HomeMy WebLinkAbout2002 Comprehensive Annual Financial Report
CITY OF EDINA, MINNESOTA
Comprehensive Annual Financial Report
Year ended December 31, 2002
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, 2002..........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, 2002...............................Table 12 ................................122
Major Employers in the City......................................................Table 13................................123
Labor Force Data ......................................................................Table 14 ................................124
Miscellaneous Statistics - December 31, 2002........................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, 2002
Term of office
expires January*
Elected:
Mayor—Dennis Maetzold 2005
Council:
James Hovland 2007
Scot Housh 2007
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.
Page 5
The Reporting Entity and Its Services
The City has reviewed its reporting entity definition in accordance with Governmental Accounting
Standards Board Statement 14. The entities included in the City's report are those for which the
City is financially accountable and which the City’s relationship with is such that exclusion would
cause the City’s financial statements to be misleading or incomplete.
The City provides the full range of municipal services. These services include police and fire
protection, civil defense, public health, animal control, inspections, public works maintenance,
public improvements, parks and recreation activities, and general administrative services.
SIGNIFICANT EVENTS AND ACCOMPLISHMENTS
General Governmental Functions
Revenues for general governmental functions reported within the General, Special Revenue,
Debt Service and Capital Project Funds totaled $36,494,140 in 2002, a decrease of 13.2 percent
over 2001. General property taxes produced 67.8 percent of general revenues compared to
58.1 percent last year. The amount of revenues from various sources and the increase
(decrease) over last year are shown in the following table:
Revenue Source
Total
Percent
of total
Increase
(decrease)
from 2001
Taxes $24,735,336 67.78% $ 325,551
Special assessments 998,908 2.74% (87,185)
Franchise fee 418,153 1.15% (55,549)
Licenses and permits 1,939,207 5.31% (300,404)
Intergovernmental 2,254,968 6.18% (2,831,013)
Charges for services 2,096,806 5.75% 134,634
Fines and forfeitures 910,407 2.49% (66,545)
Investment income 1,178,211 3.23% (96,083)
Interest on funds held with fiscal agent 0 .00% (83,407)
Sale and rental of property 1,782,063 4.88% (2,480,921)
Other revenues 180,081 .49% (4,385)
Total revenues $36,494,140 100.00% $(5,545,307)
Current tax collections were 99.32 percent of the tax levy, up .06 percent from last year.
Delinquent tax collections were up from last year. The ratio of total collections (current and
delinquent) to the current tax levy was 99.6 percent, an increase of .20 percent from last year.
Taxes were 67.8% of general revenues compared to 58.1% in 2001 and Intergovernmental
revenues were 6.2% compared to 12.1% in 2001. This is due to the elimination of the
Homestead Credit from the Intergovernmental revenues. It was replaced with Market Value
Homestead Credit that is now reported in Taxes. There was a $4 million sale of land in 2001.
Investment income decreased compared with 2001 due to higher investment earnings in 2001.
Page 6
Expenditures for general governmental purposes within the General, Special Revenue, Debt
Service and Capital Project Funds totaled $42,068,735 an increase of 6.4 percent over 2001.
Increases (decreases) in levels of expenditures for major functions of the City over last year are
shown in the following table:
Increase
Percent (decrease)
Function Total of total from 2001
General government $2,984,012 7.1%$ 350,752
Public safety 9,893,428 23.5%484,137
Public works 4,161,373 9.9%(151,692)
Parks 2,602,266 6.2%226,701
Unallocated general 445,929 1.1%(60,566)
Other 1,942,490 4.6%(270,757)
Capital outlay 11,059,757 26.2%(133,398)
Bond principal 5,885,000 14.0%2,145,000
Interest and fiscal charges 3,094,480 7.4%(54,239)
Total expenditures $42,068,735 100.0%$ 2,535,938
Debt Administration
The ratio of net bonded debt to tax capacity and the amount of bonded debt per capita are
useful indicators of the City's debt position and are listed below:
Ratio of net bonded debt to tax capacity 1.0333
Net bonded debt per capita $ 1,426
The following is a summary of bonded debt for fiscal year 2002:
Gross bonded debt outstanding, January 1, 2002 $72,465,000
Add bonds issued in fiscal year 2002 13,810,000
Deduct bonds redeemed in fiscal year 2002 15,540,000
Gross bonded debt outstanding, December 31, 2002 70,735,000
Deduct sinking fund assets, December 31, 2002 (3,070,758)
Net bonded debt, December 31, 2002 $67,664,242
The City's bonds have a Aaa rating as determined by Moody's Investors Service, and were
upgraded to AAA from Standard & Poors in August, 2002.
At December 31, 2002, the City had $40,855,000 of Tax Increment Bonds outstanding,
excluding General Obligation, Improvement and Revenue Bonds. $1,551,207 was available in
the General Debt Service Fund for payment of these obligations, resulting in $39,303,793 net
general debt at December 31, 2002
.
Page 7
Cash Management
The City subscribes to the "pooled cash" concept of investing which means that all funds with
cash balances participate in an investment pool. This permits some funds to be overdrawn and
others to show cash balances when in fact, the City has a cash balance. This pooled cash
concept provides for investing greater amounts of money at more favorable rates. Interest
earnings are then periodically allocated to the participating funds. During 2002, the City received
in interest and dividends $1,894,015. The following is a list of the City's cash and investments
by classification as of December 31, 2002:
Cash $6,016,189
Cash deficit (5,125,575)
Cash with plan administrator 3,687,756
Cash with fiscal agents 2,538
Certificates of deposit 1,478,485
Commercial paper 22,743,096
Banker’s acceptance 1,563,887
Government securities 19,206,067
Money market investments 14,252,328
$63,824,771
Capital Project Funds
The major construction projects and equipment purchases are accounted for in three Capital
Project Funds. The HRA Fund accounts for construction projects within the City's five tax
increment districts. The Construction Fund and Revolving Fund are for construction projects or
major equipment purchases funded through special assessments, State aids, General Fund
appropriations, or working capital funds.
General Fixed Assets
The general fixed assets of the City are those fixed assets used in the performance of general
governmental functions and exclude the fixed assets of the Enterprise Funds. As of December
31, 2002, the general fixed assets of the City amounted to $109,024,642. This amount
represents the original cost of the assets and is considerably less than their present value.
Depreciation of general fixed assets is not recognized in the City's accounting system.
General Purpose Statements
Page 11
CITY OF EDINA, MINNESOTA
Combined Balance Sheet - All Fund Types and Account Groups
December 31, 2002
(with comparative totals for December 31, 2001)
Governmental fund types
SpecialDebt Capital
Assets and Other DebitsGeneralRevenueServiceProjects
Cash (note 2)$00340,06639,827
Petty cash and change funds (note 2)3,300000
Investments (note 2)14,678,2231,246,638033,739,131
Cash and investments with
plan administrators (notes 2 and 7)0000
Cash and investments with fiscal agents (note 2)0000
Receivables:
Accounts223,820103,5390113,283
Customers0000
Accrued interest99011,845099,194
Special assessments0003,097,262
Due from other funds (note 9)607,731244,7671,207,572714,705
Due from other governments202,378158,2803,56934,348
Inventory0000
Prepaid expenses417,093000
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$16,133,5351,765,0691,551,20737,837,750
Liabilities, Fund Equity and Other Credits
Liabilities:
Accounts payable416,90625,6730861,906
Salaries payable576,7373,14302,382
Contracts payable000226,909
Accrued interest payable0000
Due to other funds (note 9)240,19346,54204,221,616
Due to other governments109,169100,113021,806
Compensated absences payable30,824000
Deposits payable10,0000020,289
Taxes payable00072,400
Deferred revenue6,6418003,024,862
Obligation under capital lease (note 13)0000
Bonds payable (note 5)0000
Total liabilities1,390,470175,55108,452,170
Fund equity and other credits:
Investment in general fixed assets (note 4)0000
Investment in joint venture (note 18)0000
Contributed Capital (note 15)0000
Retained earnings:
Reserved (note 10)0000
Unreserved-undesignated0000
Fund balance:
Reserved (note 10)417,09301,551,2072,635,229
Unreserved - designated (note 10)14,325,9720018,737,582
Unreserved - undesignated01,589,51808,012,769
Total fund equity and other credits14,743,0651,589,5181,551,20729,385,580
Contingencies (note 12)
Total liabilities, fund equity and other credits$16,133,5351,765,0691,551,20737,837,750
See accompanying notes to financial statements
Page 12
ProprietaryFiduciary
fund typefund typeAccount groups
GeneralGeneralTotals
Trust &FixedLong-term(memorandum only)
EnterpriseAgencyAssetDebt20022001
244,256251,40000875,549250,307
11,76500015,06515,065
4,589,3384,990,5330059,243,86354,826,448
03,687,756003,687,7563,980,984
2,5380002,5383,287,331
144,844000585,486472,592
1,927,5940001,927,5941,934,726
62,77540800175,212265,078
114,3740003,211,6363,226,458
1,733,5760004,508,3513,314,522
2,350000400,9251,185,777
1,203,8720001,203,8721,103,909
0000417,09320,063
43,212,4960109,024,6420152,237,138137,380,882
82,63200082,63294,433
0001,551,2071,551,207849,417
00058,958,79558,958,79554,354,496
0002,627,6692,627,6692,354,817
53,332,4108,930,097109,024,64263,137,671291,712,381268,917,305
835,35495,352002,235,1912,934,705
195,588000777,850639,195
59,015000285,924466,298
184,547000184,547310,891
00004,508,3513,314,522
137,0995,146,989005,515,176440,074
687,044002,627,6693,345,5373,085,555
98,121000128,41099,930
000072,40041,196
19,5420003,051,1253,640,751
95,00000295,002390,002518,913
10,520,0000060,215,00070,735,00072,465,000
12,831,3105,242,341063,137,67191,229,51387,957,030
00108,044,9840108,044,98496,035,499
00979,6580979,6580
4,838,6460004,838,6465,284,049
1,519,5510001,519,5511,607,120
34,142,90300034,142,90333,051,564
03,687,756008,291,2856,316,695
000033,063,55422,557,126
00009,602,28716,108,222
40,501,1003,687,756109,024,6420200,482,868180,960,275
53,332,4108,930,097109,024,64263,137,671291,712,381268,917,305
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, 2002
(with comparative totals for year ended December 31, 2001)
Governmental fund types
Special DebtCapital
GeneralRevenueServiceProjects
Revenues:
Taxes (note 3)$15,943,71001,737,7907,053,836
Special assessments000998,908
Franchise fees0418,15300
Licenses and permits1,939,207000
Intergovernmental788,775374,43301,091,760
Charges for services2,049,4700047,336
Fines and forfeitures910,407000
Investment Income151,388118,7820908,041
Interest on funds held with fiscal agent0000
Sales and rental of property383,984001,398,079
Other revenues30,3947,8990141,788
Total revenues22,197,335919,2671,737,79011,639,748
Expenditures:
Current:
General government 2,984,012000
Public safety9,893,428000
Public works4,161,373000
Parks2,602,266000
Unallocated general445,929000
Other48,063763,44301,130,984
Capital outlay:
General government32,412000
Public safety313,451000
Public works392,244000
Parks56,785000
Infrastructure00010,262,610
Other02,25500
Debt Service:
Bond principal005,885,0000
Interest and fiscal charges003,094,4800
Total expenditures20,929,963765,6988,979,48011,393,594
Excess (deficiency) of revenues over expenditures 1,267,372153,569(7,241,690)246,154
Other financing sources (uses):
Operating transfers in (out):
Operating transfers in (out)--General Fund000900,000
Operating transfers in (out)--Revolving Fund(900,000)000
Operating transfers in (out)--HRA0010,493,4800
Operating transfers in (out)--General Debt Service Fund000(10,493,480)
Operating transfers in (out)--Liquor Fund000625,000
Operating transfers in (out)--Utility Fund000290,000
Operating transfers in (out)--Art Center Fund000(15,010)
Operating transfers in (out)--Edinborough Park Fund000(54,343)
Operating transfers in (out)--Arena Fund000(90,157)
Parkland dedication0000
Payments for refunding bonds00(2,550,000)0
Proceeds from sale of bonds00013,637,416
Total other financing sources (uses)(900,000)07,943,4804,799,426
Excess (deficiency) of revenues and other financing
sources over expenditures and other financing uses367,372153,569701,7905,045,580
Fund balance - January 114,375,6931,435,949849,41724,340,000
Fund balance - December 31$14,743,0651,589,5181,551,20729,385,580
See accompanying notes to financial statements
Page 14
Totals
Fiduciary Type (memorandum only)
Expendable
Trust 20022001
0 24,735,33624,409,785
0 998,9081,086,093
0 418,153473,702
0 1,939,2072,239,611
0 2,254,9685,085,981
0 2,096,8061,962,172
0 910,407976,952
(513,243)664,9681,023,544
0 083,407
0 1,782,0634,262,984
372,015 552,096501,279
(141,228)36,352,91242,105,510
0 2,984,0122,633,260
0 9,893,4289,409,291
0 4,161,3734,313,065
0 2,602,2662,375,565
0 445,929506,495
152,000 2,094,4902,298,104
0 32,412417,949
0 313,451737,972
0 392,244576,727
0 56,785116,905
0 10,262,6109,342,455
0 2,2551,147
0 5,885,0003,740,000
03,094,4803,148,719
152,00042,220,73539,617,654
(293,228)(5,867,823)2,487,856
0 900,0000
0 (900,000)0
0 10,493,4806,015,411
0 (10,493,480)(6,015,411)
0 625,000100,000
0 290,000100,000
0 (15,010)(8,252)
0 (54,343)(102,300)
0 (90,157)(75,189)
0 060,280
0 (2,550,000)(15,810,000)
0 13,637,4160
011,842,906(15,735,461)
(293,228)5,975,083(13,247,605)
3,980,984 44,982,04358,229,648
3,687,75650,957,12644,982,043
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, 2002
(with comparative totals for year ended December 31, 2001)
General
Variance
favorable
BudgetActual(unfavorable)
Revenues:
Taxes (note 3)$15,845,25615,943,71098,454
Licenses and permits1,839,5001,939,20799,707
Intergovernmental669,900788,775118,875
Charges for services1,730,9162,049,470318,554
Fines and forfeitures810,000910,407100,407
Investment income113,200151,38838,188
Sales and rental of property142,500383,984241,484
Other revenues27,60030,3942,794
Total revenues21,178,87222,197,3351,018,463
Expenditures:
Current:
General government 2,978,1832,984,012(5,829)
Public safety9,960,2969,893,42866,868
Public works4,358,7894,161,373197,416
Parks2,700,8322,602,26698,566
Unallocated general563,325445,929117,396
Other 048,063(48,063)
Capital outlay:
General government43,91632,41211,504
Public safety481,532313,451168,081
Public works513,333392,244121,089
Parks103,66656,78546,881
Total expenditures21,703,87220,929,963773,909
Excess (deficiency) of revenues over expenditures(525,000)1,267,3721,792,372
Other financing sources (uses):
Operating transfers in525,0000(525,000)
Operating transfers out0(900,000)(900,000)
Parkland dedication000
Total other financing sources (uses)525,000(900,000)(1,425,000)
Excess of revenues and other financing
sources over expenditures and other financing uses$0367,372367,372
Fund balance - January 1 14,375,693
Fund balance - December 3114,743,065
See accompanying notes to financial statements
Page 16
Totals
(memorandum only)
Special Revenue20022001
VarianceVariance
favorable favorable
BudgetActual(unfavorable)BudgetActual(unfavorable)Actual
00015,845,25615,943,71098,45414,375,991
0001,839,5001,939,20799,7072,239,611
175,942374,433198,491845,8421,163,208317,3661,763,630
0001,730,9162,049,470318,5541,909,666
000810,000910,407100,407976,952
000113,200151,38838,188157,309
000142,500383,984241,484250,352
00027,60030,3942,79416,087
175,942374,433198,49121,354,81422,571,7681,216,95421,689,598
0002,978,1832,984,012(5,829)2,633,260
0009,960,2969,893,42866,8689,409,291
0004,358,7894,161,373197,4164,313,065
0002,700,8322,602,26698,5662,375,565
000563,325445,929117,396506,495
175,942374,433(198,491)175,942422,496(246,554)138,055
00043,91632,41211,504417,949
000481,532313,451168,081737,972
000513,333392,244121,089576,727
000103,66656,78546,881116,905
175,942374,433(198,491)21,879,81421,304,396575,41821,225,284
000(525,000)1,267,3721,792,372464,314
000525,0000(525,000)0
0000(900,000)(900,000)(46,000)
00000060,280
000525,000(900,000)(1,425,000)14,280
0000367,372367,372478,594
014,375,69313,897,099
014,743,06514,375,693
Page 17
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings -- All Proprietary Fund Types
Year ended December 31, 2002
(with comparative totals for year ended December 31, 2001)
Totals
20022001
Operating revenues:
Charges for sales and services:
Sales - Liquor $9,355,3669,074,112
Sales - Retail 315,963355,413
Sales - Utility 8,436,8568,293,547
Sales - Concessions 393,255373,534
Memberships 614,372566,502
Admissions 679,700644,705
Building rental 1,319,8331,257,001
Rental of equipment 389,843384,163
Greens fees 1,854,9711,970,280
Other fees 1,502,7671,515,604
Total operating revenues 24,862,92624,434,861
Operating expenses:
Cost of sales and services 7,333,3547,241,612
Personal services 4,666,7254,472,574
Contractual services 6,083,0196,142,852
Commodities 1,338,4511,153,468
Central services 1,616,9161,521,300
Depreciation 2,141,9152,142,943
Total operating expenses 23,180,38022,674,749
Operating income 1,682,5461,760,112
Nonoperating revenues (expenses):
Intergovernmental 127,160128,069
Investment income 497,335490,708
Interest from fiscal agents 0137,040
Donations 21,72324,729
Miscellaneous revenue (expense)102,709190
Interest and fiscal charges (416,714)(647,970)
Interest on capital lease (7,620)(10,483)
Gain (loss) on disposal of capital assets (681,482)(155,229)
Amortization of bond discount (11,801)(39,118)
Total nonoperating expenses (368,690)(72,064)
Income before operating transfers 1,313,8561,688,048
Operating transfers in (out):
General fund 046,000
Art center fund(114,000)(104,000)
Liquor store fund114,000239,000
Arena fund 0(135,000)
Revolving fund(755,490)(60,259)
Total operating transfers, net (755,490)(14,259)
Net income 558,3661,673,789
Add depreciation on contributed assets 445,404440,951
Increase in retained earnings1,003,7702,114,740
Retained earnings - January 134,658,68432,543,944
Retained earnings - December 31 $35,662,45434,658,684
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, 2002
(with comparative totals for year ended December 31, 2001)
Totals
Cash flows from operating activities:20022001
Operating income$1,682,5461,760,112
Adjustments to reconcile operating income
to net cash provided by operating activities
Depreciation expense2,141,9152,142,943
Changes in assets and liabilities:
(Increase) decrease in accounts receivable(12,372)(17,957)
(Increase) decrease in customer accounts receivable7,132235,499
(Increase) decrease in special assessments receivable797(38,714)
(Increase) decrease in due from other funds414,644(587,830)
(Increase) decrease in due from other governments(137)2,314
Increase in prepaid expenses1,13353,497
(Increase) decrease in inventory(96,905)3,937
Decrease (increase) in accounts payable(7,552)117,078
Increase in salaries payable69,2115,496
Increase (decrease) in contracts payable31,996(67,544)
Decrease in accrued interest payable(126,344)(16,472)
Increase (decrease) in due to other funds(783,168)783,168
Increase (decrease) in due to other governments9,623(228,205)
Increase in compensated absences payable64,26056,690
Increase in deposits payable11,29836,230
Increase in deferred revenue14,5020
Intergovernmental grants127,160128,069
Miscellaneous revenue102,709190
Total adjustments1,969,9022,608,389
Net cash provided by operating activities3,652,4484,368,501
Cash flows from noncapital financing activities:
Donations 21,72324,729
Operating transfer in--General Fund046,000
Operating transfer (out)--Art Center(114,000)(104,000)
Operating transfer in--Liquor Store Fund114,000239,000
Operating transfer (out)--Arena0(135,000)
Operating transfer (out)--Revolving fund(755,490)(60,259)
Net cash provided by (used in) noncapital financing activities(733,767)10,470
Cash flows from capital and related financing activities:
Net acquisition of capital assets(4,009,027)(2,134,388)
Loss on disposal of capital assets(681,482)(155,229)
Proceeds from revenue bonds04,620,000
Principal paid on revenue bonds(7,105,000)(780,000)
Increase on bond discount0(54,097)
Principal paid on capital lease(60,000)(55,000)
Interest received from fiscal agent0137,040
Interest paid on capital lease(7,620)(10,483)
Interest paid on bonds(416,714)(647,970)
Net cash provided by (used in) capital and related financing activities(12,279,843)919,873
Cash flows from investing activities:
Proceeds from sale of investments5,818,3310
Purchase of investments 0(5,827,521)
Decrease in interest receivable4,95939,252
Investment income497,335490,708
Net cash provided by (used in) investing activities6,320,625(5,297,561)
Net increase (decrease) in cash and cash equivalents(3,040,537)1,283
Cash and equivalents, beginning of year3,299,0963,297,813
Cash and equivalents, end of year$258,5593,299,096
See accompanying notes to financial statements
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CITY OF EDINA, MINNESOTA
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Notes to General Purpose Financial Statements
December 31, 2002
(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.
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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
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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)
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CITY OF EDINA, MINNESOTA
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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)
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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)
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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
arrangements outstanding at the end of the year are recorded as due to/from
other funds.
(Continued)
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CITY OF EDINA, MINNESOTA
25
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 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, 2002 reported in the Governmental Funds, Proprietary Funds and General
Long-term Debt Account Group was $30,824, $687,044, $2,627,669
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.
O. Reclassifications
Certain 2001 amounts were reclassified to conform to the 2002 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
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CITY OF EDINA, MINNESOTA
26
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.
R. Joint Venture
The City’s investment in joint venture is reported in the general fixed asset
account group equal to the City’s interest in the net assets of the joint venture.
The City’s interest is based on the allocation in the joint powers agreement.
(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,
2002 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;
(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;
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CITY OF EDINA, MINNESOTA
27
(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, 2002 were as follows:
Credit Risk Category
Category Category Fair
1 2 Value
Certificates of deposit $1,478,485 0 1,478,485
Commercial paper 6,783,004 15,960,092 22,743,096
Banker’s acceptance 0 1,563,887 1,563,887
Money Market investments 36,860 14,215,468 14,252,328
Government securities:
United States Treasury Notes 260,077 1,611,615 1,871,692
Federal National Mortgage Association 1,386,777 3,392,600 4,779,377
Government National Mortgage Association 0 478,121 478,121
Federal Home Loan Mortgage Corporation 1,792,107 4,409,339 6,201,446
Federal Home Loan Bank 1,572,916 2,171,104 3,744,020
SBA Pool 233,044 484,210 731,411
Municipal Bonds 0 1,400,000 1,400,000
$13,543,270 45,700,593 59,243,863
Cash and investments with fiscal agents 2,538
Cash and investments with plan administrators 3,687,756
Total investments $ 62,934,157
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CITY OF EDINA, MINNESOTA
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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 $494,375 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, 2002 were as follows:
Carrying
Amount
Bank
balance
Checking accounts $ 626,849 1,071,314
Cash on hand 15,065 0
Cash with trustee 248,700 0
$ 890,614 1,071,314
(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)
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CITY OF EDINA, MINNESOTA
29
(4) Fixed Assets
A summary of changes in general fixed assets during 2002 is as follows:
Balance Balance
January 1 Additions Deletions December 31
Land $23,215,827 453,815 11,820,169 11,849,474
Land improvements 16,105,642 15,200,642 2,100,471 29,205,813
Buildings 20,697,983 4,695,504 6,384,789 19,008,698
Furniture & fixtures 913,716 41,214 366,497 588,433
Vehicles 5,441,453 703,998 348,698 5,796,753
Sidewalks 310,995 0 271,597 39,398
Leasehold improvements 188,545 0 188,545 0
Miscellaneous equipment 200,599 47,900 40,343 208,156
Park & playground equipment 503,672 141,576 30,179 615,069
Highway equipment 2,290,373 0 235,384 2,054,989
Police equipment 337,084 199,218 43,754 492,548
Fire equipment 396,847 14,990 26,423 385,414
Election equipment 0 0 0 0
Engineering Equipment 40,080 0 0 40,080
Traffic signals 165,790 0 0 165,790
Tools 5,812 0 0 5,812
Parks 19,892,698 0 4,041 19,888,656
Construction in progress 5,328,383 15,328,824 2,957,306 17,699,901
Investment in joint venture 0 979,658 0 979,658
Total $96,035,499 37,807,340 24,818,197 109,024,642
A summary of proprietary fund fixed assets at December 31,2002 is as follows:
Enterprise
Fund
Land $1,088,965
Golf course 4,602,724
Land improvements 885,928
Water distribution system 12,487,895
Sewer collection system 13,879,198
Major recreation facilities 14,655,091
Major water facilities 19,319,071
Buildings—liquor stores 1,531,548
Furniture, fixtures and equipment 3,495,708
Vehicles 847,392
Lease property - capital lease 468,580
Construction in progress 1,464,742
74,726,842
Less accumulated depreciation (31,514,346)
Net book value $43,212,496
(Continued)
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CITY OF EDINA, MINNESOTA
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(5) Long-term Debt
Bonded Debt
The City has four types of bonded debt outstanding at December 31, 2002: tax
increment bonds, general obligation bonds, public project revenue bonds and G.O.
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 solely from annual appropriation lease
payments received from the City of Edina pursuant to a lease between the Edina
Housing and Redevelopment Authority and the City. The fourth 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,
2002
Tax Increment Bonds 2006 – 2013 3.00 - 6.25 $40,855,000
General Obligation Bonds 2017 – 2017 4.25 - 5.75 6,950,000
Public Proj. Rev. Bonds 2021 – 2021 4.25 - 5.75 12,410,000
GO Revenue Bonds 2009 – 2017 2.25 - 6.05 10,520,000
Total $70,735,000
Changes in long-term debt during the year were as follows:
Balance
January 1,
2002
Issued/
Increases
Redeemed/
decreases
Balance
December 31,
2002
Tax Increment Bonds $47,590,000 1,400,000 8,135,000 40,855,000
General Obligation Bonds 7,250,000 0 300,000 6,950,000
Public Project Rev. Bonds 0 12,410,000 0 12,410,000
G.O. Revenue Bonds 17,625,000 0 7,105,000 10,520,000
Total bonds 72,465,000 13,810,000 15,540,000 70,735,000
Compensated absences
payable
2,354,817 272,852
0
2,627,669
Obligation under capital
lease
$363,913 0
68,911
295,002
The City had the following G.O. revenue bonds outstanding at December 31, 2002:
Utility Revenue Bonds, Series 1999A 2,630,000
Recreation Refunding Bonds, Series 1999B 3,270,000
Recreation Facility Bonds, Series 2001A 4,620,000
$10,520,000
(Continued)
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CITY OF EDINA, MINNESOTA
31
The Recreation Refunding Bonds (Golf Course Bonds) are general obligation revenue
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, 2002,
including interest payments of $13,950,379 are as follows:
Year ending
Tax
General Public
Project
G.O.
December 31 Increment Obligation Revenue Revenue Total
2003 $ 6,889,328 695,388 390,000 1,453,492 9,428,208
2004 6,682,761 679,625 457,600 1,503,573 9,323,559
2005 6,822,300 687,912 480,700 1,509,393 9,500,305
2006 6,161,010 694,600 501,600 1,511,605 8,868,815
2007 5,514,483 675,287 527,725 1,505,204 8,222,699
2008-2021 16,856,715 6,803,369 10,653,811 5,027,898 39,341,793
$ 48,926,597 10,236,181 13,011,436 12,511,165 84,685,379
During 2001, the City issued $4,620,000 in General Obligation Recreational Facility
Bonds, Series 2001A. Of the total proceeds, $3,066,438 was deposited into a sinking
fund to finance a crossover debt refunding of G.O. Recreational Facility Refunding
Bonds, Series 1992C. The sinking funds remained in place until the crossover date, at
which time they paid off the outstanding debt. Both issues were 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 $1,491,965 will finance improvements in the swimming pool and municipal
golf facilities.
During 2002, the City issued $12,410,000 in Edina Housing and Redevelopment
Authority Public Project Revenue Bonds, Series 2002 to finance the cost of constructing
and furnishing a City Hall and Public Safety Facility.
During 2002, the City issued $1,400,000 in G.O. Tax Increment Bonds, Series 2002.
These bonds were issued to reimburse costs of the hazardous substances removal at
the Grandview area.
Subsequent Event
Subsequent to December 31, 2002, the City issued $1,540,000 G.O. Equipment
Certificates of Indebtedness, Series 2003A to fund equipment purchases; $6,570,000
G.O. Tax Increment Refunding Bonds, Series 2003B to refund G.O. Tax Increment
Series 1993; and $3,200,000 G.O. Water and Sewer Revenue Bonds, Series 2003C to
fund capital improvements to the water and sewer system.
(Continued)
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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, 2002, the legal debt margin was $131,328,840 calculated as follows:
Market value $ 6,913,942,000
Debt limit - 2% of market value 138,278,840
Amount of general obligation debt $70,735,000
Less: Tax increment bonds $40,855,000
Public project revenue bonds 12,410,000
Revenue bonds 10,520,000
Total deductions 63,785,000
Total amount of debt applicable to
debt limit
6,950,000
Legal debt margin $ 131,328,840
(Continued)
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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 2002.
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 $ 112,845
Current tax capacity value 926,987
Captured tax capacity value:
Retained by authority 814,142
Shared with other taxing districts 0
General obligation tax increment bonds issued 5,350,000
Total loans incurred 0
Amounts redeemed 2,900,000
Outstanding bonds and loans at December 31, 2002 $ 2,450,000
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 $ 114,831
Current tax capacity value 2,582,253
Captured tax capacity value:
Retained by authority 2,467,422
Shared with other taxing districts 0
General obligation tax increment bonds issued 22,410,000
Total loans incurred 0
Amounts redeemed 16,080,000
Outstanding bonds and loans at December 31, 2002 $ 6,330,000
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 $ 165,060
Current tax capacity value 833,100
Captured tax capacity value:
Retained by authority 668,040
Shared with other taxing districts 0
General obligation tax increment bonds issued 6,070,000
Total loans incurred 0
Amounts redeemed 2,060,000
Outstanding bonds and loans at December 31, 2002 $ 4,010,000
(Continued)
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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 $ 240,126
Current tax capacity value 2,804,198
Captured tax capacity value:
Retained by authority 2,564,072
Shared with other taxing districts 0
General obligation tax increment bonds issued 35,744,724
Total loans incurred 0
Amounts redeemed 7,679,724
Outstanding bonds and loans at December 31, 2002 $ 28,065,000
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:
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)
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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. Normal retirement
age is 55 for PEPFF and 65 for Coordinated members hired prior to July 1,
1989. Normal retirement age is the age for unreduced Social Security benefits
capped at 66 for Coordinated members hired on or after July 1, 1989. 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
single-life 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 be 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 on the web at mnpera.com, by writing to PERA, 60
Empire Drive #200, St. Paul, Minnesota, 55103-2088 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 5.10% 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: 5.52% for Coordinated Plan PERF members, and 9.30% for PEPFF
members.
(Continued)
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CITY OF EDINA, MINNESOTA
36
The City’s contributions to PERF and PEPFF for the years ended December 31,
2002, 2001, and 2000 were equal to the required contributions for each year, as
follows:
2002 2001 2000
PERF $565,460 516,964 485,277
PEPFF $485,138 455,461 439,163
(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 is recorded in an expendable trust fund.
(Continued)
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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, 2002 is as follows:
Other Total
Golf Enterprise Enterprise
Utility Liquor Course Arena Funds Funds
Operating Revenues $ 8,561,287 9,355,366 3,427,457 1,218,004 2,300,812 24,862,926
Depreciation 917,013 56,170 450,542 325,136 339,054 2,141,915
Operating income (loss) 1,164,473 825,069 258,427 (88,247) (477,176) 1,682,546
Nonoperating revenues
(expenses), net (27,074) (23,135) (363,527) (14,950) 59,996 (368,690)
Operating transfers in
(out) (290,000) (739,000) 0 90,157 183,353 (755,490)
Net income 847,399 62,934 (105,100) (13,040) (233,827) 558,366
Property additions 1,194,166 1,086,373 583,042 90,157 1,535,409 4,489,147
Property deletions 394,803 230,713 636,717 23,206 908,370 2,193,809
Net working capital 6,583,151 1,212,013 (79,407) 12,627 210,251 7,938,635
Bonds payable 2,630,000 0 4,930,000 1,390,000 1,570,000 10,520,000
Total assets 34,322,949 3,437,958 7,052,621 4,283,089 4,235,793 53,332,410
Total retained earnings
(deficit) 31,021,509 2,806,250 1,695,400 (236,729) 376,024 35,662,454
(Continued)
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CITY OF EDINA, MINNESOTA
38
(9) Due From To Other Funds
Interfund receivables and payables as of December 31, 2002 were as follows:
Interfund Interfund
Fund Receivables Payables
General (including amount due to Edina Housing
And Redevelopment Authority of $40,193) $ 607,731 240,193
Special Revenue:
Community Development Block Grant 0 46,542
Communications 244,767 0
Debt Service:
General Debt Service 898,476 0
City Hall Debt Service 309,096 0
Capital Project:
Construction 0 4,221,616
Housing and Redevelopment Authority of Edina 40,193 0
Revolving 674,512 0
Enterprise:
Utilities 340,068 0
Liquor 666,251 0
Swimming Pool 464,004 0
Golf Course 191,522 0
Arena 34,790 0
Art Center 66 0
Edinborough Park/Centennial Lake 36,875 0
$ 4,508,351 4,508,351
(Continued)
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CITY OF EDINA, MINNESOTA
39
(10) Reserved or Designated Fund Equity
The following fund equity balances as of December 31, 2002 have been reserved or
designated for the reasons noted below:
General Fund:
Reserved for prepaid insurance $417,093
Designated for Parkland dedication 122,494
Designated for Edinborough trust 4,645,867
Designated for unrealized investment gain 234,500
Designated for equipment replacement 2,120,989
Designated for insurance claims 925,765
Designated for General Fund operations 6,276,357
Debt Service Funds:
Reserved for debt service 1,551,207
Capital Projects:
Reserved for encumbrances 2,635,229
Designated for capital improvements 18,737,582
Enterprise Funds:
Reserved for debt service 1,519,551
Trust and Agency Funds:
Reserved for deferred compensation
plan participants
3,687,756
Total fund equity reservations and designations $42,874,390
(11) Fund Deficits
The following funds had deficit fund balances or retained earnings at December 31,
2002:
Capital Project Fund:
Construction $(4,651,997)
Enterprise Fund:
Arena $(236,729)
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.
(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.
(Continued)
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CITY OF EDINA, MINNESOTA
40
(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, 2002:
Year ending December 31:
2003 64,395
2004 35,971
Total minimum lease payments 100,366
Less: Amount representing interest (5,366)
Present value of net minimum lease payments $ 95,000
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.
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:
2003 $83,761
2004 83,761
2005 83,761
2006 83,760
Total minimum lease payments 335,043
Less: Amount representing interest (40,041)
Present value of net minimum lease payments $295,002
(Continued)
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CITY OF EDINA, MINNESOTA
41
(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 was 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, 2002 $ 20,578 274,725 1,366,044 2,000
3,099,446 521,257
Less:
Delete Contributed Assets 0 (2,614) (13,483)
(2,000) 0 (19,716)
Less:
Transfer of depreciation
To contributed capital (443) (18,036) (96,780) 0 (187,352) (104,980)
Balance December 31, 2002 $ 20,135 254,075 1,255,781 0 2,912,094 396,561
(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.
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.
(Continued)
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CITY OF EDINA, MINNESOTA
42
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 with 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, 2002, the City of Edina had outstanding 3 series of Housing and
Health Care Revenue Bonds, with an aggregate principal amount payable of
$24,905,000. 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.
(18) Joint Ventures
The City is a participant with the City of Bloomington, the City of Eden Prairie and the
Metropolitan Airport Commission in a joint venture to construct and operate a facility to
be used for the training of law enforcement officers and firefighters. The South Metro
Public Safety Training Facility Association (PSTF) is governed by a Board consisting of
one representative from each Member. On dissolution of the Association, the Facility
shall revert to the City of Edina, and all remaining assets shall be divided among the
members based on the Cost Sharing Formula. In accordance with the joint venture
agreement, each member of the association will share in the cost of the construction
and operation based on the Cost Sharing Formula. In accordance with the joint venture
agreement, the PSTF remitted $5,708,000 to the City for 2002. The City’s net
investment is reported in the City’s General Fixed Asset Account Group. The City’s
equity interest in the PSTF was $979,658. Complete financial statements for PSTF can
be obtained from the City of Edina, 4801 West 50th Street, Edina, MN 55424.
(Continued)
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CITY OF EDINA, MINNESOTA
43
(19) Excess of Expenditures Over Appropriations
For the year ending December 31, 2002, expenditures exceeded appropriations in the
following departments:
Budget Actual Variance
General Government:
Mayor & council $ 70,468 70,870 (402)
Finance 512,723 544,959 (32,236)
Election 110,264 189,955 (79,691)
Legal and court services 366,000 436,707 (70,707)
Public Works:
Administration 142,019 144,309 (2,290)
Unallocated General:
Share of special assess 25,000 40,380 (15,380)
Human Rights Comm. 87,925 94,909 (6,984)
Central Services:
General 4,761,540 4,899,955 (138,415)
All unfavorable variances were funded by favorable expenditure variances from other
departments or excess revenues.
(20) 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.
(21) Commitments
At December 31, 2002, the City had outstanding commitments of $3,008,000 for
construction contracts.
(22) Subsequent Event
On March 4, 2003, the City awarded contracts in the amount of $6,100,000 for the
construction of a new City Hall/Police Facility.
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, 2002
(with comparative amounts for December 31, 2001)
Assets20022001
Petty cash and change funds$3,3003,300
Investments14,678,22315,549,217
Accounts receivable223,820230,770
Accrued interest receivable99012,390
Taxes receivable:
Delinquent132,443121,548
Allowance for uncollectible taxes(132,443)(121,548)
Due from other funds607,73141,678
Due from other governments202,378270,914
Prepaid expenses417,09315,872
Total assets$16,133,53516,124,141
Liabilities and Fund Balance
Liabilities:
Accounts payable416,906453,635
Salaries payable576,737508,397
Due to other funds240,193623,727
Due to other governments109,16944,735
Compensated absences payable30,824107,954
Deposits payable10,00010,000
Deferred revenue6,6410
Total liabilities1,390,4701,748,448
Fund balance:
Reserved417,09315,872
Unreserved:
Designated14,325,97214,359,821
Total fund balance14,743,06514,375,693
Total liabilities and fund balance $16,133,53516,124,141
Page 46
CITY OF EDINA, MINNESOTA
General Fund
Statement of Revenue, Expenditures and Changes in Fund Balance --
Budget and Actual
20022001
Variance
Favorable
BudgetActual(unfavorable)Actual
Revenues:
Taxes$15,845,25615,943,71098,45414,375,991
Licenses and permits1,839,5001,939,20799,7072,239,611
Intergovernmental669,900788,775118,8751,657,599
Charges for service1,730,9162,049,470318,5541,909,666
Fines and forfeitures810,000910,407100,407976,952
Investment income113,200151,38838,188157,309
Sale and rental of property142,500383,984241,484250,352
Other revenues27,60030,3942,79416,087
Total revenues21,178,87222,197,3351,018,46321,583,567
Expenditures:
Current:
General government2,978,1832,984,012(5,829)2,633,260
Public safety9,960,2969,893,42866,8689,409,291
Public works4,358,7894,161,373197,4164,313,065
Parks2,700,8322,602,26698,5662,375,565
Unallocated general563,325445,929117,396506,495
Other048,063(48,063)32,024
Capital outlay:
General government43,91632,41211,504417,949
Public safety481,532313,451168,081737,972
Public works513,333392,244121,089576,727
Parks103,66656,78546,881116,905
Total expenditures21,703,87220,929,963773,90921,119,253
Excess (deficiency) of
revenues over expenditures(525,000)1,267,3721,792,372464,314
Other financing sources (uses):
Operating transfers in (out)
Liquor fund525,0000(525,000)0
Capital Project funds0(900,000)(900,000)0
Edinborough Park/Centennial Lake000(46,000)
Parkland dedication00060,280
Total other financing sources 525,000(900,000)(1,425,000)14,280
Excess of revenues and other
financing sources over
expenditures and other financing uses $0367,372367,372478,594
Fund balance - January 1 14,375,69313,897,099
Fund Balance - December 31$14,743,065 $14,375,693
Year ended December 31, 2002
(with comparative actual amounts for year ended December 31, 2001)
Page 47
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Revenues -- Budget and Actual
20022001
Variance
Favorable
BudgetActual(unfavorable)Actual
Taxes:
General property tax$15,840,25615,929,77689,52014,356,984
Penalties and interest5,00013,9348,93419,007
Total taxes15,845,25615,943,71098,45414,375,991
Licenses and permits1,839,5001,939,20799,7072,239,611
Intergovernmental:
Federal aid8,40021,05212,65220,230
State grants:
Homestead credit000979,864
State highway aid195,000195,0000140,000
Other0104,807104,80758,809
Police aid300,000306,7326,732297,122
County grants:
Health programs166,500161,184(5,316)161,574
Total intergovernmental669,900788,775118,8751,657,599
Charges for service:
Building Department2,6004,1051,50512,866
City Clerk2,10014,61012,51017,671
Fire Department16,00022,6456,64526,289
Ambulance Fees938,0001,269,045331,0451,224,377
Police Department160,000200,06540,06579,317
Engineering104,90067,219(37,681)69,498
Health Department6,0004,225(1,775)10,878
Planning Department20,30022,3852,08523,975
Surcharge01,3551,3551,554
Housing Foundation Contract26,10024,565(1,535)22,487
HRA Services60,00067,4127,412101,454
Assessing Searches1,000710(290)1,810
Park Registration130,00065,616(64,384)131,522
Senior Center72,00094,51722,5170
Other Fees8,0006,952(1,048)8,942
50th & France Assessment16,62016,620011,330
Charges to other Funds167,296167,424128165,696
Total charges for service1,730,9162,049,470318,5541,909,666
Fines and forfeitures810,000910,407100,407976,952
Sale and rental of property142,500383,984241,484250,352
Other revenues:
Investment Income113,200151,38838,188157,309
Donations1,00017,50716,5070
Other revenue26,60012,887(13,713)16,087
Total other revenues140,800181,78240,982173,396
Total revenues$21,178,87222,197,3351,018,46321,583,567
Year ended December 31, 2002
(with comparative actual amounts for year ended December 31, 2001)
Page 48
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
20022001
Variance
Favorable
BudgetActual(unfavorable)Actual
General government:
Mayor and council:
Personal services$27,50028,625(1,125)26,606
Contractual services4,0003,8891116,667
Commodities1,0003886121,242
Central services37,96837,968036,540
Total mayor and council70,46870,870(402)71,055
Administration:
Personal services568,562563,2285,334555,122
Contractual services157,400105,86051,540104,070
Commodities2,5003,161(661)2,470
Central services181,428181,4280165,720
Capital outlay5,67905,6796,318
Total administration915,569853,67761,892833,700
Planning:
Personal services235,885230,9164,969221,895
Contractual services25,3357,72817,6076,519
Commodities1,215767448501
Central services80,96480,964073,812
Capital outlay5,03505,035214
Total planning348,434320,37528,059302,941
Finance:
Personal services301,109309,863(8,754)291,787
Contractual services98,500105,941(7,441)110,426
Commodities1,1001,411(311)1,939
Central services104,664104,664095,508
Capital outlay7,35023,080(15,730)445
Total finance512,723544,959(32,236)500,105
Election:
Personal services67,600151,556(83,956)11,501
Contractual services10,4366,3374,0991,078
Commodities5,0006,422(1,422)413
Central services16,30816,308014,820
Capital outlay10,9209,3321,5884,007
Total election110,264189,955(79,691)31,819
Assessing
Personal services418,748402,02816,720390,587
Contractual services128,29462,40165,89385,715
Commodities1,8716561,2152,557
Central services134,796134,7960118,512
Capital outlay14,932014,932406,965
Total assessing698,641599,88198,7601,004,336
Legal and court services:
Contractual services366,000436,707(70,707)307,253
Total general government3,022,0993,016,4245,6753,051,209
Year ended December 31, 2002
(with comparative actual amounts for year ended December 31, 2001)
Page 49
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
20022001
Variance
Favorable
BudgetActual(unfavorable)Actual
Public Safety:
Police protection:
Personal services3,834,1323,772,89561,2373,606,173
Contractual services258,179265,338(7,159)272,004
Commodities66,94869,726(2,778)63,593
Central services1,362,4681,362,46801,232,484
Capital outlay268,984223,09045,894126,726
Total police protection5,790,7115,693,51797,1945,300,980
Fire protection:
Personal services2,316,7212,304,46212,2592,112,787
Contractual services207,955203,7744,181209,790
Commodities126,909147,472(20,563)158,860
Central services613,704613,7040617,784
Capital outlay172,13169,937102,194591,488
Total fire protection3,437,4203,339,34998,0713,690,709
Civil defense:
Personal services25,18425,939(755)24,215
Contractual services8,5625,9882,5744,664
Commodities1,277411,2360
Capital outlay7,9041,8646,0407,455
Total civil defense42,92733,8329,09536,334
Animal control:
Personal services42,61143,789(1,178)41,584
Contractual services7,51014,840(7,330)9,463
Commodities3,6545153,139685
Central services19,34419,344017,904
Capital outlay6,53206,5322,681
Total animal control79,65178,4881,16372,317
Public Health:
Personal services189,190183,7525,438197,125
Contractual services211,740208,3383,402195,760
Commodities2,7001,0381,662851
Central services66,30066,300072,504
Capital outlay11,34514,204(2,859)5,394
Total public health481,275473,6327,643471,634
Inspections:
Personal services398,569375,35323,216387,110
Contractual services49,73662,576(12,840)58,049
Commodities5,0393,9121,1273,682
Central services141,864141,8640122,220
Capital outlay14,6364,35610,2804,228
Total inspections609,844588,06121,783575,289
Total public safety10,441,82810,206,879234,95010,147,263
Year ended December 31, 2002
(with comparative actual amounts for year ended December 31, 2001)
Page 50
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
20022001
Variance
Favorable
BudgetActual(unfavorable)Actual
Public Works:
Administration:
Personal services97,479102,642(5,163)162,616
Contractual services5,0001,9013,0993,579
Commodities0226(226)112
Central services39,54039,540036,504
Total administration142,019144,309(2,290)202,811
Engineering:
Personal services411,252372,80538,447402,261
Contractual services35,50033,9821,518135,056
Commodities12,0009,1262,87414,011
Central services157,344157,3440143,868
Capital outlay50,00020,34329,65734,980
Total engineering666,096593,60072,496730,176
Supervision and overhead:
Personal services173,004176,230(3,226)161,728
Contractual services38,00035,5412,45937,626
Commodities1,00001,0001,056
Central services542,448542,4480470,424
Total supervision and overhead754,452754,219233670,834
Street Maintenance:
Personal services1,076,5301,056,89419,6361,047,275
Contractual services623,000503,272119,728523,701
Commodities566,000548,73017,270607,988
Central services580,692580,6920565,260
Capital outlay463,333371,90191,432541,747
Total street maintenance3,309,5553,061,489248,0663,285,971
Total public works4,872,1224,553,617318,5054,889,792
Year ended December 31, 2002
(with comparative actual amounts for year ended December 31, 2001)
Page 51
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
20022001
Variance
Favorable
BudgetActual(unfavorable)Actual
Parks:
Administration:
Personal services412,175420,184(8,009)384,164
Contractual services28,76326,0662,69729,394
Commodities19,79114,4585,33313,313
Central services135,144135,1440129,156
Capital outlay4,50104,50114,811
Total administration600,374595,8524,522570,838
Recreation:
Personal services113,071110,5482,523122,010
Contractual services116,979107,7729,20723,445
Commodities38,11440,626(2,512)24,033
Total recreation268,164258,9469,218169,488
Maintenance:
Personal services$930,610905,02425,586850,904
Contractual services293,242240,19753,045255,102
Commodities149,359138,66310,696126,228
Central services463,584463,5840417,816
Capital outlay99,16556,78542,380102,094
Total supervision and overhead1,935,9601,804,253131,7071,752,144
Total parks2,804,4982,659,051145,4472,492,470
Year ended December 31, 2002
(with comparative actual amounts for year ended December 31, 2001)
Page 52
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
20022001
Variance
Favorable
BudgetActual(unfavorable)Actual
Unallocated general expenditures:
Contingencies
Personal services00036
Contractual services80,00020,69659,304130,298
Commodities01,406(1,406)2,367
Total contingencies80,00022,10257,898132,701
Capital plan appropriation50,00050,0000100,000
City's share of special assessment25,00040,380(15,380)42,816
Human Rights Commission
Contractual services87,92594,909(6,984)67,723
Total Human Rights Commission87,92594,909(6,984)67,723
Fireworks
Commodities12,20012,200012,000
Total fireworks12,20012,200012,000
Suburban Rate Authority
Contractual services4,1004,0001004,000
Total Suburban Rate Authority4,1004,0001004,000
Familink
Contractual services31,61031,610031,144
Total Familink31,61031,610031,144
Regional Planning Commission
Contractual services21,53621,536021,217
Total Regional Planning Commission21,53621,536021,217
Deer control
Personal services01,070(1,070)707
Contractual services7,3006,77053010,300
Commodities6000600127
Total deer control7,9007,8406011,134
Fire Station debt service84,00083,76123983,760
Records management
Contractual services35,7008,41827,2820
Total Records management35,7008,41827,2820
Employee programs
Personal services112,35059,52952,8210
Contractual services11,0049,6441,3600
Total Employee programs123,35469,17354,1810
Total unallocated general expenditures563,325445,929117,396506,495
Central services048,063(48,063)32,024
Total expenditures $21,703,87220,929,963 773,90921,119,253
Year ended December 31, 2002
(with comparative actual amounts for year ended December 31, 2001)
Page 53
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Central Services Expenditures - Budget and Actual
20022001
Variance
Favorable
BudgetActual(unfavorable)Actual
General:
Personal services$3,634,4653,575,39159,0743,344,997
Contractual services1,008,5001,256,588(248,088)986,742
Commodities50,00039,28610,71450,816
Capital outlay68,57528,69039,88517,489
Total general4,761,5404,899,955(138,415)4,400,044
City Hall:
Personal services72,31363,5348,77961,569
Contractual services52,41248,8853,52750,790
Commodities35,59520,66214,93327,725
Fixed charges20,42420,424018,828
Total City Hall180,744153,50527,239158,912
Public Works building:
Personal services71,85670,0901,76672,099
Contractual services113,50099,57413,926130,762
Commodities64,50067,454(2,954)67,198
Fixed charges15,96015,960014,712
Capital outlay7,4968,080(584)3,236
Total Public Works building273,312261,15812,154288,007
Equipment operation:
Personal services330,924347,394(16,470)330,425
Contractual services93,00099,790(6,790)82,826
Commodities554,000481,33872,662524,110
Fixed charges305,172305,1720277,044
Capital outlay31,00024,3796,62114,564
Total equipment operation1,314,0961,258,07356,0231,228,969
Total central services expenditures6,529,6926,572,691(42,999)6,075,932
Less allocation to other activities6,529,6926,524,6285,0646,043,908
Net central services048,063(48,063)32,024
Year ended December 31, 2002
(with comparative actual amounts for year ended December 31, 2001)
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, 2002
(with comparative totals for December 31, 2001)
Community
DevelopmentTotals
Block GrantCommunications20022001
Assets
Investments $01,246,6381,246,6381,126,558
Accounts receivable0103,539103,539101,619
Accrued interest receivable011,84511,84513,143
Due from other funds0244,767244,767217,594
Due from other governments157,0781,202158,28017,887
Total assets$157,0781,607,9911,765,0691,476,801
Liabilities and Fund Balance
Liabilities:
Accounts payable10,50015,17325,67321,755
Salaries payable363,1073,1431,341
Due to other funds46,542046,54217,722
Due to other governments100,000113100,11334
Deferred revenue080800
Total liabilities157,07818,473175,55140,852
Fund balance:
Unreserved - undesignated01,589,5181,589,5181,435,949
Total liabilities and fund balance$157,0781,607,9911,765,0691,476,801
Page 56
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended December 31, 2002
(with comparative totals for year ended December 31, 2001)
Community
DevelopmentTotals
Block GrantCommunications20022001
Revenues:
Franchise fees$0418,153418,153473,702
Intergovernmental:
Federal grants374,4330374,433106,031
Investment income0118,782118,78276,844
Other revenue07,8997,8993,965
Total revenues374,433544,834919,267660,542
Expenditures:
Current:
Other:
Personal services6,61252,41359,02543,973
Contractual services367,821269,487637,308268,702
Commodities028,08628,08622,808
Fixed charges039,02439,02435,880
Capital outlay02,2552,2551,147
Total expenditures374,433391,265765,698372,510
Excess of revenues over
expenditures0153,569153,569288,032
Fund balance--January 1 01,435,9491,435,9491,147,917
Fund balance--December 31$01,589,5181,589,5181,435,949
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 City
Hall Debt Service Fund was established to finance and account for payment of
principal and interest on public project revenue bonds issued. Financing of this debt
service comes primarily from annual property tax appropriation.
Page 58
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Balance Sheet
December 31, 2002
(with comparative totals for December 31, 2001)
GeneralCity Hall
DebtDebtTotals
AssetsServiceService20022001
Cash$0340,066340,0660
Taxes Receivable:
Delinquent15,329015,32914,785
Allowance for uncollectible taxes(15,329)0(15,329)(14,785)
Due from other funds898,476309,0961,207,572844,736
Due from other governments3,56903,5694,681
Total assets$902,045649,1621,551,207849,417
Liabilities and Fund Balance
Fund balance:
Reserved for debt service902,045649,1621,551,207849,417
Total fund balance902,045649,1621,551,207849,417
Total liabilities and fund balance$902,045649,1621,551,207849,417
Page 59
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended December 31, 2002
(with comparative totals for year ended December 31, 2001)
GeneralCity Hall
DebtDebtTotals
ServiceService20022001
Revenues:
Taxes$737,7901,000,0001,737,790724,434
Special assessments000684,660
Interest on funds held with fiscal agent00083,407
737,7901,000,0001,737,7901,492,501
Expenditures:
Current:
Other0002,000
Debt service:
Bond principal5,885,00005,885,0003,740,000
Interest and fiscal charges2,743,642350,8383,094,4803,148,719
Total expenditures8,628,642350,8388,979,4806,890,719
Excess (deficiency) of revenue
over expenditures(7,890,852)649,162(7,241,690)(5,398,218)
Other financing sources (uses):
Operating transfer in (out):
HRA10,493,480010,493,4806,015,411
Payments for refunding bonds(2,550,000)0(2,550,000)(15,810,000)
Total other financing sources (uses)7,943,48007,943,480(9,794,589)
Excess (deficiency) of revenues
and other financing sources
over expenditures and other financing uses52,628649,162701,790(15,192,807)
Fund balance - January 1849,4170849,41716,712,468
Residual equity transfer out000(670,244)
Fund balance - December 31$902,045649,1621,551,207849,417
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, 2002
(with comparative totals for December 31, 2001)
Housing and
Redevelopment
Authority ofTotals
AssetsConstructionEdinaRevolving20022001
Cash$039,827039,82741,109
Investments013,990,51019,748,62133,739,13127,743,004
Accounts receivable0110,9432,340113,2837,731
Accrued interest receivable068,55330,64199,194171,811
Special assessments receivable:
Current001,993 1,993 11,278
Delinquent004,1214,1215,614
Deferred003,018,7483,018,7483,009,928
Bloomington0072,40072,40084,467
Due from other funds 040,193674,512714,70562,294
Due from other governments031,6002,74834,348890,082
Total assets$014,281,62623,556,12437,837,75032,027,318
Liabilities and Fund Balance
Liabilities:
Accounts payable261,65916,123584,124861,9061,616,409
Salaries payable002,3822,3823,080
Contracts payable146,20349,69131,015226,909439,279
Due to other funds4,221,616004,221,6161,848,227
Due to other governments2,230019,57621,806100,309
Deposits payable20,2890020,2893,107
Taxes Payable0072,40072,40041,196
Deferred revenue003,024,8623,024,8623,635,711
Total liabilities4,651,99765,8143,734,3598,452,1707,687,318
Fund balance(deficit):
Reserved for encumbrances1,551,0460826,7112,377,7571,392,080
Reserved for special projects00257,472257,47278,342
Unreserved:
Designated0018,737,58218,737,5828,197,305
Unreserved--undesignated(6,203,043)14,215,81208,012,76914,672,273
Total fund balance (deficit)(4,651,997)14,215,81219,821,76529,385,58024,340,000
Total liabilities and fund balance$014,281,62623,556,12437,837,75032,027,318
Page 62
CITY OF EDINA, MINNESOTA
Capital Project Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance (Deficit)
Year ended December 31, 2002
(with comparative totals for year ended December 31, 2001)
Housing and
Redevelopment
Authority ofTotals
ConstructionEdinaRevolving20022001
Revenues:
Tax increments$07,053,83607,053,8369,309,360
Special assessments00998,908998,908401,433
Intergovernmental984,4360107,3241,091,7603,322,351
Charges for services0047,33647,33652,506
Investment income0490,030418,011908,0411,040,141
Sale and rental of property01,396,6501,4291,398,0794,012,632
Other revenues0236141,552141,788164,414
Total revenues984,4368,940,7521,714,56011,639,74818,302,837
Expenditures:
Current:
Other:
Personal services067,412107,006174,418188,678
Professional fees0109,090152,818261,908218,768
Other4,270614,71575,673694,6581,400,414
Construction costs5,023,2741,513,4853,725,85110,262,6109,342,455
Total expenditures5,027,5442,304,7024,061,34811,393,59411,150,315
Excess (deficiency) of revenues
over expenditures(4,043,108)6,636,050(2,346,788)246,1547,152,522
Other financing sources (uses):
Operating transfers in (out):
General fund00900,000900,0000
General debt service fund0(10,493,480)0(10,493,480)(6,015,411)
Liquor fund00625,000625,000100,000
Utility fund00290,000290,000100,000
Art Center fund00(15,010)(15,010)(8,252)
Edinborough Park fund00(54,343)(54,343)(56,300)
Arena fund00(90,157)(90,157)(75,189)
Proceeds from sale of bonds01,400,00012,237,41613,637,4160
Total other financing sources (uses)0(9,093,480)13,892,9064,799,426(5,955,152)
Excess (deficiency) of revenues and
other financing sources over
expenditures and other financing uses(4,043,108)(2,457,430)11,546,1185,045,5801,197,370
Fund balance (deficit) --January 1(608,889)16,673,2428,275,64724,340,00022,472,386
Residual equity transfer in0000670,244
Fund balance (deficit)--December 31$(4,651,997)14,215,81219,821,76529,385,58024,340,000
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, 2002
(with comparative totals for December 31, 2001)
Swimming
AssetsUtilitiesLiquorPool
Current assets:
Cash168,59575,6610
Petty cash and change funds04,4400
Investments4,510,03200
Cash with fiscal agents000
Receivables:
Accounts06,5990
Customers1,927,59400
Interest12,09400
Special Assessments114,37400
Due from other funds340,068666,251464,004
Due from other governments2,1770173
Inventory72,7121,090,1300
Prepaid expenses000
Total current assets7,147,6461,843,081464,177
Property and equipment, net27,157,3051,594,8772,746,003
Discounts on bonds17,998014,262
Total assets$34,322,949 3,437,9583,224,442
Liabilities and Fund Equity
Current liabilities:
Accounts payable244,805363,883119,676
Salaries payable43,18848,7390
Contracts payable57,01500
Accrued interest payable43,247030,518
Due to other funds000
Due to other governments22,356105,6765
Compensated absences payable153,884112,7700
Total current liabilities564,495631,068150,199
Long-term liabilities:
Deposits payable86,81000
Deferred revenue06400
Obligation under capital lease000
Bonds payable2,630,00001,570,000
Total long-term liabilities2,716,8106401,570,000
Total liabilities3,281,305631,7081,720,199
Fund equity:
Contributed capital20,13501,255,781
Retained earnings (deficit):
Reserved for debt service438,7080155,223
Unreserved-undesignated30,582,8012,806,25093,239
Total retained earnings (deficit)31,021,5092,806,250248,462
Total liabilities and fund equity $34,322,949 3,437,9583,224,442
Page 65
GolfArtEdinborough ParkTotals
CourseArenaCenterCentennial Lake20022001
0000244,2560
4,4007007251,50011,76511,765
79,3060004,589,33810,407,669
2031,82705082,5383,287,331
7,089124,63406,522144,844132,472
00001,927,5941,934,726
00050,68162,77567,734
0000114,374115,171
191,52234,7906636,8751,733,5762,148,220
00002,3502,213
27,481013,54901,203,8721,103,909
000004,191
310,001161,95114,34096,08610,037,28219,215,401
6,705,7224,107,664358,375542,55043,212,49641,345,383
36,89813,4740082,63294,433
7,052,6214,283,089372,715638,63653,332,41060,655,217
40,64226,67919,47020,199835,354842,906
41,19021,1968,97232,303195,588126,377
2,00000059,01527,019
92,41918,36300184,547310,891
00000783,168
5,2104899602,403137,099127,476
207,94782,59739,18390,663687,044622,784
389,408149,32468,585145,5682,098,6472,840,621
11,31100098,12186,823
18,90200019,5425,040
7,60068,400019,00095,000155,000
4,930,0001,390,0000010,520,00017,625,000
4,967,8131,458,400019,00010,732,663 17,871,863
5,357,2211,607,72468,585164,56812,831,31020,712,484
02,912,094254,075396,5614,838,6465,284,049
703,430222,190001,519,5511,607,120
991,970(458,919)50,05577,50734,142,90333,051,564
1,695,400(236,729)50,05577,50735,662,45434,658,684
7,052,6214,283,089372,715638,63653,332,41060,655,217
Page 66
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
December 31, 2002
(with comparative totals for December 31, 2001)
Swimming
UtilitiesLiquorPool
Operating revenues:
Charges for sales and services:
Sales - Liquor$09,355,3660
Sales - Retail002,534
Sales - Utility8,436,85600
Sales - Concessions00110,732
Memberships00421,339
Admissions00207,880
Building rental0013,843
Rental of equipment000
Greens fees000
Other fees124,431022,633
Total operating revenues8,561,2879,355,366778,961
Operating expenses:
Cost of sales and services11,1496,965,83827,515
Personal services933,676846,319206,599
Contractual services4,376,011268,14755,672
Commodities578,237102,73952,605
Central services526,728291,08437,200
Depreciation971,01356,170168,125
Total operating expenses7,396,8148,530,297547,716
Operating income (loss)1,164,473825,069231,245
Nonoperating revenues (expenses):
Intergovernmental127,16000
Investment income90,35707,821
Interest from fiscal agents000
Donations000
Miscellaneous revenue (expense)2,77906,490
Interest and fiscal charges(105,205)0(68,199)
Interest on capital lease 000
Gain (loss) on disposal of capital assets(139,206)(23,135)(248,352)
Amortization of bond discount(2,959)0(1,105)
Total nonoperating revenues (expenses)(27,074)(23,135)(303,345)
Income (loss) before operating transfers1,137,399801,934(72,100)
Operating transfers in (out):
General fund000
Art center fund0(114,000)0
Liquor store fund000
Arena fund000
Revolving fund(290,000)(625,000)0
Total operating transfers, net(290,000)(739,000)0
Net income (loss) 847,39962,934(72,100)
Add depreciation on contributed assets4430110,263
Increase (decrease) in retained earnings847,84262,93438,163
Retained earnings (deficit) - January 130,173,6672,743,316210,299
Retained earnings (deficit) - December 31$31,021,509 2,806,250248,462
Page 67
GolfArtEdinborough ParkTotals
CourseArenaCenterCentennial Lake20022001
00009,355,3669,074,112
228,46227,91057,0570315,963355,413
00008,436,8568,293,547
259,1320023,391393,255373,534
132,1883,35231,08826,405614,372566,502
341,77659,043071,001679,700644,705
60,0281,014,1890231,7731,319,8331,257,001
325,7703,717060,356389,843384,163
1,702,06000152,9111,854,9711,970,280
378,041109,793382,246485,6231,502,7671,515,604
3,427,4571,218,004470,3911,051,46024,862,92624,434,861
282,4881,28634,13110,9477,333,3547,241,612
1,359,467428,667215,113676,8844,666,7254,472,574
400,165390,984232,864359,1766,083,0196,142,852
328,16443,20260,407173,0971,338,4511,153,468
348,204116,97670,752225,9721,616,9161,521,300
450,542325,13633,911137,0182,141,9152,142,943
3,169,0301,306,251647,1781,583,09423,180,38022,674,749
258,427(88,247)(176,787)(531,634)1,682,5461,760,112
0000127,160128,069
3,1411410395,875497,335490,708
00000137,040
0021,723021,72324,729
43,13335,946014,361102,709190
(205,923)(37,387)00(416,714)(647,970)
(610)(5,486)0(1,524)(7,620)(10,483)
(197,777)(5,918)(18,922)(48,172)(681,482)(155,229)
(5,491)(2,246)00(11,801)(39,118)
(363,527)(14,950)2,801360,540(368,690)(72,064)
(105,100)(103,197)(173,986)(171,094)1,313,8561,688,048
0000046,000
0000(114,000)(104,000)
00114,0000114,000239,000
00000(135,000)
090,15715,01054,343(755,490)(60,259)
090,157129,01054,343(755,490)(14,259)
(105,100)(13,040)(44,976)(116,751)558,3661,673,789
2,000187,35220,650124,696445,404440,951
(103,100)174,312(24,326)7,9451,003,7702,114,740
1,798,500(411,041)74,38169,56234,658,68432,543,944
1,695,400(236,729)50,05577,50735,662,45434,658,684
Page 68
CITY OF EDINA, MINNESOTA
Enterprise Funds
Combining Statement of Cash Flows
December 31, 2002
(with comparative totals for year ended December 31, 2001)
Swimming
Cash flows from operating activities:UtilitiesLiquorPool
Operating income$1,164,473825,069231,245
Adjustments to reconcile operating income
to net cash provided by operating activities
Depreciation expense971,01356,170168,125
Changes in assets and liabilities:
(Increase) decrease in accounts receivable0(5,099)0
(Increase) decrease in customer accounts receivable7,13200
(Increase) decrease in special assessments receivable79700
(Increase) decrease in due from other funds(340,068)944,725(39,589)
(Increase) decrease in due from other governments360(173)
(Increase) decrease in prepaid expense000
(Increase) decrease in inventory64,577(166,023)0
Increase (decrease) in accounts payable99,453112,302(129,122)
Increase (decrease) in salaries payable16,73414,0250
Increase (decrease) in contracts payable50,6920(10,125)
Increase (decrease) in accrued interest payable(4,855)03,652
Increase (decrease) in due to other funds(783,168)00
Increase (decrease) in due to other governments9,950(235)(278)
Increase (decrease) in compensated absences payable15,34416,4830
Increase (decrease) in deposits payable18,28000
Increase (decrease) in deferred revenue06400
Intergovernmental grants127,16000
Miscellaneous revenue2,77906,490
Total adjustments255,856972,988(1,020)
Net cash provided by (used in) operating activities1,420,3291,798,057230,225
Cash flows from noncapital financing activities:
Donations 000
Operating transfer in--General Fund000
Operating transfer (out)--Art Center0(114,000)0
Operating transfer in--Liquor Store Fund000
Operating transfer (out)--Arena000
Operating transfer in (out)--Revolving fund(290,000)(625,000)0
Net cash provided provided by (used in) noncapital financing activities(290,000)(739,000)0
Cash flows from capital and related financing activities:
Net acquisition of capital assets(1,965,178)(960,261)(905,754)
Loss on disposal of capital assets(139,206)(23,135)(248,352)
Proceeds from revenue bonds000
Principal paid on revenue bonds(325,000)0(545,000)
Increase on bond discount000
Principal paid on capital lease000
Interest received from fiscal agent000
Interest paid on capital lease000
Interest paid on bonds(105,205)0(68,199)
Net cash provided by (used in) capital and related financing activities(2,534,589)(983,396)(1,767,305)
Cash flows from investing activities:
Proceeds from sale of investments1,487,5170997,064
Purchase of investments000
Decrease in interest receivable(5,019)00
Investment income90,35707,821
Net cash provided by (used in) investing activities1,572,85501,004,885
Net increase (decrease) in cash and cash equivalents168,59575,661(532,195)
Cash and equivalents, beginning of year04,440532,195
Cash and equivalents, end of year168,59580,1010
Page 69
GolfArtEdinborough ParkTotals
CourseArenaCenterCentennial Lake20022001
258,427(88,247)(176,787)(531,634)1,682,5461,760,112
450,542325,13633,911137,0182,141,9152,142,943
(6,104)(9,533)1008,264(12,372)(17,957)
00007,132235,499
0000797(38,714)
(87,728)(33,837)904(29,763)414,644(587,830)
0000(137)2,314
(2,010)2,13701,0061,13353,497
1,04803,4930(96,905)3,937
(80,221)2,247(7,071)(5,140)(7,552)117,078
13,1668,5853,34913,35269,2115,496
(8,571)00031,996(67,544)
(100,444)(24,697)00(126,344)(16,472)
0000(783,168)783,168
122(30)(281)3759,623(228,205)
23,5607,6171,861(605)64,26056,690
(3,482)(3,500)0011,29836,230
18,902(5,040)0014,5020
0000127,160128,069
43,13335,946014,361102,709190
261,913305,03136,266138,8681,969,9022,608,389
520,340216,784(140,521)(392,766)3,652,4484,368,501
0021,723021,72324,729
0000046,000
0000(114,000)(104,000)
00114,0000114,000239,000
00000(135,000)
090,15715,01054,343(755,490)(60,259)
090,157150,73354,343(733,767)10,470
(96,203)(84,238)8,710(6,103)(4,009,027)(2,134,388)
(197,777)(5,918)(18,922)(48,172)(681,482)(155,229)
000004,620,000
(4,695,000)(1,540,000)00(7,105,000)(780,000)
00000(54,097)
(4,800)(43,200)0(12,000)(60,000)(55,000)
00000137,040
(610)(5,486)0(1,524)(7,620)(10,483)
(205,923)(37,387)00(416,714)(647,970)
(5,200,313)(1,716,229)(10,212)(67,799)(12,279,843)919,873
1,925,9341,407,816005,818,3310
00000(5,827,521)
0009,9784,95939,252
3,1411410395,875497,335490,708
1,929,0751,407,9570405,8536,320,625(5,297,561)
(2,750,898)(1,331)0(369)(3,040,537)1,283
2,755,5013,8587252,3773,299,0963,297,813
4,6032,5277252,008258,5593,299,096
Page 70
CITY OF EDINA, MINNESOTA
Utilities Fund
Balance Sheet
December 31, 2002
(with comparative amounts for December 31, 2001)
Assets20022001
Current assets:
Cash$168,5950
Investments4,510,0325,997,549
Receivables:0
Customers1,927,5941,934,726
Interest12,0947,075
Assessments114,374115,171
Due from other funds340,0680
Due from other governments2,1772,213
Inventory72,712137,289
Total current assets7,147,6468,194,023
Property and equipment, net27,157,30526,163,139
Discount on bonds17,99820,957
Total assets$34,322,94934,378,119
Liabilities and Retained Earnings
Current liabilities:
Accounts payable244,805145,352
Salaries payable43,18826,454
Contracts payable57,0156,323
Accrued interest payable43,24748,102
Due to other funds0783,168
Due to other governments22,35612,406
Compensated absences payable153,884138,540
Total current liabilities564,4951,160,345
Long-term liabilities:
Deposits payable86,81068,530
Bonds payable2,630,0002,955,000
Total liabilities3,281,3054,183,875
Fund equity:
Contributed capital20,13520,577
Retained earnings:
Reserved for debt service438,708274,998
Unreserved--undesignated30,582,80129,898,669
Total retained earnings31,021,50930,173,667
Total liabilities and retained earnings$34,322,94934,378,119
Page 71
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 2002
(with comparative amounts for year ended December 31, 2001)
20022001
Operating revenues:
Storm sewer charges$694,628585,378
Water charges2,745,3482,909,324
Sewer charges4,704,1404,496,238
Recycling281,591277,988
Sale of meters 11,14924,619
Other
Penalties51,45462,475
State Health72,97772,719
Total operating revenues8,561,2878,428,741
Operating expenses:
Cost of sales and services11,14937,816
Personal services933,676862,200
Contractual services
General costs1,097,4091,068,006
Recycling charges365,023355,695
Disposal charges2,913,5792,834,639
Commodities
General costs423,660341,010
Water purchased154,577152,089
Central services526,728498,192
Depreciation971,013912,983
Total operating expenses7,396,8147,062,630
Operating income1,164,4731,366,111
Nonoperating revenues (expenses):
Intergovernmental 127,160128,069
Investment income90,357127,339
Miscellaneous revenue (expense)2,7790
Interest and fiscal charges(105,205)(116,794)
Loss on disposal of capital assets(139,206)(67,606)
Amortization of bond discount(2,959)(2,959)
Total nonoperating expenses(27,074)68,049
Net income before operating transfers1,137,3991,434,160
Operating transfers out:
Revolving fund(290,000)(100,000)
Total operating transfers(290,000)(100,000)
Net income847,3991,334,160
Add depreciation on contributed assets443443
Increase in retained earnings847,8421,334,603
Retained earnings--January 130,173,66728,839,064
Retained earnings--December 31$31,021,50930,173,667
Page 72
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Cash Flows
Year ended December 31, 2002
(with comparative amounts for year ended year ended December 31,2001)
20022001
Cash flows from operating activities:
Operating income $1,164,4731,366,111
Adjustments to reconcile operating income
to net cash provided by operating activities:
Depreciation expense971,013912,983
Changes in assets and liabilities:
(Increase) decrease in customer accounts receivable7,132235,499
(Increase) decrease in assessments receivable797(38,714)
(Increase) decrease in due from other funds(340,068)179,441
(Increase) decrease in due from other governments362,314
(Increase) decrease in inventory64,577(49,085)
Increase (decrease) in accounts payable99,453(192,785)
Increase in salaries payable16,7341,942
Increase (decrease) in contracts payable50,692(88,240)
Increase (decrease) in accrued interest payable(4,855)(4,542)
Increase (decrease) in due to other funds(783,168)783,168
Increase (decrease) in due to other governments9,950(229,095)
Increase (decrease) in compensated absences payable15,344(7,517)
Increase in deposits payable18,28032,430
Intergovernmental grants127,160128,069
Miscellaneous revenue2,7790
Total adjustments255,8561,665,868
Net cash provided by operating activities1,420,3293,031,979
Cash flows from noncapital financing activities:
Operating transfer out(290,000)(100,000)
Net cash used in noncapital financing activities(290,000)(100,000)
Cash flows from capital and related financing activities:
Net acquisition of capital assets(1,965,178)(1,184,114)
Loss on disposal of capital assets(139,206)(67,606)
Principal paid on revenue bonds(325,000)(310,000)
Interest paid on bonds(105,205)(116,794)
Net cash used in capital financing activities(2,534,589)(1,678,514)
Cash flows from investing activities:
Proceeds from sale of investments1,487,5170
Purchase of investments0(1,417,401)
Increase of interest receivable(5,019)36,597
Investment income90,357127,339
Net cash provided by (used in) investing activities1,572,855(1,253,465)
Net increase in cash and cash equivalents168,5950
Cash and cash equivalents, beginning of year00
Cash and cash equivalents, end of year168,5950
Page 73
CITY OF EDINA, MINNESOTA
Liquor Fund
Balance Sheet
December 31, 2002
(with comparative amounts for December 31, 2001)
Assets20022001
Current assets:
Cash$75,6610
Petty cash and change funds4,4404,440
Accounts receivable6,5991,500
Due from other funds666,2511,610,976
Inventory1,090,130924,107
Total current assets1,843,0812,541,023
Property and equipment, net1,594,877690,786
Total assets$3,437,9583,231,809
Liabilities and Retained Earnings
Current liabilities:
Accounts payable363,883251,581
Salaries payable48,73934,714
Due to other governments105,676105,911
Compensated absences payable112,77096,287
Total current liabilities631,068488,493
Long-term liabilities:
Deferred revenue6400
Total liabilities631,708488,493
Retained earnings:
Unreserved--undesignated2,806,2502,743,316
Total liabilities and retained earnings $3,437,9583,231,809
Page 74
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 2002
(with comparative totals for year ended December 31, 2001)
20022001
Operating revenues:
Sales - Liquor
Deposits/refunds$49258
Liquor2,627,0212,580,511
Wine3,799,3433,663,315
Beer2,627,7222,515,077
Miscellaneous301,231314,951
Total operating revenues9,355,3669,074,112
Operating expenses:
Cost of sales and services6,965,8386,760,040
Personal services846,319784,414
Contractual services268,147250,005
Commodities102,73956,556
Central services291,084271,428
Depreciation56,17048,571
Total operating expenses8,530,2978,171,014
Operating income825,069903,098
Nonoperating revenues (expenses):
Miscellaneous revenue (expense)020
Loss on disposal of capital assets(23,135)(17,750)
Total nonoperating revenues (expenses)(23,135)(17,730)
Income before operating transfer out801,934885,368
Operating transfer out: Art Center(114,000)(104,000)
Operating transfer out: Arena0(135,000)
Operating transfer out: Revolving fund(625,000)(100,000)
(739,000)(339,000)
Net income (loss)62,934546,368
Retained earnings--January 12,743,3162,196,948
Retained earnings--December 31$2,806,2502,743,316
Page 75
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Cash Flows
Year ended December 31, 2001
(with comparative amounts for year ended December 31, 2000)
20012000
Cash flows from operating activities:$
Operating income 825,069984,077
Adjustments to reconcile operating income
to net cash provided by operating activities:
Depreciation expense56,17057,609
Changes in assets and liabilities:
(Increase) decrease in accounts receivable(5,099)(2,993)
(Increase) decrease in due from other funds944,72594,144
Increase in inventory(166,023)(98,963)
Increase (decrease) in accounts payable112,302(104,557)
Increase in salaries payable14,0253,447
Increase (decrease) in due to other governments(235)(1,091)
Increase in compensated absences payable16,48362,072
Increase in deferred revenue6400
Miscellaneous revenue (expense)0243
Total adjustments972,9889,911
Net cash provided by operating activities1,798,057993,988
Cash flows from noncapital financing activities:
Decrease in advance to other funds0145,012
Operating transfer (out)--Art Center(114,000)(139,000)
Operating transfer (out)--Arena0(81,000)
Operating transfer (out)--Revolving fund(625,000)(919,000)
Net cash used in noncapital financing activities(739,000)(993,988)
Cash flows from capital and related financing activities:
Acquisition of capital assets(960,261)23,187
Loss on disposal of capital assets(23,135)(23,187)
Net cash used in capital financing activities(983,396)0
Net increase in cash and cash equivalents75,6610
Cash and cash equivalents, beginning of year4,4404,440
Cash and cash equivalents, end of year$80,1014,440
Page 76
CITY OF EDINA, MINNESOTA
Liquor Fund
Schedule of Revenue and Operating Expenses by Location
Year ended December 31, 2002
(with comparative amounts for year ended December 31, 2001)
Totals
50th StreetYorkdaleVernon20022001
Operating revenues:
Sales - Liquor
Deposits/refunds$159(286)17649258
Liquor471,9311,329,089826,0012,627,0212,580,511
Wine891,6261,750,5561,157,1613,799,3433,663,315
Beer490,1151,388,208749,3992,627,7222,515,077
Miscellaneous62,785136,609101,837301,231314,951
Total operating revenues1,916,6164,604,1762,834,5749,355,3669,074,112
Operating expenses:
Selling:
Cost of sales and services1,409,0563,437,4822,119,3006,965,8386,760,040
Personal services128,286230,101170,294528,681498,618
Contractual services12,66312,46414,81439,94138,484
Commodities9,99019,02111,50040,51141,988
Total selling1,559,9953,699,0682,315,9087,574,9717,339,130
Occupancy:
Personal services3521,8812,3564,5897,967
Contractual services18,76731,09537,35487,21676,913
Commodities2,7873,77745,53252,0965,936
Depreciation14,36916,57925,22256,17048,571
Total occupancy36,27553,332110,464200,071139,387
Administrative:
Personal services97,071115,303100,675313,049277,829
Contractual services32,71864,92743,345140,990134,608
Commodities1,0865,0114,03510,1328,632
Central services73,020115,632102,432291,084271,428
Total administrative203,895300,873250,487755,255692,497
Total operating expenses1,800,1654,053,2732,676,8598,530,2978,171,014
Operating income$116,451550,903157,715825,069903,098
Page 77
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Balance Sheet
December 31, 2002
(with comparative amounts for December 31, 2001)
Assets20022001
Current assets:
Investments$0997,064
Cash with fiscal agents0532,195
Accounts receivable00
Due from other funds464,004424,415
Due from other governments1730
Total current assets464,1771,953,674
Property and equipment, net2,746,0032,008,374
Discount on bonds14,26215,367
Total assets$3,224,4423,977,415
Liabilities and Retained Earnings
Current liabilities:
Accounts payable119,676248,798
Contracts payable010,125
Accrued interest payable30,51826,866
Due to other governments5283
Total current liabilities150,199286,072
Long-term liabilities
Bonds payable1,570,0002,115,000
Total liabilities1,720,1992,401,072
Fund equity:
Contributed capital1,255,7811,366,044
Retained earnings:
Reserved for debt service155,22332,500
Unreserved--undesignated93,239177,799
Total retained earnings248,462210,299
Total liabilities and fund equity $3,224,4423,977,415
Page 78
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 2002
(with comparative amounts for year ended December 31, 2001)
20022001
Operating revenues:
Sales - retail$2,5343,682
Sales - concessions110,73285,538
Memberships421,339355,164
Admissions207,880153,233
Building rental13,84316,013
Other fees
Lessons22,63317,280
Total operating revenues778,961630,910
Operating expenses:
Cost of sales and services27,51525,494
Personal services206,599179,115
Contractual services55,67289,178
Commodities52,60537,522
Central services37,20033,972
Depreciation168,125143,610
Total operating expenses547,716508,891
Operating income 231,245122,019
Nonoperating revenue (expenses):
Investment income7,8212,421
Interest from fiscal agent022,200
Miscellaneous revenue6,4900
Interest and fiscal charges(68,199)(54,307)
Loss on disposal of capital assets(248,352)(25,176)
Amortization of bond discount(1,105)(2,096)
Total nonoperating expenses(303,345)(56,958)
Net income (loss)(72,100)65,061
Add depreciation on contributed assets110,263102,220
Increase in retained earnings38,163167,281
Retained earnings --January 1210,29943,018
Retained earnings --December 31$248,462210,299
Page 79
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Cash Flows
Year ended December 31, 2002
(with comparative amounts for year ended December 31, 2001)
20022001
Cash flows from operating activities:
Operating income$231,245122,019
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense168,125143,610
Changes in assets and liabilities:
Increase in accounts receivable053
Increase (decrease) in due from other funds(39,589)(181,415)
Increase (decrease) in due from other governments(173)0
Increase (decrease) in accounts payable(129,122)246,781
Increase (decrease) in contracts payable(10,125)10,125
Increase (decrease) in accrued interest payable3,652(618)
Increase (decrease) in due to other governments (278)252
Miscellaneous revenue 6,4900
Total adjustments(1,020)218,788
Net cash provided by operating activities230,225340,807
Cash flows from capital and related financing activities:
Net acquisition of capital assets(905,754)(291,640)
Loss on disposal of capital assets(248,352)(25,176)
Proceeds from revenue bonds01,040,000
Principal paid on revenue bonds(545,000)(25,000)
Increase on bond discount0(12,172)
Interest received from fiscal agent022,200
Interest paid on bonds(68,199)(54,307)
Net cash provided by (used in) capital and related financing activities(1,767,305)653,905
Cash flows from investing activities:
Proceeds from sale of investments997,0640
Purchase of investments 0(997,064)
Investment income 7,8212,421
Net cash provided by (used in) investing activities1,004,885(994,643)
Net increase (decrease) in cash and cash equivalents(532,195)69
Cash and cash equivalents, beginning of year532,195532,126
Cash and cash equivalents, end of year $0532,195
Page 80
CITY OF EDINA, MINNESOTA
Golf Course Fund
Balance Sheet
December 31, 2002
(with comparative amounts for December 31, 2001)
Assets20022001
Current assets:
Petty cash and change funds$4,4004,400
Investments79,3062,005,240
Cash with fiscal agents2032,751,101
Accounts receivable7,089985
Due from other funds191,522103,794
Inventory27,48125,471
Prepaid expenses01,048
Total current assets310,0014,892,039
Property and equipment, net6,705,7227,060,061
Discount on bonds36,89842,389
Total assets$7,052,62111,994,489
Liabilities and Retained Earnings
Current liabilities:
Accounts payable40,642120,863
Salaries payable41,19028,024
Contracts payable2,00010,571
Accrued interest payable92,419192,863
Due to other governments5,2105,088
Compensated absences payable207,947184,387
Total current liabilities389,408541,796
Long-term liabilities:
Deposits payable11,31114,793
Deferred revenue18,9020
Obligation under capital lease7,60012,400
Bonds payable4,930,0009,625,000
Total liabilities5,357,22110,193,989
Fund Equity:
Contributed capital02,000
Retained earnings:
Reserved for debt service703,4301,115,031
Unreserved--undesignated991,970683,469
Total retained earnings1,695,4001,798,500
Total liabilities and retained earnings$7,052,62111,994,489
Page 81
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 2002
(with comparative amounts for year ended December 31, 2001)
20022001
Operating revenues:
Sales - retail
Pro shop$222,024260,948
Miscellaneous6,4383,817
Sales - concessions259,132266,438
Memberships132,188147,406
Admissions341,776363,992
Building rental60,02867,412
Rental of equipment
Golf cars297,560297,880
Golf carts/clubs26,77825,813
Miscellaneous equipment1,432878
Green fees1,702,0601,809,966
Other fees
Driving range328,845342,477
Lessons48,17663,598
Miscellaneous1,020900
Total operating revenues3,427,4573,651,525
Operating expenses:
Cost of sales and services282,488368,721
Personal services1,359,4671,378,623
Contractual services400,165518,200
Commodities328,164278,340
Central services348,204322,380
Depreciation450,542512,198
Total operating expenses3,169,0303,378,462
Operating income258,427273,063
Nonoperating revenues (expenses):
Investment income3,1415,274
Interest from fiscal agent0114,840
Miscellaneous revenue43,133170
Interest and fiscal charges(205,923)(389,805)
Interest on capital lease (610)(839)
Gain (loss) on disposal of capital assets(197,777)(12,035)
Amortization of bond discount(5,491)(24,485)
Total nonoperating expenses(363,527)(306,880)
Net loss(105,100)(33,817)
Add depreciation on contributed assets2,000800
Decrease in retained earnings(103,100)(33,017)
Retained earnings--January 11,798,5001,831,517
Retained earnings--December 31$1,695,4001,798,500
Page 82
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Cash Flows
Year ended December 31, 2002
(with comparative amounts for year ended December 31, 2001)
20022001
Cash flows from operating activities:$
Operating income 258,427273,063
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense450,542512,198
Changes in assets and liabilities:
(Increase) decrease in accounts receivable(6,104)1,474
Increase in due from other funds(87,728)(48,821)
(Increase) decrease in prepaid expense(2,010)56,640
(Increase) decrease in inventory1,048(1,048)
Increase (decrease) in accounts payable(80,221)59,147
Increase in salaries payable13,1661,480
Increase (decrease) in contracts payable(8,571)10,571
Increase (decrease) in accrued interest payable(100,444)(8,267)
Increase (decrease) in due to other governments122(523)
Increase in compensated absences payable23,56020,216
Increase (decrease) in deposits payable(3,482)3,800
Increase in deferred revenue18,9020
Miscellaneous revenue43,133170
Total adjustments261,913607,037
Net cash provided by operating activities520,340880,100
Cash flow from capital and related financing activities:
Net acquisition of capital assets(96,203)(426,563)
Gain (loss) on disposal of capital assets(197,777)(12,035)
Proceeds from revenue bonds02,190,000
Principal paid on revenue bonds(4,695,000)(325,000)
Increase on bond discount0(25,831)
Principal paid on capital lease(4,800)(4,400)
Interest received from fiscal agent0114,840
Interest paid on capital lease(610)(839)
Interest paid on bonds(205,923)(389,805)
Net cash provided by (used in) capital and related financing activities(5,200,313)1,120,367
Cash flow from investing activities:
Proceeds from sale of investments1,925,9340
Purchase of investments 0(2,005,240)
Investment income 3,1415,274
Net cash provided by (used in) investing activities1,929,075(1,999,966)
Net increase (decrease) in cash and cash equivalents(2,750,898)501
Cash and cash equivalents, beginning of year2,755,5012,755,000
Cash and cash equivalents, end of year 4,6032,755,501
Page 83
CITY OF EDINA, MINNESOTA
Golf Course Fund
Schedule of Operating Expenses
Year ended December 31, 2002
(with comparative amounts for year ended December 31, 2001)
20022001
Administration
Personal services$794,630842,944
Contractual services181,546239,077
Commodities145,604166,010
Central services326,088301,824
Total administration1,447,8681,549,855
Clubhouse
Personal services52,41536,994
Contractual services88,17897,020
Commodities45,86535,157
Total clubhouse186,458169,171
Grill:
Cost of sales and services97,160101,795
Personal services105,99895,221
Contractual services15,90416,747
Commodities22,09026,001
Total grill241,152239,764
Golf Cars:
Personal services44,48834,098
Contractual services3,9405,989
Commodities67,8829,694
Total range and grill116,31049,781
Range:
Personal services108,952119,019
Contractual services2,1281,982
Commodities15,42515,246
Total range and grill126,505136,247
Richards:
Cost of sales and services8,9408,887
Personal services105,957108,814
Contractual services11,09117,174
Commodities13,88219,012
Total Richards139,870153,887
Pro Shop
Cost of sales and services175,223256,778
Personal services54,82954,291
Contractual services2,4916,129
Commodities2,2912,660
234,834319,858
Golf dome:
Cost of sales and services1,1651,261
Personal services92,19887,242
Contractual services94,887134,082
Commodities15,1254,560
Central services22,11620,556
Total golf dome225,491247,701
Depreciation450,542512,198
Total operating expenses$3,169,0303,378,462
Page 84
CITY OF EDINA, MINNESOTA
Arena Fund
Balance Sheet
December 31, 2002
(with comparative amounts for December 31, 2001)
Assets20022001
Current assets:
Petty cash and change funds$700700
Investments01,407,816
Cash with fiscal agents1,8273,158
Accounts receivable124,634115,101
Due from other funds34,790953
Prepaid expenses02,137
Total current assets161,9511,529,865
Property and equipment, net4,107,6644,348,562
Discount on bonds13,47415,720
Total assets$4,283,0895,894,147
Liabilities and Retained Earnings
Current liabilities:
Accounts payable26,67924,432
Salaries payable21,19612,611
Accrued interest payable18,36343,060
Due to other governments489519
Compensated absences payable82,59774,980
Total current liabilities149,324155,602
Long-term liabilities:
Deposits payable03,500
Deferred revenue05,040
Obligation under capital lease68,400111,600
Bonds payable1,390,0002,930,000
Total liabilities1,607,7243,205,742
Fund equity:
Contributed capital2,912,0943,099,446
Retained earnings:
Reserved for debt service222,190184,591
Unreserved--undesignated(458,919)(595,632)
Total retained earnings (deficit)(236,729)(411,041)
Total liabilities and retained earnings$4,283,0895,894,147
Page 85
CITY OF EDINA, MINNESOTA
Arena Fund
Statement of Revenues, Expenses and Changes in Retained Earnings (Deficit)
Year ended December 31, 2002
(with comparative amounts for year ended December 31, 2001)
20022001
Operating revenues:
Sales - retail$27,91034,410
Memberships3,3524,069
Admissions59,04366,372
Building rental1,014,189939,704
Rental of equipment3,7173,716
Other fees
Lessons88,22381,948
Skate sharpening21,57017,853
Total operating revenues1,218,0041,148,072
Operating expenses:
Cost of sales and services1,286933
Personal services428,667415,488
Contractual services390,984403,947
Commodities43,20244,460
Central services116,976110,316
Depreciation325,136324,101
Total operating expenses1,306,2511,299,245
Operating loss(88,247)(151,173)
Nonoperating revenues (expenses):
Investment income1413,418
Miscellaneous revenue35,9460
Interest and fiscal charges(37,387)(87,064)
Interest on capital lease (5,486)(7,547)
Loss on disposal of capital assets(5,918)(5,086)
Amortization of bond discount(2,246)(9,578)
Total nonoperating expenses(14,950)(105,857)
Net loss before operating transfer in(103,197)(257,030)
Operating transfer in:
Liquor store fund0135,000
Revolving fund90,15775,189
Total operating transfers90,157210,189
Net Income (loss)(13,040)(46,841)
Add depreciation on contributed assets187,352187,352
Increase (decrease) in retained earnings174,312140,511
Retained earnings (deficit)--January 1(411,041)(551,552)
Retained earnings (deficit)--December 31$(236,729)(411,041)
Page 86
CITY OF EDINA, MINNESOTA
Arena Fund
Statement of Cash Flows
Year ended December 31, 2002
(with comparative amounts for year ended December 31, 2001)
20022001
Cash flows from operating activities:
Operating income (loss)$(88,247)(151,173)
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense325,136324,101
Changes in assets and liabilities:
Increase in accounts receivable(9,533)(6,465)
(Increase) decrease in due from other funds(33,837)(385)
(Increase) decrease in prepaid expenses2,137(2,137)
Increase (decrease) in accounts payable2,247(15,251)
Increase (decrease) in salaries payable8,585(2,291)
Decrease in accrued interest payable(24,697)(3,045)
Increase (decrease) in due to other governments(30)169
Increase(decrease) in compensated absences payable7,6176,540
Increase(decrease) in deposits payable(3,500)0
Increase(decrease) in deferred revenue(5,040)0
Miscellaneous revenue35,9460
Total adjustments305,031301,236
Net cash provided by (used in) operating activities216,784150,063
Cash flows from noncapital financing activities:
Operating transfer in--Liquor Fund0135,000
Operating transfer in--Revolving Fund90,15775,189
Net cash provided by noncapital financing activities90,157210,189
Cash flows from capital and related financing activities:
Net acquisition of capital assets(84,238)(70,257)
Loss on disposal of capital assets(5,918)(5,086)
Proceeds from revenue bonds01,390,000
Principal paid on revenue bonds(1,540,000)(120,000)
Increase on bond discount 0(16,094)
Principal paid on capital lease(43,200)(39,600)
Interest paid on capital lease (5,486)(7,547)
Interest paid on bonds(37,387)(87,064)
Net cash provided by (used in) capital and related financing activities(1,716,229)1,044,352
Cash flows from investing activities:
Proceeds from sale of investments1,407,8160
Purchase of investments 0(1,407,816)
Investment income 1413,418
Net cash provided by (used in) investing activities1,407,957(1,404,398)
Net increase (decrease) in cash and cash equivalents(1,331)206
Cash and cash equivalents, beginning of year3,8583,652
Cash and cash equivalents, end of year $2,5273,858
Page 87
CITY OF EDINA, MINNESOTA
Art Center Fund
Balance Sheet
December 31, 2002
(with comparative amounts for December 31, 2001)
Assets20022001
Current assets:
Petty cash and change funds$725725
Accounts receivable0100
Due from other funds66970
Inventory13,54917,042
Total current assets14,34018,837
Property and equipment, net358,375400,996
Total assets$372,715419,833
Liabilities and Retained Earnings
Current liabilities:
Accounts payable19,47026,541
Salaries payable8,9725,623
Due to other governments9601,241
Compensated absences payable39,18337,322
Total liabilities68,58570,727
Fund equity:
Contributed capital254,075274,725
Retained earnings:
Unreserved--undesignated50,05574,381
Total retained earnings50,05574,381
Total liabilities and retained earnings$372,715419,833
Page 88
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 2002
(with comparative amounts for year ended December 31, 2001)
20022001
Operating revenues:
Sales - retail$57,05752,556
Memberships31,08832,768
Other fees
Class fees299,588298,617
Firing fees16,78313,284
Media studio fees65,70565,972
Misc fees170373
Total operating revenues470,391463,570
Operating expenses:
Cost of goods and services34,13135,966
Personal services215,113205,249
Contractual services232,864244,171
Commodities60,40766,216
Central services70,75264,248
Depreciation33,91146,026
Total operating expenses647,178661,876
Operating loss(176,787)(198,306)
Nonoperating revenues (expenses):
Donations21,72324,729
Loss on disposal of capital assets(18,922)(6,726)
Total nonoperating revenues (expenses)2,80118,003
Net loss before operating transfer in(173,986)(180,303)
Operating transfer in
Liquor store fund114,000104,000
Revolving fund15,0108,252
Total operating transfers129,010112,252
Net loss(44,976)(68,051)
Add depreciation on contributed assets20,65017,201
Decrease in retained earnings(24,326)(50,850)
Retained earnings--January 174,381125,231
Retained earnings-- December 31$50,05574,381
Page 89
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Cash Flows
Year ended December 31, 2002
(with comparative amounts for year ended December 31, 2001)
20022001
Cash flows from operating activities:
Operating loss$(176,787)(198,306)
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense33,91146,026
Changes in assets and liabilities:
(Increase) decrease in accounts receivable100(100)
(Increase) decrease in due from other funds9047,648
(Increase) decrease in inventory3,493(1,549)
Increase (decrease) in accounts payable(7,071)9,798
Increase in salaries payable3,349780
Increase (decrease) in due to other governments(281)506
Increase in compensated absences payable1,8616,917
Total adjustments36,26670,026
Net cash used in operating activities(140,521)(128,280)
Cash flows from noncapital financing activities:
Donations 21,72324,729
Operating transfer in--Liquor Store114,000104,000
Operating transfer in--Revolving fund15,0108,252
Net cash provided by noncapital financing activities150,733136,981
Cash flow from capital and related financing activities:
Net acquisition of capital assets8,710(1,525)
Loss on disposal of capital assets(18,922)(6,726)
Net cash used in capital and related financing activities(10,212)(8,251)
Net increase in cash and cash equivalents0450
Cash and cash equivalents, beginning of year725275
Cash and cash equivalents, end of year 725725
Page 90
CITY OF EDINA, MINNESOTA
Edinborough Park/Centennial Lake Fund
Balance Sheet
December 31, 2002
(with comparative amounts for December 31, 2001)
Assets20022001
Current assets:
Petty cash and change funds$1,5001,500
Cash with fiscal agents508877
Accounts receivable6,52214,786
Accrued interest receivable50,68160,659
Due from other funds36,8757,112
Prepaid expenses01,006
Total current assets96,08685,940
Property and equipment, net542,550673,465
Total assets$638,636759,405
Liabilities and Retained Earnings
Current liabilities:
Accounts payable20,19925,339
Salaries payable32,30318,951
Due to other governments2,4032,028
Compensated absences payable90,66391,268
Total current liabilities145,568137,586
Long-term liabilities:
Obligation under capital lease19,00031,000
Total liabilities164,568168,586
Fund equity:
Contributed capital396,561521,257
Retained earnings:
Unreserved--undesignated77,50769,562
Total retained earnings77,50769,562
Total liabilities and retained earnings$638,636759,405
Page 91
CITY OF EDINA, MINNESOTA
Edinborough Park/Centennial Lake Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 2002
(with comparative amounts for year ended December 31, 2001)
20022001
Operating revenues:
Sales - concessions$23,39121,558
Memberships26,40527,095
Admissions71,00161,108
Building rental231,773233,872
Rental of equipment60,35655,876
Green fees152,911160,314
Other fees
Programs21,28022,611
Association fees461,746453,969
Miscellaneous2,5971,528
Total operating revenues1,051,4601,037,931
Operating expenses:
Cost of sales and services10,94712,642
Personal services676,884647,485
Contractual services359,176379,011
Commodities173,097177,275
Central services225,972220,764
Depreciation137,018155,454
Total operating expenses1,583,0941,592,631
Operating loss(531,634)(554,700)
Nonoperating revenues (expenses):
Investment income395,875352,256
Miscellaneous revenue14,3610
Interest on capital lease(1,524)(2,097)
Loss on disposal of capital assets(48,172)(20,850)
Total nonoperating revenues 360,540329,309
Net loss before operating transfers(171,094)(225,391)
Operating transfer in:
General fund046,000
Revolving fund54,34356,300
Total operating transfers54,343102,300
Net loss (116,751)(123,091)
Add depreciation on contributed assets124,696132,935
Increase in retained earnings7,9459,844
Retained earnings--January 169,56259,718
Retained earnings--December 31$77,50769,562
Page 92
CITY OF EDINA, MINNESOTA
Edinborough Park/Centennial Lake Fund
Statement of Cash Flows
Year ended December 31, 2002
(with comparative amounts for year ended December 31, 2001)
20022001
Cash flows from operating activities:
Operating loss$(531,634)(554,700)
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense137,018155,454
Changes in assets and liabilities:
(Increase) decrease in accounts receivable8,264(14,412)
(Increase) decrease in due from other funds(29,763)15,320
(Increase) decrease in prepaid expense1,006(1,006)
(Increase) decrease in accounts payable(5,140)(1,135)
Increase in salaries payable13,3521,127
(Increase) decrease in due to other government375(1,931)
Increase (decrease) in compensated absences payable(605)13,169
Miscellaneous revenue14,3610
Total adjustments138,868166,586
Net cash used in operating activities(392,766)(388,114)
Cash flows from noncapital financing activities:
Operating transfer in - General Fund046,000
Operating transfer in - Revolving Fund54,34356,300
Net cash provided by noncapital financing activities54,343102,300
Cash flow from capital financing activities:
Net acquisition of capital assets(6,103)(35,093)
Loss on disposal of capital assets(48,172)(20,850)
Principal paid on capital lease(12,000)(11,000)
Interest paid on capital lease(1,524)(2,097)
Net cash used in capital financing activities(67,799)(69,040)
Cash flows from investing activities:
Decrease in interest receivable9,9782,655
Investment income395,875352,256
Net cash provided by investing activities405,853354,911
Net increase (decrease) in cash and cash equivalents(369)57
Cash and cash equivalents, beginning of year2,3772,320
Cash and cash equivalents, end of year $2,0082,377
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.
Public Safety Training Facility Fund: This fund is used to account for various
deposits made by the members of the Joint Powers Organization which includes
Bloomington, Eden Prairie, and the Metropolitan Airports Commission and payments
made to various organizations for constructing and operating a Public Safety
Training Facility.
Page 94
CITY OF EDINA, MINNESOTA
Trust and Agency Funds
Combining Balance Sheet
Year ended December 31, 2002
(with comparative totals for December 31, 2001)
Expendable
Trust Agency
DeferredPolice Public Safety Totals
CompensationSeizureTraining Facility 20022001
Assets:
Cash$0248,7002,700251,400143,888
Investments004,990,5334,990,533119,159
Cash and investments with
plan administrators3,687,756003,687,7562,510,513
Accrued interest receivable004084080
Due from other governments00006,420
Total assets $3,687,756248,7004,993,641 8,930,0972,779,980
Liabilities:
Accounts payable $0095,35295,3527,981
Due to other funds000013,478
Due to other governments0248,7004,898,2895,146,989248,008
Total liabilities 0248,7004,993,6415,242,341269,467
Fund equity:
Reserved for deferred
compensation plan participants3,687,756003,687,7562,510,513
Total liabilities and fund balances$3,687,756248,7004,993,6418,930,0972,779,980
Page 95
CITY OF EDINA, MINNESOTA
Deferred Compensation Expendable Trust Fund
Balance Sheet
Year ended December 31, 2002
(with comparative totals for December 31, 2001)
20022001
Assets:
Cash and cash equivalents $3,687,7563,980,984
Liabilities and fund balances:
Fund balance:
Reserved for deferred
compensation plan participants $3,687,7563,980,984
Page 96
CITY OF EDINA, MINNESOTA
Agency Fund
Statement of Revenues, Expenditures and Changes in Fund Balances
Year ended December 31, 2002
(with comparative totals for December 31, 2001)
20022001
Revenues:
Net depreciation
in fair value of investments$(513,243)(250,750)
Employee contributions 372,015316,813
Total revenues(141,228)66,063
Expenditures:
Distributions to plan participants145,61378,826
Administrative expense6,3876,031
Total expenditures152,00084,857
Excess of revenues over expenditures(293,228)(18,794)
Fund balance - January 1 3,980,9843,999,778
Fund balance - December 31$3,687,7563,980,984
Page 97
CITY OF EDINA, MINNESOTA
Agency Funds
Statement of Changes in Assets and Liabilities
Year ended December 31, 2002
BalanceBalance
1/1/02AdditionsDeductions12/31/02
Police Seizure Fund
Assets:
Cash$209,19839,5020248,700
Liabilities:
Due to other funds41,678041,6780
Due to other governments167,52081,1800248,700
$209,19881,18041,678248,700
Public Safety Training Facility Fund
Assets:
Cash 02,7000 2,700
Investments 04,990,5330 4,990,533
Accrued interest receivable 04080 408
Total assets 04,993,64104,993,641
Liabilities:
Accounts payable 095,3520 95,352
Due to other governments 04,898,2890 4,898,289
Total liabilities 04,993,64104,993,641
Totals--All Agency Funds
Assets:
Cash$209,19842,2020251,400
Investments04,990,53304,990,533
Accrued interest receivable04080408
Total assets$209,1985,033,14305,242,341
Liabilities:
Accounts payable $095,352095,352
Due to other funds41,678041,6780
Due to other governments167,5204,979,46905,146,989
Total liabilities209,1985,074,82141,6785,242,341
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, 2002
(with comparative amounts for December 31, 2001)
20022001
General fixed assets:
Land and land improvements$41,055,28739,321,470
Buildings19,008,69820,697,983
Furniture and fixtures588,433913,716
Vehicles and equipment9,804,0099,881,250
Parks19,888,65619,892,698
Construction-in-progress17,699,9015,328,382
Total general fixed assets108,044,98496,035,499
Investment in joint venture979,6580
Total general fixed asset account group$109,024,64296,035,499
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, 2002
(with comparative amounts for December 31, 2001)
20022001
Amount available and to be provided
for the retirement of long-term debt:
General Obligation Bonds:
Amount to be provided by tax increment financing$40,855,00047,590,000
Amount to be provided by property taxes19,655,0027,613,913
Compensated absences:
Amount to be provided by revenue sources2,627,6692,354,817
Total available and to be provided$63,137,67157,558,730
General long-term debt payable:
Accrued compensated absences2,627,6692,354,817
Obligation under capital lease payable295,002363,913
Revenue bonds payable12,410,0000
General obligation bonds payable47,805,00054,840,000
Total general long-term debt payable$63,137,67157,558,730
Supplementary Schedules
Page 102
CITY OF EDINA, MINNESOTA
Combined Schedule of Bonded Indebtedness
December 31, 2002
Final
InterestIssuematurity
ratedatedate
Bonded indebtedness:
Tax Increment Bonds:
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
Tax Increment Bonds, Series 2002B3.0008/05/0202/01/12
General Obligation Bonds:
General Obligation Park & Rec Bonds, Series 1996B4.25 - 5.7508/01/9602/01/17
Public Project Revenue Bonds:
Public Project Revenue, Series 20024.25 - 5.7501/01/0202/01/21
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
2002 PercentIndebtedness
paid by taxAuthorizedDue in 2003
leviesand issuedRedeemedOutstandingPrincipalInterest
None19,580,00010,600,0008,980,0002,455,000394,150
None11,250,0002,475,0008,775,000800,000514,363
None5,090,000550,0004,540,000200,000233,518
None2,620,000210,0002,410,000220,000105,418
None3,565,0003,565,000000
None15,820,0001,070,00014,750,0001,325,000641,880
None1,400,00001,400,00000
59,325,00018,470,00040,855,0005,000,0001,889,329
None 8,090,0001,140,0006,950,000325,000370,388
8,090,0001,140,0006,950,000325,000370,388
None12,410,000012,410,000375,00015,000
12,410,000012,410,000375,00015,000
None3,975,0003,975,000000
None4,650,0004,650,000000
None3,600,000970,0002,630,000335,00098,013
None3,270,000 0 3,270,000220,000132,420
None4,620,000 0 4,620,000525,000143,059
20,115,0009,595,00010,520,0001,080,000373,492
$99,940,00029,205,00070,735,0006,780,0002,648,209
Page 104
Exhibit 2
CITY OF EDINA, MINNESOTA
Schedule of Changes in Bonded Indebtedness
Year ended December 31, 2002
BalanceBalance
January 1IssuedRedeemedDecember 31
Tax Increment Bonds$47,590,0001,400,0008,135,00040,855,000
General Obligation Bonds7,250,0000300,0006,950,000
Public Project Revenue Bonds012,410,000012,410,000
Revenue Bonds17,625,00007,105,00010,520,000
$72,465,00013,810,00015,540,00070,735,000
Page 105
Exhibit 3
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable
December 31, 2002
IssueInterestMaturityPrincipal
dateratedateamount
Tax Increment Bonds:
$19,580,000 Tax Increment
Refunding Bond, Series 1993A5/1/93
$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
8,980,000
$11,250,000 Tax Increment
Taxable Refunding Bond, Series 1996A3/1/96
$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
8,775,000
$5,090,000 Tax Increment
Temporary Bond, Series 1997B4/7/97
$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
4,540,000
$2,620,000 Tax Increment
Bond, Series 2000A9/6/00
$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
2,410,000
(Continued)
Page 106
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
IssueInterestMaturityPrincipal
dateratedateamount
$1,400,000 Tax Increment
Bond, Series 2002B8/5/023.00
$0 2/1/030
$0 2/1/040
$0 2/1/050
$0 2/1/060
$0 2/1/070
$0 2/1/080
$0 2/1/090
$0 2/1/100
$0 2/1/110
$1,400,0002/1/121,400,000
1,400,000
$15,820,000 Tax Increment
Refunding Bond, Series 2000C11/6/004.50 - 4.65
$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
14,750,000
Total tax increment bonds 40,855,000
General Obligation Bonds:
$8,090,000 General Obligation Park & Rec
Bond, Series 1996B8/1/96
$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 6,950,000
(Continued)
Page 107
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
IssueInterestMaturityPrincipal
dateratedateamount
$12,410,000 Public Project
Revenue Bonds, Series 2002A1/1/02
$375,000 4.25 - 5.752/1/03375,000
$440,000 2/1/04440,000
$460,000 2/1/05460,000
$480,000 2/1/06480,000
$505,000 2/1/07505,000
$525,000 2/1/08525,000
$550,000 2/1/09550,000
$575,000 2/1/10575,000
$600,000 2/1/11600,000
$630,000 2/1/12630,000
$660,000 2/1/13660,000
$690,000 2/1/14690,000
$725,000 2/1/15725,000
$760,000 2/1/16760,000
$800,000 2/1/17800,000
$840,000 2/1/18840,000
$885,000 2/1/19885,000
$930,000 2/1/20930,000
$980,000 2/1/21980,000
Total Public Project Bonds 12,410,000
Revenue Bonds:
$3,600,000 Utility Revenue
Revenue Bond, Series 1999A5/3/99
$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
2,630,000
$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
(Continued)
Page 108
Exhibit 3, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
IssueInterestMaturityPrincipal
dateratedateamount
$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 10,520,000
Total bonds payable 70,735,000
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Page 110
Exhibit 5
CITY OF EDINA, MINNESOTA
Assessed Valuation, Tax Levies and Mill Rates
(shown by year of tax collectibility)
19992000200120022003
Assessed valuation/tax capacity$85,963,83690,806,94799,650,35872,583,69477,665,879
Increment valuation(6,230,928)(7,087,107)(8,559,204)(6,513,676)(6,909,331)
Contribution to fiscal disparities pool(7,511,473)(9,014,784)(10,127,351)(6,893,865)(7,587,409)
Received from fiscal disparities pool2,199,2242,460,9132,752,1491,830,3481,975,365
Taxable valuation$74,420,65977,165,96983,715,95261,006,50165,144,504
Tax levies:
General Fund$13,284,96213,650,15814,438,34615,990,25616,171,875
Public Project Revenue0001,000,0001,026,437
Certificates of Indebtedness 0000586,163
Total tax levies 13,284,96213,650,15814,438,34616,990,25617,784,475
Tax Capacity Rate:
General Fund $17.81017.66917.23327.80627.139
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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
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%
200277,665,8796,913,942,400 1.12%
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
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
200227.806 -27.80618.50450.4097.707104.426
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Page 118
Table 8
CITY OF EDINA, MINNESOTA
Computation of Overlapping Debt
December 31, 2002
(Unaudited - see accompanying auditors' report)
PercentageAmount
applicableapplicable
Net debtto City ofto City of
JurisdictionoutstandingEdinaEdina
City of Edina$46,457,361100.00%$46,457,361
Hennepin County320,455,6277.07%22,656,213
ISD #273 (Edina)26,258,11997.64%25,638,427
ISD #270 (Hopkins)84,660,3678.25%6,984,480
ISD #271 (Bloomington)139,427,8820.01%13,943
ISD #272 (Eden Prairie)93,875,1831.01%948,139
ISD #280 (Richfield)54,569,19417.89%9,762,429
ISD #283 (St. Louis Park)51,267,6010.01%5,127
Metro Council155,050,0005.28%8,186,640
Hennepin Regional RR Authority48,803,8037.59%3,704,209
Hennepin County Regional Parks25,281,21710.08%2,548,347
$126,905,315
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
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%
20025,885,0003,094,480 8,979,480 30,675,141 29.27%
Notes: (a) Includes General, Special Revenue, and Debt Service Funds.
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Page 122
Table 12
CITY OF EDINA, MINNESOTA
Principal Taxpayers
December 31, 2002
(Unaudited - see accompanying auditors' report)
2002 tax
TaxpayerType of Businesscapacity
SouthdaleShopping center$1,950,996
Southdale Office ParkOffice building848,094
GalleriaShopping center784,882
Centennial Lakes Phase IVOffice building568,808
Centennial Lakes Phase VOffice building553,106
United Health Care CorporationOffice building539,116
7700 France Office building473,950
Southdale Medical BuildingOffice building451,904
Centennial Lakes RetailRetail 344,974
Centennial Lakes Phase IIOffice building344,974
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 FoodsGrocery Stores650
Health Risk Management Inc.Insurance Carrier552
Marshall FieldsDepartment Store500
J.C. PenneyDepartment Store400
Norwest FundingMortgage Bankers & Correspondents358
Nash Finch Co.Grocery Stores350
International Dairy Queen Inc.Full-Service Restaurants300
Roach Organization Inc.Electronics & Appliance Stores140
Techpower Inc.Employment Services120
Source: City of Edina "Community Profile", Minnesota Department of Trade and Economic
Development, 2002
Page 124
Table 14
CITY OF EDINA, MINNESOTA
Labor Force Data
December 31, 2002
(Unaudited - see accompanying auditors' report)
December 2002December 2001
CivilianUnemploymentCivilianUnemployment
Labor ForceRateLabor ForceRate
Hennepin County695,6583.5%678,2963.5%
Mpls.-St. Paul MSA1,828,8663.8%1,776,7763.5%
State of Minnesota2,888,0664.0%2,887,8694.0%
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 (estimated June 2001)47,465
2002 (estimated June 2001)47,465
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, 2002
Accounted
OriginalAmendedfor inCurrentAmount
budgetbudgetprior yearsyearremaining
Sources of funds:
Bond proceeds$2,200,0005,280,0005,251,998028,002
Tax increments
received031,748,48919,093,742849,75611,804,991
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
funds02,000,0002,413,109108,760(521,869)
Other073,88173,88100
Total sources of
funds3,000,00041,467,70728,605,476958,51611,903,715
Uses of funds:
Land acquisition0873,061873,06100
Installation of public
utilities and
improvements3,000,0007,867,0347,862,03205,002
Bond payments
Principal05,280,0002,200,000700,0002,380,000
Interest04,738,3293,888,974141,300708,055
Administrative costs01,230,0001,205,451024,549
Paid to other governments021,00010,696010,304
Work orders016,25716,25700
Contingencies011,64411,64400
Interest0463,037463,03700
Miscellaneous062,09563,0100(915)
Transfer010,000,0005,973,8882,183,3351,842,777
Total uses of funds3,000,00030,562,45722,568,0503,024,6354,969,772
Funds remaining (or
deficient)010,905,2506,037,426(2,066,119)6,933,943
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, 2002
Accounted
OriginalAmendedfor inCurrentAmount
budgetbudgetprior yearsyearremaining
Sources of funds:
Bond proceeds$6,165,17721,470,00020,219,85201,250,148
Tax increments
received075,000,00041,579,7892,704,78030,715,431
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
funds03,500,0002,500,53773,944925,519
Other050,0001,357048,643
Total sources of
funds6,763,182104,530,31767,132,8712,778,72434,618,722
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
Principal021,470,00014,565,0001,515,0005,390,000
Interest020,100,00019,038,322358,492703,186
Administrative costs194,7001,800,0001,674,3440125,656
Paid to other governments0110,00049,17735660,467
Transfers out017,000,0006,606,312010,393,688
Interest reduction01,850,000001,850,000
Parkland dedication fees0767,852767,85200
Total uses of funds9,763,18293,297,85264,342,2311,873,84827,081,773
Funds remaining (or
deficient)(3,000,000)11,232,4652,790,640904,8767,536,949
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, 2002
Accounted
OriginalAmendedfor inCurrentAmount
budgetbudgetprior yearsyearremaining
Sources of funds:
Bond proceeds$4,500,0009,900,0008,075,9151,400,000424,085
Tax increments
received029,737,1078,383,796699,78520,653,526
Real estate sales04,700,0004,005,6941,396,650(702,344)
Interest on invested
funds0300,000696,501109,203(505,704)
Other0059,8680(59,868)
Total sources of
funds4,500,00044,637,10721,221,7743,605,63819,809,695
Uses of funds:
Land acquisition 06,500,0003,418,638151,909 2,929,453
Installation of public
utilities and
improvements4,310,00017,127,0008,591,9981,146,8477,388,155
Bond payments
Principal09,900,0001,650,0003,977,5554,272,445
Interest09,190,0002,042,057359,5606,788,383
Loan/note interest00323,519462,806(786,325)
Paid to other governments00186,4792,814(189,293)
Administrative costs190,0001,920,1071,196,00474,047650,056
Total uses of funds4,500,00044,637,10717,408,6956,175,53821,052,874
Funds remaining (or
deficient)$003,813,079(2,569,900)(1,243,179)
Cost to authority Price paid by developer
*Real estate sales
5229 Eden Ave.$1,822,319
5220 Eden Circle995,000
5244 Eden Circle
(Condemnation deposit)309,937
5201 Eden Circle443,2912,070,119
Project area4,005,694
$3,570,5476,075,813
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, 2002
Accounted
OriginalAmendedfor inCurrentAmount
budgetbudgetprior yearsyearremaining
Sources of funds:
Bond proceeds$41,400,00041,400,00033,761,67707,638,323
Tax increments
received80,000,00090,000,00018,529,8802,799,51468,670,606
Real estate sales*5,000,00011,637,07011,637,07000
Special assessment01,321,096001,321,096
Interest on invested
funds02,500,0002,253,359143,613103,028
Transfer in028,000,00013,691,4232,183,33512,125,242
Sale of material0255,710255,71000
Developer payments0297,826297,82600
Other020,00017,71902,281
Total sources of
funds126,400,000175,431,70280,444,6645,126,46289,860,576
Uses of funds:
Land acquisition13,900,00022,981,42522,981,42500
Installation of public
utilities and improvements26,677,00025,871,23016,602,643(7,890)9,276,477
Bond payments
Principal41,400,00041,400,0005,734,7241,945,00033,720,276
Interest38,000,00038,000,00027,122,753806,32410,070,923
Administrative costs1,140,8001,600,0001,238,97915,662345,359
Paid to other governments042,00014,2063,34524,449
Loan/note interest014,684,7111,500,844545,02112,638,846
Parkland dedication02,030,3452,030,34500
Total uses of funds121,117,800146,609,71177,225,9193,307,46266,076,330
Funds remaining (or
deficient)$5,282,20028,821,9913,218,7451,819,00023,784,246
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, 2002
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
funds00126,88732,954(159,841)
Other00000
Total sources of
funds4,088,8554,088,855873,75032,9543,182,151
Uses of funds:
Land acquisition529,400529,40011,2150518,185
Installation of public
utilities and
improvements325,000325,00089,468450,811(215,279)
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 costs596,000596,00070,5753,995521,430
Total uses of funds4,088,8554,088,855173,988454,8063,460,061
Funds remaining (or
deficient)$00699,762(421,852)(277,910)