HomeMy WebLinkAbout1987 Comprehensive Annual Financial ReportCITY OF EDINA, MINNESOTA
Comprehensive Annual Financial Report
Year ended December 31, 1987
CITY OF EDINA, MINNESOTA
Comprehensive Annual Financial Report
Year ended December 31, 1987
Department of Finance
John Wallin - Treasurer and Finance Director
CITY OF EDINA, MINNESOTA
Table of Contents
Section I
Introductory Section
Page
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
Cgmbining and Individual Fund and Account Group
Financial Statements:
General Fund:
Balance Sheet 33
Statement of Revenues, Expenditures and Changes in
.Fund Balance - Budget and Actual 34
Schedule of Revenues - Budget and Actual 35
Schedule of Expenditures - Budget and Actual 36
Schedule of Central Services Expenditures - Budget and Actual 42
Special Revenue Fund - Revenue Sharing Fund:
Balance Sheet 44
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual 45
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Pave
Combining and Individual Fund and Account Group
Financial Statements (continued):
Debt Service Funds:
Combining Balance Sheet
47
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance
48
Capital Projects Funds:
Combining Balance Sheet
50
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance
51
Proprietary Fund Type - Enterprise Funds:
Combining Balance Sheet
53
Combining Statement of Revenues, - Expenses and Changes
in Retained Earnings
55
Combining Statement of Changes in Financial Position
57
Schedule of Property and Equipment
59
Utilities Fund:
Balance Sheet
63
Statement of Revenues, Expenses and Changes in
Retained Earnings
64
Statement of Changes in Financial Position
66
Liquor Fund:
Balance Sheet
67
Statement of Revenues, Expenses and Changes in
Retained Earnings
68
Statement of Changes in Financial Position
69
Schedule of Operating Expenses
70
Swimming Pool Fund:
Balance Sheet
71
Statement of Revenues, Expenses and Changes in
Retained Earnings
72
Statement of Changes in Financial Position
73
3
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Page
Combining and Individual Fund and Account Group
Financial Statements (continued):
Golf Course Fund:
Balance Sheet
74
Statement of Revenues, Expenses and Changes in
Retained Earnings
75
Statement of Changes in Financial Position
76
Schedule of Operating Expenses
77
Recreation Center Fund:
Balance Sheet
78
Statement of Revenues, Expenses and Changes in
Retained Earnings
79
Statement of Changes in Financial Position
80
Gun Range Fund:
Balance Sheet
81
Statement of Revenues, Expenses and Changes in
Retained Earnings
82
Statement of Changes in Financial Position
83
Art Center Fund:
Balance Sheet
84
Statement of Revenues, Expenses and Changes in
Retained Earnings
85
Statement of Changes in Financial Position
86
Edinborough Park Fund:
Balance Sheet
87
Statement of Revenues, Expenses and Changes in
Retained Earnings
88
Statement of Changes in Financial Position
89
General Fixed Assets Account Group:
Statement of General Fixed Assets
91
General Long -term Debt Account Group:
Statement of General Long -term Debt
93
Supplemental Financial Information:
Combined Schedule of Bonded Indebtedness
Schedule 1
95
Schedule of Changes in Bonded Indebtedness and Schedule
of Bonds Payable
Schedule 2
97
Schedule of Debt Service Requirements
Schedule 3
99
Assessed Valuation, Tax Levies and Mill Rates
Schedule 4
100
Schedule of Sources and Uses of Public Funds:
For 50th and France - No. 1200, a Tax Increment
Financing District
Schedule 5
102
For Southeast Edina Redevelopment District 1201,
a Tax Increment Financing District
103
For Grandview Area Redevelopment District -
No. 1202, a Tax Increment Financing District
104
4
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Paae
Supplemental Financial Information (continued):
Auditors' Report on Supplementary Information
Schedule of Federal Financial Assistance Schedule 6 105
Schedule of Federal Financial Assistance 106
Auditors'. Report on Internal Accounting and
Administrative Controls 107
Report on Compliance with Laws and Regulations 109
Section III
Statistical Section
General Governmental, Expenditures by Function,
Years 1978 through 1987
Table
1
110
General Governmental, Revenues by Source, Years
1978 through 1987
Table
2
111
Property Tax Levies and Collections, Years 1978
through 1987
Table
3
112
Assessed and Estimated Market Value of Taxable
Property, Years 1978 through 1987
Table
4
114
Property Tax Mill Rates - All Overlapping Governments,
Years 1978 through 1987
Table
5
115
Special Assessment Collections, Years 1978
through 1987
Table
6
116
Ratio of Net General Bonded Debt to Assessed Value
and Net Bonded Debt Per Capita, Years 1978 through
1987
Table
7
118
Computation of Legal Debt Margin
Table
8
119
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures,
Years 1978 through 1987
Table
9
120
Property and Construction Values, Years 1978 through 1987
Table
10
121
Principal Taxpayers
Table
11
122
Miscellaneous Statistics
Table
12
123
Section I
Introductory Section
CITY OF EDINA, MINNESOTA
Elected and Appointed Officials
December 31, 1987
Elected:
Mayor - C. Wayne Courtney
Council:
Glenn L. Smith
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
1991
1991
1989
1989
:XE61NA
V WEST 50TH STREET, EDINA, MINNESOTA 55424.
2- 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, 1987 and for the fiscal year then ended. Responsibility for
both the accuracy of the presented data and the completeness and fairness 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 auditors' report;
and
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 auditors' report
is included in the financial section of this report.
II
Although the City of Edina, Minnesota concluded fiscal year 1987 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.
The state legislature adopted additional major property tax changes during
its last session. 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 governmental services. It is my belief that these changes may.
have a negative impact on the City's ability to generate real property tax
revenues during fiscal year 1989.
The preparation of this annual financial report could not have been accom-
plished 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 lead 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.
Respectfully submitted,
Kenneth E. Rosland
City Manager
III
ii"661NA
_ 101 WEST 50TH STREET, EDINA, MINNESOTA 55424
2- 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, 1987, 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 in 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.
i &A
The Reporting Entity and Its Services
The City has reviewed its reporting entity definition in light of NCGA State-
ment 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 recre-
ation activities, and general administrative services.
SIGNIFICANT EVENTS AND ACCOMPLISHMENTS
General Governmental Functions
Revenues for general governmental functions reported within the General, Spe-
cial Revenue, Debt Service and Capital Projects Funds totaled $16,281,919 in
1987, -an increase of 3.95 percent over 1986. General property taxes produced
52.1 percent of general revenues compared to 50.1 percent last year. The
amount of revenues from various sources and the increase (decrease) over last
year are shown in the following tabulation:
Assessed valuations of $767.8 million represented an increase of 5.77 percent
over the preceding year.
Current tax collections were 98.25 percent of the tax levy, down 0.79 percent
from last year. Delinquent tax collections were slightly less than last
year. The ratio of total collections (current and delinquent) to the current
tax levy was 99.01 percent, a decrease of 1.35 percent from last year.
V
Increase
Percent
(decrease)
Revenue source
Amount
of total
from 1986
Taxes
$ 8,486,440
52.1%
$ 635,980
Special assessments
1,787,962
11.0
536,506
Licenses and permits
710,282
4.4
14,384
Intergovernmental revenues
3,009,742
18.5
(167,020)
Charges for services
652,389
4.0
(120,531)
Fines and forfeitures
515,172
3.2
113,969
Interest on investments
785,228
4.8
(533,793)
Sale and rental of property
152,495
.9
16,624
Miscellaneous
182,109
1.1
123,244
Total
$ 16.281.819
$
Assessed valuations of $767.8 million represented an increase of 5.77 percent
over the preceding year.
Current tax collections were 98.25 percent of the tax levy, down 0.79 percent
from last year. Delinquent tax collections were slightly less than last
year. The ratio of total collections (current and delinquent) to the current
tax levy was 99.01 percent, a decrease of 1.35 percent from last year.
V
Expenditures for all general governmental purposes totaled $24,469,868, an
increase of 3.6 percent over 1986. Increases (decreases) in levels of
expenditures for major functions of the City over the preceding year are
shown in the following tabulation:
Expenditures for public safety were 19.5 percent of total general govern=
mental expenditures. This expenditure function includes police protection,
fire protection, civil defense, animal control, public health and building
inspections expenditures.
Expenditures for capital outlay were 38.9 percent of total governmental expen-
ditures. There was a $48,977 increase from 1986. This increase is due prin-
cipally to the Edinborough project.
Unreserved fund balances were maintained at adequate levels. The General
Fund balance of $1,396,497 was up $662,396 from last year; the Debt Service
Fund balance was $3,722,591; the $0 balance in the Special Revenue Funds was
down $158,973; and the Capital Projects Fund balance of $693,609 was up
$516,640.
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 .0394
Debt per capita $ 596
VI
Increase
Percent
(decrease)
Function
Amount
of total
from 1986
General government
$ 1,425,939
5.8%
$ 42,586
Public safety
4,762,906
19.5
242,055
Public works
2,209,872
9.0
(234,388)
Parks
1,369,848
5.6
301,678
Unallocated general
340,300
.1.4
(10,175)
Miscellaneous
868,647
11.1
42,830
Capital outlay
9,492,927
38.9
48,977
Bond principal
1,700,000
6.9
(50,000)
Interest and fiscal charges
2,299,429
9.4
378,257
Total
$ 24.469,868
100.0%
$ 861.820
Expenditures for public safety were 19.5 percent of total general govern=
mental expenditures. This expenditure function includes police protection,
fire protection, civil defense, animal control, public health and building
inspections expenditures.
Expenditures for capital outlay were 38.9 percent of total governmental expen-
ditures. There was a $48,977 increase from 1986. This increase is due prin-
cipally to the Edinborough project.
Unreserved fund balances were maintained at adequate levels. The General
Fund balance of $1,396,497 was up $662,396 from last year; the Debt Service
Fund balance was $3,722,591; the $0 balance in the Special Revenue Funds was
down $158,973; and the Capital Projects Fund balance of $693,609 was up
$516,640.
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 .0394
Debt per capita $ 596
VI
The following is a summary of the bonded debt for fiscal year 1987:
Gross bonded debt outstanding, January 1, 1987 $ 30,185,000
Deduct bonds redeemed in fiscal year 1987" (1,785,000)
Gross bonded debt outstanding, December 31, 1987 28,400,000
Deduct sinking fund assets, December 31, 1987 1,017,238
Net bonded debt, December 31, 1987 $ 27.382.762
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, 1987 the City had $22,000,000 of Tax Increment Bonds outstand-
ing, excluding Improvement and Revenue Bonds. $200,000 was available in the
General Debt Service Fund for payment of these obligations, resulting in
$(200,000) net general debt at December 31, 1987. This compares with the
City's debt limit as shown below:
Debt limit
Legal debt margin
Cash Management
$ 50.920.782
$ 51,120,782
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 earn-
ings are then periodically allocated to the participating funds. During 1987
the City earned $785,228 in interest. Following are listed the City's cash
and investments by classification as of December 31, 1987:
Cash
Certificates of deposit
Commercial paper
Government securities
Money markets
Capital Projects Funds
$ 146,956
627,195
3,275,174
6,509,682
145,269
$ 10,704.276
The major construction projects and equipment purchases are accounted for in
three Capital Projects Funds. The BRA 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 ,fixed assets used in the
performance of general governmental- functions and- '.exclude the fixed assets of
the Enterprise Funds. As of December 31, 1987 the general fixed assets of
the City amounted to $35,591,779. This amount represents the original cost
of the assets and is considerably less than their present value. Deprecia-
tion of general fixed assets is not recognized in the City's accounting
system.
Enterprise Funds
The City currently operates eight enterprise funds which are set up to
operate primarily from user fees charged to the general public. A compara-
tive statement of income (loss) before operating transfers for the fiscal
years ending 1987 and 1986 follows:
Utilities Fund
Liquor Fund
Swimming Pool Fund
Golf Course
Recreation Center
Gun Range
Art Center
Edinborough Park
Income (loss)
before transfers
1987 1986
$ 21,975 (468,830)
313,419 319,874
(16,125) .(8,871)
99,334 (100,023)
21,241 (18,209)
(1,168) 11,824
20,726 27,904
(207,746) -
Transfers to other funds for various purposes was $400,000 and $450,000 in
1987 and 1986, respectively.
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 1987.
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 should
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 C 'QC
John Wallin, CPA
Treasurer and Finance Director
IX
Section II
Financial Section
I ; :01 Irl el Peat -Marwick
!A V
Certified Public Accountants
Peat Marwick Main & Co.
1700 IDS Center
Minneapolis, MN 55402
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 as of and for the year ended December 31, 1987, 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 of Edina, Minnesota, at Decem-
ber 31, 1987, and the results of its operations and the 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 after giving retroactive effect to the
change, with which we concur, in accounting for special assessments as
described in note 9 to the financial statements.
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
accompanying table of contents are presented for purposes of additional
analysis. They are not a required part of the combined financial statements
of the City of Edina, Minnesota 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. This 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 have not been examined by us and, accordingly, we express no opinion
on such data. C.
June 10, 1988
31110
EITIF]Klynveld Member Firm of
Peat Marwick Goerdeler
GENERAL PURPOSE
FINANCIAL STATEMENTS
CITY OF EDINA, MINNESOTA
Combined Balance Sheet - All Fund Types and Account Groups
December 31, 1987
(with comparative totals for December 31, 1986)
Assets
Cash (deficit) (notes 1 and 2)
Investments (notes 1 and 2)
Receivables:
Accounts
Special assessments
Notes (notes 6 and 7)
Due from other funds (note 12)
Due from other governments
Contracts receivable (note 7)
Inventory (note 1)
Prepaid expense
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
Liabilities and Fund Equity
Liabilities:
Accounts payable
Contracts payable
Due to other funds (note 12)
Due to other governments
Deposits payable
Accrued compensated absences
(notes 1 and 5)
Deferred revenue (note 6)
Bonds payable (note 5)
Total liabilities
Fund equity:
Investment in general fixed assets
Contributed capital
Retained earnings:
Reserved (note 13)
Unreserved - undesignated
Fund balance:
Reserved (note 13)
Unreserved — designated (note 13)
Unreserved - undesignated
Total fund equity
Total liabilities and fund
equity
Governmental fund types
Special Debt Capital
General Revenue Service Projects
$ 770,914 - 1,017,238 (1,618,481)
5,180,645 - - 5,244,480
102,558 - - 136,285
- - 2,274,600 741,886
284,347 - 2,756,011 2,621,458
522,387 - - -
19,522 - - -
7,500 - - -
155,164 - - -
$ 7.043.037 - 6.047.849 7.125.628
347,203 - 9,236 303,903
2,633,642 - 15,281 3,011,357
- - 29,036 -
12,111 - - 36,465
2,271,705 733,813
2.992,956 2,325,258 4,085,538
459,437 - 3,722,591 -
2,194,147 - - 2,346,481
1.396.497 693,609
4,050,081 3,722,591 3.040,090
$ 7.043.037 - 6.047.849 7.125.628
See accompanying notes to financial statements.
2
I
Proprietary
Account
groups
fund type
General
General
Totals
Fixed
Long -term
(memorandum
only)
Enterprise
Assets
Debt
1987
1986
109,480
-
-
279,151
304,776
-
-
-
10,425,125
18,890,550
904,380
-
-
1,143,223
919,104
1,511
-
-
3,017,997
4,053,272
281,684
-
-
281,684
31,929
245,000
-
-
5,906,816
15,401,408
-
-
-
522,387
375,710
-
-
-
19,522
15,285
646,290
-
-
653,790
671,562
400
-
-
155,564
541,546
18,215,395
35,591,779
-
53,807,174
46,454,929
-
-
3,722,591
3,752,591
3,812,536
35.591.779
24,011,600
23,981,600
103,946,624
25,594,668
117.067,275
20.404,140
27,734,191
319,143
246,536
5,225
255,077
1,150,000
1,975,981
35,591,779
296,836
145,445
17,985,878
18,428,159 35,591,779
979,485
5,906,816
29,036
- 53,801
484,191 484,191
- 3,260,595
27,250,000 28,400,000
27,734,191 39,113,924
- 35,591,779
- 296,836
- 145,445
- 17,985,878
- 4,182,028
- 4,540,628
2,090,106
64,832,700
1,727,193
89,774
15,401,408
89,172
160,261
457,204
4,353,087
30,185,000
52,463,099
28,178,976
145,445
18,122,577
4,490,625
12,755,483
911,070
64,604,176
20,404.140 35,591,779 .27,734,191 103,946.624 117,067,275
3
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenditures
and Changes in Fund Balance - All Governmental Fund Types
Year ended December 31, 1987
(with comparative totals for year ended December 31, 1986)
See accompanying notes to financial statements.
4
Governmental fund
Special
Debt
General
Revenue
Service
Revenues:
Taxes (note 3)
$ 6,8.90,876
-
-
Special assessments
-
-
1,377,455
Licenses and permits
710,282
-
-
Intergovernmental
2,039,753
3,367
-
Charges for services
652,389
-
-
Fines and forfeitures
515,172
-
-
Interest on investments
203,412
6,395
9,869
Sales and rental of property
52,495
-
-
Miscellaneous
117,530
50,227
Total revenues
11,181,909
9,762
1,437,551
Expenditures:
Current:
General government
1,425,939
-
-
Public safety
4,762,906
-
-
Public works
2,209,872
-
-
Parks
1,369,848
-
-
Unallocated general
340,300
-
-
Other
50,839
-
500
Capital outlay:
General government
26,737
-
-
Public safety
322,132
-
-
Public works
271,756
-
-
Parks
62,766
-
-
Debt service:
Bond principal
-
-
1,700,000
Interest and fiscal charges
-
-
2,299,429
Total expenditures
10,843,095
-
3,999,929
Excess (deficiency) of revenues
over expenditures
338,814
9,762
(2,562,378)
Other financing sources (uses):
Proceeds from issuance of bonds
-
-
-
Operating transfers in
568,735
-
2,472,433
Operating transfers out
(459,011)
(168,735)
-
Parkland dedication
92,205
-
-
Parkland dedication for Edina HRA
351,428
-
-
Total other financing sources (uses)
553,357
(168,735)
2,472,433
Excess of revenues and other
financing sources over (under)
expenditures and other uses
892,171
(158,973)
(89,945)
Fund balance - January 1
3,157,910
158,973
3,812,536
Fund balance - December 31
$ 4.050.081
-
3.722,591
See accompanying notes to financial statements.
4
types Totals
Capital (memorandum only)
Pro iects 1987 1986
1,595,564 8,486,440 7,850,460
410,507 1,787,962 1,251,456
- 710,282 695,898
966,622 3,009,742 3,176,762
- 652,389 772,920
- 515,172 401,203
565,552 785,228 1,319,021
100,000 152,495 135,871
14,352 182,109 58,865
3,652,597 16,281,819 15,662,456
- 1,425,939 1,383,353
- 4,762,906 4,520,851
- 2,209,872 2,444,260
- 1,369,848 1,068,170
- 340,300 350,475
817,308 868,647 825,817
26,737 -
322,132 448,496
- 271,756 235,423
8,809,536 8,872,302 8,760,031
1,700,000 1,650,000
2,299,429 1,921,172
9,626,844 24,469,868 23,608,048
(5,974,247) (8,188,049) (7,945,592)
459,011 3,500,179
(2,472,433) (3,100,179)
92,205
351,428
(2,013,422) 843,633
8,424,295
4,073,711
(2,376,699)
143,451
148,279
10,413,037
(7,987,669) (7,344,416) 2,467,445
11,027,759 18,157,178 15,689,733
3.040.090 10.812.762 18,157,178
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, .1987
(with comparative totals for year ended December 31, 1986)
General
Variance -
favorable
Budget Actual (unfavorable)
Revenues:
in
625,000 568,735
(56,265)
Taxes
$ 6,982,518
6,890,876
(91,642)
Licenses and permits
596,900
710,282
113,382
Intergovernmental
1,929,164
2,039,753
110,589
Charges for services
656,109
652,389
(3,720)
Fines and forfeitures
420,000
515,172
95,172
Interest on investments
65,000
203,412
138,412
Sales and rental of property
10,000
52,495
42,495
Miscellaneous
57,000
117,530
60,530
Total revenues
10,716,691
11,181,909
465,218
Expenditures:
Current:
General government
1,406,667
1,425,939
(19,272)
Public safety
4,801,350
4,762,906
38,444
Public works
2,490,367
2,209,872
.280,495
Parks
1,375,883
1,369,848
6,035
Unallocated general
333,427
340,300
(6,873)
Other
94,100
50,839
43,261
Capital outlay:
General government
20,635
26,737
(6,102)
Public safety
288,888
322,132
(33,244)
Public works
339,984
271,756
68,228
Parks
85,390
62,766
22,624
Total expenditures
11,236,691
10,843,095
393,596
Excess (deficiency) of
revenues over expenditures (520,000) 338,814 858,814
Other financing sources:
Operating transfers
in
625,000 568,735
(56,265)
Operating transfers
out
(105,000) (459,011)
(354,011)
Parkland dedication
- 92,205
92,205
Parkland dedication
for Edina HRA
- 351,428
351,428
Total other
financing sources
520,000 553,357
33,357
Excess (deficiency) of reve-
nues and other financing
sources over expenditures
and other financing uses $ - 892,171 2�1Z1
Fund balance - January 1 3,157,910
Fund balance - December 31 $ 4.050,081
See accompanying notes to financial statements.
6
7
Totals
(memorandum
only)
Special Revenue
1987
1986
Variance -
Variance -
favorable
favorable
Budget Actual
(unfavorable)
Budget
Actual
(unfavorable)
Actual
- -
-
6,982,518
6,890,876
(91,642)
6,437,526
- -
-
596,900
710,282
113,382
695,898
225,000 3,367
(221,633)
2,154,164
2,043,120
(111,044)
2,027,833
- -
-
656,109
652,389
(3,720)
772,920
- -
-
420,000
515,172
95,172
401,203
- 6,395
6,395
65,000
209,807
144,807
95,091
- -
-
10,000
52,495
42,495
35,871
57,000
117,530
60,530
47,735
225,000 9,762
(215,238)
10,941,691
11,191,671
249,980
10,514,077
- -
-
1,406,667
1,425,939
(19,272)
1,383,353
_ _
-
4,801,350
4,762,906
38,444
4,520,851
- -
-
2,490,367
2,209,872
280,495
20444,260
- -
-
1,375,883
1,369,848
6,035
1,068,170
- -
-
333,427
340,300
(6,873)
350,475
- -
-
94,100
50,839
43,261
267,339
-
20;635
26,737
(6,102)
-
_ _
_
288,888
322,132
(33,244)
448,496
- -
-
339,984
271,756
68,228
235,423
85,390
62,766
22,624
153,142
11,236,691
10,843,095
393,596
10,871,509
225,000 9,762
(215,238)
(295,000)
348,576
643,576
(357,432)
- -
-
625,000
568,735
(56,265)
675,000
(225,000) (168,735)
56,265
(330,000)
(627,746)
(297,746)
(225,000)
- -
-
-
92,205
92,205
143,451
351,428
351,428
148,279
(225,000) (168,735)
56,265
295,000
384,622
89,622
741,730
- (158,973)
(2Z )
-
733,198
733"198
384,298
158,973
3,316,883
4,050,081
2,932,585
3.316,883
7
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings - All Proprietary Fund Types
Year ended December 31, 1987
(with comparative totals for year ended December 31, 1986)
Enterprise funds
1987 1986
Sales and cost of sales:
Sales
2,187,999
$ 5,103,281
5,059,174
Cost of
sales
4,122,532
4,072,194
903,971
Gross profit
980,749
986,980
Operating
revenues:
445,260
Depreciation
Charges
for services
5,712,503
4,456,324
5,889,964
Total gross profit and
(51,132)
(446,660)
Miscellaneous
operating revenues
6,693,252
5,443,304
Operating expenses:
Disposal charges
2,187,999
1,972,985
Personal services
1,708,399
1,571,282
Contractual services
1,084,935
903,971
Commodities
561,352
416,341
Central services
578,410
445,260
Depreciation
623,289
580,125
Interest and fiscal charges
6,744,384
5,889,964
Operating loss
(51,132)
(446,660)
Nonoperating revenues (expenses):
Interest on investments
93,087
54,164
Discounts
65,910
52,049
Current value credit - MWCC
61,020
61,021
Rental income
7,960
7,965
Federal aid
51,816
-
Donations
12,592
30,143
Interest and fiscal charges
(97,690)
(99,512)
Subsidy from general fund
98,047
89,522
Miscellaneous
10,046
14,977
Total nonoperating revenues
302,788
210,329
Income (loss) before operating
transfers and contributions
251,656
(236,331)
Add depreciation on contributed assets 11,645 -
Operating transfers out (400,000) (450,000)
Property and equipment contributed
by special assessments - 363,906
(388,355) (86,094)
Net loss (136,699) (322,425)
Retained earnings - January 1 18,268,022 18,590,447
Retained earnings - December 31 $ 18,131,323 18,268.022
See accor.panying notes to financial statements.
8
CITY OF EDINA, MINNESOTA
Combined Statement of Changes in Financial Position -
All Proprietary Fund Types
Year ended December 31, 1987
(with comparative totals for year ended December 31, 1986)
Sources of working capital:
Operations:
Net .income (loss)
Add items not requiring working capital:
Depreciation
Working capital provided by operations
Contributed capital
Decrease in other assets
Contributions in aid to construction
Increase in deposits
Reduction in notes receivable
Total sources of working capital
Uses of working capital:
Decrease in deposits payable
Decrease in other liabilities
Additions to property and equipment
Reduction of long -term debt
Transfers to other funds
Total uses of working capital
Enterprise funds
1987 1986
$ 251,656 (236,331)
623,289
580,125
874,945
343,794
308,481
-
48,862
46,983
-
363,906
-
10,916
5,322
5,321
1,237,610
770,920
13,870
-
48,862
46,983
562,731
1,369,146
35,000
50,000
400,000
450,000
1,060,463
1,916,129
Net increase (decrease) in working capital $ 177.147 (1.145,209)
Elements of 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
See accompanying notes to financial statements.
9
435,845 (1,404,382)
(806,333) (110,324)
235,195
1,921
(52,467)
37,926
(15,272)
(132,326)
(252,054)
223,738
310,496
398,164
271,737
(159,926)
50,000
$ r 177.147
(1.145,209)
CITY OF EDINA, MINNESOTA
Notes to Financial Statements
December 31, 1987
(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, sanita-
tion, health and social services, culture- recreation, public improve-
ments, 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 Report -.
ing Entity as adopted by the Governmental Accounting Standards
Board Statement No. 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 respon-
sibility for funding deficits. The City, 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 legisla-
tive branches. Control by or dependence on the City was deter-
mined 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 account-
ing 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 expendi-
tures, 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
five 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 pur-
poses.
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).
(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 pri-
marily 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" measure-
ment 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 "avail-
able spendable resources ". Governmental fund operating state-
ments 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 sum-
mary 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 exception to this
general rule are for revenue bonds, which are accounted for in
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 recogni-
tion 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 costs of distribution
systems, sewer mains and lift stations which are paid for by
assessments against benefited property.
D. Basis of Accounting
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 tim-
ing 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 is
incurred. Exceptions to this general rule include: (1) accu-
mulated 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. 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 trans-
fers of resources to provide services, construct assets and
service debt. The governmental and proprietary funds' finan-
cial statements generally reflect such transactions as trans-
fers. 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 gov-
ernmental 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 fol-
lowing 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 resolu-
tion by the City Council.
4. Formal budgetary integration is employed as a management
control device during the year for the General and Spe-
cial 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 employ-
ees are entitled to vacation and sick pay based on length of
employment and the payment thereof is treated as an expendi-
ture in the period paid. The amount of accrued leave at
December 31, 1987 for vacation and sick pay was $484,191 and
$1,849,881, 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 memoran-
dum only to indicate that they are presented only to facili-
tate financial analysis. Data in these columns do not present
financial position, results of operations, or changes in finan-
cial position in conformity with generally accepted accounting
principles. Neither is such data comparable to a consolida-
tion. Interfund eliminations have not been made in the aggre-
gation 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.
Investments
The City's investments are stated at cost: Commercial paper is stated
at amortized costs.
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.
Insured certificates of deposit
Commercial paper:
Uninsured, unregistered and held
by Dain Bosworth in City's name
Government securities held in City's
name:
United States Treasury Notes
United States Treasury Bond
Federal National Mortgage
Association
Government National Mortgage
Association
Federal Home Loan Bank
Government Strips
Money Markets
Total investments
16
Carrying Market
amount value Category
$ 495,000 495,000 1
3,275,174 3,356,515 2
1,483,859 1,460,507 2
101,875 95,125 2
2,841,406 2,771,540 2
294,448
Carrying
Bank
1,423,500
amount
balance
Certificate of deposit
$ 132,195
132,195
Checking accounts:
145,269
2
Insured FDIC
83,952
200,000
Uninsured, collateral held by
(Continued)
bank in City's name
-
67,166
Change funds
7,545
-
Petty cash and uninsured collateral
held by bank in Edina HRA's name
55,459
55,559
Total cash
$ 279.151
454,920
Investments
The City's investments are stated at cost: Commercial paper is stated
at amortized costs.
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.
Insured certificates of deposit
Commercial paper:
Uninsured, unregistered and held
by Dain Bosworth in City's name
Government securities held in City's
name:
United States Treasury Notes
United States Treasury Bond
Federal National Mortgage
Association
Government National Mortgage
Association
Federal Home Loan Bank
Government Strips
Money Markets
Total investments
16
Carrying Market
amount value Category
$ 495,000 495,000 1
3,275,174 3,356,515 2
1,483,859 1,460,507 2
101,875 95,125 2
2,841,406 2,771,540 2
294,448
262,299
2.
1,423,500
1,471,975
2
364,594
368,119
2
145,269
145,269
2
$ 10.425.125
10.426.349
(Continued)
CITY OF EDINA, MINNESOTA
(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 respon-
sible 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 prac-
tice, current and delinquent taxes received by the City in July and
December are recognized as revenue for the current year. Taxes col -
lected by the County by December 31 (remitted to the City the follow-
ing January) and taxes and credits not received at the normal time are
classified as delinquent and unremitted taxes receivable. The delin-
quent receivables are fully offset by an allowance for uncollectible
taxes because they are not available to finance current expenditures.
(Continued)
17
CITY OF EDINA, MINNESOTA
(4) Changes in General Fixed
Assets
A summary of changes in
general fixed
assets during 1987 follows:
Balance
Balance
January 1
Additions
Deletions
December 31
Land $
2,281,017
-
-
2,281,017
Land improvements
1,769,287
56,461
-
1,825,748
Buildings
1,869,340
-
-
1,869,340
Furniture and
fixtures
370,456
26,354
-
396,810
Vehicles
321,740
31,712
48,224
305,228
Miscellaneous
equipment
175,621
2,300
-
177,921
Park equipment
391,550
62,766
10,849
443,467
Highway equipment
1,897,207
271,472
36,254
2,132,425
Police equipment
591,951
173,020
16,826
748,145
Fire equipment
1,086,909
152,541
-
1,239,450
Election equipment
131,320
-
-
131,320
Engineering
equipment
73,681
19,555
5,146
88,090
Traffic signals
equipment
91,706
-
-
91,706
Tools
5,812
-
-
5,812
Parks
3,418,561
4,113
-
3_,422,674
Construction in
progress
4,113
-
4,113
-
14,480,271
800,294
121,412
15,159,153
Land and public
improvements -
Edina HRA
Total
13,698,705 7,042,402
$ 28,178,976 .7.842.696
18
308,481 20,432,626
$ 35,591.779
(Continued)
CITY OF EDINA, MINNESOTA
A summary of proprietary fund property and equipment at December 31,
1987 follows:
Net book value $ 18.215,395
(5) Long -term Debt
Bonded Debt
The City has three types of bonded debt outstanding at December 31,
1987 -: taa increment - bonds,— improvement bonds - and - revenue- bonds.
The first type of bond is payable solely from tax increment monies with
any deficiency to be provided for by 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:
Tax Increment Bonds
Improvement Bonds
Revenue Bonds
Total
Maturities Interest rates
1988-2006 5.20 - 11.00%
1988-1996 4.50 -8.75
1989 -2000 3.50 -8.70
19
Balance
December 31,
1987
$ 22,000,000
5,250,000
1,150,000
$ 28,400,000
(Continued)
Enterprise
Property and equipment
fund
Land
$ 285,341
Golf course
889,672
Land improvements
157,260
Water distribution system
9,223,309
Sewer collection system
10,760,089
Major recreation facilities
3,588,214
Major water facilities
2,569,639
Buildings - liquor stores
729,769
Furniture, fixtures and equipment
1,383,775
Vehicles
160,552
Construction in progress
31,689
29,779,309
Less accumulated depreciation
11,563,914
Net book value $ 18.215,395
(5) Long -term Debt
Bonded Debt
The City has three types of bonded debt outstanding at December 31,
1987 -: taa increment - bonds,— improvement bonds - and - revenue- bonds.
The first type of bond is payable solely from tax increment monies with
any deficiency to be provided for by 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:
Tax Increment Bonds
Improvement Bonds
Revenue Bonds
Total
Maturities Interest rates
1988-2006 5.20 - 11.00%
1988-1996 4.50 -8.75
1989 -2000 3.50 -8.70
19
Balance
December 31,
1987
$ 22,000,000
5,250,000
1,150,000
$ 28,400,000
(Continued)
CITY OF EDINA, MINNESOTA
Changes in long -term debt during the year were as follows:
Balance Balance
January 1, December 31,
1987 Increases Decreases 1987
Tax Increment Bonds $ 22,650,000 - 650,000 22,000,000
Improvement Bonds 6,300,000 - 1,050,000 5,250,000
Revenue Bonds 1,235,000 - 85,000 1,150,000
Compensated absences 457,204 26,987 - 484,191
$ X0.642.204 1,785,000 28,884,191
The City has the following revenue bonds outstanding at December 31,
1987:
Golf Course Bonds, Series 1985
I6�
This, general obligation revenue bond issue is payable from the Golf
Course 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 Decem-
ber 31, 1987, including interest payments of $21,472,065 are as
follows:
Year ending
Tax
December 31
Increment
Improvement
Revenue
Total
1988*
$ 1,932,618
500,925
46,063
2,479,606
1989
2,634,405
1,475,150
140,500
4,250,055
1990
2,560,967
1,392,400
137,187
4,090,554
1991
2,535,700
731,050
133,725
3,400,475
1992
2,556,000
692,150
130,125
3,378,275
1993 -2006
29,158,825
1,812,275
1,302,000
32,273,100
$ 41.378.515
6.603.950
1,889.600
49.8,72.065
The City is in compliance with all significant bond covenants.
*Principal and interest due January 1, 1988 was paid in December 1987.
(Continued)
20
CITY OF EDINA, MINNESOTA
Long -term Debt - Other
The City 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 9,176_,990
Captured assessed value:
Retained by authority 5,960,886
Shared with other taxing districts None
General.obligation redevelopment
bonds issued 2,200,000
Total loans incurred None
Amounts redeemed 900,000
Outstanding bonds and loans at
December 31, 1987 $ ,1.300.000
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
Current assessed value
Captured assessed value:
Retained by authority
Shared with other taxing districts
General obligation tax increment
bonds issued
Total loans incurred
Amounts redeemed
Outstanding bonds and loans at
December 31, 1987
21
$ 2,788,292
18,344,823
15,556,531
None
20,500,000
None
1,800,000
$ 18,700.000
(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 $ 4,404,120
Current assessed value 6,030,184
Captured assessed value:'
Retained by authority 1,626,064
Shared with other taxing districts None
General obligation redevelopment
bonds issued 2,000,000
Total loans incurred None
Amounts redeemed None
Outstanding bonds and loans at
December 31, 1987 $ 2.000.000
(6) Metropolitan Waste Control Commission
The receivable and corresponding deferred revenue of the enterprise
funds from the Metropolitan Waste Control Commission (the Commission)
in the amount of $255,077, 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 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) Notes and Contracts Receivable
The City has sold real estate for notes and contracts receivable, the
balances of which were $26,607 in the Liquor Fund and $19,522 in the
General Fund at December 31, 1987. Maturity dates range from 1987 to
1992 with interest rates from 7 to 12 percent..
(Continued)
22
CITY OF EDINA, MINNESOTA
(8) Retirement Plan
A. Defined Benefit Pension Plans - Statewide
1. Plan Description
All full -time and certain part -time employees of the City are
covered by defined benefit pension plans administered by the
Public Employees Retirement Association of Minnesota (PERA).
The PERA administers the Public Employees Retirement Fund and
the Public Employees Police ` and Fire Fund which are.
cost - sharing multiple - employer public employee retirement
systems. The payroll for employees covered by PERA plans for
the year 'ended December 31, 1987 was $7,337,789; the City's
total payroll was $7,900,782.
All full -time employees and certain part -time employees are
eligible to participate in the PERA plans. Public Employees
Retirement Fund members belong to either the Coordinated Fund
or the Basic Fund. Coordinated members are covered by Social
Security and Basic members are not. All police officers, fire
fighters and peace officers who qualify for membership by
statute are covered by the Police and Fire Fund. The PERA
plans provide pension benefits, deferred annuity, and death
and disability benefits. Benefits are established by State
Statute.
Retirement benefits for members of the Basic and Coordinated
Funds are as follows:
(a) When age plus years of service equal 90, the full
unreduced normal annuity is payable.
(b) As early as age 55 with at least five years of paid
service credit; annuity reduced 1/4 percent for each
month under age 65.
(c) Any age with at least 30 years, reduced by 1/4 percent
for each month under age 62.
(d) Age 65 or older with at least one but less than five
years of paid service credit (proportionate
annuity). Must terminate service at age 65 or older.
(e) Age 55 with at least five years of paid service credit
or any age with at least 30 years representing PERA
service combined with other fund coverage.
(Continued)
23
CITY OF EDINA, MINNESOTA
Retirement benefits for members of the Police and Fire Funds are
as follows:
(a) When age plus years of service equal 90, the full
unreduced normal annuity is payable.
(b) Age 55 or older with at least five years' service
credit.
(c) Age 55 or older with at least five years paid service
credit representing PERA service combined with other
fund coverage.
(d) Age 65 or older with at least one year of paid service
credit (proportionate annuity). Must terminate
service at age 65 or older.
A member who terminates public service with five or more years
of credited allowable service may leave his or her amount in
the fund to qualify for an annuity at retirement age. The
annuity as determined under the formula will be increased from
the first of the month following date of termination at
prescribed interest rates. The former member may accept a
refund at any time prior to the date retirement annuity begins.
The funds also provide various death and disability benefits,
whereby the disabled employee or surviving spouse is entitled
to receive amounts determined as defined by the funds.
2. Contributions Required and Made
Covered employees are required by State Statute to contribute
fixed percentages of their gross earnings to the pension
plans. The City makes annual contributions to the pension
plans equal to the amount required by State Statutes. Current
contribution rates for the plans are as follows:
Additional
Employee Employer employer
Public Employees Retirement
Fund:
Basic Fund 8% 8% 2 -1/2%
Coordinated Fund 4 4 1/4
Police and Fire Fund 8 12 -
Total contributions made during fiscal year 1987 amounted to
$971,171, of which $552,089 was made by the City and $419,082
was made by employees. These contributions represented .075
percent (City) and .057 percent (employees) of the covered
payroll.
(Continued)
24
CITY OF EDINA, MINNESOTA
3. Funding Status and Progress
The "pension benefit obligation" is a standardized disclosure
measure of the present value of pension benefits, adjusted for
the effects of projected salary increases and step -rate
benefits, estimated to be payable in the future as a result of
employee service to date. The measure, which is the actuarial
present value of credited projected benefits, is intended to
help users assess the PERA's funding status on a going- concern
basis, assess progress made in accumulating sufficient assets
to pay benefits when due, and make comparisons among Public
Employees Retirement Systems and employers. The PERA does not
make separate measurements of assets and pension benefit
obligation for individual employers.
The pension benefit obligations of the PERA as of June 30, 1987
were as follows:
Total pension benefit
Net assets available
at market
Public
Public
Employees
Employees
Retirement
Police and
Fund
Fire Fund
(in millions)
obligations $ 2,839 437
for benefits,
2,382
Unfunded pension benefit obligation $Z)
The actuarial calculations of annual contributions include
amounts that would be required to achieve full (100 percent)
funding by the year 2009.
The measurement of the pension benefit obligation is based on an
actuarial valuation as of June 30, 1987. Net assets available
to pay pension benefits were valued as of June 30, 1987.
The City's contribution for the year ended June 30, 1987 to PERA
plans represented .93 percent of total contributions required
of all participating entities.
Ten -year historical trend information is presented in PERA's
State PERS Comprehensive Annual Financial Report for the year
ended June 30, 1987. This information is useful in assessing
the pension plan's accumulation of sufficient assets to pay
pension benefits as they become due.
(Continued)
25
CITY OF EDINA, MINNESOTA
4. Related Party Investments
During 1987 and as of June 30, 1987 PERA held no securities
issued by the City or other related parties.
B. Federal Insurance Contribution Act (Social Security) - approximately
60% of the permanent City employees are covered by Social
Security. The 1987 contribution rate was 7.15% on $43,800 in
wages, and the 1986 contribution rate was 7.15% on $42,000 in
wages. The cost of Social Security in 1987 and 1986 was $285,922
and $272,680, respectively. In 1986 the Federal Insurance Contri-
bution .Act was expanded to new part -time employees, police and
fire employees for medical coverage. The contribution rate was
1.45% and the cost of Medicare in 1987 and 1986 was $8,190 and
$4,601, respectively.
(9) Change in Accounting for Special Assessments
The City has implemented the provisions of Statement No. 6 of the Gov-
ernmental . Accounting Standards Board, "Accounting and Financial
Reporting for Special Assessments." In the past, special assessments
(improvement) projects and related debt were accounted for in special
assessment funds in a separate fund type. Statement No. 6 provides
that such projects are to be accounted for in capital projects funds,
and the general obligation debt is to be accounted for in the general
long -term debt account group and related debt service funds.
The change in accounting for special assessments has been applied retro-
actively in the accompanying financial statements. The effect of the
change was to eliminate the special assessment fund, increase (de-
crease) the January 1, 1986 fund balances in the debt service fund
type and capital projects fund type by $1,518,616 and $(2,936,924),
respectively, and transfer the special assessments (general obliga-
tion) bonds outstanding of $4,900,000 at January 1, 1986, to the
general long -term debt account group.
Individual fund balances were restated as follows:
As previously
Fund reported
Special Assessment Funds $ 337,387
Debt Service Funds -
Capital Projects Funds -
26
As restated
3,578,986
(4,270,141)
(Continued)
CITY OF EDINA, MINNESOTA
Additionally, as a result of this change, the excess of revenues and
other sources over expenditures and other uses for the debt service
fund type increased (decreased) $(56,395) and $1,920,509 in 1987 and
1986, respectively, and for the capital projects fund type decreased
$(704,038) and $(1,473,998) in 1987 and 1986, respectively.
Individual funds were affected as follows:
Fund
Debt Service Funds - Improvement Bond
Redemption II Fund
Capital Projects Funds - Revolving Fund
27
Increase Increase
(decrease) (decrease)
1987 1986
$ (56,395) 1,920,509
(704,038) (1,473,998)
(Continued)
CITY OF EDINA, MINNESOTA
(10) Segment Information for Enterprise Funds
The City maintains enterprise funds for utility (water and sewer) ser-
vices 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 infor-
mation for the year ended December 31, 1987 is as follows:
Sales (less cost
of $4,122,532)
Operating
revenues
Depreciation
Operating income
(loss)
Nonoperating
revenues
Operating trans-
fers out
Net income (loss)
Property additions
Net working
capital.
Bonds payable
Total assets
Total equity
Other Total
Enterprise Enterprise
Utility Liquor Funds Funds
$ - 980,749 - 980,749
4,053,788 - 1,658,715 5,712,503
381,600 42,086 199,603 623,289
(73,681) 245,743 (223,194) (51,132)
95,656 67,676 139,456 302,788
- (400,000) - (400,000)
21,975 (86,581) (72,093) (136,699)
113,999 - 448,732 562,731
2,356,053 218,974 (1,228,672) 1,346,355
- - 1,150,000 1,150,000
16,759,588 1,087,878 2,556,674 20,404,140
16,437,463 935,145 1,055,551 18,428,159
(11) 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 Decem-
ber 31, 1987 there was no unfunded liability.-
(Continued)
28
CITY OF EDINA, MINNESOTA
(12) Interfund Receivable and Payable Balances
Interfund receivables and payables as of December 31, 1987 were as
follows:
Interfund
Interfund
Fund
receivables
payables
General (including amount due Edina
Housing and Redevelopment Authority)
$ 284,347
2,633,642
Debt Service:
General Debt Service
200,000
-
Improvement Bond Redemption - II
2,556,011
15,281
Capital Projects Funds:
Construction
2,339
3,005,696
�- Housing Redevelopment Authority of Edina
2,418,699
-
Revolving
200,420
5,661
Enterprise:
Utilities
-
1,536
Golf course
-
245,000
Recreation center
245,000
$ 5.906.816
5.906.816
(13) Reserved or Designated Fund Equity
The following fund equity balances as of December 31, 1987
have been
reserved or designated for the reasons noted
below:
General Fund:
Reserved for commitments
$ 459,437
Unreserved - designated:
Designated for dedicated funds
1,984,689
Bond proceeds designated for
construction
95,007
Other
114,451
` Total General Fund
2,194,147
Debt Service Funds:
Reserved for debt service
3,722,591
Capital Projects Funds:
Designated for housing and redevelopment
projects
2,346,481
Enterprise funds:
Golf Course Fund:
Reserved for debt service
145,445
Total fund equity reservations
$ 8.868,101
29
CITY OF EDINA, MINNESOTA
(14) Fund Deficiencies /Deficits
Expenditures exceeded revenues in certain individual funds for the year
ended December 31, 1987 as follows:
Special Revenue Fund $ 158,973
General Debt Service Fund 33,550
Improvement Bond Redemption II Fund 56,395
Housing and Redevelopment Authority of Edina
Fund 8,504,309
Construction Fund 704,038
Liquor Fund 86,581
Swimming Pool Fund 16,125
Gun Range Fund 1,168
Edinborough Park Fund 196,101
The Recreation Center Fund has a retained earnings deficit of $193,894
at December 31, 1987. Currently there are no plans to fund this
deficit. The Construction Fund has a $4,974,179 fund balance deficit
which will be funded through future receipts of state aid, special
assessments and internal financing.
(15) ContinQencie
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.
(16) Presentation
Certain amounts for the year ended December 31, 1986 have been reclassi-
fied to conform to the presentation of the amounts at December 31,
1987.
30
COMBINING AND INDIVIDUAL FUND
AND ACCOUNT GROUP
FINANCIAL STATEMENTS
31
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 operat-
ing 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.
32
CITY OF EDINA, MINNESOTA
General Fund
Balance Sheet
December.31, 1987
(with comparative amounts for December 31, 1986)
Assets
1987
1986
Petty cash and change funds
$ 1,070
1,070
Cash
769,844
840,194
Investments
5,180,645
13,759,300
Taxes receivable:
Delinquent
189,063
93,910
Allowance for uncollectible taxes
(189,063)
(93,910)
Accounts receivable
102,558
222,417
Due from other funds
284,347
203,681
Due from other governments
522,387
71,771
Contracts receivable
.19,522
15,285
Inventory
7,500
10,000
Prepaid expenses
155,164
289,092
Total assets
$ 7.043.037
15,412.810
Liabilities and Fund Balance
Liabilities:
Accounts payable
347,203
393,106
Contracts payable
-
900
Due to other funds
2,633,642
11,720,384
Due to other governments
-
35,809
Deposits payable:
Dedicated funds
12,111,
104,701
Total liabilities
2,992,956
12,254,900
Fund balance:
Reserved
459,437
519,116
Unreserved:
Designated
2,194,147
1,904,693
Undesignated
1,396,497
734,101
Total fund balance
4,050,081
3,157,910
Total liabilities and fund balance
$ 7,04®
15,412,810
33
CITY OF EDINA, MINNESOTA
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual .
Year ended December 31, 1987
(with comparative actual amounts for year ended December 31, 1986)
1987 1986
Variance -
favorable
Budget Actual (unfavorable) Actual
Revenues:
1,425,939
4,801,350
Taxes
$ 6,982,518
6,890,876
Licenses and permits
596,900
710,282
Intergovernmental
1,929,164
2,039,753
Charges for services
656,109
652,389
Fines and forfeitures
420,000
515,172
Interest on investments
65,000
203,412
Sales and rental of property
10,000
52,495
Miscellaneous
57,000
117,530
Total revenues
10,716,691
11,181,909
Expenditures:
Current:
General government
Public safety
Public works
Parks
Unallocated general
Other
Capital outlay:
General government
Public safety
Public works
Parks
Total expenditures
Excess (deficiency)
of revenues over
expenditures
Other financing sources (uses):
Operating transfers in:
Revenue Sharing Fund
Liquor Fund
Operating transfers out:
Capital Projects Fund
Parkland dedication
Parkland dedication for
Edina HRA
Total other
financing sources
Excess of revenues
and other finan-
cing sources over
expenditures and
1,406,667
1,425,939
4,801,350
4,762,906
2,490,367
2,209,872
1,375,883
1,369,848
333,427
340,300
94,100
50,839
20,635
26,737
288,888
322,132
339,984
85,390
11,236,691
271,756
62,766
10,843,095
(520,000) 338,814
225,000 168,735
400,000 400,000
(105,000) (459,011)
92,205
351,428
520,000 553,357
other financing uses - 892,171
Fund balance - January 1 3,157,910 3,157,910
Fund balance - December 31 $ 3.157.910 4.050.081
34
(91,642)
113,382
110,589
(3,720)
95,17.2
138,412
42,495
60,530
465,218
(19,272)
38,444
280,495
6,035
(6,873)
43,261
(6,102)
(33,244)
68,228
22,624
393,596
858,814
(56,265)
(354,011)
92,205
351,428
33,357
6,437,526
695,898
1,903,714
772,920
401,203
89,305
35,871
47,735
10,384,172
1,383,353
4,520,851
2,444,260
1,068,170
350,475
267,339
448,496
235;423
153.142
10,871,509
(487,337)
225,000
450,000
143,451
148,279
966,730
r
892,171 479,393
2,678,517
3.157.910
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Revenues - Budget and Actual
Year ended December 31, 1987 .-
(with comparative actual amounts for year ended December 31, 1986)
Taxes:
General property tax $
Penalties and interest
Total taxes
Licenses and permits
Intergovernmental:
Federal aid
State grants:
Local government aid
Homestead credit
State highway aid
Police aid
Other state aid
County grants:
Health programs
Total intergovern-
mental
Charges for services:
Engineering, clerical
charges and searches
Planning fees
False alarms.
Housing and Redevelopment
Authority
Charges to other funds
Ambulance service
Other
Total charges for
services
Fines and forfeitures
Miscellaneous:
Interest
Sales and rental of property
Donations
Other
Registration fees
Total miscellane-
ous 132,000 373,437
$ 10.716.691 11.181.909
99,001 5,701 95,757
2,039,753 110,589 1,903,714
120,000
1987
7,500
1986
24,500
29,507
Variance -
61,891
92,000
92,220
favorable
290,019
59,560
Budget
Actual
(unfavorable)
Actual
4
6,947,518
6,869,051
(78,467)
6,409,586
35,000
21,825
(13,175)
27,940
6,982,518
6,890,876
(91,642)
6,437,526
596,900
710,282
113,382
695,898
20,000
13,202
(6,798)
21,287
550,416
549,704
(712)
550,444
1,097,448
1,097,448
-
1,036,946
58,000
102,832
44,832
57,300
110,000
177,566
67,566
140,005
-
-
-
1,975
99,001 5,701 95,757
2,039,753 110,589 1,903,714
120,000
111,382
7,500
7,810
24,500
29,507
60,000
61,891
92,000
92,220
300,000
52,109
290,019
59,560
656,109
652,389
420,000
515,172
65,000
203,412
10,000
52,495
3,000
-
20,000
79,834
�_ZW1Z4I7
Total revenues
35
(8,618)
310
5,007
1,891
220
(9,981)
(3,720)
95,172
138,412
42,495
(3,000)
59,834
3,696
241,437
465.218
308,823
6,940
27,449
49,796
88,800
230,306
772,920
401,203
89,305
35,871
390
16,452
30,893
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1987
(with comparative actual amounts for year ended December 31, 1986)
Planning:
Personal services
113,799
1987
(9)
1986
Contractual services
11000
989
Variance -
1,565
Commodities
400
381
favorable
2,262
Central services
Budget
Actual
(unfavorable)
Actual
Capital outlay
General government:
1,061
1,375
-
Total planning
Mayor and Council:
158,059
1,396
155,289
Finance:
Personal services
$ 22,200
22,262
(62)
21,533
Contractual services
1,400
2,447
(1,047)
8,784
Commodities
500
513
(13)
540
Central services
28,620
28,620
-
12,720
Total mayor
45,300
-
41,460
Capital outlay
and council
52,720
53,842
(1,122)
43,577
225,899
Administration:
1,621
216,689
Personal services
241,000
240,707
293
221,704
Contractual services
95,190
108,733
(13,543)
52,892
Commodities
700
1,701
(11001)
969
Central services
81,720
81,720
-
68,820
Capital outlay
4,400
11,720
(7,320)
-
Total administra-
tion
423,010
444,581
(21,571)
344,385
Planning:
Personal services
113,799
113,808
(9)
116,542
Contractual services
11000
989
11
1,565
Commodities
400
381
19
2,262
Central services
41,820
41,820
-
34,920
Capital outlay
2,436
1,061
1,375
-
Total planning
159,455
158,059
1,396
155,289
Finance:
Personal services
120,000
119,091
909
116,709
Contractual services
59,000
58,977
23
57,457
Commodities
800
515
285
1,063
Central services
45,300
45,300
-
41,460
Capital outlay
799
395
404
-
Total finance
225,899
224,278
1,621
216,689
Election:
Personal services
11,144
9,615
1,529
17,838
Contractual services
6,500
5,970
530
38,140
Commodities
500
213
287
2,074
Central services
6,720
6,720
-
6,900
Total election
24,864
22,518
2,346
64,952
(Continued)
36
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
1987 1986
Variance -
favorable
Budget Actual (unfavorable) Actual
Assessing:
Personal services
$ 154,394
155,866
(1,472)
156,006
Contractual services
32,000
32,297
(297)
29,734
Commodities
800
947
(147)
524
Central services
57,060
57,060
-
52,560
Capital outlay
13,000
131561
561)
-
Total assessing
257,254
259,731
(2,477)
238,824
Legal and court services:
Contractual services
284,100
289,667
(5,567)
319,637
Total general
government
1,427,302
1,452,676
(25,374)
1,383,353
Public safety:
Police protection:
Personal services
1,868,530
1,819,490
49,040
1,800,802
Contractual services
98,050
99,168
(1,118)
_78,324
Commodities
20,600
17,071
3,529
21,737 _.
Central services
685,980
685,980
-
570,120 _.
Capital outlay
146,708
149,091
(2,383)
208,567
Total police
protection
2,819,868
2,770,800
49,068
2,679,550
Fire protection:
Personal services
1,228,369
1,231,303
(2,934)
1,170,976
Contractual services
41,000
43,615
(2,615)
53,300
Commodities
32,275
33,024
(749)
33,807
Central services
330,360
330,360
-
296,640
Capital outlay
126,430
152,541
t26,111)
219,364
Total fire
protection
1,758,434
1,790,843
(32,409)
1,774,087
Civil defense:
Personal services
13,102
13,133
(31)
16,243
Contractual services
900
921
(21)
5,568
Commodities
-
-
-
2,458
Capital outlay
-
-
-
18,918
Total civil
defense
14,002
14,054
52)
43,187
(Continued)
37
CITY OF EDINA,
MINNESOTA
General
Fund
Schedule of Expenditures - Budget and Actual, Continued
1987
1986
Variance -
favorable
Buffet
Actual
(unfavorable)
Actual
Animal control:
Personal services $
24,519
27,721
(3,202)
26,900
Contractual services
6,150
7,567
(1,417)
Commodities
3,000
3,066
(66)
3,050
Central services
12,480
12,480
-
11,040
Capital outlay
5,250
9,929
(4,679)
-
Total animal
control
51,399
60,763
364)
46,292
Public health:
Personal services
92,348
93,832
(1,484)
93,790
Contractual services
93,210
93,119
91
89,060
Commodities
2,340
2,297
43
1,232
Central services
45,900
45,900
-
37,740
Capital outlay
10,500
10,571
71)
1,647
Total public
health
244,298
245,719
(1,421)
223,469
Inspections:
Personal services
149,237
149,796
(559)
158,084
Contractual services
2,200
2,249
(49)
2,457.
Commodities
11000.
1,014
(14)
641
Central services
49,800
49,800
-
41,580
Total inspections
202,237.
202,859
22)
202,762
Total public safety
5,090,238
5,085,038
5,200
4,969,347
Public works:
__
Administration:
Personal services
63,487
64,401
(914)
62,755
Contractual services
1,200
1,606
(406)
160
Central services
27,180
27,180
-
23,700
Total administra-
tion
91,867
93,187
320)
86,615
Engineering:
Personal services
210,821
214,979
(4,158)
271,720
Contractual services
11800
2,396
(596)
81519
Commodities
7,200
7,843
(643)
10,687
Central services
89,040
89,040
-
84,060
Capital outlay
13,000
19,555
(6,555)
14,339
Total engineering
321,861
333,813
(11,952)
389,325
(Continued) _
38
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
1987 1986
Variance -
favorable
Budget Actual (unfavorable) Actual
$ 194,500 185,428
1,400 971
800 669
251,820 251,820
448,520 438,888
502,939
273,326
42,000
37,859
258,500
232,223
264,900
264,900
1,068,339 808,308
7,200
6,754
273,000
268,602
10,500
6,488
4,260 4,260
294,960 286,104
20,500 19,527
18,500 18,465
8,640 8,640
47,640 46,632
28,600
27,891
30,000
29,748
10,500
9,498
16,560
16,560
85,660 83,697
1,500 1,321
4,260 4,260
5,760 5,581
39
9,072
429
131
9,632
229,613
4,141
26,277
260,031
446
4,398
4,012
8,856
973
35
1,008
709
252
1,002
1,963
179
179
182,327
1,356
352
234,900
418,935
310,426
25,126,
291,248'.
242 700;:::
869,500
7,092
262,220..
7,765`
3,900'
280,977.
13,390
4,280
7,860
25,530
41,733
30,961
25,131
15,060
112,885
2,889
1,004
3,900
7,793
(Continued)
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
1987 1986
Variance -
favorable
Budget Actual (unfavorable) Actual
Storm drainage:
Personal services $
27,500
26,818
682
17,274
Contractual services
7,000
6,291
709
7,572
Commodities
8,500
7,791
709
4,866
Central services
16,560
16,560
-
15,060
Total storm
drainage
59,560
57,460
2,100
44,772
City properties:
Personal services
11000
434
566
74,037
Contractual services
11,000
10,734
266
68,658
Commodities
11000
644
356
12,339
Central services
23,040
23,040
-
21,000
Total city
properties
36,040
34,852
11188
176,034
Sidewalks and ramps:
Personal services
81000
7,617
383
11,362
Contractual services
24,000
22,807
1,193
29,137
Commodities
6,000
5,321
679
1,054
Central services
5,160
5,160
-
4,680
Total sidewalks
and ramps
43,160
40,905
2,255
46,233
Other expenditures:
Capital outlay
326,984
252,201
74,783
201,522
City's share of
construction projects
-
-
-
19,562
Total other
expenditures
326,984
252,201
74,783
221,084
Total public works
2,830,351
2,481,628
348,723
2,679,683
Parks:
Administration:
Personal services
242,098
253,574
(11,476)
237,916
Contractual services
7,500
9,050
(1,550)
5,547
Commodities
11400
1,440
(40)
9,508
Central services
246,360
246,360
-
182,460
Total administra-
tion
497,358
510,424
(13,066)
435,431
(Continued)
40
_..
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
41
1987
1986
Variance -
favorable
Budget
Actual
(unfavorable)
Actual
Recreation:
Baseball and softball
$ 51100
51191
(91)
3,876
Skating and hockey
20,100
20,543
(443)
26,381
Tennis instruction
9,700
10,743
(1,043)
4,919
Playground
14,200
15,385
(1,185)
14,190
Swimming instruction
19,500
22,885
(3,385)
16,113
Senior citizens
7,500
8,179
(679)
8,628
Miscellaneous and
special activities
17,975
22,634
(4,659)
8,838
Total recreation
94,075
105,560
(11,485)
82,945
Maintenance:
Mowing
76,500
74,685
1,815
56,902
Special turf care
172,500
162,373
10,127
144,815
Planting and trees
136,800
131,330
5,470
20,434
Litter removal
27,700
26,804
896
20,552
Buildings and equipment
246,450
240,573
5,877
201,146
Paths and hard surface
33,000
31,648
1,352
15,365
Skating rinks
91,500
86,451
5.049
90,580
Total maintenance
784,450
753,864
30,586
549,794
Capital outlay
85,390
62,766
22,624
56,084
.Capital improvements
-
-
-
97,058
Total parks
1,461,273
1,432,614
28,659
1,221,312
Unallocated general
expenditures:
Human Rights Commission
44,900
45,543
(643)
47,355
Historical Preservation
976
411
565
2,752
South Hennepin Human
Services Council
9,256
9,256
-
81900
Central services -
Capital outlay
-
-
-
26,059
City's share of special
assessment
59,000
58,768
232
62,877
Recycling
60,700
70,172
(9,472)
43,145
Fireworks
5,000
4,999
1
4,131
Contingencies
320000
28,755
3,245
63,734
Centennial
25,000
25,801
(801)
-
Suburban rate authority
3,500
3,500
-
2,000
Loss subsidy - operating
funds
93,095
93,095
89,522
Total unallocated
general
expenditures
333,427
340,300
(6,873)
350,475
Central services
94,100
50,839
43,261
267,339
Total expen-
ditures
$ 11.236,691
10,843,095
393.596
10,871.509
41
CITY OF EDINA, MINNESOTA
General. Fund
Schedule of Central Services Expenditures - Budget and Actual
Year ended December 31, 1987
(with comparative actual amounts for year ended December 31, 1986)
City Hall:
Personal services
117,500
1987
2,796
1986
Contractual services
29,200
28,582
Variance -
35,783
Commodities
53,500
51,090
favorable
29,209
Fixed charges
Budget
Actual
(unfavorable)
Actual
General:
7,200
6,782
418
-
Contractual services
$ 2,023,304
2,014,899
8,405
1,837,941
Commodities
27,800
24,804
2,996
17,205
Capital outlay
19,256
10,727
8,529
-
Total general
2,070,360.
2,050,430
19,930
1,855,146
City Hall:
Personal services
117,500
114,704
2,796
57,361
Contractual services
29,200
28,582
618
35,783
Commodities
53,500
51,090
2,410
29,209
Fixed charges
13,800
13,800
-
6,780
Capital outlay
7,200
6,782
418
-
Total City Hall
221,200
214,958
6,242
129,133
Public Works building:
Personal services
49,500
46,320
3,180
59,952
Contractual services
43,000
40,837
2,163
64,942
Commodities
31,500
29,771
1,729
22,446
Fixed charges
13,440
13,440
-
6,960
Total Public Works
building
137,440
130,368
7,072
154,300
Equipment operations:
Personal services
202,900
198,359
4,541
204,645
Contractual services
47,500
46,058
.1;442
59,488
Commodities
379,000
374,966
4,034
345,987
Fixed charges
227,340
227,340
-
132,480
Total equipment
operations
856,740
846,723
.10,017
742,600
Total central ser-
vices expenditures
3,285,740
3,242,479
43,261
2,881,179
Less allocation to other
activities
3,191,640
3,191,640
-
2,613,840
Net central services $
94,100
50,839,.
267.339
42
SPECIAL REVENUE 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. The program was
discontinued by the federal government in 1986.
43
CITY OF EDINA, MINNESOTA
Special Revenue Fund - Revenue Sharing Fund
Balance Sheet
December 31, 1987
(with comparative amounts for December 31, 1986)
Assets
Cash
Investments
Total assets
Fund Balance
Fund balance:
Reserved for subsequent years' budget transfer
Total fund balance
Total liabilities and fund balance
44
1987 1986
$ - (34,622)
193,595
$ - 15LJ
158,973
158,973
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, 1987
(with comparative actual amounts for year ended
December 31,
1986)
1987
1986
Variance -
favorable
Budget Actual
(unfavorable)
Actual
Revenues:
Federal Revenue Sharing Grant $ 225,000 3,367
(221,633)
124,119
Interest on investments 6,395
6,395
5,786
Total revenues 225,000 9,762
(215,238)
129,905
Other financing uses -
Operating transfer out:
General Fund 225,000 168,735
56,265
225,000
Deficiency of revenues over
other financing uses $ - (158,973)
$(9 )
(95,095)
Fund balance - January 1 158,973
254,068
Fund balance - December 31
45
DEBT SERVICE FONDS
The General 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. The
Improvement Bond Redemption II Fund was established to finance and account
for payment of principal and interest on special assessment bonds issued.
Financing of this debt service comes primarily from special assessments
levied against benefited properties.
46
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Balance Sheet
December 31, 1987
(with comparative totals for December 31, 1986)
General Improvement
Debt Bond Totals
Assets Service Redemption II 1987 1986
Cash $ - 1,017,238 1,017,238 1,102,404
Special assessments
receivable:
Delinquent -
Deferred -
Other -
Due from other funds 200,000
Total assets $
Liabilities and Fund Balance
Liabilities:
Accounts payable -
Due to other funds -
Due to other governments -
Deferred revenue
Total liabili-
ties
Fund balance:
Reserved for debt
service 200,000
Total liabili-
ties and
fund balance $ 200,000
GVl
3,721
31721
35,893
2,244,084
2,244,084
2,784,144
26,795
26,795
26,862
2,556,011
25,847,849
2,756,011
6.047.849
2,858,393
6,807,69-k
9,236
9,236
-
15,281
15,281
94,898
29,036
29,036
53,363
2,271,705
2,271,705
2,846,899
2,325,258 2,325,258 2,995,160
3,522,591 3,722,591 3,812,536
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
Year ended December 31, 1987
(with comparative totals for year ended December 31, 1986)
General Improvement
Debt Bond Totals
Service Redemption II 1987 1986
Revenues:
Special assessments
$ -
Interest on investments
-
Other
94,976
Total revenues
50,227
Expenditures:
1,437,551
Bond principal
650,000
Interest and fiscal charges
1,855,983
Other
443,446
Total expenditures
2,505,983
Deficiency of
revenues over
expenditures
(2,505,983)
Other financing sources:
Bond proceeds
-
Operating transfers in:
HRA
2,472,433
Total other
financing sources
2,472,433
Excess (deficiency) of
revenues and other
financing sources over
expenditures
(33,550)
Fund balance - January 1
233,550
Fund balance - December 31
$ 200.000
48
1,377,455
1,377,455
825,928
9,869
9,869
94,976
50,227
50,227
1,437,551
1,437,551
920,904
1,050,000
1,700,000
1,650,000
443,446
2,299,429
1,921,172
500 5,217
3,999,929 3,576,389
(56,395) (2,562,378) (2,655,485)
- 2,424,295
2,472,433 2,151,699
2,472,433 4,575,994
(56,395) (89,945) 1,920,509
3,578,986 3,812,536 1,892,027
3.522.591 3.72® 31812.536
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 enterprise funds.
Construction - This fund is used to account for the various special
assessment projects and state -aid throughout the City.
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 im-
provements as designated in the City's capital improvement budget.
49
CITY OF.EDINA, MINNESOTA
Capital Projects Funds
Combining Balance Sheet
December 31, 1987
(with comparative totals for December 31, 1986)
Assets
Cash
Investments
Accounts receivable
Special assessments receivable:
Delinquent
Deferred
Due from other funds
Total assets
Liabilities and Fund Balance
Liabilities:
Contracts payable
Accounts payable
Due to other funds
Deposits payable
Deferred revenue
Total liabilities
Fund balance:
Unreserved:
Designated
Undesignated
Total fund balance
Total liabilities
and fund .balance
Housing and
Redevelopment
Authority of Totals
Construction Edina Revolving 1987 1986
$(1,902,686) 55,459 228,746 (1,618,481) (1,277,905)
- - 5,244,480 5,244,480 4,131,322
28,135 100,111 8,039 136,285 30,115
- - 43,338 43,338 144,609
- - 698,548 698,548 1,057,640
2,339 2,418,699 200,420 2,621,458 12,041,867
$(1.872.212) 2.574.269 6.423.571 76125.628 16.1
88,874
59,806
227,788
16,309
303,903
704,448
3,005,696
-
5,661
3,011,357
3,067,853
36,465
-
-
36,465
36,465
-
-
733,813
733,813
1,202,249
3,101,967
227,788
755,783
4,085,538
5,099,889
-
2,346,481
-
2,346,481
10,850,790
(4,974,179)
-
5,667,788
693,609
176,969
(4,974,179)
2F346,481
5,667,788
3,040,090
11,027,759
$(1.872.212)
2.574.269
6.423.571
7.125.628
16.127.648
50
CITY OF EDINA, MINNESOTA
Capital Projects Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
Year ended December 31, 1987
(with comparative totals for year ended December 31, 1986)
Revenues:
Tax increments
Intergovernmental
Special assessments
Interest on investments
Rental of property
Other
Total revenues
Expenditures:
Current:
Professional fees
.Interest charges on loans
from other funds
Personal services
Other
Construction costs
Special assessments
Total expenditures
Excess (deficiency) of
revenues over
expenditures
Other financing sources (uses):
Proceeds from issuance of bonds
Operating transfer out -
General Debt Service Fund
Transfer from other funds
Total other financing
sources (uses)
Excess (deficiency) of
revenues and other
financing sources over
expenditures and other
financing uses
Fund balance - January 1
Fund balance - December 31
Housing and
Redevelopment
Authority of
Totals
Construction Edina
Revolving
1987
1986
$ - 1,595,564
-
1,595,564
1,412,934
966,622 -
-
966,622
1,148,929
- -
410,507
410,507
425,528
- 212,742
352,810
565,552
1,128,954
- -
100,000
100,000
100,000
- 12,165
2,187
14,352
11,130
966,622 1,820,471
865,504
3,652,597
4,227,475
97,874
242,026
- 173,286
7,363 28,582
1,663,297 7,042,402
- 268,177
1,670,660 7,852,347
97,874 228,074
242,026
173,286
- 35,945
103,837 8,809,536
- 268,177
103,837 9,626,844
222,088
75,010
28,089
8,606,889
9,160,150
(704,038) (6,031,876) 761,667 (5,974,247) (4,932,675)
6,000,000
(2,472,433) - (2,472,433) (2,151,699)
459,011 459,011 1,247,012
(2,472,433) 459,011 (2,013,422) 5,095,313
(704,038) (8,504,309) 1,220,678 (7,987,669) 162,638
(4,270,141) 10,850,790 4,447,110 11,027,759 10,865,121
$(4.974,179) 2,346,481 5.688 3.040,090 11,027,759
51
ENTERPRISE FUNDS
Enterprise Funds are established to account for the financing of self- support-
ing 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 enter-
prise 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
Edinborough Park Fund
All activities necessary to provide such services are accounted, for in these
funds, included, but not limited to, administration, operations, maintenance,
financing, debt service, billing and collection.
52
CITY OF EDINA, MINNESOTA
Proprietary Fund Type - Enterprise Funds
Combining Balance Sheet
December 31, 1987
(with comparative totals for December 31, 1986)
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 Fund Equity
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
Total long -term liabilities
Total liabilities
Fund equity:
Contributed capital
Retained earnings:
Reserved for debt retirement
Unreserved - undesignated
Total retained earnings
Total liabilities and fund
equity
53
Swimming
Utilities Liquor pool
$ - 3,800 -
1,606,059 (244,590) (122,533)
785,058
- -
1,511
- -
-
4,973 -
30,473
607,124 -
-
400. -
2,423,101
371,707 (122.533)
255,077 - -
21,634
255,077 21,634
14,081,410 694.537 217,276
$ 16,759.588 1.087,878 94.743
65,512 152,733 120
1,536 -
67,048 152,733 120
255,077 -
255,077 -
322,125 152.733 120
16.437,463 935,145 94,623
16,437,463 935,145 94,623
$ 1u.759.588 1.087.878 94.743
Golf
Recreation
Gun
Art
Edinborough
Totals
629,639
course
center
range
center
park
1987
1986
11100
700
-
175
700
6,475
5,775
(91,870)
(807,988)
(5,868)
9,700
(239,905)
103,005
(332,140)
-
-
-
-
-
-
806,333
21,885
33,001
4,000
-
60,436
119,322
45,628
-
-
-
-
-
785,058
620,944
-
-
-
-
-
1,511
4,124
-
-
-
-
-
4,973
4;973
-
245,000
-
-
-
245,000
297,467
-
350
250
8,093
-
646,290
661,562
-
-
-
-
-
400
252,454
(68,885)
(528,937)
(1,618)
17,968
(178,769)
1,912,034
2,367,120
-
-
-
-
-
255,077
303,939
-
-
-
-
21,634
26,956
-
-
-
-
276,711
330,895
2,344,585
355,576
38,402
186,773
296,836
18,215,395
18,275,953
2.275.700
(173.361)
36.784
204.741
118.067
20,404.140
20.973.968
60,647
17,033
2,193
3,573
17,332
319,143
629,639
245,000
-
-
-
-
246,536
518,273
-
-
50,000
305,647
17,033
2,193
3,573
17,332
566,679
1,197,912
1,725
3,500
-
-
-
5,225
19,095
-
-
-
-
-
255,077
303,939
11150,000
1,150,000
1,185,000
1,151,725
3,500
1,410,302
1,508,034
1.457,372
20,533
2,193
3.573
17,332
1,975,981
2,705,946
-
-
-
-
296,836
296,836
-
145,445
-
-
-
-
145,445
145,445
672,883
(193,894)
34,591
201,168
(196,101)
17,985,878
18,122,577
818,328
(193,894)
34,591
201,168
100,735
18,428,159
18,268,022
2.275.700
(173.361)
36.784
204.741
54
118.067
20.404.140
20.973.968
CITY OF EDINA, MINNESOTA
Proprietary Fund Type - Enterprise Funds
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1987
(with comparative totals for year ended December 31, 1986)
Swimming
Utilities Liquor pool
Sales and cost of sales:
Sales
$ -
5,103,281
-
Cost of sales
4,122,532
Gross profit
-
980,749
-
Operating revenues:
Charges for services
4,053,788
-
102,598
Total gross profit and
operating revenues
4,053.788
980,749
102,598
Operating expenses:
Disposal charges
2,187,999
-
-
Personal services
421,407
426,006
65,847
Contractual services
616,676
104,396
32,658
Commodities
296,827
14,138
11,995
Central services
222,960
148,380
9,960
Depreciation
381,600
42,086
15,603
Total operating expenses
4,127,469
735,006
136,063
Operating income (loss)
(73,681)
245,743
(33,465)
Nonoperating revenues (expenses):
Interest on investments
26,676
1,741
-
Discounts
-
65,910
-
Current value credit - MWCC
61,020
-
-
Rental income
7,960
-
-
Federal aid
-
-
-
Donations
-
-
-
Interest and fiscal charges
-
-
-
Subsidy from general fund
-
-
17,340
Miscellaneous
25
Total nonoperating revenues
(expenses)
95,656
67,676
17,340
Income (loss) before operating
transfers and contributions
21,975
313,419
(16,125)
Add depreciation on contributed assets
-
-
-
Operating transfers out:
General fund
-
(400,000)
-
Property and equipment contributed
by special assessments
-
-
-
(400,000)
-
-
Net income (loss)
21,975
(86,581)
(16,125)
Retained earnings (deficit) - January 1
16,415,488
1,021,726
110,748
Retained earnings (deficit) - December 31
$ 16.437.463
935.145
94.623
r,r
J J
Golf Recreation Gun Art Edinborough Totals
course center range center park 1987 1986
956,737 364,327
956,737 364,327
392,327
75,617
136,604
107,350
106,516
818,414
138,323
5,103,281 5,059,174
4,122,532 4,072,194
- - - 980,749 986,980
22,114 124,144 88,795 5,712,503 4,456,324
22,114 124,144 88,795 6,693,252 5;443,304
147,432
12,191
101,487
141,702
110,385
4,737
15,972
124,494
28,289
5,395
14,179
53,925
55,380
240
11,580
22,560
46,216
5,402
14,221
11,645
387,702
27,965
157,439
354,326
(23,375)
(5,851)
(33,295)
(265,531)
2,187,999 1,972,985
1,708,399 1,571,282
1,084,935
903,971
561,352
416,341
578,410
445,260
623,289
580,125
6,744,384
5,889,964
(51,132)
(446,660)
6,885
-
-
-
57,785
93,087
54,164
-
-
-
-
-
65,910
52,049
-
-
-
-
-
61,020
61,021
-
-
-
-
-
7,960
7,965
51,816
-
-
-
-
51,816
-
-
-
500
12,092
-
12,592
30,143
(97,690)
-
-
-
-
(97,690)
(99,512)
-
44,616
4,183
31,908
-
98,047
89,522
10,021
10,046
14,977
(38,989)
44,616
4,683
54,021
57,785
302,788
210,329
99,334
21,241
168)
20,726
(207,746)
251,656
(236,331)
-
-
_
_
11,645
11,645
-
-
(400,000)
(450,000)
11,645
(388,355)
363,906
(86,094)
99,334
21,241
(1,168)
20,726
(196,101)
(136,699)
(322,425)
718,994
(215,135)
35,759
180,442
-
18,268,022
18,590,447
818.328
( !3.894)
34.591
201.168
(196.101)
18,131.323
18.268.022
56
CITY OF EDINA, MINNESOTA
Proprietary Fund Type - Enterprise Funds
Combining Statement of Changes in Financial Position
Year ended December 31, 1987
(with comparative totals for year ended December 31, 1986)
Sources of working capital:
Operations:
Net income (loss)
Add items not requiring working capital:
Depreciation
Working.capital provided (used) by
operations
Contributed capital
Decrease in other assets
Contributions in aid to construction
Increase in deposits
Reduction in notes receivable
Total sources of working capital
Uses of working capital:
Decrease in deposits payable
Decrease in other liabilities
Additions to property and equipment
Reduction of long -term debt
Transfers to other funds
Total uses 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
57
Swimming
Utilities Liquor pool
$ 21,975 313,419 (16,125)
381,600 42,086 15,603
403,575 355,505 (522)
48,862 - -
- 5,322 -
452,437 360,827 522)
48,862 - -
113,999 - 1,006
400,000
162,861 400,000 1,006
663,080
(806,333)
161,501
8,035
(230,988)
377,235
117,046
(32,862) (3,417)
(25,586) -
(21,066) -
(1,998) 54
42,339 1,835
Golf Recreation Gun Art Edinborough Totals
course center range center park 1987 1986
99,334
21,241
(1,168)
20,726
(207,746)
251,656
(236,331)
106,516
46,216
5,402
14,221
11,645
623,289
580,125
205,850
67,457
4,234
34,947
(196,101)
874,945
343,794
-
-
-
-
308,481
308,481
-
-
-
-
-
-
48,862
46,983
-
-
-
-
-
-
363,906
94,062
15,757
219
479 -
271,737
-
10,916
3,931
- -
(196,101)
50,000
177,147
-
(1,145,209)
5,322
5,321
205,850
67,457
4,234
34,947
112,380
1,237,610
770,920
13,870
-
-
-
-
13,870
-
-
_
_
_
_
48,862
46,983
104,760
34,182
303
-
308,481
562,731
1,369,146
35,000
-
-
-
-
35,000
50,000
400,000
450,000
153,630
52,220
34,182
303
3.931
-
308,481
O
1,060,463
177,147
1,916,129
(,1.145,209)
(74,961)
82,936
5,562
34,712 (239,205)
435,845
(1,404,382)
-
-
-
- -
(806,333)
(110,324)
21,885
(8,877)
250
- 60,436
235,195
1,921
-
(51,714)
-
(753) -
(52,467)
37,926
-
119
-
2,160 -
(15,272)
(132,326)
- -
(252,054)
223,738
(38,766)
(4,946)
(2,100)
(1,651) (17,332)
310,496
398,164
94,062
15,757
219
479 -
271,737
(159,926)
50,000
52,22Q
3,931
- -
(196,101)
50,000
177,147
-
(1,145,209)
58
CITY OF EDINA, MINNESOTA
Proprietary Fund Type - Enterprise Funds
Schedule of Property and Equipment
Year ended December 31, 1987
Utilities Fund:
Land
Land improvements
Buildings and equipment
Distribution system
Sewer mains and lift stations
Furniture and fixtures.
Vehicles
Equipment and machinery
Liquor Fund:
Land
Land improvements
Building
Furniture, fixtures and
equipment
Swimming Pool Fund:
Land
Swimming pool and bathhouse
Filter system
Furniture and fixtures
Golf Course Fund:
Golf course
Buildings
Well
Parking lot and roadway
Equipment
Construction in progress
Recreation Center Fund:
Land improvements .
Buildings
Furniture and equipment
Construction in progress
309,771 309,771
1,297,248 - 1,297,248
10,000
Assets
10,000
Balance
- -
Balance
January 1,
- -
December 31,
1987
Additions Deletions
1987
$ 26,556
- -
26,556
43,225
- -
43,225
2,548,578
40,185 19,124
2,569,639
9,223,309
- -
9,223,309
10,760,089
- -
10,760,089
11,598
447 -
12,045
149,579
23,764 12,791
160,552
176,827
49,603
226,430
22,939,761
113,999 31,915
23,021,845
233,785
- -
233,785
23,923
- -
23,923
729,769
- -
729,769
309,771 309,771
1,297,248 - 1,297,248
10,000
- -
10,000
462,900
- -
462,900
31,738
- -
31,738
17,380
1,006
18,386
522,018
1,006 -
523,024
820,534
69,138 -
889,672
1,511,118
30,529 -
1,541,647
121,304
- -
121,304
19,711
- -
19,711
399,785
74,232 8,544
465,473
69,139
69,139
-
2,941,59.1
173,899 77,683
3,037,807
52,174
- -
52,174
1,017,980
- -
1,017,980
98,519
2,796 -
101,315
31,386
31,386
1,168,673
34,182 -
1,202,855
59
(Continued)
60
Accumulated
depreciation
Balance
Balance
January 1,
December 31,
Net book
1987
Additions
Deletions
1987
value
-
-
-
-
26,556
27,422
1,269
-
28,691
14,534
2,147,691
59,422
19,124
2,187,989
381,650
3,598,837
180,939
-
3,779,776
5,443,533
2,584,540
109,083
-
2,693,623
8,066,466
9,022
606
-
9,628
2,417
82,257
14,927
12,791
84,393
76,159
140,981
15,354
156,335
70,095
8,590,750
381,600
31,915
8,940,435
14,081,410
-
-
-
-
233,785
10,050
945
-
10,995
12,928
303,452
26,518
-
329,970
399,799
247,123
14,623
261,746
48,025
560,625
42,086
602,711
694,537
-
-
-
-
10,000
251,162
13,884
-
265,046
197,854
28,939
373
-
29,312
2,426
10,044
1,346
11,390
6,996
290,145
15,603
305,748
217,276
58,712
12,406
-
71,118
818,554
219,299
56,761
-
276,060
1,265,587
26,687
4,852
-
31,539
89,765
11,830
672
-
12,502
7,209
278,722
31,825
8,544
302,003
163,470
595,250
106,516
8,544
693,222
2,344,585
50,470
867
-
51,337
837
672,830
41,176
-
714,006
303,974
77,763
4,173
-
81,936
19,379
31,386
801,063
46,216
847,279
355,576
(Continued)
60
CITY OF EDINA, MINNESOTA
Proprietary Fund Type - Enterprise Funds
Schedule of Property and Equipment, Continued
Assets
Balance Balance
January 1, December 31,
1987 Additions Deletions 1987
Gun Range Fund:
Land improvements
$ 16,290 -
- 16,290
Building
58,132 -
- 58,132
Furniture and equipment
15,251 -
- 15,251
Construction in progress
- 303
- 303
89,673 303
89,976
Art Center Fund:
Land
15,000 -
- 15,000
Land improvements
1,937 -
- 1,937
Building
251,523 -
- 251,523
Furniture and equipment
9,087 -
- 9,087
Machinery and equipment
20,526 - -
20,526
298,073
298,073
Edinborough Park Fund:
Pool, ice rink and track - 256,032 - 256,032
Machinery and equipment - 52,449 - 52,449
308,481 308,481
$ 29,257.037 631,870 109.598 29.779,309
61
62
Accumulated
depreciation
Balance
Balance
January 1,
December 31,
Net book
1987
Additions
Deletions 1987
value
10,434
841
- 11,275
5,015
31,743
3,104
- 34,847
23,285
3,995
1,457
- 5,452
9,799
303 .
46,172
5,402
51,574
38,402
-
-
- -
15,000
1,284
130
- 1,414
523
78,398
11,657
- 90,055
161,468
6,737
900
- 7,637
1,450
10,660
1,534
12,194
8,332
97,079
14,221
111,300
186,773
-
6,400
- 6,400
249,632
5,245
5,245
47,204
10,981,084
11,645
a
11,645
Q 11.563.914
296,836
18.215,395
62
CITY OF EDINA, MINNESOTA
Utilities Fund
Balance Sheet
December 31, 1987
(with comparative amounts for December 31, 1986)
Assets
1987
1986
Current assets:
Cash
$ 1,606,059
942,979
Investments
-
806,333
Receivables:
Customers
785,058
620,944
Assessments
1,511
4,124
Inventory
310,473
22,438
Prepaid expenses
-
230,988
Total current assets
2,423,101
2,627,806
Long -term receivable - Metropolitan Waste
Control Commission
255,077
303,939
Property and equipment, less accumulated
depreciation 14,081,410 14,349,011
Total assets $ 16.759,588 17,280,756
Liabilities and Retained Earnings
Current liabilities:
Accounts payable 65,512 442,747
Due to other funds 1,536 118,582
Total current liabilities 67,048 561,329
Long -term liability - deferred revenue 255,077 303,939
Total liabilities 322,125 ,865,268
Retained earnings:
Unreserved - Undesignated 16,437,463 16,415,488
Total liabilities and retained earnings $ 16,759,588 17,280,756
63
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1987
(with comparative amounts for year ended December 31, 1986)
1987 1986
Operating revenues:
Water charges $ 1,269,304 977,615
Sewer charges 2,748,996 2,129,088
Sale of meters (less cost of meters sold) 29,483 20,093
Other 6,005 10,012
Total operating revenue 4,053,788 3,136,808
Operating expenses:
Disposal charges- contractual services
2,187,999
1,972,985
Source of supply:
Personal services
106,574
103,009
Contractual services
179,793
167,641
Commodities
79,511
37,596
Distribution:
Personal services
123,961
120,306
Contractual services
289,239
262,460
Commodities
133,217
105,399
Purification:
Personal services
5,067
6,119
Contractual services
1,391
920
Commodities
40,723
39,727
Source of collection:
Personal services
94,619
93,514
Contractual services
47,279
29,956
Commodities
41,691
52,169
General and administrative:
Personal services
91,186
96,017
Contractual services
98,974
67,964
Commodities
1,685
1,532
Central services
222,960
190,260
Depreciation
381,600
379,125
Total operating expenses
4,127,469
3,726,699
Operating loss
(73,681)
(589,891)
(Continued)
64
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings, Continued
Nonoperating revenues:
Interest on investments
Current value credit - MWCC
Rental income
Total nonoperating revenues
Operating income (loss)
Property and equipment contributed
by special assessments
Net income (loss)
Retained earnings - January 1
Retained earnings - December 31
65
1987
1986
$ 26,676
52,075
61,020
61,021
7,960
7,965
95,656
121,061
21,975
(468,830)
363,906
21,975 (104,924)
16,415,488 16,520,412
$ 16.437,463 16,415,488
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Changes in Financial Position
Year ended December 31, 1987
(with comparative amounts for year ended December 31, 1986)
1987 1986
Sources of working capital:
Operations:
Net income (loss) $ 21,975, (468,830)
Add items not requiring working capital:
Depreciation 381,600 379,125_
Working capital provided (used) by
operations 403,575 (89,705)
Decrease in other assets
48,862
46,983
Contributions in aid to construction
-
363,906
Total sources of working capital
452,437
321,184
Uses of working capital:
Decrease in other liability
48,862
46,983
Additions to property and equipment
113,999
420,388
Total uses of working capital
162,861
467,371
Net increase (decrease) in working capital
$ $
()
Elements of net increase (decrease)
in working capital:
Cash
663,080
(451,774)
Investments
(806,333)
(110,324)
Receivables
161,501
4,732
Inventory
8,035
6,207
Prepaid expenses
(230,988)
220,210
Accounts payable
377,235
281,648
Due to other funds
117,046
(96,886)
Net increase (decrease) in working capital
66
CITY OF EDINA, MINNESOTA
Liquor Fund
Balance Sheet
December 31, 1987
(with comparative amounts for December 31, 1986)
Assets
1987
1986
Current assets:
Petty cash and change
funds
$ 3,800
3,800
Cash (deficit)
(244,590)
(211,728)
Notes receivable
4,973
4,973
Inventory
607,124
632,710
Prepaid expenses
400
21,466
Total current
assets
371,707
451,221
Long -term receivables:
Notes receivable
21,634
26,956
Property and equipment,
less accumulated
depreciation
694,537
736,623
Total assets
$ 1,087.878
1.214,800
Liabilities and
Retained Earnings
Current liabilities:
Accounts payable
152,733
150,735
Due to other funds
-
42,339
Total current
liabilities
152,733
193,074
Retained earnings:
Unreserved - Undesignated 935,145 1,021,726
Total liabilities and retained earnings $ 1.087.878 1.214,800
67
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1987
(with comparative totals for year ended December 31, 1986)
Sales
Cost of sales
Gross profit
Operating expenses:
Selling
Occupancy
Administrative
Total operating
expenses
Operating income
Nonoperating
revenues
(expenses):
Interest on invest-
ments
Discounts
Cash over
(short)
Miscellaneous
Total nonoperating
revenues
Income before
operating trans-
fers out
1987
50th Street
Yorkdale
Grandview
Totals
$ 1,094,764
2,093,547
1,914,970
5,103,281
889,823
1,683,836
1,548,873
4,122,532
204,941
409,711
366,097
980,749
Operating
transfers out:
General Fund
Net loss
Retained earnings. -
January 1
Retained earnings -
December 31
84,293
29,956
82,996
197,245
7,696
1,741
13,170
(202)
94
14,803
132,126
36,083
116,601
284,810
124,901
121,377
30,322
101,252
252,951
113,146
29,847 22,893
348 91
(402) 96
29,793 23,080
$ 22.499 154.694 136,226
68
337,796
96,361
300,849
735,006
245,743
1986
Totals
5,059,174
4,072,194
986,980
351,153
99,066
272,079
722,298
264,682
1,741
2,089
65,910
.52,049
237
(298)
(212)
1,352
67,676
55,192
313,419 319,874
(400,000) (450,000)
(86,581) (130,126)
1,021,726 1,151,852
$ 935.145 1,021,726
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Changes in Financial Position
Year ended December 31, 1987
(with comparative amounts for year ended December 31, 1986)
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
1987 1986
$ 313,419 319,874
42,086 42,077
355,505 361,951
5,322 5,321
360,827 367,272
400,000 450,000
413
400,000 450,413
Elements of net increase (decrease) in working capital:
Cash (32,862) (52,647)
Inventory (25,586) (137,540)
Prepaid expenses (21,066) 3,528
Accounts payable (1,998) 89,870
Due to other funds 42,339 13,648
Net decrease in working capital
69
CITY OF EDINA, MINNESOTA
Liquor Fund
Schedule of Operating Expenses
Year ended December 31, 1987
(with.comparative amounts for year ended December 31, 1986)
Totals
50th Street Yorkdale Grandview 1987 1986
Selling:
Personal services
$ 78,675
126,659
115,907
321,241
331,060
Contractual services:
Direct promotion
2,419
1,837
2,237
6,493
4,988
Licenses and dues
524
166
181
871
707
Services contract
-
-
-
-
4,653
Commodities
2,675
3,464
3,052
91191
9,745
service
84,293
132,126
121,377
337,796
351,153
Occupancy:
Personal services
380
1,182
403
1,965
2,071
Contractual services:
Burglar alarm
881
11000
1,288
3,169
1,950
Heat
423
725
11181
2,329
4,148
Janitorial service
129
253
157
539
743
Laundry and rug
service
537
707
608
1,852
1,760
Light and power
6,601
11,077
4,824
22,502
22,939
Maintenance, renting
and cooling
697
85
-
782
432
Repair and maintenance
1,166
4,345
1,555
7,066
5,550
Rubbish hauling
1,220
2,818
2,800
6,838
8,105
Share of maintenance
41
-
-
41
866
Telephone
1,984
2,413
1,626
6,023
5,880
Water and sewer service
127
117
108
352
299
Commodities
265
539
13
817
2,246
Depreciation
15,505
10,822
15,759
42,086
42,077
29,956
36,083
30,322
96,361
99,066
Administrative:
Personal services
30,076
40,767
31,957
102,800
106,109
Contractual services:
Data processing
3,605
3,648
3,681
10,934
8,292
Insurance
4,214
8,426
8,426
21,066
38,604
Mileage
433
434
433
1,300
1,300
Professional service
3,050
3,050
3,050
9,150
6,450
Miscellaneous
1,349
1,273
467
3,089
2,208
Commodities
669
2,123
1,338
4,130
3,036
Central services
39,600
56,880
51,900
148,380
106,080
82,996
.116,601
101,252
300,849
272,079
$ 19
284,810
252,951
735.006
70
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Balance Sheet
December 31, 1987
(with comparative amounts for December 31, 1986)
Assets 1987 1986
Current asset:
Cash (deficit) $(122,533) (119,116)
Property and equipment, less accumulated
depreciation 217,276 231,873
Total assets $ 4�Z4
Liabilities and Retained Earnings
Current liabilities:
Accounts payable 120 174
Due to other funds - 1,835
Total current liabilities 120 2,009
Retained earnings:
Unreserved- Undesignated 94,623 110,748
Total liabilities and retained
earnings $ 94.743 121 11-
71
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1987
(with comparative amounts for year ended December 31, 1986)
1987 1986
Operating revenues:
Season tickets
$ 63,182
50,202
General admissions
21,151
18,093
Rentals and instruction programs
7,720
9,448
Concessions (less cost of goods sold)
10,408
12,094
Registration fees
-
1,288
Other
137
319
Total operating revenues
102,598
91,444
Operating expenses:
Personal services
65,847
53,895
Contractual services
32,658
22,257
Commodities
11,995
12,420
Central services
9,960
7,380
Depreciation
15,603
16,904
Total operating expenses
136,063
112,856
Operating loss
(33,465)
(21,412)
Nonoperating revenues:
Subsidy from general fund
17,340
12,541
Net loss
(16,125)
(8,871)
Retained earnings - January 1
110,748
119,619
Retained earnings - December 31
$ 94,623
V#A
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Changes in Financial Position
Year ended December 31, 1987
(with comparative amounts for year ended December 31, 1986)
1987 1986
Sources of working capital:
Operations:
Net loss $(16,125) (8,871)
Add items not requiring working capital:
Depreciation 15,603 16,904
Working capital provided (used) by operations (522) 8,033
Uses of working capital:
Additions to property and equipment 1,006 -
Net increase (decrease) in working capital
Elements of net increase (decrease) in working capital:
Cash (3,417) 8,524
Accounts receivable - (100)
Accounts payable 54 (64)
Due to other funds 1,835 327)
Net increase (decrease) in working capital
73
CITY OF EDINA, MINNESOTA
Golf Course Fund
Balance Sheet
December 31, 1987
(with comparative amounts for December 31, 1986)
Assets
1987
1986
Current assets:
Petty cash and change funds
$ 11100
11100
Cash (deficit)
(91,870)
(16,90.9)
Accounts receivable
21,885
-
Total current assets
(68,885)
(15,809)
Property and equipment, less accumulated
depreciation
2,344,585
2,346,341
Total assets
$ 2.275,700
2,330.532
Liabilities and Retained Earningrs
Current liabilities:
Accounts payable 60,647 21,881
Due to other funds 245,000 339,062
Bonds payable - 50,000
Total current liabilities 305,647 410,943
Long -term liabilities:
Deposits payable 1,725 15,595
Bonds payable 11150,000 11185,000
Total long -term liabilities 1,151,725 1,200,595
Total liabilities 1,457,372 1,611,538
Retained earnings:
Reserved for debt retirement 145,445 145,445
Unreserved - Undesignated 672,883 573,549
Total retained earnings 818,328 718,994
Total liabilities and retained earnings $ 2,275.700 2.330.532
74
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1987
(with comparative amounts for year ended December 31, 1986)
1987 1986
Operating revenues:
Green fees
$ 505,387
411,509
Rental fees
106,183
83,558
Patron cards
78,816
60,618
Concessions (less cost of goods sold)
107,446
77,505
Range
154,630
130,832
Lessons
3,321
1,708
Other
954
2,490
Total operating revenues
956,737
768,220
Operating expenses:
Administration
252,446
216,611
Building - Club House and Pro Shop
100,349
148,687
Maintenance of course and grounds
225,885
230,109
Range and grill
133,218
97,436
Depreciation
106,516
75,888
Total operating expenses
818,414
768,731
Operating income (loss)
138,323
511)
Nonoperating revenues (expenses):
Interest on investments. 6,885 -
Federal aid 51,816 -
Interest and fiscal charges (97,690) 512)
(38,989) 512)
Net income (loss) 99,334 (100,023)
Retained earnings - January 1 718,994 819,017
Retained earnings - December 31 $ 818.328 ?1g"gQ4
75
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Changes in Financial Position
Year ended December 31, 1987
(with comparative amounts for year ended December 31, 1986)
Sources of working capital:
Operations:
Net income (loss)
Add items not requiring working capital:
Depreciation
Working capital provided (used) by operations
Increase in deposits payable
Total sources (uses) of working capital
Uses of working capital:
Decrease in deposits payable
Additions to property and equipment
Reduction of long -term debt
Total uses of working capital
Net increase (decrease) in working capital
1987 1986
$ 99,334 (100,023)
106,516 75,888
205,850 (24,135)
- 10,916
205,850 (13,219)
13,870 -
104,760 933,497
35,000 50,000
153,630 983,497
$ (996,716)
Elements of net increase (decrease) in working capital:
Cash (74,961) (930,110)
Accounts receivable 21,885 (350)
Accounts. payable (38,766) 11,409
Due to other funds 94,062 (77,665)
Current portion of bonds payable 50,000 -
Net increase (decrease) in working capital
.76
CITY OF EDINA, MINNESOTA
Golf Course Fund
Schedule of Operating Expenses
Year ended December 31, 1987
(with comparative amounts for year ended December 31, 1986)
1987 1986
Administration:
Personal services
$ 131,349
106,303
Contractual services
2,793
6,740
Commodities
10,954
10,448
Central services
107,350
93,120
Total administration
252,446
216,611
Building - Club House and Pro Shop:
Personal services
30,773
92,151
Contractual services
59,236
42,865
Less amount charged to grill
(9,427)
(8,521)
Commodities
19,767
22,192
Total building - Club House and Pro Shop
100,349
148,687
Maintenance of course and grounds:
Personal services
139,872
160,651
Contractual services
8,571
11,678
Commodities
77,442
57,780
Total maintenance
225;885
230,109
Range and grill:
Personal services
90,333
75,030
Contractual services
14,444
10,075
Commodities
28,441
12,331
Total range and grill
133,218
97,436
Depreciation
106,516
75,888
Total operating expenses
$
77
CITY OF EDINA, MINNESOTA
Recreation Center Fund
Balance Sheet
December 31, 1987
(with comparative amounts for December 31, 1986)
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 payable
Total liabilities
Retained earnings (deficit):
Unreserved - Undesignated
Total liabilities and retained
earnings (deficit)
78
1987 1986
$ 700 700
(807,988) (890,924)
33,001 41,878
245,000 296,714
350 231
(528,937) (551,401)
355,576 3}6�7,610
17,033 12,087
15,757
17,033 27,844
3,500 3,500
20,533 31,344
(193,894) (215,135)
CITY OF EDINA, MINNESOTA
Recreation Center Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1987
(with comparative amounts for year ended December 31, 1986)
Operating revenues:
Rental fees
Season ticket sales
Daily skating fees
Admissions
Lessons
Concessions (less cost of goods sold)
Vending machine commissions
Services - skate sharpening
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 (deficit) - January 1
Retained earnings (deficit) - December 31
79
1987 1986.
$ 279,083 296,826
9,223
5,902
13,439
8,627
18,162
28,670
22,880
-
8,648
7,409
7,730
7,721
4,893
3,341
269 369
364,327 358,865
147,432
142,503
110,385
147,096
28,289
27,482
55,380
44,640
46,216
46,928
387,702
408,649
(23,375) (49,784)
44,616 31,575
21,241 (18,209)
(215,135) (196,926)
$(193.894) (.12 5,13)
CITY OF EDINA, MINNESOTA
.Recreation Center Fund
Statement of Changes in Financial Position
Year ended December 31, 1987
(with comparative amounts for year ended December 31, 1986)
1987 1986
Sources of working capital:
Operations:
Net income (loss) $ 21,241 (18,209)
Add items not requiring working capital:
Depreciation 46,216 46,928
Working capital provided (used) by operations 67,457 28,719
Uses of working capital:
Additions to property and equipment_ 34,182 -
Net increase in working capital $ 28.719
Elements of net increase (decrease) in working capital:
Cash 82,936 (14,601)
Accounts receivable (8,877) (2,041)
Due from other funds (51,714) 37,173
Inventory 119 107
Accounts payable (4,946) 6,657
Due to other funds 15,757 1,424
Net increase in working capital $ $�
80
CITY OF EDINA, MINNESOTA
Gun Range Fund
Balance Sheet
December 31, 1987
(with comparative amounts for December 31, 1986)
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
81
1987 1986
$ (5,868) (11,430)
4,000 3,750
250 250
(1,618) (7,430)
$
38.402 43,501
2,193 93
219
2,193 312
34,591 35.759
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1987
(with comparative amounts for year ended December 31, 1986)
1987 1986
Operating revenues:
Range fees
$ 19,426
17,418
Sale of ammunition
2,416
11990
Concessions (less cost of goods sold)
256
(61)
Other
16
921
Total operating revenues
22,114
20,268
Operating expenses:
Personal services
12,191
8,253
Contractual services
4,737
4,455
Commodities
5,395
5,337
Central services
240
-
Depreciation
5,402
4,734
Total operating expenses
27,965
22,779
Operating loss
(5,851)
(2,511)
Nonoperating revenues:
Donations
500
11,600
Subsidy from general fund
4,183
2,735
Total nonoperating revenues
4,683
14,335
Net income (loss)
(1,168)
11,824
Retained earnings - January 1
35,759
23,935
Retained earnings - December 31
$
35,759
82
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Changes in Financial Position
Year ended December 31, 1987
(with comparative amounts for year ended December 31, 1986)
1987 1986
Sources of working capital:
Operations:
Net income (loss)
$(1,168)
11,824
Add item not requiring working capital:
Depreciation
5,402
4,734
Working capital provided by operations
4,234
16,558
Uses of working capital:
Additions to property and equipment
303
14,848
Net increase in working capital
$
1,710
Elements of net increase (decrease) in working capital:
Cash
5,562
2,052
Accounts receivable
250
(320)
Accounts payable
(2,100)
17
Due to other funds
219
(39)
Net increase in working capital
83
CITY OF EDINA, MINNESOTA
Art Center Fund
Balance Sheet
December 31, 1987
(with comparative amounts for December 31, 1986)
Assets
Current assets:
Petty cash and change funds
Cash (deficit)
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
Retained earnings:
Unreserved - Undesignated
Total liabilities and retained earnings
84
1987 1986
$ 175
175
9,700
(25,012)
-
753
8,093
5,933
17,968
(18,151)
186,773
200,994
$ 204,741
3,573 1,922
- 479
3,573 2,401
201,168 180,442
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31 1987
(with comparative amounts for year ended December 31, 1986)
1987 1986
Operating revenues:
Memberships
$ 8,790
8,131
Registration fees
101;437
67,179
Retail sales, less cost of goods sold
13,917
5,409 -
Total operating revenues
124,144
80,719 _
Operating expenses:
Administration:
Personal services
40,676
36,108
Contractual services
3,012
7,112
Commodities
7,993
7,630
Central services
11,580
3,780
63,261
54,630
Occupancy:
Personal services
5,338
2,214
Contractual services
12,960
11,399
Commodities
3,311
4,345
21,609
17,958
Class costs
2,875
4,926
Instructors - personal services
55,473
35,969
Depreciation
14,221
14,469
Total operating expenses
157,439
127,952
Operating loss
(33,295)
(47,233)
Nonoperating revenues:
Subsidy from general fund
31,908
42,671
Donations
12,092
18,543
Miscellaneous
10,021
13,923
Total nonoperating revenues
54,021
75,137
Net income
20,726
27,904
Retained earnings - January 1
180,442
152,538
Retained earnings - December 31
$ 201,1
180,442
85
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Changes in Financial Position
Year ended December 31, 1987
(with comparative amounts for year ended December 31, 1986)
Sources of working capital:
Operations:
N Net income
Add items not requiring working capital:
Depreciation
Working capital provided by operations
Elements of net increase (decrease) in working capital:
Cash
Due from other funds
Inventory
Accounts payable
Due to other funds
Net increase in working capital
86
1987 1986
$ 20,726 27,904
14,221 14,469
$ 34,947
34,712 34,174
(753)
753
2,160
(11100)
(1,651)
8,627
479
81)
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Balance Sheet
December 31, 1987
Assets
Current assets:
Petty cash and change funds $ 700
Cash (deficit) (239,905)
Accounts receivable 60,436
Total current assets (178,769)
Property and equipment, less accumulated depreciation 296,836
Total assets $ 118"067
Liabilities and Retained Earnings
Current liabilities:
Accounts payable 17,332
Fund equity:
Contributed capital 296,836
Retained earnings:
Unreserved - Undesignated (196,101)
100,735
ti
Total liabilities and retained earnings $
87
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Period ended December 31, 1987
Operating revenues:
Association fees
Rental fees
Admissions
Season ticket sales
Commissions
Swim program
Program income
Other
Total operating revenues
Operating expenses:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating loss
Nonoperating revenues - interest on investments
Net loss
Add depreciation on contributed assets
Decrease in retained earnings
Retained earnings - January 1
Retained earnings - December 31
88
$ 34,703
22,076
13,161
10,074
3,238
2,208
1,485
1,850
88,795
141,702
124,494
53,925
22,560
11,645
354,326
(265,531)
57,785
(207,746)
11,645
(196,101)
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Statement of Changes in Financial Position
Period ended December 31, 1987
Sources of working capital:
Operations:
Net loss
$(207,746)
Add items not requiring working capital:
Depreciation
11,645
Working capital provided (.used) by operations
(196,101)
Contributed capital
308,481
Total sources of working capital
112,380
Uses of working capital:
Additions to property and equipment
308,481
Net decrease in working capital
$(11Q. )
Elements of net decrease in working capital:
Cash
(239,205)
Accounts receivable
60,436 1
Accounts payable
(17i332)
Net decrease in working capital
$(196,101) T
89
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 classi-
fied 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.
90
CITY_OF EDINA, MINNESOTA
General Fixed Assets Account Group
Statement of General Fixed Assets
December 31, 1987
(with comparative amounts for the year ended December 31, 1986)
1987 1986
General fixed assets:
Land and land improvements $ 7,529,438
Buildings 1,869,340
Furniture and fixtures 396,810
Vehicles and equipment 5,363,565
Edina HRA land and public improvements 20,432,626
Construction in progress -
Total general fixed assets $
Total investment in general fixed assets $
91
7,468,865
1,869,340
370,456
4,767,497
13,698,705
4,113
28,178,976
28,178,976
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 Funds.
Primarily, these are general obligation and other forms of long -term debt
supported by general revenues and special assessments that are obligations of
a governmental unit as a whole and not its individual constituent funds.
92
CITY OF EDINA, MINNESOTA
General Long -term Debt Account Group
Statement of General Long -term Debt
December 31, 1987
(with comparative amounts for year ended December 31, 1986)
Amount available and to be provided for
the retirement of long -term debt
General Obligation Bonds:
Amount available in Debt Service Funds
Amount to be provided by tax increment
financing
Amount to be provided by special assessments
Compensated absences:
Amount to be provided by revenue sources
Total available and to be provided
1987 1986
$ 3,722,591 3,812,536
21,800,000 22,416,450
1,727,409 2,721,014
484,191 457,204
$ 27,734,191 29,407.204
General long -term debt payable
Accrued compensated absences 484,191 457,204
General obligation bonds payable 27,250,000 28,950,000
Total general long -term debt payable $ 27.734.191 29,407,204
93
SUPPLEMENTAL
FINANCIAL
INFORMATION
94
CITY OF EDINA, MINNESOTA
Combined Schedule of Bonded Indebtedness
December 31, 1987
Bonded indebtedness:
Tax Increment Bonds:
Redevelopment Bonds
Tax Increment Bonds,
Series 1982
Tax Increment Bonds,
Series 1985
Tax Increment Bonds,
Series 1986A
Tax Increment Bonds,
Series 1986B
Improvement Bonds:
Improvement Bonds
of 1984
Improvement Bonds
of 1986
Revenue Bonds:
Golf Course Bonds
Total bonded
indebtedness
Final 1987 percent
Interest Issue maturity paid by tax
rate date date levies
5.30 -6.50%
12/01/75
12/01/93
None
9.50 -11.00
10/01/81
10/01/93
None
6.50 -9.00
09/01/85
01/01/06
None
5.20 -7.00
08/01/86
08/01/06
None
5.20 -7.00
08/01/86
08/01/03
None
7.00 -8.75
09/01/84
01/01/94
4.50 -6.60
08/01/86
08/01/96
6.25 -8.70
09/01/85
01 /01 /00
95
None
None
None
Schedule 1
Indebtedness
Authorized Due in 1988
and issued Redeemed Outstanding Principal Interest
$ 2,200,000
900,000 1,300,000
4,500,000
1,800,000 2,700,000
12,000,000
- 12,000,000
4,000,000
- 4,000,000
2,000,000
2,000,000
24,700,000
2,700,000 22,000,000
200,000 82,580
450,000 283,500
- 513,863*
271,550
131,125
650,000 1,282,618
5,400,000
2,400,000
3,000,000
- ** 120,675*
2,500,000
250,000
2,250,000
250,000 130,250
7,900,000
2,650,000
5,250,000
250,060 250,925
1,200,000
50,000
1,150,000
** 46,063*
$ 33.800.000
5 ;400.000
28.400.000
900.000 1.579.606
* This represents interest due July .1, 1988 as interest due
January 1, 1988 was paid in December 1987.
** Principal due January 1, 1988 was paid in December 1987.
96
Schedule 2
CITY OF EDINA, MINNESOTA
Schedule of Changes in Bonded Indebtedness
Year ended December 31, 1987
Schedule of Bonds Payable
December 31, 1987
Issue Interest Maturity Principal
date rate date amount
Tax Increment Bonds:
$2,200,000 Redevelopment.
Bonds
$200,000 per year
$250,000 per year
$4,500,000 Tax Increment
Bonds, Series 1981
$450,000 per year
$12,000,000 Tax Increment
Bonds, Series 1985
$150,000 per year
$200,000 per year
$400,000
$900,000 per year,
$1,000,000 per year
$1,050,000 per year
12/01/75
6.00 -6.40%
Balance
$ 800,000
Balance
12/01/92 -93
January 1 Issued
Redeemed
December 31
Tax Increment Bonds
$ 22,650,000 -
650,000
22,000-,000
Improvement Bonds
6,300,000 -
1,050,000
5,250,000
Revenue Bonds:
6.50 -7.30
Golf Course
1,235,000
85,000
1,150,000
400,000
$ 30.185.000 -
1.785.000
28,400.000
Schedule of Bonds Payable
December 31, 1987
Issue Interest Maturity Principal
date rate date amount
Tax Increment Bonds:
$2,200,000 Redevelopment.
Bonds
$200,000 per year
$250,000 per year
$4,500,000 Tax Increment
Bonds, Series 1981
$450,000 per year
$12,000,000 Tax Increment
Bonds, Series 1985
$150,000 per year
$200,000 per year
$400,000
$900,000 per year,
$1,000,000 per year
$1,050,000 per year
12/01/75
6.00 -6.40%
12/01/88 -91
$ 800,000
6.50
12/01/92 -93
500,000
1,300,000
10/01/81
9.85 -11.00
10/01/88 -93
2,700,000
09/01/85
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
01/01/01 -04
4,000,000
9.00
01/01/05 -06
2,100,000
12,000,000
(Continued)
97
Schedule 2, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
98
Issue
Interest
Maturity
Principal
date
rate
date
amount
$4,000,000 Tag Increment
Bonds, Series 1986A
08/01/86
$50,000 per year
5.20 -5.60%
08/01/89 -91
$ 150,000
$100,000 per year
5.80 -6.20
08/01/92 -94
300,000
$150,000 per year
6.40 -6.70
08/01/95 -97
450,000
$200,000 per year
6.75 -6.90
08/01/98 -00
600,000
$250,000 per year
7.00
08/01/01 -03
750,000
$550,000
7.00
08/01/04
550,000
$600,000 per year
7.00
08/01/05 -06
1,200,000
4,000,000
$2,000,000 Tax Increment
Bonds, Series 1986B
08/01/86
$50,000 per year
5.20 -5.40
08/01/89 -90
100,000
$100,000 per year
5.60 -6.20
08/01/91 -94
400,000.
$150,000 per year
6.40 -6.90
08/01/95 -00
900,000
$200,000 per year
7.00
08/01/01 -03
600,000
2,000,000
Total general
obligation bonds
22,000,000
Improvement Bonds:
$5,400,000 Improvement
Bonds, Series 1984
09/01/84
$900,000 per year
7.60 -7.90
01/01/89 -90
11800,000
$300,000 per year
8.20 -8.75
01/01/91 -94
1,200,000
3,000,000
$2,500,000 Improvement
Bonds, Series 1986
08/01/86
$250,000 per year
4.50 -6.60
08/01/88 -96
2,250,000
Total special
assessment bonds
5,250,000
- Revenue Bonds:
$1,200,000 Golf
Course Bonds
09/01/85
$50,000 per year
6.25 -7.30
01/01/89 -92
200,000
$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
Total revenue bonds
1,150,000
Total bonds payable
$ 28,400,000
98
Schedule 3
CITY OF EDINA, MINNESOTA
Schedule of Debt Service Requirements
December 31, 1987
99
Tax
Year
Increment
Bonds
Improvement Bonds
Revenue
Bonds
ended
Principal
Interest
Principal
Interest
Principal
Interest
1988 $
650,000
1,282,618
250,000
250,925
-
46,063
1989
900,000
1,734,405
11150,000
325,150
50,000
90,500
1990
900,000
1,660,967
11150,000
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
1.00,000
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
1999
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
-
-
-
-
$
22,000,000
19,378.515
5,250.000
1,353,950
1.150,000
99
CITY OF EDINA, MINNESOTA
Assessed Valuation, Tag Levies and Mill Rates
(shown by year of tag collectibility)
Assessed valuation
Increment valuation
Contribution to fiscal
disparities pool
Received from fiscal
disparities pool
Taxable valuation
Tax levies:
General Fund
Park Fund
Total
Mill rates:
General Fund
Park Fund
Total
1984
$ 655,425,509
(12,509,408)
(41,755,200)
11,984,498
$ 613.145,399
5,648,282
695,406
$ 6.343.688
100
9.235
1.137
1985
688,825,478
(13,337,065)
(46,433,530)
14,323,722
643.378,605
5,898,883
755,368
6.654.251
9.168
1.174
�Q -34i
1986
711,408,696
(14,328,756)
(51,834,996)
14,222,975
659.467.919
7,440,298
7,440.298
11.303
11,303
Schedule 4
1987 1988
732,481,746 775,009,761
(16,543,050) (23,366,739)
(58,165,527) (64,666,035)
16,151,787 18,583,073
673,924,956 705,560,060
8,045,584 8,569,143
11.954 12.151
101
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for 50th & France - No. 1200,
a Tax Increment Financing District
December 31, 1987
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 utilities
and improvements
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
Schedule 5
Accounted
for in
Original Amended prior Current Amount
budget budget years year remaining
$ 2,200,000 2,200,000 2,200,000 - -
- 4,141,800 2,439,646 496,098 1,206,056
800,000 170,782 170,782 - -
- 418,870 418,870 - -
- 709,496 709,507 - (11)
- 38,208 63,214 10,808 (35,814)
- 214,828 186,064 - 28,764
- 9,720 320 (10,040)
3,000,000 7,893,984 6,197,803 507,226 1,188,955
- 647,551 647,539 - 12
3,000,000 3,158,038 3,121,054 - 36,984
41,710 41,701 9
- 2,200,000 700,000 200,000 1,300,000
1,742,850 1,698,716 61,100 (16,966)
- 69,260 77,275 7,470 (15,485)
16,825 16,257 - 568
12,300 11,644 - 656
9,400 9,197 - 203
7,100 13,132 - (6,032)
3,000,000 7,905,034 6,336:515, 268,570 1,299,949
$ - (11.050) (138.712) 238.656 (110.994)
Cost to authority Price paid by developer
$ 128,064 105,002
134,506 65,780
$ 262.570 170"782
102
(Continued)
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
Sources of funds:
Bond proceeds
Tax increments
received
Interest on
invested funds
Real estate sales*
Community
development
block grant
Other
Total sources
of funds
Uses of funds:
Land acquisition
Site improvements
or preparation
costs
Installation of
public utilities
and improvements
Bond payments:
Principal
Interest
Administrative
costs
Parkland dedica-
tion fees
Total uses
of funds
Funds remaining (or
deficient)
*Real estate sales:
Elderly site
Office site
Accounted
for in
Original
Amended
prior
Current
Amount
budget
budget
years
year
remaining
450,000
$ 6,165,177
20,500,000
20,500,000
-
-
-
47,429,371
4,933,769
999,961
41,495,641
-
-
974,583
145,333
(1,119,916)
598,005
1,750,000
1,131,097
-
618,903
-
-
189,221
-
(189,221)
-
1,357
(1,357)
6,763,182
69,679,371
27,728,670
1,146,651
40,804,050
3,682,998 5,562,569 5,562,569 -
- 9,129,128
6,017,637
5,827,797
(2,716,306)
2,885,484 2,392,303
292,331
-
2,099,972
- 20,500,000
1,350,000
450,000
18,700,000
- 22,860,800
3,869,670
1,628,894
17,362,236
194,700 666,000
778,871
105,733
(218,604)
767,852
(767,852)
6,763,182 61,110,800
18,638,930
8,012,424
34,459,446
$ - 8,568,571 9.089.740 (5.865.773) 6.344.604
Cost to authority Price paid by developer
$ 453,740
1,027,277
$ 1,481.017
103
346,534
784,563
x,,131, 097
(Continued)
Schedule 5, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Grandview Area Redevelopment District - No. 1202,
a Tag Increment Financing District
Accounted
for in
Original Amended prior Current Amount
budget budget years year remaining
Sources of funds:
Bond proceeds $
4,500,000
4,500,000
2,000,000
-
2,500,000
Tag increments
received
-
10,531,072
90,445
99,505
10,341,122
Interest on
invested funds
-
-
-
67,089
(67,089)
Total sources
of funds
4,500,000
15,031,072
2,090,445
166,594
12,774,033
Uses of funds:
Installation of
public utilities
and improvements
4,310,000
4,310,000
88,497
1,893,907
2,327,596
Bond payments:
Principal
-
2,000,000
-
-
2,000,000
Interest
-
1,539,950
28,397
132,440
1,379,113
Administrative
costs
190,000
190,000
73,790
17,439
98,771
Total uses
of funds
4,500,000
8,039,950
190,684
2,043,786
5,805,480
Funds.remaining
-
(or deficient) $
-
6,991,122
1.899,761
(,1.877.192)
6.968,553
104
Schedule 6
CITY OF EDINA, MINNESOTA
Auditors' Report on Supplementary Information
Schedule of Federal Financial Assistance
The City Council
Edina, Minnesota:
We have examined the general purpose financial statements of the City of
Edina, Minnesota as of and for the year ended December 31, 1987, and have
issued our report thereon dated June 10, 1988. Our examination was made in
accordance with generally accepted auditing standards and the Standards for
Audit of Governmental Organizations, Programs, Activities, and Functions,
issued by.the U.S. General Accounting Office and, accordingly, 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 pre-
sented 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 10, 1988
105
(Continued)
U.S. Department of the Treasury
Revenue Sharing Program
U.S. Department of HUD
Community Development Block
Grant Program
U.S. Department of FEMA
Federal Disaster Assistance
Schedule 6, Cont.
14.218 B86UC270001 116,942 234,630
B87UC270001 140,679 -
83.516 N/A - -
106
141,451 -
278,940 -
9,816 224,814
461 140,990
309,933 (30,993)
(Continued)
CITY OF EDINA, MINNESOTA
Schedule of
Federal Financial Assistance
Year
ended December 31, 1987
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 1986
recognized
revenue Expenditures 1987
21.300
N/A $
3,367 158,973
3,367
6,395 168,735 -
14.218 B86UC270001 116,942 234,630
B87UC270001 140,679 -
83.516 N/A - -
106
141,451 -
278,940 -
9,816 224,814
461 140,990
309,933 (30,993)
(Continued)
Schedule 6. Cont.
CITY OF EDINA, MINNESOTA
Auditors' Report on Internal Accounting and Administrative Controls
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, 1987, and have issued our
report thereon dated June 10, 1988. 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)
107
Schedule 6. Cont.
Our study included all of the applicable control categories listed in the
first paragraph. During the year ended December 31, 1987 the City expended
63% of its total federal financial assistance under major federal financial
assistance programs. With respect to internal control systems used in
administering the major 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 control systems used solely in administering the
nonmajor federal financial assistance programs 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. Accordingly, our examination would not necessarily
disclose material weaknesses in the internal control systems used in
administering this nonmajor federal financial assistance program.
Our study and evaluation described in the two preceding paragraphs were more
limited than would be necessary to express an opinion on the internal control
systems used in administering the major and nonmajor federal financial assis-
tance programs of the City. Accordingly, we do not express an opinion on the
internal control systems used in administering the major and nonmajor 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 distribu-
tion of this report, which, upon acceptance by the City of Edina, Minnesota,
is a matter of public record. }�
June 10, 1988
108
(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, 1987, and have issued our
report thereon dated June 10, 1988. 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 the major and the nonmajor
federal financial assistance programs. The purpose of our testing of
transactions and records from those federal financial assistance programs was
to obtain reasonable assurance that the City had, in all material respects,
administered its major program and executed the tested nonmajor program
transactions in compliance with those laws and regulations for which
noncompliance could have a material effect on the allowability of program
expenditures. Such laws and regulations include those pertaining to federal
financial reports and claims for advances and reimbursements.
In our opinion, for the year ended December 31, 1987, the City administered
its major federal financial assistance programs in compliance, in all
material respects, with those laws and regulations for which noncompliance
could have a material effect on the allowability of program expenditures.
The results of our testing of transactions and records selected from nonmajor
federal financial assistance programs indicate that for the transactions and
records tested the City complied with the laws and regulations referred to in
the second paragraph of our report. Our testing was more limited than would
be necessary to express an opinion on whether the City administered those
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.
June 10, 1988
109
SECTION III
STATISTICAL SECTION
Table 1
CITY OF EDINA, MINNESOTA
General Governmental Expenditures by Function (1)
Years 1978 through 1987
Notes:
(1) Includes General, Special Revenue, Debt Service and Capital Projects Funds.
110
Unallocated
Fiscal
General
Public
Public
general
Capital
Debt
Year
government
safety
Works
expenditures
Other
Parks
outlay
service
Total
1978
$ 639,626
2,362,472
1,360,634
261,876
5,268
594,893
618,335
523,511
6,366,615
1979
669,580
2,615,634
1,507,306
290,741
5,110
724,425
3,234,774
910,621
9,658,191
1980
755,444
2,929,500
1,732,689
143,642
6,852
788,631
2,157,655
909,747
9,424,155
1981
842,863
3,260,927
2,117,412
385,232
5,942
785,141
2,052,761
766,905
10,217,183
1982
1,003,928
3,513,056
2,073,000
263,496
5,805
826,282
2,132,529
1,195,445
11,013,541
1983
1,083,906
4,146,820
2,236,979
211,372
65,714
940,765
1,163,921
1,149,491
10,998,968
1984
1,204,887
4,018,072
2,597,141
199,697
269,148
1,001,235
3,125,207
1,621,969
14,037,356
1985
1,397,975
4,356,382
2,508,679
363,635
291,850
1,227,795
1,816,758
2,022,009
13,985,083
1986
1,383,353
4,520,851
2,444,260
350,475
825,817
1,068,170
9,443,950
3,571,172
23,608,048
1987
1,425,939
4,762,906
2,209,872
340,300
868,647
1,369,848
9,492,927
3,999,429
24,469,868
Notes:
(1) Includes General, Special Revenue, Debt Service and Capital Projects Funds.
110
Fiscal
year Taxes
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
1987 8,486,440
Table 2
CITY OF EDINA, MINNESOTA
General Governmental Revenues by Source (1)
Years 1978 through 1987
Notes:
(1) Includes General, Special Revenue, Debt Service and Capital Projects Funds.
111
Licenses
Charges
Sales and
Special
and
Inter-
for
Fines and
rental of
Miscel-
assessments
permits
governmental
services
forfeitures
Interest
property
laneous
Totals
-
215,145
1,695,188
265,601
83,311
83,311
719,444
719,444
6,026,566
-
262,212
2,212,175
357,863
169,071
169,071
542,991
542,991
6,685,270
-
229,646
3,243,594
332,280
663,816
663,816
154,342
154,342
8,068,279
-
335,480
2,426,623
355,747
772,233
772,233
173,672
173,672
7,858,166
-
337,208
2,101,175
331,006
823,236
823,236
807,457
807,457
8,670,231
-
443,061
2,442,080
389,811
665,488
665,488
183,745
183,745
10,198,203
-
405,685
1,930,171
410-,950
760,801
760,801
118,188
118,188
10,669,841
-
553,908
1,949,957
540,458
977,946
977,946
81,325
81,325
12,709,874
1,251,456
695,898
3,176,762
772,920
1,319,021
1,319,021
58,865
58,865
15,662,456
1,787,962
710,282
3,009,742
652,389
785,228
785,228
182,209
182,109
16,281,819
Notes:
(1) Includes General, Special Revenue, Debt Service and Capital Projects Funds.
111
CITY OF EDINA, MINNESOTA
Property Tag Levies and Collections
Years 1978 through 1987
112
Percent
Delinquent
Fiscal
Total tag
Current tag
of levy
tag
Total tag
Year
levy
collections
collected
collections
collections
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
6,548,680
98.41
74,091
6,622,771
1986
7,440,298
7,368,782
99.04
98,170
7,466,952
1987
8,045,584
7,904,551
98.25
61,041
7,965,592
112
Table 3
Percentage
Percent of
of total
Outstanding
delinquent
collections
delinquent
taxes to
to levy
taxes
tax levy
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
103,878
1.66
100.36
77,224
1.26
99.01
189,063
2.35
113
Table 4
Note:
(a) 1978 is a "limited market value" - limitation on assessor's estimated
market value was eliminated by State Statute for the 1979 assessment
payable 1980.
114
CITY OF EDINA, MINNESOTA
Assessed and Estimated Market Value of Taxable Property
Years 1978 through
1987
Real property
Ratio of total
Estimated
assessed to
Assessment
Assessed (a)
market
total estimated
year
value
value
market value
1978
$ 411,257,908
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
1987
•767,762,240
2,807,516,000
27.35
Note:
(a) 1978 is a "limited market value" - limitation on assessor's estimated
market value was eliminated by State Statute for the 1979 assessment
payable 1980.
114
Table 5
CITY OF EDINA, MINNESOTA
Property Tax Mill Rates - All Overlapping Governments
(per $100 of assessed value)
Years 1978 through 1987
115
City of
Edina
Special
Debt
Fiscal
General
Revenue
Service
School
Year
Fund
Funds
Funds
Other
Total
District
County
Other
Total
1978
7.225
.961
.803
.040
9.029
46.544
31.800
1.685
89.058
1979
7.226
.999
.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
47.597
.29.689
7.222
94.880
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
1987
11.954
-
-
-
11.954
43.065
29.356
7.812
92.187
115
CITY OF EDINA, MINNESOTA
Special Assessment Collections
Years 1978 through 1987
116
Collection
Percentage
Collection
of current
of levy
of prior
Total
Year
Total levy
year's levy
collected
year's levy
collections
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
1987
1,292,379
1,257,033
97.26
31,579
1,288,612
116
Table 6
Percentage
of total Total
collections outstanding
to levy assessments
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
99.71
47,059
117
Table 7
CITY OF EDINA, MINNESOTA
Ratio of Net General Bonded Debt
to Assessed Value and Net Bonded Debt Per Capita
Years 1978 through 1987
*Source: Metropolitan Council estimate
Note:
(1) Official population per 1980 census.
(2) Includes all long -term general obligation debt.
118
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
cg Rita
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
9,289,947
.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
1987
45,924
694,690
28,400,000
1,017,238
27,382,762
.0394
596
*Source: Metropolitan Council estimate
Note:
(1) Official population per 1980 census.
(2) Includes all long -term general obligation debt.
118
CITY OF EDINA, MINNESOTA
Computation of Legal Debt Margin
December 31, 1987
Net assessed value
Debt limit - 7.33 percent of total
assessed value
Amount of debt applicable to debt
limit:
Total bonded debt
Less:
Assets in debt service funds .
available for payment of
principal
Other deductions allowed by law:
Tag increment bonds
Special assessment bonds
Revenue bonds
Total deductions
Total amount of debt
applicable to debt limit
Legal debt margin
$ 200,000
22,000,000
5,250,000
1,150,00.0
119
$ 28,400,000
28,600,000
Table 8
$ 694,690,065
50,920,782
(200,000)
$ 51.120,782
1..
Table 9
CITY OF EDINA, MINNESOTA
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures
Years 1978 through 1987
Note:
(a) Includes General, Special Revenue and Debt Service Funds.
(b) Includes refinancing of temporary bonds.
120
Ratio of
debt service
Total
to total
Fiscal
debt
Total general
general
year
Principal
Interest
service
expenditures (a)
expenditures
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
11150,000
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
1,650,000
1,921,172
3,571,172
14,450,898
.2471
1987
1,700,000
2,299,429
3,999,429
14,843,024
.2694
Note:
(a) Includes General, Special Revenue and Debt Service Funds.
(b) Includes refinancing of temporary bonds.
120
Table 10
CITY OF EDINA, MINNESOTA
Property and Construction Values
Years 1978 through 1987
*Assessor's market.
121
Commercial
Residential
construction
construction
Fiscal
Number of
Number of
Property
value*
year
Permits
Value
2ermits
Value
Commercial
Residential
1978
13
$ 10,885,071
152
$ 13,149,000
264,079,418
1,036,521,180
1979
18
30,089,275
207
25,400,000
293,074,916
1,237,195,310
1980
16
5,662,717
144
14,302,000
340,000,255
1,457,105,100
1981
12
27,624,140
135
11,257,000
391,154,527
1,616,853,630
1982
6
1,730,000
134
10,490,700
432,641,116
1,809,140,540
1983
4
9,250,500
189
20,140,000
458,115,920
1,848,196,590
1984
3
1,290,000
116
14,800,000
495,218,100
1,922,762,150
1985
5
6,645,080
327
34,886,143
532,936,100
1,984,633,450
1986
5
18,034,760
397
39,909,000
567,688,400
2,042,953,950
1987
32
19,797,541
551
30,600,000
621,601,700
2,185,908,300
*Assessor's market.
121
Table 11
CITY OF EDINA, MINNESOTA
Principal Taxpayers
December 31, 1987
122
Percent
1987
of total
assessed
assessed
Taxpayer
Tie of business
valuation
valuation
Southdale
Shopping center
$ 39,992,240
4.73%
Pentagon
Office park
14,073,266
1.67
Southdale Office Center
Office
11,724,324
1.39
Cedars of Edina
Apartments
8,553,516
1.01
Gaberts and Galleria
Shopping center
7,950,571
.94
National Car
Office
7,724,550
.91
Southdale Medical Center
Office
7,341,420
.87
Honeywell
Office
5,690,130
.67
7500 York Co -op
Housing co -op
4,406,400
.52
7201 Metro Boulevard
Office
4,020,500
.48
7600 France
Office
3,760,552
.45
Rembrandt Heritage
Apartments
3,748,134
.44
7401 Metro Boulevard
Office
3,703,448
.44
7300 Metro Boulevard
Office
3,590,070
.42
Durham
Apartments
3,590,000
.42
7505 Metro Boulevard
Office
3,575,609
.42
7301 Ohms Lane
Office
3,575,609
.42
Vernon Terrace
Apartments
3,259,000
.39
7900 West 78th Street
Office
3,197,480
.38
York Plaza
Apartments
3,172,300
.38
122
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics
December 31, 1987
Date of incorporation
Date of adoption of Council - Manager Plan
Present form of government
Fiscal year begins
Area of City
Percent of City developed with buildings
Miles of streets and sewers:
Total streets
Streets with permanent surfacing
Sanitary sewer
Sewer connections (July 1, 1986)
Building permits:
Summary of past five years ended December 31, 1987
Table 12
December 17, 1888
January 1, 1955
Council- Manager
January 1
16 square miles
97%
226.14 miles
225.75 miles
185.83 miles
13,783
Declared
Number market value
Single family 252 $ 44,616,657
Two family 36 8,367,053
Apartments (131) 22 71,375,273
Townhouses (622) 76 16,187,181
Nonresidential 20 40,187,840
Fire protection:
Number of stations
Number of employees (full time)
Police protection:
Number of stations
Number of employees
Park areas:
Present park acres
Proposed park acres to be acquired
Total improved park acres
Number of parks
Private golf.courses
Public golf courses
Municipal water plant:
Number of wells
Miles of watermain
Gallons of storage
Number of consumers (July 1, 1986)
123
1
31
1
50
1,226
50
900
37
3
2
17
197.97
6 million
14,046
(Continued)
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)
45,370
1983
(estimated
April
1)
45,340
1984
(estimated
April
1)
45,280
1985
(estimated
April
1).
44,940
1986
(estimated
April
1)
45,523
1987
(estimated
April
1)
45,924
124