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CITY OF FRIDLEY, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
DECEMBER 31, 1981
Prepared by:
Department of Finance
-• Sidney C . Inman
Director of Central Services
Richard D. Pribyl
Finance Officer
CITY OF FRIDLEY, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1981
TABLE OF CONTENTS
INTRODUCTORY SECTION EXHIBIT PAGE
List of Elected and Appointed Officials 1
Organizational Structure 2
City Manager's Letter of Transmittal 5
Chief Executive Officer's Letter of Transmittal 7
Certificate of Conformance 23
FINANCIAL SECTION
Accountant's Opinion 25
Combined Financial Statements - Overview
("Liftable" General Purpose Financial Statements)
Combined Balance Sheet - All Fund Types and
Account Groups A-1 28
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances - All Governmental
Fund Types and Expendable Trust Funds A-2 32
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances - Budget and
_ Actual-General, and Special Revenue Fund Types A-3 34
Combined Statement of Revenues, Expenses, and
Changes in Retaining Earnings - All Proprietory
Fund Types A-4 36
Combined Statement of Changes in Financial Position -
- All Proprietory Fund Types A-5 37
Notes to Financial Statements 38
Financial Statements of Individual Funds:
General Fund:
Comparative Balance Sheet B-1 55
Statement of Revenue, Expenditures, and
Changes in Fund Balance - Budget and Actual B-2 56
Statement of Revenues and Other Financing
Sources - Budget and Actual B-3 57
CITY OF FRIDLEY, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1981
TABLE OF CONTENTS (CONTINUED)
EXHIBIT PAGE
Statement of Expenditures and Other Financing _..
Uses - Budget and Actual B-4 59
Special Revenue Funds:
Combining Balance Sheet C-1 64
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances C-2 66
Municpal State Aid Fund: --
Comparative Balance Sheet C-3 68
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual C-4 69
Revenue Sharing Fund: --
Comparative Balance Sheet C-5 70
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual C-6 71
Cable TV Fund:
Comparative Balance Sheet C-7 72
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual C-8 73
Home Ownership Fund: .�
Comparative Balance Sheet C-9 74
Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual C-10 75
Debt Service Fund:
Comparative Balance Sheet D-1 77
Statement of Revenues, Expenditures, and
Changes in Fund Balance D-2 78
.� CITY OF FRIDLEY, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1981
_
TABLE OF CONTENTS (CONTINUED)
EXHIBIT PAGE
Capital Projects Funds:
Combining Balance Sheet E-1 80
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balance E-2 82
Special Assessment Funds:
Combining Balance Sheet F-1 87
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balance F-2 88
Enterprise Funds:
Combining Balance Sheet G-1 89
Combining Statement of Revenues, Expenditures,
and Changes in Retained Earnings G-2 90
Combining Statement of Changes in
Financial Position G-3 91
Liquor Fund:
Comparative Balance Sheet G-4 92
Comparative Statement of Revenues, Expenses,
and Changes in Retained Earnings G-5 93
Comparative Statement of Changes in
Financial Position G-6 94
Public Utilities Fund:
Comparative Balance Sheet G-7 96
Comparative Statement of Revenues, Expenses,
and Changes in Retained Earnings G-8 98
Comparative Statement of Changes in
Financial Position G-9 99
Christenson Building Fund:
Comparative Balance Sheet G-10 100
CITY OF FRIDLEY, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1981
TABLE OF CONTENTS (CONTINUED)
EXHIBIT PAGE
Comparative Statement of Revenues, Expenses,
and Changes in Retained Earnings G-11 101
Comparative Statement of Changes in
Financial Position G-12 102
Internal Service Fund:
Comparative Balance Sheet H-1 103
Comparative Statement of Changes in Revenues,
Expenses, and Changes in Retained Earnings H-2 104 --
Comparative Statement of Changes in
Financial Position H-3 105
Trust and Agency Fund:
Comparative Balance Sheet I-1 107
Comparative Statement of Changes in Revenues,
Expenses, and Changes in Fund Balance 1-2 108 .,
General Fixed Asset:
Comparative Statement of General Fixed Assets J-1 109 r
Schedule of General Fixed Assets - By Function
and Activity J-2 110
Schedule of Changes in General Fixed Assets -
By Function and Activity J-3 112 .,
General Long-Term Debt:
Comparative Statement of General Long-Term Debt K-1 113
TABLE PAGE
STATISTICAL SECTION
General Governmental Expenditures by Function -
Last Ten Fiscal Years 1 115
General Revenues By Source - Last Ten Fiscal Years 2 116 '^
Property Tax Levies and Collections - Last Ten
Fiscal Years 3 117
CITY OF FRIDLEY, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1981
TABLE OF CONTENTS (CONTINUED)
TABLE PAGE
_ Assessed and Estimated Market Value of All Taxable
Property - Last Ten Fiscal Years 4 118
Statement of Valuations and Levies By Classes
of Property 5 120
Significant Minnesota Tax Policies 122
Property Tax Rates Per $1,000 of Assessed Value
and Tax Levies - All Overlapping Governments -
Last Ten Fiscal Years 6 124
Special Assessment Levies and Collections - Last
Ten Fiscal Years 7 126
History of Tax Levies and Mill Rates - Last Ten
Fiscal Years 8 128
Ratio of Net Bonded Debt to Assessed Value and
Net Debt Per Capita - Last Ten Fiscal Years 9 130
Computation of Lebal Debt Margin 10 132
Computation of Direct and Overlapping Bonded Debt
and Comparative Debt Ratios 11 134
Ratio of Annual Debt Service Expenditures for
_ General Bonded Debt to Total General Government
Expenditures - Last Ten Fiscal Years 12 135
Revenue Bond Coverage - Last Ten Fiscal Years 13 136
Demographic Statistics - Last Ten Fiscal Years 14 137
.� Property Value, Construction, and Bank Deposits -
Last Ten Fiscal Years 15 138
Principal Taxpayers 16 139
Insurance Coverage 140
City Capital Improvement Financing Policy 141
Miscellaneous Statistical Information 142
General Information 145
INTRODUCTORY SECTION
a
a
4
a
MEI
CITY OF FRIDLEY, MINNESOTA
ELECTED AND APPOINTED OFFICIALS
DECEMBER 31, 1981
ELECTED OFFICIALS
Term of Office
Expires December
Mayor William J. Nee 1983
Councilmember At Large Robert L. Barnette 1983
Councilmember, Ward I Cheryl Lee Moses 1981
Councilmember, Ward II Dennis L. Schneider 1982
— Councilmember, Ward III Edward J. Fitzpatrick 1981
Effective January 1982
-� Mayor William J. Nee 1983
Councilmember At Large Robert L. Barnette 1983
Councilmember, Ward I Edward Hamernik 1984
— Councilmember, Ward II Dennis L. Schneider 1982
Councilmember, Ward III Edward J. Fitzpatrick 1984
— APPOINTED OFFICIALS
- City Manager - Nasim M. Qureshi
City Attorney - Virgil C. Herrick
Prosecuting Attorney - Carl Newquist
City Clerk/Treasurer - Sidney C. Inman
Department He ads:
Director of Public Safety and
Civil Defense Director - James P. Hill
Fire Chief - Robert D. Aldrich
Director of Public Works - John G. Flora
Director of Parks, Recreation and
Natural Re source - Charles A. Boudreau
- Director of Central Service - Sidney C. Inman
... Division Heads:
City Planner - Jerrold Boardman
Finance Officer - Richard Pribyl
Public Works Superintendent - Ralph S. Volkman
Chief Building Official - Darrel G. Clark
City Assessor - Mervin Herrmann
— Liquor Stores Manager - Robert L. McGuire
1
City of Fridley
Minnesota CITY ADMINISTRATIVE
CITY MANAGER
PersonnellOfficer/Admin. Asst. Management Analyst --City Manager's Secretary Economic Dev. Asst.
Clerk Typist
PARKS AND
PUBLIC WORKS (39) RECREATION (13)
Public Works Director Parks and Recreation Director
Operations Analyst Parks l8 Rec.
Public Works Secretary Secretary
Naturalist/Resource
Engineering Div. (4) Code Enforcement Division (4) Coordinator
Asst. P.Wks. Director Chief Building Official Interpretive Spec. _,
Engineering Tech. Environmental Officer Recreation Supv.
Eng. Aide/Admin. Plumbing Inspector Program Supv.
Eng. Aide/Inspection Clerk/Secretary
Park Foreman (7)
Planning Division (3)
City Planner Senior Parkkeeper _.
2 Opr. & Maint. Spec.
Associate Planner 3 Opr. & Maint. Persons
•
Clerk/Secretary
Public Works Maintenance Division
Supt. of Public Works (25)
Clerk/Secretary
Street Foreman (13) Water Foreman (5) Sewer Foreman (5) --
Sr. Steet Operator Sr. Water Operator 2 Sr. Sewer Operators
3 Heavy Equip. Opr. 2 Opr. & Maint. Spec. 2 Opr. & Maint. Persons
Opr. & Maint. Spec. Opr. & Maint. Person _.
4 Opr. & Maint. Persons
2 Mechanics
Opr & Maint. Spec.
2
ORGANIZATIONAL STRUCTURE
(129)
Director Central Services/Clerk Treasurer
Finance Officer I
1
General IA ccountant Sr. Util Billg Clk Purchasing Agent Record Spec/Dpt C.Clk
Payb/Data Proc Clk Sr. Assess. Clerk Clerk-Purchasing Word Processing Opr.
Acctg/Data Proc Clk Custodian Receptionist/Lic Clk
Acctg/Data Input Clk Cashier
PUBLIC SAFETY (42) FIRE (6)
Assistant City Manager/
Public Safety Director Fire Chief
(C.D.Dir.)
Police Secretary
Deputy Fire Chief
Captain
2 Firefighters
Clerk Typist II (C.D.)
Deputy P.S.D.
Lieutenant
3 Sergeants
3 Corporals
23 Police Officers
1 Neighborhood Serv. Coord.
.-. 4 Police Technicians
4 Office Assistants Liquor'Division Property/Tax Division
Liquor Store Manager(4) Assessor (4)
Asst. Liquor Store Mgr. 2 Appraisers
Head Liquor Store Clerk Tax Assess. Clerk
Liquor Store Clerk
• Human Services Asst. Fully funded
through federal and state funds
(--)= Number of full time employees
3
- ' CITY OF FRIDLEY
6431 UNIVERSITY AVENUE N.E., FRIDLEY, MINNESOTA 55432
TELEPHONE ( 612)571-3450
June 14, 1982
The Honorable Mayor and City Council
City of Fridley
Fridley, Minnesota
Gentlemen:
In accordance with the Charter, we hereby transmit the detailed Annual
Financial Report of the City of Fridley for the year ending December 31, 1981.
The Report includes an excellent and comprehensive letter from Mr. Sidney C.
Inman, Director of Central Services and Mr. Richard D. Pribyl, Finance
Officer, which assists in a ready understanding of the several accounts and
funds and matters covered by the Report. I would express appreciation and
commendation to them and the Finance Division staff for the manner in which
the accounts are kept and the Report presented.
-
I would also express appreciation for the commendable administrative and
financial management of the several departments and divisions by the
respective department and division heads as revealed by this Report.
Very truly yours,
•
Nasim M. Qureshi
City Manager
OMR
5
CITY OF FRIDLEY
8431 UNIVERSITY AVENUE N.E, FRIDLEY, MINNESOTA 55432
�'. June 14, 1982 TELEPHONE ( 612)571.3450
10■
Mr. Nasim M. Qureshi, City Manager
Mayor William J. Nee and Council Members
Fridley, Minnesota 55432
Dear Mr. Qureshi, Mayor Nee and Council Members:
01 The Comprehensive Annual Financial Report of the City of Fridley, Minnesota,
for the fiscal year ending December 31, 1981, is submitted herewith:
The organization, form, and contents of this report were prepared in
accordance with the standards prescribed by the Municipal Finance Officers
Association of the United States and Canada, the American Institute of
Certified Public Accountants, the National Council on Governmental
Accounting, and the Minnesota State Auditors Office. The Municipal Finance
Officers Association awards Certificates of Conformance to those governments
whose annual financial reports are judged to conform substantially with high
standards of public financial reporting including generally accepted
accounting principles promulgated by the National Council on Governmental
Accounting. The City of Fridley was awarded a certificate of Conformance for
its annual financial report for the fiscal year 1980. It is my belief that
the accompanying fiscal year 1981 financial report continues to meet program
standards and it will be submitted to the Municipal Finance Officers
Association for review.
The report was prepared by the City's Finance Staff and consists of three
sections:
Section I is the introductory section and contains the table of
contents, letter of transmittal, and other appropriate material.
Section II is the financial section and contains the accountant's
opinion, the combined financial statements, notes to the financial
statements, the combining and individual fund statements, and
account group statements.
Section III is the statistical section which includes the previous
year's financial and non-financial data.
Responsibility for both the accuracy of the presented data and the
completeness and fairness of the presentation including all disclosures rests
with the City. We believe the data as presented is accurate in all material
aspects, that it is presented in a manner designed to fairly set forth the
financial position and results of operations of the City as measured by the
financial activity of its various funds, and that all disclosures necessary
to enable the reader to gain the maximum understanding of the City's
financial activity have been included.
7
ACCOUNTING SYSTEM AND BUDGETORY CONTROL
The accounting system provides for a complete self-balancing account group
for each fund of the City. Accounting records are maintained on the modified
accrual basis for the governmental type funds and the trust and agency fund
and the accrual basis of accounting is utilized for the proprietary type
funds, as defined in the notes to the financial statements.
In developing and improving the City's accounting system, consideration is
given to the adequacy of internal accounting controls. Internal accounting
controls are designed to provide reasonable, but not absolete, asssurance
regarding the safeguarding of assets against loss from unauthorized use or
disposition and the reliability of financial records for preparing financial
statements and maintaining accountability for assets. The concept of
reasonable assurance recognizes that the cost of a control should not exceed
the benefits likely to be derived and the evaluation of costs and benefits
requires estimates and judgements by management.
All internal control evaluations occur within the above framework. We
believe that the City's internal accounting controls adequately safeguard
assets and provide reasonable assurance of the proper recording of financial
transactions.
A complete budgetary system of accounts is maintained for the General and
Special Revenue Funds.
Budgetary control is maintained in compliance with the City Charter
Requirements. The Charter provides that it is the duty of the City Manager
to strictly enforce the provisions of the budget. The management policy of _
the City is such that the existence of a particular item or appropriation in
the approved budget does not mean that it will or must be automatically
expended. It is the policy of the City to control budgets at the expenditure
catagory level . Budget adjustments between City divisions are made upon
approval of a resolution by the City Council. The City Charter provides that
the City Council shall not have power to increase the total amount of the
budget , whether by insertion of new items or otherwise, beyond the estimated
revenue unless the actual revenue exceeds such revenue estimates, and in that
event not beyond such actual revenue. There is a constant review process.
Expenditures are not approved until it has been determined that 1) adequate
funds have been appropriated , 2) the expenditure is necessary, and 3) funds
are available.
THE CITY AND IT' S SERVICES
The funds included in this comprehensive annual financial report are
controlled by or dependent on the City of Fridley. Determination of
"controlled by or dependent on" is based on criteria developed by the Federal
Bureau of the Census. The criteria deal with existence as an organized
entity, governmental character, and substantial autonomy. Based on these
criteria the various funds and account groups, which are all the fund and
account groups of the City shown in the table of contents, are included in
this report .
8
The City provides a full range of municipal services. These include police,
fire, parks and recreation, public improvements, street maintenance, sanitary
sewer and water utilities, liquor sales, planning and general administrative
services.
DEBT ADMINISTRATION
Net bonded debt per capita, and the percentages of the net debt to assessed
value and to market value are useful indicators of the City's debt position.
Debt statistics for the City as of December 31, 1981 are as follows:
Percent of Percent of Debt per
Amount Assessed Value Market Value Capita
Net direct debt $2,695,365 1.42 .419 89.25
Net direct debt is based on Fridley's outstanding indebtedness less cash and
investments on hand.
�.. On February 1, 1981, $2,200,000 of General Obligation Tax Increment
Redevelopment Bonds were sold at a interest rate from 7.10% to 9.00%. The
issue will be fully retired February 1, 1999 and will be paid for by funds
-- generated from the tax increment district.
On April 14, and December 15, 1981, a total of $1,439,000 of Temporary
Improvement Bonds were sold at an interest rate of 8%. During 1981, $790,000
of Bonds were retired leaving the total outstanding indebtedness for the City
on December 31, 1981 at $8,954,000. Below is a table of bonds issued since
January 1, 1962.
Remaining
Date of Years Interest
Issue Amount of Issue Rate
1981 $2,200,000 17 7.10 - 9.00%
1981 1,439,000 3 8.00%
1980 265,000 2 8.00%
1980 1,755,000 14 7.25 - 8.50%
1977 765,000 7 3.10 - 4.90%
1976 675,000 8 3.75 - 6.00%
1975 28 5,000 7 6.00%
•• 1972 750,000 12 3.80 - 5.30%
1967 170,000 6 4.20 - 4.50%
1965 120,000 4 3.20 - 3.50%
1965 170,000 4 3.20 - 3.50%
1965 320,000 6 3.20 - 3.50%
1963 35,000 1 3.20 - 3.80%
1962 5,000 1 3.10 - 3.80%
`
$8,954,000
9
During 1981, the City was notified that Moody's Investor Service had
assigned a bond rating of Aal from Aa which the City has held since May 16, --
1977.
As of December 31, 1981, the City had issued $23,225,000 in Industrial
Revenue Bonds which are permitted under Minnesota Statutes, Chapter 474.
Listed below are the bond issues:
Company Date of Issue Amount ...�
Safetrans 03/21/77 $ 1,500,000
Perlman Rocque 05/07/79 2,500,000
Medtronics 11/05/79 1,000,000
Simer Pump 06/02/80 700,000
G.T.A. 10/20/80 6,000,000
Win-Stevens Datsuns, Inc . 01/12/81 675,000
WWH Properties 11/23/81 1,250,000
Webb Company 12/14/81 9,600,000
$23,225,000
CASH MANAGEMENT
All temporary cash surpluses during the year are invested in various
securities which State statues permit. Investment yields ranged from 7.00%
to 17.5% during the year. The 1981 earnings were distributed to the
following fund types:
General $ 311,544
Special Revenue 174,198
Debt Service 5,401
Capital Projects 148,837
Special Assessments 740,269
Enterprise 426,865
Internal Service 11,585
Expendable Trust 2,445
$1,821,144 ...
The following is a summary of earnings for the past three years:
Year Earnings
1979 $ 871,757
1980 $1,249,913
1981 $1,821,144
10
FISCAL DISPARITIES
The State Legislature enacted a "Fiscal Disparity Law" in 1971 which was not
implemented until 1975 due to a constitutional challenge. The law provides
for the "pooling" of 40% of all new commercial and industrial property
valuations in the seven-county metropolitan area. In turn, valuation from
this "pool" is to be redistributed to taxing jurisdictions according to
specific criteria.
Although it is impossible to determine the future impact of the "Fiscal
Disparity Law' on the City of Fridley, the law had the effect of reducing the
City's taxable valuation by $10,022,598 for taxes collectible in 1981.
TAX INCREMENT DISTRICT
The City Council took action on May 7, 1979 to form a Tax Increment
-- District . The Fridley housing and Redevelopment Authority is responsible for
administering the Tax Increment project. The project consists of the planned
redevelopment of properties located near the center of the City and near the
s
Fridley Civic Center. The creation of the Tax Increment District has the
effect of lowering the assessed valuation of the City that can be used for
other purposes by $2,708,711 for taxes collectible in 1981.
N.4
W.
W.
r
11
GENERAL FUND
The General Fund accounts for all financial transactions not properly accounted
for in any other fund. Revenues (including transfers) of the General Fund
totaled $5,956,768, an increase of $740,085 from 1980. Also expenditures
(including transfers) for the General Fund totaled $5,506,442, an increase of
$579,539 over the previous year. The fund balance increased by $450,326 and was
$3,407,003 at the end of the year.
A portion of this fund balance is available to provide working capital for the
fund until tax settlements are received in July and December of each year, to
provide funds for unknown events which could have an adverse effect on the fund, —
and to help finance future budgets.
The following table shows the beginning-year General Fund balances as compared
to the adopted budget of the previous year.
Fund Balance --
General Beginning of Year
Fund Budget Amount % of Budget
1977 $3,581,342 S1,190,531 33.2
1978 3,962,664 1,357,779 34.3
1979 4,351,005 1,835,116 42.2
1980 5,664,208 2,666,897 47.1 '^
1981 6,101,166 2,956,677 48.5
1982 6,070,894 3,407,003 56.1
The amount of revenue from various sources and the changes from the previous
year are shown in the following table. ►r
Increase
1980 Percent (Decrease)
Revenue Source Amount of Total from 1979
General property taxes $2,085,759 35.0 $141,837
License and permits 192,347 3.2 (36,801)
Intergovernmental revenue 2,583,580 43.4 528,673 .-.
Charges for current services 129,887 2.2 21,340
Fines and forfeits 119,428 2.0 16,415
Interest on investments 311,544 5.2 19,970
Miscellaneous 74,223 1.3 15,234
Transfers 460,000 7.7 33,417
Total revenue $5,956,768 100.0% $740,085
General property taxes accounted for 35.0% of the General Fund revenues and ^
current tax collections were 90.41% of the total tax levy for the year 1981.
Intergovernmental revenues accounted for 43.4% of the revenues compared to
39.4% the previous year. The increase in intergovernmental revenue came
primarily from the state homestead credit.
12
Increases in levels of expenditures for major functions of the City over the
preceding year are shown in the following table:
Increase
1981 Percent (Decrease)
Expenditures by Function Amount of Total from 1980
General government $ 725,095 13.2 $106,880
Public safety 1,994,788 36.2 338,282
Civic center 137,976 2.5 9,181
Public works 1,427,087 25.9 423,065
Parks and recreation 1,087,811 19.8 248,540
Debt service 16,030 .3 -0-
Transfers 117,655 2.1 (546,409)
Total expenditures $5,506,442 100.0% $579,539
--� Adjusted assessed valuations of $176,260,691 represented an increase of 10%
over the preceding year. Part of the increase in assessed valuation was due
to a court ruling declaring the concept of limited market value
unconstitutional. To comply with this ruling the legislature moved to
eliminate this concept during 1980 and 1981.
The mill rates by purpose for these fiscal years is as follows:
Purpose 1981 1980
General Fund 15.248 14.795
General Debt Service .220 .237
Capital Improvement .254 .274
Total Tax Rate 15.722 15.360
SPECIAL REVENUE FUNDS
'^ Purpose
Special Revenue funds are used to account for revenue derived from specific
taxes or other earmarked revenue sources. They are usually required by
Statute, Charter provisions, or local ordinance to finance particular
functions or activities of government.
Municipal State-Aid Fund
Gasoline tax collections apportioned to the City by the State of Minnesota
for street construction are accounted for in this fund. Gasoline tax
apportionments used for maintenance purposes are accounted for in the
.., General Fund. Transfers are also made back to this fund from Special
Assessment funds. These funds are derived from the excess of the
13
construction funds received from the State of Minnesota plus the special
assessments levied less the cost of the project. This excess is
transferred back to the Municipal State-Aid Fund where the funds are
earmarked for seal coating projects or the City's share of sidewalk or
street improvement projects.
The fund balance at December 31, 1981 was $1,191,929 which was an increase .�
from the previous year of $180,499. Revenues totaled $370,864, which is
the combination of State Aid and interest earned on the cash held in this
fund. The State Aid portion of the revenues increased from the previous
year by $110,990. The expenditures from this fund were in the form of
transfers to other funds and decreased this year by $98,890.
Revenue Sharing Fund
The Revenue Sharing Fund was established to account for the revenue
received from the Federal Government in accordance with the "State and
Local Fiscal Assistance Act of 1972." Expenditure of these funds can be
made only in accordance with the provisions of that act. The City's share
of these Revenue Sharing funds for the year 1981 was $212,074 which was A
decrease from 1980 of $8,780.
Revenue Sharing funds are transferred from the Revenue Sharing Fund to the
General Fund where the detailed amounts are budgeted. During 1981,
transfers of these types totaled $245,000.
The fund balance at December 31, 1981 was $144,786, which represents a
increase of $97 from 19 80.
Cable TV Fund
The Cable TV was set up in 1981 to segregate funds received from the cable
TV provider. These funds consist of 5% of the total amount of money paid
to the cable TV provider for subscriptions. This is used to finance the
city's administration of the cable TV franchise. These revenues during
1981 amounted to $41,554, plus interest earnings of $3,093. This left the
fund balance at December 31, 1981 at $44,647.
Home Ownership Fund
A grant of $120,000 was approved in 1979 by HUD for the City of Fridley.
The purpose of the grant is to facilitate home ownership for large,
low-income families.
Revenues during 1981 totaled 3,570 which was a decrease of $93,121 from
1980. The objective of this fund has now been completed and is in its
close-out stages. There were no expenses in 1981 and at December 31, 1981,
this fund ended with a zero balance.
14
GENERAL DEBT SERVICE FUND
Purpose
The General Debt Service Fund accounts for money devoted to the payment of
interest and principal on long-term general obligation debt (other than
Special Assessment Debt Service) .
This fund is used for the accumulation of monies for payment of general
obligation bonds and interest thereon. Property taxes and proceeds from a
tax increment area provide the necessary revenue. During 1981, revenues
amounted to 43,988, of which $29,915 was from property tax collections.
The City has two general obligation issues outstanding which are carried in
this fund. There is a $500,000 issue for the Civic Center dated May 1,
1965, and a $2,200,000 issue for a tax increment redevelopment area
established in 1980. On December 31, 1981, $170,000 was outstanding on the
Civic Center bond issue and $2,200,000 on the Tax Increment bond issue.
The Debt Service Fund balance at December 31, 1981 was $76,953.
CAPITAL PROJECTS FUNDS
Purpose
Capital Project Funds receive and disburse monies used for acquisition of
•. capital facilities other than those financed by Special Assessments and
Enterprise Funds.
Capital Improvement Fund
This fund was established to account for the revenue and expenditures of a
revolving type Capital Improvement Fund. During 1980 the City concluded
that the current and future cost of replacing or repairing many of the
large assets owned by the City is growing steadily. The moneys set aside
in this fund are to finance the future replacement of the assets that are
growing with age. No expenditures have been made from this Fund to date.
At December 31, 1981 the fund balance was $1,038,321.
15
Is lands of Peace
This fund was established to account for the Islands of Peace Project. A
$150,000 grant had been received from the State of Minnesota for the
purpose of constructing a shelter building during the prior year. During
1981, expenditures exceeded revenues by $1,559 thus reducing the fund
balance to zero.
•
North Park Fund
This fund had been established to account for the special North Park
Project . The North Park area is currently being developed by a private
non-profit foundation and the City as a nature center. A $27,000 grant was .-.
received in 1976 from the State of Minnesota for use of this project. The
residual fund balance of $244 was transfered to the North Park Visitation
Center Fund in 1982.
North Park Visitation Center Fund
This fund was set up to account for the receipts and disbursements relating
to the construction of a Visitation Center Building in North Park. A
substantial portion of the project was completed last year. In 1981, land
sales, donations and investment income amounted to $153,379 with
expenditures of $75,859 resulting in an ending fund balance of $97,187.
Sears Fund
This fund was set up to account for the receipts and disbursements relating
to the purchase of park land formerly owned by Sears Roebuck. The City
received a State grant of $75,591 in 1981 for the purchase of the
property. Additional revenue in the amount of $18,106 was received as "^
interest on cash, and $175,000 as donations. The fund balance at year end
was $327,309.
University Avenue Bike/Walkway Fund
The City received a participating grant from the State to construct a
bike/walkway that would connect major parks within the City. Revenues this
year were in the form of grants from the State the amount of which was
$34,966. Expenditures for the trail were $33,008 thus leaving a ending
fund balance of $165.
16
SPECIAL ASSESSMENT FUNDS
Special Assessment Funds are used to finance and account for the
construction and financing of certain public improvements such as street
improvements, sidewalk improvements, storm sewers, and water and sewer
lines which may be paid wholly or in part from the special assessments
levied against benefited property. The fact that the special improvements
are paid for completely or in part by property owners in a limited
geographical area who specifically benefit distinguishes them from
improvements which benefit the entire community and which are paid for out
of general revenue or through the issuance of general obligation bonds.
The City employs the practice of issuing temporary three-year bonds to
finance the improvements during the construction period of projects. The
temporary bonds usually are in force past the time the special assessment
rolls are adopted by the City Council. Permanent bonds are normally issued
after the assessment rolls have been approved by the City Council and after
the initial prepayments of assessments have been made by property owners.
This practice allows the City to keep the number of permanent bonds issued
by the City to a minimum. Construction in progress is shown in the General
Fixed Asset Group of Accounts.
Special Assessments Revolving Fund
The purpose of this fund is to provide temporary financing for small
improvement projects.
Special Assessments
The Special Assessments Fund is used to account for the collection of
assessments against benefited property owners and the disbursement of
assessment collections for the payment of bonds and interest thereon. It
also handles the receipt of bond proceeds and the disbursement of the
proceeds for construction work performed.
The fund balance increased during 1981 by $1,492,069.
ori
17
ENTERPRISE FUNDS
Purpose
Enterprise funds account for the financing of services to the general public in
which all or most of the cost involved is paid in the form of charges by the users
of such services. In the City of Fridley, Enterprise funds are used to account
for the operation of the Public Utility System, the municipal liquor stores and
the operation of a small shopping center. Except for ownership, Enterprise Funds
bear a close resemblance to privately owned utility or service enterprises.
Municipal Liquor Fund
The Municipal Liquor Fund was established to account for the operation and
financing of the City-owned municipal liquor stores. One is located at 6289 ""
Highway 65; the other is located at 6586 University Avenue Northeast. The City
owns the land, building and fixtures at the Highway 65 location. The City leases
the building at the University Avenue location. The most current lease was .�
negotiated in 1978 for the University Avenue location.
Shown below is a summary of liquor store operations for the years 1981, 1980,
1979, 1978, and 1977.
1981 1980 1979 1978 1977
Sales $1,743,846 $1,661,818 $1,461,144 $1,323,462 $1,160,937
Gross profit 344,681 333,245 275,862 260,941 228,106
Net profit 192,975 171,285 117,404 119,607 98,681
Transfers to the
General Fund $ 90,000 $ 85,000 $ 85,000 $ 85,000 $ 85,000
Retained earnings of the Municipal Liquor Fund were $963,609 on December 31, 1981,
compared to $860,634 on December 31, 1980.
Public Utility Fund
This fund accounts for the operation and financing of the City-owned sewer and
water systems.
In 1969, the fund assumed a $770,000 liability for bonds payable along with future
interest obligations of the Water No. 75 Improvement Bonds. A total principal -••
amount of $320,000 for this bond issue was outstanding on December 31, 1981.
Although deferred tax levies are set forth in the resolution for retirement of the
bonds and interest, it is the intention of the city to cancel the tax levies ..,
annually for this bond issue and to provide the necessary revenue from the Public
Utility Fund.
18
The receivable from the Metropolitan Waste Control Commission of $396,034
represents the City's share of the equity in the Minneapolis Sewer System
which was acquired by the Commission on January 1, 1971. This amount will be
paid to the City by means of issuing credit against future sewer billings from
the Commission. These credits will be applied in annual installments with
interest through 1999.
OMI
The assets for the Water and Sewer distribution system, originally financed by
special assessments, were transferred from General Fixed Assets to the Public
Utility Fund in 1978. Additional Fixed Assets were transferred in 1979.
Those improvements to the utility system paid for or financed directly by the
Public Utility Fund have always been carried in the Public Utility Fund and
depreciated.
The City Council has a policy of not depreciating water and sewer lines paid
for by special assessments. The reasoning for this is that Fridley is still a
young community. The original water and sewer lines have not been fully paid
for by the property owners. To require these same property owners to pay for
the lines by special assessments and also via their utility bills would
require the same customers to pay for the system twice.
The Public Utility Fund has transferred monies to the Special Assessment Debt
_ Service funds to pay principal and interest on some bond issues although there
is no legal requirement to do so. As a result, the City considers such
transfers as direct charges against retained earnings and not against income.
Retained earnings on December 31, 1981 were $4,341,448 compared to $4,080,709
on December 31, 1980.
.., Shown below is a summary of operations of the Public Utility Fund for the
years 1981, 1980, 1979, 1978, and 1977.
1981 1980 1979 1978 1977
Operating income $1,560,081 $1,477,709 $1,397,400 $1,404,459 $1,276,196
Operating expenses 1,681,670 1,376,970 1,237,212 1,299,988 1,139,152
Operating income $ (121,589) $ 100,739 $ 160,188 $ 104,471 $ 137,044
During 1981, the sewage disposal charge increased drastically compared to prior
years. It was necessary in 1982 to increase the sewage charge to property owners
to compensate for these higher rates.
Christenson Building Fund
On September 1, 1978 the City entered into a lease/option agreement with O.H.
"' Peterson, Jr. for the property known as the Christenson building. The property
consists of 2.66 acres of land, an older shopping center building, a house, and a
cement block commercial garage building. The lease ran until July 31, 1979. The
IMO lease contains provisions for two one—year extensions. The City exercised the
option for both one-year extensions. The lease agreement also provided that the
City had the option to purchase the property for $275,000. During 1981, the City
did purchase the building for the specified amount. The purpose of the City
... entering into the above situation with Mr. Peterson was to hold the property
together as one parcel pending future HRA redevelopment. The City has recently
19
demolished the building and this piece of property was sold the Fridley BRA
and will be developed in the future by that agency.
INTERNAL SERVICE FUNDS
Internal Service Funds are set up to account for goods and services provided
by designated departments on a cost reimbursement basis to other departments
within a single governmental unit. The City of Fridley has set up an Internal
Service Fund to account for all fringe benefits in one area. During 1981,
charges for services exceeded benefit payments by $113,682. The fund balance
as of December 31, 1981 was $313,477.
TRUST AND AGENCY FUNDS
Trust and Agency Funds account for assets held by the City as a trustee or
agent for individuals, private organizations, and other governmental units.
The Trust and Agency Fund maintained by the City is for the purpose of holding
escrow deposits relating to industrial development revenue bond and mortgage
issues. The fund balance for December 31, 1981 is $4,939. ..
GENERAL FIXED ASSETS GROUP OF ACCOUNTS
Purpose _.
General Fixed Assets are those fixed assets of a governmental jurisdiction
which are not accounted for in an Enterprise Fund. To be classified as a
fixed asset in this category , a specific piece of property must possess three
attributes: 1) it must be tangible in nature, 2) it must have a life longer
than the fiscal year, and 3) it must be of significant value.
GENERAL LONG TERM DEBT GROUP OF ACCOUNTS
Purpose
General obligation bonds and other forms of long-term debt supported by
general revenue are obligations of a governmental unit as a whole and not its
individual constituent funds. Moreover, the proceeds of such debt may be
spent on facilities which are utilized in the operation of several funds. For
these reasons, the amount of unmatured long-term indebtedness which is backed
by the full faith and credit of the City are accounted for and reported in a
20
separate self-balancing group of accounts entitled "General Long Group of
Accounts." The group includes (in addition to conventional term debt) general
0.• obligation bonds, time warrants and notes which have a maturity of more than
one year from date of issuance.
PENSIONS
•■ Employees in the City of Fridley are covered by five pension plans:
1) Fridley Fire Relief Association for Volunteer Firemen.
2) Fridley Police Pension Association, for Police Officers hired
prior to December 15, 1975.
P.M
3) Public Employees Retirement Police and Fire Plan, covering the
City's full-time Firemen and newly-hired Police Officers.
4) The basic Public Employees Retirement Plan, which covers certain
other City civilian employees.
5) Coordinated Public Employee Pension Plan, which covers the
balance of the City civilian employees. The employees covered by
the Coordinated P.E.R.A. Plan are also covered by Social Security.
The City is currently making all pension contributions required by law.
For additional background information on the pension plans covering City
employees, see Notes to the Financial Statements.
INDEPENDENT AUDIT
Section 7.13 of the City Charter requires an annual audit to be made of the
books of account, financial records and transactions of all administrative
departments of the City by a certified public accountant or the State
Auditor's Department of the State of Minnesota. This requirement has been
complied with and the opinion of the George M. Hansen Company P.A. , Certified
Public Accountants, is included with this report.
r.•
21
CERTIFICATE OF CONFORMANCE
"The Municipal Finance Officers Association of the United States and Canada
(MFOA) awarded a Certificate of Conformance in Financial Reporting to the City
of Fridley, Minnesota, for its comprehensive annual financial report for the
fiscal year ended December 31, 1980.
In order to be awarded a Certificate of Conformance, a governmental unit must
publish an easily readable and efficiently organized comprehensive annual
financial report , whose contents conform to program standards. Such reports
must satisfy both generally accepted accounting principles and applicable
legal requirements. A Certificate of Conformance is valid for a period of one
year only. We believe our current report continues to conform to Certificate -'
of Conformance Program requirements, and we are submitting it to MFOA to
determine is eligibility for another certificate."
ACKNOWL EDEME NTS -
The preparation of the report on a timely basis could not have been
accomplished without the efficient and dedicated services of the Finance and
Central Services staff. We would like to express our appreciation to the
Mayor and members of the City Council for their interest and support in
planning and conducting the financial operations of the City in a responsible
and progressive manner.
Respectfully Submitted,
C - V
Sidney C. Inman Richard D. Pribyl
Director of Central Services Finance Officer
-r
22
Certificate
of
Conformance
in Financial
Reporting
Presented to
City of
Fridley, Minnesota
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
December 31, 1980
A Certificate of Conformance in Financial Reporting is
presented by the Municipal Finance Officers Association
of the United States and Canada to governmental units
and public employee retirement systems whose comprehensive
annual financial reports(CAFR's) are judged to substantially
conform to program standards.
�cE OFF/e4
STA� P /.
AND 113 "'� nt
.4 CAVA ea
T., SELL ti*men*
Executive Director
23
Ims
FINANCIAL SECTION
7—
ACCOUNTANT'S OPINION
G IVI I-I C o GEORGE M. HANSEN COMPANY, P.A.
A Professional Corporation of Certified Public Accountants
ACCOUNTANTS' OPINION
NMI
The City Council of
Fridley, Minnesota
We have examined the combined financial statements of the City of Fridley,
Minnesota, as of and for the year ended December 31, 1981, as listed in the
- table of contents. 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 City of Fridley, Minnesota, at December 31,
1981, 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 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 combining, individual fund, and
account group financial statements and schedules lised in the table of contents
are presented for purposes of additional analysis and are not a required part
of the combined financial statements of the City of Fridley, Minnesota. The
information has been subjected to the auditing procedures applied in the exam-
ination of the combined financial statements and, in our opinion, is fairly
stated in all material respects in relation to the combined financial state-
- ments taken as a whole. Our examination did not include the statistical
information listed in the table of contents .
.7d.e. ,00r 7243.1'61eri c".7251",
June 1, 1982
alMa
_ 1 75 SOUTH PLAZA BUILDING WAYZATA BOULEVARD AT HIGHWAY 100 MINNEAPOLIS.MINNESOTA 55416 612/546-2566
25
COMBINED FINANCIAL STATEMENTS
..r
27
CITY OF FRIDLEY, MINNESOTA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1981
Governmental Fund Types
Special Debt Capital Special
General Revenue Service Projects Assessment
Assets '-
Cash (deficit) $ 88,151 $ (218,668) $ 1,787 $ 180,974 $ (24,694)
Investments, at cost 2,439,489 1,49 8,275 72,220 1,258,721 6,790,580
Receivables (Net of allowance
for uncollectable) :
Accounts 30,386 41,554
Taxes 17,532 257 296
Special assessments 5,756 4,675,018
Interest 358,034
Due from other governments 623,950 60,224 2,946 23,531 3,744
Due from other funds
Inventories, at cost 17,352
Prepaid expenses
Long term receivable
Restricted assets:
Cash
Investments, at cost
Property and equipment
(Net of depreciation)
Amount available in debt
service fund
Amount to be provided for
retirement of general
long term debt
Total assets $3,580,650 $1,381,385 $77,210 $1,463,522 $11,444,648
See Accompanying Notes to Financial Statement
28
EXHIBIT A-1
Fiduciary
Proprietary Fund Types Fund Types Account Groups Totals
Internal Trust and General General Long (Memorandum Only)
Enterprise Service Agency Fixed Assets Term Debt 1981 1980
$ (60,861) $(137,000) $ 3,165 $ (167,146) $ (217,516)
3,078,336 648,572 31,804 15,817,997 13,546,631
317,161 118 389,219 373,412
18,085 25,346
4,680,774 3,952,401
358,034 463,424
297,452 1,011,847 143,923
14,845 14,845 28,588
195,840 213,192 203,209
70,279 70,279 64,049
383,235 383,235 398,054
(20,678) (20,678) (760)
226,113 226,113 210,400
11,854,884 $19,046,507 30,901,391 30,444,257
$ 76,953 76,953 69,480
2,329,119 2,329,119 200,459
$16,356,606 $ 511,690 $34,969 $19,046,507 $2,406,072 $56,303,259 $49,905,357
29
CITY OF FRIDLEY, MINNESOTA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS (Continued)
December 31, 1981 '-
Governmental Fund Types
Special Debt Capital Special
General Revenue Service Projects Assessment
Liabilities
•
Accounts payable $ 73,930 $ 4,331
Deposits payable 16,765 116,916
Contracts payable 5,019
Salaries payable 44,833 $ 23 88
Leave payable
Deferred revenue 23,289 $ 257 $ 296
Due to other governments 14,830
Due to other funds
Bonds payable 6,264,000
Total liabilities 173,647 23 257 296 6,390,354
Fund Equity
T-.
Contributed capital
Investment in general
fixed assets
Retained earnings -
Reserved - See note 10
Unreserved
Fund balance:
Reserved - See note 10 2,184,590 76,953 1,047,196 4,358,128
Unreserved 1,222,413 1,381,362 _ 416,030 696, 166
Total retained earnings/ --
fund balance 3,407,003 1,381,362 76,953 1,463,226 5,054,294
Total fund equity 3,407,003 1,381,362 76,953 1,463,226 5,054,294
Total liabilities and
fund equity $3,580,650 $1, 381,385 $77,210 $1,463,522 $11,444,648
See Accompanying Notes to Financial Statement
30
EXHIBIT A-1
Cont.
Fiduciary
Proprietary Fund Types Fund Types Account Groups Totals
Internal Trust and General General Long (Memorandum Only)
Enterprise Service Agency Fixed Assets Term Debt 1981 1980
$ 103,428 $ 2 ,128 $ 183,817 $ 270,108
27,902 161,583 141,585
877 $ 21,227 27,123 65,344
5,299 50,243 33,330
$198,213 198,213 207,628
396,034 419,876 478,808
59,231 74,061 178
14,845 14,845 28,588
320,000 2,370,000 8,954,000 6,105,000
884,869 198,213 30,030 -0- 2,406,072 10,083,761 7,330,569
10,166,680 10,166,680 10,166,680
$19,046,507 19,046,507 18,540,964
313,477 313,477 -0-
5,305,057 5,305,057 4,948,813
7,666,867 7,290,462
4,939 3,720,910 1,627,869
5,305,057 313,477 4,939 17 ,006,311 13,867,144
15,471,737 313,477 4,939 19,046,507 -0- 46,219,498 42,574,788
$16,356,606 $511,690 $34,969 $19,046,507 $2,406,072 $56,303,259 $49,905,357
31
CITY OF FRIDLEY, MINNESCIA
COMBINED STATEMENT OF REVENUES , EXPENDITURES AND CHANGES
IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS
Year Ended December 31, 1981
Governmental Fund Types
Special Debt
General Revenue Service
Revenues:
Taxes and special assessments $2,085,759 $29,915
Licenses and permits 192,347 $ 41,554
Intergovernmental revenue 2,583,580 448,426 8,672 -
Charges for current services 129,887
Fines and forfeitures 119,428
Interest on investments 311,544 174,198 5,401
Miscellaneous 74,223
Total revenues 5,496,768 664,178 43,988
Other financing sources:
Transfers from other funds 460,000
Bond sales
Total other financing sources 460,000 -0- -0-
Total revenues and other
financing sources 5,956,768 664,178 43,988 _,
Expenditures:
General government 725,095
Public safety 1,994,788 ►.
Civic center 137,976
Public works 1,427,087 3,570
Parks and recreation 1,087,811
Capital projects
Debt service 16,030 36,515
Other
Total expenditures 5,388,787 3,570 36,515
Other financing uses: _,
Transfers to other funds 117,655 435,365
Bonds issued
Total other financing uses 117,655 435,365 -0-
Total expenditures and other
financing uses 5,506,442 438,935 36,515
Excess of revenues and other
sources over expenditures
and other uses 450,326 225,243 7,473
Fund balance January 1 as
previously reported 2,956,677 1 , 603,939 69,480
Adjustment: See note 11 (447,820)
Fund balance January 1 as restated 2,956,677 1,156,119 69,480 ..
Fund balance December 31 S3,407,003 $1,381,362 $76,953
See Accompanying Notes to Financial Statements
EXHIBIT A-2
- Fiduciary
Fund Type Totals
Capital Special Trust and (Memorandum Only)
Projects Assessments Agency 1981 1980
$ 34,516 $1,353,321 $ 3,503,511 $ 3,041,713
233,901 229,148
... 120,622 62,702 3,224,002 2,957,372
129,887 108,547
119,428 103,013
... 148,837 740,269 2,445 1,382,694 955,209
318,488 346,138 738,849 386,263
622,463 2,502,430 2,445 9,332,272 7,781,265
183,020 643,020 1,282,580
2,100,139
.. -0- 183,020 -0- 643,020 3,3 82,719
622,463 2,685,450 2,445 9,975,292 11,163,984
725,095 618,215
1,994,788 1,737,883
137,976 128,795
1,430,657 1,111,066
... 1,087,811 839,271
130,778 718,769 849,547 1,426,947
382,254 434,799 324,921
„r 83,998 83,998 42,560
130,778 1,185,021 -0- 6,744,671 6,229,658
8,360 561,380 1,209,469
2,120,000
8,360 -0- 561,380 3,329,469
130,778 1,193,381 -0- 7,306,051 9,559,127
491,685 1,492,069 2,445 2,669,241 1,604,857
971,541 3,562,225 2,494 9,166,356 7,426,802
(447,820) (313,123)
971,541 3,562,225 2,494 8,718,536 7,113,679
$1,463,226 $5,054,294 $4,939 $11,387,777 $ 8, 718,536
33
CITY OF FRIDLEY, MINNESOTA
COMBINED STATEMENT OF REVENUES , EXPENDITURES AND CHANGES _
IN FUND BALANCES - BUDGET AND ACTUAL
GENERAL, AND SPECIAL REVENUE FUND TYPES -.
Year Ended December 31, 1981
General Fund
Variance-
Favorable
Budget Actual (Unfavorable)
Revenues:
Taxes and special assessments $2,317,846 $2,085,759 $(232,087) -.
Licenses and permits 233,772 192,347 (41,425)
Intergovernmental revenue 2,195,060 2,583,580 388,520
Charges for current services 116,364 129,887 13,523
Fines and forfeits 98,000 119,428 21,428
Interest on investments 170,000 311,544 141,544
Miscellaneous 63,700 74,223 10,523
Total revenues 5,194,742 5,496,768 _ 302,026
Other financing sources - transfers
from other funds 460,000 460,000 -0-
Total revenues and other
financing sources 5,654,742 5,956,768 302,026 -.
Expenditures:
General government 772,357 725,095 47,262
Public safety 2,006,884 1,994, 788 12,096
Civic Center 145,311 137,976 7,335
Public works 1,562,451 1,427,087 135,364
Parks and recreation 1,231,078 1,087,811 143,267
Debt service 16,030 16,030
Reserve for contingency 249,400 249,400
Total expenditures 5,983,511 5,388,787 594,724
Other financing uses - transfers to
other funds 117,655 117,655 -0-
Total expenditures and other
financing uses 6,101 ,166 5,506,442 594,724
Excess (deficiency) of revenues
and other sources over
expenditures and other uses (446,424) 450,326 896,750
Fund balance January 1, as
previously reported 2,956,677 2,956,677
Adjustment: See Note 11
Fund balance January 1, as restated 2,956,677 2,956,677 ^„
Fund balance December 31 $2,510,253 $3,407,003 $ 896,750
See Accompanying Notes to Financial Statements .,
34
EXHIBIT A-3
a
Total
-. Special Revenue Fund Types (Memorandum Only)
Variance- Variance-
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
- $2,317,846 $2,085,759 $ (232,087)
$ 41,554 $ 41,554 233,772 233,901 129
$ 430,368 448,426 18,058 2,625,428 3,032,006 406,578
.. 116,364 129,887 13,523
98,000 119,428 21,428
76,000 174,198 98,198 246,000 485,742 239,742
63,700 74,223 10,523
..` 506,368 664,178 157,810 5,701,110 6,160,946 459,836
20,000 -0- (20,000) 480,000 460,000 (20,000)
526,368 664,178 137,810 6,181,110 6,620,946 439,836
772,357 725,095 47,262
a 2,006,884 1,994,788 12,096
145,311 137,976 7,335
3,600 3,570 30 1,566,051 1,430,657 135,394
_ • 1,231,078 1,087,811 143,267
16,030 16,030
249,400 249,400
„r 3,600 3,570 30 5,987,111 5,392,357 594,754
616,000 435,365 180,635 733,655 553,020 180,635
619,600 438,935 180,665 6,720,766 5,945,377 775,389
..
.. (93,232) 225,243 318,475 (539,656) 675,569 1,215,225
1,603,939 1,603,939 4,560,616 4,560,616
(447,820) (447,820) (447,820) (447,820)
1,603,939 1,156,119 4,560,616 4,112,796
$1,510,707 $1,381,362 $(129,345) $4,020,960 $4,788,365 $ 767,405
-.
35
EXHIBIT A-4
CITY OF FRIDLEY, MINNESOTA --
COMBINED STATEMENT OF REVENUES , EXPENSES AND CHANGES IN
RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES
Year Ended December 31, 1981 -.
Proprietary Fund Types Totals
Internal (Memorandum only) T
Enterprise Service 1981 1980
Sales and cost of sales:
Sales $1,743,846 $1,743,846 $1,661,818
Cost of sales 1,399,165 1,399,165 1,328,573 -
Gross profit 344,681 -0- 344,681 333,245
Operating revenues:
Water sales and sewer rents 1,494,168 1,494,168 1,404,119
Connection permits 1,704 1,704 2,079
Miscellaneous revenues 64,209 64,209 71,511 _
Rental income 17,731 17,731 36,990
Charges for services $790,849 790,849 199,795
Total operating revenue 1,577,812 790,849 2,368,661 1, 714,494
Operating expenses:
Personal services 512,192 512,192 484,825
Supplies and other charges 1,320,610 738,698 2,059,308 1,030,486 -
Depreciation 121,580 121,580 123,389
Total operating expenses 1,954,382 738,698 2,69 3,080 1,638,700 -
Operating income (31,889) 52,151 20,262 409,039
Nonoperating revenues (expenses) :
Intergovernmental revenue 302,009 302,009 7,227
Interest on investment 426,865 11,585 438,450 294,704
Tap fees 445 445 1,125
Debt service (14,681) (14,681) (19,508)
Current value credit received 14,327 14,327 13,613
Miscellaneous revenue
15,803 49,946 65,749 16,905
Land acquisition (274,995) (274,995)
Total non-operating revenues (expenses) 469,773 61,531 531,304 314,066
Income before operating transfers 437,884 113,682 551,566 723,105
Operating transfers from (to) (81,640) -0- (81,640) (73,111)
Net income 356,244 113,682 469,926 649,994
Retained earnings January 1 4,948,813 199,795 5,14 8,608 4,498,614
Retained earnings December 31 $5,305,057 $313,477 $5,618,534 $5,148,608
See Accompanying Notes to Financial Statements .�
36
EXHIBIT A-5
CITY OF FRIDLEY, MINNESO'T'A
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES
Year Ended December 31, 1981
Totals
Internal (Memorandum Only)
Enterprise Service 1981 1980
Sources of working capital:
Operations:
Net income for the year $ 356,244 $ 113,682 $ 469,926 $ 649,994
Items not requiring working
capital-depreciation 121,580 121,580 123,389
Working capital provided by operations 477,824 113,682 591,506 773,383
Long term receivable 14,819 14,819 14,087
Net decrease in restricted assets 4,205 4,205 28,875
Total sources of working capital 496,848 113,682 610,530 816,345
Uses of working capital:
Acqusition of fixed assets 73,171 73,171 22,964
Decrease in long term bonds payable 85,625 85,625 62,661
Decrease in deferred revenue 52,092 52,092 46,301
Total uses of working capital 210,888 -0- 210,888 131,926
Net increase in working capital $ 285,960 $ 113,682 $ 399,642 $ 684,419
Elements of net increase (decrease)
in working capital:
Cash $(321,919) $(547,531) $ (869,450) $ 725,687
Investments 371,336 648,572 1,019,908 238,226
Receivables 10,286 118 10,404 2,681
Inventory 7,683 7,683 22,899
Prepaid expenses 6,230 6,230 16,611
Due from other governments 244,539 244,539 (29,373)
Due from other funds (13,743) (13,743) (12,725)
Accounts payable 30,473 2,953 33,426 (112,286)
Contracts payable (877) (877)
Salaries payable (692) 155 (537) (4,762)
Leave payable 9,415 9,415 (207,628)
Due to other government units (59,231) (59,231)
Bonds payable 11,875 11,875 45,089
Net increase in working capital $ 285,960 $ 113,682 $ 399,642 $ 684,419
a
See Accompanying Notes to Financial Statements
37
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1981
The accounting policies of the City of Fridley conform to generally accepted
accounting principles as applicable to governments. The following is a
summary of the more significant policies:
1. Summary of Significant Accounting Principles
The City of Fridley operates under a "Home Rule Charter" form of government
according to applicable State of Minnesota Statutes. The Charter prescribes
a Manager-Council form of government and provides the following services:
General Government , Public Safety, Public Works and Parks and Recreation
services.
A. Fund Accounting
The accounts of the City are organized on the basis of funds and account
groups, 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, or expenses, as appropriate.
Government 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 , into eight generic
fund types and three broad catagories as follows: ..
GOVERNMENTAL FUNDS
General Fund - The General Fund is the general operating fund of the
City. It is used to account for all financial resources except those
required to be accounted for in another fund.
Special Revenue Funds - Special Revenue Funds are used to account for the
proceeds of certain specific revenue sources that are legally restricted
to expenditures for specified purposes. ..
Debt Service Funds - Debt Service Funds are used to account for the
accumulation of resources for, and the payment of, general long-term debt
principal, interest, and related costs.
Capital Projects Funds - Capital Projects 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
or Special Assessment Funds.
Special Assessment Funds - Special Assessment Funds are used to account
for the financing of public improvements or services deemed to benefit
the properties against which special assessments are levied.
38
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1981
1. Summary of Significant Accounting Principles (Continued)
A. Fund Accounting (Continued)
PROPRIETARY FUNDS
Enterprise Funds - Enterprise Funds are used to account for operations
that are financed and operated in a manner similar to private business
enterprises - where the intent is that the costs (expenses, including
depreciation) of providing goods or services to the general public on a
continuing basis be financed or recovered primarily through user charges.
Internal Service Funds - Internal Service Funds are used to account for
the financing of goods or services provided by one department to other
departments of the City on a cost-reimbursement basis.
FIDUCIARY FUNDS
.o.
Trust Funds - Trust Funds are used to account for assets held by the City
in a trustee capacity or as an agent for individuals, private
organizations, other governments, and/or other funds. The City's Trust
Funds are classified as Expendable Trust Funds and are accounted for in
essentially the same manner as governmental funds.
B. Measurement Focus
The accounting and reporting treatment applied to the fixed assets and
long-term liabilities associated with a fund are determined by its
measurement focus. Governmental Funds and Expendable Trust 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. Their reported fund balance is
considered a measure of "available spendable resources." Governmental
fund operating statements present increases (revenues and other financing
-• sources) and decreases (expenditures and other financing uses) in net
current assets. Accordingly, they are said to present a summary of
sources and uses of "available spendable resources" during a period.
Fixed assets used in governmental fund type operations (general fixed
assets) are recorded at historical cost and accounted for in the General
Fixed Assets Account Group. Public domain ("infrastructure") general
fixed assets consisting of roads, bridges, curbs and gutters, are
capitalized along with other general fixed assets. No depreciation has
been provided on general fixed assets.
Long-term liabilities expected to be financed from governmental funds are
accounted for in the General Long-Term Debt Account Group, not in the
governmental funds. The single exception to the general rule is for
special assessment bonds, which are accounted for in Special Assessment
Funds.
39
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1981
1. Summary of Significant Accounting Principles (Continued)
B. Measurement Focus (Continued)
The two account groups are not "funds". They are concerned only with the
measurement of financial position. They are not involved with
measurement of results of operations.
Noncurrent portions of long-term receivables due to governmental funds
are reported on their balance sheets, in spite of their measurement
focus. However, special reporting treatments are used to indicate in all
governmental funds except Special Assessment Funds, that they should not
be considered "available spendable resources," since they do not
represent net current assets. Recognition of revenues in these funds
represented by noncurrent receivables are deferred until they become
current receivables.
Because of their spending measurement focus, expenditure recognition for
governmental fund types excludes amounts represented by noncurrent ....
liabilities. Since they do not affect net current assets, such long-term
amounts are not recognized as governmental fund type expenditures or fund
liabilities. They are instead reported as liabilities in the General
Long-Term Debt Account Group.
Proprietary funds are accounted for on a. cost of services or "capital
maintenance" measurement focus. This means that all assets, including
fixed assets, and all liabilities, including long-term liabilities,
associated with their activity are included on their balance sheets.
Their reported fund equity is segregated into contributed capital and
retained earnings components. Proprietary fund types operating
statements present increases (revenues) and decreases (expenses) in net
total assets.
Depreciation of fixed assets used by proprietary funds is charged as an
expense against their operations and accumulated depreciation is reported
on proprietary fund balance sheets. Depreciation has been provided over
the estimated useful lives using the straight line method. The estmated
useful lives are as follows:
Land improvement 20 years
Buildings 20 years
Office equipment 5 - 10 years
Machinery and equipment 5 - 10 years
Other improvements 20 years
The City Council has a policy of not depreciating water and sewer lines -•
paid for by special assessments. The reasoning for this is that Fridley
is still a young community. The original water and sewer lines have not
been fully paid for by the property owners. To require these same
property owners to pay for the lines by special assessments and also via
their utility bills would require the same customers to pay for the
system twice.
40
P.M
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1981
1. Summary of Significant Accounting Principles (Continued)
B. Measurement Focus (Continued)
Capital leases are recorded as assets in either the proprietary funds or
..•■ in the general fixed assets account group, as appropriate. Donated fixed
assets are valued at the fair market value as of the date received.
C. Basis of Accounting
Basis of accounting refers to when revenues and expenditures are
recognized in the accounts and reported in the financial statements.
Basis of accounting relates to the timing of the measurements made,
regardless of the measurement focus applied.
11` Governmental Funds and Expendable Trust Funds are accounted for using the
modified accrual basis of accounting. Their revenues are recognized when
they become measurable and available. Substantially all sources of
revenue are accrued except interest on special assessments receivable,
which is recognized when due.
Expenditures are generally recognized under the modified accrual basis of
accounting when the related fund liability is incurred, except for
principal and interest on general long-term debt which is recognized when
due.
Proprietary funds are accounted for using the accrual basis of
accounting. Revenues are recognized when they are earned, and expenses
are recognized when they are incurred. Unbilled utility service
receivables are recorded at year end.
D. Budgets and Budgetary Accounting
The City follows these procedures in establishing the budgetary data
reflected in the financial statements:
1. The City Manager submits to the City Council a proposed operating
budget for the fiscal year commencing the following January 1. The
... operating budget includes expenditures and the means of financing
them.
2. Public hearings are conducted to obtain taxpayer comments.
3. The budget is legally enacted through passage of a resolution.
4. The City Council may authorize transfer of budgeted amounts between
departments within any fund.
5. Supplemental appropriations may be made during the year by the City
Council. These amounts must be financed by funds from the
contingency reserve set up in the general fund or by additional
outside revenues.
41
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1981
1. Summary of Significant Accounting Principles (Continued)
D. Budgets and Budgetary Accounting (Continued)
6. All budget amounts lapse at the end of the year to the extent they
have not been expended or encumbered.
7. Formal budgetary integration is employed as a management control
device during the year for the General Fund and Special Revenue
Funds. Formal budgetary integration is not employed for Debt
Service Funds because effective budgetary control is alternatively
achieved through general obligation bond indenture provisions.
Budgetary control for Capital Projects and Special Assessments Funds
is accomplished through the use of project controls.
8. Budgets for the General and Special Revenue Funds are adopted on a
basis consistent with generally accepted accounting principles
(GAAP) ..
9. Budgetary control is maintained at the expenditure catagory level
within each activity. Budgetary control, by departments or
divisions, and by catagory is required by the City Charter.
E. Encumbrances
Encumbrances represent purchase commitments. Encumbrances outstanding at
year-end are reported as reservations of fund balance since they do not
constitute expenditures or liabilities.
F. 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.
Investments, including 51,704,000 of temporary bonds issued by the City
and held as investments by the Special Assessment Fund, are stated at
cost and adjusted to market value only when a permanent decline in market
has occured or when such investments will not be carried to maturity.
G. Inventory
F.I.F.O. based inventory is valued at the lower of cost or market based
on physical counts in the General Fund and perpetual system in the
Enterprise Funds. Inventory in the General Fund consists of expendable
supplies held for consumption.
42
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
.� DECEMBER 31, 1981
1. Summary of Significant Accounting Principles (Continued)
H. Vacation and Sick Leave
The Employee Benefits Internal Service Fund reflects the City's accrued
liabilities for vacation and other benefits for all City employees,
exclusive of accrued sick leave which is not recorded. The estimated
potential liability for sick leave benefits is estimated to be $238,342
t.. based on one-third (1/3) of the total sick leave accumulation for all
City employees as stated in the Personnel Ordinance. This potential
liability is covered by the $313,477 Retained Earnings in the Employee
Benefits Fund.
I. Comparative Data
Comparative total data for the prior year has been presented in the
accompanying combined 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 fund type) data have not been presented in all statements since
their inclusion would make the statements unduly complex and difficult to
read. Certain 1980 amounts have been reclassified to conform to the 1981
presentation.
,.ft J. Total Columns on Combined Statements
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 operations, or changes in financial position in conformity
with generally accepted accounting principles. Interfund eliminations
1•■ have not been made in the aggregation of this data.
2. Property Taxes
Property taxes are set by the City Council with the levy certified to the
County, who acts as collection agent, in October prior to the year
collectible. Such taxes constitute a lien on the property on January 1
of the year collectable. Cities in Minnesota operate under a levy
limitation law which generally permits a eight percent (8%) increase in
taxes levied per capita each year and within taxing district. Levies for
bonded indebtness are not limited by this law.
3. Due From Other Governments
General Fund:
1. Fridley HRA $ 32,376
2. State of Minnesota, 1981 State Aid 591,574
$623 950
43
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1981
3. The From Other Governments (Continued)
Special Revenue Funds:
1. State of Minnesota, Construction
Money Expended in 1981. $ 8,083
2. Federal Government , Revenue Sharing 49,732
3. Housing and Urban Development 2,409
$66,224
Debt Service Fund:
1. Debt Service Fund, 1981 State Aid $ 2,946
Capital Projects Funds:
1. Capital Improvement Fund, 1981
State Aid $ 3,418 ...,
2. University Avenue Bikeway/Walkway,
State Grant 20,113
$ 23,531
Special Assessment Funds:
1. Special Assessment Fund, 1981
State Aids $ 3,744
Enterprise Funds:
1. Public Utilities Fund, Metropolitan -�
Waste Commission, current portion of
deferred credit (explained below) . $ 12,799
2. Christenson Building Fund , Fridley
Housing and Redevelopment Authority 284,653
$297,452
The deferred credit of the Public Utilities Enterprise Fund represents:
1. The City's share of equity in the City's sewer interceptors is
$354,150 (the interceptors were acquired by the Metropolitan Waste
Control Commission on January 1, 1971) . This receivable will be
paid to the City in annual installments with interest through 1999.
Repayment will be made by issuing credits against future disposal
charges from the Commission.
2. The amount of $41,884, which will be repaid with interest through
1988, is for advances made to the Commission during 1971 and 1972.
44
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1981
4. Changes in General Fixed Assets
A summary of changes in general fixed assets are as follows:
Balance Balance
Jan 1, 1981 Additions Deletions Dec 31, 1981
Land $ 1,656,778 $ 1,656,778
Buildings and structures 1,200,801 $ 429,118 1,629,919
Improvements other than
buildings 12,311,446 1,053,349 $14,518 13,350,277
Furniture, fixtures
and office equipment 295,200 20,680 59,189 256,691
Machinery and equipment 1,320,247 160,768 102,832 1,378,183
Specialized equipment 86,867 11,500 3,913 94,454
Construction in progress 1,669,625 476,131 1,465,551 680,205
Total $18,540,964 $2,151,546 $1,646,003 $19,046,507
Construction in progress is composed of the following:
Land $380,312
Improvements other than buildings 299,893
Total $680 205
A summary of proprietary fund type property, plant and equipment at
December 31, 1981 follows:
Enterprise
Land $ 22 3,312
Buildings 894,936
Office furniture 77,503
Other improvements 10,290,589
Machinery and automotive equipment 2,012,028
Total 13,498,368
Less accumulated depreciation 1,643,484
Net $11,885,884
45
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1981
5. Changes in Long-Term Liability
The following is a summary of bond transactions of the City of the year
ended December 31, 1981 (in thousands of dollars) :
General Special
Long-Term Enterprise Assessment
Debt Funds Funds Total
Bonds payable at January 1, 1981 $ 200,000 $417,500 $5,487,500 $6,105,000
New bonds issued:
General Obligation Tax
Increment Redevelopment
Bonds 2,200,000 2,200,000
Temporary Bonds of 1981 1,439,000 1,439,000
Bonds retired (30,000) ( 97,500) (662,500) (790,000)
Bonds payable at December 31,
1981 $2,370,000 $320,000 $6,264,000 $8,954,000
Bonds payable at December 31, 1981 are comprised of the following
individual issues (in thousands of dollars):
General Long-Term Debt:
$500,000 Civic Center Bonds of 1965 due in varying annual
installments of $15,000 - $35,000 through February 1, 1987
and $20,000 on the final maturity date, February 1,
1988; interest at 3.20% - 3.50% 170
$2,200,000 General Obligation Tax Increment Redevelopment
Bonds of 1981 due in varing annual installments of $50,000
- $250,000 through February 1, 1999; interest at 7.10% - 2,200
9.00% 2,370
Enterprise Fund:
$780,000 General Obligation (G. 0. ) Water Revenue Bonds of
1965 due in annual installments of $50,000 through
February 1, 1987 and $20,000 on the final maturity date, 320
February 1, 1988; interest at 3.20% - 3.50%
Special Assessment Funds:
$295,000 Improvement Bonds of 1962 due in annual ..
installments of $5,000 through February 1, 1982 ; interest 5
at 3.10% - 3.80%
46
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1981
5. Changes in Long-Term Liability (Continued)
Special Assessment Fund (continued) :
$990,000 Improvement Bonds of 1963 due in annual
installments of $35,000 through January 1, 1983; interest
at 3.20% - 3.80% 35
$715,000 Improvement Bonds of 1965 due in annual
installments of $25,000 through February 1, 1985 and
$20,000 on the final maturity date, February 1, 1986;
interest at 3.20% - 3.50% 120
$1,830,000 Improvement Bonds of 1967 due in varying annual
installments of $20,000 - $40,000 through January 1, 1988;
interest at 4.20% - 4.50% 170
$2,135,000 G.O. Special Assessment Bonds of 1972 due in
varying annual installments of $50,000 - $150,000 through
January 1, 1994; interest at 3.80% - 5.30% 750
$1,220,000 G. O. Refunding Bonds of 1975 due in varying
annual installments of $10,000 - $95,000 through January 1,
1989; interest at 6.00% 285
$1,550,000 Special Assessment Bonds of 1976 due in varying
annual installments of $25,000 - $175,000 through February
1, 1990; interest at 3.75% - 6.00% 675
$1,115,000 Special Assessment Bonds of 1977 due in varying
annual installments of $50,000 - $115,000 through February
1, 1989; interest at 3.10% - 4.90% 765
$1,755,000 Special Assessment Bonds of 1980 in varying
annual installments of $25,000 - $155,000 through February
1, 2001; interest at 7.25% - 8.50% 1,755
$265,000 Temporary Bonds of 1980 due August, 1983; interest
at 8.00% 265
$940,000 Temporary Bonds of 1981 due April 15, 1984;
interest at 8.00% 940
$499,000 Temporary Bonds of 1981 due December 15, 1984;
interest at 8.00% 499
6,264
47
.
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED) .,
DECEMBER 31, 1981
5. Changes in Long-Term Liability (Continued)
The annual requirements to amortize all debt outstanding as of December
31, 1981, including interest payments of $4,086,163, are as follows:
Annual Requirements to Amortize Long-Term Debt
December 31, 1981
General Long-Term Debt
Tax Increment Special
Year Ending Civic Center Redevelopment Enterprise Assessment
December 31 Bonds Bonds Fund Fund Total ,,
1982 $ 35,425 $ 181,150 $109,045 $ 863,844 $ 1,189,464
1983 39,299 181,150 58,575 1,318,567 1,597,581
1984 38,062 229,375 56,825 2,229,971 2,554,233
1985 36,837 249,900 55,075 668,061 1,009,873
1986 35,613 244,463 53,325 591,153 924,554
1987 238,950 51,575 550,415 840,940 .-.
1988 257,425 20,350 451,425 729,200
1989 249,875 351,163 601,038
1990 266,231 274,450 540,681
1991 256,450 186,775 443,225
1992 - 1996 1,302,681 416,406 1,719,087
1997 - 2001 739,412 150,875 890,287
$185,226 S4,397,062 $404,770 $8,053,105 $13,040,163
$76,953 is available in the Debt Service Fund to service the General
Obligation Civic Center Bonds.
The General Obligation Tax Increment Financing Bonds of 1981 are payable
by the money generated from the Tax Increment District within the City.
There are a number of limitations and restrictions contained in the
various bond indentures. The City is in compliance with all significant
limitations and restrictions.
6. Leases
The City leases space for Liquor Store No. 4 at the Holly Shopping
Center, 6586 University Avenue Northeast. An eight-year lease was
entered into on October 30, 1978 which provides for the following rental
payments effective May 1, 1979 :
$13,600 per annum for each of the first four lease years
$13,192 per annum for each of the fifth throughout eighth years
48
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1981
6. Leases (Continued)
In addition to the above amounts, the City is required to pay $61 each
month for the first four years of the lease for lot maintenance and $73
per month during the fifth throughout the eighth years for lot
maintenance. The City will also share a pro rata basis any increase in
taxes over the base year of 1978.
In addition, the City has a lease-purchase agreement for the purchase of
real estate located within Fridley, known as the Christenson property.
The agreement expired July 31, 1979 but contained provisions for two
one-year extensions. The City had the option of purchasing the property
for $275,000 and did so during 1981. During that same year the City sold
this property to the Fridley HRA for the City cost.
7. Interfund Receivables and Payables
Interfund Interfund
Fund or Account Group Receivables Receivables
Enterprise - Public Utility Fund $14,845
"" General Long-Term Debt $14,845
$14,845 $14,845
•• The amounts shown here represent an interest bearing 3 year loan that the
Enterprise Fund made for an addition on the City Garage. The repayment
of the loan is provided for in the annual budget of the General Fund.
8. Pension Plans (All Funds)
The City levies annually for pension contributions to the Fridley Police
Relief Association. The Fridley Volunteer Firefighters Relief
Association is totally funded and required no City levy. The Police and
Firemen's associations have approximately 25 and 34 members
respectively. The pension levies for the year ended December 31, 1981
for the Police Pension was $127,236. The pension levy meets the minimum
requirements of the Police and Firemen's Relief Association Guidelines
._ Act , and includes the normal cost, interest at 5% on the unfunded
liability, and an amount for the amoritzation of the unfunded pension
liability by the year 2010.
State law requires an actuarial study every two years. Based on the
latest actuarial study for the Police Relief Association as of December
.. 30, 1980, the actuarial liability exceeded pension fund assets by
approximately $1,100,587. The latest study for the Firemen's Relief
Assocation as of May 18, 1981 stated that there was an excees of pension
fund assets over accrued liabilities of $2,283.
49
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1981
8. Pension Plans (All Funds) Continued
On December 15, 1975, the City Council adopted an ordinance which had the
effect of placing all newly-hired police officers in the state-wide
P.E.R.A. Police and Fire Plan. This action of the City Council had the
effect of substantially reducing the City's liability for newly-hired
officers as the statewide P.E.R.A. Police and Fire Plan has retirement
benefits less liberal than those of the Fridley Police Pension
Association.
The above disclosures are not in accordance with Financial Accounting -�
Standard Number 36. The required information is not available because
the relief associations are not required to report under ERISA. All
other City employees (with minor exceptions such as casual labor) must
belong to the state-wide retirement plan administered by the Public
Employees Retirement Association (PERA) . The City contribution to this
plan of $433,599, based on statutory percentages determined by PERA for
the year ended December 31, 1981, included an amount to retire prior
years' unfunded liabilities with full funding required by the year 2010.
PERA is a state-wide contributory retirement plan for which an individual
City's portion of the unfunded liability is not available because no city
is directly liable for any unfunded liability under Minnesota law.
50
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1981
9. Segment Information for Enterprise Funds
The City maintains operating funds for Liquor, Public Utilities, and the
Christenson Building. Segment information for the year ended December 31,
1981 are as follows:
Total
Public Christenson Enterprise
Li uor Utilities Building Funds
Sales (less cost of
m.
sales of $1,399,165) $ 344,681 $ 344,681
Operating revenues $ 1,560,081 $17,731 1,577,812
Operating expenses (237,471) (1,681,670) (35,241 ) (1,954,382)
Operating income (loss) 107,210 (121,589) (17,510) (31,889)
Nonoperating revenue 85,765 373,968 10,040 469,773
Net income 192,975 252,379 (7,470) 437,884
Transfers from (to)
other funds (90,000) 8,360 -0- (81,640)
Net change in retained
earnings $ 102,975 $ 260,739 $(7,470) $ 356,244
Depreciation expense
included in operating
expenses 11,463 110,117 -0- 121,580
Property and equipment
Additions 10,118 63,053 -0- 73,171
Deletions 869 869
Net working capital 753,541 2,940,676 -0- 3,694,217
Bonds and other long-term
liabilities payable from
operating revenues 320,000 320,000
Total assets 1,053,088 15,303,518 -0- 16,356,606
Total equity $ 963,609 $14,508,128 -0- $15,471,737
51
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1981
10. Reserved Fund Balances/Fund Equity
The following reservations have been made of various fund balances/fund
equity at December 31, 1981:
General Fund
Reserved for :
Encumbrances $ 384,590
Fixed asset replacement 700,000
Working capital 1,100,000
2,184,590
Debt Service Fund
Reserved for Debt Service 76,953
Capital Projects Fund
Reserved for encumbrances 8,875
Reserved for Fixed Asset Replacement 1,038,321
1,047,196
Special Assessment Fund
Reserved for :
Encumbrances 629,422
Debt Service 3,728,706
4,358,128
Internal Service Fund
Reserved for employee benefits 313,477
Total reservations S7,980,344
11. Prior Period Adjustments
The Municipal State Aid Fund within the Special Revenue Funds has been
restated to remove the January 1, 1981 and 1980 receivables from the
State of Minnesota in the amounts of $447,820 and $313,123
respectively. These receivables, which were reserved in the financial
statements, are available to the City only upon meeting certain criteria
established by the State. The related revenue is recognized when the
conditions set forth by the State are met.
52
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1981
12. Contingent Liabilities
The City participates in a number of federally assisted grant programs,
principal of which are the General Revenue Sharing and Land and Water
Conservation Programs. These programs are subject to program compliance
audits by the grantors or their representatives. The audits of these
programs for or including the year ended December 31, 1981 have not yet
been conducted. Accordingly, the City's compliance with applicable
grant requirements will be established at some future date. The amount,
if any, of expenditures which may be disallowed by the granting agencies
cannot be determined at this time although the City expects such
amounts, if any, to be immaterial.
13. Litigation
The City had the usual and customary types of miscellaneous claims
pending at year-end, mostly of a minor nature and usually all covered by
insurance carried for that purpose. At the present time, there is no
significant litigation pending not covered by the City's insurance.
53
GENERAL FUND
The General Fund was established to account for the revenues and expenditures necessary to
carry out basic governmental activities of the City, such as general government, public safety, and
public works. Revenues are recognized by source, such as property taxes, licenses and permits,
fines and forfeits, charges for services and state-shared taxes. General Fund expenditures are
made primarily for current day to day operations and are recorded by functional classifications and
by operating departments. This fund accounts for all financial transactions not accounted for in
another fund.
•
EXHIBIT B-1
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
COMPARATIVE BALANCE SHEET
December 31, 1981 and 1980
1981 1980
Assets
Cash (deficit) $ 88,151 $ (880,313)
Investment, at cost 2,439,489 3,451,4 31
Receivables:
-' Accounts 30,386 65,937
Taxes
Unremitted 17,532 24,938
Delinquent 274,678 51,803
Less: estimated uncollectable (274,678) (51,803)
Special assessments
Deferred principal 5,756 5,336
Delinquent 9,332 9,483
Less: estimated uncollectable (9,332) (9,483)
Interest 358,034 463,424
Due from other governments 623,950
Inventories at cost 17,352 15,052
Total assets $3,580,650 $3,145,805
Liabilities and Fund Balance
Liabilities:
Accounts payable $ 73,930 $ 122,199
Deposits payable 16,765 7,909
Salaries payable 44,833 28,568
Deferred revenue 23,289 30,274
Due to other governments 14,830 178
Total liabilities 173,647 189,128
Fund balance:
Reserve for encumbrances 384,590 522,950
Reserve for replacement of fixed assets 700,000 700,000
Reserve for working capital 1,100,000 1, 100,000
Unreserved -
Designated for subsequent years expenditure 228,000 255,000
.. Undesignated 994,413 378,727
Total fund balance 3,407,003 2,956,677
�- Total liabilities and fund balance $3,580,650 $3,145,805
55
FYHILI'7 F-2 CITY OF FRIDLEY, MINNESOTA -
GENERAL FUND
STATEMENT OF REVENUES , EXPENDITURES , AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31, 1981
With Comparative Actual Amounts For Year Ended December 31, 1980
1981
Variance-
Favorable 1980
Budget Actual (Unfavorable) Actual
Revenues:
Taxes $2,317,846 $2,085,759 $(232,087) $1,943,922
Licenses and permits 233,772 192,347 (41,425) 229,148
Intergovernmental revenue 2,195,060 2,5 83,580 388,520 2,054,907 -,
Charges for current services 116,364 129,887 13,523 108,547
Fines and forfeits 98,000 119,428 21,428 103,013
Interest on investments 170,000 311,544 141,544 291,574
Miscellaneous 63,700 74,223 10,523 58,989 '-
Total revenues 5,194,742 5,496,768 302,026 4,790,100
Other financing sources:
Transfers from other funds 460,000 460,000 -0- 426,583
Total revenues and other
financing sources 5,654,742 5,956,768 302,026 5,216,683
Expenditures:
General government 772,357 725,095 47,262 618,215
Public safety 2,006,884 1,994,788 12,096 1,656,506
Civic center 145,311 137,976 7,335 128,795 -
Public works 1,562,451 1,427,087 135,364 1,004,022
Parks and recreation 1,231,078 1,087,811 143,267 839,271
Debt service 16,030 16,030 16,030
Reserve for contingencies 249,400 249,400
Total expenditures 5,983,511 5,388,787 594,724 4,262,839
Other financing uses:
Transfers to other funds 117,655 117 ,655 -0- 664,064
Total expenditures and --
other financing uses 6,101,166 5,506,442 594,724 4,926,903
Excess (deficiency) of revenues and
other sources over expenditures
and other uses (446,424) 450,326 896,750 289,780
Fund balance January 1 2,956,677 2,956,677 2,666,897
Fund balance December 31 $2,510,253 $3,407,003 $ 896,750 $2,956,677 _,
56
EXHIBIT B-3
CITY OF FRIDI,EY, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES AND OTHER FINANCING SOURCES - BUDGET AND ACTUAL
- Year Ended December 31, 1981
With Comparative Actual Totals for Year Ended December 31, 1980
1981
Variance
Favorable 1980
Budget Actual (Unfavorable) Actual
Taxes:
Current ad valorem taxes $2,264,846 $2,028,517 $(236,329) $1,888,000
Delinquent ad valorem taxes 31,000 40,791 9,791 37,844
Penalties and interest 3,500 6,156 2,656 5,903
.. Forfeited sale-taxes 10,000 6,990 (3,010) 7,084
Special assessments 8,500 3,305 (5,195) 5,091
Total taxes 2,317,846 2,085,759 (232,087) 1,94 3,922
Licenses and permits:
Licenses -
Contractor 16,868 10,657 (6,211) 13,760
- Business 108,832 89,449 (19,383) 118,114
All other 3,250 5,474 2,224 3,280
Permits 104,822 86,767 (18,055) 93,994
-. Total licenses and permits 233,772 192,347 (41,425) 229,148
Intergovernmental revenue:
Civil defense 12,000 6,488 (5,512) 6,792
- Other federal grants 289,600 327,103 37,503 41,187
State maintenance aid 26,500 27,794 1,294 26,490
Attached machinery aid 16,700 19,694 2,994 17,018
-• Homestead credit 335,000 603,677 268,677 491,184
Local government aid 1,303,860 1,406,047 102,187 1,303,860
Other state grants 14,400 24,865 10,465 4,182
Shade tree disease control 32,000 (32,000) 25,178
Police and fire pension 120,000 123,905 3,905 123,370
Local grants 45,000 44,007 (993) 15,646
Total intergovernmental revenue 2,195,060 2,583,580 388,520 2,054,907
Charges for services:
General government 12,420 11,510 (910) 11,682
- Public safety 21,730 18,925 (2,805) 17,718
Conservation of health 17,380 15,159 (2,221) 13,084
Recreation 64,834 84,293 19,459 66,063
Total charges for current
services 116,364 129,887 13,523 108,547
- Fines and forfeitures 98,000 119,428 21,428 103,013
(Continued)
57
xl1IBI7 B-3
'ont.
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES AND OTHER FINANCING SOURCES - BUDGET AND ACTUAL --
Year Ended December 31, 1981
With Comparative Actual Totals for Year Ended December 31, 1980
1981
Variance-
Favorable 1980
Budget Actual (Unfavorable) Actual
Interest on investments $ 170,000 $ 311,544 $141,544 $ 291,574
Miscellaneous revenue:
Rent income 16,500 8,555 (7,945) 16,471
Sale of property 22,200 42,339 20,139 7,340
Donations 15,000 9,051 (5,949) 26,200
Miscellaneous refunds 10,000 14,278 4,278 8,978
Total miscellaneous revenue 63,700 74,223 10,523 58,989 -,
Total revenue 5,194,742 5,496,768 302,026 4,790,100
Other financing sources:
Transfers from -
State Aid Fund 125,000 125,000 111,000
Revenue Sharing Fund 245,000 245,000 230,000
Liquor Fund 90,000 90,000 85,000
Teen Center Fund 583
Total other financing sources 460,000 460,000 -0- 426,583
Total revenues and other
financing sources $5,654,742 $5,956,768 $302,026 $5,216,683 ....
58
EXHIBIT B-4
.., CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES AND OTHER FINANCING USES - BUDGET AND ACTUAL
Year Ended December 31, 1981
--
With Comparative Actual Amounts for Year Ended December 31, 1980
- 1981
Variance-
Favorable 1980
-- Budget Actual (Unfavorable) Actual
General government:
_ Mayor and council -
Personal services $ 60,924 $ 49,930 $ 10,994 $ 43,917
Supplies and other charges 24,700 22,561 2,139 18,171
85,624 72,491 13,133 62,088
Planning commission -
Personal services 26,394 24,802 1,592 17,763
- Supplies and other charges 8,815 5,470 3,345 4,963
35,209 30,272 4,937 22,726
Other commissions -
." Personal services 7,944 9,458 (1,514) 10,971
Supplies and other charges 35,285 39,190 (3,905) 27,617
Capital outlay 5,000 5,000
-• 48,229 48,648 (419) 38,588
City manager -
.. Personal services 120,980 119,470 1,510 95,258
Supplies and other charges 45,691 43,098 2,593 20,952
Capital outlay 1,460 3,645 (2,185) 12,551
168,131 166,213 1,918 128,761
Personnel
Personal services 25,320 27,224 (1,904) 13,112
- Supplies and other charges 6,350 4,150 2,200 3,368
Capital outlay
31,670 31,374 296 16,480
Legal -
Personal services 2,600 2,600
Supplies and other charges 58,100 60,088 (1,988) 50,873
" 60,700 60,088 612 50,873
Elections -
.. Personal services 10,355 7,254 3,101 22,179
Supplies and other charges 3,310 1,613 1,697 1,704
Capital outlay 712 (712)
13,665 9,579 4,086 23,883
Accounting -
Personal services 116,509 116,991 (482) 97,748
- Supplies and other charges 67,451 60,454 6,997 46,955
Capital outlay 1,475 913 562 3,796
185,435 178,358 7,077 148,499
(Continued) 59
EXR1:B11 B-4
Cont. CITY OF FRIDLEY, MINNESOT A
GENERAL FUND
STATEMENT OF EXPENDITURES AND OTHER FINANCING USES - BUDGET AND ACTUAL '-
Year Ended December 31, 1981
With Comparative Actual Amounts for Year Ended December 31, 1980
1981
Variance- -,
Favorable 1980
Budget Actual (Unfavorable) Actual
General government: (continued)
Assessing -
Personal services $ 128,339 $ 118,442 $ 9,897 $ 116,009
Supplies and other charges 14,155 9,200 4,955 10,308 -,
Capital outlay 1, 200 430 770
143,694 128,072 15,622 126, 317
Total general government 772,357 725,095 47,262 618,215
Public safety: --Police -
Personal services 1, 237,301 1,188,421 48,880 1,071,529
Supplies and other charges 221,274 210,877 10,397 149,371
Capital outlay 81, 275 76,133 5,142 53,598 -
1,539,850 1,475,431 64,419 1,274,498
Fire - -,
Personal services 305,067 313,916 (8,849) 305,563
Supplies and other charges 88,490 117,126 (28,636) 44,441
Capital outlay 20,700 48,579 (27,879) 13,624
414,257 479,621 (65,364) 363,628 --
Civil defense -
Personal services 43,452 36,379 7,073 16,706
Supplies and other charges 9,325 3,357 5,968 1,674
52,777 39,736 13,041 18,380
Total public safety 2,006,884 1,994,788 12,096 1,656,5 06
Civic center :
Personal services 56,806 60,134 (3 ,328) 56,188 --
Supplies and other charges 80,655 62 ,275 18,380 69,698
Capital outlay 7,850 15,567 (7,717) 2,909
145, 311 137,976 7,335 128,795
Public works:
Code enforcement -
Personal services 161,541 153,225 8,316 121,226
Supplies and other charges 36,650 23,170 13,480 27,433 -.
Capital outlay 150 150
198,341 176,395 21,946 148,659
Planning -
Personal services 79,266 90,314 (11,048) 72,303
Supplies and other charges 327,600 316,236 11,364 19, 518
Capital outlay 500 712 (212) 625
407,366 407,262 104 92,446
(Continued) ..
60
"' EXHIBIT B-4
Cont .
- CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES AND OTHER FINANCING USES - BUDGET AND ACTUAL
- Year Ended December 31, 1981
With Comparative Actual Amounts for Year Ended December 31, 1980
1981
Variance-
Favorable 1980
- Budget Actual (Unfavorable) Actual
Public works: (continued)
- Engineering -
Personal services $ 82,630 $ 66,375 $ 16,255 $ 62,963
Supplies and other charges 29,925 34,370 (4,445) 23,794
Capital outlay 525 254 271 1, 209
113,080 100,999 12,081 87,966
Public works -
- Personal services 328,995 313,532 15,463 276,525
Supplies and other charges 390,131 411,567 (21,436) 339,708
Capital outlay 124,538 17,332 107,206 58,718
843,664 742,431 101,233 674,951
-
Total public works 1,562,451 1,427,087 135,364 1,004,022
Parks and recreation:
Naturalist -
Personal services 55,857 55,587 270 50,576
.... Supplies and other charges 29,140 27,644 1,496 18,074
Capital outlay 2,030 1,316 714 404
87,027 84,547 2,480 69,054
Parks -
Personal services 261,539 251,777 9,762 251,300
Supplies and other charges 360,706 294,254 66,452 165,086
Capital outlay 145,899 91,160 54,739 83,823
768,144 637,191 130,953 500,209
Recreation -
Personal services 259,697 241,665 18,032 184,165
Supplies and other charges 116,210 124,408 (8,198) 85,843
375,907 366,073 9,834 270,008
-
Total parks and recreation 1,231,078 1,087,811 143,267 839,271
- Debt service:
Principal 13,743 13,743 12,725
Interest 2,287 2,287 3,305
-. Total debt service 16,030 16,030 -0- 16,030
Reserve for contingencies 249,400 -0- 249,400 -0-
Total expenditures 5,983,511 5,388,787 594,724 4,262,839
(Continued)
61
EXHIBIT B-4
Cont .
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES AND OTHER FINANCING USES - BUDGET AND ACTUAL
Year Ended December 31, 1981
With Comparative Actual Amounts for Year Ended December 31 , 1980
1981
Variance- ,..,
Favorable 1980
Budget Actual (Unfavorable) Actual
Other financing uses:
Transfers to -
Special Assessment Fund $ 117,655 $ 117,655 $ 92,132
STEP Fund 66,932
Capital Improvement Fund 500,000
Sears Fund 5,000
Garage Fund --
Total other financing uses 117,655 117,655 -0- 664,064
Total expenditures and
other financing uses $6,101,166 $5,506,442 $594,724 $4,926,903
62
SPECIAL REVENUE FUNDS
Special revenue funds are used to account for revenues from specific sources.
They are usually required by statute, ordinance or administrative action to
finance particular activities of government.
CITY OF FRIDLEY, MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
December 31, 1981 --
With Comparative Totals For Year Ended December 31, 1980
.,
Municipal
State Revenue Cable
Aid Sharing TV
Assets
Cash (deficit) $ 89,776 $(279,220) $(26,838)
Investments, at cost 1,094,070 374,274 29,931
Accounts receivable 41,554
Due from other governments 8,083 49,732
Total assets $1,191,929 $ 144,786 $ 44,647
Liabilities and Fund Balance
Liabilities: -
Salaries payable -0- -0- -0-
Fund balances:
Unreserved - undesignated $1,191 ,929 $ 144,786 $ 44,647
Total liabilities and
fund balances $1,191,929 $ 144,786 $ 44,647 ^-
64
EXHIBIT C-1
Home Totals
Ownership 1981 1980
(2,386) $ (218,668) $ 20,109
1,498,275 1,070,000
41,554
2,409 60,224 66,010
—
$ 23 $1,381,385 $1,156,119
$ 23 $ 23 -0-
-0- 1,381,362 $1,156,119
$ 23 $1,381,385 $1,156,119
65
CITY OF FRIDLEY, MNNESOTA .,
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES , EXPENDITURES AND CHANGES IN FUND BALANCE
Year Ended December 31, 1981
With Comparative Totals For Year Ended December 31, 1980
Municipal
State Revenue Cable
Aid Sharing TV
Revenues:
Licenses and permits $ -0- $ -0- $41,554
Intergovernmental revenue -
Minnesota state aid 232,782
Revenue sharing 212,074
Selective Traffic Enforcement Program
Housing redevelopment
Housing and Urban Development
Total intergovernmental revenue 232,782 212,074 -0-
Interest on investments 138,082 33,023 3,093
Total revenues 370,864 245,097 44,647 —
Other f inanc ing sources:
Transfers from - —
Gener a l Fund
Community Development Fund
Total other financing sources -0- -0- -0-
Total revenues and other
financing sources 370,864 245,097 44,647
Expenditures:
Public safety
Public works
Total expenditures -0- -0-- -0- —
Other financing uses:
Transfers to -
General Fund 125,000 245,000
Special Assessment Fund 65,365 —
Home Ownership Fund _ _
Total other financing uses 190,365 245,000 -0-
Total expenditures and other
—
financing uses 190,365 245,000 -0-
Excess (deficiency) of revenues
and other financing sources —
over expenditures and other
financing uses 180,499 97 44,647
Fund balance January 1 as previously
reported 1,459,250 144,689 -0-
Adjustment: See note 11 (447,820)
Fund balance January 1 as restated 1,011,430 144,689 -0-
Fund balance December 31 $1,191,929 $144,786 $44,647
66
EXHIBIT C-2
Home Totals
Ownership 1981 1980
$ -0- $ 41,554 $ -0-
...
232,782 121,792
212,074 220,854
14,445
8,396
3,570 3,570 96,691
3,570 448,426 462,178
174,198 100,572
3,570 664,178 562,750
66,932
1,834
-0- -0- 68,766
3,570 664,178 631,516
81,377
3,570 3,570 107,044
3,570 3,570 188,421
370,000 341,583
65,365 178,255
1,834
-0- 435,365 521,672
3,570 438,935 710,093
-0- 225,243 (78,577)
-0- 1,6 03,939 1,547,819
._ (447,820) (313,123)
-0- 1,156,119 1,234,696
$ -0- $1,381,362 $1,156,119
67
EXHIBIT C-3
CITY OF FRIDLEY, MINNESOTA
MUNICIPAL STATE AID SPECIAL REVENUE FUND
COMPARATIVE BALANCE SHEET
December 31, 1981 and 1980
1981 1980
Assets
Cash $ 89,776 $ 26,808
Investments, at cost 1,094,070 982,000
Due from other governments 8,083 2,622 -�
Total assets $1,191,929 $1,011,430
Fund Balance
Fund balance:
Unreserved - undesignated $1,191,929 $1,011,430
68
EXHIBIT C-4
CITY OF FRIDLEY, MINNESOTA
MUNICIPAL STATE AID SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31, 1981
With Comparative Actual Amounts for Year Ended December 31, 1980
1981
Variance-
Favorable 1980
Budget Actual (Unfavorable) Actual
Revenues:
Intergovernmental - Minnesota
state aid $ 200,000 $ 232,782 $ 32,782 $ 121,792
Interest on investments 70,000 138,082 68,082 96,312
Total revenues 270,000 370,864 100,864 218,104
Other financing sources:
Transfers from other funds 20,000 -0- (20,000) -0-
"" Total revenues and other
financing sources 290,000 370,864 80,864 218,104
Other financing uses:
Transfers to -
General Fund 125,000 125,000 111,000
Special Assessment Fund 246,000 65,365 180,635 178,255
Total other financing uses 371,000 190,365 180,635 289,255
Excess (deficiency) of
revenues and other
financing sources over
expenditures and other
-• financing uses (81,000) 180,499 261,499 (71,151)
Fund balance January 1 as
previously reported 1,459,250 1,459,250 1,395,704
Adjustment: See note 11 (447,820) (447,820) (313,123)
"' Fund balance January 1 as restated 1,459,250 1,011,430 1,082,581
Fund balance December 31 $1,378,250 $1,191,929 $(186,321) $1,011,430
69
EXHIBIT C-5
CITY OF FRIDLEY, MINNESOTA
REVENUE SHARING SPECIAL REVENUE FUND
COMPARATIVE BALANCE SHEET
December 31, 1981 and 1980
1981 1980 -,
Assets
Cash $(279,220) $ 2,575
Investments, at cost 374,274 88,000
Due from other governments 49,732 54,114
Total assets $ 144,786 $144,689
Fund Balance
Fund balance:
Unreserved - undesignated $ 144,786 $144,689
70
EXHIBIT C-6
CITY OF FRIDLEY, MINNESOTA
REVENUE SHARING SPECIAL REVENUE FUND
STATEMENT OF REVENUES , EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31, 1981
With Comparative Actual Amounts For Year Ended December 31, 1980
1981
Variance-
Favorable 1980
Budget Actual (Unfavorable) Actual
Revenues:
Intergovernmental -
Revenue sharing $226,768 $212,074 $(14,694) $220,854
Interest on investments 6,000 33,023 27,023 4,260
Total revenues 232,768 245,097 12,329 225,114
Other financing uses:
Transfer to General Fund 245,000 245,000 -0- 230,000
Total expenditures and other
financing uses 245,000 245,000 -0- 230,000
Excess (deficiency) of
revenues over expenditures
and other financing uses (12,232) 97 12,329 (4,886)
Fund balance January 1 144,689 144,689 149,575
Fund balance December 31 $132,457 $144,786 $ 12,329 $144,689
71
EXHIBIT C-7
CITY OF FRIDLEY, MINNESOTA
CABLE TV SPECIAL REVENUE FUND
COMPARATIVE BALANCE SHEET
December 31, 1981 and 1980
1981 1980
Assets
Cash (deficit) $(26,838)
Investments, at cost 29,931
Accounts receivable $ 41,554
Total assets $ 44,647 $ -0-
Find Balance
Fund balance:
Unreserved - undesignated $ 44,647 $ -0-
72
EXHIBIT C-8
CITY OF FRIDLEY, MINNESOTA
CABLE TV SPECIAL REVENUE FUND
STATEMENT OF REVENUES , EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31, 1981
With Comparative Actual Amounts for Year Ended December 31, 1980
1981
Variance-
Favorable 1980
-- Budget Actual (Unfavorable) Actual
Revenues:
Licenses - Cable TV $ 41,554 $ 41,554
Interest on investments 3,093 3,093
Total revenue s -0- 44,647 44,647 -0-
. Fund balance January 1 -0- -0- -0-
Fund balance December 31 $ -0- $ 44,647 $ 44,647 $ -0-
•
73
EXHIBIT C-9
—
CITY OF FRIDLEY, MINNESOTA
HOME OWNERSHIP SPECIAL REVENUE FUND
COMPARATIVE BALANCE SHEET
December 31, 1981 and 1980 --
1981 1980
Assets
Cash (deficit) $(2,386) $(9,274)
—
Due from other governments 2,409 9,274
Total assets $ 23 $ -0-
Liabilities and Fund Balance
.,
Liabilities:
Salaries payable $ 23 -0-
Fund balance: ""'
Unreserved - undesignated -0- -0-
Total liabilities and fund balance $ 23 $ -0-
74
EXHIBIT C-10
CITY OF FRIDLEY, MINNESOTA
HOME OWNERSHIP SPECIAL REVENUE FUND
— STATEMENT OF REVENUES , EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31, 1981
With Comparative Actual Amounts for Year Ended December 31, 1980
1981
.•
Variance-
Favorable 1980
Budget Actual (Unfavorable) Actual
Revenue s:
Intergovernmental -
Housing and Urban Development $71,491
Housing Redevelopment Authority $ 3,600 $ 3,570 $ (30) 25,200
Total revenues 3,600 3,570 (30) 96,691
— Other financing sources:
Transfer from Community
Development Fund -0- -0- -0- 1,834
Total revenues and other
financing sources 3,600 3,570 (30) 98,525
Expenditures:
Public works -
Personal services 3,250 3,230 20 5,348
Supplies and other charges 350 340 10 1,575
Capital outlay 86,492
Total expenditures 3,600 3,570 30 93 i___415
Excess (deficiency) of
revenues and other financing
sources over expenditures -0- -0- -0- 5,110
Fund balance January 1 -0- -0- (5,110)
Fund balance December 31 $ -0- $ -0- $ -0- $ -0-
..
75
DEBT SERVICE FUNDS
Debt service funds are used to account for the payment of principal and
interest on all general obligation debt other than that payable from special
assessments and debt issues for and serviced primarily by a governmental
enterprise.
EXHIBIT D-1
CITY OF FRIDLEY, MINNESOTA
DEBT SERVICE FUND
COMPARATIVE BALANCE SHEET
December 31, 1981 and 1980
1981 1980
Assets
Cash $1,787 $11,280
Investments, at cost 72,220 58,200
Taxes receivable:
Unremitted 257 408
Delinquent 4,360 1,205
Less: Estimated uncollectable (4,360) (1,205)
Due from other governments 2,946
Total assests $77,210 $69,888
Liabilities and Fund Balance
�. Liabilities:
Deferred revenue $ 257 $ 408
Fund balance:
Reserved for debt service 76,953 69,480
Total liabilities and fund balance $77,210 $69,888
77
EXHIBIT D-2
CITY OF FRIDLEY, MINNESOTA
DEBT SERVICE FUND
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
Years Ended December 31, 1981 and 1980 -1981 1980 -,
Revenues:
Taxes $29,915 $30,952
Intergovernmental -
Homestead credit 8,672 7,826
Interest on investments 5,401 3,858
Total revenues 43,988 42,636
Expenditures:
Debt service - ...
Principal retirement 30,000 30,000
Interest and fiscal charges 6,515 7,539
Total expenditures 36,515 37,539
Excess of revenues
over expenditures 7,473 5,097
Fund balance January 1 69,480 64,383
Fund balance December 31 $76,953 $69,480
78
CAPITAL PROJECTS FUNDS
Capital project funds are used to account for financial resources used for the
acquisition of capital facilities and equipment by the City.
CITY OF FRIDLEY, MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET "
December 31, 1981
With Comparative Totals For December 31, 1980
Islands North
Capital of North Park
Improvement Peace Park Visitation
Assets
Cash (deficit) $ 30,636 $244 $ 2,996 "
Investments, at cost 1,004,267 94,191
Taxes receivables
Unremitted 296
Delinquent 4,562
Less: Estimated uncollectable taxes (4,562)
Due from other governments 3,418
Total assets $1,038,617 $ -0- $244 $97,187
Liabilities and Fund Balance
Liabilities: --
Accounts payable
Contracts payable
Deferred revenue $ 296
Total liabilities 296 -0- -0- -0-
Fund balances:
Reserved for encumbrances
Reserved for fixed asset replacement 1,038,321
Unreserved - undesignated 244 97,187 -�
Total fund balances 1,038,321 -0- 244 97,187
Total liabilities and fund balances $1,038,617 $ -0- $244 $97,187
80
EXHIBIT E-1
University
Avenue Totals
Sears Bike/Walk 1981 1980
$167,046 $(19,948) $180,974 $52,082
160,263 1,258,721 954,400
_ 296
4,562 1,246
(4,562) (1,246)
20,113 23,531
$327,309 $ 165 $1,463,522 $1,006,482
$ 10,948
$ 296 23,993
-0- -0- 296 34,941
8,875 8,875 55,607
1,038,321 875,882
318,434 165 416,030 40,052
327,309 165 1,463,226 971 ,541
$327,309 $ 165 $1,463,522 $1,006,482
81
CITY OF FRIDLEY, MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES , EXPENDITURES AND
CHANGES IN FUND BALANCES
Year Ended December 31, 1981
With Comparative Totals For Year Ended December 31, 1980
North Park —
Capital Islands North Visitation
Improvement of Peace Park Center
—
Revenues:
Taxes -
Current ad valorem taxes $ 33,788
Delinquent ad valorem taxes 728 —
Total taxes 34,516 -0- -0- -0-
Intergovernmental -
Homestead credit 10,065
State grant
Me tro counc it
—
Islands of peace foundation
Total intergovernmental 10,065 -0- -0- -0-
Interest on investments 117,858 -0- $244 $ 12,629 —
Miscellaneous revenue -
Sale of property 121,750 —
Donatio ns $ 1,000 19,000
Other 1, 738
Total miscellaneous -0- 2,738 -0- 140,750
Total revenues 162,439 2,738 244 153,379
Other financing sources:
Transfers from -
Gener a l Fund
North Park Fund —
Total other financing sources -0- -0- -0- -0-
Total revenues and
other financing sources 162,439 2,738 244 153,379
82
EXHIBIT E-2
University
Avenue Totals
Sears Bike/Walk 1981 1980
$ 33,788 $ 34,987
728 723
-0- -0- 34,516 35,710
10,065 9,147
$ 75,591 $34,966 110,557 55,783
341,231
1,300
75,591 34,966 120,622 407,461
18,106 -0- 148,837 36,532
121,750
175,000 195,000 14,700
1,738 11,980
175,000 -0- 318,488 26,680
268,697 34,966 622,463 506,383
505,000
2,703
-0- -0- -0- 507,703
268,697 34,966 622,463 1,014,086
83
CITY OF FRIDLEY, MI NNES OT A
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUES EXPENDITURES, AND
CHANGES IN FUND BALANCES (Continued)
Year Ended December 31, 1981
With Comparative Totals For Year Ended December 31, 1980
North Park
Capital Islands North Visitation
Improvement of Peace Park Center
Expenditures:
Capital projects - —
Construction contracts $ 69,605
Engineering and other $ 4,297 6,254
Interest expense
Total expenditures -0- 4,297 -0- 75,859
Other financing uses:
Transfers to North Park Fund -0- -0- -0- -0-
Total expenditures and other
financing uses -0- 4,297 -0- 75,859 --
Excess (deficiency) of
revenue and other financing
sources over expenditures
and other financing uses $ 162,439 (1,559) $244 77,520
Fund balance January 1 875,882 1,559 -0- 19,667
Fund balance December 31 $1,038,321 $ -0- $244 $ 97,187
84
EXHIBIT E-2
Cont.
University
Avenue Totals
Sears Bike/Walk 1981 1980
$27,218 $ 96,823 $ 369,583
$ 17,614 4,562 32,727 29,453
1,228 1,228 1,676
17,614 33,008 130,778 400, 712
-0- -0- -0- 2,703
17,614 33,008 130,778 403,415
251,083 1,958 491,685 610,671
i
76,226 (1,793) 971,541 360,870
$327,309 $ 165 $1,463,226 $ 971,541
a
85
SPECIAL ASSESSMENT FUNDS
Special assessment funds are set up to account for the construction of
improvements or provision of services which are to be financed, wholly or in
part, by special assessments levied against the benefited property.
EXHIBIT F-1
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT FUNDS
COMBINING BALANCE SHEET
December 31, 1981
With Comparative Totals For December 31, 1980
Special Totals
Assessment Revolving 1981 1980
Assets
Cash (deficit) $ (40,818) $ 16,124 $ (24,694) $ (92,338)
Investments, at cost 6,264,511 526,069 6,790,580 5,294,100
▪ Receivables:
Accounts 600
Special assessments
Deferred 4,257,993 69,049 4,327,042 3,543,053
Delinquent 342,185 5,791 347,976 404,012
Due from other governments 3,744 3,744 25,000
— Total assets $10,827,615 $617,033 $11,444,648 $9,174,427
— Liabilities and Fund Balance
Liabilities:
-. Accounts payable $ 4,331 $ 4,331 $ 107
Deposits payable $116,916 116,916 124,595
Contracts payable 5,019 5,019
Salaries payable 88 88
" Bonds payable 6,264,000 6,264,000 5,487,500
Total liabilities 6,273,438 116,916 6,390,354 5,612,202
Fund balances:
Reserved for encumbrances 629,422 629,422 123,108
Reserved for debt service 3,728,706 3,728,706 3,643,640
Unreserved - undesignated 196,049 500,117 696,166 (204,523)
Total fund balance 4,554,177 500,117 5,054,294 3,562,225
Total liabilities and
fund balances $10,827,615 $617,033 $11,444,648 $9,174,427
i
/fl
87
EXHIBIT F-2 .,
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT FUNDS -,
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
Year Ended December 31, 1981
With Comparative Totals For Year Ended December 31, 1980 ,^
Special Totals
Assessments Revolving 1981 1980
Revenues:
Special assessments $1,344,961 $ 8,360 $1,353,321 $1,031,129
Intergovernmental - local 62,702 62,702 25,000
Interest on investments 676,481 63,788 740,269 521,190
Interest and penalties on assessments 324,932 7,114 332,046 256,531
Interest on assessments 4,465 119 4,584 20,020
Miscellaneous 9,508 9,508 24,043
Total revenues 2,423,049 79,381 2,502,430 1,877,913
Other financing sources:
Transfers from -
General Fund 117,655 117,655 92,132
State Aid Fund 65,365 65,365 178,255
Public Utility Fund 9,141
Bond Sales 2 ,100,139
Total other financing sources 183,020 -0- 183,020 2,379,667
Total revenues and other
financing sources 2,606,069 79,381 2,685,450 4,257,580
Expenditures:
Capital projects 702,769 16,000 718,769 1,026,235
Debt service - interest and
fiscal charges 382,254 382,254 271,352
Interest 83,998 83,998 25,805
Other 16,755
Total expenditures 1,169,021 16,000 1,185,021 1,340,147 -"
Other financing uses:
Transfers to -
Public Utility Fund 8,360 8,360 21,030
Bonds issued 2,120,000
Total other financing uses -0- 8,360 8,360 2,141,030 ,_
Total expenditures and
other financing uses 1,169,021 24,360 1,193,381 3,481,177
Excess (deficiency) of
revenues and other financing
sources over expenditures and ..
other financing uses 1,437,048 55,021 1,492,069 776,403
Fund balance January 1 3,117,129 445,096 3,562,225 2,785,822
Fund balance December 31 $4,554,177 $500,117 $5,054,294 $3,562,225
88
ENTERPRISE FUNDS
Enterprise funds are set up to account for the acquisition and operation of
governmental facilities and services that are entirely or predominately
self-supporting from user charges. The City of Fridley operates the
following enterprise activities:
1 ) Liquor - Off-Sale
2) Public Utility - Sanitary Sewer and Water
3) Christenson Building - Rental Property
CITY OF FRIDLEY, MINNESOTA
ENTERPRISE FUNDS - COMBINING BALANCE SHEET EXHIBIT G-1
.-. December 31, 1981
With Comparative Totals For December 31, 1980
Public Christenson Totals
Liquor Utilities Building 1981 1980
Assets
Current assets:
Cash (deficit) $ 113,964 $ 110,136 $(284,961) $ (60,861) $ 261,058
... Investments, at cost 540,048 2,538,288 3,078,336 2,707,000
Accounts receivable 54 316,799 308 317,161 306,875
Due from other governments 12,799 284,653 297,452 52,913
Due from other funds 14,845 14,845 28,588
" Inventories, at cost 188,954 6,886 195,840 188,157
Prepaid expenses 70,279 70,279 64,049
Total current assets 843,020 3,070,032 -0- 3,913,052 3,608,640
Long term receivable-Metropolitan
Waste Control Commission -0- 383,235 -0- 383,235 398,054
▪ Restricted assets (for debt service) :
Cash (deficit) (20,678) (20,678) (760)
Investments, at cost -0- 226,113 -0- 226,113 210,400
.. Total restricted assets -0- 205,435 -0- 205,435 209,640
Property and equipment, at cost:
Property and equipment 302,724 13,195,644 13,498,368 13,426,066
▪ Less: Accumulated depreciation (92,656) (1,550,828) -0- (1,643,484) (1,522,773)
Net property and equipment 210,068 11,644,816 -0- 11,854,884 11,903,293
Total assets $1,053,088 $15,303,518 $ -0- $16,356,606 $16,119,627
Liabilities And Fund Equity
Current liabilities:
Accounts payable $ 76,541 $ 26,887 $ 103,428 $ 133,901
Contracts payable 877 877
Salaries payable 1,692 3,607 5,299 4,607
Due to other governments 11,246 47,985 59,231
Bonds payable 50,000 50,000 61,875
Total current liabilities 89,479 129,356 $ -0- 218,835 200,383
Long term liabilities:
Bonds payable (net of current
portion) 270,000 270,000 355,625
Deferred revenue 396,034 396,034 448,126
Total long term liabilities -0- 666,034 -0- 666,034 803,751
Total liabilities 89,479 795,390 -0- 884,869 1,004,134
Fund equity:
Contibuted capital 10,166,680 10,166,680 10,166,680
Retained earnings - unreserved 963,609 4,341,448 -0- 5,305,057 4,948,813
Total fund equity 963,609 14,508,128 -0- 15,471,737 15,115,493
Total liabilities
and fund equity $1,053,088 $15,303,518 $ -0- $16,356,606 $16,119,627
89
EXHIBIT G-2
CITY OF FRIDLEY, MINNESOTA
ENTERPRISE FUNDS ...
COMBINING STATEMENT OF REVENUES , EXPENSES AND CHANGES IN RETAINED EARNINGS
Year Ended December 31, 1981
With Comparitive Totals For Year Ended December 31, 1980
Public Christenson Totals
Liquor Utilities Building 1981 1980
Sales and cost of sales:
Sales $1,743,846 $1,743,846 $1,661,818
Cost of sales 1,399,165 1,399,165 1,328,573
Gross profit 344,681 -0- -0- 344,681 333,245
Operating revenues:
Water sales and sewer rents $1,494,168 1,494,168 1,404,119
Connection permits 1,704 1,704 2,079
Miscellaneous revenues 64,209 64,209 71,511 ,_
Rental income $ 17,731 17,731 36,990
Total operating revenue -0- 1,560,081 17,731 1,577,812 1,514,699
Operating expenses:
Personal services 152,700 358,952 540 512,192 484,825
Supplies and other charges 73,308 1,212,601 34,701 1,320,610 1,030,486
Depreciation 11,463 110,117 121,580 123,389
Total operating expenses 237,471 1,681,670 35,241 1,954,382 1,638,700
Operating income (loss) 107,210 (121,589) (17,510) (31 ,889) 209,244
Nonoperating revenues (expenses) :
Intergovernmental revenue 17,356 284,653 302,009 7,227
Interest on investment 70,344 356,521 426,865 294,704 -
Tap fees 445 445 1,125
Debt service -
Interest expense (14,490) (14,490) (19,341) _
Fiscal agent fees (191) (191) (167)
Current value credit 14,327 14,327 13,613
Miscellaneous revenue 15,421 382 15,803 16,905
Land acquisition _ (274,995) (274,995)
Total non-operating
revenue (expenses) 85,765 373,968 10,040 469,773 314,066
Income (loss) before
operating transfers 192,975 252,379 (7 ,470) 437,884 523,310
Operating transfers from (to) :
General Fund (90,000) (90,000) (85,000)
Special Assessment Fund (9,141)
Revolving Fund 8,360 8,360 21,030 --
Total operating transfers (90,000) 8,360 -0- (81,640) (73,111)
Net income 102,975 260,739 (7,470) 356,244 450,199
Retained earnings January 1 860,634 4,080,709 7,470 4,94 8,813 4,498,614
Retained earnings December 31 $ 963,609 $4,341,448 $ -0- $5,305,057 $4,948,813
90
EXHIBIT G-3
CITY OF FRIDLEY, MINNESOTA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
Year Ended December 31, 1981
With Comparative Totals For Year Ended December 31, 1980
Public Christenson Totals
Liquor Utility Building 1981 1980
Sources of working capital:
" Operations:
Net income (loss) for the year $102,975 $260,739 $ (7,470) $ 356,244 $450,199
Items not requiring working
-- capital - depreciation 11,463 110,117 121,580 123,389
Working capital provided by
operations 114,438 370,856 (7,470) 477,824 573,588
Long term receivable 14,819 14,819 14,087
Net decrease in restricted assets 4,205 4,205 28,875
Total sources of working capital 114,438 389,880 (7,470) 496,848 616,550
Uses of working capital:
Acquisition of fixed assets 10,118 63,053 73,171 22,964
Decrease in long term bonds payable 85,625 85,625 62,661
Decrease in deferred revenue 52,092 52,092 46,301
Total uses of working capital 10,118 200,770 -0- 210,888 131,926
Net increase (decrease) in
working capital $104,320 $189,110 $ (7,470) $ 285,960 $484,624
Elements of net increase (decrease)
_ in working capital:
Cash $ 51,721 $(88,211) $(285,429) $(321,919) $315,156
Investments 63,048 313,988 (5,700) 371,336 238,226
Receivables 54 11,939 (1,707) 10,286 2,681
Inventory 6,047 1,636 7,683 22,899
Prepaid expenses (9,880) 16,110 6,230 16,611
Due from other governments (40,114) 284,653 244,539 (29,373)
Due from other funds (13,743) (13,743) (12,725)
Accounts payable 4,864 24,896 713 30,473 (109,333)
Contracts payable (877) (877)
Salaries payable (288) (404) (692) (4,607)
Due to other government units (11, 246) (47,985) (59,231)
Bonds payable 11,875 11,875 45,089
Net increase (decrease) in
working capital $104,320 $189,110 $ (7,470) $ 285,960 $484,624
91
EXHIBIT G-4
CITY OF FRIDLEY, MINNESOTA
LIQUOR ENTERPRISE FUND
COMPARATIVE BALANCE SHEET
December 31, 1981 and 1980
1981 1980
Assets
Current assets:
Cash (deficit) $ 113,964 $ 62,243
Investments, at cost 540,048 477,000
Accounts receivable 54 -.
Inventories at cost 188,954 182,907
Prepaid expenses 9,880
Total current assets 843,020 732,030
Property and equipment, at cost:
Land improvement 68,431 68,431
Buildings 140,328 130,210
Furniture, fixtures and equipment 77,503 78,372
Signs and automotive 16,462 16,462
302,724 293,475
Less: Accumulated depreciation (92,656) (82,062)
Net property and equipment 210,068 211,413
Total assets $1,053,088 $943,443
Liabilities and Fund Equity
Current liabilities:
Accounts payable $ 76,541 $ 81 ,405
Salaries payable 1,692 1,404
Due to other governments 11,246
Total liabilities 89,479 82,809
Fund equity:
Retained earnings - unreserved 963,609 860,634 .,
Total liabilities
and fund equity $1,053,088 $943,443
92
EXHIBIT G-5
CITY OF FRIDLEY, MINNESOTA
LIQUOR ENTERPRISE FUND
COMPARATIVE STATEMENT OF REVENUES
EXPENSES AND CHANGES IN RETAINED EARNINGS
Years Ended December 31, 1981 and 1980
1981 1980
Sales and cost of sales:
Sales $1,743,846 $1,661,818
Cost of sales 1,399,165 1,328,573
Gross profit 344,681 333,245
Operating expenses:
Selling:
Personal services 104,707 98,805
-- Supplies and other charges 5,038 5,086
Total selling expense 109,745 103,891
_
Overhead:
Supplies and other charges 55,856 51,545
Depreciation 11,463 10,299
Total overhead expenses 67,319 61,844
Administrative:
Personal services 47,993 41,772
Supplies and other charges 12,414 13,335
Total administrative 60,407 55,107
Total operating expenses 237,471 220,842
Operating income 107,210 112,403
Non-operating revenues:
Interest on investments 70,344 42,706
Miscellaneous revenue 15,421 16,176
Total non-operating revenues 85,765 58,882
Income before operating transfers 192,975 171,285
Operating transfer to General Fund (90,000) (85,000)
Net income 102,975 86,285
Retained earnings January 1 860,634 774,349
Retained earnings December 31 $ 963,609 $ 860,634
93
—
EXHIBIT G-6
CITY OF FRIDLEY, MINNESOTA
LIQUOR ENTERPRISE FUND
COMPARATIVE STATEMENT OF CHANGES IN FINANCIAL POSITION
Years Ended December 31, 1981 and 1980
1981 1980
Sources of working capital:
Operations:
Net income for the year $102,975 $86,285
Items not requiring working
capital - depreciation 11,463 10,299
Total sources of working capital 114,438 96,584
Uses of working capital:
Acquisition of fixed assets 10,118 5,721
Net increase in working capital $104,320 $90,863
Elements of net increase (decrease) in
working capital: —
Cash $ 51,721 $64,701
Investments 63,048 83,924
Receivables 54 (1,413)
Inventory 6,047 21,498
Prepaid expenses (9,880) 4,717
Accounts payable . 4,864 (81,160)
Salaries payable (288) (1,404)
Due to other governments (11,246)
Net increase in working capital $104,320 $90,863
94
CITY OF FRIDLEY, MINNESOTA
PUBLIC UTILITY ENTERPRISE FUND
COMPARATIVE BALANCE SHEET
December 31, 1981 and 1980
1981 1980
Assets —"
Current assets:
Cash (deficit) $ 110,136 $ 198,347 .,
Investments, at cost 2,538,288 2,224,300
Accounts receivable 316,799 304,860
Due from other governments 12,799 52,913 ._
Due from other funds 14,845 28,588
Inventories at cost 6,886 5,250
Prepaid expense 70,279 54,169
Total current assets 3,070,032 2,868,427
Long-term receivable - Metropolitan
Waste Control Commission 383,235 398,054 ..,
Restricted assets:
Cash (deficit) (20,678) (760)
Investments, at cost 226,113 210,400
Total restricted assets 205,435 209,640
Property and equipment , at cost:
Land and improvement 154,88]/ 154,881
Buildings 754,60Y 754,608
Machinery and equipment 1,995,560 1,932,513 ...,
Other improvements 123,909" 123,909
Water and sewer lines 10,166,680 10,166,680
13,195,644 13,132,591
Less: Accumulated depreciation (1,550,828) (1,440,711) —"
Net property and equipment 11,644,816 11,691,880
Total assets $15,303,518 $15,168,001
96
EXHIBIT G-7
1981 1980
Liabilities And Fund Equity
Current liabilities:
Accounts payable $ 26,887 $ 51,783
Contracts payable 877
Salaries payable 3,607 3,203
Due to other government units 47,985
Bonds payable 50,000 61,875
Total current liabilities 129,356 116,861
Long term liabilities:
Bonds payable (net of current position) 270,000 355,625
Deferred revenue 396,034 448,126
Total long term liabilites 666,034 803,751
Total liabilities 795,390 920,612
Fund equity:
Contribution capital 10,166,680 10,166,680
Retained earnings - unreserved 4,341,448 4,UbU,709
Total fund equity 14,508,128 14,247,389
Total liabilities and fund equity $15,303,518 $15,168,001
97
EXHIBIT G-8
CITY OF FRIDLEY, MINNESOTA
PUBLIC UTILITY ENTERPRISE FUND
COMPARATIVE STATEMENT OF REVENUES,
EXPENSES AND CHANGES IN RETAINED EARNINGS
Years Ended December 31, 1981 and 1980
1981 1980
Operating revenues:
Water sales and sewer rents $1,494,168 $1,404,119
Connection permits 1,704 2,079
Miscellaneous revenues 64,209 71,511
Total operating revenues 1,560,081 1,477,709
Operating expenses:
Personal services 358,952 342,933
Supplies and other charges 1,212,601 920,947
Depreciation 110,117 113,090
Total operating expenses 1,681,670 1,376,970
Operating income (121,589) 100,739
Non-operating revenues (expenses) :
Intergovernmental revenue - federal grant 17 ,356 7,227
Interest on investments 356,521 251,071
Tap fees 445 1, 125
Debt service -
Interest expense (14,490) (19,341)
Fiscal agent fees (191) (167) ^
Current value credit 14,327 13,613
Total non-operating revenues (expenses) 373,968 253,528 ,^
Income before operating transfers 252,379 354,267
Operating transfers from (to) :
Special Assessment Fund (9,141)
Revolving Fund 8,360 21,030
Total operating transfers 8,360 11,889
Net income 260,739 366,156
Retained earnings January 1 4,080,709 3,714,553
Retained earnings December 31 $4,341,448 $4,080,709
98
EXHIBIT G-9
CITY OF FRIDLEY, MINNESOTA
PUBLIC UTILITY ENTERPRISE FUND
COMPARATIVE STATEMENT OF CHANGES IN FINANCIAL POSITION
Years Ended December 31, 1981 and 1980
1981 1980
Sources of working capital:
.� Operations:
Net income $260,739 $366,156
Items not requiring working
capital - depreciation 110,117 113,090
Working capital provided by operations 370,856 479,246
Long term receivable 14,819 14,087
Net decrease in restricted assets 4,205 28,875
Total sources of working capital 389,880 522,208
Uses of working capital:
Acquisition of fixed assets 63,053 17,243
Decrease in long term revenue bonds payable 85,625 62,661
-- Decrease in deferred revenue 52,092 46,301
Total uses of working capital 200,770 126,205
Net increase in working capital $189,110 $396,003
Elements of net increase (decrease) in
working capital:
Cash $(88,211) $250,640
Investments 313,988 158,374
Receivables 11,939 2,079
Inventory 1,636 1,401
Prepaid expenses 16,110 11,894
Due from other governments (40,114) (29,373)
Due from other funds (13,743) (12,725)
Accounts payable 24,896 (28,173)
_ Contracts payable (877)
Salaries payable (404) (3,203)
Due to other governments (47,985)
Bonds payable 11,875 45,089
Net increase in working capital $189,110 $396,003
99
EXHIBIT G-1C
CITY OF FRIDLEY, MINNESOTA
C HRI STE NSON BUILDING ENTERPRISE FUND
COMPARATIVE BALANCE SHEET
December 31, 1981 and 1980
Assets 1981 1980
Cash (deficit) $(284,961) $ 468
Investments, at cost 5,700
Accounts receivable 308 2.,015
Due from other governments 284,653 -"
Total assets $ -0- $8,183
Liabilities and Fund Equity
Liabilities:
Accounts payable $ -0- $ 713
—
Fund equity:
Retained earnings - unreserved -0- $7,470
Total liabilities and fund equity $ -0- $8,183
100
EXHIBIT G-11
CITY OF FRIDLEY, MINNESOTA
CHRISTENSON BUILDING ENTERPRISE FUND
COMPARATIVE STATEME NT OF REVENUES,
EXPENSES AND CHANGES IN RETAINED EARNINGS
"^ Years Ended December 31, 1981 and 1980
_. 1981 1980
Operating revenues:
Rental income $ 17,731 $36,990
Operating expenses:
Personal services 540 1,315
Supplies and other charges 34,701 39,573
Total operating expenses 35,241 40,888
Operating income (loss) (17,510) (3,898)
Non-operating revenues (expenses) :
Intergovernmental revenue - local grant 284,653
Interest on investments 927
Miscellaneous revenue 382 729
Land acquisition (274,995)
Total non-operating revenues (expenses) 10,040 1,656
Net income (loss) (7,470) (2,242)
Retained earnings January 1 7,470 9,712
Retained earnings December 31 3 -0- 3 7,470
101
—
EXHIBIT C-12
CITY OF FRIDLEY, MINNESOTA
CHRISTENSON BUILDING ENTERPRISE FUND
COMPARATIVE STATEMENT OF CHANGES IN FINANCIAL POSITION
Years Ended December 31, 1981 and 1980
1981 1980 —
Sources of working capital:
Operations: —
Net income (loss) $ (7,470) $(2,242)
—
Elements of net increase (decrease) in
working capital:
Cash $(285,429) $ (185)
Investments (5,700) (4,072) —
Receivables (1,707) 2,015
Due from other governmental units 284,653
Accounts payable 713
Net increase (decrease) in working capital $ (7,470) $(2,242)
--t
102
INTERNAL SERVICE FUNDS
NDS
Internal service funds are set up to account for goods and services provided
by designated departments on a cost reimbursement or fee basis to other
departments and agencies within the City.
EXHIBIT H-1
CITY OF FRIDLEY, MINNESOTA
_. EMPLOYEE BENEFITS INTERNAL SERVICE FUND
COMPARATIVE BALANCE SHEET
December 31, 1981 AND 1980
1981 1980
Assets
Cash $(137,000) $410,531
Investments, at cost 648,572
_ Accounts receivable 118
Total assets $ 511,690 $410,531
Liabilities and Fund Equity
Liabilities:
Accounts payable $ 2,953
Salaries payable 155
Leave payable $ 198,213 207,628
Total liabilities 198,213 210,736
Fund equity:
Retained earnings -
Reser ved for employee benefits 313,477 199,795
Total liabilities and fund equity $ 511,690 $410,531
103
EXHIBIT H-2
CITY OF FRIDLEY, MINNESOTA
EMPLOYEE BENEFITS INTERNAL SERVICE FUND
COMPARATIVE STATEMENT OF REVENUES ,
EXPENSES AND CHANGES IN RETAINED EARNINGS
Years Ended December 31, 1981 and 1980
1981 1980
Operating revenues:
Charges for services $790,849 $199,795
Operating expenses:
Benefit payments 738,698 -0-
Operating income 52,151 199,795
Non-operating revenues: ,..,
Interest inc ome 11,585
Refunds 49,946
Total non-operating revenues 61,531 -0-
Net income 113,682 199,795
Retained earnings January 1 199,795 -0- --
Retained earnings December 31 $313,477 $199,795
104
EXHIBIT H-3
CITY OF FRIDLEY, MINNESOTA
_ EMPLOYEE FRINGE BENEFITS INTERNAL SERVICE FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
Years Ended December 31, 1981 and 1980
a
1981 1980
Sources of working capital:
Operations:
Net income $ 113,682 $199,795
Elements of net increase (decrease) in
working capital:
Cash $(547,531) $410,531
Investments 648,572
Accounts receivable 118
a Accounts payable 2,953 (2,953)
Salaries payable 155 (155)
Leave payable 9,415 (207,628)
Net increase in working capital $ 113,682 $199,795
a
a
105
TRUST AND AGENCY FUNDS
Trust and agency funds are set up to account for the resources held by the
City as a trustee or agent for other funds or entities.
I
EXHIBIT I-1
CITY OF FRIDLEY, MINNESOTA
TRUST AND AGENCY FUND
COMPARATIVE BALANCE SHEET
December 31, 1981 and 1980
1981 1980
Assets
Cash $ 3,165 $ 75
Investments, at cost 31,804 11,500
Total assets $34,969 $11,575
Liabilities and Fund Balance
Liabilities:
Accounts payable $ 2,128
Deposits payable 27,902 $ 9,081
Total liabilities 30,030 9,081
•• Fund balance:
Unreserved - undesignated 4,939 2,494
Total liabilities and
fund balance $34,969 $11,575
107
EXHIBIT I-2 ^
CITY OF FRIDLEY, MINNESOTA
TRUST AND AGENCY FUND
COMPARATIVE STATEMENT OF REVENUES , EXPENSES AND
CHANGES IN FUND BALANCE
Years Ended December 31, 1981 and 1980 ...,
1981 1980
—
Revenues:
Interest on investments $2,445 $1,483
Fund balance, January 1 2,494 1,011
Fund balance, December 31 $4,939 $2,494
108
GENERAL FIXED ASSETS GROUP OF ACCOUNTS
General fixed asset group of accounts are set up to account for long-lived
assets not accounted for in an enterprise, trust or intergovernmental service
fund.
1
EXHIBIT J-1
CITY OF FRIDLEY, MINNESOTA
COMPARATIVE STATEMENT OF GENERAL FIXED ASSETS
December 31, 1981 and 1980
1981 1980
General fixed assets:
Land $ 1,656,778 $ 1,656,778
Building 1,629,919 1,200,801
Improvements other than building 13,350,277 12,311,446
Furniture, fixtures and office equipment 256,691 295,200
Machinery and equipment 1,378,183 1,320,247
Specialized equipment 94,454 86,867
Construction in progress 680,205 1,669,625
Total general fixed assets $19,046,507 $18,540,964
Investment in general fixed assets from:
Special assessments $12,272,319 $11,952,853
State aid 302,497 302,497
General Fund 3,928,374 3,842,148
Other funds 522,174 522,174
Liquor Fund 15,421 15,421
Contributions 676,969 676,969
General obligation bonds 856,597 856,597
Public Utility Fund 2,522 2,522
Grants 469,634 369,783
.� Total investment in general fixed assets $19,046,507 $18,540,964
109
CITY OF FRIDLEY, MINNESOTA
SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY
Year Ended December 31, 1981
Total Land Buildings
General government -'
City manager $ 40,955
Accounting 57,042
Assessing 7,140 -^
Elections 23,999
Planning 18,896
Civic center 731,390 $ 18,448 $ 664,690
Total general government 879,422 18,448 664,690
Public safety
Police protection 245,654
Fire protection 368,162 70,281
Inspectional services 1,819
Civil defense 29, 069
Total public safety 644,704 -0- 70,281
Public works
Engineering 21,727
Street improvements 7,947,531 5,103
Water, sewer and
storm sewer 5,253,323
Traffic signal 120,288
City garage 478,677 97,940 333,114
Total public works 13,821,546 103,043 333,114
Parks/Naturalist
Parks 2,516 ,961 1,527,867 119,702
Naturalist 503,669 7,420 442,132
Total parks/naturalist 3,020,630 1,535,287 561,834
Total general fixed -
assets allocated
to functions $18,366,302 $1,656,778 $1,629,919
Construction in progress 680,205
Total fixed
assets $19,046,507
110
EXHIBIT J-2
Furniture
Other and Specialized
Improvements Machinery Equipment Equipment
$ 7,344 $ 29,675 $ 3,936
55,034 2,008
7,140
23,999
5,850 13,046
336 41,647 6,269
-0- 13,530 170,541 12,213
206,290 26,098 13,266
$ 21,521 247,493 10,115 18,752
1,404 415
26,980 2,089
21,521 482,167 38,302 32,433
16,603 3,983 1,141
7,428,253 514,175
5,253,323
120,288
1,096 35,057 11, 267 203
.. 12,802,960 565,835 15,250 1,344
492,493 303,020 25,415 48,464
33,303 13,631 7,183
525,796 316,651 32,598 48,464
$13,350,277 $1,378,183 $256,691 $94,454
111
EXHIBIT J-3
CITY OF FRIDLEY, MINNESOTA
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
Year Ended December 31, 1981
General General
Fixed Fixed
Assets Assets -
1/1/81 Additions Deductions 12/31/81
Function and activity
General government
City manager $ 39,882 $ 3,645 $ 2,572 $ 40,955
Accounting 61,969 913 5,840 57,042 -
Assessing 7,379 430 669 7,140
Elections 24,681 682 23,999
Planning 18,271 712 87 18,896 --
Civic center 716,048 15,567 225 731,390
Total general government 868,230 21,267 10,075 879,422
Public safety
Police protection 244,869 76,133 75,348 245,654
Fire protection 357,365 48,579 37,782 368,162
Inspection services 2,041 222 1,819 -
Civil defense 29,069 29,069
Total public safety 633,344 124,712 113,352 644,704
Public works
Engineering 53,562 254 32,089 21,727
Street improvement 7,376,723 570,808 7,947,531
Water, sewer and storm sewer 4,886,018 367,341 36 5,253,323
Traffic signal 101,561 18,727 120,288
City garage 473,860 17,332 12,515 478,677
Total public works 12,8 91,724 974,462 44,640 13,8 21,546
Parks/Naturalist
Parks 2,403,607 124,540 11,186 2,516,961
Naturalist 74,434 430,434 1,199 503,669
Total parks/naturalist 2,478,041 554,974 12,385 3,020,630
Construction in progress 1,669,625 476,131 1,465,551 680,205
Total general fixed assets $18,540,964 $2,151,546 $1,646,003 $19,046,507
112
GENERAL LONG TERM DEBT ACCOUNT GROUP
General long-term debt group of accounts is set up to account for unmatured
principal and bonds, warrants, notes, or other forms of long term indebtedness
that is secured by the full faith and credit of the City and is not deemed the
primary obligation of any specific special assessment or enterprise fund of the
• City.
•
EXHIBIT K-1
CITY OF FRIDLEY, MINNESOTA
COMPARATIVE STATEMENT OF GENERAL LONG-TERM DEBT
December 31, 1981 and 1980
1981 1980
Amount available to be provided for the
'-' payment of general long-term debt
Amount available in general debt
service fund $ 76,953 $ 69,480
Amount to be provided by future
taxes 2,329,119 200,459
Total available and to be
provided $2,406,072 $269,939
General long-term debt payable
-- General long-term debt payable:
General obligation tax increment
redevelopment bonds $2,200,000
Serial bonds 170,000 $200,000
Contracts-city garage and
garage addition 21,227 41,351
Due to public utility fund 14,845 28,588
Total general long-term
debt payable $2,406,072 $269,939
113
STATISTICAL SECTION
_ II
TABLE 1
CITY OF FRIDLEY, MINNESOTA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
LAST TEN FISCAL YEARS
General Public Civic Public Parks and Debt
Year Government Safety Center Works Recreation Service Total
1972 $293,510 $ 652,201 $ 56,562 $ 453,682 $ 351,739 $1,807,694
1973 310,866 848,448 62,076 495,006 407,943 2,124,339
1974 357,012 893,201 61,449 675,381 493,160 2,480,203
1975 436,032 1,016,774 77,753 755,904 582,982 2,869,445
1976 476,286 1,146,181 80,067 879,626 699,304 3,281,464
1977 484,663 1,239,730 109,647 928,742 839,151 3,601,933
1978 572,381 1,446,302 102,444 1,028,594 822,095 3,971,816
1979 581 ,800 1,495,493 103,387 1,056,758 909,317 $38,561 4,185,316
1980 618,215 1,737,883 128,795 1 ,111,066 839,271 53,569 4,488,799
1981 725,095 1,994,788 137,976 1,430,657 1,087,811 52,545 5,428,872
Note
(1) Includes General, Special Revenue, and Debt Service Funds
115
TABLE 2
CITY OF FRIDLEY, MINNESOTA
GENERAL REVENUES BY SOURCE (1)
LAST TEN FISCAL YEARS
Inter- Charges
General Licenses, govern- for --
Property Permits mental Current Miscellaneous Total
Year Tax and Fines Revenue Services Revenue Revenue -
1972 $ 973,103 $192,456 $ 541,938 $ 47,761 $ 90,056 $1 ,845,314
1973 1 1,087,173 157,703 502,955 57,100 93,012 1,897,943 --
1974 1,344,632 179,142 601,266 58,243 112,568 2, 295,851
1975 1,619,966 174,630 648,872 59,936 115,753 2,619, 157
1976 1,762,205 210,904 811,406 63,200 179,736 3,027,451
1977 1,703,364 270,409 1,346,412 99,755 235,752 3,655,692
1978 1,846,370 265,657 1,576,630 104,069 285,311 4,078,037 _.
1979 1,948,751 303,639 1,646, 918 103,267 400,317 4,819,892
1980 1,974,874 229,148 2,659,608 108,547 558,006 5,530,183
1981 2,115,674 233,901 3,040,678 129,887 684,794 6,204,934
Not e
(1) Includes General, Special Revenue, and Debt Service Funds
116
TABLE 3
CITY OF FRIDLEY, MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Collections Percentage Collection
of Current of Levy of Prior
Years Taxes Collected Years Taxes Ratio
During During During of Total
.. Year Total Fiscal Fiscal Fiscal Total Collections
Collected Tax Levy Period Period Period Collections to Tax Levy
1972 $1,139,871 $1,119,975 98.25 75,812 $1,195,787 1.0491 :1
1973 1, 260,386 1,245,095 98.79 30,551 1,275,646 1.0121:1
-. 1974 1,389,672 1,365,737 98.28 18,974 1,384, 711 .9964:1
1975 1, 662,544 1,629,395 98.01 29,767 1,659,162 .9980:1
"' 1976 1,854,061 1,812,739 97.77 32,401 1,845,140 .9952:1
1977 2,057,083 2,033,169 98.84 39,505 2,072,674 1.0076:1
1978 2,19 9, 318 2,177,318 99.00 48,922 2,226,240 1.0122:1
1979 2,348,124 2,318,648 98.74 41, 503 2,360,151 1.0051 :1
1980 2,512 ,176 2,461,402 97.98 46,345 2,507,747 .9982:1
— 1981 2,767,955 2,502,610 90.41 49,166 2,551,776 .9219 :1
117
CITY OF FRIDLEY, MINNESOTA
ASSESSED AND ESTIMATED MARKET VALUE OF ALL TAXABLE PROPERTY
LAST TEN FISCAL YEARS
Fiscal. Period
1972 1973 1974 1975
Population 30,240 31,143 (2) 32,542 32,486 (3)
Real property
Estimated market value $224,892,331 $266,730,657 $294,415,529 $325,394,031
Assessor's limited market value $ 69,941,515 $242,991,629 $270,273,456 $288,949,935
Assessed value
Homestead $ 5,295,419 $ 16,233,935 $ 16,582,864 $ 17,104,208
Excess and non-homestead 19,425,726 73,166,443 84,043,948 90,832,944
Area-wide allocation
Tax-increment value
Taxable value $ 24,721,145 $ 89,400,378 $100,626,812 $104,796,399
Personal Property
Estimated market value -
Taxable property $ 36,379,141 $ 15,796,166 $ 17,323,420 $ 18,183,599
Assessor's value -
Taxable property $ 11,313,912 $ 14,390,307 $ 15,902,900 $ 16,147,000
Taxable value -
Taxable property $ 4,080,719 $ 6,187,860 $ 6,838,247 $ 6,943,210
Total real and personal property
Estimated market value $261,271,472 $282,526,823 $311,738,949 $343,577,630
Limited market value $ 81,255,428 $257,381,936 $286,176,356 $305,096,935 —
Total taxable value $ 28,801,865 $ 95,588,238 $107,465,059 $111,739,609
Ratio of market value ,�
To limited market value .311:1** .911: 1* .918:1* .888:1*
To taxable value .110:1 .338 :1 .345 :1 .325:1
Per capita valuations —
Estimated market value $ 8,640 $ 9,072 $ 9,580 $ 10,576
Taxable value $ 952 $ 3,069 $ 3,302 $ 3,440
Mote
*Source - State of Minnesota Department of Revenue
**Source - Anoka County Assessor's Office
(1) 1972 and subsequent valuations reflect changes as provided for in Laws of 1971, Extra
Session, Chapter 31, amended.
Beginning with taxes levied in 1972, collectible in 1973, Minnesota assessed values tripled "'
through elimination of the 33 1/3 ratio previously used to arrive at "adjusted" market
values. Tax rates are one-third of past rates.
118
TABLE 4
Fiscal Period
1976 1977 1978 1979 1980 1981
31,570 31,940 33,450 32,664 30,214 30,200
$367,264,013 $405,285,288 $456,038,596 $474,610,022 $555,096,298 .$632,523,959
$327,232,236 $363,541,172 $408,865,261 $458,973,683 $522,308,032 $ N/A (3)
$ 17,644,329 $ 19,607,606 $ 20,453,732 $ 21,633,558 $ 24,392,539 $ 59,013,036
105,665,396 117,424,505 124,640,289 134,204,943 141,946,084 121,924,290
(4,541,034) (4,812,211) (6,271,738) (7,376,217) (8,858,508) (10,022,598)
(954,050) (2,708,711)
$118,768,691 $132,219,900 $138,822,283 $148,462,284 $156,526,065 $168,206,017
$ 18,073,064 $ 18,167,447 $ 19,340,803 $ 17,424,500 $ 17,899,900 $ 18,731,800
$ 16,103,100 $ 16,296,200 $ 17,348,700 $ 17,424,500 $ 17,899,900 $ 18,731,800
$ 6,9 24,333 $ 7,007,366 $ 7,4 59,941 $ 7,492,535 $ 7,696,957 $ 8,054,674
$385,337,077 $423,452,735 $475,379,399 $492,034,522 $572,996,198 $651,255,759
$343,335,336 $379,837,372 $426,213,961 $476,398,183 $540,207,932 $ N/A (3)
$125,693,024 $139,227,266 $146,282,224 $155,954,819 $164,223,022 $176,260,691
.891:1* .897:1* .897:1* .968:1 .943:1 N/A
.326 :1 .329 :1 .308 :1 .317 :1 .287 :1 .271 :1
12,206 $ 12,689 $ 14,212 $ 15,064 $ 18,965 $ 21,565
$ 3,981 $ 4,359 $ 4,373 $ 4,775 $ 5,435 $ 5,836
(2) Property values include net amount allocated pursuant to Laws of 1971, Extra
Session, Chapter 23, from Area-Wide "Pool."
• Beginning with taxes levied in 1974, collectible in 1975, the value on which the
City of Fridley's mill rate is calculated, is not the City's assessed value but a
taxable value based on the City of Fridley's assessed value minus the net loss to
the Metro Tax Pool.
(3) In 1980 Limited Market Value was omitted as a consideration in determining
taxable value.
119
CITY OF FRIDLEY, MINNESOTA
STATEMENT OF VALUATIONS AND LEVIES BY CLASSES OF PROPERTY
DECEMBER 31, 1981
Assessed
Valuation Assessed
Before Valuation Assessed
Contribution Contribution Value
Class of to Metro Tax to Metro Tax Received from
Property Pool Pool Metro Pool
Commercial $ 27,871,336 $ (5,737,684)
Industrial 48,079,831 (9,897,870)
F.M.C. #85 4,326,531 (890,674)
Gas 1,289,742 (265,511)
Electric 2,438,401 (501,977)
P.U. : 405,713 (83,521)
Vacant Land 1,237,920
Apartments 21,691,882
Residential 81 ,650,644
Distribution $7,354,639
(1)
Totals $188,992,000 $(17,377,237) $7,354,639 _.
Notes
*Public Utilities (Real Estate and Machinery)
(1) This represents the "assessed value" distributed to Fridley from the metro
tax pool.
The assessed value for the first six classes of property shown above has been
reduced for local taxable value to 79.4137% of the actual assessed value.
This taxable value is then multiplied by the applicable local mill rates. The
balance of the assessed value is multiplied by the Metro Mill Rate of
103.003. This money then goes into the Metro Pool. The City of Fridley
120
TABLE 5
Assessed
Valuation
Allocated to Adjusted Percent Dollars
Tax Increment Assessed of Total of City
Financing Value City Tax Tax
$ (254,029) $ 21,879,623 12.427 $ 343,991
,.., 38,181,961 21.686 600,297
3,435,857 1.951 54,019
1,024,231 .582 16,103
1,936,424 1.100 30,444
322,192 .183 5,066
(20,362) 1,217,558 .692 19,142
(2,383,690) 19,308,192 10.966 303,563
(50,630) 81,600,014 46.346 1,282,916
7,354,639 4.067 112,570
$(2,708,711) $176,260,691 100.00 $2,768,111
received $112,570.10 from this pool.
— The tax shown for Residential is the total amount
received by the City. Owners of Homestead Residential
properties do not pay this full amount . The State pays
up to $650 per homestead in credit to the County, and
the County in turn distributes this to various local
governments as part of the levy request. An additional
refund may be received by the taxpayer from the State
— depending on income, age and amount of real estate tax
for their homestead property.
121
CITY OF FRIDLEY, MINNESOTA
SIGNIFICANT MINNESOTA TAX POLICIES
DECEMBER 31, 1981
GENERAL
All non-exempt property in Minnesota is subject to taxation by local taxing
districts. The tax levied on a property is determined by multiplying its
assessed value by the tax rate. The tax rate (mills) is determined by the
County Auditor, dividing each tax levy by the assessed valuation (taxable
value) .
Properties are valued by assessors at least once every four years.
The Minnesota Department of Revenue appraises representative properties
annually, comparing sales or market values with the Local Assessors Value.
This establishes a sales ratio. The sales ratio is also used in determining
municipal and school district state aids.
The Assesssors Market Value is multiplied by the appropriate percentage to
arrive at assessed value. This percentage varies by class of property.
Residential homestead property. Part of the market value said to be
"homestead" ($25,000 for taxes due in 1981) is assessed at 16%, the next
25,000 assessed at 22%, and the balance at 28%. The assessed value of a
homestead residence with a market value of $50,000 would be $9,500 for taxes
collectible in 1981 (see "Homestead Credit" note below) .
Residential non-homestead property of 1-2-or-3 units is assessed at 28% of
its market value. The assessed value of a non-homestead residence (rental
property) with a MV of $50,000 is $14,000. Apartments of 4 units or more are
assessed at 38% ( $50,000 value x 38% = $19,000) .
Industrial/commercial/utility property is assessed at 43% of market value.
Market value of utilities is computed by the Minnesota Department of Revenue.
HOMESTEAD CREDIT Homestead taxes are reduced by a 58% credit (maximum
$650) . This credit is subtracted on the tax statement, and the taxpayer pays
only the net amount; homestead credits are reimbursed by the State to the
taxing districts in proportion to their levies, thus relieving the property
tax burden.
Property Tax Refund Further residential property tax credits are gauged by
percentages of the gross property tax to household income: To the extent a
homeowner's tax or a renter's imputed tax exceeds certain percentages of
household income (1% for lower income groups, up to 4% for incomes of --
$100,000 or more) , homeowners or renters may receive State credits up to
$1,000 (combined homestead and income-adjusted credits) .
122
CITY OF FRIDLEY, MINNESOTA .""
PROPERTY TAX RATES PER $1,000 OF ASSESSED VALUE AND TAX LEVIES
ALL OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS -.
Tax Rates
School School School School
District District District District
Year City No. 11 No. 13 No. 14 No. 16 County
1972 39.58 Mills 173.68 Mills 162.66 Mills 160.27 Mills 172.87 Mills 73.59 Mills
1973 12.71 " 54.92 49.88 52.54 56.01 " 21.77 "
1974 12.94 " 54.85 " 53.49 55.04 54.44 29.49 "
1975 14.88 60.19 54.12 " 60.33 " 66.05* " 22.22 "
1976 14.76 " 55.27 " 49.16 55.18 " 61.60* " 22.16 "
1977 14.78 - 58.40 " 47.26 " 54.65 63.62* " 22.21 "
1978 15.05 " 55.84 " 46.53 " 54.26 " 61.68* " 24.40 " ...
1979 15.06 " 47.71 " 45.04 " 47.17 " 62.25* " 24.29 "
1980 15.31 " 43.21 " 46.73 " 45.08 61.83 " 25.84 "
1981 15.72 " 37.99 " 41.48 " 41.12 " 51.08 " 27.91 " -.
*Vocational/Technical District No. 916 included in District No. 16.
**No Water Shed District in School District No. 11.
This table reflects the new method of determining assessed valuations as required by 1971
legislation. This change results in an assessed valuation of approximately 29% of market
value instead of approximately 11% under the previous formula. •
1
Year Tax Levies
1972 $1,139,978 $171,539 $1,087,369 $2,292,156 $1,195,816 $2 ,119,529 --
1973 1,214,927 183,201 1,108,087 2,570, 517 1,182,508 2,080,956
1974 1,390,598 211,658 1,332,878 3,001,552 1,314,940 2,201,959
1975 1,662,685 268, 717 1,414,161 3,417,636 1,617,961* 2,482,854 ..
1976 1,855,229 300,800 1,403,823 3,537,777 1,698,993* 2,785,357
1977 2,057,083 360,242 1,499,855 3,863,402 1 ,948,613* 3,092,238
1978 2,199,318 355,565 1,568,135 3,987,358 2,017,736* 3,569,286
1979 2,348,124 330,743 1,634,858 3,668,695 2,204,204* 3,788,253
1980 2,512,176 319,712 1,786,183 3,606,461 2,395,401* 4,235,650
1981 2,768,111 296,393 1,759,295 3,493,129 2 ,144,854* 4,904,234
*Includes Vocational/Technical District No. 916.
124
-
TABLE 6
Totals
"' Special School School School School
Districts District District District District
Total No. 11 No. 13 No. 14 No. 16
5.60 Mills 292.45 Mills 281.43 Mills 279.04 Mills 291.64 Mills
2.38** " 91.78 86.74 " 89.40 " 92.87 "
2.89** " 100.17 " 98.81 " 100.36 " 99.76 "
4.77** " 102.06 " 95.99 " 102.20 " 107.92 "
3.23** " 95.42 " 89.31 " 95.33 " 101.75 "
3.43** " 98.82 " 87.68 95.07 " 104.04 "
3.l4** " 98.43 " 89.12 " 96.85 " 104.27 "
3.35** " 90.41 " 87.74 " 89.87 " 104.95 "
3.60** " 87.44 " 91.48 " 89.83 " 106.58 "
4.36** " 85.54 " 89.47 " 89.11 " 99.08 "
S
Yearly Net Tax Total
Total Local Percentage Contribution Increment Tax
Tax Levies Increase To Metro Pool District Levies
0.61,290 $ 8,167,677 (21%) $ 8,167,677
204,380 8,544,576 5% 8,544,576
297,343 9,750,928 14% 9,750,928
,,,� 520,369 11,384,383 17% 11,384,383
380,806 11,962,785 5% 11,962,785
454,078 13,275,511 11% 13,275,511
n.... 426,450 14,123,848 6% 14,123,848
470,367 14,445,244 2% $ 922,702 15,367,946
542,080 15,397,663 7% 1,083,986 $ 85,221 16,566,870
718,810 16,084,826 4% 1,113,321 240,295 17,438,442
...
S
...
125
TABLE 7
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT LEVIES AND COLLECTIONS ,..
LAST TEN FISCAL YEARS
Ratio Total
Ratio of Outstand-
of Total ing
Current Collec- Current
Collec- Delin- tions and
Current Current tions to quent to Delin-
Assess- Assess- Amount Assess- Current quent .�
Fiscal ments ments Due ments Total Levy Assess-
Year Due Collected (Percent) Collected Collected (Percent) ments
1972 $746,971 $634,697 84.97 $119,204 $753,901 100.93 $727,909
1973 697,797 619,236 88.74 87,793 707,029 101.32 724,891 --
1974 913,497 742,105 81.24 81,990 824,095 90.21 782,751
1975 953,453 696,193 73.02 273,777 969,964 101.73 736,530
1976 942,965 767,498 81.39 223,843 991,341 105.13 706,413
1977 918,918 801,584 87.23 168,821 970,405 105.60 655,073
1978 777,007 699,145 89.98 288,525 987,670 127.11 439,385
1979 678,501 606,763 89.43 134,352 741,115 109.23 379,149
1980 699,330 628,753 89.91 95,451 724,203 103.56 404,012
1981 785,128 755,588 96.24 87,206 842,794 107.34 347,975
126
CITY OF FRIDLEY, MINNESOTA
HISTORY OF TAX LEVIES AND MILL RATES
LAST TEN FISCAL YEARS
1972 1973 1974 1975
Tax levies
General Fund $ 923,625 $1,075,464 $1,178,854 $1,624,144
P.E.R.A. Fund 59,566 53,954 95,895
Fire Relief Association Fund 17,602 13,776 ...
Police Pension Association Fund 57,547 49,992 75,723
General Debt Service Funds 81,531 67,200 39,200 38,400
Capital Improvement Fund
Total $1,139,871 $1,260,386 $1,389,672 $1,662,544
Mill rate ..
General Fund 32.07 10.84 10.97 14.53
P.E.R.A. Fund 2.07 .54 .89
Fire Relief Association Fund .61 .14
Police Pension Association Fund 2.00 . 51 . 71
General Debt Service Funds 2.83 .68 .37 .35
Capital Improvement Fund
Total 39.58 12.71 12.94 14.88
Notes
(1) Beginning in 1972, the value of inventories and fixtures was dropped. Cities were "'
reimbursed by the State via other State Aids.
(2) 1972 and subsequent valuations reflect changes as provided for in Laws of 1971, Extra
Session, Onapter 31, amended.
Beginning with taxes levied in 1972, collectible in 1973, Minnesota assessed values
tripled through elimination of the 33 1/3 ratio previously used to arrive at "adjusted"
market values. Tax rates are one-third of past rates.
128
.� TABLE 8
1976 1977 1978 1979 1980 1981
$1,769,965 $1,974,563 $2 ,114, 917 $2,264,856 $2,428,376 $2,684, 615
37,500 36,600 41, 000 39,900 38,800 38,570
46,596 45,920 43,401 43,368 45,000 44,770
$1,854,061 $2,057,083 $2,199,318 $2,348,124 $2,512,176 $2,767,955
14.09 14.18 14.47 14.52 14. 795 15.248
.30 .27 .28 .26 .237 .220
.37 .33 .30 .28 .274 .254
14.76 14.78 15.05 15.06 15.306 15.722
(3) Property values include net amount allocated pursuant to Laws of 1971,
Extra Session, Chapter 23, from Area-Wide "Pool. "
Beginning with taxes levied in 1974, collectible in 1975, the value on which
The City of Fridley's mill rate is calculated is not the City's assessed
value but a taxable value based on the City of Fridley 's assessed value and
the net addition or reduction from the Metro Tax Pool.
i
1�.
129
CITY OF FRIDLEY, MINNESOTA
RATIO OF NET BONDED DEBT .�
TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
Fiscal Assessed Gross
Year Population Value Bonded Debt
1972 30,240 $ 28,801,865 $9,756,000
1973 31,143 95,588,238 9,852,000
1974 32,542 107,465,059 8,885,000
1975 32,486 111,739,609 9,385,000
1976 31,570 125,693,024 8,210,000
1977 31,940 139,227,266 6,775,000 ^
1978 33,450 146,282,224 6,385,000
1979 32,664 155,954,819 6,545,000
1980 30,214 164,223,022 6,105,000
1981 30,200 176,260,691 8,954,000
Note:
The assessed valuation figure used in this table is after the
contribution from the Metro Pool
130
TABLE 9
Net Ratio of Net Net Bonded
Less Debt Bonded Bonded Debt to Debt Per
Service Funds Debt Assessed Value Capita
53,870,814 $5,885,186 .2043:1 1194
3,801,883 6,050,117 .0633:1 194
3,010,682 5,874,318 .0547 :1 181
3,623,017 5,761,983 .0516 :1 177
4,300,690 3,909,310 .0311 :1 124
4,209,680 2,565,320 .0184:1 80
4,684,489 1,700,511 .0116 :1 51
4,829,151 1, 715 ,849 .0110:1 53
5,271,242 833,758 .0051 :1 28
6,258,635 2,695,365 .0153:1 89
131
TABLE 10
CITY OF FRIDLEY, MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN
DECEMBER 31, 1981 ^.
Assessed Value $188,992,000
(A) Debt Limit 6.667 Percent of Assessed Value $12,600,097
Amount of Debt Applicable to Debt Limit:
Total Bonded Debt $8,954,000
(B) Deductions:
General Debt Service Fund Assets $ 76,953
Tax Increment Redevelopment Bonds 2,200,000
Special Assessment Bonds 6,264,000
Water Revenue and Improvement Bonds 320,000 8,860,953
Total Amount of Debt Applicable to Debt
Limit 93,047
Legal Debt Margin $12,507,050
Notes
(A) M.S.A. Section 475.53 (see following page)
(B) M.S.A. Section 475.51 (see following page)
132
CITY OF FRIDLEY, MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN (CONTINUED)
YEAR ENDED DECEMBER 31, 1981
Note (A) :
M.S.A. Section 475.53 et seq. Limit on Net Debt
"Subdivision 1. Generally. Except as otherwise provided in section
475.51, no municipality, except a school district or a city of the first
class, shall incur or be subject to a net debt in excess of 6.67 percent of
the assessed value."
Note (B) :
M. S.A. Section 475.51 Definitions
"Subdivision 4. "Net Debt" means the amount remaining after deducting from
— its gross debt the amount of current revenues which are applicable within
the current fiscal year to the payment of any debt, and the aggregate of
the principal of the following:
(1) Obligations issued for improvements which are payable wholly or partly
from the proceeds of special assessments levied upon property
specially benefited thereby , including those which are general
— obligations of the municipality issuing them, if the municipality is
entitled to reimbursement in whole or in part from the proceeds of the
special assessments.
(2) Warrants or orders having no definite or fixed maturity.
(3) Obligations payable wholly from the income from revenue producing
conveniences.
(4) Obligations issued to create or maintain a permanent improvement
revolving fund.
(5) Obligations issued for the acquisition, and betterment of public
waterworks systems, and public lighting, heating or power systems, and
of any combination thereof or for any other public convenience from
which a revenue is or may be derived.
(6) Debt service loans and capital loans made to a school district under
the provisions of sections 124.42 and 124.43.
— (7) Amount of all money and the face value of all securities held as a
debt service fund for the extinguishment of obligations other than
those deductible under this subdivision.
(8) All other obligations which under the provisions of law authorizing
their issuance are not to be included in computing the net debt of the
municipality ."
133
TABLE 11
CITY OF FRIDLEY
COMPUTATION OF DIRECT AND OVERLAPPING
BONDED DEBT AND COMPARATIVE DEBT RATIOS
DECEMBER 31, 1981
Debt % of Debt Net Debt
Gross Service Net Applicable Applicable
Governmental unit Debt Funds Debt to City to City
Direct and overlapping debt
Direct debt:
City of Fridley $ 8,954,000 $ 6,258,635 $ 2,695,365 100.000 $ 2,695,365
Overlapping debt:
School Districts
No. 11 $ 24,205,000 $ 3,837,252 $ 20,367,748 2.023 $ 412,039
No. 13 3,265,000 1,540,766 1,724,234 32.186 554,962
No. 14 2,925,000 461,000 2,464,000 100.000 2,464,000
No. 16 12,250,374 2,911,410 9,338,964 42.422 3,961,775
Metro Transit 13,200,000 2,748,000 10,452,000 1.721 179,879
Metro Council 241,571,000 38,237,950 203,333,050 1.581 3,214,696
Anoka County 6,565,000 1,277,523 5,287,477 20.750 1,097,151
Vocational/Technical
District No. 916 5,605,000 599,059 5,005,941 2.784 139,365
Overlapping
debt 309,586,374 51,612,960 275,973,414 12,023,867
Total direct and
overlapping debt $318,540,374 $57,871,595 $260,668,779 $14,719,232
134
TABLE 12
CITY OF FRIDLEY, MINNESOTA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL BONDED DEBT TO TOTAL GENERAL
GOVERNMENT EXPENDITURES
LAST TEN FISCAL YEARS
Ratio of Debt
Total Total Service to
Fiscal Debt General General
Year Principal Interest Service Expenditures Expenditures
1972 $60,000 $23,520 $ 83,520 $1,953,180 .0428:1
1973 65,000 14,620 79,620 2,341,081 .0340:1
1974 25,000 12,685 37,685 2,520,672 .0150:1
1975 25,000 11,885 36,885 2,899,724 .0127:1
1976 25,000 11,073 36,073 3,281,818 .0110:1
..` 1977 25,000 10,247 35,247 3,601,933 .0098:1
1978 25,000 9,422 34,422 3,971,816 .0087:1
1979 30,000 8,500 38,500 4,280,363 .0090:1
.... 1980 42,725 10,844 53,569 4,488,799 .0119 :1
1981 43,743 8,802 52,545 5,428,872 .0097:1
135
1
TABLE 13
CITY OF FRIDLEY, MINNESOTA
REVENUE BOND COVERAGE
WATERWORKS BONDS
LAST TEN FISCAL YEARS
Net revenue
Direct Direct available
Fiscal operating operating for debt Debt service requirements
year revenue expenses service Principal Interest Total Coverage
1972 $1,006,611 $ 806,221 $ 200,390 $15,000 $18,375 $33,375 6.0
1973 1,024,475 824,166 200,309 15,000 17,700 32,700 6.1
1974 1,145,027 873,040 271,987 15,000 17,025 32,025 8.5
1975 1,169,260 1,000,918 168,342 15,000 16,350 31,350 5.4
1976 1,286,963 1,108,130 178,833 61,607 22,482 84,089 2.1
1977 1,276,196 1,139,152 137,044 46,607 16,625 62,812 4.2
1978 1,40 4,459 1,299,988 104,471 51,724 13,361 65,085 1.6
1979 1,394,580 1,237,504 157,076 51,724 10,331 62,055 2.5 ..
1980 1,477,709 1,376,970 100,739 56,964 7,027 64,171 1.6
1981 1,560,081 1,681,670 (121,589) 57,570 4,015 61,765 - --•
136
TABLE 14
—. CITY OF FRIDLEY, MINNESOTA
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
Fiscal Per Capita Median School Unemployment
— Year Population (1) Income (2) Age (4) Enrollment (3) Rate (5)
1972 30,240 4,147 9,322 3.3
1973 31,143 4,644 (3) 22.6 9,298 3.4
1974 32,542 5,141 22.7 9,220 3.5
1975 32,486 5,667 (3) 22.9 8,983 5.2
... 1976 31,570 6,193 (3) 25. 1 8,712 5.1
1977 31,940 6,721 25.4 8,339 4.0
"" 1978 33,450 6,980 (3) 25.9 7,750 2.7
1979 32,664 7,239 (3) 26.2 7,119 2.8
1980 30,214 (2) 7,500 (3) 27.4 (2) 6,666 4.8
1981 30,200 -• 6,239 4.7
Sources:
(1) Estimated by Metropolitan Council
(2) Current Population Report - Bureau of Census
(3) City of Fridley Planning Department
(4) Sales Market Management Survey of Buying Power (Anoka County)
(5) Minnesota Department of Economic Security - Twin Cities Labor Market
Information Center
* Unavailable
137
TABLE 15
CITY OF FRIDLEY, MINNESOTA
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
LAST TEN FISCAL YEARS
Commercial Residential
Construction Construction Property Value*
Number Number Bank (1) Total
Fiscal of of Deposits Taxable Non- Market
year units Value units Value (thousands) Property Taxable (2) Value -,
1972 82 $ 6,296,752 616 $11,843,557 $ 8,962 $261,271,472 $ 29,418,855 $290,690,327
1973 58 4,482,184 326 3,094,705 10,599 282,526,823 29,418,855 311,94 5,678
1974 67 4,354,649 321 3,574,817 11,002 311,738,949 29,418,855 341,157,804
1975 50 4,683,913 411 4,680,199 12,760 343,577,630 63,489,810 407,067,440
1976 54 6,30 3,847 442 6,890,745 13,898 385,337,077 63,4 89,810 448,826,887
1977 58 5,596,312 458 7,755,824 16,585 423,452,735 63,489,810 486,942,545
1978 51 5,247,268 385 4,673,528 18,033 475,379,399 63,489,810 538,869,209
1979 47 7,755,397 404 4,107,660 17,885 492,034,522 63,489,810 555,524,332
1980 36 23,9 22,267 367 2,374,966 18,763 572,996,198 63,489,810 636,486,008
1981 32 4,589,180 348 2,809,033 19,399 651,255,759 109,749,739 761,005,498
Source:
(1) Fridley State Bank, Annual Financial Statement
(2) Non-Taxable property is reevaluated by the county assessors every six years.
* Estimated Market Value
138
TABLE 16
CITY OF FRIDLEY, MINNESOTA
PRINCIPAL TAXPAYERS
DECEMBER 31, 1981
Percent
of
1981 Total
Assessed Assessed
Rank Taxpayer Type of Business Valuation Valuation
1. Onan Corporation Portable electric generators $16,341,300 8 .65
2. FMC Corporation Naval ordinance 15,502,000 8.20
3. Medtronics, Inc . Electro-medical devices 15,369 ,000 8.13
4. Target Stores Discount store and warehouse 9,993,000 5.29
5. Maurice Fillister Georgetown apartments 7,597 ,600 4.02
6. LaMaur, Inc. Cosmetics 6,011,100 3.18
7. Midland Cooperatives Warehousing oil and grain products 4,790,800 2.53
8. Five Sands Development Meadowrun Apartments 4,543,900 2.40
9. Carter-Day Air control equipment 4,297,100 2.27
10. Holiday Village Discount department store 4,273,600 2.26
11. Pillsbury Totino's Frozen foods 3,783,500 2.00
-. 12. Rice Creek Townhouses Townhouses 3,715,600 1.97
13. Black Forest Apartments Apartments 3,683,700 1.95
14. Honeymead Products Lindseed oil and grain products 3,489,100 1.85
15. Wickes (Twin Stores) Discount furniture show/warehouse 2,393,300 1.27
Total 105,784,600 55.97
139
CITY OF FRIDLEY, MINNESOTA -■
INSURANCE COVERAGE
DECEMBER 31, 1981
All risk, direct physical loss coverage
Building and contents (except liquor stock) - 90% co-insurance $ 7,170,269
Boiler insurance 500,000
Contractor's equipment 276,150
Signs 16,148
All risk, fire and extended coverage-liquor stores and stock 336,700
Comprehensive liability
Bodily injury
Each person 500,000
Each occurrence 500,000
Property damage 100,000
Liquor liability 500,000/500,000
Excess liability 1,500,000
Automobile
Liability 250,000/500,000
Comprehensive and collision
Passenger vehicles Actual cash value
Other vehicles Stated value
Business interruption, liquor stores 168,000
Money and securities, inside and outside
premises, all locations 15,000
Workers' compensation Statutory
Errors and ommission insurance 1,000,000
PRINCIPAL OFFICIALS' ANNUAL SALARIES AND SURETY BONDS
DECEMBER 31, 1981
Surety
Name Position Salary Bond
Na sim M. Qureshi City Manager $46,699 $50,000
Virgil C. Herrick City Attorney 15,600** None*
Sidney C. Inman City Clerk/Treasurer 30,366 51,000
John G. Flora Public Works Director 36,675 None* -�
James P. Hill Public Safety Director 37,850 None*
Robert Aldrich Fire Chief 30,238 None*
Charles A. Boudreau Parks and Recreation Director 33,003 None*
*All employees are covered by a blanket faithful performance bond of $100,000.
**Covers first thirty hours per month of basic service, balance billed at $40 per
hour.
140
CITY OF FRIDLEY, MINNESOTA
CITY CAPITAL IMPROVEMENT FINANCING POLICY
DECEMBER 31, 1981
The policy of the City of Fridley regarding financing of major capital
improvements is as follows:
STREET, CURB AND GUTTER, SIDEWALK AND STORM SEWER IMPROVEMENTS
It is the policy of the City to assess 100% of the cost of street surfacing,
.� curb and gutter improvements and storm sewer improvements against benefited
properties, less aid for construction received from the State of Minnesota.
Properties owned by the City, the school districts, or other tax exempt
organizations are treated in the same manner and assessed at the same rate as
taxable properties.
WATER AND SEWER IMPROVEMENTS
Water and sewer lateral improvements are 100% assessed against benefited
properties. Properties owned by tax exempt organizations are treated the same
as taxable properties. The water and sewer main system has been substantially
assessed against benefited properties. An exception to the above policy has
been the cost of looping certain water system main lines which benefited no
particular properties. This unassessed portion of the improvement cost is
being financed by the Public Utility Fund.
WELLS, RESERVOIRS, PUMPING STATIONS , ETC.
These improvements have been financed from the income of the Public Utility
Fund.
ACQUISITION OF PARK LAND, CIVIC CENTER, ETC.
It is the policy of the City to finance small park capital improvements out of
the current General Fund operating budget. It is the policy of the City to
finance major park capital improvements, such as the purchase of large parcels
of land, with general obligation bonds. The City currently has one general
obligation bond issue outstanding. This is for the Civic Center. The balance
outstanding for this issue on December 31, 1981 was $170,000.
OTHER CAPITAL IMPROVEMENTS
It is the policy of the City to finance capital improvements such as fire
_ trucks and public works equipment , etc . from the current General Fund
operating budget. In order to stop fluctuations in the amount budgeted
annually for such items, the City started a Capital Improvement Fund in 1976.
The balance in this fund on December 31, 1981 was $1,038,321. The purpose of
the fund is to finance capital outlay items normally financed through the
General Fund. No purchases have been made through this fund to date.
_ REVENUE SHARING
The General Fund is used as the vehicle for budgeting and expenditure of
Revenue Sharing monies. In 1981, 7% of Revenue Sharing funds were used for
capital outlay items, 42% for other expenses and 51% for personal services.
141
CITY OF FRIDLEY, MINNESOTA
MISCELLANEOUS STATISTICAL INFORMATION
DECEMBER 31, 19 81
Date of Incorporation (Village of Fridley) July 1, 1949
Date of Adoption of City Charter September 10, 1957
effective
September 25, 1957
Form of Government Council/Manager
Fiscal year begins January 1
Area of City 11 square miles ^
Bond rating Aal
Elections
Registered voters - Wards 1 and 3 only (1981) 10,028
Number of votes cast last election (1981) 1,342
Percent (%) voting - Wards 1 and 3 only 13.4%
Population
1950 Federal Census 3,796
1960 Federal Census 15,182
1965 Special Federal Census 24,789
1970 Federal Census 29,233 ,^
1971 Estimated by Metropolitan Council 29,636
1972 Estimated by Metropolitan Council 30,240
1973 Estimated by Metropolitan Council 31,143
1974 Estimated by Metropolitan Council 32,542
1975 Estimated by Metropolitan Council 32,486
1976 Estimated by Metropolitan Council 31,570
1977 Estimated by Metropolitan Council 31,940 -,
1978 Estimated by Metropolitan Council 33,450
1979 Estimated by Metropolitan Council 32,664
1980 Federal Census 30,214
1981 Estimated by Metropolitan Council 30,200
—
Permanent Employees--As of December 31 Number
1970 115
19 71 105 --
19 72 109
197 3 118
19 74 12 3
1975 130*
1976 129*
1977 148*
19 78 141*
1979 122
1980 126
19 81 129
*Includes CETA
142
CITY OF FRIDLEY, MINNESOTA
MISCELLANEOUS STATISTICAL INFORMATION (CONTINUED)
DECEMBER 31, 1981
Fire protection
Number of stations 1
Volunteer Firefighters 29
—' Full-time Firefighters 5
Fire rating Class 4
Police protection
Number of stations 1
Number of sworn officers 32
Number of street lights 927
Number of traffic signal installations 29
Number of other special signal installations 1
Number of civil defense warning sirens 9
Miles of streets and sidewalks (including State and County)
.� City streets 121.47
Trunk highways 10.8
County roads 14.56
Sidewalks 9.5
Miles of sewer
Storm 38.26
Sanitary 99.60
Miles of water mains 104.05
Municipal water system source
Primary source City of Fridley Water Plant
• • (13 wells)--Capacity of 15
million gallons per day
Secondary source City of Minneapolis
(Mississippi River)--35
million gallons per day
Number of water connections December 31, 1981 7,968 Connections
Daily average consumption (gallons) 4.4 million gallons
Elevated storage capacity .5 million gallons
Number of fire hydrants 1,014
Municipal Sewer System
Disposal--through Metropolitan Waste Control
Commission
Number of connections December 31, 1981 7,968
Average daily flow (includes infiltration/inflow) 3.13 million gallons
143
CITY OF FRIDLEY, MINNESOTA
MISCELLANEOUS STATISTICAL INFORMATION (CONTINUED)
DECEMBER 31, 1981
Parks and Recreation Areas
Developed 425 Acres .,
Undeveloped 125 Acres
Total 550 Acres
City Parks Schools Total
Number of:
Hockey rinks 10 0 10
General skating rinks 22 0 22
Playgrounds 29 9 38 ...
Swimming beaches 1 0 1
Swimming pools 0 1 1
Wading pools 0 0 0
Picnic grounds 2 0 2
Day camp sites 1 0 1
Baseball diamonds 1 4 5
Softball diamonds 16 16 32 .,
Outdoor basketball courts 21 13 34
Tennis courts 23 17 40
Horseshoe courts 16 0 16 "�
Archery ranges 1 0 1
Permanent playground buildings 0 0 0
Permanent picnic shelters 8 0 8 —
Soccer fields 2 0 2
Football fields 1 9 10
144
CITY OF FRIDLEY, MINNESOTA
GENERAL INFORMATION
DECEMBER 31, 1981
LOCATION - TRANSPORTATION
The City of Fridley, with a total land area of eleven square miles and an estimated
population of 30,200, is located at the north boundary of Minneapolis and Columbia
Heights, about eight miles from the Minneapolis central business district. Freight
service is provided the area by local and interstate truck lines and the Burlington
Northern Railroad and Minnesota Transfer Railway; transportation is available
through Metropolitan Transit Commission facilities. Highways serving Fridley
include Interstate #694 (beltline around the metropolitan area) and State Highways
#65 and #47. Commercial airline service is available at Minneapolis-St. Paul
International Airport , approximately twenty-five miles south, and private business
aviation facilities are available at the Anoka County and Crystal Airports, both
operated by the Metropolitan Airport Commission.
LARGER EMPLOYERS
Larger employers in the City include:
No. of
Employer Product or Service Employees
._ FMC Corporation Pumps and naval ordinance 3,600
Medtronics, Inc . Electro-medical devices and hdqtrs. 2,212
Burlington Northern Railroad Northtown Yard 2,100
Onan Corporation Portable generators, electronic 1,900
iamb equipment
Unity Hospital Medical services 1,200
Target Stores % Warehouse Discount store and warehouse 750
Totino's Finer Foods Frozen foods 460
Carter-Day Company Air control equipment 400
Kurt Manufacturing Machine parts 400
LaMaur, Inc. Cosmetics 398
Holiday Village North Discount department store 320
Independent School District #14 Fridley School District 315
Minco Products, Inc . Electronic devices 280
Barry Blower Marly Company Air moving devices 250
Holly Shopping Center Retail and service establishments 200
Safetran Systems Corporation Railroad accessories 225
^, Midland Cooperatives Warehousing and oil blending 150
plant
Strite-Anderson Manufacturing Aluminum die castings 130
Honeymead Products Linseed oils 125
Longview Fiber Company Packaging supplies 116
Dealers Manufacturing Company Remanufacturing auto parts 109
Webb Printing (under const. ) Printing TV Guide 100
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CITY OF FRIDLEY, MINNESOTA
GENERAL INFORMATION (CONTINUED)
DECEMBER 31, 1981
MEDICAL FACILITIES
Medical facilities in Fridley include Unity Hospital, a 275-bed hospital with an
adjacent clinic (Unity Professional Building) , Fridley Convalescent Home, the Fridley
Medical Center; and another nursing home, Lynwood Manor.
EDUCATION
Fridley is served by four school districts, the major portion located within Fridley
Independent School District No. 14. The Fridley School District operates three
elementary schools, a junior high and a senior high school, employing 165 certified
personnel in the education of about 3,431 students. Grace Parochial High School has
an enrollment of 965. Portions of the Columbia Heights School District (13) , the
Spring Lake Park School District (16) and Anoka/Hennepin School District (11) also
lie within the City of Fridley. Those districts have an enrollment of 2,398 students
living within the City of Fridley.
Colleges and universities, vocational-technical and specialized training schools are .-,
located throughout the metropolitan area within easy commuting distances of Fridley.
eml
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