HomeMy WebLinkAbout1996/12/31-Comprehensice Annual Financial Report � � �
�
� .
, ���
' � �� ' ������������'������� , � � . �
�`
Al�I�TT.�AL
f
�: FII�TA�T��IAL � ���Pt�RT� � � �.
1 ���
� ���� � � � �FOI��T`H� YEt�►R El�DEI��D�ECEI�IBER�31;� 1�96� �� ��
�
� �
r � �� �� �� � �
� � �
�rt
,��� ��
� , � � _ � � �
� ������ � � �_ � �� .� � � � �� � � �
� �: � � � :� � � . 1 � � , � .
�
�
:CITY OF ROSEI�IO�7NT, IVIIl'�fiNE��T� �
1�
� � �
�
� .
�
�
� CITY OF ROSEMOUNT, MINNESOTA
t COMPREHENSIVE ANNUAL FINANCIAL REPORT
' FOR THE YEAR ENDED DECEMBER 31, 1996
■
1
1
1
1
1
1
1
1 �
' PREPARED BY THE DEPARTMENTS OF
ADMINISTRATION AND FINANCE
�
THOMAS D. BURT, City Administrator
' JEFFERY A. MAY, Director of Finance
�
i
i '
CITY OF ROSEMOUNT,MINNESOTA ,
' TABLE OF CONTENTS
DECEMBER 31, 1996
' EXHIBIT PAGE(S)
' I. INTRODUCTORY SECTION
City O�cials �
' Organizational Chart vi
Letter of Transmittal vii
, II. FINANCIAL SECTION
Independent Auditors'Report i
' A. General Purpose Financia!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 Governmental Fund
Types and Discretely Presented Component Units 2 8-9
' Combined Statement of Revenue,Expenditures and
Changes in Fund Balance-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 Eamings-All Proprietary
, ' Fund Types 4 12
Combined Statement of Cash Flows-All
Proprietary Fund Types 5 1415
Notes to the Financial Statements 17-38
I�� ' B. Combinin and Individual Fund Financial Statements and Schedules
S
� ' General Fund:
Comparative Balance Sheet A-1 39
Comparative Statement of Revenue,Expenditures,
and Changes in Fund Balance 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 Arnended)and Actual(Budgetary Basis) B-3 50-53
'
'
CITY OF ROSEMOUNT,MINNESOTA t 'I
TABLE OF CONTENTS
DECEMBER 31, 1996 '
EXHIBIT FAGE S '
Debt Service Funds:
Combining Balance Sheet C-1 56-59
Combining Statement of Revenue,Expenditures ,
and Changes in Fund Balances G2 60-63
Capital Project Funds: ,
Combining Balance Sheet D-1 66-69 ,
Combining Staternent of Revenue,Expenditures
and Changes in Fund Balances D-2 70-73 '
Enterprise Funds:
Combining Balance Sheet E-i 76-�9
Combining Statement of Revenue,Expenses '
and Changes in Retained Earnings E-2 80-81
Combining Statement of Cash Flows g2'$5
Internal Service Funds: , '
Comparative Balance Sheet F-1 87 ,
Compararive Statement of Revenue,Expenses '
and Changes in Fund Balance F"2 88
Compararive Statement of Cash Flows F-3 90-91 ,
Agency Funds: ' ',
Combinin Balance Sheet
Gl 93 �
g
94 �
Combining Statement of Changes in Ass
ets and Liabilities
G-2 ,
Component Unit-Port Authority ' I
Combining Balance Sheet H'1 �6-�� �
Combining Statement of Revenue,Expenditures,and '
Changes in Fund Balance H-2 98-99
General Fixed Assets Account Group:
Schedule of 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-3 105-107
Schedule of Sources and Uses of Public Funds '
for Tax Increment Financing Districts J-4 108-109
'
'
'
,
'
CITY OF ROSEMOUNT,MINNESOTA �
' TABLE OF CONTENTS
December 31, 1996
' LE PAGE S
TAB _�.�
' III. STATISTICAL SECTION(Unaudited)
General Fund Expenditures and '�
� Other Financing Uses by Function 1 111 ,I
General Fund Revenues and Other
Financing Sources by Source 2 112 ',
' 3 113 '
Property Tax Levies and Collections
' Assessed Value(or Tax Capacity)
and Estimated Market Value of All
Taxable Property 4 114
' Property Tax Rates-All Direct and
Overlapping Governmental Units 5 116-117
' Schedule of the Ten Largest Taxpayers 6 118
Special Assessment Billings 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
' Computarion of Direct and Overlapping
Bonded Debt-General Obligarion Bonds 11 125
' Revenue Bond Coverage 12 126
Demographic Statistics 13 12�
� Property Value and Construcrion 14 128
� Miscellaneous Statistics I S 129
i _
1 ��
1 '��
_ ____ _
� � � � � � � � � � � � � � � � � � �
PQ
�W
r� I
� !,
� I
0 I',
� I
� II
� II
a '
�
.' ,�; � '�..• , , ; ' -' , , �'.. .. ., �. , �. ,. , .:_ .
. v . > .. . � . . . . , . -
, t , -. , _ , ,,�
. ,� _. ... . :f � . _ __ . � , r. . ,..
y ,
- . � , ,.-: ,; � � ',-:: , � _ - , ,, .� �� . -� _ .`�� . ; �.:� •- .. �.. , � � , '�
�
� U
� �
,�
O
�
�
�
�
., ,
� � ,.; � ' � ' � � � ` � � ` �' � � � �` � -� � � �
'
�.; i,l
CTTY OF ROSEMO[JNT,�I�iIlY��ESOT.� ,
� OFFICIr1L.S '
CITY
yEAR E�tDED DECE�ER 31, 1996
r
Term of Offce Term Eapires
'�
ELECTED OFFICIALS:
, Ma or Cathy E. Busho Four Years Decembez 31, 1998
Y
Councilmember Kevin P. Carroll Four Years December 31,2000
Councilmember Dennis 0.Wippermann Four Years December 3I,2400
' Councilmember Joan itii.Aaderson Four Years December 31, I998
Councilmember John F. Edwards II Four Years December 31, I998
'
APPOINTED OFFICIALS:
�' City Administrator Thomas D.Burt
- Director of Finance Jeffrey A. l�iay
Assistant w City Administ�axor Susan NI. Wa1sh
'' Director of Community Deveiopme�nt Daniei Ro�ness
Chief of Police Elliel F. Knutsen
�j Fire Chief Scott W. Aker
� Director of Public Works Henry C. Osmundson
��� Dire�tor of Parks and Recreation James A.Topitrhofer
'
CONSULTA��iTS AND ADVISORS:
' Legal Kennedy& Graven
_. Fluegel�ioynihan,P.A.
Briggs & Morgan
'' '; Auditing . Boeckermann,Heinen&Mayer,P.A.
Fiscal Springsted
Ehlers &Associates,Inc.
� Engineering Bonestroo,Rosene, Anderlik&Associates
Short Elliot-Hendrikson&Associates
WSB & Associates
�"'
��
, .
�
�; '
�
CITY OF ROSEMOUNT ORGANIZATIONAL CHART
Mayor & City Council
Legal Citizens Advisory Comn►.
- Planning Commission
- Parks & Recreation Advisory Committe
- Utility Co�mission
- Port Authority
City Administrator
,
City Clerk
Personnel
Public Works Carenunity Center/ Police Fire Finance Community Development
Parks & Recreation
- Engineering - Recreatian Programs - Patrol - Prevention - Budget Preparatinn - Planning
- Streets - Community Center - Investigation - Suppression - financial Management - Building Inspection
- Utilities - Sports Facilities - D.A.R.E. - Investigation - Auditing - Code Enforcement
- fleet Maintenance - Ice Arena - Records - Medical Rescue - Investments - Econo�ic Developaent
- Building Maintenance
' � '' � ( � .,, .� ' r � � � � � � � � � � � � � � � �
�
f���I�°l�tti� � �
I CITY OF ROSEMOUNT � � zs�s-`;�t""eetWest �
Rosemount,MN
Everything's Coming Up Rosemount!! 55obs-4aa�
' Phone>612-423-4411
Hearing Impaired 423-6219
Fax:612-423-5203
'
April 22, 1997
'
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, 1996, is hereby submitted as mandated by state statutes. These statutes
' require that the City of Rosemount issue annually a report on its financial position and activity,
and that this report be audited by an independent firm of certified public accountants. This report
' was prepared by the City's Finance Department and responsibility for both the accuracy of the I
presented data and the completeness and fairness of the presentation, including all disclosures,
supporting schedules and statistical ta.bles, rests with the City. To the best of our knowledge,the
' data, as presented, is accurate in a11 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 fmancial
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 Annuai Financial Report is presented in three sections: introductory,
, financial and statistical. The introductory section, which is unaudited, includes this transmittal
letter, the City's organizational chart and a list of the City's principal elected and appointed
' o�cials. The financial section includes the independent auditor's report, the general purpose
financial statements, notes to the fmancial statements, the combining, individua.l fund and
account group financial statements, and the supplemental financial schedules. The statistical
, sectian, which is unaudited, includes selected financial and demographic information, generally
presented on a multi-yeaz 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 O�cers 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.
'
'
' .
'
,
THE REP4RTIN�'r ENTITY AND ITS SERVICES '
The City was established as a municipal corporation in I8�8, and became a statutory City in '
I974. The City has a i�layor-Council form of government, with the four Council members being
elected to overlapping four-year tezms of office and the Mayor serving a four-year term
coinciding with the terms of two of the Council members. This term for the �1�Iayor was a change ,
instituted in 1996. Prior to that, the Mayor was elected every two years. The City Council is
responsibie, 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 approval.
Growth and develo ment of the Ci is 'ded by a Corn rehensive Land Use Plan which was '
P tY � P
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 wluch will perpetuate a
sound ta,x base. This PIan was last updated in 1993. ,
All funds, account groups, departments, agencies, boazds and commissions for which the City is
financiaily accountable aze included in this report. The City provides its residents and businesses '
with a full range of municipal services consisting of public safety (palice and fire), public works,
parks and recreation and general administrative services. The City also operates four enterprises:
water, sewer, storm water and arena. Refuse collection and disposai and recycling are handled '
on a private basis by City residents and businesses through contractual arrangements with private
haulers. Sewage treatment and mass transit are operated on a regionai basis by regionai
governmental agencies. �
Rosemount Port Authoritv
. The Port ' ''�
The Port Authonty was created by the Crty to carry out certam redevelopment pro�ects �
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
activities are eneral
r ri activities. Debt issued for Port Authori g
cin fo Port Autho
finan tY
g tY
obligations of the City. The Port Authority's financial data has beea presented in this financial '
report as a discretely presented component unit.
'
'
,
�
'
' ECONOMIC CONDITION AND OL'TLOOK
' The City of Rosemount is a �owing southem suburb in the Minneapotis/St. Paul metropolitan
azea, located in Dakota Counry. The City encompasses approximately 36 square rniies. The City
is one of the fastest �owing communities in the seven-county 1�finneapolis/St. Paul metropolitan
' area as demonstrated by the following population trend:
Population Percent
, Population Increase Increase
1996 Staff Estimate 12,570 3,948 46%
' 1990 Census 8,622 3,�39 70%
1980 Census 5,083 1,049 26%0
1970 Census 4,034 2,022 100%
' 1960 Census 2,012 - -
Rosemount has an extensive system of Sta.te and County highways and 9$ miles of City streets
' that continue to contribute to the community's growth. This e:ctensive highway network and �
lazae tracts of attractive, developable land have made the City an ideal location for residential i
deveiopment and increasing commerciaUindustrial development. Over 500 acres of industrial
' ' and commercial zoned land have been reserved for development in Rosemount. Rail, air, barge ,
and freeway access provide Rosemount's economic community with an expedient transporta.tion
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 lazgely heavy industry, the
middle one-third is lazgely agricultural and the western one-third is heavily residential with a '
good mix of light industrial and commercial. Residential developments with hundreds of homes
� aze currently under development and this pattem of growth will continue for years to come. The
ten largest taxpayers represent a mix of industrial, commercial, utilities and housing that I
represent over 33%of the City's tax base.
, II
Labor market data is very impressive for the State, Minneapolis/St. Paul metropolitan area and �I
Dakota. County, in which Rosemount is located. 1996 labor force numbers were 2,628,238; ,
1 1,628,4Q0; and 193,352 respectively with unemployment raxes of 3.2%; 2.9% and 2.7%to match. ��,
These figures compaze quite favorably with national figures. I
� reserved 226 beautiful acres of land for 18 pazks. Residents can ��'�
Commuiuty leadersiup has p �
enjoy a round of golf on the 27-hole public course or on the 9-hole private course. Bordered by I
� the scenic Mississippi river, Rosemount also contains 270 acres of the Spring Lake Regional I
Pazk Preserve. Rosemount's new Comrnunity 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. �I
� ix III�
� ��I
,
� '
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.
NIAJOR IMTIATNES I
A major initiative for I995 was contracting with an engineering firnl to complete a '
comprehensive storm water management plan for the City. This plan will look at ail storm water
• issues thai the City will have to deal with as development occurs throughout the City. The plan
was substantially completed by the end of 1995 with a first draft presented to the Council earIy in � '
1996 for their discussion. The plan was completed during 1996 and now is waiting for final
approval from applicable outside agencies before the City's final adoption. This is expected to
occur sometime in 1997. In 1996 the City also coniracted an engineering firm to update the t '
comprehensive potable water plan to prepaze for possible Nletropolitan Urban Service Area
(MUSA) expansion in the City. The City contracted for the drilling and development of a new '
well and pump house in 1996 which will be productive by June of 1997. The City also
completed a$2 million reconstruction project of infrastructure in the old downtown area. '
In November of 1995 the voters a roved a referendum for the construction of a second fire �
� PP
station. The land for the fire station was purchased in December with construction beginning in
1996. This was a politically charged issue as a similar referendum had failed two years eaziier. '
The City Council requested the formation of a committee of citizens, staff and members of the
Volunteer Fire Department to work together to study the issue and put together
recommendarions. The success of the committee was reflected in the positive results of the r
referendum. The fire station was substantially compleied in 1996 with the Fire Department
moving in during December. Fina1 construction (landscaping, final lift for driveway, etc.} is �
expected to be completed by the middle of 1997.
Eazly in the spring of 1995,the Rosemount Police Department was notified by the Department of �
Justice that they had been awarded a $75,000 Cops Fast Grant. In 1996, a second federal
$75,000 COPS Universal Grant was applied for and received. Both grants will allow for the
hiring of two additional police officers to supplement our community policing plans. Prior to the ,
opportunity to hire two new officers, the number of o�cers needed to patrol our streets and
answer calls prevented the City from having an effective school liaison program and
participating in other community programs. As a result of the grants,the City now has an officer �
assigned to both our middle school and our high school on a full-time basis. The department in
1995 and 1996 has taken an active partnership role with five new programs: '
Crime-Free Multi-Housin Pro�ram - This program consists of police educating owners,
cazetakers and landlords on how to keep illegal activity out of their rental properties. '
X �
�
' -
1
East Local Collaborative Pro�ram-This program involves an organized group consisting
' of social services, schools, Dakota Counry Employment & Economic Services, public
health and others to provide assistance to anyone in need of special services.
, Crime & Drus Prevenrion Grant - This is an organization of all School District I96
liaison officers. This group applied for and received a �ant from the State of Minnesota
to help offset the cost of having full-time officers in our middle and senior high schools
� for the school year 1996-97. Our department will receive �19,�00 to be used towazds:
' 1. Increased collaborarion among all stakeholders in reducing crime in District 196
schools.
2. Assessing and identifying steps to control student drug problems.
, 3. Assessing and identifying steps to reduce student violence.
4. Identifying and investigating gang-related acrivity in the District's secondary schools.
, Safe and Sober Proeram - 1996 was our second year to receive a ?rant from the State of
Minnesota.for the purpose of utili2ing overtime in the enforcement of speed, seat belt and
DWI laws. Tl�e Rosemount Police Department was commended for their eYcellent work
' in 1995 by promoting seat belt usage and the reduction of accidents through aggressive
enforcement which led to the approval of the 1996 grant.
I', ' Citizens on Phone Patrol(C�PP) - COPP was organized in the summer of 1996. This
program, backed by a grant offered by the Department of Justice, is geared towazds
improving emergency communications between neighborhood watch groups and the
I�I ' police by the use of cellulaz phones.
, In early 1996, the City continued�its active opposition to the dual-track airport planning process I
and the implications that it would have if the airport were relocated in the chosen site just to the I
south of Rosemount. SOAR(Stop Our Airport Relocation}, a local lobbying group kept the City ;
informed of activities as they occurred during the process and asked for the City's support when II
� �
necessary during stages of that process. During the 1996 legislative session the dual-track ,
planning process was terminated with the expansion of the existing airport being the choice of ,
' the State's Iegislative bodies.
'
'
,
' "'
'
'
SIG�IFICANT DEVELOPME�ITS '
Rosemount Business P�rk '
In 1993, the Rosemount Port Authority purchased 80 acres of vacant land for a future business
pazk near the historic center of Rosemount. In 1995, after a total investment of neazly $2? ,
million, the first phase of improvements to the business park were eompleted. Two companies
purchased a combined 16 acres in the business park and broke ground in 1996. Cannon '
Equipment Company began construction of neazly 110,000 square feet of o�ce and
manufacturing space and Geometrix Company began construcrion of a 10,000 square foot
manufacturing facility. Both aze e:cpecting completion in early 1997. The City also established '
this husiness pazk within a tax increment financing (TIF) district as a tool to assist new
businesses locating at this site. The Port Authority is now mazketing the remaining acreage in
the business pazk through a cooperative agreement with Hoyt Properties of�Iinneapolis. �
Koch Refinerv
'
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 ' ''I
equipmen t, processes, t r a i n i ng an d opera.t ions. I n 1 9 9 5, K o c h c o n s i d e r e d a n a d v a n c e d i
cogeneration facility at its refinery in Rosemount. This facility would simultaneously produce ' ,I
electricity and useful thermal energy from the same fuel source, petroleum coke. This $300
million facility would provide from 40 to 50 new permanent positions in Rosemount. Legisla-
tion that Koch would need to make ttus project viable failed during the 1995 and 1996 sessions, '
but there will be attempts to get the necessary legislation passed in future sessions.
Intermodal Terminal '
In 1995, Rosemount was selected through a search process as one of two cities for possible
location of a new truck-to-train intermodal shipping terminal. The terminal would have facilities �
to load, unload and store containers and tnzck trailers for several raikoads. It also has the
potential of anchoring a larger industrial pazk that would attract businesses near such intermodal '
services. The Minnesota Intermodal Railroad Ternunal Study (MIRTS) was completed in 1996
and it is now being pursued by variaus interested parties. The site for this facility would include
approximately 16� acres including 7,000 feet of railroad tracks. ,
Arm�National Guard
The Ci of Rosemount in coo eration with the Arm National Guard, completed a training and ,
tY � P Y
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 oppominities for the Rosemount community and National Guard.
- xii '
,
' '
� The National Guard division headquarters is housed in the facility for the 34th Red Bull Infaniry '
Division. This is only one of eight such divisional headquarten for the National Guard in the
' entire United States.
ACCOtNTING SYSTEM �W REPORTS
' e accountin for all acrivities of the City is divided into various funds or account �oups as
Th g
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 confomuty with generally accepted accounting principles (GAAP)
applicable to governmentai 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 aze protected from
loss, theft or misuse and to ensure that adequa.te accounting data. is compiled to allow for the
' presentation of financial statements in conformity with GAAP. The intemal control structure is
designed to provide reasonable, but not absolute, assurance that these objectives aze met. The
concept of reasonable assurance recognizes that: (1) the cost of a control should not e:cceed the
� benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and
judgments by mana.gement.
' Budgeting controls are maintained in accordance with City policy to ensure compliance with
annually appropriated budgets approved by the City Council. Appropriations which have not
' been expended at the end of the yeaz lapse, except in speciai situations in which the City Council
may encumber unexpended funds forward to the followi.ng year.
' GENERAL GOVERNMENT FUNCTIONS
General municipal services aze accounted for in the City's General Fund. The following table
, presents a comparative analysis of General Fund revenues and other financing sources:
1996 Actual 1995 Actual
r %of %of
Revenues and other Financin� Sources Amount Total Amount Total
Taxes $ 2,476,676 54% $ 2,305,352 51%
� Licenses & Permits 239,129 5% 262,946 6%
Intergovernmental 1,119,492 24% 1,097,460 23%
' Charges for Services 314,049 7% 401,211 9%
Fines & Forfeitures 111,929 2% 139,680 3%
Recreational Fees 173,794 4% 177,076 4%
' Other 151,229 3% 149,584 3%
Transfers 3.500 1% 3.500 1%
Totals $ 4.589,799 100% $ 4,536.810 I00%
, xiii
'
'
'
1995 and I996 showed ?reat consistency between the various revenues areas. Taxes were raised �
slightly to offset a slowdown in building growth (seen in the areas of Licenses & Permits and
Charges for Services). This building �owth will probably rebound somewhat in 1997 with lazge
growth predicted be�inning in 1998. The encouraging thing to the City is that even with a '
slowdown in building the impact on tax revenues was minimal.
The following table presents a comparative analysis of General Fund Expenditures and Other '
Uses:
1996 Actual 1995 Actual
%of % of '
Ex enditures and Other Uses Amount Total Amount Total
P
^ ''0 74 59 °/
I General Government $ 1 04I 38� 2�/o $ 1 0 8 25 0
, , , ,
Public Safety 1,292,439 29% 1,211,425 28% �
Public Works 1,406,433 31% 1,236,21� 28°10
Pazk and Recreation 638,372 1�% 628,270 14% '
Trausfers 1179�0 2% 208.399 5%
Totals $ 4.496.�76 100% $ 4,359.169 100%0 '
As with the revenues, there was a great deal of consistency on the expenditure side of the
General Fund between 1995 and 1996. Most of the changes in the first four categories pertained '
to changes in the way salaries were allocated. The decrease in transfers from I995 to 1996 ,
follows the decrease that occurred from 1994 to �995. At the end of 1994, the General Fund '
transferred a significant amount of money to the Community Center Fund to subsidize operations , ''
for the year. It has been determined that there will be a yearly subsidy for the debt on the ice ,
arena, but in the future that amount should stay fairly constant based on the operations of the ice '�,
arena. Based on two and one-haif years of operation, the 1996 transfer amount should now ' i
stabilize in the future and remain constant with minor variations either up or down depending on
the success of the ice azena. ' �
'
�
'
'
- xiv ,
'
'
, The City's General Fund balance increased by almost $86,000 during 1996 and equaled
$1,583,357 at yeaz-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 Bud eg t Amount Next Bud�et
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
The City has deternuned 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. 30 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, 1996, 100% of the unreserved fund balance of the General Fund has been designated to meet
working capital needs. '
' '
' I
, �I'�
'
�
'
'
' xv
,
'
'
Enterprise Funds
Enterprise funds account for the fmancing of services to the general public in which all or most '
of the costs involved aze 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:
Water Sewer '
1996 1995 1996 1995
Operating Revenues $ 487,993 $ 450,893 $ 723,083 $ 668,789
Operating Expenses 456.358 383,813 510,773 496.071 '
Operating Income
Before Depreciation 31,635 67,080 212,310 172,718 ,
Depreciation Expense 248.120 204,055 563,872 538,621
Operating Income (Loss)
After Depreciation (216,485) (136,974) (351,562) (365,903) '
Non-Operating Revenues
(Expenses) 181.718 304,586 336.843 340,'780
Net Income (Loss) ,
Before Transfers 34,767 167,611 (14,720) (25,123)
Transfers In(Out) �33.756) (218.448) '"' (29,300) (7,354)
Net Income Loss f68 523 50 837 44 020 $ f32.477) ,
� ) � ) � )
Storm Water Arena '
1996 1995 1996 1995
Operating Revenues $ 360,274 $ 292,580 $ 258,513 $ 269,874
Operating Expenses 110,965 151,103 175.069 163.966 ,
Operating Income(Loss)
Before Depreciation 249,309 141,486 83,444 105,908 '
Depreciation Expense (137.590) 75.498 109,470 109,470
Operating Income (Loss)
After Depreciation 111,719 65,989 (26,026) (3,562) ,
Non-Operating Revenues
(Expenses) 305,177 228,044 (148,056� (148,627)
Net Income (Loss) ,
Before Transfers 416,896 294,033 (174,082) (152,189)
Transfers In(Out) (30,800) (226,800) 102.400 92,000
60 189 '
Net Income(Loss) $ 386,096 $ 67,233 $ (71,682) ( , )
xvi ,
'
'
'
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 utiliry bills and still be competitive with what
other municipalities are charging. During budgeting, capital projects are budgeted for over a 5-
' 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. As discussed previously, 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 are included in section IV of
the Notes to the financial statements.
' DEBT ADMINISTRATION
The ratio of net bonded debt to tax capacity and to market value and the amount of net bonded
' debt per capita aze 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, 1996,was as follows:
' %of Debt
%of Tax Market Per
Amount Capacit� Value Capita
� City Net Bonded Debt $ 3,080,749 25.4% 0.5% $ 245
Overlapping Net Bonded Debt 19,508,587 161.0% 3.4% 1,552
'
T�tal Nct Z�n1c1)ebt S 22.St�,33G 186.4% 3.9% 1 797
' The City has a current Moody's Investors Service bond rating of A. This excellent rating for a
City of Rosemount's size and composition and this rating 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.
� xvii
' �i
'i
'
'
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 cash ,
balance. T'his 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 1996, the City earned $770,505 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 torts, 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. ' '
T'he 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 deductible per occurrence 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.
�
The City has also contracted with a risk management consulting firm to assist in the pla.nning 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 overinsured have resulted in many changes, a11 of them
benefiting the City, and ultimately, its citizens. ,
'
xviii � �,
'
�
IINDEPENDENT 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
1 the audit was conducted in accordance with generally accepted auditing standards and an
unqualified opinion was issued.
'
ACKNOWLEDGMENTS
� The preparation of this report on a timely basis could not have been accomplished without the
efficient and dedicated services of the Administration and Finance Departments. We would like
' to express our appreciation to a11 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,
. l�, . � � ,
' � '
Jeffrey A. May Thomas D. Burt
Finance Directar City Administrator
'
'
'
'
1
1
1
� X�X
1
� � � � � � � � � � � � � � � � � � �
�
E-�
F�
W
a
a
z
0
�
z
�
�
�
a
� '
� '
> -
C�
-
�,i
W
ed�
�
�
��
�
> �- �
� � _ .-
,
� � : �
y
;
d . i
. . � � >
W
� ��
_ „
.
.
�
�_ ; _ �
i
� � � � . � , � � � � � r. � � , - � � : ;�:,,. � � , � �' �
, � �, � � � >
'
'
1 BO�CI� NHEINEN� 1��IAYER, P.A.
C E R T I F 1 E D P U B L I C A C C O U N ? A N T S
' INDEPENDENT A '
UDITOR S REPORT
' To the Mayor and City Council
City of Rosemount,Minnesota
'
We have audited the accompanying general purpose financial statements of the City of Rosemount,Minnesota, as of and for
' the year ended December 31, 1996, as listed in the table of contents. These�eneral purpose financial statements are the re-
sponsibility of the City's management. Our responsibiliry is to express an opinion on these financial statements based on our
audit.
, We conducted our audit in accordance with enerall acc te
8 Y ep d audrttng standards and Government Auditing Standards, is-
sued by the Comptroller General of the United States and the provisions ofthe Office of Management <ad Budget Circular
' A-128 "Audits of State and Local Governments". Those standards require that we plan and perform the audit to obtain rea-
sonable assurance about whether the general purpose financial statements are free of material misstatement. An audit in-
cludes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial state-
ments. An audit also includes assessing the accounting principles used and significant estimates made by management, as
� well as evaluating the overall general purpose fmancial statement presentation. We believe that our audit provides a reason-
able basis for our opinion.
� In our opinion,the generai purpose financial sratements referred to above present fairly, in ail material respects,the fmancial
position of the City of Rosemount,Minnesota,as of December 31, I996, 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.
, Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The
combining and individual fund financial statements,the financial schedules and the statistical data listed in the table of con-
tents are presented for purposes of additional analysis and are not a required part of the general purpose fmancial statements
, of the City of Rosemount,Minnesota. Such informarion,except 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, is fairly stated in all material respects in relation to the general purpose financial
,i ' statements taken as a whole.
In accordance with Government Auditing Standards, we have issued a report dated April 22, 1997 on our consideration of
the City of Rosemount's intemal control structure and a report dated Apri122, 1997 on it's compliance with laws and regula-
' tions.
/�-.�.,-- 7y�-- v ��� -P�4_
I BOECKERMANN H
, EINEN&MAYER,P.q,
, Minneapolis,Minnesota
Certified Public Accountants
Apri122, 1997
'
'
� � r � � � � � � � w � � � � � � � �
�a
�
w
a
�
�
z
�
z
�
�
c�
a
�
���
��
����
��
� . �ENERAL PUR�'�SE��YCIAL S�.ATEM�N�S �
COMBINED FINANC'IAL STA1'�MENTS
_
� �, „ �
�
� , .
: Tl�,combined statements are intended tapro�vid�a.n overvievv and braad.perspeetive of the City,'s
fi�iancial position and operations. These generai purpose financi�� statetnents preserrt a sumrnacq
� � � . _ ��
_� ;, • �
� l and ar�aly�e a�ez��.t�ons.aricl to assist in.fi�ancial pl�c�xiin�. ,
set t�f in€ormation needed t� co,ntro
� ' The fo�lowing�o�b�ed statements are present�d: �
Coinbineci Ba.lance Sheet-�l�Fund T'ypes and Account Graups
,�. �
` Gombined Statement, of Revenues, Expendittires, a�d �hange� :iri Fund Bala.�c�s-A�l
Governmental�und Types.
� �
Combi�ed Statement o�Revenues; Expenditur�s; and�hanges in Fur�d Balances-�udget
anci Actual-�n�ral anci Special Revenue Func1 Types
�
Comb�r►ed Staternent of Revenues; Expcnd�t�res, and �hanges'in Reta�ntd Earrnngs-All
I. Proprietary Furid Typ�s
�
Combine� State�nent of Cash Flows-t�li Proprietary Fund "Fypes
�
�,
.���� �
�
�
�
�
P�
F�r
W
a
�
�
z
0
�
� �
c�
a
�
�
� � � � � � � � � � � � � � � � � � � �,
�
CITY OF ROSEMOUNT. MINNESOTA '
COMBINED BALANCE SHEET
ALL FUND TYPES,ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNITS
DECEMBER 31, 1996 � II
GOVERNMENTAL FUND TYPES � '
SPECIAL DEBT CAPITAL
C�ENERAL REVENUE SERVICE PROJECTS �
ASSETS AND OTHER DEBTS
ASSETS: '
Cash and investments $ 1,541,495 $ 1,532,906 $ 5,523,253 $ 1,462,514
Accounts receivable 16,971 2,006 - -
Notes receivable - - - - '
� Special assessments receivable 5,762 24,708 907,504 -
� Property taxes receivable 230,966 - 12,584 -
Due from other funds - 4,458 - 48,391 '
Due from other governments 25,727 - - -
Prepaid expenditures - - - -
Restricted assets �
Cash with fiscal agent-refunding
escrow account - - - -
Net fixed assets - - - -
OTHER DEBITS:
�
Amount avaitable in debt service funds - - - -
Amount to be provided for debt retirement - - - - '
TOTAL ASSETS AND OTHER DEBITS $ 1,820,921 $ 1,5fi4,077 $ 6,443,342 $ 1,510,905
See notes to financiai statements '
'
'
'
'
,
�
4 '
'
EXHIBIT 1
(Continued}
�
'
FIDUCIARY TOTA� TOTAL
' PROPRIETARY FUND TYPE 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)
' $ 5,381,889 $ 208,998 $ 1,084,617 $ - $ - $ 16,735,672 $ 632,659 $ 17,368,331
416,707 954 - - - 436,638 5,872 442,510
, - _ = = = - 1,364,617 1,364,617
158,052 1,096,027 1,096,027
1,618 - - - - 245,168 5,651 250,819
� 2,016,800 = = = = 2,069,648 = 2,069,648
25,727 25,727
75,763 128,483 - - - 204,246 5,226 209,472
� - - - - 912 898 - 912 898
912,898 ,
41,131,222 - - 7,666,707 - 48,797,929 3,275,000 52,072,929
� -
- - - - 5,635,124 5,635,124 418,276 6,053,400
, - - - - 7,557,980 7,557,980 2,556,724 10,114,704
$ 50,094,949 $ 338,435 $ 1,084,617 $ 7,666,707 $ 13,193,104 $ 83,717,057 $ 8,264,025 $ 91,981,082
S
� I
' '
'
�
�
�
� 5
,
CITY OF ROSEMOUNT. MINNESOTA �
COMBINED BALANCE SHEET
ALL FUND TYPES,ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNITS '
DECEMBER 31, 1996
GOVERNMENTAL FUND TYPES '
SPECIAL DEBT CAPITAL '
GENERAL REVENUE SERVICE PROJEGTS
LIABILITIES. EQUITY AND OTHER CREDITS �
LIABILITIES:
Due to other funds $ - $ - $ - $ 2,065,190
Accounts payable 90,103 2,910 - 52,601 '
Compensated absences payable - _ _ _
Accrued expenditures �7,943 _ _ _
Accrued interest _ _ _ _ '
Contracts payable - - - 294,035
Deposits payabie 66,201 - - -
Deferred revenue 63,317 198,788 808,218 - �
Capital leases payable _ _ _ _
Bonds payable _ _ _ _ ',
Deferred compensation benefits payable - _ _ _ ��,
TOTAL LIABILITIES $ 237,565 $ 201,699 $ 808,218 $ 2,411,826 � I�
EQUITY AND OTHER CREDITS: '
lnvestment in general fixed assets $ - $ _ $ _ g _
Contributed capital _ _ _ _
Retained eamings - _ _ _
Fund balance: ,
Reserved for capital projects - - - 860,194
Reserved-for special projects - 246 _ _
Reserved for debt service - - 5,635,124 - �
Reserved for encumbrances 2g,2gg _ _ _
Unreserved : designated forworking capital 1,555,068 - - _
Unreserved-undesignated - 1,362,133 - (1,761,115) �
TOTAL EQUITY AND OTHER CREDITS $ 1,583,357 $ 1,362,379 $ 5,635,124 $ (900,921)
TOTAL LIABILITIES, EQUITY AND OTHER
CREDITS $ 1,820,921 $ 1,564,077 $ 6,443,342 $ 1,510,905 '
�
�
�
6
,
' i
EXHIBIT 1 '
� (Concluded) ,
� '
FIDUCIARY TOTA� TOTAL '
� PROPRIETARY FUND TYPE 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) '
'
$ - $ - $ - $ - $ - $ 2,065,190 $ - $ 2,065,190
� 21,151 = 948 = - 167,714 8,380 176,094
32,576 334,064 366,64� 366,640
4,269 - - - - 22,212 - 22,212
� 103,994 = = = = 103,994 = 103,994
294,035 294,035
- - - - - 66,201 2,500 68,701
151,963 - - - - 1,222,287 1,364,617 2,586,904
� - - - - 569,040 569,040 - 569,040
7,390,499 - - - 12,290,000 19,680,499 2,975,000 22,655,499
- - 1,083,669 - - 1,083,669 - 1,083,669
� $ 7,704,454 $ - $ 1,084,617 $ - $ 13,193,104 $ 25,641,481 $ 4,350,497 $ 29,991,978
� $ - $ _ $ = $ 7,666,707 $ = $ 7,666,707 $ 3,275,000 $ 10,941,707
37,222,751 37,222,751 37,222,751
5,167,744 338,435 - - - 5,SU6,179 - 5,506,179
� - - - - - 860,194 - 860,194
- - - - - 246 5,226 5,472
, = = = = = 5,635,124 418,276 6,053,400
28,289 28,289
- - - - - 1,555,068 - 1,555,068
- - - - - (398,982) 215,025 (183,957)
� $ 42,390,495 $ 338,435 $ - $ 7,666,707 $ - $ 58,075,575 $ 3,913,527 $ 61,989,102
r $ 50,094,949 $ 338,435 $ 1,084,617 $ 7,666,707 $ 13,193,104 $ 83,717,057 $ 8,264,024 $ 91,981,081
� �
�
�
w �
,
CRY OF ROSEMOUNT.MINNESOTA
COMBINED STATEMENT OF REVENUE,EXPENDITURES AND CHANGES IN FUND BA�ANCES �
ALL GOVERNMENTAL FUND TYPES AND DISCRETELY PRESENTED COMPONENT UNITS
YEAR ENDED DECEMBER 31, 1996
GOVERNMENTAL FUND TYPES
SPECIAL DEBT CAPITAL
GENERAL REVENUE SERVICE PROJECTS
REVENUE:
Ceneral property taxes $ 2,476,676 $ 470,100 $ 456,842 $ � -
Municipal state aid(MSA) - 309,089 601,805 152,371 �
Tax increments _ _ _
Licenses and permits 239,129 - - -
Special assessments 14,112 85,236 1,274,275 - �
Intergovemmental 1,119,492 64,471 - -
Charges for services 314,049 70,686 - -
Fines and forfeitures 111,g2g
Interest eamings 33,444 54,692 337,106 27,795 �
Miscellaneous 277,467 628,284 - 82,963
TOTAL REVENUE $ 4,586,299 $ 1,682,558 $ 2,670,028 $ 263,129�
EXPENDITURES:
Current:
General govemment $ 1,048,488 $ 178,129 $ - $ - �
Public safety 1,292,513 - - -
Public works 1,406,945 - - 3,936,386
Park and recreation 638,372 - - -
Capital outlay - 763,618 - -
Other - - - 26,464
Debt service:
Redemption of bonds - - 2,965,000 - �
Interest on bonds - - 626,494 -
Fiscal agent fees - - 21,344 -
TOTAL EXPENDITURES $ 4,386,319 $ 941,747 $ 3,612,838 $ 3,962,850
EXCESS(DEFICIENCI�OF REVENUE OVER
EXPENDITURES $ 199,980 $ 740,811 $ (942,810) $ 3,699,721
OTHER FINANCING SOURCES(USES):
Proceeds from the sale of bonds $ - $ - $ - $ 1,759,494
Operating transfers in 3,500 - 252,100 610,025
Operating transfers out (117,950) (564,219)
TOTAL OTHER SOURCES(USES) $ (114,450) $ (564,219) $ 252,100 $ 2,369,520
EXCESS(DEFICIENCI�OF REVENUE AND �
OTHER FINANCING SOURCES OVER
EXPENDI7URES�iND OTHER FINANCING USES $ 85,530 $ 176,591 $ (690,710) $ (1,330,201)
BEGINNING FUND BALANCE(as restated) 1,497,829 1,185,787 6,247,370 663,926 �
Residual equity transfers in(out) - - 78,465 (234,645)
ENDING FUND BALANCE $ 1,583,359 $ 1,362,378 $ 5,635,125 $ (900,924
See notes to financial statements
�
8
�
� EXHIBIT 2
�
� TOTAL TOTAL
PRIMARY COMPONENT REPORTING
GOVERNMENT UNIT ENTITY
� (MEMORANDUM) (PORT (MEMORANDUM
(ONLI� AUTHORITI� ONLIn
$ 3,403,618 $ 284,612 $ 3,688,230
� 1,063,265 - 1,063,265
325,800 325,800
239,129 - 239,129
� 1,373,623 = 1,373,623
1,183,963 1,183,963
384,735 - 384,735
� 111,929 - 111,929
453,037 128,999 582,036
988,715 139,311 1,128,026
$ 9,202,014 $ 878,722 $ 10,080,736
�
$ 1,226,617 $ 210,869 $ 1,437,486
� 1,292,513 - 1,292,513 ,
5,343,332 - 5,343,332
638,372 - 638,372 '
� 763,618 230 763,848
26,464 26,464
2,965,000 135,000 3,100,000 ',
� 626,494 168,313 794,807 ,
21,344 3,822 25,166 ,
$ 12,903,754 $ 518,234 $ ' 13,421,988 I
� �I
$ (3,701,740) $ 360,488 $ (3,341,252) ',
� 1 759 494 1 759 494 I
$ , , $ - $ , ,
865,625 123,000 988,625
(682,169) (315,000) (997,169)
� $ 1,942,950 $ (192,000) $ 1,750,950 i
� $ (1,758,790) $ 168,488 $ (1,590,302)
� 9,594,912 470,040 10,064,952
(156,181) (156,181)
$ 7,679,942 $ 638,528 $ 8,318,470
�
�
� 9
i
CITY OF ROSEMOUNT. MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES �
BUDGET(AS AMENDEDj AND ACTUAL(BUDGETARY BASIS)
GENERAL AND ANNUALLY ADOPTED SPECIAL REVENUE FUNDS �
YEAR ENDED DECEMBER 31, 1996
GENERAL FUND i
FAVORABLE
(UNFAVORABLE)
BUDGET ACTUAL VARIANCE �
REVENUE: �
Generai Property Taxes $ 2,505,042 $ 2,476,676 $ (28,366)
Municipal state aid (MSA) - - - �
Tax increments - - -
Special assessments
Licenses and permits 267,900 239,129 (28,771) �
Intergovemmental 1,118,583 1,119,492 909
Charges for services 329,400 314,049 (15,351)
Fines and forfeitures 100,000 111,929 11,929 �
Interest eamings 25,000 33,444 8,444
Principal on notes - - -
Donations and other 92,498 92,498 -
Miscellaneous 182,510 199,081 16,571 �
TOTAL REVENUES $ 4,620,933 $ 4,586,299 $ (34,634)
EXPENDITURES: �
General government $ 1,115,350 $ 1,041,383 $ 73,967
Public safety 1,310,977 1,292,439 18,538
Publicworks 1,378,300 1,406,433 (28,133) �
Park and recreation 704,856 638,372 63,484
TOTAL EXPENDITURES $ 4,506,483 $ 4,378,626 $ 127,857
�XCESS (DEFICIENCYj OF REVENUE OVER �
EXPENDITURES $ 114,450 $ 207,673 $ 93,223
OTHER FINANCING SOURCES (USESp. �
Ope�ating transfers in $ 3,500 $ 3,500 $ -
Operating transfers out (117,950) (117,950) -
TOTAL OTHER SOURCES (USES) $ (114,450) $ (114,450) $ - �
EXCESS (DEFICIENCI�OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES ANQ �
OTHER FINANCING USES $ - $ 93,223 $ 93,223
Reconciliation to GAAP basis �
elimination of encumbrances, net (7,693)
BEGINNING FUND BALANCE � 1,497,829
Non-Budgeted Special Revenue Funds - �
ENDING FUND BALANCE $ 1,583,359 �
See notes to financial statements
10 �
�
EXHIBIT 3
�
�
� ANNUALLY ADOPTED TOTAL
SPECIAL REVENUE FUNDS (Memorandum Only)
FAVORABLE FAVORABLE
� (UNFAVORABLE) (UNFAVORABLE)
BUDGET ACTUAL VARIANCE BUDGET ACTUAL VARIANCE
$ 470,100 $ 470,100 $ - $ 2,975,142 $ 2,946,776 $ (28,366)
� = 309,089 309,089 _
32,586 32,586 32,586 32,586
- 85,236 85,236
� = = - 267,900 239,129 (28,771)
1,118,583 1,119,492 909
- - - 329,400 314,049 (15,351)
� - - - 100,000 111,929 11,929
11,000 33,698 22,698 36,000 67,141 31,141
_ - - 0 0 -
58,000 383 (57,61� 150,498 92,881 (57,617)
'�, � 48,000 578,325 530,325 230,510 777,406 546,896
$ 587,100 $ 1,509,418 $ 922,318 $ 5,208,033 $ 5,701,391 $ 493,358 I
� �
173 9 85
$ 566,100 $ 813,252 $ (247,152) $ 1,681,450 $ 1,854,635 $ ( , )
- - - 1,310,977 1,292,439 18,538 '�
� = i � 1,378,300 1,406,433 (28,133) I
701,856 638,372 63,484
$ 566,100 $ 813,252 $ (247,152) $ 5,072,583 $ 5,191,878 $ (119,295) II,
� II
$ 21,000 $ 696,166 $ 675,166 135,450 903,839 374,064 '
� I�
$ - $ - $ - $ 3,500 $ 3,500 $ -
- (490,106) (490,106) (117,950) (608,056) (490,106) I
� $ - $ (490,106) $ (490,106) (114,450) (604,556) (490,106) ,
� 299 283 116 042 I
$ 21,000 $ 206,060 $ 185,060 $ 21,000 $ , $ ( , ) ,
, _ (7,693) '
726,421 2,224,250 ',
� � 429 897 429,897 �,
,
$ 1,362,378 $ 2,945,737 '!
� '
� 11 I
EXHIBIT 4 �
CITY OF ROSEMOUNT. MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS �
ALL PROPRIETARY FUNDS TYPES
YEAR ENDED DECEMBER 31, 1996
_ �
TOTAL
INTERNAL {Memorandum only) '
ENTERPRISE SERVICE 1996 1995 � '
OPERATING REVENUE:
Service charges $ 1,068,357 $ - $ 1,068,357 $ 1,378,165 ,
Water meter maintenance 6,750 - 6,750 9,310 � ',
Water meters 478,743 - 478,743 21,506
Miscellaneous 276,013 - 276,013 273,165 ',
Donation and other - 17,830 17,830 10,431 �
TOTAL OPERATING REVENUE $ 1,829,863 $ 17,830 $ 1,847,693 $ 1,692,576
OPERATING EXPENSES: I
Personal services $ 371,694 $ - $ 371,694 $ 336,991 �
Su pplies 168,764 949 169,713 140,829
Professional services&other charges 308,168 17,512 325,680 315,047
Other services and charges 37,868 - 37,868 49,927
Metro sewer charges 366,672 - 366,672 367,224 �
Insurance expense - 143,870 143,870 117,097
TOTAL OPERATING EXPENSES $ 1,253,166 $ 162,331 $ 1,415,497 $ 1,327,115
OPERATWG WCOME(LOSS) BEFORE DEPRECIATION $ 576,697 $ (144,501) $ 432,196 $ 365,462 �
DEPRECIATION (1,059,052) - (1,059,052) (927,643)
OPEFtATING INCOME (LOSS) $ (482,355) $ (144,501) $ (626,856) $ (562,181) �
NON-0PERATWG REVENUE(EXPENSES):
Connection fees $ 748,321 $ - $ 748,321 $ 684,684 �
Property taxes - 185,000 185,000 190,000
Special assessments 74,139 - 74,139 63,444 �
interest earnings 310,743 6,725 317,468 303,696
Surcharges and penalties 113,912 - 113,912 97,560 �
Other expenses (182,804) - (182,$04) (56,483)
Interest expense and fiscaf agent fees (388,630) - (388,630) (361,114)
TOTAL NON-OPERATING REVENUE(EXPENSES) $ 675,682 $ 191,725 $ 867,407 $ 921,788 �
INCOME(LOSS)BEFORE OPERATING TRANSFERS $ 193,327 $ 47,224 $ 240,551 $ 359,606
OPERATINO TRANSFERS: �
Operating transfers in $ 298,900 $ - $ 298,900 $ 321,162
Operating transfers out (290,356) - (290,356) (681,764)
TOTAL OPERATING TRANSFERS $ 8,544 $ - $ 8,544 $ (360,602)
NET INCOME(LOSS) $ 201,871 $ 47,224 $ 249,095 $ (996) �
ADD DEPRECIATION ON CONTRIBUTED ASSETS 901,627 - 901,627 888,350
1NCREASE(DECREASE)IN RETAINED EARNINGS $ 1,103,498 $ 47,224 $ 1,150,722 $ 887,354 �
BEGINNING RETAINED EARNWGS 4,464,247 291,211 4,355,458 2,773,378
Prior period adjustment - - - 694,726 �
ENDING RETAINED EARNWGS $ 5,167,745 $ 338,435 $ 5,506,180 $ 4,355,458
See notes to financial statements �
12
�
�
�W
a
�
�
�
O
�
�
cy
a
� .
��� � � �� �� � �� �� � �� �� � � � �� � � � � ��,
� �
CITY OF ROSEMOUNT. MINNESOTA �
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
YEAR ENDED DECEMBER 31, 1996 �
TOTAL
INTERNAL (Memorandum oniy) �
ENTERPRISE SERVICE 1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES; �
Cash received from customers $ 1,366,269 $ (252,661) $ 1,113,608 $ 1,521,643
Cash payments to suppliers for goods and services (371,693) - (371,693) (336,990)
Cash payments to empioyees for services (753,511) 205,168 (548,343) (816,137} �
Otheroperating cash {payements) receipts (991,149) (991,149) 1,042,936
Net Cash Provided(Used)by Operating Activities $ (750,084) $ (47,493) $ (797,57� $ 1,411,452 '
CASH FLOWS FROM NONCAPITAL FINANCtNG ACTIVITIES: � �I
Operating transfers from other funds $ 298,900 $ 6,725 $ 305,625 $ 353,650
Operating transfers to other funds (290,356) - (290,356) (681,764)
Net Cash Provided(Used)by �
Noncapital Financing Activities $ 8,544 $ 6,725 $ 15,269 $ (328,114)
GASH FLOWS FROM CAPITAL AND RELATED �
FINANCING ACTIVITIES
Acquisition of property, plant, and equipment $ (56,471) $ - $ (56,471) $ (256,608)
Principal paid on bonds (230,000) - (230,000) (145,000) �
Bond proceeds 1,535,000 - 1,535,000 -
Residual equity transfers charged to contributed capital 156,181 - 156,t81 -
Change in escrow cash and investments 31 - 31 27 �
Interest and fiscal charges on bonds (372,396) - (372,396) (365,804)
Net Cash Provided(Used)by Capital and
Related Financing Activities $ 1,032,345 $ $ 1,032,345 $ (767,385) �
GASH FLOWS FROM INVESTING AGTNITIES:
Interest received on investments $ 310,743 $ - $ 310,743 $ 302,696
Net Cash Rrovided(Used)By investing Activities $ 310,743 $ - $ 310,743 $ 302,696 �
NET INCREASE(DECREASE)IN CASH AND
CASH EQUIVALENTS $ 601,548 $ (40,768) $ 560,780 $ 618,649 ,
BEGINNING BALANCE 4,780,343 249,766 5,030,109 4,411,460
ENDING BALANCE $ 5,381,891 $ 208,998 $ 5,590,889 $ 5,030,109 �
See notes to financial statements �
�
'
14
�
� EXHIBIT 5
r
�
TOTAL
� INTERNAL (Memorandum oniy)
ENTERPRISE SERVICE 1996 1995
, RECONCiLiATION OF OPERATING INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES
1 O eratin Income loss $ (482,356) $ (144,501) $ (626,857) $ (562,18�
P 9 ( )
' Adjustments to Reconcile Operating Income (Loss)to
Net Cash Provided (Used} by Operating Activities
Depreciation 1,059,052 - 1,059,052 927,644
' Property taxes - 185,000 185,000 190,000
Special assessments 73,368 73,368 63,444
Conneciton fees 748,321 - 748,321 684,684 '��
� Surcharc,�es and penalties 913,912 = 113,912 97,560 '�,I
Other expenses (182,804) (182,804) (56,483)
' Change in assets: �'
Accounts receivable (21,893) 2,338 (19,555) (31,635) ,
Due from other funds (2,016,800) - (2,016,800) ,
Prepaid expenses (37,93� (83,176) (121,113) 86,139 '
' Change in liabilities '
Accounts payable (9,570) (7,154) (16,724) 19,712
', � Accrued expenses 6,628 - 6,628 (7,433)
NET CASH PROVIDED(USED)BY OPERATING ACTIVITIES $ (750,079) $ (47,493) $ (797,572) $ 1,411,445
� � �
�
r .
�
�
�
1 15
� �� �r�� � ��r � ��r � �s � �r �� �r � � � �� �t�� � ��■r� ���r � � � �� �� �� i
�a
�
�
�
�
z
�
�
�
a
�
�
F
�
�
- �
�
�
�
�
O _
v�
Q��
Z
� �" � � ; �- ;� ; � � , � �,` � ;. �. � � �. � r � � �
' II
I CITY OF ROSEMOiJNT MINNESOTA � � � ���
� �
NOTES TO THE FINANCIAL STATEMENTS ',
' DECEMBER 31, 1996 '
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES '
' The City of Rosemount, Minnesota (the "City") was formed and operates pursuant to applicable Minnesota laws and '
statutes.The governing body consists of a five-member City Council elected at large by voters of the City. City Council
' members serve four year staggered terms and the mayor serves a two year term. Elections take place every two years for
two council members and the mayor.
� 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 Standazds Board{GASB). The more significant of the
City's accounting policies are described below.
' A. Reporting Entity
As required by generally accepted accounting principles,these fmancial statements present the City and its compo-
� nent units, entities for which the City is considered to be financially accountable. Blended component units, al-
though legally separate entities,are, in substance,part of the City's operations and so data from these units are com-
bined with data of the primary City. Governmental Accounting Standards Boazd (GASB) Statement No. 14, "The
' Financial Reporting Entity", established criteria for determining which component units should be considered part
of the City for fmancial reporting purposes. These criteria include 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 definirion criteria above, certain organizations have been defined in ac-
cordance with GASB Statement No. 14 and are presented in this report as follows:
, •Blended Componeat Units-Reported as if they were part of the City
•Discretely Presented Components Units-Entails reporting the component unit financial data in a column '
' separate from the financial data of the City
•Related Organization-The relarionship of the City with the entity is disclosed ,
' •Joint Ventures and Jointly Governed Organizations-The relationship of the City with the entity is
disclosed
� For each of the categories above,the specific entities are identified as follows:
' BLENDED COMPONENT UNITS: '
None.
, DISCRETELY PRESENTED COMPONENT UNITS: -
Rosemount Port Authoritv '
' The Port Authority was created by the City to carry out certain redevelopment projects. T'he Port Authority's gov-
erning board is appointed by the City Council. The City Council reviews and approves all Port Authority tax levies
and the City provides major community develapment fmancing for Port Authority activities. Debt issued for Port I
' Authority activities are general obligations of the City. The Port Authority's fmancial data has been presented in ',
this fmancial report as a discretely presented component unit.
' 17
�
CITY OF ROSEMOUNT,MINNESOTA '
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1996 �
RELATED ORGANIZATIONS:
Rosemount Firefi�hters'Relief Association �
T'his association is organized as a nonprofit organization by its members to provide pension and other benefits to
such members in accordance with Minnesota Statutes. Its Board of Trustees is appointed by the membership of the ,
Association and not by the City Council. All funding is conducted in accordance with Minnesota Statutes,whereby
state aids flow to the Association,tax levies are determined by the Association and are only reviewed by the Ciry,
and the Association pays benefits directly to its members. The Association may certify tax levies to the County di- �
rectly if the City does not carry out this function. Because the Association is able to fund its programs independent
of the City, it is excluded from the reporting entity. (See note for disclosures relating to the pension plan operated
by the Association). ,
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 govemmental entity.
They have their own elected Boards of Education, levy their own taxes, and prepare their own fmancial reports.
Therefore,the Districts do not qualify as component units of the City and their related fmancial statements have not�
been included within the City's fmancial 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 inde-
pendent fiscal and accounting entity with a self-balancing set of accounts. Fund accounting segregates funds ac-
cording to their intended purpose and is used to aid management in demonstrating compliance with fmance related'
legal and contractual provisions. The minimum number of funds are maintained consistent with legal and manage-
rial requirements. Account groups are a reporting device to account for certain assets and liabiliries of the govern-
mental funds not recorded directly in those funds. �
The Ciry 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 fmancial 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 transaction can be determined and "available"'
means collectible within the current period. T'he 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 in-
terest on general long-term debt which is recognized when due, and certain compensated absences and claims or� ,
judgments which are recognized when the obligations are expected to be liquidated with expendable available fi- ;I
nancial resources.
�
18
'
'
ICITY OF ROSEMOUNT,MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
1 DECEMBER 31, 1996
Examples of revenues susceptible to accrual include property taxes,franchise taxes,licenses,interest and special as-
' sessments. Other receipts and taxes become measurable and available when cash is received by the government and
aze 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;rants are recognized as revenue when the qualifying expenditures have been incurred and
all other grant requirements have been met.
' 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 general govern-
� ment,except those required to be accounted for in another fund.
The special revenue funds account for revenue sources that are legally restricted to expenditure for specific
Ii purposes(not including expendable trusts or major capital projects).
' I
The debt service funds account for the servicing of general long-term debt not being financed by proprietary or non- ,
' expendable trust funds. '
T'he capital projects funds account for the acquisition of fixed assets or construction of major capital projects not
being fmanced by proprietary or nonexpendable trust funds.
' Proprietary Funds are accounted for on the flow of economic resources measurement focus and use the accrual ba-
sis of accounting. Under this method,revenues are recorded when earned and expenses are recorded at the time li-
' abilities 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 re-
' quires that all applicable Govemmental Accounting Standards Board(GASB)pronouncements, Financial Account-
ing Standards Board(FASB)Statements and Interpretations,Accounting Principles Board(APB)Opinions,and Ac-
counting Research Bulletins(ARBs)issued on or before November 30, 1989 be applied to proprietary activities un-
' less they(FASB Statements and Interpretations, APB Opinions, and ARBs) conflict with or contradict GASB pro-
nouncements.
' GASB Statement No.20 also states that proprietary activities may elect to apply all FASB Statements and Interpre-
tations issued after November 30, 1989, except for those that conflict with or contradict GASB pronouncements.
Praprietary activities under the control of the City will not elect to apply FASB Statements and Interpretations is-
' sued 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 fmanced and operated in a manner similar to pri-
vate business or where the City has decided that the determination of revenues earned,costs incurred and/or net in-
come is necessary for management accountability.
1 Internal service funds account for operations that provide services to other department or agencies of the City, or to
other govemments,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 others. Trust
funds account for assets held by the City under the terms of a formal trust agreement.
� 19
�
CITY OF ROSEMOUNT,MINNESOTA '
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1996 '
Agency funds are custodial in nature and do not present results of operations or have a measurement focus. 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 frxed assets account group is used to account for fixed assets not accounted for in �
proprietary or trust funds. 'The general long-term debt account group is used to account for general long-term debt
and certain other liabilities that are not specific tiabilities of proprietary or trust funds. ',
C. Assets,Liabilities and Equity � ',
1. Cash and Investments I
The Ci 's cash and cash equivalents are considered to be cash on hand, demand deposits and short-term in- �
�
vestments 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 dis- '
bursements are made. In addition, investment purchases are charged and maturities are deposited to the con-
solidated bank account.The purpose of this consolidation is to reduce administrative costs and to provide a sin-
gle cash balance available for the maximization of investment earnings. Each fund shares in the invesiment
earnings according to its average cash and investments balances. Cash is transferred from those funds with ,
available cash resources to cover any negative cash balances in other funds at yeaz-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 primary reporting dealer in U.S. Gov-
ernment 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 municipalities, bankers acceptances of United States banks
eligible for purchase by the Federal Reserve System, and shares of investment companies registered under the
Federal Inveshnent Company Act of 1940 and whose only investments are direct obligations guaranteed by the
United States or its agencies. '
Investments are stated at cost or amortized cost,except for investments in the deferred compensation agency
fund which are reported at market value. '
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 tolfrom other funds." ,
Advances between funds are offset by a fund balance reserve account in applicable governmental funds to indi-
cate they are not available for appropriation and are not expendable available fmancial resources.
,
The City uses the allowance method to estimate the portion of trade and property tax receivables that are con-
sidered 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 property taxes.
r
20 �
'
ICITY OF ROSEMOUNT,MINNESOTA I�I
NOTES TO THE FINANCIAL STATEMENTS ',
' DECEMBER 31, 1996
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 revenue in the year collecti-
ble,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 settlements to cities and
other taxing districts five times per year,in January,April,June,July and December.
' 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 expenditures. No allowance for
uncollectible taxes has been provided because such amounts are not expected 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 assessment 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 installments(including interest)is handled by
' the County in the same manner as property taxes. Property owners are allowed to prepay total future install-
ments 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 instaliments which will be billed to property owners in 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 aze recorded as prepaid
' items.
5. Restricted Assets
' The restricted assets represent cross-over refunding bond proceeds held in escrow. The escrow money will be
used to refund current long-term debt of the City.
' 6. Fixed Assets
Fixed assets used in governmental fund types of the City are recorded in the general fixed asset account group
' at cost or estimated historical cost if purchased or constructed. Donated fixed assets are recorded at their esti-
mated fair value at the date of donation. Assets in the general fixed assets account group are not depreciated.
Interest incurred during construction is not capitalized on general fixed assets. Public domam (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.
The cost of normal maintenance and repairs that do not add to the value of an asset or materially extend an as-
' sets'life is not included in the general fixed assets account group or capitalized in the proprietary funds.
' 21
'
CITY OF ROSEMOUNT,MINNESOTA I
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1996 '
Fixed assets of proprietary funds are recorded at historical cost or, if contributed by developers,at the fair mar-
ket value on the date contributed in the Enterprise Fund. Depreciation is charged as an expense against opera- '
tions, and accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been pro-
vided 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 eventu-
ally transferred against the contributed capital account rather than retained earnings in accordance with gener- '
ally accepted accounting principles. Consequently,the contribution account reflects the net book value of con-
tributed assets rather than the original cost of such assets.
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 expendable available finan-
cial resources is reported as an expenditure and a fund liability of the governmental fiznd that will pay it.
Amounts not expected to be liquidated with expendable available fmancial resources are reported in the general
' long-term debt account group. No expenditure is reported for these amounts. '
Vacation and comp time accruals are based upon union contract and City resolutions as applicable. Amounts '
carried forward on vacation and comp time accruals are governed by these contracts and resolutions. Sick pay
is accrued based upon these same contracts and resolutions. Sick pay accruals may be carried forward indefi-
nitely. '
S. Long-term Obligations
T'he City reports long-term debt of governmental funds at face value in the general long-term debt account �
group. Certain other governmental fund obligations not expected to be financed with current available financial
resources are also reported in the general long-term debt account goup. Long-term debt and other obligations
fmanced by proprietary funds are reported as liabilities in the appropriate funds. '
For governmental fund types, bond premiums and discounts, as well as debt issue costs, are recognized during ,
the current period. Bond proceeds are reported as an other fmancing source net of the applicable premium or ,
discount. Issuance costs, even if withheld from the actual net proceeds received, are reported as debt service ' '
expenditures. For proprietary fund types,bond premiums and discounts,as well as issuance costs,are defened
and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of i
the applicable bond premium or discount. Issuance costs are reported as deferred charges. , 'I
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.Designations of fund equity
represent tentative management plans that are subject to change. The proprietary fund's contributed capital rep-
resents equity acquired through capital grants and capital contributions from developers, customers or other ,
funds.
22 '
il
'
ICITY OF ROSEMOUNT,MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS ,
' DECEMBER 31, 1996
10. Memorandum Only-Totai Columns
� Total columns on the general purpose financial statements are captioned as "memorandum only" because they i
do not represent consolidated fmancial information and are presented only to facilitate fmancial analysis. The i
' columns do not present information that reflects financial position, results of operations or cash flows in accor- �!
dance with generally accepted accounting principles. Interfund eliminations have not been made in the aggre-
gation of this data. I
' 11. Risk Management Ii
T'he City is exposed to various risks of loss related to torts,theft of, damage to and destruction of assets;errors I
, and omissions; injuries to employees; and natural disasters. The City has purchased commercial insurance II
which provides for these various risks of loss. Settled claims have not exceeded insurance coverage in any of i
the past three fiscal years. I,
' 12. Cash and Cash Equivalents �
The City considers all highly liquid investrnents with a maturity of three months or less to be cash equivalents ,
' when preparing the proprietary fund type cash flow statements. The City considers certificates 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. I
' 13. Comparative Data/Reclassification ',
Comparative total data for the prior year has been presented in selected sections of the accompanying financial ',
' statements in order to provide an understanding of the changes in the City's fmancial position and operations. j
Certain amounts presented in the prior year data have been reclassified in order to be consistent with the current ',
year presentation. ',
' II. STEWARDSHIP,COMPLIANCE AND ACCOUNTABILITY ',
� A. Budgetary Information ',
Annual budgets are adopted on a budgetary basis of accounting for the general fund and three special revenue ',
' funds, Building CIP Fund,the Street CIP Fund and the Equipment CIP Fund. The capital project funds adopt proj-
ect-length budgets and therefore aze not included in the annual budgeting process. Formal budgetary integration is
not employed for debt service funds because effective budgetary control is altematively 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 levy. The City Council holds public hearings and a final budget I
must be prepared and adopted no later than December 31. �I
�
' 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 ap-
proval of the City Council. The legal level of budgetary control is the department level. The City Council approved II
several supplemental budgetary appropriations throughout the year,but were not considered material and therefore �
' are not presented.
' 23
'
CITY OF ROSEMOUNT,MINNESOTA ,
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1996 '
Encumbrance accounting is employed in the budgeted governmental funds. Encumbrances (e.g., purchase orders,
contracts)outstanding at year end are reported as reservations of fund balances and do not constitute expenditures or �
liabilities because the commitments will be reappropriated and honored during the subsequent year.
B. Excess of Expenditures Over Appropriations ,
During 1996,expenditures and other financing uses exceeded appropriations in the following funds:
Amount Exceeding '
Budget
General Fund Department:
Public Works $ 28,133 �
Special Revenue Funds:
Building CIP Fund 267,272
Equipment CIP Fund 436,296
Street CIP Fund 21,440 '
The overexpenditures have been funded by available fund equity and current year revenues that exceeded budgets.
C. Deficit Fund Equity '
The following enterprise funds had deficit retained earnings balances: ' '
Fund Amount
$ (115,216)
Arena '
The arena fund is expected to report future profits with any remaining deficit,retained earnings balance to covered
by operating transfers from the General Fund. ,
The following capital project funds had deficit fund balances:
Fund Amount '
CSAH 42&Canada Avenue Turn Lanes $ (19,911)
1996 Street&Utiliry Reconstruction (1,433,103)
1997 Street&Utility Reconstruction (13,913) '
Hawkins Pond Addition (15,4�5)
Broback Industrial Park �67�
Well#9 (278,646) �
Except for the 1996 Street&Utility Reconstruction and Well#9 Funds,the various capital project funds are await-
ing 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. The 1996 '
Street& Utility Reconsixuction and Well#9 funds are reporting enterprise fund construction costs. These cost will
be transferred to the respective enterprise funds upon project completion.
�
' '
24 '
�
ICITY OF ROSEMOUNT,MINNESOTA
NOTES TO THE FINANCIAL STATEMEIVTS
, DECEMBER 31, 1996
' 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 Investments".
` The City has the authority from the City Council to maintain deposits with various financial insritutions that are
members of the Federal Reserve System. As required by Minnesota Statutes, any of the City's deposits are to be
protected by$100,000 of federal depository insurance and pledged collateral. The market value of pledged collat-
' ' eral must equal ll0% 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 $11,802,679 and the bank balance
, was 12 209 445: Of the bank balance 12 209 445 was covered b federal de osito insurance or b collateral
$ , , , $ , , Y P n' Y
held by the City's agent in the City's name.
' The City's investments aze categorized in the following table to give an indication of the level af risk assumed at
year end. Category 1 includes investments that are insured or registered or for which the securities are held by the
City or its agent in the City's name. Category 2 includes uninsured and unregistered investments for which the se-
, curities 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. �I
' Investment balances at December 31, 1996 are categorized as follows: I,
Risk Category Carrying Market I;
' 1 2 3 Amount Value '��
U.S.Government Securities $ 3,849,324 $ - $ - $ 3,849,324 $ 3,828,524 '
' '
Investments not subject to categoriza- ,
' tion: ,'
Deferred Compensation Plans $ 1,083,669 $ 1,083,669 '
' TotalInvestments $ 4,932,993 $ 4,912,193 '
At year end, the Port Authority had cash and certificates of deposits totaling $632,659. Of the bank balance, ,
' $632,659 was covered held by the City's agent in the city's name. I
,
� '
I 25
�
' '
CITY OF ROSEMOUNT,MINNESOTA ' I,
NOTES TO THE FINANCIAL STATEMENTS ��I
DECEMBER 31, 1996 ' '',
B. Receivables ' �'
Receivables as of December 31, 1996, including the applicable allowances for uncollectible accounts, aze as fol- ,
lows: , '
Total
Special Debt Internal Primary
General Revenue Service Enterprises Service Government
Receivables:
1 618 $ 954 $ 245,168 ,
Property Taxes $ 230,966 $ - $ 12,584 $ >
Accounts - - 416,707 - 417,661
Special Assessments 5,762 24,708 907,504 158,052 _ - 1,096,026 �
Intergovernmental 25,727 - - - 25,727
Other 16,971 2,006 - - 18,977
$ 279,426 $ 26,714 $ 920,088 $ 576,37'7$ 954 $ 1,803,559
Less Allowance for _ _ _ '
Doubtful Accounts - - "
Net Accounts Receivable $ 279,42b $ 26,714 $ 902,088 $ 576,377$ 954 $ 1,803,559'
Notes receivable,reported in Port Authority consisted of two separate installment obligations as follows:
Installment obligations payable in monthly principal and interest payments of '
$5,000. The payments increase by$1,000 per month after 30 months begin-
ning in October of 1996. The note bears interest of 7.5%,and matures April of
2008. T'he note is secured by a building. $ 707,472'
Installment obligation payable - monthly principal and interest payments of
$5,200. The payments increase by $1,000 per month after 30 months begin- �
ning in October of 1996. The note bears interest of 7.5%, and is due in No-
vember of 2007. The note is secured by a building. 657,145
$ 1,364,617'
The following is a schedule of maturities for the two installment obligations discussed above:
Year Ending ,
December 31 Amount
1997 $ 46,843 ,
1998 52,591
1999 77,412
2000 85,333 '
2001 95,514
2001 and thereafter 1,OOb,924
Total $ 1,364,924 '
The City 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 defened revenue to offset the bond'
proceeds which is being reduced as the principal payments on the notes are made.
26
,
�
� CITY OF ROSEMOUNT,MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
' DECEMBER 31, 1996
' C. Fixed Assets
Activity in the general fixed assets account group for the government for the year ended December 31, 1996 was as
follows:
' January 1, � December 31
1996 Additions Deletions 1996
' Land $ 608,900 $ 345,772 $ (500,000) S 454,672
Land Improvements 777,853 39,324 817,177
Buildings 679,441 1,390,058 - 2,069,499
, Machinery and Equipment 2,425,156 197,104 (91,124) 2,531,136 II
Vehicles 1,526,742 514,621 (247,141) 1,794,222 ��
Total $ 6,018,092 $ 2,486,879 $ (838,265) $ 7,666,706 ',
' Activity for Port Authority fund fixed assets for the year ended December 31, 1996 was as follows: '
' January 1, December 31,
1996 Additions Deletions 1996
Land $ 1,250,000 $ - $ - $ 1,250,000
� Land Improvements 525,000 � _ 525,000
Buildings 1,500,000 1,500,000
Total $ 3,275,000 $ - $ - $ 3,275,000
� The following is a summary of proprietary fund type fixed assets for the City at December 31, 1996:
' Land $ 222,096
Buildings 6,485,471
Other Improvements 55,534,636
' Machinery and Equipment 947,938
Less Accumulated Depreciation (22,058,920)
' Net Fixed Assets $ 41,131,222
D. Interfund Receivable and Payable
' The composition of interfund balances as of December 31, 1996 is as follows:
Due to/from other fund for negative cash balances:
' Receivable Fund Payable Funds Amount
Biscayne Avenue Broback Industrial Park $ 6�
' Improvements 1997 Street&Utility Reconstruction 13,913
CSAH 42&Canada Avenue Turn Lane 19,911
Hawkins Pond Addition 14,500
' Total ' $ 48,391
' 27
,
CITY OF ROSEMOUNT,MINNESOTA �
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31,1996 '
Due to/from other funds for interperiod construction costs: '
Receivable Funds Payable Funds Amount
Water 1996 Street&Utility Reconstruction $ 1,521,799
Sewer Well#9 495,000 '
Storm Water
Total $ 2,016,799 '
E. Long-term Debt
The City issues general obligation bonds and certificates of indebtedness to provide funds for the acquisition and ,
construction of major capital facilities. In addition, general obligation bonds have been issued to refund both gen-
eral obligation and revenue bonds. General obligation bonds are direct obligations and pledge the full faith and
credit of the City. '
The long-term debt obligations outstanding at December 31, 1996 are summarized as follows: '
Interest Amount , ',
Maturities Rates Outstanding �
Reported in the General Long-Term ,
Debt Account Group(Payable From Debt Service Funds)-
General Obligation Bonds 1999-2016 3.0%-6.7% $ 12,290,000
Reported in and Payable From the Enterprise Fund- '
Revenue Bonds 2005-2018 3.4%-7.2% 7,445,000
Less Unamortized Discounts (54,501)
Net Debt $ 19,680,499
'
Changes in long-term debt(at par)for the year ended December 31, 1996 are as follows:
January l, December 31, ,
1996 Issued Retired 1996
' Reported in the General Long-Term
Debt Account Group:
T�Increment Bonds $ 555,000 $ = $ (120,000) $ 435,000
Other General Obligation Bonds
Other General Obligation Bonds 12,920,000 1,780,000 (2,845,000) 11,855,000�
Capital Lease Obligation 696,341 - (127,301) 569,040
Compensated Absences 268,332 65,732 - 334,064
Reported'm Proprietary Funds:
General Obligation Revenue Bonds 6,140,000 1,535,000 (230,000) 7,445,000�
Total $ 20,579,673 $ 3,380,732 $ (3,322,301) $ 20,638,104'
,
28 ,
'
ICITY OF ROSEMOUNT,MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
' DECEMBER 31, 1996 II
Debt service requirements to maturity,including interest of$8,096,153,are as follows: ',
' General '
Long-Term
' Debt Account Enterprise
Group Fund
Yeaz Ending Revenue
' December 31: G.O.Bonds Bonds Total
1997 $ 2,179,076 $ 640,048 $ 2,819,124
1998 2,305,048 842,153 3,147,201
' 1999 2,012,918 839,994 2,852,912
2000 1,672,797 850,665 2,523,462
2001 1,485,986 858,814 2,344,800
2002 and thereafter 6,792,308 7,351,020 14,143,654
' Total $ 16,448,133 $ 11,383,020 $ 27,831,153
� Prior to 1996,the City issued the following crossover refunding bonds:
• General Obligation Improvement Refunding Bonds, Series 1993B,of$1,415,000 were issued to refund the
' remaining maturities on the$4,995,000 General Obligation Improvement Bonds of 1987(1987A Bonds)
and the$2,575,000 General Obligation Improvement Bonds of 1989(1989B Bonds).
� General Obligation Water Revenue Refunding Bonds, Series 1993C,of$945,000 were issued to refund the
' remaining maturities on the$1,320,000 General Obligation Water Revenue Bonds of 1989(1989A Bonds).
The proceeds of the refunding issues noted above were placed in irrevocable escrow accounts and were used to
' purchase U.S. Government Securities. The escrow account investments for each issue will provide the resources to
cover interest payments on the refunding bonds until the crossover dates and principal payments on the refunding
bonds on the crossover dates. The refunding bonds cross over on the dates the refunded bonds are callable. Until
' the crossover dates,both the refunded and refunding bonds will be reported in the fmancial statements.
The 1989B Bonds had crossover dates in 1995,and the 1987A Bonds had crossover dates in 1996,at which pomt
these bonds were called.
, Specific information for remaining refunding issues follows:
Series
' 1993C
Crossover Dates:
1989A Bonds 02-01-97
' Escrow Deposits at December 31, 1996 $ 912,898
The Port Authority issues debt which is backed by the full faith and credit of the City. The Port Authority issues
� bonds and certificates of indebtedness to provide fund for the acquisition and construction of major capital facilities.
'
' 29
,
CITY OF ROSEMOUNT,MINNESOTA ,
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1996 '
The long-term debt obligations outstanding in the Port Authority fund as of December 31, 1996 are as follows:
Interest Amount '
Maturities Rates Outstanding
Reported in the Port Authority Fund-
General Obligation Bonds 1999-2016 3.0%-6.7% $ 12,290,000 '
Changes in long-term debt(at par)for the year ended December 31, 1996 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 $ 3,110,000 $ - $ (135,000)$ 2,975,000
Debt service requirement to maturity,including interest of$1,325,921 are as follows: ,
Year Ending Port Authority
December 3 L• Bonds
' 1997 $ 380,202
1998
398,804 �
1999 390,035
2000 260,875 �
2001 263,455
2002 and thereafter 2,601,550
Total $ 4,300,921 '
F. Contributed Capital '
The changes in the City's contributed capital accounts for Proprietary Funds for the yeaz ended December
31, 1996 are as follows:
Enterprise Funds ,
Storm
Sources Water Sewer Water Arena
Beginning Balance $ 8 675,526 $ 19,454,194 $ 6,380,523 $ 2,781,811 � '
Contributions of fixed assets 85,309 56,570 534,262 -
Residual equity transfers in - - 156,181 ' ,
Depreciation on , �I
Contributed Assets (194,808) (527,666) (121,502) (57,650)
Ending Balance $ 8,566,027 $ 18,983,098 $ 6,949,464 $ 2,724,161
'
i
1
30 '
'
ICITY OF ROSEMOUNT,MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
' DECEMBER 31,1996
' 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-$28,289 is reserved for encumbrances outstanding at December 31, 1996.
Special Revenue Funds-$246 is reserved for projects.
, Debt Service Funds-$5,635,124 is reserved for resources legally restricted for the payment of long-term
debt principal and interest amounts maturing in future years.
' Capital Project Funds-$860,194 is reserved for completion of capital projects financed by general obli-
gation bonds.
' The Port Authority 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-$5,226 is reserved for prepaid expenditures;
' $ 1,364,617 is reserved for notes receivable
IV. OTHER INFORMATION
'' ' A. Deferred Compensation Pian
The City offers its employees two deferred compensation plans created in accordance with Internal Revenue Code
'�� ' Section 457. The plans,available to all full-time City employees at their oprion,permits participants to defer a por-
tion of their salary until future years. The deferred compensation is not available to participants until termination,
retirement,death,or unforeseeable emergency.
' All amounts of compensation deferred under the plans,all property and rights purchased with those amounts,and all
income amibutable to those amounts,property or rights aze(until paid or made available to the participant or bene-
' ficiary)solely the property of the City subject only to the claims of the City's general creditors. Participant's rights
under the plan are equal to those of general creditors of the City in an amount equal to the fair market value of the
defened account for each participant.
' It is the opinion of the City's legal counsel that the City has no liability for losses under the plans but does have the
duty of due care that would be required of an ordinary prudent investor.
,
'
�
'
� 31
'
CITY OF ROSEMOUNT,MINNESOTA ,
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1996 '
B. Segment Information-Enterprise Funds '
The City mamtams four enterprise funds. The Water, Sewer and Storm Water funds account for the provision of
basic utility services to all citizens. The Arena Fund accounts for the operations of the Ice Arena including rental
fees and user charges. '
Storm Arena
Water Sewer Water Fund Total
Operating Revenues $ 487,993 $ 723,083 $ 360,274 $ 258,513 $ 1,829,863 '
Depreciation 248,120 563,872 137,590 109,470 1,059,052
Operating Income(Loss) (216,485) (351,563) 111,719 (26,027) (482,356)
Operating Transfers In 37,000 - 156,000 105,900 298,900
Operating Transfers Out (70,756) (29,300) (186,800) (3,500} (290,356) '
Net Income(Loss) (68,523) (44,020) 386,096 (71,683) 201,870
Fixed Asset Additions 1,841 4,332 841 � - 7,014
Net Working Capital 2,499,716 2,483,860 2,840,708 64,553 7,888,837
Total Assets 13,447,666 21,'707,999 9,988,216 4,951,067 50,094,948 '
Bonds Payable 2,402,919 - 2,652,580 2,335,000 7,790,490 '
Total Equity 10,965,371 21,670,562 7,145,617 2,608,944 42,390,494 ,
C. Pension Plans I
i 1 e f fi h er artici ate in the ension lans administered b the Public Em lo ees Retirement
C em o e s and �re t s y P Y
tY P Y b P P P P
Association of Minnesota (PERA) and the Rosemount Volunteer Fire Relief Association. In accordance with
GASB Statement No. 5, the PERA plans are classified as multiple-employer, cost-sharing plans, and the Associa- I
tion's plan is classified as a single-employer plan. ,
I. Public Emnlovees Retirement Association
A. Plan Description '
All full-time and certain part-time employees of the City of Rosemount are covered by defined benefit pen-
sion plans administered by the Public Employees Retirement Associarion of Minnesota (PERA). PERA '
administers the Public Employees Retirement Fund (PERF) and the Public Employees Police and Fire
Fund(PEPFF)which are cost-sharing multiple-employer retirement plans. These plans are established and
administered in accordance with Minnesota Statutes, Chapters 353 and 356. ,
PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated members are covered
by Social Security and Basic members aze not. All new members must participate in the Coordinated Plan.
All police officers,firefighters and peace officers who qualify for membership by statute are covered by '
the PEPFF. T'he payroll for employees covered by PERF and PEPFF for the year ended December 31,
1996 was$1,916,886;and$747,027,respectively;the City's total payroll was$2,880,346.
PERA provides retirement benefits as well as disability benefits to members,and benefits to survivors ,
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 termination of service. Two methods '
are used to compute benefits for Coordinated and Basic members. The retiring member receives the higher
of step-rate benefit accrual formula(Nlethod 1)or a level accrual formula(Method 2). Under Method 1, ,
the annuity accrual rate for a Basic member is 2 percent of average salary for each of the first 10
years of service and 2.5 percent for each remaining yeaz. For a Coordinated member,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.
32 ,
�
� CITY OF ROSEMOUNT,MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
� DECEMBER 31, 1996
Using Method 2,the annuity accrual rate is 2.5 percent of average salary for Basic Plan members and 1.5
� percent for Coordinated Plan members. For PEPFF members,the annuity accrual rate is 2.65 percent for
each year of service. For PERF members whose annuity is calculated using Method 1 and for all PEPFF
members,a full annuity is available when age pius years of service equa190. 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 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, be-
cause 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 con-
� tributions 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 aze 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. I,
, � B. Contributions Required and Contributions Made �
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. The City makes '
, annual contributions to the pension plans equal to the amount required by state statutes. According to Min-
nesota Statutes Chapter 356.215 subd. 4(g),the date of full funding required for the PERF and the PEPFF
is July 1,2020. As part of the annual actuarial valuation,PERA's actuary determines the sufficiency of the
, statutory contribution rates towards meeting the required full funding deadline. The actuary compares the
actual contribution rate to a "required" contribution rate. The required contribution rate consists of(a)
normal costs based on entry age normal cost methods, (b)a supplemental contnbution for amortizing any
unfunded actuarial accrued liability by the date required for full funding, and(c) an allowance for admin-
'. istrative expenses. Current combined statutory contribution rates and actuarially required contribution
rates for the plans are as follows:
' Statutorv Rates: Required
Emplovees Emplover Rates*
PERF(A blended rate
� for both the basic and
Coordinated Plans) 4.3% 4.6°/a 9.6%
PEPFF 7.6% 11.4% 19.0%
� * The recommended rates scheduled above represent the required rates for fiscal 1996 contributions as re-
ported in the July 1, 1995 actuarial valuation reports.
� Total contributions made by the City during fiscal year 1996 were:
Percentage of
, Amount Covered Pavroll
Emplovees Emnlover Emplovees Emnloyer
PERF $ 81,084 $ 85,876 43% 4.5%
� PEPFF 57,876 86.814 7.7% 11.6%
Totals $ 138.960 $ 172,690
� 33
�
CITY OF ROSEMOUNT,MINNESOTA �
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1996
�
The City's contribution for the year ended lune 30, 1996 to the PERF represented .066% percent of total
contributions required of all participating entities. For the PEPFF, contributions required for the year �
ended June 30, 1996,represented 238%percent of total con�ibutions required of all participating entities.
C. Funding Status and Progress �
1.. Pension Benefit Obiigation
The "pension benefit obligation" is a standardized disclosure measure of the present value of pension
benefits, ad'usted for the effects of projected salary increases and step-rate benefits,.estimated to be '
J
payable in the future as a result of employee service to date.The measure is the actuarial present value
of credited projected benefits and is intended to help users assess PERA's funding status on a going-
concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and i
make comparisons among Public Employee Retirement Systems and participating among employers.
The measure is independent of the actuarial funding method used to determine required contributions,
which is discussed in Note B. PERA does not make separate measurements of assets and pension �
benefit obligations for individual employers.
The pension benefit obligation as of June 30, 1996,is shown below(in thousands): � I
PERF PEPFF '�
Total Pension Benefit Obligation $ 6,608,646 $ 1,243,429 '
Net Assets Available far Benefits,
At Cost 5,702,248 1,592,6'71
Unfunded(Assets in Excess o fl
Pension Benefit Obligation $ 906.398 $ (349,242) '
Net Assets Available for Benefits,
At Market $ 5,954,697 $ 1,713.687 '
The pension benefit obligation is part of an actuarial valuation as of July 1, 1996.
For the PERF, significant actuarial assumptions used in the calculation of the pension benefit obliga- �
rion include (a) a rate of return on the investment of present and future assets of 8.5 percent per year,
compounded annually, prior to retirement, and 5 percent per year, compounded annuaily, following
m an a e related table which incorporates a 5 per-
retirement; (b) projected salary increases taken fro g
at 6 ercent er ear,consisting of 5 percent for in- �
a oll owth Y
cent base inflation assumption;(c)p yr gr P P
_ that are ac-
wth in ou size• d ost retirement benefit increases
due to o , ( ) P
flarion and 1 percent gr gr P
counted for by the 5 percent rate of return assumption following retirement; and (e) mortality rates
based on the 1983 Group Annuity Mortality Table set forward one year for retired members and set'
back five years for each active member.
Actuarial assumptions used in the calculation of the PEPFF include (a) a rate of retum on the invest-�
ment of present and future assets of 8.5 percent per year, compounded annually, prior to retirement,
and 5 percent per year, compounded annually, following retirement; (b)projected salary increases of
6.5 percent per year, compounded annually, amibutable to the effects of inflation; (c)post-retirement
increases that are accounted for by the 5 percent rate of return assumption following retirement; and t
(d)mortality rates based on the 1971 Group Annuity Mortality Table projected to 1984 for males and
females. �
34
�
!
I', � CITY OF ROSEMOUNT,MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
', � DECEMBER 31, 1996
2. Changes in Actuarial Assumptions and Methods
' Since the July 1, 1995 actuarial valuation,there were no changes in actuarial assumptions of the PERF
and the PEPFF which impacted funding costs.
' Potential changes in the actuarial assumptions used for the PEPFF inay be made in the future. Results
of an experience study for the fund during the four-year period ending June 30, 1994,disclosed(a)re-
tirees are living longer;(b)the expected active member death rate is declining; (c) the trend toward
� earlier retirement continues;and(d)the pattern of salary increases varies substantially by ages,witha
strong merit and seniority component evident at younger ages. Based on theseresults, PERA will soon
consider revising the actuarial assumptions for retirement age, mortality,payroll growth, and individ-
� ual salary increases. These changes, if adopted within fiscal year 1997, will significantly impact the
July i, 1997 actuarial valuation ofthe PEPFF.
, 3. Changes in Benefit Provisions
The 1996 legislarive session did not include any benefit improvements which would impact funding
costs for the PERF and PEPFF.
' D. Ten-Year Historical Trend Information
Ten-year historical trend information is presented in PERA's Comprehensive Annual Financial Report for the
' year ended June 30, 1996. This information is useful in assessing the pension plan's accumulation of sufficient
assets to pay pension benefits as they become due.
' E. Retated Party Transactions
As of June 30, 1996 and the fiscal year then ended,PERA held no securities issued by the City or other related
1 parties.
B. Rosemount Fire Department ReliefAssociation-Defined Bene�t Pension Plan
, A. Plan Descriution
The City of Rosemount contributes to the Rosemount Fire Department Relief Association,a single-
employer retirement system maintained for firefighters of the City of Rosemount. The Association is a
� volunteer organization,therefore, there is no covered payroll. The Rosemount Fire Department Relief As- ,
sociation 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$2,000 I
� per year of service. In the event an otherwise qualified member has less than 20 years of service,the mem- �
ber 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 receive distri-
� butions until age 50,but interest at 5%per year is added to their retirement benefit until paid.
�
,
� 35
�
CITY OF ROSEMOUNT,MINNESOTA � II
NOTES TO THE FINANCIAL STATEMENTS '
DECEMBER 31, 1996 '�
� � � � � �
B. Contributions Required and Contributions Made
Financial requirement of the Association are determined based on a formula prescribed in Minnesota Stat- 1
ues 69.772,subd 2. T'hose statutes prescribe a set amount of funding per$100 of lump-sum benefits pay-
able per year of service.The City's minimum obligation(normaI 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 period. 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 liability should provide su�cient resources to pay Asso- �
ciation benefits on a timely basis.
Total aid and contributions to the Association in 1496 amounted to$67,965 of which $41,965 was made �
by the State of Minnesota and$26,000 by the City of Rosemount.
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 substantially the '
same as that used to determine the standardized measure of the pension obligation. The computation of the
pension contribution requirements for 1996 was based on the same formula, funding method and other
factors used to determine pension contributions requirements in previous years. ,
C. Fundine Status and Pro�ress
The amount shown below as the"pension benefit obligation"is a standardized disclosure measure of the ,
present value of pension benefits, estimated to be payable in the future as a result of service to date. T'he
measure is intended to help users assess the funding status of the Association on a going-concern basis, ac-
cess 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, 1996 is as follows: �
Pension benefit obligations:
Retirees with deferred or early vested $ 64,227 �
benefits
Current employees:
With ten or more years of service 300,640 �
Less than ten years of service 97,960
Total pension benefit obligations $ 462,827
Net assets available for benefits,at �
Market value 507,466
Net assets available for benefits in excess of
pension benefit obligations $ 44,639 �
There were no changes in actuarial assumprions or benefit provisions that significantly affected the deter-
mination of the pension benefit obligations as of December 3 l, 1996 �
,
36 �
�,
� CITY OF ROSEMOUNT,MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
� DECEMBER 31, 1996
' D. Historical Trend Information
Ten year historical trend information is presented in the Rosemount Firefighters Relief Association's An-
nual Financial Report for the yeaz ended December 31, 1996. This information is useful in assessing the
' pension plan's accumulation of sufficient assets to pay pension benefits as they become due.
The following historical trend information was obtained from the Association's financial report for the year
' ended December 31, 1996.
Assets as a
Aggregate Percentage of Overfunded
' Valuation Accrued Valuation Accrued (Underfunded)
Date Liabilities Assets Liabilities Accrued Liabilities
12-31-96 $ 462,827 $ 507,466 110% $ 44,6�9
, 12-31-95 446,499 410,165 92% (36,334)
12-31-94 531,422 462,823 87% (68,599)
, Computations of the unfunded pension benefit obligation and employer contributions as a percent of cov- ,
ered payroll are not applicable since the fire department is a volunteer organization and no covered payroll
exists. '
' E. Related Partv Transactions
As of December 31, 1996 and for the year then ended the Association held no securities issued by City or
, other related parties.
D. Capital Lease Obligations
' The City has entered into various lease agreements to facilitate the acquisition of various assets. For purposes
of preparing these financial statements,the lease-purchase agreements have been classified as capital lease ob-
ligations. Since non 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 vari-
ous agreements:
, Year Ending
December 31 Amount
1997 $ 155,541
� 1998 155,541
1999 91,965
2000 80,574
� 2001 - 78,576
2002 and thereafter 175,016
Total Minimum Lease Payments $ 737,213
' Less Amount Representing Interest (168,173)
Present Value of Minimum Paytnents $ 569,04Q
,
' 37
i
CITY OF ROSEMOUNT,MINNESOTA �
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1996 �
E. Residual Eqaity Transfers
Residual equity transfers out totaled$156,181 in the governmental funds. Residual equity transfers in reported �
in the proprietary funds totaled $156,181. The residual equity transfers in have been reported as additions to
contributed capital in the proprietary funds. ,
- F. Restatements
The special revenue funds,debt service funds,and the account groups of general fixed assets and generat long-
term debt have been restated to reflect re ort resentation changes for the Port Authority activity. In prior �
P P
years,the Port Authority activity was reported as a blended component unit. The restatements reflect changes
needed to report the Port Authority activity as a discretely presented component unit. '
Total following is a summary of changes to the aggregate fund balance for each of the fund types:
Fund Type Change in Fund Balance ' I
Special Revenue $ (255,636) ,
Debt Service (826,649)
General Fixed Asset Account Group (3,275,000) ' ,
General Long-term Debt Account Group (3,110,000)
'
'
�
'
�
,
_ �
'
�
38 ,
�
�
�
e .
� � —�. � � � - ,�
�
�
�
, �
GEN�RAL.F�NU
� The General Fun� is used, to accour�t for th� revenue and. ex .endi#ures to c out basic
A �Y
� ��.�
` gov�rnmental a�tivities of the City sitcl� as general gov�rnment, publi,c s�.fety, public works, and
� paa�l�s�and zee�eatioz�. �� Rev�ri�ie is��reco�ded�bq,source; i.e.; ta�es, �icenses=and:permits, fines a.t�d��
� �`� � � '�o�e�ts� c�ar es �for _��rvices ete. Genera�� und. �x �nditu es, � � ,�mad� " ' �� �f .:�
. � _ 8 , �F _ p r are � pnrna�Iy or �ly� . _ �
op�rations and c�pera�ing equipment and are recaraed by �n�.jox functional classificatio�s �d b�
operating depattments. �h%s fund"acc4unts for all tr�,nsa�tions not requirerl legally or by so�n,d, '
� � � ��
� fina.nci�.l managetnent to be accounted for in another fund.
�
�
�
�
�
"�
�
� _
�
�
,�
' exHiBiT a-�
C�TY OF ROSEMOUNT�MINNESOTA
ICOMPARATIVE BALANCE SHEET
GENERAL FUND
, DECEMBER 31, 1996
1996 1995
' ASSETS
� Cash and investmer�ts $ 1,541,455 $ 1,647,061
Accourrts receivable 16,971 5,000
Property taxes receivabie 230,968 248,409
I Specia! assessments receivabie 5,762 1,216
Due from other govemmerrts 25,727 27,9a6
TOTALASSETS $ 1,820,921 $ 1,929,592
� �
� LIABILITIES AND FUND BALANCE
LIABILlTiES:
Accour�ts payabie $ 90,103 $ 112,37o
rAccrued expenditures 17,943 117,538
Deposits payable 66,201 56,450
Deferred revenue 63,317 145,406
1 TOTAL LIABILITIES $ 237,565 $ 431,7fi3
� FUND BALANCE:
Reserved for encumbrances $ 28,289 � 35,982
Unreserved-designated fo�working capitai 1,5�5,068 1,461,846
� TOTAL FUND BALANCE $ 1,583,357 $ 1,497,828
II'', , TOTAL LIABILITiES AND FUND BALANCE $ 1,820,921 $ 1,929,591
� �
. I
' �
III �
'
�
' 39
r
ExHiBiT a-2
CITY OF ROSEMOUNT. MINNESOTA ,
COMPARATIVE STATEMENT OF REVENUE, EXPENDITURES,AND CHANGES IN FUND BALANCES
GENERAL FUND �
YEAR ENDED DECEMBER 31, 1996
1996 1995 '
REVENUE:
Generai property taxes $ 2,476,676 $ 2,305,352 �
Licenses and permits 239,129 262,946
Intergovemmental 1,119,492 1,097,460
Charges for services 314,049 401,211 �
Fines and forteitures 111,929 139,680
Speciai assessments 14,112 48,046
Interest eamings 33,444 48,004
Miscellaneous 277,467 230,610 �
TOTAL REVENUE $ 4,586,299 $ 4,533,310 '
EXPENDITURES: '
Current:
General government $ 1,048,488 $ 1,085,406
Public safety 1,292,513 1,211,348 �
Public works 1,406,945 1,255,856
Park and recreation 638,372 628,779
TOTAL EXPENDITURES $ 4,386,319 $ 4,181,389 t
EXCESS OF REVENUE OVER EXPENDITURES $ 199,980 $ 351,921
OTHER FINANCING SOURCES (USES): ,
Operating transfers in $ 3,500 $ 3,500
Operating transfers out (117,950) (208,399) �
TOTAL OTHER SOURCES (USES) $ (114,450) $ (204,899)
EXCESS OF REVENUE AND OTHER FINANCING �
SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES $ 85,530 $ 147,022
BEGINNING FUND BALANCE 1,497,829 1,258,606 �
Residual equity transfers in - 92,201 �
ENDING FUND BALANCE $ 1,583,359 $ 1,497,829
,
,
�
40
'
' ' EXHtBIT A-3
CfTY OF ROSEMOUNT, MINNESOTA
ISCHEDUIE OF REVENUE-BUDGET(AS AMENDED)
AND ACTUAL(BUDGETARY BASiS) ',
, GENERAL FUND �,
YEAR ENDED DECEMBER 31, 1996
1996 t995 ',
IBUOGET ACTUAL VARfANCE ACTUAL I
TAXES:
General property taxes $ 2,068,6t2 S 2.033,631 $ (34,981) $ 1,959,128
� Fiscal disparities 383,430 383,430 - 312.157
Otfier 53,000 _ 58,616 6,616 34,067
TOTAL TAXES $ 2,505,042 $ 2,476,676 $ (28,366) $ 2,305,352
� D PERMITS:
UCENSES AN
8usiness $ 267,500 $ 238,354 $ (29,146) $ 261,546
Non-business 400 _ 775 _ 375 1,400
� TOTAL LICENSES AND PERMITS $ 267,900 � 239,129 S (28.771) $ 262.946
�, ' INTERGOVERNMENTAL: =
Locai government aid $ 385,706 $ 385,706 $ $ 384,888
Homestead and ag credit(HACA) 534,077 534,077 562,494
Federal Grants 68,300 . 30,000 (38,300) 20,000
I, t Police state aid 67,000 90,224 23,224 73,530
Mobile home HACA 21,000 22,091 1,OS1 22,091
Other 42,50� 57,394 _ 14,894 • 34,457
TOTAI.INTERGOVERNMENTAL $ 1,118,583 $ 1,119,492 S 909 $ 1,097,46a
'
CHARGES FOR SERViC�S:
General govemment $ 313,900 $ 264,641 $ (49,259) $ 368,510
' Pubiic safety 12,200 35,875 23,675 32.089
Highways and strests 1,500 11,680 10,180 343
SAC 1,800 1,854 54 2.270
' TOTAL CHARGES FOR SERVICES $ 329,400 $ 314,049 $ (15,351) $ 401,211
FiNES AND FORFEITURES: $ 100,000 $ 111,929 $ 11,929 $ 139,680
� County
MtSCELLANEOUS: g,444 $ 48,004
interest $ 25,000 $ 33,444 $
� Other 10,000 7,795 (2.205) 3,660
Special assessmenis . 14,112 14,112 48,046
Donations
- 92,498 92,498 45,529
, Recreational fess 169,510 173,794 4�2�' 1�'g64
Sale of generai fixed assets
Rents 3,000 3,380 380 3.380
' TOTAL MiSCELLANEOUS $
300,008 $ 325,Q23 $ 25,015 $ 326,660
TOTAL REVENUE $ 4,620.933 $ 4,586,299 $ (34,634) $ 4,533,310
' OTHER FINANCING SOURCES: 3�SaQ 3,500 _ - 3,500
Operating transfers in
' TOTAL REVENUE AND OTHER . 4,g24,433 $ 4,589,799 $ (34,634) $ 4,536,810
FINANCiNG SOURCES �
' 41
' I�!
EXNIBIT A-4 I
CITY OF ROSEMOUNT, MINNESOTA (Continued) ��,
SCHEDULE OF EXPENDITURES -BUDGET(AS AMENDED) ' I�I
AND ACTUAL(BUDGETARY BASIS) '
GENERAL FUND , ',
YEAR ENDED DECEMBER 31, 1996
1996 1995
BUDGET ACTUAL VARIANCE ACTUAL I '
GENERAL GOVERNMENT '
Mayor and counciL• ' I
Personai services $ 27,000 $ 19,806 $ 7,194 $ 22,389
Professional fees 32,200 739 31,461 13,228 ',
Other charges 11,500 18,473 (6,973) 6,725 '
Council designated 9,500 7,709 1,791 7,170 � ''I
Principal on loans - - - 17,500
Executive: ,
Personal services 233,700 221,954 11,746 202,9 03
Supplies 2,200 5'I 5 1,685 1,375 � i,,
Professional fees 16,600 5,845 10,755 24,304 I
Other charges 17,150 18,090 (940) 3,936 li
Elections ' il
Personal services 5,000 6,396 (1,396) 2,297 ,
Supplies 800 (332) 1,132 2,696 I
Other charges 3,300 3,042 258 117 �
Finance:
Personat services 105,000 91,464 13,536 92,029
Supplies - - - - �
Professionai fees 25,400 27,092 (1,692) 24,025
Other charges 4,100 2,779 1,321 2,579
Community development
Personal services 314,900 295,151 19,749 298,197 '
Supplies 3,700 2,427 1,273 2,791
Professional fees 4,800 5,108 (308) 6,179
Other charges 7,800 , 5,334 2,466 4,921 ,
General government:
Insurance - - - -
Supplies 57,600 54,714 2,886 68,795 �
Professional fees 200,900 220,753 (19,853) 210,094
Other charges 19,800 19,668 132 21,990
Capitat outlay 12,400 14,656 (2,256) 39,419
TOTAL GENERAL GOVERNMENT $ 1,115,350 $ 1,041,383 $ 73,967 $ 1,074,859 �
PUBLIC SAFETY
Police protection: ,
Personal services $ 978,150 $ 963,310 $ 14,840 $ 889,414
. Supplies 17,377 13,103 4,274 20,810
ProfessionaF fees 120,750 127,598 (6,848) 117,149
Other charges 13,400 8,756 4,644 11,898 '
Fire protection:
Personal services 140,500 138,676 1,824 122,486
Supplies 13,350 14,999 (1,649) 20,419 ,
Professional fees 16,250 14,106 2,144 17,920
Other charges 2,400 2,769 (369) 2,109
Capital outlay 8,800 9,122 (322) 9,220
TOTAL PUBLIC SAFETY $ 1,310,977 $ 1,292,439 $ 18,538 $ 1,211,425 �
42 '
, EXHIBIT A-4 ',
C�TY OF ROSEMOUNT, MINNESOTA (Conciuded) ',
' SCNEDULF OF EXPENDITURES•BUDGET(AS AMENDED)
AND ACTUAL(BUDGETARY BAS13) '
, GENERAL FUND
YEAR ENDED DECEMBER 31, 1996
1996 1995 '
, BUDGET ACTUAL VARlANCE ACTUAL
� PUBLIC WORKS ,
Generai maintenance:
Pe�sonai services a 884,6a0 S 856,453 $ 28,147 $ 785,002
Supplies 115,600 149,481 (33,881) 128,659
� Professionai fees 22,200 13,106 9,094 9,955
Other charges 22,900 34,177 (11,27� 17,534
Streets and roads:
Suppiies 79,100 74,152 4,948 108,041
' Professionai fees 78,800 87,742 (8,942) 28,026
Other charges 5,700 ,11,017 (5,31'n 4,882
Snow removal:
� Suppiies 18,200 37,008 (18,808) 22,186
Other ct�arges 4,800 972 3,828 135
Streei lighting:
Suppiies _ 5,000 'l5,327 {10,32� 6,560
� Other cf�arges 77,600 79,6�6 (2,056) 72,U83
Park mairrtenance:
Supp(ies 38,100 29,398 8,702 32,249
' Professional fees 17,600 13,625 3,975 12,296
Other ct�arges 8,100 4,320 3,780 8,606
TOTAL PUBUC WORKS $ 1,378,30d $ 1,406,433 $ (28,133) $ 1,236,215 ,
� PARK AND R CREATiON
Personal services $ 397,975 $ 358,089 $ 39,886 $ 355,494
� Supplies 35,030 39,433 (4,403) 38,170
Professional fees 100,880 72,392 28,488 82,248 '
Other charges 78,071 79,259 (1,188) 42,118 ,
Debt payments 89,900 89,200 700 110,239
� TOTAL PARK AND RECREAT{ON $ 701,856 $ 638,372 $ _ 63,484 $ 628,270 �
TOTAL EXPENDITURES AND ENCUMBRANCES $ 4,508,483 $ 4,378,626 $ 127,857 $ 4,150,769 'll
� NClNG USES I
OTHER FINA
Operating transfecs au# 117,950 117,950 - 208,399 �,
� I
TOTAL EXPENDITURES,ENCUMBRANCES AND
AND OTHER FINANClNG USES $ 4,624,433 $ 4,496,576 $ 127,857 $ 4.359,168 ,
' BEGiNNiNG OF YEAR BUDGET
BAS15 ENCUMBRANCES � 35,982 66,600
' END OF YEAR BUDGET 35( 982)
BASIS ENCUMBRANCES - �8�2$9�
� GAAP BASIS EXPENDITURES AND OTHER $ 4,�,�g y 4,389,787
FiNANCWG USES
' 43
� � � � � r � � � � � � � � � � i � �
�
W i
a I
� '
� ���
° I
�
� I
�
a
� �I
�
�_ �� .
.
;��� ; 3FE��L RE�NiJE�iJ�TU� .
` Speeial Revenue Funds ar+� usecl to account for reeenues derived frorri`specific ta�es par c�ther
, earmarkeii reveriue sources. Th�y a�e u�ually required-by statute'.or �ocal o�d�nance tQ financ�
pa.rticular£�ncti+�ns or actti�iti�s of�over�:ment.
fBui#diqg F�nci-This fund is used to account far th�e on-�oin� capital ir�pravements and possible
addi��ons to gbvernment builcling�.
�. . Street Fund - Tlus fu�d is-used to account.for on-gatng stre�t reCoi�struc�Ci4�projec�s within the
Cit� asitl � other maj';�r ma�ntenance ite�ns relat�d to`both paved and�unpaved streets including, :
�ut nat limited to, st'reet lights, si�nal lights, sidewalks a.ncl gra�vel road resurfacir�g.
��
Park Improvements Fpad-` Thi�fund,is used t4,account�or park dedicatian fees co�lecte,�from ;
° � �
developers as different areas of th��ity ai�developed. These�`ees are used to de�ielop new parks.
�� ��. . .
� ; �_ �
� within the City a�d to make impro�ements to cu�-rent p�s. °'
Ec�uipment Replacerr►ent Fu�c� - T'his ftind is used to account for the_on-gaing replacemerst af
�� � _ � a�d.a�idi�` s��o�Ci �-�e ui� �e�t. �� � _
� � �on
q,.P
Tree Dise�se Grant F�und - This fund is us�d to aecount far grants received to battl� vanous
-� �
�.� ��� � ����� �types of�ree'd�se�se i��he�ity. � � � � � �� � � � -�
� Crime Reduction Proje�t_Fund - This fitnd is Used,to accou�t f�r the implem�nta.'tion and on- '
goirig ope�at�on of the Gity's c�ime redu�tion program.
�� � �
F�re �a�ety Educatian Fund -'Ttvs fund is us�ed to :accourit for tli�-on-gbing op�ration of the
�ity's fire ��fety tr`ai�er. This traiier is used in trainirig b�.our �ity and su�rounding aom�mun�t�es :
ancl or�anizatit�ns.
�
GIS Fnnd � This �urid is used to accciunt for the developrnerrt and on-going`operatipn� of the ;.
� Gity's GIS sysfiem.
i �
� _ ,, -, � , -_ >
�� � � �. � � �' '�
D'ia�nand Fat� Pruject �unsl - T�►is fund was �stablished to account f�r pr�epaid ass�s,sments
aolleeted tl�at will be used when th�.t portiori of Diamand Path for which assessrnents w�re ; �
� � � �. � � � �� � �. ��
� � � � � � �
.� �� � � �
� �_ ca�l�cte�is canstruc�ed in tk�fi�ture. � � �� � �
„ ,
� �
- r, � �
Dc►dd Beulevard Proj�ctFund=' Ti�is fund was established to account �or prep�id as�essmerits
r �� �
�: collecteci.that wilt b� used_when tl�at portion,of Dodd Bautevard £er'whict�'�ss�ssmeixt� wer� -
col�ect�d is�canstructed in the�uture.
:�.
� �
�
P�
FW�
r� ,
� I'
�
z
0
�
�
�
�
a
� �
� � � � � � � � � � � i � � � � � � �
'
CITY OF ROSEMOUNT. MINNESOTA �
COMBINING BALANCE SHEET
SPECIAL REVENUE FUNDS
DECEMBER 31, 1996 '
'
BUILDING STREET PARK EQUIPMENT
CIP CIP IMPROVEMENT CtP '
(#202) (#203) (#205) (#207)
ASSETS '
Cash and investments $ 123,215 $ 575,375 $ 411,462 $ 224,514
Accounts receivabie - 2,006 - 4,458 '
Property taxes receivable _ _ _ _
Due from other funds _ _ _ _
Special assessments receivabie 8,236 8,236 - 8,236
TOTAL ASSETS $ 131,451 $ 585,617 $ 411,462 $ 237,208 '
' ,
�tABILITIES AND FUND BALANCES ' ','I
LIABIUTIES:
Accounts payable $ - $ - $ 1,214 $ - '
Deferred revenue 7,264 7,264 - 7,264
TOTAL LIABILITIES $ 7,264 $ 7,264 $ 1,214 $ 7,264
FUND BALANCES: ,
Reserved for special projects $ - $ - $ 246 $ -
Unreserved- undesignated 124,187 578,352 410,002 229,943 '
TOTAL FUND BALANCES $ 124,187 $ 578,352 $ 410,248 $ 229,943
TOTAL LIABILITIES AND
FUND BALANCES $ 131,451 $ 585,617 $ 411,462 $ 237,208 ,
,
'
'
'
'
46
II _ _ ------ -- - _
, EXHIBIT B-1
� �
' I
' TREE DISEASE CRIME FIRE DIAMOND DODD
GRANT REDUCTION SAFETY PATH BOULEVARD TOTAL
' PROGRAM PROJECT EDUCATION GIS PROJECT PROJECT
(#208) (#220) (#221) (#222) (#230) (#231) 1996 1995
� $ 7,649 $ 7,198 $ 4,970 $ 1,527 $ 116,434 $ 60,562 $ 1,532,906 $ 1,341,367
- - - - - - 6,464 59,428
' - - - - - - = 8,877
_ _ _ - - - 24,708 95,944
� $ 7,649 $ 7,198 $ 4,970 $ 1,527 $ 116,434 $ 60,562 $ 1,564,077 $ 1,505,616
�
'
$ - $ 1,689 $ - $ 7 $ - $ - $ 2,910 $ 56,965
, - - - - 118,434 60,562 198,788 262,863
$ - $ 1,689 $ - $ 7 $ 116,434 $ 60,562 $ 201,699 $ 319,828
' _ _ _ $ _ $ - $ - $ 246 $ 76,500
$ $ $
7,649 5,509 4,970 1,520 - - 1,362,133 1,109,288
' $ 7,649 $ 5,509 $ 4,970 $ 1,520 $ - $ - $ 1,362,379 $ 1,185,788
� $ 7,649 $ 7,198 $ 4,970 $ 1,527 $ 116,434 $ 60,562 $ 1,564,077 $ 1,505,616
'
'
,
'
� 47
�
CITY OF ROSEMOUNT. MINNESOTA �
COMBINING STATEMENT OF REVENUE, EXPENDITURES,AND CHANGES IN FUND BALANCES
SPECIAL REVENUE FUNDS ,
DECEMBER 31, 1996
BUILDING STREET PARK EQUIPMENT �
CIP CIP IMPROVEMENT CIP
(#202) (#203) (#205) (#207)
REVENUE: ,
Municipal state aid (MSA) $ - $ 309,089 $ - $ -
General property taxes 10,000 304,000 - 156,100 ,
Intergovemmental - - - _
Special assessments 28,412 28,412 - 28,412
Interest eamings 11,833 9,751 20,817 12,114
Park dedication - - 74,760 - �
Sale of general fixed assets - - - 25,046
Userfees - 32,586 - 34,049
Donations and other - - - 383 �
Lease proceeds 42,785 - - 476,445
TOTAL REVENUE $ 93,030 $ 683,839 $ 95,577 $ 732,549
�
EXPENDITURES:
Supplies $ - $ - $ 4,429 $ - '
Other professional services - - - 2,033 -
Other 2,250 1,125 2,250 -
Operating lease payments - - - 89,330 � '
Capital outlay 177,166 21,315 39,641 522,066
TOTAL EXPENDITURES $ 179,416 $ 22,440 $ 48,353 $ 611,396 '
EXCESS {DEFICIENCY) OF REVENUE ' ',
OVER EXPENDITURES $ (86,386) $ 661,399 $ 47,225 $ 121,153 ',
OTHER FINANCING SOURCES (USES) � ',
Operating transfers in $ - $ - $ - $ - ,
Operating transfers out (100,106) (390,000) (74,114) - I,
TOTAL $ (100,106) $ (390,000) $ (74,114) $ - � II
EXCESS ( DEFICIENCI�OF REVENUE AND ,
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES $ (186,492) $ 271,399 $ (26,889) $ 121,153
BEGINNING FUND BALANCES (as restated) 310,678 306,954 437,137 108,790 �
Residual equity transfers in (out) - - -
ENDING FUND BALANCES $ 124,186 $ 578,353 $ 410,248 $ 229,943 '
'
48
�
' , EXHIBIT B-2
'
, '
TREE DISEASE CRIME FiRE
GRANT REDUCTION SAFETY TOTAL
' PROGRAM PROJECT EDUCATION GIS
(#208) (#220) (#221) (#222) 1996 1995
� $ - $ - $ - $ - $ 309,089 $ -
- - - - 470,100 127,000
' = 64,471 = � 64,471 -
85,236 61,376
61 59 34 23 54,692 44,698
, = = = = 74,760 86,344
25,046
- - - 4,050 70,686 -
' = 7,743 1,122 = 9,248 619,241
519,230
$ 61 $ 72,272 $ 1,156 $ 4,073 $ 1,682,558 $ 938,659
'
$ - $ 14,469 $ - $ - $ 18,898 $ 9,245
' S84 40,415 - 2,815 45,847 31,950
- 12,867 208 5,355 24,055 15,813
- - - - 89,330 -
, - 257 - 3,172 763,618 653,265
$ 584 $ 68,008 $ 208 $ 11,343 $ 941,747 $ 710,273
' $ 523) $ 4,264 $ 948 $ ,269 $ 740,811 $ 228,386
� $ - $ - $ - $ - $ - $ 359,196
- - - - (564,219) (253,000)
' $ - $ - $ - $ - $ (564,219) $ 106,196
' $ (523) $ 4,264 $ 948 $ (7,269) $ 176,591 $ 334,582
8,172 1,245 4,021 8,790 1,185,787 947,904
'
- - - - - (96,700)
' $ 7,649 $ 5,509 $ 4,969 $ 1,521 $ 1,362,378 $ 1,185,786
� ',
' 49 I�I
�
' '
CITY OF ROSEMOUNT. MINNESOTA '
COMBINING SCHEDULE OF REVENUE, EXPENDITURES,AND CHANGES IN ' II
FUND BALANCES -BUDGET(AS AMENDED)AND ACTUAL-(BUDGETARY BASISj '�
ANNUALLY ADOPTED SPECIAL REVENUE FUNDS '�
YEAR ENDED DECEMBER 31, 1996 � �,
1
BUILDING CIP FUND '
BUDGET FAVORABLE
(as (UNFAVORABLE)
Amended) ACTUAL VARIANCE '
REVENUE:
Municipal state aid (MSA) $ - $ - $ -
General property taxes 10,000 10,000 - �
Tax increments - - -
Special assessments - 28,412 28,412
Interest eamings 11,000 11,833 833 �
Sale of general fixed assets - - -
Userfees - - -
Donations and other - - - �
Lease proceeds - 42,785 42,785
TOTAL REVENUES $ 21,000 $ 93,030 $ 72,030
,
EXPENDITURES:
Other 2,250 2,250 - '
Operating lease payments - - -
Capital outlay 10,000 177,166 (167,166)
TOTAL EXPENDITURES $ 12,250 $ 179,416 $ (167,166)
'
EXCESS (DEFICIENCI�OF REVENUE
OVER EXPENDITURES $ 8,750 $ (86,386) $ (95,136) '
OTHER FINANCING SOURCES (USES)
Operating transfers out - (100,106) (100,106) �
EXCESS ( DEFICIENCI�OF REVENUE OVER
EXPENDITURES AND ENCUMBRANCES
AND OTHER FINANCING SOURCES (USES) $ 8,750 $ (186,492) $ (195,242) �
Reconciliation to GAAP basis
elimination of encumbrances, net - ,
BEGINNING FUND BALANCES (as restated) 310,677
ENDING FUND BALANCES $ 124,185 '
�
�
50
,
� EXHIBIT B-3
(Continued)
'
�
� STREET CIP FUND EQUIPMENT C!P FUND
BUDGET FAVORABLE BUDGET FAVORABLE
(as UNFAVORABLE) (as (UNFAVORAB�E)
Amended) ACTUAL VARIANCE Amended) ACTUAL VARIANCE
�
$ - $ 309,089.38 309,089 $ - $ - � -
� 304,000 304,000 - 156,100 156,400 =
32,586 32,586
- 28,412 28,412 - 28,412 28,412
' � 9,751 9,751 = 12,114 12,144
25,046 25,046
29,000 - (29,000) 19,000 34,049 15,049
58,000 - (58,000) - 383 383
, _ - - - 476,445 476,445
$ 391,000 $ 683,839 $ 292,839 $ 175,100 $ 732,549 $ 557,449
�
- 1,125 (1,125) - - -
� - - - 156,100 89,330 66,770
391,000 21,315 369,685 19,000 522,066 (503,066)
' $ 391,000 $ 22,440 $ 368,560 $ 175,100 $ 611,396 $ (436,296)
$ - $ 661,399 $ 661,399 $ - $ 121,153 $ 121,153 II
' I�''i
- (390,000) (390,000) - - - '�
� ' I''
, $ - $ 271,399 $ 271,399 $ - $ 121,153 $ 121,153 '
'
306,954 108,790
' $ 578,353 $ 229,943
,
�
' 51
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, 1996 '
TOTAL-1996 �
BUDGET FAVORABLE
(as (UNFAVORABLE)
`Amended) ACTUAL VARIANCE
REVENUE: �
Municipal state aid (MSA) $ - $ 309,089 $ 309,089
General property taxes 470,100 470,100 -
Ta�c increments - 32,586 32,586 '
Special assessments - 85,236 85,236
Interest eamings 11,000 33,698 22,698 �
Sale of generai fixed assets - 25,046 25,046
User fees 48,000 34,049 (13,951)
Donations and other 58,000 383 (57,617)
Lease proceeds - 519,230 519,230 t
TOTAL REVENUES $ 587,100 $ 1,509,418 $ 922,318 '
i
EXPENDITURES:
Other 2,250 3,375 (1,125)
Operating lease payments 156,100 89,330 66,770 �
Capital outlay 420,000 720,547 (300,547)
TOTAL EXPENDITURES $ 578,350 $ 813,252 $ (234,902) '
EXCESS (DEFICIENCI�OF REVENUE
OVER EXPENDITURES $ 8,750 $ 696,166 $ 687,416 �
OTHER FINANCING SOURCES (USES)
Operating transfers out - (490,106) (490,106)
EXCESS { DEFICIENCIn OF REVENUE OVER '
EXPENDITURES AND ENCUMBRANCES
AND OTHER FINANCING SOURCES (USES) $ 8,750 $ 206,060 $ 197,310 '
Reconciliation to GAAP basis
elimination of encumbrances, net - '
BEGINNWG FUND BALANCES (as restated) 726,421
ENDING FUND BALANCES $ 932,481 '
�
�
�
52 '
� EXHIBIT B-3
(Concluded)
�
'
� TOTAL-1995
BUDGET FAVORABLE
(as (UNFAVORABIE)
Amended) ACTUAL VARIANCE
� � � � � �
$ - $ - -
� 127,000 127,000 �
- 4,057 4,057
� 11,000 18,783 7,783
, = 593,941 593,941
$ 138,000 $ 743,781 $ 605,781
�
2,250 2,250 -
' ' - - ',
127,000 615,538 (488,538)
$ 129,250 $ 617,788 $ (488,538) I
�
$ 8,750 $ 125,993 $ 117,243
�
- (253,000) (253,000)
�
' $ 8,750 $ (127,00� $ (135,75�
' (11,975)
449,659
' $ 310,677
,
'
' S3
� � � tr �■w �r : � � � � � ■�r � � � � r w� �
�a
�
�
�
�
z
0
� '
�
� �
�
a
�
�
_ _
�� .
��
= ��
� , . �
� � � ` �� � � � � � �
��
��.
'�� n���T�E�v�e� Furrns
I)ebt �ervace :Funds are established ta finance`, and account for the paytnen�E.o� prin�ipal; and
_ � � interest on-all �ge�eral �ohl�ation c��bt �inclt�ding �.t payab�e from �spec�at�;asses�met�ts but �.� �
' � ex�ludun ..debt issued for and s�rvi�ed b a overnmental ent� rise. Pravisior�s e m de ' th�
� Y 8 _ rPN , �' .,, a . 1n
City's general property tax l�vy for m4ney su:�iicient to rneet the genera� �bligation debt. Special
assessment ievies`are su�icien�t tc�:rn�et tlie debt service obligation of`t�ie special assessme�t
� improvement debt issues.
Gen�ral Qbligatio�Bond Debt Service Funds presen�ly�s�ablished are�s follc�ws:
, � � ;:� � .� �. �
��, :� � : �
� ��
19�2C :Community Cen�er:Bonds
` � 1993D, Muni�ipal$u�ldirig:.Refunding Bonds' ` :
1996A Fire �tatioti Bonds
1991C Equip�nent Certifica�es
� }; 19�2A Improvert��rit��ncis,
199�A Improuetnenf B�nds
` �99�$ Irriprov�ine�t Bonds
� � , � � �� � � � ;. �
. �
,
� � ..
' 19�4� � �� m ov��e,�t#onc��� _ � _
��� � � � - �
, � �' ��� � �
1987A �mproveri3ent Bortds
�� 199SA , �� I�pro�em�r�t Bonds _
���� � � ,�99 i t�- �Iirnpx�►�eme�i�Bonc�� �
1991B impra�ernent Bo�ds
-, 1��2I�: � Iinprovemenf Bonds. j
- � , ,��:
� � � � � �
� � � � . �
.
� � ��
�' -19�4C .. _ �_ _ :�t�t��id ��ree�"Ba�cis� �� �
1988A Tax Increm�nt Bonds
�
�� _
��
�
��
�
- -
�
�
W
a
�
�
z
�
z
�
�
c�.�
a
�
�
� � � r � � � � r � � ■v � � r � � � �
. ,
CITY OF ROSEMOUNT. MINNESOTA
COMBINING BALANCE SHEET t '
DEBT SERVICE FUNDS
DECEMBER 31, 1996 � '
G.O. G.O. G.O. / '
COMMUNITY CITY HALL FIRE ',
CENTER REFUNDING STATION '
1992C 1993D 1996A �
(#301) (#302) (#303)
ASSETS �
Cash and investments $ 90,657 $ 171,814 $ 155,034 '
Property taxes receivabie - - -
Special assessments receivable - - -
Cash with fiscat agent-refunding escrow account - - - �
TOTAL ASSETS $ 90,657 $ 171,814 $ 155,034
�
LIABILITIES AND FUND BALANCES �
LIABILITIES:
Deferred revenue $ - $ - � - �
FUND BALA►NCES:
Reserved for debt service 90,657 171,814 155,034 �
TOTAL LIABILITIES AND FUND BALANCES $ 90,657 $ 171,814 $ 155,034
�
'
�
�
�
�
56 '
II _-_ -
� EXHIBIT C-1
(Continued)
�
�
� GA
EQUIPMENT S.A.
CERTIFI- S.A. S.A. IMPROVEMENT S.A. S.A.
� CATES IMPROVEMENT IMPROVEMENT REFUNDING IMPROVEMENT IMPROVEMENT
1991C 1992A 1993A 19938 1994A 1995A
(#304) (#321) (#322) (#323) (#324) (#326)
�
' ' $ 6,746 $ 401,262 $ 291,465 $ 1,161,340 $ 1,094,406 $ 481,974
10,539 2,045
- 21,16Q 30,000 59,050 415,213 -
'
$ 6,746 $ 422,423 $ 332,004 $ 1,222,434 $ 1,509,618 $ 481,974
�
� I
� $ - $ 21,160 $ 30,000 $ 59,050 $ 328,900 $ - ',
r6,746 401,262 302,004 1,163,385 1,180,719 481,974
$ 6,746 $ 422,423 $ 332,004 $ 1,222,434 $ 1,509,618 $ 481,974
�
�
'
'
�
r
r 57
�
�
CITY OF ROSEMOUNT. MINNESOTA
COMBINING BALANCE SHEETS �
DEBT SERVICE FUNDS
DECEMBER 31, 1996 �
S.A. S.A. S.A.
�
IMPROVEMENT IMPROVEMENT IMPROVEMENT
1991A 1991B 1992D �
(#328) (#329) (#330)
ASSETS �
Cash and investments $ 420,468 $ 157,469 $ 612,424 �
Property taxes receivable - - -
Speciai assessments receivable 151,852 - 230,230 I
Cash with fiscal agent-refunding escrow account - - - '
TOTAL ASSETS $ 572,320 $ 157,469 $ 842,654
�
LIABILITIES AND FUND BALANCES �
LIABILITIES:
Deferred revenue $ 151,852 $ - $ 217,256 �
FUND BALANCES:
Reserved for debt service 420,468 157,469 625,398 �
TOTAL LIABILITIES AND FUND BALANCES $ 572,320 $ 157,469 $ 842,654
�
'
�
�
I�
�
�
58 r
�
�
EXHIBIT C-1
(Concluded)
' i
1
!
STATE AID TAX
, STREET INCREMENT TOTAL
1994C 1988A
(#331) (#382) 1996 1995
�
� $ 325,979 $ 152,216 $ 5,523,253 $ 4,805,081
12,584 24,144
- - 907,504 1,393,138
� - - - 1,396,897
$ 325,979 $ 152,216 $ 6,443,342 $ 7,619,260
,
f
� $ - $ - $ 808,218 $ 1,371,891
� 325,979 152,216 5,635,124 6,247,369
, $ 325,979 $ 152,216 $ 6,443,342 $ 7,619,260
,
� ` III
� ���
' ,
� '
� 59
�
CITY OF ROSEMOUNT. MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES,AND CHANGES IN FUND BALANCES j
DEBT SERVICE FUNDS
YEAR ENDED DECEMBER 31, 1996 �
G.O. G.O G.O. ,
COMMUNITY CITY HALL FIRE
CENTER REFUNDING STATION
1992C 1993D 1996A '
(#301) (#302) (#303)
REVENUE: �
General property taxes $ 105,452 $ 146,872 $ 155,000
Municipal state aid (MSA) - - -
Special assessments - - - �
Interest eamings 796 2,510 34
Sale of general fixed assets (Land sale) - - -
Other - - - �
TOTAL REVENUE $ 106,248 $ 149,382 $ 155,034
EXPENDITURES: '
Bond principal $ 35,000 $ 110,000 $ -
interest on bonds 61,305 31,665 -
Fiscal agent fees 517 110 = �
Other 1,125 1,125
TOTAL EXPENDITURES $ 97,947 $ 142,900 $ -
EXCESS (DEFICIENCI�OF REVENUE
�
OVER EXPENDITURES $ 8,302 $ 6,482 $ 155,034
OTHER FINANCING SOURCES (USESj �
Proceeds from sale of bonds $ - $ - $ -
Operating transfers in - - - �
TOTAL $ - $ - $ -
EXCES3(DEFICIENCI� OF REVENUE AND t I�
O T H E R F I N A N C I N G S O U R C E S O V E R I
EXPENDITURES AND OTHER FINANCWG $ 8,302 $ 6,482 $ 155,034
BEGINNING FUND BALANCES �
(as restated) 82,356 165,331 -
Residual Equity Transfer in (out) - - - �
ENDING FUND BALANCES $ 90,658 $ 171,813 $ 155,034 �
�
60 �
� EXHIBIT C-2
(Continued)
�
�
� G.0. S.A.
EQUIPMENT S.A. S.A. IMPROVEMENT S.A. S.A.
� CERTIFICATES IMPROVEMENT IMPROVEMENT REFUNDING IMPROVEMENT IMPROVEMENT
1991C 1992A 1993A 1993B 1994A 1987A
(#304) (#321) (#322) (#323) (#324) (#325)
�
$ 49,518 $ - $ - $ - $ - $ -
� - 4,690 26,169 360,735 716,323 134
357 20,789 14,489 152,957 34,256 12,779
� - - - - - -
$ 49,875 $ 25,479 $ 40,658 $ 513,692 $ 750,579 $ 12,913
'
$ 45,000 $ 70,000 $ 65,000 $ 1,665,000 $ - $ 500,000
2,160 26,983 20,996 50,979 82,643 63,925
� 386 488 450 110 355 854
1,125 1,126 1,125 1,125 1,126 1,125
� $ 48,671 $ 98,597 $ 87,572 $ 1,717,214 $ 84,123 $ 565,904
$ 1,205 $ (73,11� $ (46,914) $ (1,203,522) $ 666,456 $ (552,991)
�
- - - - - $ -
$ $ $
$ $
� - - - - - -
$ - $ - $ - $ - $ - $ _
�
' $ 1,205 $ (73,11� $ (46,914) $ (1,203,522) $ 666,456 $ (552,991)
5,542 474,380 348,917 1,895,569 435,798 1,024,329
�
- - - 471,337 78,465 (471,337)
� $ 6,747 $ 4Q1,263 $ 302,003 $ 1,163,385 $ 1,180,719 -
�
� 61
�
CITY OF ROSEMOUNT. MINNESOTA �
COMBINING STATEMENT OF REVENUE, EXPENDITURES,AND CHANGES IN FUND BALANCES
DEBT SERVICE FUNDS
YEAR ENDED DECEMBER 31, 1996 �
�
S.A S.A S.A.
IMPROVEMENT IMPROVEMENT IMPROVEMENT �
1995A 1991A 1991 B
(#326) (#328) (#329)
REVENUE: �
General property taxes � _ $ _ $
Municipai state aid (MSA) 511,000 - �
Speciai assessments - 42,504 -
Interest eamings 23,053 21,906 8,191
Sale of general fixed assets(Land sale) - _ _ �
Other _ _ _
TOTAL REVENUE $ 534,053 $ 64,409 $ 8,191
EXPENDITURES: '
Bond principal $ - $ 120,000 $ 30,000
interest on bonds 86,885 45,630 10,370 �
Fiscal agent fees 175 469 387
Other 1,125 1,126 1,125
TOTAL EXPENDITURES $ 88,185 $ 167,224 $ 41,882 �
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES $ 445,868 $ (102,815) $ (33,691) � '
OTHER FINANCING SOURCES (USES) ',
Proceeds from sale of bonds $ - $ _ � _ � ',
Operating transfers in 20,000 - - ,
TOTAL $ 20,000 $ - $ - I
EXCESS (DEFICIENCI�OF REVENUE AND �
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING US $ 465,868 $ (102,815) $ (33,691) �
BEGINNING FUND BALANCES
{as restated) 16,106 523,284 191,159 �
Residual equity transfers in (out) - _ _
ENDING FUND BALANCES $ 481,974 $ 420,469 $ 157,468 �
�
62
�
�
EXHIBIT C-2
(Concluded)
�
�
'
S.A. G.O.STATE TAX
� IMPROVEMENT AID STREET INCREMENT TOTAL
1992D 1994C 1988A
(#330) (#331) (#382) 1996 1995
�
$ - $ - $ - $ 456,842 $ 618,482
� - 90,805 = 601,805 -
123,721 1,274,275 516,302
30,762 13,285 941 337,106 291,708
� _ _ _ - 105,520
$ 154,482 $ 104,090 $ 941 $ 2,670,028 $ 1,532,012
'
$ 145,000 $ 60,000 $ 120,000 2,965,000 $ 3,800,000
� 65,214 30,805 46,935 626,494 749,849
514 442 335 5,592 5,700
1,125 1,125 1,125 15,753 14,633
� $ 211,853 $ 92,372 $ 168,395 $ 3,612,838 $ 4,570,182
, $ (57,370) $ 11,718 $ (167,454) $ (942,810) $ (3,038,170)
� $ - $ = $ - - $ 5,068
40,100 192,000 252,100 194,100
$ 40,100 $ - $ 192,000 $ 252,100 $ 199,168
� I
$ (17,270) $ 11,718 $ 24,546 $ (690,710) $ (2,839,001) li
� I
642,668 314,261 127,670 6,247,370 8,673,319 II
r
_ - - 78,465 413,052 ,
r $ 625,398 $ 325,979 $ 152,216 $ 5,635,125 $ 6,247,370
�
� 63
� �r� �� � � r■�t� ��,ar �st�� � �■is ��� � � � ���s � � ar �a■� � � �r
�a
�
`�
�
a
z
0
�
�
c�
a
�
�-
� �
��
� - ,
CAPITAL PROJECT FUNDS
�`��
�apita�Project Func�s are establi�hed to account�or the resources expendeti ta acquire assets of a
� relatively p�r�anent nature. (Special revenue a�d enfe�prise fund resourc�s are not .�nclucted in
� � �ltis c�teg9ry-) ��T�e��. funds ev�lve fx'or� the need �for sp�cia� a�c6un�ing�fa� bon��prc���ed��� � - �
gra�ts and contributions for the acquisitian o�capital assets.
� Ca ita.i Pro'ect F n r
. p � u ds p ovide a forma� ,�necharusrn wluch enables adrnuustrators to ensure that
revenues ,designated for c�rtain purposes are properly used. Capital �raject�Funds furtlier ;
en�ance reporting that requi�emerits regarding the use af rev�nue were fulky sati�$ed.
` � � � ��� � �� � ` � .�.
�� �� � � � ,
The City's Capital Project Funrl�are as follo�vs: ",
� R m
� � s�se ount Bus�ness Paxl�� � �� � � . � � � ��. - � :
G�AH 42 & Canada Avenue Turn I,anes
' Hawkins Pond Addition
Shannon Hills 6`�Addition
Wensmatui 10�'Ad�itian '
� Broback Industrial I'ark
Biscayne Av�;�ue Irnproveme�ts `
zArmory Highway 3 Impruvernent§
� ��� � � �
� S�l�wazz��ond���Ou�l�t� �
�'arnily Resourc�Center Building .,
199C �tr�eet& {.���it j��-Rec�nsEnxGtivn-�- � �
�:� � � � 1937 Str�et&�IJt�7if�Reconstructi�n '
Fire S�ation
Erieksot�Community;,SquaFe Shelter `
�_�` ����� �� � �� Di�.mond�ath-Waterrnain�nn r�v�ments �
_� .P
Well#9
�� � �- W�.chter�1�6A�thttte�
�
�
� �
� � _ . .
_ ; ; s . . - �
�
�
� I
W
a
�
a
z
�
z
�
� �
�
a
� '
s � � � � � � � � � � � � � � � � � �
r
CITY OF_R03EMOUNT. MINNESOTA ,
COMBINING BALANCE SHEET I
CAPITAL PROJECT FUNDS � I,I
DECEMBER 31, 1996 ,
CSAH 42�
� I'�,
ROSEMOUNT CANADA HAWKINS
BUSINESS AVENUE POND WENSMANN � I�I
PARK TURN LANES ADDITION 10TH ADD'N
(#403) (#404) (#405) (#408)
ASSETS � I
Cash and investments $ Z88,gg4 $ _ $ _ $ 7,g73 � I''
Due from other funds _ _ _ _
TOTAL ASSETS $ 288,864 $ - $ - $ 7,973 �
�
LIABILITIES AND FUND BALANCES
LIABILITIES: �
, Due to other funds $ - $ 19,911 $ 14,500 $ -
Accounts payable 2,115 - 975 781 �
Contracts payable - - - 1 494
,
TOTAL LIABILITIES $ 2,115 $ 19,911 $ 15,475 $ 2,275
FUND BALANCES: �
Reserved for capital projects $ 286,749 $ - $ - $ 5,698
Unreserved - (19,911) (15,475) - �
TOTAL FUND BALANCES $ 286,749 $ (19,911) $ (15,475) $ 5,698
TO�TAL LIABILITIES AND �
FUND BALANCES $ 288,864 $ - $ - $ 7,973
r
�
�
�
66
r
' EXHIBIT D-1
(Continued)
�
'
�
BROBACK BISCAYNE FAMILY 1996 STREET 8� 1997 STREET�
' INDUSTRIAL AVENUE RESOURCE UTILITY UTILITY
PARK IMPROVEMENTS CENTER BLDG RECONSTRUCT RECONSTRUCT
(#409) (#414) (#421) (#422) (#423)
'
� $ = $ 313,593 $ 12,116 $ 260,094 $ =
48,391
' $ - $ 361,984 $ 12,116 $ 260,094 $ -
'
' $ 67 $ - $ - $ 1,521,799 $ 13,913
- 2,132 4,543 16,057 -
, _ _ - 155,341 -
$ 67 $ 2,132 $ 4,543 $ 1,693,197 $ 13,913
� - 573 - $ -
$ $ 359,852 $ 7, $
(67� _ - (1,433,103) (13,913)
, $ (6� $ 359,852 $ 7,573 $ (1,433,103) $ (13,913)
$ - $ 361,984 $ 12,116 $ 260,094 $ - I,
'
' '
,
�
1
, 67
,
CITY OF ROSEMOUNT. MINNESOTA ,
COMBINING BALANCE SHEET
CAPITAL PROJECT FUNDS �
DECEMBER 31, 1996
�
ERICKSON DIAMOND PATH
FIRE � COMM SQUARE WATERMAIN �
STATION SHELTER IMPROVEMENTS
(#424) (#425) (#426)
ASSETS : ' ''
Cash and investments $ 174,919 $ 168,308 $ 7,679 I
Due from other funds - _ _ �
TOTAL ASSETS $ 174,919 $ 168,308 $ 7,679 �
�IABILITIES AND FUND BALANCES
'
LIABIIITIES: '
Due to other funds $ - $ _ � _
Accounts payabie 15,821 293 -
Contracts payable 129,209 - 5,261 '
TOTAL LIABILITIES $ 145,029 $ 293 $ 5,261
FUND BALANCES: ,
Reserved for capital projects $ 29,890 $ 168,015 $ 2,417
Unreserved _ _ _
TOTAL FUND BALANCES $ 29,890 $ 168,015 $ 2,417 '
TOTAL LIABIUTIES AND �
FUND BALANCES $ 174,919 $ 168,308 $ 7,679
�
�
�
�
68
,
�' _ _
�� EXHIBIT D•1
� � (Concluded)
'
'
� TOTAL
WELL#9
(#427) 1996 1995
�
� $ 228,969 $ 1,462,514 $ 825,954
48,391 390,767
' $ 228,969 $ 1,510,905 $ 1,216,721
'
' $ 495,000 $ 2,065,190 $ 390,767
9,885 52,601 17,357
� 2,730 294,035 144,671
$ 507,615 $ 2,411,826 $ 552,794
, - 1 069 693
$ $ 860,194 $ , ,
(278,646) (1,761,115) (405,767)
, $ (278,646) $ (900,921) $ 663,926
i $ 228,969 1,510,905 $ 1,216,721 I�
� '
�
�
�
, 69
�
CITY OF ROSEMOUNT. MINNESOTA �
COMBINING STATEMENT OF REVENUE, EXPENDITURES,AND CHANGES IN FUND BALANCES
CAPITAL PROJECT FUNDS ,
YEAR ENDED DECEMBER 31, 1996
CSAH 42�
ROSEMOUNT CANADA HAWKINS SHANNON
BUSINESS AVENUE POND HILLS ,
PARK TURN LANES ADDITION 6TH ADD'N
(#403) (#404) (#405) (#407)
REVENUE: �
Interest eamings $ - $ - $ - $ - I
Municipal state aid (MSA) - - - - � ',I
Miscellaneous - - - -
TOTAL REVENUE $ - $ - $ - $ -
�
EXPENDITURES:
Construction costs '
Improvements $ 25,317 $ - $ - $ -
Engineering fees - - 15,379 395
Otherfees - - - -
Professionai fees - - 96 98 '
Other - - - 14,788
TOTAL EXPENDITURES $ 25,317 $ - $ 15,475 $ 15,280
EXCESS (DEFICIENCY)OF REVENUE
OVER EXPENDITURES $ (25,31� $ - $ (15,475) $ (15,280)�
OTHER FINANCING SOURCES (USES): '
Pcoceeds from the sale of bonds $ - $ - $ - $ -
Operating transfers in - - - -
Operating transfers out - - - - �
TOTAL $ - $ - $ - $ -
�
EXCESS (DEFICIENCIn OF REVENUE
AND OTHER FINANCING SOURCES �
OVER EXPENDITURES AND OTHER
RNANCING USES $ (25,31� $ - $ (15,475) $ (15,280)
BEGINNING FUND BALANCES
,
(as restated) 312,066 (19,911) - 133,221 �
Residuai equity transfers in (out) - - - (117,941)
ENDING FUND BALANCES $ 286,749 $ (19,911) $ (15,475) $ - �
70 '
� EXHIBIT D-2
(Continued)
'
IFAMILY
BROBACK BISCAYNE ARMORY SCHWARZ RESOURCE
, WENSMANN INDUSTRIAL AVENUE HIGHWAY 3 POND CENTER
10TH ADD'N PARK IMPROVEMENTS IMPROVEMENTS OUTLET BUILDING
(#408) (#409) (#414) (#417) (#420) (#421)
,
$ 34 $ - $ - $ - $ 37 $ 16
' - = = 152,371 _ -
42,300 28,563 12,100
$ 42,334 $ - $ - $ 180,934 $ 37 $ 12,116
�
� $ 29,884 $ - $ 126,171 $ - $ 7,515 $ -
6,234 - 30,986 - - 2,371
II ' 394 ZO 469 _ - -
123 47 122 2,172
_ _ _ - 11,676 -
� $ 36,636 $ 67 $ 157,626 $ - $ 19,313 $ 4,543
' $ 5,698 $ (6� $ (157,626) $ 180,934 $ (19,276) $ 7,573
' - - -
$ - $ - $ - $ $ $
_ _ _ - 33,756 -
, _ _ _ _ _ _
$ _ $ _ $ _ $ - $ 33,756 $ -
, _
�
$ 5,698 $ (67) $ (157,626) $ 180,934 $ 14,480 $ 7,573
�
- - 517,478 (180,934) 7,294 -
, _ _ _ - (21,774) -
1 $ 5,698 $ (6� $ 359,852 $ - $ - $ 7,573
' 71 �
�I
,
CITY OF ROSEMOUNT. MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES,AND CHANGES IN FUND BALANCES '
CAPITAL PROJECT FUNDS
YEAR ENDED DECEMBER 31, 1996 �
1996 STREET& 1997 STREET�
UTILIIY UTILITY FIRE �
RECONSTRUCTN RECONSTRUCTN STATION
(#422) (#423) (#424)
REVENUE: �
Interest earnings $ 4,663 $ - $ 18,972
Municipal state aid (MSA) - - - '
Miscellaneous - - -
TOTAL REVENUE $ 4,663 $ - $ 18,972
�
EXPENDITURES:
Construction costs �
Improvements $ 1,639,295 $ - $ 1,348,019
Engineering fees 131,697 13,913 8,329 '
Otherfees 8'747 , 'I
Professional fees 39,127 - 196,207
Other - - - I
TOTAL EXPENDITURES $ 1,818,866 $ 13,913 $ 1,552,555 ' �
EXCESS (DEFICIENCY} OF REVENUE ,
OVER EXPENDITURES $ (1,814,204) $ (13,913) $ (1,533,583)
OTHER FINANCING SOURCES (USES): '
Proceeds for the sale of bonds - - $ 1,759,494
$ $
Operating transfers in 390,000 - -
Operating transfers out - - - �
TOTAL $ 390,000 $ - $ 1,759,494
�
EXCESS (DEFICIENCIO OF REVENUE
AND OTHER FINANCING SOURCES �
OVER EXPENDITURES AND OTHER
FINANCING USES $ (1,424,204) $ (13,913) $ 225,912
G fUND BALANC S '
BEGINNIN E
(as restated) (8,900) - (196,022)
Residual equity transfers in (out) - - - '
ENDING FUND BALANCES $ (1,433,104) $ (13,913) $ 29,890 ,
72 �
� EXHIBIT D-2
(Concluded)
�
� ERICKSON
COMMUNITY DIAMOND PATH
� SQUARE WATERMAIN WACHTER TOTAL
SHELTER IMPROVEMENTS WELL#9 186A OUTLET
(#425) (#426) (#427) (#428) 1996 1995
�
$ 3,665 $ 63 $ 345 $ - $ 27,795 $ 1,459
- - - - 152,371 -
I� � - - - - 82,963 54,597
$ 3,665 $ 63 $ 345 $ - $ 263,129 $ 56,056 I
� I�
- - 490 3 390 806 2 301 304
213115 $ 1, $ , , $ , ,
'�' � $ $ $ ,
1,000 - 52,242 241 262,787 153,472
995 - 1,475 - 12,100 17,514
', ! 19,924 619 12,158 - 270,694 23,505
_ _ - - 26,464 69,713
', ' $ 21,919 $ 619 $ 278,990 $ 1,731 $ 3,962,850 $ 2,565,509
I'I , $ (18,255) $ (555) $ (278,645) $ (1,731) $ (3,699,721) $ (2,509,453)
,
$ - $ - $ - $ - $ 1,759,494 $ 1,887,137
186,269 - - - 610,025 485,164
- - - - - (72,662)
1
$ 186,269 $ - $ - $ - $ 2,369,520 $ 2,299,639
'
' 168 Q15 555 278 645 $ 1,731 $ 1,330,201) $ _ (209,814)
$ � $ � ) � � , ) � ) �
'
- 2,973 - 96,661 663,926 1,308,077
' - - - (94,930) (234,645) (434,338)
' $ 168,015 $ 2,418 $ (278,645) $ - $ (900,921) $ 663,925
� 73
.r � � � w � � �■�t s � �r � � � � � r � �
�a
�
�
a
� z
0
�
z
�
�
c�.�
a
�
__,
�
���
�
�
�
� �' _
v �
,� :ENTE�PRISE FUNDS
Enterprise'�unds are used "to account for ope�ations that are.financed and operated in a mat�ner
, similar to private business enterprises- where the intent of the ga�ernmental uriit is that the costs
: af;provitling goods or services to the:general public on �. corit�uing basis be �nanced or
reeovered, prima.ril� thraugh.user charges, csr where the governme�tal unit has decided that „
� periodic determination of net incorne is appropriate fc�r aecou�ntability purpases.. Records are .
maintairied on the accrual b�sis of accoi�ntu�g. -
� Water Fund - This funcl is:used 'to account for the activities of the ��t�'s water clistributiori
aperations.
� h Ci 's�vllection and�reatment
Sewer Fund - Tlus�und is used to account for the activities,of t e ty ,
o£sewage operatiQns.
� a count for the ctivities of the �i 's`storm �ater
St��rm W�ter Fund,- T�us fund �s used to � a �
draanage operation�. .
� ' ° Aren�Fund - This nd is used to accou�nt for the acti�ities of tt�e�i 's ice arena operatioris.
,,� �-�, fu. �' , , �
� -
�
�
�
�
�
��� � ��, I
�
�
�
�
�
�
z
0
�
�
�
�
a
� '
� �I
� � � � � � � � � � � � � � ! i� � � �
�
CITY OF ROSEMOUNT, MINNESOTA �
COMBINING BALANCE SHEET
ENTERPRISE FUNDS
DECEMBER 31, 1996 �
STORM �
WATER WATER
(#601, 605,) SEWER (#603, 607, 611,j
(610, 612,�615) (#602�606) (613, 614&�620) ;�
ASSETS:
CURRENT ASSETS: �
Cash and investments $ 1,616,166 $ 2,043,862 $ 1,664,845
Accounts receivable 134,443 178,243 97,538
Property taxes receivable 1,618 - - �
Special assessments receivable 13,414 22,681 121,957
Due from other funds 784,780 209,750 1,022,270
Prepaid expenses 15,565 46,962 5,060 �
TOTAL CURRENT ASSETS $ 2,565,985 $ 2,501,499 $ 2,911,669
RESTRICTED ASSETS: '
Cash and investments (in escrow) $ 912,898 $ - $ -
PROPERTY AND EQUIPMENT:
Land $ 102,596 $ - $ 119,500 �
Buiidin s 1 206 827 72 702 -
9
, , ,
Other Improvements 12,747,840 34,354,895 8,431,901
Machinery and equipment 498,141 259,119 187,556
Less accumulated depreciation (4,586,621) (15,480,21� (1,662,410) �
NET PROPERTY AND EQUIPMENT $ 9,968,783 $ 19,206,500 $ 7,076,547
TOTAL ASSETS " $ 13,447,666 $ 21,707,999 $ 9,988,216 � I'�
� I
� '
�
� ''''
i �
1 '''�
,6 �
______ __ _. �
� EXHIBIT E-1
(Continued)
�
�
� TOTAL
ARENA
(#650) 1996 1995
�
� $ 57 016 $ 5,381,889 $ 4,780,343 !
,
6,484 416,707 394,815 ',
� = 1,618 5,769
158,052 97,763
- 2,016,800 - ,
8,175 75,763 37,825
I ,� $ 71,676 $ 8,050,829 $ 5,316,516
� $ - $ 912,898 $ 912,919
� $ - $ 222,096 $ 222,096
5,205,942 6,485,471 3,598,936
- 55,534,636 57,745,028
3,122 947,938 891,467
� (329,672) (22,058,920) (20,999,868)
$ 4,879,391 $ 41,131,222 $ 41,457,660
� $ 4,951,067 $ 50,094,949 $ 47,687,095
�
�
�
� .
�
�
� 77
� �
CITY OF ROSEMOUNT. MINNESOTA
COMBINING BALANCE SHEETS �
ENTERPRISE FUNDS
DECEMBER 31, 1996 �
STORM � ,
WATER WATER ,
(#601, 605,) SEWER (#603, 607, 611,} I
(610, 612, �615) (#602�606) (613, 614 8�620)
, � �I
LIABILITIES AND FUND EQUITY. ,
CURRENT LIABILITIES: �
Current Maturities of long-term debt $ 110,000 $ - $ 85,000
Due to other funds - - -
Accounts payable 10,812 6,457 47 �
Accrued interest 41,701 - 62,293
Accrued expenses 1,306 1,129 950
Compensated absences payable 12,449 10,053 7,670 �
TOTAL CURRENT LIABILITIES $ 176,269 $ 17,639 $ 155,961
LONG-TERM LIABILITIES:
Revenue bonds payable, (net of current maturities �
and unamortized discounts) $ 2,292,919 $ - $ 2,567,580
Deferred revenue 13,106 19,798 119,059
TOTAL LONG-TERM LIABILITIES $ 2,306,025 $ 19,798 $ 2,686,639 �
TOTAL LIABILITIES $ 2,482,294 $ 37,437 $ 2,842,600 �
FUND EQUITY:
Contributed capital $ 8,566,027 $ 18,983,098 $ 6,949,465
Retained earnings (deficit): ��
Reserved for capital improvements
and debt service $ 371,705 $ 10,758 $ (1,635,000)
Unreserved 2,027,639 2,676,706 1,831,152 �
Total retained eamings (deficit) $ 2,399,344 $ 2,687,464 $ 196,152
TOTAL FUND EQUITY $ 10,965,371 $ 21,670,562 $ 7,145,617
�
TOTAL LIABILITIES AND FUND EQUITY $ 13,447,666 $ 21,707,999 $ 9,988,217
:�
�
r
z
7$
�
�
� � EXHIBIT E-1
� (Concluded)
�
�
� TOTAL
ARENA
� (#650) 1996 1995
� $ 20,000 $ 215,000 $ 230,000
• 3,835 21,151 30,720
� - 103,994 70,029
884 4,269 14,822
2,404 32,576 15,395
� $ 27,123 $ 376,991 $ 360,967
,� 2 315 000 $ 7,175,499 $ 5,873,229
$ , ,
- 151,963 96,596
� $ 2,315,000 $ 7,327,462 $ 5,969,825
- $ 2,342,123 $ 7,704,454 $ 6,330,792
�-
$ 2,724,161 $ 37,222,751 $ 37,292,054
�
$ - $ (1,252,536) $ 2,072,464
� (115,2?6) 6,420,281 1,991,784
$ (115,216) $ 5,167,744 $ 4,064,248
$ 2,608,944 $ 42,390,495 $ 41,356,302
� $ 4,951,067 $ 50,094,949 $ 47,687,093
�
I
I
; ;
� :
� ' 79
,
� t
CITY OF ROSEMOUNT MINNESOTA � '
COMBINING STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS 'V�
YEAR ENDED DECEMBER 31, 1996
STORM �
WATER WATER
(#601, 605) SEWER (#603,607, 611)
(610, 612,�615) S#602 8�606 (613, 614,8�620) �
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers $ 785,820 $ 716,196 $ t354,593)
Cash payments to suppliers for goods and services (175,902) (93,051) (
Cash payments to employees for services (429,718) (191,104) 3,381
Other operating cash (payments) receipts (784,780) _5209,750 3,381 ,_ l
Net Cash Provided (Used) by Operating Activities $ (604,580) $ 222,291 $ (442,403) �
CASH FLOWS FROM NONCAPITAL FINANCING ACTiVITIES: $ 37,Q00 $ - $ 156,000 �
Operating transfers from other funds 186,800
Operating transfers to other funds (70,756) (29,300) ( )
Net Cash Provided (Used) by Noncapital � (33,756) $ (29,300) $ (30,800) ; i
Financing Activities �'
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES: �g,152) $ (21,641) $ (15,678} �
Acquisition of property, plant, and equipment $ � (135,000)
i Principal paid on bonds (80,000) _
500,000 1,035,000 -
Bond proceeds _ _ 156,181 �
Residual equity transfers charged to contributed capital 31 - "
Change in escrow cash and investments _ 101,84�
Interest and fiscal charges on bonds (122,103) _ � -
Net Cash Provided (Used) by CapitaF �
and Related Financing Activities $ 278,776 $ (21,641) $ 938,656
CASH FLOWS FROM INVESTING ACTIVITIES: 144,312 102,275 63,766 �
Interest received on investments
Net Cash Provided (Used) By Investing Activities $ 144,312 $ 102,275 $ 63,766
�
NET INCREASE(DECREASE) IN CASH AND
CASH EQUIVALENTS $ (215,248) $ 273,625 $ 529,219
BEGINNING BALANCE
1,831,414 1,770,239 1,135,625 �,
ENDING BALANCE $ 1 616,166 $ 2,043,864 $ 1,664,844 �
' L
�'
;-1
�_
�.�
$2
�
EXHIBIT E-3
� (Continued)
�
� TOTALS
ARENA
(#650) 1996 1995
r
$ 258,825 $ 1,366,269 $ 1,653,804
� (48,14� (371,693) (336,990)
(136,070) (753,511) (816,13�
- (991,149) 779,360
� $ 74,608 $ (750,084) $ 1,280,037
� $ 105,900 $ 298,900 $ 353,650
(3,500) (290,356) (681,764)
� $ 102,400 $ 8,544 $ (328,114)
� $ - $ (56,471) $ (256,608)
(15,000) (230,000) (145,000)
- 1,535,000 -
� � 156,181 -
31 27
(148,446) (372,396) (365,804)
� $ (163,446) $ 1,032,345 $ (767,385)
� 390 310,743 295,692
$ 390 $ 310,743 $ 295,692
�
$ 13,952 $ 601,548 $ 480,230
� 43,065 4,780,343 4,300,113
$ 57,017 $ 5,381,891 $ 4,780,343
�
'
�
� 83
�
CITY OF ROSEMOUNT. MINNESOTA �
COMBINING STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS
YEAR ENDED DECEMBER 31, 1996 �
STORM �
WATER WATER
(#601, 605) SEWER (#603, 607, 611)
(610, 612�615) (#602�606) (813, 614&620) �
RECONCILIATION OF OPERATING INCOME TO �
NET CASM PROVIDED BY OPERATING ACTIVITIES
Operating Income $ (216,485) $ (351,563) $ 111,719 �
Adjustments toReconcile Operating Income (Loss)to _
Net Cash Provided (Used) by Operating Activities:
Depreciation 248,120 563,872 137,590
Special assessments 23,450 22,251 27,667
Connection fees 204,145 218,035 326,141 i
Surcharges and penalties 95,890 13,503 4,519 � I
Other expenses (155,092) (21,76� (5,945) '
Change in assets �
Accounts receivable (2,208) (6,887) (13,110)
Duefromotherfunds (784,780) {209,750) (1,022,270)
Prepaid expenses (12,355) (14,765) (3,932) �
Change in liabilities
Accounts payable (3,301) 4,901 (10,632) �
Accrued expenses (1,964) 4,461 5,850
NET CASH PROVIDED (USED) BY OPERATiNG ACTIVITIES $ (604,580) $ 222,291 $ (442,403)�
�
�
�
�
�
84
�
� EXHIBIT E-3
(Conciuded)
�
�
� TOTALS
ARENA
(#650) 1996 1995
�
�
� $ (26,02� $ (482,356) $ (440,450)
� 109,470 1,059,052 927,644
- 73,368 63,444
- 748,321 684,684
� - 113,912 97,560 �!
- (182,804) (56,483) ,
� 312 21 893 28 343
� , ) � , )
- (2,016,800)
� (6,885) (37,93� 26,856
'� � (538) (9,570) 12,558
(1,725) 6,622 (7,433)
$ 74,607 $ (750,085) $ 1,280,037
�
�
�
�
�
�
� 85
�
�
�
�
� I'�,
� � � � �I,
�
�
TffiS PAGE INTENTIONALLY LEFT BLANK
�
�
�
�
�
�
�
�
r
i
�
I''�_ __ -__ _ _
�� :�
.�
�
�� ,��
i
�` = INTERNAL 5ERV�CE FUNDS '
� Internal ser�ice Funds are used to accoun't for the finaneing of goods �r services provided b�r one
depa.rtrnent ar agency to other departme�tts or ageneies of the governmental �mit, �r to ather
gavernmental units, on a cost-reimbursement t�asis. �ecords are �rtaintained on the accru�l`basis
:� '; � o�aGcountirig.
Insurance Func� - This fun�l vvas 'e,stahlished ti� �ecum��ated resources to pay d�duetibles; ansi
� ` unTnsured claims: `�h� fund also will pay fc�r the majority of.the generat Iiabitixy insur`a�ce'and
workers compensati4n insurance premiums for the C�ty. The City is� curre�tly :accumulating
resources need fQ fina�ice its uninsured risk Qf ioss.
.�
�i
1
1����� �
1
� �
�
1
���� ������ � �
��
����
� -
EXHIBIT
F1
CITY OF ROSEMOUNT. MINNESOTA
� COMPARATIVE BALANCE SHEET
INTERNAL SERVICE FUND
' DECEMBER 31, 1996 __
INSURANCE FUND I
, I�
1996 1995
� ASSETS '
Cash and investments $ 208,998 $ 249,767
, Accounts receivable 954 3,292
Prepaid expenses 128,483 45,307
' TOTAL ASSETS $ 338,435 $ 298,365
� I.IABILITIES AND FUND EQUITY
' LIABILITIES: _
Accounts Payable $ $ 7,154
FUND EQUITY:
' Retained earnings 338,435 291,211
TOTA�LIABILITIES AND FUND EQUITY $ 338,435 $ 298,365
'
'
,
'
'
'
'
r
' $7
EXHIBIT F-Z, ',
CITY OF ROSEMOUNT. MINNESOTA I
COMPARATIVE STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS � ''I
INTERNAL SERVICE FUND i
DECEMBER 31, 1996 I
,
INSURANCE FUND
1996 1995 �
OPERATING REVENUE:
Donations and other $ 17,830 $ 10,431 '
TOTAL OPERATING REVENUE . $ 17,830 $ 1D,431
OPERATING EXPENSES: �
Supplies $ 949 $ 1,115
Other professionai services 17,512 13,950
Insurance 143,870 117,097
TOTAL OPERATING EXPENSES $ 162,331 $ 132,161
OPERATING INCOME (LOSS) $ (144,501) $ (121,731)�
NON-OPERATING REVENUE (EXPENSES):
Property Taxes $ 185,000 $ 190,000 �
Interest Eamings 6,725 7,004
TOTAL $ 191,725 $ 197,004
NET INCOME $ 47,224 $ 75,273 �'
BEGINNING RETAINED EARNINGS 291,211 215,937
ENDING RETAINED EARNINGS $ 338,435 $ 291,210
'
�
�
,
,
,
'
88 ,
II
PA
�W I
a
�
�
�
O
�
� .
_ �7
a�,
�
� � � r � � � � � � � � � � � � � � �
'
CITY OF ROSEMOUNT
STATEMENT OF CASH FLOWS
'
INTERNAL SERVICE FUND TYPES
YEAR ENDED DECEMBER 31, 1996
1996 1995 �
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash payments to suppiiers for goods and services $ (252,661) $ (132,161)
Cash payments to employees for services _ �
Other operating cash receipts 205,168 263,576' ,
Net Cash Provided (Used) by Operating Activities $ (47,493) $ 131,415 '
CASH FLOWS FROM INVESTING ACTIVITIES: '
Interest received on investments $ 6,725 $ 7,004 '
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ (40,768) $ 138,419' ',
BEGINING BALANCE 249,766 111,347 I'
ENDING BALANCE $ 208,998 $ 249,766� ',
' Ii
i
' III
il
' I�
' �II
' i
i
' I
'
'
'
'
90 '
, EXHIBIT F-3
,
'
' 1996 1995
RECONCILIATION OF OPERATING INCOME(EXPENSE)TO CASH
PROVIDED(USEDi BY OEPRATING ACTIVITIES
�
Operating Income (Loss} $ (144,501) $ (121,731)
� Adjustments to Reconcile Operating Income (Loss)to Net Cash
Provided (Used) by Operating Activities
� Property Taxes 185,000 190;000
Change in Assets
� Accounts receivable 2,338 (3,292)
Prepaid expenses (83,176) 59,283
' Change in liabilites
Accounts payable (7,154) 7,154
NET CASH PROVIDED (USED) BY OEPRATING ACTIVITIES $ (47,493) $ 131,414
�
'
� I�
�
�
'
�
'
�
� 91
� � � i� � � � � � � � � � � i � � � �
�
�
�
a
�
0
�
�
�
�
a I
� �
�
�_� �
��
C �
F,
��
�
AGEN'C�FLTNDS
'�� � ��
Agency .Funds are used to accaunt, fof assets held by a=governmental;unit as an ager�t for
� indiuiduals, privat� organizations,;other go�ernrnents andLor other fu�ac�s. Agency: �'unds are :
purely cus�odial and�hus do not,involve'measurement of results of operations.
, ' Deferred Comp�nsat�on Funr} - T�is fund is usec�`to accoun� for assets held'far employees in
accordance with the provision of Internal Re�enue Code Se�tion 4r7.
j; Meals on Wfieels Fund - T�'rs fund is i�sed to aceoun# for activities of the Meals on Wheels
�rQgram, a progratn clesigned't� d�liver mea,�s;ta individuals at at� affordable cost who axe not
� ab1e�to travel freely:� `�
,
�
�
�
���"�,
�
.�� -
��_ �
��
�� �
II � EXHIBIT G-1
CITY OF ROSEMOUNT. MINNESOTA
' COMBINING BALANCE SHEET
AGENCY FUNDS
� DECEMBER 31, 1996 _
� MEALS ON TOTAL
WHEELS DEFERRED
� (#801) COMPENSATION 1996 1995
ASSETS
, Cash $ 948 - $ 948 $ 1,027
Investments - 1,083,669 1,083,669 896,031
' TOTALASSETS $ 948 $ 1,083,669 $ 1,084,617 $ 897,058
'
'
LIABILITIES AND FUND BQLANCE
' LIABILITIES:
Deferred compensation
Benefits payable $ - $ 1,083,669 $ 1,083,669 $ 896,031
� Due to agencies 948 - 948 1,027 �I
TOTAL LIABILITIES $ 948 $ 1,083,669 $ 1,084,617 $ 897,058 �
' '
�
,
,
'
'
�
� 93
EXHIBIT G-2 � I
CITY OF ROSEMOUNT. MINNESOTA I
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES �
AGENCY FUNDS
YEAR ENDED DECEMBER 31, 1996 �
■
MEALS ON TOTAL
WHEELS DEFERRED �
(#801) COMPENSATION 1996 1995
BEGINNING BALANCE $ 1,027 $ 896,031 $ 897,058 $ 718,893 �
Additions 24,329 235,583 259,912 200,473 �
Total $ 25,356 $ 1,131,614 $ 1,156,970 $ 919,366
Deletions (24,408) (47,945) (72,353} (22,308) ,
ENDING BALANCE $ 948 $ 1,083,669 $ 1,084,617 $ 897,058
�
'
�
'
�
�
�
'
�
�
94 ,
�
�
��
�
��� �
i �
�r _
, : GOMPOI�ENT`TJN�T PORT Ai�TH4RITY ,�; ,�
� The Port Authority is a discretely pre.sented camponent,unit within the ,City of Ros�emo,unt's `
financial statem�nts: :The Part Authority was crea.te�l to c�rry out certain redeve�opment projects - `
within the �ity o� Rosemo�nt. Bebt issued for <the Port Auti�ority a�tivities ar� general
abligati4ns of th� City. Tk�e financial statements present all gen�ric fixnd tyges that,�'epart aitivity �
for the Port A�tth�orit�r:
�
, � ��
� ��� �
�
�
_��
�
���
i
��i�� �
i�
�
W
a
�
�
z
0
�
�
�
c�
a
� .
� � � � r � � � � � � � � � � � � � �
� I'��
CITY OF ROSEMOUNT. MINNESOTA li
COMBINING BALANCE SHEET ' II�
COMPONENT UNIT-PORT AUTHORITY I
DECEMBER 31, 1996 � �
SPECIAL REVENUE DEBT SERVICE FUNDS '
FUNDS G.,O. MUNICIPAL G.O. PORT
P�RT BUILDING (ARMORIn AUTHORITY
AUTHORITY 1992E 1993E& 1994A
(#201) (#381) (#383) �
ASSETS AND OTHER DEBITS
ASSETS: �
Cash and investments $ 214,383 $ 154,833 $ 263,443
Accounts receivabie 5,872 - - �
Property taxes receivable 5,651 - -
Prepaid expenditures 5,226 - -
Notes recievable 1,364,617 - - '
Fixed assets - - -
OTHER DEBITS:
Amount available in debt service funds - - - �
Amount to be provided for debt retirement - - -
TOTALASSETS $ 1,595,749 $ 154,833 $ 263,443 �
LIABILITIES AND FUND BALANCES '
LIABILITIES:
Accounts payable $ 8,380 $ - $ - �
Deposits payabie 2,500 - -
Defe�red revenue 1,364,617 - -
Bonds payable - - _ �
TOTAL LIABILITIES $ 1,375,497 $ - $ -
EQUITY'AND OTHER CREDITS ,
Investment in general fixed assets $ - $ - $ -
Fund balance:
Reserved for special projects 5,226 - - �
Reserved for debt service - 154,833 263,443
Unreserved 215,025 - -
TOTAL EQUITY AND OTHER CREDITS $ 220,251 $ 154,833 $ 263,443 �
TOTAL LIABILITIES AND
FUND BALANCES $ 1,595,748 $ 154,833 $ 263,443
r
�
96 r
� EXHIBIT H-1
,
i
1
ACCOUNT GROUPS TOTAL
� GENERAL FIXED LONG-TERM
ASSETS DEBT 1996 1995
'
$ - $ - $ 632,659 $ 469,759
� = = 5,872 5,826 I
5,651 15,742 �
- - 5,226 1,307 I,
' - = 1,364,617 1,390,118 � !
3,275,000 3,275,000 3,275,000
' - 418,276 418,276 214,403
- 2,556,724 2,556,724 2,895,597
' $ 3,275,000 $ 2,975,000 $ 8,264,025 $ 8,267,752
,
, $ - $ - $ 8,380 $ 6,571
- - 2,500 2,500
- - 1,364,617 1,403,641
, - 2,975,000 2,975,000 3,110,000
$ - $ 2,975,000 $ 4,350,497 $ 4,522,712
'
$ 3,275,000 $ - $ 3,275,000 $ 3,275,000
' - - 5,226 1,307
418,276 214,403
- - 215,025 254,330
' $ 3,275,000 $ - $ 3,913,527 $ 3,745,040
' $ 3,275,000 $ 2,975,000 $ 8,264,024 $ 8,267,752
'
' 97
�
CITY OF ROSEMOUNT. MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES,AND CHANGES IN FUND BALANCES �
COMPONENT UNIT-PORT AUTHORITY
DECEMBER 31, 1996 �
SPECIAL REVENUE DEBT SERVICE FUNDS '
FUNDS G.O. MUNICIPAL G.O. PORT
PORT BUILDING (ARMORI� AUTHORITY
AUTHORITY 1992E 1993E�1994A
(#201) (#381) (#383) �
REVENUE: �
General property taxes $ - $ 46,592 $ 238,020 �
Tax increments 325,800 - -
interest eamings 113,602 1,028 14,369
Principai on notes 25,499 - - '
Sale of generai fixed assets 12,000 - 88,000
Donations and other 13,812 - -
TOTAL REVENUE $ 490,713 $ 47,620 $ 340,389 �
EXPENDITURES: �,
Salaries and wages $ 54,107 $ - $ - ,
Engineering 8,817 - -
Legai fees 19,699 - -
Other professional services 85,546 - - '
Insurance g,21 g _ _
Other 33,480 - -
Capital outlay 230 - ,
Bond Principal - 105,000 30,000
Interest on bonds - 45,991 122,322
Fiscai agent fees - 686 886 �
Other - 1,125 1,125
TOTAL EXPENDITURES $ 211,098 $ 152,802 $ 154,333
EXCESS (DEFICIENCI� OF REVENUE �
OVER EXPENDITURES $ 279,615 $ ('405,182) $ 186,056
OTHER FINANCWG SOURCES (USES) r
Operating transfers in $ - $ 123,000 $ -
Operating transfers out (315,000) - - �
TOTAL $ (315,000) $ 123,000 $ -
EXCESS { DEFICIENCI�OF REVENUE AND '
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES $ (35,385) $ 17,818 $ 186,056
BEGINNING FUND BALANCES 255,637 137,015 77,388 ,
Residual equity transfers out _ _ _
ENDING FUND BALANCES $ 220,252 $ 154,833 $ 263,444 ,
98 '
� EXHIBIT H-2
'
'
�
TOTAL
� 1996 1995
� $ 284,612 $ 108,855 .
325,800 348,201
128,999 138,616
' 25,499 18,064
100,000
13,812 8,225
� $ 878,722 $ 621,961
54 107 73 197
$ $
, , ,
8,817 20
� 19,699 14,363
85,�46 11,143
9,219 2,077 -
33,480 17,747
� 230 -
135,000 100,000
168,313 173,058
� 1,572 1,381
2,250 2,250
� $ 518,233 $ 395,236
$ 360,489 $ 226,725
'
$ 123,000 $ 117,Q00
' (315,000) (264,29�
$ (192,000) $ (147,29�
'
168,489 79,428
� 470,040 397,314
� - (6,703)
$ 638,529 $ 470,039
� gg
� � � �� � � � � � r �r r � � � � S � � � � �� �i,
�
�
w
a
�
�
z
0
�
�
�
a
�
�
�
�
� .
�
�°
�
' T GRO�J� - -
� �� � �� � GEl�It�A,L�ED ASS�ETS ACCOUN �
��
�.�
�� .
�
�
�
� .
�
�
�' ��
��
� EXHIBIT i-1
I CITY OF ROSEMOUNT MINNESOTA
� SCHEDULE OF GENERAL FIXED ASSETS
BY FINANCING SOURCE
' DECEMBER 31, 1996
�
GENERAL FIXED ASSETS:
, Land $ 454,672
Buiidings 2,069,499
Improvements other than buildings 817,177
' Machinery& Equipment 2,531,136
Licensed Vehicies �,794,222
$ 7,666,706
�
I(dVESTMENT IN GENERAL FIXED ASSETS:
General Fund and Capital Project Fund sources $ 7,666,706
,
1
1
1
1
1
t
1
1
1
1
� 101
r� �r w� w� r � r � i■�r � � � r � �r �r � �■r �
�a
�
`�
�
�
z
0
�
z
�
c�.�
w
� I
v�
�
` A
��
v� - _
�
, � ���
�
� � � � � � � � � � � � � � � �
� _ � _� � � �� � �. , � --
� EXHIBIT J-1
ClTY OF ROSEMOUNT MINNESOTA
' I COMBINED SCHEDULE OF BONDS PAYABLE
DECEMBER 31, 1996
' ' Coupon Rates
Year Original Bonds on Outstanding
Issued Amount Retired Outstanding Bonds
'I , BONDEDINDEBTEDNESS
GENERAL OBUGATION BONDS
Community Cerrter,1992C 1992 $ 1,080,000 $ 90,000 $ 990,000 5.0096-6.60%
� City Hali Refunding,1993D' 1993 845,000 110,000 735,OQ0 3.2596-4.50%
Equipment Certificates,1991 C 1991 210,000 210,000 4.10%-4.80%
Fire Station,1996A 1996 1,780,UW - 1,780,000
, TOTAL GENERAL OBLIGATION BONDS $ 3,915,000 $ 410,000 $ 3,505,000
SPECIAL ASSESSMENT BONDS
� Improvement,1993A 1993 $ 555,000 $ 95,000 $ 460,000 3.00%-5.00%
Improvement Refunding,19936` 1993 1,415,000 165,000 1,250,000 3.2596-4.3Q%
Improvement,1992A 1992 895,000 370,000 525,000 3.35%-5.40%
Improvement,1992D 1992 1,470,000 310,000 1,160,000 3.75%-6.10%
' Improvement,1991 A 1991 1,180,000 480,000 700,000 5.00%-6.30%
Improvement,1991 B 1991 265,000 90,000 175,000 4.40%-5.90%
Improvement,1987A 1987 4,995,000 4,995,000 - 4.75%-6.70%
' Improvemerrt,1994A 1994 1,605,000 � 1,605,000 4.90%-5.00°6
Improvement,1995A 1995 1,900,000 1,900,000 3.90%-5.30%
TOTAL SPECWL ASSESSMENT BONDS $ 14,280,000 $ 6,505,000 $ 7,?75,000
' REVENUE BONDS
Community Center,1992E 1992 $ 2,360,000 $ 25,000 $ • 2,335,000 3.40%-6.60%
' Water Refunding,1993C' 1993 945,000 - 945,000 3.75%-5.00%
Storm Water,19926 1992 1,525,000 165,000 1,360,000 3.35%-5.75%
Water,1989A 1989 1,320,000 325,000 995,000 7.00%-7.25%
' Storm Water,19946 1994 335,000 60,000 275,000 4.25%-5.00% III
Water,1996B 1996 1,035,000 1,035,000
Water,1996C 1996 500,000 - ����
' TOTAL REVENUE BONDS $ 8,020,000 $ 575,000 $ 7,445,000 ',
TAX INCREMENT BONDS '
Tax Increment,1988A 1992 $ 1,100,000 a 665,000 $ 435,000 3.40%-6.60%
, OTHER DEBT
State Aid Street Bonds,1994C 1994 $ 700,000 $ 125,000 $ 575,000 3.40%-6.60%
, TOTAL PRIMARY GOVERNMENT $ 28,015,000 $ 8,280,000 $ 19,735,000
COMPONENT UNIT DEBT
� Municipal Building,1992E 1992 $ 1,065,000 $ 270,000 $ 795,000 3.4096-6.60%
Port Authority,1993E 1993 580,000 30,000 550,000 4.25%-6.40%
Port Authority,1994A 1994 1,630,000 - 1,630,000 4.25%-6.40%
ITOTAL COMPONENT UNIT $ 3,275,000 $ 300,000 $ 2,975,000
' TOTAL REPORTING ENTITY $ 31,290,000 $ 8,580,000 $ 22,710,000
"Refu�ding Bonds
' 103
,
CITY OF ROSEMOUNT ,
COMBINED SCHEDULE OF DEBT SERVICE REQUIREMENTS
DECEMBER 31, 1996
General Bonded Special Assessment Other Generai Bonded ,
Debt Debt Debt
Year Principal Interest Principal Interest Principai Interest '
1997 240,000 298,158 1,035,000 355,523 190,000 60,395
1998 210,000 286,169 1,245,000 306,405 210,000 47,474
1999 220,000 282,125 1,000,000 256,023 225,000 29,770 �
2000 230,000 277,253 865,000 211,796 70,000 18,748
2001 240,000 141,540 845,000 169,380 75,000 15,066
2002 245,000 130,088 715,000 128,965 75,000 11,148
2003 120,000 120,982 610,000 92,761 80,000 6,960 '
2004 125,000 114,354 585,000 61,928 85,000 2,380
2005 130,000 107,311 390,000 36,048 - -
2006 140,000 99,710 350,000 16,517 - - �
2007 145,000 91,582 135,000 3,578 - -
2008 155,000 82,914 - - - -
2009 165,000 73,535 - - - - '
2010 175,000 63,428 - - - -
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 - - _ - - -
$3,505,000 $2,327,268 $7,775,000 $1,638,924 $1,010,000 $ 191,941 '
'
,
,
'
�
'
�
104 '
' Ili
EXHIBIT J-2 II
, I
' Revenue Bonded Total Totai �I
Debt Primary Govemment Component Unit Reporting Entity I,
, Principal Interest Principal Interest Principal Interest Principal interest 'I
215,000 425,048 1,680,000 1,139,124 220,000 160,202 1,900,000 1,299,326
440,000 402,153 2,105,000 1,042,201 250,000 148,804 2,355,000 1,191,005
460,000 379,994 1,905,000 947,912 260,000 136,035 2,165,000 1,083,947 ,
' ' 495,000 355,665 1,660,000 863,462 135,000 125,875 1,795,000 989,337 ',
530,000 328,814 1,690,000 654,800 145,000 118,455 1,835,000 773,255
560,000 299,556 1,595,000 569,757 160,000 110,241 1,755,000 679,998
' 590,000 267,873 1,400,000 488,576 165,000 101,377 1,565,000 589,953
635,000 233,284 1,430,000 411,946 175,000 91,980 1,605,000 503,926
670,000 195,785 1,190,000 339,144 180,000 82,012 1,370,000 421,156
' 300,000 167,808 790,000 284,035 190,000 71,442 980,000 355,477
315,000 150,063 595,000 245,223 205,000 59,949 800,000 305,172
340,000 130,918 495,000 213,832 215,000 47,501 710,000 261,333
' 195,000 115,016 360,000 188,551 230,000 34,071 590,000 222,622
205,000 102,828 380,000 166,256 175,000 21,836 555,000 188,092
220,000 89,758 405,000 142,335 190,000 10,911 595,000 153,246
235,000 75,686 425,000 116,868 40,000 3,920 465,000 120,788
r 150,000 63,493 355,000 92,588 40,000 1,310 395,000 93,898
155,000 53,504 275,000 72,784 - - 275,000 72,784
165,000 43,024 295,000 54,959 - - 295,000 54,959
' ' 180,000 31,680 315,000 35,730 = = 315,000 35,730
190,000 19,470 190,000 19,470 190,000 , 19,470
200,000 6,600 200,000 6,600 - - 200,000 6,600
', ' $7,445,000 $3,938,020 $19,735,000 $8,096,153 $ 2,975,000 $ 1,325,921 $22,710,000 $ 9,422,074
1
i
1
1
1
1
1
� 105
,
CITY OF ROSEMOUNT �
SCHEDULE OF ASSESSED VALUATION AND LONG-TERM DEBT
FOR TAX INCREMENT FINANCING DISTRICTS
DECEMBER 31, 1996 '
Name of District TIF District No. 1-1 TIF Redevlopment Rosemount '
District 1-2 Redeveloment
District
Type of District Economic Development Redevelopment Redevelopment '
District
Year Established 1990 1995 1979 '
Duration of District 1999 2004 2000
Tax Capacity Value: ' I
Tax Cap Base NTC $ 567 $ 22,389 $ 181,204
Current TCV 28,811 22,389 427,190 ,
Captured and retained value $ 28,244 $ - $ 245,986
Financing: '
Bonds issued $ - $ - $ 1,100,000
Redeemed - - 545,000
Outstanding at Year End $ - $ - $ 555,000 ,
'
,
,
,
'
,
,
'
106 '
, EXHIBIT J-3
'
'
, Rosemount Business
Park
' Economic Development I
District �
' 1996
2007
'
$ -
' $ "
' $ 2,210,000
30,000
' $ 2,180,000
'
'
,
,
,
'
'
'
� 107
,
�
CITY OF ROSEMOUNT ,
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR TAX INCREMENT FINANCING DISTRICTS
DECEMBER 31, 1996
District 1-1
1996 Prior Years Total
Sources of Funds
Bond proceeds $ - $ - $ -
Tax inc�ements 24,892 90,796 115,688 '
Real estate sales - - -
RenULeaserevenue - - -
Interest - - - '
Other • - -
Total $ 24,892 $ 90,796 $ 115,688
Uses of Funds
Land, Buiiding acquisition and ,
site improvement $ - $ - $ -
Instailation of public utilities ' �,
Professional services - - - ���
Principal 24,892 90,796 115,688 '
Interest - - -
Administrative costs - - -
Other - - -
Total $ 24,892 $ 90,796 $ 115,688
Sources Over(Under) Uses $ - $ - $ -
�
'
'
�
'
,
'
�
108 �
�
EXHIBIT J-4
'
Redevelopment District Business Park District
, 1996 Prior Years Total 1996 Prior Years Total
$ - $ 1,973,385 $ 1,973,385 $ - $ 2,210,000 $ 2,210,000
, 300,908 2,963,895 3,264,803 - _ -
471,762 $ 471,762 88,000 88,000
128,400 720,279 $ 848,679 - - -
' 10,701 195,393 206,094 14,369 37,536 51,905
25,812 195,226 221,038 238,020 84,820 322,840
$ 465,821 $ 6,519,940 $ 6,985,761 $ 340,389 $ 2,332,356 $ 2,672,745
'
$ - $ 3,421,761 $ 3,421,761 $ - $ 517,109 $ 517,109
' = = = 25,317 1,232,607 $ 1,257,924
215,000 1,020,000 1,235,000 30,000 - 30,000
' 66,116 838,405 904,521 124,333 151,185 275,518
87,587 614,101 701,688
123,511 233,156 356,667 - - '
$ 492,214 $ 6,127,423 $ 6,619,637 $ 179,650 $ 1,900,901 $ 2,080,551
'
$ (26,393) $ 392,517 $ 366,124 $ 160,739 $ 431,455 $ 592,194
' I
'
�
'
'
�
,
'
109
'
� - i � � � ■� � � � w� � r ,� � � � �
�a
�
w
a
a
z
0
z
�
�
�
�
a
�
�
O
�
�
d
�
m ;.
�
�
� � �i wMr � � . �w � � �w �a� �r r �r � �r � � �r
' TABLE 1
CITY OF ROSEMOUNT, MINNESOTA
� GENERAL FUND EXPENDITURES AND OTHER FINANCING USES BY FUNCTION
YEARS 1987 THROUGH 1996
' (UNAUDITED)
General Public Public Park and
Year Govemment Safety Works Recreation Transfers Total
, 1987 $599,924 $535,132 $441,559 $96,308 $21,500 $1,694,423
1988 826,897 539,259 540,469 118,661 150,000 2,175,286
' 1989 982,026 680,479 587,535 342,491 329,298 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 1,4D6,433 638,372 117,950 4,496,577
'
'
'
'
I '
'
, '
, . III
'
,
'
� 111
TABLE 2
CITY OF ROSEMOUNT, MINNESOTA
GENERAL FUND REVENUES AND OTHER FINANCING SOURCES BY SOURCE
YEARS 1987 THROUGH 1996
(UNAUDITED)
Licenses Charges Fines
and Inter- for and Recreational '
Year Taxes Permits Governmental Services Forfeitures Fees Other Transfers Total ,
1987 $704,849 $152,317 $812,331 $61,531 $31,031 n/a $136,110 $148,229 $2,046,398
1988 612,860 288,952 854,257 40,685 32,424 n/a 372,562 32,826 2,234,566
1989 816,350 253,308 973,958 72,522 43,181 59,802 175,997 66,670 2,461,788 ,
1990 819,364 210,840 1,003,672 88,592 51,841 72,195 147,493 30,964 2,424,961
1991 1,026,792 193,178 842,806 125,887 47,377 63,877 130,967 562,116 2,993,000 '
1992 1,342,415 342,742 956,055 277,856 44,927 68,189 214,165 140,230 3,386,579
1993 1,448,171 282,116 1,023,970 412,679 60,960 79,688 161,769 71,734 3,541,087
1994 1,878,109 302,859 1,079,660 372,318 100,074 37,298 251,596 287,495 4,309,409
1995 2,305,352 262,946 1,097,460 401,211 139,680 177,076 149,585 3,500 4,536,810
1996 2,476,676 239,129 1,119,492 314,049 111,929 173,794 151,230 3,500 4,589,799 ',
112
� � � � � � � i i � � � i � � � � � �
� � � � ! � � � � � � � � � r � � � _
TABLE 3
CITY OF ROSEMOUNT� MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS
YEARS 1987 THROUGH 1996
(UNAUDITED)
Ratio of Ratio of
Percent of Delinquent Total Total Tax Outstanding Delinquent
Total Tax Current Tax Current Taxes Tax Tax Collections to Delinquent Taxes to Total
Year Levy Collections Collected Collections Collections Total Tax Levy Taxes Tax Levy
1987 $ 1,230,360 $ 1,178,034 95.75% $ 16,377 $ 1,194,411 97.08% $ 35,949 2.92%
1988 1,428,170 1,386,974 97.12% 29,231 1,416,205 99.16% 11,965 0.84°k
1989 1,745,243 1,680,241 ' 96.28% 12,635 1,692,876 97.00% 52,367 3.00%
1990 2,063,786 1,953,894 94.68% 78,522 2,032,416 98.48% 31,370 1.52%
1991 2,498,285 2,415,448 96.68'/0 38,190 2,453,638 98.21% 44,647 1.79%
1992 2,748,113 2,675,608 97.36% 36,015 2,711,623 98.67% 36,490 1.33%
1993 2,913,401 2,802,826 96.20% 31,063 2,833,889 97.27% 79,512 2.73%
1994 2,665,947 2,583,215 96.90% 46,583 2,629,798 98.64% 36,149 1.36%
1995 3,223,399 3,148,466 97.68% 58,543 3,207,009 99.49% 16,390 0.51%
1996 3,848,596 3,821,126 99.29% 10,189 3,831,315 99.55% 17,281 0.45%
113
TABLE 4 I
CITY OF ROSEMOUNT, MINNESOTA
ASSESSED VALUE OR TAX CAPACITY AND ESTIMATED MARKET VALUE OF ALL TAXABLE PROPERTY ,
� )
YEARS 1987 THROUGH 1996
(UNAUDITED) �
Total
Assessed
Value ,
Real Property Personal Property Total as%of
Estimated Estimated Estimated Estimated
Assessed Market Assessed Market Assessed Market Market �
Year Value Value Value Value Value Value Value
1987 $50,649,021 $196,221,300 $3,502,632 n/a $54,151,653 $196,221,300 27.60% '
Totai ,
Tax
� Capacity ,
Real Property Personai 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 '
1988 $ 6,598,083 $213,566,700 $ 473,646 n/a $ 7,071,729 $ 213,566,700 3.31%
1989 8,239,217 261,472,500 473,646 n!a 8,712,863 261,472,500 3.33% '
1990 7,355,546 305,437,800 595,414 n/a 7,950,960 305,437,800 2.60%
1991 7,557,047 335,880,800 656,315 14,510,200 8,213,362 350,391,000 2.34%
1992 7,779,068 362,766,400 688,526 15,278,800 8,467,594 378,045,200 2.24% '
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°�a ,
1995 10,457,896 504,471,000 788,475 17,847,700 11,246,371 522,318,700 2.15% '
1996 11,306,222 550,367,500 807,629 18,240,600 12,113,851 568,608,100 2.13%
sessed value to tax ca aci in 1988 and value classification percentages were ' ,
(1)The State�egislature changed the concept of as p ty ,
reduced. On a statewide basis,the new tax capacity is approximately 12°�of the previous assessed valuation depending on the
classification mix. For 1989, the State Legislature changed the calculatian of tax capacity for homestead property from a gross tax ' II
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.
(n/a) These figures were not availabte from Dakota County. '
Therefore, all totals for the affected years should be taken in the proper context.
r
'
114 ,
P�
E�
WW
a
�
� '�
z
0
�
�
c�.� '
a �
�
� � � � � i � � � � � � � � � � � � �
�
CITY OF ROSEMOUNT, MINNESOTA �
PROPERTY TAX RATES -ALL DIRECT AND OVERLAPPING GOVERNMENTAL UNITS
YEARS 1987 THROUGH 1996 1
(UNAUDITED)
ISD 196 ISD 199 '
City Market School Market Schooi Market School
Year Referendum District Referendum District Referendum District '
Collectible City Rates(3j No. 196 Rates(3) No. 199 Rates(3) No.200
1987 27.912 n/a 60.361 n/a 61.850 n/a 68.024 ,
1988 28.389 Na 60.542 Na 57.413 n/a 58.611
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 nJa 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 nla 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 Na 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
'
(1) Priorto 1989, includes Metropolitan Council, Metropolitan Transit District, and Metropolitan Mosquito Control.
The Vo-Tech (SISD 91� mill rate is included in the school district rates. �
1989 includes Metropolitan Council, Regional Transit District, Metropolitan Mosquito Control, and
Dakota County Technical College. '
Beginning with 1990, includes Metropolitan Council, Regional Transit Distriet, Metropolitan Mosquito Control, �
Dakota County Technical College and Dakota County Light Rail Transit
(2) Beginning with property taxes payable in 1989, taxes are determined by multiplying the Gross Tax Capacity by the Tax ' '�
Capacity Rate, ex pressed as a percenta g e. T h i s r e p l a c e s t h e u s e o f A s s e s s e d V a l u e m u l t i p li e d by Mi l l Ra tes. 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. '
(3) Beginning with property taxes payable in 1996, levies for voter approved referendums were based on market value. '
Therefore, a separate rate for these market valued levies will be included for the applicable entity for the life of the levies
Since these rates are calculated separately, they are not included in the total tax rates for the three school districts.
n/a- Not Applicable
'
'
416
I ' TABLE 5
�I, �
�
� Totals
School Schooi School
Dakota Special District District District
' County Districts (1) No. 196 No. 199 No. 200
� 23.793 3.874 115.940 117.429 123.603
23.990 3.694 116.615 113.486 114.684
20.721 4J55 104.604 100.383 103.440
� 21.061 4.844 88.699 103.161 89.575
22.542 3.477 102.283 117.219 105.598
25.536 5.060 115.501 127.423 111.251
� 26.558 3.703 120.259 132.468 131.462
27.474 4.964 125.668 122.974 125.139
27.994 4.702 130.822 129.321 133.464
' 26.626 5.108 128.619 115.418 126.464
' '
,
'
'
�
�
'
'
'
' 117
� II
Table 6 ,
CITY OF ROSEMOUNT, MINNESOTA � '',
SCHEDULE OF THE TEN LARGEST TAXPAYERS
DECEMBER 31, 1996 � ,
(UNAUDITED)
Percentage �
of Total
Tax Tax
Taxpayer Type of Business Capacity Capacity � I
1. Great Northem Oil Co. Oil Refinery $1,775,964 14.66% �
2. Koch Refining Co. Oil Refinery 989,530 8.17°/a
o �
3. Northern States Power Ca Utility 418,706 3.46/o
4. CF Industries, Inc. (Cenex) Fertilizer 154,201 1.27% �
5. USPCI Inc. Non-Hazardous Waste Containment 136,466 1.13% ,
6. Continental Nitrogen & Resources fe�tilizer 119,504 0.99% ,
(CNR) , '
7. Wintz Companies Trucking/VVarehouse 114,876 0.95%
�
8. Rosemount Properties LLC Retaii 108,832 0.90% '
(Rosemount Market Square) , '
9. Utilicorp United inc. Utility 100,458 0.83�a ,,
(Peoples Natural Gas) � '
10. Limerick Way LLC Townhouses 98,594 0.81% ,
� '�
$4,017,131 33.16% ,
� I'
�
1
1
118 �
�
Table 7
��, � CITY OF ROSEMOUNT, MINNESOTA
' � SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS
YEARS 1987 THROUGH 1996
(UNAUDITED)
�
Current Current Ratio of
� Special Special Current
Assessment Assessment Collections
Year Biliings Collections(1) to Billings I
� �
1987 $ 767,963 $ 732,963 95.44% I
� 1988 858,845 788,650 91.83% �'I
1989 816,309 754,660 92.45% ;
1990 979,673 929,673 94.90% ',
� 1991 1,501,542 1,426,540 95.01%
1992 1,308,045 1,300,635 99.43°k ,
1993 1,248,875 1,241,848 99.44% '
� 1994 1,022,402 1,012,030 98.99°l0 '
1995 1,022,383 1,019,183 99.69%
� 1996 1,464,677 1,373,623 93.78% ,
� (1) Includes prepayments and foreclosures
, �
S
�
il �
�
� '
� '
� 119 '
- ____ ---- _ _---
TABLE 8 � I,
CITY OF ROSEMOUNT, MINNESOTA '
� '
COMPUTATION OF LEGAL DEBT MARGIN
DECEMBER 31, 1996 �
(UNAUDITED)
Estimated Market Value
$ 568,608,100 �
�
Legal Debt Margin:
Debt Limitation-2% of Estimated Market Value $ 11,372,162 `�
Debt Applicable to Limitation:
Total Bonded Debt $ 22,710,000 �
Less: Special Assessment Bonds $ 7,775,000
Tax Increment Bonds 435,000
Revenue Bonds 5,110,000 �
Port Authority Bonds 5,310,000
State Aid Street Bonds 575,000
Amount Available for Repayment of �
General Obligation Bonds 424,251 19,629,251
Totai bebt Applicable to Limitation 3,080,749 �
Legal Debt Margin $ 8,291,413
� '
� '
� '
� '
� I
�
r
�
120 _ �
P�
�
W
a �
�
� ;
z
0
�
�
�
a '
�
�� � '� �� � � � � �� � �� � � �� � �� � � ��
�
CITY OF ROSEMOUNT, MINNESOTA '
CAPACI AND �
RATIO OF NET BONDED DEBT TO ASSESSED VALUE(OR TAX T1�
MARKET VALUE AND NET BONDED DEBT PER CAPITA
YEARS 1987 THROUGH 1996 �
(UNAUDITED)
�
Less Debt
�
Gross Less Debt Payabie Net
Assessed Market Bonded Service from Other Bonded �
Year Population (1) Value (3) Value(3) Debt(4) Fun_ds (5) Sources (6) Debt
1987 7,332 $54,151,653 $196,221,300 $10,310,000 $270,710 $8,845,OOQ $1,194,290 �
Tax Capacity (2) ,
1988 7,702 7,071,729 213,566,700 13,825,000 288,632 12,385,000 1,151,368
1g8g 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 20,64U,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 12,570 12,113,851 568,608,100 22,710,000 424,251 19,205,000 3,080,749
�
(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#ax supported.
other
sources includin :
6 includes all other eneral obli ation bonds that are being repaid through 9
O 9 9
(a) Special Assessment Bonds �
(b) Tax Ucrement Bonds
(c) Revenue Bonds �
(d} Port Authority Bonds
(e) State Aid Street Bonds
�
�
122 �
'
TABLE 9
�
�
�
� Net
Bonded Debt
as a
� Percent of Net Bonded
Assessed Market Debt
Value Valae Per Capita
� 2.21% 0.61% 163
� Tax Capacity (2)
� 16.28°!0 0.54% 149
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% 234
�
�
� ��'
� '
�
�
� 123
,
TAB�E 10
CITY OR ROSEMOUNT, MINNESOTA �
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR
GENERAL BONDED DEBT(1) TO TOTAL GENERAL FUND EXPENDITURES �
YEARS 1987 THROUGH 1996
(UNAUDITED)
�
Ratio of
Totai Debt Service �
Total General to
Debt Fund General Fund
Year Principal Interest Service Expenditures (2) Expenditures(3) � ''
1987 $25,000 $120,971 $145,971 $1,694,423 8 6'/0 'I
1988 25,000 92,026 117,026 2,175,286 5.4% '
1989 80,000 88,903 168,903 2,901,829 5.8%
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% ,
(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.
�
�
�
�
�
�
124
�
�
TABLE 11
CITY OF ROSEMOUNT, MINNESOTA
'
COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT
� GENERAL OBLIGATION BONDS
DECEMBER 31, 1996
(UNAUDITED)
' Net General
Obiigation Percentage Amount
� Bonded Debt Applicable Applicabie
Governmental Units Outstanding (2) to City(6) to City
' Direct Debt:
City of Rosemount $ 3,080,749 (3) 100.00% $ 3,080,749
� Overlapping Debt (1):
Schooi Districts
I.S.D. 196- Rosemount 175,457,775 (4) 8.90°/a 15,615,742
' I.S.D. 199- Inver Grove Heights 5,307,230 10.54% 559,382
I.S.D. 200- Hastings 5,005,000 0.38% 19,019
� Dakota County 67,700,000 3.99% 2,701,230
' RegionaL
Metropolitan Council 27,965,000 (5) . 0.51% 142,622
Metropolitan Transit District 82,560,000 0.57% 470,592
�
$ 367,075,754 $ 22,589,336
�
(1) Only those units with debt outstanding are shown here.
� Overla in debt fi ures exclude debt su orted b revenues and tax
(2) PP 9 9 PP Y
and aid anticipation debt.
�
(3) Net general obligation bonded debt of the city supported by property taxes (see table 9).
� (4) Excludes$15,980,000 of outstanding certificates of participation which are
subject to annual appropriation.
� 5 Metro olitan Council also has outstandin $440 830,000 of eneral obligation sanitary
( ) P 9 , 9
sewer bonds and loans which are supported by system revenues.
�
(6) Percent of govemmental unit within the City of Rosemount's boundaries calculated
� by the city's fiscal consultants, Springsted Inc. I
' 125 '!
TABLE 12 ,
CITY OF ROSEMOUNT, MINNESOTA
REVENUE BOND COVERAGE t
YEARS 1987 THROUGH 1996
(UNAUDITED) �
Net Revenue Debt Service
Available Requirements �
Gross For Debt
Year Revenue Expenses (1) Service Principal Interest Total Coverage
1987 591 888 253 835 338 053 45 000 12 560 $ 57 560 587.31% �
$ , $ , $ , $ , $ , ,
1988 1,032,369 394,314 638,055 45,000 10,198 55,198 1155.94%
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 1,194,953 487,193 145,000 213,988 358,988 135.71%
1996 1,829,863 1,253,166 576,697 230,000 204,663 434,663 132.68%
�
(1) Figure does not include depreciation expense �
� '
� '�
�
�
�
�
�
�
126 ,
'
TABLE 13
CITY OF ROSEMOUNT, MINNESOTA
f DEMOGRAPHIC ST
ATISTICS
tYEARS 1987 THROUGH 1996
(UNAUDITED) .
(Z)
I � Median
Household
� Effective (3) �4�, �2�
(�) Buying School Unempioyment Median
' Year Population Income (EBI) Enroliment Rate Age
1987 7,332 $35,208 4,926 3.8% 29,7
' 1988 7,702 38,264 5,052 3.6% 29.9
1989 8,114 39,717 4,672 3.7% 28.9
1990 8,622 41,370 4,430 3.7% 30.4
' 1991 9,129 45,573 4,568 4.2% 29.1
1992 9,750 43,573 4,918 4.1% 30.5
� 1993 10,478 46,236 5,197 3.8% 30.7
1994 11,086 49,465 5,410 2.9% 30.9
1995 11,721 45,112 5,331 2.5% Na
' 1996 13,150 Na 5,000 2.S% � �/a
� (1) 1990 is a regular decennial census figure. All other years except for 1996 are best available
estimates provided by the Metropolitan Councii. 1996 is the City's best estimate.
� (2) The Survey of Buying Power by Sales and Ma►iceting Management, New York, New York.
Ali figures are for Dakota County. The income decline in 1988 is a resuit of the rectassification
� of the items included in the caiculation of the effective buying income. The 1990 census shows
a median age of 27.9 for a City resident. For 1996, Market Statistics,who provides statistical data for
Sales and Marketing Management, redefined EBI, beginning with the 1995 data. Certain sources of income
� are no longer inciuded in the caiculation of EBI,which resuits in a lower 1995 EBI than previous years.
Also, in 1996, Sales and Marketing Management discontinued calculating the median age as a source of information.
, (3) School enrollment is the total number of students who reside in Rosemount and go to schools located in
Independent School District No. 196.
� (4) Unemployment rates were compiled by the Minnesota Department of Economic Secu ' �'
nty, �
Regional Labor Market Survey-for Dakota County. ',
'nla-Data not available.
�
' 127
TABLE 14
CITY OF ROSEMOUNT, MINNESOTA
PROPERTY VALUE AND CONSTRUCTION
YEARS 198T THROUGH 1996
(UNAUDITED) ,
CommerciaUlndustriai Residential
Construction Construction
Property Value(11 #of #of
Year Commercial Residential Agricuitural Total Permits Value Permits Value
1987 $60,607,000 $118,524,000 $17,090,300 $196,221,300 n/a n/a n/a n/a
1988 60,004,400 136,456,500 17,105,800 213,566,700 31 $ 4,797,589 473 $ 25,590,743
N 1989 77,702,600 166,066,700 17,703,200 261,472,500 39 3,162,079 441 19,268,304
0° 1990 89,803,300 194,624,000 21,010,500 305,437,800 29 3,791,689 460 17,957,638
1991 107,587,100 221,210,500 21,593,400 350,391,000 28 753,400 479 19,106,838
1992 109,396,800 250,874,500 17,773,900 378,045,200 27 14,359,850 574 26,500,584
1993 117,454,900 284,026,400 17,868,300 419,347,600 25 12,775,670 541 25,964,010
1994 125,938,000 320,080,000 17,213,700 463,231,700 29 6,798,974 606 25,175,253
1995 133,848,200 371,130,100 17,340,400 522,318,700 43 , 8,396,668 598 21,980,180
1996 138,085,100 412,697,700 17,825,300 568,608,100 51 7,041,948 604 21,399,002
(1) Estimated market value-totals are from Table 4.
n/a-Data not available.
,
�r ar a■i � � � �s r i � r � � � r � � � �
'
Table 15
, CITY OF ROSEMOUNT,MINNESOTA
MISCELLANEOUS STATISTICS
DECEMBER 31,1996 !
' (UNAUDITEO) ,'
Date of Incorporation 1858 ,
Form of Govemment(Statutory) CounciUCity Administrator II
' Number of Employees: I
Regular Full-time 63 I
Part-time or Temporery 195 I�,
' Area in Square Miles 36
City of Rosemount Facilfties and Services:
� Miles of Streets 98
Number of Street�ights 625
Culture and Recreation:
Community Centers 1
� Parks 18
Par1c Acreage 226
Tennis Courts 2
' Fire Protection:
Number of Stations 2
Number of Fire Personnel and Officers 33
' Number of Cails Answered 448
Number of Vehicles 11 and 1 Treiler
Poiice Protection:
� Number of Stations 1
Number of Police Personnel and Officers:
Sworn Officers 14
Other Police Personnel 3
, Number of Calis for Service 6,791
Number of Patrot Miles 181,682(498 Miles per 24 Hours)
Number of Patrol Vehicles:
' Marked 5
Unmarked 3
Sewerage System:
� Miles of Sanitary Sewers 4'1.13
Miles of Storm Sewers 23.94
Number of Service Connections 3,262
' Water System:
Miles of Water Mains:
Municipai 50.87
Rural 7.10
, Number of Service Connections 3,314
Number of Welis
Municipal 4
� Rural 2
Number of Water Towers 2
Number of Fire Hydrants 466
� Daily Average Consumption in Gallons 1,174,134
Maximum Daily Pumping Capacity in Gallons 3,500,000
� Public Education Facilities:
Number of Elementary Schools 2
Number of Secondary Schools 2
Number of Special Education Schools 1(Dakota CouMy Technicai College)
� 129
�� � � � � � .. � � � i ' � � ;; � � . �. � � � �
��<�� �
�