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AUDITED FINANCIAL STATEMENTS
WATERWORKS FUND OF THE VILLAGE OF EDINA, MINNESOTA
December 31, 1968
CONTENTS
ACCOUNTANTS' REPORT .......... ............................... PAGE 3
BALANCESHEET ................ ............:.................. 4
NOTES TO BALANCE SHEET ...................................... 5
STATEMENT OF SURPLUS ......... ............................... 6
STATEMENT'OF INCOME AND EXPENSE ............................. 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, 1968 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, 1968 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
June 5, 1969
-3-
ASSETS
CURRENT ASSETS
Cash:
Demand deposits
Appropriated funds
Investments - at face value or cost:
Federal Land Banks and Federal Intermediate
Credit Banks
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
$ 289,367.30
243.10
$ 289,610.40
67,672.00
$ 60,869.59
13,935.47
$ 15,839.07
1.750.00
TOTAL CURRENT ASSETS
$ 14,178.52
5,271,649.61
1.887.291.95
$7,173,120.08
1,512,504.46
$ 27,556.38
WATERWORKS
BALANCE
VILLAGE
December
$ 24,616.86
26,574.25
$ 51,191.11
221,938.40
74,805.06
17,589.07
526.00
$ 366,049.64
67,672.00
5,660,615.62 5,688,172.00
$6,121,893.64
FUND
SHEET
OF ED INA
31, 1968
LIABILITIES AND SURPLUS
CURRENT LIABILITIES
Accounts payable and accrued expenses:
Trade accounts
Salaries and wages
Refunds payable
Interest ,
Due to other funds
Current maturities of bonds payable
LONG -TERM DEBT
Bonds payable - Note B
Less current maturities - shown above
SURPLUS
Invested in fixed assets:
Direct
Revaluation of fixed assets - Note A
Contributed by special assessments -
Note A
Contributed by General Fund
Appropriated - for debt service
Unappropriated
See notes to balance sheet.
TOTAL CURRENT LIABILITIES
$ 623,000.00
48,000.00
$ 844,312.46
25,285.58
4,183,622.63
11,951.33 $5,065,172.00
94,246.25
315,525.69
$ 14,653.66
770.82
948.06
3,744.84
3,832.32
$ 23,949.70
48,000.00
$ 71,949.70
575,000.00
5,474,943.94
$6,121,893.64
_4_
WATERWORKS FUND
NOTES TO BALANCE SHEET
VILLAGE OF EDINA
December 31, 1968
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 at construction
cost with contra - credit to surplus contributed by special assessments. Each of
the aforementioned amounts has been reduced by the depreciation thereon charged to
income, which.income has been transferred to earned surplus.
Note B - The annual maturities, due dates and interest rates of the bonds payable are as
follows:
Annual maturities and
interest dates
Interest rates
1955 Issue 1959 Issue
March 1 and March -1 and
September 1 September 1
2.50% 3.40% and
. 3.50%
1091 Toc Tnf- -n1
June' 1 and
December 1
2.80 %, 3.00 %,
3.20% and
3.30%
Annual amount of
maturities:
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
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
55,000.00
1975
403P000.00
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
503,000.00
50,000.00
1980
50,000.00
50,000.00
$50,000.00 $203,000.00 $370,000.00 $623,000.00
Bonds of the 1955 issue are subject to redemption and prepayment at the option 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 bondholders.
-5-
WATERWORKS FUND
STATEMENT OF SURPLUS
VILLAGE OF EDINA
Year Ended December 31, 1968
Total
Balance at January 1, 1968 $4,590,916.83
Additions:
Watermains contributed by special
assessments 834,941.15
Net income for year 48,425.96
Assets contributed by General Fund 660.00
$5,474,943.94
Transfers:
Provision for depreciation -
Bonds retired -
Additions to fixed assets -
Decrease in appropriation of funds
for reserve for debt retirement -
Balance at December 31, 1968 $5,474,943.94
* Indicates red figure.
Earned Surplus
Unappropriated Appropriated
$272,226.63 $95,803.75
48,425.96
170,154.58
48,000.00*
128,838.98*
1,557.50 1,557.50*
$315,525.69 $94
Invested Contributed
In Fixed by
Assets Assessments
Contributed
by
General Fund Revaluation
$745,360.75 $3,439,873.20 $11,684.94
834,941.15
660.00
$745,360.75 $4,274,814.35 $12,344.94
77,887.27* 91,191.72* 393.61*
48,000.00
128,838.98
$844,312.46 $4,183,622.63 $11,951.33
$25,967.56
681.98*
$25285.58
WATERWORKS FUND
STATEMENT OF INCOME AND EXPENSE
VILLAGE OF EDINA
Per Cent to
Year Ended December 31 Increase Gross Income
1968 1967 Decrease* 1968 1967
Number of meters in use:
At end of year 8,698 8,336 362
At beginning of year 8,336 7,797 539
Income:
Sale of meters
$ 36,211.00
$ 34,337.00
$ 1,874.00
Less.cost of meters sold
27,605.00
28,439.00
834.00*
GROSS PROFIT ON METERS
$ 8,606.00
$ 5,898.00
$ 2,708.00
Water sales
375,992.00
373,678.00
2,314.00
Penalties
79000.00
6,494.00
506.00
Water connection permits
2,660.00
2,840..00
180.00*
Tapping fees
219.00
194..00
25.00
Use of hydrants
13,935.00
13,076.00
859.00
Miscellaneous
1,035.96
1,128.35
92.39*
$409,447.96
$403,308.35
$ 6,139.61 100.00% 100.00%
Expenses:
Pumping:
Labor
Power and light
Supplies and repairs
Buildings:
Labor
Fuel
Supplies
Telephone
Repairs
Insurance
Water purchased
Provision for depreciation
Distribution:
Labor
Materials and supplies
Operation of meters:
Labor
Supplies and.expenses
Provision for depreciation
Repairs
Tanks, towers and reservoir:
Labor
Power and lease lines
Supplies and expenses
Provision for depreciation
Insurance
$ 7,893.00
39,050.00
12$47.00
1,505.00
2,124.00
423.00
328.00
567.00
17,681.00
29.679.00
$111,797.00
$ 8,864.00
5,356.00
7,602.00
1,024.00
97,075.00
7.338.00
$127,259.00
$ 6,625.00
43,372.00
9,921.00
1,515.00
2,098.00
310.00
187.00
984.00
491.00
18,395.00
21.973.00
$105,871.00
$ 8,865.00
1,832.00
7,511.00
932.00
87,321.00
9.184.00
$115,645.00
$ 1,268.00
4,322.00*
2,626.00
10.00*
26.00
113.00
187.00*
656.00*
76.00
714.00*
7.706.00
$ 5,926.00
27.30% 26.25%
$ 1.00*
3,524.00
91.00
92.00
9,754.00
1,846.00*
$11,614.00 31.08 28.68:
$ 111155.00
$ 437.00
$ 718.00
1,314.00
1,696.00
382.00*
825.00
5.00
820.00
22,674.00
22,678.00
- 4.00*
485.00
485.00
-
$ 26,453.00
$ 25,301.00
$ 1,152.00
6.46 6.27
-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 depreciation
Administrative and general:
Salaries:
Superintendent
Clerical
Meter reading
Meter reading supplies
Office supplies, postage,
telephone, hospitali-
zation, 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 INCOME
Depreciation,computed by the
straight line method,
charged to operations
included in expenses
Year Ended December 31 Increase
1968 1967 Decrease*
$ 3,521.00
11,847.00
18,616.00
$ 33,984.00
$ 6,600.00
1,441.00
$
8,04-1.00
$ 10,455.00
3,922.00
9,021.00
142.00
10,020.00
3,000.00
670.00
3,800.00
693.00
720.00
$ 42,443.00
$349,977.00
$ 59,470.96
9,875.00
$ 69,345.96
$ 4,207.00
11,584.00
18,616.00
$ 34,407.00
$ 5,676.00
1,544.00
$ 7,220..00
$ 10,088.00
5,497.00
9,354.00
158.00
5,700.00
3,000.00
673.00
1,902.00
829.00
,,,,
.? J /,uL.J.VV
$326,269.00
$ 77,039.35
4.644.00
$ 81,683.35
Per Cent to
Gross Income
1968 1967
$ 686.00*
263.00
$ 423.00* 8.30 8.53
$ 924.00
103.00*
$ 821.00 1.96 1.79
$ 367.00
1,575.00*
333.00*
16.00*
4,320.00
3.00*
1,898.00
136.00*
96.00
$ 4,618.00
$23,708.00
$17,568.39*
5.231.00
$12,337.39*
10.37
85.47%
14 . 33`io
2.41
16.9470
$ 20,811.00 $ 21,921.00 $ 1,110.00*
109.00 121.00 12.00*
$ 20,920.00 $ 22,042.00 $ 1,122.00* 5.11
$ 48,425.96 $ 59,641.35 $11,215.39* 11.83%
$170,155.00 $152,805.00 $17,350.00
80.90%
19.10%
1.15
20.25%
5.46
14.79%