HomeMy WebLinkAbout4.q. Airport Redevelopment Act: Opposition to Land Control Measures � '
CITY OF ROSEMOUNT
EXECIITIVE SUNIl+lARY FQR ACTION
CITY COUNCIL MEETING DATE: June 15, 1993
AGENDA ITEM: Airport Redevelopment Act AGENDA SECTION:
Opposition to Land Control Measures Consent
PREPARED BY: Stephan Jilk, AGENDA ��R „ � � �
City Administrator {��
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ATTAC�NTS: Resolution APP VED Y: �
At the direction of Council at the May 4th Council rneeting staff has
prepared a resolution for your consideration stating the City' s position in
opposition to the establishment of ��land control measures" under the
Airport Redevelopment Act until a decision is made whether or not to move
the current airport or not.
This resolution is similar to that adopted by the County which the Council
felt was appropriate for your consideration.
RECObmlENDED ACTION: Motipn to adopt A RESOLIITION OPPOSING THIs
IMPLEMENTATION OF LAND CONTROL MEASURES UNDER THE AIRPORT DEVELOPMENT
ACT.
COUNCIL ACTION:
4.,n. � y . . � � ' . .
CITY OF ROSEMOUNT
DAROTA COIINTY, MTNNESOTA
RESOLUTION 1993-
A RESOLUTION OPPOSING TF€E IMPLIIKENTATION OF
LAND CONTRQL MEASIIRES
IN THE AIRPORT DEVELOPMENT ACT
WHEREAS, the Airport Development Act, passed in the earl�r 1970 ' s as
MinnesoCa Statues 473 .636 - 473 . 641, Directs that within 120 days
after the Metropolitan Council approves a new ma.jor airpor� site
selected by the Metropolitan Airports Commission, the Council must
adopt criteria and guidelines for the regulation of use and
development of the "airport development area" ; and
WHEREAS, the °airport development area" is defined as all or a portion
of property in the metropolitan area extending out three miles from
the proposed boundaries of the site or out five miles from the
boundaries of the site to protect the natural resources of the
metropolitan area; and
D�HEREAS, the "airport development area° criteria and guidelines ma.y
relate ta various land use and development control measures, incTuding
zoning ordinances, building codes, subdivision regulations, and
official ma.ps; and
WHEREAS, following Metropolitan Council approval of land use and
development control measures, no public or private use contrary to its
provisions may be made of the property to which it applies or no
special use permit or variance may be granted that authorizes a use of
development contrary to the Council ' s "airport development area"
criteria and guidelines; and
WHEREAS, the Airport Developrnent Act requires the Metropolitan Council
to establish aircraft noise zones and those atfected 1oca1 governments
to adopt the necessary control measures to prevent the use,
eonstruction, or improvement of property and buildings subject to a
level of noise in excess of the acceptable level established by the
Council for that land use; and
�+IHEREAS, the Dual Track Airport Planning Process was ma.ndated by the
1989 Minnesota Legislature to examine options for (l� either
rebuilding Minneapolis-St.Paul International Airport (MSP) as the
major metropolitan airport, or (2) relocating to a new major
replacement airport in the metropolitan region; and
WHEREAS, the following year, the 1990 Minnesota Legislature enacted
1990 Minnesota Laws, .Chapter 440, now codified as Minnesota Statute
473 .1551, which allowed for search area protection by restricting
development inconsistent with developing a new major airport within
that area; and
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RESOLUTION 1993 - !
WHEREAS, the Minnesota Legislature will not select one of the Dual '
Track Airport Planning alternatives until 1996 . '
NOW, THEREFORE BE IT RESOLVED, that the City Council of the City of
Rosemount maintains that the Airport Development Act does not and
should not take affect until a�ter the Minnesota Legislature decides
as part of the Dual Track Airport Planning Process whether to rebuild
MSP or relocate to a new major replacement airport; and ',
BE IT FURTHER RESOLVED, that the City Council of the City of Rosemount
directs city staff to prepare a letter to be forwarded to both the
Metropolitan Council and the Metropolitan Airports Commission stating
its position and assertions with regard to any potential
implementa�ion of the Airport Development Act; and
BE IT FIIRTHER RESOLVED, that the City Council of the City of Rosemount ��I
authorizes its Mayor, E.B. McMenomy, to review and sign the ,
aforementioned letters. ,
ADOPTED this 15th day of June, 19�3 .
E. B. McMenomy, Ma.yor
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor•
Voted against-
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CTTY OF ROSEMOUNT, MINNESOTA
� ANNUAL FINANCIAL REPORT
� For the Year Ended
December 31, 1992
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� CITY OF ROSEMOLTNT, MINNESOTA
' TABLE OF CONTENTS
December 31, 1992
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' PAGE S
INTRODUCTORY SECTION
Title Page
' Table of Contents i-iii
City Officials 1
� FINANCIAL SECTI�N
Independent Auditors' Report 3-4
' General Pu ose Financial Statements
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! Combined Balance Sheet - All Fund Types and
Account Groups 6-9
Combined Statement of Revenue, Expenditures
' and Changes in Fund Balances - All Govemmental
Fund Types 10-11
Combined Statement of Revenue, Expenditures and
� Changes in Fund Balance - Budget and Actual -
General Fund 12
� Combined Sta.tement of Revenue, F�cpenses and
Changes in Retained Earnings - All Proprietary
Fund Types 13
1 Combined Statement of Cash Flows - All
Proprietary Fund Types 14-15
Notes to the Financial Statements 17-36
� Combinin and individual Fund Financial Statements and Schedules
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� General Fund
Comparative Balance Sheets �7
Comparative Statements of Revenue, Expenditures
' and Changes in Fund Balanee 3$
Schedule of Revenue - Budget and Actual 39
Schedule of E,xpenditures and Encumbrances -
' Budget and Actual 40-41
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CITY OF ROSEMOUNT, MINNESOTA ,
TABLE OF CONTENTS ''�I
December 31, 1992
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PAGE S '
Special Revenue Funds '
Combining Balance Sheet 44-45
Combining Statement of Revenue, F..xpenditures 'I
and Changes in Fund Balances 46-47 , !
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Debt Service Funds � �'
Combining Balance Sheet 50-52
Combining Statement of Revenue, Expenditures
and Changes in Fund Balances 54-57 '
Capifal Project Funds
Combining Balance Sheet 60-d5 '
Combini�g Statement of Reven�e, F.,�cpendit�res
and Changes in Fund Balances 66-71
Enterprise Funds
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Comparative Balance Sheets 74-75 �
Comparative Statements of Revenue, Expenses '
and Changes in Retained Eamings 76
Comparative Statements of Cash Flows 77-7$
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Agency Funds
Combining Balance Sheet 79
Statement of Changes in Assets and Liabilities 80 ,,
STATISTICAL SECTION
General Covemment Revenue by Function 82-83
General Government E�enditures by Function 84-85
Property Tax Levies and Collections 86-g7
Property Tax Rate - Direct and 4verlapping Debt 88
Computation of Legal Debt Margin 89
Properiy Value and Construction 90 �'
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' CITY OF ROSEMOUNT, MINNESOTA
' TABLE OF CONTENTS
---------------------------------
December 31, 1992
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, PAGE S
Miscellaneous Statistics 91
� Schedule of Bonded Indebtedness 94-95
� Auditors' Report on Compliance 96-97
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, CITY OF ROSEMOUNT, MINNESOTA
CITY OFFICIALS
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December 31, 1992
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� ELECTED
, E.B. McMenomy Mayor
Sheila Klassen Council Member
' James "Red" Staats Council Member
' Harry Willcox Council Member
Dennis yVippermann Council Member
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APPOINTED
� Ste han 7ilk Ci Administrator
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� Jeffrey May Finance Director
Scott Aker Fire Cl�ief
' v ec told Park and Recreation Director
Da e B h
, Lisa Freese Planning Director
Elliel Knutsen Police Chief
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John Miller Economic Development Coordinator
� Henry "Bud" Osmundson City Engineer
� Susan Walsh Administrative Assistant
Ronald Wasmund Public Works Director
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BOECK� N HEIIV�N� 1��tYER
C E R T 1 F 1 E D P U B L 1 C A C C O U N T A N T S
� INDEPENDENT AUDITORS' REPORT
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To the Mayor and City Council
� City of Rosemount, Minnesota
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We have audited the accompanying general purpose financial statements of the City of
Rosemount, Minnesota, as af 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 perfarm 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 reeords 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 accaunting principles.
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To the Mayor and City Council '�
City of Rosemount, Minnesota
Page Two '
Our audit was made for the u ose of formin an o inion on the general purpose financial �
P rP g P
statements taken as a whole. The combining and individual fund financial statements and
schedules as listed in the table of contents are presented for purpases of additional analysis
and are not a required part of the general purpose financial statements of the City of ' 'I
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 materiaT respects in relation to the general purpose financial statements taken ' �,
as a whole.
s ted for u oses of additional '
The statistical section listed m the table of contents is pre en p rp ,
analysis and is not a required part of the general purpase financial statements of the City '
of Rosemount, Minnesota:. Such information has not been subjected to the auditing
rocedures a lied in the audit af the eneral u ose financial statements of the City of ' II
P P P g P r P
Rosemount, Minnesota, and, accordingly, we express no opinion on it.
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��t.a�r,n, �.�'�',t,e�t �-'����',i�'�
BOECKERMANN, HEINEN & MAYER ' '
Certified Public Accountants
Miuneapolis, Minnesota �
March 23, 1993 ' '
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CITY OF ROSEMOUNT MINNESOTA �
COMBINED BALANCE SHEEf �,
ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31, 1992
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GOVERNMENTAL FUND TYPES
S IA DEBT CAPITAL � '
PEC L
GENERAL REVENUE SERVICE PROJECTS
ASSETS AND OTHER dEBffS ' I
ASSETS:
Cash 5126,164 534,000 5704,705 �118,152 ' '�,
Certificates of deposit 1,105,814 1,611,431 7,040,000 6,460,000
Accourrts receivable 15,188 I
Notes receivable 1.430,482 ' ,I,
Specia!assessments receivabie 'I
DelinqueM 64,974 i 5,417
Deferred 20,225 213 872,835
Delinquent ta�ces receivable 66,013 � ,
Due irom other funds ;
Due from other governments 158,996 15,668 186,9Q4 I
Pripaid expenses 123,797 991 � ,''
Fxed assets
OTHER DEBITS: i
Amount available in debt service funds '
Amount to be provided for debt retirement
TOTAL 51.681.171 53.092.780 58219.861 56.578.482 �
See notes to generai purpose financial statements � �
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, PROPRIETARY FIDUCIARY
FUND TYPE FUND TYPE ACCOUN7 GROUPS TOTALS
' GENERAL
FIXED GENERAL
ASSETS LOMG-TERM (MEMORANDUM ONLY}
ENTERPRISE AGENCY (UNAUDI7ED) DEBT 1992 1991
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� $73.761 52.900 5459.712 5509,1Q4
3,148.000 479.030 19,844.275 12.402.799
350.029 345.217 219,854
' 1.430,482 1,483,548
10.423 90.$14 211,198
41.357 934.630 1.665.838
, 66.Of3 63�538
269,�92
961.563 239.1?3
, 47.667 172,455 16Q.583
8.195.641 11,889.220 15,082.861 14,669.Q95
' 7.331.608 7,331.608 6.847,795
7,483,467 7,483,467 5,892,587
� 56:844.878 S4S1.930 511.889.220 514.815.075 553.603.Q98 544.584.$�48
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CfTY OF ROSEMOUNT. MINNESOTA '
COMBINED BALANCE SHEET I''
ALL FUND TYPES AND ACCOUNT GROUPS '
DECEMBER 31. 1992 '
GOVERNMENTAL FUND TYPES
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SPEGIAL DEBT CAPITAL
GENERAL REVENUE SERVICE PROJECTS �
UABILITIES EQUI'fY AND OTHER CREDITS
LIABILITIES: �
Due to other funds
Accourrts payable 233,200 76,499 56,376
Compe�ated abenses payable '
Accrued expenses 67,568
Accrued interest
Contracts payable 6,307 5f 4,059
Deferred revenue 186,994 1,503,473 888,253 '
Bonds payabie
TOTAL LIABILITIES 5487,762 $1,586,279 y888,253 5570,�433
FUNQ E�UITY: I
lnvestment in general�ixed assets
Co�tributed capital '
Retained earnings
Fund balsnce
Resen►ed 165,625 1,506,501 7,331,608 B4O07,749
Unreserved '
Designated for working capital 1,027,7'85
TOTAL FUND EQUI7Y AND OTHER CREDITS $1.193,410 51,506,501 �7,331,608 56,007,749
TOTAL 51.681.171 SS.Q92.�80 58.219.861 56.578Lt82 '
See notes to general purpose financial statements '
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PROPRIETARY FIDUCIARY
FUND TYPE FUND TYPE ACCOUNT GROUPS TOTALS
GENERAL
FtXED GENERAL
ASSETS LOMG—TERM (MEMORANDUAA ONLI�
ENTERPRISE AGENCY (UNAUDITED) DEBT 1992 199i
' S269.792
2,342 481.930 850.347 522,216
, 28,978 y200.075 229,05H 199.991
8,601 76,169 51,077
64,036 64,036 39,575
520,866 70.428
' 49,782 2.628.502 3.439.758
2,810,000 14,615,OOU 17,425,000 13,910,OQd
52,963,739 $481,930 SO $14,815,075 521.793,473 a18,502,777
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511,889,220 511.889,220 511.343,070
, 1.846.995 1.846,995 1.670.197
2.OS4,144 2,034,144 2,841,305
15.011.485 9,285,074
, 1.027,785 942.415
53,881.139 a0 $11,889,220 $0 $31.809.627 a26,082,d62
6 844 878 5481.930 511.889.220 3f 4.815.075 553.608.100 544.584.889
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CITY OF ROSEMOUNT.MINNESOTA
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COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES �'
ALL GOVERNMENTAL Fl1ND TYPES
YEAR ENDED DECEMBER 31, i992
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GOVEANMENTA�FUND TYPES
SPEGtAL DEBT �
GENERAL REVENUE SERVIGE
REVENUES:
Genersi property taxes a1.342.415 5744.421 5429.725 '
Licenses and permits 842,742
Special assessments 69,249 1.386,585 '
IMergovemmentat 956,055 49,594
Charges for services 277,856
Fi�es and forfeitures 44,927 '
Interest earnings 30,614 166,678 289,317
Miscellaneous 182,491 88,475 316
TOTAL �3,246,349 51,049,t68 52,085,943 �
DCPENDITURES:
Current: '
General govemment a1,057,642 $255,287
Pubiic safety �885.966
Pubtic works �743,056 �
Parks and recreation $523,296
Other 574.159 �t 0 125
Debt service: '
Redemptian of bonds 1,395,000
IMerest on bonds 773.117
Fsca)agent fees 4,211 '
TOTAL $3,209,960 �829,446 $2,182,453
IXCESS (DEFICIENCIfj OF REVENUE '
OVER EXPENDITURES 536,389 5219.722 (596,510)
OTHER FINANCING SOURCES (USESj '
Proceeds from sale of bonds a94,876
Trsnsfers from other fu�ds �140,250 524,540
Transfers to other funds (39,389) (530,039) (38,532) ,
TOTAL 5140,841 (5530,039) �580,383
DCCESS (DEFICIENC`�OF REVENUE AND '
OTHER FINANCING SOURCES OVER
DCPENDITURES AND OHTER FINANGING USES �137,230 (5310,317) 5483,878
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BEGINNING FUND BALANGE 1,056,180 1,816,818 6,847,735
ENDING FUND BALANCE a1.193,410 y1,506,501 �7,531,608 '
See notes to general purpose financial statements —10— ,
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�-- TOTALS
. CAPRAL (MEMORANDUM ONLI�
PROJECTS 1992 1991
r52.516.561 52.255.565
342,742 193,178
, 1.435,884 884,874
1,005,649 1,256,235
277.856 125,887
, 44.927 47.377
51.492 488,101 683,981
41,387 812,669 189,047
� �42,879 $6.424,339 55.686.144
' 51,312,929 51.127.799
885.966 834.191
� 52.548.6Q9 3.291,665 1,055.611
523,296 503,804
209,19$ 793,482 629,069
' 1.395.000 1.560.000
773,117 773.229
4,211 5,063
�' $2,757.807 58,979.666 56.488.766
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(52.714,928) (52.555,32� (a852,622)
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56,515,819 56,610.194 51,642,348
1,904.017 2,568.787 1,768.539
(203.915� (811.875) (1.495.805)
58.215,921 S8,S67,106 a1,915,082
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� 55.500.993 �5.811,779 a1,062.460
506.756 10.227.489 9.165.U29
56.007.749 $16.039.268 Si0.227.489
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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 '
BUDGET ACTUAL VARIANCE '
REVENUES:
Taxes 51.371.702 51,842.4t5 (529.28� '
Licenses and permits 215,800 342,742 126,942
Intergovemmental 913.614 956.055 42,441 '
Charges for services 194,950 277,856 82,906
Fines and forfeitures 50,d00 44,927 (5,073)
Misceilaneous 257,828 282,354 24,526 '
TOTAL $3,003,894 53,24fi,849 5242,455
DCPENDITURES: '
General governmeM a1,015,748 51,074,792 ($59,044)
Pub(ic safety 881.498 888.017 (6.519)
Public works 761.173 749,568 11,805 '
Park and�ecreation 58i,067 530,198 50.871
TOTAL �3.239,486 $3.242,373 (52.887}
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IXCESS (DEFICIENCI�OF REYENUE
OVER DCPENDITIJRES (a235.592) $3.976 5239,568 '
OTHER FINANCING SOURCES (USES)
Transfers from other funds 5235,592 5140,230 (�95,362j '
Transfers to other funds (39,389) (39,389)
TOTAL �235,592 at00,841 (�134,751)
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DCCESS (DEFICI'I)OF REVENUE OVER
EXPENDITURES AND ENCUMBRANCES
AND OTHER FINANCING SOURCES (USES) y0 �104,817 5104,817 '
Reconcialition to GAAP basis ,
elimination of encumbrances,net 52,413
BEC,INNMG BALANCE 1.056,180 '
ENDINC�BALANCE 51.193,410
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' CtTY OF ROSEMOUNT. MIP{NESOTA
COMBINEO STATEMENT OF RENENUE, DCPENSES AND CHANGES IN REfAtNED EARNINGS
' AU.PROPRIETARY FUND T'PES
YEAR ENDED DECEMBER 31, 1992
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TOTALS
1992 t991
IOPERATING REVENUE:
Water sales 5358,066 5306,532
� Storm Water Charges 203,701
Sewer charges 475,652 428,728
Water surcharges 47,548 42,591
' Water meter maintenance 11,550 8,787
Water meters 25,890 f6,939
Miscellaneous 58,704 45,035
, TOTAL 51.181.106 5846.612
OPERATlNG EXPENSES:
, Salaries and wages $214,380 S7 81.297
Supp(ies 75.51 S 103.443
Qther services 126,929 68,858
, Other charges 597 4.074
Metro sewer charge 297,564 264,108
Depreciatian 138.034 131.446
, TOTAL $852.817 5748,226
OPERATiNG INCQME 5828.289 598,386
, NON—OPERATING REVENUE(EXPENSES):
tnterest revenue 534,591 �37,833
interest expense (�181,369) (96,323)
, Other expenses (a1.073) (1.830)
TOTAL (�98,451) (560,820)
INCOME BEFORE OPERATiNG TRANSFERS 5229,838 538.066
' OPERATING TRANFERS:
Operating Uansfers in 5452,000 580,000
' Operating transfers out (51.489,000)
TOTAL ($1,037,000) $30,000
NEC INCOME(LOSS) (5807,162) 568,46&
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BEGINNING RETAINED EARNINGS 52,841,306 �,773,240
' ENDING RETAtNED EARNINGS 52,034.144 �2,841.306
, See notes to generaF purpose financial statements
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CI71(OF ROSEMOUNT.MINNESOTA I
COMBINED STATEMENT OF CASH FLOWS '
ALL PROPRIETARY FUND TYPES
YEAR ENDED DECEMBER 31,1992
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ENTERPRISE FUNDS '
1992 1991
CASM FLOWS FROM OPERATING ACTIVITtES:
Cash received from customers $1,068,728 $696,251
Cash payments to suppliers for goods and services (5506,776) (512,878j '
Cash payments to employees for services {5207,13� (194,616)
Net cash providedby operating activities a354,815 (�11,343)
CASH FLOWS FROM NONCAPITAL ACTIVITIES:
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Operating transfers from other fu�ds 5452,OOQ S30,OQ0
Operating transfers to other funds {i,489,OQ0) '
Net cash provided by noncapital financing activitites (51,037,000) S3Q.OQ0
CASH FLOWS FROM CAPtTAL AND RELATED FINANCING ACTIVITIES: '
Acquisition of property,plant,and equipmeM (a5,650) ($24,012)
Principal payments on bonds (60,000) (60,000)
Issuance of bonds 1,525,d00 '
Interest and fiscai charges on bonds (108.58t) (99.233)
Contributed capitai (core charges)
Received 1,2f 6,850 613,802 '
Paid Out (1,040,052) (336.932)
Net cash used by capitaland related financing activities a1,527,567 593.625
CASH FLOWS FROM iNVES7lNG ACTIYITIES '
Net increase(decresse)in investments ($918,000) ($Z95,OQ0)
Interest received on investments 34,gg� 37,g33 '
Net cash used in investing activities (5883,409) (5257,167)
NET INCREASE(DECREASEj 1N CASH AND GASH EG�UIYALENTS (a38,02� (5144,88� '
BEGINNINCa BAIANCE 11 t,788 25&.673
ENDING BALANCE a73.76i $111.788 ,
See notes to general purpose financial statemeMs '
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' CITY OF ROSEMOUNT', MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
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December 31, 1992
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' NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Rosemount provides a broad range of services to citizens,
, including general gavernment,public safety,streets,and park facilities. Tt 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 Baard (GASB) is the
' accepted standard-setting body for establishing gavemmental accounting and
financial reporting principles. The significant accounting policies follow�d are
described below to enhance the usefulness of the financial statements to the
� reader.
A. Financial Reporting Entity of the City
, For the ear ended December 31, 1992, the Ci has unplemented
Y ty'
National Council on Govemmental Accounting Statement Na 3,
, Definin� the Governmental Re�orting._Entitv. 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.
Qversight responsibility includes such aspeets as appointment of
� governing body members, budget review, approval of property taY
levies, outstanding debt secured by City full faith and credit or
revenue, responsibility for funding deficits and others.
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As a result of applying the criteria of Statement No. 3, the Rosemount
Fire Relief Assaciatian 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.
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CITY OF ROSEMOUNT, MINNESOTA '
NOTES TO THE FINANCIAL STATEMENTS '
December 31, 1992
'
NOTE 1 SUMMARY OF SIGNIFICANT ACCOITNTING POLICIES (Continuedj ' ,
B. Fund Accounting �
The accounts of the City are organized on a basis of funds and aceount '
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 cantrolled. The various funds are
grouped in the financial statements in this report as follows: �
GOVERNMENTAL FUNDS
General Fund-The General Fund is the eneral o eratin fund af the '
g P g
City. It is used to account for all financial resources except those
required tc� 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 majar 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 Projeet 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). ,
'
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,
'
' 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 incame is necessary or useful to sound financial administration.
' Goods or services fram 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 t�es are recorded
� as liabilities and reductions of revenue when they are measurable and
their validity seems certain.
' �enditures are generallyrecognized under the modified accrual basis
of accounting when the related fund Iiability 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 STGNIFICANT ACCOUNI'ING P4LICIES (Continued) '
C. Basis of Accounting (Continued)
All ra rieta funds are accounted for usin the accrual basis of '
P P rY g
accounting. Their revenue is recognized when it is earned, and their
expenses are recognized when they are incuned. Unbilled Water and ,
Sewer fund utility service receivables are recorded at year-end.
D. Encumbrances '
Encumbrance accounting is empioyed by the governmental funds.
Under this method,purchase orders, contracts and other cammitments ,
far future expenditure of funds are recarded as a reservation of fund
balance based on the encumbered appropriation authority carried over
and do nat constitute expenditures or liabilities. '
E. Accumulated Unpaid Vacation, Sick and Holiday Pay
Accumulated un aid vacatio sick and hoIida a are accrued when �
p n, , Y P Y
earned in proprietary funds. Such amounts for govemmental funds are '
accrued anly to the extent that they are to be Tiquidated with
expendable available resources. The balance is reported as a liability
in the General Long-Term Debt Account Group.
'
F. Tota.l Columns on Combined Statements - Overview
Total columns an the Combined Statements- Overview are eaptioned '
"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
camparable to a consolidation. Interfund eiiminations have not been '
made in the aggregation of this data.
'
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,
r
' CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
' --------------------------------------------------------------
December 31, 1992
'
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING P�LICIES (Continued)
'
G. Fixed Assets and Long-Term Liabilities
' The accountin and re ortin of fixed assets and long-term liabilities
g P g
associated with a fund are determined by its measurement fc�cus. All
' go�emmental funds are accounted for on a spending or"financial flaw"
measurement, which means that only current assets and current
liabilities are generally included on Yheir 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 govemmental fund type operations are accounted
for in the General Fu�ed Assets Account Group, rather than in the
governmental funds. Public domain general fixed assets cansisting of
rcertain unprovements ather than buildings, including roads, curbs and
gutters, streets drainage systems, and lighting systems are capitalized
alang with ather general fixed assets. No depreciation has been
' provided on general f�ed assets.
All fuced assets are valued at historical cost or estimated historical cost
, if historical cost is unavailable. Donated fixed assets are valued at
their estunated 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 af the
assets. The estimated useful lives are as follows:
1 TYPE OF ASSET LIFE
Buildings and Structures 4p-50 years
' Furniture and Equipment 14 years
Machinery 1Q 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) ',
Lon -term liabilities e ected to be financed fram overnmental funds '
g xP �
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 rou s differ from "funds" in that the are not '
g P Y
involved with measurement of results of operations. They are
concerned only with the measurement of financial position. '
Because of their spending measurement focus,expenditurerecognition
for governmental fund types is limited to exclude amounts represented ,
by non-cunent liabilities. Since they do not affect net cunent assets,
such 1ong-term accounts are not recognized as governmental type
e�rpenditures 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 aIl 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 contnbuted capital and
retained earnings components. Proprietary fund type operating
statements present increases(revenue)and decreases(expenses)in net '
total assets.
Depreciation of all e�chaustible fixed assets used by groprietary funds '
is charged as an expense against their aperations. Aceumulated
depreciation is reparted on proprietary fund balance sheets. '
'
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�
'
' CITY OF ROSEMOUNT, MINNESC3TA
NOTES TO THE FINANCIAL STATEMENTS
' --------------------------------------------------------------
December 31, 1992
�
� NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
H. Property Taxes
� The Ci Cauncil annuall adopts a tax levy and certifies it to the
tY Y
County for billing and collection. The County is responsible for biIling
� 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 Caunty and remitted to the City by
approximately each subsequent July 15, and December I5.
Additionally, delinquent collections are remitted to the City with each
� settlement.
Ta�ces 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 praperty.
� The City recognizes property tax revenue when it becomes both
measurable and available to finance expenditures of the cunent
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 groperties for the
assessable costs of special assessment nnprovement 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 aver a term of years generally
� consistent with the term of years of the related bond issue, Collection
of annual instaliments(including interest) is handled by the �ounty in
� the same manner as property taxes. Property owners are allowed to
prepay total future instaliments without interest or pre-payment
penalties.
'
� -23-
'
� '
CITY OF ROSEMOUNT, MINNESOTA ' '
NOTES TO THE FINANCIAL STATEMENTS
---------------- --------------------------------------------- �
December 31, 1992
'
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING P�LICIES (Continued) �
I. Special Assessments (Continued)
Once a s ecial assessment roll is ado ted the amount attributed to �
P P �
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 ta��-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 amaunt of its
special assessments if not adjusted by City Council or Court Action. �
Accordingly,no allowance forpotentiallyuncoliectible assessments has
been provided.
J. Bud ets �
g
Financial control of spending for various govern�nental activities is t
exercised through the use of budgetary procedures. F.�cclusive
authority over ali budget matters remains with the Council. Depart-
mental budgets may not exceed amounts set by the Cauncil. Formal (
annual budgets are not adopted for Speciai 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 e�enditures. '
K. Restricted Assets
Funds set aside for payment of enterprise fund revenue bands and �
capital improvements are classified as restricted assets since their use
is limited by bond indentures and council action. �
,
-24-
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'
,
' CITY OF Rt3SEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
' --------------- ----------------------------------------------
December 31, 1992
'
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNfiING 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 o€ 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 inveshnents (excluding Certificates of
Deposit) with a maturity of one year or less when purchased to be
cash equivalents.
,
NC)TE 2 CASH AND CERTIFICATES QF DEPOSIT
' DEPOSITS
In accordance with Minnesota statutes, the City maintains deposits at those
' depository banks authorized by the City Council, aIl of which are members of
the Federal Reserve System.
' Minnesota statutes require that all City deposits be protected by insurance,
surety bond, or collateral. 'Ifie market value of collaterai pledged must equal
' 110% of the depQsits not covered by insurance or bonds (140% in the c�se
of mortgage notes pledged}.
' -25-
'
'
CITY OF ROSEMOUNT, MINNESOTA '
NOTES TO THE FINANCIAL STATEMENTS
-------------------------------------------------------------- '
December 31, 1992
' �
NOTE 2 CASH AND CERTIFICATES QF DEPOSIT (Continued) '
DEPOSITS {Continued)
Authorized collateral includes the le al investrnents described below, as well as ' '
g
certain first mortgage notes, and certain c�ther state or local government obligations.
Minnesota Statutes require that securities pledged as collateral be held in '
safekeeping by the City treasnrer 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 $24,018,252 '
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 ,�20.30�7,�.195
'
NOTE 3 NOTES RECEIVABLE
Total notes receivable at December 31, 1992 and 1991 were $1,430,4$2 and '
$1,433,548, respectively. They are due in monthly instaliments over various periods ,
and at varying interest rates. '
,
'
'
� '
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,
'
' 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 2Q4,466 Z,484, 691
Impravements 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 ,Q70 s� 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 •'71�
Total $ 4,386,933
' Less Accumulated Depreciation L1� 193 ,292)
3 193 .6�
NOTE S LONG-TERM DEBT
' The followin is a summa of chan es in lon -term debt of the City for the year ended
g rY b g
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) f60, 000)
BALANCE,
December 31,
, 1992 2 , 300. 000 $11,455,000 $ 860,000 $ 6,235, 000 S 20Q 075
. � ��ea.�
-27-
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'''',,
CITY OF ROSEMOUNT, MINNESOTA '
NOTES TO THE FINANCIAL STATEMENTS
-------------------------------------------------------------- '
December 31, 1992
' '.
NOTE 5 LONG-TERM DEBT Continued ' I''
� )
General Obligatian Bonds ' ,
General Obligation Bonds are recorded in the General Long-Term Debt group of accaunts
and are backed by the full faith and credit of the City. ,
Special Assessment Bonds
These bonds are recorded in the General Lon -Term Debt Grou and are a able rimaril ' '
g P PY F Y
from special assessments levied and collected for Iocal impravements. 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 ' I'
These bonds are recorded as a liability of the Enterprise Fund. The major covenant relating ' I,
to t hese issues inc lu de es ta b lis hmen t o f a reserve accoun t for t he paymen t o f bon d principa l
and interest. These bonds are not general obligations of the �ity, but are paid primarily
fram the revenue of the enterprise fund of the City. ' '
' �
'
'
'
'
-28-
'
, II
'
' 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 outsta.nding as of December 3i, 1992,
� including interest payments of$9,249,896 are as follows
' Year Ending General Special
December 31 Obli�ation 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 7b4,675 1,964,485 289,932 3,419,093
, 1996 769,975 1,849,Q94 301,882 2,920,951
1997 732,470 1,709,445 307,780 2,749,295
1998 763,470 1,565,864 307,757 2,637,244
, 1999 761,147 1,405,205 306,9Q9 2,473,261
2000 472,340 702,717 300,352 1,475,414
2001 477,852 622,912 302,965 1,403,73Q
' 2002 476,916 385,882 304,531 1,167,330
2003 344,285 253,879 3QS,Q07 9Q3,171
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 - - 346,4�9
2010 342,182 - - 342,1$3
� 20ll 346,907 - - 3��,�$
2012 345,435 - - 345,435
2013 347,"772 - - 347,772
' 2014 208,504 - - 208,SQ4
2015 208,024 - - 208,024
, 2016 211,680 _ = 211,680
2017 209,470 209,470
2018 206.5$0 - - 206,580
' . Tatal 11344 352 4 477 048 4 278 495 30 Q99 895
$ , . � �i� �i._
, -29-
'
'
CITY OF ROSEMOUNT, MINNESOTA '
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
NOTE 6 DEFINED BENEFIT PENSI4N PLANS - STATEWIDE
PLAN DESCRIPTI(3N
All fuIl-time and certain part-time employees of the City of Rosemaunt are
covered by defined benefit pension plans administered by the Publie
Employees Retirement Assaciation 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.
Caordinated members are cavered by Social Security and Basic members are
not. All new rnembers must participate in the Coordinated Plan. All police
officers,fire fighters and peaee 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,SO1 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 mernbers. 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 af allowable service, age, and years of credit at I
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 fQrmula �'�
{Method 2). Under Method 1, the annuity aecrual 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 saIary for Basic members and 1.5 percent for J
Coordinated members. For PEPFF members, the annuity accrual rate is 2.5
percent for each year of service. Far PERF members whose annuity is
calculated using Method l, and for ail PEPFF members, a full annuity is
available when age plus years of service equal 90.
-34-
;
�
� eITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANC STATEMENTS
� -------------------------------------- -----------------------
December 31, 992
�
NOTE 6 DEFINED BENEFIT PENSION P ANS - STATEWIDE (Continued}
�
PLAN DESCRIPTION (Continued
� There are different es of annuitie available to members upon retirement
tYP
A normal annuity is a lifetime ann ity that ceases upon the death of the
� retiree. No survivor annuity is paya le. There are also various types of joint
and survivor annuity options availab e which will reduce the monthly normal
annuity amount. Members may als leave their contributions in the fund
� upon termination of public service, i order to qualify for a deferred annuity
at retirement age. Refunds of con 'butions are available at any time to
members who leave public serviee, ut before retirement benefits begin.
� IBUTIONS RE UIRED D CONTRIBUTIONS MADE
CONTR Q
� Minnesota Statutes Chapter 353 se the rates for employer and emplayee
contributions. The City makes an ual contributions to the pension plans
equal to the amount required by s ate statutes. According to Minnesota
� Statutes chapter 356.215, Subd. 4(g), the date of fuil funding required for the
PERF and the PEFFF is the year 2 20.
rAs part of the annual actuarial val ation, PERA's actuary determines the
sufficiency of the statutory contribu ion rates towards meeting the required
full funding deadline. The actuary ompares the actual contribution rate to
ra "required" contribution rate. Curr ntec�mbined statutory contribution rates
and actuarially required contributio rates for the plans are as follows:
� Statutory Rates: Required
E lo ees Em Ip over Rates
� PERF Basic and Coordinated
t
Plans) 4.41% 4.74% 9.95%
� FEPFF 8% 12% 18.6%
�
� -31-
�
�
CITY OF ROSEMOUNT, MINNESOTA �
NOTES TO THE FINANCIAL STATEMENTS
-------------------------------------------------------------- I
December 31, 1992
���
NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued)
PLAN DESCRIPTI�N (Continued) '
�
Total contributions made by the City during fiscal year 1992 were:
Amounts Covered Pavroll
Em�lo,�ees Empl�er Em,.plo,��ees Emplo,� �
PERF $ 54,461 $ 57,680 4.2% 4.5%
PEPFF 37,283 55�925 8.0% 12.0%
Totals 91744 $ 113.605 ;�
i
The City's contribution for the year ended June 30, 1992 to the PERF �I
represented 0.05 percent of total cantributions required of all participating
entities. Far the PEPEF, contributions for #he year ended June 30, 1992,
represented 0.19 percent of total contributions required of all participating
entities.
FUNDING STATUS AND PROGRESS -
PENSI4N 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.
�
i'�
�'
.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
1 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
ObIigation $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 9b3.565
, Unfunded (Assets in
Excess o� Pension
Benefit Obligation 935 000 1419,61)
,
The measurement of the pension benefit obligation is based on an actuarial
' valuation as of June 3Q, 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-
�
'i
CITY OF ROSEMOUNT, MINNESOTA '�I
NOTES TO THE FINANCIAL STATEMENTS � '
---------•---------------------------------------------------- �
December 31, 1992
'',
NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued) i
FUNDING STATUS AND PROGRESS Cantinued ' '
� )
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 I
pay pension benefits as they become due.
RELATED PARTY INVESTMENTS � I'�
As of June 30 1992 and the fiscal ear then ended PERA held no securities I�
� , Y � ' ,'I
issued by the City or other related parties.
NOTE 7 CONTRIBL7TED CAPITAL ' ,
Changes in contributed capital (core funds)for the year ended December 31,
1991 are as follows: ',,
Balance, December 31, 1991 $ 1,670,197
Connectian/Reconnection Fees and Other 1,216,850
'
Transfers Out and Other (1. 040, 052) ��
Balance, December 31, 1992 $ 1,846,995
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
deseription of each. I
� �
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 amaunts maturing in future years.
'I
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 Pre aids-The ortion of fund equity segregated to indicate that
P P
prepaid insurance does not represent available spendable resources even
' though it is a component of current assets.
NOTE 9 TAX INCREMENT FINANCING DISTRICT
' The Ci 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
Develapment District No. 1-1 established March l, 1990. Tax capacities and
, bonding information are as follows:
1979 1990
' Original Gross Tax
Capacity $ 18b,687 $ 586
Current Gross Tax
, Capacity 432,848 19,602
Captured Gross Tax Capacity
Retained by Authority 246 161 19 416
�
Total Bonds Issued:
Tax Increment Bonds $ 1,225,000 $ -
' Amounts Redeemed 365.Q00 -
Outstanding Bonds at
' December 31, 1992 8b0 000 �
'
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�
CITY OF ROSEMOUNT, MINNESOTA '
NOTES TO THE FINANCIAL STATEMENTS
'
December 31, 1992
NOTE 10 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 Descri tion , Fund T,y�e Deficit Intended Dis�osition
Diamond Path
(#230) Special Revenue $ (1,125) Transfers
Hawkins Pond
(#402} Capital Projects $ {2,50$) Core Funds
145th St. Re- �l
construction '
{#411} Capital Projects $ (1�,764) Bond Proceeds �
Reconstruction
145th St.
(#416) Capital Projects $(139,112) MSA Funds ��
Armory Highway 3
Impr, (#417) Capital Projects $ (8,697) MSA Eunds
O'Leary's Hills '
(#423} Capital Projects $ (25,869) Transfers �
White Lake Acres
St. Reconstruc-
tion (#428) Capital Pro1ects $ {1,604) Transfers '
NOTE 11 DEFERRED COMPENSATION PLAN
The Ci of Rosemount offers its em lo ees a deferred com ensation lan �
tY P Y P P
which is in accordance with Internal Revenue Cade 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 ��'
clauns of the City's general creditors. Participants' rights under the plan are '
equal to those of general creditors af the City in an amount equal to the fair
market value of the deferred accaunt for each participan�
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'
C1TY OF ROSEMOUNT MINNESOTA
' C�MPARATNE BAtANGE SWEET
GENERAL FUND
' E3ECEMBER 31. 1992
' 1992 1991
ASSETS
' Cash 5126,164 5121,961
Cettificates of deposit 1,105,814 704,227
Due ftom other funds 125.502
, Accaunts receiva#ale 15,188 1,524
Speciai assessmeMs receivabie:
Delinquent 64,974 13,786
, Deferred 20,225 45,059
De{inquent ta�ces recievable 66,013 63,538
Due from other governments 158,996 127,829
' Prepaid expenses 123.797 113,765
TOTAL ASSETS 51,681,171 51,317,191
'
� LIABILITIES AND FUND E�UIIY
LIABILI7IES:
' Accounts payabie 5233,200 �82,715
Accrued wages and deductions 6?,567 45,350
Deferred rev�nue 186,994 132,946
' rorA� aas7.�s, a2s,.o,�
FUND BALANCE:
' Reserved: $125,797 5113,765
Prepaid expe�ses 4t,828 9,415
Encumbrances
' U�reserved:
Designated for working capital 1,027,785 938,000
TQTAL 51,193,410 $1,05&,180
' Tt'�TAL LIABILITIES AND FUND E(]UITY 51.68l.171 $1,317,191
'
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' —37—
CITY OF ROSEMOUNT. MINNESOTA
� i
COMPARATNE STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES ' '
GENERAL FUND
YEAR ENDED DECEMBER 31, 1992
'
1992 1991 '
REVENUE:
Taxes St,542,415 51,026,792 '
Licenses and permits 342,742 i93,178
IMergovemmental 956,055 19,830
Charges for services 277,856 842,806 '
Fines and farfeftures 44,927 125,887
Special assessments 69,249 47,377
Interest earnings 30,614 35,297 '
Miscellaneous 182,491 139,717
TOTAL 53,246,349 �2,480,884
DCPENDITURES: I
Current:
Genera!gover�ment 51,057,642 $998,618 '
Pubfic safety 885,9&6 854,191
Pubiic works 743,U56 565,071
Park and recreation 523,296 508,804 '
TOTAL y$.2U9.960 52.901,&84
DCCESS OF REVENUE OVER EXPENDITURES $36;389 ($470,800) '
OTHER FINANCING SOURGES (USES):
Transfers from ather funds 5140,230 a562,116 '
Transfers to other funds (39,389)
TOTAL 5100,841 5562,t16 '
DCCESS OF REVENUE AND OTHER FINANCING
SOURCES OVER EXPENDITURES AND '
OTHER FINANGiPIG USES a137,230 591,316
BEGINNING FUND BALANCE 1,056,180 964,864 ,
ENDING FUND BALANGE 51.198,410 St,U56,180
'
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�CITY OF ROSEMOUNT.MINNESOTA
� SCHEDULE OF REVENUE COMPARED TO BUDGET(GAAP BASIS)
GENERAL FUND
YEAR ENDED DECEMBER 31, 1992
,
1992 1991
BUDGET ACTUAL VARIANCE ACTUAL
�TAXES:
General property taxes 51,037,368 51,007,089 (530,279) =757,526
� Fiscal disparities 310,034 310,034 O 246,442
Othet 24,300 25,292 992 22,824
TOTAL 51,371,702 57,342,415 (529,287) ;1,026,792
�LICENSES AND PERMffS:
Business E500 57,360 E6,860 =7,585
Non-6usiness 215,300 335,382 �20,082 185,593
� TOTAL 5215,800 �342,742 =126,942 ;193,178
INTERGOVERN MElVTA{.:
Locai government aid 5287,859 5312,363 524,504 SS00,761
� Homestead sr�d ag credit 448,063 448,083 0 372,365
Equalizatian sid 82,652 89,719 7,027 82,973
Police state sid 59,000 55,711 (3,289) 50,983
' Mobile home 20,000 20,676 676 19,899
Ofher 16,000 29,523 13,523 15,825
TOTAL $913,814 5956,055 542,441 =842,8QB
�CHARGES FOR SERVICES:
General government 5180,250 5261,285 581,035 ;1t6,080
� Pubiic safety 12,600 7.B01 {4.998) 7,091
Highways and streets 1,100 6,111 5,011 1,567
SAC f,000 2,859 1,859 1,149
� TOTAL $194,950 �277,856 582,90B f125,887
FINES AND FORFEITURES:
� Gounty E50,000 5�4,827 (55,079) 547,377
MtSCELlANEOUSt
� Interest $38,000 530,614 (57,38B) SS5,297
Other 27,250 36,144 8,894 62,507
Special assessmer�ts 18,000 69,249 51,249 19,830
' Donations 22,878 22,878 0 10,553
Recreationalfees 96,700 68,189 (28,511) 63,877
Bond proceeds 52,500 52,500 0 0
� Rents 2,500 2,780 2S0 2,780
TOTAL 5257,828 5282,354 524,526 5194,844
TOTAL REVENUE 53,003,894 53,246,349 =242,455 =2,430,884
�OTHER FINANCIN6 SOURCES:
Transferstrom otherfunds 235,592 140,230 (95,362) 562,116
�TOTAL REVENUE AND OTHER
FINANCING SOURCES 53,239,488 53,386,579 t147,093 S2t993,000
' -39-
CtTY OF ROSEMOUNT. MINNESOTA
1 .
SCHEDULE OF EXPENDITURES COMPARED TO BUDGET(GAAP BASIS) � ',
GENERAL FUND
YEAR ENDED DECEMBER 81, t992
'
1992 1991
BUDGET ACTUAL VARIANCE ACTUAL �
GENERAL GOVERNMENT
Mayor and counciL•
Personal services 26,722 23.550 3,172 $23,878 �
Professional fees 48,070 54,883 (6,818) 44,858
Other charges 6,650 4,267 2,383 3,804
Council designated 20,616 , 18,926 1,69Q 21,464 �
Executive:
Pe�sona)services 180.819 167.689 13.130 126.264
�e� 6.400 6.999 (599) 2.954 '
Miseellaneous:
Personal services 46,296 52,511 (6,21� 49,620
Supplies 550 101 �49 244 '
Other charges 7,150 2,535 4.645 4,243
Election: '
Personai services 8,864 8.178 686 1,'716
Supplies 1,225 1,060 165 2,759
Other charges 5.930 4.6Q7 (67� 262 '
Fnance•
Personal services 105,245 100,698 4,547 104 157
Supplies 9,500 8,336 1,i64 1.805 '
Other charges 15,900 18.629 (2,729) 7.767
Community devetopment:
Perso�al services 151.079 130,$70 209 2Q1,195 �
Qther charges 30,725 30,763 (38) 52,908
Genersl gavermm�ent:
Insurance 150.000 160.947 (10.947) 145,20Q �
Suppiies 71,900 71,181 719 61.576
Other charges 144,i Q7 208,062 (63,955) i 35,349
TOTAL S1.Oi5.748 51,074.792 (559.044) Sg91.618 �
PUBUC SAFEIY
Police protection: ,
Personai services $598,142 5594,885 58.257 5553,592
Supplies 22,998 21,t35 1,863 27,861
Other charges 1U6,325 118,072 (11,747j 97.817 �
Fre protection:
P�rsonal services 118,103 113.499 4.604 100,384
Supplies 10.900 21,631 (10,731) t7,357 ,
Other services 18,350 18,120 230 24,115
Capital outlay 6,680 675 6,005 15,915 '
TOTAL . a881.498 a888.017 (�6.519) j834,541
-40- '
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'
1992 1991
, BUDGET ACTUAL VARIANCE ACTUAL
PUBLIC WORKS
General maintenance:
� Personal services 5508,093 5482,041 521,052 5323,362
Supplies 59,050 80,030 (20,98Q) 70,688
Other services 61,750 50,293 11,457 2t,386
'Streets and roads:
Othercharges 70,700 62.188 8.512 88.382
Snow removaL•
, Other charges 13,380 11,072 2,308 15,136
Street lighting:
' Othercharges 53,200 68,744 (10,544) 51,117
TOTAL $761,173 5749,368 511,805 5565,071
'PARK AND RECREATION
Personal services $400,587 5332,763 7,824 5362,672
Supplies 78.180 75.159 3.021 86,501
' Other services 102,300 62,274 4Q,026 6d,331
TOTAL 5581,067 5530,196 550,871 5509,504
�OTAL EXPENDITURES AND ENCUMSRANCES 58,289,486 58,242,875 (52,887) 52,900,734
OTHER FINRNCING USES
' Transters to other funds 539,389 {$39,389)
TOTAL EXPENDITURES, ENCUMBRANCES ANfl
� AND 07HER FINANCING USES 58,289,486 53,281,762 (542,276) 52,9�0,734
BEGINNING OF YFJ4R BUDGEf
' BASIS ENCUMBRANCES 9,416 10,866
END OF YEAR BUDGEf
, BASIS ENCUMBRANCES (41,828) (9,416)
'GAAP BASIS EXPENDITURES AND OTHER
FtNANCING USES 53,249,350 �2,901,684
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CITY OF ROSEMOUNT. MINNESOTA
COMBINING BALANCE SHEET � ,
SPECIAL REVENUE FUNDS
DECEMBER 31, 1992
r
ECON�MIC 5—YEAR CAPITAL SEYERANCE '
DEVELOPMENT CfP PROJECTS AND
AUTHORITY PROGRAM MSA RETIREM'ENT '
(#20i) (#202) (#203) (#204)
ASSETS
Cash a22.984 (�41.960) 512.536 =7.818,
Certi�cates of deposit 361,481 770,OOfl 100,000 40,000
Notes receivabie i,430,482 '
Due from other governmental units 15,663
Prepaid expenses 991
Special assessments: '
Deferred
TOTAL �1,831.551 a728.040 St12.5�36 547.818
�
UABILITIES APtD FUND BALANCES
LIABIUTIES: �
Accounts payable $10,31 S $30,683
Contracts payable 6,3D7 '
Deferred revenue 1,437,466
TOTAL $1,447,782 $36,990
FUND BALANCES: 383.769 691,050 5112,536 �47.818'
Reserved
TOTRL UABIUTIES AND FUND BALANCES 51,831,55i a728,040 5112,536 547,818'
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' PARK
IMPROVE— ARMORY DIAMOND TOTALS
LMENT CONSTRUCTION PATH
��205� (�220� �#2so� 1992 1991
, 521,418 56,535 �4,669 a34,000 5182.955
180,000 100,U00 60,000 1,611,431 1,705,618
, t.430.482 1,433.548
15,663 916
991 904
, 213 218 4.$t8
$201,418 $106,535 $64,882 �3,092,780 53,328,259
�
'
SS5.500 576,499 518,496
6.307
'_� �66,007 1,503,473 1,492,945
535,500 $66,Q07 a1,586,279 51.511,441
' 5165,918 5106,535 (51,125) 1,506,501 1,816,818
, 5201,418 5106,535 564,882 a3.092.780 53,328,259
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CITY OF ROSEMOUNT. MINNESOTA ,
COMBINING STATEMENT OF REVENUES, IXPENDITURES AND CHANGES tN FUND BALANCES '
SPECIAL REYENUE fUNDS
YEAR ENDED DECEMBER 31, 1992
' '
ECONOMIC 5-YEAR GAPITAL SEVERANCE ' '�,
DEVELOPMENT CIP PROJECTS AND
AUTHORITY PROGRAM MSA RETIREMEM' ' '',
��20�� t�2o2� (#2oa� t�2o4�
REVENUE:
Municipal state sid 514,594
Generai property taxes $297,000 �46.O1}O '
Tax increments �277.190
Interest earnings 112,819 43,867 626 3fi3 ,
Donations and other
TOTAL 5390,Q09 $340,867 575,220 �46,863
DCPENDITURES: ' ''
Professionai fees 59,765 $2,5�0 51,125 $1,i25
Salaries and wages 36.346 3,949
Engineering 497 ' I
Other 28.974
Capital outlay 14,203 859.825 ' ',
TOTAL $89,7$5 �562,325 51,125 y5,074
DCCESS (DEFICIENCI� OF REVENUE ' ',
OVER EXPENDITURES a300,224 (�221,458) 574,095 �41,289
OTHER FtNANCING SOURCES (USES) ' ,
Proceeds from sale of bonds i,
Transfers from other funds ' ''
Transfers to other funds ($221,000) (5200,Q00) ($57,842)
TOTAL (5221,000) (y200,000) ($57,$42) -
IXCESS (DEFlCIENCI�OF REVENUE AND ' II
OTMER FINANCING SOURCES OVER
EXPENDITURES AND OfiHER FINANGING USES 579,224 (a421.458) (a48,24� $41,289 � 'll
BEGINNING FUND SALANCES 804,545 1,112,508 155.783 6,529
ENDING FUND BALANGES 5383 769 S69i 050 5112 586 47 8t8 , I
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, PARK SHANNON
IMPROVE- ARMORY PARKWAY DIAMOND TOTALS
' MENT CONSTRUCTION SCHOOL PATH
(#205) (#220) (#221) (#230) 1992 1991
, 535,000 549,594 5413,429
3124,231 467,231 688,314
277,190 235.513
, 5.877 2.924 $202 166.678 181,292
78,975 9,500 88,475 12,860
5119.852 5127.155 59.702 - 51,049.i68 51.531,408
,
576,834 591,348 b22,635
, 40,295 46,852
51.551 6.558 8.606 25.084
79,313 5,625 51,125 115,037 85,110
, 131 574.159 579.029
580.995 589,017 - $1,125 $829,446 5708,210
'
$38,857 538.138 59.702 ($1,125} 5219.722 3823.198
,
5208,604
� 3.023
(585,000) ($16,69� {a530,039) (491,800)
- ��ss,000� �ais,ss� - (Ssao.oss� {52so.��s)
i
, �38.857 $3,138 (56.995) (51,125) (5310,317) �548,025
127.061 108.997 6,595 1.816.818 1.273.798
, 5165.9i8 5106.555 - 51,125 51,506,501 51.816,818
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CITY OF ROSEMOUNT MINNESOTA ,
DEBT SERVICE R1NDS '
COMBININCa BAIANCE SHEET
DECEMBER 31, 1992
�
GA
EQUIPMENT �
G.O. G.O. CERTIFI— S.A.
PARK CITY HALL CATES BONDS
1976 1986 1991C 1997A '
(#301) (#303) (#304) (#321)
ASSETS
Cash 54.331 53.768 51.730 51.772 1
Certificates of deposit 120,�00
Special assessments: � I
DelinqueM
Deferred I
Due from other governme�ts '
TOTAL ASSETS �4.331 a123.768 51.730 $1.772
'
LIABIUTtES AND FUND EQUITY '
UABIUTIES:
Deferred revenue '
FUND BALANCES:
Reserved for debt service �4,331 a123,768 $1,730 51,772 t
TOTAL LIABIUTIES �
AND FUND BALANCES 54,831 $123.768 St,730 �1,772
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S.A.
, WHITE LAKES S.A. S.A. S.A. S.A. S.A.
ACRES IMPROVEMENT YALLEY QAK IMPROVEMENT IMPROVEMENT IMPROVEMENT
� 1985 1987A 1988 1989B 1991A 1991B
��s2a� ��s2s� (�s2s� �#s2�) (#s2s� ��a2s�`
, 547.404 58.171 (542,07$) 565.503 52.241 59.809
100,000 3,Ot0,000 1,820,000 1,850,000 320,000 190,000
r8.529 1.014 388 3.281 1.133
86,635 146,149 516,686 58,283 284,722 80,360
� 6.105 8.849 46 141 1 i 9.177 7.704
a198.673 a3,174.188 52,095.001 51.525,208 �727,273 5237.875
�
,
' $45.164 5147,164 5318.146 $61.565 5285.854 $30,860
� 153,509 3,027,019 1,776,855 1,461,843 441,419 207,513
�198.673 $3.174.t88 52.095.001 51.523.208 5727.273 5237.878
' (CoMirtued)
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CITY OF ROSEMOUNT MINNESOTA , �'i
DEBT SERVICE FUNDS ' '
COMBINING BALANCE SHEEf
DECEMBER 31. 1992 '
S.A. TAX I
IMPROVEMENT INCREMENT
1992D 1988 TOTALS '
(#330) (#382) 1992 1991
ASSETS
Cash �997 51.112 �104.705 561.625 '
Certificates of deposlt 150,000 7,040,000 6,677,000
Specisl assessments: '
Delinquent 14,345 190,164
Oeferred 872,835 1,579,260 I
Due from other governments 187,976 109,110 '
TOTALASSEfS 5130,937 a1,112 58.219,861 58,617,159
'
LIABIUTIES AND FUND ECfU1TY '
LIABIUTIES:
Deferred revenue $888,253 51,769,424 '
FUND BALANCES: ,
Resenred for debt service 5130,937 $1.112 7,331,608 6,847,735
TOTAL LIABlLITtES '
AND FUND BAIANCES �130,937 $1.112 58,219,861 �8,617,159
(Concluded) ,
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CfTY OF ROSEMOUNT. MINNESOTA
'I�!
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANCES IN FUND BALANCES " ',
DEBT SERVICE FUNDS
YEAR ENDED DECEMBER 31, 1992
'
G.O
G.O. WARNING G.O. '
PARK SYSTEM CITY HALI
1976 1981 1986
(#301) (#302) (#303) ,
REVENUE:
Ge�erai property taxes S'I 49,9i 9
Special assessments '
Interest esrnings $353 5761 1,514
Other
TOTAL y353 5761 5151,453
DCPENDITURES: �
Bond principal $15,000 �70,dU0
Interest on bonds 645 69,845 '
Fisca)agent fees 200 456
Other 1,125
TOTA� — a15.845 �141,426
D(CESS (DEFICIENCIO OF REVENUES ,
OVER DCPENDITURES y353 (�15,084) �t0,007
OTHER FINANCING SOURCES (USES) '
Proceeds from sale of bonds y3,978
Transfers irom other funds '
T�ansfers to other funds (5796)
TOTAL a3,978 ($796) —
DCCESS (DEFICIENG�OF REVENUE AND '
OTHER FINANCING SOURGES OVER
DCPENDITURES AND OTHER FINANCING USES y4,331 (515,880) 540,007
BEGlNNING FUND BALANCES 15,880 113,761 '
ENDING FUND BALANCES S4.S31 — �123.768 ,
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G.O.
EQUIPMENT S.A.
, CERTFI- GA S.A. S.A WHITE LAKES S.A.
CATES BONDS VALLEY OAK CHIPPENDALE ACRES IMPRQVEMENT
1991C 1992A 1980 1980 1985 1987A
' (#304� (#321) (#322) (#323) (#324) (�325)
551.776 559,937
�26,788 t23;970
' 51.772 53.373 51.771 5.884 108.570
s�s
�52,a92 51.772 53,373 51.771 532.622 5232.477
,
$40,000 581,256 338,744 520,000 5475,000
, 9.485 2,684 1.279 8,640 225;512
176 100 341 646 474
1,125 1.i 25 1.125
E50,786 - 584,040 540,364 �30,411 570�,911
'
a1.306 a1.772 (580.66n ($38,593) 52.211 (�4Q9.434}
r
, (535.878) (51.85$)
- - (535.878) (51.858) - -
�
51.306 $1.772 (5116,545) ($40.451) 52.211 (5409.434)
r424 116.545 40.451 151.298 3.496,453
51.730 �1.772 5153.509 53.027,019
' - - (Continued)
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CITY OF ROSEMOUNT MINN SO '''
E TA
COMBINING STATEMENT OF REVENUE, DCPENDITURES AND CHANGES IN FUND BALANCES '
DEBT SERVICE FUNOS
YEAR ENDED DECEMBER S1, 1992
'
S.A. S.A. S.A. I
IMPROVEMENT IMPROVEMENT IMPROVEMENT
1988 19898 1991A
- (#32S) (#327) (#32$) '
REVENUE:
Generai Property Taxes y78,294 $89.799
Specia!Assessments 246,636 447.383 �376.764 '
Interest Earnings 81,705 65,439 17,537
Other
TOTAL $406.635 $600,621 $334,301
DCPENDITURES: '
Bond Principal a300,Qp0 $270,000 ,
interest on Bonds 150,550 152.505 $78.995 ' 'il
Fiscsl AgeM Fees 427 429 886
Other t,125 1,125 t.125
TOTAL y432.102 5424.059 580,5U6
EXCESS (DEFICIENCI�G?F REVENUE '
OVER DCPENDfTURES ($25,467) 5176,562 �253,795
OTHER FINANCING SOURCES (USESj '
Proceeds from Sale of Bonds
Transfers irom Other Funds 5150,000 $t30,495 ;23,768 '
T�ansfers to Other Funds
TOTAL $150,000 ai 30,495 528,763
IXCESS (DEFICIENCI�OF REVENUE AND '
OTHER FINANCENG SOURCES OVER
DCPENDITURES AND OTHER FfNANCING USES $124,533 5307,057 �277,558
BEGINNING FUND BALANCES 1,652,322 1,154,586 163,861 '
ENDING FUND BALANCES 51.776.855 51.461.643 5441.4i9
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' S.A. S.A. TAX
IMPROVEMENT IMPROVEMENT INCREMENT
1991B 1992D 1988 70TALS
' (�829) (#330) (#S82) 1992 1991
$429,725 �304,946
5205,044 1,366,585 865,044
, 2.069 �440 5179 289.817 467,193
316 86,470
5207,118 5440 $179 52,085,943 51,673,653
�
585.000 51,395.000 51.560.000
, 59.194 83,9$S 773,117 773.229
175 401 4,211 5,063
1,125 1,125 10,i 25 1,200
510,494 SO $170,509 �2,182,453 52,339,492
'
$196,619 $440 (a170,330) (�96,510) (�fi65,839}
'
590.397 a94,375 $57.103
� $9.182 40.100 a171,000 524.540 1.010.208
(38,532) (405,515)
a9,182 a130,497 S7 71.000 �580,383 5661,796
'
52Q5,801 �130,957 $670 �483,873 ($4,043)
� 1.712 442 6,847,735 6,851,778
' 5207.513 5130.937 51.112 �7.331.608 56.847.735
(Concluded)
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CITY OF ROSEMOUNT, MINNESOTA i
COMBINING BALANCE SHEET ' I
CAPITAL PROJEC7S FUNDS
DECEMBER 31,1992 �
'
COUNTY ROAD HAWKINS WESTRIDGE SHANNON
�42 EAST POND PROJECT HILI.S '
(�401) {#402) (#403) {#404)
ASSETS I
Cash 562,033 ($2,483} $8,999 53,789
Certificates of deposit 50,000 55,000 '
Due from other tunds
TOTAI ASSETS 562,033 ($2,483) �58,989 y58,789 �
UABIUTIES AND FUND BALANCES �
LIABIUTIES:
Due to othe�funds �
Accounts payabte y25
Contracts payable =24,49�0 =15,089
TOTAI $25 524,490 t15,089 '
FUND BAIANCES:
Reserved 62,033 (2,508) 34,509 43,700 '
TOTAL LIABIUTIES AND FUND BALANCES a62,033 (52,483) 558,999 i58,789 '
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� SHANNON
O'LEARY'S PARKWAY SECTION 31 145TH ST. VALLEY
HILLS TRAIL CHIPPENDAtE TRUNK RECON— OAK
' PROJECT IMPROVEMENT AVENUE SEWER STRUGTION POND
��aos� ��ao�� (�aos� ��a�o� ��ai�� {#a�2�
,
(;95,770) =2,3SB 58.111 521.992 (510,764) 512.867
' 536,000 64,U00 250,000 378,000 500,000
, =440,230 566,356 5258,111 5399,992 (510,764) 5512,867
'
'
57.736 E2,500 �4,105
B2,180 8,189
' SB9,916 510,689 54,105
� 370,314 55,667 5258,111 395,887 (10,764) 512,867
=440,230 Sg6,358 =258,111 E399,992 (510,764j �512,867
� Continued)
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CITY OF ROSEMOUNT. MINNESOTA
COMBINING BALANCE SHEET ,
CAPITAL PROJECTS FUNDS
DECEMBER 31, 1992 �
ARMORY REGON— ' '
ARMORY ARMORY STORM STRUCTIQN
SEWER WATER WATER 145TH
IMPROVEMENT {MPROYENiIENT IMPROVEMENT STREET ,
(#413) (#414) (#415) (�416)
ASSETS ' '
Cash =13,565 (E7,552) a30,003 {5114,924)
Certificates of deposit 370,000 95,000 50,000 '
Due irom other tunds
TOTAL ASSETS ' =383,565 $87,448 580,003 (5114,924) � �,
I.fABILITIES AND FUND BALANCES '
LIABILITIES:
Due to other funds �
Accounts payable 5238 �1,133
Contracts payabie i,902 4,397 =24,1$8
TOTAL =2.140 55,530 s24,188 ,
FUND BALANGES:
Reserved 381,425 81,918 ;80,003 (i39,112) � 'I
TOTAL LIABIUTIES AND FUND BALANCES E383,565 s87,448 S80,Q03 (St14,924�
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' COUNTRY
ARMORY HILLS COMMUNITY
HIGHWAY 3 DIAMOND SHANNON 4TH 0'LEARY'S CENTER
' tMPHOVEMENT PATH PARKWAY ADDITION HILLS PROJECT
(�417) (#419) (#42D) (#422) (#E423) (#424)
1
(i8,697) �21,4B7 y7.70B 58,599 (a5.756) 546,195
' 65,000 20,000 1,000,000
, (:8,69'� =86,467 57,706 52$.599 (#5,756) $1.046,195
'
�
5180 315,929
579,433 19,953 117,063
� SO =79,433 520,113 Si32,892
' (8,697) 7,034 =7,706 528,599 (25,869) 913,203
' (=8,657) =86,a67 57,706 528,599 (55.756) 51.046,195
{Continued)
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CITY OF ROSEMOUNT. MINNESOTA
COMBINING BALANCE SHEET
'''
CAPITAL PROJECTS FUNDS
DECEMBER 31, 1992 �
ARMORY ICE OTHER WHITE LAKE
'
RELOCATION ARENA ARMORY ACRES ST.
PROJECT PROJECT IMPROVEMENTS RECONSTRUCTION '
(�425) (#42&) (#427) (#428)
ASSETS �
Cash 511,587 596,089 $10,374 (S1.BQ4)
Certificates of deposit 560,000 2,067,000 400,000 '
Due irom other funds
TOTAL ASSETS s571.587 E2,163,089 E410,374 (a1,604) '
UAB(LITIES AND FUND BALANCES '
LIABIl1T1ES:
Due io other funds �
Accounts payabie 53,865 $17,226 y3,459
Gontracts payabie 155,857 1,378
TOTAL 5�,865 a173,083 . 54,777 '
FUND BALANCES:
Reserved 5B7,722 1,990,Q06 405,597 (51,604) '
TdTAL LIABILtT1ES AND FUND BALANCES �571,587 52,163,089 E410,374 (51,604)
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-64- ' .
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' TOTALS
1992 1991
,
=118,182 524,084
' s,aso,000 ssa,aoo
�aa,�s2
' �6,578,182 5853,87B
,
, 5269,792
558,376 B,800
5i 4,059 70,428
, 5570,435 =347,120
' 6,d07,747 506,756
=6,578,182 �853,876
,
(Conciudedj
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' '
CITY OF ROSEMOUNT. MINNESOTA
COMBINING STATEMENT OF REVENUE S AND C ANG N BALANCES ''
, EXPENDITURE , H ES IN FU D
CAPITAL PROJECTS FUNDS I
YEAR ENDED DECEMBER 31. i992 ' I,
' '
COUNTY ROAD HAWKtNS WESTRIDGE SHANNON
#42 EAST POND PROJECT HILLS '
(#401) (#402) (#403) (#404}
REVENUE:
IMerest earnings �
Donations and othet
TOTAL — — — —
DCPENDITURES: '
Construction costs:
Improvements 3716 5212,437 5189,347 ' I'
Engineering fees a4.107 56.969 33.607
Professional fees 4,385 5,554 8182
Other iS,206 '
TOTAL $716 �21.698 �274.96Q $231.136
EXCESS (DEFICIENCI� OF REVENUE '
OVER EXPEND1711RES ($716) (�21.698) {�274.960) (S2S1.436)
OTHER FINANCING SOURCES(USES): '
Bond proceeds $259,469 �274,836
Transfers from other funds 5150,�00 50,000
Transfe�s to other funds '
TOTAL — $150,000 5889,469 $274,836
EXCESS (DEFICIENCI� OF REVENUE AND OTHER '
FINANCING SOURCES OVER DCPENDITURES AND
OTHER FINANCING USES (5716) $128,302 534,509 $43,700
� II�
BEGINNING FUND BALANCES 62,749 (130,810)
ENDING FUND BAIANGES S62.OS3 (52.50&� 534.509 543.700 '
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SHANNON
' HIGHWAY 3 O'LEARY'S PARKWAY SHANNON SECTION 31
REAUGNMENT NILLS TRAIL CHIPPENDALE PARKWAY TRUNK
PROJECT PROJECT IMPROVEMENT AVENUE PROJECT#194 SEWER
� (#405j (�406) (#40� (#408) (#409) #(4i0)
' �28,103
— — — $28.103 — —
'
' 557.842 5239,651 5138.590
57,286 22,333 �27,289
11.604 5,536 6.711
' a,o
557,342 , S3Q8,541 at6fi,459 $10 �0 534,000
, (557.342) (a30�.541) (�166.459) $28.099 �0 (534.000)
'
S&71.855 5222.126 5379.887
557,342 7,000 50,000
' (130,496)
$57.342 $678,855 5222,126 — ($130,496) 5429.887
r
' $0 $370,814 555,667 a28,093 (5730,496) a395,887
280.Ot8 130,496
' — 5870.314 $55.667 5258.111 SO a395,887
� (Continued)
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CITY OF ROSEMOUNT,MINNESOTA
COMBINING STATEMENT OF REVENUE EXPENDITURES AND CHANGES IN FUND BALANCES '
CAPITAL PROJECTS FUNDS
YEAR ENDED DECEMBER 31. 1992 ' I
145TH ST. VALLEY ARMORY ARMORY ' ,
RECON- OAK SEWER WATER
STRUCTION POND IMPROVEMENT IMPROVEMENT '
(#411) (#412} (#413) (�414j
REVENUE:
Ir�terest earnings $585 '
Donations and oth�r �
TOTAL - - a585 -
DCPENDITURES: ' i�
Constructian costs:
Improvements 538.029 �87,955 ' i
Engineering fees a8.686 510.056 89.478 17.008
Professional fees 2.068 1,f 88 653 1,802
an� 'TOTAL $t0.764 511,244 $78.160 �106,765
IXCESS (DEFICIENCI� QF REVENUE �
oWER EXPEND1711REs (�1D,7s4) (511.24a) (577.5'75j (S1as.7ss'")
OTHER FINANCENGSOURCES (USES): '
Bond proceeds �95,588
Transfers irom other funds $270,000 5459,000 93,095
Transfers to other funds �
�
' I
TOTAL - �270,Q0o $459,000 �188,683
DfCESS (DEFlCIENCI� OF REVENUE AND OTHER
'
FtNANCING SOURCES OVER EXPENDITURES ANO
OTHER FINANCING UBES (510,764) 5258,756 5381,425 581,918
� '
BEGINNING FUND BALANCES 254,111
ENDING FUND BALANCES (a10,764) �512.867 $881,425 581,918 '
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ARMORY RECON—
� STORM STRUCTION ARMORY
WATER 145fH HIGHWAY 3 WATERMAIN DIAMOND SHANNON
IMPROVEMENT STREET IMPROVEMENT EXTENSION PATH PARKWAY
� (�41� (#416) (#417j (#418) (#419) (#420)
� 5248 S46 5179 434
5246 $46 — — 5179 5434
�
' $504.489 $425.i 24 �3,387
51.745 50,318 58,697 19,872
8.445 883
� 321.750
51.745" 5563,252 58,697 521.750 $445,879 33,387
, 1 49 563 206 8 697 21 750 5445.700 52.953
�S . � �S . ) �� . ) �S . ) � ) � )
,
a35S.983
a81,500 133,000 a3,080 550,000
� (50,000)
$81,500 5486,983 a0 $3,080 �500,000 $0
�
� Sso.00s (S�s.a2s) (as.ss�� (��s.s�o� S�a,soo (S2.ss��
�s2.sss� �s,s�o (a7.2�s) �o.ss�
� 580,003 (Si 39,1 t� (�8,697} a0 $7,034 57,708
� (Gontinued)
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CITY OF ROSEMOUNT. MINNESOTA
COMBINING STATEMENT OF REVENUE,EXPENDITURES,AND CHANGES IN FUND BALANCES
''
CAPITAL PROJECTS FUNDS
YEAR ENDED DECEMBER 31, 1992 '
SHANNON COUNTRY
HlLIS HILLS COMMUNITY '
2ND 4TH O'LEARY'S CENTER
ADDITIQN ADDITION HILLS PROJECT
(#42i) (#422) (�423) (#424) �
REVENUE:
interest eamings
Donations and other y13,284 � il
TOTAL — E13,284 — — II
EXPEN�ITURES: �
Construction costs:
improvements (y9,s7oj a�s,953 :117,063 ���
Engineering fees y2,217 5,756 416 , ���
Professional fees 9,635 180 34,3t8
Other
TOTAL SO E2,282 ;25,869 ;151,757 ' II
EXCESS(QEF{CIENGY)OF REVENUE
OVER EXPENDITURES y0 511,002 (525,8B8) (5151,797j '
OTHER FINANCIN6 SOURGES (USES):
Bond proceeds 51,065,U00 ''
Transfers from other funds
7ransfers to other funds (�23,419j �,
TdTAL (y23,419) SO =0 51,065,000 �
EXCESS(DEFICIENCYj OF REVENUE AND OTHER
FINAMCING SOURCES QVER EXPENDITURES AND r�'y
OTHER FINANCING USES (523,419) 311,002 (525,869) 5913,203
BEGINNIN6 FUND BALANCES 23,419 17,597
ENDING FUND BAlANGES =0 #28,599 (�25,889) =913,203
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—7�—
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� ARMORY ICE OTHER WHITE U1KE
RELOCATION ARENA ARMORY ACRES ST.
PROJECT PROJECT IMPROVEMENTS RECON. TOTALS
' (�425) (#42B) (;1�427) (#428) 1892 1991
�1,492 5199
' 41,387
- - - - 542,878 5199
t
s155,858 �1,318 52.181,689 5362.728
' 847 223 366,920 127,8t 2
=5.754 53,318 12.432 I S1,B04 174,232 15,671
34,956 33,189
, 55,754 5210,023 513,973 51,604 52,348,787 5539,38U
�
' (=5,754) (�21Q.023) (E13,973j II (E1.604) (52.71A,928) (5539.T84}
' =573,476 =2,200,029 5419,570 56,515,819 51,376,641
1,904,017 183,192
(203,915) (5g8,49II)
r ;573,478 52,200,029 5419,570 I SO $8,215,921 5971,343
,
5567,722 :1,990,006 5405,597 (51,604) 55,540,993 5432,162
' I�' 506,75B 74,594
;5B7,722 =1.990,048 5405,597 I (31,604) b6,007,749 a5QS,756
� .-I'I
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' III
' II
' II
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CITY OF ROSEMOUNT. MINNESOTA
�'i,,
COMPARATIVE BALANCE SHEET ,
ENTERPRISE FUNDS
DECEMBER 31, 1992
1992 1991
ASSETS:
CURRENT ASSETS:
Cash (�81,333) 599.704
Certificates of deposit 2,838,000 2,130,Ofl0
Accounts receivable 815,840 205,895
Special assessments receivabie 51,7$0 44,444
Due from otfier governments 1,3i8
Prepaid expenses 47,667 45,914
TOTAL $3.171.454 52.527.275
RESTRICTED ASSETS:
Cash St55.094 S12.U84
Certificates of deposit 810,000 t00,OW
Accounts receivable 14,689 12,435
TOTAL �479,783 �i 24,519
Property and equipment
Land 528.720 528.720
Buitdings 176,056 176,d56
Water towers and mains 8,9U4,440 3,904,44Q
Machinery and equipment 282,717 284,135
Less accumulated depreciation (1,198,292) (1,0&2,326)
Net property and equipment �3,193,641 $3,326,025
TOTAL ASSETS $6,844.878 �5.977.819 �
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—74—
d
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' I�I
LIABILITIES AND FUND EOUtTY: �'I 1992 1991
'LIABiLIT1ES: I
Payable from current assets: I
' Aacouirts payable I, 52,342 56.962
Accrued expenses �i 8,601 5,667
Compensated absenses payabie I 28,978 24.669
Totai I� �39.921 537.298
, �I
Payab{e from restricted assets: II
' Bonds payable ' 565,000 $60.000
Accrued interest on bonds 64,036 39,575
To#ai �i $129.036 �99,575
�Lon —term liabi(ities:
9
Bonds payable; noncurrent portion �II 52.745,000 $1,285,000
' Deferred revenue 49,782 44.448
Total I� 52,794.782 51.8�9.443
OTAL LIABIIITtES II; 52.953.739 S1,4S6.316
� �
FUND E�UITY: II
' Contributed capitai � 51,846,995 51,670,197
Retained earnings:
' Reserved for enpitai improvements �I 200,309 114,086
Unreserved '�I 1,83S,8S5 2,727,22Q
TOTAL FllND E�UITY � $3,881,139 54,511.508
'TOTAL 11ABILiTtES AND FUND E�UITY I� 36,844,878 �5,977,8i9
1 ��
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' -75 ,,
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CITY OF ROSEMOUNT. MINNESOTA '
C�MPARATIVE STATEMENT OF REVENUES, IXPENSES AND CHANGES IN RETAINED EARNINGS I
ENTERPR{SE FUNDS
YEAR ENDED OECEMBER 31, 1992
1992 1991
OPERATING REVENUES:
Wa4er sales 5358.066 S3Q6.592
Storm water charges 203.701 ��
Sewer charges 475,652 426,728
Water surcharges 47,543 42,591
Water meter maintenance 11,550 $,787
Water meters 25,$90 16,939
Misceilaneous 58,704 45,Q35
TOTAL $1.181.106 5848,612
OPERATING EXPENSES:
Generai and adminisUative:
Personai services $214.380 5181,297
Water utility:
Supplies 68.876 96.980
Other services 96.981 49,743
Capitai outlay 597 4,074
Sewer utility:
Suppfies 6,437 6.463
Other services 29.948 14.t 15
Metro sewer charge 297,564 264,108
Depreciation expense 138,034 131.446
TOTAL $852.8t 7 5748.226
OPERATING INCOME 5328.289 598,386
NONOPERATING REVENUE(EXPENSES): ' ���,I
Interest earnings y84,591 537.833
Interest expense (131,969) (96,325) i�i
Fiscal agent fees (1.073) :(1.830} ,'
TOTAL (�98,451) _ (560.320)
NET INCOME BEFORE OPERATtNG TRANSFERS 5229,898 538,066
OTHER FINANCtNG SOURCES (USES):
Operating transfers in 452,000 30,000
: Operating Vansfers out (1.489.000)
NET INC6ME (5807,162) �68.066
BEGINNING RETAINED EARNINGS 2,841,306 2,773t240
ENDING RE?AINED EARNINGS S2A34.144 52.84L306
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' CITY OF ROSEMOUNT, MINNESOTA II
I
GOMPARATIVE STATEMENT OF CASH FLOWS I,
, ENTERPRISE FUNDS I
YEAR ENDED QECEMBER 81, 1992 ��
� III
I 1992 1991
, ASH OWS FI�DM OP RA
C FL E TING ACTIVITIES: I
Cash Received From Customers �i 51,068,728 5696,251
� Cash Payments to Suppliers Fo�Goods and Services I� (506,Tl6) (512,978)
Cash Payments to Employees for Services (207,15'n (194,6t6)
Net Cash Provided(Used) 6y Operating Activities lii 5354,815 (Si t.843) :
' CASH FLOWS FROM NQNCAPITAL FINANCING i
ACTIV(71ES: �
' Operating Transfers to Other Funds (1,489,040)
Operating Transfers From Other Funds i 452,000 30,000
Net Cash Provided (Used) by Noncap'da! I
� Financing Activitles I (51.037,000) S30,Q00
CASH FLOWS FROM CAPITAL AND RELATED I
, FINACING ACTIVITIES: ��
Ac�uisition of Ca�ital Assets (55,650) (524,012)
PrirrcipaF Paid on Bonds �II (60,040) (6b.004)
' Issuance of bonds I 1,525,000
interest and Fscal Charges on Bonds lil (108,581) (98,233)
1 Contributed Capitat(Core Ct►argesj II
Received 1,216,850 613,802
Paid Out I (1,040,052) (836,932)
rNet Cash Provided(Used)by Capital
and Related Financing Activities 51,527,567 593,625
� CASH FLOWS FROM INVESTING ACTiVITIES: II
Net increase(Decrease)in Cash irnestments I (918,000) (5295,OOQ)
(nterest Received on Investments 34,591 37,853
, Net Cash Provided(Used) By investing Activities (5883.409) (�257,16�
NET INCREASE(DECREASE� IN CASH AND
' CASH EClUIVALENTS II (588.027j (5144.885)
BEGINNtNG BRIANCE II 111,788 256,675
' ENDING BALANCE III $73.761 St11,788
� I�'
—7 7—I��
' I
CITY OF ROSEMOUNT. MINNESOTA '
COMPARATNE STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS
YEAR ENDED DECEMBER 31, 1992
1992 1991
RECONCIUATIDN OF OPERATlNG INCOME
TO NET CASH PROVIDED (USEDj BY
OPERATING ACTIVITIES
Operating income $328,289 �98.386
Adjustments to Reconcile Operating tncome(l.oss)to
Net Cash Pravided Used b O ecatin Activities
� )
Y P 9 Ili
Depreciation 138.034 181,446
Change in assets: ;
AccouMs receivabie (117.71� (148.446)
Prepaid expenses (1.753} (i2.95U)
Change in lisbilities
Accounts paYabie (4.620) (8,815)
Contracts PaYsble (56;329)
Accrued exPenses 7.243 (13,319)
Deferred revenue 5,839 (1,915j �I
NET CASH PROVIDED (USED) BY OPERATING
ACTIVITFES a854.815 (Si t,343)
-78-
� F ROSEMO NT MINNESOT
CITY• U A
� STATEMENT OF CHANGES IN ASSETS AND UABIIITiES II
AGENCY FUNDS
� YEAR ENDED DECEMBER Si, 1992
,
, MEALS ON TOWN TOTAL
WHEELS DEFERRED GREEN (MEMORANQUM ONL`�
(#801) COMPENSATION (#$03) 1992 1951
� BEGINNING BAIANCE �1,028 5405,954 5161 5407,143 �285,635
Additions 1,705 111,948 6 17 3,659 132,033
� Total 52,733 5517.902 5167 S52�D.802 5417,672
� oe�etions �as.s72) (ss.s�2) (�o.s2sj
ENDING BALANCE a2,733 5479,030 5167 $481,930 5407,143
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' 79-
� '
CITY OF ROSEMOUNT. MINNESOTA �
STATEMENT OF CHANGES IN ASSETS AND LIABIUTIES �'
AGENCYFUNDS '
YEAR ENDED DECEMBER 81.1992 � ;jl
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MERLS ON TOWN 'TOTAL � i
WHEELS DEFERRED GREEN (MEMORANDUM OMLYj
(#801) COMPENSATION (#803) 1992 i991
BEGINNING BALANCE 51.028 5405 954 5161 5407 143 i285 SS9 � '
Additions 1,705 111,948 6 113,659 132,Q33
Totai 2 733 517 902 167 520 80 417 7 � 'i
a , s , s s . � s ,s2
Deletions (38,872) (58,872) (10.529)' {II
ENDING BALANCE �2,733 5479,080 5167 5481,930 ;407,t43
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CITY OF ROSEMOUNT, MINNESOTA �
GENERAL GOVEFtNMENTAL REVENUES BY SOURCE(1)
LAST SIX YEARS
DECEMBER Si, 1892
UCENSES INTER— GHAAGES I�
FlSCAL AND GOVERN— FOR FINES AND
YEAR TAXES PERMITS MENTAL SERVICES FORFElTURES
19$7 51.201.800 $152.817 51.061.127 5100.699 $81.031
1988 $1.507,60� �288.952 51.623.060 594.327 582.424
1989 51.726,540 �253,308 $1,135,708 578.953 548,181
1990 51.828,d30 $210.840 a1.570,215 588.592 551.841 �
1991 �2,255,565 at93,178 51,256,235 �i25,887 a47,377
1992 52.346,830 5342,742 a2,322,640 $277.856 a44,927 I
(1) Includes General, Special Revenue and Debt Service funds
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SPECIAL
' ASSESSMENTS INTEREST OTHER TOTAL
51.192,200 $403,942 $52,319 54,195,435
, �908,998 5589,020 5314,523 �5,358,911
5872.390 5958,889 5148.817 S5,2t7.781
' 51.041.023 5806.472 5517.516 56.114.529
S$84,874 �683,782 5189,047 55,635,945
' 51.401.265 �473,895 5224.194 �7.433,849
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C(TY OF ROSEMOUNT. MINNESOTA �
GENERAL GOVERNMENTAL DCPENDITURES BY SOURCE(1)
LAST SIX YEARS
DEGEMBER 31, 1992
FISCAL GENERAL PUBLIC PUBUC PARK AND
YEAR GOVERNMENT SAFETY WORKS RECREATION OTHER
1987 �864,912 5476,834 5441,559 596,308 $93,629
1988 �989,Q64 5539,259 5540,469 at18,661 ST,662,071
1989 $1,079,181 5680,479 5567,535 5342,491 5770,709
1990 57,246.877 $746.892 a589,361 S4'16,088 5773,545
1991 St.127.799 �854,191 a565.071 $503.804 $580.229
1992 y1,Q96,328 5888,017 $749,36$ �530,f96 5550,18fi
1 Includes Generab S ecial Revenue and eb e '
. D t S rvice�unds
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DEBT
� SERVICE TOTAL
' 5691.879 �2,665.i 21
5884,095 $4,733,619
sS,416.222 $6.856.617
' $2.044.910 55.817,638
52,838.292 55.949,386
' 52.172.328 55.986.423
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CITY OF ROSEMOUNT. MINNESOTA '
PROPERTY TAX LEVIES AND COLI.EGTIONS
LAST SIX YEARS
PERCENT OF
PERCENT OF DELtNQUENT
GURRENT OUTSTANDING TNCES TO
FISCAL TOTAI TAX CURRENT 7AX TAXES DEUNQUENT TOTAL TAX
YEAR LEVY(1) COLLECTIONS COLLECTED TAXES LEVY
1983 a637.766 a627.171 98.34% 510.595 1.66%
1984 $651.273 5621.201 95.38% 53.072 Q.47%
1985 $805,151 �783.605 97.32% 521,546 2.6896
i986 �1.019.593 5999.678 98.05% 519.915 1.95% '
19$7 �1,230,360 a1.194,411 97.08% �35,949 2.92%
1988 $1.428,170 '�1.416.205 99.16% St1.965 Q.84% '
1989 51.745.243 �t.692,870 97.00% 552.367 3.00%
1990 $2.063.786 52,032,4f6 98.48% $31.849 1.5296
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1991 $2.498,285 $2,453.638 98.21% 544.648 1.T9%
1992 52.748,f13 $2,714.623 98.67% 536,490 1.3�% ' 'i
(1) Includes Generai and Specisl Levies ' I,
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PERCENT OF
� CUMULATIVE
TOTAL TAX
CUMULATIVE COLLECTIONS
, CUMULATIVE DELINGIUENT TO TOTAL
TOTAL TAX TAX TAX lEi/Y
, COLLECTfONS COLLECTIONS TO bATE
5637,766 �10,595 100.00%
� 5651.064 �29.863 99.97%
5804,603 y20,998 99.9396
� 51.019.198 $19.5t5 99.96%
51,229,668 535,257 99.94%
' 51.425,670 $9.4fi5 99.82%
51,799,228 �46,352 99.66%
� 52.055,747 a23.831 99.61%
52.485,487 581,849 99.49%
� 52.711,623 - 98.67%
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CI7Y OF ROSEMOUNT MINNESOTA �
PHOPERTY TAX RATE
DIRECT AND OYERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
SCHOOL
FiSCAL C!'IY OF DISTRICT DAKOTA SPECIAL
YEAR ROSEMOUNT #F196 COUNTY DtSTFiICTS(1) TOTA�
1983 16.186 56.725 19.594 4.124 56.629
1984 9 7.328 80.204 20.656 9.854 102.042
1985 19.182 60.228 21.045 3.299 103.752
1986 23.817 57.839 21.936 3.73T 1 Q7.829
i 987 27.912 60.361 23.793 3.874 115.940
1588 28.889 60.542 28.890 3.694 116.615
1989(2) 26.879 52.249 2Q.721 ' 4J55 104.604
1990(2) 22.001 40J93 21.06i 4.844 88.699
1991 (2) 27.705 48.559 22.542 4.560 103_466 I
1992(2) 29.224 54.6fl2 25.536 6.139 115.501
(1) Prior to 1989,includes Metropotitan Council, Metropolitan Transit District,and Metropolitan Mosquito Control. The Vo-Tach
(SISD 91�mitl rate is included in the ISD 196 rate.
1989 includes Metropotiffin Council, Regionai Transit District,Metropolitan Mosquita Controt,and Dakota Cou�ty Technical
College.
Beginning with 1990,includes Metropolitan Council,`Regional Transit District,Metropo{itan Masquito CoMrol,Dakots County �'
TechnicaF Coilege and Dakota County UgM Rail Transit.
(2) Beginning with prope�ty taxes payable in 1989,taxes ere determined by multip{ying the Gross Tax Capacity by the Tax Capacity
Rate, Expressed as a percenffige. This replaces the use of Assessed Value multiplied by Mili Rates. Prior to 1989,tl�e rrdll
rates in this table were computed on the bssis of totallevies and do not reflect reductions fw property tax credits.
Beginning with taxes payable in 1590, net tax capacity has repfaced gross tax capacity as tha basis on which fiaxes are levied.
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, CITYDF RQSEMOUNT MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN
' DECEMBER 31, 1992
'
, Estimated Market Value iST8,045,200
Debt limR-2.00%of
, Estimated Market Valu� ;7,560,9p4
Amount of Debt Applicsble
' to Dsbt Limit:
Total Bonded Debt—
Principal as of 12/S1/92 i20,850,000
' Deductions(4):
Qebt Service Fund
Cash and Investmsnt(All Types) s7,474,810
' Less Amount Applieable to
Increment Bonds 7,473,698 =1,112
' Specisl Aa�esament Bonds(Principal) 11,455,000
Tax Increreent Bonds(Principal) 860,000
, Revenue 8onds Princi al 6 235 000 18 5S1 112
1 P )
' Total Amount of Debt Applicabie to Debt Limit 52,298,888 2,288,888
Legal D�bt Margin =5,262,Ot8
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CI7Y OF ROSEMOUNT.I�MIESOTA �
PROPERTY VALUE AND CONSTRUCTION
lASF FIVE FISCAL YE/1RS
PROPERTY GQMI�RqAL RESIDEN71At
VALUE(1) CONSTRUG710N(2) COMSTRUCTION C2)
FISCAL NUMBER NI�ABER E7�MP7
YEAFt TOTAL OF UNRS VALUE OF tAJITS YALUE YALUE
1 Q86 =213.558.700 31 y{.T97.589 473 :25,590,7t3 5596.2�0
7� �'261.472.500 39 i3.762.079 441 i10.288.304 SF►.806,900
19�0 i306.437.800 2D �3.791.88� 460 i17.�57.638 *172,5�5 ��
1�D1 i�.880.800 28 5753.400 479 S1Q 106,838 i7$.T68 il
1'992 5382.786,400 27 i74.35ti,850 574 526,500,584 =2,4Q1,T90
(7) �tiort P►ovided bY Dakofa Courdy Assessor's OF�ice(Based on Estimated Market Values oF Real Esh�#e Oniy)
RI ��P���bY City af Racemo�x�t Bui�n9��artme�d
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' CtTY OF ROSEMOGN7'.MINNESOTA
I�AISCELLANEOUS STATiS11CS
' DECEAABER 31,1992
� Date d inaorpartation 1858
Form afi Governmerd(Siaiutory) CouncUCity Administrata
, Numbar of Employaes
ReguLv Fuq—Time 49
Tempcxary or P�t—Tune 145
, Area m S�e Mil� 36 Square Miles
Population(1990 Census) 8622
Cdy of RasemouM Facd�ies and Servie�s:
' Mles d Streets 114
F're Pirotection:
Niaebar af Sffifions 1
, Nwnbar d Fie Parsonnei and Officers 36
Nwr►bar of Calis Msw�ed 355
Number of Vehicles 12
Po6ce Protectioa:
' N�anber af Stations 1
Nanbx d Fie Personnel and Otficers
9wom Officers 11
� Othet Poi'�ce Pe►sonnei 2
Numbar oF Patrol Unda
Marked 5
' Urenarked 2
Parks and Reaeation:
Parks 16
Park Acreage 213 Acres
' TQnnis Cauts 2 �
Sewerage System:
Miles of Sarn7ery Sew�s 34.12 miles
� M�ee of SEam Sawers t9.60 miles
Mumber of Setvice Connections 2531
Wa�S�rstem:
' M�er of Water f�Aains:
I�nicipa� 43.6
R� 7.1
N�unb�t d Service Connections 2531
' Numbar d We9s
Municipal 4
Rural 2
� Number d Water Tawets 2
Nunber d Fie HydraMs 3B8
D�ly Averaag�e Consumtion 1n GaNans 941,207 Gailons Per Day
' F��and Sarvica�rat included io tlie Reporting Entity:
N�nnber af Elementary Schoots 2
Ntanber of Secondary Schoots 2
' Ntmabar of Special Education Schoois 1
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CITY OF ROSEMOUNT.MINNESOTA
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SCHEDUIE OF BONDEDINDEBTEDNESS
DECEMIBER 81, 1992
FINAL
1NTEREST ISSUE MARURITY OUTSTANDING
RATE DATE DATE 1-1-92
BONDEDINDEBTEDNESS �
GENERAL QBLtGATtON BONDS ;
Community Cen#er 6.4 11-92 2-13
Warning System 7.25-8.60 2-81 2-91 575,000
City Hal) 5.40-B.70 A-86 8-02 1,t20,000
Equipment Certificates,1991 4.t0-4.80 12-91 12-96 210,000
TOTAL 6ENERAI OBLIGATION BONDS 57,345,000
SPECIAL ASSESSMENT B4NDS
Improvement, 1992A 4.9 9-92 2-04
improvement, 1992D 5.5 71-92 2-U4
improveme�t, 1991A 5.00-6.00 6-91 2-02 $1,180,000
Improvement, 19916 4.40-5.70 12-91 2-03 265,000
(mprovement, 7989B 6.10-6.60 7-89 2-01 2,490,000 I
{mprovement, i9886 5.90-6.90 t0-88 2-99 2,150,000
Improvement, 1987A 4.75-6J0 2-87 2-89 3,550,000
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,Q00
TOTAL SPECIAL ASSESSMENT BONDS �10,275,000
REVENUE BONDS
Municipai Building, t992E 6.4 11-92 2-18
Storm Water- 1992B 5.4 9-92 2-08
Water- 1988A 7.00-7_25 4-89 2-05 a1,905,000
Water lmprovement 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 BONOS ;7,545,000
TAX INCREMENT BONDS
Ta�c Inarement, f988A 8.20-9.B0 6-88 2-99 S94S,000
TOTAL TAX INCREMENT BONDS
TOTAL CIIY INDEBTEDNESS 513,910,UQ0
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� PRINCIPAL INTEREST
ISSUED RETIRED OUTSTANDING DUE IN DUE IN
1992 1992 12-31-92 1993 1993
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=i,080,000 �1,080,000 548,698
, 515,000
70,000 1,050,000 S7S,000 65,530
40,000 770,000 40,000 7,670
' E7,080,000 =128,000 52,300,000 5175,000 $121,898
' =895,000 5895,000 5�5,542
1,470,000 1,470,000 i3,790
1,180,000 5120,000 64,710
' 265,000 18,790
=270,000 2,220,000 250,000 13B,2B0
' 300,000 1,850,000 300,000 112,025
475,Ofl0 3,475,000 475,000 199,6B3
81,256
38,744
' 20,000 100,000 100,000 4,690
=2,365,000 $1,185,000 s11,455,000 51,245,000 3580,470
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=3,425,000 53,425,Od0 $152,498
' t,S25,000 1,525,000 70,771
=20,000 1,285,000 a65,000 89,658
20,000
� 20,000
54,950,000 E60,000 �B,235,OQ0 �65,000 $312,922
' 85,OOQ 860,000 95,000 76,010
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�8,395, 00 =1,455,000 �20,$50,000 51,520,000 31,091,30
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BOECKE NHEIN�N& 1VIAYER
C E R 7' 1 F 1 E D P U B L I C A C C O U N T A N T S
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH LAWS AND �
REGULATIONS BASED ON AN AUDIT OF THE GENERAL PURP4SE
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 canducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards,issued by the Comptroiler General
ofthe UnitedStates, and the provisions of the Leg,a1 Compliance Audit Guide gromulgated
by the Legal Compliance Task Force pursuant to Minnesota. Statutes Sec, 6.55. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of materiai 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 af the City of Rosemount's compliance with
certain provisions of laws, regulations, contracts, and grants. Hawever, it shauld be noted
that our obJective was notto prnvide an opinion on overall compliance with such provisions.
Tbe results af our tests indicate that, with respect to the items tested, the City of
Rosemount, Minnesota, complied, in all material respects, with those provisians refened
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, Minnesata, had not complied, in all material
respects, with those provisions.
The Le�al Compliance Audit Guide covers five main categories of compliance to be tested:
contracting and bidding,deposits and investments,eonflicts af interest,pubIic indebtedness,
and claims and disbursements. Our study included all of the listed categaries.
This re ort is intended for the information of mana ement and the Minnesota Co nizant �
P g g
Agency. This restriction is not intended to limit the distribution of this report, which is a
matter of public record. , �
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BOECI�RMAI�tN, HEIlVEN & MAYER �
Certi€ied Public Accountants ,
Minneapolis, Minnesota
March 23, 1993 �
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' CITY OF ROSEMQUNT, MINNESOTA
CflMMENTS TO AUDITORS' REPORT ON COMPLIANCE
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' PLEDGE OF SECURITIES
Minnesota Statute 118.01 requires that public funds must be covered by pledged securities
� to the e�ent 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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