Loading...
HomeMy WebLinkAbout5.a. Presentation and Acceptance of 2000 Comprehensive Annual Financial Report (CAFR)CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION CITY COUNCIL MEETING DATE: June 18, 2001 AGENDA ITEM: Presentation and Acceptance of 2000 AGENDA SECTION: Comprehensive Annual Financial Report (CAFR) Department Heads Report PREPARED BY: Jeff May, Finance Director AGENDA ,Q., ATTACHMENTS: Resolution & 2000 CAFR APPROVED BY: A representative from our new audit firm, Virchow, Krause & Company, will be here on Monday evening, June 18th, to review the City of Rosemount's 2000 CAFR. The representative will give a brief presentation, highlighting items that may be worthy of your attention and also be available to answer any questions that you may have. The motion you have before you formally accepts, by resolution, the CAFR as presented. After you have reviewed your CAFR, if you have no further use for it, please return it to me so I can use it as an extra copy for people or organizations that may request them. Thank you!! RECOMMENDED ACTION: Motion to adopt A RESOLUTION ACCEPTING THE 2000 COMPREHENSIVE ANNUAL FINANCIAL REPORT. COUNCIL ACTION: CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 2001 - A RESOLUTION ACCEPTING THE 2000 COMPREHENSIVE ANNUAL FINANCIAL REPORT WHEREAS, the City of Rosemount has been presented its 2000 comprehensive annual financial report, prepared by the audit firm of Virchow, Krause & Company. NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Rosemount, accepts its 2000 comprehensive annual financial report, prepared by the audit firm of Virchow, Krause & Company. ADOPTED this 18th day of June, 2001. Cathy Busho, Mayor ATTEST: Linda J. Jentink, City Clerk CERTIFICATION I hereby certify that the foregoing is a true and correct copy of a resolution presented to and adopted by the City Council of Rosemount at a duly authorized meeting thereof, held on the 18` day of June, 2001, as disclosed by the records of said City in my possession. (SEAL) Linda J. Jentink, Rosemount City Clerk Motion by: Seconded by: Voted in Favor: Voted Against: Members Absent: eltv of Rosemount, Minnesota December 31, 2000 --- fA I CITY OF ROSEMOU NT Everything's Coming Up Rosemount!! 2001 VIRCHOW, KRAUSE & COMPANY, LLP City of Rosemount Report to Council Table of Contents December 31, 2000 ACCOUNTANT REPORT ............................................................................................ ..............................1 CURRENTYEAR COMMENTS ...................................................................................... ..............................2 GRAPHICANALYSIS ..................................................................................................... ..............................6 GENERAL FUND BALANCE AS A PERCENTAGE OF ADOPTED EXPENDITURE BUDGET .......... ..............................6 TAXLEVY VS. NET TAX CAPACITY ................................................................................... ..............................7 PROPERTY- ESTIMATED MARKET VALUES ..................................................................... ..............................H GENERAL FUND INTERGOVERNMENTAL REVENUE VS. PROPERTY TAXES .......................... ..............................9 TEN LARGEST TAXPAYERS AND OTHERS ........................................................................ .............................10 NETBONDED DEBT ....................................................................................................... .............................11 GROSSBONDED DEBT .................................................................................................. .............................12 Virchow, Krause & Company, LLP Certified Public Accountants & Consultants To the Honorable Mayor and Members of the City Council City of Rosemount, Minnesota In planning and performing our audit of the general purpose financial statements of the City of Rosemount, Minnesota for the year ended December 31, 2000, we considered the City's internal control to determine our auditing procedures for the purpose of expressing an opinion on the general purpose financial statements and not to provide assurance on the internal control. The memorandum that accompanies this letter summarizes our current year comments and includes some graphic analysis. This letter does not affect our report dated March 16, 2001 on the general purpose financial statements of the City of Rosemount, Minnesota. We want to take this opportunity to express our sincere appreciation for the courtesies and cooperation extended to us by the City's personnel during the audit. We look forward to working with you in the future. VIRCHOW, KRAUSE & COMPANY, LLP Certified Public Accountants Minneapolis, Minnesota March 16, 2001 City of Rosemount Report to Council Current Year Comments December 31, 2000 GASB Statement No. 34: Basic Financial Statements -and Management's Discussion and Analysis -for State and Local Governments This Statement establishes financial reporting standards for state and local governments. It establishes that the basic financial statements and required supplementary information for general purpose governments should consist of: • Management's discussion and anal should introduce the basic financial statements and provide an overview of the government's financial activities. • Basic Financial Statements - should include: Government -wide financial statements - consist of a statement of net assets and a statement of activities. Prepared using the economic resources measurement focus and the accrual basis of accounting, these statements should report all of the assets, liabilities, revenues, expenses, and gains and losses of the government. Each statement should distinguish between the government and business -type activities of the primary government and between the total primary government and its discretely presented component units by reporting each in separate columns. Fiduciary activities, whose resources are not available to finance the government's programs, should be excluded from the government -wide statements. Fund financial statements - consist of a series of statements that focus on information about the government's major governmental and enterprise funds, including blended component units. Fund financial statements should also report information about a government's fiduciary funds and component units that are fiduciary in nature. Governmental fund financial statements should be prepared using the current financial resources measurement focus and the modified accrual basis of accounting. Proprietary fund financial statements and fiduciary fund financial statements should be prepared using the economic resources measurement focus and the accrual basis of accounting. Required supplementary information -must include budgetary comparison schedules along with other types of data as required by previous GASB pronouncements. This statement also mandates required supplementary information for governments that use the modified approach for reporting infrastructure assets. Virchow, Krause & Company, LLP 2 City of Rosemount Report to Council Current Year Comments December 31, 2000 GASB Statement No. 34: Basic Financial Statements -and Management's Discussion and Analysis -for State and Local Governments (Continued) The requirements of this statement are effective in three phases based on a government's total annual revenues in the first fiscal year ending after June 15, 1999. Governments with total annual revenues (excluding extraordinary items) of $100 million or more (phase 1) should apply this Statement for periods beginning after June 15, 2001. Governments with at least $10 million but less than $100 million in revenues (phase 2) should apply this Statement for periods beginning after June 15, 2002. Governments with less than $10 million in revenues (phase 3) should apply this Statement for periods beginning after June 15, 2003. Earlier application is encouraged. Governments that elect early implementation of this Statement for periods beginning before June 15, 2000, should also implement GASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions, at the same time. If a primary government chooses early implementation of this Statement, all of its component units also should implement this standard early to provide the financial information required for government -wide financial statements. Virchow, Krause & Company, LLP 3 City of Rosemount Report to Council Current Year Comments December 31, 2000 Required Communications We have audited the financial statements of the City of Rosemount, Minnesota (the "City ") for the year ended December 31, 2000, and have issued our report thereon dated March 16, 2001. Professional standards require that we provide you with the following information related to our audit. Our Responsibility Under Generally Accepted Standards As stated in our engagement letter dated January 15, 2001, our responsibility, as described by professional standards, is to plan and perform our audit to obtain reasonable, but not absolute, assurance that the general purpose financial statements are free of material misstatement and are fairly presented in accordance with generally accepted accounting principles. Because of the concept of reasonable assurance and because we did not perform a detailed examination of all transactions, there is a risk that material errors, fraud, or other illegal acts may exist and not be detected by us. As part of our audit, we considered the internal control of the City. Such considerations were solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control structure. Significant Accounting Policies Management has the responsibility for selection and use of appropriate accounting policies. In accordance with the terms of our engagement letter, we will advise management about the appropriateness of accounting policies and their application. The significant accounting policies used by the City are described in the Notes to the financial statements. We noted no transactions entered into by the city during the year that were both significant and unusual, and of which under professional standards, we are required to inform you, or transactions for which there was a lack of authoritative guidance of consensus. Accounting Estimates Accounting estimates are an integral part of the financial statements prepared by management and are based upon management's current judgments. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from management's current judgments. Management's estimate of the allowance for doubtful accounts receivable is based on a review of outstanding accounts receivable at December 31, 2000. This review included an aging analysis as well as payments received during 2001. We evaluated the key factors and assumptions used to develop the allowance for doubtful accounts in determining that it is reasonable in relation to the financial statements taken as a whole. Virchow, Krause & Company, LLP 4 City of Rosemount Report to Council Current Year Comments December 31, 2000 Required Communications (Continued) Significant Audit Adjustments For the purposes of this letter, professional standards define a significant audit adjustment as a proposed correction of the financial statements that, in our judgment, may not have been detected except through our auditing procedures. These adjustments may include those proposed by us but not recorded by the City that could potentially cause future financial statements to be materially misstated, even though we have concluded that such adjustments are not material to the current financial statements. We proposed no audit adjustments that could, in our judgment, either individually or in the aggregate, have a significant effect on the City's financial reporting process. Disagreements With Management For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter that could be significant to the financial statements or the auditor's report. We are pleased to report that no such disagreements arose during the course of our audit. Consultation with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a "second opinion" on certain situations. If a consultation involves application of an accounting principle to the governmental unit's general purpose financial statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. Issues Discussed Prior to Retention of Independent Auditors We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the City's auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. Difficulties Encountered in Performing the Audit We encountered no significant difficulties in performance of the audit. dealing with the management relating to the Virchow, Krause & Company, LLP City of Rosemount General Fund Balance as a % of Adopted Expenditure Budget 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 1995 1996 1997 ..; 1999 2000 Virchow, Krause & Company, LLP 6 City of Rosemount Tax Levy vs. Net Tax Capacity $16 $14 $12 $10 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 1995 1996 Total Tax Levy Net Tax Capacity 1997 1998 1999 Virchow, Krause & Company, LLP 2000 7 City of Rosemount Property - Estimated Market Values $900 $800 $700 $600 $500 $400 $300 $200 $100,000 EE 1995 1996 1997 1998 1999 2000 Virchow, Krause & Company, LLP City of Rosemount General Fund Intergovernmental $3,500,000 $3,000,000 $2,500 ■ $2,000,000 $1,500,000 $1,000,000 $500,000 $0 1995 1996 ■ 1997 1999 2000 Intergovernmental Revenue ■ Property Taxes Virchow, Krause & Company, LLP 9 City of Rosemount 10 Largest Taxpayers &Others 74% 26% ® Ten Largest Taxpayers 0 All Others Virchow, Krause & Company, LLP 10 City of Rosemount Net Bonded Debt $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 1995 1996 1997 1999 2000 Virchow, Krause & Company, LLP 11 City of Rosemount Gross Bonded Debt $40 $35 $30 $25 $20 $15,000,0nn $10 $5,000,000 $0 1995 1996 1997 ..; 1999 2000 Virchow, Krause & Company, LLP 12 VlOS3NNIW `1Nf10W3S021 =10 JlllO I OOOZ `�C N38W303a a3aN3 NV3A 3H1 21O:1 12104321 IVIONVNI=l I ivnNNV 3AISN3H3NdWO3 I CITY OF ROSEMOUNT t COMPREHENSIVE ANNUAL FINANCIAL REPORT I FOR THE YEAR ENDED DECEMBER 31, 2000 1 ' PREPARED BY THE DEPARTMENTS OF ADMINISTRATION AND FINANCE THOMAS D. BURT, City Administrator ' JEFFREY A. MAY, Finance Director ' CITY OF ROSEMOUNT ' COMPREHENSIVE ANNUAL FINANCIAL REPORT December 31, 2000 ' TABLE OF CONTENTS ' EXHIBIT PAGE(S ' I. INTRODUCTORY SECTION City Officials v Organizational Chart vi Letter of Transmittal vii Certificate of Achievement xix ' II. FINANCIAL SECTION Independent Auditors' Report 1 ' A. General Purpose Financial Statements Combined Balance Sheet - All Fund Types, Account Groups and Discretely Presented Component Unit 1 3 -6 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Government Fund Types, Account Groups and Discretely ' Presented Component Unit Combined Statement of Revenues, Expenditures and Changes in 2 7 -8 Fund Balances - Budget (as Amended) and Actual (Budgetary Basis) - General and Annually Adopted Special Revenue Funds 3 9 -10 Combined Statement of Revenues, Expenses and Changes in Retained Earnings - All Proprietary Fund Types 4 11 Combined Statement of Cash Flows - All Proprietary Fund Types 5 12 ' Notes to the Financial Statements 14 -35 B. Combining and Individual Fund Financial Statements and Schedules General Fund: Comparative Balance Sheet A -1 37 Comparative Statement of Revenues, Expenditures and Changes in Fund Balances A-2 38 ' Schedule of Revenues and Other Financing Sources - Budget (as Amended) and Actual (Budgetary Basis) A-3 39-40 Schedule of Expenditures and Other Financing Uses - Budget (as Amended) and Actual (Budgetary Basis) A -4 41 -42 ' Special Revenue Funds: Combining Balance Sheet B -1 44 -45 Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Deficit) B -2 46 -47 Combining Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget (as Amended) and Actual (Budgetary Basis) B -3 48 -51 �I L; 1 CITY OF ROSEMOUNT COMPREHENSIVE ANNUAL FINANCIAL REPORT December 31, 2000 TABLE OF CONTENTS (Continued) EXHIBIT PAGE(S) Debt Service Funds: Combining Balance Sheet C -1 53 -56 Combining Statement of Revenues, Expenditures and Changes in Fund Balances C -2 57 -60 Capital Project Funds: Combining Balance Sheet D -1 62 -67 Combining Statement of Revenues, Expenditures and Changes in Fund Balances D -2 68 -73 Enterprise Funds: Combining Balance Sheet E -1 75 -78 Combining Statement of Revenues, Expenses and Changes in Retained Earnings E -2 79 -80 Combining Statement of Cash Flows E -3 81 -84 Internal Service Funds: Comparative Balance Sheet F -1 86 Comparative Statement of Revenues, Expenses and Changes in Retained Earnings F -2 87 Comparative Statement of Cash Flows F -3 88 Agency Funds: Combining Balance Sheet G -1 90 Combining Statement of Changes in Assets and Liabilities G -2 91 Component Unit - Port Authority: Combining Balance Sheet H -1 93 -94 Combining Statement of Revenues, Expenditures and Changes in Fund Balances H -2 95 -96 General Fixed Assets Account Group: Schedule of General Fixed Assets 1 -1 98 Financial Schedules: Combined Schedule of Bonds Payable J -1 100 Combined Schedule of Debt Service Requirements J -2 101 -102 Schedule of Assessed Valuation and Long -Term Debt for Tax Increment Financing Districts J -3 103 Schedule of Sources and Uses of Public Funds for Tax Increment Financing Districts J -4 104 -105 CITY OF ROSEMOUNT COMPREHENSIVE ANNUAL FINANCIAL REPORT December 31, 2000 TABLE OF CONTENTS (Continued) TABLE PAGE (S III. STATISTICAL SECTION (Unaudited) General Fund Expenditures and Other Financing Uses by Function 1 107 General Fund Revenues and Other Financing Sources by Source 2 108 Property Tax Levies and Collections 3 109 Assessed Value (or Tax Capacity) and Estimated Market Value of All Taxable Property 4 110 Property Tax Rates -All Direct and Overlapping Governmental Units 5 111 -112 Schedule of the Ten Largest Taxpayers 6 113 Special Assessment Receivables and Collections 7 114 Computation of Legal Debt Margin 8 115 Ratio of Net Bonded Debt to Assessed Value (or Tax Capacity) and Market Value and Net Bonded Debt Per Capita 9 116 -117 Ratio of Annual Debt Service Expenditures For General Bonded Debt to Total General Fund Expenditures 10 118 Computation of Direct and Overlapping Bonded Debt - General Obligation Bonds 11 119 Revenue Bond Coverage 12 120 Demographic Statistics 13 121 Property Value and Construction 14 122 Miscellaneous Statistics 15 123 THIS PAGE INTENTIONALLY LEFT BLANK N01103S AmoionGO 11N1 t CITY OF ROSEMOUNT CITY OFFICIALS Year Ended December 31, 2000 Term of Office ELECTED OFFICIALS: Mayor Cathy E. Busho Councilmember Sheila Klassen Councilmember Jeff Caspar Councilmember Ena Cisewski Councilmember John F. Edwards II APPOINTED OFFICIALS: City Administrator Finance Director Human Resources /Communications Coordinator Community Development Director Police Chief Fire Chief Public Works Director Parks and Recreation Director CONSULTANTS AND ADVISORS: Legal Auditing Fiscal Engineering Four Years Four Years Four Years Four Years Four Years Thomas D. Burt Jeffrey A. May Paula Graff James Parsons Gary D. Kalstabakken Scott W. Aker Vacant Dan Schultz Term Expires December 31, 2002 December 31, 2000 December 31, 2000 December 31, 2002 December 31, 2002 Kennedy & Graven Fluegel, Moynihan & Clinton, P.A. Briggs & Morgan Virchow, Krause & Company, LLP Springsted, Inc. Ehlers & Associates, Inc. Bonestroo, Rosene, Anderlik & Associates Short- Elliot - Hendrikson, Inc. WSB & Associates v City of Rosemount Residents Mayor & City Council Legal City Administrator City Clerk Public Works I ! I Parks & Recreation Police Fire Citizen Advisory Commissions - Planning Commission - Parks & Recreation Commission - Port Authority - Utility Commission Human Resources/ Communications Finance Community Development - Engineering - Recreation Programs - ratroi - Investigation - Prevention - Budget Preparation - Planning g Streets - Community Center - Suppression - Financial Management - Building Inspections Utilities - Sports Facilities - D.A.R.E. - Investigation - Auditing - Code Enforcement Fleet Maintenance -Ice Arena - Records - Code Enforcement - Medical Rescue - Investments - Economic Development Parks Maintenance V1 CITY OF ROSEMOU NT Everything's Coming Up Rosemount!! March 16, 2001 Honorable Mayor and Members of the City Council City of Rosemount, Minnesota CITY HALL 2875 — 145th Street West Rosemount, MN 55068 -4997 Phone: 651- 423 -4411 Hearing Impaired 651 - 423 -6219 Fax: 651 - 423 -5203 The Comprehensive Annual Financial Report of the City of Rosemount, Minnesota, for the year ended December 31, 2000, is hereby submitted as mandated by state statutes. These statutes require that the City of Rosemount issues annually a report on its financial position and activity, ' and that an independent firm of certified public accountants audits this report. This report was prepared by the City's Finance Department and responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, supporting schedules and statistical tables, rests with the City. To the best of our knowledge, the data, as presented, is accurate in all material respects, is presented in a manner designed to fairly set forth the financial position and results of operations of the City as measured by the 1 financial activity of its various funds and account groups, and that all disclosures necessary to enable the reader to gain the maximum understanding of the City's financial affairs have been included. ' The comprehensive annual financial report is presented in three sections: introductory, financial and statistical. The introductory section, which is unaudited, includes this transmittal letter, the City's organizational chart and a list of the City's principal elected and appointed officials. The financial section includes the independent auditors' report, the general purpose financial statements, notes to the financial statements, the combining, individual fund and account group financial statements, and the supplemental financial schedules. The statistical section, which is unaudited, includes selected financial and demographic information, generally presented on a multi -year basis. ' The organization, form and contents of this report were prepared in accordance with the standards prescribed by the Governmental Accounting Standards Board, the Government Finance Officers Association of the United States and Canada, the American Institute of Certified Public Accountants, the Minnesota State Auditor's Office and the Rosemount City Charter. 1 v" THE REPORTING ENTITY AND ITS SERVICES The City was established as a municipal corporation in 1858, and became a statutory City in 1974. The City has a Mayor - Council form of government, with the four Council members being elected to overlapping four -year terms of office and the Mayor serving a four -year term coinciding with the terms of two of the Council members. This term for the Mayor was a change instituted in 1996. Prior to that, the Mayor was elected every two years. The City Council is responsible, among other things, for passing ordinances, adopting the budget, appointing committees and hiring the City's chief administrative officer. The City's chief administrative officer is the City Administrator, who is appointed by and serves at the discretion of the City Council. The City Administrator is responsible for carrying out the policies and ordinances of the City Council, for overseeing the day -to -day operations of the City and for appointing the heads of the City's various departments, with the City Council's final approval. Growth and development of the City is guided by a Comprehensive Land Use Plan which was commissioned soon after the consolidation in 1971 of the former Village and Town of Rosemount. The Plan outlines long -range zoning and development policy of the City, and is designed to encourage and promote orderly development and growth which will perpetuate a sound tax base. This Plan was updated in 1999 and will guide development until the year 2020. All funds, account groups, departments, agencies, boards and commissions for which the City is financially accountable are included in this report. The City provides its residents and businesses with a full range of municipal services consisting of public safety (police and fire), public works, parks and recreation and general administrative services. The City also operates four enterprises: water, sewer, storm water and arena. City residents and businesses, through contractual arrangements with private haulers, handle refuse collection and disposal and recycling on a private basis. Sewage treatment and mass transit are operated on a regional basis by regional governmental agencies. Rosemount Port Authority The Port Authority was created by the City to carry out certain economic and redevelopment projects. The Port Authority's governing board is appointed by the City Council. The City Council reviews and approves all Port Authority tax levies and the City provides major community development financing for Port Authority activities. Debt issued for Port Authority activities are general obligations of the City. The Port Authority's financial data has been presented in this financial report as a discretely presented component unit. viii ECONOMIC CONDITION AND OUTLOOK The City of Rosemount is a growing southern suburb in the Minneapolis /St. Paul metropolitan area, located in Dakota County. The City encompasses approximately 36 square miles. The City is one of the fastest growing communities in the seven - county Minneapolis /St. Paul I metropolitan area as demonstrated by the following population trend: Population Percent ' Population Increase Increase 2000 Census 14,619 5,997 70% ' 1990 Census 8,622 3,539 70% 1980 Census 5,083 1,049 26% 1970 Census 4,034 2,022 100% 1960 Census 2,012 - - Rosemount has an extensive system of State and County highways and 105 miles of City streets that continue to contribute to the community's growth. This extensive highway network and large tracts of attractive, developable land have made the City an ideal location for residential development and increasing commercial /industrial development. Over 500 acres of industrial and commercial zoned land have been reserved for development in Rosemount. Rail, air, barge and freeway access provides Rosemount's economic community with an expedient transportation system. Four major highways link Rosemount to Minneapolis, St. Paul and the rest of the metropolitan area. Rosemount is unique in that the eastern one -third of the City is largely heavy industry, the middle one -third is largely agricultural and the western one -third is heavily residential with a good mix of light industrial and commercial. Residential developments with hundreds of homes are currently under development and this pattern of growth will continue for years to come. The ten largest taxpayers represent a mix of industrial, commercial and utilities that represent over 26% of the City's tax base. Labor market data is very impressive for the State, Minneapolis /St. Paul metropolitan area and Dakota County, in which Rosemount is located. 2000 labor force numbers were 2,738,685; ' 1,718,349; and 215,912 respectively with unemployment rates of 3.3 %; 2.6% and 2.2% to match. These figures compare quite favorably with national figures. Community leadership has preserved 220 beautiful acres of land for 23 parks. Residents can enjoy a round of golf on the 27 -hole public course or on the 9 -hole private course. Bordered by the scenic Mississippi River, Rosemount also contains 270 acres of the Spring Lake Regional Park Preserve. Rosemount's Community Center, a part of the Army National Guard's regional headquarters, provides a variety of indoor recreation opportunities and meeting spaces, including an ice arena, gymnasium, auditorium and banquet facility. 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. J ix MAJOR INITIATIVES In 2000, the City of Rosemount undertook the initiation of the Evermoor Development, which consists of the Kelley Trust property, located between Trunk Highway 3 and Diamond Path, north of Connemara Trail. This development will ultimately consist of over 1,200 units with the first phase consisting of the east/west collector road construction along with several adjacent street systems. Total lots developed in the first phase will be approximately 200. This year also saw the completion of the Birger Pond Outlet project consisting of a lift station and forcemain connecting Birger Pond to Wensmann Pond located south of County Road 42 and adjacent to Diamond Path. This addressed a major need in the stormwater infrastructure and was a project that has long been in the works. The City completed their ninth consecutive year of street and utility reconstruction and overlay projects occurring within the City as the City works to maintain its existing infrastructure while it is rapidly adding new infrastructure. In addition to the normal reconstruction and overlay projects, the first phase of the Trunk Highway 3 Streetscape Project was completed between 143` Street and 145 Street. These improvements included street lighting and burying the overhead electric cables, along with the addition of storm sewer, street overlay, sidewalk improvements and replacement of the City's Park & Ride lot. This year also included the completion of the 3` and final phase of the Biscayne Pointe residential subdivision, extension of Diamond Path between County Road 42 and 160 Street, and the Rosemount Business Park — Phase 2. City infrastructure projects included the extension of storm sewer to serve the Broback 3` Addition and the initiation of the construction project for the East Side Water Tower. Overall, in the year 2000 the City added 2.95 miles of street, 4 miles of sanitary sewers, 1.83 miles of storm sewers and 5 miles of watermains. The Police Department has continued to provide services and programs that are community - oriented. Although community- oriented policing is a philosophy, it is evident in the programs that are offered by the Department. In 2000, these programs included: • Drug Abuse Resistance and Education (D.A.R.E.) — an officer taught students at three Rosemount elementary schools. Over 200 fifth grade students graduated from the program in 2000. • Public Safety in the Parks - Police officers and firefighters shared crime and fire prevention information, answered residents' questions and demonstrated their equipment at the city's parks. Public safety officers visited four parks this year. • National Night Out — Police and fire officials also visited a dozen neighborhoods on the first Tuesday of August as part of this nationwide event. • Police Reserve Officer Program — Citizens volunteer to assist police officers with non- enforcement duties in this program. An additional five volunteers were recruited and trained to join the reserves this year. • Police Chaplains — Four chaplains were recruited to expand this program in 2000. The new chaplains went through some training sessions and met regularly to learn how to best serve the Department and the community. • Child Restraint Clinics — An officer on the Department worked with other area officers to conduct safety checks of child seats in automobiles. Individual residents also bring in their cars and seats to the Department to have the seats inspected. In 1999 a Family Resource Center building in Rosemount began operations. The Community Action Council (CAC) and other service providers utilize this building to work with families in need in our community. The City constructed the building with funding coming entirely from grants and donations and will lease the building to CAC to house their Rosemount operations. x SIGNIFICANT DEVELOPMENTS Rosemount Business Park In 2000, the Rosemount Port Authority made good progress in the development of the ' Rosemount Business Park for office, warehouse and light manufacturing uses. Most notable was the construction of an 80,000 square foot headquarters for Webb Company, a maker of promotional products. The Port Authority completed the extension of Boulder Trail, the Business Park's service road, to the east. This extension opened up the remainder of the Port Authority's property to development. Four companies are currently applying for the Port Authority's remaining lots in the Rosemount Business Park. ' Koch Refinery 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 continues to invest in new equipment, processes, training and operations. Discussion continues on possible additional expansion of their current facility. Army National Guard The City of Rosemount, in cooperation with the Army National Guard, completed a training and community center facility in 1994. In 1995, the National Guard also completed a central maintenance facility of approximately 30,000 square feet in Rosemount. The multi -use community center facility encompasses 140,000 square feet of usable space for a variety of training, recreational and social opportunities for the Rosemount community and National Guard. The National Guard division headquarters is housed in the facility for the 34th Red Bull Infantry Division. This is only one of eight such divisional headquarters for the National Guard in the entire United States. I xi ACCOUNTING SYSTEM AND REPORTS The accounting for all activities of the City is divided into various funds or account groups as required by Statute and /or generally accepted accounting principles. Financial statements are presented on the accrual, or modified accrual basis, as appropriate. The financial information of the funds is presented in conformity with generally accepted accounting principles (GAAP) applicable to governmental entities. Accounting and bookkeeping for all City activities are centralized under the Finance Department. The responsibility for financial records, maintaining internal controls and preparing financial and budgetary reports is delegated to this department. The internal control structure is designed to ensure that the assets of the City are protected from loss, theft or misuse and to ensure that adequate accounting data is compiled to allow for the presentation of financial statements in conformity with GAAP. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management. Budgeting controls are maintained in accordance with City policy to ensure compliance with annually appropriated budgets approved by the City Council. Appropriations that have not been expended at the end of the year lapse, except in special situations in which the City Council may encumber unexpended funds forward to the following year. GENERAL GOVERNMENT FUNCTIONS General municipal services are accounted for in the City's General Fund. The following table presents a comparative analysis of General Fund revenues and other financing sources to the adopted budget as presented in Exhibit A -3: xii 2000 Actual 1999 Actual % of % of Revenues and Other Financing Sources Amount Total Amount Total Taxes $ 2,916,269 47% $ 2,626,865 48% Licenses and Permits 588,304 10% 626,463 11% Intergovernmental 1,457,390 23% 1,318,131 24% Charges for Services 713,892 11% 486,379 9% Fines and Forfeitures 72,067 1% 91,441 2% Recreational Fees 224,033 4% 207,578 4% Other 240,653 4% 117,798 2% Transfers 3,500 0% 3,500 0% Total $ 6,216,108 100% $ 5,475,155 100% xii 1999 and 2000 showed great consistency between the various revenue areas. Taxes were kept nearly constant due to the continuation of levy limits by the State. And because we levied less than the limit allowed us by law, the actual percentage of taxes collected in relation to the total revenues decreased by a small margin. The building growth continued at near record levels in 2000, especially in the residential area, because of a large increase in the lots available to build on. The growth is expected to continue into 2001 as well because of the opening of the Evermoor Addition, a 1,200 -unit development, which began building in late 2000. Charges for Services were up significantly because of the building effects as well. 1 I xiii The following table presents a comparative analysis of General Fund expenditures and other uses to the adopted budget as presented in Exhibit A -4: 2000 Actual 1999 Actual of % of Expenditures and Other Uses Amount Total Amount Total General Government $ 1,142,410 21% $ 1,132,331 23% Public Safety 1,579,038 29% 1,496,445 31% Public Works 1,887,570 34% 1,638,278 33% Parks and Recreation 691,126 13% 628,145 13% Transfers 192,000 3% 0 0% Totals 5,492,144 $ 100% $ 4,895,199 100% As with the revenues, there was a great deal of consistency on the expenditure side of the General Fund between 1999 and 2000. All departments stayed very close to their budgeted figures with the final expenditures being within less than 4% of the actual budget. 1 I xiii The City's General Fund Balance increased by $661,996 during 2000 and equaled $3,716,529 at year -end. The following table shows previous year -end General Fund balances as compared to the adopted expenditure budget of the following year: The City has determined that it would like to maintain 30 to 50 (or greater) percent of the next operating expenditure budget as a fund balance. Ideally, 50 percent (or greater) 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 reduce aid if an undesignated fund balance exists above a certain level. Thirty to forty 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, 2000, 100% of the unreserved fund balance of the General Fund has been designated to meet working capital needs. ENTERPRISE FUNDS Enterprise funds account for the financing of services to the general public in which all or most of the costs involved are paid in the form of charges to the users of the services. The City has three public utilities funds; Water, Sewer and Storm Water, that are operated as enterprise funds and an Arena Fund that is also operated as an enterprise fund. Comparative data for the City's public utility operations and for the Arena Fund operations for the past two years are shown in the following tables: xiv Fund Balance Percent of Year Budget Amount Next Budget 1992 $ 3,164,108 $ 1,193,410 33% 1993 3,585,633 1,180,299 31% 1994 3,812,022 1,258,606 29% 1995 4,294,749 1,497,828 33% 1996 4,531,935 1,583,375 35% 1997 4,578,300 1,928,980 41% 1998 4,715,600 2,438,384 50% 1999 4,855,900 3,054,533 58% 2000 5,258,318 3,716,529 66% 2001 5,663,200 The City has determined that it would like to maintain 30 to 50 (or greater) percent of the next operating expenditure budget as a fund balance. Ideally, 50 percent (or greater) 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 reduce aid if an undesignated fund balance exists above a certain level. Thirty to forty 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, 2000, 100% of the unreserved fund balance of the General Fund has been designated to meet working capital needs. ENTERPRISE FUNDS Enterprise funds account for the financing of services to the general public in which all or most of the costs involved are paid in the form of charges to the users of the services. The City has three public utilities funds; Water, Sewer and Storm Water, that are operated as enterprise funds and an Arena Fund that is also operated as an enterprise fund. Comparative data for the City's public utility operations and for the Arena Fund operations for the past two years are shown in the following tables: xiv Operating Revenues Operating Expenses Operating Income (Before Depreciation) Depreciation Expense Operating Income (Loss) (After Depreciation) Non - Operating Revenues (Expenses) Net Income (Loss) Before Transfers Transfers In (Out) Net Income (Loss) Operating Revenues Operating Expenses Operating Income (Loss) (Before Depreciation) Depreciation Expense Operating Income (Loss) (After Depreciation) Non - Operating Revenues (Expenses) Net Income (Loss) Before Transfers Transfers In (Out) Net Income (Loss) Water 2000 1999 Sewer 2000 1999 $ 864,033 $ 710,176 $ 988,581 $ 838,907 478,831 473,572 641,204 626,669 385,202 236,604 347,377 212,238 330,672 307,677 604,518 584,626 206,358 174,415 231,022 179,496 54,530 ( 71,073) (257,141) (372,388) 977,455 601,841 678,610 658,023 1,031,985 530,768 421,469 285,635 (300,618) (62,210) (115,840) (72,771) $ 731,367 $ 468,558 $ 305,629 $ 212,865 Storm Water Arena 2000 1999 2000 1999 $ 566,235 $ 509,209 $ 264,412 $ 273,073 206,358 174,415 231,022 179,496 359,877 334,794 33,390 93,577 47,815 47,600 140,906 138,240 890,940 438,842 (14,425) 45,977 136,421 115,009 1,031,846 577,081 121,996 160,986 (193,517) 9,615 (191,500) (183,428) $ 838,329 $ 586,696 $ (69,504) $ (22,441) QVIA Depreciation expense is shown for all of the enterprise funds as a separate line item for reporting purposes. In the public utilities funds, the large amounts of infrastructure and the related depreciation cannot be reflected in the rates on the utility bills and still be competitive with what other municipalities are charging. During budgeting, capital projects are budgeted for over a 10 -year period and those expenses are reflected in the current utility rates. That way, the capital improvements are made as needed and the utility rates reflect those improvements. Depreciation is not shown as a line item during the budgeting process but is reflected in the financial statements. The Arena Fund is partially subsidized to cover a portion of the debt. Because of this, a similar practice is followed and capital improvements are budgeted for and depreciation expense is not. FIDUCIARY OPERATIONS City employees are members of the Public Employees Retirement Association (PERA) of Minnesota. The City also provides two deferred compensation plans created in accordance with Internal Revenue Code Section 457 to employees. Information on the PERA plan is 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 are useful indicators of the City's debt position. Figures for City net bonded debt include only the outstanding indebtedness of the City expected to be paid through taxes although all of the City's debt, including special assessment bonds, tax increment bonds, revenue bonds, Port Authority bonds and State Aid street bonds, are backed by the general obligation of the City. Overlapping debt figures exclude debt supported by revenues and tax and aid anticipation debt. Overlapping net debt is the City's pro -rata share of bonded indebtedness for the County, school districts and other taxing jurisdictions located within the City. This data for the City as of December 31, 2000, was as follows: Amount % of % of Tax Market Debt Per Capacity Value Capita City Net Bonded Debt $ 2,103,836 14.4% 0.3% $ 144 Overlapping Net Bonded Debt 16,139,140 110.6% 1.9% 1,104 Total Net Bonded Debt $ 18,242,976 125.0% 2.2% $ 1,248 The City has a current Moody's Investors Service bond rating of A2. This excellent rating for a City of Rosemount's size and composition has had a positive effect on the sale of the City's bonds by broadening the City's market and lowering the interest rates on those bonds issued by the City. xvi u 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 positive cash balance. This pooled cash concept provides for investing greater amounts of money at more favorable rates. Interest earnings are allocated on all investments and on interest - bearing checking accounts based on amounts available in those areas at the time of interest payments. During 2000, the City earned $1,581,557 from investments in obligations issued by the United States and its agencies, bank certificates of deposits, mortgage payments on buildings financed by the City and interest - bearing checking accounts. RISK MANAGEMENT The City is exposed to various risks of loss related to tort liability, theft of, damage to, or destruction of assets; errors or omissions; injuries to employees; or natural disasters. The City has entered into a joint powers agreement with the League of Minnesota Cities Insurance Trust (LMCIT). The LMCIT is a public entity risk pool currently operating as a common risk management and insurance program for Minnesota cities. The agreement for formation of the LMCIT provides that the pool will be self- sustaining through member premiums and will reinsure through commercial companies for claims in excess of reserved amounts for each insured event. The pooling agreement allows for the pool to make additional assessments to make the pool self- sustaining. The City has determined that it is not possible to estimate the amount of such additional assessments in the unlikely event that they are necessary. The City's workers compensation and employer's liability insurance policies provide statutory coverage. The City elects to participate in the regular premium option offered by LMCIT with a $2,500 medical deductible per occurrence for workers compensation and a $500 deductible per occurrence for liability insurance which offers substantial premium savings when the City has a relatively small amount of claims. An insurance fund has been established to account for the savings when the City has a low claim year in either of the insurance policies to offset the negative effects that the City may have if the City has a high claim year. The City's plan is to continue to build reserves in this fund in the hope of raising the deductibles and working closer towards self- insurance (although we realize that we will never be totally self- insured). The City has also contracted with a risk management consulting firm to assist in the planning and administering of our insurance needs. The City has been working with a firm since 1994 and the positive impact on the City has been substantial. Advice given to the City in working towards self- insurance has proven very beneficial. Also, advice given to the City regarding areas that are underinsured and areas that are over - insured have resulted in many changes, all of them benefiting the City, and ultimately, its citizens. f u 1 xvii I I I I THIS PAGE INTENTIONALLY LEFT BLANK I r FJ t f, N01133S IVIONVNI=l I Virchow, Krause & Company, LLP Certified Public Accountants & Consultants I INDEPENDENT AUDITORS' REPORT ' The Honorable Mayor and Members of the City Council City of Rosemount, Minnesota ' We have audited the general purpose financial statements of the City of Rosemount, Minnesota, as of and for the year ended December 31, 2000 as listed in the table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards and the standards generally accepted in the United States of America applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material ' misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above, present fairly, in all material respects, the financial position of the City of Rosemount, Minnesota, as of December 31, 2000, and the results of its ' operations and the cash flows of its proprietary fund types for the year then ended in conformity with accounting principles generally accepted in the United States of America. L L I u In accordance with Government Auditing Standards, we have also issued a report dated March 16, 2001, on our consideration of the City of Rosemount's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining, individual fund and account group financial statements and schedules as listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of Rosemount, Minnesota. The information for the year ended December 31, 2000, has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, the information is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. The individual fund financial statements for the year ended December 31, 1999 was audited by other auditors whose report, dated March 31, 2000, expressed an unqualified opinion on such information in relation to the basis financial statements taken as a whole. The financial information listed in the accompanying table of contents under "Statistical Section" is presented for purposes of additional analysis and is not a required part of the general purpose financial statements of the City of Rosemount, Minnesota. The information has not been audited by us and, accordingly, we express no opinion on such information. Minneapolis, Minnesota March 16, 2001 U �J�, t 0 , t L- Z 'L& THIS PAGE INTENTIONALLY LEFT BLANK sad Ai pun3 tiejaljdojd IIV gseo jo juawalelS pauigwoo sad j_ pun3 tielaiadoJd II`d pauieja�j ui sabuego pue `saanlipuedx3 `sanuana�j 10 juawalelS paulgwoo sad i pun3 anuana�] leioadS pue lejaua0- lenjoy pue }a6pn8- saouele8 pun3 ui sa6uego pue `sajnlipuadx3 `sanuana�l 10 Iuauwa}eIS pauigwoo sadAjL pun3 IeIuawuJano0 Ilb' sa pun3 ui sa6uego pue `sainpuadx3 `sanuanay 10 }uaw91elS paulgwoo sdnoa0 jun000y pue sad _L pun3 Ilb -IaagS aouele8 paulgwoo pa}uasaid aje sluawalels pauigwoo 6uimolloj aql - 6uiuueld leioueuil ui Isisse of pue suoijejado azAleue pue loiluoo of papaau uoilewaojui jo las fuewwns a juasaid sluawalels leloueull asodind leaaua6 esagl - suoljejado pue uoilisod leioueull s,Al!o aql 10 anlloadsaad peojq pue nnainaano ue apinoid of popualui aje sluawalels pauigwoo aql S1N31U1V1S IVIONVNl3 03N18WOD S1N3W3iViS IVION`dNl3 3SO&ind 1"3N39 1 THIS PAGE INTENTIONALLY LEFT BLANK CITY OF ROSEMOUNT COMBINED BALANCE SHEET - ALL FUND TYPES, ACCOUNT GROUPS, AND DISCRETELY PRESENTED COMPONENT UNIT December 31, 2000 Governmental Fund Types Special Debt Capital General Revenue Service Projects ASSETS AND OTHER DEBITS ASSETS Cash and investments Investment with fiscal agent Receivables Property taxes Customer accounts Special assessments Notes Due from other governmental units Inventories and prepaid items Due from other funds Advances to other funds Fixed assets, net of accumulated depreciation, if applicable OTHER DEBITS Amount available in debt service fund Amount to be provided for retirement of general obligation debt $ 3,689,076 $ 2,175,849 $ 17,739,604 $ 2,775,528 312,637 10,289 12,133 1,483 - 299 61,206 3,125,980 - 36,888 - - - - 101,366 TOTAL ASSETS AND OTHER DEBITS $ 4,049,189 $ 2,249,188 $ 20,867,067 $ 2,876,894 See accompanying notes to financial statements -3- EXHIBIT 1 (Continued) $ 10,554,892 $ 552,760 $ Total $ 2,113,977 $ Total Proprietary Fiduciary Account Groups Primary Component Reporting Fund Types Fund Types General General Government Unit Entity Internal Trust and Fixed Long -Term (Memorandum Port (Memorandum Enterprise Service Agency Assets Obligations Only) Authority Only) $ 10,554,892 $ 552,760 $ 9,217 $ - $ - $ 37,496,926 $ 2,113,977 $ 39,610,903 - - - - - - 2,334,729 2,334,729 - - - - - 312,637 28,208 340,845 590,237 3,578 - 617,720 - 617,720 334,479 - - - - 3,521,964 89,646 3,611,610 - - - - - 1,252,068 1,252,068 27,108 - - 63,996 - 63,996 42,484 32,456 - - - 74,940 277 75,217 - - - - - 101,366 - 101,366 514,342 - - - - 514,342 - 514,342 49,648,053 - 14,688,097 - 64,336,150 237,422 64,573,572 - - - 18,115,814 18,115,814 3,619,053 21,734,867 - - - 6,760,745 6,760,745 4,850,947 11,611,692 $ 61,711,595 $ 588,794 $ 9,217 $ 14,688,097 $ 24,876,559 $ 131,916,600 $ 14,526,327 $ 146,442,927 -4- CITY OF ROSEMOUNT COMBINED BALANCE SHEET - ALL FUND TYPES, ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNIT December 31, 2000 LIABILITIES, EQUITYAND OTHER CREDITS LIABILITIES Accounts payable Compensated absences payable Accrued liabilities Contracts payable Due to other governmental units Due to other funds Advances from other funds Deposits payable Deferred revenues Accrued interest Bonds payable Lease obligation Total Liabilities EQUITY AND OTHER CREDITS Contributed capital Investment in general fixed assets Retained Earnings - reserved Retained Earnings - unreserved Fund Balances (Deficit) Reserved for Capital projects Special projects Encumbrances Debt service Unreserved Designated Undesignated (Deficit) Total Equity and Other Credits TOTAL LIABILITIES, EQUITY AND OTHER CREDITS Governmental Fund Types Special Debt Capital General Revenue Service Projects $ 177,461 $ 22,673 $ - $ 142,967 62,464 - - - - - 288,927 - - 101,366 - 280,550 - - 34,690 - - - 58,045 54,206 2,751,253 - 332,660 357,429 2,751,253 533,260 2,476,047 - 100,000 - - 111,527 - - - - 18,115,814 - 3,605,002 - - - - 1,791,759 - (132,413) 3,716,529 1,891,759 18,115,814 2,343,634 $ 4,049,189 $ 2,249,188 $ 20,867,067 $ 2,876,894 See accompanying notes to financial statements -5- EXHIBIT 1 (Concluded) $ 69,066 $ 12,000 $ Total 433,384 $ Total Proprietary Fiduciary Account Groups Primary Component Reporting Fund Types Fund Types General General Government Unit Entity Internal Trust and Fixed Long -Term (Memorandum Port (Memorandum Enterprise Service Agency Assets Obligations Only) Authority Only) $ 69,066 $ 12,000 $ 9,217 $ - $ - $ 433,384 $ 11,736 $ 445,120 41,096 - - - 358,533 399,629 - 399,629 11,629 - - - - 74,093 - 74,093 40,289 = _ _ 329,216 95,469 424,685 - - - - - 101,366 - 101,366 233,792 - - - - 514,342 - 514,342 - - - 34,690 4,746 39,436 329,660 - - - - 3,193,164 1,341,714 4,534,878 101,629 - - - - 101,629 - 101,629 4,985,495 - - - 23,985,000 28,970,495 8,470,000 37,440,495 - - - - 533,026 533,026 - 533,026 5,812,656 12,000 9,217 - 24,876,559 34,685,034 9,923,665 44,608,699 42,454,032 42,454,032 - 42,454,032 - - - 14,688,097 - 14,688,097 237,422 14,925,519 5,534,342 - - - - 5,534,342 - 5,534,342 7,910,565 576,794 - - - 8,487,359 - 8,487,359 - - - - - 2,476,047 - 2,476,047 - - - - - 100,000 - 100,000 - - - - - 111,527 277 111,804 18,115,814 3,619,053 21,734,867 - - - - - 3,605,002 - 3,605,002 - - - - - 1,659,346 745,910 2,405,256 55,898,939 576,794 - 14,688,097 - 97,231,566 4,602,662 101,834,228 $ 61,711,595 $ 588,794 $ 9,217 $ 14,688,097 $ 24,876,559 $ 131,916,600 $ 14,526,327 $ 146,442,927 -6- CITY OF ROSEMOUNT COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES AND DISCRETELY PRESENTED COMPONENT UNIT For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) Governmental Fund Tvoes REVENUES Taxes Municipal state (MSA) Tax increments Intergovernmental revenues Licenses and permits Fines and forfeitures Special assessments Charges for services Investment income Net increase (decrease) in the fair value of investments Miscellaneous Total Revenues EXPENDITURES Current General government Public safety Public works Parks and recreation Lease payments Other Capital outlay Debt Service Principal retirement Interest Fiscal agent fees Total Expenditures Excess (deficiency) of revenues over expenditures OTHER FINANCING SOURCES (USES) Proceeds from issuance of debt Operating transfers in Operating transfers in - primary government Operating transfers out Total Other Financing Sources (Uses) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses FUND BALANCES - January 1 1,202,164 Special Debt Capital General Revenue Service Projects $ 2,916,269 $ 908,000 $ 565,331 $ - - 473,141 88,748 - 1,457,390 73,937 - 350,000 588,304 - - - 72,067 - - - - 38,812 7,425,923 - 713,892 201,555 - - 153,885 116,647 549,778 211,194 22,969 17,364 32,104 - 287,832 138,688 - 2,080,168 6,212,608 1,968,144 8,661,884 2,641,362 1,202,164 22,174 - - 1,580,593 - - - 1,887,570 - - 3,539,908 691,126 - - - - 159,972 - - - - 2 375,961 - 851,279 - - - - 1,930,000 - - - 1,146,501 - - - 4,721 - 5,361,453 1,033,425 3,081,224 3,915,869 851,155 934,719 5,580,660 (1,274,507) 3,500 3,996 853,808 3,287,636 (192,000 (1,171,327 (34,454 (2,137,684 (188,500 (1,167,331 819,354 1,149,952 662,655 (232,612) 6,400,014 (124,555) 3,054,533 2,143,468 11,198,187 2,973,484 Equity transfers FUND BALANCES - December 31 (659 (19,097 517,613 (505,295 $ 3,716,529 $ 1,891,759 $ 18,115,814 $ 2,343,634 See accompanying notes to financial statements -7- L r 0 n EXHIBIT 2 Totals (Memoran- Component dum Only) Unit Totals Primary Port (Memorandum Only) Government Authority 2000 1999 $ 4,389,600 $ 297,537 $ 4,687,137 $4,380,211 561,889 - 561,889 667,145 - 473,896 473,896 449,519 1,881,327 127,684 2,009,011 1,331,090 588,304 - 588,304 623,463 72,067 - 72,067 91,441 7,464,735 - 7,464,735 3,679,095 915,447 - 915,447 598,214 1,031,504 230,327 1,261,831 783,503 72,437 - 72,437 (91,598) 2,506,688 103,243 2,609,931 971,562 19,483,998 1,232,687 20,716,685 13,483,645 1,224,338 542,895 1,767,233 1,239,838 1,580,593 - 1,580,593 1,495,469 5,427,478 - 5,427,478 8,212,767 691,126 - 691,126 628,144 159,972 - 159,972 171,547 375,963 - 375,963 214,263 851,279 1,613,394 2,464,673 707,228 1,930,000 180,000 2,110,000 1,740,000 1,146,501 378,824 1,525,325 1,288,625 4,721 1,461 6,182 6,296 13,391,971 2,716,574 16,108,545 15,704,177 6,092,027 (1,483,887) 4,608,140 (2,220,532) - 1,732,500 1,732,500 8,044,035 4,148,940 - 4,148,940 1,028,345 - 188,000 188,000 179,928 (3,535,465) - (3,535,465 (899,480) 613,475 1,920,500 2,533,975 8,352,828 6,705,502 436,613 7,142,115 6,132,296 19,369,672 3,928,627 23,298,299 17,166,002 (7,438 - (7,438) - $ 26,067,736 $ 4,365,240 $ 30,432,976 $ 23,298,298 M CITY OF ROSEMOUNT COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET (AS AMENDED) AND ACTUAL (BUDGETARY BASIS) GENERAL AND ANNUALLY ADOPTED SPECIAL REVENUE FUNDS For the Year Ended December 31, 2000 General Fund REVENUES Taxes Municipal state aid (MSA) Intergovernmental revenues Licenses and permits Fines and forfeitures Special assessments Charges for services Investment income Net increase (decrease) in the fair value of investments Donations and other Miscellaneous Total Revenues EXPENDITURES Current General government Public safety Public works Parks and recreation Total Expenditures Excess (deficiency) of revenues over expenditures OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses Reconciliation to GAAP basis elimination of encumbrances, net FUND BALANCES - January 1 Equity transfers FUND BALANCES (DEFICIT) - December 31 See accompanying notes to financial statements 1,312,218 1,142,410 Variance - 1,565,757 1,579,038 Favorable Budget Actual (Unfavorable) $ 2,908,383 $ 2,916,269 $ 7,886 1,418,913 1,457,390 38,477 390,700 588,304 197,604 100,000 72,067 (27,933) 2,000 - (2,000) 424,300 713,892 289,592 60,800 153,885 93,085 - 22,969 22,969 44,146 44,146 - 205,300 243,686 38,386 5,554,542 6,212,608 658,066 1,312,218 1,142,410 169,808 1,565,757 1,579,038 (13,281) 1,968,578 1,887,570 81,008 711,289 691,126 20,163 5,557,842 5,300,144 257,698 (3,300) 912,464 915,764 3,500 3,500 - (192,000) (192,000) - (188,500) (188,500) $ - (12 - 1,800) 723,964 $ 915,764 (61,309) 3,054,533 (659) $ 3,716,529 N 1 ' EXHIBIT 3 ■ 1 -10- Annually Adopted Special Revenue Funds ' Variance - Favorable Budget Actual (Unfavorable) t $ 908,000 $ 908,000 $ - - 473,141 473,141 - 64,055 64,055 17,000 38,812 21,812 ' 50,000 26,900 184,755 87,708 134,755 60,808 11,552 11,552 - 213 213 - 16,245 16,245 1,001,900 1,784,481 782,581 2,500 2,500 - ' 1,020,000 859,461 160,539 1,022,500 861,961 160,539 ' (20,600) 922,520 943,120 3,996 3,996 ' = (1,171,327) (1,171,327) (1,167,331) (1,167,331) ' $ (20,600) $ (224,211) (244,811) ' 25,620 1,547,465 ' (19,097) $ 1,309,177 1 -10- CITY OF ROSEMOUNT COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) EXHIBIT 4 OPERATING REVENUES Charges for services Water meter maintenance Water meters Miscellaneous Donations and other Total Operating Revenues OPERATING EXPENSES Personal services Supplies Professional services & other charges Other services and charges Metro sewer charges Insurance expense Total Operating Expenses OPERATING INCOME (LOSS) BEFORE DEPRECIATION Depreciation Operating Income (Loss) NONOPERATING REVENUES (EXPENSES) Connection fees Property taxes Special assessments Intergovernmental Investment income Net increase (decrease) in the fair value of investments Surcharges and penalties Other expenses Interest expense and fiscal agent fees Total Nonoperating Revenues (Expenses) Income Before Operating Transfers Operating transfers in Operating transfers out Operating transfers out - component unit Total Operating Transfers NET INCOME (LOSS) ADD DEPRECIATION ON CONTRIBUTED ASSETS INCREASE (DECREASE) IN RETAINED EARNINGS BEGINNING RETAINED EARNINGS Prior period adjustments RETAINED EARNINGS - January 1 Proprietary - 1,757,206 Fund Types 136,300 Totals 321,300 294,900 Internal (Memorandum Only) Enterprise Service 2000 1999 $ 2,304,653 $ - $ 2,304,653 $ 1,936,567 17,175 - 17,175 18,300 87,038 - 87,038 85,984 274,395 - 274,395 290,514 - 31,111 31,111 36,200 2,683,261 31,111 2,714,372 2,367,565 594,766 - 594,766 605,196 175,613 18,143 193,756 191,754 181,474 76,615 258,089 201,437 195,402 - 195,402 85,359 410,160 - 410,160 398,145 - 133,933 133,933 143,590 1,557,415 228,691 1,786,106 1,625,481 1,125,846 (197,580) 928,266 742,084 (1,201,976) - (1,201,976) (1,136,457) (76,130) (197,580) (273,710) (394,373) 1,757,206 - 1,757,206 1,379,386 136,300 185,000 321,300 294,900 256,594 - 256,594 189,673 - 32,487 32,487 - 523,149 26,904 550,053 362,525 74,277 7,156 81,433 (131,477) 170,447 - 170,447 110,220 - - - (2,635) (234,547) - (234,547) (197,803) 2,683,426 251,547 2,934,973 2,004,789 2,607,296 53,967 2,661,263 1,610,416 152,354 - 152,354 967,174 (765,829) - (765,829) (1,096,039) (188,000) - (188,000) (179,928) (801,475) - (801,475) (308,793) 1,805,821 53,967 1,859,788 1,301,623 1,014,349 - 1,014,349 973,726 2,820,170 53,967 2,874,137 2,275,349 10,574,905 522,827 11,097,732 8,631,333 42,394 - 42,394 191,050 10,617,299 522,827 11,140,126 8,822,383 Equity transfers 7,438 - 7,438 - RETAINED EARNINGS - December 31 $ 13,444,907 $ 576,794 $ 14,021,701 $ 11,097,732 See accompanying notes to financial statements. -11- I CITY OF ROSEMOUNT EXHIBIT 5 ' COMBINED STATEMENT OF CASH FLOWS - ALL PROPRIETARY FUND TYPES For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) u L Proprietary Fund Types Totals Internal (Memorandum Only) Enterprise Service 2000 199 CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities Depreciation Nonoperating revenues Prior period adjustments Change in Assets and Liabilities Accounts receivable Special assessments receivable Due from other governments Inventories and prepaid items Due from other funds Advances to other funds Accounts payable Compensated absences payable Other accrued liabilities Accrued interest Contracts payable Advances from other funds Deferred revenues Net Cash Provided by Operating Activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers in Operating transfers out Net Cash Used by Noncapital Financing Activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Additions to fixed assets Proceeds from long -term debt Principal paid on long -term debt Interest and fiscal charges on bonds Net Cash Provided (Used) by Capital and Related Financing Activities $ (76,130) $ (197,580) $ (273,710) $ (394,373) 1,201,976 - 1,201,976 1,136,457 2,320,547 217,487 2,538,034 1,971,543 42,394 - (4,668) (119,211) (3,578) (122,789) 17,533 8,897 - (114,947) (4,433) - (22,675) (1,837) (7,280) (9,117) 136,941 - - - 50,434 17,413 - (531,755) 12,079 (2,355) 9,724 59,781 7,435 - - (3,104) 426 - 426 (7,950) 19,381 - 5,242 26,321 - 26,321 11,440 (7,915) - (7,915) 241,707 40,243 - 40,243 64,759 3,487,586 6,694 3,494,280 2,616,365 159,792 - 159,792 967,174 (953,829) - (953,829) (1,275,968) (794,037) - (794,037) (308,794) (1,008,044) - (1,008,044) (1,302,971) 1,147,124 - 1,147,124 855,000 (350,000) - (350,000) (330,000) (231,091) - (231,091) (197,803) (442,011) - (442,011) (975,774) CASH FLOWS FROM INVESTING ACTIVITIES Income on investments $ 523,149 $ 26,904 $ 550,053 $ 362,526 Net increase (decrease) in the fair value of investments 74,277 7,156 81,433 (131,477) Net Cash Provided by Investing Activities 597,426 34,060 631,486 231,049 Net Increase (Decrease) in Cash and Cash Equivalents 2,848,964 40,754 2,889,718 1,562,846 CASH AND CASH EQUIVALENTS - January 1 7,705,928 512,006 8,217,934 6,655,088 CASH AND CASH EQUIVALENTS - DECEMBER 31 $ 10,554,892 $ 552,760 $ 11,107,652 $ 8,217,934 NONCASH INVESTING, CAPITAL AND FINANCING ACTIVITIES Contributions of fixed assets from governmental funds $ 3,168,050 $ - $ 3,168,050 $ 1,120,259 See accompanying notes to financial statements. -12- THIS PAGE INTENTIONALLY LEFT BLANK S1N3W31VIS IVIONVNIJ 01 S31ON CITY OF ROSEMOUNT I NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 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 four -year term coinciding with the terms of two of the Council members. Elections take place every two years. ' The financial statements of the City have been prepared in conformity with generally accepted accounting principles, as applied to governmental units by the Governmental Accounting Standards Board (GASB). The ' more significant accounting policies of the City are described below. A. Reporting Entity As required by generally accepted accounting principles, these financial statements present the City and its component units, entities for which the City is considered to be financially accountable. Blended com- ponent units, although legally separate entities, are, in substance, part of the City's operations and so data from these units are combined with data of the primary City. Governmental Accounting Standards Board (GASB) Statement No. 14, "The Financial Reporting Entity", established criteria for determining which component units should be considered part of the City for financial reporting purposes. These criteria in- clude such aspects as appointment of governing body members, budget review, approval of property tax levies, outstanding debt secured by City's full faith and credit, and responsibility for funding deficits. As a result of applying the component unit definition criteria above, certain organizations have been de- ' fined in accordance with GASB Statement No. 14 and are presented in this report as follows: Blended Component Units - Reported as if they were part of the City ' • Discretely Presented Components Units - Entails reporting the component unit financial data in a col- umn separate from the financial data of the City • Related Organization - The relationship of the City with the entity is disclosed • Joint Ventures and Jointly Governed Organizations - The relationship of the City with the entity is dis- closed For each of the categories above, the specific entities are identified as follows: BLENDED COMPONENT UNITS: None. DISCRETELY PRESENTED COMPONENT UNITS: I Rosemount Port Authori The Port Authority was created by the City to carry out certain redevelopment projects. The Port Author- ' ity's governing board is appointed by the City Council. The City Council reviews and approves all Port Authority tax levies and the City provides major community development financing for Port Authority ac- tivities. Debt issued for Port Authority activities are general obligations of the City. The Port Authority's fi- nancial data has been presented in this financial report as a governmental fund type. Separate financial statements have not been prepared for the Rosemount Port Authority. 1 -14- CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS ' December 31, 2000 RELATED ORGANIZATIONS: None JOINT VENTURES AND JOINTLY GOVERNED ORGANIZATIONS: None. B. Measurement Focus, Basis of Accounting and Basis of Presentation The accounts of the City are organized and operated on the basis of funds and account groups. A fund is an independent fiscal and accounting entity with a self - balancing set of accounts. Fund accounting segre- gates funds according to their intended purpose and is used to aid management in demonstrating compli- ance with finance related legal and contractual provisions. The minimum number of funds is maintained consistent with legal and managerial requirements. Account groups are a reporting device to account for certain assets and liabilities of the governmental funds not recorded directly in those funds. The City has the following fund types and account groups: Governmental Funds are used to account for the City's general government activities. Governmental fund types use the flow of current financial resources measurement focus and the modified accrual basis of accounting. Under the modified accrual basis of accounting revenues are recognized when susceptible to accrual (i.e., when they are "measurable and available "). "Measurable" means the amount of the trans- action can be determined and "available" means collectible within the current period. The City considers all revenues available if they are collected within 60 days after year -end. Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on general long -term debt which is rec- ognized when due, and certain compensated absences and claims or judgments which are recognized when the obligations are expected to be liquidated with expendable available financial resources. Examples of revenues susceptible to accrual include property taxes, franchise taxes, licenses, interest and special assessments. Other receipts and taxes become measurable and available when cash is re- ceived by the government and are recognized as revenue at that time. Entitlement and shared revenues are recorded at the time of receipt or earlier if the susceptible to accrual criteria are met. Expenditure- driven grants are recognized as revenue when the qualifying expenditures have been incurred and all other grant requirements have been met. -15- I CITY OF ROSEMOUNT I NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 ' 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 government, except those required to be accounted for in another fund. The special revenue funds account for revenue sources that are legally restricted to expend for specific ' purposes (not including major capital projects). The debt service funds account for the servicing of general long -term debt not being financed by proprie- tary funds. The capital project funds account for the acquisition of fixed assets or construction of major capital proj- ects not being financed by proprietary funds. ' Proprietary Funds are accounted for on the flow of economic resources measurement focus and use the accrual basis of accounting. Under this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. Proprietary Funds are reported in accordance with GASB Statement No. 20, "Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting ". This standard requires that all applicable Governmental Accounting Standards Board (GASB) pro- nouncements, Financial Accounting Standards Board (FASB) Statements and Interpretations, Accounting Principles Board (APB) Opinions, and Accounting Research Bulletins (ARBs) issued on or before Novem- ber 30, 1989 be applied to proprietary activities unless they (FASB Statements and Interpretations, APB ' Opinions, and ARBs) conflict with or contradict GASB pronouncements. GASB Statement No. 20 also states that proprietary activities may elect to apply all FASB Statements and Interpretations issued after November 30, 1989, except for those that conflict with or contradict GASB pronouncements. Proprietary activities under the control of the City will not elect to apply FASB State- ments and Interpretations issued after November 30, 1989, unless they are adopted by GASB. ' Proprietary funds include the following fund types: Enterprise funds are used to account for those operations that are financed and operated in a manner similar to private business or where the City has decided that the determination of revenues earned, costs incurred and /or net income is necessary for management accountability. Internal service funds account for operations that provide services to other departments or agencies of the ' City, or to other governments, on a cost - reimbursement basis. Fiduciary Funds account for assets held by the City in a trustee capacity or as an agent on behalf of oth- ers. Agency funds are custodial in nature and do not present results of operations or have a measurement fo- cus. Agency funds are accounted for using the modified accrual basis of accounting. This fund is used to account for assets that the government holds for others in an agency capacity. Account Groups. The general fixed assets account group is used to account for fixed assets not ac- ' counted for in proprietary 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 liabilities of proprietary or trust funds. u 1 -16- CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 C. Assets, Liabilities and Equity 1. Cash and Investments (including cash equivalents) The City's cash and cash equivalents are considered to be cash on hand, demand deposits and short - term investments with original maturities of three months or less from the date of acquisition. A single consolidated bank account has been established in a local bank into which monies are deposited and from which most disbursements are made. In addition, investment purchases are charged and maturi- ties are deposited to the consolidated bank account. The purpose of this consolidation is to reduce administrative costs and to provide a single cash balance available for the maximization of investment earnings. Each fund shares in the investment earnings according to its average cash and investment balances. Cash is transferred from those funds with available cash resources to cover any negative cash balances in other funds at year -end. State statutes authorize the City to invest in direct obligations or obligations guaranteed by the United States or its agencies, commercial paper, repurchase or reverse repurchase agreements with banks that are members of the Federal Reserve System with capitalization exceeding $10,000,000, a pri- mary reporting dealer in U.S. Government Securities to the Federal Reserve Bank of New York, or certain Minnesota brokers /dealers, general obligations of the State of Minnesota or any of its munici- palities, bankers acceptances of United States banks eligible for purchase by the Federal Reserve System, and shares of investment companies registered under the Federal Investment Company Act of 1940 and whose only investments are direct obligations guaranteed by the United States or its agencies. The City's investments at December 31, 2000, are stated at fair value. Fair values were based on the December 31, 2000 Wall Street Journal. The City considers all highly liquid investments with a maturity of three months or less to be cash equivalents when preparing the proprietary fund type cash flow statements. The City considers certifi- cates of deposit to be demand deposits of financial institutions, and therefore are considered to be cash equivalents. Cash with fiscal agents are not considered to be cash equivalents, and therefore are excluded from cash and cash equivalents in the cash flow statements. 2. Receivables and Payables Transactions between funds that are representative of lending /borrowing arrangements outstanding at the end of the fiscal year are referred to as either "interfund receivables /payables" (i.e., the current portion of interfund loans) or "advances to /from other funds" (i.e., the non - current portion of interfund loans). All other outstanding balances between funds are reported as "due to /from other funds." Advances between funds are offset by a fund balance reserve account in applicable governmental funds to indicate they are not available for appropriation and are not expendable available financial re- sources. The City uses the allowance method to estimate the portion of trade and property tax receivables that are considered uncollectible. Property tax levies are set by the City Council in the fall of each year and are certified to Dakota County for collection in the following year. In Minnesota, counties act as collection agents for all prop- erty taxes. -17- I CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 ' The County spreads all levies over taxable property. Such taxes become a lien on January 1 and are recorded as receivables by the City at that date. Property taxes are accrued and recognized as reve- nue in the year collectible, net of delinquencies. Real property taxes may be paid by taxpayers in two equal installments on May 15 and October 15. Personal property taxes may be paid on February 28 and June 30. The County provides tax settle- ' ments to cities and other taxing districts five times per year, in January, April, June, July and Decem- ber. ' Special assessments receivable includes the following components: • Current - amounts collected by Dakota County and not remitted to the City. • Delinquent - amounts billed to property owners but not paid. ' Deferred - assessment installments, which will be billed to property owners in future years. • Other - assessments for which payment has been postponed based on Council action. 4. Prepaid Items Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items. 5. Restricted Assets Taxes which remain unpaid 60 days after year end are classified as delinquent taxes receivable and are fully offset by deferred revenue because they are not known to be available to finance current ex- ' penditures. No allowance for uncollectible taxes has been provided because such amounts are not expected to be material. ' 3. Special Assessments Receivable Fixed assets used in governmental fund types of the City are recorded in the general fixed asset ac- ' Special assessments are levied against the benefited properties for the assessable costs of special assessment improvement projects in accordance with State Statutes. The City usually adopts the as- ' sessment rolls when the individual projects are complete. The assessments are collectible over a term of years generally consistent with the term of years of the related bond issue. Collection of annual in- stallments (including interest) is handled by the County in the same manner as property taxes. Prop- ' erty owners are allowed to prepay total future installments without interest or prepayment penalties. ' Special assessments receivable includes the following components: • Current - amounts collected by Dakota County and not remitted to the City. • Delinquent - amounts billed to property owners but not paid. ' Deferred - assessment installments, which will be billed to property owners in future years. • Other - assessments for which payment has been postponed based on Council action. 4. Prepaid Items Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items. 5. Restricted Assets 1 -18- The restricted assets, at December 31, 2000, included in investment with fiscal agent on the balance ' sheet, represent crossover refunding bond proceeds held in escrow. 6. Fixed Assets ' Fixed assets used in governmental fund types of the City are recorded in the general fixed asset ac- count group at cost or estimated historical cost if purchased or constructed. Donated fixed assets are ' recorded at their estimated fair value at the date of donation. Assets in the general fixed assets ac- count group are not depreciated. Interest incurred during construction is not capitalized on general fixed assets. Public domain (infrastructure) general fixed assets including roads, bridges, sidewalks and other assets are excluded from general fixed assets, as such items are immovable and of value ' only to the City. 1 -18- CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 The cost of normal maintenance and repairs that do not add to the value of an asset or materially ex- tend an asset's life is not included in the general fixed assets account group or capitalized in the pro- prietary funds. Fixed assets of proprietary funds are recorded at historical cost or, if contributed by developers, at the fair market value on the date contributed in the Enterprise Fund. Depreciation is charged as an ex- pense against operations, and accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated lives using the straight -line method. The estimated useful lives are as follows: Assets Buildings Machinery and Equipment Other Improvements 30 -65 years 4 -20 years ' 60 years Depreciation on contributed assets is shown in the operating statements; however, this depreciation is eventually transferred against the contributed capital account rather than retained earnings in accor- dance with generally accepted accounting principles. Consequently, the contribution account reflects the net book value of contributed assets rather than the original cost of such assets. In the past five years, the City has done extensive work with regards to fixed assets. This involved taking an inventory of the City's fixed assets and comparing this to the accounting records. As a re- sult, the City has contracted with Valuation Resource Management, Inc. (VRM), an outside company, to account for all of the City's fixed assets. As a result of the City's efforts, fixed assets were adjusted to reflect what is considered to be materially accurate balances at December 31, 1999. 7. Compensated Absences It is the City's policy to permit full -time employees to accumulate earned but unused vacation, sick and comp time benefits. Vacation, sick and comp time is accrued when incurred in proprietary funds and reported as a fund liability. Vacation, sick and comp time that is expected to be liquidated with ex- pendable available financial resources is reported as an expenditure and a fund liability of the gov- ernmental fund that will pay it. Amounts not expected to be liquidated with expendable available finan- cial resources are reported in the general long -term debt account group. No expenditure is reported for these amounts. Vacation, comp time, and sick pay accruals are based upon union contracts and City resolutions as applicable. Amounts carried forward for vacation and comp time accruals are governed by these con- tracts and resolutions. Sick pay accruals may be carried forward indefinitely. 8. Long -term Obligations The City reports long -term debt of governmental funds at face value in the general long -term debt ac- count group. Certain other governmental fund obligations not expected to be financed with current available financial resources are also reported in the general long -term debt account group. Long -term debt and other obligations financed by proprietary funds are reported as liabilities in the appropriate funds. -19- CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 For governmental fund types, bond premiums and discounts, as well as debt issue costs, are recog- nized during the current period. Bond proceeds are reported as an other financing source net of the applicable premium or discount. Issuance costs, even if withheld from the actual net proceeds re- ceived, are reported as capital project expenditures. For proprietary fund types, bond premiums and discounts, as well as issuance costs, are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. Issuance costs are reported as deferred charges. 9. Fund Equity Reservations of fund equity represent amounts that are not appropriable or are legally segregated for a specific purpose. Reservations of fund equity are limited to outside third -party restrictions. Designa- tions of fund equity represent tentative management plans that are subject to change. The proprietary fund's contributed capital represents equity acquired through capital grants and capital contributions from developers, customers or other funds. D. Interfund Transactions Quasi - external transactions are accounted for as revenues, expenditures or expenses. Transactions that ' constitute reimbursements to a fund for expenditures or expenses initially made from it that are properly applicable to another fund are recorded as expenditures or expenses in the reimbursing fund and as a re- duction of expenditures or expenses in the fund that is reimbursed. � 1 � n J All other interfund transactions, except quasi - external and reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent transfers of equity are reported as residual equity transfers. All other interfund transfers are reported as operating transfers. E. Memorandum Only - Total Columns Total columns on the general purpose financial statements are captioned as "memorandum only" because they do not represent consolidated financial information and are presented only to facilitate financial analysis. The columns do not present information that reflects financial position, results of operations or cash flows in accordance with generally accepted accounting principles. Interfund eliminations have not been made in the aggregation of this data. F. Risk Management The City is exposed to various risks of loss related to tort liabilities; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The City has purchased com- mercial insurance which provides for these various risks of loss. Settled claims have not exceeded insur- ance coverage in any of the past three fiscal years. The City has established an Insurance Fund to account for and finance its uninsured risks of loss related to torts, theft of, damage to and destruction of assets, including deductibles. The majority of the City's general liability and workers compensation insurance premiums are paid for by this fund. The Insurance Fund is reported as an internal service fund in the City's financial statements. At December 31, 2000 there are no claims liabilities in the Insurance Fund based on the requirements of Governmental Accounting Standards Board Statement Number 10, which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is probable a liability has been incurred at the date of the financial statements and the amount of loss can be reasonably estimated. -20- CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 G. Comparative Data /Reclassification Comparative total data for the prior year has been presented in selected sections of the accompanying fi- nancial statements in order to provide an understanding of the changes in the City's financial position and operations. Certain amounts presented in the prior year data have been reclassified in order to be con- sistent with the current year presentation. II. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY A. Budgetary Information Annual budgets for the general fund and three special revenue funds, Building CIP fund, Street CIP fund and Equipment CIP fund, are adopted on a basis of accounting consistent with generally accepted ac- counting principles (GAAP) with departures from GAAP for encumbrances. The capital project funds adopt project - length budgets and therefore are not included in the annual budgeting process. Formal budgetary integration is not employed for debt service funds because effective budgetary control is alternatively achieved through general obligation bond indenture provisions. On or before July 15 of each year, all agencies of the government submit requests for appropriations to the City Administrator so that a budget may be prepared. Before September 15, the proposed budget is presented to the City Council for review and adoption of a preliminary levy. The City Council holds public hearings and a final budget must be prepared and adopted no later than December 20. The appropriated budget is prepared by fund, department and function. The City's department heads may make transfers of appropriations within a department. Transfers of appropriations between departments require the approval of the City Council. The legal level of budgetary control is the department level. The City Council approved several supplemental budgetary appropriations throughout the year, but they were not considered material. Encumbrance accounting is employed in the budgeted governmental funds. Encumbrances (e.g., pur- chase orders, contracts) do not constitute expenditures or liabilities. Encumbrances outstanding at year- end are reported as reservations of fund balance for subsequent year expenditures based on the encum- bered appropriation authority carried over. All unencumbered appropriations lapse at year -end. B. Excess of Expenditures Over Appropriations During 2000, expenditures and other financing uses exceeded appropriations in the following funds: General Fund Department: Public Safety Special Revenue Funds: Equipment CIP Amount Exceeding Budget $ 13,281 97,004 The expenditures exceeding appropriations have been funded by available fund equity and current year revenues that exceeded budgets. -21- 77 , l CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 C. Deficit Fund Equity The following special revenue fund had a deficit fund balance, at December 31, 2000: Amount Building CIP $ (87,003) The City will finance this deficit through external or internal sources in future years. J 1 J The following capital project funds had deficit fund balances, at December 31, 2000: Fund Amount CR 42 & Canada Avenue Turn Lanes $ (19,911) TH 3 Recon -145 Street to CR 42 (29,263) Bloomfield 2 nd Addition (144) South Rose Park Area Improvements (6,448) CR 42- Diamond Path to Shannon Parkway (999) 2001 Recon -Dodd Boulevard- Shannon Parkway West (4,156) Evermoor (70,528) Carrousel Plaza Townhomes (964) The various capital project funds are awaiting final payments from various state and local funding sources and long -term debt proceeds prior to being closed. The City intends to transfer money from the general fund to cover any remaining deficit fund balances. III. DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS A. Cash and Investments The City maintains a consolidated cash management pool that is available for use by all funds. Each fund's portion of the consolidated cash pool is displayed on the combined balance sheet as "Cash and In- vestments". The City has the authority from the City Council to maintain deposits with various financial institutions that are members of the Federal Reserve System. As required by Minnesota Statutes, any of the City's depos- its are to be protected by $100,000 of federal depository insurance and pledged collateral. The market value of pledged collateral must equal 110% of the deposits not covered by insurance or bonds (140% in the case of mortgage notes pledged). At year -end, the City's carrying amount of cash and certificates of deposit was $33,738,419 and the bank balance, was $34,468,339. All of the deposits were covered by federal depository insurance (FDIC) or collateralized by security held by the City's agent in the City's name. -22- CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS D ecem be r 3 1, 200 The City's investments are categorized in the following table to give an indication of the level of risk as- sumed at year -end, as summarized below: Category 1 - includes investments that are insured or registered or for which the securities are held by the City or its agent in the City's name. Category 2 - includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the City's name. Category 3 - includes uninsured and unregistered investments for which the securities are held by the counterparty or by its trust department or agent but not in the City's name. Cash and investment balances at December 31, 2000, are categorized as follows: Risk Category Carrying 1 2 3 Amount U.S. Government Securities $ 5,871,584 $ - $ - $ 5,871,584 Total Investments $ 5,871,584 $ - $ - $ 5,871,584 Deposits 33,738,419 Petty Cash 900 Total Cash and Investments $ 39,610,903 Investments Held in Trust at December 31, 2000: Investments with Refunding Escrow Agent $ 2,334,729 $ - $ - $ 2,334,729 At year -end, the Port Authority had cash and investments totaling $2,113,977. The Port Authority's cash and investments are included in the cash and investment accounts of the City and therefore are ac- counted for in the previous table assessing the level of risk assumed at year end. -23- 1 CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 B. Receivables Receivables as of December 31, 2000, including the applicable allowances for uncollectible accounts, are as follows: $ 1,252,068 The following is a schedule of maturities for the two installment obligations discussed above: Year Ending December 31 Amount 2001 Total Special Debt Internal Primary General Revenue Service Enterprise Service Government Receivables: 103,070 Property Taxes $ 312,637 $ - $ - $ - $ - $ 312,637 Accounts Receivable 10,289 12,133 1,483 590,237 3,578 617,720 Special Assessments 299 61,206 3,125,980 334,479 - 3,521,964 Intergovernmental 36,888 - - 27,108 - 63,996 $ 360,113 $ 73,339 $ 3,127,463 $ 951,824 $ 3,578 $ 4,516,317 Less Allowance for Doubtful Accounts - - - - - Net Accounts Receivable $ 360,113 $ 73,339 $ 3 127.463 $ 951.824 $ 3,578 $ 4_516,31Z Notes receivable, reported in Port Authority consisted of two separate installment obligations. The obliga- tions at December 31, 2000, were as follows: Installment obligation payable in monthly principal and interest payments of $3,536. The note bears interest of 1.25 %, and matures May of 2020. The note is secured by a building. $ 731,281 Installment obligation payable in monthly principal and interest payments of $5,000 through May 2001 and $6,000 to maturity. The note bears interest of 1.25°/x, and is due in September of 2008. The note is secured by a building. 520,787 $ 1,252,068 The following is a schedule of maturities for the two installment obligations discussed above: Year Ending December 31 Amount 2001 $ 93,301 2002 100,528 2003 101,791 2004 103,070 2005 104,367 2006 and thereafter 749,011 Total $ 1,252,068 -24- CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS ' December 31, 2000 C. Fixed Assets Activity in the general fixed assets account group for the government for the year ended December 31, 2000, was as follows: Land Land Improvements Buildings Machinery and Equipment Vehicles Total January 1, $ 264,842 $ - December 31, 2000 Additions Deletions 2000 200,594 223,890 $ 1,516,822 $ - $ (81,600) $ 1,435,222 644,949 70,817 (26,821) 688,945 7,217,246 - (1,200) 7,216,046 3,009,918 252,304 (94,069) 3,168,153 1,970,551 303,429 (94,249) 2,179,731 $ 14,359,486 $ 626,550 $ (297,939) $ 14,688,097 Activity for Port Authority fund fixed assets for the year ended December 31, 2000, was as follows: January 1, December 31, 2000 Additions Deletions 2000 Land $ 220,273 $ 224,982 $ (270,711) $ 174,544 Land Improvements - - - - Buildings 44,258 - - 44,258 Machinery and Equipment 18,620 - - 18,620 Total $ 283,151 $ 224,982 $ (270,711) $ 237,422 The following is a summary of proprietary fund type fixed assets for the City at December 31, 2000: Water Sewer Storm Water Arena Total Land $ 264,842 $ - $ 99,500 $ - $ 364,342 Buildings 1,551,195 200,594 223,890 2,360,000 4,335,679 Mains and Lines 1,295,323 711,767 1,651,710 - 3,658,800 Other Improvements 14,832,116 36,541,078 11,491,505 - 62,864,699 Machinery and Equipment 839,235 314,381 119,862 9,041 1,282,519 Construction in Progress 1,065,591 483,707 1,963,283 - 3,512,581 Less Accumulated Depreciation (5,838,904) (17,790,674) (2,420,085) (320,904) (26,370,567) Net Fixed Assets $ 14,009,398 $ 20,460,853 $ 13,129,665 $ 2,048,137 $ 49,648,053 -25- CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 1 D. Interfund Receivable and Payable 1 -26- The composition of interfund balances as of December 31, 2000, is as follows: Due to /from other funds for negative cash balances: Receivable Fund Payable Funds Amount Diamond Path Project CR 42 & Canada Ave. turn lanes $ 19,911 TH 3 Recon - 145th 26,346 ' Evermoor 55,109 $ 101,366 E. Long -Term Debt The City issues general obligation bonds and certificates of indebtedness to provide funds for the acquisi- tion and construction of major capital facilities. In addition, general obligation bonds have been issued to refund both general obligation and revenue bonds. All General Obligation Bonds are special assessment, property tax, revenue or state aid supported and are backed by the full faith and credit of the City. Bonds Payable at December 31, 2000, comprise the following individual issues: Interest Outstanding Rates Maturities General Obligation Bonds: Installment Amounts 12/31/00 General Long -Term Debt Account Group: $1,180,000 Improvement Bonds, Series 1991A 5.0% to 6.3% 1993 to 2002 $115,000 to $120,000 $ 230,000 $265,000 Improvement Bonds, Series 1991B 4.4% to 5.9% 1994 to 2003 $25,000 to $30,000 75,000 $895,000 Improvement Bonds, Series 1992A 3.4% to 5.4% 1994 to 2004 $60,000 to $215,000 255,000 $1,470,000 Improvement Bonds, Series 1992D 3.8% to 6.1% 1995 to 2004 $145,000 to $165,000 580,000 $555,000 Improvement Bonds, Series 1993A 3.0% to 5.0% 1995 to 2005 $30,000 to $50,000 250,000 $1,415,000 Improv. Refunding Bonds, Series 1993B 3.3% to 4.3% 1996 to 2001 $135,000 to 325,000 135,000 $1,605,000 Improvement Bonds, Series 1994A 4.9% to 5.5% 1995 to 2006 $130,000 to $200,000 1,055,000 $1,900,000 Improvement Bonds, Series 1995A 3.9% to 5.3% 1997 to 2007 $135,000 to $165,000 1,050,000 $2,800,000 Improvement Bonds, Series 1997A 4.2% to 5.0% 2000 to 2009 $250,000 to $335,000 2,465,000 $1,595,000 Improvement Bonds, Series 1997B 4.0% to 4.7% 2000 to 2009 $145,000 to $190,000 1,405,000 $1,080,000 Community Center Bonds, Series 1992C 5.0% to 6.6% 1994 to 2013 $20,000 to $90,000 825,000 $845,000 Mun. Bldg. Refunding Bonds, Series 1993D 3.3% to 4.5% 1996 to 2002 $110,000 to $135,000 265,000 $1,780,000 Fire Station Bonds, Series 1996A 4.1% to 6.0% 1997 to 2016 $55,000 to $135,000 1,515,000 $700,000 State Aid Street Bonds, Series 1994C 3.8% to 5.6% 1995 to 2004 $60,000 to $85,000 315,000 $2,010,000 Improvement Bonds, Series 1998A 3.9% to 4.7% 2000 to 2009 $185,000 to $240,000 1,770,000 $2,805,000 Improvement Bonds, Series 1998B 4.0% to 4.5% 2000 to 2010 $250,000 to $335,000 2,805,000 $880,000 Improvement Bonds, Series 1998C 3.5% to 3.9% 2001 to 2005 $170,000 to $190,000 880,000 $3,715,000 Improvement Bonds, Series 1999A 4.3% to 4.8% 2001 to 2011 $200,000 to $545,000 3,715,000 $4,395,000 Improvement Bonds, Series 1999B 4.2% to 5.1 % 2001 to 2011 $225,000 to $685,000 4,395,000 Proprietary Funds: $1,525,000 Storm Water Revenue Bonds, Series 1992B 3.4% to 5.8% 1994 to 2008 $30,000 to $150,000 995,000 $945,000 Water Rev. Refunding Bonds, Series 1993C 3.8% to 5.0% 1998 to 2005 $100,000 to $140,000 630,000 $335,000 Storm Water Revenue Bonds, Series 1994B 4.3% to 5.7% 1996 to 2005 $25,000 to $60,000 170,000 $1,035,000 Storm Water Revenue Bonds, Series 1996B 4.3% to 5.8% 1998 to 2012 $50,000 to $95,000 880,000 $500,000 Water Revenue Bonds, Series 1996C 4.3% to 5.1 % 1998 to 2005 $55,000 to $70,000 330,000 $855,000 Storm Water Revenue Bonds, Series 1999C 4.7% to 5.4% 2001 to 2015 $30,000 to $80,000 855,000 $1,160,000 Water Revenue Bonds, Series 2000A 4.4% to 5.4% 2002 to 2016 $30,000 to $110,000 1 ,160,000 Total General Obligation Bonds $ 29,005,000 1 -26- CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS De 31, 2000 Changes in long -term debt (at par) for the year ended December 31, 2000, are as follows: January 1, December 31, 2000 Issued Retired 2000 Reported in the General Long -Term Debt Account Group: General Obligation Bonds $ 25,915,000 $ - $ 1,930,000 $ 23,985,000 Capital Lease Obligation 639,932 - 106,906 533,026 Compensated Absences 311,828 46,705 - 358,533 Reported in Proprietary Funds: General Obligation Revenue Bonds 4,210,000 1,160,000 350,000 5,020,000 Total $ 31,076,760 $ 1,206,705 $ 2,386,906 $ 29,896,559 General obligation revenue bonds in proprietary funds are reported on the combined balance sheet at $4,985,495, net of discounts. Debt service requirements to maturity, including interest of General Long -Term Obligations Account Group Year Ending December 31: G.O. Bonds 2001 2002 2003 2004 2005 2006 and thereafter $6,811,164, are as follows: Enterprise _ Fund Revenue Bonds Total $ 3,625,554 4,032,083 3,812,574 3,654,781 3,248,415 10,797,293 $ 636,294 685,748 697,605 702,293 704,915 3,218,609 $ 4,261,848 4,717,831 4,510,179 4,357,074 3,953,330 14,015,902 Total $ 29,170,700 $ 6,645,464 $ 35,816,164 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 funds for the acquisition and construction of ma- jor capital facilities. The long -term debt obligations outstanding in the Port Authority fund as of December 31, 2000, are as follows: Reported in the Port Authority Fund: $3,425,000 Municipal Building, Series 1992E $580,000 Port Authority, Series 1993E $1,630,000 Port Authority, Series 1994A $2,405,000 Municipal Building Refunding, Series 1998A $1,750,000 Port Authority, Series 20008 Interest Rates Maturities 3.4% to 6.6% 1994 to 2018 4.25% to 6.4% 1996 to 2009 5.2% to 5.88% 1997 to 2011 4.3% to 5.15% 2004 to 2018 4.5% to 5.0% 2002 to 2011 Outstanding Installment Amounts 12131/00 $65,000 to $200,000 $ 2,585,000 $30,000 to $60,000 420,000 $75,000 to $155,000 1,310,000 $125,000 to $185,000 2,405,000 $110,000 to $220,000 1,750,000 $ 8,470,000 -27- e 1 CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 Changes in long -term debt (at par) for the year ended December 31, 2000, reported in the Port Authority fund is as follows: Par Value at January 1 Issued Par Value at Retired December 31, Reported in the Port Authority Fund $ 6,900,000 $ 1,750,000 $ 180,000 $ 8,470,000 Debt service requirements to maturity, including interest of $4,128,606 are as follows: Year Ending December 31: 2001 2002 2003 2004 2005 2006 and thereafter Port Authority Bonds $ 649,173 772,041 808,487 935,000 941,945 8,491,960 Total $ 12,598,606 During 1998, the Port Authority issued the following crossover refunding bond: • General Obligation Municipal Building Refunding Bonds, Series 1998A, of $2,405,000 were issued to fund the remaining maturities on the $2,360,000 Municipal Building Bonds, Series 1992E. The proceeds of the refunding issue noted above were placed in an irrevocable escrow account and were used to purchase U.S. Government Securities. The escrow account investments will provide the re- sources to cover interest payments on the refunding bond until the crossover date and principal payments on the refunding bond on the crossover date. The refunding bond crosses over on the date the refunded bond is callable. Until the crossover date of February 1, 2003, both the refunded and refunding bonds will be reported in the financial statements. Escrow deposits at December 31, 2000 were $2,334,729. F. Contributed Capital The changes in the City's contributed capital accounts for Proprietary Funds for the year ended Decem- ber 31, 2000, are as follows: -28- Enterprise Funds Sources Water Sewer Storm Water Arena Beginning Balance $ 9,714,521 $ 19,394,518 $ 9,102,692 $ 2,088,600 Contributions of Fixed Assets 1,200,297 602,720 1,365,033 - Depreciation on Contributed Assets (228,186) (562,170) (176,793) (47,200) Ending Balance $ 10,686,632 $ 19,435,068 $ 10,290,932 $ 2,041,400 -28- CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 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 - $111,527 is reserved for encumbrances outstanding at December 31, 2000. Special Revenue Funds - $100,000 is reserved for projects. Debt Service Funds - $18,115,814 is reserved for resources legally restricted for the payment of long- term debt principal and interest amounts maturing in future years. Capital Project Funds - $2,476,047 is reserved for completion of capital projects financed by general ob- ligation 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 - $277 is reserved for prepaid expenditures $3,619,053 is reserved for debt service IV. OTHER INFORMATION A. Segment Information - Enterprise Funds The City maintains four enterprise funds. The Water, Sewer and Storm Water funds account for the provi- sion of basic utility services to all citizens. The Arena Fund accounts for the operations of the Ice Arena including rental fees and user charges. Segment information for the year ended December 31, 2000, is as follows: Water Sewer Storm Water Arena Fund Total Operating Revenues $ 864,033 $ 988,581 $ 566,235 $ 264,412 $ 2,683,261 Property Tax Revenue 0 0 0 136,300 136,300 Depreciation 330,672 604,518 218,971 47,815 1,201,976 Operating Income (Loss) 54,530 (257,141) 140,906 (14,425) (76,130) Operating Transfers In 50,223 70,352 31,779 0 152,354 Operating Transfers Out (350,841) (186,192) (225,296) (191,500) (953,829) Net Income (Loss) 731,367 305,629 838,329 (69,504) 1,805,822 Fixed Asset Additions 620,766 184,439 264,593 1,230 1,071,028 Net Working Capital 3,772,696 4,139,857 3,188,865 69,624 11,171,042 Total Assets 18,166,110 24,741,185 16,664,401 2,139,899 61,711,596 Bonds Payable 2,105,253 0 2,880,242 0 4,985,495 Total Equity 15,716,331 24,509,824 13,555,024 2,117,760 55,898,940 -29- CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 B. Pension Plans City employees and firefighters participate in the pension plans administered by the Public Employees Re- tirement Association of Minnesota (PERA) and the Rosemount Volunteer Fire Relief Association. In ac- cordance with GASB Statement No. 27, the PERA plans are classified as multiple - employer, cost- sharing plans, and the Association's plan is classified as a single - employer plan. 1. Public Employees Retirement Association a. Plan Description All full -time and certain part-time employees of the City of Rosemount, Minnesota are covered by defined benefit plans administered by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the Public Em- ployees Police and Fire Fund (PEPFF) which are cost - sharing, multiple - employer retirement plans. These plans are established and administered in accordance with Minnesota Statues, Chapters 353 and 356. PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan mem- bers are covered by Social Security and Basic Plan members are not. All new members must par- ticipate in the Coordinated Plan. All police officers, firefighters and peace officers who qualify for membership by statute are covered by the PEPFF. PERA provides retirement benefits as well as disability benefits to members, and benefits to sur- vivors upon death of eligible members. Benefits are established by State Statute, and vest after three years of credited service. The defined retirement benefits are based on a member's highest ' average salary for any five successive years of allowable service, age, and years of credit at ter- mination of service. of service equal 90. A reduced retirement annuity is also available to eligible members seeking early retirement. ' There are different types of annuities available to members upon retirement. A normal annuity is a lifetime annuity that ceases upon the death of the retiree — no survivor annuity is payable. There are also various types of joint and survivor annuity options available which will reduce the monthly normal annuity amount, because the annuity is payable over joint lives. Members may also leave ' their contributions in the fund upon termination of public service in order to qualify for a deferred annuity at retirement age. Refunds of contributions are available at any time to members who leave public service, but before retirement benefits begin. 1 -30- Two methods are used to compute benefits for PERF's Coordinated and Basic Plan members. The retiring member receives the higher of a step -rate benefit accrual formula (Method 1) or a level accrual formula (Method 2). Under Method 1, the annuity accrual rate for a Basic Plan mem- ber is 2.2 percent of average salary for each of the first 10 years of service and 2.7 percent for each remaining year. The annuity accrual rate for Coordinated Plan member is 1.2 percent of av- erage salary for each of the first 10 years and 1.7 percent for each remaining year. Under Method 2, the annuity accrual rate is 2.7 percent of average salary for Basic Plan members and 1.7 per- , cent for Coordinated Plan members for each year of service. For PEPFF members, the annuity accrual rate is 3.0 percent for each year of service. For all PEPFF members and for PERF mem- bers whose annuity is calculated using Method 1, a full annuity is available when age plus years of service equal 90. A reduced retirement annuity is also available to eligible members seeking early retirement. ' There are different types of annuities available to members upon retirement. A normal annuity is a lifetime annuity that ceases upon the death of the retiree — no survivor annuity is payable. There are also various types of joint and survivor annuity options available which will reduce the monthly normal annuity amount, because the annuity is payable over joint lives. Members may also leave ' their contributions in the fund upon termination of public service in order to qualify for a deferred annuity at retirement age. Refunds of contributions are available at any time to members who leave public service, but before retirement benefits begin. 1 -30- CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 The benefit provisions stated in the previous paragraphs of this section are current provisions and apply to active plan participants. Vested, terminated employees who are entitled to benefits but are not receiving them yet are bound by the provisions in effect at the time they last terminated their public service. PERA issues a publicly available financial report that includes financial statements and required supplementary information for PERF and PEPFF. That report may be obtained by writing to PERA, 514 St. Peter Street #200, St. Paul, Minnesota, 55102 or by calling (651) 296 -7460 or 1- 800 - 652 -9026. b. Funding Policy Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. These statutes are established and amended by the state legislature. The City makes annual contribu- tions to the pension plans equal to the amount required by state statutes. PERF Basic Plan mem- bers and Coordinated Plan members are required to contribute 8.75% and 4.75 %, respectively, of their annual covered salary. PEPFF members are required to contribute 6.20% of their annual covered salary. The City of Rosemount is required to contribute the following percentages of an- nual covered payroll: 11.43% for Basic Plan PERF members, 5.18% for Coordinated Plan PERF members, and 9.30% for PEPFF members. The City's contributions to the Public Employees Re- tirement Fund for the years ending December 31, 2000, 1999, and 1998 were $108,157, $102,403, and $102,247, respectively. The City's contributions to the Public Employees Police & Fire Fund for the years ending December 31, 2000, 1999, and 1998 were $84,652, $90,965, and $93,812, respectively. The City's contributions were equal to the contractually required contribu- tions for each year as set by state statute. 2. Rosemount Fire Department Relief Association- Defined Benefit Pension Plan a. Plan Description The City of Rosemount contributes to the Rosemount Fire Department Relief Association Pension Plan; a single - employer retirement system administered by the Rosemount Fire Department Relief Association. The Rosemount Fire Department Relief Association provides a lump -sum benefit to its members upon retirement, total disability or death. These benefit provisions are established and can be amended by the Rosemount Fire Department Relief Association's Board of Trustees with approval by the Rosemount City Council. The Rosemount Fire Department Relief Associa- tion issues a publicly available financial report that includes financial statements and required supplementary information for the Rosemount Fire Department Relief Association Pension Plan. That report may be obtained by writing to City of Rosemount, 2875 145 Street West, Rosemount, Minnesota 55068 -4997, or by calling (651) 423 -4411. -31- CITY OF ROSEMOUNT ' NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 b. Funding Policy ' The contribution requirements are established and may be amended by the Minnesota State Legislature. The Rosemount Fire Department Relief Association is comprised of volunteers; therefore, there are not covered payroll amounts or member contributions required. Individuals with at least 20 years of service and who have reached age 50 are entitled to a lump -sum pay- ' ment of $2,600 per year of service. In the event an otherwise qualified member has less than 20 years of service, the member is eligible for a pension payment of 40 percent after 5 years of service, increasing by 4 percent for each year of service after 5 years to a maximum of 100 per- cent. Members retiring before 50 do not receive distributions until age 50, but interest at 5% per year is added to their retirement benefit until paid. c. Annual Pension Cost and Net Pension Obligations Financial requirements of the Association are determined based on a formula prescribed in Min- nesota Statues 69.772. Those statutes prescribe a set amount of funding, per $100 of lump -sum benefits payable per year of service. For associations with assets exceeding the statutory pension liability, the financial requirements shall be the increase in the statutory pension liability for the next year over the current year, reduced by an amount equal to one -tenth of the surplus. For as- sociations with a deficit of assets to fund the statutory pension liability, the financial requirements ' shall be the increase in the statutory pension liability for the next year over the current year, in- creased by an amount equal to one -tenth the deficit. The City's minimum obligation is the finan- cial requirement for the year less anticipated state aids and interest on investments calculated at a rate of 5 percent per annum. The actuarial value of assets was determined using fair value. The following actuarial assumptions and methods were used: -32- Actuarial cost method N/A * Inflation rate N/A * Investment return N/A * Projected salary increases N/A * Postretirement benefit increases N/A * Amortization method N/A * Amortization period N/A * * Items because no actuarial valuation by Minnesota are not available was required statutes. The annual pension cost for the Rosemount Fire Department Relief Association Pension Plan for the ended December 31, 2000 were as follows: year Contribution Amount State of Minnesota $ 42,723 City of Rosemount 26,000 $ 68,723 -32- CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 Three Year Trend Information Fiscal Year Ending 2000 1999 1998 Annual Pension Cost (APC) Percentage of APC Net Pension Contribution Obligation % $ 0 Aggregate Percentage of 0 Accrued Accrued 0 $ 68,723 66,771 65,543 100.0 100.0 100.0 A formal actuarial valuation is not required by Minnesota Statutes because the pension benefit is a lump -sum distribution. The formula used to compute pension contributions requirements is sub- stantially the same as that used to determine the standardized measure of the net pension obliga- tion. The computation of the pension contribution requirements for 2000 was based on the same formula, funding method and other factors used to determine pension contributions requirements in previous years. d. Required Supplementary Information, Schedule of Funding Progress Ten -year historical trend information is presented in the Rosemount Firefighters Relief Associa- tion's Annual Financial Report for the year ended December 31, 2000. This information is useful in assessing the pension plan's accumulation of sufficient assets to pay pension benefits as they be- come due. The following historical trend information was obtained from the Association's financial report for the year ended December 31, 2000. Valuation Valuation Date Assets Assets as a Overfunded Aggregate Percentage of (Underfunded) Accrued Accrued Accrued Liabilities Liabilities Liabilities 12 -31 -00 $ 951,722 $ 765,045 124% $ 186,677 12 -31 -99 908,369 705,844 129% 202,525 12 -31 -98 822,605 646,257 127% 176,348 Computations of the unfunded net pension obligation and employer contributions as a percent of covered payroll are not applicable since the fire department is a volunteer organization and no covered payroll exists. In 2000, the by -laws were changed to increase the yearly pension amount that the Association will pay to $2,800 per year of service. e. Related Party Transactions As of December 31, 2000 and for the year then ended the Association held no securities issued by City or other related parties. -33- I CITY OF ROSEMOUNT NOTES TO THE FINANCIAL STATEMENTS December 31, 2000 1 C. Capital Lease Obligations The City has entered into various lease agreements to facilitate the acquisition of various assets. For pur- ' poses of preparing these financial statements, the lease- purchase agreements have been classified as capital lease obligations. Since none of the assets acquired were used in proprietary fund operations, the acquisition cost of the assets has been reported in the general fixed asset group, and the corresponding liability has been reported in the general long -term debt account group. The following is a schedule of minimum payments under the various agreements: Year Ending December 31: Amount — 2001 $ 115,614 2002 115,614 2003 115,614 2004 115,614 2005 115,614 ' 2006 and thereafter 64,899 Total Minimum Lease Payments $ 642,969 Less Amount Representing Interest (109,943) Present Value of Minimum Lease Payments $ 533,026 D. Residual Equity Transfers Residual equity transfers in and out during 2000 were made for fund closings, and are reconciled as fol- lows: Residual Transfer In Out General Fund $ 0 $ 659 Special Revenue Fund Street CIP 0 19,097 Debt Service Funds G.O. Improvement Bonds 1998B 161,000 0 G.O. Improvement Bonds 1998C 110,466 0 G.O. Improvement Bonds 1999A 36,101 0 ' G.O. Improvement Bonds 1999B 210,046 0 Capital Project Funds Bloomfield Addition 0 141,293 ' Stonebridge 3rd Addition 0 4,309 Chippendale Avenue Improvement 659 0 Broback Park Addition 0 15,398 Shannon Pond South Addition Wensman 11th Addition 0 0 36,101 110,466 Diamond Path Watermain Improvements 0 7,438 Geronime Pond 2nd Addition 19,097 0 Rosemount Commons Addition 0 38,000 Biscayne Pointe 2nd Addition 0 104,415 Business Park Phase 2 0 67,631 Enterprise Funds Water Fund 7,438 0 $ 544,807 $ 544,807 ' -34- CITY OF ROSEMOUNT ' NOTES TO THE FINANCIAL STATEMENTS ' December 31, 2000 E. Prior Period Adjustments Prior period adjustments were made for the following reasons: 1. To adjust the retained earnings for the City's Water, Sewer and Storm Water funds, all of which are proprietary funds. To increase retained earnings by $706 and $50,793 in the Water fund and Storm Water fund, respectively, and decrease retained earnings by $9,105 in the Sewer fund for contribu- tions which were inappropriately recorded in prior years. F. Commitments and Contingencies The City has received federal and state grants for specific purposes that are subject to review and audit by the grantor agencies. Such audits could lead to requests for reimbursements to the grantor agency for expenditures disallowed under terms of the grants. Management believes such disallowances, if any, would be immaterial. G. Effect of New Accounting Standards on Current - Period Financial Statements In 1999, the Governmental Accounting Standards Board (GASB) approved Statement Nos. 33 and 34. These Statements require significant changes from the current method of financial reporting for all state and local governments in the United States. GASB Statement 33 Accounting and Financial Reporting for Nonexchange Transactions is effective for the City of Rosemount, Minnesota for the fiscal year beginning January 1, 2001. GASB Statement 34 Basic Financial Statements -and Management Discussion and Analysis -for State and Local Governments is effective for the City of Rosemount, Minnesota for the fiscal year beginning on January 1, 2003. These Statements require retroactive application of certain account- ing and reporting standards, which may restate portions of these financial statements. -35- i CITY OF ROSEMOUNT EXHIBIT A -1 COMPARATIVE BALANCE SHEET - GENERAL FUND December 31, 2000 and 1999 2000 1999 ASSETS Cash and investments Receivables Property taxes Accounts Special assessments Due from other governments TOTAL ASSETS LIABILITIES AND FUND BALANCES LIABILITIES Accounts payable Accrued liabilities Deposits payable Deferred revenues Total Liabilities FUND BALANCE Reserved for Encumbrances Unreserved Designated for working capital Total Fund Balance TOTAL LIABILITIES AND FUND BALANCES $ 3,689,076 $ 3,062,029 312,637 297,828 10,289 13,388 299 - 36,888 24,837 $ 4,049,189 $ 3,398,082 $ 177,461 $ 185,341 62,464 57,023 34,690 34,390 58,045 66,795 332,660 343,54 111,527 172,836 3,605,002 2,881,697 3,716,529 3,054,533 $ 4,049,189 $ 3,398,082 1 -37- CITY OF ROSEMOUNT EXHIBIT A -2 COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - GENERAL FUND For the Years Ended December 31, 2000 and 1999 REVENUES Taxes Intergovernmental revenues Licenses and permits Fines and forfeitures Special assessments Charges for services Investment income Net increase (decrease) in the fair value of investments Miscellaneous Total Revenues EXPENDITURES General government Public safety Public works Parks and recreation Total Expenditures Excess (Deficiency) of Revenues over Expenditures OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Financing Uses FUND BALANCE - January 1 Equity Transfer FUND BALANCE - December 31 2000 1999 $ 2,916,269 $ 2,626,864 1,457,390 1,318,132 588,304 623,463 72,067 91,441 713,892 486,379 153,885 85,005 22,969 (31,095) 287,832 271,466 6,212,608 5,471,655 1,202,164 1,137,113 1,580,593 1,495,469 1,887,570 1,598,280 691,126 628,144 5,361,453 4,859,006 851,155 612,649 3,500 3,500 (192,000) - (188,500) 3,500 662,655 616,149 3,054,533 2,438,384 (659) - $ 3,716,529 $ 3,054,533 -38- - punj jagloue ui joj palun000e aq 01 juawa5euew leioueuil punos Aq jo Allebal paimbai jou suoijoesuejl ale aol slun000e punj sigl •s}uaw:pedep 6uilejado Aq pue suoileoijisselo leuoijounj jofew Aq papaooai aie pue juawdinbe 5uilejado pue suoijeaado Apep aoj Al!jewud spew aie safnlipuadxe punk lejauaE) 'Ole `saoin.ias Jo} sa6aego `sppol pue sauij `sliwjad pue sasueoil `saxel `*a*i `ooinos Aq papaooai si anuana�j - uoileajoaj pue gjed pue `sliom oilgnd `Alejes oilgnd `IuawuJano6 JeJaua6 se Bons Alin aqJ Jo saijinijoe Iquaww0n06 oiseq ' Ino tijeo of sajnlipuadxa pue anuanaJ eqj joj jun000e of pasn si punk leaauaE) aql aNn:A IVNBN3J I 7 0 L� I THIS PAGE INTENTIONALLY LEFT BLANK CITY OF ROSEMOUNT EXHIBIT A -3 I (Continued) SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES - BUDGET (AS AMENDED) AND ACTUAL (BUDGETARY BASIS) - GENERAL FUND For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) 2000 1999 TAXES General property tax Fiscal disparities Other Total Taxes INTERGOVERNMENTAL REVENUES Local government aid (LGA) Homestead and ag credit (HACA) Local performance aid (LPA) Federal Grants State aid - Police Mobile home HACA Other Total Intergovernmental Revenues LICENSES AND PERMITS Business Non - business Total Licenses and Permits FINES AND FORFEITURES County CHARGES FOR SERVICES Other General government Public safety Highways and streets SAC Total Charges for Services 396,549 396,549 Variance- 381,988 577,497 577,497 Favorable 550,493 Budget Actual (Unfavorable) Actual $ 2,219,004 $ 2,185,667 $ (33,337) $ 2,040,827 581,379 581,379 - 530,667 108,000 149,223 41,223 55,370 2,908,383 2,916,269 7,886 2,626,864 396,549 396,549 - 381,988 577,497 577,497 - 550,493 - - - 15,466 248,778 276,637 27,859 21,250 85,000 94,279 9,279 94,847 22,000 23,060 1,060 22,987 89,089 89,368 279 231,101 1,418,913 1,457,390 38,477 1,318,132 389,200 586,979 197,779 621,963 1,500 1,325 (175) 1,500 390,700 588,304 197,604 623,463 100,000 72,067 (27,933) 91,441 $ 379,800 $ 618,189 $ 238,389 $ 428,162 42,700 92,178 49,478 53,702 - 130 130 150 1,800 3,395 1,595 4,365 424,300 713,892 289,592 486,379 -39- CITY OF ROSEMOUNT EXHIBIT A -3 (Concluded) SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES - BUDGET (AS AMENDED) AND ACTUAL (BUDGETARY BASIS) - GENERAL FUND For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) 2000 1999 INVESTMENT INCOME AND MISCELLANEOUS Investment income Net increase (decrease) in the fair value of investments Miscellaneous general revenues Special assessments Donations Recreational fees Rents Total Investment Income and Miscellaneous Total Revenues OTHER FINANCING SOURCES Operating transfers in TOTAL REVENUES AND OTHER FINANCING SOURCES 3,500 3,500 - 3,500 $ 5,558,042 $ 6,216,108 $ 658,066 $ 5,475,155 -40- Variance- Favorable Budget Actual (Unfavorable) Actual 60,800 153,885 93,085 85,005 - 22,969 22,969 (31,095) 5,000 15,259 10,259 4,517 2,000 - (2,000) - 44,146 44,146 - 55,315 195,900 224,033 28,133 207,578 4,400 4,394 (6) 4,056 312,246 464,686 152,440 325,376 5,554,542 6,212,608 658,066 5,471,655 3,500 3,500 - 3,500 $ 5,558,042 $ 6,216,108 $ 658,066 $ 5,475,155 -40- CITY OF ROSEMOUNT EXHIBIT A-4 (Continued) SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES - BUDGET (AS AMENDED) AND ACTUAL (BUDGETARY BASIS) - GENERAL FUND For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) 2000 1999 Variance- Favorable Budget Actual (Unfavorable) Actual GENERAL GOVERNMENT Mayor and Council Personal services $ 26,500 $ 19,048 $ 7,452 $ 18,780 Professional fees 31,500 18,391 13,109 22,320 Other charges 29,800 23,123 6,677 35,847 Council designated 14,418 2,767 11,651 21,160 Executive Personal services 260,600 234,858 25,742 264,339 Supplies 2,200 1,828 372 522 Professional fees 6,100 8,076 (1,976) 4,954 Other charges 7,900 15,731 (7,831) 3,008 Elections Personal services 7,800 9,909 (2,109) - Supplies 3,500 3,162 338 - Professional fees 200 1,022 (822) - Other charges 100 64 36 - Capital outlay - 1,136 (1,136) - Finance Personal services 113,500 120,121 (6,621) 104,448 Professional fees 39,600 27,656 11,944 38,847 Other charges 3,600 1,631 1,969 1,724 Capital outlay - 417 (417) - Community Development Personal services 460,200 363,265 96,935 352,801 Supplies 5,000 1,003 3,997 3,689 Professional fees 10,000 14,735 (4,735) 34,509 Other charges 8,500 5,261 3,239 4,846 Capital outlay 500 2,167 (1,667) - General Government Supplies 40,400 41,518 (1,118) 30,272 Professional fees 227,000 210,398 16,602 174,249 Other charges - 100 (100) 612 Capital outlay 13,300 15,023 (1,723) 15,404 Total General Government 1,312,218 1,142,410 169,808 1,132,331 PUBLIC SAFETY Police Department Personal services $ 1,163,000 $ 1,193,482 $ (30,482) $ 1,158,842 Supplies 21,357 16,061 5,296 14,010 Professional fees 174,900 184,819 (9,919) 159,046 Other charges 13,100 12,770 330 9,736 Capital outlay 600 430 170 329 Fire Department Personal services 135,500 123,789 11,711 104,666 Supplies 12,000 10,025 1,975 17,916 Professional fees 27,400 17,711 9,689 16,315 Other charges 2,500 1,639 861 1,517 Capital outlay 15,400 18,312 (2,912) 14,068 Total Public Safety 1,565,757 1,579,038 (13,281) 1,496,445 -41- I CITY OF ROSEMOUNT EXHIBIT A-4 (Concluded) SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES - BUDGET (AS AMENDED) AND ACTUAL (BUDGETARY BASIS) - GENERAL FUND For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) 2000 1999 PUBLIC WORKS Government Buildings Maintenance Personal services Supplies Professional fees Other charges Debt payments Fleet Maintenance Personal services Supplies Professional fees Other charges Street Maintenance Personal services Supplies Professional fees Other charges Capital outlay Park Maintenance Personal services Supplies Professional fees Other charges Total Public Works PARKS AND RECREATION ' Parks and Recreation Personal services Supplies Professional fees ' Other charges Capital outlay Total Parks and Recreation u F1 TOTAL EXPENDITURES AND ENCUMBRANCES OTHER FINANCING USES Operating transfers out TOTAL EXPENDITURES, ENCUMBRANCES AND OTHER FINANCING USES BEGINNING OF YEAR BUDGET BASIS ENCUMBRANCES END OF YEAR BUDGET BASIS ENCUMBRANCES GAAP BASIS EXPENDITURES AND OTHER FINANCING USES Variance- Favorable Budget Actual (Unfavorable) Actual 45,800 41,009 4,791 47,791 18,200 14,850 3,350 19,248 108,800 107,284 1,516 87,984 14,000 12,206 1,794 36,955 90,000 88,799 1,201 90,298 137,830 132,292 5,538 124,194 164,500 184,758 (20,258) 189,509 5,000 3,593 1,407 3,871 32,200 34,246 (2,046) 23,778 385,400 350,183 35,217 337,698 105,700 97,194 8,506 92,039 100,800 129,587 (28,787) 90,921 403,348 368,152 35,196 168,431 3,000 - 3,000 547 286,300 257,400 28,900 233,414 27,600 33,345 (5,745) 49,331 14,100 13,654 446 11,719 26,000 19,018 6,982 30,550 1,968,578 1,887,570 81,008 1,638,278 $ 509,465 $ 471,177 $ 38,288 $ 426,819 45,930 51,607 (5,677) 49,105 77,755 90,847 (13,092) 77,488 78,139 77,495 644 74,733 711,289 691,126 20,163 628,145 $ 5,557,842 $ 5,300,144 $ 257,698 $ 4,895,199 192,000 192,000 - - $ 5,749,842 $ 5,492,144 $ 257,698 $ 4,895,199 172,836 136,643 (111,527) (172,836) $ 5,553,453 $ 4,859,006 1 -42- THIS PAGE INTENTIONALLY LEFT BLANK 'waIsAs SIJ SA!o aqI jo suoijejado buiob -uo pue }uawdo!anap eqj jol jun000e o} pasn si punj s!q1 - pun3 SIJ - suoilezluebio pue saij!unwwoo buipunains pue Aj!3 ino Aq bulu!eaj ui pasn si ja!!ejj s!q1 •ja!!ejj Ajoles Gall s,AI!O aqj 10 uoljejado buiob -uo eqj jol jun000e of pasn s! punj slgl pun3 uoijeonp3 AjojeS 9113 •weiboid uoijonpaa awljo s,Al!o eqj jo uoljejado buiob -uo pue uoljejuawa!dwi eqj jol jun000e of pasn si punj slgl - punj joefo.id uoijonpaN awlla - Aj!o eqj ui saseasip aaaj jo sad (} snoueA a!peq 01 paAlaoaa sluejb jol jun000e of pasn si punj s!41 - pun3 we.is aseesla 9911 - juawdlnbe Aj!o of suo!j!ppe pue }o juawaoe!daj bulob - eqj aoj jun000e of pasn si punj s!q1 - pun3 dla ;uowdinb3 *gjed juailno 01 sIuawanoidwi ajew of pue Aj!o aqj ulgl!m s�jed mou do!anap of pasn aje seal asagl •pedo!anap We Aj!o aqj 10 seWe IuaJa_}!p se sjado!anap waJ pajoa!!oo seal uo!}eolpap �jed jol jun000e of pasn si punj s!ql - punj sIuawanoldwl )I - alepdn ue!d ap!nE) aA!suagajdwo:D eqj pue ApnjS jop!jjo:D JaAl�J !dd!sslss!W aqj q }!M }s!sse 01 paA!aoaJ sluejb jol jun000e of pasn si punj s!ql - pun319AIb iddississiw - buioelinsaa pea !anWb pue s1!emap!s `slgb!! !eub!s `sjgb!! Iaajls `ol paj!w!! jou Inq `bu!pn!oui slaaa }s panedun pue paned gloq of paje!ai swat! aoueualulew aofew iaq }o !!e pue Aj!o aqj u!gl!m sjoefoid uoijonjisuooaj jaaals bulob -uo 1oj jun000e of pasn si punj s!ql - pun3 dla 1001IS - sbulpl!nq luawuJanob 01 suo!J!ppe alq!ssod pue sjuawanoadwi !ej!deo buiob -uo aqj jol jun000e of pasn si punj s!q1 - pun 3 dla fiulplln8 'Juawwanob 10 salI!AIIOe Jo suoijoun} 1e!no!lied aoueuil of ooueulpio !eool jo aInjels Aq pajlnbai A!!eoldAl aie Aaq1 saoinos anuanaJ pa�PewJea Jagjo jo saxel o!lloads waJ panuap sanuanaJ jol jun000e of pasn aie spunk anuana�j !e!oadS SONn=l 3nN3A3N Id1103dS Fl, �1 r l J F-j� 1 THIS PAGE INTENTIONALLY LEFT BLANK CITY OF ROSEMOUNT COMBINING BALANCE SHEET ALL SPECIAL REVENUE FUNDS December 31, 2000 (With Comparative Totals for December 31, 1999) Mississippi Building Street River Park CIP CIP Grant Improvements ( #202) ( #203) ( #204) ( #205) ASSETS Cash and investments Receivables Accounts Special assessments TOTAL ASSETS LIABILITIES AND FUND BALANCES LIABILITIES Accounts payable Advances from other funds Deferred revenues Total Liabilities FUND BALANCES (DEFICIT) Reserved For Special projects Unreserved Undesignated (Deficit) Total Fund Balances (Deficit) TOTAL LIABILITIES AND FUND BALANCES $ 215,832 $ 1,092,678 $ 6,797 $ 508,266 12,133 - - $ 215,832 $ 1,166,017 $ 6,797 $ 508,266 $ 22,285 $ - $ 280,550 - $ 294 294 100,000 - - - (187,003) 1,111,811 6,797 507,972 (87,003) 1,111,811 6,797 507,972 $ 215,832 $ 1,166,017 $ 6,797 $ 508,266 -44- EXHIBIT B -1 Tree Disease Crime Fire Equipment Grant Reduction Safety CIP Program Project Education GIS Totals ( #207) ( #208) ( #220) ( #221) ( #222) 2000 1999 $ 284,369 $ 144 $ 11,841 $ 7,284 $ 48,638 $ 2,175,849 $ 2,453,051 12,133 1,986 - - - - - 61,206 73,170 $ 284,369 $ 144 $ 11,841 $ 7,284 $ 48,638 $ 2,249,188 $ 2,528,207 94 $ - $ - $ 22,673 $ 22,821 - - - - - 280,550 290,048 - - - - - 54,206 71,870 94 - - 357,429 384,739 - - - - - 100,000 117,139 284,369 144 11,747 7,284 48,638 1,791,759 2,026,329 284,369 144 11,747 7,284 48,638 1,891,759 2,143,468 $ 284,369 $ 144 $ 11,841 $ 7,284 $ 48,638 $ 2,249,188 $ 2,528,207 -45- CITY OF ROSEMOUNT COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (DEFICIT) ALL SPECIAL REVENUE FUNDS For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) EXPENDITURES Supplies Other professional services Other Lease payments Capital outlay Total Expenditures - 2,500 - - 2,500 - - - 14,502 - - - 81,710 119,025 - 182,410 98,712 121,525 - 182,410 Excess (Deficiency) of Revenues Over Expenditures OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Financing Uses FUND BALANCES (DEFICIT) - January 1 Equity transfers FUND BALANCES (DEFICIT) - December 31 70,541 887,951 3,996 - (1,171,327) - (1,167,331) 60 (27,429) 70,541 (279,380) 60 (27,429) (157,544) 1,410,288 6,737 535,401 (19,097) - - $ (87,003 $ 1,111,811 $ 6,797 $ 507,972 -46- Mississippi Building Street River Park CIP CIP Grant Improvements ( #202) ( #203) #204 ( #205) REVENUES Taxes $ 161,400 $ 230,000 $ - $ - Municipal state aid (MSA) - 473,141 - - Intergovernmental revenues - - - - Special assessments 86 38,640 - - Userfees - 184,755 - - Investment income 7,767 71,388 60 27,179 Net increase (decrease) FMV investments - 11,552 - 5,812 Park dedication - - - 71,990 Sale of general fixed assets - - - - Donations and other - - - 50,000 Total Revenues 169,253 1,009,476 60 154,981 EXPENDITURES Supplies Other professional services Other Lease payments Capital outlay Total Expenditures - 2,500 - - 2,500 - - - 14,502 - - - 81,710 119,025 - 182,410 98,712 121,525 - 182,410 Excess (Deficiency) of Revenues Over Expenditures OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Financing Uses FUND BALANCES (DEFICIT) - January 1 Equity transfers FUND BALANCES (DEFICIT) - December 31 70,541 887,951 3,996 - (1,171,327) - (1,167,331) 60 (27,429) 70,541 (279,380) 60 (27,429) (157,544) 1,410,288 6,737 535,401 (19,097) - - $ (87,003 $ 1,111,811 $ 6,797 $ 507,972 -46- EXHIBIT B -2 - Tree Disease Crime Fire 2,500 - 2,883 145,470 Equipment Grant Reduction Safety - 9,488 - 851,279 CIP Program Project Education GIS Totals 934,719 ( #207) ( #208) ( #220) ( #221) ( #222) 2000 1999 $ 516,600 $ - $ - $ - $ - $ 908,000 $ 860,800 - - - - - 473,141 580,055 64,055 - 9,882 - - 73,937 12,959 86 - - - - 38,812 66,154 - - - - 16,800 201,555 111,835 8,553 1 101 63 1,535 116,647 80,891 - - - - - 17,364 (23,544) - - - - - 71,990 228,400 16,245 - - - - 16,245 28,147 213 - - 240 - 50,453 28,796 605,752 1 9,983 303 18,335 1,968,144 1,974,493 - - 6,544 - - 61 2,500 - 2,883 145,470 - - 468,134 - - 616,104 - 9,488 - 851,279 (10,352) 1 495 - - 6,544 1,257 - 4,605 7,166 13,009 - 581 8,464 8,964 - - 159,972 171,547 - 851,279 635,516 - 5,186 1,033,425 830,293 303 13,149 934,719 1,144,200 - - - - 3,996 - - (1,171,327) (643,893) - (1,167,331) (643,893) (10,352) 1 495 303 13,149 (232,612) 500,307 294,721 143 11,252 6,981 35,489 2,143,468 1,810,948 - - - - - (19,097) (167,787) $ 284,369 $ 144 $ 11,747 $ 7,284 $ 48,638 $ 1,891,759 $ 2,143,468 -47- CITY OF ROSEMOUNT COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET (AS AMENDED) AND ACTUAL (BUDGETARY BASIS) ANNUALLY ADOPTED SPECIAL REVENUE FUNDS For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) Building CIP Fund Variance- Favorable Budget Actual (Unfavorable) REVENUES Taxes $ 161,400 $ 161,400 $ - Municipal state aid (MSA) - - - Intergovernmental - - - Special assessments - 86 86 Userfees - - - Investment income 3,100 7,767 4,667 Net increase (decrease) FMV investments - - - Sale of general fixed assets - - - Donations and other - - - Total Revenues 164,500 169,253 4,753 EXPENDITURES Other professional services Other Operating lease payments Capital outlay Total Expenditures Excess (deficiency) of revenues over expenditures OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses Reconciliation to GAAP basis elimination of encumbrances, net FUND BALANCES - January 1 Equity transfers FUND BALANCES (DEFICIT) - December 31 2,500 2,500 - - 14,502 14,502 201,400 181,710 (19,690) 203,900 198,712 (5,188) (39,400) (29,459) (435) $ -48- 1 39,400 (29,459) $ 9,941 100,000 (157,544) ' ' $ (87,003) -48- 1 EXHIBIT B -3 (Continued) 2,500 Street CIP Fund Equipment CIP Fund - - Variance- - - Variance- 2,500 2,500 Favorable - - Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) $ 230,000 $ 230,000 $ - $ 516,600 $ 516,600 $ - - 473,141 473,141 - - - 1,000 64,028 108,276 64,055 64,055 17,000 38,640 21,640 - 86 86 50,000 184,755 134,755 - - - 20,300 71,388 51,088 3,500 8,553 5,053 - 11,552 11,552 - - - - - - - 16,245 16,245 - - - - 213 213 317,300 1,009,476 692,176 520,100 605,752 85,652 2,500 2,500 - - - - - - - 2,500 2,500 - - - - 145,600 145,470 (130) 297,000 119,025 (177,975) 371,000 393,754 22,754 299,500 121,525 (177,975) 519,100 541,724 22,624 17,800 887,951 514,201 1,000 64,028 108,276 - 3,996 3,996 - - - - (1,171,327) (1,171,327) - - - - (1,167,331) (1,167,331) - - - $ 17,800 (279,380) $ (297,180) $ 1,000 64,028 $ 63,028 - (74,380) 1,410,288 294,721 (19,097) - $ 1,111,811 $ 284,369 -49- CITY OF ROSEMOUNT COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET (AS AMENDED) AND ACTUAL (BUDGETARY BASIS) ANNUALLY ADOPTED SPECIAL REVENUE FUNDS For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) Total - 2000 REVENUES Taxes Municipal state aid (MSA) Intergovernmental Special assessments Userfees Investment income Net increase (decrease) FMV investments Sale of general fixed assets Donations and other Total Revenues EXPENDITURES Other professional services Other Operating lease payments Capital outlay Total Expenditures Excess (deficiency) of revenues over expenditures OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses Reconciliation to GAAP basis elimination of encumbrances, net FUND BALANCES - January 1 Equity transfers FUND BALANCES (DEFICIT) - December 31 2,500 2,500 Variance - 5,000 5,000 Favorable Budget Actual (Unfavorable) 869,400 694,489 $ 908,000 $ 908,000 $ - - 473,141 473,141 - 64,055 64,055 17,000 38,812 21,812 50,000 184,755 134,755 26,900 87,708 60,808 - 11,552 11,552 - 16,245 16,245 - 213 213 1,001,900 1,784,481 782,581 2,500 2,500 - 5,000 5,000 - 145,600 159,972 (14,372) 869,400 694,489 174,911 1,022,500 861,961 160,539 (20,600) 922,520 943,120 3,996 3,996 (1,171,327) (1,171,327) (1,167,331) (1,167,331) $ (20,600) (244,811) $ (224,211) 25,620 1,547,465 (19,097) $ 1,309,177 -50- T otal - 1999 7,500 7,500 Variance- 156,800 171,547 Favorable Budget Actual (Unfavorable) 935,300 560,681 374,619 $ 860,800 $ 860,800 $ - - 580,055 580,055 17,000 66,154 49,154 50,000 95,635 45,635 28,000 49,136 21,136 - (15,388) (15,388) - 28,147 28,147 - 8,047 8,047 955,800 1,672,586 716,786 7,500 7,500 156,800 171,547 (14,747) 771,000 381,634 389,366 935,300 560,681 374,619 20,500 1,111,905 1,091,405 (641,093) (641,093) (641,093) (641,093) $ 20,500 470,812 $ 450,312 40,617 1,203,823 (167,787) $ 1,547,465 1 -51- EXHIBIT B -3 (Concluded) THIS PAGE INTENTIONALLY LEFT BLANK spuo8 tuawanadwl 86666 spuo8 tuawanojdwl `46666 spuo8 tuawanoidwl 09661• spu08 tuawanadwl 89661• spu08 tuawanoidwl `49666 spu08 taaJtS piy atets :Dt66 6 spu08 tuawanoidwl aZ666 spuo8 tuawanoidwl 81.666 spuo8 tuawano.idwl 46666 spu08 tuawanadwl VL666 spuo8 tuawanoidwl V9666 spuo8 tuawanoidwl 8L666 spuo8 tuawanoidwl Vt spuo8 6uipunja�j tuawanoidwl 8E666 spuo8 tuawanoidwl VE666 spuo8 tuawanoidwl `dZ666 spu08 uoitets aiij 4966 6 spuo8 6ulpunja�j 6uiplln8 ledlolunn QE666 spu08 Jatua0 Apnwwoo OZ666 smollol se aae pagsilgetse Altuesaid spunk aovuaS tgaa puo8 uoite6llg0 Iejaua0 - Altuajapp paintonits ssalun sonssi tgap juawanojdwi tuawssasse leioads agt ;o uoite6llgo aouuas tgap aqt taaw of tuanigns We sainal tuawssasse leloadS 'sainal xet apnloui of paintonjts aje tegt spuoq tuawano.idwi Aue pue tgap uoite6llgo lejaua6 aqt taaw of tualogns Aauow Jo; Anal xet Apadoid lejaua6 s,Al!o aqt ui apew aae suolsinoJd - asudiatue letuawuJano6 a Aq paouuas pue jo; panssi tgap 6uipnloxe tnq stuawssasse lemads wojj algeAed tegt 6ulpnloui tgap uoite6llgo Iejaua6 Ile uo tsajatul pue lediouijd jo tuawAed eqt jol tun000e pue aoueui; of pagsllgetso aae spun] aouuaS tgaa SdNn=l 3 :DIAN3S 1834 THIS PAGE INTENTIONALLY LEFT BLANK CITY OF ROSEMOUNT COMBINING BALANCE SHEET ALL DEBT SERVICE FUNDS December 31, 2000 (With Comparative Totals for December 31, 1999) G.O. G.O. G.O. G.O. Community City Hall Fire Improvement Center Refunding Station Bonds 1992C 1993D 1996A 1992A ( #301) ( #302) ( #303) ( #321) ASSETS Cash and investments Receivables Accounts Special assessments TOTALASSETS LIABILITIES AND FUND BALANCES LIABILITIES Deferred revenues FUND BALANCES Reserved for debt service $ 116,174 $ 231,819 $ 153,170 $ 147,204 7 dFn $ 116,174 $ 231,819 $ 153,170 $ 149,664 $ - $ - $ - $ 2,460 116,174 231,819 153,170 147,204 TOTAL LIABILITIES AND FUND BALANCES $ 116,174 $ 231,819 $ 153,170 $ 149,664 -53- 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 EXHIBIT C -1 (Continued) G.O. G.O. G.O. G.O. G.O. G.O. Improvement Improvement Improvement Improvement Improvement Improvement Bonds Refunding Bonds Bonds Bonds Bonds 1993A Bonds 1993B 1994A 1997B 1995A 1997A ( #322) ( #323) ( #324) ( #325) ( #326) ( #327) $ 80,403 $ 598,616 $ 993,185 $ 1,293,822 $ 660,156 $ 2,364,371 14,400 4,533 10,596 59,398 205,824 178,244 $ 94,803 $ 603,149 $ 1,003,781 $ 1,353,220 $ 865,980 $ 2,542,615 $ 14,400 $ 2,219 $ 9,629 $ 55,922 $ 204,287 $ 170,854 80,403 600,930 994,152 1,297,298 661,693 2,371,761 $ 94,803 $ 603,149 $ 1,003,781 $ 1,353,220 $ 865,980 $ 2,542,615 -54- CITY OF ROSEMOUNT COMBINING BALANCE SHEET ALL DEBT SERVICE FUNDS December 31, 2000 January 0, 1900 G.O. G.O. G.O. G.O. Improvement Improvement Improvement State Aid Bonds Bonds Bonds Street Bonds 1991A 1991B 1992D 1994C ( #328) ( #329) ( #330) ( #331) .ASSETS Cash and investments Receivables Accounts Special assessments TOTAL ASSETS LIABILITIES AND FUND BALANCES LIABILITIES Deferred revenues $ 37,039 $ 45,287 $ 448,655 $ 403,242 38,729 - 1,787 - $ 75,768 $ 45,287 $ 450,442 $ 403,242 38,729 - 1,673 - FUND BALANCES Reserved for debt service TOTAL LIABILITIES AND FUND BALANCES 37,039 45,287 448,769 403,242 $ 75,768 $ 45,287 $ 450,442 $ 403,242 -55- EXHIBIT C -1 (Concluded) G.O. G.O. G.O. G.O. G.O. Improvement Improvement Improvement Improvement Improvement Bonds Bonds Bonds Bonds Bonds 1998A 1998B 1998C 1999A 1999B Totals ( #332) ( #333) ( #334) ( #335) ( #336) 2000 1999 $ 1,192,103 $ 3,019,498 $ 1,055,037 $ 1,752,846 $ 3,146,977 $ 17,739,604 $10,637,644 - - - - 1,483 1,483 - 297,187 226,555 255,332 1,169,776 661,159 3,125,980 5,180,494 $ 1,489,290 $ 3,246,053 $ 1,310,369 $ 2,922,622 $ 3,809,619 $ 20,867,067 $ 15,818,138 297,187 95,636 175,065 1,128,047 555,145 2,751,253 4,619,951 1,192,103 3,150,417 1,135,304 1,794,575 3,254,474 18,115,814 11,198,187 $ 1,489,290 $ 3,246,053 $ 1,310,369 $ 2,922,622 $ 3,809,619 $ 20,867,067 $ 15,818,138 -56- CITY OF ROSEMOUNT COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL DEBT SERVICE FUNDS For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) EXPENDITURES Other Principal retirement Interest Fiscal agent fees Total Expenditures Excess (Deficiency) of Revenues Over Expenditures OTHER FINANCING SOURCES (USES) Proceeds of general obligation long -term debt Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Financing Uses FUND BALANCES - January 1 45,000 125,000 60,000 65,000 G.O. 14,290 Community City Hall Fire Improvement 194 Center Refunding Station Bonds 80,247 1992C 1993D 1996A 1992A 16,330 ( #301) ( #302) ( #303) ( #321) REVENUES 5,732 16,330 Taxes $ 101,992 $ 148,749 $ 155,715 $ - Municipal state aid (MSA) - - - - Special assessments - - - 1,046 Investment income 2,510 6,871 2,865 9,480 Net increase (decrease) FMV investments - - - - Total Revenues 104,502 155,620 158,580 10,526 EXPENDITURES Other Principal retirement Interest Fiscal agent fees Total Expenditures Excess (Deficiency) of Revenues Over Expenditures OTHER FINANCING SOURCES (USES) Proceeds of general obligation long -term debt Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Financing Uses FUND BALANCES - January 1 45,000 125,000 60,000 65,000 53,283 14,290 84,680 14,810 487 - 194 437 98,770 139,290 144,874 80,247 5,732 16,330 13,706 (69,721) 5,732 16,330 13,706 (69,721) 110,442 215,489 139,464 216,925 Equity transfers FUND BALANCES - December 31 $ 116,174 $ 231,819 $ 153,170 $ 147,204 -57- EXHIBIT C -2 (Continued) G.O. G.O. G.O. G.O. G.O. G.O. Improvement Improvement Improvement Improvement Improvement Improvement Bonds Refunding Bonds Bonds Bonds Bonds 1993A Bonds 1993B 1994A 1997B 1995A 1997A ( #322) ( #323) ( #324) ( #325) ( #326) ( #327) $ 1,653 $ 121,096 $ - $ - $ 19,020 $ - 4,787 4,945 13,630 204,345 52,615 396,613 3,685 30,710 57,417 63,987 34,320 110,254 - 6,497 12,656 - 1,900 5,218 10,125 163,248 83,703 268,332 107,855 512,085 50,000 165,000 145,000 190,000 155,000 335,000 12,875 9,270 59,139 66,105 55,070 120,585 487 - 487 150 - 168 63,362 174,270 204,626 256,255 210,070 455,753 (53,237) (11,022) (120,923) 12,077 (102,215) 56,332 20,000 - - - - 20,000 - (53,237) (11,022) (120,923) 12,077 (82,215) 56,332 133,640 611,952 1,115,075 1,285,221 743,908 2,315,429 $ 80,403 $ 600,930 $ 994,152 $ 1,297,298 $ 661,693 $ 2,371,761 -58- CITY OF ROSEMOUNT COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL DEBT SERVICE FUNDS For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) EXPENDITURES Other Principal retirement Interest Fiscal agent fees Total Expenditures 115,000 G.O. G.O. G.O. 17,883 5,050 Improvement Improvement Improvement State Aid 487 Bonds Bonds Bonds Street Bonds 89,185 1991A 1991B 1992D 1994C ( #328) ( #329) ( #330) ( #331) REVENUES Taxes $ 8,892 $ - $ 8,214 $ - Municipal state aid (MSA) - - - 88,748 Special assessments 32,382 - 4,694 - Investment income 1,432 3,021 25,261 23,472 Net increase (decrease) FMV investments - - - - Total Revenues 42,706 3,021 38,169 112,220 EXPENDITURES Other Principal retirement Interest Fiscal agent fees Total Expenditures 115,000 25,000 145,000 70,000 17,883 5,050 37,700 18,748 537 437 487 437 133,420 30,487 183,187 89,185 Excess (Deficiency) of Revenues Over Expenditures OTHER FINANCING SOURCES (USES) Proceeds of general obligation long -term debt Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Financing Uses FUND BALANCES - January 1 Equity transfers FUND BALANCES - December 31 (90,714) (27,466) (145,018) 23,035 40,100 - 40,100 - (90,714) (27,466) (104,918) 23,035 127,753 72,753 553,687 380,207 $ 37,039 $ 45,287 $ 448,769 $ 403,242 -59- 1 1 1 1 1 1 1 1 1 1 1 EXHIBIT C -2 (Concluded) G.O. G.O. G.O. G.O. G.O. Improvement Improvement Improvement Improvement Improvement Bonds Bonds Bonds Bonds Bonds 1998A 1998B 1998C 1999A 1999B Total ( #332) ( #333) ( #334) ( #335) ( #336) 2000 1999 $ - $ - $ - $ - $ - $ 565,331 $ 600,120 - - - - - 88,748 87,090 78,441 2,397,928 480,635 1,621,526 2,132,336 7,425,923 3,352,676 60,283 32,909 23,480 14,535 43,286 549,778 288,895 2,850 - - - 2,983 32,104 (27,021) 141,574 2,430,837 504,115 1,636,061 2,178,605 8,661,884 4,301,760 1 - - - 1 2 7 240,000 - - - - 1,930,000 1,285,000 81,610 119,868 32,515 176,662 166,358 1,146,501 884,371 150 175 - 88 - 4,721 4,488 321,761 120,043 32,515 176,750 166,359 3,081,224 2,173,866 (180,187) 2,310,794 471,600 1,459,311 2,012,246 5,580,660 2,127,894 - - - 451,189 793,708 853,808 60,100 (34,454) (34,454) - 759,254 819,354 511,289 (180,187) 2,310,794 1,372,290 678,623 471,600 1,459,311 2,771,500 6,400,014 2,639,183 553,238 299,163 272,928 11,198,187 7,567,127 - 161,000 110,466 36,101 210,046 517,613 991,877 $ 1,192,103 $ 3,150,417 $ 1,135,304 $ 1,794,575 $ 3,254,474 $ 18,115,814 $11,198,187 •1 THIS PAGE INTENTIONALLY LEFT BLANK Aemljed uouueyS of alepuadd!go — }oafad pjenalno8 PPoa 9t b3 of Zt �jo — loefoad gted Puowe!Q sawoquMol ezeld lasno.ijeo uoi}!ppy sajels3 abp!jlep uo!I!PPV Pu Z a}ulod auAeos!8 JoowJan3 stuawanoidwl anuany AaluoO Z asegd uo!j!ppy ejeweNON uoisuedx3 bulppq sljoM o!Ignd uoit!ppy suowwoo junowaso�j uoII!ppy PuZ puod ew!uaaa!D (UO!I!ppy Pu Z JoowJan3) uoIJoH . �J_Q sIuawanoadwl u!ewjajeM gjed puou.welQ (uo!t!ppy yit' JoowJan3) uo:PoH .�.Q uo!I!ppy Pu Z Plagwool8 jsaM Aemn jed uouueyS- pjenalno8 ppoa -uooa�j LoOZ uolj!ppy y , � � uuewsuaM Aem lied uouueyS o} gjed puowelQ -Zt �10 stuawanoidwl eajy lied aso�l gjnoS uoij!ppy gjnoS puod uouueyS uolj!ppy y ,Z � uuewsuaM uo!}!PP`d Pu Z Pla!iwool8 sjuawanojdwl (jaaajS 4 ,oq�) 9t' 210 sIuawanoidwl ap!�l '8 lied Zi �j0 of }aaJ}S 41 5t , � uooa�l £ Hl uo!l!PP`d lied loegoj8 uoit!ppy P ,£ atu!od auAeos!8 stuawanoadwl anuany alepuadd!gC) saue� ujnl anuany epeue:D R Zt bo uoil!ppy P ,£ abpugauo }S u011!ppy pla!lwool8 smollot se aje spunk loafo.ad lej!deo s,At!o ayl - palts!tes Allnj ajam anuanaJ to asn aqt bu!pjebaj stuawai!nbai }eqt bul:podai aouequa jaq:pni spunk toafoJd let!de:D - pasn Apedo.id we sasodind u!e:pao jol pateub!sop sanuanaJ tegj ainsua of saoteats!u!wpe salgeue go!gm ws!uegoaw lewioj a ep!nad spun] toafoJd lej!deo •stasse lej!deo jo uo!t!s!nboe eqt jot suoljnqujuoo pue s}ueib `spaaooid puoq joj bu!lun000e le!oads joj paau aqt waJ anlona spun] asagl - spun] tsnat pue spun] tietaudoad Aq peoueulj asogj uegt jaq }o `alnjeu lueuewiad Alan!telaJ a Jo sJasse aainboe of papuedxa saoinosai aqt jot }un000e of pags!lgetsa aje spun] Ioafoad let!deo SaNn:j 1o3f lid IVIId` O r . LJ I � THIS PAGE INTENTIONALLY LEFT BLANK CITY OF ROSEMOUNT COMBINING BALANCE SHEET ALL CAPITAL PROJECTS FUNDS December 31, 2000 (With Comparative Totals for December 31, 1999) LIABILITIES AND FUND BALANCES LIABILITIES Accounts payable Contracts payable Due to other funds Deferred revenues Total Liabilities FUND BALANCES Fund Balances Reserved for capital projects Unreserved Undesignated (deficit) Total Fund Balances TOTAL LIABILITIES AND FUND BALANCES 19,911 - 19,911 - (19,911) - (19,911 - IRPA CR 42 & Canada Chippendale Bloomfield Stonebridge Avenue Avenue Addition 3rd Add'n Turn Lanes Improvements (#402) (#403) (#404) (#406) ASSETS Cash and investments $ - $ - $ - $ - Due from other funds - - - - TOTAL ASSETS $ - $ - $ - $ - LIABILITIES AND FUND BALANCES LIABILITIES Accounts payable Contracts payable Due to other funds Deferred revenues Total Liabilities FUND BALANCES Fund Balances Reserved for capital projects Unreserved Undesignated (deficit) Total Fund Balances TOTAL LIABILITIES AND FUND BALANCES 19,911 - 19,911 - (19,911) - (19,911 - IRPA EXHIBIT D -1 (Continued) Biscayne Pointe Broback CR 46 3rd Park TH 3 Recon- Park & Ride (160th Street) Bloomfield Wensmann Addition Addition 145th to CR 42 Improvements Improvements 2nd Add'n 12th Add'n (#407) (#409) (#412) (#413) (#415) (#416) (#418) $ 60,062 $ - $ - $ 103,300 $ 1,132,547 $ - $ 5,080 $ 60,062 $ - $ - $ 103,300 $ 1,132,547 $ - $ 5,080 $ 1,551 $ - $ 2,917 $ 175 $ 93,345 $ 50,049 - - 51,045 76,915 - - 26,346 - - 51,600 - 29,263 51,220 170,260 144 $ 144 $ 8,462 $ - $ - $ 52,080 $ 962,287 $ - $ 5,080 - - (29,263) - - (144) - 8,462 - (29,263) 52,080 962,287 (144) 5,080 $ 60,062 $ - $ - $ 103,300 $ 1,132,547 $ - $ 5,080 -63- CITY OF ROSEMOUNT COMBINING BALANCE SHEET ALL CAPITAL PROJECTS FUNDS December 31, 2000 (With Comparative Totals for December 31, 1999) ASSETS Cash and investments Due from other funds TOTAL ASSETS LIABILITIES AND FUND BALANCES LIABILITIES Accounts payable Contracts payable Due to other funds Deferred revenues Total Liabilities FUND BALANCES Fund Balances Reserved for capital projects Unreserved Undesignated (deficit) Total Fund Balances TOTAL LIABILITIES AND FUND BALANCES Shannon South Rose Pond South Park Area CR 42- Wensmann Addition Improvements D/P to S/P 11th Add'n (#419) (#420) (#421) (#422) $ - $ 6,448 $ 999 $ 6,448 999 (6,448 (999 (6,448 (999 — -64- EXHIBIT D -1 (Continued) 2001 Recon. D.R. Horton Diamond Path D.R. Horton Geronime Rosemount Dodd Blvd- Bloomfield Evermoor Watermain Evermoor Pond Commons S/P West 2nd Add'n 4th Addition Improvements 2nd Add'n 2nd Add'n Addition (#423) (#424) (#425) (#426) (#427) (#428) (#429) $ - $ - $ 422,560 $ - $ 66,068 $ - $ - $ - $ - $ 422,560 $ - $ 66,068 $ - $ - $ 4,156 $ - $ 10,240 $ 4,156 - 10,240 - - - $ - $ - $ 412,320 $ - $ 66,068 $ (4,156 - - - - _ (4,156 - 412,320 - 66,068 $ - $ - $ 422,560 $ - $ 66,068 $ -65- CITY OF ROSEMOUNT COMBINING BALANCE SHEET ALL CAPITAL PROJECTS FUNDS December 31, 2000 (With Comparative Totals for December 31, 1999) ASSETS Cash and investments Due from other funds TOTAL ASSETS LIABILITIES AND FUND BALANCES LIABILITIES Accounts payable Contracts payable Due to other funds Deferred revenues Total Liabilities FUND BALANCES Fund Balances Reserved for capital projects Unreserved Undesignated (deficit) Total Fund Balances TOTAL LIABILITIES AND FUND BALANCES P.W. McNamara Conley Building Addition Avenue Expansion Phase 2 Improvements Evermoor (#430) (#431) (#432) (#433) $ - $ 147,206 $ 168,764 $ - $ - $ 147,206 $ 168,764 $ - $ - $ - $ - $ 15,419 72,872 - - 55,109 - 72,872 70,528 $ - $ 147,206 $ 95,892 $ - - - (70,528) 147,206 95,892 (70,528 $ - $ 147,206 $ 168,764 $ - me EXHIBIT D -1 (Concluded) $ - $ - $ 6,318 $ 315,667 $ 347,956 $ 2,775,528 $ 3,280,409 - - - 101,366 - 101,366 162,541 $ - $ - $ 6,318 $ 417,033 $ 347,956 $ 2,876,894 $ 3,442,950 7,282 $ - $ 291 $ 142,967 $ 74,938 - - 38,046 288,927 231,987 101,366 162,541 7,282 - 38,337 533,260 469,466 $ - $ - $ - $ 417,033 $ 309,619 $ 2,476,047 $ 3,310,190 (964) - - (132,413) (336,706) (964 417,033 309,619 2,343,634 2,973,484 $ - $ - $ 6,318 $ 417,033 $ 347,956 $ 2,876,894 $ 3,442,950 -67- Diamond Dodd Blvd Path Project Biscayne Oakridge Carrousel Project Chippendale Pointe 2nd Estates Plaza CR 42 To To Shannon Addition Addition Townhomes CR 46 Parkway Totals (#434) (#435) (#437) ( #230) ( #231) 2000 1999 $ - $ - $ 6,318 $ 315,667 $ 347,956 $ 2,775,528 $ 3,280,409 - - - 101,366 - 101,366 162,541 $ - $ - $ 6,318 $ 417,033 $ 347,956 $ 2,876,894 $ 3,442,950 7,282 $ - $ 291 $ 142,967 $ 74,938 - - 38,046 288,927 231,987 101,366 162,541 7,282 - 38,337 533,260 469,466 $ - $ - $ - $ 417,033 $ 309,619 $ 2,476,047 $ 3,310,190 (964) - - (132,413) (336,706) (964 417,033 309,619 2,343,634 2,973,484 $ - $ - $ 6,318 $ 417,033 $ 347,956 $ 2,876,894 $ 3,442,950 -67- CITY OF ROSEMOUNT COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (DEFICIT) - ALL CAPITAL PROJECTS FUNDS For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) EXPENDITURES Construction Costs Improvements Engineering fees Otherfees Professional fees Other Total Expenditures Deficiency of Revenues Over Expenditures OTHER FINANCING SOURCES (USES) Proceeds from issuance of debt Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Financing Uses FUND BALANCES - January 1 Equity transfers FUND BALANCES (DEFICIT) - December 31 2,845 1,078 - - 2,845 1,078 - - 2,428 (1,040 - - (127) - - - (127 - - - 2,301 (1,040) - - 138,992 5,349 (19,911) (659) (141,293 (4,309 - 659 $ - $ - $ (19,911 $ - .: CR 42 & Canada Chippendale Bloomfield Stonebridge Avenue Avenue Addition 3rd Add'n Turn Lanes Improvements (#402) (#403) (#404) (#406) REVENUES Intergovernmental $ - $ - $ - $ - Special assessments - - - Investment income 5,273 38 - - Miscellaneous - - - - Total Revenues 5,273 38 - - EXPENDITURES Construction Costs Improvements Engineering fees Otherfees Professional fees Other Total Expenditures Deficiency of Revenues Over Expenditures OTHER FINANCING SOURCES (USES) Proceeds from issuance of debt Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Financing Uses FUND BALANCES - January 1 Equity transfers FUND BALANCES (DEFICIT) - December 31 2,845 1,078 - - 2,845 1,078 - - 2,428 (1,040 - - (127) - - - (127 - - - 2,301 (1,040) - - 138,992 5,349 (19,911) (659) (141,293 (4,309 - 659 $ - $ - $ (19,911 $ - .: i EXHIBIT D -2 (Continued) Biscayne - - 179,213 215,507 - 14,089 130,596 101 27,763 55,496 Pointe Broback - 1,500 849 CR 46 272 3rd Park TH 3 Recon- Park & Ride (160th Street) Bloomfield Wensmann Addition Addition 145th to CR 42 Improvements Improvements 2nd Add'n 12th Add'n (#407) (#409) (#412) (#413) (#415) (#416) (#418) 22,964 110 - 95 60,729 - 430 - - - 108,000 1,000 - - 22,964 110 - 108,095 61,729 - 430 736,692 - - 179,213 215,507 - 14,089 130,596 101 27,763 55,496 33,572 144 2,027 5,435 - 1,500 849 35,218 - - 272 - - 288 - - - 44,753 - - - - - - 917,748 101 29,263 235,846 284,297 144 16,116 (894,784 9 (29,263) (127,751) (222,568 (144) (15,686) 903,193 - - 192,000 1,021,000 - - - (14) - - - - (448) 903,193 (14) - 192,000 1,021,000 - (448) 8,409 (5) (29,263) 64,249 798,432 (144) (16,134) 53 15,403 - (12,169) 163,855 - 21,214 - (15,398) - - - - - $ 8,462 $ - $ (29,263 $ 52,080 $ 962,287 $ _ L1 44 $ 5,080 .• CITY OF ROSEMOUNT COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (DEFICIT) - ALL CAPITAL PROJECTS FUNDS For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) REVENUES Intergovernmental Special assessments Investment income Miscellaneous Total Revenues EXPENDITURES Construction costs: Improvements Engineering fees Otherfees Professional fees Other Total Expenditures Deficiency of Revenues Over Expenditures OTHER FINANCING SOURCES (USES) Proceeds from issuance of debt Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Financing Uses FUND BALANCES - January 1 Equity transfers FUND BALANCES (DEFICIT) - December 31 Shannon South Rose 999 Pond South Park Area CR 42- Wensmann Addition Improvements D/P to S/P 11th Add'n (#419) (#420) (#421) (#422) (6,448 (999 3,966 382 - - 4,082 382 - - 4,082 2,982 6,448 999 116 116 2,982 6,448 999 (2,600 (6,448 (999 3,966 (60) (60 - - (9 (2,660) (6,448) (999) 3,957 38,761 - - 106,509 (36,101 - - (110,466 $ - $ (6,448 $ (999 $ - -70- EXHIBIT D -2 (Continued) 2001 Recon. - - D.R. Horton Diamond Path D.R. Horton Geronime Rosemount Dodd Blvd- Bloomfield Evermoor Watermain Evermoor Pond Commons S/P West 2nd Add'n 4th Addition Improvements 2nd Add'n 2nd Add'n Addition (#423) (#424) (#425) (#426) (#427) (#428) (#429) - 31,687 465 13 1,012 - 2,200 - 105,568 558,750 - 268,000 - - - 137,255 559,215 13 269,012 - 2,200 98,776 4,156 659 47,990 129 4,156 659 146,895 (4,156) 136,596 412,320 - 132,905 - - - 37,084 - 3,188 - 705 - 34,191 - 32,250 - - 202,944 - 37,379 13 66,068 - (35,179) - (2,059,785) - - - - - - (2,059,785) - - - - - (4,156) (1,923,189) 412,320 13 66,068 - (35,179) - 1,923,189 - 7,425 - (19,097) 73,179 - - - (7,438) - 19,097 (38,000 $ (4,156) $ - $ 412,320 $ - $ 66,068 $ - $ - IFAM CITY OF ROSEMOUNT COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (DEFICIT) - ALL CAPITAL PROJECTS FUNDS For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) REVENUES Intergovernmental Special assessments Investment income Miscellaneous Total Revenues EXPENDITURES Construction costs: Improvements Engineering fees Other fees Professional fees Other Total Expenditures Deficiency of Revenues Over Expenditures OTHER FINANCING SOURCES (USES) Proceeds from issuance of debt Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Financing Uses FUND BALANCES - January 1 Equity transfers P.W. McNamara Conley - 4,352 Building Addition Avenue - Expansion Phase 2 Improvements Evermoor (#430) (#431) (#432) (#433) (11,345 332,906 202,950 (70,528 $ - $ - $ 350,000 $ - 72 2,299 10,440 5,956 - 428,850 - 600,000 72 431,149 360,440 605,956 11,417 37,463 89,860 - - 4,352 9,708 524,738 - - - 9,196 - 56,428 57,922 142,550 11,417 98,243 157,490 676,484 (11,345 332,906 202,950 (70,528 - 51,400 - - (11,801 (47,487) - (11,801 3,913 - (11,345) 321,105 206,863 (70,528) 11,345 (173,899) (110,971) - $ - $ 147,206 $ 95,892 $ (70,528 -72- i EXHIBIT D -2 (Concluded) (116,095) (68,310) (964) 21,292 256,895 (124,555) 2,143,009 220,510 135,941 - 395,741 52,724 2,973,484 1,654,565 (104,415 (67,631 - - - (505,295 (824,090 $ - $ - $ (964 $ 417,033 $ 309,619 $ 2,343,634 $ 2,973,484 -73- Diamond Dodd Blvd Path Project Biscayne Oakridge Carrousel Project Chippendale Pointe 2nd Estates Plaza CR 42 To To Shannon Addition Addition Townhomes CR 46 Parkway Total (#434) (#435) (#437) ( #230) ( #231) 2000 1999 $ - $ - $ - $ - $ - $ 350,000 $ - - - - - - - 260,265 10,922 4,193 6 21,628 26,198 211,194 124,789 - - 10,000 - - 2,080,168 284,701 10,922 4,193 10,006 21,628 26,198 2,641,362 669,755 76,020 59,857 - - 779,916 2,431,715 5,435,336 7,792 4,154 10,806 - 97,011 1,015,805 947,593 688 - - - 1,645 45,335 227,541 - - 164 336 1,772 47,053 4,017 33,566 8,492 - - - 375,961 214,263 118,066 72,503 10,970 336 880,344 3,915,869 6,828,750 (107,144 (68,310 (964 21,292 (854,146 (1,274,507 (6,158,995 - - - - - - 7,592,846 9,002 - 1,111,041 3,287,636 833,029 (17,953 - - - - (2,137,684) (123,871 (8,951 - - - 1,111,041 1,149,952 8,302,004 (116,095) (68,310) (964) 21,292 256,895 (124,555) 2,143,009 220,510 135,941 - 395,741 52,724 2,973,484 1,654,565 (104,415 (67,631 - - - (505,295 (824,090 $ - $ - $ (964 $ 417,033 $ 309,619 $ 2,343,634 $ 2,973,484 -73- THIS PAGE INTENTIONALLY LEFT BLANK - suoijejado euaJe aoi s,Al!:D ayj 10 saiIinIIOe ayj joj jun000e of pasn si punj siyl - punj euaay - suoijejado 96euiejp aaIem wJoIs s,Al!o ayj 10 sai}inIIDe ayj jol jun000e of pasn si punj siyl - punk aajeM waojS - suoijejado 96emes ;o juawlewl pue u011081100 s,Al!o ayj ;o saijinijoe ayj jol jun000e o} pasn si pun; siyl - pun.1 aameS - suoijejado uoilnqulsip a91enn s Ali:D ay} 10 saijinijoe ay} jol jun000e ol pasn si punk si41 - pund aa;eM - 6uilun000e jo siseq lenjooe ayj uo pauieluiew aje spjooa�j - sasodind Al!l!gelun000e joj aIeiJdoidde si awooui jau jo uoileuiwja}ap oipouad leyl papioap sey Iiun IeIuawuJan06 ay} aaagm Jo 'sa6jeyo jasn gbnoayl Aluewud paJanooaJ ao peoueuil aq siseq buinuiluoo a uo oilgnd Jeaaua6 ayj 01 saoinUas Jo spoo6 6uipino.id jo slsoo ayj ley} si Iiun leluawuaano6 ayj jo jualui ayj ajE)gm - sesudaalua ssauisnq alenud of jeliwis jauuew e ui paleaado pue peoueuil aie jeyj suoilejado jo} jun000e of pasn aje spun] asudaaju3 SONn-A 3SIbdN31N3 7 n THIS PAGE INTENTIONALLY LEFT BLANK CITY OF ROSEMOUNT COMBINING BALANCE SHEET ALL ENTERPRISE FUNDS December 31, 2000 (With Comparative Totals for December 31, 1999) Water Storm ( #601, 605, 610) Sewer Water (615, 617, 621) (#602,606,625) (#603,607,611,613) (622, 624 & 627) (411 & 414) (614, 616, 620 & 626) ASSETS CURRENT ASSETS Cash and investments $ Accounts Receivable Customer accounts Special assessments Due from other governments Inventories and prepaid items Advances to other funds 3,809,462 $ 3,384,989 $ 208,793 136,514 250,864 92,215 1,943 37,922 514,342 3,296,952 130,580 105,750 1,454 Total Current Assets 4,156,712 4,280,332 3,534,736 PROPERTY AND EQUIPMENT Land 264,842 - 99,500 Buildings 1,551,195 200,594 223,890 Mains and lines 1,295,323 711,767 1,651,710 Other improvements 14,832,116 36,541,078 11,491,505 Machinery and equipment 839,235 314,381 119,862 Construction in progress 1,065,591 483,707 1,963,283 Less accumulated depreciation (5,838,904) (17,790,674) (2,420,085) Net Property and Equipment 14,009,398 20,460,853 13,129,665 TOTAL ASSETS $ 18,166,110 $ 24,741,185 $ 16,664,401 -75- EXHIBIT E -1 (Continued) Arena ( #650) Totals 2000 1999 $ 63,489 $ 10,554,892 $ 7,705,928 - 590,237 471,025 - 334,479 343,376 27,108 27,108 22,675 1,165 42,484 40,647 - 514,342 531,755 91,762 12,063,542 9,115,406 - 364,342 256,915 2,360,000 4,335,679 4,217,879 - 3,658,800 13,053,815 - 62,864,699 49,383,425 9,041 1,282,519 1,223,762 - 3,512,581 3,706,729 (320,904) (26,370,567) (25,168,589) 2,048,137 49,648,053 46,673,936 $ 2,139,899 $ 61,711,595 $ 55,789,342 -76- CITY OF ROSEMOUNT -77- COMBINING BALANCE SHEET ALL ENTERPRISE FUNDS December 31, 2000 (With Comparative Totals for December 31, 1999) Water Storm ( #601, 605, 610) Sewer Water (615, 617, 621) (#602,606,625) (#603,607,611,613) (622, 624 & 627) (411 & 414) (614, 616, 620 & 626) LIABILITIES AND FUND EQUITY CURRENT LIABILITIES Current maturities of long -term debt $ 175,000 $ - $ 220,000 Accounts payable 36,693 6,962 9,196 Compensated absences payable 13,424 13,424 10,264 Accrued liabilities 3,919 3,193 2,577 Accrued interest 38,084 - 63,545 Contracts payable - - 40,289 Advances from other funds 116,896 116,896 - Total Current Liabilities 384,016 140,475 345,871 LONG -TERM DEBT LESS CURRENT MATURITIES Revenue debt, less current maturities 1,930,253 - 2,660,242 Deferred revenue 135,510 90,886 103,264 Total Long -Term Debt 2,065,763 90,886 2,763,506 Total Liabilities 2,449,779 231,361 3,109,377 FUND EQUITY Contributed capital 10,686,632 19,435,068 10,290,932 Retained earnings - reserved 2,120,000 514,342 2,900,000 Retained earnings - unreserved 2,909,699 4,560,414 364,092 Total Retained Earnings 5,029,699 5,074,756 3,264,092 Total Equity 15,716,331 24,509,824 13,555,024 TOTAL LIABILITIES AND FUND EQUITY $ 18,166,110 $ 24,741,185 $ 16,664,401 -77- Arena ( #650) EXHIBIT E -1 (Concluded) Totals O 1999 $ - $ 395,000 $ 350,000 16,215 69,066 56,987 3,984 41,096 33,660 1,940 11,629 11,203 - 101,629 82,248 - 40,289 13,968 - 233,792 241,708 22,139 892,501 789,774 - 4,590,495 3,834,914 - 329,660 289,418 - 4,920,155 4,124,332 2,117,760 55,898,939 22,139 5,812,656 4,914,106 2,041,400 42,454,032 40,300,331 - 5,534,342 4,741,755 76,360 7,910,565 5,833,150 76,360 13,444,907 10,574,905 2,117,760 55,898,939 50,875,236 $ 2,139,899 $ 61,711,595 $ 55,789,342 1 -78- CITY OF ROSEMOUNT COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS ALL ENTERPRISE FUNDS For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) Water Storm ( #601, 605, 610) Sewer Water (615, 617, 621) (#602,606,625) (#603,607,611,613) (622, 624 & 627) (411 & 414) (614, 616, 620 & 626) OPERATING REVENUES Charges for services $ 757,112 $ 988,494 $ 559,047 Water meter maintenance 17,175 - - Water meters 87,038 Miscellaneous Total Operating Revenues OPERATING EXPENSES Personnel services Supplies Professional services and charges Other services and charges Metro sewer charges Total Operating Expenses Operating Income Before Depreciation Depreciation Operating Income (Loss) NONOPERATING REVENUES (EXPENSES) Connection fees Property taxes Special assessments Investment earnings Net increase (decrease) in the fair value of investment Gain (loss) from disposal of fixed assets Surcharges and penalties Other expense Interest expense and fiscal agent fees Total Nonoperating Revenues (Expenses) Income Before Operating Transfers Operating transfers in Operating transfers out Operating transfers out - component unit Total operating transfers NET INCOME (LOSS) ADD DEPRECIATION ON CONTRIBUTED ASSETS INCREASE (DECREASE) IN RETAINED EARNINGS BEGINNING RETAINED EARNINGS Prior period adjustments RETAINED EARNINGS - January 1 Equity transfers 2,708 87 7,188 864,033 988,581 566,235 176,313 172,556 137,484 151,084 10,848 3,597 63,695 8,740 8,932 87,739 38,900 56,345 - 410,160 - 478,831 641,204 206,358 385,202 347,377 359,877 (330,672) (604,518 (218,971) 54,530 (257,141) 140,906 649,100 412,530 695,576 62,126 32,927 161,541 160,045 197,399 165,584 19,094 34,427 20,756 158,872 7,370 4,205 (71,782) (6,043) (156,722) 977,455 678,610 890,940 1,031,985 421,469 1,031,846 50,223 70,352 31,779 (350,841) (186,192) (225,296) (300,618) (115,840) (193,517) 731,367 305,629 838,329 228,186 562,170 176,793 959,553 867,799 1,015,122 4,062,002 4,216,062 2,198,177 706 (9,105) 50,793 4,062,708 4,206,957 2,248,970 7,438 - RETAINED EARNINGS - December 31 $ 5,029,699 $ 5,074,756 $ 3,264,092 -79- EXHIBIT E -2 Arena Totals 1,379,386 ( #650) 2000 1999 256,594 $ - $ 2,304,653 $ 1,936,567 - 17,175 18,300 - 87,038 85,984 264,412 274,395 290,514 264,412 2,683,261 2,331,365 (197,803) 136,421 2,683,426 108,413 594,766 605,196 10,084 175,613 182,446 100,107 181,474 183,006 12,418 195,402 85,359 - 410,160 398,145 231,022 1,557,415 1,454,152 33,390 1,125,846 877,213 (47,815) (1,201,976) (1,136,457) (14,425) (76,130) (259,244) - 1,757,206 1,379,386 136,300 136,300 114,900 256,594 189,673 121 523,149 341,138 - 74,277 (121,164) - 170,447 110,220 - (2,635) - (234,547) (197,803) 136,421 2,683,426 1,813, 715 121,996 2,607,296 1,554,471 - 152,354 967,174 (3,500) (765,829) (1,096,039) (188,000) (188,000) (179,928) (191,500) (801,475) (308,793) (69,504) 1,805,821 1,245,678 47,200 1,014,349 973,726 (22,304) 2,820,170 2,219,404 98,664 10,574,905 8,164,451 - 42,394 191,050 98,664 10,617,299 8,355,501 - 7,438 - $ 76,360 $ 13,444,907 $ 10,574,905 1 -80- CITY OF ROSEMOUNT COMBINING STATEMENT OF CASH FLOWS ALL ENTERPRISE FUNDS For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) Water Additions to fixed assets ( #601, 605, 610) Sewer 1,147,124 - (615, 617, 621) ( #602, 606, 625) Interest paid on long -term debt (622, 624 & 627) (411 & 414) CASH FLOWS FROM OPERATING ACTIVITIES Related Financing Activities 582,569 (63,049) Operating income (loss) $ 54,530 $ (257,141) Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities Depreciation 330,672 604,518 Gain (loss) from disposal of fixed assets - - Nonoperating revenues 870,098 452,827 Prior period adjustments 706 (9,105) Change in Assets and Liabilities Accounts receivable (55,586) (49,450) Special assessments (124,284) 4,147 Due from other governments - - Inventories and prepaid items (362) (991) Due to other funds - - Advances to other funds - 17,413 Accounts payable (10,126) 2,760 Compensated absences payable 2,994 2,994 Accrued liabilities 320 415 Accrued interest 15,933 - Contract payable - - Advances from other funds (3,957) (3,958) Deferred revenue 124,402 (3,935) Net Cash Provided by Operating Activities 1,205,340 760,494 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers in 57,661 70,352 Operating transfers out (350,841) (186,192) Net Cash Used by Noncapital Financing Activities (293,180) (115,840) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Additions to fixed assets (323,861) (57,006) Proceeds from long -term debt 1,147,124 - Principal paid on long -term debt (170,000) - Interest paid on long -term debt (70,694) (6,043) Net Cash Provided (Used) by Capital and Related Financing Activities 582,569 (63,049) -81- EXHIBIT E -3 (Continued) Storm Water (#603,607,611,613) Arena _ (614, 616, 620 & 626) ( #650) _ $ 140,906 $ (14,425) $ Totals 2000 1999 (76,130) $ (259,244) 218,971 47,815 1,201,976 1,136,457 861,322 136,300 2,320,547 1,791,543 50,793 - 42,394 (4,668) (14,175) - (119,211) (10,896) 129,034 - 8,897 (114,947) - (4,433) (4,433) (22,675) (279) (205) (1,837) 31,057 - - - 50,434 - - 17,413 (531,755) 8,020 11,425 12,079 45,425 1,979 (532) 7,435 (3,104) 328 (637) 426 (7,950) 3,448 - 19,381 5,242 26,321 - 26,321 11,440 - - (7,915) 241,707 (80,224) - 40,243 64,759 1,346,444 175,308 3,487,586 2,422,825 31,779 - 159,792 967,174 (225,296) (191,500) (953,829) (1,275,968) (193,517) (191,500) (794,037) (308,794) (625,947) (1,230) (1,008,044) (1,302,971) 1,147,124 855,000 (180,000) - (350,000) (330,000) (154,354) - (231,091) (197,803) (960,301) (1,230) (442,011) (975,774) -82- CITY OF ROSEMOUNT COMBINING STATEMENT OF CASH FLOWS ALL ENTERPRISE FUNDS For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) Water ( #601, 605, 610) Sewer (615, 617, 621) (#602,606,625) (622, 624 & 627) (411 & 414) CASH FLOWS FROM INVESTING ACTIVITIES Income on investments $ 160,045 $ 197,399 Net increase (decrease) in the fair value of investments 19,094 34,427 Net Cash Provided (Used) by Investing Activities 179,139 231,826 Net Increase (Decrease) in Cash and Cash Equivalents CASH AND CASH EQUIVALENTS - January 1 CASH AND CASH EQUIVALENTS - December 31 Noncash investing, capital and financing activities: Contributions of fixed assets from government funds 1,673,868 813,431 2,135,594 2,571,558 $ 3,809,462 $ 3,384,989 $ 1,200,297 $ 602,720 -83- i EXHIBIT E -3 (Concluded) Storm Water ( #603, 607, 611, 613) Arena Totals (614, 616, 620 & 626) ( #650) 2000 1999 $ 165,584 $ 121 $ 523,149 $ 341,139 20,756 - 74,277 (121,164) 186,340 121 597,426 219,975 378,966 (17,301) 2,848,964 1,358,232 2,917,986 80,790 7,705,928 6,347,696 $ 3,296,952 $ 63,489 $ 10,554,892 $ 7,705,928 $ 1,365,033 $ - $ 3,168,050 $ 1,120,259 -84- THIS PAGE INTENTIONALLY LEFT BLANK - ssol jo Isu painsuiun sji eoueuil o} papeau saolnosaj 6uilelnwnooe Alluaiano si Ain eql - Al!o eqj jol swniwaad aoueinsui uoilesuedwoo sialionn pue aouelnsui Al!l!geil jejaua6 eqj jo Alpofew aqj jol Aed fpm osle punj aq1 - swielo painsuiun pue seplonpap Aed of saoinosai a}einwnooe of pegsilgelsa seen punj sigl - punk eouelnsul - 6uwlun000e jo siseq lenjooe aql uo pauieluiew eje spjooa�l •siseq }uawasingwiaj -lsoo a uo `sliun IeIuawuJano6 Jagjo 01 Jo `Iiun leluawuJaAO6 aqj jo s9ioue6e ao sluaw:pedep jegjo of Aouabe jo juaw:pedap auo Aq papiAoid saoiAJas Jo spoo6 }o 6uioueuij aql jol jun000e of pasn aae spun] aoinuaS leuialul SaNn=l 301AN3S IVNN31NI CITY OF ROSEMOUNT EXHIBIT F -1 COMPARATIVE BALANCE SHEET INTERNAL SERVICE FUND December 31, 2000 (With Comparative Totals for December 31, 1999) Insurance Fund 2000 1999 ASSETS Cash and investments Accounts receivable Prepaid items TOTAL ASSETS LIABILITIES AND EQUITY LIABILITIES Accounts payable EQUITY Retained earnings, unreserved TOTAL LIABILITIES AND EQUITY $ 552,760 $ 512,006 3,578 - 32,456 25,176 $ 588,794 $ 537,182 $ 12,000 $ 14,355 576,794 522,827 $ 588,794 $ 537,182 .* CITY OF ROSEMOUNT EXHIBIT F -2 COMPARATIVE STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS INTERNAL SERVICE FUND For the Years Ended December 31, 2000 and 1999 Insurance Fund OPERATING REVENUES Other OPERATING EXPENSES Supplies Other professional services Insurance Total Operating Expenses Operating Income NONOPERATING REVENUES (EXPENSES) Taxes Intergovernmental Investment income Net increase (decrease) in the fair value of investments Total Nonoperating Revenues (Expenses) NET INCOME RETAINED EARNINGS - January 1 RETAINED EARNINGS - December 31 2000 1999 $ 31,111 $ 36,200 18,143 9,308 76,615 18,431 133,933 143,590 228,691 171,329 (197,580) (135,129) 185,000 180,000 32,487 - 26,904 21,387 7,156 (10,313) 251,547 191,074 53,967 55,945 522,827 466,882 $ 576,794 $ 522,827 -87- CITY OF ROSEMOUNT EXHIBIT F -3 COMPARATIVE STATEMENT OF CASH FLOWS INTERNAL SERVICE FUND For the Years Ended December 31, 2000 and 1999 Insurance Fund CASH FLOWS FROM OPERATING ACTIVITIES Operating income Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities Non - operating revenue Prior period adjustment Change in Assets and Liabilities Accounts receivable Prepaid items Accounts payable Net Cash Provided by Operating Activities CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Investment income Net increase (decrease) in the fair value of investments Net Cash Used by Noncapital Financing Activities Net Increase (Decrease) in Cash and Cash Equivalents CASH AND CASH EQUIVALENTS - January 1 CASH AND CASH EQUIVALENTS - December 31 01 2000 1999 $ (197,580) $ (135,129) 217,487 180,000 (3,578) 28,429 (7,280) 105,884 (2,355) 14,356 6,694 193,540 26,904 21,387 7,156 (10,313) 34,060 11,074 40,754 204,614 512,006 307,392 $ 552,760 $ 512,006 THIS PAGE INTENTIONALLY LEFT BLANK 1 t - joefoid wjo ;aj ajellem pl!go lolid a jo fed si punk siyl algel!eAe si aoinos 5uipunj ' bui}sixe jagjo ou uagm paau ui sailpej dlaq of pasn si punj sigi — punk Aoueilisau 'AIOGJI IaneJl of alqe jou aje oqm lsoo algepjo}je ue }e slenpinipui 01 sleaw JaniIap 01 poubisep wea6ad a `weiboid slaayM uo sleeN ayj 10 saiIiniloe jol jun000e of pasn si punj siyl - punj slaayM uo sleaw - suoijejado jo slinsw jo juawainseew anJonui jou op sngj pue leipolsno Ahind aie spuni AouebV - spun] jagjo jo/pue sluewwan06 Jayjo `suoi}eziuebJo a}enud `slenpinipui JOJ juabe ue se pun IeIuawuJano6 e Aq play slasse jol jun000e of pasn aje spunk AouabV SaNn=i ADN30V on CITY OF ROSEMOUNT EXHIBIT G -1 COMBINING BALANCE SHEET ALL AGENCY FUNDS December 31, 2000 (With Comparative Totals for December 31, 1999) Meals On Wheels Resiliency Totals ( #801) #802 2000 1999 ASSETS Cash and investments $ - $ 9,217 $ 9,217 $ 27,888 TOTAL ASSETS $ - $ 9,217 $ 9,217 $ 27,888 LIABILITIES Due to agencies - 9,217 9,217 27,888 TOTAL LIABILITIES $ - $ 9,217 $ 9,217 $ 27,888 on CITY OF ROSEMOUNT EXHIBIT G -2 COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES - ALL AGENCY FUNDS For the Year Ended December 31, 2000 Balance Balance 1/1/00 Additions Deductions 12/31/00 MEALS ON WHEELS ( #801) Assets Cash and investments TOTAL ASSETS Liabilities Due to agencies TOTAL LIABILITIES RESILIENCY ( #802) Assets Cash and investments TOTAL ASSETS Liabilities Due to agencies TOTAL LIABILITIES TOTAL - ALL AGENCY FUNDS Assets Cash and investments TOTAL ASSETS Liabilities Due to agencies TOTAL LIABILITIES $ 10,014 $ 18,325 $ 28,339 $ - $ 10,014 $ 18,325 $ 28,339 $ - $ 10,014 $ 18,325 $ 28,339 $ - $ 10,014 $ 18,325 $ 28,339 $ - $ 17,875 $ - $ 8,658 $ 9,217 $ 17,875 $ - $ 8,658 $ 9,217 $ 17,875 $ - $ 8,658 $ 9,217 $ 17,875 $ - $ 8,658 $ 9,217 $ 27,889 $ 18,325 $ 36,997 $ 9,217 $ 27,889 $ 18,325 $ 36,997 $ 9,217 $ 27,889 $ 18,325 $ 36,997 $ 9,217 $ 27,889 $ 18,325 $ 36,997 $ 9,217 -91- L 1 J �l Li I , Al!joglny :POd aqj 10 A}inijoe:podaj jegj sad Al punj ouauab Ile ' juasaid sluawale }s leioueug aqi -/ 313 aqj jo suoilebilgo leaaua6 We salJin110e Ajpogjny Pod aqj aol panssi }qaa •}unowaso�l jo Aj!O aqj ulq }inn sloaford juawdolanapaJ uie:pao Ino tijeo of pajeajo seen Al!joglny liod aql - sluawalels leioueull s junowaso�j jo Aj1O aqj uigllnn 1iun juauodwoo paluesaid Alajajosip e sl Al!joglny hod eql A11MOHinv INOd — 11Nn 1N3NOdWO3 I C� I I n L 'J u Ll THIS PAGE INTENTIONALLY LEFT BLANK CITY OF ROSEMOUNT COMBINING BALANCE SHEET COMPONENT UNIT - PORT AUTHORITY December 31, 2000 (With Comparative Totals for December 31, 1999) Special Revenue Funds Debt Service ASSETS Current Assets Cash and investments Investment with fiscal agent Accounts receivable Property taxes receivable Special assessments receivable Notes receivable Prepaid items Fixed assets Other Debits Amount available in debt service funds Amount to be provided for retirement of long -term obligations TOTAL ASSETS LIABILITIES AND FUND EQUITY Current Liabilities Accounts payable Contracts payable Deposits payable Deferred revenues Bonds payable Total Liabilities Fund Equity and Other Credits Investment in general fixed assets Fund Balances Reserved for encumbrances Reserved for debt service Unreserved Undesignated Total Fund Equity and Other Credits TOTAL LIABILITIES, FUND EQUITY AND OTHER CREDITS Port G.O. Municipal G.O. Port Authority Building (Armory) Authority 1993E, ( #201, 241, 243) 1992E 1994A & 2000B (244 & 436) ( #381) ( #383) $ 829,653 $ 129,711 $ 1,154,613 28,208 - - - - 89,646 1,252,068 - - 277 - - $ 2,110,206 $ 129,711 $ 1,244,259 $ 11,736 $ - $ - 95,469 - 4,746 - - 1,252,068 - 89,646 1,364,019 - 89,646 277 - - - 129,711 1,154,613 745,910 - - 746,187 129,711 1,154,613 $ 2,110,206 $ 129,711 $ 1,244,259 -93- i EXHIBIT H -1 Funds Port Authority Refunding Account Groups 1998A General Fixed Long -Term ( #384) Assets Debt Total 2000 1999 $ - $ - $ - $ 2,113,977 $ 1,600,531 2,334,729 - - 2,334,729 2,335,150 - - - - 409 28,208 1,846 89,646 102,453 - - - 1,252,068 1,338,269 - - - 277 236 237,422 - 237,422 283,151 3,619,053 3,619,053 3,400,026 - 4,850,947 4,850,947 3,499,974 $ 2,334,729 $ 237,422 $ 8,470,000 $ 14,526,327 $ 12,562,045 237,422 - 237,422 283,151 - - - 277 236 2,334,729 - - 3,619,053 3,400,026 - - - 745,910 528,366 2,334,729 237,422 - 4,602,662 4,211,779 $ 2,334,729 $ 237,422 $ 8,470,000 $ 14,526,327 $ 12,562,045 .. $ - $ 11,736 $ 5,372 - - 95,469 - - 4,746 4,172 - 1,341,714 1,440,722 - 8,470,000 8,470,000 6,900,000 8,470,000 9,923,665 8,350,266 CITY OF ROSEMOUNT COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES COMPONENT UNIT - PORT AUTHORITY For the Year Ended December 31, 2000 (With Comparative Totals for the Year Ended December 31, 1999) EXPENDITURES Salaries and wages Special Revenue - Engineering Funds G.O. Municipal Legal fees Port Authority Building (Armory) Other professional services ( #201, 241, 243) 1992E Insurances (244 & 436) ( #381) REVENUES 212,701 - Taxes $ - $ 62,940 Tax increments 473,896 - Intergovernmental 127,684 - Investment income 58,768 3,929 Principal on notes 86,291 - Donations and other 5,355 - Sale of general fixed assets - (1,404,295) Net increase (decrease) in the fair value of investments - - Total Revenues 751,994 66,869 EXPENDITURES Salaries and wages 4,358 - Engineering 230,460 - Legal fees 31,596 - Other professional services 58,933 - Insurances 4,847 - Other 212,701 - Capital outlay 1,613,394 - Bond principal - 60,000 Interest on bonds - 167,178 Fiscal agent fees - 537 Total Expenditures 2,156,289 227,715 Excess (Deficiency) of Revenues Over Expenditures (1,404,295) (160,846) OTHER FINANCING SOURCES (USES) Proceeds from sale of bonds 1,732,500 - Operating transfer in - primary government - 188,000 Operating transfer in - component unit - - Operating transfer out - component unit (110,620) - Total Other Financing Sources (Uses) 1,621,880 188,000 Excess (Deficiency) of Revenues and Other Financing Sources Over Expenditures and Other Financing Uses 217,585 27,154 FUND BALANCES - January 1 528,602 102,557 FUND BALANCES - December 31 $ 746,187 $ 129,711 -95- r EXHIBIT H -2 Debt Service Funds 436,613 233,649 G.O. Port Port Authority 3,928,627 3,694,978 Authority 1993E, Refunding $ 4,365,240 $ 3,928,627 1994A & 2000B 1998A Totals ( #383) ( #384) 2000 1999 $ 234,597 $ - $ 297,537 $ 292,427 - - 473,896 449,519 - - 127,684 - 52,438 115,192 230,327 203,923 11,597 - 97,888 77,241 - - 5,355 2,810 - - - 50,000 - - - (9,938) 298,632 115,192 1,232,687 1,065,982 - - 4,358 2,991 - - 230,460 22,658 - - 31,596 11,822 - - 58,933 13,466 - - 4,847 4,962 - - 212,701 23,595 - - 1,613,394 71,712 120,000 - 180,000 455,000 96,033 115,613 378,824 404,254 924 - 1,461 1,801 216,957 115,613 2,716,574 1,012,261 81,675 (421) (1,483,887) 53,721 - 1,732,500 - - - 188,000 179,928 110,620 - 110,620 131,716 - - (110,620) (131,716) 110,620 - 1,920,500 179,928 192,295 (421) 436,613 233,649 962,318 2,335,150 3,928,627 3,694,978 $ 1,154,613 $ 2,334,729 $ 4,365,240 $ 3,928,627 THIS PAGE INTENTIONALLY LEFT BLANK r I dnous 1Nno33 v S13SSd a3Xl=i IVN3N30 i 1 i 1 CITY OF ROSEMOUNT EXHIBIT 1 -1 SCHEDULE OF GENERAL FIXED ASSETS December 31, 2000 GENERAL FIXED ASSETS Land $ 2,124,167 Buildings 7,216,046 Machinery and equipment 3,168,153 Licensed vehicles 2,179,731 TOTAL $ 14,688,097 INVESTMENT IN GENERAL FIXED ASSETS: General fund and capital projects fund sources $ 14,688,097 THIS PAGE INTENTIONALLY LEFT BLANK S3inU3HOS IVIONVNIJ ' ' CITY OF ROSEMOUNT COMBINED SCHEDULE OF BONDS PAYABLE DECEMBER 31, 2000 EXHIBIT J -1 ' Year Original Bonds Coupon Rates Issued Amount Retired Outstanding On Bonds BONDEDINDESTEDNESS GENERAL OBLIGATION BONDS Community Center, 1992C 1992 $ 1,080,000 $ 255,000 $ 825,000 5.00% -6.60% City Hall Refunding, 1993D ' 1993 845,000 580,000 265,000 3.25% - 4.50% Fire Station, 1996A 1996 1,780,000 265,000 1,515,000 4.10 % -6.00% TOTAL GENERAL OBLIGATION BONDS $ 3,705,000 $ 1,100,000 $ 2,605,000 SPECIAL ASSESSMENT BONDS Improvement, 1991A 1991 $ 1,180,000 $ 950,000 $ 230,000 5.00 % -6.30% Improvement, 1991 B 1991 265,000 190,000 75,000 4.40% - 5.90% Improvement, 1992A 1992 895,000 640,000 255,000 3.35% - 5.40% Improvement, 1992D 1992 1,470,000 890,000 580,000 3.75% - 6.10% Improvement, 1993A Improvement Refunding, 1993B 1993 1993 555,000 1,415,000 305,000 1,280,000 250,000 135,000 3.00% - 5.00% 3.25 % - 4.30% Improvement, 1994A 1994 1,605,000 550,000 1,055,000 4.90 % -5.50% Improvement, 1995A 1995 1,900,000 850,000 1,050,000 3.90 % - 5.30% Improvement, 1997A 1997 2,800,000 335,000 2,465,000 4.20% - 5.00% ' Improvement, 1997B 1997 1,595,000 190,000 1,405,000 4.00% -4.70% Improvement, 1998A 1998 2,010,000 240,000 1,770,000 3.90 % -4.70% Improvement, 1998B 1998 2,805,000 - 2,805,000 4.00 % - 4.50% Improvement, 1998C 1998 880,000 880,000 3.50% - 3.90% Improvement, 1999A 1999 3,715,000 3,715,000 4.25% -4.80% Improvement, 1999B 1999 4,395,000 4,395,000 4.15% - 5.05% TOTAL SPECIAL ASSESSMENT BONDS $ 27,485,000 $ 6,420,000 $ 21,065,000 ' REVENUE BONDS Storm Water, 1992B 1992 $ 1,525,000 $ 530,000 $ 995,000 3.35 % - 5.75% Water Refunding, 1993C' 1993 945,000 315,000 630,000 3.75 % - 5.00% Storm Water, 1994B 1994 335,000 165,000 170,000 4.25% - 5.00% ' Storm Water, 1996B 1996 1,035,000 155,000 880,000 4.25 % - 5.75% Water, 1996C 1996 500,000 170,000 330,000 4.25% - 5.10% Storm Water, 1999C 1999 855,000 - 855,000 4.70% - 5.40% Water, 2000A 2000 1,160,000 - 1,160,000 4.40 % -5.40% ' TOTAL REVENUE BONDS $ 6,355,000 $ 1,335,000 $ 5,020,000 OTHER DEBT State Aid Street Bonds, 1994C 1994 $ 700,000 $ 385,000 $ 315,000 3.75% - 5.60% TOTAL PRIMARY GOVERNMENT $ 38,245,000 $ 9,240,000 $ 29,005,000 COMPONENT UNIT DEBT ' Municipal Building, 1992E 1992 3,425,000 840,000 2,585,000 3.40 % -6.60% Port Authority, 1993E 1993 580,000 160,000 420,000 4.25% - 6.40% Port Authority, 1994A 1994 1,630,000 320,000 1,310,000 5.20 % -5.88% ' Municipal Building Refunding, 1998A' 1998 2,405,000 - 2,405,000 4.30% -5.15% Port Authority, 20006 2000 1,750,000 1,750,000 4.50% - 5.00% TOTAL COMPONENT UNIT $ 9,790,000 $ 1,320,000 $ 8,470,000 TOTAL REPORTING ENTITY $ 48,035,000 $ 10,560,000 $ 37,475,000 ' *Refunding Bonds -100 - CITY OF ROSEMOUNT COMBINED SCHEDULE OF DEBT SERVICE REQUIREMENTS DECEMBER 31, 2000 General Bonded Special Assessment Other General Bonded Debt Debt Debt Year Principal Interest Principal Interest Principal Interest 2001 240,000 141,540 2,245,000 908,948 75,000 15,066 2002 245,000 130,089 2,965,000 605,848 75,000 11,148 2003 120,000 120,983 2,820,000 664,631 80,000 6,960 2004 125,000 114,355 2,790,000 538,046 85,000 2,380 2005 130,000 107,311 2,595,000 416,104 - - 2006 140,000 99,710 2,195,000 306,659 - - 2007 145,000 91,583 1,495,000 221,310 - - 2008 155,000 82,915 1,345,000 155,826 - - 2009 165,000 73,535 1,340,000 93,088 - - 2010 175,000 63,428 760,000 43,415 - - 2011 185,000 52,578 515,000 12,704 - - 2012 190,000 41,183 - - - 2013 205,000 29,095 - - 2014 120,000 19,280 - - - 2015 130,000 11,935 - - 2016 135,000 4,050 - - - 2017 - - - - - 2018 - - - - - - $ 2,605,000 $ 1,183,568 $ 21,065,000 $ 3,966,578 $ 315,000 $ 35,554 -101- EXHIBIT J -2 Revenue Bonded Total Total Debt Primary Government Component Unit Reporting Entity Principal Interest Principal Interest Principal Interest Principal Interest 395,000 241,294 2,955,000 1,306,848 200,000 449,173 3,155,000 1,756,021 460,000 225,748 3,745,000 972,831 330,000 442,041 4,075,000 1,414,872 495,000 202,605 3,515,000 995,179 385,000 423,487 3,900,000 1,418,666 525,000 177,293 3,525,000 832,074 535,000 400,000 4,060,000 1,232,074 555,000 149,915 3,280,000 673,330 570,000 371,945 3,850,000 1,045,275 320,000 127,439 2,655,000 533,808 590,000 342,005 3,245,000 875,812 340,000 110,238 1,980,000 423,130 630,000 309,955 2,610,000 733,085 360,000 91,749 1,860,000 330,490 670,000 275,260 2,530,000 605,750 215,000 76,705 1,720,000 243,328 700,000 238,101 2,420,000 481,428 225,000 65,415 1,160,000 172,258 665,000 200,946 1,825,000 373,204 240,000 53,306 940,000 118,588 710,000 163,393 1,650,000 281,981 255,000 40,251 445,000 81,434 365,000 133,496 810,000 214,929 165,000 29,243 370,000 58,338 380,000 112,283 750,000 170,620 175,000 20,413 295,000 39,693 310,000 92,574 605,000 132,267 185,000 10,883 315,000 22,818 325,000 74,316 640,000 97,134 110,000 2,970 245,000 7,020 350,000 54,680 595,000 61,700 - - - - 370,000 33,588 370,000 33,588 - - - - 385,000 11,364 385,000 11,364 $ 5,020,000 $ 1,625,464 $ 29,005,000 $ 6,811,163 $ 8,470,000 $ 4,128,606 $ 37,475,000 $ 10,939,769 -102- THIS PAGE INTENTIONALLY LEFT BLANK ' EXHIBIT J -3 CITY OF ROSEMOUNT ' SCHEDULE OF ASSESSED VALUATION AND LONG -TERM DEBT FOR TAX INCREMENT FINANCING DISTRICTS DECEMBER 31, 2000 Name of District Rosemount Rosemount Business The Endres Tax ' Redeveloment Park Financing District District Type of District Redevelopment Economic Development Economic Development ' District District ' Year Established 1979 1996 1999 Duration of District 2000 2007 2007 ' Tax Capacity Value: Tax Cap Base NTC $ $ 9,767 $ 9,200 Current TCV - 180,012 72,358 Captured and retained value $ - $ 170,245 $ 63,158 Financing: Bonds issued Redeemed $ 1,100,000 $ 3,960,000 1,100,000 480,000 $ _ Outstanding at Year End $ - $ 3,480,000 $ - CITY OF ROSEMOUNT SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR TAX INCREMENT FINANCING DISTRICTS DECEMBER 31, 2000 Redevelopment District ( #201, 241) Sources of Funds: Bond proceeds Tax increments Real estate sales Rent/Lease revenue Interest Other Total Uses of Funds: Land, Building acquisition and site improvement Installation of public utilities Professional services Principal Interest Administrative costs Other Total Sources Over (Under) Uses $ - $ 1,973,385 $ 1,973,385 285,970 4,337,878 4,623,848 - 471,762 471,762 102,437 1,104,644 1,207,081 30,619 243,878 274,497 127,684 242,905 370,589 $ 546,710 $ 8,374,452 $ 8,921,162 $ 419,036 $ 3,582,435 $ 4,001,471 - 1,867,844 1,867,844 - 997,212 997,212 220,338 697,735 918,073 67,780 691,891 759,671 $ 707,154 $ 7,837,117 $ 8,544,271 $ (160,444) $ 537,335 $ 376,891 -104- EXHIBIT J-4 -105- Business Park District ( #243, 383, 436) The Endres TIF District ( #244) ' 2000 Prior Years Total 2000 Prior Years Total $ 1,732,500 $ 2,210,000 $ 3,942,500 $ - $ - $ - 134,380 259,292 393,672 53,546 15,328 68,874 ' 138,000 138,000 64,291 234,597 118,943 1,033,510 183,234 1,268,107 149 5,355 _ 149 5,355 $ 2,165,768 $ 3,759,745 $ 5,925,513 $ 59,050 $ 15,328 $ 74,378 $ 1,193,746 $ 517,109 $ 1,710,855 $ 11 $ 15,328 $ 15,339 = 1,303,577 $ 1,303,577 _ _ $ - 120,000 360,000 480,000 - - - 96,957 619,706 716,663 - - - 8,483 - 8,483 _ 246,895 246,895 _ - $ 1,666,081 $ 2,800,392 $ 4,466,473 $ 11 $ 15,328 $ 15,339 $ 499,687 $ 959,353 $ 1,459,040 $ 59,039 $ - $ 59,039 -105- NN`d18 1331 AIIVNOIIN31NI 30Vd SIH1 u n I N01133S WOUSUVIS I CITY OF ROSEMOUNT ' GENERAL FUND EXPENDITURES AND OTHER FINANCING USES BY FUNCTION YEARS 1991 THROUGH 2000 TABLE 1 ' (UNAUDITED) General Public Public Park and ' Year Government Safety Works Recreation Transfers Total 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 1996 1,074,859 1,041,383 1,211,425 1,292,439 1,236,215 1,495,630 628,270 549,173 208,399 117,950 4,359,168 4,496,575 1997 1,000,732 1,395,627 1,406,359 572,489 130,400 4,505,607 1998 1,227,524 1,442,652 1,450,156 601,450 - 4,721,782 1999 1,132,331 1,496,445 1,638,278 628,145 - 4,895,199 2000 1,142,410 1,579,038 1,887,570 691,126 192,000 5,492,144 1 -107- CITY OF ROSEMOUNT GENERAL FUND REVENUES AND OTHER FINANCING SOURCES BY SOURCE YEARS 1991 THROUGH 2000 (UNAUDITED) TABLE 2 Year 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 -108- Licenses Charges Fines and Inter- for and Recreational Taxes Permits Governmental Services Forfeitures Fees Other Transfers Total $1,026,792 $ 193,178 $ 842,806 $ 125,887 $ 47,377 $ 63,877 $ 130,967 $ 562,116 $ 2,993,000 1,342,415 342,742 956,055 277,856 44,927 68,189 214,165 140,230 3,386,579 1,448,171 282,116 1,023,970 412,679 60,960 79,688 161,769 71,734 3,541,087 1,878,109 302,859 1,079,660 372,318 100,074 37,298 251,596 287,495 4,309,409 2,305,352 262,946 1,097,460 401,211 139,680 177,076 149,585 3,500 4,536,810 2,476,676 239,129 1,119,492 314,049 111,929 173,794 151,230 3,500 4,589,799 2,468,582 259,012 1,240,069 480,657 113,972 196,002 99,687 3,500 4,861,481 2,693,105 363,238 1,274,373 351,650 72,084 201,352 156,216 3,500 5,115,518 2,626,864 623,463 1,318,132 486,379 91,441 207,578 117,798 3,500 5,475,155 2,916,269 588,304 1,457,390 713,892 72,067 224,033 240,653 3,500 6,216,108 -108- � r M A M M M M M M M M M M M M M M M TABLE 3 CITY OF ROSEMOUNT PROPERTY TAX LEVIES AND COLLECTIONS YEARS 1991 THROUGH 2000 (UNAUDITED) (1) The total tax levy differs from actual levy certified to the County by the City because of fiscal disparity calculations done by the County after certification. -109- 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 (1) Collections Collected Collections Collections Total Tax Levy Taxes Tax Levy 1991 $ 2,498,285 $ 2,415,448 96.68% $ 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 4,156,729 4,121,688 99.16% 10,986 4,132,674 99.42% 24,055 0.58% 1997 4,390,586 4,322,160 98.44% 28,133 4,350,293 99.08% 40,293 0.92% 1998 4,862,364 4,840,871 99.56% 59,904 4,900,775 100.79% (38,411) -0.79% 1999 4,864,604 4,829,675 99.28% 35,282 4,864,957 100.01% (353) -0.01% 2000 5,048,133 5,023,467 99.51% 30,744 5,054,211 100.12% (6,078) -0.12% (1) The total tax levy differs from actual levy certified to the County by the City because of fiscal disparity calculations done by the County after certification. -109- CITY OF ROSEMOUNT ASSESSED VALUE (OR TAX CAPACITY) AND ESTIMATED MARKET VALUE OF ALL TAXABLE PROPERTY YEARS 1991 THROUGH 2000 (UNAUDITED) TABLE 4 (1) The State Legislature changed the concept of assessed value to tax capacity in 1988 and value classification percentages were reduced. On a statewide basis, the new tax capacity is approximately 12% of the previous assessed valuation depending on the classification mix. For 1989, the State Legislature changed the calculation of tax capacity for homestead property from a gross tax capacity to a net tax capacity by again changing classification percentages. This change caused a net reduction in total residential value from 1988 to 1989 in spite of continued development of residential properties. Certain other classification percentages were also changed. For 1997 and 1998, the State Legislature changed the class rates of many types of property. This did not have an impact on the estimated market values but it did have the effect of lowering the overall net tax capacity rates. (n /a) These figures were not available from Dakota County, therefore, all totals for the affected years should be taken in the proper context. -110- Real Property Personal Property Total Total Tax Capacity 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 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% 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% 1997 11,080,577 600,557,700 705,144 18,248,900 11,785,721 618,806,600 1.90% 1998 10,774,036 638,681,700 645,047 19,097,400 11,419,083 657,779,100 1.74% 1999 11,859,976 707,783,400 717,210 21,717,800 12,577,186 729,501,200 1.72% 2000 13,891,830 825,291,700 702,059 21,180,000 14,593,889 846,471,700 1.72% (1) The State Legislature changed the concept of assessed value to tax capacity in 1988 and value classification percentages were reduced. On a statewide basis, the new tax capacity is approximately 12% of the previous assessed valuation depending on the classification mix. For 1989, the State Legislature changed the calculation of tax capacity for homestead property from a gross tax capacity to a net tax capacity by again changing classification percentages. This change caused a net reduction in total residential value from 1988 to 1989 in spite of continued development of residential properties. Certain other classification percentages were also changed. For 1997 and 1998, the State Legislature changed the class rates of many types of property. This did not have an impact on the estimated market values but it did have the effect of lowering the overall net tax capacity rates. (n /a) These figures were not available from Dakota County, therefore, all totals for the affected years should be taken in the proper context. -110- 17 I THIS PAGE INTENTIONALLY LEFT BLANK (1) Beginning with 1990, includes Metropolitan Council, Regional Transit District, 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, expressed as a percentage. This replaces the use of Assessed Value multiplied by Mill Rates. Prior to 1989, mill rates 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 -111- CITY OF ROSEMOUNT PROPERTY TAX RATES - ALL DIRECT AND OVERLAPPING GOVERNMENTAL UNITS YEARS 1991 THROUGH 2000 (UNAUDITED) ' ' ISD 196 ISD 199 i City Market School Market School Market School ' Year Referendum District Referendum District Referendum District Collectible (2) City Rates (3) No. 196 Rates (3) No. 199 Rates (3) No. 200 1991 27.705 n/a 48.559 n/a 63.495 n/a 51.874 1992 29.224 n/a 55.681 n/a 67.603 n/a 51.431 1993 29.810 n/a 60.188 n/a 72.397 n/a 71.391 ' 1994 32.297 n/a 60.933 n/a 58.239 n/a 60.404 1995 35.778 n/a 62.348 n/a 60.847 n/a 64.990 ' 1996 36.055 0.02968 60.830 0.12239 47.629 0.26626 58.675 1997 35.627 0.02706 58.189 0.10868 55.643 0.20928 55.510 1998 40.428 0.02532 58.462 0.09567 53.715 0.23024 47.023 ' 1999 41.710 0.02342 56.311 0.08074 55.610 0.24830 69.188 2000 39.335 0.02142 53.231 0.11986 43.385 0.20757 54.881 (1) Beginning with 1990, includes Metropolitan Council, Regional Transit District, 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, expressed as a percentage. This replaces the use of Assessed Value multiplied by Mill Rates. Prior to 1989, mill rates 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 -111- i i TABLES ISD 200 Totals Market School School School Referendum Dakota Special District District District Rates (3) County Districts (1) No. 196 No. 199 No. 200 n/a 22.542 3.477 102.283 117.219 105.598 n/a 25.536 5.060 115.501 127.423 111.251 n/a 26.558 3.703 120.259 132.468 131.462 n/a 27.474 4.964 125.668 122.974 125.139 n/a 27.994 4.702 130.822 129.321 133.464 n/a 26.626 5.108 128.619 115.418 126.464 n/a 25.721 4.995 124.532 121.986 121.853 0.10070 27.349 5.797 132.036 127.289 120.597 0.00618 28.322 6.702 133.045 132.344 145.922 0.06479 27.247 6.455 126.268 116.422 127.918 -112- TABLE 6 CITY OF ROSEMOUNT SCHEDULE OF THE TEN LARGEST TAXPAYERS DECEMBER 31, 2000 (UNAUDITED) Percentage of Total Tax Tax Taxpayer Type of Business Capacity Capacity 1. Great Northern Oil Co. Oil Refinery $ 1,745,219 11.96% 2. Koch Refining Co. Oil Refinery 831,193 5.70% 3. Northern States Power Co. Utility 488,952 3.35% 4. Bigos -Rosemount LLC Manufacturing 0.62% (Cannon Equipment) 0.60% 5. CF Industries, Inc. (Cenex) Fertilizer 6. Triangle Warehouse Inc. (Wintz) Trucking/Warehouse 7. Continental Nitrogen & Resources Fertilizer (CNR) 8. Limerick Way LLC Townhouses 9. Greif Brothers Cooperage Manufacturing 10. Rosemount Properties LLC Retail (Rosemount Market Square) Total City Tax Capacity 140,712 0.96% 117,358 0.80% 108,440 0.74% 101,292 0.69% 100,797 0.69% 89,759 0.62% 87,617 0.60% $ 3,811,339 26.12% $ 14,593,889 -113- TABLE 7 ' CITY OF ROSEMOUNT SPECIAL ASSESSMENTS RECEIVABLE AND COLLECTIONS ' YEARS 1991 THROUGH 2000 (UNAUDITED) Total Assessments Total Assessments ' Uncollected Uncollected Beginning Additional End Year of Year Assessments Collections (1) of Year 1991 1,753,830 1 008,075 $ 884,874 1,877,031 1992 1,877,031 584,247 1,435,834 1,025,444 ' 1993 1,025,444 1,253,706 1,187,652 1,091,498 1994 1,091,498 1,066,749 1,036,792 1,121,455 1995 1,121,455 1,485,789 1,019,183 1,588,061 ' 1996 1,588,061 881,589 1,373,623 1,096,027 1997 1,096,027 1,031,533 1,029,037 1,098,523 1998 1,098,523 5,131,889 2,614,057 3,616,355 1999 3,616,355 5,659,779 3,679,095 5,597,039 2000 5,597,039 5,389,660 7,464,735 3,521,964 (1) Includes prepayments and foreclosures ' -114- TABLE 8 CITY OF ROSEMOUNT COMPUTATION OF LEGAL DEBT MARGIN DECEMBER 31, 2000 (UNAUDITED) Estimated Market Value $ 846,471,700 Legal Debt Margin: Debt Limitation - 2% of Estimated Market Value Debt Applicable to Limitation: Total Bonded Debt Less: Special Assessment Bonds Tax Increment Bonds Revenue Bonds Port Authority Bonds State Aid Street Bonds Amount Available for Repayment of General Obligation Bonds Total Debt Applicable to Limitation Legal Debt Margin $ 16,929,434 $ 37,475,000 $ 21,065,000 5,020,000 8,470,000 315,000 501,164 35,371,164 2,103,836 $ 14,825,598 -115- LC r THIS PAGE INTENTIONALLY LEFT BLANK CITY OF ROSEMOUNT RATIO OF NET BONDED DEBT TO ASSESSED VALUE (OR TAX CAPACITY) AND MARKET VALUE AND NET BONDED DEBT PER CAPITA YEARS 1991 THROUGH 2000 (UNAUDITED) (1) Figures taken from Table 13. (2) See note at Table 4. (3) Figures taken from Table 4. (4) Figure includes all debt of the City (all debt is issued as general obligation debt). (5) Amount available for repayment of general obligation bonds that are property tax supported (See Table 8). (6) Includes all other general obligation bonds that are being repaid through other sources including (See Table 8): (a) Special Assessment Bonds (b) Tax Increment Bonds (c) Revenue Bonds (d) Port Authority Bonds (e) State Aid Street Bonds -116- Less Debt Gross Less Debt Payable Net Tax Market Bonded Service from Other Bonded Year Population (1 Capacity (2) (3) Value (3) Debt (4) Funds (5) Sources (6) Debt 1991 9,129 $ 8,213,362 $ 350,391,000 $ 13,910,000 $ 130,065 $ 12,565,000 $ 1,214,935 1992 9,750 8,467,594 378,045,200 20,850,000 129,829 18,550,000 2,170,171 1993 10,478 9,110,508 419,347,600 23,670,000 1,013,577 20,640,000 2,016,423 1994 11,086 10,037,648 463,231,700 24,870,000 1,042,216 21,980,000 1,847,784 1995 11,721 11,246,371 522,318,700 22,725,000 253,229 20,810,000 1,661,771 1996 12,272 12,113,851 568,608,100 22,710,000 424,251 19,205,000 3,080,749 1997 12,763 11,785,721 618,806,600 24,295,000 398,482 21,030,000 2,866,518 1998 13,146 11,419,083 657,779,100 30,130,000 431,469 27,075,000 2,623,531 1999 13,544 12,577,186 729,501,200 37,025,000 465,395 34,190,000 2,369,605 2000 14,619 14,593,889 846,471,700 37,475,000 501,164 34,870,000 2,103,836 (1) Figures taken from Table 13. (2) See note at Table 4. (3) Figures taken from Table 4. (4) Figure includes all debt of the City (all debt is issued as general obligation debt). (5) Amount available for repayment of general obligation bonds that are property tax supported (See Table 8). (6) Includes all other general obligation bonds that are being repaid through other sources including (See Table 8): (a) Special Assessment Bonds (b) Tax Increment Bonds (c) Revenue Bonds (d) Port Authority Bonds (e) State Aid Street Bonds -116- TABLE 9 1 1 -117- Net ' Bonded Debt as a ' Percent of Net Bonded Tax Market Debt Capacity (2) Value Per Capita ' 14.79% 0.35% $ 133 25.63% 0.57% 223 ' 22.13% 0.48% 192 18.41% 0.40% 167 14.78% 0.32% 142 ' 25.43% 0.54% 251 24.32% 0.46% 225 ' 22.97% 0.40% 200 18.84% 0.32% 175 14.42% 0.25% 144 1 1 -117- It/_\_11L=5117 CITY OF ROSEMOUNT RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT (1) TO TOTAL GENERAL FUND EXPENDITURES YEARS 1991 THROUGH 2000 (UNAUDITED) (1) Includes only general obligation bonds supported solely by taxes. (2) Figures taken from Table 1. (3) 1995 includes call payment on a refunding bond. 1997 includes first principal and interest payments on Fire Station Bonds, Series 1996A. -118- Ratio of Total Debt Service Total General to Debt Fund General Fund Year Principal (1) Interest (1) Service (1) Expenditures (2) Expenditures (3) 1991 $ 140,000 $ 78,515 $ 218,515 $ 2,900,734 7.5% 1992 125,000 79,975 204,975 3,281,762 6.2% 1993 115,000 122,225 237,225 3,592,396 6.6% 1994 140,000 164,713 304,713 4,217,676 7.2% 1995 975,000 129,938 1,104,938 4,359,168 25.3% 1996 190,000 95,130 285,130 4,496,577 6.3% 1997 240,000 188,159 428,159 4,505,607 9.5% 1998 210,000 171,170 381,170 4,721,782 8.1% 1999 220,000 162,125 382,125 4,895,199 7.8% 2000 230,000 152,253 382,253 5,492,144 7.0% (1) Includes only general obligation bonds supported solely by taxes. (2) Figures taken from Table 1. (3) 1995 includes call payment on a refunding bond. 1997 includes first principal and interest payments on Fire Station Bonds, Series 1996A. -118- TABLE 11 CITY OF ROSEMOUNT COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT ' GENERAL OBLIGATION BONDS DECEMBER 31, 2000 (UNAUDITED) ' Net General Obligation Percentage Amount Bonded Debt Applicable Applicable ■ Governmental Units Outstanding (2) to City (7) to City a Direct Debt: City of Rosemount $ ' Overlapping Debt (1): ' School Districts: I.S.D. 196 - Rosemount I.S.D. 199 - Inver Grove Heights ' I.S.D. 200 - Hastings Dakota County ' Regional: Metropolitan Council ' Metropolitan Transit District Total Overlapping Debt 2,103,836 (3) 100.00% $ 2,103,836 136,827,776 (4) 8.98% 12,287,134 13,074,334 8.64% 1,129,622 45,830,000 0.31% 142,073 43,515,000 (5) 3.94% 1,714,491 31,730,000 (6) 116,275,000 $ 387,252,110 1 Total Direct & Overlapping Debt $ 389,355,946 ' (1) Only those units with debt outstanding are shown here. (2) Overlapping debt figures exclude debt supported by revenues and tax ' and aid anticipation debt. (3) Net general obligation bonded debt of the city supported by property taxes (see table 9). ' (4) Includes $21,175,000 of annual appropriation lease revenue debt. $ 18,242,976 (5) Includes jail facility revenue bonds issued by the Dakota County HRA and payable solely from lease payments made by the County to the HRA pursuant to a Lease Agreement. The lease payments are absolute and unconditional and are unlimited tax obligations of the County. ' 6 Does not include outstanding general obligation debt supported by sewer revenues, 911 user fees or ' housing rental payments. (7) Percent of governmental unit within the City of Rosemount's boundaries calculated ' by the city's fiscal consultants, Springsted Inc. -119- 0.53% 168,169 0.60% 697,650 $ 16,139,140 TABLE 12 CITY OF ROSEMOUNT REVENUE BOND COVERAGE YEARS 1991 THROUGH 2000 (UNAUDITED) (1) Figure does not include depreciation expense (2) 1997 includes call payment on 1989A Revenue Bonds. -120- Net Revenue Debt Service Available Requirements Gross For Debt Year Revenue Expenses (1) Service Principal (2) Interest Total Coverage 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 1,300,844 851,537 449,307 100,000 203,795 303,795 147.90% 1995 1,412,272 1,030,987 381,285 135,000 213,988 348,988 109.25% 1996 1,571,350 1,078,097 493,253 215,000 204,663 419,663 117.54% 1997 1,601,842 1,200,803 401,039 1,105,000 277,370 1,382,370 29.01% 1998 1,837,331 1,282,660 554,671 320,000 193,193 513,193 108.08% 1999 2,058,292 1,274,656 783,636 330,000 179,213 509,213 153.89% 2000 2,418,849 1,323,393 1,095,456 350,000 199,265 549,265 199.44% (1) Figure does not include depreciation expense (2) 1997 includes call payment on 1989A Revenue Bonds. -120- TABLE 13 ' CITY OF ROSEMOUNT DEMOGRAPHIC STATISTICS ' YEARS 1991 THROUGH 2000 (UNAUDITED) ' Per Capita School Unemployment Median Year Population (1) Income (2) Enrollment (3) Rate (4) Age (5) (1) 2000 is a regular decennial census figure. All other years are best available estimates provided by the Metropolitan Council. (2) These figures are provided by the Minnesota State Demographic Center and are for Dakota County. ' These figures usually have a 2 to 3 -year lag time so that is why the two most current years have'Wa ". ' (3) School enrollment is the total number of students who reside within the Rosemount High School boundaries and go to Independent School District No. 196 schools located in Rosemount. The significant drop in 1997 is because of the opening of a fourth high school in the district which caused a shifting of the Rosemount High School's population. ' Beginning in 2000, the total school enrollment will show the total number of students with homes in the City of Rosemount. ' (4) Unemployment rates were compiled by the Minnesota Local Area Unemployment Statistics (LAUS) - for Dakota County ' (5) These figures are provided by the Census Bureau and are for Dakota County. Figures are available only for 2000 (sometime later in 2001). Figures prior to 2000 will be reflective of the 1990 census and figures from 2000 forward will be reflective of the 2000 census. 1 n/a - Data not available. 1 -121- 1991 9,129 $ 21,759 4,568 4.2% 30.2 1992 9,750 23,096 4,918 4.1% 30.2 ' 1993 1994 10,478 11,086 23,668 25,030 5,197 5,410 3.8% 2.9% 30.2 30.2 1995 11,721 26,038 5,331 2.5% 30.2 1996 12,272 27,488 5,000 2.6% 30.2 ' 1997 12,763 29,864 4,188 2.0% 30.2 1998 13,146 31,717 4,084 1.8% 30.2 ' 1999 14,500 n/a 5,651 1.9% 30.2 2000 14,619 n/a 3,190 2.2% n/a (1) 2000 is a regular decennial census figure. All other years are best available estimates provided by the Metropolitan Council. (2) These figures are provided by the Minnesota State Demographic Center and are for Dakota County. ' These figures usually have a 2 to 3 -year lag time so that is why the two most current years have'Wa ". ' (3) School enrollment is the total number of students who reside within the Rosemount High School boundaries and go to Independent School District No. 196 schools located in Rosemount. The significant drop in 1997 is because of the opening of a fourth high school in the district which caused a shifting of the Rosemount High School's population. ' Beginning in 2000, the total school enrollment will show the total number of students with homes in the City of Rosemount. ' (4) Unemployment rates were compiled by the Minnesota Local Area Unemployment Statistics (LAUS) - for Dakota County ' (5) These figures are provided by the Census Bureau and are for Dakota County. Figures are available only for 2000 (sometime later in 2001). Figures prior to 2000 will be reflective of the 1990 census and figures from 2000 forward will be reflective of the 2000 census. 1 n/a - Data not available. 1 -121- TABLE 14 CITY OF ROSEMOUNT PROPERTY VALUE AND CONSTRUCTION YEARS 1991 THROUGH 2000 (UNAUDITED) (1) Estimated market value - totals are from Table 4. -122- Commercial /Industrial Residential Construction Construction Property Value (1) # of # of Year Commercial Residential Agricultural Total Permits Value Permits Value 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 17,866,300 419,347,600 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 8,396,669 598 21,980,180 1996 138,085,100 412,697,700 17,825,300 568,608,100 51 7,041,948 604 21,399,002 1997 143,300,500 455,945,000 19,561,100 618,806,600 57 8,650,087 544 15,523,565 1998 150,422,500 486,616,300 20,740,300 657,779,100 72 8,086,134 667 23,853,221 1999 171,330,700 538,288,100 19,882,400 729,501,200 66 7,130,240 955 43,820,487 2000 188,161,200 636,261,900 22,048,600 846,471,700 68 10,070,976 794 42,054,241 (1) Estimated market value - totals are from Table 4. -122- 1 TABLE 15 CITY OF ROSEMOUNT ' MISCELLANEOUS STATISTICS DECEMBER 31, 2000 ' (UNAUDITED) Date of Incorporation 1858 Form of Government (Statutory) Council /City Administrator ' Number of Employees: Regular Full -time 64 Part-time or Temporary 143 ' Area in Square Miles 36 City of Rosemount Facilities and Services: Miles of Streets 107.71 Number of Street Lights 897 Culture and Recreation: Community Centers 1 Parks 23 ' Park Acreage 220 Tennis Courts 4 Fire Protection: ' Number of Stations 2 Number of Fire Personnel and Officers 31 Number of Calls Answered 454 Number of Vehicles 12 and 1 Trailer ' Police Protection: Number of Stations 1 Number of Police Personnel and Officers: ' Sworn Officers 15 Other Police Personnel 4 Number of Calls for Service 11,170 Number of Patrol Miles 144,367 (395 Miles per 24 Hours) Number of Patrol Vehicles: Marked 6 Unmarked 2 ' Sewerage System: Miles of Sanitary Sewers 53.66 Miles of Storm Sewers 34.22 Number of Service Connections 4,201 ' Water System: Miles of Water Mains: Municipal 66.45 ' Rural 8.38 Number of Service Connections 4,283 Number of Wells: Municipal 4 ' Rural 2 Number of Water Towers 2 Number of Fire Hydrants 647 ' Daily Average Consumption in Gallons 1,469,940 Ma)dmum Daily Pumping Capacity in Gallons 6,000,000 Public Education Facilities: Number of Elementary Schools 2 Number of Secondary Schools 2 Number of Special Education Schools 1 (Dakota County Technical College) 1 -123- THIS PAGE INTENTIONALLY LEFT BLANK