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1966 Financial Statements CITY OF FRIDLEY REPORT ON EXAMINATION OF FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION YEAR ENDED DECEMBER 31, 1966 TOUCHE, ROSS. BAILEY & SMART ' TOUCHE, ROSS, BAILEY & SMART CONTENTS Page FINANCIAL STATEMENTS: Acec�untants ' r�port 1 Combined balance sheet -- a11. funds 2 - 3 Genera]. Fund: Balanee sheet 4 Statement of revenues and expendittires 5 - 8 Sta�ement of fund equity g Special. Revenue Funds: Combined balance sheet 10 Combined statement of cash receipts and disbursements 11 Civic Center Bond Fund: Balance sheet 12 Statement of unencumbered appropriations (amour�t to be provided for construction) 12 Special Assessment Funds: Combined balanee sheet 13 Combined sta�ement of cash receipts and disbursements 14 Special Assessment Construction Funds-combined balance sheet 15 Special Assessment Debit Service Funds-combined balance sheet 16 General Debt Service Funds : Combined balance sheet 17 Combined statement of reserve for debt retirement 17 Municipal Building Revenue Bond Funds (Municipal Liquor Dispensary Fund) : Combined baTance sheet 18 Operating Fund - statement of ineome 19 Combined s'catement of fund equity and reserve (amount to be provided) for debt ret3.rement 20 Water and Sewer Revenue Bond Funds (Water and Sewer Utilities) : Combined balance sheet 21 Operating Funds - cambined statement of revenues and expenditures 22 Combined statement of fund equity and reserve (amount to be provided) for deb� retirement 23 Notes to financial statements 24 Trust and Agency Funds : Combined ba].ance sheet 25 Combined s�atement of cash receipts and disbursem�nts 26 S�atement of General Fixed Assets 27 TOUCHE, ROSS, BAILEY & SMART CONTENTS (CONTINUED) Page ADDI'�IONAL INFORMATION: Accountants ' report 28 Or�anization 29 Municipal Liquor Dispensary Operat�ng Fund: Comparative condensed statement of income 30 Camparative operating expenses 31 Schedule of bonds outstanding 32 - 35 Cambined debt service requirements 36 Schedule of bank balances and security for deposits 37 Insurance in f'orce 38 Official bonds 39 Assessed valuations, tax levies and mill rates 40 Tax levies and tax collections 41 TOUCHE, ROSS , BAILEY & SMART 780 NORTHSTAR CENTER MINNEAPOLIS, MINNESOTA 55402 April 26, 1967 City Council City of Fridley, M�.nneso�a We have �xamined the accompanying balance sheets of the various funds of the City of Fridley as of December 31, 1966 and the related sta�ernents of revenues and expenditures, income, cash receipts and disbursements, and fund equities for the year then ended. Our �xamination (a limited general audit) was made in accordance with generally accepted auditing standards and accordingly ineludEd such tests of the accountin� records and such other auditing procedures as we considered necessary in the circumstances. In our opinian, th� financial statements re#'erred to above pr�sent fairly the financial position qf �he City of Fridley at December 31, 1966, and the results of its operations for the year then ended, in conformity with generally accepted governmental accounting principles applied on a basis consistent with that of the preceding year, ��d:�uL�� � � 9 Cer�ified Public A c untants ' TOUCHE, ROSS, BAILEY & SMART 2 CITY OF FRIDLEY COMBINED BALANCE SHEET - ALL FUNDS DECEMBER 31 , 1966 Civic General MunicipaT Water �eneral Sp�cial Center Special Dek�t I�iquc�r and Sew�r Tru�t and �ix�d General Revenue Band Assessment S�rvi�e Di�per���.ry tltilit�,�� Ag�nc� Assets ASSETS Combined Pa e 4� Pa e 10,� Pa e 12 (Pa�e 13 j (Pa�e 17) (Fa�e l�) (I�a�e ��. } ,�Pa •e 25 (1'a�e 27 ) Cash a Treasureros cash $ 164,103 �(509492 ) �180, 716 � 21, 355 � (158�534 ) � 178828 �1C�2, ��9 � 42� 016 � 9,195 Savings certificates 125, 370 125,370 Cash deposited with f'�.scal agents 350, 357 338, 077 12, 280 Investmentse U,S, Government obligations, at cost plus accrued interest 2,110,200 18b,512 416, 418 1, 1719975 141, 938 19393�A City of Fridley tempora.ry bonds plus interest to maturity 2, 069,100 2, 069,1Q0 Accounts receivable 276, 805 40, 402 21, 897 118, 856 95� 650 Due from other funds 58,294 15 43a82� 14,452 Taxes receivable > Delinquent 52, 604 42,862 2,810 3,891 3, 041 ' Deferred 5,275,442 576,210 3, 646,162 1, 003, 692 �99378 '' Special assessments receivablea Delinquent 69�.,293 1, 641 689, 652 De�°e rre d: Principal 4,153, 328 965 4,152, 363 Interest 1, 736,816 1,736,816 Inventories at cost (first-in, first-out� or market, whichever lower 189,137 189,137 Prepaid expenses 2,146 681 1, 465 , Property, plant, and equipment, ! substantially all at cost 16, 091, 367 353, 454 1, 424, 758 $14,313,i55 Less accumulated depreciation 309,214 104 , 506 204 , 708 Net property, plant, and equipment �15, 782,153 �248, 94$ �1,220905Q $14,313,155 Amounts to be provided: P.E.R.A. contribution 40,456 40,456 Construction 97, 730 20,175 77, 555 Debt retirement 1,346,8Q2 1, 098,839 97, 926 150� Q37 Future contract payments 30,806 30,806 �34,552, 942 829 602 202 613 457 ,948 $15,112,868 _1_ 037 691 781 433 �1� 701�110 116�522 �14, 313,155 ' TOUCHE, ROSS, BAILEY & SMART 3 CITY OF FRIDLEY � COI�IBINED BALANCE SHEET - ALL FUNDS DECEMBER 31 , 1966 Civic General Niunicipal Wat�r General Special Center Special Debt T,iquor and �ewer '�rust and Fixed General Revenue Bond Assessment Service Dispensary Utilities Agen�y Assets LIABILITIES Combined Pa e 4 ,� Pa e 10 Pa e l� (P��e 13) (Page 17 ) (Pa�e 18) (Pa�e 21 } Pa e 25� (Pa�e 27 ) Accounts and contracts payable $ 527,873 � 63, 059 � 19449 � 37,816 � 192, 361 � 35,217 � 133,868 � 64,103 Accrued salaries and wages 5,790 5, 790 Deposits 175,173 22, 332 152, 841 I�ue to other funds 58,294 37, 577 6,250 8, 757 5, 710 Future maturities of bondse Definiti�e bondse Principal 8,675, 000 7, 705, 000 � 755, 000 90, OQ0 125, 000 Interest 2,231,688 1, 950, 408 235,807 11, 723 33, 750 Temporary bondso Principal 1,875, 000 1,875, 000 Interest 194,100 194,100 Reserve > Reserve for uncollected taxes and special assessments 674, 097 621, 678 52,419 Reserve for debt retirement 2,393, 373 2,298,876 46,884 29, 724 17,889 Reserve for encumbrances 688, 927 420,132 268, 795 Investment in genera�. fixed assets 14,313,155 �14, 313,155 Unencumbered appropriations 194,880 194,880 Fund equity 2,545,592 144 ,865 163,587 404 ,866 600 ,22? 1 ,232 �052 �34,552 , 942 829 602 202 613 457 948 �15,112, 868 �1 , 037, b91 78l 433 �1 70�11,0 116 522 �14, 313,155 TOUCHE, ROSS, BAILEV & SA4ART 4 CITY OF FRIDI,EY GENERAL FUND BALANCE SHEET DECEMBER 31, 1966 A.SSETS Treasurer� s cash �( 50,492) U. S. Government obligations, at cost plus accrued interest 186, 512 Aceounts receivable 40,402 Due from other funds 15 Taxes receivable: Delinquent 42,862 Deferred 576,210 Special assessments receivable: Delinquent 1,641 Deferred principal 96S Prepaid expenses 681 .Amount to be provided for future contract payments 30,806 $829,602 LIABILTTIES Accounts and con�racts payable � 63, 059 Reserve for uncollected taxes and special assessments 621,678 Fund equity 144,865 �829,602 All funds except the Municipal Liquor Dispensary use a common bank account and there was n.o bank overdraft at December 31, 1966 . TOUCHE, ROSS, BAILEY & SMART 5 CIT� OF FRTDLEY GENERAT, �UND STATEMENT OF REVENUES AND EXPE�V'DITURES YEAR ENDED DECEMBER 31, 1966 Bud�et Actual Revenues„ General proper�y taxes �487,409 �487,399 Revenues from other agencies : Liquar and cigarette �a�ces 75,000 77,175 Mobile home registration 11,000 119385 Martgage reg3stry 15,343 5,670 Zicenses and permits 47,8�0 51,681 Fi�.�s and forfeitures 17,400 23,982 Rents and in�eres� on investments 3,$$5 7,911 Ch�.rges for current services 11,427 13,279 Other revenue 2,920 10,249 Transfer from Municipal Liquor Operating Fund 100,000 100,000 ._,___,� Total revenues �772,214 �788,731 Expenditures: General government; City co�uncil: Salaries � 10,900 � 11,009 Other charges 8,475 8,225 Capital outlay 200 34n � 19, 575 � 19,574 Administration: Salaries � 28,802 � 26,070 Other charges 2,305 4,638 Capital outlay 200 598 � 31,307 � 31, 306 Finance: Salaries � 16,998 � 16,811 Other charges 8,405 6,704 Capital. outlay 405 2,292 � 25,8Q8 � 25,807 Municipal court; Salaries � 1$,032 � 17,617 Other charges 2,045 2, 512 Capital outlay 200 148 � 20,277 � 20, 277 Elections and voter' s registration: Salaries � 8,422 � 8,878 Other charges 1,990 1,783 Capital outlay ,250 � 10�662 $ 10,661 TOUCHE, ROSS, BAILEY & SMART G Budget Actual Assessor: Salaries � 20,700 � 22,312 Other charges 3,396 1,781 Gapital outlay 250 253 � 24,346 � 2�,346 Auditing and 1ega1 � 15,396 � 15�396 Police commission � 164 � 164 Planning commission; Salaries � 3,300 � 3,282 Other charges 1,308 , 1,325 � 4,608 � 4,607 �ua..ldings and grounds t Salaries � 1,,910 $ 2,010 Other charges 289560 28,027 Capi�al outlay 250 683 � 30,720 � 30,720 Total general government �182,863 �182,858 1'ublic safety; Police protection: Salaries �134,343 �134,183 Other ch�,rges 21, 500 21,854 Capital outlay 6,700 6, 505 $162, 543 �162, 542 Fire protection: Salaries � 37,464 $ 40,370 Other charges 15,774 12,491 Capital outlay 3,894 4,270 � 57,132 � 57,131 Protective inspection: Salaries � 22,684 � 22,844 c:� �`' Oth�r charges 9,2�2 9,118 Capita7. outlay 150 103 � 32,066 � 32,065 Civil defense: Salaries � 5,004 � 5,015 Other charges 1., 511 1,771 Capital outlay 700 429 � 7,215 � 7, 215 Animal control � 3,600 � 3,600 Total public safety �262, 556 �262, 55�3 TOUCHE, ROSS, BAILEY & SMART 7 Budget Ac� tual Highways: Engineering: Salaries � 19,924 � 19,106 Other charges 7,368 7,871 Capital out].ay 2,27 5 2, 591 � 29, 567 � 29, 568 Street maintenance: Salaries � 37,456 � 47,078 Other charges 2�4,938 25, 574 Capital outlay 20,110 19, 51�. � 82, 504 � 92,1.63 Snow and ice removal: Sa�aries � 5y572 � 6, 570 t�ther charges 6,400 4,869 Capital outlay 2,00� 2,400 � 13,972 � 13,839 Traffic si�ns and signals: Salaries � 2,OQ0 � 94 Other charges 3,900 4,394 Capital outlay 2,000 310 � 7,900 � 4,798 Equipment maintenance: Saiaries � 2,900 $ 125 Other charges 4,450 2,166 Capital outlay 250 $7,600 � 2,291 Street lighting - other charges � 26,991 � 26,990 Total highways $168, 534 �169,649 Sanitation and waste removal: Storm sewexs: Salaries � 2, 500 � 1,623 Other charges 3,350 3n ,110 � 5,850 � 4,733 Weed erad3catian � 679 � 678 ''. °'"� Total sariitation and waste removal � 6, 529 � 5,411 TOUCHE, ROSS, 6AILEY & SMAftT g Budget Actual 1'arks and �ecreat�,on: Park.s. Salaries � 29,880 � 29,174 Other ch�,rges 18,�00 20,653 Capi��.l outlay 1.8,4�0 �7�st�� � 66,310 � 67,1.�7 Recreation; Salaries � 27, 505 � 26,3�� Other charges 7,770 8�132 � 35,275 � 34,456 Total parks and recrea�tion �101, �85 �101, 583 t7�Yx�r functians: Board of Health; Sal.aries � 3,7$0 � 3,781� Other charges 1,300 1,3(JO � 5,080 � 5,080 Library - other charges � 1,500 � 1, 500 City Band: Salaries � 85D � 85Q Other charges 862 452 Capital outlay �1$ � 1,712 � 1,720 Haspitalization � 6,636 � 6,635 Total oth�r functions � 14,9�8 � �.49 935 Transfers to other funds: Transfer ta Civ�c Center Bond Fund � 159000 $ �S,UGC� Transfer to F1ood and Tornado Disaster Fund ?0,219 20,2�,g Tota1 transf�rs to ather funds � 35,219 � 35,219 Total expend3.�ures $772,214 �772, 208 �xcess �f revenues over expenditures � - � 16, 523 TOUCHE, ROSS, BAILEY & SMART 9 CITY OF' FRIDLEY GENERAL FUND STATEMENT OF FUND EQUITY YEA.�t ENDED DE CEMBER 31, 19 6� Fu.nd equity, December 31, 1965 �12$,342 Excess of revenues over expend3.�ures 1695�3 Fund equity, December 31, 1966 �144,865 TOUCHE, ROSS, BAILEY & SMART j-a CTTY ClF FRIDLEY SPECIAL REVENUE FUNDS COMBINED BALANCE SHEET DECEMBER 31, 1966 Flood and Municipal Tornado ASSETS Combined State Aid Disaster Treasurer' s cash �G�80,716 �157,456 �23,260 Accounts receivable 21,897 21,897 �202,613 �179, 353 �23�260 L�ABTLITIES Accounts payable � 1, 449 � 1,449 Due to other funds 37, 577 37, 577 Fund equity 163,587 140,327 �23,260 �202,613 �179, 353 23�260 Note - The Flaod and Tornado Disaster F und is subject to audit and possible revision by federal. and state agencies. TOUCHE, ROSS, BAI�EY & SMART ��' CITY OF F�IDLEY SPECIAL REVENUE FUNDS COM�INED ST'ATEMENT OF CASH RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31� 1966 �"z.o o a �,r�a 1�Iunicipal Tornado Combined State Aid Disaster `�reasurer' s cash, December 31, 1965 ��.,(�0, 247 � 58,633 � 41,614 Cash reeeipts: ;t�,te aid for maintenance and constr�.ction �118,176 ��18,176 �ederal f'lr�od and tornada relief 269, 500 �269, 500 Transf ers f rom other fund s: General Fund 20, 219 2p,219 Special Assessment Debt Service Funds 90,018 90, 01$ �497,913 �208,194 �289,719 Cash disbursements: Maintenance and construction eosts � 4,4$6 � 4,486 Casts incurred as the result of floods and tarnados 308,073 �308,073 Transfers to Special Assessment Construction Funds 104,885 104,8$5 �417,444 �109,371 �348,073 �'xeasurer� s cash, D�cember 31, 1966 �180,�716 �157, 456 � 239260 TOUCHE, ROSS, BAILEY & SMART �� CI'.�'Y OF FRIDLEY CTVIC CEN�TER BOND FUND BAZAIVCE SHEET DECEMBER 31, 1966 ASSE2S Zreasurerrs cash � 21,355 U. S. Government obligations, at cost plus accrued interest 4�69418 Amount to be provided for cons�ruction 20�175 457,948 LIAB��,�TIES Ccan-�rac� payable � :37,g16 Reserve far encumbrances 420,132 �457,948 STATEMENT OF UNENCUME3ERED APPROPRTA.TTONS (.AMOUNT TO BE PROVIDED FOR CONSTRUCTION) YEAR ENDED DECEMBER 31, 1966 Unemcu.mbered appropriations, December 31, 1965 �438,678 Revenues: Interest on investments �16,934 Transfer from General FUrid. 15,000 31,9�,�r �4?0,612 Amc�unt encumbered 490,787 Amount �o be provided for co�astruc�ion, Decemb�r 31, 1966 20 175� TOUCHE, ROSS, BAILEY & SMART l� CITY OF FRIDLEY SPECIAL ASSESSMENT FUNDS GOMBINED BALANCE SHEET DECEMBER 31, 1966 Special Special Asse��ment As�essment Specia�. Cor�struct�on �eb�, Servic� Improvem�n�s ASSETS Combined (Pa�e 15� (Pa�� 16 ) Revolvira� I� Casho Treasur�ras cash � �1589534 ) $2999983 � (36�96?9) ��97,838} Savings ��rti#°i�a��� 1258370 1�5, 370 Cash depasit�d with f is�al. agerats �389 077 3388 0'7 Investment� e U,S, Governmerat obliga�ions, at cost plus accrued .intere�t 191�1, 975 144,271 914, 909 112, �95 City of Fridley tem ora.ry bonds plus interest to maturity (Note� 2, 069,100 2, 0698100 Accounts receivable 1189856 94,556 24p �00 Due f°rom oth�r f unds 43,82� 43,827 T�.es receivable e Delinquent 2,810 2� 810 Deferr�d 3,6469�.62 3,646, 162 Special assessments receivablee Delinquent 6�99652 670, 670 1$, 982 Def'erred e Principal 4,152, 363 39901, 205 251��.58 Interest 1, 736, 816 1, 616, 921 11�,�95 I Amount to be provided for constru�tion 779555 77,555 Amount to be provided for deb� retirement 19 �98 ,$39 190989839 �15,112_=___868 660 192 �14, 023 384 429 292 � 9 LI.ABILITIES Accounts and contracts payable $ 192, 361 $189, 960 $ 29401 Deposits 22,332 22, 332 Due to other funds 6,250 6,250 Future maturities of bonds: Definitive bonds; Principal 7, 705, 000 � 7, 705, 000 Interest 1, 950,408 1, 950, 408 Temporary bonds (held by various City of Fridley Debt ,Service Funds) : Principal 1,875, 000 1,875, 000 Interest 194,100 194, 100 I Reserve for debt retirement 2,298,876 2,298, 876 Reserve for encumbrances 268, 795 268, 795 Unencumbered appropriations 194,880 194, 880 Fund equity 404 ,866 307 404 ,559 $15 .112.868 660 192 �14 , 023, 384 429 292 Notes: All funds except the Municipal Liquor Dispensary use a common bank account and there was no bank overdraft at De�cember 31; 1966. City of Fridley temporary bonds represent loans made by two Special Assessment Debt Service Funds to provide temporary financing for other funds. I TOUCHE, ROSS, BAILEY & SMART l^4 CITY OF FRIDLEY SPECIAL ASSESSMENT FUNDS COMBINED STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31 , 1966 S��cia1 Special Sp��i�1 ��s�s�mer� Assessmert Improver��.its Gambir�ed Ganstruc�i�n Debt Service Revalvin� Treasure;rr s cash9 December 31, 1965 � (136, 8I1 ) � 102,�30 � (213. 772) 2� 46� ) C�.sh rec�ipts : Proceeds from sal� of temporary bonds �1, 360, G00 �1, �60, 000 Special assessmen�s F�609749 � 821, 531 � 39,218 �eneral property taxes 51, 964 51, 964 Interest on invest- ments 168,167 22, 923 141,223 4, �2�. Other governmental units 7$9, 915 �'S4, 915 35, 000 Investments sold 4,187,240 1, 0179118 2, 990,868 1799254 Transfers from other funds 463, 023 153,670 299, 7�49 9, 604 Other receipts 2 ,851 29851 �7,883, 909 �3, 311 ,477 $4, 340, 335 � 232 , 097 Gash disbursements: Capital au�lay �2, 362� 364 $�� 3E�29 354 Retirement of bondsa Principal 70g, 000 � 709, 000 Interest 349, 008 349, 008 Investments purchased 4, 056,6.59 565,209 3,297, 314 �194,136 firansfers to other funds _ 345,162 1�59500 129, 030 30, 632 Other disburs�ments 83,439 851 2 ,890 79, 698 �7, 905, 632 �39113, 924 �4, 487, 242 �304,466 Treasurer' s cash, December 31, 1966 � (15�3, 5.�4 } � 299�983 � (360t679) 97 8s� � ��� CITY OF FRTDLEY SPECIAL ASSESSMENT Ct�NSTRUCTION FUNDS COMBINED BALANCE SHEET DECEMBER 31., .1966 ��setu U. So T�reasurer ' s �overnmerat Accoun�s cash ob�ioations receivable S�orm Sewer No. 5 � 8, 241 Storm Sewer No, 12 �88, �l 4 ) �90, 00 4 Water No< 34 186 Storm Sewer Noe 43 895 Sewer and Water No. 50 7A �93 Storm Sewer No• 52 412 Sewer and Water No. 55 550 Storm Sewer, Sewer and Water No. 58 ( 1, 597 � 2, 089 Sewer and Wa ter No. 59 538 Sewer and Water No. 67 1, 073 Sewer and Water No . 69 885 Sewer and Wa�er No , 70 1, 589 Sewer and Wa�er No . 71 1, 254 � Storm Sewer, Sewer and Water No, 73 3, 862 Water No . 75 54, 183 �144, 271 Storm Sewer, Sc�wer and Water No > 79 7.7, 551. Storm Sewer No . 81 B,I89 Storm Sewer No. 82 4, 624 Sewer and Water No , 83 45 1963 Street 3,1.�.3 1�64 Street 2, 262 1965 Street (10,322) 2, 463 1966 Street 3(�9, 246 1967 Street ( 165) Cambined r��99, 983 144 271 94, 556 I TOUCHE, ROSS, BAILEY & SMART 1S L3.abilities Amount to be Due from provided for Total Accounts and Due to Reserve for Unencumbered Fund Total other funds canstruction assets contracts payable other funds encumbrances appropria�ions ec�uity Iiabilities � 3, 723 � 11, 964 � 5, 71.4 �6, 250 � 11, 964 43, 524 44, 714 44, 714 44, 714 186 186 186 895 895 895 7, 893 7, 893 7, 893 412 412 412 556 556 556 492 210 �282 49?_ 538 513 25 538 1,0 73 1, 0 73 1, 0 73 885 885 885 392 1, 981 1, 981 1, 981 l, 254 l, 254 1, 254 3,86 2 3, 86 2 3, 86 2 198, 454 28, 862 � 14, 428 �155,164 198, 454 � 6, 250 16, 523 40, 324 9, 089 31, 235 �+0, 324 8, 559 370 370 37p 4, 6 24 45 3,113 3, 113 3, 113 2, 26 2 2, 26 2 2, 26 2 26, 436 18, 577 18, 577 18 , 577 11, 141 320 , 387 57, 539 223,132 39, 716 �320, 387 165 �43, 827 �77�555 �660,192 �189z960 6 250 268 795 194 880 307 660 192 CI�'Y OF FRIDLEY SPECIAL ASSESSMENT DEBT SERVICE FUNDS COMBINED BALANCE SHEET DECEMBER 31, 1966 Regular S pecial Storm Sewer ASSETS Combined Assessmen� Noa 5 Cashd Treasurer �� cash � �360, 679) � 103,158 � 92, 279 Savings cer�3.fica'ces 125, 370 Cash deposited with fiscal agents 338,0 77 �nvestments : U, S. Government oblioations, at cost plus accrued interest 914, 909 City c�f Fridley temporary bonds plus �.nterest to maturi�y 2,069,100 1,189, 350 Taxes receivable: De�.inquent 2,810 Deferred 3, 646,162 Spec3.a1 assessments receivablee Delinquent 670,670 95, 466 7, 598 Deferred: Principal 3,901, 20 5 686,117 317,0 4 2 Interest 1,616, 921 173,377 202,831 Amc�unt to be provided for debt re�irement 1,098, 839 �14,023,384 �2, 247, 468 �61�9 75�0 LIABILTTZES �'uture maturi ties of bonds s Definitive bonds: Pr3.ncipal � 7, 70 5,000 �l, 425,000 Interest 1, 950, 408 289, 490 T�mporary bonds (held by City of Fridley} : Pr3,ncipal l,875, 000 �485,000 �n�erest 194,100 24, 412 Reserve for debt retiremen� 2, 298, 876 532, 97$ 110,338 �14, 023,384 �2, 247, 468 �61�, 75�0 A11 funds except the Municipal Liquor Dispensary use a common bank account and there was no bank overdraft at December 31, 1966 . 16 TOUCHE, ROSS, BAILEY & SMART Sewer Sewer Sieorm Sewer, Storm Sewer, Storm Improvement Improvement ImprQVement Improvement Refunding and Water and Water S�wer and Water Water Sewer and Water Sewer i965 1966 Bonds of Bonds of Bonds of Bonds of Bonds of No. 48 No. 70 No. 73 No. 75 No. 79 No. 82 Street Street 1960 1962 1963 1965 1964 � (153, 297) � 3, 5g9 �(16, 454) � ( 27, 244) � 6,023 � (247, 71.6) � 94, 974 � ( 57, 897) �( 29, 710} � (128, 384) 62,685 62,685 137,087 105, 942 95,048 183, 663 110, 225 267,068 181.,136 99, 918 72, 899 247, 250 327, 750 304, 750 2,810 33, 400 1,137,300 680, 200 1, 795, 262 85,061 2,655 1, 30 2 1.O1, 746 31, 708 121, 435 10$, 926 114, 773 419, 285 30, 301 170,104 24Q, 9$7 714,7.25 82, 408 320,127 455,174 465, 535 182, 254 18,182 88, 741 83, 755 35$,868 35,149 71,175 213, 549 189, 040 �138, 000 40 250 �885, 500 35,089 �1,134, 703 �54, �727 �242, 391 �l, 220, 281 �138.,000 �40 , 250 332 067 �885, 500 �1,662,872 �G244, 239 �,1, 411, 224 �910,,5�42r �2, 879,370 � 830,000 � 780,000 �1, 250,000 �175,000 � 865,000 �665,000 �1, 715,�00 117,635 351, 772 412,872 34,098 212, 728 190,060 341, 753 �35,000 �175, 000 �120,000 �35,000 �255,000 �770,000 788 10,125 18,000 5, 250 20,0 25 115, 500 187, 068 18,939 57, 266 88, 509 57,042 35,'7.41 333, 496 55, 482 822, 617 �1,134,703 S4 727 �2�91 �1, 220, 281 138 000 40 250 332 067 885 500 �1,662, 872 244 239 �1,,411, 224 910 542 �2, 879, 370 TOUCHE, ROSS, BAILEY & SMART ],7 CITY OF FRIDLEY GENER.AL DEBT SERVICE FUNDS COMBINED BALANCE SHEET DECEMBER 31, 1966 Park Civic C�n�:�-r ASSETS Comb�.ned f3onds Bone�s �W_._W_._r_ ___.._..�..� Treasurer 's cash � �.7, 828 � 21,340 �( 3, 5�..2� Cash deposited with fiscal agents ��.?, 280 �.2, 280 Taxes receivable: Delinquent 3,891, 2, 810 �., C��. Deferred l� 003, 692 276, 210 727, �8� �037, 69� 3i 2 640 72� o���., � � LIABILITIES Future maturities of bonds : Principal � 755, 000 �255,000 �500, 0�� Snterest 235,807 36,115 199, 692 Reserve f or debt retirement 46,8$4 21, 525 25,359 1 037 691 312 640 �725,051 COMBINED STATEMENT OF RESERVE FOR DEBT RETIREMENT YEAR ENDED DECEMBER 31� 1966 Park Civic C��a��r Cornbined ._ Bonds_ Bond�_.___.._ Balance, December 31, 1965 � 45,662 � 20, 925 $ 24, 7��7 Ad.ditional deferred property taxes levied 1,314 638 67b F'iseal agent fees (92 ) 38) 5�4 � Balanee, December 31, 1966 � 46 ,884 � 21 , 525 25 35g �-�-- .��,�.�d� TOUCHE, ROSS, BAILEY & SMART 1$ CI.TY OF FRIDLEY MUNICIPAL BtTILDING REVENUE BOND FUNDS (Municipal Liquar Dispensary) COMBINED BALAN CE SHEET DECEMBER 31, 1966 Operating S3.nkin� Reserve Combined Fund Fund Fund ASSE TS Treasurer 's cash �102, 019 � 94,145 � 3, 797 � 4, 077 U . S. Government obliga�ions, at cost plus accrued interes� 141, 938 116, 291 25, 647 Inventories, at cost (fir�st�in, first-out) or mark.et, whichever lower 189, 137 189,137 Prepaid expenses and depasit;s l, 465 J., 465 Property, plant, and equipment, substan�iall,y all at cos�s Land 33, 417 33, 417 Buildings 198, 418 198, 418 Furniture, fi.xtu:e�es, and equipment 119, 496 119, 496 Truck 2,123 2,123 �353, 454 �353, 454 Less accumulated depreciation 104, 506 104, 506 Net praperty, plant, and equipment �248, 948 �248,948 Amount to be provided for debt ret3.rement 97, 926 97., 926 781 433 649,�� 101 723 29 724 LIABILITIES Accounts payable � 35, 217 � 35, 217 Accrued salaries and wages 5, 790 5, 790 Due to o�her funds 8, 757 8, 757 Future maturities of bonds : Principal 90,000 � 90,000 Tnterest 11, 723 11, 723 Reserve for debt retirement 29, 724 �29, 724 Fund equity 600, 222 600, 222 781 433 649 986 �101 723 _ 29 724 Note - Under terms of the bond agreements, net revenues of the liquor operations equal to the principal and interest maturities of Municipal Buildino Revenue Bonds during the following year are pledged as collateral . TOUCH�, ROSS, BAILEY & SMART 19 C2TY �F FRIDLEY MUNICIPAL LIQUOR DISPENSARY OPERATING FUND STATEMENT OF INCOME YEAR ENDED DECEMBER 31 , 1966 Sales �1, 200, 254 Cost of inerchandise sold 793, 270 � 406, 984 Operating expenses 243,144 � 163, 840 Other income 10, 596 � 174, 436 Transfer of interest to sinking fund 3,871 Net 3.ncome 1.7�, 565 Additional information on the Municipal Liquor Dispensary Operating Fund is presented on pages 30 and 31. TOUCHE, ROSS, BAILEY & SMART rZO CITY OF FRIDLEY MUNICIPAL BUILDING REVENUE BOND FUNDS (Municipal. Liquor Dispensary) COMBINED STATEMENT OF FUND EQUITY AND RESERVE �AM,dUNT TO BE PROV�DED) FOR DEBT RETSREMENT YEAR ENDED DECENI�ER 31� 1966 Operating Reserve (amount to be Fund �,r.ovided) for debt retirement equit� S�nkin� Fund Reserve Fund Balance, December 31, 1965 � 551, 249 �(94, 910) Transfer of' f'uture maturi�ies of bonds and interest from reserve fund 'co sinking fund ( 28, 441) �28, 441 Net income 170, 565 2nterest on i.nvestments l, 283 Transf ers to sinki.ng fund t'or bond and interest re�irement: From operating fund equity � 21, 592) 21, 592 From current operations Qf stares financed by bond sales 3,871 Transfer to General Fund (100,000) Fi.sca7. agent f ees 38) Balance, December 31, 1966 600, 222 � 97 926) �29, 724 .� - TOUCHE, ROSS, BAILEY & SMART 21 CITY �F FRIDLEY WATER AND SEWER REVENUE BOND FETNDS � (Water and sewer u�ilities) COMBINED BALANCE SHEET DECEMBER 31, 1966 Operating Sinking Reserve ASSETS Combined Fund Fund Fund Treasurer ' s cash � 42, 016 � 30, 426 � 8, 713 � 2, 877 U. S, Government obligations, at cost plus accrued interest 193, 357 178, 345 15,012 Accounts receivable 95, 650 95, 650 Property, plant, and equipment, substantially all at cost (Note A) ; Land and land improvements 91, 918 91, 918 Buildings 446, 286 446, 286 Meters 169, 842 169, 842 Machinery and equipment 716, 71 2 716, 712 �l, 424, 758 �1, 424, 758 Less accumul.atec� depreciation 204, 708 204, 708 Net property, plant, and equipment �1, 220,050 �l, 220,050 Amoun� to be provided for debt retirement 150,037 150,037 �1, 701,110 �l, 524, 471 �158, 750 �17, 889 LIABILITZES Accounts payable � 133,868 � 133, 868 Meter deposits 152, 841 152, 841 Due to other funds 5, 710 5, 710 Future maturities of bonds : Principal 125,000 �125,000 Interes� 33, 750 33, 750 Reserve for debt retirement 17,889 �17, 889 Fund equity 1, 232,052 1, 232,052 1 701,110 1 524 _471. 158 750 17 889 See notes ta f inancial statements, page 24. � TOUCHE, i20SS, BAILEY & SFv1ART 22 CI�Y' OF FRIDLEY WA'I'ER AND SEWER UTILITIES OPERATTNG FUNDS COMBINED STATEMENT OF REVENUES AND EXPENDITURES YEAR ENDED DECEMBER 31, 1966 �ombined Water Sewer OPERATSNG REV�;NUES s Water sales and �ewer rents �383, 852 �267, 064 � 116, 788 Connection permits 6, 320 2, 160 4,160 Sa1es of ma'cerials and miscellaneous services 2, 524 2, 524 �39 2, 696 �271, 748 � l 20, 948 OPERATING EXPENDTTURES: Source of stxpply {Note B) �176, 609 � 6, 667 � 169, 942 Power and pumping 22,150 22,150 Purification 14, 915 14, 915 Transmission and distribution 97, 214 37,037 60,177 Customer accounting and collecting 18,181 12, 220 5, 961 Administrative and �eneral 11, 088 5,180 5, 908 Depreeiation (Note A) 50, 872 48, 474 2, 398 �391, 029 �146i643 � 244, 386 OPER.ATING INCOME (LOSS) � 1, 667 �125,105 ��123, 43$) OTHER INCOME, NET: Interest income � 8, 463 Interest expense - transfer to sinking fund 6 025) � 2, 438 NET INCONiE � 4,10 5 See notes to financial s�atements, page 24, � TOUCHE, F20SS, BAILEY & SMART rL� CITY OF FRIDLEY WATER AND SEWER REVENUE BOND FUNDS (Wa�er and sewer utili�ies) COMBTNED STATEMENT �F FUND EQUSTY AND RESERVE SAMOUNT 'I'� �E PRO`U'�DED) FOR DEBT RETIfiEMENT YEAR ENDED DECEMBER 31, 1966 -� aperating Reserve (amount to be Fund nrovided) for debt re�irement equit.y Sinking ��+nd Reserve Fun� ..., Balance, December 31, 1965 �1,306, 931 �(148, 664) Transfer of future maturities of interest f rom reserve fund to sinking fund ( 17, 270) �17, 270 Net income 4,105 Interest on investments 61.9 Transfers to sinking fund for bond and interest retirement: From operating fund equity ( 9, 900) 9, 900 From curren� operations financed by bond sales 6,025 Transfers �o Special Assessmen� Debt Service Funds (93, 211) Transfers of f ixed assets f rom completed special as�essments funds 24,127 �"iscal agent fees ��28) Ba�.anee, De�ember 31, 1.966 1 232� 052 150 037) 17 889 See no'ces to f inancial statements, page 24 . • TOUCHE, ROSS, BAILEY & SMART 24 CITY OF FRIDLEY WATER AND SEWER REVENUE BOND FUNDS (Wa�er and sewer utilities) NOTES TO FINANCIAL STATEMENTS YE.AR ENDED DECEMBER 31, 1966 A. Cost and depreciation of water and sewer distribution systems: Property, pla,nt, an.d equipment of the Water and Sewer Operating Fund do not include the cost of distribution systems which are included in General Fixed Assets. No depreciation is being provided on these distribution sYstems, substantially all of which were financed by special assessments . B. Source of supply: The sewer utilities source of supply expenditures include �117,900 of costs incurred for connecting the City of Fridley sewer distribution sys�em with the Northern Suburban Sanitary Sewer Distri�t sewer system. C. Pled�ed revenues: Under terms of the bond agreemen�ts, net revenues of the water and sewer operations equal to the principal and interest maturities of Water and Sewer Revenue Bonds during the followin� year are pledged as collateral. TOUCHE, ROSS, BAILEY & SMART 2� CITY OF FRIDLEY TRUST AND AGENCY FUNDS COMBINED BALANCE SHEET DECEMBER 31,�1966 Firem�n� s Police Public Relief Pension Employees' ASSE�'S Combined Association Association Pension Treasurer' s cash � 9,195 � 9,195 Due from other funds 14,452 14,452 T�es receivable : Deli,nquent 3, 041 � 1, 306 1, 735 Deferred 49, 378 179125 �17,125 15,128 Amount to be provided for P.E.R.A. contribution 40, 456 � 40�456 116 522 18 431 17 125 80 966 LIABILTTIES Account payable - Public Employees ' Retirement, Association � 64,103 �64,103 Reserve for uncollected taxes 52 ,419 18 431 17 125 16,863 116 522 18 431 �17,125 �80,966 ' � TOUCtIE, ROSS, 8AIl.EY & SMART 2� CITY OF FRIDLEY TRUS T AND AGENCY FUNDS C0�ILBINED STATEI�IENT OF CASH RECEIPTS AND DISBU$SEMENTS YEAR ENDED DECEMBER 31 �1966 Firemen ' s Public Relief Employees ' Combined Associati.on pension � Treasurer' s cash, December 31, 1965 ? 761 7 761 Cash receipts: General prnperty taxes �33, 770 �14, 434 �19, 336 State r�f Minnesota - �nsurance premiums tax 7,�18 79218 Contributians from o�her funds 139491 13,491 54 479 21 652 32 827 Cash disbursements: Firemen' s Relief Association �21,652 �21,652 Public Employees' RetirEm�nt A�sociation 31, 393 � 31 393 53 045 21 652 31 393 Treasurer' s cash, December 31, ].966 � 9�195, ,�,�„� 9 195 TOUCHE, ROSS, BAILEY & SMART �7 CITY OF FRIDLEY STATEMENT OF GENERAL FIXED ASSETS DECEMBER 31, 1966 GLNERA� �'IXED ASSETS ��nd � 387,160 Buildings and struetures 243,204 Improvements other than buildings 11,251,108 Fu.rniture, fixtures, and office equipment 69,833 Machinery and equipment 260, 925 Construction in progress 2 ,100�925 �14 , 3I.3,155 SOURCES OF TNVESTMENT �1V GENERAL FIXED ASSETS Special assessments �13, 037,29�1 State aid 114, 674 Current revenues 662, 379 Municipal liquor dispensary 38,570 Contributions 2I, 381 General obligation bonds 438,168 Water and sewer utili�ies 686 �14, 313,155 Note - Substantially all the GEneral Fixed Aa�sets are carried at cost. TOSICHE, ROSS, BAiLEY & SMART 2g A���ITIONA� T1v�rOKNIAT�ON In connection with our examination of the financial statements of the City of Fridley f'or the year ended December 31, 1966, we have reviewed the additional information presented in the following pages �vhich has been taken primarily from accounting and other records of the city but which is not, in our opinion, necessary for a fair presentation of its financia� position or results of operat�.ons p The financial statements for prior years were examined by oth�r independent public aGCOUntants. Our examination was �.ntended primarily for the purpose of formulating an opinion on the basic financial statements taken as a whole and was not such as to enable us to express an opinion as to the fairness of all the details of the additional information. However, nothing came to our a�tention which, in our �udgment, would indicate that such additional informa-� tion is not fairly presented. /�e�c(�.e �o�d; � / Certified Public c ountants TOUCHE, ROSS, BAILEY & SMART 29 CITY OF FRIDLEY ORGANIZATI0�1 DECEMBER 31 , 1966 Term of of fiv� expi.res Januar.�y° , Ei�cted officials: Mayar - Ja�k 0. Kirkham 1969 City Council: David 0. Harris 1969 Frank G. Liebl 1970 Leonard W. �amuelson 1970 Raymond E. Sheridan 1968 Municipal Jud�e , Elmer M. Johnson 1970 Appointed officials: Ci�y Manager - Earl P. Wagner Clerk-Treasur�er - Marvin C. Brunsell Attorney - V�rgil Herxicl� Assessor - Mervin Herrmann Engineer - Nas3.m Quresni CITY OF FRIDLEY Mt7NICIPAL LTQUOR DISPENSARY OPER.ATING b'U'ND COMPARATIVE CONDENSED STATEMENT OF INGOME To'ca 1 To ta Years ended Years ended December 31, December 31 5 i_�_�1. 6 5 Amount• Sa�.es �1, 200, 254 �l,0 48, 895 �90 2, 339 �776, 989 Cos� o� merchandise so�.d 793, 270 689, 715 694, 775 600, 496 � 4Q6, 984 � 359,180 �207, 564 �176, 493 Operating expenses 243,144 227, 465 108,199 92, 679 � 163, 840 � 131, 715 � 99, 365 � 83,814 Other income 10, 596 7, 938 4, 504 3, 373 Snterest expense , (3,871) (3, 622) 1 290} 1 207) Net income 1.70 565 � 136, 031 102 579 85 980 Percent of sales : Sales 100a0 100v0 100 .0 100 .0 Cost of inerchandise sold 66.1 65,8 77.0 77.3 33 >9 34. 2 23 .0 22. 7 Operating expenses 20 .3 21 ,6 12.0 11 ,9 13 ,6 1 2.6 11 ,0 10 ,8 Other income .9 .8 .5 , 4 Interest expense �3) , 4) .1) ( °1) Net income 14 , 2 ].3e0 lle4 llol ' 30 TOUCHE, ROSS, BAILEY & SMART �.,. .� Off-sale stores On-sale stores tare No. 1 Store No. S�are No . Store No. ota �or� o. tore o, Years ended Years ended Years ended Years ended Years ended Years ended Years ended December 31�,_,_ December 31, December 31, December 31, December 3�, December 3]., December 31, � 1965 1966 1965 19 1965 1966 1 65 19 6 965 1 66 19 5 _ �b6 �9 5 �92, 8�3 �26,387 �269,068 �261, 894 �190, 422 �161, 251 �350,036 �327, 457 �297, 915 �271, 9Q6 �12I, 267 �120, 449 �1.76, b48 �151, 457 69, 248 21, 826 98 495 89 219 42 348 41, 86� 56,147 47, 35Z S48 2Q 4, 849 200,007 149�I20 127,115 27�., 558 251, , , , � �23� 565 � 4� 839 � 64� 219 � b19 887 y� 4I� 302 � 34�136 � 78� 478 � 75� 631 �199� 420 �1.82a 687 � 78� 91.9 � 78� 581 Q�1.20 y 501 �10 4� 106 23,136 9, 400 27,].95 26, 314 23,036 21�756 34, 832 35, 209 134, 945 134, 78b 55, 689 55,303 79, 256 79, 483 � 429 �(4, 561) � 37, 024 � 35, 573 � �.8, 266 � 12, 380 � 43, 646 � 40, 422 � 64, 475 � 47, 901 � 23, 230 � 23, 278 :� 41, 2�5 p 24, 623 320 87 1, �63 1, 306 821 585 1,800 1, 395 6, 092 4, 565 3,160 2, 329 2, 932 2, 236 1 290) 1 207) 2, 581) 2 415� �_2, 581� 2, 415) 749 �4, 474) 38 587 � 36^879 � 17, 797 � l� � 45 4 6 41 817 �67, 986 � 5Q,051 26 390 � 25, 607 <4� 41, 59b 24 444 100 .Q 100 .0 100 ,0 100 .0 100 .0 100 .0 100 .Q 100 .0 100 .0 100 .0 100 .0 100 ,0 100 .0 100 ,0 74,6 81 . 7 75 .1 76, 4 78.3 78 .8 77.6 76 .9 33 .1 32.8 34 .9 34.8 31 . 8 31 .3 � 25. 4 18 .3 23 .9 23 .6 21 . 7 21 . 2 22. 4 23 .1 66 .9 67 . 2 65.1 65, 2 6� . 2 68 . 7 24 .9 35,6 10 .1 10 ,Q 12.1 13 . 5 10 ,0 I0 .8 45.3 49 .6 45,9 45. 9 4409 52. 5 .5 (17 .3) �3 .8 13 .6 9 .6 7 .7 12. 4 12.3 21. .6 17.6 19. 2 19 .3 23 , 3 16 . 2 .3 .3 .6 . 5 . 4 . 4 , 5 . 5 2.0 I . 7 2.6 2.Q 1 , 7 1 , 5 . 7) .8) ( .9) .9) _ _ 1 . 5) (1 .6) �8 17.0) 14. 4 14 .1 T9`.3 .7.3 12,9 12.8 22 .7 18, 4 21 .8 21 .3 23 . 5 16 .1 CITY 0�+�° �`RIDLEY l�Ii7NICIPAL �I UOR DISPENSARY OPERATING �UND COMPARATIVE OPERATING EXPENSES `�'cr�al '�otal Year°s er�ded Years end�d ���er�be� 31 De��mber 31 q ���19� 1� 1966 1965 Amoun�° Salaries and wages �155�607 �145, 921 � 6286�6 �55,284 Empinyee ber�efits 109791 lOp1.78 494�4 3a946 Supp3.ies 59914 9, 6?1 2, 339 2,895 Laundry and c�l�aning 39 �07 �, 9�4 l, 018 738 Rent 9, �60 6,853 9, 760 6,853 U�ili.ties 12, 717 11,207 6,895 5, 375 Repairs and maintenance 5,840 6,125 1, 320 1,675 Insurance 159359 129700 10,251 7,865 Depreciatian 16, 593 15,447 6,292 5,151 Mileage and automobile expense 910 787 257 202 Professional fees 1, 3$0 1,150 920 690 A1arm service 2, 792 3,198 1,554 1,�55 Cash (over) short 256 286 55 (194 ) Uncollectibl.e checks 385 476 78 15 Miscellaneous 533 542 360 329 �243,144 227 465 108 199 92 679 Percent af' sales s Salaries �nd wages 13, 0 13, 9 6e 9 7,1 Er��loy�e ben�f its e 9 1, 0 , 5 ,5 Suppli.�� a5 , 9 , 3 ,4 Laundry a�nd clean3ng , 3 , 3 ,1. .l Rerat ,� a7 l,l , 9 U�ilit3e� 1.,1 1,1 ,8 , 7 Ftepair� and mai.ntenance o 5 e 6 01. a 2 Insurance 1 . 3 1,2 l, l 1, 0 Depreciation 1, 4 1 , 4 , 7 ,6 Mil�age and auto�iobil� e�pense ,1 el Pro�'es�ional fees ,l ,1 , l >1 Alax�m servi�e e � e 2 e 2 0 2 Cash (over) short ( al) Uncollectible checks Mis�ellan�ous ol � � � • 2 20> 3 21, 6 12, 0 11, 9 TOUCHE, ROSS, BAILEY & SMART ?1 J Off-Sale Stores On-Sale Stores Stor� No. l Store No, 2 Store No, 3 Store No, 4 Total Sto�e Nca, 22 Store No. 33 Years ended Ye�.rs ended Years ended Years ended Years ended Years end�d Years ended December 31 , D��ember 31, December 31,_ December 319 3�ecember 31 , December 31 � December 31, 1966 1965 1966 1965 1966 1965 1966 1965 1966 1965 19� 1965 1966 1965 �11,215 �5,164 �18,854 �18,570 �149842 �13,869 �179755 �17, 681 � 93, 941 � 909637 �39,831 �39, 019 �54,110 �51, 618 803 337 1, 335 19338 19023 976 1,273 19295 6, 357 6,232 2, 697 29652 39660 3, 580 249 412 621 738 634 576 835 19169 39575 6, 776 1,475 1, 843 2,100 49933 452 127 82 95 64 79 420 437 2,289 2,186 1, 015 1, 001 19274 1,185 4, 064 1,157 5,696 5, 696 1, 933 309 950 990 1,459 1,477 2,553 29599 5,822 5,832 2,195 2p085 39627 3, 747 69 17 51� 757 116 442 617 459 49520 4,450 1,272 1, 615 39248 2,835 1, 581 378 39345 29342 2981.5 29306 29510 2,839 5,108 4, 835 29462 29326 2,646 29509 1,837 712 931 916 1,335 1, 345 29189 29178 10, 301 10,296 3,249 39239 79052 7, 057 63 43 64 53 65 53 65 53 653 585 319 292 334 293 230 2.�0 230 230 230 230 230 460 460 230 230 230 230 468 716 253 306 365 365 468 468 1,238 1, 343 507 612 731 731 25 (1 ) (77 ) (121 ) (1) (62 ) 108 (10) 201 480 61 51 140 429 56 22 15 307 461 285 235 22 226 91 29 89 100 89 100 91 100 173 213 91 103 82 11Q 23�136 9 400 27 195 26 314 23 036 219756 34 832 35 209 134 945 134 786 55 689 �55 , 303 79�256 79 483 12.1 19. �5 7. 0 7, 0 7, 8 8.6 5.1 5, 4 3105 33,2 32.8 32 ,5 30a6 34, 0 .8 1. 3 , 5 .5 > 5 . 6 .4 . 4 2.1 2, 3 2,� 2 ,2 2.2 2.4 . 3 1. 6 ,2 . 3 . 3 ,4 ,3 ,4 1.2 2.5 1.2 1 .5 1.2 3, 3 .5 . 5 .1 .1 . 8 .8 . 8 .8 . 7 .8 4.4 4.4 1.6 1. 7 2. 0 1.2 .4 .4 .8 . 9 . 7 .8 2. 0 2.2 1.8 1 . 7 2.1 2.4 .l .1 .2 . 3 .l . 3 .2 .1 1, 5 1.6 1. 0 1 . 3 i.8 1. 9 1. 7 1.4 1.2 . 9 1. 5 1.4 . 7 . 9 1, 7 1.$ 2. 0 1 .9 1. 5 1.7 2. 0 2. 7 . 4 . 4 . 7 .8 .6 . 7 3. 5 3.8 2. 7 2 .7 4. 0 4.6 .l .2 .l .2 .2 . 3 .2 .2 ,2 .2 .1 .l .1 .l .1 .1 .2 .2 .2 .2 .1 .2 . 5 2,6 .1 .1 .2 .2 .1 .1 .4 . 5 .5 .5 .4 .4 .1 .1 .2 .l .l .l . 3 .1 .2 .2 .2 .2 .1 .l .l .1 .l .1 .1 .1 .1 .1 24�. 9 35.�6 10.1 10, 0 12.1 13.5 10� 10.8 4�5�. 3 49,6 45. 9 45 .9 44.9 52.5 'i'OUCfiE, ROSS, BAILEY & SMART �2 CITY OF FRTDLEY SCHEDUZE OF BUNDS OUTSTANDING bECEMBER 31, 1966 D�,�e Maturity �nterest of issue date rate Principal �peci.al Assessment Debt S�.rvice Funds - definitive bonds: Regular Special Asses�m�nt: Sewer Improvement Bonds �4,000 per year 5/1/54 5/1/67-73 3. 00/ � 28,000 May l, 1974 5/]./54 5/1/74 3. 00 2, 000 Water and Sewer Impr�ve- ment Bonds of 1954 August l, 1967 8/1/54 8/1/67 3.50 15,00G �15,000 per year 8/1/54 8/1/68-70 4 .00 45,000 �20,000 per year 8/1/54 8/1/71-74 4 .00 60,000 Water and Sewer Improve� ment Bonds of I954 (Series B) February 1, 1967 8/1/54 2/1/67 3. 50 15,000 �15,000 per year 8/1/54 2/1/68-70 4.00 45,000 �20,000 per year 8/1'/54 2/1/71-74 4.00 80,000 Water and Sewer Improve- ment Bonds February l, 1967 11/1/54 2/1/67 3. 50 15,000 �15,000 per year ll/1/54 2/1/68-70 4. 00 45,000 �20,000 per year 11/1/54 2/1/71-74 4. 00 80,000 Water and. Sewer Inprave- ment Bonds �15,000 per year 5/1/55 2/1/67-71 3.60 75,OGQ �15,000 per year 5/1/55 8/1/67-71 3.60 75,000 �20,000 per year 5/I/55 2/1/72-75 3.60 80,Q00 �20,000 per year 5J1/55 8/1/72-75 3.60 80,000 Ger�eral Obligatian Improvemen� Bonds �15,000 per year 1.0/1/55 2/1/67-72 3.60 90,000 �15,000 per year 10/1/55 8/1/67-72 3.60 90,000 �20,000 per year 10/1/55 2/1/73-75 3.60 60,OOt� �20,000 per year 10/1/55 8/1/73-75 3.60 60,OOQ Tm rovement Bonds �35,000 per year 8/1/56 8/1/67-70 4. 50 14Q,000 �30,000 per year 8/1/55 $/1/71-74 4 .75 120,000 August l, 1975 8/1/S6 8/1/75 4.75 50,000 August l, 1976 8/1/56 8/1/76 4.75 55,000 � 1,425,000 �'ew�r and Watex No. 48 : �120,000 p�r year 10/i/61 I/1/67-68 4.00 � 240,000 �120,000 pex year 10/1/61 1/1/69-72 4.].0 480,000 �an�.ary l, 1973 10/1/61 1/1/73 4.10 110,OOi? � 830,OOG "fOUCHE, R05S, BAILEY & SMART 33 Date Maturity In�erest of issue date rate Principal Wa,ter No. 75: �10,000 per year 5/1/65 2/1/68-70 3. 20f � 30, 000 �35,Oq0 per year 5/1./65 2/1/71-72 3.20 70,00�1 February 1, I973 5,�1j65 2J1/73 3. 20 20900G �'�bruary l, 1974 5/1J65 2/1/74 3.20 35,000 �`�bruary 1, 1975 5/1/65 2/1/75 3.20 20,000 February l, 1.976 5/1/65 2/1/76 3.30 35,000 �50,000 per ye,ar 5/1/65 2/i/77-78 3.30 lOp,000 �SQ,ODO per year 5/1/65 2/1/79-81 3.40 150,000 �50,000 per year 5/1/65 2/1/82-87 3. 50 3�O,OOQ Feb.ruary 1, 1988 5/1/65 2/1/88 3. 50 20,000 � 780,000 �m rovement Bonds af 196Q . �80,000 per year 10/1/60 1/1/67-68 4 . 00 � 160,000 January l, ].969 10/1/60 1/1/69 4 . 00 75,000 January 1, 1970 10/]./60 1/1/70 4.Q0 $O,Q00 �80,OOQ per year 1Q/1/b0 1/1/71-73 4.10 240,000 January l, 1974 10/1/60 1/1/74 4 .10 75,000 �80,00� per year 10/1/60 1/1/75-78 4 . 20 320,qOQ January 1, 1979 10/1/60 1/1/79 4 . 20 75,000 January 1, 19$0 10/1/60 1/1/80 4 . 20 80,000 �'anuary l, 1981 10/1/60 1./1/81 4.20 70,000 January l, 1982 10/1/60 1/1/82 4.20 75,000 � 1,250,OD0 xmprovement Bonds of 1962; �'ebruary l, 1967 5/1/62 2/1/67 3.10 � 40,000 �'ebruary l, 1968 5/l/62 2/1/68 3.10 35,000 �'ebruaxy 1, 1969 5/1/62 2/1./69 3.10 10,000 �'ebruary l, 1970 5/1/62 2/1/70 3. 50 S,OOCJ February l, 1971 5/1/62 2/1/71 3. 50 10, 000 �'ebruary l, 197 2 5/lf 62 2/1/7 2 3. 50 5,OOt� �'ebrtzary l, 1973 5/1/62 2/1/73 3. 50 l0,000 rebruary 1, 1974 5/1/62 2/1/74 3.80 5,000 �'ebruary 1, 1975 5/1/62 2/I/75 3.80 10,000 �'ebruary l, 1976 5/1/62 2/1/76 3.80 5,000 February l, 1977 5/1/62 2/1/77 3.80 .10,000 rebruary 1, 1978 5/1/62 2j1/7$ 3.80 5,000 �+'ebruary l, 1979 5/1/62 2/1/79 3.80 10,000 �5,OQ0 per year 5/1/62 2/1/80-$2 3.80 15,000 __ � 175,000 ;r�2�rc�vement Bonds o�' 1963: �8U,000 per year l/1/63 1/1/67-68 3.20 � 160,OOC �85,OQ0 per ye�.r 1/1./63 1/1/69-70 3.20 170,000 �60,000 per year 1/1/63 1/1/71-73 3. 50 180,OOQ �7anuary 1, 1974 �/1/63 1/1/74 3. 50 50,000 January 1, 1975 1/1/63 1/1/75 3.70 45,000 �3Q,000 per year 1/1J63 1/1/76�-77 3.70 60,OOn �30,000 per year 1./1/63 1/l/78-79 3.80 60,000 �35,000 per year 1/1/63 1/Z/80-�83 3.80 140, OOC �---__.__�... � 865,OOC) TOUCHE, ROSS, BAILEY & SMART �4 Da�e Ma�urity =nterest of issue date rate Principal Tm rovement Bonds af 1965: �50,000 per year 5/1/65 2/1/67-7I 3.20j � 250,000 �30,000 per year 5/1./65 2/1/72-75 3.20 1.20,000 �30,000 per year 5/1/65 2/1/76-78 3. 30 90,000 �30,000 per year 5/1/65 2/1/79-8Q 3.40 60,Q00 �'ebruary 1, 1981 5/1/65 2/1f81 3.40 25,Q00 �25,000 pex year 5/1/65 2/1/82-85 3. 50 100,Q00 Februaxy 1, 1986 5/1/65 2/1/86 3. 5Q 20,000 � 665,000 R�funding Bonds of ].964: �'ebruary 1, 1967 2/1/64 2/1/67 3.10 � �65,000 �155,000 per year 2/1./64 2/1%68-71 3.10 620,000 F�bruary 1, 1972 2j1/64 2/1/72 3.30 155,000 �105,OQ0 per year 2/1/64 2/1/73-75 3.30 315,000 �105,000 per year 2/1/64 2/1/76-79 3.4D 42p,000 �'ebruary 1, 1980 2/1/64 2/1/80 3.40 40,000 � 1,715,000 Total Special Assessment definitive bonds � 7,705,000 General Debt Service Funds: Park Bonds: �15,000 per year 5/l/62 2/1/67-69 3.00 � 45,OOQ February l, I970 5/1/62 2/1/70 3. 40 15,OOQ �20,000 per year 5/1/62 2/l/71-73 3.40 60,000 �10,000 per year 1/I/63 1/1/67 3.20 10,000 �15,OQ4 per year 2/1/63 1/1/68-70 3. 20 45,OOQ January l, 1971 1/l/63 1/1/71 3. 50 15,QQQ �20,OQ0 per year 1/1/63 1/1/72-73 3. 50 40,OQ0 �a.nuary l, 1974 1/1/63 1/1/74 3. 50 25,OQ0 � 255,000 Ci�v�c Center $onds: February 1, 1968 5/1/65 2/1/6$ 3,20 � 15,Q00 �20,000 per year 5/l/65 2/1/69-73 3.20 100,000 �25, 000 per year 5/1/65 2/1/74-75 3.20 50,000 �25,QDQ per year 5/1/65 2/1/76-78 3.30 75,000 �30,000 per year 5/1/65 2/1/79-81 3.40 90,�00 �'ebruary 1, 1982 5/1/65 2/1/82 3. 50 30,000 �35, OQ0 per year 5/1/65 2/1/$3-86 3.50 140,000 � 5QQ,000 �'atal General Il�b� �ervice bonds � 755,000 1'OUCHE, ROSS, BAILEY & SMART �5 Da.te Maturity Interest of issue date rate Princi�al �1.unicipal Liquor Sinki.ng Fund• Munici.pal Building Rev�nu� Bc�nds: �15,000 per year• 9j 1/56 9� 1/67-71 4. 25� � 7 5,000 � 3,000 per year 1.2/ 1/57 9/ 1/67-7I 4 .$0 15,OQ0 Total Municip�,1 La.quor Sinking Fund � 90,OOQ Public Utilities Sinking �'und; Water and Sewer Revenue Bonds: �10, 000 per year 9f 1/56 9/ 1/67-71 4 , 50 � 50,000 �15,000 per year 9/ 1/56 9/ 1/72-76 4 . 50 75,000 Total Public Utili�ies Sinking Fund � 125,4�0 Total definitive bonds � 8,675,000 Sp�:cial Assessment Debt Service Funds - temporary bonds: Storm Sewer No. 5 7/ 1/64 1/ 1/67 4 . 50 � 185,000 Storm Sewer No. 5 8/ 1/65 8/ 1/67 4 . 50 75,000 Storm Sewer No. 12 3/ 1/66 3/ 1/68 5.00 225,OQ0 Sewer and Water No. 70 1/15/65 1/15/67 4 . 50 35,000 Storm Sewer No. 73 11/15/65 ].1/15/67 4. 50 100,00� Storm Sewer, Sewer and Water No. 73 3/ 1/66 3/ 1/68 5. 00 75, 000 Storm Sewer, Sewer and Wa��r No. 79 11/ 1/66 11/ 1/69 5. 00 120,000 Storm Sewer No. 82 11/ ]./66 11/ 1/69 5. 00 35,000 �965 Street Improvement 11/15/65 ,11/15/67 4. 50 120,000 1965 Street Tmprovement 3/ 1/66 3/ 1/68 5. 00 75,000 1965 Street Tmprovement 12/15/66 12/15/69 5.00 60,000 1966-1 S�reet Improvemen� 7/15/66 7/15/69 5. 00 220,000 1966-1-2-3-4 Street Improvement 1.2/ 1/66 12/ 1/69 5. 00 285,OQ0 1966-5-6 Street Improvement 12/ 1/66 12/ 1/69 5. 00 265,OQ0 Tota1 special assessment temporary bonds � 1,875,000 Total bonds outstanding �10, 550,000 TOUCHE, ROSS, BAILEY & SMART 36 CITY OF FRTDLEY COMBINED DEBT SERVICE REQUIREMENTS DECEMBER 31, 1966 Y�ar Principal Interest Tcs�al 1967 � 1, 2�7, 000 � 391, 782 � 1,6389 78� :�968 1,�22,000 337, 914 1, 459, 914 �.969 l, 712,000 30 2,139 2,014,139 1970 727,000 226,696 953,696 1971 747,000 199, 914 946, 914 1972 724,000 172, 632 896, 632 1973 664,000 146,895 810,895 �974 537,000 124, 645 661 , 645 1975 460,000 106, 282 566, 282 1976 380,000 89, 838 469, 838 1977 330,000 75,008 405,008 1978 3 25,000 63, 20 2 388, 2Q 2 1979 330,000 51, 350 381,350 1980 270,000 40, 370 310,370 1981 215,000 31,365 246, 365 1982 220,000 23,178 243,178 1983 145,000 16, 415 161, 415 1984 110,000 11, 900 121,900 1985 110,000 8,050 118,050 1986 105,000 4, 288 109, 288 1987 50,000 1, 575 51, 575 19$8 20,000 350 20,350 �10, 550,000 �2, 425,788 �12, 975, 788 TOUCHE, ROSS, BAILEY & SMART 37 C�TY OF FRIDLEY SCHEDULE OF BANK BALANCES AND SECtTRITY FOR DEPOSITS DECEMBER 31z 1966 Amount of de osits Face amount � avings of securitie� Depository bank Cash certificates pledged C;amden Northwestern State Bar�k Ma.nneapolis, Minnesnta � $ �125, 000 �2Q0,000 �ridley State Bank Fridley, Minnesota 303, 8$1 300,000 Fidelity Bank and �r�ZSt Company Minneapolis, Minneso�a 50 30, 000 Additional security for city funds i.s afforded by the Federal Deposit Znsurance Corporation which insures all deposits of the above depository banks up to �15, 000 . Minnesota law stipulates that the amount of deposits cannot ex�eed �15,000 (F.D,I .C. insuz�ance) plus nin�y per cent of the t'ace amount of securities pledged as collateral by the bank. On December 31, 1966, the bank dep4sits at the Fridley State Bank were in excess of this requirement by �18,881 . TOUCHE, ROSS, BAILEY & SMART 38 CITY OF FRID�,EY IN StT RAN CE TN FORCE DECEMBEl� 31, 1966 Ma�or 3.nsurance coverage at Ja�uary 1., 1967 is summariz�d l�elaw: All risk, direct physical loss coverage : Buildin s and contents (except liquor stock� �2,116, 500 �oiler insuranee 500,000 Contractors equipment 160,000 Signs 10,000 Fire and extended covera�e - liquor stock 285,000 Comprehensive liability, including automobiles : Bodily in�ury: Each person 100,Op0 Each occurrence 300,000 Property damage 50,000 Liquor liabiJ.ity 1,000, 000 Comprehensive and eollision, automobiles : Passenger vehicles Aetual cash value O�her vehicles Stated value Business interruption, 7.iquor stores �250,000 Money and securities, inside and outside premises, a1�: loca'cions 15,000 Deposi�ory forgery bond 10,000 Public employee blanket bond 15,000 Workman 's compensa�ion Statutory TOUCHE, ROSS, BAILEY & SMART 39 CIT� OF FRIDLEY OFFICIAL BONDS DECEMBER 31, 1966 Sure'cy Name of official Position bond Marvin C. Brunsell City Clerk � 1,000 Marv3.n C. Brunsell Treasurer 25,000 Mervin Herrmann Assessor 500 Virgil V. Wil1s Clerk of Municipal Court 1,000 Er�nest P. Powell Deputy Clerk and Bailiff 1,000 Leon Madsen Assistant Assessor 500 TOUCHE, ROSS, BAILEY & SMART 4O CITY OF FRIDLEY ASSESSED VALUATIONS TAX LEVIES AND MILL RATES Shown by year of tax collectibility 1a64 1965 1966 1967 �sses�ed valuations Re al estate � 9, 795, 002 $11, 656,588 �12, 273,175 �14,346,874 Personal property 2�391a614 2 , 488 , 612 2 , 463,857 2 ,777,8b4 Total �12 ,186 ,616 �149145,200 �14,737, 032 �17,124 , 738 �`ax levies General Fund $ 379, 768 � �44,159 � 497, 375 � 576,247 Public Employees ' Retirement Associ- ation Fund 19,147 17,682 19, 747 15, 070 Firemen' s Relief Associa�ion Fund 12,196 14,145 14, 737 17,125 Police Pension Associ- ation 17,125 General Debt Serv3.ce Funds 33, 416 3b, 919 56,885 74, 664 Improvement bonds 26, 568 52 , 762 53, 201 52 , 915 Total � 471, 095 �565, 667 � 641, 945 $ 753,146 Mi11 rates General Fund 31.16 31. 40 33. 75 33. 65 Public Employees' Retirement Associ- ation Fund 1. 57 1 .�5 1. 34 . 88 Firemen ' s Relief Association Fund 1. 00 1. OQ 1. Q0 1. 00 Police Pension Associ- ation 1. 00 General Debt Serv3.ce Funds 2, 74 2.61. 3. 86 4. 36 Improvement bonds 2.18 3. 73 3. 61 3. 09 Total 38. 65 39. 99 43. 56 43. 98 TOUCHE, ROSS, BAILEY & SMART 4� CITY OF FRIDLEY TAX LEVIES AND TAX COLLECTIONS YEARS 1960 �ROU� i966 Collections Percentage Collecta.on of current of levy of prior Ratio years ' taxes collected years ' taxes of total Year To�a1 during fiscal during fiscal during fiscal Total collect�ions collected tax levy period period period collections to tax levy 1960 �205,608 �20 2, 592 98. 53� � 3, 806 �206, 398 1 .0038 s 1 1961 25Q,182 243,007 97.1.3 3, 970 246, 977 .9871 :1 1962 355, 994 351, 707 98 . 79 3, 828 355, 535 .99$7:1 1963 407, 343 394, 611 96 .87 5,011 399,622 .9810 :1 1964 471, 095 456, 35Q 96 .87 7, 243 463, 593 .9840 :1 1965 565,667 547,313 96 . 76 7, 658 544, 971 .9811:1 1966 641,9�5 618, 252 96 .31 10,003 628, 255 .9787: 1 I