HomeMy WebLinkAbout1975 Financial StatementsAUDITED FINANCIAL STATEMENTS
AND'OTHER FINANCIAL INFORMATION
CITY OF EDINA, MINNESOTA
DECEMBERA31, 1975
ERNST S ERNST
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AUDITED FINANCIAL STATEMENTS
AND OTHER FINANCIAL INFORMATION
CITY OF EDINA, MINNESOTA
December 31, 1975
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INDEX
ACCOUNTANTS' REPORT ON AUDITED FINANCIAL STATEMENTS ................PACE 5
COMMENTS AND ACCOUNTANTS' REPORT ON OTHER FINANCIAL
INFORMATION ......................... ............................... 6
FUND BALANCE SHEETS ................. ............................... 1T
STATEMENT OF ACCOUNTING POLICIES .... ............................... 13
GENERAL
BALANCE SHEET ......... ..... .... ............................... 15
STATEMENT OF SURPLUS ............................................. 16
REVENUES... ............................... 17
EXPENDITURES ..................................................... 18
CENTRAL SERVICES EXPENDITURES....... 22
FIXED ASSETS ..................................................... 23
BOND AND INTEREST MATURITIES AND DEFERRED
TAXLEVIES ...................................................... 24
REVENUE SHARING FUND:
BALANCE SHEET ........... ............................... 25
STATEMENT OF SURPLUS.......... .. ............................... 26
STATEMENT OF EXPENDITURES ......... ............................... 26
POOR
BALANCE SHEET ...................... ............................... 27
STATEMENT OF UNAPPROPRIATED SURPLUS .............................. 28
STATEMENT OF REVENUES AND EXPENDITURES ................... .. .. 28
PARK FUND:
BALANCE SHEET............. ....... ............................... 29_
STATEMENT OF SURPLUS .............. ............................... 30
REVENUES AND EXPENDITURES ......... ............................... 31
FIXED ASSETS ........................ ............ ............. 32
SWIMMING POOL
BALANCE SHEET............ .... ............................... 33
STATEMENT OF SURPLUS .............. ............................... 34
STATEMENT OF INCOME AND EXPENSE ... ............................... 35
STATEMENT OF CHANGES IN FINANCIAL POSITION ....................... 36
FIXED ASSETS... ............................... .. ........ 37
GOLF COURSE FUND:
BALANCE SHEET .................................................... 38
STATEMENT OF SURPLUS .... ............................... ........ 39
STATEMENT OF INCOME AND EXPENSE'... ................... ... ...... 40
STATEMENT OF CHANGES IN FINANCIAL POSITION ....................... 42
STATEMENT OF INCOME AND EXPENSE - OPERATING DEPARTMENTS.......... 43
FIXED ASSETS ...................... ............................... 44
BONDS PAYABLE .................................................... 45
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INDEX (Cont'd)
.RECREATION CENTER FUND:
BALANCE SHEET......... ........... ..........................PAGE
46
STATEMENT OF SURPLUS .............................................
47
STATEMENT OF INCOME AND EXPENSE... ..... ......................
48
STATEMENT OF CHANGES IN FINANCIAL POSITION .......................
49
FIXED ASSETS............
50
.......
BONDS PAYABLE.. ........ ........ ...............................
51
GUN RANGE FUND:
BALANCE SHEET..... ...............
52
...............................
STATEMENT OF SURPLUS ...................
53
........................
STATEMENT OF INCOME AND EXPENSE ... ...............................
54
STATEMENT OF CHANGES IN FINANCIAL POSITION .......................
55
FIXED ASSETS... ............... ...............................
56
..
PARK SINKING FUND:
BALANCE SHEET.... ...... .............................
57
........
STATEMENT OF SURPLUS .............................................
58
BOND AND INTEREST MATURITIES AND DEFERRED TAX LEVIES.............
59
PARK CONSTRUCTION FUND:
BALANCE SHEET.
60
..........................
ANALYSIS OF RESERVE FOR CONSTRUCTION.... .......................
61
FIXED ASSETS............ ..................
62
..................
IMPROVEMENT FUNDS:
COMBINED BALANCE SHEET ......... ...............................
64
STATEMENT OF SURPLUS - UNAPPROPRIATED ............................
65
RECEIPTS, DISBURSEMENTS AND CHANGE IN CASH BALANCE ...............
66
BONDS PAYABLE ................. ...............................
68
WATERWORKS FUND:
BALANCE SHEET ............. ... ...............................
69
NOTES TO BALANCE SHEET ...........................................
70
STATEMENT OF SURPLUS .............. ...............................
71
STATEMENT OF INCOME AND EXPENSE ...................... .. .....
72
STATEMENT OF CHANGES IN FINANCIAL POSITION .......................
74
FIXED ASSETS .....................................................
75
SEWER RENTAL FUND:
BALANCE SHEET. ... ...............
76
...... ..... ..........
STATEMENT OF SURPLUS ............
77
.... ..........................
STATEMENT OF INCOME AND EXPENSE ................ ... .. ......
78
STATEMENT OF CHANGES IN FINANCIAL POSITION .......................
79
FIXED ASSETS.... ........... ...............................
80
INDEX (Cont'd)
LIQUOR DISPENSARY FUND:
BALANCE SHEET.. .. ......PAGE 81
STATEMENT OF SURPLUS .............. ............................... 82
STATEMENT OF INCOME AND EXPENSE .. ............................... 83
STATEMENT OF CHANGES IN FINANCIAL POSITION ...................... 84
OPERATING EXPENSES....._ ...... ............................... 85
FIXED ASSETS. . ............................... .......... 86
GENERAL:
CASH - ALL FUNDS....... ............ ................. 87
SECURITY FOR DEPOSITS ........................................... 88
INVESTMENTS ......... ..... ............................... ...... 89
TAXABLE VALUATIONS, TAX LEVIES AND RATES ........................ 90
OFFICIAL BONDS ................... ............................... 91
INSURANCE COVERAGE............ ................. 92
ORGANIZATION ............ ............................... ....... 96
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, 1975 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, in-
cluded such tests of the accounting records and such other auditing procedures
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 are related.
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, 1975 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
August 6, 1976
'.1
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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 expenditures 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 informa-
tion 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 procedures followed in our examination of the aforemen-
tioned financial statements and, in our opinion, it is fairly presented in all
material respects in relation to the financial statements taken as a whole; how-
ever, 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 organi-
zation 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, 1975 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, 1975 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 proce-
dures were being followed to control recording of receipts and that proper authori-
zation was provided for disbursements.
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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, con-
firmed to us. Related interest income computations were tested.
Amounts receivable from water and sewer rental charges at December 31,
1975 were tested by direct correspondence and by review of the records for
subsequent collections. Differences reported were not material and were explained
to our satisfaction.
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. Transactions 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 of contracts, invoices or other data. Allowances 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 rodzg— amounts in tl�e oReratln—�arrrn,ntc ro,o.le—dollars depreciation
expense on the fixed asset schedules may not agree with depreciation expense on
the statements of revenues and expenditures and statements of changes in financial
position by pennies.
We tested accounts payable by direct correspondence and by reference
to disbursements subsequent to December 31, 1975.
For all canceled bonds redeemed and paid during 1975, we inspected
canceled bonds or examined proof of payment to the bond paying agent. We reviewed
the City's procedures for accounting for interest coupons redeemed and paid.
Official minutes of the City Council for 1975 were read by us.
Copies of licenses and permits issued during the year were compared to
recorded collections on a test basis.
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COMMENTS ON FINANCIAL STATEMENTS
GENERAL FUND
During 1975 the City sold $2,200,000.00 of general obligation bonds for
the purpose of providing monies in aid of a redevelopment project managed by
the Housing and Redevelopment Authority of Edina. The bonds are backed by the
taxing powers of the City. The increased taxes resulting from the redevelopment
of the project area are also pledged to the payment of the bonds and related interest.
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 1,972 (Revenue Sharing Act).
SWIMMING POOL FUND
The net loss of $10,053.36 is after the provision of $379.00 for
depreciation, computed by the straight line method, on swimming pool equipment.
The net loss increased $6,159.50 compared to last year due primarily to a reduction
in season ticket sales.
GOLF COURSE YUND
The net income of $52,814.21 is after the provision of $18,894.10 for
interest on bonded debt issued for the golf course facilities, and the provision
of $11,167.74 for depreciation on golf course equipment. $35,000.00 of the bonded
debt matured and was redeemed in 1975. Net revenues of the Liquor Dispensary Fund
are pledged to secure the payment of the bond obligations of the Golf Course Fund.
RECREATION CENTER FUND
The net loss of $16,134.26 is after the provision of $12,051.27 for
interest on bonded debt issued for the recreational center facilities and the provi-
sion of $4,592.77 for depreciation on recreational center equipment. The net loss
increased $11,687.91 compared to last year due primarily to increased operating
expenses. $40,000.00 of bonded debt matured and was redeemed in 1975. Net revenues
of the Liquor Dispensary Fund are pledged to secure payment of the bond obligations
of the Recreation Center Fund.
GUN RANGE FUND
The net loss of $7,109.02 is after the provision of $58.60 for deprecia-
tion on gun range equipment. The net loss increased $5,022.03 compared to last year
due primarily to increased operating expenses.
PARK SINKING FUND
Bonded debt of $50,000.00 matured and was redeemed in 1975. Additional
bonded debt of $950,000.00 was issued during the year to provide monies for the
acquisition of park land.
10
PARK CONSTRUCTION FUND
Fixed assets amounting to $357,833.27 were purchased during the year.
Funds were made available from $80,000.00 in transfers from the Liquor Dispensary
Fund, $161,500.00 in transfer from the General Fund, $36,000.00 in Federal and
State grants, and $191,309.00 of the $950,000.00 bond proceeds received during
the year.
WATERWORKS FUND
The net loss of $67,461.77 is after the provision of $9,496.83 for
interest on bonded debt issued for the waterworks facilities and the provision
of $231,651.87 for depreciation on the facilities. $60,000.00 of the bonded debt
matured and was redeemed in 1975. The net loss represents a reduction in net
income of $86,680.43 compared to last year and is the result of both reduced
revenues and increased operating expenses.
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 1975 was $174,018.51 after
a provision for depreciation of $99,122.20. The net loss increased $139,916.67
compared to last year and is due primarily to increased charges from the Metro-
politan Waste Control Commission.
LIQUOR DISPENSARY FUND
Net income of $474,518.27 for the year is after the provision of
$29,164.35 of depreciation on liquor store buildings and equipment. Of this
amount, $325,000.00 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.
SECURITY FOR DEPOSITS
At December 31, 1975 security for deposits with respect to compliance
with the provisions of MSA Section 118.01 was deficient by approximately $85,000.00
for deposits maintained at the First Southdale National Bank.
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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
August 6, 1976
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$48,985,200.74 $9,634,715.07 $693,662.88
Revenue
Total
General
Sharing
ASSETS
Cash:
Current funds (overdrawn)
$ 2,604,846.56
$ 964,312.60
$ 76,429.58
Less amount segregated and shown below
58,150.00
$ 2,546,696.56
$ 964,312.60
$ 76,429.58
Investments:
United States Government Agency
securities
$ 3,321,969.17
$ 616,701.66
$205,567.22
City of Edina bonds
36,317.37
Land investment
155,262.40
155,262.40
Other
995.50
995.50
$ 3,514,544.44
$ 772,959.56
$205,567.22
Receivables:
Taxes and special assessments:
Current
$ 1,604,338.94
Delinquent
697,929.37
$ 131,279.19
Deferred
10,158,390.46
4,000,700.00
Customers
274,567.54
Due from other funds
1,319,695.18
254,810.40
$ 2,253.26
Miscellaneous receivables
139,185.55
123,595.92
Due from other government agencies
188,410.17
132,742.07
53,301.00
$14,382,517.21
$4,643,127.58.
$ 55,554.26
Less allowance for delinquent and
uncollectible taxes
1,277,480.63
322,751.19
$13,105,036.58
$4,320,376.39
$ 55,554.26
Inventories
614,541.54
Prepaid expenses and supplies
83,685.77
10,000.00
Segregated cash - reserve for debt
retirement
58,150.00
Construction in progress
4,969,803.01
259,879.55
Fixed assets
23,924,760.53
3,567,066.52
96,232.27
Unallocated construction costs
167.982.31
$48,985,200.74 $9,634,715.07 $693,662.88
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FUND BALANCE SHEETS
I
I
i
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CITY OF
EDINA
December
31, 1975
Swimming
Recreation
Park
Park
I
Liquor
Poor
Park
Pool
Golf Course
Center
Sinking
II Construction
Gun Range
Improvement
Waterworks
Sewer Rental
Dispensary
$16,122.92
($
11,309.37)
($ 89,172.00)
$ 1,732.60
($ 31,303.06)
$1,077,868.90
($ 85,127.21)
($ 3,728.07)
$
434,812.40
I
$
159,352.08
($ 262,737.64)
$
357,592.83
58,150.00
$16,122.92
($
11,309.37)
($ 89,172.00)
$ 1,732.60
($ 31,303.06)
$1,077,868.90
($ 85,127.21)
($ 3,728.07)
$
434,812.40
$
101,202.08
($ 262,737.64)
$
357,592.83
$
102,954.86
$ 61,772.92
$
1,729,752.02
$
502,265.63
$
102,954.86
12,728.95
23,588.42
$ -
$
102,�54.a6
$ -
$ -
$ -
$ -
$ -
$
1,72,752.02
$
525,a54.�5
$ -
$
102,954.86
$ 74,501.87
$ 313,000.00
$
1,290,895.00
$ 443.94
$
12,092.81
2,582.33
551,975.04
1,195,000.00
4,962,690.46
$ 25,764.34
$ 218.05
$
112,199.53
136,385.62
32,957.00
$ 78,852.84
8,500.00
$ 272,945.64
1,206.00
138,870.77
1
114,124.52
$
415,174.75
8,317.63
5,302.50
1,969.50
2,367.10
$ -
$
47,416.91
$ 78,852.84
$ -
$ 34,264.34
$1,510,582.33
$ 272,945.64
I
$ 1,424.05
$
6,952,748.90
$
'
231,626.55
$ 138,799.06
$
415,174.75
12,092.81
77,982.33
864,654.30
$ -
$
35,324.10
$ 78,852.84
$ -
$ 34,264.34
$1,432,600.00
$ '272;945.64
$ 1,424.05
$
6,088,094.60
$
231,626.55
$ 138,799.06
$
415,174.75
319.41
8,068.97
606,153.16
600.00
458.08
410.88
1,221.10
302.98
4,482.22
63,428.03
2,782.48
58,150.00
959,977.94
3,749,945.52
1,914,846.25
213,262.16
995,509.09
948,064.96
1,0502326.94
56,038.23
6,277,327.49
82211,930.16
594,156.46
167,982.31
$16,122.92
$2,042;415.84
$2032401.08
$120722154.44
$952,566.75
$2,510,468.90
$2,1982123.31
$54,037.19
$122170,586.85
!,$7,206,711.36
$8,151,419.61
$2,078,814.54
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LIABILITIES, RESERVES AND SURPLUS
Due to other funds
Due to other government agencies
Accounts payable
Accrued payroll
Interest payable
Construction and other deposits
Construction contracts
Unexpended contributions
Due to Housing and Redevelopment Authority
of Edina
Reserve for future bond interest
Bonds payable
Reserve for assessment adjustments
Reserve for construction and land
acquisition
Surplus:
Invested in fixed assets
Appropriated:
For imprest cash
For debt service
For commitments
Unappropriated (deficit)
Revenue
Total General Sharing
$ 1,319,695.18
$ 37,365.45 $ 99,514.49
10,158.85
3,951.65
277,754.59
112,067.66
80,094.03
52,292.78
97,883.53
431,842.12
135,769.21
165,328.39
128,618.68
1,080,000.00 1,080,000.00
1,899,075.00 '1,742,850.00
12,580,000.00 2,200,000.00
154,685.31
907,357.50
23,254,618.02 3,567,066.52 356,111.82
550.00 550.00
146,950.00
465,584.00 465,584.00
5,985,005.54 237,217.80 238,036.57
$48,985,200.74 $9,634,715.07 $693,662.88
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FUND BALANCE SHEETS (Cont'd)
I
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Swimming
Recreation
Park
Park
(Waterworks
Liquor
Poor
Park
Pool
Golf Course
Center
Sinking
Construction
Gun Range
Improvement
Sewer Rental
Dispensary
$16,929.35
$ 12,336.10
$ 246,094.59
$484,783.37
$ 191,309.00
$ 78,852.84
$ 4,402.54
$ 132,854.45
$ 15,253.00
6,207.20
19,714.80
$ 63.44
1,019.39
12,181.92
916.50
646.94
13,614.75
$ 4,638.13
$ 112,891.06
10,387.02
1,071.69
4,103.19
2,638.53
1,304.86
8,295.96
3,880.02
61,380.00
31,957.51
j 666.00
296,072.91
75,000.00
90,328.39
128,618.68.
156,225.00
525,000.00
325,000.00
1,240,000.00
8,040,000.00
250,000.00
154,685.31
758,691.00
108,049.09
40,617.41
1,914,846.25
213,262.16
225,509.09
153,064.96
1,935,304.88
56,038.23
,6,027,327.49
8,211,930.16
594,156.46
52,300.00
36,500.00
58,150.00
( 806.43)
( 43,487.01)
( 9,924.52)
21,159.68
( 66,946.71)
102,863.90
( 7,050.52)
3,377,863.67
839,061.59
( 66,453.54)
1,363, 471.06
$16,122.92
$2,042,415.84
$203,401.08
$1,072,154.44
$952,566.75
$2,510,468.90
$2,198,123.31
$54,037.19
$12,170,586.85
$7,206,711.36
$8,151,419.61
$2,078,814.54
j -12-
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 utilized in the
activities accounted for by the Swimming Pool, Golf Course, Recreation Center
and Gun Range Funds. These funds are not expected to generate revenue sufficient
to replace recreational facilities other than equipment. All depreciation is
provided using the straight line method.
General fixed assets purchased are recorded as expenditures in the
General Fund, Revenue Sharing Fund or Park Fund at time of purchase. Such assets
are capitalized at cost in those respective funds. Expenditures for roads,
bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting
systems are not capitalized.
Fixed assets other than general fixed assets are carried on the basis
of cost. Fixed assets obtained by gift or contribution are recorded at fair
market value at the time received.
Liabilities for general obligation bonds are recorded in the General
and Park Sinking Funds.
The City recognizes as an asset deferred general taxes levied to pay
general bonded debt and as a liability the related future interest payable.
Investments are carried at cost which approximates market. 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.
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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 responsibilities 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 or profit generating 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
activities 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 purposes,
are accounted for in a construction fund which is a part of the Improvement Funds.
The Construction Fund receives the proceeds from sale of permanent 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 proper-
ties benefited from the construction or improvement.
The reserve for assessment adjustments represents the excess of
assessments over actual costs incurred, less charges where actual costs exceeded
the assessments. Also charged to the reserve for assessment adjustments 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.
-14-
GENERAL FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1975
ASSETS
Cash:
Demand deposits $ 361,646.95
Time deposits 600,000.00 $ 961,646.95
Automobile license accounts 2,115.65
Working funds 550.00
Investments at cost:
Land investments $ 155,262.40
Donated securities 995.50
Federal Intermediate Credit Bank Bonds $ 612,851.66
Accrued interest 3,850.00 616,701.66
Receivables:
Accounts receivable $ 103,095.92
Donation receivable 20,500.00
Due from other funds 54,810.40
Due from Edina Housing and Redevelopment
Authority 132,742.07
Supply inventory - estimated
Loan to another fund
Taxes receivable:
Delinquent $ 131,279.19
Deferred 4,000,700.00 $4,131,979.19
Less allowance for delinquent and
uncollectible taxes 322,751.19
Fixed assets
LIABILITIES AND SURPLUS
Due to other funds
Accounts payable:
Trade accounts
Accrued payroll
Edina Firemen's Relief Association
Sundry deposits
Due to Housing and Redevelopment Authority
of Edina
Bonds payable
Reserve for future interest
Surplus:
Invested in fixed assets:
Direct
Annexed from Morningside
Contributed
Appropriated•
Reserve for commitments
For imprest cash
Unappropriated
$3,522,971.41
26,150.00
17,945.11
$ 465,584.00
550.00
$ 112,067.66
52,292.78
3,951.65
135,769.21
1,080,000.00
$3,567,066.52
466,134.00
$ 964,312.60
772,959.56
311,148.39
10,000.00
200,000.00
3,809,2,28.00
3,567,066.52
$9,634,715.07
$ 37,365.45
1,384,081.30
2,200,000.00
1,742,850.00
4,033,200.52
237,217.80
$9,634,715.07
-15-
GENERAL FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1975
APPROPRIATED
Balance at January 1, 1975
Additions
Transfer from unappropriated surplus for
commitments
Transfer from unappropriated surplus for
fixed assets - net
Deductions:
Transfer to revenue
Transfer to other funds
Balance at December 31, 1975
UNAPPROPRIATED
Balance at January 1, 1975
Additions:
Revenue - see separate schedule
Less expenditures - see separate schedule
Transfers to revenue
Balance at December 31, 1975
Invested
Total Direct
$4,261,255.01. $3,443,521'.90
128,900.00
79,449.51 79,449.51
$4,469,604.52 $3,522,971.41
$ 200,000.00
236,404.00
$ 436,404.00 $
$4,033,200.52 $3,522,971.41
in Fixed Assets Appropriated
Annexed From For Reserve for
Contributed Morningside Imprest Cash Commitments
$17,945.11 $26,150.00 $ 550.00 $773,088.00
$17,945.11 $26,150.00 $ 550.00
$17,945.11 $26,150.00
$ 550.00
$3,974,057.19
3,872,174.28
128,900.00
�qul,gbb. uu
$200,000.00
236,404.00
$436,404.00
$465,584.00
$169,934.89
101,882.91
$271,817.80
34,600.00
$237,217.80
-16-
GENERAL FUND
REVENUES
CITY OF EDINA
Year Ended December 31, 1975
Revenue
Real and personal property taxes $1,974,897.02
Other taxes 29,430.75
Bicycle licenses 3,989.25
Beer and liquor licenses 2,588.00
Cigarette licenses 2,078.00
Dog licenses and impounding fees 6,812.00
Estimated
Revenue
$2,022,939.00
15,000.00
4,500.00
2,400.00
2,600.00
7.,000.00
Actual Revenue
Over- Under*
Estimated
Revenue
$ 48,041.98*
14,430.75
510.75*
188.00
522.00*
188.00*
Food and soft drink licenses
17,632.00
16,500.00
1,132.00
Gas pump licenses
860.00
1,200.00
340.00*
Other business licenses
11,030.00
9,500.00
1,530.00
Heating and ventilating licenses
1,651.00
1,651.00
Scavenger and garbage collector licenses
1,130.00
900.00
230.00
Water softener installation licenses
Building permits
Cesspool and sewer permits
Plumbing permits
Sign permits
Mechanical permits
Street opening fees
Heating permits
Other permits and licenses
Planning fees
Engineering and clerical
Equipment rentals
Fines
Income on investments
Sale and rental of property
Sale of automobile licenses
State sales and use tax
Police service
Contributions from other funds
Charges to other funds
State apportionment - highway
Transfer from revenue sharing
Over levy -.1972
Other revenue
Transfer from surplus
Laboratory - fees
Recycling income
TOTAL
20.00
64,283.53
1,686.75
13,384.49
2,940.00
1,003.75
12,901.73
1,007.50
2,153.00
171,860.52
7,111.60
185,610.17
56,449.99
12,812.85
36,483.13
844,573.22
7,447.32
1,672.00
30,000.00
51,165.00
125,000.00
28,590.70
21,880.98
234,600.00
1,551.50
5,769.44
$3,974,057.19
65,.000.00
1,500.00
25,000.00
1,400.00
13,000.00
2,000.00
3,400.00
600.00
2,000.00
160,000.00
186,000.00
50,000.00
14,000.00
38,600.00
843,136.00
5,600.00
1,672.00
30,000.00
50,000.00
125,000.00
28,590.00
21,500.00
34,600.00
2,000.00
5,600.00
20.00
716.47*
186.75
11,615.51*
1,540.00
13,000.00*
996.25*
9,501.73
407.50
153.00
11,860.52
7,111.60
389.83*
6,449.99
1,187.15*
2,116.87*
1,437.22
1,847.32
1,165.00
70
380.98
200,000.00
448.50*
1tiA_ILIL
$3,792,737.00 $181,320.19
-17-
GENERAL GOVERNMENT
Mayor and council
Planning
Administration:
Personal services
Contractual services
Commodities
Fixed charges
Finance:
Personal services
Contractual services
Commodities
Fixed charges
Election
Assessing:
Personal services
Contractual services
Commodities
Fixed charges
Legal services
e
GENERAL FUND
EXPENDITURES
CITY OF EDINA
Year Ended December 31, 1975
TOTAL.GENERAL GOVERNMENT
ADMINISTRATION, ENGINEERING AND PUBLIC WORKS
Administration:
Personal services
Contractual services and commodities
Fixed charges
Engineering:
Personal services
Contractual services
Commodities
Fixed charges
Public works:
Supervision and clerical
Training
Paid leave
General maintenance
Street cleaning
Expenditures Appropriations
$ 21,190.74 $ 21,730.00
36,652.61 39,204.00
$ 104,018.37
16,897.50
2,522.22
23.040.00
$ 146,478.09
$ 98,286.18
21,182.23
547.50
19.860.00
$ 139,875.91
12,480.58
$ 68,860.17
.2,420.93
120.62
20.340.00
$ 91,741.72
104.095.19
$ 552,514.84
$ 30,802.12
60.28
8.040.00
$ 38,902.40
$ 150,062.72
10,160.01
7,466.54
39.240.00
$ 206,929.27
$ 122,511.55
2,968.94
44,501.66
141,946.99
57,327.16
$ 104,403.00
16,900.00
2,806.00
23,040.00
$ 147,149.00
$ 98,300.00
20,336.00
508.00
19,860.00
$ 139,004.00
13,015.00
$ 71,376.00
2,500.00
200.00
20,340.00
$ 94,416.00
85,130.00
$ 539,648.00
$ 30,527.00
77.00
8,040.00
$ 38,644.00
$ 143,085.00
10,175.00
7,500.00
39,240.00
$ 200,000.00
$ 122,600.00
3,000.00
44,600.00
142,000.00
57,415.00
Unexpended
Overexpended*
Balance
$ 539.26
2,551.39
$ 384.63
2.50
283.78
$ 670.91
$ 13.82
846.23*
39.50*
b/ 1. 71"
534.42
$ 2,515.83
79.07
79.38
$ 2,674.28
18.965.19*
$122866.84*
$ 275.12*
16.72
$ 258.40*
$ 6,977.72*
14.99
33.46
$ 6,929.27*
$ 88.45
31.06
98.34
53.01
87.84
-18-
GENERAL FUND
EXPENDITURES (Cont'd)
ADMINISTRATION, ENGINEERING AND PUBLIC
WORKS (Cont'd)
Public works (cont'd):
Renovation
Snow and ice removal
Street lighting
Ornamental lighting
Street name signs
Traffic control:
Sign maintenance
Signal maintenance
Pavement marking
Guard rail maintenance
Bridge - general maintenance
Storm sewer maintenance
Temporary drainage and culverts
City properties:
Turf care and plantings
Tree maintenance
Lakes and ponds maintenance
Sidewalks:
Maintenance and repairs.
Snow and ice removal
Parking ramp maintenance
TOTAL PUBLIC WORKS
TOTAL ADMINISTRATION, ENGINEERING
AND PUBLIC WORKS
PROTECTION OF PERSONS AND PROPERTY
Police protection:
Personal services
Contractual services
Commodities
Fixed charges
Fire protection:
Personal services
Contractual services
Commodities
Fixed charges
Expenditures Appropriations
$ 80,096.28
139,055.06
99,793.12
19,840.74
7,801.64
19,991.25
18,204.79
7,520.42
4,529.79
1,388.23
35,286.96
1,680.00
21,117.82
30,582.19
4,209.76
628.29
5,619.47
6,176.14
$ 872,778.25
$ 80,925.00
139,300.00
99,900.00
11,085.00
7,900.00
20,000.00
18,300.00
7,600.00
4,600.00
1,400.00
35,400.00
1,700.00
21,300.00
30,700.00
4,300.00
700.00
5,700.00
6,260.00
$ 866,685.00
Unexpended
Overexpended*
Balance
$ 828.72
244.94
106.88
8,755.74*
98.36
8.75
95.21
79.58
70.21
11.77
113.04
20.00
182.18
117.81
90.24
71.71
80.53
83.86
$ 6,093.25*
$1,118,609.92 $1,105,329.00 $13,280.92*
$ 817.,973.16
25,983.34
10,724.51
232.776.00
$1,087 ,457.01
$ 352,860.02
25,026.09
11,803.69
90.036.00
$ 479,725.80
$ 817,339.00
20,910.00
10,800.00
232.776.00
$1,081,825.00
$ 353,068.00
25,100.00
11,850.00
90.036.00
$ 480,054.00
$ 634.16*
5,073.34*
75.49
$ 5,632.01*
$ 207.98
73.91
46.31
$ 328.20
-15-
GENERAL FUND
EXPENDITURES (Cont'd)
PROTECTION OF PERSONS AND PROPERTY (Cont'd)
Civil defense
Public health:
Personal services
Contractual services
Commodities
Fixed charges
Animal control
Inspections:
Personal services
Contractual services
Commodities
Fixed charges
TOTAL PROTECTION OF PERSONS AND PROPERTY
NON- DEPARTMENTAL
Contingencies
Special assessments on City property
Human Rights Commission
Environmental Quality Control Commission
Unallocated improvements
Settlement of suits
Transfer to Park Construction Fund
TOTAL NON- DEPARTMENTAL
Unexpended
Overexpended*
Expenditures Appropriations Balance
$ 4,043.66 $ 4,879.00 $ 835.34
$ 35,261.55
990.22
1,109.73
10.020.00
$ 47,381.50
17,610.02
$ 75,274.74
1,133.80
1,460.43
17.100.00
$ 94,968.97
$1,731,186.96
$ 21,551.88
51,236.53
7,568.49
1,621.08
1,250.08
4,043.74
25,.000.00
$ 112,271.80
$ 36,205.00
2,506.00
1,269.00
10.020.00
$ 50,000.00
17,47 0.00
$ 73,412.00
1,150.00
1,470.00
17.100.00
$ 93,132.00
$1,727,360.00
$ 19,989.00
51,400.00
8,232.00
1,800.00
1,300.00
1,200.00
$ 83,921.00
$ 943.45
1,515.78
159.27
$ 2,618.50
140.02*
$ 1,862.74*
16.20
9.57
$ 1,836.97*
$ 3,826.96*
$ 1,562.88*
163.47
663.51
178.92
49.92
2,843.74*
25.000.00*
$28,350.80*
CENTRAL SERVICES
See separate schedule attached 122,097.48 100,100.00 21,997.48*
TOTAL OPERATING EXPENSES $3,636,681.00 $3,556,358.00 $80,323.00*
CAPITAL OUTLAY
Administration
Finance
Engineering
Public works
Police
Fire
Health
Inspection
Contingencies
Special assessments on City property
Unallocated capital
TOTAL CAPITAL OUTLAY
$ 389.00
491.73
5,706.60
38,202.90
38,733.92
8,551.37
184.44
195.00
300.00
11,171.56
2.666.76
$ 106,593.28
$. 400.00
500.00
5,728.00
38,500.00
38,800.00
8,600.00
251.00
200.00
300.00
11,500.00
2.700.00
$ 107,479.00
$ 11.00
8.27
21.40
297.10
66.08
48.63
66.56
5.00
328.44
33.24
$ 885.72
-20-
GENERAL FUND
EXPENDITURES (Cont'd)
-21-
Unexpended
Overexpended*
Expenditures
Appropriations
Balance
RESERVE FOR COMMITMENTS
Public works
$ 65,000.00
$ 65,000.00
$ -
Fire
12,500.00
12,500.00
-
Unallocated
1,400.00
1,400.00
-
Capital improvements
50,000.00
50,000.00
-
$ 128,900.00
$ 128,900.00
$ -
TOTAL $3,872,174.28
$3,792,737.00
$79,437.28*
-21-
GENERAL FUND
CENTRAL SERVICE EXPENDITURES
CITY OF EDINA
Year Ended December 31, 1975
-22-
Unexpended
Overexpended*
GENERAL
Expenditures
Appropriations
Balance
Contractual services
$
622,201.09
$.
643,372.00
$21,170.91
Commodities
15,269.89
15,300.00
30.11
TOTAL GENERAL
$
637,470.98
$
658,672.00
$21,201.02
CITY HALL
Personal services
$
23,555.59
$
23,600.00
$ 44.41
Contractual services
19,110.80
17,840.00
1,270.80*
Commodities
10,191..21
10,200.00
8.79
Fixed charges
2,460.00
2,460.00
-
TOTAL CITY HALL
$
55,317.60
$
54,100.00
$ 1,217.60*
GARAGE
49,814.51
44,800.00
5,014.51*
EQUIPMENT OPERATION
Personal services
$
97,269.99
$
97,300.00
$ 30.01
Contractual services
46,405.94
46,500.00
94.06
Commodities, parts and
accessories
60,575.87
47,700.00
12,875.87*
Fixed charges
40,740.00
40,740.00
-
Gasoline and fuel oil
82,681.71
58,400.00
24,281.71*
Tires and tubes
7,212.79
7,260.00
47.21
Lubricants
3,480.09
3,500.00
19.91
TOTAL
EQUIPMENT OPERATION
$ 338,366.39
$ 301,400.00
$36,966.39*
$1,080,969.48
$1,058,972.00
$21,997.48*
Less allocation to other
departments
or funds
958,872.00
958,872.00
-
TOTAL
$
122,097.48
$
100,100.00
$21,997.48*
-22-
Land
Land improvement
Buildings
Furniture and fixtures
Equipment:
Highway
Police
Fire
Election
Engineering
Traffic signal
Executive
Miscellaneous
GENERAL FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1975
Balance
Balance
January 1,
December 31,
1975
Additions—
Deductions
1975
$ 306,412.52
$ 306,412.52
220,247.02
$ 11,171.56
231,418.58
1,489,037.67
1,489,037.67
133,722.28
2,388.01
136,110.29
660,637.82
38,733.58
$20,936.10
678,435.30
159,443.07
53,110.03
20,662.00
191,891.10
237,340.90
8,551.37
245,892.27
116,719.93
116,719.93
34,526.64
5,706.60
1,833.80
38,399.44
91,706.18
91,706.18
1,834,15
1,834.15
35,988.83
3,220.26
39.209.09
TOTAL $3,487,617.01 $122,881.41 $43,431.90 $3,567,066.52
-23-
GENERAL FUND
BOND AND INTEREST MATURITIES AND DEFERRED TAX LEVIES
CITY OF EDINA
l
December 31, 1975
Annual maturities and interest dates
Interest rate
Redevelopment Bond
June 1 and December 1
5.30 to 6.5%
-24-
Excess of
Deferred
Levies and
Due From
Due From HRA
Housing and
Over Bond and
Redevelopment
Interest
Authority of
Deferred
Year
Bonds
Interest
Maturities
Edina (HRA)
Levies
1976
$ 133,550
$ 72
$133,622
1977
133,550
6,750
$ 140,300
1978
$ 50,000
133,550
9,250
192,800
1979
50,000
130,900
9,100
190,000
1980
50,000
128,250
8,950
187,200
1981
50,000
125,500
8,800
184,300
1982
100,000
122,750
11,150
233,900
1983
100,000
117,250
10,950
228,200.
1984
100,000
111,750
10,650
222,400
1985
100,000
106,150
10,350
216,500
1986
100,000
100,400
10,100
210,500
1987
200,000
94,500
14,800
309,300
1988
200,000
82,500
14,200
296,700
1989
200,000
70,300
13,600
283,900
1990
200,000
57,900
12,900
270,800
1991
200,000
45,300
12,300
257,600
1992
250,000
32,500
14,200
296,700
1993
250,000
16,256
13,350
279,600
TOTAL $2,200,000
$1,742,850
$191,472
$133,622
$4,000,700
-24-
REVENUE SHARING FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1975
ASSETS
Cash on deposit
Investments:
Federal Intermediate Credit Bank Bonds - due
July 1, 1976, at 7.70% - at cost
Accrued interest
Receivables:
Accounts receivable from federal government
Due from other funds
Fixed assets:
Construction in progress
Machinery and equipment
LIABILITIES AND SURPLUS
Due to other funds
Surplus:
Surplus invested in fixed assets
Unappropriated surplus
$204,283.89
1,283.33
$ 53,301.00
2,253.26
$259,879.55
96,232.27
$356,111.82
238,036.57
$ 76,429.58
205,567.22
55,554.26
356,111.82
$693,662.88
$ 99,514.49
594,148.39
$693,662.88
-25-
REVENUE SHARING FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December,31, 1975
Balance at January 1, 1975
Additions:
Revenues from the federal government
Income on investments
Deductions - operating expenditures - Note
Transfers (deduction) - fixed assets
purchased
Balance at December 31, 1975
Operating Expenditures:
General Fund
Parks and recreation
Capital Expenditures:
General Fund
Parks and recreation
Invested in
Total Unappropriated Fixed Assets
$518,230.64 $302,290.14 $215,940.50
201,417.00
201,417.00
9,741.67
9,741.67
$729,389.31
$513,448.81 $215,940.50
135,240.92
135,240.92
$594,148.39
$378,207.89 $215,940.50
( 140,171.32) 140,171.32
$594,148.39 $238,036.57 $356,111.82
STATEMENT OF EXPENDITURES
Year Ended December 31, 1975
Note - Expenditures made on behalf of other funds.
$ 63, 275.27
76, 896.05
TOTAL EXPENDITURES
$125,000.00
10,240.92
$135,240.92
140,171.32
$275,412.24
-26-
POOR FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1975
ASSETS
Cash on deposit
LIABILITIES AND SURPLUS
Due to other funds
Unappropriated surplus (deficit)
$16,122.92
$16,929.35
( 806.43)
$16,122.92
-27-
POOR FUND
STATEMENT OF UNAPPROPRIATED SURPLUS
CITY OF EDINA
Year Ended December 31, 1975
Balance at January 1, 1975
$16,392.60
Deduct excess of expenditures over revenues 17,199.03
Balance (deficit) at December 31, 1975 ($ 806.43)
Revenues:
Tax settlements
STATEMENT OF REVENUES AND EXPENDITURES
Year Ended December 31
1975 1974
$ 378.91 $14,667.09
Expenditures:
Suburban Hennepin County Relief Board:
Relief Orders $ -
Suburban Public Health Nursing Service 17,177.94
Professional services 400.00
$17,577.94
EXCESS OF EXPENDITURES OVER REVENUES ($17,199.03)
$ 123.40
14,975.64
200.00
$15,299.04
($ 631.95)
Increase
$14,288.18*
$ 123.40*
2,202.30
200.00
$ 2,278.90
$16,567.08*
-28-
PARK FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1975
Cash on deposit (overdrawn)
Investments
Receivables:
Due from Hennepin County
Due from other funds
Taxes receivable - delinquent
Less allowance for delinquent taxes
Inventory of supplies - estimated
Fixed assets - at cost
ASSETS
$ 12,092.81
12,092.81
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)
$ 2,367.10
32,957.00
($ 11,309.37)
102,954.86
35,324.10
600.00
1,914,846.25
$2,042,415.84
$ 19,714.80
10,387.02
12,336.10
$ 42,437.92
$ 540.41
6,697.27
121,381.00 128,618.68
$1,208,454.03
$679,389.56
27,002.66 706,392.22 1,914,846.25
( 43,487.01)
$2,042,415.84
-29-
PARK FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1975
Appropriated:
Balance at January 1, 1975
Additions:
Transfer from unappropriated
surplus for fixed assets
Special assessments paid by
General Fund
Balance at December 31, 1975
Unappropriated:
Balance (deficit) at January 1,
1975
Additions:
Revenue - see separate
schedule
Deductions:
Expenditures, including
$15,158.59 for capital
.outlay - see separate
schedule
Construction in progress -
Historical Park
Invested in Fixed Assets
Contributed
By General
Fund by
Payment of
Special
Combined Assessments By Others Direct
$1,847,221.13 $628,153.03 $ 27,002.66 $1,192,065.44
16,388.59
16,388.59
51,236.53 51,236.53
$1,914,846.25 $679,389.56 $ 27,002.66 $1,208,454.03
Transfer from General Fund
Balance (deficit) at December 31, 1975
Ll�'�
($ 54,904.81)
450,813.41
$ 395,908.60
$493,070.61
1,230.00 494,300.61
($ 98,392.01)
54,905.00
($ 43,487.01)
-30-
PARK FUND
REVENUES AND EXPENDITURES
CITY OF EDINA
Year Ended December 31, 1975
REVENUES
Real and personal property taxes
Registration fees
Transfer from active funds
Other revenues
EXPENDITURES
Administration:
Personal services
Contractual services
Commodities
Central services
Training .
Paid leave
Actual
Revenue
Over - Under*
Estimated Estimated
Revenue Revenue Revenue
$179,714.21 $197,571.00 $17,856.79*
26,256.25 27,000.00 743.75*
243,328.00 243,328.00 -
1,514.95 200.00 1,314.95
TOTAL REVENUES $450,813.41 $468,099.00 $17,285.59*
Expenditures
Over* - Under
Expenditures Appropriations Appropriations
TOTAL ADMINISTRATION
Capital outlay
Recreation:
Baseball and softball
Skating and hockey
Tennis instruction
Playgrounds
Swimming instruction
Teen program
Special activities
Maintenance:
Mowing
Special turf care
Planting and trees
Litter removal
Parking areas
Building and equipment
Skating rinks
TOTAL RECREATION
TOTAL MAINTENANCE
TOTAL EXPENDITURES
$ 75,444.74
2,414.42
885.63
63,360.00
2,063.78
27.033.44
$171,202.01
15,158.59
$ 5,459.17
16,734.54
4,242.76
11,857.21
17,352.38
7,357.12
17,901.79
$ 80,904.97
$ 20,140.25
53,000.63
7,587.81
7,730.18
10,581.56
55,522.19
71.242.42
$225,805.04
$493,070.61
$ 73,953.00
2,200.00
175.00
63,360.00
300.00
17.930.00.
$157,918.00
15,000.00
$ 5,280.00 .
16,520.00.
4,150.00•
15,100.00
22,485.00
10,500.00
11.160.00
$ 85,195.00./
$ 1,491.74*
214.42*
710.63*
1,763.-78*
9.103.44*
$13,284.01*
158.59*
$ 179.17 *,
214.54 *'
92.76*
3,242.79
5,132.62
3,142.88
6,741.79*
$ 4,290.03
$ 28,720.00- $ 8,579.75
41,340.00
13,640.00
10,920.00
10,690.00
48,646.00
56;030.00
$209,986.00
11,660.63*
6,052.19
3,189.82
108.44
6;876.19*
15,212.42*
$15,.819.04*
$468,099.00 " $24,971.61*
-31-
PARK FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1975
TOTAL $1,847,221.13 $67,625.12 $1,914,846.25
-32-
Balance
Balance
January 1,
December 31,
1975
Additions
1975
Land
$ 423,204.86
$ 423,204.86
Skating rinks
5,812.03
5,812.03
Land improvements
645,273.48
$51,236.53
696,510.01
Building
4,042.32
4,042.32
Park equipment
106,315.43
14,652.50
120,967.93
Furniture, fixtures and equipment
3,703.78
506.09
4,209.87
Trucks, automobiles and tractors
59,052.78
59,052.78
Miscellaneous
9,622.32
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
48,239.51
48,239.51
Weber Park
21,325.65
21,325.65
Sherwood Park
700.51
700.51
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
Historical Park
-
1,230.00
1,230.00
TOTAL $1,847,221.13 $67,625.12 $1,914,846.25
-32-
SWIMMING POOL FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1975
ASSETS
CURRENT ASSETS
Cash on deposit (overdrawn)
Due from other funds
Prepaid insurance
FIXED ASSETS - on the basis of cost
Land
Swimming pool and bathhouse
Filter system
Concession furniture and fixtures
Less allowances for depreciation
($ 89,172.00)
78,852.84
TOTAL CURRENT ASSETS ($ 9,861.08)
$ 10,000.00
184,026.67
17,000.00
$4,189.99
1,954.50 2,235.49 213,262.16
$203,401.08
LIABILITIES AND SURPLUS
CURRENT LIABILITY - accounts payable
SURPLUS
Invested in fixed assets:
From bonds
Direct
Donated
.Unappropriated (deficit)
$ 63.44
$209,431.89
3,780.27
50.00 213,262.16
( 9,924.52)
$203,401.08
-33-
;Balance (deficit) at
January 1, 1975
Additions and transfers
(deductions):
Net loss for year
Provision for depre-
ciation
Fixed assets purchased -
net
Transfer from General
Fund
Balance (deficit) at
December 31, 1975
SWIMMING POOL FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1975
Invested in Fixed Assets
Total Unappropriated Donated Direct From Bonds
$194,657.00 ($18,734.17) $50.00 $3,909.28 $209,431.89
( 10,053,36) ( 10,053.36)
379.00 ( 379.00)
( 249.99) 249.99
18,734.00 18,734.00
T-
$203,337.64 ($ 9,924.52) $50.00 $3,780.27 $209,431.89
-34-
SWIMMING POOL FUND
STATEMENT OF INCOME AND EXPENSE
CITY OF EDINA
Year Ended December 31, 1975
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
Painting supplies
Other
Concessions:
Sales
Cost of goods sold
Gross profit
Operating expenses
Total depreciation charged to operations
$ 3,160.93
12,238.10
1.,627.50
4,274.75
1,447.74
6,590.62
$ 2,971.53
530.76
3,012.04
446.83
161.25
653.98
1,810.43
308.34
2,393.71
1,097.07
$30,457.50
6,121.55
$29,339.64
$36,579.05
2,000.00
.02
$38,579.07
275.00
1,085.74
3,660.00
1,661.65
254.08 20,322.41 49,662.05
($11,082.98)
$10,120.75
5,634.68
4,486.07
3,456.45
NET LOSS
1,029.62
$10,053.36
$ 379.00
-35-
SWIMMING POOL FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
CITY OF EDINA
Year Ended December 31, 1975
SOURCE OF FUNDS
Operations:
Net loss for year
Item not requiring current outlay of funds -
depreciation
Transfer from General Fund
APPLICATION OF FUNDS
Purchase of fixed assets
Increase in working capital
Various elements of net increase in
working capital:
Cash on deposit
Prepaid insurance
Due from other funds
Accounts payable
($10,053.36)
379.00
TOTAL USED IN OPERATIONS ($ 9,674.36)
18,734.00
TOTAL $ 9,059.64
$ 249.99
8,809.65
TOTAL $ 9,059.64
Increase
(Decrease)
($70,195.85)
183.08
78,852.84
( 30.42)
TOTAL $ 8,809.65
-36-
SWIMMING POOL FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1975
-37-
Balance
Balance
January 1,
December 31,
1975
Additions
1975
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 fixtures
3,940.00
$249.99
4,189.99
$214,966.67
$249.99
$215,216.66
ALLOWANCES FOR DEPRECIATION
Concession furniture and fixtures
1,575.50
379.00
1,954.50
NET BALANCE $213,391.17
($129.01)
$213,262.16
-37-
GOLF COURSE FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1975
ASSETS
CURRENT ASSETS
Cash:
On deposit
Working fund
Investments - at cost:
Federal Bank for Cooperative Debentures
Accrued interest
City of Edina - Golf Course Bonds
of 1963
Accrued interest
Prepaid insurance
FIXED ASSETS - on the basis of cost
Golf course
Buildings
Well
Parking lot and roadways
Equipment
Less allowances for depreciation
$ 61,402.58
$ 12,603.15
$ 1,232.60
$ 1,732.60
$ 61,772.92
12,728.95 74,501.87
410.88
TOTAL CURRENT ASSETS $ 76,645.35
$726,414.02
204,780.48
15,018.15
9,627.32
$129,196..69
89,527.57 39,669.12 995,509.09
$1,072,154.44
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
TOTAL CURRENT LIABILITIES
$525,000.00
35,000.00
$225,509.09
52,300.00
21,159.68
$ 1,019.39
1,071.69
1.094.59
$ 3,185.67
35.000.00
$ 38,185..67
490,000.00
245,000.00
298,968.77
$1,072,154.44
-38-
GOLF COURSE FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1975
Balance (deficit) at January 1, 1975
Additions (deductions):
Net income for the year
Fixed assets purchased
Transfers in (out):
Bonds retired
Provision for'depreciation
Balance at December 31, 1975
Unappropriated
($ 1,996.42)
52,814.21
( 7,210.04)
( 35,000.00)
12,551.93
$21,159.68
Appropriated Invested
for Debt in Fixed
Service Assets
$52,300.00 $195,850.98
7,210.04
35,000.00
( 12,551.93)
$52,300.00 $225,509.09
-39-
GOLF COURSE FUND
STATEMENT OF INCOME AND EXPENSE
CITY OF EDINA
Year Ended December 31, 1975
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 and schools
Other
Buildings - clubhouse and pro
shop:
Salaries and wages
Utilities:
Telephone
Water and sewer
Fuel
Light and power
Laundry
Less amount charged to grill
Repairs and maintenance
Insurance
Supplies
Other
Maintenance of course and grounds:
Salaries and wages:
Superintendent
Maintenance
$ 1,693.22
.126.03
1,748.89
7,597.97
1,143.48
$12,309.59
3,692.87
$11,878.16
8,616.72
2,991.13
551.02
1,420.58
s4A n-7
$15,708.34
61,047.03
$76,755.37
$159,201.53
38,693.50
$ 14,493.40
3,000.00
8,464.67
1,969.30
$ 27,927.37
950.00
2,813.92
759.10
1,010.75
14,940.00
398.75
Inc A c
Z? 4y, IV) .J4
26,053.68
$ 25,651.35
197,895.03
27,501.08
972.00
33.77
$252,053.23
-40-
GOLF COURSE FUND
STATEMENT OF INCOME AND EXPENSES ( Cont'd)
Operating expenses (cont'd):
Maintenance of course and grounds
(cont'd):
Telephone
Light and power
Fuel
Fertilizer and chemicals
Sand, gravel and rock
Concrete and asphalt
Sod, tree replacement, etc.
Lumber
Repairs and maintenance
Supplies
Equipment operation
Other
Income on investments
Net income - operating departments =
see separate schedule 21,399.63
INCOME BEFORE INTEREST AND DEPRECIATION
$ 386.64
580.26
857.61
2,430.87
2,378.60
225.15
5,202.00
473.66
2,563.28
7,926.05
21,300.00
396.14 $121,475.63
$ 6,057.84
Interest expense - on bonds
Provision for depreciation
INCOME BEFORE DEPRECIATION
NET INCOME
$196,634.65
$ 55,418.58
27,457.47
$ 82,876.05
18,894.10
$ 63,981.95
11,167.74
$ 52,814.21
-41-
GOLF COURSE FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
CITY OF EDINA
Year Ended December 31, 1975
SOURCE OF FUNDS
Net income for the year $52,814.21
Item not requiring current outlay of
funds:
Depreciation 12,551.931
TOTAL FROM OPERATIONS $65,366.14
APPLICATION OF FUNDS
Purchase of fixed assets $ 7,210.04
Current maturities of long -term debt 35,000.00
Increase in working capital 23,156.10
TOTAL $65,366.14
Various elements of net increase in working
capital:
Increase
(Decrease)
Cash
($46,512.07)
Investments
61,772.92
Prepaid insurance
( 370.77)
Accounts payable
( 41.90)
Accrued payroll
827.51
Due to other funds
7,480.41
TOTAL $23,156.10
-42-
GOLF COURSE FUND
STATEMENT OF INCOME AND EXPENSE - OPERATING DEPARTMENTS
CITY OF EDINA
Year Ended December 31, 1975
Driving range:
Revenue
$31,752.30
Less operating expenses:
Salaries and wages
$11,758.63
Replacement balls
1,509.03
Supplies
900.68
Provision for depreciation
350.03
14,518.37 $17,233.93
Grill:
Sales:
Food
$42,575.02
Beer
14,423.28
Other
647.23
$57,645.53
Less cost of goods sold
28,555.23
$29,090.30
Less operating expenses:
Salaries and wages:
Cooks, waiters and waitresses
$19,864.22
Supplies
208.36
Repairs and maintenance
124.99
Expenses,- prorated
3,692.87
Provision for.depreciation
1,034.16
24,924.60 4,165.70
NET INCOME $21,399.63
-43-
GOLF COURSE FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1975
NET BALANCE $1,000,850.98 ($ 5,341.89) $ 995,509.09
-44-
Balance
Balance
January 1,
December 31,
1975
Additions
1975
ASSETS
Golf course
$
726,414.02
$ 726,414.02
Buildings:
Club house
$
196,075.92
$ 196,075.92
Maintenance building
6,491.92
6,491.92
Range building
2,212.64
2,212.64
$
204,780.48
$
-
$ 204,780.48
Well
15,018.15
15,018.15
Parking lot and roadways
9,627.32
9,627.32
Equipment:
Golf course
$
91,518.49
$
2,421.25
$ 93,939.74
Club house
8,805.91
183.90
8,989.81
Pro shop
5,159.79
5,159.79
Range
6,160.93
108.77
6,269.70
Automobiles and trucks
4,496.12
4,496.12
Concession
10,341.53
10,341.53
$
121,986.65
$
7,210.04
$ 129,196.69
$1,077,826.62
$
7,210.04
$1,085,036.66
ALLOWANCES FOR DEPRECIATION
Golf course equipment
$
50,168.77
$
9,843.57
$ 60,012.34
Club house equipment
7,362.43
798.98
8,161.41
Pro shop equipment
3,736.75
525.19
4,261.94
Range equipment
6,120.61
350.03
6,470.64
Concession equipment
9,587.08
1,034.16
10,621.24
$
76,975.64
$12,551.93
$ 89,527.57
NET BALANCE $1,000,850.98 ($ 5,341.89) $ 995,509.09
-44-
GOLF COURSE FUND
BONDS PAYABLE
CITY OF EDINA
December 31, 1975
Annual maturities and interest dates December 1,
and June 1
Interest rates 3.2% to 3.5%
Year
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 $525,000.00
-45-
RECREATION CENTER FUND
BALANCE SHEET
CURRENT ASSETS
Cash:
On deposit (overdrawn)
Working fund
Accounts receivable
Due from other funds
Merchandise inventory _ at cost
Prepaid insurance
FIXED ASSETS - on the basis of cost
Land improvements
Buildings
Furniture and equipment
Less allowances for depreciation
CURRENT LIABILITIES
Accounts payable
Accrued payroll
Accrued interest
Due to other funds
CITY OF EDINA
December 31, 1975
ASSETS
($ 32,003.06)
700.00 ($ 31,303.06)
25,764.34
8,500.00
319.41
1,221.10
TOTAL CURRENT ASSETS $ 4,501.79
$ 53,768.68
883,595.87
$45,936.07
35,235.66 10,700.41 948,064.96
LIABILITIES AND SURPLUS
Current maturities of bonds payable
LONG -TERM DEBT
Bonds payable
Less current maturities - shown above
Loan from Improvement Fund
Loan from Liquor Dispensary Fund
Loan from General Fund
SURPLUS
Invested in fixed assets
Appropriated for debt service
Unappropriated (deficit)
$952,566.75
$ 12,181.92
4,103.19
3,880.02
14,783.37
$ 34,948.50
40,000.00
TOTAL CURRENT LIABILITIES $ 74,948,.50
$325,000.00
40,000.00 $285,000:00
100,000.00
170,000.00
200,000.00
$153,064.96
36,500.00
( 66,946.71) 122,618.25
$952,566.75
-46-
Balance (deficit) at
January 1, 1975
Deductions:
Net loss for year
Transfers in (out):
Increase in loans
Payment of bonds
Provision for
depreciation
Fixed assets purchased
Balance (deficit) at
December 31, 1975
RECREATION CENTER FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1975
Appropriated
Invested in
Fixed Assets For Debt
Unappropriated Direct Contributed Service Total
($200,546.00) $302,249.11 $550.00 $36,500.00 $339,299.11
16,134.36 -
($216,680.36) $302,249.11 $550.00 $36,500.00 $339,299.11
200, 000.00 ( 200, 000.00 )
( 40,000.00) 40,000:00
( 200,000.00)
40,000.00
4,592.77 ( 4,042.77) ( 550.00) ( 4,592.77)
( 14,858.62) 14,858.62 14,858.62
($ 66,946.71) $153,064.96 $ $36,500.00 $189,564.96
-47-
RECREATION CENTER FUND
STATEMENT OF INCOME AND EXPENSE
CITY OF EDINA
Year Ended December 31, 1975
Revenues:
Season tickets
Daily skating fees
Spectator fees
Ice rental
Skate sharpening, repair and locker rental
Other
Concession income (includes vending commission)
Less operating expenses:
Cost of food sold
Salaries and wages
Operating expenses:
Salaries and wages:
Manager
Supervision and clerical
Police
Maintenance
Organist
Other expenses:
Mileage and conference
Printing
Audit
Telephone
Light and power
Fuel and heat
Rubbish hauling
Lumber and paint
General supplies
Equipment maintenance
Central services
Insurance
Other
Interest expense - on bonds
Provision for depreciation
$ 16,498.48
$ 5,997.48
2,106.28 8,103.76
$15,367.35
23,388.77
452.19
48,456.22
660.00 $ 88,324.53
940.64
1,464.18
900.00
1,635.08
31, 417.13
18, 751.42
797.96
1, 223.11
10, 218.21
15,171.97
17,460.00
2,793.74
556.19 103,329.63
INCOME BEFORE INTEREST AND DEPRECIATION
LOSS BEFORE DEPRECIATION
NET LOSS
$ 27,217.04
3,676.93
14,366.03
132,722.99
5,702.87
83.36
8,394.72
$192,163.94
191.654.16
$ 509.78
12,051.27
$ 11,541.49
4,592.77
$ 16,134.26
-48-
RECREATION CENTER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
CITY OF EDINA
Year Ended December 31, 1975
SOURCE OF FUNDS
Operations:
Net loss for the year
Item not requiring current outlay of funds:
Depreciation
TOTAL USED IN OPERATIONS
Loan from General Fund
APPLICATION OF FUNDS
Payment of bonds
Purchase of fixed assets
Increase in working capital
Various elements of net increase in working capital:
Cash
_ Accounts receivable
Due from other funds
Merchandise inventory
Prepaid insurance
Accounts payable
Accrued payroll
Accrued interest
Due to other funds
Deferred income
TOTAL
TOTAL
TOTAL
($ 16,134.26)
4,592.77
($ 11,541.49)
200,000.00
$188,458.51
$ 40,000.00
14,858.62
133,599.89
$188,458.51
Increase
(Decrease)
$140,526.87
1,513.00
( 3,500.00)
( 225.11)
( 589.62)
( 1,993.22)
( 1,214.99)
508.33
( 4,583.37)
3.158.00
$133,599.89
-49-
RECREATION CENTER FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1975
-50-
Balance
Balance
January 1,
December 31,
1975
Additions
1975
ASSETS
Land improvements
$ 39,160.06
$14,608.62
$ 53,768.68
Buildings
883,595.87
883,595.87
Furniture and equipment
45,686.07
250.00
45,936.07
$968,442.00
$14,858.62
$983,300.62
ALLOWANCES FOR DEPRECIATION
Furniture and equipment
30,642.89
4,592.77
35,235.66
NET BALANCE $937,799.11
$10,265.85
$948,064.96
-50-
Annual maturities and
interest dates
Interest rate
Year
1976
1977
1978
1979
1980
1981
1982
RECREATION CENTER FUND
BONDS PAYABLE
CITY OF EDINA
December 31, 1975
March 1 and
September 1
3.1% to 3.3%
$ 20,000.00
20,000.00
30,000.00
30,000.00
30,000.00
30,000.00
30,000.00
TOTAL $190,000.00
March 1 and February 1
September 1 and August 1
3% 5%
$10,000.00
10,000.00
15,000.00
15,000.00
15,000.00
15,000.00
15,000.00
$95,000.00
$10,000.00
10,000.00
10,000.00
10,000.00
$40,000.00
$ 40,000.00
40,000.00
55,000.00
55,000.00
45,000.00
45,000.00
45,000.00
$325,000.00
-51-
CURRENT ASSETS
Cash on deposit (overdrawn)
Receivables:
Customers
Due from other funds
Supply inventory
Prepaid insurance
FIXED ASSETS - on the basis of cost
Land improvements
Building
Furniture and equipment
Less allowances for depreciation
CURRENT LIABILITIES
Accounts payable
Due to other funds
SURPLUS
Invested in fixed assets:
Direct
Contributed:
Property donated by others
Unappropriated (deficit)
GUN RANGE FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1975
ASSETS
LIABILITIES AND SURPLUS
$ 218.05
1,206.00
TOTAL CURRENT ASSETS
($ 3,728.07)
1,424.05
250.00
52.98
($ 2,001.04)
$ 8,074.57
47,531.90
$863.16
431.40 431.76 56,038.23
$54,037.19
$ 646.94
4,402.54
TOTAL CURRENT LIABILITIES $ 5,049.48
$11,038.23
45,000.00 56,038.23
( 7,050.52)
$54,037.19
-52-
GUN RANGE FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1975
Balance (deficit) at January 1, 1975
Additions and transfers (deduction):
Net loss for year
Provision for depreciation
Transfer from General Fund
Balance (deficit) at December 31, 1975
Invested in Fixed Assets
Unappropriated Direct Contributed
($26,265.10) $11,096.83 $45,000.00
( 7,109.02)
58.60 ( 58.60)
26, 265.00
($ 7,050.52) $11,038.23 $45,000.00
-53-
GUN RANGE FUND
STATEMENT OF INCOME AND EXPENSE
CITY OF EDINA
Year Ended December 31, 1975
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
$1,214.00
1,382.00
2,318.00
150.00
$ 5,064.00
1,580.73
496.30
179.45
$ 7,320.48
$6,691.86
1,302.50 $7,994.36
1,767.66
180.96
12.00
579.26
356.25
3,474.51
5.90
14,370.90
LOSS BEFORE DEPRECIATION
$ 7,050.42
SR An
NET LOSS $ 7,109.02
-54-
GUN RANGE FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
CITY OF EDINA
Year Ended December 31, 1975
SOURCE OF FUNDS
Operations:
Net loss for year ($ 7,109.02)
Item not requiring current outlay of
funds - depreciation 58.60
TOTAL USED IN OPERATIONS ($ 7,050.42)
Transfer from General Fund 26,265.00
$19,214.58
-55-
TOTAL $19,214.58
APPLICATION OF FUNDS
Increase in working capital
$19,214.58
Various elements of net increase in working capital:
Increase
(Decrease)
Cash on deposit
$24,510.95
Receivables - customers
218.05
Due from other funds
( 836.00)
Accounts payable
( 408.38)
Accrued payroll
132.50
Due to other funds
( 4,402.54)
$19,214.58
-55-
GUN RANGE FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1975
Balance Balance
January 1, December 31,
1975 Additions 1975
ASSETS
Land improvements $ 8,074.57 $ 8,074.57
Building 47,531.90 47,531.90
Furniture and equipment 863.16 863.16
$56,469.63 $ - $56,469.63
ALLOWANCES FOR DEPRECIATION
Furniture and equipment
372.80 58.60 431.40
NET BALANCE $56,096.83 $58.60 $56,038.23
-56-
PARK SINKING FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1975
ASSETS
Cash:
Demand deposits
Time deposits
Receivables:
Taxes receivable - current and delinquent
Taxes receivable - deferred
Less allowance for delinquent and
uncollectible taxes
$ 277,868.90
800,000.00
$ 315,582.33
1,195,000.00
$1,510,582.33
77,982.33
LIABILITIES, RESERVES AND SURPLUS
Due to other funds
Amount payable during 1976:
Bonds
Interest
Bonds payable
Less current portion - shown above
Reserve for future interest
Less current portion - shown above
Reserve for land acquisition
Unappropriated surplus
$ 40,000.00
61,380.00
$1,240,000.00
40,000.00
$ 211,605.00
61,380.00
$1,077,868.90
1,432,600.00
$2,510,468.90
$ 191,309.00
101,380.00
1,200,000.00
156,225.00
758,691.00
102,863.90
$2,510,468.90
-57-
PARK SINKING FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1975
Balance at January 1, 1975
Additions:
Income on investments
Accrued interest bond sale
Transfers:
Reserve for future interest
Reserve for uncollectible and delinquent
taxes
Deductions:
Payment to fiscal agents:
Interest
Service charges
Cost of bond sale
$ 9,378.48
380.11
$12,380.00
$ 35,978.44
58,010.87 70,390.87 80,149.46
$116,127.90
$12,380.00
176.00 $12,556.00
Balance at December 31, 1975
13,264.00
$102,863.90
-58-
PARK SINKING FUND
BOND AND INTEREST MATURITIES AND DEFERRED TAX LEVIES
CITY OF EDINA
Year Ended December 31, 1975
Annual maturities and interest dates
Interest rates
Year
Bonds
1977
$ 250,000.00
1978
300,000.00
1979
300,000.00
1980 300,000.00
1981 50,000.00
$1,200,000.00
(Deficiency)
Excess
of Deferred
Levies Over
Bond and
Interest
$ 59,625.00 $ 4,375.00
47,075.00 ( 32,075.00)
31,875.00 ( 15,875.00)
16,675.00 ( 66,675.00)
975.00 ( 50,975.00)
$156,225.00 ($161,225.00)
March 1,
June 1,
September 1
and
December 1
3.9% to 5.5%
Deferred
Levies
$ 314,000.00
315,000.00
316,000.00
250,000.00
$1,195,000.00
-59-
PARK CONSTRUCTION FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1975
ASSETS
Cash on deposit (overdrawn)
Due from other funds
Fixed assets at cost:
Land
Construction in progress
LIABILITIES, RESERVE AND SURPLUS
Trade accounts payable
Due to other funds
Contract payable
Reserve for construction
Surplus:
Invested in fixed assets:
Direct
Contributed
($ 85,127.21)
272,945.64
$1,050,326.94
959,977.94 2,010,304.88
$2,198,123.31
$ 916.50
78,852.84
75,000.00
108,049.09
$1,885,304.88
50,000.00 1,935,304.88
$2,198,123.31
-60-
PARK CONSTRUCTION FUND
ANALYSIS OF RESERVE FOR CONSTRUCTION
CITY OF EDINA
Year Ended December 31-, 1975
Balance (deficit) at January 1, 1975
Additions:
Transfer from Liquor Dispensary Fund
Transfer from General Fund
Grants:
Nine Mile Creek Watershed District
Hennepin County
Donations:
Edina Federated Junior Women's Club
Edina Historical Society
.Partial transfer of bond proceeds for land
purchases
Other
Deductions:
Purchase of land and fixed assets
Balance at December 31, 1975
($ 96,596.12)
$ 80,000.00
161,500.00
$17,500.00
18,500.00 36,000.00
$ 300.00
1,200.00 1,500.00
191,309.00
1,794.07 472,103.07
$375,506.95
267,457.86
$108,049.09
-61-
Land:
Braemer Park
Pamela Park
Division Park
Bredesen Park
Cornelia Park
PARK CONSTRUCTION FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1975
Balance
January 1,
1975
$ 266,888.85
2,440.00
438.27
507,148.09
28,286.36
Balance
December 31,
Additions Deductions 1975
$ 266,888.85
2,440.00
438.27
507,148.09
28,286.36
Morton Arneson Park
2,551.05
2,551.05
Parkbury Estate
51,265.32
513,265.32
Garden Park
-
$ 16,209.00
162209.00
Blake Road Property
-
1002000.00
100,000.00
Melody Lake Property
-
75,100.00
75,100.00
$ 859,017.94
$191,309.00 $ -
$1,050,326.94
Construction in progress:
Pamela Park
$ 258,333.05
$ 258,333.05
Braemer Park
87,195:14
$ 1,128.94
883324.08
Bredesen Park
46,771.31
7,239.64
54,010.95
Historical site
83,652.60
7,871.57
91,524.17
Weber Park
5,438.44
52438.44
Beard Park
11,705.04
11,705.04
Heights Park
3,157.79
194.14
3,351.93
Walnut Ridge Park
39,599.60
39,599.60
Cornelia School Park
2,752.74
2,752.74
Garden Park
7,913.11
7,913.11
Braemar Sports Complex
103,339.98
1,775.80
105,115.78
Creek Valley School Park
19,648.40
3,533.07
23,181.47
Highland Park
6,940.26
6,940.26
Gun Range
402.54
$ 402.54
-
Nine Mile Creek
2,263.20
22263.20
Alden Park
937.67
937.67
Division Park
23,098.05
23,098.05
Countryside Park
23,677.94
126.11
23,551.83
Cornelia Park
19,866.47
11,622.64
31,489.11
Lake Edina Park
17,429.56
17,429.56
Chowen Park
3,323.96
3,323.96
-62-
Construction in progress
(cont'd):
Sherwood Park
Braemer Arena and Pavilion
Arden Park
Tingdale Park
Hyde Park
Arneson Park
Normandale Park
44th Street Property
Yorktown Park
Swimming Pool
Browndale
Other
TOTAL
PARK CONSTRUCTION FUND
FIXED ASSETS ( Cont'd)
Balance
January 1,
1975
$ 349.14
14,798.76
11,185.25
187.20
246.84
785.00
1,164.51
8,740.34
20.19
3,905.00
$ 808,829.08
$1,667,847.02
$ 4,316.95
40.05
128,122.08
45.68
633.71
$166,524.27
$357,833.27
Balance
December 31,
Deductions 1975
$14,798.76
48.00
$15,375.41
$15,375.41
$ 349.14
11,185.25
187.20
246.84
785.00
1,116.51
13,057.29
60.24
132,027.08
45.68
633.71
$ 959,977.94
$2,010,304.88
-63-
IMPROVEMENT FUNDS
COMBINED BALANCE SHEET
CITY OF EDINA
December 31, 1975
$12,170,586.85
LIABILITIES, RESERVE AND SURPLUS
Accrued interest $ 31,957.51
Due to Hennepin County 6,207.20
Due to other funds 132,854.45
Construction contracts payable 90,328.39
Advance from Improvement Funds -
Bonds payable 8,040,000.00
Construction deposits 296,072.91
Reserve for assessment adjustments 154,685.31
Reserve for construction 40,617.41
Unappropriated surplus (deficit) 3,377,863.67
Eliminations
102,464.30
2,327,493.38
$2,429,957.68
$ 102,464.30
2,327,493.38
$12,170,586.85 $2,429,957.68
Total
ASSETS
Cash (overdrawn):
Demand deposits
($
865,187.60)
Time deposits
1,300,000.00
$
434,812.40
Investments
1,729,752.02
Receivables:
Special assessments:
Current- certified in 1975- collectible in 1976
$
1,290,895.00
Delinquent
551,975.04
Deferred
4,750,936.51
Assessments receivable- City share of projects -
deferred
211,753.95
$
6,805,560.50
Less allowance for delinquent and uncollectible
taxes
864,654.30
$
5,940,906.20
Due from other funds
138,870.77
Due from Construction for advances
-
Construction in progress:
Current
3,659,617.13
Deferred
90,328.39
Unallocated construction costs
167,982.31
Amount due from others
8,317.63
$12,170,586.85
LIABILITIES, RESERVE AND SURPLUS
Accrued interest $ 31,957.51
Due to Hennepin County 6,207.20
Due to other funds 132,854.45
Construction contracts payable 90,328.39
Advance from Improvement Funds -
Bonds payable 8,040,000.00
Construction deposits 296,072.91
Reserve for assessment adjustments 154,685.31
Reserve for construction 40,617.41
Unappropriated surplus (deficit) 3,377,863.67
Eliminations
102,464.30
2,327,493.38
$2,429,957.68
$ 102,464.30
2,327,493.38
$12,170,586.85 $2,429,957.68
3,659,617.13
90,328.39
12,316.45 155,665.86 y
8,317.63
$2,986,390.78 $415,717.73 $42,557.89 $9,840,461.01 ($423.82) $1,315,840.94
$ 31,957.51
6,207.20E
$ 231,878.69 $ 3,055.76 384.30 710
90,328.39
2,327,493.38
6,790,000.00 4 $1,250,000.00
296,072.91
7,073.06 147,612.25
40,617.41
405,588.91 $42,557.89 2,864,299.75 ($423.82 65,840.94
$2,986,390.78 $415,717.73 $42,557.89 $9,840,461.01 ($423.82) $1,315,840.94
I
-64-
Permanent
Sanitary
Improvement
Municipal
Advance
Improvement
Sewer.
Bond
State -Aid
Funding
Construction
Revolving
No. 53
Redemption
Street Bonds
Highway
Bond
($ 810,270.89)
$109,818.59
$ 1,375.95
($ 181,528.37)5
($423.82)
$
15,840.94
1,300,000.00
($ 810,270.89)
$109,818.59
$ 1,375.95
($ 181,528.37)
_
($423.82)
$1,315,840.94
102,783.62
.41,181.94
1,585,786.46,1;
$ 3,040.59
$1,287,854.41
34,809.12
$ 7,935.87
509,230.05
238.90
4,750,697.61
211, 753.95 i
$ -
$ 38,088.61
$ 7,935.87
$6,759,536.02
$ -
$
-
34,973.09
7,935.87
821,745.34 t
$ -
$ 3,115.52
$ -
$5,937,790.68
$ -
$
-
26,082.07
200,000.00
15,253.00 9
2,327,493.381/
3,659,617.13
90,328.39
12,316.45 155,665.86 y
8,317.63
$2,986,390.78 $415,717.73 $42,557.89 $9,840,461.01 ($423.82) $1,315,840.94
$ 31,957.51
6,207.20E
$ 231,878.69 $ 3,055.76 384.30 710
90,328.39
2,327,493.38
6,790,000.00 4 $1,250,000.00
296,072.91
7,073.06 147,612.25
40,617.41
405,588.91 $42,557.89 2,864,299.75 ($423.82 65,840.94
$2,986,390.78 $415,717.73 $42,557.89 $9,840,461.01 ($423.82) $1,315,840.94
I
-64-
IMPROVEMENT FUNDS
STATEMENT OF SURPLUS - UNAPPROPRIATED
CITY OF EDINA
Year Ended December 31, 1975
Total
Balance (deficit) at January 1, 1975 $3,288,037.12
Additions:
Interest spread on assessments for collection
in 1976 $ 298,289.48
Income on investments 109,002.00
Capitalized interest 34,027.98
Transfer from General Fund 32,636.10
Cancellation and adjustments ( 362.18)
$ 473,593.38
Deductions:
Interest on bonds $ 350,438.32
Bank service charges 1,768.07
Cost of bond sale 8,915.61
$ 361,122.00
$3.,400,508.50
Change in reserve for delinquent taxes ( .22,644.83)
Balance (deficit) at December 31, 1975 $3,377,863.67
Permanent
Improvement
Revolving
$370,760.34
$ 167.46
3,266.67
32,636.10
$ 36,070.23
$406,830.57
( 1,241.66)
$405,588.91
$ 298,122.02
$ 1,646.88 40,813.33 $63,275.12
34,027.98
( 362.18)
$ 1,646.88 $ 372,601.15 $ - $63,275.12
$ 263,250.82 $87,187.50
119175.10 ' 592.97
8,915.61
$ - $ 273,341.53 $ - $87,780.47
$42,350.48 $2,885,910.33 ($423.82) $65,840.94
207.41 ( 21,610.58)
$42,557.89 $2,864,299.75 ($423.82) $65,840.94
-65-
Advance
Sanitary
Improvement
Municipal
Funding
Sewer
Bond
State -Aid
Highway
No. 53
Redemption
Street Bonds
Bonds
$40,703.60
$2,786,650.71
($423.82)
$90,346.29
$ 298,122.02
$ 1,646.88 40,813.33 $63,275.12
34,027.98
( 362.18)
$ 1,646.88 $ 372,601.15 $ - $63,275.12
$ 263,250.82 $87,187.50
119175.10 ' 592.97
8,915.61
$ - $ 273,341.53 $ - $87,780.47
$42,350.48 $2,885,910.33 ($423.82) $65,840.94
207.41 ( 21,610.58)
$42,557.89 $2,864,299.75 ($423.82) $65,840.94
-65-
IMPROVEMENT FUNDS
RECEIPTS, DISBURSEMENTS AND CHANGE IN CASH BALANCE
CITY OF EDINA
Year Ended December 31, 1975
Balance (overdrawn) at January 1, 1975
Receipts:
Collections on special assessments:
By County
By City
Sale of investments and interest thereon
Advance from Improvement Bond Redemption
Payment received on connection charges and adjustments
Proceeds from sale of bonds
Payment received from Minnesota State -Aid
Collection received on account at December 31, 1974
Transfer from General Fund
Collection received for another fund
Construction deposits received
Disbursements:
Construction costs charged to others:
General Fund
Permanent Improvement Revolving
Park Fund
Improvement Bonds Redemption
Other
Less payments received
$ 15,144.35
2,080.00
2,630.10
687,494.62
191.985.14
$899,334.21
191.985.14
$707,349.07
Increase in construction in progress:
Balance at December 31, 1975:
Current construction $3,659,617.13
Deferred construction 90,328.39
Unallocated 12,316.45 $3,762,261.97
Balance at January 1, 1975:
Current construction $2,671,861.35
Deferred construction 153,414.38
Unallocated 12.316.45 2,837,592.18
Decrease in contracts payable:
Balance at January 1, 1975 $ 153,414.38
Balance at December 31, 1975 90,328.39
Less amount due General Fund
for construction costs
$ 924,669.79
63,085.99
$ 987,755.78
Combined
$ 52,749.07
$ 1,325,185.35
152,191.38
3,237,986.83
2,100,000.00
6,795.56
4,502,110.68
160,306.98
131,146.95
32,636.10
384.30
226.20
$11,648,970.33
31,878.69 955,877.09 $ 1,663,226.16
Construction
($1,405,125.68)
$2,100,000.00
3,440.99
160,306.98
131,059.35
Permanent
Sanitary
Improvement
Municipal
Advance
Improvement
Sewer
Bond
State -Aid
Funding
Revolving
No. 53
Redemption
Street Bonds
Highway Bonds
$102,126.69
$ 703.60
$ 818,271.99
($423.82)
$ 537,196.29
$ 2,852.96
331.54
78,266.67
87.60
32,636.10
226.20
$2,395,033.52 $114,174.87
$1,663,226.16
$ 207.41
41,646.88
$1,322,124.98
151,859.84
1,428,706.49
3,354.57
4,502,110.68
384.30
$41,854.29 $7,408,540.86 $ -
$1,689,366.79
$1,689,366.79
-66-
IMPROVEMENT FUNDS
RECEIPTS, DISBURSEMENTS AND CHANGE IN CASH BALANCE ( Cont'd)
Disbursements (cont'd):
Payment to other funds accrued at December 31, 1974
Investments purchased
Payment to County Finance Department for bookkeeping
charges
Advance to Construction
Bonds redeemed
Interest on bonds
Bank service charges
Cost of bond sale
Refunds and adjustments
Payment made for another fund
Other
Balance (overdrawn) at December 31, 1975
Combined
$ 126,152.22
2,870,693.69
809.05
2,100,000.00
4,130,000.00
346,690.00
1,768.07
8,915.61
42.05
14,071.33
4,538.82
$11,266,907.00
$ 434,812.40
-67-
Permanent
Sanitary
Improvement
Municipal
Advance
Improvement
Sewer
Bond
State -Aid
Funding
Construction
Revolving
No. 53
Redemption
Street Bonds
Highway Bonds
$ 122,407.32
$ 3,657.30
$ 87.60
102,783.62
$41,181.94
2,528,786.46
$ 197,941.67
809.05
2,100,000.00
3,505,000.00
625,000.00
259,502.50
87,187.50
1,175.10
592.97
8,915.61
42.05
14,071.33
473.92
4,064.90
$1,800,178.73
$106,482.97
$41,181.94
$8,408,341.22
$
$ 910,722.14
($ 810,270.89)
$109,818.59
$ 1,375.95
($ 181,528.37)
($423.82)
$1,315,840.94
-67-
Annual maturities and interest
dates
Interest rates
IMPROVEMENT FUNDS
BONDS PAYABLE
CITY OF EDINA
December 31, 1975
Improvement Advance
Bond Funding
Year Total Redemption Highway Bonds
March 1, January 1 and
May 1, June 1, July 1
September 1,
November 1 and
December 1'
3.907. to 5.707. 5.50% to 5.707.
1976
1977
1978
1979
1980
1981
1982
1983
TOTAL
$1,730,000.00
1,880,000.00
1,215,000.00
1,215,000.00
500,000.00
500,000.00
500,000.00
500.000.00
$8,040,000.00
$1,105,000.00
1,255,000.00
1,215,000.00
1,215,000.00
500,000.00
500,000.00
500,000.00
500.000.00
$6,790,000.00
$ 625,000.00
625,000.00
$1,250,000.00
-68-
ASSETS
CURRENT ASSETS
Cash:
Demand deposits
Time deposits
Less amount segregated and shown below
Investments - at cost:
Federal Bank for Cooperatives
Consolidated Bonds
Accrued interest
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
Buildings and equipment
Less allowances for depreciation
$ 499,765.63
2,500.00
$ 59,352.08
100,000.00
$ 159,352.08
58,150.00
$ 502,265.63
23,588.42
$ 112,199.53
114,124.52
5,302.50
$ 8,068.97
1,750.00
TOTAL CURRENT ASSETS
$ 24,132.08
6,672,265.10
2,552,810.53
$9,249,207.71
2,998,436.60
$ 26,556.38
WATERWORKS
BALANCE
CITY OF
December 31,
$ 101,202.08
525,854.05
231,626.55
9,818.97
2,732.22
$ 871,233.87
58;150.00
6,250,771.11 6,277,327.49
$7,206,711.36
FUND
SHEET
EDINA
1975
LIABILITIES AND SURPLUS
CURRENT LIABILITIES
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
$ 250,000.00
50,000.00
$1,345,989.40
20,511.72
4,651,542.31
9,284.06
$6,027,327.49
58,150.00
839,061.59
$ 13,614.75
2,638.53
666.00
15,253.00
$ 32,172.28
50,000.00
$ 82,172.28
200,000.00
6,924,539.08
$7,206,711.36
-69-
WATERWORKS FUND
NOTES TO BALANCE SHEET
CITY OF EDINA
December 31, 1975
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:
1963 Issue
Annual maturities and interest dates June 1 and
December 1
Interest rates 3.20% and
3.30%
Annual amount of maturities:
1976
$ 50,000.00
1977
50,000.00
1978
50,000.00
1979
50,000.00
1980
50,000.00
TOTAL $250,000.00
-70-
WATERWORKS FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1975
Balance at January 1, 1975
Additions:
Watermains contributed by special assessments
Deductions:
Net loss for year
Transfers in (out):
Provision for depreciation
Bonds retired
Additions to fixed assets
Decrease in appropriation of funds for
reserve for debt retirement
Depreciation for prior years transferred to
wrong account
Total
$6,884,626.88
107,374.17
$6,992,001.05
67,461.97
$6,924,539.08
Balance at December 31, 1975 $6,924,539.08
Unappropriated
$727,632.33
$727,632.33
67,461.97
$660,170.36
231,651.87
( 60,000.00)
( 15,150.64)
22,390.00
$839,061.59
$80,540.00 $1,376,841.75
$80,540.00 $1,376,841.75
( 106,442.99)
60,000.00
15,150.64
( 22,390.00)
440.00
$58,150.00 $1,345,989.40
107,374.17
$4,775,521.60 $10,271.67
$4,775,521.60
( 123,979.29)
$4,651,542.31
( 547.61_)
( 440.00)
$ 9,284.06
$21,193.70
$21,193.70
( 681.98)
$20,511.72
-71-
Invested in
Fixed Assets
Appropriated
Contributed
Contributed
Revaluation
for Debt
By Special
By General
of Fixed
Service Direct
Assessments
Fund
Assets
$80,540.00 $1,376,841.75
$4,668,147.43
$10,271.67
$21,193.70
$80,540.00 $1,376,841.75
$80,540.00 $1,376,841.75
( 106,442.99)
60,000.00
15,150.64
( 22,390.00)
440.00
$58,150.00 $1,345,989.40
107,374.17
$4,775,521.60 $10,271.67
$4,775,521.60
( 123,979.29)
$4,651,542.31
( 547.61_)
( 440.00)
$ 9,284.06
$21,193.70
$21,193.70
( 681.98)
$20,511.72
-71-
WATERWORKS FUND
STATEMENT OF INCOME AND EXPENSE
CITY OF EDINA
$522,676.96 $552,155.46 $29,478.50* 100.00% 100.00%
Expenses:
Percent to
Pumping:
Year Ended
December 31
Increase Gross Income
Labor
1975
1974
Decrease* 1975 1974
Number of meters in use:
80,031.22
75,113.00
4,918.22
At end of year
10,823
10,589
234
At beginning of year
10,589
10,345
244
Operating income:
5,715.07
5,515.00
200.07
Sale of meters
$ 15,807.00
$ 23,664.00
$ 7,857.00*
Less cost of meters sold
12,797.36
21,309.00
8,511.64*
Repairs
$ 3,009.64
$ 2,355.00
$ 654.64
Water sales
495,957.80
521,375.00
25,417.20*
Penalties
8,516.00
9,840.00
1,324.00*
Water connection permits
1,023.00
1,574.00
551.00*
Use of hydrants
14,124.52
14,454.00
329.48*
Miscellaneous
46.00
2,557.46
2,511.46*
$522,676.96 $552,155.46 $29,478.50* 100.00% 100.00%
Expenses:
Pumping:
Labor
$ 16,220.85
$ 13,639.00
$ 2,581.85
Power and light
80,031.22
75,113.00
4,918.22
Supplies and repairs
14,014.39
5,924.00
8,090.39
Buildings:
Labor
5,715.07
5,515.00
200.07
Fuel and utilities
12,976.25
5,719.00
7,257.25
Supplies
1,629.39
1,715.00
85.61*
Repairs
464.18
194.00
270.18
Insurance
3,410.05
2,358.00
1,052.05
Water purchased
18,855.20
19,293.00
437.80*
Provision for depreciation
38,918.78
37,707.00
1,211.78
$192,235.38
$167,177.00
$25,058.38 36.78% 30.28%
Distribution:
Labor
$ 34,852.10
$ 24,772.00
$10,080.10
Materials and supplies
6,811.27
9,853.00
3,041.73*
Operation of meters:
Labor
18,986.06
19,304.00
317.94*
Supplies and expenses
5,431.52
3,465.00
1,966.52
Provision for depreciation
132,365.68
129,621.00
2,744.68
Repairs
17,739.82
6,635.00
11,104.82
$216,186.45
$193,650.00
$22,536.45 41.36 35.07
Tanks, towers and reservoirs:
Labor
$ 1,182.34
$ 4,117.00
$ 2,934.66*
Power and lease lines
1,897.62
1,889.00
8.62
Supplies and expenses
3,569.29
1,175.00
2,394.29
Provision for depreciation
384622.53
38,623.00
.47*
Insurance
1,979.81
2,150.00
170.19*
$ 47,251.59
$ 47,954.00
$ 702.41* 9.04 8.68
-72-
WATERWORKS FUND
STATEMENT OF INCOME AND EXPENSE. ( Cont'd)
Expenses (cont'd):
Water treatment:
Labor
Supplies and expense
Provision for depreciation
Vehicle operations:
Allocated for equipment pool
Provision for depreciation
Administrative and general:
Salaries:
Superintendent
Clerical
Meter reading
Meter reading supplies
Office supplies, postage','
telephone, hospitalization,
etc.
Supervision
Provision for depreciation
Professional service
Supplies and expense
Building rental
Engineering services
TOTAL EXPENSES
OPERATING INCOME (LOSS)
Income on investments
Gain on sale of land
Other deductions:
Interest on bonds
Fiscal agent service charge
Year Ended December 31 Increase
1975 1974 Decrease*
Percent to
Gross Income
1975 1974
$ 5,876.18 $ 6,446.00 $ 569.82*
15,908.03 21,270.00 5,361.97*
19,255.66 19,383.00 127.34*
$ 41,039.87 $ 47,099.00 $ 6,059.13* 7.85% 8.53%
$ 11,340.00 $ 10,140.00 $ 1,200.00
2,404.94 1,811.00 593.94
$ 13,744.94 $ 11,951.00 $ 1,793.94 2.63
$ 17,594.45 $ 17,439.00 $ 155.45
7,201.25 6,580.00 621.25
14,927.68 14,830.00 97.68
113.02 - 113.02
21,060.00 20,580.00
7,650.00 4,140.00
84.28 120.00
7,654.46 7,005.00
1,307.45 1,086.00
1,020.00 960.00
7,444.53 -
$ 86,057.12 $ 72,740.00
$596,515.35 $540,571.00
($ 73,838.39) $ 11,584.46
15,948.95 12,508.00
6,575.00
($ 57,889.44) $ 3051667.46
$ 9,496.83 $ 11,397.00
75.70 52.00
$ 9,572.53 $ 11,449.00
480.00
3,510.00
35.72*
649.46
221.45
60.00
7,444.53
$13,317.12 16.47
$55,944.35 114.13%
$85,422.85 *( 14.13 %)
3,440.95 3.05
6,575.00*
$88,556.90 *( 11.08 %)
$ 1,900.17*
23.70
$ 1,876.47* 1.83
2.11
13.17
97.90%
2.10%
2.26
1.19
5.55%
2.07
NET INCOME (LOSS) ($ 67,461.97) $ 19,218.46 $86,680.43 ( 12.91 %) 3.48%
Total depreciation charged to
operations
N,
$231,651.87 $227,265.00 $ 4,386.87
-73-
WATERWORKS FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
CITY OF EDINA
Year Ended December 31, 1975
SOURCE OF FUNDS
Operations:
Net loss for the year ($ 67,461.97)
Item not requiring current outlay of funds -
depreciation 231,651.87
TOTAL FROM OPERATIONS $164,189.90
Contribution to fund by special assessments 107,374.17
TOTAL $271,564.07
APPLICATION OF FUNDS
Additions to fixed assets net $122,524.81.
Current maturities of long -term debt 50,000.00
Increase in working capital 99,039.26
Various elements of net increase in working capital:
TOTAL $271,564.07
Increase
(Decrease)
Cash
($455,016.93)
Investments
502,265.63
Accounts receivable
1,746.39
Inventories
1,238.65
Prepaid insurance
( 504.90)
Accounts payable
13,255.51
Accrued payroll
( 980.38)
Accrued interest payable
533.17
Due to other funds
26,502.12
Current maturities of bonds .payable
10,000.00
TOTAL $ 99,039.26
Note - Working capital herein is defined as the excess of current assets and segregated
cash over current liabilities.
-74-
WATERWORKS FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1975
Land
Land improvements
Distribution system:
Purchased
Contributed by special assessments
Contributed by General Fund
Buildings and equipment:
Pumphouses
Wells
Pumps and piping
Tanks, towers and reservoirs
Office equipment
Miscellaneous equipment.
Water treatment equipment
Automobiles and trucks
Storm sewer
Machinery and equipment
Tools
Construction in progress
A s s e t s
Balance.
January 1,
1975 Additions
$ 26,556.38
23,084.04 $ 1,048.04
$ 402,789.80
6,145,720.47 $107,374.17
16,380.66
$6,564,890.93 $107,374.17
$ 394,023.71
358,930.93
181,798.28
965,579.02
3,453.05
11,918.74
449,585.66
14,058.35
$ 3,782.00
61,558.69
-
2,158.00
350.00
$2,441,256.43
$ 5,940.00
$9,055,787.78
$114,362.21
97,451.50
8,162.60
TOTAL $9,153,239.28 $122,524.81
Transfers
Y
$ 64,395.75
41,218.35
$105,614.10
$105,614.10
(`105,614.10)
Balance
December 31,
1975
$ .26,556.38
24,132.08
$ 402,789.80
6,253,094.64
16,380.66
$6,672,265.10
$ 458,419.46
400,149.28
181,798.28
965,579.02
3,453.05
11,918.74
449,585.66
17,840.35
61,558.69
2,158.00
350.00
$2,552,810.53
$9,275,764.09
$9,275,764.09
Allowances.for Deoreciation
Balance Balance
January 1, December 31,
1975 Additions 1975
9,485.63 $ 952.78 10,438.41
$ 151,389.24
1,477,573.04
6,988.99
$1,635,951.27
$ ,161,837.96
175,514.81
112,226.21
436,293.60
3,392.40
11,738.91
200,334.53
6,424.81
13,584.60
$1,121,347.83
$2,766,784.73
$2,766;784.73
$ 8,058.78
123,979.29
327.61
$132,365.68
$ 16,796.26
14,426.41
6,743.33
38,622.53
30.56
53.72
18,024.49
2,189.14
1,231.17
215.80
$ 98,333.41
$231,651.87
$231,651.87
$ 159,448.02
1,601,552.33
7,316.60
$1,768,316.95
$ 178,634.22
189,941.22
118,969.54
474,916.13
3,422.96
11,792.63
218,359.02
8,613.95
14,815.77
215.80
$1,219,681.24
$2,998,436.60
$2,998,436.60
-75-
SEWER RENTAL FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1975
ASSETS
CURRENT ASSETS
Cash on deposit (overdrawn)
Receivables:
From customers
Assessments receivable
Other agency
Prepaid insurance
Prepaid service charges
FIXED ASSETS
Land improvements
Sewer mains and lift stations
Furniture and fixtures
Trucks
Equipment and machinery
Less allowances for depreciation
($ 262,737.64)
$ 136,385.62
443.94
1,969.50 138,799.06
$ 627.44
62,800.59 63,428.03
TOTAL CURRENT ASSETS ($ 60,510.55)
LIABILITIES AND SURPLUS
CURRENT LIABILITIES
Accounts payable
Accrued payroll
SURPLUS
Invested in fixed assets:
Direct
Contributed by special assessments
Unappropriated (deficit)
$ 5,605.19
9,644,948.19
2,161.69
12,665.68
43.773.70
$9,709,154.45
1,497, 224.29
8,211,930.16
$8,151,419.61
$ 4,638.13
1,304.86
TOTAL CURRENT LIABILITIES $ 5,942.99
$ 76,371.64
8,135,558.52
8,211,930.16
( 66,453054)
$8,151,419.61
-76-
SEWER RENTAL FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1975
Balance at January 1, 1975
Additions:
Sewer mains contributed by special
assessments
Deductions:
Net loss for year
Invested in Fixed Assets
Unappropriated Contributed
Surplus by Special
(Deficit) Direct Assessments
$ 13,156.93 $74;950.78 $7,818,127.89
413,259.53
$ 13,156.93 $74,950.78 $8,231,387.42
174,018.51
($160,861.58) $74,950.78
Transfers in.(out):
Provision for depreciation 99,122.20 ( 3,293.30)
Additions to fixed assets ( 4,714.16) 42714.16
Balance (deficit) at December 31, 1975 ($ 66,453.54) $76,371.64
$8,231,387.42
95,828.90)
$8,135,558.52
-77-
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
Other
TOTAL EXPENSES
OPERATING LOSS
Other income:
Miscellaneous
Rental income
NET LOSS
Total depreciation charged
to operations
CITY OF EDINA
Per Cent to
Year Ended December 31 Increase Gross Income
1975 1974 Decrease* 1975 1974
$690,388.74 $674,248.00 $ 16,140.74 100.07, 100.07.
$643,897.60 $481,795.00 $1621102.60
60,921.18
56,002.00
4,919.18
9,017.06
14,407.00
5,389.94*
16,014.35
20,670.00
4,655.65*
200.00
100.00
100.00
11,855.62
9,109.00
22746.62
98,511.50
94,260.00
4,251.50
2,651.88
1,631.00
1,020.88
$843,069.19
$677,974.00
$165,095.19
$ 8,460.00
$ 7,620.00
$ 840.00
580.15
766.00
185.85*
$ 9,040.15
$ 8,386.00
$ 654.15
$ 10,067.25 $ 8,795.00 $ 1,272.25
19600.00 1,600.00 -
161140.00 13,920.00
1,020..00 960.00
30.55 34.00
4,725..08 4,455.00
585067 132.00
$ 34,168.55 $ 29,896.00
$886,277.89 $716,256.00
$195,889.15 $ 42,008.00
122.1% 100.6%
1.3
2,220.00
60.00
3.45*
270.08
453.67
$ 4,272.55 5.0
$170,021.89 128.4%
$153,881.15 28.4%
1.2
4.4
106.2%
6.2%
$ 975.00 $ 28.16 $ 946.84
20,895.64 7,878.00 13,017.64
$ 21,870.64 $ 7,906.16 $ 13,964.48 3.2 1.2
$174,018.51 $ 34,101.84 $139,916.67 25.2% 5.0%
$ 99,122.20 $ 95, 060.00 $ 4,062.20
-78-
SEWER RENTAL FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
CITY OF EDINA
Year Ended December 31, 1975
SOURCE OF FUNDS
Operations:
Net loss for the year ($174,018.51)
Item not requiring current outlay of funds. -
depreciation 99,122.20
TOTAL FROM OPERATIONS ($ 74,896.31)
Contribution to fund by special assessments 413,259.53
Decrease in working capital 79,610.47
TOTAL ($ 79,610.47)
-79-
TOTAL $417,973.69
APPLICATION OF FUNDS
Additions to fixed assets
$417,973.69
Various elements of net decrease in working capital:
Increase
(Decrease)
Cash
($160,272.47)
Receivables
18,253.84
Prepaid insurance
445.44
Prepaid service charges
62,800.59
Accounts payable
( 1,169.61)
Accrued payroll
( 296.06)
Due to other funds
627.80
TOTAL ($ 79,610.47)
-79-
SEWER RENTAL FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1975
A s s e t s
Balance
Balance
January 1,
December 31,
1975
Additions
1975
Land improvements
$ 5,499.03
$ 106.16
$ 5,605.19
Sewer mains and lift station:
Contributed by special assessments
$9,169,630.78
$413,259.53
$9,582,890.31
Purchased
62,057.88
62,057.88
$9,231,688.66
$413,259.53
$9,644,948.19
Furniture and fixtures
2,161.69
2,161.69
Trucks
8,883.68
3,782.00
12,665.68
Equipment and machinery
42,947.70
826.00
43,773.70
$9,291,180.76
$417,973.69
$9,709,154.45
Allowances for Depreciation
Balance Balance
January 1, December 31,
1975 Additions 1975
$ 2,606.44 $ 224.28 $ „ 2,830.72
$1,351,502.89 $95,828.90 $1,447,331.79
12241.16 620.58 1,861.74
$1,352,744.05 $96,449.48 $1,449,193.53
2,101.10 30.55 2,131.65
8,681.73 580.15 9,261.88
31,968.77 1,837.74 33,806.51
$1,398,102.09 $99,122.20 $1,497,224.29
ffM
LIQUOR DISPENSARY FUND
BALANCE SHEET
CITY OF EDINA
December 31, 1975
ASSETS
CURRENT ASSETS
Cash:
On deposit
Deposits in transit
Working funds
Investments:
Federal Intermediate Credit Bank bonds
at cost
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 Fund
Recreation Center Fund (arena)
FIXED ASSETS - on the basis of cost
Land
Land improvements
Buildings
Furniture, fixtures and equipment
Leasehold improvements
Less allowances for depreciation
and amortization
CURRENT LIABILITIES
Accounts payable
Accrued payroll
SURPLUS
Invested in fixed assets
Unappropriated
$307,374.20
46,718.63
$ 354,092.83
3,500.00
$ 452,518.05
132,009.23
17,190.71
4,435.17
$ 2,382.48
400.00
TOTAL CURRENT ASSETS
$ 245,000.00
170,000.00.
$ 151,448.85
$ 21,803.72
455,911.08
149,325.01
3.035.55
$ 63051075.36
$ 357,592.83
102,954.86
174.75
606,153.16
2,782.48
$1,069,658.08
415,000.00
187,367.75 442,707.61 594,156.46
$2,078,814.54
LIABILITIES AND SURPLUS
$ 112,891.06
8,295.96
TOTAL CURRENT LIABILITIES $ 121,187.02
$ 594,156.46
1,363,471.06 1,957,627.52
$2,078,814.54
-81-
LIQUOR DISPENSARY FUND
STATEMENT OF SURPLUS
CITY OF EDINA
Year Ended December 31, 1975
Balance at January 1, 1975
Additions:
Net income for year
Deductions:
Transfers to General Fund
Transfer to Park Fund
Transfer to Park Construction Fund
Transfers (deduction):
Additions to fixed assets - net
Provision for depreciation and
amortization
Invested in
Total Available Fixed Assets
$1,808,109.25 $1,186,375.40 $621,733.85
474.518.27
$2,282,627.52
$ 1,672.00
243,328.00
80,000.00
$ 325,000.00
$1,957,627.52
Balance at.December 31, 1975 $1,957,627.52
474,518.27
$19660,893.67 $621,733.85
$ 1,672.00
243,328.00
80,000.00
$ 325,000.00 $ -
$1,335,893.67 $621,733.85
( 1,586.96) 1,586.96
29,164.35 ( 29,164.35)
$1,363,471.06 $594,156.46
-82-
LIQUOR DISPENSARY FUND
STATEMENT OF INCOME AND EXPENSE
Sales:
Liquor
Wine
Beer
Mix and miscellaneous
Less bottle refund
Cost of sales:
Inventory at beginning of year
Purchases
Inventory at end of year
Operating expenses:
Selling
Occupancy
Administrative
CITY OF EDINA
NET SALES
GROSS MARGIN
TOTAL OPERATING EXPENSES
OPERATING INCOME
Other income:
Discounts
Cash over or (under)
Other
Income on investments
NET INCOME
$ 191,471.96
977.364.69
$1,168,836.65
172,534.05
$ 996,302.60
$ 220,107.95
$ 79,024.76
14,559.39
34.834.04
$ 128,418.19
$ 91,689.76
$ 7,969.36
20.69
1,095.23
$ 210,403.16
1.564.133.38
$1,774,536.54
214,596.83
$1,559,939.71
$ 388,734.94
$ 80,119.57
29,074.46
35.924.21
$ 145,118.24
$ 243,616.70
$ 218,397.83
1.072.953.29
$1,291,351.12
219,022.28
$1,072,328.84
$ 226,299.29
$ 66,594.17
21,987.96
31.353.74
$ 119,935.87
$ 106,363.42
$ 12,521.26 $ 9,483.70
( 129.31) 102.99
$ 100,775.04 $ 256,008.65
$ 115,950.11
Depreciation and amortization
included in expenses $ 4,516.49 $ -12,986.70 $ 11,661.16
Year
Ended December
1 9 7
5
50th Street
Yorkdale
Grandview
$ 730,153.88
$1,162,163.53
$ 824,944.70
211,486.79
390,331.33
238,289.73
271,443.64
388,581.75
229,978.04
25,180.40
39,301.40
28,180.19
$1,238,264.71
$1,980,378.01
$1,321,392.66
21,854.16
31,703.36
22,764.53
$1,216,410.55
$1,948,674.65
$1,298,628.13
$ 191,471.96
977.364.69
$1,168,836.65
172,534.05
$ 996,302.60
$ 220,107.95
$ 79,024.76
14,559.39
34.834.04
$ 128,418.19
$ 91,689.76
$ 7,969.36
20.69
1,095.23
$ 210,403.16
1.564.133.38
$1,774,536.54
214,596.83
$1,559,939.71
$ 388,734.94
$ 80,119.57
29,074.46
35.924.21
$ 145,118.24
$ 243,616.70
$ 218,397.83
1.072.953.29
$1,291,351.12
219,022.28
$1,072,328.84
$ 226,299.29
$ 66,594.17
21,987.96
31.353.74
$ 119,935.87
$ 106,363.42
$ 12,521.26 $ 9,483.70
( 129.31) 102.99
$ 100,775.04 $ 256,008.65
$ 115,950.11
Depreciation and amortization
included in expenses $ 4,516.49 $ -12,986.70 $ 11,661.16
Per Cent to Net Sales
31 1 9 7 5
1 9 7 4 Increase 50th 1974
Total Total Decrease* Street Yorkdale Grandview Total Total
$2,717,262.11
840,107.85
890,003.43
92.661.99
$4,540,035.38
76.322.05
$4,463,713.33
$ 620,272.95
3.614.451.36
$4,234,724.31
606,153.16
$3,628,571.15
$ 835,142.18
$ 225,738.50
65,621.81
102.111.99
$ 393,472.30
$ 441,669.88
$ 29,974.32
( 5.63)
1,095.23
$2,594,008.00
763,784.00
791,042.00
85.629.00
$4,234,463.00
69.343.00
$4,165,120.00
$ 551,580.11
3.404.627.84
$3,956,207.95
620,272.95
$3,335,935.00
$ 829,185.00
$ 200,544.00
57,494.00
81.956..00
$ 339,994.00
$ 489,191.00
$ 17,599.00
263.00
2,727.86
$ 472,733.80 $ 509,780.86
1,784.47 24,926.00
$123,254.11
76,323.85
98,961.43
7.032.99
$305,572.38
6.979.05
$298,593.33
$ 68,692.84
209.823.52
$278,516.36
14,119.79*
$292,636.15
$ 5,957.18
$ 25,194.50
8,127.81
20.155.99
$ 53,478.30
$ 47,521.12*
$ 12,375.32
268.63*
1,632.63*
$ 37,047.06*
23,141.53*
$ 474,518.27 $ .534,706.86 $ 60,188.59*
$ 29,164.35 $ 26,117.00 $ 3,047.35
100.00% 100.001/. 100.00% 100.000/. 100.00%
81.90
80.05
82.57
81.29
80.09
18.107.
19.95%
17.43%
18.71%
19.91%
6.50%
4.11%
5.13%
5.06%
4.81%
1.20
1.49
1.69
1.47
1.38
2.86
1,85
2.42
2.28
1.97
10.56%
7.45%
9:24%
8.81%
8.16%
7.54.
12.50%
8.19%
9.90%
11.75%
.65% .647. .73% .67% .42%
.01
.09 .02 .07
8.28% 13.14% 8.93% 10.59% 12.247.
-83-
LIQUOR DISPENSARY FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
CITY OF EDINA
Year Ended December 31, 1975
SOURCE OF FUNDS
Operations:
Net income for the year $474,518.27
Item not requiring current outlay of funds -
.depreciation 29,164.35
TOTAL FROM OPERATIONS $503,682.62
APPLICATION OF FUNDS
Additions to fixed assets $ 1,586.96
Transfers to other funds 325,000.00
Increase in working capital 177,095.66
TOTAL $503,682.62
Various elements of net increase in working capital:
.Increase
(Decrease)
Cash $112,331.32
Investments 102,954.86
Due from other funds ( 18,600.25)
Merchandise inventory
14,119.79)
Prepaid expenses ( 2,472.82)
Accounts payable ( 1,965.83)
Accrued payroll (___I_,031.83)
TOTAL $177,095.66
-84-
1 9
50th Street
Yorkdale
Selling:
Salaries and wages
$ 65,563.72
$ 64,685.45
Supplies
3,340.25
4,660.61
Licenses and dues
54.00
64.00
Service contracts
176.00
352.00
Direct promotion
9,678.37
9,616.74
Other
212.42
740.77
$ 79,024.76
$ 80,119.57
Occupancy:
Salaries and wages
$ 24.06
$ 174.93
Telephone
553.16
510.25
Supplies
165.29
504.00
Light and power
2,515.25
7,363.02
Maintenance - heating and air conditioning
1,277.20
1,851.89
Heat
501.18
549.04
Laundry and rug service
655.99
480.57
Burglar alarm
476.04
479.20
Insurance
1,309.99
1,543.23
Share of maintenance - parking lot and snow
plowing
500.00
Repairs and maintenance
913.27
1,257.93
Provision for depreciation
4,516.49
12,986.70
Rubbish hauling
480.00
480.00
Janitorial services
1,080.00
284.40
Miscellaneous
Water and sewer service
91.47
109.30
$ 14,559.39
$ 29,074.46
Administrative:
Salaries and wages
$ 18,279.60
$ 20,462.96
Supplies
703.07
1,222.31
Professional services
2,666.04
1,522.35
Allocated expenses - retirement, insurance,
office supplies, etc.
12,960.00
12,480.00
Miscellaneous
5.33
16.59
Mileage
220.00
220.00
Conferences and schools
$ 34,834.04
$ 35,924.21
TOTAL $128,418.19
$145,118.24
LIQUOR DISPENSARY FUND
OPERATING EXPENSES
CITY OF EDINA
Y
e a r E n d e d
D e c e m b
e r 3 1
$ 4,385.72
$ 9,052.45
7 5
$22,010.54
388.75*
1 9
7. 4
11,509.04*
_.
Grandview
Total
50th Street
'. Yorkdale
Grandview
Total
$ 54,479.37
$184,728.54
$ 61,178.00
$ 55,633.00
$ 45,907.00
$162,718.00
2,158.10
10,158.96
3,729.00
4,548.00
3,391.00
11,668.00
54.00
172.00
119.00
64.00
64.00
247.00
176.00
704.00
156.00
234.00
156.00
546.00
92616.71
28,911.82
8,423.00
8,423.00
8,423.00
25,269.00
109.99
1,063.18
32.00
. -. 32.00
32.00
96.00
$ 66,594.17
$225,738.50
$ 73,637.00
$ 68,934.00
$ 57,973.00
$200,544.00
$ 79.80
$ 278.79
$ 591.00
$ 224.00
$ 947.00
$ 1;762.00
405.94
1,469.35
548.00
407.00
449.00
1,404.00
459.11
1,128.40
453.00
545.00
710.00
1,708.00
2,969.30
12,847.57
2,024.00
5,858.00
2,409.00
10,291.00
975.90
4,104.99
488.00
107.00
646.00
1,241.00
611.86
1,662.08
406.00
423.00
505.00
1,334.00
481.25
1,617.81
755.00
278.00
517.00
1,550.00
584.22
1,539.46
324.00
490.00
490.00
1,304.00
1,904.78
4,758.00
12657.00
1,427.00
2,436.00
5,520.00
520.00
12020.00
75.00
223.00
298.00
632.67
2,803.87
512.00
1,346.00
349.00
2,207.00
11,661.16
29,164.35
4,531.00
12,862.00
8,724.00
262117.00
480.00
1,440.00
480.00
480.00
480.00
1,440.00
74.93
1,439.33
850.00
65.00
915.00
-
18.00
36.00
33.00
87.00
147.04
347.81
59.00
236.00
21.00
316.00
$ 21,987.96
$ 65,621.81
$ 132771.00
$ 24,942.00
$ 182781.00•
$ 57,494.00
$ 182561.00
$ 57,303.56
$ 17,350.00
$ 172629.00
$ 172347.00
$ 52,326.00
535.04
2,460.42
226.00
230.00
- 242.00
698.00
1,532.36
5,720.75
1,492.00
1,492.00
1,492.00
4,476.00
10,500.00
352940.00
8,700.00
7,980.00
5,340.00
222020.00
5.34
27.26
176.00
687.00
184.00
1,047.00
220.00
660.00
240.00
240.00
240.00
720.00
223.00
223.00
223.00
669.00
$ 31,353.74
$102,111.99
$ 28,407.00
`= $ 28,481.00
$ 25,068.00
$ 81,956.00
$119,935.87
$393,472.30
$115,815.00
$122,357.00
$101,822.00
$3392994.00
Increase- Decrease*
50th Street
Yorkdale
Grandview
'Total
$ 4,385.72
$ 9,052.45
$ 8,572.37
$22,010.54
388.75*
112.61
1,232.90*
11,509.04*
65.00*
1,505.02
10.00*
1 75.00*
20.00
118.00
20.00
1 158.00
1,255.37
1,193.74
1,193.71
113,642.82
180.42
708.77
77.99
967.18
$ 5,387.76
$11,185.57
$ 8,621.17
$25,194.50
$ 566.94*
$ 49.07*
$ 867.20*
$;1,483.21*
5.16
103.25
43.06*
65.35
287.71*
41.00*
250.89*
579.60*
491.25
1,505.02
560.30
!2,556.57
789.20
.1,744.89
329.90
2,863.99
95.18
126.04
106.86
328.08
99.01*
202.57
35.75*
67.81
152.04
10.80*
94.22
235.46
347.01*
116.23
531.22*
762.00*
75.00*
277.00
520.00
722.00
i
401.27
88.07*
283.67
596.87
14.51*
124.70
2,937.16
3,047.35
230.00
284.40.
9.93
! 524.33
18.00*
36.00*
33.00*
87.00*
32.47
126.70*
126.04
31.81
$ 788.39
$ 4,132.46
$ 3,206.96
$1,8,127.81
$ 929.60
$ 2,833.96
$ 1,214.00
$.4,977.56
477.07
992.31
293.04
;1,762.42
1,174.04
30.35
40.36
1,244.75
4,260.00
4,500.00
5,160.00
13,920.00
- 170.67*
670.41*
178.66*
12019.74*
20.00*
20.00*
20.00*
60.00*
223.00*
223.00*
223.00*
669.00*
$ 6,427.04
$ 7,443.21
$ 6,285.74
$20,155.99
$12,603.19
$22,761.24
$18,113.87
1
$53,478.30
-85-
LIQUOR DISPENSARY FUND
FIXED ASSETS
CITY OF EDINA
Year Ended December 31, 1975
NET BALANCE $621,733.85 ($24,784.61) $2,792.78 $594,156.46
fft-rll
Balance
Balance
January 1,
December 31,
1975
Additions
Deductions
1975
ASSETS
Land
$151,448.85
$151,448.85
Land improvements
23,277.18
$ 319.32
$1,792.78
21,803.72
Buildings
455,911.08
455,911.08
Furniture, fixtures and equipment
145,264.59
4,060.42
149,325.01
Leasehold improvements
3,035.55
3,035.55
$778,937.25
$ 4,379.74
$1,792.78
$781,524.21
ALLOWANCES FOR
DEPRECIATION AND AMORTIZATION
Land improvements
$ 4,379.71
$ 795.58
$ 5,175.29
Buildings
103,645.98
17,621.99
121,267.97
Furniture, fixtures and equipment
48,811.69
10,443.22
59,254.91
Leasehold improvements
1,366.02
303.56
1,669.58
$158,203.40
$29,164.35
$ -
$187,367.75
$620,733.85
($24,784.61)
$1,792.78
$594,156.46
Construction in progress
1,000.00
1,000.00
-
NET BALANCE $621,733.85 ($24,784.61) $2,792.78 $594,156.46
fft-rll
CASH - ALL FUNDS
CITY OF EDINA
December 31, 1975
Fund:
General:
Current
Auto license account
Revenue Sharing - current
Poor - current
Park - current
Swimming Pool - current
Golf Course - current
Recreation Center - current
Park Sinking - for bonds and interest
Park Construction - for construction
Gun Range - current
Improvement:
Current
For bond interest
For construction
Waterworks
Sewer Rental - current
Liquor Dispensary - current
Depository:
Demand deposits:
First Edina National Bank
First Southdale National Bank
Time deposits:
First Edina National Bank
First Southdale National Bank
Southwest Fidelity Bank
American State Bank
Working funds
( ) Indicates overdrawn cash balance.
Demand and Working
Time Deposits Funds Total
$ 961,646.95 $ 550.00 $ 962,196.95
($ 295,180.55)
94,777.11
�$ 200,403.44)
$1,300,000.00
1,300,000.00
100,000.00
100.000.00
$2,800,000.00
5,250.00
TOTAL $2,604,846.56
-87-
2,115.65
2,115.65
$
963,762.60
$ 550.00 $ 964,312.60
76,429.58
76,429.58
16,122.92
16,122.92
(
11,309.37)
( 11,309.37)
(
89,172.00)
( 89,172.00)
1,232.60
500.00 1,732.60
(
32,003.06)
700.00 ( 31,303.06)
1,077,868.90
1,077,868.90
(
85,127.21)
( 85,127.21)
(
3,728.07)
32728.07)
$1,213,125.78
$1,213,125.78
31,957.51
31,957.51
(
810,270.89)
( 810,270.89)
$
434,812.40
$ - $ 434,812.40
159,352.08
159,352.08
(
262,737.64)
( 262,737.64)
354,092.83
3,500.00 357,592.83
TOTAL $2,599,596.56
$5,250.00 $2,6044846.56
($ 295,180.55)
94,777.11
�$ 200,403.44)
$1,300,000.00
1,300,000.00
100,000.00
100.000.00
$2,800,000.00
5,250.00
TOTAL $2,604,846.56
-87-
SECURITY FOR DEPOSITS
CITY OF EDINA
December 31, 1975
First Edina National Bank - demand deposit (deficit)
do - certificates of deposit.
TOTAL
First Southdale National Bank - demand deposits
do - certificates of deposit
Southwest Fidelity State Bank - certificate of
Deposits
Book Bank
($ 295,180.55) $ 51,504.93
1,300,000.00 1,300,000.00
$1,004,819.45
$1,351,504.93
$ 94,777.11 $ 88,509.33
1,300,000.00 1,300,000.00
TOTAL $1,394,777.11 $1,388,509.33
deposit
$
100,000.00
$ 100,000.00
TOTAL $
100,000.00
$ 100,000.00
American State Bank - certificates of deposit
$
100,000.00
$ 100,000.00
TOTAL $
100,000.00
$ 100,000.00
* FDIC of $40,000 applies to demand deposits and
FDIC of $100,000
applies to
certificates
of deposits.
$ 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
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, North Dakota, Public School District #1
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
District #271
February
1,
1985
100,000.00
Cook County, Illinois, School District #207
December
19
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
$ 800,000.00
United States-Treasury bills
April
22,
1976
100,000.00
United States Treasury notes
May
15,
1977
100,000.00
City of North St. Paul, Minnesota
January
1,
1977
100,000.00
North St. Paul, Minnesota Improvement Bonds
January
1,
1980
20,000.00
City of Edina Recreation Center Bonds
September
1,
1980
50,000.00
Massachusetts Various Purpose
December
1,
1978
20,000.00
Hennepin and Scott County Minnesota, School
District #271
February
1,
1979
20,000.00
Hennepin County Minnesota, School District #13
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., #39 Ramsey County and
#103 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
$1,510,000.00
$ 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
Description
Federal Intermediate Credit
Bank bonds
do
Federal Bank for Cooperative
INVESTMENTS
CITY OF EDINA
December 31, 1975
Maturity Interest Rate Face Amount
July 1, 1976
September 1, 1976
7.70% $1,900,000.00
6.2 500,000.00
Consolidated bonds
June
1,
1976
6.00
50031000.00
do
March
1,
1976
7.40
300,000.00
City of Edina, Minnesota:
1968 Improvement Bonds
December
1,
1978
4.00
$ 15,000.00
1963 Waterworks Revenue
Bonds December
1,
1977 -1979
3.20 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
17,000.00
1955 Improvement Bonds
March
1,
1977
2.90
25,000.00
$ 97,000.00
TOTAL SECURITIES
$3,297,000.00
FUND OWNERSHIP OF INVESTMENTS
Face Amount
Carrying Amount
December 31
December 31
1975
1975
General Fund
$ 600,000.00
$ 616,701.66
Golf Course Fund
75,000.00
74,501.87
Improvement Funds
1,697,000.00
12729,752.02
Waterworks Fund
525,000.00
525,854.05
Liquor Dispensary Fund
100,000.00
102,954.86
Revenue Sharing Fund
200,000.00
205,567.22
Park Fund
100,000.00
102,954.86
$3,297,000.00
$3,358,286.54
General Fund - land and
miscellaneous investments
156,257.90
TOTAL INVESTMENTS
$3,514,544.44
-89-
TAXABLE VALUATIONS, TAX LEVIES AND RATES
CITY OF EDINA
Taxable valuation:
Real estate
Personal property
Fiscal disparity adjustment
Tax levies extended:
Extended in year
Collectible in year
General
Parks
Bonds and interest
Public nursing
Firemen's relief
Fire protection
Tax rate by mills:
General
Parks
Bonds and interest
Public nursing
Firemen's relief
Fire protection
Decem
1975
$ 4,867,159.00
366,935,489.00
( 9,992,221.00)
TOTAL $361,810,427.00
TOTAL
TOTAL
1975
1976
$ 2,399,888.56
197,186.68
313,327.83
24,964.92
15.196.04
$ 2,950,564.03
6.633
.545
.866
.069
042
8.155
J
ber 31
1974
$326;805,617.00
4,894,303.00.
( 7,542,224.00)
$324,157,696.00
1974
1975
$ 2,023,068.18
197,736.19
13,290.47
5,186.52
15,559.57
$ 2,254,840.93
6.241
.610
.041
.016
.048
6.956
-90-
Position
On file with City Clerk:
Blanket position
Blanket position
Treasurer
Clerk
Deputy Assessor
Deputy Assessor
Assessor
OFFICIAL BONDS
CITY OF EDINA
December 31, 1975
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
$ 52000.00
American
Casualty
Company.
50,000.00
American
Casualty
Company
February
28,
1977
50,000.00
American
Casualty
Company
February
28,
1977
500.00
American
Casualty
Company
February
28,
1977
500.00
American
Casualty
Company
February
28,
1977
500.00
American
Casualty
Company
February
28,
1977
500.00
American
Casualty
Company
-91-
INSURANCE COVERAGE
CITY OF EDINA
December 31, 1975
Fire and
Extended Coverage
Building Tanks Contents Other
Building and contents (A):
City Hall
$920,000
$150,000
Morningside municipal buildings
45,000
3,500
City garage
660,000
55,000
Municipal liquor store - 50th
Street
105,000
30,000
Municipal liquor store - Yorkdale
225,000
60,000
Municipal liquor store - Grandview
1505,000
601000
Municipal golf course club house
242,000
27,000
Municipal recreation center
590,000
160,000
Municipal recreation center - east
addition
282,000
1202000
Municipal swimming pool (H)
4502,000
Water reservoir
6722000
Parking ramp - 51st Street (H)
470,000
Parking ramp - 49 1 /2th Street (H)
620,000
Pumping stations (location):
Wooddale
90,000
75,000
Halifax
341,000
27,000
Southview Lane
18,000
20,000
Southdale
24,000
20,000
Concord
73,000
.190,000
Brookview.Heights
27,000 .
20,000
Hansen Road
24,000
24,500
76th Street
101,000
150,000
2nd Street
101,000
148,000
6500 Dewey Hill Road
64,000
20,000
Sherwood
20,000
20,000
Mirror Lakes
68,500
20,000
Creek Valley
70,000
47,000
Pamela Park
101,000
27,000
Yorktown
30,000
40,000
Water tower - Concord Street
282,000
Water tower - 69th Street
430,000
Water tower - Creek Valley
510,000
Sanitary sewer lift station (H)
90,000
55,000
Bathhouse and pool filter
200,000
25,000
Maintenance building - golf course
11,500
4,000
Range building - golf course
4,000
6,500
Storage building
6,100
Dwelling - Olinger Road
17,000
Dwelling - West 70th Street
77,000
10,000
Grange building
16,000
Cahill School building
7,000
Gun range
60,000
7,500
-92-
INSURANCE COVERAGE ( Cont'd)
Building and contents (A) (cont'd):
Office and storage - 5106 Brookside
Dwelling - 5120 Brookside
Fire station - 6250 Tracy
Park shelter buildings (location):
Beard Park
Chowen Park
Cornelia School Park
Highland Park
Normandale
Countryside
Braemar Park Baseball Central
Building
Tracy Avenue Lift (H)
Storm pumping station
Tower pumping house
Filter plant - 72nd Street
Underground structures:
Water reservoir (H)
Gas tanks - Eden Avenue (H)
City shop tanks (H)
Danen building tanks (H)
Lease tank (H)
Hot asphalt storage (H)
Outside compressor building
Caddy shack
Inventories (D):
Liquor store - Yorkdale
Liquor store - 50th Street
Liquor store - Grandview
Automotive:
Bodily injury
Property damage
Comprehensive
City liquor stores:
Boiler
Business.interruption - 50th Street
Business interruption - Yorkdale
Business interruption - Grandview
Burglarly, robbery and theft -
merchandise (C)
Fire and
Extended Coverage
Building Tanks Contents Other
$235,000 $ 20,000
68,000 3,400
405,000 20,000
45,000
1,000
2,300
200
2,300
200
45,000.
1,000
45,000
1,000
45,000
1,000
62,500_
2,500
10,000
45,000
501000
75,000
15,000
10,000
40,000
180,000
672,000
$25,000
15,000
10,000
4,000
10,000
4,000
702000 50,000
5,000
35,000
7,000
100,000
100,000
5,000
2,000
$ 285,000
225,000
235,000
$100 / 300,000
100,000
$100 deductible
200,000(B)
150,000(C)
180,000(C)
140,000(C)
7,500(B)
-93-
INSURANCE COVERAGE (Cont'd)
City liquor stores (cont'd):
Burglary, robbery and theft -
inside premises and outside
premises (C) - Grandview - 50th
Street
Burglary, robbery and theft -
inside premises and outside
premises (C) - Yorkdale
City golf course:
Burglary, robbery and theft -
within premises
Burglary, robbery and theft -
outside premises
Burglary, robbery and theft -
merchandise (C)
Boiler
Recreation center:
Business interruption
Burglary, robbery and theft - within
premises
Burglary, robbery and theft - outside
premises
Burglary, robbery and theft -
merchandise (C)
Boiler
Other insurance:
General liability:
Automotive non - ownership,
independent contractor, and
City premises - operations:
Bodily injury
Property.damage
Umbrella policy
Medical malpractice liability
Workmen's compensation
Property floater all risk - voting
machines
Boiler
Liquor liability
Other locations
Fire and
Extended Coverage
Building Tanks Contents Other
$ 7,500
10,000
5,000
5,000
2,500
200,000
180,000(G)
2,500
2,500
2,500
200,000
$100 / 300,000
100,000
3,000,000
300,000
Statutory
Actual cash value
200,000(E)
300,000
(F)
-94-
INSURANCE COVERAGE (Cont'd)
Note A - 90% coinsurance, $5,000 deductible.
Note B - 50th Street, Yorkdale and Grandview.
Note C - 50% coinsurance.
Note D - Reporting form.
Note E - City Hall, Morningside municipal building, City garage, golf course club house
and all pressure vessels in the City.
Note F - Fire and extended coverage, $5,000 other locations and $5,000 in transit.
Note G - 80% coinsurance.
Note H - Property is also covered in case of earthquake damage for the same amounts as
coverage for fire on buildings and contents.
N
-95-
ORGANIZATION
CITY OF EDINA
December 31, 1975
City Council:
Mayor:
James Van Valkenburg
Councilmen:
C. Wayne Courtney
Willis F. Shaw
June A. Schmidt
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
1976
1976
1976
1978
Appointed
by Council
Appointed
by Council
-96-