The URL can be used to link to this page

Home My WebLink About3.a. Presentation and Acceptance of 1994 Audited Financal Statements �" BOECKEl4!1VIANNNEINEN& 1��lYER, P.A. C E R T 1 F 1 E D P U B L I C A C C O U N T A N T S August 1, 1995 To the City Council City of Rosemount, Minnesota We ha�e audited the financial statements of the City of Rosemount, Minnesota (the "City") for the year ended December 31, 1994, and have issued our report thereon dated March 14, 1995. Professional standards require that we provide you with the following information related to our audit. Our Responsibility under Generallv Acce�ted Auditin��Standards As stated in our engagement letter dated December 5, 1994, our responsibility, as described by professional standards, is to plan and perform our audit to obtain reasonable, but not absolute, assurance about whether the financial statements are free of material misstatement. Because of the concept of reasonable assurance and because we did not perform a detailed examination of all transacrions, there is a risk that material errors, irregularities, or illegal acts, including fraud and defalcations, may exist and not be detected by us. As part of our audit, we considered the intemal control structure of the City. Such considerations were solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control structure. Si�nificant Accounting Policies Management has the responsibility for selection and use of appropriate accounting policies. In accordance with the terms of our engagement letter, we will advise management about the appropriateness of accounting policies and their application. The significant accounting policies used by the City are described in the Notes to the financial statements. No new accounti�ig policies were adopted and the application of e�sting policies was not changed during 1994. We noted no transactions entered into by the City duri.ng the year that were both significant and unusual, and of which, under professiona� standards, we are required to inform you, or transactions for which there was a lack of authoritative guidance or consensus. MINNEAPOLIS,MN Nonvest Financial Center 7900 Xerxes Avenue South,Suite 2200 Bloomington,MN 55431-t 113 (612)844-2500 Fvc(612)844-2525 To the City Council City of Rosemount, Minnesota August 1, 1995 Page two Accounting Estimates � , Accounting estimates are an integral part of the financial statements pre.}�ared by management and are based on management's current judgments. Certain accounting estunates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from management's current judgements. Management's estimate of the allowance for doubtful accounts recievable is based on a review of outstanding accounts receivable at December 31, 1994. This review included an aging analysis as well as payments received during 1994. We evaluated the key factors and assumptions used to develop the allowance for doubtful accounts in determining that it is reasonable in relation to the financial statements taken as a whole. Si�nificant Audit Adjustments For purposes of this letter, professional standards define a significant audit adjustment as a proposed correction of the financial statements that, in our judgement,may not have been detected except through our auditing procedures. These adjustments may include those proposed by us but not recorded by the City that could potentially cause future financial statements to be materially misstated, even though we have concluded that such adjustments are not material to the current financial statements. We proposed no audit adjustments that could, in our judgment, either individually or in the aggregate, have a significant effect on the City's financial reporting process. Disagreements with Management For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter that could be significant to the financial statements or the auditor's report. We are pleased to report that no such disagreements arose during the course of our audit. J To the City Council City of Rosemount, Minnesota August 1, 1995 Page three Consultation with Other Independent Accountants > To the best of our knowledge, management has not consulted with or obtained�opinions from other independent accountants during the past year that are subject to the requirements of Statement on Auditing Standards No. 50, "Reports on the Application of Accounting Principles.° Issues Discussed Prior to Retention of Inde�endent Auditors We generally discuss a variety of matters, including the application of accounting principles and auditing standards,with management each year prior to retention as the City's auditors. However, these discussions occurred in the normal course of our professional relationslup and our responses were not a condition to our retention. Difficulties Encountered in Performing the Audit We did not encounter any difficulties in dealing with management while performing our audit. This information is intended solely for the use of the City Council, and management of the City of Rosemount, Minnesota, and should not be used for any other purpose. Very truly yours, ��-�.._ d" /�l 1 BOECKERl�ZANN, HEINEN & MAYER, P.A. f. �" CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION CITY COUNCIL MEETING DATE: August 1 , 1995 NDA ITEM: Presentation and Acce t ance of 1994 AGENDA SECTFON: AGE p Audited Financial Statements Department Head Report PREPARED BY: Jeff May, Finance Director AGENDA I�� ATTACHMENTS: 1994 A�dited Financial Statements & APPROVED BY: Resolution / AI Heinen and Dave Collins, of Boeckermann, Heinen & Mayer, wilt be here on Tuesday evening, August 1 st, to review the City of Rosemount's 1994 audited financial statements. AI is the partner in charge of our audit and Dave is the senior accountanf who heads up the audit work. They will give a brief presentation, highlighting items they feel that may be worthy of your attention and also be available to answer any questions that you may have. The motion you have before you formally accepts, by resolution, the financial statements as presented. r RECOMMENDED ACTION: Motion to adopt A RESOLUTION ACCEPTING THE 1994 AUDITED FINANCIAL STATEMENTS. COUNCIL ACTION: � A . . . � . . � .. . . . . a . . . � � � . . .. � . CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 1995 - A RESOLUTION ACCEPTING THE 1994 AUDITED FINANCIAL STA7EMENTS WHEREAS, the City of Rosemount has been presented its 1994 audited financial statements, prepared by the audit firm of Boeckermann, Heinen & Mayer. NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Rosemount, accepts its 1994 audited financial statements, prepared by the audit firm of Boeckermann, Heinen & Mayer. ADOPTED this 1st day of August, 1995. E.B. McMenomy, Mayor ATTEST: Susan M. Walsh, City Clerk Motion by: Seconded by: Voted in favor: Voted Against: , . . � . � . . �. � � . � �..� . . � � . . � . � . � . . � .. . ' . � . . � . . . � � . . ' � � � . � � � � � � I CCJMPF:EHENSIVE ��]NfNUAL FIN��TCLAL F:EPORT � � of the � CITY OF � ROSEM(JUNT, MITTNESC�TA � � for the � Year Ended � December 31, 1994 � � � 1 1 1 ' , CITY OF ROSEMOUNT, MINNESOTA ' , TABLE OF CONTENTS ------------------------------- December 31, 1994 � � PAGE S INTRODUCTORY SECTION Title Page � Table of Contents i-iii City Officials 1 ! FINANCIAL SEC'TION Independent Auditors' Report 3-4 ' General Purpose Financial Statements � Combined Balance Sheet - All Fund Types and Account Groups b-9 � Combined Statement of Revenue, Expenditures and Changes in Fund Balances - All Governmental Fund Types 10-11 � Combined Statement of Revenue, Expenditures and Changes in Fund Balance - Budget and Actual - General and Special Revenue Funds 12-13 1 Combined Statement of Revenue, Expenses and Changes in Retained Earnings - All Proprietary Fund Types 14 , Combined Statement of Cash Flows - All Proprietary Fund Types 15-16 Notes to the Financial Statements 17-44 � Combining and Individual Fund Financial Statements and Schedules � General Fund Comparative Balance Sheets 45 Comparative Statements of Revenue, Expenditures � and Changes in Fund Balance 46 Schedule of Revenue Compared to Budget (GAAP Basis) 47 Schedule of Expenditures Compared to Budget (GAAP Basis) 48-49 , ' i � � ` CTTY OF ROSEMOUNT, MINNESOTA , TABLE OF CONTENTS ------------------------------ December 31, 1994 � � PAGE S Special Revenue Funds Combining Balance Sheet 52-53 � Combining Statement of Revenue, Expenditures and Changes in Fund Balances 54-55 Statement of Revenues, Expenditures and Changes � in Fund Balance - Budget and Actual; Port Authority Fund 56 Statement of Revenues, Expenditures and Changes , in Fund Balance - Budget and Actual; 5-Year CIP Program Fund 57 Debt Service Funds , Combining Balance Sheet 60-63 Combining Statement of Revenue, Expenditures and Changes in Fund Balances 64-67 1 Capital Project Funds Combining Balance Sheet 70-73 � Combining Statement of Revenue, Expenditures and Changes in Fund Balances 74-79 � Enterprise Funds Combining Balance Sheet 82-85 Combining Statement of Revenue, E�enses , and Changes in Retained Earnings 86-87 Combining Statement of Cash Flows 88-91 � Internal Service Funds Comparative Balance Sheets 93 � Comparative Statements of Revenue, Expenditures and Fund Balance 94 , Agency Funds Combining Balance Sheet 95 Statement of Changes in Assets and Liabilities 96 i , ll � � ICITY OF ROSEMOUNT, MIIVNESOTA ' TABLE OF CONTENTS December 31, 1994 �, � , STATISTICAL SECTION PAGE S ' General Governmental Revenue by Source 98-99 , General Governmental Expenditures by Source 100-101 Property Tax Levies and Collections 102-103 � Pro e Tax Rate - Direct and Overla in Debt 104 P riY PP g , Computation of Legal Debt Margin 105 Property Value and Construction 106 1 Miscellaneous Statistics 107 � Schedule of Sources and Uses of Public Funds for Tax Increment Financing Districts 108-111 � Schedule of Bonded Indebtedness 114-115 � Auditors' Report on Compliance 116 , � ' � ' � � , � , CITY OF ROSEMOUNT, MINNESOTA � CITY OFFICIALS ------------------- December 31, 1994 � ' ELECTED � E.B. McMenomy Mayor Joan Anderson Council Member � �� James Red Staats Council Member , Cathy Busho Council Member Dennis Wippermann Council Member , APPOINTED i Thomas D. Burt City Administrator jJeffrey May Finance Director ' Scott Aker Fire Chief Jim Topitzhofer Parks and Recreation Director � Ronald Wasmund Community Development Director � Elliel Knutsen Police Chief Henry "Bud" Osmundson Public Works Director ISusan Walsh Administrative Assistant ' : , , -1- �'F � � 1 1 BOECI� NHEINEN� 1��IAYER, P.A. C E R '[ 1 F 1 E D P U B L I C A C C O U N T A N T S � INDEPENDENT AUDITORS' REPORT 1 To the Mayor and City Council ' City of Rosemount, Minnesota , We have audited the accompanying general purpose financial statements of the City of Rosemount, Minnesota, as of and for the year ended December 31, 1994, as listed in the table of contents. The fiinancial statements are the responsibility of the City's management. , Our responsibility is to express an opinion on these �inancial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those tstandards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the 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 in the first paragraph , present fairly, in all material respects, the financial position of the City of Rosemount, Minnesota, as of December 31, 1994, and the results of its operations and the cash flows of its proprietary fund types for the year then ended in conformity with generally accepted � accounting principles. Our audit was made for the purpose of forming an opinion on the general purpose financial � statements taken as a whole. The combining and individual fund financial statements and scheduies 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 has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken � as a whole. , ' , � To the Mayor and City Council , City of Rosemount, Minnesota Page Two ' � The statistical section listed in the table of contents is presented for purposes of additional analysis and is not a required part of the general purpose Snancial statements of the City , of Rosemount, Minnesota. Such information has not been subjected to the auditing procedures applied in the audit of the general purpose financial statements of the City of Rosemount, Minnesota, and, accordingly, we e�ress no opinion on it. ' � , /�� - ��.�°�4� � BOECKERMANN, HEINEN & MAYER, P.A. Cerrified Public Accountants � Minneapolis, Minnesota March 14, 1995 , , , ' � � , , ' ' , � CI71(OF ROSEMOUNT.MINNESOTA � COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS DECEMBER31, 1994 ' GOVERNMENTAL FUND TYPES ' SPECIAL DEBT CAPfTAL GENERAL REVENUE SERVICE PROJECTS ' ASSETS AND OTHER DEBIT3 ASSETS: ' Cash and certificates of deposit ;1.458.125 s1.26S.875 s5.232.533 i1.653.2B1 InveaimeMs — — — — Accou�rta receivable 913 — — ' Notes recei�ble — 1,408.188 — — Special aasessme�rts receivaWe: Delirquent 59,591 — 4.531 — Deferred 117,828 — 848,587 — � Delinquent ffixes receivnble 104.028 — — — Due trom other funds — — — 298.268 Due Trom other govarnmeMs 175,161 2,473 — — ' Prepaid e�enaes — 1.419 — — R�tricted Assets: Caah wiU�fiscal ageM— refunding eacrow accouM — — 3,676,926 — � Net Fxed assets — — — — OTHER DEBITS: I Amount available in debt service tunds — — — — AmouM to be p`ovided for debt retirement — — — — TOTAL 51.915.641 52.675,954 59.762.578 51.951.529 ' � 1 � � 1 See nates to ge�eral purpoae finnncial statemeMs � —6— � ' � � � PROPRIETARY FlDUCIARY FUND7YPE FUND TYPE ACCOUNT GROUPS � GENERAL GENERAL TOTALS INTERNAL FIXED LONG—TERM (MEMORANDUM ONLIn � ENTERPRlSE SERYICE FUND ACaENCY ASSETS DEBT 1994 1995 ' 300112 111347 — — s14.019.905 =16.067.724 S4. . s . =653 — — 718.240 — — 718.240 ' sss.�sa _ _ _ _ ssa.on saa,os� 1.408.188 1.424.964 90.923 — — — — 155.045 159.064 ' — — — — — 966.410 932,434 — — — — — 104.028 114.462 9.332 — — — — 507,600 6.248 � — — _ _ = 177.634 215,729 64.681 104.590 170.690 173.035 � 912,892 _ _ — = 4,589,818 4.589.818 41.296.978 :8.874.650 50.271.623 56.256.306 �' - — — — s8.91S.990 8.813.990 10.647,591 — — — — 9.902.721 9.902.721 6.113.257 � 547.038.077 t215.937 5718.893 t8.974.650 518.816,�11 592.069.970 S97.d44.690 ' � � � � ' —7— ' , CITY OF ROSEMOUNT.MINNESOTA COMBINED BALANCE SHEET � ALL FUND TYPES AND ACCOUNT GROUPS DECEMBER 81, 1994 ' GOVERNMENTAL FUND TYPES ' SPECIAL DEBT CAPITAL GENERAL REVENUE SERYICE PRO.IECTS ' LIABIIJTIES EGIUITY AND OTHER CREDITS 1.IABIUTIES: ' Due to offier funds — — — s295.711 Accourna payable s192.679 :83.039 — 62.089 Compensated a�nses payable — — — — , Accxued wages and deductiona 85,656 — — — Accrued iMer�t — — — — Contracts payable — — — 285.&52 ' Deposita payable 55.075 — — — Defarred revenue 323,625 1,488,368 5848,587 — Bonds payabie — — — — Defened compenaat�on be�efita payable — — — — � TOTAL LIABILITIES �57,035 i1.571.408 �848.587 �643.452 FUND EOUITY AND OTHER CREDITS: ' investrnerrt in generai fixed aasets — — — — Contributed capital — — — — Retained earninga — — — — Fund balance: � Reserved s66.601 s3i 6,811 58.913.990 s1.308.076 Unreaerved — 787,735 — — Designated for working capita! 1,192,006 — — — ' TOTAL FUND EGlU17Y AND OTHER CREDITS ;1,258,607 S1.t04.546 �,915,990 51.308.076 TOTAL LIABILtTiES, E�UITY AND OTHER CR�ITS t1.915,642 52,675,955 i9.762.577 51.951.528 ' ' ' ' � See notes to genefal purpose financial siatemerr[s , —8— ' ' ' PROPRIETARY FIDUCUIRY FUND TYPE FUND TYPE ACCOUNT GROUPS GENERAL GENERAL TOTALS INTERNAL FIXED LONG—TEI�A (MEMORANDUM ONLYj ENTERPRISE SERVICE FUND AGENCY ASSETS DEBT 1994 1993 , s9.332 — — — — �905.043 5117.626 8.831 — �53 — — 547.292 �866.549 I � 34.817 = _ = s231.711 266.528 234.245I 2,833 88.489 109,388 ' 86.030 — — — — 86.090 86.145 ' _ _ _ _ = 285.652 784.890 55,075 11.400 86.751 — — — — 2.747.332 2.773.65&I 5.340.000 — — — 18.585.Q00 23.825.000 19.500,0�0 ' — = 718,240 = — 718,240 19.300.000 s5.568.595 =718.893 i18.816.711 f28.824.681 Z43.583.888 � , — — — �8.974.650 — 58.974.650 �8.507.064 �98.912.040 — — — — 38.912.040 47.843.826 ' 2.557,442 — — — — 2.557.442 2,182,787 — t215,937 — — — 10.821.416 12,148.054 — — — — 787.735 1.086.401 � — — = — = 1.192.006 992.869 �41.469,482 �215.937 �.974.650 S6S.245.289 s72,760.801 � 547.038.077 t215.937 5718.89H 58.974.650 518.816.711 =92.a69.970 5116.344.689 ' , , ' ' —9- , CITY OF ROSEMOUNT.MINNE30TA ' COMBINED STATEMENT OF REVENUE. EXPENDI111RES AND CHANGES IN FUND BALANCES ' ALL GOVERNMENTAL FUND MES YEAR ENDED DECEMBER 31. 1994 GOVERNMENTAL FUND TYPES ' SPECIAL DEBT GENERAL REVENUE SERVICE , REVENUE: General property taxes =1.878.109 s279.717 s459.947 Municipal state aid(MS/� — 58,474 — ' Tax incremerna — 389,774 — Licenses and permits 302.859 — — Speciai asaessments 88.790 — 948.002 ' Intergovernmerrtai 1.079.660 — — Charges for servicea 372.518 — — Fnea and forfeitur� 100,074 — — � interestearnings 30.148 144.522 280.016 Miscslinneous 169,956 195.958 — TOTAL REVENUES Z4.021.915 �1.068.445 i1.687.965 ' DCPENDI7URES: Currerrt: ' Gene►al government s1.083.321 — — Public aafety t.087.181 — — Public works 1,052,775 — — ' Parks and recxention 563,157 — — CapiffiIOutlaY — 5230.545 — Other — 180.738 i63,764 ' Debt service: Redemption of bonds — — 2,970,000 Interest on bonda — — 960,076 ' Facal sgeM fees — — 5,727 TOTAL DCPENDITURES s3,786,435 i411,284 t3,899,567 IXCESS(DEFICIENCI�OF REYENUE � OVER DCPENDITURES =235,480 �57,161 (;2,311,602j OTHER FINANCING SOURCES(USES) ' Proceeds from aale of bonds — — i207,205 Transfers�rom other funds s287,485 �4.577 466,678 ' Tranafera to other funda (444.668) (844.404) (85,885) TOTAL OTHER FINANCING SOURCE3(USES) (i157,173) (i940,82� i578,001 EXCESS(DEFlCIENCI�OF REVENUE AND ' OTHfR FlNANCINC SOUFICES OVER DCPENDITURES AND OTHER FlNANCING USES ;78,307 (;283,666) (51,733,601) ' BEGINNING FUND BALANCES 1,180,299 1,388,211 10,647,592 �NDING FUND BALANCES 51.258.606 t1.104.545 t8.918.991 � See notes to general purpose financial statemer�ts —10— ' ' � I TOTALS i CAPITAL (MEMORANDUM ONLI� I�, PROJECTS 1994 1993 '�I — s2.st�,ns s2,2s�.so2 , — ss,a�a �.oss.sss ��, — sss.na ss�.as� — 302.859 2s2.116 I� � — 1.036.793 1.187.652 II — 1,079,660 1,023,970 � — 372,318 412.678 � _ ,00.074 60,�0 I 512.222 466.'907 590.525 II 15.068 380,982 298.765 t27.289 s6.805.614 57,518.978 �li ' _ I 51,083.321 =1.10.9.057 — 1.087.181 955,080 I� , �3.309.109 4.561.884 6.566.198 — 553,157 580,711 I — 230,545 714.755 � � 1.417.292 1.661,794 1,079.872 I — 2.970.000 1.455,000 II ' — 960.076 972.527 I — 5.727 5.124 I �4.726.401 512.923.685 s13.237.824 I (sa.sss,��) (t6.»s,o�2) (ts.��s.ss�� ts.n2.o2a ss.979.22s ss.ssa.2os � t.668.445 2.426.195 8.591.105 II (aaa.soa� (�.s2s.ass� (s,a�s.oa2) Z4.995.965 s4,475.966 �4.483.270 I ' � I� izss.ssa (s�.sa2.�os) (S2.2ss.s8�� I� , 1.011.223 14.227,325 16.462.907 1308.077 512.585,219 514.227.826 ' —11— ' CiTY OF ROSEMOUNT. MINNESOTA COMBINE�STATEMENT OF REVENUE,EXPENDITURES AND CHANGES IN FUND BALANCES ' BUDGET(GMP BASIS)AND ACTUAL— GENERAI AND SPECW.REVENUE FUNDS YEAR ENDED DECEMBER 31, 1994 GENERAL FUND I FAVORABLE (UNFAVORABLE) ' BUDGET ACTUAL VARIANCE REVENUE: Taxss t1,s89,s82 s�.s7a.tos (stl.2ss) ' Tax incnments — — — Ucsnses and permits 265,850 502,859 37.009 Int�gowmmerrtal 1�057.588 1,079,660 22.062 ' Charges for ssrvices 557,900 572.318 14,418 Fines and forteituros 65,000 100,074 35,074 IMsrest eamings � Principal on notes — — — Donations and other — — — Miscslianeous 201,191 288,894 87,703 ' TOTAL REYENUE ;3,836,901 �t,021,914 �785,013 EXPENDITURES: General govemment =1.159,022 i1,090,407 ;68,615 ' Public ssfety 1.101,916 1,0�6,553 1 S,S6S Public works 1,OS5.528 1,045,093 10,4SS Park and recrsation 653.861 5S0,9S4 82,907 ' Salaries and wages — — — Enginserin9 — — — Lsgal fees — — — � Ofher professional services — — — Insurancs — — — Othor — ' Capital outlay — — — TOTAI EXPENDITURE3 =8,980,325 �3,775,007 =177,318 EXCESS(DEFICIENCI�OF REVENUE , OVER EXPENDITURES (=113,424) =248,907 :382,331 OTHER FINANCING SOURCES(USE3j , Transfers from other tunds ;236,612 =287,495 i50,885 Transfers to other tunds (123,188) (444,669) (321,481) ' TOTAL OTHEA FINANCING SOURGES(USESj =113.424 (s187.174) (�270,598) EXCESS(DEFICI'i) OF REVENUE OVER EXPENDITURES AND ENCUMBRANCES AND OTHER FINANCING SOURCES (USES) t0 =91,�33 591.753 ' Reconcialitloo to CaAAP basis elimination of eneumbrances,nst (18.428) ' BEGINNING BALANCE 1,180,299 ENDING BALANCE s�,25g,gpg , Ses notes to general purposs financial siatementa —12— , , 1 � ANNUALLY ADOPTED SPECUL REVENUE FUNDS FAVORABLE ' (UNFAVORABLE) BUDGET ACTUAL VARIANCE ' =279.717 i279.717 - 278,000 989,774 =111,774 � 264,269 - (284,269) � 125,623 130,200 4,577 16,777 16,772 (5) ' _ - 12,186 _ 12,156 sss4,sas is2s,6�s (s�ss,7s7� 1 - - - i = _ _ =79,722 :76,871 =2,851 , - 11,213 (11,213) 22,000 45,430 {23,430} 25,B25 21,857 3,768 � 2.000 9,627 (7,62� 8,900 9,776 (876) S6H,986 248,OS9 318,927 � =702.233 =479,833 =282,400 ;262,153 =408,786 s146.833 � =100,000 - (=100,000) ' (ss�,svs) (ts�2,4ss� �zos,os� (:367,3�6) (=672.453) (=305,05'n , (�i108.243j (:263,66� (5158.4242 ' 21,988 847,984 � =606.300 -13- , � CITY OF ROSEMOUNT. MINNESOTA , COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS ALL PROPRIEfARY FUND TYPES YEAR ENDED DECEMBER 31, 1994 � TOTALS (MEMORANDUM ONLI� INTERNAL 1893 ' ENTERPRISE SERVICE 1994 (Restated) OPERATING FiEVENUE: flesidential revenues i1,046,661 - 51,046,661 s859,825 Apartment revenuea 89,004 - 88,004 95,223 ' Institutio�al revenuea 56,756 = 56,756 62.070 Commercial revenusa 58,712 58,712 60,562 Industrial revenuea 11.821 - 11.321 11.773 � Water meter maintenance 10,850 = 10,850 8,900 Water meters 27,131 27,iS1 20,519 Connection feea 855,653 - 855,653 575,350 Miscellaneoua 266,326 - 266,326 3,567 , Donations and other - i11,515 11,513 - TOTAL OPERATING REVENUES ;2,422.415 i11.513 ;2,433,928 i1,697,769 OPERATING EXPENSES: � Personal services i489,338 = 5489,338 i269,326 Supplies 143,969 143,969 68,622 Professional services and other charges 311,321 - 311,321 143,132 � Other services 8�charges 34,511 = 34,511 18,307 Metro sewer charges 352,308 852,308 301,572 Insurance expense - ;2,979 2,979 - TOTA�OPERATING EXPENSES i1,3S1,447 ;2,979 i1,384,426 i795,959 , OPERATINCa INCOME BEFORE DEPRECIATION ;1,090,968 ;8,534 Z1,099,502 1r801,810 Depreciation expense (1,218,663j - (1,218,663) 1,142,502 OPERATING INCOME AFTER DEPRECIATION (t127,694) 58,534 52.318.165 (;240,492) INONOPERATING REVENUE (EXPENSES): Property taxes ;94,921 - ;94,921 554,000 � Special assessments 61,562 = 61,562 47,426 Inte�est earnings 172.099 172,099 112,715 Surchargss and penaities 89,606 - 89,606 80,669 Other expenses (126,641) - (126,641) (125.591) � Intereat expense and fiscal agenYfees (580,720) _ (380,720) (188,531) TOTAI NON-OPERATING REVENUES(EXPENSES) (i89,178) (589,173) (514,312) NET INCOME BEFORE OPERATING TRANSFERS AND � DEPRECIATION ON CONTRIBUTED ASSETS (;216,86'n S8.5S4 i2.228,992 (t254.804) QPERATING TRANSFERS Operating transfers in s7S4,769 s207,403 942,172 s176,300 1 Operating transfers out (1,438,909j - (1,458,909) (291,361) TOTAL OPERATING TRANSFERS (5704,140) �207,408 (;496,73� (i115,061) NET(NCOME(IOSS) (;921,00� ;215,937 51,732.255 (iS69,865) � ADD DEPRECIATION ON CONTHIBUTED ASSETS 785,000 - - 1,029,170 BEGINNING REfA1NED EARNINGS 2,695,449 - 2,698,449 2,034,144 , ENDING RETAINED EARNINGS s2,557,442 i215,937 54.425,704 s2,698,449 � See notes to generai purpose financial statements -14- � CITY OF ROSEMOUNT.MINNESOTA ' COMBINED STATEMENT OF CASH FLOWS ' ALL PROPRIETARY FUND TYPES YEAR ENDED DECEMBER 31,1994 ' ENTERPRISE FUNDS INTERNAL 199:9 ' ENTERPRISE SERVICE 1994 (Restd� CASH FLOWS FROM OPERATING ACTIVITIES: Cnah raceived irom customers s2.380.503 — t2.380.503 it.874, Cash paymerrts to suppliers for goods and aervices (489,539) (:96,056) (585,�� (494.76 CaaF�paymerrta to employees for aervic�s (884,859) — (884,859) (280.22 Net cash provided by operating activitiea i1.006.305 (t96,056) 5910,249 i1.119.476 CASH FLOWS FROM NONCAPITAL ACTIVITiES: ' Operating transfers from other funds s734,769 s207.403 1942.172 i176,900 Operating transfers to other funds (1,438,909) — (1,438.909) (291,36 Olher income(e�enae).net (37.09� — (87.OS5j (72,2� Property taxea and special assesamenta 155,414 — 155,414 54,508 Net eash provided by noncapiffiI finnncing activititea (s585,761) Z'207,403 (�478,358) (5132.� CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACT1Vfi7ES Acquisition of prop�ty.Plant,and equipment (�F2.319) — (i42.319) (i142.18 Principal payments on bonds (100,000) — (100.000) (65.000 Issuence of bonds 335,000 — 935,000 — (n�rest and fiacal charges on bonds (355,574) — (355.574) (233.35� Contributed capita!received — — — 959.421 Net cash used by capital and related flnancing activities (s162.893� — (5162,893) �518,88� CASH FLOWS FF�M INVESTING ACTIVITIES Net increase(decrease) in investmeMa — — — — Interest received on irnestmenta i172.099 — 5172.099 81,� Net cash�ed in inveati�activitiea s1'72,099 — 5172.099 s81,384 NEr INCREASE(DECREASE� IN ' GASH AND CASH EOUIVALENTS �{29,750 ;111,34� �541,097 ;1,586,751 BEGINNING BALANCE 5,870,562 — 3,870.$62 2,283,61� ENDING BALANCE yL.300,112 St11.347 �L,411.459 =3.870.362 , ' , See rwtes to ge�era!purpose finnncial siatemerrts ' —15— ' � i � TOTALS INTERNAL 1893 1 ENTERPRI3E SERVICE 1994 (Fiestated� �ECONCILIATION OF OPERAT1NCa INCOME TO NET CA3H PROVIDED 8Y OPERATINra ACTMTIES Operating Income (St27.�� is.� (s»s.�so� (t�s2.�s2) �jusdnents to reconcile operating income to Net cash provided by operating activitiea: � � Depreciation 1.218,662 — 1.218.662 1.211.636 Change in assets: jAccouMa receivable (41.911) — (41.911) (58.624) Prepaid expenses (7.252) (104.590) (111.842) (9.763) , Change in tiabilities: /►�counts payable (25.81� (25.815j 41.695 � Accrued experiaea (9.030) _ (9.090) 9.100 beferred revenue (65� (655) 37.624 ET CASH PROVIOED BY OPERATING ACTNITIES i1.006,305 (t96.056) f91�.249 57.179,476 � , i t 1 � �ee notea to general purpose financiai affitemeMs —16— � I 1 CITY OF ROSEMOUNT, MINNESOTA ' NOTES TO THE FINANCIAL STATEMENTS -------------------------------------------------------------- December 31, 1994 ' I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES � The Ci of Rosemount, Minnesota the "Ci " was formed and o erates tY ( tY ) P 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 to serve four-year staggered terms. Elections take place every two years far two council members and the mayor. � 'th The financial statements of the City have been prepared in conformity wi generally accepted accounting principles, as applied to governmental units by , the Governmental Accounting Standards Board (GASB). The more significant of the City's accounting policies are described below. , A. Reporting Entity As required by generally accepted accounting principles, these financial , statements present the City and its component units, entities for which the City is considered to be financially accountable. Blended component 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 Standars Board (GASB) Statement � No. 14, "The Financial Reporting Entity", establised criteria for determining which component units should be considered part of the City for financial reporting purposes. These criteria include such aspects as appointment of , governing body members, budget review, approval of property tax levies, outstanding debt secured by City's full faith and credit, and responsibility for funding deficits. � As a result of applying the entity definition criteria of the Governmental Accounting Standards Board, certain organizations have been included or � excluded from the City's financial statements, as follows: Included: 1 Rosemount Port Authori : 'The Port Authori was created by the City to . tv tY carry out certain redevelopment projects. The goveming board is appointed ' by the City Council. The City Council reviews and approves all Port Authority tax levies, and the City provides major community development financing for Port Authority activities. Debts issued for Port Authority 1 activities are general obligations of the City. -17- 1 ' CITY OF ROSEMOUNT, MINNESOTA ' NOTES TO THE FINANCIAL STATEMENTS � -------------------------------------------------------------- December 31, 1994 ' I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) A. Reporting Entity (continued) ' Excluded: � Rosemount Firefighters' Relief Association. � This association is organized as a nonprofit organization by its members to � provide pension and other benefits to such members in accordance with Minnesota Statutes. Its board of directors is appointed by the membership � of the organization. All funding is conducted in accordance with Minnesota Statutes, whereby state aids flow to the association, tax levies are determined by the association and are only reviewed by the City, and the association pays , benefits directly to its members. The association may certify tax levies to the County directly if the City does not carry out this function. Because the association is able to fund its programs independent of the City, it is excluded ' from the reporting entity. Independent School District No. 196 (Rosemount Schools) , Independent School District No. 199 (Hastings Schools} Independent School District No. 200 (Inver Grove Heights Schools) o letel � � These distncts, hke all school distncts m Mmnesota, are c mp y independent of any other governmental entity. They have their own elected � Boards of Education, levy their own taxes, and prepare their own financial reports. B. Measurement Focus, Basis of Accounting and Basis of Presentation i 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 segregates funds according to their intended purpose and is used to aid management in � demonstrating compliance with finance-related legal and contractual provisions. The minimum number of funds are maintained consistent with legal and managerial requirements. Account groups are a reporting device to � account for certain assets and liabilities of the governmental funds not recorded directly in those funds. -18- � � ' 1 CITY OF ROSEMOUNT MINNESOTA , � NOTES TO THE FINANCIAL STATEMENTS -------------------------------------------------------------- December 31, 1994 � L SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) , B. Measurement Focus Basis of Accountin and Basis of Presentation � g (continued) � � � 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 transaction 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 recognized when due, and certain compensated absences and claims or judgments which are recognized when � the obligations are e�ected to be liquidated with e�endable available financial resources. I Property taxes, franchise taxes, licenses, interest and special assessments are susceptible to accruaL Other receipts and taxes become measurable and available when cash is received 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. E�enditure-driven grants are recognized as revenue when the qualifying e�enditures have been incurred and all other grant requirements have been met. � Govemmental funds include the followin fund types: g , The general fund is the City's primary operating fund. It accounts far all financial resources of the general govemment, except those required to be accounted for in another fund. � � -19- � ' CITY OF ROSEMOUNT, MINNESOTA ' NOTES TO THE FINANCIAL STATEMENTS � -------------------------------------------------------------- December 31, 1994 , I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) � B. Measurement Focus, Basis of Accounting and Basis of Presentation ' (continued) The s ecial revenue nds account for revenue sources that are le all � P .fu g Y restricted to expenditure 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 proprietary or none�endable trust funds. , The capital projects funds account for the acquisition of fixed assets or � construction of major capital projects not being financed by proprietary or none�endable 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 e�enses 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) pronouncements, Financial Accounting Standards Board (FASB) Statements and Interpretations, Accounting Principles Board (APB) Opinions, and Accounting Research Bulletins (ARBs) issued on or before � November 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 Statements and Interpretations issued after November 30, 1989, unless � they are adopted by GASB. -20- ' ' � � � � � CITY OF ROSEMOUNT MINNESOTA , � NOTES TO THE FINANCIAL STATEMENTS -------------------------------------------------------------- December 31, 1994 � I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued} � B. Measurement Focus Basis of Accountin and Basis of Presentation � g (continued) � d es: Propnetary funds mclude the following fun typ � 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 , department 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 others. 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 I or have a measurement focus. Agency funds are accounted for using the modified accrual basis of accounting. This fund is used to account for assets that the government holds for others in an agency capacity. � Account Grou s. The eneral ed assets account ou is used to account for P g .� S�' P f�ed assets not accounted for in proprietary or trust funds. The general long- � term debt account group is used to account for general long-term debt and certain other liabilities that are not specific liabilities of proprietary or trust funds. � C. Assets, Liabilities and Equity � 1. Deposits and Investments The City's cash and cash equivalents are considered to be cash on hand, idemand deposits and short-term investments with original maturities of three months or less from the date of acquisition. � -21- � � CITY OF ROSEMOUNT, MINNESOTA ` NOTES TO THE FINANCIAL STATEMENTS ' -------------------------------------------------------------- December 31, 1994 � I, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) C. Assets, Liabilities and Equity (continued) � 1. Deposits and Investments (continued) � 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 maturities 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 far ' the maximization of investment earnings. Each fund shares in the investment earnings according to its average cash and investments balances. Cash is transferred from those funds with available cash resources to cover any , negative cash balances in other funds at year-end. State statutes authorize the City to invest in obligations of the U.S. Treasury, , commercial paper, repurchase agreements, general obligations of the State of Minnesota or any of its municipalities, bankers acceptances of United States banks eligible for purchase by the Federal Reserve System, and shares of ' investment companies registered under the Federal Investment Company Act of 1940 and whose only investments are direct obligations of the U.S. � Treasury. Investments are stated at cost or amortized cost, except for investments in the � deferred compensation agency fund which are reported at market value. 2. Receivables and Payables � Transactions between funds that are representative of lendingibonowing 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) ar "advances to/from other funds" (i.e., the non-cunent 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 far appropriation and are not expendable available financial resources. -22- ' � � � CITY OF ROSEMOUNT MINNESOTA , � NOTES TO THE FINANCIAL STATEMENTS -------------------------------------------------------------- December 31, 1994 � I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) � C. Assets Liabilities and E ui continued) � 9 t3' ( � 2. Receivables and Payables (continued) The City uses the allowance method to estimate the portion of trade and rproperty tax receivables that are considered uncollectible. � Property tax levies are set by the City Council in December of each year and are certified to Dakota County for collection in the following year. In Minnesota, counties act as collection agents far all property taxes. , The County spreads all levies over taxable property. Such taxes become a lien on January 1 and are recorded as receivables by the City at that date. ' ° Property taxes are accrued and recognized as revenue, excluding delinquent taxes received over 60 days after year end. � Real property taxes may be paid by ta�ayers in two equal installments on May 15 and October 15. Personal property taxes may be paid on February 28 and June 30. The County provides tax settlements to cities and other � taxing districts two times a year in July and December. TaYes which remain unpaid at December 31 are classified as delinquent taxes � receivable and are fully offset by deferred revenue because they are not known to be available to finance current expenditures. No allowance for uncollectible t�es has been provided because such amounts are not expected , to be material. 3. Prepaid Items � Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items. � 4. Restricted Assets � The restricted assets represent cross-over refunding bond proceeds held in escrow. The escrow money will be used to refund current long-term debt of the City. 1 -23- _ � � CITY OF ROSEMOUNT, MINNESOTA I NOTES TO THE FINANCIAL STATEMENTS � -------------------------------------------------------------- December 31, 1994 ' I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) C. Assets, Liabilities and Equity (continued) � 5. Fixed Assets 1 FiYed assets used in governmental fund types of the City are recorded in the general fiYed asset account group at cost or estimated historical cost if ' purchased or constructed. Donated fixed assets are recorded at their estimated fair value at the date of donation. Assets in the general fixed assets account group are not depreciated. Interest incurred during construction is , not capitalized on general fixed assets. Public domain (infrastructure) general fixed assets (e.g., roads, bridges, � sidewalks and other assets that are immovable and of value only to the City) are capitalized. The cost of normal maintenance and repairs that do not add to the value of ' an asset or materially extend an assets' life is not included in the general fixed � assets account group or capitalized in the proprietary funds. Property and equipment in the proprietary funds of the City are recorded at � cost. Property and equipment donated to these proprietary fund type operations are recorded at their estimated fair value at the date of donation. Major autlays for capital assets and improvements are capitalized in , proprietary funds as projects are constructed. Interest incurred during the construction phase of proprietary fund fixed assets is reflected in the � capitalized value of the asset constructed, net of interest eamed on the invested proceeds over the same period. Property and equipment are depreciated in the proprietary and similar trust � funds of the government using the straight line method over the following estimated useful lives ' Assets Buildings 30-65 years � Improvements Other Than Buildings 20 years Machinery and Equipment 4-20 years , -24- � � � CITY OF ROSEMOUNT, MINNESOTA � NOTES TO THE FINANCIAL STATEMENTS December 31, 1994 � I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) ' C. Assets, Liabilities and Equity (continued) � 6. Compensated Absences It is the City's policy to permit full-time employees to accumulate earned but � unused vacation, sick and comp time benefits. Vacarion, sick and comp time is accrued when incurred in proprietary funds and reported as a fund liability. Vacation, sick and comp time that is e�ected to be liquidated with wexpendable available financial resources is reported as an e�enditure and a fund liability of the governmental fund that will pay it. Amounts not expected to be liquidated with e�endable available financial resources are reported in � the general long-term debt account group. No e�enditure is reported far these amounts. � Vacation and comp time accruals are based upon union contract and City resolutions as applicable. Amounts carried forward on vacation and comp � time accruals are governed by these contracts and resolutions. Sick pay is accrued based upon these same contracts and resolutions. Sick pay accruals may be carried forward indefinitely. � 7. I,ong-term Obligations � The City reports long-term debt of governmental funds at face value in the general long-term debt account group. Certain other governmental fund obligations not e�ected 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. � For overnmental fund es, bond remiums and discounts, as well as debt g tYP P issue costs, are recognized during the cunent 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 received, are reported as debt service e�enditures. 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. EIssuance costs are reported as defened charges. -25- � ' � CITY OF ROSEMOUNT, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS � -------------------------------------------------------------- December 31, 1994 ' I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) ' G Assets, Liabilities and Equity (continued) 8. Fund Equity ' Reservations of fund balance represent amounts that are not appropriable or ' are legally segregated for a specific purpose. Reservation of retained earnings are limited to outside third-party restrictions. Designations of fund balance 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. r 9. 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. 11. Cash and Cash Equiva[ents ' 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 statement. The City considers certificates of deposit to be demand deposits of financial institutions, and therefore are considered to be ' cash. I0. Comparqtive Data/Reclassification ' Comparative total data for the prior year have been presented in selected sections of the accompanying financial statements in order to provide an ' understanding of the changes in the City's �nancial position and operations. Also, certain amounts presented in the prior year data have been reclassified in order to be consistent with the cunent year's presentation. � -26- ' ' ' CITY OF ROSEMOUNT, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS � -------------------------------------------------------------- December 31, 1994 , II. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY ' A. Budgetary Information � Annual budgets are adopted on a basis consistent with generally accepted accounting principles for the general fund and two special revenue funds, the Port Authority (201) and 5-Year CIP Program (202) funds. 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 seivice funds because effective budgetary contral 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 31. ' 'The appropriated budget is prepared by fund, department and function. The City's department heads may make transfers of appropriations within a department. Transfers of appropriations between departments require the ' approval of the City Council. The legal level of budgetary control is the department level. The City Council approved several supplemental budgetary appropriations throughout the year, but were not considered material and � therefore are not presented. Encumbrance accounting is employed iri the budgeted governmental funds. � Encumbrances (e.g., purchase orders, contracts) outstanding at year end are reported as reservations of fund balances and do not constitute e�enditures or liabilities because the commitments will be reappropriated and honored � during the subsequent year. � � ' : ' -27- ' CITY OF ROSEMOUNT, MINNESOTA I NOTES TO THE FINANCIAL STATEMENTS � -------------------------------------------------------------- December 31, 1994 � II. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILIT'Y B. Deficit Fund Equity ' The following capital project funds had deficit fund balances: 1 Fund CSAH 42 & Canada Avenue Turn Lanes $ (15,411) ' Biscayne Avenue Improvements (109,396) Armory Highway 3 Improvement (179,979) Diamond Path Improvements (11,956) ' 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. Deposits and Investments The City maintains a consolidated cash management pool that is available for ' use by all funds. Each fund types's portion of the consolidated cash pool is displayed on the combined balance sheet as "Cash and Certificates of � Deposit". At year end, the City's ca�rying amount of cash and certificates of deposit was ' $14,024,196 and the ban� balance was $14,183,307. Of the bank balance, $400,000 was covered by�ederal depository insurance or by collateral held by the City's agent in the City's name. The remaining balance of, $13,783,307 � was collateralized with securities held by the pledging financial institution's trust department or agent in the City's name. For the year ended December 31, 1994, all idle cash was invested in � certificates of deposit with depository institutions approved by the city council, all of which are members of the federal Reserve System. � -28- , ' , ICITY OF ROSEMOUNT, MINNESOTA ' NOTES TO THE FINANCIAL STATEMENTS -------------------------------------------------------------- December 31, 1994 , III. DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (continued) ' B. Fixed Assets ' Activity in the general fixed assets account group for the government for the year ended December 31, 1994 was as follows: ` Balance Balance January 1, December 31, 1994 Additions 1994 � Land $ 1,478,300 $ - $ 1,478,300 Land Improvements 1,781,929 144,100 1,926,029 ' Buildings 2,179,441 - 2,179,441 Machinery and Equipment 1,767,061 323,485 2,090,546 Vehicles 1,300,334 - 1,300,334 � Total General Fixed , Assets $ 8,507,065 _ 467� � 8,974,650 The following is a summary of proprietary fund type fixed assets for the � government at December 31, 1994: Enterprise � Funds Land $ 239,856 ' Buildings 6,329,82b Improvements Other Than Buildings 71,284 Machinery and Equipment 54,607,462 ' Less Accumulated Depreciation (19,951,456) Totals $ 41,296,972 ' , ' -29- � � CITY OF ROSEMOUNT, MINNESOTA ' NOTES TO THE FINANCIAL STATEMENTS ' -------------------------------------------------------------- December 31, 1994 ' III. DETAILED NOTES ON ALL FITNDS AND ACCOUNT GROUPS (continued) , C. Interfund Receivables and Payables The composition of interfund balances as of December 31, 1994 is as follows: , Due to/from other funds: , Receivable Fund Pavable Fund �4mount Rosemount Business CSHA 42 & Canada Avenue , Park Turn Lane $ 15,411 Biscayne Avenue Improvements 82,478 Armory Highway 3 Improvements 121,172 t 145th. Street West Reconstruction, Chili to Cameo - 76.b50 T�tal 295 711 , D. Long-term Debt ' General Obligation Bonds. The City issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General � obligation bonds have been issued for both general government and proprietary activities. These bonds are reported in the proprietary funds if , they are e�ected to be repaid from proprietary fund revenues. In addition, general obligation bonds have been issued to refund other general obligation and revenue bonds. ' General obligation bonds are direct obligations and pledge the full faith and credit of the govemment. These bonds generally are issued as 20-year serial ' bonds with equal amounts of principal maturing each year. General obligation bonds currently outstanding are as follows: Purpose Interest Rates Amount � General Government 3.75-6.70 � 2,045,000 General Government - Refunding 3.25-4.50 $45,000 ' 2 890,000 _ -30- ' ' � � CITY OF ROSEMOUNT, MINNESOTA / NOTES TO THE FINANCIAL STATEMENTS -------------------------------------------------------------- December 31, 1994 � IIL DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUP5 (continued) ' D. Long-term Debt (cantinued) � Annual debt service requirements to maturity for general obligation bonds, including interest of $1,833,000, are as follows: , Year Ending December 3L• Amount 1995 $ 365,500 , 1996 584,000 1997 491,500 1998 498,500 ' 1999 499,500 'Thereafter 2,184.000 Total 4 723� , Revenue Bonds. The govemment also issues bonds where the govemment , pledges income derived from the acquired or constructed assets to pay debt service. Revenue bonds outstanding at year end are as follows: Purpose Interest Rates Amount t Ice Arena - Community Center 3.75-6.60 $ 2,360,000 Water Utility Improvements 7.00-7.25 1,150,000 � Water Utility Refunding 3.75-5.00 945,000 Storm Sewer Improvements 3.75-5.00 1,495,000 6 285.000 , Revenue bond debt seivice requirements to maturity, including interest of $4,000,000 are as follows: ' Year Endin g December 3L• Amount � 1995 $ 508,000 1996 583,000 1997 556,000 � 1998 6b2,000 1999 665,000 Thereafter 7,311,000 ' Total - 10 285 000 -31- � , CITY OF ROSEMOUNT, MINNESOTA ' NOTES TO THE FINANCIAL STATEMENTS � -------------------------------------------------------------- December 31, 1994 ' III. DETAILED NOTES ON ALL FUND5 AND ACCOUNT GROUPS (continued) ' D. Long-term Debt (continued) Special Assessment Debt. The City issues special assessment bonds to provide � funds for various property improvements including sidewalks, street lighting, curbs and gutters, etc. The properties benefited by the projects are assessed ' for the payment of the projects, including any debt repayment. Special assessment bonds are general obligation of the City and,therefore, are backed by the full faith, credit, and taxing power of the City. ' Purpose Interest Rates Amount Improvements 3.00-6.70 $ 9,705,000 , Improvements - Refunding 3.25-4.30 1,415,000 11 120,000 ' ements to maturi includin ' Special assessment bond debt service requir ty, g $2,597,000 of interest, are as follows: � Year Ending December 31: Amount 1995 $ 1,751,500 ' 1996 1,853,500 1997 2,074,500 ' 1998 1,981,000 1999 1,788,000 Thereafter 4,268,500 , Total 13 7171000 ' ' ' -32- , � � , CITY OF ROSEMOUNT, MI]�1NESOTA � NOTES TO THE FINANCIAL STATEMENTS -------------------=------------------------------------------ December 31, 1994 , , III. DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (continued) D. Long-term Debt (continued) ' Tax Increment bonds. Tax increment bonds are financed through the use of a taY increment levy. Should the levy be insufficient in any given year, bond � insurance and a letter of credit from a developer are available to service the remaining debt. , Pur�ose Interest Rates Amount Community Center Construction 3.4-6.6 $ 550,000 Other City Construction Projects 4.25-9.6 665,000 , � 1,215,000 Tax Increment bond debt service requirements to maturity,including$239,500 ' of interest, are as follows: Year Ending ` December 31: Amount 1995 $ 285,500 1996 281,OOQ , 1997 285,OQ0 1998 302,000 � 1999 301,000 Total $ 1.454,500 tOther Debt. Other debt includes financing for various reconstruction, land purchases, utility improvements, and community center cost over-runs. These , bonds will be repaid through allocations from state aid, sale of land parcels, and collections from special assessments and special tax levies allowed by State Statutes for building of Narional Guard Armories. These bonds were , all issued as general obligation bonds of the City. These bonds are reported as other debt since the intended repayment is from sources other than tax levies, � � -33- � , CITY OF ROSEMOUNT, MINNESOTA ' NOTES TO THE FINANCIAL STATEMENTS -------------------------------------------------------------- ' December 31, 1994 ' IIL DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS(continued) D. Long-term Debt (continued) , Purpose Interest Rates Amount Various Improvements 3.00-6.'70 3 360 000 , Other debt service requirements to maturity, including $1,950,000 of interest, ' are as follows: Year Ending , December 31: Amount 1995 $ 259,000 1996 433,000 ' 1997 348,500 1998 354,500 1999 350,000 ' Thereafter 3,565,000 Total 5 310 000 ' Changes in General Long-term Debt. During the year ended December 31, 1994, the following changes occurred in liabilities reported in the general long- ' term debt account group: Balance Balance � January 1, December 31, 1994 Additions Reductions 1994 ' Compensated Absences $ 205,848 $ 25,863 $ - $ 231,711 General Obligation Debt 3,030,000 - (140,000) 2,890,000 Special assessment Debt 12,180,000 1,505,000 (2,665,000) 11,120,000 , T� Increment Financing 1,380,000 - (165,OQ0} 1,215,040 Other Debt 1.Q30,000 2,330,000 - 3,360,000 Totals $ 17,825,848 3 960 863 $ (2,970,000) $ 18,816,711 ' ' ' -34- , ! ICITY OF ROSEMOUNT MINNESOTA , ' NOTES TO THE FINANCIAL STATEMENTS -------------------------------------------------------------- December 31, 1994 1 � III. DETAILED NOTES ON ALL FIJNDS AND ACCOUNT GROUPS (continued) E. Contributed Capital � The chan es in the Ci 's contributed ca ital accounts for its ro rieta funds g tY P P P rY � were as follows: Enterprise Funds Storm Community Sources Water Sewer Water Center � Beginning balance � (Restated): $ 11,003,420 $ 20,859,911 $ 5,644,963 $ 2,764,074 Depreciation of 1 contributed assets: �200,000) _�425,000) �115,000) _�45,000) Ending balance: $ 10,803,420 $ 20,434,911 $ 5,529,963 2 719 074 � F. Reserved Retained Earnings and Restricted Asset Accounts , The City records reseives to indicate that a portion of the fund equity is legally segregated for a specific future use or cannot be appropriated for e�enditures. Following is a list of all reserves used by the City and a � description of each. Reserved for Debt Service - The portion of fund equity segregated for debt ' service is for resources legally restricted to the payment of long-term debt principal and interest amounts maturing in future years. , Reseived for Project Completion - The portion of fund equity segregated for completion of capital projects financed by general obligation bonds. � Reserve for Encumbrances - The portion of fund equity segregated for future e�enditures encumbered at year-end by Council action. , Reserved for Prepaid - The portion of fund equity segregated to indicate that prepaid insurance does not represent available spendable resources even though it is a component of current assets. , -35- � ' CITY OF ROSEMOUNT, MINNESOTA ' NOTES TO THE FINANCIAL STATEMENTS � -------------------------------------------------------------- December 31, 1994 ' � IV. OTHER INFORMATION A. Deferred Compensation Plan � The City offers its employees two deferred compensation plans created in , accordance with Internal Revenue Code Section 457. The plans, available to all full-time City employees at their option, permits participants to defer a portion of their salary until future years. The deferred compensation is not ' available to participants until termination, retirement,death,or unforeseeable emergency. AlI amounts of com ensation deferred under the lans all ro e and ri hts � P P � P P 1`tY b purchased with those amounts, and all income attributable to those amounts, ' property or rights are (until paid or made available to the participant or beneficiary) solely the property of the City sub�ect only to the claims of the City's general creditors. Participant's rights under the plan are equal to those of general creditors of the City in an amount equal to the fair market value � of the deferred account for each participant. It is the opinion of the City's legal counsel that the City has no liability for , losses under the plans but does have the duty of due care that would be required of an ordinary prudent investor. � , , ' � -36- ' ' � � CITY OF ROSEMOUNT, MINNESOTA , NOTES TO THE FINANCIAL STATEMENTS -------------------------------------------------------------- December 31, 1994 , , B. Segment Information - Enterprise Funds , The City maintains four enterprise funds. The Water, Sewer and Storm Utilty funds account for the provision of basic utility services to all citizens. The Community Center Fund accounts for the operations of the community center � including rental fees and user charges. Storm Community ' Water Sewer Water Center Tatal Operating Revenues $ 692,093 $ 856,043 $ 608,360 $ 265,918 $ 2,422,415 � Depreciation 297,210 690,523 154,629 76,300 1,218,663 ' Operating Income (Loss) 74,145 (296,3b2) 384,814 (290,291) (127,b94) Operating Transfers In 329,662 52,919 108,000 244,188 734,769 1 - Operating Transfers Out (547,0$3) (160,895) (714,319) (16,612) (1,43$,909) � Net Income (Loss) (154,493) (345,928) (252,192) (168,395) (921,007) , Fixed Asset Additions 40,650 1,669 - - 42,319 Net Working Capital 1,846,513 1,595,859 1,192,543 (7,517) 4,627,398 � Total Assets 12,837,720 21,488,340 7,707,247 5,004,770 47,038,076 � Bonds Payable 1,150,000 - 1,830,000 2,360,000 5,340,000 Total Equity 11,596,632 21,445,866 5,804,185 2,622,798 41,469,482 � � � -37- ' � CITY OF ROSEMOUNT, MINNESOTA I NOTES TO THE FINANCIAL STATEMENTS ' -------------------------------------------------------------- December 31, 1994 ' IV. OTHER INFORMATION (continued) C. Restatements � The Community Center enterprise fund has been restated to correctly report , the ownership structure of the Community Center. The following changes were made to the 1993 figures: Buildin s $ 5 345 259 � g � > > ) Accumulated Depreciation 69,333 Net Change in Total Assets $ (5,275,926) ' Bonds Payable $ 2,360,000 Contributed Capital (7,571,258) � Retained Eamings �64,668) Net Change in Liabilities and Fund Equity (5,275,926) ' D. Tax Increment Districts The City of Rosemount Port Authority is the administering authority for three ' t� increment districts. A redevelopment district established May l, 1979 (Downtown) and an economic development district established March 1, 1990 (Knutson). Both districts are also part of Development District No. 1-1 , established March 1, 1990. Tax capacities and bonding information are as follows: , 1979 1990 Original Gross Tax Capacity $ 186,687 $ 586 � Current Gross Tax Capacity 469,643 28.149 Captured Gross Tax Capacity Retained by Authority 282 956 27 563 ' Total Bonds Issued: Tax Increment Bonds $ 1,995,000 $ - Amounts Redeemed 750,000 - ' Outstanding Bonds at December 31, 1992 1245 000 � During 1994, the City formed a new ta�c increment district 1-2. No activity � occurred in this district during 1994. -38- ' � t � CITY OF ROSEMOUNT, MINNESOTA , NOTES TO THE FINANCIAL STATEMENTS -------------------------------------------------------------- December 31, 1994 1 IV. OTHER INFORMATION (continued) � E. Defined Benefit Pension Plans - Statewide , A. Plan Description All full-time and certain part-time employees of the City of Rosemount are � covered by defined benefit pension plans administered by the Public Employees Retirement Association of Minnesota(PERA). PERA administers the Public Employees Retirement Fund (PERF) and the Public Employees , Police and Fire Fund (PEPFF) which are cost-sharing multiple-employer public employees retirement plans. PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated members are covered by � Social Security and Basic members are not. All new members must participate in the Coordinated Plan. All police officers, firefighters and peach officers who qualify for membership by statute are cover�d by the PEPFF. � The payroll for employees covered by PERF and PEPFF for the year ended December 31, 1994 was $1,638,445 and $607,981, respectively; the City's total payroll was $2,496,426. � PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors upon death of eligible members. Benefits are f established by State Statute, and vest after three years of credited service. The defined retirement benefits are based on a member's highest average salary for any five successive years of allowable service, age, and years of � credit at termination of service. Two methods are used to compute benefits for Coordinated and Basic members. The retiring member receives the higher , of step-rate benefit accrual formula (Method 1) or a level accrual formula (Method 2). Under Method 1, the annuity accrual rate for a Basic member is 2 percent of average salary for each of the first 10 years of service and 2.5 ' percent for each remaining year. For a Coordinated member, the annuity accrual rate is 1 percent of average salary for each of the first 10 years and 1.5 percent far each remaining year. Using method 2, the annuity accrual rate is � 2.5 percent of average salary for Basic members and 1.5 percent far Coordinated members. For PERF members whose annuity is calculated using Method 1, and for all PEPFF members, a full annuity is available when age , plus years of service equal 90. � -39- 1 � CITY OF ROSEMOUNT, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS ' -------------------------------------------------------------- ' December 31, 1994 IV. OTHER INFORMATION (continued) ` E. Defined Benef t Pension Plans - Statewide (continued) � A. Plan Description (continued) There are different types of annuities available to members upon retirement. , A normal annuity is a lifetime annuity that ceases upon death of the retiree. No survivor annuity is payable. There are also various types of joint and � survivor annuity options available which will reduce the monthly normal annuity amount, because the annuity is payable over joint lives. Members may also leave their contributions in the fund upon termination of public service, � in order to qualify for a deferred annuity at retirement age. Refunds of contributions are available at any time to members who leave public service, but before retirement benefits begin. , B. Contributions Required and Contributions Made Minnesota Statutes Chapter 353 sets rates for employer and employee � contributions. The City makes annual contributions to the pension plans equal to the amount required by state statutes. According to Minnesota � Statutes Chapter 356.215, Subd. 4(g), the date of full funding required for the PERF and the PEPFF is the year 2020. As part of the annual actuarial valuation, PERA's actuary determines the sufficiency of the statutory , contribution rates towards meeting the required full funding deadline. The actuary compares the actual contribution rate to a"required"contribution rate. Current Combined statuto rates and actuariall re uired contribution rates ' rY Y q for the plans are as follows: Statuto Rates: Re uired � Emplo,� Employer Rates* PERF (Basic and ' Coordinated Plans} 4.30% 4.60% 9.58% PEPFF 7.9% 11.7% 17.45% � * The recommended rates scheduled above represent the required rates ' for fiscal year 1994 contributions as reported in the July 1, 1993 actuarial reports. �. -40- , t � CITY OF ROSEMOUNT, MINNESOTA � NOTES TO THE FINANCIAL STATEMENTS -------------------------------------------------------------- December 31, 1994 i IV. OTHER INFORMATION (continued) � E. Defined Benefit Pension Plans - 5tatewide (continued) � B. Contributions Required and Contributions Made (continued) Total contributions made by the City during fiscal year 1994 were: � Percentage of Amounts Covered Pa�oll � Employees Em�alo�er Em,�loXees Employer , PERF _ 69 306 73 401 4.23% 4.48% PEPFF $ 46,206 69 310 7.60% 11.40% � The City's contribution for the year ended June 30, 1994 to the PERF represented 0.06 percent of total contributions required of all participating , entities. For PEPFF, contributions for the year ended June 30, 1994, represented 0.14 percent of total contributions required of all participating � entities. C. Funding Status and Progress � l. Pension Benefit Obligation ' The "pension benefit obligation" is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and step-rate benefits, estimated to be payable in the future as a ' result of employee seivice to date, The measure, which is the actuarial present value of credited projected benefits, is intended to help users assess PERA's funding status on a going-concern basis, assess progress made in � accumulating sufficient assets to pay benefits when due, and make comparisons among Public Employee Retirement Systems and among employers. PERA does not make separate measurements of assets and � pension benefit obligation for individual employers. � -41- � � CITY OF ROSEMOUNT, MINNESOTA t NOTES TO THE FINANCIAL STATEMENTS ' -------------------------------------------------------------- December 31, 1994 � IV. OTHER INFORMATION (continued) E. Defined Benefit Pension Plans - Statewide (continued) � C. Funding Status and Progress (continued) ' The pension benefit obligation as of June 30, 1994, is shown below (in thousands): � PERF Total Pension Benefit Obligations $ 5,625,598 ' Net Assets Available for Benefits, at Cost (Market �alues for PERF= $4,762,519; , PEPFF= $1,237,484) 4,733,845 Unfunded (Assets in Excess o� Pension Benefit Obligation 891753 ' The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30, 1994. Net assets available to pay pension benefits t were valued as of June 30, 1994. For the PERF, significant actuarial assumptions used in the calculation of the ' pension benefit obligation include (a) a rate of return on the investment of present and future assets of 8.5 percent per year, compounded annually, prior � to retirement, and 5 percent per year, compounded annually, following retirement; (b) projected salary increases taken from a select and ultimate table; (c) payroll growth at 6 percent per year, consisting of 5 percent far � inflation and 1 percent due to growth in group size; (d) post-retirement benefit increases that are accounted for by the 5 percent rate of retum assumption following retirement; and (e) mortality rates based on the 1983 Group Annuity Mortality Table set forward one year far retired members and , set back five years for each active member. ' ' -42- ' ' � � CITY OF ROSEMOUNT MINNESOTA , � NOTES TO THE FINANCIAL STATEMENTS -------------------------------------------------------------- December 31, 1994 1 IV. OTHER INFORMATION (continued) � E. Defined Benefit Pension Plans - Statewide continued) � iC. Funding Status and Pragress (continued) Actuarial assumptions used in the calculation of the PEPFF include (a) a rate � of return on the investment of present and future rates of 8.5 percent per year, compounded annually, prior to retirement, following retiremenf; (b) projected salary increases of 6.5 percent per year, compounded annually, , attributable to the effects of inflation; (c) post-retirement increases that are accounted for by the 5 percent rate of retum assumption following retirement; � and (d) mortality rates based on the 1971 Group Annuity Mortality Table projected to 1984 for males and females. � 2. Changes in Plan Provisions The 19941egislative session did not include any benefit improvements which , would impact funding costs for the PERF and the PEPFF. 3. Changes in Actuarial Assumptions IPrior to fiscal year 1994, the salary increase assumption and the mortality tables used in the calculation of pension benefit obligation for the PERF were � the same as those specified for the PEPFF. For the July 1, 1994 actuarial valuation, PERA's board of trustees approved new mortality rates updated to the 1983 Group Annuity Mortality Table, salary increases which were changed � to a select and ultimate table and a new payroll growth assumption which was changed from 6.5 percent to 6 percent. These changes were made to reflect actual e�erience of the plan. � � � � -43- � � CITY OF ROSEMOUNT, MINNESOTA t NOTES TO THE FINANCIAL STATEMENTS � -------------------------------------------------------------- December 31, 1994 � IV. OTHER INFORMATION (continued) E. Defined Benefit Pension Plans - Statewide (continued) ' C. Funding Status and Progress (continued) � With the adoption of the actuarial assumption changes and the new mortality tabies for the PERF, the pension benefit obligation increased $56,596,000. ' The actuarial assumption changes also necessitated a$81,201,000 transfer from the PERF Benefit Reserve to the PERF Minnesota Post Retirement Investment Fund (MPRIF) Reserve to finance the increased obligation for , future retirement bene�ts. The change in the mortality rate assumption increased the PERF's costs because pensioners are living longer than assumed previously. The change in the salary increase assumption, however, offset ' some of the additional costs because lower salary increases generally translate into lower benefit liabilities in the future. ' Potential changes in the assumptions used for the PEPFF inay be made in the future after completion of a special experience study for that fund. Completion of the PEPFF experience study was expected by February 1, 1995. , D. Ten-Year Historical Trend Information , � Ten-year historical trend information is presented in PERA s Comprehensive Annual Financial Report for the year ended June 30, 1994. This information � is useful in assessing the pension plan's accumulation of sufficient assets to pay pension benefits as they become due. E. Related Party Investments t As of June 30, 1993 and for the fiscal year then ended, PERA held no � securities issued by the City or other related parties. ' � -44- , � � CITY OF ROSEMOUNT, MINNESOTA ' COMPARATIVE BALANCE SHEETS GENERAL FUND � DECEMBER S1, 1994 AND 1993 ' i994 1993 assErs ' c�n s,_4s8.,2s s,,2o�,s2s Due from other funds 6.248 AccouMa receivable 913 19.476 � Special aaseasmerna receivable: DelinqueM 59,591 63,492 Deferred 117.823 51.814 � DelinqueM taxes receivable 104,028 114,462 Due irom other govemments 175,161 166,250 Prepaid expenaea — 107,404 � TOTALASSETS i1,915,642 ;1,780,771 � LIABIUTIES AND FUND BALANCE � LIAB�UTIES: AccouMs payable i192,679 Z154.665 Accrued wages and deductions 90,179 91,1Q6 � Deposlts payable 55.075 11.400 Deferred revenue 319,102 295,301 TOTAL LIABIUTIES $657,035 t550,472 � FUND BALANCE: , Reserved: Prspaid expenses — 5107,404 Encumbrances 566,601 80,026 � Unressrved: Designated for vrorking capital 1,192,006 992,569 TOTAI FUND BALANCE ;1.258.607 t1.180.299 , TOTAL LIABILITIES AND FUND BALANCE ;1,915,642 ;1,750,771 ' � � , —45— � CITY OF ROSEMOUNT. MINNESOTA � COMPARATNE STATEMENTS OF REVENUE, DCPENDITURES AND CHANGES IN FUND BAIANCE3 , GENERAL FUND YEAR ENDED DECEMBER 31, 1994 AND 1993 ' 1994 1995 REVENUE: ' Taxes ;1.878.109 it.448.171 Licsnaes and permita 302,859 282,116 , IrKsrgover�mental 1,079,660 1,023,970 Charges fw servic� 372,318 412,879 Finea and forfeiturea 100,074 60.960 � Special asaessmer�ts 88,790 22,139 intereat earninga 30.148 28.929 Miacellaneoua 169,956 190,388 � TOTA�REYENUES �,021,914 :5,469,552 DCPENDITURES: � Curre� General govemmeM s1.083,321 ;1,109,057 Public aafety 1.087,181 955.080 ' Pubiic works 1,052,775 896,245 Park and recreation 563,157 580,711 TOTAL IXPENDITURES s3,786,435 53,541,093 ' IXCESS OF REVENUE OVER DCPENDITUFiES ;235,4�80 (571,741) OTHER FINANCING SOURCES (USES): � Transfers from other iunda s287,495 s71.735 Transfers to other funds (444,668) (15.105) � TOTAL OTHER SOURCES (U3ES) (i157.173) 558,630 EXCE3S OF REVENUE AND OTHER FINANCING � SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ;78,807 (i13.111) BEGINNINCa FUND BALANCE 1,180,299 1,193,410 � ENDING FUND BALANCE =1,258,606 s1,180,299 ' � 1 _,�_ 1 1 � CITY OF ROSEMOUNT.MINNESOTA �CHEDULE OF HEVENUE GOMPARED TO BUDGEF(GMP BASIS) ENERAL FUND YEAR ENDED DECEMBER S1,1�4 � 1994 FAVORABLE ' (UNFAVORABI� 1993 BUDGET ACTUAL VARIANCE ACTUAL TAXE3- tGensral PraPe�Y�� i�,�s,004 i�.sss.� (i�2,ss�� s�.»a,s� Fiscsl disparities 314,358 514.358 - 302.808 Other 29,000 30.299 1,299 26.464 TOTALTAXES i1,889,362 i1,878.109 (St1,253) =1,448,171 �.ICENSES AND PERMtT3: Business =265,450 �302.409 �6.959 i281,666 �Non-business 4pp 45p gp 450 TOTAL LICENSES AND PERMITS ;265,850 �302,859 s37.009 ;282.116 INTERGOVERNMENTAL: �Locsl govemment aid :380.794 �980,794 - i296,502 Hom�stead and ag credit(HACA) 555,804 555,804 - 525,257 Equalization aid - - - 82,973 �Police stnte sid 60,000 67,B74 i7,674 59,618 Mobile home HACA 21,000 22,091 1,091 21,977 Other 40,000 53,298 15,298 37,644 � TOTAL INTERGOVERNMENTAL =1,057,598 ;1,079,660 =22,062 =1,023,970 HARGES FOH SERVICES: General governmerrt =342,900 �358,645 i15,743 �487,389 �Public safeiy 12.000 �o.o�a �t,saa� 2�,0� Highwaya and streets 1,500 1,583 83 1,759 �C 1,500 2,072 572 2,510 � TOTAL CHARGES FOR SERVICES �357,900 �572,318 ;14,418 t412,e79 FINE3 AND FORFEtTURES: �C�My =65,000 ;100,074 :35,074 :60.960 ISCELLANEOUS: Interest s25,000 =30.148 �5.148 =28,929 �Other 55,000 48,577 13,577 80,838 Special assessmenis 2,000 88,790 86,790 22,139 Donations 73,491 78,491 5,000 26,964 �Recreationalfees _ s3,�oo s7,2s8 (2s,so2) 7s,sSs Sale ai General Fiued Assets 2.469 2.'�69 300 ReMs 2,600 8,120 520 2,800 � TOTAL MISCELLANEOUS i201,191 i288.894 s87,703 =241,456 OTAL REVENUE �3,856,901 =4,021,914 :185,013 =3,469,553 �THER FINANCING SOURCES: Transfers from otfier iunds 236,612 287,495 50,883 71,754 �OTAL REVENUE AND OTHER FINANCINCa SOURCES :4,073,513 =4,309,409 =235,896 �3,541,087 -47- � CITY OF ROSEMOUNT. MINNESOTA � SCHEDULE OF DCPENDITURES COMPARED TO BUDGET(GAAP BASIS) ' GENERAL FUND YEAR ENDED DECEMBER 31, 1984 , 1994 FAVORABLE (UNFAVORABI.� 1999 ' BUDGET ACTUAL VARIANCE ACTUAL GENERAL GOVERNMENT Mayor and counciL- Personal services t27,607 i22,308 s5.299 �3,738 ' Profesaional fees 69,800 69.633 167 103.662 Other charges 10,900 12.309 (t,408) 12,575 Council deaignated 20,000 17,010 2.990 8.879 � Principal on Loans 17.500 17,500 — 17.500 Executive: Personalsenrices 204,467 200,403 4.064 204,962 Supplies 2,100 1.770 S30 745 , Proieasional fees 22.100 25.467 (1,36� 10.224 Other charges 2,535 2,507 28 5,543 Election: ' Personal services 6,460 4,573 1,887 2,098 Supplies 650 303 S47 2.344 Oiher charges 3,460 2.880 580 1.i30 ' Fnance: Personal services 125,160 119,413 5,747 110,925 Profeasional fees 13,250 11,B46 1.604 1.884 Other charges 4,700 3.511 1,189 18.033 � Communiiy DevelopmeM Personal services 141,305 100,212 41,093 138,425 Supplies 535 268 267 744 ' Professional fees 19.525 17,795 1,730 8,805 Other charges 5,640 1,975 1.666 2.878 General govermm�ent: ' Insurance 188,000 130,733 57.267 158,322 Supplies 58,728 5S.S11 5,417 60.735 Professionai Fees 178,200 218.918 (40.718) 112.364 Other charges 15,400 35,815 (20,415) 109.238 � Cspital outlay 23.000 22.148 852 TOTAL GENERAL GOVERNMEPR' ;1,158,022 ;f,090,407 i68.815 S7.116.552 PUBLIC SAFETY t Police protection: Personal aervices s772,211 s772.843 (5632) �677.986 Supplies 19,836 20.448 (611) 8.717 � Professional Fees 108,765 115,403 (8,638) 90.721 Otherchargea 12.100 9.315 2.787 81.577 Fre protection: � Persona)aervices 118,901 117.444 1,457 116.590 3upplies 18.690 17,361 1.329 7.568 Profesaional fees 29.178 15.380 13,797 14.870 ' Other charges 2.235 1,937 298 6,585 Capital outlay 20,000 16,425 8.577 1,000 TOTAL PUBLIC SAFETY i1,101,916 ;1.086,553 i15,963 Z955,414 1 48— , ' , � i994 1993 � FAVORABLE (UNFAVORABI.E) BUDGET ACTUAL VARIANCE ACTUAL �LIC WOFiKS eneral maintenance: Pe�aonal services s648.434 s636.680 i11,754 =584.533 , 3uppiies 106.841 119.284 (12.MS) 108.478 Professional feea 28,422 15.926 14,496 15.658 othercnerges 1s.is2 s1.7os (1s.57s) is.s45 �treets and roads: 3upplies 96.218 95.117 1.101 74.921 Proieaaional fees 56.331 48,463 7.868 82.804 �Other chargea 3.500 11,573 (8.073) 4.707 now removal: Suppliea 19.591 17.981 1.610 15.604 �Othe�charges 4,652 6,187 (1,555) 2.OS0 treet Gghting: Suppliea 5,003 3,550 1,453 7,095 � Othercharges 68,422 60.624 7,798 60,750 TOTAL PUBLIC WORKS i1.055.526 s1.045.093 i10,4S3 t926.325 �ARK AND RECREATION Personal services =476,306 =413,946 i62,960 �428,805 Supplies 55.078 45,131 9,947 81,116 , Professlonalfeea 67.783 45.511 22.272 28.288 Other charges 29.695 41.554 (11.859) 62.793 Capital outlay 5,000 5,412 (412) � TOTAL PARK AND RECREATION �33,861 =550,954 �2.908 i581,000 TOTAL DCPENDITURES AND ENCUMBRANCES s3,950,H25 s3,773,007 ;177,818 s3,579,291 IJTHER FINANCING USES Tranafers to other tunds �128,188 f444,669 (�421,481) s1S.105 /t'OTAL DCPENDITURES, ENCUMBRANCES AND AND OTHER FINANCING USE3 �,073,513 s4,217,676 (i144.162) sS,592,396 �'iiEGINNING OF YEAR BUDGEf BAS13 ENCUMBRANCES s80,026 t41,828 �ND OF YEAR BUDGET BASIS ENCUMBRANCES (s66,600) (�80,026) �P BASIS DCPENDITURES AND OTHER FINANCING USES s4,231,102 53.554.198 i _�_ i CITY OF ROSEMOUNT. MINNESOTA � COMBINING BALANCE 3HEET ' SPECWL REVENUE FUNDS DECEMBER 31, 1994 ' 5—YEAR CAPiTAL SEVERANCE ' PORT CIP PROJECTS AND AUTHORITY PROGRAM MSA REi'IREMENT (#201� �#202� (#2os) (#�oa� ' ASSETS Cash and certificates of deposit s176.849 s522,022 548.110 =93.485 , Notes recelvable 1,408.188 — — — Due from other governmsnta 2,479 — — — ' Propaid expenaea 1.419 — — — 3peciai assessmeMa: Dsferred — — — — TOTAL ASSETS �i1.588,929 5522,022 �43.110 � �98,485 ' LIABILITIES AND FUND BALANCES � LUBILITIES: Accounts payable 510.677 �72,362 — — ' Due to other funds — — — — Deferred revenue 1,421,610 — — — TOTAL LIABFLITIES i1,432,287 i72,362 — — � FUND BAtANCES: R�served f 1,419 5287,62B — — Unreserved 155.223 212,033 =43.110 s98.485 TOTAI.FUND BALANCES i756.642 �449,659 s43.110 =95,485 ' TOTAI LIABILITIES AND FUND BALANCES =1,588,929 :522,022 i43,110 �45,485 1 � ' ' ' —52— ' i 1 ' PARK FlRE IMPROVE— SAFETY DIAMOND , MENT EDUCATION PATH TOTALS �#�� #�zi� �#2so� �ss4 �ass � 5358.073 s3.577 s66.759 s1.26S,875 i1.485,677 — — — 1.408.1 SS 1.424.964 � — — — 2.473 5.394 1,419 8,201 � — — — — 10.240 �458.073 s3.577 566.759 i2.675.954 52.934.476 � , — — — L83.039 520.032 — — — — 11,832 — — �6,759 1,488,369 1,514,402 — — ;66.759 sf.571.408 �1.546.266 � sn,�ss - - ss�s.s�� ssot,si� 280.307 �4.577 — 787.735 1.086.401 � �958.073 �.577 — i1.104.546 t1,388.212 s358,078 s3,577 566,759 s2.675,955 �2.934,478 , � i i r � _�_ CITY OF ROSEMOUNT. MINNESOTA ' COMBINING STATEMENT OF REVENUE,EXPENDITURES AND CHANGES IN FUND BALANCES ' SPECIAL REVENUE FUNDS YEAR ENDED DECEMBER 31, 1�4 , S-YEAR CAPITAL SEVERANCE ' PORT CIP PROJECTS AND AUTHORITY PROGRAM M3A RETIREMENT (#20�� #202� (#2os� (#�) , REVENUE: Municipal sfate aid(MSA) - - :58,474 - Casneral property taxes - =279,717 - - ' Tax increments i389,774 - - - Irrterest eamings 110,137 20,069 1,877 ;2,954 Principal on notes 16,772 - - - , Park dedication - - - - Donations and other 7,606 4,550 - - TOTAL REVENUES i524,283 iSO4,3S6 =59�SS0 ;2,984 ' EXPENDITURES: Salaries and Wages =76,871 - - i1,48L ' Suppliss - - - - Engiosering 11,213 - - - Legal fiees 45,450 - - - ' Othwr professional servicss 21,857 - - - insurance 9,627 - - - Other 7,332 s2.444 s1,125 1,125 , . Capitai outlay 20,907 202,169 - - TOTAL EXPENDITURES ;198,237 =204,613 ;1,125 =2,589 EXCESS(DEFICIENCI� OF REVENUE ' OVER EXPENDITURE3 i331,�46 i99,722 ;58,725 :365 OTHER FINANCINCa SOURCES (USES) ' Procesds irom sale of bonds - - - - Transfers trom other iunds - - - - ' Transfers to other tunds (;308,396) (;364,057) (i27,291) - TOTAL (;308,596) (iS64,05� (i27,291) - EXCESS(DEFICIENCI� OF REVENUE AND , OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCINC� USES i22,650 (=2B4,334) ;31.454 �365 � BEGINNING FUND BALANCES 133,991 713,993 11,6�6 95,120 ENDING FUND BALANCES ;156,641 ;449,a59 :45,110 ;95,485 , ' -54- � , , ' PARK FIRE OTHER ARIiAORY IMPROVE- SAFETY II�IPROVEMENTS MENT EDUCATION CONTINGENCY TOTALS ��#sos� �#22�� #Zsz� �s�s �9ss - - - :58.474 =384,779 � - - - 279,717 294,125 - - - 889,774 856�451 58,675 - i1,318 144,522 151,509 , 10,240 - - 27,012 4,044 156,790 - - 156.790 71,234 - - - 12,156 1,970 s175,703 - :1,8�8 s1,068.444 ;1,244,112 � - - - ;78,336 =144,178 - - - - 18,808 ' _ _ = 11,213 38.122 45,430 2,025 - - - 21,867 44,798 - - - 9,627 2,857 1 =2,250 - - 14,276 83,438 7,469 - - 250,645 714,755 s9,719 - - �11,284 :1,008,881 ;165,984 - ;1,318 =657,161 =235.131 � _ - _ _ s528.400 =3,577 :3,577 7,786 - - ti2�,sso} �su,404) ��,�z7.os2� - is,s�� (5244,sso) (i�o,sr� (i�o,s9s� � =165,984 =5,577 (:243.342) (=283,866) (;355,765) 192,089 - 24H,342 1.388,211 1.743,976 =358,075 :3,577 - :7.104,545 =f,S88,211 ' � -55- ' CITY OF ROSEMOUNT.MINNESOTA , PORT AUTHORI7Y FUND STATEMENT OF REVNEUES, DCPENDITURES,AND CHANGES IN FUND BALANCE— BUDGET AND ACTUAL , YEAR ENDED DECEMBER 91, 1984 FAYORABLE ' (UNFAVORABt.E) BUDGET ACTUAI. VARIANCE REVENUE: � Tax incremerKs ;278,000 �.989,774 i171.774 IrHergovernmerrtal 264.269 — (264.269) , IrKerest eetnings 109,625 110,151 508 Pri�cipnl on notes 16,777 16,772 (� Donations and other — 7,606 7,606 TOTAL REVENUE s668,669 i524,285 (t144.386) , DCPENDRURES: ' Salariea and wagea s79.722 i�6.871 �2.851 Engineering — 11.2�s ��,2�s� lega)fees 22.000 45,430 (28.430) , OtFrer profeaaional servicea 25.625 21.857 5.768 Insurance 2.000 9,627 (7.62� Other 6.650 7.332 (682) Capital outlay 284.269 20.907 263.362 , TOTAL DCPENDITURES y420,266 ;183,237 ;227,029 ' DCCESS(DEFlCIENCI�OF REVENUE OVER DCPENDITURES 5248,403 i331.046 s82.643 ' OTHER FINANCING SOURCES(USES) Transfers to other funds (5292.396) (i308.396) (516.000) , TOTAL OTHER FINANCING SOURCES(USES) (;292,596) (�908,396) (t16,000) DCCESS(DEFlCIn OF REVENUE OVER ' D(PENDfRJRES AND ENCUMBRANCES AND OTHER FlNANCING SOURCES(USES) ($45,993j 522.650 t66,643 BEGINNING BALANCE 133,991 , ENDING BALANCE i156.641 , ' ' —56— ' � CITY OF ROSEMOUNT. MINNESOTA �—YEAR CIP PROGRAM FUND STATEMENT OF REVNEUES, D(PENDITURES,AND ,CHANGES IN FUND BALANCE — BUDGET AND ACTUAL �EAR ENDED DECEMBER 31, 1994 FAYORABLE , . (UNFAVORABI.� BUDGET ACTUAL VARIANCE �iEVENUE: Caenera!property taxea i279.717 t279,717 — , Ir�rest earnings 16,000 20,069 s4.069 Donations and other — 4,550 4,550 TOTAL REVENUE t295,717 t304,336 =8,619 �CPENDlTURES: Other 52.250 i2.444 (i194j � Cspital outlay 279.717 224,152 55,565 TOTAL DCPENDfTURES s281,967 5226,596 i55.S71 �CCE3S(DEFICIENCI�j OF REVENUE OYER DCPENDITURES i15.750 i77,740 t68,990 �THER FINANCING SOURCES (USES) transfers irom other tunds s100,000 — (5100,000) , Transfers to other funds (175,000) (i384.05� (189.05'n TOTAL OTHER FINANCING SOURCES (USES) (i75,000) (=364,05� (i289.05� �CE33 (DEFlCI�OF REVENUE OVER EXPENDITURES AND ENCUMBRANCES AND OTHER FlNANCING SOURCES(USES) (;61,250) (i286,31n (S22S,06n �oncialition to GAAP bsais elimination of encumbrances, net 21,983 �EGINNING BALANCE 743,993 �NDING BALANCE t449,659 , � ' �. —57 CITY OF ROSEMOUNT. MINNESOTA ' DEBT 3ERVICE FUNDS ' COMBININ�'a BALANCE SHEET DECEMBER 81,1994 GA , G.O. G.0. EGUIPMENT COIdMUNiTY CITY HALL G.O. CERTIFI- , CENTER REFUNDING CITY HALL CATES 1992C 19�33D 1986 1991C (#so�� (#so2� (#sos� �#so4� ASSETS Cash and ce�fificates of deposit s78,843 i22 i142,S60 i4.1� Specia!assessments: Curront - - - - � Deferrod - - - - Dus from other governments - - - - Rsstricted Asssts: ' Cash with fiscal agent- rstunding escow account - 816.B23 - - TOTAL ASSETS :78,843 =816,648 =142,560 =4 1 , LIABIlIT1ES AND FUNO BALANCES LIABILITIES: I Deisrted rovanue - - - - FUND BALANCES: , Reserved for debt service i78,843 =81B.645 i142,S60 i4,1B9 TOTAL LIABILITIES AND FUND BALANCES ;78,843 ;876,645 ;142,360 =4,16 , ' � ' ' -80- ' ' �- s.A. SA. S.A. IMPROVEMENT SA. SA. SA. � IMPROVEMENT IMPROVEMENT REFUNDING IMPROVEMENT IMPROVEMENT IMPROVEMENT 1992A 199SA 1998B 1994A 1987A 1989B � �#s2�� #s22� ��s2s) �#s24� �#s2s� (#s2� � =546,968 :552,730 :37 ;158,178 ;1,434.860 =537,670 � — — — — 2,354 2,178 27,206 67,291 119,236 — 53,037 — , — — — — — — — 2,860,303 — — — � :574,174 =420,021 =2,979,576 =133,178 51,490,251 ;539,848 � . i ;27,206 =67,291 ;119,236 — =53,037 — ' 546,968 552,730 2,860,340 =135,778 1,437,214 =539,848 � ;574,174 :420,021 =2,979.576 =153,178 ;1,490,251 =559,848 � � i i 1 —g1— (Co�tinued) ' Clllf OF ROSEIAOUNT.MINNESOTA ' DEBT SERVICE FUNDS � COMBINING BALANCE SHEET DECEMBER 31, 1994 SA. SJ►. 3.A. STATE AID � IMPROVEMENT IMPROVEMENT IIiAPROVEMENT STREET 1991A 19916 1992D 1�4C �#s2s� (#s2s� (#sso� (#s�� ASSETS Cash =824,152 i224,754 s762.205 i7.62� Special assesaments: Delinquent — — — — , Deferrod 208,972 — 372,845 — Due from other gover�ments — — — — ' Cash with fiscal agent— refunding escrow account — — — — TOTAL ASSETS �833,124 =224,784 ;1,135,OS0 s7.62� � LIABILITIES AND FUND BALANCES LIABILITIES: � Deferred eevenue =208,972 — �972.845 — FUND BALANCES: I Raserved for debt service 624,152 i224,754 762.205 ;7,B21 TOTAL LIABILITIES AND FUND BALANCES =835,124 i224,754 ;1,135,050 ;7,62� , � � ' ' —62— ' � � � G� MUNICIPAL BUILDING 6.0. � (COMMUNITY TAX PORT CENTER) INCREMENT AUTHORITY 1992E 1988A t993E 8 1994A TOTALS � (#881) (#S82) (#383) 1994 1995 � =127.146 ;142,0�4 ;113,527 ;5.232,533 =10,605,982 � - - - 4,551 8,166 - - - 848,587 870,380 � - - - - 41,B39 - - - 8,676,926 - � i127.146 :142,094 =118 527 =9,7B2,578 �11,526,137 ' . � - - - =848,587 :878,546 � =127,146 s742,094 =113,527 8,913,990 10.647,591 � ;127,146 =142,094 =11S,S27 s9 762.577 =11,526 137 � , � ' 1 —B3— (Concluded) � CITY OF ROSEMOUNT. MINNESOTA ' COMBINING STATEMENT OF REVENUE,DCPENDITURES AND CHANGES IN FUND BALANCES � DEBT SERVICE FUNDS YEAR ENDED DECEMBER S1, 1994 G.0. , G.0. GA EQUIPMENT COMMUNITY CITY HALL G.O. CERTFI— ' CENTER REFUNDING CITY HALL CATES 1992C 1993D 1986 1991C (#3011 (#302) (#303) (#304j REVENUES: � Gsaeral property taxes =103,877 — i150.870 �t8,290 Special asssasms�ts — — — — IMerest ea�mings 212 �42,074 589 218 � TOTAL REVENUES :104,089 ti32,074 =151,159 i48,508 EXPENDITURES: Bond principal i20,000 — i80,000 ;40,000 ' IMerost on bonds 64,450 i33.458 60,840 5,890 Fiscal agent tses 428 — 46S S51 Offiar 1.125 21,458 1,125 1,125 � TOTAL EXPENDITURES i85,985 s54,891 =142,428 �7,466 EXCES3(DEFICIENCI� OF REVENUES � OVER EXPENDITURES ;18,105 (i22,816) i8,731 =7,042 OTHER FINANCING SOURCES (USE3) Proceeds irom aals of bonds — — — — ' Transfers irom other iuods — — — — Transfers to other iunds — — — — TOTAL — — — — � EXCESS(DEFICIENCI� OF REVENUE AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USE3 =98,105 (=22,816) =8.731 ;1,042 ' BEGINNING FUND BALANCES 60,737 839,461 133,829 3,127 ENDING FUND BALANCES 578.842 t816.645 t142.580 i4.t89 � � ' � , � —64— , � � ' S.A. , S.A. 3.A. IMPROVEMENT S.A. S.A. S.A IMPROVEMENT IMPROVE�AENT REFUNDING IMPROVEUAENT IMPROVEMENT IMPROVEMENT 19�2A 1993A 19938 1994A 1987A 19886 ' (#8211 (#322) (#8231 (#324) (#325) (#32B) - - - - S12S,000 - =3�4.078 s259.784 - - 105,047 ;958 , 22.184 4,249 =67,931 59,278 47.627 8,223 =56,262 =264,033 =67,951 ;9,278 s277,674 =9.182 1 =215,000 - - - :500,000 s1,S50,000 35,171 =22.953 ;83,680 - 172,225 51,325 429 300 - - 517 517 ' 1,125 1,125 26,576 = 1,125 1,125 S2S1,725 ;24,377 =80,235 5673�867 ;1,602,967 1 (=195,465) =239,656 (=12,305) ;9,278 (=396,193) (s1,59S,785) � _ - = :123,900 = _ s�o�,s� - - - - - - (;95,883) � - ;107,826 - :123.900 - (:95,883) � (=195,463) =347,482 (=12,30� i133,178 (;396,193) (Si,689,668) 742,431 5,248 2,872,644 - 1,833,407 1,689,668 � =546,968 t352.730 52.860.339 5133.178 i1.437.214 - � , , � i -65- (Continusd) � CITY OF ROSEMOUNT. MINNESOTA , COMBINING STATEMENT OF REVENUE,EXPENDITURES ANO CHANGES IN FUND BALANCES ' DEBT SERYICE FUNDS YEAR ENDED DECEMBER 31, 1994 ' S.A 3.A S.A. S.A. ' IMPROVEMENT IMPROYEMENT IMPROVEMENT IMPROVEMENT 1989B 1991A 1991B 1982D (#S2� (#328) (#S29) (#S30) REVENUES: ' General Property Taxes - - - - Special Asssssms�ts s60,050 =55,442 ig.879 s427,764 IMsrest Eamings 21�494 22,343 8.294 78,004 ' TOTAL REVENUES s81,544 =78,785 i15.173 ;440.768 EXPENDITURES: Bond Principal i250,000 t120,000 S�O,000 - ' Interest on Bonds 120,448 58,590 15,180 s74,483 Fiscal Agent Fees 412 418 358 357 Other 1,125 1,125 1,125 1.125 ' TOTAL EXPENDITURES :371,984 =180,133 ;44,808 ;75,964 EXCESS(DEFIGIENCI�OF REVENUE ' OVER EXPENDITURES (s290,440) (i104,349) (=29,43� t364.804 OTHER FINANCING SOURCES (USES) Proceeds irom Sale of Bonds - - - - � Transfen irom Othsr Funds - - - =50.457 Tranafers to Other Funds - - - - TOTAL - - =50,457 EXCESS(DEFIGIENCI� OF REVENUE AND � OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES (=290,440) (=104,349) (=29,43� ;415,260 � BEGINNING FUND BALANCES 830,288 728,500 284,190 546,944 ENDIN6 FUND BALANCES 5539.848 t624.151 t224.755 f762.204 ' ' ' ' ' � -66- ' ' � � � � � � GA. MUNICIP/1L G.O. BUILDING G.O. � STATE AIO (COMMUNITY TAX PORT STREET CENTER) INCREMENT AUTHORITY 1994C 19�2E 1988A Y993E d�1994A TOTALS (#331) (#3811 (#382) (#S8S) 1994 1993 , - =32,210 - • - =459.947 =495.606 - - - - 948,002 1,165,515 � i7,627 56a =550 =15,539 280.016 269.407 :7.621 �.42,776 =550 :15.559 =1.887,965 i1,930.526 � - =65,000 ;100,000 - =2,970,000 ;1,455,000 - 101,317 87,185 =24,878 980,07B 972,527 - 510 426 247 5,727 5,124 ' = 1,125 1,125 1,125 85.764 14.625 =167,952 =168,736 =26,249 =3,999,567 52,447,27B ' i�.s2� (t�ss.��s) (i�6s,�ae) (i�2,sao) (i2,s��.ao2) (ss�a,�so� � _ - - _�83,305 =207,205 :2,290,914 =135,762 ;172,634 466,678 2,888.500 - - - - (95,883j (1,513,843) � - =135,762 ;1]2,894 ;83.505 =578,001 ;3.648,571 , =7,621 ;586 =4,448 =70,615 (�1,733.B01) ;'iS.129.820 - 126,560 137,648 42,912 10,647,592 7,517,772 , t7.621 t127.146 5142.094 S11S.527 i8.918.991 510.647.592 � ' � � � -67- (Concluded) � ' CITIf OF ROSEMOUNT. MINNE30TA C0IABINING BALANCE SHEET I CMITAL PROJECT FUNDS DECEMBER 31,1994 ' O'LEARY'S O'LEARY'S ROSEMOUNT CSAH 42 d� ' HILLS HILLS BUSINESS CANADA AVE. 7TH ADD'N 8TH ADD'N PARK TURN LANES ' �#40�� #4oa� (#4os� #404� ASSETS � Cash =9p�843 =gp,5S3 :199,175 - Due from other iunds - - 298,288 - ' TOTAL ASSETS s90.845 i9O,533 i497,443 - LIABILITIES AND FUND BAIANCES ' LIABILITIES: ' Due to other funds - - - ;15,411 Accounts payable =6,944 - ;16,413 - Contracffi payabie 8,460 =8,724 48,825 - � TOTAL LIABILITIES =15,404 ;8,724 =62,238 =15,411 FUND BALANCES: ' R�erved 75,440 81,809 435,2d6 (15,471) TOTAi.LIABILITIES AND FUND BALANCES =90,843 ;90,533 s497,443 - ' , ' ' ' ' -70- ' ' � ' , , 145TH STREET SHANNON CHIPPENDALE VALLEY OAK BISCAYNE RECON HILLS AVENUE WESTRIDGE POND AYENUE DIAIr10ND PATH , 6TH ADD'N 156TH TO 160TH 5TH ADD'N OUTLET IMPAOVEMENTS TO 3HAN PKWY (#40� (#408) (#409) (#412) (#414) (#41� 1 =252.759 s22,512 �38.813 s788 - ;60.809 ' =282 759 =22,512 i38,813 =788 - i60,809 � � - - - - 582�478 - =90 - =2,614 - 2B,918 - � 61�007 - 9,690 - - - :61,097 - i12.304 - s109,396 - � 60 809 191,661 =22,512 26,509 ;788 (109,396) ; . ' i252,759 =22,57 2 =38.813 =788 - =60,809 ' i 1 ! 1 ' -71- (Cootinuedj � ' Clllf OF ROSEMOUNT. MINNESOTA COMBINING BALANCE SHEET ' CAPITAL PROJECT FUNDS DECEMBER St,1994 ' 145TH STREET WEST ' ARMORY RECON3TRUCT. DIAMOND SCHWARZ HIGHWAY 3 CHILI TO PATH POND IMPROVEMENTS CAMEO IMPROVEMENTS OUTLET , (#41� (#41 S) (#419) (#420) ASSETS � Cash - =500,000 :65,547 ;21,603 Dus irom oTher funds - - - - , TOTAL ASSET3 - =500,0�0 ;65,547 ;21,605 L.IABILITIES AND FUND BALANCES ' LIABILITIES: ' Due to other funds i121,172 =76,650 - - Accourns payabls - 3,334 - ;4,028 Contracffi payabie 58,807 - i77,504 11.759 ' TOTAL LIABILITIES =179,979 ;79,984 ;77.504 =15,787 FUND BALANCES: ' Resened (179,979) 420.016 (11.956) 5.816 TOTAL LIABILITIES AND FUND BALANCES - :500,000 :65.547 i21.603 , ' ' ' ' ' -72- ' ' � , ' , OTHER SHANNON ARMORY POND IMPROVEMENTS WACHTER ' SRD ADD'N PROJECT 186A OUTLET TOTALS (#421) (#42� (#428) 1994 1995 ' =32.600 ;73,016 :204.263 ;1,653,261 i1,940.240 ' — — — 298.268 — �42,600 =78,01 B =204,268 =1.951,529 =1,940.240 ' � — — — =295,711 �105,794 =1,749 — — B2,089 58,333 � 3,877 — — 285,652 784,890 =5,62B — - 5643,452 =929,017 � 6 974 1 011 228 2 , =75,016 =204,263 1,308,076 , :32.600 =75,016 ;204,265 :1,957,528 �1,940,240 � ' ' � ' � —73- (Concluded) , . ' CITY OF ROSEMOUNT. MINNESOTA COMBINING STATEMENT OF REVENUE,EXPENDITURES,AND CHANGES IN FUND BALANCES ' CMITAL PROJECT FUNDS YEAH ENDED DECEIu1BER S1, 1994 ' CSAH 42 d� O'LEARY O'LEARY ROSEMOUNT CANADA ' HILLS HILLS BUSINESS AVENUE 7TH ADO'N 8TH ADD'N PARK TURN LANES �#40�� #so2� (#4os� (#404� � REVENUE: irnerost samings — — — — Municipal stats aid (MSA) — — — — ' Other — — — — TOTAL — — — EXPENDITURE3: , Construction costs: Improvements s8.460 =188.827 =784,028 — ' Engin�ing fees 220,962 3,598 297,809 i78,411 Otherfess 2,461 217 5,878 — Profesaional tses 4,534 4,203 21,697 — , Other — 447 60 — TOTAL =256,416 i194,992 i1,109,467 i18,411 EXCE33(DEFICIENCI� OF REVENUE ' OVER EXPENDITURES (;236,416) (;194,992) (;1,109,46'n (i15,411} OTHER FINANCING SOURCES(USES): ' Bo�d proc.eds i299,856 =276.801 i1.524,672 — Transfers irom other funds 12,000 — 20,000 — Transfers to other tunds — — — — ' TOTAL s311,856 :276.801 i1.544.672 — EXCESS(DEFICIENCI� OF REVENUE AND OTHER ' FINANCiNG SOURCES OVER EXPENDITURES AND OTHER FINANCING USES i75,440 �1,809 ;435,206 (i15,411) BE6INNINCa FUNQ BALANCES — — — — � ENDING FUND BALANCES =75,440 :81,809 :435,206 (=15,411) ' , ' —74— ' ' ' , , , SNANNON O'LEARY'3 SHANNON CHIPPENDALE 3ECTION Si HILLS HILL3 HILLS AVENUE WESTRIDGE SANITARY 5TH ADD'N STH ADD'N 6TH ADD'N 156TH TO 160TH 5TH ADD'N SEWER ' �#40� (#sos� (#40� (#4oa� (#409� (#s�a� � — — — — — — ' ' =28,829 ;24.210 =256,859 = =178,916 = 9,069 3,204 42,793 84,61 B 516 140 25S — 2,329 — � _ 10,551 — 27,496 — 8,583 — =5.883 — 4,007 = �L8,945 =55,050 �288,488 53.883 5286,868 — ' (i4s,9�s) (sss,oso� (s2ss,4as� (ts.sas) (s2aa,ssa� — ' — — sao9,000 — s2ss,3n — ' — tn,as� _ ��,» _ _ — (i�o�,s2s� (4,sso� (is.�� (S�o�,s2B� s�s.�� saso,r4s — i2�.sn (is.�9� , (i�5a.n�) (s4�,�ss� i�9�,se� (ss.as3� szg,sos (ss.�s� ' 156.771 41,758 — 26,395 — 5,797 � — — :191,661 ;22.512 =26,509 — ' � � —75— (Continued) , ' CITY OF ROSEMOUNT.MINNESOTA COMBINING 3TATEMENT OF REVENUE,EXPENDITURE3,AND CHANGES IN FUND BALANCES I CAPITAI.PROJECT FUNDS YEAR ENOED DECEMBER 37, 1�94 ' 145TH STREET RECON VALLEY OAK ARMORY BISCAYNE ' 3HAN PKWY POND SANITARY AVENUE TO CHill AVE OUTLET SEWER IMPROVEMENTS (#411) (#412j (#413) (#414) ' REVENUE: Interost sarnings — — =1,295 — Municipa!state aid (MSA) — — — — ' Other ;20 — — — TOTAL ;20 — ;1.295 — EXPENDITURES: ' Construction costs: ImprovsmeMs =69,731 =11.856 — ' Engineering fses 6,754 13,702 �3,301 i108,035 Other fess 5,715 — — — Professlona!fees 48 — 41 1,361 ' Other — — — — TOTAL =82,247 ;25,558 �3,842 ;109,396 EXCESS(DEFICIENCI� OF REVENUE ' OVER EXPENDITURES (;82,228) (=25,558) (i2.04� (5109,396) OTHER FINANCING SOURCES(USES): ' Bond procseds — — — — Transfers irom other funds i132,665 — — — Tranafers�o otfier iunds — — (i52,919) — ' TOTAL i132,665 — (:52.919) — EXCESS(DEFICIENCI� OF REVENUE AND OTHER ' FINANGING SOUIiCES OVER EXPENDITURES AND OTHER FINANCING USES =50,437 (;25,858) (:54,96� (=109,39� BE6INNING FUND BALANCES (50,45� 2B,346 54,967 — , ENDIN6 FUND BALANCES — ;788 — (;109,396) ' ' � —76— ' ' , ' , �4sTM s�Eer �4srH wesT � ARMORY RECON ARMORY RECONSTRUCT. DIAMOND SCHWARZ STORM DIAMOND PATH HIGHWAY 3 CHIU TO PATH POND WATER TO SHAN PKWY IMPROVEMENTS CA1ilE0 IMPROVEMENTS OUTLET � (#41� (#416) (#41� (#418) (#419) (#420) :207 - - - - i16 , - _ _ _ ' _ t207 - - - - =�g ' ' _ _ ;65,675 :424,442 (53.724) ;116,005 7,540 210,543 380 27,974 - - 1,238 1,832 - - , - - - - 16,452 = - 221 - - =74,454 =653.269 (:3.344) =144.199 , s207 - (;74,454) (;653.269) i3.344 (=144,184) � - - - 5745,648 - - - - - 327,637 - ;150,000 ' �56�.187) - - - - - i�,i s� — — i�,o�s,sss — t�so,000 � (=63.979) - (;74,454) =420,016 =3.344 s5.816 � 63.979 =6d,809 (105,525) - (15,301) - � - =80,809 (�179.979) ;420,016 (=11,95� :5.818 ' � , -77- (Cor�tinued) � ' CITY OF ROSEMOUNT.MINNESOTA COMBINING 3TATEMENT OF REVENUE,EXPENDITURES,AND CHANCaE3 IN FUND BAI.ANCES ' CAPITAL PROJECT FUNDS YEAR ENDED DECEMBER 31, 1994 ' OTHER SHANNON COMMUNITY ICE ARMORY ' POND CENTER ARENA IMPROVEMENTS SRD ADD'N PROJECT PROJECT PROJECT (#421) (#424) (#426) (#42� ' REVENUE: Interest earnings — — :7,554 sS,150 Municipal:tate aid (MSA) — — — — , Other — — — 15,048 TOTAL — — i7,534 i18,198 EXPENDITURES: ' Co�struction costs: Improvemsnts =95,414 — — — Engineeringfees 29,164 — — i890 ' Otherfees 671 — — — Professionai fess 2,447 — — — Other — — =794,994 508,920 , TOTAL :12T.696 — �794,994 �509,810 EXCES3(DEFICIENCI� OF REVENUE ' OVER EXPENDITURES (=127.696) — (=787,440) (=491.612) OTHER FINANCING SOURCES(USES): ' Bond procseds t154,670 — — =98,000 Tranafan irom other tunds — s149,366 :209,215 859,087 Transfers to other funds — — — (209,215) , TOTAL ;154,670 =149,386 �209�215 5247,822 EXCESS(DEFICIENCI� OF REVENUE AND OTHER � FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES =26,974 ;149,366 (:578,225) (;245,790) BEGINNING FUND BALANCES — (149,366) 578,225 316,805 ' ENDING FUND BALANCES :26,974 — — =73,015 , , ' —78— � � ' ' , IWACHTER 188A OUTLET TOTALS ' (#428) 1994 1993 — =12,222 i140,679 ' _ — 702,174 15,068 32,1 SO — :27,289 5874,983 ' ' — =2,224,225 =4.9�,109 =7,891 1,063,837 432,918 — 21,247 76,927 ' 7,049 112,850 115,257 H21 1,304,742 655,285 �15,281 ;4.726.401 ;6.240,476 ' (:15,261) (=4.699,111) (=5.365.493) , , — =3.772,024 :548,895 =219,524 1,868,445 642,083 , — (444.504) (822.011) =219,524 :4.995,965 :368.967 , =204,263 ;296.854 (�4.996,526) ' — 1,011,223 8,007,749 � s204,263 S1.S08.077 =1.011,228 ' , ' _�g_ (Concluded) , CITY OF ROSEMOUNT. MINNESOTA ' COMBINING BALANCE SHEET , ENTERPRISE FUNDS DECEMBER 31, 1994 3TORM , WATER WATER COMMUNITY (#601.604.605.) SEVIIER (#603.607.611.1 CENTER ' (610 dc 612) (#602 dc 606} (613 dc 620) (#650) ASSETS- 1 CURRENT ASSETS: Cash and certificatea of depoait ¢1,785,820 i1.987.916 i1.126.377 — Accourns receivable 118.BS6 t56.788 77.482 ;10,258 ' Special asseasments receivable 22,043 31,253 57.627 — Due irom other funds — — 9.832 — ' Due from other govemments — — — — Prepaid expenses 13.661 35.191 5.632 14.197 TOTALCURRENTASSETS i1,940,160 =1,689,i47 ;1,254,450 524.455 � RESTRICTED ASSETS: ' Cash S24 — — — Cash with fiscal ageM— refunding escrow accouM 812,868 — — — ' TOTAL RESTRICTED ASSErS �912,892 — — — PROPERTY AND E�UIPMENT: I �d i120.356 — i119.500 — Buildings 1,206,827 568,258 — s5.054,741 ' improvements other than buiidings 45,545 4,444 21,295 — Machinery and equipment 12,711,503 34.182.665 7,710,173 3.122 Leas accumulated depreciation (4,099,564) (14,376.174) (1.598,170) (77.548) , NET PROPERTY AND EDUIPMENT �9,984,668 �19,879,193 s8,452,797 54,980,514 TOTALASSETS s12,837,720 ;21,488.340 s7,707.247 s5,004,770 ' ' � 1 ' —82— ' , ' ' , TOTALS 1993 1994 (Restated) ' ' �4.500,112 =3.870.363 368.164 330,582 90.928 87,406 , — 9.332 — 2,446 64.681 57.430 1 �4.828.212 s4.348.227 ' t24 S24 ' 912.888 938.126 5912,892 s938.150 ' �239.856 S2S9.856 ' 6.329.826 6,329,826 71.284 71.284 54.607.462 54.565.143 ' (19,951.456) (18.732.793) 541,296,973 f42,473.316 ' �47,038.077 s47.759,695 � ' ' , . —83— ' CITY OF ROSEMOUNT. MINNESOTA ' COMBINING BALANCE SHEET ' ENTERPRISE FUNDS DECEMBER 39, 1994 ST�RM � � WATER WATER COMMUNITY ��so�.eoa.6os.) s�R (#sos.so7.s�s.) CENTER I LIABII.ITIES AND FUND E�UIIY: (610 d�612) (#602 dc 606) (d�620) (#650) CURRENT LIABILITIES: ' Payable from curreM aasets: Due to other funds — — — �9,532 AaaourKs payable 51.639 i6.735 — 457 , Accrued eupensea 1,719 — — 1,114 Compensated absenses payable 15,289 6,552 i1.907 11.069 ' Bonds Payable 75.000 — 60.000 10.000 TOTAL CURRENT LIABILITIES =93,647 i1S.288 561,907 s31,972 PAYABIE FROM RESTRICTED ASSETS: ' Accrued interest on bonds s17,566 — — — TOTAL PAYABLE FROM RESTRICTED ASSETS i17.566 — — — ' LONG-TERM LIABILITIES: Bonds payable; noncurrent portion s1,075,000 — t1,770,000 i2.350.000 ' Accrued interest on bonda 34,566 — 34,098 — Deferred revenue 20,508 =29,186 87,057 — TOTAL LONG—TERM LIABILITIES i1.129.874 i29,186 51.841.155 S2.S50.000 ' TOTAL LIABILITIES 57.241,088 s42.474 51.903.O6t 52.381.972 FUND E(�UITY: I CoMributed capital s10,604.581 i20.247.792 �5.940.795 52.719.074 Retained earnings: ' Reserved for capital improvements and debt service 81,705 10,758 (1,860,000) — Unreserved 910,546 1,187.316 2,323,392 (96.276) ' TOTAL FUND EtiU11Y ;11,596,632 ;21,445,866 �5,804.185 52.622.798 TOTAL LIABILITIES AND FUND EDUITY 512.837.720 i21,488,340 s'7,707,246 �5,004,770 ' ' ' ' —84— ' , ' � � TOTALS 1993 1994 (Restated) ' ' �•�2 — a.as� sas.sn 2.sss �s.2s2 , 34.817 28,397 145.000 100,000 5200.814 =190.656 ' 517.566 ;17.568 , 517,566 s17.568 ' 55.195.000 55.005,000 68.464 68.575 86.751 87,406 ' �5.350.215 s5.160,981 55.568.595 55.869.205 � �8,912.040 s40.272,568 , , (1.787.536) 146.464 4,324,978 1,971,656 =41.469.482 ;42.380,488 ' $47.OS8.076 �47.759.693 ' , , —85— ' ' CITY OF ROSEMOUNT.MINNESOTA COINBINING STATEMENT OF REVENUES,EXF�ENSES AND CHANGES iN RETAINED EARNINGS , ENTERPRISE FUNDS YEAR ENDED DECEMBER 31 1994 STORM ' WATER WATER COMIiAUNtTY �#eo�,eos,so� s�a �#eoa,eo�,s�� ce� �s�o a�a�2) (#so2�soa� (s�s a s2o� (#s5o� ' OPERATINCa REVENUES: R�idential rovenuss =314,360 i456.098 =276.204 - Apartrnant rovenues 35,182 53,822 - - (nstttutional rovsnuss 23,241 33,815 , Gommsrcial rovenuss 26,101 32,611 - - Industrial rovsnues 4,480 6,841 - - Water meter mnintsnance 10,850 - - - , Water meters 27,181 - - - Connectionfees 250,340 275.157 332,156 - Miscellaneous 4p8 - - 5265,918 ' TOTAL OPERATING REVENUES �92,093 �856,0�3 �608.360 i265,918 OPEAATIN6 EI�ENSES: Personal services =147,295 =B5.817 :10,653 :2BS.572 Suppliss 74,595 10,497 11,229 47,648 ' Professiormiservices�oihercharges 90,839 50,208 36,230 154,044 Other servicss and chargss 8,009 s,052 10,804 12,B46 Metro sewer chargas - 352,308 - - ' TOTAL OPERATING EXI�'ENSES =320,738 :461,882 t68.977 =479,910 OP�iATING INCOME BEFORE DEPRECUTION �371,555 =394,162 �539,443 (;213,991) Depreciation expense (297,210) (690,528) (134,629) (76.300) ' OPERATING INCOME AFTER DEPRECIATION =74,145 (=296,362) ZS84,814 (s290,291) NON-OPERATING REVENUE(DCPENSES): ' Propsrty Tauces - - - =94.921 Special assessmsnia =17,795 i26.978 i16,792 - � irrberest samings 98,517 35,882 57,900 - Surcharges and penalUes 76,681 12,472 453 - omer eXPenses �s.su� ��s,s22� (2,2so� ��,u� Inisrrest e�cpense and fiscal agerK fees (125,683) - (83,581) (171,45B) ' TOTAL NON-OPERATING REVENUE3(DCPENSES) (;11,216) s58,410 (�30,68� (i105,680) NET INCOME BEFORE OPERATING TRANSFERS � AND DEPRECIATION ON CONTRIBUTED ASSETS ;62,928 (=237,952} ;3'54,127 (;398,971) OPERATING TRANSFERS: Operating transfers in :329,662 �52,919 i108,000 i244.188 ' opsrst�n9 transters out �s4�,oa3� (�so,as� (�i4,a�s� �ts,a�2� TOTAL OPERATING TRANSFERS: (=217,421) {=107,976) (5606.519) :227.576 NET INCOME(LOSS) (=1S4,�ss� {;sas,a2s� (;Zs2,�a2� 1;��,�'� I ADD DEPRECIATION ON CONTRIBtJTED ASSEfS 200�000 425,000 115,000 45,000 BEGINNING HETAINED EAANINGS 946.744 1.119.002 �0.584 27.119 ' ENDING RETAINED EARNINGS 5992.251 t1.198.074 t463.S92 (�96.276� ' -86- ' , , � o T TALS 1993 ' 1994 (Resffi� =1,046,661 =859.825 89,004 95,223 � 56.756 g2,�7� 58;712 60,562 »,s2� »,ns , to,sso a,�oo 27,131 20,519 855,653 575,350 , 266,326 3,567 ;2,422,415 =1.697,769 � �489�338 =269,326 143,969 63,622 311,321 143,182 �� ' 34,511 18,307 352,308 501,572 =1,331,447 =795,959 =1,090,968 s901,810 � (1,218,663) 1,142,302 , (=127,694) (5240,492) =94.921 s54,000 ' 61,562 47,426 172,Q99 112,71 S 89,606 80,569 , ��2e.sai� ��2s,59�� sso,�2o� ��as.ss�� (;89,173) (�14,512) � ;216 86 ;254 804 � . � � ) � =734,769 s176,300 (1.438,909) (291,8B1) (5704,140) (=115,061) , (5921.00� (5369,865) 785,000 1,029,170 ' 2,693.449 2.034,144 s2.557.442 t2.693.449 , -87- ' Clllf OF ROSEMOUNT. MINNESOTA � COMBINING STATEMENT OF CASH FLOWS ' ENTERPRISE FUNDS DECEMBER81, 1994 STORM � WATER WATER �#so�.soa.sos.) SEWER (#603.so�.s��.) �s�o�s�2� (#so2�sos �#so2�sos� CASH FLOW3 FROM OPERATING AC7IVITIES: Cash received firom customers �85,SSS �40.512 =599,197 Caah paymerns to suppliera for goods and services (147.29� (65•81'� (10• Cash paYmeMs to employeaa for aervices (195,958) (395,142) (66,004 Net cash provided by operating activities i342,680 �379,559 =522,538 CASH FLOWS FROM NONCAPITAL ACTNITIES: ' Operating transfers Trom other funda t329,662 i52,919 ;108,000 Operating transfers to other funda (547,083) (160,&95) (714,31� Otlter income(e�ense),net (1,643j (4,450) (1,79 Property texes and apeciai asaeasments 15,290 20,968 24,300 Na�t cash provided by noncapiffiI financing activititea (s203,834) (591,463) (5588,816 CASH FLOWS Fi'�M CAPITAL AND RELATED FINANCING ACTIVITIES: Acquis'�ttion of property.Plant.and equipme� (540.650) (i1,669) — Principal payments on bonds (70,000) — (i30,000 Boncl proceeds — — 355,000 interest and fiscai charges on bonds (102,468) — (81,6� Contributed capita!�ecieved — — — Nst cash used by capital and related flnancing activities (5213,118) (51.669) �2H.350 CASFI FLOWS FROM INVESTING ACTIVITIES ' Net increaae(decrease)in investmerna — — — Inter�t received on irwestments t,98,317 ;35.882 =37.9Q0 Net cash used in inveating activities �98,317 ' f35.882 s37.900' NET INCREA3E(DECREAS� IN CASH AND CASH E(lUIVALENTS =24,045 �522,103 ;199,972 BEGINNING BALANCE 1,761,775 1,065,813 92fi,405� ENDINCa BALANCE ;1,785,820 ;1,387.916 ;1,126,377' ' ' ' ' —88— ' , i 1 COMMUNITIf TOTALS CENTER 1993 (#650) 1994 (Resffited) �255.661 ;2.380.503 i1.874,469 , �2ss,s�2� (4ss,sss� (a�,�s�� (22s,sss� tesa,s�s� �2so,rzs� (t2s8.2ss� s�.00s,sos i�.»s,a�s , t244.t 88 i7s4.7ss it 7s.soo t�s.s12� ��.ass.sos� �2s�.ss�� (29.�4� (g7.OS5) (�2.2s� 94.921 155.414 54,308 �ss.s� (is8s.�s�) (s�s2.sso� , _ tta2.Si 9) (=142.�s� (100,000) (65,000) — 335.000 — �' (i»�.ass) (sss.�a� (2ss.sss) 959.421 (S»r,ass) ts�s2.sss� ts�s.sa� , s172.099 �1.384 �_ ;172.099 s81.384 , (i116.S70) s429,750 �1,586.751 116.370 9.870,365 2.283.611 — s4.300,118 =3.870.362 ' ' , , —89— , CIIY OF ROSEMOUNT.MINNESOTA ' COMBINING STATEMB�IT OF CASH FLOW3 ' ENTERPRISE FUNDS DECEMBER31, 1994 ' STOFtM ' WATER WATER �#so�.�a.sos.) SEYYER (#603.so�.s��,� ' �s�o�s�2� ��so2�6os �#soz�sos� RECONCILIATiON OF OPERATING INCOME TO NET CASH PROVIDED B1f OPEt3ATING ACTIVfTiES Operat�ng Income s74,145 (t296.362) i384,814 � Adjustmenffi�reconcile operating income to , Net caah provided by operating aetivitiea: Depreciation 297.210 690.523 154.629 ' Change in assets: Accounts receivab�e {s.7so) (1 s.7s�) (s.16s) , Pirepaid expenaes (1.511) 8.531 (1.50� Chnnge in liabilities: AccouMs payable (20.451) (10.6� (604) , Acausa ex�� (i.sss� (2,os2� �.so� Deterred revenue 1.gg6 5,p4g (7,54p) � NET CASH PROVIDED BY OPERATING ACTNff1ES 5342,680 sS79,353 �522,598 ' ' , , ' ' � , —90— � ' � � COMMUNITY TOTALS CENTER 1993 � (#65�� 1994 (Reatat� � (t�so.2s�� (t�2�.ss4) tt�s2.�s2� � � 76.300 1.21 s.662 1.211,636 � (10.25� (41.911) (38.624) ��2.967) (7,252) �8,76� , 5.845 (25.815) 41,635 (6.896� (9.030) 9.100 , — (655) 57.624 (;258.266) s1,006,305 sl.119.476 , � � � � , i 1 _9,_ 1 � CtTY OF ROSEMOUNT MINNESOTA ' COMPARATIVE BALANCE SHEETS INTERNAL SERVICE FUND DECEMBER 31, 1994 AND 1893 ' INSURANCE FUND , 1994 1993 ASSETS , C�h and certificates of deposit s111,347 — Prepaid expensea 104.590 — tTOTAL ASSETS i2l5.937 — , LIABIUI'IES AND FUND BALANCE � FUND BALANCE: F�enred: Pr�paid expenses 5215,937 — ITOTAL LIABIUTIES AND FUND BALANCE 5215,937 — � . , , t ' , , , ' —93— � CITY OF ROSEMOUNT. MINNESOTA ' COMPARATIVE STATEMENTS OF REVENUE, DCPENDITURE3 AND CHANGES IN FUND BALANCES � INTERNAL SERVICE FUND YEARS ENDED DECEMBER 31, 1994 AND 1993 ' INSURANCE FUND ' 1994 1898 REVENUE: , Donations and other i11.513 — TOTAL REVENUES i11,515 — DCPENDITURES: , Insurance ;2,979 — TOTAL D(PENDITURES i2.e79 — ' DCCESS OF REYENUE OVER EXPENDITURES 58,534 — OTHER FINANCING SOURCES (USES): ' Transfers from other tunds 5207,405 — TOTAL OTHER SOURCES (USES) i207,405 — , DCCESS OF REVENUE AND OTHER FlNANCING SOURCES OVER DCPENDITURES AND ' OTHER FINANCING USES �215,987 — BEGINNING FUND BALANCE — — ' ENDING FUND BALANCE ;215,937 — ' ' ' ' ' ' ' —94— . ' , CITY OF ROSEMOUNT MFNNESOTA ' COMBINING BALANCE SHEET AGENCY FUNDS DECEMBER 31. 19.94 ' ' MEALS ON WHEELS DEFERRED TOTALS � (#801) COMPENSATION 1994 1995 AS3ETS 'Cash 5653 — ;653 St.822 Investments — s718.240 718,240 607.713 �TOTAL/►SSETS s653 5718.240 5718,893 s609,535 � � LIABILITIES LIABILITIES: �Deferred compensation _ Bensfits payable Z718,240 ;718,240 i607.713 Due�agenciss 5653 — 653 532 'TOTAL LIABILITIES �53 5718,240 5718.898 �08.245 , � , , ' , ' —95— ' CITY OF ROSEMOUNT. MINNESOTA ' STATEMENT OF CHANGES IN ASSETS AND LIABILITIES ' AGENCY FUNDS YEAR ENDED DECEMBER 31. 1994 ' ' MEALS ON TOTAL ' WHEELS DEFERRED (MEMORANDUM ONLI� (#801) COMPENSATION 1994 1893 BECaINNING BALANCE i1.822 =B07.713 s609.535 �t81.763 , Additions 17,113 178,634 195,747 155,529 Total �18,955 i786.347 ti805,282 s637,292 , Deletions ��s.2s2) �s8,�on (ss.ssa� (2�.�s�) ' EN�ING BALANCE s653 i718.240 i718,895 s609,535 � � , ' ' ' 1 ' ' , -96— ' , CfTY OF ROSEMOUIYr. MINNESOTA ' GENERAL GOVERNMENTAL REVENUE BY SOURCE(1) LAST EIGHT YEARS � DECEMBER 31. 1894 MUNICIPAL LICENSES INTER— ' FISCAL STATE TAX AND GOVERN— YEAR TAXES AID(MSA) INCREMENTS PERMITS MENTAL ' 1987 51.201.800 n/a n/a 5152.817 i1.179.081 1988 i1.507.607 nJa n/a i288.852 =1,623,060 ' 1989 s1.726,540 n/a n/a i25S.308 51.135.703 1990 s1.828.Q3� n/a n/a ;210,840 =1.570,215 ' 1991 i2.255,565 n/a n/a i193.178 51,256,255 1992 i2.516,561 �/a n/a t342,742 51.005.649 ' 1993 i2.237.902 i1,086.958 �436,451 i282.116 51.023.870 1994 ;2,617,773 558,474 �489,774 �02,859 ;1,079,660 ' (1) Includes General,Special Revenue,Debt Service and Capital Project Funds ' (n/a)Clasaiflcations not included in breakdowns prior to 1993 ' ' � ' ' ' ' —98— ' ' i 1 i 1 CHARGES FOR FINES AND SPECIAL , 3ERVICES FORFE(TURES ASSE3SMENTS INTEREST OTHER TOTAL s61.531 ;31.031 s1,192.200 =S8S.488 s401.665 ;4.603.114 ' s94.327 :32.424 �08.998 :595.223 �399.230 �5.449.821 s78.953 �'i43.181 s872.390 �.971.993 5206.022 �5.288.Q90 � s88,592 s51.841 =1.041.023 s806.472 �519.194 s6.116,207 s125.887 s47.377 s884.874 �683.981 ;189.047 Z5.636.144 ' a277.856 �4.927 �1.435'.834 s488.101 :513.794 �.425,464 ' 5412,679 i60,960 t1,187.652 s590,525 i299.765 ;7,518,973 s372.318 5100.074 s1,036.793 s466,907 SS80.982 36.805.614 , � , � , � � � , —99— ' � CITY OF ROSEMOUNT. MINNE30TA � GENERAL GOVERNMENTAL DCPENDITURES BY SOURCE(1) LAST EIGHT YEARS � DECEMBER 31, 1894 ' FISCAL GENERAL PUBUC PUBUC PARK AND CAPITAL YEAR GOVERNMENT SAFETY WORKS RECREATION OUTLAY , 1887 �890,647 s535.132 s3.007.089 i101.785 n/a 1988 s989.064 s589.259 =2,294.815 5118.661 n/� ' 1989 51,079,181 s680,479 52.950,311 Z342,491 nJa 1990 i1.246.877 5746.892 t1.943.055 :416,088 n/a ' 1991 57.127.799 �34.191 51.055.611 �503.804 n/a 1992 i1,812.929 �85.966 t3.281.665 �523.296 n/a ' 1993 51.109.057 s955.080 t896.245 �580,711 t6.184,708 1994 =1.083.321 s1,087.181 51.052.775 5563,527 53.539.654 , (1) Indudes Generai,Specisi Revenue,Debt Service and Capital Project Funds ' (n/a)Classification not included in breakdowns prior to 1993 � � � ' � ' , -100- ' . ' � ' ' � DEBT . � OTHER SERVICE TOTAL s130.837 s691.878 f5.357.569 � i1.724.064 s884.095 �6.549.956 s880.365 s3.416,222 i9.S49.049 ' 5796.787 52.044.910 57.194.609 s629.069 52.338,292 56.488.766 ' ;793.482 52,172,528 �.979,666 ' s1.079,372 s2,432,651 513,237.824 s1.661.794 �3.935.803 s12.924.055 , , ' � , , 1 _ 1 i _,o,_ 1 , CITY OF ROSEMOUNT. MINNESOTA , PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN YEARS , PERCENT OF ' PERCENT OF DELINGIUENT CURRENT OUTSTANDING TAXES TO � FlSCAL TOTAL TAX CURRENT TAX TAXES DELINf�UENT TOTAL TAX YEAR LEVY(1) COLLECTIONS COLLECTED TAXES LEVY ' 1984 =651.273 s621.201 95.38% — 0.0096 1985 �05,151 5783.605 97.3296 — 0.00% , 1986 s1,019,593 �999,678 98.05% — 0.0096 1987 Z1.230,360 ;1.194.411 97.08% — 0.0096 , 1988 s1,428,170 51.416,205 99.1696 s858 0.0696 1989 s1.745.243 Z1,692,876 97.00% — 0.0096 ' 1990 52.063,786 52,032.416 98.48% i1.204 1.5296 1991 i2.498.285 ;2.453,638 98.21% �3.467 0.14% ' 1992 52.748.113 s2.711,623 98.67% :21.753 OJ996 1993 s2.918.401 s2.833.889 97.27% s40.617 1.3996 ' 1994 ;2,665.947 52.629.798 98.6496 �36,149 1.5696 (1) Includes General and Specisl Levies , ' , � � ' —102— ' ' r � � PERCENT OF , CUMULATIVE TOTAL TAX CUMULATIVE COLLECTIONS � CUMULATNE DEUNOUENT TO TOTAL TOTAL TAX TAX TAX LEVY COLLECTIONS COLLECTIONS TO DATE � 651 064 i . :29,863 99.97% , 5804.605 =2Q998 99.93% ;1.019.198 =19,515 99.9696 , s1.229,668 535.257 99.94% 51,425,670 �9,869 99.8296 � �1.759.228 �6.455 99.6696 ;2,055,747 s47,814 99.61% � i2.485.487 =34,512 99.49% s2.677.386 �.97.29� 97.43% ' s2,833.889 560.744 97.27% �2.629.798 — 98.64% � � , , , , � —109- _ ' � Clll(OF HOSEMOUNT.MINNESOTA � PROPERTY TAX RATE DIF�CT AND OVERLAPPING DEBT , LAST TEN FISCAL YEARS ' SCHOOL � FISCAL CITY OF DISTRICT DAKOTA SPECIAL YEAR ROSEMOUNT #196 COUNTY DISTAICTS(1) TOTAL ' 1985 19.182 60.228 21.043 3.299 105.752 1986 23.817 57.839 21.936 3.737 107.529 , 1987 27.912 60.361 23J93 3.874 115.940 1988 28.389 60.542 23.990 3.694 116.615 , 1989(2) 26.879 52.249 20.721 4.755 104.604 1990(2) 22.001 40.793 21.061 4.844 88.699 ' 1991 (2) 27.705 48.559 22.542 3.477 102.283 1992(2) 29.224 55.681 25.536 5.060 115.501 ' 1993(2) 29.810 60.188 26.558 3.703 120.259 1994(2) 52.297 60.933 27.474 4.964 125.668 ' (1) Prior to 1989,includes Metropoliffin Council,Metropolitan Transit District,and Metropolitan Mosquito Cor�trol. The Vo-Tach ' (SISD 917) mili rate is inciuded in the ISD 196 rate. 1989 includes Metropoliffin Council, Regional Transit Diatrict,Metropoliffi�Mosquitc Corrtrol,and Dakota County Technical , College. Beginning with 1990, includes Metropolitan Gouncil, Regional Transit District,Metropolitan Mosquito CoMrol,Dakota Couniy , Technical College and Dakota CouMy LigM Rnii Tranait. (2) Beginning with properiy ffixes payable in 1989,ffixea are determined by muitiplying the tross Tax Capacity by the Tax Capaciiy Rate,Expresaed as a percentsge. Thia replaces the use of Assessed Vslue multiplied by Mili Rat�. Prioi to 1989,the mili , rates in this table were computed on the basis of toTnl levies arnl do not reflect reduetions for property tax credits. Beginning with taxes payable in 1990,�t tax capacity has replaced gross tax capacity as�e basis on which ffixes are levied. , , -104- , � � � CITY OF ROSEMOUNT, MINNESOTA COMPUTATION OF LEGAL DEBT MARGIN � DECEMBER 31, 1894 � � Estimated Market Value i463,231,700 Debt Limit-2.00%of ' Estimatsd Market Value 59.264,634 Amount of Debt Applicabie � to Debt Limit Total Bonded Debt— Principal as of 12/S1/94 ;24,870,000 , Deductions(4): Debt Service Fund Cash and Investrnent(Ali Types) 510,019,644 ' Less Amount Applicabls to incremerrt Bonds 9,877,550 ;142,094 ' Special Assessment Bonds(PrincipaQ 11,120,000 Tax Increment Bonds(Principan 665,000 � Revenue Bonds(Principal) 5,925,000 , Port Authority Bonds 5,570,000 21.422,094 Total Amount of Debt Applicabie to Debt Limit �.447,906 3,447.906 � Legal Debt Margin =5,816,728 1 1 i ! 1 _,05_ 1 , C�IY OF R06E�AOUM:YIMIESOTA � PROPER7Y V/ILUE AND C�t�iRtJCT10N LAST SEVBd FISC/1L YEARS ' PROPER7'Y COMIrERCU11.� RE.S�El�'11A1.. , VALUE(1) c�oNs�ucnoH a� Gor�uc�or,a� FISCAt. NUMBER NUTABER D(EMIPT YEAR 7DT/1L OF UI�dTS VALUE OF I�IITS VALUE VALUE � 1�88 i213.556.700 31 i4.TD7.'S8� 47S i28.�0.T�3 =586,20D 1980 i2d1.472.500 � =3,162.Or7� 441 =10.208.304 i5,6�,900 7�0 5�.�37.800 20 �3.7�1.Q8� ' IQO =17,957.638 =772.545 , 19�1 =3,46,880.800 28 =755.�00 47� =1�10Q,838 =78,788 10D2 �.7e6,100 27 =14,350.850 674 �'LQ�,500,584 S'1.491.7�0 , 1�DS =41�.347,Q00 25 =12,775,870 541 �'15,964,010 ;414.79Ci 19�4 �03.231.700 29 56.798,974 608 �15�175.253 �86,418 ' (1) Infonnetion provided by D�faofa Counly/1s�ssar's Of&x(Baa�d on 6timabd Marlat Yalws of Fi�al Esi�Oniy) ' (� Irdormstion providad by Ciy d Rasamoir�t Bw7dng D�partm�nt ' , ' ' � , � , —108— ' � � , CfTY OF ROSEMOUNT MINNESOTA MlSCELLANEOUS STATISTICS ' DECEMBER 31,1984 ' D�e of Inootporta�ion 7858 Form or Go,►emrnent(Stffi�,eor» counciUC�h/l�ni�isuatcx � N�nber of Empbyeea Regular Fuli—Time 5� Tempwary or Part—Time 184 Mea i�Square Milea 38 Square M� IPopulation{1980 Census) 8,822 Population(1/1/96 Estimate) 11,800 L City of Roaertaun[Faciliti�and Services: Mibs of Streets 120.51 Fre Protection: Nunber of� 1 � Nunber of Fi�e Personnel and Officers ei Nunber of Galls Mawered �22 Number of Vehidea 12 , Polios Protectfon: Nunber of Stations 1 Nunber of Police Psrsonnei and Otficers Swom Officers 73 � OU�er PoGce Personnel 3 Nunber of Patrd Unita Matfted 8 , Unmarlaed 3 Parks and Heaeation: Parks 16 � Parlt Atxe�e 21 S Aaea Tennis Courts 2 Sewerage System: Miies�Sanitary Sewers �.00 M"iles ' Miles�S'torm Sewers 21.44 Miles Nunber of Service ConnecUor�s 2,9 i3 Water Syatem: � Milea of Wffier Maina: Municipal �8.28 MOea Rurai 7.t0 Milea Nunber of Senice Connectio�s 2,970 , Number of Welis Municipal 4 Rural 2 � Number of Wa�er Towers 2 Number of Fxe Hydrants �125 Daily Averdge Consumtion in Gallona 985.907 Gaibns Per Day , FaaGties and Services not induded in the Reporting Entily: Number of Elementary Sciaola 2 Wumber of Secondary Sdwols 2 � Number af Special Educffiion Schools 1 —1W— � � CI71f OF ROSEMOUNT,MINNESOTA ' SCHEDULE OF 30URCES AND USES OF PUBLIC FUNDS FOR DEVELOPMENT DISTRICT N0.1,A TAX INCREMENT FINANCING DISTRICT , DECEMBER 31, 1994 ACCOUNTED ' ORIGINAL AMENDED FOR IN CURRENT BUDGET BUD6ET PRIOR YEAR3 YEAR ' SOURGES OF FUNDS: Bond procseds �915,000 �5.050,000 =1,995.000 - � Tax incroma�ts received SS4,000 2,S05,S28 365,458 In�erest on invested tunds 528,�84 110,157 Rsai ssffits sales 102,300 102,300 4,044 16,772 � CDBG Grants 400,000 B22,735 - ;417,300 s6.886,500 =5.455.891 ;492,HB1 USES OF FUNDS: ' Land acquisition =228,173 ;1,573,173 i758,132 - Building acquision 57,775 4,001,775 1,949.482 - ' Site improvements or preparation costa 20,000 81,735 - installation of public utilitiss and improvemenis 225,000 Bond paymerrts: ' Principal 650,000 100,000 interost loan payments 667,180 92,063 Administrative cosffi 28,500 403,500 487,652 153,785 ' Miscellaneous/CoMingency 9,200 B9,200 291,894 39,452 s32S,448 s6,292,448 :4,836,075 :385,500 DISTRICT BAIANCE =93,852 =98,852 �619,816 =107,061 ' Transfers(to)from other districts (128,306) - ' fUNDS REMAINING =93,852 ;93,852 =491,510 ;107,061 � � � � -108- ' � i 1 1 1 AMOUNT , REMAINMG � �3.055,000 0 0 � 81,484 O =3.136,484 � � =815,041 2,052,293 O 225.000 � � 0 1 � 0 ;3.092,334 i u4.,so � 128,306 =172,456 I 1 t 1 1 _,09_ 1 ' CITIf OF ROSEMOUNT.MINNESOTA ' SCHEDULE OF SOURGES AND USES OF PUBLIC FUNDS FOR TIF DISTRICT 1-1 (ECONOMIC DEVELOPMENT—KNUTSON),A TAX INCREIr1ENT FINANCING DISTRICT , DECEMBER S1, 1994 ACCOUNTED ' ORIGINAI AMENDED FOR IN CURRENT BUDGET BUDGET PRIOR YEARS YEAR , SOURCES OF FUNDS: Interast on invested tunds i41,S74 =24,31B � DISTRICT BALANCE �41,574 :24,316 � FUNDS REMAINING =41,574 =24,316 ' ' ' ' ' ' 1 1 I t _„o_ 1 . 1 � � � � � � � � � � � � � � r � � � � � � o 'z � � � o � � I J � i � � qTY OF ROSEWIOUNT.MINNES07'A I St�IEDULE OF BONDED II�EBTEDt�SS DECEMBER 31,1�l94 , FlNAL INiEREST ISSUE MA7URtTY OIJTSTANOING � RATE DATE DATE 1-1-94 BOMDEDINDEBTEDNESS CaENERAL OBLIGATION BONDS � Community Gr�r.19�2C 5.00-6.Q0 11-01-19D2 2-01-2013 =1,OQ0,000 Cily HaN R�iunding,l��3D S.2S-4.50 8-Ot-19�5 2-Ot-2002 84S',000 City Hdl,1�86 5.40-A.70 4-01-1986 2-01-2002 �75,000 � E�ipnNnt C�t'tfi�xdes,1991 C 4.10-4.80 12-01-t�D'I 12-01-1996 130,000 TOTAL�iENERAL 08l.ICaAT10N BONDS i3.030.000 SPECW.ASSESSIiAENT BONOS ' Improwma�t,19D3A 3.00-5.00 8-01-1983 2-01-2005 :555,000 Imprawmu�t Rrfund'iy,1��38 3.25-4.30 8-01-1�93 2-01-2001 1,415,000 , ImprarMn�nt,1�2A S.SS-5.40 9-01-1�2 2-01-2004 �5,000 Improvwn�r�t.19D2D 5.75-a.10 17-01-10D2 2-01-2004 1,470,000 Imprown�t,1991A 5.00-6.30 a-01-1991 2-09-2002 1,0�0,000 � Improwm�nt,1991 B 4.40-5.90 12-01-1991 2-01-2003 265,000 Improv�m�nt,1989B 6.7 0-6.60 7-01-1�89 2-07-2a01 1.970,000 Improv«na�t.1988B 5.90-QA0 10-01-1988 2-01-198D 1,550,000 � Imprawm�nt,1987A 4.75-6.70 8-01-1987 2-Ot-1990 3,000,000 Impraroma�t,19D4A 4.90 5.00 8-Ot 1�4 2 Ot 2008 TOTAL SPECIAI.ASSESSMENT BONDS =12,180,000 � REVENUE BONDS Community Cwr�6x.19D2E 8.40-6.Q0 11-01-1992 2-01-2018 i2,3Q0.000 Wabr RefimtGng,1993C 5.75-5.00 8-01-19D3 2-01-2005 945.000 � SEam Wffi�r,19926 3.35-5.75 a-01-19D2 2-07-2006 7,525,000 Wa�sr,198�A 7.00-7.25 4-01-1� 2-01-2U05 1,220,000 SEorm WaZar.19946 4.25-5.00 8-01-19�4 2-01-2005 - � TOTAL REVENUE BONDS i6,050,000 TAX INCREMENT BONDS � Rolocatia�CompwNnt,1� 5.40-6.Q0 11-01-19D2 2-01-1989 =615,000 Tax Mcr�wnt,1988A 8.20-�.QO 6-M-1988 2-Ot-199D 765,000 TOT/1L TAX INCREMENT BONDS i7,380,000 ' OTHEH DEBT Cost Ovw-run partion,1�82E 3.40-6.60 11-01-1992 2-01-2015 =450.000 � Port/tultwriy,79o3E 4.25-6.�0 11-01-19D3 2-01-2009 580,000 S�e Nd Str�ai Bonds.l�tC 8.75-4.�0 8-01-19Q4 4-01-2004 - Pott Aufla►ity.1�4A 5.20-5.25 8-01-19�4 2-01-2011 - TOTAL PORT AAITHORtTY BONDS i1,030.000 � TOT/U.CITY INDEBTEDNESS �3,670,000 -114- , ' ■�w � r � � � � � � � � �r � � � � r r � x � � .� ► i i i � i i i ► 'S ,'s i i i i i i i i i i i i i i � � o � � g � � � � � � � � � � � � � � � ,� i i i i i � N i i i �, i � i � i i .� i � o � s � g � o � � � � � � � � s � � � � � � � � � � � � � � � � � � � � � � � M N � �� r r � � i � J �� ' r i r � ! r � � � � � � N $ � � � :� � � � � � .�s � � � � � � � � g � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � o � .X'#+ � � w « � N n � �. � � ., � � m � � � � � � � s � s � � � o � � � �' � � � �p � � � � _ � N O O O O O O O O O O O O O O O O O O O O O O O O « i � � � g � aa5: ,�`v� � g � � q: 4: a ,� � � nvinvil3 ,^dwif'e + fiif"a ,►�3 4.° a � �$ � z � � �9 � � � � o � � � � � � � � � � � � � � � � � � � � w � � � � ' ' 1 BOECl��4!1 VI�l1►N NEINEN& 1��tYER, P.A. C E R i [ F 1 E D P U B L 1 C A C C O U N T A N 1' S � , INDEPENDENT AUDITORS REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS BASED ON AN AUDIT OF THE GENERAL PURPOSE � FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDIT STANDARDS ISSUED BY THE GAO , City Council City of Rosemount, Minnesota ! We have audited the general purpose financial statements of the City of Rosemount, Minnesota, for the year ended December 31, 1994, and have issued our report thereon � dated March �4, 1995. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Compfroller General of the United States, and the provisions of the Legal Com�liance Audit Guide promulgated � by the Legal Compliance Task Force pursuant to Minnesota Statutes Sec. 6.65. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. ' Compliance with laws, regulations, contracts, and grants applicable to the City of Rosemount, Minnesota, is the responsibility of the City of Rosemount's management. As � part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we performed tests of the City of Rosemount's compliance with certain provisions of laws, regulations, contracts, and grants. However, it should be noted � that our objective was not to provide an opinion on overall compliance with such provisions. The results of our tests indicate that, with respect to the items tested, the City of ' Rosemount, Minnesota, complied, in all material respects,with those provisions referred to in the Comments to Auditors' Report on Compliance. With respect to items not tested, nothing came to our attention that caused us to believe that the City of Rosemount, , Minnesota, had not complied, in all material respects, with those provisions. ' The Leg,al Com,�liance Audit Guide covers five main categories of compliance to be tested: contracting and bidding, deposits and investments, conflicts of interest, public indebtedness, and claims and disbursements. Our study included all of the listed categones. ! This report is intended for the information of management and the Minnesota Cognizant Agency. This restriction is not intended to limit the distribution of this report, which is a ' matter of public record. �� P� '� '�. ��'�e.. BOECKE�,HEINEN&MAYER ' Certified Public Accountants Minneapolis, Minnesota March 14, 1995 , CITY OF ROSEMOUNT GENERAL FUND - REVENUE vs EXPENDITURES $4.4 $4.2 -------------------------------------------------------------------------------------------------------- $4.0 -------------------------------------------------------------------------------------------------- ------------------- $3.8 --------------------------------------------- ---------------------------------------------- --------------------------- � $3.6 --------------------------------------------- ---------------------------------------- --------------------------------- � $3.4 -------------------------------------------------------- ----- ---------------------------------------------- ._ � $3.2 ----------------------------------------------- ------- - - ------------------------------------------------------------- $3.0 ---------------------------------- ----- ----------------------------------------------------------------------------- $2.8 ---------- ------------- -------------------------------------------------------------------------------------------- $2.6 ------------------ ----------------------------------------------- - -- --------------------------------------------------- $2.4 1990 1991 1992 1993 1994 For the years ended December 31 : -� Revenue �- Expenditures CITY OF ROSEMOUNT GENERAL FUND EXPENDITURES (Before Transfers) $4.0 0 $3.9 ------------------------------------------------------------------------------------------ ------------------------- $3.8 ------------------------------------------------------- ------------- ------------------------------------- ^ $3.7 ------------------------------------------------------------------ -------------- -------------------------------- � � Q. � $3.6 ---------------------------------------------------- - --------------------------------------------------- - � . `. � . $3.5 ' ----------------------------------------------- . . $3.4 ' -------------------------------------------- $3.3 ------------------------- ---------------------------------------------------------------------------------------- $3.2 1992 1993 1994 For the years ended December 31 ; ---�--- Budget -�- Actual CITY OF ROSEMOUNT GENERAL FUND TOTAL FUND BALANCE vs EXPENDITURES & TRANSFERS $4.50 ,o $4.00 -------------------------------------------------------------------------------------------------- ------------------- $3.50 ----------------------------------------------------------------------------- --=�=--------------------------------- __-------' _�.. $3.00 ---------------------------------------------=------------------------------------------------------------------------- ^ -----------Er---- cn �---------- c �� $2.50 ---------------------------------------------------------------------------------------------------------------------- � " $2.00 ---------------------------------------------------------------------------------------------------------------------- $1.50 -----------------------------------------------------36.40%----------- --------o--------------3�:�1�°Io----- 34.52% 36.73/o $1 .00 -----46:02�0- ------ ------------------------ - -- $0.50 1990 1991 1992 1993 1994 For the years ended December 31 : ---�--- Expenditures --�— Fund Balance CITY OF ROSEMOUNT FUND BALANCE - GENERAL FUND $1 .4 $1 .2 ' ; ------------------------ - � � a $1 .0 I ' -� -------- � � $0.8 0 � $0.6 .� $0.4 $0.2 $0.0 1990 1991 1992 1993 1994 For the years ended December 31 : 0 Reserved � Unreserved f CITY OF ROSEMOUNT TOTAL BONDED INDEBTEDNESS $25 �� $20 � ; � , � $15 i o � � � I � $10 � � $5 ` ( �o �---- - - 1990 1991 1992 1993 1994 For the years ended December 31 : . APPENDIX I The City's chief administrative officer is the City Administrator, who is appointed by and serves PROPOSED FORM OF LEGAL OPINION at the discretion of the City Council. Mr. Thomas D. Burt was appointed to the position of City �w or�zc�s Administrator in March of 1994. Mr. Jeff May, who has served in the City's Finance Department B I� I G G S A lv n M O F G A N since 1985, was appointed as the City's Finance Director in March of 1991. p$oF�ss=oNAL gssoc�T=oN Growth and development of the City is guided by a Comprehensive Land Use Plan which was 220o FIRST IQATIONAL RA� $u��NG commissioned soon after the consolidation in 1971 of the former Village and Town of SA,� p�uL,Mr.�EsoTA g��o� Rosemount. The Plan outlines long-range zoning and development policy of the City, and is designed to encourage and promote orderly development and growth which will perpetuate a TELEp$oNE �g�2� z�3-seoo sound tax base. This Plan was last updated in 1993. F��sZM=LE �612, 2�3-e4so � MINNEAPOLIS OFFICE � . . � � . � � � � . . . . . � � . . . 2400 2DS CENTE& � . . . . . . . � � W8STEH'S DIBECT DIAL NTSMBEB.� . � � � . ffiINNEAPOLiS�MINNESOTA 66402 Services � (PROPOSED FORbt OF LEGAL OPINION) TELEPHONE 1632)334-8A90 . . . . FACSIMII.E(612)334'8860 � Police protection for the City is provided by 14 full-time officers, five police reserves and one part-time community service officer. Fire protection is provided by 35 trained volunteers. The City has a class 5 insurance rating. $1, 9 0 0, 0 0 0 GENERAL OBLIGATION IMPROVEMENT BONDS, Municipal water, sanitary sewer and storm water services are provided to virtually all of the SERIES 1995A developed areas of the City. The municipal water service is provided by four welis with two CITY OF ROSEMOUNT water towers having a total storage capacity of 1,500,000 gallons. The maximum pumping DAKOTA COUNTY capacity is 2,225 gallons per minute with an average demand of 966,000 gallons pumped daily. MINNESOTA Jt is the City's policy to finance all of its lateral sanitary sewer and water improvements by special assessments filed against benefited property; however, there is a provision for deferred assessments, in which case it may be necessary to provide some tax support. Core facilities We have acted as bond counsel in connection with the are intended to be financed from water and sewer connection charges but #hese too may issuance by the City of Rosemount, Dakota County, Minnesota (the require some tax support in the event sufficient connections do not occur in a timely manner. "Issuer°) , of its $1, 900, 000 General Obligation. Improvement To date, tax support has not been necessary. Bonds, Series 1995A, bearing a date of original issue of August 1, 1995 (the °Bonds") . We have examined the law and such The City finances the construction and long-term maintenance of its stormwater core facilities certified proceedings and other documents as we deem necessary to through the operation of a Stormwater Utility. Each property in the City pays a monthly render this opinion. "stormwater user-fee" and an initial connection charge to support the program. We have not been engaged or undertaken to review the Although the City constructs and maintains its own sewer iaterals, sewer trunk lines and accuracy, completeness or sufficiency of the Official Statement treatment plants are owned by the Metropolitan Council and operated by the Office of or other offering material relating to the Bonds, and we express Wastewater Services of the Environmental Division of the CounciL The City is billed for its no opinion relating thereto: sewage treatment by the Office of Wastewater Services. As to questions of fact material to our opinion, we have relied upon the certified proceedings and other Employee Pensions certifications of public officials furnished to us without undertaking to verify the same by independent investigation. All full-time and certain part-time employees of the City of Rosemount are covered by defined � Based upon such examinations, and assuming the benefit pension plans administered by the Public Employees Retirement Association of authenticity of all documents submitted to us as originals, Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the the Public Employees Police and Fire Fund (PEPFF) which are cost-sharing multiple-employer conformity to original documents of all documents submitted to us public employees retirement plans. PERF members belong to eitherthe Coordinated Plan or � as certified or photostatic copies and the authenticity of the the Basic Plan. Coordinated members are covered by Social Security and Basic members are originals _of such documents, and the accuracy of the statements not. All new members must participate in the Coordinated Plan. All police o�cers, fire fighters of fact contained in such documents, and based upon present and peace officers who qualify for membership by statute are covered by the PEPFF. For the Minnesota and federal laws (which excludes any pending year ended December 31, 1994, the City's contribution to PERA was $143,374. legislation which may have a retroactive effect on ar before the date hereof) , regulations, rulings and decisions, it is our opinion thatz (1) The proceedings show lawful authority for the issuance of the Bonds according to their terms under the Constitution and laws of the State of Minnesota now in force. - 18 - I-1 294691.1 ,. B13IGG5 AND rzo��A.iv � There are a number of commercia! and industrial projects in various stages of planning and (2) The .Bonds are valid and binding general obligations of development. They include the following: the Issuer and all of the taxable property within the Issuer' s jurisdiction is subj ect to the levy of an ad valorem tax to pay • $500,000 office/service center to be constructed in 1995. the same without limitation as to rate or amount; provided that 40-unit motel and 160-seat restaurant at a cost of$2.7 million. the enforceability (but not the validity) of the Bonds and the � pledge of taxes for the payment of the principal and interest • 50,000 square foot office/warehouse project valued at $3,000,000. thereon is subject to the exercise of judicial discretion in accordance with general principles of equity, to the Financiallnstitutions constitutional powers of the United States of America and to bankruptcy, insolvency, reorganization, moratorium and other � The First State Bank of Rosemount and Rosemount National Bank are located in the City. As similar laws affecting creditors' rights heretofore or hereafter of December 31, 1994, the two banks reported combined deposits of $78,965,000. A branch enacted. ` facility of the Vermillion State Bank is also located in the City. (3) At the time of the issuance and delivery of the Bonds Source: No►thwestem Financia/Review, 1995 Bank Roster of Upper Midwest Banks. to the original purchaser, the interest on the Bonds is excluded from gross income for United States income tax purposes and is Education excluded, to the same extent, from both gross income and taxable The major portion of the City is part of Independent School District 196, headquartered in net income for State of Minnesota income tax purposes (other than Rosemount. The District's enrollment for the 1994/95 school year was approximately 24,673 Minnesota franchise taxes measured by income and imposed on students in grades kindergarten through finrelve. The District is one of the fastest growing corporations and financial institutions) , and is not an item of school districts in the State, and one of the largest employers in the City with approximately tax preference for purposes of the federal alternative minimum 2,gg6 full-time and part-time employees. The physical plant of the District consists of 17 tax imposed on individuals and corporations or the Minnesota elementary schools, five middle schools, and three senior high schools. Of these schools, two alternative minimum tax applicable to individuals, estates or elementary schools, one junior high, and one senior high are located in the City of Rosemount. trusts; it should be noted, however, that for the purpose of computing the federal alternative minimum tax imposed on On March 8, 1994 voters in the District authorized the issuance of $78,810,000 for the corporations, such interest is taken into account in determining � acquisition and betterment of school facilities, including the construction of a new elementary adjusted current earnings. The opinions set forth in the school, a new middle schoof and a new high school and additions and improvements#o other preceding sentence are subj ect to the condition that the Issuer schools in the District. 1n addition, the District has entered into a lease agreement with the comply with all requirements of the Internal Revenue Code of Apple Valley Economic Development Authority to lease a 68,000 square foot facility to house 1986, as amended, that must be satisfied subsequent to the the District's School of Environmental Studies. The facility is located on the grounds of the issuance of the Bonds in order that interest thereon be, or Minnesota Zoa continue to be, excluded from gross income for federal income tax purposes and from both gross income and taxable net income for Small portions of the City are located in Independent School District 199 (Inver Grove-Pine State of Minnesota income tax purposes . Failure to comply with Bend) and Independent Schoof District 200 (Hastings). certain of such requirements may cause the inclusion of interest on the Bonds in gross income and taxable net income retroactive The Dakota County Technical College is also located in the City, The Technical College, to the date of issuance of the Bonds . located on a 96-acre site, opened in 1973. The Technical College has an enrollment of approximately 2,000 post-secondary students. ln addition, the Technical College offers an We express no opinion regarding other state or federal tax extensive adult education program. consequences caused by the receipt or accrual of interest on the ' Bonds or arising with respect to ownership of the Bonds, ' GOVERNMENTAL ORGANIZATION AND SERVICES Dated at Saint Paul, :Minnesota, this day of August, � 1995 . Organization � Rosemount was established as a municipal corporation in 1858, and became a statutory City in ' 1974. The Gity has a Mayor-Council form of government, with the four Council members being elected to overlapping four-year terms of office. The present City Council is Listed below. Professional Association Expiration of Term E.B. McMenomy Mayor December 31, 1995 Joan M. Anderson Council Member December31, 1997 Cathy E. Busho Council Member December 31, 1997 James Staats Council Member December 31, 1995 Dennis Wippermann Council Member December 31, 1995 294691.7 1-2 - 17 - APPENDIX II Building Permits Issued by the City � Total Permits New Sinale Family Homes FORM OF Number Va ue Nu er Value CONTINUING bISCLOSURE CERTIFICATE 1995 (to 6-30) 318 $14,969,672 73 $ 7,285,091 1994 662 32,969,672 223 23,329,937 1993 592 39,154,474 196 20,716,580 This Continuing Disclosure Certificate(the"Disclosure Certificate")is egecuted and delivered by the 1992 633 43,352,223" 234 23,046,277 City of Rosemount,Minnesota(the"Issuer")in connectionwith the issuance of$1,900,000 General Obligation 4991 512 49,939,006 200 18,087,341 * Improvement Bonds,Series 1995A(the"Bonds"). The Bonds are being issued pursuant to a Resolution dated 1990 491 21,921,872 184 16,682,775 August 1, 1995 (the "Resolution"). Pursuant to the Resolntion,the Issuer covenants and agrees as follows: 1989 480 28,037,283 194 17,320,711 1988 506 30,974,532 267 22,232,787 ;� SECTION 1. Pur�ose of the Disclosure Certificate. This Disclosure Certificate is being executed 1987 316 21,636,314 1$0 14,460,303 and delivered by the Issuer for the benefit of the Bondholders and in order to assist the Participating 1986 232 9,401,135 75 6,721,265 Undervvriters in complying with SEC Ru1e 15c2-12(b)(5). 1985 228 7,132,024 35 2,951,480 SECTION 2. Definirions. In addition to the definitions set forth in the Resolution,which apply ' /ncludes$97,000,000 for Koch Refining. to any capitalized term used in this Disclosure Certificate unless otherwise defined in this Section, the following capitalized terms shall have the following meanings: ReCent and Proposed Development "Annual Report"shall mean any annual financial information provided by the Issuer pursuant to,and as described in,Sections 3 and 4 of this Disclosure Certificate. During the period from 1990 through 1994, an average of $31,467,450 in new construction value has been added per year. During this same period the City added 1,037 single-family °Audited Financial Statements"shall mean the financial statements of the Issuer audited annually by homes to 'tts housing stock. an independent certified public accounting firm,prepared pursuant to generally accepted accounting principles promulgated by the Financial Accounting Standards Board, modified bq govemmental accounting standards Some of the larger housing projects currently being developed are as follows promuigated.by the Government Accounting Standards Board. Units Units Built "Dissemination Agent"shall mean such party from time to time designated in writing by the �Ssuer Development/Developer Housin A rove as of 6-30-95 to act as information dissemination agent and which has filed with the Issuer a written acceptance of such designation. Country HiIIs/U.S. Home Corporation Single Family 541 525 . O'Leary's Hills/Parkview, Inc. Single Family 213 145 "National Repository" shall mean any Nationally Recognized Municipal Securities Information West Ridge/Rosemount Dev. Co.. Single Family 228 216 Repository for purposes of the Rule. Gturently, the following are National Repositories: Shannon Hills/Ground Development Co. Single Family 197 179 Shannon Pond PUD/Hampton Bloomberg Municipai Repository Development Corp. Single Family 89 59 P.o. Box 84U Wensmann 6th Addition Single Family 49 20 Princeton, NJ 08542-0840 Wensmann 7th and 8th Additions Single Family/ Phone: (609) 2'79-3200 Twin Home 138 89 Fax: (609) 279-5962 Recent and proposed commercial and industrial developmenf occurring in the City includes the Thomson Municipai services Group following: � Global Syndicate Services Group Two Gateway Center • Roads and utilities are currently being installed in the first phase of development of the Newark, NJ 07120 Rosemoun# Business Park. This first phase consists of 80 acres. The master plan of ; Attn: Joel Mandelbaum, President the Rosemount Business Park anticipates a total of 400 acres of development. Disclosure, Inc. • Construction of the Rosemount Market Square Shopping Center was completed in 5161 River Road 1994. The Center is anchored by Knowlan's Grocery. Bethesda, iVID 20816 Attn: Document Acquisitions/Municipal Securities • Construction of a new $11,000,000 National Guard Armory and Community Center was Phone: (301) 951-1300 completed in 1994. The National Guard uses the new facility as its five-state region Fa�: (301) 718-2329 divisional headquarters. The Community Center consists of a 1,000 seat multi-purpose arena with concession and locker room facilities, offices for the City's Park and Recreation Department, a 350-seat banquet facility and a 350-seat auditorium. - �6- 7252553 (�-� � City's 1980 Census count of 5,083. As of January 1995, the City estimates the population to be 11,800. Kenny Information Systems, Inc. 65 Broadway A major contributor to the City's tax base and economy is a petrochemical industrial complex New York,NY 10006-2511 sited on 6,200 acres in the northeastern portion of the City near the Mississippi River. Firms Atm: Kenny Repository service located there include Great Northem Oil Company ("Koch Refining"), North Star Chemical and Phone: (212) 770-4000 Spectro Alloys. Mid-American Pipeline Company transports gas from southern states and Fax: (212} 797-7994 operates a bottling station at Pine Bend. Minnesota Pipeline Company transports Canadian and North Dakota crude oil to the Koch refinery. Moody's NRMSIR Public Finance Information Center � Koch Refining processes 180,000 to 200,000 barrels of crude oil each day and employs 900 99 Church Street persons in Rosemount. A $17,000,000 project was completed in 1993 which added a security New York, NY 10007 � building, additional o�ces, laboratory and a cafeteria to the existing site. Phone: (800) 339-6306 Fax: (212) 553-1460 Koch Refining is investing $200,000,000 in a project to produce cleaner fuels. This project will create an estirnated 500 new construction jobs. "Occurrence(s)" shall mean any of the even�s listed in section S.A of this Disclosure Certificate. The University of Minnesota's Rosemount Research Center is located on an 8,000 acre tract of land situated partially in the City. This facility is utilized by the University, other research °Participating Underwriter" shall mean any of the original underwriters of the Bonds required to agencies, and private firms for agricultural and other research projects. The U.S. Navy comply with the Rule in connection with offering of the Bonds. operates a satellite tracking station on the Rosemount campus. "Repository"shall mean each National Repository and each State Depository. Major Employers "Ru1e"shall mean Rule 15c2-12(b)(5)adopted by the Securities and�change Commission under the Approximate Securities E�change Act of 1934, as the same may be amended from time to time. Number Em�lover Product/Service of Employees "State Depository" shall mean any public or private repository or entity designated by the State as a Independent School District 196 Education 2,896* state depository far the purpose of the Rule. As of the date of this Agreement,there is no State Depository Dakota County Technical College Education 1,500* in Minnesota. Koch Refining Company Crude Oil 900 Greif Brothers Corporation Multiwall Bags 140 "Tax-exempt"shall mean that interest on the Bonds is excluded from gross income for fed.eral income Spectro Alloys Corp. Aluminum Alloys 95 tau purposes,whether or not such interest is includable as an item of tax preference or otherwise includable Knutson Services, Inc. Trash Disposal/Recycling 75 directly or indirectly for purposes of calculating any other tax liability,inciuding any aiternative minimum taz Genz & Ryan Plumbing & Heating Plumbing and Heating 75 or environmentai tax. Peoples Natural Gas Natural Gas 37 Carlson Tractor& Equipment SECTION 3. Pro�ision of Annuai RepOrts. Company Industrial/Farm Equipment 30 , Continental Nitrogen & A. The Issuer shall,or shall cause the Disseminarion Agent to,not later than December Resources Corp. Chemicals 27 31 of each year, commencing December 31, 1997, provide to each Repository an Annual Report which is consistent with the requirements of Section 4 of this Disclosure Certificate. * Represents tota/employment, not jusY within the City of Rosemount B. If the Issuer is unable to provide to the Repositories an Annual Report by the date � Source: "Corporafe Report Fact Book,"1995 edition,and survey of individua/employers. required in subsection (a),the Lcsuer shall send a notice of such delay and estimated date of delivery to each Repository or to the Municipal Securiues Rulemaldng Board and to the State Depository, if any. , Labor Force Data SECTION 4. Content of Annual Reports. The Issuer's Annual Report shall contain or incorporate by reference the following financial information and operating data pertaining to the Issuer. Ma,y 1995 May 1994 � Civilian Unemployment Civilian Unemployment A. an update of the type of information contained in the Official Statement under the Labor Force Rate Labor Force Rate caption CITY PROPERTY VALUFS. Dakota County 181,974 2.4%0 184,506 2.6% B. an update of the type of information contained in the Official Statement under the Minneapotis/St. Paul MSA 1,583,291 2.7 1,578,105 2.9 caption CTTY INDEBTEDNESS. Minnesota 2,581,390 3.3 2,568,509 3.4 Source: Minnesota Department of Economic Security. 1995 data is preliminary. 725255.3 ��-2 -15- Tax Collections for the City . Gross Net Collected During Collected C. an update of the type of information contained in the Official Statement under the Amount Amount Collection Year As of 6-30-95 caption CITY TAX RATES,LEVIES AND COLLECTIONS. LevX/Collect of Levv of LevX Amount Percent Amount Percent 1994/95 $4,170,781* $2,911,242 (In Process of Collection) D. an update of the type of information contained in the Official Statement under the 1993/94 3,602,545 2,351,589 $2,307,148 98.1% $2,333,909 99.2% caption FUNDS ON HAND. 1992/93 2,913,401 2,002,363 1,925,266 96.1 1,996,311 99.7 1991/92 2,748,113 1,907,324 1,865,070 97.8 1,897,326 99.5 E. an update of the type of information contained in the Official Statement under the 1990/91 2,498,285 1,796,409 1,747,888 97.3 1,779,617 99.1 � caption CITY INVESTMENTS. I " The 1994/95 gross tax levy includes aids of$1,259,539, including Homestead and Agricultural Credit F. an update of the type of information contained in the Official Statement under the I Aid ("HACA'), Equalization Aid and Disparity Aid. The net levy of$2,911,242 after subfracfing the caption and subheadings GENERAL INFORMATION CONCERNING TI-� CIT'Y— "Major Employers", HACA, Equalization Aid and Disparity Aid is the basis for compufing the 1994/35 tax capacityrates. � °Labor Force Data" and"Building Permits �ssued by the City". G. data extracted from preliminary,unaudited financial statements of the Issuer and from FUNDS ON HAND past audited financial statements of the Issuer in the form and of the type contained in Appendix IV of the As of July 7, 1995 Official Statement. Cash and I nvestments H. Audited financial statements of the Issuer,provided that in the event audited financial Fu statements of the Issuer are not available on or before the date for filing the Annual Report with the General $ 1,096,925.95 apprapriate Repositories, unaudited financial statements shall be provided. Special Revenue 1,175,371.36 Port Authority 292,117.11 The Annual Report may be submitted to each Repository as a single document or as separate documents Debt Service: comprising a package,and may cross-reference other information as provided in Section 4 of this Disclosure Tax Supported 194,435.70 Certificate; rop vided that the audited financial statements of the Issuer may be submitted to each Repository Assessment Supported 3,622,433.28 separately from the balance of the Annual Report Tax Increment Supported 27,058.98 Port Authority Supported 130,044.95 SECTION 5. Reporting of Significant Events. General Obligation Revenue Supported 185,400.89 Supported by Other Sources 15,782.51 A. This Section 5 shall govern the giving of notices of the occurrence of any of the Construction 1,349,610.45 following events: Water, Sewer and Storm Water 4,155,237.25 Arena 61,827.92 (1) Delinquency in payment when due of any principal of or interest on the Bonds. Trust and Agency 3.053.98 Total $12,309,300.33 (2) Occurrence of any Event of Default under and as defined in the Resoludon (other than as described in clause (1) above). CITY INVESTMENTS (3) Unscheduled draws on debt service reseives,if any,reflecting financial difficulties of the Lssuer. As of June 30, 1995 the City had a total of $10,285,491 invested funds, of which $6,926,882 (4) Unscheduled draws on credit enhancements,if any,refiecting financiai aifficuities of are invested in Certificates of Deposit with maturities of two to three months and $574,827 are the Issuer. invested in Certificates of Deposit which will mature in one to five years. The City's rernaining • investments indude $1,496,587 invested in U.S. Treasury Notes maturing in five months or less (5) Substitution of credit or liquidity providers, if any, or their failure to perform. and $1,287,195 of investments in various mortgage-backed securities. Of the $1,287,195 of mortgage-backed securities, $442,338 have a final maturity within ten years and $844,857 have ' (6) Receipt of an opinion of nationally recognized bond connsel to the effect that interest a final maturity longer than ten years. on the Bonds is not Tax-e�empt;or any event adversely affecting the tax-exempt status of the Bonds, including but not limited to: GENERAL INFORMATION CONCERNING 7HE CITY (a) Any audit,investigation or other challenge of the Tax-exempt status of the Bonds by the Internal Revenue Service or in any administrative or judicial proceeding;or The City of Rosemount, located in northern Dakota County, is a southern suburb of the (b) The issuance of any regulation,decision or other officiai pronouncement by Minneapolis/Saint Paul metropolitan area. The City encompasses an area of 22,000 acres the Intemai Revenue Service or other official tax auchority or by any court adversely affecting (35.25 square miles) and has a 1990 U.S. Census count of 8,622, a 69.6%o increase from the - �4- 725255.3 �(-3 � Indirect General Obligation Debt " Debt Appiicable to the Tax-exempt status of the Bonds or bonds of the same type as the bonds or financing 1994 Taxable G.O. Debt Tax Capacity in Cit� structures of the same type as financed by the Bonds. Taxing Unit�al Net Tax Capacitv As of 7-15-95�b� P rc nt Amount Dakota County $239,241,379 $ 61,815,000�� 3.81% $ 2,355,152 (7) Amendment to the Resolution or this Disclosure Certificate modifying the rights of ISD 196 (Rosemount- the Holders of the Bonds. Apple Valley-Eagan) 84,681,197 172,822,837�d1 8.59 14,845,482 (8) Giving of a notice of optional or unscheduled redemption of any Bonds. ISD 199 (Inver Grove-Pine Bend) 15,905,551 5,560,000 11.07 615,492 (9) Defeasance of the Bonds or any portion thereof. ' ISD 200 (Hastings) 14,423,489 4,360,000 0.46 20,056 Dakota County Technical College 247,920,039 1,440,000 3_67 52,848 (10) The release, substitution or sale of property securing repayment of the Bonds r 547,184�e1 22 470 000�� 0.42 94 374 (including properry leased, mortgagea or piedgext as such securicy). Metropolitan Council 1,839, , , , Metropolitan Transit Dist. 1,674,881,722�e1 58,070,000 0.46 267,122 (11) Rating changes,if any. Total $18,250,526 B. Whenever an event listed in Section S.A above occurs, the Issuer shall as soon as �e� On/y those unifs with debt outstanding are shown here. possible determine if such event would consritute material information for Holders of Bonds. If the Issuer �b� Exc/udes debt supported by revenues and tax and aid anticipation debt. determines that knowledge of the Occunence wouid be rnaterial,the lssuer shall prompfly file a notice of such ��1 Includes jail facility�evenue bonds issued by the Dakota County HRA and payab/e so/e/y from /ease Occurrence with the Repositories. payments made by the County to the HRA pursuant to a Lease Agreement. The/ease payments are abso/ute and unconditional and are unlimited tax obligations of the County. C. The Issuer agrees to provide or cause to be provided, in a timely manner, to �d1 Exctudes $9,000,000 of outstanding certifrcates of participation which are subject to annual appropriate Repositories, notice of a failure by the Issuer to provide the Annual Reports described in appropriation. Section 4. �e1 Taxab/e net taxable capacity frgures are for 1993. 1994 figures are not yet availab/e. ��1 Metropolitan Council also has outstanding $490,335,000 of genera/obligation sanitary sewer bonds SECTION 6. Termination of Reportin¢Obligation. The Issuer's obligations under this Disclosure � and/oans which are supported by system revenues. Certificate shall terminate upon the legal defeasance,prior redemption or payment in fu11 of all of the Bonds. Debt Ratios Including These Issues* SECTION 7. Dissemination Agent. The Issuer may, from time to time, appoint or engage a G.O. Net G.O. Indirect& Dissemination Agent to assist it in carrying out its obligations under this Disclosure Certificate, and may Direct Debt" Net Direct Debt discharge any such Agent,with or without appointing a successor Dissemination Agent. To 1994 Indicated Market Value 2.53% 6.13% SECTION 8. Amendment Waiver. Notwithstanding any other provision of this Disclosure Per Capita (11,800- 1995 City Estimate) $1,091 $2,637 Certificate,the Issuer may amend this Disclosure Certificate,and any provision of this Disclosure Certificate " Excludes genera/obligation debt supported by revenues and lease-purchase agreements. may be waived, if (a) a change in law or change in the ordinary business or operation of the Issuer has occurred, (b) such amendment orwaiver would not,in and of itself, cause the undertakings herein to violate the itule if such amendment or waiver had been effective on the date hereof but taking into account any CITY TAX RATES, LEVIES AND COLLECTIONS subsequent change in or official interpretation of the Ru1e, and (c) such amendment or waiver is supported by an opinion of counsel egpert in federal securities laws to the effect that such amendment ar waiver would not materially impair the interests of Bondholders. Tax C1paCity Rates 1994/95 SECTTON 9. Additional Information. Nothing in this Disclosure Certificate shall be deemed to � For prevent the Lssuer from disseminating any other information, using the means of dissemination set forth in 9 990/91 1991/9� 1992/93 19 / 4 Tota( De nl this Disclosure Certificate or any other means of communication,or including any other'information in any Annual Report or natice of an Occurrence,in additionto that which is required by this Disclosure Certificate. , Dakota CoUnty 22.542% 25.536%0 26.558% 27.474% 27.994% 1.915%0 If the Issuer chooses to include any information in any Annuat Report or notice of an Occurrence in addition City of Rosemount 27.705 29.224 29.810 32.297 35.778 9.050 to that which is specifically required by this Disclosure Cerrificate,the Issuer shall have no obligation under ISD 196 (Rosemount) 47.058 54.602 58.486 59.657 62.136 13.160 this Agreement to update such information or include it in any future Annual Report or notice of an Special Districts` 4.978 6•139 5•405 6.24 4. 14 0.723 Occurrence. Total 102.283% 115.501% 120.259% 125.668% 130.822% 24:848%0 SECTION 10. Default. In the event of a failure of the Issuer to provide information required by " Inc/udes Metropolitan Council, Regiona/ Transit District, Metropolitan Mosguito Control, Dakota this Disclosure Certificate, any Bondholder may take such actions as may be necessary and appropriate, Counfy 7echnica/ Co/lege, the Housing and Redeve/opment Aufhority, and the Dakota County Light including seeking mandate or specific performance by court order, to cause the Issuer to comply with its Rail Transit. obligations to provide information under this Disclosure Certificate. A default under this Disclosure NOTE: Taxes are determined by multip/ying fhe net fax capacity by the tax capacify rate, expressed as a percentage (see Appendix 111). 725255.3 ��-4 - �3 - Annual Calendar Year Debt Service Inciuding This Issue{Continued) � G.O. Debt SuppOrted G.O. Debt Certificate shall not be deemed an Event of Default under the Resolution and the sole remedy under this by Revenues Su�ported bv Other Sources Disclosure Certificate in the event of any failure of the Issuer to comply with thisDisclosure Certificate shall Principa) Principal be an action to compel performance. Year Princi�al M r st Prin i I & Interest SECTION 11. Duues.Immunities and Liabilities of Dissemination Agent. The Dissemination Agent 1995 (at 7-45) (Paid) $ 84,038.75 (Paid) $ 16,040.00 shall have only such duties as are specifically set forth in this Disclosure Cerdficate, and the Issuer agrees to 1996 $ 215,000 , 377,502.50 $ 60,000 90,805.00 indemnify and save the Dissemination Agent, its officers, directors, employees and agents, harmless against 1997 195,000 334,810.00 60,000 88,150.00 � any loss, expense and liabilities which it may incur arising out of or in the exercise or performance of its 1998 215,000 333,198.75 65,000 90,226.25 powers and duties hereunder,including the costs and expenses (including attomeys fees)of defending against 1999 225,000 333,760.00 65,000 87,090.00 any claim of liabiliry, but excluding liabilities due to the Dissemination Agent's negligence or wilful 2000 235,000 333,427.50 70,000 88,747.50 � misconduc�t. The obligations of the Issuer under this Section shall survive resignation or removal of the 2001 250,000 337,166.25 75,000 90,066.25 Dissemination Agent. 2002 260,000 334,992.50 75,000 86,147.50 SEC'TION 12. Beneficiaries. This Disclosure Certificate shall inure solely to ihe benefit of the 2003 270,000 331,941.25 80,000 86,960.00 Issuer,the Dissemination Agent,the Participating Underwriters and Holders from time to time of the Bonds, I 2004 285,000 332,725.00 85,000 87,380.00 and shall create no rights in any other person or entity. 2005 305,000 337,242.50 2006 135,000 155,385.00 Date: 2007 140,000 152,615.00 2008 150.000 154,312.50 CIT'Y OF ROSEMOUNT Tatal $2,880,000" $3,933,087.50 $635,000 $811,612.50 . * 85%of this debt will be retired within ten years. BY� Lease-Purchase Agreements The City has entered into several lease-purchase agreements with FBS Investment Services, inc. for the acquisition of various equipment and vehicles. Date of Original Semiannual Final Lease Principal Amount Lease Paymenf Payment Date 4-26-94 $100,995 $11,121 2-1-1999 3-28-95 140,000 26,363 8-1-1998 3-28-95 124,000 14,928 8-1 2000 3-28-95 362.000 25•359 8-1-2005 Total $726,995 $77,771 Summary of Direct Debt Including This Issue � Gross Less: Debt Net e t Service Funds* Direct Debt ' G.O. Debt Supported by Taxes $1,960,000 $ (194,436) $1,765,564 G.O. Debt Supported by Special Assessments 8,870,000 (3,622,433) 5,247,567 G.O. Debt Supported by Tax Increments 555,000 (27,059) 527,941 G.O. Port Authority Debt 5,460,000 (130,045) 5,329,955 G.O. Debt Supported by Revenues 2,880,000 (185,401) 2,694,599 G.O. Debt Supported by Other Sources 635,000 (15,783) 619,217 * Debt service funds are as of Ju/y 7, 1995 and include money to pay both principa/and interest. , - 1 2 - 725255.3 �{-�J Annual Calendar Year Debt Service Including This Issue (Continued) G.O. Debt Supported Primarily by Tax Increments G.O. Port Authority Debt Principal Principal Year Princi al & Interest Pri ci al & Interest 1995 (at 7-15) (Paid) $ 26,257.50 (Paid) $ 159,973.14 1996 $120,000 166,935.00 $ 450,000 466,758.78 ' 1997 130,000 165,245.00 240,000 547,878.78 1998 145,000 167,247.50 280,000 575,318.78 M 1999 160,000 167,680.00 295,000 575,961.28 2000 180,000 448,756.28 2001 200,000 458,653.78 2002 220,000 467,187.53 2003 235,000 469,483.78 2004 255,000 475,546.28 2005 270,000 475,348.78 2006 285,000 473,996.28 2007 305,000 476,335.65 (This page was left blank intentionally.) 2008 325,000 477,192.52 2009 345,000 476,533.77 2010 295,000 406,690.64 2011 320,000 412,640.63 2012 180,000 256,875.00 2013 190,000 254,802.50 2014 155,000 208,503.75 2015 165,000 208,023.75 2016 180,000 211,680.00 2017 190,000 209,47Q.00 . 2018 200,Q00 206,600.00 Total $555,000 $693,365.00 $5,460,000* $9,400,211.68 " 43%of this debt will be retired within 10 years. . � � - - 11 - , APPENDIX ill Annual Calendar Year Debt Service Including This Issue SUMMARY OF TAX LEVIES, PAYMENT PROVISIONS, AND -- MINNESOTA REAL PROPERTY VALUATION G.O. Debt Supported G.O. Debt Supported Primarily by Following is a summary of certain statutory provisions effective through 1994 relative to tax levy by Taxes Special Assessments(h) procedures, tax payment and credit procedures, and the mechanics of real property valuation. Principal Principal The summary does not purport to be inclusive of all such provisions or of the specific provisions Year Principal Inter t Princi,�al I ter st discussed, and is qualified by reference to the complete text of applicable statutes, ru{es and regulations of the State of Minnesota in reference thereto. This summary reflects changes to 1995 (at 7-15) $ 45,000 $ 94,799.25 (Paid) $ 277,326.25 Minnesota property tax laws enacted by the State Legislature during the 1994 Regular Session. 1996 190,000 284,866.00 $1,095,000 2,110,405.00 . 1997 150,000 237,118.50 1,035,000 1,395,691.25 Property Valuations (Chapter 273, Minnesota Statutes) 1998 155,000 236,037.25 1,245,000 1,554,306.25 1999 160,000 234,481.00 1,000,000 1,256,977.50 � Assessor's Estimated Market Value 2000 170,000 237,308.50 865,000 1,076,847.50 Each parcel of real property subject to taxation must, by statute, be appraised at least once 2001 175,000 234,503.50 845,000 1,043,813.75 every four years as of January 2 of the year of appraisal. With certain exceptions, all property 2002 180,000 231,139.75 ' 715,000 843,013.75 is valued at its market value which is the value the assessor determines to be the price he 2003 50,000 95,308.50 610,000 702,567.50 believes the property to be fairly worth, and which is referred to as the "Estimated Market 2004 50,000 92,271.00 585,000 645,632.50 Value.° 2005 55,000 94,014.75 390,000 424,865.00 Limitation of Market Value Increases 2006 60,000 95,406.00 350,000 365,685A0 2007 60,000 91,611.00 135,000 138,273.75 Effective for assessment years 1993 through 1998, the amount of increase in market value for 2008 65,000 92,626.00 all property classified as agriculturaf homestead and non-homestead, residential homestead 2009 70,000 93,288.50 and non-homestead, or non-commercial seasonable recreational residential, which isoentered 2010 75,000 93,593.50 by the assessor in the current assessment year, may not exceed the greater of (i) 10/o of the 2011 80,000 93,536.00 preceding year's market value o� (ii) 1/3 of the difference between the curcent assessment and 2012 80,000 88,428.00 the preceding assessment. 2013 90,000 92.970.00 lndicated Market Value Because the Estimated Market Value as determined by an assessor may not represent the Total $1,960,OOO�a1 $2,813,307.00 $8,870,000��1 $11,805,105.00 price of real property in the marketplace, the '9ndicated Market Value" is generallyregarded as more representative of full value. The lndicated Market value is determined by dividing the (a) 70%of this debt wil/be retired within 10 years. Estimated Market Value of a given year by the same year's sales ratio determined by the State �b1 Includes the Bonds at an assumed average annua!interest rate of 4.85%. Department of Revenue. The sales ratio represents the overall relationship between the Estimated Market Value of property within the taxing unit and actual selling price. �� 95%of this debt will be retired within 10 years. Net Tax Capacity The Net Tax Capacity is the value upon which net taxes are levied, extended and collected. The Net Tax Capacity is computed by applying the class rate percentages specific to each type of property classification against the Estimated Market Value. Class rate percentages vary depending on the type of property as shown on the last page of this Appendix 11, The formulas and class rates for converting Estimated Market Value to Net Tax Capacity represent a basic � element of the State's property tax relief system and are subject to annual revisions by the State Legislature. • Property taxes are determined by multiplying the Net Tax Capacity by the tax capacity rate, expressed as a percentage. Property Tax Payments and Delinquencies (Chapters 276,279-282 and 549, Minnesota Statutes) Ad valorem property taxes levied by local govemments in Minnesota are extended and collected by the various counties within the State. Each tax'rng jurisdi�tion is required to certify the annual tax levy to the county auditor within five (5) working days after December 20 of the year preceding the collection year. A listing of property #axes due is prepared by the county auditor and tumed over to the county treasurer on or before the first business day in March. - 10- _ 111-1 The county treasurer-is responsible for collecting all property taxes within the county. Real General Obligation Debt Supported Primarily by Tax Increments estate and personal property tax statements are mailed out by March 31. One-half (1/2) of the taxes on real property is due on or before May 15. The remainder is due on or before Principal October 45. Real property taxes not paid by their due date are assessed a penalty which, Date Original Final Outstanding depending on the type of property, increases from 2% to 4% on the day after the due date. In of Issue m nt Purpose at i As of 7-15-95 the case of the first installment of real property taxes due May 15, the penalty increases to 4% or 8% on June 1. Thereafter, an additional 1% penalty shall accrue each month through 6-1-88 $1,100,000 Tax Incremenf 2-1-1999 $555,000 October 1 of the collection year for unpaid real property taxes. In the case of the second installment of real property taxes due October 15, the penalty increases to 6% or 8% on November 1 and increases again to 8% or 12% on December 1. Personal property taxes . General Obligation Port Authority Debt remaining unpaid on May 16 are deemed to be detinquent and a penalty of 8% attaches to the unpaid tax. However, personal property owned by a tax-exempt entity, but which is treated as Principal taxable by virtue of a lease agreement, is subject to the same delinquent property tax penalties . Date Original Final Outstanding as real property. s e Amount Purpose M urit As of 7-15-95 On the first business day of January of the year following collection all delinquencies are 11-1-92 $3,425,000 Municipal Building 2-1-2018 $3,250,OOO�a� subject to an additional 2/o penalty, and those delinquencies outstanding as of February 15 are 11-1-93 580,000 Land Purchase for Business filed for a tax lien judgment with the district court. By March 20 the clerk of court files a Park (Taxable) 2-1-2009 580,OOO�b1 publication of legal action and a mailing of notice of action to delinquent parties. Those g-1-94 1,630,000 Business Park Street and Utility property interests not responding to this notice k�ave judgment entered for the amount of the Improvements 2-1-2011 1,630.000��1 delinquency and associated penalties. The amount of the judgment is subject to a variable interest determined annually by the Department of Revenue, and equal to the adjusted prime Total $5,460,000 rate charged by banks, but in no event is the rate less than 10% or more than 14%. Property owners subject to a tax lien judgment generally have five years (5) in the case of all (a) The City anticipates debt service payments on this issue will be made primarily from a combination of property located outside of cities or in the case of residential homestead, agricultural user fees from the municipa/ multi-purpose arena and tax increment revenues. In addition, the homestead and seasonal residential recreational property located within cities or three (3) years proceeds of certain special tax levies, levied by the City to support the new Nafional Guard Armory, with respect to other types of property to redeem the property. After expiration of the will a/so be used to support a portion of the debt service on this issue. redemption period, unredeemed properties are declared tax forFeit with title held in trust by the (b) Th�s issue is expected to be repaid primarily from the proceeds of land sales in the City's business State of Minnesota for the respecti�e taxing districts. The county auditor, or equivalent the�eof, park then sells those properties not claimed for a public purpose at auction. The net proceeds of the sale are first dedicated to the satisfaction of outstanding special assessments on the parcel, (c) This issue is expected to be repaid primarily from specia/assessment coNections to be received from new businesses locating in the Citys business park. with any remaining balance in most cases being divided on the following basis: county - 40%; town or city-20%; and school district-40%. General Obligation Debt Supported by Revenues Property Tax Credits (Chapter 273, Minnesota Statutes) Principal In addition to adjusting the taxable value for various property types, primary elements of Date Original Final Outstanding Minnesota's property tax relief system are: property tax levy reduction aids; the circuit breaker f ue Amount Purpose Maturitv As of 7-45-95 credit, which relates property taxes to income and provides relief on a sliding income scale; and targeted tax relief, which is aimed primarily at easing the effect of significant tax increases. The 4-1-89 $1,320,000 WaterRevenue 2-1-1997 $ 165,000 circuit b�eaker credit and targeted credits are reimbursed to the taxpayer upon application by 9-1-92 1,525,000 Storm Water Revenue 2-1-2008 1,435,000 the taxpayer. Property tax levy reduction aid includes educational aids, local governmental aid, g-1-93 945,000 Water Revenue Refunding 2-1-2005 945,000 equalization aid, homestead and agricultural credit aid (HACA) and disparity reduction aid. . 8-1-94 335,000 Storm Water Revenue 2-1-2005 335.000 Levy Limitations Total $2,880,000 Wistorically, the ability of local govemments in Minnesota to levy property taxes was controlled ' by various statutory limitations. These limitations have expired for taxes payable in 1993 and future years, but may be reinstated in the future. Under prior law the Jimitations generally did General Obligation Debt Supported by Other Sources not affect debt service levies. For county governments, cities of 2,500 population or more, and smaller cities and towns that receive taconite municipal aid, taxes could be levied outside the Principal overafl levy limitation for, among others, bonded indebtedness and certificates of indebtedness, Date Original Final Outstanding unfunded accrued pension fiability, social service programs and the residual income of Issue Amount Pur�ose MaturitX As of 7-15-95 maintenance program for which the county share of costs has not been taken over by the State. 8-1-94 $700,000 State Aid Street Bonds 2-1-2004 $635,000 111-2 _9 _ Ten of the Largest Taxpayers in the City Debt Limitations � i 1994 Net All Minnesota municipalities (counties, cities, towns and school districts) are subject to statutory Tax�ayer Tvae of Business Tax Ca$acity "net debt° limitations under the provisions of Minnesota Statutes, Section 475.53. Net debt is Great Northern Oil Ca OiI Refinery $1,768,369 defined as the amount remaining after deducting from gross debt the amount of current Koch Refining Oil Refinery 887,807 revenues which are applicable within the current fiscal year#o the payment of any debt and the Northern States Power Utility 407,945 aggregation of the principal of the fottowing: USPCI Inc. Non-hazardous Waste Containment 172,255 1. Obligations issued for improvements which are payable wholly or partially from the CF Industries, Inc. (Cenex) Fertilizer 153,997 proceeds of speciaf assessments levied upon benefited property. Wintz Companies Trucking/Warehouse 106,569 Peoples Natural Gas Utility 1A1,716 � 2. Warrants or orders having no definite or fixed maturity. Limerick Way LLC Townhouses 96,900 3. Obligations payable wholly from the income from revenue producing conveniences. Koch Refining Pipeline Oit Refinery 95,597 CP Limited Partnership Retail/Apartments 53.120 ' 4. Obligations issued to create or maintain a permanent improvement revalving fund. Total $3,844,275" 5. Obligations issued for the acquisition and betterment of public waterworks and public " Represents 42%of the C�ty's �994 taxable net tax capacity. lighting, heating or power systems, and any combination thereof, or for any other public convenience from which revenue is or may be derived. 6. Certain debt service loans and capital loans made to school districts. CITY INDEBTEDNESS 7. Certain obligations to repay loans. ' " 8. Obligations specifically excluded under the provisions of law authorizing their issuance. Legal Debt Limit 9. Debt service funds for the payment of principal and interest on obligations other than those Debt Limit (2% of Estimated Market Value) $ 9,264,634 described above. Less: Outstanding Debt Subject to Limit (1.960,000) Legal Debt Margin at July 15, 1995 $ 7,304,634 � Levies for General Obfigation Debt (Sections 475.61 and 475.74, Minnesota Statutes) General Obligation DebtSupported by Taxes* Any municipality which issues general obligation debt must, at the time of issuance, certify levies to the county auditor of the county(ies) within which the municipality is situated. Such Principal levies shall be in an amount that if collected in full will, together with estimates of other Date Original Final Outstanding revenues pledged for payment of the obligations, produce at least five percent in excess of the of Issue mo nt Purpose MaturitX As of 7-15-95 amount needed to pay principal and interest when due. 12-1-91 $ 210,000 Equipment Certificates 12-1-1996 $ 90,000 Notwithstanding any other limitations upon the ability of a taxing unit to levy taxes, its ability to 11-1-92 1,080,000 Community Center 2-1-2013 1,025,000 levy taxes for a deficiency in prior levies for payment of general obligation indebtedness is 8-1-93 845,000 Municipal Building Refunding 2-1-2002 845.000 without limitation as to rate or amount. Total $1,960,000 * These issues are subject to the statutory debt limit. Metropolitan Revenue Distribution (Chapter 473F, Minnesota Statutes) "Fiscal Disparities Law" General Obligation Debt Supported Primarily by Special Assessments The Charles R. Weaver Metropolitan Revenue Distribution Act, more commonly known as Principal "Fiscal Disparities," was first implemented for taxes payable in 1975. Forty percent of the Date Original Final Outstanding � increase in commercial-industrial (including public utility and railroad) net tax capacity valuation of I s m n Purpose Ma urit As of 7-15-95 since 1971 in each assessment district in the Minneapolis/St. Paul seven-county metropolitan area (Anoka, Carver, Dakota, excluding the City of Northfield, Hennepin, Ramsey, Scott, 8-1-87 $4,995,000 Local Improvements 2-1-1996 $ 500,000 � excluding the City of New Prague, and Washington Counties) is contributed to an area-wide tax 6-1-91 1,180,000 Local Improvements 2-1-2002 820,000 base. A distribution index, based on the factors of population and real property market value 12-1-91 265,000 Local Improvements 2-1-2003 205,000 per capita, is employed in determining what praportion of the net tax capacity value in the area- 9-1-92 895,000 Local tmprovements 2-1-2004 595,000 wide tax base shall be distributed back to each assessment district. 11-1-92 1,470,000 Locallmprovements 2-1-2004 1,305,000 8-1-93 555,000 Locallmprovements 2-1-2005 525,004 8-1-93 1,415,000 Improvement Refunding 2-1-2001 1,415,000 8-1-94 1,605,000 Locallmprovements 2-1-2006 1,605,000 8-1-95 1,900,000 Local Improvements (this Issue) 2-1-2Q07 1.900,000 Total $8,870,000 - 8- III-3 STATUTORY FORMULAE CONVERSION OF ESTIMATED MARKET VALUE(EMV)TO NET TAX CAPACITY FOR MAJOR PROPERTY CLASSIFICATIONS Net Tax Capacity Net Tax Gapacity Net Tax Capacity Net Tax Capacity Net Tax Capacity General Classifications Levy Year1990 Levy Year 1991 Levy Year 1992 Levy Year 1993 Levy Year 1994 Residential Homestead First$68,000 of EMV at 1.00% first$72,000 of EMV at 1.00% First$72,000 of EMV at 1.00% First$72,000 of EMV at 1.00% First$72,000 of EMV at 1.00% Next$42,000 of EMV at 2.00% Next$43,000 of EMV at 2.00% EMV in excess of$72,000 EMV in excess of$72,000 EMV in excess of$72,000 EMV in excess of$110,000 EMV in excess of$115,000 ' at 2.00% at 2.00% at 2.00% at 3.00% at 2.5% Residential Non-Homestead 4 Of mo�e unitS 3.60% 3.50% 3.40% 3.40% 3.40% Agriculturat Homestead First$68,000 EMV of house, First$72,000 EMV of house, First$72,000 EMV of house, First$72,000 EMV of house, First$72,000 EMV of house, garage and 1 acre at 1.00% garage and 1 acre at 1.00% garage and 1 acre at 1.00% garage and 1 acre at 1.00% garage and 1 acre at 1.00% Excess to 320 acres at 0.45% Excess to 320 acres at 0.45% Excess to 320 acres at 0.45% EMV in excess of$72,000 of EMV in excess of$72,000 of Excess over 320 acres at Q.45% Excess over 320 acres at 0.45% Excess over 320 acres at 0.45% house,garage and 1 acre at house,garage and 1 acre at Next$42,000 EMV at 2.00% Next$43,000 EMV at 2.00% Next$43,000 EMV at 2.00% 2.00% 2.00% Excess to 320 acres at 0.45% Excess to 320 acres at 0.45% Excess to 3�0 acres at 0.45% Remaining Property: Remaining Property: Excess over 320 acres at 0.45% Excess over 320 acres at 0.45% Excess over 320 acres at 0.45% First$115,000 of EMV on First$115,000 of EMV on EMV in excess of$110,000 EMV irt excess of$115,000 EMV in excess of$t15,000 first 320 acres at 0.45% first 320 acres at 0.45°� at 3.00% at 2.5% at 2.00% EMV in excess of$115,000 on EMV in excess of$115,000 on fi�st Excess to 320 acres at 1.30°/a Excess to 320 acres at 1.30% Excess to 320 acres at 1.30% first 320 acres at 1.00% 320 acres at 1.00% Excess over 320 acres aC 1.60% Excess over 320 acres at 1.60% Excess over 320 acres at 1.60%EMV in excess of$115,000 over EMV in excess of$115,000 over 320 acres at 1.50% 320 acres at 1.50°� AgriculturaFNon-Homestead EMV of house,garage and EMV of house,garage and EMV of house,garage and EMV of house,garage and EMV of house,garage and 1 acre at 3.�0% 1 acre at 2.80% 1 acre at 2.50% 1 acre at 2.30% 1 acre at 2.30% EMV of land and other buildings EMV of land and other buildings EMV of land and other buildings EMV of land and other buiidings EMV of land and other buildings at 1.60% at 1.60% at 1.60% at 1.50% at 1.50% Commercial-lndustrial First$100,000 of EMV at 3.20% First$100,000 of EMV at 3.10% First$100,000 of EMV at 3.00% First$100,000 of EMV at 3.00% First$100,000 of EMV at 3.00% EMV in excess of$100,OQ0 EMV in excess of$100,000 EMV in excess of$100,000 EMV in excess of$100,000 EMV in excess of$100,000 at 4.95% at 4.75% at 4.70% at 4.60% at 4.60% SeasonallRecreational 2.30% Non-Commercial-2.20% Non-Commercial Non-Commercial Non-Commercial Residential First$72,000 of EMV at 2.00% First$72,000 of EMV at 2.00% First$72,000 of EMV at 2.00% . EMV in excess of$72,000 EMV in excess of$72,000 EMV in excess of$72,000 at 2.50% at 2.50% at 2.50%0 Commercial-2.30% Commerciai-2.30% Commercial-2.30% Commercial-2.30% bacant Land 4.95% 475% N/A N/A N/A (All vacant land is reclassified (All vacant land is reclassifled (All vacant land is reclassified to highest and best use to highest and best use to highest and best use pursuant to local zoning pursuant to local zoning pursuant to local zoning ordinance) ordinance) ordinance) . • . . -. -. � . _s � . � 3 m m p m, y o �? e�D m m m •ww �,� � � �-* �-« - � � �c� � � A �a � (� .D. cu � � n. �p � m � v Q m � � �v s� � 3 � a ,.. � n n� � � � � � o m -I � DZ � (� °' � 'o r -. � v, _ e, � m m � �' a � co co co cfl co ,.,, o � cQ o m -p o �y � � v n, c� Z.j � �-,. C4 (O C4 cfl (O < v�i � �• �. � � N � � � t/� � � x � �-�. t� 3 u � � .�. Q. cD cD O -► N W � S1 C) � A J� �' cD fy O �"� � � °' c Q: � � o �Dom �D -� z � oa � � -"3 �, m 'x�' �`'°' vi .y�.,, �' c 3 �; � � z X v n(�� z �.� °. Q 3� m � o - fy • N U� �a '� N .+ r.'O � � Q: � � h �N � � _ �� N� � h (p � � 3 p 4 � <p -� (D � -• X � _ "� � O��• y � O p 7 Ct C �- � !U \Q 7C � Sv '"� � � � �� Q � -� Q K Z ,ti; C n x `*�� , � � Q: p� � � O (p (D N ('� � p o Q',� (� � � (D, p� �, ,y. ,-� k � � .WA O�o � .'pP O N ,�,h N ,�-+,� � f11 .� �7 p�j tu � ?'' � � �. � � (h—p Z7 (n Ut 0� 00� �I � � V1 !n fD *� � � -� ,-r x n � � � 0 � N N O � O � CfICO �: p�j QQ - n x 3 � �G C� nn <D � � n N „�,�, � ,��, _C�J1 � �� Q h � `� � TI � � � � j -�i� (Q� � Q. � ''' � a v woorn � �a � � °� .� � ��v � � °v;�' � n � � ao� � �� c� oa�iwrn � _ C n � °� p � � � y axi � �o � � c�u X � c�'n � = � �'Nv —I � y a 'p � � � � W r.: N [/� W � y �p '� O pqj ','�O 3 �G y '� � X t71 � � � � �-�* � � � -Q p y Q a1 Q N �"� pp � y � � n (D ��G Q -a � -h C� .a � n �"`y'' � � "p N� � `�V�i � m C. � O � �I �' � � � � 0 f/1 ,.r. <D .-�. � � .... � � � ,�N N Q � � �� v � � � m � � ' � � � � � � � � � � � cD Q- 00 O 00 (fl W 7C .��.: Q � �� v �' c� a �► a � v' Q. �' � � o�i w o � � w '.« � " m � o r m fl;. �� w -� cn � -� u�i rn �� p°' .i C �' v � � a, � m � ,� � m h p .� � � � o 0 0 0 0 � 3 � .t�� °' "'� � N Q. 3 .* � � � (p � � 3 _ � `y° m �, o � � Nov, 3 =' '�' � � m - _ ° �. ,-�. w o 0 00 0 � � � � � � �. � a� � � * m � m � � '` o�'o .t � �o � o o � v �. � c a � � � �IWN �1N �� cp u' n� � rn ^" —• �, fl;. ui '� � � �� oo� n� � � � � N � � � � � u �' a�o� � w � °' x c� � o �c�u w `� � o `� �- � � ^' '' Q � ° � ��-, � �_o�owww � � o rno�o � w � � � n� -�► �.: g °� rnoowwc�, ^�� o otvwo�o ,c�i, W �� o � � �. � �. � w a� co cn ao -. tn cn �ao a� o v ,_„ N � (� W � V'``N O IVC,JUI .P � 00 N � � �A � � Q � X o o � OO�O� OD -�. N � � � N � �' Q. � N �, c=D � � N � O -_+� � � n �, � � ��L ? � ,� ,p � fD (D (D (D APPENDIX IV Passive Investment Income of S Corporations SELECTED ANNUAL FINANCIAL STATEMENTS Passive investment income, including interest on the Bonds, may be subject to federal income taxation under Section 1375 of the Code for an S corporation that has Subchapter C earnings and profits at the close of the taxable year if more#han 25% of the gross receipts of such S The City is audited annually by an independent certified public accaunting firm. Data on the corporation is passive investment income. following pages was extracted from the preliminary and unaudited financial statements for fiscal year ended December 31, 1994 and the audited financial statements for fiscal years ending General December 31, 1993 and 1992. For all years presented, the modified accrual basis of accounting is used for governmentaf fund types; the accrual basis is used for proprietary funds. The preceding is not a comprehensive list of all federal tax consequences which may arise from The reader should be aware that the complete audits may contain additional information which the receipt or accrual of interest on the Bonds. The receipt or accrual of interest on the Bonds � may interpret, explain or modify the data presented here. may otherwise affect the federal income tax (or Minnesota income tax or franchise tax) liability of the recipient based on the particular taxes to which the recipient is subject and the particular tax status of other items of income or deductions. All prospective purchasers of the Bonds are advised to consult their own tax advisors as to the tax consequences of, or tax considerations # for, purchasing or holding the Bonds. Bank-Qualified Tax-Exempt Obligations The City will designate the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended, relating to the ability of financial institutions to deduct from income for federal income tax purposes, interest expense that is allocable to carrying and acquiring tax-exempt obligations. "Bank-quaiified tax-exempt obligations" are treated as acquired by a financial institution before August 8, 9986. Interest allocable to such obligations remains subject to the 20% disallowance under prior law. . Rating An application for a rating of the Bonds has been made to Moody's fnvestors Service ("Moody's"), 99 Church Street, New York, New York. If a rating is assigned, it will reflect only the opinion of Moody's. Any explanation of the significance of the rating may be obtained only from Moody's. There is no assurance that a rating, if assigned, will continue for any given period of time, or that such rating will not be revised or withdrawn, if in the judgment of Moody's, circumstances so warrant. A revision or withdrawal of the rating may have an adverse effect on #he market price of the Bonds. Financial Advisor The City has retained Springsted lncorporated, Public Finance Advisors, of St. Paul, Minnesota, as financiat advisor (the "Financial Advisor") in connection with the issuance of the Bonds. In preparing the O�cial Statement, the Financial Advisor has relied upon governmental officials, and other sources, who have access to relevant data to provide accurate information for the � Official Statement, and the Financial Advisor has not been engaged, nor has it undertaken, to independently verify the accuracy of such information. The Financial Advisor is not a public accounting firm and has not been engaged by the City to compile,review, examine or audit any "' information in the Official Statement in accordance with accounting standards. The Financial Advisor is an independent advisory firm and is not engaged in the business of underwriting, trading ar distributing municipal securities or other public securities and #herefore will not participate in the underwriting of the Bonds. Certification The City has authorized the distribution of this Official Statement for use in connection with the initial sale of the Bonds. -6 - IV-1 �� gg�� 6 S�N � �� 38$ `� �� L"�' . e� � � one� �� ..� XSB� = � � � �p ��° g ��' �R . �^ N a�. N ~ N p N M f N �' O� O� M � . �. �.� � . . � � . . . . � . . . . �� and State of Minnesota laws, regulations, rulings and decisions (which excludes any pending u.� } � �� g�� e g �^ �� $ $� ;�$ $ � � p � � � � $ legislation which may have a retroactive effect), the interest on each Bond is excluded from � Z Z o� § �� a �� N p � - �� $$ � �A � a p � a g � s� gross income for purposes of United States income tax and is excluded, to the same extent, in � O. O � f . ♦� � O O � N N � M♦ � p � . . . ¢ M tt �� computing both gross income and taxable net income for purposes of S#ate of Minnesota z � � income tax (other than Minnesota franchise taxes measured by income and imposed on W o � _ corporations and financial institutions), and that interest on the Bonds is not an item of tax t— � N � �� ; � �e preference for purposes of computing the federal altemative minimum tax imposed on � — W � � � � � � � � � � � � � p� � � � N � � � � � ��° � � � � � � � individuals and cor orations or the Minnesota alternative minimum tax a licable to individuals �cf' a o � a , e a e . p pp , z � o �� " estates or trusts; provided that interest on the Bonds is subject to federat income taxation to the o�G o �. � extent it is included as part of adjusted current earnings for purposes of computing the z � o � � � � � alternative minimum tax imposed on certain corporations. No opinion will be expressed by — � z �� , , � � � , � � p � • � � � � � � � � � � s � � � � � � Bond Counsel regarding other federal or state tax consequences caused by the receipt or � U' o n � � � � � , accrual of interest on the Bonds or arising with respect to ownership of the Bonds. Preservation W � Q of the exclusion of interest on the Bonds from federal gross income and state gross and taxable � o net income, however, depends upon compliance by the City with all requirements of the Internal �� Revenue Code of 1986, as amended, (the "Code") that must be satisfied subsequent to the �� , , , , , , , issuance of the Bonds in order that interest thereon be (or continue to be) excluded from � a < federal gross income and state gross and taxable net income. a � � „ The City will covenant to comply with requirements necessary under the Code to establish and - � n � maintain the Bonds as tax-exempt under Section 103 thereof, including without limitation, �� M ' ' ' ' ' ' ' " ' ' ' ' ' ' ' ' ' � � � � � � � � � � � � requirements relating to temporary periods for investments and Jimitations on amounts invested � at a yield greater than the yield on the Bonds. �� W =a � � $ �s #� e $! �'�$ � � § � o � �� $ ' a "s� �`x" $ � g�� s � � Other Federal Tax Considerations g � �, x + �� prop�rty and Casualty lnsurance Companies � � A� � � s o Property and casualty insurance companies are required to reduce the amount of tax-exempt �� , � � � � � �g � N � � � � � � � � interest received or accrued during the taxable year on certain obligations acquired after � » r, : August 7, 1986, including interest on the Bonds. Foreign Insurance Com ap nies � a� � � � � � � � � � '$ � � � � � � � � � � � � � � � � � � � p � � ; Foreign companies carrying on an insurance business in the United States are subject to a tax � �� on income which is effectively connected with their conduct of any trade'or business in the United States, including "net investment incorne." Net investment income includes tax-exempt � interest such as interest on#he Bonds. I1 O � � � ^. : � � � e� � � �� "� ' � � � ` � a Branch Profits Tax , � � � � � � � � � � � � � � � _ � M � � � � � � . . � . . M .. . . � . .. � . . . . . A foreign corporation is subject to a branch profits tax equal to 30% of the "dividend equivalent . amount" for the taxable year. The "dividend equivalent amount" is the foreign corporation's « ; ��g e � � e g � $ �� "effectively connected earnings and profits" adjusted for increase or decrease in "U.S. net � � �� a � s � �� equity." A branch's earnings and profits may inciude tax-exempt municipal bond interest, such ~ ^ � ' � ' � � ' ' ~ ' ' ' ' ' ' ' ' ^ h as interest on the Bonds. 0 » Environmental Tax � • � � An enviror�mental tax is imposed on corporations in an amount equal to 0.12% (or $1,200 per g �� S $1,000,000) of the excess of the "modified alternative minimum taxable income" of such �� '� � � � �� .� corporation for the taxable year over $2,000,000. The tax applies only to taxable years � � � � �� a �� beginning before January 1, 1996, subject to earlier termination for certain specified reasons. �� ,,�, � . � _ „ °� � �� Interest on the Bonds is subject to the environmental tax to the extent included in adjusted net ��;, • �� ..: � � � • ��,� � � �� ' �� book income or adjusted current earnings of a corporation whose modified alternative taxable � � �� s a �� o� 8 �� a�� 3 1 � mcome exceeds $2,040,000 for the taxable years to which it applies. . . ��.�, . � . � �.� �� .�� F,.. i � � y � w �C o �.�� J . . � . . . . � . . . .. . . . . � .. � � � �� ` . . .. � . � . . . $�o �� = o�� s � IV-2 - 5 - . . . . � � � � . �. � . . . � � � � ^ �o e� n o � o r o �o � . . . . ' . . . � . . . . . N W O v�i � n S A O p n O f.p � � � � . . . . . . . � 01 iV Oi Oi n Oi O Np !!OO.: 1!1 N No � . � � . . .. . . . . . . � . « N.OI N Pl w 01 N �m O N.. � O. . . � � . . . . � . . � � l�A� .. � N pj N f . Global BookEntry Form of Ownershi� �' -~ ~ � s � � The Bonds will be fully registered as to principal and interest in the name of Kray & Ca as o ° nominee of the Midwest Securities Trust Com an the "De osito " p y ~ � as =�o��'^ N A : m o � p y ( p ry ), an Iflinois trust com an , . «�_ . ,n e � e ao�,� am : _ � a � 11 11 . . . �.�m � ... o � ^tl � N.F .. �oN y O�. a member of the Federal Reserve System and a clearing corporation within the meaning of the Illinois Uniform Cammercial Code, as registered owner of the Bonds, and immobilized in the " �� »' � N " custody of the Depository or its agent. Accordingly, as used in this Official Statement, "Owners" means the beneficial owners of the Bonds, who, subject to certain exceptions described in the following sections, will not receive physical delivery of the Bond certi�cates. � o �o » � � . . . . � � . � �. �. � . � J<.W. . g� .� N .� . . . . � . . . . . . . . . . . . . . . . . W f m . . N f' . . . . . Purchases of Bonds may be made through banks, brokers and dealers who are, or who act ` � W�° � ~ '� through, participants of the Depository (the "Participants"). The beneficial ownership of Bonds ° tl� � will be shown on, and transfer of beneficiai ownership wili be effected through, records � � maintained by the Depository, the Participants and others, who collectively comprise the � � � � National Clearance and Settlement System (the "National System"). The National System `�W�e $ � enables banks, brokers and dealers to immobilize securities certificates in registered = "�'' ' �LL �2 M � depositories and to process and settle securities transactions by computerized book entry. ' Responsibility for maintaining, reviewing and supervising records of transactions rests with the specific bank, broker or dealer nominee from whom an Owner receives payment of interest, W a p � ' principal and any premium. The Depository, its Participants and other banks, brokers and �� Z = � dealers participating in the National System, act pursuant to laws and regulations governing the �� < National System. The Purchaser of the Bonds, as a Participant in the National System, will deposit the Bonds with the Depository. The City will name a bank or trust company to act as Registrar for the Bonds. �W � ��m a�� . � . . . . . . . �� 6 . � o A o O o . . � � �'-� 6 . �N» � N . N. m . . . Subject to certain exceptions described in the following sections, all purchases, sales or other g� � transfers of beneficial ownership in the Bonds are to be made by book entry only, and no � Owner will receive, hold or deliver any certificates as long as the Depository or any successor securities depository is the registered owner of the Bonds. For every transfer or exchange by e a �� p the Owners, the Depository may charge a sum sufficient to cover any tax, fee or other �W � „ N o g � govemmental charge that may be imposed in relation thereto. �¢ '° » � � � . . . . . . a Owners who desire to purchase, sell or otherwise transfer ownership of the Bonds may do so � only through banks, brokers, and dealers who are, or who act through, Participants. The � � o m Depository has no lines of communication or other arrangements relating to the Bonds befinreen �� o m � � � itself and Owners and others who are not Participants. The City assumes no responsibility or o W " ^ » liability conceming the relationships between the Depository and the Participants and between a " i the Participants and the Owners. o � II _ � � s` � ; o �� Payments to Owners � W � e� m ; g . � 2 �7 N N� YI O . . . . . . . .. 2 6 y�j ^ � � � . Payment of principal of and interest on the Bonds will be made by the City to the Depository o °'¢ I + thraugh its nominee Kray & Co., the registered awner of the Global Certificates. The " Depository will credit payments on the Bonds to the Participants, as listed on the records of the ' " � � ^I n ^ ` � Depository on the fifteenth day of the calendar month next preceding each interest payment � m � s � „p da te. Trans fer o f suc h paymen ts to t he Participants is t he responsi bi lity o f t he Depository. _ � " �» Transfer of such payments by the Participants is the responsibility of the Participants. Owners ' " � will receive mterest and pnncipal payments through their bank, broker or dealer nominees. The bank, broker or dealer nominees, if not Participants, will receive payments from Participants or � o 0 others who received payments directly or indirectly from Participants. � ° W � � . � � � � . W Z � .� W � � � . . Re.placement Obligations = �� o : a <o W� 8 : � N Z . � g= � o < In the event that 1 the De osito discontinues servicin� the Bonds or the Cit determines that °� p • � ° $ � 7 �/ 3m � - �y • � w c 9 g 3� . � � . p ry . .7 � 7 . . � . . ]w � g'a • $�-b .n 3p . . � . . the Depository is incapable of discharging its duties, and if the City fails to identify a qualified � ��¢ „ �� :; 6: ��a� �s � . �'" replacement depository, or (2) the City, in its sole discretion, determines #hat the interest of the ° �� m �e� �3 3 $: 8' � E a g° _ _ �' � � �� . a t � o n .�. II i � . . � . � . . . . � O �u+� < t � E L II c��- Z P c 9� • ��r f � . � � . . � . . . . . � � .. . � � . U U <d � . 3D.< Cl< <U.Om� LL�U6W¢� O O. . . . _2 _ 1V-5 � OFFICIAL STATEMENT t,v } � � � � � � � � � � � � � � � � � � n � o � � g � � � � � $1,900,000 5 z � � � � � 0 � � 8� � y $ � � � Ao � s " � ^ � � � � � g p CITYOFROSEMOUNT, MINNESOTA � � Q � � � ' � ^ � " � ' » � � � � � �' » GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1995A �? o m � o � ^ f O � H N f N O � A iV� q � ' � O N p F— � � � � � . � � � � ;, , $ $ � „ � h � � $ o „ , � � � � „ N . Introductory Statement � — ►: ei ►: . d ri � e o d °� ao � � � � � � 0 � 8 � � � � a � � � � � � s � � a : a ��i. � � o o � � � ' ' � » ' ~ ^ N N � � " � � � � `" This Official Statement contains certain information relating to the City of Rosemount, N ~ Minnesota ("the City") and its issuance of $1,900,000 General Obligation Improvement Bonds, z ? o � Series 1995A (the "Bonds" or the "Issue"). The Bonds are general obligations of the City for -� which the City pledges its full faith and credit and power to levy direct general ad valorem taxes `U`—' a � � � $ � g � � � � � � � � without limit as to rate or amount. W � ¢ � � � � � � � � � » p � � � � � � � � � � �^ � � � � � e � o � � x � � ' v � � ' N Inquiries may be directed to Mr. Thomas Burt, City Administrator, City of Rosemount, 2875- 145th Street West, Rosemount, Minnesota 55068-0510, or by telephoning (612) 423-4411. Inquiries may also be made to Springsted Incorporated, 85 East Seventh Place, Suite 100, St. � 8 0 � a $ s � � $ � � � g � � � Paul, Minnesota 55101-2143, or by telephoning (612) 223-3000. If information of a specific W � o ri _ �; „ � A legal nature is desired, requests may be directed to Ms. Mary Dyrseth, Briggs and Morgan of � � � � � $ � � � � °� � � � � � � p St. Paul, Minnesota, Bond Counsel, 2200 First National Bank Building, St. Paul, Minnesota O 1 t 1� 1 . 1 1 I N 1 I. 1 1 1 �y �j �j M� v p e � � � 55101, or by telephoning (612) 223-6625. � �j ' W � : � � � � � � � � � � � � N � Continuing Disclosure � � � � � t i i t � � � � i i i i `�' $ � i i �T � � � � � � � � �� ursuant � d � » � - » In order to assist the Underwriters in complying with SEC Rule 15c2-12 (the Rule ), p W � `° to the Award Resolution, the City has entered into an undertaking (the "Undertaking") for the � � benefit of halders of the Bonds to provide certain financial information and operating data � g � � � e . g � a N � � p o � relating to the City to certain information repositories annually, and to provide notices of the � � $ �r 8 � � N � � � � � � � � $ � occurrence of certain events enumerated in the Rule to certain information repositories or the � � � � � " - - ' � � � � � � N � - � � Municipal Securities Rulemaking Board and to any state information depository. The specific Z » i � � � N � � r � i i i �,�- « i « �- �; N „ � nature of the Undertaking, as well as the information to be contained in the annual report or the � notices of material events is set forth in the Continuing Disclosure Certificate to be executed � and delivered by the City at the time the bonds are deliveretl in substantially the form attached � hereto as Appendix I1. The City has never failed to comply in all material respects with any �, previous undertakings under the Rule to provide annual reports or notices of material evants. A � failure by the City to comply with the Undertaking will not constitute an event of default on the o � Bonds (although holders will have any available remedy at law or in equity). Nevertheless, such � W � a failure must be reported in accordance with#he Rule and must be considered by any broker, v . dealer or municipal securities dealer before recommending the purchase or sale of the Bonds in '� � W � � Q � the secondary market. Consequently, such a failure may adversely affect#he transferability � z � o and liquidity of the Bonds and their market price. � � � . � � � �p t� b tj p �� W � 6 W C� W • i ¢ � � � °' � W 3 � � S � � � 3 0 � � �+ j � � � � � ¢ � � $ � � � $ � Q � The Bonds � � o � � � g � � � _ � � � '� � 'Eo � � � � � � z � _ � a 8 . � � � � � � � Q � . � a 8 � W � � � � W W ¢ � o General Description 8 0 ,� � � � � � � .. ' � � � � � € � � e � � » o e � � °: � � � � � � � � � j � � � • � � � � � � ¢ � � � � � 6 � _ = The Bonds are dated as of Augusfi 1, 1995 and will mature annually on February 1, as set forth � � � � � � � � � o � � �a � � � � � � � � S ° o � � ►: 5 0 " � W ° on the cover of this Official Statement. The Bonds are being issued in denominations of$5,000 $ � � � � �St� o � t5 0 � �So � m �i and integral multiples thereof not exceeding the amount maturing in any maturity. Interest on the Bonds will be payable on each February 1 and August 1, commencing August 1, 1996. IV-6 � - 1 - � � � 'o � �n c� � � y � � .-► Q' G1 � � � . . � . rM . . . . � � � . �D � � O � � � - - h � � � � GTY OF ROSEMOUNT,MINNESOTA . . � � � � . � . � � � COMBINED STATEMENT OF REVENUE,EXPENDITUqE3 AND CHANC,ES IN FUND BAIANCES � � � � � . � � AlL GOVERNMENTILL FUND TYPES � � � . . . � YEAR ENDED DECEMBER 31,1993 � . � � . � � � . . � . . � � TOTALS � . � . . . � - � � GOVERNMENTQ FUND TVPES � - � . � ��.�(MEMORANDUM ONLq � � � - --�---- -3PECIAL -------DEBT ..---CAPITAL--�- � � .1992 . . � � � � . � � . GENERAL REVENUE SERVICE PROJECTS t999 � (RESTATED) � � � . � � � ---�-'— ---------�— ----------- � . . � REVENUE: ------------- �— '-- ------ . . � - . � Generd�property�iezar . . i1,418,171 . f291,125 . f4YS.80e . . . � t2.2�7.902. � �t2,318.Se1 : � � � . . . � . Municipel stete sid�MSA) � � � 304,779 �f702,174 1,088,959 �� . � . � � � � � . Tex incromanb � 338,131 � . 938,181 . � �� licenses and permits 282,11e � � � � � � � .� � � � . � 282.118 � 3�2.742 � . . Specisl essessmenb 22.139 � . .1.185,513 . 1�./87.852 � �. 1.135.634 . . � � . . � Inlarpovernmentel . 1.023.970 � � 1.023.970. 1.005.849 . . . � . � ��. Chetges br services �12.67Y � � � � � 112,879 � .277.e5e � � Fines and foAeitures � � � 60.960 . . � . . e0,980 . M,927 � � . IMetesteemin9a . 28,929 181.509 289.107 110.879 590.625 � � 166.101 � � � . � Miccellaneous ----- 190.386�.. ----'--77.2Q —'- ---- — 32.130 _ 299.788 � � 313,�94 � � . � � TOTAL REVENVES � � __f3,489,353 _ t1.2U,112 t1,990,528_ _ =874,9BJ _ =7,618,97� _ =E,123,�64 � . . . � � . � � EXPENDITUHES: � . . . . � . � . � CwrenC � � . . . � Gene�el�government . =1,/09,037 � � . � . . . . � . =1.��09,057 =1,312.929 � � �� Public sefely . � � 855,060 � � 9SS,OeO� � . BES,Y6e� � � � V . � Public works � - 898�,215 � . 5,�89.983 . � e,388,t9e � 3.2Yt,685 � . . . � � Perksand rocteation . � 380,711 � � 560,711 � 523,2Ye � � � � CepilelOuUay . � =71�.755 . � 714,753 � . . � Other . � � � . j29�.225 � =1�.825 �� 770.522� � 1.079,372� 793.�82 . . � . � � � Debt service: � . . � � Redempfion of bonds � 1.155,000 . � . 1,466,000 . � 1.395.000 � . . . � Intereston bonds � 972.527 � �� . . . � 972.527 773,117 . . � .. fisceiapentfeea . . .---.,------__--- S,t21. � � 5.12� � .�.211 . � . � � � TOTAL EXPENDITURES ------=3,511,093 . .--- �1,008,890 ---Z2.11T.278 _ t8.2�0.176 t13.297,a25� _ =8.979,8e6. . � � EXCESS(DEF�CIENCI�OF REVENUE � � � . � � .. . � � - . � � � �. � . OVER EXPENDITUqES - . (=7f,7�0 =235,132 � � �� . � � . . --- � --------- ----�f516,750) _(i5.385,193) --(f5,71l.831) _ (=2.544,202) � . . . . . . OTHEH FINANCING SOURCE3(USES) . � � . . . � � � . �� . � � . � � � � Proceeds hom sale olbonda � . f528,100 =2,290,914 � =618.895 t3,30t,20Y �=T,752,620 � � � . . Tronslen irom other funds t71,731 7,788� . 2,8C9,S00. � � � 842,089 � 3,891,1OS � 1,818,075 . � � � � Tranaters to otherfunds � � (13,105) (1,127,082 1,513,843 � � � . . . � � ----__ -- ) t ) �ez2A�t) la,�se.o42� �e�i.e�s� � 70TAL OTHER FINANC�N6 SOURCES�USES) =SB,829 � � � � � . � � ------'— �—� -------- ----'-- � . . � ._ .. _.____.__ .... ..�f590898) t3.816,570 � . =388.887 53,183.289 � �=8,788.420 . . . � � . E%CESS(DEFICIENCn OF REVENUE AND � � � � � � . . . � � � � � � OTHER FINANCING SOURCES OVER � � � � � � � � � � EXPENDITURES AND OTHER FtNANCING USES (Zi3,t 1 Q � (=355,784) . f9,129.820 � .(=4,998,527) (Z2�,235,582) =8,235,4/0 �� . � � � � � BEGINNING FUND BILLANCES 1,193,110 � 1,743,978 7,517,772 8,007,749 � � �16,�62,907 f0,227,189 � � ENDING FUND BALANCES _:1.180,299 =1,388,21/ f10,8�7,592 f1,011,222 ___51�,22�,325 f18,�82,907. � � � � �f1Y OF ROSEMOUNT.MINNESOTA COMBINED STATEMENT OFAEVENUE,D(PENDRURES AND GHANGES IN'FUND BALANGES ALL GOVERNMENTAL FUND TYPES YEAR ENDED DECEMBER 91,1992 ' GOYERNMENTAI.FUND TYPES TOTALS SPECIAI DEBT CAPITAL (MEMORANDUM ONLI� GENERAL REVENUE 3ERVICE PROJECTS 1992 1991 REVENUES: Ganerei prop�tiy taxes =1.942.415 i744.42/ 5�29,725 =2.516.5B1 f2.255.565 Ucensn and perm)ts 342.742 942.712 199.178 : � � Spedsl assessmsnts . � � � � 69,249 � 1,366,685 � 1,135,83� 684,871 � Intargovarnmentel 956.055 49.594 1.005.619 1.256.235 Cherpea tor services 277.856 277.858 125.887 Rnes and tor}eituroa ��.927 14,927 47.377 IMoreat yaminya 30,BU 166.878 288.317 i1.192 488.101 688.981 Miacallanaous 182,191 88,475 316 41,387 312.869 189,047 TOTAI 53,246,349 i1.049,168 52.063.949 t�2.8�8 =B,t24,339 55.636,144 IXPENDITURES: Cutrent: Generel govemmart 51.057,642 t255.28� 51.912.929 ti.t27.799 Publie aetety 5885.966 885.966 834.t91 � Public worka 5743.056 t2.5�8.609 9.291.865 1.055.811 � Parks end recreetion f523.296 529,296 503,80� Othe� 574.159 510,125 209.198 793.482 629,069 Debt aervice: Redempiion ot bonds 1,995.000 1,995,000 1,560,000 Interest on bonda 773.117 779.117 773.229 FscaF ageM feea 1.211 4,211 5.063 TOTAI 53.209.960 E829.�16 t2.182,159 =2.757.807 t8.979,666 i6.488.766 EXCESS(DEFICIENCI�OF REVENUE OVER EXPENDfTURE3 =38.389 i219,722 (=96.510) (i2.714.928) (f2.555.327) (5852.622) OTHER FINANCING 30URCE3(USES) Procesds fram eele ot bonds i94.97� l6.5/5.8/9 =8.810.19� i1.612.3�8 Ttansl�ts lrom other funds 5140.230 521,5�0 1,90�,017 2,560,787 1,768,539 Tranafers to other tunda (39.989) (590,039) (98,592) (2�3,91� (511,875) (1,495,805) TOTAL t100,891 (SSS0.039) =580.389 =8,215,921 =8,967,106 i1.915,082 DfCES3(OEFICIENCI�OF HEVENUE AND OTHER FINANCING 30URCES OVER DfPENDiTURES ANO OHTER FINANCING USES t137,230 (i310.317) t483.879 =5.500,995 =5,611,779 =1,062.�60 BEGINNING fUND BAl.ANCE 1,056.180 • 1,816,818 6,N7,795 506,758 10,227,�gg 9.165,029 ENDING FUND BALANCE 51.199.4/0 t1,S06,501 t7.991.808 :8,007,719 i16,039.268 t10,227,�89 II • � � � n O � H W D N N N N N N N N � 'f � O < O O O O O O O O �O c0 cC Ic�D r+ W e+ 3 �D O O O O O O O O t0 �O �p N I-� 3 �D Q. '7 V � CT A W N -+ O tG 00 V � C � i�• <D N tG a � � rt � m u. c�Di c� ~ v m a�i r+ w v c Q. r+ � c m .. � ,�. F..� � .. � o .. . N. r+ �y o � m Z � .. t� � 6a � t� � � � � t� tfl � � . � . . � �"� n W � . � � . �� . �l �l �l � �l �► �l �L �i 'W . � F..1. . . � fA O O fD C C W C11 U1 U1 tJ1 CJ� U1 U1 � �! � � D � � � Q v� c c � cn o 0 o cn cn cn cn o o cr� �. r m �n c u� v, o 0 0 0 0 0 0 0 0 0 o O � -� � w r+ rr -< o 0 0 0 0 0 0 0 0 0 o w � su m o � � m o 0 0 0 o a o 0 0 0 0 � W n ~ t�/> �C C � � ` � A (� A � � A �► . . � � .1 j � . D . � � �' � � � � � _ � a tG � � Cn Z � v O ACl � V � � � � � � fl' � m � � � � < vl � p cp �p � � I-�-�� W v n C C p 'fl . . . � � . ..* F.1. '' . .1 1 1 .1 . �1 �.l �. . . . W � � 0 � `� o m c�i -n cn ir� � iv -� o 0o rn cn co ro � m z o z p �y !-' <D (l� �I N V � O Vt CO � N � Q 'S � 0 � '71 t�/) C' N C7t U� Ut N �! N V O Cfl �I � m � � cD Ir• C U1 O O O Cfl Cn CT U1 O O (71 fD � v� < s� o 0 0 o a o 0 0 0 0 o c� -� Z '� a -s cu -s o o a o 0 0 0 0 0 0 0 � 00 Z � � � • � o 0 0 0 0 0 0 0 0 0 o v, O R1 � � i � p � N � � �yj 4 N � r+ N � N D m r+ o cfl � 3 c� � m � su rt w1 N N 7 � �O OD � t71 A W N � i W n j �.► .-�A � N V -► �l � N N A V -+ N � � t�p rt Q e-F OD N V1 N V1 �O G� W W �I �► O. C D N W O O �l N V N O N O N N �I F-+ ' F~-' � O (T� Ut (Jt C�t O C11 O !11 �i'� i1t f�D e�^f� a� w a� o 0 0 0 0 0 0 0 0 0 o su r• ,+ a �-+� o 0 0 0 0 0 0 0 0 o a -s < r c o 0 0 0 0 0 0 0 0 o a m m -v m � a� N• � � CONTINUING DISCLOSURE in the resolution awardin the sale of the Bonds and in a Continuing PRELIMIlVARY $c TENTATIVE The Issuer will covenant 9 Disclosure Certificate to provide, or cause to be provided, annual financial information, including ,��. �,,�NNEscr� F�R DtSCUSSfON PURROSES ONZY audited financial statements of the 1ssuer, and notices of certain material events, as required by AND NOT FOR DlSTRi8UTi0N SEC Rule 15c2-12. � COMBIN�3TATEMENT OF AIEVEHl1E.EXPErDfTURE3 AI�O CHANGES IN FUND BALANCE3 ' OFFICIAL STATEMENT e�er(ciu►P sns��wo�cruu.-c�r+�w-ai�o YFJ1R Et��DECEMBER 81. 19Y4 The City has authorized the preparation of an Official Statement containing pertinent , F�►vow►e� information relative to the Bonds, and said Official Statement will serve as a nearly-final Official NNF�yow►s�q Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. �o�� ,�,� v�Au►ncE For copies of the Official Statement or for any additional information prior to sale, any , prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul,Minnesota 55101, telephone (612) 223-3000. ��E Ta�as it.�9.9d2 it.s7a.109 (�11.25� The Official Statement, when further supplemented by an addendum or addenda specifying the u�ana p.�+s �.� �0�� •0°� rnaturity dates, principat amounts and interest rates of the Bonds, together with any other t�o�►.R,m.� �.�.� �.o�.� �0� information required by law, sMall constitute a "Final Official Statement" of the City with respect �.��,.�,;�,� ss�,soo s��.s�s �a.4�a to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any �,��„�� ss,000 �ao,o�a ss,o�s underwriter or underwriting syndicate submitting a proposal therefor, the City agrees that, no �y�� 0�,�9� zea,as4 s�,�os more than seven business days after the date of such award, it shall provide without cost to the �u��uE ss.ass.�o� =s.o�.914 t185.o�s senior managing undenrvriter of the syndicate to which the Bonds are awarded 80 copies of the Official Statement and the addendum or addenda described above. The City designates the senior rnanaging underwriter of the syndicate to which the Bonds are awarded as its agent for �'EN°rtv�s: purposes of distributing copies of the Final Official Statement to each Participating Underwriter. �«+�aO1`�""""� s�.+ss.°r� s�.°9°.4°� ssg.6's Any underwriter delivering a proposal with respect to #he Bonds agrees thereby that if its � ��k�•�► t,�o�,9�s �,oes,sss �s,sss proposal is accepted by the City (i) it shall accept such designation and (ii) it shall enter into a �,bir�� .oss.s� �.o4s.oss �o.4ss contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring P��,a��m+ �•�� •� �•� the receipt by each such Participating Underwriter of the Final Official Statement. TOT�►�oc�eHem�REs ss.�o.szs ss.r�s.00� s�n,s�a Dated July 5, 1995 BY ORDER OF THE CITY COUNCIL DCCESS(DE�ICIENCI�OF REVENUE /s/Susan M. Walsh ov��errorTu�s Cs»s.424) s24a.so� sssz.ss� Clerk OTHEA FINANCiNG SOURCE3(USES) Transf�s irom oth�r tunds i2S8.a12 i287.495 i50.i�S Transf�►s to oehK funds (M4.6a9) (444.66� TOTAL OTHEA FINANCING SOURCES(USE� i236.Bt 2 (i157.1 T4) {i993.T� , D(CES3(DEFlCCT)OF REVENUE OVER . . DCPENDtTURES AND ENCUMBRANCES AND OTHER FlNANCING SOURCES(USE� i12S.188 i91.733 (t3�.453) • R�eoncialition to C,MP basls �liminafion of�ruwnb�ane�s.e»t (1S.42a) BEGINNING BAlJ1NCE 1.1s0.299 EIHDING BALANCE i1.258.60� - IV- (V-9 � be withdrawn or amended after the time set#or receiving proposals unless the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to another date c�rv_oF RosEMouNr. MiNNEsorn without award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or 1/8 of 1%. Rates must be in ascending order. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. Na conditional proposals will be COMBINED STATEMENT OF REVENUE. EXPENDITURES AND CHANGES IN FUND BALANCES aCC2pt@d. BUDGET (GAAP BASIS) AND ACTUAI — GENERAL FUND YEAA ENDED DECEMBER 31, 1993 AWARD , The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in Buo�er acruA� vnAinrvice accordance with customary practice, will be controlling. . ReveNUE: The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of T�es s�.sss,»a s�.aas.rn �s�os,943) matters relating to the receipt of praposals and award of the Bonds, (ii) reject all proposals Licenses and permits 239.�so 2s2,>>s a2.ss6 without cause, and, (iii) reject any proposal which the City determines to have failed to comply with the terms herein. Intergovernmer�tal 976,069 1,023,970 47,gp� Charges for services . 429.soo 4t2.679 (17,t2t) BOND INSURANCE AT PURCHASER'S OPTION Fines and forfeitures 42,000 60,960 18,960 Miscellaneous . 185,s�s z4�.456 ss,sa� If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment Torn�REveHUE as.a27.sae ss,469,353 ��.705 therefor at the option of the underwriter, the purchase of any such insurance policy or the . issuance of any such commitment shall be at the sole option and expense of the purchaser of � the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of �xPENoiTUREs' insurance shall be paid by the purchaser, except that, if the City has requested and received a General governmeM S1.oss,�s� sy,i�s,ss2 �s28,sas� rating on #he Bonds from a rating agency, the City will pay that rating fee. Any other rafing P"br�Safe�y sss.2s� 955.a�a 3.a�s agency fees shall be the responsibility of the purchaser. • Public works 945.273 926.325 18,948 Park and recreation 641,ose 5s�,000 so.oss Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the Tora�ExPENoiTUREs purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on ss,633,�ss ss.s�s,zs� ssa.a�� the Bonds. . CUSIP NUMBERS EXCESS (DEFICIENCI� OF REVENUE ovER exPENoiTUREs ` �S2o�.�2o If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the ) (s�os.ssa� s�.�sz Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto witl constitute cause for failure or refusal by the purchaser to accept delivery of the orHEA Fir�nNciN�souRCEs �usEs� Bonds. The GUSIP Service Bureau charge for the assignment of CUSIP identification numbers Transfers from othertunds 5206,120 571,734 (t134,386) ShB�� b@ p81d by th@ pUfChaSet'. Transfers to othe�funds (13,105) (18,105) TOTAL OTHER FINANGING SOURCES USES SETTLEMENT � ) 5206.120 �58.629 (t147.491j Within 40 days following the date of their award, the Bonds will be delivered withouf cost to the EXCESS (DEFICI� OF REVENUE OVER ' purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be EXPENDITURES AND ENCUMBRANCES ' SUb)@Ct t0 receipt by the purchaser of an approving legal opinion of Briggs and Morgan, ANo oTHEA FiNnNciN� souACEs�uses� ao �ss�.sos� tss�,309) � Professional Association, of Saint Paul and Minneapolis, Minnesota, and of customary closing papers, including a no-litigation certificate and a continuing disclosure certificate. On the date Re�o��;ar,t;o�to�,ap b�;s of settlement payment for the Bonds shall be made in federal, or equivalent, funds whicM shaU be received at the offices of the City or its designee not later than 12:00 Noon, Central Time. ei�m��at�o� of e��mb�a�`es. �et 38,�sa Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the purchaser shall be liable to the City for any se�iNNrrv�BAu�Nce �.�ss,a�o loss suffered by the City by reason of the purchaser's non-compliance with said terms for payment. ENDING BALANCE 51.180.299 �/-�0 - III - BOOK ENTRY SYSTEM CITY OF ROSEMOUNT. MINNESOTA The Bonds will be issued by means of a baok entry system with no physicai distribution of Bonds made to the public. The Bonds will be issued in fully registered form and one Bond, COMBINED STATEMENT OF REVENUES, EXPENDIURES AND CHANGES IN FUNO BALANCES representing the aggregate principal amount of the Bonds maturing in each year, WI�� b2 BUOGET(CaAAP BASIS) AND ACTUAL - GENERAL FUND ° registered 111 the name of Kray & Co. as nominee of Mitlwest Securities Trust Company Y�aR ENOEo �ECEMaeR s�, 1992 ("MSTC"), Chicago, 111inois, which will act as securities depository of the Bonds. Individual purchases of the Bonds may be made in the principal amount of$5,000 or any multiple thereof of a single maturity through book entries made on the books and records of MSTC and its participants. Principal and interest are payable by the registrar to MSTC or its nominee as suo�� Acrun� VARIANCE registered owner of the Bonds. Transfer of principal and interest payments to participants of � MSTC will be the responsibility of MSTC; transfer of principal and interest payments to RevENUEs: beneficial owners by participants will be the responsibility of such participants and other . Ta�es 5�,37�,�02 s�.342.415 (529.2a� nominees of benefrcial owners. The purchaser, as a condition of delivery of the Bonds, will be required to deposit the Bonds with MSTC. u�e^Ssg a"d Per""� 2�s,eoo sa2.�a2 �2s,sa2 fntergovernmental 913.614 956.055 42.441 RE��S�'f�(� Charges for services 194.950 277.856 82,906 Fhes and forfeitures 50,000 44,927 (5,073) The City will name the registrar which shall be subjec#to applicable SEC regulations. The City M;S�ena�eo�S Zs�,s2s 2s2.ssa 2a,s2s will pay for the services of the registrar. roTA� ss.003,894 S3,2as,aas s2a2,as5 OPTIONAL REDEMPTION DCPENDITURES: The City rnay elect on February 1, 2004, and on any day thereafter, to prepay Bonds due on or �e�era�go�e��me�t s�.ot s.�as s�.o�a,7sz tsss,044) after February 1, 2005. Redemption may be in whole or in part and if in part at the option of the Pubi��gatery ss�,a9s sss.o» �6,sts� City and in such manner as the City shall determine. If less than all Bonds of a maturity are P�bu�worka �s�,�7s • 7as,3ss »,sos called for redemption, the City will notify MSTC of the particular amount of such maturity to be , Park and recreation 581,067 530,196 50.871 prepaitl. MSTC witl determine by lot the amount af each participant s interest in such maturity -- to be redeemed and each participant will then select by lot the beneficial ownership interests in roTA� ss,239,486 S3,2a2,373 (S2.as�) such maturity to be redeemed. All prepayments shall be at a price of par plus accrued interest. SECURITY AND PURPOSE IXCESS (DEFICIENC� OF REVENUE ' The Bonds will be general obligations of the City for which the City will pledge its full faith and ovER ExPeNoiruREs (szss,592) 53,976 5239,sss credit and power to levy direct general ad valorem taxes. In addition the City will pledge special assessments against benefited property. The proceeds will be used to finance a Stl'@et OTHER FINANCING SOURCES (USES) improvement project within the City. tra�s�ers�rom otne�sunds 52s�,592 5140,230 (595,362) Transfers to other iunds (39,389) (39,389) nPE �F PR�PD$ALS TOTAL 5235.592 5100,841 (5134,751) Proposals shall be for not less than $1,877,200 and accrued interest on the total principal amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit"� Itl DCCESS (DEFICI'n OF REVENUE OVER the form of a certified or cashier's check or a Financial Surety Bond in the amount of $19,00�, EXPENDITURES AND ENCUMBRANGES payable to the order of the City. If a check is used, It 171USt BCCOt11p811y @aCh p�OpOSaI. If a � AND OTHER FINANCING SOURCES (USES) SO 5704.8» s�oa,8i� Financial Surety Bond is used, it rnust be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Springsted tncarporated prior to the opening of the proposals. The Financial Surety Bond must ` Reconcialition to GAAP basis identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the erm��a�;o�of e��umbr��es, �et s2,a�s Bonds are awarded to an underwriter using a Financial Suret�r Bond, then that purchaser is required to submit its Deposit to Springs#ed lncorporated in the form of a certified or cashier"s BE�iNNiN�BAu►NCE �,o5s.�so check or wire transfer as instructed by Springsted lncorporated not later than 3:30 P.M., Central Time, on the next business day following the award. 1f such Deposit is not received by that time, the financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. EN°tN� BAt.�►NCE s�.193.a�o The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted proposal, said amount will be retained by the City. No proposal can - ii - IV-11 � � THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS � a Q : ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: Cu7 �- Ifl �!! O N p Q p g N g A N N Q g � g ♦ Q ^ � N O � � � � r � � o �i o �i �: 3 n �i � 0 3 eqi n� � �i o Z5 �l � � r� 8 a f`v d�i �e�i,g °aj_ � x �g cn cz y ri « p o ri N p� 4 ,. e N p � QI O 1D O � TERMS OF PROPOSAL S�,Le O .� A O O � R N � O � O�N O • Y� O 1ff ` O. � N �» .8 O � p � . � � � �. . � � l� N! f N M O . . � � � �� M . � N N � . � E=L C! M � � o � $1,900,000 � �°� `` � -- CITY OF ROSEMOUNT MINNESOTA � � o '' � � � � � o � �:�y �p � � :, �� v � � � aR � g �$ � a � ! , � � z � � � � � � N N f O � ;� �t �� $ N N � e ^ � � � � N X �3 N � ^ GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1995A . Q �� ..N M N „' M �.M �� j . . . . . . J Q z N .. N N M . . . . . � o `t • (BOOK ENTRY ONLY) 1 � Proposals for the Bonds will be received on Tuesday, August 1, 1995, until 11:30 A.M., Central p p a � � � a � � � p � � � p � tl� � 'I � Time, at the offices of Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, r� w w .� a �a�' � o ri �i � o N i: _� « � N • - x N � � � � ` N � M =N $ N � Minnesota, after which time they wi11 be opened and tabulated. Consideration for award of the � � � � � � � � »» » � � � � o W. Bonds will be b y the Cit y Council at 7:30 P.M., Central Time, of the same day. � SUBMISSION OF PROPOSALS � � � � � � � � ; � o o � � � � � $ � $ ; ;, p � Proposals may be submitted in a sealed envelope or by fax (612) 223-3002 to Springsted. � "R � " � - � � x � � � � � � n � � Si ned Pro osals, without final rice or cou ons, ma be submitted to S rin sted nor to the g�g� ~ � � � � � � �� ~ M , � � ' � , ~ � � » �� ^ time of sale. The bidder shall be responsible for submitting to Springsted the final Proposal �#�tl price and coupons, by telephone (612) 223-3000 or fax (612) 223-3002 for inclusion in the -- . submitted Proposal. Springsted will assume no liability for the inability of the bidder to reach Springsted prior to the time of sale specified above. Proposals may also be filed electronically ep N � � -♦ �p♦ ►. �s n epN�p ' p Np * N�p n a o � , �p� � Ne via PARITY, in accordance with PARITY Rules of Participation and the Terms of Proposal, pg . O�O 1N O O � O O ♦ �. O Ol O p tl/ O O ♦ O f O O O A O O �� N o ri o � ri n� � � ^ _ � N o within a one-hour period prior to the time of sale established above, but no Proposals will be � �� , , �� ^ °'� � � � , " , � " � $» � � received after that time. lf provisions in the Terms of Proposal conflict with the PARIN Rules �� of Participation, the Terms of Proposal shalf control. The normal fee for use of PARIn may be ° ' obtained from PARITY and such fee shall be the responsibility of the bidder. For further � information about PARITY, potential bidders may contact PARITY at 100 116th Avenue SE, � � _ Suite 100 Bellevue Wa hin s ton 98004 tele h n N .. a n o �, „ � „ N � , , g , p o e (2 0 6) 6 3 5-3 5 4 5. N e r t h e r t h e C i t y n o r _ � �� ` N �p � � � ge� � � �p � �p � « � � ��p► � % � « p $ �� g � Springsted Incorporated assumes any liability if there is a malfunction of PARITY. All bidders . ' � .�� ~ � N N + r N Ml � � A P � N f�. 1� n h .O �n O N . � A f. � � . . . . � . 6 �� «� ;, � � � » � - ' � n �M v � a r e a d v i s e d t h a t e a c h P r o p o s a l s h a 1 1 b e d e e m e d t o c o n s t i t u t e a c o n t r a c t b e fi n reen t he bi d der � ��i0 ' ' and the City to purchase the 8onds regardless of the manner of the Proposal submitted. = 3^0 � '=� �, DETAILS OF THE BONDS � � °° The Bonds will be dated August 1, 1995, as the date of original issue, and will bear interest � � o ;.: �� a able on Februa 4 and Au ust 1 of each ear commencin Au ust 1 1 ' � s � �, W < P Y r Y 9 Y , 9 9 , 9 9 6. I n t e r e s t w i l l � W � � � �� o ' be computed on the basis of a 360-day year of finrelve 30-day months. W � � � � � � ° g � p ., �� The Bonds will mature Februa 1 in the ears and amount _ � � � � s W W W W �� s�" � � � � . ry Y s as follows. � �t 6 v; � a � ,°, � � g � _ � ��u �z � r�� i � Z � W�� n W � n m • � ,�+� W o g � o n o 0 1997 $165,004 2001 $155,000 2005 $150,000 p �2 tll. �2 W� W a �� IY t� = W � '� � � � � � � � � W � � g �� p� o ; o � � ;$� g S Z � �r� � � : � 199$ $370,004 2002 $155,000 2006 $150,000 �� . � . . �� > C 1[ .2 E O 9 � M � 0 � � �W o s e = _ � � r 3¢ � �r � �W � . � � s � � � � �:W m W � g !¢ � s � � 1999 $160,000 2003 $155,000 2007 $135 000 � �'°'o i � � s = � $ 3� v : � � �o n ; n ¢ � $ ! s � �'i Z i� � � �o a W � `t, 2000 $155,000 2004 $150,000 ' � 2 4 W f= • � � � E E S� F � � w w� tZ-- 's � d �' � e � 7��j V� i- g a� � g = � � �� 6 i � � E � : : �� '' � . �o � Y < � a 3 � ,� �o� zo < Z •.o z o z i v ow� °o` ¢ � _ t4 _ 33 � $ nmd � 7~ o � o zn` ani � v�i � �~ z� 000~ Z g w z . . �. . . . � m W � . . . �N-12 - I - ... � � � '� a� co c� � � � m � ., � n� � � � .-. c� � ..� 0 � � � • e - ` y � . � � ¢IfY OF ROSEMOUM MiMNESOTA . � . � � . . . � � . � � � � COMPAM7IVE STATEMENf OF REVENUES,DIPENSES AND CFiANGES IN 11ETNNEO E/UININOS . � � � � � . � . � . � ENTEflPHISE FUNDS � � . . � . � . ' . . � YEAH ENOEO OECEMBEfl 31,1YG3� � _______.._____._ ..__.__ . � . � � � . �. � STDAMI � . . . . . . � . . � . � � � . WA7ER � � WATER COMMUNffY � � � . � . � . . � � � � (IE01.EM.E05) SEWER� (/E03.a07,l13) .CENiER� _____.__.�. ___.._TOTALS .-_' __ �. � . . . � . � . . � � (410 8 e121 _ (I602 8 EOeZ'_ (8 0201_ � N630�_ ." 1Y03.__' _'1002� _'___ . . � � OPEM71N6 REVENUES: � � . � � . � . � . � � Roperfy Tue� . . . tS�.000 =54.000 � .. . � . Sp�eW�seeasmenh � j22.0� =23.40E .=774 �7.I1B � � f97.92� .. . . . )rdwestauninq� � 16.757 . . 6.l20 .. � 6.16� � �71.731 . � � 25.2i1 . � � . . � Reaid�ntld revenu�s . � � � 253.003 � 3�2.101 . . �20.7.7E¢ . � . e59.E25. M2.1l7�� . � . � A�u1mMt rw�nuas � � �p.Epb . 56.557� � . � 95.22� �. . � l0.200 � � � � � � Imlilutlonel rwvnun � 21.100 IO.Y62 � . , . . . . � a2.070 lt.E0.1. � � . . . � . CammereiN rwenues � �20.211 � 3�.951 � . � !0.'3E2� � � N�.0.13 . . . . � �. � Indus6iN rw�nues I.e02 7.171 � � � 11.770 12.40.1 � . � ..� . �P��rlty twmun Y.771 � 12.95� 1.5l7 .27.3�5 � 21,2/0 � . � . � � � Wate�mdat m�inbrrnc� 0.900 � � � � . � l.Y00 � 11.SS0 . � � � � �. � � . WetN mdss � � 20.51Y � � � � .20.5f9 25.lYO . .. � � Miseellentooa 25 �.5�2 � � � 8.4e7 8.�27� �� . � � . . � TOTALOPEMTIN(iREYENUEB . ---=121,�es _tszsu�_ ` sz��.s�e � �_ts�,St2_� St,2l2.2W {1.te1.100 � � � � . � OPEM7ING E%PENSES: . . � � � . . .. � . . �. . . . . . � � Persarls�tvkea . Z1�2.lY7 =70.090 =5d��370 - . 326Y.�2e� . f21�.3C0 . . � � . 3uPP�� . . 50.OY9 2.ISY Z2.221 2.M3 �. 6�A22 �5.�13 �� . . . . . � �Rdessiorrl tsvices 8 otlwr chrqes 70.122 � 24144 � 22.021 � 3.070 . 13t.1EY 03.07B � . . . qhar servic�s�nd cMrqes . . E.102 � � 9.1l9 � t.�57 �� 175 .. . � 1e.307 � � . 3��2'31 � . . . . . � C�pMsl dAMy � � 3.6�2�� 3.l32 � 1�000 - � S.E63� . � 591 � . i� . Metro sewe�eharges � � 301.6M . _ 301.672 � 2Y7,b64. . . . , � � . � � TOTALOPEMTINGEXPENSES __ =2!l.112' --- tt0Y.6N -- . t�1.E00 �l3,3Q7 --�-�=T9S�.06Y � -- 571��: . . . � . . � -- ----- ��-- . ------ - -. . - .- - . . . . W . . . . OPEMTING INCOME BEFOt1E DEPRECUTION f133�3- --- •11a,171� � =210.27� _---�fS.e25! f1lE,215_ �._LiN,�29� . � . DepreeisUon��ema . _ =YYO�E_16 _ =60D.527 =16�.1lS ----fEY�l12 .:7.211.WC : � f/7!_OLt1 . ' . . . � � OPEMTINO INCOME AFTEN DEPNECIATION (t10.1.1Y� (;572.W� SE5.7E0 -.----_(f�5.637� . _ (=725.391Z� f.120.2t0 . � . � . � � NON-OPENATING REVENUE(F7(PENSES): � � . . � � � . � . � � . � . . Speciel�uessmenla . � .=111 f167� � . � . f.10! � . . � . . � . . iMr��e.r�:�ys as.ee� szo.s�� ze.�s� e�.aes t3+.so� � � svon.rgea.eapenaltl.. � s9.95� . . . . � �. �. . � � . . . . . 58.8St . � q��pMus � � (30.00Y) � (25.e09) . (E9,173� (K5,591) � � � � . iM�ec�e.peroe ��os.a2q tr►.zo� lita�� ez.eeo� ��a�.os� . Pau�.gen�Ne. � -----��22Z - -- �M� � - � -- -�� UA7� �� .. . . � TOTILL NON-OPEM7ING � � � - � � . . � REVENUES(EIfPENSE3) . .___(H��VDO) _______(fS.1C2� �___--�120.502)� __ _(t1S�)� . � _{f17�A77). . (t90.45i) . .. . . � � � NET INCOME BEFORE OPEMi1NG TMNSFEHS . � � . � �� . . � � � �. � ANDDEPRECIA710NONCON(A1817fE0ASSET3 _ _'__ jt2i1,412) _"_(f577,512) ' __ f3�.7U � i75.T/1 . . � _ _ .. .�-___..) ____._-_� . __) _.__��.�. _ . f220.E�E �. � � OPEMDN67AIWSfERS: � � � . � � � � � � . .OPNetinpb�mM�in � . l2.3E2 �73.101 .�f00.537 f17E.900 � . � f452.000 . � ' � . . . - � Operating tramMs oW ___'__.=25.716 � �.100) 4232.215) � � � � (291.�ij. it,�l9,OM� � � � � �_ ') . __-_'___�.. . . '_. _".._.._.____.'___ _..____.__ _ _____ TOTALOPEM71NG7AANSfEflS: ----_---(=25.71E) . ____(f31.038) �... ..___(f16E.bN) ----,-_---Z100.517. ._-_--- (Z115•00�..� ---t� 1�037•OOOj . � . � � � � � � NET INCOME(LOSSI . �(f237.108) . (=608.550) (SIB3.557) 32�.766 � (f1.01�.529) �� (fl07,f02) . . � � � � � . ADD DEPflECIATION ON CONTRIBUTED ASSEIS 2d1,9�3 � 602,002 � 145,306 � � � 67,020. � 1,1E3.171 � . � � . � � � . . � � BEGINNING RETAINEO EARNIN(iS �� 89Y.Y49 ET7.5�0 �5E.6&5 � 0 � 2.011.IM . 2.641,30e � � . � . . . � ENDING.RETAiNED EAANINGS .. .,_____�7�7,701 ......_. .¢9�1,E82_ . � . � . . . � . -- -"---_.. � ... . . � :_.---�11,411 __..._._._..�41.��_ . _- ---�..027L0_ ---;2,03{,_1M . . C(TY OF ROSEMOUNT. MINNESOTA COMPARATIYE STATEMENT OF REVENUES. IXPENSES AND CHANGES IN RETAINED EARNINGS EM'ERPRISE FUNDS YEAR ENDED DECEMBER 31. 1992 TABLE OF CONTENTS � 1992 1991 �S-� OPERATING REVENUES: � wate�S�es ssss,oss tsoe.ss2 Terms of Proposal .............................................................. .................................. . . .... ........ i-iv Siorm vrater charges 203.�0� Schedule of Bond Years .................................................................................................. v Sewer cha►ges 475,652 426,728 � Wate�surcharges 47.543 42.se� Introductory Statement..................................................................................................... 1 Water meter maintenanee 11,550 S.�s� Continuing Disciosure.............................................. .......... ........................................... 1 Water meters 25,890 16,939 M�sceuaneous ss.�oa as,oss The Bonds......................................................................:................................................. 1-3 TOTA� s�.�si.ios saas.s�2 Authority and Purpose............................................•---.:.................................................... 4 Securityand Financing ..............................................................••--•.................................. 4 OPERATING DCPENSES: . Future Financing........................................ .......... 4 , ............................................................. General and adminisVative: Personafservices LItIg8t1011........................................................................................................................... 4 s2�a,3so a�8�,29� Legality Waterutility: ............................................................................................................................. 4 suPpres ss.s�s as.sso Tax Exemption................. .................................................... .......................................... 4-5 ott,s�gerv�ces 9s,981 49.�as Other Federal Tax Considerations.................................................................................... 5-6 c��t��o�ay ss� a,o�a� Bank-Qualified Tax-Exempt Obligations Sewerutitity: ................................................. ..................... 6 supp��eg s.as� s.ass Rating..............................................................................._..................... ..... 6 Other services 29.948 14,115 Financial Advisor..................................................................................... ........ .............. 6 Metro sewer charge 297.564 264.108 Certification....................................................................................................................... 6-7 Depreciation expense t38,034 131.446 . . _— City Property Values........................................ ................................................. 7-8 TOTAL ••............. �ss2.8» s�as.22s City Indebtedness.......................................... ...........................................,....................... 8-13 opet�ariNG iNcoME ss2s,zas s9e,sas City Tax Rates, Levies and Collections.. ........... ...... 13-14 Fundson Hand................................................................................................................. 14 NONOPERATING REVENUE (EXPENSES): City Investments...... ............................. ................... .. 14 Interest earnin9s 534.591 537,833 r�tsrest eXpense �13�.969) (96.s23� General Information Concerning the City......... .................. ......... .................. ................ 14-17 F�S�� Sy�nt fe�s c�.0�3) h.e3o� Govemmental Organization and Services........................... ......... ................................... 17-18 TOTAL (598.451) (560.320) . Proposed Form of Legal Opinion .................................... ........ ............................. Appendix I NET INGOME BEFORE OPERATING TRANSFERS 5229,838 i38,oss , Form of Continuing Disclosure Certificate ................. ............................................. Appendix II OTHER FINANCING SOURCES(USES): y Summary of Tax Levies, Payment Provisions, and Minnesota Real Property Valuation .... .................. ......... ......... .................._....... Appendix III oPe�a��g v�,sfe�s�� as2,000 so,000 . Selected Annual Financial Statements ..................... ..,........................................... Appendix IV Operating transfers out (i.489,000� Proposal Forms ............. .......... ................. .................. ........................... fnserted NET INGOME (5807.162) ,568,066 ...... ...... BEGINNING RETAtNED EARNINGS 2.841.306 2.778.240 ENDING RETA{NED EARNINGS S2.Q34 144 52.841.306 IV-14 Far purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission, this document, as the same may be supplemented or corrected by the Issuer from time to time (collectively, the "Official Statement"), may be treated as an Official Statement with respect to the Obligations described herein that is deemed final as of the date hereof (or of any such supplement or correction) by the lssuer, except for the omission of certain information referred to in the succeeding paragraph. The Official Statement, when further supplemented by an addendum ar addenda specifying the , maturity dates, principal amounts and interest rates of the Obligations, together with any other information required by law, shall constitute a "Final Official Statement" of the Issuer with �, respect to the Obligations, as that term is defined in Rule 15c2-12. Any sucM addendum shaA, , on and after the date thereof, be fully incorporated herein and made a part hereof by reference. By awarding the Obligations to any underwriter or underwriting syndicate submitting a Proposal therefor, the Issuer agrees that, no more than seven business days after the date of such award, it shall provide without cost to the senior managing underwriter of the syndicate to which the Obligations are awarded copies of the Official Statement and the addendum or addenda described in the preceding paragraph in the amount specified in the Terms of ProposaL The Issuer designates the senior managing underwriter of the syndicate to which the Obligations are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter delivering a Proposal with respect to the Obligations agrees thereby that if its bid is accepted by the Issuer (i) it shall accept such designation and (ii) if shalf enter into a contractual relationship with all Participating Underwriters of the Obligations for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. No dealer, broker, salesman or other person has been authorized by the Issuer to give any information or to make any representations with respect to the Obligations other than as contained in the Official Statement or the Final Official Statement, and, if, given or made, such other information or representations must not be relied upon as having been authorized by the Issuer. Certain information contained in the Official Statement and the Final Official Statement rnay have been obtained from sources other than records of the Issuer and, while believed to be reliable, is not guaranteed as to completeness or accuracy. THE INFORMATION AND EXPRESSIONS OF OPFNION IN THE OFFICIAL STATEMENT AND THE FINAL OFFICIAL STATEMENT ARE SUBJECT TO CHANGE, AND NEITHER THE DELIVERY OF THE OFFICIAL STATEMENT OR THE FINAL OFFICIAL STATEMENT NOR ANY SALE MADE UNDER EITHER SUCH DOCUMENT SHALL CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE ISSUER SINCE THE DATE THEREOF. References herein to laws, rules, regulations, resolutions, agreements, reports and other documents do not purport to be comprehensive or definitive. All references to such documents � are qualified in their entirety by reference to the particular document, the full text of which may ,-. contain qualifications of and exceptions to statements made herein. Where full texts have not , been included as appendices to the O�cial Statement or the Final Official Statement, they will be fumished on request. OFFICIAL STATEMENT DATED JULY 18, 1995 Rating: Requested from Moody's NEW ISSUE lnvestors Service In the opinion of Briggs and Morgan, Professional Association, Bond Counsel, based on present federal and Minnesota laws, regulations, rulings and decisions(which excludes any pending legislation which may have retroactive effect), at the time of their issuance and delivery fo the original Purchaser,interest on the Bonds is excluded from gross income for purposes of United States income tax and is excluded, to the same extent, in computing both gross income and taxable net income for purposes of State of Minnesota income tax (other than Minnesota franchise taxes measured by income and imposed on corporations and financial institutions), and is not an ifem of tax preference for purposes of the federal altemative minimum tax imposed on individuals and corporations or the Minnesota altemative minimum tax appficable to individuals, estates or trusfs;provided, however, that for the 4 purpose of computing the federal altemative minimum tax imposed on corporations, interest on the Bonds is taken into accounf in determining adjusted current eamings. No opinion will be expressed by Bond Counsel regarding other federal or state tax consequences caused by the receipt or accrual of interest on the Bonds or arising with respect to ownership of the Bonds. See "`'�' "Tax Exemption"herein. $1,900,000 City of Rosemount, Minnesota General Obligation Improvement Bonds, Series 1995A (Book-Entry Only) Dated Date: August 1, 1995 Interest Due: Each February 1 and August 1, - commencing August 1, 1996 The Bonds will mature February 1 as foilows: 1997 $165,000 2001 $155,000 2005 $150,000 1998 $370,000 2002 $155,000 2006 $150,000 1999 $160,000 2003 $155,000 2007 $135,000 2000 $155,000 20Q4 $150,000 The City may elect on February 1, 2004, and on any day thereafter, to prepay Bonds due on or after February 1, 2005 at a price of par plus accrued interest. �, The Bonds will be general obligations of the City for which the City pledges its full faith and credit and power to levy direct general ad valorem taxes. ln addition, the City will pledge special assessments � against benefited property. The proceeds of the Bonds will be used to finance a street improvement project within the City. Proposals must be for not less than $1,877,200 and accrued interest on the total principal amount of the Bonds. Proposals must be accompanied by a good faith deposit in the form of a certified or cashier's check or a Financial Surety Bond in the amount of$19,000, payable to the order of the City. Proposals — shall specify rates in integral multiples of 5/100 or 1/8 of 1%. Rates must be in ascending order. The Bonds will be awarded on the basis of True Interest Cost(TIC). The Bonds will be bank-qualified tax-exempt obligations pursuant to Section 265(b)(3) of the Internal Revenue Code of 1986, as arnended,and will not be subject to the alternative minimum tax for individuals. The Bonds will be issued as fully registered Bonds without coupons and,when issued,will be registered in � the name of Kray & Co., as nominee of the Midwest Securities Trust Company (the "Depository"). The :�; Depository will act as securities depository of the Bonds. Individual purchases may be made in book entry . form only, in the principal amount of $S,OOO and integral multiples #hereof. Purchasers will not receive ` certificates representing their interest in the Bonds purchased. (See "Global Book Entry Form of Ownership" herein.} The City wiH name the Registrar and pay for registration senrices. Global certificates will be available for delivery at the Depository within 40 days following the date of the award of the Bonds. PROPOSALS RECEIVED: August 1, 1995 (Tuesday) at 11:30 A.M., Central Time AWARD: August 1, 1995 (Tuesday) at 7:30 P.M., Central Time Further informatio� may be obtained from S P R�N(�„�S T E� SPRINGSTED Incorporated, Financial Advisor to the Issuer, 85 East SeveMh Place, Suite 10Q PUBLIC FINANCE ADVISORS Saint Paul,Minnesota 55101 (612)223-3000 CONTINUING DISCLOSURE UNDERTAKING This Continuing Disclosure Undertaking (the "Disclosure Undertaking") is executed and delivered by the City of Rosemount, Minnesota (the "Issuer") in connection with the issuance of $1, 900, 000 General Obligation Improvement Bonds, Series 1995A (the "Bonds") . The Bonds are being issued pursuant to a Resolution dated August 1, 1995 (the "Resolution") . Pursuant to the Resolution and this Undertaking, the Issuer covenants and agrees as follows : SECTION 1 . Purpose of the Disclosure Undertakina. This Disclosure Undertaking is being executed and delivered by the Issuer for the benefit of the Bondholders and in order to assist the Participating Underwriters in complying with SEC Rule 15c2-12 (b) (5) . SECTION 2 . Definitions . In addition to the definitions set iorth in the Resolution, which apply to any capitalized term used in this Disclosure Undertaking unless otherwise defined in this Section, the following capitalized terms shall have the following meanings : "Annual Report° shall mean any annual financial information provided by the Issuer pursuant to, and as described in, Sections 3 and 4 of this Disclosure Undertaking. ��Audited Financial Statements° shall mean the financial statements of the Issuer audited annually by an independent certified public accounting firm, prepared pursuant to generally accepted accounting principles promulgated by the Financial Accounting Standards Board, modified by governmental accounting standards promulgated by the Government Accounting Standards Board. "Dissemination Agent" shall mean such party from time to time designated in writing by the Issuer to act as information dissemination agent and which has filed with the Issuer a written acceptance of such designation. "Governing Body" shall, with respect to the Bonds, have the meaning given that term in Minnesota Statutes, Section 475 .51, Subdivision 9 . ��National Repository° shall mean any Nationally Recognized Municipal Securities Information Repository for purposes of the Rule. Currently, the following are National Repositories: 296681.1 Bloomberg Municipal Repository P.O. Box 840 Princeton, NJ 08542-0840 Phone: (609) 279-3200 Fax: (609) 279-5962 Thomson Municipal Services Group Global Syndicate Services Group Two Gateway Center Newark, NJ 07120 Attn: Joel Mandelbaum, President Disclosure, Inc. 5161 River Road Bethesda, NID 20816 Attn: Document Acquisitions/Municipal Securities Phone: (301) 951-1300 Fax: (301) 718-2329 Kenny Information Systems, Inc. 65 Broadway New York, NY 10006-2511 Attn: Kenny Repository Service Phone: (212) 770-4000 Fax: (212) 797-7994 Moody' s NRMSIR Public Finance Information Center 99 Church Street New York, NY 10007 Phone: (800) 339-6306 Fax: (212) 553-1460 "Occurrence (s) " shall mean any of the events listed in Section 5 .A of this Disclosure Certificate. "Participating Underwriter" shall mean any of the original underwriters of the Bonds required to comply with the Rule in connection with offering of the Bonds. °Repository° shall mean each National Repository and each State Depository. '�Resolution" shall mean the resolution or resolutions adopted by Governing Body of the Issuer providing for and authorizing the issuance of the Bonds . "Rule" shall mean Rule 15c2-12 (b) (5) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time. "State" shall mean the State of Minnesota. 296681.1 2 "State Depository" shall mean any public or private repository or entity designated by the State as a state depository for the purpose of the Rule. As of the date of this Disclosure Undertaking, there is no State Depository in Minnesota. °Tax-exempt" shall mean that interest on the Bonds is excluded from gross income for federal income tax purpases, whether or not such interest is includable as an item of tax preference or otherwise includable directly or indirectly for purposes of calculating any other tax liability, including any alternative minimum tax or environmental tax. SECTION 3 . Provision of Annual Reports . A. The Issuer shall, or shall cause the Dissemination Agent to, not later than December 31 of each year, commencing December 31, 1997, provide to each Repository an Annual Report which is consistent with the requirements of Section 4 of this Disclosure Undertaking. B. If the Issuer is unable to provide to the Repositories an Annual Report by the date required in subsection (a) , the Issuer shall send a notice of such delay and estimated date of delivery to each Repository or to the Municipal Securities Rulemaking Board and to the State Depository, if any. SECTION 4 . Content of Annual Reports . The Issuer' s Annual Report shall contain or incorporate by reference the following financial information and operating data pertaining to the Issuer: A. an update of the type of information contained in the Official Statement under the caption CITY PROPERTY VALUES . B. an update of the type of information contained in the Official Statement under the caption CITY INDEBTEDNESS . C. an update of the type of information contained in the Official Statement under the caption CITY TAX R.ATES, LEVIES AND COLLECTIONS . D. an update of the type of information contained in the Official Statement under the caption FUNDS ON HAND. E. an update of the type of information contained in the Official Statement under the caption CITY INVESTMENTS . F. an update of the type of information contained in the Official Statement under the caption and subheadings GENERA.L INFORMATION CONCERNING THE CITY — '�Major Employers" , "Labor Force Data" and "Building Permits Issued by the City" . 296681.1 3 G. data extracted from preliminary, unaudited financial statements of the Issuer and from past audited financial statements of the Issuer in the form and of the type contained in Appendix IV of the Official Statement. H. Audited financial statements of the Issuer; provided that in the event audited financial statements of the Issuer are not available on or before the date for filing the Annual Report with the appropriate Repositories, unaudited financial statements shall be provided. The Annual Report may be submitted to each Repository as a single document or as separate documents comprising a package, and may cross-reference other information as provided in Section 4 of this Disclosure Undertaking; provided that the audited financial statements of the Issuer may be submitted to each Repository separately from the balance of the Annual Report. SECTION 5 . Reporting of Significant Events . A. This Section 5 shall govern the giving of notices of the occurrence of any of the following events : (1) Delinquency in payment when due of any principal of or interest on the Bonds . (2) Occurrence of any breach of covenants under the Resolution (other than as described in clause (1) above) . (3) Unscheduled draws on debt service reserves, if any, reflecting financial difficulties of the Issuer. (4) Unscheduled draws on credit enhancements, if any, reflecting financial difficulties of the Issuer. (5) Substitution of credit or liquidity providers, if any, or their failure to perform. (6) Receipt of an opinion of nationally recognized bond counsel to the effect that interest on the Bonds is not Tax-exempt; or any event adversely affecting the tax-exempt status of the Bonds, including but not limited to: (a) Any audit, investigation or other challenge of the Tax-exempt status of the Bonds by the Internal Revenue Service or in any administrative or judicial proceeding; or (b) The issuance of any regulation, decision or other official pronouncement by the Internal Revenue Service or other official tax authority or by any court adversely affecting the Tax-exempt status of the Bonds 296681.1 4 or bonds of the same type as the bonds or financing structures of the same type as financed by the Bonds . (7) Amendment to the Resolution or this Disclosure Undertaking modifying the rights of the holders of the Bonds . (8) Giving of a notice of optional or unscheduled redemption of any Bonds . (9) Defeasance of the Bonds or any portion thereof . (10) The release, substitution or sale of property, if any, securing repayment of the Bonds (including property leased, mortgaged or pledged as such security) . (11) Rating changes, if any. B. Whenever the Issuer has knowledge that an event listed in Section 5 .A. above has occurred, the Issuer shall as soon as possible determine if such event would constitute material information for holders of Bonds . If knowledge of the Occurrence would be material, the Issuer shall promptly file a _ notice of such Occurrence with the Repositories . C. The Issuer agrees to provide or cause to be provided, in a timely manner, to appropriate Repositories, notice of a failure by the Issuer to provide the Annual Reports described in Section 4 . SECTION 6 . Termination of Re�orting Obligation. The Issuer' s obligations under this Disclosure Certificate shall terminate upon the legal defeasance, prior redemption or payment in full of all of the Bonds. SECTION 7 . Dissemination Agent . The Issuer may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under this Disclosure Certificate, and may discharge any such Agent, with or without appointing a successor Dissemination Agent . SECTION 8 . Amendment Waiver. Notwithstanding any other provision of this Disclosure Undertaking, the Issuer may amend this Disclosure Undertaking, and any provision of this Disclosure Undertaking may be waived, if (a) a change in law or change in the ordinary business or operation of the Issuer has occurred, (b) such amendment or waiver would not, in and of itself, cause the undertakings herein to violate the Rule if such amendment or waiver had been effective on the date hereof but taking into account any subsequent change in or official interpretation of the Rule, and (c) such amendment or waiver is supported by an opinion of counsel expert in federal securities laws to the 296681.7 5 effect that such amendment or waiver would not materially impair the interests of Bondholders. SECTION 9 . Additional Information. Nothing in this Disclosure Undertaking shall be deemed to prevent the Issuer from disseminating any other information, using the means of dissemination set forth in this Disclosure Undertaking or any other means of communication, or including any other information in any Annual Report or notice of an Occurrence, in addition to that which is required by this Disclosure Undertaking. If the Issuer chooses to include any information in any Annual Report or notice of an Occurrence in addition to that which is specifically required by this Disclosure Undertaking, the Issuer sha11 have no obligation under this Agreement to update such information or include it in any future Annual Report or notice of an Occurrence. SECTION 10 . Default . In the event of a failure of the Issuer to provide information required by this Disclosure Undertaking, any Bondholder may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the Issuer to comply with its obligations to provide information under this Disclosure Undertaking. A default under this Disclosure Undertaking shall not be deemed an Event of Default under the Resolution and the sole remedy under this Disclosure Undertaking in the event of any failure of the Issuer to comply with this Disclosure Undertaking shall be an action to compel performance. SECTION 11. Late Audited Financial Statements . If an audited financial statement is not provided under Section 3H above because it is not available on or before the date for filing the Annual Report, the Issuer shall promptly provide it to the Repositories . The Issuer reserves the right to discontinue providing any information required under the Rule if a final determination should be made by a court of competent jurisdiction that the Rule is invalid or otherwise unlawful or to unilaterally modify the undertaking under this Disclosure Undertaking if the Issuer determines that such modification is required by the Rule, or by a court of competent jurisdiction. SECTION 12 . Beneficiaries . This Disclosure Undertaking shall inure solely to the benefit of the Issuer, the Participa- ting Underwriters and holders from time to time of the Bonds, and shall create no rights in any other person or entity. SECTION 13 . Reserved Pro�ects . The accounting principals pursuant to which the financial statements will be prepared will be pursuant to generally accepted accounting principles promulgated by the Financial Accounting Standards Board, as such principles are modified by the governmental accounting standards promulgated by the Government Accounting Standards Board, as in effect from time to time. 296681.1 6 Date• CITY OF ROSEMOUNT By Its By Its 296681.7 7 right to obtain specific enforcement of the City' s obligations under the covenants. (b) The Mayor and Clerk of the city, or any other officer of the City authorized to act in their place, (the "Officers") are hereby authorized and directed to execute on behalf of the City hereby authorized and directed to execute on behalf of the City the Undertaking in substantially the form presented to the City council, subject to such modifications thereof or additions thereto as are (I) consistent with the requirements under the Rule, (ii) required by the purchaser of the Bonds and (iii) acceptable to the Officers. 27. Severabilitv. If any section, paragraph or provision of this resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this resolution. 28 . HeadinQs. Headings in this resolution are included for convenience of reference only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. ADOPTED this lst day of August, 1995 . �•,Q• �I�.. E.B. McMenomy, Mayo ATTEST: Susan M. Walsh, City Clerk Motion by: SeConded by: Voted in favor• Voted Against•