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Home My WebLink About1966 Waterworks Fund Financial StatementsAUDITED FINANCIAL STATEMENTS WATERWORKS FUND OF THE VILLAGE OF EDINA, MINNESOTA December 31, 1966 ..$..- CONTENTS ACCOUNTANTS' REPORT .............. PAGE 3 BALANCESHEET..........., ....... ....................... ... 4 NOTESTO BALANCE SHEET ................... ...... ......... 5 STATEMENTOF SURPLUS ......... ............................... 6 STATEMENT OF INCOME AND EXPENSE ............................. 7 -- 00000 -- 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, 1966 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, 1966 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 April 28, 1967. —3— ASSETS CURRENT ASSETS Cash: Demand deposits Appropriated funds Investments: Federal Land Bank bonds — at face value Accrued interest Less amount segregated and shown below Accounts receivable: 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 Distribution system Buildings and equipment Less allowance for depreciation WATERWORKS BALANCE VILLAGE December $ 41,098.96 22,091.75 63,190.71 100,000.00 2,338.80 102,338.80 70,384.50 31,954.30 47,.100.40 26,606.15 73006.55 $ 13,304.40 1,750.00 15,054.40 449.88 TOTAL CURRENT ASSETS $ 1$4,355-.84 70,384.50 $ 27,556.38 $ 13,311..01 4,296,247.60 1,720,480.74 $6,030,039.35 141949145.73 4,835,893.62 4,863,450.00 $5,118,190.34 FUND SHEET OF EDINA 31, 1966 LIABILITIES AND-SURPLUS CURRENT LIABILITIES Accounts payable and accrued expenses: Trade accounts Salaries and wages .Interest 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.- f 3,682.44 214.28 4,479.00 $ 8,375.72 48,000:00 TOTAL CURRENT LIABILITIES 8 56,375.72 719,000.00 48.000.00 .671,000r.00 $ 724,937.97 26,649:54 3,380,849.94 12,012.55 $4,144,450.00 92,476.25 153.888.37 246064.62 4,390,814.62 '$5,118,190.34 o4 WATERWORKS FUND NOTES TO BALANCE SHEET VILLAGE OF EDINA December 31, 1966 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 I 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 income has been transferred to earned surplus. :c Note B — The annual maturities, due dates and interest rates of the bonds payable are as follows: 1947 Issue 1953 Issue 1955 Issue 1959 Issue 1963 Issue Total Annual maturities and interest dates March land March l and March 1 and March 1 and June 1 and September l September 1 September 1 September 1 December 1 Interest rates 2..75% 2:75% 2.50% 3.10 %, 3.40 %9 2.50 %, 2.80 %, and 3.50% 3.00 %, 3.20 %, and 3.30; Annual amount of maturities: 1967 $10.,000:00 $10,000.00 $10,000.00 $ 8,000.00 $ 10,000.00 $ 48,000600 1968- 30,000.00 8,000.00 109000.00 48,000.00 1969 30,000:00 8,000.00 10,000.00 48,000.00 1970 20,000.00 15,000.00 10,000.00 45,000.00 1971 359000.00 20,000.00 559000.00 1972 35,000.00 20,000.00 55,000.00 1973 35,000.00 20,000.00 55,000.00 1974 359000.00 209000.00 55,000.00 1975 40,000.00 20,000.00 60,000.00 1976 50,000.00 50,000.00 1977 50,000.00 509000.00 1978 50,000.00 509000.00 1979 50,000.00 50,000.00 1980 j 50.000.00 50.000.00 $109000.00 $10,000.00 $90,000.00 $219,000.00 $390,000.00 $719,000.00 Bonds of the 1947, 1953 and 1955 issues are subject to redemption and prepayment at I the'.bption of the Village on any interest date. 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 number. Thirty days prior notice must be given to 1 bondholders. I j WATERWORKS FUND STATEMENT OF SURPLUS VILLAGE OF EDINA Year Ended December 31, 1966 * Indicates red figure. Invested Contributed Earned Surplus in Fixed Total Unappropriated Appropriated Balance at January 1, 1966 $3,990,076.31 4..32;641.39 $94,021.25 Additions.: $724,719.42. j #3,0999022;.57 $12,340.16 Watermains contributed by special 1 358,277.58 assessments 358,277.58 3,457,300.15 12,340.16 Net income for year 42,460.73 42,460.73 327.61# 681-.98# $4,390,814.62 ,. 75,102.12 X94,021:25. Transfers: 27.565.16 Provision for depreciation — 152,826.41 $12,012.55 Bonds retired — 48,000.00# Additions to fixed assets — 27,585:16# Decrease in appropriation of funds for reserve for debt retirement — 1,545.:00 1,545.00* Balance at December 31, 1966- $4,390,814.62 $153,888.37 $92,476.25 * Indicates red figure. Invested Contributed Contributed in Fixed by by Assets Assessments ' General Fund Revaluation $724,719.42. j #3,0999022;.57 $12,340.16 . $27,331.52 1 358,277.58 7249719.42 3,457,300.15 12,340.16 27,331.52 75066.61# 76,4.50.21 #, 327.61# 681-.98# 48,000.00 27.565.16 4724.9037.M i j $3,380,849.94, i i i $12,012.55 $269649.54 i i i I WATERWORKS FUND STATEMENT OF INCOME'AND EXPENSE VILLAGE OF EDINA Year Ended December 31 Increase 1966 1965 Decrease# Number of meters in use: At end of-year 79797 7,446 351 At beginning of year 7,446 7 -0032 414 Income: Sale of meters $ 20,611.00 28,784.00 $ 8,173.00 #. Less cost of meters sdld 17.157.00 22.576.92 5.419.92# GROSS PROFIT ON METERS 3,454.00 6,207.08 $ 2;753.08# Water sales 3219107.00 239,453.67 819653.33 Penalties 59327.00 4,161..42 1.9165.58 Water connection permits 1.9885.00 2,281.00 396.00# Tapping fees 234.00 158.00 76.00 Use of hydrants 110296.00 10,696.94 599:06 Miscellaneous lj420.73 627.43 793:30 344,723.73 $263,585.54 $813138.19 Expenses: Pumping: Labor $ 6,611.00 $ 6,600.74 $ 10.26 Power and light 37,914.00 `30,345.58 7,568.42 Supplies and repairs 253.00 270.44 17.44# Buildings: Labor 11230.00 3,328.35 2,098.35# Fuel 1,891.00 1,926.06 35.06# Supplies 380.00 721.73 341.73# Telephone 204.00 201.00 3.00 Repairs 186.00 269.55 83.55# Insurance 617.00 341.60 275.40 Water purchased 627.00 504..18 122.82 Provision for'depreciation 27.262.00 24,605.13 2;656.87 $ 77,175.00 $ 69,114.36 $ 8,060.64 Distribution: " Labor $ 79829.00 $ 8,863.14 $ 1,034.14# Materials and supplies 5,385.00 39186.60 29198.40 Operation of meters: Labor 4,109,00 3,329.87 779.13 Supplies and' expenses 1,120.00 613.17 506.83 Provision for depreciation 829077.00 - 76,058.66 6,018.34 Repairs 10,722.00 .5,127.57 5.594.43 f $111,242.00 $ 97,179.01 $14062.99 Tanks, towers and reservoir: Labor $ '401.00 $ 660.20 $ 259.20# Power and l-ea-se lines 191502.00 11273.16 228.84 Landscaping - 498.40 498.40* Supplies and expenses. - 488.01 488.014 Provision for depreciation 229668.00. 22,656.46 11.54 Insurance 380.00 523.19 143.19# $ 24,951.00 $ 26,099.42 $1,148.42# Per Cent to Gross - income 1966 1965 ioo.00% loo.00% 22.39.. 26.22 32.27 36.87 7.24 9.90 =7- WATERWORKS FUND STATEMENT. OF.INCOME AND EXPENSE (Cont!d) Expenses (cont'-d): Water treatment: Labor ' Supplies and expense Provision''for depreciation Vehicle operations:' Allocated from equipment -pool Provision for depteciation Administrative and general: Salaries:, Superintendent Clerical Meter - reading Meter reading supplies Office supplies, postage, telephone, hospitalization, etc. Supervision Provision for depreciation Professional services Supplies and expenses Building rental TOTAL EXPENSES OPERATING INCOME' Income on investments Other deductions: Interest on bonds . Fiscal agent service charge NET (LOSS). INCOME Depreciation.charged to opera - tions included in expenses .Year Ended December 31 1966 1965 $ 2,239..00 49,261.39 11,018:00 10,965.86 18.616.00 ,14,732.27 $ 31073.00 299.959.52 4,740.00 41080.00 1'.538.00 1,;624.60 6,278.00 $ 5 .y 704.60 9084.00 9,058..50 4:,494.00 4,300.95 5,943.00' 4,530.70 118.00" 47.95 5,599 00 3,000.00 664.00 1;150.00 633.00 540.00 t -31, 5'06.00_ $283,025.06 $' 61, 698.73 4,195.00 $ 65,893.73 S' 23, 309.00 124.00 $ 23;433.00 $ 42,460.73 $152,827.00 5,280.00 3,900.00 654.60 4,195.88 942.64 480.00 $ `1'33 , 391.22 $261,448.13 $ 2,137.41 2,025.65 $ 4,163.06 $ 24,379,41 104,30 $ 24,483.71 ($, 20, 320.65 ) Increase Decrease* 2,022.39# 52.14 3x883.73 1,913.48 $ 660.Qo 86.60# $ 573.40 $ 325.,50 193:05 1,412.30. 7Q.05 300.00 900 00* .9.4.0 3,045.88# 309.64# 60.00 1..1.885.22# 21 76.87 59,501.32 2,16 .$61',730.67 Per Cent to Gross'"tntomg 1966 ^ 1965. 9. -24% 11.37% 1.82 .1 . 82.10 17.90 1.22 2.16- 12.67 99-19% .91% .77 1.5. $ .1,_07:0.41# 19.70 "1.050.71* 6.80 9_29 $62,- 781.38 12.32% 7.71% $140031.72 $12,493.28 ,.