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Home My WebLink About1951 Waterworks Fund Report of Examination00000- - REPORT OF EXAMINATION AND SUPPLEMENTARY DATA WATERWORKS FUND VILLAGE OF . ED INA 9 MINNESOTA. December 319 1951. - -00000 -- -- 00000 -- -I CONTENTS ACCOUNTANTS' REPORT .... ee... ....u....es.e..se.s.... .... PAGE 3 BALANCESHEET ..................... T STATEMENTOF SURPLUS ... .................ss....sse..... CONDENSED COMPARATIVE INCOME AND EXPENSESTATEMENT,.. e. e..eeee.....e....e.eee.e.e..eee 6 SUPPLEMENTARY DATA s, FIXEDASSETS .. ee.. ee . .............e..ea..e.ee.e..... fib. BONDS PAYABLE AND INTEREST EXPENSE.................. v. DEBT SERVICE, REQUIREMENT ..........ve......e....e.e 7 00000 -- June I+, 1952 To the Village Council Village of Edina' Minnesota We have examined the balance sheet of the WATERWORKS FUND of the - VILLAGE OF EDINA as of December 319 1951,: and the related statements of income and expense and surplus.for the three years then ended, Our examination was made in accordance with generally ac- cepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we consider - ed necessary in the circumstances. In our opinion, based upon our examination and upon the reports of the Public Examiner of the State of Minnesota for the six month$ period ended December 319 191+79 and the year ended December 319 191+89'-to- 19511 inclusive, the accompanying balance sheet-and state- ments of income and expense and surplus present fairly the financial position of the WATERWORKS FUND of the VILLAGE OF EDINA at December 31, 1951,, anal the results of its operations for the .four years and six months-then ended, in conformity with generally accepted accounting principles applied on a consistent basis. Certified Public Accountants Our certificate or report upon an audit or examination is delivered to client with the distinct understanding that any advertisement, publication, or copy therefrom, in full or in part, of such certificate or report, shall be in the form to be approved by us. .9s a preventive against fraud, attention is directed to the fact that all pages in this report should bear our water mark. -3- ATLANTA E R N S T& E R N S T NEW YORK BALTIMORE P BIRMINGHAM BIRMINGHAM BOSTON P TT SBU FIG HIA PORTLAND .ME. BUFFALO PROVIDENCE CANTON CHICAGO ACCOUNTANTS AND AUDITORS READING RICHMOND CINCINNATI - ROCHESTER CLEVELAND 5T, LOUIS COLUMBUS DALLA S SYSTEM SERVICE ST. PAUL SAN ANTONIO DAYTON 5 A FRANCISCO DENVER SEATTLE DETROIT ERIE TOLEDO WASHINGTON FORT WORTH GRAND RAPIDS MINNEAPOLIS WIN STON -SALEM YOUNGSTOWN HOUSTON INDIANAPOLIS TORONTO, CANADA KALAMAZOO KANSAS CITY FIRST NATL -SOO LINE BLDG LOS ANGELES LOU ISVI LLE DELIVERY ZONE 2 ORDONPONDENT AT L LONDON MEMPHIS MIAMI MILWAUKEE MINNEAPOLIS - - CABLE ADDRESS "E RN STAU DIT" N. Y. June I+, 1952 To the Village Council Village of Edina' Minnesota We have examined the balance sheet of the WATERWORKS FUND of the - VILLAGE OF EDINA as of December 319 1951,: and the related statements of income and expense and surplus.for the three years then ended, Our examination was made in accordance with generally ac- cepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we consider - ed necessary in the circumstances. In our opinion, based upon our examination and upon the reports of the Public Examiner of the State of Minnesota for the six month$ period ended December 319 191+79 and the year ended December 319 191+89'-to- 19511 inclusive, the accompanying balance sheet-and state- ments of income and expense and surplus present fairly the financial position of the WATERWORKS FUND of the VILLAGE OF EDINA at December 31, 1951,, anal the results of its operations for the .four years and six months-then ended, in conformity with generally accepted accounting principles applied on a consistent basis. Certified Public Accountants Our certificate or report upon an audit or examination is delivered to client with the distinct understanding that any advertisement, publication, or copy therefrom, in full or in part, of such certificate or report, shall be in the form to be approved by us. .9s a preventive against fraud, attention is directed to the fact that all pages in this report should bear our water mark. -3- WATERWORKS FMIM BALANCE SHEET VILLAGE OF EDINA December 319 1951 Cashs Current funds: On deposit - Yor deposit Working fund Appropriated funds - f o bonds and On deposit Accounts receivable: From customers Due from other funds Inventories - at costs Meters Supplies Fixed assets - Note A: Land Land improvements Buildings and equipment Less allowances for Deferred charges: Unamortized property Prepaid insurance Due to other funds Accounts payable and Trade accounts Salaries and wages Interest Bonds payable - due 2 1/2% to September on balancer $ 5,000.00 $ 79000.00 $ 89000.00 $109000.00 Surplus s Revaluation Contributed depreciation ASSETS $ 3191+35.31+ 175.99 25 ®00 interest: acquisition costs $ 319636.33 4+305.0® $ 3599.1.33 $ 8,970.56 135.36 99105.92 $ 29926.33 1.1+06.35 1+9332.68 $ 809.1--A. $ 09.1?$ 79392.30. , 591.870. 1♦-6 2 9 v 79 . 853909210 506,770.29 511+9162.59 LIABILITIES accrued expensess annually September lst, 19 1957, and 2 3/4% September 19 19529 annually 1953 through 19569 annually 1957 through 19609 and annually 1961 through 1967 of fixed assets - Note A by special assessments - Note A $ 297.18 5 129a 351,11 $ 191+07.71. 85.92 1203.33 $ 369879.24 339,o11+.98, $5639893.63 $ 5,390-55 2,696.96„ 1359000.00 Earned surplus: Appropriated $ 1+9305.00 Unappropriated 1+09606,90 1+1+,911.90 1+20.806.12 $5639893.63 Note A - The original utility purchased. in 191+7 is carried at amounts based on appraisal at time of acquisition. Subs - quent purchases are carried at cost. Water mains for which the benefited property owners have been assessed are carried at construction cost with contra - credit to surplus contributed by special assessments. WATERWORKS FUND STATEMENT OF SURPLUS VILLAGE OF ED INA Four years and six months ended December 319 1951 Contributed by Special Earned Assessments. Revaluation Balance at July 19 1947 $ -om $ ®o- $ -.o- Net income° Six months ended December 319 1947 $ 49962.36 Year ended December 31st'- 1948 89927°89 1949 79118.75 1950 129386,20 1951 89447079 Excess of net appraisal value of original purchase over cost $399948.15. Transfers equal to depreciation on excess of appraisal value over cost: Six months ended December 319 1947 340.99 340.99* Year ended December 31st& 1948 681.98 681.98* 1949 681.98 681°98* 1950 681.98 681°98* 1951 681.98 681098* Water mains contributed by special assessments: Total at time of acqquisition of utility (cost less $29235.88 accumulated provision for depreciation) $ 969047.68 Six months ended December 319 1947 99191.61 Year ended December 31st: 1948 869467.39 1949 3309174°76 19.50 82 9 368.66. 1951 3594-10.39 Special assessments for water mains charged to water fund 645.51* Balance at December 319 1951. $449911090 $3399014.98 $369879.24 * Indicates red figures WATERWORKS FUND VILLAGE OF EDINA Years ended December 319 19519 19509 19499 V .six months ended December 31t 194.7'' Note A.- In the preparation of this statement retroacti has been given to reflect adjustments in appli for the amount of $19554,96 paid in the year l General Fund and School District Number 17 and subsequently refunded to the Waterworks Fund'i 1949. Also reflected are adjustments for char General Fund in the amounts of $144.00 $320,0 $320.00 for the years 19479 194$9 and 9499 re for repairing street openings, -6_ Year Ended Decemb 1951 1950 1 ;. Number of meters at end of year 2,058 19668 191 Gross incomes Water sales and penalties $40921+9.09 $1+11+51.32 $359 Permits and fees 29663 080 29283.87 193 Profit on meters sold 1 086 1 6 39999. 9 2 . X3791 Expenses excluding'deprecia- tion and debt service chargers Pumping $129059,78 $ �9218e& 1 $ Distribution 39772.35 3'C 9a Administrative and general 6 1 4.11, 1 T2_13966,44_ - $19, 0-_2.89 1 - - -- - REVENUE BEFORE DEPRECIATION AND DEBT SERVICE-CHARGES $229033.44 $21+9973.93 $189 Depreciation and debt service chargess Provision for depreciation $.99298.08 $ 89175.16 $ 79( Amortization of property acquisition and bond issue expense Interest bonds 594.'24 6 24 19118+..l on 3 1 312,18715 11 NET INCOME $ 89447°79 $129386.20 $ 7v� Note A.- In the preparation of this statement retroacti has been given to reflect adjustments in appli for the amount of $19554,96 paid in the year l General Fund and School District Number 17 and subsequently refunded to the Waterworks Fund'i 1949. Also reflected are adjustments for char General Fund in the amounts of $144.00 $320,0 $320.00 for the years 19479 194$9 and 9499 re for repairing street openings, -6_ 'D WATERWORKS FUh FIXED ASSETS VILLAGE OF ET)INA Year ended December 319 1951 ' Land Land improvements Distribution systems. Purcibased. Contributed by special assessments Buildings and equipments Pump house buildings ,Wells Pumps and piping Tank and tower Office equipment Miscellaneous equipment Tools ---------------------------------------- A s s e t s Balance Balance January December 19 1951 Additions 319 1951 ------------------- ====== -------------- 79392-30 -- - - ------- - -------------- for Depreciation $ 79392.30 Balanoe 809-13 809.13 $1659835-72- January $1659835,72 106.1+8 .28 1-1�2410.32 141:896.1Z $4729321.70 $359410-39 $5079732009 $ $ 388.31 $ 13946 249461.73', 5 59 530. 5-04 24, � 9 299t290.95, 13*00 299-303-95 1479 8.10 '15966 11+9953-76 19299.22 $1+2 981+7.96 ..19289.22 278.15 4 21.57 278.15 490.61 2 gO4 517.66 $5-71,4874.27 4446 0 8 $56391+08-35 $369663.51+ $6009071.89 -7- ----- ---------- Allowan,!.es -- - - ------- - -------------- for Depreciation - Net Balanoe Balance Balance January Current December December 19 1.951 Provision 319 2.951 319 1951 --------------------------------- $ 793.192-30 -0- $ -16.16 16.16 792.97 $40 9 636 $29211-2.3 $1+2 981+7.96 $1229987-76 10.704:74, 4 21.57 15.026.11 26.870 .o6 S 5193 - 41.T7 T6-9- 32070. $5-71,4874.27 $4491857-82. $ 191+85.90 $ 4-32.00 $.19917.90 $ 119412.'14 3921+5.64 4,89.29 39734-93 209730.66 99085-37 19171089 109257.26 1990+6.69 119350.42, 577.69 119928.11 31025.65 79.89 64-45 141+.31+ 19144.88 22.1+3 13-90 36.33 241.82 -0- 32 .269.95 92.74 -o- $28.018. Z ... 17 66 S 56.1191 $769611.22. ---- ==== $9,298.08 -------- = $859909.310 $ 5149162 6 59 = ---------- WATERWORKS FUND. BONDS PAYABLE AND INTEREST EXPENSE VILLAGE OF EDINA December 319 1951 Interest Paid Bond Interest Principal Payable in 1951 W ber - =- Rate 1952 ater,'orks Revenue Bonds of 1947-dated July 19 1947: Ma to ity September 19 19 � 16. 20 210 27 19 2 1955 �25: '� 1956. 8 2 1/2� $ 59 000, oo $ 79000000 125.00 $ 175°00 125.00 175.00 do do do 79000.00 79000,00 17.5.00 175.00 175.00 175.00 do 79000.00 175.00 175.00 1957 49® 56 57- 61+ do 2 3A 89000.00 89000.00 1958 1959 65_ 72 73e 80, do do 89000100. 89000,00 1960 1961 81- 90 do 109000000 1962 91 -100 101 -110 do do 109000,00 109000.00 1963. 196 111120 do do 109000.00 109000000 1965 1966 12110 1 1 -1 0 do do 109000000 108000200 1967 1 1 -150 Total Bonds Payable at December 319 1951 Total Interest Payable in 1952 Maturities - September 19 1951 $135900000 $ -- 59000.00 200,00 220.00 220.00 220,00 275.00 275.00 275.00 275.00 275-00 275000 27 5. 00 $39610,00 TOTAL INTEREST PAYMENTS IN 1951 200,00 220,00 22 0, 00 220,00 275,00 275.00 275-00 275.00 275.00 275,00 275 00 $3'9610.00 12 ,00 $3973500 WATERWORKS FUND DEBT SERVICE REQUIREMENTS VILLAGE OF ED INA January 1, 1952, to September 1, 1967 AVERAGE $ 109567-50 AVERAGE AT 125% $ 139209.38 P1 Interest Rate of Maturities Year . Maturing Bonds Bonds Interest Total 1952 .2 1/2% $ 59000.00 $ 3,610.00 $ 8,610.00 1953 do 79000000 3,485°00 lo,485voo 1954 do 79000.00 39310000 10,310000 1955 do 79000000 3,135°00 109135.00 1956 do 79000°00 2996o.00 99960000. 1957 do 89000.00 2,785.00 109785.00 1958 2 3/4 89000.00 29 585.00 109 585.00 1959 do 89000.00 2,365.00 10936 5.00 1960 do 8,000.00 29145.00 109145.00 1961 do 109000.00 19925.00 119925.00 1962 do 109000.00 19650.00 11965o.00 1963 do 109000.00 19375-00 119375°00 1964 1965 do do 109000.00 109000.00 19100.00 825.00 119100000 109825.00 1966 do 109000.00 550.00 109550.00 1967 do 100000.00 275.00 10.275.00 TOTAL $13 59000.00 $34,08 0.00 $1699o80.00 AVERAGE $ 109567-50 AVERAGE AT 125% $ 139209.38 P1