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Home My WebLink About2001 Comprehensive Annual Financial ReportCity of Edina 2001 Comprehensive Annual Financial Report CITY OF EDINA, MINNESOTA Comprehensive Annual Financial Report Year ended December 31, 2001 Department of Finance John Wallin--Treasurer and Finance Director Peggy Gibbs--Assistant Finance Director Paula Nelson—Accountant CITY OF EDINA, MINNESOTA TABLE OF CONTENTS Page PART I -- INTRODUCTORY SECTION Elected and Appointed Officials.................................................................................................1 Letters of Transmittal..................................................................................................................2 PART II -- FINANCIAL SECTION Independent Auditors' Report .....................................................................................................9 General Purpose Financial Statements: Combined Balance Sheet -- All Fund Types and Account Groups ......................................11 Combined Statement of Revenues, Expenditures and Changes in Fund Balance -- All Governmental Fund Types.................................................................13 Combined Statement of Revenues, Expenditures and Changes in Fund Balance -- Budget and Actual -- General and Special Revenue Fund Types..........15 Combined Statement of Revenues, Expenses and Changes in Retained Earnings -- All Proprietary Fund Types..............................................................17 Combined Statement of Cash Flows -- All Proprietary Fund Types.....................................18 Notes to General Purpose Financial Statements..................................................................19 Combining and Individual Fund and Account Group Financial Statements: General Fund: Balance Sheet ....................................................................................................................45 Statement of Revenues, Expenditures and Changes in Fund Balance -- Budget and Actual................................................................................46 Schedule of Revenues -- Budget and Actual.....................................................................47 Schedule of Expenditures -- Budget and Actual ................................................................48 Schedule of Central Services Expenditures -- Budget and Actual....................................53 Special Revenue Funds: Combining Balance Sheet..................................................................................................55 Combining Statement of Revenues, Expenditures and Changes in Fund Balance..................................................................................................................56 Debt Service Funds: Combining Balance Sheet..................................................................................................58 Combining Statement of Revenues, Expenditures and Changes in Fund Balance..................................................................................................................59 CITY OF EDINA, MINNESOTA Table of Contents, Continued Page Combining and Individual Fund and Account Group Financial Statements (Continued): Capital Project Funds: Combining Balance Sheet..................................................................................................61 Combining Statement of Revenues, Expenditures and Changes in Fund Balance (Deficit).....................................................................................................62 Enterprise Funds: Combining Balance Sheet..................................................................................................64 Combining Statement of Revenues, Expenses and Changes in Retained Earnings ......66 Combining Statement of Cash Flows.................................................................................68 Utilities Fund: Balance Sheet ..............................................................................................................70 Statement of Revenues, Expenses and Changes in Retained Earnings....................71 Statement of Cash Flows.............................................................................................72 Liquor Fund: Balance Sheet ..............................................................................................................73 Statement of Revenues, Expenses and Changes in Retained Earnings....................74 Statement of Cash Flows.............................................................................................75 Schedule of Operating Revenue and Expenses by Location......................................76 Swimming Pool Fund: Balance Sheet ..............................................................................................................77 Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)......78 Statement of Cash Flows.............................................................................................79 Golf Course Fund: Balance Sheet ..............................................................................................................80 Statement of Revenues, Expenses and Changes in Retained Earnings....................81 Statement of Cash Flows.............................................................................................82 Schedule of Operating Expenses ................................................................................83 Arena Fund: Balance Sheet ..............................................................................................................84 Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)......85 Statement of Cash Flows.............................................................................................86 Art Center Fund: Balance Sheet ..............................................................................................................87 Statement of Revenues, Expenses and Changes in Retained Earnings....................88 Statement of Cash Flows.............................................................................................89 Edinborough Park/Centennial Lake Fund: Balance Sheet ..............................................................................................................90 Statement of Revenues, Expenses and Changes in Retained Earnings ...................91 Statement of Cash Flows.............................................................................................92 CITY OF EDINA, MINNESOTA Table of Contents, Continued Page Trust and Agency Funds: Combining Balance Sheet…………………......................................................................... 94 Deferred Compensation Expendable Trust Fund: Balance Sheet..…………………………………………………………………………….. 95 Statement of Revenues, Expenses and Changes in Retained Earnings .................. 96 Agency Funds: Combining Statement of Changes in Assets and Liabilities ....................................... 97 General Fixed Assets Account Group: Schedule of General Fixed Assets.................................................................................... 99 General Long-term Debt Account Group: Schedule of General Long-term Debt ...............................................................................101 Supplementary Information: Exhibit Page Combined Schedule of Bonded Indebtedness.........................Exhibit 1................................102 Schedule of Changes in Bonded Indebtedness.......................Exhibit 2 ................................104 Schedule of Bonds Payable.....................................................Exhibit 3................................105 Schedule of Debt Service Requirements .................................Exhibit 4................................109 Assessed Valuation, Tax Levies and Mill Rates ......................Exhibit 5................................110 PART III -- STATISTICAL SECTION Table Page General Governmental Expenditures by Function Last Ten Fiscal Years.............................................................Table 1.................................111 General Governmental Revenues by Source Last Ten Fiscal Years.............................................................Table 2.................................112 Property tax Levies and Collections -- Last Ten Fiscal Years............................................................................Table 3.................................113 CITY OF EDINA, MINNESOTA Table of Contents, Continued Assessed Value or Tax Capacity and Estimated Market Value of Taxable Property..........................................Table 4 .................................114 Property Tax Rates -- All Overlapping Governments Last Ten Fiscal Years.............................................................Table 5.................................115 Special Assessment Collections -- Last Ten Fiscal Years............................................................................Table 6.................................116 Ratio of Net General Bonded Debt to Assessed Value/Tax Capacity and Net Bonded Debt per Capita -- Last Ten Fiscal Years..............................................Table 7 .................................117 Computation of Overlapping Debt - December 31, 2000..........Table 8.................................118 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures -- Last Ten Fiscal Years...................................Table 9 .................................119 Revenue Bond Coverage -- Last Ten Fiscal Years..................Table 10 ................................120 Property and Construction Values -- Last Ten Fiscal Years...........................................................................Table 11................................121 Principal Taxpayers - December 31, 2000...............................Table 12 ................................122 Major Employers in the City......................................................Table 13................................123 Labor Force Data ......................................................................Table 14 ................................124 Miscellaneous Statistics - December 31, 2000........................Table 15................................125 Schedule of Sources and Uses of Public Funds for 50th & France-No. 1200, a Tax Increment Financing District................................................................Table 16 ................................127 Schedule of Sources and Uses of Public Funds for Southeast Edina Redevelopment District- No. 1201, a Tax Increment Financing District....................Table 17 ................................128 Schedule of Sources and Uses of Public Funds for Grandview Area Redevelopment District- No. 1202, a Tax Increment Financing District....................Table 18 ................................129 Schedule of Sources and Uses of Public Funds for Southeast Edina Redevelopment District- No. 1203, a Tax Increment Financing District....................Table 19 ................................130 Schedule of Sources and Uses of Public Funds for 70th Street and Cahill Road District-No. 1207, a Tax Increment Financing District......................... Table 20................................131 Page 1 CITY OF EDINA, MINNESOTA Elected and Appointed Officials December 31, 2000 Term of office expires January* Elected: Mayor—Dennis Maetzold 2005 Council: James Hovland 2003 Scot Housh 2003 Michael Kelly 2005 Linda Masica 2005 Appointed: Manager-Gordon Hughes Treasurer and Finance Director-John Wallin Assistant Finance Director-Peggy Gibbs Clerk-Debra Mangen *First Official business day. General Purpose Statements Page 11 CITY OF EDINA, MINNESOTA Combined Balance Sheet - All Fund Types and Account Groups December 31, 2001 (with comparative totals for December 31, 2000) Governmental fund types SpecialDebt Capital Assets and Other DebitsGeneralRevenueServiceProjects Cash (note 2)$00041,109 Petty cash and change funds (note 2)3,300000 Investments (note 2)15,549,2171,126,558027,743,004 Cash and investments with plan administrators (notes 2 and 7)0000 Cash and investments with fiscal agents (note 2)0000 Receivables: Accounts230,770101,61907,731 Customers0000 Accrued interest12,39013,1430171,811 Special assessments0003,111,287 Due from other funds (note 9)41,678217,594844,73662,294 Due from other governments270,91417,8874,681890,082 Inventory0000 Prepaid expenses15,872000 Fixed assets (note 4)0000 Discount on bonds0000 Amount available in debt service fund0000 Amount to be provided for retirement of long-term debt0000 Amount to be provided for compensated absences0000 Total assets and other debits$16,124,1411,476,801849,41732,027,318 Liabilities, Fund Equity and Other Credits Liabilities: Accounts payable453,63521,75501,616,409 Salaries payable508,3971,34103,080 Contracts payable000439,279 Accrued interest payable0000 Due to other funds (note 9)623,72717,72201,848,227 Due to other governments44,735340100,309 Compensated absences payable107,954000 Deposits payable10,000003,107 Taxes payable00041,196 Deferred revenue (note 3)0003,635,711 Obligation under capital lease (note 13)0000 Bonds payable (note 5)0000 Total liabilities1,748,44840,85207,687,318 Fund equity and other credits: Investment in general fixed assets (note 4)0000 Contributed Capital (note 15)0000 Retained earnings: Reserved (note 10)0000 Unreserved-undesignated0000 Fund balance: Reserved (note 10)15,8720849,4171,470,422 Unreserved - designated (note 10)14,359,821008,197,305 Unreserved - undesignated01,435,949014,672,273 Total fund equity and other credits14,375,6931,435,949849,41724,340,000 Contingencies (note 12) Total liabilities, fund equity and other credits$16,124,1411,476,801849,41732,027,318 See accompanying notes to financial statements Page 12 ProprietaryFiduciary fund typefund typeAccount groups GeneralGeneralTotals Trust &FixedLong-term(memorandum only) EnterpriseAgencyAssetDebt20012000 0209,19800250,307320,400 11,76500015,06514,125 10,407,66900054,826,44845,106,157 03,980,984003,980,9843,999,778 3,287,3310003,287,33119,013,091 132,472000472,592403,294 1,934,7260001,934,7262,170,225 67,734000265,078466,092 115,1710003,226,4583,451,540 2,148,2200003,314,5223,392,852 2,2130001,185,777396,430 4,1910004,1911,165,534 1,103,9090001,119,781141,939 41,345,383096,035,4990137,380,882132,315,401 94,43300094,43379,454 000849,417849,41716,712,468 00054,354,49654,354,49658,103,542 0002,354,8172,354,8172,220,886 60,655,2174,190,18296,035,49957,558,730268,917,305289,473,208 842,9060002,934,7051,828,819 126,377000639,195546,931 27,019000466,298302,062 310,891000310,891327,363 783,16841,678003,314,5223,392,852 127,476167,52000440,074656,568 622,784002,354,8173,085,5552,813,364 86,82300099,93050,593 000041,1960 5,0400003,640,7513,283,591 155,00000363,913518,913636,010 17,625,0000054,840,00072,465,00088,175,000 20,712,484209,198057,558,73087,957,030102,013,153 0096,035,499096,035,49990,961,462 5,284,0490005,284,0495,725,001 1,607,1200001,607,1201,607,120 33,051,56400033,051,56430,936,824 03,980,984006,316,69520,871,712 000022,557,12622,487,119 000016,108,22214,870,817 39,942,7333,980,98496,035,4990180,960,275187,460,055 60,655,2174,190,18296,035,49957,558,730268,917,305289,473,208 Page 13 CITY OF EDINA, MINNESOTA Combined Statement of Revenues, Expenditures and Changes in Fund Balance -- All Governmental Fund Types and Expendable Trust Fund Year ended December 31, 2001 (with comparative totals for year ended December 31, 2000) Governmental fund types Special DebtCapital GeneralRevenueServiceProjects Revenues: Taxes (note 3)$14,375,9910724,4349,309,360 Special assessments00684,660401,433 Franchise fees0473,70200 Licenses and permits2,239,611000 Intergovernmental1,657,599106,03103,322,351 Charges for services1,909,6660052,506 Fines and forfeitures976,952000 Investment Income157,30976,84401,040,141 Interest on funds held with fiscal agent0083,4070 Sales and rental of property250,352004,012,632 Other revenues16,0873,9650164,414 Total revenues21,583,567660,5421,492,50118,302,837 Expenditures: Current: General government 2,633,260000 Public safety9,409,291000 Public works4,313,065000 Parks2,375,565000 Unallocated general506,495000 Other32,024371,3632,0001,807,860 Capital outlay: General government417,949000 Public safety737,972000 Public works576,727000 Parks116,905000 Infrastructure0009,342,455 Other01,14700 Debt Service: Bond principal003,740,0000 Interest and fiscal charges003,148,7190 Total expenditures21,119,253372,5106,890,71911,150,315 Excess (deficiency) of revenues over expenditures 464,314288,032(5,398,218)7,152,522 Other financing sources (uses): Operating transfers in (out): Operating transfers in (out)--General Fund0000 Operating transfers in (out)--Revolving Fund0000 Operating transfers in (out)--HRA006,015,4110 Operating transfers in (out)--General Debt Service Fund000(6,015,411) Operating transfers in (out)--Liquor Fund000100,000 Operating transfers in (out)--Utility Fund000100,000 Operating transfers in (out)--Art Center Fund000(8,252) Operating transfers in (out)--Edinborough Park Fund(46,000)00(56,300) Operating transfers in (out)--Arena Fund000(75,189) Parkland dedication60,280000 Payments for refunding bonds00(15,810,000)0 Proceeds from sale of tax increment bonds0000 Total other financing sources (uses)14,2800(9,794,589)(5,955,152) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses478,594288,032(15,192,807)1,197,370 Fund balance - January 113,897,0991,147,91716,712,46822,472,386 Residual equity transfer00(670,244)670,244 Fund balance - December 31$14,375,6931,435,949849,41724,340,000 See accompanying notes to financial statements Page 14 Totals Fiduciary Type (memorandum only) Expendable Trust 20012000 0 24,409,78522,904,512 0 1,086,0931,159,876 0 473,702336,678 0 2,239,6111,835,828 0 5,085,9811,880,680 0 1,962,1722,902,666 0 976,952967,421 (250,750)1,023,5442,171,165 0 83,40788,788 0 4,262,9841,156,526 316,813 501,279408,089 66,06342,105,51035,812,229 0 2,633,2602,635,357 0 9,409,2918,846,360 0 4,313,0653,672,057 0 2,375,5652,150,588 0 506,495346,099 84,857 2,298,1041,685,437 0 417,94999,898 0 737,972375,731 0 576,727555,332 0 116,905104,921 0 9,342,4557,207,966 0 1,1478,646 0 3,740,0006,050,000 03,148,7193,108,601 84,85739,617,65436,846,993 (18,794)2,487,856(1,034,764) 0 0279,065 0 0(279,065) 0 6,015,4115,778,574 0 (6,015,411)(5,778,574) 0 100,000919,000 0 100,0000 0 (8,252)0 0 (102,300)(108,000) 0 (75,189)0 0 60,28085,520 0 (15,810,000)0 0 021,742,116 0(15,735,461)22,638,636 (18,794)(13,247,605)21,603,872 3,999,778 58,229,64836,625,776 0 00 3,980,98444,982,04358,229,648 Page 15 CITY OF EDINA, MINNESOTA Combined Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General and Special Revenue Fund Types Year ended December 31, 2001 (with comparative totals for year ended December 31, 2000) General Variance favorable BudgetActual(unfavorable) Revenues: Taxes (note 3)$14,293,34614,375,99182,645 Licenses and permits1,754,6352,239,611484,976 Intergovernmental1,630,1011,657,59927,498 Charges for services1,531,5761,909,666378,090 Fines and forfeitures743,370976,952233,582 Investment income53,497157,309103,812 Sales and rental of property137,230250,352113,122 Other revenues26,78016,087(10,693) Total revenues20,170,53521,583,5671,413,032 Expenditures: Current: General government 2,872,0552,633,260238,795 Public safety9,496,6099,409,29187,318 Public works4,180,5574,313,065(132,508) Parks2,440,4112,375,56564,846 Unallocated general485,793506,495(20,702) Other 032,024(32,024) Capital outlay: General government43,496417,949(374,453) Public safety488,838737,972(249,134) Public works536,000576,727(40,727) Parks103,666116,905(13,239) Total expenditures20,647,42521,119,253(471,828) Excess (deficiency) of revenues over expenditures(476,890)464,314941,204 Other financing sources (uses): Operating transfers in476,8900(476,890) Operating transfers out0(46,000)(46,000) Parkland dedication060,28060,280 Total other financing sources (uses)476,89014,280(462,610) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses$0478,594478,594 Fund balance - January 1 13,897,099 Fund balance - December 3114,375,693 See accompanying notes to financial statements Page 16 Totals (memorandum only) Special Revenue20012000 VarianceVariance favorable favorable BudgetActual(unfavorable)BudgetActual(unfavorable)Actual 00014,293,34614,375,99182,64513,575,850 0001,754,6352,239,611484,9761,835,828 182,331106,031(76,300)1,812,4321,763,630(48,802)1,626,423 0001,531,5761,909,666378,0902,024,518 000743,370976,952233,582967,421 00053,497157,309103,812430,577 000137,230250,352113,122171,585 00026,78016,087(10,693)9,803 182,331106,031(76,300)20,352,86621,689,5981,336,73220,642,005 0002,872,0552,633,260238,7952,635,357 0009,496,6099,409,29187,3188,846,360 0004,180,5574,313,065(132,508)3,672,057 0002,440,4112,375,56564,8462,150,588 000485,793506,495(20,702)346,099 182,331106,03176,300182,331138,05544,276116,151 00043,496417,949(374,453)99,898 000488,838737,972(249,134)375,731 000536,000576,727(40,727)555,332 000103,666116,905(13,239)104,921 182,331106,03176,30020,829,75621,225,284(395,528)18,902,494 000(476,890)464,314941,2041,739,511 000476,8900(476,890)0 0000(46,000)(46,000)(387,065) 000060,28060,28085,520 000476,89014,280(462,610)(301,545) 0000478,594478,5941,437,966 013,897,09912,459,133 014,375,69313,897,099 Page 17 CITY OF EDINA, MINNESOTA Combined Statement of Revenues, Expenses and Changes in Retained Earnings -- All Proprietary Fund Types Year ended December 31, 2001 (with comparative totals for year ended December 31, 2000) Totals 20012000 Operating revenues: Charges for sales and services: Sales - Liquor $9,074,1128,989,480 Sales - Retail 355,413412,473 Sales - Utility 8,421,6168,639,374 Sales - Concessions 373,534396,353 Memberships 566,502583,979 Admissions 644,705562,707 Building rental 1,257,0011,190,171 Rental of equipment 384,163399,049 Greens fees 1,970,2802,156,438 Other fees 1,515,6041,535,683 Total operating revenues 24,562,93024,865,707 Operating expenses: Cost of sales and services 7,241,6127,174,884 Personal services 4,472,5744,645,640 Contractual services 6,142,8526,083,352 Commodities 1,153,4681,196,540 Central services 1,521,3001,364,501 Depreciation 2,142,9432,132,071 Total operating expenses 22,674,74922,596,988 Operating income 1,888,1812,268,719 Nonoperating revenues (expenses): Investment income 490,708619,273 Interest from fiscal agents 137,0400 Donations 24,72921,352 Miscellaneous revenue (expense)190655 Interest and fiscal charges (647,970)(681,487) Interest on capital lease (10,483)(13,111) Gain (loss) on disposal of capital assets (155,229)(249,072) Amortization of bond discount (39,118)(17,819) Total nonoperating expenses (200,133)(320,209) Income before operating transfers 1,688,0481,948,510 Operating transfers in (out): General fund 46,000108,000 Art center fund(104,000)(139,000) Liquor store fund239,000220,000 Arena fund (135,000)(81,000) Revolving fund(60,259)(919,000) Total operating transfers, net (14,259)(811,000) Net income 1,673,7891,137,510 Add depreciation on contributed assets 440,951452,966 Increase in retained earnings2,114,7401,590,476 Retained earnings - January 132,543,94430,953,468 Retained earnings - December 31 $34,658,68432,543,944 See accompanying notes to financial statements Page 18 CITY OF EDINA, MINNESOTA Combined Statement of Cash Flows -- All Proprietary Fund Types Year Ended December 31, 2001 (with comparative totals for year ended December 31, 2000) Totals Cash flows from operating activities:20012000 Operating income$1,888,1812,268,719 Adjustments to reconcile operating income to net cash provided by operating activities Depreciation expense2,142,9432,132,071 Changes in assets and liabilities: (Increase) decrease in accounts receivable(17,957)51,701 (Increase) decrease in customer accounts receivable235,499(159,665) (Increase) decrease in special assessments receivable(38,714)28,755 (Increase) decrease in due from other funds(587,830)3,249,321 Decrease in due from other governments2,314685 Increase in prepaid expenses53,4970 (Increase) decrease in inventory3,937(184,466) Increase in accounts payable117,07893,803 Increase in salaries payable5,49616,622 Increase (decrease) in contracts payable(67,544)81,393 Decrease in accrued interest payable(16,472)(74,329) Increase (decrease) in due to other funds783,168(200,000) Increase (decrease) in due to other governments(228,205)200,361 Increase in compensated absences payable56,690421,628 Increase in deposits payable36,23038,239 Miscellaneous revenue190655 Total adjustments2,480,3205,696,774 Net cash provided by operating activities4,368,5017,965,493 Cash flows from noncapital financing activities: Donations 24,72921,352 Operating transfer in--General Fund46,000108,000 Operating transfer (out)--Art Center(104,000)(139,000) Operating transfer in--Liquor Store Fund239,000220,000 Operating transfer (out)--Arena(135,000)(81,000) Operating transfer (out)--Revolving fund(60,259)(919,000) Net cash provided by (used in) noncapital financing activities10,470(789,648) Cash flows from capital and related financing activities: Net acquisition of capital assets(2,134,388)(3,109,973) Loss on disposal of capital assets(155,229)(249,072) Proceeds from revenue bonds4,620,0000 Principal paid on revenue bonds(780,000)(785,000) Increase on bond discount(54,097)0 Principal paid on capital lease(55,000)(50,000) Interest received from fiscal agent137,040137,041 Interest paid on capital lease(10,483)(13,111) Interest paid on bonds(647,970)(681,487) Net cash provided by (used in) capital and related financing activities919,873(4,751,602) Cash flows from investing activities: Purchase of investments(5,827,521)(2,820,478) Decrease in interest receivable39,252(106,986) Investment income 490,708482,232 Net cash used in investing activities(5,297,561)(2,445,232) Net increase (decrease) in cash and cash equivalents1,283(20,989) Cash and equivalents, beginning of year3,297,8133,318,802 Cash and equivalents, end of year$3,299,0963,297,813 See accompanying notes to financial statements Page CITY OF EDINA, MINNESOTA 19 Notes to General Purpose Financial Statements December 31, 2001 (1) Summary of Significant Accounting Policies The City operates under the "Optional Plan B" form of government according to applicable State of Minnesota Statutes. The Statutes prescribe a Council-Manager form of organization. The City provides the following services: public safety, highways and streets, sanitation, health and social services, culture-recreation, public improvements, planning and zoning, and general administration. The City was incorporated in 1888. The accounting policies of the City conform to accounting principles generally accepted in the United States of America as applicable to governments. The following is a summary of the more significant policies: A. Financial Reporting Entity In accordance with Governmental Accounting Standards Board (GASB) Statement No. 14, “The Financial Reporting Entity” the City’s financial reporting entity consists of (a) the primary government, (b) organizations for which the primary government is financially accountable, and (c) other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity’s financial statements to be misleading or incomplete. The primary government is financially accountable for the component unit if it appoints a voting majority of the component unit’s governing body and is able to impose its will on the component unit or there is a potential for the component unit to provide specific financial benefits to, or impose specific financial burdens on, the primary government. As required by accounting principles generally accepted in the United States of America, the financial statements of the reporting entity include those of the primary government and its component units (legally separate organizations). The component unit discussed below is included in the City’s reporting entity because of the significance of its operational or financial relationship with the City. In conformity with accounting principles generally accepted in the United States of America, the financial statements of a component unit has been included in the City’s reporting entity as a blended component unit. The blended component unit’s financial data are reported as part of the primary government. Blended Component Unit. The following component unit has been presented as a blended component unit because the component unit’s government body is substantively the same as the governing body of the City. (Continued) Page CITY OF EDINA, MINNESOTA 20 Housing and Redevelopment Authority of Edina The Housing and Redevelopment Authority of Edina (HRA) strives to redevelop the residential and commercial areas of the City and to provide affordable housing, adequate jobs and a sound financial base for the City residents. The City Council members act as the HRA board and therefore the HRA’s governing body is substantially the same as the City’s governing body. No separate financial statements are available for the HRA. The HRA activities are included in the capital projects fund. B. Fund Accounting The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures, or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped, in the financial statements in this report, into six generic fund categories and three broad fund types as follows: Governmental Funds General Fund--The General Fund is the primary operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds--Special Revenue Funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. Debt Service Funds--Debt Service Funds are used to account for the accumulation of resources for, and the payment of, general long-term debt principal, interest, and related costs. Capital Project Funds--Capital Project Funds are used to account for the financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds). Proprietary Funds Enterprise Funds--Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises- where the intent of the governing body is that the costs (expenses, including (Continued) Page CITY OF EDINA, MINNESOTA 21 depreciation) of providing goods or services to the general public on a continuing basis are financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. Fiduciary Funds Trust and Agency Funds—Trust Funds account for assets held by the City in a trustee capacity. The expendable trust fund is accounted for in essentially the same manner as the governmental fund types, using the same measurement focus and basis of accounting. Expendable trust funds account for assets where both the principal and interest may be spent. Agency Funds are used to account for assets held by the City as an agent for individuals, private organizations, other governments, and/or other funds. Agency Funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. Account Groups The General Fixed Assets Account Group is used to account for fixed assets not accounted for in proprietary funds. The Long-Term Debt Account Group is used to account for general long-term debt and certain other liabilities that are not specific liabilities of proprietary funds. C. Measurement Focus All Governmental Funds and the expendable trust fund are accounted for on a spending or "financial flow" measurement focus. This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance is considered a measure of "available spendable resources”. Governmental Fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period. Fixed assets used in Governmental Fund type operations (general fixed assets) are accounted for in the General Fixed Assets Account Group, rather than in Governmental Funds. Public domain (infrastructure) general fixed assets consisting of certain improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems, are not capitalized along with other general fixed assets. No depreciation has been provided on general fixed assets. All fixed assets are valued at historical cost or estimated historical cost if actual cost is not available. Donated fixed assets are valued at their estimated fair market value on the date donated. (Continued) Page CITY OF EDINA, MINNESOTA 22 Long-term liabilities expected to be financed from governmental funds are accounted for in the General Long-term Debt Account Group, not in the Governmental Funds. The exception to this general rule is for revenue bonds, which are accounted for in Enterprise Funds. The two account groups are not "funds." They are concerned only with the measurement of financial position. They are not involved with measurement of results of operations. Because of their spending measurement focus, expenditure recognition for Governmental Fund types is limited to exclude amounts represented by noncurrent liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities. They are instead reported as liabilities in the General Long-term Debt Account Group. All Proprietary Funds are accounted for on a cost of services or “capital maintenance” measurement focus. This means that current and long- term assets and current and long-term liabilities associated with their activity are included on their balance sheets. Their reported fund equity (net total assets) is segregated into contributed capital and retained earnings components. The operating statements of the funds present increases (revenues) and decreases (expenses) in net total assets. Depreciation of exhaustible fixed assets used by Proprietary Funds is charged as an expense against their operations. Accumulated depreciation is reported on Proprietary Fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line method. The estimated useful lives are as follows: Buildings 20-30 years Equipment and machinery 5-10 years Distribution systems, sewer mains and lift stations 50 years The City follows the practice of including, as part of property, plant and equipment of these funds, the costs of distribution systems, sewer mains and lift stations which are paid for by assessments against benefited property. D. Basis of Accounting Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. The Governmental Fund types and expendable trust fund are accounted for using the modified accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to pay liabilities of the current period. The government considers all revenues available if they are collected within 60 days after year end. Major revenues that (Continued) Page CITY OF EDINA, MINNESOTA 23 are determined to be susceptible to accrual include property taxes, special assessments, intergovernmental revenues, charges for service, and investment income. Major revenues that are determined not to be susceptible to accrual because they are not available soon enough to pay liabilities of the current period or are not objectively measurable include delinquent property taxes and assessments, licenses, permits, fines and forfeitures. Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred. Exceptions to this general rule include principal and interest on long-term debt which is recognized when due. The Proprietary Fund types are accounted for using the accrual basis of accounting. Their revenues are recognized when earned and their expenses are recognized when incurred. Unbilled utility service receivables are recorded at year end. During the course of normal operations, the City has numerous transactions between funds including expenditures and transfers of resources to provide services, construct assets and service debt. The Governmental and Proprietary Funds' financial statements generally reflect such transactions as transfers. Nonrecurring or nonroutine transfers of equity between funds are recorded as equity transfers and, accordingly, are reported as additions or deductions from fund equity. E. Budgets and Budgetary Accounting The City adopts an annual budget for the General Fund and the Community Development Block Grant Fund, a special revenue fund. (The council has elected not to prepare a budget for the Communications Fund, a special revenue fund.) The budgets are prepared on the modified accrual basis of accounting. The City follows these procedures in establishing the budgetary data reflected in the financial statements: 1. The City Manager submits to the City Council a proposed operating budget for the fiscal year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them. 2. Public hearings are conducted to obtain taxpayer comments. 3. The budget is legally enacted by the passage of a resolution by the City Council. 4. Formal budgetary integration is employed as a management control device during the year. 5. Budgets for the General Fund and the Community Development Block Grant Fund are adopted on a basis consistent with generally accepted accounting principles (GAAP). (Continued) Page CITY OF EDINA, MINNESOTA 24 6. The City Council may authorize transfers of budgeted amounts between departments. 7. Reported budget amounts are as originally adopted or as amended by Council-approved supplemental appropriations and budget transfers. 8. Expenditures may not legally exceed appropriations by department unless offset by increases in revenues. All unencumbered appropriations lapse at year end. F. Encumbrances Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation, is employed as an extension of formal budgetary integration. Encumbrances outstanding at year-end represent the estimated amount of the expenditures ultimately to result if unperformed contracts in process at year-end are completed. Encumbrances outstanding at year-end do not constitute expenditures or liabilities, and therefore, are presented in the financial statements as reservations of fund balances. Encumbrances are recorded in the Construction Fund which is part of the Capital Projects Fund. G. Cash Cash balances from all funds are pooled together and invested to the maximum extent at favorable rates. This also allows certain funds to generate a temporary cash overdraft. Interest earned is allocated as determined by the Investment Advisory Committee. H. Investments The City’s investments, including deferred compensation investments and investments with fiscal agents, are stated at fair value, based on quoted market prices. I. Statement of Cash Flows For purposes of the statement of cash flows, the City's Enterprise Funds consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. J. Interfund Receivables/Payables Transactions between funds that are representative of lending/borrowing (Continued) Page CITY OF EDINA, MINNESOTA 25 arrangements outstanding at the end of the year are recorded as due to/from other funds for the current portion and as advance to/from other fund. K. Inventory Inventory is stated at the lower of cost (determined on a first in, first out basis) or market value. The costs of proprietary fund-type inventories are recorded as expenditures when consumed rather than when purchased. L. Compensated Absences It is the City's policy to permit employees to accumulate earned but unused vacation and sick pay benefits. Sick leave is payable when used or upon termination of employment as a lump sum payment equal to 50% of their balance up to 960 hours. Employees hired before January 1, 2000 elected to choose from the above sick leave policy or six weeks severance after 20 years of service. Vacation pay is payable when used or upon termination of employment. Vacation and sick pay is accrued when incurred in Proprietary Funds and reported as a liability. For Governmental Funds, vacation pay that is expected to be liquidated with expendable available financial resources is reported as an expenditure and a fund liability of the Fund that will pay it. Amounts not expected to be liquidated with expendable available financial resources are reported in the General Long-term Debt Account Group. No expenditure is reported for these amounts. The amount of accrued vacation pay at December 31, 2001 reported in the Governmental Funds, Proprietary Funds and General Long-term Debt Account Group was $107,954, $622,784, $2,354,817 respectively. M. Memorandum Only-Total Column Total columns on the combined statements are captioned memorandum only to indicate that they are presented only to facilitate financial analysis. The columns do not present financial position, results of operations, or changes in financial position in conformity with accounting principles generally accepted in the United States of America. Interfund eliminations have not been made in the aggregation of these data. N. Comparative Data Comparative total data for the prior year have been presented in the accompanying financial statements in order to provide an understanding of changes in the City's financial position and operations. However, comparative data have not been presented in all statements because their inclusion would make certain statements unduly complex and difficult to understand. (Continued) Page CITY OF EDINA, MINNESOTA 26 O. Reclassifications Certain 2000 amounts were reclassified to conform to the 2001 presentation. P. GASB Statement No. 20 In accordance with Governmental Accounting Standards, proprietary and similar trust funds may apply all GASB pronouncements, as well as the following pronouncements issued on or before November 30, 1989, unless those pronouncements conflict with or contradict GASB pronouncements; Statements and Interpretations of the Financial Accounting Standards Board (FASB), Accounting Principles Board (APB) Opinions, and Accounting Research Bulletins (ARBs) of the Committee on Accounting Procedure. The City has elected to apply only FASB, APB, and ARB materials issued on or before November 30, 1989 to the Enterprise Funds. Q. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenditures, and expenses during the reporting period. Actual results could differ from those estimates. (2) Cash and Investments Cash In accordance with Minnesota Statutes, the City maintains deposits at various financial institutions. Deposits are carried at cost plus accrued interest. Minnesota Statutes require that all City deposits be protected by an insurance surety bond or collateral. The market value of collateral pledged must equal 110% of the deposits not covered by insurance or bonds (140% in the case of mortgage notes pledged). At December 31, 2001 the City had no deposits that were uninsured or uncollateralized. The deposits were insured or collateralized by securities held by the City’s agent in the City’s name. Investments The City is authorized by Minnesota Statutes to invest in the following: (a) Direct obligations or obligations guaranteed by the United States or its agencies; (b) Shares of investment companies registered under the Federal Investment Company Act of 1940 and whose only investments are in securities described in (a) above; (Continued) Page CITY OF EDINA, MINNESOTA 27 (c) General obligations in the State of Minnesota or any of its municipalities; (d) Bankers' acceptances of United States banks eligible for purchase by the Federal Reserve System; (e) Commercial paper issued by United States corporations or their Canadian Subsidiaries, of the highest quality, and maturing in 270 days or less; (f) Guaranteed investment contracts issued or guaranteed by United States commercial banks or domestic branches of foreign banks or United States insurance companies or their subsidiaries; (g) Repurchase or reverse repurchase agreements with banks that are members of the Federal Reserve System with capitalization exceeding $10,000,000, a primary reporting dealer in U.S. government securities to the Federal Reserve Bank of New York, or certain Minnesota securities broker-dealers; and (h) Futures contracts sold under authority of Minnesota Statutes 471.56, subdivision 5. The City's investments are categorized in the following manner: Category 1--Includes investments that are insured or registered for which the securities are held by the City or its agent in the City's name. Category 2--Includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the City's name. The investment balances at December 31, 2001 were as follows: Credit Risk Category Category Category Fair 1 2 Value Certificates of deposit $1,079,000 0 1,079,000 Commercial paper 6,778,076 14,360,934 21,139,010 Banker’s acceptance 0 498,607 498,607 Money Market investments 11,700 15,304,626 15,316,326 Government securities: United States Treasury Notes 393,890 2,233,664 2,627,554 Federal National Mortgage Association 2,696,547 3,300,358 5,996,905 Government National Mortgage Association 0 510,403 510,403 Federal Home Loan Mortgage Corporation 1,811,811 2,680,453 4,492,264 Federal Home Loan Bank 1,152,292 1,272,162 2,424,454 SBA Pool 257,715 484,210 741,925 $14,181,031 40,645,417 54,826,448 Cash and investments with fiscal agents 3,287,331 Cash and investments with plan administrators 3,980,984 Total investments $ 62,094,763 (Continued) Page CITY OF EDINA, MINNESOTA 28 In accordance with Minnesota Statutes, the City invests in various mortgage-backed securities, such as collateralized mortgage obligations. Included in the Federal Home Loan Mortgage Corporation investments are approximately $479,840 of collateralized mortgage obligations, debt instruments issued by special purpose entities which are secured by pools of mortgage loans or other mortgage-backed securities. Payments of interest and principal on underlying collateral provide the funds to pay debt service on the collateralized mortgage obligation. The Federal Home Loan Mortgage Corporation is a federally chartered corporation and guarantees timely payment and principal to security holders. The cash flows and yields on collateralized mortgage obligations are sensitive to the rate of principal payments (including prepayments) on the underlying collateral. For example, a rapid or slow rate of principal payments on the underlying collateral may have a material adverse effect on the yield to maturity of the collateralized mortgage obligations. Deposits at December 31, 2001 were as follows: Carrying Amount Bank balance Checking accounts $ 41,109 1,304,735 Cash on hand 15,065 0 Cash with trustee 209,198 0 $ 265,372 1,304,735 (3) Property Taxes The City Council annually adopts a tax levy and certifies it to the County for collection in October of each year. The County is responsible for billing and collecting all property taxes for itself, the City, the local school district and other taxing authorities. Such taxes become a lien on January 1 of the following year and are recorded as receivables by the City at that date. Real property taxes are payable by property owners on May 15 and October 15 of each calendar year. These taxes are collected by the County and remitted to the City on or before July 5 and December 4 of the same year. Additionally, delinquent collections in November and December are remitted to the City each January. The City has no ability to enforce payment of property taxes by property owners. The County possesses this authority. The City recognizes property tax revenue when it becomes both measurable and available to finance expenditures of the current period. In practice, current and delinquent taxes received by the City in July and December are recognized as revenue for the current year. Taxes not collected by the County by December 31 (remitted to the City by the following January) are classified as delinquent and unremitted taxes receivable. (Continued) Page CITY OF EDINA, MINNESOTA 29 (4) Fixed Assets A summary of changes in general fixed assets during 2001 is as follows: Balance Balance January 1 Additions Deletions December 31 Land $22,905,820 310,008 23,215,828 Land improvements 12,927,701 3,187,156 9,215 16,105,642 Buildings 20,684,526 13,457 0 20,697,983 Furniture & fixtures 1,155,256 42,485 284,025 913,716 Vehicles 4,814,009 1,035,771 408,327 5,441,453 Sidewalks 310,995 0 0 310,995 Leasehold improvements 188,545 0 0 188,545 Miscellaneous equipment 187,809 33,417 20,627 200,599 Park & playground equipment 865,473 18,606 380,407 503,672 Highway equipment 2,161,492 289,374 160,493 2,290,373 Police equipment 601,645 0 264,561 337,084 Fire equipment 894,870 0 498,023 396,847 Election equipment 45,513 0 45,513 0 Engineering Equipment 59,032 0 18,952 40,080 Traffic signals 153,570 12,220 0 165,790 Tools 5,812 0 0 5,812 Parks 16,293,082 3,599,616 0 19,892,698 Construction in progress 6,706,312 5,928,353 7,306,283 5,328,382 Total $90,961,462 14,470,463 9,396,426 96,035,499 A summary of proprietary fund fixed assets at December 31,2001 is as follows: Enterprise Fund Land $1,088,965 Golf course 4,606,714 Land improvements 856,520 Water distribution system 12,428,415 Sewer collection system 13,934,870 Major recreation facilities 13,314,784 Major water facilities 18,769,961 Buildings—liquor stores 689,329 Furniture, fixtures and equipment 4,231,519 Vehicles 577,112 Lease property - capital lease 468,580 Construction in progress 1,241,208 72,207,977 Less accumulated depreciation (30,862,594) Net book value $41,345,383 (Continued) Page CITY OF EDINA, MINNESOTA 30 (5) Long-term Debt Bonded Debt The City has three types of bonded debt outstanding at December 31, 2001: tax increment bonds, general obligation bonds and revenue bonds. The first type of bond is payable solely from tax increment monies with any deficiency to be provided for by general property taxes. The second type is payable solely from general property taxes. The third type is payable primarily from enterprise revenue with any deficiency to be provided for by general property taxes. The bonded debt outstanding is summarized as follows: Maturities Interest rates Balance December 31, 2001 Tax Increment Bonds 2006 – 2013 4.50 - 6.45 $47,590,000 General Obligation Bonds 2017 – 2017 4.40 - 5.75 7,250,000 Revenue Bonds 2002 – 2017 2.25 - 6.05 17,625,000 Total $72,465,000 Changes in long-term debt during the year were as follows: Balance January 1, 2001 Issued/ Increases Redeemed/ decreases Balance December 31, 2001 Tax Increment Bonds $66,670,000 0 19,080,000 47,590,000 General Obligation Bonds 7,550,000 0 300,000 7,250,000 Improvement Bonds 170,000 0 170,000 0 Revenue Bonds 13,785,000 4,620,000 780,000 17,625,000 Total bonds 88,175,000 4,620,000 20,330,000 72,465,000 Compensated absences payable 2,220,886 133,931 0 2,354,817 Obligation under capital lease $426,010 0 62,097 363,913 The City had the following revenue bonds outstanding at December 31, 2001: Recreation Facility Bonds, Series 1992A $3,385,000 Recreation Refunding Bonds, Series 1992C 3,395,000 Utility Revenue Bonds, Series 1999A 2,955,000 Recreation Refunding Bonds, Series 1999B 3,270,000 Recreation Facility Bonds, Series 2001A 4,620,000 $17,625,000 The Recreation Refunding Bonds (Golf Course Bonds) are general obligation revenue (Continued) Page CITY OF EDINA, MINNESOTA 31 bond issues payable from the Golf Course Enterprise Fund with any deficiency to be provided first from Liquor Fund revenue and then from general property taxes. The Recreation Facility Bonds are general obligation revenue bond issues payable from the Golf Course, Ice Arena and Swimming Pool Funds with any deficiency to be provided first from Liquor Fund revenue and then from general property taxes. The Utility Bonds are general obligation revenue bond issues payable from the Utility Fund and then from general property taxes. The annual requirements to amortize all debt outstanding as of December 31, 2001, including interest payments of $16,706,060 are as follows: Year ending Tax General December 31 Increment Obligation Revenue Total 2002 $ 6,925,925 685,163 7,648,059 15,259,147 2003 10,569,299 695,388 1,453,492 12,718,179 2004 6,682,761 679,625 1,503,573 8,865,959 2005 6,822,300 687,913 1,509,393 9,019,606 2006 6,161,010 694,600 1,511,605 8,367,215 2007-2019 20,929,198 7,478,656 6,533,100 34,940,954 $ 58,090,493 10,921,345 20,159,222 89,171,060 In 2000, the City entered into a crossover debt refunding. Proceeds from the General Obligation Tax Increment Refunding Bond, Series 2000C, were used on February 1, 2001 to redeem at the call date $16,600,000 of the City’s General Obligation Tax Increment Refunding Bonds, Series 1992B. The purpose of the refunding was to take advantage of lower interest rates at the time of the transaction. The crossover refunding resulted in an economic gain of approximately $817,000. During 2001, the City issued $4,620,000 in General Obligation Recreational Facility Bonds, Series 2001A. Of the total proceeds, $3,066,437.93 was deposited into a sinking fund to finance a crossover debt refunding of G.O. Recreational Facility Refunding Bonds, Series 1992C. The sinking funds will remain in place until the crossover date, at which time they will payoff the outstanding debt. Both issues will be reported on the City’s financial statements until the call date of January 1, 2002 for the G.O. Recreational Facility Refunding Bonds, Series 1992C. The cumulative savings on this refunding will be $280,300, and the net present value of savings is $245,169. The remaining proceeds of $1,491,964.86 will finance improvements in the swimming pool and municipal golf facilites. Subsequent Event Subsequent to December 31, 2001, the City issued $12,410,000 Public Project Revenue Bonds, Series 2002 to finance capital improvement projects. Prior Year’s Defeasance On December 31, 2001, a total of $6,250,000 of bonds outstanding are considered defeased. (Continued) Page CITY OF EDINA, MINNESOTA 32 Legal Debt Margin Minnesota Statutes, Chapter 475, as amended, provide that the city shall not incur or be subject to a net debt in excess of 2% of the market value of taxable property. At December 31, 2001, the legal debt margin was $109,181,330 calculated as follows: Market value $5,821,566,500 Debt limit - 2% of market value 116,431,330 Amount of general obligation debt $72,465,000 Less: Tax increment bonds $47,590,000 Revenue bonds 17,625,000 Total deductions 65,215,000 Total amount of debt applicable to debt limit 7,250,000 Legal debt margin $109,181,330 (Continued) Page CITY OF EDINA, MINNESOTA 33 Long-term Debt - Other The City is the administering authority for the following tax increment finance districts. Tax capacity values are for taxes payable in 2001. 50th and France-No. 1200, a redevelopment district established in 1974 pursuant to Minnesota Statutes with a termination date of 2009. Original tax capacity value $ 173,521 Current tax capacity value 1,442,572 Captured tax capacity value: Retained by authority 1,269,051 Shared with other taxing districts 0 General obligation tax increment bonds issued 5,350,000 Total loans incurred 0 Amounts redeemed 2,200,000 Outstanding bonds and loans at December 31, 2001 $ 3,150,000 Southeast Edina Redevelopment District-No. 1201, a redevelopment district established in 1977 pursuant to Minnesota Statutes with a termination date of 2009. Original tax capacity value $ 150,717 Current tax capacity value 3,306,284 Captured tax capacity value: Retained by authority 3,155,567 Shared with other taxing districts 0 General obligation tax increment bonds issued 22,410,000 Total loans incurred 0 Amounts redeemed 14,565,000 Outstanding bonds and loans at December 31, 2001 $ 7,845,000 Grandview Area Redevelopment District-No. 1202, a redevelopment district established in 1984 pursuant to Minnesota Statutes with a termination date of 2010. Original tax capacity value $ 282,996 Current tax capacity value 957,930 Captured tax capacity value: Retained by authority 674,934 Shared with other taxing districts 0 General obligation tax increment bonds issued 8,235,000 Total loans incurred 0 Amounts redeemed 1,650,000 Outstanding bonds and loans at December 31, 2001 $ 6,585,000 (Continued) Page CITY OF EDINA, MINNESOTA 34 Southeast Edina Redevelopment District-No. 1203, a redevelopment district established in 1988 pursuant to Minnesota Statutes with a termination date of 2016. Original tax capacity value $ 384,951 Current tax capacity value 3,844,603 Captured tax capacity value: Retained by authority 3,459,652 Shared with other taxing districts 0 General obligation tax increment bonds issued 35,744,724 Total loans incurred 0 Amounts redeemed 5,734,724 Outstanding bonds and loans at December 31, 2001 $ 30,010,000 General Obligation tax increment bonds issued amounts were restated to eliminate the effect of doubling the bonds due to crossover refundings. (6) Retirement Plans A. Defined Benefit Pension Plans The City is involved in one pension program as follows: (a) Defined Benefit Pension Plans - Statewide: Plan Description All full-time and certain part-time employees of the City of Edina are covered by defined benefit plans administered by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF), and the Public Employees Police and Fire Fund (PEPFF) which are cost-sharing multiple-employer retirement plans. These plans are established and administered in accordance with Minnesota Statutes, Chapters 353 and 356. PERF members belong to the Coordinated Plan. Coordinated Plan members are covered by Social Security. All police officers, fire-fighters and peace officers who qualify for membership by statute are covered by the PEPFF. PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors upon death of eligible members. Benefits are established by State Statute, and vest after three years of credited service. The defined retirement benefits are based on a member’s highest average salary for any five successive years of allowable service, age, and years of credit at termination of service. (Continued) Page CITY OF EDINA, MINNESOTA 35 Two methods are used to compute benefits for PERF’s Coordinated members. The retiring member receives the higher of a step-rate benefit accrual formula (Method 1) or a level accrual formula (Method 2). Under Method 1, the annuity accrual rate for a Coordinated Plan member is 1.2 percent of average salary for each of the first 10 years and 1.7 percent for each remaining year. Under Method 2, the annuity accrual rate is 1.7 percent of average salary for Coordinated Plan members for each year of service. For PEPFF members, the annuity accrual rate is 3.0 percent for each year of service. For all PEPFF members and PERF members whose annuity is calculated using Method 1, a full annuity is available when age plus years of service equal 90. A reduced retirement annuity is also available to eligible members seeking early retirement. There are different types of annuities available to members upon retirement. A normal annuity is a lifetime annuity that ceases upon the death of the retiree - no survivor annuity is payable. There are also various types of joint and survivor annuity options available which will reduce the monthly normal annuity amount, because the annuity is payable over joint lives. Members may also leave their contributions in the fund upon termination of public service in order to qualify for a deferred annuity at retirement age. Refunds of contributions are available at any time to members who leave public service, but before retirement benefits begin. The benefit provisions stated in the previous paragraphs of this section are current provisions and apply to active plan participants. Vested, terminated employees who are entitled to benefits but are not receiving them yet are bound by the provisions in effect at the time they last terminated their public service. PERA issues a publicly available financial report that includes financial statements and required supplementary information for PERF and PEPFF. That report may be obtained by writing to PERA, 514 St. Peter Street #200, St. Paul, Minnesota, 55102 or by calling (651) 296-7460 or 1-800-652-9026. Funding Policy Minnesota Statute Chapter 353 sets the rates for employer and employee contributions. These statutes are established and amended by the state legislature. The City makes annual contributions to the pension plans equal to the amount required by state statutes. PERF Coordinated Plan members are required to contribute 4.75% of their annual covered salary. PEPFF members are required to contribute 6.20% of their annual covered salary. The City of Edina is required to contribute the following percentages of annual covered payroll: 5.18% for Coordinated Plan PERF members, and 9.30% for PEPFF members. (Continued) Page CITY OF EDINA, MINNESOTA 36 The City’s contributions to PERF and PEPFF for the years ended December 31, 2001, 2000, and 1999 were equal to the required contributions for each year, as follows: 2001 2000 1999 PERF $516,964 485,277 459,914 PEPFF $455,461 439,163 475,059 (7) Deferred Compensation Plan The City offers its employees six deferred compensation plans created in accordance with Internal Revenue Code Section 457. The plans are Aetna, International City Manager’s Association (ICMA), Great West, T. Rowe Price, Minnesota State Retirement System (MSRS), and Minnesota Mutual. The plans, available to all City employees, permit participants to defer a portion of their salary until future years. The deferred compensation is not available to participants until termination, retirement, death, or unforeseeable emergency. The City is trustee for two of the plans and accordingly, the plan assets (recorded at fair value) and fund balance are recorded in an expendable trust fund. (Continued) Page CITY OF EDINA, MINNESOTA 37 (8) Segment Information for Enterprise Funds The City maintains Enterprise Funds for utility (water and sewer) services, liquor facilities, golf course and arena. Individual funds are also maintained for other enterprise operations designated below as "Other Enterprise Funds" which are recreational in nature such as: swimming pool, art center and Edinborough Park/Centennial Lake. Segment information for the year ended December 31, 2001 is as follows: Other Total Golf Enterprise Enterprise Utility Liquor Course Arena Funds Funds Operating Revenues $ 8,556,810 9,074,112 3,651,525 1,148,072 2,132,411 24,562,930 Depreciation 912,983 48,571 512,198 324,101 345,090 2,142,943 Operating income (loss) 1,494,180 903,098 273,063 (151,173) (630,987) 1,888,181 Nonoperating revenues (expenses), net (60,020) (17,730) (306,880) (105,857) 290,354 (200,133) Operating transfers in (out) (100,000) (339,000) 0 210,189 214,552 (14,259) Net income 1,334,160 546,368 (33,817) (46,841) (126,081) 1,673,789 Property additions 3,674,470 40,520 202,601 80,939 64,195 4,062,725 Property deletions 214,225 35,193 303,777 31,462 249,232 833,889 Net working capital 7,033,678 2,052,530 4,350,243 1,374,263 1,564,066 16,374,780 Bonds payable 2,955,000 0 9,625,000 2,930,000 2,115,000 17,625,000 Total assets 34,378,119 3,231,809 11,994,489 5,894,147 5,156,653 60,655,217 Total retained earnings (deficit) 30,173,667 2,743,316 1,798,500 (411,041) 354,242 34,658,684 (Continued) Page CITY OF EDINA, MINNESOTA 38 (9) Due From To Other Funds Interfund receivables and payables as of December 31, 2001 were as follows: Interfund Interfund Fund Receivables Payables General (including amount due to Edina Housing And Redevelopment Authority of $9,460) $ 41,678 623,727 Special Revenue: Community Development Block Grant 0 17,722 Communications 217,594 0 Debt Service: General Debt Service 844,736 0 Capital Project: Construction 0 555,933 Housing and Redevelopment Authority of Edina 62,294 0 Revolving 0 1,292,294 Enterprise: Utilities 0 783,168 Liquor 1,610,976 0 Swimming Pool 424,415 0 Golf Course 103,794 0 Arena 953 0 Art Center 970 0 Edinborough Park/Centennial Lake 7,112 0 Agency: Police Seizure 0 41,678 $ 3,314,522 3,314,522 (Continued) Page CITY OF EDINA, MINNESOTA 39 (10) Reserved or Designated Fund Equity The following fund equity balances as of December 31, 2001 have been reserved or designated for the reasons noted below: General Fund: Reserved for prepaid insurance $15,872 Designated for Parkland dedication 122,494 Designated for Edinborough trust 4,645,867 Designated for unrealized investment gain 162,317 Designated for equipment replacement 2,336,096 Designated for insurance claims 925,765 Designated for General Fund operations 6,167,282 Debt Service Funds: Reserved for debt service 849,417 Capital Projects: Reserved for encumbrances 1,470,422 Designated for capital improvements 8,197,305 Enterprise Funds: Reserved for debt service 1,607,120 Trust and Agency Funds: Reserved for deferred compensation plan participants 3,980,984 Total fund equity reservations and designations $30,480,941 (11) Fund Deficits The following funds had deficit fund balances or retained earnings at December 31, 2001: Capital Project Fund: Construction $(608,889) Enterprise Fund: Arena (411,041) The Capital Projects construction fund deficit will be covered in future periods by special assessment collections, tax increments, operating revenues, or State and bond proceeds. The enterprise Arena fund deficits will be covered in future periods by operating revenues and operating transfers. (Continued) Page CITY OF EDINA, MINNESOTA 40 (12) Contingencies The City Attorney has indicated that existing and pending lawsuits, claims and other actions in which the City is a defendant are either covered by insurance or will not have a material adverse effect on the financial condition of the City. (13) Capital Lease The City has recorded a capital lease for equipment installed in the Arena, Golf Course and Edinborough Park Enterprise Funds. The assets acquired through capital leases are as follows: Asset Golf Course Arena Edinborough Park Machinery and equipment $37,966 341,698 88,916 Less: Accumulated depreciation (30,373) (273,358) (71,133) Total $7,593 68,340 17,783 The following is a schedule by years of future minimum lease payments under the capital lease together with the present value of the net minimum lease payments as of December 31, 2001: Year ending December 31: 2002 $67,620 2003 64,395 2004 35,971 Total minimum lease payments 167,986 Less: Amount representing interest (12,986) Present value of net minimum lease payments $155,000 The City has recorded a capital lease for the purchase/construction of the Fire Station at 7335 York Avenue South. The terms of the lease agreement extend to the year 2006 and provide for an ownership transfer to the City at the termination of the lease. (Continued) Page CITY OF EDINA, MINNESOTA 41 The asset acquired through this capital lease is as follows: Asset General Fixed Assets Building $630,749 Less: accumulated depreciation -- Total $630,749 Year ending December 31: 2002 $83,761 2003 83,761 2004 83,761 2005 83,761 2006 83,760 Total minimum lease payments 418,804 Less: Amount representing interest (54,891) Present value of net minimum lease payments $363,913 (14) Related Party Transactions During the past fiscal year, one of several depository institutions with which the City maintained cash balances and conducted transactions, was considered a related party since a current elected member of the City Council is employed as an officer of this institution. (15) Fund Equity -- Contributed Capital The following is a summary of the changes in contributed capital: Enterprise Art Swimming Golf Edin. Pk. Utilities Center Pool Course Arena Cent. Lake Contributed capital: Balance January 1, 2001 $ 21,020 291,926 1,468,264 2,800 3,286,798 654,193 Less: Delete Contributed Assets 0 0 (7,312) 0 0 (9,023) Less: Transfer of depreciation To contributed capital (443) (17,201) (94,908) (800) (187,352) (123,913) Balance December 31, 2001 $ 20,577 274,725 1,366,044 2,000 3,099,446 521,257 (16) Risk Management The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. (Continued) Page CITY OF EDINA, MINNESOTA 42 Workers compensation, automobile, liability and pollution coverage are provided through an insurance company. The City pays an annual premium for this coverage and all claims are paid from the plan up to the annual maximum of $600,000 set by the State. The City is not subject to a deductible for workers compensation, automobile, liability and pollution coverage. Property coverage is also provided by an insurance company. The City pays an annual premium for this coverage, and all claims are paid for by the plan. The City has a $5,000 deductible per occurrence, with an annual maximum of $52,053,445. Police professional insurance coverage is provided by an insurance company. The City pays an annual premium for the coverage, and has a $10,000 deductible per occurrence, with a $500,000 annual maximum. Public official liability insurance coverage is provided by an insurance company. The City pays an annual premium for this coverage, and has a $15,000 deductible per occurrence, with a $1,000,000 annual maximum. Inland Marine contractor’s equipment insurance coverage is provided by an insurance company. The City pays an annual premium for this coverage, and has a $1,000 deductible and $100,000 maximum per occurrence, with a $1,904,460 annual maximum. Boiler and machinery insurance coverage is provided by an insurance company. The City pays an annual premium for this coverage, and has a $2,500 deductible per occurrence, with a $1,000,000 annual maximum. Ambulance professional liability insurance coverage is provided by an insurance company. The City pays an annual premium for this coverage, and a $500,000 annual maximum. A public employee’s blanket bond and a public official bond are provided by an insurance company. The City pays an annual premium for this coverage, and is subject to limits of $500 to $50,000 per individual for the public official bond, and a $50,000 annual maximum for the public employee’s blanket bond. The City covers all losses above the per occurrence and annual deductibles through a reinsurance policy. The City has designated $925,765 in the general fund to finance potential uninsured loss. Settlement claims have not exceeded insurance coverage for either of the past three years. (17) Conduit Debt Obligations As of December 31, 2001, the City of Edina had outstanding 3 series of Housing and Health Care Revenue Bonds, with an aggregate principal amount payable of $28,765,000. The bonds are payable solely from revenues of the respective organizations and do not constitute an indebtedness of the City, and are not a charge against its general credit or taxing power. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. (Continued) Page CITY OF EDINA, MINNESOTA 43 (18) Excess of Expenditures Over Appropriations For the year ending December 31, 2001, expenditures exceeded appropriations in the following departments: Budget Actual Variance General Government: Mayor & council $ 69,040 71,055 (2,015) Assessing 666,014 1,004,336 (338,322) Public Safety: Fire Protection 3,328,585 3,690,709 (362,124) Inspections 557,453 575,289 (17,836) Public Works: Administration 160,264 202,811 (42,547) Engineering 642,568 730,176 (87,608) Street Maintenance 3,237,760 3,285,971 (48,211) Parks: Recreation 159,163 169,488 (10,325) Unallocated General: Contingencies 80,000 132,701 (52,701) Share of Special Assess. 24,000 42,816 (18,816) Deer Control 7,715 11,134 (3,419) Central Services: General 4,390,692 4,400,044 (9,352) Public Works Building 250,380 288,007 (37,627) All unfavorable variances were funded by favorable expenditure variances from other departments or excess revenues. (19) New Accounting Standards In June 1999, the Governmental Accounting Standards Board (GASB) issued its statement on financial reporting, GASB 34, “Basic Financial Statements – and Management Discussion and Analysis – For State and Local Governments.” The new financial reporting model required by the statement changes the presentation of governments’ external financial statements. The effective date of the new pronouncement will require implementation by the City for its year ending December 31, 2003. Management is currently studying the impact of adopting GASB No. 34 and other related pronouncements. (20) Committments At December 31, 2001, the City had outstanding commitments of $3,350,000 for construction contracts. Combining and Individual Funds and Account Group Statements Page 44 GENERAL FUND The General Fund accounts for the revenues and expenditures used to carry out basic governmental activities of the City such as general government, public safety, public works, and parks and recreation. Revenue is recorded by source (e.g., taxes, licenses and permits, intergovernmental revenues, fines and forfeitures, charges for services). General Fund expenditures are made primarily for current day-to-day operations and operating equipment. This fund accounts for all financial transactions not properly accounted for in another fund. Page 45 CITY OF EDINA, MINNESOTA General Fund Balance Sheet December 31, 2001 (with comparative amounts for December 31, 2000) Assets20012000 Petty cash and change funds$3,3002,810 Investments15,549,21713,802,354 Accounts receivable230,770262,118 Accrued interest receivable12,39029,757 Taxes receivable: Delinquent121,548116,362 Allowance for uncollectible taxes(121,548)(116,362) Due from other funds41,678819,164 Due from other governments270,914228,156 Prepaid expenses15,872141,939 Total assets$16,124,14115,286,298 Liabilities and Fund Balance Liabilities: Accounts payable453,635465,951 Salaries payable508,397422,586 Due to other funds623,727384,523 Due to other governments44,73589,755 Compensated absences payable107,95426,384 Deposits payable10,0000 Total liabilities1,748,4481,389,199 Fund balance: Reserved15,872141,939 Unreserved: Designated14,359,82113,755,160 Total fund balance14,375,69313,897,099 Total liabilities and fund balance $16,124,14115,286,298 Page 46 CITY OF EDINA, MINNESOTA General Fund Statement of Revenue, Expenditures and Changes in Fund Balance -- Budget and Actual 20012000 Variance Favorable BudgetActual(unfavorable)Actual Revenues: Taxes$14,293,34614,375,99182,64513,575,850 Licenses and permits1,754,6352,239,611484,9761,835,828 Intergovernmental1,630,1011,657,59927,4981,584,192 Charges for service1,531,5761,909,666378,0902,024,518 Fines and forfeitures743,370976,952233,582967,421 Investment income53,497157,309103,812430,577 Sale and rental of property137,230250,352113,122171,585 Other revenues26,78016,087(10,693)9,803 Total revenues20,170,53521,583,5671,413,03220,599,774 Expenditures: Current: General government2,872,0552,633,260238,7952,631,444 Public safety9,496,6099,409,29187,3188,846,360 Public works4,180,5574,313,065(132,508)3,672,057 Parks2,440,4112,375,56564,8462,150,588 Unallocated general485,793506,495(20,702)346,099 Other032,024(32,024)73,920 Capital outlay: General government43,496417,949(374,453)103,811 Public safety488,838737,972(249,134)375,731 Public works536,000576,727(40,727)555,332 Parks103,666116,905(13,239)104,921 Total expenditures20,647,42521,119,253(471,828)18,860,263 Excess (deficiency) of revenues over expenditures(476,890)464,314941,2041,739,511 Other financing sources (uses): Operating transfers in (out) Liquor fund476,8900(476,890)0 Capital Project funds000(279,065) Edinborough Park/Centennial Lake0(46,000)(46,000)(108,000) Parkland dedication060,28060,28085,520 Total other financing sources 476,89014,280(462,610)(301,545) Excess of revenues and other financing sources over expenditures and other financing uses $0478,594478,5941,437,966 Fund balance - January 1 13,897,09912,459,133 Fund Balance - December 31$14,375,693 $13,897,099 Year ended December 31, 2001 (with comparative actual amounts for year ended December 31, 2000) Page 47 CITY OF EDINA, MINNESOTA General Fund Schedule of Revenues -- Budget and Actual 20012000 Variance Favorable BudgetActual(unfavorable)Actual Taxes: General property tax$14,288,34614,356,98468,63813,569,399 Penalties and interest5,00019,00714,0076,451 Total taxes14,293,34614,375,99182,64513,575,850 Licenses and permits1,754,6352,239,611484,9761,835,828 Intergovernmental: Federal aid8,24020,23011,9906,706 State grants: Homestead credit979,864979,8640979,624 State highway aid140,000140,0000140,000 Other058,80958,8091,476 Police aid330,630297,122(33,508)294,436 County grants: Health programs171,367161,574(9,793)161,950 Total intergovernmental1,630,1011,657,59927,4981,584,192 Charges for service: Building Department2,57512,86610,29110,174 City Clerk017,67117,6714,155 Fire Department10,60026,28915,68921,027 Ambulance Fees858,0001,224,377366,3771,094,552 Police Department131,84079,317(52,523)117,098 Engineering95,55069,498(26,052)167,717 Health Department10,30010,87857813,821 Planning Department18,48023,9755,49523,275 Surcharge01,5541,5543,689 Housing Foundation Contract25,23522,487(2,748)21,725 HRA Services100,000101,4541,454234,904 Assessing Searches1,0301,8107801,320 Park Registration100,954131,52230,568134,869 Other Fees08,9428,9425,028 50th & France Assessment11,33011,330011,000 Charges to other Funds165,682165,69614160,164 Total charges for service1,531,5761,909,666378,0902,024,518 Fines and forfeitures743,370976,952233,582967,421 Sale and rental of property137,230250,352113,122171,585 Other revenues: Investment Income53,497157,309103,812430,577 Donations1,0300(1,030)0 Other revenue25,75016,087(9,663)9,803 Total other revenues80,277173,39693,119440,380 Total revenues$20,170,53521,583,5671,413,03220,599,774 Year ended December 31, 2001 (with comparative actual amounts for year ended December 31, 2000) Page 48 CITY OF EDINA, MINNESOTA General Fund Schedule of Expenditures - Budget and Actual 20012000 Variance Favorable BudgetActual(unfavorable)Actual General government: Mayor and council: Personal services$27,50026,60689427,451 Contractual services4,0006,667(2,667)4,000 Commodities1,0001,242(242)831 Central services36,54036,540035,004 Total mayor and council69,04071,055(2,015)67,286 Administration: Personal services544,471555,122(10,651)537,433 Contractual services157,700104,07053,63098,096 Commodities2,4002,470(70)2,550 Central services168,420165,7202,700151,896 Capital outlay5,6796,318(639)8,140 Total administration878,670833,70044,970798,115 Planning: Personal services226,939221,8955,044217,717 Contractual services21,8506,51915,3313,848 Commodities1,21550171448 Central services73,81273,812067,464 Capital outlay5,0352144,8211,833 Total planning328,851302,94125,910290,910 Finance: Personal services311,798291,78720,011282,209 Contractual services91,000110,426(19,426)97,049 Commodities1,1001,939(839)1,326 Central services95,50895,508087,408 Capital outlay7,3504456,90546,474 Total finance506,756500,1056,651514,466 Election: Personal services65,00011,50153,49992,702 Contractual services8,9001,0787,8225,077 Commodities7,0004136,5877,022 Central services14,82014,820013,428 Capital outlay10,5004,0076,4933,913 Total election106,22031,81974,401122,142 Assessing Personal services404,957390,58714,370395,288 Contractual services125,77985,71540,06452,329 Commodities1,8342,557(723)1,413 Central services118,512118,5120108,480 Capital outlay14,932406,965(392,033)43,451 Total assessing666,0141,004,336(338,322)600,961 Legal and court services: Contractual services360,000307,25352,747341,375 Total general government2,915,5513,051,209(135,658)2,735,255 Year ended December 31, 2001 (with comparative actual amounts for year ended December 31, 2000) Page 49 CITY OF EDINA, MINNESOTA General Fund Schedule of Expenditures - Budget and Actual 20012000 Variance Favorable BudgetActual(unfavorable)Actual Public Safety: Police protection: Personal services3,660,7113,606,17354,5383,435,371 Contractual services266,178272,004(5,826)265,515 Commodities60,73363,593(2,860)61,259 Central services1,232,4841,232,48401,127,328 Capital outlay276,290126,726149,564204,534 Total police protection5,496,3965,300,980195,4165,094,007 Fire protection: Personal services2,220,0002,112,787107,2132,037,141 Contractual services194,250209,790(15,540)215,511 Commodities124,420158,860(34,440)141,801 Central services617,784617,7840554,760 Capital outlay172,131591,488(419,357)156,704 Total fire protection3,328,5853,690,709(362,124)3,105,917 Civil defense: Personal services24,21524,215023,947 Contractual services8,3934,6643,7295,698 Commodities1,25201,2521,366 Capital outlay7,9047,4554490 Total civil defense41,76436,3345,43031,011 Animal control: Personal services42,07741,58449338,747 Contractual services7,3639,463(2,100)4,465 Commodities3,5826852,8971,196 Central services17,90417,904010,692 Capital outlay6,5322,6813,8510 Total animal control77,45872,3175,14155,100 Public Health: Personal services198,526197,1251,401178,003 Contractual services197,168195,7601,408190,980 Commodities4,2488513,3972,763 Central services72,50472,504066,624 Capital outlay11,3455,3945,951207 Total public health483,791471,63412,157438,577 Inspections: Personal services369,596387,110(17,514)349,650 Contractual services47,29058,049(10,759)31,476 Commodities6,4113,6822,7293,763 Central services119,520122,220(2,700)98,304 Capital outlay14,6364,22810,40814,286 Total inspections557,453575,289(17,836)497,479 Total public safety9,985,44710,147,263(161,816)9,222,091 Year ended December 31, 2001 (with comparative actual amounts for year ended December 31, 2000) Page 50 CITY OF EDINA, MINNESOTA General Fund Schedule of Expenditures - Budget and Actual 20012000 Variance Favorable BudgetActual(unfavorable)Actual Public Works: Administration: Personal services118,760162,616(43,856)114,169 Contractual services5,0003,5791,4213,643 Commodities0112(112)749 Central services36,50436,504034,920 Total administration160,264202,811(42,547)153,481 Engineering: Personal services406,200402,2613,939366,650 Contractual services30,500135,056(104,556)30,152 Commodities12,00014,011(2,011)7,281 Central services143,868143,8680131,904 Capital outlay50,00034,98015,02024,905 Total engineering642,568730,176(87,608)560,892 Supervision and overhead: Personal services164,541161,7282,813153,889 Contractual services40,00037,6262,37426,334 Commodities1,0001,056(56)208 Central services470,424470,4240428,832 Total supervision and overhead675,965670,8345,131609,263 Street Maintenance: Personal services1,019,5001,047,275(27,775)859,839 Contractual services619,500523,70195,799532,740 Commodities547,500607,988(60,488)445,079 Central services565,260565,2600535,668 Capital outlay486,000541,747(55,747)530,427 Total street maintenance3,237,7603,285,971(48,211)2,903,753 Total public works4,716,5574,889,792(173,235)4,227,389 Year ended December 31, 2001 (with comparative actual amounts for year ended December 31, 2000) Page 51 CITY OF EDINA, MINNESOTA General Fund Schedule of Expenditures - Budget and Actual 20012000 Variance Favorable BudgetActual(unfavorable)Actual Parks: Administration: Personal services406,825384,16422,661379,976 Contractual services28,20029,394(1,194)26,784 Commodities19,40513,3136,09213,994 Central services129,156129,1560116,054 Capital outlay4,50114,811(10,310)5,230 Total administration588,087570,83817,249542,038 Recreation: Personal services107,379122,010(14,631)93,925 Contractual services17,33223,445(6,113)12,273 Commodities34,45224,03310,41929,781 Total recreation159,163169,488(10,325)135,979 Maintenance: Personal services$861,063850,90410,159772,800 Contractual services276,351255,10221,249191,569 Commodities142,432126,22816,204129,156 Central services417,816417,8160384,276 Capital outlay99,165102,094(2,929)99,691 Total supervision and overhead1,796,8271,752,14444,6831,577,492 Total parks2,544,0772,492,47051,6072,255,509 Year ended December 31, 2001 (with comparative actual amounts for year ended December 31, 2000) Page 52 CITY OF EDINA, MINNESOTA General Fund Schedule of Expenditures - Budget and Actual 20012000 Variance Favorable BudgetActual(unfavorable)Actual Unallocated general expenditures: Contingencies Personal services036(36)0 Contractual services80,000130,298(50,298)78,972 Commodities02,367(2,367)10,559 Total contingencies80,000132,701(52,701)89,531 Capital plan appropriation100,000100,00000 City's share of special assessment24,00042,816(18,816)22,505 Human Rights Commission Contractual services86,61567,72318,89282,125 Total Human Rights Commission86,61567,72318,89282,125 Fireworks Commodities12,00012,000011,000 Total fireworks12,00012,000011,000 Suburban Rate Authority Contractual services4,1004,0001004,496 Total Suburban Rate Authority4,1004,0001004,496 Familink Contractual services31,14531,144130,236 Total Familink31,14531,144130,236 Regional Planning Commission Contractual services21,21821,217121,218 Total Regional Planning Commission21,21821,217121,218 Deer control Personal services0707(707)786 Contractual services7,20010,300(3,100)315 Commodities515127388126 Total deer control7,71511,134(3,419)1,227 Fire Station debt service84,00083,76024083,761 Records management Contractual services35,000035,0000 Total Records management35,000035,0000 Total unallocated general expenditures485,793506,495(20,702)346,099 Central services032,024(32,024)73,920 Total expenditures $20,647,425 21,119,253 (471,829)18,860,263 Year ended December 31, 2001 (with comparative actual amounts for year ended December 31, 2000) Page 53 CITY OF EDINA, MINNESOTA General Fund Schedule of Central Services Expenditures - Budget and Actual 20012000 Variance Favorable BudgetActual(unfavorable)Actual General: Personal services$3,435,9923,344,99790,9953,059,486 Contractual services853,500986,742(133,242)848,367 Commodities27,00050,816(23,816)45,010 Capital outlay74,20017,48956,71136,986 Total general4,390,6924,400,044(9,352)3,989,849 City Hall: Personal services70,64561,5699,07663,577 Contractual services46,41250,790(4,378)47,315 Commodities34,89927,7257,17420,443 Fixed charges18,82818,828017,112 Total City Hall170,784158,91211,872148,447 Public Works building: Personal services68,47272,099(3,627)108,338 Contractual services98,500130,762(32,262)98,329 Commodities61,20067,198(5,998)82,594 Fixed charges14,71214,712013,068 Capital outlay7,4963,2364,2604,392 Total Public Works building250,380288,007(37,627)306,721 Equipment operation: Personal services313,572330,425(16,853)271,920 Contractual services93,50082,82610,67482,412 Commodities522,000524,110(2,110)484,386 Fixed charges277,044277,0440264,720 Capital outlay31,00014,56416,4365,769 Total equipment operation1,237,1161,228,9698,1471,109,207 Total central services expenditures6,048,9726,075,932(26,960)5,554,224 Less allocation to other activities6,048,9726,043,9085,0645,480,304 Net central services032,024(32,024)73,920 Year ended December 31, 2001 (with comparative actual amounts for year ended December 31, 2000) Page 54 SPECIAL REVENUE FUNDS Special revenue funds account for revenues derived from specific taxes or other earmarked revenue sources and are usually required by statute or local ordinance and/or resolution to finance particular functions, or activities of government. The City has the following special revenue funds: Community Development Block Grant Fund: This fund was established to account for funds received under Title I of the Housing and Community Development Act of 1974. Communications Fund: This fund was established to account for funds received from the franchise fee of the local cable television service. Page 55 CITY OF EDINA, MINNESOTA Special Revenue Funds Combining Balance Sheet December 31, 2001 (with comparative totals for December 31, 2000) Community DevelopmentTotals Block GrantCommunications20012000 Assets Investments $01,126,5581,126,5581,049,987 Accounts receivable0101,619101,6198 Accrued interest receivable013,14313,14312,869 Due from other funds0217,594217,594111,766 Due from other governments17,887017,8871,650 Total assets$17,8871,458,9141,476,8011,176,280 Liabilities and Fund Balance Liabilities: Accounts payable021,75521,75522,419 Salaries payable1651,1761,3411,207 Due to other funds17,722017,7221,650 Due to other governments034343,087 Total liabilities17,88722,96540,85228,363 Fund balance: Unreserved - undesignated01,435,9491,435,9491,147,917 Total liabilities and fund balance$17,8871,458,9141,476,8011,176,280 Page 56 CITY OF EDINA, MINNESOTA Special Revenue Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balance Year ended December 31, 2001 (with comparative totals for year ended December 31, 2000) Community DevelopmentTotals Block GrantCommunications20012000 Revenues: Franchise fees$0473,702473,702336,678 Intergovernmental: Federal grants106,0310106,03142,231 Investment income076,84476,844117,016 Other revenue03,9653,9653,617 Total revenues106,031554,511660,542499,542 Expenditures: Current: Other: Personal services4,38739,58643,97341,924 Contractual services101,644167,058268,702223,335 Commodities022,80822,8084,323 Fixed charges035,88035,88016,188 Capital outlay01,1471,1478,646 Total expenditures106,031266,479372,510294,416 Excess of revenues over expenditures0288,032288,032205,126 Fund balance--January 1 01,147,9171,147,917942,791 Fund balance--December 31$01,435,9491,435,9491,147,917 Page 57 DEBT SERVICE FUNDS The Debt Service Funds finance and account for the payment of principal and interest on the General Obligation Redevelopment, General Obligation Park Improvements and Tax Increment Bonds. Provisions are made in the City's general property tax levy for money sufficient to meet the general obligation debt. The Improvement Bond Redemption II Fund was established to finance and account for payment of principal and interest on special assessment bonds issued. Financing of this debt service comes primarily from special assessments levied against benefited properties. Page 58 CITY OF EDINA, MINNESOTA Debt Service Funds Combining Balance Sheet December 31, 2001 (with comparative totals for December 31, 2000) GeneralImprovement DebtBondTotals AssetsServiceRedemption II20012000 Cash$00075,751 Cash and investments with fiscal agents00015,726,593 Special assessments receivable: Current00032,839 Deferred0002,260,602 Bloomington00096,533 Taxes Receivable: Delinquent14,785014,78515,542 Allowance for uncollectible taxes(14,785)0(14,785)(15,542) Due from other funds844,7360844,736901,532 Due from other governments4,68104,6818,764 Total assets$849,4170849,41719,102,614 Liabilities and Fund Balance Liabilities Due to other governments00096,704 Deferred revenue0002,293,442 Total liabilities0002,390,146 Fund balance: Reserved for debt service849,4170849,41716,712,468 Total fund balance849,4170849,41716,712,468 Total liabilities and fund balance$849,4170849,41719,102,614 Page 59 CITY OF EDINA, MINNESOTA Debt Service Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balance Year ended December 31, 2001 (with comparative totals for year ended December 31, 2000) GeneralImprovement DebtBondTotals ServiceRedemption II20012000 Revenues: Taxes$724,4340724,434738,349 Special assessments0684,660684,660721,871 Interest on funds held with fiscal agent83,407083,40788,788 807,841684,6601,492,5011,549,008 Expenditures: Current: Other02,0002,0001,600 Debt service: Bond principal3,570,000170,0003,740,0006,050,000 Interest and fiscal charges3,144,2994,4203,148,7193,108,601 Total expenditures6,714,299176,4206,890,7199,160,201 Excess (deficiency) of revenue over expenditures(5,906,458)508,240(5,398,218)(7,611,193) Other financing sources (uses): Operating transfer in (out): HRA6,015,41106,015,4115,778,574 Payments for refunding bonds(15,810,000)0(15,810,000)0 Proceeds from sale of tax increment bonds00018,137,804 Total other financing sources (uses)(9,794,589)0(9,794,589)23,916,378 Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses(15,701,047)508,240(15,192,807)16,305,185 Fund balance - January 116,550,464162,00416,712,468407,283 Residual equity transfer out0(670,244)(670,244)0 Fund balance - December 31$849,4170849,41716,712,468 Page 60 CAPITAL PROJECT FUNDS Capital Project Funds account for the resources expended to acquire assets of a relatively permanent nature other than those financed by Enterprise Funds. Construction Fund: This fund is used to account for the various special assessment and state aid projects throughout the City. Housing and Redevelopment Authority of Edina Fund: This fund is used to account for revenues from several sources (property taxes, bond proceeds, investment earnings, etc.) that are designated for housing and redevelopment. Revolving Fund: This fund was established to provide financing for capital improvements as designated in the City's capital improvement budget. Page 61 CITY OF EDINA, MINNESOTA Capital Project Funds Combining Balance Sheet December 31, 2001 (with comparative totals for December 31, 2000) Housing and Redevelopment Authority ofTotals AssetsConstructionEdinaRevolving20012000 Cash$041,109041,109104,217 Investments018,128,2329,614,77227,743,00425,673,668 Accounts receivable007,7317,73126,653 Accrued interest receivable0112,84458,967171,811316,480 Special assessments receivable: Current0011,278 11,278 0 Delinquent005,6145,6141,946 Deferred003,009,9283,009,928983,163 Bloomington0084,46784,4670 Due from other funds 062,294062,2940 Due from other governments704,689183,4641,929890,082153,333 Total assets$704,68918,527,94312,794,68632,027,31827,259,460 Liabilities and Fund Balance Liabilities: Accounts payable89,6681,419,425107,3161,616,409614,621 Salaries payable003,0803,0802,257 Contracts payable45,199394,0800439,279207,499 Due to other funds555,93301,292,2941,848,2272,965,001 Due to other governments10,782089,527100,30912,587 Deposits payable3,107003,1070 Taxes Payable041,196041,1960 Deferred revenue608,88903,026,8223,635,711985,109 Total liabilities1,313,5781,854,7014,519,0397,687,3184,787,074 Fund balance(deficit): Reserved for encumbrances1,392,080001,392,08017,527 Reserved for special projects0078,34278,3420 Unreserved: Designated008,197,3058,197,3058,731,959 Unreserved--undesignated(2,000,969)16,673,242014,672,27313,722,900 Total fund balance (deficit)(608,889)16,673,2428,275,64724,340,00022,472,386 Total liabilities and fund balance$704,68918,527,94312,794,68632,027,31827,259,460 Page 62 CITY OF EDINA, MINNESOTA Capital Project Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balance (Deficit) Year ended December 31, 2001 (with comparative totals for year ended December 31, 2000) Housing and Redevelopment Authority ofTotals ConstructionEdinaRevolving20012000 Revenues: Tax increments$09,309,36009,309,3608,590,313 Special assessments00401,433401,433438,005 Intergovernmental3,263,767058,5843,322,351254,257 Charges for services18,619033,88752,506878,148 Investment income0578,891461,2501,040,1411,739,756 Sale and rental of property04,005,6946,9384,012,632984,941 Other revenues01,887162,527164,41483,512 Total revenues3,282,38613,895,8321,124,61918,302,83712,968,932 Expenditures: Current: Other: Personal services0101,45487,224188,678306,639 Professional fees0129,61489,154218,768384,578 Other01,305,14995,2651,400,414524,461 Construction costs3,367,8375,026,795947,8239,342,4557,207,966 Total expenditures3,367,8376,563,0121,219,46611,150,3158,423,644 Excess (deficiency) of revenues over expenditures(85,451)7,332,820(94,847)7,152,5224,545,288 Other financing sources (uses): Operating transfers in (out): General fund0000279,065 Working capital/construction fund421,7240(421,724)00 General debt service fund0(6,015,411)0(6,015,411)(5,778,574) Liquor fund00100,000100,000919,000 Utility fund00100,000100,0000 Art Center fund00(8,252)(8,252)0 Edinborough Park fund00(56,300)(56,300)0 Arena fund00(75,189)(75,189)0 Proceeds from sale of bonds00003,604,312 Total other financing sources (uses)421,724(6,015,411)(361,465)(5,955,152)(976,197) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses336,2731,317,409(456,312)1,197,3703,569,091 Fund balance (deficit) --January 1(1,615,406)15,355,8338,731,95922,472,38618,903,295 Residual equity transfer in670,24400670,2440 Fund balance (deficit)--December 31$(608,889)16,673,2428,275,64724,340,00022,472,386 Page 63 ENTERPRISE FUNDS Enterprise Funds account for the financing of self supporting activities of governmental units which render services to the general public on a user charge basis. Records are maintained on the accrual basis of accounting. The reports of Enterprise Funds are similar to private enterprise and self-contained. Creditors, legislators or the general public can evaluate the performance of the municipal enterprise on the same basis as investor-owned enterprises. The following Enterprise Funds were established to account for the operation of City- owned facilities: Utilities Fund Liquor Fund Swimming Pool Fund Golf Course Fund Arena Fund Art Center Fund Edinborough Park/Centennial Lake Fund All activities necessary to provide such services are accounted for in these funds, including, but not limited to, administration, operations, maintenance, financing, debt service, billing and collection. Page 64 CITY OF EDINA, MINNESOTA Enterprise Funds Combining Balance Sheet December 31, 2001 (with comparative totals for December 31, 2000) Swimming AssetsUtilitiesLiquorPool Current assets: Petty cash and change funds04,4400 Investments5,997,5490997,064 Cash with fiscal agents00532,195 Receivables: Accounts01,5000 Customers1,934,72600 Interest7,07500 Special Assessments115,17100 Due from other funds01,610,976424,415 Due from other governments2,21300 Inventory137,289924,1070 Prepaid expenses000 Total current assets8,194,0232,541,0231,953,674 Property and equipment, net26,163,139690,7862,008,374 Discounts on bonds20,957015,367 Total assets$34,378,119 3,231,8093,977,415 Liabilities and Fund Equity Current liabilities: Accounts payable145,352251,581248,798 Salaries payable26,45434,7140 Contracts payable6,323010,125 Accrued interest payable48,102026,866 Due to other funds783,16800 Due to other governments12,406105,911283 Compensated absences payable138,54096,2870 Total current liabilities1,160,345488,493286,072 Long-term liabilities: Deposits payable68,53000 Deferred revenue000 Obligation under capital lease000 Bonds payable2,955,00002,115,000 Total long-term liabilities3,023,53002,115,000 Total liabilities4,183,875488,4932,401,072 Fund equity: Contributed capital20,57701,366,044 Retained earnings (deficit): Reserved for debt service274,998032,500 Unreserved-undesignated29,898,6692,743,316177,799 Total retained earnings (deficit)30,173,6672,743,316210,299 Total liabilities and fund equity $34,378,119 3,231,8093,977,415 Page 65 GolfArtEdinborough ParkTotals CourseArenaCenterCentennial Lake20012000 4,4007007251,50011,76511,315 2,005,2401,407,8160010,407,6694,580,148 2,751,1013,15808773,287,3313,286,498 985115,10110014,786132,472114,515 00001,934,7262,170,225 00060,65967,734106,986 0000115,17176,457 103,7949539707,1122,148,2201,560,390 00002,2134,527 25,471017,04201,103,9091,165,534 1,0482,13701,0064,1910 4,892,0391,529,86518,83785,94019,215,40113,076,595 7,060,0614,348,562400,996673,46541,345,38341,353,939 42,38915,7200094,43379,454 11,994,489 5,894,147419,833759,40560,655,217 54,509,988 120,86324,43226,54125,339842,906725,828 28,02412,6115,62318,951126,377120,881 10,57100027,01994,563 192,86343,06000310,891327,363 0000783,1680 5,0885191,2412,028127,476355,681 184,38774,98037,32291,268622,784566,094 541,796155,60270,727137,5862,840,6212,190,410 14,7933,5000086,82350,593 05,040005,0405,040 12,400111,600031,000155,000210,000 9,625,0002,930,0000017,625,00013,785,000 9,652,1933,050,140031,00017,871,863 14,050,633 10,193,9893,205,74270,727168,58620,712,48416,241,043 2,0003,099,446274,725521,2575,284,0495,725,001 1,115,031184,591001,607,1201,607,120 683,469(595,632)74,38169,56233,051,56430,936,824 1,798,500(411,041)74,38169,56234,658,68432,543,944 11,994,489 5,894,147419,833759,40560,655,217 54,509,988 Page 66 CITY OF EDINA, MINNESOTA Enterprise Funds Combining Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit) December 31, 2001 (with comparative totals for December 31, 2000) Swimming UtilitiesLiquorPool Operating revenues: Charges for sales and services: Sales - Liquor$09,074,1120 Sales - Retail003,682 Sales - Utility8,421,61600 Sales - Concessions0085,538 Memberships00355,164 Admissions00153,233 Building rental0016,013 Rental of equipment000 Greens fees000 Other fees135,194017,280 Total operating revenues8,556,8109,074,112630,910 Operating expenses: Cost of sales and services37,8166,760,04025,494 Personal services862,200784,414179,115 Contractual services4,258,340250,00589,178 Commodities493,09956,55637,522 Central services498,192271,42833,972 Depreciation912,98348,571143,610 Total operating expenses7,062,6308,171,014508,891 Operating income (loss)1,494,180903,098122,019 Nonoperating revenues (expenses): Investment income127,33902,421 Interest from fiscal agents0022,200 Donations000 Miscellaneous revenue (expense)0200 Interest and fiscal charges(116,794)0(54,307) Interest on capital lease 000 Gain (loss) on disposal of capital assets(67,606)(17,750)(25,176) Amortization of bond discount(2,959)0(2,096) Total nonoperating revenues (expenses)(60,020)(17,730)(56,958) Income (loss) before operating transfers1,434,160885,36865,061 Operating transfers in (out): General fund000 Art center fund0(104,000)0 Liquor store fund000 Arena fund0(135,000)0 Revolving fund(100,000)(100,000)0 Total operating transfers, net(100,000)(339,000)0 Net income (loss) 1,334,160546,36865,061 Add depreciation on contributed assets4430102,220 Increase (decrease) in retained earnings1,334,603546,368167,281 Retained earnings (deficit) - January 128,839,0642,196,94843,018 Retained earnings (deficit) - December 31$30,173,667 2,743,316210,299 Page 67 GolfArtEdinborough ParkTotals CourseArenaCenterCentennial Lake20012000 00009,074,1128,989,480 264,76534,41052,5560355,413412,473 00008,421,6168,639,374 266,4380021,558373,534396,353 147,4064,06932,76827,095566,502583,979 363,99266,372061,108644,705562,707 67,412939,7040233,8721,257,0011,190,171 324,5713,716055,876384,163399,049 1,809,96600160,3141,970,2802,156,438 406,97599,801378,246478,1081,515,6041,535,683 3,651,5251,148,072463,5701,037,93124,562,93024,865,707 368,72193335,96612,6427,241,6127,174,884 1,378,623415,488205,249647,4854,472,5744,645,640 518,200403,947244,171379,0116,142,8526,083,352 278,34044,46066,216177,2751,153,4681,196,540 322,380110,31664,248220,7641,521,3001,364,501 512,198324,10146,026155,4542,142,9432,132,071 3,378,4621,299,245661,8761,592,63122,674,74922,596,988 273,063(151,173)(198,306)(554,700)1,888,1812,268,719 5,2743,4180352,256490,708619,273 114,840000137,0400 0024,729024,72921,352 170000190655 (389,805)(87,064)00(647,970)(681,487) (839)(7,547)0(2,097)(10,483)(13,111) (12,035)(5,086)(6,726)(20,850)(155,229)(249,072) (24,485)(9,578)00(39,118)(17,819) (306,880)(105,857)18,003329,309(200,133)(320,209) (33,817)(257,030)(180,303)(225,391)1,688,0481,948,510 00046,00046,000108,000 0000(104,000)(139,000) 0135,000104,0000239,000220,000 0000(135,000)(81,000) 075,1898,25256,300(60,259)(919,000) 0210,189112,252102,300(14,259)(811,000) (33,817)(46,841)(68,051)(123,091)1,673,7891,137,510 800187,35217,201132,935440,951452,966 (33,017)140,511(50,850)9,8442,114,7401,590,476 1,831,517(551,552)125,23159,71832,543,94430,953,468 1,798,500(411,041)74,38169,56234,658,68432,543,944 Page 68 CITY OF EDINA, MINNESOTA Enterprise Funds Combining Statement of Cash Flows December 31, 2001 (with comparative totals for year ended December 31, 2000) Swimming Cash flows from operating activities:UtilitiesLiquorPool Operating income$1,494,180903,098122,019 Adjustments to reconcile operating income to net cash provided by operating activities Depreciation expense912,98348,571143,610 Changes in assets and liabilities: (Increase) decrease in accounts receivable01,49353 (Increase) decrease in customer accounts receivable235,49900 (Increase) decrease in special assessments receivable(38,714)00 (Increase) decrease in due from other funds179,441(559,618)(181,415) Decrease in due from other governments2,31400 Increase in prepaid expense000 (Increase) decrease in inventory(49,085)55,6190 Increase (decrease) in accounts payable(192,785)10,523246,781 Increase (decrease) in salaries payable1,9422,4580 Increase (decrease) in contracts payable(88,240)010,125 Decrease in accrued interest payable(4,542)0(618) Increase (decrease) in due to other funds783,16800 Increase (decrease) in due to other governments(229,095)2,417252 Increase (decrease) in compensated absences payable(7,517)17,3650 Increase in deposits payable32,43000 Miscellaneous revenue0200 Total adjustments1,537,799(421,152)218,788 Net cash provided by (used in) operating activities3,031,979481,946340,807 Cash flows from noncapital financing activities: Donations 000 Operating transfer in--General Fund000 Operating transfer (out)--Art Center0(104,000)0 Operating transfer in--Liquor Store Fund000 Operating transfer (out)--Arena0(135,000)0 Operating transfer (out)--Revolving fund(100,000)(100,000)0 Net cash provided provided by (used in) noncapital financing activities(100,000)(339,000)0 Cash flows from capital and related financing activities: Net acquisition of capital assets(1,184,114)(125,196)(291,640) Loss on disposal of capital assets(67,606)(17,750)(25,176) Proceeds from revenue bonds001,040,000 Principal paid on revenue bonds(310,000)0(25,000) Increase on bond discount00(12,172) Principal paid on capital lease000 Interest received from fiscal agent0022,200 Interest paid on capital lease000 Interest paid on bonds(116,794)0(54,307) Net cash provided by (used in) capital and related financing activities(1,678,514)(142,946)653,905 Cash flows from investing activities: Purchase of investments(1,417,401)0(997,064) Decrease in interest receivable36,59700 Investment income127,33902,421 Net cash provided by (used in) investing activities(1,253,465)0(994,643) Net increase (decrease) in cash and cash equivalents0069 Cash and equivalents, beginning of year04,440532,126 Cash and equivalents, end of year04,440532,195 Page 69 GolfArtEdinborough ParkTotals CourseArenaCenterCentennial Lake20012000 273,063(151,173)(198,306)(554,700)1,888,1812,268,719 512,198324,10146,026155,4542,142,9432,132,071 1,474(6,465)(100)(14,412)(17,957)51,701 0000235,499(159,665) 0000(38,714)28,755 (48,821)(385)7,64815,320(587,830)3,249,321 00002,314685 56,640(2,137)0(1,006)53,4970 (1,048)0(1,549)03,937(184,466) 59,147(15,251)9,798(1,135)117,07893,803 1,480(2,291)7801,1275,49616,622 10,571000(67,544)81,393 (8,267)(3,045)00(16,472)(74,329) 0000783,168(200,000) (523)169506(1,931)(228,205)200,361 20,2166,5406,91713,16956,690421,628 3,80000036,23038,239 170000190655 607,037301,23670,026166,5862,480,3205,696,774 880,100150,063(128,280)(388,114)4,368,5017,965,493 0024,729024,72921,352 00046,00046,000108,000 0000(104,000)(139,000) 0135,000104,0000239,000220,000 0000(135,000)(81,000) 075,1898,25256,300(60,259)(919,000) 0210,189136,981102,30010,470(789,648) (426,563)(70,257)(1,525)(35,093)(2,134,388)(3,109,973) (12,035)(5,086)(6,726)(20,850)(155,229)(249,072) 2,190,0001,390,000004,620,0000 (325,000)(120,000)00(780,000)(785,000) (25,831)(16,094)00(54,097)0 (4,400)(39,600)0(11,000)(55,000)(50,000) 114,840000137,040137,041 (839)(7,547)0(2,097)(10,483)(13,111) (389,805)(87,064)00(647,970)(681,487) 1,120,3671,044,352(8,251)(69,040)919,873(4,751,602) (2,005,240)(1,407,816)00(5,827,521)(2,820,478) 0002,65539,252(106,986) 5,2743,4180352,256490,708482,232 (1,999,966)(1,404,398)0354,911(5,297,561)(2,445,232) 501206450571,283(20,989) 2,755,0003,6522752,3203,297,8133,318,802 2,755,5013,8587252,3773,299,0963,297,813 Page 70 CITY OF EDINA, MINNESOTA Utilities Fund Balance Sheet December 31, 2001 (with comparative amounts for December 31, 2000) Assets20012000 Current assets: Investments$5,997,5494,580,148 Receivables: Customers1,934,7262,170,225 Interest7,07543,672 Assessments115,17176,457 Due from other funds0179,441 Due from other governments2,2134,527 Inventory137,28988,204 Total current assets8,194,0237,142,674 Property and equipment, net26,163,13925,892,008 Discount on bonds20,95723,916 Total assets$34,378,11933,058,598 Liabilities and Retained Earnings Current liabilities: Accounts payable145,352338,137 Salaries payable26,45424,512 Contracts payable6,32394,563 Accrued interest payable48,10252,644 Due to other funds783,1680 Due to other governments12,406241,501 Compensated absences payable138,540146,057 Total current liabilities1,160,345897,414 Long-term liabilities: Deposits payable68,53036,100 Bonds payable2,955,0003,265,000 Total liabilities4,183,8754,198,514 Fund equity: Contributed capital20,57721,020 Retained earnings: Reserved for debt service274,998274,998 Unreserved--undesignated29,898,66928,564,066 Total retained earnings30,173,66728,839,064 Total liabilities and retained earnings$34,378,11933,058,598 Page 71 CITY OF EDINA, MINNESOTA Utilities Fund Statement of Revenues, Expenses and Changes in Retained Earnings Year ended December 31, 2001 (with comparative amounts for year ended December 31, 2000) 20012000 Operating revenues: Storm sewer charges$585,378581,654 Water charges2,909,3242,909,622 Sewer charges4,496,2384,636,860 Recycling406,057495,300 Sale of meters 24,61915,938 Other Penalties62,47582,802 State Health72,71971,210 Total operating revenues8,556,8108,793,386 Operating expenses: Cost of sales and services37,816102,855 Personal services862,200893,746 Contractual services General costs1,068,006949,182 Recycling charges355,695455,222 Disposal charges2,834,6392,973,995 Commodities General costs341,010368,637 Water purchased152,089137,037 Central services498,192455,544 Depreciation912,983866,758 Total operating expenses7,062,6307,202,976 Operating income1,494,1801,590,410 Nonoperating revenues (expenses): Investment income127,339159,569 Miscellaneous revenue (expense)0110 Interest and fiscal charges(116,794)(127,525) Loss on disposal of capital assets(67,606)(58,299) Amortization of bond discount(2,959)(2,958) Total nonoperating expenses(60,020)(29,103) Net income before operating transfers1,434,1601,561,307 Operating transfers out: Revolving fund(100,000)0 Total operating transfers(100,000)0 Net income1,334,1601,561,307 Add depreciation on contributed assets443443 Increase in retained earnings1,334,6031,561,750 Retained earnings--January 128,839,06427,277,314 Retained earnings--December 31$30,173,66728,839,064 Page 72 CITY OF EDINA, MINNESOTA Utilities Fund Statement of Cash Flows Year ended December 31, 2001 (with comparative amounts for year ended year ended December 31,2000) 20012000 Cash flows from operating activities: Operating income $1,494,1801,590,410 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation expense912,983866,758 Changes in assets and liabilities: (Increase) decrease in customer accounts receivable235,499(159,665) (Increase) decrease in assessments receivable(38,714)28,755 (Increase) decrease in due from other funds179,4413,387,000 (Increase) decrease in due from other governments2,314685 (Increase) decrease in inventory(49,085)(65,447) Increase (decrease) in accounts payable(192,785)183,343 Increase in salaries payable1,9422,556 Increase (decrease) in contracts payable(88,240)81,393 Increase (decrease) in accrued interest payable(4,542)(38,964) Increase (decrease) in due to other funds783,1680 Increase (decrease) in due to other governments(229,095)208,029 Increase (decrease) in compensated absences payable(7,517)110,946 Increase in deposits payable32,43036,100 Miscellaneous revenue0110 Total adjustments1,537,7994,641,599 Net cash provided by operating activities3,031,9796,232,009 Cash flows from noncapital financing activities: Operating transfer out(100,000)0 Net cash used in noncapital financing activities(100,000)0 Cash flows from capital and related financing activities: Net acquisition of capital assets(1,184,114)(3,006,604) Loss on disposal of capital assets(67,606)(58,299) Principal paid on revenue bonds(310,000)(335,000) Interest paid on bonds(116,794)(127,525) Net cash used in capital financing activities(1,678,514)(3,527,428) Cash flows from investing activities: Purchase of investments(1,417,401)(2,820,478) Increase of interest receivable36,597(43,672) Investment income127,339159,569 Net cash used in investing activities(1,253,465)(2,704,581) Net increase in cash and cash equivalents00 Cash and cash equivalents, beginning of year00 Cash and cash equivalents, end of year00 Page 73 CITY OF EDINA, MINNESOTA Liquor Fund Balance Sheet December 31, 2001 (with comparative amounts for December 31, 2000) Assets20012000 Current assets: Petty cash and change funds$4,4404,440 Accounts receivable1,5002,993 Due from other funds1,610,9761,051,358 Inventory924,107979,726 Total current assets2,541,0232,038,517 Property and equipment, net690,786614,161 Total assets$3,231,8092,652,678 Liabilities and Retained Earnings Current liabilities: Accounts payable251,581241,058 Salaries payable34,71432,256 Due to other governments105,911103,494 Compensated absences payable96,28778,922 Total current liabilities488,493455,730 Retained earnings: Unreserved--undesignated2,743,3162,196,948 Total liabilities and retained earnings $3,231,8092,652,678 Page 74 CITY OF EDINA, MINNESOTA Liquor Fund Statement of Revenues, Expenses and Changes in Retained Earnings Year ended December 31, 2001 (with comparative totals for year ended December 31, 2000) 20012000 Operating revenues: Sales - Liquor Deposits/refunds$258665 Liquor2,580,5112,558,895 Wine3,663,3153,650,130 Beer2,515,0772,491,806 Miscellaneous314,951287,984 Total operating revenues9,074,1128,989,480 Operating expenses: Cost of sales and services6,760,0406,663,033 Personal services784,414768,795 Contractual services250,005221,260 Commodities56,55651,094 Central services271,428243,612 Depreciation48,57157,609 Total operating expenses8,171,0148,005,403 Operating income903,098984,077 Nonoperating revenues (expenses): Miscellaneous revenue (expense)20243 Loss on disposal of capital assets(17,750)(23,187) Total nonoperating revenues (expenses)(17,730)(22,944) Income before operating transfer out885,368961,133 Operating transfer out: Art Center(104,000)(139,000) Operating transfer out: Arena(135,000)(81,000) Operating transfer out: Revolving fund(100,000)(919,000) (339,000)(1,139,000) Net income (loss)546,368(177,867) Retained earnings--January 12,196,9482,374,815 Retained earnings--December 31$2,743,3162,196,948 Page 75 CITY OF EDINA, MINNESOTA Liquor Fund Statement of Cash Flows Year ended December 31, 2001 (with comparative amounts for year ended December 31, 2000) 20012000 Cash flows from operating activities:$ Operating income 903,098984,077 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation expense48,57157,609 Changes in assets and liabilities: (Increase) decrease in accounts receivable1,493(2,993) (Increase) decrease in due from other funds(559,618)94,144 Increase in inventory55,619(98,963) Increase (decrease) in accounts payable10,523(104,557) Increase in salaries payable2,4583,447 Increase (decrease) in due to other governments2,417(1,091) Increase in compensated absences payable17,36562,072 Miscellaneous revenue (expense)20243 Total adjustments(421,152)9,911 Net cash provided by operating activities481,946993,988 Cash flows from noncapital financing activities: Decrease in advance to other funds0145,012 Operating transfer (out)--Art Center(104,000)(139,000) Operating transfer (out)--Arena(135,000)(81,000) Operating transfer (out)--Revolving fund(100,000)(919,000) Net cash used in noncapital financing activities(339,000)(993,988) Cash flows from capital and related financing activities: Acquisition of capital assets(125,196)23,187 Loss on disposal of capital assets(17,750)(23,187) Net cash used in capital financing activities(142,946)0 Net increase in cash and cash equivalents00 Cash and cash equivalents, beginning of year4,4404,440 Cash and cash equivalents, end of year$4,4404,440 Page 76 CITY OF EDINA, MINNESOTA Liquor Fund Schedule of Revenue and Operating Expenses by Location Year ended December 31, 2001 (with comparative amounts for year ended December 31, 2000) Totals 50th StreetYorkdaleVernon20012000 Operating revenues: Sales - Liquor Deposits/refunds$1500108258665 Liquor412,8361,258,611909,0642,580,5112,558,895 Wine816,3581,692,6321,154,3253,663,3153,650,130 Beer428,7021,295,676790,6992,515,0772,491,806 Miscellaneous56,363146,558112,030314,951287,984 Total operating revenues1,714,4094,393,4772,966,2269,074,1128,989,480 Operating expenses: Selling: Cost of sales and services1,252,1733,285,8832,221,9846,760,0406,663,033 Personal services121,767210,653166,198498,618462,761 Contractual services14,17512,88611,42338,48433,905 Commodities9,94419,41012,63441,98820,297 Total selling1,398,0593,528,8322,412,2397,339,1307,179,996 Occupancy: Personal services1,9444,1471,8767,9679,533 Contractual services19,14040,19317,58076,91379,477 Commodities1713,3002,4655,9367,421 Depreciation17,97919,01411,57848,57157,609 Total occupancy39,23466,65433,499139,387154,040 Administrative: Personal services85,352104,75087,727277,829296,501 Contractual services30,86961,57942,160134,608107,878 Commodities1,6895,1341,8098,63223,376 Central services68,268107,66495,496271,428243,612 Total administrative186,178279,127227,192692,497671,367 Total operating expenses1,623,4713,874,6132,672,9308,171,0148,005,403 Operating income$90,938518,864293,296903,098984,077 Page 77 CITY OF EDINA, MINNESOTA Swimming Pool Fund Balance Sheet December 31, 2001 (with comparative amounts for December 31, 2000) Assets20012000 Current assets: Investments$997,0640 Cash with fiscal agents532,195532,126 Accounts receivable053 Due from other funds424,415243,000 Total current assets1,953,674775,179 Property and equipment, net2,008,3741,860,344 Discount on bonds15,3675,291 Total assets$3,977,4152,640,814 Liabilities and Retained Earnings Current liabilities: Accounts payable248,7982,017 Contracts payable10,1250 Accrued interest payable26,86627,484 Due to other governments28331 Total current liabilities286,07229,532 Long-term liabilities Bonds payable2,115,0001,100,000 Total liabilities2,401,0721,129,532 Fund equity: Contributed capital1,366,0441,468,264 Retained earnings: Reserved for debt service32,50032,500 Unreserved--undesignated177,79910,518 Total retained earnings (deficit)210,29943,018 Total liabilities and fund equity $3,977,4152,640,814 Page 78 CITY OF EDINA, MINNESOTA Swimming Pool Fund Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit) Year ended December 31, 2001 (with comparative amounts for year ended December 31, 2000) 20012000 Operating revenues: Sales - retail$3,682196 Sales - concessions85,53873,625 Memberships355,164373,798 Admissions153,233150,091 Building rental16,01315,397 Other fees Lessons17,28023,858 Total operating revenues630,910636,965 Operating expenses: Cost of sales and services25,49421,756 Personal services179,115183,178 Contractual services89,17889,917 Commodities37,52245,892 Central services33,97225,464 Depreciation143,610150,519 Total operating expenses508,891516,726 Operating income 122,019120,239 Nonoperating revenue (expenses): Investment income2,4210 Interest from fiscal agent22,20022,201 Miscellaneous revenue045 Interest and fiscal charges(54,307)(55,425) Loss on disposal of capital assets(25,176)(37,752) Amortization of bond discount(2,096)(1,962) Total nonoperating expenses(56,958)(72,893) Net income 65,06147,346 Add depreciation on contributed assets102,22096,033 Increase in retained earnings167,281143,379 Retained earnings (deficit) --January 143,018(100,361) Retained earnings (deficit) --December 31$210,29943,018 Page 79 CITY OF EDINA, MINNESOTA Swimming Pool Fund Statement of Cash Flows Year ended December 31, 2001 (with comparative amounts for year ended December 31, 2000) 20012000 Cash flows from operating activities: Operating income$122,019120,239 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation expense143,610150,519 Changes in assets and liabilities: Increase in accounts receivable53(53) Increase (decrease) in due from other funds(181,415)(190,033) Increase in accounts payable246,7811,558 Increase in contracts payable10,1250 Increase (decrease) in accrued interest payable(618)(4,175) Increase (decrease) in due to other governments 252(58) Miscellaneous revenue 045 Total adjustments218,788(42,197) Net cash provided by operating activities340,80778,042 Cash flows from capital and related financing activities: Net acquisition of capital assets(291,640)9,459 Loss on disposal of capital assets(25,176)(37,752) Proceeds from revenue bonds1,040,0000 Principal paid on revenue bonds(25,000)(20,000) Increase on bond discount(12,172)0 Interest received from fiscal agent22,20022,201 Interest paid on bonds(54,307)(55,425) Net cash provided by (used in) capital and related financing activities653,905(81,517) Cash flows from investing activities: Purchase of investments(997,064)0 Investment income 2,4210 Net cash used in investing activities(994,643)0 Net increase (decrease) in cash and cash equivalents69(3,475) Cash and cash equivalents, beginning of year532,126535,601 Cash and cash equivalents, end of year $532,195532,126 Page 80 CITY OF EDINA, MINNESOTA Golf Course Fund Balance Sheet December 31, 2001 (with comparative amounts for December 31, 2000) Assets20012000 Current assets: Petty cash and change funds$4,4004,400 Investments2,005,2400 Cash with fiscal agents2,751,1012,750,600 Accounts receivable9852,459 Due from other funds103,79454,973 Inventory25,47182,111 Prepaid expenses1,0480 Total current assets4,892,0392,894,543 Property and equipment, net7,060,0617,145,696 Discount on bonds42,38941,043 Total assets$11,994,48910,081,282 Liabilities and Retained Earnings Current liabilities: Accounts payable120,86361,716 Salaries payable28,02426,544 Contracts payable10,5710 Accrued interest payable192,863201,130 Due to other governments5,0885,611 Compensated absences payable184,387164,171 Total current liabilities541,796459,172 Long-term liabilities: Deposits payable14,79310,993 Obligation under capital lease12,40016,800 Bonds payable9,625,0007,760,000 Total liabilities10,193,9898,246,965 Fund Equity: Contributed capital2,0002,800 Retained earnings: Reserved for debt service1,115,0311,115,031 Unreserved--undesignated683,469716,486 Total retained earnings1,798,5001,831,517 Total liabilities and retained earnings$11,994,48910,081,282 Page 81 CITY OF EDINA, MINNESOTA Golf Course Fund Statement of Revenues, Expenses and Changes in Retained Earnings Year ended December 31, 2001 (with comparative amounts for year ended December 31, 2000) 20012000 Operating revenues: Sales - retail Pro shop$260,948338,081 Miscellaneous3,8178,936 Sales - concessions266,438297,666 Memberships147,406157,155 Admissions363,992271,716 Building rental67,41267,467 Rental of equipment Golf cars297,880304,929 Golf carts/clubs25,81330,776 Miscellaneous equipment8782,316 Green fees1,809,9661,974,991 Other fees Driving range342,477424,198 Lessons63,59872,429 Miscellaneous9003,348 Total operating revenues3,651,5253,954,008 Operating expenses: Cost of sales and services368,721340,722 Personal services1,378,6231,461,937 Contractual services518,200459,641 Commodities278,340310,035 Central services322,380275,808 Depreciation512,198508,189 Total operating expenses3,378,4623,356,332 Operating income273,063597,676 Nonoperating revenues (expenses): Investment income5,2740 Interest from fiscal agent114,840114,840 Miscellaneous revenue170170 Interest and fiscal charges(389,805)(405,548) Interest on capital lease (839)(1,049) Gain (loss) on disposal of capital assets(12,035)(34,983) Amortization of bond discount(24,485)(11,749) Total nonoperating expenses(306,880)(338,319) Net income(33,817)259,357 Add depreciation on contributed assets800800 Increase in retained earnings(33,017)260,157 Retained earnings--January 11,831,5171,571,360 Retained earnings--December 31$1,798,5001,831,517 Page 82 CITY OF EDINA, MINNESOTA Golf Course Fund Statement of Cash Flows Year ended December 31, 2001 (with comparative amounts for year ended December 31, 2000) 20012000 Cash flows from operating activities:$ Operating income273,063597,676 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation expense512,198508,189 Changes in assets and liabilities: (Increase) decrease in accounts receivable1,4746,833 Increase in due from other funds(48,821)(54,973) (Increase) decrease in prepaid expense56,6400 (Increase) decrease in inventory(1,048)(20,219) Increase (decrease) in accounts payable59,14717,101 Increase in salaries payable1,4802,459 Increase (decrease) in contracts payable10,571 Increase (decrease) in accrued interest payable(8,267)(28,448) Decrease in due to other funds0(200,000) Increase (decrease) in due to other governments(523)437 Increase in compensated absences payable20,216122,028 Increase in deposits payable3,8002,139 Miscellaneous revenue170170 Total adjustments607,037355,716 Net cash provided by operating activities880,100953,392 Cash flow from noncapital financing activities: Decrease in advance from other funds0(145,012) Net cash used in noncapital financing activities0(145,012) Cash flow from capital and related financing activities: Net acquisition of capital assets(426,563)(166,150) Gain (loss) on disposal of capital assets(12,035)(34,983) Proceeds from revenue bonds2,190,0000 Principal paid on revenue bonds(325,000)(330,000) Increase on bond discount(25,831)0 Principal paid on capital lease(4,400)(4,000) Interest received from fiscal agent114,840114,840 Interest paid on capital lease(839)(1,049) Interest paid on bonds(389,805)(405,548) Net cash provided by (used in) capital and related financing activities1,120,367(826,890) Cash flow from investing activities: Purchase of investments(2,005,240)0 Investment income5,2740 Net cash used in investing activities(1,999,966)0 Net decrease in cash and cash equivalents501(18,510) Cash and cash equivalents, beginning of year2,755,0002,773,510 Cash and cash equivalents, end of year2,755,5012,755,000 Page 83 CITY OF EDINA, MINNESOTA Golf Course Fund Schedule of Operating Expenses Year ended December 31, 2001 (with comparative amounts for year ended December 31, 2000) 20012000 Administration Personal services$842,944921,268 Contractual services239,077243,394 Commodities166,010155,419 Central services301,824257,292 Total administration1,549,8551,577,373 Clubhouse Personal services36,99438,060 Contractual services97,02081,651 Commodities35,15716,649 Total clubhouse169,171136,360 Grill: Cost of sales and services101,795105,075 Personal services95,22194,710 Contractual services16,74713,332 Commodities26,00121,997 Total grill239,764235,114 Golf Cars: Personal services34,09834,880 Contractual services5,9899,697 Commodities9,69417,701 Total range and grill49,78162,278 Range: Personal services119,019129,997 Contractual services1,982706 Commodities15,24644,110 Total range and grill136,247174,813 Richards: Cost of sales and services8,8878,467 Personal services108,814107,246 Contractual services17,17412,439 Commodities19,01215,343 Total Richards153,887143,495 Pro Shop Cost of sales and services256,778226,965 Personal services54,29155,242 Contractual services6,1292,965 Commodities2,6605,207 319,858290,379 Golf dome: Cost of sales and services1,261215 Personal services87,24280,534 Contractual services134,08295,457 Commodities4,56033,609 Central services20,55618,516 Total golf dome247,701228,331 Depreciation512,198508,189 Total operating expenses$3,378,4623,356,332 Page 84 CITY OF EDINA, MINNESOTA Arena Fund Balance Sheet December 31, 2001 (with comparative amounts for December 31, 2000) Assets20012000 Current assets: Petty cash and change funds$700700 Investments1,407,8160 Cash with fiscal agents3,1582,952 Accounts receivable115,101108,636 Due from other funds953568 Prepaid expenses2,1370 Total current assets1,529,865112,856 Property and equipment, net4,348,5624,602,406 Discount on bonds15,7209,204 Total assets$5,894,1474,724,466 Liabilities and Retained Earnings Current liabilities: Accounts payable24,43239,683 Salaries payable12,61114,902 Accrued interest payable43,06046,105 Due to other governments519350 Compensated absences payable74,98068,440 Total current liabilities155,602169,480 Long-term liabilities: Deposits payable3,5003,500 Deferred revenue5,0405,040 Obligation under capital lease111,600151,200 Bonds payable2,930,0001,660,000 Total liabilities3,205,7421,989,220 Fund equity: Contributed capital3,099,4463,286,798 Retained earnings: Reserved for debt service184,591184,591 Unreserved--undesignated(595,632)(736,143) Total retained earnings (deficit)(411,041)(551,552) Total liabilities and retained earnings$5,894,1474,724,466 Page 85 CITY OF EDINA, MINNESOTA Arena Fund Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit) Year ended December 31, 2001 (with comparative amounts for year ended December 31, 2000) 20012000 Operating revenues: Sales - retail$34,41024,720 Memberships4,0695,218 Admissions66,37282,745 Building rental939,704908,657 Rental of equipment3,7167,268 Other fees Lessons81,94894,570 Skate sharpening17,85313,779 Total operating revenues1,148,0721,136,957 Operating expenses: Cost of sales and services93365 Personal services415,488447,206 Contractual services403,947382,772 Commodities44,46060,824 Central services110,31699,240 Depreciation324,101321,095 Total operating expenses1,299,2451,311,202 Operating loss(151,173)(174,245) Nonoperating revenues (expenses): Investment income3,4180 Interest and fiscal charges(87,064)(92,989) Interest on capital lease (7,547)(9,440) Loss on disposal of capital assets(5,086)(11,353) Amortization of bond discount(9,578)(1,150) Total nonoperating expenses(105,857)(114,932) Net loss before operating transfer in(257,030)(289,177) Operating transfer in: Liquor store fund135,00081,000 Revolving fund75,1890 Total operating transfers210,18981,000 Net Income (loss)(46,841)(208,177) Add depreciation on contributed assets187,352187,352 Increase (decrease) in retained earnings140,511(20,825) Retained earnings (deficit)--January 1(551,552)(530,727) Retained earnings (deficit)--December 31$(411,041)(551,552) Page 86 CITY OF EDINA, MINNESOTA Arena Fund Statement of Cash Flows Year ended December 31, 2001 (with comparative amounts for year ended December 31, 2000) 20012000 Cash flows from operating activities: Operating income (loss)$(151,173)(174,245) Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation expense324,101321,095 Changes in assets and liabilities: Increase in accounts receivable(6,465)(8,025) (Increase) decrease in due from other funds(385)2,146 (Increase) in prepaid expenses(2,137)0 (Decrease) in accounts payable(15,251)4,917 Increase in salaries payable(2,291)7,949 Decrease in accrued interest payable(3,045)(2,742) Increase (decrease) in due to other governments169(8,729) Increase(decrease) in compensated absences payable6,54053,571 Total adjustments301,236370,182 Net cash provided by operating activities150,063195,937 Cash flows from noncapital financing activities: Operating transfer in--Liquor Fund135,00081,000 Operating transfer in--Revolving Fund75,1890 Net cash provided by noncapital financing activities210,18981,000 Cash flows from capital and related financing activities: Net acquisition of capital assets(70,257)(25,238) Loss on disposal of capital assets(5,086)(11,353) Proceeds from revenue bonds1,390,0000 Principal paid on revenue bonds(120,000)(100,000) Increase on bond discount(16,094)0 Principal paid on capital lease(39,600)(36,000) Interest paid on capital lease (7,547)(9,440) Interest paid on bonds(87,064)(92,989) Net cash provided by (used in) capital and related financing activities1,044,352(275,020) Cash flows from investing activities: Purchase of investments(1,407,816)0 Investment income 3,4180 Net cash used in investing activities(1,404,398)0 Net increase in cash and cash equivalents2061,917 Cash and cash equivalents, beginning of year3,6521,735 Cash and cash equivalents, end of year $3,8583,652 Page 87 CITY OF EDINA, MINNESOTA Art Center Fund Balance Sheet December 31, 2001 (with comparative amounts for December 31, 2000) Assets20012000 Current assets: Petty cash and change funds$725275 Accounts receivable1000 Due from other funds9708,618 Inventory17,04215,493 Total current assets18,83724,386 Property and equipment, net400,996445,497 Total assets$419,833469,883 Liabilities and Retained Earnings Current liabilities: Accounts payable26,54116,743 Salaries payable5,6234,843 Due to other governments1,241735 Compensated absences payable37,32230,405 Total liabilities70,72752,726 Fund equity: Contributed capital274,725291,926 Retained earnings: Unreserved--undesignated74,381125,231 Total retained earnings74,381125,231 Total liabilities and retained earnings$419,833469,883 Page 88 CITY OF EDINA, MINNESOTA Art Center Fund Statement of Revenues, Expenses and Changes in Retained Earnings Year ended December 31, 2001 (with comparative amounts for year ended December 31, 2000) 20012000 Operating revenues: Sales - retail$52,55640,540 Memberships32,76826,629 Other fees Class fees298,617253,313 Firing fees13,28412,170 Media studio fees65,97249,526 Misc fees373534 Total operating revenues463,570382,712 Operating expenses: Cost of goods and services35,96635,810 Personal services205,249225,619 Contractual services244,171187,868 Commodities66,21664,320 Central services64,24862,465 Depreciation46,02656,032 Total operating expenses661,876632,114 Operating loss(198,306)(249,402) Nonoperating revenues (expenses): Donations24,72921,352 Loss on disposal of capital assets(6,726)(35,476) Total nonoperating revenues (expenses)18,003(14,124) Net loss before operating transfer in(180,303)(263,526) Operating transfer in Liquor store fund104,000139,000 Revolving fund8,2520 Total operating transfers112,252139,000 Net loss(68,051)(124,526) Add depreciation on contributed assets17,20118,375 Decrease in retained earnings(50,850)(106,151) Retained earnings--January 1125,231231,382 Retained earnings-- December 31$74,381125,231 Page 89 CITY OF EDINA, MINNESOTA Art Center Fund Statement of Cash Flows Year ended December 31, 2001 (with comparative amounts for year ended December 31, 2000) 20012000 Cash flows from operating activities: Operating loss$(198,306)(249,402) Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation expense46,02656,032 Changes in assets and liabilities: (Increase) decrease in accounts receivable(100)0 (Increase) decrease in due from other funds7,64811,648 (Increase) decrease in inventory(1,549)163 Increase (decrease) in accounts payable9,7983,557 Increase in salaries payable78087 Increase (decrease) in due to other governments506(285) Increase in compensated absences payable6,91720,610 Total adjustments70,02691,812 Net cash used in operating activities(128,280)(157,590) Cash flows from noncapital financing activities: Donations 24,72921,352 Operating transfer in--Liquor Store104,000139,000 Operating transfer in--Revolving fund8,2520 Net cash provided by noncapital financing activities136,981160,352 Cash flow from capital and related financing activities: Net acquisition of capital assets(1,525)32,764 Loss on disposal of capital assets(6,726)(35,476) Net cash used in capital and related financing activities(8,251)(2,712) Net increase in cash and cash equivalents45050 Cash and cash equivalents, beginning of year275225 Cash and cash equivalents, end of year 725275 Page 90 CITY OF EDINA, MINNESOTA Edinborough Park/Centennial Lake Fund Balance Sheet December 31, 2001 (with comparative amounts for December 31, 2000) Assets20012000 Current assets: Petty cash and change funds$1,5001,500 Cash with fiscal agents877820 Accounts receivable14,786374 Accrued interest receivable60,65963,314 Due from other funds7,11222,432 Prepaid expenses1,0060 Total current assets85,94088,440 Property and equipment, net673,465793,827 Total assets$759,405882,267 Liabilities and Retained Earnings Current liabilities: Accounts payable25,33926,474 Salaries payable18,95117,824 Due to other governments2,0283,959 Compensated absences payable91,26878,099 Total current liabilities137,586126,356 Long-term liabilities: Obligation under capital lease31,00042,000 Total liabilities168,586168,356 Fund equity: Contributed capital521,257654,193 Retained earnings: Unreserved--undesignated69,56259,718 Total retained earnings69,56259,718 Total liabilities and retained earnings$759,405882,267 Page 91 CITY OF EDINA, MINNESOTA Edinborough Park/Centennial Lake Fund Statement of Revenues, Expenses and Changes in Retained Earnings Year ended December 31, 2001 (with comparative amounts for year ended December 31, 2000) 20012000 Operating revenues: Sales - concessions$21,55825,062 Memberships27,09521,179 Admissions61,10858,155 Building rental233,872198,650 Rental of equipment55,87653,760 Green fees160,314181,447 Other fees Programs22,61123,099 Association fees453,969410,497 Miscellaneous1,528350 Total operating revenues1,037,931972,199 Operating expenses: Cost of sales and services12,64210,643 Personal services647,485665,159 Contractual services379,011363,495 Commodities177,275158,701 Central services220,764202,368 Depreciation155,454171,869 Total operating expenses1,592,6311,572,235 Operating loss(554,700)(600,036) Nonoperating revenues (expenses): Investment income352,256322,663 Miscellaneous revenue087 Interest on capital lease(2,097)(2,622) Loss on disposal of capital assets(20,850)(48,022) Total nonoperating revenues 329,309272,106 Net loss before operating transfers(225,391)(327,930) Operating transfer in: General fund46,000108,000 Revolving fund56,3000 Total operating transfers102,300108,000 Net loss (123,091)(219,930) Add depreciation on contributed assets132,935149,963 Decrease in retained earnings9,844(69,967) Retained earnings--January 159,718129,685 Retained earnings--December 31$69,56259,718 Page 92 CITY OF EDINA, MINNESOTA Edinborough Park/Centennial Lake Fund Statement of Cash Flows Year ended December 31, 2001 (with comparative amounts for year ended December 31, 2000) 20012000 Cash flows from operating activities: Operating loss$(554,700)(600,036) Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation expense155,454171,869 Changes in assets and liabilities: (Increase) decrease in accounts receivable(14,412)55,939 (Increase) decrease in due from other funds15,320(611) (Increase) decrease in prepaid expense(1,006)0 (Increase) decrease in accounts payable(1,135)(12,116) Increase in salaries payable1,127124 Increase in due to other government(1,931)2,058 Increase (decrease) in compensated absences payable13,16952,401 Miscellaneous revenue087 Total adjustments166,586269,751 Net cash used in operating activities(388,114)(330,285) Cash flows from noncapital financing activities: Operating transfer in - General Fund46,000108,000 Operating transfer in - Revolving Fund56,3000 Net cash provided by noncapital financing activities102,300108,000 Cash flow from capital financing activities: Net acquisition of capital assets(35,093)22,609 Loss on disposal of capital assets(20,850)(48,022) Principal paid on capital lease(11,000)(10,000) Interest paid on capital lease(2,097)(2,622) Net cash used in capital financing activities(69,040)(38,035) Cash flows from investing activities: Decrease in interest receivable2,655(63,314) Investment income352,256322,663 Net cash provided by investing activities354,911259,349 Net increase (decrease) in cash and cash equivalents57(971) Cash and cash equivalents, beginning of year2,3203,291 Cash and cash equivalents, end of year $2,3772,320 Page 93 TRUST AND AGENCY FUNDS Trust funds account for assets held by a governmental unit in a trustee capacity for individual organizations, other governmental units, and other funds. The city has one expendable trust fund. Deferred Compensation Expendable Trust Fund: Accounts for assets that are held in a trustee capacity by the City for employees in accordance with the provisions of Internal Revenue Code Section 457. Agency funds account for assets held by a governmental unit as an agent for individuals, private organizations, other governmental units and other funds. The city has the following Agency funds. Police Seizure Fund: Accounts for funds obtained by the police department which will be remitted to the proper governments. Page 94 CITY OF EDINA, MINNESOTA Trust and Agency Funds Combining Balance Sheet Year ended December 31, 2001 (with comparative totals for December 31, 2000) Expendable Trust Agency DeferredPolice Totals CompensationSeizure 20012000 Assets: Cash$0209,198209,198140,432 Cash and investments with plan administrators3,980,98403,980,9843,999,778 Total assets $3,980,984209,198 4,190,1824,140,210 Liabilities: Due to other funds $041,67841,67841,678 Due to other governments0167,520167,52098,754 Total liabilities 0209,198209,198140,432 Fund balance: Reserved for deferred compensation plan participants3,980,98403,980,9843,999,778 Total liabilities and fund balances$3,980,984209,1984,190,1824,140,210 Page 95 CITY OF EDINA, MINNESOTA Deferred Compensation Expendable Trust Fund Balance Sheet Year ended December 31, 2001 (with comparative totals for December 31, 2000) 20012000 Assets: Cash and cash equivalents $3,980,9843,999,778 Liabilities and fund balances: Fund balance: Reserved for deferred compensation plan participants $3,980,9843,999,778 Page 96 CITY OF EDINA, MINNESOTA Deferred Compensation Expendable Trust Fund Statement of Revenues, Expenditures and Changes in Fund Balances Year ended December 31, 2001 (with comparative totals for December 31, 2000) 20012000 Revenues: Net depreciation in fair value of investments $(250,750)(116,184) Employee contributions 316,813311,157 Total revenues66,063194,973 Expenditures: Distributions to plan participants 78,826102,254 Administrative expense6,0316,215 Total expenditures84,857108,469 (Deficiency) excess of revenues (under) over expenditures(18,794)86,504 Fund balance - January 1 3,999,7783,913,274 Fund balance - December 31$3,980,9843,999,778 Page 97 CITY OF EDINA, MINNESOTA Agency Funds Combining Statement of Changes in Assets and Liabilities Year ended December 31, 2001 BalanceBalance 1/1/01AdditionsDeductions12/31/01 Police Seizure Fund Assets: Cash$140,43268,7660209,198 Liabilities: Due to other funds41,6780041,678 Due to other governments98,75468,7660167,520 $140,43268,7660209,198 Page 98 GENERAL FIXED ASSETS ACCOUNT GROUP The General Fixed Assets Account Group provides for the accounting of fixed assets other than those accounted for in the Enterprise Funds. Page 99 CITY OF EDINA, MINNESOTA General Fixed Assets Account Group Schedule of General Fixed Assets December 31, 2001 (with comparative amounts for December 31, 2000) 20012000 General fixed assets: Land and land improvements$39,321,47035,833,521 Buildings20,697,98320,684,526 Furniture and fixtures913,7161,155,256 Vehicles and equipment9,881,25010,288,763 Parks19,892,69816,293,082 Construction-in-progress5,328,3826,706,314 Total general fixed assets$96,035,49990,961,462 Total investment in general fixed assets$96,035,49990,961,462 Page 100 GENERAL LONG-TERM DEBT ACCOUNT GROUP The General Long-term Debt Account Group is used to account for the long-term debt of the City other than debt recorded in the Enterprise Funds. Primarily, these are general obligations and other forms of long-term debt supported by general revenues and special assessments, and are obligations of a governmental unit as a whole and not its individual constituent funds. Page 101 CITY OF EDINA, MINNESOTA General Long-term Debt Account Group Schedule of General Long-term Debt December 31, 2001 (with comparative amounts for December 31, 2000) 20012000 Amount available and to be provided for the retirement of long-term debt: General Obligation Bonds: Amount to be provided by tax increment financing$47,590,00066,670,000 Amount to be provided by property taxes7,613,9137,976,010 Amount to be provided by special assessments0170,000 Compensated absences: Amount to be provided by revenue sources2,354,8172,220,886 Total available and to be provided$57,558,73077,036,896 General long-term debt payable: Accrued compensated absences2,354,8172,220,886 Obligation under capital lease payable363,913426,010 General obligation bonds payable54,840,00074,390,000 Total general long-term debt payable$57,558,73077,036,896 Supplementary Schedules Page 102 CITY OF EDINA, MINNESOTA Combined Schedule of Bonded Indebtedness December 31, 2001 Final InterestIssuematurity ratedatedate Bonded indebtedness: Tax Increment Bonds: Tax Increment Refunding Bonds, Series 1992B4.90 - 6.0011/01/9202/01/09 Tax Increment Refunding Bonds, Series 1993A4.25 - 5.1004/13/9302/01/06 Tax Increment Refunding Taxable Bonds, Series 1996A5.85 - 6.2503/01/9602/01/09 Tax Increment Bonds, Series 1997B4.50 - 5.5004/01/9702/01/13 Tax Increment Bonds, Series 2000A4.30 - 4.8009/06/0002/01/11 Taxable Tax Increment Bonds, Series 2000B6.4509/06/0002/01/03 Tax Increment Refunding Bonds, Series 2000C4.50 - 4.6511/06/0002/01/09 General Obligation Bonds: General Obligation Park & Rec Bonds, Series 1996B4.25 - 5.7508/01/9602/01/17 Improvement Bonds: Improvement Refunding Bonds, Series 1992E 4.00 - 5.2011/01/9202/01/01 Revenue Bonds: Recreation Bonds, Series 1992A4.00 - 6.0511/01/9201/01/13 Recreation Refunding Bonds, Series 1992C4.40 - 6.0011/01/9201/01/09 Utility Revenue Bonds,1999A 3.20 - 4.2005/03/9902/01/09 Recreational Facility Bonds, 1999B 3.70 - 4.4505/03/9901/01/13 Recreational Facility Bonds, 2001A 2.25 - 4.6511/01/0101/01/17 Total bonded indebtedness Page 103 Exhibit 1 2001 PercentIndebtedness paid by taxAuthorizedDue in 2002 leviesand issuedRedeemedOutstandingPrincipalInterest None17,930,00017,930,000000 None19,580,0008,185,00011,395,0002,415,000514,693 None11,250,0001,775,0009,475,000700,000558,238 None5,090,000375,0004,715,000175,000242,568 None2,620,00002,620,000210,000114,718 None3,565,00003,565,0000229,943 None15,820,000015,820,0001,070,000695,768 75,855,00028,265,00047,590,0004,570,0002,355,928 None 8,090,000840,0007,250,000300,000385,163 8,090,000840,0007,250,000300,000385,163 None1,095,0001,095,000000 1,095,0001,095,000000 None3,975,000590,0003,385,0003,385,00099,498 None4,650,0001,255,0003,395,0003,395,00097,701 None3,600,000645,0002,955,000325,000110,060 None3,270,000 0 3,270,000 0 136,490 None4,620,000 0 4,620,000099,310 20,115,0002,490,00017,625,0007,105,000543,059 $105,155,00032,690,00072,465,00011,975,0003,284,150 Page 104 Exhibit 2 CITY OF EDINA, MINNESOTA Schedule of Changes in Bonded Indebtedness Year ended December 31, 2001 BalanceBalance January 1IssuedRedeemedDecember 31 Tax Increment Bonds$66,670,000019,080,00047,590,000 General Obligation Bonds7,550,0000300,0007,250,000 Improvement Bonds170,0000170,0000 Revenue Bonds13,785,0004,620,000780,00017,625,000 $88,175,0004,620,00020,330,00072,465,000 Page 105 Exhibit 3 CITY OF EDINA, MINNESOTA Schedule of Bonds Payable December 31, 2001 IssueInterestMaturityPrincipal dateratedateamount Tax Increment Bonds: $19,580,000 Tax Increment Refunding Bond, Series 1993A5/1/93 $2,415,000.4.902/1/022,415,000 $2,455,000.5.002/1/032,455,000 $2,230,000.5.102/1/042,230,000 $2,555,000.5.102/1/052,555,000 $1,740,000.5.102/1/061,740,000 11,395,000 $11,250,000 Tax Increment Taxable Refunding Bond, Series 1996A3/1/96 $700,0005.852/1/02700,000 $800,0005.852/1/03800,000 $900,0006.002/1/04900,000 $900,0006.102/1/05900,000 $1,000,0006.102/1/061,000,000 $1,475,0006.152/1/071,475,000 $1,800,0006.202/1/081,800,000 $1,900,0006.252/1/091,900,000 9,475,000 $5,090,000 Tax Increment Temporary Bond, Series 1997B4/7/97 $175,0004.802/1/02175,000 $200,0004.852/1/03200,000 $225,0004.952/1/04225,000 $250,0005.052/1/05250,000 $405,0005.102/1/06405,000 $425,0005.152/1/07425,000 $445,0005.202/1/08445,000 $465,0005.302/1/09465,000 $490,0005.302/1/10490,000 $515,0005.352/1/11515,000 $545,0005.402/1/12545,000 $575,0005.502/1/13575,000 4,715,000 $2,620,000 Tax Increment Bond, Series 2000A9/6/00 $210,0004.302/1/02210,000 $220,0004.352/1/03220,000 $230,0004.402/1/04230,000 $240,0004.452/1/05240,000 $255,0004.502/1/06255,000 $265,0004.552/1/07265,000 $280,0004.602/1/08280,000 $290,0004.652/1/09290,000 $305,0004.702/1/10305,000 $325,0004.802/1/11325,000 2,620,000 (Continued) Page 106 Exhibit 3, Cont. CITY OF EDINA, MINNESOTA Schedule of Bonds Payable, Continued IssueInterestMaturityPrincipal dateratedateamount $3,565,000 Tax Increment Taxable Bond, Series 2000B9/6/00 $00.002/1/020 $3,565,0006.452/1/033,565,000 3,565,000 $15,820,000 Tax Increment Refunding Bond, Series 2000C11/6/00 $1,070,0002/1/021,070,000 $1,325,0002/1/031,325,000 $1,460,0002/1/041,460,000 $1,505,0002/1/051,505,000 $1,655,0002/1/061,655,000 $2,490,0002/1/072,490,000 $3,060,0002/1/083,060,000 $3,255,0002/1/093,255,000 15,820,000 Total tax increment bonds 47,590,000 General Obligation Bonds: $8,090,000 General Obligation Park & Rec Bond, Series 1996B8/1/96 $300,0004.652/1/02300,000 $325,0004.802/1/03325,000 $325,0004.902/1/04325,000 $350,0005.002/1/05350,000 $375,0005.102/1/06375,000 $375,0005.202/1/07375,000 $400,0005.302/1/08400,000 $425,0005.402/1/09 425,000 $450,0005.452/1/10450,000 $475,000 5.502/1/11 475,000 $500,0005.552/1/12500,000 $525,0005.602/1/13525,000 $550,0005.652/1/14550,000 $600,0005.702/1/15600,000 $625,0005.752/1/16625,000 $650,0005.752/1/17650,000 Total General Obligation Bonds 7,250,000 (Continued) Page 107 Exhibit 3, Cont. CITY OF EDINA, MINNESOTA Schedule of Bonds Payable, Continued IssueInterestMaturityPrincipal dateratedateamount Revenue Bonds: $3,975,000 Recreational Facility Bonds, Series 1992A *11/1/92 $170,000 5.401/1/02170,000 $200,000 5.501/1/03200,000 $235,000 5.601/1/04235,000 $250,000 5.701/1/05250,000 $260,000 5.801/1/06260,000 $275,000 5.901/1/07275,000 $285,000 5.951/1/08285,000 $305,000 6.001/1/09305,000 $320,000 6.001/1/10320,000 $340,000 6.051/1/11340,000 $360,000 6.051/1/12360,000 $385,000 6.051/1/13385,000 3,385,000 $4,650,000 Recreational Facility Refunding Bonds, Series 1992C *11/1/02 $360,000 5.401/1/02360,000 $365,000 5.501/1/03365,000 $380,000 5.601/1/04380,000 $410,000 5.701/1/05410,000 $435,000 5.801/1/06435,000 $445,000 5.901/1/07445,000 $495,000 5.951/1/08495,000 $505,000 6.001/1/09505,000 3,395,000 $3,600,000 Utility Revenue Revenue Bond, Series 1999A5/3/99 $325,000 3.602/1/02325,000 $335,000 3.702/1/03335,000 $345,000 3.802/1/04345,000 $360,000 3.852/1/05360,000 $375,000 4.002/1/06375,000 $390,000 4.002/1/07390,000 $405,000 4.102/1/08405,000 $420,000 4.202/1/09420,000 2,955,000 *Bonds maturing in the years 2003 through 2013 will be called on January 1, 2002. (Continued) Page 108 Exhibit 3, Cont. CITY OF EDINA, MINNESOTA Schedule of Bonds Payable, Continued IssueInterestMaturityPrincipal dateratedateamount $3,270,000 Recreational Facility Revenue Bonds, Series 1999B5/3/99 $220,000 3.701/1/03220,000 $265,000 3.801/1/04255,000 $270,000 3.901/1/05265,000 $290,000 4.001/1/06270,000 $295,000 4.101/1/07290,000 $310,000 4.201/1/08295,000 $320,000 4.301/1/09310,000 $320,000 4.351/1/10320,000 $335,000 4.351/1/11335,000 $345,000 4.401/1/12345,000 $365,000 4.451/1/13365,000 3,270,000 $15,820,000 Recreational Facility Revenue Bonds, Series 2001A11/1/01 $525,000 2.251/1/03525,000 $565,000 2.601/1/04565,000 $585,000 2.851/1/05585,000 $610,000 3.101/1/06610,000 $615,000 3.351/1/07615,000 $550,000 3.551/1/08550,000 $550,000 3.701/1/09550,000 $65,000 3.801/1/1065,000 $70,000 3.901/1/1170,000 $75,000 4.051/1/1275,000 $75,000 4.151/1/1375,000 $80,000 4.301/1/1480,000 $80,000 4.451/1/1580,000 $85,000 4.551/1/1685,000 $90,000 4.651/1/1790,000 4,620,000 Total revenue bonds 17,625,000 Total bonds payable 72,465,000 Ex h i b i t 4 CI T Y O F E D I N A , M I N N E S O T A Sc h e d u l e o f D e b t S e r v i c e R e q u i r e m e n t s De c e m b e r 3 1 , 2 0 0 1 Ye a r T a x I n c r e m e n t B o n d s G e n e r a l O b l i g a t i o n B o n d s I m p r o v e m e n t B o n d s R e v e n u e B o n d s En d e d P r i n c i p a l I n t e r e s t P r i n c i p a l I n t e r e s t P r i n c i p a l I n t e r e s t P r i n c i p a l I n t e r e s t 20 0 2 4 , 5 7 0 , 0 0 0 2 , 3 5 5 , 9 2 5 3 0 0 , 0 0 0 3 8 5 , 1 6 3 0 0 7 , 1 0 5 , 0 0 0 5 4 3 , 0 5 9 20 0 3 8 , 5 6 5 , 0 0 0 2 , 0 0 4 , 2 9 9 3 2 5 , 0 0 0 3 7 0 , 3 8 8 0 0 1 , 0 8 0 , 0 0 0 3 7 3 , 4 9 2 20 0 4 5 , 0 4 5 , 0 0 0 1 , 6 3 7 , 7 6 1 3 2 5 , 0 0 0 3 5 4 , 6 2 5 0 0 1 , 1 6 5 , 0 0 0 3 3 8 , 5 7 3 20 0 5 5 , 4 5 0 , 0 0 0 1 , 3 7 2 , 3 0 0 3 5 0 , 0 0 0 3 3 7 , 9 1 3 0 0 1 , 2 1 0 , 0 0 0 2 9 9 , 3 9 3 20 0 6 5 , 0 5 5 , 0 0 0 1 , 1 0 6 , 0 1 0 3 7 5 , 0 0 0 3 1 9 , 6 0 0 0 0 1 , 2 5 5 , 0 0 0 2 5 6 , 6 0 5 20 0 7 4 , 6 5 5 , 0 0 0 8 5 9 , 4 8 3 3 7 5 , 0 0 0 3 0 0 , 2 8 8 0 0 1 , 2 9 5 , 0 0 0 2 1 0 , 2 0 4 20 0 8 5 , 5 8 5 , 0 0 0 5 9 6 , 9 4 0 4 0 0 , 0 0 0 2 7 9 , 9 3 8 0 0 1 , 2 5 0 , 0 0 0 1 6 1 , 8 9 8 20 0 9 5 , 9 1 0 , 0 0 0 2 9 8 , 6 3 1 4 2 5 , 0 0 0 2 5 7 , 8 6 3 0 0 1 , 2 8 0 , 0 0 0 1 1 1 , 9 7 8 20 1 0 7 9 5 , 0 0 0 1 2 4 , 3 6 0 4 5 0 , 0 0 0 2 3 4 , 1 2 5 0 0 3 8 5 , 0 0 0 7 8 , 1 2 3 20 1 1 8 4 0 , 0 0 0 8 2 , 6 3 1 4 7 5 , 0 0 0 2 0 8 , 8 0 0 0 0 4 0 5 , 0 0 0 6 1 , 2 7 7 20 1 2 5 4 5 , 0 0 0 4 6 , 3 4 0 5 0 0 , 0 0 0 1 8 1 , 8 6 3 0 0 4 2 0 , 0 0 0 4 3 , 5 1 6 20 1 3 5 7 5 , 0 0 0 1 5 , 8 1 3 5 2 5 , 0 0 0 1 5 3 , 2 8 8 0 0 4 4 0 , 0 0 0 2 4 , 7 3 0 20 1 4 0 0 5 5 0 , 0 0 0 1 2 3 , 0 5 0 0 0 8 0 , 0 0 0 1 3 , 3 3 3 20 1 5 0 0 6 0 0 , 0 0 0 9 0 , 4 1 3 0 0 8 0 , 0 0 0 9 , 8 3 3 20 1 6 0 0 6 2 5 , 0 0 0 5 5 , 3 4 4 0 0 8 5 , 0 0 0 6 , 1 1 9 20 1 7 0 0 6 5 0 , 0 0 0 1 8 , 6 8 8 0 0 9 0 , 0 0 0 2 , 0 9 3 20 1 8 0 0 0 0 0 0 0 0 20 1 9 0 0 0 0 0 0 0 0 20 2 0 0 0 0 0 0 0 0 0 20 2 1 0 0 0 0 0 0 0 0 $ 4 7 , 5 9 0 , 0 0 0 1 0 , 5 0 0 , 4 9 3 7 , 2 5 0 , 0 0 0 3 , 6 7 1 , 3 4 4 0 0 1 7 , 6 2 5 , 0 0 0 2 , 5 3 4 , 2 2 1 Page 110 Exhibit 5 CITY OF EDINA, MINNESOTA Assessed Valuation, Tax Levies and Mill Rates (shown by year of tax collectibility) 19981999200020012002 Assessed valuation/tax capacity$87,726,81085,963,83690,806,94799,650,35872,583,694 Increment valuation(5,729,884)(6,230,928)(7,087,107)(8,559,204)(6,513,676) Contribution to fiscal disparities pool(6,451,992)(7,511,473)(9,014,784)(10,127,351)(6,893,865) Received from fiscal disparities pool2,217,2172,199,2242,460,9132,752,1491,830,348 Taxable valuation$77,762,15174,420,65977,165,96983,715,95261,006,501 Tax levies: General Fund$13,099,14013,284,96213,650,15814,438,34615,990,256 Tax Capacity Rate: General Fund $16.81317.81017.66917.23327.806 Ta b l e 1 CI T Y O F E D I N A , M I N N E S O T A Ge n e r a l G o v e r n m e n t a l E x p e n d i t u r e s b y F u n c t i o n ( a ) La s t T e n F i s c a l Y e a r s (U n a u d i t e d - s e e a c c o m p a n y i n g a u d i t o r s ' r e p o r t ) Un a l l o c a t e d Fi s c a l G e n e r a l P u b l i c P u b l i c g e n e r a l C a p i t a l D e b t ye a r g o v e r n m e n t s a f e t y w o r k s P a r k s e x p e n d i t u r e s O t h e r o u t l a y s e r v i c e T o t a l 19 9 2 1 , 9 8 7 , 7 8 4 6 , 2 1 8 , 6 5 5 2 , 7 5 0 , 8 0 8 2 , 1 3 7 , 1 9 4 5 8 8 , 3 1 9 4 , 4 2 9 , 1 1 9 5 8 6 , 6 7 9 5 , 9 6 3 , 8 5 0 2 4 , 6 6 2 , 4 0 8 19 9 3 1 , 9 9 9 , 8 6 3 6 , 5 4 4 , 2 2 0 2 , 9 9 0 , 2 4 7 1 , 7 4 4 , 8 0 7 1 1 7 , 4 5 1 1 , 8 7 7 , 1 1 0 4 9 6 , 3 3 4 6 , 6 4 7 , 3 6 0 2 2 , 4 1 7 , 3 9 2 19 9 4 2 , 0 9 7 , 5 2 1 6 , 7 7 4 , 5 9 2 2 , 9 8 5 , 8 9 3 1 , 7 2 5 , 6 4 1 1 8 0 , 5 8 9 3 , 2 7 3 , 8 4 8 7 0 0 , 4 5 1 7 , 3 3 3 , 4 6 6 2 5 , 0 7 2 , 0 0 1 19 9 5 2 , 0 6 9 , 5 2 7 7 , 2 5 1 , 1 2 9 3 , 1 6 0 , 8 3 1 1 , 8 5 0 , 6 1 0 3 0 9 , 1 5 2 5 , 3 8 9 , 2 0 5 8 0 4 , 5 8 7 7 , 8 7 3 , 8 1 5 2 8 , 7 0 8 , 8 5 6 19 9 6 2, 2 0 1 , 3 1 2 7 , 4 4 0 , 6 0 1 3 , 2 9 0 , 7 4 2 1 , 9 1 9 , 7 5 9 2 5 1 , 2 1 5 5 , 8 4 7 , 7 0 6 9 7 0 , 8 8 2 6 , 2 8 1 , 4 7 5 2 8 , 2 0 3 , 6 9 2 19 9 7 2 , 2 4 7 , 0 4 0 7 , 7 1 7 , 3 3 4 3 , 5 3 7 , 4 4 1 2 , 0 3 1 , 2 6 1 3 4 0 , 5 1 0 1 , 5 9 7 , 7 4 7 1 6 , 7 9 6 , 8 2 4 6 , 6 2 2 , 9 4 8 40 , 8 9 1 , 1 0 5 19 9 8 2 , 5 2 8 , 5 6 0 8 , 1 3 1 , 2 9 3 4 , 0 8 4 , 6 5 1 1 , 9 6 0 , 1 1 1 3 3 3 , 7 9 3 1 , 1 0 4 , 7 3 8 7 , 5 3 0 , 0 5 1 6 , 3 2 4 , 5 3 3 31 , 9 9 7 , 7 3 0 19 9 9 2 , 5 2 7 , 5 4 7 8 , 5 1 6 , 6 7 3 3 , 7 4 4 , 1 2 4 2 , 2 4 0 , 7 3 0 3 6 6 , 3 3 2 1 , 0 0 5 , 7 8 1 5 , 5 9 9 , 6 3 6 6 , 5 3 7 , 2 6 6 30 , 5 3 8 , 0 8 9 20 0 0 2 , 6 3 5 , 3 5 7 8 , 8 4 6 , 3 6 0 3 , 6 7 2 , 0 5 7 2 , 1 5 0 , 5 8 8 3 4 6 , 0 9 9 1 , 5 7 6 , 9 6 8 8 , 3 5 2 , 4 9 4 6 , 6 5 8 , 6 0 1 34 , 2 3 8 , 5 2 4 20 0 1 2 , 6 3 3 , 2 6 0 9 , 4 0 9 , 2 9 1 4 , 3 1 3 , 0 6 5 2 , 3 7 5 , 5 6 5 5 0 6 , 4 9 5 2 , 2 1 3 , 2 4 7 1 1 , 1 9 3 , 1 5 5 6 , 8 8 8 , 7 1 9 39 , 5 3 2 , 7 9 7 No t e : ( a ) I n c l u d e s G e n e r a l , S p e c i a l R e v e n u e , D e b t S e r v i c e a n d C a p i t a l P r o j e c t F u n d s . Ta b l e 2 CIT Y O F E D I N A , M I N N E S O T A Ge n e r a l G o v e r n m e n t a l R e v e n u e s b y S o u r c e ( a ) La s t T e n F i s c a l Y e a r s (U n a u d i t e d - s e e a c c o m p a n y i n g a u d i t o r s ' r e p o r t ) In t e r e s t on f u n d s Li c e n s e s C h a r g e s h e l d w i t h S a l e s a n d Fi s c a l S p e c i a l F r a n c h i s e a n d I n t e r - f o r F i n e s a n d I n t e r e s t o n f i s c a l r e n t a l o f ye a r T a x e s a s s e s s m e n t s F e e p e r m i t s g o v e r n m e n t a l s e r v i c e s f o r f e i t u r e s i n v e s t m e n t s a g e n t p r o p e r t y M i s c e l l a n e o u s T o t a l s 19 9 2 1 5 , 9 3 5 , 8 1 6 1 , 5 6 3 , 9 9 3 1 6 8 , 1 2 2 8 2 0 , 0 0 7 1 , 0 0 0 , 3 9 5 1 , 3 6 0 , 2 3 3 4 7 1 , 0 3 8 4 2 4 , 6 2 2 0 1 0 0 , 0 0 0 3 , 1 0 7 , 1 1 0 2 4 , 9 5 1 , 3 3 6 19 9 3 1 7 , 5 0 5 , 2 7 2 9 9 1 , 3 9 4 2 6 0 , 0 3 9 1 , 0 3 7 , 7 8 3 1 , 7 4 9 , 6 3 1 1 , 1 6 7 , 4 4 6 3 5 0 , 5 8 2 4 3 1 , 9 7 6 1 , 4 4 3 , 5 3 0 1 0 0 , 7 6 5 2 0 5 , 4 3 2 2 5 , 2 4 3 , 8 5 0 19 9 4 1 7 , 6 3 7 , 4 5 8 1 , 0 8 7 , 8 3 1 2 0 6 , 2 6 1 9 4 7 , 1 2 2 1 , 8 0 7 , 8 2 6 1 , 2 5 1 , 6 0 3 3 2 2 , 9 9 2 5 9 1 , 9 8 5 1 , 7 2 7 , 1 0 3 1 7 4 , 9 7 0 1 , 0 1 6 , 6 0 5 2 6 , 7 7 1 , 7 5 6 19 9 5 1 5 , 5 3 4 , 9 0 2 8 5 8 , 8 9 7 2 0 9 , 5 1 9 1 , 0 7 0 , 3 5 2 5 , 6 9 3 , 8 0 2 1 , 5 1 0 , 4 7 0 5 4 5 , 9 9 6 4 1 1 , 3 4 5 1 , 7 4 2 , 6 2 1 6 8 , 8 7 1 5 9 1 , 3 1 8 2 8 , 2 3 8 , 0 9 3 19 9 6 16 , 0 8 9 , 7 0 5 9 6 9 , 4 6 8 2 2 4 , 4 8 9 1 , 3 8 2 , 4 2 7 3 , 9 2 8 , 3 5 2 1 , 6 2 1 , 6 3 5 4 5 6 , 5 8 9 9 5 0 , 1 2 9 1 , 1 7 5 , 9 7 6 1 0 8 , 1 1 1 2 9 2 , 0 1 8 2 7 , 1 9 8 , 8 9 9 19 9 7 1 7 , 6 5 3 , 6 2 1 9 5 5 , 2 0 6 3 3 1 , 5 2 7 1 , 3 8 8 , 9 6 8 1 , 9 9 6 , 7 4 4 2 , 8 4 2 , 9 2 3 5 6 2 , 9 1 0 1 , 1 9 9 , 2 5 1 1 , 0 3 8 , 8 5 0 1 5 2 , 3 9 8 1 9 4 , 6 7 9 28 , 3 1 7 , 0 7 7 19 9 8 2 0 , 5 6 7 , 8 6 7 8 4 4 , 0 7 0 2 9 6 , 4 2 7 2 , 0 9 1 , 3 6 5 2 , 5 5 1 , 4 5 2 1 , 8 3 3 , 1 4 8 6 9 1 , 3 5 5 1 , 3 5 3 , 5 2 1 4 3 , 3 3 1 8 6 , 6 3 9 6 0 4 , 0 9 9 30 , 9 6 3 , 2 7 4 19 9 9 2 1 , 9 9 5 , 2 3 0 9 9 0 , 3 3 0 2 9 7 , 8 6 6 2 , 1 3 5 , 5 4 1 3 , 1 8 5 , 0 0 8 2 , 0 7 0 , 4 7 6 7 9 4 , 7 1 0 4 1 5 , 1 1 4 0 2 8 4 , 0 8 5 4 7 8 , 7 8 8 32 , 6 4 7 , 1 4 8 20 0 0 2 2 , 9 0 4 , 5 1 2 1 , 1 5 9 , 8 7 6 3 3 6 , 6 7 8 1 , 8 3 5 , 8 2 8 1 , 8 8 0 , 6 8 0 2 , 9 0 2 , 6 6 6 9 6 7 , 4 2 1 2 , 2 8 7 , 3 4 9 8 8 , 7 8 8 1 , 1 5 6 , 5 2 6 9 6 , 9 3 2 35 , 6 1 7 , 2 5 6 20 0 1 2 4 , 4 0 9 , 7 8 5 1 , 0 8 6 , 0 9 3 4 7 3 , 7 0 2 2 , 2 3 9 , 6 1 1 5 , 0 8 5 , 9 8 1 1 , 9 6 2 , 1 7 2 9 7 6 , 9 5 2 1 , 2 7 4 , 2 9 4 8 3 , 4 0 7 4 , 2 6 2 , 9 8 4 1 8 4 , 4 6 6 42 , 0 3 9 , 4 4 7 No t e : ( a ) I n c l u d e s G e n e r a l , S p e c i a l R e v e n u e , D e b t S e r v i c e a n d C a p i t a l P r o j e c t F u n d s . Ta b l e 3 CI T Y O F E D I N A , M I N N E S O T A Pr o p e r t y T a x L e v i e s a n d C o l l e c t i o n s La s t T e n F i s c a l Y e a r s (U n a u d i t e d - s e e a c c o m p a n y i n g a u d i t o r s ' r e p o r t ) Pe r c e n t P e r c e n t o f Pe r c e n t A d j u s t m e n t s / o f t o t a l t a x o u t s t a n d i n g of t o t a l D e l i n q u e n t c o l l e c t i o n s O u t s t a n d i n g d e l i n q u e n t Fi s c a l T o t a l t a x C u r r e n t t a x t a x l e v y t a x T o t a l t a x t o t o t a l d e l i n q u e n t t a x e s t o ye a r l e v y c o l l e c t i o n s c o l l e c t e d c o l l e c t i o n s c o l l e c t i o n s t a x l e v y t a x e s t o t a l t a x l e v y 19 9 2 1 0 , 1 8 2 , 3 2 4 9 , 8 8 7 , 8 4 2 9 7 . 1 1 % 1 2 6 , 9 5 6 1 0 , 0 1 4 , 7 9 8 9 8 . 3 5 % 2 7 4 , 4 3 7 2 . 7 0 % 19 9 3 1 0 , 4 8 5 , 1 1 5 9 , 9 8 9 , 6 1 2 9 5 . 2 7 % ( 2 , 9 7 7 ) 9 , 9 8 6 , 6 3 5 9 5 . 2 5 % 2 0 4 , 1 5 3 1 . 9 5 % 19 9 4 1 0 , 9 2 7 , 5 5 1 1 0 , 6 9 1 , 5 7 2 9 7 . 8 4 % 5 , 8 1 9 1 0 , 6 9 7 , 3 9 1 9 7 . 8 9 % 1 5 4 , 4 8 2 1 . 4 1 % 19 9 5 1 1 , 3 9 0 , 8 9 8 1 1 , 1 9 8 , 6 4 7 9 8 . 3 1 % ( 6 7 , 0 4 7 ) 1 1 , 1 3 1 , 6 0 0 9 7 . 7 2 % 8 8 , 3 9 9 0 . 7 8 % 19 9 6 1 2 , 1 7 8 , 4 4 0 1 2 , 0 2 6 , 1 7 7 98 . 7 5 % (2 6 2 , 2 7 9 ) 11 , 7 6 3 , 8 9 8 9 6 . 6 0 % 36 , 1 9 8 0. 3 0 % 19 9 7 1 2 , 5 3 1 , 2 4 4 1 2 , 3 8 1 , 7 2 9 98 . 8 1 % (2 4 4 , 9 1 3 ) 12 , 1 3 6 , 8 1 6 9 6 . 8 5 % 39 , 1 0 7 0. 3 1 % 19 9 8 1 3 , 0 9 9 , 1 4 0 1 3 , 0 0 3 , 8 8 2 99 . 2 7 % 48 , 9 8 5 1 3 , 0 5 2 , 8 6 7 99 . 6 5 % 54 , 2 2 6 0. 4 1 % 19 9 9 1 3 , 2 8 4 , 9 6 2 1 3 , 1 4 7 , 2 8 8 98 . 9 6 % 36 , 2 9 3 1 3 , 1 8 3 , 5 8 1 99 . 2 4 % 99 , 2 0 2 0. 7 5 % 20 0 0 1 3 , 6 5 0 , 1 5 8 1 3 , 5 5 4 , 0 4 4 99 . 3 0 % 15 , 3 5 5 1 3 , 5 6 9 , 3 9 9 99 . 4 1 % 11 6 , 3 6 2 0. 8 5 % 20 0 1 1 4 , 4 3 8 , 3 4 6 1 4 , 3 3 1 , 0 7 8 99 . 2 6 % 25 , 9 0 7 1 4 , 3 5 6 , 9 8 5 99 . 4 4 % 12 1 , 5 4 8 0. 8 4 % Page 114 Table 4 CITY OF EDINA, MINNESOTA Assessed Value or Tax Capacity and Estimated Market Value of Taxable Property Last Ten Fiscal Years (Unaudited - see accompanying auditors' report) Ratio of total Real propertyassessed value/ tax capacity to AssessmentAssessed value/Estimatedtotal estimated yeartax capacitymarket valuemarket value 199283,480,3503,568,897,1002.34% 199381,413,9533,607,576,6002.26% 199482,244,2153,733,888,4002.20% 199584,055,8193,849,796,6002.18% 199685,775,8874,071,654,134 2.11% 199791,586,9904,074,713,634 2.25% 199887,726,8104,267,758,501 2.06% 1999 85,963,8364,535,761,900 1.90% 200090,055,7524,861,730,000 1.85% 200172,133,5945,821,566,500 1.24% Page 115 Table 5 CITY OF EDINA, MINNESOTA Property Tax Rates--All Overlapping Governments (per $100 of assessed value) Last Ten Fiscal Years (Unaudited - see accompanying auditors' report) City of Edina Special Fiscal GeneralRevenueSchool yearFundFundsTotalDistrictCountyOtherTotal 199213.480-13.48051.82334.3276.633106.263 199315.092-15.09263.74335.8397.629122.303 199416.032-16.03261.41737.4417.515122.405 199515.577-15.57757.97537.4546.851117.857 199616.331 -16.33162.26837.2707.494123.363 199715.626 -15.62657.21335.5156.659115.013 199816.813 -16.81347.49938.3887.538110.682 199917.810 -17.81050.76640.9948.553118.123 200017.669 -17.66951.67839.6558.426117.428 200117.233 -17.23346.83937.6248.126109.822 Ta b l e 6 CI T Y O F E D I N A , M I N N E S O T A Sp e c i a l A s s e s s m e n t C o l l e c t i o n s La s t T e n F i s c a l Y e a r s (U n a u d i t e d - s e e a c c o m p a n y i n g a u d i t o r s ' r e p o r t ) Pe r c e n t a g e Co l l e c t i o n P e r c e n t a g e C o l l e c t i o n o f t o t a l T o t a l of c u r r e n t o f l e v y o f p r i o r T o t a l c o l l e c t i o n s o u t s t a n d i n g Ye a r T o t a l l e v y y e a r ' s l e v y c o l l e c t e d y e a r ' s l e v y c o l l e c t i o n s t o t o t a l l e v y a s s e s s m e n t s 19 9 2 9 9 8 , 0 6 9 9 7 7 , 1 8 4 9 7 . 9 1 % 3 9 , 8 5 1 1 , 0 1 7 , 0 3 5 1 0 1 . 9 0 % 2 7 , 2 2 8 19 9 3 8 3 4 , 0 9 9 8 2 6 , 1 7 8 9 9 . 0 5 % 1 2 , 8 9 0 8 3 9 , 0 6 8 1 0 0 . 6 0 % 2 2 , 2 5 9 19 9 4 8 0 7 , 3 2 4 8 0 0 , 4 5 6 9 9 . 1 5 % 5 , 6 2 2 8 0 6 , 0 7 8 9 9 . 8 5 % 2 7 , 5 2 3 19 9 5 7 8 6 , 4 8 0 7 7 9 , 5 1 7 9 9 . 1 1 % 7 , 5 0 8 7 8 7 , 0 2 5 1 0 0 . 0 7 % 2 6 , 2 2 3 19 9 6 7 6 8 , 8 0 0 7 6 4 , 9 9 7 99 . 5 1 % 16 , 6 3 6 78 1 , 6 3 3 1 0 1 . 6 7 % 13 , 3 8 9 19 9 7 5 9 0 , 0 4 8 5 7 6 , 5 1 3 97 . 7 1 % 9, 0 3 6 58 5 , 5 4 9 9 9 . 2 4 % 17 , 8 8 9 19 9 8 6 5 4 , 4 4 2 6 3 5 , 4 7 6 97 . 1 0 % 3, 7 9 8 63 9 , 2 7 4 9 7 . 6 8 % 33 , 0 5 7 19 9 9 7 7 3 , 2 5 1 7 5 3 , 2 5 1 97 . 4 1 % 14 , 2 7 3 76 7 , 5 2 4 9 9 . 2 6 % 38 , 7 8 4 20 0 0 9 6 0 , 5 6 2 9 3 0 , 4 8 4 96 . 8 7 % 5, 5 8 6 93 6 , 0 7 0 9 7 . 4 5 % 63 , 2 7 5 20 0 1 1 , 0 0 3 , 8 5 6 9 7 5 , 9 2 1 97 . 2 2 % 51 , 1 7 3 1, 0 2 7 , 0 9 4 1 0 2 . 3 1 % 40 , 0 3 8 Ta b l e 7 CI T Y O F E D I N A , M I N N E S O T A Ra t i o o f N e t G e n e r a l B o n d e d D e b t t o A s s e s s e d Va l u e / T a x C a p a c i t y a n d N e t B o n d e d D e b t P e r C a p i t a La s t T e n F i s c a l Y e a r s (U n a u d i t e d - s e e a c c o m p a n y i n g a u d i t o r s ' r e p o r t ) Ra t i o o f Ne t n e t b o n d e d N e t as s e s s e d D e b t d e b t t o b o n d e d va l u e / t a x G r o s s s e r v i c e a s s e s s e d d e b t Fi s c a l c a p a c i t y ( i n b o n d e d m o n i e s N e t b o n d e d v a l u e / t a x p e r ye a r * P o p u l a t i o n t h o u s a n d s ) d e b t ( b ) a v a i l a b l e d e b t c a p a c i t y c a p i t a 19 9 2 4 6 , 0 7 9 6 9 , 2 7 6 9 0 , 8 8 0 , 0 0 0 2 6 , 8 9 9 , 2 2 9 6 3 , 9 8 0 , 7 7 1 9 2 . 3 6 % 1 , 3 8 9 19 9 3 4 6 , 9 1 6 6 8 , 2 5 9 1 0 8 , 1 6 5 , 0 0 0 4 5 , 9 9 4 , 0 6 0 6 2 , 1 7 0 , 9 4 0 9 1 . 0 8 % 1 , 3 2 5 19 9 4 4 6 , 9 8 4 7 3 , 0 6 6 1 0 4 , 6 1 5 , 0 0 0 4 4 , 8 1 0 , 0 2 1 5 9 , 8 0 4 , 9 7 9 8 1 . 8 5 % 1 , 2 7 3 19 9 5 4 6 , 8 4 1 7 4 , 7 8 7 1 0 1 , 7 7 5 , 0 0 0 4 3 , 2 6 5 , 9 8 4 5 8 , 5 0 9 , 0 1 6 7 8 . 2 3 % 1 , 2 4 9 19 9 6 4 6 , 8 4 5 8 0 , 0 8 7 9 2 , 6 8 0 , 0 0 0 2 5 , 4 2 9 , 2 1 5 67 , 2 5 0 , 7 8 5 8 3 . 9 7 % 1 , 4 3 6 19 9 7 4 7 , 0 2 9 7 7 , 7 6 2 9 4 , 3 8 5 , 0 0 0 1 7 , 9 2 9 , 5 2 3 76 , 4 5 5 , 4 7 7 9 8 . 3 2 % 1 , 6 2 6 19 9 8 4 7 , 1 1 3 8 5 , 2 5 9 7 0 , 2 6 0 , 0 0 0 5 8 9 , 3 7 1 69 , 6 7 0 , 6 2 9 8 1 . 7 2 % 1 , 4 7 9 19 9 9 4 7 , 2 3 5 7 7 , 1 9 1 7 3 , 0 0 5 , 0 0 0 4 , 3 8 4 , 4 1 9 68 , 6 2 0 , 5 8 1 8 8 . 9 0 % 1 , 4 5 3 20 0 0 4 7 , 4 2 5 ( a ) 8 3 , 7 1 6 8 8 , 1 7 5 , 0 0 0 2 1 , 2 5 1 , 9 4 7 66 , 9 2 3 , 0 5 3 7 9 . 9 4 % 1 , 4 1 1 20 0 1 4 7 , 4 2 5 ( a ) 6 1 , 0 0 7 7 2 , 4 6 5 , 0 0 0 8 , 3 2 1 , 6 4 5 64 , 1 4 3 , 3 5 5 1 0 5 . 1 4 % 1 , 3 5 3 *S o u r c e : M e t r o p o l i t a n C o u n c i l e s t i m a t e No t e s : ( a ) O f f i c i a l p o p u l a t i o n p e r 2 0 0 0 c e n s u s . ( b ) I n c l u d e s a l l l o n g - t e r m g e n e r a l o b l i g a t i o n d e b t . Page 118 Table 8 CITY OF EDINA, MINNESOTA Computation of Overlapping Debt December 31, 2001 (Unaudited - see accompanying auditors' report) PercentageAmount applicableapplicable Net debtto City ofto City of JurisdictionoutstandingEdinaEdina City of Edina$54,195,263100.00%$54,195,263 Hennepin County278,091,1187.07%19,661,042 ISD #273 (Edina)31,224,29497.52%30,449,932 ISD #270 (Hopkins)38,396,4707.89%3,029,481 ISD #271 (Bloomington)147,785,4390.01%14,779 ISD #272 (Eden Prairie)123,014,2411.05%1,291,650 ISD #280 (Richfield)47,736,00420.90%9,976,825 ISD #283 (St. Louis Park)53,602,9550.01%5,360 Metro Council141,032,0006.73%9,491,454 Hennepin Regional RR Authority50,000,0007.07%3,535,000 Hennepin County Regional Parks27,087,3349.39%2,543,501 $134,194,287 Page 119 Table 9 CITY OF EDINA, MINNESOTA Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures Last Ten Fiscal Years (Unaudited - see accompanying auditors' report) Ratio of total debt service Totalto total FiscaldebtTotal generalgeneral yearPrincipalInterestserviceexpenditures (a)expenditures 19921,790,0004,173,8505,963,85019,610,52230.41% 19931,800,0004,847,3606,647,36021,384,89731.08% 19941,185,0006,148,4667,333,46622,035,99133.28% 19952,495,0005,378,8157,873,81523,630,85333.32% 19961,400,0004,881,475 6,281,475 23,128,537 27.16% 19972,120,0004,502,948 6,622,948 24,000,082 27.60% 19982,224,7244,099,809 6,324,533 25,390,000 24.91% 19993,275,0003,262,266 6,537,266 25,131,088 26.01% 20006,050,0003,108,601 9,158,601 25,814,880 35.48% 20013,740,0003,148,719 6,888,719 28,382,482 24.27% Notes: (a) Includes General, Special Revenue, and Debt Service Funds. Ta b l e 1 0 CI T Y O F E D I N A , M I N N E S O T A Re v e n u e B o n d C o v e r a g e La s t T e n F i s c a l Y e a r s (U n a u d i t e d - s e e a c c o m p a n y i n g a u d i t o r s ' r e p o r t ) Ne t re v e n u e Di r e c t * a v a i l a b l e Gr o s s o p e r a t i n g f o r d e b t D e b t s e r v i c e r e q u i r e m e n t s Fi s c a l y e a r r e v e n u e e x p e n s e s s e r v i c e P r i n c i p a l I n t e r e s t T o t a l C o v e r a g e Ut i l i t y B o n d 19 9 2 5 , 8 6 7 , 0 1 5 5 , 3 6 5 , 9 4 2 5 0 1 , 0 7 3 2 7 5 , 0 0 0 1 6 9 , 2 3 3 4 4 4 , 2 3 3 1 1 3 19 9 3 7 , 1 2 2 , 6 3 6 6 , 2 3 8 , 1 4 2 8 8 4 , 4 9 4 3 0 0 , 0 0 0 2 1 4 , 7 9 1 5 1 4 , 7 9 1 1 7 2 19 9 4 7 , 0 1 1 , 2 8 8 6 , 6 0 2 , 7 3 6 4 0 8 , 5 5 2 2 , 1 6 5 , 0 0 0 1 5 5 , 5 7 3 2 , 3 2 0 , 5 7 3 1 8 19 9 5 7 , 5 9 1 , 3 3 1 6 , 7 6 6 , 2 8 8 8 2 5 , 0 4 3 3 4 5 , 0 0 0 7 8 , 1 8 2 4 2 3 , 1 8 2 1 9 5 19 9 6 7 , 7 5 3 , 0 1 6 7 , 0 0 7 , 2 9 3 74 5 , 7 2 3 37 0 , 0 0 0 5 2 , 0 1 9 42 2 , 0 1 9 1 7 7 19 9 7 8 , 1 1 0 , 7 4 4 7 , 5 2 6 , 0 3 3 58 4 , 7 1 1 39 0 , 0 0 0 4 0 , 7 4 4 43 0 , 7 4 4 1 3 6 19 9 8 8 , 1 0 8 , 6 1 2 7 , 2 2 6 , 6 4 8 88 1 , 9 6 4 40 0 , 0 0 0 2 2 , 1 8 4 42 2 , 1 8 4 2 0 9 19 9 9 8 , 5 0 2 , 4 2 3 6 , 7 1 3 , 6 7 3 1, 7 8 8 , 7 5 0 42 0 , 0 0 0 8 3 , 4 2 9 50 3 , 4 2 9 3 5 5 20 0 0 8 , 7 9 3 , 3 8 6 7 , 2 0 5 , 9 3 4 1, 5 8 7 , 4 5 2 33 5 , 0 0 0 1 2 7 , 5 2 5 46 2 , 5 2 5 3 4 3 20 0 1 8 , 5 5 6 , 8 1 0 7 , 0 6 5 , 5 8 9 1, 4 9 1 , 2 2 1 31 0 , 0 0 0 1 1 6 , 7 9 4 42 6 , 7 9 4 3 4 9 Re c r e a t i o n a l F a c i l i t y B o n d s 19 9 2 2 , 5 5 2 , 6 0 5 2 , 2 8 8 , 7 7 8 2 6 3 , 8 2 7 1 9 5 , 0 0 0 3 9 8 , 1 2 7 5 9 3 , 1 2 7 4 4 19 9 3 2 , 9 8 7 , 7 7 4 2 , 6 0 0 , 8 2 6 3 8 6 , 9 4 8 1 9 5 , 0 0 0 7 0 7 , 4 5 4 9 0 2 , 4 5 4 4 3 19 9 4 3 , 4 4 6 , 7 5 5 3 , 0 8 6 , 4 0 1 3 6 0 , 3 5 4 2 0 0 , 0 0 0 8 5 4 , 9 2 0 1 , 0 5 4 , 9 2 0 3 4 19 9 5 3 , 8 2 4 , 6 2 7 3 , 2 6 2 , 9 4 8 5 6 1 , 6 7 9 0 8 3 9 , 2 4 4 8 3 9 , 2 4 4 6 7 19 9 6 4 , 3 1 1 , 1 4 1 3 , 5 4 5 , 2 9 1 76 5 , 8 5 0 25 0 , 0 0 0 7 7 4 , 8 0 0 1, 0 2 4 , 8 0 0 7 5 19 9 7 4 , 4 4 0 , 2 0 2 3 , 9 4 5 , 9 7 5 49 4 , 2 2 7 29 5 , 0 0 0 7 6 2 , 4 1 1 1, 0 5 7 , 4 1 1 4 7 19 9 8 5 , 0 4 2 , 3 9 4 4 , 2 7 0 , 0 4 2 77 2 , 3 5 2 4, 2 4 0 , 0 0 0 3 7 2 , 3 9 0 4, 6 1 2 , 3 9 0 1 7 19 9 9 5 , 1 4 1 , 6 0 6 4 , 3 3 2 , 9 3 2 80 8 , 6 7 4 43 0 , 0 0 0 5 2 2 , 0 5 0 95 2 , 0 5 0 8 5 20 0 0 5 , 7 2 7 , 9 3 0 5 , 2 0 9 , 6 1 0 51 8 , 3 2 0 45 0 , 0 0 0 5 5 3 , 9 6 2 1, 0 0 3 , 9 6 2 5 2 20 0 1 5 , 4 3 0 , 5 0 7 5 , 2 3 1 , 1 4 3 19 9 , 3 6 4 47 0 , 0 0 0 5 3 1 , 1 7 6 1, 0 0 1 , 1 7 6 2 0 *B e f o r e i n t e r e s t c o s t s . Ta b l e 1 1 CI T Y O F E D I N A , M I N N E S O T A Pr o p e r t y a n d C o n s t r u c t i o n V a l u e s La s t T e n F i s c a l y e a r s (U n a u d i t e d - s e e a c c o m p a n y i n g a u d i t o r s ' r e p o r t ) Co m m e r c i a l R e s i d e n t i a l co n s t r u c t i o n c o n s t r u c t i o n Fi s c a l N u m b e r o f N u m b e r o f P r o p e r t y v a l u e * ye a r p e r m i t s V a l u e p e r m i t s V a l u e C o m m e r c i a l / I n d u s t r i a l R e s i d e n t i a l / A p a r t m e n t s 19 9 2 4 1 5 1 8 , 3 7 1 , 7 0 3 6 4 7 2 2 , 0 8 6 , 1 7 8 7 6 7 , 4 9 5 , 3 0 0 2 , 8 0 1 , 4 0 1 , 8 0 0 19 9 3 3 9 6 3 5 , 0 1 4 , 7 0 4 6 7 3 2 7 , 5 0 5 , 2 1 9 7 1 1 , 4 7 1 , 1 0 0 2 , 8 9 6 , 1 0 5 , 5 0 0 19 9 4 2 6 7 1 4 , 6 9 5 , 4 4 1 6 8 9 2 9 , 9 8 5 , 7 2 7 6 9 1 , 5 7 0 , 8 0 0 3 , 0 4 2 , 3 1 7 , 6 0 0 19 9 5 2 7 4 1 4 , 3 4 9 , 1 4 3 5 6 4 2 8 , 0 6 4 , 1 0 6 6 6 8 , 0 9 8 , 8 0 0 3 , 1 8 1 , 6 9 7 , 8 0 0 19 9 6 2 7 9 3 5 , 7 8 9 , 4 3 2 1 , 3 1 8 3 1 , 3 3 4 , 8 7 0 7 4 5 , 2 0 0 , 7 0 0 3 , 3 2 6 , 1 0 7 , 8 3 4 19 9 7 4 0 7 3 7 , 0 7 4 , 2 9 0 1 , 7 8 0 3 2 , 3 8 7 , 3 1 5 8 2 4 , 7 6 7 , 1 0 0 3 , 4 3 8 , 3 0 9 , 2 0 0 19 9 8 4 6 2 3 8 , 4 9 5 , 8 0 6 1 , 8 3 0 3 5 , 6 2 5 , 1 1 8 9 0 4 , 8 6 9 , 8 0 0 3, 6 2 3 , 1 8 7 , 2 0 0 19 9 9 3 2 3 3 6 , 7 0 8 , 9 4 2 3 , 4 7 8 2 7 , 6 3 7 , 7 4 2 9 8 0 , 8 3 7 , 9 0 0 3, 9 2 4 , 0 3 1 , 4 0 0 20 0 0 1 , 4 1 8 6 6 , 9 8 0 , 4 9 9 4 , 0 1 3 4 8 , 2 7 8 , 7 3 7 1 , 0 6 9 , 9 2 8 , 1 0 0 4 , 3 8 7 , 8 7 4 , 1 0 0 20 0 1 8 3 8 8 6 , 4 8 8 , 8 5 9 4 , 9 7 5 5 7 , 6 5 8 , 7 8 3 1 , 1 7 3 , 3 9 7 , 3 0 0 5 , 0 5 6 , 7 9 7 , 5 0 0 *A s s e s s o r ' s e s t i m a t e d m a r k e t v a l u e Page 122 Table 12 CITY OF EDINA, MINNESOTA Principal Taxpayers December 31, 2001 (Unaudited - see accompanying auditors' report) 2001 tax TaxpayerType of Businesscapacity SouthdaleShopping center$2,987,632 Pentagon Office ParkOffice building1,016,172 GalleriaShopping center964,866 Southdale Office ParkOffice building839,688 Cedars of EdinaApartments612,748 Centennial Lakes Phase IVOffice building552,218 United Health Care CorporationOffice building524,504 Southdale Medical BuildingOffice building496,792 Centennial Lakes Phase VOffice building473,362 7700 France Office building469,250 Centennial Lakes RetailRetail 409,952 Centennial Lakes Phase I Office building334,906 Centennial Lakes Phase IIOffice building334,904 Analysts International CorporationOffice building334,904 Edinborough PlazaApartments333,000 DurhamApartments320,995 York PlazaApartments319,559 TargetRetail 254,342 5050 Lincoln DriveOffice building232,920 Jerry's CenterRetail & Office227,632 Page 123 Table 13 CITY OF EDINA, MINNESOTA Major Employers in the City December 31, 2001 (Unaudited - see accompanying auditors' report) Approximate Number EmployerProduct/Serviceof Employees Fairview Southdale HospitalGeneral Medical & Surgical Hospitals2,400 Jerry's Enterprises Inc.Grocery Stores2,000 Golden Valley Microwave FoodsManufacturing650 Health Risk Management Inc.Pension, Health and Welfare Funds552 Marshall FieldsDepartment Store500 J.C. PenneyDepartment Store400 Norwest FundingMortgage Bankers & Correspondents358 Nash Finch Co.Groceries350 International Dairy Queen Inc.Eating Places300 Roach Organization Inc.Computer & Computer Software Stores140 Techpower Inc.Help Supply Services120 Source: City of Edina "Community Profile", Minnesota Department of Trade and Economic Development, 2001 Page 124 Table 14 CITY OF EDINA, MINNESOTA Labor Force Data December 31, 2001 (Unaudited - see accompanying auditors' report) December 2001December 2000 CivilianUnemploymentCivilianUnemployment Labor ForceRateLabor ForceRate Hennepin County677,7153.5%666,1082.4% Mpls.-St. Paul MSA1,775,3023.5%1,751,7672.7% State of Minnesota2,727,3854.0%2,772,6283.7% Source: Minnesota Workforce Center. Page 125 Table 15 CITY OF EDINA, MINNESOTA Miscellaneous Statistics December 31, 2001 (Unaudited - see accompanying auditors' report) Date of incorporationDecember 17, 1888 Date of adoption of Council-Manager PlanJanuary 1, 1955 Present form of governmentCouncil-Manager Fiscal year beginsJanuary 1 Area of City16 square miles Percent of City developed with buildings97% Miles of streets and sewers: Total streets (including state and county)224 miles Sanitary sewer186.22 miles Sewer connections13,984 Fire protection: Number of stations2 Number of employees (full time)31 Police protection: Number of stations1 Number of employees (full time)63 Park areas: Present park acres and open space1,600 Total improved park acres1,007 Number of parks39 Private golf courses2 Public golf courses3 Municipal water plant: Number of wells18 Miles of watermain198.81 Gallons of storage7 million Number of consumers14,025 (Continued) Page 126 Table 15, Cont. CITY OF EDINA, MINNESOTA Miscellaneous Statistics, Continued Population: 1930 3,138 1940 5,855 1950 9,744 1960 28,501 1965 (special census)35,302 1970 44,046 1975 (estimated April 1)49,736 1980 (census)46,073 1981 (estimated April 1)46,080 1982 (estimated April 1)45,370 1983 (estimated April 1)45,340 1984 (estimated April 1)45,280 1985 (estimated April 1)44,940 1986 (estimated April 1)45,523 1987 (estimated April 1)45,924 1988 (estimated April 1)46,095 1989 (estimated April 1)44,943 1990 (census)46,070 1991 (estimated)46,070 1992 (estimated May 1992)46,079 1993 (estimated June 1993)46,916 1994 (estimated June 1994)46,984 1995 (estimated June 1995)46,841 1996 (estimated June 1996)46,845 1997 (estimated June 1997)47,029 1998 (estimated June 1998)47,113 1999 (estimated June 1999)47,235 2000 (census)47,425 2001 (census)47,425 Page 127 Table 16 CITY OF EDINA, MINNESOTA Schedule of Sources and Uses of Public Funds for 50th & France-No. 1200, a Tax Increment Financing District (Districts 1200, 1201, 1203, and 1204 are pooled) (Unaudited - see accompanying auditors' report) December 31, 2001 Accounted OriginalAmendedfor inCurrentAmount budgetbudgetprior yearsyearremaining Sources of funds: Bond proceeds$2,200,0005,280,0005,251,998028,002 Tax increments received031,748,48917,752,3461,341,39612,654,747 Real estate sales*800,000170,782170,78200 State aid0418,871418,87100 Special assessments01,321,096728,5050592,591 Parking permits0268,524268,52400 Community develop- ment0186,064186,06400 Interest on invested funds02,000,0002,111,642301,467(413,109) Other073,88173,88100 Total sources of funds3,000,00041,467,70726,962,6131,642,86312,862,231 Uses of funds: Land acquisition0873,061873,06100 Installation of public utilities and improvements3,000,0007,867,0347,862,03205,002 Bond payments Principal05,280,0002,200,00003,080,000 Interest04,738,3293,730,524158,450849,355 Administrative costs01,230,0001,162,47942,97224,549 Paid to other governments021,0008,7731,92310,304 Work orders016,25716,25700 Contingencies011,64411,64400 Interest0463,037463,03700 Miscellaneous062,09562,095915(915) Transfer010,000,0002,972,6443,001,2444,026,112 Total uses of funds3,000,00030,562,45719,362,5463,205,5047,994,407 Funds remaining (or deficient)010,905,2507,600,067(1,562,641)4,867,824 Cost to authority Price paid by developer *Real estate sales Liquor store site$128,064105,002 Union oil site134,50665,780 $262,570170,782 Page 128 Table 17 CITY OF EDINA, MINNESOTA Schedule of Sources and Uses of Public Funds for Southeast Edina Redevelopment District-No. 1201, a Tax Increment Financing District (Districts 1200, 1201, 1203, and 1204 are pooled) (Unaudited - see accompanying auditors' report) December 31, 2001 Accounted OriginalAmendedfor inCurrentAmount budgetbudgetprior yearsyearremaining Sources of funds: Bond proceeds$6,165,17721,470,00020,219,85201,250,148 Tax increments received075,000,00038,162,5373,417,25233,420,211 Real estate sales*598,0053,000,0002,642,1150357,885 Loan proceeds01,321,096001,321,096 Community develop- ment Block Grant0189,221189,22100 Interest on invested funds03,500,0002,496,1014,436999,463 Other050,0001,357048,643 Total sources of funds6,763,182104,530,31763,711,1833,421,68837,397,446 Uses of funds: Land acquisition6,682,99812,200,0006,894,30305,305,697 Installation of public utilities and improvements016,000,00014,278,82301,721,177 Site improvements or preparation costs2,885,4842,000,000468,09801,531,902 Bond payments Principal021,470,00013,085,0001,480,0006,905,000 Interest020,100,00018,607,562430,7601,061,678 Administrative costs194,7001,800,0001,673,1551,189125,656 Paid to other governments0110,00040,7648,41360,823 Transfers out017,000,0006,606,312010,393,688 Interest reduction01,850,000001,850,000 Parkland dedication fees0767,852767,85200 Total uses of funds9,763,18293,297,85262,421,8691,920,36228,955,621 Funds remaining (or deficient)(3,000,000)11,232,4651,289,3141,501,3268,441,825 Cost to authority Price paid by developer *Real estate sales Retail site$8,35011,899 Hotel site192,915192,915 Elderly site453,740346,534 Office site1,027,277784,563 Coventry Townhouses1,318,1031,318,103 $3,000,3852,654,014 Page 129 Table 18 CITY OF EDINA, MINNESOTA Schedule of Sources and Uses of Public Funds for Grandview Area Redevelopment District-No. 1202, a Tax Increment Financing District (Unaudited - see accompanying auditors' report) December 31, 2001 Accounted OriginalAmendedfor inCurrentAmount budgetbudgetprior yearsyearremaining Sources of funds: Bond proceeds$4,500,0009,900,0008,075,91501,824,085 Tax increments received029,737,1077,643,339740,45721,353,311 Real estate sales04,700,00004,005,694694,306 Interest on invested funds0300,000479,904216,597(396,501) Other0059,568300(59,868) Total sources of funds4,500,00044,637,10716,258,7264,963,04823,415,333 Uses of funds: Land acquisition 06,500,0002,817,319309,937 3,372,744 Installation of public utilities and improvements4,310,00017,127,0004,012,1134,579,8858,535,002 Bond payments Principal09,900,0001,450,000200,0008,250,000 Interest09,190,0001,697,430344,6277,147,943 Loan/note interest000614,901(614,901) Paid to other governments00184,5311,948(186,479) Administrative costs190,0001,920,1071,078,689117,315724,103 Total uses of funds4,500,00044,637,10711,240,0826,168,61327,228,412 Funds remaining (or deficient)$005,018,644(1,205,565)(3,813,079) Cost to authority Price paid by developer *Real estate sales 5229 Eden Ave.$1,822,319 5220 Eden Circle995,000 5244 Eden Circle0 (Condemnation deposit)309,937 Project area4,005,694 $3,127,2564,005,694 Page 130 Table 19 CITY OF EDINA, MINNESOTA Schedule of Sources and Uses of Public Funds for Southeast Edina Redevelopment District-No. 1203, a Tax Increment Financing District (Districts 1200, 1201, 1203, and 1204 are pooled) (Unaudited - see accompanying auditors' report) December 31, 2001 Accounted OriginalAmendedfor inCurrentAmount budgetbudgetprior yearsyearremaining Sources of funds: Bond proceeds$41,400,00041,400,00033,761,67707,638,323 Tax increments received80,000,00090,000,00014,719,6253,810,25571,470,120 Real estate sales*5,000,00011,637,07011,637,07000 Special assessment01,321,096001,321,096 Interest on invested funds02,500,0002,184,74468,615246,641 Transfer in028,000,00010,690,1793,001,24414,308,577 Sale of material0255,710255,71000 Developer payments0297,826297,82600 Other020,00017,71902,281 Total sources of funds126,400,000175,431,70273,564,5506,880,11494,987,038 Uses of funds: Land acquisition13,900,00022,981,42522,981,42500 Installation of public utilities and improvements26,677,00025,871,23016,468,675133,9689,268,587 Bond payments Principal41,400,00041,400,0004,144,7241,590,00035,665,276 Interest38,000,00038,000,00025,311,1791,811,57410,877,247 Administrative costs1,140,8001,600,0001,213,42025,559361,021 Paid to other governments042,0008,0836,12327,794 Loan/note interest014,684,711810,596690,24813,183,867 Parkland dedication02,030,3452,030,34500 Total uses of funds121,117,800146,609,71172,968,4474,257,47269,383,792 Funds remaining (or deficient)$5,282,20028,821,991596,1032,622,64225,603,246 Cost to authority Price paid by developer *Real estate sales Retail and theater site$3,213,7203,213,720 Medical office site815,092815,092 Office site1,107,1601,107,160 Office building #1449,300449,300 Office building #21,280,7021,280,702 Office building #31,341,5331,341,533 Office building #41,625,8491,625,849 Office building #51,803,7141,803,714 $11,637,07011,637,070 Page 131 Table 20 CITY OF EDINA, MINNESOTA Schedule of Sources and Uses of Public Funds for 70th Street and Cahill Road District-No. 1207, a Tax Increment Financing District (Unaudited - see accompanying auditors' report) December 31, 2001 Accounted OriginalAmendedfor inCurrentAmount budgetbudgetprior yearsyearremaining Sources of funds: Bond proceeds$1,911,0001,911,000001,911,000 Tax increments received2,177,8552,177,855746,86301,430,992 Interest on invested funds0080,38546,502(126,887) Other00000 Total sources of funds4,088,8554,088,855827,24846,5023,215,105 Uses of funds: Land acquisition529,400529,4008,2103,005518,185 Installation of public utilities and improvements325,000325,00089,4680235,532 Demolition150,000150,00000150,000 Relocation160,000160,00000160,000 Capitalized Interest150,000150,00000150,000 Debt service2,178,4552,178,455002,178,455 Paid to other governments002,7300(2,730) Administrative costs596,000596,00045,86124,714525,425 Total uses of funds4,088,8554,088,855146,26927,7193,914,867 Funds remaining (or deficient)$00680,97918,783(699,762)