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Home My WebLink About3.a. Presentation of 1993 Audited Financial Statements CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTIQN CITY COUNCIL MEETING DATE: June 7, 1994 AGENDA ITEM: Presentation of 1993 Audited Financial AGENDA SECTION: Statements Department Head Report PREPARED BY: Jeff May, Finance Director AGENDA �� .�, � � � ATTACHMENTS: 1993 Audited Financial Statements APPROVED BY: , Roger Schanus, of Boeckermann, Heinen & Mayer, will be here on Tuesday evening, June 7, 1994, to review the City of Rosemount's 1993 audited financial statements. Roger is the partner in charge of our audit. He will give a brief presentation, highlighting items he feels that may be worthy of your attention, and also be available to answer any questions that you may have. RECOMMENDED ACTION: None COUNCIL ACTION: � ' ' ' ' _ CITY OF ROSEMOUNT, MINNESOTA ' ANNUAL FINANCIAL REPORT , For the Year Ended December 31, 1993 ' � ' , ' ' ' ' ' 1 ' ' , , CITY OF ROSEMOUNT, MINNESOTA ' TABLE OF CONTENTS_ December 31, 1993 � � PA�� INTRODUCTORY SECTION Title Page . , Table of Contents i-iii City Officials 1 , FINANCIAL SECTION Independent Auditors' Report 3-4 ' General P ose Financial Statements � ' Combined Balance Sheet - All Fund Types and Account Groups 6-9 Combined Statement of Revenue, Expenditures , and Changes in Fund Balances - All Governmental Fund Types ' 10-11 Combined Sta.tement of Revenue, Expenditures and ' Changes in Fund Balance - Budget and Actual - General Fund 12 ' Combined Statement of Revenue, Expenses and Changes in Retained Earnings - Ail Proprietary Fund Types 13 , Combined Statement of Cash Flows - Ali Proprietary Fund Types 14-15 Notes to the Financial Statements` 17-36 ' Combinin and Individual Fund Financial Statements and Schedules g ' General Fund Comparative Balance Sheets 37 Comparative Statements of Revenue, Expenditures ' and Changes in Fund Balance 38 Schedule of Revenue Compazed to Budget (GAAP Basis) 39 Schedule of Expenditures Compared to Budget (GAAP Basis) 40-41 ' ' i ' , � ' CITY OF ROSEMOUNT, MINNESOTA , TABLE OF CONTENTS . December 31, 1993 . � � PAGE S Special Revenue Funds Combining Balance Sheet 44-45 � Combining Statement of Revenue, Expenditures and Changes in Fund Balances 46-47 � Debt Service Funds Combining Balance Sheet 50-53 Combining Statement of Revenue, Expenditures ' and Changes in Fund Balances 54-57 Capital Project Funds , Combining Balance Sheet 60-63 Combining Statement of Revenue, Expenditures and Changes in Fund Balances 64-69 , Ent erprise Funds Comparative Balance Sheet 72-75 , Comparative Statement of Revenue, Expenses and Changes in Retained Earnings 76-77 ' Agency Funds Combining Balance Sheet 80 � Statement of Changes in Assets and Liabilities 81 STATISTICAL SECTION � General Governmental Revenue by Source 84-85 ' . General Governmental Expenditures by Source 86-87 Property Tax Levies and Collections 88-89 ' Pro e Tax Rate - Direct and Ov rl i e 90 p rty e app ng D bt � Computation of Legal Debt Mazgin 91 Property Value and Construction 92 � ii ' � , CITY OF ROSEMOUNT, MINNESOTA , _TABLE OF CONTENTS December 31, 1993 � , PAGE S Miscellaneous Statistics 93 � Schedule of Sources and Uses of Public Funds for Tax Increment Financing Districts 94-97 ' Schedule of Bonded Indebtedness 100-101 � Auditors' Report on Compliance 102 ' , � � ' � , 1 i : 1 �� 1 � ' CITY OF ROSEMOUNT, MINNESOTA � _CITY OFFICIALS December 31, 1993 � � ELECTED � E.B. McMenomy Mayor Sheila Klassen Council Member � James "Red" Staats Council Member rHarry Willcox Council Member Dennis Wippermann Council Member � APPOINTED � Ronald Wasmund Acting City Administrator � Jeffrey May Finance Director , Scott Aker Fire Chief Dave Bechtold Park and Recreation Director � Lisa Freese Planning Directar � Elliel Knutsen Police Chief John Miller Economic Development Coordinator � Henry "Bud" Osmundson City Engineer � Susan Walsh Administrative Assistant Ronald Wasmund Public Works Director � � -1- � � � 1 BOECKE NNEINEN& 1��tY�R, P.A. C E R i I F 1 E D P U B L I C A C C O U N T A N T 5 I INDEPENDENT AUDITORS' REPORT � To the Mayor and City Council City of Rosemount, Minnesota � � We have audited the accompanying general purpose financial statements of the City of Rosemount, Minnesota, as of and for the year ended December 31, 1993, as listed in the table of contents. The financial statements are the responsibility of the City's management. Our � responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standazds. Those � standards 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 evatuating 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, 1993, and the results of its operations and the cash flows of its proprietary fund types for the yeaz 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 schedules as listed in the table of contents are presented for purposes of additional analysis and iare 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 l The statistical section listed in the table of contents is presented far purposes of additional � analysis and is not a required part of the general purpose financial 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 express no opinion on it. . /`6� . • � , �-�� - ��. �� y� BOECKERMANN, HEINEN & MAYER, P.A. Certified Public Accountants ( Minneapolis, Minnesota February 22, 1994 � � � 1 1 l � � 1 ! � � CITY OF ROSEMOUNT. MINNESOTA COMBINED BALANCE SHEET � AtL FUND TYPES AND ACCOUNT GROUPS DECEMBER 31, 1993 ____ C�OVEflNMENTAI FUND TYPES � SPECIAL DEBT CAPITAL 6ENERAL REVENUE SERVlCE PROJECTS ASSETS AND OTHER DEBITS � ASSETS: Cash =341,231 582.355 ;83,905 a95,240 � Certificates of deposit 866,394 1,403,322 10,522,047 1,845,000 Accounts receivable �g q�g Notes receivable 1,424,9B4 � Speciai assessments receivabie Delinquent B3,492 8,1 B6 Deferred 51,814 10,240 870,580 Delinquent taxes receivable 114,4B2 � Due from other funds g�248 Due from other govemments 166,250 5,394 41,639 Prepaid expenses 107,404 8,201 � Fixed assets OTHER DEBITS: Amount available in debt service tunds � Amount to be provided for debt retirement TOTAL E1.73Q.771 E2.934.477 E11.526.137 E1.940.240 � See ootes to gene�al purpose financiai statements � � � � � � � 6 � � � � PROPRIETARY FIDUCIARY FUND TYPE FUND TYPE ACCOUNT GROUPS TOTALS � GENERAL GENERAL {MEMORANDUM ONLYj FIXED LONG—TERM 1992 ENTERPRISE ACaENCY ASSETS DEBT 1993 (RESTATED) � � 5165.387 51,822 ;769,940 5459,712 4,643,126 B07,713 19,887,602 20,266,789 330,582 344,057 345,217 � 1,424,964 1,430,482 87,406 159,064 90,814 � 932,434 934,630 114,462 8B4O13 B,248 2,446 215,729 361,565 � 57,430 173,035 172,455 47,749,242 ;8,507,064 56,256,30B 15,082,8B1 � 10,647,591 10,647,891 7,331,608 6,113,257 6,193,257 7,483,467 � 553.035,618 5609,535 58.507.064 S1B.760,848 597.044.690 554,025.614 � � � � � � � 7 � � CITY OF ROSEMOUNT. MINNESOTA COMBINED BALANCE SHEET j ALL FUND TYPES AND ACCOUNT GROUPS DECEMBER 31, 1993 � GOVERNMENTAL FUND TYPES � SPECIAL DEBT CAPITAG GENERAL __ REVENUE SERVICE PROJECTS � LIABILITIES,EQUITY AND OTHER CREDITS LIABILITIES: � Due to offier funds �t 1,832 ;105,794 Accou�ts payable =154,665 20,032 38,333 Compensated abeases payabie Accrued wages and deductions g��pg � Accrued i�terest Contracts payable 784,890 Deposits payable 71,400 � Deferred revenue 293,301 1,514,402 5878,546 Bonds payable TOTAL LIABIIITIES ;550,472 E1,546,266 a878,546 E929,017 FUND EQUITY AND OTHER CREDITS: � Investment in general fixed assets Contributed capital � Retained earnings Fund balaoce Reserved ;187,430 5301,811 510,647,591 E1,011,223 Unreserved 1,086,401 � Designated for workin9�aP�� 992,8B9 TOTAL FUND EQUITY AND OTHER CREDITS =1,180,299 =1,388,212 =10,647,591 ;1,011,223 TOTAL 51.730.771 52.934.477 E11.526.137 51.940.240 � See notes to general purpose finaocial statements � � � � � � 8 � � � � PROPRIETARY FIDUCIARY FUND TYPE FUND TYPE ACCOUNT GROUPS TOTALS � GENERAL GENERAL (MEMORANDUM ONLI� FIXED LONG—TERM 1992 � ENTERPRISE AGENCY ASSETS DEBT 1993 (RESTATED) � 5117,626 ;43,977 ¢609,535 866,541 =850,347 � 28,397 205,848 234,245 227,928 18,282 109,388 7B,189 86,143 86,143 64,036 784,890 520,366 � 11,400 87,40B 2,773,655 2,628,502 2,745,000 16,555,000 19,300,000 17,425,000 ;3,009,205 j609,535 �O 516,760,848 =24,283,889 a21,792,348 � 58,507,064 E8,507,064 511,889,220 � E47,843,626 47,843,B26 1,84B,995 2,182,787 2,182,787 2,034,144 O � 12,148,054 15,435,122 1,086,401 992,869 1,027,7$5 =50,026,413 ;0 �8,507,064 EO $72,760,801 ;32,233,266 � 553,035.618 5609.535 58,507.064 ;16.760.848 E97.044.690 554.025.814 � � � � � � � 9 CITY OF ROSEMOUNT.MINNESOTA � COMBINED STATEMENT OF REVENUE,EXPENDfTURES AND CHAN6ES IN FUND BALANCES � ALL GOVERNMENTAL FUND TYPES YEAR ENDED DECEMBER 31, 1993 � 60VERNMENTAL FUND TYPES SPECIAL DEBT � GENERAL REVENUE SERVICE REVENUE Generai properly taxes E1,448,171 E294,125 =495,606 Municipai state aid (MSA) 384,779 � Tax incremerrts 336,451 Licenses and permits 282,11B Speciai assessmenls 22,139 1,165,513 � intergovernmental 1,023,970 Charges for services 412,679 Fines and forteitures 60,960 � Interest eamin9s 28,929 151,509 269,407 Miscelianeous 190,388 77,247 TOTAL REVENUES ;3,469,353 ;1,244,112 51,930,526 � EXPENDITURES: Current: � Genera)governmeM ;1,109,057 Pubiic safety 955,080 Pubiic works 896,245 � Parks and recreation 580�7t� Capitai Outiay ;714,755 a�r 5294,225 514,625 � Debt service- Redemption of bonds 1,455,000 interest on bonds 972,527 � Fiscal agent fees 5,124 TOTAL EXPENDITURES E3,541,093 =1,008,980 i2,447,27B EXCESS(DEFICIENCI� OF REVENUE � OVER EXPENDITURES (=71,740) ;235,132 (5516,750) OTHER FINANCIN6 SOURCES(USES) � Proceeds from sale of bonds 5528,400 ;2,290,914 Transfers from other tunds ;71,734 7,786 2,869,500 Transfers to other funds (13,105) (1,127,082) (1,513,843) � TOTAL OTHER FINANCING SOURCES(USES) ;58,629 (;590,896) =3,646,570 EXCESS(DEFICIENCI� OF REVENUE AND � OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES (E13,111) (=355,764) =3,129,820 BEGINNIN6 FUND BALANCES 1,193,410 1,743,976 7.517,772 � ENDING FUND BALANCES 51,180,299 #1,388,211 �1U,647,592 � See notes to general purpose financial statements 1� � � � � TOTALS (MEMORANDUM ONLI� � CAPITAL 1992 PROJECTS 1993 (RESTATED) � 52,237,902 52.51B,561 =702,174 1,086,953 .. 33B,451 282,11B 342,742 � 1,187,B52 1,435,834 1,023,970 1,005,649 412,679 277,856 � 60,9B0 44,927 140,B79 590,525 488,101 32,130 299,765 313,794 � ;874,983 =7,518,974 56,425,484 � S1 109 057 S1 312 929 955,080 885,966 � 5,469,953 6,366,198 3,291,665 580,711 523,296 714,755 � 770,522 1,079,372 783,482 1,455,OOQ 1,395,000 � 972,527 773,117 5,124 4,211 56,240,476 =13,237,825 =8,979,666 � (s5,3B5,493) (E5,718,851) (52,554,202) � E548,895 53,368,209 57,752,620 B42,083 3,591,103 1,848,875 � (822,011) (3,476,042) (811,875) ' 5368,967 53.483,269 ;8,789,620 � (E4,996,527) (;2,235,582) SB,235,418 � 6,007,749 1B,462,907 10 227 489 . � ;1,011,222 ;14,227,325 =1B,462,907 � IZ � CITY OF ROSEMOUNT. MINNESOTA COMBINED S � TATEMENT OF REVENUE , EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET(GAAP BASIS) AND ACTUAL— GENERAL FUND YEAR ENDED DECEMBER 31, 1993 � BUDGET AC'CUAI VARIANCE � REVENUE: ' Taxes y1.555.i t 4 �1.448,171 ($106.948) � Licenses and permits 239,150 282,116 42,966 Intergovernmental 976,069 1,025,970 47,901 Charges for services 429,800 412,679 (17,121) � Fines and forfeitures 42,000 60,960 18,960 Miscellaneous 185,515 241.456 55.941 � TOTAL REVENUE �3,427,648 $3,469,359 y41,705 EXPENDITURES: � Generai governmeM 51,088,167 a1.116,552 ($28,385) Public safety 959,291 955,414 3,876 Public works 945,275 926,825 18,948 � Park and recreation 641,038 581,000 60,038 TOTAL EXPENDITURES $8.63H,768 $3,579,291 554,477 � EXCESS (DEFICIENCI�OF REVENUE OVER EXPENDITURES ($206,120) (5109.988) 596.182 � OTHER FINANCING 50URCES (USES) Transfers from other funds ;206,120 �71,734 (�134,386) � Transfers to other funds (13,105 ) �13�105) TOTAL OTHER FINANCING SOURCES(USES) $206,120 a58,629 (a147,491) EXCfSS(DEFICI�OF REVENUE OVER � EXPENDITURES AND ENGUMBRANCES AND OTHER FINANCING SOURCES(USES) $0 (a51,809) (�51,309) � Reconcialition to GAAP basis elimination of encumbrances,net 88,198 � BEfINNING BALANCE 1,198.410 � ENDING BALANCE �1,180.299 See notes to generai purpose financial s#atements � � ZZ � � � CITY OF ROSEMOUNT.MINNESOTA COMBINED STA7EMENT OF REVENUE,EXPENSES At�CHANGES IN RETAINED EAHNINGS ALL PROPRIETARY FUND TYPES � YEAR ENDm DECEN�ER 31.1993 TOTALS � 1� 1� OPEHATING REVENUE: P�� 554.� Specid assessmeMs 47.118 537,924 � Intere�t eemings 31.331 25271 R�idential revenues 858.825 842.187 Apartmerd revenues 95.223 89.208 � Instidfional terenues 62.070 41.663 Commercial revenues gp.� sg.g� Industrial revenues 17.773 12,443 Penalty revenu� 2�.375 21.210 � Wffier meter maitrtenence 8.900 11.550 ��m�� 20.519 25.890 Miscellaneous 3.567 5.427 TOTAL OPERA71NCa REVENUES 51,282204 St.781.10B � OPERATINCa EXPENSES: Personel services 5269.326 s214.380 Supplies 63,622 75.313 � Professional servic�and other char9� 194.469 93.675 01her servic�8�char9� 18.307 33.254 Cepital outlay 8,663 597 Metro sewer charges 301.572 297.564 � TOTAL OPERATING EXPENSES 5795.859 5714.783 OPERATING INCOME BEFORE DEPREqA710N 5486.245 S4B6:323 Depreciffiion e�ense 51.211.896 S136,034 � OPERATING WCOME AFTER DEPRECIATiON (5725,391) 33L8,2� NONOPERA7ING REVENUE(EW�ENSES7: �' Special agsessme�[s S9pg Interest eami^9$ 81.384 534.581 Surcharg�end penatti� r,�3,,qr Other e�enaes (125.581) � triteresc expense ps2.869j (t3t,sss) Fiscal aeerrt fees �� (1.07� TOTAL NON-OPERA7ING HEVENl1ES(D6�ENSES) (5174.07� (598.451 � � I�T INCOME BEFORE OPERATING TAANSFERS AND D�RECIATION ON CONTRIBUIED ASSETS (jggg,qgg� s22g,g3g OPERATING 7AANSFERS �. -. Operffiing transfers in . . . . . . . . . .. . . . 176.300 � � 452.000 . .. Oper�ing trensfers out (291.ss�� (�.4as.000) TOTAL OPERATiNG TRANSFERS (S115.061) (57.037.000) � NET INCOME(IOSS) (51.074.52� (5807.762 ) /1DD DEPREGATiON ON CON7AIBUiED ASSETS 1.1B3.171 BEGINNING RETAIf�D E11kNiNGS 2.034.144 2.841,306 � ENDINCa RETAINED EARNINGS s2.182.786 52.034.14F � See not�to general purpose finencial statements � 13 CITY OF ROSEMOUNT.MINNESOTA � COMBINED STATEMENT OF CASH FLOWS � ALL PROPRIETARY FUND TYPES YEAR ENDED DECEMBER 31, 1995 � ENTERPRISE FUNDS 1995 1992 � CASH FLOWS FROM OPERATING ACTIVITIES: Cash received ftom customers �1,281,204 �1,068,728 Cash payments to suppliers fo�goods and services (494,761) (506,776) � Cash payments to employees for services (260,226) (207,13� Net cash provided by operating activities $526,217 a354,8t5 CASN FLOWS FROM NONCAPITAL ACTIVITIES: � Operating transfers from other funds a176,S00 y452,000 OperaUng transfers to other funds (291,361) (1,489,000) � Net cash provided by noncapital financing activitites (�115,061} (a1,037,000) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES: � Acquisition of property,plant,and equipment (�142,187) (�5,650) Principal payments on bonds (65,000) (60,000) Issuance of bonds 0 1,525,000 � Interest and fiscal charges on bonds (235,353) (108,581) Contributed capital (core charges) Received t.534.752 1,216.850 Paid Out � (1,163,171) (1,040,052) Net cash used by capitai and related financing activities (a68,959) $1,527,567 CASH FLOWS FROM INVESTING ACTIVITIES � Net increase(decrease) in investments (5�,495,�2s� (Ss�s,000� Capital Contributed by Other Governments 1,163,171 (nterest received on investments a81,384 34,591 � Net cash used in investing activities (5250,571) ($883,409) NET INCREASE(DECREASE� IN CASH AND CASH EQUIVALENTS 591,626 ($38,02� � BEGINNING BALANCE 73.761 111,788 ENDING BALANCE a165.887 a73.761 � SUPPLEMENTAL SCHEDULE OF NONCASH � INVESTING ACTIVITIES Noncash capital assets contributed by � other govemments ;45,625,050 - See notes to general purpose financial statements � � 14 � � � � TOTALS � 1993 1992 RECONCIUATION OF OPERATING INCOME TO NET CASH PROVIDED � BY OPERATINC ACTIVITIES Operating Income (5725.391) a328.289 �Adjustments to reco�cile operating income to Net cash provided by operating activities: � Depreciation 1,211,636 188,034 � Change in assets: Accts receivabie (38,624) (117,71�) Pre id ex enses Pa P (9.763) (1.753) � Change in liabilities: Accounts payable 41,635 (4,620) � Accrued expenses 9,100 7,243 Deferred revenue 87,624 5,339 � NET CASH PROVIDED BY OPERATING ACTIVITIES 5526,217 a354,815 � � � 1 � � � � . 15 , , CITY OF ROSEMOUNT, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS , ---------------------------------------------------------------- December 31, 1993 ' , NQTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING PULICIES The City of Rosemount provides a broad range of services to citizens, ' including general government,public safety,streets, and park facilities. It also operates water, sewer and storm water utilities. Beginning late in 1993, the Community Center was opened for operations. ' The financial statements of the Ci of Rosemount are in conformi with t}' tY generally accepted accounting principles (GAAP) as applied to government ' units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The signi�cant accounting policies follawed are ' described below to enhance the usefulness of the financial statements to the reader. ' A. Financial Reporting Entity of the City For the year ended December 31, 1993, the City has implemented � National Council on Governmental Accounting Statement No. 3, Defining; the Governmental Reporting Entitv. In accordance with Statement No. 3 the financial statements include all funds, account ' groups, departments, agencies, boards, commissions, committees and other organizations over which City officials exercise oversight responsibility. ' Oversight responsibility includes such aspects as appointment of ' goveming body members, budget review, approval of property tax levies, outstanding debt secured by City full faith and credit or revenue, responsibility for funding de�cits and others. ' As a result of applying the criteria of Statement No. 3, the Rosemount Fire Relief Association has been excluded from the City's fiinancial ' statements. This association is organized as a non-profit organization by its members in accordance with Minnesota statutes, whereby state aid flows to the association, and the association pays benefits directly ' to its members, The Board of Directors is appointed by the membership of the organization. ' -17- ' ' CITY OF ROSEMOUNT, MINNESOTA ' NOTES TO THE FINANCIAL STATEMENTS --------------------------------------------------------------- ' December 31, 1993 ' NOTE 1 SUMMARY OF SIGNIFIC�N'�I' ACCOIJNTING POLICIES (Continued) ' B. Fund Accounting The accounts of the City are organized on a basis of funds and account ' groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self- � balancing accounts that comprise its assets, liabilities, fund equity, revenue, and e�enditures or expenses, as appropriate. Govemment resources are allocated to and accounted for in individual funds based ' upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped in the financial statements in this report as follows: 1 GOVERNMENTAL FUNDS General Fund -The General Fund is the eneral o eratin fund of the ' g P g City. It is used to account for all financial resources except those required to be accounted for in another fund. ' Special Revenue Funds - Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than special , assessments, expendable trusts, or major capital projects) that are legally restricted to e�enditures for specified purposes. ' Debt Service Funds - Debt Service Funds are used to account for the accumulation of resources for, and the payment of, general long-term debt principal, interest and related costs. ' Capital Project Funds - Capital Project Funds are used to account for ' �inancial resources to be used for the acquisition or construction of major capital facilities (Other than those financed by Proprietary Funds). ' ' -18- ' ' ' ' CITY OF ROSEMOUNT, MINNESOTA , NOTES TO THE FINANCIAL STATEMENTS December 31, 1993 ' NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) , B. Fund Accounting (Continued) 1 PROPRIETARY FUNDS Enterprise Funds - Enterprise Funds are used to account for activities , similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration. Goods or services from such activities are provided to the general � public. FIDUCIARY FUNDS ' Fiduciary Funds are clearing type funds for the collection of taxes or deposits held in trust, on behalf of individuals, private organizations , and other governments. The funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of � operations. C. Basis of Accounting ' Basis of accounting refers to when revenue and expenditures or expenses are recognized in the accounts and reported in the financial ' statements, regardless of the measurement focus applied. All govemmental funds are accounted for using the modified accrual , basis of accounting. Their revenue is recognized when they become measurable and available as net current assets. Taxpayer-assessed income and gross receipts are considered "Measurable" when in the � hands of intermediary collecting governments and are recognized as revenue at that time. Anticipated refunds of such t�es are recorded as liabilities and reductions of revenue when they are measurable and , their validity seems certain. Expenditures are generally recognized under the modi�ed accrual basis , of accounting when the related fund liability is incurred. Exceptions to this general rule include principal and interest on general long-term debt which is recognized when due. ' -19- , � CITY OF ROSEMOUNT, MINNESOTA ' NOTES TO THE FINANCIAL STATEMENTS � December 31, 1993 , NOTE l SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) � C. Basis of Accounting (Continued) ' All proprietary funds are accounted for using the accrual basis of accounting. Their revenue is recognized when it is earned, and their ' expenses are recognized when they are incurred. Unbilled Water and Sewer fund utility service receivables are recorded at year-end. D. Encumbrances ' Encumbrance accounting is employed by the governmental funds. ' Under this method,purchase orders,contracts and other commitments for future expenditure of funds are recorded as a reservation of fund balance based on the encumbered appropriation authority carried over , and do not constitute e�cpenditures or liabilities. E. Accumulated Unpaid Vacation, Sick and Holiday Pay ' Accumulated unpaid vacation, sick, and holiday pay are accrued when eamed in proprietary funds. Such amounts for govemmental funds are ' accrued only to the extent that they are to be liquidated with expendable available resources. The balance is reported as a liability in the General Long-Term Debt Account Group. ' F. Total Columns on Combined Statements - Oveiview ' Total columns on the Combined Statements - Overview are captioned "Memorandum Only" to indicate that they are presented only to � facilitate �nancial analysis. Data in these columns do not present financial position, results of operations or cash flows in conformity with generally accepted accounting principles. Neither is such data ' comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. ' -20- ' ' � ' CITY OF ROSEMOUNT, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS II , ---------------------------------------------------------------- December 31, 1993 , , NOTE 1 SUMMARY OF SIGNIFICANT ACCOLTNTING POLICIES (Continued) G. Fixed Assets and Long-Term Liabilities ' The accountin and re ortin of fixed assets and lon -term liabxlities g P g g associated with a fund are determined by its measurement focus. All , governmental funds are accounted for on a spending or"financial flow" measurement, which means that only current assets and current liabilities are generally included on their balance sheets. Their , reported fund balance is considered a measure of"available spendable resources". Governmental fund operating statements present increases and decreases in net current assets. Accordingly, they are said to ' present a summary of sources and uses of "available spendable resources during a period. � Fixed assets used in governmental fund type operations are accounted for in the General Fv�ed Assets Account Group, rather than in the governmental funds. Public domain general fixed assets consisting of , certain improvements other than buildings, including roads, curbs and gutters, streets drainage systems, and lighting systems are capitalized ' along with other general �xed assets. No depreciation has been provided on general fixed assets. ' All fixed assets are valued at historical cost or estimated historical cost if historical cost is unavailable. Donated fixed assets are valued at their estimated fair value on the date donated. Generally, assets with � an individual cost of less than $500 are not capitalized. The �ed assets of the Utilities Commission Fund are depreciated � using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: , TYPE OF ASSET LIFE Buildings 30-65 years ` Improvements Other than Buildings 20 years Machinery and Equipment 4-20 years ' -21- ' ' CITY OF ROSEMOUN'I' MINNESOTA ' , NOTES TO THE FINANCIAL STATEMENTS , ---------------------------------------------------------------- December 31, 1993 ' NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) ' G. Fu�ed Assets and Long-Term Liabilities (Continued) Lon -term liabilities e ected to be financed from overnmental funds ' g �P g are accounted for in the General Long-Term Debt Account Group,not in the govemmental funds. The exception to this rule is the revenue , bvnds which are accounted for in the Utility Commission Fund. The two account groups differ from "funds" in that they are not , involved with measurement of results of operations. 'They are concerned only with the measurement of financial position. , Because of their spending measurement focus,expenditure recognition for governmental fund types is limited ta exclude amounts represented � by non-current liabilities. Since they do not affect net current assets, such long-term accounts are not recognized as governmental type expenditures ar fund liabilities. They are, instead, reported as ' liabilities in the General Long-Term Debt Account Group. All proprietary funds are accounted for on a cost of services or"capital ' maintenance" measurement focus. This means that all assets and all liabilities(whether current or non-current)associated with their activity are included on their balance sheets. Their reported fund equity (net ' total assets) is segregated into contributed capital and retained earnings components. Proprietary fund type operating statements present increases (revenue) and decreases (expenses} in net total ' assets. Depreciation of all exhaustible fixed assets used by proprietary funds ' is charged as an expense against their operations. Accumulated depreciation is reported on proprietary fund balance sheets. ' ' , -22- ' , , CITY OF ROSEMOUNT, MINNESOTA ' N�TES TO THE FINANCIAL STATEMENTS ---------------------------------------------------------------- December 31, 1993 , , NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIFS (Continued) H. Property Taxes � The Ci Council annuall ado ts a tax le and certi�es it to the h' Y P �Y County for billing and collection. The County is responsible for billing ' and collecting all property taxes for itself, the City, the local School District and other taxing authorities. These taxes are payable (by property owners) by May 15 and October 15 of each calendar year. , These t�es are collected by the County and remitted to the City by appro�mately July 15 and December 15 of that year. Additionally, delinquent collections are remitted to the City with each settlement. , e ' ed b State Statutes Talces payable on homestead property (as d fin y } are partially reduced by a homestead credit. This credit is paid to the ' City by the State in lieu of t�es levied against homestead property. The City recognizes property tax revenue when it becomes both ' measurable and available to finance expenditures of the current period. Delinquent taxes xeceivable are not recognized as revenue until collected. Delinquent ta�ces are offset by deferred revenue. � I. Special Assessments , Special assessments are levied against the bene�itted properties for the assessable costs of special assessment improvement projects in , accordance with State Statutes. The City adopts the assessment rolls when the individual prajects are complete or substantially complete. The assessments are collectible over a term of years generally , consistent with the term of years of the related bond issue. Collection of annual installments (including interest) is handled by the County in the same manner as property taxes. Property owners are allowed to ' prepay total future installments without interest or pre-payment penalties. ' ' -23- ' ' CITY OF ROSEMOiINT, MINNESOTA ' NOTES TO THE FINANCIAL STATEMENTS ' ---------------------------------------------------------------- December 31, 1993 ' . NOTE 1 SUMMARY OF SIGNIFICAN`T ACCOUNTING POLICIES (Continued) , L Special Assessments (Continued} Once a special assessment roll is adopted, the amount attributed to ' each parcel is a lien upon that property until full payment is made or the amount is determiued to be excessive by City Council or court ' action. If special assessments are delinquent for a State statute- determined number of years, the property is subject to tax-farfeit sale and the first proceeds of that sale (after cost, penalties, and expenses ' of sale) are remitted to the City in payment of delinquent special assessments. Generally, the City will collect the full amount of its special assessments if not adjusted by City Council or Court Action. ' Accordingly,no allowanee for potentially uncollectible assessments has been provided. ' J. Budgets Financial control of spending for various governmental activities is ' exercised through the use of budgetary procedures. Exclusive authority over all budget nlatters remains with the CounciL Departmental ' budgets may not exceed amounts set by the Council. Formal annual budgets are not adopted far Special Revenue (except for Port Authority and S-Year CIP Program) and Capital Project funds. ' Effective budgetary control is alternatively achieved in these funds by Council approval af individual projects and expenditures. K. Restricted Assets ' Funds set aside for payment of enterprise fund revenue bonds and ' capital improvements are classified as restricted assets since their use is limited by bond indentures and council action. ' ' -24- , ' , tCITY OF RQSEMOUNT, MINNESOTA , NOTES TO THE FINANCIAL STATEMENTS December 31, 1993 , ' NOTE 1 SUMMARY OF SIGNIFICANT ACCOIJNTING POLICIES (Continued) L. Comparative Data � Com arative totals for the rior ear have been resented in the P P Y P accompanying financial statements in order to provide an ' understanding of ehanges in the City's financial position and operations. However, comparative (i.e., presentation of prior year totals by individual funds) data have not been presented in each of the ' statements except the Enterprise Funds, since their inclusion would make the statements unduly complex and difficult to read. � M. Reclassifications Certain accounts relating to the prior year have been restated to � conform to current year's presentation. These reclassifications have no effect on previously reported excess (deficiency). , N. Statement of Cash Flows For the purpose of the Statement of Cash Flows, the Enterprise Funds , consider all highly liquid investments (excluding Certificates of Deposit)with a maturity of one year or less when purchased to be cash ' equivalents. NOTE 2 CASH AND CERTIFICATES OF DEPOSIT IDEPOSITS 1 In accordance with Minnesota statutes, the City maintains deposits at those depository banks authorized by the City Council, all of which are members of the Federal Reserve System. , Minnesota statutes re uire that all City deposits be protected by insurance, q surety bond, or collateral. The market value of collateral pledged must equal , 110% of the deposits not covered by insurance or bonds (140% in the case of mortgage notes pledged). � -25- ' ' CITY OF ROSEMOUNT, MINNESOTA ' NOTES TO THE FINANCIAL STATEMENTS ' December 31, 1993 ' NOTE 2 CASH AND CERTIFICATES OF DEPOSIT (Continued) ' DEPO5ITS (Continued) Authorized collateral includes the le al investments described below, as well as ' g certain first mortgage notes, and certain other state or local govemment obligations. Minnesota Statutes require that securities pledged as collateral be held in ' safekeeping by the City treasurer or in a financial institution other than that furnishing the collateraL Balances at December 31 1993 were: ' � Bank Carrying Balances Amount , 1) Insured or collateralized by se- curities held by the City or its agent in the City's name. $20,730,855 $20,657,542 � 2) Uncollateralized or collateralized with securities held by the pledging institution, but not in the City's ' name. - TOTALS 20 730 855 20 657 542 , NOTE 3 NOTES RECEIVABLE Total notes receivable at December 31, 1993 and 1992 were $1,424,964 and ' $1,430,482, respectively. They are due in monthly installments over various periods and at varying interest rates. , � ' � -26- ' � , , CITY OF ROSEMOUN'T, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS ' ---------------- ------------------------------------------- December 31, 1993 ' NOTE 4 FIXED ASSETS A summary of changes in General Fixed Assets for 1993 is as , follows : Balance Balance January l, Additions December 31, 1993 (Deletions? 1993 � Land $ 1, 019,463 $ 458, 837 $ 1,478, 300 Buildings and Structures 2,484,691 (305, 250) 2, 179, 441 1 Improvements Other than Buildings 5, 401, 885 (3, 619, 956) 1, 781, 929 Machinery and � Equipment 2. 983 . 181 84,214 3 , 067, 395 Totals 11, 889,220 $ (3 , 382,155) 8,507, 065 A summary of proprietary fund type �xed assets at December 31, 1993 is as follows: 1 Land $ 239, 856 Buildings 11, 675, 085 1 Improvements Other Than Buildings 71, 284 Machinery and Equipment 54 , 565, 143 Total $ 66, 551, 368 , Less Accumulated Depreciation (18, 802, 127) NOTE 5 LONG-TERM DEBT S 4 7, 7 4 9, 2 41 ' The following is a summary of changes in long-term debt of the City for the year ended December 31, 1993: , General Special Port Obligation Assessment Authority Revenue Compensated Bonds Bonds and TIF Bonds Absences 1 BALANCE, January 1, 1993 $ 2, 300, 000 $ 1I,455, 000 $4, 285, 000 $ 2, 810, 000 $ 200, 075 � New Bonds _ Issued 845, 000 1, 970, 000 580, 000 '945, 000 Change in , Long-Term Compensated Absences Liability - - - - 5, 773 ' Bonds Retired (115, 000) (1, 245, 000) (95, 000) (65, 000) - BALANCE, December 31, I1993 3 , 030, 000 512, 180, 000 $4 . 770, 000 3 , 690, OOQ 205, 848 -27- ' ' CITY OF ROSEMOUNT, MINNESOTA ' NOTES TO THE FINANCIAL STATEMENTS ' December 31, 1993 ' NOTE 5 LONG-TERM DEBT Continued I � ) The annual requirements to amortize all debt outstanding as of December 31, 1993, � including interest payments of $9,413,287 are as follows Year Ending Tax Generai Special ' December 31 Increment Obli�ation Assessments Revenue Total 1994 $ 192,064 $ 304,713 $ 2,058,709 $ 571,012 $ 3,126,498 1995 200,745 321,503 2,042,597 641,142 3,205,987 ' 1996 229,468 430,268 2,125,044 658,480 3,443,260 1997 226,435 381,327 2,150,364 673,793 3,432,189 1998 226,984 383,473 1,993,660 799,817 3,403,934 � 1999 230,754 379,546 1,788,864 801,456 3,200,620 2000 61,220 384,454 939,865 669,430 2,054,9b9 2001 59,312 378,170 821,542 b83,637 1,942,661 t 2002 62,230 370,919 444,359 690,501 1,568,009 2003 59,960 95,572 310,016 695,027 1,160,575 2004 62,483 92,535 264,768 697,167 1,116,955 � 2005 59,805 94,279 51,426 697,071 902,401 2006 61,930 95,690 - 408,934 566,534 2007 58,855 91,875 - 408,256 558,986 , 2008 60,573 92,890 - 411,345 564,808 2009 61,918 93,553 - 2,52,876 408,347 ' 2010 - 93,858 - 248,325 342,183 2011 - 93,$00 - 253,088 346,888 2012 - 88,560 - 256,876 345,436 � 2013 - 92,969 - 254,803 347,772 2014 - - - 208,504 208,504 2015 - - - 20�,021 208,021 � 2016 - - - 211,680 211,680 2017 - - - 209,470 209,470 2018 - - - 206,600 206.600 � Total $ 1.914,736 �359,934 $ 14,991,304 $ 11,817,313 $ 33,Q83,287 � -28- � ' ' , CITY OF ROSEMOUNT, MINNESOTA jNOTES TO THE FINANCIAL STATEMENTS December 31, 1993 � , NOTE 5 LONG-TERM DEBT (Continued) , � General Obli ation Bonds g ' General Obligation Bonds are recorded in�the General Long-Term Debt Account Group and are backed by the full faith and credit of the City. � Special Assessment Bonds These bonds are recorded in the General Long-Term Debt Account Group and are payable , primarily from special assessments levied and collected for local improvements. The city has a contingent liability relating to a pledge c�f full faith and credit of the City and is obligated only to the extent that liens foreclosed against properties involved in the special assessment [ districts are insufficient to retire outstanding bonds. Revenue Bonds i These bonds are recorded as a liability of the Enterprise Fund. The major covenant relating to these issues includes establishment of a reserve account for the payment of bond principa� � and interest. 'These bonds are not general obligations of the City, but are paid primarily from the revenue of the Enterprise Fund of the City. � NOTE 6 PRIOR PERIOD ADJUSTMENT ,AND RESTATEMENT � At December 31, 1993, the City completed a physical inventory and revaluation of all property, plant and equipment. The inventory and revaluations resulted in adjustments to the December 31, 1992 account balances as follows: � General Enterprise Fu�ed � Description Funds Assets Totai Cost of Property, Plant and Equipment $ 62,022,249 $ 979,176 $ 63,001,425 , Accumulated Depreciation $ 16,397,199 $ = $ 16,397,199 Contributed Capital $ 45,625,050 $ $ 45,625,050 Investment in Fixed Assets $ - $ 979,176 $ 979,176 � a a The 1992 memorandum onl column has been restated to reflect transfers an fun Y balance not reported in 1992. Total transfers and fund balance increased by$422,514 � ta reflect these changes. -29- , , ' CITY OF ROSEMOUNT, MINNESOTA NOTES TO THE FINANCIAL STATEMENT5 � December 31, 1993 / NOTE 7 DEFINED BENEFIT PENSION PLANS - STATEWIDE � PLAN DESCRIPTION All full-time and certain art-time em lo ees of the Ci of Rosemount are � P P Y tY covered by defined benefit pension plans administered by the Public Employees Retirement Association of Minnesota(PERA). PERA administers 1 the Public Employees Retirement Fund (PERF) and the Public Employees Police and Fire Fund (PEPFF) which are cost-sharing multiple-employer 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 of�cers, fire fighters and peace officers who qualify for membership by statute are covered by the PEPFF. 1fie payroll for employees covered by PERF and j PEPFF for the year ended December 31, 1993 was $1,472,662 and $528,373, respectively; the City's total payroll was $2,258,355. , � PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors upon death of eligible members. Benefits are established by State Statute, and vest after three years of credited service. � The defined retirement benefits are based on a member's average salary for any five successive years of aIlowable 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 acerual 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 2S per�ent 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 for each remaining year. Using Method 2, the annuity accrual rate is 2.5 percent of average salary for Basic members and 1.5 percent for , Coordinated members. For PEPFF members, the annuity accrual rate is 2.5 percent for each year of service through June 30, 1g93. (Effective July 1, 1993, the annual accrual rate for PEPFF is 2.65 percent). 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. -30_ � � ' tCITY OF ROSEMOUNT, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS � --------------------------- ----------------------------------- December 31, 1993 � ' NOTE 7 DEFINED BENEFIT PENSION PLEINS - STATEWIDE (Continued) PLAN DESCRIPTION (Continued) ' There are different es of annuities available to members upon retirement. tYP A normal annuity is a lifetime annuity that ceases upon the death of the � retiree. No survivor annuity is payable. There are also various types of joint and survivor annuity aptions available which will reduce the monthly normal annuity amount. 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 bene5ts begin. ' CONTRIBUTIONS REQUIRED AND CONTRIBUTIONS MADE � Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. The City makes annual contributions to the pension plans equal to the amount required by state statutes. According to 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 statutory contribution rates and actuarially required contribution rates for the plans are as follows: � Statutory Rates: Required Em,ployees Employer Rates � PERF Basic and Coordinated � Plans) 4.23% 4.48% 9.95% � PEPFF 8% 12% 1$.6% � � -31- ' ' CITY OF ROSEMOUNT, MINNESOTA ' NOTES TO THE FINANCIAL STATEMENTS � December 31, 1993 � NOT'E 7 DEFINED BENEFIT FENSION PLANS - STATEWIDE (Continued) � PLAN DESCRIPTION (Continued) Total contributions made b the Ci durin fiscal ear 1993 were: � Y tY b Y Amounts Covered Payroll � Employees Employer Emplo,r�ees Employer PERF $ 62 293 65 975 4.23% 4.48% � � $ , PEPFF 42,270 63,405 8.00% 12.00% Totals 104 563 129 380 ' The City's contributian for the year ended June 30, 1993 to the PERF represented 0.05 percent of total contributions required of all participating � entities. For the PEPFF, contributions for the year ended June 30, 1993, represented 0.19 percent of total contributions required of all participating entities. j FUNDING STATUS AND PROGRESS , 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 service to date. � � � -32- r � t � CITY OF ROSEMOUNT, MINNESOTA � NOTES TO THE FINANCIAL STATEMENTS ---------------------------------------------------------------- December 31, 1993 ' ' NOTE 7 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued) FUNDING STATUS AND PROGRESS (Continued) � The measure, which is the actuarial present value of credited projected bene5ts, is intended to help users assess PERA's funding status on a going- 1 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 obligations for individual employers. ` The pension benefit obligation as of June 30, 1993, is shown below (in thousands): � PERF PEPFF Total Pension Benefit Obligation $5,163,766 $ 932,333 � Net Assets Available for Benefits, At Cost (Market Values � for PERF=$4,515,052; PEPFF=$1,173,312) 4,304,163 1.090,857 ' Unfunded (Assets in Excess o� Pension � Benefit Obligation 859 603 158 524 The measurement of the pension benefit obligation is based on an actuarial � valuation as of June 30, 1993. Net assets available to pay pension benefits were valued as of June 30, 1993. � Changes in BeneSt Provisions Three bills enacted during the 19931egislative session improved benefits for � many members without a material effect on the pension benefit obligation in the PERF or the PEPFF. The early retirement incentive bill permitted a public emplayer to offer PERA's Basic and Coordinated members an increase � -33- � � � CITY OF ROSEMOUNT, MINNESOTA � NOTES TO THE FINANCIAL STATEMENTS � December 31, 1993 � NOTE 7 DEFINED BENEFIT PENSION FL.ANS - STATEWIDE (Continued) FUNDING STATUS AND PROGRESS (Continued) , Changes in Benefit Provisions (Continued) ' of one-fourth percent (.25°Io) in the formula multiplier �or each year of service, up to the first 30 years, or health insurance coverage to age 65. Also, ' the survivor protection bill provided benefits to either a surviving spouse of children of PERF Coordinated Plan members who die before age 50. Lastly, the Police and Fire benefit increase bill,which became effective July 1, 1993, � permanently increased the PEPFF formula multiplier from 2.5 percent to 2.65 percent of an individual's average salary over the five highest consecutive years of eamings. , 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, 1993. Tlus information is useful in assessing the pension plan's accumulation of sufficient assets to , pay pension benefits as t�ey become due. RELATED PARTY INVESTMENTS I As of June 30, 1993, and the fiscal year then ended, PER�1 held no securities ' issued by the City or other related parties. NOTE 8 CONTRIBUTED CAPITAL � Changes in contributed capital for the year ended December 31, 1993 are as follows: ' Balance, December 31, 1992 $ 1, 846, 995 Connection/Reconnection Fees 1, 534, 751 � Prior Period Adjustment 45, 625, 050 � Transfers Out and Other {1, 163 . 170) Balance, December 31, 1993 ' S 47, 843 , 626 , -34- ' , CITY OF ROSEMOUNT, MINNESOTA � NOTES TO THE FINANCIAL STATEMENTS -----------�---------------------------------------------------- � December 31, 1993 , NOTE 9 FUND EQUITY RESERVE ' The City records reserves to indicate that a portion of the fund equity is legally segregated for a specific future use or cannot be appropriated for etcpenditures. Following is a list of all reserves used by the City and a ' description of each. Reserved far 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. � Reserved 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 expenditures encumbered at year-end by Council action. ' Reserved for Prepaids-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. NOTE 10 TAX INCREMENT FINANCING DISTRICT � The Ci of Rosemount Economic Develo ment Authority is the �Y P administering authority for three talc 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 T� Capacity 469.643 28.149 Captured Gross Tax Capacity � Retained by Authority 2$2 956 27 563 Total Bonds Issued: Tax Increment Bonds $ 1,995,000 $ - � Amounts Redeemed 650,000 - Outstanding Bonds at � December 31, 1992 1345 000 � � ` -35- � CITY OF ROSEMOUNT, MINNESOTA NOTES TO THE FINANCIA.L STATEMENTS ' ---------------------------------------------------------------- ' December 31, 1993 NOTE 11 DEFICIT FUND BALANCES ' The following funds had deficit fund balances at December 31, 1993 which were e�cpected to be recovered through various sources as follows: ' Fund Descriution Fund Tvpe Deficit Intended Disposition ' 145th St. Re- construction (#411) Capital Projects $ (50,437) MSA Funds , Armory Highway 3 Impr. (#41� Capital Projects $(105,525) MSA Funds � Diamond Path Improvements (#419) Capital Projects $ (15,301) Transfers From Care Funds ' Community Center Project {#429) Capital Frojects $(149,366) Transfers From General ' Reserves NOTE 12 DEFERRED COMPENSATION PLAN ' The City of Rosemount offers its employees a deferred compensation plan wluch is in accordance with Internal Revenue Code Sect�on 457. � The plan permits employees to defer a portion of their salary until future years. Participation is optioual. The deferred compensation is not available , to employees until termination,retirement,death,or unfareseeable emergency. All amounts of compensation deferred under the plan, all property and rights a' purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid ar made available to the employee or other beneficiary) solely the property and rights of the City, subject only to the ' claims of the City's general creditors. Participants' rights under the plan are equal to those of general ereditors of the City in an amount equal to the fair ' market value of the deferred account for each participant. ' ' -36- ' � CITY OF ROSEMOUNT.MINNESOTA , GOMPARATIVE BALANGE SHEETS GENERAL FUND DECEMBER 81. 1999 � 1998 1892 � ASSETS Cash �341,231 $126,164 � Certificates of deposit 866,594 4,105,814 Due from other funds 6,248 Accounts receivable 15,476 15,188 � Special assessments receivable: Delinquent 63,492 64,974 , Deferred 51.814 20,225 Delinquent taxes receivable 114,462 66,015 Due from other governments 166,250 158,996 � Prepaid expenses 107.404 125,797 TOTALASSETS a1,7S0,771 51,681,171 , UABILITIESAND FUND BALANCE � LIABILITIES: Accounts payable ` �154,665 a28S,200 ' Accrued wages and deductions 91,106 67,567 Deposits payable 11,400 Deferred revenue 298,301 186,994 � TOTAL LIABILITIES a550,472 $487,761 FUND BALANCE: ' Reserved: Prepaid expenses a107,404 �123,797 Encumbrances 80,026 41,828 ' Unreserved: Designated for working capital 992,869 1,027,785 � TOTAL FUND BALANCE a1,180,299 $1.193.410 TOTAL LIABILITIES AND FUND BALANCE 51,790,771 a1,681,171 ' ' � � 37 � � CITY OF ROSEMOUNT. MINNESOTA COMPARATIVE STATEMENTS OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES ' GENERAL FUND YEAR ENDED DECEMBER S1, 1998 , 1993 1992 ' REVENUE Tauces y1,448,t 71 �1,342,415 , Licenses and permits 282,116 342,742 intergovernmentai 1,025,970 ' 956,055 Charges for services 412,679 277,856 � Fines and forfeitures 60,960 44,927 Special assessments 22,159 69,249 Interest ear�ings 28,929 30,614 � Miscellaneous 190,588 f 82.491 TOTAL REVENUES a8.469,$53 �3,246,349 EXPENDITURES: , Current: Generai govemmeM a1,109.057 �1.057,642 � Public safety 955,080 885,966 Public works 896,245 743,056 Park and recreation 580,711 528,296 � TOTAL EXPENDITURES �3,541,093 53,209,960 EXCESS OF REVENUE OVER EXPENDITURES � (571,740) $36,389 OTHER FINANCING SOURCES (USES): Transfers irom other funds $71.784 a140,280 � Transfers to othe�funds (18,105) (39,889) TOTAL OTHER SOURCES (USES) 558,629 a100,841 ' EXCESS OF REVENUE AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES (b18.111) 5137,230 r BEGINNING FUND BALANCE 51.193,410 a1,056,180 ' ENDING FUND BALANCE a1,180,299 �1,195,410 , � ' 38 � � CITY OF ROSEMOUNT.MINNESOTA ' SCHEDULE OF REVENUE COMPARED TO BUDGET(GAAP BASIS) GENERAL FUND YEAR ENDED DECEMBER 31, 1999 , 1995 ' 1992 BUDGET ACTUAL VARiANCE ACTUAL � TAXESt Genera)property taxes =1,22S,S06 i1.118.899 ii104,407) ;7,007,0119 Fisca�alsparic�es so2.8oa so2,aos o sto,osa � Other 29.000 28,464 (2,596) 25.292 TOTAL TAXES ;1,555,114 =1,448,171 (5106,949) =1,542,415 � LICENSES AND PERMITS: Business =298.950 s281.866 =42.716 i7.S60 Non-business 200 450 250 SS5,382 � TOTAL LICENSES AND PERMITS =259,150 =282,116 =42,966 =342,742 INTERGOVERNMENTAL: Local governmant aid =296.512 i296.502 (i10) =512.965 � Homestead and ag credit(HACAj 484,b65 525,257 40,592 448,065 Equalization aid 82,692 82,97s 281 89,719 Police state aid 60.000 59,618 (982) 55,711 � Mobile home HACA 20,000 21,977 1,977 20,676 Other 52,000 97,644 5,544 29,529 TOTAL INTERGOVERNMENTAL =976,089 =1,023,970 ¢47,901 =956,055 � CHARQES FOR SERVICES: Generai government =418,400 ;987,989 (=29,011) =261,285 � Public aafety 9,900 21,022 11,122 7,601 Highways and sheets 2,500 1,759 (741) 6,111 SAC 1,000 2,510 1,510 2,859 � TOTAL GHARGES FOfl SERVICES =429,800 ;412,679 (;t7,121) =277,856 FINES AND FORFEITURES: 1 County 542.000 S6Q.960 ;18,960 ;44.92T MISCELLANEOUS: , Interest =25,000 =28,929 �4.929 SS0,614 Other 25,000 80,856 55,89B 96,144 Speeia)assessments 5,OU0 22,159 17,iS9 69,249 Donations 27,015 26,964 (51) 22.878 � Recreationalfees 101,000 79,688 (21,512) 68,189 Sale of General Fixed Assets soo soo Rents 2,500 2.600 100 2,780 � TOTAL MISCELLANEOUS =185,515 5241,456 ;55,941 i229.854 TOTAL REVENUE ;5,427,648 ;5,469,S5S ;41,705 =S,19S,849 � OTHER FINANCING SOURCES: Transfers from other iunds :206.120 ;71,734 (;194,586) =140,250 � TOTAL REVENUE AND OTHER FINANCINCa SOURCES =3,635,768 ss,541,087 592,687) �9.354.079 � 39 CITY OF ROSEMOUNT.MINNESOTA ' SCHEDULE OF EXPENDITURES COMPARED TO BUDGET(GAAP BASIS) ' GENERAL FUND YEAR ENDED DECEMBER 31, 1993 , 1993 1992 BUOGET ACTUAL VARIANCE ACTUAL ' GENERAL GOVERNMENT Mayor and counciL Personal services s27,607 ;23,738 5�.869 i23,550 Professional fees 92,990 103,6B2 (10,672) 54,883 � Othercharges 15,650 12,575 3,075 4,267 Council designated 17,000 8,879 8,121 18,926 Principal on loans 17,500 17,500 0 � Executive: Personal services 208,998 204,9B2 4,036 220,201 Supplies 2,100 745 1,355 100 , Professional fees 9,000 10,224 (1,224) 4,554 Other char9� 4,510 5,348 (833) 4,981 Election: � Personal services 3,230 2,098 1,132 8,178 Supplies 3,925 2,344 1,581 1,060 Other charges 460 1,130 (670) 4,607 , Finance: Personal services 124,915 110,925 13,990 100,698 Supplies O 8,336 , Professional fees 1,300 1,884 (584) 2,281 Offiercharges 13,900 19,033 {5,133) 16,548 Pianning � Personal services 149,902 138,425 11,477 130,870 Supplies 460 744 (284) 3,517 Professional fees 3 120 8,805 (5,685) 21,703 ' Other charges 4,500 2,878 1,622 5,543 General govermm�ent Insurance 158,000 158,322 (322) 150,924 Supplies 65,600 60,735 4,8B5 59,515 ' Professional Fees 72,000 112,364 (40,864) 114,981 Other charges 91,500 109,238 (17,738) 114,790 TOTAL GENERAL GOVERNMENT =1,088,167 =1,116,552 (=28,585) =1,0'74,792 ' PUBLIC SAFETY Police protectioo: � Personal services =670,532 �B77,986 (57,454) �594,885 Supplies 9,049 8,717 S32 21,135 Professional Fees 87,800 90,721 (2,921) 83,577 ' Other charges 30,728 31,577 (849) 34,495 Fire protection: Personai services 116,382 116,590 (208) 113,499 ' Supplies 17,805 7,568 10,237 21,631 Professionalfees 18,1A0 14,670 3,470 8,958 Othercharges 7,855 B,585 1,270 9,162 � Capitai ou8ay 1,000 1,Q00 O 675 TOTAL PUBUC SAFETY =959,291 �955,414 53,876 =888,017 40 , � � � 1993 1992 BUDGET ACTUAL VARIANCE ACTUAL � PUBLIC WORKS General maintenance_ � Personal services ;591,980 5584,338 i7,647 5482.041 Supplies 106,072 108,478 (2,406) 80,030 Profess�ooal fees 16,790 15,658 1,132 39,987 Othercharges 26,806 19,945 6,8B1 10,306 ' Streeis and roads_ Supplies 70,545 74,921 (4,376) 38,976 Professionai fees 34,282 32,804 1,478 17,000 Othercharges 10,100 4,707 5,593 6,212 Snow removai: Suppiies 12,781 15,604 (2,823) 10,718 � Other chazges 4,632 2,030 2,602 354 Street lighting: Supplies 4,793 7,095 (2,302) 4,091 � Othercharges 66,492 60,750 5,742 59,653 TOTAL PUBLIC WORKS ;945,273 =926,325 518,948 ;749,3B8 � PARK AND RECREATION Personal services =461,B65 =428,803 =32,862 5392,765 Supplies 65,270 61,116 4,154 75,159 � Professional fees 39,600 28,288 11,312 13,721 Other services 74,5bS 62,793 11,709 48,558 TOTAI PARK AND RECREATION ;641,038 =581,000 560,038 5530,19B � TOTAL EXPENDITURES AND ENCUMBRANCES ;3,B33,768 ;3,579,291 =54,477 =5,242,373 � OTHER FINANCING USES Transfers to other lunds E13,105 (513,105j ;39,389 � TOTAL EXPENDITURES,ENCUMBRANCES AND AND OTHER FINANCING USES 53,633,768 s3,592,39B ;41,372 =3,28t,762 � BEGINNING OF YEAR BUDGET BASIS ENCUMBRANCES =41,828 �9,416 , END OF YEAR BUDGET BASIS ENCUMBRANCES (=80,026) (;41,828j � GAAP BASIS EXPENDITURES AND OTHER FINANCING USES 53,554,198 s3,249,350 � � 41 L � I I 1 � THIS PAGE INTENTIONALLY LEFT BLANK � i � � . 1 1 i I t 1 � 1 1 CITY OF ROSEMOUNT. MINNESOTA � COMBINING BALANCE SHEET � SPECIAL REVENUE FUNDS DECEMBER S1. 1993 —�_ � 5-YEAR CAPITAL SEVERANCE t PORT CIP PROJECTS AND AUTHURITY PROGRAM MSA RETIREMENT � �#zo�)-- (#202� ��2os� ��2oa� ASSETS Cash a26.255 $11.676 53.117 � Certificates of deposit - 153,322 700,000 90,000 Notes receivable 1,424,964 � Due from other governments 5,394 Prepaid expenses 8,201 Special assessments: � Deferred TOTALASSETS $1,591,882 �726,255 $11,s76 $93,117 LIABILITIES AND FUND BALANCES � UABILITIES: � Accounts payable 57,778 $12.262 (a8) Due to other funds 11�gg2 Cont�acts payable � Deferred revenue 1,438,286 TOTAL UABILITIES _$i,457.891 �12.262 (S3) � FUND BALANCES: Reserved S8,2d1 5215,848 ' Unreserved 125,790 498,150 511,676 95,120 TOTALFUNDBALANCES S1SS,991 5718,995 St1,676 $93,120 TOTAI.LIABIUTIES AND FUND BALANCES $1,591,882 _ b726,255 �11,676 y93,117 � , � � � 44 I � � � � PARK OTHER ARMORY IMPROVE— IMPROVEMENTS DIAMOND TOTALS � MENT CONTINGENCY PATH 1992 (#E205) (#222) (#230) 1993 (RESTATED) ' a32,089 $S.S42 a5,875 a82.355 �40,350 160,000 240,000 60,000 1,405,322 1,841,431 � 1.424.964 1.480.482 5,H94 15,663 8.201 991 , 10.240 10.240 213 a202,S29 $243,342 �65,875 a2,934,477 a3,329,180 � � S20.OS2 �75.374 � 11.832 6,307 510,240 �65,875 1,514,402 1,503,478 � 510,240 a65,875 a1,546,266 $1,585,154 , $77.766 5301,811 114,323 �243,342 1,086,401 $1,743,976 a192.089 �248.342 $1,388.212 51,749.976 � a202,329 a243,842 a65,875 a2,934,477 53,829,180 � � � t � 45 CITY OF ROSEMOUNT.MINNESOTA � COMBINING STATEMENT OF REVENUE, EXPENDtTURES AND CHANGES IN FUND BALANCES , SPECIAL REVENUE FUNDS YEAR ENDED DECEMBER 31, 1993 � 5-YEAR CAPITAL SEVERANGE i PORT CIP PROJECTS AND AUTHORITY PROGRAM MSA RETIREMENT � �#201� ��zo2� ��2os� ��2oa� REVENUE: Municipal state sid (MSA) a384,779 General property taxes 5171,460 $60,000 , Tax increments 5336,451 Interest earnings 110,893 21,224 8,700 1,488 Principal on notes 4,044 , Park dedication Donations and othe� � TOTAL REVENUES �451,889 $192.684 a888,479 a61,488 EXPENDITURES: � Salaries and Wages $78,129 a15,061 Supplies Engineerin9 96,051 � Legai fees 2,025 Other professional services 22,669 Insurance 2,857 � Other 9.258 a2.250 a1.125 1.125 Capital outlay 541,986 167,491 TOTAL EXPENDINRES 5692,974 �169,741 a1.i25 516,186 � EXCESS (DEFICIENCI�OF HEVENUE OVER EXPENDITURES (a241,585) 522,943 a387,354 �45,502 � OTHER FINANCINC,SOURCES(USES) Proceeds from sale of bonds a528,400 � Transfers from other funds �7��g� Transfers to other funds (586,593) (496,000) TOTAL (�8,193) � ($488,214) EXCESS (DEFICIENCI�OF REVENUE AND OTHER FINANCING SOURCES OVER � EXPENDITURES AND OTHER FINANCING USES ($249,778) 522,943 (E100,860) 545,302 BEGINNING FUND BALANCES 388,769 691,050 112,536 47,818 ' ENDING FUND BALANCES $135,991 5713,993 511,676 a98.120 � 46 ' � � i � PARK OTHER ARMORY IMPROVE- ARMORY IMPROVEMENTS DIAMOND TOTALS MENT CONSTRUCTION CONTINGENCY PATH 1992 � (�`205) (�220) (#222) (#E2S0) 1993 (HESTATED) SS84,779 s49,594 , 562.665 294,125 467.251 356,451 277,190 $4,815 2,397 �6,992 151,509 166,678 � 4.044 71.234 71.234 78.975 844 51.125 1,969 10.625 � $76.893 �65.062 b6.992 �1.125 $1,244.112 a1.050.295 � 510.988 �104.178 �40.295 at 8,765 4S 18,808 44,359 2.071 38.122 8.606 i 2.025 �.26, 22.129 44.798 112.405 � 2.857 2,896 2,478 66,077 �1,125 SS,438 59,967 5,279 714,755 574,159 � �50,722 a77,108 a1.125 51.008,980 �829,446 � $26.171 (a12.046j $6,992 $0 a285.152 �220,847 � �528.400 7,786 236,350 (�94.489) (1.127.082j (530,039) � (asa.ass) (Ssso.sss� �S2s3.sss� � 526,171 (�106,535) a6,992 �0 $355,765 a72.842 � ) � ) � 165,918 106,535 256.350 1.748,976 1,816.818 5192.089 $O a243,S42 SO �1.388.211 �1.748,976 � � 47 � t � t t s THIS PAGE INTENTIONALIY LEFT BLANK � � � � t 1 t 1 1 . : � _ ! - I _ � 1 � 1 ' � � i i ITHIS PAGE INTENTIONALLY LEFT BLANK � � � � � � � � � i 1 1 I CITY OF ROSEMOUNT. MINNESOTA � DEBT SERVICE FUNDS � COMBINING BALANCE SHEEf DECEMBER 81. 1995 GA � G.O. G.O. EGlU1PMENT CUMMUMITY CITY HALL G.O. CERTIFl— � CENTER HEFUNDING CITY HALL CATES 1992C 1893D 1986 1991C ��so�� #so2� ��sos� �#soa� � ASSETS Cash 5787 S22 #5,829 �5,127 � Certificates of deposit 60,000 859,439 150,000 Special assessments: Delinquent � Deferred Due from other governments -- � TOTAL ASSETS 560,757 $859,461 a199,829 53,127 � LIABIUTIES AND FUND BALANCES LIABWTIES: � Deferred revenue FUND BALANCES: I Rese�ved for debt service 560,787 a8S9,461 5133.829 y9,127 � TOTA�LIABILITIES AND FUND BALANCES 560,737 �839,461 S13S,829 a8,127 � � � :i 1 � 50 ` 1 j 1 S.A. � S.A. S.A. IMPROVEMENT S.A. S.A. S.A. S.A. IMPROVEMENT IMPROVEMENT REFUNDING IMPROVEMENT IMPROVEMENT IMPROVEMENT IMPROVEMENT 1992A 199HA 1993B 1987A 19888 19898 1991A � (#S21) (#322) (#32S) (#825) ��s2s� ��s2�� s2s� � $22,431 a5,248 a86 �523 53,563 �7,638 58.500 720,000 2,872,608 1,800,000 1,680,000 820,000 720,000 � 3.011 2.700 1.691 764 71,742 107.916 178,468 42.076 242.849 � 52,885 6.105 2.650 5814,178 55,248 a2,872,644 a1,943,734 51.870,836 �874,055 5972,114 � � � 571,742 $110,327 a181,168 S4H.767 �243.613 � a742.431 �5.248 �2.872,644 $1.888,407 �1,689.668 a830,288 $728.500 �814,173 a5,248 a2.872.644 y1.94S,734 �1.870,886 �874,055 �972.114 � (Continued) � � � � � � 51 CIIY OF ROSEMOUNT.MINNESOTA � DEBT SERVICE FUNDS � COMBINING BALANCE SHEET DECEMBER 31, 199s - j G.O. MUNICIPAL S.A, S.A. BUILDING TAX TAX � IMPROVEMENT IMPROVEMENT (ARMORI� INCREMENT INCHEMENT 19918 1992D 1992E 1988A 1993E (#�329) v _(#330) (�H81) ��ss2) ��s8a) � ASSETS Cash 54,190 �6,944 511,560 52.646 �2,912� Gertificates of deposit 250,000 340,000 115,000 185,000 40,000 Special assessments: Deli�quent � Deferred 6,876 221,052 Due from other governments TOTAL ASSETS -- � a261,065 �567,996 �126,560 a1S7,646 a42,912 � LIABILITIES AND FUND BALANCES � LIABILITIES: Deferred revenue a6,876 �221,052 � FUND BALANCES: Reserved for debt service �254,190 ___y346,944 5126,560 $157,646 542,912� TOTAL LIABILITIES AND FUND BALANCES a261,065 a567,996 �126,560 �137,646 �42,912 � � � � � � 52 � � � � � TOTALS 1992 � 1998 (RESTATED) � 583,905 �110,869 10,522,047 7,220,000 � 8.166 14.345 570,380 872.855 41.689 187.976 � 11 526 1S7 S , 58,406,025 � , �878.546 5888.258 � � a10.647.591 57.517.772 511,526.187 $8.406.025 � (Conduded) � � � � � � 53 CITY OF ROSEMOUNT. MINNESOTA � COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES � DEBT SERVICE FUNDS YEAR ENDED DECEMBER 31, 1995 G.O. � G.O. GA EQUIPMENT COMMUNI7Y CITY HALL G.O. CERTFI— � CENTER REFUNDING CI'tY HALL CATES 1992C 1993D 1986 1991C �,_ #3Q1 _ (#302) (a#80S) (#SO4) HEVENUES: General property taxes 5106,222 5150.444 $50.054 Special assessments Interest earnings --- 537 $22 1,733 314 � Other TOTAL REYENUES ____�106,759 a22 St 52.177 a50,868 EXPENDRURES: � Bond principal $75,000 �40,000 Interest on bonds �49,025 65,530 7,670 Fiscal agent fees 202 460 176 Other — 1,125 1.125 1.t 25 � TOTAL EXPENDITURES a50,352 �142,115 �48,971 EXCESS(DEFICIENCI�OF REVENUES � OVER EXPENDITURES � $56,407 a22 510,061 at,S97 OTHEfl FINANCING SOUFiCES(USES) � Proceeds from sale of bonds a839,459 Transfers irom other funds Transfers to other tunds TOTAL � 5889.459 � EXCESS(DEFIGIENCI�OF REVENUE AND OTHER FINANCING SOURCES OVER EXPENDITURES AND 07NER FINANCING USES $56,407 a8S9,461 a10,061 $t,397 � BEGINNlNG FUND BALANCES --- 4.330 0 123.768 1.790 � ENDING FUND BALANCES` 60 737 5839.461 S18S,829 SS.127 � � � � � 54 � � � ,� S.A. S.A. � S.A. S.A. IMPROVEMENT WHITE LAKES S.A. S.A IMPROVEMENT IMPROVEMENT REFUNDING ACRES IMPROVEMENT IMPROVEMENT 1992A 1993A 199SB 1985 1987A 1988B (#S21) (#S22) (�825) (�824) (#325) (#ES26) � 592.1 S2 5549.162 165.278 a56.S26 � 8,750 aS.845 S36 5622 119.1 S7 49.441 a557,912 a3,845 a36 a622 5976,542 �105.767 � �100,000 5475,000 5300,000 a35.542 5.950 199.661 112.025 � S57 B49 463 487 1.125 1,125 1.125 1,125 537.025 5105.724 $676.248 �413,637 �' - 5520,889 58,845 �36 (�105,102) (a299,707) (5307,870) � a1.408 $1,407.171 �219.771 1.465.486 a62.094 5220.688 � (a48,407) (955.959) 5219,771 51,403 �2,872,608 (;48,40� (5893,905) $220,688 � 5740.659 a5.248 S2 872 644 5 , . (�� s.509) (S�.1ss.si2� ��,�s� � 1.772 0 0 158.509 3,027.019 t.776,855 5742,451 55.248 52.872.644 SO 51.833.407 St.689.668 � (Continued) � � � � � 55 CITY OF ROSEMOUNT.MINNESOTA � COMBINING STATEMENT OF REVENUE, IXPENDITURES AND CHANGES IN FUND BALANCES � DEBT SERVICE FUNDS YEAR ENDED DECEMBER 31, 1993 -- � S.A S.A S.A. S.A. � IMPROVEMEiV7 IMPROVEMENT IMPROVEMENT IMPRQYEMENT 1989B 1991A 1991B 1992D (�327) -- -- (#328) (#329) (�530) � REVENUES: General Property Tattes $88,Q89 Special Assessments 155,548 �67,918 a26.395 �164,892 Interest Earnings 33.2d4 17.711 6.951 22.218 � Other TOTAL REVENUES �256,881_ __ �85,628 SSS,346 5187.140 EXPENDITURES: � Bond Frincipal 5250.000 $120.000 Interest on Bonds 136,260 64,710 �15,790 555,862 Fiscal Agent Fees 470 482 853 209 � Other 1.125 1.125 1.125 1.125 TOTAL EXPENDITURES �387,855 5186,817 �15,268 �57,196 EXCESS(DEFICIENCI�OF REVENUE � OVER EXPENDITURES (a130,974 _ (�100,689) $18,078 �129,914 OTHER FINANCING SOURCES(USES) � Proceeds from Sale of Bonds Transfers trom Other Funds �9,116 5387,770 �28,598 $86,092 Transfers to Other Funds (509,498� � TOTAL (5500,882) a387.770 528,598 a86.092 EXCESS(DEFICIENCI�OF REVENUE AND OTHER FINANCING SOURCES OVER � EXPENDITURES AND OTHER FINANCING USES (5631,355) 5287.081 a46,677 a216,007 BEGINNING FUND BALANCES 1,461,643 _ 441,419 207,513 180,957 � ENDING FUND BALANCES 5880�288 5728.500 5254.190 5346.944 � � � � � � 56 � ! � . � G.O. MUNICIPAL � BUILDING TAX TAX (AHMORI� INCREMENT INCREMENT TOTALS 1992E 1988A 199SE 1992 � (�881) (#982) (#38S) 1998 _-(RESTATED) 58.665 $495,606 $429,725 � 1.165.513 1.566.585 4,697 $137 $12 269,407 289,317 816 $13.862 SiS7 $12 �1,930,526 52.085,948 � �95,000 $1,455,000 �1,395,0�0 $152.493 76,010 972.527 773.117 � 349 467 5.124 4.211 1,t 25 1,125 14.625 10,125 5153,967 5172,602 52,447,276 �2,182,455 � � (a140,605) ($172,466) a12 (a516,750) (596,510) � S42 900 2 290 914 . S . . S28o,5ss �81,000 �3309,000 2,869,500 524,540 � (1.513,843) (58.582Z �81,000 5309,000 542,900 $5,646,570 5766,547 � 59 605 (S , ) 5196,534 542,912 53,129,820 a670,037 � 186,165 1.112 0 7.517.772 6,847.755 5126.560 S1S7,646 542.912 510.647.591 57.517.772 � (Concluded) � � � � � 57 � � ' � I � � THIS PAGE INTENTIONALLY LEFT BLANK � i � 1 � 1 � � 1 . 1 1 � � 1 ! CITY OF ROSEMOUNT, MINNESOTA COMBINING BALANCE SHEET � CAPITAL PROJECT FUNDS DECEMBER 81, 1995 ' SHANNON O'LEARY'S CHIPPENDALE SECTION 31 , HILLS HILLS AVENUE SANITARY 5TH ADD'N 5TH ADD'N 156TH TO 160TH SEWER � (�`405) (#406) (#408) (#410) ASSETS , Cash 517.858 �8.001 56.395 57.429 Certificates of deposit 150,000 60,000 20,000 � Due from other funds TOTAL ASSETS $167,858 568,001 �26,595 $7,429 � LIABILITIES AND FUND BALANCES ' LIABILITIES: � Due to other funds Accounts payable �2,036 51,632 Contracts payable 9,046 526,242 ' TOTAL LIABILITIES a11.083 526,242 57,632 FUND BALANCES: ' ' Reserved a156,771 541,758 �26,395 a5,797 TOTAL LIABILITIES AND FUND BALANGES 5167,855 568,001 526,895 �7,429 ' ' ' ' , , �� ' ' � � ' 145TH STREET 145TH STHEET : RECON VALLEY OAK ARMORY ARMORY RECON ARMORY SHAN PKWY POND SANITARY STORM DIAMOND PATH HIGHWAY 3 � TO GHILI AVE OUTLET SEWER WATER TO SHAN PKWY IMPROVEMENTS (#411j (�412) (�413) (#415) (�`416) (�41� , SS.480 55.873 a8.979 5809 ' 25,000 70,000 60,000 60,000 ' a0 528.480 b75.873 �68.979 560.809 S0 � ' , 521.954 582.509 8.566 52.134 54,614 2,331 ' 24.937 16.293 20.685 a50,4S7 a2.184 520,907 �105,526 , (a50,437) 526,546 554,967 S6S,979 a60,809 ($105,525) ' cao� a28,480 a75.87$ $65.979 a60.809 �0 (Continued) � ' ' , ' � ��. ' CITY OF ROSEMOUNT. MINNESOTA COMBINING BALANCE SHEET � CAPITAL PROJECT FUNDS DECEMBER 31. 1993 ,--- : � � OTHER , DIAMOND COMMUNITY ICE ARMORY PATH CENTER ARENA IMPROVEMENTS IMPROVENtENT5 PROJECT PROJECT PROJECT � ��a�s� �#a2a� (�426) (�42� ASS�S I c�n as.s2� a„.a,a a2a,oe2 Certificates of deposit 60,000 100,000 5940,OQ0 300,000 , Due from other funds TOTAL ASSETS -__a65,927 �t 11.412 5940.000 �524.082 ' LIABILITIES AND FUND BALANCES � LIABILITIES: Due to other funds y1,S51 , Accounts payabie 20,808 at,212 Contracts payable y81.228 y26Q,777 339.617 6,065 TOTAL LIABILITIES --- $81.228 5260.777 a861.776 �7.277 ' FUND BALANCES: � Reserved (�15,80t) ($149,866) 5578,225 5816,8d5 TOTAL LIABILITIES AND FUND BALANCES �65,927 �111,412 �940,000 �824,082 ' � ' � � , �2 ' , � � � ' , TOTALS 1993 1992 � 595.240 a118,182 � 1.845,000 6.460,000 , $1.940,240 �6.578.182 ' ' St 05.794 38,335 556.376 ' 784.890 514.059 $929,017 5570,435 ' �1.011.223 $6.007.747 � 51,940.240 a6,578.182 (Concluded) � ' ' � � � 63 ' CITY OF ROSEMOUNT. MINNESOTA COMBINING STATEMENT OF REVENUE,EXPENDITURES,AND CHANGES IN FUND BALANCES � CAPITAL PROJECT FUNDS YEAR ENDED DECEMBER 31,1993 � SHANNON ' COUNTY ROAD HAWKINS WESTRIDGE HILLS aR42 EAST POND PROJECT 3RD ADD'N (#401) (#402) (#403) (#404) REVENUE: ' Interest earnings Municipal state aid(MSA) ' Other , TOTAL EXPENDITURES: ' Construction costs: Improvements ;19,782 521,608 Engineering fees 6.228 6,330 � Otherfees 22 Professioaal fees 11,724 10,938 Other =817 50 53 ' TOTAL SO 5817 ;37,804 538,929 EXCESS(DEFICIENCI�OF REVENUE ' OVER EXPENDITURES =0 (;817) (i37,804) (=38,929) OTHER FINANCING SOURCES (USES): Bond proceeds ' Transfers from other funds ;3,325 ;7,058 Transfers to other funds (;62,033) (3,763) (¢4,77t) TOTAL (i62,033) 53.325 =3.295 (�4,771) , EXCESS jDEFiCiENCI�OF REVENUE AND OTHER FINANCING SOURCES OVER EXPENDITURES AND � OTHEfl FINANCINCa USES (j82,033) ;2,508 (�34,509) (543,700) BEGINNING FUND BALANCES 82,033 (2,508) 34,509 43,700 � ENDING FUND BALANCES �0 s0 ;0 ;0 ' � � � � 64 , � � 145TH STREET ' SHANNON O'LEARY'S SHANNON CHIPPENDALE SEGTION 31 RECON VALLEY OAK HILLS HILLS HILLS AVENUE SANITARY SHAN PKWY POND 5TH ADD'N 5TH ADD'N 4TH ADD'N 156TH TO 160TH SEWER TO CHILI AVE OUT�ET ' (#405) (#40B) (#40� (#408) (#410) (#411) (#412) s656 ;356,725 , 5656 5356,725 , =180,923 =285,193 =13,808 =340,407 =533,152 ;184,578 1 29,650 43,636 1,7t6 =5,130 33,250 iD0,560 56,963 935 383 641 697 6,514 2,013 9,274 7,637 5,844 , 32 55 5,903 15,736 1,339 196 =220,814 =329,212 =23,857 �11,033 =390,090 ¢64'7,408 =223,751 � (;220,814) (;328.556) (;23,857) (;11.033) (5390.090) (;290.684) (=223,751) ' ;377,585 =t 71,31 O 79,700 s125,000 (is�.a�o) (t22o.ssa) (as�.��o) � 5377,5$5 (j31,810) (=220,683) 5251,010 (;262,770) � =156.771 (j328,556) (=55.667) (;231.716) (;390,090) (539,673) (5486.521) ' 0 370,314 55,667 258,111 395,887 (10,784) 512,867 ;156,771 �41,758 ;0 ¢26,395 55,797 (;50,437) ;26,346 � , � � � 65 � CITY OF ROSEMOUNT. MINNESOTA COMBINING STATEMENT OF REVENUE,EXPENDITURES,AND CHANGES IN FUND BALANCES ' CAPITAL PROJECT FUNDS YEAR ENDED DECEMBER 81,1993 ---- ' 1457H STREET ARMORY ARMORY ARMORY RECON , SANiTARY WATER STORM DIAMOND PATH SCWER IMPROVEMENT WATER TO SHAN PKWY (�R413) _ (#414) (#415j (#416) REVENUE: — — — ' Interest earnings 58,934 ;1,949 Municipal state aid(MSA) Other _ � TOTAL #8,934 �1,949 EXPENDITURES: ' Construction costs: Improvements ;285,423 ;54,242 j9,233 Engineering fees 32,449 8,195 ;17,973 12,794 � Otherfees 17,500 139 Professional fees 20 7,110 Other 49 52 ' TOTAL �335,392 ;67,735 ;17,973 522,079 EXCESS(DEFICIENCI�OF REVENUE OVER EXPENDITURES (5326,458) {=67.735) (�16.024) (;22,OT9) � OTHER FINANCING SOURCES(USES): Bond proceeds : ' Transfers ftom other funds ;222,000 Transfers to other funds (=14,183) TOTAI. __ (i14.183) s222,000 ' EXCESS{DEFICIENCI�OF REVENUE AND OTHER FINANCING SOURCES OVER EXPENDITURES AND ' OTHER fINANCING USES (y326,458) (;81,918) (;16,024) �199,921 BfGINNING FUND BALANCES --381,425 81,918 80,003 (139,712) � ENDING FUND BALANCES ¢54,967 ;0 ;63,979 ;B0,809 ' ' � � 66 � � i � SHANNON COUNTRY � ARMORY DIAMOND PARKWAY HIU.S O'�EARY'S GOMMUNITY HIGHWAY 3 PATH AND CSAH 42 4TH HIILS CENTER IMPROVEMENTS IMPROVEMENTS SIGNAL LIGHT ADDITION 6TH ADD'N PROJECT #(41'� (#419) (#420) (#422) (#423) (�R424) � i9ao ;�a =� ta�,sze 345,449 � 30.790 =346,389 j78 ;30,791 ¢31,326 i 5413,710 =1,795 j2,622 S1,Oi8,801 � 88,074 49 475 2,262 1,423 12,832 10 1,211 , 20.491 5503,217 ;22,335 =4,308 ;1,093,895 1 (5156,828) (522.335) :78 ;26.483 (51.062.569) 1 S60 000 (57,788) (�28,599) (;614) ' Seo,000 (i�.�ae� (;2a,sg9� (is�a� � (596.828) (=22.335) (=7.708) (=28,599) =25.869 (=1.0B2.569) , (8,697) 7.034 7,708 28,599 (25,869) 913,203 (5105,525) (=15,301) ;O ;O ;0 (=149,388) � (Continued) , � ' , 67 � CITY OF ROSEMOUNT. MINNESOTA COMBINING STATEMENT OF REVENUE,EXPENDITURES,AND CHANGES IN FUND BALANCES ' CAPITAL PROJECT FUNDS YEAR ENDED DECEMBER 31,1993 � OTNER WHITE LAKE ARMORY ICE ARMORY ACRES � RELOCATION ARENA IMPROVEMENTS STREET PROGRAM PROJECT PROJECT RECON_ i�a2s� �#a2e� �#42�� #a2s� REVENUE: , Interest earnings ;6,127 i72,753 =15,115 ;2,799 Municipal state aid(MSA) Other 1.200 140 � TOTAL 57,327 572.753 =15,115 52,939 EXPENDITURES: , Construction costs: Imptovements =1,448,262 =37,124 j49,444 Engineering fees 8,096 1,034 57 ' Ofherfees 28,176 5,595 57 Professional fees ;81,469 Other 610.173 154 184 ' TOTAL =871,642 =1,484,535 =43,907 =49,742 EXCESS (DEFICIENCI�OF REVENUE OVER EXPENDITURES (=664,315) (;1,471,781) (j28,792) (=46,803) ' OTHER FINANCING SOURCES(USES)t Bond proceeds , Transfers from other tunds ;96,593 ;48,407 Transfers to other tunds (;60,000) TOTAL ;96.593 ' (;60,000) 548,407 EXCESS(DEFICIENCI�OF REVENUE AND OTHER FINANCING SOURCES OVER EXPENDITURES AND � OTHER FINANCING USES (=567,722) (;1,411,781) (:88,792) =1,804 BEGINNING FUND BALANCES 5B7,722 1,990,006 405,597 (1,604) ' ENDING FUND BALANCES =0 =578,225 s318,805 ;0 ' � � ' 68 ' � � � � TOTALS 1993 1992 � =140,879 51,492 702,174 � 32,130 41,387 ;874,983 =42,879 , ;4,980,109 52,181,689 � 432.918 366.920 76,927 160,787 115,237 38,289 655,286 12,122 � 56,240,476 52,757,807 1 (55.365.493) (;2.714,928) � ;548,895 57,472,081 642,083 947,755 (822.011) (203,915) � ;368,967 ;8,215,921 ' (54,996,527) ;5,500,993 , 6,007,749 506,756 =1,011,222 ;6,007,749 ' (Concluded) i 1 ! , 69 , � � , ' THIS PAGE INTENTIONALLY LEFT BLANK , � � , , , ' ' � , , ' ' ' � I 1 i 1 i � THIS PAGE IN7ENTIONALLY LEFT BLANK � � t - 1 1 1 � � . 1 � 1 ! i _C_ITY OF ROSEMOUNT. MINNESOTA ' COMPARATIVE BALANCE SHEET � ENTERPRISE FUNDS DECEMBER S1, 1998 STORM ( WATER WATER COMMUNITY (�601,604,605,) SEWER (#605,607,613,) CENTER (610&S7 2) (�602 8�606) (S�620) (#650) � ASSETS: CUHRENT ASSETS: � Cash $21.775 �55.81 H 551.405 $56.570 Gertificates of deposit 1,740,000 1,OS0,000 875,000 60,000 Accounts receivable 111,876 141,054 77,651 Special assessments receivable 18,673 24,157 44,597 � Due from other governments 807 1,101 538 Prepaid expenses 12,350 41,722 2,127 i,2S0 TOTAL CURRENT ASSETS �1,905,481 a1,278,827 a1,051,518 5117,600 � RESTRICTED ASSETS: � Cash S24 Certificates of deposit 938,126 Accounts receivable TOTAL RESTRICTED ASSETS $938,151 � PROPERTY AND EQUIPMENT: � l.and $120.556 a119.500 Buildings 1,206,827 �68,258 510,400,000 Improvements other than buiidings 45,545 4,444 21,295 Machinery and equipment 12,670,854 34,180,995 7,710,173 3,122 ' Less accumulated depreciation (H,802,558) (13,685,651 ) (1.245,541) (70.582) NETPROPERTYAND EGIUIPMENT a10,241,229 a20,568,047 56,607,427 $10,882,540 TOTALASSETS S1S,084.860 521.841.878 57.658.745 510.450,140 � � � , , , � �2 i � � � TOTALS � 1993 1992 � 5165,865 (a81,S38) 5,705,000 2,858,000 580,582 St 5,340 � 87.406 51.780 2,446 57,430 47,667 � 54.348.226 $3.171.454 � S24 5155,094 938,126 510,000 14.689 , 5938,151 a479,783 � S2S9,856 a23.720 11,675,085 176,056 71,284 3,904,440 � 54.565.143 282.717 518,802,127) (1.193.292) $47.749.242 aS,198.641 , 553.035.618 56.844.878 � � � � � � , 73 � � STORM j WA7ER WATER COMMUNITY (#601,604,605,) SEWER (�603,607,615,) CENTER LIABILITIES AND FUND E�UITY: (610$612) ��602 8�606) (&620) (#650) � CURRENT LIA8IUTIES: Payabie from current assets: � Accounts payable a22,090 S17,S40 �604 �3,944 Accrued expenses 5,403 2,778 10,101 Compensated absenses payable 15,594 5,826 8,g78 Bonds Payable a70,000 50,000 � TOTAL CURRENT LIABILITIES 5111,088 525,943 a30,604 a23,022 PAYABLE FROM RESTRICTED ASSETS: � Accrued interest on bonds 17,568 TOTAL PAYABLE FROM RESTRICTED ASSEfS ;17,568 LONG-TERM LIABILITIES: ' Bonds payabie; noncurrent portion �1,150,000 �1,495,000 Accrued interest on bonds 36,408 32,167 Deferred revenue 18,672 �24,137 44,597 ' TOTAL LONG-TERM LIABILITIES �1,205,080 a24,1S7 �1,571,764 TOTAL LIABILITIES a1.338,7H6 �50,080 �1,602.368 �25,022 � FUND EQUITY: Contributed capital �11,003,420 �20,859,911 $5,644,963 S10,S35,332 � Retained earnings: Reserved for capital improvements and debt service 81,705 10,758 54,000 Unreserved 665,999 921,124 411,414 37,786 ' TOTAL FUND EQUITY a11.751,124 521,791,793 a6,056,577 510,427,118 TOTAL LIABILITIES AND FUND EQUITY 513,084.860 �21,841.874 s7.658,745 �10.450.140 � ' � � � l 74 , 1 � [ TOTALS � 1998 1992 � b43,977 S2.S42 18.282 8.601 28.397 28.978 � 100,000 65,000 $i 90.657 $104.921 � 17.568 64.086 517,568 �64,OS6 � 52.645,000 $2,745,000 68,575 ' 87.406 49,782 a2.800.981 b2.794.782 � 58.�09.2�6 52.968.�89 � �47,843.626 $1.846,995 146,464 200,309 ' 2.OS6.328 1.833.885 �50,026,413 a3,881,189 � 558.085.618 a6.844.878 , r i 1 1 � 75 ' CffY OF ROSEMOUNT.MINNESOTA COMPARAl1VE STATEMENT OF REVENUES,EXPENSES AND CHANGES IN RETAINED EARNINGS � ENiEfiPRISE FUNDS YEAR ENDED DECEMBER 31,1993 � STORM WATER WATER COMMUNfTY ��so�.eoa.� s�R ��oa.em,a�s� c�R (e�o�6�z� ��€��Bos) (a e2o� �#�o) , OPERATING REVENUES: Properiy Taues �� Speciel assessmerds 522.938 523.406 jT74 � interest earnings 16,757 8.820 5.754 Resider�ial revenues 253,963 342.101 263,782 Aparlment revenues 36.686 58,557 institutionel revenues 21,109 40,g62 � Commercial revenues 26,211 34,351 Industriai revenues 4,602 7.171 Penally revenues 9,774 12,954 4,587 Water meter maintenaoce g gpp , Water meters 20,519 Misceliancwus 25 3,y� TOT/LL OPERA7ING REYENUES =421,465 =528,321 =274,876 ;57.542 OPERATING IXPENSES: , Personal services 5142,897 570,059 �56.370 Supplies 56.099 2,459 t2.221 2,843 ' ProFessional services�other charges 79,122 28,444 22,924 3,979 Other services and charges 6,192 3.483 8,457 175 Capilai outlaY 3,832 3,832 1.000 Metro sewer cherges 301,572 � TOTAL OPERATING EXPENSES ;288,142 y{OS,847 $34.805 �3,3g7 OPERAT1NCa INCOME BEFORE DEPRECIATiON ;133,323 s118,474 Z240,273 (55,82� Depreciatan e�ense ;298,81B =690,523 j154,485 �69,812 � OPERATING INGOME AFTER DEPRECIATION (¢163,493) (;572,049) :85,788 (;75,637� NON-OPERATING REVENUE(EXPENSES): ' Special assessmerds =141 ;167 irderest earnings 34.887 520,347 28,151 S�rcharges and penalties 53.354 � ��p�� (30,609) (25.809) (69.173) Irderest expense (105,329) (77,207j (i133) Fiscal age�fees (422) ('�.4�) TOTAL NON-OPERATING � REYENUES(EXPENSES) (547.980) (55.462) (5120.5021 (i133) NET INCOME BEFORE OPERAl1NG TAANSFERS AND DEPRECIATION ON CONTRIBU7ED ASSE75 (�11,472) (;577,512) (=34.714) (�75,771) � OPERA7ING TRANSFERSt Operating transiers in =2,382 ;73,401 =100,537 Operating trat�fers out (�5,716) (33.400) (232.24� � TOTAL OPERATING TRANSFERS: (�5.716) (�31.038) �158.844) �100,537 NEI INC�ME(LOSS) (5237,188) (5608.550) (1.193.557I ;24.768 AOD DEPRECIATION ON CONTRIBUTED ASSETS 284,g43 862,902 148,306 67,020 � BEGINNING RETAINED EARNINGS 699,949 877,530 456,665 p ENDING RETNNED EARNINGS =747.704 E931.882 �411.414 591.788 � 76 � � � i , TOTALS 1993 1992 5�4.� 1 47.118 537.324 31,331 25,271 859,825 842,187 95,223 89,208 � 62,070 41,B63 60.562 68,933 71,773 12,443 27,315 21,2)O � 8,900 11,550 20,519 25,890 3,567 5,427 =1,282,204 =1.181,108 j 5269,326 5214,380 63.622 75,313 � 134,4� 93,675 18,307 33,254 8,663 597 � 301,572 297,564 5795,959 ;714,783 �486,245 j466,323 � �1,211,636 5138,034 (5725.391) =328.289 � �$ 81,384 =34,591 � 53'� (125,597) (182,689) (131,969) (862] (1.073) t �;174.07� ��98.451) , (5899,468) 5229.838 j176.300 y{52,000 , (291.361) (1,489,000) (5115.061) �1,037,000) (;1.014,529) (;807.182) t1,f63,171 2,034,144 2,841,306 ! S2J82,T86 52.034,144 � 77 CITY OF ROSEMOUNT. MINNESOTA � COMBINING BALANCE SHEET ' A6ENCY FUNDS DECEMBER S1. 1993 ---— � MEALS ON � WHEELS DEFERRED TOTALS (#SOi) COMPENSATION 1995 1992 ASSETS � Cash 51,822 51.822 S2.7S8 � Investments 5607,713 607,715 478,030 TOTALASSETS $1.822 5607,713 �609,535 a481,763 � , LIABILITIES I LIABILITIES: Deferred compensation � Benefits payable �607,713 �607.71 S $479.03� Accounts Payable a1,290 1.290 Due io agencies 582 5S2 2,793 � TOTAL LIABILITIES $1,822 a607,713 a609,555 a481,763 � � � � � � � �� ' � CITY OF ROSEMOUNT MINNESOTA ' STATEMENT OF CHANGES IN ASSETS AND LIABILITIES A6ENCY FUNDS YEAR ENDED DECEMBER 81, 1998 1 � MEALS ON TOWN TOTAL � WHEELS DEFERRED GREEN (MEMORANDUM ONLY) (#801) COMPENSATION (�803j 1995 1992 1 BEGINNING BALANCE a2.78S 5479.030 �167 $481.765 $407.148: Additions 155,529 6 155,529 113,659 � Total a2,i83 �634.559 $17S $657.292 S52Q,802 Deletions (911) (26.846) (17S) (27.75'T) (89.089) 1 ENDING BAIANCE $1,822 a6Q7,713 SO a609,555 a481,765 ' � � � � , 1 � i � � 8� . � � � � i THIS PAGE INTENTIONALLY LEFT BLANK , � � ' � , � � � � � � ' , � CITY OF ROSEMOUNT. MINNESOTA ' GENERAL GOVERNMENTAL REVENUE BY SOURCE(1) LAST SEVEN YEARS ' DECEM8ER31, 1998 MUNICIPAL LICENSES INTER— ' FISCAL STATE TAX AND COVERN— YEAR TAXES AID (MSA) INCFiEMENTS PERMtTS MENTAL ' 1987 51,201.800 n/a n/a 5152.317 51.179.081 1988 $1,507,607 n/a n/a a288,952 �t,625,060 ' 1989 51.726,540 n/a n/a a25S,S08 51,185.703 1990 $1.828.080 n/a n/a 5210.840 s1.570,215 � 1991 52.255,565 n/a n/a 5193,178 $1,256.255 1992 52.516,561 n/a n/a y842,742 51,005,649 � 1959 52,175,287 a1,097,836 �336,45t a282,116 a1,023,970 ' (1) Includes Ge�erai,Special Revenue,Debt 5ervice and Capital Project Funds (nJa)Classifications not included in breakdowns prior to 1995 i � ' i 1 1 1 1 1 g4 ' 1 1 1 1 CHARGES FOR FINES AND SPECIAL , SERVICES FORFEITURES ASSESSMENTS INTEREST OTHER TOTAL a61,531 y31,031 51.192,200 5388.488 5401,666 a4,603,114 ' a94,327 aS2.424 a908,998 5595,223 aS99,230 $5,449,821 a78,958 548,181 �872,390 5971.993 5206,022 55,288,090 , 588,592 $51,841 51,041,023 $806.472 5519,194 �6,116,207 $125,887 a47,377 $884,874 S68S,981 5189.047 y5,636,144 ' b277.856 $44,927 $1,435,834 5488,101 5812.669 a6,424,359 5412,679 560,960 51,187,652 5567,617 5266,510 a7,411,030 ' , ' � � ' � � , ' ' 85 � CfIY OF ROSEMOUNT.MINNESOTA ' GENERAL GOVERNMENTAL EXPENDITURES BY 30URCE(1) LAST SEVEN YEARS , DEGEMBER S1, 1898 ' FISCAL GENERAL PUBLIC PUBLIC PARK AND CAPITAL YEAR GOVERNMENT SAFETY WORKS RECREATION OUTLAY � 1987 5890.647 �555.132 a8,007.089 5101.785 n/a 1988 5989,064 $559,259 52.294,813 5118,661 n/a , 1989 51,079.181 a680.479 �2.950.811 5342.491 n/a 1990 51,246,877 a746,892 a1,948,055 S416,088 n/a ' 1891 51.127.799 a884,191 �1.055,611 5503.804 n/a 1892 $1,512,929 5885,966 53,291,685 5523,296 n/a ' 1993 $f.109.05T $955,080 5896.245 s580.711 58.061.482 ' (1) Includes General,Special Revenue,Debt Service and Capitai Project Funds (n/a)Classification not i�cluded in breakdowns prior to 1983 ' , ' , ' ' ' � , 86 i � , � ' DEBT � OTHER SERYICE TOTAL S7 50,837 5891,879 55,357,969 , 51,724,064 $884,095 $6,549,956 5880,965 �8,416,222 59,349,049 � s796,787 s2,044,910 57.194,609 5629.069 �2.SS8.292 �6.488.766 ' E793,482 52.172.528 �8.979.666 � $229.584 52.327.727 512.159.856 , ' ' , i 1 1 1 i 1 g� , CITY OF ROSEMOUNT. MINNESOTA ' PROPERTY TAX LEVIES AND COLI.ECTIONS LAST TEN YEARS ----- � PERCENT OF , PERCENT OF DELINQUENT CURRENT OUTSTANDING TAXES TO ' FISCAL TOTAL TAX CURRENT TAX TAXES DELINQUENT TOTAL TAX YEAR L.EVY(1) COLLECTIONS COLLECTED TAXES LEVY 1984 a651.273 5621.201 95.38% aS.072 0.47% � 1985 5805.151 $783.605 97.32% 521.546 2.68% � 1986 a1.019.593 5998,678 98.05% �19,915 t.95% 1987 S1.2H0.960 a1.194.411 97.08% 535.949 2.92% ' 1988 51,428,170 51,416,2Q5 99.16% 511,965 0.84% 1989 a1,745,248 $1,692,876 97.00% 552,367 3.00% , 1990 a2,063,786 $2.032,416 98.48% �81,849 1.52% 1991 $2,498,285 a2,453,638 98.21% a44,648 1.79% ' 1992 52,748,119 52.711.623 98.67% 586,490 1.88% 1993 a2.913.401 $2.833.889 97.27% 579.512 2.73% , (1) Includes General and Special Levies , � � ' ' , � $8 ' ' � � PERCENT OF ' CUMULATIVE TOTAL TAX CUMULATIVE COLI.ECTIONS � CUMULATIVE DELINQUENT TO TOTAL TOTAI.TAX TAX TAX LEW COLLECTIONS COLLECTIONS TO DATE ' 5651.064 S29 863 99.97 . % ' a804,603 $20,998 99.95% 51,019,193 �19,515 99.96% � b1.229.668 a85.257 99.94% $1,425,670 59,465 99.82% , $1.739.228 �46,352 99.66% 52,055,747 �23,381 99.61% � $2.485,487 $51,849 99.49% 52.677,386 584.237 97.43% � $2,833,889 521,850 97.27% ' ' ' ' , � � � $9 � CITY OF ROSEMOUNT.MINNESOTA ' PROPERTY TAX RATE DIRECT AND OVERLAPPING DEBT � LAST TEN FISCAL YEARS ' SCHOOL � FISCAL CIIY OF DISTRICT DAKOTA SPECIAL YEAR ROSEMOUNT #196 COUNTY DISTRICTS (1) TOTAL , 1984 f 7.828 60.204 20.656 5.854 102.042 1985 t9.182 60.228 21.048 8.299 108.752 ' 1986 25.817 57.839 21.9$6 5.737 107.329 1987 27.912 60.861 23J98 5.874 115.940 ' 1988 28.389 60.542 23.990 8.694 116.615 ' 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 5.477 102.288 ' 1992(2) 29.224 55.681 25.536 5.060 115.501 1998(2) 29.810 60.188 26.558 8.705 120.259 , (1) Prior to t988,includes Metropolitan Councii,Metropolitan Transit District,and Metropolitan Mosquito Control. The Vo-Tech ' (SISD 917)mill rate is included in the ISD 196 rate. 1989 includes Metropolitan Council, Regionai Transit District,Metropolitan Mosquito CoMroi,and Dakota County Technical � College. Beginning with 1990,inciudes Metropolitan Council, Regionai Transit District,Metropolitan Mosquito Controi,Dskota County , Technical Coilege and Dakota County Light Rail Transit. (2) Beginning with property taxes payable in 1989,taxes are determined by multiplying the Gross Tax Capacity by the Tax Capacity Rate, Expressed as a percentage. This replaces the use of Assessed Value multipiied by MiU Rates. Prior to 1989,the mill , rates in this table were computed on the basis of totai levies and do not reflect reductions for property tax credits. Beginning with taxes payabie in 1990,net tax capacity has replaced gross tax capacity as the basis on which taxes are levied. ' , � 90 � � ' CITY OF ROSEMOUNT. MINNESOTA COMPUTATION OF LEGAI DEBT MAR61N � DECEMBER 31, 1993 ' � Estimated Market Value 5419,347,800 Debt Limit-2_00%of � Estimated Market Value =8,386,952 Amount of Debt Applicable � to Debt Limit: Totai Bonded Debt— Principal as of 12131/93 ;23,670.000 � Deductions(4): Debt Service Fund Cash and I�vestment(All Types) ;11,524,327 � Less Amount Applicable to Incremeni Bonds 11,343,769 ;180,558 ' Special Assessment Bonds(Principal) 12,180,000 Tax Increment Bo�ds(Principal) 765,000 � Revenue Bonds(Principal) 3,690,000 � Port Authority Bonds 4,005,000 20,820,558 Total Amount of Debt Applicable to Debt Limit ;2,849,442 2,849,442 , Legal Debt Margin ;5,537,510 1 1 1 1 1 , 91 ' CRY OF ROSEMOUNT.MIMlESOTA ' PROPERTY VALUE AND CONSTRl1C710N LAST SIX FISCAL YEARS ' PROPER7Y COMN�RCIAL RESIDENiIAI , VALUE(1) CONS7RUCTtON(2) COI�TRUCTION C2) FISCAL NUMBER NUMBER EXEMPT YEAFI TOTAL OF UNRS VALUE OF UNfTS VALUE VALUE , 1988 =215.558.700 91 ;4.797.589 479 j25,590,743 =588,200 19� �281,472,500 39 �3.162,079 441 =19.288,304 'j5.806.900 � 1� �305.437.800 29 j3.791.689 480 =17,9r'a/,638 St72,5�5 1991 �535.880.800 28 =753.400 4T9 =19.106.898 ;78,766 1992 :382.788.400 2� S14,S59.850 574 �ZQt500.584 52.491.'7�0 ' 199Ci y10.9.1�8.500 25 =12.775.670 541 j25.984.010 �414.793 � (1) Irrformation provided by Dalw�Couoiy Assessar'a Office(Based on Fstima6ed Merket Vatues oF Real Esfatm Oniy) (� Iniormation provided by Cty d Rasemow�t 8ulding Department ' ' , � � , 1 1 I 1 92 ' ' ' CITY OF ROSEMOUNT.MINNESOTA MISCELLANEOUS STATISTICS DECEMBER31,1993 ' ' Date of Incorportation 1858 Fortn of Government(Statutory� Council/City Administrator Number of Employees � Regularfull—Ttme 57 Temporary or Part—Time �gp Area in Square Miles 36 Square Miles I PopWation(1990 Census) g� Population(iJ1/93 Estimate) 70,510 City of Rosemourd Fadlities and Services: � Miles of Streets 115 Fire Protection: Namber of Stations � � Number of Fire Personnel and Oificers 3g Number of Cails Msvrered 3gg Numbe�of Vefi�cies 12 Police Protedion: , Number of Statiw�s � Number of Police Petsonnel and Otficers Sworn O(ficers 13 � O[her Polioe Personnel 2 Nunber of Pairoi Units Marked 5 � Unmarked 2 Parks and Recreation: Parks 16 Par1c llcrea9e 213 Acres I Tenrns Courts 2 Sewerage System: Miles of SanRary Sewers 34.i2 miles � Miles of Storm Serrers 19.80 miles Number of Service Connections � Water System: Miles of Waier Mains: � Municipat 45.08 Miles Rural 7.1 Miles Number of Service Cannections 2708 � Number of Wells Municipal q Rural 2 Number of Water Towera 2 � Number of Fire Hydrants 3g5 Daily Average Consumtion in Gallons 824,049 Gallons Per Day � Facilities and Servic�s not induded in fhe Aeporting Erdity: Number of Elementary Schools 2 Number of Secondary Schools 2 � Number of Special Education Schools 1 ' 93 , CITY OF ROSEMOUNT.MINNE30TA , SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR DEVELOPMENT DISTRICT N0.1,A TAX INCREMENT FINANCING DISTRICT ' DECEMBER 31, 1893 ACCOUNTED ' ORIGINAL AMENDED FOR IN CURRENT BUDGET BUDGET PRIOR YEARS YEAR � SOURCES OF FUNDS: Bond proceeds ;315,000 55,050,000 =1,415,000 =580,000 � Tax increments received 834,000 1,993,675 311,653 Interest on invested tunds 417,891 110,893 Reat estate sales 102,300 102,300 � CDBG Crants 400,000 622,735 4,044 _ �417,300 Sg,386,300 54,449,301 j1,006,590 � USES OF FUNDS: Land acquisition ;228,173 =1,573,173 ;606,376 j151,756 Building acquision 57,775 4,001,775 1,559,252 390,230 � Site improvements or preparation costs 20,000 31,735 Installation of pubiic utilities and improvemenffi 225,000 Bond payments: � Principal 555,000 95,000 Interest loan payments 591,170 7B4O10 Administrative costs 28,300 403,300 381,972 105,680 � Misceilaneous/Gontingency 9,200 B9,200 194,985 96,909 5323,448 56,292.448 =3,920,490 =915,585 � DISTRICT BALANCE 593,852 j93,852 =528,811 ;91,005 Tra�sfers (to)from other districts (128,306) (365,583) � FUNDS REMAINING �93,852 593,852 3400,505 (=274,578) , 1 1 1 1 94 , � � i 1 AMOUNT � REMAININ6 � 53,055,000 O 0 i ,02.3�� 0 ;3,i 57,300 � s815,041 ' 2,052,293 0 225,000 � 0 O � O 0 ;3,092,334 � 564,966 � 493,889 =558,855 � � � � ' ! 95 ' CITY OF ROSEMOUNT.MINNESOTA � SCHEDULE OF SOURCES AND USES OF PUBLIG FUNDS FOR TIF DISTRICT 1-1 (ECONOMIC DEVELOPMENT—KNUTSON),A TAX INCREMENT FINANCING DISTRICT , DECEMBER 31, 1993 ACCOUNTED , ORIGINAL AMENDED FOR IN CURRENT BUDGET BUDGET PRIOR YEARS YEAR ' SOURCES OF FUNDS: Interest on invested iunds ;16,776 i24,798 � DISTRICT BALANCE �16,776 =24,788 � FUNDS REMAININ6i =16,776 =24,798 , , ' , � , � � � � � 96 ' � CITY OF ROSEMOUNT.MINNESOTA , SCHEDULE OF BONDED INDEBTEDNESS DECEMBER 31, 1993 ' FINAL � INTEREST ISSUE MATURITY OUTSTANDING RATE DATE DATE t-1-93 BONDEDINDEBTEDNESS ' 6ENERAL OBUGATION BONDS CommunityCenter,1992C 5.00-6.80 11-01-1992 2-01-2013 =1,080,OU0 CityHailRefunding, 1993D 3.25-4.50 8-01-1g93 2-01-2002 ' CityHall, 1986 5,40-6.70 4-Oi-1986 2-01-2002 1,050,OOU EquipmentCertficates, 1991C 4.10-4.80 12-01-1991 12-01-1996 170,000 TOTAI GENERAL OBLI6ATION BONDS �2,300,000 , SPECIA�ASSESSMENT BONDS Improvement, 1993A 3_00-5.00 8-01-1993 2-01-2005 � Improvement Refunding, 1993B 3_25-4_80 8-01-1993 2-01-2001 Improvement, 1992A 3.35-5_40 9-01-1992 2-01-2004 ;895,000 Improvement, 1992D 3J5-8.10 11-01-1992 2-01-2004 1,470,000 � Improvement, 1991A 5.00-6.30 6-01-1991 2-01-2002 1,180,000 Improvement, 1991B 4.40-5.90 12-01-1991 2-Ot-2003 265,000 improvement, 19896 6.10-B.BO 7-01-1989 2-Ot-2001 2,220,000 � Improvement, 19886 5.50-6.90 10-01-1988 2-01-1999 1,850,000 Improvement, 1987A 4.75-670 8-01-1987 2-01-1999 5,475,000 White Lake Acres - 1985A 6,00-8.20 6-01-1985 2-01-1996 100,000 ' TOTAL SPECIAL ASSESSMENT BONDS =11,455,000 REVENUE BONDS ' Water Refunding, 1983C 3.75-5.00 8-01-1993 2-01-2005 Storm Water- 1892B 3.35-5.75 9-01-1992 2-Ot-2008 1,525,000 Water- 1989A 7.00-7.25 4-01-1989 2-01-2005 t,285,000 ' TOTAL REVENUE BONDS s2,810,000 TAX INCREMENT BONDS � Tax increment, 1988A 8.20-9.60 6-01-1988 2-01-1999 S8B0,000 TOTAL TAX INCREMENT BONDS =860,000 ' PORT AUTHORITY BONDS Mu�icipat Building, 1992E 3_40-6_60 i1-01-1992 2-01-2018 ;3,425,000 ' Tau Increment, 1993E 4.25-B_40 11-01-1993 2-01-2009 TOTAL PORT AUTHORITY BONDS ;3,425,000 , TOTAL CITY INDEBTEDNESS 520,850,000 ' 1�� ' ' � � ' PRINCIPAL INTEREST ISSUED RETIREO OUTSTANDING DUE IN DUE IN 1993 1993 12-31-93 1994 1994 ' ;1,080,000 520,000 ;84,430 � =845,000 845,000 33,453 575,000 975,000 80,000 60,840 40,000 130,000 40,000 5,990 � 5845,000 =115,000 =3,030,000 =140,000 ;184,713 ' =555,000 ;555,000 =22,953 1,415,000 1,415,000 53,660 895,000 =215,000 35,171 ' 1,470,000 74,483 ;120,000 1,080,000 120,000 58,590 1 265,000 30,000 13,130 250,000 1,970,000 250,000 120,448 300,000 1,550,000 300,000 93,050 475,000 3,000,000 500,000 172,225 ' 100,000 =1,970,000 ;1,245,000 ;12,180,000 =1,415,000 =B43,7t0 ' =945,000 =945,000 ;42,1 B0 � 1,525,000 30,000 76,703 =65,000 1,220,000 70,000 84,933 =945,000 ;65,000 53,690,000 ;100,000 ;203,796 � =95,000 765,000 ;100,000 B7,185 ' SO 595,000 5765,000 5100,000 ;67,185 � �3,425,000 ;65,000 =202,218 =580,000 580,000 24,878 ;580,000 ;0 s4,005,000 =65,000 =227,096 , =4,340,000 �1,520,000 ;23,670,000 �1,820,000 ;1,326,500 � � 101 ' ' BO�C1�E NH�IIV�N& 1��IAYER, P.A. 1 C E ' R 7 1 'F 1 E D P U B L 1 G A" C C O U N T A N '[ S INDEPENDENT AUDITORS' REPORT ON CQMPLIANCE WITH LAWS AND , REGULATIONS BASED ON AN AUDIT OF THE GENERAL PURPOSE FINANCI,AL STATEMENTS PERFORMED IN ACGORDANCE WITH GOVERNMENT AUIaIT 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 Deeember 31, 1993, and have issued our report thereon dated February 22, 1994. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General , of the United States, and the provisions of the I,ega1 Com�liance Audit Guide promulgated by the Legal Compliance Task Force pursuant to Minnesata 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 responsibi�xty of the City of Rosemount's management. As part of obtaining reasonable assurance about whether the financial statements are free of material �nisstatement, we performed tests of the City of Rosemount's compliance with t certain provisions of laws, regulations, con#racts, 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 res ect to the items tested the Ci of ' , p , tY Rosemount, Minnesota, complied, in all material respects,with those provisions referred to in the Comments to Audixors' Report on Camplianee. With respect to items not tested, � nothing came to our attention that caused us to believe that the City of Rosemount, Minnesota, had not camplied, in all material respects, with those provisions. . � 'I'he Le al Compliance 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 categories. ' 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. ' , �� ; , �� i� 1 BOECKERMANN,HEINEN&MAYER Certified Public Accountants � Minneapolis, Minnesota February 22, 1994 '