HomeMy WebLinkAbout1985 Financial StatementsR
M Hurdman
Certified Public Accountants
CITY OF EDINA, MINNESOTA
FINANCIAL STATEMENTS WITH ACCOMPANYING INFORMATION
YEAR ENDED DECEMBER 31, 1985
and
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
Main Hurdman
Certified Public Accountants
CITY OF EDINA, MINNESOTA
FINANCIAL STATEMENTS WITH ACCOMPANYING INFORMATION
YEAR ENDED DECEMBER 31, 1985
and
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
1
CITY OF EDINA, MINNESOTA
ELECTED AND APPOINTED OFFICIALS
DECEMBER 31, 1985
Term of
office expires
January*
Elected:
Mayor - C. Wayne Courtney 1989
Council:
A. Charles Bredesen III 1987
Frederick S. Richards 1987
Peggy Kelly 1989
Leslie C. Turner 1989
Appointed:
Manager - Kenneth E. Rosland
Treasurer and Finance Director - J. N. Dalen
(John Wallin, effective January 1, 1986)
Clerk - Marcella M. Daehn
* First official business day
CITY OF EDINA, MINNESOTA
FINANCIAL STATEMENTS WITH ACCOMPANYING INFORMATION
Year Ended December 31, 1985
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 revenue
sharing 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
Individual fund financial statements:
General Fund:
Balance sheet
37
Statement of revenues, expenditures and fund balance
38
Statement of revenues
39
Statement of expenditures
41
Schedule of central services expenditures
49
Working capital fund:
Balance sheet
50
Statement of revenues, expenditures and fund balance
51
Revenue sharing fund:
Balance sheet
52
Statement of revenues, expenditures and fund balance
53
CITY OF EDINA, MINNESOTA
FINANCIAL STATEMENTS WITH ACCOMPANYING INFORMATION
Year Ended December 31, 1985
TABLE OF CONTENTS
(Continued)
Individual fund financial statements: (continued)
Debt service fund - redevelopment bond:
Balance sheet
Statement of revenues, expenditures and fund balance
Capital projects funds - Housing and Redevelopment
Authority of Edina:
Balance sheet
Statement of revenues, expenditures and
fund balance
Special assessment funds:
Combining balance sheet
Combining statement of revenues, expenditures
fund balance
Proprietary fund type - enterprise funds:
Combining balance sheet
Combining statement of revenues, expenses and
earnings
and
retained
Combining statement of changes in financial position
Schedule of property and equipment
Utilities Fund:
Balance sheet
Statement of revenues, expenses and retained
Statement of changes in financial position
Liquor Fund:
Balance sheet
Statement of revenues, expenses and retained
Statement of changes in financial position
Schedule of operating expenses
Swimming Pool Fund:
Balance sheet
Statement of revenues, expenses and retained
Statement of changes in financial position
earnings
earnings
earnings
Page
54
55
56
57
58
60
AK
66
70
74
78
79
81
82
83
85
86
87
88
89
CITY OF EDINA, MINNESOTA
FINANCIAL STATEMENTS WITH ACCOMPANYING INFORMATION
Year Ended December 31, 1985
TABLE OF CONTENTS
(Continued)
SECTION III
STATISTICAL SECTION
Schedule of cash, investments and security for deposits 114
Allocation of cash and investments - all funds 116
Combined schedule of indebtedness 117
Schedule of changes in bonded indebtedness 119
Bonds payable 119
Debt service requirements 121
Tax levies and collections 122
Special assessment levies and collections 122
Assessed valuation, tax levies and mill rates 123
Page
Individual fund financial statements: (continued)
Golf Course Fund:
Balance sheet
90
Statement of revenues, expenses and retained earnings
91
Statement of changes in financial position
92
Schedule of operating expenses
93
Recreation Center Fund:
Balance sheet
94
Statement of revenues, expenses and retained earnings
95
Statement of changes in financial position
96
Gun Range Fund:
Balance sheet
97
Statement of revenues, expenses and retained earnings
98
Statement of changes in financial position
99
Art Center Fund:
Balance sheet
100
Statement of revenues, expenses and retained earnings
101
Statement of changes in financial position
102
Other reports and schedules:
Schedules of sources and uses of public funds
103
Report on supplementary information schedule of federal
financial assistance
106
Schedule of Federal Financial Assistance
107
Report on compliance with laws and regulations
108
Schedule of'findings and questioned costs
109
Report on internal controls (accounting and
administrative) based on a study and evaluation
made as a part of an examination of the general
purpose financial statements and the additional
tests required by the single audit act
110
Report on compliance with the.provisions of the legal
compliance audit guide
112
SECTION III
STATISTICAL SECTION
Schedule of cash, investments and security for deposits 114
Allocation of cash and investments - all funds 116
Combined schedule of indebtedness 117
Schedule of changes in bonded indebtedness 119
Bonds payable 119
Debt service requirements 121
Tax levies and collections 122
Special assessment levies and collections 122
Assessed valuation, tax levies and mill rates 123
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, public works and parks.
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:
1985 1984
Budget Actual Budget Actual
Total revenues $9,934,654 $11,120,139 $9,305,223 $9,377,511
Total expenditures $9,934,654 $ 9,854,466 $9,305,223 $9,349,013
During 1985, the fund balance increased $1,265,673 to $2,678,517. At
December 31, 1985, $2,173,332 of the fund balance has been reserved for
various reasons as explained in the Notes to Financial Statements,
leaving an unreserved fund balance of $505,185.
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, beginning in fiscal 1986.
-I-
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 the fund.
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 1985 was $197,280. During 1985, transfers of $225,000
were made to the General Fund, leaving a fund balance of $254,068 at
December 31, 1985.
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.
Redevelopment Bond Fund - The Redevelopment Bond Fund was established to
account for debt retirement of the 1975 Redevelopment Bonds and the 1981
and 1985 General Obligation Tax Increment 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:
Operating revenues
Operating expenses
Operating (loss)
Other revenues - net
1985 1984 1983
$3,248,364 $3,093,546 $3,071,933
3,731,907 3,386,541 3,336,716
(483,543) (292,995) (264,783)
430,577 295,908 163,776
Net income (loss) $ (52,966) $ 2,913 $ (101.007)
(Continued)
-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.
1985
Percent
Amount of sales
50th Street:
1984 1983
Percent Percent
Amount of sales Amount of sales
Sales
$1,098,048
100.00%
$1,103,861
100.00%
$1,174,141
100.00%
Cost of
$ 116,998
5.33%
$ 93,544
4.04%
Grandview:
goods sold
898,440
81.82
892,328
80.84
967,349
82.39
100.00%
$2,003,012
100.00%
Gross profit
199,608
18.18
211,533
19.16
206,792
17.61
Operating
1,589,855
80.98
1,661,253
82.94
Gross profit 384,966
19.79
expenses
196,955
17.94
187,072
16.95
179,420
15.28
Operating
income
$ 2,653
.24%
$ 24,461
2.21%
$ 27,372
2.33%
Yorkdale:
Sales
$2,091,794
100.00%
$2,192,514
100.00%
$2,311,001
100.00%
Cost of
goods sold
1,688,581
80.72
1,798,675
82.04
1,938,382
83.88
Gross profit
403,213
19.28
393,839
17.96
372,619
16.12
Operating
expenses 286,583 13.70 276,841 12.63 279,075 12.08
Operating
income $ 116,630
5.58%
$ 116,998
5.33%
$ 93,544
4.04%
Grandview:
Sales $1,945,006
100.00%
$1,963,183
100.00%
$2,003,012
100.00%
Cost of
goods sold 1,560,040
80.21
1,589,855
80.98
1,661,253
82.94
Gross profit 384,966
19.79
373,328
19.02
341,759
17.06
Operating
expenses 251,905 12.95 224,710 11.45 229,191 11.44
Operating
income $ 133,061 6.84% $ 148,618 7 $ 112,568 5.62%
During 1985, net income for all stores before transfers was $314,171.
Transfers to other funds during the year were $450,000 or 140.66% of net
income. The $450,000 transfer was the equivalent of a .70 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:
1985 1984 1983
Operating revenues $ 78,451 $146,351 $ 78,484
Operating expenses 108,647 97,666 100,307
Net income (loss) 30 196) $ 48,685 $(21,823)
Golf Course Fund - The Golf Course Fund accounts for the operations of
the City -owned golf course. Revenue bonds in the amounts of $1,200,000
and $825,000 were sold in 1985 and 1963, respectively. Revenues of this
fund are pledged for payment of principal and interest on these bonds,
$1,285,000 of which remain outstanding at December 31, 1985. Shown below
is a condensed summary of operations for the last three years:
Operating revenues
Operating expenses
Operating income
Other, net
Net income
1985
1984
1983
$786,430
$693,489
$620,446
641,098
554,800
513,815
145,332
138,689
106,631
56,261
9,022
14,966
89 071
$129,667
91,665
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, of which $ -0- remains outstanding at
December 31, 1985. 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-
1985 1984 1983
$320,228 $337,463 $304,723
411,033 369,038 349,254
(90,805) (31,575) (44,531)
(1,366) 28,108 (3,635)
92 171) 3 467) $(48,166)
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:
Operating revenues
Operating expenses
Net (loss)
1985
$15,700
23,912
.1984
$18,236
20,971
1983
$17,382
26,233
8 212) 2 735) 8 851)
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
1985
1984
1983
$ 71,329
$ 62,540
$ 63,434
117,413
114,773
107,203
(46,084)
(52,233)
(43,769)
9,094
9,562
11,081
36 990)
42 671)
32 688)
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
M a i n H u rd m a n
Certified Public Accountants
1200 TCF Tower
121 South 8th Street
Minneapolis, MN 55402
The City Council
Edina, Minnesota
Telephone: (612) 338 -8821
Telex: KMG MH MPLS 291211
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, 1985, as
shown on pages 2 through 36. 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, 1985, 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 37 through 105 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.
June 6, 1986
sonMember of Klynveld Main Goerdeler
CITY OF EDINA, MINNESOTA
COMBINED BALANCE SHEET -
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1985
ASSETS
Governmental Fund Types
Working Revenue Debt Capital
General Capital Sharing Service Projects
Cash (deficit) $ (143,853) $ 349,500 $327,729
Investments 12,691,993 2,874,399 101,851
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 con-
struction 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
94,467
110,610
(110,610)
139,939
382,150
1,898,720
75,700
16,285
10,000
289,092
7,756
175,903
1,607,348
(260,984)
260,386
49,488
$233,550
$ 148,829
9,867,730
Total assets $15,454,493 $5,014,308 479 068 $233,550 $10,016,559
(Continued)
-2-
2,132,270 469,896
125,188 94,332
350,922
Proprietary
396,097
37,250
37,250
Fund Type
Account groups Total
16,285
18,480
793,888
General Genera
652,584
Special
317,808
fixed long -term (Memorandum
only)
Assessment
Enterprise
assets debt 1985
1984
$(1,761,623)$
1,078,017
$ (1,401)$
1,146
1,466,766
916,657
18,051,666
6,800,820
8,908,378
8,995,508
94,467
157,907
233,550
17,398,450
110,610
110,610
(110,610)
(110,610)
4,929
666,070
810,938
732,960
19,879
27,635
23,646
20,705
178,608
229,793
2,902,485
4,509,833
5,762,187
(144,550)
(405,534)
(511,852)
1,245,739
259,541
12,015,546
4,351,895
2,132,270 469,896
125,188 94,332
350,922
350,922
396,097
37,250
37,250
42,572
16,285
18,480
793,888
803,888
652,584
28,716
317,808
8,005
3,490,806
3,490,806
1,151,105
86,348
86,348
67,157
17,486,932
17,486,932
17,607,602
$13,703,088
13,703,088
13,021,582
8,908,378
8,908,378
8,995,508
$ 233,550
233,550
233,550
17,398,450
17,398,450
5,873,643
$ 7.310,779 $21.620,698 $22.611.466 117.632.000
$100.372.921
$66.180.615
-3-
CITY OF EDINA, MINNESOTA
COMBINED BALANCE 'SHEET -
ALL FUND TYPES AND ACCOUNT GROUPS
(Continued)
December 31, 1985
LIABILITIES AND FUND EQUITY
Governmental Fund. Types
Total
liabilities 12,775,976
Fund equity:
Invested in
fixed assets
Retained earnings
Fund balance:
Reserved or
designated
Unreserved -
'Undesignated
Total fund
465 225,000
10,559
2,173,332 225,000 $233,550 10,006,000
505,185 5,013,843 29,068
.equity 2,678,517 5,013,843 254,068 233,550 10,006,000
Total
.liabilities
and fund
equity $15,454.493 $5,014,308 $479.068 $233.550 $10.016,559
The accompanying notes arse an integral
part of these financial statements.
-4-
Working
Revenue Debt Capital
General
Capital
Sharing Service; Projects
Liabilities.:
3
Accounts payable
-
_
10,559
- --
Contracts.payable
_
Due: to other funds 12,1.72,.2,85 -,
$ 465;.$.22=
5,.000
Due to other
`
governmental
units
39,500
Deposits
99,118
Deferred revenue
VA'eation pay
payable
Bonds payable
Total
liabilities 12,775,976
Fund equity:
Invested in
fixed assets
Retained earnings
Fund balance:
Reserved or
designated
Unreserved -
'Undesignated
Total fund
465 225,000
10,559
2,173,332 225,000 $233,550 10,006,000
505,185 5,013,843 29,068
.equity 2,678,517 5,013,843 254,068 233,550 10,006,000
Total
.liabilities
and fund
equity $15,454.493 $5,014,308 $479.068 $233.550 $10.016,559
The accompanying notes arse an integral
part of these financial statements.
-4-
Proprietary
Fund Type Account groups Total
General General
Special fixed long -term (Memorandum only)
Assessment Enterprise assets debt 1985 1984
$ 1,027,803
$ 678,112
1,391,719 358,347
38,446
21,860 8,179
350,922
4,900,000 1,285,000
$ 1,503,435 $ 1,245,515
678,112 7,820
14,147,816 4,821,791
77,946 84,610
129,157 112,778
350,922 396,097
$ 432,000 1 432,000 357,193
17,200,000 23,385,000 11,955,000
7,030,137 3,030,251 17,632,000 40,704,388 18,980,804
$22,611,46.6 22,611,466 22,017,090
18,590;447 18,590,447 18,850,394
1400,78,1 12,778,663 968,265
139,861 5,687,957 5,364,062
280,642 18,590,447 22,611,466 1 59,668,533 47,199,811
$ 7,310,779 $21,620,698 $22,611,466 $17,632,000 $100,372,921 $66,180,615
-5-
CITY OF EDINA, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE -
ALL GOVERNMENTAL FUND TYPES
Year Ended December 31, 1985
Working
General Capital
Revenues:
Taxes $ 5`1763,-688
Licenses and permits 553,9.08
Inter- governmental revenues:
Federal 2,.244 .
State ..1► 6,64.,0'2'8
County 86,405
Charges for services -- 540,4 -58- -
Fines and forfeitures 386,333
Other 72,502
Interest on investments 157,447 $ 260,649
Sale and rental of property 31,211
Interest on special assessments 81,111
Parkland dedication 419,063
Reimbursement from other funds
Revenue
Sharing
$197,280
7,996
Total revenues 9,677,287 341,760 205,276
Other sources:
Transfers from other funds
Parkland dedication paid by
Edina HRA
Assessment adjustments
Capitalized interest
Proceeds from issuance of bonds
Write off balance in deferred
revenue
Total revenues and
other sources
675,000
767,852
11,120,139 341,760 205,276
(Continued)
Debt Capital Special
Service Projects Assessment
$ 1,293,952
$1,580,273
8,823 -
142,246 $ 74,715
1,131,096
253,782
416,126
2,576,117 744,623
153,248
13,281
12,000,000
1,580,273 14,576,117 911,152
-7-
Total
(Memorandum only)
1985 , 1984
$ 7,057,640 $ 6,645,913
553,908 405,,685
199,524
216 „995
1,664,028
1,62.6,771
86,405
86,405
540,458
410,950
386,333
375,101
81,325
118,188
643,053
338,960
1,162,307
23,032
.334,893
421,841
419,063
201,867
416,126
2,797,226
13,545,063
13,668,934
2,255,273
1,794,493
767,852
153,248
63,024
13,281
57,026
12,000,00.0
246,028
28,734,717 15,829,505
CITY OF EDINA, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE
ALL GOVERNMENTAL FUND TYPES
(Continued)
Year Ended December 31, 1985
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
Parkland dedication paid to
general fund
Total expenditures and.
other uses
Excess of revenues and
other sources over
(under) expenditures
and other uses
Fund balance January 1
Net cancellation of loans
Net equity transfers
Fund balance December 31
General
$ 1,397,975
4,356,382
2,508,679
363,635
E
1,227,795
9,85.4,466
Working Revenue
Capital Sharing
784
784
42,216
$225,000
9,854,466 43,0.00 225,000
1,265,673
1,412,844
$ 2,678,517
298,760
4,715,083
$5,013,843
The accompanying notes are an integral
part of these financial statements.
-8-
(19,724)
273,792
$254,968
Debt Capital Special
Service Projects Assessment
$ 290,322 $ 744
1,400,603
$ 550,000
1,030,273 441,736
416,155
1,580,273 1,690,925 858,635
1,580,273
767,852
1,580,273 4,039,050 858,635
Total
(Memorandum only)
1985 1984
$ 11397,975
$ 1,204,887
4,356,382
4,018,072
2,508,679
2,597,141
363,635
199,697
291,850
269,148
1,227,795
1,001,235
1,400,603
327,981
550,000
550,000
1,472,009
1,071,969
416,155
2,797,226
13,985,683
14,037,356
1,805,273
1,344,493
42,216
51,967
519,268
211,754
767,852
16,600,424 16,164,838
10,537,067 52,1517. 12,134,293 (335,333)
233,550 (531,067) 22'8,125 6,332,327 7,1;42,267
(9'0 ,.000 )
(384,607)
$ 233,550 $10,00 $280,642 $18,466,620 $ 6,332,327
CITY OF EDINA, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE -
BUDGET AND ACTUAL - GENERAL AND REVENUE SHARING FUND TYPES
Year Ended December 31, 1985
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
Parkland dedication
Total revenues
Other sources:
Transfers from other funds
Parkland dedication paid by Edina HRA
Appropriated from prior year's fund balance
to finance 1985 budget
Total revenues and other sources
Expenditures:
General government
Public safety
Public works
Parks
Unallocated general expenditures
Total expenditures
Other use:
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
Fund balance December 31
General
Budget Actual
$5,747,213 $ 5,763,688
472,600 553,908
10,000
2,244
1,695,411
1,664,028
86,405
86,405
507,540
540,458
335,000
386,333
51,500
72,502
68,000
157,447
18,500
31,211
30,585
419,063
9,022,754 9,677,287
675,000 675,000
767,852
236,900
9,934,654 11,120,139
1,310,153
1,397,975
4,349,320
4,356,382
2,597,446
2,508,679
1,195,944
1,227,795
481,791
363,635
9,934,654 9,854,466
9,934,654 9,854,466
$ -0- 1,265,673
1,412,844
1-2-,-6 78,517
The accompanying notes are an integral
part of these financial statements.
-10-
Special Revenue Total
(Memorandum only)
Budget Actual Budget Actual
$ 5,747,213 $ 5,763,688
472,600 553,908
$225,000 $197,280 235,000
199,524
1,695,411
1,664,028
86,405
86,405
507,540
540,458
335,000
386,333
51,500
72,502
7,996 68,000
165,443
18,500
31,211
30,585
419,063
225,000 205,276 9,247,754
9,882,563
675,000 675,000
767,852
236,900
225,000 205,276 10,159,654 11,325,415
225,000 225,000
225,000 225,000
�-0- (19,724)
273,792
254 068
1,310,153
1,397,975
4,349,320
4,356,382
2,597,446
2,508,679
1,195,944
1,227,795
481,791
363,635
9,934,654 9,854,466
.225,000 225,000
10,159,654 10,079,466
$ -0- 1,245,949
1,686,636
$ 2.932.585
-11-
CITY OF EDINA, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS -
ALL PROPRIETARY FUND TYPES
Years Ended December 31, 1985 and 1984
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
1985 1984
$ 5,134,848
4,147,061
987,787
$ 5,259,558
4,280,858
978,700
4,520,502 4,290,399
5,508,289
5,769,453
(261,164)
147,304
58,302
204,249
61,020
7,965
12,476
4,128
6,508
501,952
57,627
454
58,081
182,707
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
14,035
488,278
CITY OF EDINA, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS -
ALL PROPRIETARY FUND TYPES
(Continued)
Years Ended December 31, 1985 and 1984
Transfers to other funds
Property and equipment contributed
by special assessments
Net operating (increase) decrease
Retained earnings January 1
Net cancellation of loans from other funds
Net equity transfers from other funds
Retained earnings December 31
Enterprise funds
1985 1984
$ (450,000) $ (450,000)
7,346 47,071
(259,947)
18,850,394
85,349
18,290,438
90,000
384,607
474,607
$18,590,447 j18,850,394
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, 1985 and 1984
Enterprise funds
1985 1984
Sources of working capital:
Operations:
Net income $ 182,707 $ 488,278
Item not requiring working capital:
Depreciation 564,192 561,838
Loss on disposal of fixed assets 2,405
Total from operations 746,899 1,052,521
Proceeds from issuance of long -term debt
1,200,000
Decrease in other assets
45,175
141,105
Contributions in aid to construction
7,346
47,071
Reduction of loan to other funds
28,991
35,822
Increase in deposits
1,014
998
Reduction in notes receivable
5,322
2,187
Equity transfers from other funds
384,607
Total sources of working capital
2,034,747
1,664,311
Uses of working capital:
Decrease in other liabilities
45,175
43,439
Additions to property and equipment
443,522
441,874
Reduction of long -term debt
50,000
135,000
Transfers to other funds
450,000
450,000
Cancellation of loans
210,000
Total uses of working capital
988,697
1,280,313
Net increase in working capital
$1.046.050
$ 383,998
Elements of increase (decrease) in
working capital:
Cash
$1,612,162
$ (430,255)
Receivables
74,351
(23,026)
Due from other funds
(2,153,459)
2,080,643
Due from other governmental units
(3,692)
Investments
(781,306)
1,685,235
Inventory
151,304
(82,943)
Prepaid expenses
20,711
(4,053)
Accounts payable
(68,272)
(447,513)
Due to other funds
2,120,559
(2,380,398)
Bonds payable
70,000
(10,000)
Net increase in working capital
$1.046,050
$ 383,998
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.
(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)
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.
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).
(Continued)
-16-
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
(Continued)
1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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)
-17-
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)
-18-
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.
(Continued)
-19-
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
(Continued)
1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. Basis of Accounting (continued)
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.
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, Working Capital 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).
(Continued)
-20-
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
(Continued)
1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
D. Budgets and Budgetary Accounting (Continued)
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.
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.
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, 1985 for vacation and sick pay was $432,000
and $1,800,000, 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.
(Continued)
-21-
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
(Continued)
1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 provided for the full amount of delinquent
taxes receivable. This has the effect of recognizing
property tax revenues at the time property taxes are
collected.
J. Inventory
Inventory is stated at the lower of cost (first -in,
first -out) or market.
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.
(Continued)
-22-
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
(Continued)
2 BONDED DEBT
The City has three types of bonded debt outstanding at December 31,
1985: 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, 1985 is summarized as
follows:
Maturities Interest rates Amount
General Obligation Bonds 1986 -2006 5.90 -11.00 $17,200,000
Special Assessment Bonds 1986 -1994 4.40 -8.75 4,900,000
G.O. Revenue Bonds 1986 -2000 3.50 -8.70 1,285,000
$23,385,000
Changes in bonded debt during the year were as follows:
$11,955,000 $13,200,000 $1,770,000 $23,385,000
(Continued)
-23-
Bonds
Bonds
outstanding
outstanding
January 1 Issued
Redeemed
December 31
General Obligation
Bonds
$ 5,750,000 $12,000,000
$ 550,000
$17,200,000
Special Assessment
Bonds
6,000,000
1,100,000
4,900,000
G.O. Revenue Bonds
205,000 1,200,000
120,000
1,285,000
$11,955,000 $13,200,000 $1,770,000 $23,385,000
(Continued)
-23-
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
(Continued)
2 BONDED DEBT (Continued)
The City has the following revenue bonds outstanding at December 31,
1985:
Golf Course Bonds of 1964 $ 85,000
G.O. Golf Course Bonds, Series 1985 1,200,000
$1,285,000.
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, 1985, including interest payments of $18,750,163 are as
follows:
Year ending General Special
December 31, obligation assessment Revenue Total
1986
$ 11535,738
1987
2,100,050
1988
2,043,725
1989
21126,775
1990
2,058,350
1991 -2006
23,854,200
$ 492,275
$ 101,125
1,129,350
132,000
1,070,950
142,125
1,107,150
138,875
1,037,400
135,500
1,406,475
1,523,100
$ 2,129,138
3,361,400
3,256,800
3,372,800
3,231,250
26,783,775
$33,718,838 $6,243,600 $2,172,725 142,135,163
$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)
-24-
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
(Continued)
3 LONG -TERM DEBT - OTHER
The City of Edina is the administering authority for the following
tax increment finance districts:
a) 50th and France - No. 1200, a redevelopment district established
in 1974 pursuant to Minnesota Statutes 462.545 and 462.585 with a
duration of thirty -five years.
Original assessed value $3,216,104
Current assessed value $7,805,220
Captured assessed value:
Retained by authority $4,589,116
Shared with other taxing districts none
General obligation redevelopment
bonds issued $2,200,000
Total loans incurred none
Amounts redeemed (600,000)
Outstanding bonds and loans at
December 31, 1985 $1,600,000
b) Southeast Edina Redevelopment District - No. 1201, a
redevelopment district established in 1977 pursuant to Minnesota
Statutes 462.545 and 462.585 with a duration of thirty -two years.
Original assessed value
Current assessed value
Captured assessed value:
Retained by authority
Shared with other taxing districts
General obligation tax increment
bonds issued
Total loans incurred
Amounts redeemed
Outstanding bonds and loans at
December 31, 1985
(Continued)
-25-
$ 2,788,292
$11,250,246
$ 8,461,954
none
$16,500,000
none
(900,000)
$15,600,000
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
(Continued)
3 LONG -TERM DEBT - OTHER (Continued)
c) Grandview Area Redevelopment District - No. 1202, a redevelopment
district established in 1984 pursuant to Minnesota Statutes
462.545 and 462.585 with a duration of twenty -five years.
Original assessed value
Current assessed value
Captured assessed value:
Retained by authority
Shared with other taxing districts
General obligation redevelopment
bonds issued
Total loans incurred
Amounts redeemed
Outstanding bonds and loans at
December 31, 1985
(Continued)
-26-
$4,404,120
$4,690,115
$ 285,995
none
none
none
none
none
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
(Continued)
4 CHANGES IN GENERAL FIXED ASSETS
A summary of changes,in general fixed assets during 1985 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
January 1,
$ 2,281,017
1,632,428 $
1,869,340
333,887
283,089
5,812
131,320
49,596
822,033
1,535,987
293,499
398,019
136,456
Retirements Balance
Additions or transfers December 31,
74,442
21,157
27,527
16,408
51,040
217,598 $ 41,135
59,423
82,022 13,800
18,600
91,706
3,153,280 168,224
$ 2,281,017
1,706,870
1,869,340
355,044
310,616
5,812
131,320
66,004
873,073
1,712,450
352,922
466,241
155,056
91,706
3,321,504
4,113 4,113
13,021,582 736,441 54,935 13,703,088
8,995,508 1,393,886 1,481,016 8,908,378
$22,017,090 $2,130,327 $1,535,951 $22,611,466
(Continued)
-27-
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,
1985 follows:
Property
and Accumulated Net
Enterprise funds equipment depreciation book value
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
Estimated
useful life
$ 285,341
$ 285,341
820,534 $
48,036*
772,498
20
153,597
106,975
46,622
25
8,983,083
3,417,879
5,565,204
50
10,636,409
2,476,693
8,159,716
100
2,017,171
1,149,865
867,306
8
- 25
2,548,578
2,085,210
463,368
5
- 25
729,769
276,934
452,835
10
- 33
457,358
331,181
126,177
5
- 10
718,936
437,169
281,767
5
- 25
95,214
71,017
24,197
5
441,901 441,901
$27,887,891 $10,400,959 $17,486,932
* Irrigation system only is being depreciated.
Depreciation expense for 1985 was $564,192.
(Continued)
-28-
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
(Continued)
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.
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 $37,250 in the Liquor Fund and
$16,285 in the General Fund at December 31, 1985. Maturity dates range
from 1986 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 $508,757 for the year ended December 31, 1985.
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)
-29-
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 $4,147,061)
Operatinq
revenues
Depreciation
Net income (loss)
before transfers
Operatinq trans-
fers out (in)
Current capital
contributions
Property and
equipment:
Additions
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, 1985 is as
Utility Liquor
$
987,787
$ 3,248,364
564,192
$ 384,618 $
43,437
$ (52,966) $
314,171
$
450,000
$ 7,346
Other Total
enterprise enterprise
funds funds
$ 987,787
$1,272,138 $
4,520,502
$ 136,137 $
564,192
$ (78,498) $
182,707
$
450,000
$
7,346
$ 26,849
$
529
$
416,144
$
443,522
$ 2,212,664
$
341,288
$
(239,535)
$
2,314,417
$1,285,000 $ 1,285,000
$17,617,425 $1,448,444 $2,554,829 $21,620,698
$16,520,412 $1,151,852 $ 918,183 $18,590,447
(Continued)
-30-
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 funds expended for
state -aid projects in excess of funds received from the Minnesota
Department of Transportation. These projects were incomplete at
December 31, 1985. 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,
1985, there was no unfunded liability.
12 INTER -FUND RECEIVABLE AND PAYABLE BALANCES
Inter -fund receivables and payables as of December 31, 1985 were as
follows:
Fund
General (including amount due Edina
Housing and Redevelopment Authority)
Working capital
Revenue Sharing
Debt Service:
Redevelopment Bond (due from
Edina HRA)
Capital Projects
(Continued)
-31-
Inter -fund Inter -fund
receivables payables
$ 2,280,870
260,386
233,550
9,867,730
$12,172,285
465
225,000
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
Art Center
(Continued)
-32-
Inter -fund
receivables
$ 1,064,742
180,997
259,541
Inter -fund
payables
$ 260,386
1,131,333
21,696
55,987
1,508
261,397
17,181
180
398
$14,147,816 $14,147,816
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
(Continued)
13 RESERVED OR DESIGNATED FUND EQUITY
The following fund equity balances as of December 31, 1985 have been
reserved or designated for the reasons noted below:
General Fund:
Commitments
Dedicated funds
Bond proceeds reserved for construction
Other
Total General Fund
Revenue Sharing Fund:
Revenue Sharing 1986 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)
-33-
$ 546,902
1,421,676
95,007
109,747
2,173,332
225,000
233,550
10,006,000
140,781
$12,778,663
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, 1985 as follows:
Revenue Sharing Fund $ 19,724
Utilities Fund 45,620
Liquor Fund 135,829
Swimminq Pool Fund 30,196
Recreation Center Fund 920,171
Gun Range Fund 8,212
Art Center Fund 36,990
Special Assessment Construction Fund 29
15 CONTINGENCIES
The City is a party to a substantial number of suits and claims
incidental to its business, including condemnation relocation costs,
special assessment appeals, ordinance enforcements, real estate
easements and other claims resulting from auto accidents, personal
injuries, storm and sanitary sewer backups, water flooding and general
municipal operations.
In addition, the City is joined as a defendant in an action brought
by condominium owners against everyone they believe is responsible for
alleged construction defects in their condominium building. It is the
opinion of management that the City has meritorious defenses to this
action, and the City intends to contest it vigorously.
It is not possible at the present time to estimate the ultimate
legal and financial liability of the City, if any, in respect of such
suits, claims and litigation.
(Continued)
-34-
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
(Continued)
16 EQUITY TRANSFERS
During the year ended December 31, 1984, Council approved the
cancellation of various inter -fund loans and the transfer of available
Park Bond Fund assets to other funds as a means of partially funding
prior year cumulative fund deficits.
These transactions were included in the 1984 financial statements.
The net effect on the respective fund balances was as follows:
Enterprise Funds:
Utilities Fund
Liquor Fund
Swimming Pool Fund
Golf Course Fund
Recreation Center Fund
Gun Range Fund
Art Center Fund
Net Enterprise Funds
Special Revenue Funds:
Park Fund.
Special Assessment Funds:
Permanent Improvement Revolving Fund
Construction Fund
Net Special Assessment Funds
Debt Service Funds:
Park Bond Fund
General Fund
(Continued)
-35-
Increase
(decrease)
$(210,000)
(415,000)
110,752
300,000
442,966
35,371
210,518
474,607
59,183
(200,000)
100,000
(100,000)
(425,997)
(7,793)
$ -0-
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 advantageous 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.
17 PRESENTATION
Certain amounts for the year ended December 31, 1984 have been
reclassified to conform to the presentation of the amounts at
December 31, 1985.
-36-
CITY OF EDINA, MINNESOTA
GENERAL FUND
BALANCE SHEET
December 31, 1985
(with Comparative Totals for December 31, 1984)
ASSETS
Petty cash and change funds
Cash (deficit)
Investments:
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
Prepaid expenses
1985 1984
$ 1,070 $ 800
(144,923) (453,159)
995
12,691,993 1,755,816
94,467
110,610
(110,610)
139,939
16,285
382,150
1,898,720
75,700
10,000
289,092
157,907
110,610
(110,610)
139,845
18,480
144,438
236,346
44,459
10,000
Total assets $15,454,493 $2,055.927
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 465,073 $ 211,460
Due to other funds 12,172,285 307,219
Due to other governmental units 39,500 40,651
Deposits payable:
Dedicated Funds 99,118 83,753
Total liabilities 12,775,976 643,083
Fund balance:
Reserved or designated 2,173,332 899,972
Unreserved - Undesignated 505,185 512,872
Total fund balance 2,678,517 1,412,844
Total liabilities and fund balance $15.454,493 12,055,927
-37-
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE
Year Ended December 31, 1985
(With Comparative Actual Amounts for 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
Sales and rental of property
Parkland dedication
Total revenues
Other sources:
Transfers from other funds
Parkland dedication paid by
Edina HRA
Total revenues and other
sources
Appropriated from prior year's fund
balance to finance 1985 budget
Expenditures:
1985
Budget Actual
1984
Actual
$5,747,213 $ 5,763,688 $5,388,725
472,600 553,908 405,685
10,000
2,244
21,559
1,695,411
1,664,028
1,626,771
86,405
86,405
86,405
507,540
540,458
379,584
335,000
386,333
375,101
51,500
72,502
121,320
68,000
157,447
56,617
18,500
31,211
38,877
30,585
419,063
201,867
9,022,754
9,677,287
8,702,511
675,000
675,000
675,000
767,852
9,697,754 11,120,139 9,377,511
236,900
$9,934,654
General government
$1,310,153
1,397,975
1,204,887
Public safety
4,349,320
4,356,382
4,018,072
Public works
2,597,446
2,508,679
2,597,141
Parks
1,195,944
1,227,795
1,329,216
Unallocated general expenditures
481,791
363,635
199,697
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
$9,934,654 9,854,466 9,349,013
1,265,673
1,412,844
28,498
1,332,956
(200,000)
210,000
41,390
Fund balance December 31 $ 2,678,517 $1,412,844
-38-
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES
Year Ended December 31, 1985
(With Comparative Actual Amounts for Year Ended December 31, 1984)
Taxes:
General property tax
Penalties and interest
Total taxes
Licenses and permits
Inter - governmental 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
Total charges for services
Fines and forfeitures
1985 1984
Budget Actual Actual
$5,717,213 $ 5,696,692 $5,343,039
30,000 66,996 45,686
5,747,213 5,763,688 5,388,725
472,600 553,908 405,685
10,000
550,787
936,124
55,000
150,000
3,500
2,244
550,420
936,124
57,300
120,184
21,559
519,610
928,867
55,965
117,359
4,970
86,405 86,405 86,405
1,791,816 1,752,677 1,734,735
162,000
119,842
77,908
15,000
7,195
7,840
28,500
26,855
24,650
17,500
60,158
20,305
84,540
84,540
76,320
175,000
230,452
164,256
25,000
11,416
8,305
507,540 540,458 379,584
335,000 386,333 375,101
(Continued)
-39-
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES
(Continued)
Year Ended December 31, 1985
(With Comparative Actual Amounts for Year Ended December 31, 1984)
Miscellaneous revenues:
Interest
Sale and rental of property
Donations
Other
Registration fees
Parkland dedication
Total miscellaneous
revenues
Total revenues
Other sources:
Transfers from other funds:
Revenue Sharing Fund
Liquor Fund
Parkland dedication paid by
Edina HRA
Total transfers
1985
1984
Budget
Actual
Actual
$ 68,000 $
157,447
$ 56,617
18,500
31,211
38,877
1,500
16,170
4,001
18,000
22,091
85,953
32,000
34,241
31,366
30,585
419,063
201,867
168,585 680,223 418,681
9,022,754 9,677,287 8,702,511
225,000 225,000 225,000
450,000 450,000 450,000
767,852
675,000 1,442,852
675,000
Total revenues and
other sources $9,697.754 $11,120,139 9.377.511
-40-
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES
Year Ended December 31, 1985
(With Comparative Actual Amounts for Year Ended December 31, 1984)
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
1985 1984
Budget Actual Actual
$ 21,450
8,713
100
11,460
$ 21,862
8,549
380
11,460
$ 21,450
4,816
186
11,040
41,723 42,251 37,492
108,038
1,500
100
30,540
140,178
210,947
74,100
600
56,940
342,587
167,355
31,400
500
39,780
239,035
(Continued)
-41-
107,990
1,402
74
30,540
140,006
210,795
89,205
1,678
56,940
358,618
172,502
31,372
450
39,780
244,104
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
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES
(Continued)
Year Ended December 31, 1985
(With Comparative Actual Amounts for Year Ended December 31, 1984)
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
Commodities
Total general government
Public safety:
Police protection:
Personal services
Contractual services
Commodities
Central services
Capital outlay
1985
Budget Actual
$ 9,860
300
100
6,120
$ 9,352
175
46
6,120
1984
Actual
$ 46,518
11,516
4,804
6,060
16,380 15,693 68,898
150,150
27,400
1,000
42,900
221,450
71,000
237,800
308,800
1,310,153
1,667,649
71,633
16,310
513,420
126,707
2,395,719
(Continued)
-42-
143,941
25,235
586
42,900
212,662
119,297
265,329
15
384,641
1,397,975
1,718,991
65,576
16,943
513,420
82,022
2,396,952
141,872
28,984
459
41,160
212,475
77,660
157,802
235,462
1,204,887
1,616,004
70,114
18,954
495,000
60,272
2,260,344
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES
(Continued)
Year Ended December 31, 1985
(With Comparative Actual Amounts for Year Ended December 31, 1984)
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:
1985 1984
Budget Actual Actual
$1,049,270
52,445
35,125
287,100
110,000
$1,113,643
51,727
34,659
287,100
51,004
$ 991,521
60,732
26,121
266,520
13,099
1,533,940 1,538,133 1,357,993
13,005
4,805
1,150
10,000
28,960
11,967 12,930
4,740 4,846
640 1,161
17,347 18,937
Personal services
81,053
82,768
78,133
Contractual services
80,470
80,350
81,954
Commodities
2,340
2,196
2,075
Central services
33,960
33,960
31,980
Capital outlay
657
Animal control:
Personal services
Contractual services
Commodities
Central services
Capital outlay
197,823
(Continued)
-43-
16,054
6,150
2,000
10,080
3,000
37,284
199,274 194,799
21,123
6,209
1,844
10,080
109
19,016
3,460
2,348
9,420
8,943
39,365 43,187
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES
(Continued)
Year Ended December 31, 1985
(With Comparative Actual Amounts for Year Ended December 31, 1984)
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
1985 1984
Budget Actual Actual
$ 116,276
2,440
1,838
35,040
$ 126,128
2,318
1,825
35,040
$ 101,622
4,641
609
35,940
155,594 165,311 142,812
4,349,320 4,356,382 4,018,072
56,478
300
18,660
75,438
223,213
7,660
10,700
71,040
16,508
329,121
176,117
800
500
189,780
367,197
(Continued)
-44-
57,040
281
18,660
75,981
229,818
7,533
10,655
71,040
16,408
335,454
176,057
772
458
189,780
367,067
59,641
295
18,420
78,356
199,494
20,525
8,681
70,080
298,780
176,266
600
323
188,520
365,709
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES
(Continued)
Year Ended December 31, 1985
(With Comparative Actual Amounts for Year Ended December 31, 1984)
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
1985 1984
Budget Actual Actual
$ 348,650
16,900
242,600
224,460
$ 347,702
16,851
241,554
224,460
$ 294,996
14,183
231,145
214,500
832,610 830,567 754,824
8,300
261,400
13,100
3,600
286,400
12,400
9,000
7,260
28,660
32,760
35,250
24,000
13,920
105,930
(Continued)
-45-
8,108
260,387
12,716
3,600
284,811
11,065
8,764
7,260
27,089
27,926
31,274
12,038
13,920
85,158
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
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES
(Continued)
Year Ended December 31, 1985
(With Comparative Actual Amounts for Year Ended December 31, 1984)
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
1985
Budget Actual
$ 5,420 $ 4,541
2,600
3,600
11,620
20,580
7,100
5,100
13,920
46.700
75,820
72,150
13,400
19,440
180,810
22,240
29,200
19,200
4,320
74,960
218,000
40,000
258,000
2,395
3,600
10,536
14,102
6,858
4,504
13,920
39,384
71,117
69,130
10,235
19,440
169,922
16,008
28,349
16,435
4,320
65,112
217,598
217,598
2,597,446 2,508,679
(Continued)
-46-
1984
Actual
$ 2,806
337
1,702
3,420
8,265
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
87,219
311,697
2,597,141
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES
(Continued)
Year Ended December 31, 1985
(With Comparative Actual Amounts for Year Ended December 31, 1984)
Parks:
Administration:
Personal services
Contractual services
Commodities
Central services
Total administration
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
Capital outlay
Capital improvements
Total parks
1985
Budget Actual
$ 216,479
10,000
7,700
157,200
$ 207,575
6,118
2,696
157,200
1984
Actual
$ 206,172
5,738
1,985
151,500
391,379 373,589 365,395
6,600
27,500
5,100
24,400
18,000
7,400
6,481
27,296
4,971
24,139
17,806
7,361
13,172
23,207
4,770
20,073
10,158
7,717
6,225
16,500 16,396 16,685
105,500
47,625
129,800
20,180
18,020
8,905
154,350
89,600
468,480
60,000
170,585
104,450
47,619
129,714
20,130
17,936
8,835
208,360
89,515
522,109
59,423
168,224
102,007
50,947
127,320
54,344
22,070
13,940
183,478
81,734
533,833
327,981
1,195,944 1,227,795 1,329,216
(Continued)
-47-
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES
(Continued)
Year Ended December 31, 1985
(With Comparative Actual Amounts for Year Ended December 31, 1984)
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
Suburban rate authority
Total
Central services
Total expenditures
1985
Budget Actual
1984
Actual
$ 44,370 $ 42,985 $ 41,036
22,000 1,709
8,990
28,900
75,000
16,050
3,800
100,300
40,000
3,681
8,990
10,100
46,017
6,495
74,442
73,526
11,926
12,122
4,234
3,350
117,401
75,246
3,681 2,454
323,091 309,676 226,038
158,700 53,959 (26,341)
$9,934,654 $9,854,466 $9,349,013
-48-
CITY OF EDINA, MINNESOTA
GENERAL FUND
SCHEDULE OF CENTRAL SERVICES EXPENDITURES
Year Ended December 31, 1985
(With Comparative Actual Amounts for Year Ended December 31, 1984)
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
1985
Budget Actual
1984
Actual
$1,492,980 $1,375,785 $1,240,059
21,000 15,192 21,680
1,513,980 1,390,977 1,261,739
43,460
35,840
18,600
4,200
31,878
34,141
16,259
4,200
46,016
45,580
20,869
4,920
102,100 86,478 117,385
34,700
56,400
20,500
4,740
116,340
187,410
83,550
369,500
112,380
752,840
34,196
68,922
21,649
4,740
129,507
187,338
83,501
390,338
112,380
773,557
39,108
64,850
20,067
4,920
128,945
188,876
69,843
341,550
108,540
708,809
2,485,260 2,380,519 2,216,878
2,326,560 21326,560 2,243,219
$ 158,700 $ 53,959 $ (26,341)
-49-
CITY OF EDINA, MINNESOTA
WORKING CAPITAL FUND
BALANCE SHEET
December 31, 1985
(With Comparative Totals for December 31, 1984)
ASSETS
Cash
Investments
Special assessments receivable:
Unremitted
Delinquent
Deferred
Allowance for uncollectible receivables
Due from other funds
Total assets
Liabilities:
Due to other funds
1985
$ 349,500
2,874,399
7,756
175,903
1,607,348
(260,984)
260,386
1984
$ 466,017
2,101,834
5,846
104,412
2,192,804
(214,054)
98,986
$5,014,308 $4,755,845
LIABILITIES AND FUND BALANCE
Fund balance:
Unreserved - Undesignated
Total liabilities and fund balance
-50-
$ 465 $ 40,762
5,013,843 4,715,083
$5,014,308 $4,755,845
CITY OF EDINA, MINNESOTA
WORKING CAPITAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE
Year Ended December 31, 1985
(With Comparative Amounts for Year Ended December 31, 1984)
1985 1984
Revenues:
Interest:
Investments $ 260,649
Special assessments 81,111
Total revenues 341,760
Expenditures:
Other 784
Other uses:
Assessment adjustments 42,216
Total expenditures and other uses 43,000
Excess of revenues over
expenditures and other uses 298,760
Fund balance, January 1,
Equity transfer from other funds
Fund balance, December 31,
-51-
4,715,083
$5.013.843
$4,715,083
$4.715,083
CITY OF EDINA, MINNESOTA
REVENUE SHARING FUND
BALANCE SHEET
December 31, 1985
(With Comparative Totals for December 31, 1984)
ASSETS
1985 1984
Cash $327,729 $131,915
Investments 101,851 92,004
Due from other governmental units 49,488 49,873
Total assets 479 068 273 792
LIABILITIES AND FUND BALANCE
Liabilities:
Due to other funds
$225,000
Fund balance:
Reserved or designated
225,000
$225,000
Unreserved - Undesignated
29,068
48,792
Total fund balance
254,068
273,792
Total liabilities
and fund balance
479 068
273 792
-52-
CITY OF EDINA, MINNESOTA
REVENUE SHARING FUND
STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE
Year Ended December 31, 1985
(With Comparative Actual Amounts for Year Ended December 31, 1984)
-53-
1985
1984
Budget
Actual
Actual
Revenues:
Federal Revenue Sharing Grant
$225,000
$197,280
$195,436
Interest on investments
7,996
Other
203
Total revenues
225,000
205,276
195,639
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
(19,724)
(29,361)
Fund balance January 1
273,792
303,153
Fund balance December 31
254 068
$273,792
-53-
CITY OF EDINA, MINNESOTA
DEBT SERVICE FUND - REDEVELOPMENT BOND
BALANCE SHEET
December 31, 1985
(With Comparative Totals for December 31, 1984)
Due from Edina Housing and
Redevelopment Authority
Total assets
Fund balance:
Reserved or designated
Total fund balance
ASSETS
FUND BALANCE
-54-
1985 1984
$233,550 $233,550
$233,550 $233,55
$233,550 $233,550
$233,550 $233,550
CITY OF EDINA, MINNESOTA
DEBT SERVICE FUND - REDEVELOPMENT BOND
STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE
Year Ended December 31, 1985
(With Comparative Totals for December 31, 1984)
Other sources:
Transfers from HRA
Total sources
Expenditures:
Bond principal
Interest and service
charges
Total expenditures
Excess of revenues over
(under) expenditures
Fund balance January 1
Fund balance December 31
-55-
1985
$1,580,273
1,580,273
550,000
1,030,273
1,580,273
1984
$1,119,493
1,119,493
550,000
569,493
1,119,493
233,550 233,550
$ 233.550
$ 233.550
CITY OF EDINA, MINNESOTA
CAPITAL PROJECTS FUNDS
HOUSING AND REDEVELOPMENT AUTHORITY OF EDINA
BALANCE SHEET
December 31, 1985
(With Comparative Totals for December 31, 1984)
ASSETS
Cash
Due from other funds
Total assets
1985
$ 148,829
9,867,730
$10,016,559
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable
Due to other funds
Total liabilities
Fund balance (deficit):
Designated
Total liabilities and fund balance
-56-
$ 10,559
10,559
10,006,000
$10,016,559
A O A
$ 11,073
11 07
$ 72,244
469,896
542,140
(531,067)
11,073
CITY OF EDINA, MINNESOTA
CAPITAL PROJECTS FUNDS
HOUSING AND REDEVELOPMENT AUTHORITY OF EDINA
STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE
Year Ended December 31, 1985
(With Comparative Totals for December 31, 1984)
Revenues:
Tax increments
Investment earnings
Other
Total revenues
Other sources:
Proceeds from sale of land
Proceeds from issuance of bonds
Total other sources
Total revenue and other sources
Expenditures:
Purchase of land and construction in progress
Professional fees
Interest charges on loans from other funds
Personal services
Other
Total expenditures
Other uses:
Transfer to debt service fund
Parkland dedication paid to general fund
Total expenditures and other uses
Excess of revenues and other sources over
(under) expenditures and other uses
Fund balance (deficit), January 1
Fund balance (deficit), December 31
-57-
1985
$ 1,293,952
142,246
8,823
1,445,021
1,131,096
12,000,000
13,131,096
14,576,117
1,400,603
143,702
60,319
60,158
26,143
1,690,925
1,580,273
767,852
4,039,050
10,537,067
1984
$1,256,687
8,539
1,265,226
253,055
1,244
6
254,305
1,119,493
1,373,798
(108,572)
(531,067) (422,495)
$10,006,000 1-1531,067)
CITY OF EDINA, MINNESOTA
SPECIAL ASSESSMENT FUNDS
COMBINING BALANCE SHEET
December 31, 1985
(With Comparative Totals for December 31, 1984)
ASSETS
Improvement
Bond
Redemption I
Cash (deficit)
Investments $300,000
Accounts receivable
Special assessments receivable:
Unremitted
Delinquent
Deferred
Allowance for uncollectible receivables
Due from other funds
Unassessed construction costs
Construction in progress:
Current
Deferred
Total assets 300 000
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable
Contracts payable
Due to other funds
Due to other governmental units
Deposits payable
Bonds payable
Total liabilities
Fund balance:
Designated for construction
Unreserved - Undesignated
Total fund balance
Total liabilities and fund balance
-58-
$300,000
300,000
$300.000
Improvement
Bond
Redemption II
$ 2,509
1,166,766
19,879
2,902,485
(144,550)
1,064,742
26,862
$5,038,693
$ 260,386
38,446
4,600,000
4,898,832
139,861
139,861
$5,038,693
Construction
$(1,764,132)
4,929
180,997
59,486
2,812,694
678,112
$ 1,972,086
$ 678,112
1,131,333
21,860
.1,831,305
140,781
140,781
$ 1,972,086
Totals
1985 1984
$(1,761,623)
1,466,766
4,929
19,879
2,902,485
(144,550)
1,245,739
86,348
2,812,694
678,112
$7,310,779
$ 678,112
1,391,719
38,446
21,860
4,900,000
7,030,137
140,781
139,861
280,642
$7,310,779
$ 378,645
1,152,208
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
7,600,927
140,810
87,315
228,125
$7,829,052
-59-
CITY OF EDINA, MINNESOTA
SPECIAL ASSESSMENT FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE
Year Ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
Improvement Improvement
Bond Bond
Redemption I Redemption II
Revenues:
Interest:
Investments $26,526 $ 48,189
Special assessments 253,782
Reimbursements from other funds
Total revenues 26,526 301,971
Other sources:
Capitalized interest 13,281
Assessment adjustments 153,248
Other
Write off balance in deferred revenue
Total other sources 166,529
Total revenues and other sources 26,526 468,500
Expenditures:
Interest 26,526 414,150
Paying agent service charges 1,060
Construction costs
Other 744
Total expenditures 26,526 415,954
Other uses:
Assessment adjustments
Write off balance in unassessed
construction costs
Write off balance in City share
of assessments receivable
Total other uses
Total expenditures and other uses 26,526 415,954
Excess of revenues and other sources over
(under) expenditures and other uses -0- 52,546
Fund balance January 1 87,315
Cancellation of loans (to) from other funds
Equity transfer to other fund
Fund balance December 31 $ -0- $139.861
-60-
Totals
Construction 1985 198
$ 74,715
253,782
$416,126 416,126
416,126 744,623
13,281
153,248
166,529
416,126 911,152
440,676
1,060
416,155 416,155
744
416,155 858,635
416,155 858,635
(29)
140,810
$140,781
52,517
228,125
$280.642
$ 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
-61-
CITY OF EDINA, MINNESOTA
PROPRIETARY FUND TYPE - ENTERPRISE FUNDS
COMBINING BALANCE SHEET
December 31, 1985
(With Comparative Totals for December 31, 1984)
Current assets:
Petty cash and change funds
Cash (deficit)
Investments
Receivables:
Accounts
Customers
Assessments
Notes
Due from other funds
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
ASSETS
Swimming
Utilities Liquor Pool
$ 1,394,753
916,657
617,631
2,705
16,231
10,778
2,958,755
$ 3,800
(159,081) $(127,640)
4,973
770,250
17,938
637,880
100
(127,540)
14,307,748 778,287 248,777
350,922
32,277
350,922 32,277
$17,617,425 $1,448,444 $ 121,237
(Continued)
-62-
Golf Recreation Gun
Course Center Range
$ 800 $ 700
913,501 (876,323)
350 43,919
$(13,482)
4,070
259,541
124 250
914,651 (572,039) (9,162)
Art
Totals
Center
1985
1984
$ 175
$ 5,475 $
5,475
(59,186)
1,072,542
(539,620)
916,657
1,697,963
48,439
40,782
617,631
552,333
2,705
1,309
4,973
4,973
259,541
2,413,000
7,033
793,888
642,584
28,716
8,005
(51,978) 3,750,567 4,826,804
1,488,732 414,538 33,387 215,463 17,486,932 17,607,602
28,991
350,922 396,097
32,277 37,599
383,199 462,687
$2,403.383 $(157.501) S 24 225 163 485 $21.620,698 $22,897,093
-63-
CITY OF EDINA, MINNESOTA
PROPRIETARY FUND TYPE - ENTERPRISE FUNDS
COMBINING BALANCE SHEET
(Continued)
December 31, 1985
(With Comparative Totals for December 31, 1984)
LIABILITIES AND RETAINED EARNINGS
Current liabilities:
Accounts payable
Due to other funds
Bonds payable
Total current liabilities
Other liabilities:
Deposits
Deferred revenue
Bonds payable, less current
portion
Total other liabilities
Total liabilities
Retained earnings:
Designated for debt retirement
Unreserved - Undesignated
Total retained earnings
Utilities
$ 724,395
21,696
746,091
350,922
350,922
1,097,013
16,520,412
16,520,412
Liquor
$ 240,605
55,987
296,592
Swimming
T
$ 110
1,508
1,618
296,592 1,618
1,151,852
1,151,852
119,619
119,619
Total liabilities
and retained earnings $17,617,425 $1,448,444 121.237
-64-
Golf
Recreation
Gun
Art
Totals
Course
Center
Range
Center
1985
1984
$ 33,290
$ 18,744
$ 110
$ 10,549
$ 1,Q27,803
$ 959,531
261,397
17,181
180
398
358,3.47
2,478,906
50,000
50,000
120,000
344,687
35,925
290
10,947
1,436,150
31558,437
4,679
3,500
8,179:.
7,165
350,922
3:96,097
1,235,000
1,235,000
85,000
1,239,679
3,500
1;;59;4,101
488,262
1,584,366
139,425
290
10,947
3,030,251
.4,046,699
145,445
145,445
52,300
673,572
(196,926)
23,935
152,538
18,445,002
18,798,094
819,017
(196,926)
23,935
152,538
18,590,447
18,850,394
$2,403,383
$(157,501)
24,225
163 485
$21,620,698
$22,897,093
-65-
CITY OF EDINA, MINNESOTA
PROPRIETARY-FUND TYPE - ENTERPRISE'FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND RETAINED 'EARNINGS
Year Ended December 31,'198.5?'
(With Comparative Totals for Year Ended December 31, 1984)
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
Utilities
Liquor
$5,134,848
4,147,061
987,787
Swimming
Pool
$ 3,24.8,364 $ 78,451
3,248,364
987,787
78,451
3,731,907
735,443
108,647
(483,543)
252,344
(30,196)
144,867
204,249
61,020
7,965
12,476
430,577
2,437
58,302
1,542
62,281
Golf Recreation Gun Art Totals
Course Center Range, Center 1985 1984
-t y
$, 5,134, 848 $ 5,259,558
4,147,061 4,280,858
987,787 978,700
$786,430 $ 320,228
786;430 320,228
641,098 411,033
145,332 (90,805)
$15,700
$ 71,329
4,520,502
4,290,399
15,700
71,329
5,508,289
5,269,099
23,912
117,413
5,769,453
5,232,412
(8,212)
(46,084)
(261,164)
36,687
147,304
5,056
58,302
59,814
61,226
204,249
214,860
61,020
61,020
7,965
7,960
12,476
12,068
4,128
4,128
2,653
4,966
6,508
40,969
9,094
501,952
465,626
-67-
CITY OF EDINA, MINNESOTA
PROPRIETARY FUND TYPE - ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS
(Continued)
Year Ended. December 31, 1985,
(With Comparative Totals for Year Ended December 31, 1984)
Swimming
Utilities Liquor Pool
Other expenses:
Interest and paying agent fees
Other $ 454
Total other expenses 454
Net income (loss) $ (52,96.6) 314,171 $(30,196)
Transfers (to) from other funds (450,000)
Property and equipment contributed
by special assessments 7,346
Net operating increase (decrease) (45,620) (135,829) (30,196)
Retained earnings (deficit),
January 1 16,566,032 1,287,681 149,815
Cancellation of loans (to)
from other funds
Equity transfers (to) from
other funds
Retained earnings (deficit),
December 31
T.
Golf
Recreation
Gun
Art
Totals
Course
-Center
Range
Center
1985
1984
$ 56,261
$ 1,366
$ 57,627
$ 13,808
454
227
56,261
1,366
58,081
14,035
89,071
(92,171)
$(8,212)
$(36,990)
18.2,707
488,278
(450,000)
(4501000)
7,346
47,071
89,071
(92,171)
((80,212)
(36,990)
(259,947)
85,349
729,946
(104,755)
32,147
189,528
18,850,394
18,290,438
90,000
384,607
$819,017
$(196.926)
$23,935
$152.538
$18,590,447
$18,850,394
-69-
CITY OF EDINA, MINNESOTA
PROPRIETARY FUND TYPE - ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
Year Ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
Sources of working capital:
Operations:
Net income (loss)
Item 'not'requring working capital:
Depreciation
Loss on disposal of fixed assets
Total_Jrom operations
Proceeds from issuance of
long -term debt
Decrease in other assets
Contributions in aid to construction
Reduction of loan to other funds
Increase in deposits
Reduction in notes receivable
Equity transfer from other funds
Total sources of
working capital
Uses of working capital:
Operations:
Net loss
Item not requiring working capital:
Depreciation
Total from operations
Decrease in other liabilities
Additions to property and equipment
Reduction of long -term debt
Transfers to other funds
Equity transfer to other funds
Cancellation of loans
Total uses of
working capital
Net increase (decrease) in
working capital
Swimming
Utilities Liquor Pool
$ (52,966) $ 314,171
384,618, 43,437
331,652 357,608
45,175
7,346
28,991
5,322
413,164 362,930
45,175
26,849
72,024
$ 341.140
(Continued•)
-70
$ 30,196
(17.,808)
12,388
529 9,900
450,000
.450,529 22,288
$ (87.599) $(22,288)
Golf
Course
$ 89,071
52,569
141,640
1,200,000
1,014
1,342,654
388,735
50,000
Recreation
Center
Gun
Range
$ 92,171 $ 8,212
(47,555) (4,029)
44,616 4,183
8,699
Art Totals
Center 1985 1 1984
$ 350,276 $ 530,949
480,624 548,063
2,405
830,900 1,081,417
1,200,000
45,175
7,346
28,991
1,014
5,322
141,105
47,071
35,822
998
2,187
629,607
2,118,748 1,938,207
$ 36,990
167,569
42,671
(14,176)
(83,568)
(13,775)
22,814
84,001
28,896
45,175
43,439
8,810
443,522
441,874
50,000
135,000
450,000
450,000
245,000
210,000
438,735 53,315 4,183 31,624 1,072,698 1,554,209
$ 903,919 $ (53,315) S14-&183) 31 624) $1,046,050 $ 383,998
-71-
CITY OF EDINA, MINNESOTA
PROPRIETARY FUND TYPE - ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
(Continued)
Year Ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
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
Bonds payable
Net increase (decrease) in
working capital
-72-
Swimming
Utilities Liquor Pool
$1,045,212
$(118,821)
$(18,741)
66,694
100
(2,129,598)
(12,331)
(2,101)
(781,306)
4,838
147,000
7,270
13,441
27,049
(61,369)
(38)
2,100,981
(55,519)
(1,508)
$ 341,140 $ (87,599) $(22,288)
Golf Recreation Gun
Course Center Range
$ 850,098 $(116,957) $(4,267)
128 7,343 86
(9,348) (81)
100
(29,112) 1,169 259
82,805 (5,622) (180)
70,000
Art Totals
Center 1985 1984
$(24,362) $1,612,162
74,351
(2,153,459)
(634)
(6,230)
(398)
(781,306)
151,304
20,711
(68,272)
2,120,559
70,000
$ (430,255)
(23,026)
2,080,643
(3,692)
1,685,235
(82,943)
(4,053)
(447,513)
(2,380,398)
(10,000)
903,919 $ (53,315) 4 183) $(31,624) $1,046,050 $ 383,998
-73-
CITY OF EDINA, MINNESOTA
PROPRIETARY FUND TYPE - ENTERPRISE FUNDS
SCHEDULE OF PROPERTY AND EQUIPMENT
Year Ended December 31, 1985
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
Swimminq 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
40,399
$ 709
41,108
2,548,578
2,548,578
8,980,091
2,992
8,983,083
10,632,055
4,354
10,636,409
11,598
11,598
76,420
18,794
95,214
176,827
176,827
22,492,524
26,849
22,519,373
233,785
233,785
22,981
529
23,510
729,769
729,769
309,771
309,771
1,296,306
529
1,296,835
10,000
10,000
453,000
9,900
462,900
31,738
31,738
17,380
17,380
512,118 9,900
(Continued)
-74-
522,018
Accumulated depreciation
Balance Balance Net Book
January 1, Additions Disposals December 31, value
$ 25,085 $ 1,363
2,012,522 72,688
3,239,323 178,556
2,370,126 106,567
7,826
598
63,100
7,917
109,025
16,929
7,827,007
384,618
8,196 918
250,415 26,519
216,500 16,000
475,111 43,437
223,889
13,388
23,992
3,174
7,552
1,246
255,433 17,808
-75-
$ 26,556
$ 26,448 14,660
2,085,210 463,368
3,417,879 5,565,204
2,476,693 8,159,716
8,424 3,174
71,017 24,197
125,954 50,873
8,211,625 14,307,748
233,785
9,114 14,396
276,934 452,835
232,500 77,271
518,548 778,287
10,000
237,277
225,623
27,166
4,572
8,798
8,582
273,241 248,777
CITY OF EDINA, MINNESOTA
PROPRIETARY FUND TYPE - ENTERPRISE FUNDS
SCHEDULE OF PROPERTY AND EQUIPMENT
(Continued)
Year Ended December 31, 1985
Recreation Center Fund:
Land improvements 52,174 52,174
Buildings 1,009,281 8,699 1,017,980
Furniture and equipment 98,519 98,519
Construction in progress 8,797 8,797
1,159,974 17,496 8,797 1,168,673
Gun Ranqe Fund:
Land improvements 16,290 16,290
Building 47,532 47,532
Furniture and equipment 11,003 11,003
74,825 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 8,952 135 9,087
Machinery and equipment 20,526 20,526
Construction in progress 8,675 8,675
289,263 8,810 298,073
$27,444,369 $494,534 $51,012 $27,887,891
-76-
Assets
Balance
Balance-
January 1,
Additions
Disposals
December 31,
Golf Course Fund:
Golf course
$ 820,534
$ 820,534
Buildings
242,639
$ 3,272
245,911
Well
121,304
121,304
Parking lot and roadway
16,982
1,596
18,578
Equipment
325,704
42,837
368,541
Construction in progress
92,196
383,245
$42,215
433,226
1,619,359
430,950
42,215
2,008,094
Recreation Center Fund:
Land improvements 52,174 52,174
Buildings 1,009,281 8,699 1,017,980
Furniture and equipment 98,519 98,519
Construction in progress 8,797 8,797
1,159,974 17,496 8,797 1,168,673
Gun Ranqe Fund:
Land improvements 16,290 16,290
Building 47,532 47,532
Furniture and equipment 11,003 11,003
74,825 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 8,952 135 9,087
Machinery and equipment 20,526 20,526
Construction in progress 8,675 8,675
289,263 8,810 298,073
$27,444,369 $494,534 $51,012 $27,887,891
-76-
Accumulated depreciation
Balance Balance
January 1, Additions Disposals December 31,
Net Book
value
$ 37,357
$ 10,679
$ 48,036
$ 772,498
171,797
12,880
184,677
61,234
16,982
4,850
21,832
99,472
10,652
543
11,195
7,383
230,005
23,617
253,622
114,919
433,226
466,793
52,569
519,362
1,488,732
48,502
1,100
49,602
2,572
590,914
40,740
631,654
386,326
67,164
5,715
72,879
25,640
706,580
47,555
754,135
414,538
8,390
1,070
9,460
6,830
27,300
1,927
29,227
18,305
1,719
1,032
2,751
8,252
37,409
4,029
41,438
33,387
15,000
1,026
130
1,156
781
55,951
11,079
67,030
175,818
4,927
902
5,829
3,258
6,530
2,065
8,595
11,931
8,675
68,434
14,176
82,610
215,463
$9,836,767
$564,192
$10,400,959
$17,486,932
-77-
CITY OF EDINA, MINNESOTA
UTILITIES FUND
BALANCE SHEET
December 31, 1985
(With Comparative Totals for December 31, 1984)
ASSETS
Current assets:
Cash
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
1985
1984
$ 1,394,753 $ 349,541
617,631
2,705
916,657
16,231
10,778
2,958,755
552,333
1,309
2,129,598
1,697,963
11,393
3,508
4,745,645
14,307,748 14,665,517
350,922
350,922
$17,617,425
LIABILITIES AND RETAINED EARNINGS
Current liabilities:
Accounts payable
Due to other funds
Total current liabilities
Other liability - deferred revenue
Total liabilities
Retained earnings:
Unreserved - Undesignated
Total liabilities and
retained earnings
-78-
$ 724,395
21,696
746,091
350,922
1,097,013
396,097
28,991
425,088
$19,836,250
$ 751,444
2,122,677
2,874,121
396,097
3,270,218
16,520,412 16,566,032
$17,617,425
$19,836,250
CITY OF EDINA, MINNESOTA
UTILITIES FUND
STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS
Year Ended December.31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
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)
(Continued)
-79-
1985
$ 1,024,684
2,202,645
19,741
270
1,024
1984
$ 959,569
2,099,007
21,275
2,415
11,280
3,248,364 3,093,546
88,921
110,307
39,391
131,230
271,571
116,050
4,081
14,212
46,199
94,254
83,997
37,348
2,059,129
84,587
165,319
693
384,618
3,731,907
(483,543)
26,143
288,062
4,292
154,108
36,113
154,793
1,899
452
33,282
141,846
53,266
26,990
1,859,822
56,127
157,882
1,464
390,000
3,386,541
(292,995)
CITY OF EDINA, MINNESOTA
UTILITIES FUND
STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS
(Continued)
Year Ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
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
Retained earnings, December 31
WR
1985
$ 12,476
7,965
204,249
61,020
144,867
430,577
(52,966)
1984
$ 12,068
7,960
214,860
61,020
295,908
2,913
7,346 47,071
(45,620)
16,566,032
49,984
16,726,048
(210,000)
$16,520,412 $16,566,032
CITY OF EDINA, MINNESOTA
UTILITIES FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
Year Ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
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 in working capital
Elements of net increase (decrease)
in working capital:
Cash
Receivables
Due from other funds
Investments
Inventory
Prepaid expenses
Accounts payable
Due to other funds
Net increase in working capital
-81-
1985
1984
$ (52,966)
$ 2,913
384,618
390,000
331,652
392,913
7,346
47,071
28,991
35,822
45,175
141,105
413,164
616,911
26,849 91,502
210,000
45,175 43,439
72,024 344,941
$ 341,140 $ 271,970
$1,045,212 $ (734,111)
66,694
(2,129,598)
(781,306)
4,838
7,270
27,049
2,100,981
(33,671)
1,820,040
1,697,963
(2,029)
560
(420,919)
(2,055,863)
$ 341,140 $ 271,970
CITY OF EDINA, MINNESOTA
LIQUOR FUND
BALANCE SHEET
December 31, 1985
(With Comparative Totals for December 31, 1984)
ASSETS
Current assets:
1985 1984
Petty cash and change funds
$ 3,800
Cash (deficit)
(159,081)
Due from other funds
Notes receivable
4,973
Inventory
770,250
Prepaid expenses
17,938
Total current assets
637,880
Property and equipment, less accumulated
depreciation
778,287
Other assets:
Notes receivable, less current portion
32,277
Total assets $1,448,444
LIABILITIES AND RETAINED EARNINGS
Current liabilities:
Accounts payable
Due to other funds
Total current liabilities
Retained earnings:
Unreserved - Undesignated
Total liabilities and retained
earnings
-82-
$ 240,605
55,987
296,592
$ 3,800
(40,260)
12,331
4,973
623,250
4,497
608,591
821,195
37,599
$1,467,385
$ 179,236
468
179,704
1,151,852 1,287,681
$1,448,444 $1,467,385
CITY OF EDINA, MINNESOTA
LIQUOR FUND
STATEMENT OF REVENUES, EXPENSES AND_RETAINED EARNINGS
Year Ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
Sales
Cost of sales
Gross
profit
Operating expenses:
Selling
Occupancy
Administrative
1985 1984
50th Street Yorkdale Grandview Totals Totals
$1,098,048 $2,091,794 $1,945,006 $5,134,848 $5,259,558
898,440 1,688,581 1,560,040 4,147,061 4,280,858
199,608
403,213
384,966
987,787
978,700
76,463
160,875
117,727
355,065
354,663
52,336
46,996
63,574
162,906
129,452
68,156
78,712
70,604
217,472
204,508
Total
operating
expenses 196,955 286,583 251,905 735,443 688,623
Operating
income
Other revenues
(expenses):
Interest
Discounts
Cash over
(short)
Other
Total other
revenue
2,653 116,630 133,061 252,344 290,077
2,437 2,437 2,785
12,743 24,092 21,467 58,302 59,814
5 (462) 3 (454) (227)
803 280 459 1,542 3,437
15,988 23,910 21,929 61,827 65,809
Net income
before
transfers $ 18,641 $ 140,540 $ 154,990 314,171 355,886
(Continued)
-83-
CITY OF EDINA, MINNESOTA
LIQUOR FUND
STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS
(Continued)
Year ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
1985 1984
50th Street Yorkdale Grandview Totals Totals
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
-84-
$ 450,000 $ 98,595
351,405
450,000 450,000
(135,829) (94,114)
1,287,681 1,796,795
(170,000)
(245,000)
(415,000)
$1.151.852 I1.287,681
CITY OF EDINA, MINNESOTA
LIQUOR FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
Year Ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
Sources of working capital:
Operations:
Net income
Item not requiring working capital:
Depreciation
Total from operations
Reduction in notes receivable
Total sources of working capital
Uses of working capital:
Transfers to other funds
Additions to property and equipment
Total uses of working capital
Net decrease in working capital
Elements of net increase (decrease)
in working capital:
Cash
Accounts receivable
Notes receivable
Due from other funds
Inventory
Prepaid expenses
Accounts payable
Due to other funds
Net decrease in working capital
-85-
1985 1984
$ 314,171 $355,886
43,437 46,265
357,608 402,151
5,322 2,187
362,930 404,338
450,000 450,000
529 7,319
450,529 457,319
(87,599) 52 981)
$(118,821)
$ 24,083
(1,261)
(3,132)
(12,331)
12,331
147,000
(80,347)
13,441
(4,613)
(61,369)
(15,744)
(55,519)
15,702
$ (87.599) 52 981)
Year Ended December 31, 1985.,
(With Comparative Totals for Year Ended December 31, 1984)
Selling:
Salaries and wages
Supplies .
Licenses and dues
Services contract
Direct promotion
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
Administrative:,
Salaries and .":wages
Supplies
Professional service
Allocated expenses -
Retirement, insur-
ance, office .
supplies, etc.
Data processing
Mileage
Miscellaneous
Total operating
. expenses
Totals
50th Street
Yorkdale
Grandview
1985
198T-
$ 70,.694
$151,505
$111,028
$333,227
$332,400
2,968
6,177
3,667
12,812
14,989-.
423
132
121
676
657
1,064
2,038
1,551
4,653
4,140
1,314
1,023
1,360
3,,697
2,477
76,463
160,875
117,727
355,065
354;,663
2,258
1,681
2,068
6,007
5,563
1,905
2,274
1,605
5,784
5,536
836
950
1,518
3,304
3,231
6,716
11,557
4,571
22,844
23,977
917
76
993
1,303
1,250
1,740
2,037
5,027
5,794
570
645
725
1,940
2y,Q39
516
783
739
2,038
1,921
4,942
8,778
71916
21,636
13,208
2,118
2,118
984
13,931
3,292
20,946
38,169
11,624
15,596
11,018
16,823
43,437
46,265
1,326
3,077
4,089
8,492
6,765
222
109
355
686
189
150
175
106
431
1,053
52,336
46,996;
'- 63,574
,^162,906
129,452
"30,307
31;742.
30,510'
9.2,559
88,947
372
89.2
646
1,910
807
} 136
2;1:35_
2,136
6,407
5,700
30,420
39,360
33,300
103,080
96,4"20
3,431
3,431
3,432
10,294
9,777
450
450
450
1,350
1,300
1,040
702
130
1,872
1,55:7
68,156
78,712
70,604
217,472
204,508
196 955
$286,583
$251.905
$735,443
$688, 623
-86-
CITY OF EDINA, MINNESOTA
SWIMMING POOL FUND
BALANCE SHEET
December 31, 1985
(With Comparative Totals for December 31, 1984)
ASSETS
Current assets:
Cash (deficit)
Accounts receivable
Due from other funds
Total current assets
Property and equipment, less accumulated
depreciation
Total assets
1985
$ (127,640)
100
(127,540)
248,777'
$ 121.237
LIABILITIES AND RETAINED EARNINGS
Current liabilities:
Accounts payable
Due to other funds
Total current liabilities
Retained earnings:
Unreserved - Undesignated
Total liabilities and retained
earnings
-87-
$ 110
1,508
1,618
119,619
$ 121,237
1984
$(108,899)
2,101
(106,798)
256,685
$ 149.887
$ 72
72
149,815
$ 149.887
CITY OF EDINA, MINNESOTA
SWIMMING POOL FUND
STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS
Year Ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
Operating revenues:
Season tickets
General admissions
Rentals and instruction programs
Concessions (less cost of goods sold)
Other
Total operating revenues
Operating expenses:
Salaries and wages
Supplies
Utilities
Insurance
Repair and maintenance
Professional service
Printing and office expense
Central services
Concessions - operating
Contractual services
Depreciation
Other
Total operating expenses
Operating loss
Other revenue:
Federal aid
Net income (loss)
Retained earnings January 1
Equity transfer from other funds
Retained earnings December 31
1-M
1QQS 1 0 0 A
$ 46,911
$ 46,773
14,647
17,699
6,904
7,715
9,772
12,368
217
570
78,451 85,125
41,804
13,251
19,011
1,594
1,412
100
1,428
6,840
4,942
377
17,808
80
42,491
5,874
18,896
527
2,339
100
2,368
6,240
5,977
354
12,500
108,647 97,666
(30,196) (12,541)
61,226
(30,196) 48,685
149,815 (9,622)
110,752
1112-.619 149 815
CITY OF EDINA, MINNESOTA
SWIMMING POOL FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
Year Ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
1985 1984
Uses of working capital:
Operations:
Net loss (income) $ 30,196 $(48,685)
Item not requiring use of working capital:
Depreciation (17,808) (12,500)
Total (provided from) used for operations 12,388 (61,185)
Net additions to property and equipment 9,900 169,333
Total uses of working capital 22,288 108,148
Sources of working capital:
Equity transfer from other funds 110,752
Net increase
(decrease) in working capital
22 288)
2 604
Elements of
net increase (decrease)
in working
capital:
Cash
$(18,741)
$ 1,853
Accounts
receivable
100
(1,312)
Due from
other funds
(2,101)
2,101
Accounts
payable
(38)
(38)
Due to other
funds
(1,508)
Net increase
(decrease) in working capital
22 288)
2 604
-89-
CITY OF EDINA, MINNESOTA
GOLF COURSE FUND
BALANCE SHEET
December 31, 1985
(With Comparative Totals for December 31, 1984)
ASSETS
1985
Current assets:
Petty cash and change funds $ 800
Cash 913,501
Accounts receivable 350
Total current assets 914,651
Property and equipment, less accumulated
depreciation 1,488,732
Total assets $2.403.383
LIABILITIES AND RETAINED EARNINGS
Current liabilities:
Accounts payable
Due to other funds
Bonds payable
Total current liabilities
Other liabilities:
Deposits
Long -term liability - bonds payable, less
current portion
Total other liabilities
Total liabilities
Retained earnings:
Reserved for debt retirement
Unreserved - Undesignated
Total retained earnings
Total liabilities and retained
earnings
-90-
$ 33,290
261,397
50,000
344,687
4,679
1,235,000
1,239,679
1,584,366
145,445
673,572
819,017
$2.403,383
1984
$ 800
63,403
222
64,425
1,152,566
$1,216.991
$ 4,178
344,202
50,000
398,380
3,665
85,000
88,665
487,045
729,946
729,946
$1.216,991
CITY OF EDINA, MINNESOTA
GOLF COURSE FUND
STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS
Year Ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
Operating expenses:
Administration 178,935 153,382
Building - Club House and Pro Shop 69,918 36,921
Maintenance of course and grounds 256,997 237,824
Range and grill 82,679 76,361
Depreciation 52,569 50,312
Total operating expenses 641,098 554,800
Operating income 145,332 138,689
Other income (expense):
Income on investments
1985
1984
Operating revenues:
Interest and paying agent
fees
Green fees
$454,351
$396,420
Rental fees
83,185
73,761
Membership fees
58,375
49,101
Concessions (less cost -of goods sold)
65067
61,743
Range
122;,_124
110,205
Lessons
2',366. ''
2,13.6
Other
262
123
Total operating revenues
786,430
693,489
Operating expenses:
Administration 178,935 153,382
Building - Club House and Pro Shop 69,918 36,921
Maintenance of course and grounds 256,997 237,824
Range and grill 82,679 76,361
Depreciation 52,569 50,312
Total operating expenses 641,098 554,800
Operating income 145,332 138,689
Other income (expense):
Income on investments
2,271
Interest and paying agent
fees
(56,261)
(11,293)
(56,261)
(9,022)
Net income
89,071
129,667
Retained earnings January
1
729,946
300,279
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 31 819 017 729 946
-91-
CITY OF EDINA, MINNESOTA
GOLF COURSE FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
Year Ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
Sources of working capital:
Operations:
Net income
Item not requiring working capital:
Depreciation
Loss on disposal of fixed assets
Total provided by operations
Proceeds from issuance of long -term debt
Increase in deposits
Total sources of working capital
Uses of working capital:
Additions to property and equipment
Reduction of long -term debt
Equity transfer to other funds
Total uses of working capital
Net increase (decrease) in working capital
1985
$ 89,071
52,569
141,640
1,200,000
1,014
1,342,654
388,735
50,000
438,735
$ 903,919
Elements of net increase (decrease)
in working capital:
Cash $ 850,098
Investments
Accounts receivable 128
Due from other fund
Accounts payable (29,112)
Due to other funds 82,805
Net increase (decr,ease), in working;, capital-; $ 903,919
-92-
1984
$ 129,667
:50,312
2,405
182,384
998
183,382
113,899,
65,000
245,000
423,899
$ (240,517)
$ 107,470
(12,728)
(372)
(25)
(1,415)
(333,447)
$(240.517)
CITY OF EDINA, MINNESOTA
GOLF COURSE'FUND
SCHEDULE OF OPERATING EXPENSES
Year Ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
Administration:
Personal services
Contractual services
Commodities and supplies
.Other charges
Total administration
Building - Club House and Pro Shop:
Personal services
Utilities.
Fuel
Supplies
Repairs - building
Contractual services
Other charges
Less amount charged'to „gr ill
'',.
Total building - ,Club House and
Pro Shop
Maintenance of course and grounds:
Personal services
Contractual services
Commodities -and supplies
Fixed charges
Other charges
Total maintenance
Range and 'grill:
Personal services
Contractual services
Commodities and supplies
Total range and grill,
Depreciation
Total operating expenses
-93-
$107,906
63,769
4,813
2,447
178,935
16,345
16,596
3,503
6,205
30,_828
��•�� 1,124
L,,684
(6,367)
69,918
153,003
13,28.6
47,747
42,540
256,997
68,223
6,681
7,775
82,679
52,569
1984
$ 8.6,698
61,907
2,862
1,915
153,382
11,707
17,791
3,076
6,662
2,068
1,170
1,118
(6,611)
36,921
133,548
10,741
52,855
40,680
237,824
59,359
7,820
9,182
76,361
50,312
CITY OF EDINA, MINNESOTA
RECREATION CENTER FUND
BALANCE SHEET
December 31, 1985
(With Comparative Totals for December 31, 1984)
ASSETS
Current assets:
Petty cash and change funds
$ 700
Cash (deficit)
(876,323)
Accounts receivable
43,919
Due from other funds.
259,541
Inventory
124
Total current assets
(572,039)
Property and equipment, less accumulated
39,425
depreciation
414,538
Total assets
$(157,501)
LIABILITIES AND RETAINED EARNINGS
Current liabilities:
Accounts payable
$ 18,744
Due to.other funds
17,181
Bonds payable
Total current liabilities
35,925
Other liabilities:
Deposits
3,500
Total liabilities
39,425
Retained earnings (deficit):
Reserved for debt retirement
Unreserved- Undesignated'
(19,6,,926),:
Total •retaimed•- earnings - ,(deficit)
,(196,_926)
Total liabilities arid` retained .
earnings (deficit) ''
$ (157.501)
-94-
1984
$ 700
(759,366)
36,576
268,889
(453,177)
453,394
$ 217
$ 19,913
11,559
7.0,000
101,472
3,500
104,972
52,300
(157,055)
(1.04,755)
� 217
CITY OF EDINA, MINNESOTA
RECREATION CENTER FUND
STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS,
Year Ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
1 QAS 1 Q$1A
Operating revenues:
Rental fees
Season ticket sales
Daily skating fees
Admissions
Concessions (less cost of goods sold)
Vending machine commissions
Services - skate sharpening
Other
Total operating revenues
Operating expenses:
Personal services
'Contractual services
.Commodities, supplies and repairs
Depreciation
Other charges
Total operating expenses
Operating loss
Other revenues (expenses):
Interest and paying agent fees
Other
Net loss
Retained earnings January 1
Cancellation of loan to Golf Course Fund
Cancellation of loans from:
General fund
Liquor fund
PIR fund
Equity transfers from other funds
Retained earnings (deficit) December 31
-95-
$ 245,390
27,013
5,996
22,828
9,241
5,928
3,390
442
320,228
149,047
110,966
68,665
47,555
.34,800
411,033
(90,805)
(1,366)
(92,171)
(104,755)
$(196,926)
$ 260,204
28,501
8,289
21,108
4,380
8,340
4,342
2,299
337,463
130,037
110,101
47,921
45,399
35,580
369,038
(31,575)
(2,515)
30,623
(3,467)
(5.44,254)
(300,000)
200,000
170,000
100,000
470,000
272,966
$(104,755)
CITY OF EDINA, MINNESOTA
RECREATION CENTER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
Year Ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
Uses of working capital:
Operations:
Net loss
Item not requiring use of working capital:
Depreciation
Total (provided from) used for
operations
Additions to property and equipment
Reduction of long -term debt
Total uses of working capital
Sources of working capital:
Equity transfers from other funds
Net increase (decrease) in working capital
Elements of net increase (decrease)
in working capital:
Cash
Accounts receivable
Due from other funds
Inventory
Accounts payable
Due to other funds
Bonds payable
Net increase (decrease) in working capital
-96-
1985 1984
$ 92,171 $ 3,467
(47,555) (45,399)
44,616 (41,932)
8,699 42,797
70,000
53,315 70,865
272,966
$ (53,315) 202 101
$(116,957)
7,343
(9,348)
100
1,169
(5,622)
70,000
$(31,400)
12,738
246,169
(110)
(8,209)
(7,087)
(10,000)
$ (53,315) 202 101
CITY OF EDINA, MINNESOTA
GUN RANGE FUND
BALANCE SHEET
December 31, 1985
(With Comparative Totals for December 31, 1984)
ASSETS
LIABILITIES AND RETAINED EARNINGS
Current liabilities:
Accounts payable $ 110 $ 369
Due to other funds 180
Total current liabilities 290 369
Retained earnings:
Unreserved- Undesignated 23,935 32,147
Total liabilities and retained earnings 24 225 32 516
-97-
1985
1984
Current assets:
Cash (deficit)
$ (13,482)
$ (9,215)
Due from other funds
81
Accounts receivable
4,070
3,984
Inventory
250
250
Total current assets
(9,162)
(4,900)
Property and equipment, less accumulated
depreciation
33,387
37,416
Total assets
1_24_1225
32 516
LIABILITIES AND RETAINED EARNINGS
Current liabilities:
Accounts payable $ 110 $ 369
Due to other funds 180
Total current liabilities 290 369
Retained earnings:
Unreserved- Undesignated 23,935 32,147
Total liabilities and retained earnings 24 225 32 516
-97-
CITY OF EDINA, MINNESOTA
GUN RANGE FUND
STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS
Year Ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
-98-
1985
19.84
Operating revenues:
Range fees
$13,458
$14,795
Sale of ammunition
2,091
2,467
Concessions (less cost of goods sold)
(224)
195
Other
375
779
Total operating revenues
15,700
18,236
Operating expenses:
Personal services
7,358
7,649
Contractual services
4,252
3,670
Central services
2,940
2,940
Commodities and supplies
5,232
2,970
Depreciation
4,029..
3,587
Other
101
155
Total operating expenses
23,912
20,971
Net loss
(8,212)
(2,735)
Retained earnings January 1
32,147
(489)
Equity transfer from other funds
35,371
Retained earnings December 31
23 935
32 147
-98-
CITY OF EDINA, MINNESOTA
-GUN ;RANGE ".FUND
STATEMENT,bF'wCHANGES IN' 'FINANCIAL POSITION
Year Ended_ December 31-,,,1985
(With Comparative Total's for Year.,Ended'December 31, 1984)
Uses of working capital:
Operations:
Net loss
Item not requiring uses of working capital:
Depreciation
Total (provided from) used for
operations
Additions to property and equipment
Total uses of working capital
Sources of working capital:
Equity transfers from other funds
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
-99-
�pp
1985 1984
$ 8,212 $2,735
(4,029) (3,587)
4,183 (852)
9,164
4,183 8,312
35,371
4 183) 27 059
$(4,267)
$26,156
(81)
27
(3,692)
86
3,984
259
287
(180)
297
4 183) $27.059
CITY OF EDINA, MINNESOTA
ART CENTER FUND
BALANCE SHEET
December 31, 1985
(With Comparative Totals for December 31, 1984)
Current assets:
Petty cash and change
Cash (deficit)
Inventory
Total current
Property and equipment,
depreciation
ASSETS
funds $ 175
(59,186)
7,033
assets (51,978)
less accumulated
215,463
Total assets 163 485
LIABILITIES AND RETAINED EARNINGS
Current liabilities:
Accounts payable $ 10,549
Due to other funds 398
Total current liabilities 10,947
Retained earnings:
Unreserved - Undesignated 152,538
Total liabilities and retained earnings 163 485
-100-
1984
$ 175
(34,824)
7,667
(26,982)
220,829
$193,847
$ 4,319
4,319
189,528
193 847
CITY OF EDINA, MINNESOTA
ART CENTER FUND
STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS
Year Ended December 31, 1985
(With Comparative Totals for Year Ended December 31, 1984)
Other revenues:
Donations 4,128 2,653
Other 4,966 6,909
Total other revenues 9,094 9,562
Net loss (36,990) (42,671)
Retained earnings January 1 189,528 21,681
Equity transfer from other funds 210,518
Retained earnings December 31 1152,538 $1891528
-101-
1985
1984
Operating revenues:
Memberships
$ 6,531
$ 6,819
Registration fees
57,054
48,649
Retail sales, less cost of goods sold
7,744
7,072
Total operating revenues
71,329
62,540
Operating expenses:
Administration:
Personal services
34,839
32,953
Contractual services
8,666
5,796
Commodities
3,199
3,336
Central services
6,060
6,000
52,764
48,085
Occupancy:
Personal services
2,430
2,704
Contractual services
9,057
10,874
Commodities
2,820
3,037
14,307
16,615
Class costs
3,951
3,587
Instructors - personal services
32,215
32,711
Depreciation
14,176
13,775
Total operating expenses
117,413
114,773
Operating loss
(46,084)
(52,233)
Other revenues:
Donations 4,128 2,653
Other 4,966 6,909
Total other revenues 9,094 9,562
Net loss (36,990) (42,671)
Retained earnings January 1 189,528 21,681
Equity transfer from other funds 210,518
Retained earnings December 31 1152,538 $1891528
-101-
CITY OF EDINA, MINNESOTA
ART CENTER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
Year Ended December 31, 1985
(with Comparative Totals for Year Ended December 31, 1984)
Uses of working capital:
Operations:
Net loss
Item not requiring use of working capital:
Depreciation
Total used for operations
Additions to property and equipment
Total uses of working capital
Sources of working capital:
Equity transfer from other funds
Net increase (decrease) in working capital
Elements of net increase (decrease)
in working capital:
Cash
Inventory
Accounts payable
Due to other funds
Net increase (decrease) in working capital
-102-
1985 1984
$ 36,990 $ 42,671
(14,176) (13,775)
22,814 28,896
8,810 7,860
31,624 36,756
210,518
1111-,-624) $173.762
$(24,362) $175,694
(634) (457)
(6,230) (1,475)
(398)
31 624) $173.762
CITY OF EDINA,' MINNESOTA
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR 50TH & FRANCE - NO'. 1200,
A TAX INCREMENT FINANCING DISTRICT
Sources of funds:
Bond proceeds
Tax increments
received
Real estate sales*
State aid
Special
'assessments
Parking permits
Community
development
Other
Total sources
of funds
Uses of funds:
Land acquisition
Site improvements
or preparation
costs
Installation of
public utilities
and improvements
Bond payments:
Principal
Interest
Administrative
costs.
Work orders
Contingencies
Interest.
Miscellaneous
December 31, 1985
Accounted
Original Amended for in Current Amount
budget budget prior years. year remaining
$2,200,000 $2,200,000 $2,200,000
4,141,8:00 1,556,629
800,000 170,782 170,782
418,870 418,870
709,496 709,507
38,208 47,379
214,828 186,064
7,922
$413,228 $2,171,943
(11)
7,100 (16,271)
28,764
(7,922)
3,000,000 7,893,984 5,297,153 420,328 2,176,503
647,551 647,539
3,000,000 3,158,038 3,121,054
41,710 41,701
12
36,984
E
2,200,000
500,000
100,000 1,600,000
1,742,850
1,477,092
121,098 144,660
69,260
77,275
(8,015)
16,825
16,257
568
12,300
11,644
656
9,400
9,197
203
7,100
13,132
(6.,032)
Total use
of funds 3,000,000 7,905,034 5,914,891 221,098 1,769,045
Funds remaining
(or deficient) $ -0- $ (11,050)$ (617,738) $199,230 $ 407,458
* Cost to authority Price paid by developer
Site Sales:
Liquor Store Site $1 28,064 '$105,002
Union Oil.Site $134,506 $ 65,780
=103
CITY OF EDINA, MINNESOTA
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR SOUTHEAST EDINA REDEVELOPMENT DISTRICT - NO. 1201,
A TAX INCREMENT FINANCING DISTRICT
December 31, 1985
Accounted
Original Amended for in Current Amount
budget budget prior years year remaining
Sources of funds:
Bond proceeds $6,165,177 $19,000,000 $4,500,000 $12,000,000 $ 2,500,000
Tax increments
received
Interest on
invested funds
Real estate sales*
Community
Development
Block Grant
47,429,371 3,200,345
598,005 1,750,000
10,500
853,890
43,375,136
142,246
(152,746
1,131,097
618,903
189,221 (189,221
Total sources
of funds 6,763,182 68,179,371 7,900,066 14,127,233 46,152,072
Uses of funds:
Land acquisition 3,682,998
Site improvements
or preparation
costs
Installation of
public utilities
and improvements 2,885,484
Bond payments:
Principal
Interest
Administrative
costs 194,700
Parkland dedica-
5,562,569 5,078,091
9,129,128 142,649
2,392,303 268,106
16,500,000 450,000
18,702,850 1,437,588
484,478
891,929 8,094,550
24,225 2,099,972
450,000
971,699
666,000 430,565 210,293
15,600,000
16,293,563
25,142
tion fees 767,852 (767,852
Total use
of funds 6,763,182 52,952,850 7,806,999 3,800,476 41,345,375
Funds remaining
(or deficient) $ -0- $15,226,521 $ 93,067 $10,326,757 JA 806 697
* Cost to authority Price paid by developer
Real Estate Sales:
Elderly Site $ 453,740 $346,534
Office Site $1,027,277 $784,563
-104-
CITY OF EDINA, MINNESOTA
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR GRANDVIEW AREA REDEVELOPMENT DISTRICT - NO. 1202,
A TAX INCREMENT FINANCING DISTRICT
December 31, 1985
Accounted
Original Amended for in Current Amount
budget budget prior years year remaining
Sources of funds:
Bond proceeds
$4,500,000
Tax increments
received
Total sources
of funds
4,500,000
Uses of funds:
Installation of
public utilities
and improvements
4,310,000
Administrative
costs
190,000
Total use
of funds 4,500,000
Funds remaining
(or deficient) $ -0-
-105-
$4,500,000
$26,834 (26,834)
26,834 4,473,166
4,310,000
$ 6,396 15,754 167,850
6,396 15,754 4,477,850
6 396) All-g-10 80 1-----4, 6 8 4
CITY OF EDINA, MINNESOTA
REPORT ON SUPPLEMENTARY INFORMATION
SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE
The City Council
Edina, Minnesota
We have examined the general purpose financial statements of the City of
Edina, Minnesota, for the year ended December 31, 1985, and have issued
our report thereon dated June 6, 1986. Our examination of such general
purpose financial statements was made in accordance with generally
accepted auditing standards and the standards for financial and
compliance audits contained in the Standards for Audit of Governmental
Organizations, Programs, Activities, and Functions, issued by the
U. S. General Accounting Office, and, accordingly, included such tests of
the accounting records and such other auditing procedures as we
considered necessary in the circumstances.
Our examination was made for the purpose of forming an opinion on the
general purpose financial statements taken as a whole. The accompanying
Schedule of Federal Financial Assistance is presented for purposes of
additional analysis and is not a required part of the general purpose
financial statements. The information in that schedule has been
subjected to the auditing procedures applied in the examination of the
general purpose financial statements and, in our opinion, is fairly
stated in all material respects in relation to the general purpose
financial statements taken as a whole.
Minneapolis, Minnesota
June 6, 1986
-106-
CERTIFIED PUBLIC ACCOUNTANTS
CITY OF EDINA, MINNESOTA
SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE
YEAR ENDED DECEMBER 31, 1985
Pass-
Program
Fund
Fund
Federal
through
or
balance at
Program
balance at
CFDA
Grantor's
award
December 31,
revenue
Other
December 31,
Number
Number
Amount
1984
recognized
revenue Expenditures
1985 '
U. S. Department of the.Trea §ury_
Revenue Sharing Program
21.300
N/A
$197,280
$273,792
$197,280
$7,996 (1) $225,000
$254;068
U. S. Department of HUD
Community Development Block Grant
Program 14.218
B85UC270001
$167,005
-0-
34,682
-0- 34,682
-0-
$273`792
S231.962
$7.996 $259.682
4 8;
a
(1) Investment earnings
The information has been presented on the accrual basis.
-107-
CITY OF EDINA, MINNESOTA
REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS
The City Council
Edina, Minnesota
we have examined the general purpose financial statements of the City of
Edina, Minnesota, for the year ended December 31, 1985, and have issued
our report thereon dated June 6, 1986. Our examination was made in
accordance with generally accepted auditing standards; the standards for
financial and compliance audits contained in the Standards for Audit of
Governmental Organizations, Programs, Activities, and Functions, issued
by the U. S. General Accounting Office; The Single Audit Act of 1984; and
the provisions of OMB Circular A -128, Audits of State and Local
Governments, and, accordingly, included such tests of the accounting
records and such other auditing procedures as we considered necessary in
the circumstances.
The management of the City of Edina, Minnesota, is responsible for the
City's compliance with laws and regulations. In connection with the
examination referred to above, we selected and tested transactions and
records from non -major Federal financial assistance programs to determine
the City's compliance with laws and regulations noncompliance with which
we believe could have a material effect on the allowability of program
expenditures.
The results of our tests indicate that for the transactions and records
tested the City of Edina, Minnesota, complied with the laws and
regulations referred to above, except as described in the accompanying
schedule of findings and questioned costs. Our testing was more limited
than would be necessary to express an opinion on whether the City of
Edina, Minnesota, administered those programs in compliance in all
material respects with laws and regulations noncompliance with which we
believe could have a material effect on the allowability of program
expenditures; however, with respect to the transactions that were not
tested by us, nothing came to our attention to indicate that the City of
Edina, Minnesota, had violated laws and regulations other than those laws
and regulations for which we noted violations in our testing referred to
above.
Minneapolis, Minnesota
June 6, 1986
-108-
,",& � AzG�tsrirL.+
CERTIFIED PUBLIC ACCOUNTANTS
CITY OF EDINA, MINNESOTA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
December 31, 1985
Finding No. 1 - Financial Reporting
We reviewed the information provided by the City to the Bureau of the
Census on Form F -21A and noted the following items:
a) The City neglected to include construction costs of
$2,797,226 incurred by special assessment constuction
fund. This item should have been reported in column (b)
on line 25(e) of Part IIA of the Form.
b) Part IV, line 2 column (a) indicated that $6,800,820 of
obligations of the U. S. Treasury were held in sinking
funds. This should have been reported as $600,000 on line
6 column (a) and $6,200,820 on line 6 column (c).
Finding No. 2 - Publications
We noted that the following publications were not completed.
a) A publication of notice within thirty days of budget
enactment advising that a summary budget is available for
inspection.
b) A publication of notice of the availability for public
inspection of the use report filed.
-109-
CITY OF EDINA, MINNESOTA
REPORT ON INTERNAL CONTROLS (ACCOUNTING AND ADMINISTRATIVE) -
BASED ON A STUDY AND EVALUATION MADE AS A PART OF AN
EXAMINATION OF THE GENERAL PURPOSE FINANCIAL STATEMENTS AND
THE ADDITIONAL TESTS REQUIRED BY THE SINGLE AUDIT ACT
The City Council
Edina, Minnesota
we have examined the general purpose financial statements of the City of
Edina, Minnesota, for the year ended December 31, 1985, and have issued
our report thereon dated June 6, 1986. As part of our examination, we
made a study and evaluation of the internal control systems, including
applicable internal administrative controls, used in administering
Federal financial assistance programs to the extent we considered
necessary to evaluate the systems as required by generally accepted
auditing standards, the standards for financial and compliance audits
contained in the Standards for Audits of Governmental Organizations,
Programs, Activities, and Functions, issued by the U. S. General
Accounting Office, the Single Audit Act of 1984, and the provisions of
OMB Circular A -128, Audits of State and Local Governments. For the
purpose of this report, we have classified the significant internal
accounting and administrative controls used in administering Federal
financial assistance programs in the following categories: treasury or
financing, receipts, disbursements, external financial reporting,
political activity, Davis -Bacon Act, civil rights, cash management,
relocation assistance and real property acquisition, Federal financial
reports, types of services, eligibility, matching level of effort,
reporting, and cost allocation.
The management of the City of Edina, Minnesota, is responsible for
establishing and maintaining internal control systems used in
administering Federal financial assistance programs. In fulfilling that
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of control procedures.
The objectives of internal control systems used in administering Federal
financial assistance programs are to provide management with reasonable,
but not absolute, assurance that, with respect to Federal financial
assistance programs, resource use is consistent with laws, regulations,
and policies; resources are safeguarded against waste, loss and misuse;
and reliable data are obtained, maintained, and fairly disclosed in
reports.
Because of inherent limitations in any system of internal accounting and
administrative controls used in administering Federal financial
assistance programs, errors or irregularities may nevertheless occur and
not be detected. Also, projection of any evaluation of the systems to
future periods is subject to the risk that procedures may become
inadequate because of changes in conditions or that the degree of
compliance with the procedures may deteriorate.
-110-
Our study included all of the applicable control categories listed
above. During the year ended Dec -ember 31, 1985, the City of Edina,
Minnesota, had no major Federal financial assistance programs and
expended 87% of its total Federal 'financial assistance under the
following non -major Federal financial assistance program: Revenue
Sharing Program. With respect to internal control systems used in
administering this non -major Federal financial assistance program, our
study and evaluation included considering the types of errors and
irregularities that could- occur, determining the internal control
procedures that should prevent or detect such errors and irregularities,
determining whether the necessary procedures are prescribed and are being
followed satisfactorily, and evaluating any weaknesses.
With respect to the internal control systems used solely in administering
.the other non -major Federal financial assistance program of the City. of
Edina, Minnesota, our study and evaluation was limited to a preliminary
review of the systems to obtain an understanding of the control
environment and the flow of transactions through the accounting system.
Our study and evaluation of the internal control systems used solely in
administering this non -major Federal financial assistance program of the
City of Edina, Minnesota, did not extend beyond this preliminary review
phase.
Our study and evaluation was more limited than would be necessary to
express an opinion on the internal control systems used in administering
the Federal financial assistance programs of the City of Edina,
Minnesota. Accordingly, we do not express an opinion on the internal
control systems used in administering the Federal financial assistance
programs of the City of Edina, Minnesota.
Also, our examination, made in accordance with the standards mentioned
above, would not necessarily disclose material weaknesses in the internal
control systems, for which our study and evaluation was limited to a
preliminary review of the. systems, as discussed in the fifth paragraph of
this report.
However, our study and evaluation and our examination disclosed no
condition that we believe to be a material weakness in,r lation to a
Federal financial assistance progr-am.of the:City of Edina,- Mi *nnesota.
This report is intended, soley - for'- the use of ' manageme'nt - and the Federal
agencies providing Federal financial assistance and should not be used
for any other purpose. This`,restriction is not intended to limit the
distribution of this report,'wh "ich, upon acceptance by the City of Edina,
Minnesota, is a matter of public record.
Minneapolis, Minnesota
June 6, 1986
-111-
CERTIFIED PUBLIC ACCOUNTANTS
CITY. OF- EDINA, MINNESOTA.
REPORT ON COMPLIANCE WITH THE PROVISIONS OF
THE LEGAL COMPLIANCE AUDIT GUIDE
The City Council
Edina, Minnesota
We have examined the combined financial statements of the City of Edina,
Minnesota, as of and for the year ended December 31, .1985, and have
issued - our report thereon. dated June 6, 19816. ,b. Our examination was made
in accordance with ggneiaal1y accepted4,,,audrt ng �standards; =the provisions
of the 1e4al Compliance 4 ud'i_t Guide. promulgated . by,:`.the' .Legal Compliance
Task Force pursuant' to • Minri'es6t "Statute's Sec. 6':'6`5.' Accordingly, the
examination included such tests of the accounting records and such other
auditing procedures as we considered "riecessary in the circumstances.
The Legal Compliance Audit Guide covers five main categories of
compliance to be tested: contracting and bidding, deposits and
investments, conflicts of interest, public indebtedness, and claims and
disbursements. Our study included all of the listed categories. The
results of our tests indicate that for the items tested, the City of
Edina, Minnesota complied with the material terms and conditions of
applicable legal provisions except as described in the following two
paragraphs.
Finding No. .1 - We noted one day during _the year when uninsured funds on
deposit at a depository designated by council exceeded_ 90% of the
collateral assigned to the City (M.S. 118.01, subd. 2).
Finding No. 2 -'We noted that claims paid prior to a council meeting
(manual checks) are ,not signed by a majority of the council (M. S.
412.271, subd. 4). This- relates primarily to payment of liquor store
obligations, but also. includes other miscellaneous manual payments. We
note, however, that anticipated purchases in excess of $5,000 are
approved by council prior to placement of the purchase orders. In
addition, manual checks, exclusive of payments of liquor store
obligations, are approved by the Finance Director before payment.
This report in'intended soley for the use of management and the State of
Minnesota and should not be used for any other purpose. This restriction
is not intended to limit the distribution of this report, which is a
matter of public record.
Minneapolis, Minnesota
June 6, 1986
-112-
CERTIFIED PUBLIC ACCOUNTANTS
SECTION III
STATISTICAL SECTION
CITY OF EDINA, MINNESOTA
SCHEDULE OF CASH, INVESTMENTS AND SECURITY FOR DEPOSITS
December 31, 1985
Cash and
investments
amount
Cash in banks
First Edina National Bank, Edina, Minnesota:
Checking account $(330,952)
Savings account 16,749
Checking account - Housing and Redevelopment Authority 148,829
First Southdale National Bank,
Edina, Minnesota:
Deposit account
Payroll account
Savings account
Southwest Fidelity State Bank,
Edina, Minnesota:
Certificate of deposit - 7.55% yield
Petty cash and change funds
Total cash
Investments
First National Bank of
Minneapolis:
Certificates of Deposit
FNMA Residential Notes
FNMA Discount Notes
FHLB Discount Notes
U. S. Treasury Bills
U. S. Treasury Notes
Dain Bosworth, Inc.:
FHLB Coupon Notes
FHLB Discount Notes
FNMA Coupon Notes
FNMA Discount Notes
Gateway Fuel Commercial
Paper
Merrill Lynch & Co.
Commercial Paper
Chase Manhattan Bankers
Acceptance
U. S. Treasury Notes
Total investments
Interest
Rate or Yield
7.85 -8.00%
7.90 -8.20%
7.70%
7.70 -7.75%
7.28%
9.00%
8.3 -14.6%
7.85 -7.90%
7.65 - 10.95%
6.80%
7.60 -8.09%
8.11 -8.32%
Maturity
1/15/86- 5/15/86 $
3/5/86- 9/3/86
6/5/86
7/31/86 - 8/15/86
11/28/86
2/15/87
8/25/86- 11/25/86
6/16/86- 7/15/86
7/8/86- 11/10/86
7/15/86
2/14/86- 4/15/86
2/18/86 - 3/17/86
8.31% 1/17/86
10.63% 1/31/86
Total cash and investments
(165,374)
33,647
11,600
12,181
57,428
100,000
6,545
$ (1.401)
989,625
2,299,293
707,332
1,200,029
997,178
600,933
2,340,524
1,682,448
3,220,305
953,941
1,099,389
400,346
291,692
1,268,631
18,051,666
$18,050.265
Additional coverage of $100,000 for demand and time deposits is
provided at each depository by the Federal Deposit Insurance Corporation.
-114-
Face amount of
securities pledged by
depository as collateral
(effective January 1, 1986)
$2,500,000
$1,585,000
-115-
CITY OF EDINA, MINNESOTA
ALLOCATION OF CASH AND INVESTMENTS - ALL FUNDS
December 31, 1985
Fund
General
Working Capital Fund
Revenue Sharing Funds
Capital Project Funds
Special Assessment Funds
Enterprise Funds
Cash
Investments
Total
$ (143,853)
$12,691,993
$12,54.8,140
349,500
2,874,,399
3,223,899
327,729
101,851
429,580
148,829
148,829
(1,761,623)
1,466,766
(294,857)
1,0780,017
916,657
1,994,674
$ (1,401) $18,051.666 $18,050,265
-116 -
CITY OF EDINA, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 1985
Bonded indebtedness:
General obligation bonds:
General Obligation
Redevelopment Bonds
General Obligation Tax
Increment Bonds,
Series 1982
General Obligation Tax
Increment Bonds,
Series 1985
Final 1985 percent
Interest Issue maturity paid by tax
rate date date levies
5.30 -6.50 12/01/75 12/01/93
9.5 -11.00 10/01/81 10/01/93
6.5 -9.00 09/01/85 01/01/06
Special assessment bonds:
Improvement Bonds
of 1977
4.25 -4.40
11/01/77
11/01/86
Improvement Bonds
of 1984
7.00 -8.75
09/01/84
10/01/94
Revenue bonds:
Golf Course Bonds
3.20 -3.50
12/01/63
12/01/87
General Obligation Golf
Course Bonds
6.25 -8.70
09/01/85
01 /01 /00
Total bonded indebtedness
-117-
100%
None
None
None
None
Indebtedness
Authorized Due in 1986
and issued Redeemed Outstanding Principal Interest
$ 2,200,000
$ 600,000 $ 1,600,000
$100,000 $ 100,400
4,500,000
900,000 3,600,000
450,000 371,475
12,000,000
12,000,000
513,863*
179,075*
18,700,000
1,500,000 17,200,000
550,000 985,738
2,700,000
2,400,000
300,000
300,000
13,200
5,400,000
800,000
4,600,000
**
179,075*
8,100,000
3,200,000
4,900,000
300,000
192,275
825,000
740,000
85,000
50,000
3,500
1,200,000
1,200,000
47,625*
2,025,000
740,000
1,285,000
50,000
51,125
$28,825,000
$5,440,000
$23,385,000
900 000
$1,229,138
* This represents interest due on July 1, 1986 as interest due
January 1, 1986 was paid in December 1985.
** Principal due January 1, 1986 was paid in December 1985.
-118-
CITY OF EDINA, MINNESOTA
SCHEDULE OF CHANGES IN BONDED INDEBTEDNESS
Year Ended December 31, 1985
General obligation
bonds
Special assessment
bonds
Revenue bonds:,
Golf Course
•
Recreation.Center
Balance
January 1 Issued
$ 5,750,000 $12,000,000
6,000,000
135,000 10,200,000
70,000
Redeemed
Balance
December 31
$ 550,000 $17,200,000
1,100,000 4,900,000
50,000 1,285,000
70,000
$11.955,000 $13.200,000 X1,770,000 $23,385.000
BONDS PAYABLE
December 31, 1985
$12,000,000 General Obligation
Tax Increment Bonds, Series
1985
$150,000 per year
$200,000 per year
$400,000
$900,000 per year
$1,000,000 per year
$1,050,000 per year
Total general
obligation bonds
3,600,000
09/01/85
6.50 -7.30
Issue Interest
Maturity
Principal
01/01/93 -94
date rate
date
amount
General obligation bonds:
8.10 -8.70
01/01/96 -00
4,500,000
$2,200,000 General Obligation
01/01/04
4,000,000
9.00
Redevelopment Bonds
12/01/75
$100,000 per year
5.60 -5.90
12/01/86
$ 100,000
$200,000 per year
6.00 -6.40
12/01/87 -91
1,000,000
$250,000 per year
6.50
12/01/92 -93
500,000
1,600,000
$4,500,000 General_ Obligation
Tax Increment Bonds, Series
1982
10/01/81
$450,000 per,year
October 1, 1986
9.70
10/01/86
450,000
October 1, 1987
9.85
10/01/87
450,000
October 1, 1988
10.00
10/01/88
450,000
October 1, 1989
10.20
10/01/89
450,000
October 1, 1990
10.40
10/01/90
450,000
October 11 1991
10.60
10/01/91
450,000
October 1, 1992
10.80
10/01/92
450,000
October 1, 1993
11.00
10/01/93
450,000
$12,000,000 General Obligation
Tax Increment Bonds, Series
1985
$150,000 per year
$200,000 per year
$400,000
$900,000 per year
$1,000,000 per year
$1,050,000 per year
Total general
obligation bonds
3,600,000
09/01/85
6.50 -7.30
01/01/89 -92
600,000
7.60 -7.80
01/01/93 -94
400,0.00
8.00
01/01/95
400,000
8.10 -8.70
01/01/96 -00
4,500,000
8.80 -9.00
01/01/04
4,000,000
9.00
01/01/05 -06
2,100,000
(Continued)
12,000,000
17,200,000
CITY OF EDINA, MINNESOTA
BONDS PAYABLE
(Continued)
December 31, 1985
Issue Interest Maturity Principal
date rate date amount
Special assessment bonds:
$2,700,000 Improvement Bonds
of 1977 11/01/77
$300,000 per year 4.30 -4.40 11/01/86
$5,400,000 General Obligation
Improvement Bonds, Series
1984 09/1/84
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
$1,200,000 General Obligation
7.20
7.40
7.60
7.90
8.20
8.40
8.60
8.75
01/01/87
01/01/88
01/01/89
01/01/90
01/01/91
01/01/92
01/01/93
01/01/94
12/01/63
3.40 -3.50 12/01/86
3.40 -3.50 12/01/87
$ 300,000
800,000
800,000
900,000
900,000
300,000
300,000
300,000
300,000
4,600,000
4,900,000
50,000
35,000
85,000
Gold Course Bonds 09/01/85
$50,000 per year 6.25 -7.30 01/01/88 -92 250,000
$100,000 per year 7.60 -8.25 01/01/93 -97 500,000
$150,000 per year 8.40 -8.70 01/01/98 -00 450,000
Total revenue bonds
Total bonds payable
-120-
1,200,000
1,285,000
$23,385.000
CITY OF EDINA, MINNESOTA.
DEBT SERVICE REQUIREMENTS
December 31, 1985
2001
General
2002
Special
2003
1,000,000
2004
Year
Obligation
Bonds
Assessment
Bonds
Revenue
Bonds
ended
Principal Interest
Principal
Interest
Principal
Interest
1986
$ 550,000 $
985,738
$ 300,000 $
192,275
$ 50,000
$ 51,125
1987
650,000
11450,050
800,000
329,350
35,000
97,000
1988
650,000
1,393,725
800,000
270,950
50,000
92,125
1989
800,000
1,326,775
900,000
207,150
50,000
88,875
1990
800,000
1,258,350
900,000
137,400
50,000
85,500
1991
800,000
1,188,300
300,000
89,550
50,000
81,950
1992
850,000
1,116,850
300,000
64,650
50,000
78,300
1993
900,000
1,036,800
300,000
39,150
100,000
70,700
1994
200,000
955,450
300,000
13,125
100,000
62,900
1995
400,000
923,450
100,000
54,900
1996
900,000
850,550
100,000
46,800
1997
900,000
776,300
100,000
38,550
1998
900,000
700,700
150,000
25,950
1999
900,000
623,300
150,000
13,050
2000
900,000
545,000
150,000
2001
1,000,000
2002
1,000,000
2003
1,000,000
2004
1,000,000
2005
1,050,000
2006
1,050,000
457,000
368,000
279,000
189,000
94,500
$17,200.000 $16,518,838 $4,900.000 $1,343,600 $1,285,000 $887,725
-121-
SPECIAL ASSESSMENT LEVIES AND COLLECTIONS
_
Collection
Percentage
Collection
of total
CITY OF.-EDINA,
MINNESOTA
of levy
of prior
Total
collections
TAX
LEVIES AND
COLLECTIONS
collected
year's levy
collections
to levy
1977
$1,398,780
$1,237,843
88.49%
$213,757
$1,451,600
Percentage
1978
1,304,745
Collection
Percentage
Collection
1,337,587
of total
1979
1,275,260
of current
of levy
of..prior.
Total
collections
Year
Total levy
year's levy
collected
year's levy
collections
to levy
19.77
$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
30,631,617
99.35
1980
4,128,322
4,083,521
98.91
35,791
4,119,312
99.78
1481
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
1985
6,654,251
6,548,680
98.41
74,091
6,622,771
99.53
SPECIAL ASSESSMENT LEVIES AND COLLECTIONS
-122-
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
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
1985
1,492,140
1,410,553
94.53
158,984
1,569,537
105.19
-122-
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
Total
Mill rates:
General Fund
Park Fund
Total
-123-
1982
1983
$564,735,561 $635,301,752
(10,665,671) (11,920,193)
(26,853,542)
8,292,333
$535,508,681
$ 4,221,447
634,175
$ 4,855,622
7.881
1.184
9.065
(34,675,960)
10,609,741
$599,315,340
$ 4,770,102
653,272
$ 5,423,374
7.959
1.090
9.049
1984 1985 1986
$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
9.168
1.174
10.342
$711,408,696
(14,328,756)
(51,834,996)
14,222,975
$659,467,919
$ 7,440,298
$ 7,440,298
-124-
11.303
11.303