HomeMy WebLinkAbout1979 Financial StatementsiP'• I ! _ )
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CITY OF EDINA, MINNESOTA
FINANCIAL STATEMENTS
DECEMBER 31, 1979
CITY OF EDINA, MINNESOTA
ELECTED AND APPOINTED OFFICIALS
DECEMBER 31, 1979
Elected
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's
1981
1981
1981
1983
1983
Pa ge
Comments I
SECTION II
FINANCIAL SECTION
Accountants' report
II -A. General Purpose Financial Statements
Combined balance sheet - all.fund types and account groups
Combined statement of revenue, expenditures and fund balance -
all governmental fund types
Combined statement of revenue, expenditures and fund balance -
budget and actual - general and special revenue fund types
Combined balance sheet - all proprietary fund types
Combined statement of income and retained earnings - all
proprietary fund types
Combined statement of changes in financial position- all proprietary
fund types
Notes to financial statements
II -B. Combining and Individual Fund Statements and Account Groups
General Fund
Balance sheet
Statement of changes in fund balance
Statement of revenue
Statement of expenditures
Special revenue funds
Combining balance sheet
Combining statement of revenue, expenditures.and fund balance
Statements of revenue, expenditures and fund balance
Revenue Sharing Fund
Nursing Services Fund
Park Fund
General debt service funds
Combinino, balance sheet
Combining statement of revenue, expenditures and fund balance
Capital project fund (Park Construction Fund )
Balance sheet
Statement of revenue, expenditures and fund balance
1
2
4
6
8
10
11
12
22
23
24
26
33
34
35
35
36
38
39
40
41
CITY OF EDINA, MINNESOTA
TABLE OF CONTENTS (CONTINUED
II -B Combining and individual Fund Statements and Account Groups
(Continued)
Page
Special assessment funds
Combining balance sheet
42
Combining statement of revenue, expenditures and fund balance
44
Proprietary funds (enterprise funds)
Combining balance sheet
46
Combining statement of income and retained earnings
50
Combining statement of changes in financial position
52
Statement of. property and equipment
54
Waterworks Fund
Balance sheet
58 .
Statement of income and retained earnings
59
Statement of changes in financial position
60
Sewer Rental Fund
Balance sheet
61
Statement of income and retained.earnings
62
Statement of changes in financial position
.63
Liquor Fund
Balance sheet
64
Statement of income and retained earnings
65
Statement of changes in financial position
66
Statement of operating expenses
67
Swimming Pool Fund
Balance sheet
68
Statement of income and retained earnings -
69
Statement of changes in financial position
70
Golf Course•Fund
Balance sheet
71
Statement of income and retained earnings
72
Statement of changes -in financial position.
73
Statement of operating expenses
74
Recreation Center Fund
Balance sheet
75
Statement of income and retained earnings.
76.
Statement of changes in financial position
77
Gun Range Fund
Balance sheet
78
Statement of income and retained earnings
79
Statement of changes in financial position
80
Art Center Fund
Balance sheet
81
Statement of income and retained earnings
82
Statement of changes in financial position
83
Statement of General Fixed Assets
84
Statement of General Long -Term Debt
85
CITY OF EDINA, MINNESOTA
TABLE OF CONTENTS CONTINUED)
SECTION III
STATISTICAL SECTION
Page
Statement of cash and security for deposits
87
Statements of investments
89
Combined statement of indebtedness
90
Statement of changes in bonded indebtedness
92
Bonds payable
92
Debt service requirements
94
Employees' surety bonds
94
Tax levies and collections
95.
Special assessment levies and collections
95
Assessed valuations, tax levies and mill rates -
97
SECTION I
INTRODUCTORY SECTION
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
operations is shown below.
1979
1978
Budget
Actual
Budget
Actual
Revenue and Other Sources
General property taxes
$2,6432661
$2,605,481
$2,567,860
$2,522,306
Licenses and permits
186,300
262,212
168,000
215,145
Intergovernmental revenue
1,534,757
1,511,513
1,4222444
110430,131
Fines and forfeitures
200,700
293,653
140,000
111,165
Charges for services
114,500
158,196
219,000
239,059
Miscellaneous revenue
62,700
82,277
61,000
64,651
Reserve for commitments
72,288
80,588
164,808
164,808
Transfers from other funds
288,225
288,225
240,052
240_ ,.052
Appropriated surplus
209,564
Total revenue
$5.312,695
$5.282,145
$4,983,164
$4,987,317
Expenditures and Other Uses
General government
$ 660,580
$ 670,390
$ 666,283
$ 650,546
Public safety
2,672,801
2,6672384
2.,443,858
2,444,207
Public works
1,562,430
1,564,222..
.1,533,174
1,466,976
Unallocated general expense
210,684
222,160
213,649
201,921
Central services
74,200
68,581
100,800
59,955
Reserve for commitments
117,000
117,000
110,400
.110,400
Transfers to other funds
15,000
15,424
15,000
15,000
Total. expenditures
$5,312,695
$5.325.161
$5,083,164
$4,949,005
. During 1979 the fund balance
decreased $43,016 to $344,572
at December
31, 1979.
$159,700 of the fund balance
has been appropriated._to finance the 1980
budget, leaving
an unappropriated fund balance of $184,872.
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 1979 was $222,964. During
1979 transfers of $225,000 were made.to.the General.Fund leaving a fund balance of
$328,851 at December 31, 1979.
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 1981.
Park Fund - The Park Fund was established to account for administration and -main-
tenance of the City parks. Revenue exceeded'.expenditures by $108,469 during 1979
the reserve and -.deposits increased $123,520 leaving -a fund balance of $921 at -
December 31, 1979.
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.retire-
ment of the Park.Construction Bonds of 1957 and the General Obligation Park Bonds
of 1975. Included in the fund at December 31, 1979 is $163,663 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.established to account
for debt retirement of the 1975 Redevelopment Bonds.
CAPITAL PROJECT FUND (Park Construction)
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 $244,105 at December 31, 1979. In addition, $163,6.63
of- bond - proceeds is- available in-the Park Sinking Fund for park impr.ovements.-
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 assess-
ments 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
disbursement of 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,
$50,000 of which remain outstanding
at December 31, 1979.
Shown below is
a condensed
summary of operations for the last three
years.
Percent
1979
1978
1977
Income
$ 544,596
$ 573,856
$ 544,742
Expense
830,771
733,479
712,053
Operating income (loss)
$( 286,175)
$(.159,623)
$( 167,311)
Other income (expense)
31,878
21,281
3,133
Net income (loss)
$( 254,297)
$( 138,342)
$( 164,178)
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.
Gross profit
$ 143,734.
13.33
Income
Expense
Operating income (loss)
Other income (expense)
Net income (loss)
1979
$1,162,176
1,496,986
$( 334,810)
98,333
$( 236,477)
1978
$1,139,177"
1,469,615
$( 330,438)
75,390
$( 255,048)
1977
$1,161,364
1,151.436
$ 9,928
( 74,689)
JL 64.761)
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.
1979
1.978
1977
Percent
Percent
Percent
Amount
of sales
Amount
of.sales
Amount
of sales
50 Street
Sales
$1,077,915
100.00_
$ 889,916
100.00
$ 613,198
100.00
Cost of goods sold
934,181
86.67
728,535
81.87
512,643
83.60
Gross profit
$ 143,734.
13.33
$ .161,381
18.13
$ 100,555
16.40
Operating expenses
133,094
12.34
116,550
13.10
98,882
16.13
Operating income
$ 10,640
.99
$ 44,831
5.03
$ 1,673
.27
Yorkdale
Sales
$2,222,356
100.00
$2,077,977
100.00
$1,857.,132
100.00
Cost of goods sold
1,860,094
83.7.0
1,745,612
84.01
1,537,472
82.79
Gross profit.
$ 362,262
16.30
$ 332.,365
15.99
$ 319,660
17.21
Operating expenses
195,511
8.80
175,769
8.46
161,235
8.68
Operating income
$ 166,751
7.50
$ 156,596
7.53
$ 158,425
8.53
Grandview
Sales
$1,908,976
100.00
$1,721,350
100.00
$1,578,981
100.00
Cost of goods sold
1,639,540
85.89
1,450,507
84.26
1,328,698
84.15
Gross profit
$ 269,436
14.11
$ 270,843
15.74
$' 250,283
15.85
Operating expenses
165,773
8.68
147,045
8.54
133,532
8.46
Operating income
$ 103,663
5.43
$ 123,798
7.20
$ 116,751
7.39
III
ENTERPRISE FUNDS (CONTINUED)
Liquor Fund (Continued)
During 1979 net income for all stores was $363,039. Transfers to other funds during
the year were $375,000 or 103.3% of net income. '_he $375,000 transfer was the
equivalent of a .93 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.
1979 1978 1977
Income $ 52,008 $ 51,789 $ 46,281
Expense 62,425 65,165 61,163
Net loss $( 10,417) $( 13,376) $( 14,882)
Golf Course Fund - The Gold 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, $370,000
of which remain outstanding at December 31, 1979. Shown below is a condensed summary
of operations for the last three years.
Income
Expense
Operating income
Other income (expense)
Net income
1979
$ 403,224
342.420
$ 60,804
(
21,838)
$ 38,966
1978
$ 404,475
301.783
$ 102,692
( 15,369)
$ 87,323
1977 .
$ 396,829
279.704
$ 117,125
( 16,651)
$ 100,474
Recreation Center Fund - The Recreation Center Fund accounts for the operations of the
City -owned recreation center. During 1965, 1969 and 1978 revenue bonds in the amounts
of $450,000,-$100,000 and $370,000 respectively were sold,.$505,000 of which remain
outstanding at December 31, 1979. 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
1979
$ 241,808.
267,797
$( 25,989)
(
8,285)
$( 34,274)
1978
$ 194,547
257,465
$( 62;918)
( 5,003)
$( 67,921)
1977
$ 213,856
236.304
$( 22,448)
( 9,169)
$( 31,617)
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.
Income
Expense
Net income (loss)
1979 1978 1977
$ 18,179 $ 13,742 $ 13,716
18,086 14,178 15,484
$ 93 $( 436) $( 1,768)
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 three
years.
1979
1978
1977
Income
$ 48,840
$ 32,946
$ 18,403
Expense
69,168
44,411
24,402
Operating income (loss)
$( 20,328)
$( 11,465)
$( 5,999)
Other income (expense)
( 3,624)
8,499
12,280
Net income (loss)
$( 23,952)
( 2,966)
$ 6,281
HOME IMPROVEMENT PROGRAMS
The City administers two home improvement programs, the MHFA 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.
GENERAL FIXED ASSETS
This group of accounts is used to accumulate property and equipment which are of
a general benefit to the City. The fixed assets acquired are recorded as expense
in funds, other than the proprietary funds, at the time of purchase. Such assets
are capitalized at cost in this group of accounts No depreciation has been
provided on the General Fixed Assets.
GENERAL LONG -TERM DEBT GROUP OF ACCOUNTS
This group of accounts is used to account for the general obligation bonds which
are to be paid by general revenues.
The debt reflected in this account is an obligation of the City as a whole and not
of any of the City's individual funds.
V
GEORGE M. HANSEN COMPANY
Certified Public Accountants
SOUTH PLAZA BUILDING
MINNEAPOLIS, MINNESOTA 55416
ACCOUNTANTS' REPORT
The City Council
Edina, Minnesota
We have examined the financial statements of the various fund types and account
groups of the City of Edina for the year ended December 31, 1979, listed in
Section II -A of the foregoing table of contents. 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.
Certain property and equipment of the proprietary funds has not been depreciated
and related depreciation expense is not included in operating expense. 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 policy is not
in accordance with generally accepted accounting principles. The amount by which
the related expense would affect the financial statements has not been determined.
In our opinion, the financial statements examined by us and other than the items
referred to in the preceeding paragraph, present fairly the financial position of
the various fund types and account groups of the City of Edina at December 31, 1979,
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, which, except for the changes., with which we concur,
in accounting as more fully explained in notes 3 through 7 to the financial
statements, have been applied on a basis consistent with that of the preceding year.
The accompanying supplemental statements and schedules listed in Section II -B of
the foregoing table of contents are not necessary for a fair presentation of the
financial statements, but are presented as additional analytical data. The
supplemental statements and schedules have been subjected to the tests and other
auditing procedures applied in the examination of the financial statements listed
in the foregoing table of contents and, in our opinion, are fairly stated in all
material respects in relation to the financial statements taken as a whole. Our
examination did not include the statistical information presented in Section III.
June 14,1980
i ice,
2 CITY OF EDINA, MINNESOTA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1979
Governmental Fund Types
Special Debt Capital
General revenue Service project
ASSETS
Cash (deficit)
$ 239,716
$
689,252
$ 630,202
$(509,061)
Investments
2,002
Taxes receivable
Unremitted
52,007
.3,270
2,815
Delinquent
92,924
10,683
7,070
Deferred
3,540,400
Allowance for uncollectible taxes
( 92,924)
( 10,683)
( 176,920)
-
Accounts.receivable
272969
2,376
1,315
Special assessments receivable
Unremitted
Delinquent
Deferred
Allowance for uncollectible
special assessments
Due from other funds
2803,305
43,521
364,141
Due from other governmental units
1,139,533
56,074
183,550
Prepaid expense
3,868
Inventories
10,000
Construction in progress
Unallocated construction costs
Property and equipment less
accumulated depreciation
General fixed assets
Deferred receivable
Note receivable
Contracts receivable
86,301
Amount available in general debt
service funds
Total assets
$1,841,701
4 493
$4,187,117
$(143,605)
LIABILITIES AND FUND EQUITY
Liabilities
Accounts payable
$ 84,247
$
6,661
$ 29,178
Accrued expenses
1023,570
13,837
30
Contracts payable
37,500
Due to other funds
3143770
18,874
$ 47,038
33,792
Due to other governmental units
47,360
Bonds payable
Deferred credit
Deposits
84,433
Total liabilities
$ 633,380
$
39,372
$ 47,038
$ 100,500
Fund equity
Reserves
$ 863,749
$
390,586
$ 163,663
Invested in fixed assets
Retained earnings -
Fund balance
Appropriated
159,700
225,000
3,976,416
$ 171,148
Unappropriated
184,872
139,535
(415,253)
Total fund equity
$1,208,321
$
755,121
$4,140,079
$(244,105)
Total liabilities and
fund equity
$1,841,701
$ 794,493
$4,187,117
,x(143,605)
See accompanying notes to financial
statements.
3
Account Groups
Proprietary
General General
Total
Special
Fund
fixed long -term
(memorandum only)
Assessment
types
assets debt
1979
1978
$ 684,085
$ 178,057
$ 1,912,251
$ 2,872,526
500,000
31,761
533,763
1,135,212
58,092
112,710
110,677
133,915
3,540,400
4,043,600
( 280,527)
( 328,515)
4,350
446,714
482,724
525,274
40,974
40,974
24,692
452,885
1,284
454,169
448,581
6,205,605
6,205,605
7,192,574
( 762,440)
( 762,440)
( 808,151)
3,793,382
1,087,228
5,568,577
4,303,182
1,379,157
1,281,442
120,175
124,043
116,748
625,104
635,104
690,683
5,417,012
5,417,012
3,405,120
165,102
165,102
165,005
19,418,584
19,418,584
19,116,770
$9,430,205 _
9,430,205
9,014,117
597,214
597,214
735,072
59,680
59,680
64,654
86,301
124,836
$3,976,416
3,976,416
4,423,190
$16,500,955
$22,565,801
$9,430,205 $3,976,416
$59,153,083
$58,793,237
$ 177,350
$ 297,436
$ 296,332
$ 56,942
37,261
210,640
159,566
275,222
312,722
691,760
3,711,321
1,442,782
5,568,577
4,303,182
5,616
52,976
382,500
7,350,000
925,000 .
$2,450,000
10,725,000
11,235,000
597,214
597,214
735,072
785,883
900
871,216
127,371
$12,184,984
$ 3,180,507
$2,450,000
$18,635,781
$17,930,783
$ 230,755
$ 103,950
$ 1,752,703
$ 1,627,475.
.
17,478,584
$9,430,205
26,908,789
26,660,887
1,802,760
1,802,760
1,936,215
40,617
$1,526,416
6,099,297
6,692,709
4,044,599
3,953,753
3,945,1.68
$ 4,315,971
$19,385,294
$9,430,205 $1,526,416
$40,517,302
$40,862,454
,$16,500,955
$22 565,801
$9,430,205 $3,976,416
$59,153,083
$58,793,237
4 CITY OF EDINA, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE
ALL GOVERNMENTAL FUND TYPES
YEAR ENDED DECEMBER 31, 1979
Special
General
Revenue
Revenue
Taxes
$ 2,605,481
$
356,731
Licenses and permits
262,212
Intergovernmental revenue
Federal
6,874 -
222,964
State
1,420,851
49,845
County
83,788
Charges for services
293,653
64,210
Fines.and forfeitures
158,196
Other
39,339
1,482
Interest on investments
25,288
41,717
Sale and rental of property
17,650
Interest on special assessments
Interest on.bonds issued
Parkland dedication
128,392
Reimbursement form other funds
Total revenue
,9131332
$
8659341
Other sources
Transfers from other funds
288,225
231,775-
Reserve for commitments
80,588
Adjust allowance for uncollectible receivables
Capitalized interest
Bond proceeds
Adjustment of accrued interest
Total revenue and other sources
$ 5,282,145
$
1,097,116
Expenditures
Current
General government
$ 669,580
Public safety
2,615,634
Public works
1,507,306
Unallocated general expense
290,741
Other
Reserve for commitments
117,000
Parks
$
724,425
Capital outlay
109,476
17,266
Debt service
Bond principal
Interest and service charges
Construction costs
Interest
Total expenditures
$ 5,309,737
$
741,691
Other uses
Transfer to other funds
15,424
225,967
Adjustment of provision for uncollectible receivables
Bonds issued
Total expenditures and other uses
$ 5,325,161
$
967,658
Net increase (decrease) in fund balance
$( 43,016)
$
129,458
Decrease (increase) in reserve and deposit accounts
(
123,520)
Fund balance January 1
387,588
358,597
Fund balance December 31
$ 344,572
$ 364,535
See accompanying notes to financial statements.
Debt Capital Special
Service project Assessment
$ 427,853
$ 49,445
1979
84,210
$ 2,962,212
$ 2,900
262,212
215,145
229,838
333,950
1,898,549
1,524,320
8,381
78,334
357,863
462,751
$ 49,445
$ 21900
$ 1,317,145
23,574
127,038
424
14,122
110,542
67,141
363,769
8,381
21,930
128,392
93,498
1,500,000
2,621,674
$ 7,`148,163
7,627
$ 63,567
$ 129,938
$ 2,914,267
$ 350,000
160,341
$ 510,341
47,038
$ 557,379
$( 493,812)
47,038
4,423,190
$ 3,976,416
$ 2,404 $ 2,706
244,480
1,500
$ 2482384
$( 118,446)
15,000
( 140,659)
244,105)
400,280
2,862,052
21,432
1,500,000
$ 4,786,470
$(1,872,203)
1,971,448
3,985,971
$ 4,085,216
Total
(memorandum only)
1979
1978
$ 2,962,212
$ 2,853,212
262,212
215,145
229,838
262,520
1,898,549
1,524,320
83,788
78,334
357,863
301,898
158,196
111,165
40,821
23,574
200,660
143,877
20,550
110,542
333,950
363,769
8,381
6,800
128,392
93,498
462,751
2,621,674
$ 7,`148,163
S. 8,7101328
647,462
550,000
80,588
164,808
81,263
32,695
21,930
204,998
1,500,000
1,750,000
7,627
$ 9,487,033
$11,412,829
$ 669,580
$ 639,626
2,615,634
2,362,472
1,507,306
1,360,634
290,741
261,876
5,110
5,268
117,000
110,400
724,425
639,356
126,742
224,647
350,000
350,000
560,621
523,511
3,106,532
1,859,408
1,500
2,700
$10,075,191
$ 61339,898
288,429
240,000
21,432
1,500,000
1,750,000
$11,885,052
$10,329,898
$(2,398,019)
$ 1,082,931
1,909,966
(1,350,672)
9,014,687
9,282,428
$ 8,526,634 $ 9,014,687
R
6
CITY OF EDINA, MINNESOTA
COMBINED STATEMENT .OF REVENUE, EXPENDITURES
AND FUND BALANCE
BUDGET AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND TYPES
YEAR ENDED DECEMBER 31, 1979
General
Fund
Bu_ dget
Actual
Revenue
Taxes
$2,643,661
$2,605,481
Licenses and permits
186,300
262,212
Intergovernmental revenue
Federal
5,000
6,874
State
1,449,205
1,420,851
County
80,552
83,788
Charges for services
200,700
293,653
Fines and forfeitures
114,500
158,196
Other
22,000
39,339
Interest on investments
30,000
25,288
Sale and rental or property
10,700
17,650
Parkland dedication
Total revenue
$4,742,618
$4,913,332
Other sources
Appropriated surplus
$ 209,564
Reserve for commitments
72,288
$ 80,588
Transfers from other funds
288,225
288,225
Total other sources
$ 570,077
$ 368,813
Total revenue and other sources
$5,312,695
$5,282,145
Expenditures
General government
$ 659,770
$ 669,580
Public safety
2,615,601
2,615,634
Public works
1,504,995
1,507,306
Unallocated general expense
284,884
290,741
Reserve for commitments
117,000
117,000
Parks
Capital outlay
115,445
10.9,476
Total expenditures
$5,297,695
$5,309,737
Other uses
Transfer to other funds
15,000
15,424
Total expenditures and other uses
$5,312,695
.$5,325,161
Net increase (decrease) in fund balance
$ -0-
$( 43,016)
.(Increase) in.reserve and deposit accounts
Fund balance January 1
387,588
Fund balance December 31
$ 344,572
See accompanying notes to financial statements.
I
r�
( 123,520) (.123,520)
358,597 746,185
$ 364,535 $ 709,107
Total
Special Revenue Funds
(memorandum
only)
Budget
Actual
Budget
Actual
$ 358,805
$
356,731
$32002,466
$2,962,212
1862300
262,212
225,000
222,964
230,000
229,838
44,850
49,845
131494,055
1,470,69b
80,552
83,788
28,000
64,210
.228,700
357,863
.114,500
158,196
1,000
1,482
23,000
40,821
2,500
41,717
32,500
67,005
10,700
17,650
128,392
128,392
$ 660,155
$ 865,341
$5,402,773
$5,778,673
$ 209,564
722288
$. 80,588
231,775
$
231,775
520.,000
520,000
$ 231,775
$
231,775
$ 801,852
$ 600,588
$ 891,930
$1,097,116
$6,204,625
$6,379,261
$ 659,770
$ 669,580
2,615,601
2,615,634
1,504,995
1,507,306
284,884
290,741
1171000
117,000
$ 649,130
$
724,425
6492130
724,425
17,800
17,266
133,245
126,742
$ 666,930
$
741,691
$5,964,625
$6,051,428
225,000
225,967
240,000
241,391
$ 891,930
$ 967,658
$6,204,625
$6,292,819
$ -0-
$
1292458
$ -0-
$ 86,442
( 123,520) (.123,520)
358,597 746,185
$ 364,535 $ 709,107
ASSETS
Current assets
Cash
$
121,732
$
642,576
Restricted cash
51,650
53,300
Total cash
$
173,382
$
695,876
Petty cash and change funds
4,675,
4,675
Investments
31,761
31,761.
Receivables
Donations
1,700
Accounts receivable
102,938
31,524
Customers
343,776
329,212
Assessments
1,284
1,190
Due from other funds
272,228
381,743
Prepaid expenses
120,175
116,748
Inventories
625,104
680683
Total current assets
$ 1,675,323
$ 2,275,112
Property and equipment, less
accumulated depreciation
$19,418,584
$19,116,770
Other assets
Deferred receivable - Metropolitan Waste .
Control Dommission
$
597,214
$
735,072
Notes receivable - Less current portion of
$7,236 in 1979 and $4,973 in 1978 included
in accounts receivable
59,680
64,654
Loans to other funds
815,000
515,000
Total other assets
$ 1,471,894
$ 1,314,726
Total assets
$22,565,801
$22,706,608
CITY OF EDINA, MINNESOTA
COMBINED BALANCE SHEET (CONTINUED
ALL PROPRIETARY FUND TYPES
(ENTERPRISE FUNDS)
DECEMBER 31, 1979
1979
LIABILITIES, RESERVES AND RETAINED EARNINGS
Current liabilites
Accounts payable
Accrued payroll
Due to other funds
Bonds payable
Accrued interest
Total current liabilities
Other liabilities
Long -term liability - Bonds payable,
less current portion above
Deferred credit
Deposits
Loans from other funds
Total other liabilities
Reserve for debt retirement
Retained earnings
Invested in property and equipment
Contributed invested in fixed assets
Unreserved
Total retained earnings
Total liabilites, reserves and
retained earnings
See accompanying notes to financial statements.
$ 177,350
32,560
427,782
195,000
4.701
$ 837,393
$ 730,000
597,214
900
1,015,000
$ 2,343,114
$ 103,950
$ 3,351,326
14,127,258
1,802,760
$19,281,344
$22.565,801
1978
$ 218,267
25,958
249,224
145,000
2,481
$ 640,930
$ 925,000
735,072
2,021
715.000
$ 2,377,093
$ 105,600
$ 3,484,787
14,161,983
1,936,215
$19,582,985
$22,706,608
9
10
CITY OF EDINA, MINNESOTA
COMBINED STATEMENT OF INCOME AND RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
(ENTERPIRSE FUNDS)
YEAR ENDED DECEMBER 31, 1979,
Total
1979
1978
SALES AND COST OF SALES
Sales
$ 5,209,24.7
$
4,689,243
Cost of sales
4,433,815
3,924,654
Gross profit
$ 775,432
$
764,589
OPERATING REVENUE
Charges for services
2,470,831
2;410,532
Total gross profit and operating revenues
$ 3,246,263
$
3,175,121
OPERATING EXPENSE
3,582,031
3,325,460
Operating income (loss)
$( 335,768)
$( 150,339) . --
OTHER REVENUE
Interest income
$ 53,874
$
37,496
Discounts
74,735
62,292
Gain on sale of property and equipment
98,872
Prior year's disposal charges
87,116
62,460
Rental income
4,776
.4,378
Deferred charges
6,441
8,552
Donations
1,560
3,843.
Other
3,210
5,953
$ 231,712
$
283,846
OTHER EXPENSE
Interest and paying agent fees
$ 46,375
$
25,352
Other
6,888
88
$ 53,263
$
25,440
Net income (loss)
$( 157,319)
$
108,067
TRANSFERS FROM (TO) OTHER FUNDS
( 359,033)
( 310,000)
PROPERTY AND EQUIPMENT CONTRIBUTED BY
SPECIAL ASSESSMENTS
213,061
1,401,443
DECREASE IN RESERVES
1,650
1,650
TRANSFER OF PROPERTY FROM CONSTRUCTION FUND
9,885
RETAINED EARNINGS January 1
19,582,985
18,371,940
RETAINED EARNINGS December 31
$19,281,344
$19,582,985
CITY OF EDINA. MINNESOTA
11
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES
(ENTERPRISE FUNDS)
YEAR ENDED DECEMBER 31,.1979
Total
1979 1978
.Funds provided
Operations
Net income (loss)
$(
157,319)
$ 108,067
Items not requiring (providing) current funds
Depreciation
426,835
410,619
Gain on sale of property and equipment
( 98,872)
$
269,516
$ 419,814
Contributions in aid to construction
213,061
1,401,443
Sale of property and equipment
128,507
Transfers from other funds
15,967
24,885
Deposits
2,021
Proceeds from bond sale
370,000
Decrease in reserves
52,300
Decrease in notes receivable
4,974
other
170
$
503,688
$2,398,970
Funds applied
Additions to property and equipment
$
728,819
$1,758,958
Current installment on long -term debt
195,000
145,000
Transfers to other funds
375,000
325,000
Notes receivable.
64,654
Increase in reserves and deposits
1,121
52,300
$1,299,940_
$2,345,912.
Net increase (decrease) in working capital
$( 796.252)
$ 53.058
Various elements of net. change in working capital
Cash
$(.522,494)
$( 406,228)
Investments
( 1)
Receivables
84,372
2,514
Due from other funds
(
109,515)
340,615
Prepaid expenses
10,818_
95,687
Inventories
(
58,129)
110,920
Accounts payable
35,154
44,244
Accrued liabilities
(
52,882)
2,403
Due to other funds
(133,576)
( 186,758)
Contracts payable
49,662
Bonds payable
( 50,000)
Net increase (decrease) in working capital
$( 796,252)
$ 53.058
See accompanying notes to financial statements.
Note 1 Summary of Significant Accounting Policies
The accounting policies of the City of Edina conform to generally accepted accounting
principles, except that depreciation expense on certain proprietary fund property
and equipment is not recorded (Note 2)
Basis of accounting
Governmental funds - Revenues and expenditures are recognized on the
mondified 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 mearsurable; 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 proprietary funds are stated at cost, which
is lower than market on a first -in, first -out basis.
Property and equipment - The property and equipment of the.proprietary funds are
stated at cost. Depreciation has been provided using the straight -Line method
over .the estimated useful lives of the assets, A summary of property and equipment
at December 31, 1979 is presented below. See,Note 2.
Property and Accumulated Net Estimated
equipment depreciation book value useful life
Land $ 285,341 $ 285,341
Golf course 726,414 .726,414
Land improvements 55,030 $. 22,114 32,916 25
Water distribution system 8,634,814 2,357,520 6,277,294 5 -50
Sewer collection system 10,019,428 1,844,889 8,174,539 100
Major recreation facilities 1,655,105 1,655,105
Major water facilities-' 2,574,955, 1,610,762 964,193. 5 -25
Buildings 658,333 123,711 534,622 25
Furniture and fixtures 291,048 113,860 177,188 10
Equipment and machinery 359,029 227,833 131,196 5 -10
Vehicles 19,394 12,959 6,435 5
Construction in progress 453,341 453,341
$25,732,232. 6,313,648 $19,418,584
13
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1979
Note 1 - Summary of Significant Accounting Policies (Continued)
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.
General long -term debt - The general long -term liabilities, except for proprietary
and special assessment funds, are not carried as a liability of a fund but rather
are set up in a separate self- balancing group of accounts known as the "general
long -term debt group of accounts."
Recognition of property tax revenue -
General debt service funds - Deferred tax revenue in the amount of
principal and interest due over the life of a bond issued is established
as deferred tax revenue at time of issuance of .:bonded indebtedness.
Annual adjustments are made to reflect decreasing liabilities, current
collections and allowance for delinquent taxes receivable.
Other governmental type funds - 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 stateinents represent the
original budgeted amount and all revisions made during the _year.
Note 2 - Depreciation Proprietary Funds' Property and Equipment
Certain property and equipment of the proprietary 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:
Swimming Pool Fund - Pool,. bathhouse and filter system
Golf Course Fund - Buildings, well, parking lot and road
Recreation Center Fund - Land improvements and building
Gun Range Fund - Land improvements and building
Art Center Fund - Land improvements and building
Cost
$ 316,054
229,426
937,365
59,714
112.546
$1.655.105
14
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1979
Note 3 - Reclassification of Prior Years Statements - General Debt Service Funds
Certain reclassifications have been made to financial statements for.the year
ended December 31, 1978 in order to conform with generally accepted accounting
principles. These reclassifications are scheduled below:
General long -term debt included in the general debt service funds have been set
up in a self- balancing group of accounts known as the general long -term debt group
of accounts.
General Debt
Service Funds
Combined
Balance Sheet
December 31,
1978
ASSETS
Cash
Taxes receivable
Unremitted
Delinquent
Deferred
Allowance for uncollectible taxes
Due from other funds
Due from Edina Housing and
.Redevelopment Authority
Total assets
LIABILITIES, RESERVE AND
FUND BALANCE
Liabilities
Due to other funds
Future maturities - Bonds
Reserve for land acquisition
Fund balance
Appropriated
Unapproporiated
Total liabilities, reserve
and fund balance
AMOUNT AVAILABLE FOR PAYMENT
OF GENERAL LONG -TERM DEBT
Amount available in general
debt service funds
$ 861,042
9,384
10,080
4,043,600
( 204,680)
1,138
183,550
$4,904,114
$ 270,223
2,800,000
210,701
1,394,375
228.815
$4,904,114
General Debt
Service Funds
Combined
Balance Sheet
December 31,
1978 (Restated)
$ 861,042
9,384
10,080
4,043,600
( 204,680)
1,138
183.550
$4,904,114
$ 270,223
210,701
4,423,190
$4,904,114
Statement of
General Long -
term -Debt
December 31,
1978 (Restated)
$4,,423,190
15
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1979
Note 3 - Reclassification of Prior Year's Statements - General Debt Service
Funds (Continued)
General Debt General Debt
Service Funds Service Funds Statement of
Combined Combined General Long-
Balance Sheet Balance Sheet term Debt
December 31, December 31, December 31,
1978 1978 (Restated) 1978 (Restated)
GENERAL LONG -TERM DEBT PAYABLE
AND FUND BALANCE
General long -term debt payable $2,800,000
Fund balance 1,623,190
Total general long -term debt
payable and fund balance $4,423,190
GENERAL DEBT SERVICE FUNDS
COMBINED STATEMENT OF REVENUE,
EXPENDITURES AND FUND. BALANCE
Year ended Year ended
December 31, 1978 December 31, 1978
Revenue
Interest $ 29,006
Other sources
Adjustment of allowance for uncollectible taxes 14,833
Total revenue and.other sources $ 43,839
Expenditures
Bond principal
Interest and service charges $ 178,222
$ 178,222
Net ( decrease) in fund balance. $( 134,383)
Fund balance January 1 1,757,573
Fund balance December 31 $1,623,190
$ 29,006
14,833
$ 43,839
$ 350,000
178,222
$ 528,222
$( 484,383)
4,907,573
$4,423,190
16
" CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1979
Note 4 - Reclassification of Prior Year's Statements
- .Special Revenue
Funds
Certain items accounted for through reserve accounts
have been restated
so as to
be reflected in revenue and expenditure accounts.
SPECIAL REVENUE FUNDS
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
FUND BALANCE
Year
ended
Year ended
December
31, 1978"
December 31, 1978
(as
restated)
Revenue
Taxes
$ 330,906
$
330,906
Intergovernmental revenue
Federal grant - Federal revenue.sharing
222,653
222,653
State grants - Homestead credit
42,404
422404
Charges for services
26,542
62,839
.Miscellaneous revenue
Interest
18,849
18,849
Other
5,678
5,678
Parkland dedication
93,498
Total revenue
$ 647,032
$
776,827
Other sources - Transfers from other funds
229,948
229,948
Total revenue and other sources
$ 876,'980
$1,006,775
Expenditures
Current expenditures
$ 594,893
$
639,356
Capital outlay
25,650
25,650
Total expenditures
$ 620,543
$
665,006
Other uses - Transfers to other funds
225,000
225,000
Total expenditures and other uses
$ 845,543
$
890,006
Net increase in fund balance
$ 31,437
$
116,769
Decrease in deposits
8,166.
Increase in reserve for park acquisition
and improvement
(
93,498)
Fund balance January 1
327,160
327,160
Fund balance December 31
$ 358,597
$ 358,597
Note 5 - Reclassification of Prior Year's Statements
- Capital Project
Fund (Park
Construction)
Construction in progress has been reclassified as a
general fixed
asset
in the
general fixed asset group of accounts.
17
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1979
Note 5 - Reclassification of Prior Year's Statements - Capital Project Fund
(Park Construction) (Continued)
CAPITAL PROJECT FUND
(Park Construction)_
BALANCE SHEET
December 31, 1978
December 31, 1978 (as restated)
ASSETS
Cash (deficit)
Accounts receivable
Due from other governmental units
Construction in progress
Total assets
LIABILITIES, RESERVE AND FUND BALANCE
Liabilities
Accounts payable
Contracts payable
Reserve for construction in progress
Fund balance (deficit)
Appropriated
Unappropriated
Total liabilities, reserve and fund balance
STATEMENT OF REVENUE, EXPENDITURES
AND FUND BALANCE.
$( 166,166)
1,615
80,500
2,782,549
$ '2.698,498
$ 4,108
52,500
2,730,049
171,148
{ 259,307)
$ 2,698,498
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
Net increase (decrease) in fund balance
$( 121,432)
Increase in contracts payable
Fund balance January l
33,273
Fund balance December 31
$ ( 88,159)
$( 166,166)
1,615
80,500.
$( 84,051)
$ 4,108
52,500
171,148
( 311,807)
$( 84,051)
$ 3,000
80,500
124
$ 83,624
80,000
$ 163,624
$ 280,588
2,700
1,768
$ 285,056
$( 121,432)
( 52,500)
33,273
140,659)
18
CITY.OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1979
Note 6 - Reclassification of Prior Year's Statements - Special Assessment Funds
Special assessment funds have been restated to
reflect items of revenue and
expenditures previously accounted for through reserve
and deposit accounts.
SPECIAL ASSESSMENT
FUNDS
COMBINED STATEMENT OF
REVENUE,
EXPENDITURES AND FUND
BALANCE
Year ended
Year ended
December 31, 1978
December 31, 1978
(as restated)
Revenue
Interest
Investments
$ 76,068
$ 76,068
Capitalized interest
204,998
204,998
Special assessments
363,769
363,769
Bonds issued
6,800
State aid
169,986
Total revenue
$ 644,835
$ 821,621
0t'neF sources
Bond proceeds
6,800
1,7503-000
Adjustment of provision for uncollectible
receivables
17,862
17,862
Assessment adjustments
117
117
Transfer from.other funds
2,621,674
Total revenue and other sources
$ 669,614
$ 52211,274
Expenditures
Interest
$ 344,126
$ 344,126
Paying agent service charges
1,163
1,163
Bond rating and investors services
32500
3,500
Construction costs
1,578,820
Total expenditures
$ 348,789
$ 1,927,609
Other uses
Bonds issued
1,750,000
Total expenditures and other uses
$ 348,789
$ 3,677,609
Net increase (decrease) in fund balance
$ 3202825
$ 12533,665
Increase (decrease) in construction in progress
(12212,840)
Fund balance (deficit) January l
3,66590146
3,665,146
Fund balance (deficit) December 31
$ 3,985,971
$ 3,985,971
19
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1979
to 7 - Prior Period Adiustments
Construction in progress in the Park Construction Fund in the amount of $2,782,549
has been reclassified as.a general fixed asset in the general fixed asset group of
accounts at December 31, 1978.
Note 8 - Metropolitan Waste Control Commission
The receivable and corresponding liability of the Sewer Rental Fund from the
Metropolitan Waste Control Commission represents the City's share of equity in the
City's and Minneapolis' sewer systems which were acquired by the Commission
January 1, 1971. This receivable will be paid to the City by issuing credits annually
through 1999 against future sewer billings from the.Commission. These credits will
be reflected in the statement of income as received.
Note 9 - Bonded Debt
The City has three types of bonded debt outstanding at December 31, 1979. 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.
The bonded debt outstanding at December 31, 1979 is summarized as follows:
Maturities Interest rates Amount
General Obligation Bonds 1980 -19193 3.90 -6.50 $ 7,350,000
Special Assessment Bonds 1981 -1986 4.25 -6.75 2,450,000
Revenue Bonds 1980-19N 3.00 -5.25 929,000
$10,725,000
Changes in bonded debt during the year were as follows:
Bonds Bonds
Outstanding Outstanding
January 1 Issued Redeemed December 31
General Obligation Bonds $ 7,365,000 $1,500,000 $1,515,000 $ 7,350,000
Special Assessment Bonds 2,800,000 350,000 2,450,000
Revenue Bonds 1,070,000 145,000 925,000
$11,235,000 $1,500,000 12,010,000 $10,725,000
Note 10 - Revenue Bonds
The City has outstanding the following revenue bonds:
Waterworks Bonds of 1963 $ 50,000
Golf Course Bonds of 1964 370,000
Recreation Center Bonds, Series A of 1965 90,000
Recreation Center Bonds, Series B of 1965 45,000
Recreation Center Bonds, Series D of 1978 370,000
925,000
.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 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 11 - Purchase Commitments
The City has entered into two purchase agreements with Xerox Corporation for the
purchase of duplicating machines. At December 31, 1979, $15,158 remained out-
standing on these commitments, to be paid in accordance with the following schedule.
Date Principal Interest
1980 $ 5,990 $ 706
1981 4,954 367
1982 4,214 127
15 158 JI..200
Note 12 - Notes. Receivable
During 1977, the City sold several properties for notes or contracts receivable
the balances of which were $66,916 in the Liquor Fund and $86,301 in the General
Fund at December 31, 1979. Maturity dates range from 1980 to 1992 with interest
rates from 7% to 10.51 %. Payments have been received according to the contract
schedules.
Note 13 - 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 $360,153 for the
year ended December 31, 1979. Under existing Minnesota law, the.City has no future
contingent obligations or commitments to the plan or its participants except to
made continuing contributions as determined from time to time by the State,
Legislature.
21
CITY OF EDINA, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1979
Note 14 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 part land acquisition. Transfers
totaling $786,337 have been made during years ended December 31, 1975 through 1979
leaving a balance of.$163,663.at December 31, 1979.
Note 15 - Vacation and Sick Leave
Accrued vacation and sick leave are not recorded as liabilities at December 31, 1979.
City employees are entitled to vacation and sick leave based on length -.:of employement
and the payment thereof is treated as expense in the period paid. The amount of
acerued.leave at December 31, 1979 for vacation and sick leave was $206,449 and
$937,416 respectively, although it is anticipated that only $300,000 of the accrued
sick leave will be used.
Note 16 - 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.
Note 17 - Deposits Payable
Included in deposits payable are balances of $84,433 in the General Fund and
$665,210 in the Special Assessment funds which represent the.balance of monies
received from the Minnesota Department of Transportation for state -aid projects
which are incomplete at December 31,_1979. Upon.completion of projects for which
monies were received, deposits will be applied to construction in progress.
Note 18 Deficiency in Pledged Collateral
Minnesota statutes require depositories for City funds to pledge collateral to
secure balances.in excess of F.D.I.C. insuranc 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 Dececember 31,
1979 the collateral pledged by the First Edina National,Bank was.approximately
$50,000 below the statutory requirement.
22
. CITY OF EDINA, MINNESOTA
GENERAL FUND
BALANCE SHEET
DECEMBER 31, 1979 AND 1978
1979
1978
ASSETS
Cash
$ 236,831
$
79,690
Petty cash and change funds
550
550.
Departmental cash
2,335
2,483
Investments
Land
1,007
1,007
Donated securities
995_
995
U. S. Government Securities
150,024
Receivables
Accounts receivable
27,969
97,726
Contracts receivable
86,301
124,836
Due from Edina HRA
1,044,236
1,002,303
Due from other governmental units
95,297
12,897
Unremitted taxes receivable
522007
92,077
Delinquent taxes receivable
92,924
111,235
Allowance for uncollectible taxes
( 92,924)
(
111,235)
Donations receivable
3,000
Due from other funds
280,305
372,001
Prepaid expense
3,868
Inventories
102000
102000
Total assets
$1,841,701
$1,949,589
LIABILITIES AND FUND EQUITY
.
Liabilities
Accounts payable
$ 84,247
$
63,561
Accrual payroll
102,570
85,522
Due to other governmental units
131,793
139,188
Due to other funds
314,770
4402428
Total liabilities
$ 633,380
$
728,699
Fund equity
Reserves
Dedicated funds
$ 114,323
$
120,288
Reserve for Morningside
10,788
10,788,
Reserve for impressed cash and inventory
10,550
10,550
Reserve for commitments
728,088
691,676
Total reserves
$ 863,749
$
833,302
Fund balance
Appropriated `
$ 159,700
$
209,564
Unappropriated
184,872
178,024
Total fund balance
$ 344,572
$
387,588
Total fund equity
$1,2082321
$1,220,890
Total liabilities and fund equity
$1,841,701
$1,949,589
See accompanying notes to financial statements.
to
See accompanying notes to financial statements.
23
CITY
OF ED INA, MINNESOTA
GENERAL FUND
STATEMENT
OF CHANGES IN FUND BALANCE
YEARS ENDED
DECEMBER 31, 1979 AND
1978
1979
1978
Budget
Actual
Actual
Revenue and
other sources
$5,312,695
$5,282,145
$4,987,317
Expenditures
and other uses
5,312,695
5,325,161
4,949,005
Net increase
(decrease) in fund
balance $ -0-
$( 43,016)
$ 38,312
Fund balance
January.l
387,588
349,276
Fund balance
December 31
$ 344,572
$ 387,588
to
See accompanying notes to financial statements.
24
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT
OF REVENUE
YEARS ENDED DECEMBER 31, 1979 AND
1978
1979
1978
Budget
Actual
Actual
Taxes
General property tax
$2,593,661
$2,574,799
$2,492,229
Penalties and interest
50,000
30,682
30,077
Total taxes
$2,643,661
$2,605,481
$2,522,306
.
Licenses and permits
$ 186,300
$
262,212
$
215,145
Intergovernmental revenue
Federal aid
$ 5,000
$
6,874
$
11,764
C,E,T.A.
10,000
28,103
State grants
Local government aid
917,000
919,699
845,572
Homestead credit
326,265
326,265
318,649
State highway aid
54,000
54,465
54,465
Police aid
96,300
-
96,300
64,700
Planning aid
13,140
20,592
9,631
State aid - Trees
16,500
11,315
Other state aid
16,000
3,530
7,598
County grants
Health programs
80,552
83,788
78,334
Total intergovernmental revenues
$1,534,757
$1,511,513
$1,430,131
Charges for services
Engineering, clerical charges
and searches.
$ 93,000
$
209,095
$
142,977
Planning fees
15,000
10,112
9,678
Automobile licenses
32,000
19,556
33,906
Housing and redevelopment authority
3,000
7,660.
Charges to other funds
39,900
39,90.0
30,000
Other
17,800
14,990
14,838
Total charges for services
$ 200,700
$
293,653
$
239,059
Fines and forfeitures
$ 114,500
$ 158,196
$
111,165
Miscellaneous revenue
Interest
$ 30,000
$
25,288
$
19,954
Sale and rental of property
10,700
17,650
27,042
Donations
473
1,940
Other
22,000
38,866
15,715
Total miscellaneous revenue
$ 62,700
$
82,277
$
64,651
Total revenue
$4,742,618
$4,913,332
$4,582,457
See accompanying notes to financial statements.
See accompanying notes to financial statements.
25
CITY
OF EDINA,
MINNESOTA
GENERAL
FUND
STATEMENT
OF REVENUE (CONTINUED)
YEARS ENDED
DECEMBER
31, 1979 AND
1978
1979
1978
Budget
Actual
Actual
Other sources
Transfers from other funds
Revenue Sharing Fund
$
225,000
$
225,000
$
225,000
Liquor Fund
63,225
63,225
15,052
Total transfers
$
_288,225
$
288,225
$
240,052.
Reserve for commitments
$
72,288
$
80,588
$
164,808
Appropriated surplus
209,564
Total other sources
$
570,077
$
368,813
$
404,860
Total revenue and other sources $5,312,695
$5,282,145
$4,987,317
See accompanying notes to financial statements.
26
CITY OF EDINA,
MINNESOTA
GENERAL
FUND
STATEMENT OF EXPENDITURES
YEARS
ENDED DECEMBER
31, 1979 AND
1978
1979
1978
Budget
Actual
Actual
General Government
Mayor and council
Personal services
$
14,300
$
14,300
$
14,410
Contractual services
200
146
216
Commodities
200
5
16
Central services
11,820
11,820
8,760.
$
26,520
$ 26,271
$
23,402
Planning
Personal services
$
62,796
$
63,779
$
59,597
Contractual services
.1,015
999
678
Commodities
350
330
Central services
21,600
21,600
18,420
$
85,761
$
86,708
$
78,894
Administration
Personal service
$
117,871
$
119,490
$
118,514
Contractual services
19,520
19,289
16,032
Commodities
450
1,575
621
Central services
37,560
37,560
34,440
Capital.outlay
5,146
$
175,401
$
177,914
$
174,753
Finance
Personal services
$
99,675
$
97,687
$
90,535
Contractual services
20,705
19,756
.20,862:
Commodities
350
71
Central services
28,920
28,920
23,460
$ 149,650
$ 146,363
$
134,928
Election
Personal services
$
4,400
$
4,394
$
21,260
Contractual services
- 1,588
1,456
4,263
Commodities
450
449
2,066
Central services
4,080
4,080
2,700
Capital outlay
5,000
$
10,518
$ 10,379
$
35,289
Assessing
Personal services
$
.83,055
$
83,384
$
84,988
Contractual services
4,710
4,700
4,116
Commodities
255
251
513
Central services
28,500
28,500
27,420
Capital outlay
810
810
774
$
117,330
$
117,645
$
117,811
See accompanying notes to
financial statements.
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES (CONTINUED).
YEARS ENDED DECEMBER 31, 1979 AND 1978
General Government (Continued)
Legal and Court Services
Personal services
Contractual services
Total General Government
Public Safety
Police Protection
Personal services
Contractual services
Commodities
Central services
Capital outlay
Fire Protection
Personal services
Contractual services
Commodities
Central services
Capital outlay
Civil Defense
Personal services
Contractual services
Commodities
Capital outlay
Public Health
Personal services
Contractual services
Commodities
Central services
Capital outlay
1979
Budget
$ 27,810
67,590
$ .95,400
$ 660,580
$1,053,311
30,661
10,507
362,040
41.000
$1,497,519
$ 608,223
26,600
19,800
206,760
13,975
$ 875,358
$ 788
2,573
750
1,725
$ 5,836
$ 57,1 44
87,400
1,825
21,720
500
$ 168,589
See accompanying notes to financial statements.
Actual
$ 27,803
77,307
$ 105,110
$ 670,390
$1,046,250
26,691
10,066
362,040
37.716
$1,482,763
$ 624,512
26,573
19,783
206,760
13,752
$ 891,380
$ 610
2,524
81
$ 3,.215
$ 56,040
87,236
1,805
21,720
282
$ 167,083
1978
Actual
$ 22,692
62,777
$ 85,469
$ 650,546
$ 990,724
34,761
11,985
347,100
31,857
$1,416,427
$ 526,387
30,161
17,234
165,600
23.631
$ 763,013
$ 391
1,605
45
8,427
$ 10,468
$ 47,921
80,394
.1,129
17,820'
$ 147,264
27
28
CITY OF EDINA,
MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES (CONTINUED)
.
YEARS
ENDED DECEMBER 31, 1979 AND
1978
1979
1978
Budget
Actual
Actual
Public Safety (Continued)
Animal Control
Personal services
$
11,942
$
10,877
$
.9,280
Contractual services
2,700
2,592.
3,413
Commodities
400
370
373
Central services
5,520
5,520
5,640
$
20,562
$
19,359
$
18,706
Inspections
Personal services
$
76,472
$
75,848
$
62,627
Contractual services
1,125
464
575
Commodities
1,000
932
.527.
Central services
26,340
26,340
24,600
$
104,937
$.
103,584.
$
88,329
Total Public Safety
$2,672,801
$2,667,384
$2,444,207
Public Works
Administration
Personal services
$
36,046
$
35,925
$
28,054
Contractual services
550
222
125
Commodities
100
86
Central services
11,580
11,580
11,160
$
48,276
$
47,813
$
39,339 .
Engineering
Personal services
$
156,458
$
161,228
$
140,035
Contractual services
6,060
631011
2,682
Commodities
7,635
7,543
7,969
Central services
48,360
48,360
50,100
Capital outlay
10,600
10,531
9,170.
$
229,113
$
233,673
$
209,956
Supervision and overhead
Personal services
.$
112,264
$
112,178
$
125,814
Contractual services
555
508
606
Commodities
250
219
10
Central services
152,520
152,520
135,360
$
265,589
$
265,425
$
261,790
See accompanying notes to
financial statements.
29
CITY OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES (CONTINUED)
YEARS ENDED DECEMBER 31, 1979 AND
1978
1979
1978
Budget
Actual
Actual
Public Works (Continued)
Street Maintenance
Personal services
$ 212,403
$
212,188
$ 175,548
Contractual services
39,900
39,823
34,274
Commodities
127,900
127,719
98,626
Central services
129,720
129,720
128,520
Capital outlay
46,835
46,385
97,172
$ 556,758
$
555,835
$ 534,140
Street Lighting
Personal services
$ 9,555
$
9,547
$ 7,773
Contractual services
161,600
161,5.56
139,393
Commodities
8,675
8,663
5,095
Central services
1,800
1,800
1,560
$ 181,630
$
181,566
$ 153,821
Street Name Signs
Personal services
$ 3,029
$
2,950
$ 6,479
Commodities
1,500
1,448
2,165
Central services
4,200
4,200
4,200
8,729
$
8,598
$ 1.2,844
Traffic Control
Personal services
$ 14,525
$
14,402
$ 16,230
Contractual services
24,510
24,428
16,006
Commodities
12,270
12,050
9,900
Central services
7,980
7,980
7,980
$ 59,285
58,860
$ 50,116
Bridges
Personal services
$ 1,420
$
1,341..
$ 513
Commodities
300
281
Central services.
1,800
1.,800
1,560
$ 3,520
$
3,422
$ 2,073
Storm Drainage
Personal services
$ 26,545
$
26,494
$ 32,094
Contractual services
10,470.
10,460
15,382
Commodities
13,760
13,738
6,220
Central services
7,980
7,980
7,980
58,755
$
58,672
$ 61,676
See accompanying notes to
financial statements.
30
CITY
OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT
OF EXPENDITURES (CONTINUED)
YEARS ENDED
DECEMBER 31, 1979 AND
1978
1979
1978
Budget
Actual
Actual
Public Works (Continued)
City Properties
Personal services
$ 513,715
$
51,595
$ 65,832.
Contractual services
36,295 _
36,254
31,799.
Commodities
13,400
13,381
2,789
Central services
12,300
12,300
.12,300
$ 113,710
$ 113,530
$ 112,720
Sidewalks and Ramp
Personal services
$ 6;795
$
6,709
$ 5,056
Contractual services
21,075
21,036
19,582
Commodities
6,675
6,563
1,343
Central services
2,520
2,520
2,520
$ 37,065
36,828
$ 28,501
Total Public Works
$1,562,430
$1,564,222
$1,466,976
Unallocated General Expense
Human rights commission
$ 19,050
$
22,644
$ 18,648
Historical Preservation Board
2,200
1,065
1,739
South Hennepin Human Services
Council 2,400
2,400
Central services - Capital outlay
18,125
27,308
.2,804
City's share of special assessment
78,200
77,194
81,583
Dutch elm subsidy
43,700
40,740
44,088
Recycling
8,800
7,879
8,813
Fireworks
2,500
2,042
1,943
Contingencies
35,709
40,888
42,303
$ 210,684
$
222,160
$ 201,921
Central services
$ 74,200
$
68,581
$ 59,955
Total expenditures
$5,180,695
$5,192.,737
$4,823,605
Other uses
Reserve for commitments
Public works
$ 50,000
$.
50,000
$ 52,400
Fire
15,000
15,000
8,000
Capital improvement
50,000
50,000
50,000
Animal control
2,000
2,000
$ 117,000
$
117,000
110,400
Vee accompanying notes to financial statements.
31
CITY
OF EDINA, MINNESOTA
GENERAL FUND
STATEMENT
OF EXPENDITURES (CONTINUED)
YEARS ENDED
DECEMBER 31, 1979 AND
1978 .
1979
1978
Budget
Actual
Actual
Other uses (Continued)
Transfers to other funds
Swimming pool
$ 7,500
$ 7,500
$
7,500
Recreation Center
7,500
7,500
7,500
Municipal State -aid Street
Bond Fund
424
$ 15,000
$ 15,424
$
15,000
Total other uses
$ 132,000
$ 132;424
$
125,400
Total expenditures and
and other uses
$5,312,695
$5,325,161
$4,949,005
32
CITY OF EDINA. MINNESOTA
GENERAL FUND
CENTRAL SERVICES EXPENDITURES
YEARS ENDED DECEMBER 31, 1979 AND 1978
1979 1978
Budget Actual Actual
General
Contractual services $1,081,160 $1,047,803 $ 933,986
Commodities 14,000 13,226 10,903
$1,095,160 $1,061,029 $ 944,889
City hall
Personal services
$ 31,770
$ 32,494
$ 30,041
Contractual services
17,700
17,699
39,935
Commodities
10,950
10,926
16,866
Fixed charges
4,980
4,980
3,360
$ 65,400
$ 66,099
$ 90,202
Public works building
Personal services
$ 21,300
$ 21,212
$ 10,933
Contractual services
34,340
40,910
35,862
Commodities
14,400
14,392
5,348
Fixed charges
3,720
3,720
3,000
$ 73,760
$ 80,234
$ 55,143
Equipment operations
Personal services
$ 131,850
$ 131,840
$ 110,094
Contractual services
56,300
56,269
89,484
Commodities
219,650
241,029
180,803
Fixed charges
70,560
70,561
64,200
$ 478,360
$ 499,699
$ 444,581
Total Central Services expenditures
$1,712,680
$1,707,061
$1,534,815
Less allocations to other activities
1,638,480
1,638,480
1,474,860
Net Central Services
$ 74,200
$ 68,581
$ 59,955
See accompanying notes to financial statements.
CITY OF EDINA, MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1979 AND 1978
ASSETS
Cash
Investments
Receivables
Accounts receivable
Due from other governmental unitE
Unremitted taxes receivable
Delinquent taxes receivable
Allowance for delinquent taxes
Due from other funds
Total assets
LIABILITIES AND FUND EQUITY
Liabilities
Accounts payable
Accrued payroll
Due to other funds
Deposits.
Total liabilities
Fund equity
Reserve for park acquisition
and improvement
Fund balance
Appropriated
Unappropriated
Total fund balance
Total fund equity
Total liabilities and
fund equity
33
Revenue Nursing
Combined
Sharing Services
Park
1979
1978
$273,354 $ 34,763
$381,135
$689,252
$245,416
18,874
18,874
350,054
2,376
2,376
55,822
55,497
577
56,074
2,192
39,372
3,270
3,270
11,249
390 586
10,683
10,683
12,600
(10,683)
(10,683)
(12,600)
103,851
43.521
43.521
139,535
$328,851 $ 34,763. 1430.879 1124-.,493 664 733
$328,851 ,$ 34,763 $430,879 . $794.493 664 733
See accompanying notes to financial statements.
$ 6,661
$ 65661
$ 10,396
13,837
13,837
13,661
18,874
18,874
17,389
2,496
$ 39072
39,372
$ 43,942
390 586
$390,586
$262,194
$225,000
$225,000
$225,000
103,851
X34,763
921
139,535
133,597
$328,851
34,763
921
$364,535 .
$358,597
$328,851
34,763
$391,507
$755,121
$620,791
$328,851 ,$ 34,763 $430,879 . $794.493 664 733
See accompanying notes to financial statements.
34
CITY OF EDINA, MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE EXPENDITURES AND FUND BALANCE
YEARS ENDED DECEMBER 31, 1979 AND 1978
See accompanying notes to financial statements.
Revenue
Nursing
Combined
Sharing
Services
Park
1979
1978
Revenue
Taxes
$356,731
$ 356,731
$
330,906
Intergovernmental revenue
Federal grant -
Federal revenue sharing
$222,964
222,964
222,653
State grants
Homestead credit
44,850
44,850
42,404
State aid - Trees
4,995
4,995
Charges for services
64,210
64,210
62,839
Miscellaneous revenue
Interest
23,025
18,692
41,717
18,849
Other
1,482
1,482
5,678
Parkland dedication
128,392
(128,39?
93,498
Total revenue
$245,989
$619,352
$ 867,341
$
776,827
Other sources - Transfers
from other funds
231,775
231,775
229,948
Total revenue and
other sources
$245,989
$851,127
$1,097,116
$1,006,775
Expenditures
Current expenditures
$724,425
$ 724,425
$
639,356
Capital outlay
17,266
17,266
25,650
Total expenditures
$741,691
$ 741,691
$
665,006
Other uses - Transfers to
other funds
$225,000
967
225,967
225,000
Total expenditures and
other uses
$225,000
$742,658
$ 967,658
$ 890,006
Net increase in fund balance
$ 20,989
$108,469
$ 129,458
$
116,769
Decrease in deposits
4,872
4,872
8,166
Increase in reserve for park
acquisition and improvement
(128,392)
(128,392)
('93,498;1
Fund balance January 1
307,862
34,763
15,972
358,597
327,160
Fund balance December 31
$328,851
L14,763
921
$ 364,535
$ 358,597
See accompanying notes to financial statements.
35
CITY OF EDINA MINNESOTA
REVENUE SHARING FUND
STATEMENT OF
REVENUE, EXPENDITURES AND FUND
BALANCE
YEARS
ENDED DECEMBER 31, 1979 AND 1978
1979
1978
Budget
Actual
Actual
Revenue
Federal revenue sharing grant
$222,964
$222,454
Interest on investments
23,025
18,849
225 000
$245,989
$241,303
Other uses -
Transfer to General Fund $225,000
$225,000
$225,000
Net increase
in fund balance
0 -
$ 20,989
$ 16,303
Fund balance
January 1
307,862
291,559
Fund balance.
December 31
JjZa.,851
$307,862
'NURSING SERVICES FUND
STATEMENT OF
REVENUE EXPENDITURES AND FUND
BALANCE
YEARS
ENDED DECEMBER 31, 1979 AND 1978
1979
1978
.
Budget
Actual
Actual
Revenue
General property tax .
199
Net increase
in fund balance
-0-
$ -0-
$ 199
. Fund balance
January 1
34,763
34,564
Fund balance
December 31
34 763
34,763
36
CITY OF EDINA, MINNESOTA:
PARK FUND
STATEMENT OF REVENUE, EXPENDITURES AND FUND
BALANCE
YEARS ENDED DECEMBER 31,
1979 AND 1978
1979
1978
Budget
Actual
Actual
Revenue
General property.tax
$358,805
$356,731
$330,906
State grants
Homestead credit
44,850
44,850
42,404
State aid - Trees
4,995
Registration fees
28,000
64,210
62,839
Interest on investments
2,500
18,692
Parkland dedication
128,392
.93,498
Other revenues
1,000
1;482
5,678
Total revenue
$435,155
$619,352
$535,325
Other sources s- Transfer from Liquor Fund
231,775
231,775
229,948
Total revenue and other sources
$666,930
$851,127
$765,273
Expenditures
Administration
Personal services
$ 92,274
$ 99,460
$ 78,643
Contractual services
23,200
3,995
2,631
Commodities
350 _
305
2,316
Central services
159,300
159,300
130,320
Training
500
1,283
451
Paid leave
32,500
36,120
24,961
Total administration
287,124
$300,463
$239,322
Recreation.
Ice.skating
$ 26,564
$ 25,675
Baseball and softball
$ 4,700
8,576
8,871.
Skating and hockey
20,100
19,663
22,856
Tennis instruction
5,850
.4,846
3,877
Playgrounds
10,800
10,102
12,876
Swimming instruction
26,200
22,604
19,300
Senior citizens
2,950..
2,232
6,239
..Miscellaneous and special activities
12,980
16,177_
9,309
Other
14,503
18,788
Total recreation
83,580
$125,267
127,791
Maintenance
Mowing
$ 28,566
$ 31,577
$ 29,377
Special turf care
66,980
56,495
59,203'
Plantings and trees
17,300
26,709
14,457
Litter removal
10,500
19,001
13,655
Parking areas
9,580
7,588
22,106
Buildings and equipment
68,300.
88;490
60,518
Skating rinks
77,200
68,835
72,927
.Total maintenance
$278,426...
$298,695
$272,243
Capital outlay
17,800
17,266
25,650
See accompanying notes to financial statements.
37
CITY OF EDINA, MINNESOTA
PARK FUND
STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE
(CONTINUED)
YEARS
ENDED DECEMBER .31,
1979 AND 1978
1979
1978
Budget
Actual
Actual
Total expenditures
$666,930
$741,691
$665,006
Other uses - Transfer to Art
Center Fund
967
Total expenditures
and other uses
$666,930
$742,658
$665,006
Net increase in fund balance
$ -0-
$108,469
$100,267
Decrease in deposits
4,872
8,166
Increase in reserve for park
acquisition
and improvements
(128,392)
( 93,498)
Fund balance January 1
15,972
1,037
Fund balance December 31
921
15 972
See accompanying notes to financial
statements.
a:3
CITY OF EDINA, MINNESOTA
GENERAL DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1979 AND 1978
LIABILITY AND FUND EQUITY
Liability
Due to other funds
Fund equity
Reserve for park improvements
Fund balance
Appropriated
Total fund equity
Total liabilities,
reserve and fund
balance
47,038 $ 47,038 $ 270,223
$163,663 $ 163,663 $ 210,701
$3,316,600 659,816 3,976,416 4,423,190
$3,316,600. $823,479 $4,140,079 $4,633,891
$3,316,600 JaZ9,517 $4,187,117 $4,904,114
See accompanying notes to financial statements.
Park
Redevelopment
Sinking
Combined
Sinking Fund
Fund
1979
1978
ASSETS
Cash
$630,202
$ 630,202
$ 861,042
Taxes receivable
Unremitted
2,815
2,815
9,384
Delinquent
7,070
7,070
10,080
Deferred
$3,290,400
250,000
3,540,400
4,043,600
Allowance for uncollectible
taxes
( 157,350)
(19,570)
( 176,920)
( 204,680)
Due from other funds
1,138
Due from Edina Housing and
Redevelopment Authority
183,550
183,550
183,550
Total assets
$3,316,600
JaZ9,517
$4,187,117
$4,904,114
LIABILITY AND FUND EQUITY
Liability
Due to other funds
Fund equity
Reserve for park improvements
Fund balance
Appropriated
Total fund equity
Total liabilities,
reserve and fund
balance
47,038 $ 47,038 $ 270,223
$163,663 $ 163,663 $ 210,701
$3,316,600 659,816 3,976,416 4,423,190
$3,316,600. $823,479 $4,140,079 $4,633,891
$3,316,600 JaZ9,517 $4,187,117 $4,904,114
See accompanying notes to financial statements.
See accompanying notes to financial statements.
39
CITY
OF EDINA, MINNESOTA
GENERAL DEBT SERVICE FUNDS
COMBINING STATEMENT OF
REVENUE EXPENDITURES AND
FUND BALANCE
YEARS ENDED
DECEMBER 31,
1979 AND 1978
Park
Redevelopment
Sinking
Sinking Fund
Fund
1979
1978
Revenue
Interest
$ 49,445
$ 49,445
$
29,006
Other sources
Adjustment of allowance for
uncollectible taxes
14,122
14,122
14,833
Total revenue and
other sources
63,567
$ 63,567
,$ 43,839
Expenditures
Bond principal
$ 50,000
$300,000
$ 350,000
$ .350,000
Interest and service charges
128,250
32,091
160,341
178,222
$ 178,250
$332,091
$ 510,341
$
528,222
Other uses
Transfer to Park Construction
Fund
47,038
47,038
Total expenditures
and other..uses
$ 178,250
.$379,129
$ 557,379
$
528,222
Net (decrease) in fund balance
$( 178,25.0)
$(315,562)
$( 493,812)
$(
484,383)
Decrease in reserve for
. land acquisition
47,038
47,038
Fund balance January 1
3,494,850
928,340
4,423,190
4,907,573
Fund balance December 31
$3,316,600
$659,816
$3,976.416
$4,423,190
See accompanying notes to financial statements.
40
CITY OF EDINA, MINNESOTA
CAPITAL PROJECT FUND - PARK CONSTRUCTION
BALANCE SHEET
DECEMBER 31, 1979 AND 1978
1979
1978
ASSETS
Cash (deficit)
$( 509,061)
$( 166,166)
Accounts receivable
1,315
1,615
Due from other governmental units
80,500
Due from other funds
364,141
Total assets
$( 143,605)
$( 84,051)
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable
$ 29,178
$ 4,108
Contracts payable
37,500
52,500
Accrued payroll
30
Due to other funds
33,792
Total liabilities
$ 100,500
$ 56,608
Fund balance
Appropriated
$ 171,148
$ 171,148
. Unappropriated
( 415,253)
( 311,807)
Total fund balance
$( 244,105)
$( 140,659)
Total liabilities and. fund balance
143,605)
$( 84,051)
See accompanying notes to financial statements.
41
CITY OF EDINA,
MINNESOTA
CAPITAL PROJECT FUND -
PARK CONSTRUCTION
STATEMENT OF REVENUE EXPENDITURES AND FUND BALANCE
YEARS ENDED DECEMBER
31, 1979 AND 1978
1979
1978
Revenue
Rents
$ 2,900
$ 3,000
Sale of land
80,500
Donations
124
$ 2,900
$ 83,624
Other sources
Transfer from Liquor Fund
80,000
80,000
Transfer from Park Sinking Fund
47,038
Total revenue and other sources
$ 129,938
163,624
Expenditures
Construction costs
$ 244,480
$ 280,588
Interest on property purchase
1,500
2,700
Other
2,404
1,768
Total expenditures
$ 248,384
$ 285,056
Net (Decrease).in fund balance
$( 118,446)
$( 121,432)
Decrease (increase) in contracts payable
15,000
( 52,500)
Fund balance (deficit) January 1
( 140,659)
33,273
Fund balance (deficit) December 31
$( 244,105)
$( 140,659)
See accompanying notes to financial statements.
42
CITY OF EDINA, MINNESOTA
SPECIAL ASSESSMENT FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1979 AND 1978
Permanent
Improvement
Revolving
ASSETS
Cash (deficit)
$ 216,501
Investments
Accounts receivable
Special assessments receivable
Unremitted
1,374
Delinquent
37,818
Deferred
9,774
City's share
Allowance for uncollectible receivables.
( 38,306)
Loans to other. funds
200,000
Due from other funds
Unallocated construction costs
Construction in progress
Current
Deferred
Total assets
$ 427.161
LIABILITIES AND FUND EQUITY
Liabilities
Due to other governmental units
Accrued interest on bonds
Contracts payable
Deposits payable
Loans from other funds
Due to other funds
$ 7,165
Bonds payable
Total liabilities
$ 7,165
Fund equity
Reserve for assessment adjustments
$ 6,698
Fund balance (deficit)
Appropriated
Unappropriated
413,298
Total fund.equity
$ 419,996.
Total liabilities and fund equity
$ 427.161
See accompanying notes to financial statements.
43
Improvement
Improvement
Bond
Bond
Combined
Redemption -I
Redemption II
Construction.
1979
1978
$1,296,297
$( 58,756)
$( 769,957)
$ 684,085
$ 1,148,960
500,000
500,000
601,371
4,350
4,350
3,537
39,600
40,974
24,692
415,067_
452,885
448,581
5,620,486
363,5.91
.5,993,851
6,979,630
211,754
211,754
211,754
( 705,954)
( 18,180)
( 762,440)
( 808,151)
557,301
2,894,408
3,651,709
2,520,017
12,713
128,960
141,673
514,421
147,952
17,150
165,102
165,005
5,141,790
5,141,790
2,765,860
275,222
275,222
639,260
$8.086,853
$3,193,776
$4,793,165
$16,500,955
$15,214,937
$ _5,443
$ 173
$ 5,616
$ 243,312
24,317
32,625
56,942
31,944
$ 275,222
275,222 -
639,260
785,883
785,883
122,854
3,651,709
3,651,709
2,520,018
12,713.
39,734
59,612
90,900
4,100,000
3,250,000
7,350,000
7,365,000
$4,142,473
$3,282,798
$4,752,548
.$12,184,984
$11,013,288
$ 224,0.57
$ 230,755
$ 215,678
$ 40,617
40,617
40,617
3,720,323
$( 89,022)
4,044,599
3,945,354
$3,944,380
$( 89,022)
$ 40,617
$ 4,315,971
$ 4,201,649
$8,086,853
13,193,776
$4,793,165
X16,500,955
$15,214,937
44
CITY OF EDINA, MINNESOTA
SPECIAL ASSESSMENT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES
AND FUND BALANCE
YEARS ENDED DECEMBER 31, 1979 AND
1978
„
Permanent
Improvement
Improvement
Bond
Revolving
Redemption -I
Revenue
Interest
Investments
$ 5,250
$ 78,960
Capitalized interest
Special assessments
474
312,185
Bonds issued
State aid
Reimbursements from other funds
Total revenue
$ 5,724
$ 391, 145
Other sources
Bond proceeds
Adjustment of provision for uncollectible receivables
$ 67,141.
Assessment adjustments
Transfer from other funds
Adjustment of accrued interest on bonds
7,627
Total other sources
$ 74,768
Total revenue and other sources
$ 5,724
$ 465,913
Expenditures
Interest
$ 272,023
Paying agent service charges
1,027
Bond rating -and investors services
Refund
692
Construction costs
Total expenditures
$ 273,742
Other uses
Adjustment of provision for uncollectible receivables
$ 3,252
Bonds issued
Total other uses
$ 3,252
Total expenditures and other uses
$ 3,252
$ 273,742
Net increase (decrease) in fund balance
$ 2,472
$ 192,171
Increase- (decrease) in construction in progress
Fund balance (deficit) January 1
410,826
3,528,152
Fund balance (deficit) December 31
$ 413,298
$3,720,323
See accompanying notes to financial statements.
45
Municipal
Improvement.
State -aid
Bond
Combined
Street Bonds
Redemption II
Construction
1979
1978
$ 84,210
$
76,068
$ 21,930
21,930
204;998
21;291
333,950
363,769
81,381
82381
6,800
$ 427,853
427,853
169,986
462,751
462,751
$ 51,602
$ 890,604
1,_339,075
$
821,621
$1,500,000
$ 1,500,000
1,750,000
67,141.
17,862
117
$ 424
424 -
2,621,674
7,6.27
$ 424
$1,500,000
$.1,575,192
$
4,389,653
$ 424
$1,551,602
$ 890,604
$ 2,914,267
$
5,211,274
$ 127,125
$ 399,148
$
344,126
105
1,132
1,163
2,014
2,014
3,500
692
$2,862,052
2,862,052
1,578,820
129,244
.$2,862,052
$.3,26.5,038
$
1,927,609 .
$ 18,180.
$ 21,432
1,500,000
1,500,000
1,750,000
$1,518,180
$ 1,521,432
$
1,750,000
$1,647,424
$2,862,052
$ 4,786.,470
$.3,677,609
$ 424
$( 95,822)
$(1,971,448)
$(1,872,203)
$.1,533.,665-
1,971,448
1,.971,448
(15%212;840)
( 424)
6,800
40,617
3,985,971
3,665,146
$ -0-
$( 89,022)
$ 40,617
$ 4,085,216
$ 3,985,971
46
CITY OF EDINA, MINNESOTA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31., 1979 AND
1978
Sewer
Waterworks
Rental
Liquor
Fund
Fund
Fund
ASSETS
Current assets
Cash (deficit).
$. 448,388
$(
415,960)
$
130,600.
Restricted
51,650
Total cash
$ 500,038
$(
415,960)
$
130,600
Petty cash and change funds
3,500
Investments
19,033
Receivables
Donations
Accounts receivable
60,588
7,236
Customers
.154,413
189,363
Assessments
1,284
Due from other funds
240,397
Prepaid expenses
5,035
95,498
19,642
Inventories
8,579
607,865
Total current assets
$ 927,495
$( 69,227)
$ 768,843
Property and equipment, less
accumulated depreciation
$7,280,921
$8,230,179
$
955,898
Other assets
Deferred receivable - Metropolitan Waste
Control Commission
$
597,214
Notes receivable - Less $7,236 current
portion included with accounts receivable
$
59,680
Loan to other funds
$ 100,000
415,000
Total other assets
$ 100,000
$
597,214
$
474,680
Total assets
$8,308,416
$8,758,166
$2,199,421
See accompanying notes to financial statements.
47
Swimming
Golf
Recreation
Gun
Art
Pool
Course
Center
Range
Center
Combined
Fund
Fund
Fund
Fund
Fund
1979
1978
$(41,090)
$ 87,_696
$( 44,142)
$(13,452)
$(30,308)
$
121,732
$.
642,576
51,650
53,300
$(41,090)
$ 87,696
$( 44,142)
$(13,452)
$(30,308)
$
173,382
$
695,876
400
700
75
4,675
4,675
.
12,728
31,761
31,761
1,700.
32,114
3,000
102,938
31,524
343,776
329,212
1,284
1,190
30,451
340
1,040
272,228
381,743
120,175
116,748
2,550
313
250
5,547
625,104
680,683
$(41,090)
$ 103,374
$ 19,436
9,862)
$ (23646)
$ 1,675,323
$ 2,275,112
$329,133.
$1,320,486
$1,065,496
$ 64,019
$172,452
$19,418,584
$19,116,770
$
597,214
$
735,072
59,680
64,654
300,000
815,000
515,000
$ 300,000
$ 1,471,894
$ 1,314,726
288 043
.51,423 ,860
$1,384,932
$ 54;157
$148,806
$22,565,801
$22,706,608
48 _
CITY OF EDINA, MINNESOTA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET (CONTINUED)
DECEMBER 31, 1979 AND
1978
Sewer
Waterworks
Rental
Liquor.
Fund
Fund
Fund
LIABILITIES, RESERVES AND RETAINED EARNINGS
Current liabilities
Accounts payable
$ 16,101
$ 3,322
$ 122,904
Accrued payroll
5,207
3,123
15,456
Due to other funds
49.,651
35,30.2
Bonds payable
50,000
Accrued interest
138.
Total current liabilities
$ 121,097
$ 6,445
$ 173,662
Other liabilities
Long -term liability - Bonds payable, less
current portion above
Deferred credit.
$ 597,214
- Deposits
Loan from other funds
Total other liabilities
$ 597,214
Reserve for debt retirement
$ 51,650
Retained earnings
Invested in property and _equipment
$1,291,711
$ 115,214
$ 955,898.
Contributed
5,939,210
8,114,965
Unreserved
904,748
( 75,672)
1,069,861
Total retained earnings
$8,135,669
$8,154,507
$2,025,759
Total liabilities, reserves and
. retained earnings
58,308,416
$8,758,166
$2,199,421
49
Swimming
Golf.
Recreation
Gun.
Art
Pool
Course
Center
Range.
Center
Combined
Fund
Fund
Fund
Fund
Fund
1979
1978
$ 226
$
8,449
$
18,233
$ 1,326
$ 6,789
$ 177,350
$
218,267
3,036
4,993
295
450
32,560
25,958
268,339
45,079
4,108
25,303
427,782
249,224
40,000
105,000
195,000
145,000
4,563
4,701
2,481
$ 226
$
319,824
$
177,868
$ 5,729
$ 32,542
$ 837,393
$
640,930
$
330,000
$
400,000
$ 730,000
$
925,000
597,214
735,072
900
900
2,021
545,000
470,000
1,015,000
715,000
$
875,900
$
870,000
$ 2,343,114
$
2,377,093
$ ..52,300
$ 103,950
$
105,600
$329,083
$
405,486.
$
84,496
$ 19,019
$1503419
$ 3,351,326
$
3,484,787
50
6,000
45,000
22,033
14,127,258
14,161,983
(41,316)
( 177,350)
194,268
(15,591)
(56,188)
1,802,760
1,936,215
$287,817
$
228,136..
$
284,764
$ 48,428
$116,264
$19,281,344
$19,582,985
$288,043
$1.423,860
$1,384,932 _..$
54,157..
$148,806
,$22,565,801.
$22,706,608
50
CITY OF EDINA,
MINNESOTA
ENTERPRISE
FUNDS
COMBINING STATEMENT OF INCOME
AND RETAINED EARNINGS
YEARS ENDED DECEMBER
31, 1979 AND 1978
Sewer
.
Waterworks
Rental
Liquor
Fund
Fund
Fund
SALES AND COST OF SALES
Sales
.$5,209,247
Cost of sales
4,433,815
Gross profit
$ 775,432
OPERATING REVENUE
Charges for services
$ 544,596
$1,162,176
Total gross profit and
operating revenues
$ 544,596
$1,162,176
$ 775,432
OPERATING EXPENSE
830,771
1,496,986
494,378
Operating income (loss)
$(_286,175)
S( 334,810)
$ 281,054
OTHER REVENUE
Interest income
$ 35,068_
$ 5,744
Discounts
74,735
Gain on sale of property and equipment
Prior year's disposal charges
$ 87,116
Rental income
4,776
Deferred charges
.6,441
Donations
Other
1,577
$ 35,068
$ 98,333
$ 82,056
OTHER EXPENSE
Interest and paying agent fees
$ 3,190
Other
$ 71
3,190
$ 71
Net income.(loss)
$( 254,297)
$( 236,477)
$ 363,039
TRANSFERS FROM (TO) OTHER FUNDS
( 375,000)
PROPERTY AND EQUIPMENT CONTRIBUTED
BY SPECIAL ASSESSMENTS
121,885
91,176
DECREASE .IN RESERVES
1,650
TRANSFER OF PROPERTY FROM CONSTRUCTION FUND
RETAINED EARNINGS January 1
8,266,431
8,299,808
2,037,720
RETAINED EARNINGS December 31
$8,135,669
$8,154,507
$2,025,759
See accompanying notes to financial statements.
51
Swimming
Golf
Recreation
Gun
Art
Total
Pool
Course
Center
Range
Center
(memorandum only)
Fund
Fund
Fund
Fund
Fund
1979
1978
$
5,209,247
$
4,689,243
4,433,815
3,924,654
$
775,432
$
764,589
$ 52,008
$
403,224 ,,
$ 241,808
$ 18,179
$ 48,840
2,470,831
2,410,532
$ 52,008
$
403,224
$ 241,808
$ 18,179.
$ 48,840
$
3,246,263
$
3,175,121
62,425
342,420
267,797
18,086
69,168
3,582,031
3,325,460
$(10,417)
$ 60,804
$( 25,989)
$ 93
$(20,328)
$( 335,768)
$( 150,339)
$
10,462
$ 2,600
$
53,874
$
37,496
74,735
62,292
98,872
87,116
62,460.
4,776
4,378
6,441
8,552
$ 1,560
1,560
3,843
_..
1,633
3,210
5,953
$
10,462
$ 2,600
$ 3,193
$
231,712
$..
283,846
$
32,300
$ 10,885
$
46,375
$
25,352.
6,817
6,888
88
$
32,300.
$ 10,885
$ 6,817
$
53,263
$ 25,440
$(10,417)
$
38,966
$( 34,274)
$ 93
$(23,95.2)
$(
.157,319)
$
108,067
7,500
(
300,000).
307,500
967
(.
359,033)
( 310,000)
-
213,061
1,401,443
1,650
1,650
9,885
290,734
489,170
11,538
48,335
139,249
19,582,985
18,371,940
$287,817 S 228,136 S 284,764 $ 48,428 $116,264 $19,281,344 $19582,985
52
CITY OF EDINA, MINNESOTA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES
IN FINANCIAL
POSITION
YEARS ENDED DECEMBER 31,
1979 AND 1978
Sewer
Waterworks
Rental
Liquor
Fund
Fund
Fund
Funds provided
Operations
Net income (loss)
$( 254,297)
$( 236,477)
$ 363,039
Items not requiring (providing)
current funds
Depreciation
253,968
109,003
43,182.
Gain on sale of property.and equipment
$( 329).
$( 127,474)
$ 406,221
Contributions in aid to construction
121,885
91,176
Sale of .property =and equipment
Transfers from other funds
Deposits
Proceeds from bond sale_
Decrease in reserves
Decrease in notes receivable
4,974
Other
$ 121,556
$( 36,298)
$ 411,195
Funds applied
Additions to property and equipment
$ 127,290
$ 115,908
$ 49,367
Current installment on long —term debt
50,000
Transfers to other funds
375,000
Notes receivable
Increase in reserves and deposits
$ .177,290
$ 115,908
$ 424,367
Net increase (decrease) in working capital
$( 55,734)
$( 152,206)
$( 13,172)
Various elements of net change in
working capital
Cash
$(.159,367)
$( 285,014)
$ 100,239
Investments
Receivables
11,341
63,905
2,263
Due from other funds
14,897
( 128,064)
Prepaid expenses
595
( 2,247)
5,681
Inventories
( 906)
( 53,070)
. Accounts payable
2,294
40,731
5,627
Accrued liabilities
( 711)
( 265)
( 3,021)
Due to other funds
76,123
30,684
57,173
Contracts payable
Bonds payable
Net increase (decrease) in working capital
$( 55,734)
$( 152,206)
$( 13,172)
See accompanying notes to financial statements.
53
Swimming
Golf
Recreation
Gun
.Art
Total
Pool
Course
Center
Range
Center
(memorandum only)
Fund
Fund
Fund
Fund
Fund
1979
1978
$(10,417)
$
38,966.
$( .34,274)
$ 93
$(23,952)
$( 157,319)
$ 108,067
627
14,983
3,765
59
1,248
426,835
410,619
( 98,872)
$( 9,790)
$
53,949
$( 30,509)
$ 152
$(22,704)
$. 269,516
$ 4192814
213,061
.1,401,443
128,507
7,500
7,500
967
15,967
24,885
2,021
370,000
52,300
4,974
170
170
2,290)
$
53,949
$( 23,009)
$ 152
$(21;567)
$ 503,688
$2,398,970
$ 2,383
$.
309,889
$ 93,721
$ 4,108
$ 26,153
$ 728,819
$1,758,958
40,000
105,000
195,000
145,000
.375,000
325,000
64,654
1,121
1,121
52,300
2,383
$
351,010
$. 198,721
$ 4,108.
$ 26,153
$1,299,940
$2,345.,912
. ILA,
221,730)
3,956)
$(47.720)
5(_796 252)
L_5 3 0 5 8
$ 1,936
$(
23,019)
$ ( 146,730)
$ 1,607
$(12,146)
$( 522,494)
$( 406,228)
( 1)
8,589
( 26)
( 1,700)
84,372
2,514
( 7,500).
10,151
( 39)
1,040
( 109,515)
340,615
1,948
4,841
10,818
95,687
( 319)
( 3,834)
( 58,129)
110,920
891
(
6,581)
( 922)
( 1,239)
( 5,647)
35,154
44,244
(
1,264)
( 47,340)
( 151)
( 130)
( 52,882)
2,403
(
268,145)
( 4,108)
(25,303)
( 133,576)
( 186,758)
49,662
( 50,000)
( 50,000)
4 673)
$( 297,061)
$( 221,730)
$( 3,956)
.5(47.720)(
796,252)
$ 53 ,058
54
CITY OF EDINA, MINNESOTA
ENTERPRISE FUNDS
STATEMENT OF PROPERTY AND EQUIPMENT
YEAR ENDED DECEMBER 31, 1979
Assets
Balance
January 1 Additions Disposals
Waterworks Fund
Land $ 26,556
Land improvements 26,559 $ 757
Buildings and equipment 2,570,308 4,647
Distribution system 8,512,928 121,886
$11,136,351 $ 127,290
Sewer Rental Fund
Balance
December 31
$ 26,556
27,316
2,574,955
8.634.814
$11,263,641
Land improvements
$ 6,441
$ 188
$ 6,629
Sewer mains and
lift stations
9,928,252
91,176
10,019,428
Furniture and fixtures
2,454
2,454
Vehicles
12,666
6,728
19,394
Equipment and .
machinery
74,837
17,816
92,653.
$10,024,650
$ 115,908
$10,140,558
Liquor Fund
Land $ 233,785 $ 233,785
Land improvements 21,085 21,085
Building 658,333 658,333
Furniture and fixtures 227,319 $ 49,367 276,686
$ 1,140,522 $ 49,367' $ 1,189,889
Swimming Pool Fund
Land $ 10,000 $ 10,000
Swimming pool and
bathhouse 288,048 288,048
Filter system 28,006 28,006
Furniture and
fixtures 4,618 $ 1,383 .61001
Construction in
progress 1,000 1,000
$ 330,672 $ 2,383 $ 333,055
See accompanying notes to financial statements.
55
Accumulated Depreciation
Net
Balance
Balance
Book
January 1
Additions Disposals
December 31
Value
$
26,556
$
13,419
$
1,019
$ 14,438
12,878
1,516,079
94,683
1,610,762
964,193
2,199,254
154,266
2,357,520
6,277,294
3,728,752
$
253,968 -
$ 3,982,720
, 7,280,921
$
3,549
$
262.
$ 3,811
$
2,818
1,744,695
100,1.94
1,844,889
8,174,539
2,206
-
29
2,235.
219
11,530
1,429 :
12,959
6,435
39,396
7,089
46,485
46,168
$
1,801,376
$
109,003
$ 1,910,379
$
8,230,179
$
233,785
$
3,033
$
832
$ 3,865
17,220
101,232
22,479
123,711.
534,622
86,544
19,871
106,415
170,271
$
190,809
$
43,182
$ 233,991
$
955,898
$
10,000
288,048
28,006
$
3,295
$
627
$ 3,922.
2,079
1,000
3,295
$
627
$ 3,922
329,133
56
CITY OF
EDINA,
MINNESOTA
ENTERPRISE
FUNDS
(CONTINUED)
STATEMENT OF PROPERTY AND
EQUIPMENT (CONTINUED)
YEAR ENDED
DECEMBER 31, 1979
Assets
Balance
Balance
January 1
Additions
Disposals
December 31
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
186,694
$
11,824
$ 2,995
195,523
Construction in
progress.
298,065
298,065
$
1,142,534
$
309,889
$ 2,995
$
1,449,428
Recreation Center Fund
Land improvements
$
52,174
$
52,174
- - Buildings
885,191
-
-
885,1-91'
Furniture and
equipment
623,993.
62,993
Construction in
progress
21,579
$
93,721
115,300
$ 1,021,937
$ 93,721
$
1,115,658
Gun Range Fund
Land improvements
$
12,182
$
12,182
Building
47,532
47,532
Furniture and
equipment
863
863
Construction in
progress
$
4,108
4,108
$
60,577
$
4,108
$
64,685
Art Center Fund
Land
$
15,000
$
15,000
Land improvements
1,476
1,476
Building
110,758
$
213
111,070
Office furniture and
equipment
6,077 -
$ 170
5,907
Machinery and e
equipment
6,139
858.
6,997
Construction in
progress
9,885
24,983
34,868
$
149,335
$
26,153
$ 170
$
175,318
$25,006.578
$ 728,819
S 3,165
$25,732,232
See accompanying notes to financial statements.
57
Accumulated Depreciation
Net
Balance
Balance
Book
January 1
Additions
Disposals
December 31
Value
$
726;414
204,781
15,018
9,627
$
116,954
$
14,983
$ 2,995
$
128,942
66,581
298,065
$
116,954
$
14,983
$ 2,995
$
128,942
$ 1,320,486
$
52,174
885,191
$
46,397
$
3,765
$
50,162
12,831
115,300
$ 46,397
$ 3,765
$ 50,162
$ 1,065,496
$
12,182
47,532
. $
607
$
59
$
666
197
4,108
$,
607
$
59
$
666
$
64,019
$
15,000
1,476
111,070
$
697
$
591
$
1,288
4,619
921
657
1,578
5,419.
34,868
$
1,618
$
1,248
$
2,866
$
172,452
$ 5,889,808
$ 426,835
$ 2,,995
$ 6,313,648
$19,418,584
-
1979
1978
ASSETS
Current assets
Cash
$ 448,388
$ 606,105
Restricted cash
51,650
53,300
Total cash
$ 500,038
$ 659,405
Investments
19,033
.19,033
Customers.accounts receivable
1543-413
143,072
Due from other funds
240,397
225,500
Prepaid expenses
5,035
4,440
Inventories
8,579
9,485
Total current assets
$ 927,495
$1,060,935
Property and equipment, less accumulated depreciation
$7,280,.921
$7,407,599
- Other - assets- - .
Loan to other funds.
$ 100,000
$ 100,000
Total assets
$8,308.416
58,568,534
LIABILITIES, RESERVES AND RETAINED EARNINGS
Current liabilities
Accounts payable
$ 16,101
$ 18,395
Accrued payroll
5,207
4,358
Due to other funds
49,651
125,774
Bonds payable
50,000.
50,000
Accrued interest
138
276
Total current liabilities
$ 121,097
$ 198,803
Other liabilities
Long -term liability - Bonds payable,
less current portion above
$ 50,000
Reserve for debt retirement
$ 51,650
$ 53,300
Retained earnings
Invested in property and equipment
$1,291,711
$1,342,681
Contributed
5,939,210
5,964,918
Unreserved
904,748
958,832
Total retained earnings
$8,135,669
$8,266,431
Total liabilities, reserves and
retained earnings
$8,308,416
58,568,534
See accompanying notes to financial statements.
59
CITY OF EDINA, MINNESOTA
WATERWORKS FUND
STATEMENT OF INCOME AND RETAINED EARNINGS
YEARS ENDED DECEMBER 31, 1979 AND 1978
Other income (expense)
Interest on investments
1979
1978
Operating revenue
( 3,190)
( 4,980)
Water charges
$ 521,821
$ 550,711
Sale of meters (less cost of meters sold)
3,768
6,113
Hydrant rental
15,697
15,541
Permits
1,040
1,365
Other
2,270
126
Total operating revenue
$ 544,596
$ 573,856
Operating expenses
Retained earnings December 31
$8,135,669
Source of supply
Personal services
$ 22,869
$ 24,743
Other services and charges
153,903
110,105
Supplies
16,923
26,733
Distribution
Personal services
77,445
67,245
Other services and charges
82,789
24,271
Supplies
64,684
77,343
Purification
Personal services
4,659
4,129
Other services and charges
147
Supplies
18,715
12,776
General and administrative
Personal services
61,186
45,158
Other services and charges
73,219
85,855
Supplies
411
1,090
Depreciation
253,968
253,884
Total operating expense
$ 830,771
$ 733,479
Operating loss
$( 286,175)
$( 159,623)
Other income (expense)
Interest on investments
$ .35,068
$ 26,261
Interest and paying agent fees
( 3,190)
( 4,980)
Total other income
$ 31,878
$ 21,281
Net (loss)
$( 254,297)
$( 138,342)
Property and equipment contributed by
special assessments
121,885
1,320,198
Reduction in reserve for debt retirement
1,650
1,650
Retained earnings January 1
8,266,431
7,082,925
Retained earnings December 31
$8,135,669
$8,266,431
See accompanying notes to financial statements.
.o
CITY OF EDINA, MINNESOTA
WATERWORKS FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31, 1979 AND 1978
Funds provided
Operations
Net loss
Item not requiring current outlay of funds
Depreciation
Contributions in aid to construction
Funds applied
Additions to property and equipment
Current installment of long -term debt
Net increase.(decrease) in working capital
Various elements of net change in working capital
Cash
Restricted cash
Receivables
Due from other funds
Prepaid expenses
Inventories
Accounts payable
Accrued payroll
Accrued interest payable
Due to other funds
Net increase (decrease) in working capital
See accompanying notes to financial statements.
1979 1978
$( 254,297) $( 138,342)
253,968 253,884
$( 329) $ 115,542
121,885 1,320,198
$ 121,556 $1,435,740
$ 127,290 $1,465,975
50,000 50,000
$ 177,290 $1,515,975
$( 55,734) $( 80,235)
$( 157,717) $( 209,892)
( 1,650')
11,341
14,897
595
( 906)
2,294
( 849)
138
76,123
$( 55,734)
( 1,650)
19,153
206,504
1,009
( 888)
( 1,168)
( 63)
137
( 93,377)
$( 80,235)
61
CITY OF EDINA, MINNESOTA
SEWER RENTAL FUND
BALANCE SHEET
DECEMBER 31, 1979 AND 1978
1979
1978
ASSETS
Current assets
Cash (deficit)
$( 415,960)
$( 130,946)
Receivables
Accounts receivable
60,588
Customers
189,363
186,140
Assessments
1,284
1,190
Prepaid expenses
95,498.
97,745
Total current assets
$( 69,227)
$ 154,129
Property and equipment, less
accumulated depreciation
$8,230,179
$8,223,274
Other assets
Deferred receivable - Metropolitan
Waste Control Commission
$ 597,214
$ 735,072
Total assets
$8,758.166
$9112.475
LIABILITIES AND RETAINED EARNINGS
Current liabilities
Accounts payable
$ ._ 3,322
$ 44,053
Accrued payroll
3,123
2,858
Due to other funds
30,684
Total current liabilities
$ 6,445
$ 77,595
Other liabilities
Deferred credit
$ 597,214
$ 735,072
'Retained earnings
Invested in property and equipment
$ 115,214
$ 99,292
Contributed
8,114,965
8,123,982
- Unreserved
( 75,672)
76,534
Total retained earnings
$8,154,507
$8,299,808
Total liabilities and retained earnings
$8,758,166
$9,112.475
See accompanying notes to financial.statements.
62
CITY OF EDINA, MINNESOTA
SEWER RENTAL FUND
STATEMENT OF INCOME AND RETAINED
EARNINGS
YEARS ENDED DECEMBER 31, 1979 AND 1978
1979
1978
Operating revenue - Sewer rentals
$1,162,176
$1,139,177
Operating expense
Collection
Personal services
$ 98,445
$ 82,899
Other services and charges
47,767
67,016
Supplies
17,224
29,536
Disposal - Contractual services
1,166,677
1,122,202
Administrative and general
Personal services
15,654
17,578
Other services and charges
42,168
48,800
Supplies
48
615
Depreciation
109,003
100,969
Total operating expense
$1,496,986
$1,469,615
- Operating _income (loss)
$ -( 334,810)
$_( 330.,.438)_ -_ - -.
Other income (expense)
Deferred charges
$ 6,441
$ .8,552
Rental income
4,776
4,378
Prior year's disposal charges
87,116
62,460
Total other income (expense)
$ 98,333
$ 75,390
-- - - - -Net - income - (loss)- -- - -
$( 236,477-) -- -.
$(- 255,048)
Property and equipment contributed by
special assessments
91,176
81,245
Retained earnings January 1
8,299,808
8,473,611
Retained earnings December 31
$8,154,507
$8,299,808
See accompanying notes to financial statements.
63
CITY OF EDINA, MINNESOTA
SEWER RENTAL FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31, 1979 AND
1978
1979
1978
Funds provided
Operations
Net income (loss)
$( 236,477)
$(.255,048)
Item not requiring
current outlay of funds.
Depreciation
109,003.
100,969
$( 127,474)
$( 154,079)
Contributions. in aid
to construction
91,176
81,245
Total
$( 36,298)
$( 72,834)
: Funds applied
Additions to property
and equipment
$ 115,908
$ 100,516.
Net increase (decrease)
in working.capital
$( 152,206)
$( 173,350)
Various elements of net
change in working capital
Cash
$( 285,014)
$( 296,179).
Receivables
63,905
( 10,996)
.Due from other funds
( 3,000)
Prepaid expenses
( 2,247)
97,424
Accounts payable
40,731
64,179
Accrued salaries and
wages
( 265)
( 111)
Due to other funds
30,684
( 24,667)
Net increase (decrease).
in working capital
$( 152,206)
$( 173,350).
64
CITY OF EDINA, MINNESOTA
LIQUOR FUND
BALANCE SHEET
DECEMBER 31, 1979 AND 1978
1979
1978
,. ASSETS
Current assets
Cash
$ 130,600
$
30,361
Petty cash and change funds
3,500
3,500
Accounts receivable
7,236
4,973
Due from other funds
128,064
Prepaid expenses
19,642
13,961
Inventories
607,865
660,935
Total current assets
$ 768,843
$
841,794
Property and equipment, less
accumulated depreciation
955,898
$
949,713
Other assets.
Notes receivable -- -Less $7,236 in 1979 and -- _
- - -- -
- - - - -- -
$4,973 in 1978 current portion included
with accounts receivable
$ 59,680
$
64,654
Loan to other funds
415,000
415,000
Total other assets
$ 474,680
$
479,654
Total assets
$2,199,421
$2,271,161
LIABILITIES AND RETAINED EARNINGS
Current liabilities
Accounts payable
$ 122,904
$
128,531
Accrued payroll
15,456.
12,435
Due to other funds
35,302
92,475
Total current liabilities
$ 173,662
$
233,441
Retained earnings
Invested in property and equipment
$ 955,898
$
949,713
Unreserved
1,069,861
1,088,007
Total retained earnings
$2,025,759
$2,037,720
Total liabilities and retained earnings
$2,199,421,
$2,271.161
See accompanying notes to financial statements. .
65
1979
1978
50th Street
Yorkdale
Grandview
Combined
Combined
Sales
$1,077,9.15
$2,222,356,
$1,908,976
$5,209,247
$4,689,243
Cost of sales
934,181,
1,860,094
1,639,540
4,433,815
33924,654
Gross profit.
$ 143,734
$ 362,262
$ 269,436
$ 775,432
$ 764,589
Operating expense
Selling
$ 63,068
$ 100,728
$ 88,752
$ 252,548
$ 224,442
Occupancy
33,833
47,646
36,824
118,303
103,537
Administrative
36,193
47,137
40,197
123,527
111,385
Total operating
expense
$ 133,094
$ 195,511
$ 165,773
$ 494,378
$ 439,364
Operating income
$ 10,640
$ 166,751
$ 103,663
$ 281,054
$ 325,225
Other income (expense)
Interest income
5,744
5,744
11,235
. Discounts.
13,752
32,283
28,700
74,735
62,292
Cash over (short)
25
( 177)
81
( 71)
( 88)
Gain on sale of
store
98,872
Other
1,118
202
257
1,577
1,297
Net income
S 31,279
$ 199,059
L-13 2 LO 1
$ 363,039
$ 498,833
Transfers.to other
funds
General Fund.
63,225
15,052
Park Fund
231,775
229,948
Park Construction
Fund
80,000
80,000
$ 375,000
$ 325,000.
Retained earnings
January 1
$2,031,720
$1,863,887
r -'
CITY OF EDINA, MINNESOTA
LIQUOR FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31. 1979 AND 1978
Funds provided
Operations
Net income
Items not requiring (providing) current funds
Depreciation
Gain on sale of fixed assets
Proceeds from sale of store
Decrease in notes receivable
Total
Funds applied
Transfers to other funds
Additions to property and equipment
Notes receivable
Net increase (decrease) in working capital
Various elements of net change in working capital
Cash
Receivables
Due from other funds
Prepaid expenses
.Inventories
Accounts payable
Accrued payroll
Due to other funds
Contracts payable
Net increase (decrease) in working capital
See accompanying notes to financial statements.
1979 1978
$ 363,039 $ 498,833
43,182 36,631
( 98,872)
128,507
$ 406,221 $ 565,099
4,974
$ 411,195 $ 565,099
$ 375,000 $ 325,000
49,367 141,388
64,654
$ 424,367 $ 531,042
IL-LL-1 7-2) L--L4 0 5 Z
$ 100,239 $(172,258)
2,263
4,973
(128,064)
128,064
5,681
( 695)
( 53,070)
106,075
5,627
( 13,441)
( 3,021)
756
57,173
( 69,079)
49,662
$( 13.172) $ 34.057
67
CITY
OF EDINA, MINNESOTA
LIQUOR-YUND
STATEMENT OF OPERATING EXPENSES
YEARS ENDED
DECEMBER 31,
1979 AND 1978
1979
1978
50th Street
Yorkdale
Grandview
Combined
Combined
Selling
Salaries and wages
$ 582590
$ 93,842
$ 83,792
$236,224
$206,877
Supplies
3,538
6,143
4,011
13,692
14,276
Licenses and dues
107
53
17
177
291
Service contract
150
191
341
258
Direct promotion
569
569
570
1,708
2,627
Other
114
121
171
406
113
63,068
$100,728
88,752
$252,548
$224,442 .
Occupancy
Salaries and wages
$ 33
$ 291
$ 186
$ 510
$ 251 .
Telephone
579
502
344
12425
22025
Supplies
103
591
603
12297
32308
Light and power
5,103
7,156
3,019
15,278
14,829
Maintenance, heating
and cooling
1,372
12016
614
3,002
1,306 .
Heat
606
2,332
1,353
4,291
3,348
Laundry and rug
service
282
556
432
1,270
1,359
.Burglar alarm
499
538
403
1,440
1,354
Insurance
7,083
14,609
122161
33,853
28,751
Share of maintenance
522
590
10.0
1,212
1,552
Repair and maintenance 1,701
2,422
2,573
6,696
4,178
Depreciation
14,783
153048.
13,351
43,182
36,631
Rubbish hauling
563
1,352
1,339
32254
3,040
Janitorial service
88
436
123
647
709
Water and sewer.
service
516
207
223
946
814
.,Miscellaneous
82
33,833
$ 47,646
36,824
$118,303
$103,537
Administrative
Salaries and wages
$ 15,899
$ 24,561
$ 18,292
$ 58,752.
$ 612323
Supplies
840
896
838
2,574
359
Professional services
1,240.
1,240
1,240
32720
4,028
Allocated expenses -
-
Retirement, insurance
office supplies, etc.
17,340
18,600
18,720
54,660
44,340
Mileage
291
291
291
873
780
Miscellaneous
583.
1,549
816
2,948
555
36,193
47 137
$ 40,197
123 527.
$111,385
$133,094
195 511
jjkLjZ3
494 378
$439,364
See accompanying notes
to financial
statements.
68
CITY OF EDINA, MINNESOTA
SWIMMING POOL FUND
BALANCE SHEET
DECEMBER 31, 1979 AND 1978
1979
1978
ASSETS
Current assets
Cash (deficit)
$( 41,090)
„$( 43,026)
Due from other funds
7,500
Total current assets
$( 41,090)
35,526)
Property and equipment, less .
accumulated depreciation
$ 329,133
$ 327,377
Total assets
$ 288,043
S 291,851
- - - LIABILITIES AND RETAINED EARNINGS
-
-'
Current liabilities
Accounts payable
$ 22;6
$ 1,117
Retained earnings
Invested in property and equipment
$ 329,083
$ 327,327
Contributed
50
50.
_ Unreserved -
(- 41,316)
( 36,643) -
Total retained earnings
$ 287,817
$ 290,334
Total liabilities and retained earnings.
$ 288,043
$ 291,851
See accompanying notes to financial statements.
See accompanying notes to financial statements.
69
CITY OF EDINA, MINNESOTA
SWIMMING.POOL FUND
STATEMENT OF INCOME AND RETAINED
EARNINGS
YEARS ENDED DECEMBER 31, 1979 AND 1978
1979
1978
Operating revenue
Season tickets
$ 30,166
$ .30,519
General admissions
9,295
8,913
Rentals and instruction programs
5,000
.5,000
'Concessions (less cost of goods sold)
6,475
6,557
Other
1,072
800
Total operating revenue
$ 52,008
51,789
Operating expense
Salaries and wages
$ 32,577
$ 32,705
Supplies
4,979
4,899
Utilities
12,923
9,732
_ Insurance
843
1,232
Repair and maintenance
549
5,657
Professional service
100
100
Printing and office expense
1,462
1,864
Central services
3,600
4,141
Concessions - Operating
4,045
3,779
Contractual services
309
459
. Depreciation
627
489
Other
411
108
Total operating expense
$ 62,425
$ 65,165
Net loss
$( 10,417)
$( 13,376)
Transfer from General Fund
7,500
7,500
Retained earnings January 1-
290,734
296,610
;. Retained earnings December 31
S 287.817
S 290.734
See accompanying notes to financial statements.
70
CITY OF EDINA, MINNESOTA
SWIMMING POOL FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31, 1979 AND 1978
Funds provided
Operations
Net income (loss)
Item not requiring current outlay of funds
Depreciation
Transfer from General Fund
Funds applied
Additions to property and equipment
Net decrease in working capital
Various elements of net change in working capital
Cash
Due from other funds
Prepaid expenses
Accounts payable
Net decrease in working capital
See accompanying notes to financial statements.
1979 1978
$( 10,417) $( 13,376}
627 489
$( 9,790) $( 12,887)
7,500 7,500
$( 2,290) $( 5,387)
$ 2,383 $ -0-
LC--4. 6
73
$ 1,936 $( 11,306)
( 7,500) 7,500
( 522)
891 ( 1,059)
S ( 4 , 673) L 5,387)
71
CITY OF EDINA, MINNESOTA
GOLF COURSE FUND
BALANCE SHEET
DECEMBER 31, 1979 AND 1978
1979
1978
ASSETS
Current assets
Cash
$ 87,696
$ 110,715
Petty cash and change funds
400
400
Investments
12,728
12,728
Prepaid expenses
602
Inventories
2,550
Total current assets
$ 103,374
$ 124,445
Property and equipment, less
accumulated depreciation
$1,320,486
$1,025,580
Total assets.
$1,423,860
$1,150,025
LIABILITIES AND RETAINED EARNINGS
Current liabilities
Accounts payable
$ 8,449
$ 1,868
Accrued payroll
3,036
1,772
Due to other funds
268,339
194 .
Bonds payable
40,000
40,000
Total current liabilities
$ 319,824
$ 43,834
Other liabilities
Long -term liability - Bonds payable,
less current portion above
$ 330,000
$ 370,000
Deposits
900
2,021
Loan from other funds
545,000
245,000
Total other liabilities
$ 875,900
$ 617,021
Retained earnings
Invested in property. and equipment
$ 405,486
$ 370,580 .
Unreserved
( 177,350)
118,590
Total retained earnings
$ 228,136
$ 489,170
Total liabilities and retained earnings
$1,423,860
$1,150,025
See-accompanying notes to financial statements.
72
CITY OF EDINA, MINNESOTA
GOLF COURSE FUND
STATEMENT OF INCOME AND RETAINED EARNINGS
YEARS ENDED DECEMBER 31, 1979 AND
1978
1979
1978
Operating revenue
Green fees
$ 242,863.
$ 245,819
Rental fees
47,855
44,632
Membership fees
27,022
26,470
Concessions (less cost of goods sold)
33,478
34,460
Range
46,695
45,269
Lessons
5,234
7,462
Other
77
363
Total operating revenue
$ 403,224
$ 404,475
Operating expense
Administration
$ 81,554
$ 75,456
Building - Club house and pro shop
26,590
29,678
Maintenance of course and grounds
168,278
137,119
Range and grill
51,015
46,000
Depreciation
14,983
13,530
Total operating expense
$ 342,420
$ 301,783
Operating income
$ 60,804
$ 102,692
Other- income (expense)-----
--
Interest on investments
$ 10,462
Interest and paying agent fees
( 32,300)
15 369)
Total other income (expense)
$( 21,838)
E-1 6-9)
Net income
$ 38,966
$ 87,323
Transfer to Recreation Center Fund
(300,000)
Retained earnings January 1
489,170
401,847
Retained earnings December 31
S 228,136
S 489,170
See accompanying notes to financial statements.
See accompanying_notes . to financial statements:.
73
CITY OF EDINA, MINNESOTA
GOLF COURSE FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31, 1979 AND
1978
1979
1978
Funds provided
Operations
.Net income
$ 38,966
$ 87,323
Item not requiring current outlay of funds
Depreciation
14,983
13,530
$ 53,949
$ 100,853
Other sources
Deposits
2,021
$ 53,949
102,874
Funds applied
Additions to property and equipment
$ 309,889..
$ 17,201
Current installment of long -term debt
40,000
40,000
Increase in reserve for debt retirement
52,300
Deposits
1,121
$ 351,010
$ 109,501
Net increase (decrease) in working capital
$(297.061)
LL 6,627)
Various elements of net change in working capital
Cash
$( 23,019)
$( 6,161)
Investments
( 1)
Prepaid expenses
1,948
( 370)
Accounts payable
( 6,581)
219
Accrued payroll
( 1,264)
( 120)
Due to other funds
(268,145)
( 194)
Net increase (decrease) in working capital
$(297.061)
$( 6,627)
See accompanying_notes . to financial statements:.
74
CITY OF EDINA, MINNESOTA
GOLF COURSE FUND
STATEMENT OF OPERATING EXPENSES.
YEARS ENDED DECEMBER 31, 1979 AND
1978
1979
1978
Administration
Personal services
$
43,707
$
42,663
Contractual services
33,981
31,574
Commodities and supplies
2,364
791
Other charges
1,502
428
Total administration expense _
$
81,554
$
75,456.
Building - Club house and pro shop .
Personal services
$
8,230
$
12,276
Utilities
7,019
7,754
Fuel
1,788
1,977
Supplies
5,942
4,847
Repairs - Building
1,981
1,908
Contractual services
3,719
3,180
Less amount charged to grill
(
3,250)
(
3,499)
Other
1,161
1,235
Total building - Club house and pro shop
$
26,590
$
29,678
Maintenance of course and grounds
Personal services
$
90,377
$
76,519
Contractual services
11,389
7,649
Commodities and supplies
41,897
28,405;
Fixed charges
:
24 600
24,180
Other
15
- 365 -
Total maintenance
$
168,278
$
137,.119
Range and grill
Personal services
$
43,582
$
38,935.
Contractual services
3,353
3,522
Commodities and supplies
4,080
3,543
Total range and grill
$
51,015
$ 46,000. .
Depreciation
$
14,983
$
13,530.
Total operating expense
$ 342,420
$ 301,783.
75
CITY OF EDINA, MINNESOTA
RECREATION CENTER FUND
BALANCE SHEET
DECEMBER 31, 1979 AND 1978
.
1979
1978
ASSETS
Current assets
Cash (deficit)
$( 44,142)
$ 102,588
Petty cash and change funds
700
700
Accounts receivable
32,114.
23,525
Due from other funds
30,451
20,300
Inventories
313
632
Total current assets :
$ 19,436
$ 147,745
Property and equipment, less
accumulated depreciation
$1,065,496
$ 975,540
Other assets
Loan to other funds
$ 300,000
Total assets
$1.384,932
$1,123,285
LIABILITIES, RESERVES AND RETAINED EARNINGS
Current liabilities
Accounts payable
$ 18,233
$ 23,074
Accrued payroll
4,993
4,071
Due to other funds
45,079
97
Bonds payable
105,000
55,000
Accrued interest
4,563
2,205
Total current liabilities
$ 177,868
$ 84,447
Other liabilities
Long -term liability - Bonds payable,
less current portion above
$ 40031000
$ 505,000
Loan from other funds
470,000
470,000
Total other liabilities
$ 870,000
$ 975,000
Reserve for debt retirement
$ 52,300
$ 52,300
Retained earnings
Invested in- property and equipment
$ 84,496
$ 254,540 .
Contributed
6,000
6,000
Unreserved
194,268
( 249,002)
Total retained earnings
$ 284,764
$ 11,538
Total liabilities, reserves
and retained earnings
$1,384,932
$1,123.285
See accompanying notes to financial.statements.
al
CITY OF EDINA, MINNESOTA
RECREATION CENTER FUND
STATEMENT OF INCOME AND RETAINED EARNINGS
YEARS ENDED DECEMBER 31, 1979 AND 1978
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 income (expense)
Interest on investments
Interest and paying agent fees
Total other income (expense)
Net loss
Transfer from G61f'Course Fund
Transfer from General Fund
Retained earnings January 1
Retained earnings December 31
See accompanying notes to financial statements.
1979 1978
$ 164,500 $ 134,014
24,618
23,449
4,569
3,318
30,246
17,926
8,994
5,207
5,782
5,844
3,008
3,823
91
966
$ 241,808
$ 194,547
$ 95,549 $ 106,830
89,343
84,718
51,840
37,099
3,765
3,978
27,300
24,840
267,797
257,465
$( 25,989)
$( 62,918)
$ 2,600
( 10,885)
$( 5,003)
$( 8,285)
$( 5,003)
$( 34,274)
$( 67,921)
300,000
7,500 7,500
11,538 71,959
$ 284.764 $ 11,538
See accompanying notes to financial statements.
77
CITY OF EDINA, MINNESOTA
RECREATION CENTER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31, 1979 AND
1978
1979
1978
Funds provided
Operations
Net income (loss)
$( 34,274)
$( 67,921)
Item not requiring current outlay of funds
Depreciation.
3,765
3,978
$( 30,509)
$( 63,943)
Proceeds from bond sale
370,000
Decrease in reserve for debt retirement
52,300
Transfer from General Fund
7,500
7,500
23,009)
365,857
Funds applied
Additions to property and equipment
$ 93,721
$ 21,579
Current installment of long -term debt.
105,000
.55,0.00
$ 198,721.
$ ..76,579
Net increase (decrease) in working capital
X221,730)
$ 289,278
Various elements of net change in working capital
Cash
$(146,730)
$ 299,627
Receivables
8,589
( 13,020)
Due from other funds.
10,151
7,800
Prepaid expenses
4,841
( 1,245)
Inventory
(. 319)
86
Accounts payable
( 922)
( 5,746)
.Accrued payroll
( 2,358)
1,215
Accrued interest
( 44,982)
658
Due to other funds
( 97)
Bonds payable
( 50,000)
Net increase (decrease) in working capital
$(221.730)
LIB
See accompanying notes to financial statements.
78
CITY OF EDINA, MINNESOTA
GUN RANGE FUND
BALANCE SHEET
DECEMBER 31, 1979 AND 1978
1979
1978
ASSETS
Current assets
Cash (deficit)
$( 13,452)
$( 15,059)
Accounts receivable
.3,000
3,026
Due from other funds
340
379
Inventories
250
250
Total current
assets
$( 9,862)
$( 11,404)
Property and equipment,
less accumulated depreciation
$ 64,019
$ 59,970
Total assets
$ 54,157
48 566
LIABILITIES AND RETAINED EARNINGS
Current liabilities.
Accounts payable
$ 1,326
$ 87`
Accrued. payroll
295
144
Due to other funds
4,108
Total current
liabilities
$ 5,729
$ 231
Retained earnings
Invested in property
and equipment -
$ 19,019
$ 14,970.
Contributed
45,000
45,000
Unreserved
( 15,591)
( 11,635)
Total retained
earnings
$ 48,428
$ 48,335
Total liabilities
and retained earnings
I--5A 15
$ 48.566
See accompanying notes
to financial statements.
79
CITY OF EDINA, MINNESOTA
GUN RANGE FUND
STATEMENT OF INCOME AND RETAINED EARNINGS
YEARS ENDED DECEMBER 31, 1979 AND 1978
1979 1978
Operating revenue
Range fees
$ 14,823
$ 11,132
Sale of ammunition
3,042
2,151
Concessions (less cost of goods sold)
95
111
Other
219
348
Total operating revenue
18,179
$ 13,742
Operating expense
Personal service
$ 8,957
$ 7,505
Contractual services
2,778
2,306
Commodities and supplies
6,178
4,203
Depreciation _
59
59
Other
114
105
Total operating expense
$ 18,086
$ 14,178
Net income (loss)
$ 93
$( 436)
Retained earnings January 1
48,335
48,771
Retained earnings December 31
$ 48,428
$ 48,335
See accompanying notes to financial statements.
80
CITY OF EDINA, MINNESOTA
GUN RANGE FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31, 1979 AND
1978
1979
1978
Funds provided
Operations
Net income (loss)
$ 93
$( 436)
Item not requiring
current outlay of funds
Depreciation
59
59
$ 152
$( 377)
' Funds applied
Additions to property
and equipment
$ 4,108
Net decrease in working
capital
$( 3,956)
$( 377)
Various elements of net
change- in working.capital
Cash
$ 1,607
$( 3,331)
Receivables
( 26)
2,404
Due from other funds
( 39)
89
Accounts payable
( 1,239)
491
Accrued payroll
( 151)
( 30)
Due to other fruns
( 4,108)
Net decrease in working
capital
$( 3,956)
$( M)
See accompanying notes
to financial statements.
81
CITY OF EDINA, MINNESOTA
ART CENTER FUND
BALANCE SHEET
DECEMBER 31, 1979 AND 1978
1979
1978
ASSETS
Current assets
Cash (deficit)
$.( 30,308)
$( 1.8,162)
Petty cash and change funds
75
75
Donations receivable
1,700
Due from other funds
1,040
Inventories
5,547
9,381
Total current assets
$ 23,646)
$( 7,006)
Property and equipment, less accumulated depreciation
172,452
$ 147,717
Total assets
$ 148,806
$ 140,711
LIABILITIES AND RETAINED`-EARNINGS
Current liabilities
Accounts payable
$ 6,789
$. 1,142 .
Accrued payroll
450
320
Due to other funds
25,303
Total current liabilities
32,542
$ 1,462
Retained earnings
.Invested in property and equipment
$ 150,419
$ 125,684
Contributed
22,033
22,033
Unreserved
( 56,188)
( 8,468)
Total retained earnings
$ 116,264
$ 139,249
Total liabilities and retained earnings
S 148,806
8 140,711
See accompanying notes to financial statements.
82.
CITY OF EDINA, MINNESOTA
ART CENTER FUND
STATEMENT OF INCOME AND RETAINED
EARNINGS
YEARS ENDED DECEMBER 31, 1979 AND 1978
1979
1978
Operating revenue
Memberships
$ 15,087
$ 5,581
Registration fees
30,409
25,465
Retail sales less cost of goods sold
3,344
1,900
Total operating revenue
$ 48,840
32,946
Operating expense
Administration
Personal services
$ 15,723
$ 12,727
Contractual services
1,163
582
Commodities
6,247
2,775
Other charges
3,420
-
$ 26,553
$ 16,084
Occupancy
Personal services
$ 2,985
$ 680
Contractual services
6,827
4,075
Commodities
1,282
1,319
$ 11,094
$ 6,074
Instructors - Personal services
$ 30,273
21,174
Depreciation
$ 1,248
$ 1,079_
Total operating expense
$ 69,168
$ 44,411
Operating loss
$( 20,328)
$( 11,465)
Other income (expense)
Donations
$ 1,560
$ 3,843
Inventory adjustment - Prior year
( 5,117)
3,900
Account receivable adjustment - Prior year
( 1,700)
Other
1,633
756
Total other income
$( 3,624)
$ 8,499
Net income (loss)
$( 23,952)
$( 2,966)
Transfer from Park Fund
967
Transfer of land, building and improvements from
Construction Fund
9,885
Retained earnings January
139,249
132i330
Retained earnings December 31
$ 116,264
1 139,249
See accompanying notes to financial statements.
See accompanying notes to financial statements.
83
CITY OF EDINA, MINNESOTA
ART CENTER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31, 1979 AND 1978
1979
1978 .
Funds provided'
Operations
Net income (loss)
$(23,952)
$( 2,966)
Item not requiring current outlay of funds
Depreciation
1,248
1,079
$(22,704)
$( 1,887).
Transfers from other funds
967
9,885
Withdrawals from property and equipment
170
(21,567)
$ 7,998
Funds applied
Additions to property and equipment
26,153
12,299
Net decrease in working capital
47,720)
S( 4,301)
Various elements of net change in working capital
Cash
$(12,146)
$( 5,078)
Receivables
( 1,700)
Due from other funds
1,040
( 6,342)
Inventories
( 3,834)
5,733
Accounts payable
( 5,647)
769
Accrued payroll
( 130)
( 39)
Due to other funds
25 30,3)
656
Net decrease in working capital
$(47,720)
$( 4,301)
See accompanying notes to financial statements.
84
CITY OF EDINA, MINNESOTA
STATEMENT OF GENERAL
FIXED ASSETS
.
YEAR ENDED DECEMBER 31, 1979
Balance
Removals or
Balance
January 1
Additions
Transfers
December 31
General Fixed Assets
Land
$ 707,117
$ 707,117.
Land improvements
1,175,287
$ 77,194
1,252,481
Buildings
1,493,080
1,493,080
Furniture and fixtures
149,350
5,927
$ 1,010
154,267
Vehicles
89,499
18,092
107,591
Tools
5,812
5,812
Election equipment
131,320
131,320
Engineering equipment
47,2.76.
10,531
7,460
50,347
Fire equipment
375,329
13,752
389,081
Highway equipment
846,657
59,386
2,479
903,564 .
Park equipment
176,234
12,316
188,550
Police equipment
273,451
41,265
43,092
271,624
Miscellaneous equipment
77,930
2,187
80,117
Traffic signals equipment.
9110706
91,706
Construction in progress
3,374,071
574,802
345,325
3,603,548
$9,014,119
$ 815,452
$ 399,366
$9,430,205
Investment in General Fixed
Assets
General Fund
$4,019,460
$ 158,621.
$ 54,041
$4,124,040
Park Fund
2,212,110
82,027
2,294,137
- - Park Construction -Fund
2- ,782-,549 -
- 5749804 - --
- 345;32 -5 -.
1 3901 -29028 -:
$9,014,119
1---a!5,452
$ 399,366
$9,430,205
See accompanying notes to financial statements.
See accompanying notes to financial statements.
t
85
- CITY OF EDINA, MINNESOTA
STATEMENT OF GENERAL
LONG-TERM DEBT
- DECEMBER 31, 1979 AND 1978
Redevelopment
Park
Sinking
Sinking
Combined
Fund
Fund
1979
1978
AMOUNT AVAILABLE FOR PAYMENT
OF GENERAL LONG -TERM DEBT
Amount available in general
debt service funds
$3,316,600.
S 65 9816
$3,976,416
$4,423,190
GENERAL LONG -TERM DEBT PAYABLE
AND FUND BALANCE
General long -term debt payable
$2,100,000
$ 350,000
$2,450,000
$2,800,000
Fund balance
1,216,600
309,816
1,526,416
1,623,190
Total general long -term
debt payable and
fund balance
53,316,600
$ 659,816
$3,976,416
54,423,190
See accompanying notes to financial statements.
t
87
CITY OF EDINA, MINNESOTA
STATEMENT OF CASH AND SECURITY FOR DEPOSITS
DECEMBER 31, 1979
Face amount of
securities pledged
by depository.
Cash
as collateral
Cash
First Edina National Bank, Edina, Minnesota
Checking accounts $( 135,726)
Savings account 699,815'
Certificates of deposit 600,000
$1,285,000
First Southdale National Bank,
Edina, Minnesota
Deposit account 115,448
Payroll account 25,155
$ 500,000
Southwest Fidelity State Bank, Edina Minnesota
Certificates of deposit 100,000- -
Americana State Bank, Edina, Minnesota
Certificates of deposit 500,000 :�-
$ 450,000
Petty cash and change funds 7,559
Total cash $1,912,251
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, 1979, the bank deposits at First.
Edina National Bank
were in excess of this requirement.
88
CITY OF EDINA, MINNESOTA
STATEMENT OF CASH AND SECURITY FOR DEPOSITS (CONTINUED)
DECEMBER 31, 1979
Allocation by fund
General Fund
Special Revenue funds
Revenue Sharing Fund
Nursing Services Fund
Park Fund
General Debt Service Funds
Capital project fund (Park Construction)
Special assessment funds
Permanent Improvement Revolving Fund #
Improvement Bond Redemption Fund I
Improvement.Bond_Redemption Fund II
Construction Fund
Proprietary funds (Enterprise funds)
Waterworks Fund
Sewer Rental Fund
Liquor Fund
Swimming Pool Fund
Golf Course Fund
Recreation Center
Gun Range Fund
Arts Center Fund
Total cash
Cash
$ 239,716
273,354
34,763
381,135
630,202
( 509,061)
216,501
1,296,297
( 58,756)
( 769,957)
500,038
( 415,960)
134,100
( 41,090)
88,096
( 43,442)
( 13,452)
( 30,233).
,1.912,251
.
89
CITY OF
EDINA, MINNESOTA
STATEMENT OF INVESTMENTS
DECEMBER 31,
1979
Face
Interest
Amount
Rate
Maturity
Cost
City of Edina Bonds
Waterworks Bonds of .1963
$ 20,000
3.370
12/1/79
$ 19,033
Golf Course Bonds
5,000
3.4
12/1/81
3,808
Golf Course Bonds
5,000
3.4
12/1/83
4,604
Golf Course Bonds
5,000
3.5
12/1/87
4,316
Security Repurchase agreement
maturing 1/2/80 with First
Bank Minneapolis collateralized
by:
U.S. Treasury bills
500,000
12.25
4/24/80
500,000
Land
1,007
Donated Securities
995
Allocation by fund
General Fund
Improvement Bond Redemption -I
Waterworks Fund
Golf Course Fund
$533.763
$ 2,002
500,000
19,033
12.728
$533.763
DECEMBER 31, 1979
Final
1979 Percent
Interest
Issue
maturity
paid by tax
rate
date
date
levies
Bonded Indebtedness
Special Assessment Debt Service Fund
Improvement Bonds of 1975
5.30 -5.50
12/1/75
12/1/83
Improvement Bonds of 1977
4.25 -4.40
11/1/77
11/1/86
Temporary Improvement Bonds
of 1978
5.4
11/l/78
11/1/81
Temporary Improvement Bonds
of 1979
6.75
11/1/79
11/1/81
None
Revenue Bonds
Waterworks Bonds of 1963
3.20 -3.30
12/1/63
12/1/80
Golf Course Bonds
3.20 -3.50
12/1/63
12/1/87
Recreation Center Series A
3.20 -3.30
9/1/65
9/1/82
Recreation Center. Series B
3.00
.9/1/65
9/1/82
Recreation Center Series D
5.20 -5.25
11/1/78
11/1/85
None
General Long -term Debt
Park Construction Bonds
3.9
3/l/57
3/1/81
General Obligation Park Bonds
5.30 -5.50
12/1/75
12/1/80
General Obligation Redevelopment
Bonds
5.30 -6.50
12/1/75
12/1/93
100%
Total bonded indebtedness
Other indebtedness
Installment purchases
5.50 -6.50
1977 -1978
1981 -82
Total indebtedness
Bonds
91
Bonds
Due in
1980
Authorized
Issued
Redeemed
Outstanding
Bonds
Interest
$ 3,500,000
$.3,500,000
$
1,500,000
$ 2,000,000
$
500,000
$ 110,000
2,700,000
2,700,000
600,000
2,100,000
300,000
90,900
1,750,000
1,750,000
-0-
1,750,000
-0-
94,500
1,500,000
1,5009000
-0-
1,500,000
-0-
101,250
$.9,450,000
$ 9,4502000
$
2,100,000
$ 7,350,000
$ 800,000
$ 396,650
$ 400,000
$ 4009000
$
350,000
$ 50,000
$
50,000
$ 1,650
825,000
8252000
455,000
370,000
40,000
12,690
300,000
300,000
210,000
90,000
30,000
2,970
150,000
150,000
105,000
45,000
15,000
1,350
370,000
370,000
-0-
370,000
60,000
19,275
$ 2,045,000
$ 2,045,000
$
1,120,000
$ 925,000.
$
195,000
$ 37,935
$ 700,000
$ 700,000
$
600,000
$ 100,000
$
50,000
$ 1,950
950,000
950,000
700,000
250,000
250,000
13,750
2,200,000
2,200,000
100,000
2,100,000
50,000
128,250
$ 3,850,000
$ 3,850,000
$
1,400,000
$ 2,450,000
$
350,000
$ 143,950
$15,345,000
$15,345,000
$
4,620,000
$10,725,000
$
1,345,000
$ 578,535
282155
.28,155
12,997
15,158
51990
706
$15,373,155
$15,373,155
$ 4,632,997
$10,740,158
S 1,350,990
$ 579,241
BONDS PAYABLE
DECEMBER 31, 1979
Issue Interest Maturity Principal
date rate date amount
SPECIAL ASSESSMENT BONDS
Balance
Balance
$3,500,000 Improvement Bonds
January 1
Issued Redeemed
December 31
Special assessment bonds
$ 7,365,000
$1,500,000 $1,515,000
$ 7,350,000
Revenue bonds
5.30 -5.50%
12/1/80 -83
$ 2,000,000
Waterworks
100,000
50,000
50,000
Golf Course
410,000
40,000
370,000
Recreation Center
560,000
55,000
505,000
General obligation bonds
2,800,000
350,000
2,450,000
$11,235,000
$1,500,000 $2,010,000
$10,725.000
BONDS PAYABLE
DECEMBER 31, 1979
Issue Interest Maturity Principal
date rate date amount
SPECIAL ASSESSMENT BONDS
$3,500,000 Improvement Bonds
of 1960 12/1/75
$500,000 per year
5.30 -5.50%
12/1/80 -83
$ 2,000,000
$2,700,000 Improvement Bonds
of 1977 11/1/77
$300,000 per year
4.25 -4.40
11/1/80 -86
$ 2,100,000
$1,750,000 Temporary Improvement
Bonds of 1978 11/1/78
$1,750,000
5.4
11/1/81
$ 1,750,000
$1,500,000 Temporary Improvement
Bonds of 1979 6/1/79
$1,500,000
6.75
11/1/81
$ 1,500,000
Total special assessment bonds
7,350,000
93
Issue
Interest
Maturity
Principal
date
rate
date
amount
REVENUE BONDS
$400,000 Waterworks Bonds
of 1963
12/1/63
$50,000 per year
3.30%
12/1/80
$ 50,000
$825,000 Golf Course Bonds -
12/1/63
$40,000 per year
3.30 -3.40
12/1/80 -82
$ 120,000
$50,000 per year
3.40 -3.50
12/1/83 -87
250,000
$ 370,000
$300,000 Recreation Center
Series A
9/1/65
$30,000 per year
3.30
9/1/80 -82
$ 90,000
$150,000 Recreation Center
Series B
9/1/65
.$15,000 per year
3.00
9/1/80 -82
$ 45,000
$370,000 Recreation Center
Series D
ll/1/78
$60,000 per year
5.20
11/1/80 -84
$ 300,000
$70,000 per year
5.25
11/1/85•
70,000
$ 370,000
Total revenue bonds
$ 925,000
GENERAL LONG -TERM DEBT.
$700,000 Park Construction Bonds
3/1/57
$50;000 per year
3.90
3/1/80 -81
$ 100,000
$950,000 General Obligation
Park Bonds
12/1/75
$250,000
5.50
12/1/80
$ 2502000
$2,200,000 General Obligation
Redevelopment Bonds
12/1/75
$50,000 per year
5.50
12/1/80 -81
$ 100,000
$100,000 per year
5.50 -5.90
12/1/82 -86
500,000
$200,000 per year
6,00 -6.40
12/1/87 -91
1,000,000
$250,000 per year.
6.50
12/1/92 -93
500,000
$ 2,100,000
Total general long -term debt
$ 22450,000
Total bonds payable
$10,725,000
EMPLOYEES' SURETY BONDS
DECEMBER 31, 1979
Name Position
J. N. Dalen Treasurer
Florence B. Hallberg Clerk
Ralph Johnson Assessor
Deputy assessors
Suretv Bond
$50,000
500
500
500
Police.Department employees are covered by a faithful performance.blanket position
bond of $5,000.
All employees, except police department and treasurer, are covered by a faithful
performance blanket position bond of $50,000.
Special Assessment
General
Long -term
Year
Bond
Revenue
Bonds
Debt
Ended
Principal
Interest
Principal
Interest
Principal
Interest
1980
$ 800,000
$ 396,650
$195,000
$ 37,935
$ 350,000
$. 143,950
1981.
4,050,000
356,250
145,000
30,405
100,000
125,500
1982
800,000
120,100
145,000
24,485
100,000
122,750
1983
800,000
79,700
110,000
18,565
100,000
117,250 .
1984
300,000
39,300
110,000
13,745
100,000
111,750
1985
300,000
26,400
120,000
8,925
100,000
106,150
1986
300,000
13,200
50,000
3,500
100,000
100,400
1987
50,000
1,750
200,000
94,500
1988
200,000
82,500
1989
200,000
70,300
1990
200,000
57,900
1991
200,000
45,300
1992
250,000
32,500 .
1993
250,000
163250
$7,350,000.
$1,031,600
$925,000
1119,310
$2,450,000
51.,22 _7. 000
EMPLOYEES' SURETY BONDS
DECEMBER 31, 1979
Name Position
J. N. Dalen Treasurer
Florence B. Hallberg Clerk
Ralph Johnson Assessor
Deputy assessors
Suretv Bond
$50,000
500
500
500
Police.Department employees are covered by a faithful performance.blanket position
bond of $5,000.
All employees, except police department and treasurer, are covered by a faithful
performance blanket position bond of $50,000.
SPECIAL ASSESSMENT LEVIES AND COLLECTIONS
95
CITY
OF EDINA, MINNESOTA
Collection
of total
-
TAX LEVIES AND COLLECTIONS
of current
of levy
of prior
Total
collections
Year
levy
year's levy,
Percentage
year's levy
collections
Collection
Percentage
Collection
$1,223,649
of total
$134,421
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
96.427.
$ 60,903
- $2,905,900
98.49%
1977
3,226,450
32152,345
.97.70
.:80,716
3,233,061
100.20
1978
3,544,897
32474,459
98.01
68,652
3,543,111
99.95
1979
3,6552500
3,6042948
98.62
26,669.
.3,631,617
99.35
SPECIAL ASSESSMENT LEVIES AND COLLECTIONS
Percentage
Collection
Percentage
Collection
of total
-
Total
of current
of levy
of prior
Total
collections
Year
levy
year's levy,
collected
year's levy
collections
to levy
1976
$1,371,621
$1,223,649
89.21%
$134,421
$1,358,070
99.01%
1977
1,3.98,780
1,237,843
88.49
213,757
1,451,600
103.78
1978
1,304,745
1,210,181
92.75
127,406
1,337,587
102.52
1979
1,275,260
1,237,769.
97.06
76,705,
1,314,474
103.'07
97
CITY OF EDINA, MINNESOTA
ASSESSED
VALUATION, TAX LEVIES
AND MILL RATES
(SHOWN
BY YEAR OF TAX COLLECTIBILITY)
1978
1979
1980
Assessed valuation
$403,504,468
$416,601,475
$436,802,624
Increment valuation
( 726,434)
( 2,049,949)
( 6,083,511)
Contribution to fiscal
disparities pool
(12,608,384)
(13,851,121)
(15,346,797)
Received from fiscal
disparities pool
2,610,761
3,407,244
4,125,589.
Taxable valuation
$392,780,411
$404,107,649
$419497,905
Tax levies
General Fund
$ 2,836,628
$ 2,920,038
$ 3,378,638
Park Fund
377,302
403,696
44$,187
Bonds and interest
315,267
316,009
247,977
Fire protection
15,702
15,757
16,200
Total
$ 3,544,899
$ 3,655,500
$ 4,091,002
Mill rates
General Fund
7.225
7,226
8.134
Park Fund
.961
.999
1,079
Bonds and interest
.803
.782
.597
Fire protection
.040
.039
.039
Total
9.029
9.046
9.849