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