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
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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
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1 xvii
I
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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
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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&
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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-
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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
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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
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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
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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-
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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-
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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
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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-
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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
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1
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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
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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.
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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.
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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.
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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.
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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.
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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)
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