The URL can be used to link to this page

Home My WebLink About1976 HRA Financial StatementsHOUSING AND REDEVELOPMENT AUTHORITY OF EDINA, MINNESOTA ORGANIZATION DECEMBER 31, 1976 Chairman - Charles W. Freeburg Vice Chairman - William F. Greer Secretary - Lawrence W. Rixe. Commissioner - James W. Nelson Commissioner - Frederick S. Richards Executive Director - Greg Luce GEORGE M. HANSEN COMPANY Certified Public Accountants SOUTH PLAZA BUILDING MINNEAPOLIS. MINNESOTA 55416 Commissioners Housing and Redevelopment Authority of Edina, Minnesota We have examined the balance.sheet of the Housing and Redevelopment Authority of Edina, Minnesota as of December 31, 1976 and the related statements of revenue, expense, amount to be provided and fund balance for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such.tests of the accounting records and other auditing procedures as we considered necessary in the circumstances. In our opinion, the aforementioned financial statements present fairly the financial position of the Housing and Redevelopment Authority of Edina, Minnesota at December 31, 1976 and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. June 30, 1976 HOUSING AND REDEVELOPMENT AUTHORITY OF EDINA, MINNESOTA BALANCE SHEET DECEMBER 31.1976 Construction General Long -term Fund Fixed Assets Debt ASSETS , Cash $ 11,804 Due from the City of Edina 389,055 Construction in progress $ 2,396,098 Amount to be provided by tax increment financing and future land sales $ 2.,438,954 Total assets $ 400,859 $ 2,396,098 $ 2,438.954 LIABILITIES AND FUND BALANCE Liabilities Accounts payable $ 53,763 Due to the City of Edina $ 2,438 954 Contracts payable 38,115 Fund balance Appropriated 308,981 Invested in construction in progress $ 2,396,098 Total liabilities and fund balance $ 400,859 $.2.396,09-8 $ 2,438,954 HOUSING AND REDEVELOPMENT AUTHORITY OF EDINA, MINNESOTA STATEMENT OF CHANGES IN FUND BALANCE. YEAR ENDED DECEMBER 31, 1976 Fund balance January 1, 1976, before adjustment $ 2,033,854 Adjustments Transfer interest on bonds to Long -term Debt 132,742 Transfer Construction in progress to General Fixed Assets (1,120,915) Fund balance January 1, 1976, after adjustments $ 1,045,681 Add revenue 702,029 Deduct expenditures 1,438,729 Fund balance December 31, 1976 $ 308,981 HOUSING AND REDEVELOPMENT AUTHORITY OF EDINA, MINNESOTA STATEMENT OF CHANGES IN AMOUNT TO BE PROVIDED YEAR ENDED DECEMBER 31, 1976 Amount to be provided January 1, 1976, before restatement _0_ Due to the City of Edina for advance of interest on bonds $ 132,742 Due to-the City of Edina for bonds issued 2,200,000 Amount to be provided January 1, 1976, after restatement $ 2,332,742 Add expenditures 133,610 Deduct revenue 27,398 Amount to be provided December 31, 1976 $ 2,438,954 HOUSING AND REDEVELOPMENT AUTHORITY OF EDINA, MINNESOTA STATEMENT OF REVENUE AND EXPENDITURES YEAR ENDED DECEMBER 31, 1976 Construction Long -term Fund Debt Revenue Tax increment State property tax relief fund Homestead tax aid Special assessments Parking permits Reimbursement Total revenue Expenditures Purchase of land Project design fees South Side Ramp design fees Legal service - Construction Northside ramp Utility undergrounding Public improvement Stenchfield alley Southside ramp Services and rent provided by City of Edina Interest on bonds Repayment of HUD Grant Miscellaneous Total expenditures HOUSING AND REDEVELOPMENT AUTHORITY OF EDINA, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1976 Note 1 The accounting policies of Housing and Redevelopment Anthority of Edina, Minnesota conform to generally accepted accounting principals. The following is a summary of significant policies. T Basis -of— Accounting__ —_The accrual basis of accounting is followed. Under this basis income is. recognized when earned and expenses are recorded as incurred. Amounts due to the City for debt service in lieu of general tax levies cancelled by the City and bonds.paid by the City are recognized as an account payable to the City in the Long -term Debt Group of Accounts. Capital expenditures are accumulated in the General Fixed Assets Group of Accounts. Note 2 The 1976 fund balance was restated to set up the General Fixed Asset and the Long- term Debt Groups of Accounts. Also the bonds payable of $ 2,200,000 which were not reflected in 1976 were set up in the Long -'term Debt Group of Accounts.