HomeMy WebLinkAbout7.a. Distribution of City's Annual Financial ReportCITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
PORT AUTHORITY COMMISSION MEETING DATE: JULY 6, 1993
AGENDA ITEM: DISTRIBUTION OF CITY'S ANNUAL
AGENDA SECTION:
FINANCIAL REPORT
EXECUTIVE DIRECTOR'S RPT
PREPARED BY: JOHN MILLER,
ECONOMIC DEVELOPMENT COORDINATOR
AGENDA NO.
q
-A ,
ATTACHMENTS: ANNUAL FINANCIAL REPORT:Pftco�p
U&
Stephan Jilk, the Port Authority's executive director, will review the
Annual Financial Report for the year ended December 31, 1992. He will be
available to answer any questions you might have.
RECOMMENDED ACTION: None.
PORT AUTHORITY ACTION:
Information item only.
CITY OF ROSEMOUNT, MINNESOTA
ANNUAL FINANCIAL REPORT
For the Year Ended
December 31, 1992
CITY OF ROSEMOUNT
REPORT TO MANAGEMENT
December 31, 1992
y ,
ti
CITY OF ROSEMOUNT
REPORT TO MANAGEMENT
December 31, 1992
CONTENTS
ACCOUNTANTS' REPORT 1
DISPOSITION OF PRIOR YEAR COMMENTS
Code of Conduct Statements 2
Employment Law Update 2
Standard Mileage Rate 2
CURRENT YEAR COMMENTS
Pledged Collateral 3
Permanent Improvement Fund 3
Financial Statement Preparation 3
Fixed Asset Listing 3
GRAPHIC ANALYSIS 4-10
BOECKERMANN HEINEN & MAYER
C E R T I F I E D P U B L 1 C A C C O U N T A N T S
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH LAWS AND
REGULATIONS BASED ON AN AUDIT OF THE GENERAL PURPOSE
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDIT STANDARDS ISSUED BY THE GAO
City Council
City of Rosemount, Minnesota
We have audited the general purpose financial statements of the City of Rosemount,
Minnesota, for the year ended December 31, 1992, and have issued our report thereon
dated March 23, 1993. 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 Legal Compliance Audit Guide promulgated
by the Legal Compliance Task Force pursuant to Minnesota Statutes Sec. 6.65. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
Compliance with laws, regulations, contracts, and grants applicable to the City of
Rosemount, Minnesota, is the responsibility of the City of Rosemount's management. As
part of obtaining reasonable assurance about whether the financial statements are free of
material misstatement, we performed tests of the City of Rosemount's compliance with
certain provisions of laws, regulations, contracts, and grants. However, it should be noted
that our objective was not to provide an opinion on overall compliance with such provisions.
The results of our tests indicate that, with respect to the items tested, the City of
Rosemount, Minnesota, complied, in all material respects, with those provisions referred
to in the receding paragraph except as described in the Comments to Auditors' Report on
Compliance. With respect to items not tested, nothing came to our attention that caused
us to believe that the City of Rosemount, Minnesota, had not complied, in all material
respects, with those provisions.
The Legal_ 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.
BOECKERMANN, HEINEN & MAYER
CertifiedPublicAccountants
Minneapolis, Minnesota
March 23, 1993
CITY OF ROSEMOUNT, MINNESOTA
COMMENTS TO AUDITORS' REPORT ON COMPLIANCE
------------------------------------------------------------------------
PLEDGE OF SECURITIES
Minnesota Statute 118.01 requires that public funds must be covered by pledged securities
to the extent that the amount of the FDIC coverage and the securities pledged to protect
these public funds is equal to or greater than 100% of the public funds held. Based on the
statutes, at December 31, 1992 the City needed an additional $228,943 in pledged collateral
to meet the requirements.
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CITY OF ROSEMOUNT
REPORT TO MANAGEMENT
December 31, 1992
CITY OF ROSEMOUNT
REPORT TO MANAGEMENT
December 31, 1992
CONTENTS
ACCOUNTANTS' REPORT 1
DISPOSITION OF PRIOR YEAR COMMENTS
Code of Conduct Statements 2
Employment Law Update 2
Standard Mileage Rate 2
CURRENT YEAR COMMENTS
Pledged Collateral 3
Permanent Improvement Fund 3
Financial Statement Preparation 3
Fixed Asset Listing 3
GRAPHIC ANALYSIS 4-10
a
BOECKERMANN HEINEN & MAYER
C E R T I F I E D P U B L I C A C C O U N T A N T S
To the Honorable Mayor and
Members of the City Council
City of Rosemount, Minnesota
In planning and performing our audit of the general purpose financial statements of the City
of Rosemount, Minnesota for the year ended December 31, 1992, we considered the City's
internal control structure to determine our auditing procedures for the purpose of
expressing an opinion on the general purpose financial statements and not to provide
assurance on the internal control structure.
However, during our audit we became aware of some matters that are opportunities for
strengthening internal controls and operating efficiency. The memorandum that
accompanies this letter summarizes our comments and suggestions regarding those matters
and includes some graphic analysis. This letter does not affect our report dated March 23,
1993 on the general purpose financial statements of the City of Rosemount, Minnesota.
We want to take this opportunity to express our sincere appreciation for the courtesies and
cooperation extended to us by all of the City's personnel during the audit. We look forward
to working with you in the future.
Minneapolis, Minnesota
March 23, 1993
MINNEAPOLIS, MN
Norwest Financial Center
7900 Xerxes Avenue South, Suite 2200
Bloomington, MN 55431-1113
(612) 844-2500
Fax (612) 8442525
Sincerely,
BOECKERMANN, HEINEN & MAYER
Certified Public Accountants
0
DISPOSITION OF PRIOR YEAR COMMENTS
Y
I
CURRENT YEAR COMMENTS
CITY OF ROSEMOUNT
DISPOSITION OF PRIOR YEAR COMMENTS
--------------------------------------------------------
DECEMBER 31, 1992
CODE OF CONDUCT
In our prior report we suggested that the City adopt a code of conduct policy. Such a policy
could cover:
- conflicts of interest
- devotion of time and ability to the City
- safeguarding information
- acceptance of gifts and gratuities
- safeguarding of assets
It is our understanding that the City is working on such a policy, and intends to adopt it
sometime in 1993. We encourage you to adopt this policy as soon as possible.
EMPLOYMENT LAW UPDATE
In our prior report we commented on various changes made to employment laws during
1991. These changes included pre-employment screenings, overtime pay, Independent
Contractor Status, and sexual harassment. We encourage you to review your current
personnel policies to ensure you are in compliance with these laws.
STANDARD MILEAGE RATE
The current IRS standard mileage rate has not changed from 1992 and is at 28 cents per
mile. Any reimbursements in excess of this rate may include payroll reporting requirements.
IN
CURRENT YEAR COMMENTS
CITY OF ROSEMOUNT
CURRENT YEAR COMMENTS
--------------------------------------------------------
DECEMBER 31, 1992
PLEDGED COLLATERAL
We noted during the current audit a deficiency in pledged collateral. This deficiency was
caused by the timing of cash receipts at year-end. This deficiency was corrected in January
of 1993. You are currently receiving monthly collateral reports from your banks, which is
usually adequate control over collateral. You may want to have the banks check collateral
on your accounts a couple of days prior to year-end to ensure adequate collateral has been
pledged.
PERMANENT IMPROVEMENT FUND
During the current audit we noted that you are maintaining several capital project funds.
Upon review of the activity in each fund, it appears that some may have little or no activity
in them. We recommend reviewing your capital project funds to determine if some
combining of funds is possible. Maintaining too many funds can lead to control problems
and errors in financial reporting. We recommend any small projects be run through a
permanent improvement revolving fund. This will likely save time and money for the
accounting staff and other departments, and make the job of tracking construction jobs
easier.
FINANCIAL STATEMENT PREPARATION
We have set your financial statement up on Lotus spreadsheets. Some interest on the part
of your finance department regarding the internal preparation of your financial statements
has been expressed to us. We feel this is an excellent idea, and would save the City money
for the cost of preparing your financial statements. We will be speaking to your finance
department over the summer, and would be pleased to assist in training for the use of the
spreadsheets.
FIXED ASSET LISTING
Because the City does not have a complete and up-to-date listing of fixed assets owned, the
audit opinion has been qualified for several years now. To eliminate the opinion
qualification, a fixed asset recordkeeping system could be started. This system would
include a listing of all property and equipment owned by the City and valued at it's original
cost. It would also be of value for insurance purposes, capital budgeting, and is mandatory
prior to applying to the Government Finance Officers Association (GFOA) for the
Certificate for Excellence in Financial Reporting.
-3-
CITY OF ROSEM
R EVEN U
MISCELLANEOUS
CHARGES FOR SERVICES (8.696)
UCENSE & PERMITS (10.6%)
INTERGOV'T (16.696)
FINES ✓I<FORFEIT (aS%)-
OUNT
E BREAKDOWN
1992
—.4—
M, 1 001-0.
MOON
wme aFowwn.?%)
CITY OF ROSEMOUNT
GENERAL,F
$3.
$3.
$3.
° $2.
$2.
$2.
$2.
$2.
UND - REVENUE vs EXPENDITURES
1988 1989 1990 1991 1992
For the years ended December 31;
Ea----- Revenue — Expenditures
r
U
PARK & F
PUBLIC WORKS (19.
CITY OAF ROM
EXPEN O
UU NZ'
PARK & RE
PUBLIC WORKS (23.1
1991
GOVT (34.2%)
PARK & RE
PUBLIC WORKS (24.1
-5-
GOVT (32.90/0)
1992 BUDGET
GOVT (30.4%)
�), RA[__AI\lC;F - C73"FNFRAL FDNC
CITY OF ROSEMOUNT
GENERAL FUND
TOTAL FUND BALANCE vs EXPENDITURES &TRANSFERS
$Q.
1988 1989 1990 1991
For the years ended December 31:
....... o...... Expenditures Fund Balance
1992
r
CITY OF ROSEMOUNT
UTILITY COMMISSION INCOME (LOSS)
(BEFORE TRANSFERS)
1988 1989 1990 1991 1992
For the years ended December 31:
u
$25(
$20(
$15(
N
$10(
Cu
$5(
o
$C
($50)
($100)
($150)
($200)
CITY OF ROSEMOUNT
UTILITY COMMISSION INCOME (LOSS)
(BEFORE TRANSFERS)
1988 1989 1990 1991 1992
For the years ended December 31:
u
CITY OF ROSEMOUNT, MINNESOTA
ANNUAL FINANCIAL REPORT
For the Year Ended
December 31, 1992
CITY OF ROSEMOUNT, MINNESOTA
TABLE OF CONTENTS
---------------------------------
December 31, 1992
PAGE(S)
INTRODUCTORY SECTION
Title Page
Table of Contents
i -iii
City Officials
1
FINANCIAL SECTION
Independent Auditors' Report
3-4
General Purpose 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 Statement of Revenue, Expenditures and
Changes in Fund Balance - Budget and Actual -
General Fund
12
Combined Statement of Revenue, Expenses and
Changes in Retained Earnings - All Proprietary
Fund Types
13
Combined Statement of Cash Flows - All
Proprietary Fund Types
14-15
Notes to the Financial Statements
17-36
Combining and Individual Fund Financial Statements and Schedules
General Fund
Comparative Balance Sheets
37
Comparative Statements of Revenue, Expenditures
and Changes in Fund Balance
38
Schedule of Revenue - Budget and Actual
39
Schedule of Expenditures and Encumbrances -
Budget and Actual
40-41
CITY OF ROSEMOUNT, MINNESOTA ,
TABLE OF CONTENTS
---------------------------------
December 31, 1992
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 50-52
Combining Statement of Revenue, Expenditures
and Changes in Fund Balances 54-57 ,
Capital Project Funds
Combining Balance Sheet 60-65
Combining Statement of Revenue, Expenditures
and Changes in Fund Balances 66-71
Enterprise Funds
Comparative Balance Sheets 74-75
Comparative Statements of Revenue, Expenses
and Changes in Retained Earnings 76
Comparative Statements of Cash Flows 77-78
Agency Funds
Combining Balance Sheet 79
Statement of Changes in Assets and Liabilities 80
STATISTICAL SECTION
General Government Revenue by Function 82-83
General Government Expenditures by Function 84-85
Property Tax Levies and Collections 86-87
Property Tax Rate - Direct and Overlapping Debt 88
Computation of Legal Debt Margin 89
Property Value and Construction 90
ii
CITY OF ROSEMOUNT, MINNESOTA
TABLE OF CONTENTS
---------------------------------
December 31, 1992
Miscellaneous Statistics
Schedule of Bonded Indebtedness
Auditors' Report on Compliance
iii
PAGE(S)
91
94-95
96-97
r
CITY OF ROSEMOUNT, MINNESOTA
r--------------------------
CITY OFFICIALS
r
December 31, 1992
ELECTED
rE.B. McMenomy
Mayor
Sheila Klassen
Council Member
rJames "Red" Staats
Council Member
' Harry Willcox
Council Member
Dennis Wippermann
r
Council Member
APPOINTED
' Stephan Jilk
City Administrator
Jeffrey May
Finance Director
Scott Aker
Fire Chief
Dave Bechtold
Park and Recreation Director
Lisa Freese
Planning Director
Elliel Knutsen
r
Police Chief
John Miller
Economic Development Coordinator
Henry 'Bud" Osmundson City Engineer
Susan Walsh
Administrative Assistant
Ronald Wasmund
1
Public Works Director
r
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BOECKERMANN HEINEN & MAYER
C E R T I F 1 E D P U B L 1 C A C C O U N T A N T S
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, 1992, 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 standards. 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 evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
The City does not maintain adequate records of the general fixed asset group of accounts,
stated at $11,889,220 in the accompanying combined financial statements. Because the
City's records do not permit the application of adequate audit procedures, we are unable
to and do not express an opinion on the general fixed asset account group.
In our opinion, other than the general fixed asset group of accounts as described in the
preceding paragraph, 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, 1992, and the results of its operations and the
cash flows of its proprietary fund types for the year then ended in conformity with generally
accepted accounting principles.
To the Mayor and City Council
City of Rosemount, Minnesota
Page Two
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 are not a required part of the general purpose financial statements of the City of
Rosemount, Minnesota. Such information has been subjected to the auditing procedures
applied in the audit of the general purpose financial statements and, in our opinion, is fairly
stated in all material respects in relation to the general purpose financial statements taken
as a whole.
The statistical section listed in the table of contents is presented for purposes of additional
analysis and is not a required part of the general purpose 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.
BOECKERMANN, HEINEN & MAYER
Certified Public Accountants
Minneapolis, Minnesota
March 23, 1993
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF ROSEMOUNT, MINNESOTA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1992
Fixed assets
OTHER DEBITS:
Amount available in debt service funds
Amount to be provided for debt retirement
TOTAL $1,681,171 $3,092,780 $8,219,861 $6,578,182
See notes to general purpose financial statements
-6-
GOVERNMENTAL FUND TYPES
SPECIAL
DEBT
CAPITAL
,
GENERAL
REVENUE
SERVICE
PROJECTS
ASSETS AND OTHER DEBITS
'
ASSETS:
Cash
$126,164
$34,000
$104,705
$118,182
'
Certificates of deposit
1,105,814
1,611,431
7,040,000
6,460,000
Accounts receivable
15,188
Notes receivable
1,430,482
Special assessments receivable
'
Delinquent
64,974
15,417
Deferred
20,225
213
872,835
Delinquent taxes receivable
66,013
'
Due from other funds
Due from other governments
158,996
15,663
186,904
Pripaid expenses
123,797
991
Fixed assets
OTHER DEBITS:
Amount available in debt service funds
Amount to be provided for debt retirement
TOTAL $1,681,171 $3,092,780 $8,219,861 $6,578,182
See notes to general purpose financial statements
-6-
-7-
PROPRIETARY
FIDUCIARY
FUND TYPE
FUND TYPE
ACCOUNT GROUPS
TOTALS
GENERAL
FIXED
GENERAL
ASSETS
LOMG-TERM
(MEMORANDUM ONLY)
ENTERPRISE
AGENCY
(UNAUDITED)
DEBT
1992
1991
' $73,761
$2,900
$459,712
$509,104
3,148,000
479,030
19,844,275
12,402,799
330,029
345,217
219,854
1,430,482
1,433,548
10,423
90,814
211,193
41,357
934,630
1,665,838
'
66,013
63,538
269,792
361,563
239.173
47,667
172,455
160,583
3,193,641
11,889,220
15,082,861
14,669,095
'
7,331,608
7,331,608
6,847,735
7,483,467
7,483,467
5,892,587
$6.844.878
_ $481.930
$11.889.220
$14.815.075
$53.603.098
$44.584,839
-7-
CITY OF ROSEMOUNT, MINNESOTA
COMBINED BALANCE SHEET '
ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1992 '
LIABILITIES. EQUITY AND OTHER CREDITS
LIABILITIES:
Due to other funds
Accounts payable
Compensated abenses payable
Accrued expenses
Accrued interest
Contracts payable
Deferred revenue
Bonds payable
TOTAL LIABILITIES
GOVERNMENTAL FUND TYPES
SPECIAL DEBT CAPITAL
GENERAL REVENUE SERVICE PROJECTS
1
233,200 76,499 56,376
67,568 '
6,307 514,059 '
186,994 1,503,473 888,253
$487,762 $1,586,279 $888.253 $570,433 -
FUND EQUITY:
Investment in general fixed assets
Contributed capital '
Retained earnings
Fund balance
Reserved 165,625 1,506,501 7,331,608 6,007,749'
Unreserved
Designated for working capital 1,027,785
TOTAL FUND EQUITY AND OTHER CREDITS $1,193,410 $1,506,501 $7,331,608 $6,007,749
TOTAL $1.681.171 $3.092.780 $8.219.861 $6.578.182
See notes to general purpose financial statements
PROPRIETARY FIDUCIARY
FUND TYPE FUND TYPE ACCOUNT GROUPS TOTALS
ENTERPRISE
GENERAL
FIXED GENERAL
ASSETS LOMG-TERM (MEMORANDUM ONLY)
AGENCY (UNAUDITED) DEBT 1992 1991
-9-
$269,792
2,342
481,930
850,347
522,216
28,978
$200,075
229,053
199,991
8,601
76,169
51,017
64,036
64,036
39,575
520,366
70,428
' 49,782
2,628,502
3,439,758
2,810,000
14,615,000
17,425,000
13,910,000
$2,963,739
$481,930
$0
$14,815,075
$21,793,473
$18,502,777
$11,889,220
$11,889,220
$11,343,070
1,846,995
1,846,995
1,670,197
'
2,034,144
2.034,144
2,841,306
15,011,483
9,285,074
1,027,785
942,415
$3,881,139
$0
$11,889,220
$0
$31,809,627
$26,082,062
$6,844,878
_ _ $481.930
$11.889.220
$14.815,075
$53.603.100
$44.584.839
-9-
CITY OF ROSEMOUNT, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
YEAR ENDED DECEMBER 31, 1992
REVENUES
General property taxes
Licenses and permits
Special assessments
Intergovernmental
Charges for services
Fines and forfeitures
Interest earnings
Miscellaneous
TOTAL
EXPENDITURES:
Current
General government
Public safety
Public works
Parks and recreation
Other
Debt service:
Redemption of bonds
Interest on bonds
Fiscal agent fees
TOTAL
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Proceeds from sale of bonds
Transfers from other funds
Transfers to other funds
TOTAL
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OHTER FINANCING USES
BEGINNING FUND BALANCE
ENDING FUND BALANCE
See notes to general purpose financial statements
GOVERNMENTAL FUND TYPES
SPECIAL
DEBT
GENERAL
REVENUE
SERVICE
$1,342,415
$744,421
$429,725
342,742
69,249
1,366,585
956,055
49,594
277,856
44,927
30,614
166,678
289,317
182,491
88,475
316
$3,246,349
$1,049,168
$2,085,943
$1,057,642
$255,287
$885,966
$743,056
$523,296
574,159
$10,125
1,395,000
773,117
4,211
$3,209,960
$829,446
$2,182,453
$36,389
$219,722
($96,510)
$94,375
$140,230
524,540
(39,389)
(530,039)
(38,532)
$100,841
($530,039)
$580,383
$137,230 ($310,317) $483,873
1,056,180 1,816,818 6,847,735
$1,193,410 $1,506,501 $7,331,608
-10-
TOTALS
CAPITAL
(MEMORANDUM ONLY)
PROJECTS
1992
1991
'
$2,516,561
$2,255,565
342,742
193,178
1,435,834
884,874
1,005,649
1,256,235
277,856
125,887
44,927
47,377
'
$1,492
488,101
683,981
41,387
312,669
189,047
$42,879
$6,424,339
$5,636,144
$1,312,929
$1,127,799
885,966
834,191
$2,548,609
3,291,665
1,055,611
523,296
503,804
209,198
793,482
629,069
1,395,000
1,560,000
773,117
773,229
4,211
5,063
$2,757,807
$8,979,666
$6,488,766
($2,714,928)
($2,555,327)
($852,622)
$6,515,819
$6,610,194
$1,642,348
1,904,017
2,568,787
1,768,539
(203,915)
(811,875)
(1,495,805)
$8,215,921
$8,367,106
$1,915,082
$5,500,993
$5,811,779
$1,062,460
506,756
10,227,489
9,165,029
$6,007,749
$16,039,268
$10,227,489
CITY OF ROSEMOUNT. MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENDIURES AND CHANGES IN FUND BALANCES
BUDGET (GAAP BASIS) AND ACTUAL — GENERAL FUND
YEAR ENDED DECEMBER 31, 1992 '
REVENUES:
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Miscellaneous
TOTAL
EXPENDITURES:
General government
Public safety
Public works
Park and recreation
TOTAL
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers from other funds
Transfers to other funds
TOTAL
EXCESS (DEFICIT) OF REVENUE OVER
EXPENDITURES AND ENCUMBRANCES
AND OTHER FINANCING SOURCES (USES)
Reconcialition to GAAP basis
elimination of encumbrances, net
BEGINNING BALANCE
ENDING BALANCE
BUDGET
ACTUAL
VARIANCE
'
$1,371,702
$1,342,415
($29,287)
t
215,800
342,742
126,942
913,614
956,055
42,441
194,950
277,856
82,906
'
50,000
44,927
(5,073)
257,828
282,354
24,526
$3,003,894
$3,246,349
$242,455
'
$1,015,748
$1,074,792
($59,044)
881,498
888,017
(6,519)
761,173
749,368
11,805
'
581,067
530,196
50,871
$3,239,486
$3,242,373
($2,887)
($235,592)
$3,976
$239,568
'
$235,592
$140,230
($95,362)
'
(39,389)
(39,389)
$235,592
$100,841
($134,751)
'
$0
$104,817
$104,817
,
32,413
,
1,056,180
'
$1,193,410
t
—12—
CITY OF ROSEMOUNT MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
YEAR ENDED DECEMBER 31, 1992
OPERATING REVENUE:
Water sales
Storm Water Charges
Sewer charges
Water surcharges
Water meter maintenance
Water meters
Miscellaneous
' TOTAL
OPERATING EXPENSES:
' Salaries and wages
Supplies
Other services
Other charges
Metro sewer charge
Depreciation
' TOTAL
OPERATING INCOME
NON-OPERATING REVENUE (EXPENSES):
Interest revenue
Interest expense
Other expenses
TOTAL
INCOME BEFORE OPERATING TRANSFERS
OPERATING TRANFERS:
Operating transfers in
Operating transfers out
TOTAL
NET INCOME (LOSS)
BEGINNING RETAINED EARNINGS
1 ENDING RETAINED EARNINGS
1 See notes to general purpose financial statements
TOTALS
$181,297
1992
1991
126,929
$358,066
$306,532
203,701
297,564
475,652
426,728
47,543
42,591
11,550
8,787
25,890
16,939
58,704
45,035
$1,181,106
$846,612
$214,380
$181,297
75,313
103,443
126,929
63,858
597
4,074
297,564
264,108
138,034
131,446
$852,817
$748,226
-13-
$328,289 $98,386
$34,591
$37,833
($131,969)
(96,323)
($1,073)
(1,830)
($98,451)
($60,320)
$229,838
$38,066
$452,000 $30,000
($1,489,000)
($1,037,000) $30,000
($807,162) $68,066
$2,841,306 2,773,240
$2,034,144 $2,841,306
CITY OF ROSEMOUNT, MINNESOTA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
YEAR ENDED DECEMBER 31, 1992
ENTERPRISE FUNDS
1992
1991
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers
$1,068,728
$696,251
Cash payments to suppliers for goods and services
($506,776)
(512,978) '
Cash payments to employees for services
($207,137)
(194,616)
Net cash provided by operating activities
$354,815
($11,343)
CASH FLOWS FROM NONCAPITALACTIVITIESs
Operating transfers from other funds
$452,000
$30,000
Operating transfers to other funds
(1,489,000)
'
Net cash provided by noncapital financing activitites
($1,037,000)
$30,000
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
'
Acquisition of property, plant, and equipment
($5,650)
($24,012)
Principal payments on bonds
(60,000)
(60,000)
Issuance of bonds
1,525,000
,
Interest and fiscal charges on bonds
(108,581)
(99,233)
Contributed capital (core charges)
Received
1,216,850
613,802 '
Paid Out
(1,040,052)
(336,932)
Net cash used by capital and related financing activities
$1,527,567
$93,625
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase (decrease) in investments
($918,000
($295,000)
Interest received on investments
34,591
37,833
Net cash used in investing activities
($883,409
'
($257,167)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
($38,027)
($144,885)
BEGINNING BALANCE
111,788
256,673
ENDING BALANCE
$73,761
$111,788
See notes to general purpose financial statements
i
-14-
'
' RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED
BY OPERATING ACTIVITIES
Operating Income
Adjustments to reconcile operating income to
Net cash provided by operating activities:
' Depreciation
' Change in assets:
Accts receivable
Prepaid expenses
Change in liabilities:
Accounts payable
' Contracts payable
Accrued expenses
Deferred revenue
' NET CASH PROVIDED BY OPERATING ACTIVITIES
-15-
TOTALS
1992 1991
$328,289 $98,386
138,034
131,446
(117,717)
(148,446)
(1,753)
(12,350)
(4,620)
(8,816)
0
(56,329)
7,243
(13,319)
5,339
(1,915)
$354,815
($11,343)
THIS PAGE INTENTIONALLY LEFT BLANK
' CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
' NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 and sewer utilities.
The financial statements of the City of Rosemount are in conformity with
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 significant accounting policies followed are
described below to enhance the usefulness of the financial statements to the
reader.
A. Financial Reporting Entity of the City
For theyear ended December 31, 1992, the City has implemented
National Council on Governmental Accounting Statement No. 3,
' Defining the Governmental Reporting, Entity. In accordance with
Statement No. 3 the financial statements include all funds, account
groups, departments, agencies, boards, commissions and other
' organizations over which City officials exercise oversight responsibility.
Oversight responsibility includes such aspects as appointment of
' governing body members, budget review, approval of property tax
levies, outstanding debt secured by City full faith and credit or
revenue, responsibility for funding deficits 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 financial
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.
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) I
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 expenditures or expenses, as appropriate. Government
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:
GOVERNMENTAL FUNDS
General Fund - The General Fund is the general operating fund of the
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 expenditures 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
financial resources to be used for the acquisition or construction of
major capital facilities (Other than those financed by Proprietary
Funds).
-18-
I
NOTE 1
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
B. Fund Accounting (Continued)
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.
M 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 governmental 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 taxes are recorded
' as liabilities and reductions of revenue when they are measurable and
their validity seems certain.
' Expenditures are generally recognized under the modified 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, 1992
NOTE 1 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 expenditures or liabilities. '
E. Accumulated Unpaid Vacation, Sick and Holiday Pay
Accumulated unpaid vacation sick and holiday a are accrued when '
P YP Y
earned in proprietary funds. Such amounts for governmental 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 Overview
Total columns on the Combined Statements - Overview are captioned '
"Memorandum Only" to indicate that they are presented only to
facilitate financial 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-
NOTE 1
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
G. Fixed Assets and Long -Term Liabilities
The accounting and reporting of fixed assets and long-term liabilities
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 Fixed 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 fixed 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 fixed 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
Buildings and Structures
Furniture and Equipment
Machinery
Other Equipment
-21-
LIFE
40-50 years
10 years
10 years
4-10 years
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
G. Fixed Assets and Long -Term Liabilities (Continued)
Long-term liabilities expected to be financed from governmental funds
are accounted for in the General Long -Term Debt Account Group,
not in the governmental funds. The exception to this rule is the
revenue bonds 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 to 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 or 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
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
' NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
H. Property Taxes
' The Ci Council annually adopts a tax levy and certifies it to the
City 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.
1 These taxes are collected by the County and remitted to the City by
approximately each subsequent July 15, and December 15.
Additionally, delinquent collections are remitted to the City with each
settlement.
Taxes payable on homestead property (as defined by State Statutes)
are partially reduced by a homestead credit. This credit is paid to the
City by the State in lieu of taxes 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 receivable are not recognized as revenue
' until collected. Delinquent taxes are offset by deferred revenue.
I. Special Assessments
Special assessments are levied against the benefitted properties for the
assessable costs of special assessment improvement projects in
accordance with State Statutes. The City adopts the assessment rolls
when the individual projects 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-
NOTE 1
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
I. 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 determined 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 -forfeit 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 allowance 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 matters remains with the Council. Depart-
mental budgets may not exceed amounts set by the Council Formal
annual budgets are not adopted for Special Revenue (except for
Economic Development Authority and 5 -Year CIP Program), Capital
Project or Debt Service funds. Effective budgetary control is
alternatively achieved in these funds by Council approval of 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-
' CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
---------------- --------------------------------------------
December 31, 1992
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
NOTE 2
L. Comparative Data
Comparative totals for the prior year have been presented in the
accompanying financial statements in order to provide an
understanding of changes 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.
CASH AND CERTIFICATES OF DEPOSIT
DEPOSITS
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 require that all City deposits be protected by insurance,
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, 1992
NOTE 2 CASH AND CERTIFICATES OF DEPOSIT (Continued) ,
DEPOSITS (Continued)
Authorized collateral includes the legal investments described below, as well as
certain first mortgage notes, and certain other state or local government 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 1992 were: '
Bank Carrying
Balances Amount
1) Insured or collateralized by se-
curities held by the City or its
agent in the City's name. $20,329,537 $20,018,252 '
2) Uncollateralized or collateralized
with securities held by the pledging
institution, but not in the City's '
name. 228,943 288.943
TOTALS $20,558,480 $20,307,195
NOTE 3 NOTES RECEIVABLE
Total notes receivable at December 31, 1992 and 1991 were $1,430,482 and '
$1,433,548, respectively. They are due in monthly installments over various periods
and at varying interest rates.
-26-
' CITY OF ROSEMOUNT MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
t NOTE 4 FIXED ASSETS
A summary of changes in General Fixed Assets for 1992 is as
follows:
Balance Balance
January 1, Additions December 31,
1992 (Deletions) 1992
Land $ 1,019,463 $ $ 1,019,463
Buildings and
' Structures 2,280,225 204,466 2,484,691
Improvements other
than Buildings 5,362,871 39,014 5,401,885
Machinery and
' Equipment 2,680,511 302,670 2,983,181
Totals $11,343,070 $ 546,150 $11,889,220
A summary of proprietary fund type fixed assets at December 31, 1992 is as follows:
Land $ 23,720
Buildings 176,056
Water Towers and Mains 3,904,440
Machinery and Equipment 282,717
Total $ 4,386,933
Less Accumulated Depreciation (1,193,292)
3,193,641
NOTE 5 LONG-TERM DEBT
The following is a summary of changes in long-term debt of the City for the year ended
December 31, 1992:
General
Special Tax
Obligation
Assessment Increment
Revenue
Compensated
Bonds
Bonds Bonds
Bonds
Absences
BALANCE,
January 1,
1992
$ 1,345,000
$10,275,000 $ 945, 000 $
1, 345, 000
$ 175,322
New Bonds
Issued
1,080,000
2,365,000 -
4,950,000
-
Increase in
Long -Term
Compensated
Absence
Liability
-
- -
-
24,753
Bonds Retired (125,000) (1,185,000) (85,000)
(60,000)
BALANCE,
December 31,
1992
$ 2,300,000
$11,455,000 $ 860,000 $ 6,235,000
$ 2004075
-27-
NOTE 5
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
LONG-TERM DEBT (Continued)
General Obligation Bonds
General Obligation Bonds are recorded in the General Long -Term Debt group of accounts
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 Group and are payable primarily '
from special assessments levied and collected for local improvements. The city has a
contingent liability relating to a pledge of 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 '
These bonds are recorded as a liability of the Enterprise Fund. The major covenant relating '
to these issues include establishment of a reserve account for the payment of bond principal
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. '
0
11
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
LONG-TERM DEBT (Continued)
The annual requirements to amortize
all debt outstanding as of
December 31, 1992,
including interest payments of $9,249,896 are as follows
Year Ending
General
Special
December 31
Obligation
Assessments
Revenue
Total
1993
$ 560,401
$ 1,794,801
$ 225,429
$ 2,580,631
1994
705,662
2,012,121
261,635
2,979,419
1995
764,675
1,964,485
289,932
3,019,093
1996
769,975
1,849,094
301,882
2,920,951
1997
732,470
1,709,045
307,780
2,749,295
1998
763,470
1,565,864
307,757
2,637,244
1999
761,147
1,405,205
306,909
2,473,261
2000
472,340
702,717
300,352
1,475,410
2001
477,852
622,912
302,965
1,403,730
2002
476,916
385,882
304,531
1,167,330
2003
344,285
253,879
305,007
903,171
2004
345,195
211,042
304,324
860,561
2005
350,171
-
297,677
647,849
2006
349,217
-
155,385
504,603
2007
347,515
-
152,615
500,130
2008
349,922
-
154,312
504,235
2009
346,429
-
-
346,429
2010
342,182
-
-
342,183
2011
346,907
-
-
346,908
2012
345,435
-
-
345,435
2013
347,772
-
347,772
2014
208,504
-
-
208,504
2015
208,024
-
-
208,024
2016
211,680
-
-
211,680
2017
209,470
-
-
209,470
2018
206,580
-
206,580
Total
$11,344,352
$14;477,048
4,278,495
30 099 896
-29-
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
-------------------------------------------------------------- i
December 31, 1992
1
NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE
PLAN DESCRIPTION
All full-time and certainCity employees art -tune of the Ci of Rosemount are
P
covered by defined benefit pension plans administered by the Public
Employees Retirement Association of Minnesota (PERA). PERA administers"
the Public Employees Retirement Fund (PERF) and the Public Employees
Police and Fire Fund (PEPFF) which are cost-sharing multiple -employer
retirement plans.
PERF members belong to either the Coordinated Plan or the Basic Plan.
Coordinated members are covered by Social Security and Basic members are
not. All new members must participate in the Coordinated Plan. All police
officers, fire fighters and peace officers who qualify for membership by statute
are covered by the PEPFF. The payroll for employees covered by PERF and
i
PEPFF for the year ended December 31, 1992 was $1,287,501 and $466,041,
respectively; the City's total payroll was $1,938,056.
i
PERA provides retirementbenefits 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.
i
The defined retirement benefits are based on a member's average salary for
any five successive years of allowable service, age, and years of credit at
termination of service. Two methods are used to compute benefits for
i
Coordinated and Basic members. The retiring member receives the higher
of step -rate benefit accrual formula (Method l) or a level accrual formula
(Method 2). Under Method 1, the annuity accrual rate for a Basic member
is 2 percent of average salary for each of the first 10 years of service and 2.5
percent for each remaining year. For a Coordinated member, the annuity
,
accrual rate is 1 percent of average salary for each of the first 10 years and
1.5 percent 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
i
Coordinated members. For PEPFF members, the annuity accrual rate is 2.5
percent for each year of service. For PERF members whose annuity is
calculated using Method 1, and for all PEPFF members, a full annuity is
i
available when age plus years of service equal 90.
-30-
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued)
PLAN DESCRIPTION (Continued)
There are different types of annuities available to members upon retirement.
A normal annuity is a lifetime annuity that ceases upon the death of the
retiree. No survivor annuity is payable. There are also various types of joint
and survivor annuity options available which will reduce the monthly normal
annuity amount. Members may also leave their contributions in the fund
upon termination of public service, in order to qualify for a deferred annuity
at retirement age. Refunds of contributions are available at any time to
members who leave public service, but before retirement benefits begin.
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
Employees Emllover Rates
PERF (Basic and Coordinated
Plans) 4.41% 4.74% 9.95%
PEPFF 8% 12%
-31-
119
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued)
PLAN DESCRIPTION (Continued)
Total contributions made by the City during fiscal year 1992 were:
Amounts Covered Payroll
EmplMees Employer Employees Employer
PERF $ 54,461 $ 57,680 4.2% 4.5%
PEPFF 37,283 55.925 8.0% 12.0%
Totals 91,744 113,605
The City's contribution for the year ended June 30, 1992 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, 1992,
represented 0.19 percent of total contributions required of all participating
entities.
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-
' CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
-------------------------------------------------------------
December 31, 1992
NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued)
FUNDING STATUS AND PROGRESS (Continued)
The measure, which is the actuarial present value of credited projected
benefits, is intended to help users assess PERA's funding status on a going -
concern basis, assess progress made in accumulating sufficient assets to pay
benefits when due, and make comparisons among Public Employee
Retirement Systems and among employers. PERA does not make separate
measurements of assets and pension benefit obligations for individual
employers.
The pension benefit obligation as of June 30, 1991, is shown below (in
thousands):
Total Pension Benefit
Obligation
Net Assets Available
for Benefits, At
Cost (Market Values
for PERF=$4,068,082;
PEPFF= $1,012,812)
Unfunded (Assets in
Excess of) Pension
Benefit Obligation
PERF PEPFF
$4,868,124 $ 821,604
3,933,.124 963,565
935,000 141961
The measurement of the pension benefit obligation is based on an actuarial
valuation as of June 30, 1992. Net assets available to pay pension benefits
were valued as of June 30, 1992.
Changes in Benefit Provisions
Effective for the June 30, 1992 valuation, legislative activity since the last
' actuarial valuation resulted in some minor changes in benefit provision for
the two funds. These changes did not have a significant impact on the PERF
or the PEPFF.
-33-
CITY OF ROSEMOUNT, MINNESOTA I
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued)
FUNDING STATUS AND PROGRESS (Continued) ■
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, 1992. This information '
is useful in assessing the pension plan's accumulation of sufficient assets to
pay pension benefits as they become due.
RELATED PARTY INVESTMENTS '
As of June 30, 1992, and the fiscal year then ended, PERA held no securities ,
issued by the City or other related parties.
NOTE 7 CONTRIBUTED CAPITAL '
Changes in contributed capital (core funds) for the year ended December 31,
1991 are as follows: ,
Balance, December 31, 1991 $ 1,670,197
Connection/Reconnection Fees and Other 1,216,850 '
Transfers Out and Other (1,040,052)
Balance, December 31, 1992 S x.846,995
NOTE 8 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
expenditures. Following is a list of all reserves used by the City and a
description of each. '
Reserved for Debt Service - The portion of fund equity segregated for debt
service 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.
-34-
■
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
r --------------------------------------------------------------
December 31, 1992
NOTE 8 FUND EQUITY RESERVE (Continued)
' Reserve for Encumbrances - The portion of fund equity segregated for future
expenditures encumbered at year-end by Council action.
rReserved 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 9 TAX INCREMENT FINANCING DISTRICT
' The City of Rosemount Economic Development Authority is the
administering authority for three tax increment districts. A redevelopment
r district established May 1, 1979 (Downtown) and an economic development
district established March 1, 1990 (Knutson). Both districts are also part of
Development District No. 1-1 established March 1, 1990. Tax capacities and
bonding information are as follows:
1979 1990
Original Gross Tax
Capacity $ 186,687 $ 586
Current Gross Tax
Capacity 432,848 19,602
Captured Gross Tax Capacity
Retained by Authority 246,161 19 016
r
Total Bonds Issued:
Tax Increment Bonds $ 1,225,000 $ -
' Amounts Redeemed 365,000 -
Outstanding Bonds at
' December 31, 1992 860
-35-
NOTE 10
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
DEFICIT FUND BALANCES
The following funds had deficit fund balances at December 31, 1992 which '
were expected to be recovered through various sources as follows:
Fund Description Fund Type Deficit Intended Disposition
Diamond Path
(#230) Special Revenue $ (1,125) Transfers
Hawkins Pond
(#402) Capital Projects $ (2,508) Core Funds
145th St. Re-
construction
(#411) Capital Projects $ (10,764) Bond Proceeds
Reconstruction
145th St.
(#416)
Armory Highway 3
Impr. (#417)
O'Leary's Hills
(#423)
White Lake Acres
St. Reconstruc-
tion (#428)
Capital Projects
$(139,112) MSA Funds
Capital Projects
$ (8,697) MSA Funds
Capital Projects
$ (25,869) Transfers
Capital Projects
$ (1,604) Transfers
NOTE 11 DEFERRED COMPENSATION PLAN
The City of Rosemount offers its employees a deferred compensation plan
which is in accordance with Internal Revenue Code Section 457.
The plan permits employees to defer a portion of their salary until future
years. Participation is optional. The deferred compensation is not available
to employees until termination, retirement, death, or unforeseeable
emergency.
All amounts of compensation deferred under the plan, all property and rights
purchased with those amounts, and all income attributable to those amounts,
property, or rights are (until paid or 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 creditors of the City in an amount equal to the fair
market value of the deferred account for each participant.
-36-
CITY OF ROSEMOUNT. MINNESOTA
COMPARATIVE BALANCE SHEET
GENERAL FUND
DECEMBER 31, 1992
ASSETS
Cash
Certificates of deposit
Due from other funds
Accounts receivable
Special assessments receivable:
Delinquent
Deferred
Delinquent taxes recievable
Due from other governments
Prepaid expenses
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
LIABILITIES:
Accounts payable
Accrued wages and deductions
Deferred revenue
TOTAL
FUND BALANCE
Reserved:
Prepaid expenses
Encumbrances
' Unreserved:
Designated for working capital
TOTAL
TOTAL LIABILITIES AND FUND EQUITY
' -37-
$233,200
$82,715
1992
1991
186,994
$126,164
$121,961
1,105,814
704,227
$113,765
125,502
15,188
1,524
64,974
13,786
20,225
45,059
66,013
63,538
158,996
127,829
123,797
113,765
$1,681,171
$1,317,191
$233,200
$82,715
67,567
45,350
186,994
132,946
$487,761
$261,011
$123,797
$113,765
41,828
9,415
1,027,785 933,000
$1,193,410 $1,056,180
$1,681,171 $1,317,191
CITY OF ROSEMOUNT, MINNESOTA
COMPARATIVE STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES '
GENERAL FUND
YEAR ENDED DECEMBER 31, 1992
REVENUE:
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Special assessments
Interest earnings
Miscellaneous
TOTAL
EXPENDITURES:
Current:
General government
Public safety
Public works
Park and recreation
TOTAL
EXCESS OF REVENUE OVER EXPENDITURES
OTHER FINANCING SOURCES (USES):
Transfers from other funds
Transfers to other funds
TOTAL
EXCESS OF REVENUE AND OTHER FINANCING
SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES
BEGINNING FUND BALANCE
ENDING FUND BALANCE
CF=
1992
1991
1,056,180
$1,342,415
$1,026,792
342,742
193,178
956,055
19,830
277,856
842,806
44,927
125,887
69,249
47,377
30,614
35,297
182,491
139,717
$3,246,349
$2,430,884
$1,057,642
$998,618
885,966
834,191
743,056
565,071
523,296
503,804
$3,209,960
$2,901,684
$36;389
($470,800)
$140,230
$562.116
i
(39,389)
$100,841
$562,116
$137,230
$91,316
1,056,180
964,864
$1,193,410
$1,056,180
ICITY OF ROSEMOUNT MINNESOTA
SCHEDULE OF REVENUE COMPARED TO BUDGET (GAAP BASIS)
GENERAL FUND
YEAR ENDED DECEMBER 31, 1992
TAXES:
General property taxes
'Fiscal disparities
Other
TOTAL
LICENSES AND PERMITS:
Business
Non -business
TOTAL
INTERGOVERNMENTAL:
'Local government aid
Homestead and ag credit
Equalization aid
Police state aid
Mobile home
Other
TOTAL
' CHARGES FOR SERVICES:
General government
'Public safety
Highways and streets
SAC
' TOTAL
FINES AND FORFEITURES:
County
MISCELLANEOUS:
Interest
Other
Special assessments
Donations
Recreational fees
Bond proceeds
Rents
TOTAL
' TOTAL REVENUE
OTHER FINANCING SOURCES:
Transfers from other funds
' TOTAL REVENUE AND OTHER
FINANCING SOURCES
BUDGET
1992
ACTUAL
VARIANCE
1991
ACTUAL
$1,037,368
$1,007,089
($30,279)
$757,526
310,034
310,034
0
246,442
24,300
25,292
992
22,824
$1,371,702
$1,342,415
($29,287)
$1,026,792
$500
$7,360
$6,860
$7,585
215,300
335,382
120,082
185,593
$215,800
$342,742
$126,942
$193,178
$287,859
$312,363
$24,504
$300,761
448,063
448,063
0
372,365
82,692
89,719
7,027
82,973
59,000
55,711
(3,289)
50,983
20,000
20,676
676
19,899
16,000
29,523
13,523
15,825
$913,614
$956,055
$42,441
$842,806
$180,250
$261,285
$81,035
$116,080
12,600
7,601
(4,999)
7,091
1,100
6,111
5,011
1,567
1,000
2,859
1,859
1,149
$194,950
$277,856
$82,906
$125,887
850,000
$44,927
($5,073)
$47,377
$38,000
$30,614
($7,386)
$35,297
27,250
36,144
8,894
62,507
18,000
69,249
51,249
19,830
22,878
22,878
0
10,553
96,700
68,189
(28,511)
63,877
52,500
52,500
0
0
2,500
2,780
280
2,780
$257,828
$282,354
$24,526
$194,844
$3,003,894
$3,246,349
$242,455
$2,430,884
235,592
140,230
(95,362)
562,116
$3,239,486 $3,386,579 $147,093 $2,993,000
-39-
CITY OF ROSEMOUNT. MINNESOTA
SCHEDULE OF EXPENDITURES COMPARED TO BUDGET (GAAP BASIS) '
GENERAL FUND
YEAR ENDED DECEMBER 31, 1992
GENERAL GOVERNMENT
Mayor and council:
Personal services
Professional fees
Other charges
Council designated
Executive:
Personal services
Other
Miscellaneous:
Personal services
Supplies
Other charges
Election:
Personal services
Supplies
Other charges
Finance:
Personal services
Supplies
Other charges
Community development:
Personal services
Other charges
General govermmnent:
Insurance
Supplies
Other charges
TOTAL
PUBLIC SAFETY
Police protection:
Personal services
Supplies
Other charges
Fire protection:
Personal services
Supplies
Other services
Capital outlay
TOTAL.
-40-
1992
1991
BUDGET
ACTUAL
VARIANCE
ACTUAL '
26,722
23,550
3,172
$23,973 '
48,070
54,883
(6,813)
44,858
6,650
4,267
2,383
3,804
20,616
18,926
1,690
21,464
180,819
167,689
13,130
126,264
6,400
6,999
(599)
2,954
46,296
52,511
(6,215)
49,620
550
101
449
'
244
7,150
2,535
4,615
4,243
8,864
8,178
686
1,716 r
1,225
1,060
165
2,759
3,930
4,607
(677),
262 '
105,245
100,698
4,547
104,157
9,500
8,336
1,164
1,305 ,
15,900
18,629
(2,729)
7,767
131,079
130,870
209
201,195 '
30,725
30,763
(38)
52,908
150,000
160,947
(10,947)
145,200 '
71,900
71,181
719
61,576
144,107
208,062
(63,955)
135,349
$1,015,748
$1,074,792
($59,044)
$991,618
$598,142
$594,885
$3,257
$553,592
22,998
21,135
1,863
27,361
106,325
118,072
(11,747)
97,817
,
118,103
113,499
4,604
100,384
10,900
21,631
(10,731)
'
17,357
18,350
18,120
230
24,115
6,680
675
6,005
13,915
$881,498
$888,017
($6,519)
$834,541 ,
-40-
PUBLIC WORKS
General maintenance:
' Personal services
Supplies
Other services
' Streets and roads:
Other charges
'Snow removal:
Other charges
Street lighting:
' Other charges
TOTAL
'PARK AND RECREATION
Personal services
Supplies
' Other services
TOTAL
TOTAL EXPENDITURES AND ENCUMBRANCES
OTHER FINANCING USES
Transfers to other funds
TOTAL EXPENDITURES, ENCUMBRANCES AND
AND OTHER FINANCING USES
BEGINNING OF YEAR BUDGET
BASIS ENCUMBRANCES
END OF YEAR BUDGET
BASIS ENCUMBRANCES
GAAP BASIS EXPENDITURES AND OTHER
FINANCING USES
$400,587
78,180
102,300
$581,067
$3,239,486
$3,239,486
$392,763
1992
$362,672
1991
BUDGET
ACTUAL
VARIANCE
ACTUAL
60,331
$530,196
$50,871
$503,093
$482,041
$21,052
$323,362
59,050
80,030
(20,980)
70;688
61,750
50,293
11,457
21,386
70,700
62,188
8,512
83,382
13,380
11,072
2,308
15,136
53,200
63,744
(10,544)
51,117
$761,173
$749,368
$11,805
$565,071
$400,587
78,180
102,300
$581,067
$3,239,486
$3,239,486
$392,763
7,824
$362,672
75,159
3,021
86,501
62,274
40,026
60,331
$530,196
$50,871
$509,504
$3,242,373
($2,887)
$2,900,734
$39,389
($39,389)
$3,281,762
($42,276)
$2,900,734
9,416
10,366
-41-
(41,828)
$3,249,350
(9,416)
$2,901,684
THIS PAGE INTENTIONALLY LEFT BLANK
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF ROSEMOUNT, MINNESOTA
COMBINING BALANCE SHEET
SPECIAL REVENUE FUNDS
DECEMBER 31, 1992
ASSETS
Cash
Certificates of deposit
Notes receivable
Due from other governmental units
Prepaid expenses
Special assessments:
Deferred
TOTAL
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable
Contracts payable
Deferred revenue
TOTAL
FUND BALANCES:
Reserved
TOTAL LIABILITIES AND FUND BALANCES
SEVERANCE
ECONOMIC
5—YEAR
CAPITAL
DEVELOPMENT
CIP
PROJECTS
IAND
AUTHORITY
PROGRAM
MSA
RETIREMENT
(#201)
(#202)
(#203)
(#204)
'
$22,984
($41,960)
$12,536
$7,818
361,431
770,000
100,000
40,000
1,430,482
,
15,663
991
$728,040
$1,831,551
$112,536
$47,818
$10,316
$30,683
6,307
1,437,466
$1,447,782
$36,990
383,769
691,050
$112,536
$47,818
$1,831,551
$728,040
$112,536
$47,818,1
1
-44-
1
'
'
PARK
IMPROVE-
ARMORY
DIAMOND
TOTALS
MENT
CONSTRUCTION
PATH
(#205)
(#220)
(#230)
1992
1991
$21,418
$6,535
$4,669
$34,000
$182,955
180,000
100,000
60,000
1,611,431
1,705,618
1,430,482
1,433,548
'
15,663
916
991
904
'
213
213
4,318
$201,418
$106,535
$64,882
$3,092,780
$3,328,259
$35,500
$76,499
$18,496
6,307
$66,007
1,503,473
1,492,945
$35,500
$66,007
$1,586,279
$1,511,441
$165,918
$106,535
($1,125)
1,506,501
1,816,818
$201,418
$106,535
$64,882
$3,092,780
$3,328,259
'-45-
CITY OF ROSEMOUNT MINNESOTA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES '
SPECIAL REVENUE FUNDS
YEAR ENDED DECEMBER 31, 1992
REVENUE:
Municipal state aid
General property taxes
Tax increments
Interest earnings
Donations and other
TOTAL
EXPENDITURES:
Professional fees
Salaries and wages
Engineering
Other
Capital outlay
TOTAL
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Proceeds from sale of bonds -
Transfers from other funds
Transfers to other funds
TOTAL
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES
BEGINNING FUND BALANCES
ENDING FUND BALANCES
ECONOMIC
5 -YEAR
CAPITAL
SEVERANCE
'
DEVELOPMENT
CIP
PROJECTS
AND
AUTHORITY
PROGRAM
MSA
RETIREMENT
(#201)
(#202)
(#203)
(#204) ,
$14,594
'$297,000
$46,000
$277,190
112,819
43,867
626
363'
$340,867
$390,009
$15,220
$46,363
$9,765
$2,500
$1,125
$1,125
36,346
3,949 '
497
28,974
14,203
559,825
'
$89,785
$562,325
$1,125
$5,074
$300,224
($221,458)
$14,095
$41,289
($221,000)
($200,000)
($57,342)
'
($221,000)
($200,000)
($57,342)
-
1
$79,224
($421,458)
($43,247)
$41,289 '
304,545
1,112,508
155,783
6,529
$691,050
$112,536
$47,818 '
$383,769
-46-
'
t
'
PARK
SHANNON
IMPROVE-
ARMORY
PARKWAY
DIAMOND
TOTALS
MENT
CONSTRUCTION
SCHOOL
PATH
'
(#205)
(#220)
(#221)
(#230)
1992
1991
$35,000
$49,594
$413,429
$124,231
467,231
688,314
277,190
235,513
5,877
2,924
$202
166,678
181,292
'
78,975
9,500
88,475
12,860
$119,852
$127,155
$9,702
-
$1,049,168
$1,531,408
$76,834
$91,349
$22,635
40,295
46,352
$1,551
6,558
8,606
25,084
79,313
5,625
$1,125
115,037
35,110
'
131
574,159
579,029
$80,995
$89,017
-
$1,125
$829,446
$708,210
$38,857
$38,138
$9,702
($1,125)
$219,722
$823,198
$208,604
3,023
r
($35,000)
($16,697)
($530,039)
(491,800)
-
($35,000)
($16,697)
-
($530,039)
($280,173)
'
$38,857
$3,138
($6,995)
($1,125)
($310,317)
$543,025
127,061
103,397
6,995
1,816,818
1,273,793
'
$165,918
$106,535(
-
$1,125)
$1,506,501
$1,816,818
'
-47-
THIS PAGE INTENTIONALLY LEFT BLANK
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF ROSEMOUNT, MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1992
ASSETS
Cash
Certificates of deposit
Special assessments:
Delinquent
Deferred
Due from other governments
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
LIABILITIES:
Deferred revenue
FUND BALANCES:
Reserved for debt service
TOTAL LIABILITIES
AND FUND BALANCES
$4,331 $3,768 $1,730 $1,772
120,000
$4,331 $123,768 $1,730 51,772
1
$4,331 $123,768 $1,730 $1,772
$4,331 $123,768 $1,730 $1,772
1
1
-50-
,
G.O
EQUIPMENT
G.O.
G.O.
CERTIFI—
S.A.
PARK
CITY HALL
CATES
BONDS
1976
1986
1991C
1992A
(#301)
(#303)
(#304)
(#321)
$4,331 $3,768 $1,730 $1,772
120,000
$4,331 $123,768 $1,730 51,772
1
$4,331 $123,768 $1,730 $1,772
$4,331 $123,768 $1,730 $1,772
1
1
-50-
,
S.A.
'
WHITE LAKES
S.A.
S.A.
S.A.
S.A.
S.A.
ACRES
IMPROVEMENT
VALLEY OAK
IMPROVEMENT
IMPROVEMENT
IMPROVEMENT
1985
1987A
1988
1989B
1991A
1991B
'
(#324)
(#325)
(#326)
(#327)
(#328)
(#329)
$47,404
$8,171
($42,073)
$65,503
$2,241
$9,809
100,000
3,010,000
1,820,000
1,350,000
320,000
190,000
'
8,529
1,014
388
3,281
1,133
36,635
146,149
316,686
58,283
284,722
30,360
6,105
8,849
46,141
119,177
7,704
$198,673
$3,174,183
$2,095,001
$1,523,208
$727,273
$237,873
$45,164
$147,164
$318,146
$61,565
$285,854
$30,360
153,509
3,027,019
1,776,855
1,461,643
441,419
207,513
$198,673
$3,174,183
$2,095,001
$1,523,208
$727,273
$237,873
'
(Continued)
1
-51-
CITY OF ROSEMOUNT, MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1992
ASSETS
Cash
Certificates of deposit
Special assessments:
Delinquent
Deferred
Due from other governments
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
LIABILITIES:
Deferred revenue
FUND BALANCES:
Reserved for debt service
TOTAL LIABILITIES
AND FUND BALANCES
S.A.
TAX
IMPROVEMENT
INCREMENT
1992D
1988
TOTALS
(#330)
(#382)
1992
1991
$937
$1,112
$104,705
$61,625
130,000
7,040,000
6,677,000
14,345
190,164
872,835
1,579,260
187,976
109,110
$130,937
$1,112
18,219,861
$8,617,159
$888,253 $1,769,424
$130,937 $1,112 7,331,608 6,847,735
$130,937 $1,112 $8,219,861 $8,617,159
(Concluded)
-52
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF ROSEM OUNT. MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES '
DEBT SERVICE FUNDS
YEAR ENDED DECEMBER 31, 1992
-54-
G.O
G.O.
WARNING
G.O.
PARK
SYSTEM
CITY HALL
1976
1981
1986
(#301)
(#302)
(#303) ,
REVENUE:
General property taxes
$149,919
Special assessments
Interest earnings
$353
$761
1,514
Other
TOTAL
$353
$761
$151,433
EXPENDITURES:
Bond principal
$15,000
$70,000
Interest on bonds
645
69,845
Fiscal agent fees
200
'
456
Other
1,125
TOTAL
—
$15,845
$141,426
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$353
($15,084)
$10,007
OTHER FINANCING SOURCES (USES)
Proceeds from sale of bonds
$3,978
Transfers from other funds
Transfers to other funds
($796)
TOTAL
$3,978
($796)
—
EXCESS (DEFICIENCY) OF REVENUE AND
'
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES
$4,331
($15,880)
$10,007
BEGINNING FUND BALANCES
15,880
113,761 '
ENDING FUND BALANCES
54.331
$123.768
-54-
G.O.
EQUIPMENT
S.A.
CERTFI-
G.O
S.A.
S.A
WHITE LAKES
S.A.
CATES
BONDS
VALLEY OAK
CHIPPENDALE
ACRES
IMPROVEMENT
1991C
1992A
1980
1980
1985
1987A
'
(#304)
(#321)
(#322)
(#323)
(#324)
(#325)
$51,776
$59,937
$26,788
123,970
'
$1,772
$3,373
$1,771
5,834
108,570
316
$52,092
$1,772
$3,373
$1,771
$32,622
$292,477
$40,000
$81,256
$38,744
$20,000
$475,000
9,485
2,684
1,279
8,640
225,312
'
176
100
341
646
474
1,125
1,125
1,125
$50,786
-
$84,040
$40,364
$30,411
$701,911
$1,306
$1,772
($80,667)
($38,593)
$2,211
($409,434)
'
($35,878)
($1,858)
-
-
($35,878)
($1,858)
-
-
$1,306
$1,772
($116,545)
($40,451)
$2,211
($409,434)
40,451
151,298
3,436,453
424
116,545
11.730
$1.772
-
-
$153.509
$3,027 019
(Continued)
-55-
CITY OF ROSEMOUNT. MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
DEBT SERVICE FUNDS
YEAR ENDED DECEMBER 31. 1992
REVENUE:
General Property Taxes
Special Assessments
Interest Earnings
Other
TOTAL
EXPENDITURES:
Bond Principal
Interest on Bonds
Fiscal Agent Fees
Other
TOTAL
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Proceeds from Sale of Bonds
Transfers from Other Funds
Transfers to Other Funds
TOTAL
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES
BEGINNING FUND BALANCES
ENDING FUND BALANCES
S.A.
S.A.
S.A.
IMPROVEMENT
IMPROVEMENT
IMPROVEMENT
1988
1989B
1991A
(#326)
(#327)
(#328)
$78,294
$89,799
246,636
447,383
$316,764
81,705
63,439
17,537
$406,635
$600,621
$334,301
$300,000
$270,000
130,550
152,505
$78,995
427
429
386
1,125
1,125
1,125
$432,102
$424,059
$80,506
($25,467)
$176,562
$253,795
-56-
$150,000 $130,495 $23,763
$150,000 $130,495 $23,763
$124,533 $307,057 $277,558
1,652,322 1,154,586 163,861
$1.776.855 $1.461.643 5441.419
S.A. S.A. TAX
IMPROVEMENT IMPROVEMENT INCREMENT
1991B 1992D 1988
(#329) (#330) (#382)
' $205,044
2,069 $440 $179
TOTALS
1992 1991
$429,725 $304,946
1,366,585 865,044
289,317 467,193
316 36,470
$207,113 $440 $179 $2,085,943 $1„673,653
$205,801 $130,937 $670 $483,873 ($4,043)
1,712 442 6,847,735 6,851,778
207.513 $130.937 $1,112 $7,331,6086.847.735
(Concluded)
-57-
$85,000
$1,395,000
$1,560,000
$9,194
83,983
773,117
773,229
175
401
4,211
5,063
1,125
1,125
10,125
1,200
$10,494
$0
$170,509
$2,182,453
$2,339,492
$196,619
$440
($170,330)
($96,510)
($665,839)
$90,397
$94,375
$57,103
$9,182
40,100
$171,000
524,540
1,010,208
'
(38,532)
(405,515)
$9,182
$130,497
$171,000
$580,383
$661,796
$205,801 $130,937 $670 $483,873 ($4,043)
1,712 442 6,847,735 6,851,778
207.513 $130.937 $1,112 $7,331,6086.847.735
(Concluded)
-57-
THIS PAGE INTENTIONALLY LEFT BLANK
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF ROSEMOUNT, MINNESOTA
COMBINING BALANCE SHEET
CAPITAL PROJECTS FUNDS
DECEMBER 31, 1992
ASSETS
Cash
Certificates of deposit
Due from other funds
TOTAL ASSETS
LIABILITIES_ AND FUND BALANCES
LIABILITIES:
Due to other funds
Accounts payable
Contracts payable
TOTAL
FUND BALANCES:
Reserved
TOTAL LIABILITIES AND FUND BALANCES
COUNTY ROAD
HAWKINS
WESTRIDGE
SHANNON
#42 EAST
POND
PROJECT
HILLS
(#401)
(#402)
(#403)
(#404)
$62,033 ($2,483)
$58,999
$62,033
($2,483)
$8,999
$3,789
50,000
55,000
$62,033
($2,483)
$58,999
$58,789
$25
$24,490
$15,089
$25
$24,490
$15,089
62,033 (2,508)
34,509
43,700
$62,033 ($2,483)
$58,999
$58,789
SHANNON
O'LEARY'S
PARKWAY
SECTION 31
145TH ST.
VALLEY
HILLS
TRAIL
CHIPPENDALE
TRUNK
RECON-
OAK
PROJECT
IMPROVEMENT
AVENUE
SEWER
STRUCTION
POND
(#406)
(#407)
(#408)
(#410)
(#411)
(#412)
1
($95,770)
$2,356
$8,111
$21,992
($10,764)
$12,867
' 536,000
64,000
250,000
378,000
500,000
$440,230
$66,356
$258,111
$399,992
($10,764)
$512,867
$7,736
$2,500
54,105.
62,180
8,189
$69,916
$10,689
$4,105
' 370,314
55,667
$258,111
395,887
(10,764)
512,867
$440,230
r
$66,356
$258,111
$399,992
($10,764)
$512,867
i
1
(Continued)
1
1
-61-
CITY OF ROSEMOUNT, MINNESOTA
COMBINING BALANCE SHEET
CAPITAL PROJECTS FUNDS
DECEMBER 31, 1992
ASSETS
Cash
Certificates of deposit
Due from other funds
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
LIABILITIES:
Due to other funds
Accounts payable
Contracts payable
TOTAL
FUND BALANCES:
Reserved
TOTAL LIABILITIES AND FUND BALANCES
ARMORY
RECON— ,
ARMORY
ARMORY
STORM
STRUCTION
SEWER
WATER
WATER
145TH
IMPROVEMENT
IMPROVEMENT
IMPROVEMENT
STREET '
(;11413)
(#414)
(#415)
(#416)
$13,565
($7,552)
$30,003
(=114,924)
370,000
95,000
50,000
'
$383,565
$87,448
$80,003
($114,924)
$238
$1,133
1,902
4,397
$24,188
$2,140
$5,530
$24,188
381,425
81,918
$80,003
(139,112) '
$383,565
$87,448
$80,003
5114,924)
-62-
,
($8,697)
COUNTRY
$7,706
ARMORY
HILLS
COMMUNITY
HIGHWAY 3 DIAMOND
SHANNON 4TH
O'LEARY'S CENTER
IMPROVEMENT PATH
PARKWAY ADDITION
HILLS PROJECT
(#417) (#419)
(#420) (#422)
(#423) (#424)
($8,697)
$21,467
$7,706
$8,599
($5,756)
$46,195
'
65,000
20,000
1,000,000
' ($8,697)
$86,467
$7,706
$28,599
($5,756)
$1,046,195
$160
$15,929
$79,433
19,953
117,063
' $0
$79,433
$20,113
$132,992
' (8,697)
7,034
$7,706
$28,599
(25,869)
913,203
($8,697)
$86,467
$7,706
$28,599
($5,756)
$1,046,195
(Continued)
'
-63-
CITY OF ROSEMOUNT, MINNESOTA
COMBINING BALANCE SHEET
CAPITAL PROJECTS FUNDS
DECEMBER 31, 1992
ASSETS
Cash
Certificates of deposit
Due from other funds
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
LIABILITIES:
Due to other funds
Accounts payable -
Contracts payable
TOTAL
FUND BALANCES:
Reserved
TOTAL LIABILITIES AND FUND BALANCES
WHITE LAKE '
ARMORY
ICE
OTHER
RELOCATION
ARENA
ARMORY
ACRES ST.
PROJECT
PROJECT
IMPROVEMENTS
RECONSTRUCTION
(#425)
(#426)
(#427)
(#428)
$11,587
$96,089
$10,374
($1,604)
560,000
2,067,000
400,000
'
$571,587
$2,163,089
$410,374
($1,604)'
$3,865
$17,226
$3,459
155,857
1,318
$3,865
$173,083
$4,777
'
567,722
1,990,006
405,597
($1,604)
'
$571,587
$2,163,089
$410,374
{$1,604)
-64-
'
TOTALS
1992
1991
$118,182
$24,084
6,460,000
680,000
149,792
' $6,578,182
1
$853,876
$269,792
$56,376
6,900
514,059
70,428
$570,435
$347,120
6,007,747 506,756
$6,578,182_ $853,876
(Concluded)
-65-
CITY OF ROSEMOUNT, MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUNDS
YEAR ENDED DECEMBER 31, 1992
REVENUE:
Interest earnings
Donations and other
TOTAL
EXPENDITURES:
Construction costs:
Improvements
Engineering fees
Professional fees
Other
TOTAL
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
COUNTY ROAD
HAWKINS
WESTRIDGE
SHANNON
#42 EAST
POND
PROJECT
HILLS
(#401)
(#402)
(#403)
(#404)
13,206
OTHER FINANCING SOURCES (USES):
Bond proceeds
Transfers from other funds
Transfers to other funds
TOTAL
EXCESS (DEFICIENCY) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES
BEGINNING FUND BALANCES
ENDING FUND BALANCES
$716
$212,437
$189,347 '
$4,107
56,969
33,607
4,385
5,554
8182
13,206
$716
$21,698
$274,960
$231,136
($716)
($21,698)
($274,960)
($231,136)
$259,469
$274,836
$150,000
50,000
—
$150,000
$309,469
$274,836
($716)
$128,302
$34,509
$43,700
62,749
(130,810)
$62,033___(E2.508
)
$34,509
$43,700
-66-
'
1
1
SHANNON
HIGHWAY 3
O'LEARY'S
PARKWAY
SHANNON
SECTION 31
REALIGNMENT
HILLS
TRAIL
CHIPPENDALE
PARKWAY
TRUNK
PROJECT
PROJECT
IMPROVEMENT
AVENUE
PROJECT #194
SEWER
' (#405)
(#406)
(#407)
(#408)
(#409)
#(410)
$28,103
-
-
-
$28,103
-
-
$57,342
$239,651
$138,590
57,286
22,333
$27,289
11,604
5,536
6,711
$10
'
$57,342
$308,541
$166,459
$10
$0
$34,000
' ($57,342)
($308,541)
($166,459)
$28,093
$0
($34,000)
'5
$ 671 855
$222,126
$379,887
$57,342
7,000
50,000
'
(130.496)
$57,342
$678,855
$222,126
-
($130,496)
$429,887
$0
$370,314
$55,667
$28,093
($130,496)
$395,887
230,018
130,496
-
$370,314
$55,667
$258,111
$0
$395,887
'
t
(Continued)
'
-67-
CITY OF ROSEMOUNT, MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUNDS ,
YEAR ENDED DECEMBER 31, 1992
EXPENDITURES:
Construction costs:
Improvements
Engineering fees
Professional fees
Other
TOTAL
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES):
Bond proceeds
Transfers from other funds
Transfers to other funds
TOTAL
EXCESS (DEFICIENCY) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES
BEGINNING FUND BALANCES
ENDING FUND BALANCES
145TH ST.
VALLEY
ARMORY
ARMORY
.
$38,029
RECON—
OAK
SEWER
WATER
17,008
STRUCTION
POND
IMPROVEMENT
IMPROVEMENT
1,802
$10,764
(#411)
(#412)
(#413)
(#414)
'
REVENUE:
($10,764)
($11,244)
($77.575)
($106,765)
Interest earnings
$585
Donations and other
$270,000
$459,000
93,095
,
TOTAL
—
—
$585
—
($10,764)
$258,756
$381,425
$81,918
'
EXPENDITURES:
Construction costs:
Improvements
Engineering fees
Professional fees
Other
TOTAL
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES):
Bond proceeds
Transfers from other funds
Transfers to other funds
TOTAL
EXCESS (DEFICIENCY) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES
BEGINNING FUND BALANCES
ENDING FUND BALANCES
$38,029
$87.955 '
$8,696
$10,056
39,478
17,008
2,068
1,188
653
1,802
$10,764
$11,244
$78,160
$106,765
'-
($10,764)
($11,244)
($77.575)
($106,765)
$95,588
$270,000
$459,000
93,095
—
$270,000
$459,000
$188,683
($10,764)
$258,756
$381,425
$81,918
'
254,111
($10,764)
$512,867
$381,425
$81,918 '
-68-
ARMORY
RECON -
STORM
STRUCTION
ARMORY
WATER
145TH
HIGHWAY 3 WATERMAIN DIAMOND SHANNON
IMPROVEMENT
STREET
IMPROVEMENT EXTENSION PATH PARKWAY
(#415)
(#416)
(#417) (#418) (#419) (#420)
' $248
$46
$179 434
$248
$46
- - $179 $434
$504,489 $425,124
$1,745 50,318 $8,697 19,872
8,445 883
$21.750
$1,746 $563,252 $8.697 $21,750 $445,879
$3,387
$3,38'7
$1,49. ($563,206) $8,697 $21,750 $445,700) ($2,953)
353
a 983 .
$81,500 133,000
$81,500 $486,983
$3,080 550,000
(50,000)
$0 $3,080 $500,000 $0
$80,003 ($76,223) ($8,697) ($18,670) $54,300 ($2,953)
(62,889) 18,670 (47,266) 10,661
$80,003 ($139,1 12) ($8,697) $0 $7,034 $7,708
(Continued)
CITY OF ROSEMOUNT, MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUNDS
YEAR ENDED DECEMBER 31, 1992
—70—
SHANNON
COUNTRY
HILLS
HILLS
COMMUNITY
2ND
4TH
O'LEARY'S
CENTER
ADDITION
ADDITION
HILLS
PROJECT
(#421)
(#422)
(#423)
(#424)
REVENUE:
Interest earnings
Donations and other
$13,284
'
TOTAL
—
$13,284
—
—
EXPENDITURES:
'
Construction costs:
Improvements
($9,570)
$19,953
$117,063
Engineering fees
$2,217
5,756
416
Professional fees
9,635
160
34,318
Other
TOTAL
$0
$2,282
$25,869
$151,797
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
$0
$11,002
($25,869)
($151,797)
OTHER FINANCING SOURCES (USES):
Bond proceeds
$1,065,000
Transfers from other funds
Transfers to other funds
($23,419)
TOTAL
($23,419)
$0
$0
$1,065,000
EXCESS (DEFICIENCY) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES
($23,419)
$11,002
($25,869)
$913,203
BEGINNING FUND BALANCES
23,419
17,597
ENDING FUND BALANCES
$0
$28,599
($25,869)
$913,203
—70—
ARMORY
ICE
OTHER
WHITE LAKE
RELOCATION
ARENA
ARMORY
ACRES ST.
PROJECT
PROJECT
IMPROVEMENTS
RECON.
TOTALS
' (#425)
(#426)
(#427)
(#428)
1992
1991
$1,492
$199
'
41,387
-
-
-
-
$42,879
$199
$155,858
$1,318
$2,181,689
$362,728
'
847
223
366,920
127,812
$5,754
53,318
12,432
$1,604
174,232
15,671
34,966
33,169
' $5,754
$210,023
$13,973
$1,604
$2,348,787
$539,380
' ($5,754)
($210,023)
($13,973)
($1,604)
($2,714,928)
($539,181)
' $573,476
$2,200,029
$419,570
$6,515,819
$1,376,641
1,904,017
193,192
(203,915)
(598,490)
' $573,476
$2,200,029
$419,570
$0
$8,215,921
$971,343
$567,722
$1,990,006
$405,597
($1,604)
$5,500,993
$432,162
506,756
74,594
$567,722
$1,990,006
$405,597
($1,604)
$6,007,749
$506,756
(Concluded)
-71^
THIS PAGE INTENTIONALLY LEFT BLANK
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF ROSEMOUNT, MINNESOTA
COMPARATIVE BALANCE SHEET
ENTERPRISE FUNDS
DECEMBER 31. 1992
ASSETS:
CURRENT ASSETS:
Cash
Certificates of deposit
Accounts receivable
Special assessments receivable
Due from other governments
Prepaid expenses
TOTAL
RESTRICTED ASSETS:
Cash
Certificates of deposit
Accounts receivable
TOTAL
Property and equipment
Land
Buildings
Water towers and mains
Machinery and equipment
Less accumulated depreciation
Net property and equipment
TOTAL ASSETS
-74-
1992 1991
($81,333)
$99,704
2,838,000
2,130.000
315,340
205,895
51,780
44,444
1,318
47,667
45,914
$3,171,454
$2,527,275
$155,094
$12,084
310,000
100,000
14,689
12,435
$479,783
$124,519 '
-$23,720
$23,720
176,056
176,056
3,904,440
3,904,440
282,717
284,135 -
(1,193.292)
(1,062,326)
$3,193,641
$3,326,025 M
$6,844,878 $5,977,819
LIABILITIES AND FUND EQUITY:
LIABILMES:
Payable from current assets:
'Accounts payable
Accrued expenses
Compensated absenses payable
' Total
Payable from restricted assets:
'Bonds payable
Accrued interest on bonds
Total
Long—term liabilities:
Bonds payable; noncurrent portion
Deferred revenue
Total
TOTAL LIABILITIES
FUND EQUITY:
' Contributed capital
Retained earnings:
Reserved for capital improvements
Unreserved
TOTAL FUND EQUITY
TOTAL LIABILITIES AND FUND EQUITY
1992 1991
$2,342
$6,962
8,601
5,667
28,978
24,669
$39,921
$37,298
$65,000
$60,000
64,036
39,575
$129,036
$99,575
$2,745,000
$1,285,000
49,782
44,443
$2,794,782
$1,329,443
$2,963,739
$1,466,316
-75-
$1,846,995 $1,670,197
200,309
114,086
1,833,835
2,727,220
$3,881,139
$4,511,503
$6,844,878
$5,977,819
CITY OF ROSEMOUNT, MINNESOTA
COMPARATIVE STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
ENTERPRISE FUNDS
YEAR ENDED DECEMBER 31, 1992
-76-
1992
1991
,
OPERATING REVENUES:
Water sales
$358,066
$306,532
Storm water charges
203,701
'
Sewer charges
475,652
426,728
Water surcharges
47,543
42,591
Water meter maintenance
11,550
8,787
Water meters
25,890
16,939
'
Miscellaneous
58,704
451035
TOTAL
$1,181,106
$846,612
OPERATING EXPENSES:
'
General and administrative:
Personal services
$214,380
$181,297
Water utility:
'
Supplies
68,876
96,980
Other services
96,981
49,743
Capital outlay
597
4,074
Sewer utility:
Supplies
6,437
6,463
Other services
29,948
14,115 '
Metro sewer charge
297,564
264,108
Depreciation expense
138,034
131,446
TOTAL
$852,817
$748,226
'
OPERATING INCOME
$328,289
$98,386
NONOPERATING REVENUE (EXPENSES):
,
Interest earnings
$34,591
$37.833
Interest expense
(131,969)
(96,323)
Fiscal agent fees
(1,073)
(1,830
TOTAL
($98,451)
($60,320)
NET INCOME BEFORE OPERATING TRANSFERS
$229,838
$38,066
OTHER FINANCING SOURCES (USES):
Operating transfers in
452,000
30,000
Operating transfers out
(1,489,000)
NET INCOME
($807,162)
$68,066
BEGINNING RETAINED EARNINGS
2,841,306
2,773,240
ENDING RETAINED EARNINGS
$2,034.144
$2.841.306
-76-
' CITY OF ROSEMOUNT MINNESOTA
'COMPARATIVE STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS
YEAR ENDED DECEMBER 31, 1992
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash Received From Customers
Cash Payments to Suppliers For Goods and Services
Cash Payments to Employees for Services
Net Cash Provided (Used) by Operating Activities
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES:
Operating Transfers to Other Funds
Operating Transfers From Other Funds
Net Cash Provided (Used) by Noncapital
Financing Activities
CASH FLOWS FROM CAPITAL AND RELATED
FINACING ACTIVITIES:
Acquisition of Capital Assets
' Principal Paid on Bonds
Issuance of bonds
Interest and Fiscal Charges on Bonds
' Contributed Capital (Core Charges)
Received
Paid Out
Net Cash Provided (Used) by Capital
and Related Financing Activities
' CASH FLOWS FROM INVESTING ACTIVITIES:
Net Increase (Decrease) in Cash Investments
Interest Received on Investments
' Net Cash Provided (Used) By Investing Activities
NET INCREASE (DECREASE) IN CASH AND
' CASH EQUIVALENTS
BEGINNING BALANCE
' ENDING BALANCE
1992 1991
$1,068,728
$696,251
(506,776)
(512,978)
(207,137)
(194,616)
$354,815
($11,343)
(1,489,000)
452,000 30,000
($1,037,000) $30,000
($5,650)
(60,000)
1,525,000
(108,581)
($24,012)
(60,000)
(99,233)
1,216,850
613,802
(1,040,052)
(336,932)
$1,527,567
$93,625
(918,000)
($295,000)
34,591
37,833
($883,409)
($257,167)
($38,027)
($144,885)
111,788
256,673
—77—
$73,761 $111,788
CITY OF ROSEMOUNT, MINNESOTA
COMPARATIVE STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS
YEAR ENDED DECEMBER 31, 1992
RECONCILIATION OF OPERATING INCOME
TO NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES
Operating Income
Adjustments to Reconcile Operating Income (Loss) to
Net Cash Provided (Used) by Operating Activities
Depreciation
Change in assets:
Accounts receivable
Prepaid expenses
Change in liabilities
Accounts payable
Contracts payable
Accrued expenses
Deferred revenue
NET CASH PROVIDED (USED) BY OPERATING
ACTIVITIES
EWE
1992 1991
$328,289 $98,386
138,034
131,446 .
(117,717)
(148,446)
'
(1,753)
(12,350)
(4,620)
(8,816)
(56,329)
7,243
(13,319)
'
5,339
(1,915)
$354,815
(511,343
CITY OF ROSEMOUNT MINNESOTA
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
YEAR ENDED DECEMBER 31, 1992
MEALS ON
WHEELS
(#801)
BEGINNING BALANCE $1,028
Additions 1,705
iTotal $2,733
TOWN
DEFERRED GREEN
COMPENSATION (#803)
$405,954 $161
111,948 6
TOTAL
(MEMORANDUM ONLY)
1992 1991
$407,143
113,659
$517,902 $167 $520,802
$285,639
132,033
$417,672
' Deletions
(38,872)
(38,872)
(10,529)
ENDING BALANCE
$2,733 $479,030
$167 $481,930
$407,143
79-
CITY OF ROSEMOUNT, MINNESOTA '
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES ,
AGENCY FUNDS
YEAR ENDED DECEMBER 31, 1992
—80—
MEALS ON
TOWN
TOTAL
WHEELS
DEFERRED
GREEN
(MEMORANDUM ONLY)
(#801)
COMPENSATION
(#803)
1992 1991
BEGINNING BALANCE
$1,028
$405,954
$161
$407.143 $285,639
Additions
1,705
111,948
6
113,659 132,033
Total
$2,733
$517,902
$167
$520,802 $417,672 ,
Deletions
(38,872)
(38,872) (10,529)'
ENDING BALANCE
$2,733_
$479,030
$167
$481,930 $407,143
—80—
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF ROSEMOUNT MINNESOTA
'
GENERAL GOVERNMENTAL REVENUES BY SOURCE
(1)
LAST SIX YEARS
'
DECEMBER 31, 1992
LICENSES
INTER—
CHARGES
FISCAL
AND
GOVERN—
FOR
FINES AND
YEAR TAXES
PERMITS
MENTAL
SERVICES
FORFEITURES
'
1987 $1,201,800
$152,317
$1,061,127
$100,699
$31,031
1988 $1,507,607
$288,952
$1,623,060
$94,327
$32,424
1989 $1,726,540
$253,308
$1,135,703
$78,953
$43,181
1990 $1,828,030
$210,840
$1,570,215
$88,592
$51,841
1991 $2,255,565
$193,178
$1,256,235
$125,887
$47,377
1992 $2,346,330
$342,742
$2,322,640
$277,856
$44,927
,
1 Includes General Special Revenue and Debt Service Funds
,
1
-82-
1
t
,
SPECIAL
ASSESSMENTS
INTEREST
OTHER
$1,192,200
$403,942
$52,319
$908,998
$589,020
$314,523
$872,390
$958,889
$148,817
$1,041,023
$806,472
$517,516
$884,874
$683,782
$189,047
$1,401,265
$473,895
$224,194
2
TOTAL
$4,195,435
$5,358,911
$5.217,781
$6,114,529
$5,635,945
$7,433,849
CITY OF ROSEMOUNT, MINNESOTA
GENERAL GOVERNMENTAL EXPENDITURES BY SOURCE (1)
LAST SIX YEARS
DECEMBER 31, 1992
FISCAL
GENERAL
PUBLIC
PUBLIC
YEAR
GOVERNMENT
SAFETY
WORKS
1987
$864,912
$476,834
$441,559
1988
$989,064
$539,259
$540,469
1989
$1,079,181
$680,479
$567,535
1990
$1,246,877
$746,892
$589,361
1991
$1,127,799
$834,191
$565,071
1992
$1,096,328
$888,017
$749,368
(1) Includes General. Special Revenue and Debt Service Funds
-84-
PARK AND
RECREATION
OTHER
$96,308
$93,629
$118,661
$1,662,071
$342,491
$770,709
$416,088
$773,505
$503,804
$580,229
$530,196
$550,186
DEBT
SERVICE
TOTAL
$691,879
$2,665,121
$884,095
$4,733,619
$3,416,222
$6,856,617
$2,044,910
$5,817,633
$2,338,292
$5,949,386
$2,172,328
$5,986,423
cr-M
CITY OF ROSEMOUNT, MINNESOTA
'
PROPERTY TAX LEVIES AND COLLECTIONS
LAST SIX YEARS
'
PERCENT OF
PERCENT OF
DELINQUENT
CURRENT
OUTSTANDING
'
TAXES TO
FISCAL TOTAL TAX
CURRENT TAX
TAXES
DELINQUENT
TOTAL TAX
YEAR LEVY (1)
COLLECTIONS
COLLECTED
TAXES
LEVY
1983 $637,766
$627,171
98.34%
$10,595
1.66%
1984 $651,273
$621,201
95.38%
$3,072
0.47% '
1985 $805,151
$783,605
97.32%
$21,546
2.68%
1986 $1,019,593
$999,678
98.05%
$19,915
1.95% '
1987 $1,230,360
$1,194,411
97.08%
$35,949
2.92%
1988 $1,428,170
$1,416,205
99.16%
$11,965
0.84% ,
1989. $1,745,243
$1,692,876
97.00%
$52,367
3.00%
1990 $2,063,786
$2,032,416
98.48%
$31,849
1.52% '
1991 $2,498,285
$2,453,638
98.21%
$44,648
1.79%
1992 $2,748,113
$2,711,623
98.67%
$36,490
1.33% '
(1) Includes General and Special Levies
'
1
—86—
1
'
PERCENT OF
CUMULATIVE
TOTAL TAX
CUMULATIVE
COLLECTIONS
CUMULATIVE
DELINQUENT
TO TOTAL
TOTAL TAX
TAX
TAX LEVY
COLLECTIONS
COLLECTIONS
TO DATE
$637,766
$10,595
100.00%
$651,064
$29,863
99.97%
$804,603
$20,998
99.93%
$1,019,193
$19,515
99.96%
$1,229,668
$35,257
99.94%
$1,425,670
$9,465
99.82%
$1,739,228
$46,352
99.66%
$2,055,747
$23,331
99.61%
$2,485,487
$31,849
99.49%
$2,711,623
-
98.67%
CITY OF ROSEMOUNT, MINNESOTA
PROPERTY TAX RATE
DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
SCHOOL
FISCAL CITY OF DISTRICT DAKOTA SPECIAL
YEAR ROSEMOUNT #196 COUNTY DISTRICTS (1) TOTAL
1983 16.186 56.725 19.594 4.124 96.629
1984 17.328 60.204 20.656 3.854 102.042 '
1985 19.182 60.228 21.043 3.299 103.752
1986 23.817 57.839 21.936 3.737 107.329 ,
1987 27.912 60.361 23.793 3.874 115,940
1988 28.389 60.542 23.990 3.694 116.615 ,
1989 (2) 26.879 52.249 20.721 4.755 104.604
1990 (2) 22.001 40.793 21.061 4.844 88.699 ,
1991 (2) 27.705 48.559 22.542 4.660 103.466
1992 (2) 29.224 54.602 25.536 6.139 115.501 ,
(1) Prior to 1989, includes Metropolitan Council, 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, Regional Transit District, Metropolitan Mosquito Control, and Dakota County Technical
College.
Beginning with 1990, includes Metropolitan Council, Regional Transit District, Metropolitan Mosquito Control, Dakota County
Technical College and Dakota County Light Rail Transit.
(2) Beginning with property taxes payable in 1989, taxes are determined by multiplying the Gross Tax Capacity by the Tax Capacity '
Rate, Expressed as a percentage. This replaces the use of Assessed Value multiplied by Mill Rates. Prior to 1989, the mill
rates in this table were computed on the basis of total levies and do not reflect reductions for property tax credits.
Beginning with taxes payable in 1990, net tax capacity has replaced gross tax capacity as the basis an which taxes are levied.
-88-
1
' CITY OF ROSEMOUNT. MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN
DECEMBER 31, 1992
' Estimated Market Value $378 Ot 45,200
Debt Limit -2.00% of
' Estimated Market Value $7,560,904
Amount of Debt Applicable
to Debt Limit:
Total Bonded Debt—
Principal as of 12/31/92
Deductions (4):
Debt Service Fund
Cash and Investment (All Types)
Less Amount Applicable to
Increment Bonds
' Special Assessment Bonds (Principal)
Tax Increment Bonds (Principal)
' Revenue Bonds (Principal)
' Total Amount of Debt Applicable to Debt Limit
Legal Debt Margin
$7,474,810
7,473,698 $1,112
11,455,000
-89-
860,000
6,235,000
$20,850,000
18,551,112
$2,298,888 2,298,888
$5,262,016
CITY OF ROSEMOUNT, MINNESOTA
,
PROPERTY VALUE AND CONSTRUCTION
LAST FIVE FISCAL YEARS
'
PROPERTY
COMMERCIAL
RESIDENTIAL
'
VALUE (1)
CONSTRUCTION
(2)
CONSTRUCTION
(2)
FISCAL
NUMBER
NUMBER
EXEMPT
YEAR
TOTAL
OF UNITS
VALUE
OF UNITS
VALUE
VALUE
'
1988
$213,556.700
31
$4,797,589
473
$25,590.743
$586,200
1989
526".472.600
30
53,162,079
441
$19,288,304
55.808.900
,
1990
$306.437.800
29
53.791,889
480
$17,957,638
$172,545
1981
$335,880,800
28
$753,400
479
$19.108.838
$78.768
1992
$362,786,400
27
$14,359.850
574
$2&500,584
$2.491.790 '
(1) kdwmation
provided by Dake County Assessds Office (Based on Estimated Market Value of Real Estate Only)
'
(2) Information
provided by City of Rosemount Building Department
-90-
,
CITY OF ROSEMOUNf MINNESOTA
MISCELLANEOUS STATISTICS
' DECEMBER 31, 1992
Date of incorportation
Form of Government (Statutory)
Number of Employees
Regular Ful—Time
Temporary or Part—Tine
Area in Square Miles
' Population (1990 Census)
City of Rosemount Facilities and Services:
' Miles of Streets
Fie Protection:
Number of Stations
' Number of Fee Personnel and Officers
Number of Calls Answered
Number of Vehicles
Police Protection:
' Number of Stations
Number of Fie Personnel and Officers
Sworn Officers
' Other Police Personnel
Number of Patrol Units
Marked
Unmarked
Parks and Recreation:
Parks
Park Acreage
'Tennis Courts
Sewerage System:
Miles of Sanitary Sewers
Miles of Storm Sewers
Number of Service Connections
Water System:
Miles of Water Mains:
Municipal
Rural
Number of Service Connections
' Number of Wells
Municipal
Rural
Number of Water Towers
Number of Fire Hydrants
Daily Average Consumtion in Gallons
'Facilities and Services not included in the Reporting Entity:
Number of Elementary Schools
' Number of Secondary Schools
Number of Special Education Schools
1358
Council/City Administrator
49
145
36 Square Miles
3622
114
1
36
355
12
1
11
2
5
2
16
213 Acres
2
34.12 miles
19.60 miles
2531
43.6
7.1
2531
4
2
2
368
941,207 Gallons Per Day
2
2
1
-91-
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THIS PAGE INTENTIONALLY LEFT BLANK
I
CITY OF ROSEMOUNT. MINNESOTA
SCHEDULE OF BONDED INDEBTEDNESS
DECEMBER 31, 1992
TOTAL CITY INDEBTEDNESS $13,910,000
-94-
FINAL
INTEREST
ISSUE
MARURITY
OUTSTANDING
RATE
DATE
DATE
1-1-92
BONDED INDEBTEDNESS
GENERAL OBLIGATION BONDS
Community Center
6.4
11-92
2-13
Warning System
7.25-8.60
2-81
2-91
$15,000
City Hall
5.40-6.70
4-86
8-02
1,120,000
Equipment Certificates, 1991
4.10-4.80
12-91
12-96
210,000
TOTAL GENERAL OBLIGATION BONDS
$1,345,000 '
SPECIAL ASSESSMENT BONDS
Improvement, 1992A
4.9
9-92
2-04
Improvement, 1992D
5.5
11-92
2-04
Improvement, 1991A
5.00-6.00
6-91
2-02
$1,180,000
Improvement, 1991B
4.40-5.70
12-91
2-03
265,000 '
Improvement, 1989B
6.10-6.60
7-89
2-01
2,480,000
Improvement, 1988B
5.90-6.90
10-88
2-99
2,150,000
Improvement, 1987A
4.75-6.70
2-87
2-99
3,950,000 '
Valley Oak
5.25-5.80
7-80
2-92
81,256
Chippendale
7.50
10-80
2-92
38,744
White Lake Acres - 1985
6.00-8.20
6-85
2-96
120,000
TOTAL SPECIAL ASSESSMENT BONDS
$10,275,000
REVENUE BONDS
Municipal Building, 1992E
6.4
11-92
2-18
Storm Water - 19926
5.4
9-92
2-08
Water - 1989A
7.00-7.25
4-89
2-05
$1,305,000
Water Improvement
4.50-5.40
11-71
5-92
20,000
Water - Well #7
4.75-6.10
5-76
5-76
20,000
TOTAL REVENUE BONDS
$1,345,000
TAX INCREMENT BONDS
Tax Increment, 1988A
8.20-9.60
6-88
2-99
$945,000
TOTAL TAX INCREMENT BONDS
TOTAL CITY INDEBTEDNESS $13,910,000
-94-
'
INTEREST
PRINCIPAL
ISSUED
RETIRED
OUTSTANDING
DUE IN
DUE IN
1992
1992
12-31-92
1993
1993
$1,080,000
$1,080,000
$48,698
$15,000
70,000
1,050,000
$75,000
65,530
40,000
170,000
40,000
7,670
' $1,080,000
$125,000
$2,300,000
$115,000
$121,898
' $895,000
$895,000
$35,542
1,470,000
1,470,000
13,790
1,180,000
$120,000
64,710
'
265,000
13,790
$270,000
2,220,000
250,000
136,260
300,000
1,850,000
300,000
112,025
'
475,000
3,475,000
475,000
199,663
81,256
38,744
'
20,000
100,000
100,000
4,690
$2,365,000
$1,185,000
$11,455,000
$1,245,000
$580,470
$3,425,000
$3,425,000
$152,493
1,525,000
1,525,000
70,771
'
$20,000
1,285,000
$65,000
89,658
20,000
'
20,000
$4,950,000
$60,000
$6,235,000
$65,000
$312,922
85,000
860,000
95,000
76,010
$8,395,000
$1,455,000
$20,850,000
$1,520,000
$1,091,300
'
-95-
BOECKERMANN HEINEN & MAYER �
C E R T I F I E D P U B L I C A C C O U N T A N T S '
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH LAWS AND
REGULATIONS BASED ON AN AUDIT OF THE GENERAL PURPOSE
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDIT STANDARDS ISSUED BY THE GAO
City Council '
City of Rosemount, Minnesota
We have audited the general purpose financial statements of the City of Rosemount,
Minnesota, for the year ended December 31, 1992, and have issued our report thereon
dated March 23, 1993. 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 Legal Compliance Audit Guide promulgated
by the Legal Compliance Task Force pursuant to Minnesota Statutes Sec. 6.65. Those
standards require that we plan and perform the audit to obtain reasonable assurance about '
whether the financial statements are free of material misstatement.
Compliance with laws, regulations, contracts, and grants applicable to the City of
Rosemount, Minnesota, is the responsibility of the City of Rosemount's management. As
part of obtaining reasonable assurance about whether the financial statements are free of
material misstatement, we performed tests of the City of Rosemount's compliance with
certain provisions of laws, regulations, contracts, and grants. However, it should be noted
that our objective was not to provide an opinion on overall compliance with such provisions.
The results of our tests indicate that, with respect to the items tested, the City of _
Rosemount, Minnesota, complied, in all material respects, with those provisions referred
to in the receding paragraph except as described in the Comments to Auditors' Report on
Compliance. With respect to items not tested, nothing came to our attention that caused
us to believe that the City of Rosemount, Minnesota, had not complied, in all material
respects, with those provisions. '
The Legal 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. ,
BOECKERMANN, HEINEN & MAYER ,
Certified Public Accountants
Minneapolis, Minnesota
March 23, 1993 '
CITY OF ROSEMOUNT, MINNESOTA
COMMENTS TO AUDITORS' REPORT ON COMPLIANCE
------------------------------------------------------------------------
PLEDGE OF SECURITIES
Minnesota Statute 118.01 requires that public funds must be covered by pledged securities
to the extent that the amount of the FDIC coverage and the securities pledged to protect
these public funds is equal to or greater than 100% of the public funds held. Based on the
statutes, at December 31, 1992 the City needed an additional $228,943 in pledged collateral
to meet the requirements.
-97-
CITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
PORT AUTHORITY COMMISSION MEETING DATE: JULY 6, 1993
AGENDA ITEM: DISTRIBUTION OF CITY'S ANNUAL
AGENDA SECTION:
FINANCIAL REPORT
EXECUTIVE DIRECTOR'S RPT
PREPARED BY: JOHN MILLER,
ECONOMIC DEVELOPMENT COORDINATOR
AGENDA NO.
q
-A
ATTACHMENTS: ANNUAL FINANCIAL REPORTAPP
D Y:
v
Stephan Jilk, the Port Authority's executive director, will review the
Annual Financial Report for the year ended December 31, 1992. He will be
available to answer any questions you might have.
RECOMMENDED ACTION: None. Information item only.
PORT AUTHORITY ACTION:
CITY OF ROSEMOUNT, MINNESOTA
TABLE OF CONTENTS
---------------------------------
December 31, 1992
INTRODUCTORY SECTION
Title Page
Table of Contents
City Officials
FINANCIAL SECTION
Independent Auditors' Report
General Purpose Financial Statements
Combined Balance Sheet - All Fund Types and
Account Groups
Combined Statement of Revenue, Expenditures
and Changes in Fund Balances - All Governmental
Fund Types
Combined Statement of Revenue, Expenditures and
Changes in Fund Balance - Budget and Actual -
General Fund
Combined Statement of Revenue, Expenses and
Changes in Retained Earnings - All Proprietary
Fund Types
Combined Statement of Cash Flows - All
Proprietary Fund Types
Notes to the Financial Statements
Combining and Individual Fund Financial Statements and Schedules
General Fund
Comparative Balance Sheets
Comparative Statements of Revenue, Expenditures
and Changes in Fund Balance
Schedule of Revenue - Budget and Actual
Schedule of Expenditures and Encumbrances -
Budget and Actual
i
PAGE(S)
3-4
10-11
12
13
14-15
17-36
37
38
39
44-41
CITY OF ROSEMOUNT, MINNESOTA
TABLE OF CONTENTS
---------------------------------
December 31, 1992
Special Revenue Funds
Combining Balance Sheet
Combining Statement of Revenue, Expenditures
and Changes in Fund Balances
Debt Service Funds
Combining Balance Sheet
Combining Statement of Revenue, Expenditures
and Changes in Fund Balances
Capital Project Funds
Combining Balance Sheet
Combining Statement of Revenue, Expenditures
and Changes in Fund Balances
Enterprise Funds
Comparative Balance Sheets
Comparative Statements of Revenue, Expenses
and Changes in Retained Earnings
Comparative Statements of Cash Flows
Agency Funds
Combining Balance Sheet
Statement of Changes in Assets and Liabilities
STATISTICAL SECTION
General Government Revenue by Function
General Government Expenditures by Function
Property Tax Levies and Collections
Property Tax Rate - Direct and Overlapping Debt
Computation of Legal Debt Margin
Property Value and Construction
ii
PAGE(S)
44-45
46-47
50-52
54-57
60-65
66-71
74-75
76
77-78
79
80
82-83
84-85
86-87
88
89
90
CITY OF ROSEMOUNT, MINNESOTA
TABLE OF CONTENTS
---------------------------------
December 31, 1992
Miscellaneous Statistics
Schedule of Bonded Indebtedness
Auditors' Report on Compliance
iii
PAGE
91
94-95
96-97
1 9
CITY OF ROSEMOUNT, MINNESOTA
CITY OFFICIALS
--------------------------
December 31, 1992
E.B. McMenomy
Sheila Klassen
James "Red" Staats
Harry Willcox
Dennis Wippermann
Stephan Jilk
Jeffrey May
Scott Aker
Dave Bechtold
Lisa Freese
Elliel Knutsen
John Miller
Henry "Bid" Osmundson
Susan Walsh
Ronald Wasmund
ELECTED
Mayor
Council Member
Council Member
Council Member
Council Member
APPOINTED
City Administrator
Finance Director
Fire Chief
Park and Recreation Director
Planning Director
Police Chief
Economic Development Coordinator
City Engineer
Administrative Assistant
Public Works Director
-1-
BOECKERMANN HEINEN & MAYER
C E R T I F I E D P U B L I C A C C O U N T A N T S
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, 1992, 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 standards. 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 evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
The City does not maintain adequate records of the general fixed asset group of accounts,
stated at $11,889,220 in the accompanying combined financial statements. Because the
City's records do not permit the application of adequate audit procedures, we are unable
to and do not express an opinion on the general fixed asset account group.
In our opinion, other than the general fixed asset group of accounts as described in the
preceding paragraph, 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, 1992, and the results of its operations and the
cash flows of its proprietary fund types for the year then ended in conformity with generally
accepted accounting principles.
a
To the Mayor and City Council
City of Rosemount, Minnesota
Page Two
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 are not a required part of the general purpose financial statements of the City of
Rosemount, Minnesota. Such information has been subjected to the auditing procedures
applied in the audit of the general purpose financial statements and, in our opinion, is fairly
stated in all material respects in relation to the general purpose financial statements taken
as a whole.
The statistical section listed in the table of contents is presented for purposes of additional
analysis and is not a required part of the general purpose 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.
Minneapolis, Minnesota
March 23, 1993
BOECKERMANN, HEINEN & MAYER
Certified Public Accountants
ATY OF ROSE -MOUNT MINNESOTA
;OMBINED BALANCE SHEET
%LL FUND TYPES AND ACCOUNT GROUPS
)ECEMBER 31, 1992
GOVERNMENTAL FUND TYPES
SPECIAL DEBT CAPITAL
GENERAL REVENUE SERVICE PROJECTS
ASSETS AND OTHER DEBITS
ASSETS:
:ash
$126,164
$34,000
$104,705 $118,182
certificates of deposit
1,105,814
1,611,431
7,040,000 6,460,000
accounts receivable
15,188
,4otes receivable
1,430,482
Special assessments receivable
Delinquent
64,974
15,417
Deferred
20,225
213
872,835
Delinquent taxes receivable
66,013
Due from other funds
Due from other governments
158,996
15,663
186,904
Pripaid expenses
123,797
991
=fixed assets
OTHER DEBITS:
Amount available in debt service funds
Amount to be provided for debt retirement _
TOTAL $1,681,171 $3,092,780 $8,219,861 $6,578.182
See notes to general purpose financial statements
Q�
PROPRIETARY
FIDUCIARY
FUND TYPE
FUND TYPE
ACCOUNT GROUPS
TOTALS
GENERAL
FIXED
GENERAL
ASSETS
LOMG-TERM
(MEMORANDUM ONLY)
ENTERPRISE
AGENCY
(UNAUDITED)
DEBT
1992
1991
$73,761
$2,900
$459,712
$509,1 D4
3,148,000
479,030
19,844,275
12,402,799
330,029
345,217
219,854
1,430,482
1,433,548
10,423
90,814
211,193
41,357
934,630
1,665.838
66,013
63,538
269;792
361,563
239,173
47,667
172,455
160,583
3,193,641
11,889,220
15,082,861
14,669,095
7,331,608
7,331,608
6,847,735
7,483,467
7,483,467
5,892,587
$6.844,878
$481.930
$11.889.220
$14.815.075
$53.603.098
$44.584.839
CITY OF ROSEMOUNT, MINNESOTA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1992
LIABILITIES. EQUITY AND OTHER CREDITS
LIABILITIES:
Due to other funds
Accounts payable
Compensated abenses payable
Accrued expenses
Accrued interest
Contracts payable
Deferred revenue
Bonds payable
TOTAL LIABILITIES
FUND EQUITY:
Investment in general fixed assets
Contributed capital
Retained earnings
Fund balance
Reserved
Unreserved
Designated for working capital
TOTAL FUND EQUITY AND OTHER CREDITS
TOTAL
See notes to general purpose financial statements
GOVERNMENTAL FUND TYPES
SPECIAL DEBT CAPITAL
GENERAL REVENUE SERVICE PROJECTS
233,200 76,499
67.568
56,376
6,307 514,059
186,994 1,503,473 888,253
$487,762 $1,586,279 $888,253 $570,433
165,625 1,506,501 7,331,608 6,007,749
1,027,785
$1,193,410 $1,506,501 $7,331,608 $6,007,749
$1.681.171 $3.092,780 $8.219.861 $6.578,182
ME
I
PROPRIETARY
FIDUCIARY
FUND TYPE
FUND TYPE
ACCOUNT GROUPS
TOTALS
GENERAL
FIXED
GENERAL
ASSETS
LOMG-TERM
(MEMORANDUM ONLY)
ENTERPRISE
AGENCY
(UNAUDITED)
DEBT
1992
1991
$269,792
2,342
481,930
850,347
522,216
28,978
$200,075
229,053
199,991
8,601
76,169
51,017
64,035
64,036
39,575
520,366
70,428
49,782
2,628,502
3,439,758
2,810,000
14.615,000
17,425,000
13,910,000
$2,963,739
$481,930
$0
$14,815,075
$21,793,473
$18,502,777
$11,889,220
$11,889,220
$11,343,070
1,846,995
1,846,995
1.670,197
2,034,144
2,034,144
2,841,306
15,011,483
9,285,074
1,027,785
942,415
$3,881,139
$0
$11,889,220
$0
$31,809,627
$26,082,062
$6.844.878
$481.930
$11.889.220
$14,815,075
$53.603,100
$44.584.889
-9-
CITY OF ROSEMOUNT, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
YEAR ENDED DECEMBER 31, 1992
REVENUES:
General property taxes
Licenses and permits
Special assessments
Intergovernmental
Charges for services
Fines and forfeitures
Interest earnings
Miscellaneous
TOTAL
EXPENDITURES:
Current:
General government
Public safety
Public works
Parks and recreation
Other
Debt service:
Redemption of bonds
Interest on bonds
Fiscal agent fees
TOTAL
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Proceeds from sale of bonds
Transfers from other funds
Transfers to other funds
TOTAL
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OHTER FINANCING USES
BEGINNING FUND BALANCE
ENDING FUND BALANCE
See notes to general purpose financial statements
GOVERNMENTAL FUND TYPES
SPECIAL
DEBT
GENERAL
REVENUE
SERVICE
$1,342,415
$744,421
$429,725
342,742
69,249
1,366,585
956,055
49,594
277,856
44,927
30,614
166,678
289,317
182,491
88,475
316
$3,246,349
$1,049,168
$2,085,943
$1,057,642 $255,287
$885,966
$743,056
$523,296
574,159 $10,125
1,395,000
773,117
4,211
$3,209,960 $829,446 $2,182,453
$36,389
$219,722 ($96,510)
$94,375
$140,230 524,540
(39,389) (530,039) (38,532)
$100,841 ($530,039) $580,383
$137,230 ($310,317) $483,873
1,056,180 1,816,818 6,847,735
$1,193,410 $1,506,501 $7,331,608
-1�-
,
$5,500,993
TOTALS
$1,062,460
CAPITAL
(MEMORANDUM ONLY)
PROJECTS
1992
1991
$16,039,268
$10,227,489
$2,516,561
$2,255,565
342,742
193,178
1,435,834
884,874
1,005,649
1,256,235
277,856
125,887
44,927
47,377
$1,492
488,101
683,981
41,387
312,669
189,047
$42,879
$6,424,339
$5,636,144
$1,312,929
$1,127,799
885,966
834,191
$2,548,609
3,291,665
1,055,611
523,296
503,804
209,198
793,482
629,069
1,395,000
1,560,000
773,117
773,229
4,211
5,063
$2,757,807
$8,979,666
$6,488,766
($2,714,928)
($2,555,327)
($852,622)
$6,515,819
$6,610,194
$1,642,348
1,904,017
2,568,787
1,768,539
(203,915)
(811,875)
(1,495,805)
$8,215,921
$8,367,106
$1,915,082
$5,500,993
$5,811,779
$1,062,460
506,756
10,227,489
9,165,029
$6,007,749
$16,039,268
$10,227,489
-11-
CITY OF ROSEMOUNT, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENDIURES AND CHANGES IN FUND BALANCES
BUDGET (GAAP BASIS) AND ACTUAL - GENERAL FUND
YEAR ENDED DECEMBER 31, 1992
REVENUES:
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Miscellaneous
TOTAL
EXPENDITURES:
General government
Public safety
Public works
Park and recreation
TOTAL
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers from other funds
Transfers to other funds
TOTAL
EXCESS (DEFICIT) OF REVENUE OVER
EXPENDITURES AND ENCUMBRANCES
AND OTHER FINANCING SOURCES (USES)
Reconcialition to GAAP basis
elimination of encumbrances, net
BEGINNING BALANCE
ENDING BALANCE
BUDGET
ACTUAL
VARIANCE
(39,389)
$1,371,702
$1,342,415
($29,287)
215,800
342,742
126,942
913,614
956,055
42,441
194,950
277,856
82,906
50,000
44,927
(5,073)
257,828
282,354
24,526
$3,003,894
$3,246,349
$242,455
$1.015,743
$1,074,792
($59,044)
881,498
888,017
(6,519)
761,173
749,368
11,805
581,067
530,196_
_ 50,871
$3,239,486
$3,242,373
($2,887)
($235,592)
$3,976 $239,568
$235,592 $140,230
($95,362)
(39,389)
(39,389)
$235,592 $100,841
($134,751)
- I2-
$0 $104,817 $104,817
32,413
1,056,180
$1,193,410
t r
CITY OF ROSEMOUNT MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
YEAR ENDED DECEMBER 31, 1992
See notes to general purpose financial statements
--13-
TOTALS
1992
1991
OPERATING REVENUE:
Water sates
$358,066
$306,532
Storm Water Charges
203,701
Sewer charges
475,652
426,728
Water surcharges
47,543
42,591
Water meter maintenance
11,550
8,787
Water meters
25,890
16,939
Miscellaneous
58,704
45,035
TOTAL
$1,181,106
$846,612
OPERATING EXPENSES:
Salaries and wages
$214.380
$181,297
Supplies
75,313
103,443
Other services
126,929
63,858
Other charges
597
4,074
Metro sewer charge
297,564
264,108
Depreciation
138,034
131,446
TOTAL
5852,817
$748,226
OPERATING INCOME
$328,289
$98,386
NON-OPERATING REVENUE (EXPENSES):
Interest revenue
$34,591
$37,833
Interest expense
($131,969)
(96,323)
Other expenses
($1,073)
(1,830)
TOTAL
($98,451)
($60,320)
INCOME BEFORE OPERATING TRANSFERS
$229,838
$38,066
OPERATING TRANFERS:
Operating transfers in
$452,000
$30,000
Operating transfers out
($1,489,000)
TOTAL
($1,037,000)
$30,000
NET INCOME (LOSS)
($807,162)
$68,066
BEGINNING RETAINED EARNINGS
$2,841,306
2,773,240
ENDING RETAINED EARNINGS
$2,034,144
$2,841,306
See notes to general purpose financial statements
--13-
,ITY OF ROSEMOUNT, MINNESOTA
'OMBINED STATEMENT OF CASH FLOWS
kLL PROPRIETARY FUND TYPES
'EAR ENDED DECEMBER 31, 1992
ENTERPRISE FUNDS
1992 1991
'ASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers $1,068,728 $696,251
Cash payments to suppliers for goods and services ($506,776) (512,978)
Cash payments to employees for services ($207,137) (194,616)
Net cash provided by operating activities $354,815 ($11,343)
-ASH FLOWS FROM NONCAPITAL ACTIVITIES:
Operating transfers from other funds
$452,000
$30,000
Operating transfers to other funds
(1,489,000)
Net cash provided by noncapital financing activitites
($1,037,000)
$30,000
-ASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
Acquisition of property, plant, and equipment
($5,650)
($24,012)
Principal payments on bonds
(60,000)
(60,000)
Issuance of bonds
1,528,000
Interest and fiscal charges on bonds
(108,581)
(99,233)
Contributed capital (core charges)
Received
1,216,850
613,802
Paid Out
(1,040,052)
(336,932)
Jet cash used by capital and related financing activities
$1,527,567
$93,625
,ASH FLOWS FROM INVESTING ACTIVITIES
Net increase (decrease) in investments ($918,000) ($295,000)
Interest received on investments 34,591 37,833
Net cash used in investing activities ($883,409) ($257,167)
'SET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ($38,027) ($144,885)
3EGINNING BALANCE 111,788 256.673
ENDING BALANCE $73,761 $111,788
See notes to general purpose financial statements
-14-
ti r
TOTALS
1992
1991
AECONCILIAT10N OF OPERATING INCOME TO NET CASH PROVIDED
BY OPERATING ACTIVITIES
3perating Income
$328,289
$98,386
%djustments to reconcile operating income to
Net cash provided by operating activities:
Depreciation
138,034
131,446
Change in assets:
Accts receivable
(117,717)
(148,446)
Prepaid expenses
(1,753)
(12,350)
Change in liabilities:
Accounts payable
(4.620)
(8,816)
Contracts payable
0
(56,329)
Accrued expenses
7,243
(13,319)
Deferred revenue
5,339
(1,915)
JET CASH PROVIDED BY OPERATING ACTIVITIES
$354,815
(511,3431
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 and sewer utilities.
The financial statements of the City of Rosemount are in conformity with
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 significant accounting policies followed 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, 1992, the City has implemented
National Council on Governmental Accounting Statement No. 3,
Defining the Governmental Reporting,_ Entity. In accordance with
Statement No. 3 the financial statements include all funds, account
groups, departments, agencies, boards, commissions and other
organizations over which City officials exercise oversight responsibility.
Oversight responsibility includes such aspects as appointment of
governing body members, budget review, approval of property tax
levies, outstanding debt secured by City full faith and credit or
revenue, responsibility for funding deficits 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 financial
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, 1992
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING 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 separateaccounting 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 expenditures or expenses, as appropriate. Government
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:
GOVERNMENTAL FUNDS
General Fund - The General Fund is the general operating fund of the
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
Iegally restricted to expenditures for specified purposes.
Debt Service Funds - Debt Service Funds are used to account for the
accumulation of resQurces 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
financial resources to be used for the acquisition or construction of
major capital facilities (Other than those financed by Proprietary
Funds).
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
NOTE 1 SUMMARY OF SIGNIFICANT" ACCOUNTING POLICIES (Continued)
B. Fund Accounting (Continued)
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 governmental 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 taxes are recorded
as liabilities and reductions of revenue when they are measurable and
their validity seems certain.
Expenditures are generally recognized under the modified 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.
-i9
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
NOTE 1 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 expenditures or liabilities.
E. Accumulated Unpaid Vacation, Sick and Holiday Pay
Accumulated unpaid vacation, sick, and holiday pay are accrued when
earned in proprietary funds. Such amounts for governmental funds are
accrued only to the extent that they are to be liquidated with
expendable available resources. The balance is reported as a Iiability
in the General Long -Term Debt Account Group.
F. Total Columns on Combined Statements - Overview
Total columns on the Combined Statements - Overview are captioned
"Memorandum Only" to indicate that they are presented only to
facilitate financial 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
--------------------------------------------------------------
December 31, 1992
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
G. Fixed Assets and Long -Term Liabilities
The accounting and reporting of fixed assets and long-term liabilities
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 Fixed 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 fixed 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 fixed 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 and Structures 40-50 years
Furniture and Equipment 10 years
Machinery 10 years
Other Equipment 4-10 years
-21-
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
----------------------------------
December 31, 1992
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
G. Fixed Assets and Long -Term Liabilities (Continued)
Long-term liabilities expected to be financed from governmental funds
are accounted for in the General Long -Term Debt Account Group,
not in the governmental funds. The exception to this rule is the
revenue bonds 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 to 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 or 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
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
H. Property Taxes
The City Council annually adopts a tax levy and certifies it to the
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 taxes are collected by the County and remitted to the City by
approximately each subsequent July 15, and December 15.
Additionally, delinquent collections are remitted to the City with each
settlement.
Taxes payable on homestead property (as defined by State Statutes)
are partially reduced by a homestead credit. This credit is paid to the
City by the State in lieu of taxes 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 receivable are not recognized as revenue
until collected. Delinquent taxes are offset by deferred revenue.
L Special Assessments
Special assessments are levied against the benefitted properties for the
assessable costs of special assessment improvement projects in
accordance with State Statutes. The City adopts the assessment rolls
when the individual projects 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-
NOTE 1
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
I.
J.
K.
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 determined 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 -forfeit 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 allowance for potentially uncollectible assessments has
been provided.
Budgets
Financial control of spending for various governmental activities is
exercised through the use of budgetary procedures. Exclusive
authority over all budget matters remains with the Council. Depart-
mental budgets may not exceed amounts set by the Council. Formal
annual budgets are not adopted for Special Revenue (except for
Economic Development Authority and 5 -Year CIP Program), Capital
Project or Debt Service funds. Effective budgetary control is
alternatively achieved in these funds by Council approval of individual
projects and expenditures.
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-
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
L. Comparative Data
Comparative totals for the prior year have been presented in the
accompanying financial statements in order to provide an
understanding of changes 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'
DEPOSITS
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 require that all City deposits be protected by insurance,
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-
NOTE 2
NOTE 3
0 1
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
---------------------------------------
December 31, 1992
CASH AND CERTIFICATES OF DEPOSIT (Continued)
DEPOSITS (Continued)
Authorized collateral includes the legal investments described below, as well as
certain first mortgage notes, and certain other state or local government 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, 1992 were:
1) Insured or collateralized by se-
curities held by the City or its
agent in the City's name.
2) Uncollateralized or collateralized
with securities held by the pledging
institution, but not in the City's
name.
TOTALS
NOTES RECEIVABLE
Bank Carrying
Balances Amount
$20,329,537 $20,018,252
228,943 288,943
120.558,480 $20.307,195
Total notes receivable at December 31, 1992 and 1991 were $1,430,482 and
$1,433,548, respectively. They are due in monthly installments over various periods
and at varying interest rates.
-26-
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
NOTE 4 FIXED ASSETS
A summary of changes in General Fixed Assets for 1992 is as
follows:
Balance Balance
January 1, Additions December 31,
1992 (Deletions) 1992
Land $ 1,019,463 $ - $ 1,019,463
Buildings and
Structures 2,280,225 204,466 2,484,691
Improvements Other
than Buildings 5,362,871 39,014 5,401,885
Machinery and
Equipment 2,680,511 302,670 2,983,181_..
Totals 111,.343,070 $ 546,15011,889,220
A summary of proprietary fund type fixed assets at December 31, 1992 is as follows:
Land $ 23,720
Buildings 176,056
Water Towers and Mains 3,904,440
Machinery and Equipment 282,717
Total $ 4,386,933
Less Accumulated Depreciation (1,193,292)
$ 3,193,641
NOTE 5 LONG-TERM DEBT
The following is a summary of changes in long-term debt of the City for the year ended
December 31, 1992:
General Special Tax
Obligation Assessment Increment Revenue Compensated
Bonds Bonds Bonds Bonds Absences
BALANCE,
January 1,
1992 $ 1,345,000 $10,275,000 $ 945,000 $ 1,345,000 $ 175,322
New Bonds
Issued 1,080,000 2,365,000 - 4,950,000 -
Increase in
Long -Term
Compensated
Absence
Liability - - - - 24,_753
Bonds Retired (125,000) (1,185,000) (85,000) (60,000) -
BALANCE,
December 31,
1992 $ 2300,000 $11,455,000 S 860,000 $ 6,235,000 $ 200,075
-27-
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
NOTE 5 LONG-TERM DEBT (Continued)
General Obligation Bonds
General Obligation Bonds are recorded in the General Long -Term Debt group of accounts
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 Group and are payable primarily
from special assessments levied and collected for local improvements. The city has a
contingent liability relating to a pledge of 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
These bonds are recorded as a liability of the Enterprise Fund. The major covenant relating
to these issues include establishment of a reserve account for the payment of bond principal
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.
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
NOTE 5 LONG-TERM DEBT (Continued)
The annual requirements to amortize all debt outstanding as of December 31, 1992,
including interest payments of $9,249,896 are as follows
Year Ending General Special
December 31 Obligation Assessments Revenue Total
1993
$ 560,401
$ 1,794,801
$ 225,429
$ 2,580,631
1994
705,662
2,012,121
261,635
2,979,419
1995
764,675
1,964,485
289,932
3,019,093
1996
769,975
1,849,094
301,882
2,920,951
1997
732,470
1,709,045
307,780
2,749,295
1998
763,470
1,565,864
307,757
2,637,244
1999
761,147
1,405,205
306,909
2,473,261
2000
472,340
702,717
300,352
1,475,410
2001
477,852
622,912
302,965
1,403,730
2002
476,916
385,882
304,531
1,167,330
2003
344,285
253,879
305,007
903,171
2004
345,195
211,042
304,324
860,561
2005
350,171
-
297,677
647,849
2006
349,217
-
155,385
504,603
2007
347,515
-
152,615
500,130
2008
349,922
-
154,312
504,235
2009
346,429
-
-
346,429
2010
342,182
-
-
342,183
2011
346,907
-
346,908
2012
345,435
-
-
345,435
2013
347,772
-
-
347,772
2014
208,504
-
-
208,504
2015
208,024
-
-
208,024
2016
211,680
-
-
211,680
2017
209,470
-
-
209,470
2018
206,580
-
206,580
Total $11.344,352 g4,477.048 4,278,495 $30,099.896
-29-
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE
PLAN DESCRIPTION
All full-time and certain part -tune employees of the City of Rosemount are
covered by defined benefit pension plans administered by the Public
Employees Retirement Association of Minnesota (PERA). PERA administers
the Public Employees Retirement Fund (PERF) and the Public Employees
Police and Fire Fund (PEPFF) which are cost-sharing multiple -employer
retirement plans.
PERF members belong to either the Coordinated Plan or the Basic Plan.
Coordinated members are covered by Social Security and Basic members are
not. All new members must participate in the Coordinated Plan. All police
officers, fire fighters and peace officers who qualify for membership by statute
are covered by the PEPFF. The payroll for employees covered by PERF and
PEPFF for the year ended December 31, 1992 was $1,287,501 and $466,041,
respectively; the City's total payroll was $1,938,056.
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 allowable service, age, and years of credit at
termination of service. Two methods are used to compute benefits for
Coordinated and Basic members. The retiring member receives the higher
of step -rate benefit accrual formula (Method 1) or a level accrual formula
(Method 2). Under Method 1 the annuity accrual rate for a Basic member
is 2 percent of average salary for each of the first 10 years of service and 2.5
percent for each remaining year. For a Coordinated member, the annuity
accrual rate is 1 percent of average salary for each of the first 10 years and
1.5 percent 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. 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-
NOTE 6
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
DEFINED BENEFIT PENSION PLANS --STATEWIDE (Continued)
PLAN DESCRIPTION (Continued)
There are different types of annuities available to members upon retirement.
A normal annuity is a lifetime annuity that ceases upon the death of the
retiree. No survivor annuity is payable. There are also various types of joint
and survivor annuity options available which will reduce the monthly normal
annuity amount. Members may also leave their contributions in the fund
upon termination of public service, in order to qualify for a deferred annuity
at retirement age. Refunds of contributions are available at any time to
members who leave public service, but before retirement benefits begin.
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
Employees Employ Rates
PERF (Basic and Coordinated
Plans) 4.41% 4.74% 9.95%
PEPFF 8% 12% 18.6%
-31-
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued)
PLAN DESCRIPTION (Continued)
Total contributions made by the City during fiscal year 1992 were:
Amounts Covered _Payroll
Employees Employer Employees EmplMer
PERF $ 54,461 $ 57,680 4.2% 4.5%
PEPFF 37,283 55,925 8.0% 12.0%
Totals $ 91.744 $ 113.605
The City's contribution for the year ended June 30, 1992 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, 1992,
represented 0.19 percent of total contributions required of all participating
entities.
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-
NOTE 6
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued)
FUNDING STATUS AND PROGRESS (Continued)
The measure, which is the actuarial present value of credited projected
benefits, is intended to help users assess PERA's funding status on a going -
concern basis, assess progress made in accumulating sufficient assets to pay
benefits when due, and make comparisons among Public Employee
Retirement Systems and among employers. PERA does not make separate
measurements of assets and pension benefit obligations for individual
employers.
The pension benefit obligation as of June 30, 1991, is shown below (in
thousands):
PERF. PEPFF
Total Pension Benefit
Obligation $ 4,868,124 $ 821,604
Net Assets Available
for Benefits, At
Cost (Market Values
for PERF=$4,068,082,
PEPFF=$1,012,812) 3,933,124 963.565
Unfunded (Assets in
Excess of) Pension
Benefit Obligation 935 000 141961`
The measurement of the pension benefit obligation is based on an actuarial
valuation as of June 30, 1992, Net assets available to pay pension benefits
were valued as of June 30, 1992,
Changes in Benefit Provisions
Effective for the June 30, 1992 valuation, legislative activity since the last
actuarial valuation resulted in some minor changes in benefit provision for
the two funds. These changes did not have a significant impact on the PERF
or the PEPFF.
-33-
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued)
FUNDING STATUS AND PROGRESS (Continued)
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, 1992. This information
is useful in assessing the pension plan's accumulation of sufficient assets to
pay pension benefits as they become due..
RELATED 'PARTY INVESTMENTS
As of June 30, 1992, and the fiscal year then ended, PERA held no securities
issued by the City or other related parties.
NOTE 7 CONTRIBUTED CAPITAL
Changes in contributed capital (core funds) for the year ended December 31,
1991 are as follows:
Balance, December 31, 1991 $ 1,670,197
Connection/Reconnection Fees and Other 1,216,850
Transfers Out and Other (1,040,052)
Balance, December 31, 1992 $ 11,846,,995
NOTE 8 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
expenditures. Following is a list of all reserves used by the City and a
description of each.
Reserved for Debt Service The portion of fund equity segregated for debt
service 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.
-34-
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
NOTE 8 FUND EQUITY RESERVE (Continued)
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 9-- .TAX .INCREMENT FINANCING DISTRICT
The City of Rosemount Economic Development Authority is the
administering authority for three tax increment districts. A redevelopment
district established May 1, 1979 (Downtown) and an economic development
district established March 1, 1990 (Knutson). Both districts are also part of
Development District No. 1-1 established March 1, 1990. Tax capacities and
bonding information are as follows:
1979 1990
Original Gross Tax
Capacity $ 186,687 $ 586
Current Gross Tax
Capacity 432,848 19,602
Captured Gross Tax Capacity
Retained by Authority _246,161: 19.016
Total Bonds Issued:
Tax Increment Bonds $ 1,225,000 $ -
Amounts Redeemed 365,000
Outstanding Bonds at
December 31, 1992 860,000
-35
NOTE 10
NOTE 11
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------------------------------------
December 31, 1992
DEFICIT FUND BALANCES
The following funds had deficit fund balances at December 31, 1992 which
were expected to be recovered through various sources as follows:
Fund Description Fund Type Deficit Intended Disposition
Diamond Path
(#230)
Hawkins Pond
(#402)
145th St. Re-
construction
(#411)
Reconstruction
145th St.
(#416)
Armory Highway 3
Impr. (#417)
O'Leary's Hills
(#423)
White Lake Acres
St. Reconstruc-
tion (#428)
Special Revenue $ (1,125) Transfers
Capital Projects $ (2,508) Core Funds
Capital Projects $ (10,764) Bond Proceeds
Capital Projects $(139,112) MSA Funds
Capital Projects $ (8,697) MSA Funds
Capital Projects $ (25,869) Transfers
Capital Projects $ (1,604) Transfers
DEFERRED COMPENSATION PLAN
The City of Rosemount offers its employees a deferred compensation plan
which is in accordance with Internal Revenue Code Section 457.
The plan permits employees to defer a portion of their salary until future
years. Participation is optional. The deferred compensation is not available
to employees until termination, retirement, death, or unforeseeable
emergency.
All amounts of compensation deferred under the plan, all property and rights
purchased with those amounts, and all income attributable to those amounts,
property, or rights are (until paid or 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 creditors of the City in an amount equal to the fair
market value of the deferred account for each participant.
-36-
CITY OF ROSEMOUNT MINNESOTA
COMPARATIVE BALANCE SHEET
GENERAL FUND
DECEMBER 31, 1992
ASSETS
Cash
Certificates of deposit
Due from other funds
Accounts receivable
Special- assessments receivable:
Delinquent
Deferred
Delinquent taxes recievable
Due from other governments
Prepaid expenses
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
LIABILITIES:
Accounts payable
Accrued wages and deductions
Deferred revenue
TOTAL
FUND BALANCE:
Reserved:
Prepaid expenses
Encumbrances
Unreserved:
Designated for working capital
TOTAL
TOTAL LIABILITIES AND FUND EQUITY
$233.200
$82,715
1992
1991
186,994
$126,164
$121,961
1, 05,814
704,227
$113,765
125,502
15,188
1,524
64,974
13,786
20,225
45,059
66,013
63,538
158,996
127,829
123,797
113,765
$1,681,171
11,317,191
$233.200
$82,715
67,567
45,350
186,994
132,946
$487,761
$261,011
$123,797
$113,765
41,828
9,415
1,027,785
933,000
$1,193,410
$1,056,180
$1,681,171
$1,317,191
-37-
CITY OF ROSEMOUNT, MINNESOTA
COMPARATIVE STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
GENERAL FUND
YEAR ENDED DECEMBER 31, 1992
REVENUE:
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeitures
Special assessments
Interest earnings
Miscellaneous
TOTAL
EXPENDITURES:
Current:
General government
Public safety
Public works
Park and recreation
TOTAL
EXCESS OF REVENUE OVER EXPENDITURES
OTHER FINANCING SOURCES (USES):
Transfers from other funds
Transfers to other funds
TOTAL
EXCESS OF REVENUE AND OTHER FINANCING
SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES
BEGINNING FUND BALANCE
ENDING FUND BALANCE
M:
1992 1991
$1,342,415
$1,026,792
342,742
193,178
956,055
19,830
277,856
842,806
44,927
125,887
69,249
47,377
30,614
35,297
182,491
139,717
$3,246,349
$2,430,884
$1,057,642
$998,618
885,966
834,191
743,056
565,071
523,296
503,804
$3,209,960
$2,901,684
$36,389
($470,800)
$140,230
$562,116
(39,389)
$100,841
$562,116
$137,230 $91,316
1,056,180 964,864
$1,193,410 $1,056,180
.'ITY'OF ROSEMOUNT MINNESOTA
;CHEDULE OF REVENUE COMPARED TO BUDGET (GAAP BASIS)
3ENERAL FUND
'EAR ENDED DECEMBER 31, 1992
FAXES:
General property taxes
Fiscal disparities
Other
TOTAL
_ICENSES AND PERMITS:
Business
Non -business
TOTAL
NTERG OVERN MENTAL:
Local government aid
Homestead and ag credit
Equalization aid
Police state aid
Mobile home
Other
TOTAL
CHARGES FOR SERVICES:
General government
Public safety
Highways and streets
SAC
TOTAL
FINES AND FORFEITURES:
County
MISCELLANEOUS:
Interest
Other
Special assessments
Donations
Recreational fees
Bond proceeds
Rents
TOTAL
TOTAL REVENUE
OTHER FINANCING SOURCES:
Transfers from other funds
TOTAL REVENUE AND OTHER
FINANCING SOURCES $3,239,486 $3,386,579 $147,093 $2,993,000
-39-
1992
1991
BUDGET
ACTUAL
VARIANCE
ACTUAL
$1,037,368
$1,007,089
($30,279)
$757,526
310,034
310,034
0
246,442
24,300
25,292
992
22,824
$1,371,702
$1,342,415
($29,287)
$1,026,792
$500
$7,360
$6,860
$7,585
215,300
335,382
120,082
185,593
$215,800
$342,742
$126,942
$193,178
$287,859
$312,363
$24,504
$300,761
448,063
448,063
0
372,365
82,692
89,719
7,027
82,973
59,000
55,711
(3,289)
50,983
20,000
20,676
676
19,899
16,000
29,523
13,523
15,825
$913,614
$956,055
$42,441
$842,806
$180,250
$261,285
$81,035
$116,080
12,600
7,601
(4,999)
7,091
1,100
6,111
5,011
1,567
1,000
2,859
1,859
1,149
$194,950
$277,856
$82,906
$125,887
$50,000
$44,927
($5,073)
$47,377
$38;000
$30,614
($7,386)
$35,297
27,250
36,144
8,894
62,507
18,000
69,249
51,249
19,830
22,878
22,878
0
10,553
98,700
68,189
(28,511)
63,877
52,500
52,500
0
0
2,500
2,780
280
2,780
$257,828
$282,354
$24,526
$194,844
$3,003,894
$3,246,349
$242,455
$2,430,884
235,592
140,230
(95,362)
562,116
TOTAL REVENUE AND OTHER
FINANCING SOURCES $3,239,486 $3,386,579 $147,093 $2,993,000
-39-
CITY OF ROSEMOUNT. MINNESOTA
SCHEDULE OF EXPENDITURES COMPARED TO BUDGET (GAAP BASIS)
3ENERAL FUND
YEAR ENDED DECEMBER 31, 1992
.GENERAL GOVERNMENT
Mayor and council:
Personal services
Professional fees
Other charges
Council designated
Executive:
Personal services
Other
Miscellaneous:
Personal services
Supplies
Other charges
Election:
Personal services
Supplies
Other charges
Finance:
Personal services
Supplies
Other charges
Community development:
Personal services
Other charges
General govermmnent:
Insurance
Supplies
Other charges
TOTAL
PUBLIC SAFETY
Police protection:
Personal services
Supplies
Other charges
Fre protection:
Personal services
Supplies
Other services
Capital outlay
TOTAL
-40-
1992
1991
BUDGET
ACTUAL
VARIANCE
ACTUAL
26,722
23,550
3,172
$23,973
48,070
54,883
(6,813)
44,858
6,650
4,267
2,383
3,804
20,616
18,926
1,690
21,464
180,819
167,689
13,130
126,264
6,400
6,999
(599)
2,954
46,296
52,511
(6,215)
49,620
550
101
449
244
7.150
2,535
4,615
4,243
8,864
8,178
686
1,716
1,225
1,060
165
2,759
3,930
4,607
(677)
262
105,245
100,698
4,547
104,157
9,500
8,336
1,164
1,305
15,900
18,629
(2,729)
7,767
131,079
130,870
209
201,195
30,725
30,763
(38)
52,908
150,000
160,947
(10,947)
145,200
71,900
71,181
719
61,576
144,107
208,062
(63,955)
135,349
$1,015,748
$1,074,792
($59,044)
$991,618
$598,142
$594,885
$3,257
$553,592
22,998
21,135
1,863
27,361
106,325
118,072
(11,747)
97,817
118,103
113,499
4,604
100,384
10,900
21,631
(10,731)
17,357
18,350
18,120
230
24,115
6,680
675
6,005
13,915
$881,498
$888,017
($6,519)
$834,541
-40-
- 41-
1992
1991
BUDGET
ACTUAL
VARIANCE
ACTUAL
'UBLIC WORKS
3eneral maintenance:
Personal services
$503,093
$482,041
$21,052
$323,362
Supplies
59,050
80,030
(20,980)
70,688
Other services
61,750
50,293
11,457
21.386
Streets and roads:
Other charges
70,700
62,188
8,512
83,382
Snow removal:
Other charges
13,380
11,072
2,308
15,136
Street lighting:
Other charges
53,200
63,744
(10,544)
51,117
TOTAL
$761,173
$749,368
$11,805
$565,071
PARK AND RECREATION
Personal services
$400,587
$392,763
7,824
$362,672
Supplies
78,180
75,159
3,021
86,501
Other services
102,300
62,274
40,026
60,331
TOTAL
$581,067
$530,196
$50,871
$509,504
TOTAL EXPENDITURES AND ENCUMBRANCES
$3,239,486
$3,242,373
($2,$87)
$2,900,734
OTHER FINANCING USES
Transfers to other funds
$39,389
($39,389)
TOTAL EXPENDITURES, ENCUMBRANCES AND
AND OTHER FINANCING USES
$3,239,486
$3,281,762
($42,276)
$2,900,734
BEGINNING OF YEAR BUDGET
BASIS ENCUMBRANCES
9,416
10,366
END OF YEAR BUDGET
BASIS ENCUMBRANCES
(41,828)
(9,416)
GAAP BASIS EXPENDITURES AND OTHER
FINANCING USES
$3,249,350
$2,901,684
- 41-
THIS PAGE INTENTIONALLY LEFT BLANK
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF ROSEMOUNT, MINNESOTA
COMBINING BALANCE SHEET
SPECIAL REVENUE FUNDS
DECEMBER 31, 1992
ASSETS
Cash
Certificates of deposit
Notes receivable
Due from other governmental units
Prepaid expenses
Special assessments:
Deferred
TOTAL
LIABILITIES AND FUND BALANCES
LIABILITIES:
ECONOMIC
5—YEAR
CAPITAL
SEVERANCE
DEVELOPMENT
CIP
PROJECTS
AND
AUTHORITY
PROGRAM
MSA
RETIREMENT
(#201)
(#202)
(#203)
(#204)
$22,984 ($41,960) $12,536 $7,818
361,431 770,000 100,000 40,000
1,430,482
15,663
991
$1,831,551 $728,040 $112,536 $47,818
Accounts payable
$10,316
$30,683
Contracts payable
6,307
Deferred revenue
1,437,466
TOTAL
$1,447,782
$36,990
FUND BALANCES:
383,769
691,050 $112,536 $47,818
Reserved
TOTAL LIABILITIES AND FUND BALANCES
$1,831,551
$728,040 $112,536 $47,818
-44-
PARK
$76,499
$18,496
IMPROVE-
ARMORY
DIAMOND
TOTALS
$66,007
MENT
CONSTRUCTION
PATH
$66,007
$1,586,279
(#205)
(#220)
(#230)
1992
1991
$21,418
$6,535
$4,669
$34,000
$182,955
180,000
100,000
60,000
1,611,431
1,705,618
1,430,482
1,433,548
15,663
916
991
904
213
213
4,318
$201,418
$106,535
$64,882
$3,092,780
$3,328,259
$35,500
$76,499
$18,496
6,307
$66,007
1,503,473
1,492,945
$35,500
$66,007
$1,586,279
$1,511,441
$165,918 $106,535
($1,125)
1,506,501
1,816,818
$201,418 $106,535
$64,882
$3,092,780
$3,328,259
-45-
A
CITY OF ROSEMOUNT, MINNESOTA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
SPECIAL REVENUE FUNDS
YEAR ENDED DECEMBER 31, 1992
EXPENDITURES:
Professional fees
ECONOMIC
5 -YEAR
CAPITAL
SEVERANCE
36,346
DEVELOPMENT
CIP
PROJECTS
AND
304,545
AUTHORITY
PROGRAM
MSA
RETIREMENT
$112,536 $47,818
(#201)
(#202)
(#203)
(#204)
REVENUE:
$89,785
$562,325 $1,125
$5,074
EXCESS (DEFICIENCY) OF REVENUE
Municipal state aid
$14,594
$300,224
General property taxes
$41,289
$297,000
$46,000
Tax increments
$277,190
Interest earnings
112,819
43,867
626
363
Donations and other
TOTAL
$390,009
$340,867
$15,220
$46,363
EXPENDITURES:
Professional fees
$9,765
$2,500 $1,125
$1,125
Salaries and wages
36,346
3,949
Engineering
497
304,545
1,112,508
Other
28,974
$112,536 $47,818
Capital outlay
14,203
559,825
TOTAL
$89,785
$562,325 $1,125
$5,074
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
$300,224
($221,458) $14,095
$41,289
OTHER FINANCING SOURCES (USES)
Proceeds from sale of bonds
Transfers from other funds
Transfers to other funds
TOTAL
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES
BEGINNING FUND BALANCES
ENDING FUND BALANCES
($221,000)
($200,000)
($57,342)
($221,000)
($200,000)
($57,342) -
$79,224
($421,458)
($43,247) $41,289
304,545
1,112,508
155,783 6,529
$383,769
$112,536 $47,818
$691,050
-46
PARK
SHANNON
IMPROVE-
ARMORY
PARKWAY
DIAMOND
TOTALS
MENT
CONSTRUCTION
SCHOOL
PATH
(#205)
(#220)
(#221)
(#230)
1992
1991
$35,000
$49,594
$413,429
$124,231
467,231
688,314
277,190
235,513
5,877
2,924
$202
166,678
181,292
78,975
9,500
88,475
12,860
$119,852
$127,155
$9,702
-
$1,049,168
11,531,408
$76,834
$91,349
$22,635
40,295
46,352
$1,551
6,558
8,606
25,084
79,313
5,625
$1,125
115,037
35,110
131
574,159
579,029
$80,995
$89,017
-
$1,125
$829,446
$708,210
$38,857
$38,138
$9,702
($1,125)
$219,722
$823,198
$208,604
3.023
($35,000)
($16;697)
($530,039)
(491,800)
-
($35,000)
($16,697)
-
($530,039)
($280,173)
$38,857
$3,138
($6,995)
($1,125)
($310,317)
$543,025
127,061
103,397
6,995
1,816,818
1,273,793
$106,535
-
$1,506,501
$1,816,818
$165,918
($1,125)
-47-
CITY OF ROSEMOUNT, MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1992
ASSETS
Cash $4,331 $3,768 $1,730 $1,772
Certificates of deposit 120,000
Special assessments:
Delinquent
Deferred
Due from other governments
TOTAL ASSETS $4,331 $123,768 $1,730 $1,772
LIABILITIES AND FUND EQUITY
LIABILITIES:
Deferred revenue
FUND BALANCES:
Reserved for debt service $4,331 $123,768 $1,730 $1,772
TOTAL LIABILITIES
AND FUND BALANCES $4,331 $123,768 $1,730 $1,772
-50-
G.O
EQUIPMENT
G.O.
G.O.
CERTIFI—
S.A.
PARK
CITY HALL
CATES
BONDS
1976
1986
1991C
1992A
(#301)
(#303)
(#304)
(#321)
ASSETS
Cash $4,331 $3,768 $1,730 $1,772
Certificates of deposit 120,000
Special assessments:
Delinquent
Deferred
Due from other governments
TOTAL ASSETS $4,331 $123,768 $1,730 $1,772
LIABILITIES AND FUND EQUITY
LIABILITIES:
Deferred revenue
FUND BALANCES:
Reserved for debt service $4,331 $123,768 $1,730 $1,772
TOTAL LIABILITIES
AND FUND BALANCES $4,331 $123,768 $1,730 $1,772
-50-
S.A.
WHITE LAKES
S.A.
S.A.
S.A.
S.A.
S.A.
ACRES
IMPROVEMENT
VALLEY OAK
IMPROVEMENT
IMPROVEMENT
IMPROVEMENT
1985
1987A
1988
19898
1991A
19918
(#324)
(#325)
(#326)
(#327)
(#328)
(#329)
$47,404
$8,171
($42,073)
$65,503
$2.241
$9,809
100,000
3,010,000
1,820,000
1,350,000
320,000
190,000
8,529
1,014
388
3,281
1,133
36,635
146,149
316.686
58,283
284,722
30,360
6,105
8,849
46,141
119,177
7,704
$198,673
$3.174,183
$2,095,001
$1,523,208
$727,273
$237,873
$45,164 $147,164 $318,146 $61,565 $285,854 $30,360
153,509 3,027,019 1,776,855 1,461,643 441,419 207,513
$198,673 $3,174,183 $2,095,001 $1,523,208 $727,273 $237,873
(Continued)
- 51-
Y !
:NTY OF ROSEMOUNT, MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31, 1992
ASSETS
Cash
Certificates of deposit
Special assessments:
Delinquent
Deferred
Due from other; governments
TOTAL ASSETS
LIABILITIES AND FUND EQUITY
LIABILITIES:
Deferred revenue
FUND BALANCES:
Reserved for debt service
TOTAL LIABILITIES
AND FUND BALANCES
S.A.
TAX
IMPROVEMENT
INCREMENT
1992D
1988
TOTALS
(#330)
(#382)
1992
1991
$937
$1,112
$104,705
$61,625
130,000
7,040,000
6,677,000
14,345
190,164
$72,835
1,579,260
187,976
109,110
$130,937
$1,112
$8,219,861
$8,617,159
$888,253 $1,769,424
$130,937 $1,112 7,331,608 6,847,735
$130,937 $1,112 $8,219,861 $8,617,159
(Concluded)
-52-
t t
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF ROSEMOUNT, MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
DEBT SERVICE FUNDS
YEAR ENDED DECEMBER 31, 1992
REVENUE:
General property taxes
Special assessments
Interest earnings
Other
TOTAL
EXPENDITURES:
Bond principal
Interest on bonds
Fiscal agent fees
Other
TOTAL
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Proceeds from sale of bonds
Transfers from other funds
Transfers to other funds
TOTAL
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES
BEGINNING FUND BALANCES
ENDING FUND BALANCES
-54-
$3,978
($796)
$3,978 ($796) —
$4,331 ($15,880) $10,007
15,880 113,761
$4,331 $123.768
G.O
G.O.
WARNING
G.O.
PARK
SYSTEM
CITY HALL
1976
1981
1986
(#301)
(#302)
(#303)
$149,919
$353
$761
1,514
$353
$761
$151,433
$15,000
$70,000
645
69,845
200
456
1,125
—
$15,845
$141,426
$353
($15,084)
$10,007
-54-
$3,978
($796)
$3,978 ($796) —
$4,331 ($15,880) $10,007
15,880 113,761
$4,331 $123.768
$40,000
9,485
176
1,125
$50,786
$81,256
$38,744
$20,000
$475,000
2,684
1,279
G.O.
225,312
100
341
646
EQUIPMENT
1,125
S.A.
$84,040
CERTFI--
G.O
S.A.
S.A
WHITE LAKES
S.A.
CATES
BONDS
VALLEY OAK
CHIPPENDALE
ACRES
IMPROVEMENT
1991C
1992A
1980
1980
1985
1987A
(#304)
(#321)
(#322)
(#323)
(#324)
(# 325)
$51,776
$59,937
$26,788
123,970
$1,772
$3,373
$1,771
5,834
108,570
316
$52,092
$1,772
$3,373
$1,771
$32,622
$292.477
$40,000
9,485
176
1,125
$50,786
$81,256
$38,744
$20,000
$475,000
2,684
1,279
8,640
225,312
100
341
646
474
1,125
1,125
$84,040
$40,364
$30,411
$701,911
$1,306 $1,772 ($80,667) ($38,593) $2,211 ($409,434)
($35,878) ($1,858)
($35,878) $1,858) - -
$1,306 $1.772 ($116,545) ($40,451) $2.211 ' ($409,434)
424 116,545 40,451 151,298 3,436,453
$1.730 $1.772 $153.509 53.027.019
(Continued)
-55
CITY OF ROSEMOUNT, MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
DEBT SERVICE FUNDS
YEAR ENDED DECEMBER 31. 1992
REVENUE:
General Property Taxes
Special Assessments
Interest Earnings
Other
TOTAL
EXPENDITURES:
Bond Principal
Interest on Bonds
Fiscal Agent Fees
Other
TOTAL
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Proceeds from Sale of Bonds
Transfers from Other Funds
Transfers to Other Funds
TOTAL
EXCESS (DEFICIENCY) OF REVENUE AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER FINANCING USES
BEGINNING FUND BALANCES
ENDING FUND BALANCES
S.A.
S.A.
S.A.
IMPROVEMENT
IMPROVEMENT
IMPROVEMENT
1988
1989B
1991A
(#326)
(#327)
(#328)
$78,294
$89,799
246,636
447,383
$316,764
81,705
63,439
17,537
$406,635
$600,621
$334,301
$300,000
$270,000
130,550
152,505
$78,995
427
429
386
1,125
1,125
1,125
$432,102
$424,059
$80,506
($25,467)
$176,562
$253,795
$150,000
$130,495
$23,763
$150,000
$130,495
$23,763
-56-
$124,533 $307,057 $277,558
1,652,322 1,154,586 163,861
$1,776,855 $1.461,643 $441,419
S.A.
S.A.
TAX
IMPROVEMENT
IMPROVEMENT
INCREMENT
19918
1992D
1988
TOTALS
(#329)
(#330)
(#382)
1992
1991
$429,725
$304,946
$205,044
1,366,585
865,044
2,069
$440
$179
289,317
467,193
316
36,470
$207,113
$440
$179
$2,085,943
$1,673,653
$85,000
$1,395,000
$1,560,000
$9,194
83,983
773,117
773,229
175
401
4,211
5,063
1,125
1,125
10,125
1,200
$10,494
$0
$170,509
$2,182,453
$2,339,492
$196,619
$440
($170,330)
($96,510)
($665,839)
$90,397
$94,375
$57,103
$9,182
40,100
$171,000
524,540
1,010,208
38,532)
(405,515)
$9,182
$130,497
$171,000
$580,383
$661,796
$205,801
$130,937
$670
$483,873
($4,043)
1,712
442
6,847,735
6,851,778
$207.513
$130.937
$1,112
$7,331.608
',6,847,735
(Concluded)
-57-
THIS PAGE INTENTIONALLY LEFT BLANK
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF ROSEMOUNT, MINNESOTA
COMBINING BALANCE SHEET
CAPITAL PROJECTS FUNDS
DECEMBER 31, 1992
COUNTY ROAD
HAWKINS
WESTRIDGE
SHANNON
#42 EAST
POND
PROJECT
HILLS
(#401)
(#402)
(#403)
(#404)
ASSETS
Cash $62,033
($2,483) $6,999 =3,789
Certificates of deposit 50,000 55,000
Due from other funds
TOTAL ASSETS $62,033 ($2,483) $58,999 $58,789
LIABILITIES AND FUND BALANCES
LIABILITIES:
Due to other funds
Accounts payable $25
Contracts payable $24,490 $15,089
TOTAL $25 $24,490 $15,089
FUND BALANCES:
Reserved 62,033 (2,508) 34,509 43,700
TOTAL LIABILITIES AND FUND BALANCES $62,033 ($2,483) $58,999 $58,789
-60-
A
-61-
SHANNON
O'LEARY'S
PARKWAY
SECTION 31
145TH ST.
VALLEY
HILLS
TRAIL
CHIPPENDALE
TRUNK
RECON-
OAK
PROJECT
IMPROVEMENT
AVENUE
SEWER
STRUCTION
POND
(#406)
(#407)
(#408)
(#410)
(#411)
(#412)
($95,770)
$2,356
$8,111
$21,992
($10,764)
$12,867
536,000
64,000
250,000
378,000
500,000
$440,230
$66,356
$258,111
$399,992
($10,764)
$512,867
$7,736
$2,500
$4,105
62,180
8,189
$69,916
$10,689
$4,105
370,314
55,667
$258,111
395,887
(10,764)
512,867
$440,230
$66,356
$258,111
$399,992
($10,764)
$512,867
(Continued)
-61-
CITY OF ROSEMOUNT, MINNESOTA
COMBINING BALANCE SHEET
CAPITAL PROJECTS FUNDS
DECEMBER 31, 1992
ASSETS
Cash $13,565 ($7,552) $30,003 ($114,924
Certificates of deposit 370,000 95,000 50,000
Due from other funds
TOTAL ASSETS $383,565 $87,448 $80,003 ($114,924)
LIABILITIES AND FUND BALANCES
LIABILITIES:
Due to other funds
Accounts payable $238 $1,133
Contracts payable 1,902 4,397 $24,188
TOTAL $2,140 $5,530 $24,188
FUND BALANCES:
Reserved 381,425 81,918 $80,003 (139,112)
TOTAL LIABILITIES AND FUND BALANCES $383,565 $87,448 $80,003 ($114,924)
-62-
ARMORY
RECON—
ARMORY
ARMORY
STORM
STRUCTION
SEWER
WATER
WATER
145TH
IMPROVEMENT
IMPROVEMENT
IMPROVEMENT
STREET
(#413)
(#414)
(#415)
(#416)
ASSETS
Cash $13,565 ($7,552) $30,003 ($114,924
Certificates of deposit 370,000 95,000 50,000
Due from other funds
TOTAL ASSETS $383,565 $87,448 $80,003 ($114,924)
LIABILITIES AND FUND BALANCES
LIABILITIES:
Due to other funds
Accounts payable $238 $1,133
Contracts payable 1,902 4,397 $24,188
TOTAL $2,140 $5,530 $24,188
FUND BALANCES:
Reserved 381,425 81,918 $80,003 (139,112)
TOTAL LIABILITIES AND FUND BALANCES $383,565 $87,448 $80,003 ($114,924)
-62-
COUNTRY
ARMORY
$160
$15,929
HILLS
19,953
COMMUNITY
HIGHWAY 3
DIAMOND
SHANNON
4TH
O'LEARY'S
CENTER
IMPROVEMENT
PATH
PARKWAY
ADDITION
HILLS
PROJECT
(#417)
(#419)
(#420)
(#422)
(#423)
(#424)
($8,697)
$21,467
$7,706
$8,599
($5,756)
$46,195
65,000
20,000
1,000,000
($8,697)
$86,467
$7,706
$28,599
($5,756)
$1,046,195
-63-
$160
$15,929
$79,433
19,953
117,063
$0 $79,433
$20,113
$132,992
(8,697) 7,034
$7,706 $28,599 (25,869)
913,203
($8,697) $86,467
$7,706 $28,599 (55,756}
$1,046,195
(Continued)
-63-
CITY OF ROSEMOUNT, MINNESOTA
COMBINING BALANCE SHEET
CAPITAL PROJECTS FUNDS
DECEMBER 31, 1992
ASSETS
Cash
Certificates of deposit
Due from other funds
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
LIABILITIES:
Due to other funds
Accounts payable
Contracts payable
TOTAL
FUND BALANCES:
Reserved
TOTAL LIABILITIES AND FUND BALANCES
ARMORY
ICE
OTHER
WHITE LAKE
RELOCATION
ARENA
ARMORY
ACRES ST.
PROJECT
PROJECT
IMPROVEMENTS
RECONSTRUCTION
(#425)
(#426)
(#427)
(#428)
$11,587
$96,089
$10,374 (;1,604)
560,000
2,067,000
400,000
$571,587
$2,163,089
$410,374 ($1,604)
$3,865
$17,226
$3,459
155,857
1,318
$3,865
$173,083
$4,777
567,722
1,990,006
405,597 ($1,604)
$571,587
12,163,089
$410,374 ($1,604)
-64-
TOTALS
1992 1991
$118,182 $24,084
6,460,000 680,000
149,792
$6,578,182 $853,876
-65-
$269,792
$56,376
6,900
514,059
70,428
$570,435
$347,120
6,007,747
506,756
$6,578,182
1853,876
(Concluded)
-65-
CITY OF ROSEMOUNT, MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUNDS
YEAR ENDED DECEMBER 31, 1992
COUNTY ROAD HAWKINS WESTRIDGE SHANNON
#42 EAST POND PROJECT HILLS
(#401) (#402) (#403) (#404)
REVENUE:
Interest earnings
Donations and other
TOTAL
EXPENDITURES:
Construction costs:
Improvements
$716
$212,437
$189,347
Engineering fees
$4,107
56,969
33,607
Professional fees
4,385
5,554
6182
Other
13,206
TOTAL
$716 $21,698
$274,960
$231,136
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES):
Bond proceeds
Transfers from other funds
Transfers to other funds
TOTAL
EXCESS (DEFICIENCY) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES
BEGINNING FUND BALANCES
ENDING FUND BALANCES
($716) ($21,698) ($274,960) ($231,136)
$259,469 $274,836
$150,000 50,000
$150,000 $309,469 $274,836
(;716) $128,302 $34,509 $43,700
62,749 (130,810)
$62,033 ($2,508 $34,509 $43,700
-66-
$57,342
$239,651
SHANNON
HIGHWAY 3
O'LEARY'S
PARKWAY
SHANNON
SECTION 31
REALIGNMENT
HILLS
TRAIL
CHIPPENDALE
PARKWAY
TRUNK
PROJECT
PROJECT
IMPROVEMENT
AVENUE
PROJECT #194
SEWER
(#405)
(#406)
(#407)
(#408)
(#409)
#(410)
($57,342)
$28,103
($166,459)
$28,093
$0
($34,000)
$28,103
-
-
$57,342
$239,651
$138,590
57,286
22,333
$27,289
11,604
5,536
6,711
$10
$57,342
$308,541
$166.459
$10
$0
$34,000
($57,342)
($308,541)
($166,459)
$28,093
$0
($34,000)
$671,855
$222,126
$379,887
$57,342
7,000
50,000
(130,496)
$57,342
$678,855
$222,126
-
(.130,496)
$429,887
$0
$370,314
$55,667
$28,093
($130,496)
$395,887
230,018
130,496
-
$370,314
$55,667
$258,111
$0
$395,887
(Continued)
-67-
J
CITY OF ROSEMOUNT, MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUNDS
YEAR ENDED DECEMBER 31, 1992
OTHER FINANCING SOURCES (USES):
Bond proceeds $95,588
Transfers from other funds $270,000 $459,000 93,095
Transfers to other funds
TOTAL - $270,000 $459,000 $188,683
EXCESS (DEFICIENCY) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES ($10,764) $258,756 $381,425 -$81,918
BEGINNING FUND BALANCES 254,111
ENDING FUND BALANCES ($10,764) $512,867 $381,425 $81,918
-68-
145TH ST.
VALLEY
ARMORY
ARMORY
RECON-
OAK
SEWER
WATER
STRUCTION
POND
IMPROVEMENT -
IMPROVEMENT
#411)
(#412)
(#413)
(#414)
REVENUE:
Interest earnings
$585
Donations and other
TOTAL
-
-
$585
-
EXPENDITURES:
Construction costs:
Improvements
$38,029
$87,955
Engineering fees
$8,696
$10.056
39,478
17,008
Professional fees
2,068
1,188
653
1,802
Other
TOTAL
$10,764
$11,244
$78,160
$106,765
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
($10,764)
($11,244)
($77,575)
($106,765)
OTHER FINANCING SOURCES (USES):
Bond proceeds $95,588
Transfers from other funds $270,000 $459,000 93,095
Transfers to other funds
TOTAL - $270,000 $459,000 $188,683
EXCESS (DEFICIENCY) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES ($10,764) $258,756 $381,425 -$81,918
BEGINNING FUND BALANCES 254,111
ENDING FUND BALANCES ($10,764) $512,867 $381,425 $81,918
-68-
ARMORY
RECON—
STORM
STRUCTION
ARMORY
WATER
145TH
HIGHWAY 3 WATERMAIN DIAMOND SHANNON
IMPROVEMENT
STREET
IMPROVEMENT EXTENSION PATH PARKWAY
(#415)
(#416)
(#417) (#418) (#419) (#420)
$248
$46
$179 434
$248
$46
— $179 $434
-69-
$504,489
$425,124
$3,387
$1,745
50,318
$8,697
19,872
8,445
883
$21.750
$1,745
$563,252
$8,697
$21,750
$445,879
$3,387
($1,497)
($563,206)
($8,697)
($21,750)
($445,700)
($2,953)
$353,983
$81,500
133,000
$3,080
550,000
(50, 000)
$81,500
$486,983
$0
$3,080
$500,000
$0
$80,003
($76,223)
($8,697)
($18,670)
$54,300
($2,953)
(62,889)
18,670
(47,266)
10,661
$80,003
($139,112)
58,697)
$0
$7,034
$7,708
(Continued)
-69-
CITY OF ROSEMOUNT, MINNESOTA
COMBINING STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCES
CAPITAL PROJECTS FUNDS
YEAR ENDED DECEMBER 31 1992
REVENUE:
Interest earnings
Donations and other
TOTAL
EXPENDITURES:
Construction costs:
Improvements
Engineering fees
Professional fees
Other
TOTAL
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES):
Bond proceeds
Transfers from other funds
Transfers to other funds
TOTAL
EXCESS (DEFICIENCY) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES AND
OTHER FINANCING USES
BEGINNING FUND BALANCES
ENDING FUND BALANCES
SHANNON
COUNTRY
$117,063
HILLS
HILLS
COMMUNITY
2ND
4TH O'LEARY'S
CENTER
ADDITION
ADDITION HILLS
PROJECT
(#421)
(#422) (#423)
(#424)
$0 $11;002
($25,869)
($151,797)
$13,284
—
$13,284 —
—
($9,570)
$19,953
$117,063
$2,217
5,756
416
9,635
160
34,318
$0 $2,282
$25,869
$151,797
$0 $11;002
($25,869)
($151,797)
($23,419)
($23,419)
$0
$1,065,000
$0 $1,065,000
($23,419) $11,002 ($25,869) $913,203
-23,419 17,597
$0 $28,599 ($25,869) $913,203
-70-
Y
ARMORY
ICE
OTHER
WHITE LAKE
$2,181,689
RELOCATION
ARENA
ARMORY
ACRES ST.
PROJECT
PROJECT
IMPROVEMENTS
RECON.
TOTALS
(#425)
(#426)
(#427)
(#428)
1992 1991
34,966
33,169
$1,492 $199
$210,023
$13,973
$1,604
$2,348,787
41,387
-
-
-
-
$42,879 $199
$155,858
$1,318
$2,181,689
$362,728
847
223
366,920
127,812
$5,754
53,318
12,432
$1,604
174,232
15,671
34,966
33,169
$5,754
$210,023
$13,973
$1,604
$2,348,787
$539,380
($5,754)
($210,023)
($13,973)
($1,604)
($2,714,928)
($539,181)
$573,476
$2,200,029
$419,570
$6,515,819
$1,376,641
1,904,017
193,192
(203,915)
(598,490)
$573,476
$2,200,029
$419,570
$0
$8,215,921
$971,343
$567,722
$1,990,006
$405,597
($1,604)
$5,500,993
$432,162
506,756
74,594
$567,722
$1,990,006
$405,597
(31,604)
$6,007,749
5506,756
(Concluded)
THIS PAGE INTENTIONALLY LEFT BLANK
Z3TY OF ROSEMOUNT, MINNESOTA
COMPARATIVE BALANCE SHEET
ENTERPRISE FUNDS
DECEMBER 31, 1992
ASSETS:
CURRENT ASSETS:
Cash
Certificates of deposit
Accounts receivable
Special assessments receivable
Due from other governments
Prepaid expenses
TOTAL
RESTRICTED ASSETS:
Cash
Certificates of deposit
Accounts receivable
TOTAL
Property and equipment
Land
Buildings
Water towers and mains
Machinery and equipment
Less accumulated depreciation
Net property and equipment
TOTAL ASSETS
-74-
1992 1991
($81,333)
2,838,000
315,340
51,780
47,667
$3,171,454
$155,094
310,000
14,689
$479,783
$99,704
2,130,000
205,895
44,444
1,318
45,914
$2,527,275
$12,084
100,000
12,435
$124,519
$23,720
$23,720
176,056
176,056
3,904,440
3,904,440
282,717
284,135
(1,193,292)
(1,062,326)
$3,193,641
$3,326,025
$6,844,878
$5,977,819
LIABILITIES AND FUND EQUITY:
LIABILITIES:
Payable from current assets:
Accounts payable
Accrued expenses
Compensated absenses payable
Total
Payable from restricted assets:
Bonds payable
Accrued interest on bonds
Total
Long-term liabilities:
Bonds payable; noncurrent portion
Deferred revenue
Total
TOTAL LIABILITIES
FUND EQUITY:
Contributed capital
Retained earnings:
Reserved for capital improvements
Unreserved
TOTAL FUND EQUITY
TOTAL LIABILITIES AND FUND EQUITY
-75-
1992 1991
$2,342
$6,962
8,601
5,667
28,978
24,669
$39,921
$37,298
$65,000
$60,000
64,036
39,575
$129,036
$99,575
$2,745,000
$1,285,000
49,782
44,443
$2,794,782
$1,329,443
$2,963,739
$1,466,316
$1,846,995
$1,670,197
200,309
114,086
1,833,835
2,727,220
$3,881,139
$4,511,503
$6,844,878
$5,977,819
i
CITY OF ROSEMOUNT, MINNESOTA
COMPARATIVE STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
ENTERPRISE FUNDS
YEAR ENDED DECEMBER 31, 1992
-76-
1992
1991
OPERATING REVENUES:
Water sales
$358,066
$306,532
Storm water charges
203,701
Sewer charges
475,652
426,728
Water surcharges
47,543
42,591
Water meter maintenance
11,550
8,787
Water meters
25,890
16,939
Miscellaneous
58,704
45,035
TOTAL
$1,181,106
$846,612
OPERATING EXPENSES:
General and administrative:
Personal'services
$214,380
$181,297
Water utility; -
Supplies
58,876
96,980
Other services
96,981
49,743
Capital outlay
597
4,074
Sewer utility:
Supplies
6,437
6,463
Other services
29,948
14,115
Metro sewer charge
297,564
264,108
Depreciation expense
138,034
131,446
TOTAL
$852,817
$748,226
OPERATING INCOME
$328,289
$98,386
NONOPERATING REVENUE (EXPENSES):
Interest earnings
$34,591
$37,833
Interest expense
(131,969)
(96,323)
Fiscal agent fees
(1,073)
(1,830)
TOTAL
($98,451)
($60,320)
NET INCOME BEFORE OPERATING TRANSFERS
$229,838
$38,066
OTHER FINANCING SOURCES (USES):
Operating transfers in
452,000
30,000
Operating transfers out
(1,489,0
NET INCOME
($807,162)
$68,066
BEGINNING RETAINED EARNINGS
2,841,306
2,773,240
ENDING RETAINED EARNINGS
$2,034.144
$2,841,306
-76-
CITY OF ROSEMOUNT, MINNESOTA
COMPARATIVE STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS
YEAR ENDED DECEMBER 31. 1992
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash Received From Customers
Cash Payments to Suppliers For Goods and Services
Cash Payments to Employees for Services
Net Cash Provided (Used) by Operating Activities
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES:
Operating Transfers to Other Funds
Operating Transfers From Other Funds
Net Cash Provided (Used) by Noncapital
Financing Activities
CASH FLOWS FROM CAPITAL AND RELATED
FINACING ACTIVITIES:
Acquisition of Capital Assets
Principal Paid on Bonds
Issuance of bonds
Interest and Fiscal Charges on Bonds
Contributed Capital (Core Charges)
Received
Paid Out
Net Cash Provided (Used) by Capital
and Related Financing Activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Net Increase (Decrease) in Cash Investments
Interest Received on Investments
Net Cash Provided (Used) By Investing Activities
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
BEGINNING BALANCE
ENDING BALANCE
1992 1991
$1,068,728
$696,251
(506,776)
(512,978)
(207,137)
(194,616)
$354,815
($11,343)
(1.489,000)
613,802
452,000
30,000
($1,037,000)
$30,000
($5,650)
($24,012)
(60,000)
(60,000)
1,525.000
(108,581)
(99,233)
1,216,850
613,802
(1,040,052)
(336,932)
$1.527,567
$93,625
(918,000)
($295,000)
34,591
37,833
($883,409)
($257,167)
($38,027)
($144,885)
111,788
256,673
$73,761
$111,788
-77-
CITY OF ROSEMOUNT, MINNESOTA
COMPARATIVE STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS
YEAR ENDED DECEMBER 31, 1992
RECONCILIATION OF OPERATING INCOME
TO NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES
Operating Income
Adjustments to Reconcile Operating Income (Loss) to
Net Cash Provided (Used) by Operating Activities
Depreciation
Change in assets:
Accounts receivable
Prepaid expenses
Change in liabilities
Accounts payable
Contracts payable
Accrued expenses
Deferred revenue
NET CASH PROVIDED (USED) BY OPERATING
ACTIVITIES
-78-
M
1992 1991
$328,289 $98,386
138,034
131,446
(117,717)
(148,446)
(1,753)
(1`2,350)
(4,620)
(56,329)
7,243
(13,319)
5,339
(1,915)
$354,815
(511,343)
CITY. OF ROSEMOUNT, MINNESOTA
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
YEAR ENDED DECEMBER 31, 1992
BEGINNING BALANCE
Additions
Total
Deletions
ENDING BALANCE
MEALS ON
TOWN
TOTAL
WHEELS
DEFERRED
GREEN
(MEMORANDUM ONLY)
(#801)
COMPENSATION
(#803)
1992
1991
$1,028
$405,954
$161
$407,143
$285.639
1,705
111,948
6
113,559
132,033
$2,733
$517,902
$167
$520,802
$417,672
(38,872)
(38,872)
(10,529)
$2,733
$479,030
$167
$481,930
5407,143
79-
4
CITY OF ROSEMOUNT, MINNESOTA
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
YEAR ENDED DECEMBER 31, 1992
-80-
MEALS ON
TOWN
TOTAL
WHEELS
DEFERRED
GREEN
(MEMORANDUM ONLY)
(#801)
COMPENSATION
(#E803)
1992 1991
BEGINNING BALANCE
$1,028
$405,954
$161
$407,143 $285,639
Additions
1,705
111,948
6
113,659 132,033
Total
$2,733
$517,902
$167
$520,802 $417,672
Deletions
(38,872)
(38,872) (10,529;
ENDING BALANCE
$2,733
$479,030
$167
$481,930 $407,143
-80-
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF ROSEMOUNT MINNESOTA
GENERAL GOVERNMENTAL REVENUES BY SOURCE (1)
LAST SIX YEARS
DECEMBER 31, 1992
FISCAL
LICENSES
INTER—
CHARGES
YEAR
TAXES
AND
AND
GOVERN—
FOR
MENTAL
SERVICES
1987
$1,201,800
$152,317
$1,061,127
1988.
$100,699
$1,507,607
$288,952
$1,623,060
$94,327
1989
$1,726,540
$253,308
$1,135,703
$78,953
1990
.$1,828,030
$210,840
$1,570,215
$88,592
1991
$2.255.565
$193,178
$1,256,235
$125,887
1992
$2,346,330
$342,742
$2,322,640
$277,856
(1) Includes General, Special Revenue and Dent Service Funds
-82-
L +1
FINES AND
FORFEITURES
$31,031
$32,424
$43,181
$51,841
$47.377
$44.927
SPECIAL
ASSESSMENTS
INTEREST
OTHER
TOTAL
$1,192,200
$403,942
$52,319
$4,195,435
$908,998
$589,020
$314,523
$5,358,911
$872,390
$958,889
$148,817
$5,217,781
$1,041,023
$806,472
$517,516
$6,114,529
$884,874
$683,782
$189,047
$5,635,945
$1,401,265
$473,895
$224,194
$7,433,849
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CITY OF ROSEMOUNT, MINNESOTA
GENERAL GOVERNMENTAL EXPENDITURES BY SOURCE (1)
LAST SIX YEARS
DECEMBER 31. 1992
FISCAL
GENERAL
PUBLIC
PUBLIC
PARK AND
YEAR
GOVERNMENT
SAFETY
WORKS
RECREATION
1587
$864,912
$476,834
$441,559
$96,308
1988
$989,064
$539,259
$540,469
$118,661
1989
$1,079,181
$680,479
$567,535
$342,491
1990
$1,246,877
$746,892
$589,361
$416,088
1991
$1,127,799
$834,191
$565,071
$503,804
1992
$1,096,328
$888,017
$749,368
$530,196
(1 ) Includes General, Special Revenue and Debt Service Funds
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x
OTHER
$93,629
$1,662,071
$770,709
$773,505
$580,229
$550,186
x �
DEBT
SERVICE
TOTAL
$691,879
$2,665,121
$884,095
$4,733,619
$3,416,222
$6,856,617
$2,044,910
$5,817,633
$2,338,292
$5,949,386
$2,172,328
$5,986,423
-85-
CITY OF ROSEMOUNT MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS
LAST SIX YEARS
FISCAL
TOTAL TAX
CURRENT TAX
YEAR
LEVY (1)
COLLECTIONS
1983
$637,766
$627,171
1984
$651,273
$621,201
1985
$805,151
$783,605
1986
$1,019,593
$999,678
1987
$1,230,360
$1,194,411
1988
$1,428,170
$1,416,205
1989
$1,745,243
$1,692,876
1990
$2,063,786
$2,032,416
1991
$2,498,285
$2,453,638
1992
$2,748,113
$2,711,623
(1) Includes General and Special Levies
—Rti-
PERCENT OF
PERCENT OF
DELINQUENT
CURRENT
OUTSTANDING
TAXES TO
TAXES
DELINQUENT
TOTAL TAX
COLLECTED
TAXES
LEVY
98.34%
$10,595
1.66%
95.38%
$3,072
0.47%
97.32%
$21,546
2.68%
98.05%
$19,915
1.95%
97.08%
$35,949
2.92%
99.16%
$11,965
0.84%
97.00%
$52,367
3.00%
98.48%
$31,849
1.52%
98.21%
$44,648
1.79%
98.67%
$36,490
1.33%
—Rti-
PERCENT OF
-87-
CUMULATIVE
TOTAL TAX
CUMULATIVE
COLLECTIONS
CUMULATIVE
DELINQUENT
TO TOTAL
TOTAL TAX
TAX
TAX LEVY
COLLECTIONS
COLLECTIONS
TO DATE
$637,766
$10.595
100.00%
$651,064
$29,863
99.97%
$804,603
$20,998
99.93%
$1,019,193
$19,515
99.96%
$1,229,668
$35,257
99.94%
$1,425,670
$9,465
99.82%
$1,739,228
$46,352
99.66%
$2,055,747
$23,331
99.61%
$2,485.487
$31,849
99.49%
$2,711,623
-
98.67%
-87-
CITY OF ROSEMOUNT, MINNESOTA
PROPERTY TAX RATE
DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
(1) Prior to 1989, includes Metropolitan Council, 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, Regional Transit District, Metropolitan Mosquito Control, and Dakota County Technical
College.
Beginning with 1990, includes Metropolitan Council, Regional Transit District, Metropolitan Mosquito Control, Dakota County
Technical College and Dakota County Light Rail Transit.
(2) Beginning with property taxes payable in 1989, taxes are determined by multiplying the Gross Tax Capacity by the Tax Capacity
Rate, Expressed as a percentage. This replaces the use of Assessed Value multiplied by Mill Rates. Prior to 1989, the mill
rates in this table were computed on the basis of total levies and do not reflect reductions for property tax credits.
Beginning with taxes payable in 1990, net tax capacity has replaced gross tax capacity as the basis on which taxes are levied.
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SCHOOL
FISCAL
CITY OF
DISTRICT
DAKOTA
SPECIAL
YEAR _
ROSEMOUNT
#196
COUNTY
DISTRICTS (1)
TOTAL
1983
16.186
56.725
19.594
4.124
96.629
1984
17.328
60.204
20.656
3.854
102.042
1985
19.182
60.228
21.043
3.299
103.752
1986
23.817
57.839
21.936
3.737
107.329
1987
27.912
60.361
23.793
3.874
115.940
1988
28.389
60.542
23.990
3.694
116.615
1989 (2)
26.879
52.249
20.721
4.755
104.604
1990(2)
22.001
40.793
21.061
4.844
88.699
1991 (2)
27.705
48.559
22.542
4.660
103.466
1992 (2)
29.224
54.602
25.536
6.139
115.501
(1) Prior to 1989, includes Metropolitan Council, 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, Regional Transit District, Metropolitan Mosquito Control, and Dakota County Technical
College.
Beginning with 1990, includes Metropolitan Council, Regional Transit District, Metropolitan Mosquito Control, Dakota County
Technical College and Dakota County Light Rail Transit.
(2) Beginning with property taxes payable in 1989, taxes are determined by multiplying the Gross Tax Capacity by the Tax Capacity
Rate, Expressed as a percentage. This replaces the use of Assessed Value multiplied by Mill Rates. Prior to 1989, the mill
rates in this table were computed on the basis of total levies and do not reflect reductions for property tax credits.
Beginning with taxes payable in 1990, net tax capacity has replaced gross tax capacity as the basis on which taxes are levied.
-88-
4 If
CITY OF ROSEMOUNT, MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN
DECEMBER 31, 1992
Estimated Market Value
Debt Limit -2.00% of
Estimated Market Value
Amount of Debt Applicable
to Debt Limit
Total Bonded Debt—
Principal as of 12/31/92
Deductions (4):
Debt Service Fund
Cash and Investment (All Types) $7,474,810
Less Amount Applicable to
Increment Bonds 7,473,698
Special Assessment Bonds (Principal)
Tax Increment Bonds (Principal)
Revenue Bonds (Principal)
Total Amount of Debt Applicable to Debt Limit
Legal Debt Margin
-89-
$378,045,200
$7,560,904
$20,850,000
$1,112
11,455,000
860,000
6,235,000 18,551,112
$2,298,888 2,298,888
$5,262,016
CITY OF ROSEMOUNT, MINNESOTA
PROPERTY VALUE AND CONSTRUCTION
LAST FIVE FISCAL YEARS
(1) Information provided by Dakota County Assessor's Office (Based on Estimated Market Values of Real Estate Only)
(2) Information provided by City of Rosemount Building Departmerd
-90-
PROPERTY
COMMERCIAL
RESIDENTIAL
VALUE (1)
CONSTRUCTION
(2)
CONSTRUCTION
(2)
FISCAL
NUMBER
NUMBER
EXEMPT
YEAR
TOTAL
OF UNITS
VALUE
OF UNITS
VALUE
VALUE
19$8
5213,558,700
31
$4,797,589
473
$25,590,743
OW.200
1989
$261,472,500
39
53,162.079
441
$19,288,304
$5.808.900
1900
$305,437.800
29
$3.791,689
480
$17.957,638
$172,545
1991
$335,880,800
28
$753,400
479
$19,106,838
$78,768
1992
$362,766,400
27
$14,359,850
574
$28,500,584
52.491,790
(1) Information provided by Dakota County Assessor's Office (Based on Estimated Market Values of Real Estate Only)
(2) Information provided by City of Rosemount Building Departmerd
-90-
CITY OF ROSEMOUNT MINNESOTA
MISCELLANEOUS STATISTICS
DECEMBER 31, 1992
Date of Incorpartation
1858
Form of Government (Statutory)
Counca/City Administrate
Number of Employees
Regular Full—Time
49
Temporary or Part—Time
145
Area in Square Miles
36 Square Miles
Population (1990 Census)
8622
City of Rosemount Facilities and Services:
Miles of Streets
114
Fire Protection:
Number of Stations
1
Number of Fire Personnel and Officers
36
Number of Calls Answered
355
Number of Vehicles
12
Police Protection:
Number of Stations
1
Number of Fire Personnel and Officers
Sworn Officers
11
Other Police Personnel
2
Number of Patrol Units
Marked
5
Unmarked
2
Parka and Recreation:
Parks
16
Park Acreage
213 Acres
Tennis Courts
2
Sewerage System:
Mlles of Sanitary Sewers
34.12 miles
Miles or Storm Sewers
19.60 miles
Number of Service Connections
2531
Weber System:
Miles of Water Mains:
Municipal
43.6
Rural
7.1
Number of Service Connections
2531
Number of Wells
Municipal
4
Rural
2
Number of Water Towers
2
Number of Fie Hydrants
368
Daily Average Consumtion in Gallons
941,207 Gallons Per Day
Facilities and Services not included in the Reporting Entity:
Number of Elementary Schools
2
Number of Secondary Schools
2
Number of Special Education Schools
1
-91-
CITY OF ROSEMOUNT, MINNESOTA
SCHEDULE OF BONDED INDEBTEDNESS
DECEMBER 31, 1992
BONDED INDEBTEDNESS
GENERAL OBLIGATION BONDS
Community Center
Warning System
City Hall
Equipment Certificates, 1991
TOTAL GENERAL OBLIGATION BONDS
SPECIAL ASSESSMENT BONDS
Improvement, 1992A
Improvement, 1992D
Improvement, 1991A
Improvement. 19918
Improvement, 1989B
Improvement, 1988B
Improvement, 1987A
Valley Oak
Chippendale
White Lake Acres - 1985
TOTAL SPECIAL ASSESSMENT BONDS
REVENUE BONDS
Municipal Building, 1992E
Storm Water - 19928
Water - 1989A
Water Improvement
Water - Well #7
TOTAL REVENUE BONDS
TAX INCREMENT BONDS
Tax Increment, 1988A
TOTAL TAX INCREMENT BONDS
TOTAL CITY INDEBTEDNESS
FINAL
INTEREST ISSUE MARURITY
RATE DATE DATE
6.4
11-92
2-13
7.25-8.60
2-81
2-91
5.40-6.70
4-86
8-02
4.10-4.80
12-91
12-96
4.9
9-92
2-04
5.5
11 -92
2-04
5.00-6.00
6-91
2-02
4.40-5.70
12-91
2-03
6.10-6.60
7-89
2-01
5.90-6.90
10-88
2-99
4.75-6.70
2-87
2-99
5.25-5.80
7-80
2-92
7.50
10-80
2-82
6.00-8.20
6-85
2-96
6.4
5.4
7.00-7.25
4.50-5.40
4.75-6.10
8.20-9.60
-94-
11-92
2-18
9-92
2-08
4-89
2-05
11-71
5-92
5-76
5-76
6-88 2-99
OUTSTANDING
1-1-92
$15,000
1,120,000
210,000
$1,345,000
$1,180,000
265,000
2,490,000
2,150,000
3,950,000
81,256
38,744
120,000
$10,275,000
$1,305,000
20,000
20,000
$1,345,000
$945,000
$13,910,000
w
-95
PRINCIPAL
INTEREST
ISSUED
RETIRED
OUTSTANDING
DUE IN
DUE IN
1992
1992
12-31-92
1993
1993
$1,080,000
$1,080,000
$48,698
$15,000
70,000
1,050,000
$75,000
65,530
40,000
170,000
40,000
7,670
$1,080,000
$125,000
$2,300,000
$115,000
$121,898
$895,000
$895,000
$35,542
1,470,000
1,470,000
13,790
1,180,000
$120,000
64,710
265,000
13,790
$270,000
2,220,000
250,000
136,260
300,000
1,850,000
300,000
112,025
475,000
3,475,000
475,000
199,663
81,256
38,744
20,000
100,000
100,000
4,690
$2,365,000
$1,185,000
$11,455,000
$1,245,000
$580,470
$3,425,000
$3,425,000
$152,493
1,525,000
1,525,000
70,771
$20,000
1,285,000
$65,000
89,658
20,000
20,000
$4,950,000
$60,000
$6,235,000
$65,000
$312,922
85,000
860,000
95,000
76,010
$8,395,000
$1,455,000
$20,850,000
$1,520,000
$1,091,300
-95