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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