HRA 09/13/1984 - 6745I17
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FRIDLEY HOUSIN AND REMVE APIHENT AUTHORITY
FRMXY, HIRIESOTA
FINANCIAL STATSIBNTS
MCMUR 31, 1983
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FRIDLEY HOUSING AND REDEMOPMENT AUTHORITT
ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 319 1983
TABLE OF CONTENTS
Organization
1
Auditor's Opinion
2
Combined Balance Sheet - All Fund Types
3
Combined Statement of Revenues, Expenditures
and Fund Balance
4
Notes to Financial Statements
5
Special Revenue Fund
Comparative Balance Sheet
8
Comparative Statement of Revenues, Expenditures
and Fund Balance
9
Construction Fund
Combining Balance Sheet
10
Combining Statements of Revenues, Expenditures
and Fund Balance
11
Capital Projects Revolving Fund
Combining Balance Sheet
12
Combining Statement of Revenues, Expenditures
and Fund Balance
13
Bond Fund
Comparative Balance Sheet
14
Comparative Statement of Revenues, Expenditures
and Fund Balance
15
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FRIDLET BWSIHG AND REDEV LOPMENT ADTHORITT
FRIDLEZ, KMNESOTA
ORGANIZATION
MEMBER 319 1983
Commissioners
Larry Commers - Chairman
Walter Rasmussen
Elmars A. Prieditis
Carolyn Svendsen
Duane Praire
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GEORGE M. HANSEN COMPANY, P.A.
GMHCo
^ A Professional Corporation of Certified Public Arrountants
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j AUDITORS' OPINION
!I Commissioners
Fridley Housing and Redevelopment Authority
r.. Fridley, Minnesota
We have examined the combined financial statements of the Fridley Housing and
`I Redevelopment Authority of Fridley, Minnesota as of and for the year ended
lI December 31, 1983. Our examination was made in accordance with generally accepted
auditing standards and, accordingly, included such tests of the accounting records
and such other auditing procedures as we considered necessary in the circumstances.
In our opinion, the combined financial statements referred to above present fairly
the financial position of the Fridley Housing and Redevelopment Authority of
�I Fridley, Minnesota at December 31, 1983, and the results of its operations for
the year then ended, in conformity with generally accepted accounting principles
applied on a basis consistent with that of the preceding year.
Our examination was made for the purpose of forming an opinion on the combined
financial statements taken as a whole. The individual statements are presented
^ for purposes of additional analysis and are not a required part of the combined
�I financial statements of the Fridley Housing and Redevelopment Authority of
Fridley, Minnesota. The information has been subjected to the auditing procedures
applied in the examination of the combined financial statements and is subject to
the same opinion as the combined financial statements taken as a whole.
April 5, 1984
175 SOUTH PLAZA BUILDING WAYZATA BOULEVARD AT HIGHWAY 100 MINNEAPOLIS. MINNESOTA 5541 6 61 2/546 -2566
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n FRIMY HOUSING AND REDEVELOPMENT AUTHORM
FRIDLEY, MnINESOTA
COMBINED BALANCE SHEET - ALL FUND TYPES
December 31, 1983
Capital
Special Projects Totals
Revenue Construction Revolving Bond (Memorandum Only)
Fund Fund Funds Fund 1983 1982
Assets
Cash $2,433
$ 2269096 $ 239831 $ 249,572
$ 5019932
$ 692,517
Investments, at cost 5,350
710,095 18,213 319,164
1,052,822
1,499,986
Accrued interest receivable
44,250
44,250
279143
Taxes receivable:
Unremitted
2,331
2,331
89
Delinquent
13,247
13,247
3,462
Less: estimated uncollectable
(13,247)
(13,247)
(3,462)
Total assets
Liabilities and Fund Balance
Liabilities:
n Advances from HRA's
I� general account
Accounts payable
Contracts payable
Deposits payable
Due to the City of Fridley
Deferred revenue
Total liabilities
Fund balance 3�eA -
Reserved for debt service
Unreserved, undesignated
Total fund balance
Total liabilities and
fund balance
783 $ 980.441 $ 42,044 $ 571,067 $1,601,335 $-292192735
$ $ 419272 $ 583 $ $ 419855 $ 2,491
80,649
359879 35,879 47,879
10,850 10,850 10,000
16,162 4,417 20,579 152,647
2,331 2,331 89
-0- 1049163 59000 2031 111,494 2939755
568,736 568,736 529,555
7,783 876,278 37,044 9219105 1,396, 425
7,783 6769278 37,044 5689736 1,4899841 1,925,980
.783 80 441 kgjLO44 571,067 $1,601,335 $2.219,735
See Accompanying Notes to Financial Statements
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FROUY HOUS M AND RED V=PHENT AUTHORni
FRIDLEZ, !lINNESOTA
01MIN D 3TATEMM OF REVMES, EXPENDITURES AND FUND BALANCE
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Year Ended December 31, 1983
Revenues:
i Tax increment
State credits
Federal grants
r- Sale of bonds
Sale of land
Interest on investments
Rental
Miscellaneous revenues
Total revenues
Other sources - Transfers
from other funds
Capital
Special Projects Totals
Revenue Construction Revolving Bond (lbmtorandum Only)
Fund Fund Funds Fund 1983 1982
$ $ $ $ 2729563 $ 2729563 $ 1979753
639028 4,948 67,976 106,764
1,150
1,211,907
10,050 10,050 8,000
786 1099322 4,184 479174 1619466 219,847
35,236 35,236 32,08;
786 15 #,608 67,212 324,685 547,291 19777,972
-0- -0- -0- 661 861 190379253
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Total revenues and
other sources
786
1549608
67,212
3259546
548052
298159225
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Expenditures:
Professional services
4589420
10,460
468,880
113,718
Bond payment
2869133
286033
181,150
Agent fees
232
232
132
Land purchase
219,924
219,924
11473,538
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Utilities
383
383
Miscellaneous
7,378
500
7,878
11,850
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Total expenditures'
-0-
686005
109960
286,365
9839430
1,7809388
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Other uses - Transfers
to other funds
-0-
-0-
861
_
861
1,037,253
Total expenditures
..,
and other uses
-0-
686^105
11,821
286,365
984,291
2,817,6 41
Exoess (deficiency) of
revenues and other
sources over
expenditures and
other uses
786
(5319497)
559391
39081
( 4369139)
(2, 416)
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Fund balance (deficit)
January 1
69997
1,#07,775
(18,347)
5299555
1,9259980
1,928,396
Fund balance December 31
= T,783
; 87t!
�!4
f 566,736
;1, #89,8 #1
$1,925,980
See Accompanying Notes to
Financial Statements
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FRIDLEY HOUSING An RBDBVSLOPMM AUTHORITY
FRIDLBY, KORU OTA
r• NOTES TO FINANCIAL STATEMENTS
DBCEWR 31, 1983
1. Summary of Significant Accounting Principles
The Fridley Housing and Redevelopment Authority (HRA) of Fridley, Minnesota was
established in 1980 by the City Council of Fridley, Minnesota under the Statutes
of the State of Minnesota to complement and account for any public redevelopment
and housing projects undertaken within the City which would fall under the
n statutory authority of the HRA.
The accounting policies of the HRA conform to generally accepted accounting
principles. The following is a summary of the more significant policies:
A. Fund Accounting
The accounts of the HRA are organized on the basis of funds, each of which
is considered a separate accounting entity. The operations of each fund are
accounted for with a separate set of self- balancing accounts that comprise
its assets, liabilities, fund equity, revenues and expenditures. 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
II statements in this report, into two generic fund types within one broad fund
category as follows:
GOVBRNNMAL FUNDS
Special Revenue Funds - Special Revenue Funds are used to account for the
n proceeds of certain specific revenue sources that are legally restricted to
�I expenditures for specified purposes.
�., Construction Funds - Set up to account for all costs in the HRA construction
Projects.
Capital Project Revolving Funds - The revolving funds are used to account
for financial resouces to be used for the construction of redevelopment
projects.
r, Bond Fund - Used to carry the principal and interest amounts on bonds issued
for HRA projects.
B. Fixed Assets and Long -term Liabilities
The accounting and reporting treatment applied to the 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 focus. This means that only current assets
and current liabilities are generally included on their balance sheets;
n accordingly, 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
j resources" during a period.
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FRIDLEY ROUSM AND REDEVELOPMENT AUTHORITT
FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1983
jj1. Summary of Significant Accounting Principles (Continued)
nB. Fixed Assets and Long -term Liabilities (Continued)
it Land was acquired by the HRA and later sold at a loss. This is considered a
cost of the program. Therefore, the HRA has no fixed assets.
The HRA had no long -term liabilities as of December 31, 1983•
�. C. Basis of Accounting
'I Basis of accounting refers to when revenues and expenditures or expenses are
recognized in the accounts and reported in the financial statements. Basis
�I of accounting relates to the timing of the measurements made, regardless of
II the measurement focus applied.
All funds of the HRA are accounted for using the modified accrual basis of
accounting. Their revenues are recognized when they become measurable and
available as net current assets.
n Expenditures are generally recognized under the modified accrual basis of
II accounting when the related fund liability is incurred. Exceptions to this
general rule are principal and interest on general long -term debt which is
r' recognized when due.
D. Total Columns on Combined Statements
Il Total columns on the combined statements 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
7 operations, or changes in financial position in conformity with generally
accepted accounting priniciples. Neither is such data comparable to a
consolidation. Interfund eliminations have not been made in the
r; aggregation of this data.
E. Cash and Investments
., Cash balances from all funds are combined and invested to the extent
available in certificates of deposit and U.S. government securities.
Earnings from such investments are allocated to the respective funds on the
^ basis of applicable cash balance participation by each fund. Investments
are stated at cost which approximates market.
r� 2. Sale of Bonds
' The City of Fridley sold $2,200,000 in 1981 and $1,225,000 in 1982 of Housing
and Redevelopment Tax Increment Bonds. No bonds were sold during 1983• These
�j bonds are payable primarily from taxes in the tax increment district, which will
be remitted to the HRA. They are backed by the full faith and credit of the
City. The bonds are shown as an obligation of the City of Fridley, payments are
�1 made on the bonds through the HRA Bond Fund.
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PBIDLSZ HOOSIN AND REDSYSLOPHENT AUTHORITY
FRIDLSZ, lIDTN MTA
NOTES TO F33MCIAL STATEMENTS (CONTIAUSD)
DffCDMR 319 1983
3, Fund Deficits
The following funds had deficit fund balances at December 319 1983:
Construction
Moore Lake Area Fund $ 49384
North Area Fund 369888
Capital Projects Moore Lake Area
Revolving Fund 3003
4. Deferred Revenue
The Bond Fund at December 31, 1983 has a deferred revenue balance of $2,331.
This amount is unremitted taxes collected in 1983 by the County.
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FRIDLEY ROUSING AND REDEVELOPl+R NT AU7BoRITZ
FRIDLBY, !!I<NESOTA
SPECIAL REYSNUS FUND
COMPARATIVE BALANCE SHEET
December 31, 1983 and 1982
1983 1982
Assets
Cash $2,433 $5,675
Investments, at cost 59350 3,730
Total assets 17.783 9 405
Liability and Fund Balance
Liability:
Due to the City of Fridley =0- $2,406
Fund balance:
Unreserved, undesignated 7,783 69997
Total liability and fund balanos $79783 121-40-5
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FRIDLBY BWSM ADD REMELOMMENT AMORM
n FRIDLBY, HIMMSOTA
I` WNSTRUCTION FUNDS
OOMBIRM BALANCE SEM
! December 319 1983
Yith Comparative Totals for Year Bnded December 319 1982
Assets
77
i Cash
Investments, at cost
Accrued interest receivable
i�
Total assets
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Liabilities and Fund Balance
Center Moore North
City La1w Area Area
Totals
1983 1982
$ 226,096 $ $ $ 226,096 $ 557,486
710,095 710,095 1,073,581
44,250 44,250 27,143
$ 980,441 # -0- $ -0- $ 980,441 $196589210
117 Liabilities:
Advance from HRA's general account
$
$ 4,384 $ 36,888 $
41,272
$
Accounts payable
Contracts payable
35,879
35,879
80,649
47,879
Deposits payable
10,850
10,850
10,000
Due to the City of Fridley
16,162
16,162
111,907
Total liabilities
62,891
49,384 36,888
1049163
250,435
•+ Fund balance (deficit):
Unreserved, undesignated
917,550
(49364) (36,888)
8769278
$194079775
Total liabilities and
rj fund balance
$ 980,441
# -0- $
$19658,210
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1 FRIDLEY HOUSING AND REDETELOPMENT AUTHORITY
FRIDLEY, MINNESOTA
CONSTRUCTION MMS
i 01)MBINING S_TATEI ENT OF REVENUES, WMITURES AND FUND BALANCE
Year Ended Deember 319 1983
vith Ca M arative Totals for Deoeaber 31, 1982
r
Revenues:
Sale of land
r, Interest on investments
Rental
Total revenues
Other sources:
Transfers from Bond Fund
�i Total revenues and
other sources
r
Expenditures:
Professional services
!� Land purchase
Utilities
Miscellaneous
r, Total expenditures
it
.� Excess (deficiency) of revenues
and other sources over
expenditures
Fund balance January 1
r
Fund balance (deficit) December 31
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Center Noore North
City Labe Area Area
Totals
1983 1982
# 109050 #
#
$ 10,050
#
1099322
109,322
85,642
35,236
359236
32,080
1541608
-0-
-0-
154,608
117,722
-0-
-0-
-07,
-0-
1037,253
154,606
-0-
-0-
154,608
191549975
421,316
3,944
33,160
458,420
43,053
219,924
219,924
1,473,538
383
383
3,210
440
3,728
7078
10,926
644,833
4 364
369888
686,105
1,527,517
(4909225) ( 4,384) (369888) (5319497) (3729542)
19407,775 -0- -0- 19407,775 19780,317
# 9179550 # (4 4) #(36,888) # 8769278 #19407,775
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FRIMEY HOUSING AND REDEVELOPMENT AUTHORITY
FRIDLEY, KORWSOTA
CAPITAL PROJECTS FUNDS
ODMBINING BALANCE SHEET
December 311 1983
With Comparative Totals for December 319 1982
i{ Assets
Cash
Investments, at cost
Total assets
P" Liabilities and Fund Balance
4
Liabilities:
Advances from HRA's general account
�{ Due to the City of Fridley
I Total liabilities
!j Fund balance (deficit):
unreserved, undesignated
Total liabilities and
fund balance
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Center Moore North Totals
city Lake Area Area 1983 1982
$239831 $23,831 $22,476
18,213 189213
$22,476
$ $ 583
$
$ 583
$ 29491
2,520
1,897
4,417
38,332
$ -0- $ 3003
$ 19897
$ 59000
$40,823
-0- (3,103) 40.141 (18,347)
$ -0- $ -0- $42,044 $42,044 $22,476
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FRIDLEY HOUSING AND REDEVELOPMENT AUTBORM
FRIDLET, MINNESOTA
CAPITAL PROJECTS FUNDS
COINiINING STATEMKW OF REIIENOBS, EaMITURES AND FOND BALANCE
.,
Year Ended December 31, 1983
Vith Comparative Totals for Year Ended December 319 1982
Revenues:
State credits
Interest on investments
r Total Revenues
Expenditures:
Professional services
Miscellaneous
Total expenditures
n
'! Other uses:
Transfers to Bond Fund
Total expenditures
and other uses
I`? Ezoess (deficiency) of revenues
over expenditures and other uses
►-� Fund balance (deficit) January 1
I
Fund balance (deficit) December 31
r.
Center Moore North
City Labe Area Area 1983 1982
$ $ 16053 #46,675 $ 639028 $
(63) 41247 4,184 8,670
-0- 16,290 50,922 67,212 8,670
3,368 71092 10,460 67,735
500 500 924
-0- 3,868 79092 10,960 68,659
661 -0- -0- 861 -0-
861 39868 7,092 11,821 68,659
(861) 129422 43,830 55091 (59,989)
861 (15,525) (39683) (18,347) 419642
# -0- # (3,103) #40,147 # 37,044 #(18,347)
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FRIDLEY HOUSING MD RE WELOPMnT AUZHORM
FRIDLET, KMESOTA
BOND FUND
OMPARATIVE BALANCE SHEET
December 319 1983 and 1982
Assets
Cash
Investments, at cost
Taxes receivable:
Unremitted
Delinquent
Less: estimated uncollectible taxes
Total assets
Liability and Fund Balance
Liability:
Deferred revenue
Fund balance:
Reserved for debt service
Total liability and fund balance
14
1983 1982
$ 249,572
$ 106,880
319,164
422,675
2,331
89
13,247
3,462
(13,247)
(3,462)
$ 571,067
= 529,644
$ 29331 $ 89
5689736 5299555
$ 571,067 $ 529,644
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FRIDLEY BOOSUG AND REDEYELOMIM AUTHORITY
FRIDLEY, KOMESOTA
BOND FOND
a)HPARATIVE STATMENT OF REVENUES, REMMITURES AND FOND BALANCE
?ears Ended Deember 31, 1983 and 1962
Revenues:
Tax increment
State credits
Sale of bonds
Interest on investments
Total revenues
Other sources:
Transfer from Center City Fund
Total revenues and
other souroes
Expenditures:
Bond payment
Agent fees
Total expenditures
Other uses:
Transfers to Construction Fund
Total expenditures and other uses
Excess of revenues and other sources
over expenditures and other uses
Fund balanoe Januar7 1
Fund balance Deomber 31
15
1983 1982
$ 272,563 $ 1979753
49948 1069764
1,211,907
47,174 124,584
3249685 1,641,008
861 -0-
3259546 1,6419008
286,133 1819150
232 132
286,365 1_
-0- 1,037,253
2669365 192189535
399181 4229473
529,555 1=
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M: FRIUM HOUSING & REDEVELOPMENT AUTHORITY COMMISSION
FROM: NASIM M. OURESHI, CITY MANAGER
DATE: SEPTEMBER 7, 1984
SUBJECT: CANCELLATION OF MEETING SCHEDULED FOR SEPTEMBER 13, 1984
There are no pressing-issues which require the Housing and
Redevelopment Authority's action, and unless there is desire of the
Chairman or members of the HRA to have a meeting, the scheduled
meeting of September 13, 1984 will be cancelled.
Enclosed you will find the financial statement of December 31, 1983
prepared by George M. Hanson Company for your review and possible
discussion at the next HRA convened meeting.
Certificate of Occupancy was issued for the building built on Lot 1,
block 2, East Ranch Est. 2nd and so as authorized by the HRA $30,000
has been released to Mr. Paschke.
NMQ/la
Enclosures
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i From kite desk of
NASA[ QURESHI
CITY MANAGER'S OFFICE
A
MEMORANDUM SI -36
DATE: August 31, 1984
TO
ACTION
INFO
SUBJECT: 7'
Certificate of Occupancy for Paschke
Propery at Lot 1, Block 2, East
Ranch Est. 2nd
Sid Inman
Attached Certificate of Occupancy was issued to G. W. Paschke Properties
on August 30, 1984.
Please take appropriate action to release the $30,000 which the HRA authorized
once the Certificate was issued.
Thank you for your assistance.
NMQ /ms
CC: John Flora
September 4, 1984
Mr. Qureshi :
A $30,000 check was mailed to Mr. Gerry Paschke as of September 4, 1984.
Sid
cc: Mr. John Flora, Public Works Director
.
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