HomeMy WebLinkAbout1961 Waterworks Fund Financial Statements-- 00000 --
AUDITED FINANCIAL STATEMENTS
WATERWORKS FUND OF THE VILLAGE OF EDINA, MINNESOTA
December 31, 1961
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CONTENTS
ACCOUNTANTS' REPORT.......,. ............................ >.. PAGE 3
BALANCE SHEET...............
NOTES TO BALANCE SHEET....... ..o...... a .....
.......e..u.... 5
STATEMENTOF SURPLUS.... ....... ......... ...... 6
STATEMENT OF INCOME AND EXPENSE.......... o, . ................. 7
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ERNST & ERNST .
FIRST NATIONAL BANK BLDG.
MINNEAPOLIS 2, MINN.
ACCOUNTAN TSI REPORT
To the Village Council
Village of,Edina, Minnesota
We have examined the balance sheet of the Waterworks Fund of the Village of Edina
as of December 31, 1961 and the related statements of surplus and income and ex-
pense for the year then ended. Our examination was made in accordance with gen-
erally 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 the Waterworks Fund
of the Village of Edina at December 31, 1961 and the results of its operations
for the year then ended, in conformity with generally accepted accounting prin-
ciples.applied on a basis consistent with that of the preceding year.
Minneapolis, Minnesota
May 4, 1962
—3—
ASSETS,
CURRENT ASSETS
Cash:
Demand deposits
Appropriated funds
Time deposits.(including accrued interest
of $217.70)
Less amounts segregated and shown below
Accounts receivable:
From customers
Due from General Fund
Inventories:
Meters - at cost
Supplies.- estimated
Prepaid expense:
Insurance
OTHER ASSETS
Segregated cash - for reserve for
debt retirement
FIXED ASSETS - Note.A
Land
Land improvements
Building and equipment
Less allowancesfor depreciation
*Indicates red figure.
WATERWORKS
BALANCE
VILLAGE OF
December-
47,701.25
27,556.38
$ 8,934.85
3,893,812.90
3,902,747.75
575,918.76 3,326,828.99 3,354,385.37
$3,474,102.14
$ 5,318.62#
19,471.25
63 217:70
77,370.33
47 701.25
8 29, 9.O8
24,700.02,
8,045.95
32,745.97
$ 7,572.1,
1,750.00
9,322.14
278.33
TOTAL CURRENT ASSETS
72,015.52
47,701.25
27,556.38
$ 8,934.85
3,893,812.90
3,902,747.75
575,918.76 3,326,828.99 3,354,385.37
$3,474,102.14
FUND
SHEET
EDINA
31, 1961
LIABILITIES AND SURPLUS
CURRENT LIABILITIES
Accounts payable and accrued expenses:
Trade accounts
Salaries and wages
Interest
Due to other funds:
Permanent Improvement Revolving Fund
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 assessments — Note A
Contributed by General Fund
Earned:
Appropriated
Unappropriated
See notes to balance sheet.
$ 37,655.65
792.93
4,961.67
43,410425
37,000.00
751.46
3,79751:46
33,000-00
TOTAL CURRENT LIABILITIES
114,161-71
499,000.00
33,000.00
466000:00
$ 518,342.92
30,059.44
2,256,332.41
13,650.60 2,818,385.37..
$ 6 7,172.50
8,382.56 75,555.06 2,893,940.43
$3,474,102.14
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WATERWORKS FUND
NOTES TO BALANCE SHEET
VILLAGE OF EDINA
December 31, 1961
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 whibh, 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 thereon
charged to income which has been transferred to earned surplus.
Note B — The annual maturities, due dates and interest rates are as follows:
Bonds maturing after September 19 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-issae 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 e
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.
WE
1947 Issue
1953 Issue
1955 Issue
1959 Issue
Total
Annual maturities :--m'March
l and`
March Land:.
March Land,'.
March land.
and interest dates
September 1-
September 1.
September 11
Septembe.r:.l
Interest rates
2.50% and
2.30 %,
2.80 %,
2075 % -.
2.75%
2.50% and
3.10 %,
2.60%
3:40% and
3.50%
Annual amount of
maturities
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
109000.00
8,000.00
'33,000.00
1965
10,000.00
10,000.00
8,000.00
33,000.00
1966
109000.00
.51000.00
109000.00
10,000.00
8,000.00
38,000.00
1967
10,000.00
100000.00
10,000.00
8,000.00
389000.00
1968
30,000.00
8,000.00
38,000.00
1969
30,000.00
89000.00
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
359000.00
35,000.00
1974
35,000.00
35,000,.00
1975
40,000.00
40,000.00
$60,000.00
$40,000.00
$140,000:00
$259,000.00
499,000.00
Bonds maturing after September 19 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-issae 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 e
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.
WE
WATERWORKS FUND
STATEMENT OF SURPLUS
VILLAGE OF EDINA
Year Ended December 31, 1961
Total
Balance at January 1, 1961 62,780,400.50
Additions:
Net income for year 3,839.69
Watermains contributed by special assessments 109 700.24
2,893,940.43
Transfers:
Provision for depreciation —
Adjustmdnts for fixed assets acquired from surplus —
Bonds retired —
Increase in appropriation of funds for reserve
for debt retirement —
Balance at December 31, 1961 $2,893,940.43
*Ind_icates red figure.
Invested Contributed Contributed
Earned Surplus in Fixed by by
Unappropriated Appropriated Assets Assessments General Fund Revaluation
$108,429.05 $68,255.63 $362 ,296.02 $2,196,700.17 $13,978.21 $30,741.42
3,839.69
109,700.24
112,268.74 $68,255.63 362,296.02 $2,306,400-41 $13,978.21
96,354.51 45,276.92# 50,068.00# 327.61#
168,323.82# 168,323.82
33,000.00# 33,000.00
1,083.13 1,083.13#
$ 8,382.56 $67,172.50 $518,342.92 '$2,256,332.41 $13,650.60
30, 741.4.2
681.98#
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WATERWORKS FUND
STATEMENT 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 fees
Use of hydrants
Miscellaneous
Expenses:
Pumping:
Labor
Power and light
Supplies and repairs
Buildings:
Labor
Fuel
Supplies
Telephone
Repairs
Insurance
Water purchased
Provision for depreciation
Repairs
Dist'ribotion:
Labor
Materials.:and! supplies
Operation:of'.meterst,:
Labor
Supplies.; and ,expense s
Provision. for..dep.reci,atdon.
.Repairs
VILLAGE OF EDINA
Year Ended
December 31
Increase
196-1-
1960
Decrease*
5,865
5,576
279
5,576
5,047
529
$ 19,544.00
$ 22,425.00
$-2,881.00#
17,636.95
20 377.11
' 2,047. 9
2#
T 140.80
1,907.05
189,894.17
180,040.96
9,853.21
3,318.59
3,599.07
280:48#
1,727.00
1,910.00
183.00#
356.00
286.00
70.00
78.00
58.00
20.00
7,980.90
7,555.91
424.99
1 352.4
"'27.58
20 ,,14.15
195,925.41
$ 10, 6 88.74
$ 3,467.12
' $ 3,220:48
$ '246.64
21,400.08
21,015.12"
415.00
214.55
121.00
93.55
3,424.39
938.93
866.76
216.50
163.97
213.69
419.50
13,475.99
2,172.64
6 4974.12
1,841.94
817.90
1,000.94
201.00
405.23
228.24
652.25
11,684.32
4,783.04
46,771.4
$ 8,829.45 $ 11,207.70
3,582.89 5,165.06
Per Cent to
Gtoss Income
_1261 1.9 0
100.0% 100.0%
1,582.45
121.03
134.18#
15.50
241.26#
14.55#
232.75#
1,791.67
2 610.40#
202.66 22.74%
$ 2,378.25#
1,582.17#
4,015.57
4,679.32
663.75#
303.89
759.74
455.85#
54,737.18
51,962.34
2,774.84
40.00
115:49
75.49#
71,508.98
73,889.65
2,380. 7
34.61
23.9%
37.7
-7-
WATERWORKS FUND
STATEMENT OF INCOME
AND EXPENSE
(Cont'd)
Per Cent to
Year Ended December 31
Increase
Gross-Income
1901
1960
Decrease*
1961 1960
Expenses (cont'd):-
Tanks, towers and reservoir:
Labor
84.74
$ 39.75
44.99
Power and lease lines
19720:45
378.08
1,342.37
Supplies
3.15
19.32
16.17#
Provision for depreciation
22,652.25
169581.65
6,070.60
Insurance
342.98
366.36
23.38#
X24,803.57
6 17,585.16
7,418.41
12.00% 8.9%
Water treatment:
Labor
$ 409.47
$ 799.12
389.65#
Supplies
9,862.31
99176.54
685.77
Provision for depreciation
3,61o.32
13,882.10
870.67.
6 10,846.33
2,739.65
6 3,03507
6.72
.51.5
Vehicle operations:
Allocated from equipment pool
$ 3,300.00
2,520.00
$ 780.00
Provision for depreciation
1 287. 0
4,587.40
1 028.61
39'548.61
258.79
61,0318.79
2.22 1.8
Administrative and general:
Salaries:
Superintendent
$ 7,740.00
$ 69300.00
$ 19440.00
Clerical
3,579.84
39953.04
373.20#
Meter reading
5,154.78
590.48.63
106.15
Meter reading supplies
15.60
26.00
10:40#
Office supplies, postage,
telephone, etc.
39960.00
.3,780;00
180..00
Supervision
39180.00
2,700.00
480.00
Provision for depreciation
591.37
551.13
40.24
Professim al services
1,125.00
3,547.07
2,422.07#
Miscellaneous
372.98
375.61
2:63#
Building rental
276.00
180.00
96.00
25,995-57
26,461-48
-4 5.91#
12.56 13.5
TOTAL OPERATING EXPENSES
.
187 751.7
F789902.69
j
849.05
90. 7 91.3
OPERATING INCOME
189862-41
179022.72
6 1,839.69
9.13 ,.. 8.7
Income on investments
590.43
19,452.84
3,230.28
20,253.00
29639.85*
6 800.16
.29' 1.6
9.4 10.3
Other deductions:
-
Interest on bonds
$ 159278.92
$ 18,497.92
$ 3,219.00 *.
Fiscal agent's service charge
81.54
80.17
1.37
Cost of building razed
.252.69
-
252.69
15,613-15
18,8.09
57
2,964-94*
7.56 9.5
NET INCOME
$ 3,839.69
$ 1,674.91
$ 2,164.78
1.86% .8%
Depreciation charges to operations
included in expenses.
$ 96,354.51
$ 82,678.72
$13,675.79
Ma