HomeMy WebLinkAbout1959 Waterworks Fund Financial Statements-- 00000 --
AUDITED FINANCIAL STATEMENTS
WATERWORKS FUND OF THE VILLAGE OF EDINA, MINNESOTA
December 31, 1959
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CONTENTS
ACCOUNTANTS' REPORT..... .......... ....... ........PAGE 3
BALANCE SHEET.... .................. 4
NOTES TO BALANCE SHEET....... .................. ..... 5
STATEMENT OF SURPLUS ................ 6
STATEMENTS OF INCOME AND EXPENSE ....................... 7
229TOwe
ERNST & ERNST
FIRST NATIONAL BANK 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 the Waterworks Fund of
the Village of Edina for the year ended December 31, 1959. 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 sur-
plus and income and expense present fairly the financial position of the Water-
works Fund of the Village of Edina at December 31, 1959 and the results of its
operations for the year then ended, inconformity with generally accepted account -.
ing principles applied on a basis consistent with that of the preceding -year.
Deputy Public Examiner
State-of Minnesota-
Minneapolis, Minnesota
May 9, 1960
Certified Public Accountants
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WATERWORKS FUND
1
BALANCE "SHEET
VILLAGE OF EDINA
December 31, 1959
ASSETS
LIABILITIES
AND SURPLUS
CURRENT ASSETS
CURRENT LIABILITIES.
Cash:
Accounts payable and accrued expenses:
Demand deposits
17,385.97
Trade accounts
38,397.32
Appropriated funds
19,390.75
�-
Salaries and wages
617.94
Working fund
25.00
36,801.72
Interest
5.521.00
449,536.26
Investments:
Due to other funds:
United States Government securities — at,cost
164,673.62
Construction Fund
34,399.00
Accrued interest receivable
212.68
General. Fund
837.91
35;236.91
164,880-39
Current maturities of bonds payable"
31..000.00
66.236.91
Less amounts segregated and shown below
47.379.25
117,507.05
TOTAL CURRENT
LIABILITIES
110;773.17
Accounts receivable:
From customers
35,96+-97
LONG —TERM DEBT.
Due from General'Fund
6.938.96
42,903.93
Bonds payable — Note B
5633,000.00
Inventories:
Less current maturities — shown above
31.000.00
532,000.00
Meters — at cost
$.
5,877.04
Supplies - estimated
1.750..00
7,627.04
SURPLUS
Prepaid expenses:'
Invested in fixed assets
313,849 +07.
Insurance
316.30
Revaluation of fixed assets — Note A.
31,423.40
Interest
2.389 17"
2.705.47
Contributed by special assessments — Note
A 29076,480.22
TOTAL CURRENT ASSETS"
207,545.21-
Contributed by General Fund
14.305.82
$2,436,058.51
Earned:
OTHER ASSETS
Appropriated
66,770.00
Segregated securities _ for reserve for
Unappropriated
108,381.29
175.151.29
2,611,209.80
debt retirement
47,379.25
•
FIXED ASSETS — Note A
L
Land. $ 27,431.38
Land improvements 7,436.64
_
Building and equipment 3.069.182.46.
$3,1049050.48
Less allowance for depreciation 397.525.64
$2,706,524.84
Construction in progress
292.533.67
2.999.058.51
$3,253,982.97
$3,253,982.97
See notes-lo balance sheet.
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WATERWORKS FUND
NOTES TO BALANCE SHEET
VILLAGE OF EDINA
December 319 1959
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. Watermains
for which the benefited property owners have been assessed are carried at con-
struction cost with contra- credit to surplus contributed by special assessments.
Each of the afore - mentioned amounts has been reduced by the depreciation charged
thereon to income which has been transferred to earned surplus.
Note B The annual maturities, due dates and interest rates are as follows:
1947 Issug 1953 Issue 1955 Issue 1959 Issue Total
Annual maturities
March 1,and
March 4 and
March 4 and
March 4 and
and interest dates
September 1
September 1
September 1
September 1
Interest rates
2.50% and
2.30% and
2.80% and
2.75%
2.75%
2.50% and
3.10% and
2.60%
3.40% and
3.50%
Annual amount of
maturities:
1960
8,000.00
5,000.00
$ 10,000.00
8-,000.00
$ 31,000.00
1961
10,000.00
5,000.00
10,000.00
8,000.00
33,000.00
1962
10,000.00
5,000.00
10,000.00
8,000.00
33,000.00
1963
10,000,00
5;000.00
10,000.00
8,000.00
33,000.00
1964
10,000.00
5,000.00
10,000.00
8,000.00
33,000,00
1965
10,000.00
5,000.00
10,000.00
8,000.00
33,000.00
1966
10;000.00
10,000.00
10,000.00
8,000.00
38,000.00
1967
10,000.00
10,000.00
10,000.00
8,000.00
38,000.00
1968
30,000.00
8,000.00
38,000.00
1969
30,000.00
8,000.00
38,000.00
1970
20,000.00
15,000.00
35,000.00
1971
35,000.00
35,000.00
1972
35,000.00
35,000.00
1973
35,000.00
35,000,00
1974
35,000.00
35,000.00
1975
40,000.00
.40,000.00
$78,000.00 $50,000.00 $160,000.00 $275,000.00 $563,000.00
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Bonds maturing after September 1, 1957 of the 1947 issue shall be-subject to
redemption and prepayment at the option of the Village on said date and any
interest 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. Bonds maturing after
March 1, 1970 of the 1959 issue shall be subject to redemption and prepayment at
the option of the Village on said date and any interest date thereafter, at a
price of par and accrued interest, plus a premium of $10.00 for each bond
redeemed, and in inverse order of their serial numbers. Thirty days prior notice
must be given to bondholders.
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WATERWORKS FUND
STATEMENT
OF SURPLUS
.V LLAGE =.OF
EDINA
Year Ended December 31, 1959.
Invested
Contributed
Contributed
Earned Surplus
in Fixed
by
by
Total
Unappropriated
Appropriated
.Assets
Assessments
General Fund
Revaluation
Balance at-January 1, 1959
$2,301,948.84
$ 91,935.29
$46,025.63
$269,992.71
$1;847,256.40
$149633.43
$32,105.38
Additions:
Net income for year
379137.70
37,•137.70
Watermains contributed by special
assessments
272,123.26
2,611,209.80
129,072.99
46,025.63
269,992.71
272 123.26
2,119,379.66
14,633.43
32,105.38
Transfers
Provision for depreciation
—
71,562.09
27,653.06#
42,899.44 *'.
327.61#
681.98#
Adjustment for fixed assets acquired
from surplus
—.
489509.42#
48,509.42
Bonds retired
—
239000.00#
23,000.00
Increase in appropriation of funds
for reserve for debt retirement
—
20,744.37 *.
$20,744-37
Balance at December 319-1959
$2,611,209.80
$108,381.29
$66,770.00
$313,849.07
$2,0769480.22
$14,305.82
$31,423.40
*Indicates-deduction.
WATERWORKS FUND
STATEMENTS OF INCOME AND EXPENSE
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
Street opening fee
Use of hydrants
Miscellaneous
Expenses:
Pumping:
Labor
Power and light
Supplies
Buildings:.
Labor
Fuel
Supplies
Telephone
Repairs
Insurance
Water purchased
Provision for depreciation
Repairs
Distribution:
Labor
Materials and supplies
Operation of meters:
Labor
Supplies and expenses
Provision for depreciation
Repairs
Tanks and towers:
Labor
Power
Supplies
Provision for depreciation
Insurance
VILLAGE OF EDINA
Year Ended December 31, Increase
1959 1958 . Decrease*
Per Cent to
Gross Income
1959 1958
5,047
4,722
325
4,722
4,257
465
$ 21,835.45
$ 15,380.30
$ 6,455.15
18 18.11
13 702.00
5,216.11
1,239.04
2,917.34'
1,678.30
185,189.01
165,451.31
19,737.70
3,249.12
2,279.90
969.22
2,605.00
2,502.00
103.00
435.00
481.00
46.00#
90.00
76.00
14.00
6,938.96
6,445.93
493.03
305.73
505-32
199.62#
201,730.16
$179,419.79
22,310.37
100.0% 100.0%
$ 3,000.04
$ 1,322.22
$ 1,677.82
20,730.71
17,902.22
2,828.49
584.26
528.38
55.88
1,359.51
305.45
1,054.06
. 1,009.86
664.43
345.43
122.48
178.60
56.12#
201.00
180.75
20.25
371.24
1,419.45
1,048.21#
143.12
92.10
51.02
718.75
819.60
100.85#
11,667.23
10,857.05
810.18
-
1,960.12
1 60.12#
399908.20
36,230.37
8 3,677.83
19.8% 20.2%
$ 99158.37
$ 8,184.84
$ 973.53
2,361.13
1,477.16
883.97
5,393.00
39836.44
1,556.56
1,246.91
717.29
529.62
47,215.95
41,745_.05
5,470.90
1.243.72
66.
677.19
66,619.08
6 56,527.31
10,091.77
33.0 -3.1.5
$. 137.63
$ 19.98
$ 117.65
314.17
262.81
51.36
80.78
-
80.78
109537.03
89825.93
1,711.10
290.13
167.25
122.88
11,359.74
9,275.97
29083.77
5.6 5.2
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WATERWORKS FUND
STATEMENTS OF INCOME AND EXPENSE (Cont'd)
Per Cent to
Year Ended D'ecember 31`, Increase Gross Incor»e
1959 1958 Decrease* 1959 1958
Expenses: (cont'd)
Water treatment:
Labor $ 68.86 $ 68.52 .34
Supplies 7,799.43 6,600.42 1,199.01
Provision for depreciation 806.2 792.33 13.92
8,674.54 7,461.27 1,213.27 -4.3 4.2
Vehicle operation:
Allocation from equipment
pool $ 2,510.00 $ 2,350.00 160.00
Provision for depreciation 8 .18 38. 1 84.33*
3,364.18 3,288.51 75.67 1.7 .1.8
Administrative and general:
Salaries:
Superintendent $ 6;000.00 $ 5,760.00 240.00
Clerical 2,635.36 2,824.00 188.64*
Meter reading 4,921.74 4,213.80 707.94
Meter reading supplies 23.36 87.68 64.32#
Office supplies, postage,
telephone 2,280.00 1,980.00 300.00
Supervision 2,700.00 2,000.00 700.00
Provision for depreciation , 481.45 420.48 60.97
Professional services 1,000.00 800.00 200.00
Miscellaneous 479.97 394.74 85.23
Building rental 1 6.00 120.00 36.00
20.677-88 18,600-70 2,077.18 10.2 .10.3
TOTAL OPERATING EXPENSES 1150,603.62 1131,384.13 19 21 . 7 .6 73.2
OPERATING INCOME 51,126.54% 48,035.66 3,090.88 .25.4% 26•
Other income:
Income on investments 3,431-91, 2 225.8 1,206-07 1.7 1.2
54,558.45 50,261.50 8 4;296.95 -2-7-17. 28.0
Other deductions:
Interest on bonds $ 16,385.75 $ 8,175.43 $ 8,210.32
Fiscal agent's service charge 60.87 51.72 9.15 -
Cost of bond sale 974.13 974-13
17.4-20.75 8.20.15 T 9,193.60 8.6 4.6
NET INCOME $ 37,137.70 $ 42,034.35 $ 4,896.65 *, 18.5% 23.4%
Depreciation charges to operations
included in expenses : $ 71,562.09 $ 63,579.35 7,982.74
M