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HomeMy WebLinkAbout1984 Financial Statements)66iMain Hurdman Certified Public Accountants CITY OF EDINA, MINNESOTA FINANCIAL STATEMENTS WITH ACCOMPANYING INFORMATION YEAR ENDED DECEMBER 31, 1984 and REPORT OF CERTIFIED PUBLIC ACCOUNTANTS -Main Hurdman Certified Public Accountants CITY OF EDINA, MINNESOTA FINANCIAL STATEMENTS WITH ACCOMPANYING INFORMATION YEAR ENDED DECEMBER 31, 1984 and REPORT OF CERTIFIED PUBLIC ACCOUNTANTS CITY OF EDINA, MINNESOTA ELECTED AND APPOINTED OFFICIALS DECEMBER 31, 1984 Elected: Mayor - C. Wayne Courtney Council: A. Charles Bredesen III Frederick S. Richards Peggy Kelly Leslie C. Turner Appointed: Manager - Kenneth E. Rosland Treasurer and Finance Director - J. N. Dalen Clerk - Marcella M. Daehn * First official business day Term of office expires January* 1989 1986 1986 1989 1989 CITY OF EDINA, MINNESOTA FINANCIAL STATEMENTS WITH ACCOMPANYING INFORMATION Year Ended December 31, 1984 TABLE OF CONTENTS SECTION I INTRODUCTORY SECTION Page Comments I SECTION II FINANCIAL SECTION Accountants' report on financial statements and accompanying information 1 General purpose financial statements: Combined balance sheet - all fund types and account groups 2 Combined statement of revenues, expenditures and fund balance - all governmental fund types 6 Combined statement-of revenues, expenditures and fund balance - budget and actual - general and special revenue fund types 10 Combined statement of revenues, expenses and retained earnings - all proprietary fund types 12 Combined statement of changes in financial position - all proprietary fund types 14 Notes to financial statements 15 Combining and individual fund financial statements: General Fund: Comparative balance sheet 34 Statement of revenues, expenditures and fund balance 35 Statement of revenues 36 Statement of expenditures 38 Schedule of central services expenditures 45 Working capital fund: Balance sheet 46 Statement of revenues, expenditures and fund balance 47 Special revenue funds: Combining balance sheet 48 Combining statement of revenues, expenditures and fund balance 49 Statements of revenues, expenditures and fund balance: Revenue Sharing Fund 50 Park Fund 51 CITY OF EDINA, MINNESOTA FINANCIAL STATEMENTS WITH ACCOMPANYING INFORMATION Year Ended December 31, 1984 TABLE OF CONTENTS (Continued) Page Individual fund financial statements: (continued) Debt service funds: Combining balance sheet 53 Combining statement of revenues, expenditures and fund balance 54 Capital projects funds - Housing and Redevelopment Authority of Edina: Balance sheet 55 Statement of revenues, expenditures and fund balance 56 Special assessment funds: Combining balance sheet 57 Combining statement of revenues, expenditures and fund balance 59 Proprietary Fund Type - enterprise funds: Combining balance sheet 61 Combining statement of revenues, expenses and retained earnings 65 Combining statement of changes in financial position 69 Schedule of property and equipment 73 Utilities Fund: Comparative combined balance sheet 77 Comparative combined statement of revenues, expenses and retained earnings 81 Comparative combined statement of changes in financial position 85 Liquor Fund: Comparative balance sheet 89 Comparative statement of revenues, expenses and retained earnings 90 Comparative statement of changes in financial position 92 Comparative schedule of operating expenses 93 Swimming Pool Fund: Comparative balance sheet 94 Comparative statement of revenues, expenses and retained earnings 95 Comparative statement of changes in financial position 96 CITY OF EDINA, MINNESOTA FINANCIAL STATEMENTS WITH ACCOMPANYING INFORMATION Year Ended December 31, 1984 TABLE OF CONTENTS (Continued) SECTION III STATISTICAL SECTION Schedule of cash, investments and security for deposits 110 Allocation of cash and investments - all funds 112 Combined schedule of indebtedness 113 Schedule of changes in bonded indebtedness 115 Bonds payable 115 Debt service requirements 117 Tax levies and collections 118 Special assessment levies and collections 118 Assessed valuation, tax levies and mill rates 119 Page Individual fund financial statements: (continued) Golf Course Fund: Comparative balance sheet 97 Comparative statement of revenues, expenses and retained earnings 98 Comparative statement of changes in financial position 99 Comparative schedule of operating expenses 100 Recreation Center Fund: Comparative balance sheet 101 Comparative statement of revenues, expenses and retained earnings 1.02. Comparative statement of changes in financial position 103 Gun Range Fund: Comparative balance sheet 104 Comparative statement of revenues, expenses and retained earnings 105 Comparative statement of changes in financial position 106 Art Center Fund: Comparative balance sheet 107 Comparative statement of revenues, expenses and retained earnings 108 Comparative statement of changes in financial position 109 SECTION III STATISTICAL SECTION Schedule of cash, investments and security for deposits 110 Allocation of cash and investments - all funds 112 Combined schedule of indebtedness 113 Schedule of changes in bonded indebtedness 115 Bonds payable 115 Debt service requirements 117 Tax levies and collections 118 Special assessment levies and collections 118 Assessed valuation, tax levies and mill rates 119 SECTION I INTRODUCTORY SECTION COMMENTS The City of Edina operates under "Optional Plan B" as defined in the State of Minnesota Statutes. Optional Plan B is known as the council- manager plan. Under this plan, as specified in the Statutes, "The council shall exercise the legislative power of the city and determine all matters of policy. The city manager shall be the head of the administrative branch of the city government and shall be responsible to the council for the proper administration of all affairs relating to the city." The Council is composed of five members, including the mayor, who is chairman. The city manager is appointed by the Council. General Fund The General Fund was established to account for the revenues and expenditures necessary to provide basic governmental services to the City such as general government, public safety and public works. A plan of financial operation of the fund is set forth in the annual budget adopted by Council. The General Fund statements are prepared to show the budget estimates and actual amounts. A condensed summary of operations is shown below: 1984 1983 Budget Actual Budget Actual Total revenues $8,2068598 $8,037,680 $7,770,638 $7,880,875 Total expenditures $8,206,598 $8,019,797 $7,770,638 $7,679,077 During 1984, the fund balance increased $10,090 to $1;412,844. At December 31, 1984, $899,972 of the fund balance has been reserved for various reasons as explained in the Notes to Financial Statements, leaving an unreserved fund balance of $512,872. Working Capital Fund The working capital fund was established in 1984 by a transfer from special assessment funds of net assets available in excess of bond retirement requirements. The net assets transferred were from two of the special assessment funds no longer being used for current and future assessments, nor bond issuances. The earnings of these net assets have been designated to finance capital improvements in the City's capital improvement budget. Special Revenue Funds Special revenue funds are established to account for taxes and other revenues set aside for a particular purpose. Following is a brief description of each fund. 3C Special Revenue Funds (Continued) Revenue Sharing Fund - The Revenue Sharing Fund was established to account for revenue received from the Federal Government in accordance with the "State and Local Fiscal Assistance Act of 1972 ". Expenditures can only be made from this fund as outlined in the Act. The City's share of revenues for 1984 was $195,436. During 1984, transfers of $225,000 were made to the General Fund, leaving a fund balance of $273,792 at December 31, 1984. Park Fund - The Park Fund was established to account for the administration, maintenance and improvement of City parks. Revenues exceeded expenditures by $10,615 during 1984, and the remaining fund balance (deficit) of $(59,183) was transferred to the General Fund. Beginning in fiscal year ending December 31, 1985, Park Fund revenues and expenditures will be accounted for in the General Fund. Debt Service Funds The debt service funds are used to account for the accumulation of resources and for payment of general obligation bonds or other general indebtedness and interest thereon. General property taxes are being collected to provide the necessary funds. Park Bond Fund - The Park Bond Fund was established to account for debt retirement of park construction bonds. As of December 31, 1984, all bond proceeds for park improvements were transferred to the Park Fund or General Fund as needed to pay improvement costs. All park bond issues were retired as of December 31, 1984. Redevelopment Bond Fund - The Redevelopment Bond Fund was established to account for debt retirement of the 1975 and 1981 Redevelopment Bonds. Capital Project Funds The capital project funds are used to account for the acquisition or construction of public redevelopment and housing projects undertaken within the City which comes under the statutory authority of the Housing and Redevelopment Authority of Edina,. Minnesota. Special Assessment Funds Special assessment funds are established to account for assessments levied to finance improvement or services deemed to benefit the properties against which the assessments are levied. Primarily, the transactions accounted for in special assessment construction funds are receipt of bond proceeds and disbursement of bond proceeds for construction work done. Special assessment debt service funds are used primarily to account for collection of assessments against benefited property owners and disbursement of assessment collections for the payment of bonds and interest. -II- Enterprise Funds Enterprise funds are established to account for the self supporting activities of the City which render services to the general public on a user charge basis. Utilities Fund - The Utilities Fund accounts for the operations of the City -owned water and sewer systems. Shown below is a condensed summary of operations for the last three years: -III- 1984 1983 1982 Operating revenues $3,093,546 $3,071,933 $3,034,994 Operating expenses 3,386,541 3,336,716 3,390,516 Operating (loss) (292,995) (264,783) (355,522) Other revenues - net 295,908 163,776 233,737 Net income (loss) $ 2,913 $ (101.007) $ (121.785) -III- Enterprise Funds (Continued) Liquor Fund - The Liquor Fund accounts for the operations of the City -owned liquor operations. Shown below is a condensed summary of operations for the last three years. 1984 Percent Amount of sales 50th Street: 1983 1982 Percent Amount of sales Amount Percent of sales Sales $1,103,861 100.00% $1,174,141 100.00% $1,243,337 100.00% Cost of goods sold 892,328 80.84 967,349 82.39 1,020,644 82.09 Gross profit 211,533 19.16 206,792 17.61 222,693 17.91 Operating expenses 187,072 16.95 179,420 15.28 178,663 14.37 Operating income $ 24,461 2.21% $ 27,372 2.33$ $ 44,030 3.54% Yorkdale: Sales $2,192,514 100.00% $2,311,001 100.00% $2,416,252 100.00% Cost of goods sold 1,798,675 82.04 1,938,382 83.88 2,061,668 85.33 Gross profit 393,839 17.96 372,619 16.12 354,584 14.67 Operating expenses 276,841 12.63 279,075 12.08 275,362 11.39 Operating income $ 116,998 5.33 $ 93,544 4.04% $ 79,222 3.28$ Grandview: Sales $1,963,183 100.00% $2,003,012 100.00% $2,018,515 100.00% Cost of goods sold 1,589,855 80.98 1,661,253 82.94 1,683,105 83.38 Gross profit 373,328 19.02 341,759 17.06 335,410 16.62 Operating expenses 224,710 11.45 229,191 11.44 220,423 10.92 Operating income $ 148,618 7.57% $ 112,568 5.62% $ 114,987 5.70% During 1984, net income for all stores before transfers was $335,886. Transfers to other funds during the year were $450,000 or 133.97% of net income. The $450,000 transfer was the equivalent of an .73 mill tax levy. -IV- Enterprise Funds (Continued) Swimming Pool Fund - The Swimming Pool Fund accounts for the operations of the City -owned swimming pool. Shown below is a condensed summary of operations for the last three years: 1984 1983 1982 Operating revenues $146,351 $ 78,484 $ 72,377 Operating expenses 97,666 100,307 102,473 Net income (loss) 48 685 $(21,823) 30 096) Golf Course Fund - The Golf Course Fund accounts for the operations of the City -owned golf course. During 1963, revenue bonds in the amount of $825,000 were sold. Revenues of this fund are pledged for payment of principal and interest on these bonds, $135,000 of which remain .outstanding at December 31, 1984. Shown below is a condensed summary of operations for the last three years: Operating revenues Operating expenses Operating income Other, net Net income 1984 1983 1982 $693,489 $620,446 $613,949 554,800 513,815 515,558 138,689 106,631 98,391 9,022 14,966 18,774 129 667 $ 91.665 1-79,617 Recreation Center Fund - The Recreation Center Fund accounts for the operations of the City -owned recreation center. During 1965, 1969 and 1978, revenue bonds in the amounts of $450,000, $100,000 and $370,000, respectively, were sold, $70,000 of which remain outstanding at December 31, 1984. Revenues of this fund are pledged for payment of principal and interest on these bonds. Shown below is a condensed summary of operations for the last three years: Operating revenues Operating expenses Operating loss Other revenues (expenses) Net loss -V- 1984 1983 1982 $337,463 $304,723 $291,827 369,038 349,254 347,133 (31,575) (44,531) (55,306) 28,108 (3,635) (5,503) Enterprise Funds (Continued) Gun Range Fund - The Gun Range Fund accounts for the operations of the City -owned gun range.. Shown below is a condensed summary of operations for the last three years: 1984 1983 1982 Operating revenues $18,236 $17,382 $ 19,261 Operating expenses 20,971 260,233 31,722 Net (loss) 2 735) 8 851) 12 461) Art Center Fund - The Art Center Fund accounts for the operations of the City -owned art center which was established during 1977. Shown below is a condensed summary of operations for the last three years: Operating revenues Operating expenses Operating loss Other revenues Net loss General Fixed Assets 1984 1983 1982 $ 62,540 $ 63,434 $ 54,113 114,773 107,203 102,285 (52,233) (43,769) (48,172) 9,562 11,081 25,121 $(42,671) 32 688) 23 051) This group of accounts is used to accumulate property and equipment which are of a general benefit to the City. The fixed assets acquired are recorded as expenditures in funds, other than the proprietary funds, at the time of purchase. Such assets are capitalized at cost in this group of accounts. No. depreciation has been provided on the General Fixed Assets. General Long -.term Debt Group of Accounts This group of accounts is used to account for the general obligation bonds which are to be paid by general revenues. The debt reflected in this account is an obligation of the city as a whole and not of any of the City's individual funds. -VI- SECTION II FINANCIAL SECTION K-A4G--i Main Hurdman Certified Public Accountants 1200 TCF Tower 121 South 8th Street Minneapolis, MN 55402 The City Council Edina, Minnesota Telephone: (612) 338 -8821 We have examined the combined financial statements of the various funds and account groups of the City of Edina, Minnesota as of and for the year ended December 31, 1984, as shown on pages 2 through 33. Our examination was made in accordance with generally -accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the combined financial statements referred to above present fairly the financial position of the City of Edina, Minnesota at December 31, 1984, and the results of its operations and the changes in financial position of its proprietary fund types for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole. The combining, individual fund, and account group financial statements and schedules shown on pages 34 through 109 are presented for purposes of additional analysis and are not a required part of the combined financial statements of the City of Edina, Minnesota. The information has been subjected to the auditing procedures applied in the examination of the combined financial statements and in our opinion, is fairly stated in all material respects in relation to the combined financial statements taken as a whole. May 21, 1985 i Member of Klynveld Main Goerdeler CITY OF EDINA, MINNESOTA COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1984 ASSETS Governmental Fund Types Working Special Debt Capital General Capital Revenue Service Projects Cash $ (452,359) $ 466,017 $131,915 Investments 1,756,811 21101,834 92,004 Taxes receivable: Unremitted Delinquent Allowance for uncollectible taxes Accounts receivable Special assessments receivable: Unremitted Delinquent Deferred Allowance for uncollectible special assessments Due from other funds Due from Edina Housing and Redevelopment Authority fund Due from other governmental units Other receivable - MWCC Note receivable Contracts receivable Inventory Prepaid expense Construction in progress Unassessed construction costs Property and equipment less accumulated depreciation General fixed assets Land and public improvements - HRA Amount available in debt service funds Amount to be provided 157,907 110,610 (110,610) 139,845 5,846 104,412 2,192,804 (214,054) 144,438 98,986 236,346 44,459 18,480 10,000 49,873 $233,550 $11,073 Total assets $2.055.927 $4,755.845 $273,792 $233,550 $11,073 (Continued) -2- 1,151,105 67,157 396,097 42,572 642,584 8,005 17,607,602 $13,021,582 469,896 408,041 94,332 198,352 396,097 537,202 42,572 Proprietary 18,480 139,378 652,584 Fund Type Account groups Total 12,058 General General Special fixed long -term (Memorandum only) Assessment Enterprise assets debt 1984 1983 $ 378,645 $ (534,145) $ 1,146 $ 234,518 1,152,208 1,697,963 6,800,820 4,105,893 157,907 100,471 110,610 76,623 (110,610) (76,623) 593,115 732,960 755,820 17,800 23,646 58,143 124,072 1,309 229,793 186,821 3,569,383 5,762,187 7,022,186 (297,798) (511,852) (522,968) 1,666,480 2,441,991 4,351,895 2,671,472 1,151,105 67,157 396,097 42,572 642,584 8,005 17,607,602 $13,021,582 469,896 408,041 94,332 198,352 396,097 537,202 42,572 47,891 18,480 139,378 652,584 725,527 8,005 12,058 1,151,105 2,889,668 67,157 576,096 17,607,602 17,729,971 13,021,582 12,466,604 8,995,508 8,995,508 8,995,508 $ 233,550 233,550 233,550 5,873,643 5,873,643 6,403,836 $7,829,052 $22,897,093 $22,017,090 $6,107,193 $66,180,615 $65,991.038 -3- CITY OF EDINA, MINNESOTA COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS (Continued) December 31, 1984 Liabilities: Accounts payable Contracts payable Due to other funds Due to other governmental units Accrued expenses Deposits - Deferred revenue Vacation pay payable Bonds payable Total liabilities Fund equity: Invested in fixed assets Retained earnings Fund balance: Reserved or designated Unreserved - Undesignated Total fund equity Total liabilities and fund equity LIABILITIES AND FUND EQUITY Governmental Fund Types Working Special Debt Capital General Capital Revenue Service Projects $ 211,460 307,21.9 $ 40,762 40,651 83,753 643,083 40,762 899,972 $ 72,244 469,896 542,140 $225,000 $233,550 (531,067) 512,872 4,715,083 48,792 1,412,844 4,715,083 273,792 233,550 (531,067) $2,055,927 $4,755,845 $273,792 $233,550 $ 11,073 The accompanying notes are an integral part of these financial statements. -4- Special Assessment Proprietary Fund Type Account groups Total General General fixed long -term (Memorandum only) Enterprise assets debt 1984 1983 $ 2,280 $ 959,531 $ 1,245,515 $ 744,173 7,820 7,820 20,761 1,525,008 2,478,906 4,821,791 3,079,513 43,959 84,610 105,646 106,363 21,860 7,165 112,778 2,158,887 396,097 396,097 813,492 $ 357,193 357,193 337,386 6,000,000 205,000 5,750,000 11,955,000 11,730,000 7,600,927 4,046,699 18,850,394 140,810 87,315 $22,017,090 228,125 18,850,394 22,017,090 6,107,193 18,980,804 19,096,221 22,017,090 21,462,112 18,850,394 18,290,438 968,265 1,182,081 5,364,062 5,960,186 47,199,811 46,894,817 $7,829,052 $22,897,093 $22,017,090 $6,107,193 $66,180,615 $65,991,038 -5- CITY OF EDINA, MINNESOTA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE ALL GOVERNMENTAL FUND TYPES Year Ended December 31, 1984 Revenues: Taxes Licenses and permits Inter - governmental revenues: Federal State County Charges for services Fines and forfeitures Other Interest on investments Sale and rental of property Interest on special assessments Parkland dedication Reimbursement from other funds Total revenues Other sources: Transfers from other funds Assessment adjustments Capitalized interest Write off balance in deferred revenue Total revenues and other sources Working Special General Capital Revenue $4,803,082 $ 585,643 405,685 21,559 195,436 1,524,891 101,880 86,405 379,584 31,366 375,101 38,129 67,873 56,617 23,032 201,867 7,714,085 1,184,065 323,595 351,405 8,037,680 -0- 1,535,470 (Continued) -6- 1,119,493 1,794,493 1,349,639 63,024 63,024 80,938 57,026 57,026 83,143 246,028 246,028 1,119,994 1,265,226 3,871,135 15,829,505 12,674,098 -7- Total Debt Capital Special (Memorandum only) Service Projects Assessment 1984 1983 $ 501 $1,256,687 $ 6,645,913 $ 5,668,153 405,685 443,061 216,995 202,543 1,626,771 2,153,132 86,405 86,405 410,950 389,811 375,101 337,978 8,539 $ 3,647 118,188 183,745 282,343 338,960 175,189 23,032 67,887 421,841 421,841 490,299 201,867 96,770 2,797,226 2,797,226 865,405 501 1,265,226 3,505,057 13,668,934 11,160,378 1,119,493 1,794,493 1,349,639 63,024 63,024 80,938 57,026 57,026 83,143 246,028 246,028 1,119,994 1,265,226 3,871,135 15,829,505 12,674,098 -7- CITY OF EDINA, MINNESOTA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE ALL GOVERNMENTAL FUND TYPES (Continued) Year Ended December 31, 1984 Expenditures: Current: General government Public safety Public works Unallocated general expenditures Other Parks Capital outlay Debt service: Bond principal Interest, service charges and discount Construction costs Total expenditures Other uses: Transfers to other funds Assessment and.tax adjustments Write off balance in unassessed construction costs Write off balance in City share of assessments receivable Total expenditures and other uses Excess of revenues and other sources over (under) expenditures and other uses Fund balance January 1, as previously reported Restatement - see Note 1 -K Fund balance January 1, as restated Net cancellation of loans Net equity transfers Fund balance December 31 Working Special General Capital Revenue $1,204,887 4,018,072 2,597,141 199,697 $1,001,235 327,981 8,019,797 1,329,216 225,000 8,019,797 1,554,216 17,883 (18,746) 1,402,754 233,355 10,000 (17,793) $4,715,083 59,183 $1.412,844 $4.715.083 $ 273.792 The accompanying notes are an integral part of these financial statements. Total Debt Capital Special (Memorandum only) Service Projects Assessment 1984 1983 $ 38 $ 254,305 $ 14,805 550,000 569,493 502,476 2,797,226 1,119,531 254,305 3,314,507 1,119,493 51,967 519,268 $ 1,204,887 $ 1,083,906 4,018,072 4,146,820 2,597,141 2,236,979 199,697 211,372 269,148 65,714 1,001,235 940,765 327,981 298,595 550,000 100,000 1,071,969 1,049,491 2,797,226 865,326 14,037,356 10,998,968 1,344,493 899,639 51,967 55,923 519,268 211,754 211,754 1,119,531 1,373,798 4,097,496 16,164,838 11,954,530 463 (108,572) (226,361) (335,333) 719,568 13,565,430 (7,142,731) 659,084 (422,495) 51269,569 7,142,267 6,422,699 (100,000) (90,000) (425,997) (4,715,083) (384,607) $ 233,550 $ (531,067) $ 228,125 $ 6,332,327 $ 7,142,267 -9- CITY OF EDINA, MINNESOTA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE - BUDGET AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND TYPES Year Ended December 31, 1984 Net cancellation of loans 10,000 Net equity transfers (17,793) Fund balance December 31 $1.412.844 The accompanying notes are an integral part of these financial statements. -10- General Budget Actual Revenues: Taxes $4,845,793 $4,803,082 Licenses and permits 320,000 405,685 Inter - governmental revenues: Federal 8,000 21,559 State 11498,598 1,524,891 County 86,405 86,405 Charges for services 320,320 379,584 Fines and forfeitures 275,000 375,101 Other 36,500 38,129 Interest on investments 40,000 56,617 Sales and rental of property 16,000 23,032 Parkland dedication Total revenues 71446,616 71714,085 Other sources: Transfers from other funds 323,595 323,595 Appropriated from prior year's fund balance to finance 1984 budget 436,387 Total revenues and other sources 8,206,598 8,037,680 Expenditures: General government 1,168,429 1,204,887 Public safety 41048,205 4,018,072 Public works 2,710,442 2,597,141 Unallocated general expenditures 279,522 199,697 Parks: Current expense Capital outlay Total expenditures 8,206,598 8,019,797 Other use: Transfers to other funds Total expenditures 8,206,598 8,019,797 Excess of revenues and other sources over (under) expenditures and other uses $ -0- 17,883 Fund balance January 1 1,402,754 Net cancellation of loans 10,000 Net equity transfers (17,793) Fund balance December 31 $1.412.844 The accompanying notes are an integral part of these financial statements. -10- Special Revenue Budget Actual $ 593,340 $ 585,643 225,000 195,436 101,880 101,880 38,000 31,366 6,000 52,028 8,000 15,845 201.867 972,220 1,184,065 351,405 351,405 1,323,625 1,535,470 903,625 1,001,235 195,000 327,981 1,098,625 1,329,216 225,000 216,995 225,000 1,626,771 86,405 86,405 358,320 1,323,625 275,000 1,554,216 42,500 $ -0- (18,746) 233,355 59,183 $ 273.792 Total (Memorandum only) Budget Actual $5,439,133 $5,388,725 320,000 405,685 233,000 216,995 1,600,478 1,626,771 86,405 86,405 358,320 410,950 275,000 375,101 42,500 90,157 48,000 56,617 16,000 38,877 201.867 8,418,836 8,898,150 675,000 675,000 436,387 9,530,223 9,573,150 1,168,429 1,204,887 4,048,205 4,018,072 2,710,442 2,597,141 279,522 199,697 903,625 1,001,235 195,000 327,981 9,305,223 9,349,013 225,000 225,000 9,530,223 9,574,013 $ -0- (863) -11- 1,636,109 10,000 41,390 $1.686.636 CITY OF EDINA, MINNESOTA COMBINED STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES Years Ended December 31, 1984 and 1983 Sales and cost of sales: Sales Cost of sales Gross profit Operating revenues: Charges for services Total gross profit and operating revenues Operating expenses Operating income (loss) Other revenues: Interest Discounts Federal aid Prior year's disposal charges Current value credit - MWCC Rental income Deferred charges Donations Other Total other revenues Other expenses: Interest and paying agent fees Other Total other expenses Net income (Continued) -12- Enterprise funds 1984 1983 $ 5,259,558 4,280,858 978,700 $ 5,488,154 4,566,984 921,170 4,290,399 4,156,402 5,269,099 5,232,412 36,687 5,056 59,814 61,226 214,860 61,020 7,960 12,068 2,653 40,969 465,626 13,808 227 5,077,572 5,121,214 (43,642) 57,490 73,135 30,364 61,020 7,960 10,073 9,443 3,741 253,226 18,601 564 14,035 19,165 488,278 190,419 CITY OF EDINA, MINNESOTA COMBINED STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES (Continued) Years Ended December 31, 1984 and 1983 Transfers to other funds Property and equipment contributed by special assessments Net operating (increase) decrease Retained earnings January Restatement for prior yea depreciation Retained earnings January Net cancellation of loans Net equity transfers from 1 rs accumulated 1, as restated from other funds other funds Retained earnings December 31 Enterprise funds 1984 1983 $ (450,000) $ (450,000) 47,071 189,767 85,349 (69,814) 18,290,438 19,384,843 18,290,438 90,000 384,607 474,607 (1,024,591) 18,360,252 j18,850,394 $18,290,438 The accompanying notes are an integral part of these financial statements. -13- CITY OF EDINA, MINNESOTA COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION - ALL PROPRIETARY FUND TYPES Years Ended December 31, 1984 and 1983 Enterprise funds 1984 1983 Sources of working capital: Operations: Net income $ 488,278 $ 190,419 Item not requiring working capital: Depreciation 561,838 560,732 Loss on disposal of fixed assets 2,405 Total from operations 1,052,521 751,151 Decrease in other assets 141,105 Contributions in aid to construction 47,071 189,767 Reduction of loan to other funds 35,822 Increase in deposits 998 Reduction in notes receivable 2,187 4,974 Equity transfers from other funds 384,607 Total sources of working capital 1,664,311 945,892 Uses of working capital: Decrease in other liabilities 43,439 Additions to property and equipment 441,874 275,441 Decrease in deposits 1,675 Reduction of long -term debt 135,000 110,000 Transfers to other funds 450,000 450,000 Cancellation of loans 210,000 Total uses of working capital 1,280,313 837,116 Net increase in working capital $ 383,998 $ 108,776 Elements of increase (decrease) in working capital: Cash $ (430,255) $(142,027) Receivables (23,026) 123,446 Due from other funds 2,080,643 49,984 Due from other governmental units (3,692) (193,159) Investments 1,685,235 Inventory (82,943) (63,220) Prepaid expenses (4,053) (2,020) Accounts payable (447,513) (324,660) Due to other funds (2,380,398) 464,144 Due to other governmental units 180,560 Accrued liabilities 15,728 Bonds payable (10,000) Net increase in working capital $ 383,998 $ 108,776 The accompanying notes are an integral part of these financial statements. -14- CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The City of Edina operates under the "Optional Plan B" form of government according to applicable State of Minnesota Statutes. The Statutes prescribe a Council- Manager form of organization. The City provides the following services: public safety, highways and streets, sanitation, health and social services, culture- recreation, public improvements, planning and zoning, and general administration. The accounting policies of the City conform to generally accepted accounting principles as applicable to governments. The following is a summary of the more significant policies: A. 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 seven generic fund types and two broad fund categories as follows: GOVERNMENTAL FUNDS General Fund - The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. Working Capital Fund - Interest and investment earnings of the assets of the Working Capital Fund have been designated by Council to finance capital improvements in the City's Capital Improvement Budget. Special Revenue Funds - Special Revenue Funds are used to account for the proceeds of specific revenue sources that are 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. (Continued) -15- CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) A. Fund Accounting (continued) GOVERNMENTAL FUNDS (continued) Special Assessment Funds - Special Assessment Funds are used to account for the financing of public improvements or services deemed to benefit the properties against which special assessments are levied. Capital Project Funds - Capital Project Funds are used to account for the acquisition or construction of major capital facilities (other than those financed by Proprietary "Funds, Special Assessment or Working Capital Funds) . PROPRIETARY FUNDS Enterprise Funds - Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and /or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. B. Measurement Focus The accounting and reporting treatment applied to the fixed assets and long -term liabilities associated with a fund are determined by its measurement focus. All governmental funds are accounted for on a spending or "financial flow" measurement focus. This means that only current assets and current liabilities are generally included on their balance sheets; accordingly, their reported fund balance is considered a measure of "available spendable resources ". Governmental fund operating statements present increases and decreases in net current assets. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period. (Continued) -16- CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Measurement Focus (continued) Fixed assets used in governmental fund types operations (general fixed assets) are accounted for in the General Fixed Assets Account Group, rather than in governmental funds. Public domain 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 value on the date donated. Long -term liabilities expected to be financed from governmental funds are accounted for in the General Long -term Debt Account Group, not in the governmental funds. The single exception to this general rule is for special assessment bonds, which are accounted for in special assessment 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. All proprietary funds are accounted for on a cost of services or "capital maintenance" measurement focus. This means that all assets and all liabilities associated with their activity are included on their balance sheets. The operating statements of the funds present increases (revenues) and decreases (expenses) in net total assets. (Continued) -17- CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Measurement Focus (continued) 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 City follows the practice of including, as part of property, plant and equipment of these funds, the cost of collection systems which are paid for by assessments against benefited property. C. Basis of Accounting Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. The governmental fund types are accounted for using the modified accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred. Exceptions to this general rule include: (1) accumulated unpaid vacation, sick pay, and other employee amounts which are not accrued; and (2) interest on long -term debt which is recognized when due except in the special assessment fund where current portions are accrued when significant. Unpaid vacation, pay as. of year -end is reported in the long -term debt account group. The proprietary fund types are accounted for using the accrual basis of accounting. Their .revenues are recognized when they are earned, and their expenses are recognized when they are incurred. Unbilled utility service receivables are recorded at year -end. (Continued) -18- CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. Basis of Accounting (continued) 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 type funds financial statements generally reflect such transactions as transfers. Nonrecurring or. nonroutine transfers of equity between funds are recorded as equity transfers and, accordingly, are reported as additions or deductions from fund balances of governmental fund types. D. Budgets and Budgetary Accounting The City follows these procedures in establishing the budgetary data reflected in the financial statements: 1. Prior to January 1, the budget is adopted by the City Council. 2. Formal budgetary integration is employed, as a management control device during the year for the General Fund and special revenue funds. 3. Budgets for the General, Working Capital, and special revenue funds are adopted on a basis consistent with generally accepted accounting principles (GAAP). 4. Reported budget amounts are as originally adopted or as amended by Council approved supplemental appropriations and budget transfers. E. Cash and Temporary Investments Cash surpluses are invested in certificates of deposit and short -term government securities. Investment earnings are allocated to funds on the basis of individual participation. Investments are stated at cost, which approximates market, and are identified with specific funds. (Continued) -19- CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) F. Accumulated Unpaid Vacation and Sick Pay Accrued vacation pay is recorded in the long -term debt account group. Sick pay is not recorded as a liability at December 31, 1984. City employees are entitled to vacation and sick pay based on length of employment and the payment thereof is treated as expense in the period paid. The amount of accrued leave at December 31, 1984 for vacation and sick pay was $357,193 and $1,667,636, respectively, although it is anticipated that only a percentage of the accrued sick pay will be used. G. Comparative Data Comparative data for the prior year have been presented to provide an understanding of changes in the City's financial position and operation. H. Total Columns on Combined Statements - Overview Total columns on the combined statements - overview are captioned memorandum only to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Inter -fund eliminations have not been made in the aggregation of this data. I. Property taxes Allowances are provide taxes receivable. This property tax revenues collected. J. Inventory Inventory is stated first -out) or market. d for the full amount of delinquent has the effect of recognizing at the time property taxes are at the lower of cost (first -in, (Continued) -20- CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) K. Financial reporting entity The City of Edina, for financial reporting purposes, includes all funds and account groups, including those of the Park and Recreation Board and the Housing and Redevelopment Authority of Edina that are controlled by or dependent on the City's executive or legislative branches. Control by or dependence on the City was determined on the basis of budget adoption, taxing authority, outstanding debt secured by revenues or general obligations of the City, or the City's obligation to fund any deficits that may occur. Prior to 1983, the Housing and Redevelopment Authority of Edina Capital Projects fund was reported upon separately. The related debt service fund, however, was included in the City's financial reports. The Redevelopment Bond Debt Service fund balance was restated by $6,350,000 in 1983 to remove that portion which should be part of the long -term debt account group. 2 RESTATEMENT FOR DEPRECIATION - PROPRIETARY FUND TYPE PROPERTY AND EQUIPMENT Beginning in 1983, the City started depreciating certain property and equipment not previously depreciated. The change was adopted to be in conformance with generally accepted accounting principles. The effect of this change is as follows: Fund Swimming Pool Golf Course Recreation Center Gun Range Art Center Other January 1, 1983 fund balance as previously reported $ 237,791 387,826 59,475 38,027 88,930 18,572,794 Effect of change $ 225,590 179,212 555,563 29,665 34,561 $19,384.843 $1.024,591 (Continued) -21- January 1, 1983 fund balance as restated $ 12,201 208,614 (496,088) 8,362 54,369 18,572,794 $18.360.252 1983 depreciation on these items $10,824 28,730 43,285 3,013 11,208 9 060 CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 3 BONDED DEBT The City has three types of bonded debt outstanding at December 31, 1984: general obligation bonds, special assessment improvement bonds, and revenue bonds. The first type of bond is payable solely from general property taxes. The second and third types are payable primarily from special assessments and enterprise revenue, respectively, with any deficiency to be provided for by general property taxes. The bonded debt outstanding at December 31, 1984 is summarized as follows: Maturities Interest rates Amount General Obligation Bonds 1985 -1993 5.75 -11.00 $ 5,750,000 Special Assessment Bonds 1985 -1994 4.40 -8.75 6,000,000 G.O. Revenue Bonds 1985 -1987 3.50 -5.25 205,000 Changes in bonded debt during the year were as follows: General Obligation Bonds Special Assessment Bonds G.O. Revenue Bonds Bonds outstanding December 31 $ 6,300,000 Issued 5,100,000 $5,400,000 330,000 Redeemed $11.955,000 Bonds outstanding January 1 $ 550,000 $ 5,750,000 4,500,000 6,000,000 125,000 205,000 $11.730,000 $5,400.000 $5.175,000 $11,955.000 (Continued) -22- CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 3 BONDED DEBT (Continued) The City has the following revenue bonds outstanding at December 31, 1984: Golf Course Bonds of 1964 $135,000 G.O. Recreation Center Bonds, Series D of 1978 70,000 $205,000 These general obligation revenue bond issues are payable primarily from the respective enterprise fund with any deficiency to be provided first from Liquor Fund revenue and then from general property taxes. The annual requirements to amortize all debt outstanding as of December 31, 1984, including interest payments of $4,525,650 are as follows: Year ending General Special December 31, obligation assessment Revenue Total 1985 $1,070,375 $ 533,475 1986 1,021,875 1,499,350 1987 1,072,325 1,129,350 1988 1,016,000 1,070,950 1989 958,800 1,107,150 1990 -1994 3,337,950 2,443,875 $128,925 $ 1,732,775 53,500 2,574,725 36,750 21238,425 2,086,950 2,065,950 5,781,825 $8,477,325 $7,784,150" $219.175 $16,480,650 $233,550 is available in the Debt Service Fund to service the general obligation. The City is in compliance with all significant bond covenants. (Continued) -23- CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 4 CHANGES IN GENERAL FIXED ASSETS A summary of changes in general fixed assets during 1984 follows: Land Land improvements Buildings Furniture and fixtures Vehicles Tools Election equipment Engineering equipment Fire equipment Highway equipment Park equipment Police equipment Miscellaneous equipment Traffic signals equipment Parks Construction in progress Land and public improvements - Edina HRA Balance Retirements Balance December 31, Additions or transfers January 1, $ 2,281,017 $ 2,281,017 1,556,902 $ 75,526 1,632,428 1,869,340 1,869,340 314,822 19,065 333,887 246,589 45,115 $ 8,615 283,089 5,812 5,812 131,320 131,320 49,596 49,596 808,934 13,099 822,033 1,338,330 226,653 28,996 1,535,987 259,803 33,696 293,499 385,961 60,272 48,214 398,019 136,031 425 136,456 91,706 91,706 2,986,938 205,884 39,542 3,153,280 3,503 2,051 1,441 4,113 12,466,604 681,786 126,808 13,021,582 8,995,508 8,995,508 $21,462,112 $681,786 $126,808 $22,017,090 (Continued) -24- CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 5 PROPRIETARY FUND PROPERTY AND EQUIPMENT A summary of proprietary fund property and equipment at December 31, 1984 follows: Property and Accumulated Net Estimated Enterprise funds equipment depreciation book value useful life Land Golf course Land improvements Water distribution system Sewer collection system Major recreation facilities Major water facilities Buildings - Liquor stores Furniture and fixtures Equipment and machinery Vehicles Construction in progress $ 285,341 $ 285,341 820,534 $ 37,357* 783,177 20 150,763 101,851 48,912 25 8,980,091 3,239,323 5,740,768 50 10,632,055 2,370,126 8,261,929 100 1,995,300 1,069,851 925,449 8 - 25 2,637,904 2,068,311 569,593 5 - 25 729,769 250,415 479,354 10 - 33 450,924 301,239 149,685 5 - 10 633,314 368,129 265,185 5 - 25 36,178 30,165 6,013 5 92-r196 92,196 $27.444,369 $9,836.767 $17.607,602 * Irrigation system only is being depreciated. Depreciation expense for 1984 was $561,838. 6 METROPOLITAN WASTE CONTROL COMMISSION The receivable and corresponding deferred revenue of the enterprise funds from the Metropolitan Waste Control Commission represents the City's share of equity in the City's system which was acquired by the Commission January 1, 1971. This receivable will be paid to the City by issuing credits annually through 1999 against future sewer billings from the Commission. These credits are reflected in the statement of income as received. (Continued) -25- CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 6 METROPOLITAN WASTE CONTROL COMMISSION (Continued) Under the terms of an agreement with the Metropolitan Waste Control Commission, the City will be repaid the reserve capacity charges advanced to the Commission in annual installments including interest through 1988. These advances will be reflected as income when received. 7 NOTES RECEIVABLE The City has sold several properties for notes or contracts receivable, the balances of which were $42,572 in the Liquor Fund and $18,480 in the General Fund at December 31, 1984. Maturity dates range from 1984 to 1992 with interest rates from seven percent to twelve percent. Payments have been received according to the contract schedules. 8 RETIREMENT PLAN The City participates in a state -wide contributory pension plan under the Public Employees' Retirement Association, Minnesota Statutes Chapter 353, which covers all employees except certain temporary or seasonal employees. The City's contribution for pension costs under the state -wide plan was $504,537 for the year ended December 31, 1984. Under existing Minnesota law, the City has no future contingent obligations or commitments to the Plan or its participants except to make continuing contributions as determined from time to time by the State Legislature. (Continued) -26- CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 9 SEGMENT INFORMATION FOR ENTERPRISE FUNDS The City maintains operating services and liquor facilities. for other enterprise operations as; Swimming Pool, Golf Course, Center. Segment information for follows: Sales (less cost of $4,280,858) Operating revenues Depreciation Net income (loss) before transfers Operating trans- fers out (in) Current capital contributions Property and equipment: Additions Disposals Net working capital Bonds and other long -term liabilities payable from operating revenues Total assets Total equity funds for utility (water and sewer) Individual funds are also maintained which are recreational in nature such Recreation Center, Gun Range and Art the year ended December 31, 1984 is as Other Total enterprise enterprise Utility Liquor funds funds $ 978,700 $ 978,700 $ 3,093,546 1,196,853 4,290,399 390,000 $ 46,265 125,573 561,838 2,913 355,886 129,479 488,278 450,000 450,000 47,071 47,071 91,502 7,319 377,820 476,641 37,172 37,172 1,871,524 428,887 (1,032,044) 1,268,367 205,000 205,000 19,836,250 1,467,385 1,593,458 22,897,093 16,566,032 1,287,681 996,681 18,850,394 (Continued) -27- CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 10 DEPOSITS PAYABLE Included in deposits payable of the special assessment fund is an offset balance of $14,606 which represents the excess of monies expended for state -aid projects in excess of monies received from the Minnesota Department of Transportation. These projects were incomplete at December 31, 1984. Upon completion of the projects, deposits will be applied to construction in progress. 11 EDINA FIREMEN'S RELIEF ASSOCIATION The Edina Firemen's Relief Association is the pension fund for the City's Volunteer Fire Department employees. Funding for the pension plan is provided from the two percent insurance premium rebate from the State of Minnesota. The City is responsible for any unfunded portion of the Relief Association's accrued liability. As of December 31, 1984, there was no unfunded liability. 12 INTER -FUND RECEIVABLE AND PAYABLE BALANCES Inter -fund receivables and payables as of December 31, 1984 were as follows: Fund General (including amount due Edina Housing and Redevelopment Authority) Working capital Debt Service: Redevelopment Bond Edina HRA) Capital Projects (due from (Continued) -28- Inter -fund receivables $ 380,784 98,986 233,550 Inter -fund payables $ 307,219 40,762 469,896 CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 12 INTER -FUND RECEIVABLE AND PAYABLE BALANCES (Continued) Fund Special Assessment: Improvement Bond Redemption - II Construction Enterprise: Utilities Liquor Swimming pool Golf Course' Recreation Center Gun Range (Continued) -29- Inter -fund receivables $1,317,711 348,769 2,158,589 12,331 2,101 268,889 81 $4,821,791 Inter -fund payables $ 98,986 1,426,022 2,122,677 468 344,202 11,559 $4,821,791 CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 13 RESERVED OR DESIGNATED FUND EQUITY The following fund equity balances as of December 31, 1984 have been reserved or designated for the reasons noted below: General Fund: Commitments Dedicated funds Bond proceeds reserved for construction Other Total General Fund Special Revenue Funds: Revenue Sharing 1985 budget transfer Debt Service Funds: Redevelopment Bond: Debt service Capital Project Funds: Housing and redevelopment projects Special Assessment Funds: Reserved for construction Total Fund Equity Reservations (Continued) -30- $401,120 396,114 95,007 7.731 899,972 225,000 233,550 (531,067) 140,810 968 265 CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 14 FUND DEFICIENCIES /DEFICITS Expenditures exceeded revenues in certain individual funds for the year ended December 31, 1984 as follows: Housing and Redevelopment Authority of Edina $108,572 Liquor Fund 94,114 Recreation Center Fund 3,467 Gun Range Fund 2,735 Art Center Fund 42,671 Revenue Sharing Fund 29,361 Improvement Bond Redemption I 267,509 15 EXPENDITURES IN EXCESS OF APPROPRIATIONS Park Fund expenditures of $1,329,216 exceeded appropriations in 1984 by $230,591. There were no other individual fund expenditures in excess of appropriations. 16 EQUITY TRANSFERS During the year ended December 31, 1984, cancellation of various interfund loans and the Park Bond Fund assets to other funds as a means prior year cumulative fund deficits. (Continued) -31- Council approved the transfer of available of partially funding CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 16 EQUITY TRANSFERS (Continued) These transactions have been included in the accompanying financial statements. The net effect on the respective fund balances is as follows: Increase (decrease) Enterprise Funds: Utilities Fund $(2100,000) Liquor Fund (415,000) Swimming Pool Fund 110,752 Golf Course Fund 300,000 Recreation Center Fund 442,966 Gun Range Fund 35,371 Art Center Fund 210,518 Net Enterprise Funds 474,607 Special Revenue Funds: Park Fund 59,183 Special Assessment Funds: Permanent Improvement Revolving Fund (200,000) Construction Fund 100,000 Net Special Assessment Funds (100,000) Debt Service Funds: Park Bond Fund (425,997) General Fund (7,793) $ -0- (Continued) -32- CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (Continued) 16 EQUITY TRANSFERS (Continued) At December 31, 1984, Council approved the following non - operating transfers: a) The remaining net assets of the Park Bond Fund into the General Fund. This transfer was completed since all bond issues were retired and all bond proceeds for park improvements transferred to the Park Fund or General Fund as of December 31, 1984. b) The remaining net assets of the Park Fund into the General Fund. Council has determined that it is more informative to report activities of the Park Fund with activities of other general activities of the City which are supported by general tax levies. c) The remaining net assets of the Permanent Improvement Revolving and the Improvement Bond Redemption I Funds (less amounts required to retire existing bonds and related future interest payments) into a fund designated as the Working Capital Fund. Since future improvement assessments and bond issues relating to special assessment projects will be made through the Improvement Bond Redemption II Fund, Council has determined that it is advantegeous to transfer the remaining net assets to the Working Capital Fund. Future earnings of such net assets will be used to finance capital improvements of the City in the City's capital improvement budget. -33- CITY OF EDINA, MINNESOTA GENERAL FUND COMPARATIVE BALANCE SHEET December 31, 1984 and 1983 ASSETS Petty cash and change funds Cash Investments: Land Donated securities Short -term government securities Taxes receivable: Unremitted Delinquent Allowance for uncollectible taxes Accounts receivable Contracts receivable Due from other funds Due from Edina HRA Due from other governmental units Inventory Total assets 1984 $ 800 (453,159) 995 1,755,816 157,907 110,610 (110,610) 139,845 18,480 144,438 236,346 44,459 10,000 1983 $ 550 1,089,932 14,500 995 88,615 76,623 (76,623) 116,062 3,434 368,123 174,491 84,992 10,000 $2,055,927 $1,951,694 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable Due to other funds Due to other governmental units Deposits payable: Dedicated Funds Total liabilities Fund balance: Reserved or designated Unreserved - Undesignated Total fund balance Total liabilities and fund balance -34- $ 211,460 307,219 40,651 83,753 643,083 899,972 512,872 1,412,844 $2,055,927 $ 184,030 238,125 45,499 81,286 548,940 661,707 741,047 1,402,754 $1,951,694 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE Year Ended December 31, 1984 (With Comparative Actual Amounts for Year Ended December 31, 1983) Revenues: Taxes Licenses and permits Inter - governmental revenues: Federal State County Charges for services Fines and forfeitures Other Interest on investments Sales and rental of property Total revenues Other sources: Transfers from other funds Total revenues and other sources Appropriated from prior year's fund balance to finance 1983 budget Expenditures: General government Public safety Public works Unallocated general expenditures Total expenditures Excess of revenues and other sources over expenditures Fund balance January 1 Cancellation of loan to Recreation Center Fund Cancellation of loan from Utilities Fund Net equity transfers Fund balance December 31 1984 1983 Budget Actual Actual $4,845,793 $4,803,082 $4,001,680 320,000 405,685 443,061 8,000 1,498,598 86,405 320,320 275,000 36,500 40,000 16,000 21,559 1,524,891 86,405 379,584 375,101 38,129 56,617 23,032 11,674 2,084,289 86,405 363,049 337,978 52,119 65,134 67,887 7,446,616 7,714,085 7,513,276 323,595 323,595 367,599 7,770,211 8,037,680 7,880,875 436,387 $8,206,598 $1,168,429 4,048,205 2,710,442 279,522 1,204,887 4,018,072 2,597,141 199,697 1,083,906 4,146,820 2,236,979 211,372 $8,206,598 8,019,797 7,679,077 -35- 17,883 201,798 1,402,754 1,200,956 (200,000) 210,000 (17,793) $1,412,844 $1,402,754 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF REVENUES Year Ended December 31, 1984 (With Comparative Actual Amounts for Year Ended December 31, 1983) Taxes: General property tax Penalties and interest Total taxes Licenses and permits Intergovernmental revenues: Federal aid State grants: Local government aid Homestead credit State highway aid Police aid Other state aid County grants: Health programs Total inter - governmental revenues Charges for services: Engineering, clerical charges and searches Planning fees False alarms Housing and Redevelopment Authority Charges to other funds Ambulance service Other 1984 1983 Budget Actual Actual $4,820,793 $4,757,396 $3,962,322 25,000 45,686 39,358 4,845,793 4,803,082 4,001,680 320,000 405,685 443,061 8,000 21,559 11,674 473,111 519,610 1,029,093 826,987 826,987 790,760 55,000 55,965 55,965 140,000 117,359 116,287 3,500 4,970 92,184 86,405 86,405 86,405 1,593,003 1,632,855 2,182,368 100,000 7,500 18,500 5,000 76,320 110,000 3,000 77,908 7,840 24,650 20,305 76,320 164,256 8,305 Total charges for services 320,320 379,584 Fines and forfeitures 275,000 375,101 (Continued) -36- 121,911 10,720 26,975 2,493 68,100 125,966 6,884 363,049 337,978 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF REVENUES (Continued) Year Ended December 31, 1984 (With Comparative Actual Amounts for Year Ended December 31, 1983) Miscellaneous revenues: Interest Sale and rental of property Donations Other Total miscellaneous revenues: Total revenues Other sources: Transfers from other funds: Revenue Sharing Fund Liquor Fund Total transfers Total revenues and other sources 1984 1983 Budget Actual Actual $ 40,000 $ 56,617 $ 65,134 16,000 23,032 67,887 1,500 4,001 1,590 35,000 34,128 50,529 92,500 117,778 185,140 7,446,616 71714,085 7,513,276 225,000 225,000 225,000 98,595 98,595 142,599 323,595 323,595 367,599 $7.770,211 $8,037,680 $7,880,875 -37- CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES Year Ended December 31, 1984 (With Comparative Actual Amounts for Year Ended December 31, 1983) General government: Mayor and Council: Personal services Contractual services Commodities Central services Planning: Personal services Contractual services Commodities Central services Administration: Personal services Contractual services Commodities Central services Finance: Personal services Contractual services Commodities Central services 1984 1983 Budget Actual Actual $ 21,450 5,163 200 11,040 $ 21,450 4,816 186 11,040 $ 20,625 4,614 73 10,560 37,853 37,492 35,872 101,627 975 1,000 29,760 133,362 199,017 41,895 450 55,860 297,222 138,637 27,625 250 38,700 205,212 (Continued) -38- 101,434 681 934 29,760 132,809 200,964 48,303 1,036 55,860 306,163 145,063 27,580 245 38,700 211,588 92,007 246 55 27,780 120,088 198,949 29,263 463 49,959 278,634 134,585 28,973 209 35,640 199,407 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES (Continued) Year Ended December 31, 1984 (With Comparative Actual Amounts for Year Ended December 31, 1983) General government (continued): Election: Personal services Contractual services Commodities Central services Assessing: Personal services Contractual services Commodities Central services Legal and court services: Personal services Contractual services Total general government Public safety: Police protection: Personal services Contractual services Commodities Central services Capital outlay 1984 1983 Budget Actual Actual $ 42,470 12,450 3,000 6,060 $ 46,518 11,516 4,804 6,060 $ 7,559 282 26 5,580 63,980 68,898 13,447 141,940 25,200 500 41,160 208,800 141,872 28,984 459 41,160 212,475 130,230 23,960 241 38,280 192,711 62,000 77,660 61,282 160,000 157,802 182,465 222,000 1,168,429 1,598,790 71,633 19,110 495,000 69,473 2,254,006 (Continued) -39- 235,462 1,204,887 1,616,004 70,114 18,954 495,000 60,272 2,260,344 243,747 1,083,906 1,518,514 63,118 16,902 467,940 79,817 2,146,291 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES (Continued) Year Ended December 31, 1984 (With Comparative Actual Amounts for Year Ended December 31, 1983) Public safety (continued): Fire protection: Personal services Contractual services Commodities Central services Capital outlay Civil defense: Personal services Contractual services Commodities Capital outlay Public health: Personal services Contractual services Commodities Central services Capital outlay Animal control: Personal services Contractual services Commodities Central services Capital outlay 1984 1983 Budget Actual Actual - $ 933,606 53,535 24,675 266,520 83,800 $ 991,521 60,732 26,121 266,520 13,099 $ 954,230 39,895 23,843 279,180 313,908 1,362,136 1,357,993 1,611,056 12,400 4,005 1,150 15,000 32,555 82,390 85,750 3,040 31,980 1,000 204,160 (Continued) -40- 19,674 3,500 3,000 9,420 9,000 44,594 12,930 4,846 1,161 18,937 78,133 81,954 2,075 31,980 657 194,799 19,016 3,460 2,348 9,420 8,943 3,680 1,863 1,301 14,800 21,644 75,978 79,586 2,598 29,220 196 187,578 15,343 5,334 886 8,520 43,187 30,083 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES (Continued) Year Ended December 31, 1984 (With Comparative Actual Amounts for Year Ended December 31, 1983) Public safety (continued):. Inspections: Personal services Contractual services Commodities Central services Total public safety Public works: Administration: Personal-services Contractual services Central services Engineering: Personal services Contractual services Commodities Central services Capital outlay Supervision and overhead: Personal services Contractual services Commodities Central services 1984 Budget Actual $ 105,136 8,140 1,538 35,940 150.754 4,048,205 58,565 854 18,420 $ 101,622 4,641 609 35,940 142,812 4,018,072 59,641 295 18,420 77,839 78,356 200,000 21,283 9,550 70,080 8,500 309,413 176,302 650 350 188,520 365,822 (Continued) -41- 199,494 20,525 8,681 70,080 298,780 176,266 600 323 188,520 365,709 1983 Actual - $ 115,130 370 1,248 33,420 150.168 4,146,820 55,113 270 16,860 72,243 196,172 22,894 7,160 64,920 291,146 155,547 1,044 310 194,160 351,061 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES (Continued) Year Ended December 31, 1984 (With Comparative Actual Amounts for Year Ended December 31, 1983) Public works (continued): Street maintenance: Personal services Contractual services Commodities Central services Street lighting: Personal services Contractual services Commodities Central services Street name signs: Personal services Commodities Central services Traffic control: Personal services Contractual services Commodities Central services 1984 1983 Budget Actual Actual $ 311,300 19,500 238,000 214,500 $ 294,996 14,183 231,145 214,500 $ 309,243 21,231 247,867 210,240 783,300 754,824 788,581 7,470 261,000 10,100 3,420 281,990 (Continued) -42- 11,870 14,660 6,960 33,490 35,270 28,400 22,695 13,320 99,685 6,279 254,641 8,891 3,420 273,231 10,701 13,772 6,960 31,433 31,171 27,119 20,699 13,320 92,309 9,178 253,297 14,131 276,606 8,681 3,685 6,840 19,206 28,478 27,665 20,919 13,080 90,142 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES (Continued) Year Ended December 31, 1984 (With Comparative Actual Amounts for Year Ended December 31, 1983) Public works (continued): Bridges: Personal services Contractual services Commodities Central services Storm drainage: Personal services Contractual services Commodities Central services City properties: Personal services Contractual services Commodities Central services Sidewalks and ramps: Personal services Contractual services Commodities Central services Other expenditures: Capital outlay Building improvements City's share of construction projects Total public works 1984 Budget Actual $ 3,260 550 1,800 3.420 9,030 22,460 13,540 13,100 13,320 62,420 63,147 72,800 11,000 18.600 165,547 17,390 145,256 9,500 4,140 176,286 238,400 20,000 $ 2,806 337 1,702 3,420 1983 Actual $ 3,255 2,161 3,300 8,265 8,716 17,319 12,810 12,137 13,320 55.586 60,576 70,915 10,794 18,600 160,885 13,812 141,163 6,951 4,140 166,066 224,478 12,277 13,740 7,166 13,080 46.263 64,306 32,826 4,987 18,300 120,419 16,342 24,058 1,354 4,020 45,774 126,822 87,220 87,219 345,620 311,697 126,822 2,710,442 (Continued) -43- 2,597,141 2,236,979 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES (Continued) Year Ended December 31, 1984 (With Comparative Actual Amounts for Year Ended December 31, 1983) Unallocated general expenditures: Human Rights Commission Historical Preservation South Hennepin Human Services Council Central services - Capital outlay City's share of special assessments Recycling Fireworks Contingencies Capital improvements Emergency - 911 Suburban rate authority Total Central services 1984 1983 Budget Actual Actual - $ 45,030 $ 41,036 $ 36,921 2,000 1,709 3,049 8,900 16,000 75,000 13,000 3,000 79,980 20,000 14,112 2,500 10,100 8,220 6,495 10,444 73,526 74,046 12,122 10,305 3,350 2,500 75,246 46,141 14,992 2,454 279,522 226,038 206,618 (26,341) 4,754 Total expenditures $8.206,598 $8,019.797 X7.679.077 -44- CITY OF EDINA, MINNESOTA GENERAL FUND SCHEDULE OF CENTRAL SERVICES EXPENDITURES Year Ended December 31, 1984 (With Comparative Actual Amounts for Year Ended December 31, 1983) General: Contractual services Commodities City Hall: Personal services Contractual services Commodities Fixed charges Public Works building: Personal services Contractual services. Commodities Fixed charges Equipment operations: Personal services Contractual services Commodities Fixed charges Total central services expenditures Less allocation to other activities Net central services 1984 Budget Actual $1,253,100 22,000 1,275,100 46,500 39,260 20,700 4,920 111,380 36,094 '62,776 20;150 4,920 123,940 195,410 76,650 352,200 108,540 732,800 .2,243,220 1983 Actual $1,240,059 $1,217,055 21,680 25,148 1,261,739 1,242,203 46,016 45,580 20,869 4,920 117,385 39,108 64,850 20,067 4,920 128,945 188,876 69,843 341,550 108,540 708,809 2,216,878 44,934 38,440 21,318 4,620 109,312 46,604 54,138 24,313 4,920 129,975 186,951 70,329 339,524 103,980 700,784 2,182,274 2,243,220 2,243,219 2,177,520 $ -0- -45- $ (26,341) $ 4.754 CITY OF EDINA, MINNESOTA WORKING CAPITAL FUNDS BALANCE SHEET December 31, 1984 ASSETS Cash Investments Special assessments receivable: Unremitted Delinquent Deferred Allowance for uncollectible receivables Due from other funds Total assets LIABILITIES AND FUND BALANCE Liabilities: Due to other funds Fund balance: Unreserved - Undesignated Total liabilities and fund balance -46- $ 466,017 2,101,834 5,846 104,412 2,192,804 (214,054) 98,986 $4.755,845 $ 40,762 4,715,083 Jig! 55.845 CITY OF EDINA, MINNESOTA WORKING CAPITAL FUND STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE Year Ended December 31, 1984 Equity transfers from other funds Fund balance, December 31 -47- $4,715,083 $4,715,083 CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET December 31, 1984 (With Comparative Totals for December 31, 1983) ASSETS Cash (deficit) Investments Unremitted taxes receivable Accounts receivable Contracts receivable Due from other funds Due from other governmental units Total assets LIABILITIES AND FUND BALANCE Liabilities: Accounts payable Due to other funds Due to other governmental units Deposits Deferred revenue Total liabilities Fund balance (deficit): Reserved or designated Unreserved - Undesignated Total fund balance Total liabilities and fund balance Revenue Sharing Park $131,915 92,004 Totals 1984 1983 $131,915 $141,566 92,004 11,433 26,087 135,944 17,974 49,873 49,873 109,668 1111,792 $-0- $273,792 $442,672 $ 30,644 25,067 6,430 11,232 135.944 209,317 $225,000 $225,000 573,502 48,792 48,792 (340,147) 273,792 273,792 233,355 $273,792 $ -0- $273,792 $442J22 -48- CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE Year Ended December 31, 1984 (With Comparative Totals for Year ended December 31, 1983) Revenues: Taxes Intergovernmental revenues: Federal grant - Federal Revenue Sharing State grant - Homestead credit Charges for services Miscellaneous revenues: Interest Other Parkland dedication Total revenues Other sources - transfers from other funds Total revenues and other sources Expenditures: Current expenditures Capital outlay Total expenditures Other uses: Transfers to other funds Total expenditures and other uses Excess of revenues and other sources over (under) expenditures and other uses Fund balance January 1 Equity transfer to other fund Revenue Sharing $195,436 Park Totals 1984 1983 $ 585,643 $ 585,643 $ 563,982 195,436 190,869 101,880 101,880 68,843 31,366 31,366 26,762 8,649 203 67,670 67,873 124,836 201,867 201,867 96,770 195,639 988,426 1,184,065 1,080,711 351,405 351,405 307,401 195,639 1,339,83.1 1,535,470 1,388,112 225,000 1,001,235 1,001,235 940,765 327,981 327,981 298,595 1,329,216 1,329,216 1,239,360 225,000 225,000 225,000 1,329,216 1,554,216 1,464,360 (29,361) 10,615 (18,746) (76,248) 303,153 (69,798) 233,355 309,603 59,183 59,183 Fund balance December 31 273 792 $ -0- $ 273,792 $ 233,355 -49- CITY OF EDINA, MINNESOTA REVENUE SHARING FUND STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE Year Ended December 31, 1984 (With Comparative Actual Amounts for Year Ended December 31, 1983) -50- 1984 1983 Budget Actual Actual Revenues: Federal Revenue Sharing Grant $225,000 $195,436 $190,869 Interest on investments 8,649 Other 203 Total revenues 225,000 195,639 199,518 Other uses - transfer to General Fund 225,000 225,000 225,000 Total other uses 225,000 225,000 225,000 Net decrease in fund balance $ -0- (29,361) (25,482) Fund balance January 1 303,153 328,635 Fund balance December 31 $273,792 $303,153 -50- CITY OF EDINA, MINNESOTA PARK FUND STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE Year Ended December 31, 1984 (With Comparative Actual Amounts for Year Ended December 31, 1983) Revenues: General property taxes State grant - Homestead credit Registration fees Interest on investments Parkland dedication Sale of property Grants and donations Property and equipment contributed by special assessments Other revenues Total revenues Other sources - Transfer from Liquor Fund Total revenues and other sources Expenditures: Administration: Personal services Contractual services Commodities Central services Training Paid leave Total administration 1984 1983 Budget Actual Actual - $ 593,340 101,880 38,000 8,000 6,000 747,220 $ 585,643 101,880 31,366 201,867 15,845 51,194 631 988,426 $ 563,982 68,843 26,762 96,770 6,520 61,051 57,085 180 881,193 351,405 351,405 307,401 1,098,625 1,339,831 1,188,594 154,577 3,750 700 151,500 2,100 47,318 359,945 (Continued) -51- 145,710 5,738 1,985 151,500 2,572 57,890 365,395 149,698 4,388 1,207 148,140 1,342 57,440 362,215 CITY OF EDINA, MINNESOTA PARK FUND STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE (Continued) Year Ended December 31, 1984 (With Comparative Actual Amounts for Year Ended December 31, 1983) Expenditures (continued): Recreation: Baseball and softball Skating and hockey Tennis instruction Playground Swimming instruction Senior citizens Sports complex Miscellaneous and special activities Total recreation Maintenance: Mowing Special turf care Planting and trees Litter removal Parking areas Buildings and equipment Skating rinks Total maintenance Total current expenditures Capital outlay Total expenditures Excess of revenues and other sources over (under) expenditures Fund balance (deficit) January 1 Equity transfer to other fund Fund balance (deficit) December 31 -52- 1984 Budget Actual $ 14,000 20,000 6,400 11,900 24,700 6,700 16,200 99,900 47,340 94,240 46,780 30,480 12,940 125,940 86,060 443,780 903,625 195,000 1,098,625 -0- $ 13,172 23,207 4,770 20,073 10,158 7,717 6,225 1983 Actual $ 8,495 19,309 3,989 16,296 26,533 6,695 5,551 16,685 16,045 102,007 102,913 50,947 127,320 54,344 22,070 13,940 183,478 81,734 533,833 1,001,235 327,981 1,329,216 10,615 (69,798) 59,183 48,809 107,716 23,058 44,223 14,590 155,630 81,611 475,637 940,765 298,595 1,239,360 (50,766) (19,032) -0- $ (69.798) CITY OF EDINA, MINNESOTA DEBT SERVICE FUNDS COMBINING BALANCE SHEET December 31, 1984 (With Comparative Totals for December 31, 1983) ASSETS Redevelopment Park Bond Bond Cash Taxes receivable: Unremitted Due from other funds Due from Edina Housing and Redevelopment Authority $233,550 Total assets 233 550 FUND BALANCE Fund balance: Reserved or designated $233,550 Unreserved - Undesignated Total fund balance $233,5500 - -53- Totals 1984 1983 $415,512 423 9,599 $233,550 233,550 $233,550 $659,084 $233,550 $328,557 330,527 $233.550 $659.084 CITY OF EDINA, MINNESOTA DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE Year Ended December 31, 1984 (With Comparative Totals for December 31, 1983) Redevelopment Park Totals Bond Bond 1984 1983 Revenues: General property taxes $ 501 $ 501 $ 887 Interest 9,599 Advances from HRA $1,119,493 1,119,493 674,639 Total revenues 1,119,493 501 1,119,994 685,125 Expenditures: Bond principle Interest and service charges Other use: Write off balance in taxes receivable Total expenditures and other uses Excess of revenues over (under) expenditures and other uses Fund balance January 1, as previously reported Restatement - See Note 1 -K Fund balance January 1, as restated Equity transfers to other funds Fund balance December 31 550,000 569,493 1,119,493 38 550,000 100,000 569,493 574,639 1,119,493 674,639 38 1,119,493 38 1,119,531 674,639 463 463 10,486 6,998,598 (6,350,000) 233,550 425,534 659,084 648,598 (425,997) (425,997) $ 233.550 S -0- $ 233.550 1-659-,084 -54- CITY OF EDINA, MINNESOTA CAPITAL PROJECTS FUNDS HOUSING AND REDEVELOPMENT AUTHORITY OF EDINA BALANCE SHEET December 31, 1984 (With Comparative Totals for December 31, 1983) Cash Liabilities: Accounts payable Due to other funds ASSETS 7 A0 A $ 11,073 LIABILITIES AND FUND BALANCE Total liabilities Fund balance (deficit): Designated Total liabilities and fund balance -55- $ 72,244 469,896 542,140 (531,067) 11 073 1 no 7 L--!.,6 7 5 $ 16,129 408,041 424,170 (422,495) 1 675 CITY OF EDINA, MINNESOTA CAPITAL PROJECTS FUNDS HOUSING AND REDEVELOPMENT AUTHORITY OF EDINA STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE Year Ended December 31, 1984 (With Comparative Totals for December 31, 1983) Revenues: Tax increments Other Total revenues Expenditures: Professional fees Interest charges on loans from other funds Personal services Other Total expenditures Other uses: Transfer to debt service fund Total expenditures and other uses Excess of revenues over (under) expenditures and other uses Fund balance (deficit), January 1 Fund balance (deficit), December 31 -56- 1984 $1,256,687 8,539 1,265,226 253,055 1,244 6 254,305 1,119,493 1,373,798 1983 $1,101,604 6,790 1,108,394 26,043 30,582 2,493 4,401 63,519 674,639 738,158 (108,572) 370,236 (422,495) $ (531.067) (792,731) $ (422,495) CITY OF EDINA, MINNESOTA SPECIAL ASSESSMENT FUNDS COMBINING BALANCE SHEET December 31,.1984 (With Comparative Totals for December 31, 1983) ASSETS Permanent Improvement Revolving Cash (deficit) Investments Accounts receivable Special assessments receivable: Unremitted Delinquent Deferred City's share Allowance for uncollectible receivables Due from other funds Unassessed construction costs Construction in progress: Current Deferred Total assets LIABILITIES AND FUND BALANCE Liabilities: Accounts payable Contracts payable Due to other funds Due to other governmental units Accrued interest on bonds Deposits payable Deferred revenue Escrow deposits Bonds payable Total liabilities Fund balance: Designated for construction Unreserved - Undesignated Total fund balance Total liabilities and fund balance -57- Improvement Improvement Bond Bond Totals Redemption I Redemption II Construction 1984 1983 $ 317,253 $ 61,392 $ 378,645 $(1,310,827) $ 600,000 552,208 11152,208 4,077,670 1,615 $ 600,000 600,000 600,000 $ 600,000 17,800 124,072 3,569,383 (297,798) 1,317,711 29,631 $5,630,260 $ 98,986 43,959 5,400,000 5,542,945 87,315 87,315 $5,630.260 348,769 37,526 1,143,285 7,820 $1.598.792 $ 2,280 7,820 1,426,022 21,860 17,800 124,072 3,569,383 (297,798) 1,666,480 67,157 1,143,285 7,820 $ 7.829.052 $ 2,280 7,820 1,525,008 43,959 21,860 6,000,000 11457,982 7,600,927 140,810 140,810 $1,598.792 -58- 140,810 87,315 228,125 7,829,052 58,143 184,559 6,815,432 211,754 (522,968) 1,163,606 576,096 2,868,907 20,761 $14.144.748 $ 1,352 20,761 1,294,772 53,717 106,363 2,047,946 238,012 12,256 5,100,000 8,875,179 40,810 5,228,759 5,269,569 $14,144,748 CITY OF EDINA, MINNESOTA SPECIAL ASSESSMENT FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE Year Ended December 31, 1984 (With Comparative Totals for Year Ended December 31, 1983) Permanent Improvement Revolving Revenues: Interest: Investments Special assessments $ 543 Reimbursements from other funds Total revenues Other sources: Capitalized interest Assessment adjustments Other Write off balance in deferred revenue Total other sources Total revenues and other sources Expenditures: Interest Paying agent service charges Construction costs Other Total expenditures Other uses: Assessment adjustments Write off balance in unassessed construction costs Write off balance in City share of assessments receivable Total other uses 543 543 ,r, 1) ,r, 1) Total expenditures and other uses 152 Excess of revenues and other sources over (under) expenditures and other uses 391 Fund balance January 1 442,973 Cancellation of loans (to) from other funds (200,000) Equity transfer to other fund (243,364) Fund balance December 31 $ -0- -59- Improvement Improvement Bond Bond Redemption I Redemption II Construction $ 193,779 104,920 298,699 3,647 246,028 249,675 548,374 32,750 144 32,894 51,967 519,268 211,754 782,989 815,883 (267,509) 4,739,228 (4,471,719) $ -0- $ 88,564 316,378 404,942 57,026 63,024 120,050 524,992 466,726 2,856 14,653 484,235 484,235 40,757 46,558 $ 87,315 $2,797,226 2,797,226 2,797,226 2,797,226 2,797,226 2,797,226 -0- 40,810 100,000 $ 140,810 -60- Totals 1984 1983 $ 282,343 421,841 2,797,226 3,501,410 57,026 63,024 3,647 246,028 369,725 3,871,135 499,476 3,000 2,797,226 14,805 3,314,507 51,967 519,268 211,754 782,989 4,097,496 (226,361) 5,269,569 (100,000) (4,715,083) $ 228,125 $ 91,807 490,299 865,405 1,447,511 83,143 80,938 164,081 1,611,592 474,258 594 865,326 2,195 1,342,373 55,923 55,923 1,398,296 213,296 5,056,273 $5,269,569 CITY OF EDINA, MINNESOTA PROPRIETARY FUND TYPE - ENTERPRISE FUNDS COMBINING BALANCE SHEET December 31, 1984 (With Comparative Totals for December 31, 1983) ASSETS Current assets: Petty cash and change funds Cash (deficit) Investments Receivables: Accounts Customers Assessments Notes Due from other funds Due from other governmental units Inventory Prepaid expenses Total current assets Property and equipment less accumulated depreciation Other assets: Due from other funds Receivable - Metropolitan Waste Control Commission Notes receivable - less current portion Total other assets Total assets Utilities Liquor $ 349,541 1,697,963 552,333 1,309 2,129,598 11,393 3,508 4,745,645 $ 3,800 (40,260) 4,973 12,331 623,250 4,497 608,591 Swimming Pool $(108,899) 2,101 (106,798) 14,665,517 821,195 256,685 28,991 396,097 37,599 425,088 37,599 $19,836.250 $1,467.385 1-149-,887 (Continued) -61- Golf Course Recreation Gun Art Totals Center Range Center 1984 1983 $ 800 $ 700 63,403 (759,366) $(9,215) 222 36,576 3,984 268,889 81 24 250 64,425 (453,177) (4,900) 1,152,566 453,394 37,416 $1,216,991 $ 217 $32,516 $ 175 $ 5,475 $ 5,475 (34,824) (539,620) (109,365) 1,697,963 12,728 40,782 27,005 552,333 585,051 1,309 2,262 4,973 8,105 2,413,000 332,357 3,692 7,667 642,584 725,527 8,005 12,058 (26,982) 4,826,804 1,604,895 220,829 17,607,602 17,729,971 28,991 779,813 396,097 537,202 37,599 39,786 462,687 1,356,801 $193,847 $22,897,093 $20,691,667 -62- CITY OF EDINA, MINNESOTA PROPRIETARY FUND TYPE - ENTERPRISE FUNDS COMBINING BALANCE SHEET (Continued) December 31, 1984 (With Comparative Totals for December 31, 1983) LIABILITIES AND RETAINED EARNINGS Utilities Liquor Current liabilities: Accounts payable $ 751,444 $ 179,236 Due to other funds 2,122,677 468 Bonds payable Total current liabilities 2,874,121 179,704 Other liabilities: Loan from other funds Deposits Deferred revenue Bonds payable, less current portion Total other liabilities Total liabilities Retained earnings: Invested in property and equipment Contributed Designated for debt retirement Unreserved - Undesignated Total retained earnings Total liabilities and retained earnings 396,097 396,097 3,270,218 Swimming Pool $ 72 72 179,704 72 16,566,032 1,287,681 149,815 16,566,032 1,287,681 149,815 $19,836.250 $1.467.385 1-149,887 -63- Golf Recreation Gun Art Totals Course Center Range Center. 1984 1983 $ 4,178 $ 19,913 $ 369 $ 4,319 $ 959,531 $ 512,018 344,202 11,559 21478,906 98,508 50,000 70,000 120,000 110,000 398,380 101,472 369 4,319 3,558,437 720,526 1,015,000 3,665 3,500 7,165 6,167 396,097 439,536 85,000 85,000 220,000 88,665 3,500 488,262 1,680,703 487,045 104,972 369 4,319 4,046,699 2,401,229 2,196,330 14,188,640 52,300 52,300 52,300 729,946_ (157,055) 32,147 189,528 18,798,094 1,853,168 729,946 (104,755) 32,147 189,528 18,850,394 18,290,438 $1,216,991 217 $32,516 $193,847 $22,897,093 $20,691.667 -64- CITY OF EDINA, MINNESOTA PROPRIETARY FUND TYPE - ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS Year Ended December 31, 1984 (With Comparative Totals for Year Ended December 31, 1983) Sales and cost of sales: Sales Cost of sales Operating revenues: Charges for services Total gross profit and operating revenues Operating expenses Operating income (loss) Other revenues: Interest Discounts Federal aid Prior year's disposal charges Current value credit - MWCC Rental income Deferred charges Donations Other Total other revenues Swimming Utilities Liquor Pool $5,259,558 4,280,858 978,700 $ 3,093,546 $ 85,125 3,093,546 978,700 85,125 3,386,541 688,623 97,666 (292,995) 290,077 (12,541) 214,860 61,020 7,960 12,068 295,908 (Continued) -65- 2,785 59,814 3,437 66,036 61,226 61,226 Golf Recreation Gun Art Totals Course Center Range Center 1984 1983 $ 5,259,558 $ 5,488,154 4,280,858 4,566,984 978,700 921,170 $693,489 $337,463 $18,236 $ 62,540 4,290,399 4,156,402 693,489 337,463 18,236 62,540 5,269,099 5,077,572 554,800 369,038 20,971 114,773 5,232,412 5,121,214 138,689 (31,575) (2,735) (52,233) 36,687 (43,642) 2,271 5,056 57,490 59,814 73,135 61,226 214,860 30,364 61,020 61,020 7,960 7,960 12,068 10,073 2,653 2,653 9,443 30,623 6,909 40,969 3,741 2,271 30,623 9,562 465,626 253,226 -66- CITY OF EDINA, MINNESOTA PROPRIETARY FUND TYPE - ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS (Continued) Year Ended December 31, 1984 (With Comparative Totals for Year Ended December 31, 1983) Other expenses: Interest and paying agent fees Other Total other expenses Net income (loss) Transfers (to) from other funds Property and equipment contributed by special assessments Net operating increase (decrease) Retained earnings (deficit), January 1 Restatement for prior years accumulated depreciation Retained earnings (deficit), January 1, as restated Cancellation of loans (to) from other funds Equity transfers (to) from other funds Swimming Utilities Liquor Pool $ 2,913 $ 227 227 355,886 $ 48,685 (450,000) 47,071 49,984 (94,114) 48,685 16,726,048 1,796,795 (9,622) 16,726,048 1,796,795 (9,622) (210,000) (415,000) 110,752 Retained earnings (deficit), December 31 $16,566.032 $1.287.681 $149.815 -67- Golf Recreation Gun Art Course Center Range Center $ 11,293 $ 2,515 11,293 2,515 129,667 (3,467) $(2,735) $(42,671) Totals 1984 1983 $ 13,808 $ 18,601 227 564 14,035 19,165 488,278 190,419 (450,000) (450,000) 47,071 189,767 129,667 (3,467) (2,735) (42,671) 85,349 (69,814) 300,279 (544,254) (489) 21,681 18,290,438 19,384,843 (1,024,591) 300,279 (544,254) (489) 21,518 18,290,438 18,360,252 545,000 170,000 90,000 (245,000) 272,966 35,371 210,518 384,607 $729.946 $(104.755) 32 147 $189.528 $18.850.394 $18.290.438 -68- CITY OF EDINA, MINNESOTA PROPRIETARY FUND TYPE - ENTERPRISE FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION Year Ended December 31, 1984 (With Comparative Totals for Year Ended December 31, 1983) Sources of working capital: Operations: Net income (loss) Item not requiring working capital: Depreciation Loss on disposal of fixed assets Swimming Utilities Liquor Pool $ 2,913 $355,886 $ 48,685 390,000 46,265 12,500 Total from operations 392,913 402,151 61,185 Decrease in other assets 141,105 Contributions in aid to construction 47,071 Reduction of loan to other funds 35,822 Increase in deposits Reduction in notes receivable 2,187 Equity transfer from other funds 110,752 Total sources of working capital 616,911 404,338 171,937 Uses of working capital: Operations: Net loss Item not requiring working capital: Depreciation Total from operations Decrease in other liabilities 43,439 Additions to property and equipment 91,502 7,319 169,333 Decrease in deposits Reduction of long -term debt Transfers to other funds 450,000 Equity transfer to other funds Cancellation of loans 210,000 Total uses of working capital 344,941 457,319 169,333 Net increase (decrease) in working capital $ 271.970 $(52,981) 1__2-,604 (Continued) -69- Golf Recreation Gun Course Center Range $ 129,667 $ (3,467) $(2,735) 50,312 45,399 3,587 2,405 47,071 189,767 182,384 41,932 852 998 272,966 35,371 183,382 314,898 36,223 113,899 42,797 9,164 65,000 70,000 245,000 423,899 112,797 9,164 $(240,517) 202 101 $27,059 Art Totals $ 530,949 $ 301,947 -70- 548,063 485,834 2,405 1,081,417 787,781 141,105 47,071 189,767 35,822 998 2,187 4,974 $210,518 629,607 210,518 1,938,207 982,522 42,671 42,671 111,528 (13,775) (13,775) (74,898) 28,896 28,896 36,630 43,439 7,860 441,874 275,441 1,675 135,000 110,000 450,000 450,000 245,000 210,000 36,756 1,554,209 873,746 $173v762 $ 383,998 $ 108,776 -70- CITY OF EDINA, MINNESOTA PROPRIETARY FUND TYPE - ENTERPRISE FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION (Continued) Year Ended December 31, 1984 (With Comparative Totals for Year Ended December 31, 1983) Elements of net increase (decrease) in working capital: Cash Receivables Due from other funds Due from other governmental units Investments Inventory Prepaid expenses Accounts payable Due to other funds Due to other governmental units Accrued liabilities Bonds payable Net increase (decrease) in working capital -71- Utilities $ (734,111) (33,671) 1,820,040 1,697,963 (2,029) 560 (420,919) (2,055,863) 271,970 52 981) 2x6.04 Swimming Liquor Pool $ 24,083 $ 1,853 (4,393) (1,312) 12,331 2,101 (80,347) (4,613) (15,744) (38) 15,702 52 981) 2x6.04 Golf Course Recreation Center Gun Art Range Center $ 107,470 $(31,400) $26,156 (372) 12,738 3,984 (25) 246,169 27 (3,692) (12,728) (110) (1,415) (8,209) 287 (333,447) (7,087) 297 (10,000) $175,694 (457) (1,475) Totals 1984 1983 $ (430,255) (23,026) 2,080,643 (3,692) 1,685,235 (82,943) (4,053) (447,513) (2,380,398) (10,000) $(142,027) 123,446 49,984 (193,159) (63,220) (2,020) (324,660) 464,144 180,560 15,728 $(240,517) $202.101 27 059 JIL3,762 $ 383.998 $ 108,776 -72- CITY OF EDINA, MINNESOTA PROPRIETARY FUND TYPE - ENTERPRISE FUNDS SCHEDULE OF PROPERTY AND EQUIPMENT Year Ended December 31, 1984 Utilities Fund: Land Land improvements Buildings and equipment Distribution system Sewer mains and lift stations Furniture and fixtures Vehicles Equipment and machinery Liquor Fund: Land Land improvements Building Furniture, fixtures and equipment Swimming Pool Fund: Land Swimming pool and bathhouse Filter system Furniture and fixtures Assets Balance Balance January 1, Additions Disposals December 31, $ 26,556 $ 26,556 39,614 $ 785 40,399 2,617,904 20,000 2,637,904 8,953,221 26,870 8,980,091 10,611,855 20,200 10,632,055 5,299 5,299 32,531 3,647 36,178 114,042 20,000 134,042 22,401,022 91,502 22,492,524 233,785 233,785 22,553 428 22,981 729,769 729,769 302,880 6,891 309,771 1,288,987 7,319 1,296,306 10,000 10,000 294,416 158,584 453,000 28,006 3,732 31,738 10,363 7,017 17,380 342,785 169,333 512,118 (Continued) -73- Accumulated depreciation Balance Balance Net Book January 1, Additions Disposals December 31, value $ 23,724 $ 1,361 1,978,764 89,547 3,060,797 178,526 2,263,806 106,320 3,063 314 26,500 3,665 80,353 10,267 7,437,007 390,000 7,297 899 223,897 26,518 197,652 18,848 428,846 46,265 215,409 8,480 21,005 2,987 6,519 1,033 242,933 12,500 -74- $ 25,085 2,068,311 3,239,323 $ 26,556 15,314 569,593 5,740,768 2,370,126 8,261,929 3,377 1,922 30,165 6,013 90,620 43,422 7,827,007 14,665,517 8,196 250,415 216,500 475,111 223,889 23,992 7,552 255,433 233,785 14,785 479,354 93,271 821,195 10,000 229,111 7,746 9,828 256,685 CITY OF EDINA, MINNESOTA PROPRIETARY FUND TYPE - ENTERPRISE FUNDS SCHEDULE OF PROPERTY AND EQUIPMENT (Continued) Year Ended December 31, 1984 Art Center Fund: Land 15,000 15,000 Land improvements 1,937 1,937 Building 242,848 242,848 Office furniture and equipment 8,572 380 8,952 Machinery and equipment 13,046 7,480 20,526 281,403 7,860 289,263 $27,004,900 $476,641 $37,172 $27,444,369 -75- Assets Balance Balance January 1, Additions Disposals December 31, Golf Course Fund: Golf course $ 820,534 $ 820,534 Buildings 242,639 242,639 Well 121,304 121,304 Parking lot and roadway 15,305 $ 1,677 16,982 Equipment 298,577 27,127 325,704 Construction in progress 9,506 85,095 $ 2,405 92,196 1,507,865 113,899 2,405 1,619,359 Recreation Center Fund: Land improvements 52,174 52,174 Buildings 962,164 47,117 1,009,281 Furniture and equipment 80,835 17,684 98,519 Construction in progress 22,004 12,763 34,767 1,117,177 77,564 34,767 1,159,974 Gun Range Fund: Land improvements 16,290 16,290 Building 47,532 47,532 Furniture and equipment 1,839 9,164 11,003 65,661 9,164 74,825 Art Center Fund: Land 15,000 15,000 Land improvements 1,937 1,937 Building 242,848 242,848 Office furniture and equipment 8,572 380 8,952 Machinery and equipment 13,046 7,480 20,526 281,403 7,860 289,263 $27,004,900 $476,641 $37,172 $27,444,369 -75- Accumulated depreciation Balance Balance January 1, Additions Disposals December 31, $ 26,679 $ 10,678 158,917 12,880 12,130 4,852 10,217 435 208,538 21,467 416,481 50,312 47,169 1,333 551,679 39,235 62,333 4,831 661,181 45,399 7,304 1,086 25,373 1,927 1,145 574 33,822 3,587 897 129 44,872 11,079 4,051 876 4,839 1,691 54,659 13,775 $9,274,929 $561,838 -76- Net Book value $ 37,357 $ 783,177 171,797 70,842 16,982 104,322 10,652 6,330 230,005 95,699 92,196 466,793 1,152,566 48,502 3,672 590,914 418,367 67,164 31,355 706,580 453,394 8,390 7,900 27,300 20,232 1,719 9,284 37,409 37,416 15,000 1,026 911 55,951 186,897 4,927 4,025 6,530 13,996 68,434 220,829 $9.836.767 $17.607.602 CITY OF EDINA, MINNESOTA UTILITIES FUND COMPARATIVE COMBINED BALANCE SHEET December 31, 1984 and 1983 Current assets: Cash (deficit) Receivables: Customers Assessments Due from other funds Investments Inventory Prepaid expenses Total current assets Property and equipment, less accumulated depreciation Other assets: Receivable - Metropolitan Waste Control Commission Loan to other funds Total other assets Total assets ASSETS 1984 Water Sewer Total $ 3,013,267 $(2,663,726) $ 349,541 150,274 15,060 869,197 11,393 3,508 4,062,699 6,350,368 28,991 28,991 402,059 1,309 2,114,538 828,766 682,946 8,315,149 396,097 396,097 $10,442,058 $ 9,394,192 (Continued) -77- 552,333 1,309 2,129,598 1,697,963 11,393 3,508 4,745,645 14,665,517 396,097 28,991 425,088 119,836,250 1983 Water Sewer Total $1,435,526 $ (351,874) $ 1,083,652 184,535 400,516 585,051 2,262 2,262 308,627 931 309,558 13,422 13,422 2,948 2,948 1,945,058 51,835 1,996,893 6,571,844 8,392,171 14,964,015 537,202 537,202 64,813 64,813 64,813 537,202 602,015 $8,581,715 $8,981.208 $17.562023 -78- CITY OF EDINA, MINNESOTA UTILITIES FUND COMPARATIVE COMBINED BALANCE SHEET (Continued) December 31, 1984 and 1983 LIABILITIES AND RETAINED EARNINGS Current liabilities: Accounts payable Due to other funds Total current liabilities Other liability - deferred revenue Total liabilities Retained earnings:. Invested in property and equipment Contributed Unreserved - Undesignated Total retained earnings Total liabilities and retained earnings 1984 Water Sewer Total $ 32,490 $ 718,954 $ 751,444 2,116,501 6,176 2,122,677 2,148,991 725,130 2,874,121 396,097 396,097 2,148,991 1,121,227 3,270,218 8,293,067 8,272,965 16,566,032 8,293,067 8,272,965 16,566,032 $10,442,058 $ 9,394,192 $19,836,250 -79- 1983 Water Sewer Total $ 28,397 1,018 29,415 29,415 899,355 5,672,489 1,980,456 8,552,300 $ 302,128 65,796 367,924 439,536 807,460 8,392,171 (218,423) 8,173,748 $ 330,525 66,814 397,339 439,536 836,875 899,355 14,064,660 1,762,033 16,726,048 $8,581.715 $8.981.208 $17,562,923 ■mm CITY OF EDINA, MINNESOTA UTILITIES FUND COMPARATIVE COMBINED STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS Years Ended December 31, 1984 and 1983 Operating revenues: Water charges Sewer charges Sale of meters (less cost of meters sold) Permits Other Total operating revenue Operating expenses: Source of supply: Personal services Other services and charges Supplies Distribution: Personal services Other services and charges Supplies Purification: Personal services Other services and charges Supplies Source of collection: Personal services Other services and charges Supplies Disposal - contractual services General and administrative: Personal services Other services and charges Supplies Depreciation Total operating expenses Operating (loss) "P Water Sewer Total $ 959,569 $ 959,569 $2,099,007 2,099,007 21,275 21,275 2,415 2,415 11,280 11,280 994,539 2,0991007 3,093,546 26,143 26,143 288,062 288,062 4,292 4,292 154,108 154,108 36,113 36,113 154,793 154,793 1,899 1,899 452 452 33,282 33,282 141,846 141,846 53,266 53,266 26,990 26,990 1,859,822 1,859,822 31,300 24,827 56,127 69,603 88,279 157,882 1,464 1,464 269,131 120,869 390,000 1,070,642 2,315,899 3,386,541 .(76,103) (216,892). (292,995) (Continued) -81- 1983 Water Sewer Total $ 943,509 $ 943,509 $2,121,669 2,121,669 3,270 3,270 2,836 2,836 649 649 950,264 2,121,669 3,071,933 36,698 36,698 273,034 273,034 18,995 18,995 123,235 123,235 17,783 17,783 98,293 98,293 4,582 4,582 572 572 31,954 31,954 139,880 139,880 42,163 42,163 29,650 29,650 1,903,662 1,903,662 41,670 20,873 62,543 69,572 94,351 163,923 311 311 269,445 119,993 389,438 986,144 2,350,572 3,336,716 (35,880) (228,903) (264,783) -82- CITY OF EDINA, MINNESOTA UTILITIES FUND COMPARATIVE COMBINED STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS (Continued) Years Ended December 31, 1984 and 1983 Other revenues: Deferred charges Rental income Prior year's disposal charges Current value credit - MWCC Interest on investments Total other revenues Net income (loss) Property and equipment contributed by special assessments Net increase (decrease) in retained earnings Retained earnings, January 1 Cancellation of loan to General Fund 1984 Water Sewer Total $ 12,068 $ 12,068 7,960 7,960 214,860 214,860 61,020 61,020 295,908 295,908 $ (76,103) 79,016 2,913 26,870 20,201 47,071 (49,233) 99,217 49,984 8,552,300 8,173,748 16,726,048 (210,000) (210,000) Retained earnings, December 31 $8,293,067 $8,272,965 $16,566,032 -83- 1983 Water Sewer Total $ 35,108 35,108 $ 10,073 7,960 30,364 61,020 19.251 128,668 (772) (100,235) $ 10,073 7,960 30,364 61,020 54,359 163,776 101,007 81,816 107,951 189,767 81,044 7,716 88,760 8,471,256 8,166,032 16,637,288 $8,552,300 $8,173,748 $16,726,048 -84- CITY OF EDINA, MINNESOTA UTILITIES FUND COMPARATIVE COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION Years Ended December 31, 1984 and 1983 Sources of working capital: Operations: Net income (loss) Item not requiring working capital: Depreciation Contributions in aid to construction Reduction of loan to other funds Decrease in other assets Total sources of working capital Uses of working capital: Additions to property and equipment Cancellation of loan to General Fund Decrease in other liability Total uses of working capital Net increase (decrease) in working capital 1984 Water Sewer Total $ (76,103) $ 79,016 $ 2,913 269,131 120,869 390,000 193,028 199,885 392,913 26,870 35,822 20,201 141,105 47,071 35,822 141,105 255,720 361,191 616,911 47,655 43,847 91,502 210,000 210,000 43,439 43,439 257,655 87,286 344,941 $ (1.935) 273.905 $ 271.970 (Continued) -85- -86- 1983 Water Sewer Total $ (772). $ (100,235) $ (101,007) 269,445 119,993 389,438 268,673 19,758 288,431 81,816 107,951 189,767 350,489 127,709 478,198 8.2,649. 107,951, 190,600 82,649 107,951 :190,600 $ 267.840 $ 19.758 $ 287.598 -86- CITY OF EDINA, MINNESOTA UTILITIES FUND COMPARATIVE COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION (Continued) Years Ended December 31, 1984 and 1983 Elements of net income (decrease) in working capital: Cash Receivables Due from other funds Due from other governmental units Investments Inventory Prepaid 'expenses Accounts payable Due to other funds Due to other governmental units Accrued payroll Net increase (decrease) in working capital 1984 Water Sewer Total $1,577,741 $(2,311,852) $ (734,111) (34,261) 590 (33,671) (293;567) 2,113,607 1,820,040 869,197 828,766 1,697,963 (2,029) (2,029) 560 560 (4,093) (416,826) (420,919) (2,115,483) 59,620 (2,055,863) $ (1.935) $ 273.905 271.970 -87- -88- 1983 Water Sewer Total $ 181,134 $ 257,715 $ 438,849 24,800 101,965 126,765 65,310 931 66,241 (190,566) .(190,566) -3,041 3,041 (1,334) (1,334) (11,318) (290,044) (301,362) (1,018) (2,276) (3,294) 5,425 141,005 146,430 1,800 1,028 2,828` 267.840 $ 19.758 $ 287.598 -88- CITY OF EDINA, MINNESOTA LIQUOR FUND COMPARATIVE BALANCE SHEET December 31, 1984 and 1983 ASSETS Current assets: Petty cash and change funds Cash (deficit) Due from other funds Accounts receivable Notes receivable Inventory Prepaid expenses Total current assets Property and equipment, less accumulated depreciation 1984 1983 $ 3,800 (40,26.0) 12,331 4,973 623,250 4,497 608,591 821,195 Other assets: Loan to other funds Notes receivable, less current portion 37,599 Total other assets 37,599 Total assets $1,467,385 LIABILITIES AND RETAINED EARNINGS $ 3,800 (64,343) 1,261 8,105 703,597 9,110 661,530 860,141 415,000 39,786 454,786 $1,976,457 Current liabilities: Accounts payable $ 179,236 $ 163,492 Due to other funds 468 16,170 Total current liabilities 179,704 179,662 Retained earnings: Invested in property and equipment 860,141 Unreserved- Undesignated 11287,681 936,654 Total retained earnings 1,287,681 1,796,795 Total liabilities and retained earnings $1,467,385 $1,976,457 -89- CITY OF EDINA, MINNESOTA LIQUOR FUND COMPARATIVE STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS Year Ended December 31, 1984 (With Comparative Totals for Year Ended December 31, 1983) 1984 1983 50th Street Yorkdale Grandview Totals Totals Sales $1,103,861 $2,192,514 $1,963,183 $5,259,558 $5,488,154 Cost of sales 892,328 1,798,675 1,589,855 4,280,858 4,566,984 Gross profit 211,533 393,839 373,328 978,700 921,170 Operating expenses: Selling 86,958 152,836 114,869 354,663 372,389 Occupancy 37,868 50,710 40,874 129,452 130,668 Administrative 62,246 73,295 68,967 204,508 184,629 Total operating expenses 187,072 276,841 224,710 688,623 687,686 Operating income 24,461 116,998 148,618 290,077 233,484 Other revenues (expenses): Interest 2,785 2,785 3,131 Discounts 13,476 24,727 21,611 59,814 73,135 Cash over (short) 5 (273) 41 (227) (564) Other 1,172 1,395 870 3,437 2,103 Total other revenue 17,438 25,849 22,522 65,809 77,805 Net income before transfers $ 41.899 $ 142,847 $ 171,140 355,886 311,289 (Continued) -90- CITY OF EDINA, MINNESOTA LIQUOR FUND COMPARATIVE STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS (Continued) Year ended December 31, 1984 (with Comparative Totals for Year Ended December 31, 1983) Transfers to other funds: General Fund Park Fund Net decrease in retained earnings Retained earnings January 1 Cancellation of loans to: Recreation Center Fund Golf Course Fund Retained earnings December 31 1984 1983 50th Street Yorkdale Grandview Totals Totals -91- $ 98,595 $ 142,599 351,405 307,401 450,000 450,000 (94,114) (138,711) 1,796,795 1,935,506 (170,000) (245,000) (415,000) $1.287.681 $1.796,795 CITY OF EDINA, MINNESOTA LIQUOR FUND COMPARATIVE STATEMENT OF CHANGES IN FINANCIAL POSITION Years Ended December 31, 1984 and 1983 -92- 1984 1983 Sources of working capital: Operations: Net income $355,886 $ 311,289 Item not requiring working capital: Depreciation 46,265 48,956 Total from operations 402,151 360,245 Reduction in notes receivable 2,187 4,974 Total sources of working capital 404,338 365,219 Uses of working capital: Transfers to other funds 450,000 450,000 Additions to property and equipment 7,319 50,840 Total uses of working capital 457,319 455,840 Net decrease in working capital 52 981) $ (90,621) Elements of net increase (decrease) in working capital: Cash $ 24,083 $(476,181) Accounts receivable (1,261) 1,261 Notes receivable (3,132) (348) Due from other funds 12,331 Inventory (80,347) (65,776) Prepaid expenses (4,613) (686) Accounts payable (15,744) (44,293) Due to other funds 15,702 452,997 Due to other governmental units 34,130 Accrued payroll 8,275 Net decrease in working capital 52 981) $ (90,621) -92- CITY OF EDINA, MINNESOTA LIQUOR FUND COMPARATIVE SCHEDULE OF OPERATING EXPENSES Year Ended December 31, 1984 (With Comparative Totals for Year Ended December 31, 1983) Selling: .Salaries and wages Supplies Licenses and dues Services contract Direct promotion Other Occupancy: Salaries and wages Telephone Supplies Light and power Maintenance, heating and cooling Heat Laundry and rug service Burglar alarm Insurance Share of maintenance Repair and maintenance Depreciation Rubbish hauling Janitorial service Water and sewer service 326 204 86,958 152,836 114,869 354,663 372,389 3,219 1,441 903 Totals 50th Street Yorkdale Grandview 1984 1983 $ 81,304 $144,067 $107,029 $332,400 $349,946 3,373 6,247 5,369 14,989 12,769 394. 144 119 657 622 950 1,810 1,380 4,140 4,523 937 568 972 2,477 4,325 Occupancy: Salaries and wages Telephone Supplies Light and power Maintenance, heating and cooling Heat Laundry and rug service Burglar alarm Insurance Share of maintenance Repair and maintenance Depreciation Rubbish hauling Janitorial service Water and sewer service 326 204 86,958 152,836 114,869 354,663 372,389 3,219 1,441 903 5,563 3,432 1,805 2,184 1,547 5,536 4,546 1,252 1,705 274 3,231 3,823 7,217 11,303 5,457 23,977 22,044 119 1,040 144 1,303 1,029 1,832 1,679 2,283 5,794 5,860 574 668 797 2,039 1,678 522 812 587 1,921 1,878 2,952 5,504 4,752 13,208 18,506 711 108 165 984 2,148 701 9,864 1,059 11,624 9,423 15,475 10,967 19,823 46,265 48,956 1,080 2,715 2,970 6,765 5,766 83 84 22 189 692 Administrative: Salaries and wages Supplies Professional service Allocated expenses - Retirement, insur- ance, office supplies, etc. Data processing Mileage Miscellaneous Total operating expenses 636 91 1,053 887 37,868 50,710 40,874 129,452 130,668 27,455 31,494 29,998 197 312 298 1,900 1,900 1,900 28,740 34,980 32,700 3,259 3,259 3,259 425 450 425 270 900 387 62,246 73,295 68,967 $187.072 $276.841 9224,710 -93- 88,947 73,979 807 1,825 5,700 8,595 96,420 87,660 9,777 10,349 1,300, 1,300 1,557 921 204,508 184,629 $688.623 $687.686 CITY OF EDINA, MINNESOTA SWIMMING POOL FUND COMPARATIVE BALANCE SHEET December 31, 1984 and 1983 ASSETS Current assets: 1 ^n A Cash (deficit) $(108,899) Accounts receivable Due from other funds 20,101 Total current assets (106,798) Property and equipment, less accumulated depreciation 256,685 Total assets $ 149.887 LIABILITIES AND RETAINED EARNINGS Current liability: Accounts payable Retained earnings (deficit): Invested in property and equipment Contributed Unreserved - Undesignated Total retained earnings (deficit) Total liability and retained earnings (deficit) -94- $ 72 149,815 149,815 $ 149.887 1983 $(110,752) 1,312 (109,440) 99,852 $ (9,588) $ 34 99,324 528 (109,474) (9,622) $ (9,588) CITY OF EDINA, MINNESOTA SWIMMING POOL FUND COMPARATIVE STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS Years Ended December 31, 1984 and 1983 1984 1983 Operating revenues: Season tickets $ 46,773 $ 41,509 General admissions 17,699- 19,344 Rentals and instruction programs 7,715 5,000 Concessions (less cost of goods sold) 12,368 12,267 Other 570 364 Total operating revenues 85,125 78,484 Operating expenses: Salaries and wages 42,491 41,893 Supplies 5,874 7,776 Utilities 18,896 16,731 Insurance 527 419 Repair and maintenance 2,339 6,201 Professional service 100 100 Printing and office expense 2,368 3,012 Central services 6,240 5,940 Concessions - operating 5,977 6,169 Contractual services 354 420 Depreciation 12,500 11,537 Other 109 Total operating expenses 97,666 100,307 Operating loss (12,541) (21,823) Other revenue: Federal aid 610,226 Net income (loss) 48,685 (21,823) Retained earnings January 1 (9,622) 237,791 Restatement for prior years accumulated depreciation (225,590) Retained earnings January 1, as restated (9,622) 12,201 Equity transfer from other funds 110,752 Retained earnings (deficit) December 31 149 815 $ (9.622) -95- CITY OF EDINA, MINNESOTA SWIMMING POOL FUND COMPARATIVE STATEMENT OF CHANGES IN FINANCIAL POSITION Years Ended December 31, 1984 and 1983 Sources of working capital: Operations: Net income (loss) Item not requiring working capital: Depreciation Total from (used for) operations Equity transfer from other funds Total sources of working capital Uses of working capital: Net additions to property and equipment Net increase (decrease) in working capital Elements of in working Cash Accounts Due from Accounts net increase (decrease) capital: receivable other funds payable Net increase (decrease) in working capital -96- 1984 1983 $ 48,685 $(21,823) 12,500 11,537 61,185 (10,286) 110,752 171,937 (10,286) 169,333 5,970 2 604 16 256) $ 1,853 $(12,991) (1,312) 1,312 2,101 (5,000) (38) 423 2 604 16 256) CITY OF EDINA, MINNESOTA GOLF COURSE FUND COMPARATIVE BALANCE SHEET December 31, 1984 and-1983 ASSETS Current assets: Petty cash and change funds Cash (deficit) Investments Accounts receivable Due from other fund Total.current assets Property and equipment, less accumulated depreciation Total assets 1984 $ 800 63,403 222 64,425 1,152,566 $1.216.991 LIABILITIES AND RETAINED EARNINGS Current liabilities: Accounts payable Due to other funds Bonds payable Total current liabilities Other liabilities: Loan from other funds Deposits Long -term liability - bonds payable, less current portion Total other liabilities Total liabilities Retained earnings: Invested in property and equipment Contributed Unreserved- Undesignated Total retained earnings Total liabilities and retained earnings -97- $ 4,178 344,202 50,000 398,380 3,665 85,000 88,665 487,045 729,946 729,946 $1.216.991 1983 $ 800 (44,067) 12,728 594 25 (29,920) 1,091,384 $1.061.464 $ 2,763 10,755 50,000 63,518 545,000 2,667 150,000 697,667 761,185 316,866 29,517 (46,104) 300,279 $1,061.464 CITY OF EDINA, MINNESOTA GOLF COURSE FUND COMPARATIVE STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS Years Ended December 31, 1984 and 1983 Restatement for prior years accumulated depreciation (179,212) Retained earnings January 1, as restated 300,279 208,614 Cancellation of loan from Recreation Center Fund 300,000 Cancellation of loan from Liquor Fund 245,000 Equity transfer to other fund (245,000) 300,000 Retained earnings December 31 $729,946 $300,279 -98- 1984 1983 Operating revenues: Green fees $396,420 $350,878 Rental fees 73,761 71,477 Membership fees 49,101 45,355 Concessions (less cost of goods sold) 61,743 56,080 Range 110,205 93,841 Lessons 2,136 2,530 Other 123 285 Total operating revenues 693,489 620,446 Operating expenses: Administration 153,382 138,312 Building - Club House and Pro Shop 36,921 34,555 Maintenance of course and grounds 237,824 223,674 Range and grill 76,361 69,834 Depreciation 50,312 47,440 Total operating expenses 554,800 513,815 Operating income 138,689 106,631 Other income (expense): Income on investments 2,271 Interest and paying agent fees (11,293) (14,966) (9,022) (14,966) Net income 129,667 91,665 Retained earnings January 1 300,279 387,826 Restatement for prior years accumulated depreciation (179,212) Retained earnings January 1, as restated 300,279 208,614 Cancellation of loan from Recreation Center Fund 300,000 Cancellation of loan from Liquor Fund 245,000 Equity transfer to other fund (245,000) 300,000 Retained earnings December 31 $729,946 $300,279 -98- CITY OF EDINA, MINNESOTA GOLF COURSE FUND COMPARATIVE STATEMENT OF CHANGES IN FINANCIAL POSITION Years Ended December 31, 1984 and 1983 Sources of working capital: Operations: Net income Item not requiring working capital: Depreciation Loss on disposal of fixed assets Total provided by operations Increase in deposits Total sources of working capital Uses of working capital: Additions to property and equipment Decrease in deposits Reduction of long -term debt Equity transfer to other funds Total uses of working capital Net increase (decrease) in working capital Elements of net increase (decrease) in working capital: Cash Investments Accounts receivable Due from other fund Accounts payable Due to other funds Accrued payroll Net increase (decrease) in working capital -99- 1984 1983 $ 129,667 $ 91,665 50,312 47,440 2,405 182,384 139,105 nno 183,382 139,105 113,899 31,936 1,675 65,000 50,000 245.000 423,899 83,611 $(240.517) 55 494 $ 107,470 $ 35,102 (12,728) (372) (997) (25) 25 (1,415) 7,662 (333,447) 12,071 1,631 ,$(240.517) $ 55.494 CITY OF EDINA, MINNESOTA GOLF COURSE FUND COMPARATIVE SCHEDULE OF OPERATING EXPENSES Years Ended December 31, 1984 and 1983 -100- 1984 1983 Administration: Personal services $ 86,698 $ 85,902 Contractual services 61,907 47,615 Commodities and supplies 2,862 2,831 Other charges 1,915 1,964 Total administration 153,382 138,312 Building - Club House and Pro Shop: Personal services 11,707 6,832 Utilities 17,791 14,511 Fuel 3,076 4,074 Supplies 6,602 7,473 Repairs - building 2,068 4,064 Contractual services 1,170 721 Other charges 1,118 2,672 Less amount charged to grill (6,611) (5,792) Total building - Club House and Pro Shop 36,921 34,555 Maintenance of course and grounds: Personal services 133,548 133,428 Contractual services 10,741 13,076 Commodities and supplies 52,855 36,781 Fixed charges 40,680 39,900 Other charges 489 Total maintenance 237,824 223,674 Range and grill: Personal services 59,359 53,101 Contractual services 7,820 5,792 Commodities and supplies 9,182 10,941 Total range and grill 76,361 69,834 Depreciation 50,312 47,440 Total operating expenses $554,800 $513,815 -100- CITY OF EDINA, MINNESOTA RECREATION CENTER FUND COMPARATIVE BALANCE SHEET December 31, 1984 and 1983 ASSETS other liabilities 3,500 1984 Current assets: liabilities Petty cash and change funds $ 700 Cash (deficit) (759,366) Accounts receivable 36,576 Due from other funds 268,889 Inventory 24 Total current assets (453,177) Property and equipment, less accumulated depreciation 453,394 Other assets: Loan to other funds Total assets $ 217 LIABILITIES AND RETAINED EARNINGS Current liabilities: 1983 $ 700 (727,966) 23,838 22,720 134 (680,574) 455,996 300,000 $ 75,422 Accounts payable $ 19,913 $ 11,704 Due to other funds 11,559 4,472 Bonds payable 70,000 60,000 Total current liabilities 101,472 76,176 Other liabilities: Loan from other funds 470,000 Deposits 3,500 3,500 Long -term liability - bonds payable, less current portion 70,000 Total other liabilities 3,500 543,500 Total liabilities 104,972 619,676 Retained earnings (deficit): Invested in property and equipment (159,656) Contributed 15,652 Reserved for debt retirement 52,300 52,300 Unreserved- Undesignated (157,055) (452,550) Total retained earnings (deficit) (104,755) (544,254) Total liabilities and retained earnings (deficit) $ 217 $ 75,422 -101- CITY OF EDINA, MINNESOTA RECREATION CENTER FUND COMPARATIVE STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS Years Ended December 31, 1984 and 1983 Other revenues (expenses): Interest and paying agent fees (2,515) (3,635) Other 30,623 Net loss (3,467) (48,166) Retained earnings January 1 (544,254) 59,475 Restatement for prior years accumulated depreciation 1984 1983 Operating revenues: as restated (544,254) (496,088) Rental fees $ 260,204 $ 228,358 Season ticket sales 28,501 26,101 Daily skating fees 8,289 8,012 Admissions 21,108 24,068 Concessions (less cost of goods sold) 4,380 8,055 Vending machine commissions 8,340 6,288 Services - skate sharpening 4,342 3,620 Other 2,299 221 Total operating revenues 337,463 304,723 Operating expenses: Personal services 130,037 127,536 Contractual services 110,101 94,700 Commodities, supplies and repairs 47,921 45,974 Depreciation 45,399 47,084 Other charges 35,580 33,960 Total operating expenses 369,038 349,254 Operating loss (31,575) (44,531) Other revenues (expenses): Interest and paying agent fees (2,515) (3,635) Other 30,623 Net loss (3,467) (48,166) Retained earnings January 1 (544,254) 59,475 Restatement for prior years accumulated depreciation (555,563) Retained earnings (deficit) January 1, as restated (544,254) (496,088) Cancellation of loan to Golf Course Fund (300,000) Cancellation of loans from: General fund 200,000 Liquor fund 170,000 PIR fund 100,000 470,000 Equity transfers from other funds 272,966 Retained earnings (deficit) December 31 $(104,755) $(544.254) -102- CITY OF EDINA, MINNESOTA RECREATION CENTER FUND COMPARATIVE STATEMENT OF CHANGES IN FINANCIAL POSITION Years Ended December 31, 1984 and 1983 Sources of working capital: Operations: Net loss Item not requiring working capital: Depreciation Total provided from (used for) operations Equity transfers from other funds Total sources of working capital Uses of working capital: Additions to property and equipment Reduction of long -term debt Total uses of working capital Net increase (decrease) in working capital Elements of net increase (decrease) in working capital: Cash Accounts receivable Due from other funds Due from other governmental units Inventory Accounts payable Due to other funds Accrued payroll Bonds payable Net increase (decrease) in working capital -103- 1984 1983 $ (3,467) $(48,166) 45,399 47,084 41,932 (1,082) 272,966 314,898 (1,082) 42,797 24,504 70,000 60,000 112,797 84,504 AM-L-1 01 $(85,586) $(31,400) $(85,761) 12,738 (4,547) 246,169 (8,336) (2,445) (110) (200) (8,209) 10,638 (7,087) 2,292 2,773 (10,000) 202 101 $(85,586) CITY OF EDINA, MINNESOTA GUN RANGE FUND COMPARATIVE BALANCE SHEET December 31, 1984 and 1983 ASSETS Current assets: 1984 Cash (deficit) $(9,215) Due from other funds 81 Due from other governmental units Accounts receivable 3,984 Inventory 250 Total current assets (4,900) Property and equipment, less accumulated depreciation 37,416 Total assets 32 516 LIABILITIES AND RETAINED EARNINGS Current liabilities: Accounts payable Due to other funds Total current liabilities Retained earnings (deficit): Invested in property and equipment Contributed Unreserved - Undesignated Total retained earnings (deficit) Total liabilities and retained earnings -104- $ 369 369 32,147 32,147 32 5 6 1983 $(35,371) 54 3,692 250 (31,375) 31,839 464 $ 656 953 (14,137) 45,976 (32,328) (489) $ 464 CITY OF EDINA, MINNESOTA GUN RANGE FUND COMPARATIVE STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS Years Ended December 31, 1984 and 1983 Operating revenues: Range fees Sale of ammunition Concessions (less cost of goods sold) Other Total operating revenues Operating expenses: Personal services Contractual services Central services Commodities and supplies Depreciation Other Total operating expenses Net loss Retained earnings January 1 Restatement for prior years accumulated depreciation Retained earnings January 1, as restated Equity transfer from other funds Retained earnings (deficit) December 31 -105- 1984 1983 $14,795 $14,444 2,467 2,227 195 399 779 312 18,236 17,382 7,649 3,670 2,940 2,970 3,587 155 10,813 5,059 1,080 5,931 3,110 240 20,971 26,233 (2,735) (81851) (489) 38,027 (29,665) 8,362 35,371 32 147 489) CITY OF EDINA, MINNESOTA GUN RANGE FUND COMPARATIVE STATEMENT OF CHANGES IN FINANCIAL POSITION Years Ended December 31, 1984 and 1983 Sources of working capital: Operations: Net loss Item not requiring working capital: Depreciation Total provided from (used for) operations Equity transfers from other funds Total sources of working capital Uses of working capital: Additions to property and equipment Net increase (decrease) in working capital Elements of net increase (decrease) in working capital: Cash Due from other funds Due from other governmental units Accounts receivable Accounts payable Due to other funds Net increase (decrease) in working capital -106- 1984 1983 $ (2,735) $ (8,851) 3,587 3,110 852 (5,741) 35,371 36,223 (5,741) 9,164 $27.059 5 741) $26,156 $(2,456) 27 (2,946) (3,692) (148) 3,984 287 (74) 297 (117) 27 059 5 741) Current assets: Petty cash and change Cash (deficit) Inventory Total current Property and equipment, depreciation CITY OF EDINA, MINNESOTA ART CENTER FUND COMPARATIVE BALANCE SHEET December 31, 1984 and 1983 ASSETS 1 ^n A funds $ 175 (34,824) 7,667 assets (26,982) less accumulated 220,829 Total assets $193,847 LIABILITIES AND RETAINED EARNINGS Current liabilities: Accounts payable $ 4,319 Total current liabilities 4,319 Retained earnings: Invested in property and equipment Contributed Unreserved - Undesignated 189,528 Total retained earnings 189,528 Total liabilities and retained earnings $193,847 -107- 1983 $ 175 (210,518) 8,124 (202,219) 226,744 $ 24,525 $ 2,844 2,844 194,437 32,307 (205,063) 21,681 $ 24,525 CITY OF EDINA, MINNESOTA ART CENTER FUND COMPARATIVE STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS Years Ended December 31, 1984 and 1983 1984 Operating revenues: Memberships $ 6,819 Registration fees 1 48,649 Retail sales, less cost of goods sold 7,072 Total operating revenues 62,540 Operating expenses: Administration: Personal services Contractual services Commodities Other charges Occupancy: Personal services Contractual services Commodities Class costs Instructors - personal services Depreciation Total operating expenses Operating loss Other revenues: Donations Other Total other revenues Net loss Retained earnings January 1 Restatement for prior years accumulated depreciation Retained earnings January 1, as restated Equity transfer from other funds Retained earnings December 31 -108- 32,953 5,796 3,336 6,000 48,085 2,704 10,874 3,037 16,615 3,587 32,711 13,775 114,773 (52,233) 2,653 6,909 9,562 (42,671) 21,681 21,681 210,518 189 528 1983 $ 6,391 49,801 7,242 63,434 30,190 3,582 4,730 5,220 43,722 3,204 10,026 2,533 15,763 2,116 32,435 13,167 107,203 (43,769) 9,443 1,638 11,081 (32,688) 88,930 (34,561) 54,369 $ 21.681 CITY OF EDINA, MINNESOTA ART CENTER FUND COMPARATIVE STATEMENT OF CHANGES IN FINANCIAL POSITION Years Ended December 31, 1984 and 1983 Uses of working capital: Operations: Net loss $ 42,671 $ 32,688 Item not requiring use of working capital: Depreciation (13,775) (13,167) Total fran operations 28,896 19,521 Additions to property and equipment 7,860 16,591 Total uses of working capital 36,756 36,112 Sources of working capital: Equity transfer from other funds 210,518 Net increase (decrease) in working capital 173 762 $(36,112) Elements of net increase (decrease) in working capital: Cash $175,694 $(38,589) Inventory (457) (285) Accounts payable (1,475) 2,346 Due to other funds 195 Accrued payroll 221 Net increase (decrease) in working capital 1173,762 $(36,112) -109- SECTION III STATISTICAL SECTION CITY OF EDINA, MINNESOTA SCHEDULE OF CASH, INVESTMENTS AND SECURITY FOR DEPOSITS December 31, 1984 Cash and investments amount Cash in banks First Edina National Bank, Edina, Minnesota: Checking account $ (199,281) Savings account 15,655 Checking account - Housing and Redevelopment Authority 11,073 First Southdale National Bank, (172,553) Edina, Minnesota: Deposit account 33,926 Payroll account 22,041 Savings account 110,455 Southwest Fidelity State Bank, 67,422 Edina, Minnesota: Certificates of deposit - 8.5% yield 100,000 Petty cash and change funds 6,277 Total cash 1,146 Interest Rate Yield Maturity Investments - U.S. Govt. Securities First National Bank of Minneapolis: FHLB Discount Notes FNMA Residential Notes Other Investments: Bankers Acceptances Dain Bosworth, Inc.: FNMA Discount Notes FNMA Coupon Notes Other Investments: Manufacturer Hanover Bank Notes Donated securities Total investments Total cash and investments 9.54% 10/10/85 1,755,816 11.40% 01/08/85 402,226 11.65% 01/15/85 869,197 9.67% 10/23/85 1,818,267 11.49% 02/05/85 1,205,242 11.53% 03/15/85 749,076 996 6,800,820 $6.801.966 Additional coverage of $100,000 for demand and time deposits is provided at each depository by the Federal Deposit Insurance Corporation. -110- CITY OF EDINA, MINNESOTA ALLOCATION OF CASH AND INVESTMENTS - ALL FUNDS December 31, 1984 -112- Fund Cash Investments Total General $(452,359) $1,756,811 $1,304,452 Working Capital Fund 466,017 2,101,834 2,567,851 Special Revenue Funds 131,915 92,004 223,919 Special Assessment Funds 378,645 1,152,208 1,530,853 Enterprise Funds (534,145) 1,697,963 1,163,818 Capital Project Funds 11,073 11,073 $ 1,146 $6,800,820 $6,801,966 -112- CITY OF EDINA, MINNESOTA COMBINED SCHEDULE OF INDEBTEDNESS December 31, 1984 Interest Issue rate date Bonded indebtedness: General obligation bonds: General Obligation Redevelopment Bonds 5.30 -6.50 12/1/75 General Obligation Tax Increment Bonds, Series 1982 9.5 -11.00 10/1/81 Special assessment bonds: Improvement Bonds of 1977 Temporary Improvement Bonds of 1982 (Refinancing Issue) General Obligation Improvement Bonds, Series 1984 Revenue bonds: Golf Course Bonds Recreation Center Series D Total bonded indebtedness Final 1984 percent maturity paid by tax date levies 12/1/93 100% 10/1/93 None 4.25 -4.40 11/1/77 11/1/86 9.5 10/1/81 10/1/84 None 7.00 -8.75 09/1/84 01/1/94 3.20 -3.50 12/1/63 12/1/87 5.20 -5.25 11/1/78 11/1/85 -113- None None Indebtedness Authorized and issued Redeemed Outstanding $ 2,200,000 $ 500,000 $ 1,700,000 4,500,000 450,000 4,050,000 6,700,000 950,000 5,750,000 2,700,000 2,100,000 600,000 5,400,000 5,400,000 4,200,000 4,200,000 12,300,000 6,300,000 6,000,000 825,000 690,000 135,000 370,000 300,000 70,000 1,195,000 990,000 205,000 $20,195,000 $8,240,000 $11,955,000 Due in 1985 Principal Interest $100,000 $106,150 450,000 414,225 550,000 520,375 300,000 26,400 207,075* 300,000 233,475 50,000 5,250 70,000 3,675 120,000 8,925 970 000 $762,775 * This represents interest due on July 1, 1985 as interest due January 1, 1985 of $138,050 was paid in December 1984. -114- CITY OF EDINA, MINNESOTA SCHEDULE OF CHANGES IN BONDED INDEBTEDNESS General obligation bonds Special assessment bonds Revenue bonds: Golf Course Recreation Center Year Ended December 31, 1984 Balance January 1 $ 6,300,000 Issued Balance Redeemed December 31 $ 550,000 $ 5,750,000 5,100,000 $5,400,000 4,500,000 6,000,000 200,000 65,000 135,000 130,000 60,000 70,000 $11,730,000 $5,400,000 $5,175,000 $11,955,000 BONDS PAYABLE December 31, 1984 Issue Interest Maturity Principal date rate date amount General obligation bonds: $2,200,000 General Obligation Redevelopment Bonds 12/1/75 $100,000 per year $200,000 per year $250,000 per year $4,500,000 General Obligation Tax Increment Bonds, Series 1982 $450,000 per year October 1, 1986 October 1, 1987 October 1, 1988 October 1, 1989 October 1, 1990 October 1, 1991 October 1, 1992 October 1, 1993 Total general obligation bonds 10/1/81 5.60 -5.90 12/1/85 -86 6.00 -6.40 12/1/87 -91 6.50 12/1/92 -93 (Continued) -115- 9.50 9.70 9.85 10.00 10.20 10.40 10.60 10.80 11.00 10/1/85 10/1/86 10/1/87 10/1/88 10/1/89 10/1/90 10/1/91 10/1/92 10/1/93 $ 200,000 1,000,000 500,000 1,700,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 450,000 4,050,000 5,750,000 CITY OF EDINA, MINNESOTA BONDS PAYABLE (Continued) December 31, 1984 Issue Interest date rate Maturity Principal date amount Special assessment bonds: $2,700,000 Improvement Bonds of 1977 11/1/77 $300,000 per year 4.30 -4.40 11/1/85 -86 $ 600,000 $5,400,000 General Obligation Improvement Bonds, Series 1984 January 1, 1986 January 1, 1987 January 1, 1988 January 1, 1989 January 1, 1990 January 1, 1991 January 1, 1992 January 1, 1993 January 1, 1994 Total special assessment bonds Revenue bonds: $825,000 Golf Course Bonds $50,000 per year $35,000 per year $370,000 Recreation Center Series D $70,000 per year Total revenue bonds Total bonds payable 09/1/84 12/1/63 11/1/78 -116- 7.00 01/1/86 800,000 7.20 01/1/87 800,000 7.40 01/1/88 800,000 7.60 01/1/89 900,000 7.90 01/1/90 900,000 8.20 01/1/91 300,000 8.40 01/1/92 300,000 8.60 01/1/93 300,000 8.75 01/1/94 _ 300,000 5,400,000 6,000,000 3.40 -3.50 12/1/85 -86 100,000 3.40 -3.50 12/1/87 35,000 135,000 5.25 11/1/85 70,000 205,000 j11.955.000 CITY OF EDINA, MINNESOTA DEBT SERVICE REQUIREMENTS December 31, 1984 General Special Year Obligation Bonds Assessment Bonds Revenue Bonds ended Principal Interest Principal Interest Principal Interest 1985 $ 550,000 $ 520,375 $ 300,000 $ 233,475 $120,000 $ 8,925 1986 550,000 471,875 1,100,000 399,350 50,000 3,500 1987 650,000 422,325 800,000 329,350 35,000 1,750 1988 650,000 366,000 800,000 270,950 1989 650,000 308,800 900,000 207,150 1990 650,000 250,500 900,000 137,400 1991 650,000 191,100 300,000 89,550 1992 700,000 130,600 300,000 64,650 1993 700,000 65,750 300,000 39,150 1994 300,000 13,125 $5,750,000 $2,727.325 $6,000,000 $1,784,150 $205,000 $14,125 -117- CITY OF EDINA, MINNESOTA TAX LEVIES AND COLLECTIONS SPECIAL ASSESSMENT LEVIES AND COLLECTIONS Percentage Collection Percentage Collection of total of current of levy of prior Total collections Year Total levy year's levy collected year's levy collections to levy 1976 $2,950,564 $2,844,997 96.42% $ 60,903 $2,905,900 98.49% 1977 3,226,450 3,152,345 97.70 80,716 3,233,061 100.20 1978 3,544,897 3,474,459 98.01 68,652 3,543,111. 99.95 1979 3,655,500 3,604,948 98.62 26,669 3,631,617 99.35 1980 4,128,322 4,083,521 98.91 35,791 4,119,312 99.78 1981 4,452,156 4,398,470 98.79 13,566 4,412,036 99.10 1982 4,855,622 4,785,501 98.56 43,088 4,828,589 99.44 1983 5,423,374 5,337,812 98.42 44,998 5,382,810 99.25 1984 6,343,688 6,341,589 99.96 41,179 6,382,768 100.62 SPECIAL ASSESSMENT LEVIES AND COLLECTIONS -118- Percentage Collection Percentage Collection- of total of current of levy of prior Total collections Year Total levy year's levy collected year's levy collections to levy 1976 $1,371,621 $1,223,649 89.21% $134,421 $1,358,070 99.01% 1977 1,398,780 1,237,843 88.49 213,757 1,451,600 103.78 1978 1,304,745 1,210,181 92.75 127,406 1,337,587 102.52 1979 1,275,260 1,237,769 97.06 76,705 1,314,474 103.07 1980 1,127,933 1,092,310 96.84 66,910 1,159,220 102.77 1981 1,571,590 1,452,879 92.45 25,566 1,478,445 94.07 1982 1,547,754 1,409,504 91.07 35,996 1,445,500 93.39 1983 1,715,209 1,591,398 92.78 103,960 1,695,358 98.84 1984 1,649,440 1,492,190 90.47 85,500 1,577,690 95.65 -118- CITY OF EDINA, MINNESOTA ASSESSED VALUATION, TAX LEVIES AND MILL RATES (Shown by Year of Tax Collectibility) Assessed valuation Increment valuation Contribution to fiscal disparities pool Received from fiscal disparities pool Taxable valuation Tax levies: General Fund Park Fund Fire protection .Total Mill rates: General Fund Park Fund Fire protection Total -119- 1981 $504,778,611 (7,973,641) (19,175,260) 5,206,302 $482,836,012 $ 3,858,796 576,934 16,426 $ 4.452.156 7.986 1.194 .034 9.214 1982 $564,735,561 (10,665,671) (26,853,542) 8,292,333 $535,508,681 $ 4,221,447 634,175 $ 4.855.622 7.881 1.184 9.065 1983 1984 1985 $635,301,752 (11,920,193) (34,675,960) 10,609,741 $599,315,340 $ 4,770,102 653,272 S 5,423,374 7.959 1.090 9.049 $655,425,509 (12,509,408) (41,755,200) 11,984,498 $613,145,399 $ 5,648,282 695,406 $ 6,343,688 9.235 1.137 10.372 $688,825,478 (13,337,065) (46,433,530) 14,323,722 $643,378,605 $ 5,898,883 755,368 $ 6,654,251 -120- 9.168 1.174 10.342