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Home My WebLink About1954 Waterworks Fund Report of ExaminationL. 0 AN -- 00000 -- REPORT OF EXAMINATION WATERWORKS FUND OF THE VILLAGE OF EDINA9 MINNESOTA .December 319 1954 -- 00000 -- -- 00000 -- CONTENTS ACCOUNTANTS$ REPORT ......... ...........................PAGE 3 BALANCESHEET .......... ............................... 4 ti. 1 STATEMENT OF UNAPPROPRIATED SURPLUS.................... 5 CONDENSED COMPARATIVE STATEMENT OF INCOMEAND EXPENSE ..... ............................... 6 NOTES TO FINANCIAL STATEMENTS ......................... 7 -- 00000 -- To the Village Council Village of Edina, Minnesota We have examined the balance sheet of WATERWORKS FUND OF THE VILLAGE OF EDINA as of December 31, 1954, and the related statements of profit and'loss and surplus for the year then ended. Our examination was made,in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. 1 , In our opinion, the accompanying balance sheet and state - ments of profit and loss and surplus present fairly the financial position of WATERWORKS FUND OF THE VILLAGE 'OF EDINA at December 31,19542 and the results of its operations.for the year then ended, in conformity ` with generally accepted accounting principles which, except as outlined in Note B to the financial statements, have been applied on a basis con - sistent with that of the preceding year. ' Certified Public Accountants Minneapolis 3 Minnesota July, 81, 1957 Our certificate or report upon an audit or examination is delivered to client with the distinct vnederstatiding 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. As a preventive against fraud, attention is directed to the fact that .all pages in this report should bear our ivater mark. -3- NEW ORLEANS ATLANTA ERNST & ERNST NEW YORK B ALT 1,M ORE HI LADE L PH IA • BAKRON I S NGHAM PIT TT NDGH E. BUFFALO PROVIDENCE CANTON ACCOUNTANTS AND AUDITORS READING CHICAGO CINCINNATI RICHMOND ROCHESTER CLEVELAND ST, LOUIS COLUMBUS DALLAS SYSTEM SERVICE STN ANTONIO DAYTON 5AN FRANCISCO DENVER SEATTLE DETROIT ERIE TOLEDO WASHINGTON FORT WORTH WINSTOT SALEM MINNEAPOLIS HOUSTON INDIANAPOLIS KALAMAZOO FIRST NATL-SOO LINE BLDG. TORONTO, CANADA KANSAS CITY LoSANGELES LOUISVILLE DELIVERY ZONE 2 CORRESPONDENT AT LONDON L MEMPHIS MIAMI MILWAUKEE MINNEAPOLIS CABLE ADDRESS "E RN STAUOIT" N. Y. To the Village Council Village of Edina, Minnesota We have examined the balance sheet of WATERWORKS FUND OF THE VILLAGE OF EDINA as of December 31, 1954, and the related statements of profit and'loss and surplus for the year then ended. Our examination was made,in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. 1 , In our opinion, the accompanying balance sheet and state - ments of profit and loss and surplus present fairly the financial position of WATERWORKS FUND OF THE VILLAGE 'OF EDINA at December 31,19542 and the results of its operations.for the year then ended, in conformity ` with generally accepted accounting principles which, except as outlined in Note B to the financial statements, have been applied on a basis con - sistent with that of the preceding year. ' Certified Public Accountants Minneapolis 3 Minnesota July, 81, 1957 Our certificate or report upon an audit or examination is delivered to client with the distinct vnederstatiding 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. As a preventive against fraud, attention is directed to the fact that .all pages in this report should bear our ivater mark. -3- • WATERWORKS FUND BALANCE SHEET VILLAGE OF EDINA December 31, 1954 SET Cash: Current funds Appropriated funds - for bonds and interest: On deposit Marketable securities: U. S. Government securities Less portion segregated for Accounts receivable: From customers Miscellaneous Due from other funds Inventories - at cost: Meters Supplies at face value debt retirement Segregated fund for debt retirement U. S. Government securities Fixed assets: Land Land improvements Buildings and equipment Less allowance for depreciation Construction in progress Prepaid insurance $ 5,458.48 68799.18 $ - 12,257.86 70,000.00 �17.1�, 28,75'/ 52,871.25 s 177237.17 331.73 5500.00 237068.90 $ 2,919.66 1 40710.0 TOTAL CURRENT ASSETS 92,90 .06 2,194.22 016.17 1 2959210.3 X6,26. 17,128.75 $ 15,892.30 111582974.35 110497.98 1,186,364.63 965.81 $172979367.25 LIABILITIES Accounts payable and accrued expenses: `,Accounts payable 41748.05 'Contracts payable 19,480.08 Accrued interest 11732.50 Accrued wages payable 150.48 �1 Due to other funds 11 0 4 TOTAL CURRENT LIABILITIES 6 267126.21 Binds payable: �1947 issue - due annually September 1st .12 1/2% to September 1, 1957, and 2 3M4 on balance - Note A: $ 7,000.00 annually 1955 through 1956, $',8,000.00 annually 1957 through 1960, and �.s10,000.00 annually 1961 through 1967 $ 1169000.00. 1953 issue - 2 3/4% due annually March 1st - Note 'A: 5,000.00 annually 1955 through 1965, and $10,000.00 annually 1966 and 1967 25000O.Og 1919000.00 Surplus: Revaluation of assets $ 34,8 3.30 'Contributed 16,30.66 Contributed by special assessments 8987971.32 Earned surplus: Appropriated $ 23,928.13 Unappropriated 106 :122 &1 1100055.76 j4O80.241.04 $192972367.25 See accompanying notes to financial statements. ------- - - - - -- r hATEMRKS FUND STATEMENT OF UNAPPROPRIATED SURPLUS VILLAGE OF EDINA Year ended December 31, 1954 Balance at January 1, 1954 Additions: Net income for the year Transfer from Revaluation Surplus for depreciation provided on excess of appraisal value over cost Deduction: Increase in Appropriated Surplus for debt retirement 6 74,563.19, $32,923.09 Balance °at December 31, 1954 See accompanying notes to financial statements. � 5 i 1 :4 2:040.63 W6,127.63 _. ®5_ t' VILLAGE OF EDINA Years ended December 319 19549 and December 319 1953 Gross incomes Water sales Hydrant fees Permits9 etc. Expenses - excluding depreciation and debt service charges: Pumping Distribution Administrative and general REVENUE BEFORE DEPRECIATION AND DEBT SERVICE CHARGES Depreciation and debt service charges: _Provision for depreciation - Note B Loss on equipment scrapped Amortization of property acquisition and bond issue expense Interest on bonds Number of water accounts , Beginning End of first quarter End of second quarter End of third quarter ` End of fourth quarter NET INCOME (A) by periods: Average: number of accounts for period Yea#l.y increase in average number of accounts Earnings of average number of accounts before fixed charges Increase 1954 1953 Decrease* $849157.97 69050.00 939186.17 $129488.34 79643.10 6 °7K $749 560.16 49000.00 $81'1+11.22 $179116.17 6,373. 5 TIE; 811, 18 9,597.81 29050.00. 11977 .95 $ 49627.83* 19269.5 $649909.42 $499580.04 $159329.38 $26.9649.25 $139324.21' $139.325.04 -o- 24.45 244:45* 6: $329923.09 2;694 2' 0 139878 29775 514.26 514.26* 229°86. x,3,9 016.19 $309609.90 $ 29313.19_, 2.' agg 3 2;488 2. 611 2 122533 29507 263 $ 23.66 $ 19.78 See accompanying notes to financial statements. ff:M r VILLAGE OF EDINA Year ended December 319 1954 Note A - The bonds of the 191+7 issue maturing after September 1 1957 and the bonds of the 1953 issue maturing after March L 19639 are subject to redemption.and_pre_payment at the option of the Village on said date and any interest:payment date there- after, on thirty days prior notice. B - Rates of depreciation have been increase over those heretofore used, such changes resulting in an increase in charges for depreciation in the amount of $8,311.11+ and a corresponding reduction in net income. C - On May 23 1955, the council authorized the sale of $2009000 Waterworis Revenue Bonds for the purpose of financing acquisition of a new 500 000 gallon elevated wate_r.tank__and wells and for.other capital improvements.. These bonds are due $10,000 annually March 1, 1956-to 1967 inclusive 9and $30 000 on March 1 1968 and 1969 and $20 000 on March 1, 1976. Interest rates are from 2e30 to 2. 0%, averaging approximately 2.511. F i} 1� i did 1 -7-