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Home My WebLink About1956 Waterworks Fund Financial Statementsi t • • fO • AUDITED FINANCIAL STATEMENTS WATERWORKS FUND OF THE VILLAGE OF EDINA, MINNESOTA December 319 1956 -- 00000 -- CONTENTS ACCOUNTANTS' REPORT ... ............................... PAGE 3 -,.�. BALANCE SHEET.......... ... ............................ 4 i, NOTESTO BALANCE SHEET ............................... 5 STATEMENT OF SURPLUS.......... . 00.000000000000000000oo 6 STATEMENT OF INCOME AND EXPENSE.. ........ .o.......... % �-rbo0oo -- A ERNST & ERNST FIRST.NAT'L -SOO LINE BLDG. MINNEAPOLIS 2, MINN. ACCOUNTANTS - AUDITORS MANAGEMENT SERVICES ACCOUNTANTS' REPORT To the Village Council Village of Edina, Minnesota OFFICES IN PRINCIPAL CITIES ASSOCIATES IN FOREIGN COUNTRIES We have examined the financial statements of Waterworks Fund of the Village of Edina for the year ended December 31, 1956. 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. In our opinion, the accompanying balance sheet and statements of surplus and income and expense present fairly the financial position of Waterworks Fund of the Village of Edina at December 31, 1956 and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Minneapolis, Minnesota May 31, 1957 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. As a preventive against fraud, attention is directed to the fact that all pages in this report should bear our water mark. -3- :w WATERWORKS FUND BALANCE SHEET VILLAGE OF EDINA December 31, 1956 ASSETS CURRENT ASSETS Cash. On deposit Appropriated funds Working funds Investments. United States Government ,securities at cost $ 1249945028 Accrued interest receivable 238-86 125 9184.14 Less - .-.mounts segregated and shown below 65917335 Accovx:ts receivable. From customers $. 28,047.99 Sundry 202042 -Due from General Fund 49690.91 Inventories: Meters - at cost $ 49152084 Supplies - estimated 19750.00 Prepaid expenses TOTAL CURRENT ASSETS $ 49627033* 15,538013 25000 $ OTHER ASSETS Segregated securities. For reserve for debt retirement $ 31,953-75. Unexpended construction funds �3A219.6O FIXED ASSETS Note A Land $ 11,927.30 109935.80 60,010079 32,941032 57902.84 333. 6869'- 110,124044 659173-35 Land improvements $ 29907-00 Buildings and equipment 2 20196 0041 Is 92049557.41 Less allowance for depreciation 2069300005 11298225Z.36 220149184.66 $29189,482045 * Indicates red figure. See notes to balance sheet. $291899482045 L IAB IL IT TES CURRENT.- LIAJM IT IE S Accounts_,payable and accrued expenses: Trade accounts $ 2,887054 ..Salaries and wages 47061 Interest 39050°85 $ 59986000 Due to General Fund 10,066040 Current maturities of bonds payable 23200G.00 TOTAL CURRENT LIABILITIES 5 3 o+0 LONG -TERM DEBT Bonds payable - Note B $ 3577000.00 Less current maturities— shown above 232000.00 3349000000 SURPLUS Revaluation of fixed assets - Note A $ 339469034 Contributed by special assessments - Note A 195599973-88 Contributed by General Fund 169380.66 $196099823088 Earned: Appropriated $ 479491088 Unappropriated 1592114029 206,,606017 198169430005 $291899482045 WATERWORKS FUND NOTES TO BALANCE SHEET VILLAGE OF EDINA December 31, 1956 Note A - The original, utility purchased in 1947 is carried at amounts based on appraisal at time of acquisition. Subsequent purchases I 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: Annual maturities and interest dates Interest rates Annual amount of maturities: 1957 1958 1959 1960 1961 1962 1?64 1 966 1967 1969 1970 1947 Issue March 1, and September 1 2 1/2% and 2 3/4% $ 8,000.00 8,000.00 8,000.00 8,000.00 10,000.00 10,000.00 10,000.00 10,000.00 109000.00 10,000000 10,000000 195.3 Issue March 1, and September 1 2.75% $ 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 59000-00 / COO.00 .000.00 10,000.00 10,000000 $1021000-00 $65Y000,00 1955 Issue . Total March 1, and September 1 2.60% 9 2'. 30 9 and 2.50 plus additional coupon of $7.50 $ 109000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 109000000 109000.00 10,000.00 10,000000 0,000.00 0,000.00 209000.00 $190,00000 Bonds maturing after September 1, 1957 of 1947 issu .subject to redemption and prepayment at the option on said date and any interest due date thereafter. after March 1, 19639' of the 1953 and 1955 issues, to redemption and prepayment at the option of the date and any interest due date thereafter. Thirty notice must be given to bondholders. 0 $ 239000.00 23,000.00 23,000.00 23,000.00 25,000.00 25,000000 25,000.00 2 ,000000 2 9000000 30,000.00 0 09000.00 0,000000 20.000.00 $3579000000 e shall of the Bonds shall be Village days p be Village maturing subject on said -5- r' WATERWORKS FUND I STATEMENT OF SURPLUS VILLAGE OF EDINA Year ended December 31, 1956 Contributed- Contributed by by Total Earned :Appropriated Assessments General Fund Revaluation Balance at January 1, 1956 $174379630.66 $1339920.86 $489457.50 $I,2o49720.32 $169380.66 $349151.32 Additions: Net income for the year 23.445-83 239545-83 Water mains contributed by special assessments 3557253°56 3551253.56 Appropriation of funds for reserve for debt retirement -o- 965.62 965.62* Depreciation provided during the year on excess of appraisal value over cost -o- 681.98 681098* Balance at December 31, 1956 $198169430005 $159,114.29 $479491,88 $195599973.88 $169380.66 $3394619.34 * Indicates deduction. r6 -_ �1 C: 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 Expenses: Pumping: Labor Power and light Supplies Buildings: Labor Fuel .Supplies Telephone Repairs Insurance Equipment rental Water purchased Provision for depreciation Repairs Distribution: Labor Materials and supplies Operation of meters: Labor Supplies and expenses Equipment rental and outside Provision for depreciation Repairs Tanks and t Labor Power Supplies Equipment Provision owers: rental for depreciation Yea_ rs ended December_l,. 195-6 1955 3,859 3,401 $ 13,311.70 12,140.93 3 1,170.77 122,115087 1,870.52 2,153050 661.50 -0- 0 4,69009 547040 -0- 133,2 . 7 824006 14,526097 578 :44 1,45152 424.15 158.26 180.00 501.94 267.65 359.34 623.50 79444.65 141.12 279483.80 $ 59671.26 2,262.95 2,3,98.81-54 79 labo r 19608.49 31,29088 ,7.2 $ 71.54 121041 66.09 232.00 8.825.92 X931 .996 3,401 29935 $ 12,67325 11.627-95 8 1,045.30 123, 209 55 1,520.05 19736.50 438.00 2.00 82.00 6,850.00 123.70 390-41 3 9 39-7- 0 929.97 139931.60 137.67 939.25 353-53 72.63 183.65 -0- 295.23 641.5o 697°73 5,674.88 178-86 9036.50 $ 2,865.64 692.93 19938.65 19.51 4,26518 249792.10 80 $-- 27 - $ -0- 37-76 4 i -.9 49215-71 Increase Decrease* 466 $ 638.45 512.98 $ 125.47 19093.68* 350.47 417.00 223050 2.00* 4.00* 2,159,09* 423.70 390.41* -29109.04'* 10591* 595-37 440.77 512.27 70.62 85.63 3065* 501.94 27,58* 282.16* 74.23* 1965.54* $ 3,447.30 $ 2,805.62 19570.02 443 -14 479.03 2,656.69* 6,61778 189.53 $ 71.54 83.65 66.09 232.00 4.647-97 $101.2 -7- Expenses (cont °d): Water treatment: Labor Supplies Provision for Mi-s-cel- lane -ous WATERWORKS FUND STATEMENTS OF INCOME AND EXPENSE (font °d) depreciation Vehicle operation: Gasoline and oil Repairs Insurance Administrative and general: Salaries: Superintendent, Clerical (General Fund) Meter reading Meter reading supplies, Office supplies, postage and telephone Professional services Equipment rental and repairs Supervision 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 sale of old water tower NET INCOME Depreciation charges to operations included in expenses Years ended December 31., Increase 1 1955 Decrease* $ 297-69 1--573-98 421.86 25042 2,31809 $ 484.54 173.91 1.09 7 $ 3,306.43 29219.76 4,170029 1010 40 1,479.38 4,66335 52090 19560.00 906.66 268.50 1 2 0 102.674.16 309617-.3-1 2.658-62 339272.93 $ -0- 99668077 58-33 -0- 99727.10 $ 239545.83 $ -0- 19142.54 127.12 -0- 192 -o- ®o- -o= -o- $ 29131048 29695.14 2,688.17 139.82 702.10 850.00 167.1.5 540000 77173 170-78 10 75.006. 0 09391 1,182-58 619574.04 $ 849063 87381-08 40.45 787.26 7-1-0,05-8.42 $ 519515.62 $ 297.69 431.44 294.74 2;_L42 19,04 .2 $ 484.54 173-91 21,09 7 $ 19174.95 475038* 1,482.12 38.42* 777.28 3, 813-35 114.25 * -. 19020.00 134.93 97-72 2 0 2 -. 7.872.30 .11 29:777,15* ,476.04 628,301,e-111 $ 849063* 1,287.69 17.88 787.26* 331.32* $279969.79* $ 49,008.97 $ 359543.78 $139465.19 -8-