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Home My WebLink About11513 - FINANCIAL REPORT 2004 TIF BUDGETThe purpose of this report is to provide a summary of financial information concerning the City of Rosemount to interested citizens The complete financial statements may be examined at the City Hall, 2875 145th Street West, Rosemount Questions about this report should be directed to Mr Jeffrey May, Finance Director, at (651) 423-4411 REVENUES Taxes Intergovernmental Public Charges for Services Licenses and Permits Fines and Forfeitures Special Assessments Investment Income and Miscellaneous Total Revenues Per Capita EXPENDITURES Current General Government Public Safety Public Works Parks and Recreation Capital outlay Debt Service Principal Retirement Interest and Fiscal Charges Total Expenditures Per Capita Excess (deficiency) of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Issuance of Long -Term Debt Capital Leases Sale of Capital Assets Transfers In Transfers Out Total Other Financing Sources (Uses) CITY OF ROSEMOUNT SUMMARY FINANCIAL REPORT Revenues and Expenditures for General Operations (Governmental Funds) 8,110,958 1,983,738 2,798,197 1,295,164 98,947 1,590,026 8,544,963 $24,421,993 $1,227 Net Change in Fund Balance 1,772,402 Fund Balances Beginning 20,582,488 Fund Balances Ending (December 31) Per Capita Total Long -Term Indebtedness Per Capita Total Total 2004 2003 6,232,189 1,650,656 1,378,920 915,589 89,752 1,557,386 7,817,963 $19,642,455 $1,170 1,898, 739 1,605,319 2,234,367 2,091,444 2,623,105 2,055,389 980,841 907,100 12,469,486 7,356,580 3,011,929 10,265,948 981,801 1,137,023 $24,200,268 $25,440,150 $1,216 $1,515 26,698,244 22,354,890 17,481,194 $1,123 $1,041 $26,870,000 $30,230,000 $1,350 $1,800 Percent Increase (Decrease) 30 15% 20 18% 102 93% 41 46% 10 24% 2 10% 9 30% 24 33% 4 89% 18 28% 6 83% 27 62% 8 13% 69 50% -70 66% -13 65% -4 87% -19 75% 221,725 (5,797,695) 103 82% 1,945,000 100 00% 74,257 -100 00% 6,350 37,513 -83 07% 3,615,269 2,451,981 47 44% (2,070,942) (7,928,106) -73 88% 1,550,677 (3,419,355) -145 35% (9,217,050) -119 23% -22 91% 27 88% 7 88% -11 11% -25 01% Total Assets TOTAL NET ASSETS CRY OF ROSEMOUNT STATEMENT OF NET ASSETS PROPRIETARY FUNDS December 31, 2004 Business Type Activities Enterprise Funds Storm Non major Water Sewer Water Arena Total Governrnental Activities Interrral Service Fund ASSETS Current assets Cash and investments 7,056,853 5,880,026 5,434,406 4,323 18,375,608 581,935 Customer accounts receivable 324,440 282,626 149,075 756,141 9,128 Special assessments receivable 84,897 254,403 148,285 487,585 Due from other governments 57,217 57,217 Prepaid items 6,307 56,064 2,534 2,522 67,427 53,774 Total current assets 7,472,497 6,473,119 5,734,300 64,062 19,743,978 644,837 Non current assets Advance to other funds 618,046 618,046 Property and equipment Land 515,101 1,094,136 1,609,237 Buildings 2,619,393 263,014 862,420 2,399,900 6,144,727 Mains and lines 8,502,571 6,490,469 10,247,767 25,240,807 Otnenmprovements 15,709,459 36,983,749 12,550,028 65,243,236 Machineryandequipment 973,863 449,675 142,980 94,598 1,661,116 Construction in progress 2,742,387 1 443,443 4,061,216 8,247,046 Less accumulated depreciation (7 464,495) (20,339,041) (3,565,761) (533,716) (31,903,013) Net property and equipment 23,598,279 25,291,309 25,392 786 1,960,782 76243,156 Total non current assets 23,598,279 25,909,355 25,392,786 1,960,782 76,861,202 31,070,776 32,382,474 31,127,086 2,024,844 96,605,180 644,837 LIABILITIES Current liabilities Accounts payable 32,949 9,693 8,678 6,478 57,798 Accrued liabilities 10,655 9,059 3,422 4,684 27,820 Accrued interest 37,419 75,681 113,100 Current portion of long term debt 380,000 355,000 735 000 Total curr ent 1labd,hes 461,023 18,752 442,781 11,162 933 718 Noncurrent liabilities Accrued compensated absences 38,545 38,545 12,788 13,506 103,384 General obligation debt 1,999,066 3,696,716 5,695,782 Advances from other funds 98,987 98,987 Total noncurrent liabilities 2,136,598 38,545 3,709,504 13,506 5,898,153 Total Liabilities 2,597,621 57,297 4,152,285 24,668 6,831,871 13,864 13,864 13,864 NET ASSETS Invested in capital assets, net of related debt 21,219,213 25,291,309 21,341,070 1,960,782 69,812,374 Restricted for debt service 2,395,000 435,541 4,080,000 6,910,541 Unrestncted 4,858,942 6,598,327 1,553 731 39,394 13,050,394 630,973 28,473,155 32,325,177 26,974,801 2,000,176 89,773,309 630 973 OPERATING REVENUES Charges for services Water meters Miscellaneous Total Operating Revenues OPERATING EXPENSES Personnel services Supplies Professional services and charges Other services and charges Metro sewer charges Depreciation Total Operating Expenses Operating Income (Loss) NONOPERATING REVENUES (EXPENSES) Connection fees faxes Special assessments Investment income Net increase (decrease) in fair value of investment Loss from disposal of fixed assets Surcharges and penalties Interest expense and fiscal agent fees Total Nonoperanng Revenues Income (loss) before contributions and transfers Capital contributions Transfers in Transfers out Change in Net Assets TOTAL NET ASSETS Beginning TOTAL NET ASSETS ENDING CITY OF ROSEMOUNT STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS PROPRIETARY FUNDS For the Year Ended December 31, 2034 Water Sewer 1,004,057 1,124,398 185,083 1,189,140 333,668 275,499 79 878 486,043 487,874 1,662,962 (473,822) 75,140 138,665 (8,850) (270) 214,297 (100,338) 2 276,373 Business -Type Activities Enterpnse Funds 340,086 28,597 28,048 71,844 546,452 682,981 1,698,006 62,940 194,360 2,015 (82) 11 ,786 (5,190) 1 217,740 Storm Water 127,819 2,349 40,940 28,847 347,928 547,883 (572,461) 53,931 1,957,729 951,911 1,132,937 115,760 113,785 119 4,432 (189,518) 1,177,515 Non major Arena Total 601,737 337,912 3,068,104 185,083 1,149 77 1226 1,125,547 601 814 337,912 3,254,413 159,098 960,671 36,430 342,875 8,397 157 263 133,311 720 045 546 452 54,334 1,573,117 391,570 4,300,423 4,042,577 253,840 212 447,022 (6 716) (352) 230,515 (295 046) 212 4,671,840 1,802,551 645,279 1,231,446 (53,446) 3,625,830 1 047,011 2,187,862 4,405,136 7,640,009 64,000 64,000 (459,495) (162,263) (972 069) (14,500) (1,608 327) 2,390,067 2,670,878 4,728 513 (67,946) 9,721,512 26,083 088 29,654,299 22,246,288 2,068,122 80051,797 Governmental Activities Internal Service Funds 34,443 34,443 77 26,957 215,156 242,190 (53,658) (1,046,010) (207 747) 225,000 4,442 229,442 21,695 21,695 609,278 $28,473,155 $32,325,177 526,974,801 $2,000,176 $89,773,309 630,973 CITY OF ROSEMOUNT STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the Year Ended December 31, 2004 Business -Type Activities Enterprise Funds Water Sewer Storm Non major Utility Utility Water Arena CASH FLOWS FROM OPERATING ACTIVITIES Cash received from customers 3,366,280 2,147,071 1,848,823 Cash paid to suppliers for goods and services (1,027,600) (747,751) (103,675) Cash paid to employees for services (270,354) (276,688) (101 923) Net Cash Flows From (Used by) Operating Activities 2,068,326 1,122,632 1,643,225 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Property taxes Transfers from other funds Net Cash Flows From (Used by) Noncapdal Financing Activities CASH FLOWS FROM INVESTING ACTIVITIES Investment income Net Cash Flows From Investing Activities CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Debt retired Capital advances to other funds Interest paid Capital contributions Acquisition and construction of capital assets Net Cash Flows Used by Capital and Related Financing Activities Net increase (Decrease) in Cash and Cash Equivalents CASH AND CASH EQUIVALENTS END OF YEAR 129,815 196,375 113,904 129,815 196,375 113 904 (260,000) (340,000) (4,811) (265 138) (104,180) (5,190) (190,214) 799,280 2,246,787 4,265,886 (1,530,050) (2,443,147) (5,123,241) (1,099,761) (466,688) (1,387,569) 1,098,380 852,319 369,560 7,056,853 5,880,026 5,434,406 326,326 7 688,500 (202,305) (2 081 331) (131,861) (780,026) (7,840) 4,826,343 (14,500) (14,500) (14,500) (14,500) 212 440,306 212 440,306 Governmental Activities Internal Total Service Funds (600 000) (269,949) (299,584) 7 311,953 (9,096,438) (2,954,018) (22,128) 2,298,131 CASH AND CASH EQUIVALENTS Beginning of Year 5,958,473 5,027,707 5,064,846 26,451 16,077,477 4,323 18,375,608 26,973 (227,198) (200,225) 225,000 225,000 4,442 4,442 29,217 552,718 581,935 District Name Rosemount Business Park Tax Increment Financing Dist Endres Tax Increment Financing District Downtown- Brockway Tax Increment Financing District Current net tax capacity $302,396 S44 586 $0 Original net tax capacity $28,996 $7 712 $236 555 Captured net tax capacity $273,400 $36,874 $0 Principal and interest payments due during current year $224 328 $24,780 $0 Tax increment received $179 360 $27,193 $0 Tax increment expended $179 360 $27,193 $0 Month and year of first tax increment receipt July 1998 July 1999 July 2006 Date of required decertification 03/06/2007 04/01/2008 12/31/2031 Increased property tax imposed on other properties as a result of fiscal disparities contnbubon N/A N/A N/A Annual Disclosure of Tax Increment Distracts for the Year Ended December 31, 2004 The fiscal disparity tax law provides that the growth in commercial- industnal property tax values is shared throughout the area In a tax increment financing district, this value sharing can either result in a tax increase for other properties in the municipality or result in a decrease in tax increment financing district revenue depending on how the tax increment financing district is established Currently the only tax increment financing district located in the City of Rosemount that does not share the growth in commercial industrial property tax values is the Downtown Brockway Tax Increment Financing District Additional information regarding each distract may be obtained from Jeffrey A May, Finance Director City of Rosemount 2875 145th Street West Rosemount MN 55068 (651) 423 -4411