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HomeMy WebLinkAbout1955 Waterworks Fund Financial Statements-- 00000 -- AUDITED FINANCIAL STATEMENTS WATERWORKS FUND OF THE VILLAGE OF EDINA7 MINNESOTA December 319 1955 --00000-- 16 -- 00000 -- CONTENTS ACCOUNTANTS' REPORT .............................. PAGE BALANCESHEET ................... ........ 0 ..... 0, ...... NOTES TO BALANCE SHEET ................................ STATEMENTOF SURPLUS.., 0 ....... o.. 00.6.6...09 STATEMENT OF INCOME AND EXPENSE..,..................... --:00000-- if ERNST & ERNST FIRST NATAL -SOO LINE BLDG. ,+ MINNEAPOLIS 2, MINN. ACCOUNTANTS - AUDITORS OFFICES IN PRINCIPAL CITIES MANAGEMENT SERVICES ASSOCIATES IN FOREIGN COUNTRIES ACCOUNTANTS' REPORT To the Village.Council Village of Edina, Minnesota We have examined the financial statements of Waterworks Fund - of the Village of Edina for the year ended December 31, 1955° Our examination was made in accordance with generally accepted auditing standards 9 and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the accompanying balance sheet and statements. 46 of surplus and income and expense present fairly the financial position of Waterworks Fund of the Village of Edina at December 31, 19559 and the results of its operations for the pear then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. u Certified Public Accountants Minneapolis Minnesota May 24, 1959 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 fall or in part, of such certificate or report, shall he in the fora 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 water 'nark. -- - -3- i 11 • WATERWORKS FUND BALANCE SHEET VILLAGE OF EDINA December 31, 1955 ASSETS CURRENT ASSETS Cash: On dep osit Appropriated fund -s Working fund Investments: U. S. Government securities - at cost Accrued interest receivable Less amounts segregated and shown below Accounts receivable: From customers Sundry Due from General Fund Inventories: Meters - at cost Supplies — estimated Prepaid insurance OTHER ASSETS 'Segregated-$ecurities For reserve for debt retirement For commitments on construction FIXED ASSETS. - Note A Land Land improvements Buildings and equipment Less allowance for depreciation Construction in progress * Indicates red figure. See notes to balance sheet. $ 29406.68* 157931.25 25.00 S 13 ,.5'+9.57 216,6.34872.44 02 T-2177506.46 201,.244.60 167261.86 24,463.42 1,165.71 6.850.00 329479.13 $ 3,646.20 1.750.00 57396.20 TOTAL CURRENT ASSETS 1.662.1+08 9°. 876 1034.23 157;629.98 $ 329526.25 1688718.35 159927.30 195079404.�5. ,�8�167.34 715.-68 $ 60,402. 2019244.60' 1 561.498.89 5118311145_93 LIABILITIES CURRENT LIABILITIES Accounts payable and accrued expenses: Trade accounts 89921.25 Salaries and wages 172,41 Interest 3m998,33 6 139001.99 Due to other funds: General Fund $ 738000 Improvement Bond Redemption Fund. 775.28 .Current maturities of bonds payable TOTAL CURRENT LIABILITIES LONG -TERM DEBT Bonds payable - Note B 3799000.00 Less current maturities -. shown above 221000.00 SURPLUS Revaluation of fixed assets - Note A $ 349151.32 Contributed by special assessments - Note A 192049720032 Contributed by General Fund 169380.66 Earned; Appropriated $ 1+89457.50 Unappropriated 1331.920086 182,378.36 19513.28 22 000.00 369515-777 3579000.00 194379630.66 5198319145.93 WATERWORKS FUND NOTES TO BALANCE SHEET VILLAGE OF EDINA December 31, 1955 Note A The original utility purchased in 1947 is carried: at amounts based. on appraisal at time of acquisition. Subsequent 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. Note B - The annual maturities, due dates, and interest rates are as follows: 1947 Issue 1953 Issue 1955 Issue Total Annual maturities March 1, March 1, March 1, and interest and and and dates September 1 September 1 September 1 Interest rates 2 1 /2Io and 2 3%0,10 2,75% 2.60% 2.30 � 50 plus and . additional - coupon of $7.50 Annual amount . of maturities: 1956 $ 79000,00 6 59000.00 $ 109000.00 $ 229000.00 1957 89000.00 59000.00 109000.00 239000.00 1958 8,000.00 59000.00 109000.00 239000.00 1959 89000.00 59000.00 109000.00 239000.00 1960 8,00 ©.00 5,000.00 109000.00 239000.00 1961 109000.00 59000.00 109000.00 259000.00 1962 109000.00 59000.00. 109000.00 259000.00 1963 109000.00 59000.00 10,- 000.00 259000.00 1964 109000.00 59000.00 109000.00 259000.00 1965 109000.00 59000.00 10'.000.00 259000.00 1966 109000.00 109000.00 109000.00 309000.00 1967 10,000.00. 109000.00 109900.00 309000.00 1968 309000.00 309000.00 1969 309000.00 309000.00 1970 20000, 0.00 20 000.00 $1099000.00 .$709000.00 $2009000.00 $3799000.00 Bonds maturing after, September 1, 1957, of 1947 issue shall be subject to redemption and prepayment at 'the option of the Village on said date and any interest due date thereafter. Bonds maturing after March 1, 1963, of the 1953 and 1955 issues, shall be subject to redemption and prepayment at the option of the Village on said date and any interest due date thereafter. Thirty daysprior mature must be given to bondholders. -5- n n u -6- ��,) WATERWORKS FUND STATEMENT.OF.SURPLUS VILLAGE OF EDINA Year ended December 31, 1955 Contributed Contributed by by Total Unanpropriated' Appropriated Assessments Genera l Fund Revaluation Balance at January 1, 1955 $110801241.0+ 6106,127.63 = $237928.13 $ 8982971.32 '$169380.66 $347833.30 Additions; Net income for the year 517515.62 517515.62 Water mains contributed by special assessments 3052749.00 3052749.00 Appropriation of funds for reserve for debt retirement -o- 2)+7401+.37* 24 , 404.3 7 Depreciation provided during the year .on excess of appraisal- -value.over.cost -o- 681.98 681.98* Premium . on bond-sale 12 x.00 125.00 BALANCE. AT DECEMBER 317 1955 $1,437,630.66 $1331920.86 $481457,50 $172049720.32 $169380.66 $34,151.32 * Indicates red figure. n n u -6- • i WATERWORKS FUND STATEMENTS OF INCOME AND EXPENSE VILLAGE OF EDINA Number of meters in use: At end of year At beginning of year Income: Sale of meters Less cost of meters sold GROSS PROFIT ON METERS .Water sales Penalties Water connection permits Tapping fees .Repair service Street opening fees Use of hydrants Miscellaneous Refunds' GROSS INCOME Expenses;' Pumping: Labor Power and light Supplies Buildings: Labor Fuel Supplies Telephone_ Equipment rental Water purchased - Provision for depreciation Repairs Distribution: Labor Materials and supplies Operation of meters: Labor Supplies Equipment Provision Repairs Power Water and expenses rental and outside labor for depreciation treatment supplies Years ended December 31,, Increase 1955 19 54 Decrease* 3,401 2,935 $ 129673,25 11°627.95 6 19045:30 123,209.55 1,520.05 19736.50 438.00 2.00 82.00 6,850,00 123.70 390.41 135,397.51 $ 13,931.60 137.67 939.25 353.53 72.63 - 183°65 641.50 697.73 5,674,88 178.86 23,741.27 2,865.64 692.93 1,919.51 4,265,18 ?99097.17 53.80 37.76 1 s 142. 54 09113,18 29633 $ 89365.50 7.566.37 S 799.13 839897.22 260.75 1,341.50 62.00 101.97 86.00 6° ,,05o -.00 25 00 -0- $939 023 , 7 S 752.43 9,265.76 46.53 856.60 256.84 99.09 164.05 270.00, 694.25 39674.66 82.79 $16,163.00 $ 19978.48 29648.69 2,265.02 194.57 1,125.55 229599.31 -0- 30.79 -0- 30,2 2. 1 1+66 .302 $ 49307.75 40061.58 S - 246.17 399312.33 19259.30 395. oO 24.00* 99.97* 4.00* 800.00 98.70 390.41 29373.9 $ 4658 ,604 91.14 82.65 96.69 26.46* 19.60 371.50. 3.48 29000,22 96.07 795.78.27 $ 887.16 19355076* 326.37* 175.06* 39139.63 6,497.86 53.80 6.97 1.142.54 99870.77 -7- s s WATERWORKS FUND STATEMENTS OF INCOME AND EXPENSE (Cont'd) Expenses __ (cont' d ) Administrative and general; Salaries; Superintendent Clerical (General Fund) Meter reading Meter reading supplies Offic® supplies, postage, and tele phone ..Professional services Equipment rental and repairs Insurance Supervision expenses Provision for depreciation Miscellaneous TOTAL OPERATING EXPENSES OPERATING INCOME Other income: Income -on investments Other deductions: Bond issue expense Interest on bonds and contracts Fiscal agent.'s service charge Loss on equipment scrapped - tools Loss on sale of old water tower NET INCOME .. Depreciation charges to operations included in expenses Years ended December 1 Increase, 19 5 1954 Decrease* $ 2,131.48 29695.14 2,688.17 139.82 702.10 850.00 167.15 295.23 540.00 170.78 7 7 1111 0 8 75600 .05 o,391.46 1.182.58 61$574.04 $ 849.63 8138 08 -0- 787.26 $ 10,2,058.42 $ 51, 515.62 $ 2,058.12 1,939.85 11983-53 100.98 752.86 550.00 380.87 307.39 39.55 375.28 -o- 8 8 54089 A. 8 $38,129.73 . 162.60 38,292.33 5,337.08 28.79 3.37 -0- 2. $32,923.09 755.29 704.64 38:81+ 50.76* 300,00 213.72* 12.16* 500.45 396.45 170.78 $ 2067 $20.112.21 $229261.73 1.019.98 23,2 1.71. $ 863 320U:00 11. 66 3.37* 787.26. $189592.53 $ 35,543-78 $26961+9.25 $ 81894.53 0