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4
CITY OF EDINA, MINNESOTA
FINANCIAL STATEMENTS
DECEMBER 31, 1977
F V 1f,
ALL FUNDS
SURPLUS AND RESERVES
CITY OF EDINA
As of December 31, 1977
GENERAL FUND
Reserve for Commitments:
Capital improvements (street replacements)
Capital improvements
Concrete replacement
Sidewalk construction
Alley construction
Bridge renovation
Curb repair
Traffic signs
Planning
Contingencies
Improvements -City Hall
Street name signs
Contract work -lakes and ponds
Accounting system
Microfilm - equipment and supplies
Backhoe and sweeper for bobcat
Storage loft and rack
Police - pension supplement
Assessing- Schools
Aerial photos
Ornamental lighting
Reserve for replacements:
Sweeper
Grader
Floor hoist
Beds-Fire
Siren - Civilian Defense
Unappropriated surplus
REVENUE SHARING FUND
1978 budget item
Unappropriated surplus
NURSING SERVICES
Unappropriated surplus
PARK FUND
Parkland dedication
Unappropriated surplus (deficit)
SWIMMING POOL FUND
Unappropriated surplus (deficit)
GOLF COURSE FUND
Reserve for debt service (must be maintained until all bonds
are paid -1987)
Unappropriated surplus
229,538
150,000
25,000
10,500
3,000
17,000
9,000
10,000
4,500
88,596
3,500
18,000
25,000
20,000
5,550
2,500
2,000
40,000
3,000
10,500
4,000
$ 18,500
18,500
1,400
15,000
1,500 54,900
$ 746,084
349,276
$1,095,360
$ 225,000
66,559
$ 291,559
34,564
$ 168,696
1,037 169,733
(31,256)
$ 52,300
74,938 127,238
., , 6.
ALL FUNDS
SURPLUS AND RESERVES (CONT'D)
RECREATION CENTER FUND (Ice Arena)
Reserve for debt service (must be maintained until all bonds
are paid -1982)
Unappropriated surplus (Deficit)
GUN RANGE FUND
Unappropriated surplus (Deficit)
ART CENTER FUND
.Unappropriated surplus (Deficit)
PARK SINKING FUND
Unappropriated surplus (Not available until all bonds
are paid -1981)
PARK CONSTRUCTION FUND
Reserve for construction
CONSTRUCTION FUND
Reserve for construction (available, but presently being used for
temporary financing of assessed projects)
PERMANENT IMPROVEMENT REVOLVING FUND
Unappropriated surplus ($100,000 loaned to Construction Fund for
temporary financing of assessed projects,
and $100,000 loaned to Recreation Center
Fund (Arena) for construction costs)
IMPROVEMENT BOND REDEMPTION FUND
Unappropriated surplus (Not available until all bonds are
paid 1984)
MUNICIPAL STATE -AID STREET BONDS FUND
Unappropriated surplus (Deficit)
WATERWORKS FUND
Appropriated surplus (Not available until all bonds are
paid -1980)
Unappropriated
SEWER RENTAL FUND
Unappropriated surplus (Deficit)
LIQUOR DISPENSARY FUND
Unappropriated surplus
Less:
Amount invested in merchandise inventory
Loan to Golf Course Fund
Loan to Recreation Center Fund (Arena)
0
$ 36,500
(170,980)
$ 54,950
1,037,417
$ 989,296
$ (134,480)
( 11,258)
$ 5,867)
185,223
33,273
40,617
407,610
3,217,343
(424)
1,092,367
249,884
$554,860
245,000
170,000 969,860 19,436
$6,780,922
,l.
ALL FUNDS
SURPLUS AND RESERVES (CONT'D)
SUMMARY
Available
Contributions for specific purpose
Reserve for debt service
Improvement fund surplus
Temporary financing of construction projects
Loans to another fund
Reserve for capital improvements
Appropriated for 1978 budget
TOTAL
$2,321,179
168,696
328,973
3,216,919
40,617
100,000
379,538
225,000
$6,780,922
i, 1 ?•
ALL FUNDS
SURPLUS AND RESERVES
CITY OF EDINA
As of December 31, 1977
GENERAL FUND
Reserve for Commitments:
Capital improvements (street replacements)
Capital improvements
Concrete replacement
Sidewalk construction
Alley construction
Bridge renovation
Curb repair
Traffic signs
Planning
Contingencies
Improvements -City Hall
Street name signs
Contract work -lakes and ponds
Accounting system
Microfilm - equipment and supplies
Backhoe and sweeper for bobcat
Storage loft and rack
Police - pension supplement
Assessing - Schools
Aerial photos
Ornamental lighting
Reserve for replacements:
Sweeper
Grader
Floor hoist
Beds -Fire
Siren - Civilian Defense
Unappropriated surplus
REVENUE SHARING FUND
1978 budget item
Unappropriated surplus
NURSING SERVICES
Unappropriated surplus
PARK FUND
Parkland dedication
Unappropriated surplus (deficit)
SW D IM ING POOL FUND
Unappropriated surplus (deficit)
GOLF COURSE FUND
Reserve for debt service (must be maintained until all bonds
are paid -1987)
Unappropriated surplus
229,538
150,000
25,000
10,500
3,000
17,000
9,000
10,000
4,500
88,596
3,500
18,000
25,000
20,000
5,550
2,500
2,000
40,000
3,000
20,500
4,000
$ 18,500
18,500
1,400
15,000
1,500
54,900
$ 746,084
349,276
_
$1,095,360
$ 225,000
66,559
$ 291,559
34,564
$ 168,696
1,037 169,733
(31,256)
$ 52,300
74,938 127,238
0. tti
ALL FUNDS
SURPLUS AND RESERVES (CONT'D)
RECREATION CENTER FUND (Ice Arena)
Reserve for debt service (must be maintained until all bonds
are paid -1982)
Unappropriated surplus (Deficit)
GUN RANGE FUND
Unappropriated surplus (Deficit)
ART CENTER FUND
Unappropriated surplus (Deficit)
PARK SINKING FUND
Unappropriated surplus (Not available until all bonds
are paid -1981)
PARK CONSTRUCTION FUND
Reserve for construction
CONSTRUCTION FUND
Reserve for construction (available, but presently being used for
temporary financing of assessed projects)
PERMANENT IMPROVEMENT REVOLVING FUND
Unappropriated surplus ($100,000 loaned to Construction Fund for
temporary financing of assessed projects,
and $100,000 loaned to Recreation Center
Fund (Arena) for construction costs)
IMPROVEMENT BOND REDEMPTION FUND
Unappropriated surplus (Not available until all bonds are
paid 1984)
MUNICIPAL STATE -AID STREET BONDS FUND
Unappropriated surplus (Deficit)
WATERWORKS FUND
Appropriated surplus (Not available until all bonds are
paid -1980)
Unappropriated
SEWER RENTAL FUND
Unappropriated surplus (Deficit)
LIQUOR DISPENSARY FUND
Unappropriated surplus
Less:
Amount invested in merchandise inventory
Loan to Golf Course Fund
Loan to Recreation Center Fund (Arena)
9
$ 36,500
(170,980)
$ 54,950
1,037,417
$ 989,296
$ (134,480)
( 11,258)
$ 5,867)
185,223
33,273
40,617
407,610
3,217,343
(424)
1,092,367
249,884
$554,860
245,000
170,000 969,860 19,436
$6,780,922
,.
ALL FUNDS
SURPLUS AND RESERVES (CONT'D)
SUMMARY
Available
.Contributions for specific purpose
Reserve for debt service
-Improvement fund surplus
Temporary financing of construction projects
Loans to another fund
Reserve for capital improvements
Appropriated for 1978 budget
TOTAL
$2,321,179
168,696
328,973
3,216,919
40,617
100,000
379,538
225,000
$6,780,922
CITY OF EDINA, MINNESOTA
ELECTED AND APPOINTED OFFICIALS
DECEMBER 31,.1977
Elected
Mayor - James Van Valkenburg
Council_
Frederick S. Richards
Willis F. Shaw
C. Wayne Courtney
June A. Schmidt
Appointed
Manager - Kenneth E. Rosland
Treasurer and finance director - J. N. Dalen
Clerk - Florence Hallberg
* First official business day
Term of
office expires
J a nua rv*
1981
1979
1979
1981
1981
CITY OF EAINA, 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
18
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
CITY OF EDINA, MINNESOTA
TABLE OF CONTENTS (CONTINUED)
Enterprise funds (Continued)
Art Center Fund
Statement of income and retained earnings
Statement of changes in financial position
Statement of changes in property and equipment
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
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
by Council. The General Fund statements are
and actual amounts. A condensed summary of
Budget
REVENUE
General property taxes
Licenses and permits
Fines and forfeitures
From use of money and property
From other agencies
Charges for current services
Other revenue
Transfers from other funds
Total revenue
EXPENDITURES
General government
Public safety
Public works
Unallocated general expense
Central services
Reserve for commitments
Total expenditures
set forth in the annual budget adopted
prepared to show the budget estimates
revenue and expenditures is shown below.
$2,625,284
163,300
190,000
80,000
912,037
255,850
21,000
377,640
1977 1976
Actual Budget Actual
$2,660,622
237,724
93,288
101,628
916,805
288,215
24,924
347,166
$4,625,111 14,670,372
$ 628,772
2,191,990
1,416,855
193,994
66,500
127,000
$ 619,216
2,117,648
1,361.,046
177,028
78,036
127,000
$2,417,538
153,000
200,000
44,000
894,137
200,700
21,000
184,943
$2,419,148
171,255
170,224
49,476.
910,327
180,274
39,842
197,443
$4,115,318 $4,137,289
$ 660,865
1,910,128
1,240,665
130,860
117,900
135,500
$ 647,471
1,951,201
1,205,560
147,358
119,240
135,500
�1• G 1
During 1977 the fund balance increased $190,398 to $349,276 at December 31, 1977.
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 1977 was $217,137.
During 1977 reimbursements of $230,475 were made to the General Fund leaving a
fund balance of $291,559 at December 31, 1977.
Nursing Services Fund - The Nursing Services Fund accounts for money used for
health and nursing services. Revenue exceeded expenditures by $36,504 during
1977 leaving a fund balance of $34,564 at December 31, 1977.
Park Fund - The Park Fund was established to account for administration and
maintenance of the City parks. Revenue exceeded expenditures by $48,904 during
1977 leaving a fund balance of $1,037.
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 $332,61.1 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 improvement costs. The
fund balance was $33,273 at December 31, 1977. In addition, $332,611 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 description 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, $150,000 of which remain outstanding at December 31, 1977. Shown below is
a condensed summary of operations for the last three years.
II
ENTERPRISE FUNDS (CONTINUED)
Waterworks Fund (Continued)
Income
82.79
$ 544,742
$ 704,959
$ 522,677
Expense
$ 302,892
712,053
719,932
596,515
Operating
income (loss)
$( 167,311)
$( 14,973)
$ ( 73,838)_
Other income
(expense)
3,133
2,930
6,376
Net income .(loss)
S( 164,178)
$( 12,0!+3)
S ( 67,462)
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.
9.36
1977
1976
1975
Income
$1,1.61,364
$1,189,206
$ 690,389
Expense
1,151,436
1,019,857
886,278
Operating
income (loss)
$ 9,928
$ 169,349
$( 1950889)
Other income
(expense)
( 74,689)
21,487
212871
Net income (loss)
64,761)
19M36
S( 174,018)
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.
50th Street
Sales
Cost of goods sold
Gross profit
Operating expenses
Operating income
Yorkdale
Sales
Cost of goods sold
Gross profit
Operating expense
Operating income
Grandview
Sales
Cost of goods sold
Gross profit
Operating expenses
Operating income
1977 1976
Percent Percent
Amount of sales Amount of sales
$ 613,198 100.00 $ 7772-807 100.00
512,643 83.60 650,686 83.66
$ 100,555 16.40 $ 127,121 16.34
98,882 16,13 113,620 14.61
$ 1, 67 .27_1 .,.501 1.73
$1,857,132 100.00 $1,715,418 100.00
1,537,472
82.79
1,412,526
82.34.
$ 319,660
17.21
$ 302,892
17.66
161,235
8.68
151,998
8.86
$ 158,425
8.5
$ 150.894
8.80
$1,578,981
100,00
$1,406,140.
100.00
1,328,698
84.15
1,177,651
83.75
$ 250,283
15.85
$ 228,489
16.25
133,532
8.46
131.568
9.36
,$._ 11 6,75 7.39 $ 96,921 6 °89
III
1975
Percent
Amount of sales
$1,216,411 100.00
996,303 81.91
$ 220,108 18.09
128,418 10.56
$ 21,690 7.53
$1,948,675
100.00
1,559,940
80.05
$ 388,735
19.95
145,118
7.45
S 243,617
12.50
$11?298,628 100.00
1,072,329 82.57
$ 226,299 17.43
119,936 9.24
$ 106 -363
ENTERPRISE FUNDS (CONTINUED)
Liquor Fund (Continued)
During 1977 net income for all stores was $329,621. Transfers to other funds during
the year were $325,000 or 98.6% of net income. The $325,000 transfer was the
equivalent of a .90 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. .
Income
Expense
Net loss
1977 1976 1975
$ 46,281 $ 50,505 $ 43,065
61,163 57,378 53,118
88 ) I Z3) S( --16,053)
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, $450,000
of which remain outstanding at December 31, 1977. Shown below is a condensed summary
of operations for the last three years.
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, $245,000 of which remain outstanding at
December 31, 1977. Revenues of this fund are pledged for payment of principal and
interest on these bonds. Shown below is a condensed summary of operations for the
last three years.
Income
Expense
Operating income (loss)
Other income (expense)
Net loss
1977 19761 1975
$ 213,856 $ 2073-014 $ 194,270
236,304 222,456 198,353
$( 223,448) $( 15,442) $( 4,083)
( 9,169) ( 9,600) ( 12,051)
( 31.617) 2 42) V 16..13 4)
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 the last three years.
1977 1976 1975
Income $ 13,716 $ 11,138 $ 6,964
Expense 15,484 13,695 14,073
Net loss 1C__L_LU)
IV
1977
1976
1975
Income
$ 396,829
$ 3463,247
$ 312,896
Expense
279,704
273,813
247,246
Operating income
$ 117,125
$ 725,434
$ 65,650
Other income (expense)
( 16,651)
( 17,730)
( 12,836)
Net income
j=L2=0eAM
, 04
S 52,814
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, $245,000 of which remain outstanding at
December 31, 1977. Revenues of this fund are pledged for payment of principal and
interest on these bonds. Shown below is a condensed summary of operations for the
last three years.
Income
Expense
Operating income (loss)
Other income (expense)
Net loss
1977 19761 1975
$ 213,856 $ 2073-014 $ 194,270
236,304 222,456 198,353
$( 223,448) $( 15,442) $( 4,083)
( 9,169) ( 9,600) ( 12,051)
( 31.617) 2 42) V 16..13 4)
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 the last three years.
1977 1976 1975
Income $ 13,716 $ 11,138 $ 6,964
Expense 15,484 13,695 14,073
Net loss 1C__L_LU)
IV
ENTERPRISE FUNDS .
Art Center Fund - The Art Center Fund accounts for the operations of the City -owned
-Art Center which was established during 1977. Shown below is a condensed summary
of operations for the current year.
Income $ 18,403
Expense 24,402
Operating income (loss) $( 5,999)
Other income (expense) 12,280
Net income 6 2
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 bond 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.
HOME IMPROVEMENT PROGRAMS
The City administers two home improvement programs, the MFA Grant Fund and City of
Edina Deferred Payment Home Improvement Loan Program. Revenue is received from the
State of Minnesota and Department of Housing and Urban Development, respectively,
and is disbursed in accordance with the requirements of each program from separate
accounts maintained with the First Edina National Bank. The administrative allowance
received from the State of Minnesota in connection with the MHFA Grant Fund is
transferred to the General Fund to defray administrative expenses of the program.
Financial information relating to these programs is not included in these financial
statements.
V
GEORGE M. HANSEN COMPANY
Certified 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, 1977, shown on pages 3 through 51. 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, 1977, and the results of
operations of such funds and the changes in financial position of the enter-
prise 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 52 to 59 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.
May 4, 1978
3
CITY OF EDINA, MINNESOTA .
GENERAL FUND
BALANCE SHEET
DECEMBER 31, 1977
ASSETS
Cash
$ 24,232
Petty cash and change funds
550
Departmental cash
231677
Investments
Land
122,917
Donated securities
995
Receivables
Accounts receivable
33,631
Contracts receivable
136,140
Due from Edina HRA
188,208
Due from other governmental units
454,315
Unremitted taxes receivable
215,105
Delinquent taxes.receivable
118,655
Donations receivable
7,500
Due from other funds
3981687
Allowance for uncollected receivables
( 118,655)
Inventories
10,000
Total assets
$1.594. 7
. LIABILITIES, RESERVES AND FUND BALANCE
Liabilities
Accounts payable
$ 128,953
Accrued payroll
78,833
Due to other governmental units
3,521
Due to other funds
49,576
Reserves
Dedicated funds
217,376
Reserve for Morningside
10,788
Reserve for impressed cash and inventory
10,550
Reserve for commitments
746,084
Fund balance - Unappropriated
349,276
Total liabilities, reserves and fund balance
$1,594,957
See accompanying notes to financial statements.
4
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF CHANGES IN FUND BALANCE
YEARS ENDED DECEMBER 31, 1977 AND 1975
Fund balance, January 1
Adjustment to set up reserve
for inventory
Adjusted fund balance
Add - Revenue and transfers
1977 1976
Budget Actual
$ 158,878 $ 1581878 $ 237,219
( 10,000)
$ 158,878 $ 1584878 $ 227,219
4,625,111 4,6702372 4,137,989
Deduct - Expenditures and
transfers (4,625,111)
(4,479,974)
(4,206,330)
Fund balance, December 31
$ 158,878
S 349,276
S 158,878
See accompanying notes to financial statements.
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE AND TRANSFERS
YEARS ENDED DECEMBER 31,. 1977 AND 1976
General property 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
Sales and rental of property
Revenue from other agencies
Local government aid
State highway tax
Other state aid
Anti - recession aid
C.E.T.A.
State of Minnesota grant
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
Other
Miscellaneous revenue
Donations
Transfers
Revenue Sharing Fund
Liquor Fund
Surplus
Reserve for commitments
Total revenue and transfers
1977
1976
Budget
Actual
Actual
$ 168,300
$22296,944
$2,053,611..
7,500
294,111
309,843
$2,6003-284
$2,591,055
$2,363,454
25,000
69,567
55,694
$2,625,284
$2,660,622
$2,419,148
$ 163,300
$ 237,724
$ 171,255
$ 190,000
$ 93,288
$ 170,224
$ 30,000
$ 32,878
$ 43,184
50,000
68,750
6,292
$ 80,000
$ 101,628
$ 49,476
$ 843,137
$ 845,084
$ 843,854
54,000
54,315
54,855
9,900
3,919
7,375
2,605
4,243
10,882
5,000
$ 912,037
$ 916,805
$ 910,327
$ 168,300
$ 189,332
$ 77,450
7,500
72115
5,000
17,045
8,237
30,000
30,822
26,591
30,000
303,000
303,000
5,000
3,780
18,725
10,050
13,188
8,736
$ 255,850
$ 284,167
$ 176,854
$ 21,000
$ 28,972
$ 30,852
$ 12,410
$ 230,475
$ 230,475
$ 150,000
( 5,335)_
( 5,335)
34,943
152,500
122,026
12,500
$ 377 2640
$ 347,166
$ 197,443
$4.625.111 4.670.372 $4.137.989
See accompanying notes to financial statements.
6
CITY OF EDINA,
MINNESOTA.
GENERAL
FUND
STATEMENT OF EXPENDITURES AND TRANSFERS
YEARS ENDED DECEMBER
31, 1977 AND
1976
1977
1976
Budget
Actual
Actual
General Government
Mayor and council
Personal services
$ •143,300
$ 14,190
$ 14,850
Contractual services
300
306
251
Commodities
24600
688
218
Central services
8,220
8,220
7,440
25,42
23,404
$ 22,759
Planning
Personal services
$ 47,508
$ 51,323
$ 37,281
Contractual services
850
901
682
Commodities
550
434
991
Central services.
17,340
17,340
13,416
$ 66,248
69,998
52,370
Administration
Personal service
$ 119,878
$ 117,915
$ 105,674
Contractual services
27,500
26,768
28,210
Commodities.
12500
1,425
2,274
Central services.
34,320
34,320
29,928
Capital outlay
1,000
747
184,198
181,175
$ 166,086
Finance
Personal services
$ 89,965.
$ 85,656
$ 84,837
Contractual services
19,340
18,556
23,261
Commodities
300
128
301
Central services
25,560
25,560
22,560
135,165
$ 129,900
130,959
Election
Personal services
$ 5,140
$ 4,589
$ 17,828
Contractual services
295
24
9,448
Commodities
600
517
2,386
.Central services
2,760
2,760
2,220
Capital outlay.
9,600
$ 8,795
7,890
41,482
Assessing
Personal services
$ 79,976
$ 79,382
$ 81,319
Contractual services
3,650
3,559
3,694
Commodities
1,000
735
330.
Central services
26,880
26,880
25,356
111,506
110,556
$ 110,699
See accompanying notes to financial statements..
7
CITY OF EDINA,
MINNESOTA
GENERAL
FUND
STATEMENT OF EXPENDITURES AND TRANSFERS
(CONTINUED)
YEARS ENDED DECEMBER
31, 1977 AND
1976
1977
1976
Budget
Actual
Actual
General Government (Continued)
Legal and Court Services
Personal services
$ 19,400
$ 19,290
$ 22,984
Contractual services
76,200
751248
98,572
Commodities
100
15
Central services
1,740-
1,740
1,560
$ 97,440.
$ 96,293
$ 123,116
Total General Government
$ 628,772 .
$ 619,216
$ 647,471
Public Safety.
Police Protection
Personal services
$ 925,921
$ 917,278
$ 878,948
Contractual services
31,589
29,525
24,843
Commodities
8,480
8,060
9,361
Central services
308,400
308,400
282,876
Capital outlay
31,693
$1,274,390
$1,263,263
$1,227,721
Fire Protection
Personal services
$ 451,527
$ 4102826
$ 379,348
Contractual services
24,682
211,101
251418
Commodities
25,230
21,867
123-529
Central services
137,160
137,160
.1151800
Capital outlay
101,275
97,648
31,892.
$ 739,874
$ 688,602
$ 564,987
Civil Defense
Personal services
$ 100
$ 98
$ 54
Contractual services
2,045
1,940
884
Commodities
400
361
3
Capital outlay
3,,190
4,500
$ 5,735
$ 6,899
941
Public Health
Personal services
$ 46,708
$ 442253
$ 40,196
Contractual services
658
573
439
Commodities
1,732
1,588
793
Central services
12,660
12,660
12,024
Capital outlay
1,000
534
$ 62,758
$ 59,608
$ 53,452
Animal Control
Personal services
$ 11,180
$ 10,683
$ 11,378
Contractual services
3,200
23,856
3,055
Commodities
100
3
241
Central services
5,220
Si220
4,872
Capital outlay
5,700
5,670
$ 25,400
$ 24,432
$ 19,546
See accompanying notes to financial.statements.
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES AND TRANSFERS (CONTINUED)
YEARS ENDED DECEMBER 31, 1977 AND 1976
Engineering
Personal services
$ 151,404
1977
1976
Contractual services
Budget
Actual
Actual
Public Safety (Continued)
7,150
6,450
8,757
Inspections
47,700
47,700
42,276
Personal services
$ 58,428
$ 502607
$ 60,032
Contractual services
755
603
839
Commodities
790
430
2,119
Central services
22,860
222860
21,564
Capital outlay
1,000
344
$ 83,833
$ 74,844
$ 84,554
Total Public Safety
$2,191,990
$2,117,648
$1,951,201
Public Works
Administration
Personal services
$ 31,150
$ 32,652
$ 243,017
Contractual services
100
70
165
Commodities
20
8
Central services
11,460
11,460
9,792
Capital outlay
100
80
667
$ 42,830
$ 44,270
$ 34,641
Engineering
Personal services
$ 151,404
$ 1503,544
$ 117,436
Contractual services
920
898
5,552
Commodities
7,150
6,450
8,757
Central services
47,700
47,700
42,276
Capital outlay
6,400
4,531
6,081
$ 213,574
$ 210,123
$ 180,102
Supervision and overhead
Personal services $ 105,066 $ 104,975 $ 41,649
Contractual services 505 479 407
Commodities 50 26
Central services 106,080 106,080 91.020
$$ 211,701 $ 211,560 $ 133,076
Street Maintenance
Personal services
$ 184,671
$ 176,227
$ 227,521
Contractual services
31,400
273,459
30,288
Commodities
103,825
98,376
107,997
Central services
119,640
119,640
106,800
Capital outlay
53,400
53,303
37,377
$ 492,936
$ 475,005
$ 509,983
See accompanying notes to financial statements.
9
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT
OF EXPENDITURES AND TRANSFERS
(CONTINUED) .
YEARS ENDED DECEMBER 31, 1977 AND
1976
1977
1976
Budget
Actual
Actual
Works (Continued)
_Public
Street Lighting
Personal services
$ 5,750
$ 5,034
$
4,633
Contractual services
158,600
152,747
141,416
. Commodities
4,500.
2,833
978
Central services
1,440
1,440
1,260_
$ 170,290
162,054
148,287
Street Name Signs
Personal services
$ 7,100
$ 53,300
$
3,519
Contractual services
19
Commodities
20,439
20,064
1,360
Central services -
3,900
3,900
3,480
31,439
29,283
$
8,359
Traffic Control
Personal services
$ 19,050
$ 16,188
$
191632
Contractual services
20,400
19,023
19,084
Commodities
14,020
8,426
21,422
Central services
7,380
7,380
6,600
60,850
$ 51,017
$
66,738
Bridges
Personal services
$ 4,000
$ 685
$
105
Contractual services
500
488
255
Commodities
1,385
246
. Central services
1,440
1,440
1,260
7,325
$ 2,613
1,866
Storm Drainage
Personal services
$ 28,600
$ 24,239
$
16,822
Contractual services
1,840
1,330
861
Commodities
9,250
8,096
5,561
Central services.
7,380
7,380
6,600
$ 47,070
41,045
29,844
City Properties
Personal services
$ 78,200
$ 77,181
$.
55,256
Contractual services
25,800
26,024
10,382
Commodities
4,300
3,863
4,724
Central services
11,400
11,400
10,140
$ 119,700
118,468
$
80,502
See accompanying notes to
financial statements.
10
CITY OF EDINA,
MINNESOTA
GENERAL
FUND
STATEMENT OF EXPENDITURES AND TRANSFERS
(CONTINUED)
YEARS ENDED DECEMBER
31, 1977 AND
1976
1977.
1976
Budget
Actual
Actual
Public Works (Continued)
Sidewalks and Ramp
Personal services
$ 4,700
$ 3,982
$ 7,162
Contractual services
7,900
51977
1,457
Commodities
41200
3,309.
1,983
Central services
2,340
.2,340
1,560
$ 19,140
$ 15,608
$ 12,162
Total Public Works
$1,416,855
$1,361,046
$1,205,560
Unallocated General Expenses ".
Environmental.quality .commission
$ 600
$ 12
Human rights commission
18,800
1531563
$ 15,879
Historical Preservation Board
3,100
1,776
Suburban Rate Authority
750
750
Central services - Capital outlay
1,000
15,351
2,718
City s share of special assessments
93,700
87,991
81,805
Legal claims settlement
2,300
1,781
5,962
Dutch elm subsidy
32,600
25,345
16,481
Recycling
9,650
8,829
62662
Contingencies
31,494
33,630
17,851
$ 193,994
$ 177,028
$ 147,358
Central services
$ 66,500
$ 78,036
$ 119,240
Reserve for commitments
Civil defense
$ 1,500
Public works
$ 70,000
$ 70,000
75200.0
Fire
62000
6,000
9,000
Capital improvement
50,000
50,000
50,000
Assessing
1,000
1,000
127,,000
$ 127,000
$ 135,500
Total expenditures and transfers
$4425,1111
$4,479.974
206
See accompanying notes to financial statements.
1977
1976
Budget
Actual
General
Personal services
$ 493,115
Contractual services
$ 8651,480
$ 891,002
269,853
Commodities
_ 12,000
15,474
7,443
$ 877,480
$ 906,476
$ 770,411
City hail
Personal services
$ 23,100
$ 23,023
$ 23,319
Contractual services
19,820
19,302
20,082
Commodities
8,300
8,985
7,081.
Fixed charges
3,180
3,180
2,940
$ 54,400
54,490
$ 53,422
Public works building
Personal services
$ 11,650
$ 9,707
$ 13,410
Contractual services
31,000
30,730
29,127
Commodities
5,050
5,024
431990
Fixed charges
2,520
2,520
2,100
$ 50,220
$ 47,981
Si 49,627
Equipment operations
Personal services
$ 110,360
$ 98,052
$ 104,873
Contractual services
56,200
54,003
60,667
Commodities
147,000
146,194
173,284
Fixed charges
57,360
57,360
48,780
$ 370,920
$ 355,609
$ 387,604
Total Central Services expenditures
$1,353,020
$1,364,556
$1,261,064
Less allocations to other activities
1,286,520
1,286,520
1,141,824
Net Central Services
$ 66_,500
$ 78,036
$ 119,240
12
CITY OF EDINA, MINNESOTA
SPECIAL REVENUE FUNDS
BALANCE SHEETS
DECEMBER 31, 1977
ASSETS
Cash
Receivables
Accounts receivable
Due from other funds
Due from other governmental units
Unremitted taxes receivable
Delinquent taxes receivable
Allowance for delinquent taxes
Total assets
LIABILITIES, RESERVE AND FUND BALANCE
Liabilities
Accounts payable
Accrued payroll
Due to other funds
Deposits
Reserve for park acquistion and
improvement
Fund balance (deficit)
Appropriated
Unappropriated
Total liabilities, reserve
and fund balance
Revenue
Expenditures
Revenue over (under)
expenditures
Revenue Nursing
Combined
Sharing
Services
Park.
$ 548,833
$ 321,374
$ 31,141
$ 196,318
17,285
17,285
791
791
75,359
55,544
19,815
23,302
2,403
20,899
11,722
11,722
( 11,722)
( 11,722)
665 57Q
$ X76 ^918
,293
$ 31,648 $ 18,795 $ 12,853
121602 12,602
114,230 $ 85,359 28,871
11,234 113,234
168,696 16831696
225,000 225,000
102,160 66,559 34,564 1,037
6651,570 S 376,918 1-53-.,359.
X235,293
STATEMENTS OF CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1977
Fund balance (deficit) January 1
Fund balance December 31
$ 906,703 $ 224,514 $ 111,960
827,256 230,475 75,456
$ 79,447 $( 5,961) $ 36,504
247,713 297,520 ( 1,940)
S 327,160 S 291,559 $ 34,564
See accompanying notes to financial statements.
$ 5703229
521,325
$ 483904
( 47,867)
S 1,037
13
CITY OF EDINA, MINNESOTA
SPECIAL REVENUE
FUNDS
STATEMENTS OF REVENUE
YEARS ENDED DECEMBER 31,
1977 AND 1976
1977
1976
Budget
Actual
Actual
REVENUE SHARING FUND
Federal revenue sharing grant
$ 217,137
$ 213,165
Interest on investments
7,377
8,094
Total Revenue Sharing Fund
$ -0-
224,514
___221,259
NURSING SERVICES FUND
General property taxes
$ 28,958
$ 20,770
State property tax relief fund
Homestead tax aid
3,742
. 3,064
Hennepin County health program
79,260
Total Nursing Services Fund
32,862
111,960
23,834
PARK FUND
General property taxes
$ 251,751
$ 171,371
State property tax relief fund
Homestead tax aid
32,122
25,537
$ 285,233
$ 283,873
$ 196,908
Registration fees
28,000
29,362
21,191
Transfers from other funds
2502335
250,335
285,057
Other revenues
400
6,659
3,102
Total Park Fund
$ 563,968
570,229
506,258
Total revenue
5 6 830
S 906,703
$'751,51
See accompanying notes to financial statements.
ijuageL
ACLual
Acrual
FEDERAL REVENUE SHARING FUND
Transfer to General Fund
230,475
230,475
161,776
NURSING SERVICES FUND
Contractual services
$ 323,862 -
$ 75,456
$ 24,868
Professional services
100
Total Nursing Services Fund
32,862
75,456
$ 24,968
PARK FUND
Administration
Personal services
$ 84,552
$ 78,697
$ 72,030
Contractual services
2,350
1,792
2,980
Commodities
325
277
779
.Central services
89,340
89,340
77,520
Training
500
1,109
662
Paid leave
29,400
25,956
39,257
Total administration
$ 206,467
$ 197,171
193,22&
Recreation
Baseball and softball
$ 5,430
$ 8,526
$ 3,808
Skating and hockey
183p100
12,214
183,794
Tennis instruction
5,250
43,812
3,748
Playgrounds
152100
12,858
1131299
Swimming instruction
26,425
17,864
18$12
Miscellaneous and special activities
11,700
13,265
14,560
Total recreation
$ 82,005
69,539
70,721
Maintenance
Mowing
$ 27;820.
$ 19,450
$ 21,657
Special turf care
53,180
553,195
60,412
Plantings and trees
17,460
13,898
14,089
Litter removal
11,460
11,824
12,076
Parking areas
10$20
.3,005
5,886
Buildings and.equipment
57,440
642,537
432343
Skating rinks
73,116
64,876
73,607
Total maintenance
250,996
$ 232,785
231,070
Capital outlay
24,500
$ 21,830
15,019
Total Park Fund
563,968
521,325
510,038
Total expenditures
1-32-Z,2 5 6
S 696.782
See accompanying notes to financial statements.
15.
CITY OF EDINA,
MINNESOTA
GENERAL DEBT SERVICE FUNDS
BALANCE SHEETS
DECEMBER 31,
1977
Park
Redevelopment
Sinking
Combined
Sinking Fund
Fund
ASSETS
Cash
$ 805,598
$ 805,598
.Taxes receivable
Unremitted
25,603
251603
Delinquent
10,642
10,642.
Deferred
- 4,548,600
$3,667,600
8813,000
Allowance for uncollectible taxes
( 230,092)
( 175,400)
( 541,692)
Due from Edina Housing and Redevelopment
Authority
183,550
183,550
Total assets
15,343,901
$3,675,750
,S1t668,151
LIABILITIES, RESERVE AND FUND BALANCE
Liabilities
Due to other funds
$ 1032717
$ 103,717
Future maturities - Bonds
3,150,000
$22200,000
950,000
Reserve for land acquisition
332,611
332,611
Fund balance
Appropriated
1,572,350
1,475,750
96,600
Unappropriated
185,223
185,223
Total liabilities, reserve
and fund balance
5,343,901
$3.675.750
51,668,��1
STATEMENTS OF CHANGES
IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1977
Fund balance, January 1
$1,896,296
$1,609,300
$ 286,996
Adjustment
Provision for uncollected receivable
13,553
13,553
Adjusted fund balance
$1,9093,849
$1,609,300
$ 3003549
Revenue
General property taxes
41,159
412159
Expenditures
Interest and service charges
( 193,435)
( 133,550)
( 59,885)
Fund balance, December 31
$1,757,573
51,475.25Q
281,8U
See accompanying notes to financial statements.
ASSETS
Cash (deficit)
$( 62,638)
Accounts receivable
4,850
Due from other funds
105,229
Construction in progress
2,534,346
Total assets
$2,581,7$7
LIABILITIES, RESERVE AND FUND BALANCE
Liabilities
Accounts payable
$ 475
Accrued payroll
35
Due to other funds
13,658
Contracts payable
75,000
Reserve for construction in progress
2,459,346
Fund balance (deficit)
Appropriated
171,148
Unappropriated
( 137,875)
Total liabilities, reserve and fund balance
-$2,581,78.
See accompanying notes to financial statements.
CITY OF EDINA, MINNESOTA
PARK CONSTRUCTION FUND
STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE
YEAR ENDED DECEMBER 31. 1977
Revenue
Rents
Sale of land
Donations
Transfer from Liquor Fund
Total revenue
Expenditures
Construction costs
Interest on property purchase
Other
Total expenditures
Revenue over (under) expenditures
Fund balance, January 1
Fund balance, December 31
See accompanying notes to financial statements.
$ 2,700
4,300
25
80,000
87 025
$ 110,863
2,862
35
113,760
$ ( 26,735)
60,008
L 12 22=2 D
17
M
CITY OF EDINA, MINNESOTA
ENTERPRISE FUNDS
BALANCE SHEETS
DECEMBER 31, 1977
ASSETS
Current assets
Cash (deficit)
Restricted cash
Total cash
Petty cash and change funds
Investments
Receivables
Donations
Accounts receivable
Customers
Assessments
Due from other funds
Prepaid expenses
Inventories
Total current assets
Property and equipment, less accumulated depreciation
Other assets
Deferred receivable - Metropolitan Waste Control
Commission
Loan to other funds
Total other assets
Total assets
See accompanying notes to financial statements.
Waterworks
Combined Fund
$ 1,047,154 $ 815,997
54,950 54,950
$ 1,102,104 $ 870,947
4,675
31,762 19,033
1,700
37,167
321,401
123,919
844
41,128
18,996
21,147
3,431
569,677
10,373
$ 2,131,605
$ 1,046,699
$17_,,798,066 $ 6,195,508
$ 774,186
515,000 $ 100,000
$ 1,289,186 $ .100,000
$21.218.857 S 7.342.207
Sewer
Swimming
Golf
Recreation
Gun
Art
_Rental
Liquor
Pool
Course
Center
Range
Center
Fund
Fund
Fund
Fund
Fund
Fund
Fund
$ 165,.233
$
202,619
$( 31,720)
$ 116,876
$( 197,039)..$(
11,728)
$( 13,084)
$ 165,233
$
202,619
$( 31,720)
$ 116,876
$( 197,039)
$( 11,728)
$( 13,084)
3,500
400
700
75
12,729
1,700
36,545
622
197,482
844
3,000
12,500
290
6,342
321
14,656
522
972
1,245
554,860
546
250
_ 3,648
366,880
$ 775,635
$( 31,198)
130,977
$( 145,503)
$( 10,566)
$( 1,319)
$8,223,727
$
874,591
$ 327,866
$12021,909
957,939
$ 60,029
1362497
$ 774,186
$
415,000
774,186
$
415,000
$9..364,793
$2,,065,226
$ 296,66, 8
$1,152,886
S 812,436
X42,463
135,178
20
CITY OF EDINA, MINNESOTA
ENTERPRISE FUNDS
BALANCE SHEETS (CONTINUED)
DECEMBER 31, 1977
Waterworks
Combined
Fund
LIABILITIES, RESERVES AND RETAINED
EARNINGS
Current liabilities
Accounts payable
$ 262,511
$ 17,227
Accrued payroll
27,566
4,295
Due to other funds
62,466
32,397
Bonds payable
145,000
50,000
Accrued interest
32276
413 -
Contracts payable
49,662
Total current liabilities
$ 550,481
$ 104,332
Other liabilities
Long -term liability - Bonds payable, less current
portion above
$ 700,000
$ 100,000
Deferred credit
7743,186
Loan from other funds
715,000
Total other liabilities
$ 2,189,186
$ 100,000
Reserve for debt retirement
$ 107,250
$ 54,950
Retained earnings
Invested in fixed assets
$ 3,244,756
$ 13-254,416
Contributed invested in fixed assets
12,9951010
4,791,092
Working capital
2,132,174
1,037,417
Total retained earnings
$18,371,940
$ 7,082,925
Total liabilities, reserves and retained
earnings
$21.218.857
,4 7,34Z,207
See accompanying notes to financial statements
21
Sewer
Swimming
Gold
Recreation
Gun
Art
Rental
Liquor
Pool
Course
Center
Range
Center
Fund
Fund
Fund
Fund
Fund
Fund
Fund
$ 108,232
$ 115,090
$ 58
$
2,087
$ 17,328
$ 578
$ 1,911
2,747
13,191
1,652
5,286
114
281
619017
23,396
656
40,000
55,000
2,863
49,662
$ 116,996
$ 201,339
58
$
43,739
S� 80,477
$ 692
$ 2,848
$
410,000
$ 190,000
$ 774,186
245,000
470,000
$ 774,186
$
655,000
660,000
$
52,300
$ 83,007
$ 874,591
$ 327,816
$
326,909
$ 236,939
$ 15,029
$ 126,049
8,140,720
50
6,000
45,000
12,148
249,884
989,296
( 31,256)
74,938
1703980)
( 11,258)
( 5,867)
X$8,473,61-1
$1,863,887
$ 296,610
$ 401,847
$ 71,959
$ 48,771
$ 132,330
$9,364,793
,$2,065,226
$ 296.668
$1,152,886
812 36
$ 49.46
22
CITY OF EDINA, MINNESOTA
WATERWORKS FUND
STATEMENT OF INCOME AND RETAINED
EARNINGS
YEARS ENDED DECEMBER 31, 1977 AND 1976
1977
1976
Operating revenue
Water charges
$ 520,865
$ 6792032
Sale of meters (less cost of meters sold)
6,114
4,719
Hydrant rental
15,996
14,765
Permits
1,627
1,370
Other
140
5,073
Total operating revenue
$ 544,.742
$ 704,959
Operating expenses
Source of supply
Personal services
$ 20,868
$ 24,090
Other services and charges
1662061
200,018
Supplies
3,339
4,159
Distribution
Personal services
56,767
49,047
Other services and charges
373,228
37,324
Supplies
50,108
29,626
Purification
Personal services
3,682
53-679
Other services and charges
173
504
Supplies
14,660
19,556
General and administrative
Personal services
54,926
58,615
Other services and charges
63,190
39,985
Supplies
585
13,641
Depreciation
240,466
237,688
Total operating expense
$ 712,053
$ 719,932
Operating loss
$( 167,311)
$( 14,973)
Other income (expense)
Interest on investments
$ 9,553
$ 10,816
Interest and paying agent fees
( 6,420)
( 7,886)
Total other income
$ 3,133
$ 2,930
Net loss
$( 1642178)
$( 12,043)
Retained earnings January 1
7,0761677
60866,389
Property and equipment contributed by
special assessments
168,826
220,731
Reduction in reserve for debt retirement
1,600
1,600
Retained earnings December 31
$7,082,925
57,076,677
See accompanying notes to financial statements.
CITY OF EDINA, MINNESOTA
WATERWORKS FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31, 1977 AND 1976
Funds provided
Operations
Net loss
Item not requiring current outlay of funds -
Depreciation
Contributions in aid to construction
Total
Funds applied
Additions to property and equipment
Current installment of long -term debt
Total
Net increase in working capital
Various elements of net change in working capital
Cash
Restricted cash
Investments
Accounts receivable
Due from other funds
Prepaid expenses
Inventories
Accounts payable
Accrued payroll
Accrued interest payable
Due to other funds
Net increase in working capital
See accompanying notes to financial statements.
1977 1976
$(164,178) $( 12,043)
240,466 237,688
$ 76,288 $ 225,645
168,826 220,731
245,114 446,376
$ 174,768 $ 221,567
50,000 50,000
224,768 271,567
2 6
$
77,960
$ 636,835
(
1,600)
( 1,600)
(
4,556)
(502,266)
(
32,001)
24,293
4,231
14,765
(
236)
935
1,817
( 1,263)
7,392
( 11,004)
(
384)
( 1,272)
120
133
( 32,397)
15,253
20,46 $ 174,809
23
24
CITY OF EDINA, MINNESOTA
SEWER RENTAL FUND
STATEMENT OF INCOME AND RETAINED
EARNINGS
YEARS ENDED DECEMBER 31, 1977 AND 1976
1977
1976
Operating revenue - Sewer rentals
$1,161,364
$1,189,206
Operating expense
Collection
Personal services
$ 73,711
$ 65,181
Other services and charges
21,194
30,212
Supplies
31,830
23,229 .
Disposal - Contractual services
855,976
7533,607
Administrative and general
Personal services
15,967
12,543
Other services and charges
50,029
34,229 u
Supplies
123
279
Depreciation
102,606
100,577
Total operating expense
.$1,151,436
$1,019,857
Operating income
$ 9,928
$ 169,349
.Other income (expense)
Deferred charges
$ 8,199.
$ 13,609
Rental income,
7,098
7,878
Prior year's disposal charges
( 89,986)
Total other.income (expense)
$( 74,689)
$ 21,487
Net income (loss)
$( 64,761)
$ 190,836
Retained earnings, January 1
8,466,229
8,145,477
Property and equipment contributed'by
special assessments
72;143
129,916
Retained earnings, December 31
$8,473,611
$8,466,229
See accompanying notes to financial statements.
25
CITY OF EDINA, MINNESOTA
SEWER RENTAL FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS
ENDED DECEMBER 31, 1977 AND
1976
1977,
1976
Funds provided
Operations
Net income (loss)
$( 64,761)
$ 190,835
Item not requiring
current outlay of funds -
Depreciation
102,606
100,577
$ 37,845
$ 291,412
Contributions in aid
to construction
72,143
129,916
Total
109,988
$ 421,328
Funds applied
Additions to property
and equipment
84,162
130.817
Net increase in working
capital
25 826
S 290,511
Various elements of net
change in working capital
Cash
$ 141,995
$ 285,976
Receivables
( 17,068)
76,594
Due from other funds
-
3,000
Prepaid expenses
( 242)
( 62,865)
Accounts payable
( 95,239)
( 8,355)
Accrued salaries and wages
( 603)
( 839)
Due to other funds
( 6,017)
Net increase in working
capital
25 26
See accompanying notes to financial statements.
26
CITY
OF EDINA,_MINNESOTA
LIQUOR FUND
STATEMENT OF
INCOME AND RETAINED EARNINGS
YEARS ENDED DECEMBER 31,
1977 AND 1976
1977
1976
50th Street
Yorkdale
Grandview
Combined
Combined
Sales
$ 613,198
$1,857,132.
$1,578,981
$41049,311
$3,899,365
Cost of goods sold
512,643
1,537,472
1,328,698
3,378,813
3,240,863
Gross profit
$ 100,555
$ 319,660
$ 250,283
$ 670,498
$ 658,502
Operating expense
Selling
$ 52,926
$ 82,965
$ 73,476
$ 209,367
$ 217,532
Occupancy
13,633
38,990
27,535
80,158
67,860
Administrative
32,323
39,280
32,521
104,124
111,794
Total operating
expense
$ 98,882
$ 161,235
$ 133,532
$ 393,649
$ 397,186
Operating income
$ 1,673
$ 158,425
$ 116,751
$ 276,849
$ 261,316
Other income (expense)
Interest income
2,858
71
Discounts
7,113
22,003
19,562
48,678
39,108
Cash over (short)
11
( 171)
55
( 105)
( 52)
Other
1,341
1,341
1,195
Net income
$ 10,136
$ 180,257
1--136,368
$ 329,.621
$ 301,638
Transfers to other funds
( 325,000)
( 400,000)
Retained earnings January 1
1,859,266
1,957,628
Retained earnings December 31
$1,863,887
$1,859,266
See accompanying notes
to financial
statements.
27
CITY OF EDINA, MINNESOTA
LIQUOR FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31, 1977 AND
1976
1977
1976
Funds provided - Operations
Net income
$ 329,621
$ 301,638
Item not requiring current outlay of funds -
Depreciation
29,627
28,730
Total
359,248
$ 330,368
Funds applied
Transfers to other funds
$ 325,000
$ 400,000
Additions to property and equipment
300,410
38,381
Total,
625,410
$ 438,381
Net increase (decrease) in working capital
26 1 2)
OS )
Various elements of net change in working capital
Cash
$(180,761)
$ 29,288
Investments
(102,955)
Inventories
30,785
( 82,479)
Accounts receivable
( 18,702)
18,702
Due from other funds
( 175)
Prepaid expenses
11,494
780
Accounts payable
( 36,016)
33,817
Accrued payroll
( 3,093)
( 1,802)
Due to other funds
( 20,207)
( 3,189)
Contracts payable
( 49,662)
Net decrease in working capital
5(266,_162)
$(108 013)
See accompanying notes to financial statements.
28
Selling
Salaries and wages
Supplies.
Licenses and dues
Service contract
Direct promotion
Other
CITY OF EDINA, MINNESOTA
LIQUOR FUND
STATEMENT OF OPERATING EXPENSES
YEARS ENDED DECEMBER 31, 1977 AND 1976
52,926 $ 82,965 $ 73;476 $ 209,367 217,532
Occupancy
1977
1976
50th Street
Yorkdale
Grandview
Combined
Combined
$ 322
$ 44,079.
$ 71,648
$ 63,935
$ 179,662
$ 172,778
23494
5,676
4,018
12,188
11,009
87
162
87
336
64
91
182
139
412
1,038
5,936
53,058
5,058
16,052
321248
239
239
239
717
395
52,926 $ 82,965 $ 73;476 $ 209,367 217,532
Occupancy
Salaries and wages
$ 182
$ 139
$ 1
$ 322
$ 443
Telephone
556
606
424
1,586
1,473
Supplies
323
491
596
1,410
1,324
Light and power
2,134
7,733
3,255
13,122
12,499
Maintenance, heating and
cooling
261
216
384
861
1,373
Heat
558
802
131019
2,379
1,743
Laundry and rug service
522
477
422
1,421
1,638
Burglar alarm
369
564
297
1,230
1,183
Insurance
4,681
9,230
7,356
21,267
12,447
Share of maintenance
13,200
330
13530
690
Repair and maintenance
146
1,907
51
2,104
687
Depreciation
2,161
14,683
12,783
29,621
28,730
Rubbish hauling
300
480
480
1,260
.1,440
Janitorial service
1,330
198
1,528
1,501
Water and sewer service
110
246
137
493
554
Miscellaneous
18
18
135
$ 13,633
$ 38,990
$ 27,535
$ 80,158
$ 67,860
Administrative
Salaries and wages
$ 17,148
$ 22,031
$ 17,377
$ 56,556
$ 58$87
Supplies
13
39
20
72
893
Professional services
1,192
1,192
1,277
3,661
5,434
Allocated expenses - Retirement,
insurance, office supplies,
etc.
13,560
153P360
133,500
42,420
39,780
Mileage
260
260
260
280
781
Survey
-
5,470
Miscellaneous
150
398
87
635
849
$ 32,323
$ 39,280
$ 32,521
$ 104,124
$ 111,794
8 8
161,235
133,5a2
L3I
j 397.1$6
See accompanying notes to
financial statements.
29
CITY OF EDINA, MINNESOTA
SWIMMING POOL FUND
STATEMENT OF INCOME AND RETAINED
EARNINGS
YEARS ENDED DECEMBER 31, 1977 AND 1976
1977
1976
Operating revenue
Season tickets
$ 29,344
$ 31,618
General admissions
6,028
6,266
Rentals and instruction programs
5,000
5,880
Concessions (less cost of goods sold)
5,909
6,733
Other
8
Total operating revenue
46,281
$ 50,505
Operating expense
Salaries and wages
$ 31,672
$ 30,704
Supplies
5,769
8,918
Utilities
9,834
5,501
Insurance
892
901
Repair and maintenance
3,366
1,929
Professional service
150
300
Printing and office expense
1,160
865
Central services
4,020
3,840
Concessions - Operating
3,513
3,618
Contractual services
205
212
Depreciation
447
404
Other
135
186
Total operating expense
$ 61,163
$ 57,378
Net loss
$( 14,882)
$( 6,873).
Retained earnings January l
311,492
203,338
Equipment transfer from Park Construction Fund
132,027
Disposal of equipment
( 17,000)
Retained earnings December 31
2 610
1 2
See accompanying notes to financial statements.
- 30
CITY OF EDINA, MINNESOTA
SWIMMING POOL FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS
ENDED DECEMBER 31, 1977 AND
1976
1977
1976
. Funds provided
$ -0-
$ =0-
Funds applied
Operations
Net loss
_
$ 14,882.
$ 6,873
. Item not requiring current
outlay of funds
Depreciation
( 447)
( 404)
$ 14,435
$ 6,469
Additions to property
and equipment
428
Total
14,863
6,469
Net decrease in working
capital
4 86 ))
Various elements of net
change in working capital
Cash
$(15,346)
$. 72,798
Due from other funds
(78,853)
Prepaid insurance
132
( 68)
Accounts payable
351
S 346)
Net decrease in working
capital
31
CITY OF EDINA, MINNESOTA
GOLF COURSE FUND
STATEMENT OF INCOME AND RETAINED
EARNINGS
YEARS ENDED DECEMBER 31, 1977 AND 1976
1977
1976
Operating revenue
Green fees
$ 249,334
$ 220,842
Rental fees
44,827
37,067
Membership fees
263,121
25,479
Concessions (less cost of goods sold)
35,625
28,478
Range
40,408
34,346
. Other
514
35
Total operating revenue
396,829
346,247
Operating expense
Administration
$ 61,182
$ 58,486
Building - Club house and pro shop
30,909
27,400
Maintenance of course and grounds
132,980
135,734
Range and grill
44,090
43,481
Depreciation
10,543
8,712
Total operating expense
$ 279,704
$ 273,813
Operating income
$ 117,125
72,434
Other income (expense)
Interest earned
$ 42
Interest on bonds
16,651)
17,772)
16,651)
17,730)
Net income
$ 100,474
$ 54,704
Retained earnings January 1
301,373
246,669
Retained earnings December 31
See accompanying notes to financial statements.
32
CITY OF EDINA,. MINNESOTA
GOLF COURSE FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31, 1977 AND 1976
Funds provided
Operations
Net income
Item not requiring current outlay of funds
Depreciation
Funds applied
Additions to property and equipment
Current installment of long -term debt
Net increase (decrease) in working capital
Various elements of net change 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.
1977 1976
$ 100,474 $ 54,704
10,543 8,712
111,017 63,416
$ 20,666 $ 24,989
40,000 40,000
60,666 64,989
$ 50,942
$ 64,702
( 100)
( 61,773)
543
18
( 1,137)
69.
3
( 583)
1,094
5,000)
)
CITY OF EDINA, MINNESOTA
GOLF COURSE FUND
STATEMENT OF OPERATING EXPENSES
YEARS ENDED DECEMBER 31, 1977 AND 1976
Administration
Personal services
Contractual services
Commodities and supplies
Other charges
Total administration expense
Building - Club house and pro shop
Personal services
Utilities
Fuel
Supplies
Repairs - Building
Contractual services
Less amount charged to grill
Other
Total building - Club house and pro shop
Maintenance of course and grounds
Personal services
Contractual services
Commodities and supplies
Fixed charges
Other
Total maintenance of course and grounds
Range and grill
Personal services
Contractual services
Commodities and supplies
Total range and grill
Depreciation
Total operating expenses
See accompanying notes to financial statements.
1977 1976
$ 29,189 $ 30,265
29,122 26,844
1,972 1,025
899 352
61,182 58,486
$ 15,108 $ 11,572
10,433
10,267
938
1,684
2,320
1,173
2,294
3,661
3,045
2,327
( 3,927)
( 4,146)
698
862
30,909
27,400
$ 72,552 $ 77,022
7,760
9,519
303-021
28,701
22,380
19,980
267
512
T132,980
135,734
$ 36,625 $ 34,905
4,103 4,495
3,362 4,081
44,090 43,481
10,543 8,712
$ 279,704
33
34
CITY. OF EDINA, MINNESOTA
RECREATION CENTER FUND
STATEMENT OF INCOME AND RETAINED
EARNINGS
YEARS ENDED DECEMBER 31, 1977 AND 1976
1977
1976
Operating revenue
Rental fees
$ 1512651
$ 143,408
Season ticket sales
24,721
25,797
Daily skating.fees
4,390
4,452
Admissions
15,916
16,896:
Concessions (less cost of goods sold)
5,942
4,747
. Vending machine commissions
5,482
5,931
Services - Skate sharpening
5,464
5,665
Other
290
118
Total operating revenue
213,856
207,014
Operating expense
Personal services
$ 983,158
$ 92,860
Contractual services
702153
91,842
Commodities and supplies
403%217
14,225
Depreciation
3,995
3,189
Other charges
23,781
20,340
Total operating expense
236,304
222,456
Operating loss
$( 22,448)
$( 15,442)
Other expense Interest on bonds
( 9,169)
9,600)
Net loss
$( 31,617)
$( 25,042)
Retained earnings January 1
67,-076
86,118
Contribution of equipment
6,000
Retained earnings December 31
59
0 6
Funds provided
Contribution of equipment
Funds applied
Operations
Net loss
Item not requiring current outlay of funds
Depreciation
Additions to property and equipment
Current installment of long -term debt
Total
Net decrease in working capital
Various elements of net change in working capital
Cash
Accounts receivable
Due from other funds
Inventory .
Prepaid insurance
Accounts payable
Accrued payroll
Accrued interest
Due to other funds
Bonds payable
Net decrease in working capital
See accompanying notes to financial statements.
1977
1976
.__ -0-
6,000
$ 310617
$ 25,042
3,995)
3 189)
$ 272622
$ 211853
427
16,631
55,000
40,000
83,049
78,484
8 0 )
S( 72,484)
$(44,638)
$(120,398).
( 14,412)
.2531193
( 1,273)
5,273
( 39)
265
( 88)
112
( 7,181)
2,035
( 927)
( 255)
509
508
14,783
( 15,000)
36
CITY OF EDINA, MINNESOTA
GUN RANGE FUND
STATEMENT OF INCOME AND RETAINED EARNINGS
YEARS ENDED DECEMBER 31, 1977. AND 1976
Operating revenue
Range fees
Sale of ammunition
Concessions (less cost of goods sold)
Other
Total income
Operating expense
Personal service
Contractual services
Commodities and supplies
Depreciation
Other
Total expense
Net loss
Retained earnings January 1
Transfer from Construction Fund
Retained earnings December 31
See accompanying notes to financial statements.
1977 1976
$10,848 $ 8,290
2,314 2$09
( 2) 39
556 300
$13,716 $11,138
$ 72218 $ 7,157
2,479
2,915
5,609
3,442
58
59
120
122
15 484
$13,695
$(1,768)
$(2,557)
50.,539
48,988
4;108
5 5
37
CITY OF EDINA, MINNESOTA
GUN RANGE FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31, 1977 AND
1976
1977
1976
Funds provided
Transfers from other
funds
$ -0-
4,108
Funds applied
Operations
Net loss
$ 1,768
$ 2,557
Item not requiring
current outlay of funds
Depreciation
58)
59)
$ 1,710
$ 2,498
Additions to property
and equipment
4,108
Total
1,710
6,606
Net decrease in working
capital
Q)
$(2,498)
Various elements of net
decrease in working capital
Cash
$(2,761)
$(5,239)
Receivables
622
(1,107)
Due from other funds
( 27)
Prepaid expenses
( 53)
. Accounts payable
( 34)
103
Accrued payroll
( 10)
( 104)
Due to other funds
500
3,902
Net decrease in working
capital
See accompanying notes
to financial statements.
38
CITY OF EDINA, MINNESOTA
ART CENTER FUND
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1977
. Operating revenue
Memberships
$ 3,625
Registration fees
14,186
Retail sales less cost of goods sold
592
Total operating revenue
18,403
Operating expense
Administration
Personal services
Contractual services
830
Commodities
3,321
11,078
Occupany
Personal services
$ 867
Contractual services
1,301
Commodities
1,625
3,793
. Instructors - Personal services
8,992
Depreciation
539
Total operating expense
24,402
Operating loss
$( 5,999)
Other income - Donations
12,280
Net income
$ 6,281
Retained earnings January 1
-0-
Transfer of land, building and improvements from
Construction Fund
$126,049
Retained earnings December 31
See accompanying notes to financial statements.
39
CITY OF EDINA, MINNESOTA
ART CENTER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED DECEMBER 31, 1977
Fund provided
Operations
Net income
$ 6,281
Item not requiring current outlay of funds
Depreciation
539
$ 6,820
Transfers from other funds
126,049
Total
$132,869
Funds applied
Additions to property. and equipment
$137,036
Net decrease in working capital
$i 4•la
Various elements of change in working capital
Cash
$(13,009)
Receivables
1,700
Due.from other funds
65,342
Inventories
3,648
Accounts payable
( 1,911)
Accrued payroll
( 281)
Due to other funds
656)
Net decrease in working capital
See accompanying notes to financial statements.
40
CITY OF EDINA, MINNESOTA
ENTERPRISE FUNDS
STATEMENT OF
CHANGES IN PROPERTY AND EQUIPMENT
YEAR
ENDED DECEMBER 31,
1977
Assets
Balance
Balance
January 11
December 31,
1977
Additions Disposals
1977
Waterworks Fund
Land
$ 263-,556
$ 26,556
Land improvements
24,967
$ 809
25,776
Buildings and equipment
2,551,088
2,_551,088
Distribution system
6,892,997
173,959
7,066,956
$9,495,608
$ 174,768
$9,670,376
Sewer Rental Fund
Land improvements
$ 5,918
$ 96
$ 6,014
Sewer mains and lift stations
9,774,864
72,143
9,847,007
Furniture and fixtures
2,162
292
2,454
Vehicles.
12,666
12,666
Equipment and machinery
44,362
11,631
55,993
$9,839,972
$ 84,162
$9,924,134
Liquor Fund
Land
$ 152,519
$ 152,519
Land improvements
18,460
$ 6,028
24,488
Building
481,644
481,644
Furniture and fixtures
149,325
1,750
151,075
Leasehold improvements
3,035
3,035
Construction in progress
14,922
292,632
307,554
819,905
$ 300,410
$1,120,315
Swimming Pool Fund
Land
$ 10,000
$ 10,000
Swimming pool and bathhouse
288,048
288,048
Filter system
28,006
28,006
Furnture and fixtures
4,190
$ 428
4,618
$ .330,244
$ 428
$ .330,672
See accompanying notes to financial statements.
41
Accumulated Depreciation
Balance Balance Net
January 1, December 31, Book
1977 Additions Disposals 1977 Value
$ 26,556
$ 11,413
$ 990
$ 12,403
13,373
1,319,028
99,885
1,418,913
1,132,175
1,903,961
139,591
2,043,552
5,023,404
$3,234,402
$ 240,466
$3,474,868
$6,195,508
$ 3,061
$ 239
$ 3,300
$ 2,714
1,546,942
99,769
13,646,711
8,200,296
2,154
23
2,177
277
10,018
756
10,774
1,892
35,626
1,819
37,445
18,548
$1,597,801
$ 102,606
X$1,700,407
$8.,223,727
$ 152,519
$ 5,806
$ 754
$ 6,560
17,928
136,782
16,113
152,895
328,749
71,536
12,456
83,992
67,083
1,973
304
2,277
758
307,554
$ 216,097
$ 29,627
$ 245,724
$ 874,591
$ 10,000
288,048
28,006
$ 2,359 $ 447 $ 2,806 1,812
$ 2,359 $ 447 $ 2,806 ,$ 327,866
42'
CITY OF EDINA, MINNESOTA
ENTERPRISE FUNDS (CONTINUED)
STATEMENT OF
CHANGES IN PROPERTY AND EQUIPMENT
(CONTINUED)
YEAR ENDED DECEMBER
31, 1977
Assets
Balance
Balance
January 1,
December 31,
1977
Additions
Disposals
1977
Golf Course Fund
Golf course
$ 726,414
$ 726.,414
Buildings
204,781
204,281
Well
153,018.
15,018
Parking lot and roadway
9,627
9,627
Equipment
154,186
$ 26,857
$ 11,550
169,493
$ 1,1102026
$ 26,.857
$ 11,550
$ 1,1252333
Recreation Center Fund
Land improvements
$ 52,174
$ 52,174
. Buildings
885,191
885,191
Furniture and equipment
62,566
$ 427
62,993
$ 9991931
$ 427
$ 1,000,358
Gun Range Fund
Land improvements
Building
Furniture and equipment
.Art Center Fund
La nd
Land improvements
Building
Office furniture and equipment
Machinery and equipment
$ 12,182
47,532
863
$ 60,577
$ 12,182.
47,532
863
$ 60,577
$ 15,000 $ 15,000
1,476 1,476
109,773 109,773
4,648 4,648
6,139 6,139
$ 137,036 $ 137,036
$22.656,263 $ 724.088 $ 11,550 $23,368.801
See accompanying notes to financial statements.
43
Accumulated Depreciation
Balance
Balance
Net
January 1,
December 31,
Book
1977
Additions
Disposals
1977
Value
$ 726,414.
204,781
.15,018
9,627
98,240
$ 10,543
$ 5,359
$ 103,424
66,069
$ 98,240 _
$ 10,543
$ 5,359
$ 103,424.
1,021,909
$ 52,174
885,191
$ 38,424
$ 3,995
42,419
20,574
$ 38,424
$ 3,995
42,419
$ .957,939
$ 12,182
47,532
$ 490
$ 58
$ 548
-..315
490
$ 58
$ 548
$ 60,029
$ 15,000
1,476
109,773
.
$ 232
$ 232
4,416
307
307
5,832
$ 539
539
$ 136,497
S 5,187,813
$ 388,281
5,359
S 5,570,735
$17,798,066
44
CITY OF EDINA, MINNESOTA
SPECIAL ASSESSMENT FUNDS
BALANCE SHEETS
DECEMBER 31, 1977
ASSETS
Total
Cash (deficit)
$ 291,485
Investments
1,029,479
Accounts receivable
8,318
Special assessments receivable
Unremitted
151,388
Delinquent
513,605
Deferred
6,036,494
City's share
2111754
Allowance for uncollectible receivables
( 826,012)
Loans to other funds
2,946,729
Due from.other funds
77,253
Unallocated construction costs
160,268
Construction in progress
Current
3,808,714
Deferred.
103,805
Total assets
$14.513.280
LIABILITIES, RESERVE AND FUND BALANCE
Liabilities
Due to other governmental units
$ 233,829
Accrued interest on bonds
39,585
Contracts payable
103,805
Deposits payable
96,6.98
Loans from other funds
2,955,180
. Due to other funds
91,835 .
Bonds payable
7,130,000
Reserve for assessment adjustments
197,202
Fund balance (deficit)
. Appropriated
40,617
Unappropriated
3,624,529
Total liabilities, reserve and fund balance
$14,513,280
See accompanying notes to financial statements.
tt
Permanent
Improvement
Revolving
$ 214,415
271
34,.985
3,625
( 35,161)
200,000
45
Sanitary Improvement Municipal Advance
Sewer Bond State -aid Funding
No. 53 Redemption Street Bonds Highway Bonds Construction
$ 601,617 $( 424) $( 524,123)
1,029,479
8,318
151,117
478,620
6,032,869
211,754
( 790,851)
2,746,729
6,098
147,952
S- 418.135 S -0- 510.615.384 S l -2A)
$ 3,452
7,073
$ 5,602
39,585
8,451
24,274
7,130,000
190,129
71,155
12,316
3,808,714
103,805
S 3.480.185
$ 228,227
103,805
96,698
2,946,729
64,109
40,617
407,610 3,217,343 $( 424)
S 418,135 $ -0- $10,615.384 $( 424) S -0- $ 3.4$Q.185
46
CITY OF EDINA, MINNESOTA
SPECIAL ASSESSMENTS FUNDS
STATEMENTS OF REVENUE, EXPENDITURES AND FUND BALANCE
YEAR ENDED DECEMBER 31, 1977
Total
Revenue
Interest
Investments
$ 1031,009
Capitalized interest
38,525
Special assessments
299,569
Assessment adjustments
( 24)
Total revenue
$ 441,0179
Expenditures
Interest
$ 318,826
Paying agent service charges
1,476
Bond rating and investors services
2,350
Printing and postage
493
Transfer to General Fund
122,026
Total expenditures
$ 445,171
Revenue over (under) expenditures
$( 4,092)
Fund balance (deficit) January 1
$3,658,169
Adjustment of provision for uncollectible receivables
11,069
Adjusted fund balance January 1, 1977
$3,669,238
Fund balance (deficit) December 31
$3,665,146
See accompanying notes to financial statements.
47
Permanent
Sanitary
Improvement
Municipal
Advance
Improvement
Sewer
Bond
State -aid
Funding
Revolving
No..53
Redemption
Street Bonds
Highway Bonds
Construction
$ 53,010
$ 49,999
38,525
$ 172
299,397
( 24)
$ 172
-0-
Ss. 390,908
Si_49,999
$ 301,014
$ 17,812
1,057
419
2,350
493
$ 42,893
79,133 .
-0-
$ 42,893
$ _ 3043914
$ 97,364
$ 172
$( 42,893)
$ 85,994
$( 47,365)
$ 407,389
$ 42,843
$3,120,379
$( 424)
$ 47,365
$ 40,617
49
50
10,970
$ 407,438
$ 42,893
$3,131,349
$( 424)
$ 47,365
$ 40,6171.
$ 407.610
S -0-
$3,217,343
S( 424)
S -0-
$ 40.617
GENERAL FIXED ASSETS
Land $ 707,117
Land improvements 1,093V705
Buildings 1,493,080
Furniture and fixtures 146,144
Equipment 1,976,151
Construction in progress 591,522
X6,007,,712
INVESTMENT IN .GENERAL FIXED ASSETS
Investment in general fixed assets $601007,719
See accompanying notes to financial statements.
49
CITY OF EDINA, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1977
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.
50
CITY OF EDINA, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS CONTINUED)
DECEMBER 31, 1977
Note 3 - Depreciation Enterprise Funds' 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 - 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 reflectek
in the statement of income as received.
Note 5 - Bonded Debt
The City has three types of bonded debt outstanding at- December 3.1, 1977. There.
are general obligation bonds, special assessment improvement bonds, and revenue
bonds.
The first type of bond is payable solely from 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 bonds.and interest maturities.
Note 6 - 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
$ 150,000
450,000
150,000
75,000
20,000.
The waterworks bonds are payable primarily from the revenue of the Waterworks Fund,
with any deficiency to be provided by general property taxes.
CITY OF EDINA. MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1977
Note 6 - Revenue Bonds (Continued)
The other four revenue bond issues are payable primarily from the respective enterprise
with any deficiency to be provided first from Liquor Fund revenue and then 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.7 - 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 $285,713 for the year ended
December 31, 1977. 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 8 - 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,
$191,309 and $103,717 were made for 1975, 1976 and 1977 respectively leaving a
balance of $332,611 at December 31, 1977.
Note 9 - Vacation and Sick Leave
Accrued vacation and sick leave are not recorded as liabilities.at December 31, 1977.
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, 1977 for vacation and sick leave was $184,499 and
$820,386 respectively, although it is anticipated that only $273,000 of the
accrued sick leave will be used.
Note 10 - Litigation
The City had the usual and customary types of miscellaneous claims pending at Year
end, mostly of a minor nature and usually covered by insurance carried for that
purpose.
52
CITY OF EDINA, MINNESOTA
BALANCE SHEETS - ALL FUNDS
DECEMBER 31, 1977
Special
General
revenue
Fund
funds
Cash
$ 24,232. $
548,833
Petty cash and change funds
550
Departmental cash
231677
Investments
123,912
Receivables
Other
819,794
92,644
Taxes receivable
333,760
353,024
Special assessments receivable
Allowance for uncollected taxes and assessments
( 118,655)
( 11,722)
Due from other funds
398,.687
791
Inventories
10,000
Construction in progress
Prepaid expenses
Unallocated construction costs
Property and equipment less accumulated depreciation
General fixed assets
Total assets
1.594.957 S
6655 -u
LIABILITIES. RESERVES AND FUND BALANCE
Liabilities
Other $ 132,474 $ 42,882
Accrued payroll 78,833 12,602
Contracts payable
Due to other funds 49,576 114,230
Bonded indebtedness
Future bond maturities
Metropolitan Waste Control Commission
Reserves. 984,798 168,696
Investment in general fixed assets
Retained earnings
Fund balance 349,276 327,160
Total liabilities, reserves and fund
balance S 1.,594 }957 $ 665.570
General
debt service
funds
$ 805,598
183,550
4,584,845
( 230,092)
$ 103,717
3,150,000
332,611
1,757,573
5.343.901
Park
Construction
Fund
$( 62,638)
4,850
105,229
2,534,346
$ 475
35
75,000
13,658
2,459,346
33,273
$ 2.581.787
Enterprise
funds
$ 1,102,104
4,675
31,762
1,134,454
844
556,128
569,677
21,147
17.799.066
WIN t : - -!
$ 265,787
27,566
49,662
777,466
845,000
774,186
107,250
18,371,940
$21.218.857
Special
assessment
funds
$ 291,485
1,029,479
8,318
6,913,241
( 826,012) .
3,023,982
3,912,519
160,268
$14,513,80
$ 370,112
103,805
3,047,015
7,130,000
197,202
3,665,146
$14,513.2U
General
Fixed
Assets
$ 6,007,719
$ 6,007,,71-2
$ 6,007,719
$ 6.007.719
53
54
CITY OF EDINA, MINNESOTA
STATEMENT OF CASH.AND SECURITY FOR DEPOSITS
DECEMBER 31, 1977
Face amount of
securities pledged
by depository
Cash as collateral
Cash
First Edina National Bank, Edina, Minnesota
Checking accounts
$( 21,736)
Savings account
597,532
Certificates of deposit
1,000,000
$2,2850000
First Southdale National Bank, Edina, Minnesota
Deposit account
108,667
Payroll account
25,150
Certificates of deposit
400,000
$ .6700000
Southwest Fidelity State Bank, Edina, Minnesota
Certificates of deposit
100,000
:Americana State Bank, Edina, Minesota
Certificates of deposit
100,000
First National Bank of Minneapolis
Certificates of deposit
400,000
320,000
Petty cash and change funds
7,903
Total cash
$2,717,516
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.
Allocation by fund
General Fund
$ 27,459
Special Revenue funds
Revenue Sharing Fund
321,374
Nursing Services Fund
31,141
Park Fund -
196,318
General Debt Service Funds
805,598
Park Construction Fund
( 62,638)
Enterprise funds
Waterworks Fund
870,947
Sewer Rental Fund
165,233
Liquor Fund
206,119
Swimming. Pool Fund
( 31,720)
Golf Course Fund
117,276
Recreation Center Fund
( 196,339)
Gun Range Fund
( 11,728)
Art Center Fund
( 13,009)
Special assessment funds
Permenant Improvement Revolving Fund
214,415
Improvement Bond.Redemption Fund
6011617
Municipal State -aid Street Bonds Fund
( 424)
Construction Fund
( 524,123)
Total cash
$2,717,516
55
CITY OF EDINA, MINNESOTA
STATEMENT OF INVESTMENTS
DECEMBER 31, 1977
Face Interest
Amount
Rate
Maturity
Cost
F.N.M.A. Note
$1,000,000
6.05%
1/3/78
$. 9972479
City of Edina
bonds
Improvement
Bonds of
1957
7,000
3.9
3/1/78
7,000
Improvement
Bonds of
1951
10,000
3.9
3/1/79
10,000
Improvement
Bonds of
1968
159000
4.0
12/1/78
15,000
Waterworks Bonds of
1963
201000
3.3
12/1/79
19,033
Golf Course
Bonds
5.,000
3.4
12/1/81
3,808
Golf Course
Bonds
53,000
3.4
12/1/83
4,604
Golf Course
Bonds
5,000
3.5
12/1/87
4,317
$1,061,241
Allocation by
fund
Waterworks fund
$ 19,033
Golf Course
Fund
122729
Improvement
Bond Redemption
1,029,479
56
CITY OF
EDINAs MINNESOTA
BONDS PAYABLE - ALL FUNDS
DECEMBER 31,
1977
Issue
Interest
Maturity
Principal
date
rate
date
amount
Special Assessment Debt Service Fund
First series of 1957 Improvement
Bonds
3/1/57
3.907.
3/1178 -79
$ 130,000
First series of 1967 Improvement
Bonds..
12/1/67
4.20
12/1/78 -79
400,000
Improvement Bonds of 1968
12/1/68
4.00
12/1/78 -79
400,000
Improvement Bonds of 1969
12/1/69
5.70
12/1/78 -79
500,000 .
Improvement Bonds of 1975
12/1/75
5.30 -5.50
12/1/78 -83
3,000,000
Improvement Bonds of 1977
11/1/77
4.25 -4.4
11/1/78 -86
2,700,000
Total special assessment debt
service fund
$ 7,130,000
General Debt Service Funds
Park Construction Bonds
3/1/57
3.90%
3/1/78 -81
$ 200,000
General Obligation Park Bonds
12/1/75
5.30 -5.50
12/1/78 -80.
750,000
General Obligation. Redevelopment
Bonds
12/1/75
5.30 -6.50
12/1/78 -93
2,200,000
Total general debt service
funds
$ 3,150,000
Revenue Bonds
Waterworks Bonds of 1963
12/1/63
3.20 -3.30
12/1/78 -80
$ 150,000
Golf Course Bonds
12/1/64
3.20 -3.50
12/1/78 -87
4501000
Recreation Center Series A
9/1/65
3.20 -3.30
9/1/78 -82
150,000
Recreation Center Series B
9/1/65
3.00
9/1/78 -82
75,000
Recreation Center Series C
8/1/69
5.00
8/l/78 -79
20,000
Total revenue bonds
$ 845,000
Total bonds payable - All
funds
$11,125,000
CITY OF EDINA, MINNESOTA
STATEMENT OF CHANGES IN BONDED INDEBTEDNESS
YEAR ENDED DECEMBER 31, 1977
Balance Balance
January 1, December 31,
1977 Issued Redeemed 1977
Special assessment bonds $ 6,310,000 $ 2,700,000 $ 1,880,000 $ 7,130,000
General obligation bonds 3,400,000
Revenue bonds
250,000 3,150,000
Waterworks 200,000 50,000 150,000
Golf Course 490,000 40,000 450,000
Recreation Center 285,000 40,000 245,000
$10,68.5,00 $ 2.700.000 2.260.000 $11125,000
Name
J. N. Dalen
Florence B. Hallberg
Kent Swanson
Deputy assessors
EMPLOYEES' SURETY BONDS
DECEMBER 31. 1977
Position
Treasurer
Clerk
Assessor
57
Suretv Bond
$ 50,000
500
500
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.
58
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%
1977
3,226,450
3,152,345
97.7
80,716
3,233,061
100.2
SPECIAL ASSESSMENT LEVIES
AND COLLECTIONS
Percentage
Collection
Percentage
Collection
of total
Total
of current
of levy
of prior
Total
collections
Year
lei_
year's levy
collected
ear's levy
collections
to levy
1976
$1,371,621
$1,223,649
89.2%
$134,421
$1,358,070
99.0%
1977
1,398,780
1,237,843
88.5
213,757
1,451,600
103.8
CITY OF EDINA, MINNESOTA
ASSESSED VALUATION, TAX LEVIES AND MILL RATES
(SHOWN BY YEAR OF TAX COLLECTIBILITY)
Assessed valuation
Increment valuation
Contribution to fiscal disparities
Pool
Received from fiscal disparities
Pool
Taxable valuation
Tax levies
General Fund
Park Fund
Bonds and interest
Public nursing
Fire protection
Total
Mill rates
General Fund
Park Fund
Bonds and interest
Public nursing
Fire protection
Total
1976
$371,802,648
( 317,306)
1977
$394,825,413
( 576,977)
1978
$403,504,468
( 726,434)
(12,053,223) (11,948,475) (12,608,384)
2,378,308.
$361,810.427
$ 2,399,888
197,187
313,328
24,965
15,196
2.950.564
6.633
.545
.866
.069
.042
8.155
$ 2,600,298
285,247
314,080
33,060
14,994
3.247.679
6.764
.740
.817
.086
.039
8.446
2,610,761
$392,780,411
$ 2,8361628
377,302
315,267
15,702
S 3.544.899
7.225
.961
.803
.04o
9.029
59