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Richards 1979 Willis F. Shaw 1979 C. Wayne Courtney 1981 June A. Schmidt 1981 Appointed Manager - Warren C. Hyde Treasurer and finance director - J. N. Dalen . Clerk - Florence Hallberg * First official business day CITY OF EDINA, MINNESOTA TABLE OF CONTENTS Page. Comments I Accountants' opinion 1 General Fund Balance sheet 3 Statement of changes in fund balance 4 Statement of revenue and transfers 5 Statement of expenditures and transfers 6 Central services expenditures - 11 Special revenue funds Balance sheets 12 Statements of changes in fund balance 12 Statements of revenue 13 Statements of expenditures 14 General debt service funds Balance sheets 15 Statements of changes in fund balance 15 Park Construction Fund Balance sheet 16 Statement of revenue, expenditures.and fund balance 17 Enterprise funds Balance sheets 20 Waterworks Fund Statement of income and retained earnings 22 Statement of changes in financial position 23 Sewer Rental Fund Statement of income and retained earnings 24 Statement of changes in financial position 25 Liquor Fund Statement of income and retained earnings 26 Statement of changes in financial position 27 Statement of operating expenses 28 Swimming Pool Fund Statement of income and retained earnings 29 Statement of changes in financial position 30 Golf Course Fund Statement of income and retained earnings 31 Statement of changes in financial position 32 Statement of operating expenses 33 Recreation Center Fund Statement of income and retained earnings 34 Statement of changes in financial position. 35 Gun Range Fund Statement of income and retained earnings 36 Statement of changes in financial position 37 Statement of changes in property and equipment 38 CITY OF EDINA, MINNESOTA TABLE OF CONTENTS (CONTINUED) Special assessment funds Balance sheets Statements of revenue, expenditures and fund balance Statement of General Fixed Assets Notes to the financial statements Supplemental information Balance sheets - All funds Statement of cash and security for deposits Statement of investments Bonds payable - All funds Statement of changes in bonded indebtedness Employees' surety bonds Tax levies and collections Special assessment levies and collections Assessed valuations, tax levies and mill rates Page CITY OF EDINA, MINNESOTA COMMENTS The City of Edina operates under "Optional Plan B" as defined in the State of Minnesota Statutes. Optional Plan B is known as the Council - manager plan. Under this plan, as specified in the Statutes, "The council shall exercise the legislative power of the city and determine all matters of policy. The city manager shall be the head of the administrative branch of the city government and shall be responsible to the council for the proper administration of all affairs relating to the City. The council is composed of five members, including the mayor who is chairperson. The city manager is appointed by the council. GENERAL FUND The General Fund was established to account for the revenues and expenditures necessary to provide basic governmental services to the City such as general government, public safety, and public works A plan of financial operation of the Fund is set forth in the annual budget adopted. by Council. The General Fund statements are prepared to show the budget estimates and actual amounts. A condensed summary of revenue and expenditures is shown below. 1976 1975 Budget Actual Budget Actual REVENUE General property taxes $2,417,538 $2,419,148 $2,037,939 $2,004,328 Licenses and permits 153,000 171,255 156,500 147,151 Fines and forfeitures 200,000 170,224 186,000 185,610 From use of money and property 44,000 49,476 50,000 76,374 From other agencies 894,137 910,327 893,136 895,738 Charges for current services 200,700 180,274 239,872 254,784 Other revenue 21,000 39,842 69,690 50,472 Transfers from other funds 184,943 197,443 159,600 359,600 Total revenue $4,115,318 $4,137,989 $3,792737 $3,974,057 EXPENDITURES General government $ 660,865 $ 647,471 $ 540,548 $ 553,397 Public safety 1,910,128 1,951,201 1,775,511 1,778,852 Public works 1,240,665 1,205,560 1,149,557 1,162,519 Unallocated general expense 130,860 147,358 98,121 126,409 Central services 117,900 119,240 100,100 122,097 Reserve for committments 135,500 135,500 128,900 128,900 Total expenditures $4,195,918 $4,206,330 $3,792,737 $3,872,174 During 1976 the fund balance decreased $68,341 to $158,878 at December 31, 1976. I SPECIAL REVENUE FUNDS Special revenue funds are established to account for taxes and other revenues set aside for a particular purpose. Following is a brief description of each fund. Revenue Sharing Fund - The Revenue Sharing Fund was established to account for revenue received from the Federal Government in accordance with the "State and Local Fiscal Assistance Act of 1972." Expenditures can only be made from this fund -as outlined in the Act. The City's share of revenue for 1976 was $213,165. During 1976 reimbursements of $161,776 were made to the General Fund leaving a fund balance of $297,520 at December 31, 1976. Nursing Services Fund - The Nursing Services Fund.accounts for money used for health and nursing services. The fund had a.deficit fund balance of,$1,940 at December 31, 1976. Park Fund - The Park Fund was established to account for administration and maintenance of the City parks. Expenditures exceeded revenue by $3,780 during 1976 and increased.the fund deficit to $47,867 at December 31, 1976. GENERAL DEBT SERVICE FUNDS The General Debt Service funds are used to account for the accumulation of resources and for payment of general obligation bonds or other general indebtedness and interest thereon. General property taxes are being collected to provide the necessary funds. Park Sinking Fund - The Park Sinking Fund was established to account for debt retirement of the Park Construction Bonds of 1957 and the General Obligation Park Bonds of 1975. Included in the fund is $436,328 of bond proceeds for park im- provements. The bond proceeds are being transferred to the Park Construction Fund as needed to pay improvement costs. Redevelopment Sinking Fund - The Redevelopment Sinking Fund was established to account for debt retirement of the 1975 Redevelopment Bonds. PARK CONSTRUCTION FUND The Park Construction was established to account for improvements to park facilities. Transfers are made from the General Debt Service Fund for im- provement costs. The fund balance was $60,008 at December 31, 1976. In addition $436,328 of bond proceeds is available in the Park Sinking Fund for park improvements. ENTERPRISE FUNDS Enterprise funds are established to account for the self supporting activities of the City which render services to the general public on a user charge basis.. Following is a brief desceiption of each. Waterworks Fund - The Waterworks Fund accounts for the operations of the City -owned water system. During 1965, revenue bonds in the amount of $400,000 were sold. Revenues of this fund are pledged for payment of principal and interest on these bonds, $200,000 of these bonds remain outstanding at December 31, 1976. Shown . below is a condensed summary of operations for the last three years. II Waterworks Fund (Continued) Liquor Fund - The Liquor Fund accounts for the operations of the City -owned liquor operation. Shown below is a condensed summary of operations for the last three years. 1976 1976 1975 1974 Income $ 704,959 $ 522,677 $. 552,155 Expense _ 719,932 596,515 Amount 540,571 Operating income (loss) $ ( 14,973) $ ( 73,838) 11,584 Other income (expense) 2,930 6,376 $ 777,807 7,634 Net income (loss) S ( 12,043) $ ( 67,462) 19,218 Sewer Rental Fund - The Sewer Rental Fund accounts for the operations of the sewer collection system. Shown below is a condensed summary of operations for the last three years. 18.68 Operating expenses 113,620 14.61 128,418 10.56 115,815 1976 1975 $ 13,501 1974 Income 7.53 $1,189,206 $ 690,389 $ 674,248 Expense 1,019,857 886,278 716,256 Operating income (loss) $ 169,349 $( 195,889) $( 42,008) Other income (expense) 21,4871. 219871 80.05 7,906. Net income (loss) 190,836 $( 174,018) $( 34,102) Liquor Fund - The Liquor Fund accounts for the operations of the City -owned liquor operation. Shown below is a condensed summary of operations for the last three years. III 1976 1975 1974 Percent Percent Percent Amount of sales Amount of sales Amount of sales 50th Street Sales $ 777,807 100.00 $1,216,411 100.00 $1,254,955 100.00 Cost of goods sold 650,686 83.66 996,303 81.91 1,020,558 81.32 Gross profit .$ 127,121 16.34 $ 220,108 18.09 $ 234,397. 18.68 Operating expenses 113,620 14.61 128,418 10.56 115,815 9.23 Operating income $ 13,501 1.73 $ 91,690 7.53 $ 118,582 9.45 Yorkdale Sales $1,715,418 100.00 $1,948,675 100.00 $1,784,548 100.00 Cost of goods sold 1,412,526 82.34 1,559,940 80.05 1,402,932 78.62 Gross profit $ 302,892 17.66 $ 388,735. 19.95 $ 381,616 2108 Operating expenses 151,998 8.86 145,118 7.45 122,357 6.86 Operating income $ 150,894 8.80 $ $ 24 3617 12.50 $ 259,259 Grandview Sales $1,406,140 100.00 $1,298,628 100.00 $1,125,617 100.00 Cost of goods sold 1,177,651 83.75 1,072,329 82.57 912,445 81.06 Gross profit $ 228,489 16.25 $ 226,299 17,43 $ 213,172 18.94 Operating expenses 131,568 9.36 119,936 9.24 101,822 9.05 Operating income $ 96,921 6.89 $ 106,363 8.19 $ 111,350 9.89 III _ENTERPRISE FUNDS (CONTINUED) Liquor Fund (Continued) During 1976 net income for all stores was $301,638. Transfers to other funds during the year were $400,000 or 133% of net income. The $400,000 transfer was the equivalent of a 1.11 mill tax levy. Swimming Pool Fund - The Swimming Pool Fund accounts for the operations of the City -owned swimming pool. Shown below is a condensed summary of operations for the last three years. 1976 1975 1974 Income $ 50,505 $ 43,065 $ 45,908 Expense 57,378 53,118 49,802 Net loss $( 6,873) $( 10,053) $( 3,894) Golf Course Fund - The Golf Course Fund accounts for the operations of the City -owned golf course. During 1963, revenue bonds in-the amount of $825,000 were sold. Revenues of this fund are pledged for payment of principal and interest on these bonds, $490,000 of the bonds are outstanding at December 31, 1976. Shown below is a condensed summary of operations for the last three years. 1976 1975 1974 Income $ 346,247 $312,896 $ 287,029 Expense 273,813 247,246 229,481 Operating income $ 72,434 $ 65,650 $ 57,548 Other income (expense) A 17,730) ( 12,836) ( 24,810) Net income $ 54,704 $ 52,814 $ 32,738 Recreation Center Fund - The Recreation Center Fund accounts for the operations of the City -owned recreation center. During 1965 and 1969, revenue bonds in the amount of $450,000 and $100,000 respectively were sold, $285,000 of the bonds are outstanding at December 31, 1976. Revenues of this fund are pledged for payment of principal and interest on these bonds. Shown below is a condensed summary of operations for 1976, 1975 and 1974. 1976 1975 1974 Income $ 207,014. $ 194,270 $ 191,332 Expense 222,456 198,353 172,176 Operating income (loss) $( 15,442) $( 4,083) $ 19,156 Other income (expense) ( 9,600) ( 12,051) _ 23,602) Net loss S( 25;042) $( 16.134) $( 4.446) Gun Range Fund - The Gun Range Fund accounts for the operations of the City - owned gun range. Shown below is a condensed summary of operations for 1976, 1,975 and 1974. 1976 1975 1974 Income $ 11,138 $ 6,964 $ 7,341 Expense 13,695 14,073 9,528 Net loss $( 2,557) $( 7,109) $( 2,187) IV SPECIAL ASSESSMENT FUNDS Special assessment funds are established to account for assessments levied to finance improvements or services deemed to benefit the properties against which the assessments are levied. Primarily, the transactions accounted for in special assessment construction funds are receipt of bonds proceeds and disbursement of bond proceeds for construction work done. Special assessment debt service funds are primarily to account for collection of assessments against benefited property owners and disbursement of assessment collections for the payment of bonds and interest. V GEORGE M. HANSEN COMPANY Cerlified Public Accountants SOUTH PLAZA BUILDING MINNEAPOLIS. MINNESOTA 55416 Honorable City Council City of Edina, Minnesota We have examined the accompanying financial statements of the various funds and general fixed asset group of accounts of the City of Edina for the year ended December 31, 1976, shown on pages 3 through 44. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the accompanying financial statements present fairly the financial position of the various funds and general fixed asset group of accounts of the City of Edina at December 31, 1976, and the results of operations of such funds and the changes in financial position of the enterprise funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year, except as noted in footnote 4. The accompanying supplemental schedules and related information presented on pages 48 to 55 are not necessary for a fair presentation of the financial statements, but are presented as additional analytical data. This information has been subjected to the tests and.other auditing procedures applied in the examination of the financial statements mentioned above and,,in our opinion, is fairly stated in all material respects in relation to the financial state- ments taken as a whole. 0�7 June 163, 1977 3. CITY OF EDINA, MINNESOTA GENERAL FUND BALANCE SHEET DECEMBER 31, 1976 ASSETS Cash $ 327,231 Petty cash and change funds 550 Departmental cash 2,204 Investments Land 155,501 Donated securities 995 Receivables Accounts receivable 151,505 Due from other governmental units 110,941 Unremitted taxes receivable .150,343 Delinquent taxes receivable 161,232 Allowance for uncollected receivables ( 161,232) Donations receivable 15,500 Due from other_ funds 615,281 Inventories 10,000 Total assets $ 1,540,051 LIABILITIES, RESERVES AND FUND BALANCE Liabilities Accounts payable $ 109,870 Accrued payroll 85,002 Due to other governmental units 3,445 Due to other funds 73,490 Deposits payable 500 Due to Edina HRA 389,055 Reserves Dedicated funds 109,889 Reserve for Morningside 10,788 Reserve for impressed cash and inventory 10,550 Reserve for committments 588,584. Fund balance.- Unappropriated 158,878 Total liabilities, reserves and fund balance $ 1,540,05„1 4 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE YEARS ENDED DECEMBER 31, 1976 AND 1975 1976 1975 Budget Actual Fund balance, January 1 $ 237,219, Adjustment to set up reserve-for inventory ( 10,000) Adjusted fund balance $ 227,219 $ 227,219 $ 135,336 Add - -- Revenue and transfers 4,115,318 4,137,989 3,974,057 Deduct — Expenditures and transfers (4,195,918) (4,206,330) (3,872,174) Fund balance, December 31 $ 146,619 $158,878 $ 237,219 See accompanying notes to financial statements. General property taxes. Taxes State property tax relief fund Homestead tax aid Penalties and interest on taxes Licenses and permits Fines and forfeitures Revenue from use of money and property Interest Rent Revenue from other agencies Local government aid State highway tax Other state aid Anti- recession aid Charges for current services Engineering and clerical charges on construction projects Police services. Planning fees Automobile licenses Charges to other funds Housing and Redevelopment Authority Ambulance service Other Miscellaneous revenue Donations Transfers Revenue Sharing Fund Liquor Fund Surplus Reserve for committments Total revenue and transfers See accompanying notes to financial statements. $2,053,611 309,843 $2,399,538 $2,363,454 18;000 55,694 $2,417,538 $2,419,148 $ 153,000 $ 171,255 $ 200,000 $ 170,224 8,237 $1,974,897 29,431 $2,004,328 $ 147,151 $ 185,610 $ 35,000 $ 43,184 $ 56,450 9,.000 6,292 19,924 $ 44,000 $ 49,476 $ 76,374 $ 843,137 $ 843,854 $ 844,573 51,000 54,855 51,165 .7,375 4,243 $ 894,137 $ 910,327 $ 895,738 $ 120,000. 6,700 2,000 32,000 30,000 10,000 $ 200,700 $ 21,000 $ 150,000 34,943 $ 184,943 $4,115,318 $ 77,450 $ 171,861 7,115 7,447 8,237 26,591 36,483 30,000 31,672 18,725 3,420 8,736 7,321 $ 180,274 $ 254,784 $ 27,432 $ 50,472 $ 12,410 $ 150,000 $ .125,000 34,943 .234,600 12,500 $ 197,443 $ 359,600 -$4,137,989 $3,974,057 6 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES AND TRANSFERS YEARS ENDED DECEMBER 31, 1976 AND 1975 General Government Mayor and council Personal services Contractual services Commodities Central services Planning Personal services Contractual services Commodities Central services Capital outlay Administration Personal services Contractual services Commodities Central services Capital outlay F inance Personal services Contractual services Commodities Central services Capital outlay Election Personal services Contractual services Commodities Central services Capital outlay Assessing Personal services Contractual services Commodities Central services 1976 Budget Actual 1975 Actual $ 14,300 $ 14,850 $ 14,376 200 251 271 400 218 64 7,440 7,440 6,480 $ 22,340 $ 22,759 $ 21,191 $ 36,560 $ 37,281 $ 23,413 920 682 1,163 225 991 1,269 13,416 13,416 10,020 788 $ 51,121 $ 52,370 $ 36,653 $ 106,150 $ 105,674 $ 104,018 29,747 28,210 16,898 2,400 2,274 2,522 29,928 29,928 23,040 389 $ 168,225 $ 166,086 $ 146,867 $ 85,540 $ 84,837 $ 98,286 24,294 23,261 21,182 500 301 548 22,560 22,560 19,860. 492 $ 132,894 $ 130,959 $ 140,368 $ 17,913 $ 17,828 $ 7,134 8,721 9,448 2,350 2,425 2,386 1,137 2,220 2,220 1,860 9,600` 9,600 $ 40,879 $ 41,482 $ 12,481 $ 82,620 $ 81,319 $ 68,860 3,920 3,694 2,421 1,750 330 121 25,356 25,356. 20,340 $ 113,646 $ 110,699 $ 91,742 See accompanying notes to financial statements. CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES AND TRANSFERS (CONTINUED) YEARS ENDED DECEMBER 31, 1976 AND 1975 General Government (Continued) Legal and Court Services Personal services Contractual services Central services Total General Government Public-Safety- Police Protection Personal services Contractual services Commodities Central services Capital outlay Fire Protection Personal services Contractual services Commodities Central services Capital outlay Civil Defense Personal services Contractual.services Commodities Public Health .Personal services Contractual services Commodities Central services Capital outlay Animal Control Personal services Contractual services Commodities Central services 7 1976 1975 Budget Actual Actual $ 24,500 $ 22,984 $ 18,841 105,700 35,262 98,572 83,574 1,560 439 1,560 1,680 $ 131,760 $ 123,116 $ 104,095 $ 660,865 $ 647,471 $ 553,397 $ 854,713 $ 878,948 $ 817,973 23,493 24,843 25,983 4,980 9,361 10,725 282,876 282,876 232,776 26,500 31,693 38,734 $1,192,562 $1,227,721 $1,126,191 $ 379,496 $ 379,348 $ 352,860 25,562 25,418 25,026 12,710 12,529 11,804 115,800 115,800 90,036 18,945 31,892 8,551 $ 552,513 $ 564,987 $ 4882277 $ 3,012 $ 54 $ 3,552 965 884 463 $ 40,370 $ 40,196 $ 35,262 596 439 990 1,532 793 1,110 12,024 12,024 10,020 198 184 $ 54,720 $ 53,452 $ 47,566 $ 11,530 $ 11,378 $ 9,701 3,500 3,055 3,879 300 241 10 4,872 4,872 4,020 $ 20,202 $ 19,546 $ 17,610 See accompanying notes to financial statements. n CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES AND TRANSFERS (CONTINUED) YEARS ENDED DECEMBER 31, 1976 AND 1975 1976 Public Safety (Continued) Inspections Personal services Contractual services Commodities Central services Capital outlay Total Public Safety Public Works Administration Personal services Contractual services Central services Capital outlay Engineering Personal services Contractual services Commodities Central services Capital outlay Supervision and overhead Personal services Contractual services Commodities Central services Street Maintenance Personal services Contractual services Commodities Central services Capital outlay Budget Actual 1975 Actual $ 60,950 $ 60,032 $ 75,275 845 839 1,134 2,145 2,119 1,460 21,564 21,564 17,100 195 $ 85,504 $ 84,554 $ 95,164 $1,910,128 $1,951,201 $1,778,852 $ 28,960 $ 24,017 $ 37,271 370 165 60 9,792 9,792 8,040 700 667 $ 39,822 $ 34,641 $ 45,371 $ 124,090 $ 117,436 $ 143,594 .` 5,700 5,552 10,160 8,800 8,757 7,466 42,276 42,276 39,240 6,100 6,081 5,707 $ 186,966 $ 180,102 $ 206,167 $ 43,758 $ 41,649 $ 41,554. 455 407 215 131 91,020 91,020 83,580 $ 135,233 $ 133,076 $ 125,480 $ 235,892 $ 227,521 $ 235,547 31,100 30,288 22,815 95,100 107,997 109,105 106,800 106,800 95,460 53,250 37,377 38,203 $ 522.142 S 509.983 S 501.130 9 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES AND TRANSFERS (CONTINUED) YEARS ENDED DECEMBER 31, 1976 AND 1975 1976 1975 Budget Actual Actual Public Works (Continued) Street Lighting Personal services $ 5,320 $ 4,633 $ 2,078 Contractual services 141,600 141,416 111,509 Commodities 1,100 978 4,967 Central services 1,260 1,260 1,080 $ 149,280 $ 148,287 $ 119,634 Street Name Signs Personal services $ 3,660 $ 3,519 $ 3,359 Commodities 1,423 1,360 1,503 Central services 3,480 3,480 2,940 $ 8,563 $ 8,359 $ 7,802 Traffic Control Personal services $ 20,040 $ 19,632 $ 12,460 Contractual services 19,160 19,084 17,128 Commodities 22,164 21,422 11,748 Central services 6,600 6,600 4,380 $ 67,964 $ 66,738 $ 45,716 Bridges Personal services $ 240 $ 105 $ 2,749 Contractual services 300 255 Commodities 385 246 829 Central services 1,260 1,260 2,340 $ 2,185 $ 1,866 $ 5,918 Storm Drainage Personal services $ 17,140 $ 16,822 $ 19,059 Contractual services 940 861 4,203 Commodities 5,650 5,561 8,065 Central services 6,600 6,600 5,640 $ 30,330 $ 29,844 $ 36,967 City Properties Personal services $ 55,560 $ 55,256 $ 35,134 Contractual services 10,600 10,382 7,078 Commodities 5,200 4,724 5,058 Central services 10,140 10,140 8,640 $ 81,500 $ 80,502 $ 55,910 10 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES AND TRANSFERS (CONTINUED) YEARS ENDED DECEMBER 31, 1976 AND 1975 1976 Budget Actual Public Works (Continued) Sidewalks and Ramp Personal services . Contractual services Commodities Central services Total Public Works Unallocated General Expenses .Environmental quality commission Human rights commission Salaries Contractual services Commodities Central services - capital outlay City's share of special assessments Legal claims settlement Dutch elm subsidy Improvements Capital outlay -Recycling Contingencies Transfers Central services Reserve for committments Civil defense Public works Fire Capital improvement Unallocated 1975 Actual $ 7,480 $ 7,162 $ 7,067 4,240 1,457 3,831 3,400 1,983 206 1,560 1,560 1,320 $ 16,680 $ 12,162 $ 12,424 $1,240,665 $1,205,560 $1,162,519 Total expenditures and transfers $4,195,918 $4,206 330 $3,872,174 $ 1,621 $ 2,000 $ 1,914 5,979 13,600 13,487 1,214 500 478 375 3,400 2,718 78,800 81,805 62,408 5,000 5,962 4,044 16,481 1,250 2,667 6,662 27,560 17,851 21,851 25,000 $ 130,860 $ 147,358 $ 126,409 $ 117,900 $ 119,240 $ 122,097 $ 1,500 $ 1,500 75,000 75,000 $ 65,000 9,000 9,000 12,500 50,000 50,000 50,000 1,400 $ 135,500 $ 135,500 $ 128,900 Total expenditures and transfers $4,195,918 $4,206 330 $3,872,174 11 CITY OF EDINA, MINNESOTA GENERAL FUND CENTRAL.SERVICES EXPENDITURES YEARS ENDED DECEMBER 31, 1976 AND 1975 General Personal services Contractual services Commodities City hall Personal services Contractual services Commodities Fixed charges Public works building Personal services Contractual services Commodities Fixed charges Equipment operations Personal services Contractual services Commodities Fixed charges Total Central Services expenditures Less allocations to other activities Total Central Services See accompanying notes to financial statements. 1976 1975 Budget Actual $ 497,960 $ 493,115 275,164 269,853 $ 622,201 12,000 7,443 15,270 $ 785,124 $ 770,411 $ 637,471 $ 23,390 $ 23,319 $ 23,556 17,750 20,082 19,111 6,900 7,081 10,191 2,940 2,940 2,460 $ 50,980 ,$ 53,422 $ 55,318 $ 13,410 $ 13,410 $ 15,297 27,030 29,137 29,133 5,000 4,990 3,644 2,100 2,100 1,740 $ 47,540 $ 49,627 $ 49,814 $ 104,900 $ 104,873 $ 97,270 57,100 60,667 46,406 170,100 173,284 153,950 48,780 48,780 40,740 $ 380,880 $ 387,604 $ 338,366 $1,264,524 $1,261,064 $1,080,969 1,146,624 1,141,824 958,872 117,900 $ 119,240 $ 122,097 See accompanying notes to financial statements. 12 CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUNDS BALANCE SHEETS DECEMBER 31, 1976 Revenue Nursing Combined Sharing Services Park ASSETS Cash $ 498,037 $ 406,016 $( 6,487) $ 9.8,508 Receivables Accounts receivable 60,381 53,280 7,101 Due from other funds 30,902 3,064 27,838 Unremitted taxes receivable 14,063 1,483 122580 Delinquent taxes receivable 12,093 12,093 Allowance for delinquent taxes ( 12,093) ( 12,093) Total assets 0 38 S 459,296. 1 940) S 146,.027 LIABILITIES, RESERVE AND FUND BALANCE. Liabilities Accounts payable $ 223,766 $ 22,766 Accrued payroll 151159 15.,159 Due to other funds 175,277 $ 161,776 13,501. Deposits 6,137 6,137 Reserve for park acquisition and improvement 136,331 136,331 Fund balance (deficit) Appropriated 150,000 150,000 Unappropriated 97,713 147,520 $( 1,940) ( 47,867),. Total liabilities, reserve and fund balance 603,383 S 459,,296 , 1.940) $ 146027 STATEMENTS OF CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1976 Revenue $ 751,351 $ 2219259 $ 23,834 $ 5062258 Expenditures 696,782 161,776 24,968 510,038 Revenue over (under)expenditures $ 54,569,''$ 59,483 $( 1,134) $( 3,780; Fund balance (deficit) January 1 193,744 2382037. ( 806) ( 43P4.87) Adjustment to remove inventory from January 1, 1976 fund balance ( 600) 600) Fund balance (deficit) December 31 2A7P713 297,520 S( 1,940) 4 86 See accompanying notes to financial statements. 13 CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUNDS STATEMENTS OF REVENUE YEARS ENDED DECEMBER 31, 1976 AND 1975 1976 1975 REVENUE SHARING FUND Federal revenue sharing grant Interest on investments Total Revenue Sharing Fund NURSING SERVICES FUND General property taxes State property tax relief fund Homestead tax aid Total Nursing Services Fund PARK FUND General property taxes State property tax relief fund Homestead tax aid Registration fees. Transfer from other funds Other revenues Total Park Fund Total revenue Budget Actual Actual $213,165 $201,417 8,094 9,742 -0- $221,259 $211,159 $ 20,770 3,064 $ 24,868 $ 23,834 379 $171,371 25,537 $196,940 $196,908 $179,714 28,000 21,191 261256 276,433 285,057 243,328 200 3,102 1,515 501 573 $506,258 $450,813 526 41 751 351 Ikk2,351 See accompanying notes to financial statements. 14 CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUNDS STATEMENTS OF EXPENDITURES YEARS ENDED DECEMBER 31, 1976 AND 1975 1976 1975 Budget Actual Actual FEDERAL REVENUE SHARING FUND Transfer to General Fund $161,776 $188,275 Transfer to Park Fund 87,137 Total Revenue Sharing Fund $ -0 -. 161,77_6 $275,412 NURSING SERVICES FUND Contractual services $ 24,868 $ 24,868 $ 17,178 Professional services 100 400 Total Nursing Services Fund 24,868 24,968 17,578 PARK FUND Administration Personal services $ 79,733 $ 72,030 $ 75,445 Contractual services 2,350 2,980 2,414 Commodities 325 779 886 Central services 77,520 77,520 63,360 Training 400 662 2,064 Paid leave 19,700 39,257 27,033 Total administration 180 028 $193,228 $171,202 Recreation Baseball and softball $ 5,430 $ 3,808 $ 5,459 Skating and hockey 16,900 18,7:94 16,735 Tennis instruction 4,550 3,748 4,243 Playgrounds 15,100 11,299 11,857 . Swimming instruction 25,425 18,512 17,352 Teen program 7,357 Miscellaneous and special activities 12,600 14,560 17,902 Total recreation 80,005 70,721 80,905 Maintenance ,Mowing $ 30,580 $ 21,657 $ 20,140 Special turf care 44,260 60,412 53,001 Plantings and-trees 16,600 14,089 7,588 Litter removal 11,160 12,076 7,730 Parking areas 11,430 5,886 10,582 Buildings and equipment 50,510 43,343 55,522 Skating rinks 59,200 73,607 71,242 Total maintenance $223,740 $231,070 $225,805 Capital outlay $ -0- 15,019 15,159 Total Park Fund $483,773 $510,038 $493,071 Total expenditures 508 6 1 $696,782 7 6 0 1 See accompanying notes to financial statements. CITY OF EDINA, MINNESOTA GENERAL DEBT SERVICE FUNDS BALANCE SHEETS DECEMBER 31, 1976 Combined ASSETS Park Redevelopment Sinking Sinking Fund Fund 15 Cash $ 1,053,840 $ 1,053,840 Taxes receivable Unremitted 57,132 572132 Delinquent 17,293 17,293 Deferred 5,055,400 $ 32860,400 1,195,000 Allowance for uncollectible taxes ( 244,613) ( 184,650) ( 5.9,963). Due from Edina Housing and Redevelopment Authority 133,550 133,550 Total assets $ 6,072,602 $ 3,809,300 $ 2,263,302 LIABILITIES, RESERVES AND FUND BALANCE Liabilities Due to other funds Future maturities - Bonds Reserves Uncollectible taxes Land acquisition Fund balance Appropriated Unappropriated Total liabilities, reserves and fund balance $ 322,362 $ 322,362 3,400,000: $ 2,200,000 1,200,000 173,616 17,616 436,328 436,328 1,765,525 1,609,300 156,225 130,771 130.771 $ 6,072,602 $ 3,809,300 $ 2,263,302 STATEMENTS OF CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1976 Fund balance, January 1 $ 2,063,319 $ 1,742,850 $ 320,469 Adjustment Provision for uncollected receivable Adjusted fund balance Revenue General property taxes Expenditures Interest and.service charges Fund,balance, December 31 404 404 $ 2,063,723 $ 1,742,850 $ 320,873 28,711 28,711 ( 196,138) ( 133,550) ( 62,588) $ 1,896,296 $ 1,609,300 $ 286,996 See accompanying notes to financial statements. ASSETS Cash (deficit) $( 281,112) Accounts receivable 19,660 Due from other funds 322,363 Construction in progress 2,430,815 Total assets. $2,491726 LIABILITIES, RESERVE AND FUND BALANCE Liabilities Accounts payable $ 903 Contracts payable 60,000 Reserve for construction in progress 2,370,815 Fund balance (deficit) Appropriated 171,148 Unappropriated ( 111,140) Total liabilities, reserve and fund balance $2,491,726 See accompanying notes to financial statements. CITY OF EDINA, MINNESOTA PARK CONSTRUCTION FUND STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE YEAR ENDED DECEMBER 31, 1976 Revenue Rents Partial transfer of bond proceeds Grant Sale of land Donations for land purchase Transfer from Liquor Fund Total revenue Expenditures Construction costs Donation refund Other Total expenditures Revenue over (under) expenditures Fund balance, January 1 Fund balance, December 31 $ 2,175 322,363 5,000 75,000 40,655 80,000 $525,193 $567,538 5,655 41 $573,234 $(48,041) 108,049 60 008 17 18 CITY OF EDINA, MINNESOTA ENTERPRISE FUNDS BALANCE SHEETS DECEMBER 31, 1976 Combined ASSETS Current assets Cash (deficit) $ 1,032,847 Restricted cash 56,550 Total cash $-1,089,397 Petty cash and change funds 4,600 Investments 36,318 Receivables Accounts receivable 74,204 Customers 366,339 Assessments 407 Unremitted assessments 23 Due from other funds 28,855 Prepaid expenses 9,544 Inventories 533,466 Total current assets $;2,143,153 Property and equipment, less accumulated depreciation $17,468,450 Other assets Deferred receivable - Metropolitan Waste Control Commission $ 77431932 Loan to other funds 515,000 Total other assets $ 1,289,932 Total assets $20,901,525 19 Sewer Swimming Golf Recreation Gun Waterworks Rental Liquor Pool Course Center Range Fund Fund Fund Fund Fund Fund Fund $ 738,037 $ 23,238 $ 383,380 $( 16,374) $ 65,934 $( 152,401) $( 8,967). 56,550 $ 7942587 $ 23,238 $ 383,380 $( 16,374) $ 65,934 $( 152,401) $( 8,967) 33,500 400 700 23,589 12,729 4,545 18,702 50,957 151,375 214,964 407 23 14,765 13,773 317 3,667 563 3,162 390 429 1,333 8,556 524,075 585 250 $1,001,084 $ 239,195 $ 932,819 $ 15,984 $ 79,492 $( 85,053) $( 8,400) $6,261,206 $8 ;242,171 $ 603,808 327,885 $1,011,786 ,$ 961,507 $ 60,087 $ 774,932 $ 100,000 $ 415,000 $ 100,000 $ 774,932 $ 415,000 $7,362,29Q $9,256,298 $1.951,627 S 311.2U 1.091.278 S 876,454, S 51,687 20 CITY OF EDINA, MINNESOTA ENTERPRISE FUNDS BALANCE SHEETS (CONTINUED) DECEMBER 31, 1976 Combined LIABILITIES, RESERVES AND RETAINED EARNINGS Current liabilities Accounts payable $ 1283,736 Accrued payroll 221271 Due to other funds 3,689 Bonds payable 130,000 Accrued interest 3,905 Total current liabilities $ 288,601 Other liabilities Long -term liability - Bonds payable, less current portion above $ 845,000 Deferred credit 774,932 Loan from other funds 715,000 Total other liabilities $ 2,334,932 Reserve for debt retirement $ 145,350 Retained earnings Invested in fixed assets $ 2,794,673 Contributed invested in fixed assets 12,973,147 Working capital 2,364,832 Total retained earnings $18,132,652 Total liabilities, reserves and retained earnings $20,901,535 See accompanying notes to financial statements. .. 21 Sewer Swimming Golf Recreation Gun Waterworks Rental Liquor , Pool Course Center Range Fund Fund Fund Fund Fund Fund Fund $ 24,619 $ 12,993 $ 79,074 $ 409 $ 950 $ 10,147 $ 544. 33,911 219144 10,098 13%655 4,359. 104 3,189 500 50,000 40,000 40,000 533 3,372. $ 79,063 $ 15,137 �$ 92,361 409 $ 42,605 $ 57,878 $ 1,148 $ 150,000 $ 450,000 $ 245,000 . $ 7743,932 245,000 470,000 $ 150,000. $ 774,932 $ 695,000 $ 715,000 56,550 $ 52,300 36,500 $1,307,457 $ 739824 $ 603,808 $ 327,835 $ 276,786 $ 189,876 $ 15,087 4,753,750 81168,347 50 61000 45,000 1,015,470 224,058 1,255,458 ( 16,393) 24,587 ( 128,800) ( 9,548) ,. $7,076,677 $8,466,229 $1,859,266 311,492 $ 301,373 $ 67,076 $ 50,539 ,$7,362.290 $9,256.298 $1,951,62Z S 311,901. 51,091,278 , 876.454 68 22 CITY OF EDINA, MINNESOTA WATERWORKS FUND STATEMENT OF INCOME AND RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1976 AND 1975 1976 1975 Operating revenue Water charges $ 679,032 $ 504,474 Sale of meters (less cost of meters sold) 4,719 3,010 Hydrant rental 14,765 141,124 Permits 1,370 1,023 Other 5,073 46 Total operating revenue 704,959 $ 522,677 Operating expenses Source of supply` Personal services $ 24,090 $ 21,936 Other services and charges 2002018 115,736 Supplies 4,159 15,644. Distribution Personal services 49,047 551020 Other services and charges 37,324 19,720 Supplies 292626 17,710 Purification Personal services 52679 5,876 Other services and charges 504 Supplies 19,556 15,908 General and administrative Personal services 582615 47,374 Other services and charges 39,985 48,518 Supplies 13,641 1,421 Depreciation 237,688 231,652 Total operating expense 719,932 $ 596,515 Operating loss- 14,973) $( 73,838) Other income .(expense) Interest on investments $ 101816 $ 151949 Interest and paying agent fees 7,886) ( 9,573) Total other income 2,930 6,376 Net loss $( 12,043) $( 67,462) Retained earnings January 1 62866,389 6,804,087 Property and equipment contributed by special assessments 220,731 107,374 Reduction in reserve for debt retirement 1,600 22,390 Retained earnings December 31 X076,677 $6,866,389 See accompanying notes to financial statements. 23 CITY OF EDINA, MINNESOTA WATERWORKS FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1976 AND 1975 1976 1975 Funds provided Operations Net loss $( 12,043) $( 67,462) Items not requiring current outlay of funds Depreciation 237,688 231,652 $ 225,645 $ 164,190 Contributions in aid to construction 220,73L 107,374 Total $ 446,376 $ 271,564 Funds used Additions to property and equipment $ 221,567 $ 122,525 Current installment of long -term debt 50,000 50,000 Total 271,567 $ 172,525 Net increase in working capital X0.9 Various elements of net increase (decrease) in working capital Cash $ 636,835 $(442,977) Restricted cash ( 1,600) ( 12,040) Investments (502,266) 502,266 Accounts receivable 24,293 1,746 Due from other funds 14,765 Prepaid expenses 935 ( 505) Inventories ( 1,263) 1,239 Accounts payable ( 11,004) 13,255 Accrued payroll ( 1,272) ( 980) Accrued interest payable 133 533 Due to other funds 152253 26,502 Bonds payable 10,000 Net increase (decrease) in working capital 1 2AJ09 y'-0 See accompanying notes to financial statements. 24 CITY OF EDINA, MINNESOTA SEWER RENTAL FUND STATEMENT OF INCOME AND RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1976 AND 1975 1976 1975 Operating revenue - Sewer rentals $1,189,206 $ 690,389 Operating expenses Collection Personal services $ 659181 $ 60,921 Other services and charges 302212 23,168 Supplies 23,229 25,032 Disposal - Contractual services 753,607 643,898 Administrative and general Personal services 12,543 10,067 Other services and charges 34,229. 23,781 Supplies 279 289 Depreciation 100,577 99,122: Total. operating expenses $1,019,857 $ 886,278 Operating income (loss) $ 169,349 $( 195,889) Other income Deferred charges $ 13,609 $ 13,018 Rental income 7,878 7,878 Other 975 Total other income $ 21,487 $ 21,871 Net income (loss) $ 1909836 $( 174,018) Retained earnings, January 1 8,145,477 7,906,236 Property and equipment contributed by special assessments 129,916 413,259 Retained earnings, December 31 $8.466.229 $8.145.477 25 Funds provided Operations Net income Items not requiring current outlay of funds Depreciation Contributions in aid to construction Total Funds used Operations Net loss Items not requiring current outlay of funds Depreciation Additions to property and equipment Total Net increase (decrease) in working capital Various elements of net increase (decrease) in working capital Cash Receivables Prepaid expenses Accounts payable Accrued salaries and wages Due to other funds Net increase (decrease) in working capital $ 190,835 100,577 $ 291,412 1294916 $ 413,259 $ 421,328 $ 413,259 S 29001511 S( 79.611) $ 174,018 ( 99,122) S 74,896 $ 130,817 417,974 $ 130,817 $ 492,870 $ 290,511 S( 79,611) $ 285,976 $( 160,273) 76,594 183,254 ( 623,865) 63,246 ( 8,355) ( 12170) ( 839) ( 296) 628 S 29001511 S( 79.611) 26 CITY OF EDINA, MINNESOTA LIQUOR FUND STATEMENT OF INCOME AND RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1976 AND 1975 1976 1975 50th Street Yorkdale Grandview Combined Combined Sales $ 777,807 $1,715,418 $1,406,140 $3,899,365 $4,463,713 . Cost of goods sold 650,686 1,412,526 1,177,651 3,240,863 3,628,571 Gross profit $ 127,121 $ 302,892 $ 228,489 $ 658,502 $ 835,142 Operating expenses Selling $ 65,347 $ 822275 $ 69,910 $ 217,532 $ 225,739 Occupancy 123220 29,997 25,643 67,860 652621 .Administrative 36,053 39,726 36,015 111,794 102,112. Total operating expense $ 113,620 $ 151,998 $ 131,568 $ 397,186 $ 393,472 Operating income $ 13,501 $ 150,894 $ 96,921 $ 261,316 $ 4419670 Other income (expense) Interest income 71 1,7 86 Discounts 63,442 17,877 14,789 391108 29,974 . Cash over (short) 10 ( 209) 147 ( 52) ( 6) Other 1,195 1,195 1,095 Net income S 21,148 5 168,562 ,$ 111,852 $ 301,638 $ 4749519 Transfers to other funds ( 400,000) ( 325,000 Retained earnings January 1 1,957,628 1,808,109 Retained earnings December 31 $1.859.266 $1„9570628 27 CITY OF EDINA, MINNESOTA LIQUOR FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1976 AND 1975 1976 1975 Funds provided - Operations Net income $ 301,638 $ 474,518 Item not requiring current outlay of funds Depreciation 28,730 29,164 Total 330,368 $ 503,682 Funds used Transfers to other funds $ 400,000 $ 325,000 Additions to property and equipment 38,381 1,587 Total 438,381 $ 326,587 Net increase (decrease) in working capital 1_(128,013) $ 177,095 Various elements of net increase (decrease) in working capital Cash $ 29,288 $ 112,331 Investments (102,955) 1022955 Inventories ( 82,479) ( 14,120) Accounts receivable 18,702 Due from other funds. ( 175) ( 18,600) Prepaid expenses 780 ( 2,473) Accounts payable. 332817 ( 1,966) Accrued payroll ( 1,802) ( 1,032) Due to other funds ( 3,189) Net increase (decrease) in working capital 08 1 ) 1 7 095 See accompanying notes to financial statements. 28 CITY OF EDINA, MINNESOTA LIQUOR FUND STATEMENT OF OPERATING EXPENSES YEARS ENDED DECEMBER 31, 1976 AND 1975 Occupancy Salaries and wages $ 6 $ 81 $ 356 $ 443 $ 279 Telephone 574 1976 56 Light and power 1975 Maintenance, heating and 50th Street Yorkdale Grandview Combined Combined Selling 322 Insurance 3,351 Share of maintenance 693 Salaries and wages $ 51,317 $ 65,485 $ 55,976 $ 172,778 $ 184,729 Supplies 2,695 5,329 2,985 11,009 109159 Licenses and dues 18 28 18 64 172 Service contract 255 437 346 1,038 704 Direct promotion 102839 101824 10,585 322248 28,912 Other 223 172 1,439 395 1,063 554 $ 65,347 $ 82,275 $ 69,910 $ 217,532 $ 225,739 Occupancy Salaries and wages $ 6 $ 81 $ 356 $ 443 $ 279 Telephone 574 Supplies 56 Light and power 2,095 Maintenance, heating and cooling 447 Heat 501 Laundry and rug service 604 Burglar alarm 322 Insurance 3,351 Share of maintenance 693 Repair and maintenance 231 Depreciation 2,146 Rubbish hauling 480 Janitorial service 13,260 Water and sewer service 147 Miscellaneous 3,840 12,447 $ 12,220 Administrative Salaries and wages $ 18,718 Supplies 241 Professional services 1,811 Allocated expenses - retirement, insurance, office supplies, etc. 13,020 Mileage 260 Survey 1,823 Miscellaneous 180 $ 36,053 503 396 1,473 1,469 814 454 1,324 1,128 7,105 3,299 12,499 12,848 568 358 1,373 4,105 549 693 1,743 1,662 483 551 1,638 1,618 540 321 1,183 131539 52256 3,840 12,447 4,758 510 180 690 1,020 249 207 687 2,804 12,370 14,214 28,730 29,164 480 480 1,440 1,440 136 105 1,501 1,439 218 189 554 348 135 135 29,997 $ 25,643 $ 67,860 $ 65,621 $ 21,209 $ 18,660 $ 58,587 $ 57,304 326 326 893 2,460 1,812 13,811 5,434 5,721 14,100 123,660 39,780 35,940 261 260 781 660 1,823 1,824 52470 195 474 849 27 $ 39,726 $ 36,015 $ 111,794 $ 102,112 113 620 ij 1-.9 98 See accompanying notes to.financial statements. 131P568 397,186 393P472 29 CITY OF EDINA, MINNESOTA SWIMMING POOL FUND STATEMENT OF INCOME AND RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1976 AND 1975 1976 1975 Income Season tickets $ 31,618 $ 3.0,457 General admissions 621266 6,122 Rentals and instruction programs 5,880 211000 Concessions.(less cost of goods sold) 6,733 4,486 Other 8 Total revenue 50,505 $ 43,065 Operating expenses Salaries and wages $ 30,704 $ 29,340 Supplies 8,918 8,473 Utilities 53,501 3,949 Insurance 901 654 Repair and maintenance 1,929 1,810 Professional service 300 275 Printing and office expense 865 1,086 Central services 3,840 3,660 Concessions - Operating 3,618 3,456 . Contractual services 212 161 Depreciation 404 64 Other 186 190 57,378 $ 53,118 Net loss $( 6,873) $( 10,053) Retained earnings January 1 2032338 194,657 Transfer from General Fund 180734. Equipment transfer from Park Construction Fund 132,027 Disposal of equipment ( 17,000) Retained earnings December 31 A-311.492 $ 203,338 : 30 CITY OF EDINA, MINNESOTA SWIMMING POOL FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1976 AND 1975 Funds provided Transfer from General Fund Funds applied Operations Net loss. Item not requiring current outlay of funds Depreciation Additions to property and equipment Total Net increase (decrease) in working capital Various elements of net increase (decrease). in working capital Cash Due from other funds Prepaid insurance Accounts payable Net increase (decrease) in working capital See accompanying notes to financial statements, $ 62873 $ 10,053 ( 404) $ 6,469 6,469 S( 6,469) $ 72,798 ( 78,853) ( 68) ( 379) $ 9,674 250 $ . 9,924 S 8,810 $( 70,196) 78,853 183 ( 346) ( 30) 6,,469) S 8,810 Income Green fees $ 220,842 $ 197,895 Rental fees 37,067 28,473 Membership fees 25,479 25,651 Concessions (less cost of goods sold) 28,478 29,091 Range 34,346 31,752 Other 35 34 Total income $ 346,247. $ 312,896 Operating expenses Administration $ 58,486 $ 49,105 Building - Club house and pro shop 27,400 26,054 _ Maintenance of course and grounds 135,734 121,476 Range and grill 43,481 38,059 Depreciation 8,712 12,552 Total operating expenses $ 273,813 $ 247,246 Operating income $ 72,434 $ 65,650 Other income (expense) Interest earned $ 42 $ 6,058 Interest on bonds ( 17,772) ( 18,894) $( 17,730) $( 12,836) Net income $ 54,704 $ 52,814 Retained-earnings January 1 246,669 193,855 Retained earnings. December 31 - $ 301.373 S 246,669 See accompanying notes to financial statements. 32 CITY OF EDINA, MINNESOTA GOLF COURSE FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1976 AND 1975 Funds provided Operations Net income Item not requiring current outlay of funds Depreciation Fund applied Additions to property and equipment Current installment of long -term debt Net increase (decrease) in working capital Various elements of net increase (decrease) in working capital Cash Petty cash Investments Prepaid insurance Accounts payable Accrued payroll Due to other funds Bond payable Net increase (decrease) in working capital See accompanying notes to financial statements. 1976 1975 $ 54,704 $ 521,814 8,712 12,552 63,416 65,366 $ 24,989 $ 7,210 40,000 35,000 4,989 42.21 1 7 ) $ 64,702 ( 100) ( 61,773) 18 69 ( 583) 1,094 $( 46,512) 61,773 ( 371 ( 42) 828 7,480 5,00 S( 1,573) S 23,156 33 CITY OF EDINA, MINNESOTA GOLF COURSE FUND STATEMENT OF OPERATING EXPENSES YEARS ENDED DECEMBER 31, 1976 AND 1975 1976 1975 Administration Personal services $ 30,265 $ 27,927 Contractual services 26,844 20,113 Commodities and supplies 1,025 759 .Other charges 352 306 Total administration expense $ 58,486 $ 49,105 Building - Club house and pro shop Personal services. $, 11,572 $ 11,878 Utilities 10,267 9,417 Fuel 1,684 1,749 Supplies 1,173 1,421 Repairs - Building 3,661 2,991 Contractual services 2,327 1,695 Less amount charged to grill ( 4,146) ( 3,693) Other 862 596 Total building - club house and pro shop $ 27,400 $ 26,054 Maintenance of course and grounds Personal services $ 77,022 $ 76,755 Contractual services 9,519 1,825 Commodities and supplies 28,701 21,200 Fixed charges 19,980 21,300 Other 512 396 Total maintenance of course and grounds $ 135,734 $ 121,476 Range and grill Personal services $ 34,905 $ 31;623 Contractual services 4,495 2,618 Commodities and supplies 4,081 3,818 . Total range and grill $ 43,481 $ 38,059 Depreciation $ 8,712 $ 12,552 Total operating expenses 273,813 $ 247,246 34 . CITY OF EDINA, MINNESOTA RECREATION CENTER FUND STATEMENT OF INCOME AND RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1976 AND 1975 1976 1975 Operating revenue Rental fees $ 143 408 $.127,217 Season ticket sales 25,797 Daily skating fees 4,452 32677, . Admissions 16,896 14,366 Concessions (less cost of goods sold) 4,747 5,635 Vending.machine commissions 519931 4,866 Services - Skate sharpening 5,665 4,882 Other 118 83 Total operating revenue 207,014 194,270 Operating expense Personal services $ 929860 $ 90,431 Contractual services 912842 72,964 Commodities and supplies 14,225 12,905 Depreciation 3$1189 4 593 Other charges 20,340 17,460 Total operating expense 222,456 198,353 Operating loss $( 15,442) $( 4,083) Other expense - Interest on bonds 9,600) ( 12,051) Net.loss $( 25,042) $( 16,134) Retained earnings January 1 122,618 138,752 Contribution of equipment 6,000 Retained earnings December 31 10 5 6 $ 122,618 See accompanying notes to financial statements. 35 CITY OF EDINA, MINNESOTA RECREATION CENTER FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1976.AND 1975 1976 1975 Fund provided Contribution of equipment $ 6,000 Loan from other funds 200,00 Total 6,000 200,000 Funds applied Operations Net loss $ 25,042 $ 16,134 Item not requiring current outlay of funds Depreciation ( 3,189) ( 4,593) $ 212853 $ 113,541 Additions to property and equipment 1631631 1431859 Current installment of long -term debt 40,000 40,000 Total 78,484 66,400 Net increase (decrease) in working capital S( 72,484) S 133,600 Various elements of net increase (decrease) in working capital Cash $(120,398) $ 140,527 Accounts receivable 253-193 1,513 " Due from other funds 5,273 ( 3,500) Inventory 265 ( 225) Prepaid insurance 112 ( 590) Accounts payable 2,035 ( 1,993) Accrued payroll ( 255) ( 12215) Accrued interest 508 508 Due to other funds 14,783 ( 4,583) Deferred income 3,158 Net increase (decrease) in working capital S( 72,484) S 133,600 See accompanying notes to financial statements.' CITY OF EDINA, MINNESOTA GUN RANGE FUND STATEMENT OF INCOME AND RETAINED EARNINGG YEARS ENDED DECEMBER 31, Income Range fees Sale of ammunition Concessions (less cost of goods sold) Other Total income Operating expenses Personal service Contractual services Commodities and supplies Depreciation Other Total expenses Net loss Retained earnings January 1 Transfer from General Fund Transfer from Construction Fund Retained earnings December 31 1976 AND 1975 1976 1975 $ 831290 $ 5,064 2,509 .11581 39 140 300 179 11,138 6,964 $ 7,157 $ 7,994 2,915 1,961 3,442 49053 59 59 122 6 13,695 14,073 $( 2,557) $( 7,109) 48,988 29,832 26,265 4,108 48 88 CITY OF EDINA, MINNESOTA GUN RANGE FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1976 AND 1975 Funds provided Transfers from other funds Funds applied Operations Net loss Item not requiring current outlay of funds Depreciation Additions to property and equipment Total Net increase (decrease) in working capital Various elements of net increase (decrease) in working capital Cash Receivables Due from other funds Prepaid expenses Accounts payable Accrued payroll Due to other funds Net increase (decrease) in working capital See accompanying notes to financial statements. 1976 1975 4,108 26,265 $ 2,557 $ 7,109 ( 59) ( 59) $ 2,498 $ 7,050 4,108 $ 6,606 $ 7,050 S( 2,498) $ 19 }215 $( 5,239) $ 242,511 ( 1,107) ( 53) 103 ( 104) 3,902 2 4 9 8) 218 ( 836) ( 408) 132 ( 4,402) S 19 X215 37 38 CITY OF EDINA, MINNESOTA ENTERPRISE FUNDS STATEMENT OF CHANGES IN PROPERTY AND EQUIPMENT YEAR ENDED DECEMBER 31, 1976 Waterworks Fund Land Land improvements. Buildings and equipment Distribution system Sewer Rental Fund Land improvements Sewer mains and lift stations Furniture and fixtures Vehicles . Equipment and machinery Liquor Fund Land Land improvements Building .Furniture and fixtures Leasehold improvements Construction in progress Swimming Pool Fund Land Swimming pool and bathhouse Filter system Furniture and fixtures Golf Course Fund Golf course Buildings Well Parking lot and roadway Equipment Recreation Center Fund Land improvements Buildings Furniture and equipment Gun Range Fund Land improvements Building Furniture and equipment Assets Balance Balance January 1, December 31 1976 Additions Disposals 1976 $ 26,556 $ 26,556 24,132 $ 835 24,967 2,552,811 $ 1,723 2,551,088 6,672,265 220,732 6,892,997 $9,275,764 $ 221,567 $ 1,723 $9,495,608 $ 5,605 $ 313 $ 5,918 9,644,948 129,916 9,774,864 2,162 2,162 12,666 12,666 43,774 588 44,362. $9,709,155 $ 130,817 $9,839,972 $ 151,449 $ 1,070 $ 152,519 21,804 141 $ 39485 18,460 455,911 25,733 481,644 149,325 149,325 3,035 3,035 14,922 14,922 $ 781,524 $ 41,866 $ 3,485 $ 819,905 '. $ 102000 $ 1031000 184,027 $ 104,021 288,048 17,000 28,006 $ 17,000 28,006 4,190 4,190 $ 215,217 $ 132,027 $ 17,000 $ 330.,244 $ 726,414 $ 726,414 204,781 204,781 15,018 15,018. 93,627 9,627 129,197 $ 24,989 154,186 $1,085,037 $ 24,989 1,1101026 $ 52,174 $ 52,174 885,191 8852191 45,936 $ 16,630 62,566 $ 983,301 $ 16,630 $ 999,931 $ 82075 $ 4,107 $ 121.182 47,532 47,532 863 863 -h cL L-7 n b L 1^- h- cn 11- 39. Accumulated Depreciation Balance Balance Net January 1, December 31, Book 1976 Additions Disposals 1976 Value $ 26,556 $ 101439 $ 974 $ 11,413 13,554 13,219,681 101,070 $ 1,723 11319,028 1,232,060 ,1,768,317 135,644 1,903,961 4,989,036 $23998,437 $_ 237,688 $ 1,723 $3,234,402 $6,261,206 $ 2,831 $. 230 $ 3,061 $ 2,857 1,449,193 97,749 1,546,942 8,227,922 2,132 22 2,154 8 9,262 756 10,018 2,648 33,806 1,820 35,626 8,736 $1,497,224 $ 100,577 $1,597,801 $8,242,171 $ 152,519 $ 5,175 -$ 631 -- $ 5 -806 - --12-654 121,268 152514 136,782 344,862. 59,255 12,281 71,536 77,789 1,670 303 1,973 1,062 14,922 $ 187,368 $ 28,729 $ 216,097 $ 603,808 $ 10,000. 288,048 28,006 $ 1,955. $ 404 $ 2,359 1,831 1,955 $ 404 $ 2,359 $ 327,885 $ 726,414 204,781 15,018 9,627 $ 89,528 $ 8,712 $ 98,240 55,946 89,528 $ 8,712 $ 98,240 $1,011,786 $ 52,174 885,191 $ 35,236 $ 3,188 $ 38,424 24,142 $ 35,236 $ 3,188 $ 38,424 $ 961,507 $ 12,182 47,532 $ 431 $ 59 $ 490 373 1 431 $ 59 $ 490 $ 60,087 $43810,179 $ 379,_357 $ 1,723 $5,187,813 $17,468,450 40 CITY OF EDINA, MINNESOTA BALANCE SHEETS DECEMBER 31, 1976 Total ASSETS Cash (deficit) $ 303,252 Investment 557,547 Accounts receivable 8,318 Due from other governmental units 659,515 Special assessments receivable Unremitted 158,788 Delinquent 492,160 Deferred 6,942,564 City's share 211,754 Allowance for uncollectible receivables ( 844,709) Loan to other funds 200,000 Due from other funds 770,532 Unallocated construction costs 161,283 Construction in progress Current 1,976,715 Deferred 17,083 Total assets $110614,802 LIABILITIES, RESERVE AND FUND BALANCE Liabilities Accounts payable $ 18,060 Due to other governmental units 143,414 Accrued interest on bonds 25,913 Contracts payable 17,083 Deposits payable 77316.14 Loan from other funds 938,833 Due to other.funds 254,282 Bonds payable 6010,0001 Reserve for assessment adjustments 171,434 Fund balance (deficit) Appropriated 40,617 Unappropriated 3,617,552 Total liabilities, reserve and fund balance $11,614,802 See accompanying notes to financial statements, 41 Debt Service Permanent Sanitary Improvement Municipal Advance Improvement Sewer Bond State -aid Funding Revolving No. 53 Redemption Street Bonds Highway Bonds Construction $ 213,835 382 40,027 ( 35,210) 200,000 $ 42,843 50 7,629 ( 7,679) $ 859,026 557,547 158,356 444,504 6,942,564 211,754 ( 801,820) 738,833 31,699 148,967 12,316 1,976,715 17,083 S 419,034 $ 42,843 $9,259;731 ,V 424) $ 672,,365 $ 1.221.253 $( 424) $ 672,365 $(1,484,393) 8,318 659,515 $ 18,060 25,913 $ 143,414 17,083 77,614 938,833 $ 4,572 246,018 3,692 5,6851000 $ 625,000 7,073 164,361 40,617 407,389 $ 42,843 3,120,379 $( 424) 47,365 $ 412,034 S 42.843 $9,259,731 S L 424) S 672 -365 S 1,221.253 42 CITY OF EDINA, MINNESOTA SPECIAL ASSESSMENTS FUNDS STATEMENTS OF REVENUE, EXPENDITURES AND FUND BALANCE YEAR ENDED DECEMBER 31, 1976 Revenue Interest Investments Capitalized interest Special assessments Assessment adjustments Total revenue Expenditures Interest Paying agent service charges Total expenditures Revenue over (under) expenditures Fund balance (deficit) January 1, 1976 Adjustment of provision for uncollectible receivables Adjusted fund balance Fund balance (deficit) December 31, 1976 See accompanying notes to financial statements, Total $ 87,601 125,722 388,205 1.211 $ 602,739 $ 381,193 1,803 382,996 $. 219,743 $ 3,418,481 19,945 $ 3,438,426 3.658.169 43 Debt Service Permanent Sanitary Improvement Municipal Advance Improvement Sewer Bond State -aid Funding Revolving No. 53 Redemption Street Bonds Highway Bonds Construction $ 1,776 $ 29 $ 50,952 125,722 260 387,945 1,211 $ 2,036 $ 29 $ 565,830 $ 328,380 1,296 $ 329,676 $ 2,036 $ 29 $ 236,154 $ 405,589 $ 42,558 $2,864,300 $( 424) ( 236) 256 19,925 $ 405,353 $ 42,814 $2,884,225 $( 424) $ 407.389 $ 42.843 $3.120.379 $( 424) $ 34,844 $ 34,844 $ 52,813 507 $ 53,320 $( 18,476) $ 65,841 $ 65,841 S 47.365 $ 40,617 40,617 40.617 44 l'TTV AL+ UnTMA IAT ATATP 0 AIVA DECEMBER 31, 1976 GENERAL FIXED ASSETS Land Land improvements Buildings Furniture and fixtures Equipment Construction in progress INVESTMENT IN GENERAL FIXED ASSETS Investment in general fixed assets $ 729,617 1,005,714 1,493,080 141,381 1,778,017 591.522 $5.739,331 $5,739.331 45 CITY OF EDINA, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1976 Note 1 - Summary of significant accounting policies The accounting policies of the City of Edina conform to generally accepted accounting principles as applicable to governmental units, except that a statement of general long -term debt is not included as explained in note 2 nor is depreciation expense on certain enterprise fund property and equipment recorded, see note 3. Basis of accounting - The accrual basis of accounting is followed (with minor exceptions) by all funds other than the General, special revenue and general debt service funds. Financial statements of the General, special revenue and general debt service funds are presented on the modified accrual basis of accounting. Under the modified accrual basis of accounting: Revenues are recognized at the time cash is, or normally should be received or when susceptible to accrual (measurable and available within the budget year) Expenditures are recognized as a liability when incurred, except for interest on long -term debt which is recognized when due. Purchase of inventory items are considered expenditures when received. Accordingly, inventory is recorded with an offsetting reserve. Investments - Investments are stated at cost, which approximates market. Investment revenue is recorded as earned. Inventories - Inventories held by the Enterprise funds are stated at cost, which is lower than market on a first in, first out basis. Property and equipment - Enterprise Funds - The property and equipment are stated at cost. Depreciation has been provided using the straight -line method over the estimated useful lives of the assets. See Note 3. Additions to property and equipment for general City purposes are recorded as ex- penditures of the specific fund in the year in which the asset was purchased and are capitalized at cost in the General Fixed Asset Group of accounts. Depreciation is not recorded on these assets. Note 2 - General Long -Term Debt The City financial statements do not include a statement of general long -term debt. All general long -term debt is included in the general debt service funds. The long- term debt group of accounts has not been set up, as specific tax levies have been made at the time of issue as part of the bond indenture for the payment of bonds and interest. The proceeds of such levies are appropriated to the specific debt service funds as part of the bond indenture and the levies are scheduled for collection over the life of the bond issue. This accounting treatment is not in accordance with generally accepted accounting principles. 46 CITY OF EDINA, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 1976 Note 3 - Depreciation enterprise fund property and equipment .Certain property and equipment of the enterprise funds has not been depreciated and related depreciation expense is not included as an operating expense. The amount by which the related expense would affect the financial statements has not been determined. The City has adopted the policy of not recording depreciation on items of property and equipment which will not be replaced from operating revenues. Such a policy is not in accordance with generally accepted accounting principles. The following property and equipment has not been depreciated: Cost Swimming Pool Fund - Pool, bathhouse and filter system $316,054 Golf Course Fund - Buildings, Well, parking lot and road 229,426 Recreation Center Fund - Land improvements and building 937,365 Gun Range Fund - Land improvements and building 59,714 Note 4 - Prior period adjustment Prior to January 1, 1976 the general fixed assets and general long -term debt were included in the General, Special Revenue and Park Construction Funds, which treat- ment was not in accordance with generally accepted accounting principles. Effective January 1, 1976 the general fixed assets were set up separately. See Note 2 regarding General Long -Term Debt. Note 5 - Metropolitan Waste Control Commission The receivable and corresponding liability of the Sewer Rental Fund from the Metropolitan Waste Control Commission represents the City's share of equity in the City's and Minneapolis' sewer systems which were acquired by the Commission January 1, 1971. This receivable will be paid to the City by issuing credits, annually through 1999 against future sewer billings from the Commission. These credits will be reflected in the statement of income as received. Note 6 - Bonded debt The City has three types of bonded debt outstanding at December 31, 1976. There are general obligation bonds, special assessment improvement bonds, and revenue bonds. The first type'of bonds are payable solely from a general property taxes. The second and third types are payable primarily from special assessments and enterprise revenue respectively with any deficiency to be provided for by general property taxes. See the supplemental information for schedules of bond and interest maturities. Note 7 - Revenue bonds The City has outstanding the following revenue bonds: Waterworks Bonds of 1963 Golf Course Bonds of 1964 Recreation Center Bonds, Series A of 1965 Recreation Center Bonds, Series B of 1965 Recreation Center Bonds, Series C of 1969 $200,000 490,000 170,000 85;.000 30,000. The waterworks bonds are payable primarily from the revenue of the waterworks fund, with any deficiency to be provided by general property taxes. Note 7 - Revenue bonds (continued) The other four revenue bond issues are payable primarily from the respective utility with any deficiency to be provided first from Liquor Fund revenue than from general. property taxes. The revenue bond indentures have specific requirements which are to be met by the City. All these covenants are being complied with. Note 8 - Retirement Plan The City participates in a state -wide contributory pension plan under the Public Employee's Retirement Association, Minnesota Statutes Chapter 353, which covers all employees except certain temporary or seasonal employees. The City's contribution for pension costs, under the state -wide plan was $274,798 for the year ended December 31, 1976. Under existing Minnesota law, the City has no future contingent obligations or commitments to the plan or its participants except to make continuing contributions as determined from time to time by the State Legislature. Note 9 -.Bond proceeds In 1975 the City issued General Obligation Park. Bonds of $950,000. The proceeds of the issue are recorded in the General Debt Service Fund and transfers are made to the Capital Project Fund for park land acquisition. Transfers of $322,363 and $191,309 were made for 1975.and 1976 respectively leaving a balance of $436,328 at December 31, 1976. Note 10 - Vacation and Sick Leave Accrued vacation and sick leave are not recorded as liabilities at December 31, 1976. City employees are entitled to vacation and sick leave based on length of employment and the payment thereof is treated as expense in the period paid. The amount of accrued leave at December 31, 1976 for vacation and sick leave was $180,859 and $777,427 respectively, although it is anticipated that only $310,000 of the accrued sick leave will be used. Note 11 - Litigation The City had the usual and customary types of miscellaneous claims pending at year end, mostly of.a minor nature and usually all covered by insurance carried for that purpose. 48 CITY OF EDINA, MINNESOTA BALANCE SHEETS - ALL FUNDS DECEMBER 31, 1976 Special. General revenue Fund funds ASSETS Cash $ 327,231 $ 498,037 Petty cash and change funds 550 Departmental cash 2,204 Investments 156,496 Receivables Other 277,946 60,381 Taxes receivable 311,575 26,156 Special assessments receivable Allowance for uncollected taxes and assessments ( 161,232) ( 12,093) ,. Due from other funds 615,281 30,902 Inventories 10,000 Construction in progress Prepaid expenses Unallocated construction costs Property and equipment less accumulated depreciation Total assets $ 1,540,051 $ 603,383 LIABILITIES, RESERVES AND FUND BALANCE Liabilities Other $ 502,870 $ 28,903 Accrued payroll 85,002 15,159 Contracts payable Due to other funds 73,490 175,277 Bonded indebtedness Future bond maturities Metropolitan Waste Control Commission Reserves 719,811 136,331 Investment in assets Retained earnings Fund balance 158,878 247,713 Total liabilities, reserves and fund balance $ 1,540,051 $ 603.383 49 General Park Special General debt service Construction Enterprise assessment Fixed funds Fund funds funds Assets $ 1,053,840 $( 281,112) $ 1,089,397 $ 303,252 4,600 36,318 557,547 133,550 19,660 1,215,475 667,833 5,129,825 430 7,805,266 ( 244,613) ( 844,709) 322,363 543,855 970,532 533,466 2,430,815 1,993,798 9,544 161,283 17,468,450 $ 5,739,331 S 6,072,602 $ 2,491,726 $20,901,535 $11,614,802 $ 5,739,331 $ 903 $ 132,641 $ 265,001 22,271 60,000 179083 $ 322,362 718,689 1,193,115 3,400,000 975,000 6,310,000 774,932 453,944 2,370,815 145,350 171,434 $ 5,739,331 18,132,652 1,896,296 60,008 3,658,169 $ 6,072,602 $ 2,491,726 $20,901,535 $11,614,802 $ 5,739,331 50 CITY OF EDINA, MINNESOTA STATEMENT OF CASH AND SECURITY FOR DEPOSITS DECEMBER 31, 1976 Face amount of securities pledged by depository Cash as collateral Cash First Edina National Bank, Edina, Minnesota Checking account $ 424,212 Certificates of deposit 1,825,000 12,285,000 First Southdale National Bank, Edina, Minnesota Deposit account 91,433 Payroll account 25,000 Certificates of deposit 425,000 $1,370,000 ..Southwest Fidelity State Bank, Edina, Minnesota Certificates of deposit 100,000 $ 100,000 Americana State Bank, Edina, Minnesota Certificates of deposit 100,000 Petty cash and change funds 7,354 Total cash $2,997,999 Additional coverage of $40;000 for demand deposits and $100,000 for time deposits is provided at each depository by the Federal Deposit Insurance Corporation. Minnesota law stipulates that the amount of deposits cannot exceed the F.D.I.C. insurance plus ninety percent of the market value of securi ies pledged as collateral by the bank. At December 31, 1976, the deposits at First Edina National Bank were in excess of this requirement. Allocation by fund General Fund $ 329,985 Special Revenue funds Revenue Sharing Fund 406,016 Nursing Services Fund ( 6,487) Park Fund 98,508 General Debt Service Fund 1,053,840 Park Construction Fund ( 281,112) Enterprise funds Waterworks Fund 794,587 Sewer Rental Fund 23,238 Liquor Fund 386,880 Swimming Pool Fund ( 16,374) Golf Course Fund 66,334 Recreation Center Fund ( 151,701) Gun Range Fund ( 8,967) Special assessment funds Permenant Improvement Revolving Fund 213,835 Sanitary Sewer No. 53 Fund 42,843 Improvement Bond redemption Fund 859,026 Municipal State -aid Street Bonds Fund ( 424) Advance Funding Highway Fund 672,365 - Construction Fund (1,484,393) Total cash $ 2,997,999 51 CITY OF EDINA, MINNESOTA STATEMENT OF INVESTMENTS DECEMBER 31, 1976 Face Interest Amount Rate Maturity Cost Banks for Coop $ 500,000 5.93 1/3/77 $ 500$47 City of Edina bonds Improvement Bonds of 1955 253,000 2.9 3/1/77 25,000 Improvement Bonds of 1957 7,000 3.9 3/1/78 7,000 Improvement Bonds of 1957 10,000 3.9 3/1/79 10,000 Improvement Bonds of 1968 15,000 4.0 12/1/78 152000 Waterworks Bonds of.1963 5,000 3.2 12/1/77 4,556 Waterworks Bonds of 1963 20,000 3.3 12/1/79 192033 Golf Course Bonds 5 —,000 3.4 .12/1/81 3,808 Golf Course Bonds 5,000 3.4 12/1/83 4,604 Golf Course Bonds 5,000 3.5 12/1/87 4,317 S 593.865 Allocation by fund Waterworks Fund $ 23,589 Golf Course Fund 12,729 Improvement Bond Redemption 557,547 86 52 CITY OF EDINA, MINNESOTA BONDS PAYABLE - ALL FUNDS DECEMBER 31, 1976 Issue Interest Maturity Principal date rate date amount Special Assessment Debt Service Fund First series of 1955 Improvement Bonds 9/1/55 2.90% 3/1/77 $ 40,000 First series of 1957 Improvement Bonds 3/1/57 3.90 3/1/77 -79 195,000 First series of 1967 Improvement Bonds 12/1/67 4.20 12/1/77 -79 600,000 Improvement Bonds of 1968 12/1/68 4.00 12/1/77 -79 6003,000 Improvement Bonds of 1969 12/1/69 5.70 12/1/77 -79 750,000 `. Advance Funding Highway Bonds 1/1/70 5.70 7/1/77 625,000 Improvement Bonds of 1975 12/1/75 5.30 -5.50 12/1/77 -83 3,500,000=.° Total special assessment debt service fund $ 6,310,000 General Debt Service Funds Park Construction Bonds 3/1/57 3.90% 3/1/77 -51 $ 2501,000 General Obligation Park Bonds 12/1/75 5.30 -5.50 12/1/77 -80 950,000 General Obligation Redevelopment Bonds 12/1/75 5.30 -6.50 12/1/78 -93 2,200,000.,. Total general debt service funds $ 3,400,000 Revenue Bonds Golf Course Bonds 12/1/64 3.20 -3.50 12/1/77 -87 $ 490,000 Waterworks Bonds of 1963 12/1/63 3.20 -3.30 12/1/77 -80 200,000 Recreation Center Series A 9/l/65 3.20 -3.30 9/1/77 -82 1703,000. Recreation Center Series B 9/1/65 3.00 9/1/77 -82 85,000 Recreation Center Series C 8/1/69 5.00 8/1/77 -79 30,000 ; Total revenue bonds $ 975,000 Total bonds payable - All funds $10.685,000 i 53 CITY OF EDINA, MINNESOTA STATEMENT OF CHANGES IN BONDED INDEBTEDNESS YEAR ENDED DECEMBER 31, 1976 Balance Balance January 1, December 31, 1976 Issued Redeemed 1976 Special assessment bonds $ 8,040,000 $ 1,730,000 $ 6,310,000 General obligation bonds 3,440 31000 40,000 3,400,000 Revenue bonds Golf Course 525,000 35,000 490000 Waterworks 250,000 50,000 , 200,000 Recreation Center 325,000 40,000 285,000 512.580.000 $ -0- $ 1.895.000 $10.685.000 EMPLOYEES' SURETY BONDS DECEMBER 31, 1976 Name Position Surety Bond J. N. Dalen Treasurer $ 50,000 Florence B. Hallberg Clerk 500 Kent Swanson Assessor 500 Ronald A. Blagen Deputy Assessor 500 Ralph E. Johnson Deputy Assessor 500 Police Department employees are covered by a faithful performance blanket position bond of $5,000. All employees, except those listed above, are covered by a faithful performance blanket position bond of $50,000. 54 CITY OF EDINA, MINNESOTA TAX LEVIES AND COLLECTIONS Percentage Collection Percentage Collection of total Total of current of levy of prior Total collections Year levy year's levy collected year's levy collections to levy_ 1976 $2,950,564 $2,844,997. 96.4% $60,903 $2,905,900 98.5% SPECIAL ASSESSMENT LEVIES AND COLLECTIONS Percentage Collection Percentage Collection of total Total of current of levy of prior Total collections Year levy year's levy collected year's levy collections to levy . 1976 $1,3719621 $1,223,649 89.2% $134,421 $1,358,070 99.0% ,. 55 CITY OF EDINA, MINNESOTA ASSESSED VALUATION, TAX LEVIES AND MILL RATES (SHOWN BY YEAR OF TAX COLLECTIBILITY) 1975. 1976. 1977 Assessed valuation $331,699,920 $371,802,648 $394,825,413 Increment valuation ( 317,306) ( 576,977) Contribution to fiscal disparities Pool ( 9,252,067) (12,053,223) (11,948,475) Received from fiscal disparities Pool 1,709,843 2,378,308 2,208,307 Taxable valuation $324,157,696 $361,810.427 $384.508.268 Tax levies General Fund $ 2,023,068 $ 2,399,888 $ 2,585,877 Park Fund 197,736 197,187 283,666 Bonds and interest 13,290 313,328 312,339 Public nursing 24,965 32,878 Fire protection 15,560 15,196 14,910 Firemen's Relief 5,187 Total $ 2,254,841 $ 2,950,564 $ 3.229,670 Mill rates General Fund 6.241 6.633 6.764 Park Fund .610 .545 .740 Bonds and interest .041 .866 .817 Public nursing .069 .086 Fire protection .048 .042 .039 Firemen's Relief .016 Total 6.956 8.155 8.446