HomeMy WebLinkAbout1988 Comprehensive Annual Financial Reportor e
k;;M6Peat Marwick
Certified Public Accountants
Peat Marwick Main & Co.
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on Compliance with the Provisions
of the Legal Compliance Audit Guide
The City Council
Edina, Minnesota:
We have audited the combined financial statements of the City of"Edina, Minne-
sota, as of and for the year ended December 31, 1988, and have issued our
report thereon dated May 12, 1989. Our audit was made in accordance with
generally accepted auditing standards; the provisions of the Legal Compliance
Audit Guide promulgated by the Legal Compliance Task Force pursuant to Minne-
sota Statutes Sec. 6.65. Accordingly, the audit included such tests of the
accounting records and such other auditing procedures as we considered neces-
sary in the circumstances.
The Legal Compliance Audit Guide covers five main categories of compliance to
be tested: contracting and bidding, deposits and investments, conflicts of
interest, public indebtedness,. and claims and disbursements. Our study
included all of the listed categories. The results of our tests indicate
that for the items tested, the City of Edina, Minnesota complied with the
material terms and conditions of applicable legal provisions except as
described in the following two paragraphs.
Finding No. 1 - We noted one day during the year when uninsured funds on depo-
sit at a depository designated by council exceeded 90% of the collateral
assigned to the City (M.S. 118.01, subd. 2).
Finding No. 2 We noted that claims paid prior to a council meeting (manual
checks) are not signed by a majority of the council (M.S. 412.271, subd. 4).
This relates primarily to payment of liquor store obligations, but also
includes other miscellaneous manual payments. We note, however, that antici-
pated purchases in excess of $5,000 are approved by council prior to placement
of the purchase orders. In addition, manual checks, exclusive of payments of
liquor store obligations, are approved by the Finance Director before payment.
EFFU Member Firm of
Klynveld Peat Marwick Goerdeler
This report in intended solely for the use of management and the State of
Minnesota and should not be used for any other purpose. This restriction is
not intended to limit the distribution of this report, which is a matter of
public record.
May 12, 1989
CITY OF EDINA, MINNESOTA
Comprehensive Annual Financial Report
Year ended December 31, 1988
Department of Finance
John Wallin - Treasurer and Finance Director
James L. Knutson - Assistant Finance Director
CITY OF EDINA, MINNESOTA
Table of Contents
Section I
Introductory Section
Paae
Elected and Appointed Officials I
Letters of Transmittal II
Section II
Financial Section
Independent Auditors' Report 1
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Groups 3
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance - All Governmental Fund Types 5
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual - General and Special
Revenue Fund Types 7
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings - All Proprietary Fund Types 9
Combined Statement of Changes in Financial Position - All
Proprietary Fund Types 10
Notes to Financial Statements 11
Combining and Individual Fund and Account Group
Financial Statements:
General Fund:
Balance Sheet 35
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual 36
Schedule of Revenues - Budget and Actual 37
Schedule of Expenditures - Budget and Actual 38
Schedule of Central Services Expenditures - Budget and Actual 45
Special Revenue Funds:
Combining Balance Sheet 47
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance 48
2
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Paae
Combining and Individual Fund and Account Group
Financial Statements (continued):
Debt Service Funds:
Combining Balance Sheet
50
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance
51
Capital Projects Funds:
Combining Balance Sheet
53
Combining Statement of Revenues, Expenditures and Changes in
Fund Balance
54
Proprietary Fund Type - Enterprise Funds:
Combining Balance Sheet
56
Combining Statement of Revenues, Expenses and Changes
in Retained Earnings
58
Combining Statement of Changes in Financial Position
60
Schedule of Property and Equipment
62
Utilities Fund:
Balance Sheet
66
Statement of Revenues, Expenses and Changes in
Retained Earnings
67
Statement of Changes in Financial Position
69
Liquor Fund:
Balance Sheet
70
Statement of Revenues, Expenses and Changes in
Retained Earnings
71
Statement of Changes in Financial Position
72
Schedule of Operating Expenses
73
Swimming Pool Fund:
Balance Sheet
74
Statement of Revenues, Expenses and Changes in
Retained Earnings
75
Statement of Changes in Financial Position
76
3
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
0
Combining and Individual Fund and Account Group
Financial Statements (continued):
Golf Course Fund:
Balance Sheet
77
Statement of Revenues, Expenses and Changes in
Retained Earnings
78
Statement of Changes in Financial Position
79
Schedule of Operating Expenses
80
Recreation Center Fund:
Balance Sheet
81
Statement of Revenues, Expenses and Changes in
Retained Earnings
82
Statement of Changes in Financial Position
83
Gun Range Fund:
Balance Sheet
84
Statement of Revenues, Expenses and Changes in
Retained Earnings
85
Statement of Changes in Financial Position
86
Art Center Fund:
Balance Sheet
87
Statement of Revenues, Expenses and Changes in
Retained Earnings
88
Statement of Changes in Financial Position
89
Edinborough Park Fund:
Balance Sheet
90
Statement of Revenues, Expenses and Changes in
Retained Earnings
91
Statement of Changes in Financial Position
92
Agency Fund:
Statement of Changes in Assets and Liabilities
94
General Fixed Assets Account Group:
Schedule of General Fixed Assets
96
General Long -term Debt Account Group:
Statement of General Long -term Debt
98
Supplemental Financial Information:
Combined Schedule of Bonded Indebtedness
Schedule 1
100
Schedule of Changes in Bonded Indebtedness and Schedule
of Bonds Payable
Schedule 2
102
Schedule of Debt Service Requirements
Schedule 3
106
Assessed Valuation, Tax Levies and Mill Rates
Schedule 4
107
Schedule of Sources and Uses of Public Funds:
For 50th and France - No. 1200, a Tax Increment
Financing District
Schedule 5
109
For Southeast Edina Redevelopment District 1201,
a Tax Increment Financing District
110
For Grandview Area Redevelopment District -
No. 1202, a Tax Increment Financing District
111
For Southeast Edina Economic Development District -
No. 1203, A Tax Increment Financing District
112
4
CITY OF EDINA, MINNESOTA
Table of Contents, Continued
Page
Supplemental Financial
Information
(continued):
121
Independent Auditors'
Report on
Supplementary Information
Schedule of Federal
Financial
Assistance Schedule 6
113
Schedule of Federal Financial
Assistance
114
Independent Auditors'
Report on
Internal Accounting and
123
Administrative Controls
115
Independent Auditors'
Report on
Compliance with Laws and
125
Regulations
118
Section III
Statistical Section
General Governmental, Expenditures by Function,
Years 1979 through 1988
Table
1
121
General Governmental, Revenues by Source, Years
1979 through 1988
Table
2
122
Property Tax Levies and Collections, Years 1979
through 1988
Table
3
123
Assessed and Estimated Market Value of Taxable
Property, Years 1979 through 1988
Table
4
125
Property Tax Mill Rates - All Overlapping Governments,
Years 1979 through 1988
Table
5
126
Special Assessment Collections, Years 1979 through
1988
Table
6
127
Ratio of Net General Bonded Debt to Assessed Value
and Net Bonded Debt Per Capita, Years 1979 through
1988
Table
7
129
Computation of Legal Debt Margin
Table
8
130
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures,
Years 1979 through 1988
Table
9
131
Property and Construction Values, Years 1979 through 1988
Table
10
132
Principal Taxpayers
Table
11
133
Miscellaneous Statistics
Table
12
134
Computation of Overlapping Debt
Table
13
136
Revenue Bond Coverage
Table
14
137
Section I
Introductory Section
CITY OF EDINA, MINNESOTA
Elected and Appointed Officials
December 31, 1988
Elected:
Mayor - Frederick S. Richards
Council:
Glenn L. Smith
Bernard G. Rice, Jr.
Peggy Kelly
Jane L. Paulus
Appointed:
Manager - Kenneth E. Rosland
Treasurer and Finance Director - John Wallin
Assistant Finance Director - James L. Knutson
Clerk - Marcella M. Daehn
*First official business day.
I
/'7
Term of
office expires
January*
1993
1991
1991
1993
1993
CITY OF
EDINA
3801 WEST 50TH STREET, EDINA, MINNESOTA 55424
312- 927 -8861
May 12, 1989
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 trans-
mit the annual financial report of the City of Edina, Minnesota as of Decem-
ber 31, 1988 and for the fiscal year then ended. Responsibility for both the
accuracy of the presented data and the completeness and fairness of the pre-
sentation, including all disclosures, rests with the City. 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 assur-
ance 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 trans-
mittal;
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, Minne-
sota be audited by a certified public accountant selected by the City Coun-
cil. This requirement has been complied with, and our independent auditors'
report is included in the financial section of this report.
II
Although the City of Edina, Minnesota concluded fiscal year 1988 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. The Governor vetoed the Omnibus Tax Bill and therefore we
cannot make any further predictions. However, it is my belief that any
changes that will be made in the near future will have a negative impact on
the City's ability to generate real property tax revenues during fiscal year
1990. 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,
/��
i-° v �/
Kenneth E. Rosland
City Manager
III
CITY OF
a 1 F
EDINA
1801 WEST 50TH STREET, EDINA, MINNESOTA 55424
312- 927 -8861
May 12, 1989
To the Honorable Mayor,
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, 1988, 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 respects; 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.
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 be-
lieve that the City's internal accounting controls adequately safeguard
assets and provide reasonable assurance of proper recording of financial
transactions.
Budgetary control is maintained through the issuance of purchase orders.
Purchase orders which would result in an overrun of the budgeted allotment
are not released until additional appropriations are made available.
IV
The Reporting Entity and Its Services
The City has reviewed its reporting entity definition in light of NCGA 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 $16,516,842 in
1988, an increase of 1.08 percent over 1987. General property taxes produced
59.7 percent of general revenues compared to 51.9 percent last year. The
amount.of revenues from various sources and the increase (decrease) over last
year are shown in the following tabulation:
Total
$ 16,516,842 100.09, $ 175,879
Current tax collections were 98.77 percent of the tax levy, up .52 percent
from last year. Delinquent tax collections were more than last year. The
ratio of total collections (current and delinquent) to the current tax levy
was 99.60 percent, an increase of .59 percent from last year.
V
Increase
Percent
(decrease)
Revenue source
Amount
of total
from 1987
Taxes
$ 9,853,560
59.7%
$ 1,367,120
Special assessments
1,500,050
9.1
(287,912)
Franchise fee
48,528
.3
(10,155)
Licenses and permits
623,760
3.7
(86,522)
Intergovernmental revenues
2,425,720
14.7
(584,483)
Charges for services
740,708
4.5
88,319
Fines and forfeitures
532,257
3.2
17,085
Interest on investments
533,647
3.2
(251,581).
Sale and rental of property
127,846
.8
(24,649)
Miscellaneous
130.766
.8
(51.343)
Total
$ 16,516,842 100.09, $ 175,879
Current tax collections were 98.77 percent of the tax levy, up .52 percent
from last year. Delinquent tax collections were more than last year. The
ratio of total collections (current and delinquent) to the current tax levy
was 99.60 percent, an increase of .59 percent from last year.
V
Expenditures for all general governmental purposes totaled $35,990,361, an
increase of 48.9 percent over 1987. Increases (decreases) in levels of
expenditures for major functions of the City over the preceding year are
shown in the following tabulation:
Total
$ 35,990,361 100.0% $ 11,824,914
Expenditures for public safety were 14.2 percent of total general governmen-
tal expenditures. This expenditure function includes police protection, fire
protection, civil defense, animal control, public health and building inspec-
tions expenditures.
Expenditures for capital outlay were 55.1 percent of total governmental expen-
ditures. There was a $10,731,953 increase from 1987. This increase is due
principally to the Edinborough and Centennial Lakes projects.
Unreserved fund balances were maintained at adequate levels. The General
Fund balance of $1,195,274 was down $201,223 from last year; and the Capital
Projects Fund balance of $1,732,174 was down $121,613 from last year.
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 tax capacity
.492
Debt per capita $ 972
VI
Increase
Percent
(decrease)
Function
Amount
of total
from 1987
General government
$ 1,655,826
4.6%
$ 229,887
Public safety
5,122,392
14.2
359,486
Public works
2,441,928
6.8
232,056
Parks
1,471,741
4.1
101,893
Unallocated general
321,166
.9
(19,134)
Miscellaneous
1,049,684
2.9
68,039
Capital outlay
19,807,461
55.1
10,731,953
Bond principal
1,950,000
5.4
250,000
Interest and fiscal charges
2,170,163
6.0
(129,266)
Total
$ 35,990,361 100.0% $ 11,824,914
Expenditures for public safety were 14.2 percent of total general governmen-
tal expenditures. This expenditure function includes police protection, fire
protection, civil defense, animal control, public health and building inspec-
tions expenditures.
Expenditures for capital outlay were 55.1 percent of total governmental expen-
ditures. There was a $10,731,953 increase from 1987. This increase is due
principally to the Edinborough and Centennial Lakes projects.
Unreserved fund balances were maintained at adequate levels. The General
Fund balance of $1,195,274 was down $201,223 from last year; and the Capital
Projects Fund balance of $1,732,174 was down $121,613 from last year.
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 tax capacity
.492
Debt per capita $ 972
VI
The following is a summary of the bonded debt for fiscal year 1988:
Gross bonded debt outstanding, January 1, 1988 $ 28,400,000
Add bonds issued in fiscal year 1988 20,905,000
Deduct bonds redeemed in fiscal year 1988 2,000,000
Gross bonded debt outstanding, December 31, 1988 47,305,000
Deduct sinking fund assets, December 31, 1988 2,556,865
Net bonded debt, December 31, 1988 $ 44,748,135
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, 1988 the City had $36,475,000 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, 1988. This compares with the
City's debt limit as shown below:
Debt limit
Legal debt margin
Cash Management
$ 54,328,100
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 1988
the City earned $533,647 in interest. The following is a list of the City's
cash and investments by classification as of December 31, 1988:
Cash
Certificates of deposit
Commercial paper
Government securities
Money markets
Capital Projects Funds
$ (1,462)
721,005
2,448,283
6,289,607
8,571,566
$ 18,028,999
The major construction projects and equipment purchases are accounted for in
three Capital Projects Funds. The HRA Fund accounts for construction proj-
ects within the City's four 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 appro-
priations, or working capital funds.
VII
General Fixed Assets
The general fixed assets of the City are those fixed assets used in the per-
formance of general governmental functions and exclude the fixed assets of
the Enterprise Funds. As of December 31, 1988 the general fixed assets of
the City amounted to $50,117,411. 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 oper-
ate primarily from user fees charged to the general public. A comparative
statement of income (loss) before operating transfers for the fiscal years
ended 1988 and 1987 follows:
Income (loss)
before transfers
1988 1987
Utilities Fund
$(557,075)
21,975
Liquor Fund
353,567
313,419
Swimming Pool Fund.
(6,550)
(16,125)
Golf Course
170,646
99,334
Recreation Center
(82,793)
21,241
Gun Range
(590)
(1,168)
Art Center
(10,953)
20,726
Edinborough Park
(235,333)
(207,746)
\
$(369,081)
251
Transfers from /to other funds for various purposes was $229,828 and $350,000
in 1988 and $0 and $400,000 in 1987, respectively.
Wri-IMITTT-14 .
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 1988.
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. We would like to express our appreciation to all members
of the Department who assisted and contributed to its preparation. We 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,
John Wallin, CPA
Treasurer and Finance Director
James L. Knutson, CPA
Assistant Finance Director
IX
Section II
Financial Section
GENERAL PURPOSE
FINANCIAL STATEMENTS
k;�kPeat Marwick
Certified Public Accountants
Peat Marwick Main & Co.
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report
Honorable Mayor and Members
of the City Council
City of Edina, Minnesota:
We have audited the combined financial statements of the City of Edina,
Minnesota as of and for the year ended December 31, 1988, as listed in the
accompanying table of contents. These combined financial statements are the
responsibility of the City's management. Our responsibility is to express an
opinion on these combined financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing stan-
dards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the combined financial statements are free
of material misstatement. An audit includes examining, on a test basis, evi-
dence supporting the amounts and disclosures in the combined financial state-
ments. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the combined financial statements referred to above present
fairly, in all material respects, the financial position of the City of
Edina, Minnesota, at December 31, 1988, 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.
As discussed in note 9 to the financial statements, the City reclassified
revenues and expenditures previously reported in the general fund into
special revenue funds, and also changed the accounting for construction fund
expenditures relating to enterprise activities into enterprise funds.
Our audit 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. Such information has been subjected to the auditing proce-
dures applied in the audit of the combined financial statements and, in our
opinion, is fairly stated in all material respects in relation to the com-
bined financial statements taken as a whole.
-1-
ITIFJ� Member Firm of
Klynveld Peat Marwick Goerdeler
The data designated as the "statistical section" in the accompanying table of
contents is presented for purposes of additional analysis and is not a re-
quired part of the basic financial statements. Such information has not been
subjected to the auditing procedures applied in the audit of the basic finan-
cial statements and, accordingly,.we express no opinion on it.
May 12, 1989
-2-
CITY OF EDINA, MINNESOTA
Combined Balance Sheet - All Fund Types and Account Groups
December 31, 1988
(with comparative totals for December 31, 1987)
Assets
Cash (deficit) (notes 1 and 2)
Investments (notes 1 and 2)
Cash with plan administrators (note 8)
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 Eauity
Liabilities:
Accounts payable
Accrued interest payable
Due to other funds (note 12)
Due to other governments
Deposits payable
Due to participants (note 8)
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
$ 1,928,086 - 2,556,865 (3,947,811)
4,618,288 - - 9,774,498
69,688 13,022 -
298,246
- - 1,948,899
510,534
51,039 - 200,000
577,186
356,593 7,268 51809
11101
5,000 - -
-
275,693 - -
-
$ 7.304.387 20.290 4,711.573 7.213.754
287,857 - - 479,005
777,186 51,039 - -
- - 43,102 -
- - - 36,465
1,927,463 510,534
1.065,043 51,039 1,970,565 1,026,004
489;885 - 2,741,008 -
4,554,185 (30,749) - 4,455,576
1,195,274 - - 1,732,174
6,239,344 (30,749) 2,741,008 6,187,750
$ 7.304.387 20.290 4.711.573 7.213.754
See accompanying notes to financial statements.
3
Proprietary
Fiduciary
Account
groups
- - - 96,968
-
fund type
fund types
General
General
Totals
29,036
5,833
- - - 42,298
Fixed
Long -term
(memorandum
only)
Enterprise
Agency
Assets
Debt
1988
1987
6,730,000
(404,597)
-
-
-
132,543
279,151
3,503,670
-
-
-
17,896,456
10,425,125
-
2,649,132
-
-
2,649,132
2,340,427
814,322
-
-
-
1,195,278
1,143,223
_
-
-
-
2,459,433
3,017,997
225,546
-
-
-
225,546
281,684
245,000
-
-
-
1,073,225
4,039,854
-
-
-
-
370,771
522,387
-
-
-
-
-
19,522
511,711
-
-
-
516,711
653,790
_
-
-
-
275,693
155,564
21,093,593
-
50,117,411
-
71,211,004
53,807,174
-
-
-
2,741,008
2,741,008
3,752,591
38,427,490 38,427,490 23,981,600
41.168,498 139,174,290 104.420, 089
768,278
- - - 1,535,140
979,485
96,968
- - - 96,968
-
245,000
- - - 1,073,225
4,039,854
-
- - - 43,102
29,036
5,833
- - - 42,298
41,690
-
2,649,132 - - 2,649,132
2,340,427
-
- - 593,498 593,498
484,191
204,260
- - - 2,642,257
3,260,595
6,730,000
40,575,000 47,305,000
28,400,000
8,050,339
2,649,132 41,168,498 55,980,620
39,575,278
-
- 50,117,411 - 50,117,411
35,591,779
273,545
- - - 273,545
296,836
797,646
- - - 797,646
145,445
16,867,715
- - - 16,867,715
17,985,878
-
- - - 3,230,893
4,182,028
-
- - - 8,979,012
4,552,739
2,927,448
2,090,106
17,938,906
50,117,411 83,193,670
64,844,811
� 4cL•lis►L�'�I��I�L1�F'd���
4
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenditures
and Changes in Fund Balance - All Governmental Fund Types
Year ended December 31, 1988
(with comparative totals for year ended December 31, 1987)
5
Governmental fund
Special
Debt
General
Revenue
_Service
Revenues:
Taxes (note 3)
$ 7,433,321
-
-
Special assessments
-
-
1,074,793
Franchise fee
-
48,528
-
Licenses and permits
623,760
-
-
Intergovernmental
2,154,799
54,071
-
Charges for services
740,708
-
-
Fines and forfeitures
532,257
-
_
Interest on investments
118,759
-
23,010
Sale and rental of property
27,846
-
-
Miscellaneous
81,972
Total revenues
11,713,422
102,599
1,097,803
Expenditures:
Current:
General government
1,655,826
-
-
Public safety
5,122,392
-
-
Public works
2,441,928
-
-
Parks
1,471,741
-
-
Unallocated general
321,166
-
-
Other
276,068
145,458
2,400
Capital outlay:
General government
15,088
-
-
Public safety
246,899
-
-
Public works
293,155
-
_
Parks
123,567
-
-
Debt service:
Bond principal
-
-
1,950,000
Interest and fiscal charges
-
-
2,170,163
Total expenditures
11,967,830
145,458
4,122,563
Excess (deficiency) of revenues
over expenditures
(42,859)
(3,024,760)
Other financing sources (uses):
Proceeds from issuance of bonds
Proceeds from sale of land
Operating transfers in
350,000
-
2,598,071
Operating transfers out
(516,805)
-
(554,894)
Parkland dedication
51,617
Parkland dedication for Edina HRA
2,558,859
Total other financing sources (uses)
2,443,671
2,043,177
Excess (deficiency) of revenues and
other financing sources over expen-
ditures and other financing uses
2,189,263
(42,859)
(981,583)
Fund balance - January 1
4,050,081
12,110
3,722,591
Fund balance (deficit) - December 31
$ 6.239.344
(30"749)
2.741.008
See accompanying notes to financial statements.
5
types
Totals
Capital
(memorandum
only)
Projects
1988
1987
2,420,239
9,853,560
8,486,440
425,257
1,500,050
1,787,962
-
48,528
58,683
-
623,760
710,282
216,850
2,425,720
3,010,203
-
740,708
652,389
-
532,257
515,172
391,878
533,647
785,228
100,000
127,846
152,495
48,794
130,766
182,109
3,603,018
16,516,842
16,340,963
-
1,655,826
1,425,939
-
5,122,392
4,762,906
-
2,441,928
2,209,872
-
1,471,741
1,369,848
-
321,166
340,300
625,758
1,049,684
981,645
-
15,088
26,737
-
246,899
322,132
-
293,155
271,756
19,128,752
19,252,319
8,454,883
-
1,950,000
1,700,000
2,170,163
2,299,429
19,754,510
35,990,361
24,165,447
(16,151,492) (19,473,519) (7,824,484)
15,111,818
4,783,356
874,699
(2,630,899)
18,138,974
15,111,818
4,783,356
3,822,770
(3,702,598)
51,617
2,558,859
22,625,822
3,500,179
(3,100,179)
92,205
351,428
843,633
1,987,482 3,152,303 (6,980,851)
4,200,268 11,985,050 18.965.901
6.187.750 ].5.137.353 11.985.050
6
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, 1988
(with comparative totals for year ended December 31, 1987)
Revenues:
Taxes
Franchise fee
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest on investments
Sales and rental of property
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Public works
Parks
Unallocated general
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
Operating transfers out
Parkland dedication
Parkland dedication for Edina BRA
Total other financing source
General
Variance -
favorable
Budget Actual (unfavorable)
$ 7,546,747
609,700
1,919,193
811,166
500,000
65,000
15,000
102,500
11,569,306
1,663,725
5,092,720
2,450,738
1,497,897
335,240
89,400
18,398
253,615
288,318
91,255
11,781,306
7,433,321
623,760
2,154,799
740,708
532,257
118,759
27,846
81,972
11,713,422
1,655,826
5,122,392
2,471,373
1,471,741
321,166
276,068
15,088
246,899
293,155
123,567
11,997,275
(212,000) (283,853)
350,000 350,000
(138,000) (487,360)
51,617
2,558,859
212,000 2,473,116
Excess (deficiency) of reve-
nues and other financing
sources over expenditures
and other financing uses $ - 2,189,263
Fund balance - January 1 4,050,081
Fund balance - December 31 $ 6.239.344
See accompanying notes to financial statements.
7
(113,426)
14,060
235,606
(70,458)
32,257
53,759
12,846
(20,528)
144,116
7,899
(29,672)
(20,635)
26,156
14,074
(186,668)
3,310
6,716
(4,837)
(32,312)
(215,969)
(71,853)
(349,360)
51,617
2,558,859
2,261,116
8
Totals
(memorandum
only)
Special Revenue
1988
1987
Variance -
Variance -
favorable
favorable
Budget Actual
(unfavorable)
Budget
Actual
(unfavorable)
Actual
- -
-
7,546,747
7,433,321
(113,426)
6,890,876
- 48,528
48,528
-
48,528
48,528
58,683
- -
-
609,700
623,760
14,060
710,282
- 54,071
54,071
1,919,193
2,208,870
289,677
2,043,581
- -
-
811,166
740,708
(70,458)
652,389
- -
-
500,000
532,257
32,257
515,172
- -
-
65,000
118,759
53,759
209,807
- -
-
15,000
27,846
12,846
52,495
102,500
81,972
(20,528)
117,530
102,599
102,599
11,569,306
11,816,021
246,715
11,250,815
- -
-
1,663,725
1,655,826
7,899
1,425,939
- -
-
5,092,720
5,122,392
(29,672)
4,762,906
- -
-
2,450,738
2,471,373
(20,635)
2,209,872
- -
-
1,497,897
1,471,741
26,156
1,369,848
- -
-
335,240
321,166
14,074
340,300
- 145,458
145,458
89,400
421,526
(332,126)
163,837
- -
-
18,398
15,088
3,310
26,737
- -
-
253,615
246,899
6,716
322,132
- -
-
288,318
293,155
(4,837)
271,756
91,255
123,567
(32,312)
62,766
145,458
145,458
11,781,306
12,142,733
(361,427)
10,956,093
- (42,859)
(42,859)
(212,000)
(326,712)
(114,712)
294,722
- -
-
350,000
350,000
-
568,735
- -
-
(138,000)
(487,360)
(349,360)
(627,746)
- -
-
-
51,617
51,617
92,205
2,558,859
2,558,859
351,428
212,000
2,473,116
2,261,116
384,622
- (42,859)
-
2,146,404
2.146.404
679,344
12,110
_3Q1_Z_ )
4,062,191
6,208,595
3,382,847
4,062.191
8
CITY OF EDINA, MINNESOTA
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings - All Proprietary Fund Types
Year ended December 31, 1988
(with comparative totals for year ended December 31, 1987)
Sales and cost of sales:
Sales
Cost of sales
Gross profit
Operating revenues:
Charges for services
Total gross profit and operating
revenues
Operating expenses:
Disposal charges
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Interest on investments
Current value credit - MWCC
Rental income
Federal aid
Donations
Interest and fiscal charges
Subsidy from general fund
Miscellaneous
Total nonoperating revenues (expenses)
Income (loss) before operating transfers
and contributions
Net operating transfers out
Net.loss
Add depreciation on contributed assets
Increase (decrease) in retained earnings
Retained earnings - January 1
Retained earnings - December 31
See accompanying notes to financial statements.
9
Enterprise funds
1988 1987
$ 5,181,955 5,103,281
4,081,675 4,056,622
1,100,280 1,046,659
6,534,601 5,712,503
7,634,881 6,759,162
2,621,462
2,187,999
2,058,294
1,708,399
1,409,739
1,084,935
694,884
561,352
529,296
578,410
687,389
623,289
8,001,064
6,744,384
(366,183)
14,778
116,187
93,087
61,020
61,020
7,960
7,960
-
51,816
25,290
12,592
(238,940)
(97,690)
16,337
98,047
9,248
10,046
(2,898)
236,878
(369,081) 251,656
(120,172) (400,000)
(489,253) (148,344)
23,291
(465,962)
18,131,323
11,645
(136,699)
18,268,022
$ 17.665.361 18,131,323
CITY OF EDINA, MINNESOTA
Combined Statement of Changes in Financial Position -
All Proprietary Fund Types
Year ended December 31, 1988
(with comparative totals for year ended December 31, 1987)
Sources of working capital:
Operations:
Net income (loss)
Add items not requiring working capital:
Depreciation
Working capital provided by operations
Proceeds from revenue bonds
Contributed capital
Decrease in other assets
Transfer from other funds
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
1988 1987
$ (369,081) 251,656
687,391 623,289
318,310 874,945
5,630,000
- 308,481
50,817 48,862
229,828 -
608 -
6,714 5,322
6,236,277 1,237,610
13,870
50,817 48,862
2,405,411 980,151
50,000 35,000
350,000 400,000
2,856,228 1,477,883
Net increase (decrease) in working capital $ 3,380,049 (240.273)
Elements of increase (decrease) in
working capital:
Cash
Investments
Receivables
Due from other funds
Inventory
Prepaid expense
Accounts payable
Accrued interest payable
Due to other funds
Current portion of bonds payable
Net increase (decrease) in working capital
See accompanying notes to financial statements.
10
646,101
3,503,670
(90,176)
(134,579)
(400)
(449,135)
(96,968)
1,536
18,425
(806,333)
235,195
(52,467)
(15,272)
(252,054)
310,496
271,737
50,000
$ x.380,049 _(240,273)
CITY OF EDINA, MINNESOTA
Notes to Financial Statements
December 31, 1988
(1) Summary of Significant Accounting Policies
The City operates under the "Optional Plan B" form of government accord-
ing to applicable State of Minnesota Statutes. The Statutes prescribe
a Council- Manager form of organization. The City provides the follow-
ing services: public safety, highways and streets, sanitation, health
and social services, culture - recreation, public improvements, planning
and zoning, and general administration.
The accounting policies of the City conform to generally accepted
accounting principles as applicable to governments. The following is
a summary of the more significant policies:
A. Financial Reporting Entity
The City has implemented National Council on Governmental
Accounting Statement No. 3, Defining the Governmental 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 state-
ments 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 report-
ing purposes, includes all funds and account groups, including
those of the Park and Recreation Board and the Housing and
Redevelopment Authority of Edina that are controlled by or
dependent on the City's executive or legislative branches.
Control by or dependence on the City was determined on the
basis of budget adoption, taxing authority, outstanding debt
secured by revenues or general obligations of the City or the
City's obligation to fund any deficits that may occur.
(Continued)
11
B.
CITY OF EDINA, MINNESOTA
Fund Accountina
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 fol-
lows:
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).
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.
12
(Continued)
CITY OF EDINA, MINNESOTA
Fiduciary Funds
Agency Funds - Agency Funds are used to account for assets
held by the City in a trustee capacity for individuals, pri-
vate organizations, other governments, and /or other funds.
Agency Funds are custodial in nature (assets equal liabili-
ties) and do not involve measurement of results of opera-
tions.
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 his-
torical 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.
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.
(Continued)
13
qP
CITY OF EDINA, MINNESOTA
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 rec-
ognized as governmental fund type expenditures or fund liabili-
ties. 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 bal-
ance sheets. Depreciation has been provided over the esti-
mated useful lives using the straight -line method. The
estimated useful lives 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.
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.
14 -
(Continued)
CITY OF EDINA, MINNESOTA
Expenditures are generally recognized under the modified accrual
basis of accounting when the related fund liability is in-
curred. 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 pro-
posed expenditures and the means of financing them.
2. Public hearings are conducted to obtain taxpayer com-
ments.
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)
15
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 Decem-
ber 31, 1988 for vacation and sick pay was $593,498 and
$2,191,022, 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)
16
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.
Certificate of deposit
Checking accounts:
Insured FDIC
Uninsured, collateral held by
bank in City's name
Change funds
Petty cash and uninsured collateral
held by bank in Edina HRA's name
Total cash
Carrying Bank
amount balance
$ 134,005 134,005
(52,930) 200,000
- 74,993
8,720 -
42,748 56,803
$
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.
(Continued)
17
CITY OF EDINA, MINNESOTA
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 Bills
United States Treasury Notes
United States Treasury Bond
Federal National Mortgage
Association
Government National Mortgage
Association
Federal Farm Credit
Federal Home Loan Bank
Government Strips
United States Short -term Securities
Money Markets
First Minnesota
Carrying Market
amount value Category
587,000 587,000 1
2,448,283 2,466,286 2
1,446,332
1,788,702
101,875
850,000
1,465,805 2
1,747,939 2
93,594 2
851,063 2
283,722
251,562 2
500,000
497,970 2
350,000
341,029 2
364,594
391,231 2
604,382
604,382 2
7,784,183
7,784,183 2
787,383
787,383 2
Total investments $ 17,896,456 17.869,427
(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.
(Continued)
18
CITY OF EDINA, MINNESOTA
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.
(4) Changes in General Fixed Assets
A summary of changes in general fixed assets during 1988 follows:
Land
Land improvements
Buildings
Furniture and
fixtures
Vehicles
Sidewalks
Miscellaneous
equipment
Park equipment
Highway equipment
Police equipment
Fire equipment
Election equipment
Engineering
equipment
Traffic signals
equipment
Tools
Parks
Land and public
improvements -
Edina HRA
Total
Balance
Balance
January 1
Additions
Deletions
December 31
$ 2,281,017
-
-
2,281,017
1,825,748
54,526
-
1,880,274
1,869,340
208,296
-
2,077,636
396,810
218,959
-
615,769
305,228
20,294
46,076
279,446
-
82,878
-
82,878
177,921
-
-
177,921
443,467
119,968
-
563,435
2,132,425
304,750
113,872
2,323,303
748,145
115,550
21,437
842,258
1,239,450
118,770
558
1,357,662
131,320
138,113
131,319
138,114
88,090
8,127
-
96,217
91,706
24,478
-
116,184
5,812
-
-
5,812
3,422,674
453,558
3,876,232
15,159,153
1,868,267
313,262
16,714,158
20,432,626 17,753,983 4,783,356 33,403,253
$ 35,591.779 19,622,250 ,5,026,618 50,117.411
19
(Continued)
CITY OF EDINA, MINNESOTA
A summary of proprietary fund property and equipment at December 31,
1988 follows:
Net book value $ 21.093,593
(5) Long -term Debt
Bonded Debt
The City has three types of bonded debt outstanding at December 31,
1988: tax 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 pro-
vided for by general property taxes.
The bonded debt outstanding is summarized as follows:
Balance
December 31,
Maturities Interest rates 1988
Tax Increment Bonds 1989 -2009 5.20 - 11.00% $ 36,475,000
Improvement Bonds 1989 -1996 5.20 -8.75 4,100,000
Revenue Bonds 1989 -2009 5.90 -8.70 6,730,000
Total $ 47,305.000
(Continued)
20
Enterprise
Property and equipment
fund
Land
$ 285,341
Golf course
1,153,039
Land improvements
157,259
Water distribution system
9,436,738
Sewer collection system
10,854,778
Major recreation facilities
4,088,682
Major water facilities
3,299,924
Buildings - liquor stores
729,769
Furniture, fixtures and equipment
1,540,290
Vehicles
171,139
Construction in progress
1,616,059
33,333,018
Less accumulated depreciation
12,239,425
Net book value $ 21.093,593
(5) Long -term Debt
Bonded Debt
The City has three types of bonded debt outstanding at December 31,
1988: tax 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 pro-
vided for by general property taxes.
The bonded debt outstanding is summarized as follows:
Balance
December 31,
Maturities Interest rates 1988
Tax Increment Bonds 1989 -2009 5.20 - 11.00% $ 36,475,000
Improvement Bonds 1989 -1996 5.20 -8.75 4,100,000
Revenue Bonds 1989 -2009 5.90 -8.70 6,730,000
Total $ 47,305.000
(Continued)
20
CITY OF EDINA, MINNESOTA
Changes in long -term debt during the year were as follows:
Balance Balance
January 1, December 31,
1988 Increases Decreases 1988
Tax Increment Bonds $ 22,000,000 15,275,000 800,000 36,475,000
Improvement Bonds 5,250,000 - 1,150,000 4,100,000
Revenue Bonds 1,150,000 5,630,000 50,000 6,730,000
Compensated absences 484,191 109,307 - 593,498
;,
The City had the following revenue bonds outstanding at December 31,
1988:
Golf Course Bonds, Series 1985 $ 11100,000
Recreation Facility Bonds, Series 1988 2,470,000
Utility Bonds, Series 1988 3,160,000
The Golf Course Bonds are general obligation revenue bond issues 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 Recreation Facility Bonds are. general obligation revenue bond issues
payable from the Golf Course and Ice Arena enterprise funds with any
deficiency to be provided first from Liquor Fund revenue and then from
general property taxes.
The Utility Bonds are general obligation revenue bond issues payable
from the Utility Fund and then from general property taxes.
The annual requirements to amortize all debt outstanding as of Decem-
ber 31, 1988, including interest payments of $43,269,627 are as fol-
lows:
Year ending
Tax
December 31
Increment
Improvement
Revenue
Total
1989*
$ 2,983,200
454,475
282,432
3,720,107
1990
3,776,154
1,392,400
690,048
5,858,602
1991
3,750,888
731,050
754,070
5,236,008
1992
3,771,189
692,150
783,821
5,247,160
1993
3,731,664
652,150
833,970
5,217,784
1994 -2009
55,966,868
1,160,125
8,167,974
65,294,967
$ 73,979,963
5,082,350
11.512,315
90,574,628
The City is in compliance with all significant bond covenants.
*Principal and interest due January 1, 1989 was paid in December 1988.
(Continued)
21
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 Tax Capacity value $ 350,477
Current Tax Capacity value 1,209,904
Captured Tax Capacity value:
Retained by authority 859,427
Shared with other taxing districts NONE
General obligation redevelopment
bonds issued 2,200,000
Total loans incurred NONE
Amounts redeemed 1,100,000
Outstanding bonds and loans at
December 31, 1988 $ 11100.000
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 Tax Capacity value
Current Tax Capacity value
Captured Tax Capacity 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, 1988
- 22
$ 304,835
2,815,936
2,511,101
NONE
25,500,000
NONE
2,400,000
$ 23,100,000
(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 Tax Capacity value $ 515,223
Current Tax Capacity value 1,044,515
Captured Tax Capacity value:
Retained by authority 529,292
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, 1988 $ 21000.000
Southeast Edina Economic Development District - No. 1203, a redevel-
opment district established in 1988 pursuant to Minnesota Statutes
462.545 and 462.585 with a duration of 25 years.
Original tax capacity value $ 591,580
Current tax capacity value 624,742
Current tax capacity value:
Retained by authority 32,762
Shared with other taxing districts NONE
General obligation tax increment bonds
issued 10,275,000
Total loans incurred NONE
Amounts redeemed NONE
Outstanding bonds and loans at Decem-
ber 31, 1988 $ 10,275.000
(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 $204,260, 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 Commis-
sion. 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 were repaid in 1988 and were reflected as income when
received.
(7) Notes Receivable
The City has sold real estate for a note receivable of $21,286 in the
Liquor Fund at December 31, 1988. The maturity date is 1992 with an
interest rate of 12 percent.
(Continued)
23
CITY OF EDINA, MINNESOTA
(8) Retirement Plans
A. Defined Benefit Pension Plans
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).
PERA administers the Public Employees Retirement Fund (PERF)
and the Public Employees Police and Fire Fund (PEPFF) which
are cost - sharing multiple - employer retirement plans. PERF
members belong to either the Coordinated Plan or the Basic
Plan. Coordinated members are covered by Social Security and
Basic members are not. All new members must participate in
the Coordinated Plan. All police officers, fire fighters and
peace officers who qualify for membership by statute are
covered by the PEPFF. The payroll for employees covered by
PERF and PEPFF for the year ended December 31, 1988 was
$5,081,265 and $2,993,375, respectively; the City's total pay-
roll was $8,789,087.
PERA provides retirement benefits as well as disability benefits
to members, and benefits to survivor upon death of eligible
members. Benefits are established by State Statute, and vest
after five years of credited service. The defined retirement
benefits are based on members's average salary for any five
successive years of allowable service, age and years of credit
at termination of service. The annuity accrual rates for a
Basic member is 2 percent of average salary for each of the
first 10 years of service and 2.5 percent for each remaining
year. For a Coordinated member, the annuity accrual is 1
percent of average salary for each of the first 10 years and
1.5 percent for each remaining year. For PEPFF members, the
annuity accrual rate is 2.5 percent of average salary for each
of the first 25 years and 2 percent for each remaining year.
For both PERF and PEPFF, members are eligible for a full
annuity when age plus years of service equal 90.
There are different types of annuities available to members upon
retirement. A normal annuity is a lifetime annuity that
ceases upon the death of the retiree. No survivor annuity is
payable. There are also various types of joint and survivor
annuity options available which will reduce the monthly normal
annuity amount, because the annuity is payable over joint
lives. Members may also leave their contributions in the fund
upon termination of public service, in order to qualify for a
deferred annuity at retirement age. Refunds of contributions
are available at any time to members who leave public service,
but before retirement benefits begin.
(Continued)
24
CITY OF EDINA, MINNESOTA
2. Contributions Required and Contributions Made
Minnesota Statutes Chapter 353 sets. the rates for employer and
employee contributions. The City makes annual contributions
to the pension plans equal to the amount required by State
Statutes. Minnesota Statutes Chapter 356.215, Subd. 4(g)
provides the formula for determining the date of full funding
for the PERF and the PEPFF. Those dates are 2010 and 2018,
respectively. As part of the annual actuarial valuation,
PERA's actuary determines the sufficiency of the statutory
contribution rates towards meeting the required full funding
deadline. The actuary compares the actual contribution rate
to a "required" contribution rate. Current statutory contribu-
tion rates and actuarially required contribution rates for the
plan are as follows:
Statutory rates Required
Employees Employer rates
PERF:
Basic Plan 8`b 10 1/2% 9.46%
Coordinated Plan 4 4 1/4 5.11
PEPFF 8 12 15.97
Total contributions made by the City during fiscal year 1988
were:
Percentage of
Amounts covered payroll
Employees Employer Employees Employer
PERF:
Basic Plan $ 36,164 47,465 8% 10 1/2%
Coordinated
Plan 188,437 199,498 4 4 1/4
PEPFF 242,082 361,250 8 12
Totals $ Q21
The City's contribution for the year ended June 30, 1988 to the
PERF represented .32 percent of total contributions required
of all participating entities. For the PEPFF, contributions
for the year ended June 30, 1988, represented 1.79 percent of
total contributions required of all participating entities.
(Continued)
25
CITY OF EDINA, MINNESOTA
3. Funding Status and Progress
a. Pension Benefit Obligation
The "pension benefit obligation" is a standardized disclo-
sure 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 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 among employers. PERA does not make separate
measurements of assets and pension benefit obligation for
individual employers.
The pension benefit obligations as of June 30, 1988 are as
follows:
Total pension
benefit obligation
Net assets available
for benefits, at market
Unfunded pension benefit
obligation
PERF PEPFF
$ 3,334,423,000 512,921,000
2,749,289,000 584,871,000
$ 585,134,000 (71,950,000)
The measurement of the pension benefit obligation is based
on an actuarial valuation as of June 30, 1988. Net assets
available to pay pension benefits were valued as of
June 30, 1988.
4. Ten -Year Historical Trend Information
Ten -year historical trend information is presented in PERA's
Comprehensive Annual Financial Report for the year ended
June 30, 1988. This information is useful in assessing the
pension plan's accumulation of sufficient assets to pay
pension benefits as they become due.
5. Related Party Investments
As of June 30, 1988, and for the fiscal year then ended, PERA
held no securities issued by the City or other related parties.
(Continued)
26
B.
CITY OF EDINA, MINNESOTA
Deferred Compensation
The City offers its employees a deferred compensation plan created
in accordance with Internal Revenue Code Section 457. This plan
permits all City employees to defer a portion of their current
salary until future years. The deferred compensation is not
available to the employees until termination, retirement, death or
unforeseeable emergency.
All amounts of compensation deferred under the plan are solely the
property of the City until made available to the employee or other
beneficiary. The property is subject only to the claims of the
City's general creditors.
Participants' rights created under the plans are equivalent to those
of general creditors of the City and only in an amount equal to
the fair market value of the deferred account maintained with
respect to each participant.
In the past, the plan's assets have not been used for any purpose
other than to pay benefits. In addition, the City believes that
it is unlikely that it will use the assets to satisfy the claims
of general creditors in the future.
Assets of the plans are administered by third parties. These assets
are recorded in the Deferred Compensation (Agency) Fund and
amounted to $2,649,132 on December 31, 1988.
27
(Continued)
CITY OF EDINA, MINNESOTA
(9) Change in Accounting for Special Revenue and Construction Projects
A. Special Revenue
The City has created two special revenue funds to account for reve-
nues derived from specific sources to finance particular functions
or activities of government. In the past, revenues received from
the Community Development Block Grant and Communications were
accounted for in the general fund.
The change in accounting for special revenue has been applied retro-
actively in the accompanying financial statements. The effect of
the change was to create the special revenue fund for Community
Development Block Grant and Communications, to increase the Janu-
ary 1, 1987 fund balance in the special revenue fund type and capi-
tal projects fund type by $12,111, and to transfer the related
receivables and payables at January 1, 1987 to the special revenue
fund.
Individual fund balances were restated as follows:
As previously
Fund reported As restated
Special Revenue Funds $ - 12,111
General Fund 12,111 -
Additionally, as a result of this change, the excess of revenues and
other sources over expenditures and other uses for the special
revenue fund type decreased $42,859 and $53,854 in 1988 and 1987,
respectively, and for the general fund type increased $42,859 and
$53,854 in 1988 and 1987, respectively. Individual funds were
affected as follows:
Fund
Special Revenue Funds - Communications
General Fund
28
Increase
(decrease)
1988
$ 42,859
(42,859)
Increase
(decrease)
1987
53,854
(53,854)
(Continued)
CITY OF EDINA, MINNESOTA
B. Construction Projects
The City implemented a change in accounting for capital improvement
projects for Enterprise Funds. In the past, capital improvement
project costs were accumulated in the Construction Fund until the
project was complete, then the costs were transferred to the
related Enterprise Fund. The change in accounting for Enterprise
Fund capital improvement projects will be to accumulate the con-
struction in progress in the Enterprise Fund instead of the Con-
struction Fund.
The change in accounting for Construction Fund capital improvement
projects has been applied retroactively in the accompanying finan-
cial statements. The effect of the change was to increase the
January 1, 1988 and 1987 fund balance in the Construction Fund by
$917,351 and $742,759, respectively.
The January 1 Construction Fund balance was restated as follows:
As previously reported
As restated
1988 1987
$(4,974,179) (4,270,141)
(3,814,001) (3,527,382)
Additionally, as a result of this change, the excess of revenues and
other sources over expenditures and other uses for the Construc-
tion Fund increased (decreased) $(1,160,178) and $417,419 in 1988
and 1987, respectively. Construction in progress increased in the
Utility and Golf Course Funds as of January 1 as follows:
Utility Fund, as previously reported
Utility Fund, as restated
Golf Course, as previously reported
Golf Course, as restated
29
1988 1987
917,351 742,757
- 69,139
242,827 69,139
(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, art center and Edinborough
Park. Segment information for the year ended December 31, 1988 is as
follows:
Sales (less cost
of $4,081,675)
Operating revenues
Depreciation
Operating income
(loss)
Nonoperating
revenues
(expenses)
Operating trans-
fers in (out)
Net income (loss)
Property additions
Net working
capital
Bonds payable
Total assets
Total equity
Other Total
Enterprise Enterprise
Utility Liquor Funds Funds
$ - 5,181,955
4,276,446 -
399,954 40,402
(566,351) 351,056
9,276
(557,075)
1,208,171
2,785,130
3,160,000
19,548,217
15,880,388
(11) Edina Firemen's Relief Association
2,511
(350,000)
3,567
652
50,032
1,082,172
938,712
- 5,181,955
2,258,155 6,534,601
247,033 687,389
(150,888) (366,183)
(14,685) 2,898
229,828 (120,172)
87,546 (465,962)
2,461,525 3,670,348
544,887 3,380,049
3,570,000 6,730,000
5,358,856 25,989,245
1,119,806 17,938,906
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, 1988 there was no unfunded liability.
(Continued)
U61
CITY OF EDINA, MINNESOTA
(12) Interfund Receivable and Payable Balances
Interfund receivables and payables as of December 31, 1988 were as fol-
lows:
Interfund Interfund
Fund receivables vavables
General (including amount due Edina
Housing and Redevelopment Authority)
Special Revenue:
Cable
CDBG
Debt Service:
General Debt Service
Capital Projects Funds:
Housing Redevelopment Authority of Edina
Enterprise:
Golf course
Recreation center
(13) Reserved or Designated Fund Equity
$ 51,039 777,186
43,771
7,268
200,000 -
577,186 -
- 245,000
245,000.
$ 1,073,225 1,073,225
The following fund equity balances as of December 31, 1988 have been
reserved or designated for the reasons noted below:
General Fund:
Reserved for commitments $ 489,885
Unreserved - designated:
Designated for dedicated funds 4,396,015
Bond proceeds designated for construction 95,007
Other 63,163
Total General Fund 4,554,185
Debt Service Funds:
Reserved for debt service 2,741,008
Capital Projects Funds:
Designated for housing and redevelopment projects 4,455,576
Enterprise funds:
Golf Course Fund:
Reserved for debt service 384,726
Utilities Fund:
Reserved for debt service 412,920
Total fund equity reservations $ 13,038,300
(Continued)
31
CITY OF EDINA, MINNESOTA
(14) Fund Deficiencies /Deficits
Expenditures exceeded revenues in certain individual funds for the year
ended December 31, 1988 as follows:
Communications Fund $ 42,859
Improvement Bond Redemption II Fund 981,583
Revolving Fund 295,071
Utilities Fund 557,075
Swimming Pool Fund 1,598
Recreation Center 59,793
Gun Range Fund 590
Art Center 6,077
Edinborough Park Fund 15,042
The Recreation Center Fund has a retained earnings deficit of $253,687
at December 31, 1988. Currently there are no plans to fund this defi-
cit. Edinborough Park Fund has a deficit of $211,143. This deficit
will be funded through transfers from the general fund from interest
on parkland dedication monies and increased association fees. The
Construction Fund has a $3,640,543 fund balance deficit which will be
funded through future receipts of state aid, special assessments and
internal financing. The Communications Fund has a $30,749 fund
balance deficit which will be funded through future receipts of
franchise fees.
(15) Contingencies
The City Attorney has indicated that existing and pending lawsuits,
claims and other actions in which the City is a defendant are either
covered by insurance, of an insignificant amount, or, in the judgment
of the City Attorney, remotely recoverable by plaintiffs.
(16) Presentation
Certain amounts for the year ended December 31, 1987 have been reclassi-
fied to conform to the presentation of the amounts at December 31,
1988.
32
COMBINING AND INDIVIDUAL FUND
AND ACCOUNT GROUP
FINANCIAL STATEMENTS
33
lei ;m+
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 (e.g., taxes, licenses and permits, intergovernmental
revenues, fines and forfeitures, charges for services). General Fund expen-
ditures are made primarily for current day -to -day operations and operating
equipment. They are recorded by major functional classification and by oper-
ating departments. This fund accounts for all financial transactions not
properly accounted for in another fund.
34
CITY OF EDINA, MINNESOTA
General Fund
Balance Sheet
December 31, 1988
(with comparative amounts for December 31, 1987)
Assets
1988
1987
Petty cash and change funds
$ 1,070
1,070
Cash
1,927,016
747,344
Investments
4,618,288
3,313,683
Taxes receivable:
Delinquent
182,013
189,063
Allowance for uncollectible taxes
(182,013)
(189,063)
Accounts receivable
69,688
171,315
Due from other funds
51,039
284,347
Due from other governments
356,593
442,387
Contracts receivable
-
19,522
Inventory
5,.000
7,500
Prepaid expense
275,693
155,164
Total assets
$ 7,304.387
5,142.332
Liabilities and Fund Balance
Liabilities:
Accounts payable
287,857
325,571
Due to other funds
777,186
766,680
Total liabilities
1,065,043
1,092,251
Fund balance:
Reserved 489,885 459,437
Unreserved:
Designated 4,554,185 2,194,147
Undesignated 1,195,274 1,396,497
Total fund balance 6,239,344 4,050,081
Total liabilities and fund balance $
35
CITY OF EDINA, MINNESOTA
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual
Year ended December 31, 1988
(with comparative actual amounts for year ended December 31, 1987)
Revenues:
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Interest on investments
Sale and rental of property
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Public works
Parks
Unallocated general
Other
Capital outlay:
General government
Public safety
Public works
Parks
Total expenditures
Excess (deficiency)
of revenues over
expenditures
Other financing sources (uses):
Operating transfers in (out):
Revenue Sharing Fund
Liquor Fund
Enterprise Fund
Capital Projects Fund
Parkland dedication
Parkland dedication for
Edina KRA
Total other financ-
ing sources (uses)
Excess of revenues
and other finan-
cing sources over
expenditures and
other financing uses
1,663,725
1988
7,899
1987
5,092,720
variance -
(29,672)
4,762,906
favorable
2,441,928
Budget
Actual
(unfavorable)
Actual
26,156
$ 7,546,747
7,433,321
(113,426)
6,890,876
609,700
623,760
14,060
710,282
1,919,193
2,154,799
235,606
2,039,753
811,166
740,708
(70,458)
652,389
500,000
532,257
32,257
515,172
65,000
118,759
53,759
203,412
15,000
27,846
12,846
52,495
102,500
81.972
(20.528)
117,530
11,569,306
11,713,422
144.116
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 (out):
Revenue Sharing Fund
Liquor Fund
Enterprise Fund
Capital Projects Fund
Parkland dedication
Parkland dedication for
Edina KRA
Total other financ-
ing sources (uses)
Excess of revenues
and other finan-
cing sources over
expenditures and
other financing uses
1,663,725
1,655,826
7,899
1,425,939
5,092,720
5,122,392
(29,672)
4,762,906
2,443,738
2,441,928
11810
2,209,872
1,497,897
1,471,741
26,156
1,369,848
335,240
321,166
14,074
340,300
89,400
276,068
(186,668)
50,839
18,398
15,088
3,310
26,737
253,615
246,899
6,716
322,132
295,318
293,155
2,163
271,756
91,255
123,567
(32,312)
62,766
11.781.306
11.967,830
(186,524)
10.843,095
(212,000) (254,408) (42,408) 338,814
350,000 350,000
- (197,000) (197,000)
(138,000) (319,805) (181,805)
51,617 51,617
2,558,859 2,558,859
212,000 2,443,671 2,231,671
2,189,263 2,189,263
Fund balance - January 1 4,050,081 4,050,081 -
Fund balance - December 31 $ 4.050.081 6.239.344 2.189.263
36
168,735
400,000
(459,011)
92,205
351.428
553,357
892,171
3.157,910
4.050.081
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Revenues - Budget and Actual
Year ended December 31, 1988
(with comparative actual amounts for year ended December 31, 1987)
1988 1987
Variance -
favorable
Budget Actual (unfavorable) Actual
Taxes:
General property tax $
7,516,747
7,392,760
(123,987)
6,869,051
Penalties and interest
30,000
40,561
10,561
21,825
Total taxes
7,546,747
7,433,321
(113,426)
6,890,876
Licenses and permits
609,700
623,760
14,060
710,282
Intergovernmental:
Federal aid
20,000
9,069
(10,931)
13,202
State grants:
Local government aid
549,697
549,706
9
549,704
Homestead credit
1,052,396
1,052,396
-
1,097,448
State highway aid
58,000
58,000
-
102,832
Police aid
137,000
206,905
69,905
177,566
Other state aid
2,000
175,057
173,057
-
County grants:
Health programs
100,100
103,666
3,566
99,001
Total inter-
governmental
1,919,193
2,154,799
235,606
2,039,753
Charges for services:
Engineering and
clerical charges
120,000
53,549
(66,451)
92,957
Assessing searches
30,000
11,405
(18,595)
18,425
Planning fees
12,600
10,420
(2,180)
7,810
False alarms
26,500
30,055
3,555
29,507
Housing and Redevelopment
Authority
125,000
89,348
(35,652)
61,891
Charges to other funds
96,000
96,600
600
92,220
Ambulance service
345,000
375,236
30,236
290,019
Recycling fees
53,066
71,876
18,810
57,178
Laboratory fees
3,000
2,219
(7 81)
2,382
Total charges
for services
811,166
740,708
(70,458)
652,389
Fines and forfeitures
500,000
532,257
32,257
515,172
Miscellaneous:
Interest on investments
65,000
118,759
53,759
203,412
Sale and rental of property
15,000
27,846
12,846
52,495
Donations
2,500
-
(2,500)
-
Registration fees
60,000
65,078
5,078
37,696
Other
40,000
16,894
(23,106)
79,834
Total miscellane-
ous
182,500
228,577
46,077
373,437
Total revenues $
11.569,E
11.713,422
144,116
11.181,909
37
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual
Year ended December 31, 1988
(with comparative actual amounts for year ended December 31, 1987)
General government:
Mayor and council:
Personal services
Contractual services
Commodities
Central services
Total mayor
and council
Administration:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total adminis-
tration
Planning:
1988
Variance -
favorable
Budget Actual (unfavorable)
$ 21,600 21,533
5,200 5,105
1,200 1,536
26,700 26,700
54,700 54,874
286,000
96,000
2,210
98,340
6,075
488,625
279,324
93,837
1,296
98,340
5,368
478,165
67
95
(336)
174)
6,676
2,163
914
707
10,460
1987
Actual
22,262
2,447
513
28,620
53,842
240,707
108,733
1,701
81,720
11,720
444,581
Personal services
124,000
121,970
2,030
113,808
Contractual services
2,119
1,016
1,103
989
Commodities
400
170
230
381
Central services
.41,700
41,700
-
41,820
Capital outlay
2,500
-
2,500
1,061
Total planning
170,719
164,856
5,863
158,059
Finance:
Personal services
169,100
168,988
112
119,091
Contractual services
38,300
38,181
119
58,977
Commodities
500
360
140
515
Central services
49,200
49,200
-
45,300
Capital outlay
7,623
7,500
123
395
Total finance
264,723
264,229
494
224,278
Election:
Personal services
16,700
17,926
(1,226)
9,615
Contractual services
37,400
38,445
(1,045)
5,970
Commodities
4,905
5,549
(644)
213
Central services
7,200
7,200
-
6,720
Total election
66,205
69,120
(2,915)
22,518
(Continued)
38
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
Assessing:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total assessing
Legal and court services:
Contractual services
Total general
government
Public safety:.
Police protection:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total police
protection
Fire protection:
Personal services
Contractual services
Commodities
Central services
Capital outlay
Total fire
protection
Civil defense:
Personal services
Contractual services
Commodities
Capital outlay
Total civil
defense
1988
Variance -
favorable
Budget Actual (unfavorable)
$ 185,000
186,084
34,300
34,476
491
718
59,760
59,760
2,200
2,220
281,751
283,258
355,400 356,412
1,682,123 1,670,914
(1,084)
(176)
(227)
20)
(1,507)
1987
Actual
155,866
32,297
947
57,060
13,561
259,731
(1,012) 289,667
11,209 1,452,676
1,967,500
2,013,448
(45,948)
1,819,490
114,000
128,222
(14,222)
99,168
21,350
23,360
(2,010)
17,071
693,120
693,120
-
685,980
114,481
113,675
806
149,091
2,910,451
2,971,825
(61,374)
2,770,800
1,309,200
1,288,237
20,963
1,231,303
61,800
54,685
7,115
43,615
47,700
42,524
5,176
33,024
335,400
335,400
-
330,360
113,316
109,210
4,106
152,541
1,867,416
1,830,056
37,360
1,790,843
17,300
15,987
1,313
13,133
2,250
1,709
541
921
200
86
114
-
3,068
1,250
1,818
22,818
19,032
3,786
14,054
39
(Continued)
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
1988 1987
Variance -
favorable
Budget Actual (unfavorable) Actual
Animal control:
Personal services $
28,100
28,424'
(324)
27,721
Contractual services
6,300
6,372
(72)
7,567
Commodities
3,000
3,131
(131)
3,066
Central services
10,200
10,200
-
12,480
Capital outlay
588
625
37)
9,929
Total animal
control
48,188
48,752
564)
60,763
Public health:
Personal services
107,900
107,064
836
93,832
Contractual services
98,300
97,652
648
93,119
Commodities
2,800
2,578
222
2,297
Central services
45,540
45,540
-
45,900
Capital outlay
11,662
11,347
315
10,571
Total public
health
266,202
264,181
2,021
245,719
Inspections:
Personal services
161,800
164,829
(3,029)
149,796
Contractual services
2,000
2,563
(563)
2,249
Commodities
1,640
1,941
(301)
1,014
Central services
55,320
55,320
-
49,800
Capital outlay
10,500
10,792
292)
-
Total inspections
231,260
235,445
(4,185)
202,859
Total public safety
5,346,335
5,369,291
(22,956)
5,085,038
Public works:
Administration:
Personal services
67,800
67,200
600
64,401
Contractual services
578
445
133
1,606
Central services
24,660
24,660
27,180
Total administra-
tion
93,038
92,305
733
93,187
Engineering:
Personal services
196,200
200,185
(3,985)
214,979
Contractual services
45,000
46,410
(1,410)
2,396
Commodities
6,500
6,625
(125)
7,843
Central services
78,000
78,000
-
89,040
Capital outlay
7,633
8,127
494)
19,555
Total engineering
333,333
339,347
(6,014)
333,813
(Continued)
40
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
1988 1987
Variance -
favorable
Budget Actual (unfavorable) Actual
Supervision and overhead:
Personal services
$ 192,500
192,094
406
185,428
Contractual services
11000
1,007
(7)
971
Commodities
11100
1,478
(378)
669
Central services
620,400
620,400
-
595,200
Total supervision
and overhead
815,000
814,979
21
782,268
Street maintenance:
Personal services
358,500
361,139
(2,639)
273,326
Contractual services
15,000
14,090
910
37,859
Commodities
287,500
284,432
3,068
232,223
Total street
maintenance
661,000
659,661
1,339
543,408
Street lighting:
Personal services
5,000
6,865
(1,865)
6,754
Contractual services
290,000
287,537
2,463
268,602
Commodities
10,000
10,105
105)
6,488
Total street
lighting
305,000
304,507
493
281,844
Street name signs:
Personal services
28,000
27,026
974
19,527
Commodities
20,000
20,325
325)
18,465
Total street name
signs
48,000
47,351
649
37,992
Traffic control:
Personal services
20,000
20,027
(27)
27,891
Contractual services
33,000
32,403
597
29,748
Commodities
16,000
15,865
135
9,498
Total traffic
control
69,000
68,295
705
67,137
Bridges:
Personal services
81000
7,790
210
-
Commodities
6,000
6,168
168)
1;321
Total bridges
14,000
13,958
42
1,321
(Continued)
41
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
1988 1987
Variance -
favorable
Budget Actual (unfavorable) Actual
Storm drainage:
Personal services
$ 20,500
20,520
(20)
26,818
Contractual services
5,000
4,651
349
6,291
Commodities
7,500
7,167
333
7,791
Total storm
drainage
33,000
32,338
662
40,900
City properties:
Personal services
800
810
(10)
434
Contractual services
16,000
15,140
860
10,734
Commodities
1,200
1,430
230)
644
Total city
properties
18,000
17,380
620
11,812
Sidewalks and ramps:
Personal services
16,000
15,109
891
7,617
Contractual services
25,000
24,752
248
22,807
Commodities
21,000
20,073
927
5,321
Total sidewalks
and ramps
62,000
59,934
2,066
35,745
Other expenditures:
Capital outlay
287,685
285,028
2,657
252,201
Total public works
2,739,056
2,735,083
3,973
2,481,628
Parks:
Administration:
Personal services
198,000
201,805
(3,805)
193,156
Contractual services
37,000
38,332
(1,332)
9,050
Commodities
2,032
3,169
(1,137)
1,440
Central services
255,780
255,780
-
246,360
Capital outlay
3,800
3,600
200
446
Total administra-
tion
496,612
502,686
(6,074)
450,452
(Continued)
42
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
1988 1987
Variance -
favorable
Budget Actual (unfavorable) Actual
Recreation:
Baseball and softball $
7,000
5,729
1,271
5,191
Skating and hockey
29,000
26,208
2,792
20,543
Tennis instruction
11,650
11,145
505
10,743
Playground
21,000
19,769
1,231
15,385
Swimming instruction
25,000
23,836
1,164
22,885
Senior citizens
10,000
9,479
521
8,179
Miscellaneous and
13,500
13,341
159
9,422
special activities
30,000
27,859
2,141
22,634
Total recreation
133,650
124,025
9,625
105,560
turf care
Maintenance:
139,530
3,470
150,133
removal
Supervision and overhead:
27,834
2,166
21,044
Personal services
67,800
66,657
1,143
63,371
Contractual services
100
80
20
-
Commodities
100
58
42
113
Central services
87,000
83,820
3,180
75,540
Total supervision
and overhead
155,000
150,615
4,385
139,024
Mowing:
Personal services
52,900
51,417
1,483
57,184
Contractual services
4,000
3,845
155
-
Commodities
100
38
62
-
Total mowing
57,000
55,300
1,700
57,184
Special turf care:
115,000
111,934
3,066
118,071
Personal services
107,500
104,271
3,229
132,010
Contractual services
13,500
13,341
159
9,422
Commodities
22,000
21,918
82
8,701
Total special
81000
7,706
294
4,340
turf care
143,000
139,530
3,470
150,133
Planting and trees:
Personal services
95,000
93,651
1,349
52,494
Contractual services
14,000
13,244
756
53,537
Commodities
6,000
5,039
961
12,040
Total planting
and trees
115,000
111,934
3,066
118,071
Litter removal:
Personal services
19,000
17,713
1,287
15,313
Contractual services
3,000
2,415
585
1,391
Commodities
81000
7,706
294
4,340
Total litter
removal
30,000
27,834
2,166
21,044
(Continued)
41
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Expenditures - Budget and Actual, Continued
1988 1987
Variance -
favorable
Budget Actual (unfavorable) Actual
Building and equipment:
Personal services $
88,000
87,469
531
82,530
Contractual services
100,000
99,201
799
81,885
Commodities
40,000
38,358
1,642
68,692
Total building
and equipment
228,000
225,028
2,972
233,107
Paths and hard surfaces:
Personal services
12,000
12,780
(780)
7,721
Contractual services
30,000
28,761
1,239
14,957
Commodities
10,000
8,417
1,583
4,170
Total paths and
hard surfaces
52,000
49,958
2,042
26,848
Skating rinks:
Personal services
89,435
86,871
2,564
61,587
Commodities
2,000
1,560
440
7,284
Total skating
rinks
91,435
88,431
3,004
68,871
Total maintenance
871,435
848,630
22,805
814,282
Capital outlay
87,455
119,967
(32,512)
62,320
Total parks
1,589,152
1,595,308
(6,156)
1,432,614
Unallocated general
expenditures:
Human Rights Commission
47,000
45,067
1,933
45,543
South Hennepin Human
Services Council
10,000
9,626
374
9,667
City's share of special
assessment
56,603
54,642
1,961
58,768
Recycling
90,000
86,486
3,514
70,172
Fireworks
6,300
6,300
-
4,999
Contingencies
80,000
73,030
6,970
28,755
Centennial
25,000
26,178
(1,178)
25,801
Suburban rate authority
4,000
3,500
500
3,500
Loss subsidy - operating
funds
16,337
16,337
93,095
Total unallocated
general
expenditures
335,240
321,166
14,074
340,300
Central services
89,400.
276,068
(186,668)
50,839
Total expen-
ditures $
11.781,306
111967,830
(186,524)
10,843,095
44
CITY OF EDINA, MINNESOTA
General Fund
Schedule of Central Services Expenditures - Budget and Actual
Year ended December 31, 1988
(with comparative actual amounts for year ended December 31, 1987)
1988 1987
Variance -
favorable
Budget Actual (unfavorable) Actual
General:
Contractual services
$ 1,958,000
2,155,878
(197,878)
2,014,899
Commodities
35,000
35,656
(656)
24,804
Capital outlay
15,000
12,492
2,508
10,727
Total general
2,008,000
2,204,026
(196,026)
2,050,430
City Hall:
Personal services
85,000
84,678
322
114,704
Contractual services
40,000
39,494
506
28,582
Commodities
40,000
39,426
574
51,090
Fixed charges
10,200
10,200
-
13,800
Capital outlay
-
-
-
6,782
Total City Hall
175,200
173,798
1,402
214,958
Public Works building:
Personal services
59,000
58,879
121
46,320
Contractual services
68,000
68,536
(536)
40,837
Commodities
43,000
43,045
(45)
29,771
Fixed charges
8,700
8,700
-
13,440
Capital outlay
11000
1,477
477)
-
.Total Public Works
building
179,700
180,637
37)
130,368
Equipment operations:
Personal services
223,000
219,702
3,298
198,359
Contractual services
84,000
80,134
3,866
46,058
Commodities
391,000
389,271
1,729
374,966
Fixed charges
146,940
146,940
-
227,340
Total equipment
operations
844,940
836,047
8,893
846,723
Total central ser-
vices expenditures
3,207,840
3,394,508
(186,668)
3,242,479
Less allocation to other
activities
3,118,440
3,118,440
-
3,191,640
Net central services $
89.400
276,068
(18.6.668)
50.839
45
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, or activi-
ties of government.
Community Development Block Grant Fund - This fund was established to account
for funds received under Title I of the Housing and Community Development Act
of 1974.
Communications Fund - This fund was established to account for funds received
from the franchise fee of the local cable television service.
46
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Balance Sheet
December 31, 1988
(with comparative totals for December 31, 1987)
Assets
Cash
Accounts receivable
Due from other governments
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Due to other funds
Total liabilities
Fund balance:
Unreserved - designated
Total liabilities
and fund balance
Community
Development
Block Totals
Grant Communications 1988 1987
$ - - - 22,500
13,022 13,022 11,243
7,268 7,268
7,268
7,268
47
- - 21,632
43,771 51,039
43,771 51,039 21,632
(30,749) (30,749) 12,111
CITY OF EDINA, MINNESOTA
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Fund Balance
Year ended December 31, 1988
(with comparative totals for year ended December 31, 1987)
Community
Development
Block Totals
Grant Communications 1988 1987
Revenues:
Franchise fee $ -
Intergovernmental:
Federal grants 54,071
Interest on investments
Total revenues 54,071
Expenditures:
Current -
Other:
Personal services -
Contractual services 54,071
Capital outlay -
Total expenditures 54,071
Deficiency of revenues over
expenditures -
Other financing uses:
Operating transfer out:
General Fund
Deficiency of revenues over
expenditures and other
financing uses -
Fund balance - January 1 -
Fund balance (deficit) -
December 31 $ -
48
48,528 48,528 58,683
- 54,071 3,828
- 6,395
48,528 102,599 68,906
52,402
52,402 48,000
38,985
93,056 54,352
12,110
10,646
91,387
145,458 112,998
(42,859)
(42,859) (44,092)
168,735
(42,859)
(42,859)
(212,827)
12,110
12,110
224,937
(30,749)
(30,742)
12,110
DEBT SERVICE FUNDS
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 Improve-
ment Bond Redemption II Fund was established to finance and account for pay-
ment of principal and interest on special assessment bonds issued. Financing
of this debt service comes primarily from special assessments levied against
benefited properties.
49
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Balance Sheet
December 31, 1988
(with comparative totals for December 31, 1987)
Assets
Cash
Special assessments
receivable:
Delinquent
Deferred
Other
Due from other funds
Due from other governments
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
Total liabili-
ties and
fund balance
General
Improvement
Debt
Bond
Totals
Service
Redemption II
1988
1987
$ -
2,556,865
2,556,865
1,017,238
-
3,538
3,538
3,721
-
1,923,925
1,923,925
2,244,084
-
21,436
21,436
26,795.
200,000
-
200,000
2,756,011
-
5,809
5,809
-
$ QO
4,511,573
4,711,573
6,047,849
-
-
-
9,236
-
-
-
15,281
-
43,102
43,102
29,036
1,927,463
1,927,463
2,271,705
1,970,565 1,970,565 2,325,258
200,000 2,541,008 2,741,008 3,722,591
$ 4.511,573 4.711,573 6,047,849
6
CITY OF EDINA, MINNESOTA
Debt Service Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
Year ended December 31, 1988
(with comparative totals for year ended December 31, 1987)
Revenues:
Special assessments
Interest on investments
Miscellaneous
Total revenues
Expenditures:
Current:
Other
Debt service:
Bond principal
Interest and fiscal
charges
Total expenditures
Deficiency of
revenues over
expenditures
Other financing sources
(uses):
Operating transfers in
(out):
HRA
Revolving Fund
Construction Fund
Total other
financing
sources (uses)
Deficiency of revenues and
other financing sources
over expenditures and
other financing uses
Fund balance - January 1
Fund balance - December 31
General Improvement
Debt Bond Totals
Service Redemption II 1988 1987
$ - .1,074,793 1,074,793 1,377,455
- 23,010 23,010 9,869
50,227
1,097,803 1,097,803 1,437,551
- 2,400 2,400 500
800,000 11150,000 1,950,000 1,700,000
1,798,071 372,092 2,170,163 2,299,429
2,598,071 1,524,492 4,122,563 3,999,929
(2,598,071) (426,689) (3,024,760) (2,562,378)
2,598,071 (311,428) 2,286,643 2,472,433
- (14,311) (14,311) -
(229,155) (229,155) -
2,598,071 (554,894) 2,043,177 2,472,433
- (981,583) (981,583) (89,945)
200,000 3,522,591 3,722,591 3,812,536
$ 200.000 2,541.008 2,741,008 3,722,591
51
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 assess-
ment and state -aid projects 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.
52
CITY OF EDINA, MINNESOTA
Capital Projects Funds
Combining Balance Sheet
December 31, 1988
(with comparative totals for December 31, 1987)
53
Housing and
Redevelopment
Authority of
Totals
Assets
Construction
Edina
Revolving
1988
1987
Cash
$(3,589,839)
42,748
(400,720)
(3,947,811)
(458,303)
Investments
-
4,000,032
5,774,466
9,774,498
7,111,442
Accounts receivable
28,135
270,111
-
298,246
136,285
Special assessments receivable:
Delinquent
-
-
43,337
43,337
43,338
Deferred
-
-
467,197
467,197
698,548
Due from other funds
-
577,186
-
577,186
754,496
Due from other governments
-
-
1,101
1,101
-
Total assets
$(3,561.704)
4.890.077
5,885.381
7,213.754
8.285,806
Liabilities and Fund Balance
Liabilities:
Accounts payable
42,374
434,501
2,130
479,005
303,903
Due to other funds
-
-
-
-
3,011,357
Deposits payable
36,465
-
-
36,465
36,465
Deferred revenue
-
-
510,534
510,534
733,813
Total liabilities
78,839
434,501
512,664
1,026,004
4,085,538
Fund balance:
Unreserved:
Designated
-
4,455,576
-
4,455,576
2,346,481
Undesignated
(3,640,543)
-
5,372,717
1,732,174
1,853,787
Total fund balance
(3,640,543)
4,455,576
5,372,717
6,187,750
4,200,268
Total liabilities
and fund balance
$(3.561.704)
4.890.077
5.885.381
7.213.754
8.285,806
53
CITY OF EDINA, MINNESOTA
Capital Projects Funds
Combining Statement of Revenues, Expenditures and
Changes.in Fund Balance
Year ended December 31, 1988
(with comparative totals for year ended December 31, 1987)
Revenues:
Tax increments
Special assessments
Intergovernmental
Interest on investments
Rental of property
Miscellaneous
Total revenues
Expenditures:
Current:
Professional fees
Interest charges on loans from
other funds
Personal services
Other
Special assessments
Construction costs
Total expenditures
Excess (deficiency) of reve-
nues over expenditures
Other financing sources (uses):
Proceeds from issuance of bonds
Bond discount
Proceeds from sale of land
Operating transfer in (out):
General Debt Service Fund
General Fund
Construction Fund
Improvement Bond Redemption II
Revolving Fund
Enterprise Fund
Total other financing
sources (uses)
Excess (deficiency) of reve-
nues and other financing
sources over expenditures
and other financing uses
Fund balance - January 1
Fund balance - December 31
(529,253) (15,889,436) 267,197 (16,151,492) (5,556,828
-
Housing and
-
15,275,000
-
-
Redevelopment
-
(163,182)
-
-
Authority of
-
Totals
Construction
Edina
Revolving
1988
1987
(2,472,433)
113,922
-
$ -
2,420,239
-
2,420,239
1,595,564
95,000
-
330,257
425,257
410,507
216,850
-
-
216,850
966,622
-
47,491
344,387
391,878
565,552
-
-
100,000
100,000
100,000
7,363
22,575
18,856
48,794
14,352
319,213
2,490,305
793,500
3,603,018
3,652,597
5,667,788
4,200,268
-
259,092
-
259,092
97,874
-
13,596
-
13,596
242,026
-
180,740
-
180,740
173,286
-
48,562
-
48,562
35,945
-
123,768
-
123,768
268,177
848,466
17,753,983
526,303
19,128,752
8,392,117
848,466
18,379,741
526,303
19, 754,510
9,209,425
(529,253) (15,889,436) 267,197 (16,151,492) (5,556,828
-
15,275,000
-
15,275,000
-
-
(163,182)
-
(163,182)
-
-
4,783,356
-
4,783,356
-
-
(2,598,071)
-
(2,598,071)
(2,472,433)
113,922
-
205,883
319,805
-
(240,000)
390,000
(150,000)
-
-
229,155
311,428
14,311
554,894
-
599,634
-
(599,634)
-
-
-
-
(32,828)
(32,828)
459,011
702,711
17,998,531
(562,268)
18,138,974
(2,013,422)
173,458
2,109,095
(295,071)
1,987,482
(7,570,250)
(3,814,001)
2,346,481
5,667,788
4,200,268
11,770,518
$(3.640.543)
4,455.576
5.372.717
6.187.750
4.200 268
54
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, including, but not limited .to, administration, operations, mainte-
nance, financing, debt service, billing and collection.
55
CITY OF EDINA, MINNESOTA
Proprietary Fund Type - Enterprise Funds
Combining Balance Sheet
December 31, 1988
(with comparative totals for December 31, 1987)
Assets
Current assets:
Petty cash and change funds
Cash (deficit)
Investments
Receivables:
Accounts
Customers
Special assessments
Notes
Due from other funds
Inventory
Prepaid expense
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 ESuity
Current liabilities:
Accounts payable
Accrued interest payable
Due to other funds
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
56
Swimming
Utilities Liquor pool
$ - 3,800 -
1,242,004 (77,923) (109,641)
2,544,505 - -
716,805 - -
6,366 -
24,087 480,223 -
4,527,401 412,466 (109,641)
204,260 - -
14,920
204,260 14,920
14,816,556 654,786 202,691
$ 19,548.217 1.082.172 93.050
250,657 143,460 25
52,912 - -
303,569 .143,460 25
204,260 - -
3,160,000 - -
3,364,260 - -
3,667,829 143.460 25
412,920 - -
15,467,468 938,712 93,025
15,880,388 938,712 93,025
$ 19.548,217 1.082,172 __93.050
Golf
Recreation
Gun
Art
Edinborough
Totals
245,000
course
center
range
center
park
1988
1987
2,200
700
-
250
700
7,650
6,475
(32,338)
(1,206,784)
(4,297)
12,199
(235,467)
(412,247)
(1,057,173)
-
959,165
-
-
-
3,503,670
-
-
48,117
4,000
-
45,400
97,517
119,322
_
_
_
_
_
716,805
785,058
-
11511
_
_
_
_
_
6,366
4,973
-
245,000
-
-
-
245,000
245,000
-
221
-
7,180
-
511,711
646,290
400
(30,138)
46,419
(2 97)
19,629
(189,367)
4,676,472
751,856
3,212,781 1,716,419 35,175 180,741
3.182.643 1,762.838 34,878 200.370
92,119
253,186
877 5,279
13,217
30,839
- -
245,000
565,679
- 5,833
350,336
284,025
877 5,279
2,333
3,500
- -
1,841,000
1,729,000
1,843,333
1,732,500
- -
2,193,669
2,016,525
877 5,279
204,260 255,077
14,920 21,634
219,180 276,711
274,444 21,093,593 19,375,573
85.077 25.989.245 20.404,140
22,675 768,278
319,143
- 96,968
246,536
245,000
22,675 1,110,246
565,679
- 5,833
5,225
- 204,260
255,077
6,730,000 1,150,000
6,940,093 1,410,302
22,675 8,050,339 1,975,981
273,545 173,D45 ZY0,ts30
384,726 - - - - 797,646 145,445
604,248 (253,687) 34,001 195,091 (211,143) 16,867,715 17,985,878
988,974 (253,687) 34,001 195,091 62,402 17,938,906 18,428,159
3,182,643 1.762,838 34.878 200,370 85.077 25.989,245 20.404.140
57
CITY OF EDINA, MINNESOTA
Proprietary Fund Type - Enterprise Funds
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1988
(with comparative totals for year ended December 31, 1987)
Sales and cost of sales:
Sales
Cost of sales
Gross profit
Operating revenues:
Charges for services
Total gross profit and
operating revenues
Operating expenses:
Disposal charges
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Interest on investments
Current value credit - MWCC
Rental income
Federal aid "
Donations
Interest and fiscal charges
Subsidy from general fund
Miscellaneous
Total nonoperating revenues
(expenses)
Income (loss) before operating
transfers
Operating transfers in (out):
General fund
Revolving fund
Net income (loss)
Add depreciation on contribut
Increase (decrease)
earnings
Retained earnings (deficit) -
Retained earnings (deficit) -
Swimming
Utilities Liguor pool
$ - 5,181,955 -
4,081,675
- 1,100,280 -
4,276,446 - 111,007
4,276,446 1,100,280 111,007
2,621,462
-
-
514,218
426,419
67,425
716,966
108,883
17,371
388,417
21,000
14,301
201,780
152,520
7,140
399,954
40,402
15,828
4,842,797
749,224
122,065
(566,351) 351,056_ (11,058
18,054 1,393 -
61,020 -
7,960 -
(77,758) - -
4,508
- 1,118
9,276 2,511 4,508
(557,075) 353,567 (6,550)
(350,000)
(350,000)
(557,075) 3,567
ed assets
in retained
(557,075) 3,567
January 1 16,437,463 935,145
December 31 $ 15.880,388 938,712
58
4,952
4,952
(1,598)
(1,598)
94,623
93.025
Golf
Recreation
Gun
Art
Edinborough
Totals
course
center
range
center
park
1988
1987
51181,955
5,103,281
4,081,675
4,056,622
_
_
_
_
_
1,100,280
1,046,659
1,241,809
428,628
34,736
139,587
302,388
6,534,601
5,712,503
1,241,809
428,628
34,736
139,587
302,388
7,634,881
6,759,162
_
_
-
_
-
2,621,462
2,187,999
475,681
179,387
13,950
129,008
252,206
2,058,294
1,708,399
133,780
179,052
5,466
24,011
224,210
1,409,739
1,084,935
138,894
28,635
8,933
11,645
83,059
694,884
561,352
69,636
38,460
1,500
14,100
44,160
529,296
578,410
142,561
45,607
5,477
14,169
23,391
687,389
623,289
960,552
471,141
35,326
192,933
627,026
8,001,064
6,744,384
281,257
(42,513)
(590)
(53,346)
(324,638)
(366,183)
14,778
2,231
5,204
-
-
89,305
116,187
93,087
_
_
_
_
_
61,020
61,020
7,960
7,960
_
-
-
51,816
-
-
-
25,290
-
25,290
12,592
(112,842)
(48,340)
-
-
-
(238,940)
(97,690)
-
2,856
-
8,973
-
16,337
98,047
8,130
9,248
10,046
(1101611)
(40,280)
-
42,393
89,305
(2,898)
236,878
170,646
(82,793)
(5 90)
(10,953)
(235,333)
(369,081)
251,656
_
_
-
-
197,000
(153,000)
(400,000)
23,000
4,876
-
32,828
-
23,000
4,876
197,000
(120,172)
(400,000)
170,646
(59,793)
(590)
(6,077)
(38,333)
(489,253)
(148,344)
23,291
23,291
11,645
170,646
(59,793)
(590)
(6,077)
(15,042)
(465,962)
(136,699)
818,328
(193,894)
34,591
201,168
(196,101)
18.131,323
18,268,022
ggg,974
()
�QQ_
(�)
17.665.361
18.131.323
59
NNI
CITY OF EDINA, MINNESOTA
Proprietary Fund Type - Enterprise Funds
Combining Statement of Changes in Financial Position
Year ended December 31, 1988
(with comparative totals for year ended December 31, 1987)
Swimming
Utilities Liquor pool
Sources of working capital:
Operations:
Net income (loss)
$ (557,075)
353,567
(6,550)
Add items not requiring working capital:
Depreciation
399,955
40,403
15,828
Working capital provided (used) by operations
(157,120)
393,970
9,278
Proceeds from revenue bonds
3,160,000
-
-
Contributed capital
-
-
-
Decrease in other "assets
50,817
-
-
Transfer from other funds
-
-
4,952
Increase in deposits
-
-
-
Reduction in notes receivable
-
6,714
-
.Total sources of working capital
3,053,697
400,684
14,230
Uses of working capital:
Decrease in deposits payable
-
-
-
Decrease in other liabilities
50,817
-
-
Additions to property and equipment
217,750
652
1,243
Reduction of long -term debt
-
-
-
Transfers to other funds
350,000
Total uses of working capital
268,567
350,652
1,243
Net increase (decrease) in working capital
$ 2.785,130
50"032
2
Elements of net increase (decrease)
in working capital:
Cash
553,296
166,667
12,892
Investments
2,544,505
-
-
Receivables
(69,764)
1,393
-
Due from other funds
-
-
-
Inventory
(6,386)
(126,901)
-
Prepaid expense
-
(400)
-
Accounts payable
(185,145)
9,273
95
Accrued interest payable
(52,912)
-
-
Due to other funds
1,536
-
-
Current portion of bonds payable
-
-
-
Net increase (decrease) in working capital
$ 2.785.130
Q�Q3
60
Golf
Recreation
Gun
Art
Edinborough
Totals
course
center
range
center
park
1988
1987
170,646
(82,793)
(590)
(10,953)
(235,333)
(369,081)
251,656
142,561
45,607
5,477
14,169
23,391
687,391
623,289
313,207
(37,186)
4,887
3,216
(211,942)
318,310
874,945
741,000
1,729,000
-
-
-
5,630,000
-
-
-
-
-
-
-
308,481
-
-
-
-
-
50,817
48,862
-
23,000
-
4,876
197,000
229,828
-
608
-
-
-
-
608
-
6,714
5,322
1,054,815
1,714,814
4,887
8,092
(14,942)
6,236,277
1,237,610
-
-
-
-
-
-
13,870
-
-
-
-
-
50,817
48,862
767,930
1,406,450
2,250
8,137
999
2,405,411
980,151
50,000
-
-
-
-
50,000
35,000
350,000
400,000
817,930
1,406,450
2,250
8,137
999
2,856,228
1,477,883
236.885
308,364
2.637
(45))
3.380.049
(240,273)
303,459
(398,796)
1,571
2,574
4,438
646,101
18,425
-
959,165
-
-
-
3,503,670
(806,333)
(21,885)
15,116
-
-
(15,036)
(90,176)
235,195
_
-
-
-
_
-
(52,467)
-
(129)
(250)
(913)
-
(134,579)
(15,272)
-
-
-
-
-
(400)
(252,054)
(31,472)
(236,153)
1,316
(1,706)
(5,343)
(449,135)
310,496
(13,217)
(30,839)
-
-
-
(96,968)
-
-
-
-
-
-
1,536
271,737
50,000
236,885
308,364
2,637
(45)
` 2 )
3.380,049
(240.273)
61
CITY OF EDINA, MINNESOTA
Proprietary Fund Type - Enterprise Funds
Schedule of Property and Equipment
Year ended December 31, 1988
Assets
Balance Balance
January 1, December 31,
1988 Additions Deletions 1988
Utilities Fund:
Land
$ 26,556
- -
26,556
Land improvements
43,225
- -
43,225
Buildings and equipment
2,569,639
730,286 -
3,299,925
Distribution system
9,223,309
213,429 -
9,436,738
Sewer mains and lift stations
10,760,089
94,689 -
10,854,778
Furniture and fixtures
12,045
652 -
12,697
Vehicles
160,552
10,587 -
171,139
Equipment and machinery
226,430
927 -
227,357
Construction in progress
917,351
157,601 990,421
84,531
Parking lot and roadway
23,939,196
1,208,171 990,421
24,156,946
Liquor Fund:
Land 233,785 - - 233,785
Land improvements 23,923 - - 23,923
Building 729,769 - 729,769
Furniture, fixtures and
equipment 309,771 652 - 310,423
1,297,248 652 1,297,900
Swimming Pool Fund:
Land
10,000
- -
10,000
Swimming pool and bathhouse
462,900
- -
462,900
Filter system
31,738
1,243 -
32,981
Furniture and fixtures
18,386
18,386
523,024
1,243
524,267
Golf Course Fund:
Golf course
889,672
263,367 -
1,153,039
Buildings
1,541,647
497,912, -
2,039,559
Well
121,304
- -
121,304
Parking lot and roadway
19,711
- -
. 19,711
Equipment
465,473
156,621 11,880
610,214
Construction in progress
242,827
92,857 242,827
92,857
3,280,634
1,010,757 254,707
4,036,684
Recreation Center Fund:
Land improvements 52,174 - - 52,174
Buildings 1,017,980 - - 1,017,980
Furniture and equipment 101,315 2,425 - 103,740
Construction in progress 31,386 1,435,411 31,386 1,435,411
1,202,855 1,437,836 31,386 2,609,305
62
Accumulated depreciation
Balance
Balance
January 1,
December 31,
Net book
1988
Additions
Deletions 1988
value.
-
-
- -
26,556
28,691
1,236
- 29,927
13,298
2,187,989
70,326
- 2,258,315
1,041,610
3,779,776
184,492
- 3,964,268
5,472,470
2,693,623
111,451
- 2,805,074
8,049,704
9,628
679
- 10,307
2,390
84,393
17,024
- 101,417
69,722
156,335
14,747
- 171,082
56,275
84,531
8,940,435
399,955
9,340,390
14,816,556
-
-
- -
233,785
10,995
945
- 11,940
11,983
329,970
26,519
- 356,489
373,280
261,746
12,939
274,685
35,738
602,711
40,403
643,114
654,786
265,046
13,884
- 278,930
183,970
29,312
497
- 29,809
3,172
11,390
1,447
12,837
5,549
305,748
15,828
321,576
202,691
71,118
15,161
- 86,279
1,066,760
276,060
73,374
- 349,434
1,690,125
31,539
4,853
- 36,392
84,912
12,502
672
- 13,174
6,537
302,003
48,501
11,880 338,624
271,590
92,857
693,222
142,561
11,880 823,903
3,212,781
- 51,337
- 837
- 52,174
-
714;006
41,175
- 755,181
262,79.9
81,936
3,595
- 85,531
18,209
1,435,411
847,279
45,607
- 892,886
1- 716 -419
(Continued)
63
CITY OF EDINA, MINNESOTA
Proprietary Fund Type - Enterprise Funds
Schedule of Property and Equipment, Continued
Assets
Balance Balance
January 1, December 31,
1988 Additions Deletions 1988
Gun Range Fund:
Land improvements
$ 16,290
-
- 16,290
Building
58,132
2,553
- 60,685
Furniture and equipment
15,251
-
- 15,251
Construction in progress
303
-
303 -
89,976
2,553
303 92,226
Art Center Fund:
Land
15,000
-
- 15,000
Land improvements
1,937
-
- 1,937
Building
251,523
-
- 251,523
Furniture and equipment
9,087
4,877
- 13,964
Machinery and equipment
20,526
-
- 20,526
Construction in progress
-
3,260
- 3,260
298,073
8,137
306,210
Edinborough Park Fund:
Pool, ice rink and track 256,032 - - 256,032
Machinery and equipment 52,449 - - 52,449
Miscellaneous equipment - 999 - 999
308,481 999 - 309,480
64
65
Accumulated
depreciation
Balance
Balance
January 1,
December 31,
Net book
1988
Additions
Deletions 1988
value
11,275
787
- .12,062
4,228
34,847
3,233
- 38,080
22,605
5,452
1,457
- 6,909
8,342
51,574
5,477
57,051
35,175
-
-
- -
15,000
1,414
129
- 1,543
394
90,055
11,657
- 101,712
149,811
7,637
932
- 8,569
5,395
12,194
1,451
- 13,645
6,881
3,260
111,300
14,169
125,469
180,741
6,400
12,802
- 19,202
236,830
5,245
10,489
- 15,734
36,715
100
100
899
11,645
23,391
687.391
35,036
11,880 12.239,425
274,444
21
11,563,914
65
CITY OF EDINA, MINNESOTA
Utilities Fund
Balance Sheet
December 31, 1988
(with comparative amounts for December 31, 1987)
Assets
Current assets:
Cash
Investments
Receivables:
Customers
Assessments
Inventory
Total current assets
Long -term receivable - Metropolitan Waste
Control Commission
Property and equipment, less accumulated
depreciation
Total assets
Liabilities and Retained Earninas
Current liabilities:
Accounts payable
Accrued interest payable
Due to other funds
Total current liabilities
Long -term liabilities:
Deferred revenue
Bonds payable
Total long -term liabilities
Total liabilities
Retained earnings:
Reserved for debt service
Unreserved - undesignated
Total liabilities and retained earnings
66
1988 1987
$ 1,242,004 688,708
2,544,505 -
716,805 785,058
- 1,511
24,087 30,473
4,527,401 1,505,750
204,260 255,077
14,816,556 14,998,761
$ 19,548,217 16,759.588
250,657 65,512
52,912 -
1,536
303,569 67,048
204,260 255,077
3,160,000
3,364,260 255,077
3,667,829 322,125
412,920 -
15,467,468 16,437,463
15,880,388 16,437,463
$ 191548,217 16,759,588
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1988
(with comparative amounts for year ended December 31, 1987)
Operating revenues:
Water charges
Sewer charges
Sale of meters (less cost of meters sold)
Other
Total operating revenue
Operating expenses:
Disposal charges - contractual services
Source of supply:
Personal services
Contractual services
Commodities
Distribution:
Personal services
Contractual services
Commodities
Purification:
Personal services
Contractual services
Commodities
Source of collection:
Personal services
Contractual services
Commodities
General and administrative:
Personal services
Contractual services
Commodities
Central services
Depreciation
Total operating expenses
Operating loss
67
1988 1987
$ 1,390,588 1,269,304
2,866,544 2,748,996
17,038 29,483
2,276 6,005
4,276,446 4,053,788
2,621,462 2,187,999
91,560 106,574
199,199 179,793
104,380 79,511
211,686 123,961
344,984 289,239
140,582 133,217
2,833 5,067
23,092 1,391
76,716 40,723
116,544 94,619
971 47,279
66,578 41,691
91,595
91,186
148,720
98,974
161
1,685
201,780
222,960
399,954
381,600
4,842,797
4,127,469
(566,351) (73,681)
(Continued)
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
Interest and fiscal charges
Total nonoperating revenues
Net income (loss)
Retained earnings - January 1
Retained earnings - December 31
68
1988 1987
$ 18,054 26,676
61,020 61,020
7,960 7,960
(77,758) -
9,276 95,656
(557,075) 21,975
16,437,463 16,415,488
$ ,] 5,. 880.388 16, 43 1463
CITY OF EDINA, MINNESOTA
Utilities Fund
Statement of Changes in Financial Position
Year ended December 31, 1988
(with comparative amounts for year ended December 31, 1987)
Sources of working capital:
Operations:
Net income (loss)
Add items not requiring working capital:
Depreciation
Working capital provided (used) by
operations
Proceeds from revenue bonds
Decrease in other assets
Total sources of working capital
Uses of working capital:
Decrease in other liability
Additions to property and equipment
Total uses of working capital
Net increase in working capital
Elements of net increase (decrease)
in working capital:
Cash
Investments
Receivables
Inventory
Prepaid expenses
Accounts payable
Accrued interest payable
Due to other funds
Net increase in working capital
69
1988 1987
$ (557,075) 21,975
399,955 381,600
(157,120) 403,575
3,160,000 -
50,817 48,862
3,053,697 452,437
50,817 48,862
217,750 288,592
268,567 337,454
$ 2,785,130 114,983
553,296 488,487
2,544,505 (806,333)
(69,764) 161,501
(6,386) 8,035
(230,988)
(185,145) 377,235
(52,912) -
1,536 117,046
$ 2,785,130 114,983
0
CITY OF EDINA, MINNESOTA
Liquor Fund
Balance Sheet
December 31, 1988
(with comparative amounts for December 3.1, 1987)
Assets
1988
1987
Current assets:
Petty cash and change funds
$ 3,800
3,800
Cash (deficit)
(77,923)
(244,590)
Notes receivable
6,366
4,973
Inventory
480,223
607,124
Prepaid expenses
-
400
Total current assets
412,466
371,707
Long -term receivables:
Notes receivable
14,920
21,634
Property and equipment, less accumulated
depreciation
654,786
694,537
Total assets
$ 11082,172
x.087.878
Liabilities and Retained Earnings
Current liabilities:
Accounts payable 143,460 152,733
Retained earnings:
Unreserved - undesignated 938,712 935,145
Total liabilities and retained earnings $ 1.082,172 1,087.878
70
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1988
(with comparative totals for year ended December 31, 1987)
50th Street
Sales $ 1,065,164
Cost of sales 860,587
Gross profit 204,577
Operating expenses:
Selling
Occupancy
Administrative
Total operating
expenses
Operating income
Nonoperating
revenues
(expenses):
Interest on invest-
ments
Cash over (short)
Miscellaneous
Total nonoperating
revenues
Income before
operating trans-
fers out
Operating
transfers out:
General Fund
Net income (loss)
Retained earnings -
January 1
Retained earnings -
December 31
89,941
30,337
77,242
197,520
7,057
1,393
(36)
315
1,672
Yorkdale
2,160,098
1,693,917
466,181
135,520
38,116
111,240
284,876
181,305
83
803
886
Grandview
1,956,693
1,527,171
429,522
129,886
39,078
97,864
266,828
162,694
Totals
5,181,955
4,081,675
1,100,280
355,347
107,531
286,346
749,224
351,056
1987
Totals
5,103,281
4,056,622
1,046,659
337,796
96,361
300,849
735,006
311,653
- 1,393 1,741
(225) (178) 237
178 1,296 (212)
(47) 2,511 1,766
$ 8,729 182,191 162,647
71
353,567 313,419
(350,000) (400,000)
3,567 (86,581)
935,145 1,021,726
$ 938,712 935,145
CITY OF EDINA, MINNESOTA
Liquor Fund
Statement of Changes in Financial Position
Year ended December 31, 1988
(with comparative amounts for year ended December 31, 1987)
1988 1987
Sources of working capital:
Operations:
Income before operating transfers out
$ 353,567
313,419
Add.items not requiring working capital:
Depreciation
40,403
42,086
Working capital provided by operations
393,970
355,505
Reduction in notes receivable
6,714
5,322
Total sources of working capital
400,684
360,827
Uses of working capital:
Additions to property and equipment
652
-
Transfers to other funds
350,000
400,005
Total uses of working capital
350,652
400,000
Net increase (decrease) in working capital
$ 50,032
17 )
Elements of net increase (decrease) in working capital:
Cash
166,667
(32,862)
Notes receivable
1,393
-
Inventory
(126,901)
(25,586)
Prepaid expenses
(400)
(21,066)
Accounts payable
9,273
(1,998)
Due to other funds
-
42,339
Net increase (decrease) in working capital
$ 50'032
(32,173)
72
CITY OF EDINA, MINNESOTA
Liquor Fund
Schedule of Operating Expenses
Year ended December 31, 1988
(with comparative amounts for year ended December 31, 1987)
Totals
50th Street Yorkdale Grandview 1988 1987
Selling:
Personal services
$ 81,843
124,273
118,566
324,682
321,241
Contractual services:
Direct promotion
5,831
5,349
6,106
17,286
6,493
Licenses and dues
198
210
198
606
871
Services contract
-
-
-
-
-
Commodities
2,069
5,688
5,016
12,773
91191
service
89,941
135,520
129,886
355,347
337,796
Occupancy:
Personal`se'rvices
963
1,089
1,008
3,060
1,965
Contractual services:
Burglar alarm
535
1,107
294
1,936
3,169
Heat
807
1,435
1,749
3,991
2,329
Janitorial service
73
57
217
347
539
Laundry and rug
service
543
507
585
1,635.
1,852
Light and power
7,183
10,620
5,289
23,092
22,502
Maintenance, renting
and cooling
113
1,038
768
11919
782
Repair and maintenance
900
4,227
5,446
10,573
7,066
Rubbish hauling
1,464
3,367
3,394
8,225
61838
Share of maintenance
-
-
-
-
41
Telephone
1,867
2,127
1,545
5,539
6,023
Water and sewer service
124
559
1,113
1,796
352
Commodities
492
1,328
3,195
5,015
817
Depreciation
15,273
10,655
14,475
40,403
42,086
30,337
38,116
39,078
107,531
96,361
Administrative:
Personal services
29,188
39,979
29,510
98,677
102,800
Contractual services:
Data processing
3,213
3,217
3,216
9,646
10,934
Insurance
-
-
-
-
21,066
Mileage
433
434
433
1,300
1,300
Professional service
2,100
2,100
2,100
6,300
9,150
Miscellaneous
5,469
4,619
4,604
14,692
3,089
Commodities
839
1,131
1,241
3,211
4,130
Central services
36,000
59,760
56,760
152,520
148,380
77,242
111,240
97,864
286,346
300,849
$ 19i-lm
266,828
$9�
73
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Balance Sheet
December 31, 1988
(with comparative amounts for December 31, 1987)
Assets
Current asset:
Cash (deficit)
Property and equipment, less accumulated
depreciation
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Retained earnings:
Unreserved - undesignated
Total liabilities and retained
earnings
74
1988 1987
$(109,641) (122,533)
$
202,691 217,276
25 120
93,025 94,623
$ 93,050
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1988
(with comparative amounts for year ended December 31, 1987)
1988 1987
Operating revenues:
Season tickets $ 63,364 63,182
General admissions 27,139 21,151
Rentals and instruction programs 8,763 7,720
Concessions (less cost of goods sold) 11,685 10,408
Other 56 137
Total operating revenues 111,007 102,598
Operating expenses:
Personal services
67,425
65,847
Contractual services
17,371
32,658
Commodities
14,301
11,995
Central services
7,140
9,960
Depreciation
15,828
15,603
Total operating expenses
122,065
136,063
Operating loss
(11,058)
(33,465)
Nonoperating revenues:
Subsidy from general fund 4,508 17,340
Net loss before operating transfer in (6,550) 16,125)
Operating transfer in - revolving fund 4,952 -
Net loss (1,598) (16,125)
Retained earnings - January 1 94,623 110,748
Retained earnings - December 31 $ 93.025 94,623
75
CITY OF EDINA, MINNESOTA
Swimming Pool Fund
Statement of Changes in Financial Position
Year ended December 31, 1988
(with comparative amounts for year ended December 31, 1987)
1988 1987
Sources of working capital:
Operations:
Net loss before operating transfer in $ (6,550) (16,125)
Add items not requiring working capital:
Depreciation 15,828 15,603
Working capital provided (used) by operations 9,278 (522)
Transfer from other funds 4,952
Total sources (uses) of working capital 14,230 (522)
Uses of working capital:
Additions to property and equipment 1,243 1,006
Net increase (decrease) in working capital $ 12.987 )
Elements of net increase (decrease) in working capital:
Cash 12,892 (3,417)
Accounts payable 95 54
Due to other funds 1,835
Net increase (decrease) in working capital $ 12,987 )
76
CITY OF EDINA, MINNESOTA
Golf Course Fund
Balance Sheet
December 31, 1988
(with comparative amounts for December 31, 1987)
Assets
1988
1987
Current assets:
Petty cash and change funds
$
2,200
1,100
Cash (deficit)
(32,338)
(334,697)
Accounts receivable
21,885
Total current assets
(30,138)
(311,712)
Property and equipment, less accumulated
depreciation
3,212,781
2,587,412
Total assets
$
3.182.643
2,275.700
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
92,119
60,647
Accrued interest payable
13,217
-
Due to other funds
245,000
245,000
Total current liabilities
350,336
305,647
Long -term liabilities:
Deposits payable
2,333
1,725
Bonds payable
1,841,000
1,150,000
Total long -term liabilities
1,843,333
1,151,725
Total liabilities
2,193,669
1,457,372
Retained earnings:
Reserved for debt retirement
384,726
145,445
Unreserved - undesignated
604,248
672,883
Total retained earnings
988,974
818,328
Total liabilities and retained earnings
$
3.182,643
x.275.700
77
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1988
(with comparative amounts for year ended December 31, 1987)
1988 1987
Operating revenues:
Green fees
$ 641,572
505,387
Rental fees
137,011
106,183
Patron cards
85,868
78,816
Concessions (less cost of
goods sold)
132,840
107,446
Range
194,883
154,630
Dome
44,660
-
Lessons
3,985
3,321
Other
990
954
Total operating revenues
1,241,809
956,737
Operating expenses:
Administration
250,028
252,446
Building - Club House and
Pro Shop
89,041
100,349
Maintenance of course and
grounds
307,978
225,885
Range and grill
143,240
133,218
Dome
27,704
-
Depreciation
142,561
106,516
Total operating expenses
960,552
818,414
Operating income
281,257
138,323
Nonoperating revenues (expenses):
Interest on investments 2,231 6,885
Federal aid - 51,816
Interest and fiscal charges (112,842) (97,690)
Total nonoperating revenues (expenses) (110,611) (38,989)
Net income 170,646 99,334
Retained earnings - January 1 818,328 718,994
Retained earnings - December 31 $ 988.974 $,
78
CITY OF EDINA, MINNESOTA
Golf Course Fund
Statement of Changes in Financial Position
Year ended December 31, 1988
(with comparative amounts for year ended December 31, 1987)
Sources of working capital:
Operations:
Net income
Add items not requiring working capital:
Depreciation
Working capital provided by operations
Proceeds from revenue bonds
Increase in deposits payable
Total sources 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
1988 1987
$ 170,646 99,334
142,561 106,516
313,207 205,850
741,000 -
608
1,054,815 205,850
- 13,870
767,930 347,587
50,000 35,000
817,930 396,457
Net increase (decrease) in working capital $ 236,885 ()
Elements of net increase (decrease) in working capital:
Cash 303,459 (317,788)
Accounts receivable (21,885) 21,885
Accounts payable (31,472) (38,766)
Accrued interest payable (13,217) -
Due to other funds - 94,062
Current portion of bonds payable - 50,000
Net increase (decrease) in working capital
79
CITY OF EDINA, MINNESOTA
Golf Course Fund
Schedule of Operating Expenses
Year ended December 31, 1988
(with comparative amounts for year ended December 31, 1987)
Administration:
Personal services
Contractual services
Commodities
Central services
Total administration
Building - Club House and Pro Shop:
Personal services
Contractual services
Less amount charged to grill
Commodities
Total building - Club House and Pro Shop
Maintenance of course and grounds:
Personal services
Contractual services
Commodities
Total maintenance
Range and grill:
Personal services
Contractual services
Commodities
Total range and grill
Golf dome:
Personal services
Contractual services
Commodities
Total golf dome
Depreciation
Total operating expenses
80
1988 1987
$ 158,709 131,349
9,355 2,793
12,328 10,954
69,636 107,350
250,028 252,446
25,594
30,773
56,092
59,236
(11,321)
(9,427)
18,676
19,767
89,041 .
100,349
174,499 139,872
48,813 8,571
84,666 77,442
307,978 225,885
106,645 90,333
15,787 14,444
20,808 28,441
143,240 133,218
10,234 -
15,054 -
2,416
27,704 -
142,561 106,516
$ 960.5 8181414
CITY OF EDINA, MINNESOTA
Recreation Center Fund
Balance Sheet
December 31, 1988
(with comparative amounts for December 31, 1987)
Assets
Current assets:
Petty cash and change funds
Cash (deficit)
Investments
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
Accrued interest payable
Total current liabilities
Long -term liabilities:
Deposits payable
Bonds payable
Total liabilities
Retained earnings (deficit):
Unreserved - undesignated
Total liabilities and retained
earnings (deficit)
81
1988 1987
$ 700 700
(1,206,784) (807,988)
959,165 -
48,117 33,001
245,000 245,000
221 350
46,419 (528,937)
1,716,419 355,576
253,186 17,033
30,839
284,025 17,033
3,500 3,500
1,729,000 -
2,016,525 20,533
(253,687) (193,894)
CITY OF EDINA, MINNESOTA
Recreation Center Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1988
(with comparative amounts for year ended December 31, 1987)
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 revenue (expenses):
Interest on investments
Interest and fiscal charges
Subsidy from general fund
Income (loss) before operating transfer in
Operating transfer in - Revolving Fund
Net income (loss)
Retained earnings (deficit) - January 1
Retained earnings (deficit) - December 31
82
1988 1987
$ 318,291 279,083
10,962
9,223
15,429
13,439
22,197
18,162
35,704
22,880
11,028
8,648
8,227
7,730
6,127
4,893
663
269
428,628 364,327
179,387
147,432
179,052
110,385
28,635
28,289
38,460
55,380
45,607
46,216
471,141
387,702
(42,513) (23,375)
5,204 -
(48,340) -
2,856 44,616
(40,280) 44,616
(82,793) 21,241
23,000 -
(59,793) 21,241
(193,894) (215,135)
CITY OF EDINA, MINNESOTA
Recreation Center Fund
Statement of Changes in Financial Position
Year ended December 31, 1988
(with comparative amounts for year ended December 31, 1987)
1988 1987
Sources of working capital:
Operations:
Net income (loss) before operating transfers in $ (82,793) 21,241
Add items not requiring working capital:
Depreciation 45,607 46,216
Working capital provided (used) by operations (37,186) 67,457
Proceeds from revenue bonds
1,729,000
-
Transfer from other funds
23,000
Total sources of working capital
1,714,814
67,457
Uses of working capital:
Additions to property and equipment
1,406,450
34,182
Net increase in working capital
$ 308,364
Elements of net increase (decrease) in working capital:
Cash
(398,796)
82,936
Investments
959,165
-
Accounts receivable
15,116
(8,877)
Due from other funds
-
(51,714)
Inventory
(129)
119
Accounts payable
(236,153)
(4,946)
Accrued interest payable
(30,839)
-
Due to other funds
15,757
Net increase in working capital
$ 308,364
83
CITY OF EDINA, MINNESOTA
Gun Range Fund
Balance Sheet
December 31, 1988
(with comparative amounts for December 31, 1987)
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
Retained earnings:
Unreserved - undesignated
Total liabilities and retained earnings
84
1988 1987
$ (4,297) (5,868)
4,000 4,000
250
(297) (1,618)
$
35,175 38,402
877 2,193
34,001 34,591
$
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1988
(with comparative amounts for year ended December 31, 1987)
1988 1987
Operating revenues:
Range fees
$ 28,272
19,426
Sale of ammunition
5,457
2,416
Concessions (less cost of goods sold)
626
256
Other
381
16
Total operating revenues
34,736
22,114
Operating expenses:
Personal services
13,950
12,191
Contractual services
5,466
4,737
Commodities
8,933
5,395
Central services
1,500
240
Depreciation
5,477
5,402
Total operating expenses
35,326
27,965
Operating loss
590)
851)
Nonoperating revenues:
Donations
-
500
Subsidy from general fund
-
4,183
Total nonoperating revenues
-
4,683
Net loss
(590)
(1,168)
Retained earnings - January 1
34,591
35,759
Retained earnings - December 31
$ 34,001
4�ri9
85
CITY OF EDINA, MINNESOTA
Gun Range Fund
Statement of Changes in Financial Position
Year ended December 31, 1988
(with comparative amounts for year ended December 31, 1987)
Sources of working capital:
Operations:
Net loss
Add item not requiring working capital:
Depreciation
Working capital provided by operations
Uses of working capital:
Additions to property and equipment
Net increase in working capital
Elements of net increase (decrease) in working capital:
Cash
Accounts receivable
Inventory
Accounts payable
Due to other funds
Net increase in working capital
86
1988 1987
$ (590) (1,168)
5,477 5,402
4,887 4,234
2,250 303
1,571 5,562
- 250
(250) -
1,316 (2,100)
219
$
CITY OF EDINA, MINNESOTA
Art Center Fund
Balance Sheet
December 31, 1988
(with comparative amounts for December 31, 1987)
Assets
Current assets:
Petty cash and change funds
Cash.
Inventory
Total current assets
Property and equipment, less accumulated depreciation
Total assets
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
Retained earnings:
Unreserved - undesignated
Total liabilities and retained earnings
87
1988 1987
$ 250 175
12,199 9,700
7,180 8,093
19,629 17,968
180,741 186,773
$ 200,370
5,279 3,573
195,091 201,168
$ 204,741
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Revenues, Expenses and
Changes in Retained Earnings
Year ended December 31, 1988
(with comparative amounts for year ended December 31, 1987)
1988 1987
Operating revenues:
Memberships
$ 10,075
8,790
Registration fees
123,764
101,437
Retail sales, less cost of goods sold
5,748
13,917
Total operating revenues
139,587
124,144
Operating expenses:
-
Administration:
Personal services
57,342
40,676
Contractual services
4,795
3,012
Commodities
9,779
7,993
Central services
14,100
11,580
86,016
63,261
Occupancy:
Personal services
5,397
5,338
Contractual services
14,019
12,960
Commodities
1,866
3,311
21,282
21,609
Class costs
5,197
2,875
Instructors - personal services
66,269
55,473
Depreciation
14,169
14,221
Total operating expenses
192,933
157,439
Operating loss
(53,346)
(33,295)
Nonoperating revenues:
Donations
25,290
12,092
Subsidy from general fund
8,973
31,908
Miscellaneous
8,130
10,021
Total nonoperating revenues
42,393
54,021
Income (loss) before operating transfers in
(10,953)
20,726
Operating transfer in - Revolving Fund
4,876
Net income (loss)
(6,077)
20,726
Retained earnings - January 1
201,168
180,442
Retained earnings - December 31
$ 195,091
88
CITY OF EDINA, MINNESOTA
Art Center Fund
Statement of Changes in Financial Position
Year ended December 31, 1988
(with comparative amounts for year ended December 31, 1987)
1988 1987
Sources of working capital:
Operations:
Net income (loss) before other financing sources $(10,953) 20,726
Add items not requiring working capital:
Depreciation 14,169 14,221
Working capital provided by operations 3,216 34,947
Transfer from other funds 4,876 -
Total sources of working capital 8,092 34,947
Uses of working capital:
Additions to property
and equipment
8,137
-
Net increase
(decrease) in working capital
$ (45)
34,947
Elements of net increase
(decrease) in working capital:
Cash
2,574
34,712
Due from other funds
-
(753)
Inventory
(913)
2,160
Accounts payable
(1,706)
(1,651)
Due to other funds
-
479
Net increase
(decrease) in working capital
$ (45)
34,947
89
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Balance Sheet
December 31, 1988
Assets
1988
1987
Current assets:
Petty cash and change funds
$ 700
700
Cash (deficit)
(235,467)
(239,905)
Accounts receivable
45,400
60,436
Total current assets
(189,367)
(178,769)
Property and equipment, less accumulated depreciation
274,444
296,836
Total assets
$
3$
Liabilities and Retained Earnings
Current liabilities:
Accounts payable
22,675
17,332
Fund equity:
Contributed capital
273,545
296,836
Retained earnings:
Unreserved - undesignated
(211,143)
(196,101)
62,402
100,735
Total liabilities and retained earnings
90
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Statement of Revenues, Expenses and Changes in Retained Earnings
Year ended December 31, 1988
(with comparative amounts for period ended December 31, 1987)
1988 1987
Operating revenues:
Association fees
$ 155,950
34,703
Rental fees
59,144
22,076
Admissions
60,723
13,161
Season ticket sales
11,616
10,074
Commissions
1,240
3,238
.Swim program
4,229
2,208
Program income
1,955
1,485
Other
7,531
1,850
Total operating revenues
302,388
88,795
Operating expenses:
Personal services 252,206 141,702
Contractual services 224,210 124,494
Commodities 83,059 53,925
Central services 44,160 22,560
Depreciation 23,391 11,645
Total operating expenses 627,026 354,326
Operating loss (324,638) (265,531)
Nonoperating revenues - interest on investments 89,305 57,785
Net loss before operating transfer in (235,333) (207,746)
Operating transfer in - General Fund 197,000
Net loss (38,333) (207,746)
Add depreciation on contributed assets 23,291 11,645
Decrease in retained earnings (15,042) (196,101)
Retained earnings - January 1 (196,101) -
Retained earnings - December 31 $(211,14.x) (196,101)
91
CITY OF EDINA, MINNESOTA
Edinborough Park Fund
Statement of Changes in Financial Position
Year ended December 31, 1988
(with comparative amounts for period ended December 31, 1987)
Sources of working capital:
Operations:
Net loss before operating transfer in
Add items not requiring working capital:
Depreciation
Working capital (used) by operations
Transfer from other fund
Contributed capital
Total sources (uses) of working capital
Uses of working capital:
Additions to property and equipment
Net decrease in working capital
Elements of net decrease in working capital:
Cash
Accounts receivable
Accounts payable
Net decrease in working capital
92
1988 1987
$(235,333) (207,746)
23,391 11,645
(211,942) (196,101)
197,000 -
- 308,481
(14,942) 112,380
999 308,481
$ 24 ) ( 40 )
4,438 (239,205)
(15,036) 60,436
(5,343) (17,332)
AGENCY FUND
The Agency Fund accounts for assets held by a governmental unit in a trustee
capacity or as an agent for individuals, private organizations, other govern-
mental units and other funds. During 1988 the City had the following Agency
Fund:
Deferred Compensation - Accounts for assets retained by the City pursuant
to agreements with individual employees that provide for specific salary
amounts to be paid at a later date. These assets are in the custody of a
third party for investment purposes.
93
CITY OF EDINA, MINNESOTA
Agency Fund
Statement of Changes in Assets and Liabilities
Year ended December 31, 1988
Deferred Compensation
Assets
Cash with plan
administrators
Liabilities
Due to participants
Balance Balance
1 -1 -88 Additions Deductions 12 -31 -88
$ 2.340.427 665.596
94
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.
95
CITY OF EDINA, MINNESOTA
General Fixed Assets Account Group
Schedule of General Fixed Assets
December 31, 1988
(with comparative amounts for December 31, 1987)
General fixed assets:
Land and land improvements
Buildings
Furniture and fixtures
Vehicles and equipment
Edina HRA land and public improvements
Total general fixed assets
Total investment in general fixed assets
96
1988 1987
$ 8,037,523
7,529,438
2,077,636
1,869,340
615,769
396,810
5,983,230
5,363,565
33,403,253
20,432,626
$ 50,117,411 35,591,779
$ 50,117,411 35,591,779
GENERAL LONG -TERM DEBT ACCOUNT GROUP
,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. Primar-
ily, these are general obligation and other forms of long -term debt supported
by general revenues and special assessments, and are obligations of a govern-
mental unit as a whole and not its individual constituent funds.
97
CITY OF EDINA, MINNESOTA
General Long -term Debt Account Group
Statement of General Long -term Debt
December 31, 1988
(with comparative amounts for December 31, 1987)
1988 1987
Amount available and to be provided for
the retirement of long -term debt
General Obligation Bonds:
Amount available in Debt Service Funds $ 2,741,008 3,722,591
Amount to be provided by tax increment
financing 36,275,000 21,800,000
Amount to be provided by special assessments 1,558,992 1,727,409
Compensated absences:
Amount to be provided by revenue sources 593,498 484,191
Total available and to be provided $ 41,168,498 27,734,191
General long -term debt payable
Accrued compensated absences 593,498 484,191
General obligation bonds payable 40,575,000 27,250,000
Total general long -term debt payable $ 4.168.498 27,734,191
98
SUPPLEMENTAL
FINANCIAL
INFORMATION
99
CITY OF EDINA, MINNESOTA
Combined Schedule of Bonded Indebtedness
December 31, 1988
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
Tax Increment Bonds,
Series, 1988
Tax Increment Taxable
Bonds, Series 1988
Improvement Bonds:
Improvement Bonds
of 1984
Improvement Bonds
of 1986
Revenue Bonds:
Golf Course Bonds
Recreation Bonds
Utility Bonds
Total bonded
indebtedness
Final 1988 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
6.40 -7.30
10/01/88
02/01/09
None
9.20 -9.75
10/01/88
02/01/09
None
7.00 -8.75 09/01/84 01/01/94 None
4.50 -6.60 08/01/86 08/01/96 None
6.25 -8.70
09/01/85
01/01/00
None
6.10 -7.30
10/01/88
01/01/09
None
5.90 -6.80
10/01/88
02/01/99
None
100
Schedule 1
* This represents interest due July 1, 1989 as interest due
January 1, 1989 was paid in December 1988.
** Principal due January 1, 1989 was paid in December 1988.
101
Indebtedness
Authorized
Due in 1989
and issued
Redeemed
Outstanding
Principal
Interest -
$ 2,200,000
11100,000
11100,000
200,000
70,380
4,500,000
2,250,000
2,250,000
450,000
283,500
12,000,000
150,000
11,850,000
- **
508,988*
4,000,000
-
4,000,000
50,000
271,550
2,000,000
-
2,000,000
50,000
131,125
10,175,000
-
10,175,000
-
605,844
5,100,000
5,100,000
406,813
39,975,000
3,500,000
36,475,000
750,000
2,278,200
5,400,000
3,300,000
2,100,000
- **
86,475*
2,500,000
500,000
2,000,000
250,000
118,000
7,900,000
3,800,000
4,100,000
250,000
204,475
1,200,000
100,000
11100,000
- **
44,438*
2,470,000
-
2,470,000
-
132,169
3,160,000
3,160,000
176,375
6,830,000
100,000
6,730,000
352,982
* This represents interest due July 1, 1989 as interest due
January 1, 1989 was paid in December 1988.
** Principal due January 1, 1989 was paid in December 1988.
101
CITY OF EDINA, MINNESOTA
Schedule of Changes in Bonded Indebtedness
Year ended December 31, 1988
Balance
January 1
Tax Increment Bonds $ 22,000,000
Improvement Bonds 5,250,000
Revenue Bond 1,150,000
$ 28,400.00Q
Schedule 2
Balance
Issued Redeemed December 31
15,275,000 800,000 36,475,000
- 11150,000 4,100,000
5,630,000 50,000 6,730,000
20,905,000 2.000.000 47.305,000
Schedule of Bonds Payable
December 31, 1988
Issue Interest Maturity Principal
date rate date amount
Tax Increment.Bonds:
$2,200,000 Redevelopment
Bonds
12/01/75
$200,000 per year
6.20 -6.40%
12/01/89 -91
$ 600,000
$250,000 per year
6.50
12/01/92 -93
500,000
1,100,000
$4,500,000 Tax Increment
Bonds, Series 1981
10/01/81
$450,000 per year
10.20 -11.00
10/01/89 -93
2,250,000
$12,000,000 Tax Increment
Bonds, Series 1985
09/01/85
$150,000 per year
6.75 -7.30
01/01/90 -92
450,000
$200,000 per year
7.60 -7.80
01/01/93 -94
400,000
$400,000
8.00
01/01/95
400,000
$900,000 per year
8.10 -8.70
01/01/96 -00
4,500,000
$1,000,000 per year
8.80 -9.00
01/01/01 -04
4,000,000
$1,050,000 per year
9.00
01/01/05 -06
2,100,000
11,850,000
(Continued)
102
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
$4,000,000 Tax Increment
Bonds, Series 1986A
$50,000 per year
$100,000 per year
$150,000 per year
$200,000 per year
$250,000 per year
$550,000
$600,000 per year
$2,000,000 Tax Increment
Bonds, Series 1986B
$50,000 per year
$100,000 per year
$150,000 per year
$200,000 per year
$10,175,000 Tax Increment
Bonds, Series 1988
$250,000
$75,000
$175,000
$250,000
$325,000
$425,000
$475,000
$525,000
$625,000
$700,000
$750,000
$825,000
$1,325,000
$1,650,000
$1,800,000
Schedule 2, Cont.
Issue
Interest
Maturity
Principal
date
rate
date
amount
08/01/86
5.20 -5.60%
08/01/89 -91
$ 150,000
5.80 -6.20
08/01/92 -94
300,000
6.40 -6.70
08/01/95 -97
450,000
6.75 -6.90
08/01/98 -00
600,000
7.00
08/01/01 -03
750,000
7.00
08/01/04
550,000
7.00
08/01/05 -06
1,200,000
4,000,000
08/01/86
5.20 -5.40
08/01/89 -90
100,000
5.60 -6.20
08/01/91 -94
400,000
6.40 -6.90
08/01/95 -00
900,000
7.00
08/01/01 -03
600,000
2,000,000
10/01/88
6.40
02/01/95
250,000
6.50
02/01/96
75,000
6.60
02/01/97
175,000
6.70
02/01/98
250,000
6.80
02/01/99
325,000
6.90
02/01/00
425,000
7.00
02/01/01
475,000
7.05
02/01/02
525,000
7.10
03/01/03
625,000
7.15
02/01/04
700,000
7.20
02/01/05
750,000
7.25
02/01/06
825,000
7.25
02/01/07
1,325,000
7.30
02/01/08
1,650,000
7.30
02/01/09
1,800,000
10,175,000
(Continued)
103
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
$5,100,000 Taxable Tax
Increment Bonds,
Series 1988
$125,000
$50,000
$100,000
$125,000
$150,000
$225,000 per year
$250,000
$300,000
$350,000
$375,000
$450,000
$650,000
$825,000
$900,000
Total general
obligation bonds
Improvement Bonds:
$5,400,000 Improvement
Bonds, Series 1984
$900,000 per year
$300,000 per year
$2,500,000 Improvement
Bonds, Series 1986
$250,000 per year
Total special
assessment bonds
Revenue Bonds:
$1,200,000 Golf
Course Bonds
$50,000 per year
$100,000 per year
$150,000 per year
Schedule 2, Cont.
Issue Interest Maturity Principal
date rate date amount
10/01/88
09/01/84
08/01/86
09/01/85
104
9.20%
02/01/95
$ 125,000
9.25
02/01/96
50,000
9.30
02/01/97
100,000
9.35
02/01/98
125,000
9.35
02/01/99
150,000
9.40
02/01/00 -01
450,000
9.45
02/01/02
250,000
9.45
02/01/03
300,000
9.50
02/01/04
350,000
9.55
02/01/05
375,000
9.60
02/01/06
450,000
9.65
02/01/07
650,000
9.70
02/01/08
825,000
9.75
02/01/09
900,000
5,100,000
36,475,000
7.90 01/01/90 900,000
8.20 -8.75 01/01/91 -94 1,200,000
2,100,000
5.20 -6.60 08/01/89 -96 2,000,000
4,100,000
6.75 -7.30 01/01/90 -92 150,000
7.60 -8.25 01/01/93 -97 500,000
8.40 -8.70 01/01/98 -00 450,000
1,100,000
(Continued)
CITY OF EDINA, MINNESOTA
Schedule of Bonds Payable, Continued
$2,470,000 Recreational
Facility Bonds
$25,000 per year
$175,000
$200,000 per year
$225,000
$250,000
$270,000
$275,000
$325,000 per year
$3,160,000 Utility
Bonds 10/01/88
$170,000
$250,000
$275,000
$300,000 per year
$320,000
$350,000
$375,000
$395,000
$425,000
Total revenue bonds
Total bonds payable
Schedule 2, Cont.
Issue Interest Maturity Principal
date rate date amount
10/01/88
6.10 -6.90%
01/01/92 -00
$ 225,000
7.00
01 /01 /01
175,000
7.05 -7.10
01/01/02 -03
400,000
7.15
01/01/04
225,000
7.20
01/01/05
250,000
7.25
01/01/06
270,000
7.25
01/01/07
275,000
7.30
01/01/08 -09
650,000
105
2,470,000
5.90
02/01/90
170,000
6.00
02/01/91
250,000
6.10
02/01/92
275,000
6.20 -6.30
03/01/93 -94
600,000
6.40
02/01/95
320,000
6.50
02/01/96
350,000
6.60
02/01/97
375,000
6.70
02/01/98
395,000
6.80
02/09/99
425,000
3,160,000
6,730,000
CITY OF EDINA, MINNESOTA
Schedule of Debt Service Requirements
s l - -*3
December 31, 1988
Imvrovement B
Principal
Tax
Principal
Year
Increment
Bonds
ended
Principal
Interest
550,000
1989 $
750,000
2,233,200
1990
900,000
2,876,154
1991
950,000
2,800,888
1992
1,050,000
2,721,189
1993
11100,000
2,631,664
1994
400,000
2,538,514
1995
1,075,000
2,488,562
1996
1,325,000
2,398,412
1997
1,475,000
2,289,862
1998
1,625,000
2,170,193
1999
1,725,000
2,037,787
2000
11900,000
1,892,837
2001
2,150,000
1,733,100
2002
2,225,000
1,555,580
2003
2,375,000
1,36.8,400
2004
2,600,000
1,169,387
2005
2,775,000
952,081
2006
2,925,000
719,170
2007
1,975,00.0
499,020
2008
2,475,000
319,388
2009
2,700,000
109,575
s l - -*3
December 31, 1988
Imvrovement B
Principal
Interest
Principal
250,000
204,475
1,150,000
242,400
550,000
181,050
550,000
142,150
550,000
102,150
550,000
61,125
250,000
32,500
250,000
16,500
$ 11'
SIII
Schedule 3
Revenue
Bonds
Principal
Interest
-
282,432
220,000
470,048
300,000
454,070
350,000
433,821
425,000
408,970
425,000
376,458
445,000
342,780
475,000
311,503
500,000
277,939'
570,000
.240,245
600,000
198,125
175,000
168,987
175,000
155,475
200,000
142,300
200,000
128,150
225,000
113,006
250,000
95,963
270,000
77,175
275,000
57,419
325,000
35,587
325,000
11,862
• � � � � 8��3
CITY OF EDINA, MINNESOTA
Assessed Valuation, Tax Levies and Mill Rates
(shown by year of tax collectibility)
Assessed valuation
Increment valuation
Contribution to fiscal
disparities pool
Received from fiscal
disparities pool
Taxable valuation
1985
$ 688,825,478
(13,337,065)
(46,433,530)
14,323,722
$ 643,378,605
1986
711,408,696
(14,328,756)
(51,834,996)
14,222,975
659,467,919
1987
732,481,746
(16,543,050)
(58,165,527)
16,151,787
673,924,956
Tax levies:
General Fund 5,898,883 5,898,883 8,045,584
Park Fund 755,368 755,368
Total $ 6,654,251 6,654,251 8,045,584
Mill rates:
General Fund 9.168 11.303 11.954
Park Fund 1.174
Total 10.342 1,_m 11.954
(a) For 1989, assessed value was replaced by tax capacity.
107
1988
775,009,761
(23,366,739)
(64,666,035)
18,583,073
705.560,060
8,569,599
12.151
Schedule 4
1989 (a)
101,668,819
(3,968,472)
(9,224,484)
2,499,218
90,975,081
8,996,527
9.887
9.887
108
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
FWTT-_OM -M-i
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for 50th & France - No. 1200,
a Tax Increment Financing District
December 31, 1988
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
2,935,744
589,090
616,966
800,000 170,782
170,782
-
-
- 418,870
418,870
-
-
- 709,496
709,507
-
(11)
- 38,208
74,022
10,925
(46,739)
- 214,828
186,064
-
28,764
-
10,040
241,806
(251,846)
3,000,000 7,893,984
6,705,029
841,821
347,134
- 647,551
647,539
-
12
3,000,000 3,158,038 3,121,054 1,057,574 (1,020,590)
- 41,710
41,701
-
9
- 2,200,000
900,000
200,000
1,100,000
1,742,850
1,759,816
82,638
(99,604)
- 69,260
184,745
30,653
(46,138)
- 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
6,605,085
1,370,865
(70,916)
$ - (11.050) 99.944 (529.044) 418.050
Cost to authority Price paid by developer
$ 128,064 105,002
134,506 65,780
$ 262.570 170.782
109
(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
$ 6,165,177
37,100,000
20,500,000
5,000,000
11,600,000
-
85,000,000
5,933,730
1,662,630
77,403,640
-
-
1,119,916
44,783
(1,164,699)
598,005
1,750,000
1,131,097
-
618,903
-
-
189,221
-
(189,221)
1,357
11,650
(13,007)
6,763,182
123,850,000
28,875,321
6,719,063
88,255,616
3,682,998
15,278,569
5,562,569
4,916,558
4,799,442
-
21,894,254
11,845,434
1,623,894
8,424,926
2,885,484
2,392,303
292,331
-
2,099,972
-
37,100,000
11800,000
600,000
34,700,000
-
35,000,000
5,498,564
1,790,756
27,710,680
194,700
2,466,200
884,604
82,445
1,499,151
767,852
-
(767,852)
6,763,182
114,131,326
26,651,354
9,013,653
78,466,319
$ -
9,718,674
2,223,967
(2,294,590)
9,789,297
Cost to authority
Price
paid by developer
$ 453,740
1,027,277
$ 1,481,017
110
346,534
784,563
1,131,097
(Continued)
Schedule 5, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Grandview Area Redevelopment District - No. 1202,
a Tax 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
Tax increments
received
-
10,531,072
189,950
168,518
10,172,604
Interest on
invested funds
-
-
67.,089
903
(67,992)
Other
-
-
461,428
(461,428)
Total sources
of funds
4,500,000
15,031,072
2,257,039
630,849
12,143,184
Uses of funds:
Installation of
public utilities
and improvements
4,310,000
4,310,000
1,982,404
52,650
2,274,946
Bond payments:
Principal
-
2,000,000
-
-
2,000,000
Interest
-
1,539,950
160,837
131,629
1,247,484
Administrative
costs
190,000
190,000
91,229
9,357
89,414
Total uses
of funds
4,500,000
8,039,950
2,234,470
193,636
5,611,844
Funds remaining $
-
__6.991.122
22,569
437,213
68531,340
111
Schedule 5, Cont.
CITY OF EDINA, MINNESOTA
Schedule of Sources and Uses of Public Funds
for Southeast Edina Economic Development District - No. 1203,
a Tax Increment Financing District
*Real estate sales:
Retail and theatre site $ 3,211,104 3,211,104
Medical office site 815,092 815,092
Office site 757,160 757,160
$ 4,783,356 4,783,356
112
Accounted
for in
prior Current
Amount
Budget
years year
remaining_
Sources of funds:
Bonds proceeds
$ 41,400,000
- 10,275,000
31,125,000
Tax increments
received
80,000,000
- -
80,000,000
Interest on
invested funds
5,000,000
- 4,783,356
216,644
Real estate sales*
-
-
-
Total sources
of funds
126,400,000
15,058,356
111,341,644
Uses of funds:
Land acquisition
13,900,000
- 10,211,312
3,688,688
Site improvements
or preparation
costs
26,677,000
- 286,748
26,390,252
Bond payments:
Principal
41,400,000
- -
41,400,000
Interest
38,000,000
- -
38,000,000
Administrative
costs
1,140,800
64,779
1,076,021
Total uses
of funds
121,117,800
10,562,839
110,554,961
Funds remaining (or
deficient)
$ 5,282,200
4,495,517
786,683
Cost to
authority Price paid
by developer
*Real estate sales:
Retail and theatre site $ 3,211,104 3,211,104
Medical office site 815,092 815,092
Office site 757,160 757,160
$ 4,783,356 4,783,356
112
Schedule 6
CITY OF EDINA, MINNESOTA
Independent Auditors' Report on Supplementary Information
Schedule of Federal Financial Assistance
The City Council
Edina, Minnesota:
We have audited the combined financial statements of the City of Edina, Minne-
sota as of and for the year ended December 31, 1988, and have issued our
report thereon dated May 12, 1989. These combined financial statements are
the responsibility of the City's management. Our responsibility is to
express an opinion on these combined financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing stan-
dards and the standards for financial audits contained in the Standards for
Audit of Governmental Organizations Programs Activities and Functions,
issued by the U.S. General Accounting Office. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatements and whether man-
agement has complied with laws and regulations. An audit in accordance with
those standards. includes examining, on a test basis, evidence supporting the
amounts and disclosures in the combined financial statements and compliance
with laws and regulations. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as eval-
uating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinions.
Our audit was made for the purpose of forming an opinion on the combined
financial statements of the City of Edina, Minnesota, taken as a whole. The
supplementary information in the accompanying schedule of federal financial
assistance is presented for purposes of additional analysis and is not a
required part of the combined financial statements. Such supplementary infor-
mation has been subjected to the auditing procedures applied in the audit 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.
May 12, 1989
113
(Continued)
Schedule 6. Cont.
CITY OF EDINA, MINNESOTA
Schedule of Federal Financial Assistance
Year ended December 31, 1988
Pass- Program Fund Fund
Federal through or balance at Program balance at
CFDA grantor's award December 31, revenue December 31,
number number amount 1987 recognized Expenditures. 1988
U.S. Department of HUD
i Community Development Block
Grant Program 14.218 B88UC270001 133,761
i B87UC270001 140,679
U.S. Department of FEMA
Federal Disaster Assistance 83.516
N/A -
- 54,071 54,071 -
140,990 41,437 99,553
278,940 309,933 (30,993)
(30,993) 28,621 (2,372) -
(Continued)
Schedule 6. Cont.
CITY OF EDINA, MINNESOTA
Independent Auditors' Report on Internal Accounting
and Administrative Controls .
The Honorable Members of City Council
City of Edina, Minnesota:
We have audited the combined financial statements of the City of Edina, Minne-
sota, for the year ended December 31, 1988 and have issued our report thereon
dated May 12, 1989. These combined financial statements are the responsibil-
ity of the City's management. Our responsibility is to express an opinion on
these combined financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing stan-
dards and the standards for financial 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 Govern-
ments. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of mate-
rial misstatements and whether management has complied with laws and regula-
tions and has established and maintained a system of internal controls. An
audit in accordance with those standards includes examining, on a test basis,
evidence supporting the amounts and disclosures in the combined financial
statements and compliance with laws and regulations. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presenta-
tion. We believe that our audit provides a reasonable basis for our opinions.
For the purpose of this report, we have classified the significant internal
accounting and administrative controls used in administering the major fed-
eral financial assistance program in the following categories: .
• Accounting controls:
- cash receipts /revenues, and
- cash disbursements /expenditures;
• Administrative controls:
- political activity,
- Davis /Bacon Act,
- civil rights,
- cash management, and
- reporting.
Our study and evaluation includes all of the applicable control categories
listed above.
(Continued)
115
The management of the City of Edina, Minnesota is responsible for establish-
ing 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 objective of internal control
systems used in administering federal financial assistance programs are to
provide management with reasonable, but not absolute, assurance that, with
respect to federal financial assistance programs, resource use is consistent
with laws, regulations and policies; resources are safeguarded against waste,
loss and misuse; and reliable data are obtained, maintained and fairly dis-
closed in reports.
Because of inherent limitations in any system of internal accounting and
administrative controls used in administering federal financial assistance
programs, errors or irregularities may nevertheless occur and not be
detected. Also, projection of any evaluation of the systems to future peri-
ods 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.
During the year ended December 31, 1988, the City of Edina, Minnesota
expended 76 percent of its total federal financial assistance under the major
federal financial assistance program. With respect to internal control sys-
tems used in administering the major federal financial assistance program,
our study and evaluation included considering the types of errors and irreg-
ularities that could occur, determining the internal control procedures that
should prevent or detect such errors and irregularities, determining whether
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 program, 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 audit would not necessarily disclose material weak-
nesses in the internal control systems used solely in administering the non -
major federal financial assistance program.
Our study and evaluation described in the two preceding paragraphs was more
limited that 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 of Edina, Minnesota. Accordingly, we do not
express an opinion on the internal control system used in administering the
major and nonmajor federal financial assistance programs of the City of
Edina, Minnesota. However, our study and evaluation and our audit disclosed
no condition that we believe to be a material weakness in relation to a
federal financial assistance program of the City of Edina, Minnesota.
(Continued)
116
This report
ment of HUD
restriction
upon accepta
May 12, 1989
Schedule 6, Cont.
is intended solely for the use of management and the U.S. Depart -
and FEMA and should not be used for any other purpose. This
is not intended to limit the distribution of this report, which,
nce by the City of Edina, Minnesota, is a matter of public record.
117
(Continued)
Schedule 6, Cont.
CITY OF EDINA, MINNESOTA
Independent Auditors' Report on Compliance with Laws and Regulations
The Honorable Members of City Council
City of Edina, Minnesota:
We have audited the combined financial statements of the City of Edina,
Minnesota, for the year ended December 31, 1988 and have issued our report
thereon dated May 12, 1989. These combined financial statements are the
responsibility of the City's management. Our responsibility is to express an
opinion on these combined financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing stan-
dards and the standards for financial 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 Govern-
ments. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of mate-
rial misstatements, whether management has complied with laws and regula-
tions, and whether management has established and maintained a system of
internal accounting and administrative controls. An audit in accordance with
those standards includes examining, on a test basis, evidence supporting the
amounts and disclosures in the combined financial statements and compliance
with laws and regulations. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
The management of the City of Edina, Minnesota is also responsible for the
City's compliance with laws and regulations. In connection with the audit
referred to above, we selected and tested transactions and records that
included, but were not limited to, transactions and records relating to the
major federal financial assistance program and the nonmajor federal financial
assistance program. The purpose of our testing of transactions and records
was to obtain reasonable assurance that the City of Edina, Minnesota had, in
all material respects, administered its major federal financial assistance .
program and executed the tested transactions in compliance with those laws
and regulations for which noncompliance could have a material effect on the
allowability of program expenditures or on the City's combined financial
statements. 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, 1988, the City of Edina,
Minnesota administered its major federal financial assistance program 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.
(Continued)
118
FY�.T���it�L•�
Further, the results of our testing of transactions and records selected from
the nonmajor federal financial assistance program indicate that, for the
transactions and records tested, the City of Edina, Minnesota complied with
those laws and regulations referred to in the third paragraph of our report.
Our testing was more limited than would be necessary to express an opinion on
whether the City of Edina, Minnesota administered the nonmajor federal finan-
cial assistance program 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 tests also indicate that, for the transactions and records
tested, the City of Edina, Minnesota complied with those laws and regulations
for which noncompliance could have a material effect on the City's combined
financial statements. 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.
May 12, 1989
,goa,7"
119
SECTION III
STATISTICAL SECTION
120
Table 1
CITY OF EDINA, MINNESOTA
General Governmental Expenditures by Function (1)
Years 1979 through 1988
Unallocated
Fiscal
General
Public
Public
general
Capital
Debt
Year
government
safety
works
expenditures
Other
Parks
outlay
service
Total
1979
$ 669,580
2,615,634
1,507,306
290,741
51110
724,425
3,234,774
910,621
9,958,191
1980
755,444
2,929,500
1,732,689
143,642
6,852
788,631
2,157,655
909,747
9,424,160
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
9,075,508
3,999,429
24,052,449
1988
I
1,655,826
5,122,392
2,441,928
321,166
1,049,684
1,471,741
19,875,745
4,120,163
36,058,645
r
N
Notes:
(1)
Includes General, Special
Revenue, Debt
Service and Capital Projects Funds.
r
N
N
Table 2
CITY OF EDINA, MINNESOTA
General Governmental Revenues by Source (1)
Years 1979 through 1988
Notes:
(1) Includes General, Special Revenue, Debt Service and Capital Projects Funds.
Licenses
Charges
Sales and
Fiscal
Special
Franchise
and
Inter-
for
Fines and
rental of
Miscel-
year
Taxes
assessments
fee
permits
governmental
services-
forfeitures
Interest
property
laneous
Totals
1979 $
2,962,212
-
-
262,212
2,212,175
357,863
169,071
169,071
542,991
542,991
6,685,270
1980
3,195,287
-
-
229,646
3,243,594
332,280
663,816
663,816
154,342
154,342
8,066,279
1981
3,516,712
-
-
335,480
2,426,623
355,747
772,233
772,233
173,672
173,672
7,858,166
1982
3,971,620
-
-
337,208
2,101,175
331,006
823,236
823,236
807,457
807,457
8,670,231
1983
5,668,153
-
-
443,061
2,442,080
389,811
665,488
665,488
183,745
183,745
10,198,203
1984
6,645,913
-
-
405,685
1,930,171
410,950
760,801
760,801
118,188
118,188
10,669,841
1985
7,057,640
-
-
553,908
1,949,957
540,458
977,946
977,946
81,325
81,325
12,709,874
1986
7,850,460
1,251,456
-
695,898
3,176,762
772,920
1,319,021
1,319,021
58,865
58,865
15,662,456
1987
8,486,440
1,787,962
58,683
710,282
3,010,203
652,389
515,172
785,228
152,495
182,109
16,340,963
1988
9,853,560
1,500,050
48,528
623,760
2,425,720
740,708
532,257
533,647
127,846
130,766
16,516,842
Notes:
(1) Includes General, Special Revenue, Debt Service and Capital Projects Funds.
CITY OF EDINA, MINNESOTA
Property Tax Levies and Collections
Years 1979 through 1988
123
Delinquent
tax
collections
26,669
35,791
13,566
43,088
44,998
41,179
74,091
98,170
61,041
71,756
Total tax
collection
3,631,617
4,119,312
4,412,036
4,828,589
5,382,810
6,382,768
6,622,771
7,466,952
7,965,592
8,535,685
Percent
Fiscal
Total tax
Current tax
of levy
Year
levy
collections
collected
1979
$ 3,655,500
3,604,948
98.62
1980
4,128,322
4,083,521
98.91
1981
4,452,156
4,398,470
98.79
1982
4,855,622
4,785,501
98.56
1983
5,423,374
5,337,812
98.42
1984
6,343,688
6,341,589
99.96
1985
6,654,251
6,548,680
98.41
1986
7,440,298
7,368,782
99.04
1987
8,045,584
7,904,551
98.25
1988
8,569,599
8,463,929
98.77
123
Delinquent
tax
collections
26,669
35,791
13,566
43,088
44,998
41,179
74,091
98,170
61,041
71,756
Total tax
collection
3,631,617
4,119,312
4,412,036
4,828,589
5,382,810
6,382,768
6,622,771
7,466,952
7,965,592
8,535,685
Table 3
Percentage
Percent of
of total
Outstanding
delinquent
collections
delinquent
taxes to
to levy
taxes
tax levy
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
1.04
99.01
189,063
2.35
99.60
182,013
2.12
124
Table 4
CITY OF EDINA, MINNESOTA
Assessed and Estimated Market Value of Taxable Property
Years 1979 through 1988
(a) For 1988, assessed value was replaced by tax capacity.
125
Real property
Ratio of total
Estimated
assessed to
Assessment
Assessed (a)
market
total estimated
year
value
value
market value
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
768,050,021
2,807,510,000
27.35
1988
100,735,332
3,061,404,810
3.29
(a) For 1988, assessed value was replaced by tax capacity.
125
Table 5
CITY OF EDINA, MINNESOTA
Property Tax Mill Rates - All Overlapping Governments
(per $100 of assessed value)
Years 1979 through 1988
126
City of Edina
Special
Debt
Fiscal
General
Revenue
Service
School
Year
Fund
Funds
Funds
Other
Total
District
County
Other
Total
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
1988
12.151
-
-
-
12.151
44.838
31.675
8.659
97.323
126
CITY OF EDINA, MINNESOTA
Special Assessment Collections
Years 1979 through 1988
127
Collection
Percentage
Collection
of current
of levy
of prior
Total
Year
Total levy
year's levy
collected
year's levy
collections
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
1988
1,071,212
1,044,584
97.51
6,478
1,051,062
127
Table 6
Percentage
of total Total
collections outstanding
to levy assessments
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
98.12 67,209
128
Table 7
CITY OF EDINA, MINNESOTA
Ratio of Net General Bonded Debt
to Assessed Value and Net Bonded Debt Per Capita
Years 1979 through 1988
*Source: Metropolitan Council estimate
Note:
(1) Official population per 1980 census.
(2) Includes all long -term general obligation debt.
(3) In 1988, assessed value was replaced by tax capacity.
129
Net
Ratio of
assessed
net bonded
Net
value /tax
Debt
debt to
bonded
capacity
Gross
service
assessed
debt
Fiscal
*Popu-
(in
bonded
monies
Net bonded
value /tax
per
Year
lation
thousands)
debt (2)
available
debt
capacity
cavit a
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
705,560
28,400,000
1,017,238
27,382,762
.0388
596
(3) 1988
46,095
90,975
47,305,000
2,513,806
44,791,194
.492
972
*Source: Metropolitan Council estimate
Note:
(1) Official population per 1980 census.
(2) Includes all long -term general obligation debt.
(3) In 1988, assessed value was replaced by tax capacity.
129
CITY OF EDINA, MINNESOTA
Computation of Legal Debt Margin
December 31, 1988
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:
Tax increment bonds
Improvement bonds
Revenue bonds
Total deductions
Total amount of debt
applicable to debt limit
Legal debt margin
$ 200,000
36,475,000
4,100,000
6,730,000
130
$ 47,305,000
Table 8
$ 740,838,063
54,328,100
$ 54,528.100
Table 9
CITY OF EDINA, MINNESOTA
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures
Years 1979 through 1988
Note:
(a) Includes General, Special Revenue and Debt Service Funds.
(b) Includes refinancing of temporary bonds.
131
Ratio of
debt service
Total
to total
Fiscal.
debt
Total general
general
year
Principal
Interest
service
expenditures (a)
expenditures
1979
$ 1,865,000
560,621
2,425,621
6,850,198
.3541
.1980
1,150,000
559,742
1,709,742
7,725,448
.2213
1981
5,550,000 (b)
666,905
6,216,905
8,101,844
.7673
1982
900,000
1,095,445
1,995,445
9,074,606
.2199
1983
900,000
1,049,491
1,949,491
9,818,076
.1986
1984
5,050,000 (b)
1,071,969
6,121,969
10,693,544
.5725
1985
1,650,000
1,472,009
3,122,009
12,561,374
.2485
1986
1,650,000
1,921,172
3,571,172
14,450,898
.2471
1987
1,700,000
2,299,429
3,999,429
14,843,024
.2694
1988
1,950,000
2,170,163
4,120,163
16,336,066
.2522
Note:
(a) Includes General, Special Revenue and Debt Service Funds.
(b) Includes refinancing of temporary bonds.
131
Table 10
CITY OF EDINA, MINNESOTA
Property and Construction Values
Years 1979 through 1988
*Assessor's market.
132
Commercial
Residential
construction
construction
Fiscal
Number of
Number of
Property
value*
year
permits
Value
hermits
Value
Commercial
Residential
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
342
19,797,541
551
30,600,000
621,601,700
2,185,908,300
1988
336
22,100,000
560
26,327,000
622,713,300
2,019,097,200
*Assessor's market.
132
Table 11
CITY OF EDINA, MINNESOTA
Principal Taxpayers
December 31, 1988
133
Percent
1988
of total
assessed
assessed
Taxpayer
TvRe 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
Gabberts 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
133
CITY OF EDINA, MINNESOTA
Miscellaneous Statistics
December 31, 1988
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, 1988)
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, 1988)
134
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
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
l)
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
1988
(estimated
April
1)
46,095
135
Table 13
CITY OF EDINA, MINNESOTA
Computation of Overlapping Debt
December 31, 1988
Total
136
$ 69,512,937
Percentage
Amount
applicable
applicable
Net debt
to City of
to City of
outstanding
Edina
Edina
City of
Edina
$ 47,305,000
100.0%
$ 47,305,000
Hennepin
County
60,375,000
7.5
4,528,125
IDS #273
(Edina)
658,020
97.8
643,544
IDS #287
(Hennepin Tech)
3,586,877
11.6
416,078
IDS #270
(Hopkins)
6,300,000
6.8
428,400
IDS #271
(Bloomington)
6,550,000
.1
6,550
IDS #272
(Eden Prairie)
46,995,000
2.4
1,127,880
IDS #280
(Richfield)
580,000
23.0
133,400
IDS #283
(St. Louis Park)
-
.1
-
Metro Council
358,084,000
4.0
14,323,360
Metro Transit
13,650,000
4.4
600,600
Total
136
$ 69,512,937
i
w
V
Table 14
CITY OF EDINA, MINNESOTA
Revenue Bond Coverage
Last Ten Years
Net
revenue
Direct available
Gross operating(1) for debt Debt service requirements
Fiscal year revenue expenses service Principal Interest Total Coverage
Utilitv Bonds
(1) Before interest costs.
,v
-�-ILld
1979
$ 2,1,050,044
2,327,757
(277,713)
50,000
3,190
53,190
-
1980
2,694,573
2,541,720
152,853
-
-
-
-
1981
2,831,689
2,732,819
98,870
-
-
-
-
1982
3,434,255
3,390,516
43,739
-
-
-
-
1983
3,425,476
3,336,716
88,760
-
-
-
-
1984
3,436,525
3,386,541
49,984
-
-
-
-
1985
3,686,287
3,731,907
(45,620)
-
-
-
-
1986
3,.621,775
3,726,699
(104,924)
-
-
-
-
1987
4,149,444
4,127,469
21,975
-
-
-
-
1988
4,285,722
4,842,797
(557,075)
-
-
-
-
Recreational Facility
Bonds
1979
658,094
610,217
47,877
95,000
43,185
138,185
34
1980
725,931
741,157
(15,226)
145,000
32,775
177,775
-
1981
844,403
796,155
48,248
145,000
29,906
174,906
28
1982
905,776
787,233
118,543
145,000
24,277
169,277
70
1983
925,169
863,069
62,100
110,000
18,601
128,601
48
1984
1,030,952
923,838
107,114
125,000
14,760
139,760
77
1985
1,106,658
1,052,131
54,527
120,000
57,627
177,627
31
1986
1,158,660
1,177,380
(18,720)
50,000
99,512
149,512
-
1987
1,424,381
1,206,116
218,265
85,000
97,690
182,690
119
1988
1,703,728
1,431,693
272,035
50,000
161,182
211,182
129
(1) Before interest costs.
,v
-�-ILld