HomeMy WebLinkAboutComprehensive Annual Financial Report 1998 �
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� COMPREHENSIVE
1 ANNUAL
� FINANCIAL REPORT
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FOR THE YEAR ENDED DECEMBER 31, 1998
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�� CITY OF ROSEMOUNT, MINNESOTA a
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i CITY OF ROSEMOUNT, MINNESOTA
, COMPREHENSIVE ANNUAL FINANCIAL
REPORT
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FOR THE YEAR ENDED DECEMBER 31, 1998
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� PREPARED BY THE DEPARTMENTS OF
ADMINISTRATION AND FINANCE
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THOMAS D. BURT, City Administrator
� JEFFREY A. MAY, Finance Director
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� CITY OF ROSEMOUNT, MINNESOTA
TABLE OF CONTENTS
1 DECEMBER 31, 1998
� EXHIBIT PAGE(S)
I. INTRODUCTORY SECTION
' City O�cials v
Organizational Chart vi
' Letter of Transmittal vii
Certificate of Achievement xx
II. FINANCIAL SECTION
� Independent Auditors' Report 1
1 A. General Purpose Financial Statements
Combined Balance Sheet-All Fund Types, Account Groups and
� Discretely Presented Component Units 1 4-7
Combined Statement of Revenue, Expenditures and Changes in
Fund Balances -All Fund Types, Account Groups and Discretely
Presented Component Units 2 8-9
' Combined Statement of Revenue, Expenditures and Changes in
Fund Balances - Budget(as Amended) and Actual (Budgetary Basis) -
General and Annually Adopted Special Revenue Funds 3 10-11
� Combined Statement of Revenue, Expenses and Changes in
Retained Earnings-All Proprietary Fund Types 4 12
Combined Statement of Cash Flows-All Proprietary Fund Types 5 13
1 Notes to the Financial Statements 15-36
B. Required Supplementary lnformation
, Year 2000 Issue 37
C. Combining and Individual Fund Financial Statements and Schedules
, General Fund:
Comparative Balance Sheet A-1 39
� Comparative Statement of Revenue, Expenditures and
Changes in Fund Balances A-2 40
Schedule of Revenue- Budget(as Amended) and Actual
(Budgetary Basis) A-3 41
, Schedule of Expenditures- Budget(as Amended) and Actual
(Budgetary Basis) A-4 42-43
� Special Revenue Funds:
Combining Balance Sheet B-1 46-47
Combining Statement of Revenue, Expenditures and Changes in
Fund Balances B-2 48-49
� Combining Schedule of Revenue, Expenditures and Changes in
Fund Balances - Budget(as Amended) and Actual (Budgetary Basis) B-3 50-53
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CITY OF ROSEMOUNT, MINNESOTA �
TABLE OF CONTENTS
DECEMBER 31, 1998 �
EXHIBIT PAGE S ,
Debt Service Funds: '
Combining Balance Sheet C-1 56-59
Combining Statement of Revenue, Expenditures and Changes in
Fund Balances C-2 60-63
Capital Project Funds: ,
Combining Balance Sheet D-1 66-71
Combining Statement of Revenue, Expenditures and Changes in '
Fund Balances �-2 �2-��
Enterprise Funds:
Combining Balance Sheet E-1 80-83 '
Combining Statement of Revenue, Expenses and Changes in
Retained Earnings E-2 84-85
Combining Statement of Cash Flows E-3 86-87 �
Internal Service Funds:
Comparative Balance Sheet F-1 89 '
Comparative Statement of Revenue, Expenses and Changes in
Retained Earnings F-2 90
Comparative Statement of Cash Flows F-3 91
Agency Funds: �
Combining Balance Sheet G-1 93
Combining Statement of Changes in Assets and Liabilities G-2 94 �
Component Unit- Port Authoriry:
Combining Balance Sheet H-1 96-97 '
Combining Statement of Revenue, Expenditures and Changes in
Fund Balances H-2 9$-99
General Fixed Assets Account Group: �
Schedule of General Fixed Assets by Financing Source I-1 101
Financial Schedules: �
Combined Schedule of Bonds Payable J-1 103
Combined Schedule of Debt Service Requirements J-2 104-105
Schedule of Assessed Valuation and Long-Term Debt for Tax
Increment Financing Districts J-3 106-107 '
Schedule of Sources and Uses of Public Funds for Tax
Increment Financing Districts J-4 108-109
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� CITY OF ROSEMOUNT, MINNESOTA
TABLE OF CONTENTS
� DECEMBER 31, 1998
' TABLE PAGE(S)
III. STATISTICAL SECTION (Unaudited)
' General Fund Expenditures and Other Financing Uses by Function 1 111
� General Fund Revenues and Other Financing Sources by Source 2 112
Property Tax Levies and Collections 3 113
� Assessed Value (or Tax Capacity) and Estimated Market Value of
All Taxable Property 4 114
1 Property Tax Rates-All Direct and Overlapping Governmental Units 5 116-117
Schedule of the Ten Largest Taxpayers 6 118
, Special Assessment Receivables and Collections 7 119
' Computation of Legal Debt Margin 8 120
Ratio of Net Bonded Debt to Assessed Value (or Tax Capacity} and
Market Value and Net Bonded Debt Per Capita 9 122-123
� Ratio of Annual Debt Service Expenditures For General Bonded Debt
to Total General Fund Expenditures 10 124
' Computation of Direct and Overlapping Bonded Debt-General
Obligation Bonds 11 125
� Revenue Bond Coverage 12 126
Demographic Statistics 13 127
` Property Value and Construction 14 128
� Miscellaneous Statistics 15 129
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INTRODUCTORY SECTION
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iCITY OF ROSEMOUNT, MINNESOTA
CITY OFFICIALS
� YEAR ENDED DECEMBER 31, 1998
� Term of Office Term Expires
ELECTED OFFICIALS:
, Mayor Cathy E. Busho Four Years December 31, 1998
Councilmember Kevin P. Carroll Four Years December 31, 2000
' Councilmember Dennis O. Wippermann Four Years December 31, 2000
Councilmember Joan M. Anderson Four Years December 31, 1998
Councilmember John F. Edwards II Four Years December 31, 1998
� APPOINTED OFFICIALS:
City Administrator Thomas D. Burt
' Finance Director Jeffrey A. May
Assistant to City Administrator Susan M. Walsh
Community Development Director Daniel Rogness
� Police Chief Gary D. Kalstabakken
Fire Chief Scott W. Aker
Public Works Director Henry C. Osmundson
Parks and Recreation Director James A. Topitzhofer
ICONSULTANTS AND ADVISORS:
, Legal Kennedy & Graven
Fluegel, Moynihan &Clinton, P.A.
Briggs & Morgan
' Auditing Boeckermann, Heinen & Mayer, P.A.
Fiscal Springsted, Inc.
Ehlers &Associates, Inc.
Engineering Bonestroo, Rosene, Anderlik&Associates
' Short-Elliot-Hendrikson, Inc.
WSB &Associates
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� C I TY O F RO S E M O U N T Z875 C145tHS�t eet West
___ Rosemount,MN
Everything's Coming Up Rosemount!! 55068-4997
� Phone:651-423-4411
Hearing Impaired 651-423-6219
Fax: 651-423-5203
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, March 5, 1999
Honorable Mayor and Members of the City Council
� City of Rosemount, Minnesota
, The Comprehensive Annual Financial Report of the City of Rosemount, Minnesota, for the year
ended December 31, 1998, is hereby submitted as mandated by state statutes. These statutes
require that the City of Rosemount issues annually a report on its financial position and activity,
� and that an independent firm of certified public accountants audits this report. This report was
prepared by the City's Finance Department and responsibility for both the accuracy of the
presented data and the completeness and fairness of the presentation, including all disclosures,
' supporting schedules and statistical tables, rests with the City. To the best of our knowledge,
the data, as presented, is accurate in all material respects, 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 account groups, and that all disclosures necessary to
enable the reader to gain the maximum understanding of the City's financial affairs have been
included.
, The comprehensive annual financial report is presented in three sections: introductory, financial
and statistical. The introductory section, which is unaudited, includes this transmittal letter, the
City's o�ganizational chart and a list of the City's principal elected and appointed officials. The
' financial section includes the independent auditors' report, the general purpose financial
statements, notes to the financial statements, the combining, individual fund and account group
financial statements, and the supplemental financial schedules. The statistical section, which is
� unaudited, includes selected financial and demographic information, generally presented on a
multi-year basis.
� The organization, form and contents of this report were prepared in accordance with the
standards prescribed by the Governmental Accounting Standards Board, the Government
Finance Officers Association of the United States and Canada, the American Institute of
, Certified Public Accountants, the Minnesota State Auditor's Office and the Rosemount City
Charter.
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THE REPORTING ENTITY AND ITS SERVICES �
The City was established as a municipal corporation in 1858, and became a statutory City in �
1974. The City has a Mayor-Council form of government, with the four Council members being
elected to overlapping four-year terms of office and the Mayor serving a four-year term
coinciding with the terms of two of the Council members. This term for the Mayor was a change
instituted in 1996. Prior to that, the Mayor was elected every two years. The City Council is ,
responsible, among other things, for passing ordinances, adopting the budget, appointing
committees and hiring the City's chief administrative officer. The City's chief administrative
officer is the City Administrator, who is appointed by and serves at the discretion of the City '
Council. The City Administrator is responsible for carrying out the policies and ordinances of
the City Council, for overseeing the day-to-day operations of the City and for appointing the
heads of the City's various departments, with the City Council's final approvat. �
Growth and development of the City is guided by a Comprehensive Land Use Plan which was
commissioned soon after the consolidation in 1971 of the former Village and Town of ,
Rosemount. The Plan outlines long-range zoning and development policy of the City, and is
designed to encourage and promote orderly development and growth which will perpetuate a
sound tax base. This Plan was last updated in 1993. However, in 1997, the City began the ,
mandatory updating process of the Plan. This update is expected to be completed by the
middle of 1999 and will cover the next 25-year period.
All funds, account groups, departments, agencies, boards and commissions for which the City is ,
financially accountable are included in this report. The City provides its residents and
businesses with a full range of municipal services consisting of public safety (police and fire),
public works, parks and recreation and general administrative services. The City also operates ,
four enterprises: water, sewer, storm water and arena. City residents and businesses, through
contractual arrangements with private haulers, handle refuse collection and disposal and
recycling on a private basis. Sewage treatment and mass transit are operated on a regional '
basis by regional governmental agencies.
Rosemount Port AuthoritY '
The Port Authority was created by the City to carry out certain redevelopment projects. The
Port Authority's governing board is appointed by the City Council. The City Council reviews and �
approves all Port Authority tax levies and the City provides major community development
financing for Port Authority activities. Debt issued for Port Authority activities are general
obligations of the City. The Port Authority's financial data has been presented in this financial
report as a discretely presented component unit. '
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' ECONOMIC CONDITION AND OUTLOOK
� The City of Rosemount is a growing southern suburb in the Minneapolis/St. Paul metropolitan
area, located in Dakota County. The City encompasses approximately 36 square miles. The
City is one of the fastest growing communities in the seven-county Minneapolis/St. Paul
metropolitan area as demonstrated by the following population trend:
, Population Percent
Population Increase Increase
, 1998 Staff Estimate 13,700 5,078 59%
1990 Census 8,622 3,539 70%
� 1980 Census 5,083 1,049 26%
1970 Census 4,034 2,022 100%
1960 Census 2,012 - -
, Rosemount has an extensive system of State and County highways and 102 miles of City
streets that continue to contribute to the community's growth. This extensive highway network
' and large tracts of attractive, developable land have made the City an ideal location for
residential development and increasing commercial/industrial development. Over 500 acres of
industrial and commercial zoned land have been reserved for development in Rosemount. Rail,
air, barge and freeway access provides Rosemount's economic community with an expedient
� transportation system. Four major highways link Rosemount to Minneapolis, St. Paul and the
rest of the metropolitan area.
� Rosemount is unique in that the eastern one-third of the City is largely heavy industry, the
middle one-third is largely agricultural and the western one-third is heavily residential with a
good mix of light industrial and commercial. Residential developments with hundreds of homes
� are currently under development and this pattern of growth will continue for years to come. The
ten largest taxpayers represent a mix of industrial, commercial and utilities that represent over
27% of the City's tax base.
' Labor market data is very impressive for the State, Minneapolis/St. Paul metropolitan area and
Dakota County, in which Rosemount is located. 1998 labor force numbers were 2,681,746;
' 1,677,667; and 208,161 respectively with unemployment rates of 2.5%; 2.0% and 1.8% to
match. These figures compare quite favorably with national figures.
Community leadership has preserved 220 beautiful acres of land for 20 parks. Residents can
' enjoy a round of golf on the 27-hole public course or on the 9-hole private course. Bordered by
the scenic Mississippi River, Rosemount also contains 270 acres of the Spring Lake Regional
Park Preserve. Rosemount's Community Center, a part of the Army National Guard's regional
� headquarters, provides a variety of indoor recreation opportunities and meeting space, including
an ice arena, gymnasium, auditorium and banquet facility.
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Given the underlying strength of the economy in the seven county metropolitan area, the ,
diversification of tax and employment bases and Rosemount's desirable location, the future
outlook is very optimistic. ,
MAJOR INITIATIVES
In 1998, the City completed two major street and utility reconstruction projects. This was the '
seventh consecutive year of street and utility reconstruction projects occurring within the City as
the City works to maintain its existing infrastructure while it is rapidly adding new infrastructure. ,
These two major reconstruction projects which were completed in 1998 included one mile of
Chippendale Avenue south of CSAH 42 and the last segment of the two and one-half miles of
reconstruction on 145th Street. This last segment of 145th Street is between CSAH 42 and �
Brazil Avenue. New construction was also very evident, as developers were extremely busy
adding housing lots to the City's inventory in 1998. At the end of 1997, the City had less than
100 lots available to build on and by the end of 1998 the City had over 700 lots available. Nine '
new developments were completed or substantially completed in 1998 adding almost three new
miles of streets and utility lines to the City's system. Late in 1998, work was begun on an
expansion of our existing Public Works facility. When work is completed in 1999 the Public ,
Works Department work space and storage space will be almost doubled.
The Police Department focused on increasing its visibility in the community during 1998. This
involved participating in a number of community events and offering educational programs for '
citizens.
Throughout the year, police officers were present at community events to answer citizen �
questions and provide information on crime prevention. These events included the Rosemount
Business Expo, Town Meeting on Building Youth Assets, Leprechaun Days City Booth, Violence
Prevention Night at the Community Center and Crime/Fire Prevention Open House. �
The Police Department offered two educational programs for the first time in 1998. In
cooperation with the Fire Department and the Parks and Recreation Department, a Youth ,
Safety Camp was held in August. Approximately 50 youth attended and learned valuable safety
tips. Also in August, Rosemount participated in National Night Out. Several neighborhoods
throughout the community held parties and were visited by police officers during the evening. ,
National Night Out is an extension of the DepartmenYs Neighborhood Watch program. In
addition to special events, several presentations were made to community and school groups.
In 1998, work was substantially completed on a Family Resource Center building. This building ,
will be utilized by the Community Action Council (CAC) to work with families in need in our
community. The City constructed the building with funding coming entirely from grants and
donations and will lease the building to CAC to house their Rosemount operations. �
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, SIGNIFICANT DEVELOPMENTS
Rosemount Business Park
' In 1993, the Rosemount Port Authority purchased 80 acres of vacant land for a future business
park near the historic center of Rosemount. In 1995, after a total investment of nearly $2.2
� million, the first phase of improvements to the business park were completed. Two companies
purchased a combined 16 acres in the business park and broke ground in 1996. In 1997,
Cannon Equipment Company completed construction of nearly 110,000 square feet of office
, and manufacturing space as they opened their new national headquarters here in Rosemount.
Also, Geometrix Company completed construction of a 10,000 square foot manufacturing
facility. In 1997, the City also established this business park within a tax increment financing
� (TIF) district as a tool to assist new businesses locating at this site. The Port Authority is now
marketing the remaining acreage in the business park. Cannon Equipment Company has an
option on an adjacent 9-acre parcel that will expire by the end of 1999.
' Koch Refinenr
Koch Refining is a leading producer of petroleum products in Minnesota and Wisconsin
' converting 210,000 barrels of crude oil into gasoline each day. This Rosemount company
employs 850 full-time workers and it has invested nearly $600 million recently in new
equipment, processes, training and operations. In 1995, Koch considered an advanced
� cogeneration facility at its refinery in Rosemount. This facility would simultaneously produce
electricity and useful thermal energy from the same fuel source, petroleum coke. Discussion
continues to this possible expansion of their current facility.
, Army National Guard
, The City of Rosemount, in cooperation with the Army National Guard, completed a training and
community center facility in 1994. In 1995, the National Guard also completed a central
maintenance facility of approximately 30,000 square feet in Rosemount. The multi-use
' community center facility encompasses 140,000 square feet of usable space for a variety of
training, recreational and social opportunities for the Rosemount community and National
Guard. The National Guard division headquarters is housed in the facility for the 34th Red Bull
Infantry Division. This is only one of eight such divisional headquarters for the National Guard
� in the entire United States.
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ACCOUNTING SYSTEM AND REPORTS '
The accounting for all activities of the City is divided into various funds or account groups as ,
required by Statute and/or generally accepted accounting principles. Financial statements are
presented on the accrual, or modified accrual basis, as appropriate. The financial information of
the funds is presented in conformity with generally accepted accounting principles (GAAP) ,
applicable to governmental entities. Accounting and bookkeeping for all City activities are
centralized under the Finance Department. The responsibility for financial records, maintaining
internal controls and preparing financial and budgetary reports is delegated to this department.
The internal control structure is designed to ensure that the assets of the City are protected from '
loss, theft or misuse and to ensure that adequate accounting data is compiled to allow for the
presentation of financial statements in conformity with GAAP. The internal control structure is �
designed to provide reasonable, but not absolute, assurance that these objectives are met. 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 valuation of costs and benefits requires estimates '
and judgments by management.
Budgeting controls are maintained in accordance with City policy to ensure compliance with '
annually appropriated budgets approved by the City Council. Appropriations that have not been
expended at the end of the year lapse, except in special situations in which the City Council
may encumber unexpended funds forward to the following year. �
GENERAL GOVERNMENT FUNCTIONS
General municipal services are accounted for in the City's General Fund. The following table �
presents a comparative analysis of General Fund revenues and other financing sources to the
adopted budget as presented in Exhibit A-3: '
1998 Actual 1997 Actual
% of % of '
Revenues and Other Financing Sources Amount Total Amount Total
Taxes $ 2,693,105 53% $ 2,468,582 51% �
Licenses and Permits 363,238 7% 259,012 5%
Intergovernmental 1,274,373 25% 1,240,069 25%
Charges for Services 351,650 7% 480,657 10% '
Fines and Forfeitures 72,084 1% 113,972 2%
Recreational Fees 201,352 4% 196,002 4%
Other 156,216 3% 99,687 2°/a ,
Transfers 3,500 0% 3,500 1%
Total $ 5,115,518 100% $ 4,861,481 100%
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' 1997 and 1998 showed great consistency between the various revenue areas. Taxes were kept
nearly constant due to the reimplementation of levy limits by the State. The building growth
, rebounded somewhat in 1998, especially in the residential area, because of a large increase in
the lots available to build on. At the end of 1997, the City had less than 100 lots available and
by the end of 1998, the City had over 700 lots available. Charges for Services was down
somewhat because the final completion of some larger projects and the administrative fees that
� were collected at the time of final assessment in 1997 was less in 1998 because of the timing of
projects completed and available to assess.
� The following table presents a comparative analysis of General Fund expenditures and other
uses to the adopted budget as presented in Exhibit A-4:
� 1998 Actual 1997 Actual,
% of % of
Expenditures and Other Uses Amount Total Amount Total
' General Government $ 1,227,524 26% $ 1,000,730 22%
Public Safety 1,442,652 31% 1,395,630 31%
, Public Works 1,450,156 31% 1,406,363 31%
Parks and Recreation 601,450 12% 572,484 13%
Transfers 0 0% 130,400 3%
' Totals $ 4,721,781 100% $ 4,505,607 100%
' As with the revenues, there was a great deal of consistency on the expenditure side of the
General Fund befinreen 1997 and 1998. All departments stayed very close to the 1997 figures
with most of the nominal increases due to salary adjustments for all employees. The General
Government expenditures were up because of encumbrances that were made for 1998 and
, carried forward to 1999.
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The City's General Fund Balance increased by over $509,400 during 1998 and equaled (
$2,438,384 at year-end. The following table shows previous year-end General Fund balances
as compared to the adopted expenditure budget of the following year: '
Fund Balance
Percent of ,
Year Budget Amount Next Budget
1991 $ 3,044,711 $ 1,056,180 33%
1992 3,164,108 1,193,410 33% �
1993 3,585,633 1,180,299 31%
1994 3,812,022 1,258,606 29%
1995 4,294,749 1,497,828 33% '
1996 4,531,935 1,583,375 35%
1997 4,578,300 1,928,980 41%
1998 4,715,600 2,438,384 50% ,
1999 4,855,900
The City has determined that it would like to maintain 30 to 50 percent of the next operating ,
expenditure budget as a fund balance. Ideally, 50 percent of the next budget would be
preferred, although concern is being expressed that certain State officials will arbitrarily decide
on the appropriate fund balance for municipalities and re-implement levy limits or reduce ,
aid if an undesignated fund balance exists above a certain level. Thirty percent normally
provides adequate working capital to finance General Fund operations until property taxes and
State aids are received. The fund balance also provides a certain amount of comfort that
unforeseen emergencies can be addressed without causing an immediate financial crisis. As of '
December 31, 1998, 100% of the unreserved fund balance of the General Fund has been
designated to meet working capital needs.
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ENTERPRISE FUNDS
Enterprise funds account for the financing of services to the general public in which all or most t
of the costs involved are paid in the form of charges to the users of the services. The City has
three public utilities funds; Water, Sewer and Storm Water, that are operated as enterprise '
funds and an Arena Fund that is also operated as an enterprise fund.
Comparative data for the City's public utility operations and for the Arena Fund operations for '
the past two years are shown in the following tables:
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� Water Sewer
' 1998 1997 1998 1997
Operating Revenues $ 579,507 $ 516,715 $ 784,278 $ 712,235
Operating Expenses 400,479 412,872 675,560 642,909
' Operating Income (Before
Depreciation) 179,028 103,843 108,719 69,236
� Depreciation Expense 291,428 274,606 565,309 562,018
Operating Income (Loss)
' (After Depreciation) (112,400) (170,763) (456,590) (492,692)
Non-Operating Revenues
(Expenses) 423,669 302,748 450,929 325,803
, Net Income (Loss) Before
Transfers 311,269 131,985 (5,661) (166,889)
� Transfers In (Out) 22,791 (138,325) 76 (183,698)
Net Income (Loss) $ 334,060 $ (6,340) $ (5,585) $ (350,587)
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Storm Water Arena
' 1998 1997 1998 1997
Operating Revenues $ 473,546 $ 372,892 $ 281,175 $ 251,657
' Operating Expenses 206,622 145,022 201,402 186,790
Operating Income (Loss)
(Before Depreciation) 266,925 227,870 79,773 64,867
' Depreciation Expense 176,236 167,919 109,341 109,072
Operating Income (Loss)
, (After Depreciation) 90,689 59,951 (29,568) (44,205)
Non-Operating Revenues
(Expenses) 412,141 317,694 (35,760) (147,051)
� Net Income (Loss) Before
Transfers 502,829 377,645 (65,328) (191,256)
� Transfers In (Out) (332,494) (84,515) (3,500) 101,900
Net Income (Loss) $ 170,335 $ 293,130 $ (68,828) $ (89,356)
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Depreciation expense is shown for all of the enterprise funds as a separate line item for ,
reporting purposes. In the public utilities funds, the large amounts of infrastructure and the
related depreciation cannot be reflected in the rates on the utility bills and still be competitive '
with what other municipalities are charging. During budgeting, capital projects are budgeted for
over a 10-year period and those expenses are reflected in the current utility rates. That way,
the capital improvements are made as needed and the utility rates reflect those improvements.
Depreciation is not shown as a line item during the budgeting process but is reflected in the '
financial statements. The Arena Fund is partially subsidized to cover a portion of the debt.
Because of this, a similar practice is followed and capital improvements are budgeted for and
depreciation expense is not. �
FIDUCIARY OPERATIONS '
City employees are members of the Public Employees Retirement Association of Minnesota.
The City also provides two deferred compensation plans created in accordance with Internal �
Revenue Code Section 457 to employees. Information on the plans is included in section IV of
the Notes to the financial statements.
DEBT AD
MINISTRATION �
The ratio of net bonded debt to tax capacity and to market value and the amount of net bonded '
debt per capita are useful indicators of the City's debt position. Figures for City net bonded debt
include only the outstanding indebtedness of the City expected to be paid through taxes
although all of the City's debt, including special assessment bonds, tax increment bonds, '
revenue bonds, Port Authority bonds and State Aid street bonds, are backed by the general
obligation of the City. Overlapping debt figures exclude debt supported by revenues and tax and
aid anticipation debt. Overlapping net debt is the City's pro-rata share of bonded indebtedness '
for the County, school districts and other taxing jurisdictions located within the City. This data
for the City as of December 31, 1998, was as follows:
% of '
% of Tax Market Debt Per
Amount Capacity Value Capita '
City Net Bonded Debt $ 2,623,531 23.0% 0.4% $ 192
Overlapping Net Bonded Debt 19,807,947 173.5% 3.1% 1,446 �
Total Net Bonded Debt $ 22,431,478 196.5% 3.5% $ 1,638
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' The City has a current Moody's Investors Service bond rating of A2. This excellent rating for a
City of Rosemount's size and composition has had a positive effect on the sale of the City's
' bonds by broadening the City's market and lowering the interest rates on those bonds issued by
the City.
� CASH MANAGEMENT
The City of Rosemount 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 as a whole has a positive
cash balance. This pooled cash concept provides for investing greater amounts of money at
' more favorable rates. Interest earnings are allocated on all investments and on interest-bearing
checking accounts based on amounts available in those areas at the time of interest payments.
During 1998, the City earned $916,873 from investments in obligations issued by the United
' States and its agencies, bank certificates of deposits, mortgage payments on buildings financed
by the City and interest-bearing checking accounts.
' RISK MANAGEMENT
The City is exposed to various risks of loss related to tort liability, theft of, damage to, or
' destruction of assets; errors or omissions; injuries to employees; or natural disasters. The City
has entered into a joint powers agreement with the League of Minnesota Cities Insurance Trust
(LMCIT). The LMCIT is a public entity risk pool currently operating as a common risk
, management and insurance program for Minnesota cities. The agreement for formation of the
LMCIT provides that the pool will be self-sustaining through member premiums and will reinsure
through commercial companies for claims in excess of reserved amounts for each insured
' event. The pooling agreement allows for the pool to make additional assessments to make the
pool self-sustaining. The City has determined that it is not possible to estimate the amount of
such additional assessments in the unlikely event that they are necessary.
' The City's workers compensation and employer's liability insurance policies provide statutory
coverage. The City elects to participate in the regular premium option offered by LMCIT with a
' $2,500 medical deductible per occurrence for workers compensation and a $500 deductible per
occurrence for liability insurance which offers substantial premium savings when the City has a
relatively small amount of claims. An insurance fund has been established to account for the
savings when the City has a low claim year in either of the insurance policies to offset the
� negative effects that the City may have if the City has a high claim year. The City's plan is to
continue to build reserves in this fund in the hope of raising the deductibles and working closer
towards self-insurance(although we realize that we will never be totally self-insured).
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The City has also contracted with a risk management consulting firm to assist in the planning '
and administering of our insurance needs. This firm has been working with the City since 1994
and the positive impact on the City has been substantial. Advice given to the City in working '
towards self-insurance has proven very beneficial. Also, advice given to the City regarding
areas that are underinsured and areas that are over-insured have resulted in many changes, all
of them benefiting the City, and ultimately, its citizens. ,
INDEPENDENT AUDIT
Minnesota Statutes require an annual audit of all accounts, financial records and transactions of '
all departments of the City by independent certified public accountants. The auditors' report on
these financial statements accompanies the report following this letter. It should be noted that �
the audit was conducted in accordance with generally accepted auditing standards and an
unqualified opinion was issued.
'
CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING
The Government Finance Officers Association of the United States and Canada (GFOA) ,
awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of
Rosemount for its comprehensive annual financial report (CAFR) for the fiscal year ended '
December 31, 1997. The Certificate of Achievement is a prestigious national award recognizing
conformance with the highest standards for preparation of state and local government financial
reports.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily '
readable and efficiently organized comprehensive annual financial report, whose contents
conform to program standards. The CAFR must satisfy both generally accepted accounting '
principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The City of Rosemount has '
received a Certificate of Achievement for the last two consecutive years (fiscal years ended
1996-1997). We believe our current report continues to conform to the Certificate of
Achievement program requirements, and we are submitting it to GFOA. ,
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' ACKNOWLEDGMENTS
' The preparation of this report on a timely basis couid not have been accomplished without the
efficient and dedicated services of the Finance and Administration Departments. We would like
to express our appreciation to all members of City staff who assisted and contributed to the
preparation of this report. We would also like to express our appreciation to the Mayor and the
, members of the City Council for their interest and support in planning and conducting the
financial operations of the City in a responsible and progressive manner.
' Respectfully submitted,
./ '� ��'�� _
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Jeffrey A. May Thomas D. Burt .
' Finance Director City Administrator
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Certificate of
1
Achievement
1
for Excellence
in Financial 1
K.eporting
1
Presented to
'
City of F�osemount,
Minnesota �
For its Comprehensive Annual '
Financial Report
for the Fiscal Year Ended '
December 31. 1997
A Certificate of Achievement for Excellence in Financiai
Reporting is presented by the Government Finance Officers '
Association of the United States and Canada to
government units and public employee retirement
systems whase comprehensive annual financial '
reports (CAFRs) achieve the highe;t
standards in government accounting
and financial renorting.
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� ,µ�E OFF��,�� / l � ,
� U
�3 N�n°Ka A� N
� �""i10A N President
cor�oaano� ^
�o S�e�3. a� '
'� rH�c�se � Q�/c�wG
l'�J�� `
0
Etecutive Director '
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FINANCIAL SECTION
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� BOECKERMANN HEINEN & MAYER, P.A .
IncludingtheformerAPPLE & APPLE Certified Public Accountants
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' INDEPENDENT AUDITOR'S REPORT
' The Honorable Mayor and Members of the City Council
City of Rosemount, Minnesota
We have audited the general purpose financial statements of the city of Rosemount, Minnesota, as of and for the year
� ended December 31, 1998 as listed in the table of contents. These financiat statements are the responsibility of the City's
management. Our responsibility is to express an opinion on these financial statements based on our audit.
' We conducted our audit in accordance with generally accepted auditing standards and Govemment Auditing Standarcls,
issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial
� statements. 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 general purpose financial statements referred to above, present fairly, in all material respects, the
financial position of the city of Rosemount, Minnesota, as of December 31, 1998, and the results of its operations and the
cash flows of its proprietary fund types for the year then ended in conformity with generally accepted accounting principles.
' The City implemented Governmental Accounting Standards Board Statement No. 27,Accounting for Pensions by State and
Local Govemmental Employers, during the year ended December 31, 1998.
' In accordance with Govemment Auditing Standards we have also issued a report dated March 5, 1999, on our
consideration of the city of RosemounYs internal control over financial reporting and our tests of its compliance with certain
provisions of laws, regulations, contracts and grants.
' The Year 2000 required supplementary information on page 37 is not a required part of the general purpose financial
statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied
certain limited procedures, which consisted principally of inquiries of management regarding the methods of ineasurement
and presentation of the supplementary information. However, we did not audit the information and do not express an
� opinion on it. In addition, we do not provide assurance the city of Rosemount is or will become year 2000 compliant, that
the city of RosemounYs remediation efforts will be successful in whole or in part, or that parties with which the city of
Rosemount does business are or will become year 2000 compliant.
� Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements taken as a
whole. The combining, individual fund and account group financial statements and schedules, statistical data and
supplemental information as listed in the table of contents are presented for purposes of additional analysis and are not a
1 required part of the general purpose financial statements of the city of Rosemount, Minnesota. Such information, excect for
that portion marked"unaudited" in the table of contents on which we express no opinion, has been subjected to the auditing
procedures applied in the audit of the general purpose financial statements and, in our opinion, the information is fairly
stated in all material respects in relation to the general purpose financial statements taken as a whole.
1 �oc�,i�',�a.�. �/���,�A.
BOECKERMANN, HEINEN &MAYER, P.A.
, Certified Public Accountants
Minneapolis, Minnesota
' March 5, 1999
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� GENERAL PURPOSE FINANCIAL STATEMENTS
COMBINED FINANCIAL STATEMENTS
� The combined statements are intended to rovide an overview and broad perspective of the
P
� City's financial position and operations. These general purpose financial statements present a
summary set of information needed to control and analyze operations and to assist in financial
planning.
� The following combined statements are presented:
1 Combined Balance Sheet-All Fund Types and Account Groups
Combined Statement of Revenues, Expenditures, and Changes in Fund Balances-All
� Governmental Fund Types.
Combined Statement of Revenues, Expenditures, and Changes in Fund Balances-Budget
� and Actual-General and Special Revenue Fund Types
' Combined Statement of Revenues, Expenditures, and Changes in Retained Earnings-All
Proprietary Fund Types
' Combined Statement of Cash Flows-All Proprietary Fund Types
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CITY OF ROSEMOUNT. MINNESOTA �
COMBINED BALANCE SHEET �
ALL FUND TYPES,ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNITS
DECEMBER 31, 1998
,
GOVERNMENTAL FUND TYPES '
SPECIAL DEBT CAPITAL
GENERAL REVENUE SERVICE PROJECTS �
ASSETS AND OTHER DEBTS
ASSETS: �
Cash and investments $ 2,439,786 $ 1,806,743 $ 7,192,724 $ 2,258,841
Investment with fiscal agent 0 0 0 0
Accounts receivable 0 4,724 3,949 0 ,
Property taxes receivable 275,472 0 0 0
Special assessments receivable 555 80,999 3,306,372 0
Due from other funds 0 0 0 288,743 ,
Due from other governments 19,314 0 0 0
Prepaid items 0 0 0 0
Notes receivable 0 0 0 0 �
Net fixed assets 0 0 0 0
OTHER DEBITS: ,
Amount available in debt service funds 0 0 0 0
Amount to be provided for debt retirement 0 0 0 0
TOTAL ASSETS AND OTHER DEBITS $ 2,735,127 $ 1,892,466 $ 10,503,045 $ 2,547,584 '
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The notes to the financiai statements are an integral part of this statement. '
4
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tEXHIBIT 1
(Continued)
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PROPRIETARY FIDUCIARY TOTAL TOTAL
' FUND TYPES FUND TYPE ACCOUNT GROUPS PRIMARY COMPONENT REPORTING
GENERAL GENERAL GOVERNMENT UNIT ENTITY
INTERNAL FIXED LONG-TERM (MEMORANDUM PORT (MEMORANDUM
, ENTERPRISE SERVICE AGENCY ASSETS DEBT ONLY) AUTHORITY ONLY)
� $ 6,347,696 $ 307,392 $ 33,845 $ 0 $ 0 $ 20,387,026 $ 1,338,854 $ 21,725,880
0 0 0 0 0 0 2,335,545 2,335,545
' 460,129 28,429 0 0 0 497,231 0 497,231
0 0 0 0 0 275,472 10,689 286,161
228,428 0 0 0 0 3,616,355 126,459 3,742,814
' 0 0 0 0 0 288,743 0 288,743
50,434 0 0 0 0 69,748 0 69,748
71,703 131,060 0 0 0 202,764 4,573 207,336
, 0 0 0 0 0 0 1,413,432 1,413,432
47,939,081 0 0 10,872,961 0 58,812,042 284,615 59,096,657
' 0 0 0 0 7,567,127 7,567,127 3,444,084 11,011,211
0 0 0 0 12,596,722 12,596,722 1,625,916 14,222,638
' $ 55,097,470 $ 466,882 $ 33,845 $ 10,872,961 $ 20,163,849 $ 104,313,229 $ 10,584,167 $ 114,897,396
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CITY OF ROSEMOUNT, MINNESOTA �
COMBINED BALANCE SHEET ,
ALL FUND TYPES,ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNITS
DECEMBER 31, 1998
�
GOVERNMENTAL FUND TYPES ,
SPECIAL DEBT CAPITAL
GENERAL REVENUE SERVICE PROJECTS �
LIABILITIES, EQUITY AND OTHER CREDITS
LIABILITIES: �
Accounts payable $ 181,161 $ 550 $ 0 $ 71,249
Compensated absences payable 0 0 0 0
Accrued expenditures 42,445 0 0 0 '
Accrued interest 0 0 0 0
Contracts payable 0 0 0 333,012
Due to other funds 0 0 0 288,743 ,
Deposits payable 34,640 0 0 0
Deferred revenue 38,497 80,967 2,935,917 200,015
Capitai leases payable 0 0 0 0 �
Bonds payable 0 0 0 0
TOTAL LIABILITIES $ 296,743 $ 81,517 $ 2,935,917 $ 893,019
EQUITY AND OTHER CREDITS: I
Investment in general fixed assets $ 0 $ 0 $ 0 $ 0
Contributed capital 0 0 0 0 '
Retained earnings 0 0 0 0
Fund balance:
Reserved for capital projects 0 0 0 2,045,623 �
Reserved for special projects 0 76,520 0 0
Reserved for debt service 0 0 7,567,127 0
Reserved for encumbrances 136,643 0 0 0 �
Unreserved-designated for working capital 2,301,741 0 0 0
Unreserved-undesignated 0 1,734,429 0 (391,058)
TOTAL EQUITY AND OTHER CREDITS $ 2,438,384 $ 1,810,949 $ 7,567,127 $ 1,654,565 �
TOTAL LIABILITIES, EQUITY AND OTHER
CREDITS $ 2,735,127 $ 1,892,466 $ 10,503,045 $ 2,547,584 �
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The notes to the financial statements are an integral part of this statement. '
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� EXHIBIT 1
(Concludedj
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PROPRIETARY FIDUCIARY TOTAL TOTAL
� FUND TYPES FUND TYPE ACCOUNT GROUPS PRIMARY COMPONENT REPORTING
GENERAL GENERAL GOVERNMENT UNIT ENTITY
INTERNAL FIXED LONG-TERM (MEMORANDUM PORT (MEMORANDUM
� ENTERPRISE SERVICE AGENCY ASSETS DEBT ONLY) AUTHORITY ONLY)
, $ 11,562 $ 0 $ 33,845 $ 0 $ 0 $ 298,368 $ 667 $ 299,034
36,765 0 0 0 322,478 359,243 0 359,243
� 10,655 0 0 0 0 53,100 0 53,100
77,692 0 0 0 0 77,692 0 77,692
2,528 0 0 0 0 335,541 0 335,541
' 0 0 0 0 0 288,743 0 288,743
0 0 0 0 0 34,640 5,215 39,855
224,658 0 0 0 0 3,480,054 1,528,691 5,008,746
� 0 0 0 0 751,371 751,371 0 751,371
5,952,726 0 0 0 19,090,000 25,042,726 5,070,000 30,112,726
$ 6,316,586 $ 0 $ 33,845 $ 0 $ 20,163,849 $ 30,721,477 $ 6,604,573 $ 37,326,051
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$ 0 $ 0 $ 0 $ 10,872,961 $ 0 $ 10,872,961 $ 284,615 $ 11,157,576
1 40,616,433 0 0 0 0 40,616,433 0 40,616,433
8,164,450 466,882 0 0 0 8,631,332 0 8,631,332
' 0 0 0 0 0 2,045,623 0 2,045,623
0 0 0 0 0 76,520 4,573 81,093
0 0 0 0 0 7,567,127 3,444,084 11,011,211
, 0 0 0 0 0 136,643 0 136,643
0 0 0 0 0 2,301,741 0 2,301,741
0 0 0 0 0 1,343,371 246,322 1,589,692
� $ 48,780,883 $ 466,882 $ 0 $ 10,872,961 $ 0 $ 73,591,751 $ 3,694,978 $ 77,286,730
� $ 55,097,470 $ 466,882 $ 33,845 $ 10,872,961 $ 20,163,849 $ 104,313,229 $ 10,584,167 $ 114,897,396
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CITY OF ROSEMOUNT. MINNESOTA �
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES '
ALL FUND TYPES,ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNITS
YEAR ENDED DECEMBER 31, 1998
�
GOVERNMENTAL FUND TYPES '
SPECIAL DEBT CAPITAL
GENERAL REVENUE SERVICE PROJECTS
REVENUE:
General property taxes $ 2,693,105 $ 873,890 $ 441,333 $ - �
Municipal state aid (MSA) - 686,357 90,226 -
Tax increments - - - -
Licenses and permits 363,238 - - - ,
Intergovernmental 1,274,373 38,404 - -
Charges for services 351,650 101,394 - -
Fines and forfeitures 72,084 - - -
Special assessments 165 25,942 2,501,325 86,625 �
Interestearnings 77,671 73,193 270,952 162,178
Net increase(decrease)in the fair value of investments 2,104 (103) 9,202 -
Miscellaneous 277,629 277,073 - 17,800 ,
TOTAL REVENUE $ 5,112,018 $ 2,076,149 $ 3,313,037 $ 266,603
EXPENDITURES:
Current: �
General govemment $ 1,110,499 $ 43,973 $ - $ -
Public safety 1,444,010 - - -
Publicworks 1,450,156 - - 6,489,389
Park and recreation 601,450 - - - �
Capital outlay - 504,647 - -
Other - - - 175,398
Debt service:
Redemption of bonds - - 1,520,000 - �
Interest on bonds - - 687,661 -
Fiscal agent fees - - 4,066 -
TOTAL EXPENDITURES $ 4,606,114 $ 548,620 $ 2,211,727 $ 6,664,787 ,
EXCESS(DEFICIENCY)OF REVENUE OVER
EXPENDITURES $ 505,904 $ 1,527,529 $ 1,101,311 $ (6,398,184)
OTHER FINANCING SOURCES(USES): �
Proceeds from the sale of bonds $ - $ - $ 280,623 $ 5,385,391
Lease Payments - (310,962) - -
Operating transfers in 3,500 - 60,100 1,368,310 �
Operating transfers out - (843,856) - (274,927)
TOTAL OTHER SOURCES(USES) $ 3,500 $ (1,154,818) $ 340,723 $ 6,478,775
EXCESS(DEFICIENCY)OF REVENUE AND '
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES $ 509,404 $ 372,712 $ 1,442,034 $ 80,592
BEGINNING FUND BALANCE 1,928,980 1,437,694 6,049,770 2,246,485 t
RESIDUAL EQUITY TRANSFERS IN(OUT) - 543 75,323 (672,513)
ENDING FUND BALANCE $ 2,438,384 $ 1,810,949 $ 7,567,127 $ 1,654,564 '
The notes to the financial statements are an integral part of this statement. ,
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' EXHIBIT 2
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' TOTAL TOTAL
PRIMARY COMPONENT REPORTING
, GOVERNMENT UNIT ENTITY
(MEMORANDUM (PORT (MEMORANDUM
(ONLY) AUTHORITY) ONLY)
� $ 4,008,328 $ 291,302 $ 4,299,630
776,583 776,583
- 506,901 506,901
, 363,238 = 363,238
1,312,777 1,312,777
453,044 453,044
72,084 - 72,084
� 2,614,057 - 2,614,057
583,994 117,899 701,893
11,203 - 11,203
' 572,502 60,592 633,094
$ 10,767,807 $ 976,693 $ 11,744,504
' $ 1,154,472 $ 119,961 $ 1,274,433
1,444,010 - 1,444,010
7,939,545 - 7,939,545
� 601,450 - 601,450
504,647 39,383 544,030
175,398 - 175,398
� 1,520,000 395,000 1,915,000
687,661 171,051 858,712
4,066 1,826 5,892
' $ 14,031,248 $ 727,220 $ 14,758,470
$ (3,263,440) $ 249,473 $ (3,013,966)
� $ 5,666,014 $ 2,374,024 $ 8,040,038
, (310,962) - (310,962)
1,431,910 444,698 1,876,608
(1,118,783) (444,698) (1,563,481)
$ 5,668,180 $ 2,374,024 $ 8,042,203
,
$ 2,404,742 $ 2,623,497 $ 5,028,239
' 11,662,929 1,071,481 12,734,410
(596,647) - (596,647)
' $ 13,471,024 $ 3,694,978 $ 17,166,002
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CITY OF ROSEMOUNT, MINNESOTA �
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES ,
BUDGET(AS AMENDED)AND ACTUAL(BUDGETARY BASiS)
GENERAL AND ANNUALLY ADOPTED SPECIAL REVENUE FUNDS
YEAR ENDED DECEMBER 31, 1998
,
GENERALFUND ,
FAVORABLE
(UNFAVORABLE)
BUDGET ACTUAL VARIANCE �
REVENUE:
Generai Property Taxes $ 2,656,473 $ 2,693,105 $ 36,632
Licenses and permits 204,900 363,238 158,338 '
I ntergovemmental 1,197,477 1,274,373 76,896
Charges for services 337,450 351,650 14,200
Fines and forfeitures 90,000 72,084 (17,916) �
Special assessments 2,000 165 (1,835)
Interest earnings 35,600 77,671 42,071
Net increase in the fair value of investments 0 2,104 2,104 ,
Donations and other 56,332 72,897 16,565
Miscellaneous 182,900 204,732 21,832
TOTAL REVENUES 4,763,132 $ 5,112,018 $ 348,886 �
EXPENDITURES:
General government $ 1,105,800 $ 1,227,524 $ (121,724)
Public safety 1,357,742 1,442,652 (84,910) �
Public works 1,601,140 1,450,156 150,984
Park and recreation 645,164 601,450 43,714
TOTAL EXPENDITURES $ 4,709,846 $ 4,721,781 $ (11,935) '
EXCESS(DEFICIENCY)OF REVENUE OVER
EXPENDITURES $ 53,286 $ 390,237 $ 336,951 �
OTHER FINANCING SOURCES (USES):
Operating transfers in $ 3,500 $ 3,500 $ 0 �
Operating transfers out 0 0 0
TOTAL OTHER SOURCES(USES) $ 3,500 $ 3,500 $ 0
EXCESS (DEFICIENCY) OF REVENUE AND OTHER '
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES $ 56,786 $ 393,737 $ 336,951
Reconciliation to GAAP basis ,
elimination of encumbrances, net 115,667
BEGINNING FUND BALANCE 1,928,980 ,
NON-BUDGETED SPECIAL REVENUE FUNDS � '
ENDING FUND BALANCE $ 2,438,384
The notes to the financial statements are an integral part of this statement. i
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1 EXHIBIT 3
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ANNUALLY ADOPTED TOTAL
, SPECIAL REVENUE FUNDS (Memorandum Only)
FAVORABLE FAVORABLE
(UNFAVORABLE) (UNFAVORABL�)
� BUDGET ACTUAL VARIANCE BUDGET ACTUAL VARIANCE
$ 873,890 $ 873,890 $ 0 $ 3,530,363 $ 3,566,995 $ 36,632
' 0 0 0 204,900 363,238 158,338
0 686,357 686,357 1,197,477 1,960,730 763,253
50,000 75,794 25,794 387,450 427,444 39,994
, 0 0 0 90,000 72,084 (17,916)
17,000 25,942 8,942 19,000 26,107 7,107
18,300 45,442 27,142 53,900 123,113 69,213
, 0 241 241 0 2,345 2,345
0 1,926 1,926 56,332 74,823 18,491
0 14,868 14,868 182,900 219,600 36,700
� $ 959,190 $ 1,724,460 $ 765,270 $ 5,722,322 $ 6,836,479 $ 1,114,157
$ 6,750 $ 7,500 $ (750) $ 1,112,550 $ 1,235,024 $ (122,474)
1 0 0 0 1,357,742 1,442,652 2,800,394
918,390 687,476 230,914 2,519,530 2,137,632 381,898
0 0 0 645,164 601,450 1,246,614
, $ 925,140 $ 694,976 $ 230,164 $ 5,634,986 $ 5,416,757 $ 218,229
' $ 34,050 $ 1,029,484 $ 995,434 $ 87,336 $ 1,419,721 $ 1,332,385
, $ 0 $ 0 $ 0 $ 3,500 $ 3,500 $ 0
0 (786,356) (786,356) 0 (786,356) (786,356)
$ 0 $ (786,356) $ (786,356) $ 3,500 $ (782,856) $ (786,356)
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$ 34,050 $ 243,128 $ 209,078 $ 90,836 $ 636,865 $ 546,029
1
(32,479) 83,188
' 993,173 2,922,153
, 607,127 607,127
$ 1,810,949 $ 4,249,333
�
11
'
CITY OF ROSEMOUNT, MINNESOTA EXHIBIT 4 t
COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS ,
ALL PROPRIETARY FUND TYPES
YEAR ENDED DECEMBER 31, 1998
TOTAL �
INTERNAL (Memorandum Oniy)
ENTERPRISE SERVICE 1998 1997 ,
OPERATING REVENUE:
Service charges $ 1,253,453 $ 0 $ 1,253,453 $ 1,085,127
Water meter maintenance 6,800 0 6,800 6,450
Water meters 571,707 0 571,707 507,765 �
Miscellaneous 286,547 0 286,547 254,157
Donations and other 0 34,585 34,585 50,833
TOTAL OPERATING REVENUE $ 2,118,506 $ 34,585 $ 2,153,091 $ 1,904,332 '
OPERATING EXPENSES:
Personal services $ 619,499 $ 0 $ 619,499 $ 581,077
Supplies 102,558 19,373 121,931 107,587
Professional services 8�other charges 211,113 23,973 235,086 198,573 '
Other services and charges 107,216 0 107,216 101,073
Metro sewer charges 443,675 0 443,675 420,468
Insurance expense 0 146,453 146,453 145,649 ,
TOTAL OPERATING EXPENSES $ 1,484,062 $ 189,799 $ 1,673,861 $ 1,554,427
OPERATING INCOME(LOSS)BEFORE DEPRECIATION $ 634,444 $ (155,214) $ 479,230 $ 349,905
DEPRECIATION (1,142,314) 0 (1,142,314) (1,113,615) �
OPERATING INCOME (LOSS) $ (507,870) $ (155,214) $ (663,0&4) $ (763,710)
NON-OPERATING REVENUE(EXPENSES):
Connection fees $ 949,230 $ 0 S 949,230 $ 606,991 �
Property taxes 109,200 187,000 (296,200) 180,000
Special assessments 84,946 0 84,946 102,951
Interest eamings 315,579 17,300 332,879 343,721
Net increase in the fair value of investments 16,409 1,283 17,692 37,210 ,
Loss from disposal of fixed assets 10,713 0 10,713 (2,944)
Surcharges and penalties 104,803 0 104,803 112,123
Other expenses (3,000) 0 (3,000) 8,920 ,
Interest expense and fiscal agent fees (336,901) 0 (336,901) (375.329)
TOTAL NON-OPERATING REVENUE(EXPENSES) $ 1,250,978 $ 205,584 $ 1,456,562 $ 995,803
INCOME(LOSS)BEFORE OPERATING TRANSFERS $ 743,109 $ 50,369 $ 793,478 $ 232,093 '
OPERATING TRANSFERS:
Operating transfers in 274,926 $ 0 $ 274,926 $ 884,644
Operating transfers out (588,053) 0 (588,053) (1,189.282)
TOTAL OPERATING TRANSFERS $ (313,127) $ 0 $ (313,127) $ (304,638) �
NET INCOME(LOSS) $ 429,982 $ 50,369 $ 480,351 $ (72,545)
ADD DEPRECIATION ON CONTRIBUTED ASSETS 938,108 0 938,108 932,320 '
INCREASE(DECREASE)IN RETAINED EARNINGS $ 1,368,090 $ 50,369 $ 1,418,459 $ 859.775
BEGINNING RETAINED EARNINGS 6,205,577 416,513 6,622,090 5,227,535 ,
Prior period adjustments 5,863 0 5,863 429,165
BEGINNING RETAINED EARNINGS,as restated 6,199,714 416,513 6,616,227 5,656,700
RESIDUAL EQUITY TRANSFERS 596,647 0 596,647 105,615 �
ENDING RETAINED EARNINGS $ 8,164,451 $ 466,882 $ 8,631,333 $ 6,622,090
The notes to the financial statements are an integrai part of this statement. ,
12
,
� CITY OF ROSEMOUNT, MINNESOTA EXHIBIT 5
, COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
YEAR ENDED DECEMBER 31, 1998
, TOTAL
INTERNAL (Memorandum only)
� ENTERPRISE SERVtCE 1998 1997
CASH FLOWS FROM OPERATING ACTIVITIES:
Operating income(loss) $ (507,870) $ (155,214) $ (663,084) 3 (763,710)
� Adjustments to reconcile operating income(loss)
to net cash provided(used)by operating activities:
Depreciation 1,142,314 1,142,314 7,tt3,615
Loss from disposal of fixed assets 10,713 - 10,713 (2,944)
' Non-operating revenue(net of non-operating expenses) 1,245,179 187,000 1,432,179 993,145
Prior period adjustments (5,863) (5,863) (21,938)
Change in assets and liabilities:
(Increase)decrease in accounts receivable (57,544) (28,429) (85,973) 15,076
1 (Increase)decrease in special assessments receivable (154,485) - (154,485) 33,852
(Increase)decrease in property taxes receivabie 1,618
(Increase)decrease in prepaid items (27,754) (99,379) (127,133) 128,614
(Increase)decrease in due from other funds - - - 912,898
(Increase)decrease in restricted assets(cash in escrow) - - - -
' Increase(decrease)in accounts payable (8,111) (9,172) (17,283) (2,194)
Increase(decrease)in compensated absences payable (4,979) (4,979) 9,168
Increase(decrease)in accrued expenses 2,877 - 2,877 3,508
Increase(decrease)in accrued interest (5,605) - (5,605) (20,698)
' Increase(decrease)in contracts payable (a72) - (a72) 270
Increase(decrease)in deferred revenue 100,394 100,394 (27,699)
Net Cash Provided(Used)by Operating Activities $ 1.728,794 $ (105,194) $ 1,623,600 $ 2,372,581
� CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Residual equity transfers from other funds $ 596,647 $ $ 596,647 105,615
Residual equity transfers to other funds - - - -
Operating transfers from other funds 274,926 - 274,926 884,644
1 Operating transfers to other funds (588,053) - (588,053) (1,189,282)
Net Cash Provided(Used)by Noncapital
Financi�g Activities $ 283,520 $ - $ 263,520 $ (799,023)
� CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Acquisition of property,plant,and equipment S (690,584) $ - $ (690,584) $ (1,100,656)
Principal paid on bonds (350,000) - (350,000) (1,125,000)
, Bond proceeds - - - -
Interest and fiscal charges on bonds (335,380) (335,380) (375,329)
Net Cash Provided(Used)by Capital
and Related Financing Activities 3 (1,375,964) $ - $ (1,375,964) $ (2,600,985)
, CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received on investments $ 315,579 $ 17,301 $ 332,880 $ 343,721
Net increase(decrease)in the fair value of investments 16,409 1,283 17,692 37,210
' Net Cash Provided(Used)By Investing Activities $ 331,988 $ 18,584 $ 350,572 $ 380,931
NET INCREASE(DECREASE)IN CASH AND
CASH EQUIVALENTS $ 968,338 $ (86,610) $ 881,728 $ (46,496)
' CASH AND CASH EQUIVALENTS,January 1 5,379,358 394,002 5,773,360 5,819,856
CASH AND CASH EQUIVALENTS,December 31 $ 6,347,696 $ 307,392 $ 6,655,088 $ 5,773,360
' Noncash investing,capital and flnancing activities:
Contributions of fixed assets from governmental funds $ 4,104,163 $ $ 4,104,163 $ 1,319,486
, The notes to the financial statements are an integral part of this statement.
13
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1
' CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
� DECEMBER 31, 1998
' 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Rosemount, Minnesota (the "City") was formed and operates pursuant to applicabie Minnesota
' laws and statutes. The governing body consists of a five-member City Council elected at large by voters of the
City. City Councii members serve four-year staggered terms and the mayor serves a four-year term coinciding
with the terms of two of the Council members. Elections take place every two years.
, The financial statements of the City have been prepared in conformity with generally accepted accounting
principles, as applied to governmental units by the Governmental Accounting Standards Board (GASB). The
' more significant accounting policies of the City are described below.
A. Reporting Entity
, As required by generally accepted accounting principles, these financial statements present the City and
its component units, entities for which the City is considered to be financially accountable. Blended com-
ponent units, although legally separate entities, are, in substance, part of the City's operations and so data
' from these units are combined with data of the primary City. Governmental Accounting Standards Board
(GASB) Statement No. 14, "The Financial Reporting Entity", established criteria for determining which
component units should be considered part of the Ciry for financial reporting purposes. These criteria in-
, clude such aspects as appointment of governing body members, budget review, approval of property tax
levies, outstanding debt secured by City's full faith and credit, and responsibility for funding deficits.
As a result of applying the component unit definition criteria above, certain organizations have been de-
� fined in accordance with GASB Statement No. 14 and are presented in this report as follows:
• Blended Component Units- Reported as if they were part of the City
' • Discretely Presented Components Units - Entails reporting the component unit financial data in a col-
umn separate from the financial data of the City
' • Related Organization -The relationship of the City with the entity is disclosed
• Joint Ventures and Jointly Governed Organizations - The relationship of the City with the entity is dis-
, closed
For each of the categories above, the specific entities are identified as follows:
, BLENDED COMPONENT UNITS:
None.
, DISCRETELY PRESENTED COMPONENT UNITS:
1 Rosemount Port Authoritv
The Port Authority was created by the City to carry out certain redevelopment projects. The Port Author-
� ity's governing board is appointed by the City Council. The City Council reviews and approves all Port
Authority tax levies and the City provides major community development financing for Port Authority ac-
tivities. Debt issued for Port Authority activities are general obligations of the City. The Port Authority's fi-
nancial data has been presented in this financial report as a governmental fund type. Separate financial
' statements have not been prepared for the Rosemount Port Authority.
' 15
CITY OF ROSEMOUNT, MINNESOTA �
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1998 '
RELATED ORGANIZATIONS: ,
None
JOINT VENTURES AND JOINTLY GOVERNED ORGANIZATIONS: ,
None. ,
OTHER:
Independent School District No. 196 (Rosemount Schools) ,
Independent School District No. 199 (Hastings Schools)
Independent School District No. 200 (Inver Grove Heights Schools) '
These districts, like all school districts in Minnesota, are completely independent of any other govern-
mental entity. They have their own elected Boards of Education, levy their own taxes, and prepare their
own financial reports. Therefore, the Districts do not qualify as component units of the City and their re- ,
lated financial statements have not been included within the City's financial statements.
B. Measurement Focus, Basis of Accounting and Basis of Presentation ,
The accounts of the City are organized and operated on the basis of funds and account groups. A fund is
an independent fiscal and accounting entity with a self-balancing set of accounts. Fund accounting segre-
gates funds according to their intended purpose and is used to aid management in demonstrating compli- �
ance with finance related legal and contractual provisions. The minimum number of funds are maintained
consistent with legal and managerial requirements. Account groups are a reporting device to account for
certain assets and liabilities of the governmental funds not recorded directly in those funds. '
The City has the following fund types and account groups:
Governmental Funds are used to account for the City's general government activities. Governmental '
fund types use the flow of current financial resources measurement focus and the modified accrual basis
of accounting. Under the modified accrual basis of accounting revenues are recognized when susceptible
to accrual (i.e., when they are "measurable and available"). "Measurable" means the amount of the trans- ,
action can be determined and "available" means collectible within the current period. The City considers
all revenues available if they are collected within 60 days after year end. Expenditures are recorded when
the related fund liability is incurred, except for unmatured interest on general long-term debt which is rec- '
ognized when due, and certain compensated absences and claims or judgments which are recognized
when the obligations are expected to be liquidated with expendable available financial resources.
Examples of revenues susceptible to accrual include property taxes, franchise taxes, licenses, interest '
and special assessments. Other receipts and taxes become measurable and available when cash is re-
ceived by the government and are recognized as revenue at that time.
Entitlement and shared revenues are recorded at the time of receipt or earlier if the susceptible to accrual '
criteria are met. Expenditure-driven grants are recognized as revenue when the qualifying expenditures
have been incurred and all other grant requirements have been met. �
,
16 �
, CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
' DECEMBER 31, 1998
' Governmental funds include the following fund types:
The general fund is the City's primary operating fund. It accounts for all financial resources of the generai
' government, except those required to be accounted for in another fund.
The special revenue funds account for revenue sources that are legaily restricted to expend for specific
, purposes (not including expendable trusts or major capital projects).
The debf service funds account for the servicing of general long-term debt not being financed by proprie-
' tary or nonexpendable trust funds.
The capital projects funds account for the acquisition of fixed assets or construction of major capital proj-
ects not being financed by proprietary or nonexpendable trust funds.
' Proprietary Funds are accounted for on the flow of economic resources measurement focus and use the
accrual basis of accounting. Under this method, revenues are recorded when earned and expenses are
' recorded at the time liabilities are incurred.
Proprietary Funds are reported in accordance with GASB Statement No. 20, "Accounting and Financial
, Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting".
This standard requires that all applicable Governmental Accounting Standards Board (GASB) pro-
nouncements, Financial Accounting Standards Board (FASB) Statements and Interpretations, Accounting
Principles Board (APB) Opinions, and Accounting Research Bulletins (ARBs) issued on or before Novem-
' ber 30, 1989 be applied to proprietary activities unless they (FASB Statements and Interpretations, APB
Opinions, and ARBs)conflict with or contradict GASB pronouncements.
, GASB Statement No. 20 also states that proprietary activities may elect to apply all FASB Statements and
Interpretations issued after November 30, 1989, except for those that conflict with or contradict GASB
pronouncements. Proprietary activities under the control of the City will not elect to apply FASB State-
ments and Interpretations issued after November 30, 1989, unless they are adopted by GASB.
' Proprietary funds include the following fund types:
' Enterprise funds are used to account for those operations that are financed and operated in a manner
similar to private business or where the City has decided that the determination of revenues earned, costs
incurred and/or net income is necessary for management accountabiliry.
, Internal service funds account for operations that provide services to other departments or agencies of the
City, or to other governments, on a cost-reimbursement basis.
' Fiduciary Funds account for assets held by the City in a trustee capacity or as an agent on behalf of oth-
ers. Trust funds account for assets held by the City under the terms of a formal trust agreement.
� Agency funds are custodial in nature and do not present results of operations or have a measurement fo-
cus. Agency funds are accounted for using the modified accrual basis of accounting. This fund is used to
account for assets that the government holds for others in an agency capacity.
� Account Groups. The general fixed assets accounf group is used to account for fixed assets not ac-
counted for in proprietary or trust funds. The general/ong-term debt account group is used to account for
general long-term debt and certain other liabilities that are not specific liabilities of proprietary or trust
' funds.
' 17
CITY OF ROSEMOUNT, MINNESOTA I
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1998 '
C. Assets, Liabilities and Equity f
1. Cash and Investments (inctuding cash equivalents)
The City's cash and cash equivalents are considered to be cash on hand, demand deposits and short- '
term investments with original maturities of three months or less from the date of acquisition. A single
consolidated bank account has been established in a local bank into which monies are deposited and ,
from which most disbursements are made. In addition, investment purchases are charged and maturi-
ties are deposited to the consolidated bank account. The purpose of this consolidation is to reduce
administrative costs and to provide a single cash balance available for the maximization of investment '
earnings. Each fund shares in the investment earnings according to its average cash and investment
balances. Cash is transferred from those funds with available cash resources to cover any negative
cash balances in other funds at year-end.
State statutes authorize the City to invest in direct obligations or obligations guaranteed by the United '
States or its agencies, commercial paper, repurchase or reverse repurchase agreements with banks
that are members of the Federal Reserve System with capitalization exceeding $10,000,000, a pri- ,
mary reporting dealer in U.S. Government Securities to the Federal Reserve Bank of New York, or
certain Minnesota brokers/dealers, general obligations of the State of Minnesota or any of its munici-
palities, bankers acceptances of United States banks eligible for purchase by the Federal Reserve
System, and shares of investment companies registered under the Federal Investment Company Act '
of 1940 and whose only investments are direct obligations guaranteed by the United States or its
agencies. The City has elected to implement GASB Statement No. 31, and therefore the City's in-
vestments at December 31, 1998, are stated at market value. Market values were based on the De- ,
cember 31, 1998 Wall Street Journal.
The City considers all highly liquid investments with a maturity of three months or less to be cash '
equivalents when preparing the proprietary fund type cash flow statements. The City considers certifi-
cates of deposit to be demand deposits of financial institutions, and therefore are considered to be
cash equivalents. Cash with fiscal agents are not considered to be cash equivalents, and therefore
are excluded from cash and cash equivalents in the cash flow statements. ,
2. Receivables and Payables
Transactions between funds that are representative of lending/borrowing arrangements outstanding at '
the end of the fiscal year are referred to as either "interfund receivables/payables" (i.e., the current
portion of interfund loans) or "advances to/from other funds" (i.e., the non-current portion of interfund �
loans). All other outstanding balances between funds are reported as"due to/from other funds."
Advances between funds are offset by a fund balance reserve account in applicable governmental
funds to indicate they are not available for appropriation and are not expendable available financial re- '
sources.
The City uses the allowance method to estimate the portion of trade and property tax receivables that �
are considered uncollectible.
Property tax levies are set by the City Council in the fall of each year and are certified to Dakota
County for collection in the following year. In Minnesota, counties act as collection agents for all prop- ,
erry taxes.
,
18 '
' CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
� DECEMBER 31, 1998
' The County spreads all levies over taxable property. Such taxes become a lien on January 1 and are
recorded as receivables by the City at that date. Property taxes are accrued and recognized as reve-
nue in the year collectible, net of delinquencies.
' Real property taxes may be paid by taxpayers in two equal installments on May 15 and October 15.
Personal property taxes may be paid on February 28 and June 30. The County provides tax settle-
, ments to cities and other taxing districts five times per year, in January, April, June, Ju�y and Decem-
ber.
, Taxes which remain unpaid at December 31 are classified as delinquent taxes receivable and are fully
offset by deferred revenue because they are not known to be available to finance current expendi-
tures. No allowance for uncollectible taxes has been provided because such amounts are not ex-
pected to be material.
' 3. Special Assessments Receivable
' Special assessments are levied against the benefited properties for the assessable costs of special
assessment improvement projects in accordance with State Statutes. The City usually adopts the as-
sessment rolls when the individual projects are complete. The assessments are collectible over a term
, of years generally consistent with the term of years of the related bond issue. Collection of annual in-
stallments (including interest) is handfed by the County in the same manner as property taxes. Prop-
erty owners are allowed to prepay total future installments without interest or prepayment penalties.
� Special assessments receivable includes the following components:
• Current-amounts collected by Dakota County and not remitted to the City.
� • Delinquent-amounts billed to property owners but not paid.
• Deferred -assessment installments which will be billed to property owners in future years.
• Other-assessments for which payment has been postponed based on Council action.
' 4. Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as
, prepaid items.
5. Restricted Assets
� The restricted assets, at December 31, 1998, represents cross-over refunding bond proceeds held in
escrow.
� 6. Fixed Assets
Fixed assets used in governmental fund types of the City are recorded in the general fixed asset ac-
' count group at cost or estimated historical cost if purchased or constructed. Donated fixed assets are
recorded at their estimated fair value at the date of donation. Assets in the general fixed assets ac-
count group are not depreciated. Interest incurred during construction is not capitalized on general
' fixed assets. Public domain (infrastructure) general fixed assets including roads, bridges, sidewalks
and other assets are excluded from general fixed assets, as such items are immovable and of value
only to the City.
'
� 19
CITY OF ROSEMOUNT, MINNESOTA �
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1998 '
The cost of normal maintenance and repairs that do not add to the value of an asset or materially ex- ,
tend an asseYs life is not included in the general fixed assets account group or capitalized in the pro-
prietary funds.
Fixed assets of proprietary funds are recorded at historical cost or, if contributed by developers, at the '
fair market value on the date contributed in the Enterprise Fund. Depreciation is charged as an ex-
pense against operations, and accumulated depreciation is reported on proprietary fund balance ,
sheets. Depreciation has been provided over the estimated lives using the straight-line method. The
estimated useful lives are as follows:
Assets '
Buildings 30-65 years
Machinery and Equipment 4-20 years
Other Improvements 60 years '
Depreciation on contributed assets is shown in the operating statements; however, this depreciation is
eventually transferred against the contributed capital account rather than retained earnings in accor- '
dance with generally accepted accounting principles. Consequently, the contribution account reflects
the net book value of contributed assets rather than the original cost of such assets.
In the past three years, the City has done extensive work with regards to fixed assets. This involved '
taking an inventory of the City's fixed assets and comparing this to the accounting records. As a re-
sult, the City has contracted with Valuation Resource Management, Inc. (VRM), an outside company,
to account for all of the City's fixed assets. As a result of the City's efforts, fixed assets have been ad- '
justed (see prior period adjustment footnote) to reflect what is considered to be materialty accurate
balances at December 31, 1998.
7. Compensated Absences ,
It is the City's policy to permit full-time employees to accumulate earned but unused vacation, sick and
comp time benefits. Vacation, sick and comp time is accrued when incurred in proprietary funds and '
reported as a fund liability. Vacation, sick and comp time that is expected to be liquidated with ex-
pendable available financial resources is reported as an expenditure and a fund �iability of the gov-
ernmental fund that will pay it. Amounts not expected to be liquidated with expendable available finan- '
cial resources are reported in the general long-term debt account group. No expenditure is reported
for these amounts.
Vacation, comp time, and sick pay accruals are based upon union contracts and City resolutions as �
applicable. Amounts carried forward for vacation and comp time accruals are governed by these con-
tracts and resolutions. Sick pay accruals may be carried forward indefinitely.
8. Long-term Obligations �
The City reports long-term debt of governmental funds at face value in the general long-term debt ac- ,
count group. Certain other governmental fund obligations not expected to be financed with current
available financial resources are a�so reported in the general long-term debt account group. Long-term
debt and other obligations financed by proprietary funds are reported as liabilities in the appropriate ,
funds.
�
20 �
ICITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
, DECEMBER 31, 1998
' For governmental fund types, bond premiums and discounts, as well as debt issue costs, are recog-
nized during the current period. Bond proceeds are reported as an other financing source net of the
applicable premium or discount. Issuance costs, even if withheld from the actual net proceeds re-
' ceived, are reported as debt service expenditures. For proprietary fund rypes, bond premiums and
discounts, as well as issuance costs, are deferred and amortized over the life of the bonds using the
effective interest method. Bonds payable are reported net of the applicable bond premium or discount.
' Issuance costs are reported as deferred charges.
9. Fund Equity
' Reservations of fund equity represent amounts that are not appropriable or are legally segregated for
a specific purpose. Reservations of fund equity are limited to outside third-party restrictions. Designa-
tions of fund equity represent tentative management plans that are subject to change. The proprietary
, fund's contributed capital represents equity acquired through capital grants and capital contributions
from developers, customers or other funds.
' D. Interfund Transactions
Quasi-external transactions are accounted for as revenues, expenditures or expenses. Transactions that
' constitute reimbursements to a fund for expenditures or expenses initially made from it that are properly
applicable to another fund are recorded as expenditures or expenses in the reimbursing fund and as a re-
duction of expenditures or expenses in the fund that is reimbursed.
, All other interfund transactions, except quasi-external and reimbursements, are reported as transfers.
Nonrecurring or nonroutine permanent transfers of equity are reported as residual equity transfers. All
other interfund transfers are reported as operating transfers.
' E. Memorandum Only-Total Columns
Total columns on the general purpose financial statements are captioned as "memorandum only" because
' they do not represent consolidated financial information and are presented only to facilitate financial
analysis. The columns do not present information that reflects financial position, results of operations or
cash flows in accordance with generally accepted accounting principles. Interfund eliminations have not
' been made in the aggregation of this data.
F. Risk Management
, The City is exposed to various risks of loss related to tort liabilities, theft of, damage to and destruction of
assets; errors and omissions; injuries to employees; and natural disasters. The City has purchased com-
mercial insurance which provides for these various risks of loss. Settled claims have not exceeded insur-
, ance coverage in any of the past three fiscal years.
The City has established an Insurance Fund to account for and finance its uninsured risks of loss related
' to torts, theft of, damage to and destruction of assets, including deductibles. The majority of the City's
general liability and workers compensation insurance premiums are paid for by this fund. The Insurance
Fund is reported as an internal service fund in the City's financial statements. At December 31, 1998 there
' are no claims liabilities in the Insurance Fund based on the requirements of Governmental Accounting
Standards Board Statement Number 10, which requires that a liability for claims be reported if information
prior to the issuance of the financial statements indicates that it is probable a liability has been incurred at
the date of the financial statements and the amount of loss can be reasonably estimated.
,
' 21
CITY OF ROSEMOUNT, MINNESOTA I
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1998 '
G. Comparative Data/Reclassification ,
Comparative total data for the prior year has been presented in selected sections of the accompanying fi-
nancial statements in order to provide an understanding of the changes in the Ciry's financial position and '
operations. Certain amounts presented in the prior year data have been reclassified in order to be con-
sistent with the current year presentation.
II. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY '
A. Budgetary Information '
Annual budgets for the general fund and three special revenue funds, Building CIP fund, Street CIP fund
and Equipment CIP fund, are adopted on a basis of accounting consistent with generally accepted ac-
counting principles (GAAP)with departures from GAAP for encumbrances. The capital project funds adopt '
project-length budgets and therefore are not included in the annual budgeting process. Formal budgetary
integration is not employed for debt service funds because effective budgetary control is alternatively
achieved through general obligation bond indenture provisions. ,
On or before July 15 of each year, all agencies of the government submit requests for appropriations to
the City Administrator so that a budget may be prepared. Before September 15, the proposed budget is '
presented to the City Council for review and adoption of a preliminary tevy. The City Council holds public
hearings and a final budget must be prepared and adopted no later than December 31.
The appropriated budget is prepared by fund, department and function. The City's department heads may '
make transfers of appropriations within a department. Transfers of appropriations between departments
require the approval of the Ciry Council. The legal level of budgetary control is the department level. The
City Council approved several supplemental budgetary appropriations throughout the year, but they were '
not considered material and therefore are not presented.
Encumbrance accounting is employed in the budgeted governmental funds. Encumbrances (e.g., pur-
chase orders, contracts) do not constitute expenditures or liabilities. Encumbrances outstanding at year- �
end are reported as reservations of fund balance for subsequent year expenditures based on the encum-
bered appropriation authority carried over. All unencumbered appropriations lapse at year-end.
B. Excess of Expenditures Over Appropriations '
During 1998, expenditures and other financing uses exceeded appropriations in the following funds: '
Amount
Exceeding
Budget '
General Fund Department:
General Government $ 121,724
Public Safety 84,910 '
Special Revenue Funds:
Building CIP 44,262
Street CIP 471,810 '
Equipment CIP 40,120
The overexpenditures have been funded by available fund equity and current year revenues that ex-
ceeded budgets. '
22 '
ICITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
' DECEMBER 31, 1998
' C. Deficit Fund Equity
The following enterprise fund had a deficit retained earnings balance, at December 31, 1998:
� Amount
' Arena fund $ (132,255)
The arena fund is expected to report future profits with any remaining deficit retained earnings balance to
' be covered by operating transfers from the General Fund or from property tax levies.
The following capital project funds had deficit fund balances, at December 31, 1998:
, Fund Amount
145th St. Impr. CSAH 42 to Brazil Ave. $ (3,450)
' CSAH 42 &Canada Avenue Turn Lanes (19,911)
Wensmann 12th Addition (18,277)
Shannon Pond South (7,694)
' Family Resource Center Building (184,968)
Bloomfield 2nd Addition (23,428)
Rosemount Commons (4,631)
Public Works Building Expansion (103,413)
� McNamara Addition Phase 2 (25,286)
The various capital project funds are awaiting final payments from various state and local funding sources
' and long-term debt proceeds prior to being closed. The City intends to transfer money from the general
fund to cover any remaining deficit fund balances.
� III. DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS
A. Cash and Investments
' The City maintains a consolidated cash management pool that is available for use by all funds. Each
fund's portion of the consolidated cash pool is displayed on the combined balance sheet as "Cash and In-
vestments".
' The City has the authority from the City Council to maintain deposits with various financial institutions that
are members of the Federal Reserve System. As required by Minnesota Statutes, any of the City's depos-
its are to be protected by $100,000 of federal depository insurance and pledged collateral. The market
' value of pledged collateral must equal 110% of the deposits not covered by insurance or bonds (140% in
the case of mortgage notes pledged).
� At year end, the City's carrying amount of cash and certificates of deposit was $17,520,449 and the bank
balance, was $18,342,602. All deposits were covered by federal depository insurance (FDIC).
'
'
' 23
CITY OF ROSEMOUNT, MINNESOTA '
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1998 '
The City's cash and cash equivalents are categorized in the following table to give an indication of the '
level of risk assumed at year end, as summarized below:
Category 1 - includes deposits covered by Federal Depository Insurance (FDIC) and those deposits col- �
lateralized with securities held by the City or by its agent in the City's name and whose col-
lateral is perfected.
Category 2- includes deposits collateralized with securities held by the pledging financing institution's ,
trust department or agent in the City's name and whose collateral is perfected.
Category 3- includes deposits uncollateralized, including amounts which are collateralized with securities '
held by the pledging financial institution, or by its trust department or agent, but not in the
City's name and deposits which meet the requirements of Category 1 and/or 2 but whose
collateral is not perfected. '
The City's investments are categorized in the following table to give an indication of the level of risk as-
sumed at year end, as summarized below: '
Category 1 - includes investments that are insured or registered or for which the securities are held by the
Ciry or its agent in the City's name. ,
Category 2 - includes uninsured and unregistered investments for which the securities are held by the
counterparty's trust department or agent in the City's name.
Category 3- includes uninsured and unregistered investments for which the securities are held by the �
counterparty or by its trust department or agent but not in the City's name.
Cash and investment balances at December 31, 1998, are categorized as follows: '
Risk Category Carrying �
1 2 3 Amount
U.S. Government Securities $ 4,203,031 $ - $ - $ 4,203,031
Totallnvestments $ 4,203,031 $ - $ - $ 4,203,031 '
Deposits 17,520,449 '
Petty Cash 2,400
Total Cash and Investments $21,725,880 '
Investments Held in Trust at Qecember 31, 1998:
Investments with Refunding Escrow Agent $ 2,335,545 �
At year end, the Port Authority had cash and investments totaling $1,338,854. The Port Authority's cash
and investments are included in the cash and investment accounts of the City and therefore are ac- '
counted for in the previous table assessing the �evel of risk assumed at year end.
'
24 ,
' CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
IDECEMBER 31, 1998
� B. Receivables
Receivables as of December 31, 1998, including the applicable allowances for uncollectible accounts, are
' as follows:
Total
' Special Debt Internal Primary
General Revenue Service Enterprise Service Government
Receivables:
Property Taxes $ 275,472 $ - $ - $ - $ - $ 275,472
� Accounts - - - 460,129 28,429 488,558
Special Assessments 555 80,999 3,306,372 228,428 3,616,355
Intergovernmental 19,314 - - 50,434 - 69,748
Other - 4,724 3,949 - - 8,673
' $ 295,341 $ 85,723 $ 3,310,321 $ 738,991 $ 28,429 $ 4,458,806
Less Allowance for poubtful
' Accounts - - - - - -
Net Accounts Receivable $ 295,341 $ 85,723 $ 3,310,321 $ 738,991 $ 28,429 $ 4,458,806
1 Notes receivable, reported in Port Authoriry consisted of two separate installment obligations. The obliga-
tions at December 31, 1998, were as follows:
� Installment obligation payable in monthly principal and interest payments of
$3,536. The note bears interest of 1.25%, and matures May of 2020. The note
is secured by a building. $ 797,014
Installment obligation payable in monthly principal and interest payments of
, $3,000. The note bears interest of 1.25%, and is due in September of 2008. The
note is secured by a building. 616,418
' $ 1,413,432
The following is a schedule of maturities for the two installment obligations discussed above:
' Year Ending
December 31 Amount
� 1999 $ 75,163
2000 86,201
2001 93,301
' 2002 100,528
2003 101,791
2004 and thereafter 956,448
' Totaf $ 1,413,432
, The Ciry has issued a tax increment bond, Series 1988A, to finance the purchase of and improvements to
the building sold under the above installment obligations. The City has reported a deferred revenue to off-
set the bond proceeds which is being reduced as the principal payments on the notes are made.
'
25
'
CITY OF ROSEMOUNT, MINNESOTA '
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1998 �
C. Fixed Assets �
Activity in the general fixed assets account group for the government for the year ended December 31,
1998, was as follows: '
January 1,
1998, December 31, ,
as restated Additions Deletions 1998
Land $ 1,516,822 $ - $ - $ 1,516,822 �
Land Improvements 478,054 1,776 - 479,830
Buildings 3,915,104 268,004 - 4,183,108
Machinery and Equipment 2,848,848 231,020 (259,051) 2,820,817
Vehicles 1,741,629 182,027 (51,273) 1,872,383 '
Total $ 10,500,457 $ 682,827 $ (310,324) $ 10,872,961
Prior period adjustments were made to the general fixed asset account group for the following reasons: '
1. To add land improvements and equipment purchased in 1997 but not recorded at year end: $69,959.
2. To remove building assets classified as machinery and equipment: $21,000. �
3. To add land, land improvements and buildings that were allocated to Port Authority incorrectly in pre-
vious years: $2,989,543.
Activiry for Port Authority fund fixed assets for the year ended December 31, 1998, was as follows: �
January 1,
1998, December 31, '
as restated Additions Deletions 1998
Land $ 226,992 $ - $ - $ 226,992 �
Land Improvements - - - -
Buildings 44,258 - - 44,258
Machinery and Equipment 14,593 - (1,228) 13,365
Total $ 285,843 $ - $ (1,228) $ 284,615 �
Prior period adjustments were made to the Port Authority fund fixed assets for the following reasons: �
1. To remove assets classified as Port Authority in error. Land, land improvements and buildings have
been reallocated to the GFAAG: $2,989,543.
2. To add machinery and equipment that were classified as building: $14,593. �
t
�
'
26 �
' CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
' DECEMBER 31, 1998
' The following is a summary of proprietary fund type fixed assets for the City at December 31, 1998:
Water Sewer Storm Water Arena Total
� Land $ 137,415 $ - $ 119,500 $ - $ 256,915
Buildings 1,423,303 72,702 45,000 5,198,841 6,739,846
' Mains and Lines 510,995 218,222 10,463,458 = 11,192,675
Other Improvements 13,119,137 34,710,498 47,829,635
Machinery and Equipment 800,050 281,576 118,506 11,624 1,211,756
' Construction in Progress 1,461,357 1,715,018 1,857,686 - 5,034,061
Less Accumulated
Depreciation (5,200,555) (16,601,529) (2,004,560) (519,163) (24,325,807)
' Net Fixed Assets $ 12,251,702 $ 20,396,488 $ 10,599,589 $ 4,691,302 $ 47,939,081
D. Interfund Receivable and Payable
' The composition of interfund balances as of December 31, 1998, is as follows:
� Due to/from other funds for negative cash balances:
Receivable Fund Payable Funds Amount
' Bloomfield Addition CSAH 42 & Canada Ave. Turn Lanes $ 19,911
Wensmann 12th Addition 15,307
Family Resource Center Building 131,367
� Bloomfield 2nd Addition 20,971
Rosemount Commons 1,585
Public Works Building Expansion 78,944
' McNamara Addition Phase 2 20,657
Total $ 288,743
' E. Long-term Debt
The City issues general obligation bonds and certificates of indebtedness to provide funds for the acquisi-
' tion and construction of major capital facilities. In addition, general obligation bonds have been issued to
refund both general obligation and revenue bonds. All General Obligation Bonds are special assessment,
property tax, revenue or state aid supported and are backed by the full faith and credit of the City.
'
�
'
'
1 27
CITY OF ROSEMOUNT, MINNESOTA '
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1998 '
Bonds Payable at December 31, 1998, comprise the following individuai issues: '
Interest Outstanding �
Rates Maturities Installment Amounts 12/31/98
General Obligation Bonds:
General Long-Term Debt Account Group:
$1,180,000 Improvement Bonds,Series 1991A 5.0%to 6.3°/a 1993 to 2002 $115,000 to$120,000 $ 460,000 ,
$265,000 Improvement Bonds,Series 1991 B 4.4%to 5.9% 1994 to 2003 $25,000 to$30,000 125,000
$895,000 Improvement Bonds,Series 1992A 3.4%to 5.4% 1994 to 2004 $60,000 to$215,000 385,000
$1,470,000 Improvement Bonds,Series 1992D 3.8%to 6.1% 1995 to 2004 $145,000 to$165,000 870,000
$555,000 Improvement Bonds,Series 1993A 3.0%to 5.0% 1995 to 2005 $30,000 to$50,000 350,000 ,
$1,415,000 Improv. Refunding Bonds,Series 1993B 3.3%to 4.3% 1996 to 2001 $135,000 to 325,000 600,000
$1,605,000 Improvement Bonds,Series 1994A 4.9%to 5.5% 1995 to 2006 $130,000 to$200,000 1,340,000
$1,900,000 Improvement Bonds,Series 1995A 3.9%to 5.3% 1997 to 2007 $135,000 to$165,000 1,365,000
$2,800,000 Improvement Bonds,Series 1997A 4.2°/a to 5.0% 2000 to 2009 $250,000 to$335,000 2,800,000 ,
$1,595,000 Improvement Bonds,Series 1997B 4.0%to 4.7% 2000 to 2009 $145,000 to$190,000 1,595,000
$1,080,000 Community Center Bonds,Series 1992C 5.0%to 6.6% 1994 to 2013 $20,000 to$90,000 910,000
$845,000 Mun. Bldg. Refunding Bonds,Series 1993D 3.3%to 4.5% 1996 to 2002 $110,000 to$135,000 510,000
$1,780,000 Fire Station Bonds,Series 1996A 4.1%to 6.0°/a 1997 to 2016 $55,000 to$135,000 1,635,000 '
$700,000 State Aid Street Bonds, Series 1994C 3.8%to 5.6% 1995 to 2004 $60,000 to$85,000 450,000
$2,010,000 Improvement Bonds,Series 1998A 3.9%to 4.7°/a 2000 to 2009 $185,000 to$240,000 2,010,000
$2,805,000 Improvement Bonds, Series 19986 4.0%to 4.5% 2000 to 2010 $250,000 to$335,000 2,805,000
$880,000 Improvement Bonds,Series 1998C 3.5%to 3.9% 2001 to 2005 $170,000 to$190,000 880,000
Proprietary Funds: i
$2,360,000 Municipal Building Bonds, Series 1992E 3.8%to 6.6% 1995 to 2018 $10,000 to$200,000 2,285,000
$1,525,000 Storm Water Revenue Bonds,Series 19928 3.4%to 5.8% 1994 to 2008 $30,000 to$150,000 1,185,000
$945,000 Water Rev. Refunding Bonds, Series 1993C 3.8%to 5.0% 1998 to 2005 $100,000 to$140,000 845,000 '
$335,000 Storm Water Revenue Bonds,Series 19946 4.3%to 5.7% 1996 to 2005 $25,000 to$60,000 225,000
$1,035,000 Storm Water Revenue Bonds,Series 19966 4.3%to 5.8% 1998 to 2012 $50,000 to$95,000 985,000
$500,000 Water Revenue Bonds,Series 1996C 4.3°/a to 5.1% 1998 to 2005 $55,000 to$70,000 445,000
Total General Obligation Bonds $ 25,060,000 �
Changes in long-term debt(at par) for the year ended December 31, 1998, are as fo�lows:
January 1, December 31, '
1998 Issued Retired 1998
Reported in the General Long-Term '
Debt Account Group:
General Obligation Bonds $ 14,915,000 $ 5,695,000 $ 1,520,000 $ 19,090,000 �
Capital Lease Obligation 1,003,071 - 251,700 751,371
Compensated Absences 381,108 - 58,630 322,478
Reported in Proprietary Funds:
General Obligation Revenue Bonds 6,320,000 - 350,000 5,970,000 '
Total $ 22,619,179 $ 5,695,000 $ 2,180,330 $ 26,133,849
_ �
'
�
28 �
ICITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
' DECEMBER 31, 1998
' Debt service requirements to maturity, including interest of$8,350,547, are as follows:
General
� Long-Term
Debt Account Enterprise
Group Fund
� Year Ending Revenue
December 31: G.O. Bonds Bonds Total
' 1999 $ 2,289,372 $ 689,140 $ 2,978,512
2000 2,858,480 701,807 3,560,287
2001 3,067,101 707,516 3,774,617
2002 2,769,093 711,387 3,480,480
' 2003 2,432,939 708,404 3,141,343
2004 and thereafter 11,136,510 5,338,798 16,475,308
' Total $ 24,553,495 $ 8,857,052 $ 33,410,547
The Port Authority issues debt which is backed by the full faith and credit of the City. The Port Authority is-
1 sues bonds and certificates of indebtedness to provide funds for the acquisition and construction of major
capital facilities.
' The long-term debt obligations outstanding in the Port Authority fund as of December 31, 1998, are as
follows:
Interest Amount
� Maturities Rates Outstanding
Reported in the Port Authority fund -
General Obligation Bonds 1999-2018 3.0%-6.7% $ 5,070,000
, Changes in long-term debt (at par) for the year ended December 31, 1998, reported in the Port Authority
fund is as follows:
� Par Value at Par Value at
January 1, Issued Retired December 31,
' Reported in the Port Authority Fund $ 3,060,000 $ 2,405,000 $ 395,000 $ 5,070,000
Debt service requirements to maturity, including interest of$2,542,604 are as follows:
� Year Ending Port Authority
December 31: Bonds
' 1999 $ 679,328
2000 376,488
' 2001 379,067
2002 385,853
2003 381,990
2003 and thereafter 5,409,878
' Total $ 7,612,604
, 29
CITY OF ROSEMOUNT, MINNESOTA '
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1998 '
During 1998, the Port Authority issued the following crossover refunding bond: '
• General Obligation Municipal Building Refunding Bonds, Series 1998A, of$2,405,000 were issued to
fund the remaining maturities on the$2,360,000 Municipal Building Bonds, Series 1992E. �
The proceeds of the refunding issue noted above were placed in an irrevocable escrow account and were
used to purchase U.S. Government Securities. The escrow account investments will provide the re- �
sources to cover interest payments on the refunding bond until the crossover date and principal payments
on the refunding bond on the crossover date. The refunding bond crosses over on the date the refunded
bond is callable. Until the crossover date of February 1, 2003, both the refunded and refunding bonds will ,
be reported in the financial statements. Escrow deposits at December 31, 1998 were$2,335,545.
F. Contributed Capital
The changes in the City's contributed capital accounts for Proprietary Funds for the year ended Decem- ,
ber 31, 1998, are as follows:
Enterprise Funds '
Sources Water Sewer Storm Water Arena
Beginning Balance $ 8,597,410 $ 18,694,200 $ 7,495,606 $ 2,666,519 �
Contributions of Fixed Assets 1,198,058 1,462,713 1,440,035 -
Depreciation on Contributed
Assets (201,833) (534,008) (144,625) (57,642) ,
Ending Balance $ 9,593,635 $ 19,622,905 $ 8,791,016 $ 2,608,877
G. Reserved Retained Earnings and Restricted Asset Accounts `
The City has recorded the following fund balance reservations to indicate the portion that is legally segre- '
gated for a specific future use or cannot be appropriated for expenditures:
General Fund -$136,643 is reserved for encumbrances outstanding at December 31, 1998.
Special Revenue Funds -$76,520 is reserved for projects. �
Debt Service Funds -$7,567,127 is reserved for resources legally restricted for the payment of long-term '
debt principal and interest amounts maturing in future years.
Capital Project Funds -$2,045,623 is reserved for completion of capital projects financed by general ob- �
ligation bonds.
The Port Authoriry has recorded the following fund reservations to indicate the portion that is legally seg-
regated for specific future use or cannot be appropriated for expenditures: '
Port Authority - $4,573 is reserved for prepaid expenditures
$3,444,084 is reserved for debt service '
'
30 '
' CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
, DECEMBER 31, 1998
, IV. OTHER INFORMATION
A. Segment Information -Enterprise Funds
1 The City maintains four enterprise funds. The Water, Sewer and Storm Water funds account for the provi-
sion of basic utility services to all citizens. The Arena Fund accounts for the operations of the Ice Arena
' including rental fees and user charges. Segment information for the year ended December 31, 1998, is as
follows:
' Water Sewer Storm Water Arena Fund Total
Operating Revenues $ 579,507 $ 784,278 $ 473,546 $ 281,175 $ 2,118,506
Depreciation 291,428 565,309 176,236 109,341 1,142,314
� Operating Income (Loss) (112,400) (456,590) 90,689 (29,568) (507,870)
Operating Transfers In 224,671 225,596 421,306 0 871,573
Operating Transfers Out (98,128) (92,535) (393,890) (3,500) (588,053)
' Net Income (Loss) 437,812 127,400 530,245 (68,828) 1,026,629
Fixed Asset Additions 1,396,463 1,597,957 1,796,190 4,137 4,794,747
Net Working Capital 1,860,880 2,696,658 2,061,330 35,320 6,654,188
Total Assets 14,317,699 23,111,596 12,896,730 4,771,445 55,097,470
' Bonds Payable 1,286,355 0 2,381,371 2,285,000 5,952,726
Total Equity 12,975,759 23,077,677 10,250,826 2,476,622 48,780,884
' B. Pension Plans
City employees and firefighters participate in the pension plans administered by the Public Employees Re-
, tirement Association of Minnesota (PERA) and the Rosemount Volunteer Fire Relief Association. In ac-
cordance with GASB Statement No. 27, the PERA plans are classified as multiple-employer, cost-sharing
plans, and the Association's plan is classified as a single-employer ptan.
, 1. Public Employees Retirement Association
a. Plan Description
' All full-time and certain part-time employees of the City of Rosemount, Minnesota are covered by
defined benefit plans administered by the Public Employees Retirement Association of Minnesota
� (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the Public Em-
ployees Police and Fire Fund (PEPFF) which are cost-sharing, multiple-employer retirement
plans. These plans are established and administered in accordance with Minnesota Statues,
Chapters 353 and 356.
jPERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan mem-
bers are covered by Social Securiry and Basic Plan members are not. All new members must par-
' ticipate in the Coordinated Plan. All police officers, fire-fighters and peace officers who qualify for
membership by statute are covered by the PEPFF.
� PERA provides retirement benefits as well as disability benefits to members, and benefits to sur-
vivors upon death of eligible members. Benefits are established by State Statute, and vest after
three years of credited service. The defined retirement benefits are based on a member's highest
average salary for any five successive years of allowable service, age, and years of credit at ter-
' mination of service.
� 31
CITY OF ROSEMOUNT, MINNESOTA '
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1998 '
Two methods are used to compute benefits for PERF's Coordinated and Basic Pian members. '
The retiring member receives the higher of a step-rate benefit accrual formula (Method 1) or a
level accrual formula (Method 2). Under Method 1, the annuity accrual rate for a Basic Plan mem-
ber who retired before July 1, 1997 is 2 percent of average salary for each of the first 10 years of �
service and 2.5 percent for each remaining year. The annuity accrual rate for Basic members who
retire on or after July 1, 1997 is 2.2 percent of average salary for each of the first 10 years of
service and 2.7 percent for each remaining year. For a Coordinated Plan member who retired '
before July 1, 1997, the annuity accrual rate is 1 percent of average salary for each of the first 10
years and 1.5 percent for each remaining year. For Coordinated members who retire on or after
July 1, 1997, the annuity accrual rates increase by 0.2 percent (to 1.2 percent of average salary ,
for each of the first 10 years and 1.7 percent for each remaining year). Under Method 2, the annu-
ity accrual rate is 2.5 percent of average salary for Basic Plan members and 1.5 percent for Coor-
dinated Plan members who retired before July 1, 1997. Annuity accrual rates increase 0.2 percent
for members who retire on or after July 1, 1997. For PEPFF members, the annuity accrual rate is �
2.65 percent for each year of service for members retiring before July 1, 1997. Effective July 1,
1997, the annuity accrual rate is increased to 3.0 percent. For all PEPFF members and for PERF
members whose annuity is calculated using Method 1, a full annuity is available when age plus ,
years of service equal 90. A reduced retirement annuity is also available to eligible members
seeking early retirement.
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. '
The benefit provisions stated in the previous paragraphs of this section are current provisions and
apply to active plan participants. Vested, terminated employees who are entitled to benefits but
are not receiving them yet are bound by the provisions in effect at the time they last terminated '
their public service.
PERA issues a publicly available financial report that includes financial statements and required '
supplementary information for PERF and PEPFF. That report may be obtained by writing to
PERA, 514 St. Peter Street #200, St. Paul, Minnesota, 55102 or by calling (651) 296-7460 or
1-800-652-9026. �
�
'
'
'
32 �
ICITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
, DECEMBER 31, 1998
� b. Funding Policy
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. These
, statutes are established and amended by the state legislature. The City makes annual contribu-
tions to the pension plans equal to the amount required by state statutes. PERF Basic Plan mem-
bers and Coordinated Plan members are required to contribute 8.75% and 4.75%, respectively, of
' their annual covered salary. PEPFF members are required to contribute 7.60% of their annual
covered salary. The City of Rosemount is required to contribute the following percentages of an-
nual covered payroll: 11.43% for Basic Plan PERF members, 5.18% for Coordinated Plan PERF
' members, and 11.40% for PEPFF members. The City's contributions to the Public Employees
Retirement Fund for the years ending December 30, 1998, 1997, and 1996 were $102,247,
$83,689, and $85,876, respectively. The City's contributions to the Public Employees Police &
Fire Fund for the years ending December 31, 1998, 1997, and 1996 were $93,812, $91,218, and
, $86,814, respectively. The City's contributions were equal to the contractually required contribu-
tions for each year as set by state statute.
' 2. Rosemount Fire Department Relief Association-Defined Benefit Pension Plan
a. Plan Description
' The City of Rosemount contributes to the Rosemount Fire Department Relief Association, a sin-
gle-employer retirement system maintained for firefighters of the City of Rosemount. The Associa-
tion is a volunteer organization, therefore, with the exception of the Fire Chief, there is no covered
' payroll. The Rosemount Fire Department Relief Association provides a lump-sum benefit to its
members upon retirement, total disability or death. Individuals with at least 20 years of service and
who have reached age 50 are entitled to a lump-sum payment of $2,500 per year of service. In
, the event an otherwise qualified member has less than 20 years of service, the member is eligible
for a pension payment of 40 percent after 5 years of service, increasing by 4 percent for each
year of service after 5 years to a maximum of 100 percent. Members retiring before 50 do not re-
ceive distributions until age 50, but interest at 5°/a per year is added to their retirement benefit until
' paid.
b. Contributions Required and Contributions Made
' Financial requirements of the Association are determined based on a formula prescribed in Min-
nesota Statues 69.772, subd 2. Those statutes prescribe a set amount of funding per $100 of
' lump-sum benefits payable per year of service. The City's minimum obligation (normal cost) is the
financial requirement for the year less anticipated state aids and investment income and is funded
on a current basis. It is the City's policy to fund the unfunded pension liability over a ten-year pe-
riod. Any additional payments by the City shall be used to amortize the unfunded pension liability
, of the Association. The funding strategy for the normal cost and the unfunded actuarial accrued li-
ability should provide sufFicient resources to pay Association benefits on a timely basis.
'
�
1
' 33
CITY OF ROSEMOUNT, MINNESOTA ,
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1998 �
Total aid and contributions to the Association amounted to the following: �
State of City of
Minnesota Rosemount '
1998 $ 39,543 $ 26,000
1997 39,385 26,000 '
1996 41,965 26,000
A formal actuarial valuation is not required by Minnesota Statutes because the pension benefit is a ,
lump-sum distribution. The formula used to compute pension contributions requirements is sub-
stantially the same as that used to determine the standardized measure of the pension obligation.
The computation of the pension contribution requirements for 1998 was based on the same for-
mula, funding method and other factors used to determine pension contributions requirements in �
previous years.
c. Funding Status and Progress '
The amount shown below as the "pension benefit obligation" is a standardized disclosure meas-
ure of the present value of pension benefits, estimated to be payable in the future as a result of ,
service to date. The measure is intended to help users assess the funding status of the Associa-
tion on a going-concern basis, access progress made in accumulating sufficient assets to pay
benefits when due, and make comparisons among employers.
The unfunded pension benefit obligations as of December 31, 1998, is as follows: '
Pension benefit obligations: '
Retirees with deferred or early vested benefits $ 50,784
Current employees:
With ten or more years of service 466,323
Less than ten years of service 129,150 �
Total pension benefit obligations $ 646,257
Net assets available for benefits, at market value 822,605 ,
Net assets available for benefits in excess of pension benefit obligations $ 176,348 �
There were no changes in actuarial assumptions or benefit provisions that significantly affected
the determination of the pension benefit obligations as of December 31, 1998 '
d. Historical Trend Information
Ten year historical trend information is presented in the Rosemount Firefighters Relief Associa- '
tion's Annual Financial Report for the year ended December 31, 1998. This information is useful in
assessing the pension plan's accumulation of sufficient assets to pay pension benefits as they be-
come due. '
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, CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
, DECEMBER 31, 1998
� The following historicai trend information was obtained from the Association's financial report for
the year ended December 31, 1998.
, Assets as a Overfunded
Aggregate Percentage of (Underfunded)
Valuation Accrued Valuation Accrued Accrued
' Date Liabilities Assets Liabilities Liabilities
12-31-98 $ 646,257 $ 822,605 127% $ 176,348
' 12-31-97 540,608 655,635 122% 115,027
12-31-96 462,827 507,466 110% 44,639
Computations of the unfunded pension benefit obligation and employer contributions as a percent
� of covered payroll are not applicable since the fire department is a volunteer organization and no
covered payroll exists.
' e. Related Party Transactions
As of December 31, 1998 and for the year then ended the Association held no securities issued
' by City or other related parties.
C. Capital Lease Obligations
' The City has entered into various lease agreements to facilitate the acquisition of various assets. For pur-
poses of preparing these financial statements, the lease-purchase agreements have been classified as
capital lease obligations. Since none of the assets acquired were used in proprietary fund operations, the
' acquisition cost of the assets has been reported in the general fixed asset group, and the corresponding
liability has been reported in the general long-term debt account group. The following is a schedule of
minimum payments under the various agreements:
' Year Ending
December 31: Amount
' 1999 $ 156,591
2000 145,471
2001 115,614
� 2002 115,614
2003 115,614
2003 and thereafter 296,126
' Total Minimum Lease Payments $ 945,030
Less Amount Representing Interest (193,659)
' Present Value of Minimum Lease Payments $ 751,371
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' 35
CITY OF ROSEMOUNT, MINNESOTA I
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1998 '
D. Residual Equity Transfers �
Residual equity transfers in and out during 1998 were made for fund closings, and are reconciled as fol-
lows: �
Residual Transfer
In Out �
Special Revenue Fund
Park Improvement $ 543 $ 0
Debt Service Funds ,
S.A. Improvement 19976 25,225 0
S.A. Improvement 1997A 50,098 0
Capital Project Funds
145th Street Improvements—CSAH 42 to Brazil Ave. 0 203,310 �
Hawkins Pond 0 3,025
Chippendale Avenue Improvement 0 185,988
Geronime Pond Addition 0 26,383 �
McNamara Addition 0 50,411
Brockway Draw Truck Sanitary Sewer Phase 1 0 76,618
Shannon Pond East 2nd Addition 0 25,702
Wensmann 11th Addition 0 48,252 �
1997 Street and Utility Reconstruction 0 52,281
Erickson Communiry Square Shelter 0 543
Enterprise Funds '
Water 103,752 0
Sewer 132,985 0
Storm Water 359,910 0 '
$ 672,513 $ 672,513
E. Prior Period Adjustments '
Prior period adjustments were made for the following reasons:
1. To add land improvements and equipment in the general fixed asset account group (GFAAG) pur- ,
chased in 1997, but not recorded at year end; $69,959.
2. To remove building assets classified as machinery and equipment from the GFAAG; $21,000. '
3. To add land, land improvements and buildings in the GFAAG that were allocated to the Port Authority
incorrectly in previous years; $2,989,543.
4. To adjust the City's fixed assets due to its efforts toward improved accounting and valuation (see fixed
assets footnote). Enterprise fund fixed assets were adjusted; $(5,863). �
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REQUIRED SUPPLEMENTARY INFORMATION
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' CITY OF ROSEMOUNT, MINNESOTA
REQUIRED SUPPLEMENTAL INFORMATION
, YEAR 2000 ISSUE
DECEMBER 31, 1998
(UNAUDITED)
,
The year 2000 issue is the result of shortcomings in many electronic data processing systems and other
' electronic equipment that may adversely affect the City's operations as early as fiscal year 1999.
By the end of 1998, the City of Rosemount had begun assessing all computer systems, computer software, and
electronic equipment that could be affected by the year 2000 issue. This assessment was completed by mid-
, February of 1999. The City appointed a Y2K coordinator in the fall of 1998 to oversee all activities related to the
year 2000 issue. By March 5, 1999, the City had drafted a Y2K Readiness Plan that was to be approved by the
Council by the end of that month.
t By the end of 1998, the City had spent approximately $15,000 to replace computer systems that were not Y2K
compliant. The City had also spent $20,000 to replace their building permit software and another $3,000 to
receive upgrades to their accounting, payroll and utility billing software bringing all of these software packages
' into Y2K compliance.
By the end of 1998, the Ciry had identified the following items that needed either upgrades or replacements in
' order to become Y2K compliant:
• The City needed to replace approximately 15 additional PC workstations that were not Y2K compliant at an
approximate cost of$25,000. Half of these replacements were completed by February 28, 1999.
' • The City needed to replace one file server and its operating system and upgrade another file server and its
operating system. The costs for these replacements/upgrades is approximately $25,000 and are anticipated
' to be completed by the end of the third quarter of 1999.
• The City needs to replace its Police Department records management system and mobile data system.
There is $115,000 budgeted for 1999 for these replacements and the changes should be completed by the
, end of the second quarter of 1999.
• The City needs to replace its well and water tower monitoring system software and hardware at an
' approximate cost of$10,000. These replacements should be completed by the end of the second quarter of
1999.
• The City encumbered an additional $25,000 from its 1998 surpluses to cover any additional and unforeseen
� items that are brought to its attention during 1999.
As of December 31, 1998, and through the report date there are no contracted amounts committed to this project.
, Because of the unprecedented nature of the Year 2000 issue, its effects and the success of related remediation
efforts will not be fully determinable until the year 2000 and thereafter. Management cannot assure that the City
is or will be Year 2000 ready, that the City's remediation efforts will be successful in whole or in part, or that
' parties with whom the Ciry does business will be year 2000 ready.
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� GENERAL FUND
The General Fund is used to account for the revenue and expenditures to carry out basic
' governmental activities of the City such as general government, public safety, public works, and
parks and recreation. Revenue is recorded by source; i.e., taxes, licenses and permits, fines and
forfeits, charges for services, etc. General Fund expenditures are made primarily for daily
, operations and operating equipment and are recorded by major functional classifications and by
operating departments. This fund accounts for all transactions not required legally or by sound
' financial management to be accounted for in another fund.
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' CITY OF ROSEMOUNT, MINNESOTA EXHIBIT A-1
COMPARATIVE BALANCE SHEET
, GENERALFUND
DECEMBER 31, 1998
� 1998 1997
, ASSETS
Cash and investments $ 2,439,786 $ 1,904,004
' Accounts receivable 0 7,305
Special assessments receivable 555
Property taxes receivable 275,472 210,311
, Due from other funds 0
Due from other governments 19,314 6,812
� TOTAL ASSETS $ 2,735,127 $ 2,128,432
' LIABILITIES AND FUND BALANCE
LIABILITIES:
' Accounts payable $ 181,161 $ 88,611
Accrued expenditures 42,445 26,866
Deposits payable 34,640 11,315
� Deferred revenue 38,497 72,660
TOTAL LIABILITIES $ 296,743 $ 199,452
' FUND BALANCE:
Reserved for encumbrances $ 136,643 $ 20,975
' Unreserved-designated for working capital 2,301,741 1,908,005
TOTAL FUND BALANCE $ 2,438,384 $ 1,928,980
� TOTAL LIABILITIES AND FUND BALANCE $ 2,735,127 $ 2,128,432
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CITY OF ROSEMOUNT, MINNESOTA EXHIBIT A-2 '
COMPARATIVE STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
GENERALFUND '
YEAR ENDED DECEMBER 31, 1998
1998 1997 �
REVENUE: '
General property taxes $ 2,693,105 $ 2,468,582
Licenses and permits 363,238 259,012
intergovernmental 1,274,373 1,240,069
Charges for services 351,650 480,657 ,
Fines and forfeitures 72,084 113,972
Special assessments 165 3,968
Interest earnings 77,671 49,479 '
Net increase in the fair value of investments 2,104 2,890
Miscellaneous 277,629 239,352 �
TOTAL REVENUE $ 5,112,018 $ 4,857,981
EXPENDITURES: ,
Current:
General government $ 1,110,499 $ 1,002,643
Public safety 1,444,010 1,398,161 '
Pubiic works 1,450,156 1,409,232
Park and recreation 601,450 572,484
TOTAL EXPENDITURES $ 4,606,114 $ 4,382,520 �
EXCESS OF REVENUE OVER EXPENDITURES $ 505,904 $ 475,461
OTHER FINANCING SOURCES(USES): '
Operating transfers in $ 3,500 $ 3,500
Operating transfers out 0 (130,400)
TOTAL OTHER SOURCES (USES) $ 3,500 $ (126,900) �
EXCESS OF REVENUE AND OTHER FINANCING �
SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES $ 509,404 $ 348,561
BEGINNING FUND BALANCE $ 1,928,980 $ 1,583,357 '
Prior period adjustment � �2,938� �
BEGINNING BALANCE, as restated $ 1,928,980 $ 1,580,419
ENDING FUND BALANCE $ 2,438,384 $ 1,928,980 '
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� CITY OF ROSEMOUNT, MINNESOTA EXHIBIT A-3
SCHEDULE OF REVENUE-BUDGET(AS AMENDED)AND ACTUAL (BUDGETARY BASIS)
, GENERALFUND
YEAR ENDED DECEMBER 31, 1998
' 1998 1997
BUDGET ACTUAL VARIANCE ACTUAL
� TAXES:
General property taxes $ 2,157,428 $ 2,136,035 $ (21,393) $ 2,004,455
Fiscal disparities 475,045 475,045 0 420,803
' Other 24,000 82,026 58,026 43,324
TOTAL TAXES $ 2,656,473 $ 2,693,105 $ 36,632 $ 2,468,582
' LICENSES AND PERMITS:
Business $ 203,900 $ 361,113 $ 157,213 $ 255,383
Non-business 1,000 2,125 1,125 3,629
TOTAL LICENSES AND PERMITS $ 204,900 $ 363,238 $ 158,338 $ 259,012
' INTERGOVERNMENTAL:
Local government aid(LGA) $ 380,488 $ 380,488 $ 0 $ 382,611
' Homestead and ag credit(HACA) 550,773 550,561 (212) 550,773
Local performance aid(LPA) 16,266 16,266 0 13,216
Federal Grants 26,250 79,487 53,237 37,842
Police state aid 90,000 93,936 3,936 84,756
' Mobile home HACA 22,011 22,463 452 22,091
Other 111,689 131,172 19,483 148,780
TOTAL INTERGOVERNMENTAL $ 1,197,477 $ 1,274,373 $ 76,896 $ 1,240,069
� CHARGES FOR SERVICES:
General government $ 281,950 $ 282,370 $ 420 $ 398,835
Public safety 53,700 43,084 (10,616) 52,742
' Highways and streets 0 24,492 24,492 27,582
SAC 1,800 1,704 (96) 1,498
TOTAL CHARGES FOR SERVICES $ 337,450 $ 351,650 $ 14,200 $ 480,657
' FINES AND FORFEITURES:
County $ 90,000 $ 72,084 $ (17,916) $ 113,972
' MISCELLANEOUS:
Interest $ 35,600 $ 77,671 $ 42,071 $ 49,479
Net increase in the fair value of investments 0 2,104 2,104 2,890
� Other 5,300 21,865 16,565 3,180
Special assessments 2,000 165 (1,835) 3,968
Donations 51,032 51,032 0 36,790
Recreational fees 179,500 201,352 21,852 196,002
' Sale of general fixed assets 0 0 0 0
Rents 3,400 3,380 (20) 3,380
TOTAL MISCELLANEOUS $ 276,832 $ 357,568 $ 80,736 $ 295,689
' TOTAL REVENUE $ 4,763,132 $ 5,112,018 $ 348,886 $ 4,857,981
OTHER FINANCING SOURCES:
' Operating transfers in 3,500 3,500 0 3,500
TOTAL REVENUE AND OTHER
FINANCING SOURCES $ 4,766,632 $ 5,115,518 $ 348,886 $ 4,861,481
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CITY OF ROSEMOUNT, MINNESOTA EXHIBIT A-4 �
(Continued)
SCHEDULE OF EXPENDITURES- BUDGET(AS AMENDED)AND ACTUAL (BUDGETARY BASIS)
GENERALFUND �
YEAR ENDED DECEMBER 31, 1998
1998 1997 �
GENERAL GOVERNMENT BUDGET ACTUAL VARIANCE ACTUAL
Mayor and council:
Personal services $ 26,500 $ 20,512 $ 5,988 $ 20,104 �
Professional fees 27,500 27,996 (496) 9,235
Other charges 27,000 28,359 (1,359) 24,762
Council designated 9,500 129,695 (120,195) 6,760 ,
Executive:
Personal services 254,100 235,248 18,852 220,511
Supplies 2,200 988 1,212 1,290 ,
Professional fees 6,100 6,600 (500) 9,988
Other charges 3,700 3,200 501 15,493
Elections:
Personal services 6,500 7,658 (1,158) 2,502 ,
Supplies 1,100 1,205 (105) 2,500
Other charges 3,200 2,681 519 800
Finance: �
Personal services 101,100 98,103 2,997 89,819
Professionai fees 37,900 35,574 2,326 31,557
Other charges 3,600 3,233 367 2,440
Community Development: ,
Personal services 368,600 355,048 13,552 335,631
Supplies 5,400 657 4,743 2,145
Professional fees 7,000 6,412 588 2,800 �
Othercharges 8,100 4,783 3,317 6,133
Capital outlay 500 374 126 567
General government: '
Supplies 39,000 30,955 8,045 32,328
Professionalfees 153,900 194,231 (40,331) 167,469
Other charges 0 23,313 (23,313) 55
Capital outlay 13,300 10,702 2,598 15,841 ,
TOTAL GENERAL GOVERNMENT $ 1,105,800 $ 1,227,524 $ (121,724) $ 1,000,730
PUBLIC SAFETY ,
Police protection:
Personal services $ 1,000,075 $ 1,110,507 $ (110,432) $ 1,059,405
Suppiies 14,567 15,635 (1,067) 15,706 �
Professional fees 140,100 128,855 11,245 139,007
Other charges 13,000 28,997 (15,997) 14,314
Capital outlay 0 0 0 1,469
Fire protection: '
Personal services 135,700 99,117 36,583 116,668
Supplies 11,900 14,062 (2,162) 11,314
Professional fees 25,100 21,411 3,689 18,027 '
Other charges 2,300 2,152 148 2,310
Capitai outlay 15,000 21,918 (6,918) 17,410
TOTAL PUBLIC SAFETY $ 1,357,742 $ 1,442,652 � (84,910) $ 1,395,630
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� CITY OF ROSEMOUNT, MINNESOTA EXHIBIT A-4
(Concluded)
SCHEDULE OF EXPENDITURES-BUDGET(AS AMENDED)AND ACTUAL(BUDGETARY BASIS)
' GENERALFUND
YEAR ENDED DECEMBER 31, 1998
' 1998 1997
BUDGET ACTUAL VARIANCE ACTUAL
PUBLIC WORKS
� Government buildings maintenance:
Personal services $ 53,600 $ 45,653 $ 7,947 $ 48,055
Supplies 20,200 14,198 6,002 16,722
, Professional fees 94,900 77,974 16,926 67,708
Other charges 48,000 38,939 9,061 37,280
Debt payments 90,100 89,245 855 88,005
' Fleet maintenance:
Personal services 124,500 114,391 10,109 114,369
Supplies 136,500 142,138 (5,638) 137,997
Professional fees 5,000 548 4,452 3,486
' Other charges 27,200 27,276 (76) 29,284
Street maintenance:
Personal services 336,200 334,371 1,829 297,253
' Supplies 113,800 89,742 24,058 123,946
Professional fees 99,800 84,228 15,572 77,976
Other charges 136,400 92,417 43,983 80,416
' Capital outlay 3,000 0 3,000 1,057
Park maintenance:
Personal services 250,640 232,665 17,975 217,011
Supplies 30,700 35,132 (4,432) 27,659
� Professional fees 13,100 13,593 (493) 13,877
Other charges 17,500 17,646 (146) 24,262
TOTAL PUBLIC WORKS $ 1,601,140 $ 1,450,156 $ 150,984 $ 1,406,363
, PARK AND RECREATION
Personal services $ 443,465 $ 419,581 $ 23,884 $ 402,335
Supplies 59,830 42,029 17,801 52,089
' Professional fees 77,955 75,950 2,005 65,496
Other Charges 63,914 63,328 586 52,564
CapitalOutlay 0 562 (562) 0
� TOTAL PARK AND RECREATION $ 645,164 $ 601,450 $ 43,714 $ 572,484
TOTAL EXPENDITURES AND
ENCUMBRANCES $ 4,709,846 $ 4,721,781 $ (11,935) $ 4,375,207
� OTHER FINANCING USES
Operating transfers out 0 0 0 130,400
' TOTAL EXPENDITURES,ENCUMBRANCES
AND OTHER FINANCING USES $ 4,709,846 $ 4,721,781 $ (11,935) $ 4,505,607
' BEGINNING OF YEAR BUDGET
BASIS ENCUMBRANCES 20,976 28,289
, END OF YEAR BUDGET
BASIS ENCUMBRANCES (136,643) (20,976)
GAAP BASIS EXPENDITURES AND OTHER
, FINANCING USES $ 4,606,114 $ 4,512,920
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' SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for revenues derived from specific taxes or other
� earmarked revenue sources. They are typically required by statute or local ordinance to finance
particular functions or activities of government.
� Building CIP Fund -This fund is used to account for the on-going capital improvements and
possible additions to government buildings.
' Street CIP Fund - This fund is used to account for on-going street reconstruction projects within
the City and all other major maintenance items related to both paved and unpaved streets
' including, but not limited to, street lights, signal lights, sidewalks and gravel road resurfacing.
Mississippi River Fund — This fund is used to account for grants received to assist with the
, Mississippi River Corridor Study and the Comprehensive Guide Plan update.
Park Improvements Fund - This fund is used to account for park dedication fees collected
1 from developers as different areas of the City are developed. These fees are used to develop new
parks within the City and to make improvements to current parks.
� Equipment CIP Fund - This fund is used to account for the on-going replacement of and
additions to City equipment.
tTree Disease Grant Fund - This fund is used to account for grants received to battle various
types of tree disease in the City.
� Crime Reduction Project Fund - This fund is used to account for the implementation and on-
going operation of the City's crime reduction program.
� Fire Safety Education Fund -This fund is used to account for the on-going operation of the
City's fire safety trailer. This trailer is used in training by our City and surrounding communities
Iand organizations.
GIS Fund - This fund is used to account for the development and on-going operations of the
� City's GIS system.
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CITY OF ROSEMOUNT, MINNESOTA '
COMBINING BALANCE SHEET
SPECIAL REVENUE FUNDS '
DECEMBER 31, 1998
MISSISSIPPI '
BUILDING STREET RIVER PARK EQUIPMENT
CIP CIP GRANT IMPROVEMENTS CIP ,
(#202) (#203) (#204) (#205) (#207)
ASSETS
ments $ 154 012 $ 858,999 $ 7,858 $ 556,042 $ 186,445 �
Cash and invest ,
Accounts receivable 0 4,724 0 0 0
Speciai assessments receivable 1,170 78,660 0 0 1,170 ,
Prope�ty taxes receivable 0 0 � �
Due from other funds 0 0 0 0 0
TOTAL ASSETS $ 155,182 $ 942,383 $ 7,858 $ 556,042 $ 187,615 '
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LIABILITIES AND FUND BALANCES
LIABILITIES: ,
Accou��ts payable $ 0 $ 0 $ 160 $ 0 $ 390
Deferred revenue 1,159 78,649 0 0 1159 '
TOTAL LIABILITIES $ 1,159 $ 78,649 $ 160 $ 0 $ 1,549
FUND BALANCES '
Reserved for special projects $ 0 $ 75,000 $ 0 $ 0 $ 1,520
Unreserved -undesignated 154,023 788,734 7,698 556,042 184,546
TOTAL FUND BALANCES $ 154,023 $ 863,734 $ 7,698 $ 556,042 $ 185,066 '
TOTAL LIABILiTIES AND
FUND BALANCES $ 155,182 $ 942,383 $ 7,858 $ 556,042 $ 187,615 '
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, EXHIBIT B-1
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TREE DISEASE CRIME FIRE
GRANT REDUCTION SAFETY TOTAL
' PROGRAM PROJECT EDUCATION GIS
(#208) (#220) (#221) (#222) 1998 1997
�
$ 141 $ 3,500 $ 6,805 $ 32,939 $ 1,806,743 $ 1,437,632
� 0 0 0 0 4,724 4,959
0 0 0 0 80,999 104,624
0 0 0 0 0 0
� 0 0 0 0 0 0
$ 141 $ 3,500 $ 6,805 $ 32,939 $ 1,892,466 $ 1,547,215
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$ 0 $ 0 $ 0 $ 0 $ 550 $ 10,974
, 0 0 0 0 80,967 98,547
$ 0 $ 0 $ 0 $ 0 $ 81,517 $ 109,521
' $ 0 $ 0 $ 0 $ 0 $ 76,520 $ 109,000
141 3,500 6,805 32,939 1,734,429 1,328,694
' $ 141 $ 3,500 $ 6,805 $ 32,939 $ 1,810,949 $ 1,437,694
� $ 141 $ 3,500 $ 6,805 $ 32,939 $ 1,892,466 $ 1,547,215
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CITY OF ROSEMOUNT, MINNESC�TA '
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
SPECIAL REVENUE FUNDS '
YEAR ENDED DECEMBER 31, 1998
MISSISSIPPI '
BUILDING STREET RIVER PARK EQUIPMENT
CIP CIP GRANT MPROVEMENT CIP
(#202) (#203) (#204) (#205) (#207) '
REVENUE:
General property taxes $ 64,000 $ 322,990 $ 0 $ 0 $ 486,900
Municipal state aid(MSA) 0 686,357 0 0 0 �
Intergovernmental 0 0 10,881 0 0
User fees 0 75,719 0 0 74
Special assessments 2,529 20,884 0 0 2,529 �
Interest earnings 10,208 30,070 125 27,311 5,164
Net increase(decrease) FMV investments 0 (937) 0 (344) 1,178
Park dedication 0 0 0 258,525 0 �
Sale of general fixed assets 0 0 0 0 14,868
Donations and other 0 0 0 0 1,926
Lease proceeds 0 0 0 0 0 '
TOTAL REVENUE $ 76,737 $ 1,135,084 $ 11,006 $ 285,492 $ 512,640
EXPENDITURES: '
Supplies $ 0 $ 0 $ 0 $ 0 $ 0
Other professional services 0 2,500 9,025 0 0
Other 2,500 0 0 247 2,500 '
Capital outlay 129,012 194 0 95,654 279,787
TOTAL EXPENDITURES $ 131,512 $ 2,694 $ 9,025 $ 95,901 $ 282,287
EXCESS (DEFICIENCY}OF REVENUE ,
OVER EXPENDITURES $ (54,775) $ 1,132,390 $ 1,981 $ 189,591 $ 230,353
OTHER FINANCING SOURCES(USES) '
Lease payments $ 0 $ 0 $ 0 $ 0 $ (310,962)
Operating transfers in 0 0 0 0 0 '
Operating transfers out 0 (786,356) 0 (57,500) 0
TOTAL $ 0 $ (786,356) $ 0 $ (57,500) $ (310,962)
EXCESS ( DEFICIENCY)OF REVENUE AND '
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER
FINANCING USES $ (54,775) $ 346,034 $ 1,981 $ 132,091 $ (80,609)
BEGINNING FUND BALANCES 208,798 517,700 5,717 423,408 266,675 '
Prior period adjustments 0 0 0 0 0 ,
BEGINNING FUND BALANCES,as restated 208,798 517,700 5,717 423,408 266,675
RESIDUAL EQUITY TRANSFERS IN 0 0 0 543 0 1
ENDING FUND BALANCES $ 154,023 $ 863,734 $ 7,698 $ 556,042 $ 186,066
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' EXHIBIT B-2
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, TREE DISEASE CRIME FIRE
GRANT REDUCTION SAFETY
PROGRAM PROJECT EDUCATION GIS TOTAL
' (#208) (#220) (#221) (#222) 1998 1997
$ 0 $ 0 $ 0 $ 0 $ 873,890 $ 720,800
' 0 0 0 0 686,357 0
0 27,523 0 0 38,404 36,930
0 0 0 25,600 101,394 190,826
' 0 0 0 0 25,942 92,068
1 70 61 182 73,193 69,854
0 0 0 0 (103) 3,724
, 0 0 0 0 258,525 135,906
0 0 0 0 14,868 19,670
0 0 1,754 0 3,680 40,476
' 0 0 0 0 0 0
$ 1 $ 27,592 $ 1,815 $ 25,782 $ 2,076,149 $ 1,310,254
, $ 0 $ 1,690 $ 0 $ 0 $ 1,690 $ 2,750
0 18,262 0 655 30,442 31,057
' 0 5,418 1,177 0 11,841 28,157
0 0 0 0 504,647 461,835
$ 0 $ 25,369 $ 1,177 $ 655 $ 548,620 $ 523,799
�
$ 1 $ 2,223 $ 638 $ 25,127 $ 1,527,530 $ 786,455
'
$ 0 $ 0 $ 0 $ 0 $ (310,962) $ (220,438)
, 0 0 0 0 0 0
0 0 0 0 (843,856) (496,809)
$ 0 $ 0 $ 0 $ 0 $ (1,154,818) $ (717,247)
'
' $ 1 $ 2,223 $ 638 $ 25,127 $ 372,712 $ 69,207
140 1,277 6,167 7,812 1,437,694 1,362,379
' 0 0 0 0 0 (489)
140 1,277 6,167 7,812 1,437,694 1,361,890
' 0 0 0 0 543 6,597
$ 141 $ 3,500 $ 6,805 $ 32,939 $ 1,810,949 $ 1,437,694
'
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CITY OF ROSEMOUNT, MINNESOTA '
COMBINING SCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCES—BUDGET(AS AMENDED)AND ACTUAL (BUDGETARY BASIS) '
ANNUALLY ADOPTED SPECIAL REVENUE FUNDS
YEAR ENDED DECEMBER 31, 1998
BUILDING CIP FUND I
BUDGET FAVORABLE
(as (UNFAVORABLE) ,
REVENUE: Amended) ACTUAL VARIANCE
General property taxes $ 64,000 $ 64,000 $ 0
Municipal state aid (MSA) 0 0 0 '
Tax increments 0 0 0
Userfees 0 0 0
Special assessments 0 2,529 2,529 '
Interest earnings 4,100 10,208 6,108
Net increase in the fair value of investments 0 0 0
Sale of general fixed assets 0 0 0 '
Donations and other 0 0 0
Lease proceeds 0 0 0
TOTAL REVENUES $ 68,100 $ 76,737 $ 8,637
EXPENDITURES: '
Other 2,250 2,500 (250)
Operating lease payments 0 0 0 '
Capital outlay 64,000 108,012 (44,012)
TOTAL EXPENDITURES $ 66,250 $ 110,512 $ (44,262)
EXCESS(DEFICIENCY)OF REVENUE '
OVER EXPENDITURES $ 1,850 $ (33,775) $ (35,625)
OTHER FINANCING SOURCES (USES) I
Transfers in $ 0 $ 0 $ 0
Transfers out 0 0 0 ,
TOTAL $ 0 $ 0 $ 0
EXCESS ( DEFICIENCY)OF REVENUE OVER
EXPENDITURES AND ENCUMBRANCES '
AND OTHER FINANCING SOURCES(USES) $ 1,850 $ (33,775) $ (35,625)
Reconciliation to GAAP basis '
elimination of encumbrances, net (21,000)
BEGINNING FUND BALANCES 208,798 ,
Prior period adjustments �
BEGINNING FUND BALANCES, as restated 208,798 ,
RESIDUAL EQUITY TRANSFERS IN '
ENDING FUND BALANCES $ 154,023
'
50
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' EXHIBIT B-3
(Continued)
'
, STREET CIP FUND EQUIPMENT CIP FUND
BUDGET FAVORABLE BUDGET FAVORABLE
' (as (UNFAVORABLE) (as (UNFAVORABLE)
Amended) ACTUAL VARIANCE Amended) ACTUAL VARIANCE
$ 322,990 $ 322,990 $ 0 $ 486,900 $ 486,900 $ 0
, 0 686,357 686,357 0 0 0
0 0 0 0 0 0
50,000 75,719 25,719 0 74 74
' 17,000 20,884 3,884 0 2,529 2,529
10,100 30,070 19,970 4,100 5,164 1,064
0 (937) (937) 0 1,178 1,178
' 0 0 0 0 14,868 14,868
0 0 0 0 1,926 1,926
0 0 0 0 0 0
' $ 400,090 $ 1,135,084 $ 734,994 $ 491,000 $ 512,640 $ 21,640
' 2,250 2,500 (250) 2,250 2,500 (250)
0 0 0 311,400 310,962 438
389,990 75,194 314,796 153,000 193,308 (40,308)
$ 392,240 $ 77,694 $ 314,546 $ 466,650 $ 506,770 $ (40,120)
,
$ 7,850 $ 1,057,390 $ 1,049,540 $ 24,350 $ 5,870 $ (18,480)
,
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0
' 0 (786,356) (786,356) 0 0 0
$ 0 $ (786,356) $ (786,356) $ 0 $ 0 $ 0
� $ 7,850 $ 271,034 $ 263,184 $ 24,350 $ 5 870 $ 18 480
, ( , )
, 75,000 (86,479)
, 517,700 266,675
0 0
' 517,700 266,675
' 0
$ 863,734 $ 186,066
'
51
1
CITY OF ROSEMOUNT, MINNESOTA '
COMBINING SCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCES-BUDGET(AS AMENDED)AND ACTUAL (BUDGETARY BASIS) '
ANNUALLY ADOPTED SPECIAL REVENUE FUNDS
YEAR ENDED DECEMBER 31, 1998
TOTAL-1998 '
BUDGET FAVORABLE
(as (UNFAVORABLE) '
REVENUE: Amended) ACTUAL VARIANCE
General property taxes $ 873,890 $ 873,890 $ 0
Municipal state aid (MSA) 0 686,357 686,357 ,
Tax increments 0 0 0
User fees 50,000 75,794 25,794
Special assessments 17,000 25,942 8,942 '
Interest earnings 18,300 45,442 27,142
Net increase in the fair value of investments 0 241 241
Sale of general fixed assets 0 14,868 14,868 '
Donations and other 0 1,926 1,926
Lease proceeds 0 0 0
TOTAL REVENUES $ 959,190 $ 1,724,460 $ 765,270 '
EXPENDITURES:
Other 6,750 7,500 (750)
Operating lease payments 311,400 310,962 438 ,
Capital outlay 606,990 376,514 230,476
TOTAL EXPENDITURES $ 925,140 $ 694,977 $ 230,163
EXCESS(DEFICIENCY)OF REVENUE �
OVER EXPENDITURES $ 34,050 $ 1,029,484 $ 995,434
OTHER FINANCING SOURCES(USES) I
Transfers in $ 0 $ 0 $ 0
Transfers out 0 (786,356) (786,356) '
TOTAL $ 0 $ (786,356) $ (786,356)
EXCESS( DEFICIENCY)OF REVENUE OVER �
EXPENDITURES AND ENCUMBRANCES
AND OTHER FINANCING SOURCES(USES) $ 34,050 $ 243,128 $ 209,078
Reconciliation to GAAP basis ,
elimination of encumbrances, net (32,479)
BEGINNING FUND BALANCES 993,173 ,
Prior period adjustment �
BEGINNING FUND BALANCES,as restated 993,173 '
RESIDUAL EQUITY TRANSFERS IN � '
ENDING FUND BALANCES $ 1,203,822
,
52
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, EXHIBIT B-3
(Concluded)
,
' TOTAL-1997
BUDGET FAVORABLE
� (as (UNFAVORABLE)
Amentied) ACTUAL VARIANCE
$ 720,800 $ 720,800 $ 0
� 0 0 0
0 0 0
44,100 181,789 137,689
' 0 92,068 92,068
9,200 42,949 52,149
0 1,308 1,308
' 18,000 19,670 37,670
80,000 33,191 (46,809)
0 0 0
' $ 872,100 $ 1,091,775 $ 219,675
' 6,750 6,750 0
220,800 220,438 362
639,000 450,473 188,527
$ 866,550 $ 677,661 $ 188,889
'
$ 5,550 $ 414,114 $ 408,564
'
$ 0 $ 0 $ 0
' 0 (469,315) (469,315)
$ 0 $ (469,315) $ (469,315)
'
$ 5,550 $ (55,201) $ (60,751)
r
109,000
' 932,482
295
' 932,777
' 6,597
$ 993,173
'
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' DEBT SERVICE FUNDS
Debt Service Funds are established to finance and account for the payment of principal and
, interest on all general obligation debt including that payable from special assessments but
excluding debt issued for and serviced by a governmental enterprise. Provisions are made in the
' City's general property tax levy for money sufficient to meet the general obligation debt and any
improvement bonds that are structured to include tax levies. Special assessment levies are
sufficient to meet the debt service obligation of the special assessment improvement debt issues
' unless structured differently.
General Obligation Bond Debt Service Funds presently established are as follows:
, 1992C Community Center Bonds
1993D Municipal Building Refunding Bonds
1 1996A Fire Station Bonds
1992A Improvement Bonds
1993A Improvement Bonds
, 1993B Improvement Refunding Bonds
1994A Improvement Bonds
1997B Improvement Bonds
, 1995A Improvement Bonds
1997A Improvement Bonds
' 1991 A Improvement Bonds
1991 B Improvement Bonds
1992D Improvement Bonds
' 1994C State Aid Street Bonds
1998A Improvement Bonds
1998B Improvement Bonds
' 1998C Improvement Bonds
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CITY OF ROSEMOUNT, MINNESOTA �
COMBINING BALANCE SHEET
DEBT SERVICE FUNDS ,
DECEMBER 31, 1998
G.O. G.O. G.O. �
COMMUNITY CITY HALL FIRE S.A.
CENTER REFUNDING STATION IMPROVEMENT �
1992C 1993D 1996A 1992A
(#301) (#302) (#303) (#321)
'
ASSETS
Cash and investments $ 99,891 $ 200,213 $ 131,365 $ 287,597 '
Accounts receivable 0 0 0 0
Special assessments receivable 0 0 0 6,250
TOTAL ASSETS
$ 99,891 � 200,213 $ 131,365 $ 293,847 �
�
LIABILITIES AND FUND BALANCE
LIABILITI
ES: ,
Deferred revenue $ 0 S 0 $ 0 $ 6,250
FUND BA
LANCE: '
Reserved for debt service 99,891 200,213 131,365 287,597
TOTAL LIABILITIES AND FUND BALANCE $ 99,891 $ 200,213 $ 131,365 $ 293,847 '
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56
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' EXHIBIT C-1
(Continued)
�
'
S.A.
S.A. IMPROVEMENT S.A. S.A. S.A. S.A.
' IMPROVEMENT REFUNDING IMPROVEMENT IMPROVEMENT IMPROVEMENT IMPROVEMENT
1993A 19936 1994A 19976 1995A 1997A
(#322) (#323) (#324) (#325) (#326) (#327)
,
' $ 187,986 $ 703,495 $ 1,252,923 $ 262,940 $ 789,895 $ 789,184
0 0 3,328 0 0 0
' 21,600 43,419 49,221 900,357 324,587 1,784,960
$ 209,586 $ 746,914 $ 1,305,472 $ 1,163,297 $ 1,114,482 $ 2,574,144
,
,
$ 21,600 $ 23,501 $ 49,102 $ 853,077 $ 311,031 $ 1,500,403
'
187,986 723,412 1,256,371 310,220 803,451 1,073,741
,
$ 209,586 $ 746,914 $ 1,305,472 $ 1,163,297 $ 1,114,482 $ 2,574,144
'
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CITY OF ROSEMOUNT, MINNESOTA '
COMBINING BALANCE SHEET
DEBT SERVICE FUNDS '
DECEMBER 31, 1998
'
S.A. S.A. S.A. STATE AID '
IMPROVEMENT IMPROVEMENT IMPROVEMENT STREET
1991A 1991B 1992D 1994C
(#328) (#329) (#330) (#331) '
ASSETS
Cash and investments $ 220,755 $ 101,662 $ 587,352 $ 362,434 '
Accounts receivable 0 0 620 0
Special assessments receivable 92,786 0 83,192 0 ,
TOTAL ASSETS $ 313,541 $ 101,662 $ 671,165 $ 362,434
'
LIABILITIES AND FUND BALANCE �
LIABILITIES:
Deferred revenue $ 92,786 $ 0 $ 78,167 $ 0 '
FUND BALANCE:
Reserved for debt service 220,755 101,662 592,997 362,434 �
TOTAL LIABILITIES AND FUND BALANCE $ 313,541 $ 101,662 $ 671,165 $ 362,434
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58
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' EXHIBIT C-1
(Concluded)
'
' G.O. G.O. G.O.
' IMPROVEMENT IMPROVEMENT IMPROVEMENT
BONDS BONDS BONDS TOTAL
1998A 1998B 1998C
' (#332) (#333) (#334) 1998 1997
' $ 1,006,183 $ 172,000 $ 36,849 $ 7,192,724 $ 6,034,627
0 0 0 3,949 2,318
' 0 0 0 3,306,372 869,520
$ 1,006,183 $ 172,000 $ 36,849 $ 10,503,045 $ 6,906,465
�
'
$ 0 $ 0 $ 0 $ 2,935,917 $ 856,695
'
1,006,183 172,000 36,849 7,567,127 6,049,770
, $ 1,006,183 $ 172,000 $ 36,849 $ 10,503,045 $ 6,906,465
'
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CITY OF ROSEMOUNT, MINNESOTA ,'
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
DEBT SERVICE FUNDS '
YEAR ENDED DECEMBER 31, 1998
G.O. G.O. G.O. '
COMMUNITY CITY HALL FIRE S.A.
CENTER REFUNDING STATION IMPROVEMENT
1992C 1993D 1996A 1992C '
(#301) (#302) (#303) (#321)
REVENUE: '
General property taxes $ 101,252 $ 148,801 $ 156,135 $ 0
Municipal state aid (MSA) 0 0 0 0
Special assessments 0 0 0 15,288 '
Interest earnings 1,958 5,023 1,669 13,078
Net increase in the fair value of investments 0 0 0 0
Other 0 0 0 0 '
TOTAL REVENUE $ 103,210 $ 153,824 $ 157,804 $ 28,366
EXPENDITURES: �
Bond principal $ 40,000 $ 115,000 $ 55,000 $ 70,000
Interest on bonds 57,430 23,870 89,869 21,033
Fiscal agent fees 483 0 199 450 '
Other 0 0 0 0
TOTAL EXPENDITURES $ 97,913 $ 138,870 $ 145,068 $ 91,482
EXCESS (DEFICIENCY) OF REVENUE '
OVER EXPENDITURES $ 5,297 $ 14,954 $ 12,737 $ (63,116)
OTHER FINANCING SOURCES(USES) '
Proceeds from the sale of bonds $ 0 $ 0 $ 0 $ 0
Operating tranfers in 0 0 0 0 '
TOTAL $ 0 $ 0 $ 0 $ 0
EXCESS (DEFICENCY) OF REVENUE AND '
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES $ 5,297 $ 14,954 $ 12,737 $ (63,116)
BEGINNING FUND BALANCES 94,594 185,259 118,628 350,713 �
Prior period adjustments 0 0 0 0 '
BEGINNING FUND BALANCE, as restated 94,594 185,259 118,628 350,713
RESIDUAL EQUITY TRANSFERS IN (OUT) 0 0 0 0 '
ENDING FUND BALANCES $ 99,891 $ 200,213 $ 131,365 $ 287,597 �
'
60
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' EXHIBIT C-2
(Continued)
'
' S.A.
S.A. IMPROVEMENT S.A. S.A. S.A. S.A.
IMPROVEMENT REFUNDING IMPROVEMENT IMPROVEMENT IMPROVEMENT IMPROVEMENT
, 1993A 19936 1994A 1997B 1995A 1997A
(#322) (#323) (#324) (#325) (#326) (#327)
' $ 0 $ 0 $ 0 $ 0 $ 21,769 $ 0
0 0 0 0 0 0
' S,262 41,754 124,302 246,709 70,906 947,676
9,262 46,740 59,200 3,322 49,697 8,922
0 1,238 3,872 0 1,770 0
' 0 0 0 0 0 0
$ 14,524 $ 89,731 $ 187,374 $ 250,031 $ 144,142 $ 956,598
' S 55,000 $ 325,000 $ 135,000 $ 0 $ 370,000 $ 0
16,970 30,830 72,965 46,604 72,865 138,255
' 448 0 484 0 0 177
0 0 1 0 1 0
S 72,418 $ 355,830 $ 208,449 $ 46,604 $ 442,866 $ 138,432
�
S (57,894) $ (266,098) $ (21,076) $ 203,427 $ (298,723) $ 818,166
1
S 0 $ 0 $ 0 $ 0 $ � $ �
' 0 0 0 0 20,000 0
� 0 $ 0 $ 0 $ 0 $ 20,000 $ �
�
� (57,894) $ (266,098) $ (21,076) $ 203,427 $ (278,723) $ 818,166
� 245,880 989,510 1,277,446 81,568 1,082,174 205,477
' 0 0 0 0 0 �
245,880 989,510 1,277,446 81,568 1,082,174 205,477
� 0 0 0 25,225 0 50,098
' $ 187,986 $ 723,412 $ 1,256,371 $ 310,220 $ 803,451 $ 1,073,741
'
61
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CITY OF ROSEMOUNT. MINNESOTA '
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
DEBT SERVICE FUNDS '
YEAR ENDED DECEMBER 31, 1998
S.A. S.A. S.A. ,
IMPROVEMENT IMPROVEMENT IMPROVEMENT '
1991 A 1991 B 1992D
(#328) (#329) (#330)
REVENUE: '
General property taxes $ 5,804 $ 0 $ 7,572
Municipal state aid (MSA) 0 0 0
Special assessments 36,789 0 85,604 '
Interest earnings 9,979 5,217 31,336
Net increase in the fair value of investments 0 0 0
Other 0 0 0 '
TOTAL REVENUE $ 52,572 $ 5,217 $ 124,512
EXPENDITURES: t
Bond principal $ 120,000 $ 25,000 $ 145,000
Interest on bonds 31,830 7,750 52,164
Fiscal agent fees 489 397 485 �
Other 0 0 0
TOTAL EXPENDITURES $ 152,319 $ 33,147 $ 197,648
EXCESS (DEFICIENCY) OF REVENUE t
OVER EXPENDITURES $ (99,747) $ (27,930) $ (73,136)
OTHER FINANCING SOURCES (USES) '
Proceeds from the sale of bonds $ 0 $ 0 $ 0
Operating tranfers in 0 0 40,100 '
TOTAL $ 0 $ 0 $ 40,100
EXCESS (DEFICENCY) OF REVENUE AND �
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES $ (99,747) $ (27,930) $ (33,036)
BEGINNING FUND BALANCES 320,502 129,592 626,033 �
Prior period adjustments 0 0 0 ,
BEGINNING FUND BALANCE, as restated 320,502 129,592 626,033
RESIDUAL EQUITY TRANSFERS IN (OUT) 0 0 0 �
ENDING FUND BALANCES $ 220,755 $ 101,662 $ 592,997 '
'
62
,
, EXHIBIT C-2
(Concluded)
,
' G.O. G.O. G.O.
STATE AID IMPROVEMENT IMPROVEMENT IMPROVEMENT
' STREET BONDS BONDS BONDS TOTAL
1994C 1998A 19986 1998C
(#331) (#332) (#333) (#334) 1998 1997
' $ 0 $ 0 $ 0 $ 0 $ 441,333 $ 404,771
90,226 0 0 0 90,226 88,150
' 0 927,035 0 0 2,501,325 803,181
20,493 2,827 2,187 41 270,952 234,843
0 2,322 0 0 9,202 9,160
' 0 0 0 0 0 0
$ 110,719 $ 932,184 $ 2,187 $ 41 $ 3,313,037 $ 1,540,105
� $ 65,000 $ 0 $ 0 $ 0 $ 1,520,000 $ 1,335,000
25,226 0 0 0 687,661 571,832
, 453 0 0 0 4,063 4,148
0 1 0 0 3 13,500
$ 90,679 $ 1 $ 0 $ 0 $ 2,211,727 $ 1,924,480
'
$ 20,040 $ 932,183 $ 2,187 $ 41 $ 1,101,311 $ (384,374)
�
$ 0 $ 74,000 $ 169,813 $ 36,808 $ 280,623 $ 283,621
� 0 0 0 0 60,100 60,100
$ 0 $ 74,000 $ 169,813 $ 36,808 $ 340,723 $ 343,721
'
$ 20,040 $ 1,006,183 $ 172,000 $ 36,849 $ 1,442,034 $ (40,653)
1 342,394 0 0 0 6,049,770 5,482,909
' 0 0 0 0 0 2,529
342,394 0 0 0 6,049,770 5,485,438
' 0 0 0 0 75,323 604,986
' $ 362,434 $ 1,006,183 $ 172,000 $ 36,849 $ 7,567,127 $ 6,049,770
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, CAPITAL PROJECT FUNDS
Capital Project Funds are established to account for the resources expended to acquire assets of a
� relatively permanent nature, other than those financed by proprietary funds and trust funds. These
funds evolve from the need for special accounting for bond proceeds, grants and contributions for
the acquisition of capital assets.
' Ca ital Pro'ect Funds rovide a formal mechanism which enables administrators to ensure that
P J P
revenues designated for certain purposes are properly used. Capital Project Funds further
, enhance reporting that requirements regarding the use of revenue were fully satisfied.
The City's Capital Project Funds are as follows:
� th
145 Street Improvements—CSAH 42 to Brazil Avenue
' Bloomfield Addition
Stonebridge 3`d Addition
CSAH 42 & Canada Avenue Turn Lanes
' Hawkins Pond Addition
Chippendale Avenue Improvements
Biscayne Avenue Northerly Extension
' Wensmann 10`'' Addition
Broback Park Addition
Geronime Pond Addition
� McNamara Addition Phase I
Shannon Pond East 2"d Addition
CSAH 46 (160`� Street) Improvements
` Biscayne Pointe Addition
Brockway Draw Trunk Sanitary Sewer Phase 1
' Wensmann 12`h Addition
Shannon Pond South Addition
The Enclave Addition
, Family Resource Center Building
Wensmann 11`}' Addition
1997 Street & Utility Reconstruction
' Bloomfield 2"d Addition
Erickson Community Square Shelter
Diamond Path Watermain Improvements
� Geronime Pond 2"d Addition
Rosemount Commons Addition }
Public Works Building Expansion
' McNamara Addition Phase 2
Diamond Path Project
' Dodd Boulevard Project
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CITY OF ROSEMOUNT. MINNESOTA ,
COMBINING BALANCE SHEET
CAPITAL PROJECT FUNDS '
DECEMBER 31, 1998
�
CSAH 42 8�
145TH ST IMP CANADA '
CSAH 42 TO BLOOMFIELD STONEBRIDGE AVENUE
BRAZIL AVE ADDITION 3RD ADD'N TURN LANES
(#401) (#402) (#403) (#404) '
ASSETS
Cash and investments $ 45,122 $ 317,355 $ 34,658 $ 0 '
Due from other funds 0 288,743 0 0
TOTAL ASSETS $ 45,122 $ 606,098 $ 34,658 $ 0 �
LIABILITIES AND FUND BALANCES ,
LIABILITIES: ,
Accounts payable $ 4,058 $ 7,901 $ 1,183 $ 0
Contracts payable 44,514 51,928 6,380 0
Due to other funds 0 0 0 19,911 �
Deferred revenue 0 0 0 0
TOTAL LIABILITIES $ 48,572 $ 59,829 $ 7,563 $ 19,911 �
FUND BALANCES:
Reserved for capital projects $ 0 $ 546,269 $ 27,095 $ 0 '
Unreserved (3,450) 0 0 (19,911)
TOTAL FUND BALANCES $ (3,450) $ 546,269 $ 27,095 $ (19,911) '
TOTAL LIABILITIES AND
FUND BALANCES $ 45,122 $ 606,098 $ 34,658 $ 0 ,
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' EXHIBIT D-1
(Continued)
,
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, BISCAYNE
HAWKINS CHIPPENDALE AVENUE BROBACK GERONIME
POND AVENUE NORTHERLY WENSMANN INDUSTRIAL POND
' ADDITION IMPROVEMENTS EXTENSION 10TH ADD'N PARK ADDITION
(#405) (#406) (#407) (#408) (#409) (#410)
, $ 59,041 $ 120,720 $ 17,898 $ 2,150 39,052 $ 84,478
0 0 0 0 0 0
1 $ 59,041 $ 120,720 $ 17,898 $ 2,150 $ 39,052 $ 84,478
1
' $ 0 $ 5,213 $ 0 � 498 $ 881 $ 0
0 94,139 0 0 16,826 0
' 0 0 0 0 0 0
0 0 0 0 0 0
' $ 0 $ 99,352 $ 0 $ 498 $ 17,707 $ 0
' $ 59,041 $ 21,369 $ 17,898 $ 1,651 $ 21,345 $ 84,478
0 0 0 0 0 0
� $ 59,041 $ 21,369 $ 17,898 $ 1,651 $ 21,345 $ 84,478
' $ 59,041 $ 120,720 $ 17,898 $ 2,150 $ 39,052 $ 84,478
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CITY OF ROSEMOUNT, MINNESOTA ,
COMBINING BALANCE SHEET
CAPITAL PROJECT FUNDS '
DECEMBER 31, 1998
BROCKWAY '
DRAW TRUNK ,
CSAH 46 SANITARY
(160TH STREET) BISCAYNE SEWER WENSMANN
IMPROVEMENTS POINTE PHASE I 12TH ADD'N
(#415) (#416) (#417) (#418) '
ASSETS
Cash and investments $ 74,520 $ 284,047 $ 171,363 $ 0 '
Due from other funds 0 0 0 0
TOTALASSETS $ 74,520 $ 284,047 $ 171,363 $ 0 �
LIABILITIES AND FUND BALANCES '
LIABILITIES: ,
Accounts payable $ 0 $ 329 $ 219 $ 2,970
Contracts payable 0 0 0 0
Due to other funds 0 0 0 15,307 '
Deferred revenue 0 0 0 0
TOTAL LIABILITIES $ 0 $ 329 $ 219 $ 18,277 '
FUND BALANCES:
Reserved for capital projects $ 74,520 $ 283,719 $ 171,144 $ 0 '
Unreserved 0 0 0 (18,277)
TOTAL FUND BALANCES $ 74,520 $ 283,719 $ 171,144 $ (18,277) �
T07AL LIABILITIES AND
FUND BALANCES $ 74,520 $ 284,047 $ 171,363 $ 0 ,
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68
1
, EXHIBIT D-1
(Continued)
,
'
' FAMILY 1997 STREET 8�
SHANNON RESOURCE WENSMANN UTILITY BLOOMFIELD
, POND SOUTH THE ENCLAVE CENTER BLDG 11TH ADD'N RECONSTRUCT 2ND ADD'N
(#419) (#420) (#421) (#422) (#423) (#424)
' $ 0 $ 275,306 $ 0 $ 402,891 $ 97,597 $ 0
0 0 0 0 0 0
� $ 0 $ 275,306 $ 0 $ 402,891 $ 97,597 $ 0
'
' $ 7,694 $ 113 $ 2,160 $ 25,922 $ 0 $ 2,457
0 0 51,441 25,774 0 0
, 0 0 131,367 0 0 20,971
0 0 0 0 0 0
� $ 7,694 $ 113 $ 184,968 $ 51,696 $ 0 $ 23,428
' $ 0 $ 275,193 $ 0 $ 351,135 $ 97,597 $ 0
(7,694) 0 (184,968) 0 0 (23,428)
' $ (7,694) $ 275,193 $ (184,968) $ 351,195 $ 97,597 $ (23,428)
� $ 0 $ 275,306 $ 0 $ 402,891 $ 97,597 $ 0
'
'
'
,
69
'
CITY OF ROSEMOUNT, MINNESOTA '
COMBINING BALANCE SHEET
CAPITAL PROJECT FUNDS ,
DECEMBER 31, 1998
,
DIAMOND PATH '
WATERMAIN GERONIME POND ROSEMOUNT P.W. BUILDING
IMPROVEMENTS 2ND ADD'N COMMONS EXPANSION
(#426) (#428) (#429) (#430) '
ASSETS
Cash and investments $ 7,352 $ 25,275 $ 0 $ 0 '
Due from other funds 0 0 0 0
TOTAL ASSETS $ 7,352 $ 25,275 $ 0 $ 0 �
LIABILITIES AND FUND BALANCES '
LIABILITIES: ,
Accounts payable $ 0 $ 1,053 $ 3,047 $ 923
Contracts payable 5,261 13,203 0 23,546
Due to other funds 0 0 1,585 78,944 '
Deferred revenue 0 0 0 0
TOTAL LIABILITIES $ 5,261 $ 14,256 $ 4,631 $ 103,413 �
FUND BALANCES:
Reserved for capital projects $ 2,090 $ 11,019 $ 0 $ 0 '
Unreserved 0 0 (4,631) (103,413)
TOTAL FUND BALANCES $ 2,090 $ 11,019 $ (4,631) $ (103,413) '
TOTAL LIABILITIES AND
FUND BALANCES $ 7,352 $ 25,275 $ 0 $ � �
'
'
,
'
70
,
iEXHIBIT D-1
(Concluded)
'
�
, McNAMARA DIAMOND DODD
ADDITION PATH BOULEVARD TOTAL
' PHASE2 PROJECT PROJECT
(#431) (#230) (#231) 1998 1997
' $ 0 $ 134,267 $ 65,749 $ 2,258,841 $ 2,647,534
0 0 0 288,743 31,605
, $ 0 $ 134,267 $ 65,749 $ 2,547,584 $ 2,679,139
'
' $ 4,629 $ 0 $ 0 $ 71,249 $ 63,328
0 0 0 333,012 149,366
' 20,657 0 0 288,743 31,605
0 134,267 65,749 200,015 188,355
, $ 25,286 $ 134,267 $ 65,749 $ 893,019 $ 432,654
' $ 0 $ 0 $ 0 $ 2,045,623 $ 2,316,925
(25,286) 0 0 (391,058) (70,440)
' $ (25,286) $ 0 $ 0 $ 1,654,564 $ 2,246,485
' $ 0 $ 134,267 $ 65,749 $ 2,547,584 $ 2,679,139
'
'
'
'
71
'
CITY OF ROSEMOUNT. MINNESOTA ,
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
CAPITAL PROJECT FUNDS '
YEAR ENDED DECEMBER 31, 1998
CSAH 42& �
145TH ST IMP CANADA HAWKINS
CSAH 42 TO BLOOMFIELD STONEBRIDGE AVENUE POND '
BRAZIL AVE ADDITION 3RD ADD'N TURN LANES ADDITION
(#401) (#402) (#403) (#404) (#d05)
REVENUE: '
Municipal state aid (MSA) $ 0 $ 0 $ 0 $ 0 $ 0
Special assessments 0 0 0 0 0
Interest earnings 11,352 15,007 1,445 0 6,631 '
Miscelianeous 0 0 0 0 0
TOTAL REVENUE $ 11,352 $ 15,007 $ 1,445 $ 0 $ 6,631
EXPENDITURES: I
Construction costs:
Improvements $ 604,999 $ 1,026,592 $ 127,599 $ 0 $ 49,282 �
Engineering fees 89,831 155,657 22,729 0 5,672
Other fees 3,809 27,306 3,679 0 0
Professionai fees 3,491 3,784 0 0 57
Other 0 0 0 0 39,551 ,
TOTAL EXPENDITURES $ 702,130 $ 1,213,338 $ 154,006 $ 0 $ 94,561
EXCESS (DEFICIENCY)OF REVENUE '
OVER EXPENDITURES $ (690,777) $ (1,198,331) $ (152,561) $ 0 $ (87,930)
OTHER FINANCING SOURCES(USES): �
Proceeds from the sale of bonds $ 412,807 $ 1,744,600 $ 179,656 $ 0 $ 0
Operating transfers in 507,200 0 0 0 4,059
Operating transfers out 0 0 0 0 (1,730) ,
TOTAL $ 920,007 $ 1,744,600 $ 179,656 $ 0 $ 2,329
EXCESS (DEFICIENCY)OF REVENUE '
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES $ 229,230 $ 546,269 $ 27,095 $ 0 $ (85,601)
29 370 0 0 (19,911) 147,667 �
BEGINNING FUND BALANCE ( , )
Prior period adjustments 0 0 0 0 0 �
BEGINNING FUND BALANCE,as restated (29,370) 0 0 (19,911) 147,667
RESIUUAL EQUITY TRANSFERS OUT (203,310) 0 0 0 (3,025) ,
ENDING FUND BALANCE $ (3,450) $ 546,269 $ 27,095 $ (19,911) $ 59,041 ,
,
72
,
, EXHIBIT D-2
(Continued)
,
' BISCAYNE
CHIPPENDALE AVENUE BROBACK GERONIME SHANNON POND
' AVENUE NORTHERLY WENSMANN INDUSTRIAL POND McNAMARA EAST
IMPROVEMENTS EXTENSION 10TH ADD'N PARK ADDITION ADDITION 2ND ADDITION
(#406) (#407) (#408) (#409) (#410) (#412) (#413)
I $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
35,300 17,723 0 0 0 0 0
, 14,736 175 22 161 14,204 4,119 1,483
0 0 0 0 0 0 0
$ 50,036 $ 17,898 $ 22 $ 161 $ 14,204 $ 4,119 $ 1,483
'
, $ 889,882 $ 0 $ 498 $ 336,529 $ 114,855 $ 30,048 $ 16,635
148,881 0 195 58,549 9,423 3,692 1,741
7,440 0 0 12,389 14 23 724
2,081 0 0 109 54 29 0
' 0 0 0 0 27,054 18,094 12,266
$ 1,048,283 $ 0 $ 694 $ 407,575 $ 151,399 $ 51,885 $ 31,366
' $ (998,247) $ 17,898 $ (672) $ 407,414 $ (137,195) $ (47,766) $ (29,883)
, $ 431,056 $ 0 $ 0 $ 430,507 $ 0 $ 0 $ 0
740,726 0 0 0 0 0 0
, 0 0 0 0 (83,486) (102) (702)
$ 1,171,782 $ 0 $ 0 $ 430,507 $ (83,486) $ (102) $ (702)
�
' $ 173,535 $ 17,898 $ (672) $ 23,093 $ (220,681) $ (47,867) $ (30,585)
33,822 0 2,323 (1,748) 331,542 98,278 56,287
� 0 0 0 0 0 0 �
33,822 0 2,323 (1,748) 331,542 98,278 56,287
' (185,988) 0 0 0 (26,383) (50,411) (25,702)
' $ 21,369 $ 17,898 $ 1,651 $ 21,345 $ 84,478 $ 0 $ 0
'
73
�
CITY OF ROSEMOUNT, MINNESOTA �
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
CAPITAL PROJECT FUNDS �
YEAR ENDED DECEMBER 31, 1998
BROCKWAY '
DRAW TRUNK
CSAH 46 SANITARY SHANNON
(160TH STREET) BISCAYNE SEWER WENSMANN POND ,
IMPROVEMENTS POINTE PHASE I 12TH ADD'N SOUTH
(#415) (#416) (#417) (#418) (#419)
REVENUE: ,
Municipal state aid (MSA) $ 0 $ 0 $ 0 $ 0 $ 0
Special assessments 33,602 0 0 0 0
Interest earnings 3,912 24,928 19,907 0 0 '
Miscellaneous 0 0 0 0 0
TOTAL REVENUE $ 37,514 $ 24,928 $ 19,907 $ 0 $ 0
EXPENDITURES: '
Construction costs:
Improvements $ 0 $ 359,316 $ 241,224 $ 4,725 $ 0 '
Engineering fees 43,579 44,709 29,078 2,970 7,694
Other fees 0 6,433 4,794 0 0
Professional fees 0 34 0 48 0
Other 0 17,966 12,061 0 0 '
TOTAL EXPENDITURES $ 43,579 $ 428,458 $ 287,156 $ 7,742 $ 7,694
EXCESS(DEFICIENCY)OF REVENUE '
OVER EXPENDITURES � (6,065) $ (403,530) $ (267,249) $ (7,742) $ (7,694)
OTHER FINANCING SOURCES(USES): '
Proceeds from the sale of bonds $ 0 $ 0 $ 0 $ 0 $ 0
Operating transfers in 0 0 31,035 0 0
Operating transfers out 0 0 0 0 0 '
TOTAL $ 0 $ 0 $ 31,035 $ 0 $ 0
EXCESS(DEFICIENCY)OF REVENUE '
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES $ (6,065) $ (403,530) $ (236,214) $ (7,742) $ (7,694) �
BEGINNING FUND BALANCE 80,585 687,249 483,976 (10,535) 0
Prior period adjustments 0 0 0 0 0 �
BEGINNING FUND BALANCE, as restate 80,585 687,249 483,976 (10,535) 0
RESIDUAL EQUITY TRANSFERS OUT 0 0 (76,618) 0 0 I
ENDING FUND BALANCE $ 74,520 $ 283,719 $ 171,144 $ (18,277) $ (7,694) ,
'
74
�
' EXHIBIT D-2
(Continued)
j
' FAMILY ERICKSON
RESOURCE 1997 STREET 8 COMMUNITY
, THE CENTER WENSMANN UTILITY BLOOMFIELD SQUARE
ENCLAVE BUILDING 11TH ADD'N RECONSTRUCTION 2ND ADD'N SHELTER
�#aso� �#az�� �#az2� �#a2s> �#aza� �#a2s�
� $ o $ o $ o $ o $ o $ o
0 0 0 0 0 0
' 21,210 592 116 21,743 0 3
0 17,500 0 0 0 300
$ 21,210 $ 18,092 $ 116 $ 21,743 $ 0 $ 303
�
, $ 665,554 $ 213,520 $ 437,599 $ 24,385 $ 0 $ 0
99,543 0 71,778 1,068 19,278 0
15,663 9,547 16,802 0 4,150 0
164 15,308 0 0 0 0
' 33,278 0 0 15,128 0 0
$ 814,202 $ 238,375 $ 526,179 $ 40,581 $ 23,428 $ 0
' $ (792,993) $ (220,283) $ (526,064) $ (18,838) $ (23,428) $ 303
' $ 1,077,062 $ 0 $ 840,221 $ 0 $ 0 $ 0
0 0 85,290 0 0 0
' 0 0 0 (188,907) 0 0
$ 1,077,062 $ 0 $ 925,511 $ (188,907) $ 0 $ 0
,
' $ 284,069 $ (220,283) $ 399,447 $ (207,745) $ (23,428) $ 303
(8,876) 35,315 0 357,623 0 240
' 0 0 0 0 0 0
(8,876) 35,315 0 357,623 0 240
' 0 0 (48,252) (52,281) 0 (543)
, $ 275,193 $ (184,968) $ 351,195 $ 97,597 $ (23,428) $ 0
'
75
'
CITY OF ROSEMOUNT. MINNESOTA '
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
CAPITAL PROJECT FUNDS �
YEAR ENDED DECEMBER 31, 1998
'
DIAMOND PATH GERONIME
WATERMAIN POND ROSEMOUNT P.W.BUILDING '
IMPROVEMENTS 2ND ADD'N COMMONS EXPANSION
(#426) (#428) (#429) (#430)
REVENUE: �
Municipal state aid (MSA) $ 0 $ 0 $ 0 $ 0
Special assessments 0 0 0 0
Interest earnings 72 359 0 0 '
Miscellaneous 0 0 0 0
TOTAL REVENUE $ 72 $ 359 $ 0 $ 0
EXPENDITURES: �
Construction costs:
Improvements $ 0 $ 215,770 $ 0 $ 103,413 '
Engineering fees 0 36,584 4,631 0
Otherfees 0 6,469 0 0
Professional fees 0 0 0 0 ,
Other 0 0 0 0
TOTAL EXPENDITURES $ 0 $ 258,824 $ 4,631 $ 103,413
EXCESS (DEFICIENCY)OF REVENUE '
OVER EXPENDITURES $ 72 $ (258,465) $ (4,631) $ (103,413)
OTHER FINANCING SOURCES(USES): '
Proceeds from the sale of bonds $ 0 $ 269,484 $ 0 $ 0
Operating transfers in 0 0 0 0
Operating transfers out 0 0 0 0 '
TOTAL $ 0 $ 269,484 $ 0 $ 0
EXCESS(DEFICIENCY)OF REVENUE '
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES ' $ 72 $ 11,019 $ (4,631) $ (103,413) �
BEGINNING FUND BALANCE 2,018 0 0 0
Prior period adjustments 0 0 0 0 ,
BEGINNING FUND BALANCE, as restated 2,018 0 0 0
RESIDUAL EQUITY TRANSFERS OUT 0 0 0 0 I
ENDING FUND BALANCE $ 2,090 $ 11,019 $ (4,631) $ (103,413) '
'
76
,
' EXHIBIT D-2
(Concluded)
'
'
McNAMARA
' ADDITION TOTAL
PHASE 2
(#431) 1998 1997
I $ 0 $ 0 $ 0
0 86,625 129,820
, 0 162,178 70,519
0 17,800 85,893
$ 0 $ 266,603 $ 286,232
�
, $ 4,725 5,467,149 $ 2,213,640
20,562 877,841 462,191
0 119,241 75,485
' 0 25,158 29,622
0 175,398 144,589
$ 25,286 $ 6,664,787 $ 2,925,527
� $ (25,286) $ (6,398,184) $ (2,639,295)
� $ 0 $ 5,385,391 $ 4,082,355
0 1,368,310 1,647,492
, 0 (274,927) (779,245)
$ 0 $ 6,478,775 $ 4,950,602
'
� $ (25,286) $ 80,592 $ 2,311,307
0 2,246,485 (622,275)
' 0 0 1,521,799
0 2,246,485 899,524
' 0 (672,513) (964,346)
, $ (25,286) $ 1,654,564 $ 2,246,485
'
77
'
'
'
'
,
'
'
'
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�
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� ENTERPRISE FUNDS
Enterprise Funds are used to account for operations that are financed and operated in a manner
� similar to private business enterprises - where the intent of the governmental unit is that the costs
of providing goods or services to the general public on a continuing basis be financed or -
recovered primarily through user charges; or where the governmental unit has decided that
� periodic determination of net income is appropriate for accountability purposes. Records are
maintained on the accrual basis of accounting.
iWater Fund - This fund is used to account for the activities of the City's water distribution
operations.
� Sewer Fund - This fund is used to account for the activities of the City's collection and
treatment of sewage operations.
� Storm Water Fund - This fund is used to account for the activities of the City's storm water
drainage operations.
� k
Arena Fund - This fund is used to account for the activities of the City's ice azena operations.
1
1
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� THIS PAGE INTENTIONALLY LEFT BLANK
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,
CITY OF ROSEMOUNT, MINNESOTA �
COMBINING BALANCE SHEET
ENTERPRISE FUNDS �
DECEMBER 31, 1998
STORM �
WATER WATER �
(#601, 605, 610) SEWER (#603, 607, 611)
(615, 621, 8 427) (#602, 606,411 &414) (613, 614&620)
ASSETS:
�
CURRENT ASSETS:
Cash and investments $ 1,897,188 $ 2,458,370 $ 1,975,161 �
Accounts receivable 144,079 193,712 115,985
Special assessments receivable 11,317 16,651 200,461
Due from other funds 0 0 0 �
Prepaid items 13,415 46,375 5,535
TOTAL CURRENT ASSETS $ 2,065,998 $ 2,715,108 $ 2,297,141
�
PROPERTY AND EQUIPMENT:
Land $ 137,415 $ 0 $ 119,500 �
Buildings 1,423,303 72,702 45,000
Mains and lines 510,995 218,222 10,463,458
Other improvements 13,119,137 34,710,498 0 '
Machinery and equipment 800,050 281,576 118,506
Construction in progress 1,461,357 1,715,018 1,857,686
Less accumulated depreciation (5,200,555) (16,601,529) (2,004,560) �
NET PROPERTY AND EQUIPMENT $ 12,251,702 $ 20,396,488 $ 10,599,589
TOTALASSETS $ 14,317,699 $ 23,111,596 $ 12,896,730 '
�
�
�
i
�
80
1
1
' EXHIBIT E-1
(Continued)
�
�
� TOTAL
ARENA
(#650) 1998 1997
I
� $ 16,977 $ 6,347,696 $ 5,379,358
6,354 460,129 402,586
0 228,428 124,378
� 50,434 50,434 0
6,379 71,703 43,950
$ 80,143 $ 7,158,390 $ 5,950,272
i
� $ 0 $ 256,915 $ 256,915
5,198,841 6,739,846 6,739,846
0 11,192,674 1,783,236
' 0 47,829,635 56,854,123
11,624 1,211,756 1,189,483
0 5,034,061 660,601
' (519,163) (24,325,807) (23,194,206)
$ 4,691,302 $ 47,939,081 $ 44,289,998
' $ 4,771,445 $ 55,097,470 $ 50,240,270
'
'
�
'
�
�
81
,
CITY OF ROSEMOUNT. MINNESOTA '
COMBINING BALANCE SHEET
ENTERPRISE FUNDS �
DECEMBER 31, 1998
'
STORM
WATER WATER �
(#601, 605, 610) SEWER (#603, 607, 611)
LIABILITIES AND FUND EQUITY: (615, 621, 8�427) (#602, 606,411 &414) (613, 614 8�620)
CURRENT LIABILITIES: i
Current maturities of�ong-term debt $ 160,000 $ 0 $ 170,000
Accounts payable 4,845 1,290 821 �
Compensated absences payable 12,031 12,031 10,184
Accrued expenses 3,332 2,601 2,023
Accrued interest 24,909 0 52,782 �
Contracts payable 0 2,528 0
TOTAL CURRENT LIABILITIES $ 205,118 $ 18,450 $ 235,811
LONG-TERM LIABILITIES: �
Revenue bonds payable, (net of current
maturities and unamortized discounts) $ 1,126,355 $ 0 $ 2,211,371 �
Deferred revenue 10,468 15,468 198,722
TOTAL LONG-TERM LIABII.ITIES $ 1,136,823 $ 15,468 $ 2,410,093
TOTAL LIABILITIES $ 1,341,940 $ 33,919 $ 2,645,904 �
FUND EQUITY: '
Contributed capitai $ 9,593,635 $ 19,622,9C�5 $ 8,791,016
Retained earnings (deficit):
Reserved for capitai improvements ,
and debt service $ 1,290,000 $ 0 $ 2,395,000
Unreserved 2,092,124 3,454,772 (935,190)
Total retained earnings (deficit) $ 3,382,124 $ 3,454,772 $ 1,459,810 '
TOTAL FUND EQUITY $ 12,975,759 $ 23,077,677 $ 10,250,826
TOTAL LIABILITIES AND FUND EQUITY $ 14,317,699 $ 23,111,596 $ 12,896,730 �
�
,
�
�
82
'
, EXHIBIT E-1
(Concluded)
�
�
� TOTAL
ARENA
(#650) 1998 1997
� $ 35,000 $ 365,000 $ 350,000
4,605 11,562 19,672
� 2,519 36,765 41,744
2,698 10,655 7,777
� 0 77,692 83,296
0 2,528 3,000
$ 44,823 $ 504,202 $ 505,489
�
' $ 2,250,000 $ 5,587,726 $ 5,951,205
0 224,658 124,264
$ 2,250,000 $ 5,812,384 $ 6,075,469
� $ 2,294,823 $ 6,316,586 $ 6,580,958
� $ 2,608,877 $ 40,616,433 $ 37,453,735
� $ 2,285,000 $ 5,970,000 $ 6,345,148
(2,417,255) 2,194,451 (139,571)
$ (132,255) $ 8,164,451 $ 6,205,577
1 $ 2,476,622 $ 48,780,884 $ 43,659,312
, $ 4,771,445 $ 55,097,470 $ 50,240,270
,
�
�
,
83
'
CITY OF ROSEMOUNT, MINNESOTA '
COMBINING STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS
ENTERPRISE FUNDS �
YEAR ENDED DECEMBER 31, 1998
STORM �
WATER WATER
(#601,605,610) SEWER (#603,607,611)
(615,621,8 427) (#602,606,411 8 414) (613,614 8 620) �
OPERATING REVENUE:
Service charges $ 0 $ 779,906 $ 473,546
Water meter maintenance 6,800 0 0 �
Water meters 571,707 0 0
Miscellaneous 1,000 4,372 0
TOTAL OPERATING REVENUE � 579,507 $ 784,278 $ 473,546
OPERATING EXPENSES: �
Personal services $ 189,458 $ 179,408 $ 143,802
Supplies 81,299 7,675 2,401
Professional services and other charges 65,664 22,694 59,782 �
Other services and charges 64,058 22,107 637
Metro sewer charges 0 443,675 0
TOTAL OPERATING EXPENSES $ 400,479 $ 675,560 $ 206,622
OPERATING INCOME BEFORE DEPRECIATION $ 179,028 $ 108,719 $ 266,925 ,
DEPRECIATION (291,428) (565,309) (176,236)
OPERATING INCOME(LOSS) � (112,400) $ (456,590) $ 90,689 �
NON-OPERATING REVENUE(EXPENSES):
Connection fees $ 260,910 $ 279,470 $ 408,850
Property taxes 0 0 0 �
Special assessments 18,669 26,796 39,482
Interest earnings 97,251 129,590 88,719
Net increase in the fair value of investments 6,552 9,238 619
Gain(Loss)from disposal of fixed assets 8,264 913 0 �
Surcharges and penalties 93,990 5,922 4,891
Otherexpenses (1,000) (1,000) (1,000)
Interes:expense and fiscal agent fees (60,966) 0 (129,420) '
TOTAL $ 423,669 $ 450,929 $ 412,141
INCOME BEFORE OPERATING TRANSFERS $ 311,269 $ (5,661) $ 502,829
OPERATING TRANSFERS: '
Operating transfers in $ 120,919 $ 92,611 $ 61,396
Operating transfers out (98,128) (92,535) (393,890) '
TOTAL OPERATING TRANSFERS $ 22,791 $ 76 $ (332,494)
NET INCOME(LOSS) $ 334,060 $ (5,585) $ 170,335
ADD DEPRECIATION ON CONTRIBUTED ASSETS 201,833 534,008 144,625 '
INCREASE(DECREASE)IN RETAINED EARNINGS S 535,893 $ 528,423 $ 314,960
BEGINNING RETAINED EARNINGS 2,672,705 2,862,723 791,218 �
Prior period adjustments 69,774 (69,359) (6,278)
BEGINNING RETAINED EARNINGS,as restated 2,742,479 2,793,364 784,940
RESIDUAL EQUITY TRANSFERS IN 103,752 132,985 359,910 ,
ENDING RETAINED EARNINGS $ 3,382,124 $ 3,454,772 $ 1,459,810
L
84
'
, EXHIBIT E-2
'
� TOTAL
ARENA
, (#650) 1998 1997
$ 0 a 1,253,453 $ 1,085,127
� 0 6,800 6,450
0 571,707 507,765
281,175 286,547 254,157
$ 281,175 $ 2,118,506 $ 1,853,499
� $ 106,831 $ 619,499 $ 581,077
11,183 102,558 101,923
' 62,973 211,113 183,052
20,414 107,216 101,073
0 443,675 420,468
$ 201,402 $ 1,484,062 $ 1,387,593
� $ 79,773 $ 634,444 $ 465,906
(109,341) (1,142,314) (1,113,615)
� $ (29,568) $ (507,870) $ (647,709)
$ 0 $ 949,230 $ 606,991
� 109,200 109,200
0 84,946 106,951
19 315,579 330,766
0 16,409 33,556
, 1,536 10,713 (2,944)
0 104,803 112,123
0 (3,000) 8,920
1 (146,515) (336,901) 375,329
$ (35,760) $ 1,250,978 $ 799,194
$ (65,328) $ 743,109 $ 151,485
'
3 0 $ 274,926 $ 884,644
, (3,500) (588,053) (1,189,282)
$ (3,500) $ (313,127) $ (304,638)
$ (68,828) $ 429,982 $ (153,153)
' 57,642 938,108 932,320
$ (11,186) $ 1,368,090 $ 779,167
1 (121,069) 6,205,577 4,889,100
0 (5,863) 431,695
(121,069) 6,199,714 5,320,795
t0 596,647 105,615
� $ (132,255) $ 8,164,451 $ 6,205,577
85
'
CITY OF ROSEMOUNT, MINNESOTA '
COMBINING STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS '
YEAR ENDED DECEMBER 31, 1998
STORM �
WATER WATER
(#601,605,610,) SEWER (#6Q3,607,611)
(615,621&427) (#602,606,411 8 414) (613,614,8 620) '
CASH FLOWS FROM OPERATING ACTIVITIES:
Operating income(loss) $ (112,400) $ (456,590) $ 90,689
Adjustments to reconcile operating income(loss) ,
to net cash provided(used)by operating activities:
Depreciation 291,428 565,309 176,236
Gain(Loss)from disposai of fixed assets 8,264 913 - �
Non-operating revenue(net of non-operating expenses) 372,568 311,168 452,223
Prior period adjustments 69,774 (69,359) (6,278)
Change in assets and liabilities:
(Increase)decrease in accounts receivable (18,039) (25,839) (24,580) ,
(Increase)decrease in speciai assessments receivable 2,186 3,921 (110,158)
(Increase)decrease in property taxes receivable -
(Increase)decrease in prepaid items (11,341) (7,080) (4,069)
(Increase)decrease in due from other funds - '
Increase(decrease)in accounts payable (1,770) (4,533) 407
Increase(decrease)in compensated absences payable (1,572) (1,572) (1,016)
Increase(decrease)in accrued expenses 992 830 588
Increase(decrease)in accrued interest (2,537) - (3,068) �
Increase(decrease)in contracts payable (3,000) 2•52$ '
Increase(decrease)in deferred revenue (25,229) (4,119) 129,742
Net Cash Provided(Used)by Operating Activities $ 569,324 $ 315,597 $ 700,716
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: �
Rzsidual equity transfers from other funds $ 103,752 $ 132,985 $ 359,910
Residual equity transfers to other funds - '
Operating transfers from other funds 120,919 92,611 61,396
Operating transfers to other funds (98,128) (92,535) (393,890)
Net Cash Provided(Used)by Noncapital
Financing Activities $ 126,543 $ 133,061 $ 27,416 �
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Acquisition of property and equipment $ (195,048) $ (135,244) $ (356,155) '
Principal paid on bonds (155,000) - (165,000)
interest and fiscal charges on bonds (60,485) - (128,380)
Net Cash Provided(Used)by Capital
and Related Financing Activities $ (410,533) $ (135,244) $ (649,535) '
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received on investments 97,251 129,590 88,719
Net increase(decrease)in the fair value of investments 6,552 9,238 619 �
Net Cash Provided(Used)By Investing Activities $ 103,803 $ 138,828 $ 89,338
NET INCREASE(DECREASE)IN CASH AND
CASH EQUIVALENTS $ 389,137 $ 452,242 $ 167,935 ,
CASH AND CASH EQUIVALENTS,January 1 1,508,051 2,006,128 1,807,226
CASH AND CASH EQUIVALENTS,December 31 $ 1,897,188 $ 2,458,370 $ 1,975,161 '
Noncash investing,capital and financing activities:
Contributions of fixed assets from governmental funds $ 1,201,415 $ 1,462,713 S 1,440,035
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, EXHIBIT E-3
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TOTALS
ARENA
' (#650) 1998 1997
' $ (29,569) $ (507,870) $ (647,709)
109,341 1,142,314 1,1 13,615
1 1,536 10,713 (2,944)
109,200 1,245,179 813,145
- (5,863) (19,408)
' 10,914 (57,544) 14,122
(50,434) (154,485) 33,852
- - 1,618
(5,264) (27,754) 31,812
' - - 9t2,898
(2,215) (8,111) (11,364)
(819) (4,979) 9.168
467 2,877 3,508
' - (5,605) (20,698)
(472) 270
- 100,394 (27,699)
' $ 143,157 $ 1,728,794 $ 2,204,186
$ - $ 596,647 $ 105,615
, - 274,926 884,644
(3,500) (588,053) (1,189,282)
' $ (3,500) $ 283,520 $ (199,023)
' $ (4,137) $ (690,584) $ (1,100,656)
(30,000) (350,000) (1,125,000)
(146,515) (335,380) (375,329)
, $ (180,652) $ (1,375,964) $ (2,600,985)
19 315,579 330,766
, - 16,409 33,556
$ 19 $ 331,988 $ 364,322
' $ (40,976) � 968,338 S (23t,500)
57,953 5,379,358 5,610,858
� $ 16,977 $ 6,347,696 $ 5,379,358
$ - $ 4,104,163 $ 1,319,486
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, INTERNAL SERVICE FUNDS
1 Internal Service Funds are used to account for the financing of goods or services provided by one
department or agency to other departments or agencies of the governmental unit, or to other
governmental units, on a cost-reimbursement basis. Records are maintained on the accrual basis
� of accounting.
' Insurance Fund - This fund was established to accumulate resources to pay deductibles and
uninsured claims. The fund also will pay for the majority of the general liability insurance and
workers compensation insurance premiums for the City. The City is currently accumulating
� resources needed to finance its uninsured risk of loss.
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, CITY OF ROSEMOUNT, MINNESOTA EXHIBIT F-1
COMPARATIVE BALANCE SHEET
, INTERNAL SERVICE FUND
DECEMBER 31, 1998
, INSURANCE FUND
1998 1997
' ASSETS
Cash and investments $ 307,392 $ 394,002
, Accounts receivable 28,429 0
Prepaid expenses 131,060 31,681
� TOTAL ASSETS $ 466,882 $ 425,683
' LIABILITIES AND FUND EQUITY
, LIABILITIES:
Accounts payable $ 0 $ 9,170
, FUND EQUITY:
Retained earnings 466,882 416,513
' TOTAL LIABILITIES AND FUND EQUITY $ 466,882 $ 425,683
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CITY OF ROSEMOUNT, MINNESOTA EXHIBIT F-2 '
COMPARATIVE STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS
INTERNAL SERVICE FUND ,
YEAR ENDED DECEMBER 31, 1998
INSURANCEFUND ,
1998 1997
OPERATING REVENUE: '
Other $ 34,585 $ 50,833
TOTAL OPERATING REVENUE $ 34,585 $ 50,833
'
OPERATING EXPENSES:
Supplies $ 19,373 $ 5,664
Other professional services 23,973 15,521 �
Insurance 146,453 145,650
TOTAL OPERATING EXPENSES $ 189,799 $ 166,835 ,
OPERATING INCOME(LOSS) $ (155,214) $ (116,002)
NON-OPERATING REVENUE (EXPENSES): ,
Property taxes $ 187,000 $ 180,000
Interest earnings 17,301 12,956
Net increase in the fair value of investments 1,283 3,654 ,
TOTAL $ 205,584 $ 196,610
NET INCOME $ 50,369 $ 80,608 ,
BEGINNING RETAINED EARNINGS $ 416,513 $ 338,435
Prior period adjustment
0 (2,530) ,
BEGINNING RETAINED EARNINGS, as restated 416,513 335,905 �
ENDING RETAINED EARNINGS $ 466,882 $ 416,513
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� CITY OF ROSEMOUNT, MINNESOTA EXHIBIT F-3
STATEMENT OF CASH FLOWS
' INTERNAL SERVICE FUND
YEAR ENDED DECEMBER 31, 1998
'
TOTAL
, 1998 1997
CASH FLOWS FROM OPERATING ACTIVITIES:
Operating income (loss) $ (155,214) $ (116,002)
, Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities:
Non-operating revenue (net of non-operating expenses) 187,000 180,000
� Prior period adjustment 0 (2,530)
Change in assets and liabilities:
(Increase) decrease in accounts receivable (28,429) 954
, (Increase) decrease in prepaid items (99,379) 96,803
Increase (decrease) in accounts payable (9,172) 9,170
Net Cash Provided (Used) by Operating Activities $ (105,194) $ 168,395
, CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received on investments $ 17,301 $ 12,955
� Net increase (decrease) in the fair value of investments 1,283 3,654
Net Cash Provided (Used) By Investing Activities $ 18,584 $ 16,609
' NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ (86,610) $ 185,004
� CASH AND CASH EQUIVALENTS, January 1 394,002 208,998
CASH AND CASH EQUIVALENTS, December 31 $ 307,392 $ 394,002
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, AGENCY FUNDS
Agency Funds are used to account for assets held by a governmental unit as an agent for
' individuals, private organizations, other governments and/or other funds. Agency Funds are
purely custodial and thus do not involve measurement of results of operations.
' Meals on Wheels Fund - This fund is used to account for activities of the Meals on Wheels
program, a program designed to deliver meals to individuals at an affordable cost who are not
� able to travel freely.
Resiliency Fund — This fund is used to help families in need when no other existing funding
� source is available. This fund is part of a pilot child welfare reform project.
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, CITY OF ROSEMOUNT. MINNESOTA EXHIBIT G-1
COMBINING BALANCE SHEET
' AGENCYFUND
DECEMBER 31, 1998
�
MEALS ON
� WHEELS RESILIENCY TOTAL
ASSETS (#801) (#802) 1998 1997
� Cash $ 5,535 $ 28,310 $ 33,845 $ 1,076
TOTAL ASSETS $ 5,535 $ 28,310 $ 33,845 $ 1,076
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, LIABILITIES
' Due to agencies $ 5,535 $ 28,310 $ 33,845 $ 1,076
TOTAL LIABILITIES $ 5,535 $ 28,310 $ 33,845 $ 1,076
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CITY OF ROSEMOUNT, MINNESOTA EXHIBIT G-2 '
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCYFUNDS '
YEAR ENDED DECEMBER 31, 1998
BALANCE BALANCE �
JANUARY 1, DECEMBER 31,
1998 ADDITIONS DELETIONS 1998 �
MEALS ON WHEELS(#801)
ASSETS ,
Cash $ 1,076 $ 66,111 $ 33,342 $ 33,845
TOTAL ASSETS $ 1,076 $ 66,111 $ 33,342 $ 33,845 '
LIABILITIES
Due to agencies $ 1,076 $ 66,111 $ 33,342 $ 33,845 '
TOTAL LIABILITIES $ 1,076 $ 66,111 $ 33,342 $ 33,845
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RESILIENCY(#802)
ASSETS ,
Cash $ 0 $ 34,520 $ 6,210 $ 28,310
TOTAL ASSETS $ 0 $ 34,520 $ 6,210 $ 28,310 '
LIABILITIES ,
Due to agencies $ 0 $ 34,520 $ 6,210 $ 28,310
TOTAL LIABILITIES $ 0 $ 34,520 $ 6,210 $ 28,310 ,
TOTAL AGENCY FUNDS �
ASSETS
Cash $ 1,076 $ 100,631 $ 39,552 $ 62,155 �
TOTALASSETS $ 1,076 $ 100,631 $ 39,552 $ 62,155
LIABILITIES '
Due to agencies $ 1,076 $ 100,631 $ 39,552 $ 62,155
TOTAL LIABILITIES $ 1,076 $ 100,631 $ 39,552 � 62,155 '
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� COMPONENT UNIT—PORT AUTHORITY
The Port Authority is a discretely presented component unit within the City of Rosemount's
� financial statements. The Port Authority was created to carry out certain redevelopment projects
within the City of Rosemount. Debt issued for the Port Authority activities are general
' obligations of the City. The financial statements present all generic fund types that report
activity of the Port Authority.
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CITY OF ROSEMOUNT, MINNESOTA �
COMBINING BALANCE SHEET
COMPONENT UNIT—PORT AUTHORITY t
DECEMBER 31, 1998
SPECIAL REVENUE DEBT SERVICE '
FUNDS G.,O. MUNICIPAL TAX
PORT BUILDING (ARMORY) INCREMENT '
AUTHORITY 1992E 1988A
(#201 8�241) (#381) (#382)
ASSETS AND OTHER DEBITS �
ASSETS:
Cash and investments $ 241,515 $ 216,582 $ 168,449 �
Investment with fiscal agent 0 0 0
Accounts receivable 0 0 0
Property taxes receivable 10,689 0 0 '
Special assessments receivable 0 0 0
Prepaid items 4,573 0 0
Notes recievable 1,413,432 0 0 '
Fixed assets 0 0 0
OTHER DEBITS: '
Amount available in debt service funds 0 0 0
Amount to be provided for debt retirement 0 0 0
TOTAL ASSETS AND OTHER DEBITS $ 1,670,209 $ 216,582 $ 168,449 �
LIABILITIES AND FUND BALANCES �
LIABILITIES:
Accounts payable $ 667 $ 0 $ 0 '
Deposits payable 5,215 0 0
Deferred revenue 1,413,432 0 0
Bonds payable 0 0 0 �
TOTAL LIABILITIES $ 1,419,314 � 0 $ 0
EQUITY AND OTHER CREDITS �
Investment in general fixed assets $ 0 $ 0 $ 0
Fund balance:
Reserved for special projects 4,573 0 0 '
Reserved for debt service 0 216,582 168,449
Unreserved 246,322 0 0
TOTAL EQUITY AND OTHER CREDITS $ 250,895 $ 216,582 $ 168,449 '
TOTAL LIABILITIES AND
FUND BALANCES $ 1,670,209 $ 216,582 $ 168,449 '
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' EXHIBIT H-1
'
' FUNDS
G.O. PORT PORT AUTHORITY
� AUTHORITY REFUNDING ACCOUNT GROUPS
1993E 8� 1994A 1998A GENERAL FIXED LONG-TERM TOTAL
(#383) (#384) ASSETS DEBT 1998 1997
i
' $ 712,308 $ 0 $ 0 $ 0 $ 1,338,854 $ 1,072,465
2,335,545 0 0 2,335,545 0
0 0 0 0 0 5,872
� 0 0 0 0 10,689 3,068
126,459 0 0 0 126,459 128,066
0 0 0 0 4,573 326
� 0 0 0 0 1,413,432 1,468,791
0 0 284,615 0 284,615 3,275,385
� 0 0 0 3,444,084 3,444,084 891,315
0 0 0 1,625,916 1,625,916 2,168,685
, $ � 838,767 $ 2,335,545 $ 284,615 $ 5,070,000 $ 10,584,167 $ 9,013,973
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� $ 0 $ 0 $ 0 $ 0 $ 667 $ 2,697
0 0 0 0 5,215 7,553
115,259 0 0 0 1,528,691 1,596,857
� 0 0 0 5,070,000 5,070,000 3,060,000
$ 115,259 $ 0 $ 0 $ 5,070,000 $ 6,604,573 $ 4,667,107
' $ 0 $ 0 $ 284,615 $ 0 $ 284,615 $ 3,275,385
' 0 0 0 0 4,573 326
723,507 2,335,545 0 0 3,444,084 891,315
0 0 0 0 246,322 179,840
� $ 723,507 $ 2,335,545 $ 284,615 $ 0 $ 3,979,593 $ 4,346,866
� $ 838,767 $ 2,335,545 $ 284,615 $ 5,070,000 $ 10,584,167 $ 9,013,973
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CITY OF ROSEMOUNT, MINNESOTA '
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
COMPONENT UNIT- PORT AUTHORITY '
YEAR ENDED DECEMBER 31, 1998
SPECIAL REVENUE DEBT SERVICE �
FUNDS G.,O. MUNICIPAL TAX
PORT BUILDING (ARMORY) INCREMENT
AUTHORITY 1992E 1988A '
(#�201, 241,242&243) (#381) (#382)
REVENUE:
General property taxes $ 0 $ 54,300 $ 0 �
Tax increments 506,901 0 0
Interest earnings 29,969 2,585 1,003
Principai on notes 58,092 0 0 ,
Donations and other 2,500 0 0
TOTAL REVENUE $ 597,461 $ 56,885 $ 1,003
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EXPENDITURES:
Salaries and wages S 1,899 $ 0 $ 0 �
Engineering 1,667 0 0
Legalfees 3,739 0 0
Other professional services 12,081 0 0
Insurance 6,832 0 0 �
Other 16,434 0 0
Capital outlay 39,383 0 0
Bond principal 0 140,000 145,000 '
Interest on bonds 0 35,260 22,248
Fiscal agent fees 0 503 391
Other 0 0 0 '
TOTAL EXPENDITURES $ 82,034 $ 175,763 $ 167,638
EXCESS (DEFICIENCY)OF REVENUE �
OVER EXPENDITURES $ 515,427 $ (118,877) $ (166,635)
OTHER FINANCING SOURCES(USES) �
Proceeds from Sale of Bonds � 0 $ 0 $ 0
Operating transfers in 0 142,325 173,500
Operating transfers out (444,698) 0 0 ,
TOTAL $ (444,698) $ 142,325 $ 173,500
EXCESS( DEFICIENCY)OF REVENUE AND '
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USE �a 70,729 $ 23,447 $ 6,865
BEGINNING FUND BALANCES 180,166 193,135 161,584 �
RESIDUAL EQUITY TRANSFEI�S IN 0 0 0
ENDING FUND BALANCES $ 250,895 $ 216,582 $ 168,449 �
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' EXHIBIT H-2
'
i FUNDS
G.O. PORT PORT AUTHORITY
� AUTHORITY REFUNDING
1993E&1994A 1998A TOTAL
(#383) (#384) 1998 1997
, $ 237,002 $ 0 $ 291,302 $ 288,009
0 0 506,901 437,743
45,512 38,830 117,899 63,241
� 0 0 58,092 51,663
0 0 2,500 16,556
$ 282,514 $ 38,830 $ 976,693 $ 857,212
�
' $ 0 $ 0 $ 1,899 $ 11,850
0 0 1,667 �
0 0 3,739 11,607
' 0 0 12,081 165,592
0 0 6,832 5,956
0 38,771 55,205 13,313
� 0 0 39,383 64,906
110,000 0 395,000 350,000
113,544 0 171,051 195,446
933 0 1,826 1,578
' 0 38,538 38,538 3,375
$ 224,476 $ 77,309 $ 727,220 $ 823,623
� $ 58,037 $ (38,479) $ 249,473 $ 33,589
' $ 0 $ 2,374,024 $ 2,374,024 $ 0
128,873 0 444,698 321,143
' 0 0 (444,698) (321,143)
$ 128,873 $ 2,374,024 $ 2,374,024 $ 0
�
$ 186,911 $ 2,335,545 $ 2,623,497 $ 33,589
' 536,596 0 1,071,481 790,743
0 0 0 247,149
' $ 723,507 $ 2,335,545 $ 3,694,978 $ 1,071,481
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GENERAL FIXED ASSETS ACCOUNT GROUP
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, CITY OF ROSEMOUNT, MINNESOTA EXHIBIT I-1
SCHEDULE OF GENERAL FIXED ASSETS BY FINANCING SOURCE
' DECEMBER 31, 1998
' GENERAL FIXED ASSETS:
Land $ 1,996,653
' Buildings 4,183,108
Machinery& Equipment 2,820,817
Licensed Vehic�es 1,872,383
' $ 10,872,961
' INVESTMENT IN GENERAL FIXED ASSETS:
General Fund and Capital Project Fund sources $ 10,872,961
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FINANCIAL SCHEDULES
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' CITY OF ROSEMOUNT, MINNESOTA EXHIBIT J-1
COMBINED SCHEDULE OF BONDS PAYABLE
, DECEMBER 31, 1998
' Coupon Rates
Year Original Bonds on Outstanding
Issued Amount Retired Outstanding Bonds
' BONDEDINDEBTEDNESS
GENERAL OBLIGATION BONDS
Community Center,1992C 1992 $ 1,080,000 $ 170,000 $ 910,000 5.00%-6.60%
City Hali Refunding,1993D' 1993 845,000 335,000 510,000 3.25%-4.50%
� FireStation, 1996A 1996 1,780,000 145,000 1,635,000 4.10%-6.00%
TOTAL GENERAL OBLIGATION BONDS $ 3,705,000 $ 650,000 $ 3,055,000
SPECIAL ASSESSMENT BONDS
' Improvement, 1993A 1993 $ 555,000 $ 205,000 $ 350,000 3.00%-5.00%
Improvement Refunding, 19936' 1993 1,415,000 815,000 600,000 3.25%-4.30%
Improvement, 1992A 1992 895,000 510,000 385,000 3.35%-5.40%
' Improvement,1992D 1992 1,470,000 600,000 870,000 3.75%-6.10°/a
Improvement, 1991A 1991 1,180,000 720,000 460,000 5.00%-6.30%
Improvement, 1991 B 1991 265,000 140,000 125,000 4.40%-5.90%
Improvement,1994A 1994 1,605,000 265,000 1,340,000 4.90%-5.00%
' Improvement, 1995A 1995 1,900,000 535,000 1,365,000 3.90%-5.30%
Improvement,1997A 1997 2,800,000 2,800,000 4.20%-5.00%
Improvement, 19976 1997 1,595,000 - 1,595,000 4.00°/a-4.70%
Improvement,1998A 1998 2,010,000 - 2,010,000 3.90%-4.70°/a
' Improvement,19986 1998 2,805,000 = 2,805,000 4.00%-4.50%
Improvement, 1998C 1998 880,000 880,000 3.50%-3.90%
TOTAL SPECIAL ASSESSMENT BONDS $ 19,375,000 $ 3,790,000 $ 15,585,000
' REVENUE BONDS
Community Center, 1992E 1992 $ 2,360,000 $ 75,000 $ 2,285,000 3.40%-6.60%
Water Refunding, 1993C' 1993 945,000 100,000 845,000 3.75%-5.00%
' Storm Water,19926 1992 1,525,000 340,000 1,185,000 3.35°/a-5.75%
Storm Water,1994B 1994 335,000 110,000 225,000 4.25%-5.00°/a
Water, 19966 1996 1,035,000 50,000 985,000 4.25%-5.75%
� Water, 1996C 1996 500,000 55,000 445,000 4.25%-5.10%
TOTAL REVENUE BONDS $ 6,700,000 S 730,000 $ 5,970,000
' OTHER DEBT
State Aid Street Bonds, 1994C 1994 $ 700,000 5 250,000 $ 450,000 3.40%-6.60%
TOTAL PRIMARY GOVERNMENT $ 30,480,000 S 5,420,000 $ 25,060,000
' COMPONENT UNIT DEBT
Taxlncrement,1988A 1992 $ 1,100,000 $ 940,000 $ 160,000 3.40%-6.60%
Municipal Building, 1992E 1992 1,065,000 525,000 540,000 3.40%-6.60°/a
1 Port Authority,1993E 1993 580,000 90,000 490,000 4.25%-6.40%
PoR Authority,1994A 1994 1,630,000 155,000 1,475,000 4.25%-6.40%
Municipal Building Refunding, 1998A' 1998 2,405,000 - 2,405,000 4.30%-5.15°/a
' TOTAL COMPONENT UNIT S 6,780,000 $ 1,710,000 $ 5,070,000
TOTAL REPORTING ENTITY $ 37,260,000 $ 7,130,000 $ 30,130,000
' 'Refunding Bonds
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CITY OF ROSEMOUNT, MINNESOTA ,
COMBINED SCHEDULE OF DEBT SERVICE REQUIREMENTS
DECEMBER 31, 1998 ,
General Bonded Special Assessment Other General Bonded '
Debt Debt Debt
Year Principal Interest Principal Interest Principal Interest
�ggg 220,000 282,125 1,000,000 700,157 65,000 22,090. ,
2000 230,000 277,253 1,630,000 632,479 70,000 18,748
2001 240,000 141,540 2,045,000 550,495 75,000 15,066
2002 245,000 130,088 1,845,000 462,857 75,000 11,148 ,
2003 120,000 120,982 1,725,000 379,997 80,000 6,960
2004 125,000 114,354 1,680,000 302,132 85,000 2,380
2005 130,000 107,311 1,465,000 229,3�� � - '
2006 140,000 99,710 1,245,000 166,273
2007 145,000 91,582 1,010,000 113,387 - '
2008 155,000 82,914 850,000 70,405 - -
2009 165,000 73,535 840,000 31,039 - - ,
2010 175,000 63,428 250,000 5,624
2011 185,000 52,577 - -
2012 190,000 41,182 - _ - '
2013 205,000 29,095 -
2014 120,000 19,280 - "
2015 130,000 11,935 - _ - _ ,
2016 135,000 4,050 -
2017 - - - -
2018 - - - - - -
$ 3,055,000 $ 1,742,941 $ 15,585,000 5 3,644,162 $ 450,000 $ 76,392 '
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, EXHIBIT J-2
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' Revenue Bonded Total Total
Debt Primary Govemment Component Unit Reporting Entity
, Principal Interest Principal Interest Principal Interest Principal Interest
365,000 324,140 1,650,000 1,328,512 420,000 259,328 2,070,000 1,587,840
395,OG0 306,807 2,325,000 1,235,287 135,000 241,488 2,460,000 1,476,775
420,000 287,516 2,780,000 994,617 145,000 234,067 2,925,000 1,228,684
' 445,000 266,387 2,610,000 870,480 160,000 225,853 2,770,000 1,096,333
465,000 243,404 2,390,000 751,343 165,000 216,990 2,555,000 968,333
500,000 218,240 2,390,000 637,106 300,000 204,905 2,690,000 842,011
� 530,000 190,710 2,125,000 527,338 315,000 189,279 2,440,000 716,617
300,000 167,808 1,685,000 433,791 325,000 172,702 2,010,000 606,493
315,000 150,063 1,470,000 355,032 350,000 154,873 1,820,000 509,905
' 340,000 130,918 1,345,000 284,237 370,000 135,522 1,715,000 419,759
195,000 115,016 1,200,000 219,590 385,000 114,807 1,585,000 334,397
205,000 102,828 630,000 171,880 335,000 95,051 965,000 266,931
220,000 89,758 405,000 142,335 360,000 76,163 765,000 218,498
' 235,000 75,686 425,000 116,868 225,000 60,541 650,000 177,409
150,000 63,493 355,000 92,588 230,000 48,790 585,000 141,378
155,000 53,504 275,000 72,784 155,000 39,071 430,000 111,855
' 165,000 43,024 295,000 54,959 160,000 31,292 455,000 86,251
180,000 31,680 315,000 35,730 170,000 23,000 485,000 58,730
190,000 19,470 190,000 19,470 180,000 14,118 370,000 33,588
, 200,000 6,600 200,000 6,600 185,000 4,764 385,000 11,364
$ 5,970,000 $ 2,887,052 $ 25,060,000 $ 8,350,547 $ 5,070,000 $ 2,542,604 S 30,130,000 $ 10,893,151
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CITY OF ROSEMOUNT, MINNESOTA '
SCHEDULE OF ASSESSED VALUATION AND LONG-TERM DEBT
FOR TAX INCREMENT FINANCING DISTRICTS '
DECEMBER 31, 1998
Name of District TIF District No. 1-1 Rosemount ,
Redeveloment
District '
Type of District Economic Development Redevelopment
District ,
Year Established 1990 1979
Duration of District 1999 2000 i
Tax Capacity Value: '
Tax Cap Base NTC $ 463 $ 141,097
Current TCV 21,781 368,734
Captured and retained value $ 21,318 $ 227,637 '
Financing:
Bonds issued $ - $ 1,100,000 ,
Redeemed - 940,000
Outstanding at Year End $ - $ 160,000 '
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' EXHIBIT J-3
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Rosemount Business The Endres Tax
' Park Financing District
' Economic Development Economic Development
District District
1996 1999
' 2007 2007
� $ 8,657 $ 7,466
156,405 25,400
' $ 147,748 $ 17,934
, $ 2,210,000 $ _
245,000
� $ 1,965,000 $ -
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CITY OF ROSEMOUNT. MINNESOTA �
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR TAX INCREMENT FINANCING DISTRICTS '
DECEMBER 31, 1998
District 1-1 �
1998 Prior Years Total ,
Sources of Funds:
Bond proceeds $ - $ - $ -
Tax increments 21,325 140,831 162,156
Real estate sales - - - '
RenULeaserevenue - - -
Interest - - -
Other - - - '
Totai $ 21,325 $ 140,831 $ 162,156
Uses of Funds: �
Land, Building acquisition and
site improvement $ - $ - $ -
Installation of public utilities ,
Professional services - - -
Principal 21,325 140,831 162,156
I nterest - - - �
Administrative costs - - -
Other - - -
Total $ 21,325 $ 140,831 $ 162,156 �
Sources Over(Under) Uses $ - $ - $ -
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� EXHIBIT J-4
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� Redevelo ment District Business Park District
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' 1998 Prior Years Total 1998 Prior Years Total
$ - $ 1,973,385 $ 1,973,385 $ - $ 2,210,000 $ 2,210,000
356,703 3,677,403 4,034,106 128,873 - 128,873
, - 471,762 471,762 - 88,000 88,000
75,437 934,770 1,010,207 - - -
12,623 219,986 232,609 45,512 66,208 111,720
' 2,500 237,594 240,094 237,002 560,535 797,537
$ 447,263 $ 7,514,900 $ 7,962,163 $ 411,387 $ 2,924,743 $ 3,336,130
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$ 39,383 $ 3,486,667 $ 3,526,050 $ - $ 517,109 $ 517,109
, _ _ = = 1,303,577 $ 1,303,577
248,675 1,329,169 1,577,844 110,000 135,000 245,000
' 31,716 954,566 986,282 114,476 396,512 510,988
18,333 726,851 745,184
24,319 539,822 564,141 128,873 - 128,873
� $ 362,426 $ 7,037,075 $ 7,399,501 $ 353,349 $ 2,352,198 $ 2,705,547
$ 84,837 $ 477,825 $ 562,662 $ 58,038 $ 572,545 $ 630,583
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STATISTICAL SECTION
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� TABLE 1
CITY OF ROSEMOUNT, MINNESOTA
� GENERAL FUND EXPENDITURES AND OTHER FINANCING USES BY FUNCTION
YEARS 1989 THROUGH 1998
(UNAUDITED)
' General Public Public Park and
Year Government Safety Works Recreation Transfers Total
, 1989 $982,026 $680,479 $567,535 $342,491 $329,298 $2,901,829
1990 1,023,595 747,258 589,361 416,088 29,508 2,805,810
1991 991,618 834,541 565,071 509,504 - 2,900,734
� 1992 1,074,792 888,017 749,368 530,196 39,389 3,281,762
1993 1,116,552 955,414 926,325 581,000 13,105 3,592,396
1994 1,090,407 1,086,553 1,045,093 550,954 444,669 4,217,676
' 1995 1,074,859 1,211,425 1,236,215 628,270 208,399 4,359,168
1996 1,041,383 1,292,439 1,406,433 638,372 117,950 4,496,577
1997 1,002,645 1,398,159 1,409,227 572,489 130,400 4,512,920
� 1998 1,110,499 1,444,010 1,450,156 601,450 - 4,606,115
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TABLE 4 �
CITY OF ROSEMOUNT,MINNESOTA
ASSESSED VALUE(OR TAX CAPACITY)AND ESTIMATED MARKET VALUE OF ALL TAXABLE PROPERTY �
YEARS 1989 THROUGH 1998
(UNAUDITED)
Total '
Tax
Capacity
Real Property Personal Property Total as%of ,
Estimated Estimated Estimated Estimated
Net Tax Market Net Tax Market Net Tax Market Market
Year Capacity(1) Value Capacity(1) Value Capacity(1) Value Value �
1989 $ 8,239,217 $261,472,500 $ 473,646 n/a $ 8,712,863 $ 261,472,500 3.33°,6
1990 7,355,546 305,437,800 595,414 n/a 7,950,960 305,437,800 2.60°,6 ,
1991 7,557,047 335,880,800 656,315 14,510,200 8,213,362 350,391,000 2.34°,6
1992 7,779,068 362,766,400 688,526 15,278,800 8,467,594 378,045,200 2.24°,6
1993 8,396,622 403,146,500 713,886 16,201,100 9,110,508 419,347,600 2.17%
1994 9,353,601 447,655,900 684,047 15,575,800 10,037,648 463,231,700 2.17°,6 �
1995 10,457,896 504,471,000 788,475 17,847,700 11,246,371 522,318,700 2.15°,6
1996 11,306,222 550,367,500 807,629 18,240,600 12,113,851 568,608,100 2.13°�6
1997 11,080,577 600,557,700 705,144 18,248,900 11,785,721 618,806,600 1.90°,6 �
1998 10,774,036 638,681,700 645,047 19,097,400 11,419,083 657,779,100 1.74°,6
(1)The State Legisiature changed the concept of assessed value to tax capacity in 1988 and value classification percentages were �
reduced. On a statewide basis,the new tax capacity is approximately 12°,6 of the previous assessed valuation depending on the
classification mix. For 1989,the State Legislature changed the calculation of tax capacity for homestead property from a gross tax
capacity to a net tax capacity by again changing classification percentages. This change caused a net reduction in total residential �
value from 1988 to 1989 in spite of continued development of residential properties. Certain other classification percentages
were also changed. For 1997 and 1998,the State Legislature changed the class rates of many types of property. This did not
have an impact on the estimated market values but it did have the effect of lowering the overall net tax capacity rates. '
(n/a) These figures were not available from Dakota County,therefore,all totals for the affected years should be taken in the proper context. '
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CITY OF ROSEMOUNT, MINNESOTA
PROPERTY TAX RATES -ALL DIRECT AND OVERLAPPING GOVERNMENTAL UNITS `
YEARS 1989 THROUGH 1998
(UNAUDITED) '
ISD 196 ISD 199
City Market School Market School Market School '
Year Referendum District Referendum District Referendum District
Collectible City Rates (3) No. 196 Rates (3) No. 199 Rates (3) No. 200 '
1989 (2) 26.879 n/a 52.249 n/a 48.028 n/a 51.085
1990 (2) 22.001 n/a 40.793 n/a 55.255 n/a 41.669 '
1991 (2) 27.705 n/a 48.559 n/a 63..495 n/a 51.874
1992 (2) 29.224 n/a 55.681 n/a 67.603 n/a 51.431
1993 (2) 29.810 n/a 60.188 n/a 72.397 n/a 71.391 ,
1994 (2) 32.297 n/a 60.933 n/a 58.239 n/a 60.404
1995 (2) 35.778 n/a 62.348 n/a 60.847 n/a 64.990 '
1996 (2) 36.055 0.02706 60.830 0.10868 47.629 0.20928 58.675
1997 (2) 35.627 0.02532 58.189 0.09567 55.643 0.23024 55.510
1998 (2) 40.428 0.02342 58.462 0.08074 53.715 0.24830 47.023 �
(1) 1989 includes Metropolitan Council, Regional Transit District, Metropolitan Mosquito Control, and ,
Dakota County Technical College.
Beginning with 1990, includes Metropolitan Council, Regional Transit District, Metropolitan Mosquito Control, '
Dakota County Technical College and Dakota County Light Rail Transit.
2 Be innin with ro ert taxes a able in 1989, taxes are determined by multiplyin�� the Gross Tax Capacity by the Tax '
O 9 9 P P Y P Y
Capacity Rate, expressed as a percentage. This replaces the use of Assessed Value multiplied by Mill Rates. Prior to
1989, the mill rates in this table were computed on the basis of total levies and do not reflect reductions for property tax ,
credits.
Beginning with taxes payable in 1990, net tax capacity has replaced gross tax capacity as the basis on which taxes are ,
levied.
able in 1996 levies for voter a roved referendums were based on market value. �
(3) Beginning with property taxes pay , Pp
Therefore, a separate rate for these market valued levies will be included for the applicable entity for the life of the levie '
Since these rates are calculated separately, they are not included in the total tax rates for the three school districts.
n/a - Not Applicable '
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' TABLE 5
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� ISD 200 Totals
Market School School School
Referendum Dakota Special District District District
' Rates (3) County Districts (1) No. 196 No. 199 No. 200
n/a 20.721 4.755 104.604 100.383 103.440
, n/a 21.061 4.844 88.699 103.161 89.575
n/a 22.542 3.477 102.283 117.219 105.598
� n/a 25.536 5.060 115.501 127.423 111.251
n/a 26.558 3.703 120.259 132.468 131.462
n/a 27.474 4.964 125.668 122.974 125.139
, n/a 27.994 4.702 130.822 129.321 133.464
n/a 26.626 5.108 128.619 115.418 126.464
0.10070 25.721 4.995 124.532 121.986 121.853
' 0.00618 27.349 5.797 132.036 127.289 120.597
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Table 6 ,
CITY OF ROSEMOUNT, MINNESOTA
SCHEDULE OF THE TEN LARGEST TAXPAYERS I
DECEMBER 31, 1998
(UNAUDITED) '
Percentage
of Total �
Tax Tax
Taxpayer Type of Business Capacity Capacity ,
1. Great Northern Oil Co. Oil Refinery $1,369,608 11.99%
755 590 6.62% '
2. Koch Refining Co. Oil Refinery �
3. Northern States Power Co. Utility 338,995 2.97°/o ,
4. Meridian Industrial Trust Inc. Manufacturing 138,247 1.21% '
(Cannon Equipment)
5. CF Industries, Inc. (Cenex) Fertilizer 119,577 1.05% '
6. Continental Nitrogen & Resources Fertilizer 95,809 0.84% '
(CNR)
7. Limerick Way LLC Townhouses 85,000 0.74% '
8. Wintz Companies Trucking/VVarehouse 84,359 0.74%
84 357 0.74% ,
9. Laidlaw Environmental Services Inc Non-Hazardous Waste Containment ,
10. Rosemount Properties LLC Retail �
(Rosemount Market Square) 82,376 0.72%
$3,153,918 27.62% '
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Total City Tax Capacity $11,419,083 ,
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' Table 7
CITY OF ROSEMOUNT, MINNESOTA
ISPECIAL ASSESSMENTS RECEIVABLE AND COLLECTIONS
YEARS 1989 THROUGH 1998
, (UNAUDITED)
' Totai Assessments Total Assessments
Uncollected Uncollected
Beginning Additional End
' Year of Year Assessments Collections (1) of Year
1989 $ 1,372,457 $ 875,802 $ 872,390 $ 1,375,869
� 1990 1,375,869 1,418,984 1,041,023 1,753,830
1991 1,753,830 1,008,075 884,874 1,877,031
� 1992 1,877,031 584,247 1,435,834 1,025,444
1993 1,025,444 1,253,706 1,187,652 1,091,498
1994 1,091,498 1,066,749 1,036,792 1,121,455
� 1995 1,121,455 1,485,789 1,019,183 1,588,061
1996 1,588,061 881,589 1,373,623 1,096,027
1997 1,096,027 1,031,533 1,029,037 1,098,523
� 1998 1,098,523 5,131,889 2,614,057 3,616,355
, (1) Includes prepayments and foreclosures
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TABLE 8 ,
CITY OF ROSEMOUNT, MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN '
DECEMBER 31, 1998
(UNAUDITED) �
Estimated Market Value $ 657,779,100 ,
Legal Debt Margin: ,
Debt Limitation -2% of Estimated Market Value $ 13,155,582 �
Debt Applicable to Limitation:
Total Bonded Debt $ 30,130,000 �
Less: Special Assessment Bonds $ 15,585,000
Tax Increment Bonds 160,000
Revenue Bonds 3,685,000 '
Port Authority Bonds 7,195,000
State Aid Street Bonds 450,000
Amount Available for Repayment of �
General Obligation Bonds 431,469 27,506,469
Total Debt Applicable to Limitation 2,623,531 '
Legal Debt Margin $ 10,532,051
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CITY OF ROSEMOUNT, MINNESOTA
RATIO OF NET BONDED DEBT TO ASSESSED VALUE (OR TAX CAPACITY) AND '
MARKET VALUE AND NET BONDED DEBT PER CAPITA
YEARS 1989 THROUGH 1998 '
(UNAUDITED)
,
Less Debt ,
Gross Less Debt Payable Net
Tax Market Bonded Service from Other Bonded '
Year Population (1) Capacity (2) (3) Value (3) Debt (4) Funds (5) Sources (6) Debt
1989 8,114 $8,712,863 $261,472,500 $15,100,000 $276,850 $13,740,000 $1,083,150 �
1990 8,622 7,950,960 305,437,800 13,875,000 258,042 12,600,000 1,016,958
1991 9,129 8,213,362 350,391,000 13,910,000 130,065 12,565,000 1,214,935 '
1992 9,750 8,467,594 378,045,200 20,850,000 129,829 18,550,000 2,170,171
1993 10,478 9,110,508 419,347,600 23,670,000 1,013,577 20,640,000 2,016,423
1994 11,086 10,037,648 463,231,700 24,870,000 1,042,216 21,980,000 1,847,784 �
1995 11,721 11,246,371 522,318,700 22,725,000 253,229 20,810,000 1,661,771
1996 12,272 12,113,851 568,608,100 22,710,000 424,251 19,205,000 3,080,749
1997 12,800 11,785,721 618,806,600 24,295,000 398,482 21,030,000 2,866,518 '
19y8 13,700 11,419,083 657,779,100 30,130,000 431,469 27,075,000 2,623,531
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(1) Figures taken from Table 13.
(2) See note at Table 4. ,
(3) Figures taken from Table 4.
(4) Figure includes all debt of the City (all debt is issued as general obligation debt). ,
(5) Amount available for repayment of general obligation bonds that are property tax supported.
(6) Includes atl other general obligation bonds that are being repaid through other sources including:
(a) Special Assessment Bonds '
(b) Tax Increment Bonds
(c) Revenue Bonds
(d) Port Authority Bonds '
(e) State Aid Street Bonds
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` TABLE 9
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Net
, Bonded Debt
as a
Percent of Net Bonded
' Tax Market Debt
Capacity (2) Value Per Capita
' 12.43% 0.41% $ 133
12.79% 0.33% 118
' 14.79% 0.35% 133
25.63% 0.57% 223
� 22.13% 0.48% 192
18.41% 0.40% 167
14.78% 0.32% 142
, 25.43% 0.54% 251
24.32% 0.46% 224
22.97% 0.40% 191
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TABLE 10 '
CITY OR ROSEMOUNT, MINNESOTA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR '
GENERAL BONDED DEBT (1) TO TOTAL GENERAL FUND EXPENDITURES
YEARS 1989 THROUGH 1998 �
(UNAUDITED)
Ratio of �
Total Debt Service
Total General to ,
Debt Fund General Fund
Year Principal Interest Service Expenditures (2) Expenditures (3)
80 000 $88,903 $168,903 $2,901,829 5.8% ,
1989 $ ,
1990 85,000 84,088 169,088 2,805,810 6.0%
1991 140,000 78,515 218,515 2,900,734 7•5% '
1992 125,000 79,975 204,975 3,281,762 6.2%
1993 115,000 122,225 237,225 3,592,396 6.6% '
1994 140,000 164,713 304,713 4,217,676 7.2%
1995 975,000 129,938 1,104,938 4,359,168 25.3%
1996 190,000 95,130 285,130 4,496,577 6.3% �
1997 240,000 188,159 428,159 4,505,607 9•5%
1998 210,000 171,170 381,170 4,721,782 8�1%
'
(1) Includes only general obligation bonds supported solely by taxes. '
(2) Figures taken from Table 1.
(3) 1995 includes call payment on a refunding
bond. ,
1997 includes first principal and interest payments on Fire Station Bonds, Series 1996A. '
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' TABLE 11
CITY OF ROSEMOUNT, MINNESOTA
, COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT
GENERAL OBLIGATION BONDS
' DECEMBER 31, 1998
(UNAUDITED)
� Net Generai
Obligation Percentage Amount
' Bonded Debt Applicable Appiicable
Governmental Units Outstanding (2) to City (7) to City
Direct Debt:
, City of Rosemount $ 2,623,531 (3) 100.00% $ 2,623,531
' Overlapping Debt (1):
School Districts:
I.S.D. 196 - Rosemount 174,862,776 (4) 9.09% 15,895,026
' I.S.D. 199- Inver Grove Heights 15,598,253 8.71% 1,358,608
I.S.D. 200 - Hastings 47,315,000 0.36% 170,334
' Dakota County 43,380,000 (5) 3.95% 1,713,510
Regional:
, Metropolitan Council 36,100,000 (6) 0.51% 184,110
Metropolitan Transit District 83,855,000 0.58% 486,359
, $ 403,734,560 $ 22,431,478
� (1) Only those units with debt outstanding are shown here.
(2) Overlapping debt figures exclude debt supported by revenues and tax
� and aid anticipation debt.
(3) Net general obligation bonded debt of the city supported by property taxes (see table 9).
, (4) Includes $17,900,000 of outstanding certificates of participation which are
subject to annual appropriation.
, (5) Includes jail facility revenue bonds issued by the Dakota County HRA and payable solely from lease
payments made by the County to the HRA pursuant to a Lease Agreement. The lease payments are
, absolute and unconditional and are unlimited tax obligations of the County.
(6) Metropolitan Council also has outstanding $389,925,000 of general obligation sanitary
, sewer bonds and loans which are supported by system revenues.
' (7) Percent of governmental unit within the City of Rosemount's boundaries calculated
by the city's fiscal consultants, Springsted Inc.
' 125
TABLE 12 ,
CITY OF ROSEMOUNT, MINNESOTA
REVENUE BOND COVERAGE '
YEARS 1989 THROUGH 1998
(UNAUDITED)
Net Revenue Debt Service ,
Available Requirements
Gross For Debt �
Year Revenue Expenses (1) Service Principal (2) Interest Total Coverage
1989 $ 500,069 $ 479,070 $ 20,999 $ 45,000 $ 25,007 $ 70,007 30.00% �
1990 665,648 661,476 4,172 45,000 133,318 178,318 2.34%
1991 846,612 616,780 229,832 60,000 99,233 159,233 144.34%
1992 1,181,106 714,783 466,323 60,000 108,581 168,581 276.62% '
1993 1,122,439 795,959 326,480 65,000 233,353 298,353 109.43%
1994 1,566,761 1,331,447 235,314 100,000 203,795 303,795 77.46% '
1995 1,682,146 1,194,953 487,193 145,000 362,940 507,940 95.92%
1996 1,829,863 1,253,166 576,697 230,000 353,109 583,109 98.90%
1997 1,853,499 1,387,593 465,906 1,125,000 425,048 1,550,048 30.06% ,
1998 2,118,506 1,484,062 634,444 350,000 339,708 689,708 91.99%
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(1) Figure does not include depreciation expense '
(2) 1997 includes call payment on 1989A Revenue Bonds.
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� TABLE 13
CITY OF ROSEMOUNT, MINNESOTA
, DEMOGRAPHIC STATISTICS
YEARS 1989 THROUGH 1998
� (UNAUDITED)
'
' �2) �3) �4) �5)
(1) Per Capita School Unemployment Median
Year Population Income Enrollment Rate Age
, 1989 8,114 $21,800 4,672 3.7% 27.1
' 1990 8,622 21,471 4,430 3.7% 30.2
1991 9,129 21,759 4,568 4.2% 30.2
1992 9,750 23,096 4,918 4.1% 30.2
' 1993 10,478 23,668 5,197 3.8% 30.2
1994 11,086 25,030 5,410 2.9% 30.2
1995 11,721 26,038 5,331 2.5% 30.2
' 1996 12,272 27,488 5,000 2.6% 30.2
1997 12,763 n/a 4,188 2.0% 30.2
' 1998 13,700 n/a 4,084 1.8% 30.2
' (1) 1990 is a regular decennial census figure. All other years except for 1998 are best available
estimates provided by the Metropolitan Council. 1998 is the City's best estimate.
' (2) These figures are provided by the Bureau of Economic Analysis and are for Dakota County.
These figures usually have a 2-year lag time so that is why the two most current years have "n/a".
S (3) School enrollment is the total number of students who reside within the Rosemount High School boundaries and go to
Independent School District No. 196 schools located in Rosemount. The significant drop in 1997 is because of the
, opening of a fourth high school in the district which caused a shifting of the Rosemount High School's population.
(4) Unemployment rates were compiled by the Minnesota Department of Economic Security,
' Regional Labor Market Survey-for Dakota County.
, (5) These figures are provided by the Census Bureau and are for Dakota County. Figures are available
only for 1980 and 1990. Figures prior to 1990 will be reflective of the 1980 census and figures from
1990 forward will be reflective of the 1990 census.
� n/a - Data not available.
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' 127
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' Table 15
CITY OF ROSEMOUNT,MINNESOTA
' MISCELLANEOUS STATISTICS
DECEMBER 31,1998
(UNAUDITED)
' Date of Incorporation 1858
Form of Government(Statutory) Council/City Administrator
, Number of Employees:
Regular Fuil-time 60
Part-time or Temporary 143
Area in Square Miles 36
� City of Rosemount Facilities and Services:
Miles of Streets 102.42
' Number of Street Lights 785
Culture and Recreation:
Community Centers 1
' Parks 20
Park Acreage 220
Tennis Courts 2
Fire Protection:
' Number of Stations 2
Number of Fire Personnel and Officers 37
Number of Calls Answered 444
' Number of Vehicles 12 and 1 Trailer
Police Protection:
Number of Stations 1
� Number of Police Personnel and Officers:
Sworn Officers 15
Other Police Personnel 4
Number of Calls for Service 10,001
, Number of Patrol Miles 118,625(325 Miles per 24 Hours)
Number of Patrol Vehicles:
Marked 5
' Unmarked 3
Sewerage System:
Miles of Sanitary Sewers 4&.81
' Miles of Storm Sewers 28.80
Number of Service Connections 3,494
Water System:
Miles of Water Mains:
� Municipal 57.79
Rural 7.10
Number of Service Connections 3,547
' Number of Wells:
Municipal 4
Rural 2
� Number of Water Towers 2
Number of Fire Hydrants 545
Daily Average Consumption in Gallons 1,198,633
' Maximum Daily Pumping Capacity in Gailons 6,000,000
Public Education Facilities:
Number of Elementary Schools 2
' Number of Secondary Schools 2
Number of Special Education Schools 1 (Dakota County Technical College)
' 129
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