HomeMy WebLinkAbout1986 Comprehensive Annual Financial ReportCITY OF EDINA, MINNESOTA
Comprehensive Annual Financial Report
Year ended December 31, 1986 l
CITY OF EDINA, MINNESOTA
Comprehensive Annual Financial Report
Year ended December 31, 1986
Department of_Finance
John Wallin - Treasurer and Finance Director
CITY OF EDINA, MINNESOTA
Table of Contents
Section I
Introductory Section
Paae
Elected and Appointed Officials I
Letters of Transmittal II
Section II
Financial Section
Auditors' Report 1
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Groups 2
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance - All Governmental Fund Types 4
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual - General and Special
Revenue Fund Types 6
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings - All Proprietary Fund Types 8
Combined Statement of Changes in Financial Position - All
Proprietary Fund Types 9
Notes to Financial Statements 10
Combining and Individual Fund and Account Group
Financial Statements:
General Fund:
Balance Sheet 28
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual 29
Schedule of Revenues - Budget and Actual 30
Schedule of Expenditures - Budget and Actual 31
Schedule of Central Services Expenditures — Budget and Actual 37
Special Revenue Fund - Revenue Sharing Fund:
Balance Sheet 39
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual 40
2
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
P acre
Combining and Individual Fund and Account „Group
"Financial Statements`(continued):
Debt,.Service Fund:
Balance Sheet
42
Statement of Revenues, Expenditures and Changes in
1''
Fund Balance
43
Capital Projects Funds:
Combining Balance Sheet
45
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance
46
Special Assessment Funds:
Combining Balance Sheet
48
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
49.
Proprietary Fund Type - Enterprise Funds:
Combining Balance Sheet
51
Combining Statement of Revenues, Expenses and - Changes
in Retained Earnings
53
Combining Statement of Changes in Financial Position
55
Schedule of Property and Equipment
57
Utilities Fund:
Balance Sheet
61
Statement of Revenues, Expenses and Changes in
Retained Earnings
62
Statement of Changes in Financial Position
64
Liquor Fund:
Balance Sheet
65
Statement of Revenues, Expenses and Changes in
Retained Earnings
66
Statement of Changes in Financial Position
.67
Schedule of Operating Expenses
68
Swimming-Pool Fund:
Balance Sheet
69
Statement of Revenues, Expenses and Changes in
Retained Earnings
70
Statement of Changes in Financial Position
71
3
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Combining and Individual Fund and Account Group
Financial Statements (continued):
Golf Course Fund:
Balance Sheet
Statement of Revenues, Expenses and Changes in
Retained Earnings
Statement of Changes in Financial Position
Schedule of Operating Expenses
Recreation Center Fund:
Balance Sheet
Statement of Revenues, Expenses and Changes in
Retained Earnings
Statement of Changes in Financial Position
Gun Range Fund:
Balance Sheet
Statement of Revenues, Expenses and Changes in
Retained Earnings
Statement of Changes in Financial Position
Art Center Fund:
.Balance Sheet
Statement of Revenues, Expenses and Changes in
Retained Earnings
Statement of Changes in Financial Position
General Fixed Assets Account Group:
Statement of General Fixed Assets
General Long -term Debt Account Group:
Statement of General Long -term Debt
Supplemental Financial Information:.
Combined Schedule of Bonded Indebtedness
Schedule of Changes in Bonded Indebtedness and Schedule
of Bonds Payable .
Schedule of Debt Service Requirements
Assessed Valuation, Tax Levies and Mill Rates
Schedule of Sources and Uses of Public Funds:
For 50th and France - No. 1200, A Tax Increment
Financing District
For Southeast Edina Redevelopment District 1201,
A Tax Increment Financing District
For Grandview Area Redevelopment District -
No. 1202, a.Tax Increment Financing District
Page
72
73
74
75
76
77
78
79
80
81
82
83
84
86
88
Schedule 1 90
Schedule 2 92
Schedule 3 94
Schedule 4 95
Schedule 5 97
98
99
4
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Supplemental Financial Information (continued):
Auditors' Report.on Supplementary Information
Schedule of Federal Financial Assistance
Schedule of Federal Financial Assistance
Report on Compliance with Laws and Regulations
Schedule of Findings and Questioned Costs
Auditors' Report on Internal Accounting and
Administrative Controls - Based on a Study and
Evaluation Made as a Part of an Examination of
the General Purpose Financial Statements and
the Additional Tests Required by the Single Audit
Act
Section III
Statistical Section
General Governmental, Expenditures by Function,
Years 1977 through 1986
General Governmental, Revenues by Source, Years
1977 through 1986
Property Tax Levies and Collections, Years 1977
through 1986
Assessed and Estimated Market Value of Taxable
Property, Years 1977 through 1986
Property Tax Rates - All Overlapping Governments,
Years 1977 through 1986
Special Assessment Collections, Years 1977
through 1986
Ratio of Net General Bonded Debt to Assessed Value
and Net Bonded Debt Per Capita, Years 1977 through
1986
Computation of Legal Debt Margin
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures,
Years 1977 through 1986
Property and Construction Values, Years 1977 through 1986
Principal Taxpayers
Miscellaneous Statistics
Schedule 6
Pacre
100
101
102
103
104
Table 1 107
Table 2 108
Table 3 109
Table 4 111
Table 5 112
Table 6 113
Table 7 115
Table 8 116
Table
9
117
Table
10
118
Table
11
119
Table
12
120
Section I
Introductory Section
CITY OF EDINA, MINNESOTA
Elected and Appointed Officials
December 31, 1986
Elected:
Mayor - C. Wayne Courtney
Council:
A. Charles Bredesen III
Frederick S. Richards
Peggy Kelly
Leslie C. Turner
Appointed:
Manager - Kenneth E. Rosland
Treasurer and Finance Director - John Wallin
Clerk - Marcella M. Daehn
*First official business day.
I
Term of
office expires
January*
1989
1987
1987
1989
1989
WE` OF DINA
4801 WEST 50TH STREET, EDINA, MINNESOTA 55424
612 - 927 -8861
To the Honorable Mayor and Members of the City Council
City of Edina, Minnesota
In accordance with state statutes and local charter provision, I hereby
transmit the annual financial report of the City of Edina, Minnesota, as
of December 31, 1986, and for the fiscal year then ended. Responsibility
for both the accuracy of the presented data and the completeness and fair-
ness of the presentation, including all disclosures, rests with the City
as measured by the financial activity of its various funds; and that all
disclosures necessary to enable the reader to gain the maximum understanding
of the City's financial affairs have been included.
In developing and evaluating the City's accounting system, consideration is
given to the adequacy of internal accounting controls. Internal accounting
controls are discussed by the Finance Director in his accompanying letter of
transmittal, and within that framework, I believe that the City's internal
accounting controls adequately safeguard assets and provide reasonable
assurance of proper recording of financial transactions.
In accordance with the above - mentioned guidelines, the accompanying report
consists of three parts:
1) Introductory section, including the Finance Director's letter of
transmittal
2) Financial section, including the financial statements and supplemental
data of the government accompanied by our independent auditor's opinion
3) Statistical section, including a number of tables of unaudited data
depicting the financial history of the government for the past ten years,
information on overlapping governments, and demographic and other
miscellaneous information
State law requires that the financial statements of the City of Edina, Minnesota
be audited by a certified public accountant selected by the City Council. This
requirement has been complied with, and our auditor's opinion is included in
the financial section of this report.
Although the City of Edina, Minnesota concluded fiscal year 1986 in a sound
financial condition, there are several external areas of concern which may
require special attention by the Mayor and Members of the City Council during
the present fiscal period.
II
Honorable Mayor and Members of the City Council
Page Two
The state legislature adopted major property tax changes during recent months.
These changes include the methods by which real property is assessed and a
restructuring of the maximum tax rates which may be levied for certain govern-
mental services. It is my belief that these two changes will have a negative
impact of approximately two percent on the government's ability to generate
real property tax.revenues during fiscal year 1987.
The preparation of this annual financial report could not have been accomplished
without the dedicated effort of the Finance Director and his entire staff.
Their efforts over the past years toward upgrading the accounting and financial
reporting systems of the City of Edina have led substantially to the improved
quality of the information being reported to the City Council, state oversight
boards and the citizens of the City of Edina.
KER/ sw
Respect en e th E. FsWan fu d ,
KG
City Manager
III
CITY OF
EDINA
4801 WEST 50TH STREET, EDINA, MINNESOTA 55424
512- 927 -8861
To the Honorable Mayor and
Members of the City Council,
and City Manager
City of Edina, Minnesota:
The Comprehensive Annual Financial Report of the City of Edina (the City),
for the fiscal year ended December 31, 1986, is submitted herewith. This
report was prepared by the City's Finance Department. Responsibility for
both the accuracy of the presented data and the completeness and fairness of
the presentation, including all disclosures, rests with the City. We believe
the data, as presented, is accurate in all material aspects; that it is
presented in a manner designed to fairly set forth the financial position and
results of operations of the City as measured by the financial activity of
its various funds; and that all disclosures necessary to enable the reader to
gain the maximum understanding of the City's financial affairs have been
included.
Accounting System and Budgetary Control
In developing and evaluating the City's accounting system, consideration is
given to the adequacy of internal accounting controls. Internal accounting
controls are designed to provide reasonable, but not absolute, assurance
regarding: (1) the safeguarding of assets against loss from unauthorized use
or disposition; and (2) the reliability of financial records for preparing
financial statements and maintaining accountability for assets. The concept
of reasonable assurance recognizes that: (1) the cost of a control should
not exceed the benefits likely to be derived; and (2) the evaluation of costs
and benefits requires estimates and judgments by management.
All internal control evaluations occur within the above framework. We
believe that the City's internal accounting controls adequately safeguard
assets and provide reasonable assurance of proper recording of financial
transactions.
Budgetary control is maintained through the issuance of purchase orders.
Purchase orders which would result in an overrun of the budgeted allotment
are not released until additional appropriations are made available.
IV
The Reporting Entity and Its Services
The City has reviewed its reporting entity definition in light of NCGA
Statement 3, Defining the Governmental Reporting Entity as adopted by
Governmental Accounting Standards Board Statement 1. The entities included in
the City's report are those for which the City has oversight responsibility.
The City provides the full range of municipal services. The services include
police and fire protection, civil defense, public health, animal control,
inspections, public works maintenance, public improvements, parks and
recreation activities, and general administrative services.
SIGNIFICANT EVENTS AND ACCOMPLISHMENTS
General Governmental Functions
Revenues for general governmental functions, General, Special Revenue, Debt
Service, Capital Projects and Special Assessment Funds totaled $13,615,018 in
1986, an increase of 7.1 percent over 1985. General property taxes produced
57.7 percent of general revenues compared to 55.5 percent last year. The
amount of revenues from various sources and the increase (decrease) over last
year are shown in the following tabulation:
Increase
Percent (decrease)
Revenue source Amount of total from 1985
Taxes
$ 7,850,460
57.7%
792,820
Special assessments
352,947
2.5
18,054
Licenses and permits
695,898
5.1
141,990
Intergovernmental revenues
2,027,833
14.9
77,876
Charges for services
772,920
5.7
232,462
Fines and forfeitures
401,203
3.0
14,870
Interest on investments
1,319,021
9.7
675,968
Sale and rental of property
135,871
1.0
(1,026,436)
Miscellaneous
58,865
0.4
(22,460)
Total
$ 13.615.018
QQQ %
_ 905,144
Assessed valuations of $725.9 million represented an increase of 3.0 percent
over the preceding year.
Current tax collections were 99.04 percent of the tax levy, up 0.63 percent
from last year. Delinquent tax collections were slightly more than last
year. The ratio of total collections (current and delinquent) to the current
tax levy was 100.36 percent, an increase of .83 percent from last year.
V
Expenditures for all general governmental purposes totaled $20,019,738, an
increase of 43.2 percent over 1985. Increases (decreases) in levels of
expenditures for major functions of the City over .the preceding year are
shown in the following tabulation:
Function
General government
Public safety
Public works
Parks
Unallocated general
Miscellaneous
Capital outlay
Principal retirement
Interest and fiscal charges
Total $ 20,019,738 QQ Q`b
Expenditures for public safety were 22.6 percent of total general
governmental expenditures. This expenditure function includes police
protection, fire protection, civil defense, animal control, public health and
building inspections expenditures.
Expenditures for capital outlay were 34.1 percent of total governmental
expenditures. There was a $4,409,431 increase from 1985. This increase is
due principally to the Edinborough project.
Unreserved fund balances were maintained at adequate levels. The General
Fund balance of $734,101 was up $228,916 from last year; the Debt Service
Fund balance of $233,550 was unchanged from the preceding year;. and the $0
balance in the Special Revenue Funds was down $29,068; the Capital Projects
Fund balance of $5,407,426 was up $399,583 and the Special Assessments Fund
balance of $196,_560 was up $56,699.
Debt Administration
The ratio of net bonded debt to assessed valuation and the amount of bonded
debt per capita are useful indicators of the City's debt, position and are
listed below:
Ratio of debt to assessed value
.0428
Debt per capita $ 634
VI
Increase
Percent
(decrease)
Amount
of total
from 1985
$ 1,383,353
6.9
(14,622)
4,520,851
22.6
297,604
2,444,260
12.2
169,587
1,068,170
5.3
68,022
617,814
3.1
254,179
558,478
2.8
266,628
6,820,977
34.1
4,409,431
550,000
2.7
-
2,055,835
10.3
583,826
Total $ 20,019,738 QQ Q`b
Expenditures for public safety were 22.6 percent of total general
governmental expenditures. This expenditure function includes police
protection, fire protection, civil defense, animal control, public health and
building inspections expenditures.
Expenditures for capital outlay were 34.1 percent of total governmental
expenditures. There was a $4,409,431 increase from 1985. This increase is
due principally to the Edinborough project.
Unreserved fund balances were maintained at adequate levels. The General
Fund balance of $734,101 was up $228,916 from last year; the Debt Service
Fund balance of $233,550 was unchanged from the preceding year;. and the $0
balance in the Special Revenue Funds was down $29,068; the Capital Projects
Fund balance of $5,407,426 was up $399,583 and the Special Assessments Fund
balance of $196,_560 was up $56,699.
Debt Administration
The ratio of net bonded debt to assessed valuation and the amount of bonded
debt per capita are useful indicators of the City's debt, position and are
listed below:
Ratio of debt to assessed value
.0428
Debt per capita $ 634
VI
The following is a summary of the bonded debt for fiscal year 1986:
Gross bonded debt outstanding, January 1, 1986 $ 23,385,000
Add bonds issued in fiscal year 1986 8,500,000
Deduct bonds redeemed in fiscal year 1986 (1,700,000)
Gross bonded debt outstanding., December 31, 1986 30,185,000
Deduct sinking fund assets, December 31, 1986 1,335,954
Net - bonded debt, December 31, 1986 $ 28.849.046
The City's bonds continue to have an Aal rating as determined by Moody's
Investors Service, and an AA rating from Standard & Poors.
At December 31, 1986 the City had $22,650,000 of General Obligation Bonds
outstanding, excluding Special Assessment and Revenue Bonds. $233,550 was
available in the General Debt Service Fund for payment of these obligations,
resulting in $22,416,450 net general debt at December 31, 1986. This
compares with the City's debt limit as shown below:
Debt limit
Legal debt margin
Cash Management
The City subscribes to the "pooled cash" concept of investing which means
that all funds with cash balances participate in an investment pool. This
permits some funds to be overdrawn and others to show cash balances when 'in
fact, the City has a cash balance. This pooled cash concept provides for
investing greater amounts of money at more favorable rates. Interest
earnings are.then periodically allocated to the participating. funds. During
1986 the City earned $1,319,021 in interest. Following are listed the City's
cash and investments by classification as of December 31, 1986:
Checking accounts
Certificates of deposit
Commercial paper
Franklin Fund Money .Market
Government Securities
Capital Projects Funds
$ (287,129)
_400,000
11,665,158
1,000,000
6,417,297
The major construction projects and equipment purchases are accounted for in
three Capital Project Funds. The HRA Fund accounts for construction projects
within the City's three tax increment districts. The Construction Fund and
Capital Projects Fund are for construction projects or major equipment
purchases funded through special assessments, state aids, General Fund
appropriations, or working capital funds.
VII
General Fixed Assets
The general fixed assets of the City are those fixed assets used in the
performance of general governmental functions and exclude the fixed assets of
the Enterprise Funds. As of December 31, 1986 the general fixed assets of
the City amounted to $28,090,479. This amount represents the original cost
of the assets and is considerably less than their present value.
Depreciation of general fixed assets is not recognized in the City's
accounting system.
Enterprise Funds
The City currently operates seven enterprise funds which are set up to
operate primarily from user fees charged to the general public. A
comparative statement of income (loss) before operating transfers for the
fiscal years ending 1986 and 1985 follows:
Income (loss)
before transfers
1986 1 1985
Utilities Fund
$(468,830)
(52,966)
Liquor Fund
319,874
314,171
Swimming Pool Fund
(8,871)
(30,196)
Golf Course
(100,023)
89,071
Recreation Center
(18,209)
(92,171)
Gun Range
11,1824
(8,212)
Art Center
27,904
(36,990)
Transfers to other funds for various purposes were $450,000 in both 1986 and
1985.
Independent Audit
Minnesota State Statutes require that every city with a population of more
than 2,500 submit to the State Auditor audited financial statements which
have been attested to. by a certified public accountant, public accountant or
the State Auditor. This statute has been complied with, and the report of
the Certified Public Accounting Firm of ,Peat _Marwick_ Main & Co. has, been
included in this Comprehensive Annual Financial Report for 1986.
VIII
Acknowledgments
The preparation of this report on a timely basis could not be accomplished
without the efficient and dedicated services of the entire staff of the
Finance Department. I would like to express my appreciation to all members
of the Department who assisted and contributed to its preparation. I would
also like to thank the mayor and city council members for their interest and
support in planning and conducting the financial operations of the City in a
responsible and progressive manner.
Respectfully submitted,
�;� W"e�
John Wallin
Finance Director
IX
�R Peat �
11arwlc7
Certified Public Accountants
Peat Marwick Main & Co.
1700 IDS Center
Minneapolis, MN 55402
To the Honorable Mayor and
Members of the City Council
City of Edina, Minnesota:
We have examined the combined financial statements of the' City of Edina,
Minnesota (the City) as of and for the year ended December 31, 1986, as
listed in the accompanying table of contents. 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 aforementioned combined financial statements present
fairly the financial position of the City at December 31, 1986, and the
results of its operations and changes in financial position of its
proprietary fund types for the year then ended, in conformity with generally
accepted accounting principles applied on a basis consistent with that of the
preceding year.
Our examination was made for the purpose of forming an opinion on the
combined financial statements taken as a whole. The combining, individual
fund, and account group financial statements and schedules listed in the
table of contents are presented for purposes of additional analysis, they are
not a required part of the combined financial statements of the City and
accordingly, our ,opinion does not relate to the fairness of presentation of
the financial position and results of the operation of such funds, or the
changes in financial position of individual proprietary funds. The
information has been subjected to the auditing procedures applied in the
examination of the combined financial statements and in our opinion, is
fairly stated in all material respects in relation to the combined financial
statements taken as a whole.
The data designated as the "statistical section" in the accompanying table of
contents has not been examined by us and, accordingly, we do not express an
opinion on such data.
�.
June 30, 1987
EITIF] Member Firm of
Klynveld Peat Marwick Goerdeler
GENERAL PURPOSE
FINANCIAL STATEMENTS
CITY OF EDINA, MINNESOTA
Combined Balance Sheet - All Fund Types and Account Groups
December 31, 1986
(with comparative totals for December 31, 1985)
Governmental fund types
Special
Debt Capital
Assets
General
Revenue
Service Projects
Cash (deficit) (notes 1 and 2)
$ 841,264v\
(34,622)
- 209,406
Investments (notes 1 and 2)
13,759,300r
193,595
- 4,131,322
Receivables:
Taxes (note 3)
-
-
- -
Accounts
222,417
-
e -
Special assessments
-
-
- 960,316
Notes (note 7)
-
-
- _
Due from other funds (note 11)
6,597,681
-
233,550 11,794,427
Due from other governments
71,771
-
- -
Contracts receivable (note 7)
15,285^
-
- -
Inventory (note 1)
101000^
-
- -
Prepaid expense
289,092x\
-
- -
Unassessed construction costs
-
-
- -
Fixed assets (net of accumulated
depreciation) (note 4)
-
-
- _
Amount available in debt service funds
-
-
- -
Amount to be provided for retirement
of long -term debt
-
-
-
Total assets
$ 21,806.810
158.973
7%95.471
Liabilities and fund equity
Liabilities:
Accounts payable
393,106
-
- 604,752
Contracts payable
900
-
- -
Due to other funds (note 11)
18,114,384
-
- 232,503.
Due to other governments
35,809
-
- -
Deposits
104,701
-
- -
Accrued compensated absences
(notes 1 and 5)
-
-
_ _
Deferred revenue (note 6)
-
-
- -
Bonds payable (note 5)
-
_
_
Total liabilities
18,648,900
-
837,255
Fund equity:
Investment in general fixed assets
-
-
_ _
Retained earnings:
Reserved (note 12)
Unreserved - undesignated
-
-
_ _
Fund balance:
Reserved (note 12)
519,116
158,973
233,550 -
Unreserved - designated (note 12)
1,904,693
-
- 10,850,790
Unreserved - undesignated
734,101
-
- 5,407,426
Total fund equity
3,157,910
158,973
233,550 16,258,216
Total liabilities and fund
equity
$ 21.806,810
158 ®973
233m550 17.0
See accompanying notes to financial statements.
2
183,094 629,639
88,874 -
2,930,248 518,273
27,643 -
1,186,674 19,095
- 303,939
6,300,000 1,235,000
10,716,533 2,705,946
145,445
18,122,577
140,827 -
196,560
337,387 18,268,022
- - 11810,591
Proprietary
Account
groups
- - 21,7950408
14,147,816
- - 63,452
fund type
General
General
Totals
432,000
Special
350,922
Fixed
Long -term
(memorandum only)
assessment
Enterprise
Assets
Debt
1986
1985
(876,812)
(326,365)
-
-
(187,129)
(1,401)
491,905
806,333
-
-
19,382,455
18,051,666
-
-
-
-
-
94,467
30,115
666,572
-
-
919,104
810,938
2,949,670
4,124
-
-
3,914,110
4,310,542
-
31,929
-
-
31,929
37,250
2,872,283
297,467
-
-
21,795,408
12,015,546
-
303,939
-
-
375,710
2,608,380
-
-
-
-
15,285
16,285
-
661,562
-
-
671,562
803,888
-
252,454
-
-
541,546
317,808
5,586,759
-
-
-
5,586,759
3,577,154
-
18,275,953
28,090,479
-
46,366,432
40,098,398
-
-
-
233,550
233,550
233,550
11,053,920
20,973.968
28.090,479
22,873,654
23,107,204
22,873,654
122,520,175
17,398,450
100,372,921
183,094 629,639
88,874 -
2,930,248 518,273
27,643 -
1,186,674 19,095
- 303,939
6,300,000 1,235,000
10,716,533 2,705,946
145,445
18,122,577
140,827 -
196,560
337,387 18,268,022
- - 11810,591
1,503,435
- - 89,774
678,112
- - 21,7950408
14,147,816
- - 63,452
77,946
- - 1,310,470
129,157
- 457,204 457,204
432,000
- - 303,939
350,922
- 22,650,000 30,185,000
23,385,000
23,107,204 56,015,838
40,704,388
28,090,479 - 28,090,479
22,611,466
- - 145,445
145,445
- - 18,122,577
18,445,002
- - 1,052,466
1,386,685
- - 12,755,483
11,391,978
6,338,087
5,687,957
28,090,479 66,504,537
59,668,533
3
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenditures
and Changes in Fund Balance - All Governmental Fund Types
Year ended December 31, 1986
(with comparative totals for year ended December 31, 1985)
Revenues:
Taxes (note 3)
Special Assessments
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest on investments
Sale and rental of property
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Public works
Parks
Unallocated general
Other
Capital outlay:
Public safety
Public works
Parks
Debt service:
Bond principal
Interest and fiscal charges
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Proceeds from issuance of bonds
Operating transfers in
Operating transfers out
Assessment adjustments
Capitalized interest
Parkland dedication
Parkland dedication paid by Edina HRA
Parkland dedication paid to general fund
Reimbursement from other funds
Total other financing sources (uses)
Excess of revenues and other
financing sources over (under)
expenditures and other uses
Fund balance - January 1
Fund balance - December 31
Governmental fund
Special Debt
General Revenue Service
$ 6,437,526 - -
695,898 -
1,903,714 124,119 -
772,920 - -
401,203 - -
89,305 5,786
35,871 - -
47,735 - -
10,384,172 129,905 -
1,383,353 - -
4,520,851 - -
2,444,260 - -
1,068,170 - -
617,814 - -
448,496 - -
235,423 - -
153,142 - -
550,000
1,601,699
10,.871,509 - 20151,699
(487,337) 129,905 (2,151,699)
675,000 - 2,151,699
- (225,000) -
143,451 - -
148,279 - -
966,730 (225,000) 2,151,699
479,393 (95,095) -
2,678,517 254,068 233,550
$ 3.157,910 58� =-973 233.550
See accompanying notes to financial statements.
4
tvpes
Capital
Special
Projects
Assessment
1,412,934
-
54,676
298,271
1,128,954
94,976
100,000
-
11,130
-
2,707,694
393,247
553,261 5,217
- 1,246,966
4,736,950 -
454,136
5,290,211 1,706,319
(2,582,517) (1,313,072)
6,000,000 -
(2,151,699) -
(27,411) 1,262
121,543
- 1,247,012
3,820,890 1,369,817
1,238,373 56,745
15,019,843 280,642
16.258.216 337..387
Totals
memorandum onl
1986
1985
7,850,460
7,057,640
352,947
334,893
695,898
553,908
2,027,833
1,949,957
772,920
540,458
401,203
386,333
1,319,021
643,053
135,871
1,162,307
58,865
81,325
13,615,018
12,709,874
1,383,353
1,397,975
4,520,851
4,223,247
2,444,260
2,274,673
1,068,170
1,000,148
617,814
363,635
558,478
291,850
448,496
133,135
1,482,389
650,161
4,890,092
1,628,250
550,000 550,000
2,055,835 1,472,009
20,019,738 13,985,083
(6,404,720) (1,275,209)
6,000,000
12,000,000
2,826,699
2,255,273
(2,376,699)
(1,805,273)
(26,149)
111,032
121,543
13,281
143,451
419,063
148,279
767,852
-
(767,852)
1,247,012
416,126
8,084,136 13,409,502
1,679,416 12,134,293
18,466,620 6,332,327
20,1
Ill= 466620
5
CITY OF EDINA, MINNESOTA
Combined:Statement of,-,Revenues, Expenditures and Changes in
Fund Balance-'-- Budget and Actual -
General and Special Revenue Fund Types
Year ended December 31, 1986
(with comparative totals for year ended December 31, 1985)
General
Variance -
favorable
Budget Actual (unfavorable)
Revenues:
Taxes $
,6,438,259
6,437,526
(733)
Licenses and permits
563,700
695,898
132,198
Intergovernmental
1,913,055
1,903,714
(9,341)
Charges for services
599,800
772,920
173,120
Fines and forfeitures
360,000
401,203
41,203
Interest on investments
70,000
89,305
19,305
Sales and rental of property
10,000
35,871
25,871
Miscellaneous
56,500
47,735
(8,765)
Total revenues
10,011,314
10,384,172
372,858
Expenditures:
Current:
General government
1,377,351
1,383,353
(6,002)
Public safety
4,440,007
4,520,851
(80,844)
Public works
2,483,191
2,444,260
38,931
Parks
1,068,843
1,068,170
673
Unallocated general
587,022
617,814
(30,792)
Capital outlay:
Public safety
451,849
448,496
3,353
Public works
310,500
235,423
75,077
Parks
200,000
153,142
46,858
Total expenditures
10,918,763
10,871,509
47,254
Excess (deficiency) of revenue
over expenditures
(907,449)
(487,337)
420,112
Other financing sources:
Operating transfers in 675,000 675,000 -
Operating transfers out - - -
Parkland dedication - 143,451 143,451
Parkland dedication paid by Edina HRA - 148,279 148 -,279
Total other financing sources 675,000 966,730 291,730
Excess (deficiency) of revenues
and other financing sources
over expenditures and other
financing uses $ (232) 479,393 42
Fund balance - January 1 2,678,517
Fund balance - December 31
See accompanying notes to financial statements.
7
Totals
Special
Revenue
(memorandum only)
1985
Variance -
Variance -
favorable
favorable
Budget
Actual
(unfavorable)
Budget
Actual
(unfavorable)
Actual
6,438,259
6,437,526
(733)
5,763,688
_
-
-
563,700
695,898
132,198
553,908
225,000
124,119
(100,881)
2,138,055
2,027,833
.(110,222)
1,949,957
599,800
772,920
173,120
540,458
_
_
-
360,000
401,203
41,203
386,333
-
5,786
5,786
70,000
95,091
25,091
165,443
_
_
-
10,000
35,871
25,871
31,211
56,500
47,735
(8,765)
72,502
225,000
129,905
(95,095)
10,236,314
10,514,077
277,763
9,463,500
_
_
_
1,377,351
1,383,353
(6,002)
1,397,975
4,440,007
4,520,851
(80,844)
4,223,247
2,483,191
2,444,260
38,931
2,274,673
1,068,843
1,068,170
673
1,000,148
587,022
617,814
(30,792)
363,635
451,849
448,496
3,353
133,135.
310,500
235,423
75;077
234,006'
200,000
153,142
46,858
227,647
10,918,763
10,871,509
47,254
9,854,466
225,000
129,905
(95,095)
(682,449)
(357,432)
325,017
(390,966)
675,000
675,000
-
675,000
(225,000)
(225,000)
-
(225,000)
(225,000)
-
(225,000)
143,451
143,451
419,063
148,279
148,279
767,852
(225,000)
(225,000)
-
450,000
741,730
291,730
1,636,915
o
(95,095)
384,298
610
1,245,949
254,068
2,932,585
3,3�
1,686,636
2.932,585
7
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings - All Proprietary Fund Types
Year ended December 31, 1986
(with comparative totals for year ended December 31, 1985)
Sales and cost of sales:
Sales
Cost of sales
Gross profit
Operating revenues:
Charges for services
Total gross profit and
operating revenues
Operating expenses:
Disposal charges
Personal services
Contractual services
Commodities
Central services
Depreciation
Operating loss
Nonoperating revenues (expenses):
Interest
Discounts
Prior year's disposal charges
Current value credit - MWCC
Rental income
Deferred charges
Donations
Interest and fiscal charges
Subsidy from general fund
Miscellaneous
Total nonoperating revenues
Income (loss) before operating
transfers and contributions
Operating transfers out
Property and equipment contributed
by special assessments
Net loss
Retained earnings - January 1
Retained earnings - December 31
See accompanying notes to financial statements.
8
Enterprise funds
ieoc ieoc
$ 5,059,174 5,134,848
4,072,194 4,147,061
986,980 987,787
4,456,324 4,520,502
5,443,304 5,508,289
2,193,242 2,059,129
1,571,282 1,452,978
903,971
898,680
416,341
390,074
445,260
404,400
580,125
564,192.
6,110,221
5,769,453
(666,917)
(261,164)
54,164
147,304
52,049
58,302
220,257
204,249
61,021
61,020
7,965
7,965
-
12,476
30,143
4,128
(99,512)
(57,627)
89,522
-
14,977
6,054
430,586
443,871
(236,331) 182,707
(450,000) (450,000)
363,906
(86,094)
(322,425)
18,590,447
7,346
(442,654)
(259,947)
18,850,394
$ 18,268.022 18,590.447
CITY OF EDINA, MINNESOTA
Combined Statement of Changes in Financial Position -
All Proprietary Fund Types
Year ended December 31, 1986
(with comparative totals for year ended December 31, 1985)
Enterprise funds
1986 1985
Sources of working capital:
Operations:
Net income (loss) $ (236,331) 182,707
Add items not requiring working capital:
Depreciation 580,125 564,192
Working capital provided by operations 343,794 746,899
Proceeds from issuance of long -term debt - 1,200,000
Decrease in other assets 46,983 45,175
Contributions in aid to construction 363,906 7,346
Reduction of loan to other funds 28,991
Increase in deposits 10,916 1,014
Reduction in notes receivable 5,321 5,322
Total sources of working capital 770,920 2,034,747
Uses ,of working capital:
Decrease in other liabilities
46,983
45,175
Additions to property and equipment
1,369,146
443,522
Reduction of long -term debt
50,000
50,000
Transfers to other funds
450,000
450,000
Total uses of working capital
1,916,129
988,697
Net increase (decrease) in working capital
$(1.145,209)
1,046.050
Elements of increase (decrease) in
working capital:
Cash
(1,404,382)
1,612,162
Investments
(110,324)
(781,306)
Receivables
1,921
74,351
Due from other funds
37,926
(:2,153,459)
Inventory
(132,326)
151,304
Prepaid expenses
223,738
20,711
Accounts payable
398,164
(68,272)
Due to other funds
(159,926)
2,120,559
Current portion of bonds payable
-
70,000
Net increase (decrease) in working capital
$(1.145.209)
x,046.050
See accompanying notes to financial statements.
9
CITY OF EDINA, MINNESOTA
Notes to Financial Statements
December 31, 1986
(1) Summary of Significant Accounting Policies
The City operates under the "Optional Plan B" form of government
according to applicable State of Minnesota Statutes. The Statutes
prescribe a Council- Manager form of organization. The City provides
the following services: public safety, highways and streets,
sanitation, health and social services, culture - recreation, public
improvements, planning and zoning, and general administration.
The accounting policies of the City conform to generally .accepted
accounting principles as applicable to governments. The following is
a summary of the more significant policies:
A. Financial Reporting Entity
The City has implemented National Council on Governmental
Accounting Statement No. 3, Defining the Governmental
Reporting Entity as adopted by the Governmental Accounting
Standards Board Statement 1. In accordance with Statement
No. 1, for financial reporting purposes the City's financial
statements include all funds, account groups, boards and
commissions over which the City Council exercises oversight
responsibility.
Oversight responsibility includes appointment of governing
bodies, budget authority, approval of tax levies, and
responsibility for funding deficits. The City of Edina, for
financial reporting .purposes, includes all funds and account
groups, including those of the Park and Recreation Board and
the Housing and Redevelopment Authority of Edina that are
controlled by or dependent on the City's executive or
legislative branches. Control by or dependence on the City
was - determined on the basis of budget adoption, taxing
authority, outstanding .debt secured by revenues or general
obligations of `the 'City or the City's obligation to fund any
deficits that may occur.'
(Continued)
10
CITY OF EDINA, MINNESOTA
B. Fund Accounting
The accounts of the City are organized on the basis of funds and
account groups, each of which is considered a separate
accounting entity. The operations of each fund are accounted
for with a separate set of self- balancing accounts that
comprise its assets, liabilities, fund equity, revenues, and
expenditures, or expenses. as appropriate. Government
resources are allocated to and accounted for in individual
funds based upon the purposes for which they are to be spent
and the means by which spending activities are controlled.
The various funds are grouped, in the financial statements in
this report, into six generic fund types and two broad fund
categories as follows:
Governmental Funds
General Fund - The General Fund is the primary operating
fund of the City. It is used to account for all financial
resources except those required to be accounted for in
another fund.
Special Revenue Funds - Special Revenue Funds are used to
account for the proceeds of specific revenue sources that
.are legally restricted to expenditures for specified
purposes.
Debt Service Funds - Debt Service Funds are used to account
for the accumulation of resources for, and the payment of,
general long -term debt principal, interest, and related
costs.
Capital Projects Funds - Capital Projects Funds are used to
account for the financial resources to be used for the
acquisition or construction of major. capital facilities
(other than those financed by Proprietary Funds and Special
Assessment Funds).
Special Assessment Funds - Special Assessment Funds are used
to account for the financing of public improvements or
services deemed to benefit the properties against which
special assessments are levied.
(Continued)
11
CITY OF EDINA, MINNESOTA
Proprietary Funds
Enterprise Funds - Enterprise Funds are used to account for
operations (a) that are financed and operated in a manner
similar to private business enterprises. -. where the intent
of the governing body is that the costs (expenses, including
depreciation) of providing goods or services to the general
public on a continuing basis be financed or recovered
primarily through user charges; or (b) where the governing
body has decided that periodic determination of revenues
earned, expenses incurred, and /or net income is appropriate
for capital maintenance, public policy, management control,
accountability or other purposes.
C. Measurement Focus
The accounting and reporting treatment applied to the fixed
assets and long -term liabilities associated with a fund are
determined by its measurement focus. All governmental funds
are accounted for on a spending or "financial flow"
measurement focus. This means that only current assets and
current liabilities are generally included on their balance.
sheets. Their reported fund balance is considered a measure
of "available spendable resources ". Governmental fund
operating statements present increases (revenues and other
financing sources) and decreases (expenditures and other
financing uses) in net current assets. Accordingly, they are
said to present a summary of sources and uses of "available
spendable resources" during a period.
Fixed assets used in governmental fund types operations (general
fixed assets) are accounted for in the General Fixed Assets
Account Group, rather than in governmental funds. Public
domain (infrastructure) general fixed assets consisting of
certain improvements other than buildings, including roads,
bridges, curbs and gutters, streets and sidewalks, drainage
systems, and lighting systems, are not capitalized along with
other general fixed assets. No depreciation has been provided
on general fixed assets.
All fixed assets are valued at historical cost or estimated
historical cost if actual cost is not available. Donated
fixed assets are valued at their estimated fair value on the
date donated.
Long -term liabilities expected to be financed from governmental
funds are accounted for in the General Long -term Debt Account.
Group, not in the governmental funds. The exceptions to this
general rule are for special assessment bonds and revenue
bonds, which are accounted for in Special Assessment and
Enterprise. Funds.
(Continued)
12
CITY OF EDINA, MINNESOTA
The two account groups are not "funds." They are concerned only
with the measurement of financial position. They are not
involved with measurement of results of operations.
Because of their spending .measurement focus, expenditure
recognition for governmental fund types is limited to exclude
amounts represented by noncurrent liabilities. Since they do
not affect net current assets, such long -term amounts are not
recognized as governmental fund type expenditures or fund
liabilities. They are instead reported as liabilities in the
General Long -term Debt Account Group.
All proprietary funds are accounted for on a cost of services or
"capital maintenance" measurement focus. This means that all
assets and all liabilities associated with their activity are
included on .their balance sheets. Their reported fund equity`.
(net total assets) is segregated into contributed capital and
retained earnings components. The operating statements of the
funds present increases (revenues) and decreases' (expenses) in
net total assets.
Depreciation of exhaustible fixed assets used by proprietary
funds is charged as an expense against their operations.
Accumulated depreciation. is reported on proprietary fund
balance sheets. Depreciation has been provided over the
estimated useful lives using the straight -line method. The
estimated useful lives (years) are as follows:
Buildings 20 -30 years
Equipment and machinery 5 -10 years
Distribution systems, sewer mains and
lift stations 50 years
The City follows the practice of including, as part of property,
plant and equipment of these funds, the cost of distribution
systems, sewer mains and lift stations which are paid for by
assessments against benefited property.
D. Basis of Accountina
Basis of accounting refers to when revenues and expenditures or
expenses are recognized in the accounts and reported in the
financial statements. Basis of accounting relates to the
timing of the measurements made, regardless of the measurement
focus applied.
The governmental fund types are accounted for using the modified
accrual basis of accounting. Their revenues are recognized
when they become measurable and available as net current
assets.
(Continued)
13
CITY OF EDINA, MINNESOTA
Expenditures are generally recognized under the modified accrual
basis of accounting when the related fund liability i;s
incurred. Exceptions to this general rule include: (1)
accumulated unpaid vacation, sick pay, and other employee
amounts which are not accrued; and (2) principal and interest
on long -term debt which is recognized when due, except in the
special assessment fund where current portions of interest are
accrued when significant. Unpaid vacation pay as of year end
is reported in the long -term debt account group.
The proprietary fund types are accounted for using the accrual
basis of accounting. Their revenues are recognized when
earned and their expenses are recognized when incurred.
Unbilled utility service receivables are recorded at year end.
During the course of normal operations, the City has numerous
transactions between funds including expenditures and
transfers of resources to provide services, construct assets
and service debt. The governmental and proprietary funds'
financial statements generally reflect such transactions as
transfers. Nonrecurring or nonroutine transfers of equity
between funds are recorded as equity transfers and,,
accordingly, are reported as additions or deductions from fund
balances of governmental fund types.
E. Budgets and Budgetary Accounting
The City follows these procedures in establishing the .budgetary
data reflected in the financial statements:
1. The City Manager submits to the City Council a proposed
operating budget for the fiscal year commencing the
following January 1. The operating budget includes
proposed expenditures and the means of financing them.
2. Public hearings are conducted to obtain taxpayer comments.
3. The budget is legally enacted by the passage of a
resolution by the City Council.
4. Formal budgetary integration is employed as a management
control device during the year for the General and
Special Revenue funds.
5. Budgets for the General and Special Revenue funds are
adopted on a basis consistent with generally accepted
accounting principles (GAAP).
(Continued)
14
CITY OF EDINA, MINNESOTA
6. The City Council may authorize transfer of budgeted
amounts between departments.
7. Reported budget amounts are as originally adopted or as
•. amended by Council- approved supplemental appropriations
and budget transfers.
8. Expenditures may not legally exceed appropriations by
department unless offset by increases in revenues. All
unencumbered appropriations lapse at year end.
F. Cash and Investments
Cash surpluses are invested in certificates of deposit and
short -term government securities. Investment earnings are
allocated to funds on the basis of individual participation.
Investments are stated at cost, which approximates market, and
are identified with specific funds.
G. Inventory
Inventory is stated at the lower of cost (first -in, first -out)
or market.
H. Accumulated Unpaid Vacation and Sick Pay
Accrued vacation pay is recorded in the long -term debt account
group. Sick pay is not recorded as a liability. City
employees are entitled to vacation and sick pay based on
length of employment and the payment thereof is treated as an
expenditure in the period paid. The amount of accrued leave
at December 31, 1986 for vacation and sick pay was $457,204
and $1,802,892, respectively, although it is anticipated that
only a percentage of the accrued sick pay will be used.
I. Total Columns on Combined Statements
Total columns on the combined statements are captioned
memorandum only to indicate that they are presented only to
facilitate financial analysis. Data in these columns do not
present financial position, results of operations, or changes
in financial position in conformity with generally accepted
accounting principles. Neither is such data comparable to a
consolidation. Interfund eliminations have not been made in
the aggregation of this data.
(Continued)
15
CITY OF EDINA, MINNESOTA
(2) Cash and Investments
Cash
One certificate of deposit, the checking accounts, change funds and
petty cash are included as cash on the balance sheet.
Carrying Bank
amount balance
Certificate of deposit $ 100,000 100,000
Checking accounts:
Insured FDIC - 200,000
Uninsured, collateral held by Bank in City's
name (352,766) 160,679
Change funds 6,845 6,845
Petty cash and uninsured collateral held by
Bank in Edina HRA's name 58,792 123,222
Total . cash,,• (de,f icit) ` $ (121112 R) .7�6
Investments
The City's investments are stated at cost. Commercial paper is stated
at'.amortiied costs.
Insured certificates of deposit $
Commercial paper:
Uninsured, unregistered and held by Dain
Bosworth in City's name
Uninsured, unregistered and held by
Marquette Bank in City's name
Uninsured, unregistered and held by First
Minnesota Savings and Loan in City's name
Franklin Fund Government Securities held
by Juran Moody in City's name
Government securities held in City's name:
United States Treasury Notes 3,165,180
Federal National Mortgage Association 2,902,117
Federal Home Loan Bank 350,000
$ 19.382,455
Carrying
amount
300,000
8,655,090
1,899,456
Market
value
300,000
8,742,110
1,904,428
1,110,612 1,130,508
11000,000 . 1,000,000
Total investments
16
3,092,515
2,781,005
350.000
19, 3
(Continued)
CITY OF EDINA, MINNESOTA
The City's investments are categorized in the following manner:"
Category 1 - Includes investments that are insured.or registered for
which the securities are held by the City `or ;its agent in the . City's
name.
Category 2 - Includes uninsured and unregistered investments for which
the securities are held by the broker's or dealer's trust department
or agent in the City's name.
Category Carrying Market
1 2 amount value
Certificates of
deposit $ 300,000 - 300,000 300,000
Commercial paper - 11,665,158 11,665,158 11,777,046
Franklin Fund - 11000,000 11000,000 11000,000
Government securities - 6,417,297 6,417,297 6,223,520
Total
investments $ 19.082,455 19,382,455 19,300,566
(3) Property Tax
The City Council annually adopts a tax. levy and certifies it to the
County for collection in October of each year. The County is
responsible for billing and collecting all property taxes for itself,
the City, the local School District and other taxing authorities.
Such taxes become a lien on January 1 and are recorded as receivables
by the City at that date. Real property taxes are payable (by
property owners) on May 15 and October 15 of each calendar year.
These .taxes are collected by the County and remitted to the City on or
before July 5 and December 4 of the same year. Additionally,
delinquent collections (November and December) are remitted to the
City each January. The City has no ability to enforce payment of
property taxes by property owners. The County possesses this
authority.
The City recognizes property tax revenue when it becomes both measurable
and available to finance expenditures of the current period. In
practice, current and delinquent taxes received by the City in July
and December are recognized as revenue for the current year. Taxes
collected by the County by December 31 (remitted to the City the
following January) and taxes and credits not received at the normal
time are classified as delinquent and unremitted taxes receivable.
The delinquent receivables are fully offset by an allowance for
uncollectible taxes because they are not available to finance current
expenditures.
(Continued)
17
18
CITY OF EDINA,
MINNESOTA•:,
Cities in Minnesota
operate und6r`' a
levy" limitation law which allows an
increase in the
tax levy each
year equal
to the Implicit Price
,Deflator increase
or 5 %, whichever
is greater,
further indexed by the.
percentage 'increase,in
household or
population, whichever
is greater.
Levies for bonded
indebtedness are
not limited
by the law.
(4) Changes in General Fixed Assets
A summary of changes
in general fixed assets during 1986 follows:
Balance
Balance
January 1
Additions
Deletions
December 31
Land
$ 2,281,017
-
-
2,281,017
Land improvements
1,706,870
62,417
-
1,769,287
Buildings
1,869,340
-
-
1,869,340
Furniture and
fixtures
355,044
15,412
-
370,456
Vehicles
310,616
11,124
-
321,740
Tools
5,812
-
-
5,812
Election equipment
131,320
-
-
131,320
Engineering
equipment
66,004
14,339
6,662
73,681
Fire equipment
873,073
219,364
5,528
1,086,909
Highway equipment
1,712,450
206,978
22,221
1,897,207
Park equipment
352,922
43,038
4,410
391,556
Police equipment
466,241
208,567
82,857
591,951
Miscellaneous
equipment
155,056
29,860
9,295
175,621
Traffic signals
equipment
91,706
-
-
91,706
Parks
3,321,504
97,457
400
3,418,561
Construction in
progress
4,113
-
-
4,113
13,703,088
908,556
131,373
14,480,271
Land and public
improvements -
Edina HRA
8,908,378
4,701,830
-
13,610,208
Total
$ 22,611,466
5,610.386
13�
28,0
(Continued)
18
CITY, OF' EDINA, MINNESOTA
A summary of proprietary fund property: land equipment at-December 31,
1986 follows:
Enterprise
Property and equipment fund
Land
$ 285,341
Golf course
820,534
Land improvements
157,260
Water distribution system
9,223,309
Sewer collection system
10,760,089
Major recreation facilities
3,301,653
Major water facilities
2,548,578
Buildings - liquor stores
729,769
Furniture and fixtures
461,606
Equipment and machinery
750,180
Vehicles
149,579
Construction in progress
69,139
1,235,000
29,257,037
.Less accumulated
depreciation
10,981,084
Net book value
$ 18.275,953
(5.) Long -term Debt
Bonded Debt
The City has three types of bonded debt outstanding at December 31,
1986: general obligation bonds, special assessment improvement bonds
and revenue bonds.
The first type of bond is payable solely from general property taxes.
The second and third types are payable primarily from special
assessments and enterprise revenue, respectively, with any deficiency
to be provided for by general property taxes.
The bonded debt outstanding is summarized as follows:
(Continued)
19
Balance
December 31,
Maturities
Interest rates
1986
General Obligation Bonds
1987 -2006
5.20 - 11.00%
$ 22,650,000
Special Assessment Bonds
1987 -1994
4.50 -8.75
6,300,000
G.O. Revenue Bonds
1987 -2000
3.50 -8.70
1,235,000
Total
$ 30,185,000
(Continued)
19
CITY OF EDINA2,'.MINNESOTA.'
Changes' in long'--term debt during the year were as .follows:
Balance Balance
January 1, December 31,
1986 Increases Decreases 1986
General Obligation
Bonds $ 17,200,000 6,000,000 550,000 22,650,000
Special Assessment
Bonds 4,900,000 2,500,000 1,100,000 6,300,000
G.O. Revenue Bonds 1,285,000 - 50,000 1,235,000
Compensated absences 432,000 25,204 - 457,204
$ 23,8 8,525,204 1.700,000 30,642.204
The City has the following revenue bonds outstanding at December 31,
1986:
Golf Course Bonds of 1964 $ 35,000
G.O. Golf Course Bonds, Series 1985 1,200,000
$ 1.235.000
These general obligation revenue bond issues are payable primarily from
the respective enterprise fund with any deficiency to be provided
first from Liquor Fund revenue and then from general property taxes.
The annual requirements to amortize all debt outstanding as of
December 31, 1986, including interest payments of $23,864,295 are as
follows:
Year ending General Special G.O.
December 31 obligation assessment Revenue Total
1987
$ 1,988,943*
542,075*
83,850*
2,614,868
1988
2,446,480
1,451,500
143,688
4,041,668
1989
2,634,405
1,475,450
140,500
4,250,355
1990
2,560,967
1,392,400
137,187
4,090,554 .
1991
2,535,700
731,050
133,725
3,400,475
1992 -2006
31,714,825
2,504,425
1,432,125
35,6511375
$ 43.881,320 .8.09 2.070 54 ;049,295
*Principal and interest due January 1, 1987 were paid in December 1986.
The City is in compliance with all significant bond covenants.
(Continued)
20
CITY OF EDINA, MINNESOTA
Long -term Debt - Other
The City of Edina is the administering authority for the following tax
increment finance districts:
50th and France - No. 1200, a redevelopment district established in
1974 pursuant to Minnesota Statutes 462.545 and 462.585 with a
duration of 35 years.
Original assessed value $ 3,216,104
Current assessed value 8,542,733
Captured assessed value:
Retained by authority 5,326,629
Shared with other taxing districts none
General obligation redevelopment
bonds issued 2,200,000
Total loans incurred none
Amounts redeemed (700,000)
Outstanding bonds and loans at
December 31, 1986 $ x,.500.000
Southeast Edina Redevelopment District - No. 1201, a redevelopment
district established in 1977 pursuant to Minnesota Statutes 462.545
and 462.585 with a duration of 32 years.
Original assessed value $ 2,788,292
Current assessed value 12,853,774
Captured assessed value:
Retained by authority 10,065,482
Shared with other taxing districts none
General obligation tax increment
bonds issued
Total loans incurred
Amounts redeemed
Outstanding bonds and loans at
December 31, 1986
21
20,500,000
. none
(1,350,000)
$ X9.150.000
(Continued)
CITY OF EDINA, MINNESOTA
Grandview Area Redevelopment District - No. 1202, a redevelopment
district established in 1984 pursuant to Minnesota Statutes 462.545
and 462.585 with a duration of 25 years.
Original assessed value
Current assessed value
Captured assessed value:
Retained by authority
Shared with other taxing districts
General obligation redevelopment
bonds issued
Total loans incurred
Amounts redeemed
Outstanding bonds and loans at
December 31, 1986
(6) Metropolitan Waste Control Commission
$ 4,404,120
5,309,093
904,973
none
2,000,000
none
none
The receivable and corresponding deferred revenue of the enterprise
funds from the Metropolitan Waste Control Commission represents the
City's share of equity in the City's system which was acquired by the
Commission January 1, 1971. This receivable will be paid to the City
by issuing credits annually through 1999 against future sewer billings
from the Commission. These credits are reflected in the. statement of
income as received.
Under the terms of an agreement with the Metropolitan Waste Control
Commission, the City will be repaid the reserve capacity charges
advanced to the Commission. These advances will be repaid in annual
installments including interest through-1988 and will be reflected as
.income'when received.
(7)t Notes and Contracts Receivable
The City has sold real estate for
balances of which were $31,929 in
General Fund at December 31, 1986.
1992 with interest rates from 7 to
(8) Retirement Plan
notes and contracts receivable, the
the Liquor Fund and $15,285 in the
Maturity dates range from 1987 to
12 percent.
The City participates in a statewide contributory pension plan under the
Public Employees' Retirement Association, Minnesota Statutes
Chapter 353, which covers all employees except certain temporary or
seasonal employees. The City's contribution for pension costs under
the statewide plan was $537,402 for the year ended December 31, 1986.
Under existing Minnesota law, the City has no future contingent
obligations or commitments to the plan or its participants except to
make continuing contributions as determined from time to time by the
state legislature.
(Continued)
22
CITY OF EDINA, MINNESOTA
(9) Segment Information for Enterprise Funds
The City maintains enterprise funds for utility (water and sewer)
services and liquor facilities. Individual funds are also maintained
for other enterprise operations designated below as "Other Enterprise
Funds" which are recreational in nature such as: swimming pool, golf
course, recreation center, gun range and art center. Segment
information for the year ended December 311 1986 is as follows:
Other Total
Enterprise Enterprise
Utility Liquor Funds Funds
Sales (less cost
of $4,072,194) $
-
986,980
-
986,980
Operating
revenues
3,136,808
-
1,319,516
4,456,324
Depreciation
379,125
42,077
158,923
580,125
Operating income
(loss)
(810,148)
264,682
(121,451)
(666,917)
Nonoperating
revenues
341,318
55,192
34,076
430,586
.Operating trans-
fers out
-
450,000
-
450,000
Property and equip-
ment contributed
by special
assessments
363,906
-
-
363,906
Net loss
(104,924)
(130,126)
(87,375)
(322,425)
Property additions
420,388
413
948,345
1,369,146
Net working
capital
2,066,477
258,147
(1,155,416)
1,169,208
Bonds payable
-
-
1,185,000
1,185,000
Total assets
17,280,756
1,214,800
2,478,412
20,973,968
Total equity
16,415,488
1,021,726
830,808
18,268,022
(10). Edina Firemen's Relief Association
The Edina Firemen's Relief
Association is the pension fund for the
City's Volunteer Fire
Department
employees.
Funding for
the pension
plan is provided from
the two percent insurance premium
rebate from
the state of Minnesota. The City
is responsible
for
any unfunded
portion of the Relief Association's accrued liability. As of
December 31, 1986 there was no unfunded
liability.
(Continued)
23
CITY OF EDINA, MINNESOTA
(11) Interfund Receivable and Payable Balances
Interfund receivables and payables as of December 31, 1986 were as
follows:
Fund
General (including amount due Edina
Housing and Redevelopment Authority)
Debt Service:
Redevelopment Bond (due from
Edina HRA)
Capital Projects
Special Assessment:
Improvement Bond Redemption - II
Construction
Enterprise:
Utilities
Liquor
Swimming pool
Golf course
Recreation center
Gun range
Art center
(12) Reserved or Designated Fund Equity
Interfund Interfund
receivables payables
$ 6,597,681 18,114,384
233,550 -
11,794,427 232,503
2,624,843 94,898
247,440 2,835,350
- 118,582
- 42,339
1,835
- 339,062
296,714 15,757
- 219
753 479
$ 21.795.408 21,795,408
The following fund equity balances as of December. 31, 1.986 have been
reserved or designated for the reasons noted below:
General Fund:
Reserved for commitments
$ 514,109
Designated for dedicated funds
1,493,016
Bond proceeds reserved for construction
95,007
Other
321,677
Total General Fund
2,423,809
Special Revenue Fund:
Reserved for revenue sharing 1986 budget transfer
158,973
Debt Service Funds:
Redevelopment Bond:
Reserved for debt service
233,550
Capital Projects Funds:
Designated for housing and redevel'opreent--;projects
10,850,790
SpecialAssessment Funds:
Reserved for construction
140,827
Enterprise funds:
Golf Course Fund:
Reserved for, debt service
145,445
Total fund equity reservations $ x,3,953.394
(Continued)
24
CITY OF EDINA, MINNESOTA
(13) Fund Deficiencies /Deficits
Expenditures exceeded revenues in certain individual funds for the year
ended December 31, 1986 as follows:
Special Revenue Fund $ 95,095
Utilities Fund 104,924
Liquor Fund 130,126
Swimming Pool Fund 8,871
Golf Course Fund 100,023
Recreation Center Fund 18,209
$
The Recreation Center Fund has a fund balance deficit of $215,135 at
December 31, 1986. Currently there are no plans to fund this deficit.
(14) Contingencies
The City Attorney has- indicated that existing and pending lawsuits,
claims and other actions in which the City is a defendant are either
covered by insurance, of an insignificant amount, or, in the judgment
of the City Attorney, remotely recoverable by plaintiffs.
(15) Presentation
Certain amounts for the year ended December 31, 1985 have been
reclassified to conform to the presentation of the amounts at
December 31, 1986.
25
COMBINING AND INDIVIDUAL FUND
AND ACCOUNT GROUP
FINANCIAL STATEMENTS
26
GENERAL FUND
The General Fund is established to account for the revenues and expenditures
used to carry out basic governmental activities of the City such as general
government, public safety, public works, and parks and recreation. Revenue
is recorded by source (i.e., taxes, licenses and permits, intergovernmental
revenues, fines and forfeitures, charges for services, etc.). General Fund
expenditures are made primarily for current day -to -day operations and
operating equipment. They are recorded by major functional classification
and by operating departments. ' This fund accounts for all financial
transactions not properly accounted for in another fund.
27
CITY OF EDINA, MINNESOTA
General Fund
Balance Sheet
December 31, 1986
(with comparative amounts for December 31, 1985)
Assets
Petty cash and change funds
Cash (deficit)
Investments
Taxes receivable:
Unremitted
Delinquent
Allowance for uncollectible -taxes
Accounts receivable
Due `from other funds
Due from Edina HRA
Due from other governments
Contracts receivable
Inventory
Prepaid expenses
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Contracts payable
Due to other funds
Due to other governments
Deposits payable:
Dedicated funds
Total liabilities
Fund balance:
Reserved
Unreserved:
Designated
Undesignated
Total fund balance
Total liabilities and fund balance
28
1986
1985
$ 1,070
1,070
840,194
(144,923)
13,759,300
12,691,993
-
94,467
93,910
110,610
(93,910)
(110,610)
- 222,417
139,939
227,231
382,150
6,370,450
1,898,720
71,771
75,700
15,285
16,285
10,000
10,000
289,092
289,092
$21,806,810
15.454,493
393,106 465,073
900 -
18,114,384 12,172,285
35,809 39,500
104,701 .99,118
18,648,900 12,775,976
519,116 641,909
1,904,693 1,531,423
734,101 505,185
3,157,910 2,678,517
$ X1.806.810 15,454,493
CITY OF EDINA, MINNESOTA
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Year ended December 31, 1986
(with comparative actual amounts for year ended December 31, 1985).
Revenues:
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest on investments
Sales and rental of property
.Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Public works
Parks
Unallocated general
Capital outlay:
Public safety
Public works
Parks
Total expenditures
Deficiency of
revenues over
expenditures
Other financing sources:
Operating transfers in:
Revenue Sharing Fund
Liquor Fund
Parkland dedication
Parkland dedication paid by
Edina HRA
Total other
financing sources
Excess of revenues
and other finan-
cing sources over
(907,449) (487,337)
225,000
450,000
675,000
225,000
450,000
143,451
148,279
966,730
(under.) expenditures (232,449) 479,393
Fund balance - January 1 2,678,517 2,678,517
Fund balance - December 31 $ 2.446,068 3.157.910
29
420,112
143,451
148,279
291,730
711,842
711.842
(596,242)
225,000
450,000
419,063
767,852
1,861,915
1,265,673
1,412,844
2.678.517
1986
1985
Variance -
favorable
Budget
Actual
(unfavorable)
Actual
6,438,259
6,437,526
(733)
5,763,688
563,700
695,898
132,198
553,908
1,913,055
1,903,714
(9,341)
1,752,677
599,800
772,920
173,120
540,458
360,000
401,203
41,203
386,333
70,000
89,305
19,305
157,447
10,000
35,871
25,871
31,211
56,500
47,735
(8,765)
72,502
10,011,314
10,384,172
372,858
9,258,224
1,377,351
1,383,353
(6,002)
1,397,975
4,440,007
4,520,851
(80,844)
4,223,247
2,483,191
.2,444,260
38,931
2,274,673
1,068,843
1,068,170
673
1,000,148
587,022
617,814
(30,792)
.363,635
451,849
448,496
3,353
133,135
310,500
235,423
75,077
234,006
200,000
153,142
46,858
227,647
10,918,763
10,871,509
47,254
9,854,466
(907,449) (487,337)
225,000
450,000
675,000
225,000
450,000
143,451
148,279
966,730
(under.) expenditures (232,449) 479,393
Fund balance - January 1 2,678,517 2,678,517
Fund balance - December 31 $ 2.446,068 3.157.910
29
420,112
143,451
148,279
291,730
711,842
711.842
(596,242)
225,000
450,000
419,063
767,852
1,861,915
1,265,673
1,412,844
2.678.517
CITY OF EDINA,.MINNESOTA
General Fund
Schedule of Revenues - Budget and Actual
Year ended December 31, 1986
(with comparative actual amounts for year ended December 31, 1985)
1986
1985
Variance -
favorable
Budget
Actual
(unfavorable)
Actual
Taxes:
General property tax $
6,403,259
6,409,586
6,327
5,696,692
Penalties and interest
35,000
27,940
(7,060)
66,996
Total taxes
6,438,259
6,437,526
733)
5,763,688
Licenses and permits
563,700
695,898
132,198
553,908
Intergovernmental:
.Federal aid
24,000
21,287
(2,713)
2,244
State grants:
Local government aid
550,444
550,444
-
550,420
Homestead credit
1,036,946
1,036,946
-
936,124
State highway aid
57,000
57,300
300
57,300
Police aid
150,000•
140,005
(9,995)
120,184
Other state aid
3,500
1,975
(1,525)
-
County grants:
Health programs
91,165
95,757
4,592
86,405
Total intergovern-
mental
1,913,055
1,903,714
341)
1,752,677
Charges for services:
Engineering, clerical
charges and searches
175,000
308,823
133,823
119,842
Planning fees
7,500
6,940
(560)
7,195
False alarms
29,500
.27,449
(2,051)
26,855
Housing and Redevelopment
Authority
25,000
49,796
24,796
60,158
Charges to other funds
88,800
88,800
-
84,540
Ambulance service
250,000
230,306
(19,694)
230,452
Other
24,000
60,806
36,806
11,416
Total charges for
services
599,800
772,920
.173,120
540,458
Fines and forfeitures
360,000
401,203
41,203
386,3.33
Miscellaneous:
Interest
70,000
89,305
.19,305
157,447
Sale and rental of property
10,000
35,871
25,871
31,211
Donations
2,500
390
(2,110)
16,170
Other
20,000
16,452
(3,548)
22,091
Registration fees
34,000
30,893
(3,107)
34,241
Total miscellaneous
136,500
172,911
36,411
261,160
Total revenues $
10.011.314
10.384.172
X258.224
30
CITY OF EDINA,, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1986
(with comparative actual amounts for year ended December 31, 1985)
General government:
Mayor and Council:
Personal services.
Contractual services
Commodities
Central services
Total mayor
and council
Planning:
Personal services
Contractual services
Commodities
Central services
Total planning
Administration:
Personal services
Contractual services
Commodities
Central services
Total administra-
tion
Finance:
Personal services
Contractual services
Commodities
Central services
Total finance
Election:
Personal services
Contractual services
Commodities
Central services
Total election
1986 1985
variance -
favorable
Budget Actual (unfavorable) Actual
$ 21,450 21,533
9,250 8,784
100 540
12,720 12,720
43,520 43,577
94,628..
116,542
1,600
1,565
4,600
2,262
34,920
34,920
135,748
155,289'
238,912 221,704
52,200 52,892
650 969
68,820 68,820
360,582 344,385
111,119
116,709
56,085
57,457
250
1,063
41,460
41,460
208,914
216,689
33,703
17,838
23,500
38,140
4,200
2,074
61900,
6,900
68,303
64,952
31
(83)
466
(440)
57)
(21,914)
35
2,338
(19, 541)
17,208
(692)
(319)
16,197
(5,590)
(1,372)
(813)
(7,775)
15,865
(14,640)
2,126
3,351
21,862
8,549
380
11,460
42,251
107,990
1,402
74
30,540
140,006
210,795
89,205
1,678
56,940
358,618
172,502
31,372
450
39,780
244,104
9,352
175
46
6,120
15,693
(Continued)
CITY.OF.EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
32
1986
1985
Variance -
favorable
Budget
Actual
(unfavorable)
Actual
Assessing:
Personal services
$ 151,374
156,006
(4,632)
143,941
Contractual services
27,850
29,734
(1,884)
25,235
Commodities
11100
524
576
586
Central services
52,560
52,560
-
42,900
Total assessing
232,884
238,824
(5,940)
212,662
Legal and court services:
Personal services
140,000
134,834
5,166
119,297 -
Contractual services
187,400
184,803
2,597
265,329
Commodities
-
-
-
15
legal and
_Total
court services
327,400
319,637
7,763
384,641
Total general
government
1,377,351
1,383,353
(6,002)
1,397,975
Public safety:
Police protection:
Personal services
1,803,478
1,800,802
2,676
1,718,991
Contractual services
78,500
78,324
176
65,576
.Commodities
22,200
21,737
463
16,943
Central services
570,120
570,120
-
513,420
Capital outlay
208,685
208,567
118
82,022
Total police
protection
2,682,983
2,679,550
3,433
2,396,952
Fire protection:
Personal services
1,096,950
1,170,976
(74,026)
1,113,643
Contractual services
53,400
53,300
100
51,727
Commodities
32,143
33,807
(1,664)
34,659
Central services
296,640
296,640
-
287,100
Capital outlay
219,364
219,364
-
51,004
Total fire
protection
1,698,497
1,774,087
(75o590)
1,538,133
Civil defense:
Personal services
17,043
16,243
800
11,967 -
Contractual services
5,600
5,568
32
4,740
Commodities
2,500
2,458
42
640
Capital outlay
19,000
18,918
_ 2
Total civil
defense
44,143
43,187
956
17,347
(Continued).
32
CITY OF EDINA,:
MINNESOTA
General-,Fund
Schedule of Expenditures - Budget and Actual, Continued
1986
1985
Variance -
favorable
Budget
Actual
(unfavorable)
Actual
Animal control:
Personal services $
22,966
26,900
(3,934)
21,123
Contractual services
5,500
5,302
198
6,209
Commodities
3,200
3,050
150
1,844
Central services
11,040
11,040
-
10,080
Capital outlay
4,000
-
4,000
109
Total animal
control
46,706
46,292
414
39,365
Public health:
Personal services
95,264
93,790
1,474,
82,768
Contractual services
84,410
89,060
(4,650)
80,350
.Commodities
2,040
,1,232
808
2,196
Central services
37,740
37,740
-
33,960
Capital outlay
800
1,647
(847)
-
Total public
health
220,254
223,469
(3,215)
199,274
Inspections:.
Personal services
154,013
158,084
(4,071)
126,128
Contractual services
2,700
2,457
243
2,318
Commodities
980
641
•.339. _
1,825
Central services
41,580:..
41,580
-
35,040
Total inspections.
199,273_
202,762
(3,489)
165,311
Total public safety
4,891,856
4,969,347
(77,491)
4,356,382
Public works:
Administration:
Personal services
60,699
62,755
(2,056)
57,040
Contractual services
875
160
715
281
Central services
23,700
23,700
-
18,660
Total administra-
tion
85,274
- 86,615
(1,3411
75,981
Engineering:
Personal services
266,501
271,720
(5,219)
229,818
Contractual services
8,600
8,519
81
7,533
Commodities
10,700
10,687
13
10,655
Central services
84,060
84,060
-
71,040
Capital outlay
14,400
14,339
61
16,408
Total engineering
384,261
389,325
(5,064)
335,454
(Continued)
33
CITY OF,.EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget.and Actual, Continued
Supervision and overhead:
Personal services
Contractual services
Commodities
Central services
Total supervision
and overhead
Street maintenance:
Personal services
Contractual services
Commodities
Central services
Total street
maintenance
Street lighting:
Personal services
Contractual services
Commodities
Central services
Total. street
lighting
Street name signs:
Personal services
Commodities,:
Central services``
Total street name
signs
Traffic control:
Personal services
Contractual services
Commodities
Central services
Total traffic
control
Bridges:
Personal services
Commodities
Central services
Total bridges
1986 1985
variance -
favorable
Budget Actual (unfavorable) Actual
$ 182,371 182,327
1,375 1,356
360 352
234,900 234,900
419,006 418,935
310,650 310,426
65,200 25,126
290,350 291,248
242,700 242,700
9081900 869,500
7,160
7,092
262,340
262,220
7,800
3,900
7,765
3,900
.281,200
280,977'
13,520
13,390
4,300
4,280
7,860 7,860
25,680 25,530
42,250
41,733
31,000
30,961
25,300
25,131
15,060
15,060
113,610 112,885
2,940 2,889
11100 1,004
3,900 3,900
7,940 7,793
34
44
19
8
71
224
40,074
(898)
3 4
68
120
35
22
130
20
150
517
39
169
725
51
96
147
176,057
772
458
189,780
367,067
347,702
16,851
241,554
224,460
Off-1 ;
8,108
260,387
12,716
3,600
284,811
11,065
8,764
7,260
27,089
27,926
31, 274
12,038
13,920
85,158
4,541
2,395
3,600
10,536
(Continued)
CITY'OF EDINA, MINNESOTA
General,, Fund
Schedule of Expenditures - Budget and Actual, Continued
1986 1985
variance -
favorable
Budget Actual (unfavorable) Actual
Storm drainage:
Personal services $
17,510
17,274
236
14,102
Contractual services
7,600
7,572
28
6,858
Commodities
4,900
4,866
34
4,504
Central services
15,060
15,060
-
13,920
Total.storm
drainage
45,070
44,772
298
39,384
City properties:
Personal services
74,430
74,037
393
71,117
Contractual services
68,900
68,658
242
69,130
Commodities
12,400
12,339
61
10,235
Central services
21,000
21,000
-
19,440
Total city
properties
176,730
176,034
696
169,922
Sidewalks and ramps:
Personal services
13,040
11,362
1,678
16,008
Contractual services
30,250
29,137
1,113
28,349
Commodities
1,950
1,054
896
16,435
Central services
4,680
4,680
-
4,320
Total sidewalks
and ramps
49,920
46,233
3,687
65,112
Other expenditures:
Capital outlay
230,000
201,522
28,478
217,598
City's share of
construction projects
66,100
19,562
46.538
-
Total other
expenditures
296,100
221,084
75,016
217,598
Total public works
2,793,691
2,679,683
114,008
2,508,679
Parks:
Administration:
Personal services
214,428
237,9f6
(23,488)
207,575
Contractual services
4,70.0
5,541 .
(847)
6,118
Commodities
2,150
9,508
(70358)
2,696
Central services
182,460
182,460
-
157,200
Total administra-
tion
403,738
435,431
(31,693)
373,589
(Continued)
35
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
Recreation:
Baseball and softball $
Skating and hockey
Tennis instruction
Playground
Swimming instruction
Senior citizens
Miscellaneous and
special activities
Total recreation
Maintenance:
Mowing
Special turf care
Planting and trees
Litter removal
Parking areas
Buildings and equipment
Skating rinks
Total maintenance
Capital outlay
Capital improvements
Total parks
Unallocated general
_expenditures:
Human Rights Commission
Historical Preservation
South Hennepin Human
Services Council
Central services -
Capital outlay
City's share of special
assessment
Recycling
Fireworks
Contingencies r;
Capital improvements
Suburban rate authority
Loss subsidy - operating
funds
Total unallocated
general
expenditures
Central services
Total expen-
ditures
1986
1985
Actual
6,481
27,296
4,971
24,139
17,806
7,361
16,396
104,450
57,000
56,902
Variance -
47,619
145,460
favorable
Budget
Actual
(unfavorable)
4,250
3,876
374
21,600
26,381
(4,781)
51000
4,919
81
14,425
14,190
235
16,250
16,113
137
6,900
8,628
(1,728)
8,950
8,838
112
77,375
82,945
(5,570)
1985
Actual
6,481
27,296
4,971
24,139
17,806
7,361
16,396
104,450
57,000
56,902
98
47,619
145,460
144,815
645
129,714
38,660
20,434
18,226
20,130
23,100
20,552
2,548
17,936
17,200
15,365
1,835
8,835
214,280
201,146
13,134
208,360
92,030
90,580
1,450
89,515
587,730
549,794
37,936
522,109
120,000
56,084
63,916
59,423
80,000
97,058
(17,058)
168,224
1,268,843
1,221,312
47,531
1,227,795
47,850
47,355
495
42,985
2,000
2,752
(752)
-
81900
81900
-
8,990
35,000
26,059
8,941.
46,017
75,000
62,877
12,123
74,442
24,050
43,145
(19,095)
11,926
4,200
4,131
69
4,234
65,800
63,734
2,066
117,401
40,000':
-
40,000
-
2,000
2,000
-
3,681
89,522 89,522
394,322 350,475 43,847 309,676
192,700 267,339 (74,639) 53,959
$ 10.918.763 10,8711509 47.254 9,854466
36
CITY OF EDINA, MINNESOTA
General-Fund
Schedule of Central Services Expenditures - Budget and Actual
Year ended December 31, 1986
(with comparative actual amounts for year ended December 31, 1985)
1986 1985
Variance -
favorable
Budget Actual (unfavorable) Actual
General:
Contractual services
$ 1,779,820
1,837,941
(58,121)
1,375,785
Commodities
22,020
17,205
4,815
15,192
Total general
1,801,840
1,855,146
(53,306)
1,390,977
City Hall:
Personal services
47,600
57,361
(9,761)
31,878
Contractual services
35,900
35,783
117
34,141
Commodities
18,000
29,209
(11,209)
16,259
Fixed charges
6,780
6,780
-
4,200
Total City Hall
108,280
129,133
(20,853)
86,478
Public Works building:
Personal services
62,680
59,952
2,728
34,196
Contractual services
65,200
64,942
258
68,922
Commodities
23,000
22,446
554
21,649
Fixed charges
6,960
6,960
-
4,740
Total Public Works
building
157,840
154,300
3,540
129,507
Equipment operations:
Personal services
204,800
204,645
155
187,338
Contractual services
59,600
59,488
112
83,501
Commodities
341,700
345,987
(4,287)
390,338
Fixed charges
132,480
132,480
-
112,380
Total equipment
operations
738,580
742,600
(4,020)
773,557
Total central services
expenditures
2,806,540
2,881,179
(74,639)
2,380,519
Less allocation to other
activities
2,613,840
2,613,840
-
2,326,560
Net central services
$ 192.700
26
(74"639)
53,959
37
SPECIAL REVENM FUND
A special "revenue fund is used to account for revenues derived from specific
taxes or other earmarked revenue sources and usually required by statute or
local ordinance and /or resolution to finance particular functions, activities
or government.
Revenue Sharing Fund - This fund was established to receive and account for
the City's allocation of Federal Revenue Sharing money. The amount available
to each city is allocated on the basis of a formula established by the
Congress of the United States. The City uses the majority of its revenue
sharing money for priority capital outlay expenditures.
38
F
CITY OF EDINA, MINNESOTA
Special Revenue Fund - Revenue Sharing Fund
Balance Sheet
December 31, 1986
(with comparative amounts for,December 31, 1985)"
Assets 1986 1985
Cash $ (34;622) 327,.729
Investments 193,595 101,851
Due from other governments - 49,488
Total assets $
Liabilities and Fund Balance
Liabilities:
Due to other funds - 225,000
Fund balance:
Reserved 158,973 225,000
Unreserved - undesignated 29,068
Total fund balance 158,973 254,068
Total liabilities and fund balance $ Z 479.068
39
CITY OF EDINA, MINNESOTA
Special Revenue Fund - Revenue Sharing Fund
Statement of Revenues, Expenditures and
Changes in
Fund Balance - Budget and Actual
Year ended "December 31, 1986
(with comparative actual amounts for year ended
December 31,
1985)
1986
1985
Variance -
favorable
Budget Actual
(unfavorable)
Actual
Revenues:
Federal Revenue Sharing Grant $ 225,000 124,119
(100,881)
197,280 .
Interest on investments - 5,786
5,786
7,996
Total revenues 225,000 129,905
(95,095)
205,276
Other financing uses -
Operating transfer out:
General Fund 225,000 225,000
-
225,000
Deficiency of revenues over
other financing uses $ (95,095)
$
(19,724)
Fund balance - January 1 254,068
273,792
Fund balance - December 31 $ 158,973
254,068
40
DEBT SERVICE FUND
The Debt Service Fund was established to finance and account for the payment
of principal and interest on the General Obligation Redevelopment and Tax
Increment Bonds. Provisions are made in the City's general property tax levy
for money sufficient to meet the general obligation debt.
41
CITY OF EDINA, MINNESOTA
�n
Debt Service Fund
Balance Sheet
December 31, 1986
(with comparative amounts for December 31, 1985)
Assets 1986 1985
Due from Edina Housing and Redevelopment Authority $ 233,550 233,550
Total assets $
Fund balance
Fund balance:
Reserved for debt 233,550 233,550
Total fund balance $ 233,550 233.550
42
CITY OF EDINA,.MINNESOTA
Debt Service Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
Year ended December 31, 1986
(with comparative amounts for year ended December 31, 1985)
Expenditures:
Bond principal
Interest and fiscal charges
Total expenditures
Other financing sources:
Operating transfers in:
HRA
Excess of other financing sources
over expenditures
Fund balance - January 1
Fund balance - December 31
43
1986 1985
$ 550,000 550,000
1,601,699 1,030,273
2,151,699 1,580,273
2,151,699 1,580,273
233,550 233,550
$ 233.550 233,550
CAPITAL PROJECTS FUNDS
Capital Projects Funds are established to account for the resources expended
to acquire assets of a relatively permanent nature other than those financed
by special assessment and enterprise funds.
Housing and Redevelopment Authority of Edina - This fund is used to account
for revenues from several sources (property taxes, bond proceeds, investment
earnings, etc.) that are designated for housing and redevelopment.
Revolving - This fund was established to provide financing for capital
improvements as designated in the City's capital improvement budget.
44
CITY OF EDINA, MINNESOTA
Capital Projects Funds
Combining Balance Sheet
December 31, 1986
(with comparative totals for December 31, 1985)
Housing and 's S
z
Redevelopment
45
Authority of
Totals
Assets
Edina
Revolving
1986
1985
Cash
$ 58,792
150,614
209,406
498,329
Investments
-
4,131,322
4,131,322
2,874,399
Special assessments receivable:
Unremitted
-
-
-
7,756
Delinquent
-
541,762
541,762
175,903
Deferred
-
715,163
715,163
1,607,348
Allowance for uncollectible
receivables
-
(296,609)
(296,609)
(260,984)
Due from other funds
11,396,000
"398',427
11;794;427
10,128,116
Total assets
$ 11.454792
5.640,679
17,095.471
15.030.867
Liabilities and Fund Balance
Liabilities:
Accounts payable
604,002
790
604,752
10,559
Due to other funds
-
232,503
232,503
465
Total liabilities
604,002
233,253
837,255
11,024
Fund balance:
Unreserved:
Designated
10,850,790
-
10,850,790
10,006,000
Undesignated
-
5,407,426
5,407,426
5,013,843
Total fund balance
10,850,790
5,407,426
16,258,216
15,019,843
Total liabilities
and fund balance
$ 11,454.792
5,640,679
17,095,471
15.030.867
45
CITY OF EDINA, MINNESOTA
Capital Projects Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
Year ended December 31, 1986
(with comparative totals for year ended December 31, 1985)
Revenues:
Tax increments
Interest on special
assessments
Investment earnings
Rental of.property.
Other
Total revenues
f g�aS
Housing and
Redevelopment
Authority of Totals
Edina Revolving 1986 1985
$ 1,412,934 - 1,412,934
Expenditures:
Current: ,
Professional fees
Interest charges on loans
from other funds
Personal services
Other
Capital outlay:
Purchase of land and
construction in progress
Total expenditures
Excess (deficiency) of
revenues over
expenditures
Other financing sources (uses):
Proceeds from issuance of bonds
Operating transfer out -
debt service fund
Proceeds from sale of land
Parkland dedication paid to
general fund
Assessment adjustments
Total other financing
sources (uses)
Excess of revenues
and other financing
sources over expen-
ditures and other
financing uses
Fund balance - January 1
Fund balance - December 31
- 54,676 54,676
821,837 307,117 1,128,954
- 100000 100,000
8,735. '2;395' 11,130
2;243,506. 464_,188 2,707,694
1,293,952
81,111
402,895
8,823
1,786',781
228,074 - 228,074 144,302
214,014 8,074 222,088 60,319
75,010 - 75,010 60,158
28,089 - 28,089 26,327
4,701,830 35,120 4,736,950 1,400,603
5,247,017 43,194 5,290,211 1,691,709
(3,003,511) 420,994 (2,582,517) 95,072
6,000,000 - 6,000,000
(2,151,699) - (2,151,699)
(27,411) (27,411)
3,848,301 (27,411) 3,820,890
844,790
10,006,000
46
12,000,000
(1,580,273)
1,131,096
(767,852)
(42,216)
10,740,755
393,583 1,238,373 10,835,827
5,013,843 15,019,843 4,184,016
5,407,426 16.25 15,019,843
I
SPECIAL ASSESSMENT FUNDS
The Special Assessment Funds account for the financing of public improvements
(sanitary sewer, water, streets and storm sewer) and services deemed to
benefit certain properties. The funds include a debt service fund
(Improvement Bond Redemption II) and a construction fund. The Construction
Fund is maintained to account for the segregation of project costs for
streets, sanitary sewer and water construction so calculation of special
assessments can be made on each individual project. A separate debt service
fund is maintained for the Improvement Bonds to account for the payment of
principal and interest. The financing for this debt service comes primarily
from special assessments.
47
CITY OF EDINA, MINNESOTA
Special Assessment Funds
Combining Balance Sheet
December 31, 1986
(with comparative totals for December 31, 1985)
i -9, , 0- Q (.0
Improvement
Bond Totals
Assets Redemption II Construction 1986 1985
Cash (deficit) $ 610,499 (1,487,311) (876,812) (1,761,623)
Investments 491,905 - 491,905 1,466,766
Accounts receivable - 30,115 30,115 4,929
Special assessments receivable:
Unremitted
Delinquent
Deferred
Allowance for uncollectible
receivables
Due from other funds
Unassessed construction costs
Total assets
Liabilities and fund balance
Liabilities:
Accounts payable
Contracts payable
Due to other funds
Due to other governments
Deposits payable
Bonds payable
Total liabilities
Fund balance:
Reserved for construction
Unreserved - Undesignated
Total fund balance
Total liabilities and
fund balance
-
- -
19,879
914,097
- 914,097
740,894
2,182,990
- 2,182,990
2,161,591
(147,417)
- (147,417)
(144,550)
2,624,843
247,440 2,872,283
1,245,739
26,862
5,559,897 5,586,759
3,577,154
83,398
99,696
183,.094
-
-
88,874
88,874
678,112
94,898
2,835,350
2,930,248
1,391,719
27,643
-
27,643
38,446
1,280
1,185,394
1,186,674
21,860
6,300,000
-
6,300,000
4,900,000
6,507,219
4,209,314
10,716,533
7,030,137
-
140,827
140,827
140,781
196,560
-
196,560
139,861
196,560
140,827
337,387
280,642
$ 6.70®
4.350.141
11,0®
7,310,779
48
CITY OF EDINA, MINNESOTA
Special Assessment Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
Year ended December 31, 1986
(with comparative totals for year ended December 31, 1985)
Revenues:
Interest:
Special assessments
Investments
Total revenues
Expenditures:
Other
Construction costs
Interest and fiscal charges
Total expenditures
Deficiency of revenues
over expenditures
Other financing sources:
Assessment adjustments
Capitalized interest
Reimbursements from other funds
Total other financing
sources
Excess of revenues and other
financing sources over expen-
ditures and other financing
uses
Fund balance - January 1
Fund balance - December 31
Improvement
Bond
Totals
Redemption II
Construction
1986
1985
$ 298,271
-
298,271
253,782
94,976
-
94,976
74,715
393,247
-
393,247
328,497
5,217
-
5,217
744
-
1,246,966
1,246,966
416,155
454,136
-
454,136
441,736
459,353
1,246,966
1,706,319
858,635
(66,106)
(1,246,966)
(1,313,072)
(530,138)
1,262
-
1,262
153,248
121,543
-
121,543
13,281
1,247,012
1,247,012
416,126
122,805
1,247,012
1,369,817
582,655
56,699 46 56,745 52,517
139,861 140,731 280,642 228,125
$ 196.560 140.827 33® 280.642
49
ENTERPRISE FUNDS
Enterprise Funds are established to account for the financing of self -
supporting activities of governmental units which render services to the
general public on a user charge basis. Records are maintained on the accrual
basis of accounting. The reports of Enterprise Funds are similar to private
enterprise and are self - contained. Creditors, legislators or the general
public can evaluate the performance of the municipal enterprise on the same
basis as investor -owned enterprises.
The following enterprise funds were established to account for the operation
of City -owned facilities:
Utilities Fund
Liquor Fund
Swimming Pool Fund
Golf Course Fund
Recreation Center Fund
Gun Range Fund
Art Center Fund
All activities necessary to provide such services are accounted for in these
funds, included, but not limited to, administration, operations, maintenancer .
financing, debt service, billing and collection.
50
CITY OF EDINA, MINNESOTA
Proprietary Fund Type - Enterprise Funds
Combining Balance Sheet
December 31, 1986
(with comparative totals for December 31, 1985)
Assets
Current assets:
Petty cash and change funds
Cash (deficit)
Investments
Receivables:
Accounts
Customers
Special assessments
Notes
Due from other funds
Inventory
Prepaid expenses
Total current assets
Long -term receivables:
Receivable - Metropolitan Waste
Control Commission
Notes receivable
Total long -term receivables
Property and equipment, less
accumulated depreciation
Total assets
Liabilities and retained earnings
Current liabilities:
Accounts payable
Due to other funds
Current-portion of bonds payable
Total current_ liabilities
_Long -term liabilities::
Deposits payable
Deferred revenue
Bonds payable
Tota1_long -term liabilities
Total liabilities
Retained earnings:
Reserved for debt retirement
Unreserved - undesignated
Total retained earnings
Total liabilities and retained
earnings
51
Swimming
Utilities Liquor pool
$ - 3,800 -
942,979 (211,728) (119,116)
806,333 - -
620,944 - -
4,124 - -
- 4,973 -
22,438 632,710 -
230,988 21,466 -
2,627,806 451,221 (119,116)
303,939 - -
- 26,956 -
303,939 26,956 -
14,349,011 736,623 231,873
$ 17,2 x,,214`$00 112,757
442,747 150,735 174
118,582 42,339 1,835
561,329 193,074 2.009
303,939 - -
303,939 - -
865,268 193,074 2,009
16,415,488 1,021,726 110,748
16,415,488 1,021,726 110,748
$ 17,2 1.214.800 j757
Golf
Recreation
Gun
Art
Totals
course
center
range
center
1986
1985
358,347
11100
700
-
175
5,775
5,475
(16,909)
(890,924)
(11,430)
(25,012)
(332,140)
1,072,542
_
_
_
_
806,333
916,657
-
41,878
3,750
-
45,628
48,439
1,185,000
_
-
620,944
617,631
1,200,595
3,500
_
_
4,124
2,705
_
_
_
_
4,973
4,973
-
296,714
-
753
297,467
259,541
-
231
250
5,933
661,562
793,888
718,994
(215,135)
35,759
180,442
252,454
28,716
(15,809)
(551,401)
(7,430)
(18,151)
2,367,120
3,750,567
303,939
3500922
26,956 32,277
330,895 383,199
2,346,341 367,610 43,501 200,994 18,275,953 17,486;932
2,330, 5,32 (183.791) �Q 8.3 20,973,968 21,620,698
21,881
12,087
93
1,922
629,639
1,027,803
339,062
15,757
219
479
518,273
358,347
" 50,000
-
-
-
50,000
50,000
410,943
27,844
33.2
2,401
1,197,912
1,436,150
15,595
3,500
-
-
19,095
8,179
_
-
_
_
303,939
350,922
1,185,000
-
-
1,185,000
1,235',000
1,200,595
3,500
-
-
1,508,034
1,594,101
1,611,538
31,344
312
2,401
2,705,946
3,030,251
145,445
-
-
-
145,445
145,445
573,549
(215,135)
35,759
180,442
18,122,577
18,445,002
718,994
(215,135)
35,759
180,442
18,268,022
18,590,447
2,330,532
( ;ZQ1)
36.071
182,843
52
20.9®
21,6®
CITY OF EDINA, MINNESOTA
Proprietary Fund Type - Enterprise Funds
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1986
(with comparative totals for year ended December 31, 1985)
Swimming
Utilities Liquor pool
Sales and cost of sales:
Sales
$ -
5,059,174
-
Cost of sales
-
4,.072,194
-
Gross profit
-
986,980
-
operating revenues:
Charges for services
3,136,808
-
91,444
Total gross profit and
operating revenues
3,136,808
986,980
91,444
Operating expenses:
Disposal charges
2,193,242
-
-
Personal services
418,965
439,240
53,895
Contractual services
528,941
119,874
22,257
Commodities
236,423
15,027
12,420
Central services
190,260
106,080
7,380
Depreciation
379,125
42,077
16,904
Total operating expenses
3,946,956
722,298
112,856
Operating income (loss)
(810,148)
264,682
21 412)
Nonoperating revenues (expenses):
Interest
52,075
2,089
-
Discounts
-
52,049
-
Prior year's disposal charges
220,257
-
-
Current value credit - MWCC
61,021
-
-
Rental income
7,965
-
-
Deferred charges
-
-
-
Donations
-
-
-
Interest and fiscal charges
-
-
-
Subsidy from general fund
-
-
12,541
Miscellaneous
-
1,054
-
Total nonoperating revenues
(expenses)
341,318
55,192
12,541
Income (loss) before operating
transfers and contributions
(468,830)
319,874
871)
Operating transfers out:
General fund
-
(450,000)
-
Property and equipment contributed
by special assessments
363,906
-
-
363,906
(450,000)
Net income (loss)
(104,924)
(130,126)
(8,871)
.Retained earnings (deficit) - January 1
16,520,412
1,151,852
119,619
Retained earnings (deficit) - December 31
$ 16,415.488
1.021.726
53
Golf Recreation Gun Art Totals
course center range center 1986 1985
5,059,174 5,134,848
4,072,194 4,147,061
_
_
_
-
986,980
987,787
768,220
358,865
20,268
80,719
4,456,324
4,520,502
768,220
358,865
20,268
80,719
5,443,304
5,508,289
_
_
_
_
2,193,242
2,059,129
434,135
142,503
8,253
74,291
1,571,282
1,452,978
62,837
147,096
4,455
18,511
903,971
898,680
102,751
27,482
5,337
16,901
416,341
390,074
93,120
44,640
-
3,780
445,260
404,400
75,888
46,928
4,734
14,469
580,125
564,192
768,731
408,649
22,779
127,952
6,110,221
5,769,453
11)
(49,784)
(2,511)
(47,233)
(666,917)
(261,164)
_
_
_
_
54,164
147,304
_
_
52,049
58,302
_
_
220,257
204,249
-
_
61,021
61,020
_
-
7,965
7,965
_
_
-
12,476
11,600
18,543
30,143
4,128
(99,512)
-
-
-
(99,512)
(57,627}
-
31,575
2,735
42,671
89,522
-
13,923
14,977
6,054
(99,512)
31,575
14,335
75,137
430,586
443,871
(100,023)
(18,209)
11,824
27,904
(236,331)
182,707
_
_
(450,000)
(450,000)
363,906
7,346
(86,094)
(442,654)
(100,023)
(18,209)
11,824
27,904
(322,425)
(259,947)
819,017 (196,926) 23,935 152,538 18,590,447 18,850,394
718.994 (215.135) 35,759 18.268022 18,590,447
54
CITY OF EDINA, MINNESOTA
Proprietary Fund Type - Enterprise Funds
Combining Statement of Changes in Financial Position
Year ended December 31, 1986
(with comparative totals for year ended December 31, 1985)
Sources of working capital:
Operations:
Net income (loss)
Add items not requiring working capital:
Depreciation
Working capital provided (used) by
operations
Proceeds from issuance of long -term debt
Decrease in other assets
Contributions in aid to construction
Reduction of loan to other funds
Increase in deposits
Reduction in notes receivable
Total sources of working capital
Decrease in other liabilities
Additions to property and equipment
Reduction of long -term debt
Transfers to other funds
Total uses (sources) of working capital
Net increase (decrease) in working capital
Elements of net increase (decrease)
in working capital:
Cash
Investments
Receivables
Due from other funds
Inventory
Prepaid expenses
Accounts payable
Due to other funds
Current portion of bonds payable
Net increase (decrease) in working capital
55
Swimming
Utilities Liquor pool
$(468,830) 319,874 (8,871)
379,125 42,077 16,904
(89,705) 361,951 8,033
46,983 - -
363,906 - -
5,321
321,184 367,272 8,033
46,983 - -
420,388 413 -
- 450,000 467,371 450,413 -
(451,774)
(52,647)
8,524
(110,324)
-
-
4,732
-
(100)
6,207
(137,540)
-
220,210
3,528
-
281,648
89,870
(64)
(96,886)
13,648
(327)
J
Golf
Recreation
Gun
Art
Totals
course
center
range
center
1986
1985
(100,023)
(18,209)
11,824
27,904
(236,331)
182,707
75,888
46,928
4,734
14,469
580,125
564,192
(24,135)
28,719
16,558
42,373
343,794
746,899
-
1,200,000
46,983
45,175
363,906
7,346
_
_
_
_
-
28,991
10,916
-
-
-
10,916
1,014
5,321.
5,322
(13,219)
28,719
16,558
42,373
770,920
2,034,747
_
-
_
_
46,983
45,175
933,497
-
14,848
-
1,369,146
443,522
50,000
-
-
-
50,000
50,000
450,000
450,000
983,497
14,848
-
1,916,129
988,697
(930,110)
(14,601)
2,052
34,174
(1,404,382)
1,612,162
_
_
_
_
(110,324)
(781,306)
(350)
(2,041)
(320)
-
1,921
74,351
-
37,173
-
753
37,926
(2,153,459)
-
107
-
(11100)
(132,326)
151,304
_
_
_
_
223,738
20,711
11,409
6,657
17
8,627
398,164
(68,272)
(77,665)
1,424
(39)
(81)
(159,926)
2,120,559
(996,716)
$��
1.710
(,145,209)
70,000
1,046.050
56
F'
CITY OF EDINA, MINNESOTA
Proprietary
Fund Type - Enterprise Funds
Schedule
of Property and Equipment
Year
ended December
31, 1986 .
Assets
Balance
Balance
January 1,
December 31,
1986
Additions Deletions
1986
Utilities Fund:
Land
$ 26,556
- -
26,556
Land improvements
41,108
2,117 -
43,225
Buildings and equipment
2,548,578
- -
2,548,578
Distribution system
8,983,083,
240,226 -
9,223,309
- Sewer mains•and, lift stations
10,636,409
123,680 -
10,760,089
Furniture =and fixtures
11,598
- -
11,598
Vehicles
95,214
54,365 -
149,579
.. Equipment and machinery
176,827
- -
176,827
22,519,373
420,388 -
22,939,761
Liquor Fund:
Land
233,785
- -
233,785
Land improvements
23,510
413 -
23,923
Building
729,769
- -
729,769
Furniture, fixtures and
equipment
309,771
- -
309,771
1,296,835
413 -
1,297,248
Swimming Pool Fund:
Land
10,000
- -
10,000
Swimming pool and bathhouse
462,900
- -
462,900
Filter system
31,738
- -
31,738 -.
Furniture and fixtures
17,380
- -
17,380
522,018
522,018
Golf Course Fund:
Golf course
820,534
- -
820,534
Buildings
245,911
1,265,207 -
1,51 -1,118 E
Well
121,304
- -
121,304
Parking lot and roadway
18,578
1,133 -
19,711
Equipment
368,541
31,244 -
399,785
Construction in progress
433,226
902,647 1,266,734
69,139
2,008,094
2,200,231 1,266,734
2,941,591
Recreation Center Fund:
Land improvements
52,174
- -
52,174
Buildings
1,017,980
- -
1,017,980
Furniture and equipment
98,519
- -
98;519
1,168,673
1,168,673
57
(Continued)
58
Accumulated
depreciation
Balance
Balance
January 1,
December 31,
Net book
1986
Additions
Deletions 1986
value
-
-
- -
26,556
26,448
974
- 27,422
15,803
2,085,210
62,481
- 2,147,691
400,887
3,417,879
180,958
- 3,598,837
5,624,472
2,476,693
107,847
- 2,584,540
8,175,549
8,424
598
- 9,022
2,576
71,017
11,240
- 82,257
67,322
125,954
15,027
- 140,981
35,846
8,211,625
379,125
- 8,590,750
14,349,011
_
-
- -
233,785
9,114
936
- 10,050
13,873
276,934
26,518
- 303,452
426,317
232,500
14,623
247,123
62,648
518,548
42,077
- 560,625
736,623
-
-
_ -
10,000
237,277
13,885
- 251,162
211,738
27,166
1,773
- 28,939
2,799
8,798
1,246
10,044
7,336
273,241
16,904
290,145
231,873
48,036
10,676
- 58,712
761,822
184,677
34,622
- 219,299
1,291,819
21,832
4,855
- 26,687
94,617
11,195
635
- 11,830
7,881
253,622
25,100
- 278,722
121,063
69,139
519,362
75,888
- 595,250
2,346,341
49,602
868
- 50,470
1,704
631,654
41,176
- 672,830
345,150
72,879
4,884
77,763
20,756
754,135
46,928
- 801,063
367,610
(Continued)
58
CITY OF EDINA, MINNESOTA
Proprietary Fund Type - Enterprise Funds
Schedule of Property and Equipment, Continued
- Assets
Balance Balance
January 1, December 31,
1986 Additions Deletions 1986
Gun Range Fund:
Land improvements
Building
Furniture and equipment
Art Center Fund:
Land
Land improvements
Building
Office furniture and equipment
Machinery and equipment
Construction in progress
$ 16,290 - -
47,532 10,600 -
11,003 4,248 -
74,825 14,848 -
15,000 - -
1,937 - -
242,848 8,675 -
9,087 - -
20,526 - -
8,675 - 8,675
298,073 8,675 8,675
$ 27,887,891 2.644.555 1,275,409
59
16,290
58,132
15,251
89,673
15,000
1,937
251,523
9,087
20,526
298,073.
29,257,037
60
Accumulated
depreciation
Balance
Balance
January 1,
December 31,
Net book
1986
Additions
Deletions 1986
value
9,460
974
- 10,434
5,856
29,227
2,516
- 31,743
26,389
2,751
1,244
- 3,995
11,256
41,438
4,734
- 46,172
43,501
-
-
- -
15,000
1,156
128
- 1,284
653
67,030
11,368
- 78,398
173,125
5,829
908
- 6,737
2,350
8,595
2,065
- 10,660
9,866
82,610
10,400,959
14,469
80.12-5
- 97,079
- 10.981.084
200,994
18,275,953
60
CITY OF EDINA, MINNESOTA
Utilities Fund
Balance Sheet
December 31, 1986
(with comparative amounts for December 31, 1985)
Assets
1986
1985
Current assets:
Cash
$ 942,979
1,394,753
Investments
806,333
916,657
Receivables:
Customers
620,944
617,631
Assessments
4,124
2,705
Inventory
22,438
16,231
Prepaid expenses
230,988
10,778
Total current assets
2,627,806
2,958,755
Long -term receivable - Metropolitan Waste
Control Commission
303,939
350,922
Property and equipment, less accumulated
depreciation
14,349,011
14,307,748
Total assets
$ 17,280,756
17.617,425
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
442,747
724,395.
Due to other funds
118,582
21,696
Total current liabilities
561,329
746,091
Long -term liability - deferred revenue
303,939
350,922
Total liabilities
865,268
1,097,013
Retained earnings:
Unreserved - Undesignated
16,415.488
16,520,412
Total liabilities and retained earnings
$ 17,2801
17.617,425
61
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1986
(with comparative amounts for year ended December 31, 1985)
1986 1985
Operating revenues:
Water charges
$ 977,615
1,024,684
Sewer charges
2,129,088
2,202,645
Sale of meters (less cost of meters sold)
20,093
19,741
Permits
-
270
Other
10,012
1,024
Total operating revenue
3,136,808
3,248,364
Operating expenses:
Source of supply:
Personal services
103,009
88,921
Contractual services
167,641
110,307
Commodities
37,596
39,391
Distribution:
Personal services
120,306
131,230
Contractual services
262,460.
271,571
Commodities
105,399
116,050
Purification:
Personal services
6,119
4,081
Contractual services
920
14,212
Commodities
39,727
46,199
Source of collection:
Personal services
93,514
94,254
Contractual services
29,956
29,037
Commodities
52,169
37,348
Disposal - contractual services
2,193,242
2,059,129
General and administrative:
Personal services
96,017
84,587
Contractual services
67,964
61,939
Commodities
1,532
693
Central services
190,260
158,340
Depreciation
379,125
384,618
Total operating expenses
3,946,956
3,731,907
Operating loss
(810,148)
(483,543)
(Continued)
62
i
63
i
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses
and
Changes in Retained Earnings, Continued
1986
1985
Nonoperating revenues:
Deferred charges $
12,476
Rental income
7,965
7,965
Prior year's disposal charges
220,257
204,249
Current value credit - MWCC
61,021
61,020
Interest on investments
52,075
144,867
Total nonoperating revenues
341,318
430,577
Operating loss
(468,830)
(52,966)
`.1
Property and equipment contributed
by special assessments
363,906
7,346
Net loss
(104,924)
(45,620)
Retained earnings - January 1
16,520,412
16,566,032
Retained earnings - December 31 $
16.415,488
16.5
63
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Changes in Financial Position
Year ended December 31, 1986
(with comparative amounts for year ended December 31, 1985)
1986 1985
Sources of working capital:
Operations:
Net loss
$(468,830)
(52,966)
Add items not requiring working capital:
Depreciation
379,125
384,618
Working capital provided (used) by
operations
(89,705)
331,652
Decrease in other assets
46,983
45,175
Contributions in aid to construction
363,906
7,346
Reduction of loan to other funds
-
28.991
Total sources of working capital
321,184
413,164
Uses of working capital:
Decrease in other liability
46,983
45,175
Additions to property and equipment
420,388
26,849
Total uses of working capital
467,371
72,024
Net increase (decrease) in working capital
$(146,187)
341.140
Elements of.net increase (decrease)
in working capital:
Cash
(451,774)
1,045,212
Investments
(110,324)
(781,306)
Receivables
4,732
66,694
Due from other funds
-
(2,129,598)
Inventory
6,207
4,838
Prepaid expenses
220,210
7,270
Accounts payable
281,648
27,049
Due to other funds
(96,886)
2,100,981
Net increase (decrease) in working capital
$(�4bs i8Z)
341,140
64
CITY OF EDINA, MINNESOTA
Liquor Fund
Balance Sheet
December 31, 1986
(with comparative amounts for December 31, 1985)
Assets
Current assets:
Petty cash and change funds
Cash (deficit)
Notes receivable
Inventory
Prepaid expenses
Total current assets
Property and equipment less accumulated
depreciation
Long -term receivables:
Notes receivable
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Due to other funds
Total current liabilities
Retained earnings:.
Unreserved - Undesignated
Total liabilities and retained earnings
65
1986 1985
$ 3,800
3,800
(211,728)
(159,081)
4,973
4,973
632,710
770,250
21,466
17,938
451,221
637,880
736,623 778,287
26,956 32,277
$ 1,214,800 1.448.444
150,735 240,605
42,339 55,987
193,074 296,592
1,021,726 1,151,852
$ 1,214,800 1.44
CITY OF EDINA, MINNESOTA
Liquor Fund'
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1986
(with comparative totals for year ended December 31, 1985)
Sales
Cost of sales
Gross profit
Operating expenses:
Selling
Occupancy
Administrative
Total operating
expenses
Operating income
Nonoperating
revenues
(expenses):
Interest
Discounts
Cash over
(short)
Miscellaneous
Total nonoperating
revenues
Income before
operating trans-
fers out
Operating
transfers out:
General Fund
Net loss
Retained earnings -
January 1
Retained earnings -
December 31
1986 1985
50th Street Yorkdale Grandview Totals Totals
$ 1,070,077 2,071,989 1,917,108 5,059,174 5,134,848
875,807 1,664,511 1,531,876 4,072,194 4,147,061
194,270 407,478 385,232 986,980 987,787
83,373 135,925 131,855 351,153 355,065
29,829 37,111 32,126 99,066 141,270
74,262 103,423 94,394 272,079 239,108
187,464 276,459 258,375 722,298 735,443
6,806 131,019 126,857 264,682 252,344
2,089 - - 2,089 2,437
10,699 21,189 20,161 52,049 58,302
26 (442) 118 (298) (454)
255 636 461 1,352 1,542
13,069 21,383 20,740 55,192 -'61,827
$ 19,875 152,402 147,597 319,874 314,171
66
(450,000) (450,000)
(130,126) (135,829)
1,151,852 1,287,681
$ 1.021.726 1.1
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Changes in Financial Position
Year ended December 31, 1986
(with comparative amounts for year ended December 31, 1985)
Sources of working capital:
Operations:
Income before other financing uses
Add items not requiring working capital:
Depreciation
Working capital provided by operations
Reduction in notes receivable
Total sources of working capital
Uses of working capital:
Transfers to other funds
Additions to property and equipment
Total uses of working capital
Net decrease in working capital
Elements of net increase (decrease)
in working capital:
Cash
Due from other funds
Inventory
Prepaid':espenses
Accounts payable
Due to other funds
Net decrease in working capital
67
1986 1985
$ 319,874 314,171
42,077 43,437
361,951 357,608
5,321 5,322
367,272 362,930
450,000 450,000
413 529
450,413 450,529
(52,647) (118,821)
(12,331)
(137,540) 147,000
3,528 13,441
89,870 (61,369)
13,648 (55,519)
CITY OF EDINA, MINNESOTA
Liquor Fund
Schedule of Operating Expenses
Year ended December 31, 1986
(with comparative amounts for year ended December 31, 1985)
Occupancy:
Personal services
522
.654
895
Totals
6,007
50th Street
Yorkdale
Grandview
1986
1985
Selling:
435
856
659
1,950
2,038
Personal services
$ 76,293
129,261
125,506
331,060
333,227
Contractual services:
370
194
.179
743
686
Direct promotion
1,812
1,339
1,837
4,988
3,697
Licenses and dues
555
82
70
707
676
Services contract
1,064
2,038.
1,551
4,653
4,653
Commodities
3,649
3,205
2,891
9,745
12,812
.and cooling
83,373
135,925
131,855
351,153
355,065
Occupancy:
Personal services
522
.654
895
2,071
6,007
Contractual services:
Burglar alarm
435
856
659
1,950
2,038
Heat
728
1,499
1,921
4,148
5,027
Janitorial service
370
194
.179
743
686
Laundry and rug
2,.150
2,150
2,150
6,450
6,407
service
509
678
573
1,760
1,940
Light and power
6,736
11,689
4,514
22,939
22,844
Maintenance, renting
24,660
43,020
38,400
106,080
103,080
.and cooling
-
432
-
432
993
Repair and maintenance
927
3,969
654
5,550
38,169
Rubbish hauling
1,220
3,008
3,877
8,105
8,492
Share of maintenance
866
-
-
866
2,118
Telephone
1,924
2,479
1,477
5,880
5,784
Water and sewer service
95
109
95
299
431
Commodities
-
724
1,522
2,246
3,304
Depreciation
15,497
10,820
15,760
42,077
43,437
29,829
37,111
32,126
99,066
141,270
Administrative:
Personal services
34,517
36,498
35,094
106,109
92,559
Contractual services:
Data processing
2,764
2,764
2,764
8,292
10,294
Insurance
8,777
15,678
14,149
38,604
21,636
Mileage
433
434
433
1,300
1,350
Professional service
2,.150
2,150
2,150
6,450
6,407
Miscellaneous
335
1,567
306
2,208
1,872
Commodities
626
1,312
1,098
3,036
11910
Central services
24,660
43,020
38,400
106,080
103,080
74,262
103,423
94,394
272,079
239,108
$
a,33-5
-Z7�
73x_44
68
t,
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Balance Sheet
December 31, 1986
.(with comparative amounts for December 31, 1985)
Assets
Current assets:
Cash (deficit)
Accounts receivable
Total current assets
Property and equipment, less accumulated
depreciation
Total assets
Liabilities and retained earnings
Current liabilities:
Accounts payable
Due to other funds
Total current liabilities
Retained earnings:
Unreserved - Undesignated
Total liabilities and retained
earnings
69
1986 1985
$(119,116) (127,640)
100
(119,116) (127,540)
231,873 248,777
$ 112.•757 121,237
174 110
1,835 1,508
2,009 1,618
110,748 119,619
$ 110
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1986
(with comparative amounts for year ended December 31, 1985)
Operating revenues:
Season tickets
General admissions
Rentals and instruction programs
Concessions (less cost of goods sold)
Registration fees
Other
Total operating revenues
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating loss
Nonoperating revenues:
Subsidy from general fund
Net income (loss)
Retained earnings - January 1
Retained earnings - December 31
70
1986 1985
$ 50,202
46,911
18,093
14,647
9,448
6,904
12,094
9,772
1,288
-
319
217
91,444 78,451
53,895
46,746
22,257
22,045
12,420
15,208
7,380
6,840
16,904
17,808
112,856
108,647
(21,412)
(30,196)
12,54
(81871) (30,196)
119,619 149,815
$ 110.748 119"619
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Changes in Financial Position
Year ended December 31, 1986
(with comparative amounts for year ended December 31, 1985)
Sources of working capital:
Operations:
Net loss
Add items not requiring working capital:
Depreciation
Working capital provided (used) by operations
Uses of working capital:
Additions to property and equipment
Net increase (decrease) in working capital
Elements of net increase (decrease)
in working capital:
Cash
Accounts receivable
Due from other funds
Accounts payable
Due to other funds
Net increase (decrease) in working capital
71
1986 1 1985
$ (8,871) (30,196)
16,904 17,808
8,033 (12,388)
9,900
$ 8.033 (22,28)
8,524 (18,741)
(100) 100
(2,101)
(64) (38)
(327) (1,508)
CITY OF EDINA, MINNESOTA
Golf Course Fund
Balance Sheet
December 31, 1986
(with comparative amounts for December 31, 1985)
Assets 1986 1985
Current assets:
Petty cash and change funds $ 11100 800
Cash (16,909) 913,501
Accounts receivable - 350
Total current assets (15,809) 914,651
Property and equipment, less accumulated
depreciation 2,346,341 1,488,732
Total assets $
Liabilities and _retained earnings
Current liabilities:
Accounts payable
21,881
33,290
Due to other funds
339,062
261,397
Bonds payable
50,000
50,000
Total current liabilities
410,943
344,687
Long -term liabilities:
Deposits
15,595
4,679
Bonds payable
1,185,000
1,235,000
Total long -term liabilities
1,200,595
1,239,679
Total liabilities
1,611,538
1,584,366
Retained earnings:
Reserved for debt retirement
145,445
145,445
Unreserved - Undesignated
573,549
673,572
Total retained earnings
718,994
819,017
Total liabilities and retained earnings
$ 2.330,532
, 2.403,383
72
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1986
(with comparative amounts for year ended December 31, 1985)
Operating revenues:
Green fees
Rental fees
Membership fees
Concessions (less cost of goods sold)
Range
Lessons
Other
Total operating revenues
Operating expenses:
Administration
Building - Club House and Pro Shop
Maintenance of course and grounds
Range and grill
Depreciation
Total operating expenses
Operating income (loss)
Nonoperating expense - interest and fiscal charges
Net income (loss)
Retained earnings - January 1
Retained earnings - December 31
73
1986 1985
$ 411,509
454,351
83,558
83,185
60,618
58,375
77,505
65,767
130,832
122,124
1,708
2,366
2,490
262
768,220
786,430
216,611 219,843
148,687 71,172
230,109 214,835
97,436 82,679
75,888 52,569
768,731 641,098
(511) 145,332
512) (56,261)
(100,023) 89,071
819,017 729,946
$ Z11199A 819,017
CITY OF EDINA; MINNESOTA
Golf Course Fund
Statement of Changes in Financial Position
Year ended December 31, 1986
(with comparative amounts for year ended December 31, 1985)
Sources-of working capital:
Operations:
Net income (loss)
Add items not requiring working capital:
Depreciation
Working capital provided (used) by operations
Proceeds from issuance of long -term debt
Increase in deposits
Total sources of working capital
Uses of working capital:
Additions to property and equipment
Reduction of long -term debt
Total uses of working capital
Net increase (decrease) in working capital
Elements of net increase (decrease)
in working capital:
Cash
Accounts receivable
Accounts payable
Due to other funds
Net increase (decrease) in working capital
74
1986 1985
$(100,023) 89,071
75,888 52,569
(24,135) 141,640
- 1,200,000
10,916_ 1,014
(13,219) 1,342,654
933,497 388,735
50,000 50,000
983,497 438,7351 '
$( Qom) 903.919
(930,110)
850,098
(350)
128
11,409
(29,112)
(77,665)
82,805
$(996.716) 903.919
CITY OF EDINA, MINNESOTA
Golf Course Fund
Schedule of Operating Expenses
Year ended December 31, 1986
(with comparative amounts for year ended December 31, 1985)
1986 1985
Administration:
Personal services
$ 106,303
108,204
Contractual services
6,740
11,982
Commodities
10,448
7,317
Central services
93,120
92,340
Total administration
216,611
219,843
Building - Club House and Pro Shop:
Personal: services
92,151
16,047
Contractual services
42,865
54,367
Commodities
22,192
7,125
Less amount charged to grill
521)
(6,367)
Total building - Club House and
Pro Shop
148,687
71,172
Maintenance of course and grounds:
Personal services
160,651
153,003
Contractual services
11,678
12,847
Commodities
57,780
48,985
Total maintenance
230,109
214,835
Range and grill:
Personal services
75,030
68,223
Contractual services
10,075
6,681
Commodities
12,331
7,775
Total range and grill
97,436
82,679
Depreciation
75.888
.52,569
Total operating expenses
$ 768731
641,098
75
CITY OF EDINA, MINNESOTA
Recreation Center Fund
Balance Sheet
December. 31, 1986
(with comparative amounts for December 31, 1985)
Assets
Current assets:
Petty cash and change funds
Cash (deficit)
Accounts receivable
Due from other funds
Inventory
Total current assets
Property and equipment, less accumulated
depreciation
Total assets
Liabilities and retained earnings
Current liabilities:
Accounts payable
Due to other funds
Total current liabilities
Long -term liabilities:
Deposits
Total liabilities
Retained earnings (deficit):
Unreserved - Undesignated
Total liabilities and retained
earnings (deficit)
76
1986 1985
$ 700 700
(890,924) (876,323)
41,878 43,919
296,714 259,541
231 124
(551,401) (572,039)
367,610 414,538
$(183,791)( 5)
12,087 18,744
15,757 17,181
27,844 35,925
3,500 3,500
31,344 39,425
(215,135) (196,926)
CITY OF EDINA, MINNESOTA
Recreation Center Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1986
(with comparative amounts for year ended December 31, 1985)
1986 1985
Operating revenues:
Rental fees
$ 296,826
245,390 .
Season ticket sales
5,902
27,013
Daily skating fees
8,627
.5,996
Admissions
28,670
22,828
Concessions (less cost of goods sold)
7,409
9,241
Vending machine commissions
7,721
5,928
Services - skate sharpening
3,341
3,390
Other
369
442
Total operating revenues
358,865
320,228
Operating expenses:
Personal services
142,503
149,047
Contractual services
147,096
149,137
Commodities
27,482
30,494
Central services
44,640
34,800
Depreciation
46,928
- 47,555
Total operating expenses
408,649
411,033
Operating loss
(49,784)
(90,805)
Nonoperating revenues (expenses):.:
Subsidy from general fund
31,5.75
-
Interest and fiscal charges
-
(1,366)
Total. aonoperating •.revenues.(expenses)
31,575
(1,366)
Net loss
(18,209)
(92,171)
Retained earnings (deficit) - January 1
(196,.926)
(104,755)
Retained earnings (deficit) - December 31
$( )
(
77
CITY OF EDINA, MINNESOTA
Recreation Center Fund
Statement of Changes in Financial Position
Year ended December 31, 1986
(with comparative amounts for year ended December 31, 1985)
Sources of working capital:
Operations:
Net loss
Add items not requiring working capital:
Depreciation
Working capital provided (used)
by operations
Uses of working capital:
Additions.to property and equipment
Net increase (decrease) in working capital
Elements.of net increase (decrease)
in working capital:
Cash
Accounts receivable
Due from other funds
Inventory
Accounts payable
Due to other funds
Bonds payable
Net increase (decrease) in working capital
78
1986 1985
$(18,209) (92,171)
46,928 47,555
28,719 (44,616)
8,699
(14,601) (116,957)
(2,041) 7,343
37,173 (9,348)
107 100
6,657 1,169
1,424 (5,622)
70,000
$
CITY OF EDINA, MINNESOTA.
Gun Range Fund
Balance Sheet
December 31, 1986
(with comparative amounts for December 31, 1985)
Assets
Current assets:
Cash (deficit)
Accounts receivable
Inventory
Total current assets
Property and equipment, less accumulated
depreciation
Total assets
Liabilities and retained earnings
Current liabilities:
Accounts payable
Due to other funds
Total current liabilities
Retained earnings:
Unreserved- Undesignated
Total liabilities and retained earnings
79
1986 1985
$(11,430) (13,482)
3,750 4,070
250 250
(7,430) (9,162)
43,501 33.387
93 110
219 180
312 290
35,759 23,935
$
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1986
(with comparative ..amounts for year ended December 31, 1985)
_1986 1985
Operating revenues:
Range fees
$ 17,418
13,458
Sale of ammunition
11990
2,091
Concessions (less cost of goods sold)
(61)
(224)
Other
921
375
Total operating revenues
20,268
15,700
Operating expenses:
Personal services
8,253
7,358
Contiactual.services
4,455
4,092
Commodities
5,337
5,493
Central services
- _
2,940
Depreciation
4 7 4;
4,029
Total operating expenses
2-2,779
23,912
Operating loss
2' 11)
(8,212)
Nonoperating revenues:
Donations
11,600'
-
Subsidy from general fund
2,735
-
Total nonoperating revenues
14,335
-
Net income (loss)
11,824
(8,212)
Retained earnings - January 1
23,935
32.147
Retained earnings - December 31
$ 35.759
80
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Changes in Financial Position
Year:ended December 31, 1986
(with comparative amounts for year ended December 31, 1985)
Sources of working capital:
Operations:
Net income (loss)
Add item not requiring working capital:
Depreciation
Working capital provided (used) by operations
Uses of working capital:
Additions to property and equipment
Net increase (decrease) in working capital
Elements of net increase (decrease)
in working capital:
Cash
Accounts receivable
Due from other funds
Accounts payable
Due to other funds
Net increase (decrease) in working capital
81
1986 198
$ 11,824 (8,212)
4,734 4,029
16,558 (4,183)
14,848 -
2,052
(4,267)
(320)
86
-
(81)
17
259
(39)
(1 80)
CITY OF EDINA, MINNESOTA
Art Center ;. Fund
Balance Sheet
December 31, 1986
(with comparative amounts for December 31,
1985)
Assets
1986
1985
Current assets:
Petty cash and change funds
$ 175
175
Cash (deficit)
(25,012)
(59,186)
Due from other funds
753
-
Inventory
5,933.
7,033
Total current assets
(18,151)
(51,978)
Property and equipment, less accumulated
depreciation
200,994
215,463
Total assets
$ 182,843
X63;48
Liabilities and retained earnings
Current liabilities:
Accounts payable
1,922
10,549
Due to other funds
479
398
Total current liabilities
2,401
10,947
Retained earnings:
Unreserved- Undesignated
180,442
152,538
Total liabilities and retained earnings
$ X82,843
548
82
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1986
(with comparative amounts for year ended December 31, 1985)
1986 1985
Operating revenues:
Memberships
$ 8,131
6,531
Registration fees
67,179
57,054
Retail sales, less cost of goods sold
5,409
7,744
Total operating revenue `s
80,719
71,329
Operating expenses:
Administration:
Personal services
36,108
34,839
;Contractual•services
7,112
8,666
Commodities
7,630
3,199
Central services
3,780
6,060
54,630
52,764
Occupancy:
Personal services
2,214
2,430
Contractual services
11,399
9,057 -
Commodities
4,345
2,820
17,958
14,307
Class costs
4,926
3,951
Instructors - personal services
35,969
32,215
Depreciation
14,469
14,176
Total operating expenses
127,952
117,413
Operating loss
(47,233)
(46,084)
Nonoperating revenues:
Subsidy from general fund
42,671
-
Donations
18,543
4,128
Miscellaneous
13,923
4,966
Total nonoperating revenues
75,137
9,094
Net income (loss)
27,904
(36,990)
Retained earnings - January 1
152,538
189,528
Retained earnings - December 31
$ 18
83
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Changes iri Financial Position
Year ended December 31, 1986
(with comparative amounts for year ended December 31, 1985)
Sources of working capital:
Operations:
Net income (loss)
Add items not requiring working capital:
Depreciation
. Working capital provided (used) by operations
Uses of working capital:
Additions to property and equipment
Net increase (decrease) in working capital
Elements of net increase (decrease).
in working capital:
Cash
Due from other funds
Inventory
Accounts payable
Due to other funds
Net increase (decrease) in working capital
84
1986 1985
$ 27,904 (36,990)
14,469 14,176
42,373 (22,814)
8,810
34,174 (24,362)
753 -
(11100) (634)
8,627 (6,230)
(81) (398)
GENERAL FIXED ASSETS ACCOUNT GROUP
General Fixed Assets Account Group provides for the accounting of fixed
assets other than those accounted for in the proprietary funds. To be
classified as a fixed asset in this category, a specific piece of property
must possess three attributes: (1) tangible nature, (2) a life longer than
the current fiscal year, and (3) a significant value.
85
CITY OF EDINA, MINNESOTA
General Fixed Assets Account Group
Statement of General Fixed Assets
December 31, 1986
(with comparative amounts for the year ended December 31, 1985)
1986 1985
General fixed assets:
Land and land improvements $ 7,468,865
Buildings 1,869,340
Furniture and fixtures 370,456
Vehicles and equipment 4,767,497
Edina HRA land and public improvements 4,113
Construction in progress 13,610,208
Total general fixed assets $
Total investment in general fixed assets $
86
7,309,391
1,869,340
355,044
4,165,200
4,113
8,908,378
22,611.466
X2,611,466
GENERAL LONG -TERM DEBT ACCOUNT GROIIP
General Long -term Debt Account Group is used to account for the long -term
debt of the City other than debt recorded in the Enterprise and Special
Assessment Funds. Primarily, these are general obligation and other forms of
long -term debt supported by general revenues and are obligations of a
governmental unit as a whole and not its individual constituent funds.
87
CITY OF EDINA, MINNESOTA
General Long -term Debt Account Group
Statement of General Long -term Debt
December 31, 1986
(with comparative amounts for year ended December 31, 1985)
Amount available and to be provided for
the retirement of long -term debt
General Obligation Bonds:
Amount available in Debt Service Fund
Amount to be provided by tax increment
financing
Compensated absences:
Amount to be provided by revenue sources
Total available and to be provided
1986 1985
$ 233,550 233,550
22,416,450 16,966,450
457,204 432,000
$ 23,107,204 17.632,000
General long -term debt payable
Accrued compensated absences 457,204 432,000
General obligation bonds payable 22,650,000 17,200,000
Total general long - term debt payable $ 23.107.204 17,632.000
88
SUPPLEMENTAL
FINANCIAL
INFORMATION
89
CITY OF'EDINA,''MINNESOTA
Combined
Schedule of Bonded Indebtedness
December 31,
1986
Final
1986 percent
Interest
Issue
maturity
paid by tax
rate
date
date
levies
Bonded indebtedness:
General Obligation Bonds:
General Obligation
Redevelopment Bonds_
5.30 -6.50%
12/01/75
12/01/93
100%
General Obligation Tax
Increment Bonds,
Series 1982
9.50 -11.00
10/01/81
10/01/93
None
General Obligation Tax
Increment Bonds,
Series 1985
6.50 -9.00
09/01/85
01/01/06
None
General Obligation Tax
Increment Bonds
Series 1986A
5.20 -7.00
08/01/86
08/01/06
None
General Obligation Tax
Increment Bonds
Series 1986B
5.20 -7.00
08/01/86
08/01/03
None
Special Assessment Bonds:
Improvement Bonds
of 1984
7.00 -8.75
09/01/84
10/01/94
None
Improvement Bonds
of 1986
4.50 -6.60
08/01/86
08/01/96
None
Revenue Bonds:
Golf Course Bonds
3.20 -3.50
12/01/63
12/01/87
None
General Obligation Golf
Course Bonds
6.25 -8.70
09/01/85
01 /01 /00
None
Total bonded indebtedness
90
Schedule 1
Indebtedness
Authorized Due in 1987
and issued Redeemed Outstanding Principal Interest
$ 2,200,000
.700,000
1,500,000
200,000
94,580
4,500,000
1,350,000
3,150,000
450,000
327,825
12,000,000
-
12,000,000
-
513,863*
4,,000,000
-
4,000,000
-
271,550
2,000,000
-
2,000,000
-
131,125
24,700,000
2.,050,000
22,650,000
650,000
1,338,943
5,400,000
1,600,000
3,800,000
- **
150,275*
2,500,000
2,500,000
250,000
141,800
7,900,000
1,600,000
6,300,000
250,000
292,075
825,000
790,000
35,000
35,000
1,225
1,200,000
-
1,200,000
-
47,625*
2,025,000
790,000
1,235,000
35,000
48,850
$ 34,625,000
4,440,000
30,185,000
935,CaQ
1,679,868
* This represents interest due July 1,
1987 as interest due
January 1,
1987 was paid in December
1986.
** Principal due January 1,
1987 was paid
in December
1986.
91
Schedule ,2
Schedule of Bonds Payable
December 31, 1986
Issue Interest
date rate
General Obligation Bonds:
$2,200,000 General Obligation
Redevelopment Bonds 12/01/75
$200,000 per year
$250,000 per year
$4,500,000 General Obligation
Tax Increment Bonds, Series
1982 10/01/81
$450,000 per year
$12,000,000 General Obligation
Tax Increment Bonds, Series
1985 09/01/85
$150,000 per year
$200,000 per year
"$400,000
$900,000 per year
$1,000,000 per year
$1,050,000 per year
92
Maturity Principal
date amount
6.00- 6.40`b 12/01/87 -91 $ 1,000,000
6.50 12/01/92 -93 500,000
1,500,000
9.85 -11.00 10/01/87 -93 3,150,000
6.50 -7.30
CITY OF EDINA,
MINNESOTA
7.60 -7.80
01/01/93 -94
400,000
Schedule of
Changes in
Bonded Indebtedness
8.10 -8.70
01/01/96 -00
4,500,000
Year
ended December 31, 1986
4,000,000
9.00
01/01/05 -06
2,100,000
Balance
12,000,000
Balance
January 1
Issued
Redeemed,
December 31
General
Obligation Bonds $
17,200,000
6,000,000
550,000
22,650,000
Special
Assessment Bonds
4,900,000
2,500,000
1,100,000
6,300,000
Revenue
Bonds:
Golf
Course
1,285,000
-
50,000
1,235,000
$
23.385.000
8,50
1..70
30.185,000
Schedule of Bonds Payable
December 31, 1986
Issue Interest
date rate
General Obligation Bonds:
$2,200,000 General Obligation
Redevelopment Bonds 12/01/75
$200,000 per year
$250,000 per year
$4,500,000 General Obligation
Tax Increment Bonds, Series
1982 10/01/81
$450,000 per year
$12,000,000 General Obligation
Tax Increment Bonds, Series
1985 09/01/85
$150,000 per year
$200,000 per year
"$400,000
$900,000 per year
$1,000,000 per year
$1,050,000 per year
92
Maturity Principal
date amount
6.00- 6.40`b 12/01/87 -91 $ 1,000,000
6.50 12/01/92 -93 500,000
1,500,000
9.85 -11.00 10/01/87 -93 3,150,000
6.50 -7.30
01/01/89 -92
600,000
7.60 -7.80
01/01/93 -94
400,000
8.00
01/01/95
400,000
8.10 -8.70
01/01/96 -00
4,500,000
8.80 -9.00
01/01/04
4,000,000
9.00
01/01/05 -06
2,100,000
12,000,000
(Continued)
Schedule 2, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
93
Issue
Interest
Maturity
Principal
date
rate
date
amount
$4,000,000 General Obligation
Tax Increment Bonds, Series
1986A
08/01/86
$50,000 per year
5.20 -5.60%
8/1/89 -91
$ 150,000
$100,000 per year
5.80 -6.20
8/1/92 -94
300,000
$150.,000 per year
6.40 -6.70
8/1/95 -97
450,000
$200,000 per year
6.75 -6.90
8/1/98 -00
600,000
$250,000 per year
7.00
8/1/01 -03
750,000
$550,000
7.00
8/1/04
550,000
$600,000 per year
7.00
8/1/05 -06
1,200,000
4,000,000
$2,000,000 General Obligation
Tag Increment Bonds, Series
1986B
08/01/86
$50,000.per year
5.20 -5.40
8/1/89 -90
100,000
$100,000 per year
5.60 -6.20
8/1/91 -94
400,000
$150,000 per year
6.40 -6.90
8/1/95 -00
900,000
$200,000 per year
7.00
8/1/01 -03
600,000
2,000,000
Total general
obligation bonds
22,650,000
Special Assessment Bonds:
$5,400,000 General Obligation
Improvement Bonds, Series
1984
09/1/84
$800,000
7.40
01/01/88
800,000
$900,000 per year
7.60 -7.90
01/01/89 -90
1,800,000
$300,000 per year
8.20 -8.75
01/01/91 -94
1,200,000
3,800,000
$2,500,000 General Obligation
Improvement Bonds, Series
1986
08/01/86
$250,000 per year
4.50 -6.60
8%1/87 -96
2,500,000
Total special
assessment bonds
6,300,000
Revenue Bonds:
$825,000 Golf Course Bonds
12/01/63
$35,000 per year
3.50
12/01/87
35,000
$1,200,000 General Obligation
Golf Course Bonds
09/01/85
$50,000 per year
6.25 -7.30
01/01/88 -92
250,000
$100,000 per year
7.60 -8.25
01/01/93 -97
500,000
$150,000 per year
8.40 -8.70
01/01/98 -00
450,000
1,200,000
Total revenue bonds
1,235,000
Total bonds payable
$ 30,1
93
Schedule3
94
CITY
OF EDINA, MINNESOTA
Schedule of
Debt Service Requirements
December 31, 1986
General
Special
Year
Obligation Bonds
Assessment Bonds
Revenue
Bonds
ended
Principal
Interest
Principal, Interest
Principal
Interest
1987 $
650,000
1,338,943
250,000
292,075
35,000
48,850
1988
650,000
1,796,480
.1,050,000
401,500
50,000
93,688
1989
900,000
1,734,405
1,150,000
325,450
50,.000
90,500
1990
900,000
1,660,967
1,150,000
242,400
50,000
87,187
1991
950,000
1,585,700
550,000
181,050
50,000
83,725
1992
1,050,000
1,506,000
550,000
142,150
50,000
80,125
1993
11100,000
1,416,475
550,000
102,150
100,000
74,500
1994
400,000
1,323,325
550,000
61,125
100,000
66,800
1995
700,000
1,287,125
250,000
32,500
100,000
58,900
1996
1,200,000
1,215,475
250,000
16,500
100,000
50,850
1997
1,200,000
1,122,100
-
-
100,000
42,675
.1998
1,250,000
1,027,075
-
-
150,000
32,250
19.99
1,250,000
926,950
-
-
150,000
19,500
2000
1,250,000
825,300
-
-
150,000
6,525
2001
1,450,000
718,000
-
-
-
-
2002
1,450,000
598,000
-
-
-
-
2003
1,450,000
477,500
-
-
-
-
2004
1,550,000
356,500
-
-
-
-.
2005
1,650,000
225,750
-
-
-
-
2006
1,650,000
89,250
-
-
-
-
$
22.650.000
21,231,320
6,300,000 1,796.900
1,235,000QZ�
94
CITY OF EDINA, MINNESOTA
Assessed Valuation, Tax Levies and Mill-!Rates
(shown by year of tax collectibility)
Mill rates:
General Fund 7.959% 9.235 9.168
Park Fund 1,090 1.137 1.174
y Y
Total �4%$ $
95
1983
1984
1985
Assessed valuation
$ 635,301'01752
655,425,509
688,825,478
Increment valuation.
(11,,920,193)
(12,509,408)
(13,337,065)
Contribution to fiscal
disparities pool
(34,675,960)
(41,755,200)
(46,433,530)
Received from fiscal
disparities pool
10,609,741
11,984,498
14,323,722
Taxable valuation
$ ;599.315.340
613,145.399 -
643.378,605
Tax levies:
General Fund
4,770,102
5,648,282
5,898,-883
Park Fund
653,272
695,406
755,3'68
Total
$ 5,423,374
6,343,688
6.654.251
Mill rates:
General Fund 7.959% 9.235 9.168
Park Fund 1,090 1.137 1.174
y Y
Total �4%$ $
95
1986 1987
711,408,696 790,493,456
(14,328,756) (16,529,645)
(51,834,996) (57,726,077)
14,222,975 15,524,587
659,467,919 731.762,321
7,440,298 8,044,966
7•;440:298 8,044,966
11.303% 11.937%
96
Schedule 4
Schedule 5
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for 50th & France - No. 1200,
a Tax Increment Financing District
December 31,,.198.6'
Sources of funds:
Bond proceeds
Tax increments
received
Real estate sales*
State aid
Special
assessments
Parking permits
Community
development
Other
Total sources of
funds
Uses of funds:
Land acquisition
Site improvements
or preparation
costs
Installation of
public utilitie
and improvement
Bond payments:
Principal
Interest
Administrative
costs
Work orders
Contingencies
Interest
Miscellaneous
Total uses of funds
Funds remaining
(or deficient)
*
Site sales:
Liquor store site
Union oil site
Accounted
for in
Original A
Amended p
prior C
Current A
Amount
budget b
budget y
years y
year r
remaining
$ 2,200,000 2
2,200,000 2
2,200,000 -
- -
-
- 4
4,141,800 1
1,969,857 4
469,789 1
1,702,154
800,000 1
170,782 1
170,782 -
- -
-
- 4
418,870 4
418,870 -
- -
-
- 7
709,496 7
709,507 -
- (
(11)
- 3
38,208 5
54,479 8
8,735 (
(25,006)
- 2
214,828 1
186,064 -
- 2
28,764
7;922 1
1,798 (
(9,720)
3,000,000 7
7,893,984 5
5,717.481 4
480,322 1
1,696,181
- 6
647,551 6
647,539 -
- 1
12
3,000,000 3
3,158,038 3
3,121,054 -
- 3
36,984
$ - 1,050) (4) 272 12
Cost to authority Price Paid by developer
$ 128,064 105,002
134,506 65,780
(Continued)
97
Schedule 5, Cont.
CITY OF.EDINA; +MINNESOTA
Schedule of Sources and Uses of'Public Funds
for Southeast Edina Redevelopment District - No. 1201,
a Tax Increment Financing,.District
Accounted
for in
Original Amended prior Current Amount
budget budget years year remaining
Sources of funds:
Bond proceeds $ 6,165,177 20,500,000 16,500,000 4,000,000 -
Tax increments
received - 47,429,371 4,054,235 879,534 42,495,602
Interest on
invested funds - - 152,746 821,837 (974,583)
Real estate sales* 598,005 1,750,000 - 1,131,097 618,903
Community
development
block grant - - 189,221 - (189,221)
Total sources of
funds 6,763,182 69,679,371 20,896,202 6,832,468 41,950,701
Uses of funds:
Land acquisition 3,682,998 5,562,569 5,562,569 - -
Site improvements
or preparation
costs - 9,129,128 1,034,578 4,983,059 3,111,491
Installation of
public utilities
and improvements 2,885,484 2,392,303 292,331 - 2,099,972
Bond payments:
Principal - 20,500,000 900,000 450,000 19,150,000
Interest - .22,860,800 2,409,287 1,460,383 18,991,130
Administrative
costs 194,700 666,000 640,858 138,013 (112,871)
Parkland dedica-
tion fees - - 767,852 - (767,852)
Total uses of funds 6,763,182 61,110,800 11,607,475 7,031,455 42,471,870
Funds remaining (or
deficient) $ - ^8,568,571 9.288,727 (198,9877)
* Cost to authority Price paid by developer
Real estate sales:
Elderly site
Office site
98
$ 453,740
1,027,277
346,534
784,563
(Continued)
r:
Schedule 5, Cont.
CITY -OF ED1NA; .MINNESOTA
Schedule of - Sources"'and--Uses of''Public ' Funds
for Grandview Area Redevelopment District - .No..1202,
a Tax Increment Financing District
Accounted
for in
Original Amended prior Current Amount:='s
budget budget years year remainingr
Sources of funds:
Bond proceeds
$ 4,500,000 4,500,000
- 2,000,000
2,500,000
Tax increments
received
- 10 ;531,072
26,834 63,611
10,440,627
Total sources of
funds
4,500,000 15,031,072
26,834 2,063,611 -.
;12,940,627
Uses of funds:
Installation of
public utilities
and improvements 4,310,000 4,310,000
Bond payments:
Principal - 2,000,000
Interest - 1,539,950
Administrative
costs 190,000 190,000
Total uses of funds 4,500,000 8,039,950
Funds remaining
(or deficient) $ - 6.991,122
99
4,310,000
- 2,000,000
- 28,397 1,511,553
22,150 140,137 27,713
22,150 168,534 7,849,266.
Schedule 6
CITY OF EDINAi, MINNESOTA
i
Auditors' Report on Supplementary Information
Schedule of Federal Financial Assistance
i
The City Council
Edina, Minnesota:
We have examined the general purpose l financial statements of the City of
Edina, Minnesota, for the year ended December 31, 1986, and have issued our
report thereon dated June 30, 1987. Our examination of such general purpose
financial statements was made in accordance with generally accepted auditing
standards and the standards for financial and compliance audits contained in
the Standards for Audit of Governmental Organizations, Programs, Activities,
and Functions, issued by the U. S. General Accounting Office and, accord-
ingly, included such tests of the accounting records and such other auditing
procedures as we considered necessary in the circumstances.
Our examination was made for the purpose of: forming an= opinion on the general
purpose financial statements ° of the City of Edina; -Minnesota, taken as a
whole. The accompanying Schedule of Federal Financial Assistance is
presented for purposes of additional analysis and is not a required part of
the general purpose financial statements. The information in that .schedule
has been subjected to the auditing procedures applied in the examination of
the general purpose financial statements and, in our opinion, is fairly
stated in all material respects in relation to the general purpose financial
statements taken as a whole.
June 30, 1987
100
PC
(Continued)
U. S. Department of the Treasury
Revenue Sharing Program
U. S. Department of BUD
Community Development Block
Grant Program
Schedule 6, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Federal Financial Assistance
Year ended December 31, 1986
14.218 B85UC270001 167,005
B86UC270001 116,942
101
415,466 116,942 - 297,778 234,630
(Continued)
Pass-
Program
Fund
Fund
Federal
through
or
balance at
Program
balance at
CFDA
grantor's
award
December 31,
revenue
Other December 31,
number
number
amount
1985
recognized
revenue Expenditures 1986
21.300
N/A
$ 124,119
254,068
124,119
5,786 225,000 158,976
14.218 B85UC270001 167,005
B86UC270001 116,942
101
415,466 116,942 - 297,778 234,630
(Continued)
Schedule 6. Cont.
CITY OF EDINA, MINNESOTA
Report on Compliance with Laws and Regulations
The City Council
Edina, Minnesota:
We have examined the general purpose financial statements of the City of
Edina, Minnesota, for the year ended December 31, 1986, and have issued our
report thereon dated June 30, 1987. Our examination was made in accordance
with generally accepted auditing standards; the standards for financial and
compliance audits contained in the Standards for Audit of Governmental
Organizations, Programs Activities, and Functions, issued by the U. S.
General Accounting Office; The Single. Audit Act of 1984; and the provisions
of OMB Circular A- 128, Audits of State and- Local Governments, and,
accordingly, included such tests of the accounting records and such other
auditing procedures as we considered necessary in the circumstances.
The management of the City is responsible for the City's compliance with laws
and regulations. In connection with the examination referred to above, we
selected and tested transactions and records from nonmajor federal financial
assistance programs to determine the City's compliance with laws and
regulations noncompliance with which we believe could have a material effect
on the allowability of program expenditures.
The results of our tests indicate that for the transactions and records
tested the City complied with the laws and regulations referred to above,
except as described in the accompanying schedule of findings and questioned
costs. These instances of noncompliance were considered by us in evaluating
whether the general purpose financial statements are presented fairly in
conformity with generally accepted accounting principles. Our testing was
more limited than would be necessary to express an opinion on whether the
City administered the nonmajor federal financial assistance programs in
compliance, in all material respects, with laws and regulations for which
noncompliance could have a material effect on the allowability of program
expenditures. With respect to the transactions and records that were not
tested by us, nothing came to our attention to indicate that the City of
Edina, Minnesota had not .complied with laws and regulations other than those
laws and regulations for which we noted violations in our testing referred to
above. day p
June 30, 1987
102
(Continued)
CITY OF EDINA, MINNESOTA
Schedule of Findings and Questioned Costs
December 31, 1986
Revenue Sharing Compliance
Schedule 6, Cont..
1) The "Survey of Municipal or Township Finances" (the Survey), furnished
to the Bureau of Census, was compared to the 1985 audited financial
report. In performing the comparison we identified a number of line
items which were not in substantial agreement (defined by the Revenue
Sharing Act requirements as an amount greater than 5% of a line item).
Expenditures included in the 1985 audited financial report not on the
Survey totaled $53,959. This was attributable - -.,to the exclusion of --the
Central Services expenditures.
No other instances of noncompliance with the requirements of the Revenue
Sharing Act were noted.
2) Publication was not° made of the Survey's availability for public
inspection. This notice should be made within 30 days of the Survey's
filing date.
3) A revenue sharing hearing is to be .held prior to .enactment of the
budget. There was no notice of a public hearing and the budget was
formally adopted September 25, 1985 for the 1986 budget. A resolution
appeared in the October 16, 1985 newspaper showing the adopted budget.
A later meeting held on December 30, 1985 was held for revenue sharing
funds. This did not meet federal regulations.
4) A notice of budget availability for public inspection is to be made
within 30 days of enactment and should include the intended uses of
entitlement funds. A timely notice was published October 16, 1985 but
the intended uses of entitlement. funds were not shown until the later
notice and public hearing in December 1985. .
5) Publication of the prior audit report being available for public
inspection was not made by the City.
(Continued)
103
Schedule 6, Cont.
CITY OF EDINA, MINNESOTA
Auditors' Report.on Internal Accounting and Administrative Controls -
Based on a Study and Evaluation Made as a Part of an
Examination of the General Purpose Financial Statements and
the Additional Tests Required by the Single Audit Act
The City Council
Edina, Minnesota:
We have examined the general purpose financial statements of the City of
Edina, Minnesota, for the year ended December 31, 1986, and have issued our
report thereon dated June 30, 1987. As part of our examination we made a
study and evaluation of the internal accounting and administrative controls
used in- administering federal financial assistance programs to the extent we
considered necessary to evaluate the systems as required by generally accepted
auditing standards; the standards for financial and compliance audits con-
tained in the Standards for Audits of Governmental Organizations, Programs,
Activities, and Functions, issued by the U. S. General Accounting Office; the
Single Audit Act of 1984; and the provisions of OMB Circular A -128, Audits of
State and Local Governments. For the purpose of this report, we have classi-
fied the significant internal accounting and administrative controls used in
administering federal financial assistance programs in the following catego-
ries: treasury or financing., receipts, disbursements, external financial
reporting, political activity, Davis -Bacon Act,. civil rights, cash manage -
ment, relocation assistance and real property acquisition, federal financial
reports, types of services, eligibility, matching level of effort, reporting,
and cost allocation.
The management of the City is responsible for establishing and maintaining
internal control. systems used in administering federal financial assistance
programs. In fulfilling that responsibility, estimates. and judgments by
management are required to assess the expected benefits and related costs of
control.procedures. The objectives of internal control systems are to provide
management with reasonable, but not absolute, assurance that resource use is
consistent with laws, regulations, and policies; resources are safeguarded .
against waste, loss and misuse; and reliable data are obtained, recorded and
properly maintained to permit the preparation of financial statements in
accordance with generally accepted accounting principles and the preparation
of federal.reports in accordance with federal requirements.
Because of inherent limitations in any system of internal accounting and
administrative controls, errors or irregularities may nevertheless occur and
not be detected. Also, projection of any evaluation of the systems to future
periods is subject to the risk that procedures may become inadequate because
of changes in conditions or that the degree of compliance with the procedures
may deteriorate.
(Continued)
104
Schedule -6. Cont.
Our study included all of the applicable control categories listed above.
During the year ended December 31, 1986 the City had !no major federal finan-
cial assistance programs and expended 56% of its total federal financial
assistance under the Community Development Block Grant Program. With respect.
to internal control systems used in administering this nonmajor federal
financial assistance program, our.. study.: and evaluation included considering
the types, of ;errors 'and irregularities that - could occur, determining the
internal control procedures that should prevent .or detect such errors and
irregularities, determining whether the necessary, procedures are prescribed
and are being followed satisfactorily, and evaluating any weaknesses.
With respect to the internal" systems used solely in administering the
other nonmajor federal financial assistance program of the City our study and
evaluation was limited to a preliminary review of the systems to obtain an
understanding of the control environment and the flow of transactions through
the accounting system. Our study and .evaluation of the internal control
systems used solely in administering this nonmajor federal financial assis-
tance program of the City did not extend beyond this preliminary review phase.
Our study and evaluation was more limited than would be necessary to express
an opinion on the internal control systems of the City. Accordingly, we do
not express an opinion on the internal control systems used in administering
the federal financial assistance programs of the City. Also, our examination,
made in accordance with the standards mentioned above, would not necessarily
disclose material weaknesses in the internal control systems, for which our
study and evaluation was limited to a preliminary review of the systems, as
discussed in the fifth paragraph of this report. However, our study and
evaluation and our examination disclosed no condition that we believe to be a
material weakness in relation to a federal financial assistance program of
the City.
This report is intended solely for the use of management and the. federal
agencies providing federal financial assistance and should not be used for
any other purpose. This restriction is not intended to limit the
distribution of this report, which, upon acceptance by the City of Edina,
Minnesota, is a matter of public record.
June 30, 1987
105
SECTION III
STATISTICAL SECTION
106
Fiscal
Year
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
General
government
$ 619,216
639,626
669,580
755,444
842,863
1,003,928
1,083,906
1,204,887
1,397,975
1,383,353
CITY OF EDINA, MINNESOTA
General Governmental Expenditures by Function (1)
Years 197.7 through 1986
Unallocated
Public Public general
safety works expenditures Other Parks
Table 1
Capital Debt
outlay service Total
2,117,648
1,361,046
17.7;028
153,492
521,325
240,760
2,362,472
1,360,6.34
261;876
5,268
594,893
618,335
2,615,634
1,507,306
2.90,741
5,110
724,425
3,234,774
2,929,500
1,732,689
143,642
6,852
788,631
2,157,655
3,260,927
2,117,412
385;232
5,942
785,141
2,052,761
3,513,056
2473,000
263.,496
5,805
826,282
2,132,529
4,146,820
2,236,979
211,372
65,714
940,765
1,163,921
4,018,072
2,597,141
199'697
269,148
1,001,235
3,125,207
4,356,382
2,508,679
363635
291,850
1,227,795
1,816,758
4,520,851
2,444,260
617,814
557,275
1,068,170
6,820,977
Notes:
(1) Includes General, Special Revenue and Debt Service Funds.
107
516,580
5,707,095
523,511
6,366,615
910,621
9,658,191
909,747
9,424,155
766,905
10,217,183
1,195,445
11,013,541
1,149,491
10,998,968
1,621,969
14,037,356
2,022,009
13,985,083
2,605,835
20,018,535
Fiscal
year
Taxes
1977
$ 2,982,490
1978
2,853,212
1979
2,962,212
1980
3,195,287
1981
3,516,712
1982
3,971,620
1983
5,668,153
1984
6,645,913
1985
7,057,640
1986
7,850,460
Table 2
CITY OF EDINA, MINNESOTA
General Governmental Revenues by Source (1)
Years 1977 through 1986
Licenses
Charges
Sales and
and
Inter-
for
Fines and
rental of
permits
governmental
services
forfeitures
Other
Interest
property
Totals
237,724
1,249,066
313,529
93,288
35,656
481,334
75,750
5,468,837
215,145
1,695,188
265,601
111,165
83,311
719,444
83,500
6,026,566
262,212
2,212,175
357,863
158,196
169,071
542,991
20,550
6,685,270
229,646
3,243,594
332,280
236,801
154,342
663,816
12,513
8,068,279
335,480
2,426,623
355,747
256,447
173,672
772,233
21,252
7,858,166
337,208
2,101,175
331,006
281,825
807,457
823,236
16,704
8,670,231
443,061
2,442,080
389,811
337,978
183,745
665,488
67,887
10,198,203
405,685
1,930,171
410,950
375,101
118,188
760,801
23,032
10,669,841
553,908
1,949,957
540,458
386,333
81,325
977,946
1,162,307
12,709,874 .
695,898
2,027,833
712,920
401,203
58,865
1,594,460
135,871
13,537,510
Notes:
(1) Includes General, Special Revenue, Debt Service, Capital Projects and Special Assessment Funds.
108
CITY OF EDINA, MINNESOTA
Property Tax Levies and Collections
Years 1977 through 1986
109
Percent
Delinquent
Fiscal
Total tax
Current tax
of levy
tax
Total tax
Year
levy
collections
collected
collections
collections
1977
$ 3,226,450
3,152,345
97.70%
$ 80,716
3,233,061
1978
3,544,897
3,474,459
98.01
68,652
3,543,111
1979
3,655,500
3,604,948
98.62
26,669
3,631,617
1980
4,128,322
4,083,521
98.91
35,791
4,119,312
1981
4,452,156
4,398,470
98.79
13,566
4,412,036
1982
4,855,622
4,785,501
98.56
43,088
4,828,589
1983
5,423,374
5,337,812
98.42
44,998
5,382,810
1984
6,343,688
6,341,589
99.96
41,179
6,382,768
1985
6,654,251
60548,680
98.41
74,091
6,622,771
1986
7,440,298
7,368,782
99.04
98,170
7,466,952
109
Table 3
Percentage
Percent of
of total
Outstanding
delinquent
collections
delinquent
taxes to
to levy
taxes
tax levy
100.20%
$ 155,980
4.83%
99.95
133,915
3.78
99.35
110,677
3.03
99.78
57,443
1.39
99.10
73,361
1.65
99.44
95,062
1.96
99.25
76,623
1.41
100.62
110,610
1.74
99.53
110,610
1.66
100.36
93,910
1.26
110
Table 4
CITY OF EDINA, MINNESOTA
Assessed and Estimated Market Value of Taxable Property
Years 1977 through 1986
111
Real
Property
Ratio of total
Estimated
assessed to
Assessment
Assessed (a)
market
total estimated
year
value
value
market value
1977
$•398,,462,976
(1,125,985,338)
35.39
1978
.4`11,257., - 908.
°(1,230.,082,717)
33.43
1979
431,421,791
1,530,270,226
28.19
1980
498,770,340
1,797,105,355
27.75
1981
558,462,248
2,008,008,157
27.81
1982
629,028,224
2,241,781,656
28.06
1983
648,942,012
2,306,312,510
28.14
1984
682,304,872
2,417,980,250
28.22
1985
704,791,469
2,517,569,550
27.99
1986
725,895,608
2,610,642,350
27.81
Note:
(a) 1977 and 1978 are
"limited market values" - limitation on assessor's
estimated market value was eliminated by state statute for the 1979
assessment payable
1980.
111
Table 5
CITY OF EDINA, MINNESOTA
Property Tag Rates - All Overlapping Governments
(per $100 of assessed value)
Years 1977 through 1986
112
City of
Edina
Special
Debt
Fiscal
General
Revenue
Service
School
Year
Fund
Funds
Funds
Other
Total
District
County
Other
.Total
1977
6.764
.740
.817
.125
8.446
46.593
30.501
6.429
91.969
1978
7.225
.961
.803
.040
9.029
46.544
31.800
1.685
89.058
1979
7.226
.99.9
.782
.039
9.046
46.411
32.181
3.704
91.342
1980
8.134
1.079
.597
.039
9.849
46.215
31.205
3.835
91.104
1981
7.986
1.194
-
.034
9.214
41.779
29.292
4.490
84.775
1982
7.881
1.184
-
9.065
45.936
29.183
4.384
88.568
1983
7.959
1.090
-
9.049
47.437
28.451
5.106
90.043
1984
9.235
1.137
-
10.372
55.103
29.665
5.311
100.451
1985
9.168
1.174
-
10.342
48.160
29.272
5.184
92.958
1986
11.303
-
-
11.303
45.033
29.688
7.853
93.877
112
CITY OF EDINA, MINNESOTA
Special Assessment Collections
Years 1977 through 1986
113
Collection
Percentage
Collection
of current
of levy
of prior
Total
Year
Total levy
year's levy
collected
year's levy
collections
1977
$ 1,398,780
1,237,843
88.49%
$ 213,757
1,451,600
1978
1,304,745
1,210,181
92.75
127,406
1,337,587
1979
1,275,260
1,237,769
97.06
76,705
1,314,474
1980
1,127,933
1,092,310
96.84
66,910
1,159,220
1981
1,571,590
1,452,879
92.45
25,566
1,478,445
1982
1,547,754
1,409,504
91.07
35,996
1,445,500
1983
1,715,209
1,591,398
92.78
103,960
1,695,358
1984
1,649,440
1,492,190
90.47
85,500
1,577,690
1985
1,492,140
1,410,553
94.53
158,984
1,569,537
1986
1,262,257
1,200,287
95.09
31,599
1,231,886
113
Table 6
Percentage
of total
Total
collections
outstanding
to levy
assessments
103.78%
$ 513,605
102.52
448,581
103.07
454,169
102.77
1,220
94.07
66,678
93.39
167,848
98.84
186,821
95.65
229,793
105.19
178,008
97.59
180,501
114
Table.7
*Source: Metropolitan Council estimate
Note:
(1) Official population per 1980 census.
(2) Includes all long -term general obligation debt.
115
CITY OF EDINA, MINNESOTA
Ratio of Net General Bonded
Debt
to Assessed
Value and.Net Bonded Debt Per Capita
Years 1977
through 1986
Ratio of
Net
Debt
net bonded
bonded
Assessed
Gross
service
debt to
debt
Fiscal
*Popu-
value (in
bonded
monies
Net bonded
assessed
per
Year
lation
thousands)
debt (2)
available
debt
value
capita
1977
48,960
$ 392,780
11,125,000
2,247,833
8,877,167
.0226
181
1978
48,920
404,108
11,235,000
2,761,090
8,473,910.
.0210
173
1979
46,700
419,498
10,725,000
2,343,730
8,381,270
.0200
179
1980
46,073
(1) 482,836
10,780,000
2,682,689
8,097,311
.0168
176
1981
46,080
535,509
13,785,000
3,323,336
10,461,664
.0195
227
1982
45,370
599,315
12,740,000
3,139,512
9,600,488
.0160
212
1983
45,340
613,145
11,730,000
2,440,053
90289,947
.0152
205
1984
45,280
643,379
11,955,000
1,585,175
10,369,825
.0161
229
1985
44,940
659,468
23,385,000
1,614,721
21,770,279
.0330
484
1986
45,523
673,941
30,185,000
1,335,954
28,849,046
.0428
634
*Source: Metropolitan Council estimate
Note:
(1) Official population per 1980 census.
(2) Includes all long -term general obligation debt.
115
CITY OF EDINA, MINNESOTA
Computation of Legal Debt Margin
December 31, 1986
Net assessed value
Debt limit - 7.33 percent of total
assessed value
Amount of debt applicable to debt
limit:
Total bonded debt (including
special assessment bonds)
Less:
Assets in debt service funds
available for payment of principal $
Other deductions allowed by law:
Special assessment bonds
Revenue bonds
Total deductions
Total amount of debt
applicable to debt limit
Legal debt margin
116
233,550
6,300,000
1,235,000
$ 30,185,000
7,768,550
Table 8
$ 659,467,919
48,339,001
22,416,450
$ 25,922,551
Table 9
CITY OF EDINA, MINNESOTA
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures
Years 1977 through 1986 -.
Note:
(a) Includes. General, Special Revenue, and Debt Service Funds.
(b) Includes refinancing of temporary bonds.
r.
117
Ratio of
debt service
Total
to total
Fiscal
debt
Total general
general
year
Principal
Interest
service
expenditures (a)
expenditures
1977
$ 2,260,000
512,261
2,772,261
5,580,112
.4968
1978
2,010,000
522,348
2,532,348
5,972,700
.4240
1979
1,865,000
560,621
2,425,621
6,850,198
.3541
1980
1,150,000
559,742
1,709,742
7,725,448
.2213
1981
5,550,000 (b)
666,905
6,216,905
8,101,844
.7673
1982
900,000
1,095,445
1,995,445
9,074,606
.2199
1983
900,000
1,049,491
1,949,491
9,818,076
.1986
1984
5,050,000 (b)
1,071,969
6,121,969
10,693,544
.5725
1985
1,650,000
1,472,009
3,122,009
12,561,374
.2485
1986
1,700,000
2,055,835
3,755,835
13,023,208
.2883
Note:
(a) Includes. General, Special Revenue, and Debt Service Funds.
(b) Includes refinancing of temporary bonds.
r.
117
CITY OF EDINA, MINNESOTA
Property and Construction Value
Years 1977 through 1986
Commercial
construction
Fiscal Number of
year _ permits Value.
1977 11 $ 1,167,086
1978 13 10,885,071
1979 18 30,089,275
1980 16 5,662,717
1981
12
1982
6
1983
4
1984
3
1985
5
1986
5
* Assessor's market.
27,624,140
1,730,000
9,250,500
1,290,000
6,645,080
18,034,760
Residential
construction
Number of Propert,
permits Value Commercial
387 $ 39,090,430 $ 247,906,577
152 13,149,000 264,079,418
207 25,400,000 293,074,916
144 14,302,000 340,000,255
135
134
189
116
327
397
118
11,257,000
10,490,700
20,140,000
14,800,000
34,886,143
39,909,000
391,154,527
432,641,116
458,115,920
495,218,100
532,936,100
567,688,400
Table 10
value*
Residential
900,783,051
1,036,521,180
1,237,195,310
1,457,105,100
1,616,853,630
1,809,140,540
1,848,196,590
1,922,762,150
1,984,633,450
2,042,953,950
Table 11
CITY OF EDINA, MINNESOTA
Principal Taxpayers
December 31, 1986
119
Percent
1986
of total
assessed
assessed
Taxpayer
Type of business
valuation
valuation
Southdale
Shopping center
$ 35,493,490
4.49%
Ebenezer
Housing co -op
4,320,000
.55
Southdale Office Center
Office
10,158,750
1.29
Cedars of Edina
Apartments
8,224,600
1.04
Durham
Apartments
4,352,000
.55
Southdale Medical Center
Office
5,177,200
.65
York Plaza
Shopping center
5,023,260
.64
National Car
Car rental
4,988,000
.63
Rembrandt- Heritage
Apartments
3,668,328
.46
Galleria
Shopping center
4,355,900
.55
7201 Metro Blvd.
Office building
3,698,000
.47
Edina Towers
Apartments
3,113,312
.39
7600 France
Office
3,115,350
.39
Edina Highlands Villa
Apartments
2,487,440
.31
7401 Metro Blvd.
Office
2,934,750
.37
7300 Metro Blvd.
Office
2,838,000
.36
7505 Metro Blvd.
Office
2,833,700
.36
7301 Ohms Lane
Office
2,833,700
.36
7900 West 78th St.
Office
2,795,000
.35
8000 West 78th St.
Office
2,537,000
.32
119
Table 12
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics
December 31, 1986
Date of incorporation December 17, 1888
Date of adoption of Council - Manager Plan January 1, 1955
Present form of government Council - Manager
Fiscal year begins January 1
Area of City. 16 square miles
Percent of City developed with buildings 97%
Miles of streets and sewers:
Total streets 226.14 miles
Streets with permanent surfacing 225.75 miles
Sanitary sewer 185.83 miles
Sewer connections (July 1, 1986) 13,783
Building permits:
Summary of past five years ended December 31, 1985
(Continued)
120
Declared
Number
value market
Single family
212
$ 35,111,543
Two family
29
6,836,756
Apartments (units
131)
16
9,322,827
Town houses (units
622)
28
41,515,357
Nonresidential
30
46,540,220
Fire protection:
Number of stations
1
Number of employees
(full time)
30
Police protection:
Number of stations
1
Number of employees
49
Park areas:
Present park acres
1,279
Proposed park acres
to be acquired
50
Total improved park
acres
700
Number of playgrounds
34
Private golf courses
3
Public.golf courses
2
Municipal water plant:
Number of wells
17
Miles of watermain
197.97
Gallons of storage
6 million
Number of consumers
(July 1, 1986)
13,347
(Continued)
120
Table 12, Cont.
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics, Continued
Population:
1920
1,833
1930
3,138
1940
5,855
1950
9,744
1960
28,501
1965
(special census)
35,302
1970
44,046
1975
(estimated
April
1)
49,736
1980
(census)
46,073
1981
(estimated
April
1)
46,080
1982
(estimated
April
1)
45,817
1983
(estimated
April
1)
45,340
1984
(estimated
April
1)
45,280
1985
(estimated
April
1)
44,940
121