HomeMy WebLinkAbout1960 Waterworks Fund Financial Statements-- 00000 --
AUDITED FINANCIAL STATEMENTS
WATERWORKS FUND OF THE VILLAGE OF EDINA, MINNESOTA
December 31, 1960
-- 00000 --
CONTENTS
ACCOUNTANTSo REPORT ............. ............................... PAGE 3
BALANCESHEET .......................... ...................... �.
NOTES TO BALANCE SHEET.......... 5
STATEMENTOF SURPLUS ............ ............................... b
STATEMENTSOF INCOME AND EXPENSE ................. 0............. 7
We 99 �
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 balance sheet of the Waterworks Fund of the Village of
Edina as of December 31, 1960, and the related statements 'of surplus and
income and expense 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 pro-
cedures 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 the Waterworks
Fund of the Village of Edina at December 31, 1960 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 pre— .
ceding year.
Minneapolis, Minnesota
May 19, 1961
152
ASSETS
CURRENT ASSETS
Cash:
Demand deposits
Appropriated funds
Working fund
Time deposits (including accrued interest
of $827.27)
Less amounts segregated and shown below
Accounts receivable:
From customers
Due from General Fund
Inventories:
Meters - at cost
Supplies - estimated
Prepaid expenses:
Insurance
OTHER ASSETS
Segregated cash - for reserve for debt
retirement
FIXED ASSETS - Note A
Land
Land improvements
Building and equipment
Less allowance for depreciation
Construction in progress
$ 36,734.44
7555.91
$ 8,770.09
1,750..00
TOTAL CURRENT ASSETS
$ 27,431.38
7,959.47
3'.549' 618_00
$3,585,008.85
48-0,204.3
$3,104,804.49
30,911.33
WATERWORKS
.BALANCE
VILLAGE OF
December
$ 290..77
19,687.88
25.00
122,827.27
$ 142,830.92
- 48,567.75
$ 94,263.17
44,290.35
10,520.09
278.35
$ 149,351.96
48,567.75
3,135,715.82
$3,333,635.53
FUND
SHEET
EDINA
31, 1960
LIABILITIES AND SURPLUS
CURRENT LIABILITIES
Accounts payable and accrued expenses:
Trade accounts
Salaries and wages
Interest
Due to General Fund
Current maturities of bonds payable
LONG -TERM DEBT
Bonds payable - Note B
Less current maturities shown above
SURPLUS
Invested in fixed assets
Revaluation of fixed assets-- Note A
Contributed by special assessment - Note A
Contributed by General Fund
Earned:
Appropriated
Unappropriated
See notes to balance sheet.
$ 14,055.33
627.20
5,250.50 $ 19,933.03
TOTAL CURRENT LIABILITIES
$ 532,000.00
33,000.00
3.62,296.02
30,741.42
2,196,700.17
13,978.2 $2,603,715.82
$ 68,255.63
108,429.05 176,684.68
1,302.00
33,000.00
$ 54,235.03
499,000..00
2,780,400.50
$3,333,635.53
-4--
. WATERWORKS FUND
NOTES TO BALANCE SHEET
VILLAGE OF EDINA .
December 31, 1960
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 Issue 1953 Issue 1955.Issue 1959 Issue_
Annual maturities and March 1, and March 1, and March 1, and March 1, and
interest dates September 1 September 1 September 1 September 1
Interest rates 2.50% and
2.75%
Annual amount of
109000.00
maturities
5,000-00
1961
$10;000.00
1962
109000.00
063
10,000.00
1964
10,000.00
1965
10,000.00
1966
109000.00
1967
10,000.00
1968
30,000.00
1969
1970
8,000.00
1971
20,000.00
1.972
1973
35,000.00
1974
1975
—
$70,000.00
2.30 %9 2.80 %,
2.75% 2.50% and 3.10 %,
2.60% 3.40% and
3.50%
$ 5,000.00 $ 10,000.00 $ 8,000.00
5,000..00
109000.00
8,000.00
5,000-00
10.,000.00
8,000.00
5,000.00
T0,000.00
8,000.00
5,,000.00
10,000.00
8,000.00
_109000.00
10,000.00
8,000.00
10,000.00
10,000.00
8,000.00
30,000.00
8,000.00
30,000.00
8,000.00
20,000.00
15,000,00
35,000.00
35,000.00
35,000.00
35,000.00
40,000.00
$459'000.00 $150,000.00 $267,000.00
---- - - - - -- ---- - - - - -- ----- - - - - --
,Total
$ 33 , 000..00
33,000.00
33,000.00
33,000.00
33,000.00
38,000.00
38,000.00
38,000.00
38, 000.00
35,000.00
35,000.00
35,000.00
35,000.00
35,000.00
000_00
$532,000.00
Bonds maturing after September 1, 1957 of the 1947 issue shall be subject to re-
demption 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 bond-
holders.
—5—
WATERWORKS FUND
STATEMENT OF SURPLUS
VILLAGE OF EDINA
Year Ended December 31, 1960
Balance at January 1, 1960
Additions:
Net income for year
Watermains contributed by
special assessments
Transfers:
Provision for depreciation
Adjustments for fixed assets
acquired from surplus
Bonds retired
Increase in appropriation of
funds for reserve for debt retirement
Balance at December 31, 1960
# Indicates red figure.
Total
$2,611,209.80
1,674.91
167,515.79
$2,780,400.50
$2,780,400.50
Earned Surplus
Unappropriated
Appropriated
$108,381.29
$66,770:.00
1,674.91
by
$1109056.20
$66,770.00
82,678.72
Assessments
51,820.24*
Revaluation
31,000.00#
$2,076,480.22
1,485.63#
1,485.63
$1089429.05
$68,255.63
Invested
Contributed
Contributed
in Fixed
by
by
Assets
Assessments
General Fund
Revaluation
$313,849.07
$2,076,480.22
$14,305.82
$3.1,423.40
_
167,515.7 9
$313,849.07
$2,243,996.01
$14,305.82
$31,423.40
34,373.29#
.47,295.84#
327.61#
681.98#
51,820..24
31,000..00
$362,296.02
$2,196,700..17
$13,978.21
$30,741.42
10
WATERWORKS FUND
STATEMENTS OF INCOME AND EXPENSE
VILLAGE OF EDINA
-7-
Per Cent -to
Year Ended
December
31
Increase
Gross Income
1960 `
1959
Decrease*
1960 1959
Number of meters in use:
At end of year
5,576
5,047
529
At beginning of year
5,047
4,722
325
Income:
Sale of meters
$ 22,425.00
$
21,835.45
589.55
Less cost of meters sold
20,377.11
_18,918.11
1,459.00
GROSS PROFIT ON METERS
$ 2,047.89
$
2,917.34
869.45#
Water sales
180,040.96
185,189.01
5,148.05#
Penalties
3,599.07
3,249.12
349.95
Water connection permits
1,910.00
2,605.00
695.00#
Tapping fees
286.00
435.00
149.00#
Street opening fee
58.00
90.00
32.00*
Use of hydrants
7,555.91
6,938.96
616.95
Miscellaneous
427.58
305.73
121.8
$195,925.41
$201,730.16
5,804.75'`
100.0% 100.0%
Expenses:
Pumping:
Labor
$ 3,220.48
$
3,000.04
$ 220.44
Power and light
21,815.12
20,730.71
1,084.41
Supplies
121.00
584.26
463.26#
Buildings:
Labor
1,841:94
1,359'.51
482.43
Fuel
817.90
1,009.86
191.96*
Supplies
1,000.94
122.48
878.46
Telephone
201.00
201.00
-
Repair
405.23
371.24
33.99
Insurance
228.24
143.12
85.12
Water purchased
652.25
718.75
66.50*
Provision for depreciation
11,684.32
11,667.23
17.09
Repairs
_ 74, 83 ° 04
-
4,783.2/
$.46,771.46
$
339,908.20
$ 6,863.26
23.9% 19.8%
Distribition:
Labor
$.11,207.70
$
9,158.37
$ 2,049.33 .
Materials and supplies
5,165.06
2,361.13
2;803.93
Operation of meters:
Labor
4,679.32
5,393.00
713.68*
Supplies and expenses
"759.74
1,246.91
487.17#
Provision for depreciation
51,962.34
47,215.95
• 4,746.39
Repairs
115-49
1,243.72
11128.23*
73,889.65
$
66,619.08
$ 7,270.57
37.7 33.0
-7-
WATERWORKS FUND
STATEMENTS OF INCOME AND EXPENSE (Cont'd)
Expenses (cont'd):
Tanks, towers and reservoir:
Labor
Power and lease lines
Supplies
Provision for depreciation
Insurance
Water.treatment:
Labor
Supplies
Provision for depreciation
Vehicle operation:
Allocated from equipment pool
Provision for depreciation
Administrative and general:
Salaries:
Superintendent
Clerical
Meter reading
Meter reading supplies
Office supplies, postage,
telephone
Supervision
Provision for depreciation
Professional services
Miscellaneous
Building rental
TOTAL OPERATING EXPENSES
OPERATING INCOME
Other income:*
Income on investments
Other deductions:
Interest on bonds
Fiscal agent's service charge
Cost of bond sale
NET INCOME
Depreciation charges to
operations included in expenses
Year Ended
December 31
Increase
1960
959
Decrease*
_
39.75
137.63
$ 97.88#
378.08
314.17
63.91
19.32
80.78
61.46#
16,581.65
10,537.03
6,044.62
366.36
290.13
. 76.23
$ 17,385.16 $ 11,359.74 $ 6,025.42
$ 799.12 $ 68.86
9,176.54 7,799.43
_ 870.67 806_25
$ 10,846.33 $ 8,674.54
$ 2,520.00 $ 2,510.00
_1,028.61 854.18
$ 3,548.61 $ 3,364:18
$ 6,300.00 $ 6,000.00
3,953.04 2,635.36
5,048.63 4,921.74
26.00 23.36
3,780.00 2,280.00
2,700.00 2,700.00
551.13
481.45
3,547.07
1,000.00
375.61
479.97
180.00
156.00
26,461-48 9 20,677.88
$178,902.69 915 0 603.62
$ 17,022.72 51,126.54
3,230.28 3,431.91
$ 20,253.00 $ 54,558.45
$ 18,497.92 $ 16.385.75
8.0.17 60.87
_ _974-13
18 78.09 $ 17,420.75
Per Cent to
Gross Income
1960 1959
8.9% 5.6%
$ 730.26
1,377.11
64.42
$ 2,171.79 5.5.. 4.3
$ 10.00
174.43
184.43 1.8 1.7
$ 300.00
1,317.68
126.89
2.64
1,500.00
69.68
2,547.07
104.36#
24-00
52783.60 13.5 10.2
28 299.07 91.3
$34,103.82' 8.7% 25.4%
201.63' 1.6 1.7
$34,305.45# 10.3% 27.1%
$ 2,112.17
19.30
974.13#
$ 1,157.34 9.5_ 8.6_
$ 1,674.91 $ 37,137.70 $35,462.79 #. .8% 18.5%
$ 82,678.72 $ 71,562.09 $11,116.63
1