HomeMy WebLinkAbout1977 HRA Financial StatementsGEORGE M. HANSEN COMPANY
Certified Public Accountants
SOUTH PLAZA BUILDING
MINNEAPOLIS, MINNESOTA 88416
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, 1977 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, 1977 and the results of its operations for the year
then ended, in conformity with generally accepted accounting principles.
July 25, 1978
HOUSING AND REDEVELOPMENT AUTHORITY
OF EDINA, MINNESOTA
BALANCE SHEET
DECEMBER 31. 1977.
Construction
General
Long-term
Fund
Fixed Assets
Debt
ASSETS
Cash
$ 4,946
Due from the City of Edina
104,790
Construction in progress
$3,084,863.
Amount to be provided by tax increment
financing and future land sales
$2,571,,758
Total assets
109,736
$a.0840, 6
$2,,571,75
LIABILITIES AND FUND.BALANCE
Liabilities
Accounts payable
$ 10,491
Due to the City of Edina
$2,571,758
Contracts payable
91,804
Fund balance
Appropriated
7,441
Invested in construction in progress
$3,084,863
Total liabilities and fund balance
$ 109,736.
$3,084.863.
$2,571.758.
HOUSING AND REDEVELOPMENT AUTHORITY
OF EDINA, MINNESOTA
STATEMENT OF CHANGES
IN AMOUNT -TO BE PROVIDED
YEAR ENDED
DECEMBER 31, 1977
Amount to be provided January 1
$2,438,954
Add expenditures
183,682
Deduct revenue
50,878
Amount to be provided December 31
2
STATEMENT OF CHANGES
IN GENERAL FIXED ASSETS
YEAR ENDED DECEMBER 31, 1977
Balance
Balance
January 1
Additions
December 31
Land
$ 429,212
$ 45,155
$ 474,367
Design
118,412
25,114
143,526
. Survey
13,963
13,963
Northside parking ramp
565,089
565,089
Underground utilities
24,322
17,379
41,701
Southside parking ramp
452,174
509,358
961,532
Public improvements
782,654
69,680
852,334
Contingency items
10,244
1,136
11,380
Stanchfield alley
28
20,943
20 ,.971
$2,396,098
688 76
3-0-84._86
3
See notes to financial statements.
HOUSING AND REDEVELOPMENT AUTHORITY
OF EDINA, MINNESOTA
STATEMENT OF REVENUE AND EXPENDITURES
YEAR ENDED DECEMBER 31. 1977
Construction
Long-term
Fund
Debt
Revenue
Tax increment
$ 50,878
Special assessments
$ 11,879
Parking permits
3,396
State aid
..338,287
Federal grant - HUD
80,064
Total revenue
4 650,M
Expenditures
Purchase of land
$ 45,155
Project design fees
1,614
South Side Ramp design fees
23,500
Utility undergrounding
17,379
Public improvement
69,680
Stanchfield alley
20,943
Southside ramp
509,358
Contingencies
1,136
Legal service
14,538
Services and rent provided by City of Edina
24,494
Principal on bonds
$ 50,000
Interest on bonds
133,682
Parking lot - light and power
4,447
Miscellaneous
2,922
Total expenditures
735 6
183.682
HOUSING AND REDEVELOPMENT AUTHORITY
OF EDINA, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1977
The accounting policies of Housing and Redevelopment Authority of Edina, Minnesota
conform to generally accepted accounting principles. The following is a summary
of significant policies.
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.