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CITY OF ROSEMOUNT, MINNESOTA
I COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 1999
' PREPARED BY THE DEPARTMENTS OF
ADMINISTRATION AND FINANCE
THOMAS D. BURT, City Administrator
JEFFREY A. MAY, Finance Director
CITY OF ROSEMOUNT, MINNESOTA
TABLE OF CONTENTS
DECEMBER 31, 1999
EXHIBIT
PAGE US
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 Units
1
4 -7
Combined Statement of Revenue, Expenditures and Changes in
Fund Balances - All Fund Types, Account Groups and Discretely
Presented Component Units
2
8-9
Combined Statement of Revenue, Expenditures and Changes in
Fund Balances - Budget (as Amended) and Actual (Budgetary Basis) -
General and Annually Adopted Special Revenue Funds
3
10 -11
Combined Statement of Revenue, Expenses and Changes in
Retained Earnings - All Proprietary Fund Types
4
12
Combined Statement of Cash Flows - All Proprietary Fund Types
5
13
Notes to the Financial Statements
15 -37
B. Combining and Individual Fund Financial Statements and Schedules
General Fund:
Comparative Balance Sheet
A -1
39
Comparative Statement of Revenue, Expenditures and
Changes in Fund Balances
A -2
40
Schedule of Revenue - Budget (as Amended) and Actual
(Budgetary Basis)
A -3
41
Schedule of Expenditures - Budget (as Amended) and Actual
(Budgetary Basis)
A -4
42 -43
Special Revenue Funds:
Combining Balance Sheet
B -1
46 -47
Combining Statement of Revenue, Expenditures and Changes in
Fund Balances
B -2
48 -49
Combining Schedule of Revenue, Expenditures and Changes in
Fund Balances - Budget (as Amended) and Actual (Budgetary Basis)
B -3
50 -53
CITY OF ROSEMOUNT, MINNESOTA
TABLE OF CONTENTS
DECEMBER 31, 1999
EXHIBIT
PAGE (S
Debt Service Funds:
Combining Balance Sheet
C -1
56 -59
Combining Statement of Revenue, Expenditures and Changes in
Fund Balances
C -2
60 -63
Capital Project Funds:
Combining Balance Sheet
D -1
66 -71
Combining Statement of Revenue, Expenditures and Changes in
Fund Balances
D -2
72 -77
Enterprise Funds:
Combining Balance Sheet
E -1
80 -83
Combining Statement of Revenue, Expenses and Changes in
Retained Earnings
E -2
84 -85
Combining Statement of Cash Flows
E -3
86 -87
Internal Service Funds:
Comparative Balance Sheet
F -1
89
Comparative Statement of Revenue, Expenses and Changes in
Retained Earnings
F -2
90
Comparative Statement of Cash Flows
F -3
91
Agency Funds:
Combining Balance Sheet
G -1
93
Combining Statement of Changes in Assets and Liabilities
G -2
94
Component Unit - Port Authority:
Combining Balance Sheet
H -1
96 -97
Combining Statement of Revenue, Expenditures and Changes in
Fund Balances
H -2
98 -99
General Fixed Assets Account Group:
Schedule of General Fixed Assets by Financing Source
1 -1
101
Financial Schedules:
Combined Schedule of Bonds Payable
J -1
103
Combined Schedule of Debt Service Requirements
J -2
104 -105
Schedule of Assessed Valuation and Long -Term Debt for Tax
Increment Financing Districts
J -3
106 -107
Schedule of Sources and Uses of Public Funds for Tax
Increment Financing Districts
J -4
108 -109
CITY OF ROSEMOUNT, MINNESOTA
TABLE OF CONTENTS
DECEMBER 31, 1999
TABLE
PAGE (S
III. STATISTICAL SECTION (Unaudited)
General Fund Expenditures and Other Financing Uses by Function
1
111
General Fund Revenues and Other Financing Sources by Source
2
112
Property Tax Levies and Collections
3
113
Assessed Value (or Tax Capacity) and Estimated Market Value of
All Taxable Property
4
114
Property Tax Rates -All Direct and Overlapping Governmental Units
5
116 -117
Schedule of the Ten Largest Taxpayers
6
118
Special Assessment Receivables and Collections
7
119
Computation of Legal Debt Margin
8
120
Ratio of Net Bonded Debt to Assessed Value (or Tax Capacity) and
Market Value and Net Bonded Debt Per Capita
9
122 -123
Ratio of Annual Debt Service Expenditures For General Bonded Debt
to Total General Fund Expenditures
10
124
Computation of Direct and Overlapping Bonded Debt - General
Obligation Bonds
11
125
Revenue Bond Coverage
12
126
Demographic Statistics
13
127
Property Value and Construction
14
128
Miscellaneous Statistics
15
129
THIS PAGE INTENTIONALLY LEFT BLANK
INTRODUCTORY SECTION
CITY OF ROSEMOUNT, MINNESOTA
CITY OFFICIALS
YEAR ENDED DECEMBER 31, 1999
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
Assistant to City Administrator
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
Vacant
Vacant
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
Boeckermann, Heinen & Mayer, P.A.
Springsted, Inc.
Ehlers & Associates, Inc.
Bonestroo, Rosene, Anderlik & Associates
Short - Elliot - Hendrikson, Inc.
WSB & Associates
City of Rosemount
Mayor & City
Council
City Clerk
Personnel
Public Works' Parks & Recreation Police Fire Finance Community
Development
Engineering Recreation Programs - Patrol Prevention L Budget Preparation Planning
Streets - Community Center - Investigation - Suppression Financial Management - Building Inspections
Utilities Sports Facilities - D.A.R.E. Investigation - Auditing Code Enforcement
- Fleet Maintenance Ice Arena - Records Medical Rescue Investments - Economic Development
- Parks Maintenance
M M M M M M M M M M M M M M M M
1�
March 31, 2000
ROSEMOUNT
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, 1999, is hereby submitted as mandated by state statutes. These statutes
require that the City of Rosemount issues annually a report on its financial position and activity,
and that an independent firm of certified public accountants audits this report. This report was
prepared by the City's Finance Department and responsibility for both the accuracy of the
presented data and the completeness and fairness of the presentation, including all disclosures,
supporting schedules and statistical tables, rests with the City. To the best of our knowledge,
the data, as presented, is accurate in all material respects, is presented in a manner designed
to fairly set forth the financial position and results of operations of the City as measured by the
financial activity of its various funds and account groups, and that all disclosures necessary to
enable the reader to gain the maximum understanding of the City's financial affairs have been
included.
The comprehensive annual financial report is presented in three sections: introductory, financial
and statistical. The introductory section, which is unaudited, includes this transmittal letter, the
City's 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.
vii
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ECONOMIC CONDITION AND OUTLOOK
The City of Rosemount is a growing southern suburb in the Minneapolis /St. Paul metropolitan
area, located in Dakota County. The City encompasses approximately 36 square miles. The
City is one of the fastest growing communities in the seven - county Minneapolis /St. Paul
metropolitan area as demonstrated by the following population trend:
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
28% 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. 1999 labor force numbers were 2,698,511;
1,695,741; and 212,219 respectively with unemployment rates of 2.8 %; 2.2% and 1.9% to
match. These figures compare quite favorably with national figures.
' Community leadership has preserved 220 beautiful acres of land for 20 parks. Residents can
enjoy a round of golf on the 27 -hole public course or on the 9 -hole private course. Bordered by
the scenic Mississippi River, Rosemount also contains 270 acres of the Spring Lake Regional
' Park Preserve. Rosemount's Community Center, a part of the Army National Guard's regional
headquarters, provides a variety of indoor recreation opportunities and meeting 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.
I ix
Population
Percent
Population
Increase
Increase
1999 Staff Estimate
14,500
5,878
68%
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
28% 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. 1999 labor force numbers were 2,698,511;
1,695,741; and 212,219 respectively with unemployment rates of 2.8 %; 2.2% and 1.9% to
match. These figures compare quite favorably with national figures.
' Community leadership has preserved 220 beautiful acres of land for 20 parks. Residents can
enjoy a round of golf on the 27 -hole public course or on the 9 -hole private course. Bordered by
the scenic Mississippi River, Rosemount also contains 270 acres of the Spring Lake Regional
' Park Preserve. Rosemount's Community Center, a part of the Army National Guard's regional
headquarters, provides a variety of indoor recreation opportunities and meeting 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.
I ix
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Rosemount Business Park
SIGNIFICANT DEVELOPMENTS
In 1993, the Rosemount Port Authority purchased 80 acres of vacant land for a future business
park near the historic center of Rosemount. In 1995, after a total investment of nearly $2.2
million, the first phase of improvements to the Business Park were completed. Two companies
purchased a combined 16 acres in the Business Park and broke ground in 1996. In 1997,
Cannon Equipment Company completed construction of nearly 110,000 square feet of office
and manufacturing space as they opened their new national headquarters here in Rosemount.
Also in 1997, Geometrix Company completed construction of a 10,000 square foot
manufacturing facility. In 1999, Geometrix added a 20,000 square foot addition expanding their
facility to 30,000 square feet. In 1997, the City also established this business park within a tax
increment financing (TIF) district as a tool to assist new businesses locating at this site. The
Port Authority is now marketing the remaining acreage in the Business Park.
I Koch Refinery
1
Koch Refining is a leading producer of petroleum products in Minnesota and Wisconsin
converting 210,000 barrels of crude oil into gasoline each day. This Rosemount company
employs 850 full -time workers and it has invested nearly $600 million recently in new
equipment, processes, training and operations. 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.
A
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:
xi i
1999 Actual
1998 Actual
% of
% of
Revenues and Other Financing Sources
Amount
Total
Amount
Total
Taxes
$ 2,626,865
48%
$ 2,693,105
53%
Licenses and Permits
623,463
11%
363,238
7%
Intergovernmental
1,318,131
24%
1,274,373
25%
Charges for Services
486,379
9%
351,650
7%
Fines and Forfeitures
91,441
2%
72,084
1 %
Recreational Fees
207,578
4%
201,352
4%
Other
117,798
2%
156,216
3%
Transfers
3,500
0%
3,500
0%
Total
$ 5,475,155
100%
$ 5,115,518
100%
xi i
1998 and 1999 showed great consistency between the various revenue areas. Taxes were kept
nearly constant due to the reimplementation 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 reached record levels in
1999, especially in the residential area, because of a large increase in the lots available to build
on. At the end of 1997, the City had less than 100 lots available and by the end of 1998, the
' City had over 700 lots available. The growth is expected to continue into 2000 as well because
there were over 540 lots available at the end of 1999 with other developments looming in 2000.
Charges for Services were up slightly because of the building effects as well.
The following table presents a comparative analysis of General Fund expenditures and other
uses to the adopted budget as presented in Exhibit A -4:
' 1999 Actual 1998 Actual
of % of
Expenditures and Other Uses Amount Total Amount Total
General Government $ 1,132,329 23% $ 1,227,524 26%
Public Safety 1,496,445 31% 1,442,652 31%
' Public Works 1,638,280 33% 1,450,156 31%
Parks and Recreation 628,144 13% 601,450 12%
Transfers 0 0% 0 0%
' Totals $ 4,895,198 100% $ 4,721,781 100%
As with the revenues, there was a great deal of consistency on the expenditure side of the
General Fund between 1998 and 1999. All departments stayed very close to their budgeted
figures with the final expenditures being within less than 1% of the actual budget. The General
' Government expenditures were down in 1999 because of encumbrances that were made for
1998 and carried forward to 1999.
u
I AN
The City's General Fund Balance increased by over $616,100 during 1999 and equaled
$3,054,533 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, 1999, 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:
AV
Fund Balance
Percent of
Year
Budget
Amount
Next Budget
1991
$ 3,044,711
$ 1,056,180
33%
1992
3,164,108
1,193,410
33%
1993
3,585,633
1,180,299
31%
1994
3,812,022
1,258,606
29%
1995
4,294,749
1,497,828
33%
1996
4,531,935
1,583,375
35%
1997
4,578,300
1,928,980
41%
1998
4,715,600
2,438,384
50%
1999
4,855,900
3,054,533
58%
2000
5,258,318
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, 1999, 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:
AV
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
1999 1998
$ 710,176 $ 579,507
473,572 400,479
236,604 179,028
307,677 291,428
(71,073)
601,841
(112,400)
423,669
Sewer
1999 1998
$ 838,907 $ 784,278
626,669 675,560
212,238
108,719
565,309
(372,388)
530,768 311,269 285,635
(62,210) 22,791 (72,771)
$ 468,558 $ 334,060 $ 212,865
(456.,590)
450,929
(5,661)
76
$ (5,585)
Storm Water
Arena
1999
1998
1999
1998
$ 509,209
$ 473,546
$ 273,073 $
281,175
174,415
206,622
179,496
201,402
334,794
266,925
93,577
79,773
196,554
176,236
47,600
109,341
138,240
90,689
45,977
(29,568)
438,842
412,141
115,009
(35,760)
577,081
502,829
160,986
(65,328)
9,615
(332,494)
(183,428)
(3,500)
$ 586,696
$ 170,335
$ (22,441) $
(68,828)
xv
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, 1999, was as follows:
Amount
City Net Bonded Debt
Overlapping Net Bonded Debt
% of
% of Tax Market Debt Per
Capacity Value Capita
$ 2,369,605 18.8% 0.3% $ 163
19,393,384 154. 2.7% 1,337
Total Net Bonded Debt $ 21,762,989 173.0% 3.0% $ 1,500
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
' 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 1999, the City earned $942,105 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.
I xvii
INDEPENDENT AUDIT
Minnesota Statutes require an annual audit of all accounts, financial records and transactions of
all departments of the City by independent certified public accountants. The auditors' report on
these financial statements accompanies the report following this letter. It should be noted that
the audit was conducted in accordance with generally accepted auditing standards and an
unqualified opinion was issued.
CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING
The Government Finance Officers Association of the United States and Canada (GFOA)
awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of
Rosemount for its comprehensive annual financial report (CAFR) for the fiscal year ended
December 31, 1998. This was the third consecutive year that the City has achieved this
prestigious award. In order to be awarded a Certificate of Achievement, a government must
publish an easily readable and efficiently organized comprehensive annual financial report. This
report must satisfy both generally accepted accounting principles and applicable legal
requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current
comprehensive annual financial report continues to meet the Certificate of Achievement
Program's requirements and we are submitting it to the GFOA to determine its eligibility for
another certificate.
ACKNOWLEDGMENTS
The preparation of this report on a timely basis could not have been accomplished without the
efficient and dedicated services of the Finance and Administration Departments. We would like
to express our appreciation to all members of City staff who assisted and contributed to the
preparation of this report. We would also like to express our appreciation to the Mayor and the
members of the City Council for their interest and support in planning and conducting the
financial operations of the City in a responsible and progressive manner.
Respectfully submitted,
Jeffrey A. May
Finance Director
Thomas D. Burt
City Administrator
xviii
I Certificate of
i Achievement
for Excellence
in Financial
Rep orting
1 Presented to
1 City of Rosemount,
1
Minnesota
For its Comprehensive Annual
1 Financial Report
for the Fiscal Year Ended
1 December 31, 1998
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
C� � 3 ; z - .c 6•
President
Executive Director
THIS PAGE INTENTIONALLY LEFT BLANK
FINANCIAL SECTION
I BOECKERMANN HEINEN & MAYER, P.A.
Including the former APPLE & APPLE
Certified Public Accountants
I INDEPENDENT AUDITOR'S REPORT
I 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, 1999 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 generally accepted auditing standards and 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, 1999, and the results of its
operations and the cash flows of its proprietary fund types for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards we have also issued a report dated March 31, 2000, 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.
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 and
statistical data 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. Such information,
except for that portion marked "unaudited" in the table of contents on which we express no opinion, has been
' subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our
opinion, the information is fairly stated in all material respects in relation to the general purpose financial
statements taken as a whole.
a
BOECKERMANN, HEINEN & MAYER, P.A.
' Certified Public Accountants
Minneapolis, Minnesota
' March 31, 2000
)INVIS 1331 AIIVNOIIN31NI 39Vd SIHl
GENERAL PURPOSE FINANCIAL STATEMENTS
COMBINED FINANCIAL STATEMENTS
' The combined statements are intended to provide an overview and broad perspective
of the City's financial position and operations. These general purpose financial
1 statements present a summary set of information needed to control and analyze
operations and to assist in financial planning.
I The following combined statements are presented:
t Combined Balance Sheet-All Fund Types and Account Groups
Combined Statement of Revenues, Expenditures, and Changes in Fund
' Balances-All Governmental Fund Types.
Combined Statement of Revenues, Expenditures, and Changes in Fund
' Balances- Budget and Actual - General and Special Revenue Fund Types
Combined Statement of Revenues, Expenditures, and Changes in Retained
' Earnings -All Proprietary Fund Types
1 Combined Statement of Cash Flows-All Proprietary Fund Types
Ll
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF ROSEMOUNT, MINNESOTA
COMBINED BALANCE SHEET
ALL FUND TYPES, ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNITS
DECEMBER 31, 1999
ALL GOVERNMENTAL FUND TYPES
ASSETS AND OTHER DEBTS
SPECIAL DEBT CAPITAL
ASSETS:
Cash and investments
Investment with fiscal agent
Accounts receivable
Property taxes receivable
Special assessments receivable
Due from other funds
Advances to other funds
Due from other governments
Prepaid items
Notes receivable
Net fixed assets
OTHER DEBITS:
Amount available in debt service funds
Amount to be provided for debt retirement
TOTAL ASSETS AND OTHER DEBITS
$ 3,062,029 $ 2,453,051 $ 10,637,645 $ 3,280,409
0
0
0
0
13,388
1,986
0
0
297,828
0
0
0
0
73,170
5,180,494
0
0
0
0
162,541
0
0
0
0
24,837
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$ 3,398,081 $ 2,528,207 $ 15,818,138 $ 3,442,950
The notes to the financial statements are an integral part of this statement.
4
EXHIBIT 1
(Continued)
PROPRIETARY FIDUCIARY
FUND TYPES FUND TYPE
TOTAL TOTAL
ACCOUNT GROUPS PRIMARY COMPONENT REPORTING
GENERAL
FIXED
ASSETS
GENERAL
GOVERNMENT
UNIT
ENTITY
LONG -TERM
(MEMORANDUM
PORT
(MEMORANDUM
DEBT
ONLY)
AUTHORITY
ONLY)
INTERNAL
ENTERPRISE SERVICE AGENCY
$ 7,705,928
$ 512,006 $
27,888
$ 0
$ 0 $
27,678,956
$ 1,600,531 $
29,279,487
0
0
0
0
0
0
2,335,150
2,335,150
471,025
0
0
0
0
486,399
409
486,808
0
0
0
0
0
297,828
1,846
299,675
343,376
0
0
0
0
5,597,039
102,453
5,699,492
0
0
0
0
0
162,541
0
162,541
531,755
0
0
0
0
531,755
0
531,755
22,675
0
0
0
0
47,512
0
47,512
40,647
25,176
0
0
0
65,823
236
66,059
0
0
0
0
0
0
1,338,269
1,338,269
46,673,935
0
0
14,359,486
0
61,033,421
283,151
61,316,572
0
0
0
0
11,198,187
11,198,187
3,400,026
14,598,213
0
0
0
0
15,668,573
15,668,573
3,499,974
19,168,547
$ 55,789,341
$ 537,182 $
27,888
$ 14,359,486
$ 26,866,760 $
122,768,034
$ 12,562,045 $
135,330,080
5
CITY OF ROSEMOUNT, MINNESOTA
COMBINED BALANCE SHEET
ALL FUND TYPES, ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNITS
DECEMBER 31, 1999
ALL GOVERNMENTAL FUND TYPES
SPECIAL DEBT CAPITAL
GENERAL REVENUE SERVICE PROJECTS
LIABILITIES, EQUITY AND OTHER CREDITS
LIABILITIES:
Accounts payable
Compensated absences payable
Accrued expenditures
Accrued interest
Contracts payable
Due to other funds
Advances from other funds
Deposits payable
Deferred revenue
Capital leases payable
Bonds payable
TOTAL LIABILITIES
EQUITY AND OTHER CREDITS:
Investment in general fixed assets
Contributed capital
Retained earnings
Fund balance:
Reserved for capital projects
Reserved for special projects
Reserved for debt service
Reserved for encumbrances
Unreserved- designated for working capital
Unreserved - undesignated
TOTAL EQUITY AND OTHER CREDITS
$ 185,341
$ 22,821
$ 0
$ 74,936
0
0
0
0
57,023
0
0
0
0
0
0
0
0
0
0
231,987
0
0
0
162,541
0
290,048
0
0
34,390
0
0
0
66,795
71,870
4,619,951
0
0
0
0
0
0
0
0
0
$ 343,548
$ 384,739
$ 4,619,951
$ 469,463
$ 0
$ 0
$ 0
$ 0
0
0
0
0
0
0
0
0
0
0
0
3,310,192
0
117,139
0
0
0
0
11,198,187
0
172,836
0
0
0
2,881,697
0
0
0
0
2,026,329
0
(336,705)
$ 3,054,533 $ 2,143,468 $ 11,198,187 $ 2,973,487
TOTAL LIABILITIES, EQUITY AND OTHER
CREDITS
$ 3,398,081 $ 2,528,207 $ 15,818,138 $ 3,442,950
The notes to the financial statements are an integral part of this statement.
6
EXHIBIT 1
(Concluded)
PROPRIETARY FIDUCIARY TOTAL
FUND TYPES FUND TYPE ACCOUNT GROUPS PRIMARY COMPONENT
GENERAL
INTERNAL FIXED
ENTERPRISE SERVICE AGENCY ASSETS
GENERAL GOVERNMENT UNIT
LONG -TERM (MEMORANDUM PORT
DEBT ONLY) AUTHORITY
TOTAL
REPORTING
ENTITY
(MEMORANDUM
ONLY)
$ 56,986
$
14,355
$
27,888
$ 0
$ 0
$
382,327
$
5,372
$
387,699
33,660
0
0
0
311,828
345,488
0
345,488
11,203
0
0
0
0
68,226
0
68,226
82,248
0
0
0
0
82,248
0
82,248
13,968
0
0
0
0
245,955
0
245,955
0
0
0
0
0
162,541
0
162,541
241,708
0
0
0
0
531,755
0
531,755
0
0
0
0
0
34,391
4,172
38,563
289,418
0
0
0
0
5,048,034
1,440,722
6,488,756
0
0
0
0
639,932
639,932
0
639,932
4,184,914
0
0
0
25,915,000
30,099,914
6,900,000
36,999,914
$ 4,914,105
$
14,355
$
27,888
$ 0
$ 26,866,760
$
37,640,810
$
8,350,266
$
45,991,076
$ 0
$
0
$
0
$ 14,359,486
$ 0
$
14,359,486
$
283,151
$
14,642,637
40,300,331
0
0
0
0
40,300,331
0
40,300,331
10,574,905
522,827
0
0
0
11,097,732
0
11,097,732
0
0
0
0
0
3,310,192
0
3,310,192
0
0
0
0
0
117,139
236
117,375
0
0
0
0
0
11,198,187
3,400,026
14,598,213
0
0
0
0
0
172,836
0
172,836
0
0
0
0
0
2,881,697
0
2,881,697
0
0
0
0
0
1,689,624
528,366
2,217,990
$ 50,875,236
$
522,827
$
0
$ 14,359,486
$ 0
$
85,127,224
$
4,211,779
$
89,339,003
$ 55,789,341 $ 537,182 $ 27,888 $ 14,359,486 $ 26,866,760 $ 122,768,034 $ 12,562,045 $ 135,330,080
7
CITY OF ROSEMOUNT, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
ALL FUND TYPES, ACCOUNT GROUPS AND DISCRETELY PRESENTED COMPONENT UNITS
YEAR ENDED DECEMBER 31, 1999
REVENUE:
General property taxes
Municipal state aid (MSA)
Tax increments
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Special assessments
Interest earnings
Net increase (decrease) in the fair value of investments
Miscellaneous
TOTAL REVENUE
EXPENDITURES:
Current:
General government
Public safety
Public works
Park and recreation
Lease Payments
Capital outlay
Other
Debt service:
Redemption of bonds
Interest on bonds
Fiscal agent fees
TOTAL EXPENDITURES
EXCESS OF REVENUE OVER
EXPENDITURES
OTHER FINANCING SOURCES (USES):
Proceeds from the sale of bonds
Operating transfers in
Operating transfers out
TOTAL OTHER SOURCES (USES)
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES
BEGINNING FUND BALANCE
RESIDUAL EQUITY TRANSFERS IN (OUT)
ENDING FUND BALANCE
ALL GOVERNMENTAL FUND TYPES
SPECIAL DEBT CAPITAL
$ 2,626,865
$ 860,800
$ 600,119 $ -
-
580,055
87,090 -
623,463
-
- -
1,318,131
12,959
486,379
111,835
- -
91,441
-
- -
-
66,154
3,352,676 260,265
85,005
80,891
288,895 124,789
(31,095)
(23,544)
(27,021) -
271,466
285,345
- 284,699
$ 1,137,113 $ 23,230 $ - $ -
1,495,469 - - -
1,598,280 - - 6,614,487
628,144 - - -
- 171,547 - 635,516 - -
- - 214,263
1,285,000 -
884,371 -
- - 4,495 -
$ 4,859,006 $ 830,293 $ 2,173,866 $ 6,828,750
$ 612,649 $ 1,144,202 $ 2,127,893 $ (6,158,997)
$ - $ - $ 451,189 $ 7,592,846 '
3,500 - 60,100 833,029
- (643,893) - (123,871)
$ 3,500 $ (643,893) $ 511,289 $ 8,302,005
$ 616,149 $ 500,308 $ 2,639,181 $ 2,143,009
2,438,384 1,810,948 7,567,127 1,654,565
- (167,787) 991,877 (824,090)
$ 3,054,533 $ 2,143,468 $ 11,198,187 $ 2,973,487
The notes to the financial statements are an integral part of this statement.
8
EXHIBIT 2
0
TOTAL
TOTAL
PRIMARY
COMPONENT
REPORTING
GOVERNMENT
UNIT
ENTITY
(MEMORANDUM
(PORT
(MEMORANDUM
(ONLY)
AUTHORITY)
ONLY)
$
4,087,784
$
292,427
$
4,380,211
667,145
-
667,145
-
449,519
449,519
623,463
-
623,463
1,331,090
-
1,331,090
598,214
-
598,214
91,441
-
91,441
3,679,095
-
3,679,095
579,580
203,923
783,503
(81,660)
(9,938)
(91,598)
841,510
130,052
971,562
$
12,417,663
$
1,065,982
$
13,483,645
$
1,160,343
$
79,495
$
1,239,838
1,495,469
-
1,495,469
8,212,767
-
8,212,767
628,144
-
628,144
171,547
-
171,547
635,516
71,712
707,228
214,263
-
214,263
1,285,000
455,000
1,740,000
884,371
404,254
1,288,625
4,495
1,801
6,296
$
14,691,915
$
1,012,261
$
15,704,177
$
(2,274,253)
$
53,721
$
(2,220,532)
$
8,044,035
$
-
$
8,044,035
896,629
311,644
1,208,273
(767,764)
(131,716)
(899,480)
$
8,172,901
$
179,928
$
8,352,828
$
5,898,647
$
233,649
$
6,132,296
13,471,024
3,694,978
17,166,002
$
3,928,628
$
23,298,298
$
19,369,671
0
CITY OF ROSEMOUNT. MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET (AS AMENDED) AND ACTUAL (BUDGETARY BASIS)
GENERAL AND ANNUALLY ADOPTED SPECIAL REVENUE FUNDS
YEAR ENDED DECEMBER 31, 1999
REVENUE:
General property taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Special assessments
Interest earnings
Net increase (decrease) in the fair value of investments
Donations and other
Miscellaneous
TOTAL REVENUES
EXPENDITURES:
General government
Public safety
Public works
Park and recreation
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUE OVER
EXPENDITURES
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
TOTAL OTHER SOURCES (USES)
EXCESS (DEFICIENCY) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES
Reconciliation to GAAP basis
elimination of encumbrances, net
BEGINNING FUND BALANCE
RESIDUAL EQUITY TRANSFERS IN (OUT)
NON - BUDGETED SPECIAL REVENUE FUNDS
ENDING FUND BALANCE
$ (3,500) $ 576,457 $
579,957
$ 3,500 $ 3,500 $ 0
0 0 0
$ 3,500 $ 3,500 $ 0
$ 0 $ 579,957 $ 579,957
36,192
2,438,384
$ 3,054,533
I
The notes to the financial statements are an integral part of this statement.
10
GENERALFUND
FAVORABLE
(UNFAVORABLE)
BUDGET
ACTUAL
VARIANCE
$ 2,628,203
$
2,626,865
$
(1,338)
344,200
623,463
279,263
1,220,297
1,318,131
97,834
303,700
486,379
182,679
100,000
91,441
(8,559)
2,000
0
(2,000)
55,600
85,005
29,405
0
(31,095)
(31,095)
55,315
59,832
4,517
193,400
211,634
18,234
4,902,715
$
5,471,655
$
568,940
$ 1,133,394
$
1,132,329
$
1,065
1,473,611
1,496,445
(22,834)
1,645,200
1,638,280
6,920
654,010
628,144
25,866
$ 4,906,215
$
4,895,198
$
11,017
$ (3,500) $ 576,457 $
579,957
$ 3,500 $ 3,500 $ 0
0 0 0
$ 3,500 $ 3,500 $ 0
$ 0 $ 579,957 $ 579,957
36,192
2,438,384
$ 3,054,533
I
The notes to the financial statements are an integral part of this statement.
10
EXHIBIT 3
ANNUALLY ADOPTED
SPECIAL REVENUE FUNDS
FAVORABLE
(UNFAVORABLE)
BUDGET
TOTAL
(Memorandum Only)
FAVORABLE
(UNFAVORABLE)
BUDGET ACTUAL VARIANCE
$
860,800
$
860,800
$
0
$
3,489,003
$
3,487,665
$
(1,338)
0
0
0
344,200
623,463
279,263
0
580,055
580,055
1,220,297
1,898,186
677,889
50,000
95,635
45,635
353,700
582,014
228,314
0
0
0
100,000
91,441
(8,559)
17,000
66,154
49,154
19,000
66,154
47,154
28,000
49,136
21,136
83,600
134,141
50,541
0
(15,388)
(15,388)
0
(46,483)
(46,483)
0
8,047
8,047
55,315
67,879
12,564
0
28,147
28,147
193,400
239,780
46,380
$
955,800
$
1,672,586
$
716,786
$
5,858,515
$
7,144,241
$
1,285,726
$
7,500
$
7,500
$
0
$
1,140,894
$
1,139,829
$
1,065
0
0
0
1,473,611
1,496,445
2,970,056
927,800
553,181
374,619
2,573,000
2,191,461
381,539
0
0
0
654,010
628,144
1,282,154
$
935,300
$
560,681
$
374,619
$
5,841,515
$
5,455,879
$
385,636
$
20,500
$
1,111,905
$
1,091,405
$
17,000
$
1,688,362
$
1,671,362
$
0
$
0
$
0
$
3,500
$
3,500
$
0
0
(641,093)
(641,093)
0
(641,093)
(641,093)
$
0
$
(641,093)
$
(641,093)
$
3,500
$
(637,593)
$
(641,093)
$
20,500
$
470,811
$
450,311
$
20,500
$
1,050,768
$
1,030,268
40,617
1,203,823
(167,787)
$ 2,143,468
76,809
3,642,207
(167,787)
596,003
$ 5,198,001
11
CITY OF ROSEMOUNT, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
YEAR ENDED DECEMBER 31, 1999
OPERATING REVENUE:
Service charges
Water meter maintenance
Water meters
Miscellaneous
Donations and other
TOTAL OPERATING REVENUE
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)
NON - OPERATING REVENUE (EXPENSES):
Connection fees
Property taxes
Special assessments
Interest earnings
Net increase (decrease) in the fair value of investments
Loss from disposal of fixed assets
Surcharges and penalties
Other expenses
Interest expense and fiscal agent fees
TOTAL NON - OPERATING REVENUE(EXPENSES)
INCOME (LOSS) BEFORE OPERATING TRANSFERS
OPERATING TRANSFERS:
Operating transfers in
Operating transfers out
TOTAL OPERATING TRANSFERS
NET INCOME (LOSS)
ADD DEPRECIATION ON CONTRIBUTED ASSETS
INCREASE (DECREASE) IN RETAINED EARNINGS
BEGINNING RETAINED EARNINGS
Prior period adjustments
BEGINNING RETAINED EARNINGS, as restated
ENDING RETAINED EARNINGS
$ 2,331,365 $ 36,200 $ 2,367,565 $ 2,153,092
$ 605,196 $
0
TOTAL
$ 619,499
182,446
INTERNAL
(Memorandum Only)
ENTERPRISE
SERVICE
1999
1998
$ 1,335,533
$ 0
$ 1,335,533 $
1,253,453
18,300
0
18,300
6,800
687,018
0
687,018
571,707
290,514
0
290,514
286,547
0
36,200
36,200
34,585
$ 2,331,365 $ 36,200 $ 2,367,565 $ 2,153,092
$ 605,196 $
0
$ 605,196
$ 619,499
182,446
9,308
191,754
121,931
183,006
18,431
201,437
235,086
85,359
0
85,359
107,216
398,145
0
398,145
443,675
0
143,590
143,590
146,453
$ 1,454,152 $
171,329
$ 1,625,481
$ 1,673,860
$ 877,213 $ (135,129) $ 742,084 $ 479,232
(1,136,457) 0 (1,136,457) (1,142,314)
$ (259,244) $ (135,129) $ (394,373) $ (663,082)
$
1,379,386
$
0
$
1,379,386
$
949,230
114,900
180,000
294,900
296,200
189,673
0
189,673
84,946
341,138
21,387
362,525
332,879
(121,164)
(10,313)
(131,477)
17,692
0
0
0
10,713
110,220
0
110,220
104,803
(2,636)
0
(2,636)
(3,000)
(197,803)
0
(197,803)
(336,901)
$
1,813,715
$
191,074
$
2,004,788
$
1,456,562
$
1,554,471
$
55,944
$
1,610,415
$
793,480
$
967,174
$
0
$
967,174
$
871,573
(1,275,967)
0
(1,275,967)
(588,053)
$
(308,793)
$
0
$
(308,793)
$
283,520
$
1,245,678
$
55,944
$
1,301,622
$
1,077,000
973,726
0
973,726
938,108
$
2,219,404
$
55,944
$
2,275,348
$
2,015,108
8,164,451
466,882
8,631,333
6,622,088
191,050
0
191,050
(5,863)
8,355,501
466,882
8,822,383
6,616,225
$ 10,574,905 $ 522,827 $11,097,732 $ 8,631,333
EXHIBIT 4 '
The notes to the financial statements are an integral part of this statement.
12
CITY OF ROSEMOUNT, MINNESOTA EXHIBIT 5
' The notes to the financial statements are an integral part of this statement.
13
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
YEAR ENDED DECEMBER 31, 1999
'
TOTAL
INTERNAL
(Memorandum
only)
ENTERPRISE
SERVICE
1999
1998
CASH FLOWS FROM OPERATING ACTIVITIES:
'
Operating income (loss)
$
(259,244)
$ (135,129)
$ (394,373)
$
(663,084)
Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities:
'
Depreciation
1,136,457
1,136,457
1,142, 314
Loss from disposal of fixed assets
10,713
Non - operating revenue (net of non - operating expenses)
1,791,543
180,000
1,971,543
1,432,179
Prior period adjustments
Change in assets and liabilities:
(4,668)
-
(4,668)
(5,863)
(Increase) decrease in accounts receivable
(10,896)
28,429
17,533
(85,973)
(Increase) decrease in special assessments receivable
(114,947)
-
(114,947)
(154,485)
(Increase) decrease in prepaid items
31,057
105,884
136,941
(127,133)
'
(Increase) decrease in due to other funds
50,434
50,434
(Increase) decrease in advances to other funds
(531,755)
(531,755)
(Increase) decrease in due from other governments
(22,675)
-
(22,675)
Increase (decrease) in accounts payable
45,425
14,356
59,781
(17,283)
'
Increase (decrease) in compensated absences payable
(3,104)
(3,104)
(4,979)
Increase (decrease) in accrued expenses
(7,950)
(7,950)
2,877
Increase (decrease) in accrued interest
5,242
5,242
(5,605)
Increase (decrease) in contracts payable
11,440
11,440
(472)
'
Increase (decrease) in advances from other funds
241,707
241,707
Increase (decrease) in deferred revenue
64,759
-
64,759
100,394
Net Cash Provided (Used) by Operating Activities
$
2,422,825
$ 193,540
$ 2,616,365
$
1,623,600
'
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Operating transfers from other funds
$
967,174
$
$ 967,174
$
871,573
Operating transfers to other funds
(1,275,968)
(1,275,968)
(588,053)
Net Cash Provided (Used) by Noncapital
'
Financing Activities
$
(308,794)
$
$ (308,794)
$
283,520
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
'
Acquisition of property, plant, and equipment
$
(1,302,971)
$
$ (1,302,971)
$
(690,584)
Principal paid on bonds
855,000
855,000
(350,000)
Bond proceeds
(330,000)
(330,000)
Interest and fiscal charges on bonds
(197,803)
(197,803)
(335,380)
'
Net Cash Provided (Used) by Capital
and Related Financing Activities
$
(975,774)
$ -
$ (975,774)
$
(1,375,964)
CASH FLOWS FROM INVESTING ACTIVITIES:
'
Interest received on investments
$
341,139
$ 21,387
$ 362,526
$
332,880
Net increase (decrease) in the fair value of investments
(121,164)
(10,313)
(131,477)
17,692
Net Cash Provided (Used) By Investing Activities
$
219,975
$ 11,074
$ 231,049
$
350,572
'
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
$
1,358,232
$ 204,614
$ 1,562,846
$
881,728
'
CASH AND CASH EQUIVALENTS, January 1
6,347,696
307,392
6,655,088
5,773,360
CASH AND CASH EQUIVALENTS, December 31
$
7,705,928
$ 512,006
$ 8,217,934
$
6,655,088
Noncash investing, capital and financing activities:
'
Contributions of fixed assets from governmental funds
$
1,120,259
$
$ 1,120,259
$
4,104,163
' The notes to the financial statements are an integral part of this statement.
13
THIS PAGE INTENTIONALLY LEFT BLANK
S1N3W31VIS IVIONVNIA 01 S31ON
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
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.
1
ii
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:
Rosemount Port Authority
The Port Authority was created by the City to carry out certain redevelopment projects. The Port Author-
ity's governing board is appointed by the City Council. The City Council reviews and approves all Port
Authority tax levies and the City provides major community development financing for Port Authority ac-
tivities. Debt issued for Port Authority activities are general obligations of the City. The Port Authority's fi-
nancial data has been presented in this financial report as a governmental fund type. Separate financial
statements have not been prepared for the Rosemount Port Authority.
15
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
RELATED ORGANIZATIONS:
None
JOINT VENTURES AND JOINTLY GOVERNED ORGANIZATIONS:
None.
OTHER:
Independent School District No. 196 (Rosemount Schools)
Independent School District No. 199 (Hastings Schools)
Independent School District No. 200 (Inver Grove Heights Schools)
Independent School District No. 917 (Dakota County Technical College)
These districts, like all school districts in Minnesota, are completely independent of any other govern-
mental entity. They have their own elected Boards of Education, levy their own taxes, and prepare their
own financial reports. Therefore, the Districts do not qualify as component units of the City and their re-
lated financial statements have not been included within the City's financial statements.
B. Measurement Focus, Basis of Accounting and Basis of Presentation
The accounts of the City are organized and operated on the basis of funds and account groups. A fund is
an independent fiscal and accounting entity with a self - balancing set of accounts. Fund accounting segre-
gates funds according to their intended purpose and is used to aid management in demonstrating compli-
ance with finance related legal and contractual provisions. The minimum number of funds 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.
16
e
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
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 expendable trusts or major capital projects).
The debt service funds account for the servicing of general long -term debt not being financed by proprie-
tary or nonexpendable trust funds.
The capital project funds account for the acquisition of fixed assets or construction of major capital proj-
ects not being financed by proprietary or nonexpendable trust funds.
Proprietary Funds are accounted for on the flow of economic resources measurement focus and use the
accrual basis of accounting. Under this method, revenues are recorded when earned and expenses are
recorded at the time liabilities are incurred.
Proprietary Funds are reported in accordance with GASB Statement No. 20, "Accounting and Financial
Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting ".
This standard requires that all applicable Governmental Accounting Standards Board (GASB) pro-
nouncements, Financial Accounting Standards Board (FASB) Statements and Interpretations, Accounting
Principles Board (APB) Opinions, and Accounting Research Bulletins (ARBs) issued on or before Novem-
ber 30, 1989 be applied to proprietary activities unless they (FASB Statements and Interpretations, APB
Opinions, and ARBs) conflict with or contradict GASB pronouncements.
GASB Statement No. 20 also states that proprietary activities may elect to apply all FASB Statements and
Interpretations issued after November 30, 1989, except for those that conflict with or contradict GASB
pronouncements. Proprietary activities under the control of the City will not elect to apply FASB State-
ments and Interpretations issued after November 30, 1989, unless they are adopted by GASB.
Proprietary funds include the following fund types:
Enterprise funds are used to account for those operations that are financed and operated in a manner
similar to private business or where the City has decided that the determination of revenues earned, costs
incurred and /or net income is necessary for management 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. Trust funds account for assets held by the City under the terms of a formal trust agreement.
Agency funds are custodial in nature and do not present results of operations or have a measurement fo-
cus. Agency funds are accounted for using the modified accrual basis of accounting. This fund is used to
account for assets that the government holds for others in an agency capacity.
Account Groups. The general fixed assets account group is used to account for fixed assets not ac-
counted for in proprietary or trust funds. The general long -term debt account group is used to account for
general long -term debt and certain other liabilities that are not specific liabilities of proprietary or trust
funds.
17
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
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, 1999, are stated at fair value. Fair values were
based on the December 31, 1999 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.
18
66
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VIOS3NNIW `1Nf10W3Som 30 Aim
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
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 have been ad-
justed (see prior period adjustment footnote) 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.
20
' CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
' DECEMBER 31, 1999
' 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.
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, 1999 there
are no claims liabilities in the Insurance Fund based on the requirements of Governmental Accounting
Standards Board Statement Number 10, which requires that a liability for claims be reported if information
prior to the issuance of the financial statements indicates that it is probable a liability has been incurred at
the date of the financial statements and the amount of loss can be reasonably estimated.
21
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
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 1999, expenditures and other financing uses exceeded appropriations in the following funds:
Amount
Exceeding
Budget
General Fund Department:
Public Safety $ 22,835
Special Revenue Funds:
Equipment CIP 6,114
The expenditures exceeding appropriations have been funded by available fund equity and current year
revenues that exceeded budgets.
22
' CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
' DECEMBER 31, 1999
C. Deficit Fund Equity
The following special revenue fund had a deficit fund balance, at December 31, 1999
I Amount
1
Building CIP $
(157,544)
The City will finance this deficit through external or internal sources in future years.
The following capital project funds had deficit fund balances, at December 31, 1999:
Fund
Amount
CR 42 & Canada Avenue Turn Lanes $
(19,911)
Chippendale Avenue Improvements
(659)
Park & Ride Improvements
(12,169)
'
Geronime Pond 2" Addition
(19,097)
McNamara Addition Phase 2
(173,899)
'
Conley Avenue Improvement
(110,971)
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".
1 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
1 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 $24,400,720 and the bank
balance, was $25,177,423. All but $1,133,102 of deposits were covered by federal depository insurance
(FDIC) or collateralized by security held by the City's agent in the City's name.
1 23
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
The City's cash and cash equivalents are categorized in the following table to give an indication of the
level of risk assumed at year -end, as summarized below:
Category 1 - includes deposits covered by Federal Depository Insurance (FDIC) and those deposits col-
lateralized with securities held by the City or by its agent in the City's name and whose col-
lateral is perfected.
Category 2 - includes deposits collateralized with securities held by the pledging financing institution's
trust department or agent in the City's name and whose collateral is perfected.
Category 3 - includes deposits uncol lateral ized, including amounts which are collateralized with securities
held by the pledging financial institution, or by its trust department or agent, but not in the
City's name and deposits which meet the requirements of Category 1 and /or 2 but whose
collateral is not perfected.
The City's investments are categorized in the following table to give an indication of the level of risk as-
sumed at year -end, as summarized below:
Category 1 - includes investments that are insured or registered or for which the securities are held by the
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, 1999, are categorized as follows:
U.S. Government Securities
Total Investments
Deposits
Petty Cash
Total Cash and Investments
Risk Category Carrying
1 2 3 Amount
$ 4,877,867 $
$ 4,877,867 $ - $ - $ 4,877,867
Investments Held in Trust at December 31, 1999:
Investments with Refunding Escrow Agent
24,400,720
900
$ 29,279,487
$ 2,335,150
At year -end, the Port Authority had cash and investments totaling $1,600,531. 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.
- $ - $ 4,877,867
24
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
' DECEMBER 31, 1999
1 B. Receivables
Receivables as of December 31, 1999, including the applicable allowances for uncollectible accounts, are
'
as follows:
Total
'
Special
General Revenue
Debt Primary
Service Enterprise Government
Receivables:
Property Taxes $ 297,828 $ -
$ - $ - $ 297,828
Accounts Receivable 13,388 1,986
- 471,025 486,399
Special Assessments 73,170
5,180,494 343,376 5,597,039
Intergovernmental 24,837 -
- - 24,837
$ 336,053 $ 75,156
$ 5,180,494 $ 814,401 $ 6,406,103
Less Allowance for Doubtful
Accounts - -
- - -
'
Net Accounts Receivable $ 336,053 $ 75,156
$ 5,180,494 $ 814,401 $ 6,406,103
Notes receivable, reported in Port Authority consisted of two separate installment obligations. The obliga-
tions at December 31, 1999, 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.
$ 764,352
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 %, and is due in September of 2008. The note is secured by a building. 573,917
$ 1,338,269
The following is a schedule of maturities for the two installment
obligations discussed above:
'
Year Ending
December 31
Amount
2000
$ 86,201
'
2001
93,301
2002
100,528
2003
101,897
'
2004
103,178
2005 and thereafter
853,164
' Total $ 1,338,269
The City has issued a tax increment bond, Series 1988A, to finance the purchase of and improvements to
' the building sold under the above installment obligations. The City has reported deferred revenue to offset
the bond proceeds which is being reduced as the principal payments on the notes are made.
1 25
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
C. Fixed Assets
Activity in the general fixed assets account group for the government for the year ended December 31,
1999, was as follows:
January 1,
1999,
as restated
December 31,
Additions Deletions 1999
Land $ 1,516,822 $ - $ - $ 1,516,822
Land Improvements 623,931 21,018 - 644,949
Buildings 6,774,436 447,593 (4,783) 7,217,246
Machinery and Equipment 2,827,566 265,957 (83,605) 3,009,918
Vehicles 1,872,383 171,637 (73,469) 1,970,551
Total $ 13,615,138 $ 906,205 $ (161,857) $ 14,359,486
The following prior period adjustments were made to the general fixed asset account group:
To reduce the amount recorded for building costs in the amount of $103,414, which were not in-
curred.
To increase land improvements by $144,100, buildings by $2,694,741 and machinery and equip-
ment by $6,750 for community center costs, which were previously capitalized in the arena fund.
Activity for Port Authority fund fixed assets for the year ended December 31, 1999, was as follows:
January 1, December 31,
1999 Additions Deletions 1999
Land $ 226,992 $ - $ (6,719) $ 220,273
Land Improvements - - - -
Buildings 44,258 - - 44,258
Machinery and Equipment 13,365 5,228 - 18,620
Total $ 284,615 $ 5,228 $ (6,719) $ 283,151
0
1
t
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
The following is a summary of proprietary fund type fixed assets for the City at December 31, 1999:
Water Sewer Storm Water Arena Total
Land
$ 137,415
$ -
$ 119,500
$ -
$ 256,915
Buildings
1,551,195
200,594
106,090
2,360,000
4,217,879
Mains and Lines
830,217
555,264
11,668,334
-
13,053,815
Other Improvements
13,735,778
35,647,647
-
-
49,383,425
Machinery and Equipment
811,001
286,445
118,506
7,811
1,223,762
Construction in Progress
1,258,538
901,850
1,546,341
-
3,706,729
Less Accumulated
Depreciation
(5,508,231)
(17,186,155)
(2,201,115)
(273,089)
(25,168,589)
Net Fixed Assets
$ 12,815,912
$ 20,405,645
$ 11,357,656
$ 2,094,722
$ 46,673,935
D. Interfund Receivable and
Payable
The composition of interfund balances as of December 31, 1999, is as follows:
Due to /from other funds for negative cash balances:
Receivable Fund Payable Funds
Diamond Path Project CSAH 42 & Canada Ave. Turn Lanes
Park & Ride Improvements
Geronime Pond 2 "d Addition
McNamara Addition Phase 2
Amount
$ 19,911
12,126
19,097
111,407
Total $ 162,541
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.
27
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
Bonds Payable at December 31, 1999, comprise the following individual issues:
Changes in long -term debt (at par) for the year ended December 31, 1999, are as follows:
Interest
Outstanding
Rates
Maturities
Installment Amounts
12/31/99
General Obligation Bonds:
as restated
Issued
General Long -Term Debt Account Group:
1999
Reported in the General Long -Term
$1,180,000 Improvement Bonds, Series 1991A
5.0% to 6.3%
1993 to 2002
$115,000 to $120,000
$ 345,000
$265,000 Improvement Bonds, Series 1991 B
4.4% to 5.9%
1994 to 2003
$25,000 to $30,000
100,000
$895,000 Improvement Bonds, Series 1992A
3.4% to 5.4%
1994 to 2004
$60,000 to $215,000
320,000
$1,470,000 Improvement Bonds, Series 1992D
3.8% to 6.1 %
1995 to 2004
$145,000 to $165,000
725,000
$555,000 Improvement Bonds, Series 1993A
3.0% to 5.0%
1995 to 2005
$30,000 to $50,000
300,000
$1,415,000 Improv. Refunding Bonds, Series 1993B
3.3% to 4.3%
1996 to 2001
$135,000 to 325,000
300,000
$1,605,000 Improvement Bonds, Series 1994A
4.9% to 5.5%
1995 to 2006
$130,000 to $200,000
1,200,000
$1,900,000 Improvement Bonds, Series 1995A
3.9% to 5.3%
1997 to 2007
$135,000 to $165,000
1,205,000
$2,800,000 Improvement Bonds, Series 1997A
4.2% to 5.0%
2000 to 2009
$250,000 to $335,000
2,800,000
$1,595,000 Improvement Bonds, Series 1997B
4.0% to 4.7%
2000 to 2009
$145,000 to $190,000
1,595,000
$1,080,000 Community Center Bonds, Series 1992C
5.0% to 6.6%
1994 to 2013
$20,000 to $90,000
870,000
$845,000 Mun. Bldg. Refunding Bonds, Series 1993D
3.3% to 4.5%
1996 to 2002
$110,000 to $135,000
390,000
$1,780,000 Fire Station Bonds, Series 1996A
4.1 % to 6.0%
1997 to 2016
$55,000 to $135,000
1,575,000
$700,000 State Aid Street Bonds, Series 1994C
3.8% to 5.6%
1995 to 2004
$60,000 to $85,000
385,000
$2,010,000 Improvement Bonds, Series 1998A
3.9% to 4.7%
2000 to 2009
$185,000 to $240,000
2,010,000
$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
1,090,000
$945,000 Water Rev. Refunding Bonds, Series 1993C
3.8% to 5.0%
1998 to 2005
$100,000 to $140,000
740,000
$335,000 Storm Water Revenue Bonds, Series 19948
4.3% to 5.7%
1996 to 2005
$25,000 to $60,000
200,000
$1,035,000 Storm Water Revenue Bonds, Series 1996B
4.3% to 5.8%
1998 to 2012
$50,000 to $95,000
935,000
$500,000 Water Revenue Bonds, Series 1996C
4.3% to 5.1 %
1998 to 2005
$55,000 to $70,000
390,000
$855,000 Storm Water Revenue Bonds, Series 1999C
4.7% to 5.4%
2001 to 2015
$30,000 to $80,000
855,000
Total General Obligation Bonds
$ 30,125,000
Changes in long -term debt (at par) for the year ended December 31, 1999, are as follows:
A prior period adjustment of $2,285,000 was made to the general long -term debt account group to reduce '
general obligation revenue bonds, $3,425,000 Municipal Building Bonds, Series 1992E previously re-
ported in proprietary funds, which was issued by the Port Authority. See note regarding prior period ad-
justments. ,
28 1
January 1,
1999,
December 31,
as restated
Issued
Retired
1999
Reported in the General Long -Term
Debt Account Group:
General Obligation Bonds
$ 19,090,000
$ 8,110,000
$ 1,285,000
$ 25,915,000
Capital Lease Obligation
Compensated Absences
751,371
322,478
-
-
111,439
10,650
639,932
311,828
'
Reported in Proprietary Funds:
General Obligation Revenue Bonds
3,685,000
855,000
330,000
4,210,000
Total
$ 23,848,849
$ 8,965,000
$ 2,717,089
$ 31,076,760
A prior period adjustment of $2,285,000 was made to the general long -term debt account group to reduce '
general obligation revenue bonds, $3,425,000 Municipal Building Bonds, Series 1992E previously re-
ported in proprietary funds, which was issued by the Port Authority. See note regarding prior period ad-
justments. ,
28 1
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
Debt service requirements to maturity, including interest of $7,599,480, are as follows
Changes in long -term debt (at par) for the year ended December 31, 1999, reported in the Port Authority
fund is as follows:
Par Value at
January 1, as Par Value at
restated Issued Retired December 31,
Reported in the Port Authority Fund $ 7,355,000 $ - $ 455,000 $ 6,900,000
A prior period adjustment of $2,285,000 was made to the general long -term debt account group reported
in the Port Authority fund to increase general obligation revenue bonds, $3,425,000 Municipal Building
Bonds, Series 1992E previously reported in proprietary funds of the primary government, which was is-
sued by the Port Authority. See note regarding prior period adjustments.
29
General
Long -Term
Debt Account
Enterprise
Group
Fund
Year Ending
Revenue
December 31:
G.O. Bonds
Bonds
Total
2000
$ 3,076,499 $
549,265
$ 3,625,764
2001
3,625,554
584,019
4,209,573
2002
4,032,084
599,380
4,631,464
2003
3,812,574
588,121
4,400,695
2004
3,654,781
590,383
4,245,164
2005 and thereafter
14,045,706
2,566,114
16,611,820
Total
$ 32,247,198 $
5,477,282
$ 37,724,480
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, 1999, are as
follows:
Interest
Amount
Maturities
Rates
Outstanding
Reported in the Port Authority fund -
General Obligation Bonds
1999 -2018
3.0 % -6.7%
$ 6,900,000
Changes in long -term debt (at par) for the year ended December 31, 1999, reported in the Port Authority
fund is as follows:
Par Value at
January 1, as Par Value at
restated Issued Retired December 31,
Reported in the Port Authority Fund $ 7,355,000 $ - $ 455,000 $ 6,900,000
A prior period adjustment of $2,285,000 was made to the general long -term debt account group reported
in the Port Authority fund to increase general obligation revenue bonds, $3,425,000 Municipal Building
Bonds, Series 1992E previously reported in proprietary funds of the primary government, which was is-
sued by the Port Authority. See note regarding prior period adjustments.
29
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 3 1, 1999
Debt service requirements to maturity, including interest of $2,542,604 are as follows:
Year Ending Port Authority
December 31: Bonds
2000
$ 564,370
2001
574,267
2002
582,801
2003
585,097
2004
713,472
2005 and thereafter
7,861,721
Total
$ 10,881,728
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, 1999 were $2,335,150.
F. Contributed Capital
The changes in the City's contributed capital accounts for Proprietary Funds for the year ended Decem-
ber 31, 1999, are as follows:
30
Enterprise Funds
Sources
Water
Sewer
Storm Water
Arena
Beginning Balance
$ 9,593,635
$ 19,622,905
$ 8,791,016
$ 2,135,800
Contributions of Fixed Assets
332,206
320,038
468,015
-
Depreciation on Contributed
Assets
(211,320)
(548,425)
(156,339)
(47,200)
Ending Balance
$ 9,714,521
$ 19,394,518
$ 9,102,692
$ 2,088,600
30
L I
1
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
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 - $172,836 is reserved for encumbrances outstanding at December 31, 1999.
Special Revenue Funds - $117,139 is reserved for projects.
Debt Service Funds - $11,198,187 is reserved for resources legally restricted for the payment of long-
term debt principal and interest amounts maturing in future years.
Capital Project Funds - $3,310,192 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 - $236 is reserved for prepaid expenditures
$3,400,026 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, 1999, is as
follows:
Water Sewer Storm Water Arena Fund Total
' Operating Revenues
$ 710,176 $
838,907 $
509,209 $
273,073
$ 2,331,365
Property Tax Revenue
0
0
0
114,900
114,900
Depreciation
307,677
584,626
196,554
47,600
1,136,457
' Bonds Payable 1,127,040 0 3,057,875 0 4,184,914
Total Equity 13,776,523 23,610,580 11,300,869 2,187,264 50,875,236
1 31
Operating Income (Loss)
(71,073)
(372,388)
138,240
45,977
(259,244)
Operating Transfers In
12,241
7,930
947,003
0
967,174
Operating Transfers Out
(74,451)
(80,701)
(937,388)
(183,428)
(1,275,967)
'
Net Income (Loss)
Fixed Asset Additions
468,558
871,887
212,865
593,784
586,696
954,622
(22,441)
2,937
1,245,678
2,423,230
Net Working Capital
1,928,758
3,299,755
3,004,575
92,542
8,325,633
Total Assets
15,118,523
23,843,665
14,628,006
2,199,147
55,789,341
' Bonds Payable 1,127,040 0 3,057,875 0 4,184,914
Total Equity 13,776,523 23,610,580 11,300,869 2,187,264 50,875,236
1 31
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
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.
32
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poylaW aapun - jean( bululewai yoea jol lueoiad L' 1, pue sje@A 01, lsiy ayl to yoea jol Ajeles abeia
-ne 10 luawad Z' 1, sl jagwaw ueld paleulpa000 aol alej lenjooe Allnuue ay1 - jean( buluwewai yoea
jol lueoiad L'Z pue ao to sje9A 06 lsjll ayl to yoea aol Ajeles 96eaane to luaoiad Z'Z sl jaq
-waw veld olse8 a col ales lenjooe Apuue ayl ' 6 poylaW japun '(Z poylaW) elnwjol lenjooe lanai
e Jo ( 6 poylaW) elnwjol lenjooe lllauaq alej -dais a to J9y6ly ayl sanlaoaJ jagwaw buljllaj a41
saagwaw ueld 01se8 pue paleulpj000 s 32i3d jol slgauaq alndwoo of pasn aie spoylaw om
6664U 6S 2138W303a
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V10S3NNIW '1NnoW3SOM 30 A113
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
b. Funding Policy
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. These
statutes are established and amended by the state legislature. The City makes annual contribu-
tions to the pension plans equal to the amount required by state statutes. PERF Basic Plan mem-
bers and Coordinated Plan members are required to contribute 8.75% and 4.75 %, respectively, of
their annual covered salary. PEPFF members are required to contribute 7.60% of their annual
covered salary through June 30, 1999 and 6.20% of their annual covered salary after that. The
City of Rosemount is required to contribute the following percentages of annual covered payroll:
11.43% for Basic Plan PERF members, 5.18% for Coordinated Plan PERF members, and 9.30%
for PEPFF members (the PEPFF rate was 11.40% before July 1, 1999). The City's contributions
to the Public Employees Retirement Fund for the years ending December 30, 1999, 1998, and
1997 were $102,403 $102,247, and $83,689, respectively. The City's contributions to the Public
Employees Police & Fire Fund for the years ending December 31, 1999, 1998, and 1997 were
$90,965, $93,812, and $91,218, respectively. The City's contributions were equal to the contrac-
tually required contributions 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.
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.
34
t
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
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 assumptions included no projected salary increases,
no cost -of- living adjustments and no amortization method with an inflation component of 0.0 %.
The actuarial value of assets was determined using fair value.
The annual pension cost for the Rosemount Fire Department Relief Association Pension Plan for
the year ended December 31, 1999 were as follows:
Contribution Amount
State of Minnesota
City of Rosemount
Three Year Trend Information
Fiscal Year Ending
Annual Pension Cost
(APC)
$ 40,771
26,000
$ 66,771
Net Pension
Obligation
Percentage of APC
Contribution
1999 $ 66,771 100.0 % $
1998 65,543 100.0
1997 65,385 100.0
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 pension obligation.
The computation of the pension contribution requirements for 1999 was based on the same for-
mula, 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, 1999. This information is useful in
' assessing the pension plan's accumulation of sufficient assets to pay pension benefits as they be-
come due.
1 35
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
The following historical trend information was obtained from the Association's financial report for
the year ended December 31, 1999.
Assets as a
Overfunded
Aggregate Percentage of
(Underfunded)
Valuation Accrued Valuation Accrued
Accrued
Date Liabilities Assets Liabilities
Liabilities
12 -31 -99 $ 705,844 $ 908,369 129% $ 202,525
12 -31 -98 646,257 822,605 127% 176,348
12 -31 -97 540,608 658,852 122% 118,244
Computations of the unfunded pension benefit obligation and employer contributions as a percent
of covered payroll are not applicable since the fire department is a volunteer organization and no
covered payroll exists.
In 1999, the by -laws were changed to increase the yearly pension amount that the Association will
pay to $2,600 per year of service.
e. Related Party Transactions
As of December 31, 1999 and for the year then ended the Association held no securities issued
by City or other related parties.
C. Capital Lease Obligations
The City has entered into various lease agreements to facilitate the acquisition of various assets. For pur-
poses of preparing these financial statements, the lease- purchase agreements have been classified as
capital lease obligations. Since none of the assets acquired were used in proprietary fund operations, the
acquisition cost of the assets has been reported in the general fixed asset group, and the corresponding
liability has been reported in the general long -term debt account group. The following is a schedule of
minimum payments under the various agreements:
Year Ending
December 31:
Amount
2000
$ 145,471
2001
115,614
2002
115,614
2003
115,614
2004
115,614
2005 and thereafter
180,511
Total Minimum Lease Payments
$ 788,438
Less Amount Representing Interest
(148,506)
Present Value of Minimum Lease Payments
$ 639,932
36
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1999
D. Residual Equity Transfers
Residual equity transfers in and out during 1999 were made for fund closings, and are reconciled as fol-
lows:
Special Revenue Fund
Street CIP
Debt Service Funds
S.A. Improvement 1997B
S.A. Improvement 1997A
G.O. Improvement Bonds 1998A
Capital Project Funds
145th Street Improvements — CR 42 to Brazil Ave.
Hawkins Pond Addition
Chippendale Avenue Improvement
Wensmann 10" Addition
Geronime Pond Addition
Biscayne Pointe Addition
Brockway Draw Truck Sanitary Sewer Phase 1
The Enclave Addition
1997 Street and Utility Reconstruction
Residual Transfer
In
$ 0 $
464,439
246,661
280,777
74,685
0
93,116
0
0
0
0
1,159,678
E. Prior Period Adjustments
Out
167,787
0
59,692
0
14
87,084
289,661
174,778
280,777
99,885
$ 1,159,678
Prior period adjustments were made for the following reasons:
1. To remove $2,285,000 previously reported as debt in the Arena Fund, a proprietary fund. To increase
the general long -term debt account group reported in the Port Authority fund by $2,285,000,
$3,425,000 Municipal Building Bonds, Series 1992E, which was issued by the Port Authority.
2. To remove $2,845,591 of land improvements, building costs and machinery and equipment less ac-
cumulated depreciation of $293,674 and contributed capital of $462,635 previously reported in the
Arena Fund, a proprietary fund, and record them in the General Fixed Asset Account Group. This is
consistent with the City's efforts toward improved accounting and valuation (see fixed assets foot-
note).
3. To adjust the general fixed asset account group to reduce the amount recorded for building costs
$103,413, which were not incurred. This is consistent with the City's efforts toward improved ac-
counting and valuation (see fixed assets footnote).
4. To adjust the retained earnings for the City's Storm Water fund, a proprietary fund. To increase re-
tained earnings by $61,090 and decrease retained earnings by $65,758 for the City's governmental
fund contributions which were inappropriately recorded in prior years.
37
THIS PAGE INTENTIONALLY LEFT BLANK
I GENERALFUND
The General Fund is used to account for the revenue and expenditures to carry out
' basic governmental activities of the City such as general government, public safety,
public works, and parks and recreation. Revenue is recorded by source; i.e., taxes,
licenses and permits, fines and forfeits, charges for services, etc. General Fund
' expenditures are made primarily for daily operations and operating equipment and are
recorded by major functional classifications and by operating departments. This fund
accounts for all transactions not required legally or by sound financial management to
' be accounted for in another fund.
CITY OF ROSEMOUNT, MINNESOTA
COMPARATIVE BALANCE SHEET
GENERALFUND
DECEMBER 31. 1999
ASSETS
Cash and investments
Accounts receivable
Special assessments receivable
Property taxes receivable
Due from other governments
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
LIABILITIES:
Accounts payable
Accrued expenditures
Deposits payable
Deferred revenue
TOTAL LIABILITIES
FUND BALANCE:
Reserved for encumbrances
Unreserved - designated for working capital
TOTAL FUND BALANCE
TOTAL LIABILITIES AND FUND BALANCE
39
EXHIBIT A -1
1999 1998
$ 3,062,029 $ 2,439,786
13,388 0
0 555
297,828 275,472
24,837 19,314
$ 3,398,081 $ 2,735,127
$ 185,341 $ 181,161
57,023 42,445
34,390 34,640
66,795 38,497
$ 343,548 $ 296,743
172,836 $
2,881,697
3,054,533 $
3,398,081 $
136,643
2,301,741
2,438,384
2,735,127
CITY OF ROSEMOUNT, MINNESOTA EXHIBIT A -2
COMPARATIVE STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
GENERALFUND
YEAR ENDED DECEMBER 31, 1999
1999 1998
REVENUE:
General property taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Special assessments
Interest earnings
Net increase(decrease) in the fair value of investments
Miscellaneous
TOTAL REVENUE
EXPENDITURES:
Current:
General government
Public safety
Public works
Park and recreation
TOTAL EXPENDITURES
EXCESS OF REVENUE OVER EXPENDITURES
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out
TOTAL OTHER SOURCES (USES)
EXCESS OF REVENUE AND OTHER FINANCING
SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES
BEGINNING FUND BALANCE
ENDING FUND BALANCE
$
2,626,865
$
2,693,105
623,463
363,238
1,318,131
1,274,373
486,379
351,650
91,441
72,084
0
165
85,005
77,671
(31,095)
2,104
271,466
277,629
$
5,471,655
$
5,112,018
$
1,137,113
$
1,110,499
1,495,469
1,444,010
1,598,280
1,450,156
628,144
601,450
$
4,859,006
$
4,606,114
$
612,649
$
505,904
$
3,500
$
3,500
0
0
$
3,500
$
3,500
$ 616,149 $ 509,404
2,438,384 1,928,980
$ 3,054,533 $ 2,438,384
40
t
CITY OF ROSEMOUNT, MINNESOTA EXHIBIT A -3
SCHEDULE OF REVENUE - BUDGET (AS AMENDED) AND ACTUAL (BUDGETARY BASIS)
GENERALFUND
YEAR ENDED DECEMBER 31, 1999
1999 1998
TAXES:
General property taxes
Fiscal disparities
Other
TOTAL TAXES
LICENSES AND PERMITS:
Business
Non - business
TOTAL LICENSES AND PERMITS
INTERGOVERNMENTAL:
Local government aid (LGA)
Homestead and ag credit (HACA)
Local performance aid (LPA)
Federal Grants
Police state aid
Mobile home HACA
Other
TOTAL INTERGOVERNMENTAL
CHARGES FOR SERVICES:
General government
Public safety
Highways and streets
SAC
TOTAL CHARGES FOR SERVICES
FINES AND FORFEITURES:
County
MISCELLANEOUS:
Interest
Net increase(decrease) in the fair value of investments
Other
Special assessments
Donations
Recreational fees
Rents
TOTAL MISCELLANEOUS
TOTAL REVENUE
OTHER FINANCING SOURCES:
Operating transfers in
TOTAL REVENUE AND OTHER
FINANCING SOURCES
$ 1,220,297 $ 1,318,131 $ 97,834 $ 1,274,373
$
BUDGET
$
ACTUAL
VARIANCE
171,962
ACTUAL
$
2,063,536
$
2,040,827
$
(22,709)
$
2,136,035
43,084
530,667
0
530,667
150
0
150
475,045
24,492
34,000
1,800
55,370
4,365
21,370
2,565
82,026
$
2,628,203
$
2,626,865
$
(1,338)
$
2,693,105
351,650
$
100,000
$
91,441
$
(8,559)
$
$
342,700
$
621,963
$
279,263
$
361,113
77,671
1,500
0
1,500
(31,095)
0
(31,095)
2,125
$
344,200
$
623,463
$
279,263
$
363,238
21,865
2,000
0
(2,000)
$
381,988
$
381,988
$
0
$
380,488
51,032
550,493
190,000
550,493
207,578
0
17,578
550,561
201,352
15,466
3,400
15,466
4,056
0
656
16,266
3,380
21,250
306,315
21,250
325,376
0
19,061
79,487
357,568
85,000
94,847
9,847
93,936
22,011
22,987
976
22,463
144,089
231,100
87,011
131,172
$ 1,220,297 $ 1,318,131 $ 97,834 $ 1,274,373
$
256,200
$
428,162
$
171,962
$
282,370
45,700
53,702
8,002
43,084
0
150
150
24,492
1,800
4,365
2,565
1,704
$
303,700
$
486,379
$
182,679
$
351,650
$
100,000
$
91,441
$
(8,559)
$
72,084
$
55,600
$
85,005
$
29,405
$
77,671
0
(31,095)
(31,095)
2,104
5,000
4,517
(483)
21,865
2,000
0
(2,000)
165
50,315
55,315
5,000
51,032
190,000
207,578
17,578
201,352
3,400
4,056
656
3,380
$
306,315
$
325,376
$
19,061
$
357,568
$ 4,902,715 $ 5,471,655 $ 568,940 $ 5,112,018
3,500
3,500
0
3,500
$ 4,906,215
$ 5,475,155 $
568,940
$ 5,115,518
41
CITY OF ROSEMOUNT, MINNESOTA EXHIBIT A-4
(Continued)
SCHEDULE OF EXPENDITURES - BUDGET (AS AMENDED) AND ACTUAL (BUDGETARY BASIS)
GENERALFUND
YEAR ENDED DECEMBER 31. 1999
42
1999
1998
GENERAL GOVERNME
BUDGET
ACTUAL
VARIANCE
ACTUAL
Mayor and council:
Personal services
$
26,700
$
18,780
$ 7,920
$
20,512
Professional fees
17,500
22,320
(4,820)
27,996
Other charges
27,994
35,847
(7,853)
28,359
Council designated
9,500
21,160
(11,660)
129,695
Executive:
Personal services
244,500
264,339
(19,839)
235,248
Supplies
2,200
522
1,678
988
Professional fees
6,100
4,954
1,146
6,600
Other charges
3,900
3,008
892
3,200
Elections:
Personal services
0
0
0
7,658
Supplies
0
0
0
1,205
Other charges
0
0
0
2,681
Capital outlay
6,000
0
6,000
0
Finance:
Personal services
106,500
104,448
2,052
98,103
Professional fees
39,600
38,847
753
35,574
Other charges
3,600
1,724
1,876
3,233
Community Development:
Personal services
382,000
352,801
29,199
355,048
Supplies
5,300
3,689
1,611
657
Professional fees
11,000
34,509
(23,509)
6,412
Other charges
8,300
4,846
3,454
4,783
Capital outlay
500
0
500
374
General government:
Supplies
40,400
30,272
10,128
30,955
Professional fees
178,500
174,249
4,251
194,231
Other charges
0
612
(612)
23,313
Capital outlay
13,300
15,403
(2,103)
10,702
TOTAL GENERAL GOVERNMENT
$
1,133,394
$
1,132,329
$ 1,065
$
1,227,524
PUBLIC SAFET
Police protection:
Personal services
$
1,117,900
$
1,158,842
$ (40,942)
$
1,110,507
Supplies
13,502
14,010
(508)
15,635
Professional fees
147,000
159,046
(12,046)
128,855
Other charges
13,100
9,736
3,364
28,997
Capital outlay
600
329
271
0
Fire protection:
Personal services
126,000
104,666
21,334
99,117
Supplies
11,900
17,916
(6,016)
14,062
Professional fees
24,600
16,315
8,285
21,411
Other charges
2,300
1,517
783
2,152
Capital outlay
16,709
14,068
2,641
21,918
TOTAL PUBLIC SAFETY
$
1,473,611
$
1,496,445
$ (22,835)
$
1,442,652
42
w
CITY OF ROSEMOUNT. MINNESOTA EXHIBIT A -4
(Concluded)
SCHEDULE OF EXPENDITURES - BUDGET (AS AMENDED) AND ACTUAL (BUDGETARY BASIS)
GENERALFUND
YEAR ENDED DECEMBER 31. 1999
1999
PUBLIC WORK
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
PARK AND RECREATIO
1998
BUDGET
ACTUAL
Personal services
Supplies
Professional fees
Other Charges
Capital Outlay
TOTAL PARK AND RECREATION
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
$ 55,200 $
47,791 $
7,409 $
45,653
18,200
19,248
(1,048)
14,198
97,100
87,984
9,116
77,974
30,500
36,955
(6,455)
38,939
91,000
90,298
702
89,245
128,600
124,194
4,406
114,391
154,500
189,509
(35,009)
142,138
5,000
3,871
1,129
548
32,200
23,778
8,422
27,276
346,300
337,698
8,602
334,371
105,700
92,039
13,661
89,742
100,800
90,921
9,879
84,228
158,200
168,431
(10,231)
92,417
3,000
547
2,453
0
250,100
233,414
16,686
232,665
34,200
49,331
(15,131)
35,132
14,100
11,719
2,381
13,593
20,500
30,550
(10,050)
17,646
$ 1,645,200 $
1,638,280 $
6,920 $
1,450,156
$ 465,065 $
426,819 $
38,246 $
419,581
46,030
49,105
(3,075)
42,029
71,555
77,488
(5,933)
75,950
71,360
74,733
(3,372)
63,328
$ 4,906,215 $ 4,895,198 $ 11,017 $ 4,721,781
0 0 0 0
$ 4,906,215 $ 4,895,198 $ 11,017 $ 4,721,781
136,643 20,976
43
(172,835)
$ 4,859,006
(136,643)
$ 4,606,114
THIS PAGE INTENTIONALLY LEFT BLANK
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THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF ROSEMOUNT, MINNESOTA
COMBINING BALANCE SHEET
SPECIAL REVENUE FUNDS
DECEMBER 31, 1999
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable
Advances from other funds
Deferred revenue
TOTAL LIABILITIES
FUND BALANCES
Reserved for special projects
Unreserved - undesignated
TOTAL FUND BALANCES
TOTAL LIABILITIES AND
FUND BALANCES
$ 3,580 $ 0 $
290,048 0
0 71,870 _
$ 293,628 $ 71,870 $
$ 0 $ 42,759 $
(157,544) 1,367,529 _
$ (157,544) $1,410,288 $
0 $ 150 $ 19,037
0 0 0
0 0 0
0 $ 150 $ 19,037
0 $ 0 $ 74,380
6,737 535,401 220,342
6,737 $ 535,401 $ 294,721
$ 136,084 $1,482,158 $ 6,737 $
535,551 $ 313,758
46
MISSISSIPPI
BUILDING
STREET
RIVER
PARK
EQUIPMENT
CIP
CIP
GRANT
IMPROVEMENTS
CIP
( #202)
( #203)
( #204)
( #205)
( #207)
ASSETS
Cash and investments
$ 136,069
$1,409,018
$ 6,737
$ 535,551
$ 311,757
Accounts receivable
0
0
0
0
1,986
Special assessments receivable
15
73,140
0
0
15
TOTAL ASSETS
$ 136,084
$1,482,158
$ 6,737
$ 535,551
$ 313,758
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable
Advances from other funds
Deferred revenue
TOTAL LIABILITIES
FUND BALANCES
Reserved for special projects
Unreserved - undesignated
TOTAL FUND BALANCES
TOTAL LIABILITIES AND
FUND BALANCES
$ 3,580 $ 0 $
290,048 0
0 71,870 _
$ 293,628 $ 71,870 $
$ 0 $ 42,759 $
(157,544) 1,367,529 _
$ (157,544) $1,410,288 $
0 $ 150 $ 19,037
0 0 0
0 0 0
0 $ 150 $ 19,037
0 $ 0 $ 74,380
6,737 535,401 220,342
6,737 $ 535,401 $ 294,721
$ 136,084 $1,482,158 $ 6,737 $
535,551 $ 313,758
46
t
EXHIBIT B -1
TREE DISEASE
CRIME
FIRE
GRANT
REDUCTION
SAFETY
TOTAL
PROGRAM
PROJECT
EDUCATION
GIS
( #208)
( #220)
( #221)
( #222)
1999
1998
$
143
$
11,279
$
7,008
$
35,489
$
2,453,051
$
1,806,743
0
0
0
0
1,986
4,724
0
0
0
0
73,170
80,998
$
143
$
11,279
$
7,008
$
35,489
$
2,528,207
$
1,892,465
$
0
$
27
$
27
$
0
$
22,821
$
550
0
0
0
0
290,048
0
0
0
0
0
71,870
80,967
$
0
$
27
$
27
$
0
$
384,739
$
81,517
$
0
$
0
$
0
$
0
$
117,139
$
76,520
143
11,252
6,981
35,489
2,026,329
1,734,428
$
143
$
11,252
$
6,981
$
35,489
$
2,143,468
$
1,810,948
$
143
$
11,279
$
7,008
$
35,489
$
2,528,207
$
1,892,465
47
CITY OF ROSEMOUNT, MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
SPECIAL REVENUE FUNDS
YEAR ENDED DECEMBER 31, 1999
REVENUE:
General property taxes
Municipal state aid (MSA)
Intergovernmental
User fees
Special assessments
Interest earnings
Net increase(decrease) FMV investments
Park dedication
Sale of general fixed assets
Donations and other
TOTAL REVENUE
EXPENDITURES:
Supplies
Other professional services
Other
Lease payments
Capital outlay
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
$ 0$
0$
MISSISSIPPI
0$
0
BUILDING
STREET
RIVER
PARK
EQUIPMENT
CIP
CIP
GRANT
IMPROVEMENTS
CIP
( #202)
( #203)
( #204)
( #205)
( #207)
13,756
83,796
0
288,834
243,465
$ 44,000
$ 350,000
$ 0
$ 0
$ 466,800
60,000
520,055
0
0
0
0
0
850
0
0
0
93,649
0
0
1,986
1,209
63,735
0
0
1,209
3,528
40,587
64
30,749
5,021
0
(15,388)
0
(8,156)
0
0
0
0
228,400
0
0
0
0
0
28,147
0
0
0
20,000
8,047
$ 108,738
$ 1,052,638
$ 914
$ 270,993
$ 511,210
$ 0$
0$
0$
0$
0
0
2,500
1,875
0
0
2,500
0
0
0
2,500
14,956
0
0
0
156,591
13,756
83,796
0
288,834
243,465
$ 31,212 $
86,296 $
1,875 $
288,834
$ 402,556
$ 77,526 $ 966,341 $ (961) $ (17,841) $ 108,655 1
OTHER FINANCING SOURCES (USES)
Operating transfers in
$
0
$
0
$
0
$
0
$
0
Operating transfers out
(389,093)
(252,000)
0
(2,800)
0
TOTAL
$
(389,093)
$
(252,000)
$
0
$
(2,800)
$
0
EXCESS ( DEFICIENCY) OF REVENUE AND
'
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER
FINANCING USES
$
(311,567)
$
714,341
$
(961)
$
(20,641)
$
108,655
,
BEGINNING FUND BALANCES
154,023
863,734
7,698
556,042
186,066
,
RESIDUAL EQUITY TRANSFERS IN (OUT)
0
(167,787)
0
0
0
ENDING FUND BALANCES
$
(157,544)
$
1,410,288
$
6,737
$
535,401
$
294,721
48
EXHIBIT B -2
TREE DISEASE
176 $
CRIME
$ 500,308
FIRE
141 3,500
6,805
32,939
1,810,948
1,437,694
0 0
GRANT
REDUCTION
(167,787)
SAFETY
$ 143 $ 11,252 $
6,981 $
35,489
$ 2,143,468
$ 1,810,948
PROGRAM
PROJECT
EDUCATION
GIS
TOTAL
( #208)
( #220)
( #221)
( #222)
1999
1998
$
0 $
0
$
0
$
0
$
860,800
$
873,890
0
0
0
0
580,055
686,357
0
12,109
0
0
12,959
38,404
0
0
0
16,200
111,835
101,394
0
0
0
0
66,154
25,942
2
93
68
778
80,891
73,193
0
0
0
0
(23,544)
(103)
0
0
0
0
228,400
258,525
0
0
0
0
28,147
14,868
0
0
751
0
28,798
3,680
$
2 $
12,202
$
819
$
16,978
$
1,974,495
$
2,076,149
$
0 $
1,257
$
0
$
0
$
1,257
$
1,690
0
0
0
8,634
13,009
30,442
0
3,193
642
128
8,964
11,841
0
0
0
0
171,547
310,962
0
0
0
5,666
635,516
504,647
$
0 $
4,450
$
642
$
14,428
$
830,293
$
859,582
$
2 $
7,752
$
176
$
2,550
$
1,144,202
$
1,216,567
$
0$
0$
0$
0$
0
$
0
0
0
0
0
(643,893)
(843,856)
$
0 $
0
$
0
$
0
$
(643,893)
$
(843,856)
$ 2 $ 7,752 $
176 $
2,550
$ 500,308
$ 372,711
141 3,500
6,805
32,939
1,810,948
1,437,694
0 0
0
0
(167,787)
543
$ 143 $ 11,252 $
6,981 $
35,489
$ 2,143,468
$ 1,810,948
49
CITY OF ROSEMOUNT MINNESOTA ,
COMBINING SCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN 1
FUND BALANCES — BUDGET (AS AMENDED) AND ACTUAL (BUDGETARY BASIS)
ANNUALLY ADOPTED SPECIAL REVENUE FUNDS
YEAR ENDED DECEMBER 31, 1999
BUILDING CIP FUND
REVENUE:
General property taxes
Municipal state aid (MSA)
Tax increments
User fees
Special assessments
Interest earnings
Net increase in the fair value of investments
Sale of general fixed assets
Donations and other
TOTAL REVENUES
EXPENDITURES:
Other
Operating lease payments
Capital outlay
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
TOTAL
EXCESS ( DEFICIENCY) OF REVENUE OVER
EXPENDITURES AND ENCUMBRANCES
AND OTHER FINANCING SOURCES (USES)
Reconciliation to GAAP basis
elimination of encumbrances, net
BEGINNING FUND BALANCES
RESIDUAL EQUITY TRANSFERS IN (OUT)
ENDING FUND BALANCES
FAVORABLE
(UNFAVORABLE)
BUDGET ACTUAL VARIANCE
0 60,000 60,000
0 0 0
0 0 0
0 1,209 1,209
4,100 3,528 (572)
0 0 0
0 0 0
0 0 0
$ 48,100 $ 108,738 $ 60,638
$ 2,500 $ 2,500 $ 0
0 14,956 (14,956)
44,000 13,756 30,244
$ 46,500 $ 31,212 $ 15,288
$ 1,600 $ 77,526 $ 75,926
$ 0 $ 0 $ 0
0 (389,093) (389,093)
$ 0 $ (389,093) $ (389,093)
$ 1,600 $ (311,567) $ (313,167)
C
154,023
0
$ (157,544)
50
EXHIBIT B -3
(Continued)
STREET CIP FUND
FAVORABLE
(UNFAVORABLE)
EQUIPMENT CIP FUND
FAVORABLE
(UNFAVORABLE)
$ 17,800 $ 746,582 $ 728,782 $ 1,100 $ 35,797 $ 34,697
(32,241) 72,858
863,734 186,066
(167,787) 0
$ 1,410,288 $ 294,721
51
BUDGET
ACTUAL
VARIANCE
BUDGET
ACTUAL
VARIANCE
$
350,000
$
350,000
$
0
$
466,800
$
466,800
$
0
0
520,055
520,055
0
0
0
0
0
0
0
0
0
50,000
93,649
43,649
0
1,986
1,986
17,000
63,735
46,735
0
1,209
1,209
20,300
40,587
20,287
3,600
5,021
1,421
0
(15,388)
(15,388)
0
0
0
0
0
0
0
28,147
28,147
0
0
0
0
8,047
8,047
$
437,300
$
1,052,638
$
615,338
$
470,400
$
511,210
$
40,810
$
2,500
$
2,500
$
0
$
2,500
$
2,500
$
0
0
0
0
156,800
156,591
209
417,000
51,555
365,445
310,000
316,323
(6,323)
$
419,500
$
54,055
$
365,445
$
469,300
$
475,414
$
(6,114)
$
17,800
$
998,582
$
980,782
$
1,100
$
35,797
$
34,697
$
0$
0
$
0
$
0$
0$
0
0
(252,000)
(252,000)
0
0
0
$
0
$
(252,000)
$
(252,000)
$
0
$
0
$
0
$ 17,800 $ 746,582 $ 728,782 $ 1,100 $ 35,797 $ 34,697
(32,241) 72,858
863,734 186,066
(167,787) 0
$ 1,410,288 $ 294,721
51
CITY OF R OSEMOUNT. MINNESOTA
COMBINING SCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET (AS AMENDED) AND ACTUAL (BUDGETARY BASIS)
ANNUALLY ADOPTED SPECIAL REVENUE FUNDS
YEAR ENDED DECEMBER 31. 1999
TOTAL -1999
REVENUE:
General property taxes
Municipal state aid (MSA)
Tax increments
Userfees
Special assessments
Interest earnings
Net increase in the fair value of investments
Sale of general fixed assets
Donations and other
TOTAL REVENUES
EXPENDITURES:
Other
Operating lease payments
Capital outlay
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
TOTAL
EXCESS ( DEFICIENCY) OF REVENUE OVER
EXPENDITURES AND ENCUMBRANCES
AND OTHER FINANCING SOURCES (USES)
$ 7,500 $ 7,500 $
156,800 171,547
771,000 381,634 _
$ 935,300 $ 560,681 $
$ 20,500 $ 1,111,905 $ 1,091,405
$ 0 $ 0 $ 0
0 (641,093) (641,093)
$ 0 $ (641,093) $ (641,093)
$ 20,500 $ 470,811 $ 450,311
Reconciliation to GAAP basis
elimination of encumbrances, net
BEGINNING FUND BALANCES
RESIDUAL EQUITY TRANSFERS IN (OUT)
ENDING FUND BALANCES
40,617
1,203,823
(167,787)
$ 1,547,465
52
0
(14,747)
389,366
374,619
FAVORABLE
(UNFAVORABLE)
BUDGET
ACTUAL
VARIANCE
$ 860,800
$ 860,800
$ 0
0
580,055
580,055
0
0
0
50,000
95,635
45,635
17,000
66,154
49,154
28,000
49,136
21,136
0
(15,388)
(15,388)
0
28,147
28,147
0
8,047
8,047
$ 955,800
$ 1,672,586
$ 716,7
$ 7,500 $ 7,500 $
156,800 171,547
771,000 381,634 _
$ 935,300 $ 560,681 $
$ 20,500 $ 1,111,905 $ 1,091,405
$ 0 $ 0 $ 0
0 (641,093) (641,093)
$ 0 $ (641,093) $ (641,093)
$ 20,500 $ 470,811 $ 450,311
Reconciliation to GAAP basis
elimination of encumbrances, net
BEGINNING FUND BALANCES
RESIDUAL EQUITY TRANSFERS IN (OUT)
ENDING FUND BALANCES
40,617
1,203,823
(167,787)
$ 1,547,465
52
0
(14,747)
389,366
374,619
EXHIBIT B -3
(Concluded)
$ 6,750 $ 7,500 $ (750)
311,400 310,962 438
606,990 376,514 230,476
$ 925,140 $ 694,976 $ 230,164
$ 34,050 $ 1,029,484 $ 995,434
$ 0 $ 0 $ 0
0 (786,356) (786,356)
$ 0 $ (786,356) $ (786,356)
$ 34,050 $ 243,128 $ 209,078
(32,479)
993,173
$ 1,203,823
53
TOTAL - 1998
FAVORABLE
(UNFAVORABLE)
BUDGET
ACTUAL
VARIANCE
$ 873,890
$ 873,890
$ 0
0
686,357
686,357
0
0
0
50,000
75,794
25,794
17,000
25,942
42,942
18,300
45,442
63,742
0
241
241
0
14,868
14,868
0
1,926
1,926
$ 959,190
$ 1,724,460
$ 765,270
$ 6,750 $ 7,500 $ (750)
311,400 310,962 438
606,990 376,514 230,476
$ 925,140 $ 694,976 $ 230,164
$ 34,050 $ 1,029,484 $ 995,434
$ 0 $ 0 $ 0
0 (786,356) (786,356)
$ 0 $ (786,356) $ (786,356)
$ 34,050 $ 243,128 $ 209,078
(32,479)
993,173
$ 1,203,823
53
THIS PAGE INTENTIONALLY LEFT BLANK
rl
DEBT SERVICE FUNDS
Debt Service Funds are established to finance and account for the payment of principal
and interest on all general obligation debt including that payable from special
assessments but excluding debt issued for and serviced by a governmental enterprise.
Provisions are made in the City's general property tax levy for money sufficient to meet
the general obligation debt and any improvement bonds that are structured to include
tax levies. Special assessment levies are sufficient to meet the debt service obligation
of the special assessment improvement debt issues unless structured differently.
General Obligation Bond Debt Service Funds presently established are as follows:
1992C
Community Center Bonds
1993D
Municipal Building Refunding Bonds
1996A
Fire Station Bonds
1992A
Improvement Bonds
1993A
Improvement Bonds
1993B
Improvement Refunding Bonds
1994A
Improvement Bonds
1997B
Improvement Bonds
1995A
Improvement Bonds
1997A
Improvement Bonds
1991A
Improvement Bonds
1991 B
Improvement Bonds
1992D
Improvement Bonds
1994C
State Aid Street Bonds
1998A
Improvement Bonds
1998B
Improvement Bonds
1998C
Improvement Bonds
1999A
Improvement Bonds
1999B
Improvement Bonds
Ij
ri
1
f
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF ROSEMOUNT, MINNESOTA
COMBINING BALANCE SHEET
DEBT SERVICE FUNDS
DECEMBER 31, 1999
ASSETS
Cash and investments
Accounts receivable
Special assessments receivable
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
LIABILITIES:
Deferred revenue
FUND BALANCE:
Reserved for debt service
TOTAL LIABILITIES AND FUND BALANCE
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)
$ 110,442 $ 215,489 $ 139,464 $
0 0 0
0 0 0
217,503
0
2,702
$ 110,442 $ 215,489 $ 139,464 $ 220,205
$ 0 $ 0 $ 0 $ 3,280
110,442 215,489 139,464
$ 110,442 $ 215,489 $ 139,464 $
216,925
220,205
56
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)
$ 133,640 $ 601,706 $ 1,114,961 $
0 0 0
18,000 14,320 21,510
$ 151,640 $ 616,025 $ 1,136,471 $
1,235,014 $ 743,199 $ 1,952,297
0 0 0
401,878 269,674 888,616
1,636,892 $ 1,012,872 $ 2,840,913
18,000 $
4,073 $
21,395 $
351,670 $
268,965 $
525,484
133,640
611,952
1,115,075
1,285,221
743,908
2,315,429
151,640 $
616,025 $
1,136,471 $
1,636,892 $
1,012,872 $
2,840,913
57
CITY OF ROSEMOUNT, MINNESOTA
COMBINING BALANCE SHEET
DEBT SERVICE FUNDS
DECEMBER 31, 1999
i
'
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
$
127,753
$
72,753
$
505,569
$
380,207
'
Accounts receivable
0
0
0
0
Special assessments receivable
65,757
0
53,457
0
'
TOTAL ASSETS
$
193,511
$
72,753
$
559,026
$
380,207
LIABILITIES AND FUND BALANCE
'
LIABILITIES:
Deferred revenue
$
65,757
$
0
$
5,339
$
0
'
FUND BALANCE:
Reserved for debt service
127,753
72,753
553,687
380,207
'
TOTAL LIABILITIES AND FUND BALANCE
$
193,511
$
72,753
$
559,026
$
380,207
58
a
i
i
i
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
19988
1998C
1999A
19998
( #332)
( #333)
( #334)
( #335)
( #336)
$ 1,371,969 $ 645,433 $ 498,154 $
0 0 0
379,812 2,138,884 550,385
$ 1,751,782 $ 2,784,317 $ 1,048,538 $
299,163 $
0
375,500
674,663 $
$ 379,492 $ 2,105,695 $ 495,301 $ 375,500 $
272,928 $ 15,818,138 $ 10,503,045
0 $ 4,619,951 $ 2,935,917
1,372,290
678,622
553,238
299,163
272,928
11,198,187
7,567,127
$ 1,751,782 $
2,784,317 $
1,048,538 $
674,663 $
272,928
$ 15,818,138
$ 10,503,045
59
TOTAL
1999 1998
272,928 $ 10,637,645 $ 7,192,724
0 0 3,949
0 5,180,494 3,306,372
CITY OF ROSEMOUNT, MINNESOTA
'
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
G.O.
DEBT SERVICE FUNDS
'
YEAR ENDED DECEMBER 31, 1999
G.O.
REVENUE:
General property taxes
Municipal state aid (MSA)
Special assessments
Interest earnings
Net increase (decrease) in fair value of investments
TOTAL REVENUE
EXPENDITURES:
Bond principal
Interest on bonds
Fiscal agent fees
Other
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Proceeds from the sale of bonds
Operating tranfers in
TOTAL
EXCESS ( DEFICENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES
BEGINNING FUND BALANCES
RESIDUAL EQUITY TRANSFERS IN (OUT)
ENDING FUND BALANCES
G.O.
G.O.
G.O.
G.O.
'
COMMUNITY
CITY
HALL
FIRE
IMPROVEMENT
CENTER
REFUNDING
STATION
BONDS
1992C
1993D
1996A
1992C
'
( #301)
( #302)
( #303)
( #321)
$
104,402
$
149,011
$
153,363
$
0
'
0
0
0
0
0
0
0
1,103
2,088
5,580
2,303
11,640
'
0
0
0
0
$
106,490
$
154,591
$
155,666
$
12,742
,
$
40,000
$
120,000
$
60,000
$
65,000
55,430
19,315
87,380
17,930
'
509
0
187
484
0
0
0
0
$
95,939
$
139,315
$
147,567
$
83,414
'
$
10,551
$
15,276
$
8,099
$
(70,672)
'
$
0
$
0
$
0
$
0
'
0
0
0
0
$
0
$
0
$
0
$
0
'
$
10,551
$
15,276
$
8,099
$
(70,672)
'
99,891
200,213
131,365
287,597
'
0
0
0
0
$
110,442
$
215,489
$
139,464
$
216,925
'
60
EXHIBIT C -2
(Continued)
61
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 19938
1994A
1997B
1995A
1997A
( #322)
( #323)
( #324)
( #325)
( #326)
( #327)
$
238
$
159,872
$
0
$
0
$
17,780
$
0
0
0
0
0
0
0
5,024
25,822
31,063
568,065
95,264
1,083,875
5,826
31,173
49,199
12,558
28,499
43,360
0
(9,593)
(14,853)
0
797
(4,432)
$
11,088
$
207,275
$
65,409
$
580,624
$
142,340
$
1,122,803
$
50,000
$
300,000
$
140,000
$
0
$
160,000
$
0
14,925
18,736
66,193
69,905
61,880
127,620
509
0
509
157
0
156
0
0
2
0
2
0
$
65,434
$
318,736
$
206,704
$
70,062
$
221,882
$
127,776
$
(54,346)
$
(111,461)
$
(141,295)
$
510,562
$
(79,543)
$
995,027
$
0
$
0
$
0
$
0$
0
$
0
0
0
0
0
20,000
0
$
0
$
0
$
0
$
0
$
20,000
$
0
$
(54,346)
$
(111,461)
$
(141,295)
$
510,562
$
(59,543)
$
995,027
187,986
723,413
1,256,370
310,220
803,451
1,073,741
0
0
0
464,439
0
246,661
$
133,640
$
611,952
$
1,115,075
$
1,285,221
$
743,908
$
2,315,429
61
CITY OF ROSEMOUNT MINNESOTA
I
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
17,773
DEBT SERVICE FUNDS
'
YEAR ENDED DECEMBER 31. 1999
592,997
REVENUE:
General property taxes
Municipal state aid (MSA)
Special assessments
Interest earnings
Net increase (decrease) in fair value of investments
TOTAL REVENUE
EXPENDITURES:
Bond principal
Interest on bonds
Fiscal agent fees
Other
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Proceeds from the sale of bonds
Operating tranfers in
TOTAL
EXCESS ( DEFICENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES
BEGINNING FUND BALANCES
RESIDUAL EQUITY TRANSFERS IN (OUT)
ENDING FUND BALANCES $
62
(93,002) $
(28,909) $
(39,310) $
17,773
'
220,755
101,662
592,997
'
'
G.O.
0
G.O.
0
G.O.
G.O.
STATE
553,687 $
IMPROVEMENT
IMPROVEMENT
IMPROVEMENT
AID STREET
BONDS
BONDS
BONDS
BONDS
1991A
1991B
1992D
1994C
'
1
( #328)
( #329)
( #330)
( #331)
$
7,408
$
0
$
8,045
$
0
'
0
0
0
87,090
34,585
0
80,209
0
5,379
2,950
22,940
18,033'
0
0
0
0
$
47,372
$
2,950
$
111,194
$
105,123
,
$
115,000
$
25,000
$
145,000
$
65,000
24,840
6,425
45,095
22,090
t
534
434
509
260
0
0
0
0
$
140,374
$
31,859
$
190,604
$
87,350
$
(93,002)
$
(28,909)
$
(79,410)
$
17,773
'
$
0
$
0
$
0
$
0
0
0
40,100
0
$
0
$
0
$
40,100
$
0
,
ENDING FUND BALANCES $
62
(93,002) $
(28,909) $
(39,310) $
17,773
'
220,755
101,662
592,997
362,434
'
0
0
0
0
127,753 $
72,753 $
553,687 $
380,207
'
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
TOTAL
'
1998A
1998B
1998C
1999A
1999B
( #332)
( #333)
( #334)
( #335)
( #336)
1999
1998
'
$
0
$
0
$
0
$
0
$
0
$
600,119
$
441,333
0
0
0
0
0
87,090
90,226
158,244
611,656
537,041
120,725
0
3,352,676
2,501,326
'
41,231
4,932
1,024
144
35
288,895
270,952
1,061
0
0
0
0
(27,021)
9,202
'
$
200,536
$
616,588
$
538,065
$
120,868
$
35
$
4,301,760
$
3,313,038
$
0
$
0
$
0
$
0
$
0
$
1,285,000
$
1,520,000
'
115,053
109,879
21,676
0
0
884,371
687,660
150
88
0
0
0
4,488
4,062
3
0
0
0
0
7
3
'
$
115,207
$
109,966
$
21,676
$
0
$
0
$
2,173,866
$
2,211,725
'
$
85,330
$
506,622
$
516,389
$
120,868
$
35
$
2,127,893
$
1,101,314
'
$
0
$
0
$
0
$
178,295
$
272,893
$
451,189
$
280,621
0
0
0
0
0
60,100
60,100
'
$
0
$
0
$
0
$
178,295
$
272,893
$
511,289
$
340,721
'
$
85,330
$
506,622
$
516,389
$
299,163
$
272,928
$
2,639,181
$
1,442,034
'
1,006,183
172,000
36,849
0
0
7,567,127
6,049,770
280,777
0
0
0
0
991,877
75,323
'
$
1,372,290
$
678,622
$
553,238
$
299,163
$
272,928
$
11,198,187
$
7,567,127
1
63
1
CI
NNVIG 1331 A11dNOI1N31N1 30Vd SIH1
L
CAPITAL PROJECT FUNDS
Capital Project Funds are established to account for the resources expended to acquire
assets of a relatively permanent nature, other than those financed by proprietary funds
and trust funds. These funds evolve from the need for special accounting for bond
proceeds, grants and contributions for the acquisition of capital assets.
Capital Project Funds provide a formal mechanism which enables administrators to
ensure that revenues designated for certain purposes are properly used. Capital
Project Funds further enhance reporting that requirements regarding the use of revenue
were fully satisfied.
The City's Capital Project Funds are as follows:
145 Street Improvements — CR 42 to Brazil Avenue
Bloomfield Addition
Stonebridge 3` Addition
CR 42 & Canada Avenue Turn Lanes
Hawkins Pond Addition
Chippendale Avenue Improvements
Biscayne Pointe 3` Addition
Wensmann 10 Addition
Broback Park Addition
Geronime Pond Addition
Park & Ride Improvements
CR 46 (160 Street) Improvements
Biscayne Pointe Addition
Brockway Draw Trunk Sanitary Sewer Phase 1
Wensmann 12 Addition
Shannon Pond South Addition
The Enclave Addition
Family Resource Center Building
Wensmann 11 Addition
1997 Street & Utility Reconstruction
Bloomfield 2 "d Addition
Diamond Path Watermain Improvements
Geronime Pond 2 "d Addition
Rosemount Commons Addition
Public Works Building Expansion
McNamara Addition Phase 2
Conley Avenue Improvements
Biscayne Pointe 2 nd Addition
Oakridge Estates Addition
Diamond Path Project — CR 42 to CR 46
Dodd Boulevard Project — Chippendale to Shannon Parkway
I i
THIS PAGE INTENTIONALLY LEFT BLANK
I
I
CITY OF ROSEMOUNT, MINNESOTA
COMBINING BALANCE SHEET
CAPITAL PROJECT FUNDS
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 revenue
TOTAL LIABILITIES
FUND BALANCES:
Reserved for capital projects
Unreserved
TOTAL FUND BALANCES
TOTAL LIABILITIES AND
FUND BALANCES
$ 0
$
65
CR42&
145TH ST IMP
$
0
CANADA
CR 42 TO
BLOOMFIELD
STONEBRIDGE
AVENUE
BRAZIL AVE
ADDITION
3RD ADD'N
TURN LANES
(#401)
(#402)
(#403)
(#404)
$ 0
$ 139,057
$ 5,349
$ 0
0
0
0
0
$ 0
$ 139,057
$ 5,349
$ 0
$ 0
$
65
$
0
$
0
0
0
0
0
0
0
0
19,911
0
0
0
0
$ 0
$
65
$
0
$
19,911
$ 0
$
138,992
$
5,349
$
0
0
0
0
(19,911)
$ 0
$
138,992
$
5,349
$
(19,911)
$ 0
$
139,057
$
5,349
$
0
..
t
EXHIBIT D -1
(Continued)
$
0
BISCAYNE
659
$
8,708
$
HAWKINS
CHIPPENDALE
POINTE
$
BROBACK
GEROMIME
43
POND
AVENUE
3RD
WENSMANN
PARK
POND
PARK & RIDE
ADDITION
IMPROVEMENTS
ADDITION
10TH ADD'N
ADDITION
ADDITION
IMPROVEMENTS
(#405)
(#406)
(#407)
(#408)
(#409)
(#410)
(#413)
$ 0
$ 0
$ 8,761
$ 0
15,403
$ 0
$ 0
0
0
0
0
0
0
0
$ 0
$ 0
$ 8,761
$ 0
$ 15,403
$ 0
$ 0
$
0
$
659
$
8,708
$
0
$
0
$
0
$
43
0
0
0
0
0
0
0
0
0
0
0
0
0
12,126
0
0
0
0
0
0
0
$
0
$
659
$
8,708
$
0
$
0
$
0
$
12,169
$
0
$
0
$
53
$
0
$
15,403
$
0
$
0
0
(659)
0
0
0
0
(12,169)
$
0
$
(659)
$
53
$
0
$
15,403
$
0
$
(12,169)
$
0
$
0
$
8,761
$
0
$
15,403
$
0
$
0
67
CITY OF ROSEMOUNT MINNESOTA
COMBINING BALANCE SHEET
CAPITAL PROJECT FUNDS
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 revenue
TOTAL LIABILITIES
FUND BALANCES:
Reserved for capital projects
Unreserved
TOTAL FUND BALANCES
TOTAL LIABILITIES AND
FUND BALANCES
$
748
BROCKWAY
0
$
0
DRAW TRUNK
2,977
CR 46
BISCAYNE
SANITARY
0
(160TH STREET)
POINTE
SEWER
WENSMANN
IMPROVEMENTS
ADDITION
PHASE I
12TH ADD'N
(#415)
(#416)
(#417)
(#418)
0
0
$ 164,603
$ 0
$ 0
$ 42,680
0
0
0
0
$
0
$ 164,603
$ 0
$ 0
$ 42,680
$
748
$
0
$
0
$
2,977
0
0
0
18,488
0
0
0
0
0
0
0
0
$
748
$
0
$
0
$
21,465
$
163,855
$
0
$
0
$
21,214
0
0
0
0
$
163,855
$
0
$
0
$
21,214
$
164,603
$
0
$
0
$
42,680
.:
t
EXHIBIT D -1
(Continued)
SHANNON
412
FAMILY
0
1997 STREET &
0
POND SOUTH
THE ENCLAVE
RESOURCE
WENSMANN
UTILITY
BLOOMFIELD
ADDITION
ADDITION
CENTER BLDG
11TH ADD'N
RECONSTRUCT
2ND ADD'N
(#419)
(#420)
(#421)
(#422)
(#423)
(#424)
0
0
0
$ 39,173
$ 0
$ 0
$ 106,509
$ 0
$ 1,923,252
0
0
0
0
0
0
0
$ 39,173
$ 0
$ 0
$ 106,509
$ 0
$ 1,923,252
$
412
$
0
$
0
$
0
$
0
$
63
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
$
412
$
0
$
0
$
0
$
0
$
63
$
38,761
$
0
$
0
$
106,509
$
0
$
1,923,189
0
0
0
0
0
0
$
38,761
$
0
$
0
$
106,509
$
0
$
1,923,189
$
39,173
$
0
$
0
$
106,509
$
0
$
1,923,252
.•
CITY OF ROSEMOUNT. MINNESOTA
COMBINING BALANCE SHEET
CAPITAL PROJECT FUNDS
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 revenue
TOTAL LIABILITIES
FUND BALANCES:
Reserved for capital projects
Unreserved
TOTAL FUND BALANCES
TOTAL LIABILITIES AND
FUND BALANCES
DIAMOND PATH
GERONIME
ROSEMOUNT
P.W.
McNAMARA
WATERMAIN
POND
COMMONS
BUILDING
ADDITION
IMPROVEMENTS
2ND ADD'N
ADDITION
EXPANSION
PHASE 2
(#426)
(#428)
(#429)
(#430)
(#431)
$ 7,425
$ 0
$ 84,284
$ 11,345
$ 0
0
0
0
0
0
$ 7,425
$ 0
$ 84,284
$ 11,345
$ 0
$
0
$
0
$
11,105
$
0
$
5,223
0
0
0
0
57,269
0
19,097
0
0
111,407
0
0
0
0
0
$
0
$
19,097
$
11,105
$
0
$
173,899
$
7,425
$
0
$
73,179
$
11,345
$
0
0
(19,097)
0
0
(173,899)
$
7,425
$
(19,097)
$
73,179
$
11,345
$
(173,899)
$
7,425
$
0
$
84,284
$
11,345
$
0
70
EXHIBIT D -1
(Concluded)
10,075 $ 19,498 $ 9,369 $
116,340 34,378 5,512
0 0 0
0 0 0
126.415 $ 53,876 $ 14,881 $
0 $ 5,991 $ 74,936 $ 71,249
0 0 231,987 333,012
0 0 162,541 288,743
0 0 0 200,015
0 $ 5,991 $ 469,463 $ 893,019
$ 0 $
220,510
$ 135,941 $
DIAMOND
DODD BLVD
3,310,192 $
2,045,623
(110,971)
0
0
PATH
PROJECT
(336,705)
(391,058)
CONLEY
BISCAYNE
OAKRIDGE
PROJECT
CHIPPENDAL
2,973,487 $
1,654,565
AVENUE
POINTE 2ND
ESTATES
CR 42 TO
TO SHANNON
TOTAL
IMPROVEMENTS
ADDITION
ADDITION
CR 46
PARKWAY
(#432)
(#434)
(#435)
( #230)
( #231)
1999
1998
$ 15,444
$ 274,386
$ 150,821
$ 233,200
$ 58,716 $
3,280,409 $
2,258,841
0
0
0
162,541
0
162,541
288,743
$ 15,444
$ 274,386
$ 150,821
$ 395,741
$ 58,716 $
3,442,950 $
2,547,584
10,075 $ 19,498 $ 9,369 $
116,340 34,378 5,512
0 0 0
0 0 0
126.415 $ 53,876 $ 14,881 $
0 $ 5,991 $ 74,936 $ 71,249
0 0 231,987 333,012
0 0 162,541 288,743
0 0 0 200,015
0 $ 5,991 $ 469,463 $ 893,019
$ 0 $
220,510
$ 135,941 $
395,741 $
52,724 $
3,310,192 $
2,045,623
(110,971)
0
0
0
0
(336,705)
(391,058)
$ (110,971) $
220,510
$ 135,941 $
395,741 $
52,724 $
2,973,487 $
1,654,565
$ 15,444 $ 274,386 $ 150,821 $ 395,741 $
71
58,716 $ 3,442,950 $ 2,547,584
CITY OF ROSEMOUNT MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
CAPITAL PROJECT FUNDS
YEAR ENDED DECEMBER 31, 1999
REVENUE:
Special assessments
Interest earnings
Miscellaneous
TOTAL REVENUE
EXPENDITURES:
Construction costs:
Improvements
Engineering fees
Otherfees
Professional fees
Other
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUE
$ 28,671 $
345,203 $
10,344 $
CR42&
7,309
145TH ST IMP
4,714
0
CANADA
HAWKINS
CR 42 TO
BLOOMFIELD
STONEBRIDGE
AVENUE
POND
BRAZIL AVE
ADDITION
3RD ADD'N
TURN LANES
ADDITION
(#401)
(#402)
(#403)
(#404)
(#405)
0
Operating transfers out
(3,890)
0
$ 0
$ 0
$ 0
$
0 $ 0
50
19,910
210
(20)
0 1,290
0
0
0
0 0
$ 50
$ 19,910
$ 210
$
0 $ 1,290
$ 28,671 $
345,203 $
10,344 $
0 $
7,309
28,205
4,714
0
176
2,346
0
0
160
112
0
0
31,079
62,449
6,898
0
$ 67,395 $
438,315 $
21,957 $
_
0 $
0
619
0
0
0
[41104
OVER EXPENDITURES
$ (67,345) $
(418,405) $
(21,746) $
0 $
671
RESIDUAL EQUITY TRANSFERS IN (OUT)
74,685
OTHER FINANCING SOURCES (USES):
0
0
(59,692)
Proceeds from the sale of bonds
$ 0 $
0 $
0 $
0 $
0
Operating transfers in
0
11,128
0
0
0
Operating transfers out
(3,890)
0
0
0
(20)
TOTAL
$ (3,890) $
11,128 $
0 $
0 $
(20)
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES $ (71,235) $ (407,277) $ (21,746) $ 0 $ 651
BEGINNING FUND BALANCE
(3,450)
546,269
27,095
(19,911)
59,041
RESIDUAL EQUITY TRANSFERS IN (OUT)
74,685
0
0
0
(59,692)
ENDING FUND BALANCE $
0 $
138,992 $
5,349 $
(19,911) $
0
72
EXHIBIT D -2
(Continued)
$ (115,144) $
(17,845) $
BISCAYNE
(5,942) $
2,606 $
(12,169)
21,369
17,898
1,651
21,345
84,478
CHIPPENDALE
93,116
POINTE
(14)
0
BROBACK
0
GERONIME
53 $
0 $
15,403 $
AVENUE
(12,169)
3RD
WENSMANN
PARK
POND
PARK & RIDE
IMPROVEMENTS
ADDITION
10TH ADD'N
ADDITION
ADDITION
IMPROVEMENTS
(#406)
(#407)
(#408)
(#409)
(#410)
(#413)
$
0$
0$
0$
0$
0$
0
916
175
4
986
2,606
0
5,400
0
0
0
0
0
$
6,316
$
175
$
4
$
986
$
2,606
$
0
$
27,012
$
0
$
0
$
25,943
$
0
$
0
1,373
18,020
0
759
0
12,169
0
0
0
0
0
0
170
0
0
0
0
0
17,516
0
1,641
10,408
0
0
$
46,070
$
18,020
$
1,641
$
37,109
$
0
$
12,169
$
(39,754)
$
(17,845)
$
(1,637)
$
(36,123)
$
2,606
$
(12,169)
$
0$
0$
0$
0$
0$
0
2,800
0
0
30,181
0
0
(78,190)
0
0
0
0
0
$
(75,390)
$
0
$
0
$
30,181
$
0
$
0
$ (115,144) $
(17,845) $
(1,637) $
(5,942) $
2,606 $
(12,169)
21,369
17,898
1,651
21,345
84,478
0
93,116
0
(14)
0
(87,084)
0
$ (659) $
53 $
0 $
15,403 $
0 $
(12,169)
73
CITY OF ROSEMOUNT, MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
CAPITAL PROJECT FUNDS
YEAR ENDED DECEMBER 31, 1999
REVENUE:
Special assessments
Interest earnings
Miscellaneous
TOTAL REVENUE
EXPENDITURES:
Construction costs:
Improvements
Engineering fees
Otherfees
Professional fees
Other
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES):
$ 14,213 $
0 $
BROCKWAY
$ 367,264
$ 417,973
749
1,088
DRAW TRUNK
58,149
SHANNON
CR 46
BISCAYNE
SANITARY
6,285
POND
(160TH STREET)
POINTE
SEWER
WENSMANN
SOUTH
IMPROVEMENTS
ADDITION
PHASE[
12TH ADD'N
ADDITION
(#415)
(#416)
(#417)
(#418)
(#419)
$ 60,250
$ 0
$ 0
$ 0
$ 0
5,896
7,030
4,263
644
1,034
38,151
0
0
200
298
$ 104,297
$ 7,030
$ 4,263
$ 844
$ 1,332
$ 14,213 $
0 $
0
$ 367,264
$ 417,973
749
1,088
497
58,149
58,556
0
0
0
6,285
6,657
0
0
0
110
423
0
0
0
19,802
20,899
$ 14,962 $
1,088 $
497
$ 451,611
$ 504,509
AND OTHER FINANCING SOURCES
$ 89,335 $
5,942 $
3,766
$ (450,767)
$ (503,177)
Proceeds from the sale of bonds $
0 $
0 $
0 $
489,484
$ 549,572
Operating transfers in
0
0
0
10,781
60
Operating transfers out
0
0
(132)
(10,007)
0
TOTAL $
0 $
0 $
(132) $
490,258
$ 549,632
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES $
89,335 $
5,942 $
3,634 $
39,491
$ 46,455
BEGINNING FUND BALANCE
RESIDUAL EQUITY TRANSFERS IN (OUT)
ENDING FUND BALANCE
74,520
283,719
171,144
(18,277)
(7,694)
0
(289,661)
(174,778)
0
0
$ 163,855
$ 0 $
0 $
21,214 $
38,761
74
EXHIBIT D -2
(Continued)
$
FAMILY
$
54,953
$
THE
RESOURCE
0
1997 STREET &
0
ENCLAVE
CENTER
WENSMANN
UTILITY
BLOOMFIELD
ADDITION
BUILDING
11TH ADD'N
RECONSTRUCTION
2ND ADD'N
(#420)
(#421)
(#422)
(#423)
(#424)
$ 0$
0$
0$
0$
0
6,785
188
11,434
2,288
3,890
0
239,850
0
0
325
$ 6,785
$ 240,038
$ 11,434
$ 2,288
$ 4,215
$
0
$
54,953
$
174,815
$
0
$
0
(280,777)
1,202
0
0
0
14,601
0
87,984
$ 0 $
0
106,509 $
0
$ 1,923,189
3,033
0
14,604
0
117
13
0
0
0
0
32,027
0
0
$
1,202
$
55,071
$
224,489
$
0
$
102,588
$
5,584
$
184,968
$
(213,055)
$
2,288
$
(98,373)
$
0
$
0
$
0
$
0
$
2,007,509
0
0
0
0
37,481
0
0
(31,631)
0
0
$
0
$
0
$
(31,631)
$
0
$
2,04 4,990
$ 5,584 $
184,968 $
(244,686) $
2,288
$ 1,946,617
275,193
(184,968)
351,195
97,597
(23,428)
(280,777)
0
0
(99,885)
0
$ 0 $
0 $
106,509 $
0
$ 1,923,189
75
CITY OF ROSEMOUNT, MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
CAPITAL PROJECT FUNDS
YEAR ENDED DECEMBER 31, 1999
,
'
DIAMOND
PATH
GERONIME
ROSEMOUNT
P.W.
McNAMARA
WATERMAIN
POND
COMMONS
BUILDING
ADDITION
,
IMPROVEMENTS
2ND
ADD'N
ADDITION
EXPANSION
PHASE 2
(#426)
(#428)
(#429)
(#430)
(#431)
REVENUE:
'
Special assessments
$
0
$
0
$
0
$
0
$
0
Interest earnings
5,335
104
1,391
3,419
13,188
Miscellaneous
0
0
50
0
200
TOTAL REVENUE
$
5,335
$
104
$
1,441
$
3,419
$
13,388
'
EXPENDITURES:
Construction costs:
Improvements
$
0
$
15,117
$
683,828
$
331,866
$
1,114,844
Engineering fees
0
3,501
126,446
0
167,002
'
Other fees
0
0
17,718
0
157,316
Professional fees
0
59
0
0
0
Other
0
11,544
0
0
0
'
TOTAL EXPENDITURES
$
0
$
30,221
$
827,992
$
331,866
$
1,439,162
'
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
$
5,335
$
(30,116)
$
(826,551)
$
(328,446)
$
(1,425,774)
'
OTHER FINANCING SOURCES (USES):
Proceeds from the sale of bonds
$
0
$
0
$
904,362
$
0
$
1,269,300
Operating transfers in
0
0
0
443,204
7,862
Operating transfers out
0
0
0
0
0
,
TOTAL
$
0
$
0
$
904,362
$
443,204
$
1,277,162
'
EXCESS (DEFICIENCY) OF REVENUE
AND OTHER FINANCING SOURCES
OVER EXPENDITURES AND OTHER
FINANCING USES
$
5,335
$
(30,116)
$
77,810
$
114,758
$
(148,613)
'
BEGINNING FUND BALANCE
2,090
11,019
(4,631)
(103,413)
(25,286)
'
RESIDUAL EQUITY TRANSFERS IN (OUT)
0
0
0
0
0
ENDING FUND BALANCE
$
7,425
$
(19,097)
$
73,179
$
11,345
$
(173,899)
,
76
i
EXHIBIT D -2
(Concluded)
77
DIAMOND
DODD BLVD
PATH
PROJECT
BISCAYNE
OAKRIDGE
IMPROVEMENTS
CHIPPENDALE
CONLEY AVE.
POINTE
ESTATES
CR 42 TO
TO SHANNON
TOTAL
IMPROVEMENTS
2ND ADDITION
ADDITION
CR46
PARKWAY
(#432)
(#434)
(4435)
( #230)
( #231)
1999
1998
$
0
$
0
$
0
$
134,267
$
65,749
$
260,265
$
86,625
15,799
3,147
1,373
9,696
1,739
124,789
162,178
200
25
0
0
0
284,699
17,800
$
15,999
$
3,172
$
1,373
$
143,963
$
67,488
$
669,753
$
266,603
$
1,102,807
$
610,250
$
110,234
$
0
$
0
$
5,435,336
$
5,467,149
213,002
94,279
32,608
0
14,763
947,593
877,842
13,160
6,057
189
0
0
227,541
119,241
97
96
2,437
222
0
4,017
25,158
0
0
0
0
0
214,263
175,398
$
1,329,066
$
710,681
$
145,468
$
222
$
14,763
$
6,828,750
$
6,664,787
$
(1,313,067)
$
(707,510)
$
(144,095)
$
143,741
$
52,724
$
(6,158,997)
$
(6,398,184)
$
1,189,206
$
903,379
$
280,036
$
0
$
0
$
7,592,846
$
5,385,393
12,891
24,641
0
252,000
0
833,029
1,368,310
0
0
0
0
0
(123,871)
(871,574)
$
1,202,097
$
928,020
$
280,036
$
252,000
$
0
$
8,302,005
$
5,882,130
$
(110,971)
$
220,510
$
135,941
$
395,741
$
52,724
$
2,143,008
$
(516,054)
0
0
0
0
0
1,654,565
2,246,485
0
0
0
0
0
(824,090)
(75,866)
$
(110,971)
$
220,510
$
135,941
$
395,741
$
52,724
$
2,973,487
$
1,654,565
77
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THIS PAGE INTENTIONALLY LEFT BLANK
I
s
CITY OF ROSEMOUNT, MINNESOTA
COMBINING BALANCE SHEET
ENTERPRISE FUNDS
DECEMBER 31, 1999
ASSETS:
CURRENT ASSETS:
Cash and investments
Accounts receivable
Special assessments receivable
Due from other funds
Advances to other funds
Due from other governments
Prepaid items
TOTAL CURRENT ASSETS
PROPERTY AND EQUIPMENT:
Land
Buildings
Mains and lines
Other improvements
Machinery and equipment
Construction in progress
Less accumulated depreciation
NET PROPERTY AND EQUIPMENT
WATER
STORM
( #601, 605, 610)
SEWER WATER
(615, 621, 622)
(#602,606) (#603,607,611)
(624, & 427)
(411 & 414) (613, 614, 616 & 620)
$ 2,135,594 $
2,571,558 $
2,917,986
153,207
201,414
116,405
12,230
96,362
.234,784
0
0
0
0
531,755
0
0
0
0
1,581
36,931
1,175
$ 2,302,611 $
3,438,019 $
3,270,350
$ 137,415 $
0 $
119,500
1,551,195
200,594
106,090
830,217
555,264
11,668,334
13,735,778
35,647,647
0
811,001
286,445
118,506
1,258,538
901,850
1,546,341
(5,508,231)
(17,186,155)
(2,201,115)
$ 12,815,912 $
20,405,645 $
11,357,656
TOTAL ASSETS $ 15,118,523 $ 23,843,665 $ 14,628,006
EXHIBIT E -1
(Continued)
ARENA
( #650)
TOTAL
1999
$ 80,790 $
0
0
0
22,675
960
1998
7,705,928 $ 6,347,696
471,025
460,129
343,376
228,428
0
50,434
531,755
0
22,675
0
40,647
71,703
$ 104,425 $
9,115,406 $ 7,158,390
$ 0 $ 256,915 $ 256,915
2,360,000 4,217,879 6,739,846
0 13,053,815 11,192,674
0 49,383,425 47,829,635
7,811 1,223,762 1,211,756
0 3,706,729 5,034,061
(273,089) (25,168,589) (24,325,807)
$ 2,094,722 $ 46,673,935 $ 47,939,080
$ 2,199,147 $ 55,789,341 $ 55,097,470
81
CITY OF ROSEMOUNT, MINNESOTA
COMBINING BALANCE SHEET
ENTERPRISE FUNDS
DECEMBER 31. 1999
LIABILITIES AND FUND EQUITY:
CURRENT LIABILITIES:
Current maturities of long -term debt
Accounts payable
Compensated absences payable
Accrued expenses
Accrued interest
Contracts payable
Advances from other funds
TOTAL CURRENT LIABILITIES
LONG -TERM LIABILITIES:
Revenue bonds payable, (net of current
maturities and unamortized discounts)
Deferred revenue
TOTAL LONG -TERM LIABILITIES
TOTAL LIABILITIES
FUND EQUITY:
Contributed capital
Retained earnings (deficit):
Reserved for capital improvements
and debt service
Unreserved
Total retained earnings (deficit)
TOTAL FUND EQUITY
WATER
957,040
STORM
( #601, 605, 610)
SEWER
WATER
(615, 621, 622)
(#602,606)
( #603, 607, 611)
(624 & 427)
(411 & 414)
(613, 614, 616 & 620)
$
968,148
$
$ 170,000 $
0
$ 180,000
46,819
4,202
1,176
10,430
10,430
8,285
3,599
2,778
2,249
22,151
0
60,097
0
0
13,968
120,853
120,854
0
$ 373,853 $
138,264
$ 265,775
$
957,040
$
0
$
2,877,875
11,108
94,821
183,488
$
968,148
$
94,821
$
3,061,363
$
1,342,001
$
233,084
$
3,327,137
$
9,714,521
$
19,394,518
$
9,102,692
$
1,130,000
$
531,755
$
3,080,000
2,932,002
3,684,308
(881,824)
$
4,062,002
$
4,216,062
$
2,198,177
$
13,776,523
$
23,610,580
$
11,300,869
TOTAL LIABILITIES AND FUND EQUITY $ 15,118,523 $ 23,843,665 $ 14,628,006
82
EXHIBIT E -1
(Concluded)
TOTAL
ARENA
( #650) 1999 1998
$ 0 $ 350,000 $ 365,000
4,789 56,986 11,562
4,516 33,660 36,765
2,577 11,203 10,655
0 82,248 77,692
0 13,968 2,528
0 241,708 0
$ 11,883 $ 789,773 $ 504,202
$ 0 $ 3,834,914 $ 5,587,726
0 289,418 224,658
$ 0 $ 4,124,332 $ 5,812,384
$ 11,883 $ 4,914,105 $ 6,316,586
$ 2,088,600 $ 40,300,331 $ 40,616,433
$ 0 $ 4,741,755 $ 5,970,000
98,664 5,833,150 2,194,451
$ 98,664 $ 10,574,905 $ 8,164,451
$ 2,187,264 $ 50,875,236 $ 48,780,884
$ 2,199,147 $ 55,789,341 $ 55,097,470
83
CITY OF ROSEMOUNT MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS
ENTERPRISE FUNDS
YEAR ENDED DECEMBER 31. 1999
OPERATING REVENUE:
Service charges
Water meter maintenance
Water meters
Miscellaneous
TOTAL OPERATING REVENUE
OPERATING EXPENSES:
Personnel services
Supplies
Professional services and other charges
Other services and charges
Metro sewer charges
TOTAL OPERATING EXPENSES
OPERATING INCOME BEFORE DEPRECIATION
DEPRECIATION
OPERATING INCOME (LOSS)
NON - OPERATING REVENUE (EXPENSES):
Connection fees
Property taxes
Special assessments
Interest earnings
Net increase (decrease) in the fair value of investment
Gain (Loss) from disposal of fixed assets
Surcharges and penalties
Other expenses
Interest expense and fiscal agent fees
TOTAL
INCOME BEFORE OPERATING TRANSFERS
OPERATING TRANSFERS:
Operating transfers in
Operating transfers out
TOTAL OPERATING TRANSFERS
NET INCOME (LOSS)
ADD DEPRECIATION ON CONTRIBUTED ASSETS
INCREASE (DECREASE) IN RETAINED EARNINGS
BEGINNING RETAINED EARNINGS
Prior period adjustments
BEGINNING RETAINED EARNINGS, as restated
ENDING RETAINED EARNINGS
84
STORM
WATER
WATER
( #601,
605, 610, 615)
SEWER
(#603,607,611)
(621, 622, 624 & 427)
( #602, 606, 411 & 414)
(613, 614, 616 & 620)
$
0
$
826,324
$
509,209
18,300
0
0
687,018
0
0
4,858
12,583
0
$
710,176
$
838,907
$
509,209
$
188,822
$
176,142
$
145,073
157,159
12,239
2,505
63,651
28,319
26,237
63,940
11,825
600
0
398,145
0
$
473,572
$
626,669
$
174,415
$
236,604
$
212,238
$
334,794
(307,677)
(584,626)
(196,554)
$
(71,073)
$
(372,388)
$
138,240
$
494,090
$
543,125
$
342,171
0
0
0
13,074
18,297
158,302
98,235
149,400
93,395
(41,308)
(52,271)
(27,585)
0
0
0
99,199
6,704
4,317
(636)
(1,000)
(1,000)
(60,814)
(6,231)
(130,758)
$
601,841
$
658,023
$
438,842
$
530,768
$
285,635
$
577,081
$
12,241
$
7,930
$
947,003
(74,451)
(80,701)
(937,388)
$
(62,210)
$
(72,771)
$
9,615
$
468,558
$
212,865
$
586,696
211,320
548,425
156,339
$
679,878
$
761,290
$
743,035
$
3,382,124
$
3,454,772
$
1,459,810
0
0
(4,668)
$
3,382,124
$
3,454,772
$
1,455,142
$
4,062,002
$
4,216,062
$
2,198,177
84
rl
u
fl
EXHIBIT E -2
TOTAL
ARENA
( #650) 1999 1998
$
0
$
1,335,533
$
1,253,453
0
18,300
6,800
0
687,018
571,707
273,073
290,514
286,547
$
273,073
$
2,331,365
$
2,118,506
$
95,159
$
605,196
$
619,499
10,543
182,446
102,558
64,799
183,006
211,113
8,995
85,359
107,216
0
398,145
443,675
$
179,496
$
1,454,152
$
1,484,062
$
93,577
$
877,213
$
634,444
(47,600)
(1,136,457)
(1,142,314)
$
45,977
$
(259,244)
$
(507,870)
$
0
$
1,379,386
$
949,230
114,900
114,900
109,200
0
189,673
84,946
109
341,138
315,579
0
(121,164)
16,409
0
0
10,713
0
110,220
104,803
0
(2,636)
(3,000)
0
(197,803)
(336,901)
$
115,009
$
1,813,715
$
1,250,978
$
160,986
$
1,554,471
$
743,108
$
0
$
967,174
$
871,573
(183,428)
(1,275,967)
(588,053)
$
(183,428)
$
(308,793)
$
283,520
$
(22,441)
$
1,245,678
$
1,026,628
57,642
973,726
938,108
$
35,201
$
2,219,404
$
1,964,736
$
(132,255)
$
8,164,451
$
6,205,577
195,718
191,050
(5,863)
$
63,463
$
8,355,501
$
6,199,714
$
98,664
$
10,574,905
$
8,164,451
85
1
CITY OF ROSEMOUNT, MINNESOTA
COMBINING STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS
YEAR ENDED DECEMBER 31, 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Operating income (loss)
Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities:
Depreciation
Gain (Loss) from disposal of fixed assets
Non - operating revenue (net of non - operating expenses)
Prior period adjustments
Change in assets and liabilities:
(Increase) decrease in accounts receivable
(Increase) decrease in special assessments receivable
(Increase) decrease in prepaid items
(Increase) decrease due to other funds
(Increase) decrease in advances to other funds
(Increase) decrease in due from other governments
Increase (decrease) in accounts payable
Increase (decrease) in compensated absences payable
Increase (decrease) in accrued expenses
Increase (decrease) in accrued interest
Increase (decrease) in contracts payable
Increase (decrease) advances from other funds
Increase (decrease) in deferred revenue
Net Cash Provided (Used) by Operating Activities
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Operating transfers from other funds
Operating transfers to other funds
Net Cash Provided (Used) by Noncapital
Financing Activities
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Acquisition of property and equipment
Proceeds from issuance of bonds
Principal paid on bonds
Interest and fiscal charges on bonds
Net Cash Provided (Used) by Capital
and Related Financing Activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received on investments
Net increase (decrease) in the fair value of investments
Net Cash Provided (Used) By Investing Activities
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 governmental funds
WATER
( #601, 605, 610,)
(615, 621, 622) SEWER
(624 & 427) ( #602, 606, 411 & 414)
$ (71,073) $ (372,388)
STORM
WATER
(#603,607,611)
(613, 614, 616 & 620)
$ 138,240
:•
307,677
584,626
196,554
605,727
567,126
503,790
-
-
(4,668)
(9,128)
(7,702)
(420)
(913)
(79,711)
(34,323)
11,834
9,444
4,360
(531,755)
41,974
2,912
355
(1,601)
(1,601)
(1,899)
267
177
(8,273)
(2,073)
-
7,315
-
(2,528)
13,968
120,853
120,854
-
640
79,353
(15,234)
$
1,004,184
$
368,807
$
799,765
$
12,241
$
7,930
$
947,003
(74,451)
(80,701)
(937,388)
$
(62,210)
$
(72,771)
$
9,615
$
(539,681)
$
(273,746)
$
(486,607)
855,000
(160,000)
(170,000)
(60,814)
(6,231)
(130,758)
$
(760,495)
$
(279,977)
$
67,635
$
98,235
$
149,400
$
93,395
(41,308)
(52,271)
(27,585)
$
56,927
$
97,129
$
65,810
$
238,406
$
113,188
$
942,825
1,897,188
2,458,370
1,975,161
$
2,135,594
$
2,571,558
$
2,917,986
$
332,206
$
320,038
$
468,015
:•
EXHIBIT E -3
TOTALS
ARENA
( #650) 1999 1998
$ 45,977 $ (259,244) $ (507,870)
47,600 1,136,457 1,142,314
- - 10,713
114,900 1,791,543 1,245,179
- (4,668) (5,863)
6,354 (10,896) (57,544)
- (114,947) (104,052)
5,419 31,057 (27,754)
50,434 50,434 (50,434)
- (531,755)
(22,675) (22,675)
184 45,425 (8,111)
1,997 (3,104) (4,979)
(121) (7,950) 2,877
- 5,242 (5,605)
11,440 (471)
241,707 -
64,759 100,394
$ 250,069 $ 2,422,825 $ 1,728,794
$ - $ 967,174 $ 871,573
(183,428) (1,275,968) (588,053)
$ (183,428) $ (308,794) $ 283,520
$ (2,937) $ (1,302,971) $ (690,584)
855,000
(330,000) (350,000)
(197,803) (335,380)
$ (2,937) $ (975,774) $ (1,375,964)
$ 109 $ 341,139 $ 315,579
(121,164) 16,409
$ 109 $ 219,975 $ 331,988
$ 63,813 $ 1,358,232 $ 968,338
16,977 6,347,696 5,379,358
$ 80,790 $ 7,705,928 $ 6,347,696
$ $ 1,120,259 $ 4,104,163
87
THIS PAGE INTENTIONALLY LEFT BLANK
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SaNn=l 301AN3S IVNN31N1
CITY OF ROSEMOUNT, MINNESOTA
COMPARATIVE BALANCE SHEET
INTERNAL SERVICE FUND
DECEMBER 31, 1999
EXHIBIT F -1
INSURANCE FUND
1999
1998
ASSETS
Cash and investments
$
512,006
$
307,392
Accounts receivable
0
28,429
Prepaid expenses
25,176
131,060
TOTAL ASSETS
$
537,182
$
466,882
LIABILITIES AND FUND EQUITY
LIABILITIES:
Accounts payable
$
14,355
$
0
FUND EQUITY:
Retained earnings
522,827
466,882
TOTAL LIABILITIES AND FUND EQUITY
$
537,182
$
466,882
:•
CITY OF ROSEMOUNT MINNESOTA EXHIBIT F -2
COMPARATIVE STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS
INTERNAL SERVICE FUND
YEAR ENDED DECEMBER 31, 1999
INSURANCE FUND
OPERATING REVENUE:
Other
TOTAL OPERATING REVENUE
OPERATING EXPENSES:
Supplies
Other professional services
Insurance
TOTAL OPERATING EXPENSES
OPERATING INCOME (LOSS)
NON - OPERATING REVENUE (EXPENSES):
Property taxes
Interest earnings
Net increase (decrease) in the fair value of investments
TOTAL
NET INCOME
BEGINNING RETAINED EARNINGS
ENDING RETAINED EARNINGS
$ 55,944 $ 50,369
466,882 416,513
$ 522,827 $ 466,882
.M
1999
1998
$
36,200
$
34,585
$
36,200
$
34,585
$
9,308
$
19,373
18,431
23,973
143,590
146,453
$
171,329
$
189,799
$
(135,129)
$
(155,214)
$
180,000
$
187,000
21,387
17,300
(10,313)
1,284
$
191,074
$
205 ,584
$ 55,944 $ 50,369
466,882 416,513
$ 522,827 $ 466,882
.M
CITY OF ROSEMOUNT. MINNESOTA EXHIBIT F -3
STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUND
YEAR ENDED DECEMBER 31, 1999
TOTAL
1999 1998
CASH FLOWS FROM OPERATING ACTIVITIES:
Operating income (loss)
Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities:
Non - operating revenue (net of non - operating expenses)
Prior period adjustment
Change in assets and liabilities:
(Increase) decrease in accounts receivable
(Increase) decrease in prepaid items
Increase (decrease) in accounts payable
Net Cash Provided (Used) by Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received on investments
Net increase (decrease) in the fair value of investments
Net Cash Provided (Used) By Investing Activities
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, January 1
CASH AND CASH EQUIVALENTS, December 31
91
$ (135,129) $ (155,214)
180,000 187,000
0 0
28,429
(28,429)
105,884
(99,379)
14,356
(9,172)
$
193,540
$
(105,194)
$
21,387
$
17,300
(10,313)
1,284
$
11,074
$
18,584
$
204,614
$
(86,610)
307,392
394,002
$
512,006
$
307,392
THIS PAGE INTENTIONALLY LEFT BLANK
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CITY OF ROSEMOUNT, MINNESOTA
COMBINING BALANCE SHEET
AGENCYFUNDS
DECEMBER 31. 1999
EXHIBIT G -1
MEALS ON
WHEELS RESILIENCY TOTAL
ASSETS ( #801) ( #802) 1999 1998
Cash $ 10,014 $ 17,874 $ 27,888 $ 33,845
TOTAL ASSETS $ 10,014 $ 17,874 $ 27,888 $ 33,845
LIABILITIES
Due to agencies
TOTAL LIABILITIES
$
10,014
$
17,874
$
27,888
$
33,845
$
10,014
$
17,874
$
27,888
$
33,845
CITY OF ROSEMOUNT MINNESOTA
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCYFUNDS
YEAR ENDED DECEMBER 31. 1999
EXHIBIT G -2
94
BALANCE
BALANCE
JANUARY 1,
DECEMBER 31,
1999
ADDITIONS
DELETIONS
1999
MEALS ON WHEELS ( #801)
ASSETS
Cash
$
5,535
$
33,002
$
28,523
$
10,014
TOTAL ASSETS
$
5,535
$
33,002
$
28,523
$
10,014
LIABILITIES
Due to agencies
$
5,535
$
33,002
$
28,523
$
10,014
TOTAL LIABILITIES
$
5,535
$
33,002
$
28,523
$
10,014
RESILIENCY ( #802)
ASSETS
Cash
$
28,310
$
0
$
10,435
$
17,875
TOTAL ASSETS
$
28,310
$
0
$
10,435
$
17,875
LIABILITIES
Due to agencies
$
28,310
$
0
$
10,435
$
17,875
TOTAL LIABILITIES
$
28,310
$
0
$
10,435
$
17,875
TOTAL AGENCY FUNDS
ASSETS
Cash
$
33,845
$
33,002
$
38,959
$
27,888
TOTAL ASSETS
$
33,845
$
33,002
$
38,959
$
27,888
LIABILITIES
Due to agencies
$
33,845
$
33,002
$
38,958
$
27,888
TOTAL LIABILITIES
$
33,845
$
33,002
$
38,958
$
27,888
94
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CITY OF ROSEMOUNT, MINNESOTA
COMBINING BALANCE SHEET
COMPONENT UNIT — PORT AUTHORITY
DECEMBER 31, 1999
ASSETS AND OTHER DEBITS
ASSETS:
Cash and investments
Investment with fiscal agent
Accounts receivable
Property taxes receivable
Special assessments receivable
Prepaid items
Notes receivable
Fixed assets
OTHER DEBITS:
Amount available in debt service funds
Amount to be provided for debt retirement
TOTAL ASSETS AND OTHER DEBITS
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable
Deposits payable
Deferred revenue
Bonds payable
TOTAL LIABILITIES
EQUITY AND OT14ER CREDITS
Investment in general fixed assets
Fund balance:
Reserved for special projects
Reserved for debt service
Unreserved
TOTAL EQUITY AND OTHER CREDITS
TOTAL LIABILITIES AND
FUND BALANCES
SPECIAL REVENUE
FUNDS
_ DEBT
SERVICE
PORT
G.O. MUNICIPAL
TAX
AUTHORITY
BUILDING (ARMORY)
INCREMENT
( #201, 241, 242,)
1992E
1988A
(243 & 244)
( #381)
( #382)
$ 536,064 $ 102,557 $ 0
0 0 0
0 0 0
1,846 0 0
0 0 0
236 0 0
1,338,269 0 0
0 0 0
0 0 0
0 0 0
$ 1,876,416 $ 102,557 $ 0
$
5,372
$
0
$ 0
4,172
0
0
1,338,269
0
0
0
0
0
$
1,347,813
$
0
$ 0
$
0
$
0
$ 0
236
0
0
0
102,557
0
528,366
0
0
$
528,602
$
102,557
$ 0
$
1,876,416
$
102,557
$ 0
46.
EXHIBIT H -1
FUNDS
G.O. PORT PORT AUTHORITY
AUTHORITY REFUNDING ACCOUNT GROUPS
1993E & 1994A 1998A GENERAL FIXED LONG -TERM
( #383) ( #384) ASSETS DEBT
TOTAL
1999 1998
$ 961,910 $
0 $
0 $
0 $
1,600,531 $
1,338,854
4,172
2,335,150
0
0
2,335,150
2,335,545
409
0
0
0
409
0
0
0
0
0
1,846
10,689
102,453
0
0
0
102,453
126,459
0
0
0
0
236
4,573
0
0
0
0
1,338,269
1,413,432
0
0
283,151
0
283,151
284,615
0
0
0
3,400,026
3,400,026
3,444,084
0
0
0
3,499,974
3,499,974
1,625,916
$ 1,064,771 $
2,335,150 $
283,151 $
6,900,000 $
12,562,045 $
10,584,167
$ 0 $
0
102,453
0 _
$ 102,453 $
$
0 $
0
962,318
0
0 $
0
0
0 _
0 $
0 $
0 $
5,372 $
667
0
0
4,172
5,215
0
0
1,440,722
1,528,691
0
6,900,000
6,900,000
5,070,000
0 $
6,900,000 $
8,350,266 $
6,604,573
0 $
0
2,335,150
0
962,318 $
2,335,150 $
0 $ 4,211,779 $ 3,979,593
$ 1,064,771 $ 2,335,150 $ 283,151 $ 6,900,000 $ 12,562,045 $ 10,584,167
97
283,151 $
0
0
0
0 $ 283,151 $ 284,615
0 236 4,573
0 3,400,026 3,444,084
0 528,366 246,322
283,151 $
CITY OF ROSEMOUNT, MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
COMPONENT UNIT - PORT AUTHORITY
YEAR EN DED DECEMBER 31, 1999
REVENUE:
General property taxes
Tax increments
Interest earnings
Principal on notes
Donations and other
Sale of general fixed assets
Net increase (decrease) in the fair value of investments
TOTAL REVENUE
EXPENDITURES:
Salaries and wages
Engineering
Legal fees
Other professional services
Insurance
Other
Capital outlay
Bond principal
Interest on bonds
Fiscal agent fees
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Proceeds from Sale of Bonds
Operating transfers in
Operating transfers out
TOTAL
EXCESS ( DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES
BEGINNING FUND BALANCES
ENDING FUND BALANCES
SPECIAL REVENUE DEBT SERVICE
FUNDS G.O. MUNICIPAL TAX
PORT BUILDING (ARMORY) INCREMENT
AUTHORITY 1992E 1988A
( 4201, 241, 242,243 & 244) ( #381) ( #382)
$ 0 $ 56,454 $ 0
449,519 0 0
28,465 3,368 798
77,241 0 0
2,811 0 0
0 0 0
0 0 0
$ 558,036 $ 59,822 $ 798
$ 2,991 $
0 $
0
22,659
0
0
11,822
0
0
13,466
0
0
4,962
0
0
23,595
0
0
71,712
0
0
0
180,000
160,000
0
173,238
7,680
0
537
270
$ 151,207 $
353,774 $
167,950
$ 406,829 $
(293,953) $
(167,152)
$ 0 $
1,297
(130,419) _
$ (129,122) $
0 $ 0
179,928 0
0 (1,297)
179,928 $ (1,297)
$ 277,707 $ (114,025) $ (168,449)
250,895 216,582 168,449
$ 528,602 $ 102,557 $ 0
1
1
1
1
1
1
FUNDS
0
$
G.O. PORT
PORT AUTHORITY
2,991
AUTHORITY
REFUNDING
1993E & 1994A
1998A
TOTAL
( #383)
( #384)
1999
$ 235,973
$ 0 $
292,427 $
0
0
449,519
56,075
115,217
203,923
0
0
77,241
0
0
2,811
50,000
0
50,000
(9,938)
0
(9,938)
$ 332,110
$ 115,217 $
_
1,065,982 $
$
0
$
0
$
2,991
$
1,899
0
0
22,659
1,667
0
0
11,822
3,739
0
0
13,466
12,081
0
0
4,962
6,832
0
0
23,595
55,205
0
0
71,712
39,383
115,000
0
455,000
395,000
107,724
115,613
404,254
209,589
994
0
1,801
1,826
$
223,718
$
115,613
$
1,012,261
$
727,220
$
108,392
$
(395)
$
53,721
$
249,473
$
0
$
0
$
0
$
2,374,024
130,419
0
311,644
444,698
0
0
(131,716)
(444,698)
$
130,419
$
0
$
179,928
$
2,374,024
$
238,811
$
(395)
$
233,649
$
2,623,497
723,507
2,335,545
3,694,978
1,071,481
$
962,318
$
2,335,150
$
3,928,628
$
3,694,978
..
EXHIBIT H -2
1998
291,302
506,901
117,899
58,092
2,500
0
0
976,693
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CITY OF ROSEMOUNT, MINNESOTA
SCHEDULE OF GENERAL FIXED ASSETS BY FINANCING SOURCE
DECEMBER 31. 1999
GENERAL FIXED ASSETS:
Land
Buildings
Machinery & Equipment
Licensed Vehicles
INVESTMENT IN GENERAL FIXED ASSETS:
General Fund and Capital Project Fund sources
101
EXHIBIT 1 -1
$ 2,161,771
7,217,246
3,009,918
1,970,551
$ 14,359,486
$ 14,359,486
)INVIS 1331 AIIVNOIIN31NI 3OVd SIHl
S31nO3HOS IVION`dNLA
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CITY OF ROSEMOUNT MINNESOTA
COMBINED SCHEDULE OF BONDS PAYABLE
DECEMBER 31, 1999
BONDEDINDEBTEDNESS
GENERAL OBLIGATION BONDS
Community Center, 1992C
City Hall Refunding, 1993D '
Fire Station, 1996A
TOTAL GENERAL OBLIGATION BONDS
SPECIAL ASSESSMENT BONDS
Improvement, 1991A
Improvement, 1991B
Improvement, 1992A
Improvement, 1992D
Improvement, 1993A
Improvement Refunding, 1993B'
Improvement, 1994A
Improvement, 1995A
Improvement, 1997A
Improvement, 1997B
Improvement, 1998A
Improvement, 1998B
Improvement, 1998C
Improvement, 1999A
Improvement, 1999B
TOTAL SPECIAL ASSESSMENT BONDS
REVENUE BONDS
Storm Water, 1992B
Water Refunding, 1993C'
Storm Water, 19946
Storm Water, 1996B
Water, 1996C
Storm Water, 1999C
TOTAL REVENUE BONDS
OTHER DEBT
State Aid Street Bonds, 1994C
TOTAL PRIMARY GOVERNMENT
COMPONENT UNIT DEBT
Tax Increment, 1988A
Municipal Building, 1992E
Port Authority, 1993E
Port Authority, 1994A
Municipal Building Refunding, 1998A'
TOTAL COMPONENT UNIT
TOTAL REPORTING ENTITY
'Refunding Bonds
EXHIBIT J -1
Year
Original
Bonds
Coupon Rates
Issued
Amount
Retired
Outstanding
On Bonds
1992
$
1,080,000
$
210,000
$
870,000
5.00% - 6.60%
1993
845,000
455,000
390,000
3.25% - 4.50%
1996
1,780,000
205,000
1,575,000
4.10% - 6.00%
$
3,705,000
$
870,000
$
2,835,000
1991
$
1,180,000
$
835,000
$
345,000
5.00 % -6.30%
1991
265,000
165,000
100,000
4.40% - 5.90%
1992
895,000
575,000
320,000
3.35% - 5.40%
1992
1,470,000
745,000
725,000
3.75% - 6.10%
1993
555,000
255,000
300,000
3.00% - 5.00%
1993
1,415,000
1,115,000
300,000
3.25% - 4.30%
1994
1,605,000
405,000
1,200,000
4.90 % -5.50%
1995
1,900,000
695,000
1,205,000
3.90 % -5.30%
1997
2,800,000
-
2,800,000
4.20% - 5.00%
1997
1,595,000
1,595,000
4.00 % -4.70%
1998
2,010,000
-
2,010,000
3.90% - 4.70%
1998
2,805,000
-
2,805,000
4.00% - 4.50%
1998
880,000
-
880,000
3.50% - 3.90%
1999
3,715,000
-
3,715,000
4.25% - 4.80%
1999
4,395,000
-
4,395,000
4.15% - 5.05%
$
27,485,000
$
4,790,000
$
22,695,000
1992
$
1,525,000
$
435,000
$
1,090,000
3.35% - 5.75%
1993
945,000
205,000
740,000
3.75% - 5.00%
1994
335,000
135,000
200,000
4.25% - 5.00%
1996
1,035,000
100,000
935,000
4.25% - 5.75%
1996
500,000
110,000
390,000
4.25% - 5.10%
1999
855,000
-
855,000
4.70% - 5.40%
$
5,195,000
$
985,000
$
4,210,000
1994
$
700,000
$
315,000
$
385,000
3.75% - 5.60%
$
37,085,000
$
6,960,000
$
30,125,000
1992
$
1,100,000
$
1,100,000
$
-
8.20 % -9.60%
1992
3
780,000
2,645,000
3.40% - 6.60%
1993
580,000
125,000
455,000
4.25% - 6.40%
1994
1,630,000
235,000
1,395,000
5.20% - 5.88%
1998
2,405,000
-
2,405,000
4.30% - 5.15%
$
9,140,000
$
2,240,000
$
6,900,000
$ 46,225,000
$
9,200,000
$
37,025,000
103
CITY OF ROSEMOUNT, MINNESOTA
COMBINED SCHEDULE OF DEBT SERVICE REQUIREMENTS
DECEMBER 31, 1999
2017
2018
S 2,835,000 $ 1,335,820 $ 22,695,000 $ 4,942,076 $ 385,000 $ 54,301
104
General Bonded
Special Assessment
Other General Bonded
Debt
Debt
Debt
Year
Principal
Interest
Principal
Interest
Principal
Interest
2000
230,000
152,253
1,630,000
975,499
70,000
18,748
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
S 2,835,000 $ 1,335,820 $ 22,695,000 $ 4,942,076 $ 385,000 $ 54,301
104
1
EXHIBIT J -2
1 Revenue Bonded Total Total
105
Debt
Primary
Government
Component Unit
Reporting
Entity
Principal
Interest
Principal
Interest
Principal
Interest
Principal
Interest
350,000
199,265
2,280,000
1,345,764
180,000
384,370
2,460,000
1,730,133
395,000
189,019
2,955,000
1,254,573
200,000
374,267
3,155,000
1,628,840
430,000
169,380
3,715,000
916,464
220,000
362,801
3,935,000
1,279,265
440,000
148,121
3,460,000
940,695
235,000
350,097
3,695,000
1,290,792
465,000
125,383
3,465,000
780,164
380,000
333,472
3,845,000
1,113,636
490,000
100,850
3,215,000
624,265
405,000
312,617
3,620,000
936,882
255,000
81,380
2,590,000
487,749
420,000
290,257
3,010,000
778,006
270,000
67,335
1,910,000
380,228
450,000
266,260
2,360,000
646,488
285,000
52,273
1,785,000
291,014
480,000
240,215
2,265,000
531,228
140,000
40,810
1,645,000
207,433
500,000
212,271
2,145,000
419,703
145,000
33,260
1,080,000
140,103
455,000
184,906
1,535,000
325,009
155,000
25,174
855,000
90,455
490,000
157,893
1,345,000
248,348
165,000
16,451
355,000
57,634
365,000
133,496
720,000
191,129
70,000
10,115
275,000
39,210
380,000
112,283
655,000
151,493
75,000
6,308
195,000
25,588
310,000
92,574
505,000
118,162
80,000
2,160
210,000
14,095
325,000
74,316
535,000
88,411
'
_
-
135,000
4,050
350,000
54,680
485,000
58,730
370,000
33,588
370,000
33,588
-
-
-
-
385,000
11,364
385,000
11,364
'
S 4,210,000 $
$ 7,599,480
$ 11,581,208
1,267,282
S 30,125,000
$ 6,900,000
$ 3,981,728
$ 37,025,000
105
CITY OF ROSEMOUNT, MINNESOTA
SCHEDULE OF ASSESSED VALUATION AND LONG -TERM DEBT
FOR TAX INCREMENT FINANCING DISTRICTS
DECEMBER 31. 1999
Name of District
Type of District
Year Established
Duration of District
Tax Capacity Value:
Tax Cap Base NTC
Current TCV
Captured and retained value
Financing:
Bonds issued
Redeemed
Outstanding at Year End
TIF District No. 1 -1 Rosemount
Redeveloment
District
Economic Development Redevelopment
District
1990 1979
1999 2000
$ - $ 136,799
370,182
$ - $ 233,383
$ - $ 1,100, 000
1,100, 000
106
EXHIBIT J -3
Rosemount Business
Park
Economic Development
District
1996
2007
The Endres Tax
Financing District
Economic Development
District
1999
2007
$ 9,767 $ 8,193
159,701 68,771
_$ 149,934 $ 60,578
$ 2,210,000 $ -
360,000 -
$ 1,850,000 $ -
107
CITY OF ROSEMOUNT, MINNESOTA
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR TAX INCREMENT FINANCING DISTRICTS
DECEMBER 31, 1999
108
District 1 -1 ( #242)
Redevelop. Dist. ( #241. 381, 382 384)
1999 Prior Years Total
1999
Prior Years
Total
Sources of Funds:
Bond proceeds
$ - $ - $ -
$ -
$ 4,347,409
$ 4,347,409
Tax increments
- 162,156 162,156
303,772
4,034,106
4,337,878
Real estate sales
- - -
-
471,762
471,762
Rent/Lease revenue
- - -
94,437
1,010,207
1,104,644
Interest
- - -
126,486
232,609
359,095
Other
- - -
2,811
240,094
242,905
Total
$ - $ 162,156 $162,156
$ 527,506
$10,336,187
$10,863,693
Uses of Funds:
Land, Building acquisition and
site improvement
$ - $ - $ -
$ 56,385
$ 3,526,050
$ 3,582,435
Installation of public utilities
-
-
-
Professional services
- - -
-
-
-
Principal
- 162,156 162,156
290,000
1,577,844
1,867,844
Interest
- - -
10,930
986,282
997,212
Administrative costs
- - -
26,585
783,955
810,540
Other
- - -
54,710
564,141
618,851
Total
$ $ 162,156 $162,156
$ 438,610
$ 7,438,272
$ 7,876,882
Sources Over (Under) Uses
_$ $ - _$ -
88,896
$ 2,897,915
$ 2,986,811
108
EXHIBIT J -4
109
Business Park District #243, 383)
The Endres TIF District ( #244)
1999
Prior Years
Total
1999
Prior Years Total
$ -
$ 2,210,000
$ 2,210,000
$ -
$ - $ -
130,419
128,873
259,292
15,328
= 15,328
'
50,000
88,000
138,000
'
30,966
235,973
87,977
797,537
118,943
1,033,510
_
=
$447,358
$ 3,312,387
$3,759,745
$15,328
$ - $ 15,328
i
$ -
$ 517,109
$ 517,109
$15,328
$ - $ 15,328
'
-
1,303,577
1,303,577
-
_ -
115,000
245,000
360,000
-
- -
'
108,718
510,988
619,706
t $
223,718
$15,328
$ - $ 15,328
$ 2,576,674
$ 2,800,392
$ 223,640
$ 735,713
$ 959,353_
109
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N01103S IVOIISIIVIS
TABLE 1
CITY OF ROSEMOUNT, MINNESOTA
GENERAL FUND EXPENDITURES AND OTHER FINANCING USES BY FUNCTION
YEARS 1990 THROUGH 1999
(UNAUDITED)
Year
General
Government
Public
Safety
1990
$ 1,023,595
$ 747,258 $
1991
991,618
834,541
1992
1,074,792
888,017
1993
1,116,552
955,414
1994
1,090,407
1,086,553
1995
1,074,859
1,211,425
1996
1,041,383
1,292,439
1997
1,000,732
1,395,627
1998
1,227,524
1,442,652
1999
1,132,329
1,496,445
Public
Works
589,361 $
565,071
749,368
926,325
1,045,093
1,236,215
1,495,630
1,406,359
1,450,156
1,638,280
Park and
Recreation
416,088 $
509,504
530,196
581,000
550,954
628,270
549,173
572,489
601,450
628,144
111
Transfers
29,508 $
39,389
13,105
444,669
208,399
117,950
130,400
Total
2,805,810
2,900,734
3,281,762
3,592,396
4,217,676
4,359,168
4,496,575
4,505,607
4,721,782
4,895,198
CITY OF ROSEMOUNT, MINNESOTA
GENERAL FUND REVENUES AND OTHER FINANCING SOURCES BY SOURCE
YEARS 1990 THROUGH 1999
(UNAUDITED)
Year
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Licenses
and Inter-
Charges Fines
for and Recreational
TABLE 2
Taxes
Permits C
$ 51,841 $
$ 819,364
$ 210,840 $
1,026,792
193,178
1,342,415
342,742
1,448,171
282,116
1,878,109
302,859
2,305,352
262,946
2,476,676
239,129
2,468,582
259,012
2,693,105
363,238
2,626,865
623,463
1,003,672
$ 88,592
$ 51,841 $
842,806
125,887
47,377
956,055
277,856
44,927
1,023,970
412,679
60,960
1,079,660
372,318
100,074
1,097,460
401,211
139,680
1,119,492
314,049
111,929
1,240,069
480,657
113,972
1,274,373
351,650
72,084
1,318,131
486,379
91,441
72,195
$ 147,493
$ 30,964
$ 2,424,961
63,877
130,967
562,116
2,993,000
68,189
214,165
140,230
3,386,579
79,688
161,769
71,734
3,541,087
37,298
251,596
287,495
4,309,409
177,076
149,585
3,500
4,536,810
173,794
151,230
3,500
4,589,799
196,002
99,687
3,500
4,861,481
201,352
156,216
3,500
5,115,518
207,578
117,798
3,500
5,475,155
112
M M IM = = == M= M == M= M
CITY OF ROSEMOUNT, MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS
YEARS 1990 THROUGH 1999
(UNAUDITED)
TABLE 3
(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.
113
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
1990
$ 2,063,786
$ 1,953,894
94.68%
$ 78,522
$ 2,032,416
98.48%
$ 31,370
1.52%
1991
2,498,285
2,415,448
96.68%
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%
(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.
113
CITY OF ROSEMOUNT, MINNESOTA
TABLE 4
ASSESSED VALUE (OR TAX CAPACITY) AND ESTIMATED MARKET VALUE OF ALL TAXABLE PROPERTY
YEARS 1990 THROUGH 1999
(UNAUDITED)
(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.
114
Total
Tax
Capacity
Real Property
Personal Property
Total
as % of
Estimated
Estimated
Estimated
Estimated
Net Tax
Market
Net Tax
Market
Net Tax
Market
Market
Year
Capacity (1)
Value
Capacity (1)
Value
Capacity (1)
Value
Value
1990
$ 7,355,546
$305,437,800
$ 595,414
n/a
$ 7,950,960 $
305,437,800
2.60%
1991
7,557,047
335,880,800
656,315
14,510,200
8,213,362
350,391,000
2.34%
1992
7,779,068
362,766,400
688,526
15,278,800
8,467,594
378,045,200
2.24%
1993
8,396,622
403,146,500
713,886
16,201,100
9,110,508
419,347,600
2.17%
1994
9,353,601
447,655,900
684,047
15,575,800
10,037,648
463,231,700
2.17%
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%
(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.
114
u
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CITY OF ROSEMOUNT, MINNESOTA
,
PROPERTY TAX RATES - ALL DIRECT AND OVERLAPPING GOVERNMENTAL UNITS
YEARS 1990 THROUGH 1999
(UNAUDITED)
'
ISD 196 ISD 199
'
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 No. 200
'
(3)
1990 22.001 n/a 40.793 n/a 55.255 n/a 41.669
'
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
(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
S
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
'
116
,
ISD 200
Totals
Market
School
School
Referendum
Dakota
Special
District
District
Rates (3)
County
Districts (1)
No. 196
No. 199
n/a
21.061
4.844
88.699
103.161
n/a
22.542
3.477
102.283
117.219
n/a
25.536
5.060
115.501
127.423
n/a
26.558
3.703
120.259
132.468
n/a
27.474
4.964
125.668
122.974
n/a
27.994
4.702
130.822
129.321
n/a
26.626
5.108
128.619
115.418
n/a
25.721
4.995
124.532
121.986
0.10070
27.349
5.797
132.036
127.289
0.00618
28.322
6.702
133.045
132.344
117
TABLE 5
School
District
No. 200
89.575
105.598
111.251
131.462
125.139
133.464
126.464
121.853
120.597
145.922
CITY OF ROSEMOUNT, MINNESOTA
SCHEDULE OF THE TEN LARGEST TAXPAYERS
DECEMBER 31, 1999
(UNAUDITED)
$ 3,576,572
Total City Tax Capacity $ 12,577,186
118
Table 6 i
Percentage '
of Total
Tax ' Capacity
13.10% '
6.00% ,
3.71%
1.11% '
0.92%
0,81%
0.74% '
0.73% ,
0.66% '
0.64% '
28.44% '
Taxpayer
Type of Business
Tax
Capacity
1.
Great Northern Oil Co.
Oil Refinery
$ 1,647,928
2.
Koch Refining Co.
Oil Refinery
754,498
3.
Northern States Power Co.
Utility
467,092
4.
Bigos - Rosemount LLC
Manufacturing
140,192
(Cannon Equipment)
5.
CF Industries, Inc. (Cenex)
Fertilizer
116,295
6.
Triangle Warehouse Inc. (Wintz)
Trucking/Warehouse
102,044
7.
Continental Nitrogen & Resources
Fertilizer
93,102
(CNR)
8.
Limerick Way LLC
Townhouses
91,202
9.
Rosemount Properties LLC
Retail
83,541
(Rosemount Market Square)
10.
Greif Brothers Cooperage
Manufacturing
80,678
$ 3,576,572
Total City Tax Capacity $ 12,577,186
118
Table 6 i
Percentage '
of Total
Tax ' Capacity
13.10% '
6.00% ,
3.71%
1.11% '
0.92%
0,81%
0.74% '
0.73% ,
0.66% '
0.64% '
28.44% '
I
CITY OF ROSEMOUNT, MINNESOTA
' SPECIAL ASSESSMENTS RECEIVABLE AND COLLECTIONS
' YEARS 1990 THROUGH 1999
(U
Table 7
'
Total Assessments
Uncollected
Beginning
Additional
'
Year
of Year
Assessments
'
1990
$ 1,375,869
$ 1,418,984
1991
1,753,830
1,008,075
1992
1993
1,877,031
1,025,444
584,247
1,253,706
1994
1,091,498
1,066,749
1995
1,121,455
1,485,789
'
1996
1,588,061
881,589
1997
1,096,027
1,031,533
'
1998
1,098,523
5,131,889
1999
3,616,355
5,659,779
(1) Includes prepayments and foreclosures
119
Collections (1)
Total Assessments
Uncollected
End
of Year
E1
1,041,023
884,874
1,435,834
1,187,652
1,036,792
1,019,183
1,373,623
1,029,037
2,614,057
3,679,095
$ 1,753,830
1,877,031
1,025,444
1,091,498
1,121,455
1,588,061
1,096,027
1,098,523
3,616,355
5,597,039
CITY OF ROSEMOUNT, MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN
DECEMBER 31, 1999
(UNAUDITED)
TABLE 8
Estimated Market Value
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
$ 37,025,000
$ 22,695,000
4,210,000
6,900,000
385,000
465,395
34,655,395
$ 729,501,200
$ 14,590,024
$ 12,220,419
2,369,605
120
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF ROSEMOUNT, MINNESOTA
RATIO OF NET BONDED DEBT TO ASSESSED VALUE (OR TAX CAPACITY) AND
MARKET VALUE AND NET BONDED DEBT PER CAPITA '
YEARS 1990 THROUGH 1999
(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
122
Less Debt
Gross
Less Debt
Payable
Net
Tax
Market
Bonded
Service
from Other
Bonded
Year
Population (1)
Capacity (2) (3)
Value (3)
D ebt (4)
Funds (5)
Sources (6)
Debt
t
1990
8,622
$ 7,950,960
$305,437,800
$13,875,000
$ 258,042
$ 12,600,000
$ 1,016,958
1991
9,129
8,213,362
350,391,000
13,910,000
130,065
12,565,000
1,214,935
1992
9,750
8,467,594
378,045,200
20,850,000
129,829
18,550,000
2,170,171
1993
10,478
9,110,508
419,347,600
23,670,000
1,013,577
20,640,000
2,016,423
1994
11,086
10,037,648
463,231,700
24,870,000
1,042,216
21,980,000
1,847,784
'
1995
11,721
11,246,371
522,318,700
22,725,000
253,229
20,810,000
1,661,771
1996
12,272
12,113,851
568,608,100
22,710,000
424,251
19,205,000
3,080,749
1997
12,800
11,785,721
618,806,600
24,295,000
398,482
21,030,000
2,866,518
1998
13,700
11,419,083
657,779,100
30,130,000
431,469
27,075,000
2,623,531
1999
14,500
12,577,186
729,501,200
37,025,000
465,395
34,190,000
2,369,605
(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
122
TABLE 9
Net
Bonded Debt
as a
Percent of
Tax Market
Net Bonded
Debt
Per Capita
12.79%
0.33% $
118
14.79
0.35%
133
25.63%
0.57%
223
22.13%
0.48%
192
18.41%
0.40%
167
14.78%
0.32%
142
25.43%
0.54%
251
24.32%
0.46%
224
22.97%
0.40%
191
18.84%
0.32%
163
123
CITY OR ROSEMOUNT, MINNESOTA
TABLE 10
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR
GENERAL BONDED DEBT (1) TO TOTAL GENERAL FUND EXPENDITURES
YEARS 1990 THROUGH 1999
(UNAUDITED)
Year
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Principal (1) Interest (1)
85,000 $
140,000
125,000
115,000
140,000
975,000
190,000
240,000
210,000
220,000
84,088 $
78,515
79,975
122,225
164,713
129,938
95,130
188,159
171,170
162,125
(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.
124
Ratio of
Total
Debt Service
Total
General
to
Debt
Fund
General Fund
Service (1)
Expenditures (2)
Expenditures (3)
169,088
$ 2,805,810
6.0%
218,515
2,900,734
7.5%
204,975
3,281,762
6.2%
237,225
3,592,396
6.6%
304,713
4,217,676
7.2%
1,104,938
4,359,168
25.3%
285,130
4,496,577
6.3%
428,159
4,505,607
9.5%
381,170
4,721,782
8.1%
382,125
4,895,198
7.8%
Principal (1) Interest (1)
85,000 $
140,000
125,000
115,000
140,000
975,000
190,000
240,000
210,000
220,000
84,088 $
78,515
79,975
122,225
164,713
129,938
95,130
188,159
171,170
162,125
(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.
124
TABLE 11
CITY OF ROSEMOUNT, MINNESOTA
COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT
GENERAL OBLIGATION BONDS
DECEMBER 31, 1999
(UNAUDITED)
Net General
(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 $21,760,000 of annual appropriation lease revenue debt.
(5) Includes jail facility revenue bonds issued by the Dakota County HRA and payable solely from lease
payments made by the County to the HRA pursuant to a Lease Agreement. The lease payments are
absolute and unconditional and are unlimited tax obligations of the County.
(6) Metropolitan Council also has outstanding $551,620,000 of general obligation sanitary
sewer bonds and loans which are supported by system revenues.
(7) Percent of governmental unit within the City of Rosemount's boundaries calculated
by the city's fiscal consultants, Springsted Inc.
125
Obligation
Percentage
Amount
Bonded Debt
Applicable
Applicable
Governmental Units
Outstanding (2)
to City (7)
to City
Direct Debt:
City of Rosemount
$ 2,369,605
(3)
100.00%
$ 2,369,605
Overlapping Debt (1):
School Districts:
I.S.D. 196 - Rosemount
176,522,776
(4)
8.72%
15,392,786
I.S.D. 199 - Inver Grove Heights
14,360,954
9.18%
1,318,336
I.S.D. 200 - Hastings
46,590,000
0.40%
186,360
Dakota County
47,225,000
(5)
3.88%
1,832,330
Regional:
Metropolitan Council
31,695,000
(6)
0.51%
161,645
Metropolitan Transit District
89,630,000
0.56%
501,928
$ 408,393,335
$ 21,762,989
(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 $21,760,000 of annual appropriation lease revenue debt.
(5) Includes jail facility revenue bonds issued by the Dakota County HRA and payable solely from lease
payments made by the County to the HRA pursuant to a Lease Agreement. The lease payments are
absolute and unconditional and are unlimited tax obligations of the County.
(6) Metropolitan Council also has outstanding $551,620,000 of general obligation sanitary
sewer bonds and loans which are supported by system revenues.
(7) Percent of governmental unit within the City of Rosemount's boundaries calculated
by the city's fiscal consultants, Springsted Inc.
125
'
TABLE 12
CITY OF ROSEMOUNT, MINNESOTA
REVENUE BOND COVERAGE
,
YEARS 1990 THROUGH 1999
(UNAUDITED)
Net Revenue
Debt Service
Available
Requirements
Gross
For Debt
,
Year Revenue Expenses (1)
Service
Principal (2)
Interest
Total
Coverage
'
1990 $ 665,648 $ 661,476
$ 4,172
$ 45,000
$ 133,318
$ 178,318
2.34%
1991 846,612 616,780
229,832
60,000
99,233
159,233
144.34%
1992 1,181,106 714,783
466,323
60,000
108,581
168,581
276.62%
'
1993 1,122,439 795,959
326,480
65,000
233,353
298,353
109.43%
1994 1,300,844 851,537
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%
(1) Figure does not include depreciation expense
,
(2) 1997 includes call payment on 1989A Revenue Bonds.
'
1
126
'
TABLE 13
CITY OF ROSEMOUNT, MINNESOTA
DEMOGRAPHIC STATISTICS
YEARS 1990 THROUGH 1999
(UNAUDITED)
Year
Population (1)
Per Capita
Income (2)
School Unemployment
Enrollment (3) Rate (4)
Median
Age (5)
1990
8,622 $
21,471
4,430
3.7%
30.2
1991
9,129
21,759
4,568
4.2%
30.2
1992
9,750
23,096
4,918
4.1%
30.2
1993
10,478
23,668
5,197
3.8%
30.2
1994
11,086
25,030
5,410
2.9%
30.2
1995
11,721
26,038
5,331
2.5%
30.2
1996
12,272
27,488
5,000
2.6%
30.2
1997
12,763
n/a
4,188
2.0%
30.2
1998
13,146
n/a
4,084
1.8%
30.2
1999
14,500
n/a
5,651
1.9%
30.2
(1) 1990 is a regular decennial census figure. All other years except for 1999 are best available
estimates provided by the Metropolitan Council. 1999 is the City's best estimate.
(2) These figures are provided by the Bureau of Economic Analysis and are for Dakota County.
These figures usually have a 2 to 3 -year lag time so that is why the three 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.
(4) Unemployment rates were compiled by the Minnesota Department of Economic Security,
Regional Labor Market Survey - for Dakota County.
(5) These figures are provided by the Census Bureau and are for Dakota County. Figures are available
only for 1980 and 1990. Figures prior to 1990 will be reflective of the 1980 census and figures from
1990 forward will be reflective of the 1990 census.
n/a - Data not available.
127
TABLE 14
CITY OF ROSEMOUNT, MINNESOTA
PROPERTY VALUE AND CONSTRUCTION
YEARS 1990 THROUGH 1999
(UNAUDITED)
(1) Estimated market value - totals are from Table 4.
128
Commercial /Industrial
Residential
Construction
Construction
Property Value (1)
# of
# of
Year
Commercial
Residential
Agricultural
Total
Permits
Value
Permits Value
1990
$ 89,803,300
$ 194,624,000
$ 21,010,500
$ 305,437,800
29 $
3,791,689
460
$ 17,957,638
1991
107,587,100
221,210,500
21,593,400
350,391,000
28
753,400
479
19,106,838
1992
109,396,800
250,874,500
17,773,900
378,045,200
27
14,359,850
574
26,500,584
1993
117,454,900
284,026,400
17,866,300
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
(1) Estimated market value - totals are from Table 4.
128
t
CITY OF ROSEMOUNT, MINNESOTA
MISCELLANEOUS STATISTICS
DECEMBER 31, 1999
(U NA U DITED)
TABLE 15
Date of Incorporation
1858
Form of Government (Statutory)
Council /City Administrator
Number of Employees:
Regular Full -time
62
Part -time or Temporary
143
Area in Square Miles
36
City of Rosemount Facilities and Services:
Miles of Streets
104.76
Number of Street Lights
822
Culture and Recreation:
Community Centers
1
Parks
20
Park Acreage
220
Tennis Courts
2
Fire Protection:
Number of Stations
2
Number of Fire Personnel and Officers
39
Number of Calls Answered
433
Number of Vehicles
12 and 1 Trailer
Police Protection:
Number of Stations
1
Number of Police Personnel and Officers:
Sworn Officers
15
Other Police Personnel
4
Number of Calls for Service
10,385
Number of Patrol Miles
155,979 (427 Miles per 24 Hours)
Number of Patrol Vehicles:
Marked
5
Unmarked
3
Sewerage System:
Miles of Sanitary Sewers
49.58
Miles of Storm Sewers
32.39
Number of Service Connections
3,836
Water System:
Miles of Water Mains:
Municipal
61.49
Rural
8.38
Number of Service Connections
3,769
Number of Wells:
Municipal
4
Rural
2
Number of Water Towers
2
Number of Fire Hydrants
600
Daily Average Consumption in Gallons
1,224,000
Maximum 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)
129
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