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Home My WebLink About1962 Waterworks Fund Financial Statements•.�.. AUDITED FINANCIAL STATEMENTS WATERWORKS FUND OF THE VILLAGE OF EDINA, MINNESOTA December 31, 1962 CONTENTS ACCOUNTANTS1 REPORT ....................... ........ PAGE 3 BALANCESHEET ............... ............................... 4 NOTESTO BALANCE. SHEET ...... ............................... 5 STATEMENT OF SURPLUS....... 6 STATEMENTOF INCOME AND EXPENSE .....................,....... 7 •z� ERNST & ERNST FIRST NATIONAL BANK BLDG. MINNEAPOLIS 2, MINN- ACCOUNTANTSII 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, 1962 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, 1962 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. i Minneapolis, Minnesota May 20, 1963 -3- ASSETS CURRENT ASSETS Cash: Demand deposits Appropriated funds Investments: United States Government securities — at cost Accrued.interest Less amount segregated and shown below Accounts receivable: From customers Due from General Fund Inventories: - Meters — at cost Supplies — estimated - Prepaid expenses: Insurance OTHER ASSETS Segregated investments — for reserve for debt retirement FIXED ASSETS — Note A Land Land improvements Buildings and equipment Less allowance for depreciation Construction in progress * Indicates red figure. $ 69,443.18 145.30 69,588.48 46,834.75 25,028.08 8,423.60 $ 6,475.66 1,750.00 TOTAL CURRENT ASSETS $ 9,440.73 3,978,982:43 $39988,423.16 676,310.48 $ 27,556.38 3,312,112.68 12,064.88 WATERWORKS BALANCE VILLAGE OF December 25,582.76# 19,254.63 6,328.13# - 22,753.73 33,451.68 8,225.66 399054 $ —58,502-48 46,834.75 3,351,733.94 $3,457,071.17 FUND SHEET EDINA 31, 1962 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.iby special assessments — Note A Contributed by General Fund Earned: Appropriated Unappropriated See notes to balance sheet. 7,595.62 753.12 4,672.84 13;021.58 $ 37,000.00 63.72 37,063.72_ 33,000-00 TOTAL CURRENT LIABILITIES 83,085.30 466,000.0o 33,000.00 433,000.00 $ 541,373.60 29,377.46 21264,659.89 13,32299 $2,848,733.94 $ 66,089.38 26,162.55 92,251.93 2,940,985.87 $3,457,071.17 -4- WATERWORKS FUND NOTES TO BALANCE SHEET VILLAGE OF EDINA December 31, 1962 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 construction 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 in- come 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 Total Annual maturities and interest dates Interest rates March 1 and March 1 and March 1 and March 1 and September 1 September 1 September 1 September 1 2.50% and. ,,2075% 2.75% 2.30 %, 2.80 %, 2.50% and 3.10 %, 2.60% 3.40% and 3.50% Annual amount of maturities: 1963 $101000.00 $ 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 109000.00 8,000.00 38,000.00. 1967 10,000.00 109000.00 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 209000.00 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 $50,000.00 $35,000.00 $130,000.00 $251,000.00 $466,000.00 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 ac- crued 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, 1962 Balance at January 1, 1962 Additions: Watermains contributed by special assessments Deductions: Net loss for year Transfers: Provision for depreciation Adjustment for fixed assets acquired from surplus Bonds retired Decrease in appropriation of funds for reserve for debt retirement Balance at December 31, 1962 * Indicates red figure. Earned Surplus Total Unappropriated Appropriated $2,893,940.43 $ 8,382.56 $67,172050 60,093.41 $2,954,033.84 13,047.97 $2,940,985.87 $2,940,985.87 I Invested in Fixed Assets $518,34292 Contributed by Assessments $2,256,332041 Contributed by General Fund $13,650.60 Revaluation $30,059.44 $30,059.44 $30,059.44 681.98# $29,377.46 0 60,093-41 $ 8,382.56 $67,172.50 $ 518 ,342.92 $2,316,425.82 $13,650.60 13,047.97 $ 4,665.41# $67,172.50 $518,342.92 $2,316,425.82 $13,650.60 102,898.53 50,123.01# 51,765093# 327.61# 40,153.69# 40,153.69 33,000.00# 33,000.00 1,083.12 1,083012# $ 26,162.55 $66,089.38 $541,373.60 $2,264,659.89 $13,322.99 Revaluation $30,059.44 $30,059.44 $30,059.44 681.98# $29,377.46 0 WATERWORKS FUND STATEMENT 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 operations: Allocated from equipment pool Provision for depreciation Administrative and general: Salaries: Superintendent Clerical Meter reading Meter reading supplies Office supplies, postage, telephone, etc. Supervision Provision for depreciation Professional services Supplies and expense Building rental TOTAL EXPENSES OPERATING INCOME ®�@ Qn investments Other deductions: Interest on bonds Fiscal agent service charge Cost of building razed NET (LOSS) INCOME Depreciation charges to opera- tions included in expenses Year Ended December 31 Increase 1962 1961 Decrease* $ 93.30 $ 84.74 8.56 1,08467 1,720.45 635.78# 9720 3.15 94.05 22,652.25 22,652.25 - 342.98 342.98 - 24,270.40 $ 24,803.57 $ 533.17# Per Cent to Gross Income 1962 1961 12.47% 12.00% $ 239.69 $ 409.47 $ 169.78# 7,146.25 9,862.31 2,716.06# 6,296.90 3,610.32 2,686.58 $ 13,682.84 $ 13,882.10 $ 199.26# 7.03 6.72 $ 4,080.00 $ 3,300.00 $ 780.00 1,536.95 1,287.40 249.55 $ 5,616095 $ 4,587.40 $ 1,029.55 2.88 2.22 $ 79920.00 $ 7,740.00 $ 180.00 3,546.00. 3,579.84 33.84# 4,093.75 5,154.78 1,061.03# 78.01 15.60 62.41 4,620.00 39960.00 660.00 3;900.00 3,180.00 720.00 575.09 . 591.37 16.28# 19125.00 19125.00 - 774.91 372.98 401.93 252.00 276.00 24.00# $ 26,884.76 $ 25,995.57 $ 889.19 13.81 12.58 $193,781.46 $187,751.74 9 6,029.72 99.55% 90.87% $ 872.33 $ 18,862.41 $17,990.08# .45% 9.13% 572.18 590.43 18.25# .29 .29 $ 1,444 51 $ 19,452.84 $18,008.33# .74% 9.42% $ 149412.42 $ 15,278.92 80.06 81.54 - 252.69 6 14,492.48 S 15,613.15 3 13,047.97) $ 3,839.69 $102,898.53 $ 96,354.51 $ 866.50# 1.48# 252.69# $ 1,120.67# 7.44 7.56 $16,887.66# 6.70% 1.86% $ 69544.02 WATERWORKS FUND STATEMENT OF INCOME AND EXPENSE VILLAGE OF EDINA Year Ended December 31 Increase 1962 1961 Decrease* Number of meters in use: At end of year 6,218 5,865 353 . At beginning of year 5,865 5,576 289 Income: Sale of meters $ 18,623.50 Less cost of meters sold 17,610.81 GROSS PROFIT ON METERS 1,012.69 Water sales 1799015.74 Pehaltie §_, 3 220004 Watet..connection permits '1.11647.00 Tapping fees 276.75 Street opening fees 160.00 Use of hydrants 8,423.60 Miscellaneous _897.97 $194,653.79 Expenses: $ 920.50# Pumping: 26.14# Labor $ 5,043.16 Power a.nd light 18,926038 Supplies and repairs 505.90 Buildings: 80.00# Labor 5,551.07 Fuel 1,078.18 Supplies 828.01 Telephone 20100 Repairs 621.12 Insurance 432.63 Water purchased 394-00 Provision for depreciation 15,176.70 Repairs 2,002.47 $ 50,760.62 Distribution: Labor $ 7,855.90 Materials and supplies 3,599.20 Operation of meters: Labor 3,647.15 Supplies and expenses 245.81 Provision for depreciation 56,660.64 Repairs 557.19 $ 72,565.89 Per Cent to Gross Income 1962 1961 $ 19,544.00 $ 920.50# 17,636.95 26.14# 1,907.05 894.36# 189,894.17 10,87843# 3,318.59 - 985.5# .1,727.00 80.00# 356.00 79.25# 78.00_ 82.00 7,980.90. 442,..70 1,352.44 454.47# $206,614.15 $11,96o.36* 100.00% 100.00 $ 3,467.12 $ 1,576.04 21,400.08 2,473.70# 214.55 291.35 3,424-39 2,126.68 938.93 139.25 866.76 38.75# 216.50 15.50* 163.97 457.15 213.69 218.94 419,50 25,50* 13,475.99 1,700.71 2,172.64 170.17# $ 46,974.12- $ 3,786.50 26.o8% 22.74% $ 8,829.45 $ 973.55# 3,582.89 16.31 4,015.57 368.42# 303.89 58.08* 54,737.18 1,923.46 40.00 517.19 $ 71,508.98 $ 1,056.91 37.28% 34.61% -7-