HomeMy WebLinkAbout3.b. 1988 City Audit - Presentation June 2, 1989
T0: Mayor Hoke �T'EM #� S
Councilmembers: Napper
Oxborough
Walsh
Wippermann
HRA Board Members: Tueker
Willard
FROM: Stephan Jilk, Administrator/C1erk
RE: 1988 Financial Report
�nclosed find the management letter and financial regort for the Citp
of Rosemount tor the year ending December 31st, 1988.
This financial report encompasses the work of the private suditing firm
of Boecherman, Heinen and Meyer in their review af operativns of the
City and the reporting of the financial status of the City for year
ending December 31 , 1988. This is the first year for several items, in
terms of how they are reported. For instance, in past years there was
a separate audit and statement for HRA financial functions. This year
those numbers are presented here in this report since the HRA Board and
the City Council agreed to process all financial transactions through
the city treasurer.
Also, many sma11 funds, in the area of "self supporting" recreation
programs have been combined thus eliminating the need for itemizing
them on the report.
T am pleased with the outcome of the audit this year. The suggestions
for change outlined in the management letter are few and we agree with
those completely and wi11 work Co make those changes.
The financial position represented by the report is a strong one for
the city. Reserves continue to be built up in a ��.me of growt� which
is good. Obviou9ly , the numbers represented here in reflecti.ng ouX
revenues and expenditures continue to eacalate as our operations grow.
Our operating budget showed a small overun but as decisions were made
throughout the year based on increased revenue, especially from
building programs, certain expenditures had to be ad�usted .
There will be, I am sure, questions you wi11 have concerning the
report. I wi11 be pleased to answer as many as I can at the meeting
Tuesday.
Mr. A1 Heinen and one member of his staff wi11 actually make a
presentation on the report and will respond to the structure of the
report.
Action we are requesting , under the consent agenda, would be to accept
the report and suthorize its publication.
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CITY OF ROSEP�IOUNT
' ROSEMOUNT, MINNESOTA
ANNUAL FINANCIAL REPORT
' For the Year Ended
December 31, 1988
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� CITY OF ROSEMOUNT MINNESOTA
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' TABLE OF CONTENTS
December 31, 1988
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EXHIBIT PAGE(S)
� CITY OFFICIALS 1
' INDEPENDENT AUDITORS' REPORT 2-3
GENERAL PURPOSE FINANCIAL STATEMENTS
' COMBINED BALANCE SHEET - All Fund Types A-1,
and Account Groups A-2 4-5
� COMBINED STATEMENT OF REVENUE,
EXPENDITURES AND CHANGES IN FUND
BALANCES - All Governemental Fund Types B 6
� COMBINED STATEMENT OF REVENUE,
EXPENSES AND CHANGES IN RETAINED
EARNINGS - Proprietary Funds C 7
� COMBINED STATEMENT OF CHANGES IN
FINANCIAL POSITION - Proprietary Funds D 8
' NOTES TO THE FINANCIAL STATEMENTS 9-27
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP
, STATEMENTS
G�NERAL FUND
, Comparative Balance Sheets E 28
Comparative Statements of Revenue,
Expenditures and Changes in
' Fund Balance F 29
SPECIAL REVENUE FUNDS
Combining Balance Sheet G 30
� Combining Statement of Revenue,
Expenditures and Changes in
Fund Balances H 31
, DEBT SERVICE FUNDS
Combining Balance Sheet I-1, I-2 32-33
' Combining Statement of Revenue,
Expenditures and Changes in
Fund Balances J-1, J-2 34-35
� CAPITAL PROJECT FUNDS
Combining Balance Sheet K-1, K-2, K-3 36-38 �
Combining Statement of Revenue, !
' Expenditures and Changes in
Fund Balances L-1, L-2, L-3 39-41
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� CITY OF ROSEMOUNT MINNESOTA
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' TABLE OF CONTENTS (Continued)
December 31, 1988
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EXHIBIT PAGE(S)
� UTILITY COMMISSION FUND
Comparative Balance Sheets M 42
' Comparative Statements of Income and
Retained Earnings N 43
Comparative Statements of Changes in
Financial Position O 44
, SUPPLEMENTARY INFORMATION SCHEDULE PAGE(S)
� GENERAL FUND
Comparative Schedule of Revenue 1 45
Schedule of Expenditures - Budget 2-1, 2-2,
' and Actual 2-3 46-48
SCHEDULE OF BONDED INDEBTEDNESS 3 49
, SCHEDULE OF SOURCES AND USES OF
PUBLIC FUNDS 4 50
' AUDITORS ' REPORT ON COMPLIANCE 51
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� CITY OF ROSEMOUNT MINNESOTA
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' CITY_OFFICIALS
December 31, i988
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Rollan Hoke Mayor
, Stephan Jilk City Administrator
' Don F. Darling Treasurer
Vernon Napper Councilor
, John Oxborough Councilor
Dennis Wippermann Councilor
' Joseph Walsh Councilor
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UTILITY COMMISSION
1 Joseph Walsh President
Wesley Hasbrouck Member
, Thomas Werner Member
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BOEC� NNHEINEN&1VIAYER
' 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
1 INDEPENDENT AUDITORS' REPORT
To the City Council
' City of Rosemount
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, 1988, 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 did not maintain adequate records of the general fixed
, asset group of accounts, stated at $6, 610, 493 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, 1988, 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 generally accepted accounting principles.
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, To the City Council
City of Rosemount
' 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, individual fund, and individual account group
� financial statements and schedules 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.
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tBOECKERMANN, HEINEN & MAYER
Certified Public Accountants
Minneapolis, Minnesota
� February 17, 1989
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� GENERAL PURPOSE FINAI�CIAL STATEMENTS
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F.?�iIBIT A-1
CITY OF ROSEMOUNT, MINNESO'PA
COP46INED BALANCE SHEET
ALL FUND TYPFS AND ACCOUNT GROUPS
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December 31, 1988
Proprietary
Goverrunental FLuid 'I�pes Furid 'I`ypes Account Groups
General Totals
Fixed General (Memorandum Only)
Special Debt Capital Assets Ir�ng-Term
General Revenue Service Projects Enterprise (Unaudited) Debt 1988 1987
ASSETS
Cash $ 161,260 $ 96,736 $ 155,807 $ 152,109 $ 49,104 $ - $ - $ 615,016 $ 706,452
Certificates of Deposit 1,407,500 1,680,000 4,493,175 3,655,000 1,735,000 - - 12,970,675 9,592,160
Accounts Receivable 11,074 - - 38,411 89,070 - - 138,555 80,371
Special Assessments Receivable
Delinquent 564 - 74,705 - - - - 75,269 55,227
Deferred 70,757 - 1,215,691 - 10,740 - - 1,297,188 1,374,701
Taxes Receivable
Current 171,632 3,180 - - - - - 174,812 40,717
Delinquent 64,501 - - - - - - 64,501 81,767
Due From Other Governmental
Units - 16,470 - - - - - 16,470 -
Prepaid �cpenses 109,950 - - - 24,598 - - 134,548 123,692
Fixed Assets - - - - 2,836,479 6,610,493 - 9,446,972 8,474,393
Accumulated Depreciation - - - - (749,966) - - (749,966) (666,280)
Amount Available in Debt
Service Funds - - - - - - 4,648,982 4,648,982 3,529,986
Am�unt to be Provided for
Debt Retirement - - - - - - 9,101,447 9,101,447 6,646,211
'IC7PAL ASSETS $ 1,997,238 $ 1,796,386 $ 5,939,378 $ 3,845,520 $ 3,995,025 $ 6,610,493 $13,750,429 $37,934,469 $30,039,397
See Accompanying Notes to the Financial Statements
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E�ffiIBIT A-2
CITY OF ROSIIKOUNT, MINNESOTA
C»MBINID BALANCE SHEEP
ATT' FUND TypE, AND ACCOUNT GROUPS
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December 31, 1988
Proprietary
Governmental F1uid Tvpes F1uid Types Account Groups
General Totals
Fixed General (Memorandum Only)
Special Debt Capital Assets Ir�ng-Term
General Revenue Service Projects Enterprise (Unaudited) Debt 1988 1987
LIP.BILITIES AND FUND EQtJITY
LIABILITIES - 165,607 $ 524,473
Cash Overdraft $ - $ 2,330 $ - $ 163,277 $ - $ - $ $
Accounts Payable 36,190 29,367 - 104,570 9,897 - - 180,024 82,427
Compensated Absences _
Payable - - - - 39,018 _ 120,429 159,447 115,510
Accrued Expenses 23,754 - - - 1,140 _ _ 24,894 15,828
Accrued Interest - - - - 2,572 2,572 3,172
Reimbursable Permits and _ _ 77,992 30,474
Surcharges ���992 - - _ _ _ - 17,989
C1.istomer Meter Deposits - - - _ _
Contracts Payable - 36,789 - 412,264 35,500 _ _ 484,553 165,478
Deferred Revenue 135,822 - 1,290,396 - 10,740 1,436,958 1,456,090
Bonds Payable - - - - 175,000 - 13,630,000 13,805,000 10,310,000
'InTAL LIABILITIES $ 273,758 $ 68,486 $ 1,290,396 $ 680,111 $ 273,867 $ - $13,750,429 $16,337,047 $12,721,441
FUND DQUITY
Investment in General
Fixed Assets $ - $ - $ - $ - $ - $ 6,610,493 $ - $ 6,610,493 $ 5,705,692
Retained Earnings - - - - 3,721,158 - - 3,721,158 3,086,051
EUnd Balance -
Reserved 109,950 1,727,900 4,648,982 - - - - 6,486,832 4,807,428
Unreserved 1,613,530 - - 3,165,409 - - - 4,778,939 3,718,785
TpTAL FUND EQ[7ITY $ 1,723,480 $ 1,727,900 $ 4,648,982 $ 3,165,409 $ 3,721,158 $ 6,610,493 $ - $21,597,422 $17,317,956
'POTAL LIABILITIES
AND FUND EQUITY $_1_997,238 $_1,796,386 $_5,939_378 $_3,845_520 $_3_995,025 $_6_610_493 $13,750_429 $37-934_469 $30_039_397_
See Accompanying Notes to the Financial Statements
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EXHIBIT B
CITY OF ROSEMOUNT, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
ALL GOVERNMENTAL FUND TYPES
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For the Year Ended December 31, 1988
Totals
Special Debt Capital (Memorandum Only)
General Revenue Service Projects 1988 1987
REVENUE
General Property Taxes $ 612,860 $ 701,058 $ 193,689 $ - $ 1,507,607 $ 1,201,800
Licenses and Permits 288,952 - - - 288,952 152, 317
Special Assessments - - 908,998 - 908,998 1,192,200
Intergovernmental 854,257 355,037 413,766 - 1,623,060 1, 138,923
Charge for Services 40,685 53,642 - - 94,327 100,699
Fines and Forfeitures 32,424 - - - 32,424 31,031
Interest Earnings 83,186 99,321 406,513 6,203 595,223 421,866
Other 289,376 - 25,147 84,707 399,230 83,898
TOTAL REVENUE 2,201,740 $ 1,209,058 $ 1,948,113 90,910 5,449,821 $ 4,322,734
EXPENDITURES
General Government $ 826,897 $ 162,167 $ - $ - $ 989,064 $ 864,912
Public Safety 539,259 - - - 539,259 476,834
Public Works 540,469 - - 1, 754,344 2,294,813 3,060,465
Parks and Recreation 118,661 - - - 118,661 96, 308
Other - 1,658,321 3,750 61,993 1,724,064 164,955
Debt Service -
Principal Retirement - - 290,000 - 290,000 340,000
Interest on Bonds - - 591, 575 - 591, 575 349,915
Fiscal Agent Fee - - 2,520 - 2,520 1,964
TOTAL EXPENDITURES $ 2,025,286 $ 1,820,488 $ 887,845 $ 1,816,337 $ 6,549,956 $ 5,355,353
EXCESS OF REVENUE OVER (UNDER) EXPENDI-
TURES BEFORE OTHER SOURCES (USES) $ 176,454 $ (611,430) $ 1,060,268 $(1,725,427) $(1,100,135) $(1,032,619)
OTHER FINANCING SOURCES (USES)
Proceeds from Sale of Bonds $ - $ 1,079,264 $ 38,500 $ 2,710,591 $ 3,828,355 $ 4,961,884
Transfer from Other Funds 32,826 150,000 11,338 34,794 228,958 1,847,343
Transfer to Other Funds (150,000) (34,794) - (32,826) (217,620) (1,490,307)
NET OTHER FINANCING SOURCES (USES) $ 117,174) $ 1,194,470 $ 49,838 $ 2,712,559 $ 3,839,693 $ 5,318,920
EXCESS OF REVENUE AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES AND
OTHER FINANCING USES $ 59,280 $ 583,040 $ 1,110,106 $ 987,132 $ 2,739,558 $ 4,286,301
FUND BALANCES, January l 1,664,200 1,144,860 3,538,876 2, 178,277 8,526,213 4,239,912
FUND BALANCES, December 31 $ 1,723,480 $ 1,727,900 $ 4,648,982 $ 3, 165,409 $11,265,771 $ 8,526,213
See Accompanying Notes to the Financial Statements
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� EXHIBIT C
CITY OF ROSEMOUNT, MINNESOTA
� COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES
IN RETAINED EARNINGS
� ____PROPRIETARY_FUNDS
For the Years Ended December 31, 1988 and 1987
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Enterprise Fund
� 1988 1987
OPERATING REVENUE
Water Sales $ 220, 482 $ 164, 722
' Sewer Charges 174, 883 165, 665
Water Meter Maintenance 7, 645 9, 364
Water Meters 11, 314 11, 840
Connection/Reconnection Fees 609, 915 234, 168
1 Miscellaneous 8, 130 6, 129
Total Operating Revenue $ 1,032, 369 $ 591,888
, OPERATING EXPENSES
Salaries and Wages $ 122, 186 $ 103, 142
Supplies 48, 684 23, 110
, Other Services 106, 286 29, 085
Metro Sewer Charge 117, 158 98, 498
Depreciation Expense 83, 686 81,456
Total Operating Expenses $ 478, 000 335, 291
� Operating Income $ 554, 369 $ 256, 597
, NON-OPERATING REVENUE (EXPENSES)
Assessments $ 12, 590 $ 8, 750
Interest Earnings 90, 143 80, 481
Interest on Bonds (10, 198) ( 12, 560)
, Other Expense (459) (400)
Net Non-Operating Revenue $ 92, 076 $ 76, 271
, INCOME BEFORE OPERATING TRANSFERS $ 646, 445 $ 332, 868
Operating Transfers In 157, 777 183, 452
Operating Transfers Out (169, 115 ) ( 540,488)
, NET INCOME $ 635, 107 $ (24, 168)
RETAINED EARNINGS, January 1 3, 086, 051 3 , 110, 219
� RETAINED EARNINGS, December 31 $ 3, 721, 158 $ 3, 086, 051
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' �XHIBIT D
CITY OF ROSEMOUNT, MINNESOTA
' COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
PROPRIETARY FUNDS
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For the Years Ended December 31, 1988 and 1987
� Enterprise Fund
1988 1987
' WORKING CAPITAL PROVIDED BY
Operations
Net Income Before Transfers $ 646, 445 $ 332, 868
' Items not Requiring Outlay of Working
Capital
Depreciation 83, 686 81 ,456
Total From Operations $ 730, 131 $ 414, 324
, Increase in Deferred Revenue - 2, 604
Transfers from Other Funds 157, 777 183,452
' TOTAL WORKING CAPITAL PROVIDED $ 887, 9Q8 $ 600, 380
WORKING CAPITAL APPLIED TO
� Acquisition of Fixed Assets $ 67, 778 $ 61, 896
Retirement of Long-Term Debt 45, 000 45, 000
Transfers to Other Funds 169, 115 540, 488
, Decrease in Deferred Revenue 512 -
TOTAL WORKING CAPITAL APPLIED $ 282,405 $ 647, 3$4
, INCREASE (DECREASE) IN WORKING CAPITAL $_Y605, 503 $--_ (47, 004)
' The Increase in Working Capital is
Accounted for as Follows : Increase(Decrease)
' Cash and C.D. ' s $ 607, 748 $ (60, 556)
Accounts Receivable 8, 699 8, 154
Special Assessments Receivable - Deferred ( 512 ) 9, 913
Special Assessments Receivable - Delinquent ( 378) (8, 270)
� Prepaid Expenses 24, 598 (20, 075 )
Accounts Payable (8, 446) 38, 386
Contracts Payable (35, 500) -
' Accrued Expenses 1, 010 (987 )
Customer Meter Deposits 17, 989 1, 773
Compensated Absences Payable (9, 705) (15, 342 )
' INCREASE (DECREASE) IN WORKING CAPITAL $ 605, 503 $ (47, 004)
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ICITY OF ROSEMOUNT, MINNESOTA
, NOTES TO THE FINANCIAL STATEMENTS �
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December 31, 1988
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NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
, The City of Rosemaunt 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 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, 1988, the City has
, implemented National Council on Governmental
Accounting Statement No. 3, Defining the Governmen-
tal Reportinc� 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 state-
ments . This association is organized as a non-
' profit organization by its members in accordance
with Minnesota statutues, 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 FINANCIAL STATEMENTS
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December 31, 1983
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NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
' 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 separ-
� ate 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.
, 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. The composition of Special Revenue
� Funds has changed since 1987 . See Note 13 for
further explanation.
, 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 ) .
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, CITY OF ROSEMOUNT, MINNESOTA
1 NOTES TO THE FINANCIAL STATEMENTS
(Continued)
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December 31, 1988
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, NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
B. Fund Accounting (Continued)
' PROPRIETARY FUNDS
� Enterprise Funds - Enterprise Funds are used to
� account for activities similar to those found in
the private sector, where the determination of net
income is necessary or useful to sound financial
� administration. Goods or services from such
activities are provided to the general public.
' 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 are 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 ar�
recorded as liabilities and reductions of revenue
when they are measurable and their validity seems
certain.
, Ex enditures are enerall reco nized under the
P J Y 9
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.
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� CITY O�' ROSEMOUNT, MINNESOTA
� NOTES TO THE FINANCIAL STATEMENTS
(Continued)
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' December 31, 1988
� 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 available 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 "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. _
F. Fixed Assets and L�ng Term Liabilities
, The accounting and reporting of fixed assets and
long-term liabilities associated with a fund are
determined by its measurement focus . All
' governmental funds are accounted for on a spending
or "financial flow" measurement, which means that
only current assets and current liabilities are
generally included on their balance sheets. Their
� reported fund balance is considered a measure of
"available spendable resources" . Governmental fund
operating statements present increases and
, decreases in net current assets . Accordingly, they
are said to present a summary of sources and uses
of "available spendable resources" during a
� period.
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� CITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
(Continued)
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, December 31 , 1988
� NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 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 $100 are not capitalized.
� 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 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.
'
'
' -13- •
� CITY OF ROSEMOUNT, MINNESOTA
, NOTES TO THE FINANCIAL STATEMENTS
(Continued)
---------------------------------
December 31 , 1988
,
' NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
F. 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.
� 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 .
Depreciation has been provided 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 .
�
-14-
'
' CITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
(Continued)
---------------------------------
� December 31, 1988
, NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
G. Property Tax (Continued)
iTaxes 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
I taxes receivable are not recognized as revenue un-
til collected. Delinquent taxes are offset by de-
ferred revenue.
, H. 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.
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 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.
-15-
' CITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
(Continued)
---------------------------------
, December 31, 1988
, NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
I . Budgets
� Financial control of spending for various
governmental activities is exercised through the
' use of budgetary procedures. Exclusive authority
over all budget matters remains with the Council .
The Council adopts all budgets and any amendments
to these budgets also require specific approval by
� the Council . Departmental budgets may not exceed
amounts set by the Council. Budgetary reporting is
included in this report in the General Fund only.
� Formal annual budgets are not adopted for Special
Revenue, Capital Project, Special Assessment or
Debt Service Service funds . Effective budgetary
control is alternatively 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 actual, for the General Fund or the
Special Revenue funds as required by generally
accepted accounting procedures.
� J. Restricted Assets
' Funds set aside for payment of enterprise fund
revenue bonds and capital improvements are
classified as restricted assets since their use is
limited by bond indentures and council action.
� K. Comparative Data
' Comparative totals for the prior year have been
presented in the accompanying financial statements
in order to provide an understanding of changes in
, the City' s financial position and operations.
However, comparative ( i.e. , presentation of prior
year totals by individual funds ) data have not been
presented in each of the statements except the
, Enterprise Funds, since their inclusion would make
the statements unduly complex and difficult to
read.
'
-16-
'
� CITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
(Continued)
---------------------------------
December 31, 1988
,
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
' 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's 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 .
Balances at December 31, 1988 were:
' Bank Carrying
Balances Amount
1 ) Insured or collateralized
' by securities held by the
City or its agent in the
City ' s name. $13, 623, 009 $13,419, 994
, 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.
TOTALS $13, 623, 009 $13, 419, 994
, __�_—____ _- -__
'
-17-
, .
ICITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
(Continued)
---------------------------------
December 31, 1988
r
' NOTE 3 FIXED ASSETS
A summary of changes in General Fixed Assets for 1988 is
, as follows :
Balance Balance
January 1, Additions December 31,
� 1988 (Deletions) 1988
Land $ 615, 083 $ - $ 615, 083
' Buildings and
Structures 2, 277, 638 (191, 908) 2, 085, 730
Improvements Other
� than Buildings 1, 235, 528 1, 019, 917 2, 255, 445
Machinery and
Equipment 1, 577,443 76, 792 1, 654, 235
� Totals $5, 705, 692 $ -904, 801 $ 6, 610, 493
' A summary of proprietary fund type fixed assets at
December 31, 1988 is as follows:
Enterprise
, Land $ 23, 720
Buildings 171, 922
� Water Towers and Mains 2, 451, 719
Machinery and Equipment 153, 618
Total $ 2, 800, 979
� Less Accumulated De reciation 749 966
P •
' $ 2, 051, 013
' NOTE 4 LONG-TERM DEBT
' The following is a summary of changes in long-term debt
of the City for the year ended December 31, 1988:
'
'
' -18-
, CITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
(Continued)
---------------------------------
December 31 , 1988
�
, NOTE 4 LONG-TERM DEBT (Continued)
General Special
, Obligation Assessment Revenue Compensated
Bonds Bonds Bonds Absences
BALANCE, January 1, 1988 $ 9,220,000 $ 830,000 $ 260,000 $ 86,197
' New Bonds Issued -
1988A Tax Increment 1,100,000 - - -
' 1988B Improvement Bonds 2,750,000 - - -
Increase in IAng-Term
� Compensated Absence Liability - - - 34,232
Bonds Retired (110,000) (160,000) (65,000) -
' BAI�ANCE, December 31, 1988 $12,960,000 $ _670,000 $__195,000 $ 120,429
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 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. Interest rates vary from
' 4. 90% to 8. 60�.
Revenue Bonds
� These bonds are recorded as a liability of the Enter-
prise Funds. The major covenant relating to these
issues include establishment of a reserve account for
' the payment of bond principal and interest . These bonds
�
-19-
'
� CITY OF ROSEMOUNT, MILQNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
(Continued)
---------------------------------
� December 31 , 1988
' NOTE 4 CHANGES IN 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. 50o to 8. 75� .
Included in the revenue bonds are $20, 000 of bonds pay-
� able on the municipal liquor building which was sold
during 1986. The proceeds were invested in certificates
of deposit coming due on the bond payment dates. Pay-
� ments on the bonds are accounted for in the Municipal
Liquor Bonds of 1980 debt service funds .
The annual requirements to amortize all debt outstanding
, as of December 31, 1988, including interest payments of
$2, 945, 628 are as follows :
� General S cial
Pe
Year Obligation Assessment Revenue Total
� 1989 $ 2,941,390 $ 190,315 $ 75,181 $ 3,206,886
1990 1,434,583 171,040 51,013 1,656,636
� 1991 1,403,068 161,912 48,545 1,613,525
1992 1,337,210 152,600 41,150 1,530,960
1993 1,292,553 31,950 - 1,324,503
' 1994 1,271,735 30,025 _ 1,301,760
1995 1,253,950 28,050 1,282,000
1996 1,234,525 26,025 - 1,260,550
1997 1,129,758 - - 1,129,758
' 1998 1,064,383 _ _ 1,064,383
1999 969,875 969,875
2000 146,880 - - 146,880
' 2001 143,400 _ _ 143,400
2002 139,522 139,522
2003 - - - -
' $15,762,832_ $ -Y791,917_ $ _-215,889_ $16,770,638
�
�
-20-
�
ICITY OF ROSEMOUNT, MINNESOTA
' NOTES TO THE FINANCIAL STATEMENTS
(Continued)
---------------------------------
December 31, 1988
'
' NOTE 5 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) . The 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 funds. The payroll for employees covered by
PERA plans for the year ended December 31, 1988 was
� $1, 009, 484; the City' s total payroll was $1, 149, 197 .
All full-time employees and certain part time employees
are required to participate in PERA plans . PERF members
� belong to either the Coordinated Plan or the Basic
Plan. Coordinated members are covered by Social
Security and Basic members are not. All police
� officers, fire fighters, and peace officers who qualify
for membership by statute are covered by the PEPFF.
PERA plans provide pension benefits, deferred annuity,
and death and disability benefits. Benefits are
� established by State statute.
Retirement benefits for members of the Basic and
� Coordinated Plans are as follows :
a) When age plus years of service equal 90, the full
� unreduced normal annuity is payable.
b) As early as age 55 with at least 5 years of paid
service credit ; annuity reduced 1/4% for each month
under age 65.
' c) Any age with at least 30 years, reduced by 1/4� for
each month under age 62.
d) Age 65 or older with at least one but less than 5
� years of paid service credit (proportionate
annuity) . Must terminate service at age 65 or
older.
' e) Age 55 with at least 5 years of paid service credit
or any age with at least 30 years representing PERA
service combined with coverage in any other
qualified fund.
�
'
-21-
'
ICITY OF ROSEMOUNT, MINNESOTA
, NOTES TO THE FINANCIAL STATEMENTS
(Continued)
---------------------------------
' December 31, 1988
' NOTE 5 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued)
PLAN DESCRIPTION (Continued)
, Retirement benefits for members of the PEPFF are as
follows :
� a) When age plus years of service equal 90, the full
unreduced normal annuity is payable at age 55.
b) Age 55 or older with at least 5 years of service
' credit .
c) Age 55 or older with at least 5 years paid service
credit representing PERA service combined with
� coverage in any other qualified fund.
d) Age 65 or older with at least 5 years of paid
service credit (proportionate annuity) . Must
terminate service at age 65 or older .
� A member who terminates public service with five or more
years of credited allowabZe service may leave his or her
� amount in the fund to qualify for an annuity at
retirement age. The annuity as determined under the
formula will be increased from the first of the month
' following date of termination at prescribed interest
rates. The former member may accept a refund at any
time prior to the date retirement annuity begins .
1 The funds also provide various death and disability
benefits, whereby the disabled employee, surviving
spouse or dependent children are entitled to receive
� amounts determined as defined by the funds .
CONTRIBUTIONS REQUIRED AND CONTRIBUTIONS MADE
' Minnesota Statutes Chapter 353 provide statutory
authority for employer and employee contribution rates
and provide required dates for achieving full funding.
' The City makes annual contributions to the pension plans
equal to the amount required by state statutes . As part
of the annual actuarial valuation, PERA' s actuary
� determines the sufficiency of the statutory contribution
rates towards meeting the required full funding.
'
'
� -22-
, CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
' _(Continued)
December 31, 1988
'
NOTE 5 DEFINED BENEFIT PENSION PLANS - STATEWIDE (Continued)
� CONTRIBUTIONS REQUIRED AND CONTRIBUTIONS MADE
� deadline. The actuary compares the actual contribution
rate to a "required" contribution rate. Current
statutory contribution rates and actuarially required
contributibn rates for the plans are as follows:
, Required
Employee Employer Rates
� Public Employees
Retirement Fund:
Basic Plan 8% 10 1/2� 9.46�
� Coordinated Plan 4% 4 1/4g 5. 11%
Public Employees
Police and
Fire Fund 8°s 12� 15. 97°s
, Total contributions made during fiscal year 1988
amounted to $119, 992, of which $66, 691 was made by the
I City and $53, 301 was made by the employees. These
contributions represented 6. 6% (City) and 5. 3°s
(employees) of the covered payroll .
� FUNDING 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 Systems 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, 1988, is
, shown below:
PERF PEPFF
Total Pension Benefit
' Obligations $3, 334, 423, 000 $ 512, 921, 000
Net Assets Available for
Benefits, At Market 2, 749, 289, 000 584, 871 , 000
' Unfunded (Overfunded)
Pension Benefit
�bligation $ 585, 134, 000 $ (71 , 950, 000)
' -2 3- � �.�--_ ___=__ ___
� CITY OF ROSEMOUNT, MINNESOTA
, NOTES TO THE FINANCIAL STATEMENTS
(Continued)
---------------------------------
December 31, 1988
�
' NOTE 5 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, 1988.
Net assets available to pay pension benefits were valued
� as of June 30, 1988.
The City' s contribution for the year ended June 30, 1988
, to PERA plans represented 0.006� of total contributions
required of all participating entities.
� Ten-year historical trend information is presented in
PERA' s State PERS Comprehensive Annual Financial Report
for the year ended June 30, 1988. 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
During fiscal year 1988 and as of June 30, 1988, PERA
' held no securities isued by the City or other related
parties.
, NOTE 6 SEGMENT INFORMATION
1 The City maintains one Enterprise Fund which provides
sewer and water services. Segment information for the
year ended December 31, 1988, is as follows :
i
1
1
1
1
-24
'
ICITY OF ROSEMOUNT, MINNESOTA
� NOTES TO THE FINANCIAL STATEMENTS
(Continued)
, December 31 , 19$8
� NOTE 6 SEGMENT ZNFORMATION (Continued)
� Utility
Commission
Operating Revenue $1, 032, 369
� Operating Expenses -
Depreciation 83, 686
Other 394, 314
, Operating Income $ 554, 369
Net Non-Operating Revenue (Expense) 92, 076
, Net Income Before Operating Transfers $ 646, 445
� Current Assets $1 , 908, 512
Current Liabilities 133 , 127
, Net Working Capital $1, 775, 385
, Total Assets $3, 995, 025
Total Liabilities 273, 867
Fund Equity $3, 721 , 158
, __--__=_
Assets Restricted for Debt Retirement
� and Future Improvements $ -242, 530
Long-Term Debt $ 140, 740
' --____--__
Fixed Asset Additions $ 67. ��8
' __________
Interfund Transfers In $ 157, 777
' 169 115
Interfund Transfers Out $ ,
�
,
-25-
'
' CITY OF ROSEMOUNT, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
� __(Continued)
--------- -----------
December 31, 1988
'
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 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 8 TAX INCREMENT FINANCING DISTRICT
� The City of Rosemount Housing and Redevelopment
Authority is the administering authority for the
' following tax increment district :
The Rosemount Redevelopment Pro�ect
i A redevelopment district established May 1, 1979.
Duration is expected to be about ten years upon the
payment of all principal and interest on indebtedness
� incurred for the project, the authorizing law being the
Housing and Redevelopment Authority (Minn. Stats .
§462 . 545 and Minn. 5tats . §462. 585) .
' Original Assessed Value: $ 1, 476, 061
Current Assessed Value: $ 2, 122, 705
Captured Assessed Value
, Retained by Authority: $__646, 644
Total Bonds Issued and Type
' Tax Increment Bonds $ 1, 415, 000
Amounts Redeemed 190, 000
Outstanding Bonds at 12/31/88 $ 1, 225, 000
, —_-___-___
-26-
'
� CITY OF ROSEMOUNT, MINNESOTA
� NOTES TO THE FIN.ANCIAL STATEMENTS
(Continued)
---------------------------------
' December 31 , 1988
� NOTE 9 DEFICIT FUND BALANCES
The following funds had deficit fund balances at
' December 31, 1988:
Armory Construction Special Revenue Fund $ ( 2, 483 )
County Road #38 Capital Project Fund $ (46, 824)
, Jay Simmons 130th
Street Capital Project Fund $ (14, 731 )
Shannon Townhouses Capital Project Fund $ ( 762 )
� Valley Oak Phase III Capital Project Fund $ (10, 775 )
Limerick Way Capital Project Fund $ (2, 616)
White Lake Acres Capital Project Fund $ ( 13, 305 )
lThe capital project deficits were due to construction
costs incurred after assessments were levied and will be
recovered through general tax levies.
�
NOTE 10 COMPOSITION OF FUND TYPES
, The composition of both the Utilties Commission Fund and
Special Revenue Funds has changed since 1987. During
� 1987, the following funds were included with the Special
Revenue Funds : water hook-up, sewer hook-up, water and
sewer CIP and sewer surcharge . During 1988, the respec
tive funds are categorized as Utility Commission Funds .
� The 1987 financial statements have been adjusted to
reflect this change.
�
'
'
'
�
'
' -27-
�
'
'
,
'
�
,
� COMBINING, INDIVIDUAL FUND AI�TD ACCOUNT GROUP STATEMENTS
� �
r
�
�
�
�
�
�
�
�
�
iEXHIBIT E
CITY OF ROSEMOUNT, MINNESOTA
, GENERAL FUND
COMPARATIVE BALANCE SHEETS
--------------------------
� December 31, 1988 and 1987
� 1988 1987
ASSETS
' CURRENT
Cash $ 161, 260 $ 118, 580
Certificates of Deposit 1, 407, 500 1, 470, 000
� Accounts Receivable 11, 074 -
Taxes Receivable:
Current 171, 632 30, 386
, Delinquent 64, 501 81 , 767
Special Assessments Receivable:
Delinquent 564 -
' Deferred 70, 757 84, 965
Prepaid Expenses 109, 950 123, 692
TOTAL ASSETS $ 1, 997, 238 $ 1, 909, 390
j -____=r- __--___
' LIABILITIES AND FUND BALANCE
CURRENT LIABILITIES
Accounts Payable $ 36, 190 $ 29,489
� Reimburseable Permits and
Surcharges 77, 992 30, 474
Accrued Wages and Deductions 23, 754 14, 278
� Deferred Revenue 135, 822 166, 732
Contracts Payable 4, 217
� Total Current Liabilities $ 273, 758 $ 245, 190
FUND BALANCE
Reserved for Prepaids $ 109, 950 $ 123, 692
� Unreserved 1, 613, 530 1, 540, 508
Total Fund Balance $ 1 , 723, 480 $ 1, 664, 200
! TOTAL LIABILITIES AND
FUND BALANCE $ 1, 997, 238 $ 1, 909, 390
j =_--__--___ ---�_�___
I
1
_28-
� �
� EXHIBIT F
CITY OF ROSEMOUNT, MINNESOTA
iGENERAL FUND
COMPARATIVE STATEMENTS OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALAi�TCE
� --------------
For the Years Ended December 31 , 1988 and 1987
�
1988 1987
' REVENUE
Taxes $ 612, 860 $ 704, 849
Licenses and Permits 288, 952 152, 317
Intergovernmental 854, 257 812, 331
� Charges for Services 40, 685 61 , 531
Fines and Forfeitures 32, 424 31, 031
Miscellaneous 372, 562 136, 110
, Total Revenue $ 2, 201 , 740 $ 1, 898, 169
EXPENDITURES
' General Government $ 826, 897 $ 658, 222
Public Safety 539, 259 476, 834
Public Works 540, 469 441, 559
Park and Recreation 118, 661 96, 308
� Total Expenditures $ 2, 025, 286 $ 1, 672 , 923
EXCESS OF REVENUE OVER
� EXPENDITURES BEFORE OTHER FINANCING
SOURCES (USES) $ 176,454 $ 225, 246
� OTHER FINANCING SOURCES (USES)
Transfers from Other Funds $ 32, 826 $ 148, 229
Transfers to Other Funds (150, 000) (21 , 500)
Net Other Financing Sources $ ( 117, 174j $ 126, 729
� EXCESS OF REVENUE AND OTHER FINANCING
SOURCES OVER EXPENDITURES AND OTHER
' FINANCING USES $ 59, 280 $ 351, 975
FUND BALANCE, January 1 1, 664, 200 1, 312, 225
1 FUND BALANCE, December 31 $ 1, 723, 480 $ 1, 664, 200
[ � � �
i
1
t
-29-
�
� � � i � � � � i � � � � � � � � � �
EXE3IBIT G
CITY OF ROSFl�IOUNT. MINNFSOTA
SPECIAL REVENUE FUNDS
COMBINING BAI1ANCE SfiEE��
-----------------------
December 31, 1988
(With Comparative Totals for December 31, 1987)
Other Housing and
5-Year Capital Partici- Self- Severance Redevelop- Totals
CIP Projects Armory pating SUpporting and ment (Memorandum Only)
Program MSA Cr�nstruction Recreation Recreation Retirement Authority 1988 1987
ASSETS
CCJRI2ENT
Cash $ 19,672 $ 10,314 $ - $ - $ - $ 3,935 $ 62,815 $ 96,736 $ 37,632
Certificates of Deposit 640,000 745,000 - - - 50,000 245,000 1,680,000 1,110,000
Due F'rom Other Governmental
Units - - - - - - 16,470 16,470 -
Taxes Receivable - - - - - - 3,180 3,180 10,331
'In'PAL ASSETS $ 659,672 $ 755,314 $ - $ - $ - $ 53,935 $ 327,465 $ 1,796,386 $ 1,157,963
LIABILITIES AND FUND BAL�ANCE
LIABILITIES
Cash Overdraft $ - $ - $ 2,330 $ - $ - $ - $ - $ 2,330 $ 721
Accounts Payable 24,235 3,988 153 - - - 991 29,367 12,382
CAntracts Payable - - - - - - 36,789 36,789
'Ibtal Liabilities $ 24,235 $ 3,988 $ 2,483 $ - $ - $ - $ 37,780 $ 68,486 $ 13,103
FUND BAL�ANCE - Reserved 635,437 751,326 (2,483) - - 53,935 289,685 1,727,900 1,144,860
TOrPAL LIABILITIES
AND F(]ND BALANCE $ 659,672 $ 755,314 $ - $ - $ - $ 53,935 $ 327,465 $ 1,796,386 $ 1,157,963
-30-
� � � � � � � � � � � � � � � i � � �
�3IBIT H
CITY OF ROSEMOUNT, MINNESOTA
SPECIAL REVEN[JE FUNDS
C'OMBINING STATEhiII�PP OF REVII�7tJE, �Q'INDITURF'.S AND CHANGES IN FUND B�1LA[�10ES
-------------------------------------------------------------------------
For the Year Ehded December 31, 1988
(With Comparative 'Ibtals for the Year Ended December 31, 1987)
Other Severance Housing and
5-Year Capital Partici- Self- and Redevelop- Totals
CIP Projects Arm�ry pating Supporting Retirement ment (Mem�randum Only)
Program MSA Construction Recreation Recreation E1Zrid AutY�rity 1988 1987
REVF•N[TE
I�kznicipal State Aid $ - $ 345,974 $ - $ - $ - $ - $ - $ 345,974 $ 247,928
Federal Revenue Sharing - - - - - - - - 868
General Property Ta�ces 469,520 - - - - 3,500 4,359 477,379 161,1&9
Ta�t Increment - - - - - - 223,679 223,679 181,323
Homestead Credit - - - - - - 9,063 9,063 4,939
Park and Recreation Use - - - 838 52,804 - - 53,642 39,168
Interest Earnings 26,234 39,492 - - 1,616 3,153 28,826 99,321 44,969
TOTAL REVENUE $ 495,754 $ 385,466 $ - $ 838 $ 54,420 $ 6,653 $ 265,927 $ 1,209,058 $ 680,364
E}�INDI`P[JI2FS
Audit and Lzgal $ - $ 3,988 $ 2,483 $ - $ 2,767 $ - $ 15,223 $ 24,461 $ 52,244
Salaries and Wages - - - - 11,848 - 5,029 16,877 16,839
Engineering - - - - - 7,256 7,256 -
Supplies - - - 87 10,643 - 43,019 43,019 7,426
Other - - - 150 18,010 - 70,554 70,554 130,181
Capital Outlay
Purchase of Property 284,209 13,395 - - - - 1,360,717 1,658,321 88,417
TOTAL F�ENDITURES $ 284,209 $ 17,383 $ 2,483 $ 237 $ 43,268 $ - $ 1,472,908 $ 1,820,488 $ 295,107
EXCESS OF REVENiJE OVER
(IJNDER) EXPINDI`PURES $ 211,545 $ 368,083 $ (2,483) $ 601 $ 11,152 $ 6,653 $(1,206,981) $ (611,430) $ 385,257
OTf�Ft SOURCES (USES)
Bpnd proceec3s $ - $ - $ - $ - $ - $ - $ 1.079,264 $ 1.079,264 $ -
Transfers from Other Ftlnds - - - - - - 150,000 150,000 131,552
Transfers to Other Funds - - - (2,151) (32,643) - - (34,794) 55,740
`PdPAL OTHER SOURCES
(USES) $ - $ - $ - $ (2,151) $ (32,643) $ - $ 1,229,264 $ 1,194,470 $ 75,812
EXCESS OF REl7EN[JE AND OTHER
SOLTR(:ES OVER (UNDER)
EXPINDIT[JRES AND OTHER USFS $ 211,545 $ 368,083 $ (2,483) $ (1,550) $ (21,491) $ 6,653 $ 22,283 $ 583,040 $ 461,069
b'[JND B�1LF,NCES, January 1 423,892 383,243 - 1,550 21,491 47,282 267,402 1,144,860 683,791
FUND SALANCES, L�cember 31 $ 635,437 $ 751,326 $ (2,483) $ - $ - $ 53,935 $ 289,685 $ 1,727,900 $ 1,144,860
--------- - -31-
� � � � � � � � � � � � � � � � � � �
�1T I-1
QTi'�R�NP. N�PP,
L�FSP�ATI�FCis6
Q�SIL��1LPI��P
I�ai�er 31, 1988
(With Q�ati�e'Ibtals fcr I�ber 31. 1967)
G.O. G.O. 'I�x G.O. I�r. �ts �Zzth P�Y,n's 8th �kiLie�C�lc Q�i�.pari�le O'Le3ty's W�ite Iake
�e�rts Icrra�t Bs� 10-ll 12 Rse Park Ptt3itirn Pc�litirn A�s� Hill Prres
19� 1� ]976 ]975 ]977 1980 1980 1980 Ikbt 1965
A�
C�sh $ 1,844 $ 1,654 $ 1,236 $ 2,587 $ 4,278 $ 8,246 $ 14,189 $ 4,726 $ 3,101 $ 14,224
Q�tifi�t�of Ik�sit 100,000 15,000 5,000 - 30,000 15,000 410,000 190,000 20.000 85,000
�a�ial Ps�ss[elts R=�ivable
Lp1ir�.�t - - - 336 - - 43,515 8,062 15.813 -
� 125.950 - - 6,827 - - - - - 164,858
'IUff�L P�5 $ 227,'75� $ 16,654 $ 6,236 $ 9.750 $ 34,278 $ 23,246 $ 467,704 $ 202,'7� $ 38,914 $ 264.0�
T1TFB��.�55 Pi�D F[I�D fl�LPi3.�
i TARTT:PT'IF!S
C35�'1� $ - $ - $ - $ - $ - $ - $ - $ ' $ - $ -
Ikferre3 R�sne 125,950 - - 7.163 - - 43,515 8,052 15,813 164.858
`Ibtat Liabilities $ 125,950 $ - $ - $ 7,163 $ - $ - $ 43,575 $ 8,062 $ 15,ffi3 S 164,�i58
E[i�D�1LAI�E
F�t�fcr I3�t Servi� 101,844 16,654 6,236 2,587 34,278 23,2A6 42�,189 194,726 23,101 99,224
7.CJIPI��n�'I'g5
AL�D F[I�D BALF� $ 227,7'94 $ 16,654 $ 6,296 $ 9,750 $ 34,278 $ 23,246 $ 467,'10� $ 202,7� $ 38,914 $ 264,082
-32-
� r � � � � � ar � i � �■r � � � � � � �
E?�IIIBIT I-2
QTY�'�NP. N�PA
LESP�7I�FLL�
Q2�'BINIIi�fi�LPI�XE 3��I'
Ikr��er 31, 1988
(With Qz�ative'Ibtals fi-�r I�ber 31, 1967)
C�.ia1 C�pral.
C2�ligatiai Q�ligatirn
MniciXal Q�in3ticn I[�v�zt F9rk �ary MniciFal 'Ibk�]s
c.o. Ba�s Ligsx I�v,s�ts F�tir�rne Bn�s V7�mirrj Ta�c Inpxv,�Yt �aildir�g (N�an nzly)
1967A 199() 1975 1976 ]976 Sirei Ir�a�s�t 1� 1986 ]9� ]967
A�5II8
�sh $ 14,806 $ 3,E�6 $ 6,266 $ 3,� $ 2,423 $ 13,070 $ 2,425 $ 495 $ 53.139 $ 155,807 $ 177,ffi6
�rtifs�tes of �osit 1,310,000 18,175 65,000 510,000 120,000 60,000 5,000 1,495,000 40,OOD 4,493,175 3,352,160
�ial Ps�ss�its�i�le
D:1irr�..�nt - - 6,979 - - - - - - 74,705 55,227
L�ferre3 853,352 - 12,626 - - - - 52,U/8 - 1,215,FA1 1,278,106
'IIIIAi�A� $ 2,1'78,158 $ 21,861 $ 90,877. $ 513.412 $ 122,42.3 $ 73,070 $ 7.425 $ 1,-`�7,573 $ 93,139 $ 5,939,378 $4,863,319
i SARTT TPTFG pj�F[[�$�
t�Tf,PTTfFS
C�sh O.�dit $ - $ - $ - $ - $ - S - $ - $ - $ - $ - $ 46,337
I�ferre9 �� 853,352 - 19.605 - - - - 52.(778 - 1,�0,396 1,278,106
'Ibtal Liabilities $ ffi3,352 $ - $ 19,605 $ - $ - $ - $ - $ 52,078 $ - $1,29D.396 $ 1.324,443
�H�1L�
I�ns3 fxx L�t Servi� 1,324,8J6 21,8"al 71.aE6 513,412 122,423 73,071� 7,425 1.495,495 93,139 4.648,y82 3,538,876
�t7I�L�1Bn�I�PDD
FLAID PALPI� $ 2.178,L58 $ 21,8G1 $ 90.871 $ 513,�2 $ 122,'� $ 73,070 $ 7,425 $ 1,547.573 $ 93,139 $ 5,939,378 $4.863,319
_�
� � � � � � � � � � � � � � � � � � �
�TT J-1
CPPY�'R�M,LIVP. I�'3PA
1�BP SE�7I�E[N�
C48R�S�I�II�TP C�'1�JFI�I]E, F?�II�IDPILI�S PDID Q�IN FtI�ID H�i.P�
F�t7�e Year F2rk�i lb�erber 31, 1988
(With�patati�e�bta.ls fcr tY�e Ya3r EY�3 Iboa�s 31, 1987)
G.O. I�r. �d�dcs 9x�th 1�'s 8th �LLe�(Bk rnz�3�e O'Leary's Vlzits I�lce G.O. G.O. Tax
B�ris lo-ll 12 1�Fark AcYiitirn PcY3itirn Acs� I�ill Prres 7npxa�s 7ncren��
]976 1975 1977 ]_960 196C) LQ60 T�t 1965 19� 19�
I��E
Ga�al Pr�perty Tax $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Mxiici�al.State Aid - - - - - - - - - -
�ial As�ssn3�ts - 1,468 - - 13,003 795 9,305 76,448 46,267 -
Irxterest�nvr� 297 178 1,992 1.592 29.452 12,833 859 2.761 16.739 8,654
Otl�x - - - - - - - - - -
'Ibta1 R�� � 1.G46 1,9�2 1,592 42,455 13,628 10.164 79.209 $ 63,006 $ 8,654
F?�II�PItk�S
Bs�Prirri�al $ - $ 15,000 $ 6,500 $ 3,500 $ 77,87i0 $ 37,130 $ - $ 20.000 $ - $ -
Interest rn B� - 469 676 374 _ 23,275 ll.097 - 14.150 - -
Fis$L Pt�ait El�s - 5 148 81 113 243 - 439 - -
atY�r 50 50 50 50 50 50 - 50 - 3,0�0
'Ibtal�rliti�es $ 50 $ 15,524 $ 7,374 $ 4,005 S 101,306 $ 48,520 $ - $ 34,639 $ - $ 3,000
�S�O�Fi2 (iI�I2) F3�II>IDFILJfi6
B�UII-&R 3�I2� (L�5) $ 247 $ (13,878) $ (5,382) $ (2,413) $ (58.553) $ (34,892) $ 10,164 $ 44,5�0 $ Fz�,006 $ 5,654
QII-&12 3�&i�5 (t�)
A�s fi7in S�le of Ei�r3s $ - $ - $ - $ - $ - $ - $ - $ - $ 27,500 $ 11,000
'IYarsfers fiYm Otl�er FLrrls - - - - - - - - ll,338 -
�ar�sfers to CtY�r Ftrris - - - - - - - - - -
Nzt OtYps�ors (Lk�s) $ - $ - $ - $ - $ - $ - $ - $ - $ 38.ffi8 $ ll,000
E��S C&'l��l]E PL�ID OII-�R 9Zki��QvIIt
(LI�ER) �DPIt�AL�D C1IfgRL� $ 247 $ (13.878) $ (5,382) $ (2,413) $ (58,853) $ (34,892) S 10,164 $ 44,570 $ 101,8A4 $ 16,654
ELAID BALPt3.�5, Janatl'1 5,989 16,465 39,6E0 25,659 983,042 229,618 12,937 54,654 - -
�ZI�D BAT�, I��er 31 $ 6.?3G $ 2.587 $ 34,278 $ 23.246 $ 424,189 $ 194.7a6 $ 23,101 $ 99,224 $ 101.844 $ 16,654
_34,_
� � � _ � � � � � � � � � � � � � � �
�IT J-2
QTi'�'K�M,LNP, N�II�
DFBP�1I�F[I�
Q1tiSINIi�3�NP C�'I�7II3JE. F�II�DFILA�SS Pl�ID Q�IN EtDID BALPL�
R�tYie 1'e�r FYr3e3 Ik�ari�r 31, 1�8
(With�rati�,e�btals for tl�e Year EYrk�d I�oa�er 31, 1°g7)
�1 Cs�eral
�y�� Cblic�tiaz
Mnici�al Q�ir�ticn 7it�[�t F9rk 'I�perary M.nici�al `Ibtal.s
G.O. Bxzis I.iq� �s F�firr�r� Barls V�ming Ta�c �� Buildin3 �arr�m Chly)
1967A L°6C) 1975 1976 1976 Sire7 Incratait 7.965� ]986 7986 1�7
�lII�
Cs�e�.a1 pr�pes�t.y Ta�s $ 72,811 $ - $ - $ - $ �,739 $ 15,133 $ - $ - $ 85,006 $ 193,689 $ 149,520
Mnici.�al State Aid 413,766 - - - - - - - - 413,766 -
�ecial Ps�sm�ts 323,232 - 6,074 - - - - 432,406 - 90�,996 1,192,200
Iriterrest Famizr�s 1.8�,673 3,166 4,211 38,139 7,101 4,lll 682 89,619 3,454 406,513 274,3�i
�� 25,�9 - 98 - - - - - - 25,147 799
'IDt-al�� $ 1,015581 $ 3,166 $ 10.333 $ 38,139 $ 27,&10 $ 19,?A4 $ 6ffi $ -`�22,025 $ �,4F� $1,X18,ll3 $ 1.616,�72
�DTILE�
Bs�i Prirri�al. $ - $ 20,000 $ Z0.000 $ 35,000 $ 15,000 $ 10,000 $ 30.000 $ - $ - $ 290.000 S 340,000
7r�erest�n�s 289,950 3,500 2,240 24,130 5,412 4,604 13,588 ll6,100 82,010 591,575 349,915
EYsB1 pt�nt Fbes 37$ 12 8 230 10� 7 17 400 335 2,52� 1,964
p� 50 - 50 50 50 50 50 50 50 3.750 5,212
'Ibtal E�arlit�es 2b,378 $ ?3,512 $ 22,298 $ 59,410 $ 20,566 $ 14,661 $ 43,655 $ ll6,550 $ ffi,395 $ �7,8t�5 $ 697,091
�CE'REUII3E CJJfR (ti�LFlt)
D�II�IDPIL&�F�FORE CfII-gIt S��
(I�5) $ 725,�3 $ (20,346) $ (ll,965) $ (21,271) $ 7,274 $ 4,5�i $ (42,973) $ 405,475 $ 6,065 $ 1,060,268 $ 919,811
QII�12 3�&i�S (i.�)
Pra�ts £mn S�le of B�� $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 38,500 $ 152,330
'IYar�sfers fsnn Other Flrr�s - - - - - - - - - 11,338 1,174,026
`I�ar�sfers to Otl�er ELrrLs - - - - - - - - - - (524,033)
L�t OtYpr � �L�s) $ - $ - $ - $ - $ - S - $ - $ - $ - $ 49,838 $ 802,323
��'�PDD QII�R 3�I�6JII2
(iI�2) F�II>DI'I[A�pbIDQff�ti.� $ 725.203 $ (20.346) $ (ll,965) $ (21,271) $ 7,274 $ 4,583 $ (42.973) $ 405,475 $ 6,065 $ 1,ll0,106 $ 1.722.134
FtI�D BALpIQ,F�, Jan st.y 1 599.603 42,2lJ7 83,231 �4,6ffi 115,149 68.487 50,398 1,090,020 87,074 3,538,876 1,ffi6,742
EII�ID H�LPI�, I�x 31 $ 1,324,8�6 $ 21,�1 $ 71,�6 $ 513,412 $ 122,423 $ 73,070 $ 7,425 $ 1,495,495 $ 93,139 $4,648,�2 $ 3,538,876
-35--
� � � � r � � � �r � w� � r � r � � � �
�IT K-1
C�IY�'R'7�NP. N�IP,
C1�IPYIAL�Pr�7F['t�FLI�T6
Q2+BIN�E�1iPIQ�3�P
Ib�arbex 31, 1988
(With CY��rative'lbtals fia IT��er 31, 1987)
Jay Sinn�s �dc V�strici�e ��Tc�'rv
�y Rx-�i Q�u�ty FBx�d Cl�u�y 130th 9�rrrn E�'is Qznty R�:�d Irr�strial 3�d H;71 G
#38 #42 Hills Street 'lt��Yra�s Ra�ri #42 East Park Pc�iitirn �d Pc�litirn
A4IIS
C�sh $ - $ 3�137 $ - $ - $ - $ - $ 46,585 $ 1,733 $ 34,843 $ 1,050
c�tificates of Ik-�it 15,000 125,000 890,000 - - ].2�.00D 190,000 8�.000 EA,000 25,000
Pmants lb�i�eble - - �,4ll - - - - - - -
'IIIIF�L AS�[5 $ 15.000 $ 128,137 $ 9�,411 $ - $ - $ 120.00� $ 236,585 $ 81,733 $ 94,843 $ 26.050
r rnun imrF�PDD FiI�D BALPIQE
r�s�r�5
G�sh O�erdraft $ 61,ffi4 $ - $ 18,260 $ 14,731 $ 762 $ 723 $ - $ - $ - $ -
Pmarits PayaL�Le - 220 315 - - 41,525 1,005 - - -
Ositcacts FByable - - 134,441 - - 58,631 71,458 - 37,313 21,765
'Ibtal Liabilities $ 61,824 $ 220 $ 153,016 $ 14,731 $ %2 $ 100,879 $ 72,463 $ - $ 37,313 $ 21,765
EiI�D H�TI� (46,ffi4) 127,917 775,395 (14,731) (%2) 19,121 16�,1?2 ffi,733 57,530 4,285
'IIIIF�L,rrz�nrrrr*rH�PDID FCDID H�LPI3� $ 15,000 $ 128,137 $ 928,411 $ - $ - $ 120,000 $ 236.585 $ 81.733 $ 94,843 $ 26,050
_�
� � � � � � '� � � � � - � � � � _ � �
�TT K-2
C�IY C��NP. A'�JPA
CT�PPIY�I.�PfZ17F�[S FIis6
Qa'SII1II�BALPIJ�3�.P
Lb�a�x 31, 1988
(With Q�rati�e 7.btals fxa I�ri�r 31, ]�7)
3t�n�rn
Parlaey 9�rrn
p'�, 9��rrn Qn�aTara Hills �k
Hi1Ls Uaue��lc �wer Parl�ay 'Irail PrYliti�]. rn��e I i�riac Irtpn� c�rm��
4th P�]itirn Ph�se III �ctazsirn Pm�ct #185 ��t Qa�sts�tiai A�.s� V�hY �ts W�ocls
A�.S
C�Sh $ - $ - $ 9.669 $ - $ 22,218 $ 3,082 $ - $ - $ 18,541 $ -
�r:tificates of i�Csit 270.000 - - 100,000 1,025,000 165,000 215.000 - 140,000 _
Pmxrns ib�i�le - - - - - - - - -
R�1�L AS�IS $ 270,000 $ - $ 9,669 $ 100,000 $ 1.047,2]8 $ 168,0� $ 215,00� $ - $ 158,541 $ -
T,TARn�.*i�5 PDD F[Dm H�LI�
7 TARTT 7'i'IF:S
�p,� $ 12,47b $ 10,775 $ - $ 27.250 $ - $ - $ 2,314 $ 863 $ - $ -
p� �e - - 235 2,71.77 39,996 - 14,414 1.753 2,90Q -
�t�acts payable - - 2.7ffi 18,2D5 67,668 - - - - -
'Ibtal Liabilities $ 12,470 $ 10.775 $ 3,018 $ 47,662 $ 107,664 $ - $ 16,728 $ 2.616 $ 2,90� $ -
�gz�p� 257,530 (10,775) 6,�1 52,338 939,554 168,OfQ 196.272 (2,616) 155,641 -
'IUI€1L LTP,Bn•rrrr�PDID E[bID HaLPNE $ 270,000 $ - $ 9,669 $ 100,000 $ 1,047,218 $ 168,062 $ 215,000 $ - $ 158,541 $ -
37-
� � � � � � � � � � � � � � � � � � �
EXEiIBIT K-3
CITY OF F�OSII�IOUNT, MINNESC7PA
CAPITAL PRATECP FUNDS
COMBINING BALANCE SF�Er
-----------------------
December 31, 1988
(With Comparative Totals for December 31, 1987)
O'Learys' Valley Westridge Totals
Hills - 2nd White Lake O�ak lst (Memorandum Only)
Construction Acres Phase 2 Addition 1988 198�
ASSETS
Cash $ 4,301 $ - $ 3,775 $ 3,175 $ 152,109 $ 316,563
Certificates of Deposit - - - 235,000 3,655,000 2,535,000
Accounts Receivable - - - - 38,411 -
TOTp.I, ASSEPS $ 4,301 $ - $ 3,775 $ 238,175 $ 3,845,520 $ 2,851,563
LIABILITIES AND FUND BALANCE
LIABILITIFS
Cash Overdraft $ - $ 13,305 $ - $ - $ 163,277 $ 472,920
Accounts Payable - - - - 104,570 39,105
Contracts Payable - - - - 412,264 161,261
Zbtal Liabilities $ - $ 13,305 $ - $ - $ 680,111 $ 673,286
F'[7ND gALANCE 4,301 (13,305) 3,775 238,175 3,165,409 2,178,277
'IC7I'AL LIABILITIES AND PUND BALANCE $ 4,301 $ - $ 3,775 $ 238,175 $ 3,845,520 $ 2,851,563
-38-
� � � � � � � � i � � � � � ' � � � _
�rr U-i
c�tst c��tvr, rm�t�rA
����
ars�s�ar c�r�z�, �nr�.uss, �rro a�ar rt.t�B�t�
Ebr the Ymr II-r�3 I�nait�er 31, 1988
(LVinc���rative'Ibtals inr rhe Ya-�r nz3ea I�aa�i sl, 1967)
Jay Sin[r�s �adc V�strid�e ��LearY
Q711'd_'y� Q'7121tY R13d Q3I1t.L17 130t1'1 �YY1'1 I�+/k1115 Q7ll7ty R�c"1 Trri�ctrial a'Y3 H111.S
#� � � Hl]IS �POL� 'IF�+d'�'I7lb'LS FtTl3 $�Ea5t PdTIS Pf�1tiQ1 ��1t1Q1
��
M,t11C1� ��'''d�E A'I.C� . $ - $ - $ - $ - $ - $ - $ - $ - � � - $ -
Oh�']2L�L�
. �.F�1211TY�5 - - - - - - - - - -
IkTYZt1Q1S dCl3 0�'�C - - - - - - - - - -
'�t'31 I�'vg1]2 $ - $ - yS - $ - $ ' $ - $ ' $ _ $ ' $ _
����
�1Q7 m6tB
I�v�its $ 93,658 $ - $ 590.3� $ 28,Q37 $ - S 218,315 $ 72,445 $ - $ 25,521 $ 15,052
Ft�i rx�m-im�s - - 61,246 8,290 - 40.079 - - 7,157 1,532
Otl��r Project Q�sts
P�it - - 150 - - 100 50 50 50 50
iqat 275 2,415 2,&}2 373 - 4,214 1.743 - 8l. 27
Orl�r 260 1,560 3.368 - - 7,a67 FA - 85 1.837
'Ibtal E�a�it�es $ 94.193 $ 3,975 $ 657,909 $ 36.'Xb $ - $ 269,975 $ 74,307 $ 50 $ 32,894 $ 18,49E3
�CF F��l�alIIt (iI`ffi2) F?�E�DFI[1�5
BF�C1���R S��.S (L�) $ (9�,193) $ (3,975) $ (657,9D9) S (36,'�l0) $ - $ (269.975) $ (74,307) $ (50) $ (32,53�) $ (18,498)
OII�R 3�Jfi�.S (L�)
B�rl Prooa�ls $ - $ - $ - $ - $ - $ 310,336 $ - $ - $ - $ 196.466
'Iiarsfers fran Otr�r ELrr3s - - - - - - - - - -
�arsfers to CtY�r Fixrls - - (24,939) - - - - - (4,914) (2.973)
Net Otl� 9�s�; (L�es) $ - ,�- $ 24,939 $ - $ - $ 310,336 $ - $ - $ (4,914) $ 193.493
E�CS��,�JE PDID Og�332 3X&�Od7II232(il�Ei)
F�II>DFn&�.5 PDD CS1��Ft i�5 $ (94.193) $ (3,975) $ (6ffi,89$) $ (36.'7Q0) $ - $ 40.361 $ (74,3W) $ (50) $ (37,8�B) $ 174,995
PLDID�,LPI3�, Jan,aty 1 47.369 131.892 1,4�.243 21,969 (762) (21.240) 233,429 81.783 95.338 (170.710)
F[DD�,L1�.5, I�drr 31 $ (46,�) $ 127.917 $ 715.395 $ (14.731) $ (762) $ 19,121 $ 164.171 $ 81.733 $ 57,530 $ 4,235
_�
� � � � � � � � � � � � � � � � � � �
F�I]}31T Lr2
CPPY CE'�NP. N�PA
C�P17P,L PR'�7B3S ECI3�
Q�'BII�S�P�'1�k23.E. E�fDIRLI�S. PDID�P�I�.S IN ECI�ID BALAi�S
Ra the Y�r PYr3ed Il�a[�r 31, 1988
(With�ati�e�btal.s fcr the Y�r EYr3�3 l�ber 31, 1967)
3�arrin
ParlaaY 9�rrn
p�r�arj g�rrn Qma�era E3ills F�rk O'L�ry's
HiLLS UaLLe�C�k Ssa�s Parlanay 'IYail Ad3itiCx�1 Qzi�dale Liirnsidc Inp�- Hills-2�d
4th PrYiitirn A�.se III Ektazsirn Project #185 Ia�nstsit �tnr.tia7 A�a� V�1' na�ts C�stsuctiCn
�UFI�IE
MniciFel state Aid $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
OtY���
Interest F�mirr3s - - - - - - - - 6,Z03 -
Ixrnticrs ard Otl�er - - - - - - - - ffi,350 -
'It�t-al ��e $ - $ - $ - $ - $ - $ - S - $ - $ �,553 $ -
�II�DPn1�.5
asstr�ticn Q�ts
�� $ - $ ll6,816 $ '�l-,8ffi $ 166,290 $ 67,958 $ - $ - $ - $ 4,93� $ 5,240
F7r�i.i�irs�E�s 17.100 33,438 14,4ffi 41.259 39,668 4,263 22.025 2,559 2,900 -
Ot7rir Project Q�sts
Pu3it - - - - - - - - 50 -
�L ll8 36 - - - - - -
prlwr 2,872 3,423 2,370 4,365 9,970 3,407 386 57 6,8ll -
'It�taL E�it�es $ 19,972 $ 153.677 $ 58,£3Ei1 $ 211.950 $ ll7,596 $ 7.6'� $ 22,4ll $ 2,616 $ 14,691 $ 5,240
�S C&'F��]FI�IIE Q�1II2 (LDgR) F?�FI�D17.L1�5
��II$RS�F� (i..�) $ (19,972) $ (153,677) $ (58,�1) $ (?11.950) $ (ll7,5Xci) $ (7,6it�) $ (22,4ll) $ (2,616) $ 73,862 $ (5,240)
QII�R 3Zad'E5 (I�)
gazl p��exis $ 277,502 $ 142,902 $ 65,512 $ 264,288 $ 1,057,150 $ 175,752 $ 2dD.683 $ - $ - $ -
�fers f�zm OtY�er El�s - - - - - - - - 34,79� -
'IYar�sfers to Other Fuxis - - - - - - - - - -
Net Ol-Y�r��s (L�es) 271,502 $ 142,902 $ 65,512 $ 264,2� $ 1.057,15U $ 175.752 $ 2XJ,6ffi S - $ 34,794 $ -
��RE\7IIQ�FL�ID OII�t 9:t�AiIIt([I�7�
F?�I.�IDFI[k�PDD 0l�12 L� $ 257,530 $ (10,715) $ 6,651 $ 52.338 $ 939.554 $ 168,082 $ 1°•8,272 $ (2.616) $ 108,656 $ (5.240)
Eti�ID&�LF23�. Jan.a�'1 - - - - - - - - 46,985 9,541
E[I�D BATPI�, I�r 31 $ 257,530 $ (10,775) $ 6,651 $ 52,338 $ 939,554 $ 168,OB2 $ 196,272 $ (2,616) $ 155,641 $ 4,301
�O-
� � � � � � � � � � r � a■� �w � � � � �
EXE3IBIT Lr3
CITY OF RpSIIKWN'P, MINNESOTA
CAPITAL PRfJJEC.T FUNDS
�INING STATII�fP OF REVENUE, �ENDITLTRES AND CE3ADTGES IN FUND BAT.,ANCES
------------------------------------------------------------------------
For the Year Ended December 31, 1988
(With Comparative Totals for the Year Ended December 31, 1987)
Valley Westridge 7btals
White Lake Oak lst (Memorandum Only)
Acres Phase 2 Addition 1988 1987
REVEEVENV[lE
Municipal State Aid $ - $ - $ - $ - $ ��.796
Other Revenue
Interest Earnings - - - 6,203 17,924
Donations and Other 2,357 - - 84,707 31,579
'Ibtal Revenue $ 2,357 $ - $ - $ 90,910 $ 127,299
EXPINDITURFS
Construction Cr�sts
Improvements $ 8,832 $ 3,058 $ - $ 1,458,340 $ 2,283,295
Ehgineering Fees - - - 296,004 335,611
Other Project Costs
Audit - - - 500 600
I,egal 1,262 - - 13,386 7.000
Other - - - 48,107 63,726
Total Expenditures $ 10,094 $ 3,058 $ - $ 1,816,337 $ 2,690,232
r�ss oF xEv�E ov�z (c�rm�x) ��mi�s
$EF1�RE 0'It-�R SOURCES (USES) $ (7,737) $ (3,058) $ - $(1,725,427) $(2,562,933)
OTEIER SOURCFS (USES)
Bond Proceeds $ - $ - $ - $ 2,710,591 $ 4,809,554
Transfers from Other FUnds - - - 34,794 393,536
Transfers to Other ELuzds - - - (32,826) (889,034)
Net Other Sources (Uses) $ - $ - $ - $ 2,712,559 $ 4,314,056
F�{CESS OF REVENUE AND OTf�R SOURCES OVER (UNDER)
�PINDITURES AND OTHER USES $ (7,737) $ (3,058) $ - $ 987,132 $ 1,751,123
FUND BALANCE, January 1 (5,568) 6,833 238,175 2,178,277 427,154
FUND BALANCE, December 31 $ (13,305) $ 3,775 $ 238,175 $ 3,165,409 $ 2,178,277
-41-
' CITY OF ROSEMOUNT, MINNESOTA EXHIBIT M
UTILITY COMMISSION FUND
' COMPARATIVE_BALANCE_SHEETS
December 31 , 1988 and 1987
�
ASSETS 1988 1987
CURRENT
, Cash $ 46, 574 $ 40, 454
Certificates of Deposit 1, 495, 000 865, 000
Accounts Receivable 89, 070 80, 371
' Special Assessments Receivable - Deferred 10, 740 11, 252
Special Assessments Receivable - Delinquent 378
Prepaid Expenses 24, 598 -
Total Current Assets $ 1, 665, 982 $ 997, 455
' RESTRICTED ASSETS
Cash $ 2, 530 $ 10, 902
, Certificates of Deposit 240, 000 260,000
Total Restricted Assets � 242, 530 270, 9�
' FIXED ASSETS
Land $ 23, 720 $ 23, 720
Buildings 171, 922 154, 538
Water Towers and Mains 2, 487, 219 2, 451, 719
' Machinery and Equipment 153, 618 138, 724
Total Fixed Assets $ 2, 836, 479 $ 2, 768, 701
Less Accumulated Depreciation ( 749, 966) (666, 280)
' 2, 086, 513 2, 102, 421
TOTAL ASSETS $ 3, 995, 025 $ 3, 770, 778
� LIABILITIES AND RETAINED EARNINGS
CURRENT LIABILITIES
Payable from Current Assets
, Accounts Payable $ 9, 897 $ 1, 451
Contracts Payable 35, 500
Accrued Expenses 1, 140 1, 550
' Customer Meter Deposits - 17, 989
Compensated Absences Payable 39, 018 29, 313
Total Payable from Current Assets $ 85, 555 $ 50, 303
Payable from Restricted Assets
, Bonds Payable - Current $ 45, 000 $ 45, 000
Accrued Interest on Bonds 2, 572 3 , 172
Total Payable from Restricted Assets $ 47 , 572 $ 48, 172
' LONG-TERM LIABILITIES
Bonds Payable Less Current Portion Above $ 130, 000 $ 175, 000
' Deferred Revenue 10, 740 11, 252
Total Long-Term Liabilities $ 140, 740 $ 186, 252
TOTAL LIABILITIES $ 273, 867 $ 284, 727
' RETAINED EARNINGS
Designated 1, 244, 576 598, 645
Undesignated 2, 476, 582 2, 487,406
' Total Retained Earnings 3 , 721 , 158 3, 086, 051
TOTAL LIABILITIES AND
RE'PAINED EARNINGS $ 3, 995, 025 $ 3, 370, 778
----------- -----------
' -42-
� EXHIBIT N
CITY OF ROSEMOUNT, MINNESOTA
' UTILITY COMMISSION FUND
COMPARATIVE STATEMENTS OF INCOME AND RETAINED EARNINGS
r ________________________________
----------------------
For the Years Ended December 31, 1988 and 1987
' 1988 1987
OPERATING REVENUE
1 Water Sales $ 220, 482 $ 164, 722
Sewer Charges 174, 883 165, 665
Water Meter Maintenance 7, 645 9, 364
Water Meters 11, 314 11, 840
, Connection/Reconnection Fees 609, 915 234, 168
Miscellaneous 8, 130 6, 129
Total Operating Revenue $ 1, 032, 369 $ 591, 888
� OPERATING EXPENSES
General and Administrative
Personal Services $ 122, 186 $ 103, 142
' Water Utility
Supplies 43, 230 17, 236
Other Services 84, 062 22, 498
t Sewer Utility
Supplies 5, 454 5, 874
Other Services 22, 224 6, 587
, Metro Sewer Charge 117 , 158 98, 498
Depreciation Expense 83, 686 81, 456
Total Operating Expenses $ 478, 000 $ 335, 291
' OPERATING INCOME $ 554, 369 $ 256, 597
NON-OPERATING REVENUE (EXPENSES)
� Special Assessments $ 12, 590 $ 8, 750
Interest Earnings 90, 143 80, 481
Interest Expense ( 10, 198) (12, 560)
' Fiscal Agent Fees (459) (400)
Net Non-Operating Revenue $ 92,076 $ 76, 271
NET INCOME BEFORE OPERATII�TG TRANSFERS $ 646, 445 $ 332, 868
, OPERATING TRANSFERS IN 157, 777 183, 452
OPERATING TRANSFERS OUT ( 169, 115) (540,488)
' NET INCOME (LOSS) $ 635, 107 $ ( 24, 168)
RETAINED EARNINGS, January 1 3, 086, 051 3, 110, 219
' RETAINED EARNINGS, December 31 $ 3, 721, 158 $ 3, 086, 051-
'
'
-43-
'
� EXHIBIT O
CITY OF ROSEMOUNT, MINNESOTA
tUTILITY COMMISSION FUND
COMPARATIVE STATEMENTS OF CHAI�TGES IN FINANCIAL POSITION
-------------------------------------------------------
' For the Years Ended December 31, 1988 and 1987
' 1988 1987
WORKING CAPITAL PROVIDED BY
� Operations
Net Income Before Transfers $ 646,445 $ 332, 868
Items not Requiring Outlay of Working
Capital
' Depreciation 83, 686 81,456
Total From Operations 730, 131 � 414, 324
, Increase in Deferred Revenue - 2, 604
Transfers from Other Funds 157, 777 183,452
TOTAL WORKING CAPITAL PROVIDED $ 887 , 908 $ 600, 380
� WORKING CAPITAL APPLIED TO
Purchase of Fixed Assets $ 67, 778 $ 61, 896
� Retirement of Long-Term Debt 45, 000 45, 000
Transfers to Other Funds 169, 115 540, 488
Decrease in Deferred Revenue 512 -
' TOTAL WORKING CAPITAL APPLIED $ 282, 405 $ 647, 384
INCREASE (DECREASE) IN WORKING CAPITAL $ 605, 503 $ (47, 004)
' __--_ -_ ___________
The Increase in Working Capital is
� Accounted for as Follows : Increase(Decrease)
Cash and C. D. ' s $ 607 , 748 $ (60, 556)
, Accounts Receivable 8, 699 8, 154
Special Assessments Receivable (512) 9, 913
Taxes Receivable - Delinquent ( 378) (8, 270 )
Prepaid Expenses 24, 598 (20, 075 )
� Accounts Payable (8, 446) 38, 386
Contracts Payable ( 35, 500)
Accrued Expenses 1, 010 (987)
, Customer Meter Deposits 17, 989 1, 773
Compensated Absences Payable (9, 705) ( 15, 342)
INCREASE IN VJORKING CAPITAL $ 605, 503 $ (47, 004)
� _-______ ---------__
�
�
-44-
'
' CITY OF ROSEMOUNT, MINNESOTA SCHEDULE 1
� GENERAL FUND
SCHEDULE OF REVENUE
-------------------
, For the Years Ended December 31, 1988 and 1987
� TAXES 1988 1987
General Property Taxes �- 406, 761 672, 433
Fiscal Disparities 206, 099 32, 416
' Total Taxes $ 612, 860 $ 704,849
LICENSES AND PERMITS
Business $ 13, 879 $ 14, 010
� Non-Business 275, 073 138, 307
Total Licenses and Permits $ 288, 952 $ 152, 317
� INTERGOVERNMENTAL
State Grants
Local Government Aid $ 568, 169 $ 548, 618
Homestead Credit 230, 263 212, 348
� Police State Aid 32, 916 32, 153
Mobile Home 11, 743 12, 193
Other 11, 166 7, 019
� Total Intergovernmental $ 854, 257 $ 812, 331
CHARGES FOR SERVICES
� General Government $ 32, 473 $ 44, 907
Public Safety 4, 297 11, 461
Highways 2, 743 4, 314
SAC 1, 172 849
� Total Charges for Services $ 40, 685 $ 61, 531
FINES AND FORFEITS
� County $ 32,424 $ 31,031
Total Fines and Forfeits $ 32,424 $ 31, 031
� MISCELLANEOUS
Interest Earnings $ 83, 186 $ 84, 590
Other 18, 059 5, 577
Special Assessments 19, 316 13, 53$
� Donations 9, 439 225
Rents 2, 180 32, 180
Sale of Property 240, 382 -
� Total Miscellaneous $ 372, 562 $ 136, 110
TOTAL REVENUE $ 2, 201, 740 $ 1, 898, 169
� OTHER SOURCES
Transfer In $ 32, 826 $ 148, 229
Total Other Sources 32, 826 148, 229
! TOTAL REVENUE AND OTHER SOURCES $ 2, 234, 566 $ 2, 046, 398
,
-45-
'
' SCHEDULE 2-1
CITY OF ROSEMOUNT, MINNESOTA
' GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
' --------------------------------------------
For the Year Ended December 31, 1988
� 1988
(Over )Under 1987
Budget Actual Budget Actual
, GENERAL GOVERNMENT
Mayor and Council
Personal Services $ 16, 600 $ 16, 557 $ 43 $ 16, 620
' Professional Fees 24, 000 27, 049 ( 3, 049) 17, 815
Other Charges 6, 350 9, 403 ( 3, 053 ) 8, 889
Council Designated 30, 000 34, 537 (4, 537 ) 27, 317
Executive
� Personal Services 99, 536 112, 336 ( 12,800) 77, 445
Other 5, 603 3, 178 2, 425 549
Election
� Personal Services 6, 000 3, 889 2, 111 1, 941
Supplies 14, 200 12, 551 1, 649 646
Other Charges 950 847 103 340
Finance
, Clerk-Treasurer
Personal Services 78,407 82, 500 (4, 093 ) 76, 193
Supplies - 13, 068 ( 13, 068) 24, 942
' Other Charges - - - 82, 902
Other
Disbursements 3, 100 1, 547 1, 553 3, 920
� Community Development
Personal Services 167, 738 190, 174 (22,436) 140, 044
Other Charges 7, 675 22, 695 ( 15, 020) 23, 580
Insurance 90,000 91, 258 (1, 258) 102, 377
' General Government
Buildings 90, 075 78, 278 11, 797 700
Supplies 72, 200 68, 364 3, 836 15, 833
' Other Charges 46,450 58,666 ( 12, 216) 36, 169
Total General
Government $ 758, 884 $ 826, 897 $ (68, 013 ) $ 658, 222
' _-___-- - ____-- _ ___--_ __-____
,
r
�
�
-46-
'
' � SCHEDULE 2-2
CITY OF ROSEMOUNT, MINNESOTA
IGENERAL FUND
SCHEDULE OF EXPEI�TDITURES - BUDGET AND ACTUAL
' ---- --------------------------------------
For the Year Ended December 31, 1988
, 1988
Over Under 1987
' Budget Actual Budget Actual
PUBLIC SAFETY
Police Protection
' Personal Services $ 370, 865 $ 369, 798 $ 1, 067 $ 334, 595
Supplies 18, 750 14, 875 3, 875 14, 431
Other Services 28, 750 49, 281 ( 20, 531 ) 26, 779
Capital Outlay 12, 000 11, 944 56 23, 741
' Fire Protection
Personal Services 50,000 55, 525 ( 5, 525) 48, 774
Supplies 12, 500 13, 236 (736) 11, 045
, Other Services 13, 550 20,409 (6, 859) 14, 782
Capital Outlay 4, 200 4, 191 9 2. 687
, Total Public
Safety $ 510, 615 $ 539, 259 $ (28, 644) $ 476, 834
PUBLIC WORKS
' General Maintenance
Personal Services $ 321,099 $ 321, 655 $ (556) $ 294, 702
Supplies 66, 450 95, 726 ( 29, 276) 52, 923
, Other Services 3, 950 18, 433 (14,483 ) 7, 622
Streets and Roads
Other Charges 75, 700 58, 192 17, 508 50, 908
Snow Removal
, Other Charges 6, 800 5, 631 1, 169 593
Street Lighting
Other Charges 29, 200 40,832 ( 11, 632) 34, 811
, Total Public
Works $ 503, 199 $ 540,469 $ ( 37, 270) $ 441, 559
'
'
,
'
'
� -47-
' SCHEDULE 2-3
CITY OF ROSEMOUNT, MINNESOTA
' GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
---------------------------------
, For the Year Ended December 31, 1988
, 1988
(Over )Under 1987
, Budget Actual Budget Actual
PARK AI�TD RECREATION
' Personal Services $ 83, 481 $ 95, 368 $ ( 11, 887) $ 79, 450
Supplies 8, 500 7, 014 1, 486 6, 263
Other Services 19,450 16, 279 3, 171 10, 402
Capital Outlay - - - 193
� Total Park and
Recreation $ 111,431 $ 118, 661 $ ( 7, 230) $ 96, 308
1 TOTAL
EXPENDITURES $1, 884, 129 $2, 025, 286 $ ( 141, 157) $1, 672, 923
' TRANSFERS TO OTHER _
FUNDS 150, 000 (150, 000) 21, 500
TOTAL
' EXPENDITURES
AND TRANSFERS-
OUT $1, 884, 129 $2, 175, 286 $ (291, 157) $1, 694, 423
, — __��� _—___ --__ ___ ---_____
�
,
'
'
'
'
'
' -48-
� � � � � � � w i � � � � � � � � � �
S7�1L 3
CTIY�It:�iVr. NIIL�t�9'3PA
. %F.(�$���II�
I�xri�31, 1988
Fi�t Prirri�al 7ritesest
Iriterest Issae N�tasity CUtstarr3ir� Isar�3 i�tire3 Q�tstarrii.c� L1�e In Ll� In
Ihtes I�te LBte 1-1� ].9� 19E�3 7.2-31-&B 1�39 ]�9
C�IIiAL�C�IC�PIIN B:I�Il:6
'I�x Ircra�e7t. 198�1 8.20-9.60 6-88 2�9 $ - $ 1,100,000 $ - $ 1.100,000 $ - $ 117,400
I�v�a�nt. 1°� 5.90-6.90 10-� 2-� - 2.750,000 - 2,750.000 - 146,167
I�v,�s�sit. 1987A 4.75-6.70 2�1 2�9 4.995,000 - - 4.995,000 70,000 �8,288
�irritirn I�vaaisits 5.40-6.40 �75 2�9 45.00D - 20,000 25.000 25,000 S00
I�ts t�fir�rne 4.75-6.50 r76 2�6 410,000 - 35,000 375,000 40.000 22,000
p� 5.00- 5.65 12-76 3�3 105,000 - 15.000 90.00D 15.000 4,175
V�mi,r� g�stan 7.25-8.60 2�41 2-91 60,000 - 10,000 50,000 10,000 3,790
Tax Irxse�t 8.25-8.90 8�81 2�1 155.000 - 30.000 125.000 40.000 10,30D
City f�LL 5.40-6.'70 4-86 �2002 1.3�0,000 - - 1,300,000 55,000 8D,525
'I�p�"�'I�t 5.90 8-86 8-89 2.150,000 - - 2,L50,000 2,L�fJ,000 ll6.1Q0
�1 $ 9,7.L0.000 $ 3.ffi0,000 $ ll0.000 $12,960.Q00 $ 2.905,000 $ 7&3,545
�A�I'H23:6
�rk�c.�c's 10-ll-12 5.00-6.25 12 75 3-� 15,000 - 15,000 - - -
S�th R�e Park 6.50-7.00 3-8J 2-$9 15.000 - 6,500 8.500 8,500 225
12�tn's�h PcYiitiaz 6.50-7.00 3-80 2-89 5,000 - 3,500 1.500 1.500 125
UaLLe��k 5.25- 5.80 7�0 2-�32 402,897 - 77,870 325,0� 81,256 18.354
Qzi�le 7.90-7.50 10-8� 2�32 192,103 - 37,130 154.974 38,744 8,752
Fhit�Ialce Ptres- 1985 6.00-8.� 6-85 2-136 ZOD.000 - 2�,000 1&�.000 20�00� 12.8E0
'R�tal $ 830,OOD $ - $ 160,000 $ 670,000 $ ]50,000 $ 40.316
1�1)FIQE B1�TTB
T�rypr -B.v.lrlirrj 7.50-8.75 ll�HO ll�9 $ 40,000 $ - $ �Z0.000 $ ZO,Q00 $ 20.000 $ 1,750
inhter 7�s�t 4.50-5.40 ll 71 5-92 140.000 - 30,000 7.10,000 30,000 4,995
4�ter -V�Ll #7 4.75-6.10 r76 2-92 80.000 - 15.000 65.00� 15,000 3,436
�1 $ 2E0,000 S - $ Fz5,000 $ 195,000 $ 65,000 $ 10,1ffi
qp�,g�� $10,310.000 $ 3,ffi0,000 $ 335.� $13,8�5,Q00 $ 2.620,000 $ 840.042
-49-
' SCHEDULE 4
CITY OF ROSEMOUNT, MINNESOTA
, SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR THE ROSEMOUNT REDEVELOPMENT PROJECT,
' ____-A_TAX_INCREMENT_FINANCING_DISTRICT
December 31, 1988
(Unaudited)
'
� Accounted
Current For in
Year Prior Years
SOURCES OF FUNDS
� Bond Proceeds $ 1, 079, 264 $ 309, 645
Tax Increments 223, 679 772, 722
Interest on Invested Funds 29, 508 68, 885
� Real Estate Sales _ 167, 465
Rental 10, 800
City of Rosemount General Fund - 12, 844
Intergovernmental Revenue 9, 063 23, 574
1 General Property Taxes 4, 359 -
Miscellaneous 150,000 45, 223
, TOTAL SOURCES OF FUNDS $ 1,495, 873 $ 1,411, 158
USES OF FUNDS
' Property Acquisition $ 1, 360, 717 $ 590, 861
Site Improvements or Preparation
Costs - 9, 846
, Bonds Payments
Principal 30, 000 160, 000
Interest 13, 588 145, 948
Administrative Costs 112, 258 122, 332
, Other Interest _ 21, 005
Bond Issuance Costs 12, 246
, TOTAL USES OF FUNDS $ 1, 516, 563 $ 1, 062, 238
DISTRICT BALANCE $ (20, 690) $ 348, 920
' DISTRICT BALANCE, Beginning 530, 779 603, 886
FUNDS REMAINING $ 510, 089 $ 952, 806
' --__----__ _--_______
'
'
'
' -50-
1
_■
BOECI NHE.�NEN�'c1VIAY�
' 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 general purpose financial statements of the
City of Rosemount, Minnesota, as of and for the year ended
� December 31, 1988, and have issued our report thereon dated
February 17, 1989. 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.
� dCQG�Ctit��n ��.�P.•n d-� �►' �
� r ��
' BOECKERMANN, HEINEN & MAYER
Certified Public Accountants
Minneapolis, Minnesota
� February 17, 1989
1
1
' -51-
BOEC� NHF.1NENb'cMAYER
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
Co the Honorable Mayor
and Members of the City Council
Zosemount, Minnesota
n1e have examined the general purpose financial statements c
�ity of Rosemount for the year ended December 31 , 1988 an�
issued our report thereon dated February 17, 1989. As a p,
�ur examination, we did a study and evaluation of the
system of internal accounting control to the extent we cons
zecessary to determine the nature, timing, and extent c
�uditing procedures . Our study and evaluation was more 1
than would be necessary to express an opinion on the sysi
internal accounting control taken as a whole, and we d
axpress such an opinion.
:iowever, during our examination we became aware of s
natters that, while not involving material weaknesses in in
�ccounting control, are opportunities for strengthening in
�ontrols and operating efficiency. The memorandum that
�anies this letter summarizes the disposition of prior
�omments, discusses current year comments and includes g
�nalysis of key elements of the City' s operations.
n1e will review the status of the current year comments duri
�ext audit engagement . We have already discussed these co
�nd other suggestions with the finance director, and we w.
c��eased to discuss them in further detail at your convenien
to assist you in implementing the recommendations.
Sincerely,
���'�,r�wv►'l �d�/hQ,trj �' ►' `""'�"
��
BOECKERMANN, HEINEN & MAYER
Certified Public Accountants
Minneapolis, Minnesota
February 17, 1989
MINNEAPOLIS.MN
7500 Flying Cloud Drive#740
Eden Prairie,MN 55344
(6121944-5999
CITY OF ROSEMOUNT, MINNESOTA
DISPOSITION OF PRIOR YEAR COMMENTS
----------------------------------
BUDGETING PROCE;3S
Our 1987 comments suggested the formal adoption of a budget
Special Revenue Funds, the benefit, of which, is better co�
over Special Revenue Fund revenue and expenditures . The
budgetting process did not include Special Revenue Funds e:
(see current year commments ) .
PLEDGE OF SECURITIES
At December 31, 1987, it was noted that deposits at Rose�
National Bank needed an additional $386, 285 of pledged colla�
to meet the requirements of Minnesota Statute 118. 01 relatii
security for deposits. During 1988, this situation was corr�
and your current collateral coverage is adequate.
EXPRESS ACCOUNT
Three recommendations were made during the 1987 audit rega:
the express account :
1. Two signatures on each check to ensure p:
authorization.
2. Bank reconciliations should be performed monthl
someone without access to the cash.
3 . All checks should be approved by the City Council .
Analysis of Current Procedures:
1 . Two persons are now signing each check.
2. The reconciliations are being performed mon
however, they are not being prepared by persons wi
access to the cash.
3. Approval by the City Council is being obtained th:
the Council ' s approval of the check for reimburseme:
the account. Because the account is not always
bursed to the same balance, this does not guar
Council approval of all checks.
We suggest that the City continue to improve the procedurE
this area.
l.l1i VL' AVOL'11VVLV1 � 1•111VLYLOV119
DISPOSITION OF PRIOR YEAR COMMENTS
----------------------------------
VENDOR INVOICES
xring the 1987 audit, 3� of the checks we examined were withc
�rresponding vendor invoice support. During the 1988 aud:
>wever, this was not a problem.
PURCHASE ORDERS
ist year we recommended that you limit the number of persc
Lth access to purchase orders and set a dollar limit where �
-der in excess of this amount be approved by the C
iministrator or Finance Director. Currently, all purch;
-ders are being approved.
l.11 Vr iCV.7L+11VULV1� 1•11LVLV "L'Av1ti
CURRENT YEAR COMMENTS
COMPLETED CAPITAL PROJECTS
.ng our audit, we noted that the City waits a few years befc
�ing out completed capital projects to make sure all bills <
We recommend that you close-out these projects sooner tc
�ral construction fund. Any late receipts and/or payments c
i be charged to this fund. This will decrease the number
.tal project funds needed and cut down on the work load <
�r generated each month.
SELF-SUPPORTING SPECIAL REVENUE FUNDS
City currently has several "self-supporting" Special Reve�
is on the books and broken out in the financial report.
down on the size of the financial report, we recommend t]
combine all these funds for financial reporting purposes.
BUDGETING PROCESS
_cally, Minnesota Statutes do not require cities to budg�
�ver, we feel that a comprehensive budget is an essential p�
in efficient system of administration.
City of Rosemount currently prepares a detailed budget
:ral Fund expenditures, a summary of General Fund revenue �
�udgets for Special Revenue Funds. The most important part
budget, General Fund expenditures, is already being d�
�erly. We believe that the General Fund revenue could
�n more detail with very little additional work and would b�
_ul tool for the Council and Administration. And, as
�er of Special Revenue Funds decreases, there would be v
:le activity to budget in those funds.
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