HomeMy WebLinkAbout1963 Waterworks Fund Financial Statements�•
AUDITED FINANCIAL STATEMENTS
WATERWORKS FUND OF THE VILLAGE'OF -EDINA, MINNESOTA
December 31, 1963
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CONTENTS
ACCOUNTANTS' REPORT .................. 4 ................. .,.................... PAGE 3
BALANCESHEET ................................................. :............. 4
NOTESTO BALANCE SHEET ....................... ............................... 5
STATEMENTOF SURPLUS ......................... ............................... 6
STATEMENT OF INCOME AND EXPENSE .............. ............................... 7
ERNST & ERNST
FIRST NATIONAL BANK BLDG.
MINNEAPOLIS, MINN. 5S402
ACCOUNTANTS' 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 319 1963 and the related statements of surplus and income and ex-
pense for the year then ended. Our examination was made in accordance with gens
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 statementsrof_.supplus" add
income and expense present fairly the financial position of the Waterworks Fund
of the Village of �dina at December 319 1963'and the results of its operations
for the year then ehded, in conformii with generally accepted accounting prin-
ciples applied on a basis consistent with that of the preceding year.
Minneapolis, Minnesota
May 18, 1964
-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:
Prepaid interest
Insurance
OTHER ASSETS
Segregated investments — reserve for
debt retirement
FIXED ASSETS.. — Note A
Land
Land improvements
Buildings and equipment's
Less allowance for depreciation
Construction in progress
$ 254,194.64
103022
$ 254,297°86
58,498.25
WATERWORKS
BALANCE
VILLAGE OF
December
10,683.84
19 038000
29,721084
195,799.61
$ 26,712085
99041002 35,753.87
$ 109191,16
1,750.00 11,941016
5,772.72
384.39 6,i57-11
TOTAL CURRENT ASSETS 279,373059
58,498.25
$ 27,556038
$ 9,962075
4,329,031024
$4,338,993099
782,219 69 3,556,774-30
283,009,71 M67,340-39
$49205,212023
FUND
SHEET
EDINA
31, 1963
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, assessments —
Note A
Contributed by General Fund
Earned:
Appropriated
Unappropriated
See notes to balance sheet.
$ 833,000.00
339000000
$ 437,441.51
28,695048
2,555,208 02
129995°38 $3,034,340.39
77,536025
1879916.52 265,452.77
$ 659259017
965073
5 28817
71,653007
766000
339000000
105,419007
800,000.00
39299,793°16
$4,205,212023
-4-
WATERWORKS FUND
NOTES TO BALANCE SHEET
VILLAGE OF EDINA
December 31, 1963
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 fora
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 areas follows:
1947 Issue
1953 -Issue
1955 Issue
1959 Issue
1963 Issue
Total
Annual maturities and interest
dates March 1 and
March 1 and
March 1 and
March 1 and
June 1 and
September 1
September 1
September 1
September 1
December 1
Interest rates
2.75%
2.75%
2.30% and
2080 %,
2.50 %,
2050
3.10 %,
2.80 %,
3.40% and
3:00 %,
3.50%
3.20% and
3.30%
Annual amount of maturities:
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
$ 10,000.00
48,000.00
1967
10,000.00
10,000.00
10,000.00
8,000.00
10,000.00
48,000.00
1968
30,000,00
8,000.00
10,000.00
48,000.00
1969
30,000.00
8,000.00
10,000.00
48,000.00
T970
20,000.00
15,000.00
10,000.00
45,000.00
1971
35,000.00
20,000.00
55,000.00
1972
35,000.00
20,000.00
55,000.00
1973
35,000.00
20,000.00
55,000.00
1974
35,000.00
20,000.00
559000.00
1975
40,000.00
20,000.00
60,000.00
1976
50,000.00
50,000.00
1977
50,000.00
50,000.00
1978
50,000.00
50,000.00
1979..
509000.00
50,000.00
1980
50,000.00
50,000.00
$40,000.00
$30,000.00
$120,000.00
$243,000.00
$400,000.00
$833;000.00
Bonds maturing after September
4 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_ 195,5
issues,
shall be subject to redemption
and prepayment at the option of the Village on sa,i&
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 redebmed,-and in,'inverse
order of their serial numbers.
Thirty days prior notice must be given to
bond-
holders.
*.Indicates red figure.
9—
WATERWORKS FUND
STATEMENT OF SURPLUS
VILLAGE OF EDINA
Year Ended December 31, 1963
Invested
Contributed
Contributed
Earned Surplus
in Fixed
by
by
Total
Unappropriated
Appropriated
aAssets
Assessments-
General Fund
Revaluation
Balance at January 1, 1963
$2,940,985.87
$ 264162.55
$66,089.38
$541,373.60
$2,264,659.89
$13,322.99
$29,377.46
Additions: .
Watermains contributed by
special assessments
$ 346,378:79
$ 346,378.79
Net income for year
Y
12 428,50
$ 807.29
$_ N,428.50
'.
358
$3,299,793,16
12- 28.50
_
-346,378.1_79
38,591.05
66,089.38
541,373.60
62,611,03M8
$13,322.99
29077.46
Transfers:
Provision for depreciation
–
107,743.66
50,903.41*
55,830.66*
327.61#
681.98"`
Adjustment for fixed assets
acquired from bond proceeds
–
86,028.68
86,028.68*
Bonds retired
–
33,000.00",
339000.00
Increase in appropriation
of funds for reserve for
debt retirement
–
._11,446.87#
_11,446.87
Balance at December 319 1963
$3,299,793.16
$187,916.52
$77,536.25 '
$43x7,441.51
$24555,208.02
012,995.38
$28,695..48
*.Indicates red figure.
9—
WATERWORKS FUND
STATEMENT OF INCOME AND EXPENSE
VILLAGE OF EDINA
-7-
Per Cent to
Year Ended
December 31
Increase
Gross Income
1963
1962
Decrease*
1963 1962
Number of meters in use:
At end of year
6,511
6,218
293
At beginning of year
6,218
5,865
353
Income:
Sale of meters
$ 22,995.00
$ 18,623.50
$ 4,371.50
Less cost .'of . meters sold
19,359.83
17 610.81
1 749.02
GROSS PROFIT ON METERS
3,635.17
1,012.69
2,622.48
Water sales
231,814.36
179,015:74
52,798.62
Penalties
4,069.59
3,220.04
849.55
Water connection permits
2,156.00
1,647.00
509.00
Tapping fees
239.00
276.75
37.75#
Street opening fees
74.00'
160.00
86.00*
Use of hydrants
9,041.02
8,423.60
617.42
Miscellaneous
209.29
897 . 7
688.68*
251,238.43
194,653.79
$56,584.64
100.00% 100.00%
Expenses:
Pumping:
Labor
5,345.87
$ 5,043.16
$ 302.71
Power and light
25,022.77
18,926.38
6;096.39
Supplies and repairs
335.30
505.90
170.60*
Buildings:
Labor
3,489.11
5,551.07
2,061;'96*
Fuel
1,193.94
1,078.18
115.76
Supplies,
776.35
828:01
51.66*
Telephone
201.00
201.00
-
Repairs
97.94
621.12
523.183E
Insurance
440.93
432.63
8.30
Water purchased
474.75
394.00
80.75
Provision for depreciation
15,152:57
15,176.70
24.1:3'
Repairs
#
54,079.96
50,760.62
8 3,319.34
21.53% 26.08%
i.DistTibutlon:
1.4bor
$ 10,213.70
$ 7,855.90
$ 2,357.80
Materials and supplies
1,994.38
3,599.20
1,604.82*
Operation of meters:
Labor
3,175.15
3,647.15
.472.00*
Supplies and expenses
755.27
245.81
509.46
Provision for depreciation
60,959.31
56,660.64
4,298.67
Repairs
283.78
557-19
273.41'
77,381.59
72,565.89
$ 4,815.70
30.80% 37.28%
-7-
Expenses (cont'd):
Tanks, towers and reservoirs
Labor
Power and : lease lines
Painting - tanks and
towers
Supplies
Provision for depreciation
Insurance
Water treatments
'Labor
,Supplies
Provision for depreciation
Vehicle operations:
Allocated from equipment
pool .
Provision for depreciation
Admin'i'strative and general:
Sal'ari-es:
Supet -A ntendent
Clerical
Meter reading
Meter reading supplies
Office supplies, postage,
�tel'ephone, 'etc.'
Supervision
Provision for depreciation
Professional services
Supplies and expense
Building rental
TOTAL EXPENSES
OPERATING INCOME
Income on investments
Other deductions:
Interest on bonds
Fiscal agent service charge
Cost of building razed
Cost of bond sale
NET INCOME (LOSS)
Depreciation charged to opera -
tionsiincluded in expenses
WATERWORKS FUND
STATEMENT OF INCOME AND EXPENSE (Cont'd)
Year Ended December 31., Increase
1963 1962 Decrease*
$ 133.26
93.30
1,663.01
1,084.67
16,500.00
-
157.37
97.,20
..22,652.:25
22,652.25
342.8
3.2.8
41,448.87
24,270.40,
$ 1,115.63
$ 239.69
10.,247..20
7,146.25.
6.296-go
6 z 6. o
17,659.73
,13,682.84
4,116.00 $ 4,080.00
2,078.98 1 36:95
6,194.98 5,616.95
$ 8,191,51 $ 7,920.00
4,066.00 ,: 3,546'.00
3,872.14 4,093.75
12.48 78.01
4,980.00
3,900.00
603.65
1,150.00
496.19
300.00.
7,571.97
t224,-337.10
26,901:33
819:95
27,721..28
$ 14-,151.83
778.92
400.03
662.00
15,292.78
$12,428.50
$107,743.66
4,620.00
3,900.00
575.09
1_,125.00
774.91
252.00
$ 26,884.76
$153,781._46
$ '$72-33
572:18
1,444:51
$ 14,412.42
80.06
14,492 8
($ 13,047.97)
$102,898.53
$ 39.96
578.34
16,500.00
`6o.1 -7
17,178.47
875.94
�5 ,.
3,976.89
$ 36.00
542 . -03
$ 578.03
$ 271.51
520.00
221.61*
65`:53*
360.00
28.56
25.00
.278.72*
48'. oo.
$ 687.21
$30,5.55.64.
$26,029100
X2471.,-7 7
$26,276.77
$ 260.59*
1.14*
400.03
662.00
800. LO
$25,476.47
$ 4,845.13
Per Cent. to____
Gross Income
1963 1962
16.50% 12,47%
7.03 7.03
2.47
10.96
: 8 .'2
1&%.71%.
.33
'11.04%
6.09
4.95%
13.81
.45%
2
.74%
7.44
(__k. 70 ).
W