HomeMy WebLinkAbout3.b. Presentation of 1991 Audited Financial StatementsCITY OF ROSEMOUNT
REPORT TO MANAGEMENT
December 31, 1991
CITY OF ROSEMOUNT
REPORT TO MANAGEMENT
December 31, 1991
CONTENTS EmEn
ACCOUNTANTS' REPORT 1
DISPOSITION OF PRIOR YEAR COMMENTS
Checking Account Administration 2
Cash Collections 2
Pledge of Securities 2
Cash Flow 2
Donation Acceptance Process 2
Budget Process 2
Fixed Asset System 3
Interim Financial Reports 3
Finance Committee 3
Bidding Process 3
CURRENT YEAR COMMENTS
Code of Conduct Statements 4
Employment Law Update 4-6
Standard Mileage Rate 6
GRAPHIC ANALYSIS 7-13
U NN HEINEN&MMER
C E R T I F I E D P U B L I C A C C O U N T A N T S
To the Honorable Mayor and
Members of the City Council
City of Rosemount, Minnesota
In planning and performing our audit of the general purpose financial statements of the City
of Rosemount, Minnesota for the year ended 1991, we considered the City's internal control
structure to determine our auditing procedures for the purpose of expressing an opinion on
the general purpose financial statements and not to provide assurance on the internal
control structure.
However, during our audit we became aware of some matters that are opportunities for
strengthening internal controls and operating efficiency. The memorandum that
accompanies this letter summarizes our comments and suggestions regarding those matters
and includes some graphic analysis. This letter does not affect our report dated February
14, 1992 on the general purpose financial statements of the City of Rosemount, Minnesota.
We want to take this opportunity to express our sincere appreciation for the courtesies and
cooperation extended to us by all of the City's personnel during the audit. We look forward
to working with you in the future.
Sincerely,
BOECKERMANN, HEINEN & MAYER
Certified Public Accountants
Minneapolis, Minnesota
February 14, 1992
MINNEAPOLIS, MN
7500 Flying Cloud Drive #740
Eden Prairie, MN 55344
(612)944-5999
DISPOSITION OF PRIOR YEAR COMMENTS
CITY OF ROSEMOUNT
DISPOSITION OF PRIOR YEAR COMMENTS
--------------------------------------------------------
DECEMBER 31, 1991
CHECKING ACCOUNT ADMINISTRATION
We previously recommended that a "Just Claims" statement be added on all checks. This
was done in 1991.
CASH COLLECTIONS
We previously recommended that all receipts be identified on the deposit ticket by source.
This was done on all deposit tickets we tested in 1991.
PLEDGE OF SECURITIES
We previously commented on a deficiency in pledged collateral as of December 31, 1990.
The City had sufficient collateral to cover public funds during 1991.
CASH FLOW
We previously recommended the City begin analyzing cash needs and develop a plan to
ensure adequate cash is available at all times. This is currently being monitored by the
Finance Department.
DONATION ACCEPTANCE PROCESS
We previously recommended that the City amend expenditure budgets for donations
received during the year. This recommendation was adopted in 1991.
BUDGET PROCESS
We previously recommended the City prepare a detailed budget for the General and Special
Revenue Funds. During our current engagement, we reviewed the budget and discussed
the budgeting process with City personnel. It appears that your budgeting process is
comprehensive and soundly structured. We encourage you to continue reviewing and
refining your budgeting process.
-2-
CITY OF ROSEMOUNT
DISPOSITION OF PRIOR YEAR COMMENTS
DECEMBER 31, 1991
FIXED ASSET SYSTEM
We previously commented on our qualified audit opinion based on the lack of general fixed
asset records. Our audit opinion continues to be qualified due to the lack of records. You
may wish to consider taking an inventory of and implementing a system to record general
fixed assets to remove this qualification.
INTERIM FINANCIAL REPORTS
We previously recommended the City obtain an interim reporting system to provide a
detailed monthly financial report. This has improved and should continue to be refined.
FINANCE COMMITTEE
We previously recommended that the City consider establishing a Finance Committee. It
is our understanding that such a committee has not yet been established. We encourage
you to consider establishing a Finance Committee for 1992.
BIDDING PROCESS
We previously commented on the bidding process and the state statutes relating to
contracting and bidding. The statutes are very specific. You may wish to review the
requirements listed in our previous management letter. We did not notice any deficiencies
in this area during 1991.
-3-
CURRENT YEAR COMMENTS
CITY OF ROSEMOUNT
CURRENT YEAR COMMENTS
--------------------------------------------------------
DECEMBER 31, 1991
EMPLOYMENT LAW UPDATE (Continued)
Overtime Pay
The Fair Labor Standards Act specifies that overtime pay be computed for all hours worked
over 40 in a workweek for all jobs classified as "non-exempt." The general rate specified
is one and one half times the regular hourly rate.
For Minnesota employers who do not practice any interstate commerce, the state law is to
pay overtime for hours beyond 48 hours per week. However, most employers must use the
stricter federal standard. The law considers each "workweek" on its own; no averaging of
hours over more than one week is allowed.
Independent Contractor Status
One area currently emphasized by the IRS is the classification of employees as independent
contractors. Due to stiff IRS penalties and interest, it is especially important to comply with
their regulations.
Criteria the IRS uses to determine whether someone is an employee rather than an
independent contractor include:
* The person has an ongoing relationship with your City on a regular or
irregular basis.
* The person is given instructions about how, where and when to
perform the work.
* Control over the workers supervised by the "independent contractor" (such as
hiring, firing, etc.) is carried out by your City.
* Your City establishes the individual's work hours.
* The work performed is part of the City's general business operation.
* The person receives training from the City.
* The individual does not perform similar services for anyone else.
* Compensation is on a periodic basis rather than by job or project.
* The individual is required to give your City regular written progress reports.
* Your City furnishes the individual with tools and materials.
* Your City insures the individual or the work being performed.
* Your City pays the individual's travel and business expenses.
-5-
CITY OF ROSEMOUNT
CURRENT YEAR COMMENTS
DECEMBER 31, 1991
EMPLOYMENT LAW UPDATE (Continued)
Environmental Sexual Harassment
Sexual harassment is defined as unwelcome sexual advances, requests for sexual favors, or
sexually motivated physical conduct or communications. Environmental sexual harassment
may result from sexual innuendos, advances of supervisors, and harassment of employees
by non -supervisors.
To avoid environmental sexual harassment, employees should be made aware of conduct
that constitutes sexual harassment and the City should have a sex discrimination and
harassment policy. The policy should be in writing and should clarify who employees should
notify if they feel they are being harassed or discriminated against, and the procedures that
should be followed once a complaint has been made.
STANDARD MILEAGE RATE
The current IRS standard mileage reimbursement rate is 28 cents per mile. The City should
consider this rate when approving future mileage reimbursement amounts.
W
PARK,
PUBLIC WORKS (21.
CITY OF ROSEMOUNT
EXPENDITURE BREAKDOWN
PARK & REC.
PUBLIC WORKS (19.5%)
1990
1991
GENERAL GOVT (34.2%)
RAL GOVT (36.9%)
PARK & R!
PUBLIC WORKS (24.1
1992 BUDGET
GOVT (30.4%)
-10-
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
CITY OF ROSEMOUNT
GENERAL FUND
TOTAL FUND BALANCE vs EXPENDITURES & TRANSFERS
..................................................... .......... ......
.......................................................................... ............................................. ........................ .......................................................................................................................................................
.............................................................................. ............ ........ ------------- ---------------- ...... --------- ...... ........ ...... .................
99.48°/�
. ............................................................................................................................. ........ .. .020Y'co ............... .......... ...... .......
.52% 36.40%
. ............................................................................................................................................ ............................................................. ............ ...... - .............................. ......................
1987 1988 1989 1990 1991
For the years ended December 31:
... D ...... Expenditures — Fund Balance -Gben'l Gw'i
-11-
-12-
$150
CITY OF ROSEMOUNT
UTILITY COMMISSION INCOME (LOSS)
(BEFORE TRANSFERS)
Cn
� $0
c�
Cn
I
o ($50)
C-
($100)
($150)
($200)
1987 1988 1989 1990 1991
For the years ended December 31:
-13-
CITY OF ROSEMOUNT, MINNESOTA
ANNUAL FINANCIAL REPORT
For the Year Ended
December 31, 1991
�I
0
Title Page
Table of Contents
City Officials
CITY OF ROSEMOUNT, MINNESOTA
TABLE OF CONTENTS
-----------------
December 31, 1991
INTRODUCTORY SECTION
FINANCIAL SECTION
Independent Auditors' Report
General Purpose Financial Statements
Combined Balance Sheet - All Fund Types
and Account Groups
Combined Statement of Revenue,
Expenditures and Changes in Fund
Balances - All Governemental Fund Types
Combined Statement of Revenue, Expenditures and
Changes in Fund Balance - Budget and Actual -
General Fund
Combined Statement of Revenue,
Expenses and Changes in Retained
Earnings - All Proprietary Fund Types
Combined Statement of Cash Flows
- All Proprietary Fund Types
Notes to the Financial Statements
Pages)
1
2-3
4
5-6
�9
10
11
12-13
14-30
I
Combining and Individual Fund Financial Statements and Schedules
u
General Fund
Comparative Balance Sheets 31
Comparative Statements of Revenue,
Expenditures and Changes in
Fund Balance 32
Schedules of Revenue - Budget and Actual 33
Schedule of Expenditures and Encumbrances -
Budget and Actual 34-36
Special Revenue Funds
Combining Balance Sheet 37
Combining Statement of Revenue,
Expenditures and Changes in
Fund Balances 38
Debt Service Funds
Combining Balance Sheet 39-40
Combining Statement of Revenue,
Expenditures and Changes in
Fund Balances 41-42
CITY OF ROSEMOUNT, MINNESOTA
TABLE OF CONTENTS
-----------------
December 31, 1991
Page(s)
Capital Project Funds
Combining Balance Sheet
43-45
Combining Statement of Revenue,
Expenditures and Changes in
Fund Balances
46-48
Utility Commission Fund
Comparative Balance Sheets
49
Comparative Statements of Revenue, Expenses
and Changes in Retained Earnings
50
Comparative Statements of Cash Flows
51-52
Agency Funds
Combining Balance Sheet
53
Statement of Changes in Assets and Liabilities
54
STATISTICAL SECTION
General Government Revenue by Function
55
General Government Expenditures by Function
56
Property Tax Levies and Collections
57
Property Tax Rate - Direct and Overlapping Debt
58
Computation of Legal Debt Margin
59
Property Value and Construction
60
Miscellaneous Statistics
61
Schedule of Bonded Indebtedness
62
Auditors' Report on Compliance 63
-3-
Vernon Napper
Sheila Klassen
John Oxborough
Harry Willcox
Dennis Wippermann
Stephan Jilk
Jeff May
CITY OF ROSEMOUNT, MINNESOTA
CITY OFFICIALS
--------------
December 31, 1991
ELECTED
APPOINTED
-4-
Mayor
Council Member
Council Member
Council Member
Council Member
City Administrator
Finance Director
Aj NNHBNBV&M4YEJ?
C E R T I F I E D P U B L I C A C C O U N T A N T S
INDEPENDENT AUDITORS' REPORT
To the Mayor and City Council
City of Rosemount, Minnesota
' We have audited the accompanying general purpose financial state-
ments of the City of Rosemount, Minnesota, as of and for the year
ended December 31, 1991, as listed in the table of contents. The
financial statements are the responsibility of -the City's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
The City does not maintain adequate records of the general fixed
asset group of accounts, stated at $11,343,070 in the
accompanying combined financial statements. Because the City's
records do not permit the application of adequate audit
procedures, we are unable to and do not express an opinion on the
general fixed asset account group.
In our opinion, other than the general fixed asset group of
accounts as described in the preceding paragraph, the general
purpose financial statements referred to in the first paragraph
present fairly, in all material respects, the financial position
of the City of Rosemount, Minnesota, as of December 31, 1991, and
the results of its operations and the cash flows of its
proprietary fund types for the year then ended in conformity with
generally accepted accounting principles.
To the Mayor and City Council
City of Rosemount, Minnesota
Page Two
Our audit was made for the purpose of forming an opinion on the
general purpose financial statements taken as a whole. The
combining and individual fund financial statements and schedules
as listed in the table of contents are presented for purposes of
additional analysis and are not a required part of the general
purpose financial statements of the City of Rosemount,
Minnesota. Such information has been subjected to the auditing
procedures applied in the audit of the general purpose financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the general purpose financial statements
taken as a whole.
The statistical section listed in the table of contents is
presented for purposes of additional analysis and is not a
required part of the general purpose financial statements of the
City of Rosemount, Minnesota. Such information has not been
subjected to the auditing procedures applied in the audit of the
general purpose financial statements of the City of Rosemount,
Minnesota, and, accordingly, we express no opinion on it.
Minneapolis, Minnesota
February 14, 1992
r
la����" lo&�'4- AfX1
BOECKERMANN, HEINEN & MAYER
Certified Public Accountants
C
GENERAL PURPOSE FINANCIAL STATEMENTS
r
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CITY OF ROSEMOUNT, MINNESOTA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1991
See Accompanying Notes to the Financial Statements
-7-
Proprietary
Fiduciary
Governmental
Fund Types
Fund Types
Fund Type
Account
Groups
General
Totals
Fixed
General
(Memorandum
Only)
Special
Debt
Capital
Assets
Long -Term
General
Revenue
Service
Projects
Enterprise
Agency
(Unaudited)
Debt
1991
1990
ASSETS
Cash $
127,463
$ 182,955
$ 61,625
$ 24,084
$ 111,788
$ 1,189
$ -
$ -
$ 509,104
$ 509,679
Certificates of
Deposit
704,227
1,705,618
6,677,000
680,000
2,230,000
405,954
-
-
12,402,799
10,911,286
Accounts Receivable
1,524
-
-
-
218,330
-
-
-
219,854
70,102
Notes Receivable
-
1,433,548
-
-
-
-
-
-
1,433,548
1,435,342
Special Assessments
Receivable
Delinquent
13,786
-
190,164
-
7,243
-
-
-
211,193
70,487
Deferred
45,059
4,318
1,579,260
-
37,201
-
-
-
1,665,838
1,683,343
Taxes Receivable
Delinquent
63,538
-
-
-
-
-
-
-
63,538
57,081
Due Fran Other
Funds
120,000
-
-
149,792
-
-
-
-
269,792
967,488
Due Fran Other Govern-
mental Units
127,829
916
109,110
-
1,318
-
-
-
239,173
239,907
Prepaid Expenses
113,765
904
-
-
45,914
-
-
-
160,583
147,776
Fixed Assets
-
-
-
-
3,326,025
-
11,343,070
-
14,669,095
14,481,335
Amount Available in
Debt Service
Funds
-
-
-
-
-
-
-
6,847,735
6,847,735
6,851,778
Amount to be Pro-
vided for Debt
Retirement
-
-
-
-
-
-
-
5,892,587
5,892,587
5,884,837
TOTAL
ASSETS $
1,317,191
$ 3,328,259
$ 8,617,159
$ 853,876
$ 5,977,819
$ 407,143
$11,343,070
$12,740,322
$44,584,839
$43,310,441
See Accompanying Notes to the Financial Statements
-7-
CITY OF ROSEMOUNT, MINNESOTA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1991
Proprietary Fiduciary
Governmental Fund Types Fund Types Fund Type Account Groups
General Totals
Fixed General (Memorandum Only
Special Debt Capital Assets Long -Term
General Revenue Service Projects Enterprise Agency (Unaudited) Debt 1991 1990
LIABILITIES AND FUND
EQUITY
LIABILITIES
Due to Other
Funds $ - $ - $ - $ 269,792 $ - $ - $ $ $ 269,792 $ 1,013,517
Accounts Payable 82,715 18,496 - 6,900 6,962 407,143 - - 522,216 243,720
Compensated Ab-
sences Payable - - - - 24,669 - 175,322 199,991 290,573
Accrued Expenses 45,350 - - 5,667 - - 51,017 62,741
Accrued Interest - - - - 39,575 - - - 39,575 40,654
Contracts
Payable - - - 70,428 - - - - 70,428 122,964
Deferred
Revenue 132,946 1,492,945 1,769,424 - 44,443 - - - 3,439,758 3,281,799
Bonds Payable - - - - 1,345,000 - - 12,565,000 13,910,000 13,875,000
TOTAL LIA-
BILITIES$ 261,011 $ 1,511,441 $ 1,769,424 $ 347,120 $ 1,466,316 $ 407,143 $ - $12,740,322 $18,502,777 $18,930,968
FUND EQUITY
Investment in
General Nixed
Assets $ - $ - $ - $ - $ - $ - $11,343,070 $ - $11,343,070 $11,047,876
Contributed
Capital - - 1,670,197 - - - 1,670,197 1,393,328
Retained Earnings - - - - 2,841,306 - - - 2,841,306 2,773,240
Fund Balance
Reserved 113,765 1,816,818 6,847,735 506,756 - - - 9,285,074 7,520,493
Unreserved
Designated
for Working
Capital 942,415 - - - - - - - 942,415 853,455
TOTAL FUND
EQUITY $ 1,056,180 $ 1,816,818 $ 6,847,735 $ 506,756 $ 4,511,503 $ - $11,343,070 $ - $26,082,062 $24,379,473
TOTAL
LIABILITIES
AND FUND
EQUITY $ 1,317,191 $ 3,328,259 $ 8,617,159 $ 853,876 $ 5,977,819 $ 407,143 $11,343,070 $12,740,322 $44,584,839 $43,310,441
See Acccmpanying Notes to the Financial Statements
-8-
CITY OF ROSEMOUNT, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
------------------------------------------------------------------------
For the Year Ended December 31, 1991
See Accompanying Notes to the Financial Statements
-9-
Totals
Special
Debt
Capital
(Memorandum
Only)
General
Revenue
Service
Projects
1991
1990
REVENUE
General Property Taxes
$
1,026,792
$
923,827
$
304,946
$
-
$
2,255,565
$
1,828,030
Licenses and Permits
193,178
-
-
-
193,178
210,840
Special Assessments
19,830
-
865,044
-
884,874
1,041,023
Intergovernmental
842,806
413,429
-
-
1,256,235
1,570,215
Charge for Services
125,887
-
-
-
125,887
88,592
Fines and Forfeitures
47,377
-
-
-
47,377
51,841
Interest Earnings
35,297
181,292
467,193
199
683,981
806,472
Other
139,717
12,860
36,470
-
189,047
519,194
TOTAL REVENUE
$
2,430,884
$
1,531,408
$
1,673,653
$
199
$
5,636,144
$
6,116,207
EXPENDITURES
General Government
$
998,618
$
129,181
$
-
$
-
$
1,127,799
$
1,246,877
Public Safety
834,191
-
-
-
834,191
746,892
Public Works
565,071
-
-
490,540
1,055,611
1,943,055
Parks and Recreation
503,804
-
-
-
503,804
416,088
Other
-
579,029
1,200
48,840
629,069
796,787
Debt Service -
Principal Retirement
-
-
1,560,000
-
1,560,000
1,180,000
Interest on Bonds
-
-
773,229
-
773,229
859,625
Fiscal Agent Fees
-
-
5,063
-
5,063
5,285
TOTAL EXPENDITURES
$
2,901,684
$
708,210
$
2,339,492
$
539,380
$
6,488,766
$
7,194,609
EXCESS (DEFICIT) OF REVENUE OVER
EXPENDITURES BEFORE OTHER FINANCING
SOURCES (USES)
$
(470,800)
$
823,198
$
(665,839)
$
(539,181)
$
(852,622)
$(1,078,402)
OTHER FINANCING SOURCES (USES)
Proceeds from Sale of Bonds
$
-
$
208,604
$
57,103
$
1,376,641
$
1,642,348
$
-
Transfers from Other Funds
562,116
3,023
1,010,208
193,192
1,768,539
2,023,107
Transfers to Other Funds
-
(491,800)
(405,515)
(598,490)
(1,495,805)
(1,553,150)
NET OTHER FINANCING SOURCES (USES)
$
562,116
$ 280,173)
ST 661,796
971,343
$
1,915,082
$
469,957
EXCESS (DEFICIT) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES
AND OTHER FINANCING USES
$
91,316
$
543,025
$
(4,043)
$
432,162
$
1,062,460
$
(608,445)
FUND BALANCES, January 1
964,864
1,273,793
6,851,778
74,594
9,165,029
9,773,474
FUND BALANCES, December 31
$
1,056,180
$
1,816,818
$
6,847,735
$
506,756
$10,227,489
$
9,165,029
See Accompanying Notes to the Financial Statements
-9-
CITY OF ROSEMOUNT, MINNESOTA
COMBINED STATEMENT OFNUE, EXPENDITURES AND CHANGES
IN FUND BALANCE --B"T AND ACTUAL - GENERAL FUND
--_--------------- - ----------------------------
For the Year Ended December 31, 1991
REVENUE
Taxes
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Miscellaneous,
Total Revenue
EXPENDITURES
General Government
Public Safety
Public Works
Park and Recreation
Total Expendi-
tures and
Encumbrances
Budget
$ 1,105,905
224,400
846,663
100,150
55,000
214,103
$ 2,546,221
$ 1,000,225
824,699
613,924
552,424
$ 2,991,272
Actual
$ 1,026,792
193,178
842,806
125,887
47,377
194,844
$ 2,430,884
$ 991,618
834,541
565,071
509,504
$ 2,900,734
Variance
$ (79,113)
(31,222)
(3,857)
25,737
(7,623)
(19,259)
$ (115,337)
$ 8,607
(9,842)
48,853
42,920
$ 90,538
EXCESS (DEFICIT) OF REVE-
NUE OVER EXPENDITURES
AND ENCUMBRANCES $ (445,051) $ (469,850) $ (24,799)
OTHER FINANCING SOURCES
(USES)
Transfers From Other
Funds $ 445,051
iNet Other Fi-
nancing Sources $ 445,051
' EXCESS (DEFICIT) OF REVENUE
OVER EXPENDITURES AND
ENCUMBRANCES AND OTHER
FINANCING SOURCES (USES)$ -
Reconciliation to GAAP
Basis
Elimination of Encum-
brances, Net
FUND BALANCE,
January 1
FUND BALANCE,
December 31
$ 562,116
$ 562,116
$ 92,266
(950)
964,864
$ 1,056,180
$ 117,065
$ 117,065
$ 92,266
See Accompanying Notes to the Financial Statements
-10-
L
C
CITY OF ROSEMOUNT, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES
IN RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
---------------------------------------------------
For the Years Ended December 31, 1991 and 1990
OPERATING REVENUE
Water Sales
Sewer Charges
Water Surcharges
Water Meter Maintenance
Water Meters
Miscellaneous
Total Operating Revenue
OPERATING EXPENSES
Salaries and Wages
Supplies
Other Services
Other Charges
Metro Sewer Charge
Depreciation Expense
Total Operating Expenses
Operating Income (Loss)
NON-OPERATING REVENUE (EXPENSES)
Interest Earnings
Interest on Bonds
Other Expenses
Net Non -Operating Revenue (Expenses)
INCOME BEFORE OPERATING TRANSFERS
Operating Transfers In
Operating Transfers Out
NET INCOME
RETAINED EARNINGS, January 1
RETAINED EARNINGS, December 31
Enterprise Fund
1991
1990
(96,323)
(170,553)
$ 306,532
$ 271,847
426,728
288,390
42,591
53,359
8,787
1,650
16,939
15,649
45,035
34,753
$ 846,612
$ 665,648
$ 181,297
103,443
63,858
4,074
264,108
131,446
$ 748,226
$ 98,386
$ 162,286
56,470
199,562
16,677
226,481
95,136
$ 756,612
$ (90,964)
$ 37,833 $
104,861
(96,323)
(170,553)
(1,830)
(1,462)
$ (60,320) $
(67,154)
$ 38,066 $ (158,118)
30,000
$ 68,066
268,215
(88,331)
$ 21,766
2,773,240 2,751,474
$ 2,841,306 $ 2,773,240
See Accompanying Notes to the Financial Statements
1 -11-
CITY OF ROSEMOUNT, MINNESOTA
' COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
--------------------------------
For the Years Ended December 31, 1991 and 1990
CASH FLOWS FROM OPERATING ACTIVITIES
' Cash Received From Customers
Cash Payments to Suppliers for Goods
and Services
' Cash Payments to Employees for Services
Net Cash Provided (Used) By
Operating Activities
' CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES
Operating Transfers From Other Funds
Operating Transfers to Other Funds
Net Cash Provided (Used) By
Noncapital Financing Activities
' CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Acquisition of Capital Assets
' Principal Paid on Bonds
Interest and Fiscal Charges on Bonds
Contributed Capital (Core Charges)
' Received
Paid Out
Net Cash Provided (Used) By Capital
' and Related Financing Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Net Increase (Decrease) in Investments
' Interest Received on Investments
Net Cash Provided (Used) By
Investing Activities
' NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
' CASH AND CASH EQUIVALENTS, Beginning of Year
CASH AND CASH EQUIVALENTS, End of Year
Enterprise Fund
1991 1990
$ 696,251 $ 718,380
(512,978) (454,668)
(194,616) (158,143)
$ (11,343) $ 105,569
30,000 $ 268,215
- (88,331)
$ 30,000 $ 179,884
$ (24,012) $(1,139,010)
(60,000) (45,000)
(99,233) (133,318)
613,802 481,020
(336,932) (658,877)
$ 93,625 $(1,495,185)
$ (295,000) $ 1,280,000
37,833 104,861
$ (257,167) $ 1,384,861
$ (144,885) $ 175,129
256,673 81,544
$ 111,788 $ 256,673
See Accompanying Notes to the Financial Statements
1 -12-
CITY OF ROSEMOUNT, MINNESOTA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
--------------------------------
For the Years Ended December 31, 1991 and 1990
Enterprise Fund
1991 1990
RECONCILIATION OF OPERATING INCOME (LOSS)
TO NET CASH PROVIDED (USED) BY OPERATING
ACTIVITIES
Operating Income (Loss)
Adjustments to Reconcile Operating Income
(Loss) to Net Cash Provided (Used) By
Operating Activities:
Depreciation
(Increase) Decrease in Assets
Accounts Receivable
Prepaid Expenses
Increase (Decrease) in Liabilities
Accounts Payable
Contracts Payable
Accrued Expenses
Deferred Revenue
NET CASH PROVIDED (USED) BY OPERATING
ACTIVITIES
$ 98,386 $ (90,964)
131,446 95,136
(148,446) 38,167
(12,350) (3,076)
(8,816)
3,054
(56,329)
44,544
(13,319)
4,143
(1,915)
14,565
$ (11,343) $ 105,569
See Accompanying Notes to the Financial Statements
-13-
' CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
---------------------------------
December 31, 1991
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
' The City of Rosemount provides a broad range of services
to citizens, including general government, public safe-
ty, streets, and park facilities. It also operates
water and sewer utilities.
The financial statements of the City of Rosemount are in
conformity with generally accepted accounting principles
(GAAP) as applied to government units. The Governmental
Accounting Standards Board (GASB) is the accepted stand-
ard-setting body for establishing governmental account-
ing and financial reporting principles. The significant
accounting policies followed are described below to en-
hance the usefulness of the financial statements to the
reader.
A. Financial Reporting Entity of the City
For the year ended December 31, 1991, the City has
implemented National Council on Governmental
' Accounting Statement No. 3, Defining the Governmen-
tal Reporting Entity. In accordance with Statement
No. 3 for financial reporting purposes the City's
' financial statements include all funds, account
groups, departments, agencies, boards, commissions
and other organizations over which City officials
' exercise oversight responsibility.
Oversight responsibility includes such aspects as
appointment of governing body members, budget re-
view, approval of property tax levies, outstanding
debt secured by City full faith and credit or reve-
nue, responsibility for funding deficits and
' others.
As a result of applying the criteria of Statement
No. 3, the Rosemount Fire Relief Association has
' been excluded from the City's financial statements.
This association is organized as a non-profit or-
ganization by its members in accordance with Minne-
sota statutes, whereby state aid flows to the
association, and the association pays benefits di-
rectly to its members.
' B. Fund Accounting
The accounts of the City are organized on a basis
' of funds and account groups, each of which is con-
sidered a separate accounting entity. The opera-
tions of each fund are accounted for with a sepa-
' -14-
' CITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
---------------------------------
December 31, 1991
' NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
' B. Fund Accounting (Continued)
rate set of self -balancing accounts that comprise
' its assets, liabilities, fund equity, revenue, and
expenditures or expenses, as appropriate. Govern-
ment resources are allocated to and accounted for
in individual funds based upon the purposes for
which they are to be spent and the means by which
spending activities are controlled. The various
funds are grouped in the financial statements in
this report as follows:
GOVERNMENTAL FUNDS
General Fund - The General Fund is the general
operating fund of the City. It is used to account
' for all financial resources except those required
to be accounted for in another fund.
Special Revenue Funds - Special Revenue Funds are
used to account for the proceeds of specific
revenue sources (other than special assessments,
expendable trusts, or major capital projects) that
are legally restricted to expenditures for speci-
fied purposes.
Debt Service Funds - Debt Service Funds are used to
account for the accumulation of resources for, and
the payment of, general long-term debt principal,
interest and related costs.
Capital Project Funds - Capital Project Funds are
used to account for financial resources to be used
' for the acquisition or construction of major
capital facilities (other than those financed by
Proprietary Funds).
' PROPRIETARY FUNDS
Enterprise Funds - Enterprise Funds are used to
' account for activities similar to those found in
the private sector, where the determination of net
income is necessary or useful to sound financial
administration. Goods or services from such
' activities are provided to the general public.
1 -15-
' CITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
---------------------------------
December 31, 1991
1
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
B. Fund Accounting (Continued)
FIDUCIARY FUNDS
Fiduciary Funds are clearing type funds for the
collection of taxes or deposits held in trust, on
tbehalf 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.
1
-16-
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 reve-
nue is recognized when they become measurable and
available as net current assets. Taxpayer -assessed
income and gross receipts are considered "measure -
'
able" when in the hands of intermediary collecting
governments and are recognized as revenue at that
'
time. Anticipated refunds of such taxes are
recorded as liabilities and reductions of revenue
when they are measurable and their validity seems
certain.
'
Expenditures are generally recognized under the
modified accrual basis of accounting when the
related fund liability is incurred. Exceptions to
'
this general rule include principal and interest on
general long-term debt which is recognized when
due.
All proprietary funds are accounted for using the
accrual basis of accounting. Their revenue is
recognized when it is earned, and their expenses
'
are recognized when they are incurred. Unbilled
Water and Sewer Fund utility service receivables
are recorded at year-end.
1
-16-
tCITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
---------------------------------
December 31, 1991
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
D. Encumbrances
1 Encumbrance accounting is employed by the
governmental funds. Under this method, purchase
orders, contracts and other commitments for future
' expenditure of funds are recorded as a reservation
of fund balance based on the encumbered
appropriation authority carried over and do not
constitute expenditures or liabilities.
E. Accumulated Unpaid Vacation, Sick and Holiday Pay
' Accumulated unpaid vacation, sick, and holiday pay
are accrued when earned in proprietary funds. Such
amounts for governmental funds are accrued only to
' the extent that they are to be liquidated with
expendable available resources. This is reported
as a liability in the General Long Term Debt
Account Group.
' F. Total Columns on Combined Statements — Overview
' Total columns on the Combined Statements - Overview
are captioned "Memorandum Only" to indicate that
they are presented only to facilitate financial
' analysis. Data in these columns do not present
financial position, results of operations or Chan-
ges in financial position in conformity with gener-
ally accepted accounting principles. Neither is
such data comparable to a consolidation. Interfund
eliminations have not been made in the aggregation
of this data.
' G. Fixed Assets and Long -Term Liabilities
The accounting and reporting of fixed assets and
1 long-term liabilities associated with a fund are
determined by its measurement focus. All
governmental funds are accounted for on a spending
' or "financial flow" measurement, which means that
only current assets and current liabilities are
generally included on their balance sheets. Their
' reported fund balance is considered a measure of
"available spendable resources". Governmental fund
operating statements present increases and
decreases in net current assets. Accordingly, they
' are said to present a summary of sources and uses
of "available spendable resources" during a
period.
-17-
I
NOTE 1
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
---------------------------------
December 31, 1991
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
G. Fixed Assets and Long -Term Liabilities (Continued)
Fixed assets used in governmental fund type opera-
tions are accounted for in the General Fixed Assets
Account Group, rather than in the governmental
funds. Public domain general fixed assets consist-
ing of certain improvements other than buildings,
including roads, curbs and gutters, streets, drain-
age systems, and lighting systems are capitalized
along with other general fixed assets. No depreci-
ation has been provided on general fixed assets.
' All fixed assets are valued at historical cost or
estimated historical cost if historical cost is
unavailable. Donated fixed assets are valued at
' their estimated fair value on the date donated.
Generally, assets with an individual cost of less
than $250 are not capitalized.
' The fixed assets of the Utilities Commission Fund
are depreciated using the straight-line method over
the estimated useful lives of the assets. The
estimated useful lives are as follows:
TYPE OF ASSET LIFE
Buildings and Structures 40-50 years
Furniture and Equipment 10 years
Machinery 10 years
Other Equipment 4-10 years
Long-term liabilities expected to be financed from
' governmental funds are accounted for in the General
Long -Term Debt Account Group, not in the governmen-
tal funds. The exception to this rule is the
revenue bonds which are accounted for in the
' Utility Commission Fund.
The two account groups differ from "funds" in that
' they are not involved with measurement of results
of operations. They are concerned only with the
measurement of financial position.
21M.
CITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
---------------------------------
December 31, 1991
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
' G. Fixed Assets and Long -Term Liabilities (Continued)
' Because of their spending measurement focus,
expenditure recognition for governmental fund types
is limited to exclude amounts represented by non-
current liabilities. Since they do not affect net
' current assets, such long-term accounts are not
recognized as governmental type expenditures or
fund liabilities. They are, instead, reported as
' liabilities in the General Long -Term Debt Account
Group.
H. Property Taxes
The City Council annually adopts a tax levy and
certifies it to the County for billing and
collection. The County is responsible for billing
and collecting all property taxes for itself, the
City, the local School District and other taxing
authorities. These taxes are payable (by property
' owners) by May 15 and October 15 of each calendar
year. These taxes are collected by the County and
remitted to the City by approximately each
' subsequent July 15, and December 15. Additionally,
delinquent collections are remitted to the City
with each settlement.
D
1
-19-
All proprietary funds are accounted for on a cost
'
of services or capital maintenance measurement
focus. This means that all assets and all liabili-
'
ties (whether current or non-current) associated
with their activity are included on their balance
sheets. Their reported fund equity (net total
assets) is segregated into contributed capital and
'
retained earnings components. Proprietary fund
type operating statements present increases (reve-
nue) and decreases (expenses) in net total assets.
'
Depreciation of all exhaustible fixed assets used
by proprietary funds is charged as an expense
'
against their operations. Accumulated depreciation
is reported on proprietary fund balance sheets.
H. Property Taxes
The City Council annually adopts a tax levy and
certifies it to the County for billing and
collection. The County is responsible for billing
and collecting all property taxes for itself, the
City, the local School District and other taxing
authorities. These taxes are payable (by property
' owners) by May 15 and October 15 of each calendar
year. These taxes are collected by the County and
remitted to the City by approximately each
' subsequent July 15, and December 15. Additionally,
delinquent collections are remitted to the City
with each settlement.
D
1
-19-
CITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
---------------------------------
December 31, 1991
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
' H. Property Taxes (Continued)
Taxes payable on homestead property (as defined by
State Statutes) are partially reduced by a home-
stead credit. This credit is paid to the City by
' the State in lieu of taxes levied against homestead
property.
The City recognizes property tax revenue when it
becomes both measurable and available to finance
expenditures of the current period. Delinquent
taxes receivable are not recognized as revenue un-
til collected. Delinquent taxes are offset by de-
ferred revenue.
I. Special Assessments
Special assessments are levied against the benefit-
ted properties for the assessable costs of special
assessment improvement projects in accordance with
State Statutes. The City adopts the assessment
rolls when the individual projects are complete or
substantially complete. The assessments are col-
lectible over a term of years generally consistent
with the term of years of the related bond issue.
Collection of annual installments (including inter-
est) is handled by the County in the same manner as
property taxes. Property owners are allowed to
prepay total future installments without interest
or pre -payment penalties.
Once a special assessment roll is adopted, the
amount attributed to each parcel is a lien upon
that property until full payment is made or the
amount is determined to be excessive by City Coun-
cil or court action. If special assessments are
delinquent for a State statute -determined number of
years, the property is subject to tax -forfeit sale
and the first proceeds of that sale (after cost,
penalties, and expenses of sale) are remitted to
the City in payment of delinquent special assess-
ments. Generally, the City will collect the full
amount of its special assessments if not adjusted
by City Council or Court Action. Accordingly, no
allowance for potentially uncollectible assessments
has been provided.
-20-
CITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
---------------------------------
December 31, 1991
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
J. Budgets
Financial control of spending for various govern-
mental activities is exercised through the use of
budgetary procedures. Exclusive authority over all
' budget matters remains with the Council. Depart-
mental budgets may not exceed amounts set by the
Council. Formal annual budgets are not adopted for
Special Revenue (except for Economic Development
' Authority and 5 -Year CIP Program), Capital Project
or Debt Service funds. Effective budgetary control
is alternatively achieved in these funds by Council
' approval of individual projects and expenditures.
K. Restricted Assets
Funds set aside for payment of enterprise fund rev-
enue bonds and capital improvements are classified
as restricted assets since their use is limited by
' bond indentures and council action.
L. Comparative Data
' Comparative totals for the prior year have been
presented in the accompanying financial statements
in order to provide an understanding of changes in
' the City's financial position and operations. How-
ever, comparative (i.e., presentation of prior year
totals by individual funds) data have not been pre-
sented in each of the statements except the Enter-
prise Funds, since their inclusion would make the
statements unduly complex and difficult to read.
' M. Reclassifications
Certain accounts relating to the prior year have
1 been restated to conform to current year's presen-
tation. These reclassifications have no effect on
previously reported excess (deficiency).
' N. Statement of Cash Flows
For the purpose of the Statement of Cash Flows, the
Enterprise Funds consider all highly liquid
investments (excluding Certificates of Deposit)
with a maturity of one year or less when purchased
' to be cash equivalents.
-21-
' CITY OF ROSEMOUNT, MINNESOTA
' NOTES TOTHEFINANCIALSTATEMENTS
---------------------------------
December 31, 1991
NOTE 2 CASH AND CERTIFICATES OF DEPOSIT
DEPOSITS
In accordance with Minnesota statutes, the City main-
tains deposits at those depository banks authorized by
the City Council, all of which are members of the
r Federal Reserve System.
Minnesota statutes require that all City deposits be
' protected by insurance, surety bond, or collateral. The
market value of collateral pledged must equal 110% of
the deposits not covered by insurance or bonds (140% in
the case of mortgage notes pledged).
' Authorized collateral includes the legal investments
described below, as well as certain first mortgage
' notes, and certain other state or local government obli-
gations. Minnesota Statutes require that securities
pledged as collateral be held in safekeeping by the City
' treasurer or in a financial institution other than that
furnishing the collateral. All funds on deposit at the
depositories were fully insured and/or collateralized by
securities held in safekeeping by the City in the City's
name as of December 31, 1991.
'
NOTE 3 NOTES RECEIVABLE
The City has a redevelopment
Loan Program
which utilizes
tax increment financing
authority statutes to allow
and economic development
the issuance of debt. Total
loans receivable at December 31, 1991
and 1990 were
$1,424,230 and $1,421,614,
respectively.
They are due
' in monthly installments over various periods and at
varying interest rates.
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
---------------------------------
December 31, 1991
NOTE 4 FIXED ASSETS
A summary of changes in General Fixed Assets for 1991 is
as follows:
Land
Buildings and
Structures
Improvements Other
than Buildings
Machinery and
Equipment
Balance
January 1, Additions
1991 (Deletions)
Balance
December 31,
1991
$ 1,019,463 $ - $ 1,019,463
2,280,225 - 2,280,225
5,349,904 12,967 5,362,871
2,398,284 282,227 2,680,511
Totals $11,047,876 $ 295,194 $ 11,343,070
A summary of proprietary fund type fixed assets at
December 31, 1991 is as follows:
Amount
Land $ 23,720
Buildings 176,056
Water Towers and Mains 3,904,440
Machinery and Equipment 284,135
Total $ 4,388,351
Less Accumulated Depreciation (1,062,326)
$ 3,326,025
-23-
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
---------------------------------
December 31, 1991
t
NOTE 5 LONG-TERM DEBT
' The following is a summary of changes in long-term debt
of the City for the year ended December 31, 1991:
' BALANCE, January 1, 1991
New Bonds Issued
General
Special
Tax
Obligation
Assessment
Increment Revenue Compensated
Bonds
Bonds
Bonds Bonds Absences
$ 1,275,000
$10,125,000
$1,070,000 $1,405,000 $ 266,615
210,000 1,445,000 -
Decrease in Long -Term - - - -
Compensated Absence Liability (91,293)
' Bonds Retired (140,000) (1,295,000) (125,000) (60,000) -
BALANCE, December 31, 1991 $ 1,345,000 $10,275,000 $ 945,000 $1,345,000 $ 175,322
General Obligation Bonds
' General Obligation Bonds are recorded in the General
Long -Term Debt group of accounts and are backed by the
full faith and credit of the City.
' Special Assessment Bonds
' These bonds are recorded in the General Long -Term Debt
Group and are payable primarily from special assessments
levied and collected for local improvements. The City
has a contingent liability relating to a pledge of full
' faith and credit on the special assessment bonds. The
general credit of the City is obligated only to the
extent that liens foreclosed against properties involved
in the special assessment districts are insufficient to
' retire outstanding bonds.
Revenue Bonds
' These bonds are recorded as a liability of the Enter-
prise Fund. The major covenant relating to these issues
include establishment of a reserve account for the
payment of bond principal and interest. These bonds
-24-
CITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
---------------------------------
December 31, 1991
NOTE 5 LONG-TERM DEBT (Continued)
Revenue Bonds (Continued)
are not general obligations of the City or payable from
the proceeds of any ad valorem tax, but are paid solely
from the revenue of the enterprise fund of the City.
NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE
PLAN DESCRIPTION
■ All full-time and certain part-time employees of the
City of Rosemount are covered by defined benefit pension
plans administered by the Public Employees Retirement
Association of Minnesota (PERA). PERA administers the
Public Employees Retirement Fund (PERF) and the Public
Employees Police and Fire Fund (PEPFF) which are cost-
sharing multiple -employer retirement plans.
PERA provides retirement benefits as well as disability
benefits to members, and benefits to survivors upon
death of eligible members. Benefits are established by
State Statute, and vest after three years of credited
service. The defined retirement benefits are based on a
member's average salary for any five successive years of
allowable service, age, and years of credit at termina-
tion of service. Two methods are used to compute bene-
fits for Coordinated and Basic members. The retiring
member receives the higher of step -rate benefit accrual
formula (Method 1) or a level accrual formula (Method
2). Under Method 1, the annuity accrual rate for a
Basic member is 2 percent of average salary for each of
the first 10 years of service and 2.5 percent for each
remaining year. For a Coordinated member, the annuity
accrual rate is 1 percent of average salary for each of
the first 10 years and 1.5 percent for each remaining
year. Using Method 2, the annuity accrual rate is 2.5
-25-
PERF members belong to either the Coordinated Plan
or
the Basic Plan. Coordinated members are covered
by
Social Security and Basic members are not. All new mem-
bers must participate in the Coordinated Plan.
All
police officers, fire fighters and peace officers
who
qualify for membership by statute are covered by
the
PEPFF. The payroll for employees covered by PERF
and
PEPFF for the year ended December 31, 1991 was
$1,137,923 and $428,353, respectively; the City's total
payroll was $1,804,443.
PERA provides retirement benefits as well as disability
benefits to members, and benefits to survivors upon
death of eligible members. Benefits are established by
State Statute, and vest after three years of credited
service. The defined retirement benefits are based on a
member's average salary for any five successive years of
allowable service, age, and years of credit at termina-
tion of service. Two methods are used to compute bene-
fits for Coordinated and Basic members. The retiring
member receives the higher of step -rate benefit accrual
formula (Method 1) or a level accrual formula (Method
2). Under Method 1, the annuity accrual rate for a
Basic member is 2 percent of average salary for each of
the first 10 years of service and 2.5 percent for each
remaining year. For a Coordinated member, the annuity
accrual rate is 1 percent of average salary for each of
the first 10 years and 1.5 percent for each remaining
year. Using Method 2, the annuity accrual rate is 2.5
-25-
' CITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
---------------------------------
December 31, 1991
NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued)
PLAN DESCRIPTION (Continued)
percent of average salary for Basic members and 1.5
percent for Coordinated members. For PEPFF members, the
annuity accrual rate is 2.5 percent for each year of
' service. For PERF members whose annuity is calculated
using Method 1, and for all PEPFF members, a full
annuity is available when age plus years of service
equal 90.
There are different types of annuities available to mem-
bers upon retirement. A normal annuity is a lifetime
annuity that ceases upon the death of the retiree. No
survivor annuity is payable. There are also various
types of joint and survivor annuity options available
1 which will reduce the monthly normal annuity amount,
because the annuity is payable over joint lives. Mem-
bers may also leave their contributions in the fund upon
termination of public service, in order to qualify for a
deferred annuity at retirement age. Refunds of contri-
butions are available at any time to members who leave
public service, but before retirement benefits begin.
CONTRIBUTIONS REQUIRED AND CONTRIBUTIONS MADE
Minnesota Statutes Chapter 353 sets the rates for
' employer and employee contributions. The City makes
annual contributions to the pension plans equal to the
amount required by state statutes. According to
Minnesota Statutes Chapter 356.215, Subd. 4(g), the date
of full funding required for the PERF and the PEPFF is
the year 2020. As part of the annual actuarial
' valuation, PERA's actuary determines the sufficiency of
the statutory contribution rates towards meeting the
required full funding deadline. The actuary compares
the actual contribution rate to a "required"
1 contribution rate. Current combined statutory
contribution rates and actuarially required contribution
rates for the statewide plans are as follows:
Statutory Rates: Required
Employees Employer Rates
' PERF (Basic and
Coordinated Plans) 4.44% 4.81% 10.04%
PEPFF 8% 12% 17.56%
-26-
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
' ---------------------------------
December 31, 1991
NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued)
CONTRIBUTIONS REQUIRED AND CONTRIBUTIONS MADE
Total contributions made by the City during fiscal year
1991 were:
Percentage of
Amounts Covered Payroll
Employees Employer Employees Employer
PERF $ 48,144 $ 50,959 4.2% 4.5%
PEPFF 34,141 51,105 8.0% 11.9%
Totals $ 82,285 $102,064
' The City's contribution for the year ended June 30, 1991
to the PERF represented 0.05 percent of total contribu-
tions required of all participating entities. For the
PEPFF, contributions for the year ended June 30, 1991,
represented 0.19 percent of total contributions required
' of all participating entities.
FUNDING STATUS AND PROGRESS
' PENSION BENEFIT OBLIGATION
The "pension benefit obligation" is a standardized dis-
closure measure of the present value of pension bene-
fits, adjusted for the effects of projected salary in-
creases and step -rate benefits, estimated to be payable
in the future as a result of employee service to date.
' The measure, which is the actuarial present value of
credited projected benefits, is intended to help users
assess PERA's funding status on a going -concern basis,
' assess progress made in accumulating sufficient assets
to pay benefits when due, and make comparisons among
Public Employee Retirement Systems and among employers.
PERA does not make separate measurements of assets and
pension benefit obligations for individual employers.
The pension benefit obligations as of June 30, 1991, are
shown below (in thousands):
PERF PEPFF
Total Pension Benefit
Obligation
Net Assets Available for
Benefits, At Cost
(Market Values for
PERF=$3,662,769;
PEPFF=$872,430)
Unfunded (Assets in
Excess of) Pension
$ 4,458,010 $ 732,911
3,524,071 823,125
Benefit Obligation $ 933,939
-27-
$ (90,214)
' CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
--------------------------------
December 31, 1991
NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued)
' FUNDING STATUS AND PROGRESS (Continued)
' The measurement of the pension benefit obligation is
based on an actuarial valuation as of June 30, 1991.
Net assets available to pay pension benefits were valued
as of June 30, 1991.
CHANGES IN BENEFIT PROVISIONS
During the 1991 legislative session, benefit
improvements were obtained for survivors of members in
the Basic Plan and the Police and Fire Fund. In the
' Basic Plan, the maximum family death benefit was
increased from $1,000 per month to 70 percent of the
member's average salary. In the Police and Fire Fund,
children's benefits were restored for families of
' disabled members who had chosen the joint and survivor
annuity option before death. The effect of these
changes increased the pension benefit obligation in the
' PERF by $4,016,869 and had essentially no effect on the
pension benefit obligation in the PEPFF.
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, 1991. This information is useful in
assessing the pension plan's accumulation of sufficient
assets to pay pension benefits as they become due.
RELATED PARTY INVESTMENTS
' As of June 30, 1991 and for the fiscal year then ended,
PERA held no securities issued by the City or other
related parties.
' NOTE 7 CONTRIBUTED CAPITAL
Changes in contributed capital (core funds) for the year
' ended December 31, 1991 are as follows:
Balance, December 31, 1990 $ 1,393,328
' Connection/Reconnection Fees and Other 613,802
Transfers Out and Other (336,932)
Balance, December 31, 1991 $ 1,670,198
' -28-
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
---------------------------------
December 31, 1991
NOTE 8 FUND EQUITY RESERVES
The City records reserves to indicate that a portion of
the fund equity is legally segregated for a specific
future use or cannot be appropriated for expenditures.
Following is a list of all reserves used by the City and
a description of each.
' Reserved for Debt Service - The portion of fund equity
segregated for debt service resources legally restricted
to the payment of long -.term debt principal and interest
amounts maturing in future years.
Reserved for Project Completion The portion of fund
equity segregated for completion of capital projects
' financed by general obligation bonds.
Reserved for Prepaids - The portion of fund equity
' segregated to indicate that prepaid insurance does not
represent available spendable resources even though it
is a component of current assets.
NOTE 9 TAX INCREMENT FINANCING DISTRICT
' The City of Rosemount Economic Development Authority is
the administering authority for three tax increment
districts. A redevelopment district established May 1,
' 1979 (Downtown) and an economic development district
established March 1, 1990 (Knutson). Both districts are
also part of Development District No. 1-1 established
March 1, 1990. Tax capacities and bonding information
are as follows:
1979 1990
' Original Gross Tax
Capacity $ 186,687 $ 586
Current Gross Tax
' Capacity 432,848 19,602
Captured Gross Tax Capa-
city Retained by
Authority $ 246,161 $ 19,016
' Total Bonds Issued and
Type Tax Increment
' Bonds $ 1,225,000 $
Amounts Redeemed 280,000
Outstanding Bonds at
' 12/31/91 $ 945,000 $ -
-29-
CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
---------------------------------
December 31, 1991
NOTE 10 DEFICIT FUND BALANCES
The following funds had deficit fund balances at December 31, 1991
which were expected to be recovered through various sources as
follows:
Fund Description
Hawkins Pond
Reconstruction 145th
Street
Diamond Path
Fund Type
Capital Projects Fund $
Capital Projects Fund $
Capital Projects Fund $
NOTE 11 DEFERRED COMPENSATION PLAN
Def icit
Recovery
Source
(130,810) Bond
Proceeds
(62,889) Bond
Proceeds
(47,266) Bond
Proceeds
The City of Rosemount offers its employees deferred compensation
plans which are in accordance with Internal Revenue Code Section
457.
The plan permits employees to defer a portion of their salary until
future years. Participation is optional. The deferred
compensation is not available to employees until termination,
retirement, death, or unforeseeable emergency.
All amounts of compensation deferred under the plan, all property
and rights purchased with those amounts, and all income
attributable to those amounts, property, or rights are (until paid
or made available to the employee or other beneficiary) solely the
property and rights of the City, subject only to the claims of the
City's general creditors. Particpants' rights under the plan are
equal to those of general creditors of the City in an amount equal
to the fair market value of the deferred account for each
particpant.
-30-
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES
CITY OF ROSEMOUNT, MINNESOTA
GENERAL FUND
COMPARATIVE BALANCE SHEETS
--------------------------
December 31, 1991 and 1990
-31-
1991
1990
ASSETS
Cash
$
121,961
$
27,367
Certificates of Deposit
704,227
496,286
Due From Other Funds
125,502
325,959
Accounts Receivable
1,524
1,896
Special Assessments Receivable:
Delinquent
13,786
2,414
Deferred
45,059
70,225
Taxes Receivable:
Delinquent
63,538
57,081
Due From Other Governments
127,829
164,240
Prepaid Expenses
113,765
111,409
TOTAL ASSETS
$
1,317,191
$
1,256,877
LIABILITIES AND FUND BALANCE
LIABILITIES
Accounts Payable
$
82,715
$
101,910
Accrued Wages and Deductions
45,350
43,044
Deferred Revenue
132,946
147,059
Total Liabilities
$
261,011
$
292,013
FUND BALANCE
Reserved for Prepaids
$
113,765
$
111,409
Unreserved
Designated for Working Capital
942,415
853,455
Total Fund Balance
$
1,056,180
$
964,864
TOTAL LIABILITIES AND
FUND BALANCE
$
1,317,191
$
1,256,877
-31-
CITY OF ROSEMOUNT, MINNESOTA
' GENERAL FUND
COMPARATIVE STATEMENTS OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
' -----------------------------------------------
For the Years Ended December 31, 1991 and 1990
REVENUE
Taxes
Licenses and Permits
Special Assessments
Intergovernmental
Charges for Services
Fines and Forfeitures
Interest Earnings
Miscellaneous
Total Revenue
' EXPENDITURES
General Government
Public Safety
Public Works
tPark and Recreation
Total Expenditures
EXCESS (DEFICIT) OF REVENUE OVER
EXPENDITURES BEFORE OTHER FINANCING
SOURCES (USES)
OTHER FINANCING SOURCES (USES)
Transfers from Other Funds
Transfers to Other Funds
Net Other Financing Sources
EXCESS (DEFICIT) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES
AND OTHER FINANCING USES
FUND BALANCE, January 1
FUND BALANCE, December 31
-32-
"M
$ 1,026,792
193,178
19,830
842,806
125,887
47,377
35,297
139,717
$ 2,430,884
$ 998,618
834,191
565,071
503,804
$ 2,901,684
1990
$ 819,364
210,840
35,874
1,003,672
88,592
51,841
80,629
103,185
$ 2,393,997
$ 1,013,595
746,892
589,361
416,088
$ 2,765,936
$ (470,800) $ (371,939)
$ 562,116
$ 562,116
$ 30,964
(29,508)
$ 1,456
$ 91,316 $ (370,483)
964,864
$ 1,056,180
1,335,347
$ 964,864
CITY OF ROSEMOUNT, MINNESOTA
GENERAL FUND
SCHEDULE OF REVENUE - BUDGET AND ACTUAL
--------------------------------
For the Year Ended December 31, 1991
(With Comparative Actual Totals for the Year Ended December 31, 1990)
' 1991 1990
TAXES Budget Actual Variance Actual
General Property Taxes $ 773,485 $ 757,526 $ (15,959) $ 498,169
Fiscal Disparities 307,420 246,442 (60,978) 302,282
Other 25,000 22,824 (2,176) 18,913
Total $ 1,105,905 $ 1,026,792 $ (79,113) $ 819,364
' LICENSES AND PERMITS
Business
Non -Business
Total
INTERGOVERNMENTAL
Local Government Aid
Homestead and Ag Credit
Equalization Aid
Police State Aid
Mobile Home
' Other
Total
' CHARGES FOR SERVICES
General Government
Public Safety
Highways
SAC
Total
' FINES AND FORFEITS
County
Total
MISCELLANEOUS
Interest Earnings
Other
Special Assessments
' Donations
Recreational Fees
Rents
' Total
TOTAL REVENUE
OTHER SOURCES
Transfer In
Total
$ 7,000
217,400
$ 224,400
$ 288,669
389,995
86,500
45,000
19,899
16,600
$ 846,663
$ 77,550
16,300
4,300
2,000
$ 100,150
$ 55,000
$ 55,000
$ 81,000
25,300
12,000
10,903
82,400
2,500
$ 214,103
$ 2,546,221
$ 445,051
$ 445,051
TOTAL REVENUE AND
OTHER SOURCES $ 2,991,272
-33-
11
$ 7,585
185,593
$ 193,178
$ 300,761
372,365
82,973
50,983
19,899
15,825
$ 842,806
$ 116,080
7,091
1,567
1,149
$ 125,887
$ 47,377
$ 47,377
$ 35,297
62,507
19,830
10,553
63,877
2,780
$ 194,844
$ 2,430,884
$ 562,116
$ 562,116
$ 2,993,000
$ 585 $ 9,925
(31,807) 200,915
$ (31,222) $ 210,840
$ 12,092 $ 411,427
(17,630) 438,297
(3,527) 82,974
5,983 46,958
- 14,663
(775) 9,353
$ (3,857) $ 1,003,672
$ 38,530
$
70,786
(9,209)
12,124
(2,733)
3,798
(851)
1,884
$ 25,737
$
88,592
$ (7,623)
$
51,841
$ (7,623)
$
51,841
$ (45,703)
$
80,629
37,207
24,210
7,830
35,874
(350)
4,000
(18,523)
72,195
280
2,780
$ (19,259)
$
219,688
$ (115,337) $ 2,393,977
$ 117,065 $ 30,964
$ 117,065 $ 30,964
$ 1,728 $ 2,424,961
CITY OF ROSEMOUNT, MINNESOTA
GENERAL FUND
SCHEDULE OF EXPENDITURES AND ENCUMBRANCES - BUDGET AND ACTUAL
-------------------------------------------------------------
For the Year Ended December 31, 1991
GENERAL GOVERNMENT
Mayor and Council
Personal Services
Professional Fees
Other Charges
Council Designated
Executive
Personal Services
Other
Miscellaneous
Personal Services
Supplies
Other Charges
Election
Personal Services
Supplies
Other Charges
Finance
Personal Services
Supplies
Other Charges
Community Development
Personal Services
Other Charges
General Government
Insurance
Supplies
Other Charges
Total General
Government
$1,000,225 $ 991,618 $ 8,607 $1,023,595
-34-
1991
(Over)Under
1990
Budget
Actual
Budget
Actual
$ 25,362
$ 23,973
$ 1,389
$ 21,381
38,000
44,858
(6,858)
48,243
2,500
3,804
(1,304)
3,753
43,678
21,464
22,214
42,112
120,362
126,264
(5,902)
160,619
4,300
2,954
1,346
4,451
44,831
49,620
(4,789)
-
1,750
244
1,506
-
7,750
4,243
3,507
-
2,140
1,716
424
4,556
2,000
2,759
(759)
1,961
950
262
688
583
103,116
104,157
(1,041)
129,529
1,400
1,305
95
1,599
8,965
7,767
1,198
15,097
210,716
201,195
9,521
254,767
54,485
52,908
1,577
32,739
140,000
145,200
(5,200)
98,327
56,780
61,576
(4,796)
68,647
131,140
135,349
(4,209)
135,231
$1,000,225 $ 991,618 $ 8,607 $1,023,595
-34-
' CITY OF ROSEMOUNT, MINNESOTA
' GENERAL FUND
SCHEDULE OF EXPENDITURES AND ENCUMBRANCES - BUDGET AND ACTUAL
-------------------------------------------------------------
For the Year Ended December 31, 1991
PUBLIC SAFETY
Police Protection
Personal Services
Supplies
Other Services
Fire Protection
Personal Services
' Supplies
Other Services
Capital Outlay
' Total Public
Safety
PUBLIC WORKS
General Maintenance
Personal Services
' Supplies
Other Services
Streets and Roads
' Other Charges
Snow Removal
Other Charges
Street Lighting
' Other Charges
Total Public
Works
1991
(Over)Under
Budget Actual Budget
$ 534,903 $ 553,592 $ (18,689) $
29,350
27,361
1,989
98,110
97,817
293
104,483
100,384
4,099
15,800
17,357
(1,557)
25,150
24,115
1,035
16,903
13,915
2,988 _
1990
Actual
502,740
22,893
90,030
87,671
29,065
14,859
$ 824,699 $ 834,541 $ (9,842) $ 747,258
$ 350,544 $ 323,362 $ 27,182 $ 335,078
50,300
70,688
(20,388)
69,368
33,600
21,386
12,214
41,810
117,000
83,382
33,618
81,333
12,980
15,136
(2,156)
8,775
49,500
51,117
(1,617)
52,997
$ 613,924 $ 565,071 $ 48,853 $ 589,361
-35-
CITY OF ROSEMOUNT, MINNESOTA
GENERAL FUND
SCHEDULE OF EXPENDITURES AND ENCUMBRANCES - BUDGET AND ACTUAL
-------------------------------------------------------------
For the Year Ended December 31, 1991
1991
(Over)Under 1990
Budget Actual Budget Actual
PARK AND RECREATION
Personal Services
$ 367,424
$ 362,672
$
4,752
$ 300,160
Supplies
87,650
86,501
1,149
57,958
Other Services
97,350
60,331
37,019
57,970
Total Park and
Recreation
$ 552,424
$ 509,504
$
42,920
$ 416,088
TOTAL EXPENDITURES AND
ENCUMBRANCES
$2,991,272
$2,900,734
$
90,538
$2,776,302
TRANSFERS TO OTHER
FUNDS
-
-
-
29,508
TOTAL EXPENDITURES,
ENCUMBRANCES AND
TRANSFERS OUT
$2,991,272
$2,900,734
$
90,538
$2,805,810
BEGINNING OF YEAR BUDGET
BASIS ENCUMBRANCES
LESS END OF YEAR BUDGET
BASIS ENCUMBRANCES
GAAP BASIS EXPENDI-
TURES AND TRANSFERS
OUT
$ 10,366
(9,416)
$2,901,684
-36-
(10,366)
$2,795,444
M • '•:9 • 1 11 �• 1'•
Damao
•• .1 11 • �6i
-- zil•-
•• •: -JVIW-vIEJMK.WWIa•e r ••1
-37-
Ebannic
5 -Year
Capital
89--
ne
Park
Ehxrrn
De�.
CIP
Projects
arra
Irprove-
Amory
Rwk) ,ay
Umad
Totals
A lftrity
Program
NEA
Ittirenat
mats
OxBtnnticn
&iiool
Fath
(MmorandLn Cnly)
(#201)
4202)
(#203)
(#204)
(#205)
(#220)
(#221)
(#230)
1991
1990
AMM
(ash
$ 47,098
$ 39,258
$
25,783
$
6,529
$ 20,123
$ 28,390
$ 6,995
$ 8,779
$ 182,955
$ 57,964
Clertificatlss of DpoSit
255,618
1,080,000
130,000
-
110,000
80,000
-
50,000
1,705,618
945,000
I#ps FaoeivaUe
1,433,548
-
-
-
-
-
-
-
1,433,548
1,435,342
We Ran Car's Cwenueltal
[hits
916
-
-
-
-
-
-
-
916
2,898
Prepaid BTaees
904
-
-
-
-
-
-
-
904
2,803
D -e Rim 01 -ex E1n3s
-
-
-
-
-
-
-
-
-
380,785
Special s Feoeivable
Daberred
-
-
-
-
-
-
-
4,318
4,318
26,463
TQM ASSE6
$ 1,738,084
$ 1,119,258
$
155,783
$
6,529
$ 130,123
$ 108,390
$ 6,995
$ 63,097
$3,328,259
$2,851,255
Tmqux= AAD FUD E@iPI3�E
LTABMTEM
Amccrts Fayahle
$ 3,691
$ 6,750
$
-
$
-
$ 3,062
$ 4,993
$ -
$ -
$ 18,496
$ 94,932
Qrttar-s PayeUe
-
-
-
-
-
-
-
2,518
DBferred Fbve-m
1,429,848
-
-
-
-
-
-
63,097
1,492,945
1,480,012
Total. Liabilities
$ 1,433,539
$ 6,750
$
-
$
-
$ 3,062
$ 4,993
$ -
$ 63,097
$ 1,511,491
$ 1,577,462
ELDD BAIP M - Deserved
304,545
1,112,508
155,783
6,529
127,061
103,397
6,995
-
1,816,818
1,273,793
MM LFBIUM
PDD RISD EUMM
$ 1,738,084
$ 1,119,258
$
155,783
$
6,529
$ 130,123
$ 108,390
$ 6,995
$ 63,097
$ 3,328,259
$ 2,851,255
-37-
-�•nwr• a r.
•: 1 n colo ,� 1• •� a ��•� r 1 •.D. r! �• e 1 r !a.
$ 435,157 $ 578,976 $ 340,492 $ 35,231 $ 23,072 $ 118,009 $ 371 $ 100 $ 1,531,408 $ 1,969,321
EEEIDIZTIF
PrOfew,icnal Faes
Bxalanic
5 -)bar
Capital
9everallre
and
Park
Slarrm
$ 100
MwlqxEnt
CSP
Projects
R--�
7nprvae-
Armory Park ey Dialarl Totals
Ath city
R09M
MA
FU -d
cats 03Etxu2tic
n S#nal bath (Gorarm (lily)
-
4201)
(#202)
(#203)
(#204)
(#205)
0220) (#221) (#230) 1991 1990
REUEtQE
M nic•ipal State Aid
$ 88,950
$ -
$ 324,479
$ -
$ - $
- $ - $ - $ 413,429 $ 566,543
Geral Property TMOS
-
536,680
-
35,000
-
116,634 - - 688,314 561,915
Tax Irmanaits
235,513
-
-
-
-
- - - 235,513 222,143
kberest Famin9s
110,694
42,296
16,013
231
10,212
1,375 371 100 181,292 204,389
Sale of Assets
-
-
-
-
-
- - - - 254,896
palatyons at -3 Other
-
-
-
-
12,860
- - - 12,860 159,435
$ 435,157 $ 578,976 $ 340,492 $ 35,231 $ 23,072 $ 118,009 $ 371 $ 100 $ 1,531,408 $ 1,969,321
EEEIDIZTIF
PrOfew,icnal Faes
$
12,086
$ 9,717
$ 100
$ 100
$ 281
$ 100
$ 151
$
100 $
22,635
$ 9,342
Salaries arra Wbges
42,183
-
-
2,389
-
1,780
-
-
46,352
125,221
Ehgix-ne- g
350
-
-
-
19,741
4,993
-
-
25,084
68,875
Other
13,112
-
-
-
16,243
5,755
-
-
35,110
29,844
Capital C-,itlay
Pum of RWerty
135,670
393,267
-
-
50,092
-
-
-
579,029
772,305
TaML ExaNDrR B
$
203,401
$ 402,984
$ 100
$ 2,469
$ 86,357
$ 12,628
$ 151
$
100 $
708,210
$ 1,005,587
MISS CF WARE C7vIIt
(UIER) EURCUMS
$
231,756
$ 175,992
$ 340,392
$ 32,742
$ (63,285)
$ 105,381
$ 220
$
- $
823,198
$ 963,734
OMR SGRES ([SEB)
Proceeds Run sale of Bonds $
-
$ 208,604
$ -
$ -
$ -
$ -
$ -
$
- $
208,604
$ -
ZYa -airs fran Other Rrrls
3,023
-
-
-
-
-
-
-
3,023
-
M7wsfers to Other Rrrts
(183,000)
(50,000)
(258,800)
-
-
-
-
-
(491,800)
(1,435,635)
(MES)
$
(179,977)
$ 158,604
$ (258,800)
$ -
$ -
$ -
$ -
$
- $
(280,173)
$(1,435,635)
EXISS OF IURM PAD OEM
S00KES MER ([ITR)
aMDPI[FdS ADD OIFM IBES $
51,779
$ 334,596
$ 81,592
$ 32,742
$ (63,285)
$ 105,381
$ 220
$
- $
_ 543,075
$ (471,901)
ELDD B MUS, Jer=y 1
252,766
777,912
74,191
(26,213)
190,346
(1,984)
6,775
-
1,273,793
1,745,694
EM FAIAMS, Deowher 31
$
304,545
$ 1,112,508
$ 155,783
$ 6,529
$ 127,061
$ 103,397
$ 6,995
$
- $ 1,816,818
$ 1,273,793
-38-
•a-� tea• • •.
•• : i a • a•
Deaedber 31, 1991
(4fiffi Osparati%e Totals for Doom er 31, 1990)
LUBILTTIES ADD FUD HALM E
T
We to Odder Rr& $ - $-
Debarred i _ - - - - - - 74,472 240,518
T, al LiaUiI ities $ - $ - $ - - $ - - - $ 74,472 240,518
Reserved for Debt Samoa - 15,880 113,761 424 - 116,545 40,451 151,298 3,436,453
Tim F RBU MS ADD
RISD BALANI $ - $ 15,880 $ 113,761 $ 424 $ - $ 116,545 $ 40,451 $ 225,770 $ 3,676,971
-39-
G.O.
G.O.
G.O.
Rpi.p ert-
S.A.
S.A.
G.O.
taming
City
(=rtifi
MT=eTe-t
S.A.
S.A.
VlAte iale
S.A.
Park
S)stan
tall
des
Rtuanoe
alley Oak
Cu er ile
Pyre;
aTrojeTent
1976
1981
1986
1991C
1976
1980
1980
1985
1987A
ASEEI5
(#301)
(#302)
(#303)
(#304)
(#321)
(#322)
(#323)
(#324)
0325)
Cash
$ -
$ 680
$ 3,761
$ 424
$ -
$ 3,045
$ 2,151
$ 1,298
$ 15,525
0✓rtifiof Deposit
-
15,200
110,000
-
-
113,500
38,300
150,000
3,410,000
gecial Pssesanents R3oeival le
Ce ; �-
-
-
-
-
-
-
-
8,529
17,545
Deferred
-
-
-
-
-
-
-
65,943
222,973
Dm FYan Cher FUnds
-
-
-
-
-
-
-
-
We R= Chher Gmerrnats
-
-
-
-
-
-
-
-
10,928
qOML ASSEM
$ -
$ 15,880
$ 113,761
$ 424
$ -
$ 116,545
$ 40,451
$ 225,770
$ 3,676,971
LUBILTTIES ADD FUD HALM E
T
We to Odder Rr& $ - $-
Debarred i _ - - - - - - 74,472 240,518
T, al LiaUiI ities $ - $ - $ - - $ - - - $ 74,472 240,518
Reserved for Debt Samoa - 15,880 113,761 424 - 116,545 40,451 151,298 3,436,453
Tim F RBU MS ADD
RISD BALANI $ - $ 15,880 $ 113,761 $ 424 $ - $ 116,545 $ 40,451 $ 225,770 $ 3,676,971
-39-
CITY OF ROSEMCXJNT, MINNESOTA
DEBT SERVICE FUNDIS
COMBINING BALANCE SHEET
December 31, 1991
(With Canparative Totals for December 31, 1990)
-40-
S.A.
S.A.
S.A.
S.A.
Tax
Tax
Improvement Improvement
Improvement
Improvement
Increment
Increment Totals
1988
1989B
1991A
1991B
1981
1988 (Memorandum Only)
(#326)
(#327)
(#328)
(#329)
(#381)
(#382) 1991
1990
ASSETS
Cash
$ 16,899 $
6,592
$
9,096
$
1,712
$ -
$ 442 $ 61,625
$ 165,662
Certificates of Deposit
1,590,000
1,110,000
140,000
-
-
- 6,677,000
6,550,000
Special Assessments Receivable
Delinquent
90,441
73,649
-
-
-
- 190,164
64,251
Deferred
602,955
248,174
439,215
-
-
- 1,579,260
1,544,119
Due From Other Funds
-
-
-
-
-
- -
128,126
Due Fran Other Governments
45,423
37,984
14,765
-
-
- 109,110
71,687
TOTAL ASSETS
$ 2,345,718 $
1,476,409
$
603,076
$
1,712
$ -
$ 442 $ 8,617,159
$ 8,523,845
LIABILITIES AND FUND BALANCES
LIABILITIES
Due to Other Funds
$ - $
-
$
-
$
-
$ -
$ - $ -
$ 63,697
Deferred Revenue
693,396
321,823
439,215
-
-
- 1,769,424
1,608,370
Total Liabilities
$7 693,396 $
321,823
$
439,215
$
-
$ -
$ - $ 1,769,424
$ 1,672,067
FUND BALANCES
Reserved for Debt Service
$1,652,322 $1,154,586
$
163,861
$
1,712
$ -
$ 442 $ 6,847,735
$ 6,851,778
TOTAL LIABILITIES
AND FUND BALANCES
$2,345,718 $1,476,409
$
603,076
$
1,712
$ -
$ 442 $ 8,617,159
$ 8,523,845
-40-
MY • '•:0 • I 11 �• i''
tY1 "Y • •.
•• S 1 11 {N{� �� i• � 9 � D H 1 •�.9. 1•" !�. 1 t C i9.
-41-
G.O.
G.O.
RjAprat-
S.A.
S.A-
G.O. PAming
G.O.
(1rtifi-
Inprummr{t
S.A.
S.A.
Mite Ia1e
S.A.
Park 9,stsn City Ehl1
a
refu m
Utley Cak QuMardale
Acres
7rrFmiat
1976
1981
1986
1991C
1976
1980
1980
1985
1987A
0301) (#302) 0303)
(#304)
(#321)
4322)
(#323)
(#324)
(#325)
MERE
General Prcperty Twos
$ - $
- $
149,919
$ -
$
-
$ - $
-
$
-
$
-
apacial Assessmnts
-
-
-
-
24,626
129,763
Interest Famings
6,121
1,190
1,353
-
23,119
13,011
3,462
9,002
236,567
Other
-
-
-
424
-
-
-
-
36,046
Total 1r-�
$ 6,121 $
1,190 $
151,272
$ 424
$
23,119
$ 13,011 $
3,462
$
33,628
$
402,376
E*RCMUES
Bxd Prirr ipal
$ 60,000 $
15,000 $
65,000
$ -
$
295,000
$ 81,256 $
38,744
$
20,000
$
475,000
kberest al Bxrls
2,800
1,920
73,795
-
17,290
7,999
3,814
10,100
250,013
Fiscal Agent Foes
220
400
434
-
759
146
543
646
450
Other
100
100
100
-
100
100
100
100
100
Total Spy hires
$ 63,120 $
17,420 $
139,329
-
$
313,149
$ 89,501 $
43,201
$
30,846
$
725,563
EEESS OF IMBIE OBER (CDM)
EUER)TI ES Ram off saius
((EES)
$ (56,999) $
(16,230) $
11,943
$ 424
$
(290,030)
$ (76,490) $
(39,739)
$
2,782
$
(323,187)
ORIER MFICES (LEES)
Proceeds frau Sale of Bxjds
$ - $
- $
-
$ -
$
-
$ - $-
T ra sEers frau Mer Rrds
-
-
-
-
-
-
-
-
Transfers to to Cther Ryds
(44,115)
(23,000)(
179,377) (179,377)
(110,000)
(46,000)
-
-
T�t Ocher Sauces (Uses)
$ (44,115) $
(23,000) $
-
-
$
(179,377)
$ (100,000) T-06,000)
-
$
-
DEECS CF 10mu AID amm SSS OVR
(LIIM) EKPRDITJES AM OBER LEES
$ (101,114) $
(39,230) $
11,943
$ 424
$
(469,407)
$ (186,490) $
(85,739)
$
2,782
$
(323,187)
ECDD B'IXUS, aw my 1
101,114
55,110
101,818
-
469,407
303,035
126,190
148,516
3,759,640
Rio Hzmmsi, Daomber 31
$ - $
15,880 $
113,761
$ 424
$
-
$ 116,545 $
40,451
$
151,298
$ 3,436,453
-41-
CITY OF ROSEMOUNT, MINNESOTA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
---------------------
For the Year Ended December 31, 1991
(With Comparative Totals for the Year Faded December 31, 1990)
REVENUE
General Property Taxes
Special Assessments
Interest Earnings
Other
Total Revenue
EXPENDITURES
Bond Principal
Interest on Bonds
Fiscal Agent Fees
Other
Total Expenditures
EXCESS OF REVENUE OVER (UNDER)
EXPENDITURES BEFORE OTHER
SOURCES (USES)
OTHER SOURCES (USES)
Proceeds from Sale of Bonds
Transfers from Other Funds
Transfers to Other Funds
Net Other Sources (Uses
EXCESS OF REVENUE AND OTHER
SOURCES OVER (UNDER)
EXPENDITURES AND OTHER USES
FUND BALANCES, January 1
FUND BALANCES, December 31
S.A. S.A. S.A. S.A. Tax Tax
Improvement Improvement Improvement Improvement Increment Increment Totals
1988 1989B 1991A 1991B 1981 1988 (Memorandum Only)
(#326) (#327) (#328) (#329) (#381) (#382) 1991 1990
$ 69,864 $ 85,163 $ - $ - $ - $ - $ 304,946 $ 224,608
299,143 359,886 51,107 519 - - 865,044 1,005,149
106,363 52,717 10,715 - 850 2,723 467,193 521,454
- - - - - - 36,470 -
$ 475,370 $ 497,766 $ 61,822 $ 519 $ 850 $ 2,723 $ 1,673,653 $ 1,751,211
$ 300,000 $ 85,000 $ - $ - $ 45,000 $ 80,000 $ 1,560,000 $ 1,180,000
148,700 163,468 - - 2,250 91,080 773,229 859,625
435 426 - - 200 404 5,063 5,285
100 100 - - 100 100 1,200 1,200
$ 449,235 $ 248,994 $ - $ - $ 47,550 $ 171,584 $ 2,339,492 $ 2,046,110
$ 26,135 $ 248,772 $ 61,822 $ 519 $ (46,700) $ (168,861) $ (665,839) $ (294,899)
$ - $ - $ 55,910 $ 1,193 $ - $ - $ 57,103 $ -
422,452 408,627 46,129 - - 133,000 1,010,208 1,906,784
- - - - (3,023) - (405,515) -
$ 422,452 $ 408,627 $ 102,039 1,193 $ 3,023) $ 133,000 $ 661,796 $ 1,906,784
$ 448,587 $ 657,399 $ 163,861 $ 1,712 $ (49,723) $ (35,861) $ (4,043) $ 1,611,885
1,203,735 497,187 - - 49,723 36,303 6,851,778 5,239,893
$1,652,322 $1,154,586 $ 163,861 $ 1,712 $ - $ 442 $ 6,847,735 $ 6,851,778
-42-
ASSETS
Cash
Certificates of Deposit
Due Fran Other Funds
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
LIABILITIES
Due to Other Funds
Accounts Payable
Contracts Payable
Total Liabilities
FUND BALANCES - Reserved
TOTAL LIABILITIES AND FUND BALANCES
CITY OF ROSEMOUNT, MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
December 31, 1991
(With Comparative 4btals for December 31, 1990)
-43-
Shannon
Parkway
Shannon Connemara
County Road Hawkins Parkway Trail Chippendale
#42 East Pond Project #185 Improvement Avenue
(#401) (#402) (#406) (#407) (#408)
$ - $ - $ - $ - $ 24,084
60,000 - - - 200,000
2,749 - - - 5,934
$ 62,749 $ - $ - $ - $ 230,018
$ - $ 130,288 $
522 - - -
$ - $ 130,810 $ - $ - $ -
62,749 (130,810) - - 230,018
$ 62,749 $ - $ - $ - $ 230,018
CITY OF R0SEM9UDT1, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1991
(With Comparative Totals for December 31, 1990)
-44-
Shannon
Reconstruc-
Parkway
Westridge
Valley
Valley
Pine
Limerick
tion
Project
3rd
Oak
Oak
Bend
Way
145th
#194
Addition
Phase IV
Pond
Trail
Phase II
Street
(#409)
(#410)
(#411)
(#412)
(#413)
(#415)
(#416)
ASSETS
Cash
$ -
$ -
$ -
$
-
$
-
$ -
$
-
Certificates of Deposit
150,000
-
-
240,000
-
-
-
Due From Other Funds
-
-
-
16,605
-
-
4,293
TOTAL ASSETS
$ 150,000
$ -
$ -
$
256,605
$
-
$ -
$
4,293
LIABILITIES AND FUND
BALANCES
LIABILITIES
Due to Other Funds
$ 19,504
$ -
$ -
$
-
$
-
$ -
$
65,000
Accounts Payable
-
-
-
2,494
-
-
2,812
Contracts Payable
-
-
-
-
-
-
-
Total Liabilities
$ 19,504
$ -
$ -
$
2,494
$
-
$ -
$
67,812
FUND BALANCES - Reserved
130,496
-
-
254,111
-
-
(62,889)
TOTAL LIABILITIES
AND FUND
BALANCES
$ 150,000
$ -
$ -
$
256,605
$
-
$ -
$
4,923
-44-
CITY Or ROSEMOUNT, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1991
(With Canparative Totals for December 31, 1990)
-45-
Shannon
Country
Hills
Hills
Watermain
Diamond
Shannon
2nd
4th
Totals
Extension
Path
Parkway
Addition
Addition
(Memorandum Only)
(#418)
(#419)
(#420)
(#421)
(#422)
1991
1990
ASSETS
Cash
$ -
$
-
$ -
$
-
$
-
$
24,084
$
132,618
Certificates of Deposit
-
-
-
-
30,000
680,000
985,000
Due From Other Funds
18,670
7,734
10,661
23,419
59,097
149,792
-
TOTAL ASSETS
$ 18,670
$
7,734
$ 10,661
$
23,419
$
89,097
$
853,876
$
1,117,618
LIABILITIES AND FUND BALANCES
LIABILITIES
Due to Other Funds
$ -
$
55,000
$ -
$
-
$
-
$
269,792
$
949,820
Accounts Payable
-
-
-
-
1,072
6,900
29,087
Contracts Payable
-
-
-
-
70,428
70,428
64,117
Total Liabilities
$ -
$
55,000
$ -
$
-
$
71,500
$
347,120
$
1,043,024
FUND BALANCES - Reserved
18,670
(47,266)
10,661
23,419
17,597
506,756
74,594
TOTAL LIABILITIES AND FUND
BALANCES
$ 18,670
$
7,734
$ 10,661
$
23,419
$
89,097
$
853,876
$ 1,117,618
-45-
CITY OF ROSEMOUNT, MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCES
For the Year Ended December 31, 1991
(With Comparative Totals for the Year Ended December 31, 1990)
REVENUE
Interest Earnings
Donations and Other
Total Revenue
EXPENDITURES
Construction Costs
Improvements
Engineering Fees
Other Project Costs
Professional Fees
Other
Total Expenditures
EXCESS OF REVENUE OVER (UNDER) EXPENDITURES
BEFORE OTHER SOURCES (USES)
OTHER SOURCES (USES)
Bond Proceeds
Transfers from Otner Funds
Transfers to Other Funds
Net Other Sources (Uses)
EXCESS OF REVENUE AND OTHER SOURCES OVER
(UNDER) EXPENDITURES AND OTHER USES
FUND BALANCES, January 1
FUND BALANCES, December 31
-46-
Shannon
Parkway
Shannon Connemara
County Road Hawkins Parkway Trail Chippendale
#42 East Pond Project #185 Improvement Avenue
(#401) (#402) (#406) (#407) (#408)
$ - - — $ -
-
1,940 - - 924
100 8,800 100 100 140
$ 100 $ 10,740 $ 100 $ 100 $ 1,064
$ (100) $ (10,740)$ (100)$ (100) $ (1,064)
(8,907) (413,546) -
$ - $ - $ (8,907) $ 413,546) $ -
$ (100) $ (10,740) $ (9,007) $ (413,646) $ (1,064)
62,849 (120,070) 9,007 413,646 231,082
$ 62,749 $ (130,810) $ - $ - $ 230,018
CITY OF ROSEMOUNT, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
December 31, 1991
(With Canparative Totals for December 31, 1990)
-47-
Shannon
Reconstruc-
Parkway Westridge
Valley
Valley
Pine
Limerick
tion
Project
3rd
Oak
Oak
Bend
Way
145th
#194 Addition Phase IV
Pond
Trail
Phase II
Street
0409)
(#410)
(#411)
(#412)
(#413)
(#415)
(#416)
REVENUE
Interest Earnings
$ - $
- $
- $
- $
-
$ -
$ 42
Donations and Other
-
-
-
-
Total Revenue
$
-—
$
- $
-
$ -
$ 42
EXPENDITURES
Construction Costs
Improvements
$ - $
- $
- $
75,769 $
-
$ -
$ -
Engineering Fees
1,875
-
-
8,513
-
-
29,638
Other Projects
Professional Fees
745
100
100
4,564
100
100
244
Other
-
-
-
7,828
4,837
-
-
Total Expenditures
$ 2,620 $
100 $
100 $
96,674 $
4,937
$ 100
$ 29,882
EXCESS OF REVENUE OVER
(UNDER) EXPENDITURES
BEFORE OTHER SOURCES
(USES)
$ (2,620) $
(100) $
(100) $
(96,674) $
(4,937)
$ (100)
$ (29,840)
OTHER SOURCES (USES)
Bond Proceeds
$ -
$ -
$ -
$ 387,770
$ 239,622
$ -
$ -
Transfers From Other
Funds
-
-
-
-
-
10,992
-
Transfers to Other Funds
(39,778)
(81,277)
(35,135)
-
(6,939)
-
Net Other Sources
(Uses)
$ (39,778)
$ (81,277)
$ (35,135)
$ 387,770
$ 232,683
$ 10,992
$ -
EXCESS OF REVENUE AND
OTHER SOURCES OVER (UNDER)
EXPENDITURES AND OTHER
USES
$ (42,398)
$ (81,377)
$ (35,235)
$ 291,096
$ 227,746
$ 10,892
$ (29,840)
FUND BALANCES, January 1
172,894
81,377
35,235
(36,985)
(227,746) (10,892)
(33,049)
FUND BALANCES, December 31
$ 130,496
$ -
$ -
$ 254,111
$ -
$ -
$ (62,889)
-47-
-48-
CITY OF ROSEMOUNT, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES
FUND BALANCES
AND CHANGES IN
s
For the Year Ended December 31, 1991
(With Comparative
Totals for the Year Ended December 31, 1990)
Shannon
Country
Hills
Hills
Watermain Diamond
Shannon
2nd
4th
Totals
Extension Path
Parkway
Addition
Addition
(Memorandum Only)
(#418) (#419)
(#420)
(#421)
(#422)
1991
1990
REVENUE
Interest Earnings
$ - $ 66
$ 91
$
-
$ -
$
199
$ -
Donations and Other
- -
-
-
-
-
1,678
Total Revenue
$ - $ 66
$ 91
$
-
$ -
$
199
$ 1,678
EXPENDITURES
Construction Costs
Improvements
$ 14,222 $ -
$ 39,071
$
30,424
$ 203,242
$
362,728
$ 1,128,065
Engineering Fees
6,686 34,567
-
5,320
38,349
127,812
225,629
Other Project Costs
Professional Fees
251 127
-
100
-
15,671
21,633
Other
2,931 -
359
7,226
9,988
33,169
1,649
Total Expenditures
$ 24,090 34,694
39,430
$
43,070
$ 251,579
T --5-3-9-,T8--0
1, 76, 76
EXCESS OF REVENUE OVER (UNDER) EXPENDITURES
BEFORE OTHER SOURCES (USES)
$ (24,090) $ (34,628)
$ (39,339)
$
(43,070)
$ (251,579)
$
(539,181)
$(1,375,298)
OTHER SOURCES (USES)
Bond Proceeds
$ 129,332 $ -
$ -
$
357,941
$ 261,976
$
1,376,641
$ -
Transfers from Other Funds
125,000 -
50,000
-
7,200
193,192
85,359
Transfers to Other Funds
- -
-
(12,908)
-
(598,490)
-,Tiff
(88,007)
Net Other Sources (Uses)
$ 254,332 $ -
$ 50,000
$
345,033
$ 269,176
T -77 -1
$ (2,648)
EXCESS OF REVENUE AND OTHER SOURCES OVER
(UNDER) EXPENDITURES AND OTHER USES $ 230,242 $ (34,628)
$ 10,661
$
301,963
$ 17,597
$
432,162
$(1,377,946)
FUND BALANCES, January 1
(211,572) (12,638)
-
(278,544)
-
74,594
1,452,540
FUND BALANCES, December 31
$ 18,670 $ (47,266)
$ 10,661
$
23,419
$ 17,597
$
506,756
$ 74,594
-48-
CITY OF ROSEMOUNT, MINNESOTA
UTILITY COMMISSION FUND
COMPARATIVE BALANCE SHEETS
--------------------------
December 31, 1991 and 1990
CURRENT ASSETS
Cash
Certificates of Deposit
Accounts Receivable
Special Assessments Receivable
Due From Other Governments
Prepaid Expenses
Total Current Assets
' RESTRICTED ASSETS
Cash
Certificates of Deposit
Accounts Receivable
' Total Restricted Assets
FIXED ASSETS
' Land
Buildings
Water Towers and Mains
Machinery and Equipment
' Total Fixed Assets
Less Accumulated Depreciation
' TOTAL ASSETS
LIABILITIES AND FUND EQUITY
' CURRENT LIABILITIES
Payable from Current Assets
' Accounts Payable
Contracts Payable
Accrued Expenses
Compensated Absences Payable
' Total Payable from Current Assets
Payable from Restricted Assets
Bonds Payable - Current
' Accrued Interest on Bonds
Total Payable from Restricted Assets
' LONG-TERM LIABILITIES
Bonds Payable Less Current Portion Above
Deferred Revenue
Total Long -Term Liabilities
' TOTAL LIABILITIES
FUND EQUITY
' Contributed Capital
Retained Earnings
Reserved for Capital Improvements
Unreserved
Total Fund Equity
TOTAL LIABILITIES AND
FUND EQUITY
-49-
1991
$ 99,704
2,130,000
205,895
44,444
1,318
45,914
$ 2,527,275
$ 12,084
100,000
12,435
$ 124,519
$ 23,720
176,056
3,904,440
284,135
$ 4,388,351
(1,062,326)
$ 3,326,025
$ 5,977,819
$ 6,962
5,667
24,669
$ 37,298
$ 60,000
39,575
99,575
$ 1,285,000
44,443
$ 1,329,443
$ 1,466,316
1990
$ 223,302
1,770,000
63,491
46,358
1,082
33,564
$ 2,340,883
$ 33,371
165,000
4,715
$ 203,086
$ 23,720
176,056
3,896,612
267,951
$ 4,364,339
(930,880)
$ 3,433,459
$ 5,774,342
15,778
56,329
19,697
23,958
$ 115,762
$ 60,000
40,654
$ 100,654
$ 1,345,000
46,358
$ 1,391,358
$ 1,607,774
$ 1,670,197 $ 1,393,328
114,086
2,727,220
$ 4,511,503
$ 5,977,819
111,793
2,661,447
$ 4,166,568
$ 5,774,342
CITY OF ROSEMOUNT, MINNESOTA
' UTILITY COMMISSION FUND
COMPARATIVE STATEMENTS OF REVENUE, EXPENSES AND
CHANGES IN RETAINED EARNINGS
-----------------------------------------------
For the Years Ended December 31, 1991 and 1990
OPERATING REVENUE
Water Sales
Sewer Charges
Water Surcharges
Water Meter Maintenance
Water Meters
Miscellaneous
Total Operating Revenue
OPERATING EXPENSES
General and Administrative
Personal Services
Water Utility
Supplies
Other Services
Capital Outlay
Sewer Utility
Supplies
Other Services
Metro Sewer Charge
Depreciation Expense
Total Operating Expenses
OPERATING INCOME (LOSS)
NON-OPERATING REVENUE (EXPENSES)
Interest Earnings
Interest Expense
Fiscal Agent Fees
Net Non -Operating Revenue
NET INCOME BEFORE OPERATING TRANSFERS
OPERATING TRANSFERS IN
OPERATING TRANSFERS OUT
NET INCOME
RETAINED EARNINGS, January 1
RETAINED EARNINGS, December 31
-50-
1991
$ 306,532
426,728
42,591
8,787
16,939
45,035
$ 846,612
WRIC,
$ 271,847
288,390
53,359
1,650
15,649
34,753
$ 665,648
$ 181,297 $ 162,286
96,980
49,743
4,074
6,463
14,115
264,108
131,446
748,226
$ 98,386
45,608
173,890
16,677
10,862
25,672
226,481
95,136
$ 756,612
$ (90,964)
$ 37,833 $
104,861
(96,323)
(170,553)
(1,830)
(1,462)
$ (60,320) $
(67,154)
$ 38,066 $
(158,118)
30,000
268,215
(88,331)
$ 68,066 $ 21,766
2,773,240 2,751,474
$ 2,841,306 $ 2,773,240
'
CITY OF ROSEMOUNT, MINNESOTA
UTILITY COMMISSION FUND
CASH EQUIVALENTS $
(144,885) $
'
COMPARATIVE STATEMENTS OF CASH
FLOWS
256,673
81,544
------------------------------------
For the Years Ended December 31,
1991 and 1990
'
CASH AND CASH EQUIVALENTS, End of Year $
1991
1990.
CASH FLOWS FROM OPERATING ACTIVITIES
Cash Received From Customers
$
696,251
$ 718,380
Cash Payments to Suppliers for Goods
'
and Services
(512,978)
(454,668)
Cash Payments to Employees for Services
(194,616)
(158,143)
Net Cash Provided (Used) By
'
Operating Activities
$
(11,343)
$ 105,569
CASH FLOWS FROM NONCAPITAL FINANCING
'
ACTIVITIES
Operating Transfers From Other Funds
$
30,000
$ 268,215
Operating Transfers to Other Funds
-
(88,331)
Net Cash Provided By
'
Noncapital Financing Activities
$
30,000
$ 179,884
'
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Acquisition of Capital Assets
$
(24,012)
$(1,139,010)
Principal Paid on Bonds
(60,000)
(45,000)
Interest and Fiscal Charges on Bonds
(99,233)
(133,318)
'
Contributed Capital (Core Charges)
Received
613,802
481,020
Paid Out
(336,932)
(658,877)
'
Net Cash Provided (Used) By Capital
and Related Financing Activities
$
93,625
$(1,495,185)
CASH FLOWS FROM INVESTING ACTIVITIES
Net Increase (Decrease) in Cash Investments $ (295,000) $ 1,280,000
Interest Received on Investments 37,833 104,861
' Net Cash Provided (Used) By
Investing Activities $ (257,167) S 1,384,861
n
D
-51-
NET INCREASE (DECREASE) IN CASH AND
'
CASH EQUIVALENTS $
(144,885) $
175,129
CASH AND CASH EQUIVALENTS, Beginning of Year
256,673
81,544
'
CASH AND CASH EQUIVALENTS, End of Year $
111,788 $
256,673
n
D
-51-
CITY OF ROSEMOUNT, MINNESOTA
UTILITY COMMISSION FUND
COMPARATIVE STATEIVIENTS OF CASH FLOWS
------------------------------------
For the Years Ended December 31, 1991 and 1990
RECONCILIATION OF OPERATING INCOME (LOSS)
TO NET CASH PROVIDED (USED) BY OPERATING
ACTIVITIES
Operating Income (Loss)
Adjustments to Reconcile Operating Income
(Loss) to Net Cash Provided (Used) By
Operating Activities:
Depreciation
(Increase) Decrease in Assets
Accounts Receivable
Prepaid Expenses
Increase (Decrease) in Liabilities
Accounts Payable
Contracts Payable
Accrued Expenses
Deferred Revenue
NET CASH PROVIDED (USED) BY OPERATING
ACTIVITIES
-52-
1991 1990
$ 98,386 $ (90,964)
131,446 95,136
(148,446) 38,167
(12,350) (3,076)
(8,816)
3,054
(56,329)
44,544
(13,319)
4,143
(1,915)
14,565
$ (11,343) $ 105,569
CITY OF ROSEMOUNT, MINNESOTA
AGENCY FUNDS
COMBINING BALANCE SHEET
December 31, 1991
(With Canparative Totals for December 31, 1990)
-53-
Meals on
Deferred
Town
Totals
Wheels
Ccmpen-
Green
(Memorandum Only)
(#801)
sation
(#803)
1991
1990
ASSETS
Cash
$ 1,028
$ -
$
161
$
1,189
$
2,013
Investments
-
405,954
-
405,954
283,626
Total Assets
$ 1,028
$ 405,954
$
161
$
407,143
$
285,639
LIABILITIES
Deferred Compensation
Benefits Payable
$ -
$ 405,954
$
-
$
405,954
$
283,626
Due to Agencies
1,028
-
161
1,189
2,013
Total Liabilities
$ 1,028
$ 405,954
$
161
$
407,143
$
285,639
-53-
CITY OF ROSEMOUNT, MINNESOTA
AGENCY FUNDS
STATEMENT OF CHANGES IN ASSE'T'S AND LIABILITIES
----------------------------------------------
For the Year Ended December 31, 1991
-54-
Total
Meals on
Deferred
Town
(Memorandum
Wheels
Compen-
Green
Only)
(#801)
sation
(#803)
1991
Balance, January 1, 1991
$ 1,858
$ 283,626
$ 155
$ 285,639
Additions
-
132,027
6
132,033
Total
$ 1,858
$ 415,653
$ 161
$ 417,672
Deletions
(830)
(9,699)
-
(10,529)
Balance, December 31, 1991
$ 1,028
$ 405,954
$ 161
$ 407,143
-54-
(1) Includes General, Special Revenue and Debt Service Funds.
-55-
CITY OF ROSEMOUNT, MINNESOTA
GENERAL GOVERNMENrAL REVENUES BY SOURCE (1)
Iast Five Fiscal Years
Licenses
Inter-
Charges
Fiscal
and
Govern-
for Fines and
Special
Year
Taxes
Permits
mental
Services Forfeitures
Assessments
Interest
Other
Total
1987
$
1,201,800
$ 152,317
$
1,061,127
$ 100,699 $ 31,031
$ 1,192,200
$
403,942
$
52,319
$
4,195,435
1988
$
1,507,607
$ 288,952
$
1,623,060
$ 94,327 $ 32,424
$ 908,998
$
589,020
$
314,523
$
5,358,911
1989
$
1,726,540
$ 253,308
$
1,135,703
$ 78,953 $ 43,181
$ 872,390
$
958,889
$
148,817
$
5,217,781
1990
$
1,828,030
$ 210,840
$
1,570,215
$ 88,592 $ 51,841
$ 1,041,023
$
806,472
$
517,516
$
6,114,529
1991
$
2,255,565
$ 193,178
$
1,256,235
$ 125,887 $ 47,377
$ 884,874
$
683,782
$
189,047
$
5,635,945
(1) Includes General, Special Revenue and Debt Service Funds.
-55-
'
CITY OF ROSEMOL'NT, MINNESOTA
GENERAL
GOVERNMENTAL
EXPENDITURES BY SOURCE (1)
Last Five Fiscal
Years
Fiscal
General
Public
Public
Park and
Debt
Year
Government
Safety
Works
Recreation
Other
Service
Total
1987
$
864,912
$
476,834
$
441,559
$ 96,308
$ 93,629
$
691,879
$
2,665,121
1988
$
989,064
$
539,259
$
540,469
$ 118,661
$ 1,662,071
$
884,095
$
4,733,619
1989
$
1,079,181
$
680,479
$
567,535
$ 342,491
$ 770,709
$
3,416,222
$
6,856,617
1990
$
1,246,877
$
746,892
$
589,361
$ 416,088
$ 773,505
$
2,044,910
$
5,817,633
1991
$
1,127,799
$
834,191
$
565,071
$ 503,804
$ 580,229
$
2,338,292
$
5,949,386
(1) Includes General, Special Revenue and Debt Service Funds.
-56-
(1) Includes General and Special Levies.
-57-
CITY OF ROSEMOLW, MINNESOTA
PROPERTY TAX
LEVIES AND COLLECTIONS
Last Ten Fiscal Years
Percent of
Percent of
Percent of
Total Tax
Delinquent
Current
Delinquent
Collections
Outstanding
Taxes to
Fiscal
Total Tax
Current Tax
Taxes
Tax
Total Tax
to Total
Delinquent
Total Tax
Year
Levy(1)
Collections
Collected
Collections
Collections
Tax Levy
Taxes
Levy
1982
$
690,172
$ 675,815
97.92%
$ 14,357
$ 690,172
100.00%
$
14,357
2.08%
1983
$
637,766
$ 627,171
98.34%
$ 10,595
$ 637,766
100.00%
$
10,595
1.66%
1984
$
651,273
$ 621,201
95.38%
$ 29,863
$ 651,064
99.97%
$
30,072
4.628
1985
$
805,151
$ 783,605
97.328
$ 20,998
$ 804,603
99.93%
$
21,546
2.688
1986
$
1,019,593
$ 999,678
98.05%
$ 19,515
$ 1,019,193
99.968
$
19,915
1.95%
1987
$
1,230,360
$ 1,194,411
97.08%
$ 35,257
$ 1,229,668
99.948
$
35,949
2.92%
1988
$
1,428,170
$ 1,416,205
99.16%
$ 9,465
$ 1,425,670
99.82%
$
11,965
0.84%
1989
$
1,745,243
$ 1,692,876
97.00%
$ 46,352
$ 1,739,228
99.668
$
52,367
3.00%
1990
$
2,063,786
$ 2,063,786
98.48%
$ 23,331
$ 2,087,117
99.59%
$
31,858
1.52%
1991
$
2,498,285
$ 2,453,638
98.21%
$ -
$ 2,453,638
98.21%
$
44,648
1.79%
(1) Includes General and Special Levies.
-57-
CITY OF ROSEMOLWT, MINNESOTA
PROPERTY TAX RATE
DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Fiscal Years
School
Fiscal City of District Dakota Special
Year Rosemount #196 County Districts(1) Total-
1982
otal1982 21.250 60.164 19.951 4.049 105.414
1983 16.186 56.725 19.594 4.124 96.629
1984 17.328 60.204 20.656 3.854 102.042
1985 19.182 60.228 21.043 3.299 103.752
1986 23.817 57.839 21.936 3.737 107.329
1987 27.912 60.361 23.793 3.874 115.940
1988 28.389 60.542 23.990 3.694 116.615
1989 (2) 26.879 52.249 20.721 4.755 104.604
1990 (2) 22.001 40.793 21.061 4.844 88.699
1991 (2) 27.705 48.559 22.542 4.660 103.466
(1) Prior to 1989, includes Metropolitan Council, Metropolitan Transit
District, and Metropolitan Mosquito Control. The Vo -Tech (SISD 917) mill
rate is included in the ISD 196 rate.
1989 includes Metropolitan Council, Regional Transit District,
Metropolitan Mosquito Control, and Dakota County Technical College.
Beginning with 1990, includes Metropolitan Council, Regional Transit
District, Metropolitan Mosquito Control, Dakota County Technical College
and Dakota County Light Rail Transit.
(2) Beginning with property taxes payable in 1989, taxes are determined by
multiplying the Gross Tax Capacity by the Tax Capacity Rate, expressed as
a percentage. This replaces the use of Assessed Value multiplied by Mill
Rates. Prior to 1989, the mill rates in this table were computed on the
basis of total levies and do not reflect reductions for property tax
credits.
Beginning with taxes payable in 1990, net tax capacity has replaced gross
tax capacity as the basis on which taxes are levied.
-58-
CITY OF R0SEMOUNT, MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN
--------------------------
December 31, 1991
Estimated Market Value
Debt Limit -2.00% of
Estimated Market Value
Amount of Debt Applicable
to Debt Limit:
Total Bonded Debt -
Principal as of
12/31/91
Deductions (4):
Debt Service Fund
Cash and Invest-
ments (All Types)
Less Amount Applic-
able to Increment
Bonds
Special Assessment
Bonds (Principal)
Tax Increment Bonds
(Principal)
Revenue Bonds
(Principal)
Total Amount of Debt
Applicable to Debt
Limit
Legal Debt Margin
$ 13,910,000
$ 6,738,625
6,608,560 $ 130,065
10,275,000
945,000
1,345,000 $ 12,695,065
-59-
$350,072,900
$ 7,001,458
$ 1,214,935 1,214,935
$ 5,786,523
'
CITY OF ROSEMOUNT,
MINNESOTA
PROPERTY VALUE AM CONSTRUCTION
_
Last Four Fiscal Years
Property
Commercial
Residential
Value(1)
Construction(2)
Construction(2)
'
Fiscal
Number
Number
Exert
Year
Total
of Units Value
of Units
Value
due
' 1988
$213,566,700
31 $ 4,797,589
473
$ 25,590,743
$ 586,200
1989
$261,472,500
39 $ 3,162,079
441
$ 19,268,304
$ 5,606,900
1990
$305,437,800
29 $ 3,791,689
460
$ 17,957,638
$ 172,545
1991
$335,880,800
28 $ 753,400
479
$ 19,106,838
$ 78,768
' (1)
InformationP rovided by Dakota County
Assessor's
Office (Based
on Estimated
Market Values
of Real Estate Only)
(2)
Information provided by City of Rosemount Building
Department
.m
CITY OF ROSEMOUNT, MINNESOTA
MISCELLANEOUS STATISTICS
December 31, 1991
Date of Incorporation
1858
Form of Government (Statutory)
Council/City
Administrator
Number of Employees
Regular Full -Time and Part -Time
45
Temporary or Part -Time
135
Area in Square Miles
36 Square Miles
Population (1990 Census)
8622
City of Rosemount Facilities and Services:
Miles of Streets
108.22
Fire Protection:
Number of Stations
1
Number of Fire Personnel and Officers
31
Number of Calls Answered
384
Number of Vehicles
12
Police Protection:
Number of Stations
1
Number of Police Personnel and Officers
Sworn Officers
11
Other Police Personnel
2
Number of Patrol Units
Marked
4
Unmarked
2
Parks and Recreation:
Parks
16
Park Acreage
213 Acres
Tennis Courts
2
Sewerage System:
Miles of Sanitary Severs
32.1 Miles
Miles of Storm Sewers
17.9 Miles
Number of Service Connections
2308
Water System:
Miles of Water Mains
Municipal
41.2 Miles
Rural
7.1 Miles
Number of Service Connections
2308
Number of Wells
Municipal
4
Rural
1
Number of Water Towers
2
Number of Fire Hydrants
337
Daily Average Consumption in Gallons
902,000 Gallons Per Day
Facilities and Services not included in the
Reporting Entity:
Number of Elementary Schools
2
Number of Secondary Schools
2
Number of Special Education Schools
1
-61-
-62-
my CF POEaiaNr, MDZE9)]A
4?-EUM CF Bam IIZID1»
Dxxnber 31, 1991
(CktLslited)
Final
Prinz iiFal
7rd�rest
Interest
Tss
Mea rity
Qtst�
Iss ial
I�L-tirErl
Qatstarr3irz3
We in
an In
Fates
Dia
Date
1-1-91
1991
1991
12-31-91
1992
1992
CRi, CELIGMCN BaCS
Park
5.00- 5.65
12-76
3-93
$ 60,000
$ -
$
60,000
$ -
$ -
$ -
4arninq SystEM
7.25- 8.60
2-81
2-91
30,000
-
15,000
15,000
15,000
645
City Hall
5.40-6.70
4-86
8-02
1,185,000
-
65,000
1,120,000
70,000
69,845
Bp#mat 0-artifiadles, 1991
4.10 - 4.80
12-91
12-%
-
210,000
-
210,000
40,000
9,310
Ittal
$ 1,275,000
$ 210,000
$
140,000
$ 1,345,000
$ 125,000
$ 79,800
SR3MAL AUE39RU BQZ6
Mpuia[ent, 1991A
5.00-6.00
6-91
2-02
$ -
$ 11180,000
$
-
$ 1,180,000
$ -
$ 78,995
Rvamret, 19918
4.40- 5.70
1291
2-03
-
265,000
-
265,000
-
9,193
I[prajeent, 1989B
6.10-6.60
7-89
2-01
2,575,000
-
85,000
2,490,000
270,000
152,505
Inp o'Ame t, 1988E
5.90-6.90
10-88
2-99
2,450,000
-
300,000
2,150,000
300,000
130,550
hrrmuent, 1987A
4.75- 6.70
2-87
2-99
4,425,000
-
475,000
3,950,000
475,000
225,312
fey Oak
5.25- 5.80
7-80
2-92
162,514
-
81,258
81,256
81,256
2,682
rn� le
7.50
10-80
292
77,486
-
38,742
38,744
38,744
1,278
Waite Iale Acres - 1985
6.00 - 8.20
6-85
296
140,000
-
20,000
120,000
20,000
8,640
its Pefinance
4.75- 6.50
5-76
296
295,000
-
295,000
-
-
-
Total
$10,125,000
$ 1,445,000
$ 1,295,OW
$10,275,000
$ 1,185,000
$ 609,155
FFUFDIE Bats
Mter - 1989A
7.00 - 7.25
04-89
2-05
$ 1,320,000
$ -
$
15,000
$ 1,305,000
$ 20,000
$ 92,632
4tbE!r RVVMrazt
4.50 - 5.40
11-71
5-92
50,000
-
30,000
20,000
20,000
540
Wber - V+all #7
4.75-6.10
5-76
2-92
35,000
-
15,000
20,000
20,000
610
$ 1,405,000
$ -
$
60,000
$ 1,345,000
$ 60,000
$ 93,782
Tax Irm ' , 19884
8.20 - 9.60
6-88
2-99
$ 11025,000
$ -
$
80,000
$ 945,000
$ 85,000
$ 83,963
Tax IrrseTnt
8.25-8.90
8-81
2-91
45,000
-
45,000
-
-
-
Total
$ 1,070,000
$ -
$
125,000
$ 945,000
$ 85,000
$ 83,983
'IQIYIL BaEM =91EUSMS
$13,875,000
$ 1,655,000
$ 1,620,000
$13,910,000
$ 1,455,000
$ 866,720
-62-
BOEGKFR M 4 NN HBNB V & M 4 YER
C E R T I F I E D P U B L I C A C C O U N T A N T S
AUDITORS' REPORT ON COMPLIANCE
The Honorable Mayor and City Council
City of Rosemount
Rosemount, Minnesota
We have examined the
eneral purpose financial statements of the
9
City of Rosemount, Minnesota, as of and for the year ended
' December 31, 1991, and have issued our report thereon dated
February 14, 1992. Our examination was made in accordance with
generally accepted auditing standards and the provisions of the
Legal Compliance Audit Guide promulgated by the Legal Compliance
Task Force pursuant to Minnesota Statutes Sec. 6.65.
Accordingly, the examination included such tests of the
accounting records and such other auditing procedures as we
' considered necessary in the circumstances.
The Legal Compliance Audit Guide covers five main categories of
compliance to be tested: contracting and bidding, deposits and
investments, conflicts of interest, public indebtedness, and
claims and disbursements. Our study included all of the listed
categories. The results of our tests indicate that for the items
tested, the City complied with the material terms and conditions
of applicable legal provisions. Further, for the items not
tested, based on our examination and the procedures referred to
' above, nothing came to our attention to indicate that the City
had not complied with such legal provisions.
This report is intended solely for the use of the City and should
not be used for any other purpose. This restriction is not
intended to limit the distribution of this report, which is a
matter of public record.
BOECKERMANN, HEINEN & MAYER
Certified Public Accountants
Minneapolis, Minnesota
February 14, 1992
-63-