HomeMy WebLinkAbout11.a. Auditors Report �
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CITY OF ROSEMOUNT, MINNESOTl�
� ANNUAL FINANCIAL REPORT
For the Year Encied
� December 31, 19$9
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1 CITY OF ROSEMOUNT MINNE
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' TABLE_OF_CONTENTS
December 31, 1989
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� Page( s)
INTRODUCTORY SECTION
Title Page 1
, Table of Contents 2-3
City Officials q,
FINANCIAL SECTION
' Independent Auciitors ' Report 5-6
� General Purpose Financial Statements
Combined Balance Sheet - A11 Fund Types
and Account Groups �_g
, Combined Statement of Revenue,
Expenditures and Changes in Fund
Balances - All Governemental Fund Types 9
, Combined Statement of Revenue,
Expenses anci Ghanges in Retained
Earnings - All Proprietary Fund Types 10
' Combined Statement of Changes in
Financial Position - All Proprietary Fund Types 11
Notes to the Financial Statements 12-30
, ' Combining and Inctividual Fund Financial Statements
General Fund
' Comparative Balance Sheets 31
Comparative Statements of Revenue,
Expenditures and Changes in
IFund Balance 32
Special Revenue Funds
Combining Balance Sheet 33
� Combining Statement of Revenue,
Expenditures anct Changes in
Fund Balances 34
' Debt Service Funds
Combining Balance Sheet 35-36
Combining Statement of Revenue,
' Expenditures and Change:s in
Fund Balances 37-38
' Capital Project Funds
Combining Balance Sheet 39-42
Combining Statement of Revenue,
, Expenditures and Changes in
Funci Balances 43-46
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' CITY OF ROSEMOUNT, MINNESOTA
' TABLE_OF_CONTENTS
December 31, 1989
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' Page(s)
Utility Commission Fund
' Comparative Balance Sheets 47
Comparative Statements of Income and
Retained Earnings 4g
Comparative Statements of Changes in
' Financial Position 49
STATISTICAL SECTION
' General Fund
Comparative Schedule of Revenue 50
' Schedule of Expenditures - Budget
and Actual 41-53
Schedule of Bonded Indebteciness 54
' Schedule of Sources and Uses of
Public Funcis 55
' Auciitors ' Report on Compliance 56
Comments to Auditors ' Report on Compliane 57
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ICITY OF ROSEMOUNT, MINNESOTA
' CITY_OFFICIALS
December 31, 1989
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Vernon Napper Mayor
' Stephan Jilk City Administrator
Don F. Darling Finance Director
, Sheila Klassen
Councilor
' John Oxborough �ouncilor
Dennis Wippermann Councilor
, Harry Willcox Councilor
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BOE " NNNFINEJV�c1VIAYE�
' C E R T I F I E D P U B L I C A t 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, 1989, 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 stanaards require that we plan and
perform the audit to obtain reasonable assurance about whether
� the financial statements are free of material misstatement . An
auciit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
� audit also inclucies assessing the accounting principles used and
si�nificant estimates maae 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 did not maintain adequate records of the general fixed
asset group of accounts, stated at $9, 192, 886 in the accompanying
� combined financial statements. Because the. City' s records do not
permit the application of adequate audit procedures, we are
unable to anci 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 Rasemount, Minnesota, as of December 31, 1989, and
, the results of its operations and the changes in financial
position of its proprietary fund types for the year then ended in
conformity with generalZy accepted accounting principles.
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' 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 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
oux 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.
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BOECKER:MANN, HEINEN & MAYER
' Certified Public Accountants
Minneapolis, Minnesota
February 9, 1990
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GENERAI, PURPOSE FINANCIAL STATEMENTS
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CITY OF 1mSF2�40UNT. MINLQESC7PA
COMBINED BALANCE SHEEP
ALL FUbID TYPES AND AC�i�IT GROUPS
DecemDer 31. 1989
Proprietary
Governmental Fund 4'vpes Flind Types Accbunt Groups
General Totals
Fixed General (Me.�mrandum Only?
Special Debt Capital Assets Ir�ng-Term
General Revenue Service Projects Ehterprise (Unaudited) Debt 1989 1988
ASSETS
Cash $ 33,893 $ 100,509 $ 116,841 $ 89,113 $ 81,544 $ - $ - $ 421,900 $ 449,409
Certificates of Depasit 1,100,432 1,585,004 5,175,000 1,755,000 3,215,000 - - 12,830,432 12,970,675
Accounts R€ceivable - - - - 122,020 - - 122,020 138,555
i�tes Receivable - 19,048 1,396,902 - - - - 1.4i5,950 1.350,902
Special Assessments Receivable
Delinquent 1.622 - 74.749 - 4.466 - - 80,837 75.269
Deferre�i 111,901 - 1,155,804 - 27,327 - 1,295,032 1,297,188
Taxes Receivable '
Current 127,899 _ _ - - - - 127,899 174,812
Delinquent 104,233 - - - - - _
104,233 64,501
Due Fran Other ELnus 116,602 - - 116,602 - - - 233,204 165,607.
Due FYan Other Governmental
Units - - - - - 16,47�
Prepaid Expenses 92,258 - - - 30,488 - - 122,746 134,548
Fixeci Assets - - - - 3,225,329 9,192,886 - 12,418,215 9,446,9?Z
Accumulated Depreciation - - - - (835,744) - - (835,744) (749,966)
Amount Available in Debt
Service F'unds - - - - - - 5,291,801 5,291,801 4,648,982
Amount to be Proviaed far
Debt Retirement - - - - - - 8,493,706 8,493,706 9,101,447
'I1�TAL ASSEI'S $ 1,688,840 $ 1,704,557 $ 7,919,296 $ 1,960,715 $ 5,870,430 $ 9,192,886 $13,785,50? $42,122,231 $39,285,371
— -- --�_— ---- ---- ____---_ = _�__ --------_
See Accompanying Notes to the Financial Statements
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CITY OF 13�SII�UNI'. MIN�IESC7PA _
CON�INID BALANCE �'P
ALL EUND TYP�S AND AOCOUNT GFtfJUPS
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December 31. 1989
Proprietary
Governmental E�lar�d Typ�s ELuid 4'ypes Account Groups
General Zbtals
Fixed GeneYal (Memoranaum �lv)
Special Debt Capital Assets I.png-Term
General Revenue Service Projects Ehterprise (Unaudited) Debt 1989 19A8
LIABILITIFS ADTD FUND E4UITY �
LIABILITIES
Due to Other Funas $ - $ 2,096 $ - $ 231.108 $ - $ _ $ - $ 233,204 $ 165,607
Accounts Payable 29,813 27,821 40 26,119 12,724 - - 46,517 180,024
Oompensated Absences
Payable - _ - 36,739 - 135,507 172,246 159,44?
Aaerued Expenses 27,373 - - - 2,773 - - 3�,I51 24,894
Aecruea Interest - - - 1,957 - - 1,957 2,572
R�imbursable Permits arxi
Surcharges 111,753 - _ - - - - 111,753 77,992
�ntracts Payable - 8,358 - 171,536 11,785 - - 191,679 484,553
Deferred Revenue 236,457 - 2,627,455 - 31,793 - - 2,895,705 2,787,860
Bonds Payable - - 1,450,000 - 13.650,000 15,100,OQ0 13,805,OQG
ZCYPAL LIABILITIES $ 405,401 $ 38,275 $ 2,627,495 $ 428,763 $ 1,547,771 $ - $13,785,507 $18,833,212 $17,687,949
F'UND �iJITY
Investment in General
Rixed Assets $ - $ - $ - $ - $ - S 9,192.886 $ - $ 9,192,886 $ 6,610,493
Retain� Earnings - - - - 4,322,659 - - 4,322,659 3,721,158
Funci Balance
Rese[ved 92.258 1�666�282 5�291r801 1,531,952 - - - 8�582�293 9.652�241
Unreservea
Designated for Working
Capital %5,OOJ - - - - - - 965,Q00 -
Unaesi - - 226,181 1,6J.3,530
'IC7PAL FUND EQUI3'Y 1,283,439 $ 1,666,282 5,291,801 1,531,952 $ 4,322,659 $ 9,192,886 $ - $23,289,019 $21,597,422
Z17PAL LIABILITIES
AND F'UND EQUI'TY $ 1,688,840 $ 1,704,557 $ 7,919,296 $ 1,960,715 $ 5,870,430 $ 9,192,886 $13,785,507 $42,122,231 $39,285,37i
-s-�= - -_ -- -- --- =___ ---__�_ _=��=-w= -- - -____ __= ------ ---___=-
See Accompanying Notes to the Financial Statements
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CImY OF ROSEMOUNT, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BAI.ANCE
ALL GOVERNMENTAL FUND TYPES
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For the Year Ended December 31, 1989
Totals
Special Debt Capital (Memoranaum Only)
General Revenue Service Projects 1989 lggg
REVENUE
General Froperty Taxes $ 816,350 $ 731,671 $ 178,519 $ - $ 1,726,540 $ 1,507,607
Licenses and Permits 253,308 - - - 253,308 288,952
Speeial Assessments 38,267 854,123 872,390 908,998
Intergovernmental 973,958 161,745 - 929,844 1,623,060
Charge for Services 72,522 6,432 - - 78,953 94,327
Fines and Forfeitures 43,181 - 43,181 32,424
Interest Earnings 107,493 147,538 703,858 13,104 971,993 595,223
Other 110,039 38,778 57,205 206,022 399,230
TOTAL REVENUE $ 2,395,118 $ 1,047,385 $ 1,775,2 8 $ 70,309 $ 5,288,090 $ 5,449,821
EXPENDITURES
General Government $ 982,026 $ 97,155 $ - $ $ 1,079,181 $ 945,796
Public Safety 680,479 - - ^ 680,479 539,259
Public Works 567,535 - - 2,382,776 2,450,311 2,294,813
Parks and Recreation 342,491 - - 342,491 161,929
Other - 767,939 2,770 109,656 880,365 1,7Z4,064
Debt Service -
Principal Retirement - - 2,575,000 - 2,575,000 290,000
Interest on Bonds - - 832,025 - 832,025 591,575
Fiscal Agent Fees - - 9,197 - 9,197 2,520
TOTAL EXPENDITURES 2,572,531 865,094 $ 3,418,992 $ 2,492,432 $ 9,349,049 $ 6,549,956
EXCESS (DEFICIT) OF REVENUE OVER
EXPENDITURES BEFORE OTHER SOURCES (USES) $ (177,413) $ 182,291 $(1,643,714) $(2,422,123) $(4,060,959) $(1,100,135j
OTHER FINANCING SOURCES (USES)
Proceeds from Sale of Boncis $ - $ - $ 504,694 $ 2,048,822 $ 2,SS3,516 $ 3,828,355
Transfers from Other Funcis 66,670 300,000 2,157,049 132,562 2,656,281 228,958
Transfers to Other Funds (329,298) (543,909) (375,210) (1,392,718) (2,641,135) (217,620)
NET OTHER FINANCING SOURCES (USES) $ 262,628) 243,909) 2,286,533 $ 788,666 $ 2,568,662 3,839,693
EXCESS (DEFICIT) OF REVENUE AND OTHER
FIN7ANCIBIG 50URCES OVER EXPENDITURES
AND OTHER FINANCING SOURCES (USES) $ (440,041) $ (61,618) $ 642,819 $(1,633,457) $(1,492,297) $ 2,739,558
FUND BALANCES, January 1 1,723,480 1,727,900 4,648,982 3,165,409 11,265,771 8,526,213
FUND BALANCES, December 31 $ 1,283,439 $ 1,666,282 $ 5,291,801 $ 1,531,952 $ 9,773,474 $11,265,771
See Accompanying Notes to the Financial Statements
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CITY OF ROSEMOUNZ , MINNESOTA
' COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES
TN RETAINED EARNINGS
PROPRIETARY FUNDS
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For the Years Ended December 31, 1989 and 1988
, Enter rise Fund
1989 1988
� OPERATING REVENUE
Water Sales $ 221, 069 $ 220,482
Sewer Charges 210, 894 T74,$83
Water Surcharges 27, 450 -
, Water Meter Maintenance 9, 003 7, 645
Water Meters 11, 786 11, 314
Connection/Reconnection Fees 478, 906 609, 915
' Miscellaneous 19, 676 8, 130
Total Operating Revenue $ 978, 784 $ 1,032, 369
OPERATING EXPENSES
, Salaries and Wages $ 138, 851 $ 122,186
Supplies 49, 932 48, 684
Other Services 111, 404 106, 286
� Other Charges 20, 000 -
Metro Sewer Charge 158, 883 117, 158
Depreciation Expense 85, 778 83, 686
� Total Operating Expenses $ 564,848 $ 478,Q00'
Operating Income $ 413, 936 $ 554, 369
' NON-OPERATING REVENUE (EXPENSES)
Assessments $ 191 $ 12, 590
Interest Earnings 226, 913 90,143
1 Interest on Bonds (23, 674) (10, 198)
Other Expense (718) (459)
Net Non-Operating Revenue $ 202, 712 $ 92, 076
' INCUME BEFORE C�PERATING TRANSFERS $ 616, 648 $ 646,445
Operating Transfers In 127, 595 157, 777
Operating Transfers Out ( 142, 742) (169, 115)
' NET INCOME $ 601, 501 $ 635, 107
� RETAINED EARNINGS, January 1 3, 721, 15$ 3,086,051
RETAINED EARNINGS, December 31 $ 4, 322, 659 $ 3, 721, 158
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� CITY OF ROSEMOUNT, MINNESOTA
� COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
PROPRIETARY FUNDS
Far the Years Ended December 31, 1989 andr1988
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� Enterprise Fund
1989 1988
WORKING CAPITAL PROVIDED BY
� Operations
Net Income Before Transfers $ 616, 648 $ 646,445
Items not Requiring Outlay of Working
Capital
, Depreciation 85, 778 83, 686
Total From Operations $ 7D2,426 730, 131
� Increase in Deferred Revenue 21, 053 -
Transfers from Other Funds 127, 595 157,777
Proceeds From Sale of Bonds 1, 32Q, 000 -
� TOTAL WORKING CAPITAL PROVIDED $ 2, 171 , 074 $ 887, 90$
WORKING CAPITAL APPLIED TO
� Acquisition of Fixed Assets $ 388, 850 $ 67, 778
Retirement of Long-Term Debt 45, 000 45, Ofl0
Transfers to Other Funds 142, 742 169, 115
� Decrease in Deferrea Revenue - 512
TOTAL WORKING CAPITAL APPLIED $ 576, 592 $ 282,405
� INCREASE IN WORKING CAPITAL $ 1, 594, 482 $ 605, 503
' The Increase in '�Iorking Capital is
Accounted for as Follows: Increase(Decrease)
Cash and C.D. ' s $ 1, 512,�40 $ 607, 748
� Accounts Receivable 32, 950 $, 699
Special Assessments Receivable - Deferred 16, 587 (512 )
Special Assessments Receivable - Delinquent 4,466 (37$)
� Prepaid Expenses 5,890 24, 598
Accounts Payable (2, 827 ) (8,446)
Contracts Payable 23, 715 (35, 500)
� Accrued Expenses ( 1, 018) 1,010
Customer Meter Deposits 17, 989
Compensated Absences Payable 2, 279 (9, 705)
� INCREASE IN WORKING CAPITAL $ 1, 594,482 $ 605,503
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� CITY OF ROSEMOUNT MINNESOTA
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� NOTES_TO_THE FINANCIAL_STATEMENTS
December 31, 1989
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NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
� The City of Rosemount provides a broad range of services
to citizens, including general government, public safe-
' ty, streets, sanitation and health, park facilities and
social services. It also operates water, sewer and
other sanitation utilities.
� The financial statements of the Gity 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 xeporting principles. The significant
aecounting policies followed are ctescribed below to en-
� hance the usefulness of the financial statements to the
reader .
� A. Financial Reporting Entity of the City
For the years ended December 31, 19$9 and 1988, the
' City has implemented National Council on Govern-
mental Accounting Statement No. 3, Defining the
Governmental 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, outstancling
debt secured by City full faith and crectit 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 exclud8d from the City' s financial state-
ments. This association is organized as a non-
profit organization by its members in accordance
' with Minnesota statutes, whereby state aid flows to
the association, tax levies are determined by the
association and are only reviewed by the City, and
� the association pays benefits directly to its
members.
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� CITY OF ROSEMOUNT, MINNESOTA
' NOTES_TO_THE_FINANCIALaSTATEMENTS
December 31, 1989
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NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
' B. Fund Accounting
The accounts of the City are organized on a basis
i 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 separ-
, ate set of self-balaneing accounts that comprise
its assets, liabilities, fund equity, revenue, ancl
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 funct.
� Special Revenue Funcis - Special Revenue Funcis 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 expenctitures for speei-
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.
Cagital Project Funds - Capital Project Functs are
, used to aecount for financial resources to be used
for the acquisition or construction of major
capital facilities (other than those financed by
Proprietary Funds) .
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' CITY OF ROSEMOUNT, MINNESOTA
, � NOTES TO THE FINANCIAL STATEMENTS
(Continued)
December 31, 1989
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� NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING PQLICIES (Continued)
B. Funct Account i ng (Cont inueci)
� 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.
C. Basis of Accounting
' Basis of accountin refers to when revenue and
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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 accaunting. 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 recagnized 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 aecounting. 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.
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' CITY OF ROSEMOUNT MINNESOTA
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' NOTES TO THE FINANCIAL STATEMENTS
(Continued)
December 31, 1989
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� NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
D. 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 avai2able resources. The long-term
portion is reported as a liability in the General
' Long-Term Debt Account Group.
E. Total Columns on Combined Statements - Overview
' Total columns on the Combined Statements - Overview
are captioned Memorancium Only to indicate that
they are presented anly 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 aata.
' F. Fixed Assets and Long--Term Liabilities
' The accounting and reporting af fixed assets anct '
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 liabilztres are
generally included on their balance sheets. Their
� reported fund balance is considered a measure of
"available spendable resources° . Governmental fund
operatin� 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.
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' CITY OF ROSEMOUNT MINN
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� NOTES TO THE FINANCIAL STATEMENTS
(Continued)
December 31, 1989
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NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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F. 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 buildin9s,
incluciing 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.
' Al1 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 indivicival cost of less
than $100 are not eapitalized.
, The fixed assets of the Utilities Commission Funds
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 funas. 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.
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� CITY OF ROSEMOUNT, MINNE50TA
' NOTES TO THE FINANCIAL STATEMENTS
(Continued)
December 31, 1989
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' NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
F. Fixed Assets and Long-Term Liabilities (Continued)
' Beeause of their spending measurement focus,
expenditure recognition for governmental fund types
is limited to exclude amounts represented by non-
' current liabilities. Since they do not affect net
current assets, such long-term accounts are not
recognized as governmental type expenditures or
� fund liabilities. They are, instead, reported as
liabilities in the General Long-Term Debt Account
Group.
� All proprietary funds are accounted for on a cost
of se r v i c e s o r c a p i t a l m a in tenance" measurement
focus. This means that all assets and ail liabili-
, ties (whether current or non-current) associated
with their activity are included on their balance
sheets. Their reported fund eguity (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.
Depreciation has been proviaed over the estimated
useful lives using the straight-line method.
' G. Property Tax
, 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.
�
-17-
' ,
� CITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
(ContinuedJ
�ecember 3i, 1989
�
, NOTE 1 SUMMI3RY OF STGNIFICANT ACCOUNTING POLICIES (Continued)
G. Property Tax (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 homesteact
property.
� The City recognizes property tax revenue when it
becomes both measurable and available to finance
expenditures of the current period. Delinguent
taxes receivable are not recognized as revenue un-
� til collected . Delinquent taxes are offset by de-
ferred revenue.
� H. Speeial 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.
The City recognizes special assessments as revenue
' only to the extent that individual installments are
considered current assets.
, 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 sgecial 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,
-18-
� CITY OF ROSEMOUNT MINNESOTA
,
' NOTES TO THE FINANCIAL STP,TEMENTS
(Continued)
December 31, 1989
'
' NOTE 1 SUMMARY OF STGNIFICANT ACCOUNTING POLICIES {Continued)
I. Budgets
rFinancial 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 . The Coun-
cil adopts all budgets and any amendments to these
budgets also require specific approval by the Coun-
' cil. Departmental budgets may not exceed amounts
set by the Council. Budgetary reporting is done
far Generai Fund expenditures omly. Formal annual
budgets are not adopted for Special Revenue, Capi-
, tal Project, Special Assessment or Debt Service
Service funds. Effective budgetary control is al-
ternatively achieved in these funds by Council
, approval of individual projects and expenditures.
Because budget information is not available for the
� General Fund revenue or Special Revenue funds, this
report does not include a combined statement of
revenue, expenditures, and changes in fund balances
- budget- and aetual, for the General Fund or the
, Special Revenue funds.
- J. 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.
K. Cornparative 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 Funas, since their inclusion would `make the.
statements unduly complex and difficult to read.
' L. Reclassifications
, : Certain accounts relating to the prior year have
been restated to conform to current year ' s presen-
tation. These reclassifications have no effect on
previously reported excess (defi-ciency) . !
' -19-
� CITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
(Continued)
December 31, 19$9
'
NOTE 2 CASH AND CERTIFICATES OF DEPOSIT
' DEPOSITS
' In accordance w.ith Minnesota statutes, the City main-
tains deposits at those depository banks authorized by
the City Council, all of which are members of the
Federal Reserve System.
' Minnesota statutes require that all City deposits be
protected by insurance, surety bond, or collateral . The
' market value of collateral pledged must equal 110� of
the deposits not covered by insurance or bonds (140� in
the case of mortgage notes pledgect) .
' 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
pledgeci as collateral be held in safekeeping by the City
treasurer or in a financial institution other than that
' furnishing the collateral .
Balances at December 31, 1989 were:
' Bank Carrying
Balances Amount
1) Insured or collateralized
' by securities held by the
City or its agent in the
City' s name. $13,457, 331 $13, 244, 292
, 2) Collateralized with
securities held by the
pledging institution ' s
' trust department in the _ -
City ' s name.
� 3) Uncollateralized or col-
lateralized with securi-
ties held by the pledging
institution, but not in
' the City' s name. 8, 202 8, 202
TOTALS $13,465, 533 $13, 252, 494
, — -----
'
-20-
'
ICITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
(Continued)
December 31, 1989
'
' NOTE 3 NOTES RECEIVABLE
The City participates in a Rehabilitation Loan Program
' for both residential and commercial rehabilitation.
Total loans receivable at December 31, 1989 and 1988
were $1, 396, 902 and $1, 350, 902, respectively. They are
ciue in monthly installments over various periods and at
, various interest rates.
' NOTE 4 FIXED ASSETS
A summary of changes in General Fixed Assets for 1989 is
as follows :
, Balance Bal
ance
January 1, Additions December 31,
1 1989 (Deletions) 1989
Land $ 615, Q83 $ 249, 633 $ 864, 716
' Buildings and
Structures 2, 085, 730 184,695 2, 270,425
Improvements Other
than Buildings 2, 255,445 1,884,057 4, 139, 502
' Machinery and
Equipment 1,654, 235 264,008 1, 918, 243
, Totals $6, 610, 493 $2, 582, 393 $ 9, 192, 886
' A summary of proprietary fund type fixed assets at
December 31, 1989 is as follows:
Enterprise
' Land $ 23, 720
Buildings 176, 057
� Water Towers and Mains 2,852, 555
Machinery and Equipment 172, 997
Total $ 3, 225, 329
' Less Accumulated Depreciation 835 744
,
' $ 2, 389, 585
,
-21-
' `
, CITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
(Continued)
December 31, 1989
�
� 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, 19$9:
General Special
Obliqation Assessment Revenue Compensated
� Boncts Bonds Bonds Absences
BAL,�TCE, January 1, 1989 $12,960,000 $ 670,OQ0 $ 195,000 $ 120,429
� New Bonds Issued -
1989A Water Revenue - - 1,320,000 -
1989B Improvement 2,575,000 - - -
� Increase in Lpng-Ter:n
Compensated Absence Liability - - - 15,078
� Bonds Retired (2,405,OQ0) (150,000) (65,000) -
BALANCE, December 31, 1989 $13,130,000 $ 520,000 $1,450,000 $ 135,507
i =� ____� ___� _ ==N�- ��__
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. Interest rates vary
from 4. 75� to 9.60�.
Special Assessment Bonds
� These bonds are recorcleci in the General Lon -Term Debt
9
Group and are payable primarily fram 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 bonas. Interest rates vary from
� 5. 25� to 8. 20�.
Revenue Bonds
! These bonds are recorded as a liability of the Enter-
prise Funds. The major cavenant relating to these
issues include establishment of a reserve account for
� the payment of bond principal and interest. These bonds
-22-
�
� CITY OF ROSEMOUNT, MINNESOTA
, NOTES TO THE FINANCIAL STATEMENTS
(Continued)
L�cer,lber 31, 198�
'
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 funds of the City.
Interest rates vary from 4. 50$ to 8. 75$.
' The annual requirements to amortize all debt outstanding
as of December 31, 1989, including interest payments of
' $4,495, 160 are as follows:
� General Special
Year Obligation Assessment Revenue Total
� 1990 $ 1,614,451 $ 171,040 $ 176,856 $ 1.962,347
1991 1,651,536 161,912 157,403 1,970,851
1992 1,759,715 152,600 153,782 2,066,097
, 1993 1,678,813 31,950 154,658 1,8b5,421
1994 1,642,182 30,025 154,932 1,827,139
1995 1,608,460 28,050 154,858 1,791,368
1996 1,577,748 26,025 154,432 1,758,205
� 1997 1,456,405 _ 153,636 1,610,041
1998 � 1,364,658 152,445 1,517,103
1999 1,25$,815 - 150,854 1,409,669
� 20Q0 424,155 _ 148,858 573,013
2001 360,330 151,297 511,627
2002 139,522 - 148,169 287,691
2003 - - 149,469 149,469
� 2004 - - 150,044 150,044
2005 - - 145,075 145,075
$16,536,790 $ 601,602 $ 2,456,768 $19,595,160
� �- -�_..` __�� _ --�- �=M�
'
�
�
,
-23-
�
' CITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
(Cont i nueci)
�ecember 31, 1�89
'
' 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 public employees
retirement plans. PERF members belong to either the
Coordinated Plan or the Basic Plan. Coordinated members
' are eovered by Social Security and Basic members are
not. All new members must participate in the
Coordinated Plan. Al1 police officers, fire fighters
and peace officers who qualify for membership by statute
, are covered by the PEPFF. The payroll for employees
covered by PERA plans for the year ended December 31,
1989 was $1, 341, 570; the City' s total payroll was
' $1,460, 936.
PERA provides retirement benefits as well as disability
benefits ta 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 baseci on a
� member ' s average salary for any five successive years af
allowable service, age, and years of credit at
termination of service. T'wo methods are used to compute
benefits for Coordinated and Basic members. The
' retiring member receives the higher of step-rate benefit
accrual formula (Method 1) or a level accrual formula
(Method 2 ) . Under Method l, 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 pereent 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 of the first 25 years and 2 percent for each ,
' remaining year . For PEIZF 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.
-24-
'
' CI`PY OF ROSEM�UNT MINNESOTA
,
' NOTES TO THE FINANCIAL STATEMENTS
(Continued)
December 31, 1989
'
, NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued)
PLAN DESCRIPTION (Continued)
' 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
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°
' contribution rate. Current combined statutory
contribution rates and actuarially required contribution
rates for the plans are as follows:
� Statutory Rates: Required
EmPloyees Employer Rates
' PERF (Bas i c anci
Coorciinated Plans) 4. 27$ 4. 67� 9.42�
PEPFF 8� 12$ 16.69%
'
'
,
-25- '�
' II
' CTTY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
' (Continued)
December 31, 1989
,
NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued)
� C�NTRIBUTIONS REQUIRED AND CONTRIBUTIONS MADE
' Total contributions made by the City during fiscal year
1989 were:
Percentage of
, Amounts Covered Payroll
Employees Employer Employees Emplayer
' gE�' $ 66, 314 $ 66, 691 _4_9$ 5.0$
The City ' s eontribution for the year ended June 30, 1989
, to the PERF represented 0.08 percent of total contri-
butions required of all participating entities.
, FUNDIL�TG STATUS AND PROGRESS
The "pension benefit obligation" is a standardized
' disclosure measure of the present value of pension
benefits, adjusted for the effects of projected salary
increases and step-rate benefits, estimated to be
payable in the future as a result of employee service to
' date. 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 Bystems and employers.
' PERA does not make separate measurements of assets and
pension benefit obligation for individual employers.
The pension benefit obligation as of June 30, 1989, are
� shown below ( in thousands ) :
PERF PEPFF
Total Pension Benefit
' �bligation $ 3, 714, 257 $ 582, 299
Net Assets Available for
Benefits, At Cost
(Market Values for
' FERF=$3, 801, 129;
PEPFF=$694, 227) 2, 934, 977 637, 868
' Unfunded (Assets in
Excess of) Pension
_ Benefit Obligation $ 779, 280 $ (55, 569)
, _
-26-
'
' CITY OF ROSEMOUNT, MINNESOTA
� NOTES TO THE FINANCIAL, STATEMENTS
(Continued)
December 31, 1989
�
' 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, 1989.
Net assets available to pay pension benefits were valued
, as of June 30, 1989.
Changes in Actuarial Methods ana Benefit Provisions
tA number of benefit improvements became effective during
fiscal year 1989. Some of the major improvements
affecting each funct include a reduction in the period
� requirea for vesting from five years to three years; an
option for members hired before July 1, 1989, to have
their annuity calculated under a level benefit accrual
� formula; the interest rate credited on refunds of inember
cor�tributions increased from 5 percent to 6 percent ; and
the provision for an automatic bounce back feature for
, all joint and survivor annuity options. In the PEPFF,
age and/or service requirements were reduced for
eligibility for a normal retirement annuity, and early
retirement annuity, and for certain disability and
� survivor benefits.
For each fund, there were changes in the actuarial
' assumptions used in the annual actuarial valuation.
Effective for all funds beginning in fiscal year 1989,
the preretirement interest rate assumption was increased
' from $ percent to 8. 5 percent. Additionally for the
PERF and the PEPFF, the amortization target date has
been changed to 2020. Shown below are the effects on
the gension benefit obligation of these changes in plan
' benefits and actuarial assumptions.
Increase (Decrease) in Pension
� Benefit Obligation Due to:
(In Thousands)
PERF PEPFF
� Changes in Plan Benefits $ 127, 472 $ 27, 851
' Changes in Actuarial
Assumptions (84, 154) (25, 963 )
Net Increase in Pension
' Benefit Obligation $ 43, 318 $ 1, 8$8
-27-
'
� CITY OF ROSEMOUNT, MINNESOTA
� NOTES TO THE FINANCIAL STATEMENTS
(Continued)
December 31, 1989
�
� NOTE 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued)
FUNDING STATUS AND PROGRESS (Continued)
� TEN-YEAR HISTORICAL TREND INFORMATION
Ten-year historical trend information is presentect in
� PERA' s Camprehensive Annual Financial Report for the
year ended June 30, 19$9. 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, 1989 and for the fiscal year then ended,
PERA held no securities issued by the City or other
related parties.
�
�
�
�
�
�
�
�
�
�
-28-
i
ICITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
(Continued)
December 31, 1989
'
, NOTE 7 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 grincipal 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 eomponent of current assets.
NOTE 8 TAX INCREMENT FINANCING DISTRICT
' The City of Rosemount Housing and Redevelopment
Authority is the aciministering authority for the
' following tax increment distriet :
The Rosemount Redevelopment Project
' A redevelopment district established May 1, 1979.
Duration is expected to be about ten years upon the
payment of all principal anc"t interest on indebtedness
' incurred for the project, the authorizing law being the
Housing and Redevelopment Authority (Minn. Stats.
§462 . 545 and Minn. Stats. §462. 585 ) .
' Original Gross Tax Capacity: $ 1, 476, 061
Current Gross Tax Capacity: $ 2, 39T, 821
Captured Gross Tax Capacity:
' Retained by Authority: $ 915, 760
Total Bonds Issued and Type
' Tax Increment Bonds $ 1, 225, 000
Amounts Redeemed 40,000
, Outstanding Bonds at 12/31/89 $ 1, 185,000
, ---
-29-
'
' CITY OF ROSEMOUNT MINNESOTA
�
' NOTES. TO THE FINANCIAL STATEMENTS
(Continued)
' December 31, 1989
, NOTE 9 DEFICIT FUND BALANCES
The following funds had deficit fund balances at
' December 31, 1989:
Funct Descxiption Fund Type Deficit
' Hawkins Pond Capital Projects Fund $ (98, 279)
Sewer Extension Capital Projects Fund {17, 913 )
Valley Oak Pond Capital Projects Fund (10, 025 )
, Pine Bend Trail Capital Projects Fund (6, 255 )
Vermillion Pond Capital Projects Fund (8,490)
Limerick Way Phase II Capital Projects Funci (10, 092 )
Reconstruction 145th
' Street Capital Projects Fund (21, 970 )
American Legion Capital Projects Fund (57, 215)
, The capital project deficits were due to construction
costs incurred after assessments were levied and will be
recovered through general tax levies.
'
�
,
'
�
�
�
'
'
-30-
'
'
�
,
,
�
�
,
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS
�
'
'
'
,
'
'
'
�
'
�
'
ICITY OF ROSEMOUNT, MINNESOTA
' GENERAL FUND
COMPARATIVE BALADTCE SHEETS
December 31, 1989 and 19$8
�
� 1989 1988
ASSETS
GU RRENT
' Cash $ 33, 893 $ 78,456
Certificates of Deposit 1, 100, 432 1,407, 500
Due From Other Funds 116, 602 82, 804
� Accounts Receivable - 11,074
Taxes Receivable:
Current 127, 899 171,632
' Delinguent 104, 233 64, 501
Special Assessments Receivable:
Delinquent 1, 622 564
Deferred 111, 901 70, 757
' Prepaid Expenses 92, 258 109, 950
TOTAL ASSETS $ 1, 688, 840 $ 1, 997, 238
� -- ---_--- __ _
LIABILITIES AND FUND BALANCE
' CURRENT LIABILITIES
Accounts Payable $ 29, 813 $ 36, 190
' Reimburseable Permits and
Surcharges 111, 753 77, 992
Accrued Wages and Deductions 27, 378 23, 754
IDeferred Revenue 236,457 135, 822
Total Current Liabilities $ 405,401 $ 273, 758
� FUND BALANCE
Reservea for Prepaids $ 92, 258 $ 109, 954
Unreserved
� Designated for Working Capital 965, 000 -
Undesignated 226, 181 1 ,613, 530
� Total r^und Balance $ 1, 283,439 $ 1, 723,480
TOTAL LIABLLITIES AND
FUND BALANCE $ 1, 688, 840 $ 1, 997, 238
, ----�._
,
'
-31-
i
IGITY OF ROSEMOUNT MI.�tESOTA
.
, GENERAL FUND
COMPARATIVE STATEMENTS OF REVENt3, EXPENDITURES
AND CHANGES IN FUND B�.=,ANCE
-----------------------------------------------
� For the Years Ended Deeember 31, 1989 and 1988
' 1989 1988
REVENUE
Taxes S 816, 350 $ 612,860
' Licenses and Permits 253, 308 28$, 952
Intergovernmental 973, 958 854, 257
Charges for Services 72, 522 40, 685
� Fines and Forfeitures 43, 181 32, 424
Miscellaneous 235, 799 426, 982
Total Revenue � 2, 395, 118 $ 2, 256, 160
, EXPENDZTURES
General Government $ 982,026 $ 826, 897
Public Safety 680,479 539, 259
' Public Works 567, 535 54Q,469
Park and Recreation 342,491 161 ,929
Total Expenditures $ 2, 572,531 2,068, 554
' EXCESS (DEFICIT) OF REVENUE OVER
EXPENDITURES BEFORE OTHER FINANCING
, SOURCES (USES) $ (177,413} $ 187, 606
OTHER FINANCING SOURCES (USES)
Transfexs from Other Funds $ 66, 670 $ 32, 826
' Transfers to Other Funds (329, 298) (182, 643)
Net Other Financing Sources $ �262, 628) 149, 817)
� EXCESS (DEFICIT) OF REVENUE AND OTHER
FINANCING SOURCES OVER EXPENDITURES
AND �THER FINANCING USES (440, 041 ) $ 37, 789
� FUND BALANCE, January 1 1, 723,480 1, 685, 691
FUND BALANCE, Deeember 31 $ 1, 283,439 $ 1, 723,480
� _ _M- _ ___
�
�
�
�
-32-
'
� � � � � � � � � � � � � � � � � � �
CITY OF I�SIINOUNt', MINNESC)TA
SPECIAL REVEi�](JE F'UbIDS
C��INING BALANGE SFFIFE�P
Deceml�er 31. 1989
(With Comparative Zbtals for December 31, 1988)
Housing and
5-Year Gapital N�als on Severance Recieuelop- Shannon Zbtals
CIP Projects Armory Wheels and ment ParkwaY (Memorandum Onlv)
Program MSA Constructicn Program Retirement Authority School 1989 1988
ASSETS
CURRII3T
Cash $ 14,883 $ 26,751 $ 31,271 $ 3,392 $ - $ 5,459 $ 18,753 $ 100,509 $ g6,736
Certificates of Deposit 75�,000 710,000 - - 25,000 - 100,000 1,585,000 1,680,000
Notes Rec:eivable 19,048
Taxes Receivable _ _ - - 19,048 16,470
_ _ _ - - 3.1�
�l7PAL ASSEPS $ 764,883 $ 736,751 $ 31,271 $ 3,392 $ 25,000 $ 24,507 $ 118,753 $ 1,704,557 $ 1,796,386
LIABILITIFS AND EL1ND BAI,ADTCE
LIABILITIES
Due to Other Funds $ ' - $ - $ - � - $ 2,096 $ - $ - $ 2,096 $ 2,330
Accounts Payable 21,854 - 81 3,392 - 2,494 - 27,821 29.367
Contracts Payable - - - - - - 8,358 8,358 36,789
4bta1 Liabilities $ 21,854 $ - $ 81 $ 3,392 $ 2,0% $ 2,494 $ 8,358 $ 38,275 $ 68,486
E'UND BALANCE - Reserved 743,029 736,751 31,190 - 22,904 22,013 110,395 1,666,282 1,727,�
'Il7PAL LIABILITIES
AND FUND BAI.,AC�ICE $ __764,883 $ _736,751 $ 31,2'll $ 3,392 $ 25,�0 $ 24,507 $ 118,753 $ 1,704,557 $ 1,796,386
- - --- ��_�._ ____--_�_ �� - ---
-33-
� � � �■ � �r � � � r _ � � ir � _ r � �
CITY OF 13�SEMOUNT. MINNFSOTA
SPECIAL REVENtJE FCiNUS
C�MBINIA7G STATFA'�PP OF REVF�.VUE, E�INDITURES AND C33ANGES IN FUND BAI�NCES
--------------------------------^----
For the Year Ehded December 31, 1989
(With O�mparative Tatals for the Year E:nded December 31, 1988)
Severance F�using ar�t
5-Year Capital t�a1s on and l�develop- Shannpn 7btals
CiP Projects Arm�ry Wtieels Retire.ment ment Parkway (i�moranaum Onlv)
Pro9=am MSA Constructian Program Fund Authority School 1989 19$8
RE'VEN[JE
Municipal State Aid $ - $ 154,378 $ - $ - $ - $ - $ - $ 154,378 $ 345,974
General Property Taxes 461,800 - 16,785 - 4,000 69 - 482,654 477,379
Tax Increirtent - - - - - 249,017 - 249,d17 223,679
Heanestead Credit - - - - - 5,647 - 5,647 9,063
AG Preserves Credit - - - - 1,720 - 1,720
Park and Recreation Use - - - 6,431 6,431 �838
Interest Earnings 50,347 63,431 3,606 141 3,057 26,387 569 147,538 97,705
'IC7I'AL RE'�1IIVUE $ 512,147 $ 217,809 $ 20,391 $ 6,572 $' 7,057 $ 282,840 $ 569 $ 1,047,385 $ 1,154,63$
E�INDI'P[JRFS
Auclit and Lzgal $ - $ - $ 7,543 $ - $ - $ 8,279 $ - $ 15.822 $ 21,694
Salaries ar� Wages - - - - 38,088 16,989 - 55,077 5,029
Engineering - - - - - - - - 7,256
Supplies - - - 185 - - - 185 32,376
Other - - - 6,387 - 22.554 - 28,941 52,544
Capital Outlay
Purchase of Property 345,390 - 104,1?5 - - 250,330 65,174 765,069 1,658,321
�UTAL EXPFNDI"PURES $ 345,390 $ - $ 111,718 $ 6,572 $ 38,088 $ 298,152 $ 65,174 $ 865,094 $ 1,777,220
E}CCESS OF RE\7ENUE OVER
(UNDER) E�{PENllI'IURES $ 166,757 $ 217,809 $ (91,327) $ - $ (31,031) S (15,312j $ (64,605) $ 182,291 $ (622,582)
O'ISiER SOURCES (USES)
Borut Procee�s $ $ - $ - $ - $ - $ - $ - $ - $ 1,079,264
Transfers from Other Funds - - 125,000 - - - 175,000 300,000 150,000
Transfers to Other Fl�nds (59,165) (232,384) - - - (252,360) - (543,909) (2,151)
�TAL (7PE�R SWRCES
(USES) $ {59,165? $ (232,384} $ 125,000 $ - $ - $ (252,360) $ 175,000 $ (243,909) $ 1,227,113
EXCESS OF REIVE�ItJE AND dPHER
S�TRCFS QVER (UNDER)
EXPENDITURES ACJD OTFiER USES $ 107,592 $ {14,575) $ 33,673 $ - $ (31,031) $ (267,672) $ 110,395 $ (61,618) $ 604,531
F'UAID BAIANCES, January 1 635,437 751,326 (2,483) - 53,935 289,685 - 1,727,900 1,123,369
F'6R9D BAI,T�INCFS, December 31 $ 743,029 $ 736,751 $ 31,190 $ - $ 22,904 $ 22,013 $ 110,395 $ 1,666,282 $ 1,727,900
- - =� -_------ ---- -- _��� - - -=z= ��___��
-34-
� � w� � � � � �r � �e � w� r �r � � �r � �
���, �,
���
���
Lt�i�31. 1989
(With G�Cati�e'ibtais fix I�ber 31. 1�)
G.O. Tax G.O. G.O. Tax G.O. Titpr. S�dss �uth EBYn's 8th VaLle�C�ic chi�l" E� p'Isary's 4�hi.te Ial�
�its I��zaamn[s InYetait B�i 10-1I-12 R:�e FArIc �liticn .�3itirn �e �r1 Fti.11 Fcres
19�B 1� 19E�3 1976 1975 1977 196� 1� 19�7 FLttl D�t 19�
A�
� $ 2,246$ 4,696 $ 4�643 $ - $ - $ - $ - $ 4.906 $ 1.311 S 21,996 $ $ 1.173
�tificates of�it 270,000 600.Q00 ll5,000 - - - 360.000 160.000 30,G00 120,000
Sp�ial As�ts i�i�l.e - _
� 13.782 18.730 - - - - - ll,897 2.1]A 34 - 2,�y
109.305 422,27g
Nxes F�ei�slale _ _ - - - - 5.974 9.435 - 17g,453
1,39C',9Q2 - - _ _ _ _ _ - _
��� $ 3�5,333 $1.0�5.634 $ 1.516.545 $ - $ - S - $ - $ 376,8C6 $ 1Ef�,395 $ 61.417 $ - $ �1.748
r?AL�Trt�PDD FfPD�
. � T.TARTT7TfF� � � . . � . . . � � . . .
Pu�'t3I$ydb1E � - $ - $ - $ - $ � $ - � - $ - $ ' $ � $ - $
i�fpsted�:� 123,(B'7 490.936 1,396,9C72 - - - ll.�'7 8.�34 9.469 - 12Q.575
Zbtal Liabilities $ ]23,087 $ 440,938 $1,396,�72 $ - $ - $ - $ - $ ll,89'1 $ 8,Of# $ 9,509 $ - $ 120,575
FCI�ID E�iPPLE
R�frx Ik�t S�vioe S 272,246 $ Ed�,696 $ ll9,643 $ - $ - $ - $ - $ 36�,�78 $ 161.3ll $ 51,90� $ - $ 121,173
qp,l�i,r:rz,Rir.rrr�
Pt�D ECDD H9IPKE $ 395,333 $1.045,634 $1.516,545 $ - $ - $ - $ - $ 376,8Q5 $ 169.395 $ 61.417 $ - $ 241.748
35-
r � � � r �w � �r � � � � i r r a� �r r r■r
ce�r��r,r�rr�,
���
���
]ko�rt�31, 1�
(Flith Q�rati�e 7btals 5x L�oad�er 31. 1986)
Ga�al �-�
0�1.i�Gi�z O�lyc�tirn
MzniciFal Ckitbiratiaz � ' E�rk �ary Mnici.�al Zbtals
G.a. sz� La� r,�xus►,a�ts I�tinane &�s 4r�mu-y R�ac �� �� (r�m cx�lv)
1987A 198J 1975 19716 1976 Sizaz Irrxe�t 1965a. 1986 19� 198E3
As�.S
� $ 56.3$3 $ - $ - $ 3.140 $ 2,258 $ 4,463 $ 4,543 $ - $ 5.i29 $ ll6.841 $ 155,871
�rtificx�tes�Dep�sit 2,725.000 - - 490.000 ll0.000 60.CJ00 40,0�0 - 95.000 5.175.000 4,493.275
�ial�Sse�ts F�oei�able
I�l.n'4�"� 24.155 - 1.919 - - - - - - 74.749 74,7C16
I�'e3 490•429 ' _ - - - _ _ _ 1,155.804 1,215.691
N�t_es F�iwble - - - - - - - - - i.396,902 1.350,9Q2
7IIlFI,A`a�5 $3.295.967 $ - $ 1,919 $ 493.140 $ 712.25B $ 64.463 $ 44,543 $ - $ 1GD,129 $ 7,919.296 $ 7.290.iS1
LIABTr.rr��3�D P[DID$AIPKE
. . . TSARTT.7TTFC . . . . � . . � . . . . � . . .. . . . . . . . . . . .
. . P�OQ71Ylt3 F$��- . � . � � $ - � - � $ - � $ - . � $ - .$ �- � . - $ �� �$ � - $ � $. - � � . . � .
I�fexzsd R�.ezae' S14.5B4 - 1,919 - - - 2,627,455 2,641,298
Ztxal Laabilities $ 514,58� $ - $ 1.919 $ - $ - �— �-- $ - $ - $2,Fa27,495 $2,641,2'�
Fi2�ID H9LPfLE
i�r�sl frx l�t Sexvi� 2.781,3�i - - 493.1� 712,258 64,4Ex3 94,543 - 1�,729 5,291,�1 4,698,�2
'IC3I�L,r:rn�trr.rrr��p�
FtI�BALF�KE S 3,295.967 $ - $ 1,919 $ 493.140 S ll2,258 $ 64,463 $ 44.543 $ - $ 100.129 $ 7,919,296 $ 7.290,2BD
_�
r �r � � � � � �t � � � � �s a� � � � � �
crr�t cF rt�zrir, rm�t�
r�r�c��ns
�s�rrr cF� r��r�u�arn a�mr�rn aw�
I^tx the Year EYried De�eiber 31, 1�3
E►aitn a�parati�e Zbrals t�r�-e Y�az�s3 Tboa�er sl. 198s>
G.O. Ta�c G.O. G.O. Tax G.O. It[Qr. ID:r3�dcs �uth I�tn's 8th Ua71Ey Oak �' ta F�caess O' '
�'�a-- Le�y s w-�i.te Lalae
Inix�t�ts 7�v✓et��ts 7rxratait �s 10-11-12 I�Se F9rk .�Y3i.ticrt A�litirn � &zri Fii11 P�
198� 1� 19� 19% 1975 19T7 19� 198� 19� F1zr3 Ikbt 1°�
�
�'��Y T� $ - $ - $ - S - $ - $ - $ - $ - $ - $ - $ - $
Mniei�sl Sta�te Aia - - - - - - - - -
�al Ps�s�s 36.379 2?b,447 - - - - - 8.290 507 9,2LL3 - 48,1�5?
�t F�nitt�s 51.2T7 137,992 59.904 218 38 1.235 407 32.242 14,056 2.2�6 956 7,41�s
Ott� - - - -
�c�.�.� s�,� �,� S �,no� S a�s $ 3e S i,2 S�i $ Qo,� S i4,� $ u.no9 S � S s�,eo�
�nr�
���� S - S - S - S - S - S a,�:�o S i.5oo S si.� S ss,�� S - S - S 2o.c�oo
rrrt�esc a,a� - 146,167 u7,402 - - a�s 1� 18.354 s,�51 - �,�yp
�-`��� - 476 413 - - 149 80 1Q3 3ffi y9E,
��' - 1(l0 1(70 I(JD lOD 1� lOp 1W 1W 5,1� 100 1CQ
Zbtal Ekpa�dit�es $ - $ 146,743 $ 117,915 $ lOQ $ 1QJ $ 8,974 $ 1.�05 $ 99.813 $ 47,978 $ 870 $ 1t70 $ 33,666
F�55 E�7II�lE�t([AI�R)
�}�II�DrIt�S�OII�1t
3x�ES(L6�) $ 87.656 $ 27.7,696 $ (58,571) $ 118 $ (Fa2) $ (7,739) $ (1,398) $ (59.281.) $ (33,415) $ 10,539 $ ffi6 $ 21,9�
Q!E-&R 371i�5 (Lff�S)
Proa�s frcm 531e of Bsrls $ 33.L30 $ - $ - $ - $ - $ - S - $ - $ - $ - $ - $
Transfers franotl�er Ftarls 151,9G0 7A5,156 161,5CU - - 2,OOD - - - 129,986
ZYansfas tp QYps Flrzis - - - (6,354) (2,525) (�.539) (21.898) - - (�,117) (23,957) -
Net Ot]�er S�un� (L�s) 1�,5� $ 2a5,156 $ 161,500 $ 6.354) $ 2,525) $ 26.539) 21,8?8) $ - $ - $ 41,369 $ 23,�7) $ _
�CF F�bII3�PAID OII�R
S7Ii`�.5 QvEFt(LI�2)
F}�F�D1TC1�'S PPAY)CIIIi�R L�S $ 272,246 $ 502,852 $ 102,989 $ (b.236) $ (2.SB7) S (34,278) $ (23,246) $ (59,281? $ (33,415) $ 51,908 $ (23.101) $ 21,949
ELDD BAi�+, Jansxy 1 - 101.&!4 16.f�54 6.236 2,587 34.278 23,246 42�.189 19�.'726 - zi.101 9�.2�}
Et2�ID H�iPI�ES, tl�i�er 31 $ 272.246 $ 604.8J6 $ 119.6�3 $ - $ - $ - $ - $ 364.906 $ 161.3I1 $ 51.�78 $ - $ 121.173
-37-
� � � r � � � � � � �s �w � �r �■r � s � �
c1'i5t c�rr�zta', rm��
r�sr�n�russ
Q3�BII�3II�NI'C�'I�]JII�IE, �DPIti�.S PPD Q�S IN ECl�D H4LPIS�S
Rr tYie Xe3r Ehc�d Ltne[ber 31. 1%9
(Wixn�ra�ti��xals fia rr�Y6ar II�3 Lb�a�xr sl, 19Be)
C�al ��
Cblic}�tirn qy,i��
M�ri.ci.�ai Q�irstirn �� Park 'I�per-a�, Mnici�al. 'lt�1s
- G.O. &rr�s Liy�sx I�a�s � Srcis V�mirg Taac �t g,uldiry3 (�mm Q�l��
196TA 199J 1975 19�I6 1976 Sirai Irxset�r� 19�A 19�i 1�-19�
�17IIQ.E
Ga�°1 P�'tY T'a�s $ 36.940 S - $ - $ - $ - $ - $ - $ - $ 141.579 $ 178,519 $ 193,6E�
Mnicipal State Aiti - - - - - -
- - 413.766
��� 460,3�7 - 5�. - - - - 64,219 - 854.123 9C8,9�
���'+� �.� 4,Z46 2'325 42_lB6 9_�47. 5.988 234 107.179 1.460 7Q3,858 406,513
� - - - - 38,778 25.147
'Ibta1 R�sue $ 759.'738 4.146 $ 2,906 $ 42.186 9,681 $ 5.48E3 �?34 $ 171.3a8 $ 143.039 S 1.775,278 $ 1,996.113
E?�l�1�D�It�S
�Prir�i�l $ '70.000 $ 2Q,000 $ 25.000 $ 40.000 $ 15,000 S 10,�0 $ 40.000 $2.L50.�0 $ 55.000 $2.575,000 $ 290,OL1�
Ir�rest rn B� �,� 1,750 8�U 22,000 4.583 3.790 10.300 116.100 �,5�5 832.025 591,Sr
���� 462 11 8 358 158 2�05 216 5.055 424 9.197 2.52�
��' 1Q0 1C� 1()0 100 100 100 ](p 100 100 2,TrU 3,75fl
�btal E�a'rlittses ,� ?1.861 $ 25,9C8 62.458 $ 19,&16 $ 14.0�5 50,616 2,271,� $ 136,049 ,41$.932 $�7,8�
D�S CF F�7IIQE�JII2 (i23�R)
�DYIt1�.5�QII�I2 31R�.�
(I3g5) $ 900,� $ {17,715) $ (23,002) $ (20,272) $ (10,165) $ (8,E07) $ (50,382) $(2.099,�7) $ 6,9� $(1,643.714) $1.E160.268
QII�R 3�tt� (Lff�S}
Aznes-Js finn S31e of B�ls $ - $ - $ - $ - $ - $ - $ - $ 471,564 $ - $ JJ4.69� $ 38,500
'IYarisfas frCm f)tY�er Etzrl.s 1,055.689 - - - - � 87.500 284,258 - 2,157.049 ll,338
Tr�fErs to QYrx Elrr�s - (4,146) (48,264) - (L51,460) - (375.210)
r�r orr�s�s (c�) S i,a�s,� � 4.�.� �,�)�— S - S - s�,sm s �,�2 �— a.�,s� S �,a3a
�cF�r�rnou�x��
�LL�IFR} �DI'it�SPbIDOIEIItL�S $ 1,456,577 $ (21,�1) $ (71.�6) $ (20,272) $ (10.165) $ (8.E07) $ 37.118 $(1,495.495) $ 6.9�0 $ E�2,�.9 $1,ll0.106
ELDD BALPIJ�. .7�'1 1,324.&�6 ?1.861 71.aG6 513,412 122,423 73.0'A 7,425 1.4�,495 93.139 4,648,962 3,538,SS1�G6
ECDID BALPiS�.S, i�oarber 31 $2.781,373 $ - $ - $ 493,140 $ ll2,258 $ 64.463 $ 44.543 $ - $ 100.]29 $ 5,291.8J1 $4,648.962
_�
� � � �w � � � � is � � � � � � s � � �
crr�cF�rrr, rm�,
C�IPTIP,L PFi17�2�5 FtIs76
�H�1LF+AT.E 3�'
I�31. 1989
(tdith�rati4e Rttals frx Dmatber 31. 1�6)
Qarny R�d Q�rny Red �'9uRr� � � ����,
�Y 73Qh 9a�n F�lor� Qznty R�ad Irrlstrial 2�r1 Y.ills
#36 #42 Fiills Streek 'It�xi'n.� FCx'Li #�2 E�at PdLk Ad3iticn 3zd Pd3itirn
A��'�'..IS
� $ - $ - $ - $ - $ - $ - $ 9.471 $ - $ - $
C�rtifi�af�it - - - - - 140,000
L1ae FKm OtY�Eixr3s _ _ _ ' - - -
Pn�axtts T�xi�le _ _ _ - - � _ _ _ _
ZC7IF�i�AS�+tS $ - $ - $ - $ - $ - S - $ 149�477 $ - $ - $ -
irautr.rrr�1�PIbD S�tPISE .
� T TARTf TT*IFC � � . .
tt�e to OtY�:r Etxris $ - $ - $ - $ - $ - $ 87,l57 � - $ - $ - $
��'e - - - - - l,�i4 530
Q��cacts L�yable _ ' - - " -
9,758 71,458 - - -
'Itxal LaaTailities $ - $ - $ - $ - $ - S 96.279 $ 71,�6 $ - $ - $ -
FiDD 8z1iPKE-l�n�ed - - - - - (98.279) ?7,489 - - _
�t7g�,r,raRrr.rrrFs PPID�ID�,LAt� $ - $ - $ , $ - $ - $ - $ 149.477 $ - - _
S $
-39-
i � � � � i � � � � � � � � � � � � �
cr�r cF�m, r�r��
���
czra�Br�r��r
I�r 31. 1�9
(With�rati�e YbtaLs frz Ik�oatber 31. 1�8)
�
p��Y S�axrn Qxts3t�ta Hil1s
F9rlc
�� �'G8k �er Pa�ay 'Iiail Ad9itia�l c'�ir�xrulP �y� �
4th PrHitirn Ei�se AI E�c[asicn Proje�t#1ffi�t �-�i,cGirn � �y �
A�IS
� $ - $ '- $ - $ 5,096 $ 6,652 $ - $ - $ - $ 14,611
�rtifia3tes of Ikpcsit 90,�0 - - 30.000 430,00� - 420,000 - 75,000
I�FYan Other rizds - -
Pmax�ts I�ceivaials - - - - - - - _ _
'IDIg1LAt'i5 $ 90.00� $ - $ - $ 35,096 $ 436,652 $ - $ 4aJ,00D $ - $ 89,611
r.rnnrr.rrr�ADD EIN)B�1LbI�E
r:r�rr:rmrFG
1�to Otk�Flrzis $ 23,297 $ - $ 16,344 S - $ - $ - $ 13.427 $ - $
�-�� - - 87 1.235 918
CXr�trac.,ts F��ble _ _ - - ' '
1,9ffi 8,264 - - - - 9,281
'Rxa1 Liabilities $ 23,297 $ - $ 17,913 $ 9.499 $ - S - $ 13.427 $ - $ 10,199
FLDD BAi�E-� E6.'A3 - (17.913) 25.597 436,652 - 4�6,573 - '19,412
'IT31AL T�1't'�PrID FTI�D BALP,�Z� $ 90.000 $ - $ - $ 35.096 $ 436,652 $ - $ 420.000 $ - $ 89.611
-�-
� � � � � i � � � � � � � i � i � � �
CITY OF %�II�LINT. M7L�t'A
CAPITAL P1�7E�P FUI�IDS
CC�INii� BAI.�ANCE �EEP
December 31, 1989
(With O�mparative 7.btals for Deeember 31, 1988)
� Reconstruc-
Parkway Westridge Valley Valley Pine Limerick tion
Project 3rd aak Oak Bend Vermillion Way 245th American
#194 P,ddition Phase IV Po�xl Trail Pond Phase II Street Legian
ASSEZS
Cash $ 21,051 $ 9,919 $ 22.307 $ - $ - $ - $ - $ - $ _
Certificates of Deposit 340,�0 210,000 20,000 - - _
Due From Other Funds 116,602 - - _ -
Accounts Receivable - - - - - - _ _ _
'TYYI'AL ASSEPS $ 477.653 $ 219,919 $ 42.307 $ - $ _ $ - $ - $ - $ -
—_____�_ ---__---_ —�__
—�_____' -__-=__=
-----_�__ �_------ -- ---____
� �_�_� __-
LIABILITIFS ADID FUND
BAL�ANCE
LIABILITIES
Due to Other Funds $ - $ - $ - $ 10,025 $ 6,255 $ 8.490 $ 8,898 $ - $ 57,215
Accounts Payable - 15 - - - - 21,970
Contracts Payable 25,518 44,581 - - - - 1,194 - -
Total Liabilities $ 25,518 $ 44,596 $ - $ 10,025 $ 6,255 $ 8,490 $ 10,092 $ 21,97U $ 57,215
FUND BAI�ANCE - Reserved 452,135 175,323 42,307 (10,025) (6,255) (8,490) (10,092) (21,970) (57,215)
�TAL LIP,BILITIES
A[`ID FUND BAIANCE $ 477,653 $ 219,919 $ 42,307 $ - $ - $ - $ - $ - $ -
— - ------ -^� -
-- --- -- =�r==— ---- -__= -- --�- �.__���_ �__----__=
-41-
� � � � � � � � � � � � � � � � � � �
CTTY OF 1�.SII�T. MINLJESO'PA
CAPITAL PRfJJECP EUNDS'
C�NIBINING BALANCE SHEET
December 31, 1989�
(With �mparative Totals for December 31, 1988)
0'L�earys' Valley Westridge Totals
Hills - 2nd White Lake Oak lst (Memorandum Onlv)
Construction Acres Phase 2 Addition 1989 1988
ASSEPS
Cash $ - $ - $ - $ - $ 89,113 $ 69,306
Certificates of Deposit - - - 1,755,000 3,655,000
Due From Other Funds - - - - 116,602 82,803
Accounts Receivable - - - - - 38,411
'I�TAL ASSETS S - $ - $ - $ - $ 1.960,715 $ 3.845.520 .
____-�___ --- �_� - - r.�_---- —_� —
LIABILITIES AND FUDID BALANCE
LIABILITIFS
Due to Other F'unds $ - $ - $ - $ - $ 231,108 $ 163,277
Accounts Payable - - - - 26,119 104,570
Contracts Payable - - - - 171,536 412,264
'Ibtal Liabilities $ - $ - $ - $ - $ 428,763 $ 680.1ll
FUND BAI.ANCE - Reservecl - - - - 1,531,952 3,165,409
TCJPAL LIP,BILTTIES AND FUND BALANCE $ - $ - $ - $ - $ 1,960.715 $ 3.845.520
-42-
� � � � r _ � � � � � � � � � � � � �
ctz��x�rrr, r��
eaprn�,x�s Ftt�s
CTl+B��3�I�ENf fF I�Uf�PIE, E�II�DrI[k�S. AAD�i�'I�IN E[DD&�iPI3.�5
l�c tY�e Year EYrt�i Da�ber 31, L°89
(t+�.th Q�erati�e 4txal.s ir.r tre 7c�ar F7rlad I�r 31. 1988)
QzrnY R'�ad Q�ntY R� JaY Si� ��c (n���ick� p�La�.
�.rtxy l�th 3�rrn F�rlrins Q�nty R�r3 Irri.strial. 2�ct Hil]s
#38 #�}2 EIiLLs Stre� �,riz�es Rtd �42 F�.st Park A�itirn 3Lri Pce3itirn
�
Ih'atirns arl Ct}�ex $ _ $ _ $ _ $ _ $ _ $ _ $ $ _ $ _ $ _
�btat��x= $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
�'II�DPiLR��S
Q�tn�ctirn O�sts
�'�'� S - $ 565 $ 37,�5 $ - $ - $ 81.369 $ 79.513 $ - $ - $
�� - - 27,661 - - 22.475 499 - 2.238 1,542
OtY�er Ptuject Ctsts
�t lU0 100 400 10� - Z00 lOD 100 10� 1(JD
� _ 6 � ' - 6.012 1,865 - - _
z3D 4.436 - - 7,40� 4.556 - - -
'lGtal D�ar�t�s $ 100 $ 901 $ 7q.704 $ 100 $ - $ ll7,40D $ 86,633 $ ]CJO $ 2,336 $ 1,6�
�(�'T�E OvIIt(tI�I� �-'II�DPit�
�OII�R 3.x�5 (L�SS) S (100) $ (907.) $ (70,7(Y�) $ (100) S - $ (ll7.900) $ (86,633) $ (100) $ (2,338) S (1,64L)
C3ff�R 3�F�5 (L�)
Tr�sfer�Otl�E1rr�s $ q6�9�i} $ _ S _ $ - $ - $ - $ - $ - $ - $ -
14,831 7fi2 - - -
'IYansfers�Ot}�er Ftr�s - (127.q16) (704.�1) - - - - (81,633) (55,192) (2,643)
i3vt OtY�er 3zar�ss (L�as) $ 46,924 $ (127,Q16) $ ('xk},697.) $ 14.£Cil $ 762 $ - $ - S (fli.633) $ f55.192) $ (2.693}
�CF'��FL�CStE�Ft 9��rII2 (II�
E�DYI(.I�S PbD��12 tS�, $ 96,8� $ (127.917) $ (775.395) $ 14,731 $ 7E�2 $ (ll7,400) $ (86,633) $ (81,7�i) $ (57.530) $ (4.2�)
Ftl3)�L�, J�acY 1 (96.8a4) 127.917 775,335 (14.731) (762) 19.1?1 164,1?2 81.733 57.53D 4,�5
EI�D B�iPLS�S, Da�art,�31 $ - $ - $ - $ - $ - $ (98.279) $ 77,469 $ - $ - $ -
-43-
� r � s r � � � � � � � �r � � � �r � �
���, �
���
Q2+BIIdQ�3ff�'�NFNP��IE, k?��II�DPI[I�.S. ADD Q�I�S IN Et2�D BAIPI3�5
Etr tt�e Year IIr�-1 ib�at�31. L°83
(4Vixh�eati�e'IbGais fsx the Year II�ri�i I�er 31. 1988)
�rn
o'r�y s.�r,cr, � �
Par}c
fiills �hkLle�C8k Se�ax F9rtaay �Yail Ad7itit�l [h�n-�a,ria1P �� �
4th P39itirn Ar�e III Dctasirn Praja.t #1ffi I� Q�tn.rticn Pa�ae hgY uc�ts
�
Irrt�est E�trur�s $ - $ - $ - $ - $ - $ - $ - $ - $ 13.C�'B
It�tia�arl Ct2�r _ 56.455
Ztxal R�.ea�e �— �— S - �-- $ - $ - ,�- - $ - 69.553
�DPIL�S
Oxstns:tiai O�sts
�s $ 167,709 $ - $ 18.609 $ 7.439 $ 447,806 $ - S $ 23.355 $ 126,82"7
���� ��� - 4E0 4,1FA 51,9?B - 21,713 10.193 299
Other Proj�t Q�sts
�'t lOD ].C70 100 lOD 1C0 - 100 100 1aD
� 27 - 2,586 54 _ _ _ - -
1�� - 2.�9 14,9� 3,068 3,G22 5ll 18,556
7Yxal E}��lt��s L9C).827 $ lOJ $ 24,564 $ 26,741 $ 502,9CQ �— 24, $ 34.L`fl 145,782
F�'��.i CF I�7IISE� �[ATE��DFn�
�OItIIt S�.I�ES (i�) $ (190.827) $ (100) $ (24.564) $ (�.741) $ (502,902) $ - $ (24,835) $ (34.759) $ (76,229)
OII�R� (L�S)
Bs�d Pc� $ - $ - $ - $ - S - $ - $ 233,136 $ - $
Trar�sfPxs fran Other Elirls - 10.875 - - - 7,� - �..�
�f�s to OtY�er Ftr�is - (175,752)
Net Ottt�Saut�s (Lt�) $ - $ 10,875 $ - $ - $ - $ 16€3,062) $ 233,136 $ 36.775 $ -
E�Sa CF F��kI3E PL�dII-IIZ 3�,�5 U7II2
(LI�R) �DTIUf�;ADDCJII�RL�S $ (19�,ffi'7) $ 10,775 $ (24,564) $ (26,741) $ (502,902) $ (168,OBZ) $ 276,301 $ 2,616 $ (76,719)
F[AD BAiP1�5, Jarisrl'1 257.53D (l0.TI5) 6,651 52,336 939.554 16B,C�2 L8.272 (2.616) 155,641
F[TD H�1iPl�5, �tb�31 $ 66,7n3 $ - $ (17,913) $ 25.597 $ 436,652 $ - $ 406,573 $ - $ 79,412
,44.-
� � � � � � � � � � � � � � � � � � �
CITY OF %1SF5+10LBVT, MINNESO'PA
CAPITAL PE,�T�CP FUNDS
�IIdING SPATF3�TP OF REVELV[JE. E?�ENDIZ[JRES AND CHAIJGES TN FLJND &AI�ANCES
- ----------------------
December 31. 1989
fWith O�mparative Totals for December 31, 1988}
Shann°n Reconstruo-
Parkway Westridge Valley Valley Pine Limerick tion
Project 3rd Oak Oak BerKi Vermillion Way 145th American
#194 Addition Phase IV Pond Trail Pond Phase II Street Legicn�
REVENUE
Interest Earnin9s S - $ - $ - $ - $ - $ - $ 6 $ _ $ _
Donations and Other - - - 750 -
Total Revenue $ - �- �- $ - �'- �'- 756 �- $ -
E�INDITURES
Construction Costs
Improvements $ 510,371 $ 256,200 $ 144,756 $ - $ $ - $ 1,194 $ $ 51,819
F�-igineering Fees 103,439 63,401 35,290 9,971 4,940 8,490 9,257 21,970 5,292
Other Projects
Audit _ _ _ _
Legal 2% 534 r 61 54 - _ _
Other 16,769 9,627 5,177 - 1,315 397 104
Total Expenciitures $ 630,875 $ 329,762 $ 185,284 $ 10,025 $ 6,255 $ 8,490 10,848 $ 21,970 $ 5'I,215
E}CGESS OF REVIN[JE OVER
(UNDER} F.XPINDI`I'fJRFS
BEFORE dPHER SOURGES
(U�) $ (630,875) $ (329,762} $ {185,284) $ (10,025) $ (6,255) $ (8,490) $ (10,092) $ {21,970) $ (57,215)
0'IY�R SOURCF.S (USES}
Bond Proceeds $1,083,010 $ 505,085 $ 227,591 $ - $ - ,S - $ _ $ _ $ _
Transfers From Other
Funds - _ _ _ _
Transfers to Other E'unds$ - $ - � _ $ _ $ _ $ _ $ _ $ _ � _
Net Other Sources
(Uses) $1,083,010 $ 505,085 $ 227,591 $ - $ - $ _ $ _ $ _ � _
EXCESS QF REVEN[lE AND
O�R SOURCES OVER (L$JDER)
EXPFSiDI'PtJRES AND dTHER
USES $ 452,135 $ 175,323 $ 42,307 $ {10,Q25) $ (6,255) $ (8,490) $ {10,092) $ {21,970} $ (57,215)
FUND BAL,AIJCES, January 1 - _ _ _ _ _ _ - _
FIJND BALA�ES, December 31$ 452,135 $ 175,323 $ 42,307 $ (10,025) $ (6,255) $ (8,490) $ (10,092) $ (21,970) $ (57,215]
- ��� -- - -�- - �___�__= ------_ -__-_ =_ '-_= -- -
.
-45-
� � � � � � � � � � � � � � � � � � �
CITY OF RpSII�AI'. MINNESOTA
CAPITAL PRQ7�CT Fi3NDS
CC�INING SFATII�7T OF Rr.'VIIV[JE, EXF'ENAI'1'IJRFS AND CEI�NGFS 7N EUND BAL,ADICFS
------------------------------------------
For the Year F�ded December 31, 1989
(With Q�mparative Zbtals for the Year Fhded December 31, 1988J
O'L�earY�s Valley Westridge Totals
Hills-2nd White Lake Oak lst (Memarandum Only)
Construction Acres Phase 2 Addition 1989 1988
R�'VEiVtTE
Interest Earnings $ - $ - $ - $ - $ 13,104 $ 6,203
Donations and pther - - 57,205 84,707
Total Revenue - $ - $ - $ - $ 70,309 $ 90,910
F:XPINDI'IURES
Construction Costs
Improvements $ - $ - $ - $ - $ 1,955,617 $ 1,458,340
F�gineering Fees - 1,320 I60 - 427,159 296,004
Other Project Costs
Auait 100 100 100 100 2,5Q0 500
�al _ _
- - 11,717 13,386
Other 95,439 48,107
Zbtal Expenaitures 100 1,420 260 $ r100 $ 2,492,432 $ 1,816,337
EXGESS OF REVIIVUE OVER (UNDER) E�INDI'NRES
B�� �� �� �US�) $ (100)$ (1.420) $ (260) $ (100) $(2,422,123) $(1.725,427)
OTEg'.R SOURCES (USFS)
Bond Proceeds $ - $ - $ - $ - $ 2,048,822 $ 2,710,591
Transfers from Other Ftuids - 14,725 - - 132,562 34,794
Transfers to Other Funds (4,2(}1) - (3,515) (238,075) (1,392,718) (32,826)
Net Other Sourees (Uses) $ 4,201)$ 14,725 $ 3,515) $ 238,075) $ 788,666 $ 2,712,559
EXCESS OF RE:VENUE AND OTf�R SWRCE,S OVER
�i�IDER) E�INDITURES AND 0'tY�'R USr,S $ (4,301}$ 13,305 $ (3,775} $ (238,175) $(1,633,457) $ 987,132
FUND E3AL�AI�IGE, January 1 4,301 (13,305) 3,775 238,175 3,1b5,409 2,178,277
�JND BALANCE, Decefnber 31 $ - $ - $ - $ - $ 1,531.952 $ 3,165.409
.-46-
' CITY OF ROSEMOUNT, MINNESOTA
UTILITY C�MMISSION FUND
� COMPARATIVE BALANCE SHEETS
December 31, 1989 and 1988
,
ASSETS 1989 1988
� CURRENT
Cash $ 60, 2$1 $ 46, 574
Certificates of Deposit 2, 995, 000 1,495,OOQ
Accounts Receivable 122,020 89, 070
' Special Assessments Receivable - Delinquent 4,466 -
Special Assessments Reeeivable - Deferred 27, 327 10, 740
Prepaid Expenses 30,488 24, 598
� Total Current Assets $ 3, 239, 582 $ 1 , 665, 982
RESTRICTED ASSETS
Cash $ 21, 263 $ 2, 530
� Certificates of Deposit 220,000 240,OOQ
Total Restricted Assets 241, 263 $ 242, 530
� FIXED ASSETS
Land $ 23, 720 $ 23, 720
Buildings 176, 056 171, 922
� Water Towers and Mains 2, 852, 555 2, 487, 219
Machinery and Equipment 172, 998 153,61$
Total Fixed Assets $ 3, 225, 329 2, 836,479
Less Accumulated Depreciation (835, 744) (749, 966)
� 2, 389,�85 2, 086, 513
TOTAL ASSETS $ 5,870,430 $ 3, 995,025
� LIABILITIES AND RETAINED EARNINGS
CURRENT LIABILI`I'IES
Payable from Current Assets
� Accounts Payable $ 12, 724 $ 9, 897
Contracts Payable 11 , 785 35, 500
Accrued Expenses 2, 773 1, 140
� Compensated Absences Payable 36, 739 39,018
Total Payable from Current Assets $ 64; 021 $ 85, 555
Payable from Restricted Assets
� Bonds Payable - Current $ 45, 000 $ 45, 000
Accrued Interest on Bonds 1, 957 2, 572
Total Payable from Restricted Assets $ 46, 957 $ 47, 572
� LONG-TERM LIABILITIES
Bonds Payable Less Current Portion Above $ 1,405,000 $ 130,000
Deferred Revenue 31, 793 10,740
� Total Long-Term Liabilities $ 1,436, 793 $ 140, 740
TOTAL LIABILITIES $ 1, 547, 771 $ 273,$67
� RETAII�tED EARNINGS
Designated $ 935, 834 $ 1, 244, 576
Undesignated 3, 386, 825 2,476, 582
Total Retained Earnings $ 4, 322,659 $ 3, 721, 158
� TOTAL LIABILITIES AND
RETAINED EARNINGS $ 5,870, 430 $ 3, 995,025
� -47-
S CITY OF ROSEMOU '
NT, MINNhSOTA
� UTILITY COMMISSION FUND
COMPARATIVE STATEMENTS OF INCOME AND RETAINED EARNINGS
For the Years Ended Deeember 31, 19$9 and 198$
�
1 1989 1988
OPERATING REVENUE
Water Sa1es $ 221,OEs9 $ 220,482
' Sewer Charges 210, 894 174, 8$3
Water Surcharges 27,450
Water Meter Maintenance 9, 003 7,645
Water Meters 11, 786 11, 314
' Connection/Reconnection Fees 4?8, 906 609,915
Miseellaneous 19, 676 8, 130
Tota1 Operating Revenue $ 978, 784 $ 1,032, 369
'' OPERATING EXPENSES
General and Administrative
Personal Services $ 138, 851 $ 122, 186
, Water Utility
Supplies 42, 925 43, 230
Other Services 92, 311 84, 062
1 Capital Outlay 20, 000 -
Sewer Utility
Supplies 7, 007 5,454
� Other Services 19,093 22, 224
Metro Sewer Charge 158, 883 117, 15$
Depreciation Expense 85, 77$ 83,686
Total Operating Expenses $ 564,848 $ 478, 000
� OPERATING INCOME $ 413, 936 $ 554, 369
� NON-OPERATING REVENUE (EXPENSES)
Special Assessments $ 191 $ 12, 590
Interest Earnings 226, 913 90,143
' Interest Expense (23, 674) (10, 198)
Fiscal Agent Fees (718) (459}
Net Non-Operating Revenue $ 202, 712 $ 92,076
� NET INCOME BEFORE OPERATING TRANSFERS $ 616, 648 $ 646,445
OPERATII�TG TRANSFERS IN 127, 595 157, 77'7
OPERATING TRANSFERS OUT (142, 742) (169, 115)
fNET INCOME $ 601, 501 $ 635,107
RETAINED EARNINGS, January l 3, 721, 158 3, 086, 051
, RETAINED EARNINGS, December 31 $ 4, 322, 659 $ 3, 721, 158
, --_ ---
,
-48-
'
ICITY (3F ROSEMOUNT, MINNESOTA
, UTILITY COMMISSION FUND
COMPARATIVE STATEMENTS 4F CHADTGES IN FINANCIAL POSITION
For the Years Ended December 31, 1989 and 19$8
,
� 1989 1988
WORKING CAPITAL PROVIDED BY
Operations
, Net Income Before Transfers $ 616, 64$ $ 646,445
Items not Requiring Outlay of Working
Capital
Depreciation 85, 778 83, 686
� Total From Operations $ 702,426 730, 131
Increase in Deferred Revenue 21,053 -
� Transfers from Other Funds 127, 595 157, 777
Proeeeds From Sale of Bonds 1, 320, 000
TOTAL WORKING CAPITAL PROVIDED $ 2, 171,074 $ 887, 908
' WORKING CAPITAL APFLIED TO
Purchase of Fixed Assets $ 388, 850 $ 67, 778
' Retirement of Long-Term Debt 45, 000 45, 000'
Transfers to Other Funds 142, 742 169, 115
Decrease in Deferred Revenue - 512
rTOTAL WORKING CAPITAL APPLIED $ 576, 592 $ 282,405
INCREASE (DECREASE) IN WORKING CAPITAL $ 1, 594,482 $ 605,5Q3
, _--- - -_
The Increase in Working Capital is
� Accounted for as Follows: Increase(Decrease)
Cash and C.D. ' s $ 1, 512,440 $ 607, 748
Accpunts Receivable 32, 950 8, 699
� Special Assessments Receivable - Deferred 16, 587 {512)
Special Assessments - Delinquent 4,466 (378}
Prepaid Expenses 5, 890 24, 598
� Accounts Payable (2, 827) {8, 446)
Contracts Payable 23, 715 (35, 500)
Accrued Expenses (1, 018) 1,010
' Customer Meter Deposits _ l�� ggg
Compensatect �Absences Payable 2, 279 (9, 705)
INCREA�E IN WORKING CAPITAL $ 1, 594,482 $ 605, 503
�
,
'
-49-
�
' CITY OF ROSEMOUNT, MINNESOTA
� GENERAL FUND
COMPARATIVE SCHEDULE OF REVENUE
For ,the Years Ended December 31 , 1989 and 1988
' (Unauditedj
� TAXES 19$9 198$
General Property Taxes 531,432 � 4Q6, 761
' Fiscal Disparities 284,918 206,Q99
Total Taxes $ 816, 350 � 612, 86a
LICENSES AND PERMITS
' Business $ 17, 167 $ 13, 879
Non-Business 236, 141 275,073
Tota1 Licenses and Permits $ 253, 3Q8 $ 288, 952
, INTERGOVERNMENTAL
State Grants
Local Government Aid $ 60?, 182 $ 568, 169
' Homestead Credit 279, 931 230, 263
AG Preserves Creait 25, 738 -
Police State Aid 34,483 32, 916
' Mobile Home 14, 393 11, 743
Other 12,231 11, 166
Total Intergovernmental $ 973, 95$ $ 854, 25?
' CHARGES FOR SERVICES
General Government $ 40, 114 $ 32,473
Public Safety 20, 315 4, 297
' HighwaYs 10,880 2, 743
SAC 1 , 213 1 , 172
Total Charges for Services $ 72, 522 $ 40,685
, FINES AND FORFEITS
County $ 43, 181 $ 32,424
� Total Fines and Forfeits $ 43, 181 $ ' 32,424
MISCELLANEOUS
Interest Earnings $ 107,493 $ 84, 802
� Other 46, 025 18, 059
Special Assessments 18, 267 19, 316
Donations 1,632 9,439
' Recreational Fees 59, 802 52, 804
Rents 2, 580 2, 180
Sale of Property - 240, 382
Total Miscellaneous � 235�, 99 $ 426, 982
� fiOTAL REVENUE $ 2, 395, 118 $ 2, 256, 16Q
' OTHER SOURCES
Transfer In $ 66,670 $ 32,826
Total Other Sources $ 66,670 $ 32,826
, TOTAL REVENUE Ai�TD OTHER SOURCES $ 2,461, 788 $ 2, 288, 986
-50-
'
1 CIT� OF ROSEMOUNT, MINNESOTA
' GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
For the Year Ended December 31, 1989
' (Unaudited)
' 1989
Over Under 1988
� Budget Actual Budget Actual
GENERAL GOVERNMENT
Mayor and Council
Persanal Services $ 15, 600 $ 16, 467 $ ($67) $ 16, 557
' Prafessional Fees 7, 000 16, 654 (9, 654) 27, 049
Other Charges 6, 000 10, 525 (4, 525) 9,403
Council Designated 9, 247 10, 673 (1,426) 34, 537
, Executive
Personal Services 138, 844 141, 792 (2, 948) 112, 336
Other 20,420 20, 146 274 3, 178
Election
� Personal Services 3, 000 1, 908 1, 092 3, 889
Supplies 9, 500 6, 394 3, 106 12, 551
Other Charges 2, 200 1, 139 1, 061 847
' Finance
Clerk-Treasurer
Personal Services 104, 542 114,425 (9, 883 ) 82, 500
' Supplies 12, 530 8, 972 3,558 13, 068
Other Charges 1,450 2, 650 { 1, 200) 1, 547
Community Development
Fersonal Services 234, 690 242, 772 {$, 082 ) 190, 174
, Other Charges 23, 060 21, 130 1, 93Q 22, 695
Insurance 90,000 88, 180 1,820 91, 258
General Government
� Buildings 76, 750 147, 806 (71,056) 78, 278
Supplies 43, 600 61, 706 ( 18, 106) 68, 364
Other Charges 63,000 68, 687 (5,687) 58, 666
� Total General
Government $ 861,433 $ 982, 026 $ (120, 593 ) $ 826, 897
'
'
'
'
�
-51-
�
� CITY OF ROSEMOUNT, MINNESOTA
' GENERAL FUND
SCHEDUL� OF EXPENDITURES - BUDGET Ai.'�TD ACTUAL
For the Y�ar Endea December 31, 19$9
' (Unauct i ted)
' 1989
. Over Under 1988
' Budget Actual Budget Actual
PUBLIC SAFETY
Palice Protection
Personal Services $ 455, 750 $ 461, 070 $ ( 5, 320) $ 369, 798
� Supplies 22,425 27, 850 (5,425) 14, 875
Other Services 56, 150 62, 168 (6,018) 49, 281
Capital Outlay 12, 000 12, 820 (820) 11, 944
� Fire Protection
Personal Services 55, 900 61, 845 (5, 945 ) 55, 525
Supplies 28, 125 33, 123 (4, 99$) 13,236
Other Services 14, 000 12, 109 1, 891 20,409
� Capital Outlay 8, 700 9,494 (794) 4, 191
Total Public
� Safety $ 653,050 $ 680,479 $ (27,429) $ 539,259
PUBLIC WORKS
General Maintenance
� Persanal Services $ 288, 936 $ 312, 718 $ (23, 782 ) $ 321, 655
Supplies 52,400 94, 984 (42, 584) 95, 726
Other Services 7, 900 21, 500 (13,600) 18,433
� Streets and Roads
Other Charges 110, 750 84, 280 26,470 58, 192
Snow Removal
� Other Charges 16, 500 12, 596 3, 904 5, 631
Street Lighting
Other Charges 36, 200 41,457 (5, 257) 40,$32
Total Public
� Works $ 512,686 $ 567, 535 $ {54,$49) $ 540,469
�
, .
'
�
�
-52-
i
� CITY OF ROSEMOUNT, MINNESOTA
� GENERAL FUND
SCHEDUL� OF EXPENDITURES - BUDGET AI�TD ACTUAL
For the Y�ar Ended �ec�mber 31, 1989
� . (Unaudited)
� 1989
(Over )Under 1988
' Budget Actual Budget Actual
PARK AND RECREATION
Persanal Services $ 210, 639 $ 243, 646 $ ( 33, OD7) $ 107, 216
� Supplies 44, 500 57, 280 ( 12, 78Q) 17, 657
Other Services 29, 700 41, 565 ( 11,865) 37,056
Total Park and
� Recreation $ 284,839 $ 342,491 $ (57,652) $ 161, 929
TOTAL
EXPENDITURES $2, 312, 008 $2, 572, 531 $ { 260, 523) $2, 068, 554
� TRANSFERS TO OTHER
FUNDS - 329, 298 329, 298 182,643
' TOTAL
EXPENDITURES
AND TRANSFERS-
' OUT $2, 312, 008 $2, 901, 829 $ (589,821 ) $2, 251, 197
'
'
'
�
' �
'
'
'
-53-
'
� �r � � � �s � � r � � � � � � � � � �
���, �,
����
Ik�ari�er 31, 1`3B9
{Ll�rtital)
�1 Prirrip3l Inkerest
Intecr�t Iss� Nhtvrity Qitatarriin3 Is� I�tire3 Cutstarziirr� I�e In A�e In
l�tes I1�te LBte I-1-89 1989 1989 12-31-89 .I990 1990
C�L fEi,TG�II'!CN�
I�. 2919� 6.10-6.60 7-59 2-01 $ - $2,575.000 $ - $ 2,575,000 $ - S 179,8°6
2`ax?mre�. 196� 8.�0-9.60 6-ffi 2�J9 1.10�,00D - - 1,100.00D 75,00� 97,555
Ia�xv�t. 198� 5.90-6.90 10-�ffi 2�39 2�750.Q00 - - 2,750.000 300,000 1fi6.550
�. 1'�7A 4.75-6.7C) 2-S% 2-99 4,995.000 - 7U.000 4,925,U00 500.000 274,375
�1� � 5.40-6.� 5-75 2-89 25.000 - 25,�00 - -
I�its�firr�rs� 4.75-6.50 r76 2-J6 375,000 - 90.00D 335.000 90,000 19,6'10
� 5.00-5.65 12 76 3-93 9�,0�0 - 15.000 75.000 15,000 3,762
�'►3� 7.25-8.60 2z91 2-J31 50.00� - 10.0� 40,00� 10,00D 2,966
Taac Insa�sit 8.25-8.90 8-81 2-91 125.000 - 40.�0 85.000 40,0p0 g,c}5p
atY� 5.40-6.'1C) 4-86 8-02 1.300.00D - 55.000 1,245.000 60,OOD 77,3E0
��]'� 5.90 8-&6 8�9 2,L50.00p - 2.15p,ppp - -
��' $72.960,000 $2.575,000 $2,4Q5.000 $13,L90,000 $1,040,OUD $ 828,5ffi .
�Cl'AL A�NP�
�Yi R�.R3rk 6.50-7.OD 3-8D 2�9 $ 8,500 $ - $ 8,500 $ - $ - $
I�'s 8th Pt�liticn 6.50-7.00 3-80 2�9 1.500 - 7.,5pp _ _
��'� 5.25-5.80 7-80 2-92 325,026 - 81,256 243.7iU 81,256 13.224
cr�,��iP 7.50 10-8� 2�92 154,974 - 38,744 1].6,230 38,744 6.3�6
Wnite Iala:Pc�s-1�S 6.00-8.� 6-85 2�96 18J,QJQ - Z0,000 1E0,000 20,000 ll.510
�`�' $ 670,�0 $ - $ 150,000 $ 520.OG0 $ 140.00D $ 31,040
�I.E B111i
ingt�r-198� 7.00-7.25 04--89 2-QS $ - $1,320.�0 $ - $ 1.320.�0 $ - $ 125,843
��' '� 7.50-8.75 ll-8D ll-89 20.000 - 2�,OOD
i�&ter �'�t 4.50-5.� ll 71 5-92 110.Q00 - 30,000 80.000 30,00� 3,450
4�t�-V�ll #7 4.75-6.10 5-76 2132 65.000 - ].5,000 50.000 15,000 2,563
��' $ 195.0� $ 1.32�.000 $ 65,00� $ 1.450.ODD $ 45,OOD $ 131,856
��'��� $13.�i25.000 $3.895.OG0 $2,620,000 $15.1OD,000 $ 1,225,000 $ 991,9ffi
-54-
' CITY OF ROSEMOUNT MIN
, NESOTA
� SCHEDULE OF S�URCES AND USEB OF PUBLIC FUNDS
FOR THE ROSEMOUNT REDEVELOPMENT PROJECT,
A TAX INCREMENT FINANCING DISTRICT
� ----------`- December 31, 1989--------------
(Unaudited)
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Accounted
, Current For in
Year Prior Years
SOURCES OF FUNDB
Bond Proceeds $ - $ 1, 388, 909
, Tax Increments 249, 017 996,401
Interest on Invested Funds 26, 621 98, 393
Real Estate Sales - 167,465
' Rental _ 10,800
City of Rosemount General Fund 12, 844
Intergovernmental Revenue 5,647 32, 637
General Property Taxes 69 4, 359
' Miscellaneous 1, 720 195, 223
TOTAL SOURCES OF FUNDS $ 283,074 $ 2, 907,031
rUSES OF FUNDS
Property Acquisition $ 250, 330 $ 1, 951, 578
' Site Improvements or Preparation _
Costs 9, 846
Bonds Payments
PrincipaZ 40,000 190, 000
' Interest 10, 300 159, 536
Administrative Costs 47, 922 234, 590
Other Interest - 21, 005
' Bond Issuance Costs 216 12, 246
TOTAL UBES OF FUNDS $ 348, 768 $ 2, 578,801
� DISTRICT BALAI�TCE $ (65, 694) $ 328, 230
Transfers From (To) Other Funds (195, 980) -
� FUNDS REMAINING $ (261, 674) $ 328, 230
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�EClC NNNEINEN�c1VIAYFR
' : 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 Cauncil
� City of Rosemount
Rosemount, Minnesota
� We have examined the eneral ur ose financial statements f
9 P P o the
City of Rosemount, Minnesota, as of and for the year ended
� December 31, 1989, and have issued our report thereon dated
February 9, I990. 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 Minnesot�a 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 inaebtedness, 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, except as described in the
Comments ta Auditors' Report on Compliance. Further, far the
' items not tested, based on our examinatian 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.
� yµ•�ti►�c.� �tl�►�s+� d'-� / _ \
' BOECKERMANN, HEINEN & MAYER
Certified Public Aceountants
Minneapolis, Minnesota
' February 9, 1990 ',
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' -56-
' CITY OF ROSEMOUNT MINNESOTA
.
' GOMMENTS TO AUDITORS ' REPORT ON COMPLIANCE
' PLEDGE OF
SECURITIES
� Minnesota Statute 118.01 requires that public funds must be
covered by pledgeci securities to the extent that the amount of
the FDIC coverage anci the securities pledged to protect these
public funds is equal to or greater than 110� of the public funds
t held.
At December 31, 1989, the various banks had provided the City
� with $13,457, 331 in pledged securities anci FDIC insurance
coverage. Based on the statutes, at December 31, 1989 the City.
neecieci an aciditional $8, 202 in pledged collateral to meet the
� requirements.
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