HomeMy WebLinkAbout1978 HRA Financial StatementsHOUSING AND REDEVELOPMENT AUTHORITY
OF EDINA, MINNESOTA
FINANCIAL STATEMENTS
DECEMBER 31, 1978
HOUSING AND REDEVELOPMENT AUTHORITY
OF EDINA, MINNESOTA
ORGANIZATION
DECEMBER 31, 1978
Chairman - Charles W. Freeburg
Vice Chairman - William F. Greer
Secretary - Willis F. Shaw
Commissioner - James W. Nelson
Commissioner - A. Charles Bredeson III
Executive Director - Gordon Hughes
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, 1978 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, 1978 and the results of its operations for the year
then ended, in conformity with generally.accepted accounting principles.
May 25, 1979
HOUSING AND REDEVELOPMENT AUTHORITY
OF EDINA, MINNESOTA
BALANCE SHEET
DECEMBER 31,1978
LIABILITIES AND FUND BALANCE
Liabilities
Due to the City of Edina $ 696,592 '$2,689,262
Contracts payable 63,027
Special assessment payable 5,293
Fund balance (deficit)
Appropriated ( 758,875)
Invested in construction in progress $3,975,828
Total liabilities and fund balance $ 6.037 $3,975.87 $2,689,26,
See notes to financial statements.
Construction
General
Long -term
Fund
Fixed Assets
Debt
ASSETS
Cash
$ 6,037
Construction in progress
$3,975,828
Amount to be provided by tax increment
financing and future land sales
$2,689,262
Total assets
$ 6..0„27
$3,975.82$
$2.68 6
LIABILITIES AND FUND BALANCE
Liabilities
Due to the City of Edina $ 696,592 '$2,689,262
Contracts payable 63,027
Special assessment payable 5,293
Fund balance (deficit)
Appropriated ( 758,875)
Invested in construction in progress $3,975,828
Total liabilities and fund balance $ 6.037 $3,975.87 $2,689,26,
See notes to financial statements.
HOUSING AND REDEVELOPMENT AUTHORITY
OF EDINA, MINNESOTA
STATEMENT OF CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1978
Fund balance January 1
Add revenue
Deduct expenditures
Fund deficit December 31
See notes to financial statements.
$ 7,441
176,887
(943,203)
HOUSING AND REDEVELOPMENT AUTHORITY
OF EDINA, MINNESOTA
STATEMENT OF REVENUE AND EXPENDITURES
YEAR ENDED DECEMBER 31, 1978
Construction Long -term
Fund Debt
Revenue
Tax increment $ 66,193
Sale of land $170,782
Parking permits 4,392
Refunds and reimbursements 1,713
Total revenue
Expenditures
Purchase of land
$590,252
Project design fees
13,160
Engineering
779
Public improvement
241,149
Stanchfield alley
323
Southside ramp
60,118
Legal service
11,697
Services and rent provided by City of Edina
123,674
Interest on loan from City of Edina
10,988
Principal on bonds
$ 50,000
Interest on bonds
133,550
Paying agent fees
147
Parking lot - Light and power
580
Miscellaneous
1,483
Total expenditures
$183,69Z
See notes to financial statements.
HOUSING AND REDEVELOPMENT AUTHORITY
OF EDINA, MINNESOTA
STATEMENT OF CHANGES IN AMOUNT TO BE PROVIDED
YEAR ENDED DECEMBER 31, 1978
Amount to be provided January 1
Add expenditures
Deduct revenue
Amount to be provided December 31
STATEMENT OF CHANGES IN GENERAL FIXED ASSETS
YEAR ENDED DECEMBER.31, 1978
Land - HRA I
Design - HRA I
Land - HRA II
Design - HRA II
Phase III - Public Improvements
Survey
Northside parking ramp
Underground utilities
Southside parking ramp
Public improvements
Contingency items
Stanchfield alley
See notes to financial statements.
$2,571,758
183,697
( 66,193).
$2,649.26
Balance
Balance
January 1
Additions
December 31
$ 474,367
$ 173,172
$ 647,539
143,526
9,160
152,686
417,080
417,080
4,000
4,000
198,606
198,606
13,963
13,963
565,089
565,089
41,701
41,701
961,532
60,118
1,021,650
852,334
39,886
892,220
11,380
( 11,380)
-0-
20,971
323
21.294
$3.084,863 $ 890.965 $3.975,828.
HOUSING AND REDEVELOPMENT AUTHORITY
OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1978
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 Group of accounts.
Capital expenditures are accumulated in the General Fixed Assets Group
of Accounts.