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AUDITED FINANCIAL STATEMENTS
AND'OTHER FINANCIAL INFORMATION
CITY OF EDINA, MINNESOTA
DECEMBER 31, 1974
OFF1#11AL COPY
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ERNST & ERNST
AUDITED FINANCIAL STATEMENTS
AND OTHER FINANCIAL INFORMATION
CITY OF EDINA, MINNESOTA
December 31, 1974
INDEX
ACCOUNTANTS' REPORT ON AUDITED FINANCIAL STATEMENTS ...........PAGE 5
COMMENTS AND ACCOUNTANTS' REPORT ON OTHER FINANCIAL
INFORMATION................................................... 6
FUND BALANCE SHEETS ............. ............................... 10
STATEMENT OF ACCOUNTING POLICIES. ............ ..................• 12
GENERAL FUND:
BALANCESHEET ................. ............................... 14
STATEMENTOF SURPLUS .......... ............................... 15
ANALYSIS OF CHANGE IN CASH BALANCE ........................... 16
REVENUES....................... ............................... 17
EXPENDITURES.................. ............................... 18
CENTRAL SERVICES EXPENDITURES...... ........................ 21
FIXED ASSETS .................. ............................... 22
BONDSPAYABLE ........................... .. ... ................ 23
REVENUE SHARING FUND:
BALANCESHEET .................. ............................... 24
STATEMENT OF SURPLUS .......... ............................... 25
STATEMENT OF EXPENDITURES..... . .............................. 25
ANALYSIS OF CHANGE IN CASH BALANCE ........................... 26
POOR FUND:
BALANCE SHEET ................. ............................... 27
STATEMENT OF UNAPPROPRIATED SURPLUS .......................... 28
STATEMENT OF REVENUES AND EXPENDITURES ....................... 28
ANALYSIS OF CHANGE IN CASH BALANCE ........................... 29
ill
BALANCE SHEET ................. ............................... 30
STATEMENTOF SURPLUS .......... ............................... 31
ANALYSIS OF CHANGE IN CASH BALANCE ........................... 32
REVENUESAND EXPENDITURES ..... ............................... 33
FIXEDASSETS .................. ............................... 34
SWIMMING POOL FUND:
BALANCESHEET ................. ............................... 35
STATEMENTOF SURPLUS .......... ............................... 36
ANALYSISOF CHANGE IN CASH BALANCE ........................... 37
STATEMENTOF INCOME AND EXPENSE .............................. 38
STATEMENT OF INCOME AND EXPENSE (CONCESSIONS ONLY)........... 39
STATEMENT OF CHANGES IN FINANCIAL POSITION ................... 40
FIXEDASSETS .................. ............................... 41
GOLF COURSE FUND:
BALANCESHEET ................. ............................... 42
STATEMENTOF SURPLUS .......... ............................... 43
ANALYSIS OF CHANGE IN CASH BALANCE ........................... 44
STATEMENTOF INCOME AND EXPENSES ............................. 45
STATEMENT OF INCOME AND EXPENSE - OPERATING DEPARTMENTS...... 47
STATEMENT OF CHANGES IN FINANCIAL POSITION ................... 48
FIXED ASSETS .................. ............................... 49
BONDSPAYABLE ................. ............................... 30
INDEX (Cont'd)
RECREATION CENTER FUND:
BALANCESHEET ........................ PAGE 51
STATEMENT OF SURPLUS...... . ............................... 52
ANALYSIS OF CHANGE IN CASH BALANCE .......................... 53
STATEMENT OF INCOME AND EXPENSE ............................. 54
STATEMENT OF CHANGES IN FINANCIAL POSITION .................. 55
FIXED ASSETS ................. ............................... 56
BONDSPAYABLE.— .... o.o .... o ..... o ......... o ......... o..o.. 57
GUN RANGE
BALANCE SHEET . ............................... .............. 58
STATEMENT OF SURPLUS ......... ............................... 59
STATEMENT OF INCOME AND EXPENSE ............................. 60
STATEMENT OF CHANGES IN FINANCIAL POSITION .................. 61
ANALYSIS OF CHANGE IN CASH BALANCE .......................... 62
FIXED ASSETS... ............................................. 63
PARK SINKING FUND:
BALANCE SHEET ................ ............................... 64
STATEMENTOF SURPLUS ........................... ........... 65
ANALYSIS OF CHANGE IN CASH BALANCE .......................... 66
BOND AND INTEREST MATURITIES AND DEFERRED TAX LEVIES........ 67
PARK CONSTRUCTION FUND:
BALANCESHEET ................ ............................... 68
ANALYSIS OF RESERVE FOR CONSTRUCTION .....o....o.o ......... o• 69
ANALYSIS OF CHANGE IN CASH BALANCE... ........ 0000 ... 70
FIXEDASSETS ................. ............................... 71
IMPROVEMENT FUNDS:
COMBINED BALANCE SHEET ....... ............................... 72
STATEMENT OF SURPLUS — UNAPPROPRIATED ....................... 73
ANALYSIS OF CHANGE IN CASH BALANCE .......................... 74
BONDS PAYABLE ................ ............................... 76
WATERWORKS FUND:
BALANCE SHEET ................ ............................... 77
NOTESTO BALANCE SHEET ....... ............................... 78
STATEMENT OF SURPLUS ......... ............................... 79
STATEMENT OF INCOME AND EXPENSE ............................. 80
STATEMENT OF CHANGES IN FINANCIAL POSITION .................. 82
ANALYSIS OF CHANGE IN CASH BALANCE .......................... 83
FIXEDASSETS ................. ............................... 84
SEWER RENTAL FUND:
BALANCE SHEET ................. ............................. 85
STATEMENT OF SURPLUS ......... ............................... 86
STATEMENT OF INCOME AND EXPENSE— .......................... 87
STATEMENT OF CHANGES IN FINANCIAL POSITION .................. 88
ANALYSIS OF CHANGE IN CASH BALANCE .......................... 89
FIXED ASSETS ................. ............................... 90
INDEX (Cont'd)
LIQUOR DISPENSARY FUND:
BALANCE SHEET ................................................ PAGE 91
STATEMENT OF SURPLUS ......... ............................... 92
STATEMENT OF INCOME AND EXPENSE ............................. 93
STATEMENT OF CHANGES IN FINANCIAL POSITION .................. 94
OPERATING EXPENSES ........... ............................... 95
ANALYSIS OF CHANGE IN CASH BALANCE .......................... 96
FIXED ASSETS ................. ............................... 97
GENERAL:
CASH- ALL FUNDS .............. ............................... 98
SECURITY FOR DEPOSITS........ 99
INVESTMENTS ................................................. 100
TAXABLE VALUATIONS, TAX LEVIES AND RATES .................... 101
OFFICIAL BONDS ............... ............................... 102
INSURANCE COVERAGE ........... ............................... 103
ORGANIZATION ................................................. 106
ERNST & ERNST
FIRST NATIONAL BANK BLDG.
MINNEAPOLIS, MINN. 55402
ACCOUNTANTS' REPORT ON AUDITED FINANCIAL STATEMENTS
To the City Council
City of Edina, Minnesota
We have examined the balance sheets of the various funds of the
City of Edina, Minnesota as of December 31, 1974 and the related statements
of revenues, expenditures, income and expense, and surplus and changes in
financial position for the year then ended. Our examinations were made in
accordance with generally accepted auditing standards and, accordingly,
included such tests of the accounting records and such other auditing pro-
cedures as we considered necessary in the circumstances.
The City does not maintain a General Fixed Asset Group of Accounts
or a General Long -Term Debt Group of Accounts and, accordingly; statements
thereof, required by generally accepted accounting principles, are not in-
cluded in the financial report. General Fixed Assets and General Long -Term
Debt are reflected in the funds to which they pertain.
In our opinion, the financial statements referred to above present
fairly the financial position of the various funds of the City of Edina at
December 31, 1974 and the results of their operations and changes in their
financial position for the year then ended, in conformity with generally
accepted accounting principles applied on a basis consistent with that of
the preceding year.
Minneapolis, Minnesota
June 10, 1975
-5-
ERNST & ERNST
FIRST NATIONAL BANK BLDG.
MINNEAPOLIS, MINN. 55402
COMMENTS AND ACCOUNTANTS' REPORT ON OTHER FINANCIAL INFORMATION
City of Edina
Edina, Minnesota
The audited financial statements of the various funds of the
City consisting of balance sheets and statements of revenues and expen-
ditures or income and expense, statements of changes in financial position,
and surplus and our report thereon are presented in appropriate sections
of this report. Financial information not specificAlly referred to above
and financial information contained in the following comments, except the
schedules of security for deposits, taxable valuations, tax levies and
rates, official bonds, insurance coverage and organization, was derived
from :the accounting records tested by us as part of the auditing proce-
dures followed in our examination of the aforementioned financial state-
ments and, in our opinion, it is fairly presented in all material respects
in relation to the financial statements taken as a whole; however, it is
not necessary for a fair presentation of the financial position, results
of operations, changes in financial position and changes in fund balances
of the City..
The information shown in the schedules of security for deposits,
taxable valuations, tax levies and rates, official bonds, insurance coverage,
and organization was prepared from information furnished to us by the City,
but we did not make independent tests of the schedules as they do not involve
information which enters-into the financial statements.
The following comments set forth certain auditing procedures and
other matters pertinent to our examination:
Cash on deposit at December 31, 1974 was reconciled to balances
reported directly to us by the various depositories. Selected cash working
funds and cash on hand for deposit at December 31, 1974 were counted by us.
Cash receipts and cash disbursements procedures were reviewed and
tested by us for a selected period during the year to determine that proper
procedures were being followed to control recording of receipts and that pro-
per authorization was provided for disbursements.
Securities held for investment by the several funds of the City
were inspected by us or, in the case where securities were held in safekeeping,
confirmed to us. Related interest income computations were tested. The mar -
ket value of investments approximates cost.
Amounts receivable from water and sewer rental charges at December 31,
1974 were tested by direct correspondence and by review of the records for
subsequent collections. Differences reported were not material and were ex-
plained to our satisfaction.
-6-
Current and delinquent taxes and special assessments and tax
settlements received during the year were confirmed by direct correspondence
with the County Auditor. We reviewed delinquent taxes reported to us and
adjusted the balances to conform to the County Auditor's balances. Trans-
actions pertaining to special assessments receivable were reviewed.
Interfund transfers and charges and interfund balances were
reviewed by us.
We were present at two of the three municipal liquor stores at the
time physical inventories were taken. We observed inventory procedures used
by the City employees and tested quantities by independent count of items
selected by us. Inventory valuations were tested by reference to vendors'
invoices and by tests of clerical accuracy.
Additions to and disposals from fixed assets accounts were reviewed
by us and verified by inspection to contracts, invoices or other data. Allow-
ance for depreciation charged to operating funds of the City were reviewed
by us. Provision for depreciation is computed by the straight line method.
As a result of the policy of rounding amounts in the operating accounts to
whole dollars, depreciation expense on the fixed asset achedules may not agree
with depreciation expense on the statements of revenues and expenditures,
statement of changes in financial position, and analysis of change in cash
balance by pennies.
Recreational facilities, except for equipment, of the Swimming Pool
Fund, Golf Course Fund, Recreation Center Fund and Gun Range Fund are not
depreciated.
We tested accounts payable by direct correspondence and by reference
to disbursements subsequent to December 313 1974.
For all canceled bonds redeemed and paid during 1974, we inspected
canceled bonds or examined proof of payment to the bond paying agent. We
inspected interest coupons redeemed and paid during 1974 on a test basis.
Official minutes of the City Council for 1974 were read by us.
Copies of licenses and permits issued during the year were compared
to recorded collections on a test basis.
COMMENTS ON FINANCIAL STATEMENTS
REVENUE SHARING FUND
This fund was established in 1972 to account for all payments from
the Federal Government and their use under Subtitle A of the State and Local
Fiscal Assistance Act of 1972 (Revenue Sharing Act). Fixed assets totaling
$215,940.50 were purchased during the year. The expenditures relate to park
construction and will be transferred to the Park Fund when construction is
completed.
-7-
SWIMMING POOL FUND
The net loss of $3,893.86 is after the provision of $392.75 for
depreciation, computed by the straight line method, on swimming pool equipment.
GOLF COURSE FUND
Net revenues of the Liquor Dispensary Fund are pledged to secure
the payment of the bond obligations of the Golf Course Fund. The net income
of $32,737.80 is after the provision of $19,900.00 for interest on bonded
debt issued for the golf course facilities, and the provision of $10,943.87
for depreciation on golf course equipment. $35,000.00 of the bonded debt
matured and was redeemed in 1974.
RECREATION CENTER FUND
Net revenues of the Liquor Dispensary Fund are pledged to secure
payment of the bond obligations of the Recreation Center Fund. The net loss
of $4,446.35 is after the provision of $13,402.00 for interest on bonded
debt issued for the recreational center facilities and the provision of
$4,449.47 for depreciation on recreational center equipment. $40,000.00 of
bonded debt matured and was redeemed in 1974.
GUN RANGE FUND
The net loss of $2,186.99 is after the provision of $58.60 for
depreciation on gun range equipment.
PARK SINKING FUND
Bonded debt of $50,000.00 matured and was redeemed in 1974.
PARK CONSTRUCTION FUND
Fixed assets amounting to $153,767.48 were purchased during the
year. Funds were made available from $80,000.00 in transfers from the
Liquor Dispensary Fund, $35,000.00 in transfer from the General Fund, and
$45,701.07 in Federal and State grants.
WATERWORKS FUND
The net income of $19,218.46 is after the provision of $11,397.00 for
interest on bonded debt issued for the waterworks facilities and the pro-
vision of $227,264.60 for depreciation on the facilities. $55,000.00 of the
bonded debt matured and was redeemed in 1974.
SEWER RENTAL FUND
Effective during 1971 the Metropolitan Waste Control Commission
purchased and assumed operation of the treatment plants and trunk sewer lines
in the Twin Cities area. Proceeds from the City's sale of affected property
are being recognized in the form of reductions in the City's annual charge
for sewer treatment over the next 30 years.
The net loss of the Sewer Rental Fund for 1974 was $34,101..84
after a provision for depreciation of $95,060.02
U
LIQUOR DISPENSARY FUND
Net income of $534,706.86 for the year is after the provision of
$26,117.29 of depreciation on liquor store buildings and equipment. Of this
amount, $275,000.00 was transferred to other funds of the City by action of
the City Council. In connection with the sale of Golf Course Bonds of 1963
and Recreation Center bonds of 1965 the net revenues of the Liquor Dispensary
Fund are pledged to secure the payment of said bonds and interest thereon.
BONDING REQUIREMENTS
All City employees who are required to be bonded by Minnesota
Statutes were so bonded.
PUBLICATION OF FINANCIAL STATEMENTS
A detailed financial statement,was not prepared and published or
posted as required by M. S. A. Section 412.281.
Minneapolis, Minnesota
June 10, 1975
-9-
Inventories 640,647.79
Prepaid insurance 11,194.77
Segregated cash for reserve for debt
retirement 70,190.00
Construction in progress 4,709,063.25
Fixed assets 22,444,243.30
Unallocated construction costs 167,982.31
General
$ 518,588.64
$ 518,588.64
$ 518,588.64
$ 550,000.00
35,508.70
995.50
$ 586,504.20
$ 1,958.63
131,279.19
123,049.62
90,164.57
$ 346,452.01
131,279.19
$ 215,172.82
10,000.00
3,487,617.01
Revenue
Sharing
$277,501.58
YL /I .Jvl.JV
$277,501.58
Y-
$ 47,407.00
$ 47,407.00
$ 47,407.00
215,940.50
$40,255,372.65 $4,817,882.67 $540,849.08
Total
ASSETS
Cash:
Current funds (overdrawn)
$
1,537,265.66
Appropriated
10,350.00
$
1,547,615.66
Less amount segregated and shown below
70,190.00
$
1,477,425.66
Investments:
United States Treasury notes and
United States Government Agency
securities - at cost
$
1,078,150.00
City of Edina bonds
1,499,317.37
Land investment - at cost
35,508.70
Other
995.50
$
2,613,971.57
Receivables:
Taxes and special assessments:
Current
$
1,370,373.37
Delinquent
670,749.70
Deferred
5,621,256.20
Customers
1 255,131.95
Due from other funds
1,039,085.88
Miscellaneous receivables
168,131.57
$
9;124,728.67
Less allowance for delinquent and
uncollectible taxes
1,004,074.67
$
8,120,654.00
Inventories 640,647.79
Prepaid insurance 11,194.77
Segregated cash for reserve for debt
retirement 70,190.00
Construction in progress 4,709,063.25
Fixed assets 22,444,243.30
Unallocated construction costs 167,982.31
General
$ 518,588.64
$ 518,588.64
$ 518,588.64
$ 550,000.00
35,508.70
995.50
$ 586,504.20
$ 1,958.63
131,279.19
123,049.62
90,164.57
$ 346,452.01
131,279.19
$ 215,172.82
10,000.00
3,487,617.01
Revenue
Sharing
$277,501.58
YL /I .Jvl.JV
$277,501.58
Y-
$ 47,407.00
$ 47,407.00
$ 47,407.00
215,940.50
$40,255,372.65 $4,817,882.67 $540,849.08
Poor. Park
$16,392.60
$16,392.60
$16,392.60
FUND BALANCE SHEETS
CITY OF EDINA
December 31, 1974
Swimming
$ 45,130.15 ($ 18,976.15)
$ 45,130.15
$ 45,130.15
$ 12,092.81
1,500.00
$ 13,592.81
12.092.81
$ 1,500.00
600.00
1,847,221.13
$16,392.60 $1,894,451.28
($ 18,976.15)
N
Golf
Recreation
Park
�
Park
Gun
$ 530.90
l i
i
Sewer
Liquor
Course
Center
Sinking
Construction
i
Range
Improvement
;Waterworks
Rental
Dispensary
$ 48,244.67
($171,829.93)
$165,813.44
,($.
114,924.74)
($28,239.02)
$ 52,749.07
$ 604,019.01
($ 102,465.17)
$ 245;261.51
$ 109,366.29
120,014.32
12,000.00
$ 22,618.44
$ 2,042.00
10,350.00
114,453.87
$ 48,244.67
($171,829.93)
$165,813.44
24,500.00
114,924.74)
($28,239.02)
$ 52,749.07
$ 7 614,369.01
($ 102,465.17)
$ 245,261.51
- $276,143.20
$_ 47,118.44
$ 2,042.00
$ 7,571,521.49
$I 229,880.16
$ 120,545:22
T-433,775.00
70,190.00
18,693.20
$ 48,244.67
($171,829.93).
$165,813.44
($
114,924.74)
($28,239.02)
$ 52,749.07
$ 544,179.01
($ 102,465.17)
$ 245,261.51
$ 12,728.95
$ 12,728.95 $ -
275.00 781.65
213,391.17 1,000,850.98
$194,690.02' $1,062,606.25
$ 1,078,150.00
913,000.00
$ 1,991,.150.00
$ 23,588.42
$ 23,588.42 -
i
$ 13,000.00
$ - -
-
$ 1,078,150.00
913,000.00
$ 1,991,.150.00
$ 23,588.42
$ 23,588.42 -
i
$ 13,000.00
$ 1,354,883.84
$ 530.90
5,143.20
522,234.50
258,000.00
i
5,363,256.20
$ 24,251.34
$ 109,366.29
120,014.32
12,000.00
$ 22,618.44
$ 2,042.00
331,146.95
114,453.87
$ 433,775.00
24,500.00
6,060.00
$ 36,251.34
- $276,143.20
$_ 47,118.44
$ 2,042.00
$ 7,571,521.49
$I 229,880.16
$ 120,545:22
T-433,775.00
18,693.20
842,009.47
$ 36,251.34
$2572450.00
1 $ 47,118.44
$ 2,042.00
$ 6,729,512.02
$ 229,880.16
j
$ 120,545.22
$ 433,775.00
544.52
p
250.00
8,580.32
620,672.95
1,810.72
j
52.98
3,237.12
182.00
4,855.30
r 70,190.00
937,799.11
1,667,847.02
j
56,096.83
2,825,275.73
16,386,454.55
7,893,078.67
621,733.85
i
167,982.31
$804,575.76
$423,263.44
i $1,600,040.72
i
$30,202.79
$11,766,669.13
$7,266,109.58
i
I
$7,911,340.72
$1,926,298.61
-10-
Total General
LIABILITIES, RESERVES AND SURPLUS
Due to other funds $ 1,039,085.88 $ 97,740.61
Accounts payable 253,791.95 66,479.24
Accrued payroll 49,432.63 29,082.46
Due to Hennepin County 6,677.60
Interest payable 44,098.53 32.50
Deferred income 3,158.00
Construction and other deposits 262,402.81 130,304.07
Edina Firemen's Relief Association 58,053.89 58,053.89
Construction contracts 153,414.38
Unexpended contributions 76,515.66
Reserve for future bond interest 34,905.00
Bonds payable 9,250,000.00 5,000.00
Reserve for assessment adjustments 121,455.46
Reserve for construction (deficit) ( 55,978.71)
Surplus:
Revenue
Sharing
$ 22,618.44
Invested in fixed assets 22,578,030.82 3,487,617.01 215,940.50
Appropriated:
For imprest cash 550.00 550.00
For debt service 169,340.00
For commitments 773,088.00 773,088.00
Unappropriated (deficit) 5,437,350.75 169,934.89 302,290.14
$40,255,372.65 $4,817,882.67 $540,849.08
Poor
$16,392.60
$16,392.60
FUND BALANCE SHEETS (Cont'd) ,
Swimming
Golf
Recreation
Park
f Park
Gun
I
Sewer
Liquor
Park
Pool
Course
Center
Sinking
Construction
Range
Improvement
Waterworks
Rental
Dispensary
$ 16,326.69
$ 253,575.00
$280,200.00
$ 326,242.22
$ 41,755.12
$ 627.80
3,793.42
$ 33.02
977.49
10,188.70
$ 28,789.82
$ 238.56
2,027.69
26,870.26
3,468.52
$ 110,925.23
5,499.19
1,899.20
2,888.20
132.50
1,658.15
1,008.80
7,264.13
6,677.60
4,388.35
$ 12,380.00
i
�
26,098.51
1,199.17
r
3,158.00
132,098.74
153,414.38
76,515.66
it
34,905.00
560,000.00
365,000.00
340,000.00
7,670,000.00
310,000.00
121,455.46
( 96,596.12)
40,617.41
1,847,221.13
213,391.17
195,850.98
302,799.11
1,667,847.02
56,096.83
6,076,454.55
7,893,078.67_
621,733.85
52,300.00
36,500.00
80,540.00
( 54,904.81)
( 18,734.17)
( 1,996.42)
( 200,546.60)
35,978.44
( 26,265.10)
3,288,037.12
727,632.33
13,156.93
1,.186,375.40
$1,894,451.28
$194,690.02
$1,062,606.25
$804,575.76
$423,263.44
$1,600,040.72
$30,202.79
$11,766,669.13
l�$7,266,109.58
j
i
$7,911,340.72
$1,926,298.61
STATEMENT OF ACCOUNTING POLICIES
CITY OF EDINA
BASIS OF ACCOUNTING
The activities of the City are accounted for in the various funds as
outlined below. The modified accrual basis of accounting is used, except for
the Waterworks, Sewer Rental and Liquor Dispensary Funds which use the full
accrual basis of accounting. Under the modified accrual basis no depreciation
expense is recognized except for depreciation on equipment of the Swimming Pool,
Golf Course, Recreation Center and Gun Range Funds. These funds are not ex-
pected to generate revenue sufficient to replace recreational facilities other
than equipment. Depreciation is provided using the straight line method.
General fixed assets purchased are recorded as expenditures in
the General Fund or Park Fund at time of purchase. Such assets are capitalized
at cost. Expenditures for roads, bridges, curbs and gutters, streets and side-
walks, drainage systems and lighting systems are not capitalized.
Fixed assets other than general fixed assets are carried on the basis
of cost in the fund for which they were purchased. Fixed assets obtained by
gift or contribution are recorded at fair market value at the time received.
Liabilities for general obligation bonds and park sinking fund bonds
are recorded in the General and Park Sinking Funds, respectively.
The City recognizes as an asset deferred general taxes levied to
pay bonded debt and as a liability the related future interest payable. In
these instances cash to be used is received and disbursed in future years.
Inventories shown in the various funds are carried at the lower of
cost (first -in, first -out method) or market.
GENERAL FUND
The General Fund is used to account for all financial transactions
not properly accounted for in another fund. The City uses this fund to account
for expenditures relative to general government, administration, engineering
and public works and protection of persons and property. These activities
are financed principally by property taxes and other tax revenues shared by
the State of Minnesota.
REVENUE SHARING FUND
This fund is used to account for the receipt and disbursement of
federal revenue sharing monies.
-12-
STATEMENT OF ACCOUNTING POLICIES (Cont'd)
POOR AND PARK FUNDS
The activities of these funds are financed principally by special
tax levies. The Poor Fund is used to account for the welfare responsiblities
of the City. The Park Fund is used to account for the administration and
maintenance of the City parks.
ENTERPRISE FUNDS
Each of these funds accounts for activities which are intended to
be self - supporting except that recreational facilities, other than equipment,
are not expected to be replaced from.revenues generated by the various funds
used to account for recreational activities. Costs of operations are primarily
recovered from the users of the services or products provided. These activi-
ties include the swimming pool, golf course, recreation center, gun range,
waterworks, sewer, rental and the liquor dispensary.
PARK SINKING AND PARK CONSTRUCTION FUNDS
The Park Construction Fund is used to account for the monies which
are dedicated for construction of park facilities. The Park Sinking Fund is
used to account for monies which will be used to pay bonds which have been
sold to finance park construction.
IMPROVEMENT FUNDS
Construction costs incurred by the City, other than for park pur-
poses, are accounted for in a construction fund which is a part of the Improve-
ment Funds. The Construction Fund receives the proceeds from sale of perman-
ent and temporary bonds sold for construction or improvement purposes. The
Improvement Funds are used to account for the monies which will be used to
redeem these bonds. Principally the monies are obtained from levies of
special assessments on properties benefited from the construction or improve-
ment.
To facilitate tabulation of these special assessments, interest from
date of final assessment hearing to December 31 is included as part of project
costs. Assessable costs also include a percentage charge in an amount sufficient
to reimburse the City for actual costs of engineering and clerical services
properly assignable to the various special assessment projects.
The reserve for assessment adjustments represents the excess of
assessments over actual costs incurred, less charges where actual costs ex-
ceeded the assessments. Also charged to the reserve for assessment adjust-
ments are determinable costs for financed projects on which work had not been
done and on which final disposition is pending. These balances may be used
for refunding canceled assessments.
-13-
GENERAL FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1974
Cash:
Demand deposits (overdrawn)
Time deposits
Automobile license accounts
Working funds
Investments at cost:
Land investments
Donated securities
City of Edina Improvement Bonds of 1972
Receivables:
Accounts receivable
Special assessments - current
Due from other funds
Supply inventory - estimated
Taxes receivable - delinquent
Less allowance for delinquent taxes
Fixed assets
"ASSETS
($ 11,233.44)
525,000.00
LIABILITIES AND SURPLUS
Due to other funds
Accounts payable:
Trade accounts
Accrued payroll
Edina Firemen's Relief Association
Sundry deposits
Bonds payable
Accrued interest
Surplus:
Invested in fixed assets:
Direct
Annexed from Morningside
Contributed
Appropriated:
Reserve for commitments
For imprest cash
Unappropriated
$ 513,766.56
4,272.08
550.00
$ 35,508.70
995.50
550,000.00
$ 90,164.57
1,958.63
123,049.62
$ 131,279.19
131,279.19
$ 66,479.24
29,082.46
58,053.89
130,304.07
$ 5,000.00
32.50
$3,443,521.90
26,150.00
17,945.11 $3,487,617.01
$ 773,088.00
550.00 773,638.00
$ 518,588.64
586,504.20
215,172.82
10,000.00
3,487,617.01
$41817,882.67
$ 97,740.61
283,919.66
5,032.50
4,261,255.01
169,934.89
$4,817,882.67
-14-
GENERAL FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1974
APPROPRIATED
Balance at January 1, 1974
Additions:
Transfer from unappropriated surplus for
commitments
Transfer from unappropriated surplus for
fixed assets - net
Grant - State of Minnesota for ambulance
Deductions:
Transfer to revenue
BALANCE AT DECEMBER 31, 1974
UNAPPROPRIATED
Balance at January 1, 1974
.Deductions:
Expenditures - see separate schedule
Less revenues - see separate schedule
Transfers:
To revenue
To other funds
Invested
Total Direct
$4,201,231.89
50,000.00
347,190.12
5,982.00
$4,604,404.01
343,149.00
$3,096,331.78
347,190.12
$3,443,521.90
$4,261,255.01 $3,443,521.90
in Fixed Assets
Annexed From
Contributed Morningside
$11,963.11 $26,150.00
5,982.00
$17,945.11 $26,150.00
$17,945.11
Appropriated
For Reserve for
Imprest Cash Commitments
$ 550.00 $1,066,237.00
$ 550.00
$26,150.00 $ 550.00
$3,879,706.00
_3,863,985.95
50,000.00
$1,116,237.00
343,149.00
$ 773,088.00
$ 539,767.94
15,720.05
$ 524,047.89
$ 319,113.00
35,000.00 354,113.00
BALANCE AT DECEMBER 31, 1974 $ 169,934.89
-15-
GENERAL FUND
ANALYSIS OF CHANGE IN CASH BALANCE
CITY OF EDINA
Year Ended December 31, 1974
Balance at January 1, 1974 $ 925,749.41
Additions:
Receipts - per separate schedule
$3,0129289.34
Collection of amounts due others:
Waterworks Fund
$ 14,453.87
Edina Firemen's Relief Association
58,803.89
73,257.76
Collections made on accounts receivable and
due from other funds
241,038.94
Payments received from Independent School
District No. 273 for gasoline purchases
36,712.77
Sale of investments
200,000.00
Receipts - Morningside Improvement Fund
$ 7,628.24
Less payments made
4,808.40
2,819.84
Decrease in automobile license account
84,491.23
Receipts - dedicated funds
42,963.52
Other receipts
52.04
3,693,625.44
$4,619,374.85
Deductions:
Disbursements - per separate schedule
$3,410,265.00
Gasoline purchased for Independent School
District No. 273
22,696.93
Payments on accruals at December 31, 1973:
Trade accounts
$105,852.29
Accrued payroll
17,256.35
Edina Firemen's Relief Association
61,300.90
Metropolitan Waste Control Commission
134,494.51
Due to other funds
38,252.86
357,156.91
Payment of bonds
5,000.00
Payments - dedicated funds
28,911.96
Payments on workorders
10,563.00
Payments - reserve for commitments
264,262.50
Other payments
6,751.99
4,105,608.29
Balance at December 31, 1974
$ 513,766.56
-16-
GENERAL FUND
REVENUES
CITY OF EDINA
Year Ended December 31, 1974
Receipts Accruals
Real and personal property taxes: .
Received from direct local levies $1,343,940.00
Received from Sales Tax Replacement Fund -
thirty -five per .cent forgiveness 269,011.00
TOTAL REAL AND PERSONAL PROPERTY TAXES $1,612,951.00 $ -
Other taxes 56,652.00
Bicycle licenses 4,788.00
Beer and liquor licenses 2,150.00
Cigarette license 2,545.00
Dog licenses and impounding fees 6,448.00
Food and soft drink licenses 16,777.00
Gas pump licenses 1,185.00
Other business licenses 9,951.00
Heating and ventilating licenses 1,600.00
Scavenger and garbage collector licenses 955.00
Water softener installation licenses. 135.00
Building permits 75,009.00 ( 3,645.00)
Cesspool and sewer permits 1,051.00
Plumbing permits 21,832.00 ( 57.00)
Sign permits 940.00
Mechanical permits
Street opening fees 2,259.00
Heating permits 71825.00
Other permits and licenses 10.00
Planning fees 2,780.00
Engineering and clerical 3,918.00 119,885.00
Equipment rentals ( 1,800.00) 1,277.00
Fines 154,112.00 30,032.00
Income on investments 70,357.00
Sale and rental of property 12,652.00
Sale of automobile licenses 32,385.00 ( 755.00)
State sales and use tax 844,570.00
Police service 4,990.00
Contributions from other funds ( 27,.183.00) 35,000.00
Charges to other funds 20,700.00
State apportionment - highway 50,760.00
Grant - State of Minnesota - ambulance
Discounts earned
Other revenue
Transfer - reserve for commitments
Transfer - unappropriated surplus
( ) Indicates deduction.
5,982.00
2,492.00
15,501.34
TOTAL $3,012,289.34
142.00
2,565.61
343,149.00
319.113.00
$851,696.61
Revenues
$1,343,940.00
269.011.00
$1,612,951.00
56,652.00
4,788.00
2,150.00
2,545.00
6,448.00
16,777.00
1,185.00
9,951.00
1,600.00
955.00
135.00
71,364.00
1,051.00
21,775.00
940.00
2,259.00
7,825.00
10.00
2,780.00
123,803.00
523.00)
184,144.00
70,357.00
12,652.00
31,630.0.0
844,570.00
4,990.00
7,817.00
20,700.00
50,760.00
5,982.00
2,634.00
18,066.95
343,149.00
319.113.00
$3,863,985.95
1,200.00
Actual Revenue
Estimated
Over - Under*
Revenues
Estimated Revenues
2,200.00
580.00
$1,390,671.00
$46,731.00*
269,011.00
-
$1,659,682.00
$46,731..00*
55,000.00
1,652.00
3,500.00
13%288.00
2,200.00
50.00*
2,100.00
445.00
6,500.00
52.00*
15,500.00
1,277.00
1,150.00
35.00
7,500.00
2,451.00
1,600.00
900.00
55.00
135.00
70,000.00
1,364.00
1,600.00
549.00 *1
24,000.00
2,225.00*
1,200.00
260.00*
13,000.00
13,000.00*
1,200.00
1,059.00
5,000.00
2,825.00
900.00
890.00*
2,200.00
580.00
120,000.00
3,803.00
165,000.00
55,000.00
8,700.00
35,000.00
843,137.00
4,725.00
7,817.00
20,700.00
49,000.00
13,500.00
523.00*
19,144.00
15,357.00
3,952.00
3,370.00*
1,433.00
265.00
1,760.00
5,982.00
2,634.00
4,566.95
343,149.00 -
319,113.00 -
$3,857,973.00 $ 6,012.95
-17-
GENERAL FUND
EXPENDITURES
CITY OF EDINA
Year Ended December 31, 1974
Finance:
Personal services
Disbursements
Encumbrances
GENERAL GOVERNMENT
125.00
Contractual services
Commodities
9,326.00
Mayor and council
$
18,643.00
256.00
Planning
7.00
3831063.00
($
3,018.00)
Administration:
$ 94,646.00
$ 15.00
$
109,749.00
Personal services
$
87,138.00
2,599.00
34,473.00
Contractual services
12,105.00)
20,222.00
$
78.00
Commodities
460.00
$
5.00
Fixed charges
18,000.00
3,526.00
$
$
125,820.00
$
83.00
Finance:
Personal services
$
84,207.00
$
125.00
Contractual services
Commodities
9,326.00
275.00
Fixed charges
Commodities
256.00
$ 172,407.00
7.00
Fixed charges
15,960.00
Supervision and clerical
$ 94,646.00
$ 15.00
$
109,749.00
$
132.00
Election
2,599.00
34,473.00
(
12,105.00)
Assessing:
54,251.00
115.00
Personal services
$
69,570.00
Contractual services
3,526.00
$
518.00
Commodities
637.00
16.00
Fixed charges
15,420.00
$
89,153.00
$
534.00
Legal services
72,914.00
16,966.00
TOTAL GENERAL GOVERNMENT $
488,815.00
$
2,592.00
ADMINISTRATION, ENGINEERING AND PUBLIC WORKS
Administration:
Personal services $ 29,902.00
Contractual services and commodities 63.00
Fixed charges 7,200.00
$ 37,165.00 $ -
Engineering:
Personal services
$ 132,599.00
$ 2,258.00
Contractual services
1,228.00
19.00
Commodities
6,780.00
275.00
Fixed charges
31,800.00
$ 172,407.00
$ 2,552.00
Public works:
Supervision and clerical
$ 94,646.00
$ 15.00
Training
423.00
Paid leave'
43,480.00
2,599.00
General maintenance
107,435.00
75,196.00
Street cleaning
54,251.00
115.00
Expenditures Appropriations
$ 18,643.00
$
19,170.00
35,045.00
36,053.00
$ 87,138.00
$
88,798.00
20,300.00
$
20,803.00
465.00
$
500.00
18,000.00
18,000.00
$ 125,903.00
$
128,101.00
$ 84,332.00
$
84,925.00
9,326.00
$
9,700.00
263.00
$
300.00
15,960.00
15,960.00
$ 109,881.00
$
110,885.00
22,368.00
23,864.00
$ 69,570.00
$
69,638.00
4,044.00
4,560.00
653.00
850.00
15,420.00
15,420.00
$ 89,687.00
$
90,468 00
89,880.00
73,450.00
$ 491,407.00
$
481,991.00
$ 29,902.00
$
29;896.00
63.00
65.00
7,200.00
7,200.00
$ 37,165.00
$
37,161.00
$ 134,857.00
$
127,070.00
1,247.00
1,460.00
7,055.00
6,900.00
31,800.00
31,800.00
$ 174,959.00
$
167,230.00
$ 94,661.00
$
96,347.00
423.00
712.00
46,079.00
46,220.00
182,631.00
183,920.00
54,366.00
55,127.00
Unexpended
Overexpended*
Balance
$ 527.00
1,008.00
$ 1,660.00
503.00
35.00
$ 2,198.00
$ 593.00
374.00
37.00
$ 1,004.00
1,496.00
$ 68.00
516.00
197.00
16,430.00*
$ 9,416.00*
$ 6.00*
2.00
$ 7,787.00*
213.00
155.00*
Y / f/ L J• V V --
$ 1,686.00
289.00
141.00
1,289.00
761.00
-18-
GENERAL FUND
EXPENDITURES (Cont'd)
Disbursements Encumbrances
ADMINISTRATION, ENGINEERING AND PUBLIC WORKS (Cont'd)
Public works (cont'd):
Renovation $ 89,859.00
Snow and ice removal 68,212.00 $ 1,123.00
Street lighting 85,902.00 8,945.00
Ornamental lighting 985.00
Street name signs 6,485.00 162.00
Traffic control:
Sign maintenance
$
20,649.00
$
4,128.00
Signal maintenance
12,264.00
977.00
Pavement marking
7,639.00
$
40,552.00
$
5,105.00
Guard rail maintenance
3,548.00
227.00
Bridges - general maintenance
3,322.00
Storm sewer maintenance
22,864.00
3,834.00
Temporary drainage and culverts
1,507.00
City properties:
Turf care and plantings
$
19,322.00
$
150.00
Tree maintenance
22,317.00
1,354.00
$
41,639.00
$
1,504.00
Noxious weed control
2,285.00
Lakes and ponds maintenance
5,581.00
Sidewalks:
Maintenance and repair
$
535.00
Snow and ice removal
1,757.00
$
2,292.00
$
-
Parking ramp maintenance
4,480.00
318.00
TOTAL PUBLIC WORKS
$
677,463.00
$101,428.00
TOTAL ADMINISTRATION, ENGINEERING AND PUBLIC WORKS
,
$103,980.00
PROTECTION OF PERSONS AND PROPERTY
Police protection:
Personal services
$
704,790.00
$
19,416.00
Contractual services
25,983.00
3,093.00
Commodities
9,780.00
996.00
Fixed charges
186,360.00
$
926,913.00
$
23,505.00
Fire protection:
Personal services
$
311,077.00
$
156.00
Contractual services
17,266.00
3,364.00
Commodities
7,054.00
702.00
Fixed charges
73,320.00
$
408,717.00
$
4,222.00
$ 724,206.00
$
705,483.00
$18,723.00*
Unexpended
29,076.00
27,579.00
1,497.00*
Overexpended*
10,776.00
Expenditures
10,095.00
Appropriations
186,360.00
Balance
186,360.00
$
89,859.00
$
90,095.00
$
236.00
$ 311,233.00
69,335.00
311,930.00
70,299.00
964.00
94,847.00
3,021.00*
95,677.00
7,756.00
830.00
7,055.00
985.00
1,250.00
265.00
-
6,647.00
$ 412,939.00
7,328.00
409,914.00
681.00
$
24,777.00
$
25,033.00
$
256.00
13,241.00
13,280.00
39.00
7,639.00
8,275.00
636.00
$
45,657.00
$
46,588.00
$
931.00
3,775.00
4,290.00
515.00
3,322.00
3,694.00
372.00
26,698.00
27,004.00
306.00
1,507.00
2,100.00
593.00
$
19,472.00
$
20,190.00
$
718.00
23,671.00
23,760.00
89.00
$
43,143.00
$
43,950.00
$
807.00
2,285.00
2,300.00
15.00
53,581.00
6,415.00
834.00
$
535.00
$
1,110.00
$
575.00
1,757.00
1,970.00
213.00
$
2,292.00
$
3,080.00
$
788.00
4,798.00
6,065.00
1,267.00
$ 778,891.00
$ 792,461.00
$13,570.00
$
991,015.00
$
996,852.00
$
5,837.00
$ 724,206.00
$
705,483.00
$18,723.00*
29,076.00
27,579.00
1,497.00*
10,776.00
10,095.00
681.00*
186,360.00
186,360.00
$ 950,418.00
$
929,517.00
$20,901.00*
$ 311,233.00
$
311,930.00
$ 697.00
20,630.00
17,609.00
3,021.00*
7,756.00
7,055.00
701.00*
73,320.00
73,320.00
-
$ 412,939.00
$
409,914.00
$ 3,025.00*
-19-
GENERAL FUND
EXPENDITURES (Cont'd)
NON- DEPARTMENTAL
Contingencies
Disbursements
Encumbrances
PROTECTION OF PERSONS AND PROPERTY (Cont'd)
48,807.00
Civil defense
$ 4,524.00
$ 126.00
Public health:
328.00
Personal services
$ 37,324.00
($ 4,730.00)
Contractual services
1,679.00
( 89.00)
Commodities
2,077.00
( 635.00)
Fixed charges
7,200.00
14,751.00
TOTAL OPERATING EXPENSES
$ 48,280.00
($ 5,454.00)
Animal control
15,568.00
485.00
Inspections:
$ 60.00
$ 648.00
Personal services
$ 63,722.00
Contractual services
2,548.00
6,794.00
Commodities
561.00
$ 6.00
Fixed charges
12,720.00
Public health
$ 79,551.00
,$ 6.00
TOTAL PROTECTION OF PERSONS AND PROPERTY
$1,483,553.00
$ 22,890.00
NON- DEPARTMENTAL
Contingencies
$ 37 030.00
$ 2,341.00
Special assessments on City property
48,807.00
Human Rights Commission
7,883.00
522.00
Environmental Quality Control Commission
328.00
Unallocated improvements
6,924.00
TOTAL NON- DEPARTMENTAL
$ 100,972.00
$ 2,863.00
CENTRAL SERVICES
See.separate schedule attached
115,862.00
14,751.00
TOTAL OPERATING EXPENSES
$3,076,237.00
$147,076.00
CAPITAL OUTLAY
Administration
$ 60.00
$ 648.00
Finance
60.00
Public works
58,928.00
6,794.00
Police
31,711.00
( 1,455.00)
Fire
5,033.00
Public health
Contingencies
3,617.00
s are of re placements
City P
266,695.00
Special assessments on City property
6,335.00
Unallocated capital outlay
168,284.00
( 317.00)
Non - departmental capital improvements
60,000.00
TOTAL CAPITAL OUTLAY
$ 334,028.00
$272,365.00
RESERVE FOR COMMITMENTS
Public works
50,000.00
TOTAL
$3,410,265.00
$469,441.00
( ) Indicates deduction.
Expenditures
$ 4,650.00
$ 32,594.00
1,590.00
1,442.00
7.200.00
$ 42,826.00
16,053.00
$ 63,722.00
2,548.00
567.00
12,720.00
$ 79,557.00
$1,506,443.00
$ 39,371.00
48,807.00
8,405.00
328.00
6,924.00
$ 103,835.00
130,613.00
$39223,313.00
$ 708.00.
60.00
65,722.00
30,256.00
5,033.00
3,617.00
266,695.00
6,335.00
167,967.00
60,000.00
$ 606,393.00
50,000.00
$3,879,706.00
Appropriations
$ 4,798.00
$ 34,981.00
2,073.00
1,634.00
7,200.00
$ 45,888.00
16,460.00
$ 64,122.00
2,791.00
852.00
12,720.00
$ 80,485.00
$1,487,062.00
$ 37,285.00
51,200.00
9,000.00
380.00
7,000.00
$ 104,865.00
123,700.00
$3,194,470.00
$ 800.00
100.00
68,750.00
30,374.00
5,180.00
100.00
3,650.00
266,695.00
7,000.00
170,854.00
60,000.00
$ 613,503.00
50,000.00
$3,857,973.00
Unexpended
Overexpended*
Balance
$ 148.00
$ 2,387.00
483.00
192.00
$ 3,062.00
407.00
$ 400.00
243.00
285.00
$19,381.00*
$ 2,086.00*
2,393.00
595.00
52.00
76.00
$ 1,030.00
6,913.00*
$28,843.00*
$ 92.00
40.00
3,028.00
118.00
147.00
100.00
33.00
665.00
2,887.00
$ 7,110.00
$21,733.00*
-20-
GENERAL FUND
CENTRAL SERVICES EXPENDITURES
CITY OF EDINA
Year Ended December 31, 1974
Disbursements
GENERAL
Contracted services $523,898.00
Commodities 9,296.00
TOTAL GENERAL $533,194.00
CITY HALL
Personal services $ 24,833.00
Contracted services .15,114.00
Commodities 7,041.00
.Fixed charges 2,040.00
TOTAL CITY HALL $ 49,028.00
GARAGE 39,560.00
EQUIPMENT OPERATION
Personal services $,75,335.00
Contractual services 39,516.00
Commodities, parts and accessories 49,068.00
Fixed charges 37,680.00
Gasoline and fuel oil 76,453.00
Tires and tubes 8,506.00
Lubricants 3,206.00
TOTAL EQUIPMENT OPERATION $289,764.00
$911,546.00
Less allocation to other departments or funds 795,684.00
TOTAL $115,862.00
-21-
Unexpended
Overexpended*
Encumbrances
Expenditures
Appropriations
Balance
$1,282.00
$525,180.00
$514,964.00
$10,216.00*
3,660.00
12,956.00
10,100.00
2,856.00*
T4,942.00
$538,136.00
$525,064.00
$13,072.00*
$ 496.00
$ 25,329.00
$ 25,380.00
$ 51.00
1,792.00
16,906.00
16,580.00
326.00*
223.'00
7,264.00
7,300.00
36.00
2,040.00
2,040.00
-
$ 2,511.00
$ 51,539.00
$ 51,300.00
$ 239.00*
4,392.00
43,952.00
42,320.00
1,632.00*
$ 1,568.00
$ 76,903.00
$ 77,024.00
$ 121.00
478.00
39,994.00
42,000.00
2,006.00
2,316.00
51,384.00
51,696.00
312.00
37,680.00
37,680.00
-
( 2,258.00)
74,195.00
77,800.00
3,605.00
309.00
8,815.00
10,500.00
1,685.00
493.00
3,699.00
4,000.00
301.00
$ 2,906.00
$292,670.00
$300,700.00
$ 8,030.00
$14,751.00
$926,297.00
$919,384.00
$ 6,913.00*
795,684.00
795,684.00
-
$14,751.00
$130,613.00
$123,700.00
$ 6,913.00*
-21-
GENERAL FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1974
$ 30,000.00
13,448.54
174,126.00
37,981.00
67,932.00
55,971.00 $31,205.42
4,919.00
$384,377.54 $31,205.42
Balance
December 31,
1974
$ 306,412.52
220,247.02
1,489,037.67
133,722.28
660,637.82
159,443.07
237,340.90
116,719.93
34,526.64
91,706.18
1,834.15
35.988.83
$3,487,617.01
-22-
Balance
January 1,
1974
Land
$ 276,412.52
Land improvements
206,798.48
Buildings
1,314,911.67
Furniture and fixtures
95,741.28
Equipment:
Highway
592,705.82
Police
134,677.49
Fire
2321)421.90
Election
116,719.93
Engineering
34,526.64
Traffic signal
91,706.18
Executive
1,834.15 ,
Miscellaneous
35,988.83
TOTAL $3,134,444.89
$ 30,000.00
13,448.54
174,126.00
37,981.00
67,932.00
55,971.00 $31,205.42
4,919.00
$384,377.54 $31,205.42
Balance
December 31,
1974
$ 306,412.52
220,247.02
1,489,037.67
133,722.28
660,637.82
159,443.07
237,340.90
116,719.93
34,526.64
91,706.18
1,834.15
35.988.83
$3,487,617.01
-22-
GENERAL FUND
BONDS PAYABLE
CITY OF EDINA
December 31, 1974
Annual maturities and interest date
Interest rate
Street
Improvement
Year No. 14
May 1
3.9%
1975 $5,000.0 0
TOTAL $5,000.00
-23-
REVENUE SHARING FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1974.
ASSETS
Cash on deposit $277,501.58
Accounts receivable from federal government 47,407.00
Construction in progress 215,940.50
$540,849.08
LIABILITIES AND SURPLUS
Due to other funds
$ 22,618.44
Surplus:
Surplus invested in fixed assets $215,940.50
Unappropriated surplus 3022290.14 518,230.64
$540,849.08
-24-
REVENUE SHARING FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1974
Total Unavvrovriated
Balance at January 1, 1974
$335,834.84
$335,834.84
Additions:
Revenues from the federal government
187,104.00
1873104.00
Income on investments
233507.11
23,507.11
$546,445.95
$546,445.95
Deductions:
Operating expenditures - Note
283215.31
28,215.31
$518,230.64
$5183230.64
Transfers (deduction):
Fixed assets purchased
-
( 215,940.50)
Balance at December 31, 1974
$518,230.64
$3023290.14
STATEMENT OF EXPENDITURES
Year Ended December 31, 1974
Operating expenditures - Note:
Parks and recreation
Engineering
Capital expenditures:
Parks and recreation
TOTAL EXPENDITURES
Note - Expenditures made on behalf of other funds.
Invested in
Fixed Assets
215,940.50
$215,940.50
$ 17,460.31
10,755.00
$ 28,215.31
215,940.50
$244,155.81
-25-
REVENUE SHARING FUND
ANALYSIS OF CHANGE IN CASH BALANCE
CITY OF ED INA
Year Ended December 31, 1974
Balance at January 1, 1974
Additions:
Revenues from the federal government
Income on investments
Sale of investments
Deductions:
Investments purchased
Operating expenditures - Note
Purchase of fixed assets
Payment on accrual at December 31, 1973
$185,842.00
23,507.11
95,910.95
$ 95,910.95
28,215.31
193,322.06
394.56
Balance at December 31, 1974
Note - Expenditures made on behalf of other funds.
$290,084.40
305,260.06
$595,344.46
317,842.88
$277,501.58
-26-
POOR FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1974
ASSETS
Cash on deposit
0
$16,392.60
SURPLUS
Unappropriated surplus $16,392.60
-27-
POOR FUND
STATEMENT OF UNAPPROPRIATEDiSURPLUS
CITY OF EDINA
Year Ended December 31, 1974
Balance at January 1, 1974
Additions:
Refunds from Hennepin County Relief Board
Deductions:
Excess of expenditures over revenues
BALANCE AT DECEMBER 31, 1974
STATEMENT OF REVENUES AND EXPENDITURES
Year Ended December 31
Revenues:
$16,591.82
432.73
$17,024.55
631.95
$16,392.60
Increase
Decrease*
Tax settlements
$14,667.09
$17,458.38
$2,791.29*
Income on investments
-
90.67
90.67*
$14,667.09
$17,549.05
$2,881.96*
Expenditures:
Suburban Hennepin County Relief Board:
Relief orders
$ 123.40
$ 4,818.51
$4,695.11*
Administration
-
2,724.92
2,724.92*
Suburban Public Health Nursing Service
14,975.64
14,975.64
-
Other
-
959.50
959.50*
Professional services
200.00
150.00
50.00
$15,299.04 $23,628.57 $8,329.53*
EXCESS OF EXPENDITURES OVER REVENUES ($ '631.95) ($ 6,079.52) $5,447.57
-28-
POOR FUND
ANALYSIS OF CHANGE IN CASH BALANCE
CITY OF EDINA
Year Ended December 31, 1974
Balance at January 1, 1974.
$17,877.77
Additions:
Refunds from Hennepin County Relief Board
$ 432.73.
Tax settlements received:
February 1974
$ 266.65
April 1974
.206.01
July 1974
6,025.80
July 1974
1,065.93
November 1974
1,066.54
December 1974
6,036.16
14,667.09
15,099.82
$32,977.59
Deductions:
Payments to Suburban Hennepin County Relief Board:
Relief orders
$ 123.40
Payments made on accrual at December 31, 1973
1,285.95
. Suburban Public Health Nursing Service
14,975.64
Professional services
200.00
16,584.99
Balance at December 31, 1974
$16,392.60
-29-
PARK FUND
BALANCE SHEET -
CITY OF EDINA
December 31, 1974
ASSETS
Cash on deposit
Receivables:
Customers
Taxes receivable - delinquent $ 12,092.81
Less allowance for delinquent taxes 12,092.81
Inventory of supplies - estimated
Fixed assets - at cost
LIABILITIES AND SURPLUS
Liabilities:
Accounts payable
Accrued payroll
Due to other funds
Unexpended funds for specific purposes:
Figure skating instructors salaries
Other recreation programs
Parkland dedication
Surplus:
Appropriated:
Invested in fixed assets:
Direct
Contributed:
By General Fund by payment of
special assessments
By others
Unappropriated (deficit)
$ 1,500.00
$ 91.96
2,673.70
73,7.50.00
$1,192,065.44
$628,153.03
27,002.66 655,155.69
$ 45,130.15
1,500.00
600.00
1,847,221.13
$1,894,451.28
$ 3,793.42
5,499.19
16,.326.69
$ 25,619.30
76,515.66
1,847,221.13
( 54,904.81)
.$1,894,451.28
-30-
PARK FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1974
-31-
Investment in Fixed
Assets
Contributed
By General
Fund by
Payment of
Special
Combined
Assessments By Others
Direct
Appropriated:
Balance at January 1, 1974
$1,789,865.67
$579,345.57 $27,002.66
$1,183,517.44
Additions:
Transfer from unappropri-
ated surplus for fixed
assets
.8,548.00
8,548.00
Special assessments paid
by General Fund
48,807.46
48,807.46
Balance at December 31, 1974
$1,847,221.13
$628,153.03 $27,002.66
$1,192,065.44
Unappropriated:
Balance (deficit) at
January 1, 1974
($ 34,857.93)
Additions:
Revenues - see separate
schedule
408,713.12
$ 373,855.19
Deductions:
Expenditures, including
$8,548.00 for capital
outlay - see separate
schedule
428,760.00
BALANCE (DEFICIT) AT DECEMBER 31, 1974
($ 54,904.81)
-31-
PARK FUND
ANALYSIS OF CHANGE IN CASH BALANCE
CITY OF EDINA
Year Ended December 31, 1974
Balance at January 1, 1974
Additions:
Receipts - see separate schedule
Payment received on accrual at
December 31, 1973
Registration fees - figure skating
Dedicated funds for skiing, archery,
gymnastics, etc
Dedicated funds for senior citizens - net
Dedicated funds for park land and
improvements
Deductions:
Disbursements - see separate schedule
Expenses - figure skating
Expenses - Student Center - net
Payment on accruals at December 31, 1973:
Accounts payable
Accrued payroll
Due to other funds
Payments from dedicated funds
$ 72,800.63
$408,712.57
274.00
23,896.35
12,154.05
1,072.20 .
29,190.00 475,299.17
$548,099.80
$407,390.00
13,028.23
5,986.32
$ 8,803.42
11,688.96
43,111.00 63,603.38
12,961.72 502,969.65
Balance at December 31, 1974 $ 45,130.15
-32-
PARK FUND
REVENUES AND EXPENDITURES
CITY OF EDINA
Year Ended December 31, 1974
REVENUES
Real and personal property taxes
Registration fees
Transfer from active funds
Other revenues
TOTAL REVENUES
Receipts
$193,028.00
27,941.00
187,183.00
560.57
$408,712.57
i
Accruals
$ .55
$ .55'
Adjustments
and
Disbursements
Encumbrances
EXPENDITURES
Administration:
Personal services
$ 67,018.00
Contractual services
1,743.00
Commodities
77.00
Central services
53,880.00
Training
458.00
Paid leave
21,700.00.
$ 1,717.00
TOTAL ADMINISTRATION
$144,876.00
$ 1,717.00
Capital outlay
8,548.00
Recreation:
Baseball and softball
$ 6,349.00
Skating and hockey
14,108.00
$1 100.00
Tennis instruction
3,668:00
Playgrounds
13,001.00
Swimming instruction
17,421.00
550.00
Teen program
24.00
10;071.00
Special activities
13,518:00
24.00
TOTAL RECREATION
$ 68,089.00
$10,745.00
Maintenance:
Moving
$ 18,015.00
$ 2,285.00
Special turf care
44,748.00
Planting and trees
8,386.00
Litter removal
8,256.00
58.00
Parking areas
9,400.00
Building and equipment
38,805.00
1,349.00
Skating rinks
58,267.00
5,216.00
TOTAL MAINTENANCE
$185,877.00
$ 8,908.00
TOTAL EXPENDITURES
$407,390.00
$21,370.00
-33-
Actual
Revenues
Over- Under*
Estimated
Estimated
Revenues
Revenues
Revenues
$193,028.00
$198,875.00
$ 5,847.00*
27,941.00
27,000.00
941.00
187,183.00
187,183.00
-
..561.12
750.00
188.88*
$408,713.12.
$413,808.00
$ 5,094.88*
Expenditures
Over* -Under
Expenditures
Appropriations
Appropriations
$ 67,018.00
$ 66,598.00
$ 420.00*
1,743.00
1,600.00
143.00*
77.00
175.00
98.00
53,880.00
53,880.00
-
458.00
300.00
158.00*
23,417.00
17,380.00
6,037.00*
$146,593.00
$139,933.00
$ 6,660.00*
8,548.00
8,100.00
448.00*
$ 6,349.00
$ 5,230.00
$ 1,119.00*
14,208.00.
14,500.00
292.00
3,668.00
3,650.00
18.00*
13,001.00
15,100.00
2,099.00
17,971.00
20,440.00
2,469.00
10,095.00
10,500.00
405.00
13,542.00
9,610.00
3,932.00*
$ 78,834.00
$ 79,030.00
$ 196..00
$ 20,300.00
$ 23,870.00
$ 3,570.00
44,748.00
36,260.00
8,488.00*
8,386.00
12,780.00
4,394.00
8,314.00
10,570.00
2,256.00
9,400.00
9,085.00
315.00*
40,154.00
43,075.00
2,921.00
63,483.00
51;105.00
12,378.00*
$194,785.00
$186,745.00
$.8,040.00*
$428,760.00
$413,808.00
$14,952.00*
-33-
PARK FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1974
Parks:
Utley Park
Balance
24,782.76
Balance
6,675.95
January 1,
Arden Park
December 31,
17,760.48
1974
Additions
1974
Land
$ 423,204.86
30,576.10
$423,204.86
Skating rinks
5,812.03
York Park
5,812.03
Land improvements
596,466.02
$48,807.46
645,273.48
Building
4,042.32
41,631.64
4,042.32
Park equipment
100,950.43
5,365.00
106,315.43
Furniture, fixtures and equipment
3,703.78
23,227.65
3,703.78
Trucks, automobile and tractors
55,869.78
3,183.00
59,052.78
Miscellaneous
9,622.32
Valley View School Park
9,622.32
Parks:
Utley Park
24,782.76
24,782.76
Chowen Park
6,675.95
6,675.95
Arden Park
17,760.48
17,760.48
Normandale Park
47,123.53
47,123.53
Alden Park
30,576.10
30,576.10
Highlands Park
65,322.66
65,322.66
York Park
9,368.19
9,368.19
McGuire Park
3,959.00
3,959.00
Cornelia School Park
41,631.64
41,631.64
Nine Mile Creek Parkway
3,220.92
3,220.92
Lake Edina Park
34,826.54
34,826.54
Countryside Park
23,227.65
23,227.65
Beard Park
15,160.46
15,160.46
Division Park
36,068.46
36,068.46
Valley View School Park
8,696.96
8,696.96
Garden Park
45,518.85
45,518.85
Heights Park
26,200.40
26,200.40
Walnut Ridge Park
13,504.15
13,504.15
Creek Valley School Park
54,232.73
54,232.73
Cornelia Park
48,239.57
48,239.51
Weber Park
21,325.65
21,325.65
Sherwood Park
700.57
700.57
Birchcrest Park
2,816.49
2,816.49
Tingdale Park
4,020.11
4,020.11
St. John's Park
733.33
733.33
Bristol Park
4.501.10
4.501.10
TOTAL $1,789,865.67 $57,355.46 $1,847,221.13
-34-
SWINNING POOL FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1974
ASSETS
CURRENT ASSETS
Cash on deposit (overdrawn)
Prepaid insurance
FIXED ASSETS - on the basis of cost:
Land
Swimming pool and bathhouse
Filter system
Concession furniture and fixtures
Less allowances for depreciation
($ 18,976.15)
275.00
TOTAL CURRENT ASSETS ($ 18,701.15).
$ 10,000.00
184,026.67
17,000.00
$3,940.00
1,575.50 2,364.50 213,391.17
LIABILITIES AND SURPLUS
CURRENT LIABILITY
Accounts payable
SURPLUS
Invested in fixed assets:
From bonds
Direct
Donated
Unappropriated (deficit)
$194,690.02
$ 33.02
$209,431.89
3,909.28
50.00 213,391.17
( 18,734.17)
$194,690.02
-35-
Balance (deficit) at
January 1, 1974
Additions and transfers:
Net loss for year
Provision for depre-
ciation
Balance (deficit) at
December 31, 1974
SWIMMING POOL FUND'
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1974
Invested in Fixed Assets
Total Unappropriated Donated Direct From Bonds
$198,550.86 ($15,233.06) $50.00 $4,302.03 $209,431.89
( 3,893.86) ( 3,893.86)
392.75 ( 392.75)
$194,657.00 ($18,734.17) $50.00 $3,909.28 $209,431.89
-36-
SWIMMING POOL FUND
ANALYSIS OF CHANGE IN CASH BALANCE
CITY OF EDINA
Year Ended December 31, 1974
Balance (overdrawn) at January 1, 1974
Additions:
($15,202.16)
Pool fees
$43,878.00
Concession loss - see separate schedule
($ 15.00)
Add provision for depreciation not
requiring cash
392.75 377.75
Other revenue
2,030.14 46,285.89:
$31,083.73
Deductions:
Operating expenses - see separate schedule
$49,787.00
Payment on accruals at December 31, 1973
281.90
$50,068.90
Less payable at December 31, 1974:
Accounts payable
33.02
$50,035.88
Increase in prepaid insurance
24.00 50,059.88
Balance (overdrawn) at December 31, 1974 ($18,976.15)
-37-
SWIMMING POOL FUND
STATEMENT OF INCOME AND EXPENSE
CITY OF EDINA
Year Ended December 31, 1974
Revenues:
Pool fees: .
Season tickets
General admissions
Rental - instruction program
Other
Operating expenses:
Salaries and wages:
Supervision and clerical
Life guards
Cashier
Basket room attendants
Watchmen
Maintenance
Light and power
Water and sewer
Gas
Telephone
Rubbish hauling
Insurance
Repairs
Cleaning supplies
Water treatment
General supplies
Annual audit
Printing and office expense
Central services
Other
Loss from concessions - see separate schedule
Provision for depreciation
$37,438.00
6,440.00
$ 4,208.00
11,906.00
2,018.00
4,900.00
1,896.00
6,240.00 $31,168.00
$ 2,462.00
1,295.00
3,560.00
305.00
195.00
609.00
1,546.00
391.00
2,305.00
1,747.00
275.00
896.00
2,880.00
89.00 18,555.00
LOSS BEFORE DEPRECIATION
NET LOSS
$43,878.00
2,000.00
30.14
$45,908.14
49,723.00
($ 3,814.86)
15.00
$ 3,829.86
64.00
$ 3,893.86
-38-
SWIMMING POOL FUND
STATEMENT OF INCOME AND EXPENSE (CONCESSIONS ONLY)
CITY OF EDINA
Soft drinks.
Soft ice cream
Popcorn
Cakes, pies, sandwiches, etc.
Operating expenses:
Salaries and wages:
Manager
Other
Supplies
Repairs
Provision for depreciation
Year Ended December 31, 1974
$ 1,929.00
2,216.00 `$4,145.00
79.00
59.00
329.00 4,612.00
NET LOSS $ 15.00
-39-
Gross
Profit
Cost
Per Cent
Sales
of,Sales
Amount
to Sales
$ 1,357.00
$ 602.00
$ 755.00
55.63%
4,329.00
2,378.00
1,951.00
45.06
1,638.00
536.00
1,102.00
67.27
3,190.00
2,401.00
789.00
24.73
$10,514.00
$5,917.00
$4,597.00
43.72%
$ 1,929.00
2,216.00 `$4,145.00
79.00
59.00
329.00 4,612.00
NET LOSS $ 15.00
-39-
SWIMMING POOL FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
CITY OF EDINA
Year Ended December 31, 1974
SOURCE OF FUNDS
Operations:
Net loss for the year
Item not requiring current outlay of funds:
Depreciation
Decrease in working capital
Various elements of net decrease in
working capital:
Cash
Prepaid insurance
Accounts payable
Due to other funds
TOTAL USED IN OPERATIONS
TOTAL
($3,893.86)
392.75
($3,501.11)
3,501.11
Increase
(Decrease)
($3,773.99)
24.00
( 25.12)
274.00
TOTAL ($3,501.11)
-40-
SWIMMING POOL FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1974
Balance Balance
January 1, December 31,
1974 Additions 1974
ASSETS
Land $ 10,000.00 $ 10,000.00
Swimming pool and bathhouse 184,026.67 184,026.67
Filter system 17,000.00 17,000.00
Concession furniture and equipment 3,940.00 3,940.00
$214,966.67 $ - $214,966.67
ALLOWANCES FOR DEPRECIATION
Concession furniture and equipment 1,182.75 392.75 1,575.50
_NET BALANCE $213,783.92 ($392.75) $213,391.17'
-41-
GOLF COURSE FUND
.BALANCE SHEET
CITY OF EDINA
December 31, 1974
ASSETS
CURRENT ASSETS
Cash:
Demand deposits (overdrawn)
Time deposit
Investments --at cost:
City of Edina - Golf Course Bonds
Qf 1963
Accrued interest
Prepaid insurance
FIXED ASSETS - on the basis of cost
Golf course
Buildings
Well
Parking lot and roadways
Equipment
Less allowanceo for depreciation
LIABILITIES AND SURPLUS
CURRENT LIABILITIES
Accounts payable
Accrued payroll
Due to other funds
Current maturities of bonds payable
LONG -TERM DEBT
Bonds payable
Less current maturities - shown above
Loan from Liquor Dispensary Fund
SURPLUS
Invested in fixed assets
Appropriated for debt service
Unappropriated (deficit)
($ 1,755.33)
50,000.00
$ 12,603.15
$ 48,244.67
12,728.95
781.65
TOTAL CURRENT ASSETS $ 61,755.27
$726,414.02
204,780.48
15,018.15
9,627.32
$121,986.65
76,975.64 45,011.01 1,000,850.98
$1,062,606.25
TOTAL CURRENT LIABILITIES
$560,000.00
35,000.00
$ 977.49
1,899.20
8,575.00
$ 11,451.69
35.000.00
$ 46,451.69
525,000.00
245,000.00
$195,850.98
52,300.00
( 1,996.42) 246,154.56
$1,062,606.25
-42-
GOLF COURSE FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1974
Appropriated
Unappro- for Debt
priated Service
Balance at January 1, 1974 $ 7,355.41 $52,300.00
Additions (deductions):
Net income for the year 32,737.80
Fixed assets.purchased ( 18,033.50)
Transfers in (out):
Bonds retired ( 35,000.00)
Provision for depreciation 10,943.87
Balance (deficit) at December 31, 1974 ($ 1,996.42) $52,300.00
Invested
in Fixed
Assets
$153,761.35
18,033.50
35, 000.00
( 10,943.87)
$195,850.98
43-
GOLF COURSE FUND
ANALYSIS OF CHANGE IN CASH BALANCE
CITY OF ED INA
Year Ended December 31, 1974
Balance at January 1, 1974
Additions:
Revenue - see separate schedule
Net income - operating departments -
see separate schedule
Add provision for depreciation - not
requiring cash
Income on investments
Deductions:
Operating expense - see separate
schedule
Additions to fixed assets
Increase in prepaid insurance
Decrease in liabilities:
Balance at January 1, 1974:
Accounts payable
Accrued payroll
Due to other funds
Balance at December 31, 1974:
Accounts payable
Accrued payroll
Due to other funds
Payment to fiscal agent:
Principal
Interest
Interest paid Liquor Dispensary Fund
$ 1,475.72
616.34
11.388.95
$ 977.49
1,899.20
8,575.00
$231,570.80
$17,154.00
$ 60,196.52
1,378.87 189532.87
3,665.00 253,768.67
$313,965.19
$13,481.01
11,451.69
$35,000.00
$181,612.00
18,033.50
570.70
2,029.32
19,900.00 54,900.00
8,575.00 265,720.52
Balance at December 31, 1974 $ 48,244.67
-44-
GOLF COURSE FUND
STATEMENT OF INCOME AND EXPENSES
CITY.OF EDINA
Year Ended December 31, 1974
Revenue:
Membership fees
Green fees:
Regular course
Short course
Rental of golf cars, carts and clubs
Locker rental
Other
Operating expenses:
Administration:
Salaries and wages:
Manager
Pro
Rangers and starters
Cashier, clerical and other
Audit
Printing
Supplies
Insurance and alarm system
Retirement, insurance, office
supplies, etc.
Mileage, school and handicap service
Other
Building - clubhouse -and pro shop:
Salaries and wages
Utilities:
Telephone
Water and sewer
Fuel
Light and power
Laundry and rubbish hauling
Less amount charged to grill
Repairs and maintenance
Insurance
Supplies
Other
Maintenance of course and grounds:
Salaries and wages:
Superintendent
Maintenance
$148,670.00
30,995.00
$ 12,280.00
3,000.00
5,995.00
6,369.00
$ 27,644.00
950.00
1,280.00
1,030.00
612.00
12,600.00
608.00
248.00
$ 44,972.00
$12,690.00
53,564.00
$66,254.00
$ 23,645.00
179,665.00
24,138.00
998.00
3.124.80
$231,570.80
-45-
$12,417.00
$ 1,286.00
125.00
849.00
6,994.00
756.00
$10,010.00
3,003.00
7,007.00
2,484.00
447.00
1,539.00
242.00 24,136.00
$12,690.00
53,564.00
$66,254.00
$ 23,645.00
179,665.00
24,138.00
998.00
3.124.80
$231,570.80
-45-
GOLF COURSE FUND
STATEMENT OF INCOME AND EXPENSES ( Cont'd)
Operating expenses (cont'd):
Maintenance of course and grounds (cont'd):
Telephone
$ 398.00
Light and power
588.00
Fuel
2,126.00
Fertilizer and chemicals
6,966.00
Sand, gravel and rock
2,625.00
Blacktop and asphalt
922.00
Sod, tree replacement, etc.
1,781.00
Lumber
1,238.00
Repair
4,827.00
Supplies
4,861.00
Equipment operation
15,540.00
Other -
4,378.00 $112,504.00 $181,612.00
$ 49,958.80
Income on investments $ 3,665.00
Net income - operating departments -
see separate schedule 17,154.00 20,819.00
INCOME BEFORE INTEREST AND DEPRECIATION $ 70,777.80
Interest expense:
On bonds $ 19,900.00
On loan from Liquor Dispensary Fund 8,575.00 28,475.00
INCOME BEFORE DEPRECIATION $ 42,302.80
Provision for depreciation 1 9,565.00
NET INCOME $ 32,737.80
-46-
GOLF COURSE FUND
STATEMENT OF INCOME AND EXPENSE - OPERATING DEPARTMENTS
CITY OF EDINA
Year Ended December 31, 1974
Driving range:
Revenue
Less operating expenses:
Salaries and wages
Replacement balls
Supplies
Provision for depreciation
Grill:
Sales:
Food
Beer
Other
Less cost of goods sold:
Food
Beer
Less operating expenses:
Salaries and wages:
Cooks, waiters and waitresses
Supplies
Repairs and maintenance
Expenses - prorated
Provision for depreciation
$27,811.00
$ 8,728.00
3,655.00
674.00
345.00 13,402.00
$37,290.00
14,857.00
491.00
$52,638.00
$20,604.00
4,387.00 24,991.00
$27,647.00
$14,409.00
$18,870.00
499.00
1,496.00
3,003.00
1,034.00 243902.00 2,745.00
NET INCOME $17,154.00
-47-
GOLF COURSE FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
CITY OF EDINA
Year Ended December 31, 1974
SOURCE OF FUNDS
Operations:
Net income for the year
Item not requiring current outlay of funds:
Depreciation
Decrease in working capital
APPLICATION OF FUNDS
Additions to fixed assets
Current maturities of long -term debt
Various elements of net decrease in working
capital:
Cash
Prepaid insurance
Accounts payable
Accrued payroll
Due to other funds
$32,737.80
10,943.87
TOTAL FROM OPERATIONS $43,681.67
9,351.83
TOTAL $53,033.50
$18,033.50
35.000.00
TOTAL $53,033.50
Increase
(Decrease)
($11,951.85)
570.70
498.23
( 1,282.86)
2,813.95
TOTAL ($ 9,351.83)
-48-
GOLF COURSE FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1974
ASSETS
Golf course
Buildings:
Club house
Maintenance building
Range building
Well
Parking lot and roadways
Equipment:
Golf course
Club house
Pro shop
Range
Concession
ALLOWANCES FOR DEPRECIATION
Golf course equipment
Club house equipment
Pro shop equipment
Range equipment
Concession equipment
NET BALANCE
Balance
January 1,
1974
$ 726,414.02
$ 196,075.92
6,491.92
2,212.64
$ 204,780.48
15,018.15
9,627.32
$ 73,484.99
8,805.91
5,159.79
6,160.93
10,341.53
$ 103,953.15
$1,059,793.12
$ 41,918.62
6,563.45
3,220.76
5,776.02
8,552.92
$ 66,031.77
$ 993,761.35
Balance
.December 31,
Additions 1974
$18,033.50
$18,033.50
$18,033.50
$ 8,250.15
798.98
515.99
344.59
1.034.16
$10,943.87
$ 7,089.63
$ 726,414.02
$ 196,075.92
6,491.92
2.212.64
$ 204,780.48
15,018.15
9,627.32
$ 91,518.49
8,805.91
5,159.79
6,160.93
10.341.53
$ 121,986.65
$1,077,826.62
$ 50,168.77
7,362.43
3,736.75
6,120.61
9.587.08
$ 76,975.64
$1,000,850.98
-49-
GOLF COURSE FUND
BONDS PAYABLE
CITY OF EDINA
December 31, 1974
Annual maturities and interest dates December 1
and June 1
Interest rates 3.2% to 3.5%
Year
1975
$ 35,000.00
1976
35,000.00
1977
40,000.00
1978
40,000.00
1979
40,000.00
1980
40,000.00
1981
40,000.00
1982
40,000.00
1983
50,000.00
1984 50,000.00
1985 50,000.00
1986 50,000.00
1987 50,000.00
TOTAL $560,000.00
-50-
RECREATION CENTER FUND
BALANCE SHEET
CURRENT ASSETS
Cash:
On deposit.(overdrawn)
Working fund
Accounts receivable
Due from other funds
Merchandise inventory - at cost
Prepaid insurance
FIXED ASSETS - on the basis of cost
Land improvements
Buildings
Furniture and equipment
Less allowances for depreciation
CURRENT LIABILITIES
Accounts payable
Accrued payroll
Accrued interest
Due to other funds
Deferred income
CITY OF EDINA
December 31, 1974
ASSETS
($172,529.93)
700.00 ($171,829.93)
24,251.34
12,000.00
544.52
1,810.72
TOTAL CURRENT ASSETS ($133,223.35)
$ 39,160.06
883,595.87
$ 45,686.07
30,642.89 15,043.18 937,799.11
LIABILITIES AND SURPLUS
Current maturities of bonds payable
LONG -TERM DEBT
Bonds payable
Less current maturities - shown above
Loan from Permanent Improvement Revolving
Fund
Loan from Liquor Dispensary Fund
SURPLUS
Invested in fixed assets:
Direct
Contributed
Appropriated for debt service
Unappropriated (deficit)
$804,575.76
$ 10,188.70
2,888.20
4,388.35
10,200.00
3,158.00
$ 30,823.25
40,000.00
TOTAL CURRENT LIABILITIES $ 70,823.25
$365,000.00
40,000.00 325,000.00
100,000.00
170,000.00
$302,249.11
550.00 $302,799.11
36,500.00
( 200,546.60) 138,752.51
$804,575.76
-51-
RECREATION CENTER FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1974
-52-
A p p r_o
p r i a t e
d
Invested In
Fixed Assets
Contri-
For Debt
Unappropriated
Direct
buted
Service
Total
Balance (deficit) at
January 1, 1974
($160,549.72)
$265,598.58
$1,650.00
$36,500.00
$303,748.58
Deductions:
Net loss for year
4,446.35
,($164,996.07)
$265,598.58
$1,650.00
$36,500.00
$303,748.58
Transfers in (out):
Payment of bonds
( ..,.40,000.00)
40,000.00
40,000.00
Provision for depre-
ciation
4,449.47
( 3,349.47)
( 1,100.00)
( 4,449.47)
Balance (deficit) at
December 31, 1974
($200,546.00�,
$302,249.11
$ 550.00
$36,500.00
$339,299.11
-52-
RECREATION CENTER FUND
ANALYSIS OF CHANGE IN CASH BALANCE
CITY OF EDINA
Year Ended December 31, 1974
Balance (overdrawn) at January 1,
197+
($129,863.73)
Additions:
Decrease in inventory
$ 46.79
Decrease in accounts receivable
9.04
Decrease in working fund
300.00
Increase in liabilities:
Balance at December 31, 1974:
Accounts payable
$ 10,188.70
Accrued payroll
2,888.20
Accrued interest
4,388.35
Due to other funds
280,200.00
$297,665.25
Balance at January 1, 1974:
Accounts payable
$ 9,618.45
.
Accrued payroll
2,060.65
Accrued interest
4,896.68
Due to other funds
280,200.00
296,775.78
889.47
Provision for depreciation not
requiring cash
$ 4,449.47
Less excess of expenses over
revenue - see separate schedule
4,446.35
3.12
1,248.42
($128,615.31)
Deductions:
Increase in prepaid insurance
$ 756.62
Payment of bonds
40 000.00
Decrease in deferred income
3,158.00
43,914.62
Balance (overdrawn) at December 31, 1974
($172,529.93)
-53-
RECREATION CENTER FUND
STATEMENT OF INCOME AND EXPENSE
CITY OF EDINA
Year Ended December 31, 1974
Revenues:
Season tickets
Daily skating fees
Spectator fees
Ice rental
Skate sharpening and repair
Other
Concession income (includes vending commision)
Less operating expenses:
Cost of food sold
Salaries and wages
Operating expenses:
Salaries and wages:
Manager
Supervision and clerical
Police
Cashiers and ticket takers
Ice guards
Custodian
Maintenance
Organist
Other expenses:
Light and power
Fuel and heat
Central services
Equipment maintenance
Mileage and conference expense
Telephone
Printing
Supplies
Lumber and paint
$ 4,615.00
2,591.00
$14,175.00
2,621.00
1,217.00
14,745.00
2,989.00
21,097.00
25,068.00
870.00
$20,930.00
21,489.00
13,440.00
6,973.00
759.00
1,200.00
822.00
10,820.00
1,807.00
$14,062.00
7,206.00
$82,782.00
$ 31,252.00
5,722.00
12,110.00
126,228.00
6,264.00
309.00
6,856.00
$188,741.00
Audit
900.00
Insurance
1,695.00
Rubbish hauling
800.00
Other
719.35
82,354.35
165,136.35
INCOME BEFORE INTEREST AND
DEPRECIATION
$ 23,604.65
Interest expense:
On bonds
$ 13,402.00
On loan from Liquor Dispensary
Fund
10,200.00
23,602.00
INCOME BEFORE
DEPRECIATION
$ 2.65
Provision for depreciation
4,449.00
NET LOSS $ 4,446.35
-54-
RECREATION CENTER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
CITY OF EDINA
Year Ended December 31, 1974
SOURCE OF FUNDS
Operations:
Net loss for the year
Item not requiring current outlay of funds:
Depreciation
Decrease in working capital
APPLICATION OF FUNDS
Current maturities of long -term debt
Decrease in deferred income
Various elements of net decrease
in working capital:
Cash
Accounts receivable
Merchandise inventory
Prepaid insurance
Accounts payable
Accrued payroll
Accrued interest
($ 4,446.35)
4,449.47
TOTAL FROM OPERATIONS $ 3.12
43,154.88
TOTAL $43,158.00
$40,000.00
3,158.00
TOTAL $43,158.00
Increase
(Decrease)
($42,966.20)
( 9.04)
( 46.79)
756.62
( 570.25)
( 827.55.)
508.33
TOTAL ($43,154.88)
-55-
RECREATION CENTER FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1974
ASSETS
Land improvements
Buildings
Furniture and equipment
ALLOWANCES FOR DEPRECIATION
Furniture and equipment
Balance
January 1,
1974
$ 39,160.06
883,595.87
45,686.07
$968,442.00
Balance
December 31,
Additions 1974
$ 39,160.06
883,595.87
45,686.07
$ - $968,442.00
26,193.42 4,449.47 30,642.89
NET BALANCE $942,248.58 ($4,449.47) $937,799.11
-56-
Annual maturities.and
interest dates
Interest rate
Year
1975
1976
1977
1978
1979
1980
1981
1982
RECREATION CENTER FUND
BONDS PAYABLE
CITY OF EDINA
December 31, 1974
TOTAL
March 1 and
September 1
3.1% to 3.3%
Series A
$ 20,000.00
20,000.00
20,000.00
30,000.00
30,000.00
30,000.00
30,000.00
30,000.00
$210,000.00
March 1 and
September 1
3%
$ 10,000.00
10,000.00
10,000.00
15,000.00
15,000.00
15,000.00
15,000.00
15,000.00
$105,000.00
February l
and August 1
5%
Series C
$10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
$50,000.00
$ 400000.00
40,000.00
40,000.00
55,000.00
55,000.00
45,000.00
45,000.00
45,000.00
$365,000.00
-57-
ASSETS
CURRENT ASSETS
Cash on deposit (overdrawn)
Supply inventory
Prepaid insurance
Due from other funds
FIXED ASSETS - on the basis of cost:
Land improvements
Building
Furniture and equipment.
Less allowances for depreciation.'
LIABILITIES AND-SURPLUS
CURRENT LIABILITIES
Accounts payable
Accrued payroll
SURPLUS
Invested in .fixed assets:
Direct
Contributed:
Property donated by others
Unappropriated (deficit)
GUN RANGE FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1974
($28,239.02)
250.00
52.98
2,042.00
TOTAL CURRENT ASSETS ($25,894.04)
$ 8,074.57
47,531.90
$863.16
372.80 490.36 56,096.83 .
$30,202.79
$ 238.56
132.50
TOTAL CURRENT LIABILITIES $ 371.06
$11,096.83
45,000.00 56,096.83
( 26,265.10)
$30,202.79
-58-
GUN RANGE FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1974
Balance (deficit) at January 1, 1974
Deductions:
Unappro- Invested in Fixed Assets
priated Direct
($22,302.71) $ 9,321.43
Contributed
$45,000.00
Net loss for year 2,186.99
Transfers in (out):
Fixed assets purchased ( 1,834.00) 1,834.00
Provision for depreciation 58.60 ( 58.60)
Balance (deficit) at December 31, 1974 ($26,265.10) '$11,096.83 $45,000.00
-59-
GUN RANGE FUND
STATEMENT OF INCOME AND EXPENSE
Revenue:
Range fees:
Rifle
Pistol
Trap
Firearm safety instruction
Sale of ammunition
Concessions
Other
Operating expenses:
Salaries and wages:
Supervision and clerical
Maintenance
Light and power
Telephone
Insurance
Supplies
Concession commodities
Ammunition and targets
Other
Provision for depreciation
CITY OF EDINA
Year Ended December 31, 1974
$1,711.00
1,776.00
1,953.00
171.00
$5,611.00
1,518.00
513.00
117.01
$7,759.01
$4,407.00
223.00 $4,630.00
1,522.00
181.00
57.00
520.00
418.00
2,528.00
31.00
9,887.00
LOSS BEFORE DEPRECIATION
$2,127.99
59.00
NET LOSS
$2,186.99
-60-
GUN RANGE FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
CITY OF EDINA
Year Ended December 31, 1974
SOURCE 'OF FUNDS
Operations:
Net loss for the year
Item not requiring current outlay of funds:
Depreciation
Decrease in working capital
APPLICATION OF FUNDS .
Additions to fixed assets
Various elements of net decrease
in working capital:
Cash
Prepaid insurance
Due from other funds
Accounts payable
Accrued payroll
Due to other funds
($2,186.99)
58.60
TOTAL USED IN OPERATIONS ($2,128.39)
3,962.39
TOTAL $1,834.00
$1,834.00
TOTAL $1,834.00
Increase
(Decrease)
($6,779.84)
22.98
1,566.00
86.74
( 35.00)
1,176.73
TOTAL ($3,962.39)
-61-
GUN RANGE FUND
ANALYSIS OF CHANGE IN CASH BALANCE
CITY OF EDINA
Year Ended December 31, 1974
Balance (overdrawn) at January 1, 1974 ($21,459.18)
Additions:
Revenue - see separate schedule
7,759.01
($13,700.17)
Deductions:
Expenses for the year - see separate
schedule
$9,946.00
Less provision for depreciation not
requiring cash
58.60
$9,887.40
Increase in prepaid insurance
22.98
Increase in due from other funds
1,566.00
Fixed assets purchased
1,834.00
Decrease in amounts payable:
Balance at January 1, 1974:
Accounts payable
$ 325.30
Accrued payroll
97.50
Due to other funds
1,176.73
$1,599.53
Balance at December 31, 1974:
Accounts payable
$. 238.56
Accrued payroll
132.50
371.06
1,228.47 14,538.85
Balance (overdrawn) at December 31, 1974 ($28,239.02)
-62-
GUN RANGE FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1974
ASSETS.
Land improvements
Building
Furniture and equipment
Construction in progress
ALLOWANCES FOR DEPRECIATION
Furniture and equipment
NET BALANCE
Balance
January 1,
1974
$ 4,475.00
46,720.90
863.16
$52,059.06
2,576.57
$54,635.63
Additions Transfers
$3,599.57
$ 811.00
$ 811.00 $3,599.57
1,023.00 ( 3,599.57)
$1,834.00 $ - ,
Balance
December 31,
1974
$ 8,074.57
47,531.90
863.16
$56,469.63
314.20 58.60 372.80
$54,321.43 $1,775.40 $ - $56,096.83
PARK SINKING FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1974
ASSETS
Cash:
Demand deposits $ 65 813.44
Time deposits 100,000.00 $165,813.44
Receivables:
Taxes receivable - current and delinquent $ 18,143.20
Taxes receivable - deferred 258,000.00
$276,143.20
Less allowance for delinquent and
uncollectible taxes 18,693.20 257,450.00
$423,263.44
LIABILITIES, RESERVES AND SURPLUS
Amount payable during 1975:
Interest $ 12,380.00
Bonds 50,000.00 $ 62,380.00
Bonds payable $340,000.00
Less current portion : shown above 50,000.00 290,000.00
Reserve for future interest $ 47,285.00
Less current portion - shown above 12,380.00 34,905.00
Unappropriated surplus 35,978.44
$423,263.44
-64-
PARK SINKING FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1974
Balance at January 1, 1974
Additions:
Income on investments
Transfers:
Reserve for future interest
Reserve-for uncollectible taxes
Deductions:
Allowance for delinquent taxes
Payment to fiscal agents:
Interest
Service charge
Amount of 1974 tax levy cancelled by
City Council
$14,230.00
10,620.00
$14,230.00
181.00
$10,011.98
24,850.00
$ 8,893.15
14,411.00
$ 84,420.61
34,861.98
$119,282.59
60,000.00 83,304.15
Balance at December 31, 1974 $ 35,978.44
-65-
PARK SINKING FUND
ANALYSIS OF CHANGE IN CASH BALANCE
CITY OF EDINA
Year Ended December 31, 1974
Balance at January 1, 1974
Additions:
Tax settlements received from county:
February 1974
April 1974
July 1974
December 1974
Income on investments
Sale of investments
Deductions:
Payment to fiscal agents:
Principal
Interest
Service charges
$ 1,176.41
1,077.21
34,022.07
33,851.16 $70,126.85
10,011.98
25,000.00
$50,000.00
14,230.00
iu1 nn
Balance at December 31, 1974
$125,085.61
105,138.83
$230,224.44
64,411.00
$165,813.44
-66-
PARK SINKING FUND
BOND AND INTEREST MATURITIES AND DEFERRED TAX LEVIES
CITY OF EDINA
Year Ended December 31, 1974
Annual maturities and interest dates
Interest rates
Year Bonds
1976 r 40,000.00
1977 50,000.00
1978 50,000.00
1979 50,000.00
1980 50,000.00
1981 50,000.00
TOTAL $290,000.00
Deficiency
(Excess)
of Deferred
Levies Over
Bond and
Interest
March 1,
June 1,
September 1,
and
December 1,
2.9% to 3.9%
Deferred
$10,530.00
($12,470.00)
$.63,000.00
8,775.00
( 5,225.00)
64,000.00
6,825.00
( 8,175.00)
65,000.00
4,875.00
( 11,125.00)
66,000.00
2,925.00
52,925.00
975.00
50.975.00
$34,905.00 $66,905.00 $258,000.00
-67-
Cash on deposit (overdrawn)
Donation receivable
Due from other funds
Fixed assets at cost:
Land.
Construction in progress
PARK CONSTRUCTION FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1974
ASSETS
LIABILITIES, RESERVE AND SURPLUS
Trade accounts payable
Reserve for construction (deficit)
Surplus:
Invested in fixed assets:
Direct
Contributed
$ 859,017.94
808,829.08
$1,617,847.02
50,000.00
($ 114,924.74)
24,500.00
22,618.44
1,667,847.02
$1,600,040.72
$ 28,789.82
( 96,596.12)
1,667,847.02
$1,600,040.72
-68-
PARK CONSTRUCTION FUND
ANALYSIS OF RESERVE FOR CONSTRUCTION
CITY OF EDINA
Year Ended December 31, "1974
Balance (deficit) at January 1, 1974
Additions:
Transfer from Liquor Dispensary Fund
Transfer from General Fund
State grant - Summer Youth Program
State grant - Natural Resources Administration
Federal grant - Department of Housing and
Urban Development
Other
Deductions:
Purchase of land and fixed assets
($105,193.46)
$80,000.00
35,000.00
$ 7,809.75
20,000.00 27,809.75
.17,891.32
1,663.75 162,364.82
$ 57,171.36
153,767.48
Balance (deficit) at December 31, 1974 ($ 96,596.12)
-69-
PARK CONSTRUCTION FUND
ANALYSIS OF CHANGE IN CASH BALANCE
CITY OF EDINA
Year Ended December 31, 1974
Balance (overdrawn) at January 1, 1974
Additions:
Transfer from Liquor Dispensary Fund
Transfer from General Fund
Donation for Brian Wippermann Gun Safety
Range
State grant - Summer Youth Program
State grant - Natural Resources Administration
Federal Grant - Department of Housing and
Urban Development
Other
Deductions:
Increase in due from other funds
Decrease in liabilities:
Balance at January 1, 1974:
Accounts payable
Due to other funds
Balance at December 31, 1974:
Accounts payable
Purchase of land
Purchase of fixed assets
($ 54,445.95)
$ 80,000.00
35,000.00
4,500.00
$ 7,809.75
20,000.00 27,809.75
17,891.32
1,663.75 166,864.82
$112,418.87
$ 18,627.76
$ 6,125.95
77,612.24
$83,738.19
28,789.82 54,948.37
1,641.94
152,125.54 227,343.61
Balance (overdrawn) at December 31, 1974 ($11431924.74)
7n-
PARK CONSTRUCTION FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1974
$ 656,703.54 $152,125.54 $ 808,829.08
TOTAL $1,514,079.54 $153,767.48 $1,667,847.02
-71-
Balance
Balanee
January 1,
December 31,
1974
Additions
1974
Land:
Braemer Park
$ 266,888.85
$ 266,888.85
Pamela Park
2,440.00
2,440.00
Division Park
438.27
438.27
Bredesen Park
506,021.47
$ 1,126.62
507,148.09
Cornelia Park
28,286.36
28,286.36
Morton Arneson Park
2,551.05
2,551.05
Parkbury Estate
50,750.00
515.32
51,265.32
$ 857,376.00
$ 1,641.94
$ 859,017.94
Construction in progress:
Pamela Park
$ 255,283.85
$ 3,049.20
$ 258,333.05
Braemer Park
85,985.89
1,209.25
87,195.14
Bredesen Park
18,012.08
28,759.23
46,771.31
Historical site
63,088.40
20,564.20
83,652.60
Weber Park
2,892,67
2,545.77
5,438.44
Beard Park
11,344.29
360.75
11,705.04
Heights Park
2,953.24
204.55
3,157.79
Walnut Ridge Park
21,539.81
18,059.79
39,599.60
Cornelia School Park
2,752.74
2,752.74
Garden Park
7,913.11
7,913.11
Braemer Sports Complex
102,889.98
450.00
103,339.98
Creek Valley School Park
14,023.73
5,624.67
19,648.40
Highland Park
6,887.25
53.01
6,940.26
Gun Range
20.19
382.35
402.54
Nine Mile Creek
2,263.20
2,263.20
Alden Park
937.67
937.67
Division Park
4,093.81
19,004.24
23,098.05
Countryside Park
7,951.74
15,726.20
23,677.94
Cornelia Park
18,687.88
1,178.59
19,866.47
Lake Edina Park
3,117.23
14,312.33
17,429.56
Chowen Park
472.65
2,851.31
3,323.96
Sherwood Park
349.14
349.14
Braemer Arena and Pavilion
14,798.76
14,798.76
Arden Park
5,541.50
5,643.75
11,185.25
Tingdale Park
187.20
187.20
Hyde Park
246.84
246.84
Arneson Acres
785.00
785.00
Normandale Park
1,063.50
101.01
1,164.51
44th Street Property
600.00
8,140.34
8,740.34
Yorktown Park
20.19
20.19
Swimming Pool
-
3,905.00
3,905.00
$ 656,703.54 $152,125.54 $ 808,829.08
TOTAL $1,514,079.54 $153,767.48 $1,667,847.02
-71-
IMPROVEMENT FUNDS
COMBINED BALANCE SHEET
CITY OF EDINA
December 31, 1974
Total
Eliminations
Construction
ASSETS
Cash (overdrawn):
Demand deposits
($
147,250.93)
($1,405,125.68)
Time deposits
200,000.00
$
52,749.07
$ -
($1,405,125.68)
Investments
1,991,150.00
Receivables:
Special assessments:
Current - certified in 1974 -
collectible in 1975
$
1,354,883.84
Delinquent
522,234.50
Deferred
5,151,502.25
Assessments receivable - City share of
projects - deferred
211,753.95
$
7,240,374.54
$ -
$ -
Less allowance for delinquent and
uncollectible taxes
842,009.47
$
6,398,365.07
$ -
$ -
Due from other funds
331,146.95
131,059.35
Due from Construction Fund for advances
-
914,988.00
Construction in progress:
Current
2,671,861.35
2,671,861.35
Deferred
153,414.38
153,414.38
Unallocated construction cost
167,982.31
12,316.45
$11,766,669.13
$914,988.00
$1,563,525.85
LIABILITIES, RESERVE AND SURPLUS
Accounts payable
$
2,027.69
Accrued interest
26,098.51
Due to Hennepin County
6,677.60
Due to other funds
326,242.22
-$ 322,407.32
Construction contracts payable
153,414.38
153,414.38
Advance from Improvement Funds
-
$914,988.00
914,988.00
Bonds payable
7,670,000.00
Construction deposits
132,098.74
132,098.74
Reserve for assessment adjustments
121,455.46
Reserve for construction
40,617.41
40,617.41 .
Unappropriated surplus (deficit)
3,288,037.12
$11,766,669.13
$914,988.00
$1,563,525.85
Municipal
Permanent Sanitary Improvement State -Aid Advance
Improvement Sewer Bond Street Funding
Revolving No. 53 Redemption Bonds Highway Bond
$102,126.69 $ 703.60 $ 618,271.99 ($423.82) $ 537,196.29
200,000.00
$102,126.69 $ 703.60 $ 818,271.99 ($423.82) $ 537,196.29
759000.00 40,000.00 448,000.00 1,428,150.00
$ 4,118.42
$1,350,765.42
339501.61 $ 8,143.28
480,589.61
477.81
5,151,024.44
211,753.95
$ 38,097.84 $ 8,143.28
$7,194,133.42 $ -
33,731.43 8,143.28
800,134.76
$ 4,366.41 $ -
$6,393,998.66 $ -
200,087.60
914,988.00
155,665.86
$381,580.70 $40,703.60 $8,730,924.51 ($423.82) $1,965,346.29
$ 2,027.69
26,098.51
6,677.60
$ 3,747.30 1 87.60
5,795,000.00 $1,875,000.00
7,073.06 114,382.40
370,760.34 '$40,703.60 2,786,650.71 ($423.82) 90,346.29
$381,580.70. $40,703.60 $8,730,924.51 ($423.82) $1,965,346.29
-72-
IMPROVEMENT FUNDS
STATEMENT OF SURPLUS - UNAPPROPRIATED
CITY OF EDINA
Year Ended December 31, 1974
Balance (deficit) at January 1, 1974
Additions:
Interest spread on assessments for
collection in 1975
Income on investments
Capitalized interest
Other
Deductions:
Interest on bonds
Bank service charges
Cancellation and adjustments
Transfer to General Fund
Change in reserve for delinquent taxes
Balance (overdrawn) at December 31, 1974
Total
$3,175,985.43
$ 322,852.63
182,570.81
50,716.39
1,240.00
$ 557,379.83
$ 404,320.18
2,087.79
450.00
31,000.00
$ 437,857.97
$3,295,507.29
7,470117)
$3,288,037.12
Permanent
Improvement
Revolving
$399,908.96
$ 211.85
2,421.99
$ 2,633.84
$ 450.00
31,000.00
$ 31,450.00
$371,092.80
( 332.46)
$370,760.34
Sanitary
Sewer
No. 53
$36,831.72
$ 2,625.00
1,240.00
$ 3,865.00
$ 620.00
66.00
$ 686.00
$40,010.72
692.88
$40,703.60
Improvement
Bond
Redemption
$2,655,106.26
$ 322,640.78
49,811.71
50,716.39
$ 423,168.88
$ 282,450.18
1,343.66
$ 283,793.84
$2,794,481.30
( 7,830.59)
$2,786,650.71
Municipal
State -Aid
Street
Bonds
($423.82)
($423.82)
Advance
Funding
Highway
Bonds
$ 84,562.31
$127,712.11
$121,250.00
678.13
$ 90,346.29
($423.82) $ 90,346.29
-73-
IMPROVEMENT FUNDS
ANALYSIS OF CHANGE IN CASH BALANCE
CITY OF EDINA
Year Ended December 31, 1974
Balance (overdrawn) at
January 1, 1974
Additions:
Collections on special
assessments:
By County Auditor
By City
Sale of investments and
interest thereon
Advance from Improvement Bond
Redemption Fund
Payment received on connection charges
Construction deposits received
Payment received from Minnesota
State -Aid Fund
Collection received on account
at December 31, 1973
Payment received for another
fund
Advance from Waterworks Fund
Other
Deductions:
Construction costs charged
to others:
General Fund
$ 346,667.88
Permanent Improvement
Revolving Fund
3,015.00
Park Fund
2,284.69
Improvement Bond Redemption
Fund
772,968.71
Sewer Rental Fund
6,905.80
Waterworks Fund
41,755.12
Hennepin County
95,023.61
$1,268,620.81
Less payments received
365,564.11
$ 903,056.70
Increase in construction in
progress:
Balance at December 31, 1974:
Current construction $2,671,861.35
Deferred construction 153,414.38
Unallocated 12,316.45 $2,837,592.18
Combined
$1,183,011.46
$1,337,177.26
242,307.09
1,452,392.70
500,000.00
8,345.85
536.26
337,141.16
235,366.82
6,763.27
100,000.00
1,240.00
$4,221,270.41
$ 3,583.66 $ 692.88 $1,332,900.72
320.90 241,986.19
117,421.99 37,625.00 777,811.71
$ 500,000.00
8,345.85
536.26
87,141.16 $250,000.00
231,007.85 54.75 4,304.22
6,675.67 87.60
100,000.00
1,240.00
$ 925,360.94 $121,381.30 $39,557.88 $2,365,436.29 $250,000.00
$ 519,534.00
$ 519,534.00
-74-
Municipal
Advance
Permanent
Sanitary
Improvement
State -Aid
Funding
Improvement
Sewer
Bond
Street
Highway
Construction Revolving
No. 53
Redemption
Bonds
Bonds
($1,093,881.16) $ 17,395.18
$ 1,831.72
$ 723,527.23
($ 423.82)
$1,534,562.31
$ 3,583.66 $ 692.88 $1,332,900.72
320.90 241,986.19
117,421.99 37,625.00 777,811.71
$ 500,000.00
8,345.85
536.26
87,141.16 $250,000.00
231,007.85 54.75 4,304.22
6,675.67 87.60
100,000.00
1,240.00
$ 925,360.94 $121,381.30 $39,557.88 $2,365,436.29 $250,000.00
$ 519,534.00
$ 519,534.00
-74-
IMPROVEMENT FUNDS
ANALYSIS OF CHANGE IN CASH BALANCE ( Cont'd)
Deductions (cont'd):
Increase in construction in
progress (cont'd):
Balance at January 1, 1974:
Current construction $2,380,361.78
Deferred construction 127,149.42
Unallocated 1,699.25
Increase in contract payable:
Balance at December 31,
1974 $ 153,414.38
Balance at January 1, 1974 127,149.42
Less amount due General Fund
for construction costs
Payment to other funds
accrued at December 31,
1973
Investments purchased
Payment to County Finance
Department for bookkeeping
charges
Transfer to Construction
Fund
Bond redeemed
Interest on bonds
Bank service charges
Refunds and adjustments
Payment made for another
fund
Transfer to General Fund
Combined
$2,509,210.45
$ 328,381.73
26,264.96
$ 302,116.77
115,731.65 $ 186,385.12 $1,089,441.82
151,446.82
1,004,971.89
833.70
500,000.00
2,160,000.00
409,214.50
2,087.79
1,564.92
971.36
31,000.00
$5,351,532.80
Balance (overdrawn) at December 31, 1974 $ ' 529749.07
Municipal Advance
Permanent Sanitary Improvement State -Aid Funding
Improvement Sewer Bond Street Highway
Construction Revolving No. 53 Redemption Bonds Bonds
N
$1,089,441.82
146,192.28 $ 5,199.79
$40,000.00
620.00
66.00
450.00
$ 54.75
235,000.00
833.70
500,000.00
1,245,000.00
287,344.50
1,343.66
1,114.92
$250,000.00
$ 769,971.89
625,000.00
121,250.00
678.13
971.36
31,000.00
$1,236,605.46 $ 36,649.79 $40,686.00 $2,270,691.53 $250,000.00 $1,516,900.02
($1,405,125.68) $10Y,126.69 $ 703.60 $ 818,271.99 ($ 423.82). $ 537,196.29
-75-
IMPROVEMENT FUNDS
BONDS PAYABLE
CITY OF EDINA
December 31, 1974
-76-
Improvement
Advance
Bond
Funding
Year
Total
Redemption
Highway Bonds
Annual maturities
and interest dates
March 1,
January 1
May 1, June 1,
and July 1
September 1,
November 1 and
December 1
Interest rates
2.90% to 5.70%
5.50% to 5.70%
1975
$3,130,000.00
$2,505,000.00
$ 625,000.00
1976
1,730,000.00
1,105,000.00
625,000.00
1977
1,380,000.00
.755,000.00
625,000.00
1978
715,000.00
715,000.00
1979
715,000.00
715,000.00
TOTAL
$7,670,000.00
$5,795,000.00
$1,875,000.00
-76-
CURRENT ASSETS
Cash:
Demand deposits
Time deposits
Appropriated funds
Less amount segregated and shown
below
Investments - at cost and accrued
interest which approximates market:
City of Edina - Waterworks
Revenue Bonds of 1963
Accounts receivable:
From customers
Due from other funds
Amount due from contract for deed
Inventories:
Meters - at cost
Supplies - estimated
Prepaid insurance
OTHER ASSETS
Segregated cash - reserve for debt
retirement
FIXED ASSETS - Note A
Land
'Land improvements
Distribution system
Building and equipment
Less allowances for depreciation
Construction in progress
ASSETS
$ 254,019,01
350,000.00
10,350.00
WATERWORKS
BALANCE
CITY OF
December
$ 614,369.01
70,190.00., $ 544,179.01 ,
$ 109,366.29
114,453.87
6,060.00
$ 6,830.32
1,750.00
TOTAL CURRENT ASSETS
$ 23,084.04
6,564,890.93
2,441,256.43
$9,029,231.40
2,766,784.73
$ 26,556.38
6,262,446.67
97,451.50
23,588.42
229,880.16
8,580.32
3,237.12
$ 809,465.03
70,190.00
6,386,454.55
$7,266,109.58
FUND
SHEET
EDINA
31, 1974
LIABILITIES AND SURPLUS
CURRENT LIABILITIES
Trade accounts payable
Accrued payroll
Accrued interest payable
Due to other funds
Current maturities of bonds payable
LONG -TERM DEBT
Bonds payable - Note B
Less current maturities - shown above
SURPLUS
Invested in fixed assets:
Direct
Revaluation of fixed assets -
Note A
Contributed by special
assessments - Note A
Contributed by General Fund
Appropriated for debt service
Unappropriated
See notes to balance sheet.
TOTAL CURRENT LIABILITIES
$ 310,000.00
60,000.00
$1,376,841.75
21,193.70
4,668,147.43
10,271.67
$6,076,454.55
80,540.00
727,632.33
$ 26,870.26
.1,658.15
1,199.17
41,755.12
$ 71,482.70
60,000.00
$ 131,482.70
250,000.00
6,884,626.88
$7,266,109.58
-77-
WATERWORKS FUND
NOTES TO BALANCE SHEET
CITY OF ED INA
December 31, 1974
Note A - The original utility purchased in 1947 is carried at amounts based on appraisal
at.time of acquisition. Subsequent purchases are carried on the basis of cost.
Watermains for which the benefited property owners have been assessed are car-
ried on the basis of construction cost with contra - credit to surplus contributed
-by special assessments. Each of the aforementioned amounts has been reduced by
the depreciation thereon charged to income, which income has been transferred to
earned surplus.
Note B - The annual maturities, due dates and interest rates of the bonds payable are as
follows:
Bonds of the 1959 issue are subject to redemption and prepayment at the option of
the City on any interest date at a price of par and accrued interest, plus a
premium of $10.00 for each bond redeemed, and in inverse order of their serial
number. Thirty days prior notice must be given to bondholders.
-78-
1959 Issue
1963 Issue
Total
Annual maturities and interest
dates
March 1 and
June 1 and
September 1
December 1
Interest rates
3.50%
.3.20% and
3.30%
Annual amount of maturities:
1975
$40,000.00
$ 20,000.00
$ 60,000.00
1976
50,000.00
50,000.00
1977
50,000.00
50,000.00
1978
50,000.00
50,000.00
1979
50,000,00
50,000.00
1980
50,000.00
50,000.00
TOTAL
$40,000.00
$270,000.00
$310,000.00
Bonds of the 1959 issue are subject to redemption and prepayment at the option of
the City on any interest date at a price of par and accrued interest, plus a
premium of $10.00 for each bond redeemed, and in inverse order of their serial
number. Thirty days prior notice must be given to bondholders.
-78-
WATERWORKS FUND
STATEMENT OF SURPLUS
. CITY OF EDINA
Year Ended December 31, 1974 -
Balance at January 1, 1974
Additions:
Watermains contributed by special assessments
Net income for year
Transfer in (out):
Provision for depreciation
Bonds retired
Additions to fixed assets - net
Increase in appropriation of funds for
reserve for debt retirement
Total
$6,740,340.52
125,067.90
19,218.46
$6,884,626.88
Balance at December 31, 1974 $6,984,626.88
Unappropriated
$637,233.63
19,218.46
$656,452.09
227,264.60
( 55,000.00)
( 96,965.61)
( 4,118.75)
$727,632.33
Appropriated
for Debt
Service
$76,421.25
$76,421.25
4,118.75
$80,540.00
Invested in Fixed Assets
Contributed Contributed Revaluation
by Special By General of Fixed
Direct Assessments Fund Assets
$1,329,476.28 $4,664,734.40 $10,599.28 $21,875.68.
$1,329,476.28
( 104,600.14)
55,000.00
96,965.61
$1,376,841.75
125,067.90
$4,789,802.30 $10,599.28
( 121,654.87)' ( 327.61)
$4,668,147.43
$10,271.67
$21,875.68
( 681.98)
$21,193.70
-79-
WATERWORKS FUND
STATEMENT OF INCOME AND EXPENSE
CITY OF EDINA
Per Cent to
Year Ended December 31 Increase Gross Income
1974 1973 Decrease* 1974 1973
Number of meters in use:
.At end of year 10,589 10,345. 244
At beginning of year 10,345 10,004 341
Operating income:
Sale of meters
$ 23,664.00
$ 25,747.00
$ 2,083.00*
Less cost of meters sold
21,309.00
21,636.00
327.00*
5,453.00
$ 2,355.00
$ 4,111.00
$ 1,756.00*
Water sales
521,375.00
499,784.00
21,591.00
Penalties
9,840.00
9,256.00
584.00
Water connection permits
1,574.00
1,401.00
173.00
Use of hydrants
14,454.00
14,729.00
275.00*
Miscellaneous.
2,557.46
3,155.68
598.22*
129,621,00
$552,155.46
$532,436.68
$19,718.78 100.00% 100.00%
Expenses:
Pumping:
Labor
Power and light
Supplies and repairs
Buildings:
Labor
Fuel and utilities
Supplies
Repairs
Insurance
Water purchased
.Provision for depre-
ciation
Distribution:
$ 13,639.00
75,113.00
5,924.00
5,515.00
5,719.00
1,715.00
194.00
2,358.00
19,293.00
$ 12,914.00
60,705.00
13,597.00
3,032.00
3,253.00
752.00
43.00
1,431.00
19,132.00
$ 725.00
14,408.00
7,673.00*
2,483.00
2,466.00
963.00
151.00
927.00
161.00
37,707.00 37,806.00 99.00*
$167,177.00 .$152,665.00 $14,512.00 30.28% 28.67%
Labor
$ 24,772.00
$ 28,937.00
$ 4,165.00*
Materials
and supplies
9,853.00
5,453.00
4,400.00
Operation
of meters:
Labor
19,304.00
19,342.00
38.00*
Supplies
and expenses
3,465.00
3,191.00
274.00
Provision
for depre-
ciation
129,621,00
126,918.00.
2,703.00
Repairs
6,635.00
62,197.00
552562.00*
$193,650.00
$246,038.00
$52,388.00* 35.07 46.21
Tanks, towers
and reservoir:
Labor
$ 4,117.00
$ 802.00
$ 3,315.00
Power and
lease lines
1,889.00
1,196.00
693.00
Supplies and expenses
1,175.00
102.00
1,073.00
Provision
for depre-
ciation
38,623.00
38,623.00
-
Insurance
2,150.00
2,022.00
128.00
$ 47,954.00
$ 42,745.00
$ 5,209.00 8.68 8.03
Expenses (cont'd):
Water treatment:
Labor
Supplies and expense
Provision for depre-
ciation
Vehicle operations:
Allocated from equip-
ment pool
Provision for depre-
ciation
Administrative and general:
Salaries:
Superintendent
Clerical
Meter reading
Meter reading supplies
Office supplies, postage,
telephone, hospitali-
zation, etc.
Supervision
Provision for depre-
ciation
Professional service
Supplies and expense
Building rental
TOTAL EXPENSES
OPERATING INCOME (LOSS)
Income on investments
Gain on sale of land
Other deductions:
WATERWORKS FUND
STATEMENT OF INCOME AND EXPENSES (Cont'd)
Year Ended December 31 Increase
1974 1973 Decrease*
$ 6,446.00 $ 6,049.00 $ 397.00
21,270.00 15,496.00 5,774.00
19,383.00 19,340.00 43.00
$ 47,099.00 $ 40,885.00 $ 6,214.00
$ 10,140.00 $ 9,600.00 $ 540.00
1,811.00 1,272.00 539.00
$ 11,951.00 $ 10,872.00 $ 1,079.00
$ 17,439.00
6,580.00
14,830.00
20,580.00
4,140.00
$ 14,280.00
4,983.00
13,175.00
96.00
17,340.00
4,140.00
120.00 444.00
7,005.00 6,305.00
1,086.00 1,204:00
960.00 1,020.00
$ 72,740.00 $ 62,987.00
$540,571.00 $556,192.00
$ 11,584.46 ($ 23,755.32)
12,508.00 23,308.00
6,575.00 -
$ 30,667.46 ($ 447.32)
$ 3,159.00
1,597.00
1,655.00
96.00*
3,240.00
324.00*
700.00
118.00*
60.00*
$ 9,753.00
$15,621.00*
$35,339.78
10, 800.00?
6,575.00
$31,114.78
Per Cent to
Gross Income
1974 1973
8.53% 7.68%
2.17 2.04
13.17
11.83
97.90%
104.46%
2.10%
( 4.46%)
2.26
4.38
1.19
5.55% ( .08%)
Interest on bonds $ 11,397.00 $ 13,335.00 $ 1,938.00*.
Fiscal agent service
charge 52.00 76.00 24.00* _
$ 11,449.00 $ 13,411.00 $ 1,962.00* 2.07% 2.52%
NET INCOME (LOSS) $ 19,218.46 ($ 13,858.32) $33,076.78 3.48% ( 2.607,)
Depreciation, computed by
the straight -line method
charged to operations
$227,265.00 $224,403.00 $ 2,862.00
-81-
WATERWORKS FUND
STATEMENT OF CHANGES IN F INANC IAL POSITION
CITY OF EDINA
Year Ended December 31, 1974
SOURCE OF FUNDS
Operations:
Net income for the year $ 19 218.46
Item not requiring current outlay of funds:
Depreciation 227 264.60
TOTAL FROM OPERATIONS $246,483.06
Contribution to fund by special assessments' 125,067.90
TOTAL $371,550.96
APPLICATION OF FUNDS
Additions to fixed assets - net $222,033.51
Current maturities of long -term debt 60,000.00
Increase in working capital 89,517.45
Various elements of net increase -in working
capital:
TOTAL $371,550.96
Increase
(Decrease)
Cash
$ 86,752.67
Investments
( 124,999.94)
Accounts receivable
109,922.74
Inventories
( 9,613.17)
Prepaid insurance
1,595.12
Accounts payable
2,747.54
Accrued payroll
1,120.60
Accrued interest payable
458.33
Due to other funds
26,533.56
Current maturities of long - term debt
( 5,000.00)
TOTAL $ 89,517.45
Note - Working capital herein is defined as the excess of current assets and segregated
cash over current liabilities.
-82-
WATERWORKS FUND
ANALYSIS OF CHANGE IN CASH BALANCE
CITY OF EDINA
Year Ended December 31, 1974
Balance at January 1, 1974
Additions:
Collections on accounts receivable
Collections on amounts due from
other funds
Sale of water meters
Income on investments
Sundry sales and service
Investments sold
Collection on contract receivable
Deductions:
Meters purchased
Investments purchased
Increase in prepaid insurance
Advance to Construction Fund
Fixed assets purchased
Less amount contributed
Payment of sales tax -
Decrease in amount.payable:
Balance at January 1, 1974:
Trade accounts
Accrued payroll
Due to other funds
Balance at December 31, 1974:
Trade accounts
Accrued payroll
Due to other funds
Payment to fiscal agent:
Principal
Interest
Service charge
Refunds
Operating expenses
Less provision for depre-
ciation not requiring
cash
Summary:
Sinking fund
Operating fund
$223,033.51
125,067.90
$ 29,617.80
2,778.75
68,288.68
$100,685.23
$26,870.26
1,658.15
41,755.12 70,283.53
$ 55,000.00
11,855.00
52.00
$540,571.00
$547,129.73
14,728.84
22,311.00
12,508.00
5,312.50
220,910.94
1,515.00
$ 11,696.27
95,911.00
1,595.12
100,000.00
97,965.61
19,695.00
30,401.70
66,907.00
185.64
$ 527,616.34
824,416.01
$1,352,032.35
227,265.00 313,306.00 737,663.34
Balance at December 31, 1974
TOTAL
$ 614,369.01
$ 10,350.00
604,019.01
$ 614,369.01
-83-
WATERWORKS FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1974
Land
Land improvements
Distribution system:
Purchased
Contributed by special assessments
Contributed by General Fund
Building and equipment:
Pumphouses
Wells
Pumps and piping
Tanks, towers and reservoir
Office equipment
Miscellaneous equipment
Water treatment equipment
Automobiles and trucks
Storm sewer
Tools
Construction in progress
A s s e t s
Balance -
January 1,
1974
Additions
$ 27,556.38
22,115.14
$ 968.90
$ 361,034.68
$ 41,755.12
6,020,652.57
125,067.90
16,380.66
$6,398,067.91
$166,823.02
$ 394,023.71
358,930.93
181,798.28
965,579.02
3,453.05
11,918.74
449,585.66
14,058.35
61,558.69
350.00
$2,441,256.43
$ -
$8,888,995.86
$167,791.92
42,209.91
55,241.59
TOTAL $8,931,205.77
$223,.033.51
-84-
Allowances for Depreciation
Balance
Balance
Balance
December 31,
January 1,
December 31,
Deductions
1974
1974
Additions
1974
$1,000.00
$ 26,556.38
$ -
$ -
23,084.04
8,573.19
$ 912.44
9,485.63
$ 402,789.80
$ 143,751.01
$ 7,638.23
$ 151089.24
6,145,720.47
1,355,918.17
121,654.87
1,477,573.04
16,380.66
6,661.38
327.61
6,988.99
$6,564,890.93
$1,506,330.56
$129,620.71
$1,635,951.27
$ 394,023.71
$ 146,081.43
$ 15,756.53
$ 161,837.96
358,930.93
161,804.54
13,710.27
175,514.81
181,798.28
104,898.06
.7,328.15
112,226.21
965,579.02
397,671.07
38,622.53
436,293.60.
3,453.05
3,357.97
34.43
3,392.40
11,918.74
11,653.02
85.89
11,738.91
449,585.66
182,182.99
18,151.54
200,334.53
14,058.35
4,613.87
1,810.94
6,424.81
61,558.69
12,353.43
1,231.17
13,584.60
350.00
-
-
$ -
$2,441,256.43
$1,024,616.38
$ 96,731.45
$1,121,347.83
$1,000.00
$9,055,787.78
$2,539,520.13
$227,264.60
$ 2,766,784.73
97,451.50
-
.$1,000.00
$9,153,239.28
$2,539,520.13
$227,264.60
$2,766,784.73
-84-
SEWER RENTAL FUND
BALANCE SHEET
CITY OF ED INA
December 31, 1974
ASSETS
CURRENT ASSETS
Cash on deposit (overdrawn)
Receivables:
From customers
Assessments receivable
Prepaid inpurance
FIXED ASSETS
Land improvements
Sewer mains and lift stations
Furniture and fixtures
Trucks
Equipment and machinery
Less allowances for depreciation
($ 102,465.17)
$ 120,014.32
530.90 120,545.22
182.00
TOTAL CURRENT ASSETS $ 18,262.05
LIABILITIES AND SURPLUS
CURRENT LIABILITIES
Trade accounts payable
Accrued payroll
Due to other funds.
SURPLUS
Invested in fixed assets:
Direct
Contributed by special assessments
Unappropriated
$ 5,499.03
9,231,688.66
2,161.69
8,883.68
42,947.70
$9,291,180.76
1,398,102.09 7,893,078.67
$7,911,340.72
$ 3,468.52
1,008.80
627.80
TOTAL CURRENT LIABILITIES $ 5,105.12
$ 74,950.78
7,818,127.89
7,893,078.67
13,156.93
$7,911,340.72
-85-
SEWER RENTAL FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1974
Balance (deficit) at January 1, 1974
Additions:
Sewer mains contributed by special
assessments
Deductions:
Net loss for year
Transfers in (out):
Provision for depreciation
Additions to fixed assets
Balance at December 31, 1974
Invested in Fixed Assets
Unappropriated Contributed
Surplus by Special
(Deficit) Direct Assessments
($47,315.47) $77,828.72 $7,844,529.27
-86-
65,294.92
($47,315.47)
$77,828.72
$7,909,824.19
34,101.84
($81,417.31)
$77,828.72
$7,909,824.19
95,060.02
( 3,363.72)
( 91,696.30)
( 485.78)
485.78
$13,156.93
$74,950.78
$7,818,127.89
-86-
SEWER RENTAL FUND
STATEMENT OF INCOME AND EXPENSE
Operating income:
Service charges and penalties
Expenses:
Operating:
Sewer maintenance and treatment
Labor
Supplies
Repairs
Water
Power
Provision for depreciation
Other
Vehicle operation:
Allocated from equipment pool
Provision for depreciation
Administrative and general:
Clerical and supervision
Audit
Supplies, telephone, postage,
hospitalization and retirement
Building rental
Provision for depreciation
Professional services
Legal costs
Other
TOTAL EXPENSES
OPERATING INCOME (LOSS)
Other income:
Miscellaneous
Rental income
NET INCOME (LOSS)
Depreciation computed by the
straight -line method charged
to operations
CITY OF ED INA
Year Ended December 31 Increase
Per Cent to
Gross Income
1974 1973
$674,248.00 $646,445.00 $ 27,803.00 100.0% 100.0%
$481,795.00 $374,748.00 $107,047.00
56,002.00
49,866.00
6,136.00
14,407.00
10,153.00
4,254.00
20,670.00
18,002.00
2,668.00
100.00
300.00
200.00*
9,109.00
8,299.00
810.00
94,260.00
93,873.00
387.00
1,631.00
859.00
772.00
$6771974.00 $556,100.00 $121,874.00 100.6% '186.0%
$ 7,620.00 $ 7,200.00 $ 420.00
766.00 1,452.00 686.00*
$ 8,386.00 $ 8,652.00 $ 266.00* 1.2 1.3
$ 8,795.00 $ 7,845.00 $ 950.00
1,600.00 1,300.00 300.00
13,920.00 102330.00 3,590.00
960.00 900.00 60.00
34.00 35.00 1.00*
4,455.00 4,105.00 350.00
3,319.00 3,319.00*
132.00 132.00
$ 29,896.00 $ 27,834.00 $ 2,062.00 4.4 4.3
$716,256.00 $592,586.00 $123,670.00 106.2% 91.6%
($ 42,008.00) $ 53,859.00 $ 95,867.00*( 6.2 %) 8.4%
$ 28.16 $ 41.92 $ 13.76* /
7,878.00 - 7,878.00
$ 7,906.16 $ 41.92 $ 7,864.24 1.2
($ 34,101.84) $ 53,900.92 $ 88,002.76 *( 5.0 %) 8.4%
$ 95,060.00 $ 95,360.00 $ 300.00*
-87-
SEWER RENTAL FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
CITY OF EDINA
Year Ended December 31, 1974
SOURCE OF FUNDS
Operations:
Net loss for the year
($ 34,101.84)
Item not requiring current outlay of funds:
Depreciation
95,060.02
TOTAL FROM OPERATIONS
$ 60,958.18
Contribution to fund by special assessments
65,294.92
TOTAL
$126,253.10
APPLICATION OF FUNDS
Additions to fixed assets
$ 65,780.70
Increase in working capital
60,472.40
TOTAL
$126,253.10
Various elements of net increase in working capital:
Increase
(Decrease)
Cash
($ 8,093.13)
Accounts receivable
3,295.31
.Prepaid insurance
119.00
Accounts payable
3,058.75
Accrued payroll
662.39
Due to other funds
61,430.08
TOTAL
$ 60,472.40
IM
SEWER RENTAL FUND
ANALYSIS OF CHANGE IN CASH BALANCE
CITY OF EDINA
Year Ended December 31, 1974
Balance (overdrawn) at January 1, 1974
Additions:
Collections on accounts receivable
Tax settlements received
Rental income
Service charges - other local
government
Other
Deductions:
Decrease in liabilities:
Balance at January 1, 1974:
Trade accounts
Accrued payroll
Due to other funds
Balance at December 31, 1974:
Trade accounts
Accrued payroll
Due to other funds
Increase in prepaid insurance
Purchase of fixed assets
Expenses for the year
Less provision for depreciation not
requiring cash
Other 282.63 687,234.63
Balance (overdrawn). at December 31, 1974 ($102,465.17)
$3,468.52
1,008.80
627.80
$667,242.78
342.56
7,878.00
3,650.00
$ 6,527.27
1,671.19
62,057.88
$ 70,256.34
5,105.12 $ 65,151.22
119.00
485.78
$716,256.00
95,060.00 621,196.00
($ 94,372.04)
679,141.50
$584,769.46
-89-
SEWER RENTAL FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1974
Land improvement
Sewer mains and lift station:
Contributed by special assessments
Purchased
Furniture and fixtures
Trucks
Equipment and machinery
A s s e t s
Balance Balance
January 1, December 31,
1974 Additions 1974
$ 5,388.25 $ 110.78 $ 5,499.03
$9,104,335.86 $65,294.92 $9,169,630.78
62,057.88 62,057.88
5x9,166,393.74 $65,294.92 39,231,688.66
2,161.69 2,161.69
8,883.68 8,883.68
42,572.70 375.00 42,947.70
$9,225,400.06 $65,780.70 $9,291,180.76
Allowances for Depreciation
Balance Balance
January 1, December 31,
1974 Additions 1974
$ 2,390.93 $ 215.51 $ 2,606.44
$1,259,806.59 $91,696.30 $1,351,502.89
.620.58 620.58 1,241.16
$1,260,427.17 $92,316.88 $1,352,744.05
2,066.67 34.43 2,101.10
7,916.09 765.64 8,681.73
30,241.21 1,727.56 31,968.77
$1,303,042.07 $95,060.02 $1,3.98,102.09
-90-
LIQUOR DISPENSARY FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1974
CURRENT ASSETS
Cash:
Demand
Deposits in transit
Working funds
Due from other funds
Merchandise inventory - at the lower of
cost (first -in, first -out method) or
market:
Liquor
Wine
Beer
Mix and miscellaneous
Prepaid expenses:
Unexpired insurance
Supply inventory
LOAN TO OTHER FUNDS
Golf Course
Recreation Center Fund (arena)
FIXED ASSETS - on the basis of cost
Land
Land improvements
Buildings
Furniture, fixtures and equipment
Leasehold improvements
ASSETS
$190,081.94
51,679.57 $ 241,761.51
3,500.00
$ 486,419.43
115,946.91
14,152.02
3,754.59
$ 4,855.30
400.00
TOTAL CURRENT ASSETS
$ 23,277.18
455,911.08
145,264.59
3,035.55
$627,488.40
Less allowances for depreciation
and amortization 158,203.40
$469,285.00
Construction in progress 1,000.00
LIABILITIES AND SURPLUS
CURRENT LIABILITIES
Trade accounts payable
Accrued payroll
SURPLUS
Invested in fixed assets
Unappropriated
$ 245,000.00
170,000.00
$ 151,448.85
470,285.00
$ 245,261.51
. 18,775.00
620,272.95
5,255.30
$ 889,564.76
$ 415,000.00
621.733.85
$1,926,298.61
$ 110,925.23
7,264.13
TOTAL CURRENT LIABILITIES $ 118,189.36
$ 621,733.85
1,186,375.40 X1,808,109.25
$1,926,298.61
-91-
LIQUOR DISPENSARY FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1974
Balance at January 1, 1974
Additions:
Net income for year
Deductions:
Transfer to General Fund
Transfer to Park Fund
Transfer to Park Construction Fund
Transfers:
Additions to fixed assets - net
Provision for depreciation and
amortization
Balance at December 31, 1974
( ) Indicates deduction.
Total
Invested in
Available Fixed Assets
$1,548,402.39 $1,012,127.33 $536,275.00
534,706.86
$2,083,109.25
$ 7,817.00
187,183.00
80,000.00
$ 275,000.00
$1,808,109.25
$1,808,109.25
534,706.86
$1,546,834.19 $536,275.06
$ 7,817.00
187,183.00
80,000.00
$ 275,000.00 $ -
$1,271,834.19 $536,275.06
( 11111576.08) 111,576.08
26,117.29 ( 26,117.29)
$1,186,375.40 $621,733.85
-92-
Sales:
Liquor
Wine
Beer
Mix and miscellaneous
Less bottle refund
Cost of sales:
Inventory at January 1
Purchases
Inventory at December 31
LIQUOR DISPENSARY FUND
STATEMENT OF INCOME AND EXPENSE
CITY OF EDINA
NET SALES
GROSS MARGIN
Operating expenses:
Selling
Occupancy
Administrative
TOTAL OPERATING EXPENSES
OPERATING INCOME
Other income:
Cash discount
Cash over or (under)
Other
Income on investments
Year Ended December 31
1 9 7 4
50th Street Yorkdale Grandview
$ 773,165.00
219,038.00
258,045.00
25,832.00
$1,276,080.00
21,125.00
$1,254,955.00
$ 183,230.07
1.028.799.89
$1,212,029.96
191,471.96
$1,020,558.00
$ 234,397.00
$ 73,637.00
13,771.00
28.407.00
$ 115,815.00
$ 118,582.00
5,157.00
133.00
822.19
$ 124,694.19
$1,083,409.00
352,968.00
342,059.00
33,959.00
$1,812,395.00
27,847.00
$1,784,548.00
$ 202,960.12
1.410.375.04
$1,613,335.16
210,403.16
$1,402,932.00
$ 381,616.00
$ 68,934.00
24,942.00
28.481.00
$ 122,357.00
$ 259,259.00
7,254.00
29.00
1,167.50
$. 267,709.50
$ 737,434.00
191,778.00
190,938.00
.25.838.00
$1,145,988.00
20.371.00
$1,125,617.00
$ 165,389.92
965.452.91
$1,130,842,83
'218,397.83
912 445.00
$ 213,172,00
$ 57,973.00
18,781.00
25.068.00
$ 101,822.00
$ 111,350.00
5,188.00
101.00
738.17
$ 117,377.17
NET INCOME
Depreciation and amortization
included in expenses $ 4,531.00 $ 12,862.00 $ 8,724.00
Per Cent to Net Sales
1 9 7 4
1973 Increase 50th York- Grand- 1973
Total Total Decrease* Street dale view Total Total
$2,594,008.00 $2,233,598.00 $360,410.00
763,784.00
641,083.00
122,701.00
791,042.00
586,851.00
204,191.00
85,629.00
71,727.00
13,902.00
$4,234,463.00
$3,533,259.00
$701,204.00
69,343.00
15,018.00
54,325.00
$4,165,120.00
$3,518,241.00
$646,879.00
$ 551,580.11
3,404,627.84
$3,956,207.95
620,272.95
$3,335,935.00
$ 829,185.00
$ 497,766.92
2,898,859.19
$3,396,626.11
551, 580.11
$2,845,046.00
$ 673,195.00
100.00% 100.00% 100.00% 100.00% 100.00%
$ 53,813.19
505,768.65
$559,581.84
68,692.84
$490,889.00 81.32 78.62 81.06 80.09 80.87
$155,990.00 18.68% 21.38% 18.94% , 19.91% 19.13%
$ 200,544.00
$ 158,485.00
$ 42,059.00
5.87%
3.86%
5.15%
4.81%
4.51%.
57,494.00
54,004.00
3,490.00
1.10
1.40
1.67
1.38
1.53
81,956.00
83,629.00
1,673.00*
2.26
1.60
2.23
1.97
2.38
$ 339,994.00
$ 296,118.00
$ 43,876.00
9.23%
6.86%
9.05%
8.16%
8.42%
$ 489,191.00
$ 377,077.00
$112,114.00
9.45%
14.52%
9.89%
11.75%
10.71%
17,599.00
17,808.00
( 209.00)
.41
.41
.46
.42
.51
263.00
( 123.00)
386.00
.01
.01
2,727.86
2,167.45
560.41
.07
.07
.07
.07
.06
$ 509,780.86 $ 396,929.45 $112,851.41
24,926.00 22,267.00 2,659.00
$ 534,706.86 $ 419,196.45 $115,510.41
$ 26,117.00 $ 17,409.00 $ 8,708.00
9.94% 15.00% 10.43% 12.24% 11.28%
-93-
LIQUOR DISPENSARY FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
CITY OF EDINA
Year Ended December 31, 1974
SOURCE OF FUNDS
Operations: -
Net income for the year
Item not requiring current outlay of funds:
Depreciation
APPLICATION OF FUNDS
Additions.to fixed assets
Transfers to other funds
Increase in working capital
Various elements of net increase in working;
capital:
Cash
Investments
Due from other funds
Merchandise inventory
Prepaid expenses
Accounts payable
Accrued payroll
TOTAL FROM OPERATIONS
TOTAL
TOTAL
$534,706.86
26,117.29
$560,824.15
$111,576.08
275,000.00
174,248.07
$560,824.15
Increase
(Decrease)
$184,925.00
( 68,131.40)
( 179.00)
68,692.84
3,106.49
( 13,152.61) .
( 1,013.25)
$174,248.07
-94-
LIQUOR DISPENSARY FUND
OPERATING EXPENSE
CITY OF EDINA
Year Ended December 31
1 9 7 4'
50th Street Yorkdale Grandview Total 50th Street
Selling:
Salaries and wages
$
61,178.00
$
55,633.00
$
45,907.00
$162,718.00
$
50,879.00
Supplies
3,729.00
4,548.00
3,391.00
11,668.00
2,344.00
Licenses - and.dues
119.00
64.00
64.00
247.00
109.00
Service contracts
156.00
234.00
156.00
546.00
228.00
Direct promotion
8,423.00
8,423.00
8,423..00
25,269.00
5,976.00
Other
32.00
32.00
32.00
96.00
$
73,637.00
$
68,934.00
$
57,973.00
$200,544.00
$
59,536.00
Occupancy:
Salaries and wages
$
591.00
$
224.00
$
947.00
$ 1,762.00
$
148.00
Telephone
548.00
407.00
449.00
1,404.00
513..00
Supplies
453.00
545.00
710.00
1,708.00
325.00
Light and power
2,024.00
5,858..00
2,409.00
10,291.00
1,482.00
Maintenance -
refrigerator service
488.00
107.00
646.00
1,241.00
840.00
Heat
406.00
423.00
505.00
1,334.00
341.00
Laundry and rug service
755.00
278.00
517.00
1,550.00
561.00
Burglar alarm
324.00
490.00
490.00
1,304.00
364.00
Insurance
1,657.00
1,427.00
2,436.00
5,520.00
1,478.00
Share of maintenance
parking lot and
traffic directing
75.00
223.00
298.00
75.00
Repairs and maintenance
512.00
1,346.00
349..00
2,207.00
2,957.00
Provision for depre-
ciation
4,531.00
12,862.00
.8,724.00
26,117.00
4,757.00
Rubbish hauling
480.00
480.00
480.00
1,440.00
480.00
Janitorial services
850.00
65.00
915.00
910.00
Miscellaneous
18.00
36.00
33.00
87.00
92.00
Water and sewer service
.59.00
236.00
21.00
316.00
81.00
Rent
-
$
13,771.00
$
24,942.00
$
18,781.00,
$ 57,494.00
$
15,404.00
Administrative:
Salaries and wages
$
17,350.00
$
17,629.00
$
17,347.00.
$ 52,326.00
$
19,521.00
Supplies
226.00
230.00
242.00
698.00
371.00
Professional services
1,492.00
1,492.00
1,492.00
4,476.00
1,404.00
Allocated expenses -
retirement, insurance,
office supplies, etc.
8,700.00
7,980.00
5,340.00
22,020.00
7,260.00
Miscellaneous
176.00
687.00
184.00
1,047.00
172.00
Mileage
240.00
240.00
240.00
720.00
215.00
Conferences and schools
223.00
223.00
223.00
669.00
$ 28,407.00 $28,481.00. $ 25,068.00 $ 81,956.00 $ 28,943.00
TOTAL $115,815.00 $122,357.00 $101,822.00 $339,994.00 $103,883.00
1 9 7 3
Increase- Decrease*
Yorkdale
Grandview
Total
50th Street
Yorkdale
Grandview
Total
$ 44,804.00
$33,120.00
$128,803.00
$10,299.00
$10,829.00
$12,787.00
$33,915.00
2,969.00
1,475.00
6,788.00
1,385.00
1,579.00
1,916.00
4,880.00
74.00
64.00
247.00
10.00
10.00*
-
297.00
156.00
681.00
72.00*
63.00*
135.00*
11,123.00
4,867.00
21,966.00
2,447.00
2,700.00*
3,556.00
3,303.00
32.00
32.00
32.00
96.00
$ 59,267.00
$39,682.00
.$158,485.00
$14,101.00
$ 9,667.00
$18,291.00
$42,059.00
$ 2,969.00
$ 271.00
$ 3,388.00
$ 443.00
$ 2,745.00*
$ 676.00
$ 1,626.00*
444.00
384.00
1,341.00
35.00
37.00*
65.00
63.00
1,393.00
384.00
2,102.00
128.00
848.00*
326.00
394.00*
4,831.00
1,838.00
8,151.00
542.00
1,027.00
571.00
2,140.00
245.00
841.00
1,926.00
352.00*
138.00*
195.00*
685.00*
541.00
383.00
1,265.00
65.00
118.00*
.122.00
69.00
241.00
570.00
1,372.00
194.00
37.00
53.00*
178.00
817.00
456.00
1,637.00
40.00*
327.00*
34.00
333.00*
1,209.00
2,152.00
4,839.00
179.00
218.00
284.00
681.00
180.00
80.00
335.00
43.00
80.00*
37.00*
632.00
2,332.00
5,921.00
2,445.00*
714.00
1,983.00*
3,714.00*
6,783.00
5,869.00
17,409.00
226.00*
6,079.00
2,855.00
8,708.00
505.00
480.00
1,465.00
25.00*
25.00*
910.00
60.00*
65.00
5.00
218.00
310.00
74.00*
36.00
185.00*
223.00*
99.00
50.00
230.00
22.00*
137.00
29.00*
86.00
1,403.00
1,403.00
1,403.00*
1,403.00*
$ 22,292,00
$16,308.00
$ 54,004.00
$ 1,633..00*
$ 2,650.00
$ 2,473.00
$ 3,490.00
$ 20,029.00
$19,514.00
$ 59,064.00,
$ 2,171.00*
$ 2,400.00*
$ 2,167.00*
$ 6,738.00*
359.00
257.00
987.00
145.00*
129.00*
15.00*
289.00*
1,404.00
1,404.00
4,212.00
88.00
88.00
88.00
264.00
5,280.00
5,220.00
17,760.00
1,440.00
2,700.00
120.00
4,260.00
303.00
336.00
811.00
4.00
384.00
152.00*
236.00
225.00
215.00
655.00
25.00
15.00
25.00
65.00
140.00
140.00
223.00
83.00
223.00
529.00
$ 27,740.00
$26,946.00
$ 83,629.00
$ 536.00*
$ 741.00
$ 1,878.00*
$ 1,673.00*
$109,299.00
$82,936.00
$296,118.00
$11,932.00
$13,058.00
$182886.00
$43,876.00
-95-
LIQUOR DISPENSARY FUND
ANALYSIS OF CHANGE IN CASH BALANCE
CITY OF EDINA
Year Ended December 31, 1974
Balance at January 1, 1974
Additions:
Gross sales
Cash discounts
Interest received on
investments
Payment received on accrual
at December 31, 1973
Sale of investments
Other revenue
Increase in liabilities:
Balance at December 31, 1974:
Trade accounts
Accrued payroll
Balance at January 1, 1974:
Trade accounts
Accrued payroll
Deductions:
Merchandise purchased
Bottle refund
Operating expense
Less provision for depreciation
not requiring cash
Transfers:
General Fund
Park Fund
Park Construction Fund
Increase in prepaid insurance
Fixed assets purchased
$4,234,463.00
17,599.00
7,282.00
18,954.00
67,000.00
2,991.55
$1101925.23
7,264.13
$118,189.36
$ 56,836.51
$97,772.62
6,250,88 104,023.50 14,165.86 4,362,455.41
$4,419,291.92
$339,994.00
26,117.00
$ 7,817.00
187,183.00
80,000.00
$3,404,627.84
69,343.00
313,877.00
275,000.00
3,106.49
111,576.08 4,177,530.41
Balance at December 31, 1974 $ 241,761.51
04
ASSETS
Land
Land improvements
Buildings
Furniture, fixtures
and equipment
Leasehold improvements
ALLOWANCES FOR DEPRECIATION
AND AMORTIZATION
Land improvements
Buildings
Furniture, fixtures
and equipment
Leasehold improvements
Construction in progress
NET BALANCE
LIQUOR DISPENSARY FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1974
Balance Balance
January 1, December 31,
1974 Transfers Additions Deductions 1974
$151,448.85 $151,448.85
20,997.18 $ 2,280.00 23,277.18
385,716.98 $ 70,194.10 455,911.08
105,251.61 38,581.45 1,431.53 145,264.59
31,208.29 $28,172.74 3,035.55
$694,622.91 $108,775.55 $ 3,711.53 $28,172.74 $778,937.25
$ 3,542.02
87,778.85
$ 837.69
15,867.13
$ 4,379.71
103,645.98
39,702.78 9,108.91 48,811.69
29,235.20 303.56 $28,172.74 1,366.02
$160,258.85 $. $ 26,117.29 $28,172.74 $158,203.40
$534,364.06 $108,775.55 ($ 22,405.76) $ - $620,733.85
1,911.00 ( 108,775.55) 107,864.55 1,000.00
$536,275.06 $ - $ 85,458.79 $ - $621,733.85
-97-
CASH -ALL FUNDS
CITY OF EDINA
December 31, 1974
( ) Indicates overdrawn cash balance.
-98-
Demand and
Working
Time Deposits
Funds
Total
Fund:
General:
Current
$ 513,766.56
$ 550.00
$ 514,316.56
Auto license account
4,272.08
4,272.08
$ 518,038.64
$ 550.00
$ 518,588.64
Revenue Sharing - current
277,501.58
277,501.58
Poor - current
16,392.60
16,392.60
Park - current
45,130.15
45,130.15
Swimming Pool - current
( 18,976.15)
( 18,976.15)
Golf Course - current
48,244.67
48,244.67
Recreation Center - current
( 172,529.93)
700.00
( 171,829.93)
Park Sinking - for bonds and interest
165,813.44
165,813.44
Park Construction - for construction
( 114,924.74)
( 114,924.74)
Gun Range - current
( 28,239.02)
( 28,239.02)
Improvement:
Current
$1,431,776.24
$1,431,776.24
For bond interest
26,098.51
26,098.51
For construction
( 1,405,125.68)
( 1,405,125.68)
$ 52,749.07
$ -
$ 52,749.07
Waterworks:
Current
$ 604,019.01
$ 604,019.01
Appropriated
10,350.00
10,350.00
$ 614,369.01
$ -
$ 614,369.01
Sewer Rental - current
( 102,465.17)
( 102,465.17)
Liquor Dispensary - current
241,761.51
3,500.00
245,261.51
TOTAL
$1,542,865.66
$4,750.00
$1,547,615.66
Depository:
Demand deposits:
First Edina National Bank
($ 31,278.53)
First Southdale National Bank
149,144.19
$ 117,865.66
Time deposits:
First Edina National Bank
$1,025,000.00
First Southdale National Bank
2009000.00
Southwest Fidelity Bank
100,000.00
American State Bank
100,000.00
$1,425,000.00
Working funds
4,750.00
TOTAL
$1,547,615.66
( ) Indicates overdrawn cash balance.
-98-
SECURITY FOR DEPOSITS
CITY OF EDINA
December 31, 1974
First Edina National Bank - demand deposit (deficit)
do - certificates of deposit
First Southdale National Bank - demand deposits
do -
Southwest Fidelity State Bank - certificate of
deposit
American State Bank - certificates of deposit
Deposits
Book Bank
($ 31,278.53) $ 322,893.25
1,025,000.00 1,025,000.00
TOTAL $ 993,721:.47
$ 149,144.19
200,000.00
$1,347,893.25
$ 139,271.84
200,000.00
TOTAL $ 349,144.19 $ 339,271.84
$ 100,000.00 $ 100,000.00
$ 100,000.00
$ 100,000.00
$. 100,000.00
$ 100,000.00
$ 100,000.00 $ 100,000.00
FDIC of $40,000 applies to demand deposits and FDIC of $100,000 applies to certificates
of deposits.
Security for Deposits
Principal
Amount Description Due Date
$1,000,000.00
United. States Treasury notes
November
15,
1978
75,000.00
Fairfax County,. Virginia
February
1,
1981
50,000.00
Grand Forks,fNorth Dakota
December
1,
1981
50,000.00
East Grand Forks, Minnesota
February
1,
1982
70,000.00
Washington County, Oregon, School District #15
February
1,
1983
65,000.00
Lancaster County, Nebraska, School District #161
August
15,
1983
100,000.00
Hopkins, Minnesota
January
1,
1984
100,000.00
Hennepin and Scott County Minnesota, School
February
1,
1979
20,000.00
District X6271
February
1,
1985
100,000.00
Cook County, Illinois, School District X6201
December
1,
1985
100,000.00
Washington Suburban Sanitary District
July
1,
1986
75,000.00
Bloomington, Minnesota
July
1,
1987
140,000.00*
Federal Deposit Insurance Corporation
$1,925,000.00
$ 20,000.00
White Bear Lake, Minnesota, I.S.D. X6624
April
1,
1975
20,000.00
Eugene, Oregon Bankcroft Improvement
June
1,
1975
20,000.00
Washington Motor Vehicle Fuel Tax Revenue
September
1,
1976
20,000.00
City of Edina Recreation,Center Bonds
September
1,
1977
20,000.00
do
September
1,
1980
50,000.00
Massachusetts Various Purpose
December
1,
1978
20,000.00
Bloomington, Minnesota, I.S.D. X6271 School Building
Bonds
February
1,
1979
20,000.00
Columbia Heights, Minnesota, I.S.D. X613
February
1,
1980
50,000.00
Suffolk County, New York
October
1,
1980
50,000.00
Pontiac School District, Michigan
April
1,
1982
10,000.00
Jt. Ind. Cons. Sch. Dist., X639 Ramsey County and
X6103 Washington.County, Minnesota, School Building
Bonds
February
1,
1983
50,000.00
Beaver County, Pennsylvania P H A
June
1.,
1995
140,000.00*
Federal Deposit Insurance Corporation
$ 490,000.00
$ 100,000.00 Federal National Mortgage Association March 10, 1976
100,000.00 Federal Deposit Insurance Corporation
$ 200,000.00
$ 145,000.00 United States Treasury notes February 15, 1976
100,000.00 Federal Deposit Insurance Corporation
$ 245,000.00
-99-
INVESTMENTS
CITY OF EDINA
December 31, 1974
Description
Maturity
Interest.Rate
Face Amount
United States Treasury bills
June
17,
1975
6.90%
$ 600,000.00
Federal Bank for Cooperative
Debentures
April
4,
1977
7.70
500,000.00
City of Edina, Minnesota:
1972 Temporary Improvement
Bonds
December
15,
1975
3.50
$1,400,000.00
1968 Improvement Bonds
December
11
1978
4.00
15,000.00
1963 Waterworks Revenue Bonds
December
1,
1977 -1979
1.20 to 3.30
25,000.00
1963 Golf Course Bonds
December
1,
1981 -1987
3.40.to 3.50
15,000.00
1957 Improvement Bonds
March
1,
1975 -1979
3.90
23,000.00
1955 Improvement Bonds
March
1,
1977
2.90
25,000.00
$1,503,000 :00
TOTAL SECURITIES
$2,603,000.00
FUND OWNERSHIP OF INVESTMENTS
Face Amount
Carrying Amount
December 31
December 31
1974
1974
General Fund
$ 550,000.00
$ 550,000.00
Golf Course Fund
15,000.00
12,728.95
Improvement Funds
2,013,000.00
1,991,150.00
Waterworks Fund
25,000.00
23,588.42
$2,603,000.00
$2,577,467.37
General Fund - land and miscellaneous
investments
36,504.20
TOTAL INVESTMENTS
$2,613,971.57
-100-
TAXABLE VALUATIONS, TAX LEVIES AND RATES
CITY OF ED INA
December.31
1974 1973
Taxable valuation:
Real estate $326,805,617.00 $308,103,338.00
Personal property 4,894,303.00 4,651,955.00
Fiscal disparity adjustment ( 7,542,224.00) -
TOTAL $324,157,696.00 $312,755,293.00
Tax levies extended:
Extended in year 1974 1973
Collectible in year 1975 1974
General $ 2,023,068.18 $ 1,659,792.34
Parks 197,736.19. 198,912.37
Bonds and interest 13,290.47 7.20246.47
Poor and public- nursing - 15,012.25
Firemen's relief 5,186.52 5,004.08
Fire protection 15,559.57 15,012.25
TOTAL $ 2,254,840.93 $ 1,965,979.76
Tax rate by mills:
General
6.241
5.307
Parks
.610
.636
Bonds and interest
.041
.231
Poor and public nursing
-
.048
Firemen's relief
.016
.016
Fire protection
.048
,048
TOTAL 6.956
6.286
-101-
Position
On file with'City Clerk:
Blanket position
Blanket position
Treasurer
Clerk
Deputy Assessor
Deputy Assessor
Assessor
OFFICIAL BONDS
CITY OF EDINA
December 31, 1974
N a m e
Police department employees
All City employees other than the Treasurer
and police department employees
J. N. Dalen
Florence B. Hallberg
Ronald A. Blagen
Ralph E. Johnson
Kent Swanson
Bond Expires
Amount
Surety
$ 5,000.00
American
Casualty
Company
50,000.00
American
Casualty
Company
February
28,
1976
50,000.00
American
Casualty
Company
February
28,
1976
500.00
American
Casualty
Company
February
29,
1976
500.00
American
Casualty
Company
February
28,
1976
500.00
American
Casualty
Company
February
28,
1976
500.00
American
Casualty
Company
-102-
INSURANCE COVERAGE
CITY OF EDINA
December 31, 1974
Other
-1014-
Fire
and
Extended
Coverage__
Building
Contents
Building and contents (A):
City Hall
$712,800
$101,200
Morningside municipal buildings
39,800
4,700
City garage
581,900
47,300
Municipal liquor store - 50th Street
86,400
26,000
Municipal liquor store - Yorkdale
194,400
56,700
Municipal liquor store - Grandview
122,400.
27,000
Municipal golf course club house
213,400
24,200
Municipal recreation center
582,100
142,600
Municipal recreation center - east addition
249,500
106,900
Municipal swimming pool
267,300
Water reservoir
594,000
Parking ramp
415,800
Pumping stations (location):
Wooddale
77,200
65,300
Halifax
29,700
23,800
Southview Lane
15,400
17,800
Southdale
20,200
17,800
Concord
64,100
91,500
Brookview Heights
23,800
1,800
Hansen Road
20,200
20,600
76th Street
89,100
130,700
2nd Street
89,100
130,700
6500 Dewey Hill Road
55,900
17,800
Sherwood
17,800
17,800
Mirror Lakes
60,600
17,800
Creek Valley
61,800
41,600
Pamela Park
89,100
23,800
Water tower - Concord Street
249,500
Water tower - 69th Street
380,200
Water tower - Creek Valley
451,400
Sanitary sewer lift station
77,200
47,500
Bathhouse
95,000
14,900.
Maintenance building - golf course
10,100
3,500
Range building - golf course
3,500
5,900
Storage building
5,400
Dwelling - Olinger Road
15,000
Dwelling - West 70th Street
67,800
8,900
Grange building
14,300
Cahill School building
5,900
Gun range
52,300
6,500
Office and storage -5106 Brookside
207,900
17,800
Dwelling - 5120 Brookside
59,400
3,000
Fire station - 6250 Tracy-
356,400
17,800
Other
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INSURANCE COVERAGE (Cont'd)
Fire and
Extended Coverage
Building Contents Other
Inventories (D):
Liquor store - Yorkdale $ 285,000
Liquor store - 50th Street 225,000
Liquor store - Grandview 185,000
Dwelling:
6440 - 46 Xerxes $ 45,000
Automotive:
Bodily injury $100 / 300,000
Property damage 100,000
Comprehensive $100 deddctible
City liquor stores:
interruption
- main .building
120,000
Boiler - 50th Street
interruption
- east addition
50,000
Boiler - Grandview
robbery and
theft - within premises
50,000
Business interruption
- 50th
Street
160,000
Business interruption
- Yorkdale
90,000
Business interruption
- Grandview
110,000
Burglary, robbery and
theft -
inside premises
7,500(B)
Burglary, robbery and
theft -
outside premises
10,000(B)-
Burglary, robbery and
theft -
merchandise (C) -
Grandview - 50th Street
7,500
Burglary, robbery and
theft -
merchandise (C) -
Yorkdale
10,000
City golf course:
Burglary, robbery and
theft -
within premises
5,000
Burglary, robbery and
theft -
outside premises
5,000
Boiler
50,000
Recreation center:
Business
interruption
- main .building
120,000
Business
interruption
- east addition
60,000
Burglary,
robbery and
theft - within premises
2,500
Burglary,
robbery and.theft
- outside premises
2,500
Burglary,
robbery and
theft - merchandise (C)
2,500
Boiler
50,000
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INSURANCE COV 7 RAGE (Cont'd)
Fire and
Extended Coverage
Building' Contents
Other insurance:
General liability:
Automotive non - ownership, independent con-
tractor, and City.premises - operations:
Bodily injury
Property damage
Umbrella policy
Workmen's compensation --
Property floater all risk - voting machines
Boiler
Earthquake coverage - swimming pool and water
reservoir (A)
Liquor liability
Other locations
Note A - 90% coinsurance.
Note B - 50th Street, Yorkdale and Grandview.
Note C - 40% coinsurance.
Note D - Reporting form.
Other
$100/ $ 300,000
100,000
3,000,000
Statutory
Actual cash Value
50,000(E)
652,500
300,000(F)
Note E - City Hall, Morningside municipal building, City garage and golf course club house.
Note F - Fire and extended coverage, $5,000 other locations and $5,000 in transit.
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ORGANIZATION
CITY OF ED INA
December 31, 1974
City Council:
Mayor:
James Van Valkenburg
Councilmen:
Richard C. Johnson
C. Wayne Courtney
Willis F. Shaw
June A. Schmidt (A)
Frederick S. Richards
City Manager:
Warren C. Hyde
City Attorney :,
Thomas S. Erickson
Clerk:
Florence Hallberg
Treasurer and Finance Director:
J. N. Dalen
Assessor:
Kent Swanson
Prosecuting Attorney :.
Walter Gustafson
Director of Public Works and Engineering:
Robert C. Dunn
Term
Expires
December 31
1976
1974
1976
1974
Elected, -
Re- elected or
Appointed
to December 31
1976
1976
1979
Appointed by Council
Appointed by Council
(A) Appointed by Council to fill unexpired term of James Van Valkenburg.
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