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Home My WebLink About1964 Waterworks Fund Financial StatementsAUDITED FINANCIAL STATEMENTS WATERWORKS FUND OF THE VILLAGE OF EDINA,- MINNESOTA December 31, 1964 ..� CONTENTS ACCOUNTANTS' REPORT........ ............................. PAGE 3 BALANCESHEET.. .............. ............................... 4 - NOTES TO BALANCE SHEET....... ...a..e ... oo ....... o........... 5 STATEMENTOF SURPLUS ......... ............................... 6 STATEMENT OF INCOME AND EXPENSE ....o ........................ 7 ERNST & ERNST FIRST NATIONAL BANK BLDG. MINNEAPOLIS, MINN. 55402 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 31, 1964 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 procedures as we considered necessary in the circumstances. In our .opinion, the accompanying balance sheet and statements of surplus and in- come and expense present fairly the financial position of the Waterworks Fund of the Village of Edina at December 31, 1964 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 preceding year. Minneapolis, Minnesota May 7, 1965 -3- ASSETS CURRENT-ASSETS Cash: Demand deposits Appropriated funds Investments: United States Government securities - at cost Less amount segregated and shown below Accounts receivables From customers Due from other funds Inventories: Meters - at cost Supplies - estimated Prepaid insurance OTHER ASSETS Segregated investments - reserve for debt retirement FIXED ASSETS - Note A Land Land improvements, Buildings and equipment Less allowance. for depreciation Construction in progress * Indicates red figure.. $ 639.276.97 57.631.75 $ 26,664.71 13.284.43 $ 6,410.68 1,750.00 TOTAL CURRENT ASSETS $ 119556.26 5.076.689.88 $5,0889246.14 903.128.07 $ 279556.38 4,185::118.07 302,498.44 WATERWORKS BALANCE VILLAGE OF December $ 81,792.46# 18.821.38 10,028.92 5,645.22 8,.160.68 17. 4,101.75 57,631.75 4.515417229 $49636,906:639 FUND SHEET EDINA 31, 1964 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. TOTAL CURRENT LIABILITIES $ 7109343.58 28,013.50 29864,148,04 12.667.77 76,453.13 13,085.85 800,0oo.O0 33.000.00 $3,7159172.89 26,814.42 96.16 5.1, 34 0' 329049,92 144.60 33.000.00' 65.,194.,5P- $ 767,000.00 35804,711.87 $,49636,906.39 -4 WATERWORKS FUND NOTES TO BALANCE SHEET VILLAGE OF EDINA December 31, 1964 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 i963 Issue Total Annual maturities and interest dates March 1 and March 1 and, !March 1 and March 'l and June 1 and September 1 September 1 'September 1 September 1 December 1 Interest rates 2.75% 2.75% 2.30% and 2.80%, 3.10 %, 2.50 %, 2.80 %9 2.50% 3.40% and 3.00 %, 3.20% 3.50% and 3.30% Annual amount of maturities: 1965. $109000,00 $ 5,000,00 109000.00 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 109000.00 109000.00: 109000.00 89000.00 109000.00 489000.00 1968 30,000.00 89000.00 10,000.00 48,000.00 1969 30,000.00 89000.00 109000.00 48,000.00 1,970 20,000.00 15,000.00 10,000.00 45,000,00 1971 359000.00 209000.00 55,000.00 1972 359000,00 209000.00 559000,00 1973- 35,000.00 205000.00 559000.00 1974 359000.00 20,000.00 559000.00 1975 409000,00 209000.00 609000.00 1976 509000.00 509000,00 1977 50,000.00 50,000.00 1978 50,000,00 50,000.00 1979 509000.00 509000:00 1980 50,000-00 .50,000-00 $30,000.00 $259000.00 $110,000..00 $235,000,00 $4009000.00 $800,000.00 Bonds maturing after September 19 1957 of the 1947 issue shall be subject to redemp- tion 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 in- terest, plus a premium of $10.00 for each bond redeemed, and in inverse order of their serial number. Thirty days prior notice must be given to bondholders. 5- i 1 t 1 WATERWORKS FUND STATEMENT OF SURPLUS r VILLAGE OF EDINA Year Ended December 34 1964 Balance at January 1, 1964 Additions: Watermains contributed by special assessments Net income for year Invested Contributed Contributed. Earned Surplus in Fixed by by Total Unappropriated Appropriated - Assets -Ass ussments General Fund Revaluation, $3,299,793..16 $187,916,52 $779536.25 $437,441.51 $295559208.02 $12,995.38 $28;695.48 $ 472,964.11 31,954.60. $ 504,918,71 $3,804,711.87 Transfers: Provision for depreciation Bonds retired - Additions to fixed assets, less carrying value of disposals - Decrease in appropriation of funds for reserve for debt retirement - Balance at December 31, 1964 $3,804,711.87 * Indicates. red figure. $ 4722964.11 � 31,954.60. 31 .60 472 964 11 - 219,871.12 $77,536..25 $4379441.51 32028,172..13 $129995.38 628,695.48 121,656.36 56,622.68# 64702449* 327061* 681.98# 33,000..00* 33;000.00 296,524.75' 2962524.75 1,083.12 1,083.12* $ 13,085.85 $76,453.13 14710y343-58 $2,964,148.04 $12;667.77 $289013.50 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 Distribution: Labor Materials and supplies Operation of meters: Labor Supplies and expenses Provision for depreciation Repairs VILLAGE OF EDINA Year Ended December 31 Increase 1964 1963 Decrease* Per Cent to Gross Income 1964 1963 7,032 6,511 521 6,511 6,218 -293 23,740.00 22,995.00 $ 745.00 18,803.55 19,359.83 556.28 $ 4,936.45 $ 3,635.17 $ 1,301.28 275,001.15 231,814.36 43,186.79 4,591.24 4.,069.59. 521.65 2,396.00 2,156.00 240.00 158.00 239000 81.00 *. - 74.00 74.00# 10,534.24 9,041.02 1,493.22 w 400,53 1 209.29 191.24 $298,017.61. $251,238.43 $46,779.18 100.00% 100,00% $ 5,497.80 $ 5,345.87 $ 151.93 29,968.83 25,022.77 4,946 .106 352•,95 1 335.30 17.65 4,229.78 3,489,11 740.67 1,856.15 19193.94 692.21 584.95 776.35 191.40# 20100 201.00 - 109.73 97.94 11.79 360,60 440.93 80.33; 513.25 474.75 38.50 18,534-43 15,152.57 3,381.86 1,549.43 1,549.43# $ 62,239.47 $ 54,079.96 $ 8,159.51 20.899 21.53% $ 11,476.71 $ 109213.70 $ 1,263.01 3,104,17 19994.38 1,109.79 3,758.29 3,175.15 583.14 695035 755.27 59.92# 699149.38 60,959°31 8,190.07 5,635 41 283.78 5.351.63 $ 93,819.31 $ 77,381.59 $169;,437072 31.48 30.80 -7- WATERWORKS FUND STATEMENT OF INCOME AND EXPENSE (Cont'd) U Per Cent to Year Ended December 31 Increase Gross Income 1964 1963 Decrease* 1964 1963 Expenses (tont'd): Tanks, towers and reservoir: Labor 68.89 133.26 64.37# Power and lease lines 1,719.81 1,663.01 56.80 Painting - tanks and towers - 16,500.00 16,500.00# Supplies 36.00 157.37 121.37# Provision for depreciation 22,6 -52.25 22,652.25 - Insurance 341.60 342.98 1.38* $ 24,818.55 $ 41,448.87 $ 16,639.32* 8.33% 16.50% Water treatment: Labor $ 511013 $ 1,115.63 $ 604.50# Supplies 12,473.62 10,247.20 2,226.42 Provision for depreciation 8,572.67 6,296.90 2,275.77 $'21,557.1,2 $ 17,659.73 $ 3,897.69 7.23 7.03 Vehicle operations: Allocated from equipment pool $ 4,740.00 $ 4,116.00 $ 624.00 Provision for depreciation 2,097.50 2,078.98 18.52 $ 69837.50 $ 6,194.98 $ 642.52 2.29 2.47 Administrative and general: Salaries: Superintendent $ 8,64090 $ 8,191.51 $ 449.39 Clerical 3,947.70 4,066.00 118.30# Meter reading 3,970.81 39872.14 98.67 Meter reading supplies 13.83 12.48 1.35 Office supplies, postage, telephone, hospitalization, et ceaera 6,300.00. 49980.00 19320.00 Supervision 3,900.00 3,900,00 - Provision for depreciation 650.13 603.65 46.48 Professional services 1,629.08 1,150.00 479.08 Supplies and expenses 863.05 496.19. 366.86 Building rental 420.00 300.00 120.00 9 30,335.50 6 27,571.97 9'2,763.53 10.18 _10.96 TOTAL EXPENSES $239,607.75 $224,337.10 315,270.65 80.40% 89.29% OPERATING INCOME $ 58,409.86 $ 26,901.33 $3'f508:53' 19.60% 10.71% Income on investments 5,583.13 819.95 4,763.18 1.87 .33 $ 63,992.99 $ 27,721.28 $36,271.71 21.47% 11.04% Other deductions: Interest on bonds $ 31,107.14 $ 14,151.83 $16,955.31 Fiscal agent service charge 109.10 78.92 30.18 Cost of fixed assets retired 822.:15. 400.03 422.12 Cost of bond sale 662.00 662.00* $ 32,038.39 15,292.78 $16,745.61 10.75--- 6.09 NET INCOME $ 31,954.60 $ 12,428.50 $19,526.10 10.72% 4.95% Depreciation charged to opera- tions included in expenses $121,656.36 $1079743.66 $13,912.70 U