Loading...
HomeMy WebLinkAbout1978 Financial StatementsJ �/ y !r j/ r7l r '1 �;^ L •�� 1 r, I If f1 1 1 1 ) I 1.1, �< ��, ,I. 11 i',. . �r. 1 tt I , it 1" 1f / _ 11 I rt. I ,k' ',. �I%. V �i , 1 A, iJ y ! , .i,, SI 1 r - r .I1/ r ..I .rl `1 I , "r1 r. } ,, 1. .I rl! 7 1 1 ... , ;If y'tet 1I, `1 '.1 1 ,t r l, t± r.' 1 1 J f I7 f /` •'I f II ) r 11I� 1 J r I ..i 1 /r. w r / II, i, I It! I . 5I I v^ e , t ' A IJ I:,II I 1 l I +.,< Lt , , n , i 1 I ' r , t ! 5 , u "..'. . , . � , M8• i�'�.7', fd f } CE i ^f 1 ` 1' i , �,+ al I :. I � i 'I , � � � ", ., , , . �, -,. . " . . ; , I. , I, . � . , ,. I . , I , 1A ,, - , illu i I I - r .' , I F. :: ;t ,. 111 iv / I0 ;: ''�' (- ` I11/ r'' ;, 1 � �, rlh l! I. 1 ( I r1 I ! .F s C Q+ I 1, ' 1 } , " r I I \1' - ,/; CITY OF EDINA, MINNESOTA ELECTED AND APPOINTED OFFICIALS DECEMBER 31, 1978 Elected Mayor - James Van Valkenburg Council Frederick S. Richards Willis F. Shaw C. Wayne Courtney June A. Schmidt Effective January 1979 Mayor James Van Valkenburg Council C. Wayne Courtney June A. Schmidt A. Charles Bredesen III Frederick S. Richards Appointed Manager - Kenneth E. Rosland Treasurer and finance director - J. N. Dalen Clerk - Florence Hallberg * First official business day Term of office expires January* 1981 1979 1979 1981 1981 1981 1981 1981 1983 1983 CITY OF EDINA, MINNESOTA TABLE OF CONTENTS Page _ Comments I Accountants' opinion 1 Combined financial statements Balance sheet 2 Statement of revenue, expenditures and fund balance = Governmental fund types 4 Statement of income and retained earnings - Proprietary fund types 6 Statement of changes in financial position - Proprietary fund types 8 Statement of indebtedness 10 GOVERNMENTAL FUND TYPES General Fund Balance sheet 12 Statement of changes in fund balance 13 Statement of revenue 14 Statement of expenditures 16 Central services expenditures 21 Special revenue funds Combined balance sheet 22 Combined statement of revenue expenditures and fund balance 23 Statements of revenue, expenditures and fund balance Federal Revenue Sharing Fund 24 Nursing Services Fund 24 Park Fund 25 General debt service funds Combined balance sheet 27 Combined statement of revenue,. expenditures and fund balance 27 .. Park Construction Fund Balance sheet 28 Statement of revenue, expenditures and fund balance 29 Special assessment funds Combined balance sheet 30 Combined statement of revenue, expenditures and fund balance 32 CITY OF EDINA, MINNESOTA TABLE OF CONTENTS (CONTINUED) Page PROPRIETARY FUND TYPES Enterprise funds Combined balance sheet 34 Waterworks Fund 38 Statement of income and retained earnings 38 Statement of changes in financial position 39 Sewer Rental Fund Statement of income and retained earnings 40 Statement of changes in financial position 41 Liquor Fund Statement of income and retained earnings: 42 Statement of changes in financial position 43. . Statement of operating expenses 44 Swimming Pool Fund Statement of income and retained earnings 45. Statement of changes in financial position 46 Golf Course Fund Statement of income and retained earnings 47 Statement of changes in financial position 48 ' Statement of operating expenses 49 Recreation Center Fund Statement .of income and retained earnings 50 Statement of changes in financial position 51 Gun Range Fund Statement of income and retained earnings 52 Statement of. changes in financial position 53 Art Center Fund Statement of income and retained earnings 54 Statement of changes in financial position 55 Statement of changes in property and equipment 56 ACCOUNT GROUPS Statement of General Fixed Assets 60 NOTES' TO THE FINANCIAL STATEMENTS Notes to financial statements 61 SUPPLEMENTAL INFORMATION Statement of cash and security for deposits 65 Statement of investments 67 Statement of changes.in bonded indebtedness 68 Employees' surety, bonds 68 Tax levies and collections 69 Special assessment levies and collections 69 Assessed valuations, tax levies and mill rates is 71 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 chairman. 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. REVENUE General property taxes Licenses and permits Intergovernmental revenue Fines and forfeitures Charges for services Miscellaneous revenue Reserve for commitments Transfers from other funds• Total revenue EXPENDITURES General government Public safety Public works Unallocated general expense Central services Reserve for commitments Transfers to other funds Total expenditures 1978 Budget Actual $2,567,860 168,000 1,422,444 140,000 219,000 61,000 164,808 240,052 $2,522,306 215,145 1,430,131 111,165 239,059 64,651 164,808 240,052 1977 Budget Actual $2,331,173. $2,366,511 163,300 237,724 1,206,148 1,210,916 190,000 93,288 255,850 284,167 101,000 130,600 377,640 347,166 $4,983,164 $4,987,317 $4,625.111 $4,6.70.372 $ 666,283 $ 650,546 $ 628,772 $ 619,216 2,443,858 2,444,207 2,191,990 2,117,648.,; 1,533,174 1,466,976 1,416,855 1,361,046 213,649 201,921 193,994 177,028 100,800 59,955 66,500 78,036 110,400 110,400 127,000 1272000 15,000 15,000 $5.083,164 $4.9,005 $4,625.111 $4,479.974 During 1978 the fund balance increased $38,312 to $387,588 at December 31, 1978. $209,564 of the fund balance has been appropriated to finance the 1979 budget, leaving an unappropriated fund balance of $178,024. 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 1978 was $222,454. During 1978 transfers of $225,000 were made. to the General Fund leaving a fund balance of $307,862 at December 31, 1978. Nursing Services Fund -This fund was established to account for money used for health -and nursing services. Beginning in .1978 the activities of the fund.were accounted for in the General Fund. This fund will be closed during 1979. Park Fund - The Park Fund was established to account for administration and maintenance-of-the City parks. Revenue exceeded.expenditures by $14,9.35 during 1978 leaving a fund balance of $15,972. 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 $210,701 of bond proceeds for park improvements. 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 estab-lishad to account for debt retirement of the 1975 Redevelopment Bonds. PARK CONSTRUCTION -FUND The Park Construction Fund was established to account for improvements.to park facilities. Transfers are made from the General Debt Service Fund for improvement costs. The fund deficit was.$88,159 at December 31, 1978. In addition, $210,701 of bond proceeds is available in the Park Sinking Fund for park improvements. 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 used primarily to account for collection of assessments against benefited property owners and disbursementof assessment collections for the payment of bonds and interest. II 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. 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, $100,000 of which remain outstanding at December 31, 1978. Shown below is a condensed summary of operations for the last three years. 1978 1977 1976 Income $ 573,856 $ 544,742 $ 704,959 Expense 733,479 712,053 719,932 Operating income (loss) $(159,623) $(167,311) $( 14,973) Other income (expense) 21,281 3,133 2,930 Net income (loss) $(138,342) $(164.,178) $( 12.043) 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. 1978 1977 1976 Income $1,139,177 $1,161,364 $1,189,206 Expense 1,469,615 1,151,436 1,019,857 Operating income (loss). $( 330,438) $ 9,928 $ 169,349 Other income (expense) 75,390 ( 74,689) 21,487 Net income (loss) $( 255,,048) $( 64,761) $ 190.836 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. - 1978 1977 1976 Percent Percent Percent Amount . of sales Amount of sales Amount of sales 50th Street Sales $ 889,916 100.00 $ 6133,198 100.00 $ 7772807 100..00 Cost of goods -sold 728,535 81.87 512,643 83.60 650,686 83.66. Gross profit $ 161,381 18.13 $ 100,555 16.40 $ 127,121 16.34 Operating expenses 116,550 13.10 98,882 16.13 113,620 14..61 Operating income $ 44,831 5.03 $ 1.673 .27 $ 13.501. 1.73 Yorkdale Sales $2,077,977 100.00 $1,857,132 100.00 $1,715,418 100.00 Cost of goods sold 1,745,612 84.01 1,537,472 82.79 1-,412,526 82.34 Gross profit $ 3322365 15.99 $ 319,660 17.21 $ 302,892 17.66 Operating expenses 175,769 8.46 161,235 8.68 151,998 8.86 Operating income $ 156,596 7.53.. $ 158,425 8.53 $ 150.894 8.80 Grandview Sales $1,721,350 100.00 $1,578,981 100.00 $1,406,140 100.00 Cost of goods sold 1,450,507 84.26 1,328,698 84.15 1,177,651 83.75 Gross profit $ 270,843 15.74 $ 25031283 15.85 $ 228,489 16.25 Operating expenses 147,045 8.54 133,532 8.46 131,568 9.36 Operating income $ 123,798 7.20 $ 116,751 7.39 $ 96,921 6.89 III ENTERPRISE FUNDS (CONTINUED) Liquor Fund (Continued) During 1978 net income for all stores was $498,833. Transfers to other funds during the year were $325,000 or $65.2% of net income.. The $325,000 transfer was the equivalent of a .82 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 1978 $ 51,789 65,165 1977 1976 $ 46,281 $ 50,505 61,163 57,378 Net loss 13 6) 14 8 ) _.823) 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, $410,000 of which remain outstanding at December 31, 1978. 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, 1969 and 1918 revenue bonds in the amounts of $450,000, $100,000 and $370,000 respectively were sold, $560,000 of which remain outstanding at December 31, 1978. 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 1978 1977 $ 194,547 $ 213,856 257,465 236,304 $( 62,918). $( 22,448) ( 5,003) ( 9,169) $( 67,921) $( 31,617) 1976 $ 207,014 222,456 $( 15,442) 9 600) S( 25,042) 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. 1978 1977 1976 Income $ 13,742 $ 13,716 $ 11,138 Expense 14,178 15,484 13,695 Net loss $( 436) $( 1,768) $( 2,557) IV 1978 1977 1976 Income $ 404,475 $ 396,829 $ 346,247 Expense 301,783 279,704 273,813 Operating income $ 102,692 $ 117,125 $ 72,434 Other income (expense) ( 15,369) 16,651 ( 17,730) Net income $ 87,323 $ 100,474 54 04 Recreation Center Fund - The Recreation Center Fund accounts for the operations of the City -owned recreation center. During 1965, 1969 and 1918 revenue bonds in the amounts of $450,000, $100,000 and $370,000 respectively were sold, $560,000 of which remain outstanding at December 31, 1978. 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 1978 1977 $ 194,547 $ 213,856 257,465 236,304 $( 62,918). $( 22,448) ( 5,003) ( 9,169) $( 67,921) $( 31,617) 1976 $ 207,014 222,456 $( 15,442) 9 600) S( 25,042) 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. 1978 1977 1976 Income $ 13,742 $ 13,716 $ 11,138 Expense 14,178 15,484 13,695 Net loss $( 436) $( 1,768) $( 2,557) IV ENTERPRISE FUNDS (CONTINUED) 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 last two years. . 1978 1977 Income $ 32,946 $ 18,403 Expense 44,4_11 24,402 Operating income (loss). $( 11,465) $( 59999) Other income (expense) 8,499 12,280 Net income S( 2,966) HOME IMPROVEMENT PROGRAMS The City administers two home improvement programs, the MRFA 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. 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, 1978, shown on Pages 2 through 64. 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, 1978, and the results of operations of such funds and the changes in financial position of the proprietary funds for the year then ended, in conformity with generally accepted accounting principles, except as noted in footnotes 2, 3 and 4, applied on a basis consistent with that of the preceeding year. The accompanying supplemental schedules and related information presented on Pages 65 -to 71 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 25, 1978, 2 CITY OF EDINA, MINNESOTA COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS DECEMBER 31, 1978 Governmental Special Debt General revenue Service ASSETS Cash (deficit) $ 82,723. $ 245,416 $ 861,042 Investments 152,026 350,054 Taxes receivable Unremitted 92,077 11,249 9,384 Delinquent 1113,235 12,600 10,080 Deferred 4,043,600 Allowance for uncollectible taxes ( 111,235) ( 12,600) ( 204,680) Accounts receivable 100,726 55,822 1,138 Special. assessments receivable Unremitted Delinquent Deferred Allowance for uncollectible special assessments Due from other funds. 372,001 Due from other governmental units 1,015,200 2,192 1832550 Inventories 10,000 Prepaid expense Construction in progress Unallocated construction costs Property and equipment less accumulated depreciation General fixed assets Deferred receivable Note receivable Contracts receivable 124,836 Total assets $ 1,949,589 $ 664,733 $ 4,904,114 LIABILITIES AND FUND EQUITY Liabilities Accounts payable $ 63,561 $ 10,396 Accrued expenses 85,522 13,661 Contracts payable Due to other funds. 440,428 17,389 $ 270,223 Due to other governmental units 139,188 Bonds payable 2,800,.000 Deferred credit . Deposits 2,496 Total liabilities $ 728,699 $ 43,942 $ 3,070,223 Fund equity . Reserves $ 8332302 $ 262,194 $ 2102701 Invested in fixed assets Retained earnings - Unappropriated Fund balance Appropriated 2092564 225,000 1,394,375 Unappropriated 178,024 133,597 228,815 Total fund equity $ 1,220.,890 $ 620,791 $ 1,833,891 Total liabilities and fund equity $ 1,949 589 $ 6644733 $ 4,904,114 See accompanying notes to financial statements. 3 Fund Types Proprietary General Total Park Special Fund fixed (Memorandum Construction Assessment types assets. only) $( 166,166) $ 1,148,960 $ 700,551. $ 2,872,526 601,371 31,761 1,135,212 112,710 133,915 4,043,600 ( 328,515) 1,615 3,537 362,436 525,274 24,692 24,692 448,581 448,581 7,191,384 1,190 7,192,574 ( 808,151) ( 808,151) 3,034,438 8962743 4,303,182. 80,500 1,281,442 680,683 690,683 116,748 116,748 2,782,549 3,405,120 6,187,669 165,005 165,005 19,116,770 19,116,770 6,231,570 6,231,570 735,072 735,072 64,654 64,654 124,836 $ 2,698,498 $15,214-,937 $22,706,608 $ 6,231,570. $54,370L04a 218,267 $ 296,332 . $ 31,944 28,439 159,566 . 52,500 639,260 691,760 2,610,918 964,224 4,303,182 243,312 382,500 7,365,000 1,070,000 11,235,000 735,072 735,072 122,854 2,021 127,371 $ 56,608 $11,013,288 $ 3,018,023 $17,930,783 $ 2,730,049 $ 215,678 $ 105,600 $ 4,357,524 17,646,770 $ 6,231,570 23,8.78,340 1,936,215 1,936,215 171,148 40,617 2,040,704 ( 259,307) 3,945,354 4,226,483 $ 2,641,890 $ 4,201,649 $19,688,585 $ 6,231,570 $36,439,266 $ 2,698,498 $15,214,937 $22,706,608 $ 6,231,570 $54,370,049 4 CITY OF EDINA, MINNESOTA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE GOVERNMENTAL FUND TYPES YEAR ENDED DECEMBER 31, 1978 Revenues Taxes . Licenses and permits Intergovernmental revenue Federal State County Charges for services Fines and forfeitures Other Interest on investments Sale of fixed assets Rents Interest on special assessments Interest on bonds issued Other sources Transfers from other funds Reserve for commitments Adjust allowance for uncollectible receivables" Capitalized interest Expenditures Current General government Public safety Public works Unallocated general expense Other Reserve for commitments Parks Capital outlay Debt service Interest and service charges Construction costs Interest Other uses .Transfer to other funds Net increase (decrease) in fund balance Fund balance January 1 Fund balance December 31 See accompanying notes to financial statements. General $2,522,306 . 215,145 39,867 1,311,930 78,334 239,059 111,165 44,697 19,954 240,052 164,808 $4,987317 $ 639,626 2,362,472 1,360,634 261,876 110,400 198,997 15.000 $4,949,005 $ 38,312 349,276 $ 387,588 5 Total Special Debt Park Special (Memorandum Revenue Service Construction Assessment only)' $ 330,906 $2,853,212 215,145 222,653 262,520 42,404 1,354,334 78,334 26,542 265,601 111,165 5,678 $ 124 $ 117 50,616 18,849 $ 29,006 76,068 143,877 80,500 80,500 3,000 3,000 363,769 363,769 6,800 6,800 229,948 80,000 550,.000 164,808 14,833 17,862 32,695 204,998 204,998 $ 876,980 $ 43,839 $ 163,624 $ 669,614 $6,741,374 $ 639,626 2,362,472 1,360,634 261,876 $ 1,768 $ 3,500 5,268 110,400 $ 594,893 594,893 25,650 224,647 $ 178,222 345,289 523,511 280,588 280,588 2,700 2,700 225,000 240,000 $ 845,543 $ 178,222 $ 285,056 $ 348,789 $6,606,615 $ 31,437 $( 134,383) $( 121,432) $ 320,825 $ 134,759 327,160 1,757,573 33,273 3,665,146 6,132A428 $ 358,597 $1,623.190 $( 88,159) $3,985,971 $6,267,187 .. 6 CITY OF EDINA, MINNESOTA COMBINED STATEMENT OF INCOME AND RETAINED EARNINGS PROPRIETARY FUND TYPES YEAR ENDED DECEMBER 31, 1978 Sewer Waterworks Rental Liquor Fund Fund Fund SALES AND COST OF SALES Sales $ 4,689,243 Cost of sales 3,924,654 Gross profit $ 764,589 OPERATING REVENUES Charges for services $ 573,856 $ 1,139,177 Total gross profit and operating revenues $ 573,856. $ 1,139,177 $ 764,589 OPERATING EXPENSE 733,479 1,469,615 439,364 Operating income (loss) $( 159,623) $( 330,438) $ 325,225 OTHER REVENUES Interest income $ 26,261 $ 11,235 Discounts 62,292 Gain on sale of fixed assets 98,872 Prior years disposal charges $ 62,460 Rental income 4,378 Deferred charges 8,552 Donations Other 1,297 26,.261 $ 75,390 $ 173,696 OTHER EXPENSES Interest and paying agent fees $ 4,980 Other $ 88 $ 4,980 $ -0- $ 88 Net income (loss) $( 138,342) $( 255,048) $ 498,833 TRANSFERS FROM (TO) OTHER FUNDS ( 325,000) PROPERTY AND EQUIPMENT CONTRIBUTED BY SPECIAL ASSESSMENTS 1,320,198 81,245 DECREASE IN RESERVES 12650 TRANSFER OF PROPERTY FROM CONSTRUCTION FUND RETAINED EARNINGS January 1 7,082,925 8,473,611 1,863,887 RETAINED EARNINGS December. 31 $ 8,266,431 $ 8,299,808 $ 2,037.720 See accompanying notes to financial statements: 7 Swimming Golf Recreation Gun Art Total Pool Course Center Range Center (Memorandum . Fund Fund Fund Fund Fund. only) $ 4,689,243 3,924,654 . _ $ 764,589 $ 51,789 $ 404,475 $ 194,547 $ 13,742 $ 32,946 2,410,532 $ 51,789 $ 404,475 $ 194,547 $ 13,742 $ 32,946 $ 3,175,121 65,165 301,783 257,465 14,178 442411 3;325,460 $:( 13,376) $ 102,692 $( 62,918) '$( .436) $( 11,465) $( 150,339) $ 37,496 62,292 98,872 62,460. 4,378 8,552 $ 3,843 3,843 . 4,656 5,953 $ -0- $ -0- $ -0- $ -0- $ 8,499 $ 283,846 $ 15,369 $ 5,003 $ 25,352 88 $ -0- $ 15,369 $ 5,003. $ -07 $ -0- $ 25,440 $( 13,376) $ 87,323 $( 67,921) $( 436) $( 2,966) $ 108,067 7,500 7,500 ( 310,000) 1,401,443 1,650. 9,885 9,885 296,610 401,847 71,959 48,771 132,330 18,371,940 5 290,734 $ 489,170 $ 11,538 $ 48,335 5 139,249 519,582,,985 . 8. CITY OF EDINA, MINNESOTA COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION PROPRIETARY FUND TYPES YEAR ENDED DECEMBER 31, 1978 Sewer Waterworks Rental Liquor Fund Fund Fund Funds provided : Operations Net income (loss) $( 138,342) $( 255,048) $ 498,833 Items not requiring (providing) current funds ` Depreciation.. 253,884 - 100,969 36,631. Gain on sale of fixed assets ( 98,872) $ 115,542. $( 154,079) $ 436,592 Contributions in aid to construction 1,3202198 81,245 Sale of.fixed assets 128,507 Transfers from other funds Deposits Proceeds from bond sale Decrease in reserves $1.,435,740 $( 72,,834) $ 565,099 Funds applied Additions to property and equipment $1,465,975 $ 100,516 $ 1411388 Current installment on long -term debt 50,000 Transfers to other funds 325,000 Notes receivable 64,654 Increase in reserves $1,515,975 $ 100,516 $ 531,042 Net increase (decrease) in working capital $( 80,235) $( 173,350). $ 34,057 Various elements of net change in working capital Cash $( 211,542) $( 296,179) $( 172,258) .. Investments Receivables 19,153 ( 10,996) 4,973 Due from other funds 206,504 ( 3,000) 128,064 Prepaid expenses 1,009 97,424 ( 695) Inventories ( 888) 106,075 Accounts payable ( 1,168) 64,179 ( 13,441) Accrued liabilities 74 ( 111) 756 Due to other funds ( 93,377) ( 24,667) ( 69,079) Contracts payable 49,662 Net increase (decrease) in working capital $( 80,235) $( 173,350) $ 34,057 See accompanying notes to financial statements. 9 Swimming Golf Recreation Gun Art Total Pool Course Center Range Center (Memorandum Fund Fund Fund Fund Fund only) $( 13,376) $ 87,323 $( 67,921) $.( 436) $( 2,966) $ 1082067 489 13,530 3,978 59 12079 410,619 ( 98,872) $( 12,887) $ 100,853 $( 63,943) $( 377) $( 1,887) $ 419,814 1,401,443 .128,507 7,500 .7,500 9,885 24,885 2,021 2,021 370,000 370,000 52,300 52,300. $( 5,387) $ 102,874 $ 365,857 $( 377) $ 7,998 $2,398,970 $ 17,201 $ 212579 $. 12,299 $1,758,958 40,000 55,000 145,000 325,000 64,654 5231300 52,300 $ -0- $ 109,501 $ 76,579 $ -0- $ 12,299 $2,345,912 $( .5,387) E-6. 6 2 7) $ 289.28 $( 377) V 4,301) $ 53,058 $( 11,306) $( 6,161) $ 299,627 $( 3,331) $( 5,078) $( 406,228) ( 1) ( 1) ( 132020) 2,404 22514 7,500 7,800 89 ( 6,342) 340,615 ( 522) ( 370) ( 1,159). 952687 52733 110,920 ( 1,059) 219 ( 5,746) 491 769 44,244 ( 120) 1,873 ( 30) ( 39) 2,403 194) (. 97) 656 (.186,758) 49,662 $( 5,387) $( 6,627) $ 289,278 IL--L-3-7 Z) $( 4,301) $ 53 058 10 CITY OF EDINA, MINNESOTA COMBINED STATEMENT OF INDEBTEDNESS DECEMBER 31, 1978 Interest rate Bonded Indebtedness 3/1/79 12/1/67 Special Assessment Debt Service Fund 12/1/79 First series of 1957 Improvement Bonds 3.9 First series of 1967 Improvement Bonds 4.2 Improvement Bonds of 1968 4.0 Improvement Bonds of 1969 5.7 Improvement Bonds of 1975 5.30 -5.50 Improvement Bonds of 1977 4.25 -4.40 Temporary Improvement Bonds of 1978 5.4 General Debt Service Funds Park Construction Bonds General Obligation Park Bonds General Obligation Redevelopment Bonds Revenue Bonds Waterworks Bonds of 1963 Golf Course Bonds Recreation Center Series A Recreation Center Series B Recreation Center Series C Recreation Center Series D Total bonded indebtedness Other indebtedness Installment purchases Total indebtedness Final Issue maturity date date 3/1/57 3/1/79 12/1/67 12/1/79 12/1/68 12/1/79 12/1/69 12/1/79 12/1/75 12/1/83 11/1/77 11/1/86 11/1/78 11/1/81 3.9 3/1/57 3/1/81 5.30 -5.50 12/1/75 12/1/80 5.30 -6.50 12/1/75 12/1/93 3.20 -3.30 12/1/63 12/1/80 3.20 -3.50 12/1/63 12/1/87 3.20 -3.30 9/1/65 9/1/82 3.00 9/1/65 9/1/82 5.00 8/1/69 8/1/79 5.20 -5.25 11/1/78 11/1/85 5.50 -6.50 1977 -1978 1981 -82 See accompanying notes to financial statements. 1978 Percent paid by tax levies None 100% None 11 Bonds Due =n 1979 Authorized Issued Redeemed. Outstanding Bonds Interest $ 1,300,000 $ 1,3002000 $ 1,235,000 $ 65,000 $ 65,000 $ 1,267 2,000,000 2,000,000 1,800,000 200,000 200,000 8,400 2,000,000 2,000,000 1,800,000 200,000 200,000 8,000 2,500,000 2,500,000 219250,000 250,000 250,000 14,250. . 33,500,000 3,500,000 1,000,000 2,500,000 500,000 136,500 2,700,000 2,700,000 300,000 20400,000 300,000 103,800 1,750,000 1,750,000 -0- 1,750,000 -0- 94,500 $15,750,000 $15,750,000 $ 8,385,000 $ 7,365,000 $ 1,515,000. $ 366,717 $ 700,000 $ 7003,000 $ 550,000 $ 150,000 $ 50,000 $. 3,900.. 950,000 950,000 450,000 500,000 250,000. 27,000 2,200,000 2,200,000 50,000 2,150,000 50,000 130,900 $ 3,850,000 $ 3,850,000 $ 1,050,000 $ 22800,000 $ 350,000 $ 1.61,800 $ 400,000 $ 400,000 $ 300,000 $ 100,000 $ 50,000. $ 3,300, 825,000 825,000 415,000 410,000 40,000. 14,010 300,000 300,000 180;000 120,000 30,000 3,960 150,000 1503,000 90,000 60,000 15,000 1,800 100,000 100,000 9.0,000 10,000 10,000 500 370,000 370,000 370,000 19,275- $ 2,145,000 $ 2,145,000 $ 1,075,000 $ 1,070,000 $ 145,000 $ 42,845 $213,745,000 $21,745,000 $10,510,000 $11,235,000 $ 2,010,000 $. 571,362. 28,155 28,155 7,348 20,807 5,649 1,046 $21,773,155 $21,773,155 $10,517,348 $11,255,807 $ 2,015,649 $ 572,408 - 12 CITY OF EDINA, MINNESOTA GENERAL FUND BALANCE SHEET DECEMBER 31, 1978 ASSETS Cash $ 79,690 Petty cash and change funds 550 Departmental cash .2,483 Investments Land 1,007 Donated securities 995 U. S. Government Securities 150,024 Receivables Accounts receivable 97,726 . Contracts receivable 124,836 Due from Edina.HRA 1,002,303 - Due from other governmental units 12,897 Unremitted taxes receivable 92,077 Delinquent taxes receivable 111,235 Allowance for uncollectible taxes ( 111,235) Donations receivable 3,000 Due from other funds 372,001 Inventories 10,000 Total assets $1,949,589 LIABILITIES AND FUND EQUITY Liabilities - -- Accounts payable $ 63,561 Accrued payroll 85,522 Due to other governmental units 139,188 Due to other funds 440,428 $ 728,699 Fund equity Reserves Dedicated funds $ 120,288 Reserve for Morningside 10,788 Reserve for impressed cash in inventory 10,550 Reserve for commitments 691,676 833,302 Fund balance Appropriated $ 209,564 Unappropriated 178,024 387,588 Total liabilities and fund equity $1,949.58 '. See accompanying notes to financial statements. 13 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE YEARS ENDED DECEMBER 31, 1978 AND 1977 1978 .1977 Budget Actual Actual Revenue and other sources $ 4,983,164 $ 4,987,317. $ 4,670,372 Expenditures and other uses 5,083,164 4,949,005 4,479,974 Revenue over (under) expenditures $( 100,000) $ 38,312 $ 19.0,398 Fund balance, January 1 349,276 349,276 158,878 ;. Fund.balance, December 31 $ 249,27E 387.58 8 S 349,276 14 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF REVENUE YEARS ENDED DECEMBER 31, 1978 AND 1977 .. 1978 1977 Budget Actual Actual Taxes General property tax $2,517,860 $2,492,229 $2,296,944 Penalties and interest 50,000 30,077 69,567 Total taxes .$2,567,860 $2,522,306 $2,3661511 Licenses and permits $ 168,000 $ 215,.145 $ 237,724 _Intergovernmental revenue Federal aid $ 11,764 . Anti- recession $ 22605 C.E.T.A. $ 40,000 283103 10,882 State grants Local government aid 843,137 845,572 845,084 Homestead credit 318,649 318,649 294,111 . State highway aid 54,000 54,465 54,315. Police aid 64,700 64,700 Planning aid 12,500 9,631 State aid trees 11,315 Other state aid 10,200 7,598 3,919 County grants Health programs 79,258 78,334 Total intergovernmental revenues $1,422,444 $1,430,131 $1,210;916 . Charges for services Engineering and clerical charges on construction projects $ 125,000 $. 142,977 $ 189,332 Planning fees 17,000 91678 17,045 Automobile licenses 30,000 33,906 30,822 Housing and redevelopment authority 6,000 7,660 3,780 Charges to other funds 300000 30,000 30,000 Other 11,000 14,838 13,188 Total charges for services $ 219,000 $ 239,059 $ 284,167 . Fines and forfeitures $ 140,000. $ 111,165 $ 93,288 Miscellaneous revenue Interest $ 30,000 $ 19,954 $ 32,878 Sale and rental of property 10,000 27,042 68,750 Donations 1,940 Other 21,000 15,715 28,972 Total miscellaneous revenue $ 61,000 $ 64,651 $ 130,600 Total revenue $4,578,304 $4,582,457 $42323,206 See accompanying notes to financial statements. I .See accompanying notes to.financial statements. 15 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF REVENUE (CONTINUED) YEARS ENDED DECEMBER 31, 1978 AND 1977 1978 1977 Budget Actual Actual Other sources Reserve -for commitments $ 164,808 $ 164,808 Transfers from other funds Revenue Sharing Fund $ 225,000 $ 225,000 $ 230,475 Liquor Fund 15,052 15,052 ( 5,335) Special Assessment Fund $ 122,026 $ 240,052 $ 240,052 $ 347,166 Total revenue and other sources $4,983,164 $4,.987,317 $4,67Q 372 .See accompanying notes to.financial statements. 16 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES YEARS ENDED DECEMBER 31, 1978 AND 1977 1978 1977 Budget Actual Actual General Government Mayor and council Personal services $ 14,500 $ 14,410 $ 14,190 Contractual services 200 216 306 Commodities 100 16 688 Central services 8,760. 8,.760. 8,220. $ 23,560 $ .23,402 . $ 23,404 . Planning.. Personal services $ 59,665 $ 59,597 $ 51,323 Contractual services 865 678 901 Commodities 525 199 434 . Central services 18,420 18,420 17,340 $ 79,475 $ 78,894 $ 69,998 Administration Personal service $ 118,618 $ 118,514 $ 117,915 . Contractual services 18,783 16,032 26,768 Commodities 700 621 1,425 Central services 34,440 34,440 34,320 Capital outlay 5,200 5,146 747 $ 177,741 $ 174,753 $ 181,175 Finance Personal services $ 96,788 $ 90,535 $ 85,656 Contractual services 23,698 20,862 18,556 Commodities 300 71 128 Central services 23,460 23,460 25,560 $ 144,246 $ 134,928 $ 129,900 Election Personal services $ 21,378 $ 21,260 $ 4,589 Contractual services 7,146 4,263 24 Commodities 2,160 2,066 517 Central services 2,700 2,700 2,760 . Capital outlay 6,250 5,000 $ 39,634 $ 35,289 $ .7,890 Assessing Personal services $ 85,037 $ 84,988 $ 79,382 Contractual services 4,170 4,116 3,559 Commodities 600 513 735 Central services 27,420 27,420 26,880 Capital outlay 2,600 774 $ 119,827 $ 117,811 $ 110,556 See accompanying notes to financial statements. See accompanying notes to financial statements. 17 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES (CONTINUED) YEARS ENDED DECEMBER 31, 1978 AND 1977 1978 1977 Budget Actual Actual General Government (Continued) Legal and Court Services Personal services $ 22,700 $ 22,692 $ 19,290 Contractual services 59,100 62,777 75,248 Commodities 15 Central services 1,740 $ 81,800 $ 85,469 $ 96,293 Total General Government $ 666,283 $ 650,546 $ 619,216 Public Safety Police Protection Personal services $ 982,674 $ 990,724 $ 917,278 Contractual services 37,976 34,761 29,525 Commodities 7,552 11,985 8,060 Central services 347,100 347,100 308,400 Capital outlay 47,900 31,857 $1,423,202 $1,416,427 $1,263,2b3. Fire Protection Personal services $ 516,201 $ 526,387 $ 410,826 Contractual services 29,300 30,161 21,101 Commodities 19,150 17,234 21,867 Central services 165,600 165,600 137,160 Capital outlay 20,500 23,631 97,648 $ 750,751 $. 763,013 $ 688,602 Civil Defense Personal services $ 42 $ 391 $ 98 Contractual services 2,127 12605 1,940 Commodities 650 45 361 Capital outlay 4,200 8,427 4,500 . $ 7,019 $ 10,468 $ 6,_899 Public Health Personal services $ 49,583 $ 47,921 $ 44,253 Contractual services 80,443 80,394 573 Commodities 1,799 1,129 1,588 Central services 17,820 17,820 1226'60 Capital outlay 534 $ 149,645 $ 1472264 $ 59,608 See accompanying notes to financial statements. Public Safety (Continued) Animal Control Personal services $ 10,450 $ 9,280 $ 10,683 Contractual services 4,250 3,413 2,856 Commodities 250 373 3 Central services 53,640 5,640 5,220 Capital outlay 5,6.70 $ M590 $ 18:,706 $ 24,02P. Inspections Personal services $ 66,726 $ 62,627 $ 50,607 Contractual services 755 575 603 Commodities 570 527 430 Central services 24,60.0 24,600 22,860 Capital outlay 344 $ 92,651 $ 882329 $ 74,844 . Total Public Safety $2,443,858 $2,444,207 $2,117,648 Public Works Administration Personal services $ 28,514 $ 28,054 $ 32,652 - _- `Contractual services 550 125 70 Commodities 8 Central services 11,160 11,160 11,460 Capital outlay 80 $ 40,224 $ 392339 $ 44,270 Engineering Personal services $ 143,379 $ 140,035 $ 150,544 Contractual services 1,450 2,682 898 Commodities 8,330 7,969 6,450 Central services 50,100 50,100 47,700 Capital outlay 6,890 9,170 4,_531 $ 210,149 $ 209,956 $ 210,123 Supervision and overhead Personal services $ 125,869 $ 125,814 $ 104,975 Contractual services 600 606 479 Commodities 50 10 26 ' Central services 135.360 135.360 106.080 19 CITY OF EDINA, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES (CONTINUED) YEARS ENDED DECEMBER 31, 1978 AND 1977 1978 1977 Budget Actual Actual Public Works (Continued) . Street Maintenance Personal .services` $. 177,200 $ 175,548 $ 176.227 Contractual services 34,700 34:,274 27,459 Commodities 102,165 98,626 98,376 Central services 128,520 128,520 119,640 Capital outlay 103,700 97,1.72 53,303 $ 546,285.. $ 534,140 $ 475,005 Street Lighting Personal services $ 8,800 $ 7,773 $ 5,034 Contractual services 140,100 139,393 152,747 Commodities 6,000 5,095 2,833 Central services 1,560 1,56.0 1,440 $ 156,460 $ 153,821 $ 162,054 Street Name Signs Personal services $ 10,800 $ 6,479 $ 5,300 Contractual services 19 Commodities 4,135 2,165 20,064 Central services 4,200 4,200 3,900 $ 19,135 $ 12,844 $ 29,283 Traffic Control Personal services $ 17,900 $ 16,230 $ 16,188 Contractual services 22,000 16,006 19,023 Commodities 16,922 9,900 8,426 Central.services 7,980 7,980 7,380 $ 64,802 $ 50,116 $ 51,017 Bridges Personal services $ 4,200 $ 513 $ 685 Contracual services 500 488 Commodities 710 Central services 1,560 1,560 .1,440 $ 6,970 $ 2,073 $ 2,613 Storm Drainage Personal services $ 35,800 $ 32,094 $ 24,239 Contractual services 16,620 15,382 1,330 Commodities 7,250 6,220 8,096 Central services 7,980 7,980 7,380 $ 67,650 $ 61,676 $ 41,045 See.a.ccompanying notes to financial statements. 20 CITY OF EDINA; MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES (CONTINUED) YEARS ENDED DECEMBER 31, 1978 AND 1977 1978 1977 Budget Actual Actual . Public Works (Continued) City Properties Personal services $ 75,900 $ 65,832 $ 71,181 Contractual services 30,700, 31,799 26,024 Commodities 5,800 2,789 3,863 Central services 12,300 12,300 11,400 $ 1242700 $ 112,720 $ 118,468 Sidewalks and Ramp Personal services $ 8,100 $ 5,056 $ 3,982 Contractual services 20,900 19,582 5,977 Commodities 3,400 1,343 3,309 Central services 2,520 2,520 2,340 $ 34,920 $ 28,501 $ 15,608 Total Public Works $1,533,174 $1,466,976 $1,361,046 Unallocated General Expenses Environmental quality commission $ 12 Human rights commission $ 18,400 $ 18,648 15,563 Historical Preservation Board 3,100 1,739 1,776 Suburban Rate Authority 750 750 - Central services -• Capital outlay 2,850 2,804 1,351 City's share of special assessments 82,000 81,583 87,991 - Legal claims settlement 1,781 - - - -- - -Dutch -elm- subsidy 50,500 44,088 --25;345 - -` Recycling 8,100 8,813 8,829 Fireworks 2,500 1,943 Contingencies 45,449 42,303 33,630 $ 213,649 $ 2012921 $ 177,028 Central services $ 100,800 $ 59,955 $ , 78,036 Total expenditures $4,957,764 $4,823,605 $4,352,974 Other uses Reserve for commitments Public works $ 52,400 $ 52,400 $ 70,000 Fire 8,000 8,000 6,000 Capital improvement 50,000 50,000 50,000 Assessing 1,000 $ 110,400 $ 110,400 $ 127,000 Transfers to other funds Swimming pool $ 7,500 $ 7,500 Recreation Center 7,500 7,500 $ 15,000 $ 15,000 Total expenditures and other uses $5,083,164 $4,949,005 $4,479.974 See accompanying notes to financial statements. See accompanying notes to financial statements. 21 CITY OF EDINA, MINNESOTA GENERAL FUND CENTRAL SERVICES EXPENDITURES YEARS ENDED DECEMBER 31,1978 AND 1977 .1978 1977 Budget Actual Actual General. Contractual services $1,036,980 $ 933,986 $ 891,002 Commodities 12,000 10,903 15,474 $1,048,980 $ 944,889 $ 906,476 City hall Personal services $ 289930 $ 30,041 $ 23,023 ..Contractual services 23,450 39,935 19,302 Commodities 8,500 160866 8,985 Fixed charges 3,360 3,360 3,180 $ 64,240 $ 90,202 $ 54,490 Public works building Personal services $ 13,560 $ 10,933 $ 9,707 Contractual services. 33,600 35,862 30,730 Commodities 4,700 5,348 5,024 Fixed charges _ .3,000 3,000 2,520 $ 54,860 $ 55,143 $ 47,981 Equipment operations Personal services $ 110,780 $ 110,094 $ 98,052 Contractual services 66,500 89,484 54,003 Commodities 166,100 180,803 146,194 Fixed charges 64,200 64,200 572360 $ 407,580 $ 444,581 $ 355,609 . Total Central Services expenditures $1,575,660 $1,534,815 $1,364,556 Less .allocations to other activities 1,474,860 1,474,860 12286,520 Net Central Services $ 100,80Q $ 59,255 $ 78-.13.6 See accompanying notes to financial statements. .22 CITY OF EDINA, MINNESOTA SPECIAL REVENUE FUNDS COMBINED BALANCE SHEET DECEMBER 31, 1978 Federal Revenue Nursing Sharing Services Park Combined ASSETS Cash $ 52,009 $ 34,763 $ 158,644. $ 245,416 Investments 2002031 150,023 350,054 Receivables Accounts receivable 55,822 - 55,822 Due from other governmental units 2,192 2,192 Unremitted taxes receivable 11,249 11,249 Delinquent taxes receivable 12,600 12,6W Allowance for delinquent taxes 12,600) ( 12,600) Total assets .." S 307,862, . $ 34.763 LIABILITIES, RESERVE AND FUND BALANCE Liabilities Accounts payable $ 10,396 $ 10,396 —� -- Accrued - payroll 13,661 - - 13,661 -- Due to other funds 17,389. 17,389 Deposits 2,496. 2,496 Reserve for park acquisition and improvement 262,194. .262,194 Fund balance Appropriated $ 225,000 225,000 Unappropriated 82,862 $ 34,763 15,972. 133,597 " Total liabilities, reserve and fund balance L19-7 34 76 322 0 $ 664.733 See accompanying notes to financial statements. COMBINED STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE YEAR ENDED DECEMBER 31, 1978 23 See accompanying notes to financial statements. Federal Revenue Nursing Sharing Services Park Combined Revenue Taxes $330,906 $330,906 Intergovernmental revenue Federal grant = Federal revenue sharing $222,454 $ 199 222,653 State grants Homestead credit 42,404 42,404 Charges for services 26,542 26,542 Miscellaneous revenue Interest 18,849 18,849 Other 5,678 52678 Total revenue $241,303 $. 199.. $405,530 .$647,032 Other sources - Transfers from other funds 229,948 2299948 . Total revenue and other sources $241,303 199 $635,478 $876,980 Expenditures Current expenditures $594,893 $594,893 Capital outlay 25,650 25,650 Total expenditures $620,543 $620,543 Other uses - Transfers to other funds $225,000 .225,000 Total expenditures and other uses $225,000 $620,543 $845,543 Revenue over expenditures $ 16,303 $. 199 $ 14,935 $ 31,437 Fund balance, January 1 291,559 34,564 1,037 .327,160,. Fund balance, December 31 JUL.8b2 34 63. $15.972 35 9 See accompanying notes to financial statements. 24 CITY OF EDINA,.MINNESOTA FEDERAL REVENUE SHARING FUND STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE YEARS ENDED DECEMBER 31, 1978 AND 1977 Revenue Federal revenue sharing grant Interest on investments Expenditures Other uses - Transfer to General -Fund Revenue over (under) expenditures Fund balance, January 1 Fund balance, December 31 1978 Budget Actual $ 225,000 $ 225,000 $ -0- $ 222,454 18,849 $ 2.41,303 $ 225,000 $ 16,303 1977 Actual $ 217,137 7,377. 224,514 $.230,475 $( 5,961) $ 291,559 291,559 297,520 $ 291.559. 30 8 2 1 NURSING SERVICES FUND _STATEMENT OF REVENUE,. EXPENDITURES AND FUND BALANCE YEARS ENDED DECEMBER 31, 1978 AND 1977 Revenue General property tax State grants Homestead credit Hennepin County health program Expenditures Contractual services Revenue over expenditures Fund balance (deficit),January 1 Fund balance, December 31 $ 199 $ 28,958 3,742 79,260 $ -0- $ 199 $ 111,960 $ -07 $ 75,456. $ - -0- $ 199 $ 36,504 34,564 342564 ( 1,940) $ 34.564 34,763 34 564 See accompanying notes to financial statements. 25 CITY OF EDINA, MINNESOTA PARK FUND STATEMENT OF REVENUE, EXPENDITURES AND FUND BER 31. 1978 AND 1977 Recreation Baseball and softball $ 5,150 1978 1977 Skating and hockey Budge Actual Actual Revenue 5,640 3,877 4,812 General property tax $334,878 $330,906 $251,751 State grants 26,425 19,300 17,864 Homestead credit 42,404 42,404 32,122 Registration fees 28,000 26,542 29,362 Other revenues 500 5:,678 6,659 Maintenance $405,782 $405,530 $319,894 Other sources - Transfer from Liquor Fund 229,948 229,948 250,335 Special turf care $635,730 $635,428 $570,229 Expenditures 16,800 14,457 13,898 Administration 9,000 13,655 11,824 Personal services $ 89,075 $ 78,643 $ 78,697 Contractual services 2,400 - 2,631 1,792 Commodities 350 2,316 277 Central services 130,320 130,320 89,340 Training 500 451 1,109 Paid leave 31,000 24,961 25,956 Total administration $253,645 $239,322 $197,171 Recreation Baseball and softball $ 5,150 $ 8,871 $ 8,526 Skating and hockey 19,710 22,856 12,214 Tennis instruction 5,640 3,877 4,812 Playgrounds 16,330 12,876 12,858 Swimming instruction 26,425 19,300 17,864 Senior citizens 1,800 6,239 Miscellaneous and special activities 12,880 9,309 13,265 Total recreation $ 87,935 $ 83,328 $ 69,539 Maintenance Mowing $ 26,420 $ 29,377 $ 19,450 Special turf care 68,180 59,203 55,195 Plantings and trees 16,800 14,457 13,898 Litter removal 9,000 13,655 11,824 Parking areas 9,700 22,106 3,005 Buildings and equipment 61,570 60,518 64,537 Skating rinks 75,880 72,927 64,,976 Total maintenance $267,550 $272,243 $232,785 Capital outlay $ 26,600 $ 25,650 $ 21,830. $635,730 $620,543 $521,325 Revenue over expenditures $ -0- $ 14,935 $ 48,904 Fund balance (deficit), January 1 1,037 1,037 (47,867) Fund balance, December 31 . $ 1,037 $ 15.972 1,037 See accompanying notes to financial statements. r 27 CITY OF EDINA.- MINNESOTA GENERAL DEBT SERVICE FUNDS COMBINED BALANCE SHEET DECEMBER 31, 1978 Park Redevelopment Sinking Sinking Fund Fund Combined ASSETS Cash $ .861,042 $ 861,042 Taxes receivable Unremitted 9,384 9,384 _ Delinquent 10,080 10,080 Deferred $3,477,600 5662000 4,043,600 Allowance for uncollectible taxes ( 166,300) ( 38,980) ( 204,680) Due from other funds 1,138 1,138 Due from E;lina Housing and Redevelopment Authority 183,550 183,550 Total assets 53.494.850 $1,409.264 4.904.114 LIABILITIES_, RESERVE AND FUND BALANCE Liabilities Due to other funds $ 270,223 $ 270,223 Future maturities - Bonds $2,150,000 650,000 2,800,000 Reserve for land acquisition 210,701 210,701 Fund balance Appropriated 1,344,850 49,525 11394,375 Unappropriated 228,,815 228,815 Total liabilities, reserve and fund balance $1,40,264, $4,904,114 COMBINED. STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE YEAR _ENDED DECEMBER 31, 1978 Revenue Interest $ 29,006 $ 29,006 - Other sources .Adjustment of allowance for uncollectible taxes 14,833 14,833 $ -0- $ 43,839 $ 43,839 Expenditures Interest and service charges $ 130,900 $ 47,322 $ 178,222 Revenue over (under) expenditures $( 130,900) $( 3,483) $( 134,383) Fund balance, January 1 1,475,750 281,823 1,757 2573 Fund balance, December 31 51,344,850 $ 278,340 $1,623,19Q See accompanying notes to financial statements. See accompanying notes to financial statements. 29 CITY OF EDINA, MINNESOTA PARK CONSTRUCTION FUND STATEMENT OF REVENUE,. EXPENDITURES.ANU FUND BALANCE YEAR ENDED DECEMBER 312 1978 Revenue Rents $ 3,000 Sale of land 80,500 Donations 124 $ 83,624. Other sources - Transfer from Liquor Fund 80,000 $ 163,624 Expenditures Construction costs $ 280,588 Interest on property purchase 2,700 Other 1,768 $ 285,056 Revenue over (under) expenditures $(121,432) Fund balance, January 1 33,273 Fund balance (deficit), December 31 S( 88,159) See accompanying notes to financial statements. 30 CITY OF EDINA, MINNESOTA SPECIAL ASSESSMENT FUNDS COMBINED.BALANCE SHEET_ DECEMBER 31, 1978 Permanent Improvement Revolving . ASSETS Cash (deficit) $ 217,736 Investments Accounts receivable Special assessments receivable Unremitted 188 Delinquent 34,541 Deferred 10,269 City's share Allowance for uncollectible receivables (. 35,055) Loans to other funds 200,000 Due from other funds 276 Unallocated construction costs Construction in progress. Current Deferred Total assets $ 427.955 LIABILITIES, RESERVE AND FUND _BALANCE Liabilities Due to other governmental units Accrued interest on bonds Contracts payable Deposits payable Loans from other funds Due to other funds $ 1.0,431 Bonds payable Reserve for assessment adjustments 6,698 Fund balance (deficit) . Appropriated Unappropriated 410,826 Total liabilities, reserve and fund balance $ 427.95,.E See accompanying notes to financial statements. 31 Improvement Municipal Improvement Bond State -aid Bond Redemption -I Street Bonds Redemption -II Construction Combined $ 940,199 $( 424) $ 6,800 $( 15,351) $ 1,148,960 601,371 601,371 3,537 3,537 24,504 24,692 414,040. 448,581 6,969,361 6,979,630 211,754 211,754 ( 7 73,096) ( 808,151) 570,017 1,750,000 2,520,017 280,668 233,477 514,421 147,952 17,053 165,005 2,765,860 2,765,860 639,260 639,260 $ 9_ 3_ 97 $( 424) 1,156,80a $ 3.640X299 $15,214.937 $ 5,955 $ 237,357 $ 243,312 31,944 31,944 639,260 639,260 122,854 122,854 2,520,018 2,520,018 276 80,193 90,900 5,615,000 $ 1,750,000 7,365,000 208,980 215,678 40,617 40,617 3,528,152 $( 424) 6,800 3,945,354 $ 9,390,307 ,$( 424) S 1,756,800 S 3.640-,,299 15.214.937 32 CITY OF EDINA, MINNESOTA SPECIAL ASSESSMENT FUNDS COMBINED STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE YEAR ENDED DECEMBER 31, 1978 Revenue Interest Investments Capitalized interest Special assessments Other sources Bond proceeds Adjustment of provision for uncollectible receivables Assessment adjustments Expenditures Interest Paying agent service charges Bond rating and investors services Revenue over expenditures Fund balance (deficit) January 1 Fund balance (deficit) December 31 See accompanying notes'to financial statements. Permanent Improvement Revolving $ 2,491 489 107 129 $ 3,216 $ 3,216 407,610 $ 410..826 33 Improvement Municipal Improvement Bond State -aid Bond Redemption -I Street Bonds Redemption -II Construction Combined $ 73,577 $ 76,068 204,998 204,998 3632280 363,769 $ 6,800 6,800 172755 17,862 ( 12) 117 $ 659,598 $ 6,800 $ 669,614 $ 3442126 $ 344,126 1,163 1,163 3,500 $ 348,789 $ 348,789 $ 310,809 $ 6,800 $ 320,825 3,217,343 $( 424) $ 40,617 3,665,146 $3,528,152 $( 424)' 6 0 $ 40,617 $3.9 5.971 34 CITY OF EDINA, MINNESOTA ENTERPRISE FUNDS COMBINED BALANCE SHEET DECEMBER 31, 1978 See accompanying notes to financial statements. Sewer Waterworks Rental Liquor Fund Fund Fund ASSETS Current assets Cash (deficit) $ 606,105 $( 130,946) $ 30,361 Restricted cash 53,300 Total cash $ 659,405 $( 130,946) $ 30,361 Petty cash and change funds 3,500 Investments 19,033 Receivables Donations Accounts receivable 4,973 Customers 143,072 186,140 Assessments 1,190 Due from other funds 225,500 128,064 Prepaid expenses 4,440 97,745 13,961 Inventories 9,485 660,935 Total current assets $1,060,935 $ 154,129 $ 841,794 Property and equipment, less accumulated depreciation $7,407,599 $8,223,274 $ 949,713 Other assets Deferred receivable - Metropolitan Waste Control Commission $ 735,072 Notes receivable - Less $4,973 current portion included with accounts receivable $ 64,654 Loan to other funds $ 100,000 415,000 Total other assets $ 100,000 $ 735,072 $ 479 4654 Total assets $ 8,568,534 $9.112,475 $2,271,,161 See accompanying notes to financial statements. 35 Swimming Golf Recreation Gun Art Pool Course Center Range Center Fund Fund Fund Fund Fund Combined $( ,43,026) $ 110,715 $ 102,588- $( 15,059) $( 18,162) $ 642,576 53,300 $( 43,026) $ 110,715 $ 102,588 $( 15,059) $( 18,162) $ 695,876 400 700 75 4,675 12,728 31,761. 1,700 1,700 23,525 3,026 31,524 329,212 1,190 7,500 20,300. 379 381,743 602 116,748 632 250 9,381 680,683 $( 352526) $ 124,445. $ 147,745 $( 11,404) $ 7,006) $ 2,275,112 $ 327,377 $1,025,580 $ 975,540 $ 59,970 $ 147,717 $19,116,770: $ 735,072 64,654 515,000 _1.314,726 $ 291,851 $1,150,025 $1,123,,285: $ te_ 48,56.6.. $ 140,711_ $22,706,,§Q& 36 CITY OF EDINA, MINNESOTA ENTERPRISE FUNDS COMBINED BALANCE SHEET (CONTINUED) DECEMBER 31, 1978 Other liabilities Long -term liability - Bonds payable, less current portion above $ 50,000 Deferred credit $ 735,072 Deposits Loan from other funds Total other liabilities $ 50,000 $ 735,072 Reserve for debt retirement $ 53,300 Retained earnings Sewer Invested in fixed assets Waterworks Rental Liquor Contributed invested in fixed assets Fund Fund Fund LIABILITIES, RESERVES AND RETAINED EARNINGS 76,534 1,088,007 Current liabilities ..$8,266,,431 $8,299,808 $2,037,720 Accounts payable $ 18,395 $ 44,053 $ 128,531 Accrued payroll 4,358 2,858 12,435 Due to other funds 125,774 30,684 92,475 Bonds payable 50,000 Accrued interest 276 Total current liabilities $ 198,803 $ 77,595 $ 233,441 Other liabilities Long -term liability - Bonds payable, less current portion above $ 50,000 Deferred credit $ 735,072 Deposits Loan from other funds Total other liabilities $ 50,000 $ 735,072 Reserve for debt retirement $ 53,300 Retained earnings Invested in fixed assets $1,342,681 $ 99,292 $ 949,713 Contributed invested in fixed assets 5,964,918 8,123,982 Working capital .958,832 76,534 1,088,007 Total retained earnings ..$8,266,,431 $8,299,808 $2,037,720 Total liabilities, reserves and retained earnings $8,568,534 9 12 �75 $2,271.161 See accompanying notes to financial statements. 37 Swimming Golf Recreation Gun Art Pool Course Center.. Range. Center Fund Fund Fund Fund Fund Combined $ 1,117 $ 1,868 $ 23,074 $ 87 $ 1,142 $, 218,267 1,772 4,071 144 320 25,958 194 97 249,224 40,000 55,000 145,000 2,205 2,481 $ 1-,117 $ 43,834 $ 84,447 $ 231 $ 1,462 �5 640,930. $ 370,000 $ 505,000 $ 925,000 735,072 2,021 2,021 2452000 470,000: 715,000 $ 617,021 $ 975,000 52,377,093 $ 524300 $' 105,600 $ 327,327 $ 370,580 $ 254,540 $ 14,970 $ 12.5,684 $,3,484,787 50 6,000 45,000 22,033 14,161,983 . (. 36,643) 118,590 ( 249,002) ( 11,635) ( 8,468) 1,936,215 290,734 $ 489,170 $ 11,538 $ 48,335 $ 139,249 $19,582,985 $ 291,851 $1,150,025 $1,123,285 $ 48,566 S 140,771 $22,706..608 CITY OF EDINA, MINNESOTA - WATERWORKS FUND STATEMENT OF INCOME AND RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1978 AND 1977 Water charges $ 550,711 $ 520,865 Sale of meters (less cost.of meters sold) 6,113 6,114 Hydrant rental 15,541 15,996 Permits 1,365 1,627 Other 126 140 Total operating revenue $ 573,856 $ 544,742 Operating expenses Source of supply Personal services $ 24,743 $ 20,868 Other services and charges 1102105 166,061 Supplies 26,733 3,339 Distribution Personal services 67,245 56,767 " Other services and charges 24,271 37,228 - -... Supplies 77,343 50,108 Purification Personal services 43,129 3,682 Other services and charges 147 173 Supplies 12,776 14,660 - General and administrative Personal services 45,158 54,926 Other services and charges 85,855 63,190 Supplies 1,090 585 Depreciation 253,884 240,466 Total operating expense $ 733,479 $ 712,053 Operating loss $( 159,623) $( 167,311) Other income (expense) Interest on investments $ 26,261 $ 9,553 Interest and paying agent fees ( 4,980) ( 6,420) Total other income $ 21,281 $ 3,133 Net loss $( 138,342) $( 164,178) . Retained earnings January 1 7,082,925 7,076,677 Property and equipment contributed by special assessments 1,320,198 168,826 Reduction in reserve for debt retirement 1,650 1,600 Retained earnings December 31 $8,266,431 $7,082,925 See accompanying notes to financial statements. 39 CITY OF EDINA, MINNESOTA -. WATERWORKS FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1978 AND 1977 1978 1977 Funds provided Operations Net loss $(.138,342) $( 164,178) Item not requiring current outlay 'of funds - Depreciation 253,884 240 ;466 $ 115,542 $ 76,288 Contributions in aid to construction 1,320,198 168,826 $1,435,740 $ 245,114 Funds applied Additions to.property and equipment $1,465,975 $ 174,768 . Current installment of long -term debt 501000 50,000 $1,515,975. $ 224,768 Net increase (decrease) in working capital $(- 80,235) ,0 Various elements of net change in working capital Cash $( 209,892). $ 77,960 . Restricted cash ( 1,650) ( 1.,600) Investments (' 4,556) Receivables 19,153 ( 32,001)_ Due from other funds 206,504 4,231 .- Prepaid expenses 1,009 ( ° 236) Inventories ( 888) 1,817 Accounts payable ( 1,168) 7,392 Accrued payroll ( 63) ( 384) Accrued interest payable. 137 120 Due to other funds (. 93,377) ( 32,397) Net increase (decrease) in working capital $( 80,235. $ 20,�Ak See accompanying notes to financial statements. Operating revenue - Sewer rentals Operating expense -: Collection Personal services Other services and charges Supplies Disposal - Contractual services Administrative and general Personal services Other services and charges Supplies Depreciation Total operating expense Operating income (loss) Other income (expense) Deferred charges. Rental income Prior year's disposal charges Total other income (expense) Net income (loss) Retained earnings January 1 Property and equipment contributed by special assessments Retained earnings December 31 MINNESOTA kL FUND ) RETAINED EARNINGS 31. 1978 AND 1977 1978 1977 $1,139,177 $1,161,364 $ 82,899 $ 73,711 67,016 21,194 29,536 31,830. 1,- 122,202 855,976 17,578 15,967 48,800 .50,029 615 123 100,969 102,606 $1,469,615 $1,151,436 $(, 330,438) $ 9,928 $ 8,552 $ 8,199 4,378 7,098 62,460 ( .89,986) $ 75,390 $( 74,689) $( 255,048) $( 64,761) 8,473,611 8,466,229 81,245 ..72,143 $8,299,808 $8,473 -,611 See accompanying notes to financial statements. 41 . CITY OF EDINA.- MINNESOTA SEWER RENTAL FUND STATEMENT OF CHANGES IN.FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1978 AND 1977 1978 1977 Funds provided Operations Net income (loss) $( 255,048) $( 64,761) Item not requiring current outlay of funds - Depreciation 100;.969 102,606.1 $( 154,079) $ 37,845 Contributions in aid to construction 81,245 72,143 Total. $( 72,,834) $ 109,988 Funds applied Additions to property and equipment $ 100,516 $ 841162 Net increase (decrease) in working capital $( 17.3,350) 2 82 Various elements of net change in working capital Cash $( 296,179) $ 141,995 Receivables ( 10,996} ( 17,068) Due from other funds ( 3,000) 3,000 Prepaid expenses 97,424 ( 242) Accounts payable 64,179 ( 95,239) Accrued salaries and wages ( 111) ( 603) Due to other funds ( 24,667) ( 6,017) Net increase (decrease).in working. capital $( 173,350) $ 25,826 See accompanying notes to financial statements. See accompanying notes to financial statements. 1978 1977 50th Street Yorkdale Grandview Combined Combined Sales $ 889,916 $.2,077,977 $1,721,350 $4,689,243 $4,049,311 Cost of sales 728,535. 1,745,612 1,450,507 3,924,654 3,378,813. Gross profit $ 161,381 $ 332,3.65 $ 270,843. $ 764,589 $ 670,498 Operating expense Selling $ 48,793 $ 80,030 $ 65,634 $ 194,457 $ 209,367 Occupancy 27,172 43,589. 32,686 103,447 80,158 Administrative 40,58.5 52,150 48,725 141,,460. 104,124, Total operating expense $ 116,550 $ 175,769 $ 147,045 $ 439,364 $ 393,649 Operating income $ 44,831 $ 156,596 $ 123,798 $ 325,225 $ 276,849 - Other income (expense) Interest income 11,235 11,235 2,858 Discounts 11,815 27,516 22,961 62,292 48,678 Cash over (short) ( 73) ( 187) 172 ( - 88) ( 105) Gain on sale of store 98,872 98,872 Other 1,297 1,297 1,341 Net income $ 167.977 183 925. $ 146,,931 $ 498,833 $ 329,621 Retained earnings January 1 1,863,887 1,859,266 Transfer to other funds General Fund 15,052 ( 5,335) Park Fund 229,948 .250,335 Park Construction Fund 80,000 80,000 $ 325,000 $ 325,000 Retained earnings December 31 $2,037.720 $1.863.887 See accompanying notes to financial statements. 43 CITY OF EDINA, MINNESOTA LIQUOR FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER.31, 1978 AND.1977 1978 1977 .. Funds provided Operations Net income $ 498,.833 $. 329,621 Item not requiring (providing) current funds - Depreciation 36,631 29,627 Gain on sale of fixed assets ( 98,872) Proceeds from sale of fixed assets 128,507 $ 565,099 $ 359,248 . Funds applied Transfers to other funds $ 325,000 $ 325,000 Additions to property and equipment 141,388 300,410 Notes receivable 64,654 $ 531,042 $ 625,410 Net increase (decrease) in working capital $ 34,057, $( 2.66,162) Various elements of net change in working capital Cash $( 172,258) $( 180,761) Inventories 106,075 . 30,785. Receivables 4,973 ( .18,702) Due from other funds 128,064 Prepaid expenses ( 695) 11,494 Accounts payable ( 13,441) ( 36,016) Accrued payroll 756 ( 3,093) Due to other funds ( 69,079) ( 20,207) Contracts payable 49,662 ( 49,662) Net increase (decrease) in working capital $ 34,057 $( 266.62) See accompanying notes to financial statements. 44 CITY OF EDINA,- MINNESOTA LIQUOR FUND STATEMENT OF OPERATING EXPENSES YEARS ENDED DECEMBER 31, 1978 AND 1977 $ 116.781 $ 175,249 $ 147,304 $ 439,334 $ 393,649 See accompanying notes to financial statements. 1978 . 1977 50th Street Yorkdale Grandview Combined Combined Selling Salaries and wages $ 52,840 $ 83,723 $ 70,314 $ 206,877 $ 179,662 Supplies 3,292 6,136 4,84.8 14,276 12,188 Licenses and dues 87 117 8.7 291 336 Service contract 158 28 72 258 412 Direct promotion 879 874 874 2,627 16,052 Other 113 113 717 $ 57,256 $ 90,991 $ 76,195. $ .224,442 $ 209,367 Occupancy Salaries and wages $ 101 $ 119 $ 31 $ 251 $ 322 Telephone 826 618 581 2,025 1,586 Supplies 554 1,912 842 3,308 1,410 Light and power 5,362 6,691 2,776 14,829 13,122 Maintenance, heating and cooling 256 735 315 1,306 861 Heat 1,480 687 1,181 3,348 2,379 Laundry and rug service 439 534 386 1,359 1,421 Burglar alarm 572 485 297 1,354 1,230 Insurance 6,002 12,542 10,207 28,751 21,267 Share of maintenance 777 645 130 1,552 1,530 Repair and maintenance 607 22093 1,478 4,178 2,104 Depreciation 8,999 14,770 12,862 36,631 29,627 Rubbish hauling 540 1,250 1,250 3,040 1,260 Janitorial service 442 131 136 709 1,528 Water and sewer service 223 377 214 814 493 Miscellaneous 82 82 18 $ 27,262 $ 43,589 $ 32,686' $ 103,537 $ 80,158 Administrative Salaries and wages $ 18,914 $ 22,461. $ 19,948 $ 61,323 $ 56,556 Supplies 111 76 172 359 72 Professional services 1,342 1,343 1,343 4,028 3,661 Allocated expenses - Retirement, insurance, office supplies, etc. 11,460 16,260 162,620 44,340 42,420 Mileage 260 260 260 780 780 Miscellaneous 176 269 80 525 635 $ 32,263 $ 40,669 $ 38,423 $ 111,355 $ 104,124 $ 116.781 $ 175,249 $ 147,304 $ 439,334 $ 393,649 See accompanying notes to financial statements. 45 CITY OF EDINA, MINNESOTA SWIMMING POOL FUND STATEMENT OF INCOME AND RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1978 AND 1977 1978 1977 Operating revenue Season tickets $ 30,519 $ 29,344 General admissions 8,913 6,028 Rentals and instruction programs 5,000 5,000. Concessions (less cost of goods sold) 6,557 5,909 Other 800 Total operating revenue 51,789 $ 46 -,281 Operating expense Salaries and wages $ 32,705 $ 31,672 Supplies 4,899 5,769 Utilities 9,732 9,834 Insurance 1,232 892 Repair and maintenance 5,657 3,366 Professional service 100 150 Printing and office expense 1,864 1,160 Central services .4,141 4,020 Concessions - Operating 3,779 3,513 Contractual services 459 205 Depreciation 489 447 Other 108 135 Total operating expense $ 65,165 $ 61,163 Net loss $( 13,376) $( 14,882) . Retained earnings January 1 296,610 311,492 Transfer from General Fund .7,500 Retained earnings December 31 $ 290.734 $ 296 -,610 See accompanying notes to financial statements. 46 CITY OF EDINA, MINNESOTA SWIMMING POOL FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1978 AND 1977 1978 1977 Funds provided Operations Net income (loss) $(13,376) $(14,882) Item not requiring current outlay of funds Depreciation 489 447 $(12,887) $(14,435) Transfer from General Fund 7.,500 5,387) $(14,435) Funds applied Additions to property and equipment $ -0- 428 Net decrease in working capital - Various elements of net change in working capital Cash $(11,306) $(15,346) Due from other funds 7,500 Prepaid expenses ( 522) 132 Accounts payable 1,059) 351 Net decrease in working capital IL-5,38 Z) 14 863) See accompanying notes to financial statements. See accompanying notes to financial statements. 1,978 1977 Operating revenue Green fees $ 245,819 $ 249,334 Rental rees 44,632 44,827 Membership fees 26,470 26,121 Concessions (less cost of goods-sold) 34,460 35,625 Range 45,269 40,408 Lessons 7,462 Other 363 514 Total operating revenue 404,475 396,829, Operating expense Administration $ 75,456 $ 61,182 Building - Club house and pro shop 29,678 30,909 Maintenance of course and grounds 137,119 132,980 Range and grill 46,000 44,090 Depreciation 13,530 10 ;543 Total operating expense $ 301,783 279,704 Operating income 102 692 117,125 Other income (expense) Interest and paying agent fees 15,369) 16 ,651) Net income $ 87,323 $ 100,474 Retained earnings January 1 401,847 301,373 Retained earnings December 31 $.489.170 S 401,$47 See accompanying notes to financial statements. 48 CITY OF EDINA, MINNESOTA GOLF COURSE FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS. ENDER DECEMBER 31, 1978 AND 1977 1978 197.7 Funds provided Operations Net income $ 87,323 $ 100,474 Item not requiring current outlay of funds Depreciation 13,,530 10,543 $ 100,853 $ 111,017 Other sources Deposits 29021 . 102,874 111,017 Funds applied Additions to property and equipment $ 17,201 $ 20,666 Current installment of long -term debt 40,000 40,000 Increase in reserve for debt.. retirement 52,300 109,501 60,666 Net increase (decrease) in working capital $( 6,627) $ 50,351 Various elements of net change in working capital Cash $( 6,161) $ 50,942 Investments ( 1) Prepaid expenses ( 370) 543 Accounts payable -219 ( 1,137) Accrued payroll ( 120) 3 Due to other funds ( 194) - Net increase (decrease) in working capital 6,627 50 35 See accompanying notes to financial statements See accompanying notes to financial statements. 1978 1977 ' Administration Personal services $ 42,663 $ 293189 Contractual services 31,574 29,122 - Commodities.and supplies 791 1,972... Other charges 428 899 Total administration expense 75,456 61,182 Building - Club house and pro shop Personal services $ 123,276 $ .15,108 . Utilities 7,754 .10,433 Fuel 1,977 938 Supplies 4,847 2,320. -- Repairs - Building 1,908 22294. Contractual services 3,180 3,045 Less amount charged to grill ( 3,499) (. 3,927) Other 1,235 698 Total building - Club house and pro shop 29,67 30 9,09 Maintenance of course and grounds Personal services $ 76,519 $ 72,552 Contractual services 7,649 7,760 Commodities and supplies 28,405 30,021 Fixed charges 24,180 22,380 Other 366 267 Total maintenance of. course and grounds 137,119 132,980 Range and grill Personal services $ 38,935 $ 36,625 Contractual services 3,522 4,103 Commodities and supplies 3,543 3,362 Total range and grill 46,000 44,090 Depreciation 13,530 10,543 Total operating expense $ 301.783 ,$ 279,704 See accompanying notes to financial statements. 50 CITY OF EDINA, MINNESOTA RECREATION CENTER FUND STATEMENT OF INCOME AND RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1978 AND 1977 Operating revenue Rental fees Season ticket sales Daily skating fees - Admissions Concessions (less cost of goods sold) Vending machine commissions Services - Skate sharpening. Other Total operating revenue Operating expense Personal services Contractual services Commodities and supplies Depreciation Other charges Total operating expense Operating loss Other expense - Interest and paying agent fees Net loss Retained earnings January 1 Transfer from General Fund Retained earnings December 31 See accompanying notes to financial statements. 1978 1977 $ 134,014 $ 151,651 23,449 24,721 3,318 4,390 17,926 .15,916 5,207 5,942 5,844 5,482 3,823 5,464 966 290 194 547 213,856 $ 106,830 $ 98,158 84,718 70,153 37,099 40,217 3,978 3,995 24,840. 23,781 257,465 $ 236,304. $( 62,918) $( 22,448) ( 5,003) ( 9,169) $( 67,921) $( 31,617) 71,959 103,576 7,500 CITY OF EDINA, MINNESOTA RECREATION CENTER FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1978 AND 1977 Funds provided Operations Net income (loss) Item not requiring current outlay of funds Depreciation Proceeds from bond sale Decrease in reserve for debt retirement Transfer from General Fund Funds applied Additions to property and equipment Current installment of long -term debt Total Net increase (decrease) in working capital Various elements of net change in working capital Cash Receivables Due from other funds Inventory Prepaid expenses Accounts payable Accrued payroll Accrued interest Due to other funds -Bonds payable Net decrease in working capital See accompanying notes to financial statements. 51 1978 1977 $( 67,921) $( 31,617) 3,978 3,995 $( 63,943) $( 27,622) 370,000 13,020) ( 52,300 14,412) 7,500 7,800 ( 365,857 27,622) $ 21,579 $ 427 55,000 55,000 76,579 55,427 � 289.278 $( 83, -049.) $ 2 299,627 $ $( 4 44,638) ( 1 13,020) ( ( 1 14,412) 7,800 ( ( 1 1,273) 86 ( ( 3 39) ( 1 1,245) ( ( 8 88) ( 5 5,746) ( ( 7 7,181) 1,215 ( ( 9 927) 658 5 509 E 9 97) ( 15,000) $( 83,049) 52 CITY OF EDINA, MINNESOTA GUN RANGE FUND STATEMENT OF _INCOME AND RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1978 AND 1977 1978 1977 Operating revenue Range fees $ 11;132 $ 10,848 Sale of ammunition 2,151 22314 Concessions (less cost of goods sold) ill ( 2) Other 348 556 Total operating revenue 13,742 $13,716 Operating expense, Personal service $ 7,505 $ 7,218 Contractual services 2,306 2,479 Commodities and supplies 4,203 5,609 Depreciation 59 58 . Other 105 120 Total operating expense 14,178 15,484 Net loss $( 436) $( 1,768) Retained earnings January 1 48,771 50,539 Retained earnings December 31 48 335 48 1 See accompanying notes to financial statements. 53 CITY OF EDINA, MINNESOTA GUN RANGE FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1978 AND 1977 1978 1977 Funds provided Operations Net income (loss) $( 436) Item not requiring current outlay of funds .$(1,768) Depreciation 59 58 Net decrease in working capital 37 if 1 / 1111 Various elements of net decrease in working capital Cash $(32331) $(2,761) Receivables 2,404 622 Due from other funds 89 ( 27) Accounts payable 491 ( 34) Accrued payroll ( 30) ( 10) Due to other funds 500 Net decrease in working capital JC 377) 1 10) 1978 1977 . Operating revenue Memberships $ 5,581 $ 3,625. Registration fees 25,465. 14,186 Retail sales less cost of goods sold 1,900 592 Total operating revenue $ 32,946 18,403 Operating expense Administration Personal services $ 12,727 $. 631927. Contractual services 582 830 Commodities 2,775 3,321 - $ 16,084 11,078 Occupancy Personal services $ 680 $ 867 Contractual services 4,075 1,301. Commodities 1,319 -. 1,625. 6,074 3,753 Instructors - Personal services $ 21,174 $ 8,992 Depreciation $ 1,079 539 Total operating expense $ 44,411 $. 24,402 Operating loss 11,465) 5,999) Other income Donations $ 3,843 $ 12,280 Inventory adjustment - Prior year. 3,900 Other 756 Total other income $ 8,499 $ 12,280 Net income (loss) $( 2,966) $. 6,281 Retained earnings January l 132,330 -0- Transfer of land, building and improvements from Construction Fund 9,885 126,049 Retained earnings December 31 J-119,249 132 330 See accompanying notes to financial statements. t 55 CITY OF EDINA, MINNESOTA ART CENTER FUND STATEMENT OF CHANGES IN FINANCIAL POSITION _. YEARS ENDED DECEMBER 31, 1978 AND 1977 1978 1977 Funds provided Operations Net income (loss) $( 2,966) $ 6,281 Item not requiring current outlay of funds Depreciation 1,079 .539: $( 1,887) $ 6,820 Transfers from other funds 9,885 126,049 Total 1 7 998 132,860 Funds applied Additions to property and equipment 12,299 137,036 Net decrease in working capital( 4,30.1) $( 4.167) Various elements of change in working capital Cash $( 5,078) $( 13,009) Receivables 1,700 Due from other funds ( 6,342) 6,342 Inventories 5,733 3,648 Accounts payable 769 ( 1,911) Accrued payroll ( 39) ( 281) Due to other funds 656 ( 656) Net decrease in working capital 4 30 4 b ) 56 CITY OF EDINA. MINNESOTA ENTERPRISE FUNDS STATEMENT OF CHANGES IN PROPERTY AND EQUIPMENT YEAR ENDED DECEMBER 31, 1978 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 Construction in progress Swimming Pool Fund Land Swimming pool and bathhouse Filter system Furniture and fixtures Assets Balance Balance January 1, December 31, 1978 Additions Disposals 1978 $ 26,556 $ ..26,556 25,776 $ 783 26,559 2,551,088 19,220 2,570,308 7,066,9.56 1,445,972 8,512.,_928 $ 9,670,376 $, 1,465,975 $11,136,351 $ 6,014 9,847,007 2,454 12,666 55.993 $ 9,924,134 $ 152,519 24,488 481,644 154,110 307.554 $ 1,120,315 $ 10,000 288,048 28,006 42618 $ 330,672 $ 427 81,245 18,844 $ 100,516 $ 97,766 10,396 252,021 88,759 See accompanying notes to financial statements. 446,74L $ 16,500 13,799 75,332 15,550 307.554 $ 428,735 $ 6,441 9,928,252 2,454 12,666 74.837 $10,024,650 $ 233,785 21,085 658,333 227,319 $ 1,1402522 $ 10,000 288,048 28,006 4,618 $ 330,672 57 Accumulated Depreciation Balance Balance Net January 1, December 31, Book 1978 Additions Disposals 1978 Value $ 26,556 $ 12,403 $ 1,016 $ 13,419 13,140 1,418,913 97,166 1,516,079 1,054,229 2,043,552 155,702 2,199,254 6,313,674 3,474,868 253,884 $ 3,728,752 $ 7,407,599 3,300 $ 249 $ 3,549 $ 2,892 1,646,711 97,984 1,.744,695 8,183,557 2,177 29 2,206 248 10,774 756 11,530 1,136 37,445 1,951 39,396 35,441 $ 1,700,407 $ 100,969 $ 1,801,376 $ 8,223,274 $ 233,785 $ 6,560 $ 853 $ 4,380 $ 3,033 18,052 152,895 19,954 71,617 101,232 557,101 86,269. 15,824 15,549 86,544 140,775 $ 245,724 $ 36,631 $. 91,546 $ 190,809 $ 94.9,713 $ 10,000 288,048 28,006 $ 2,806 $ 489 $ 3,295 12323 $ 2,806 $ 489 $ 3,295 $ 327,377 58 See accompanying notes to financial statements. CITY OF EDINA, MINNESOTA ENTERPRISE FUNDS (CONTINUED) STATEMENT OF CHANGES IN PROPERTY AND EQUIPMENT (CONTINUED) YEAR ENDED DECEMBER 31, 1978 Assets Balance Balance January 1, December 31, 1978 Additions Disposals 1978 Golf Course Fund Golf, course $ 726,414 $ 726,414 Buildings 204,781 204,781 Well 15,018 15,018 Parking lot and roadway_ 9,627 9.,627 Equipment.. .169,493 $:. 17,201 1.86,694 $ 1,125,333 $ .17,201 $ 1,142;534 Recreation Center Fund Land improvements $ 52,174 $ 52,174 Buildings 885,191 885,191 . Furniture and equipment 62,993 62,993 Construction in progress $ 21,579 21,579 $ 1,000,358 $. 21,579 $ 1,021,9.37 Gun Range Fund Land improvements $ 12,182 $ 12,182 Building 47,532 47,532 Furniture and equipment 863 863 $ 60,577 $ 60,577 Art Center Fund Land $ 15,000 $ 15,000 Land improvements 1,476 1,476 Building 109,773 $ 985 110,758 Office furniture and ..equipment 4,648 1,429 6,077 Machinery and equipment 6,139 6,139 Construction in progress 9,885 9,885 $ 137,036 $ 12,299 $ 149,335 $23,368,801 $ 2,066,512 $ 428,135 $25,006.578 See accompanying notes to financial statements. 59 Accumulated Depreciation Balance Balance Net January 1, December 31, Book 1978 Additions Disposals 1978 Value $ 726,414 204,781 15,018 9,627 $ 103,424 $ 13,530 $ 116,954 69,740 $ 103,424 $ 13,530 $ 116,954 $ 1,025,580 $ 52,174 885,191 $ 42,419 $ 3,978 $ 46,397 16,596 21,579 $ 42,419 $ 3,978 $ 46,397 $ 975,540 $ 12,182 47,532 $ 548 $ 59 $ 607 256 $ 548 $ 59 $ 607 $ 59,970 $ 15,000 1,476 110,758 $ 232 $ 465 $ 697 5,380 307 614 921 5,218 9,885 539 $ 1,079 $ 1,618 $ 1472711 $ 5,570,735 $ 410,619 $ 91,546 $ 5,889,808 $19,116 Note 1 - Summary of Significant Accounting Policies The accounting policies of the City of Edina conform to generally accepted accounting., principles, except that a.statement of general long -term debt is not included (Note 2), depreciation expense on certain enterprise fund property and equipment is not recorded (Note 3) and certain revenue and expenditures are accounted for through reserve accounts (Note 4). Basis of Accounting Governmental.funds - Revenues and expenditures are recognized on the modified accrual basis. Under the modified accrual basis, revenues are recognized in the accounting . period -.in which-they become. available and measurable. _Expenditures are recognized.. In the accounting period in which the fund liability is incurred, if measurable, -except for unmatured interest on general long -term debt and special assessment debt. Proprietary funds - Revenues and expenses are recognized on the accrual basis. Under the accrual basis, revenues are recognized in the accounting period in which they are: earned and become measurable; expenses are recognized in the period incurred, if measurable. Investments - Investments are stated at cost, which approximates market. Investment revenue is recorded as received in the fund from which.the investment was purchased. 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. General Fixed Assets- General fixed asset purchases are recorded as expense in the governmental funds at time of purchase. Such assets are capitalized at cost in the general fixed asset group of accounts. No depreciation has been provided on general fixed assets because depreciation as such does not constitute a current budgetary expenditure. Recognition of property tax revenue - Allowances are provided for the full amount . of delinquent taxes receivable. This has the effect of recognizing property tax revenues at the time the cash is received because of the uncertainty of collection of the delinquent amounts. Budget - A plan of financial operation is set forth in the annual budget adopted by the City Council. The amounts shown in the financial statements represent the original budgeted amount and all revisions made during the year. 62 CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 1978 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 recorded, 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. 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 Art Center Fund - Land improvements and building 112,234 Note 4 - Reserves In the General, Park and the Improvement Bond Redemption Funds certain items of revenue and expense are presently accounted for through the reserve accounts and are not reflected in the - operating statements of the respective fund. This accounting treatment is not in accordance with generally accepted accounting principles. 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. 63 CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS CONTINUED) DECEMBER 31, 1978 Note 6 - Bonded Debt The City has three types of bonded debt.outstanding at. December 31; 1978. 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 combined statement of indebtedness for bond and interest maturities. Note 7 - Revenue Bonds The City has outstanding the following revenue bonds: Waterworks Bonds of 1963 $100,000 Golf Course Bonds of 1964 410,000 Recreation Center Bonds, Series A of 1965 120,000 Recreation Center Bonds, Series B of 1965 60,000 Recreation Center Bonds, Series C of 1969 10,000 Recreation Center Bonds, Series D of 1978 . 370,000 .The waterworks.bonds are payable primarily from the revenue of the.Waterworks Fund, with any deficiency to be provided by general property taxes. The other five 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. Note 8 - Purchase Commitments The City has entered into two purchase agreements with Xerox Corporation for the purchase of duplicating machines. At December 31, 1978, $20,807 remained out - standing on these commitments, to be paid in accordance with the following schedule. Date Principal Interest. 1979 $ 52649 $1,046. 1980 5,990 706 1981 4,954 367 1982 4,214 127 20 80 2 46 Note 9 - Notes Receivable During 1977, the City sold several properties for notes or contracts receivable the balances of which were $69,627 in the Liquor Fund and $124,836 in the General Fund at December 31, 1978. Maturity dates range from 1980 to 1992 with interest rates from 77. to 10.51%. Payments have been received according to the contract schedules. 64 CITY OF EDINA, MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 1978 Note 10 - 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 $310,670 for the year ended December 31, 1978. 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 11 - 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 or General Fund for park land acquisition. Transfers of $322,363, $191,309, $103,717 and $121,910 were made for 1975, 1976, 1977 and 1978 respectively leaving a balance of $210,701 at December 31, 1978. Note 12 - Vacation and Sick Leave Accrued vacation and sick leave are not recorded as liabilities at December 31, 1978. 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, 1978 for vacation and sick leave was $195,716 and . $847,937 respectively, although it is anticipated that only $273,000 of the accrued sick leave will be used. Note 13 - Deficiencv in Pledeed Collateral Minnesota statutes require depositories for City funds to pledge collateral to secure balances in excess of F.D.I.C. insurance coverage. The amount of deposits at a depository cannot exceed the F.D.I.C. insurance plus ninety percent of the market value of securities pledged as collateral by the depository. At December 31,. 1978 the collateral pledged by the First Edina National Bank was approximately - $470,000 below the statutory requirement. Note 14 - 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. 65 CITY OF EDINA, MINNESOTA STATEMENT OF CASH AND SECURITY FOR DEPOSITS DECEMBER 31, 1978 Cash Cash First Edina National Bank, Edina, Minnesota Checking accounts $( 60,655) Savings account 1,177,.677 Certificates of deposit 550,000 .First Southdale National Bank, Edina, Minnesota Deposit account 72,797 Payroll account 25,000 Certificates of deposit 650,000 Southwest Fidelity State Bank, Edina, Minnesota Certificates of deposit 100,000 Americana State Bank, Edina, Minnesota Certificates of deposit 1003,000 First National Bank of Minneapolis Certificates of deposit 250,000 Petty cash and change funds 7,707 Total cash $2,8724526 Face amount of securities pledged by depository as collateral $1.285.000 $ 670,OQ0 $ 515.000 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 securities pledged as collateral by the bank. On December 31, 1978, the bank deposits at First Edina National Bank were in excess of this requirement. 66 CITY OF EDINA, MINNESOTA STATEMENT OF CASH AND SECURITY FOR DEPOSITS (CONTINUED) DECEMBER 31, 1978 Cash Allocation by fund General Fund $ 87,723 Special Revenue funds Revenue Sharing Fund 52,009 Nursing Services Fund 34,763 Park Fund 158,644 General Debt Service Funds 861,042 Park Construction Fund (. 166,166) Enterprise funds Waterworks Fund 659,405 Sewer Rental Fund ( 130,946) :. Liquor Fund 33,861 Swimming Pool Fund ( 43,026) Golf Course Fund 111,115. Recreation Center Fund 103,288. . Gun Range Fund ( 15,059) Arts Center Fund ( 18,087) Special assessment funds Permanent Improvement Revolving Fund #1 217,736.. Permanent Improvement Revolving Fund #2.: 6,800 - Improvement Bond Redemption Fund 940,199 -- Municipal State -Aid Street Bonds Fund ( 424) Construction Fund ( 15,351) Total cash - $2,872,,526 Face Interest Amount Rate Maturity Cost City of Edina Bonds Improvement Bonds of 1957 $ 10,000 3.97. 3/1/79 $ 10,000 Improvement Bonds of 1968 151000 4.0 12/1/78 15,000 Waterworks Bonds of 1963 20,000 3.3 12/1/79 19,033 Golf Course Bands 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 4,316 U. S. Government Obligations Banks for Coops 100,000 8.6 4/2/79 100,031 Banks for-Coops 500,000. 10.0 6/4/79 500,078 U. S. Treasury bills 5003,000 .9.36 .5/31/79 476,340 Land 1,007 Donated Securities 995 $1,135,212 Allocation by fund General Fund $ 152,026 Federal Revenue-Sharing Fund 200,031 Park Fund 150,023 Improvement Bond Redemption -I 601,371 Waterworks Fund 19,033 Golf Course Fund . 12,728 $1,135.212 68 CITY OF EDINA, MINNESOTA STATEMENT OF CHANGES IN BONDED INDEBTEDNESS YEAR ENDED DECEMBER 31, 1978 Balance Balance January 1, December 31, 1978 Issued Redeemed 1978 Special assessment bonds $ 1,130,000. $ 1,750,000 $ 1,515,000 $ 7,365,000 General obligation bonds 3,150,000 350,000 ,2,$00,000 Revenue bonds 'Waterworks 150,000 50,000 100,000 Golf Course 450,000 40,000 410,000, Recreation Center 245,000 370.,000 .55,000 560,000 . $11,125.000 $ 2,120.,000 $ 2,010.000 $11.235,000 ,. EMP.LOYEES'. SURETY BONDS DECEMBER 31, 1978 Name Position Surety Bond J. N. Dalen Treasurer $50,000 _ Florence B. Hallberg Clerk 500 -- - Ralph Johnson Assessor 500. Deputy assessors 500 - . Police Department employees are covered by a faithful performance blanket position bond of $5,000. All employees, except police.department and treasurer, are covered by a : faithful performance blanket position bond of $50,000. 69 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 96.47, $ 60,903 $2,905,900 98.570 1977 3,22.6,450 3,152,345 97.7 80,716 3,233,061 .100.2 1978 3,544,897 3,474,459 98.01 68,652 3,543,111 99.9 SPECIAL ASSESSMENT LEVIES AND COLLECTIONS Percentage Collection Percentage Collection of total Total of current of levy of prior Total collections Year le_ Iy year's levy collected year's levy collections to levy. 1976 .$1,371,621 $1,223,649 89.270 $134,421 $1,358,070 99.07. 1977 1,398,780 1,237,843 -88.5 213,757 1,451,600 103.8.. 1978 1$04,745 1,210,181 92.75 127,406 1,337,587 102.5 71 CITY OF EDINA, MINNESOTA . . ASSESSED VALUATION. TAX LEVIES AND MILL RATES (SHOWN BY YEAR OF TAX COLLECTIB_ILITY) 1977 1978 1979 Assessed valuation $394,825,413 $403,504,468 $416,601,475 Increment valuation ( 576,977) ( 726,434) ( 2,049,949) Contribution to fiscal disparities. Pool (11,948,475). (12,608,384) (13,851,121). Received from fiscal disparities Pool 2,208,307 2,610,761 3,407,244 Taxable valuation 384.508.268 $392,780.411 $404.107.649 Tax levies General Fund $ 2,600,298 $ 2,836,628 $ 2,920,038 Park Fund 285,247 377,302 403,696 Bonds and interest 314,080 315,267 316,009 Public nursing 33,060 Fire protection 14,994 15,702 15,757 Total $ 3,247,679_ $ 3,544.899 $ 3.655.,5500 Mill rates General Fund 6.764 7.225 7.226 Park Fund .740 .961 .999 Bonds and interest .817 .803 .782 Public nursing .086 Fire protection .039 .040 .039 Total 8.446 9.02 9.04