HomeMy WebLinkAbout1979 HRA Financial StatementsHOUSING AND REDEVELOPMENT AUTHORITY
OF EDINA, MINNESOTA
ORGANIZATION
DECEMBER 31, 1979
Chairman - A. Charles Bredeson III
Vice Chairman - June Schmidt
Commissioner - James W. Nelson
Commissioner - Frederick S. Richards
Commissioner - Willis F. Shaw
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 combined balance sheet of the Housing and Redevelopment
Authority of Edina, Minnesota as of December 31, 1979 and the related statements
of revenue, expenditures and changes in fund balance, and amount to be provided
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, 1979 and the results of its operations for the year
then ended, in conformity with generally accepted accounting principles.
July 9, 1980
HOUSING AND REDEVELOPMENT AUTHORITY
OF EDINA,
MINNESOTA
Edina $ 772,978
$2,687,433 $3,460,411
:COMBINED BALANCE SHEET
Contracts payable 10,571
10,57.1
63,027
DECEMBER 31,
1979 AND 1978
payable 5,293
5,293
5,293
Fund balance (deficit)
Group of
Accounts
Invested in construct -
ion in progress $4,066,391
General
3,975,828
Appropriated (785,312)
Construction
General
Long -term
Combined
Fund
Fixed Assets
Debt
1979
1978
$2,687,433 $6,757,354
ASSETS
Cash $ 3,530
$ 3,530
$ 6,037
Construction in
progress
$4,066,391
4,066,391
3,975,828
Amount to be provided
by tax increment
financing and future
land sales
$2,687,433
2,687,433
2,689,262
Total assets $ 3,530
$4,066,391
$2,687,433
$6,757,354
$6,671,127
Liabilities
Due to the City of
Edina $ 772,978
$2,687,433 $3,460,411
$3,385,854
Contracts payable 10,571
10,57.1
63,027
Special assessment
payable 5,293
5,293
5,293
Fund balance (deficit)
Invested in construct -
ion in progress $4,066,391
4,066,391
3,975,828
Appropriated (785,312)
( 785,312)
( 758,875)
Total liabilities
and fund
balance $ 3,530 $4,066,391
$2,687,433 $6,757,354
$6,671,127
HOUSING AND REDEVELOPMENT AUTHORITY
OF EDINA, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE
YEARS ENDED DECEMBER 31, 1979 AND 1978
Revenue
Tax increment
Sale of land
Parking permits
Refunds and reimbursements
Community development funds
Total revenue
Expenditures
Purchase of land
Project design fees
Engineering
Public improvement
Stanchfield alley
Southside ramp
Legal service
Services and rent provided
by City of Edina
Interest on loan from
City of Edina
Principal on bonds
Interest on bonds
Paying agent fees
Parking lot - Light and power
Miscellaneous
Total expenditures
Net increase (decrease) in
fund balance
Increase (decrease) in amount
Construction Debt Service
Fund Fund
$ 182,873
$ 4,616
2,412
106,000
$ 113,028 $ 182,873
$ 83,846
414
6,562
47,325
$ 50,000
130,900
144
1,318
$ 139,465
$( 26,437) $ 1,829
Combined
1979
1978
$ 182,873
$ 66,193
130,900
170,782
4,616
4,392
2,412
1,713
106,000
1,483
$ 295,901
$ 243,080
$ 590,252.
13,160
779
$ 83,846
241,149
323
.60,118
414
11,697
6,562
12,674
47,325
10,988
50,000
50,000
130,900
133,550
144
147
580
1,318
1,483
$ 320,509
$1,126,900
$( 24,608) $( 883,820)
to be provided ( 1,829) ( 1,829) 117,504
Fund balance (deficit) January 1 ( 758,875) -0- ( 758,875) 7,441
Fund balance (deficit)
December 31 $( 785,312) $ -0- $( 785,312) $( 758,875)
See notes to financial statements.
HOUSING AND REDEVELOPMENT AUTHORITY
OF EDINA, MINNESOTA
STATEMENT OF CHANGES IN AMOUNT TO BE PROVIDED
YEARS ENDED DECEMBER 31, 1979 AND 1978
Amount to be provided January 1
Add expenditures
Deduct revenue
Amount to be provided December 31
1979 1978
$2,689,262 $2,571,758
181,044 183,697
( 182,873) ( 66,193)
$2,687.433 $2,689,262
STATEMENT OF
CHANGES IN GENERAL FIXED
ASSETS
YEAR
ENDED DECEMBER 31, 1979
Balance
Balance
January 1
Additions
December 31
Land - HRA I
$ 647,539
$ 647,539
Design - HRA I
152,686
152,686
Land - HRA II
417,080
417,080
Design - HRA II
4,000
4,000
- Phase III - Public Improvements
198,606
$ 80,147
278,753
Survey
13,963
13,963
Northside parking ramp
565,089
565,089
Underground utilities
41,701
41,701
Southside parking.ramp
1,021,650
1,021,650
Public improvements
892,220
892,220
Stanchfield alley
21,294
21,294
Carillon Tower
10,416
10,416
$3,975,828
$ 90,563
$4,066391
HOUSING AND REDEVELOPMENT AUTHORITY
OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
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 - Revenues and expenditures are recognized on
the modified accrual basis of accounting. Under the basis, revenues
are recognized in the accounting period in which they become available
and measurable. Expenditures are recognized, in the accounting period
in which the fund liability is incurred, if measurable.
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 General.Long -term Debt
Group of Accounts.
Capital expenditures are accumulated in the General Fixed Assets
Group of Accounts.
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