
Debt Service Funds:
CombiningBalance Sheet ................................................................... ............................... 58
Combining Statement of Revenues, Expenditures and Changes in
FundBalance .................................................................................... ............................... 59
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Page
Combining and Individual Fund and Account
Group Financial Statements (Continued):
Capital Project Funds:
CombiningBalance Sheet ................................................................... ............................... 61
Combining Statement of Revenues, Expenditures and Changes in
FundBalance ( Deficit) ...................................................................... ............................... 62
Enterprise Funds:
Combining Balance Sheet ................................................................... ...............................
64
Combining Statement of Revenues, Expenses and Changes in Retained Earnings ......
66
Combining Statement of Cash Flows .................................................. ...............................
68
Utilities Fund:
BalanceSheet ............................................................................... ...............................
70
Statement of Revenues, Expenses and Changes in Retained Earnings ....................
71
Statementof Cash Flows .............................................................. ...............................
72
Liquor Fund:
BalanceSheet ............................................................................... ...............................
73
Statement of Revenues, Expenses and Changes in Retained Earnings ....................
74
Statementof Cash Flows .............................................................. ...............................
75
Schedule of Operating Revenue and Expenses by Location ....... ...............................
76
Swimming Pool Fund:
BalanceSheet ............................................................................... ...............................
77
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit) ......
78
Statementof Cash Flows .............................................................. ...............................
79
Golf Course Fund:
BalanceSheet ............................................................................... ...............................
80
Statement of Revenues, Expenses and Changes in Retained Earnings ....................
81
Statement of Cash Flows .............................................................. ...............................
82
Schedule of Operating Expenses .................................................. ...............................
83
Arena Fund:
BalanceSheet ............................................................................... ...............................
84
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit) ......
85
Statementof Cash Flows .............................................................. ...............................
86
Art Center Fund:
BalanceSheet ............................................................................... ...............................
87
Statement of Revenues, Expenses and Changes in Retained Earnings ....................
88
Statement of Cash Flows .............................................................. ...............................
89
Edinborough Park/Centennial Lake Fund:
BalanceSheet ............................................................................... ...............................
90
Statement of Revenues, Expenses and Changes in Retained Earnings ...................
91
Statement of Cash Flows .............................................................. ...............................
92
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Trust and Agency Funds:
Page
CombiningBalance Sheet ............................................................... ............................... 94
Deferred Compensation Expendable Trust Fund:
BalanceSheet ............................................................ ............................... 95
Statement of Revenues, Expenses and Changes in Retained Earnings .................. 96
Agency Funds:
Combining Statement of Changes in Assets and Liabilities ........ ............................... 97
General Fixed Assets Account Group:
Schedule of General Fixed Assets ..................................................... ............................... 99
General Long-term Debt Account Group:
Schedule of General Long -term Debt ..................... ............................... ............................101
Supplementary Information:.
Exhibit Page
Combined Schedule of Bonded Indebtedness . ........................Exhibit 1 .... ............................102
Schedule of Changes in Bonded Indebtedness .......................Exhibit 2 .... ............................104
Schedule of Bonds Payable .............................. ........................Exhibit 3 .... ............................105
Schedule of Debt Service Requirements ......... ........................Exhibit 4 .... ............................109
Assessed Valuation, Tax Levies and Mill Rates ......................Exhibit 5 .... ............................110
PART III — STATISTICAL SECTION
General Governmental Expenditures by Function
Last Ten Fiscal Years ............. ...............................
General Governmental Revenues by Source
Last Ten Fiscal Years ............. ...............................
Property tax Levies and Collections — Last Ten
FiscalYears ............................ ...............................
Table
Page
Table 1 ..... ............................111
Table 2 .. ............................... 112
Table 3 .. ............................... 113
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Assessed Value or Tax Capacity and Estimated
Market Value of Taxable Property .......... ...............................
Property Tax Rates — All Overlapping Governments
Last Ten Fiscal Years ............................. ...............................
Special Assessment Collections — Last Ten
FiscalYears ............................................ ...............................
Ratio of Net General Bonded Debt to Assessed
Value/Tax Capacity and Net Bonded Debt per
Capita — Last Ten Fiscal Years .............. ...............................
Computation of Overlapping Debt - December 31, 2000.........
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General
Expenditures — Last Ten Fiscal Years ... ...............................
Revenue Bond Coverage — Last Ten Fiscal Years .................
Property and Construction Values — Last Ten
FiscalYears ........................................... ...............................
Principal Taxpayers - December 31, 2000 ..............................
Major Employers in the City ...................... ...............................
LaborForce Data ...................................... ...............................
Miscellaneous Statistics - December 31, 2000 .......................
Schedule of Sources and Uses of Public Funds
for 50th & France -No. 1200, a Tax Increment
Financing District ................................ ...............................
Schedule of Sources and Uses of Public Funds
for Southeast Edina Redevelopment District -
No. 1201, a Tax Increment Financing District ...................
Schedule of Sources and Uses of Public Funds
for Grandview. Area Redevelopment District -
No. 1202, a Tax Increment Financing District ...................
Schedule of Sources and Uses of Public Funds
for Southeast Edina Redevelopment District -
No. 1203, a Tax Increment Financing District ...................
Schedule of Sources and Uses of Public Funds
for 70th Street and Cahill Road District -No.
1207, a Tax Increment Financing District ..........................
Table 4 .. ............................... 114
Table 5 .. ............................... 115
Table 6 ..... ............................116
Table 7 .. ............................... 117
Table 8 ..... ............................118
Table 9 .. ............................... 119
Table 10 . ............................... 120
Table 11 .... ............................
121
Table12 .... ............................
122
Table 13 .... ............................123
Table 14 . ...............................
124
Table 15 . ...............................
125
Table 16 . ............................... 127
Table 17 . ............................... 128
Table 18 .... ............................129
Table 19 .... ............................130
Table 20 . ............................... 131
INTRODUCTORY
SECTION
CITY OF EDINA, MINNESOTA
Elected and Appointed Officials
December 31, 2000
Elected:
Mayor — Dennis Maetzold
Council:
James Hovland
Scot Housh
Michael Kelly
Linda Masica
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 Januarv`
2005
2003
2003
2005
2005
Page 2
City of Edina
March 30, 2001
To the Honorable Mayor and
Members of the City Council
City of Edina, Minnesota:
In accordance with State Statutes and local charter provision, I hereby transmit the annual
financial report of the City of Edina, Minnesota as of December 31, 2000 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 (952) 927 -8861
4801 WEST 50TH STREET FAX (952) 826 -0390
EDINA, MINNESOTA 55424 -1394 TDD (952) 826 -0379
Page 3
The City of Edina, Minnesota concluded fiscal year 2000 in a sound financial condition, which is
shown in the report. Preparation of this annual financial report could not have been
accomplished without the dedicated effort of the Finance Director and his entire staff. Their
efforts over the past years toward upgrading the accounting and financial reporting systems of
the City of Edina have lead substantially to the improved quality of the information being reported
to the City Council, state oversight boards, and the citizens of the City of Edina.
Respectfully submitted,
ordon Hughes
City Manager
March 30, 2001
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, 2000, 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 (952) 927 -8861
4801 WEST 50TH STREET FAX (952) 826 -0390
EDINA, MINNESOTA 55424 -1394 TDD (952) 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 $35,617,256 in 2000, an increase of 9.1 percent
over 1999. General property taxes produced 64.3 percent of general revenues compared to
65.1 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
Intergovern mental
Charges for services
Fines and forfeitures
Investment income
Interest on funds held with fiscal agent
Sale and rental of property
Total
Percent
of total
$22,904,512
64.30%
1,159,876
3.26%
336,678
.95%
1,835,828
5.15%
1,880,680
5.28%
2,902,666
8.15%
967,421
2.72%
2,287,349
6.42%
88,788
.25%
1,156, 526
3.25%
Increase
(decrease)
from 1999
$ 909,282
169,546
38,812
(299,713)
(1,304,328)
832,190
172,711
1,872,235
88,788
872,441
Other revenues 96,932 .27% (381,856)
Total revenues $35,617,256 100.00% $2,970,108
Current tax collections were 99.3 percent of the tax levy, up .34 percent from last year.
Delinquent tax collections were up from last year. The ratio of total collections (current and
delinquent) to the current tax levy was 99.4 percent, an increase of .17 percent from last year.
I ntergovem mental revenues were 5.3% of general revenues compared to 9.4% in 1999. There
was a $1 million sale of land in 2000. Investment income increased compared with 1999 due to
unrealized losses in 1999 compared to unrealized gains in 2000.
Page 6
Expenditures for general governmental purposes within the General, Special Revenue, Debt
Service and Capital Project Funds totaled $34,238,524 an increase of 12.1 percent over 1999.
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
Total
$2,635,357
8,846,360
3,672,057
2,150,588
346,099
1,576,968
8,352,494
3,550,000
3,108,601
$34,238,524
Debt Administration
100.0% $ 3,700,435
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 2000:
Gross bonded debt outstanding, January 1, 2000
Add bonds issued in fiscal year 2000
Deduct bonds redeemed in fiscal year 2000
Gross bonded debt outstanding, December 31, 2000
Deduct sinking fund assets, December 31, 2000
Net bonded debt, December 31, 2000
.8126
$ 1.434
$73,005,000
22,005,000
6,835,000
88;175,000
(20,144,460)
$68,030,540
The City's bonds were upgraded to an Aaa rating as determined by Moody's Investors Service,
and an AA+ rating from Standard & Poors in August, 2000.
At December 31, 2000 the City had $66,670,000 of Tax Increment Bonds outstanding, excluding
General Obligation, Improvement and Revenue Bonds. $16,550,464 was available in the
General Debt Service Fund for payment of these obligations, resulting in $50,119,536 net
general debt at December 31, 2000
Increase
Percent
(decrease)
of total
from 1999
7.7%
$ 107,810
25.8%
329,687
10.7%
(72,067)
6.3%
(90,142)
1.0%
(20,233)
4.6%
571,187
24.4%
2,752,858
10.4%
275,000
9.1%
(153,665)
100.0% $ 3,700,435
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 2000:
Gross bonded debt outstanding, January 1, 2000
Add bonds issued in fiscal year 2000
Deduct bonds redeemed in fiscal year 2000
Gross bonded debt outstanding, December 31, 2000
Deduct sinking fund assets, December 31, 2000
Net bonded debt, December 31, 2000
.8126
$ 1.434
$73,005,000
22,005,000
6,835,000
88;175,000
(20,144,460)
$68,030,540
The City's bonds were upgraded to an Aaa rating as determined by Moody's Investors Service,
and an AA+ rating from Standard & Poors in August, 2000.
At December 31, 2000 the City had $66,670,000 of Tax Increment Bonds outstanding, excluding
General Obligation, Improvement and Revenue Bonds. $16,550,464 was available in the
General Debt Service Fund for payment of these obligations, resulting in $50,119,536 net
general debt at December 31, 2000
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 2000, the City earned
$2,906,622 in investment income. The following is a list of the City's cash and investments by
classification as of December 31, 2000:
Cash
Cash deficit
Cash with plan administrator
Cash with fiscal agents
Certificates of deposit
Commercial paper
Banker's acceptance
Government securities
Money market investments
Capital Project Funds
$2,781,386
(2,446,861)
3,999,778
19,013,091
1,052,002
21,823,657
883,009
15,534,373
5,813,116
$68,453,551
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.
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, 2000, the general fixed assets of the City. amounted to $90,961,462. 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 2000 and 1999 is as follows:
Utilities
Liquor
Swimming pool
Golf course
Arena
Art Center
Edinborough Park/Centennial Lake
Income (loss)
2000 1999
$1,561,307
$1,767,425
961,133
945,546
47,346
56,202
259,357
544,306
(289,177)
(183,441)
(263,526)
(153,006)
(327,930)
(356,487)
$1,948,510 $2,620,545.
Operating transfers to /from other funds for various purposes were $220,000 to other enterprise
funds, $108,000 to the general fund and $919,000 to the revolving fund in 2000 and $715,000,
$23,000 and $0 in 1999, 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 2000.
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,
ohn Wallin, CPA
Treasurer and Finance Director
Pegg�bs 'u&
Assistant Finance Director
FINANCIAL
SECTION
FK,YTPmM, kG
4200 Wells Fargo Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report
The 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, 2000, 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 financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America. 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, 2000, and the results of its
operations and cash flows of its proprietary fund types for the year then ended, in conformity with
accounting principles generally accepted in the United States of America.
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.
0
®.,KPMG LLP. KPMG LLP, a U.S. limited liability partnership, is
a member of KPMG International, a Swiss association.
D,
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 30, 2001
K`>MC, LLB
10
Page 11
CITY OF EDINA, MINNESOTA
Combined Balance Sheet - All Fund Types and Account Groups
December 31, 2000
(with comparative totals for December 31, 1999)
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
Fixed Assets (note 4)
Discount on bonds
Amount available in debt service fund
Amount to be provided for retirement of long -term 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
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 hoes
Special Debt Capital
General Revenue Service Proiects
$ 0 0 75,751 104,217
2,810 0 0 0
13,802,354 1,049,987 0 25,673,668
0
0
0
0
0
0
15,726,593
0
262,118
8
0
26,653
0
0
0
0
29,757
12,869
0
316,480
0
0
2,389,974
985,109
0
0
0
0
819,164
111,766
901,532
0
228,156
1,650
8,764
153,333
0
0
0
0
141,939
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
$ 15.286.298 1.176.280 19.102.614
465,951
22,419
0
614,621
422,586
1,207
0
2,257
0
0
0
207,499
0
0
0
0
384,523
1,650
0
2,965,001
89,755
3,087
96,704
12,587
26,384
0
0
0
0
0
0
0
0
0
0
0
0
0
2,293,442
985,109
0
0
0
0
0
0
0
0
0
0
0
0
1,389,199
28,363
2,390,146
4,787,074
141,939
0
16,712,468
17,527
13,755,160
0
0
8,731,959
0
1,147,917
0
13,722,900
13,897,099
1,147,917
16,712,468
22,472,386
$ 15,286,298
1,176,280
19,102,614
27,259,460
Page 12
Proprietary
Fiduciary
fund type
fund type
Account
groups
General
General
Totals
Trust &
Fixed
Long -term
(memorandum only)
Enterprise
Agency
Asset
Debt
2000
1999
0
140,432
0
0
320,400
693,337
11,315
0
0
0
14,125
13,575
4,580,148
0
0
0
45,106,157
37,785,030
0
3,999,778
0
0
3,999,778
3,913,274
3,286,498
0
0
0
19,013,091
3,306,034
114,515
0
0
0
403,294
381,667
2,170,225
0
0
0
2,170,225
2,010,560
106,986
0
0
0
466,092
323,203
76,457
0
0
0
3,451,540
3,167,347
0
0
0
0
0
7,647
1,560,390
0
0
0
3,392,852
6,622,279
4,527
0
0
0
396,430
1,567,183
1,165,534
0
0
0
1,165,534
981,068
0
0
0
0
141,939
116,901
0
0
0
0
0
145,012
41,353,939
0
90,961,462
0
132,315,401
125,502,870
79,454
0
0
0
79,454
97,273
0
0
0
16,712,468
16,712,468
407,283
0
0
0
58,103,542
58,103,542
58,512,616
0
0
0
2,220,886
2,220,886
612,972
54.509.988
4.140.210
90.961.462
77.036.896
289.473.208
246.167.131
725,828
0
0
0
1,828,819
1,475,418
120,881
0
0
0
546,931
472,925
94,563
0
0
0
302,062
29,078
327,363
0
0
0
327,363
401,692
0
41,678
0
0
3,392,852
6,622,279
355,681
98,754
0
0
656,568
567,286
566,094
0
0
2,220,886
2,813,364
765,979
50,593
0
0
0
50,593
14,354
0
0
0
0
0
80,593
5,040
0
0
0
3,283,591
2,958,573
0
0
0
0
0
145,012
210,000
0
0
426,010
636,010
744,898
13,785,000
0
0
74,390,000
88,175,000
73,005,000
16,241,043
140,432
0
77,036,896
102,013,153
87,283,087
0
0
90,961,462
0
90,961,462
85,126,833
5,725,001
0
0
0
5,725,001
6,177,967
1,607,120
0
0
0
1,607,120
2,042,755
30,936,824
0
0
0
30,936,824
28,910,713
0
3,999,778
0
0
20,871,712
6,806,382
0
0
0
0
22,487,119
7,324,261
0
0
0
0
14,870,817
22,495,133
38,268,945
3,999,778
90,961,462
0
187,460,055
158,884,044
54,509,988
4,140,210
90,961,462
77,036,896
289,473,208
246,167,131
Page 13
CITY OF
EDINA, MINNESOTA
Combined Statement of Revenues,
Expenditures and Changes in Fund Balance -
AII Governmental Fund Types
Year ended December 31, 2000
(with comparative totals for year ended December 31, 1999)
Governmental fund types
Special
Debt
Capital
General
Revenue
Service
Projects
Revenues:
Taxes (note 3)
$ 13,575,850
0
738,349
8,590,313
Special assessments
0
0
721,871
438,005
Franchise fees
0
336,678
0
0
Licenses and permits
1,835,628
0
0
0
Intergovernmental
1,584,192
42,231
0
254,257
Charges for services
2,024,518
0
0
878,148
Fines and forfeitures
967,421
0
0
0
Investment Income
430,577
117,016
0
1,739,756
Interest on funds held with fiscal agent
0
0
88,788
0
Sales and rental of property
171,585
0
0
984,941
Other revenues
9,803
3,617
0
83,512
Total revenues
20,599,774
499,542
1,549,008
12,968,932
Expenditures:
Current
General government
2,635,357
0
0
0
Public safety
8,846,360
0
0
0
Public works
3,672,057
0
0
0
Parks
2,150,588
0
0
0
Unallocated general
346,099
0
0
0
Other
73,920
285,770
1,600
1,215,678
Capital outlay:
General government
99,898
0
0
0
Public safety
375,731
0
0
0
Public works
555,332
0
0
0
Parks
104,921
0
0
0
Infrastructure
0
0
0
7,207,966
Other
0
8,646
0
0
Debt Service:
Bond principal
0
0
6,050,000
0
Interest and fiscal charges
0
0
3,108,601
0
Total expenditures
18,860,263
294,416
9,160,201
8,423,644
Excess (deficiency) of revenues over expenditures
1,739,511
205,126
(7,611,193)
4,545,288
Other financing sources (uses):
Operating transfers in (out):
Operating transfers in (out )-General Fund
0
0
0
279,065
Operating transfers in (out)-Swimming Pool Fund
0
0
0
0
Operating transfers in (out) - Capital Projects Fund
(279,065)
0
0
0
Operating transfers in (out)- Edinborough Park Fund
(108,000)
0
0
0
Operating transfers in (out )-HRA
0
0
5,778,574
0
Operating transfers in (out)-General Debt Service Fund
0
0
0
(5,778,574)
Operating transfers in (out)-Liquor Fund
0
0
0
919,000
Parkland dedication
85,520
0
0
0
Proceeds from sale of tax increment bonds
0
0
18,137,804
3,604,312
Total other financing sources (uses)
(301,545)
0
23,916,378
(976,197)
Excess (deficiency) of revenues and other financing
sources over expenditures and other financing uses
1,437,966
205,126
16,305,185
3,569,091
Fund balance - January 1, as restated (note 10)
12,459,133
942,791
407,283
18,903,295
Fund balance - December 31
$ 13,897,099
1,147,917
16,712,468
22,472,386
See accompanying notes to financial statements
Page 14
Totals
Fiduciary Type
(memorandum only)
Expendable
Trust
2000
1999
0
22,904,512
21,995,230
0
1,159,876
990,330
0
336,678
297,866
0
1,835,828
2,135,541
0
1,880,680
3,185,008
0
2,902,666
2,070,476
0
967,421
794,710
(116,184)
2,171,165
994,167
0
88,788
0
0
1,156,526
284,085
311,157
408,089
770,246
194,973
35,812,229
33,517,659
0
2,635,357
2,527,547
0
8,846,360
8,516,673
0
3,672,057
3,744,124
0
2,150,588
2,240,730
0
346,099
366,332
108,469
1,685,437
1,058,866
0
99,898
15,143
0
375,731
441,034
0
555,332
418,434
0
104,921
125,328
0
7,207,966
4,542,885
0
8,646
56,812
0
6,050,000
3,275,000
0
3,108,601
3,262,266
108,469
36,846,993
30,591,174
86,504
(1,034,764)
2,926,485
0
279,065
153,460
0
0
183,000
0
(279,065)
(153,460)
0
(108,000)
(206,000)
0
5,778,574
5,646,647
0
(5,778,574)
(5,646,647)
0
919,000
0
0
85,520
264,424
0
21,742,116
0
0
22,638,636
241,424
86,504
21,603,872
3,167,909
3,913,274
36,625,776
33,457,867
3,999,778
58,229,648
36,625,776
Page 15
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, 2000
(with comparative totals for year ended December 31, 1999)
Fund balance - January 1 12,459,133
Fund balance - December 31 13.897.099
See accompanying notes to financial statements
General
Variance
favorable
Budget
Actual
(unfavorable)
Revenues:
Taxes (note 3)
$ 13,505,158
13,575,850
70,692
Licenses and permits
1,399,500
1,835,828
436,328
Intergovernmental
1,615,000
1,584,192
(30,808)
Charges for services
1,683,096
2,024,518
341,422
Fines and forfeitures
479,000
967,421
488,421
Investment income
30,400
430,577
400,177
Sales and rental of property
67,000
171,585
104,585
Other revenues
26,000
9,803
(16,197)
Total revenues
18,805,154
20,599,774
1,794,620
Expenditures:
Current:
General government
2,709,531
2,635,357
74,174
Public safety
8,928,624
8,846,360
82,264
Public works
3,914,625
3,672,057
242,568
Parks
2,240,429
2,150,588
89,841
Unallocated general
337,804
346,099
(8,295)
Other
0
73,920
(73,920)
Capital outlay:
General government
32,045
99,898
(67,853)
Public safety
498,451
375,731
122,720
Public works
506,000
555,332
(49,332)
Parks
100,645
104,921
(4,276)
Total expenditures
19,268,154
18,860,263
407,891
Excess (deficiency) of revenues over expenditures
(463,000)
1,739,511
2,202,511
Other financing sources (uses):
Operating transfers in
463,000
0
(463,000)
Operating transfers out
0
(387,065)
(387,065)
Parkland dedication
0
85,520
85,520
Total other financing sources (uses)
463,000
(301,545)
(764,545)
Excess (deficiency) of revenues and other financing
sources over expenditures and other financing uses
$ 0
1,437,966
1,437,966
Fund balance - January 1 12,459,133
Fund balance - December 31 13.897.099
See accompanying notes to financial statements
Page 16
Totals
(memorandum only)
Special
Revenue
2000
1999
Variance
Variance
favorable
favorable
Budget
Actual
(unfavorable)
Budget
Actual
(unfavorable)
Actual
0
0
0
13,505,158
13,575,850
70,692
13,187,547
0
0
0
1,399,500
1,835,828
436,328
2,135,541
181,261
42,231
(139,030)
1,796,261
1,626,423
(169,838)
1,750,038
0
0
0
1,683,096
2,024,518
341,422
1,866,475
0
0
0
479,000
967,421
488,421
794,710
0
0
0
30,400
430,577
400,177
(267,839)
0
0
0
67,000
171,585
104,585
280,304
0
0
0
26,000
9,803
(16,197)
. 9,899
181,261
42,231
(139,030)
18,986,415
20,642,005
1,655,590
19,756,675
0
0
0
2,709,531
2,635,357
74,174
2,527,547
0
0
0
8,928,624
8,846,360
82,264
8,516,673
0
0
0
3,914,625
3,672,057
242,568
3,744,124
0
0
0
2,240,429
2,150,588
89,841
2,240,730
0
0
0
337,804
346,099
(8,295)
366,332
181,261
42,231
139,030
181,261
116,151
65,110
(89,430)
0
0
0
32,045
99,898
(67,853)
15,143
0
0
0
498,451
375,731
122,720
441,034
0
0
0
506,000
555,332
(49,332)
418,434
0
0
0
100,645
104,921
(4,276)
125,328
181,261
42,231
139,030
19,449,415
18,902,494
546,921
18,305,915
0
0
0
(463,000)
1,739,511
2,202,511
1,450,760
0
0
0
463,000
0
(463,000)
183,000
0
0
0
0
(387,065)
(387,065)
(359,460)
0
0
0
0
85,520
85,520
264,424
0
0
0
463,000
(301,545)
(764,545)
87,964
0
0
0
0
1,437,966
1,437,966
1,538,724
0
12,459,133
10,920,409
0
13,897.099
12,459.133
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings — All Proprietary Fund Types
Year ended December 31, 2000
(with comparative totals for year ended December 31, 1999)
Operating revenues:
Charges for sales and services:
Sales - Liquor
Sales - Retail
Sales - Utility
Sales - Concessions
Memberships
Admissions
Building rental
Rental of equipment
Greens fees
Otherfees
Total operating revenues
Operating expenses:
Cost of sales and services
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income
Nonoperating revenues (expenses):
Investment income
Donations
Miscellaneous revenue (expense)
Interest and fiscal charges
Interest on capital lease
Gain (loss) on disposal of capital assets
Amortization of bond discount
Total nonoperating expenses
Income before operating transfers
Operating transfers in (out):
General fund
Art center fund
Liquor store fund
Golf Course fund
Arena fund
Revolving 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
Totals
2000
8,989,480
412,473
8,639,374
396,353
583,979
562,707
1,190,171
399,049
2,156,438
1,535,683
24,865,707
7,174,884
4,645,640
6,083,352
1,196,540
1,364,501
2,132,071
22,596,988
2,268,719
619,273
21,352
655
(681,487)
(13,111)
(249,072)
(17,819)
(320,209)
1,948,510
108,000
(139,000)
220,000
0
(81,000)
(919,000)
(811,000)
Page 17
1999
8,423,812
376,148
8,378,216
391,037
520,848
581,044
1,129,746
377,198
2,046,256
1,332,433
23,556,738
6,704,254
4,147,974
5,536,401
1,033,585
1,293,228
2,103,687
20,819,129
2,737,609
408,055
17,283
67,293
(605,479)
(15,511)
27,636
(16,341)
(117,064)
2,620,545
23,000
(155,000)
680,000
35,000
(560,000)
0
23,000
1,137,510 2,643,545
452,966 448,134
1,590,476 3,091,679
30,953,468 27,861,789
$ 32,543,944 30,953,468
Page 18
CITY OF EDINA, MINNESOTA
21,352
35,189
Combined Statement of Cash Flows - All Proprietary Fund Types
145,012
Combining Statement of Cash Flows
Decrease on advances from other funds
(145,012)
Year Ended December 31, 2000
Operating transfer in (out )-General Fund
108,000
(with comparative totals for year ended December 31,
1999)
(139,000)
(155,000)
Totals
Cash flows from operating activities:
2000
1999
Operating income $
2,268,719
2,776,274
Adjustments to reconcile operating income
(560,000)
Operating transfer (out) - Revolving fund
to net cash provided by operating activities
0
Net cash provided used for noncapital financing activities
Depreciation expense
2,132,071
2,103,687
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
51,701
(72,651)
(Increase) decrease in customer accounts receivable
(159,665)
72,776
(Increase) decrease in special assessments receivable
28,755
(58,820)
(Increase) decrease in due from other funds
3,249,321
(4,052,705)
(Increase) decrease in due from other governments
685
(4,554)
(Increase) decrease in inventory
(184,466)
1,181
Increase (decrease) in accounts payable
93,803
(22,390)
Increase in salaries payable
16,622
17,877
Increase (decrease) in contracts payable
81,393
(63,395)
Increase (decrease) in accrued interest payable
(74,329)
163,103
Decrease in due to other funds
(200,000)
(50,000)
Increase (decrease) in due to other governments
200,361
(211,516)
Increase in compensated absences payable
421,628
11,513
Increase in deposits payable
38,239
5,502
Miscellaneous revenue
655
23,921
Total adjustments
5,696,774
(2,136,471)
Net cash provided by operating activities
7,965,493
639,803
Cash flows from noncapital financing activities:
Donations
21,352
35,189
Increase in advances to other funds
145,012
808,417
Decrease on advances from other funds
(145,012)
(808,417)
Operating transfer in (out )-General Fund
108,000
23,000
Operating transfer (out) -Art Center
(139,000)
(155,000)
Operating transfer in- Liquor Store Fund
220,000
680,000
Operating transfer in -Golf Course Fund
0
35,000
Operating transfer (out) -Arena
(81,000)
(560,000)
Operating transfer (out) - Revolving fund
(919,000)
0
Net cash provided used for noncapital financing activities
(789,648)
58,189
Cash flows from capital and related financing activities:
Net acquisition of capital assets
(3,109,973)
(1,398,226)
Gain (loss) on disposal of capital assets
(249,072)
27,636
Proceeds from revenue bonds
0
6,870,000
Principal paid on revenue bonds
(785,000)
(850,000)
Increase on bond discount
0
(54,368)
Principal paid on capital lease
(50,000)
(50,000)
Interest received from fiscal agent
137,041
68,275
Interest paid on capital lease
(13,111)
(15,511)
Interest paid on bonds
(681,487)
(605,479)
Net cash (used) provided for capital and related financing activities
(4,751,602)
3,992,327
Cash flows from investing activities
Purchase of investments
(2,820,478)
(1,759,670)
Decrease in interest receivable
(106,986)
48,674
Investment income
482,232
326,581
Net cash used by investing activities
(2,445,232)
(1,384,415)
Net increase (decrease) in cash and cash equivalents
(20,989)
3,305,904
Cash and equivalents, beginning of year
3,318,802
12,898
Cash and equivalents, end of year
$ 3,297,813
3,318,802
Supplemental disclosure of noncash noncapital financing activity:
Contribution of fixed assets
0
8,181
Total noncash noncapital financing activity
$ 0
8,181
See accompanying notes to financial statements
Page 19
CITY OF EDINA, MINNESOTA
Notes to General Purpose Financial Statements
December 31, 2000
(1) Summary of Significant Accounting Policies
The City operates under the 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 accounting principles generally accepted
in the United States of America 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 accounting principles generally accepted in the United States of
America, 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 accounting principles generally accepted in the United States
of America, 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. No separate
financial statements are available for the HRA. 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
(Continued)
Page 21
CITY OF EDINA, MINNESOTA
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
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 long -term debt and certain other liabilities that are not
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.
(Continued)
Page 22
CITY OF EDINA, MINNESOTA
Long -term liabilities expected to be financed from governmental funds are
accounted for in the General Long -term Debt Account Group, not in the
Governmental Funds. The exception to this general rule is for revenue bonds,
which are accounted for in Enterprise Funds.
The two account groups are not "funds." They are concerned only with the
measurement of financial position. They are not involved with measurement of
results of operations.
Because of their spending measurement focus, expenditure recognition for
Governmental Fund types is limited to exclude amounts represented by
noncurrent liabilities. Since they do not affect net current assets, such long -term
amounts are not recognized as governmental fund type expenditures or fund
liabilities. They are instead reported as liabilities in the General Long -term Debt
Account Group. 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
(Continued)
Page 23
CITY OF EDINA, MINNESOTA
are determined to be susceptible to accrual include property taxes, special
assessments, intergovernmental revenues, charges for service, and investment
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
year end.
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:
1. The City Manager submits to the City Council a proposed operating
budget for the fiscal year commencing the following January 1. The
operating budget includes proposed expenditures and the means of
financing them.
2. Public hearings are conducted to obtain taxpayer comments.
3. The budget is legally enacted by the passage of a resolution by the City
Council.
4. Formal budgetary integration is employed as a management control
device during the year.
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).
(Continued)
Page 24
CITY OF EDINA, MINNESOTA
6. The City Council may authorize transfers of budgeted amounts between
departments.
7. Reported budget amounts are as originally adopted or as amended by
Council- approved supplemental appropriations and budget transfers.
8. Expenditures may not legally exceed appropriations by department
unless offset by increases in revenues. All unencumbered
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 at 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. Interfund Receivables /Payables
Transactions between funds that are representative of lending /borrowing
(Continued)
Page 25
CITY OF EDINA, MINNESOTA
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.
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
expenditures when consumed rather than when purchased.
L. Compensated Absences
It is the City's policy to permit employees to accumulate eamed but unused
vacation and sick pay benefits. Sick leave is payable when used or upon
termination of employment as a lump sum payment equal to 50% of their
balance up to 960 hours. Employees hired before January 1, 2000 elected to
choose from the above sick leave policy or six weeks severance after 20 years
of service. Vacation pay is payable when used or upon termination of
employment. Vacation and sick 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, 2000 reported in the Governmental Funds, Proprietary Funds
and General Long -term Debt Account Group was $26,384, $566,094,
$2,220,886 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 accounting principles generally accepted in the United
States of America. 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 2000 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, expenditures, 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,
2000 the City had deposits with a carrying value of $334,525, of which $4,200 was
insufficiently 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.
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, 2000 were as follows:
$ 12,513,222 32,592,937 45,106,157
Cash and investments with fiscal agents 19,013,091
Cash and investments with plan administrators 3,999,778
Total investments $ 68,119,026
(Continued)
Credit Risk Category
Category
Category
Fair
1
2
Value
Certificates of deposit
$ 1,052,002
0
1,052,002
Commercial paper
6,978,000
14,845,657
21,823,657
Banker's acceptance
0
883,009
883,009
Money Market investments
3,495
5,809,621
5,813,116
Government securities:
United States Treasury Notes
711,152
2,229,682
2,940,834
Federal National Mortgage Association
2,298,085
3,440,462
5,738,547
Government National Mortgage Association
0
2,147
2,147
Federal Home Loan Mortgage Corporation
1,153,838
3,147,638
4,301,476
Federal Home Loan Bank
0
1,460,487
1,460,487
SBA Pool
316,650
774,232
1,090,882
$ 12,513,222 32,592,937 45,106,157
Cash and investments with fiscal agents 19,013,091
Cash and investments with plan administrators 3,999,778
Total investments $ 68,119,026
(Continued)
Page 28
CITY OF EDINA, MINNESOTA
In accordance with Minnesota Statutes, the City invests in various mortgage- backed
securities, such as collateralized mortgage obligations. Included in the Federal Home Loan
Mortgage Corporation investments are approximately $498,435 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.
Deposits at December 31, 2000 were as follows:
Checking accounts
Cash on hand
Cash with trustee
(3) Property Taxes
Carrying
Bank
Amount
balance
$ 179,968
1,193,409
14,125
0
140,432
0
$ 334,525
1,193,409
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 the
City at that date. Real property taxes are payable by property owners on May 15 and
October 15 of each calendar year. These taxes are collected by the County and
remitted to the City on or before July 5 and December 4 of the same year. Additionally,
delinquent collections in November and December are remitted to the City each
January. The City has no ability to enforce payment of property taxes by property
owners. The County possesses this authority.
The City recognizes property tax revenue when it becomes both measurable and
available to finance expenditures of the current period. In practice, current and
delinquent taxes received by the City in July and December are recognized as revenue
for the current year. Taxes not collected by the County by December 31 (remitted to the
City by the following January) are classified as delinquent and unremitted taxes
receivable.
(Continued)
CITY OF EDINA, MINNESOTA
(4) Fixed Assets
Page 29
A summary of changes in general fixed assets during 2000 is as follows:
Balance
Balance
January 1
Additions
Deletions
Deoember 31
Land
$22,910,332
0
4,512
22,905,820
Land imprwerrents
12,933,485
0
5,784
12,927,701
Buildings
20,637,734
116,164
69,372
20,684,526
Funiiture &fixtures
1,343,762
159,317
347,823
1,155,256
Vehicles
4,417,848
791,856
395,695
4,814,009
Sides Aks
310,995
0
0
310,995
Leasehold improvements
190,330
0
1,785
188,545
Miscellaneous equipment
320 ,507
22,827
155,525
187,809
Park & playground equipment
903,293
81,228
119,048
865,473
Fighweyeguipment
2,197,662
125,862
162,032
2,161,492
Police equipment
721,821
28,929
149,105
601,645
Fire equipment
1,118,955
22,859
246,944
894,870
Bection equipment
138,114
3,913
96,514
45,513
Engineering Equipment
97,308
0
38,276
59,032
Traffic signals
153,570
0
0
153,570
Tools
5,812
0
0
5,812
Parks
15,979,022
314,060
0
16,293,082
Canstruction in progress
746,282
5,960,030
0
6,706,312
Total
$85,126,832
7,627,045
1,792,415
90,961,462
A summary of proprietary fund fixed assets at December 31,2000 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
4,612,131
878,484
12,506,744
12,956,228
13,455,499
16,222,767
695,577
4,339,639
513,314
468,580
2,975,489
70,713,417
(29,359,478)
$41,353,939
(Continued)
CITY OF EDINA, MINNESOTA
(5) Long -term Debt
Bonded Debt
Page 30
The City has four types of bonded debt outstanding at December 31, 2000: 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
January 1,
Issued/
December 31,
Maturities
Interest rates
2000
Tax Increment Bonds
2001-2013
4.50 - 6.45
$66,670,000
General Obligation Bonds
2001-2017
4.40 - 5.75
7,550,000
Improvement Bonds
2001-2001
5.00 - 5.20
170,000
Revenue Bonds
2001-2013
3.20 - 6.05
13,785,000
Total
73,005,000
22,005,000
$88,175,000
Changes in long -term debt during the year were as follows:
Compensated absences
Balance
December 31,
2000
66,670,000
7,550,000
170,000
13,785,000
88,175,000
payable 612,973 1,607,913 0 2,220,886
Obligation under capital
lease $484,898 0 58,888 426,010
The City had the following revenue bonds outstanding at December 31, 2000:
Recreation Facility Bonds, Series 1992A
Recreation Refunding Bonds, Series 1992C
Utility Revenue Bonds, Series 1999A
Recreation Refunding Bonds, Series 1999B
$3,520,000
3,730,000
3,265,000
3.270.000
$13,785,000
(Continued)
Balance
January 1,
Issued/
Redeemed/
2000
Increases
decreases
Tax Increment Bonds
$50,260,000
22,005,000
5,595,000
General Obligation Bonds
7,825,000
0
275,000
Improvement Bonds
350,000
0
180,000
Revenue Bonds
14,570,000
0
785,000
Total bonds
73,005,000
22,005,000
6,835,000
Compensated absences
Balance
December 31,
2000
66,670,000
7,550,000
170,000
13,785,000
88,175,000
payable 612,973 1,607,913 0 2,220,886
Obligation under capital
lease $484,898 0 58,888 426,010
The City had the following revenue bonds outstanding at December 31, 2000:
Recreation Facility Bonds, Series 1992A
Recreation Refunding Bonds, Series 1992C
Utility Revenue Bonds, Series 1999A
Recreation Refunding Bonds, Series 1999B
$3,520,000
3,730,000
3,265,000
3.270.000
$13,785,000
(Continued)
Page 31
CITY OF EDINA, MINNESOTA
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
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, 2000,
including interest payments of $26,689,491 are as follows:
Year ending
Tax
General
December 31
Increment
Obligation
Improvement
Revenue
Total
2001 $
6,475,971
698,888
174,420
1,444,443
8,793,722
2002
8,940,195
685,163
0
1,481,638
11,106,996
2003
12,658,406
695,388
0
1,700,673
15,054,467
2004
8,842,601
679,625
0
1,741,248
11,263,474
2005
8,960,765
687,913
0
1,751,720
11,400,398
2006 -2018
39,058,088
8,173,256
0
10,014,094.
57,245,438
$
84,936,026
11,620,233
174,420
18,133,816
114,864,495
During 2000, the City issued $2,620,000 General Obligation Tax Increment Bonds,
Series 2000A and $3,565,000 Taxable General Obligation Bonds, Series 2000B to
finance the construction of various public improvements and environmental remediation
costs within the Grandview Tax Increment Financing District in the City.
During 2000, the City issued $15,820,000 General Obligation Tax Increment Refunding
Bonds, Series 2000C to replace the General Obligation Tax Increment Refunding
Bonds, Series 1992B. These will be refunded by means of "crossover' refunding in
2001. The cumulative savings will be $1,000,307, and the net present value of savings
is $817,042.
(Continued)
CITY OF EDINA, MINNESOTA
Legal Debt Margin
Page 32
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, 2000, the legal debt margin was $89,684,600 calculated as follows:
Market value
Debt limit - 2% of market value
Amount of general obligation $ 88,175,000
debt
Less: Tax increment bonds $ 66,670,000
Improvement bonds 170,000
Revenue bonds 13,785,000
Total deductions 80,625,000
Total amount of debt
applicable to debt limit
Legal debt margin
$ 4,861,730,000
97,234,600
7,550,000
$ 89,684,600
(Continued)
CITY OF EDINA, MINNESOTA
Long -term Debt - Other
Page 33
The City is the administering authority for the following tax increment finance districts. Tax
capacity values are for taxes payable in 2000.
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 $
173,521
Current tax capacity value
1,409,957
Captured tax capacity value:
Retained by authority
1,236,436
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, 2000 $ 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 $ 150,717
Current tax capacity value 3,014,363
Captured tax capacity value:
Retained by authority 2,863,646
Shared with other taxing districts 0
General obligation tax increment bonds issued 22,110,000
Total loans incurred 0
Amounts redeemed 12,785,000
Outstanding bonds and loans at December 31, 2000 $ 9,325,000
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
Current tax capacity value
Captured tax capacity value:
Retained by authority
Shared with other taxing districts
General obligation tax increment bonds issued
Total loans incurred
Amounts redeemed
Outstanding bonds and loans at December 31, 2000
$ 291,009
889,061
598,052
0
8,235,000
0
1,450,000
$ 6,785,000
(Continued)
Page 34
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 $ 308,622
Current tax capacity value 2,697,595
Captured tax capacity value:
Retained by authority 2,388,973
Shared with other taxing districts 0
General obligation tax increment bonds issued 51,554,724
Total loans incurred 0
Amounts redeemed 4,144,724
Outstanding bonds and loans at December 31, 2000 $ 47,410,000
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, 2000 $ 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 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, 2000 $ 0
General Obligation tax increment bonds issued amounts were restated to eliminate
the effect of doubling the bonds due to crossover refundings.
(Continued)
Page 35
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 - employer retirement plans. These
plans are established and administered in accordance with Minnesota Statutes,
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 Plan 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 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 36
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 6.20% of their 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 9.30%
for PEPFF members.
The City's contributions to PERF and PEPFF for the years ended December 31,
2000, 1999, and 1998 were equal to the required contributions for each year, as
follows:
2000 1999 1998
PERF $485,277 459,914 446,033
PEPFF $439,163 475,059 515,730
(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.
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.
(Continued)
Page 37
CITY OF EDINA, MINNESOTA
(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/Centennial Lake.
Segment information for the year ended December 31, 2000 is as follows:
(Continued)
Other
Total
Golf
Enterprise
Enterprise
Utility
Liquor
Course
Arena
Funds
Funds
Operating Revenues
$ 8,793,386
8,989,480
3,954,008
1,136,957
1,991,876
24,865,707
Depreciation
866,758
57,609
508,189
321,095
378,420
2,132,071
Operating income (loss)
1,590,410
984,077
597,676
(174,245)
(729,199)
2,268,719
Nonoperating revenues
(expenses), net
(29,103)
(22,944)
(338,319)
(114,932)
185,089
(320,209)
Operating transfers in
0
(1,139,000)
0
81,000
247,000
(811,000)
(out)
Net income
1,561,307
(177,867)
259,357
(208,177)
(297,110)
1,137,510
Property additions
3,076,789
0
236,620
38,593
54,245
3,406,247
Property deletions
194,761
77,634
387,367
52,017
385,791
1,097,570
Net working capital
6,245,260
1,582,787
2,435,371
(56,624)
679,391
10,886,185
Bonds payable
3,265,000
0
7,760,000
1,660,000
1,100,000
13,785,000
Total assets
33,058,598
2,652,678
10,081,282
4,724,466
3,992,964
54,509,988
Total retained earnings
(deficit)
28,839,064
2,196,948
1,831,517
(551,552)
227,967
32,543,944
(Continued)
Page 38
(9)
CITY OF EDINA, MINNESOTA
Due From To Other Funds
Interfund receivables and payables as of December 31, 2000 were as follows:
(10) Restatement of Fund Equity
During the year ended December 31, 2000, the City changed its accounting and
financial reporting for certain construction contracts that historically had been presented
in the Capital Projects Fund. Beginning in 2000, the activity is reported in the Utility
Fund, an Enterprise fund, to comply with generally accepted accounting principles. This
change qualifies for reporting as a prior -period adjustment. Accordingly, the City has
restated beginning fund balances for fiscal 1999 for the effects of the correction as
follows:
Fund equity as previously reported at January 1, 1999
Adjustment
Fund equity as restated at January 1, 1999
Capital Projects
Fund
$6,547,182 .
1,224,943
$7,772,125
(Continued)
Interfund
Interfund
Fund
Receivables
Payables
General (including amount due from Edina Housing
And Redevelopment Authority of $777,486) $
819,164
384,523
Special Revenue:
Community Development Block Grant
0
1,650
Communications
111,766
0
Debt Service:
General Debt Service
742,698
0
Improvement Bond Redemption II
158,834
0
Capital Project:
Construction
0
1,600,948
Housing and Redevelopment Authority of Edina
0
777,486
Revolving
0
586,567
Enterprise:
Utilities
179,441
0
Liquor
1,051,358
0
Swimming Pool
243,000
0
Golf Course
54,973
0
Arena
568
0
Art Center
8,618
0
Edinborough Park/Centennial Lake
22,432
0
Agency:
Police Seizure
0
41,678
$
3,392,852
3,392,852
(10) Restatement of Fund Equity
During the year ended December 31, 2000, the City changed its accounting and
financial reporting for certain construction contracts that historically had been presented
in the Capital Projects Fund. Beginning in 2000, the activity is reported in the Utility
Fund, an Enterprise fund, to comply with generally accepted accounting principles. This
change qualifies for reporting as a prior -period adjustment. Accordingly, the City has
restated beginning fund balances for fiscal 1999 for the effects of the correction as
follows:
Fund equity as previously reported at January 1, 1999
Adjustment
Fund equity as restated at January 1, 1999
Capital Projects
Fund
$6,547,182 .
1,224,943
$7,772,125
(Continued)
Page 39
CITY OF EDINA, MINNESOTA
(11) Reserved or Designated Fund Equity
The following fund equity balances as of December 31, 2000 have been reserved or
designated for the reasons noted below:
General Fund:
Reserved for prepaid insurance
$141,939
Designated for Parkland dedication
122,494
Designated for Edinborough trust
4,631,588
Designated for unrealized investment gain
168,982
Designated for equipment replacement
2,389,053
Designated for insurance claims
775,765
Designated for General Fund operations
5,667,278
Debt Service Funds:
Reserved for debt service
16,712,468
Capital Projects:
Reserved for encumbrances
17,527
Designated for capital improvements
8,731,959
Enterprise Funds:
Reserved for debt service
1,607,120
Trust and Agency Funds:
Reserved for deferred compensation
plan participants
3,999,778
Total fund equity reservations and designations
$44,965,951
(12) Fund Deficits
The following funds had deficit fund balances or retained earnings at December 31,
2000:
Capital Project Fund:
Construction
Enterprise Fund:
Arena
$1,615,406)
(551,552)
The Capital Projects construction fund deficit will be covered in future periods by special
assessment collections, tax increments, operating revenues, or State and bond
proceeds. The enterprise Arena fund deficits will be covered in future periods by
operating revenues and operating transfers.
(Continued)
CITY OF EDINA, MINNESOTA
(13) Contingencies
Page 40
The City Attorney has indicated that existing and pending lawsuits, claims and other
actions in which the City is a defendant are either covered by insurance or will not have
a material adverse effect on the financial condition of the City.
(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:
Asset
Machinery and equipment
Less: Accumulated
depreciation
Total
Golf Course
$37,966
Arena
341,698
Edinborough
Park
88,916
(26,576) (239,188) (62,241)
$11,390 102,510 26,675
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, 2000:
Year ending December 31:
2001
$65,483
2002
67,620
2003
64,395
2004
35,971
Total minimum lease payments
233,469
Less: Amount representing interest
(23,469)
Present value of net minimum lease payments $210,000
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 41
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:
2001
$83,761
2002
83,761
2003
83,761
2004
83,761
2005
83,761
2006
83,760
Total minimum lease payments
502,565
Less: Amount representing interest
(76,555)
Present value of net minimum lease payments $426,010
(15) Related Party Transactions
During the past fiscal year, one of 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:
Contributed capital:
Balance January 1, 2000
Less:
Delete Contributed Assets
Less:
Transfer of depreciation
To contributed capital
Balance December 31, 2000
Enterprise
Art Swimming Golf Edin. Pk.
Utilities Center Pool Course Arena Cent. Lake
$ 21,463 310,301 1,564,297
0 (1,565) 0
3,600 3,474,150 804,156
0 0 (93,919)
(443) 1( 6,810) (96,033) 800 (187,352) (56,044)
$ 21,020 291,926 1,468,264 2,800 3,286,798 654,193
(Continued)
CITY OF EDINA, MINNESOTA
(17) Risk Management
Page 42
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 up to the annual maximum of $600,000 set by the
State. The City is not subject to a deductible for workers compensation, automobile,
liability and pollution coverage.
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 designated $775,765 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 43
CITY OF EDINA, MINNESOTA
(18) Conduit Debt Obligations
As of December 31, 2000 the City of Edina had outstanding 3 series of Housing and
Health Care Revenue Bonds, with an aggregate principal amount payable of
$35,575,000. 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, 2000, 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
$792,883
798,115
(5,232)
Finance
478,894
514,466
(35,572)
Assessing
581,104
600,961
(19,857)
Unallocated General:
Contingencies
76,500
89,531
(13,031)
Share of Special Assess.
20,000
22,505
(2,505)
Suburban Rate Authority
4,000
4,496
(496)
Central Services:
General
3,924,348
3,989,849
(65,501)
Public Works Building
239,004
306,721
(67,717)
All unfavorable variances were funded by favorable expenditure variances from other
departments or excess revenues.
Page 44
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 45
CITY OF EDINA, MINNESOTA
General Fund
Balance Sheet
December 31, 2000
(with comparative amounts for December 31, 1999)
Assets
Cash
Petty cash and change funds
Investments
Accounts receivable
Accrued interest receivable
Taxes receivable:
Delinquent
Allowance for uncollectible taxes
Due from other funds
Due from other governments
Prepaid expenses
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Salaries payable
Due to other funds
Due to other governments
Compensated absences payable
Deposits payable
Total liabilities
Fund balance:
Reserved
Unreserved:
Designated
Undesignated
Total fund balance
2000
$ 0
2,810
13,802,354
262,118
29,757
116,362
(116,362)
819,164
228,156
141,939
$ 15,286,298
465,951
422,586
384,523
89,755
26,384
0
1,389,199
141,939
13,755,160
0
13,897,099
it**,
136,354
2,310
11,449,250
259,379
19,442
99,202
(99,202)
1,387,842
278,504
116,901
13,649,982
438,069
367,615
221,821
152,804
8,540
2,000
1,190,849
2,407,155
7,324,261
2,727,717
12,459,133
Total liabilities and fund balance $ 15,286,298 13,649,982
Page 46
CITY OF EDINA, MINNESOTA
General Fund
Statement of Revenue, Expenditures and Changes in Fund Balance -
Budget and Actual
Year ended December 31, 2000
(with comparative actual amounts for year ended December 31, 1999)
2000
1999
Variance
Favorable
Budget
Actual
(unfavorable)
Actual
Revenues:
Taxes $
13,505,158
13,575,850
70,692
13,187,547
Licenses and permits
1,399,500
1,835,828
436,328
1,998,798
Intergovernmental
1,615,000
1,584,192
(30,808)
1,703,797
Charges for service
1,683,096
2,024,518
341,422
2,010,532
Fines and forfeitures
479,000
967,421
488,421
794,710
Investment income
30,400
430,577
400,177
(267,839)
Sale and rental of property
67,000
171,585
104,585
280,304
Other revenues
26,000
9,803
(16,197)
2,585
Total revenues
18,805,154
20,599,774
1,794,620
19,710,434
Expenditures:
Current:
General government
2,709,531
2,635,357
74,174
2,527,547
Public safety
8,928,624
8,846,360
82,264
8,516,673
Public works
3,914,625
3,672,057
242,568
3,744,685
Parks
2,240,429
2,150,588
89,841
2,240,731
Unallocated general
337,804
346,099
(8,295)
366,332
Other
0
73,920
(73,920)
(135,670)
Capital outlay:
General govemment
32,045
99,898
(67,853)
15,143
Public safety
498,451
375,731
122,720
441,034
Public works
506,000
555,332
(49,332)
417,871
Parks
100,645
104,921
(4,276)
125,328
Total expenditures
19,268,154
18,860,263
407,891
18,259,674
Excess (deficiency) of
revenues over expenditures
(463,000)
1,739,511
2,202,511
1,450,760
Other financing sources (uses):
Operating transfers in (out)
Liquor fund
463,000
0
(463,000)
0
Swimming Pool Fund
0
0
0
183,000
Capital Project funds
0
(279,065)
(279,065)
(153,460)
Edinborough Park/Centennial Lake
0
(108,000)
(108,000)
(206,000)
Parkland dedication
0
85,520
85,520
264,424
Total other financing sources
463,000
(301,545)
(764,545)
87,964
Excess of revenues and other
financing sources over
expenditures and other financing uses $
0
1,437,966
1,437,966
1,538,724
Fund balance - January 1
12,459,133
10,920,409
Fund Balance - December 31
$ 13,897,099
$
12,459,133
Page 47
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Revenues - Budget and Actual
Year ended December 31, 2000
(with comparative actual amounts for year ended December 31, 1999)
Intergovernmental:
Federal aid
8,000
2000
(1,294)
1999
State grants:
0
4,155
Variance
0
Homestead credit
979,624
979,624
Favorable
956,476
State highway aid
Budget
Actual
(unfavorable)
Actual
Taxes:
0
1,476
1,476
15,153
General property tax
$ 13,500,158
13,569,399
69,241
13,183,581
Penalties and interest
5,000
6,451
1,451
3,966
Total taxes
13,505,158
13,575,850
70,692
13,187,547
Licenses and permits
1,399,500
1,835,828
436,328
1,998,798
Intergovernmental:
Federal aid
8,000
6,706
(1,294)
138,260
State grants:
0
4,155
4,155
0
Homestead credit
979,624
979,624
0
956,476
State highway aid
140,000
140,000
0
140,000
Other
0
1,476
1,476
15,153
Police aid
321,000
294,436
(26,564)
291,704
County grants:
15,000
13,821
(1,179)
15,117
Health programs
166,376
161,950
(4,426)
162,204
Total intergovernmental
1,615,000
1,584,192
(30,808)
1,703,797
Charges for service:
Building Department
2,500
10,174
7,674
84,545
City Clerk
0
4,155
4,155
0
Fire Department
20,000
21,027
1,027
12,863
Ambulance Fees
948,000
1,094,552
146,552
1,034,216
Police Department
128,000
117,098
(10,902)
161,371
Engineering
85,000
167,717
82,717
192,323
Health Department
15,000
13,821
(1,179)
15,117
Planning Department
16,000
23,275
7,275
25,565
Surcharge
0
3,689
3,689
2,717
Housing Foundation Contract
24,500
21,725
(2,775)
24,175
HRA Services
180,000
234,904
54,904
180,087
Assessing Searches
1,000
1,320
320
1,162
Park Registration
91,800
134,869
43,069
106,114
Other Fees
0
5,028
5,028
7,558
50th & France Assessment
11,000
11,000
0
11,000
Charges to other Funds
160,296
160,164
(132)
151,719
Total charges for service
1,683,096
2,024,518
341,422
2,010,532
Fines and forfeitures
479,000
967,421
488,421
794,710
Sale and rental of property
67,000
171,585
104,585
280,304
Other revenues:
Investment Income
30,400
430,577
400,177
(267,839)
Donations
1,000
0
(1,000)
500
Other revenue
25,000
9,803
(15,197)
2,085
Total other revenues
56,400
440,380
383,980
(265,254)
Total revenues
$ 18,805,154
20,599,774
1,794,620
19,710,434
Page 48
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 2000
(with comparative actual amounts for year ended December 31, 1999)
Planning:
Personal services
218,620
2000
903
1999
Contractual services
25,100
3,848
Variance
28,751
Commodities
1,215
48
Favorable
310
Central services
Budget
Actual
(unfavorable)
Actual
General government:
4,891
1,833
3,058
1,659
Mayor and council:
317,290
290,910
26,380
302,894
Personal services
$ 27,500
27,451
49
25,687
Contractual services
3,900
4,000
(100)
4,051
Commodities
1,000
831
169
445
Central services
35,004
35,004
0
34,668
Total mayor and council
67,404
67,286
118
64,851
Administration:
10,200
3,913
6,287
0
Personal services
518,173
537,433
(19,260)
501,254
Contractual services
115,400
98,096
17,304
116,605
Commodities
. 1,900
2,550
(650)
1,940
Central services
151,896
151,896
0
141,288
Capital outlay
5,514
8,140
(2,626)
4,962
Total administration
792,883
798,115
(5,232)
766,049
Planning:
Personal services
218,620
217,717
903
209,474
Contractual services
25,100
3,848
21,252
28,751
Commodities
1,215
48
1,167
310
Central services
67,464
67,464
0
62,700
Capital outlay
4,891
1,833
3,058
1,659
Total planning
317,290
290,910
26,380
302,894
Finance:
Personal services
305,446
282,209
23,237
244,249
Contractual services
78,300
97,049
(18,749)
100,803
Commodities
600
1,326
(726)
840
Central services
87,408
87,408
0
78,900
Capital outlay
7,140
46,474
(39,334)
4,349
Total finance
478,894
514,466
(35,572)
429,141
Election:
Personal services
100,173
92,702
7,471
8,678
Contractual services
13,200
5,077
8,123
312
Commodities
8,000
7,022
978
746
Central services
13,428
13,428
0
12,204
Capital outlay
10,200
3,913
6,287
0
Total election
145,001
122,142
22,859
21,940
Assessing
Personal services
393,357
395,288
(1,931)
375,498
Contractual services
62,986
52,329
10,657
51,823
Commodities
1,781
1,413
368
1,476
Central services
108,480
108,480
0
95,904
Capital outlay
14,500
43,451
(28,951)
4,173
Total assessing
581,104
600,961
(19,857)
528,874
Legal and court services:
Contractual services
359,000
341,375
17,625
428,941
Total general government
2,741,576
2,735,255
6,321
2,542,690
Page 49
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 2000
(with comparative actual amounts for year ended December 31, 1999)
Fire protection:
Personal services
2,196,752
2000
159,611
1999
Contractual services
182,315
215,511
Variance
212,638
Commodities
52,410
141,801
Favorable
140,272
Central services
Budget
Actual
(unfavorable)
Actual
Public Safety:
166,872
156,704
10,168
117,098
Police protection:
3,153,109
3,105,917
47,192
2,976,474
Personal services
3,471,796
3,435,371
36,425
3,314,965
Contractual services
248,715
265,515
(16,800)
207,191
Commodities
44,577
61,259
(16,682)
51,306
Central services
1,127,328
1,127,328
0
1,142,160
Capital outlay
297,193
204,534
92,659
263,509
Total police protection
5,189,609
5,094,007
95,602
4,979,131
Fire protection:
Personal services
2,196,752
2,037,141
159,611
1,950,458
Contractual services
182,315
215,511
(33,196)
212,638
Commodities
52,410
141,801
(89,391)
140,272
Central services
554,760
554,760
0
556,008
Capital outlay
166,872
156,704
10,168
117,098
Total fire protection
3,153,109
3,105,917
47,192
2,976,474
Civil defense:
9,427,075
9,222,091
204,985
8,957,707
Personal services
23,466
23,947
(481)
24,925
Contractual services
8,165
5,698
2,467
7,212
Commodities
1,216
1,366
(150)
1,338
Capital outlay
7,674
0
7,674
0
Total civil defense
40,521
31,011
9,510
33,475
Animal control:
Personal services
40,242
38,747
1,495
34,771
Contractual services
7,171
4,465
2,706
11,178
Commodities
3,478
1,196
21282
504
Central services
10,692
10,692
0
14,220
Capital outlay
6,342
0
6,342
22,901
Total animal control
67,925
55,100
12,825
83,574
Public Health:
9,427,075
9,222,091
204,985
8,957,707
Personal services
192,750
178,003
14,747
176,796
Contractual services
192,005
190,980
1,025
192,432
Commodities
4,125
2,763
1,362
434
Central services
66,624
66,624
0
65,400
Capital outlay
6,160
207
5,953
2,643
Total public health
461,664
438,577
23,087
437,705
Inspections:
Personal services
354,052
349,650
4,402
290,834
Contractual services
43,014
31,476
11,538
24,271
Commodities
4,667
3,763
904
6,508
Central services
98,304
98,304
0
90,852
Capital outlay
14,210
14,286
(76)
34,883
Total inspections
514,247
497,479
16,768
447,348
Total public safety
9,427,075
9,222,091
204,985
8,957,707
Page 50
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 2000
(with comparative actual amounts for year ended December 31, 1999)
Engineering:
Personal services
382,088
2000
15,438
1999
Contractual services
28,200
30,152
Variance
58,214
Commodities
12,000
7,281
Favorable
7,875
Central services
Budget
Actual
(unfavorable)
Actual
Public Works:
50,000
24,905
25,095
60,789
Administration:
604,192
560,892
43,300
603,464
Personal services
115,293
114,169
1,124
112,160
Contractual services
4,765
3,643
1,122
3,944
Commodities
0
749
(749)
800
Central services
34,920
34,920
0
33,792
Total administration
154,978
153,481
1,497
150,696
Engineering:
Personal services
382,088
366,650
15,438
357,894
Contractual services
28,200
30,152
(1,952)
58,214
Commodities
12,000
7,281
4,719
7,875
Central services
131,904
131,904
0
118,692
Capital outlay
50,000
24,905
25,095
60,789
Total engineering
604,192
560,892
43,300
603,464
Supervision and overhead:
Personal services
152,805
153,889
(1,084)
126,435
Contractual services
33,000
26,334
6,666
26,861
Commodities
1,000
208
792
25
Central services
428,832
428,832
0
418,656
Total supervision and overhead
615,637
609,263
6,375
571,977
Street Maintenance:
Personal services
968,500
859,839
108,661
893,488
Contractual services
609,150
532,740
76,410
615,732
Commodities
476,500
445,079
31,421
462,445
Central services
535,668
535,668
0
507,672
Capital outlay
456,000
530,427
(74,427)
357,082
Total street maintenance
3,045,818
2,903,753
142,065
2,836,419
Total public works
4,420,625
4,227,389
193,237
4,162,556
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 2000
(with comparative actual amounts for year ended December 31, 1999)
Parks:
Administration:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total administration
Recreation:
Personal services
Contractual services
Commodities
Total recreation
Maintenance:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total supervision and overhead
Total parks
Page 51
2000 1999
Variance
Favorable
Budget Actual (unfavorable) Actual
395,223
379,976
15,247
363,046
26,495
26,784
(289)
26,344
18,844
13,994
4,850
19,758
116,064
116,054
10
114,300
4,370
5,230
(860)
3,353
560,996
542,038
18,957
526;801
99,135
93,925
5,210
95,424
18,778
12,273
6,505
13,766
31,486
29,781
1,705
35,559
149,399
135,979
13,420
144,749
$ 744,520
772,800
(28,280)
757,120
267,336
191,569
75,767
284,926
138,272
129,156
9,116
119,632
384,276
384,276
0
410,856
96,275
99,691
(3,416)
121,975
1,630,679
1,577,492
53,187
1,694,509
2,341,074
2,255,509
85,564
2,366,059
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 2000
(with comparative actual amounts for year ended December 31, 1999)
Unallocated general expenditures:
Contingencies
Contractual services
Commodities
Capital outlay
Total contingencies
City's share of special assessment
Human Rights Commission
Contractual services
Total Human Rights Commission
Fireworks
Commodities
Total fireworks
Suburban Rate Authority
Contractual services
Total Suburban Rate Authority
Page 52
2000 1999
Variance
Favorable
Budget Actual (unfavorable) Actual
76,500
78,972
(2,472)
72,823
0
10,559
(10,559)
9,485
0
0
0
12,115
76,500
89,531
(13,031)
94,423
20,000
22,505
(2,505)
29,188
Contractual services
21,218
83,350
82,125
1,225
79,663
83,350
82,125
1,225
79,663
11,000
11,000
0
11,000
11,000
11,000
0
11,000
4,000
4,496
(496)
4,000
4,000
4,496
(496)
4,000
Familink
Contractual services
30,236
30,236
0
34,505
Total Familink
30,236
30,236
0
34,505
Regional Planning Commission
Contractual services
21,218
21,218
0
20,357
Total Regional Planning Commission
21,218
21,218
0
20,357
Deer control
Personal services
Contractual services
Commodities
Total deer control
Fire Station debt service
Total unallocated general expenditures
Central services
Total expenditures
0 786 (786) 0
7,000 315 6,685 9,325
.nn A nn 9 1A 44^
I ,JVV I,LLI V,LI J J,TVJ
V�,VVV VV,IVI LV� VV,IVI
337,804 346,099 (8,295) 366,332
0 73,920 (73,920) (135,670)
$ 19,268,154 18,860,263 407,891 18,259,674
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Central Services Expenditures - Budget and Actual
Year ended December 31, 2000
(with comparative actual amounts for year ended December 31, 1999)
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
Page 53
Net central services 0 73,920 (73,920) (135,670)
2000
1999
Variance
Favorable
Budget
Actual
(unfavorable)
Actual
$ 3,038,848
3,059,486
(20,638)
2,755,131
783,500
848,367
(64,867)
734,980
26,000
45,010
(19,010)
36,651
76,000
36,986
39,014
39,595
3,924,348
3,989,849
(65,501)
3,566,357
68,664
63,577
5,087
66,301
45,420
47,315
(1,895)
45,745
34,560
20,443
14,117
33,954
17,112
17,112
0
15,804
165,756
148,447
17,309
161,804
66,638
108,338
(41,700)
50,762
93,500
98,329
(4,829)
85,242
58,500
82,594
(24,094)
65,410
13,068
13,068
0
9,744
7,298
4,392
2,906
1,240
239,004
306,721
(67,717)
212,398
304,909
271,920
32,989
271,188
90,500
82,412
8,088
85,668
485,000
484,386
614
468,397
264,720
264,720
0
243,516
27,223
5,769
21,454
199,166
1,172,352
1,109,207
63,145
1,267,935
5,501,460
5,554,224
(52,764)
5,208,494
5,501,460
5,480,304
21,156
5,344,164
Net central services 0 73,920 (73,920) (135,670)
Page 54
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, 2000
(with comparative totals for December 31, 1999)
Community
Development
Block Grant Communications
Assets
Page 55
Totals
2000 1999
Investments $
0
1,049,987
1,049,987
934,892
Accounts receivable
0
8
8
721
Accrued interest receivable
0
12,869
12,869
10,947
Due from other funds
0
111,766
111,766
2,000
Due from other governments
1,650
0
1,650
1,915
Total assets $
1,650
1,174,630
1,176,280
950,475
Liabilities and Fund Balance
Liabilities:
Accounts payable
0
22,419
22,419
5,823
Salaries payable
0
1,207
1,207
0
Due to other funds
1,650
0
1,650
1,861
Due to other governments
0
3,087
3,087
0
Total liabilities
1,650
26,713
28,363
7,684
Fund balance:
Unreserved - undesignated
0
1,147,917
1,147,917
942,791
Total liabilities and fund balance $
1,650
1,174,630
1,176,280
950,475
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Revenues:
Franchise fees
Intergovernmental:
Federal grants
Investment income
Other revenue
Total revenues
Expenditures:
Current:
Other:
Personal services
Contractual services
Commodities
Fixed charges
Capital outlay
Total expenditures
Excess of revenues over
expenditures
Fund balance- January 1
Fund balance- December 31
Year ended December 31, 2000
(with comparative totals for year ended December 31, 1999)
Community
Development
Block Grant
$ 0
Page 56
Totals
Communications 2000 1999
336,678 336,678 297,866
42,231
0
42,231
46,241
0
117,016
117,016
(17,047)
0
3,617
3,617
0
42,231
457,311
499,542
327,060
1,650
40,274
41,924
4,635
40,581
182,754
223,335
231,242
0
4,323
4,323
4,475
0
16,188
16,188
35,184
0
8,646
8,646
56,812
42,231
252,185
294,416
332,348
0
205,126
205,126
(5,288)
0
942,791
942,791
948,079
$ 0
1,147,917
1,147,917
942,791
Page 57
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.
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Balance Sheet
December 31, 2000
(with comparative totals for December 31, 1999)
General Improvement
Debt Bond
Assets Service Redemption II
Cash $ 75,751 0
Cash and investments with fiscal agents 15,726,593 0
Special assessments receivable:
Current 0 32,839
Deferred 0 2,260,602
Bloomington 0 96,533
Taxes Receivable:
Page 58
Totals
2000 1999
75,751 344,335
15,726,593 0
32,839 25,146
2,260,602 2,783,207
96,533 108,600
Delinquent
15,542
0
15,542
12,971
Allowance for uncollectible taxes
(15,542)
0
(15,542)
(12,971)
Due from other funds
742,698
158,834
901,532
422,726
Due from other governments
5,422
3,342
8,764
6,914
Total assets
$ 16,550,464
2,552,150
19,102,614
3,690,928
Liabilities and Fund Balance
Liabilities
Due to other funds
0
0
0
366,606
Due to other governments
0
96,704
96,704
108,686
Deferred revenue
0
2,293,442
2,293,442
2,808,353
Total liabilities
0
2,390,146
2,390,146
3,283,645
Fund balance:
Reserved for debt service
16,550,464
162,004
16,712,468
407,283
Total fund balance
16,550,464
162,004
16,712,468
407,283
Total liabilities and fund balance
$ 16,550,464
2,552,150
19,102,814
3,690,928
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended December 31, 2000
(with comparative totals for year ended December 31, 1999)
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
Proceeds from sale of tax increment 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 59
General
Improvement
Debt
Bond
Totals
Service
Redemption II
2000
1999
$ 738,349
0
738,349
723,026
0
721,871
721,871
855,137
88,788
0
88,788
0
827,137
721,871
1,549,008
1,578,163
0
1,600
1,600
1,800
5,870,000
180,000
6,050,000
3,275,000
3,095,261
13,340
3,108,601
3,262,266
8,965,261
194,940
9,160,201
6,539,066
(8,138,124) 526,931 (7,611,193) (4,960,903)
5,778,574 0 5,778,574 5,646,647
0 0 0 (999,867)
18,137,804 0 18,137,804 0
23,916,378 0 23,916,378 4,646,780
15,778,254 526,931 16,305,185 (314,123)
772,210 (364,927) 407,283 721,406
$ 16,550,464 162,004 16,712,468 407,283
Page 60
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 61
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Balance Sheet
December 31, 2000
(with comparative totals for December 31, 1999)
Fund balance(deficit):
Reserved for encumbrances
17,527
Housing and
0
17,527
328
Reserved for special projects
0
Redevelopment
0
0
78,342
Unreserved:
Authority of
Totals
Assets
Construction
Edina
Revolving
2000
1999
Cash
$ 0
104,217
0.
104,217
19,180
Investments
0
16,314,568
9,359,100
25,673,668
23,641,218
Accounts receivable
0
0
26,653
26,653
11,664
Accrued interest receivable
0
228,168
88,312
316,480
236,501
Special assessments receivable:
Delinquent
0
0
1,946
1,946
1,982
Deferred
0
0
983,163
983,163
143,200
Taxes receivable
0
0
0
0
7,647
Due from other governments
0
150,847
2,486
153,333
1,274,638
Total assets
$ 0
16,797,800
10,461,660
27,259,460
25,336,030
Liabilities and Fund Balance
Liabilities:
Accounts payable
1,475
573,707
39,439
614,621
399,501
Salaries payable
0
0
2,257
2,257
1,051
Contracts payable
12,983
86,341
108,175
207,499
15,908
Due to other funds
1,600,948
777,486
586,567
2,965,001
5,790,313
Due to other governments
0
4,433
8,154
12,587
189
Taxes payable
0
0
0
0
80,593
Deferred revenue
0
0
985,109
985,109
145,180
Total liabilities
1,615,406
1,441,967
1,729,701
4,787,074
6,432,735
Fund balance(deficit):
Reserved for encumbrances
17,527
0
0
17,527
328
Reserved for special projects
0
0
0
0
78,342
Unreserved:
Designated
0
0
8,731,959
8,731,959
0
Unreserved - undesignated
(1,632,933)
15,355,833
0
13,722,900
18,824,625
Total fund balance (deficit)
(1,615,406)
15,355,833
8,731,959
22,472,386
18,903,295
Total liabilities and fund balance
$ 0
16,797,800
10,461,660
27,259,460
25,336,030
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance (Deficit)
Year ended December 31, 2000
(with comparative totals for year ended December 31, 1999)
Revenues:
Tax increments
Special assessments
Intergovernmental
Charges for services
Investment income
Sale and 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 /construction fund
General debt service fund
Liquor 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, as restated
Fund balance (deficit)- December 31
Page 62
0
Housing and
71,467
306,639
238,165
0
Redevelopment
90,845
384,578
190,556
0
Authority of
48,742
Totals
435,395
Construction
Edina
Revolving
2000
1999
$ 0
8,590,313
0
8,590,313
8,084,657
0
0
438,005
438,005
135,193
195,690
0
58,567
254,257
1,434,970
845,230
0
32,918
878,148
204,001
0
1,134,008
605,748
1,739,756
700,000
0
0
984,941
984,941
3,781
17,457
3,577
62,478
83,512
468,889
1,058,377
9,727,898
2,182,657
12,968,932
11,031,491
0
235,172
71,467
306,639
238,165
0
293,733
90,845
384,578
190,556
0
475,719
48,742
524,461
435,395
810,178
5,844,988
552,800
7,207,966
4,542,885
810,178
6,849,612
763,854
8,423,644
5,407,001
248,199
2,878,286
1,418,803
4,545,288
5,624,490
0
0
279,065
279,065
153,460
1,174,434
0
(1,174,434)
0
0
0
(5,778,574)
0
(5,778,574)
(4,646,780)
0
0
919,000
919,000
0
0
3,604,312
0
3,604,312
0
1,174,434
(2,174,262)
23,631
(976,197)
(4,493,320)
1,422,633
704,024
1,442,434
3,569,091
1,131,170
(3,038,039)
14,651,809
7,289,525
18,903,295
17,772,125
$ (1,615,406)
15,355,833
8,731,959
22,472,386
18,903,295
Page 63
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.
Page 64
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Balance Sheet
December 31, 2000
(with comparative totals for December 31, 1999)
Long -term liabilities:
Deposits payable
36,100
0
Swimming
Assets
Utilities
Liquor
Pool
Current assets:
0
0
0
Cash
$ 0
0
0
Petty cash and change funds
0
4,440
0
Investments
4,580,148
0
0
Cash with fiscal agents
0
0
532,126
Receivables:
Accounts
0
2,993
53
Customers
2,170,225
0
0
Interest
43,672
0
0
Special Assessments
76,457
0
0
Due from other funds
179,441
1,051,358
243,000
Due from other governments
4,527
0
0
Inventory
88,204
979,726
0
Total current assets
7,142,674
2,038,517
775,179
Advance to other funds
0
0
0
Property and equipment, net
25,892,008
614,161
1,860,344
Discounts on bonds
23,916
0
5,291
Total assets
$ 33,058,598
2,652,678
2,640,814
Liabilities and Fund Equity
Current liabilities:
Accounts payable
338,137
241,058
2,017
Salaries payable
24,512
32,256
0
Contracts payable
94,563
0
0
Accrued interest payable
52,644
0
27,484
Due to other funds
0
0
0
Due to other governments
241,501
103,494
31
Compensated absences payable
146,057
78,922
0
Total current liabilities
897,414
455,730
29,532
Long -term liabilities:
Deposits payable
36,100
0
0
Deferred revenue
0
0
0
Advance from other funds
0
0
0
Obligation under capital lease
0
0
0
Bonds payable
3,265,000
0
1,100,000
Total long -term liabilities
3,301,100
0
1,100,000
Total liabilities
4,198,514
455,730
1,129,532
Fund equity:
Contributed capital
21,020
0
1,468,264
Retained earnings (deficit):
Reserved for debt service
274,998
0
32,500
Unreserved - undesignated
28,564,066
2,196,948
10,518
Total retained earnings (deficit)
28,839,064
2,196,948
43,018
Total liabilities and fund equity
$ 33,058,598
2,652,678
2,640,814
Page 65
Golf
Art
Edinborough Park
Totals
Course
Arena
Center
Centennial Lake
2000
1999
0
0
0
0
0
1,503
4,400
700
275
1,500
11,315
11,265
0
0
0
0
4,580,148
1,759,670
2,750,600
2,952
0
820
3,286,498
3,306,034
2,459
108,636
0
374
114,515
109,903
0
0
0
0
2,170,225
2,010,560
0
0
0
63,314
106,986
56,313
0
0
0
0
76,457
105,212
54,973
568
8,618
22,432
1,560,390
4,809,711
0
0
0
0
4,527
5,212
82,111
0
15,493
0
1,165,534
981,068
2,894,543
112,856
24,386
88,440
13,076,595
13,156,451
0
0
0
0
0
145,012
7,145,696
4,602,406
445,497
793,827
41,353,939
40,376,037
41,043
9,204
0
0
79,454
97,273
10,081,282
4,724,466
469,883
882,267
54,509,988
53,774,773
61,716
39,683
16,743
26,474
725,828
632,025
26,544
14,902
4,843
17,824
120,881
104,259
0
0
0
0
94,563
13,170
201,130
46,105
0
0
327,363
401,692
0
0
0
0
0
200,000
5,611
350
735
3,959
355,681
155,320
164,171
68,440
30,405
78,099
566,094
144,466
459,172
169,480
52,726
126,356
2,190,410
1,650,932
10,993
3,500
0
0
50,593
12,354
0
5,040
0
0
5,040
5,040
0
0
0
0
0
145,012
16,800
151,200
0
42,000
210,000
260,000
7,760,000
1,660,000
0
0
13,785,000
14,570,000
7,787,793
1,819,740
0
42,000
14,050,633
14,992,406
8,246,965
1,989,220
52,726
168,356
16,241,043
16,643,338
2,800
3,286,798
291,926
654,193
5,725,001
6,177,967
1,115,031
184,591
0
0
1,607,120
1,607,120
716,486
(736,143)
125,231
59,718
30,936,824
29,346,348
1,831,517
(551,552)
125,231
59,718
32,543,944
30,953,468
10,081,282
4,724,466
469,883
882,267
54,509,988
53,774,773
Page 66
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
December 31, 2000
(with comparative totals for December 31, 1999)
Swimming
Utilities
Liquor
Pool
Operating revenues:
Charges for sales and services:
Sales - Liquor
$ 0
8,989,480
0
Sales - Retail
0
0
196
Sales - Utility
8,639,374
0
0
Sales - Concessions
0
0
73,625
Memberships
0
0
373,798
Admissions
0
0
150,091
Building rental
0
0
15,397
Rental of equipment
0
0
0
Greens fees
0
0
0
Otherfees
154,012
0
23,858
Total operating revenues
8,793,386
8,989,480
636,965
Operating expenses:
Cost of sales and services
102,855
6,663,033
21,756
Personal services
893,746
768,795
183,178
Contractual services
4,378,399
221,260
89,917
Commodities
505,674
51,094
45,892
Central services
455,544
243,612
25,464
Depreciation
866,758
57,609
150,519
Total operating expenses
7,202,976
8,005,403
516,726
Operating income (loss)
1,590,410
984,077
120,239
Nonoperating revenues (expenses):
Investment income
159,569
0
22,201
Donations
0
0
0
Miscellaneous revenue (expense)
110
243
45
Interest and fiscal charges
(127,525)
0
(55,425)
Interest on capital lease
0
0
0
Gain (loss) on disposal of capital assets
(58,299)
(23,187)
(37,752)
Amortization of bond discount
(2258)
0
(1,962)
Total nonoperating revenues (expenses)
(29,103)
(22,944)
(72,893)
Income (loss) before operating transfers
1,561,307
961,133
47,346
Operating transfers in (out):
General fund
0
0
0
Art center fund
0
(139,000)
0
Liquor store fund
0
0
0
Golf Course fund
0
0
0
Arena fund
0
(81,000)
0
Revolving fund
0
(919,000)
0
Total operating transfers, net
0
(1,139,000)
0
Net income (loss)
1,561,307
(177,867)
47,346
Add depreciation on contributed assets
443
0
96,033
Increase (decrease) in retained earnings
1,561,750
(177,867)
143,379
Retained earnings (deficit) - January 1
27,277,314
2,374,815
(100,361)
Retained earnings (deficit) - December 31
$ 28,839,064
2,196,948
43,018
Golf Art
Course Arena Center
Edinborough Park
Centennial Lake
Totals
Page 67
^rlr%
0
0
0
0
8,989,480
8,423,812
347,017
24,720
40,540
0
412,473
376,148
0
0
0
0
8,639,374
8,378,216
297,666
0
0
25,062
396,353
391,037
157,155
5,218
26,629
21,179
583,979
520,848
271,716
82,745
0
58,155
562,707
581,044
67,467
908,657
0
198,650
1,190,171
1,129,746
338,021
7,268
0
53,760
399,049
377,198
1,974,991
0
0
181,447
2,156,438
2,046,256
499,975
108,349
315,543
433,946
1,535,683
1,332,433
3,954,008
1,136,957
382,712
972,199
24,865,707
23,556,738
340,722
65
35,810
10,643
7,174,884
6,704,254
1,461,937
447,206
225,619
665,159
4,645,640
4,147,974
459,641
382,772
187,868
363,495
6,083,352
5,536,401
310,035
60,824
64,320
158,701
1,196,540
1,033,585
275,808
99,240
62,465
202,368
1,364,501
1,293,228
508,189
321,095
56,032
171,869
2,132,071
2,103,687
3,356,332
1,311,202
632,114
1,572,235
22,596,988
20,819,129
597,676
(174,245)
(249,402)
(600,036)
2,268,719
2,737,609
.114,840
0
0
322,663
619,273
408,055
0
0
21,352
0
21,352
17,283
170
0
0
87
655
67,293
(405,548)
(92,989)
0
0
(681,487)
(605,479)
(1,049)
(9,440)
0
(2,622)
(13,111)
(15,511)
(34,983)
(11,353)
(35,476)
(48,022)
(249,072)
27,636
(11,749)
(1,150)
0
0
(17,819)
(16,341)
(338,319)
(114,932)
(14,124)
272,106
(320,209)
(117,064)
259,357
(289,177)
(263,526)
(327,930)
1,948,510
2,620,545
0
0
0
108,000
108,000
23,000
0
0
0
0
(139,000)
(155,000)
0
81,000
139,000
0
220,000
680,000
0
0
0
0
0
35,000
0
0
0
0
(81,000)
(560,000)
0
0
0
0
(919,000)
0
0
81,000
139,000
108,000
(811,000)
23,000
259,357
(208,177)
(124,526)
(219,930)
1,137,510
2,643,545
800
187,352
18,375
149,963
452,966
448,134
260,157
(20,825)
(106,151)
(69,967)
1,590,476
3,091,679
1,571,360
(530,727)
231,382
129,685
30,953,468
27,861,789
1,831,517
(551,552)
125,231
59,718
32,543,944
30,953,468
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Cash Flows
December 31, 2000
(with comparative totals for year ended December 31, 1999)
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 customer accounts receivable
(Increase) decrease in special assessments receivable
(Increase) decrease in due from other funds
(Increase) decrease in due from other governments
(Increase) decrease in inventory
Increase (decrease) in accounts payable
Increase in salaries payable
Increase (decrease) in contracts payable
Increase (decrease) in accrued interest payable
Decrease in due to other funds
Increase (decrease) in due to other governments
Increase in compensated absences payable
Increase in deposits payable
Miscellaneous revenue
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
Operating transfer (out) — Revolving fund
Net cash provided used for noncapital financing activities
Cash flows from capital and related financing activities:
Net acquisition of capital assets
Gain (loss) on disposal of capital 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 and related financing activities
Cash flows from investing activities:
Purchase of investments
Decrease in interest receivable
Investment income
Net cash used 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 68
(3,006,604)
(58,299)
0
(335,000)
0
0
0
0
(127,525)
(3,527,428)
23,187
(23,187)
0
0
0
0
0
0
0
0
9,459
(37,752)
0
(20,000)
0
0
22,201
0
(55,425)
(81,517)
(2,820,478) 0 0
(43,672) 0 0
159,569 0 0
(2,704,581) 0 0
0 0 (3,475)
0 4,440 535,601
0 4,440 532,126
0 0 0
$ 0 0 0
Swimming
Utilities
Liquor
Pool
$ 1,590,410
984,077
120,239
866,758
57,609
150,519
0
(2,993)
(53)
(159,665)
0
0
28,755
0
0
3,387,000
94,144
(190,033)
685
0
0
(65,447)
(98,963)
0
183,343
(104,557)
1,558
2,556
3,447
0
81,393
0
0
(38,964)
0
(4,175)
0
0
0
208,029
(1,091)
(58)
110,946
62,072
0
36,100
0
0
110
243
45
4,641,599
9,911
(42,197)
6,232,009
993,988
78,042
0
0
0
0
145,012
0
0
0
0
0
0
0
0
(139,000)
0
0
0
0
0
0
0
0
(81,000)
0
0
(919,000)
0
0
(993,988)
0
(3,006,604)
(58,299)
0
(335,000)
0
0
0
0
(127,525)
(3,527,428)
23,187
(23,187)
0
0
0
0
0
0
0
0
9,459
(37,752)
0
(20,000)
0
0
22,201
0
(55,425)
(81,517)
(2,820,478) 0 0
(43,672) 0 0
159,569 0 0
(2,704,581) 0 0
0 0 (3,475)
0 4,440 535,601
0 4,440 532,126
0 0 0
$ 0 0 0
Page 69
Golf Art Edinborough Park Totals
Course Arena Center Centennial Lake 2000 1999
597,676 (174,245) (249,402) (600,036) 2,268,719 2,776,274
508,189
321,095
56,032
171,869
2,132,071
6,833
(8,025)
0
55,939
51,701
0
0
0
0
(159,665)
0
0
0
0
28,755
(54,973)
2,146
11,648
(611)
3,249,321
0
0
0
0
685
(20,219)
0
163
0
(184,466)
17,101
4,917
3,557
(12,116)
93,803
2,459
7,949
87
124
16,622
0
0
0
0
81,393
(28,448)
(2,742)
0
0
(74,329)
(200,000)
0
0
0
(200,000)
437
(8,729)
(285)
2,058
200,361
122,028
53,571
20,610
52,401
421,628
2,139
0
0
0
38,239
170
0
0
87
655
355,716
370,182
91,812
269,751
5,696,774
953,392
195,937
(157,590)
(330,285)
7,965,493
0
0
21,352
0
0
0
(145,012)
0
0
0
0
0
0
0
0
0
81,000
139,000
0
0
0
0
(13,111)
(15,511)
0
0
0
(145,012)
81,000
160,352
(166,150)
(25,238)
32,764
(34,983)
(11,353)
(35,476)
0
0
0
(330,000)
(100,000)
0
0
0
0
(4,000)
(36,000)
0
114,840
0
0
(1,049)
(9,440)
0
(405,548)
(92,989)
0
(826,890) (275,020) (2,712)
0
21,352
0
145,012
0
(145,012)
108,000
108,000
0
(139,000)
0
220,000
0
0
0
(81,000)
0
(919,000)
108,000
(789,648)
2,103,687
(72,651)
72,776
(58,820)
(4,052,705)
(4,554)
1,181
(22,390)
17,877
(63,395)
163,103
(50,000)
(211,516)
11,513
5,502
23,921
(2,136,471)
639,803
35,189
808,417
(808,417)
23,000
(155,000)
680,000
35,000
(560,000)
0
58,189
22,609
(3,109,973)
(1,398,226)
(48,022)
(249,072)
27,636•
0
0
6,870,000
0
(785,000)
(850,000)
0
0
(54,368)
(10,000)
(50,000)
(50,000)
0
137,041
68,275
(2,622)
(13,111)
(15,511)
0 (681,487) (605,479)
38,035) (4,751,602) 3,992,327
0
0
0
0
(2,820,478)
(1,759,670)
0
0
0
(63,314)
(106,986)
48,674
0
0
0
322,663
482,232
326,581
0
0
0
259,349
(2,445,232)
(1,384,415)
(18,510)
1,917
50
(971)
(20,989)
3,305,904
2,773,510
1,735
225
3,291
3,318,802
12,898
2,755,000
3,652
275
2,320
3,297,813
3,318,802
0
0
0
0
0
8,181
0
0
0
0
0
8,181
Page 70
CITY OF EDINA, MINNESOTA
Utilities Fund
Balance Sheet
December 31, 2000
(with comparative amounts for December 31, 1999)
Assets
Current assets:
Investments
Receivables:
Customers
Interest
Assessments
Due from other funds
Due from other governments
Inventory
Total current assets
Property and equipment, net
Discount on bonds
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Salaries payable
Contracts payable
Accrued interest payable
Due to other governments
Compensated absences payable
Total current liabilities
Long -term liabilities:
Deposits payable
Bonds payable
Total liabilities
Fund equity:
Contributed capital
Retained earnings:
Reserved for debt service
Unreserved -- undesignated
Total retained earnings
2000
$ 4,580,148
2,170,225
43,672
76,457
179,441
4,527
88,204
7,142,674
1999
1,759,670
2,010,560
0
105,212
3,566,441
5,212
22,757
7,469,852
25,892,008 23,752,161
23,916 26,874
$ 33,058,598 31,248,887
338,137
24,512
94,563
52,644
241,501
146,057
897,414
36,100
3,265,000
4,198,514
21,020
274,998
28, 564,066
28,839,064
154,794
21,956
13,170
91,608
33,472
35,111
350,111
0
3,600,000
3,950,111
21,462
274,998
27,002,316
27,277,314
Total liabilities and retained earnings $ 33,058,598 31,248,887
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 2000
(with comparative amounts for year ended December 31, 1999)
Operating expenses:
Cost of sales and services
2000
1999
Operating revenues:
893,746
754,731
Storm sewer charges
$ 581,654
577,884
Water charges
2,909,622
2,597,734
Sewer charges
4,636,860
4,682,113
Recycling
495,300
494,126
Sale of meters
15,938
26,359
Other
368,637
354,949
Penalties
82,802
52,228
State Health
71,210
71,979
Total operating revenues
8,793,386
8,502,423
Operating expenses:
Cost of sales and services
102,855
63,608
Personal services
893,746
754,731
Contractual services
General costs
949,182
1,020,170
Recycling charges
455,222
421,109
Disposal charges
2,973,995
2,639,687
Commodities
General costs
368,637
354,949
Water purchased
137,037
126,209
Central services
.455,544
481,728
Depreciation
866,758
849,381
Total operating expenses
7,202,976
6,711,572
Operating income
1,590,410
1,790,851
Nonoperating revenues (expenses):
Investment income 159,569 60,454
Miscellaneous revenue (expense) 110 1,650
Interest and fiscal charges (127,525) (83,429)
Loss on disposal of capital assets (58,299) 0
Amortization of bond discount (2,958) (2,101)
Total nonoperating expenses (29,103) (23,426)
Net income 1,561,307 1,767,425
Add depreciation on contributed assets 443 443
Increase in retained earnings 1,561,750 1,767,868
Retained earnings — January 1
27,277,314
Retained earnings -- December 31 $ 28,839,064
25,509,446
27,277,314
Page 71
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Cash Flows
Year ended December 31, 2000
(with comparative amounts for year ended year ended December 31,1999)
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 customer accounts receivable
(Increase) decrease in assessments receivable
(Increase) decrease in due from other funds
(Increase) decrease in due from other governments
(Increase) decrease in inventory
Increase (decrease) in accounts payable
Increase in salaries payable
Increase (decrease) in contracts payable
Increase (decrease) in accrued interest payable
Increase (decrease) in due to other governments
Increase (decrease) in compensated absences payable
Increase in deposits payable
Miscellaneous revenue
Total adjustments
Net cash provided (used) 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 and related financing activities:
Net acquisition of capital assets
Loss on disposal of capital assets
Proceeds on revenue bonds
Principal paid on revenue bonds
Increase on bond discount
Interest paid on bonds
Net cash provided (used) by capital financing activities
Cash flows from investing activities:
Purchase of investments
Increase of interest receivable
Investment income
Net cash used by investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents, beginning of year
Page 72
2000 1999
$ 1,590,410 1,790,851
866,758
(159,665)
28,755
3,387,000
685
(65,447)
183,343
2,556
81,393
(38,964)
208,029
110,946
36,100
110
4,641,599
6,232,009
849,381
72,776
(58,820)
(3,371,663)
(4,554)
7,788
(2,306)
4,501
(63,395)
83,067
(223,497)
1,765
0
1,650
(2,703,307)
(912,456)
0 479,539
0 479,539
(3,006,604)
(58,299)
0
(335,000)
0
(127,525)
(3,527,428)
(2,820,478)
(43,672)
159,569
(2,704,581)
Cash and cash equivalents, end of year 0
(935,592)
0
3,600,000
(420,000)
(28,846)
(83,429)
2,132,133
(1,759,670)
0
60,454
(1,699,216)
0
0
0
Page 73
CITY OF EDINA, MINNESOTA
Liquor Fund
Balance Sheet
December 31, 2000
(with comparative amounts for December 31, 1999)
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
2000 1999
$ 4,440
2,993
1,051,358
979,726
2,038,517
0
614,161
$ 2,652,678
241,058
32,256
103,494
78,922
455,730
4,440
0
1,145,502
880,763
2,030,705
145,012
694,957
2,870,674
345,615
28,809
104,585
16,850
495,859
2,196,948 2,374,815
Total liabilities and retained earnings $ 2,652,678 2,870,674
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 2000
(with comparative totals for year ended December 31, 1999)
Operating revenues:
Sales - Liquor
Deposits /refunds
Liquor
Wine
Beer
Miscellaneous
Total operating revenues
Operating expenses:
Cost of sales and services
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income
Nonoperating revenues (expenses):
Miscellaneous revenue (expense)
Loss on disposal of capital assets
Total nonoperating revenues (expenses)
Income before operating transfer out
Operating transfer out: Art Center
Operating transfer out: Arena
Operating transfer out: Revolving fund
Net income (loss)
Retained earnings -- January 1
Page 74
2000 1999
$ 665
2,558,895
3,650,130
2,491,806
287,984
8,989,480
6,663,033
768,795
221,260
51,094
243,612
57,609
8,005,403
984,077
243
(23,187)
(22,944)
961,133
(139,000)
(81,000)
(919,000)
(1,139,000)
(177,867)
3,414
2,429,192
3,329,113
• 2,382,608
279,487
8,423,814
6,260,968
694,571
181,838
38,420
242,472
55,935
7,474,204
949,610
(1,184)
(2,880)
(4,064)
945,546
(155,000)
(525,000)
0
(680,000)
265,546
2,374,815 2,109,269
Retained earnings— December 31 $ 2,196,948 2,374,815
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Cash Flows
Year ended December 31, 2000
(with comparative amounts for year ended December 31, 1999)
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 due from other funds
Increase in inventory
Increase (decrease) in accounts payable
Increase in salaries payable
Increase (decrease) in due to other governments
Increase in compensated absences payable
Miscellaneous revenue (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 )—Revolving fund
Operating transfer (out )—Arena
Net cash used by noncapital financing activities
Cash flows from capital and related financing activities:
Acquisition of capital assets
Loss on disposal of capital assets
Net cash used by capital financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents, beginning of year
Page 75
2000 1999
984,077 949,730
57,609
(2,993)
94,144
(98,963)
(104,557)
3,447
(1,091)
62,072
243
9,911
993,988
145,012
(139,000)
(81,000)
(919,000)
(993,988)
55,935
611
(671,309)
(6,382)
38,523
9,796
10,759
4,155
(1,304)
(559,216)
390,514
328,878
(155,000)
0
(525,000)
(351,122)
23,187 (36,412)
(23,187) (2,880)
0 (39,292)
100
4,440 4,340
Cash and cash equivalents, end of year $ 4,440 4,440
Page 76
CITY OF EDINA, MINNESOTA
Liquor Fund
Schedule of Revenue and Operating Expenses by Location
Year ended December 31, 2000
(with comparative amounts for year ended December 31, 1999)
Occupancy:
Personal services
1,016
5,975
2,542
Totals
7,704
Contractual services
50th Street
Yorkdale
Vernon
2000
1999
Operating revenues:
1,736
2,338
3,347
7,421
6,924
Sales - Liquor
20,881
23,385
13,343
57,609
55,935
Deposits /refunds
$ 98
305
262
665
3,414
Liquor
424,775
1,229,522
904,598
2,558,895
2,429,192
Wine
835,591
1,653,654
1,160,885
3,650,130
3,329,113
Beer
453,403
1,240,309
798,094
2,491,806
2,382,608
Miscellaneous
54,220
129,904
103,860
287,984
279,487
Total operating revenues
1,768,087
4,253,694
2,967,699
8,989,480
8,423,814
Total administrative
Operating expenses:
268,139
229,486
671,367
580,572
Total operating expenses
Selling:
3,717,854
2,644,902
8,005,403
7,474,204
Operating income
Cost of sales and services
1,297,385
3,153,799
2,211,849
6,663,033
6,260,968
Personal services
112,591
201,012
149,158
462,761
447,601
Contractual services
9,995
10,491
13,419
33,905
14,723
Commodities
5,342
10,452
4,503
20,297
23,856
Total selling
1,425,313
3,375,754
2,378,929
7,179,996
6,747,148
Occupancy:
Personal services
1,016
5,975
2,542
9,533
7,704
Contractual services
19,959
42,263
17,255
79,477
75,921
Commodities
1,736
2,338
3,347
7,421
6,924
Depreciation
20,881
23,385
13,343
57,609
55,935
Total occupancy
43,592
73,961
36,487
154,040
146,484
Administrative:
Personal services
79,631
113,208
103,662
296,501
239,266
Contractual services
25,130
50,496
32,252
107,878
91,194
Commodities
6,977
9,275
7,124
23,376
7,640
Central services
62,004
95,160
86,448
243,612
242,472
Total administrative
173,742
268,139
229,486
671,367
580,572
Total operating expenses
1,642,647
3,717,854
2,644,902
8,005,403
7,474,204
Operating income
$ 125,440
535,840
322,797
984,077
949,610
Page 77
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Balance Sheet
December 31, 2000
(with comparative amounts for December 31, 1999)
Assets
Current assets:
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
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)
2000
$ 532,126
53
243,000
775,179
1,860,344
5,291
$ 2,640,814
2,017
27,484
31
29,532
1999
535,601
0
52,967
588,568
2,020,323
7,253
2,616,144
459
31,659
89
32,207
1,100,000 1,120,000
1,129,532 1,152,207
1,468,264
32,500
10,518
43,018
1,564,298
32,500
(132,861)
(100,361)
Total liabilities and fund equity $ 2,640,814 2,616,144
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 2000
(with comparative amounts for year ended December 31, 1999)
Operating revenues:
Sales - retail
Sales - concessions
Memberships
Admissions
Building rental
Other fees
Lessons
Total operating revenues
Operating expenses:
Cost of sales and services
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income
Nonoperating revenue (expenses):
Investment income
Miscellaneous revenue
Interest and fiscal charges
Loss on disposal of capital assets
Amortization of bond discount
Total nonoperating expenses
Income before operating transfers
Operating Transfer out - General fund
Net income (loss)
Add depreciation on contributed assets
Increase (decrease) in retained earnings
Retained earnings (deficit) -- January 1
Retained earnings (deficit) -- December 31
2000
$ 196
73,625
373,798
150,091
15,397
23,858
636,965
21,756
183,178
89,917
45,892
25,464
150,519
516,726
1999
0
76,898
326,114
129,662
15,381
24,150
572,205
22,102
178,017
74,175
27,086
17,844
150,879
470,103
120,239 102,102
22,201 13,199
45 0
(55,425) (47,362)
(37,752) (9,876)
(1,962) (1,861)
(72,893) (45,900)
47,346 56,202
0 (183,000)
47,346 (126,798)
96,033 106,669
143,379 (20,129)
(100,361) (80,232)
$ 43,018 (100,361)
Page 78
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Cash Flows
Year ended December 31, 2000
(with comparative amounts for year ended December 31, 1999)
Cash flows from operating activities:
Operating income
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense
Changes in assets and liabilities:
Increase in accounts receivable
Increase (decrease) in due from other funds
Increase in accounts payable
Increase (decrease) in accrued interest payable
Increase (decrease) in due to other governments
Miscellaneous revenue
Total adjustments
Net cash provided by operating activities
Cash flows from noncapiital financing activities:
Operating transfer out - General Fund
Net cash used by noncapital financing activities
Cash flows from capital and related financing activities:
Net acquisition of capital assets
Loss on disposal of capital assets
Proceeds from revenue bonds
Principal paid on revenue bonds
Increase on bond discount
Interest received from fiscal agent
Interest paid on bonds
Net cash provided (used) by capital and related financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
Page 79
2000 1999
$ 120,239 102,102
150,519 150,879
(53)
0
(190,033)
12,459
1,558
172
(4,175)
14,045
(58)
33
45
0
(42,197)
177,588
78,042
279,690
0 (183,000)
0 (183,000)
9,459
(22,914)
(37,752)
(9,876)
0
530,000
(20,000)
(20,000)
0
(4,136)
22,201
13,199
(55,425)
(47,362)
(81,517)
438,911
(3,475)
535,601
535,601
0
$ 532,126
535,601
Page 80
CITY OF EDINA, MINNESOTA
Golf Course Fund
Balance Sheet
December 31, 2000
(with comparative amounts for December 31, 1999)
Assets
Current assets:
Petty cash and change funds
Cash with fiscal agents
Accounts receivable
Due from other funds
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
2000 1999
$ 4,400
2,750,600
2,459
54,973
82,111
2,894,543
4,400
2,769,110
9,292
0
61,892
2,844,694
7,145,696 7,487,735
41,043 52,792
$ 10,081,282 10,385,221
61,716
26,544
201,130
0
5,611
164,171
459,172
10,993
0
16,800
7,760,000
8,246,965
2,800
1,115,031
716,486
1,831,517
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
Total liabilities and retained earnings $ 10,081,282 10,385,221
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 2000
(with comparative amounts for year ended December 31, 1999)
Operating revenues:
340,722
318,706
Sales - retail
1,461,937
1,251,398
Pro shop
$ 338,081
286,508
Miscellaneous
8,936
11,636
Sales - concessions
297,666
297,864
Memberships
157,155
141,989
Admissions
271,716
319,414
Building rental
67,467
71,698
Rental of equipment
0
(35,000)
Golf cars
304,929
300,922
Golf carts /clubs
30,776
32,756
Miscellaneous equipment
2,316
1,007
Green fees
1,974,991
1,903,497
Otherfees
Driving range
424,198
359,362
Lessons
72,429
58,241
Miscellaneous
3,348
2,795
Total operating revenues
3,954,008
3,787,689
Operating expenses:
Cost of sales and services
340,722
318,706
Personal services
1,461,937
1,251,398
Contractual services
459,641
458,998
Commodities
310,035
234,713
Central services
275,808
241,704
Depreciation
508,189
501,406
Total operating expenses
3,356,332
3,006,925
Operating income
597,676
780,764
Nonoperating revenues (expenses):
Investment income
114,840
68,275
Miscellaneous revenue
170
43,266
Interest and fiscal charges
(405,548)
(376,469)
Interest on capital lease
(1,049)
(1,241)
Gain (loss) on disposal of capital assets
(34,983)
40,939
Amortization of bond discount
(11,749)
(11,228)
Total nonoperating expenses
(338,319)
(236,458)
Income before operating transfers
259,357
544,306
Operating transfer out - Arena
0
(35,000)
0
(35,000)
Net income
259,357
509,306
Add depreciation on contributed assets
Increase in retained earnings
Retained eamings- January 1
Retained earnings -- December 31
800 400
260,157 509,706
1,571,360 1,061,654
$ 1,831,517 1,571,360
Page 81
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Cash Flows
Year ended December 31, 2000
(with comparative amounts for year ended December 31, 1999)
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 in due from other funds
(Increase) decrease in inventory
Increase (decrease) in accounts payable
Increase in salaries payable
Increase (decrease) in accrued interest payable
Decrease in due to other funds
Increase (decrease) in due to other governments
Increase in compensated absences payable
Increase in deposits payable
Miscellaneous revenue
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 and related financing activities:
Net acquisition of capital assets
Gain (loss) on disposal of capital 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 provided (used) by capital and related financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
2000
Page 82
1999
597,676 780,764
508,189
6,833
(54,973)
(20,219)
17,101
2,459
(28,448)
(200,000)
437
122,028
2,139
170
355,716
953,392
(145,012)
0
(145,012)
(166,150)
(34,983)
0
(330,000)
0
(4,000)
114,840
(1,049)
(405,548)
(826,890)
(18,510)
501,406
(2,322)
0
157
(42,930)
483
68,451
0
(1,536)
3,476
5,502
43,266
575,953
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
2,773,510 4,494
2,755,000
2,773,510
Supplemental disclosure of noncash noncapital financing activity:
Contribution of fixed assets 0 4,000
Total noncash noncapital financing activity $ 0 4,000
Page 83
CITY OF EDINA, MINNESOTA
Golf Course Fund
Schedule of Operating Expenses
Year ended December 31, 2000
(with comparative amounts for year ended December 31, 1999)
Clubhouse
Personal services
2000
1999
Administration
81,651
78,191
Personal services
$ 921,268
756,387
Contractual services
243,394
257,765
Commodities
155,419
137,925
Central services
257,292
224,088
Total administration
1,577,373
1,376,165
Clubhouse
Personal services
38,060
35,809
Contractual services
81,651
78,191
Commodities
16,649
16,479
Total clubhouse
136,360
130,479
Grill:
290,379
270,915
Cost of sales and services
105,075
103,643
Personal services
94,710
84,537
Contractual services
13,332
8,452
Commodities
21,997
25,680
Total grill
235,114
222,312
Golf Cars:
18,516
17,616
Personal services
34,880
34,946
Contractual services
9,697
7,394
Commodities
17,701
0
Total range and grill
62,278
42,340
Range:
Personal services
129,997
105,113
Contractual services
706
1,705
Commodities
44,110
9,846
Total range and grill
174,813
116,664
Richards:
Cost of sales and services
8,467
8,060
Personal services
107,246
91,881
Contractual services
12,439
14,663
Commodities
15,343
20,040
Total Richards
143,495
134,644
Pro Shop
Cost of sales and services
226,965
205,679
Personal services
55,242
54,817
Contractual services
2,965
4,548
Commodities
5,207
5,871
290,379
270,915
Golf dome:
Cost of sales and services
215
1,324
Personal services
80,534
87,908
Contractual services
95,457
86,280
Commodities
33,609
18,872
Central services
18,516
17,616
Total golf dome
228,331
212,000
Depreciation
508,189
501,406
Total operating expenses
$ 3,356,332
3,006,925
Page 84
CITY OF EDINA, MINNESOTA
Arena Fund
Balance Sheet
December 31, 2000
(with comparative amounts for December 31, 1999)
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 governments
Compensated absences payable
Total current liabilities
Long -term liabilities:
Deposits payable
Deferred revenue
Obligation under capital lease
Bonds payable
Total liabilities
Fund equity:
Contributed capital
Retained earnings:
Reserved for debt service
Unreserved -- undesignated
Total retained earnings (deficit)
2000
$ 700
2,952
108,636
568
112,856
1999
700
1,035
100,611
2,714
105,060
4,602,406 4,898,263
9,204 10,354
$ 4,724,466 5,013,677
39,683
14,902
46,105
350
68,440
169,480
3,500
5,040
151,200
1,660,000
1,989,220
3,286,798
184,591
(736,143)
(551,552)
34,766
6,953
48,847
9,079
14,869
114,514
3,500
5,040
187,200
1,760,000
2,070,254
3,474,150
184,591
(715,318)
(530,727)
Total liabilities and retained earnings $ 4,724,466 5,013,677
Page 85
CITY OF EDINA, MINNESOTA
Arena Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 2000
(with comparative amounts for year ended December 31, 1999)
Operating expenses:
Cost of sales and services
2000
1999
Operating revenues:
447,206
370,745
Sales - retail
$ 24,720
26,152
Memberships
5,218
4,504
Admissions
82,745
70,749
Building rental
908,657
868,081
Rental of equipment
7,268
2,427
Other fees
(174,245)
(90,809)
Lessons
94,570
92,527
Skate sharpening
13,779
14,925
Total operating revenues
1,136,957
1,079,365
Operating expenses:
Cost of sales and services
65
111
Personal services
447,206
370,745
Contractual services
382,772
350,860
Commodities
60,824
47,998
Central services
99,240
80,004
Depreciation
321,095
320,456
Total operating expenses
1,311,202
1,170,174
Operating loss
(174,245)
(90,809)
Nonoperating revenues (expenses):
Miscellaneous revenue 0 17,906
Interest and fiscal charges (92,989) (98,219)
Interest on capital lease (9,440) (11,168)
Loss on disposal of capital assets (11,353) 0
Amortization of bond discount (1,150) (1,151)
Total nonoperating expenses (114,932) (92,632)
Net loss before operating transfer in (289,177) (183,441)
Operating transfer in:
Liquor store fund 81,000 525,000
Golf course fund 0 35,000
Total operating transfers 81,000 560,000
Net Income (loss) (208,177) 376,559
Add depreciation on contributed assets 187,352 187,352
Increase (decrease) in retained earnings (20,825) 563,911
Retained earnings (deficit)- January 1 (530,727) (1,094,638)
Retained earnings (deficit) - December 31 $ (551,552) (530,727)
CITY OF EDINA, MINNESOTA
Arena Fund
Statement of Cash Flows
Year ended December 31, 2000
(with comparative amounts for year ended December 31, 1999)
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 in accounts receivable
(Increase) decrease in due from other funds
(Decrease) in accounts payable
Increase in salaries payable
Decrease in accrued interest payable
Increase (decrease) in due to other governments
Increase(decrease) in compensated absences payable
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 provided by noncapital financing activities
Cash flows from capital and related financing activities:
Net acquisition of capital assets
Loss on disposal of capital 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 and related financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents, beginning of year
Page 86
2000 1999
$ (174,245) (90,809)
321,095 320,456
(8,025)
(17,377)
2,146
(2,714)
4,917
(2,941)
7,949
1,468
(2,742)
(2,460)
(8,729)
2,316
53,571
(1,941)
0
(50,000)
370,182
246,807
195,937
155,998
0
17,906
0
(479,539)
81,000
525,000
0
35,000
81,000
98,367
(25,238) (8,791)
(11,353) 0
(100,000) (100,000)
(36,000) (36,000)
(9,440) (11,168)
(92,989) (98,219)
(275,020) (254,178)
1,917 187
1,735 1,548
Cash and cash equivalents, end of year $ 3,652 1,735
CITY OF EDINA, MINNESOTA
Art Center Fund
Balance Sheet
December 31, 2000
(with comparative amounts for December 31, 1999)
Assets 2000
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:
Unreserved — undesignated
Total retained earnings
Total liabilities and retained earnings
1999
$ 275
225
8,618
20,266
15,493
15,656
24,386
36,147
445,497
534,293
$ 469,883
570.440
16,743
13,186
4,843
4,756
735
1,020
30,405
9,795
52,726
28,757
291,926
310,301
125,231
231,382
125,231
231,382
$ 469,883
570,440
Page 87
Page 88
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 2000
(with comparative amounts for year ended December 31, 1999)
Operating expenses:
Cost of goods and services
2000
1999
Operating revenues:
225,619
189,170
Sales - retail
$ 40,540
51,852
Memberships
26,629
25,872
Other fees
62,465
38,232
Class fees
253,313
225,236
Firing fees
12,170
11,457
Media studio fees
49,526
42,526
Misc fees
534
615
Total operating revenues
382,712
357,558
Operating expenses:
Cost of goods and services
35,810
28,963
Personal services
225,619
189,170
Contractual services
187,868
158,353
Commodities
64,320
58,142
Central services
62,465
38,232
Depreciation
56,032
54,987
Total operating expenses
632,114
527,847
Operating loss
(249,402)
(170,289)
Nonoperating revenues (expenses):
Donations 21,352 17,283
Loss on disposal of capital assets (35,476) 0
Total nonoperating revenues (expenses) (14,124) 17,283
Net loss before operating transfer in (263,526) (153,006)
Operating transfer in -- Liquor Store 139,000 155,000
139,000 155,000
Net Income (loss) (124,526) 1,994
Add depreciation on contributed assets 18,375 17,253
Increase (decrease) in retained earnings (106,151) 19,247
Retained eamings -- January 1 231,382 212,135
Retained earnings -- December 31 $ 125,231 231,382
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Cash Flows
Year ended December 31, 2000
(with comparative amounts for year ended December 31, 1999)
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) decrease in due from other funds
(Increase) decrease in inventory
Increase (decrease) in accounts payable
Increase in salaries payable
Increase (decrease) in due to other governments
Increase in compensated'absences payable
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 and related financing activities:
Net acquisition of capital assets
Loss on disposal of capital assets
Net cash used by capital and related financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
Page 89
2000 1999
(249,402)
56,032
11,648
163
3,557
87
(285)
20,610
91,812
(157,590)
(170,289)
54,987
(20,266)
(382)
(27,849)
649
156
2,872
10,167
(160,122)
21,352
17,283
139,000
155,000
160,352
172,283
32,764
(12,717)
(35,476)
0
(2,712)
(12,717)
50 (556)
225
275
781
225
Supplemental disclosure of noncash noncapital financing activity:
Contribution of fixed assets 0 4,181
Total noncash noncapital financing activity $ 0 4,181
Page 90
CITY OF EDINA, MINNESOTA
Edinborough Park/Centennial Lake Fund
Balance Sheet
December 31, 2000
(with comparative amounts for December 31, 1'999)
Assets 2000
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
$ 0
1,500
820
374
63,314
22,432
88,440
1999
1,503
1,500
288
56,313
0
21,821
81,425
793,827 988,305
$ 882,267 1,069,730
26,474
17,824
3,959
78,099
126,356
38,590
17,700
1,901
25,698
83,889
42,000 52,000
168,356 135,889
654,193 804,156
59,718 129,685
59,718 129,685
Total liabilities and retained earnings $ 882,267 1,069,730
Page 91
CITY OF EDINA, MINNESOTA
Edinborough Park/Centennial Lake Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 2000
(with comparative amounts for year ended December 31, 1999)
Operating expenses:
Cost of sales and services
2000
1999
Operating revenues:
665,159
608,403
Sales - concessions
$ 25,062
16,275
Memberships
21,179
22,369
Admissions
58,155
61,219
Building rental
198,650
174,586
Rental of equipment
53,760
40,086
Green fees
181,447
142,759
Other fees
Programs
23,099
19,137
Association fees
410,497
356,855
Miscellaneous
350
400
. Total operating revenues
972,199
833,686
Operating expenses:
Cost of sales and services
10,643
9,797
Personal services
665,159
608,403
Contractual services
363,495
330,295
Commodities
158,701
147,924
Central services
202,368
191,244
Depreciation
171,869
170,643
Total operating expenses
1,572,235
1,458,306
Operating loss
(600,036)
(624,620)
Nonoperating revenues (expenses):
Investment income 322,663 266,127
Miscellaneous revenue 87 5,655
Interest on capital lease (2,622) (3,102)
Loss on disposal of capital assets (48,022) (547)
Total nonoperating revenues 272,106 268,133
Net loss before operating transfers (327,930) (356,487)
Operating transfer in - General Fund 108,000 206,000
Total operating transfers 108,000 . 206,000
Net loss (219,930) (150,487)
Add depreciation on contributed assets 149,963 136,017
Decrease in retained earnings (69,967) (14,470)
Retained earnings -- January 1 129,685 144,155
Retained earnings -- December 31 $ 59,718 129,685
CITY OF EDINA, MINNESOTA
Edinborough Park/Centennial Lake Fund
Statement of Cash Flows
Year ended December 31, 2000
(with comparative amounts for year ended December 31, 1999)
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) decrease in accounts receivable
(Increase) decrease in due from other funds
(Increase) decrease in accounts payable
Increase in salaries payable
Increase in due to other government
Increase (decrease) in compensated absences payable
Miscellaneous revenue
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 disposal of capital 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
Page 92
2000 1999
$ (600,036) (624,620)
171,869
55,939
(611)
(12,116)
1.24
2,058
52,401
87
269,751
(330,285)
170,643
(53,563)
788
14,941
980
253
1,186
5,655
140,883
(483,737)
108,000 206,000
108,000 206,000
22,609 (21,859)
(48,022) (547)
(10,000) (10,000)
(2,622) (3,102)
(38,035) (35,508)
(63,314) 48,674
322,663 266,127
259,349 314,801
(971) 1,556
3,291 1,735
Cash and cash equivalents, end of year $ 2,320 3,291
Page 93
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.
CITY OF EDINA, MINNESOTA
Trust and Agency Funds
Combining Balance Sheet
Year ended December 31, 2000
(with comparative totals for December 31, 1999)
Assets:
Cash
Cash and investments with
plan administrators
Total assets
Liabilities:
Expendable
Trust Agency
Deferred Police
Compensation Seizure
Page 94
Totals
2000 1999
$ 0 140,432 140,432 191,965
3,999,778 0 3,999,778 3,913,274
$ 3,999,778 140,432 4,140,210 4,105,239
Due to other funds $
0
41,678
41,678
41,678
Due to other governments
0
98,754
98,754
150,287
Total liabilities
0
140,432
140,432
191,965
Fund balance:
Reserved for deferred
compensation plan participants
3,999,778
0
3,999,778
3,913,274
Total liabilities and fund balances $
3,999,778
140,432
4,140,210
4,105,239
Page 95
CITY OF EDINA, MINNESOTA
Deferred Compensation Expendable Trust Fund
Balance Sheet
Year ended December 31, 2000
(with comparative totals for December 31, 1999)
Assets:
Cash and cash equivalents
Liabilities and fund balances:
Fund balance:
111
$ 3,999,778
1999
3,913,274
Reserved for deferred
compensation plan participants $ 3,999,778 3,913,274
Page 96
CITY OF EDINA, MINNESOTA
Deferred Compensation Expendable Trust Fund
Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended December 31, 2000
(with comparative totals for December 31, 1999)
2000 1999
Revenues:
Net appreciation
in fair value of investments $ (116,184) 579,053
Employee contributions 311,157 291,458
Total revenues 194,973 870,511
Expenditures:
Distributions to plan participants 102,254 47,455
Administrative expense 6,215 5,630
Total expenditures 108,469 53,085
Excess of revenues over expenditures 86,504 817,426
Fund balance - January 1 3,913,274 3,095,848
Fund balance - December 31 $ 3,999,778 3,913,274
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
Year ended December 31, 2000
Balance
1/1/00
Additions Deductions
Page 97
Balance
12/31/00
$ 191,965 0 51,533 140,432
41,678 0 0 41,678
150,287 0 51,533 98,754
$ 191,965 0 51,533 140,432
Page 98
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 99
CITY OF EDINA, MINNESOTA
General Fixed Assets Account Group
Schedule of General Fixed Assets
December 31, 2000
(with comparative amounts for December 31, 1999)
2000
1999
General fixed assets:
Land and land improvements
$ 35,833,521
35,843,819
Buildings
20,684,526
20,637,734
Furniture and fixtures
1,155,256
1,343,763
Vehicles and equipment
10,288,763
10,576,211
Parks
16,293,082
15,979,022
Construction -in- progress
6,706,314
746,284
Total general fixed assets
$ 90,961,462
85,126,833
Total investment in general fixed assets
$ 90,961,462
85,126,833
Page 100
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.
CITY OF EDINA, MINNESOTA
General Long -term Debt Account Group
Schedule of General Long -term Debt
December 31, 2000
(with comparative amounts for December 31, 1999)
Amount available and to be provided
for the retirement of long -term debt:
General Obligation Bonds:
Amount to be provided by tax increment financing
Amount to be provided by property taxes
Amount to be provided by special assessments
Compensated absences:
Amount to be provided by revenue sources
Total available and to be provided
General long -term debt payable:
Accrued compensated absences
Obligation under capital lease payable
General obligation bonds payable
Page 101
2000 1999
$ 66,670,000
7,976,010
170,000
2,220,886
50,260,000
8,309,899
350,000
612,972
$ 77,036.896 59,532.871
2,220,886 612,973
426,010 484,898
74,390,000 58,435,000
Total general long -term debt payable $ 77.036.896 59.532.871
Page 102
CITY OF EDINA, MINNESOTA
Combined Schedule of Bonded Indebtedness
December 31, 2000
Revenue Bonds:
Recreation Bonds, Series 1992A
4.00-6.05
11/01/92
Final
Recreation Refunding Bonds, Series 1992C
Interest
Issue
maturity
Utility Revenue Bonds, 1999A
rate
date
date
Bonded indebtedness:
3.70-4.45
05/03/99
01/01/13
Tax Increment Bonds:
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 Bonds, Series 1997B
4.50-5.50
04/01/97
02/01/13
Tax Increment Bonds, Series 2000A
4.30-4.80
09/06/00
02/01/11
Taxable Tax Increment Bonds, Series 2000B
6.45
09/06/00
02101/03
Tax Increment Refunding Bonds, Series 2000C
4.50-4.65
11/06/00
02/01/09
General Obligation Bonds:
General Obligation Park & Rec Bonds, Series 1996B
4.25-5.75
08/01/96
02/01/17
Improvement Bonds:
Improvement Refunding Bonds, Series 1992E
4.00-5.20
11/01/92
02101/01
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
02/01/09
Recreational Facility Bonds, 1999B
3.70-4.45
05/03/99
01/01/13
Total bonded indebtedness
2000 Percent
paid by tax
I-A-
Page 103
Exhibit 1
Indebtedness
Authorized Due in 2001
and. issued Redeemed Outstanding Principal Interest
None
17,930,000
1,330,000
16,600,000
790,000
940,185
None
19,580,000
6,505,000
13,075,000
1,680,000
613,760
None
11,250,000
1,125,000
10,125,000
650,000
597,725
None
5,090,000
225,000
4,865,000
150,000
250,330
None
2,620,000
0
2,620,000
0
109,296
None
3,565,000
0
3,565,000
0
210,781
None
15,820,000
0
15,820,000
0
483,894
75,855,000
9,185,000
66,670,000
3,270,000
3,205,971
None
8,090,000
540,000
7,550,000
300,000
398,888
8,090,000
540,000
7,550,000
300,000
398,888
None
1,095,000
925,000
170,000
170,000
4,420
1,095,000
925,000
170,000
170,000
4,420
None
3,975,000
455,000
3,520,000
135,000
202,505
None
4,650,000
920,000
3,730,000
335,000
204,113
None
3,600,000
335,000
3,265,000
310,000
121,335
None
3,270,000
0
3,270,000
0
136,490
15,495,000
1,710,000
13,785,000
780,000
664,443
S 100,535,000
12,360,000
88,175,000
4,520,000
4,273,722
Tax Increment Bonds
General Obligation Bonds
Improvement Bonds
Revenue Bonds
CITY OF EDINA, MINNESOTA
Schedule of Changes in Bonded Indebtedness
Year ended December 31, 2000
Balance
January 1 Issued Redeemed
$ 50,260,000
7,825,000
350,000
14,570,000
22,005,000
0
0
0
5,595,000
275,000
180,000
785,000
Page 104
Exhibit 2
Balance
December 31
66,670,000
7,550,000
170,000
13,785,000
$ 73.005.000 22.005.000 6.835.000 88.175.000
Page 105
Exhibit 3
CITY OF EDINA, MINNESOTA
Tax Increment Bonds:
$17,930,000 Tax Increment
Refunding Bond, Series 1992B
$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
$1,680,000.
$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
$650,000
$700,000
$800,000
$900,000
$900,000
$1,000,000
$1,475,000
$1,800,000
$1,900,000
Schedule of Bonds Payable
December 31, 2000
Issue Interest Maturity Principal
date rate date amount
11/1/92
5.20
2/1/01
790,000
5.40
2/1/02
1,125,000
5.50
2/1/03
1,265,000
5.60
2/1/04
1,410,000
5.70
2/1/05
1,470,000
5.80
2/1/06
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
16,600,000
5/11/93
4.75
2/11/01
1,680,000
4.90
2/1/02
2,415,000
5.00
2/1/03
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
13,075,000
3/1/96
5.85
2/1/01
650,000
5.85
2/1/02
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
2/1/07
1,475,000
6.20
2/1/08
1,800,000
6.25
2/1/09
1,900,000
10,125,000
Bonds maturing in the year 2002 through 2009 will be called February 1, 2001.
(Continued)
Page 106
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
(Continued)
Issue
Interest
Maturity
Principal
date
rate
date
amount
$5,090,000 Tax Increment
Temporary Bond, Series 1997B
4M97
$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
2/1/04
225,000
$250,000
5.05
2/1/05
250,000
$405,000
5.10
2/1/06
405,000
$425,000
5.15
2/1/07
425,000
$445,000
5.20
211/08
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
2/1/13
575,000
4,865,000
$2,620,000 Tax Increment
Bond, Series 2000A
9/6/00
$0
0.00
2/1/01
0
$210,000
4.30
2/1/02
210,000
$220,000
4.35
2/1/03
220,000
$230,000
4.40
2/1/04
230,000
$240,000
4.45
2/1/05
240,000
$255,000
4.50
2/1/06
255,000
$265,000
4.55
2/1/07
265,000
$280,000
4.60
2/1/08
280,000
$290,000
4.65
2/1/09
290,000
$305,000
4.70
2/1/10
305,000
$325,000
4.80
2/1/11
325,000
2,620,000
$3,565,000 Tax Increment
Taxable Bond, Series 2000B
9/6/00
$0
0.00
2/1/01
0
$0
0.00
2/1/02
0
$3,565,000
6.45
2/1/03
3,565,000
3,565,000
$15,820,000 Tax Increment
Refunding Bond, Series 2000C
11/6/00
$0
2/1/01
0
$1,070,000
2/1/02
1,070,000
$1,325,000
2/1/03
1,325,000
$1,460,000
2/11/04
1,460,000
$1,505,000
2/1/05
1,505,000
$1,655,000
2/1/06
1,655,000
$2,490,000
2/1/07
2,490,000
$3,060,000
2/1/08
3,060,000
$3,255,000
2/1/09
3,255,000
15,820,000
Total tax increment bonds
66,670,000
(Continued)
Page 107
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
Improvement Bonds:
$900,000 Improvement
Refunding Bonds, Series 1992E 11/1/92
$170,000. 5.20 2/1/01 170,000
Total Improvement Bonds 170,000
Revenue Bonds:
Issue Interest
Maturity
Principal
$3,975,000 Recreational Facility
date rate
date
amount
General Obligation Bonds:
11/1/92
$8,090,000 General Obligation Park & Rec
5.20
1/1/01
135,000
Bond, Series 1996B
8/1/96
1/1/02
170,000
$300,000
4.50
2/1/01
300,000
$300,000
4.65
2/1/02
300,000
$325,000
4.80
211/03
325,000
$325,000
4.90
2/1/04
325,000
$350,000
5.00
2/1105
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
211/12
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
211/17
650,000
Total General Obligation Bonds
7,550,000
Improvement Bonds:
$900,000 Improvement
Refunding Bonds, Series 1992E 11/1/92
$170,000. 5.20 2/1/01 170,000
Total Improvement Bonds 170,000
Revenue Bonds:
$3,975,000 Recreational Facility
Bonds, Series 1992A '*
11/1/92
$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
1/1/04
235,000
$250,000
5.70
1/1/05
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
1/1/10
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
** Bonds maturing in the years 2003 through 2013 will be called on January 1, 2002.
3,520,000
(Continued)
Page 108
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
3,265,000
$3,270,000 Recreational Facility
Revenue Bonds, Series 1999B
Issue
Interest
Maturity
Principal
3.70
date
rate
date
amount
$4,650,000 Recreational Facility
255,000
$270,000
3.90
1/11/05
Refunding Bonds, Series 1992C
11/1/02
4.00
1/11/06
270,000
$335,000
4.10
5.20
1/11/01
335,000
$360,000
1/1/08
5.40
1/11/02
360,000
$365,000
310,000
5.50
1/1/03
365,000
$380,000
$335,000
5.60
1/11/04
380,000
$410,000
4.40
5.70
1/11/05
410,000
$435,000
1/1/13
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
1/1/09
505,000
3,730,000
$3,600,000 Utility Revenue
Revenue Bond, Series 1999A
5/3/99
$310,000
3.50
2/1/01
310,000
$325,000
3.60
2/1/02
325,000
$335,000
3.70
2/1/03
335,000
$345,000
3.80
2/1/04
345,000
$360,000
3.85
211/05
360,000
$375,000
4.00
2/1/06
375,000
$390,000
4.00
2/1/07
390,000
$405,000
4.10
2/1/08
405,000
$420,000
4.20
2/1/09
420,000
3,265,000
$3,270,000 Recreational Facility
Revenue Bonds, Series 1999B
5/3/99
$220,000
3.70
1/1/03
220,000
$265,000
3.80
1/1/04
255,000
$270,000
3.90
1/11/05
265,000
$290,000
4.00
1/11/06
270,000
$295,000
4.10
1/11/07
290,000
$310,000
4.20
1/1/08
295,000
$320,000
4.30
1/1/09
310,000
$320,000
4.35
1/11/10
320,000
$335,000
4.35
1/1/11
335,000
$345,000
4.40
1/11/12
345,000
$365,000
4.45
1/1/13
365,000
3,270,000
Total revenue bonds 13,785,000
Total bonds payable 88,175,000
Exhibit 4
CITY OF EDINA, MINNESOTA
Schedule of Debt Service Requirements
December 31, 2000
Year
Tax Increment Bonds
General Obligation Bonds
Improvement Bonds
Revenue Bonds
Ended
Principal
Interest
Principal
Interest
Principal
Interest
Principal
Interest
2001
3,270,000
3,205,971
300,000
398,888
170,000
4,420
780,000
664,443
2002
5,695,000
3,245,195
300,000
385,163
0
0
855,000
626,638
2003
9,830,000
2,828,406
325,000
370,388
0
0
1,120,000
580,673
2004
6,455,000
2,387,601
325,000
354,625
0
0
1,215,000
526,248
2005
6,920,000
2,040,765
350,000
337,913
0
0
1,285,000
466,720
2006
6,690,000
1,685,165
375,000
319,600
0
0
1,340,000
402,758
2007
7,145,000
1,317,030
375,000
300,288
0
0
1,400,000
334,718
2008
8,675,000
888,368
400,000
279,938
0
0
1,480,000
262,031
2009
9,235,000
398,381
425,000
257,863
0
0
1,540,000
184,543
2010
795,000
124,360
450,000
234,125
0
0
640,000
128,198
2011
840,000
82,631
475,000
208,800
0
0
675,000
94,067
2012
545,000
46,340
500,000
181,863
0
0
705,000
58,015
2013
575,000
15,813
525,000
153,288
0
0
750,000
19,767
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
$
66,670,000
18,266,027
7,550,000
4,070,231
170,000
4,420
13,785,000
4,348,816
T
m
0
m
Page 110
Exhibit 5
CITY OF EDINA, MINNESOTA
Assessed Valuation, Tax Levies and Mill Rates
(shown by year of tax collectibility)
1997
1998
1999
2000
2001
Assessed valuation /tax capacity
$
91,586,990
87,726,810
85,963,836
90,806,947
99,650,358
Increment valuation
(5,517,147)
(5,729,884)
(6,230,928)
(7,087,107)
(8,559,204)
Contribution to fiscal disparities pool
(8,385,640)
(6,451,992)
(7,511,473)
(9,014,784)
(10,127,351)
Received from fiscal disparities pool
2,402,957
2,217,217
2,199,224
2,460,913
2,752,149
Taxable valuation
$
80,087,160
77,762,151
74,420,659
77,165,969
83,715,952
Tax levies:
General Fund
$
12,531,244
13,099,140
13,284,962
13,650,158
14,438,346
Tax Capacity.Rate:
General Fund
$
15.626
16.813
17.810
17.669
17.233
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
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
5,599,636
6,537,266
30,538,089
2000
2,635,357
8,846,360
3,672,057
2,150,588
346,099
1,576,968
8,352,494
6,658,601
34,238,524
Note: (a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
v
w
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.
d
CD
CD
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
oovemmental
services
forfeitures
Investments
agent
property
Miscellaneous
Totals
1991
14,425,200
980,689
133,680
850,897
580,581
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
955,206
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
86,839
604,099
30,963,274
1999
21,995,230
990,330
297,866
2,135,541
3,185,008
2,070,476
794,710
415,114
0
284,085
478,788
32,847,148
2000
22,904,512
1,159,876
336,678
1,835,828
1,880,680
2,902,668
967,421
2,287,349
88,788
1,156,526
96,932
35,617,256
Note: (a) Includes General, Special Revenue, Debt Service and Capital Project Funds.
d
CD
CD
Table 3
CITY OF EDINA, MINNESOTA
Property Tax Levies and Collections
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
T
o�
m
1
J
w
Abftw.�.-,
Percent
Percent of
Percent
Adjustments/
of total tax
outstanding
of total
Delinquent
collections
Outstanding
delinquent
Fiscal
Total tax
Current tax
tax levy
tax
Total tax
to total
delinquent
taxes to
year
levy
collections
collected
collections
collections
tax levy
taxes
total tax levy
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)
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%
2000
13,650,158
13,554,044
99.30%
15,355
13,569,399
99.41%
116,362
0.85%
T
o�
m
1
J
w
Abftw.�.-,
Page 114
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
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%
2000
90,055,752
4,861,730,000
1.85%
Page 115
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
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
2000
17.669 -
17.669
51.678
39.655
8.426
117.428
Table 6
CITY OF EDINA, MINNESOTA
Special Assessment Collections
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
v
d
m
rn
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
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%
12,890
839,068
100.60%
22,259
1994
807,324
800,456
99.15%
5,622
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
773,251
753,251
97.41%
14,273
767,524
99.26%
38,784
2000
960,562
930,484
96.87%
5,586
936,070
97.45%
63,275
v
d
m
rn
Fiscal
year "Population
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)
Net
assessed
value /tax Gross
capacity (in bonded
thousands) debt (b)
Debt
service
monies Net bonded
available debt
Ratio of
net bonded
debt to
assessed
value /tax
capacity
Table 7
Net
bonded
debt
per
capita
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
2000
47,425 (a)
83,716
88,175,000
20,144,460
68,030,540
81.26%
1,434
"Source: Metropolitan Council estimate
Notes: (a) Official population per 2000 census.
(b) Includes all long -term general obligation debt.
d
0.
Page 118
Table 8
CITY OF EDINA, MINNESOTA
Computation of Overlapping Debt
December 31, 2000
(Unaudited - see accompanying auditors' report)
Percentage
Amount
applicable
applicable
Net debt
to City of
to City of
Jurisdiction
outstanding
Edina
Edina
City of Edina
$ 57,874,958
100.00% $
57,874,958
Hennepin County
216,028,146
7.48%
16,158,905
ISD #273 (Edina)
35,811,780
97.01%
34,741,008
ISD #270 (Hopkins)
41,330,781
7.31%
3,021,280
ISD #271 (Bloomington)
106,229,731
0.01%
10,623
ISD #272 (Eden Prairie)
130,191,019
1.21%
1,575,311
ISD #280 (Richfield)
49,644,185
24.93%
12,376,295
ISD #283 (St. Louis Park)
12,033,074
0.01%
1,203
Metro Council
115,003,645
3.80%
4,370,139
Hennepin County Regional Parks
12,026,336
9.88%
1,188,202
$
131.317.924
Page 119
Table 9
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)
Notes: (a) Includes General, Special Revenue, and Debt Service Funds.
Ratio of total
debt service
Total
to total
Fiscal
debt
Total general
general
year
Principal
Interest
service
expenditures (a)
expenditures
1991
1,480,000
4,386,400
5,866,400
20,559,514
28.53%
1992
1,790,000
4,173,850
5,963,850
19,610,522
30.41%
1993
1,800,000
4,847,360
6,647,360
21,384,897
31.08%
1994
1,185,000
6,148,466
7,333,466
22,035,991
33.28%
1995
2,495,000
5,378,815
7,873,815
23,630,853
33.32%
1996
1,400,000
4,881,475
6,281,475
23,128,537
27.16%
1997
2,120,000
4,502,948
6,622,948
24,000,082
27.60%
1998
2,224,724
4,099,809
6,324,533
25,390,000
24.91%
1999
3,275,000
3,262,266
6,537,266
25,131,088
26.01%
2000
3,550,000
3,108,601
6,658,601
25,814,880
25.79%
Notes: (a) Includes General, Special Revenue, and Debt Service Funds.
Table 10
CITY OF EDINA, MINNESOTA
Revenue Bond Coverage
Last Ten Fiscal Years
(Unaudited - see accompanying auditors' report)
Net
revenue
Direct* available
Gross operating for debt Debt service requirements
Fiscal year revenue expenses service Principal Interest Total Coverage
Utility Bond
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
8,502,423
6,713,673
1,788,750
420,000
83,429
503,429
355
2000
8,793,386
7,205,934
1,587,452
335,000
127,525
462,525
343
Recreational Facility Bonds
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
2000
5,727,930
5,209,610
518,320
450,000
553,962
1,003,962
52
*Before interest costs.
CD
J
N
O
Table 11
CITY OF EDINA, MINNESOTA
Property and Construction Values
Last Ten Fiscal years
(Unaudited - see accompanying auditors' report)
'Assessors estimated market value
-o
m
co
m
N
Commercial
Residential
construction
construction
Fiscal
Number of
Number of
Property
value'
year
permits
Value
permits
Value
Commercial /Industrial
Residential /Apartments
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
2000
1418
66,980,499
4,013
48,278,737
1,069,928,100
4,387,874,100
'Assessors estimated market value
-o
m
co
m
N
Page 122
Table 12
CITY OF EDINA, MINNESOTA
Principal Taxpayers
December 31, 2000
(Unaudited - see accompanying auditors' report)
2000 tax
Taxpayer
Type of Business
capacity.
Southdale
Shopping center $
4,906,659
Gabberts and Galleria
Shopping center
1,614,622
Pentagon Office Park
Office building
1,560,591
Southdale Office Park
Office building
1,359,207
United Health Care Corporation
Office building
882,609
National Car
Office Building
957,300
Southdale Medical Building
Office building
716,706
Cedars of Edina
Apartments
710,438
Centennial Lakes Retail
Retail
663,442
Edinborough Plaza
Apartments
508,820
Target
Retail
432,156
Jerry's Center
Retail
375,437
Edinborough Office East
Office building
355,762
Durham
Apartments
396,293
York Plaza
Apartments
394,519
Hawthorne Suites Hotel
Hotel
329,017
7600 France
Office building
342,821
7301 Ohms La
Office building
319,242
7373 France
Medical Office
344,793
7317 Cahill
Industrial
292,824
Employer
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.
CITY OF EDINA, MINNESOTA
Major Employers in the City
December 31, 2000
(Unaudited - see accompanying auditors' report)
Product/Service
Health Care
Groceries
Manufacturing
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 1999
Page 123
Table 13
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, 2000
(Unaudited - see accompanying auditors' report)
December 2000
Civilian Unemployment
Labor Force Rate
Page 124
Table 14
December 1999
Civilian Unemployment
Labor Force Rate
Hennepin County 666,108
2.4% 655,689 1.9%
Mpls. -St. Paul MSA 1,751,767
2.7% 1,707,123 2.2%
State of Minnesota 2,772,628
3.7% 2,706,421 3.1%
Source: Minnesota Department of Economic Security.
1999 data is preliminary.
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics
December 31, 2000
(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
Council- Manager
Fiscal year begins
January 1
Area of City
16 square miles
Percent of City developed with buildings
97%
Miles of streets and sewers:
Total streets (including state and county)
224 miles
Sanitary sewer
186.22 miles
Sewer connections
13984
Fire protection:
Number of stations 2
Number of employees (full time) 30
Police protection:
Number of stations 1
Number of employees (full time) 64
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 125
Table 15
(Continued)
Page 126
Table 15, 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
2000 (census)
47,425
Page 127
Table 16
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, 2000
Accounted
Original
Amended
for in
Current
Amount
budget
budget
prior years
year
remaining
Sources of funds:
Bond proceeds $
2,200,000
5,280,000
5,251,998
0
28,002
Tax increments
received
0
31,748,489
16,310,824
1,441,522
13,996,143
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
268,524
268,524
0
0
Community develop-
ment
0
186,064
186,064
0
0
Interest on invested
funds
0
2,000,000
1,674,001
437,641
(111,642)
Other
0
73,881
73,881
0
0
Total sources of
funds
3,000,000
41,467,707
25,083,450
1,879,163
14,505,094
Uses of funds:
Land acquisition
0
873,061
873,061
0
0
Installation of public
utilities and
improvements
3,000,000
7,867,034
5,862,998
1,999,034
.5,002
Bond payments
Principal
0
5,280,000
2,200,000
0
3,080,000
Interest
0
4,738,329
3,572,074
158,450
1,007,805
Administrative costs
0
1,230,000
1,120,739
41,740
67,521
Paid to other governments
0
21,000
6,940
1,833
12,227
Work orders
0
16,257
16,257
0
0
Contingencies
0
11,644
11,644
0
0
Interest
0
463,037
463,037
0
0
Miscellaneous
0
62,095
62,095
0
0
Transfer
0
10,000,000
0
2,972,644
7,027,356
Total uses of funds
3,000,000
30,562,457
14,188,845
5,173,701
11,199,911
Funds remaining (or
deficient)
0
10,905,250
10,894,605
(3,294,538)
3,305,183
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
Page 128
Table 17
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, 2000
Accounted
Original
Amended
for in
Current
Amount
budget
budget
prior years
year
remaining
Sources of funds:
Bond proceeds
$ 6,165,177
21,470,000
20,219,852
0
1,250,148
Tax increments
received
0
75,000,000
34,648,334
3,514,203
36,837,463
Real estate sales'
598,005
3,000,000
2,642,115
0
357,885
Loan proceeds
0
1,321,096
0
0
1,321,096
Community develop-
ment Block Grant
0
189,221
189,221
0
0
Interest on invested
funds
0
3,500,000
2,342,999
153,102
1,003,899
Other
0
50,000
1,357
0
48,643
Total sources of
funds
6,763,182
104,530,317
60,043,878
3,667,305
40,819,134
Uses of funds:
Land acquisition
6,682,998
12,200,000
6,894,303
0
5,305,697
Installation of public
utilities and
improvements
0
16,000,000
14,278,823
0
1,721,177
Site improvements or
preparation costs
2,885,484
2,000,000
468,098
0
1,531,902
Bond payments
Principal
0
21,470,000
11,675,000
1,410,000
8,385,000
Interest
0
20,100,000
18,109,222
498,340
1,492,438
Administrative costs
194,700
1,800,000
1,673,387
8,004
118,609
Paid to other governments
0
110,000
23,826
8,702
77,472
Transfers out
0
17,000,000
5,474,234
1,132,078
10,393,688
Interest reduction
0
1,850,000
0
0
1,850,000
Parkland dedication fees
0
767,852
767,852
0
0
Total uses of funds
9,763,182
93,297,852
59,364,745
3,057,124
30,875,983
Funds remaining (or
deficient)
(3,000,000)
11,232,465
679,133
610,181
9,943,151
Cost to authority
Price raid 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, 2000
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 129
Table 18
Accounted
Original Amended for in Current Amount
budget budget prior years year remaining
$ 4,500,000
8,400,000
4,471,603
3,604,312
324,085
0
26,495,107
6,932,942
703,666
18,858,499
0
4,700,000
0
0
4,700,000
0
300,000
299,830
180,074
(179,904)
0
0
66,299
0
(66,299)
4,500,000
39,895,107
11,770,674
4,488,052
23,636,381
0
6,100,000
2,784,785
0
3,315,215
4,310,000
16,702,000
3,286,127
758,520
12,657,353
0
8,400,000
1,250,000
200,000
6,950,000
0
7,140,000
1,540,088
157,342
5,442,570
190,000
1,553,107
950,641
312,579
289,887
4,500,000
39,895,107
9,811,641
1,428,441
28,655,025
$ 0
0
1,959,033
3,059,611
(5,018,644)
Page 130
Table 19
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)
December 31, 2000
Uses of funds:
Land acquisition
13,900,000
22,981,425
Accounted
0
0
Installation of public
Original
Amended
for in
Current
Amount
utilities and improvements
budget
budget
prior years
year
remaining
Sources of funds:
Bond proceeds
$ 41,400,000
41,400,000
33,761,679
0
7,638,321
Tax increments
38,000,000
38,000,000
23,441,736
1,869,443
12,688,821
received
80,000,000
90,000,000
11,788,703
2,930,922
75,280,375
Real estate sales'
5,000,000
11,637,070
11,637,070
0
0
Special assessment
0
1,321,096
0
0
1,321,096
Interest on invested
0
2,030,345
2,030,345
0
0
funds
0
2,500,000
2,181,612
3,132
315,256
Transfer in
0
28,000,000
6,585,457
4,104,722
17,309,821
Sale of material
0
255,710
255,710
0
0
Developer payments
0
297,826
297,826
0
0
Other
0
20,000
59,091
445
(39,536)
Total sources of
Retail and theater site
$
3,213,720
funds
126,400,000
175,431,702
66,567,148
7,039,221
101,825,333
Uses of funds:
Land acquisition
13,900,000
22,981,425
22,981,425
0
0
Installation of public
utilities and improvements
26,677,000
25,871,230
13,423,059
3,087,433
9,360,738
Bond payments
Principal
41,400,000
41,400,000
2,659,724
1,485,000
37,255,276
Interest
38,000,000
38,000,000
23,441,736
1,869,443
12,688,821
Administrative costs
1,140,800
1,600,000
1,094,262
119,158
386,580
Paid to other governments
0
42,000
5,615
2,468
33,917
Loan/note interest
0
14,684,711
334,877
475,719
13,874,115
Parkland dedication
0
2,030,345
2,030,345
0
0
Total uses of funds
121,117,800
146,609,711
65,971,043
7,039,221
73,599,447
Funds remaining (or
deficient) $
5,282,200
28,821,991
596,105
0
28,225,886
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
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, 2000
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 131
Table 20
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
746,863
0
1,430,992
0
0
44,242
36,143
(80,385)
0
0
0
0
0
4,088,855
4,088,855
791,105
36,143
3,261,607
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
22,143
34,658
539,199
4,088,855
4,088,855
111,611
34,658
3,942,586
$ 0
0
679,494
1,485
(680,979)