1971 Financial Statements CITY OF FRIDLEY, MINNESOTA
FINANCIAL STATEMENTS
DECEMBER 31, 1971
GEORGE M. HANSEN COMPANY
Certified Public Accountants
MINNEAPOLIS,MINNESOTA 1541 6
CITY OF FRIDLEY, MINNESOTA
ELECTED AND APPOINTED OFFICIALS
DECEMBER 31, 1971
Term of office
expires January
Elected
Mayor - Jack 0. Kirkham 1972
Councilmen
Robert E. Ke lshaw c u 4'!Y '
1974
David 0. Harris 1972
Frank G. Liebl (Resigned December 15, 1971) * .°1' ` jam' 1973
Tim F. Breider 1973
^
Effective January 1972 3
Mayor - Frank G. Liebl 1975
Councilmen
Everett F. Utter 1975
/, Donald R. Mittelstadt 1973
Tint F. Breider Qp 1973
Robert E. Kelshaw 1974
Appointed
City Manager - Gerald R. Davis
Clerk-Treasurer - Marvin C. Brunsell
Attorney - Virgil C. Herrick
Assessor - Mervin Herrmann
Engineer - Nasim Qureshi
* Donald R. Mittelstadt appointed for remainder of unexpired term.
CITY OF FRIDLEY, MINNESOTA
TABLE OF CONTENTS
Page
Independent certified public accountant's opinion 1
Comments 2
Balance sheets - All funds 8
General and special revenue funds
Balance sheets 10
.— General Fund
Statement of revenue - Actual compared with budget estimates 11
Statement of expenditures - Actual compared with budget estimates 12
Special Revenue funds - Statements of cash receipts and disbursements 17
Investment Fund
Balance sheet 19
Statement of cash receipts and disbursements 19
Special assessment funds
^- Balance sheets 20
Statement of cash receipts and disbursements 21
Individual fund balance sheets
Construction 22
Debt service 24
General debt service funds
Balance sheets 28
Statements of cash receipts and disbursements 28
Liquor Fund
Balance sheet 29
Statement of income 30
Analysis of changes in retained earnings 30
Statement of changes in financial position 33
Statement of operating expenses 34
Municipal Building Reserve Bond Fund
Statement of changes in assets restricted for liquor revenue
bond debt service
Sinking Account 36
Reserve Account 36
CITY OF FRIDLEY, MINNESOTA
TABLE OF CONTENTS (CONTINUED) P.
P.
Page
..
Water and Sewer Revenue Bond Fund
Balance sheet 37
Operation and Maintenance Account - Statement of income 38 .•
Analysis of changes in retained earnings 38
Statement of changes in financial position 39
Statement of changes in assets restricted for revenue bond
P.
debt service
Sinking Account 40
Reserve Account 40
Contruction Account 40
Trust and agency funds
Balance sheets 41 m.
Statements of cash receipts and disbursements 41
Statement of general fixed assets 42
Miscellaneous information
Statement of cash and security for deposits 43
Summary statement of cash receipts and disbursements 43 P.
Bonds payable - All funds 44
Debt service requirements - All funds 50
Certificates of indebtedness - General Fund 50 P.
Assessed valuations, tax levies and mill rates 51
Tax levies and tax collections 52
Insurance coverage 53
Employees' surety bonds 53
p.
a
GEORGE M. HANSEN COMPANY
^ Certified Public Accountants
SOUTH PLAZA BUILDING
MINNEAPOLIS.MINNESOTA 55416
Soma
May 3, 1972
To the City Council of
Fridley, Minnesota
We have examined the accompanying financial statements of the respective
._ funds of the City of Fridley, Minnesota for the year ended December 31, 1971.
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, these statements present fairly the financial position of the
respective funds of the City of Fridley, Minnesota at December 31, 1971 and
the results of their operations for the year then ended, in conformity with
generally accepted governmental accounting principles applied on a basis
consistent with that of the preceding year.
1•■■ e r TO 34 7 .tle 11"r*
Soma
2
CITY OF FRIDLEY, MINNESOTA
COMMENTS
The City of Fridley operates under a charter which provides for a form of government
designated as the "Council-Manager Plan." Under this plan as set forth in the
Charter, "All discretionary powers of the city, both legislative and executive shall
vest in and be exercised by the city council. It shall have complete control over
the city administration, but shall exercise this control exclusively through the city
manager and shall not itself attempt to perform any administrative work." The council
is elected by popular vote and consists of five members, including the mayor who is
chairman. The city manager is appointed by the council.
The city financial statements are presented on the accrual basis of accounting
whereby revenues are recorded when earned, except for general property taxes and
General Fund special assessments which are considered as revenue in the year collected.
The financial statements which follow have been prepared to set forth individual fund
balance sheets, analysis of changes in fund balance, actual revenue compared with P.
budget estimates and other information.
GENERAL FUND
The General Fund was established to account for the revenues and expenditures necessary
to provide basic governmental services to the City such as general government, public
safety and highway maintenance.
In the following statements, revenues are recorded by source, while expenditures are
recorded by department. Included in "General property taxes" in the statement of
revenue are property and bank excise taxes_ and payments from the State property tax
relief fund for homestead tax and exempt property tax replacement.
A plan of financial operation of the Fund is set forth in the annual budget adopted
by Council. The General Fund statements are prepared to show the budget estimate,
actual amount and balance. A condensed summary of revenue and expenditures is
shown below:
P.
REVENUE
11971 Qi, f.. C' 1970
P.
Budget Budget
Actual estimates Actual estimates
General property taxes $ 955,838 $ 982,166 $ 894,153 $ 891,457 '"
Licenses and permits 97,393 64,373 73,298 112,560
Fines and forfeitures 22,668 20,000 23,696 16,000
From use of money and property 40,660 24,400 33,629 21,500
Intergovernmental revenue 395,384 368,891 331,699 313,825
Charges for current services 56,254 50,890 45,172 43,380
Other revenue 26,352 10,600 39,711 25,190
Transfers from other funds 239,000 239,000 157,890 171,753
Prior year's fund balance 47,880 51,294
Total revenue $1,833,549 $1,808,200 $1,599,248 $1,646,959
3
EXPENDITURES
1971 1970
Budget Budget
Actual estimates Actual estimates
General government $ 302,310 $ 320,540 $ 272,071 $ 290,286
Public safety 621,908 655,045 559,692 575,892
Highways 378,320 403,898 321,711 374,725
Sanitation and waste removal 39,847 42,475 27,254 36,625
Conservation of health 6,922 6,900 5,509 6,626
City band 1,381 1,600 1,130 1,600
Recreation 82,365 79,871 69,909 70,628
Municipal parks 257,787 260,571 253,089 251,907
Reserve for contingencies 37,300 20,920
Hospitalization insurance 16,001 17,750
Total expenditures $1,690,840 $1,808,200 $1,526,366 $1,646,959
Actual revenues exceeded actual expenditures during 1971 by $142,709 increasing the
fund balance to $575,878 at December 31, 1971. An unused reserve for contingencies
and less than anticipated personal services expenditures in general government, public
safety and highways were the main reasons for the increase in the fund balance.
Shown on the balance sheets are amounts to be provided for land, building and equipment
acquisition. Repayment is to be made in annual installments and financed by current
tax levies.
SPECIAL REVENUE FUNDS
Municipal State-Aid Fund - Gasoline tax collections apportioned to the City from the
State of Minnesota for street construction are accounted for in this fund. Transfers
are also made to this fund from special assessment debt service funds. Any excess of
amounts assessed over construction costs have been restricted in this fund for payment
of seal coating expenditures. At December 31, 1971, $354,557 of the fund balance was
available for future seal coating.
1969 Flood Fund - All costs incurred in connection with the 1969 flood were paid in
prior years. The fund was closed out when final settlement for flood aid was received
from the Federal Government in 1971.
Park Capital Fund - This fund accounts for the acquisition and improvement of parks
in the City. Revenue has been provided by transfers from other funds along with Federal
and State grants in aid. Accounts receivable of $28,545 from the State of Minnesota
and $125,238 from the Federal Government representing balances due from grants are
reflected on the balance sheet. Additional revenue of $41,078 will be required to finance
construction costs incurred to date.
INVESTMENT FUND
This fund was established to more effectively handle the accounting for investments and
interest earned thereon.
All investments are carried in this account during the year and transferred to their
respective funds at the year end.
Consequently, at December 31, 1971, this fund shows only interest earned but not yet
•- received.
m.
4
m.
SPECIAL ASSESSMENT FUNDS
Special assessment funds are established to account for special assessments levied
to finance improvements or services deemed to benefit the properties against which
Wft
the assessments are levied. Primarily, the transactions accounted for in special
assessment construction funds are receipt of bond proceeds and disbursement of bond
proceeds for construction work done. Special assessment debt service funds account
mainly for collection of assessments against benefited property owners and disburse-
ment of assessment collections for the payment of bonds and interest.
Several special assessment construction funds showed cash deficits as of December 31, ...
1971. These deficits mean, in effect, that monies belonging to other City funds have
been used as a means of temporary financing until sufficient bonds are sold and
special assessments receivable collected to pay current expenditures and eliminate
the deficits.
The debt service fund for Improvement Bonds of 1963 show a deferred tax levy of
$426,300 to pay costs of water and sewer system expansion not assessed against
benefited property. It is anticipated that the unassessed costs will be paid from
earnings of the Water and Sewer Utilities Operating Fund and that annual collectible
amounts of the levy will be canceled or reduced accordingly. P.
The debt service fund for the Refunding Bonds of 1964 shows a deferred tax levy of
$792,300. This tax levy was set up in the bond resolution for payment of the
total bond issue; no consideration was given to the deferred special assessments .-
receivable. The collections by the City of deferred special assessments, as well
as the transfers from the Sewer and Water Utilities Operating Fund, could be used to
cancel or reduce the annual collectible amount of the deferred tax levy.
The balance sheets for the debt service funds show future interest on both special
assessments receivable and related bonds payable. It should be noted that pro- 01.0
spective interest receivable or payable becomes an actual asset or liability,
respectively, strictly as a function of time. Prepayments of special assessments
have the effect of reducing the amount of interest collectible. Conversely,
redemption of bonds before maturity would reduce the amount of interest to be paid. ^'
Refunding bonds were sold by the City in 1964 for the advance payment of the re-
maining bonds of three City bond issues. Proceeds were deposited with the escrow m.
agent for payment when due. These issues in original amounts were:
Improvement Bonds dated January 1, 1959 $ 270,000
m.
Improvement Bonds dated December 15, 1959 505,000
Improvement Bonds of 1961, dated May 1, 1961 1,250,000
$2,025,000
At December 31, 1971, the above bonds were outstanding in the
amount of $540,000.
m.
Account balances reported by the escrow agent at December 31, 1971 were as follows:
Cash $ 467
Investments 581,706
$ 582,173
Bonds payable 540,000 .,
Reserve for future interest and call premium $ 42,173
m.
5
SPECIAL ASSESSMENT FUNDS (CONTINUED)
Special Improvements Revolving Fund - The purpose of this fund is to provide temporary
financing for small improvement projects. It has been used also to provide cash to
special assessment debt service funds which have incurred cash deficits due to bond
and interest maturities in advance of collection of corresponding special assessments
receivable. Money for these purposes has been provided mainly from balances in old
inactive construction and debt service funds, water and sewer connection assessments
and improvement escrow deposits.
GENERAL DEBT SERVICE FUNDS
These funds are being used for the accumulation of monies for payment of general
obligation bonds and interest thereon. General property taxes and transfers from
other City funds are providing the necessary revenue.
Although deferred tax levies are set forth in the resolution for retirement of the
bonds and interest on the Water No. 75 Improvement Bonds, it is the intention of the
City to cancel the tax levies annually on this bond issue and to provide the necessary
revenues by transfers from the Water and Sewer Revenue Bond Fund.
LIQUOR FUND (MUNICIPAL BUILDING REVENUE BOND FUND)
This fund was established to account for the operations and financing of the City-owned
liquor stores.
Shown below is a condensed summary of liquor store operations for 1971, 1970 and 1969:
- 1971 1970 1969
Percent Percent Percent
of sales of sales of sales
Sales
Off sale $1,137,712 78.4 $1,169,734 76.2 $1,126,316 76.9
On sale 312,647 21.6 365,028 23.8 337,917 23.1
Total sales $1,450,359 100.0 $1,534,762 100.0 $1,464,233 100.0
Cost of sales 952,302 65.7 988,084 64.4 946,949 64.7
Gross profit $ 498,057 34.3 $ 546,678 35.6 $ 517,284 35.3
Operating expenses 370,031 25.5 343,122 22.4 306,298 20.9
Operating profit $ 128,026 8.8 $ 203,556 13.2 $ 210,986 14.4
Other income and
expenses (net) 86,874 6.0 16,387 1.1 14,194 .9
Net income $ 214.900 14.8 $ 219,943 14.3 $ 225.180 15.3
Percent of Percent of Percent of
net income net income net income
Transfers to other
City funds $ 224,175 164.9 $ 216,000 98.2 $ 180,000 79.9,
The City sold both on-sale liquor stores in September 1971 for $252,000 resulting in a
- gain of $66,848. Accounts receivable of $179,711 from the sale of the stores is re-
flected on the balance sheet at December 31, 1971.
The interior of the Shorewood Inn (formerly on-sale store No. 33) was severely damaged
by a fire on April 25, 1972. Losses by the fire are covered by insurance.
7
WATER AND SEWER REVENUE BOND FUND
This fund accounts for the operations and financing for City-owned sewer and water
systems. In 1956 and 1970, revenue bonds in the amounts of $170,000 and $460,000,
respectively, were issued of which $535,000 of these bonds were outstanding at
December 31, 1971 and payable in future years. Debt service accounts for these bond
issues are being maintained in accordance with the provisions of the bond sales
agreements. The agreements provide that net revenues of the water and sewer operations
equal to the principal and interest maturities of the revenue bonds due in the following
year be pledged as collateral.
Shown below is a condensed summary of operations of the water and sewer operation account
for 1971, 1970 and 1969.
1971 1970 1969
Water account
Operating revenue $364,261 $349,257 $353,762
Operating expenses 268,791 238,442 272,711
Operating income $ 95,470 $110,815 $ 81.051
Sewer account
Operating revenue $359,205 $279,262 $286,798
Operating expenses 434,299 176,868 174,505
Operating income (loss) $(75,094) $102,394 $112,293
The receivable from the Metropolitan Sewer Board represents the City's share of the
equity in the North Suburban Sanitary Sewer District sewer system which was acquired
by the Board on January 1, 1971. This receivable will be paid to the City by means
^'/OM.) of issuing credit against future sewer billings from the Board. These credits will
be applied in equal annual installments, with interest, through 1999. Sewer operating
expenses for 1971 include $317,060 in rental charges as compared with $82,190 in 1970.
The Sewer Board also assumed control of the functions of the North Suburban Sanitary
Sewer District of which the City was a member. Final distribution of the net assets of
N.S.S.S.D. of $24,221 is included in the 1971 income statement.
The City follows the practice of not including as part of fixed assets in this fund
the cost of the distribution system, which is paid for by assessment against benefited
property or by deferred tax levies. Such fixed assets are carried as a part of
General Fixed Assets.
In 1969, the Fund assumed a $770,000 liability for bonds payable along with future
interest obligations of the Water No. 75 (General Debt Service) Fund. An interfund
receivable and payable is shown on the respective fund balance sheets. Included in
interest expense of the Water and Sewer Fund is $24,835 representing the current year's
charges on this bond issue. The Water and Sewer Revenue Bond Fund has transferred
monies to the special assessment debt service funds to pay principal and interest on
some bond issues, although it is not required to do so. As a result, the City con-
siders such transfers as direct charges against retained earnings and not against income.
TRUST AND AGENCY FUNDS
Trust and agency funds are established to account for cash or other assets held by the
City as a trustee or agent. The City funds of this nature include (1) Firemen's Relief
Association Fund, (2) Police Relief Association Fund and (3) Pension Fund. The first
,^ two funds account for collections of general property taxes and subsequent remittance
of these collections to the respective association. The Pension Fund accounts for the
accumulation of resources needed to finance the City's share of pension contributions.
.-
8
CITY OF FRIDLEY, MINNESOTA
BALANCE SHEETS - ALL FUNDS
DECEMBER 31, 1971
General
and
Special Investment
Revenue � Fund
ASSETS
Cash $( 2,352) $(78,903)
Cash with fiscal agent
Investments, at cost plus accrued interest
City of Fridley temporary bonds
U. S. Government obligation 995,000 78,903
Accounts receivable 227,956 ^
Prepaid expense
Due from other funds 80,000
Taxes receivable 103,431
Special assessments receivable 9,188
Inventories, at cost
Fixed assets, at cost less accumulated depreciation
Amounts to be provided 178,846
Total assets $1,592,069 $ -0-
n
LIABILITIES, RESERVES AND FUND BALANCE
Accounts and contracts payable $ 355,863
Due to other funds 80,000
Deposits payable 2,359
Bonded indebtedness - Future maturities
Definitive bonds
Principal
Interest
Certificates of indebtedness
Principal 5,000
Interest 269
Temporary bonds (held by City of Fridley)
Principal
Interest
Deferred gain - Metropolitan Sewer Board
Reserves 112,619
Unencumbered appropriation balances
Investment in general fixed assets
Retained earnings
Fund balance 1,035,959
Total liabilities, reserves and fund balance $1,592,069 $ -0-
9
General Water and Trust
Special Debt Municipal Sewer and General
Assessment Service Liquor Utilities Agency Fixed Assets
$( 19,885) $ 30,256 $ 10,241 $ 32,740 $ 16,466
607,521 21,138 15,113
1,636,529
1,443,855 250,000 165,000 640,000
17,671 179,711 670,415
914
725,114
1,219,529 620,725 13,494
6,573,175
239,814
35,535 2,271,475 $18,525,853
1,559,024 1,403
$13,037,419 $1.648,636 $631,215 $3.629,743 $ 29,960 $18,525.853
$ 399,594 $ 15,491 $ 193,131
725,114
13,815 220,169
6,270,000 $1,245,000 535,000
1,561,330 348,331
1,605,000
261,450 -
\ 472,764
1,988,055 55,305 , 103,585 $ 13,494
656,890
$18,525,853
615,724 1,379,980
281,285 16,466
$13,037,419 $1,648,636 $631,215 $3,629,743 $ 29.960 $18,525.853
10
CITY OF FRIDLEY, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS
BALANCE SHEETS
DECEMBER 31, 1971
Municipal Park
Combined General State-Aid Capital ,.
ASSETS
Cash (deficit) $( 2,352) $ 4,799 $ 3,530 $(10,681)
Investments, at cost plus accrued
interest 995,000 625,000 370,000
Accounts receivable
State of Minnesota 94,171 59,075 6,551 28,545
Other 133,785 8,547 125,238
Due from other funds 80,000 80,000
Taxes receivable
Unremitted 43,250 43,250
Delinquent 60,181 60,181
Delinquent special assessments ..
receivable 9,188 9,188
Amount to be provided
For land and buildings 132,499 132,499
For equipment 5,269 5,269
From General Fund for reimbursement
of construction costs 41,078 41,078
P"'
Total assets $1,592,069 $947,80a $460,081 $184,180
LIABILITIES, RESERVES AND FUND BALANCE
Accounts and contracts payable $ 355,863 $251,683 $104,180
Due to other funds 80,000 80,000
Deposits payable 2,359 2,359
Certificates of indebtedness
Principal 5,000 5,000 P.
Interest 269 269
Reserves for uncollected taxes and
special assessments 112,619 112,619 ^,
Fund balance 1,035,959 575,878 $460,081
Total liabilities, reserves
and fund balance $1,592,069 $947,808 $460,081 $184,180
11
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE - ACTUAL COMPARED WITH BUDGET ESTIMATES
YEAR ENDED DECEMBER 31, 1971
Budget
Actual estimates
General property and other taxes
Current ad valorem $ 932,944 $ 967,166
Delinquent ad valorem 21,218 12,000
Tax forfeit 1,676 3,000
$ 955,8381- $ 982,166
Licenses and permits
Business regulatory licenses $ 19,164-1 $ 11,618
Nonbusiness licenses and permits 78,229 v 52,755
$ 97,393 $ 64,373
Fines and forfeitures - Municipal Court $ 22,668*i=- $ 20,000
Revenue from use of money and property
Interest earned $ 35,0634' $ 14,000
Rents 5,597'Y 10,400
$ 40,660 $ 24,400
Intergovernmental revenue
Cigarette and liquor taxes $ 114,5411- $ 100,196
Mobile home registration fee 17,154'1` 15,000
Per capita apportionment 232,052 v 224,695
Gasoline tax 22,1251- 21,000
Mortgage registry 9,512 y 8,000
$ 395,384 $ 368,891
Charges for current services
General Government $ 8,5901- $ 9,390
Public Safety 8,5717 1,750
•- Conservation of Health 20,146" 20,500
Recreation 18,947' 19,250
$ 56,254 $ 50,890
Other revenue $ 26,352 $ 10,600
Transfers from other funds
Municipal Liquor Operating Fund $ 225,000 $ 225,000
Municipal State-Aid Fund - Seal Coating 14,0001% 14,000
$ 239,000 $ 239,000
Prior years' fund balance $ 47,880
Total revenue $1,833,549 $1,808,200
.-
12
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES ACTUAL COMPARED WITH BUDGET ESTIMATES
YEAR ENDED DECEMBER 31, 1971
Budget
Actual estimates
General Government
Mayor and Council
Personal services $ 25,905 $ 25,960
Contractual services 8,123 9,250
Commodities 873 2,100
Other charges 5,889 4,405
$ 40,790 $ 41,715
Manager
Personal services $ 32,322 $ 36,874
Contractual services 7,800 5,200
Commodities 884 1,725
Other charges 1,255 850
Capital outlay 734 850.
$ 42,995 $ 45,499
Elections and Voters' Registration
Personal services $ 8,498 $ 8,489
Contractual services 1,004 1,015 _
Commodities 1,168 1,335
Other charges 4,180 4,221
$ 14,850 $ 15,060
Finance
Clerk-Treasurer
Personal services $ 33,539 $ 35,494
Contractual services 7,038 6,950
Commodities 3,764 4,035
Other charges 7,833 8,200
Capital outlay 626 650
Refunds 187 200
Assessor
Personal services 39,658 43,982
Contractual services 3,981 4,275
Commodities 429 625
Other charges 1,604 1,655
Capital outlay 217 161
Independent auditing and accounting 4,500 5,500
$ 103,376 $ 111,727
Legal
Personal services $ 21,929 $ 22,640
Contractual services 734 250
Commodities 120
Other charges 138
$ 22,801 $ 23,010
13
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED)
YEAR ENDED DECEMBER 31, 1971
Budget
Actual estimates
General Government (Continued)
Administrative Offices
Planning Commission
Personal services $ 2,000
Industrial Development Commission
Personal services 150
Contractual services $ 76 1,710
Commodities 150
Civil Service
Personal services 175 75
Contractual services 410
Human Relations
Contractual services 50 135
Commodities 125
$ 301 $ 4,755
Planning and Zoning
Personal services $ 20,954 $ 20,560
�,. Contractual services 1,472 1,450
Ss Commodities 613 680
Other charges 134 295
Capital outlay 215 220
$ 23,388 $ 23,205
General Government Buildings
Personal services $ 13,827 $ 13,211
Contractual services 30,138 31,772
Commodities 1,278 1,312
Other charges 6,829 7,354
Capital outlay 1,737 1,920
$ 53,809 $ 55,569
Total General Government $ 302,310 $ 320,540
Public Safety
Police Protection
Personal services $ 315,345 $ 332,526
Contractual services 18,721 19,750
Commodities 14,858 15,100
Other charges 14,646 14,760
Capital outlay 18,604 18,775
PTh $ 382,174 $ 400,911
14
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND rNi
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED)
YEAR ENDED DECEMBER 31, 1971
Budget
Actual estimates
Public Safety (Continued)
Fire Protection
Personal services $ 90,332 $ 90,511
Contractual services 17,795 18,065 ...
Commodities 5,086 6,263
Other charges 8,114 8,031
Capital outlay 22,436 25,603
$ 143,763 $ 148,473
Protective Inspection
Personal services $ 55,711 $ 61,521
C, Contractual services 12,363 12,896
--s>i Commodities 1,581 1,696
Other charges 2,033 2,208
Capital outlay 565 950
$ 72,253 $ 79,271
Civil Defense
Personal services $ 9,000 $ 9,105
Contractual services 1,108 1,310 _
Commodities 292 460
Other charges 836 865
Capital outlay 8,064 8,525
$ 19,300 $ 20,265
Animal Control
Personal services $ 1,000 ..
Contractual services $ 4,200 5,000
Commodities 218 125
$ 4,418 $ 6,125
r
Total Public Safety $ 621,908 $ 655,045
Highways
Engineering
Personal services $ 42,393 $ 50,342
Contractual services 6,724 6,767 ..
Commodities 2,407 2,140
Other charges 3,993 3,868
Capital outlay 1,067 1,075
$ 56,584 $ 64,192
Street and Alley
Personal services $ 85,671 $ 105,659
Contractual services 24,829 21,610
Commodities 19,413 18,400
Other charges 28,157 25,611
Capital outlay 26,953 27,900
$ 185,023 $ 199, 180
15
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED)
YEAR ENDED DECEMBER 31, 1971
Budget
Actual estimates
Highways (Continued)
Snow and Ice Removal
Personal services $ 18,115 $ 20,500
Contractual services 7,760 6,850
Commodities 7,541 5,700.
Other charges 1,730 2,558
Capital outlay 2,911 2,356
$ 38,057 $ 37,964
Traffic Signs, Signals and Markings
Personal services $ 1,121 $ 2,541
Contractual services 7,666 7,300
Commodities 3,530 3,800
Other charges 110 200
Capital outlay 15,500 15,500
$ 27,927 $ 29,341
Equipment Maintenance
Personal services $ 4,063 $ 3,959
Contractual services 5,158 5,296
Commodities 3,236 3,276
Other charges 1,244 1,275
Capital outlay 21,399 21,547
$ 35,100 $ 35,353
Street Lighting- Contractual services $ 35,629 $ 37,868
^
Total Highways $ 378,320 $ 403,898
Sanitation and Waste Removal
Storm Sewers
Personal services $ 5,205 $ 5,600
Contractual services 8,740 9,558
Commodities 1,962 1,400
Other charges 699 742
$ 16,606 $ 17,300
Pest Control
Contractual services $ 200
Weed Eradication
Personal services $ 4,081 $ 4,011
Contractual services 19,068 20,700
,o. d Commodities 28 200
Other charges 64 64
$ 23,241 $ 24,975
Total Sanitation and Waste Removal $ 39.847 $ 42.475
16
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES :(CONTINUED)
YEAR ENDED DECEMBER 31, 1971
Budget
Actual estimates
Conservation of Health
Personal services $ 5,749 $ 5,300
Contractual services 1,109 1,520
Commodities 8,0
Other charges 64
Total Conservation of Health $ 6,922 $ 6,900
City Band
Personal services $ 950 $ 950
Commodities 431 650
Total City Band $ 1,381 $ 1,600
Recreation
Personal services $ 61,955 $ 60,439
Contractual services 4,010 3,200
Commodities and capital outlay 12,159 14,485
Other charges 4,170 1,747
Refunds 71
Total Recreation $ 82,365 $ 79,871
Municipal Parks
Personal services $ 115,736 $ 109,967
Contractual services 30,489 27,201
Commodities 20,290 19,494
Other charges 12,052 12,190
Capital outlay 79,220 91,719
Total Municipal Parks $ 257,787 $ 260,571
Reserve for contingencies $ 37,300
Total expenditures $1,690,840 $1.808,200
Fund balance January 1, 1971 $ 434,892 $ 387, 29
Revenue over (under) expenditures 142,70099 `- -
«!(U,.?“\
Adjustment of prior year's accounts payable &
receivable C' 1
,723)
Fund balance December 31, 1971 - $ 575.,878 $ 387,029
17
CITY OF FRIDLEY, MINNESOTA
PTh
SPECIAL REVENUE FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31, 1971
Municipal 1969 Park
•- Combined State-Aid Flood Capital
Cash balance, January 1, 1971 $(19,255) $ 93,990 $(71,480) $(41,765)
Receipts
State-aid construction apportionment $ 62,115 $ 62,115
Interest on investments 28,628 28,602 $ 26
Investments matured (at cost) 273,000 273,000
Federal grant for flood relief 68,912 $ 68,912
Transfers from other funds
1969 Street Construction Fund 18, 127 18,127
Public Utility Fund 2,568 2,568
General Fund 68,000 68,000
1970 Street Construction Fund 15,688 15,688
1970 Principal and interest 38,123 38,123
State-aid (Temporary transfer) 80,000 80,000
/1 Total receipts $655,161 $435,655 $ 71,480 $148,026
Disbursements
Construction costs $ 12,070 $ 12,070
Purchase of investments 370,000 $370,000
Land purchase 96,803 96,803
Transfers to other funds
„" General Fund - Seal coating
appropriation 14,000 14,000
1969 Street Construction Fund 15,688 15,688
1970 Street Construction Fund 37,361 37,361
1971 Street Construction Fund 9,066 9,066
Park Capital. Fund (Temporary transfer) 80,000 80,000
Water and Sewer Utilities 8,069 8,069
Total disbursements $643,057 $526,115 $116,942
Cash balance, December 31, 1971 $( 7,151) $ 3,530 $ -0- $(10.681)
19
CITY OF FRIDLEY, MINNESOTA
INVESTMENT FUND
BALANCE SHEET
DECEMBER 31, 1971
ASSETS
Cash $( 78,903)
Accrued interest receivable 78,903
Total assets $ -0-
...
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31, 1971
Cash balance, January 1, 1971 $( 70,262)
Receipts - Transfers from other City funds $3,739,436
Disbursements - Distribution to other City funds
Investments $3,493,855
Interest distributed to other City funds
General $ 29,730
Special Revenue 27,643
Special Assessment 123,051
General Debt Service 14,125
Municipal Liquor 6,625
Water and Sewer Utilities 52,019
Trust and Agency 1,029 254,222
Total disbursements $3,748,077
Cash balance,December 31, 1971 $( 78,903)
20
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT FUNDS
BALANCE SHEETS
DECEMBER 31, 1971
Special Special Special
Assessment Assessment Improvements
Combined Construction Debt Service Revolving
ASSETS
Cash $( 19,885) $ 55,255 $( 76,178) $ 1,038
Cash with fiscal agents 607,521 607,521
i`Investments,) at cost plus accrued
interest
City of Fridley temporary bonds 1,636,529 1,636,529
Other - ,1,443,855 " - 282,000 1,081,855 80,000
Accounts receivable 17,671 99 17,572
Taxes receivable
Delinquent 929 929
Deferred 1,218,600 1,218,600
Special assessments receivable
Delinquent 768,004 751,726 16,278
Deferred
Principal 4,204,839 4,007,055 197,784
Interest 1,600,332 1,600,332
Amounts to be provided for
Construction 719,130 719,130
Debt retirement 839,894 839,894
Total assets $13,037,419 $1,056,484 $11,685.835 $ 295.100
LIABILITIES, RESERVES, APPROPRIATIONS
AND FUND BALANCE
Accounts and contracts payable $ 399,594 $ 399,594
Deposits payable 13,815 $ 13,815
Bonded indebtedness - Future maturities
Definitive bonds
Principal 6,270,000 $ 6,270,000
Interest 1,561,330 1,561,330
Temporary bonds (held by City
of Fridley)
Principal 1,605,000 1,605,000
Interest 261,450 261,450
Reserves for debt retirement 1,988,055 1,988,055
Unencumbered appropriation balances 656,890 656,890
Fund balance 281,285 281,285
Total liabilities, reserves
appropriations and
fund balance $13.037.419 $1.056,484 $11,685,835 $ 295,100 •-
21
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31, 1971
Special Special Special
Assessment Assessment Improvements
Combined Construction Debt Service Revolving
Cash balance, January 1, 1971 $ 226,548 $ 67,053 $ 159,356 $ 139
Receipts
Proceeds from sale of temporary
bonds $ 955,000 $ 955,000
Special assessments 1,044,046 $ 999,458 $ 44,588
General property taxes 528 528
Interest on special assessments 2,387 2,387
Interest on investments 188,395 11,125 169,709 7,561
Investments sold 1,838,984 1,749,984 89,000
Escrow deposits 11,555 11,555
Transfers from other funds 466,683 312,474 154,209
Total receipts $4,507,578 $1,278,599 $3,073,888 $ 155,091
Disbursements .
Capital outlay
... Transfers to other funds -
Interest during construction $ 41,776 $ 41,776
Other 930,555 930,344 $ 211
.. $ 972,331 $ 972,120 $ 211
Retirement of bonds
Principal 874,000 $ 874,000
Interest 338,992 338,992
-- Investments purchased 2,398,855 282,000 2,036,855 80,000
Transfers to other funds 136,543 36,277 55,900 44,366
Refund of escrow deposits 29,615 29,615
Other disbursements 3,675 3,675
Total disbursements $4,754,011 $1,290,397 $3,309,422 $ 154,192
Cash balance, December 31, 1971 $( 19,885) $ 55,255 $( 76,178) $ 1,038
.-
22
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT CONSTRUCTION FUNDS
BALANCE SHEETS
DECEMBER 31, 1971
ASSETS
Accounts
receivable -
Cash Investments Other ..
Sewer and Water No. 50 $ 8,946
Storm Sewer No. 82 13,082
Sewer and Water No. 93 10,823
Sewer and Water No. 98 123
Storm Sewer No. 100 3,037
Storm Sewer No. 101 ( 2,550)
Sewer and Water No. 102 (11,978)
Storm Sewer and Sewer and Water No. 103 4,887 $245,000
Locke Lake Dam No. 104 1,424
Storm Sewer and Sewer and Water No. 105 1,999 37,000
Storm Sewer and Sewer and Water No. 107 ( 7,581)
1968 Street 17,887
1969 Street 2,488 $ 99 es-k-
1970 Street 22,353
1971 Street ( 3,060)
1972 Street ( 6,625)
Combined $ 55,255 $282,000 $ 99
23
LIABILITIES AND APPROPRIATIONS
Amount Accounts Total
to be and Unencumbered liabilities
provided for Total contracts appropriation and
construction assets payable balance appropriations
$ 8,946 $ 7,408 $ 1,538 $ 8,946
13,082 11,259 1,823 13,082
$ 14,980 25,803 25,803 25,803
123 123 123
700 3,737 3,737 3,737
2,550
11,978
75,113 325,000 227,840 97,160 325,000
14,776 16,200 16,200 16,200
61,001 100,000 24,162 75,838 100,000
7,581
17,887 15,234 2,653 17,887
2,587 2,587 2,587
271,280 293,633 81,441 212,192 293,633
252,546 249,486 249,486 249,486
.- 6,625
$712.130 $1.056.484 $399.594 $656.890 $1,056,484
24
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT DEBT SERVICE FUNDS
BALANCE SHEETS
DECEMBER 31, 1971
Regular
Special
Combined Assessment
ASSETS
Cash $( 76,178) $( 91,577)
Cash with fiscal agents 607,521
Investments, at cost plus accrued interest ...
City of Fridley temporary bonds 1,636,529 1,300,154
Other 1,081,855
Accounts receivable 17,572
Taxes receivable
Delinquent 929
Deferred 1,218,600
Special assessments receivable ._
Delinquent 751,726 79,187
Deferred
Principal 4,007,055 239,826
Interest 1,600,332 31,597
Amount to be provided for debt retirement 839,894
Total assets $11,685,835 $1,559,187
LIABILITIES AND RESERVE ..
Bonded indebtedness - Future maturities
Definitive bonds
Principal $ 6,270,000 $ 695,000
Interest 1,561,330 69,152
Temporary bonds (held by City of Fridley)
Principal 1,605,000
Interest 261,450
Reserve for debt retirement 1,988,055 795,035
Total liabilities and reserve $11,685.835 $1,559.187
1
25
Storm
Sewer Locke Sewer
Sewer Storm and Sewer Lake and
•- and Water Sewer and Water Dam Water 1969 1970
No. 48 No. 100 No. 103 No. 104 No. 105 Street Street
$(30,234) $ 12,746 $ 2,097 $ 1,924
125,087
30,000 40,000
17,572
74,429 11,350 11,128
^,tm 166,773 49,149 299,479 374,813
56,318 40,088 112,756 162,869
$393,250 $ 12,100 $121,000 137,294
$392,373 $101.983 $393,250 $ 12,100 $121,000 $455,682 $745.600
$230,000
9,225
$ 60,000 $325,000 $ 10,000 $100,000 $325,000 $635,000
10,500 68,250 2,100 21,000 22,750 110,600
153,148 31,483 107,932
$392,373 $101,983 $393,250 $ 12.100 $121,000 $455,682 $745,600
•
.-
26
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT DEBT SERVICE FUNDS m.
BALANCE SHEETS (CONTINUED)
DECEMBER 31, 1971
m.
Improve-
ment
1971 Bonds of m.
Street 1960
ASSETS
Cash $ 1,675
Cash with fiscal agents 97,982
Investments, at cost plus accrued interest
City of Fridley temporary bonds 336,375
Other 40,000
Accounts receivable
Taxes receivable
Delinquent
Deferred
Special assessments receivable
Delinquent 82,683
Deferred
Principal 395,139 rN
Interest 139,098
Amount to be provided for debt retirement $176,250
Total assets $176,250 $1,092,952
LIABILITIES AND RESERVE ,..
Bonded indebtedness - Future maturities
Definitive bonds
Principal $ 855,000
Interest 194,637
Temporary bonds (held by City of Fridley)
Principal $150,000
Interest 26,250
Reserve for debt retirement 43,315
m.
Total liabilities and reserve $176,250 $1,092,952
m.
m.
m.
27
Improve- Improve- Improve- Improve- Improve-
ment ment Refunding ment ment ment
Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of
1962 _ 1963 1964 1965 1967 1970
$ 4,300 $ 389 $ 18,166 $ 2,538 $ 1,290 $ 508
68,717 178,847 136,888
70,000 240,000 174,855 185,000 260,000 42,000
929
426,300 792,300
21,028 65,596 82,297 128,705 129,560 65,763
...,Th 36,691 37,032 225,393 208,842 903,674 1,070,244
12,270 7,399 63,378 82,948 305,073 586,538
$144.289 $845,433 $1,357,318 $608,033 $1,778,444 $1,901,941
$ 75,000 $475,000 $ 930,000 $415,000 $1,340,000 $1,255,000
14,862 94,662 125,785 .100,560 315,715 636,732
54,427 275,771 301,533 92,473 122,729 10,209
$144,289 $845,433 $1,357,318 $608,033 $1,778.444 $1,901,941
..
28
CITY OF FRIDLEY, MINNESOTA
GENERAL DEBT SERVICE FUNDS a.
BALANCE SHEETS - DECEMBER 31, 1971
Civic ,.
Park Bonds Center
of 1962 Bonds Water
Combined and 1963 of 1965 No. 75
ASSETS
Cash $ 30,256 $ 1,353 $ 27,463 $ 1,440
Cash with fiscal agent 21,138 21,138
Investments at cost plus accrued interest 250,000 40,000 210,000
Taxes receivable
Delinquent 4,918 2,715 2,203
Deferred 615,807 71,600 544,207
Due from Water and Sewer Revenue
Bond Fund 725,114 725,114
Amount to be provided for debt retirement 1,403 1,403
Total assets -----'- $1,648,636 $136,806 $573,873 $937,957
LIABILITY AND RESERVE
Liability - Bonded indebtedness
Future maturities
Bonds $1,245,000 $105,000 $425,000 $715,000
Interest 348,331 4,947 120,427 222,957
Reserve for Debt Retirement 55,305 26,859 28,446
Total liability and reserve $1,648,636 $136,806 $573,873 $937,957
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31, 1971
Cash balance, January 1, 1971 $ 74,120 $ 37,658 $ 24,392 $ 12,070
Receipts
Property taxes $ 82,657 $ 46,214 $ 36,443
Interest on investments 14,912 1,497 1,375 $ 12,040
Investment maturities, at cost 198,000 198,000
Transfer from Water and Sewer
Revenue Bond Fund 49,271 49,271
Total receipts $ 344,840 $ 47,711 $ 37,818 $259,311 ''
Disbursements
Investment purchases $ 250,000 $ 40,000 $210,000
Bonds 90,000 35,000 $ 20,000 35,000
Interest 48,495 8,975 14,685 24,835
Fiscal agent service charge 209 41 62 106
Total disbursements $ 388,704 $ 84,016 $ 34,747 $269,941
Cash balance, December 31, 1971 $ 30.256 $ 1,353 $ 27,463 $ 1,440
29
CITY OF FRIDLEY, MINNESOTA
LIQUOR FUND
BALANCE SHEET
DECEMBER 31, 1971
ASSETS
Current assets
Cash $ 10,241
Contract for deed receivable 8,487
Investments, at cost plus accrued interest 165,000
Prepaid rent 914
Inventories, at cost 239,814
Total current assets $424,456
Property, plant and equipment, substantially all at cost
Land and improvements $ 156
Furniture, fixtures and equipment 67,699
Truck 3,084
$ 70,939
Less accumulated depreciation 35,404
Net property, plant and equipment $ 35,535,
^".." Contract for deed receivable, less current portion above $171,224
Total assets $631,215
LIABILITIES AND RETAINED EARNINGS
Current liabilities
Accounts payable $ 15,491
Retained earnings $615,724
Total liabilities and retained earnings $631,215
30
CITY OF FRIDLEY, MINNESOTA
LIQUOR FUND
STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 1971
On-Sale Stores
Total No. 22 No. 33 ^,
Sales $1,450,359 $125,169 $187,478
Cost of sales 952,302 36,735 54,534
Gross profit $ 498,057 $ 88,434 $132,944
Percent of sales 34.3 70.7 70.9
Operating expenses $ 370,031 $ 79,446 $115,992
Percent of sales 25.5 63.5 61.9
Operating profit $ 128,026 $ 8,988 $ 16,952
Percent of sales 8.8 7.2 9.0
Other income $ 20,851 $ 4,433 $ 5,942
Gain on sale of on-sale stores 66,848 41,375 25,473
(Interest expense) ( 825) ( 550)
$ 86,874 $ 45,808 $ 30,865
Percent of sales 6.0 36.6 16.5
Net income $ 214,900 $ 54,796 $ 47,817
Percent of sales 14.8 43.8 25.5
ANALYSIS OF CHANGES IN RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1971
Retained earnings
January 1, 1971 $599,282
Net income 214,900
Transfer from Sinking Account 25,717 P-
Transfer to General Fund (224,175)
Retained earnings
December 31, 1971 $615.724
rTh
31
Off-Sale stores
No. 1 No. 2 No. 3 No. 4
$138,937 $282,257 $257,680 $458,838
104,416 213,087 198,977 344,553
$ 34,521 $ 69,170 $ ..58,703 $114,285
24.9 24.5 22.8 24.9
$ 33,567 $ 45,025 $ ..41,824 $ 54,177
24.2 15.9 16.2 11.8
$ 954 $ 24,145 $ . 16,879 $ 60,108
.7 8.6 6.6 13.1
$ 442 $ 2,643 $ 2,119 $ 5,272
t•-• ( 275)
$ 442 $ 2,643 $ . . 1,844 $ 5,272
.3 .9 .7 1.1
$ 1,396 $ 26,788 $ 18,723 $ 65,380
1.0 9.5 7.3 14.2
..
33
CITY OF FRIDLEY, MINNESOTA
LIQUOR FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED DECEMBER 31, 1971
FUNDS PROVIDED
Net income $214,900
Less gain on sale of liquor store 66,848 $148,052
Depreciation 13,242
$161,294
Proceeds from sale of liquor stores 252,000
Transfers from restricted assets 25,717
$439,011
FUNDS APPLIED
Additions to property, plant and equipment $ 24,844
Transfer to General Fund 224,175
Increase in contract receivable 171,224
$420,243
INCREASE IN WORKING CAPITAL $ 18,768
WORKING CAPITAL
Current assets $424,456
Current liabilities 15,491
Working capital $408,965'
Current ratio 27.40 to 1.00
34
CITY OF FRIDLEY, MINNESOTA
rial
LIQUOR FUND
STATEMENT OF OPERATING EXPENSES
YEAR ENDED DECEMBER 31, 1971
On-Sale Stores
Percent Percent Percent 0.
Total of sales No. 22 of sales No. 33 of sales
Salaries and wages $258,898 17.9 $ 63,226 50.5 $ 88,634 47.3 _
Employee benefits 18,322 1.3 3,962 3.2 7,105 3.8
Supplies 7,414 .5 727 .6 1,681 .9
Laundry and cleaning 4,872 .3 1,030 .8 1,416 .8
Rent 11,893 .8
Utilities 13,926 1.0 2,275 1.8 3,723 2.0
Repairs and maintenance 7,154 .5 1,340 1.1 2,636 1.4
Insurance 26,480 1.8 3,840 3.1 5,353 2.8 -
Depreciation 11,980 .8 1,322 1.1 3,824 2.0
Mileage and automobile
expense 1,133 .1 402 .3 403 .2
Professional fees 1,688 .1 150 .1 150 .1
Alarm service 2,261 .2 384 .3 183 .1
Cash (over) short 343 83 .1 268 .1
Uncollectible checks 1,999 .1 388 .3 320 .2 (-.-
Miscellaneous 1,668 .1 317 .2 296 .2
$370,031 25.5 $ 79,446 63.5 $115,992 61.9 .
/ )
35
Off-Sale Stores
Percent Percent Percent Percent
No. 1 of sales No. 2 of sales No. 3 of sales No. 4 of sales
.... $ 17,713 12.8 $ 29,850 10.4 $ 28,024 10.9 $ 31,451 6.8
1,227 .9 1,875 .7 2,234 .9 1,919 .4
746 .5 1,161 .4 1,556 .6 1,543 .3
592 .4 607 .2 455 .2 772 .2
4,064 2.9 500 .2 504 .2 6,825 1.5
2,285 1.6 1,093 .4 1,756 .7 2,794 .6
528 .4 1,449 .5 576 .2 625 . 1
3,043 2.2 4,717 1.7 4,466 1.7 5,061 1. 1
1,765 1.3 1,678 .6 1,291 .5 2,100 .5
1
80 .1 73 .1 82 93
651 .5 262 .1 263 . 1 212 .1
468 .3 784 .3 91 351 . 1
26
...„..s\ 138 .1 ( 680 .2 (. . 335 .1 138
241 .2 317 .1 240 .1 257 .1
$ 33,567 24.2 $ 45,025 15.9 $ 41.824 16.2 $ 54,177 11.8,
1
36
CITY OF FRIDLEY, MINNESOTA
MUNICIPAL BUILDING RESERVE BOND FUND
STATEMENT OF CHANGES IN ASSETS RESTRICTED FOR LIQUOR REVENUE BOND DEBT SERVICE
YEAR ENDED DECEMBER 31, 1971
Sinking Reserve
Combined Account Account
Cash balance, January 1, 1971 $26,544 $(8,471) $35,015,
Receipts - Transfer from Liquor Operating Fund $28,083 $28,083
.-
Disbursements
Transfer to Liquor Operating Fund $35,015 $35,015
Bonds 18,000 $18,000
Interest 781 781
Other 831 831
Total disbursements $54,627 $19,612 $35,015
Cash balance, December 31, 1971 $ -0- $ -0- $ -0-
P.
P.
I
I
! 1
37
CITY OF FRIDLEY, MINNESOTA
WATER AND SEWER REVENUE BOND FUND
BALANCE SHEET
DECEMBER 31, 1971
ASSETS
Current assets
Cash $ 3,215
Investments, at cost 580,000
Accounts receivable 197,651
Total current assets $ 780,866
Restricted assets - Revenue Bond Accounts
•• Sinking Account
Cash $ 22,564
Cash with fiscal agent 15 113 $ 37,677
Reserve Account
Cash $ 4,478
Investment 20,000 24,478
Construction Account
Cash $ 2,483
Investments 40,000 42,483
Total restricted assets $ 104,638
Accounts receivable Metropolitan Sewer Board $ 472,764
Property, plant and equipment, substantially all at cost*
Land and improvements $ 149,076
Buildings 737,067
Meters 219,713
Machinery and equipment 1,742,145
$2,848,001
Less accumulated depreciation 576,526
Net property, plant and equipment $2,271,475
Total assets 83,629,743
LIABILITIES, RESERVES AND RETAINED EARNINGS
Current liabilities
Accounts payable - Other $ 192,078
Bonds payable within one year** 10,000
Total current liabilities $ 202,078
Other liabilities
Accounts payable from restricted assets (Construction Account) $ 1,053
fonds payable less portion due within one year 525,000
Meter deposits payable 220,169
Due to General Debt Service Fund, Water No. 75 735,678
Deferred income from Metropolitan Sewer Board 472.164
^ Total other liabilities
$1,954,664
Reserves
Reserve for Construction Account $ 41,430
Reserve for Sinking Account debt service 37,677
.., Reserve for Reserve Account 24,478
Total reserves
$ 103,585
Retained earnings $1,369,416
Total liabilities, reserves and retained earnings 83.629 743
* See Comments, Page 7
** Payable from restricted assets
m.
38
CITY OF FRIDLEY, MINNESOTA
WATER AND SEWER UTILITIES REVENUE BOND FUND
OPERATION AND MAINTENANCE ACCOUNT
STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 1971
Combined Water Sewer
Operating revenue
Water Sales and sewer rents $717,386 $361,040 $356,346 P,
Connection permits 3,806 1,180 2,626
Sales of materials and miscellaneous services 2,274 2,041 233
Total operating revenue $723,466 $364,261 $359,205
Operating expenses
Source of supply $319,964 $ 2,904 $317,060
Power and pumping 41,302 41,302
Purification 36,959 36,959
Transmission and distribution 162,599 75,568 87,031
Customer accounting and collecting 29,038 18,417 10,621
Administrative and general 27,166 9,477 17,689
Depreciation 86,062 84,164 1,898
Total operating expenses $703,090 $268,791 $434,299
Operating income (loss) $ 20,376 $ 95.470 $(75.094)
Other income and (expense)
Interest income 30,536
Distribution of net assets of N,S.S.S.D. 24,221
Interest expense (59,390) ^,
Net income $ 15,743
1
ANALYSIS OF CHANGES IN RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1971
Retained earnings January 1, 1971, before adjustments $ 638,965
Net income 15,743 ^�
Transferred from Construction' Account 802,025
Transfers to other funds ( 87,317)
Retained earnings December 31, 1971 $1.369,416
n
39
CITY OF FRIDLEY, MINNESOTA
^, WATER AND SEWER REVENUE BOND FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED DECEMBER 31, 1971
FUNDS PROVIDED
Net income $ 15,743
Depreciation 86,062
$ 101,805
Increase in meter deposits payable 9,923
Transfer from construction account 802,025
Accounts receivable Metropolitan Sewer Board 472,764
$1,386,517
FUNDS APPLIED
Increase in property, plant and equipment $ 562,717
Reduction of bonds payable 10,000
Reduction of amount due Debt Service Fund, Water No. 75 24,966
Transfers
To other funds 53,530
To restricted assets 33,787
Deferred income from Metropolitan Sewer Board 472,764
$1,157,764
INCREASE IN WORKING CAPITAL $ 228,753
WORKING CAPITAL
Current assets $ 780,866
Current liabilities 202,078
Working capital $ 578,788
Current ratio 3.86 to 1.00
P.
40
CITY OF FRIDLEY, MINNESOTA
WATER AND SEWER REVENUE BOND FUND
STATEMENT OF CHANGES IN ASSETS RESTRICTED FOR REVENUE BOND DEBT SERVICE
YEAR ENDED DECEMBER 31, 1971
Sinking Reserve Construction
Combined Account Account Account
Cash balance, January 1, 1971 $ 32,164 $(13,223) $ 22,826 $ 22,561
Receipts
Transfer from Operation and
Maintenance Account $ 1,032 $ 1,032
Interest on investments 21,849 $ 1,362 $ 1,652 18,835
Transfer from Water and Sewer
Operating Fund 78,874 78,874
Investments sold 397,000 397,000
Total receipts $498,755 $ 80,236 $ 1,652 $416,867
Disbursements
Bonds $ 10,000 $ 10,000
Interest 34,341 34,341
Fiscal agents service charge 108 108
Construction costs 396,945 $396,945 r"
Investments purchased 60,000 $ 20,000 40,000
Total disbursements $501,394 $ 44,449 $ 20,000 $436,945
Cash balance, December 31, 1971 $ 29,525 $ 22,564 $ 4,478 $ 2.483
Investment balance, January 1, 1971 $397,000 $397,000
Additions 60,000 $ 20,000 40,000
Deductions (397,000) (397,000)
Investment balance, December 31, 1971 $ 60.000 $ 20,000 $ 40,000
7
7
i
41
CITY OF FRIDLEY, MINNESOTA
TRUST AND AGENCY FUNDS
BALANCE SHEETS - DECEMBER 31, 1971
Firemen's Police
Relief Relief
Association Association Pension
Combined Fund Fund Fund
ASSETS
Cash $ 16,466 $ 16,466
Taxes receivable
Unremitted 7,842 $ 1,677 $ 2,515 3,650
Delinquent 5,652 1,195 2,415 2,042
Total assets $ 29,960 $ 2,872 $ 4,930 $ 22,158
RESERVE AND FUND BALANCE
Reserve for uncollected taxes $ 13,494 $ 2,872 $ 4,930 $ 5,692
Fund balance 16,466 16,466
Total reserve and fund
balance $ 29,960 $ 2,872 $ 4,930 $ 22,158
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31, 1971
-- Cash balance January 1, 1971 $ 25,553 $ 25,553
Receipts
General property taxes $124,848 $ 52,820 $ 26,380 $ 45,648
Insurance premium tax 20,952 20,952
Interest earned 1,030 1,030
Total receipts $146,830 $ 52,820 $ 47,332 $ 46,678
Disbursements
Police Relief Association $ 47,332 $ 47,332
Firemen's Relief Association 52,820 $ 52,820
Pension contributions 55,765 $ 55,765
Total disbursements $155,917 $ 52,820 $ 47,332 $ 55,765
PM
Cash balance December 31, 1971 $ 16,466 $ -0- $ -0- $ 16,466
42
p.
CITY OF FRIDLEY, MINNESOTA
STATEMENT OF GENERAL FIXED ASSETS
DECEMBER 31, 1971
General fixed assets
p.
Land $ 557,946
Buildings and structures 777,722
Improvements other than buildings 15,638,438
Furniture, fixtures and office equipment 151,922
Machinery and equipment 484,403
p.
Construction in progress 915,422
Total general fixed assets $18,525.853
Investment in general fixed assets
Special assessments $16,021,726
State-aid 116,708 ..
Current revenues 522,008
p.
Municipal liquor dispensary 38,570
Contributions 101,536
p.
General obligation bonds 1,724,819
Water and sewer utilities 486 .,
Total investment in general fixed assets $18,525,853.
..
General fixed assets were shown at cost except that fixed assets for which cost
information was not available were priced at appraised values.
fl
43
CITY OF FRIDLEY, MINNESOTA
STATEMENT OF CASH AND SECURITY FOR DEPOSITS
DECEMBER 31, 1971
Face amount
of securities
Cash and pledged as
deposits collateral
Checking accounts - Fridley State Bank,
Fridley, Minnesota
General account $(18,837) $225,000*
Petty cash and change funds 7,400
Total cash $(11,437)
Savings Certificate - First National Bank of Minneapolis $150,000 $180,000
-Om*
*Additional security of $20,000 is provided by the Federal Deposit Insurance Corporation.
SUMMARY STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
ALL FUNDS
YEAR ENDED DECEMBER 31, 1971
Cash Cash
balance balance
January 1, December 31,
Fund 1971 Receipts Disbursements 1971
General Fund $ 35,184 $ 4,408,658 $ 4,439,043 $ 4,799
Special revenue funds ( 19,255) 647,135 624,239 3,641
.. Investment Fund ( 70,262) 3,683,246 3,691,887 ( 78,903)
Special assessment funds 226,548 4,507,578 4,754,011 ( 19,885)
General debt service funds 74,120 344,840 388,704 30,256
Liquor Fund 22,567 1,697,179 1,709,505 10,241
Municipal Building Reserve
Bond Fund 26,544 28,083 54,627
Water and Sewer Revenue
Bond Fund (335,652) 2,255,903 1,898,303 21,948
Trust and agency funds 25,553 146,830 155,917 16,466
Total $( 14,653) $17.719,452 $17,716,236 $( 11,437)
44
—
CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS
DECEMBER 31, 1971
—
Issue Interest Maturity Principal
date rate date amount
Special Assessment Debt Service
Funds - Definitive Bonds
Regular
Sewer Improvement Bonds
$4,000 per year 5/1/54 3.00% 5/1/72-73 $ 8,000
May 1, 1974 3.00 5/1/74 2,000 —
Water and Sewer Improvement
Bonds of 1954
$20,000 per year 8/1/54 4.00 8/1/72-74 60,000
Water and Sewer Improvement
Bonds of 1954 (Series B)
$20,000 per year 8/1/54 4.00 2/1/72-74 60,000
Water and Sewer Improvement
Bonds
$20,000 per year 11/1/54 4.00 2/1/72-74 60,000
Water and Sewer Improvement
Bonds
$20,000 per year 5/1/55 3.60 2/1/72-75 80,000
$20,000 per year 3.60 8/1/72-75 80,000
General Obligation Improvement
Bonds ..,
$15,000 per year 10/1/55 3.60 2/1/72 15,000
$15,000 per year 3.60 8/1/72 15,000
$20,000 per year 3.60 2/1/73-75 60,000
$20,000 per year 3.60 8/1/73-75 60,000
Improvement Bonds
$30,000 per year 8/1/56 4.75 8/1/72-74 90,000
August 1, 1975 4.75 8/1/75 50,000 7
August 1, 1976 4.75 8/1/76 55,000
Total Regular Special Assessment Debt Service Funds $ 695,000
Sewer and Water No. 48
$120,000 per year 10/1/61 4.10 1/1/72 $ 120,000
January 1, 1973 4.10 1/1/73 110,000 n'
Total Sewer and Water No. 48 Special Assessment Debt
Service Fund $ 230,000
n
.
45
CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
DECEMBER 31, 1971
Issue Interest Maturity Principal
date rate date amount
Special Assessment Debt Service
Funds - Definitive Bonds (Continued)
Improvement Bonds of 1960
$80,000 per year 10/1/60 4.107. 1/1/72-73 $ 160,000
January 1, 1974 4.10 1/1/74 75,000
.. $80,000 per year 4.20 1/1/75-78 320,000
January 1, 1979 4.20 1/1/79 75,000
January 1, 1980 4.20 1/1/80 80,000
January 1, 1981 4.20 1/1/81 70,000
.. January 1, 1982 4.20 1/1/82 75.000
Total Improvement Bonds of 1960 Special Assessment Debt
Service Fund $ 855,000
Improvement Bonds of 1962
..„ February 1, 1972 5/1/62 3.50 2/1/72 $ 5,000
February 1, 1973 3.50 2/1/73 10,000
February 1, 1974 3.50 2/1/74 5,000
February 1, 1975 3.80 2/1/75 10,000
.. February 1, 1976 3.80 2/1/76 5,000
February 1, 1977 3.80 2/1/77 10,000
February 1, 1978 3.80 2/1/78 5,000
February 1, 1979 3.80 2/1/79 10,000
$5,000 per year 3.80 2/1/80-82 15,000
Total Improvement Bonds of 1962 Special Assessment Debt
Service Fund $ 75,000
Improvement Bonds of 1963
'�" $60,000 per year 1/1/63 3.50 1/1/72-73 $ 120,000
January 1, 1974 3.50 1/1/74 50,000
January 1, 1975 3.70 1/1/75 45,000
-. $30,000 per year 3.70 1/1/76-77 60,000
$30,000 per year 3.80 1/1/78-79 60,000
$35,000 per year 3.80 1/1/80-83 140,000
Total Improvement Bonds of 1963 Special Assessment Debt
Service Fund $ 475,000
"1 Refunding Bonds of 1964
February 1, 1972 2/1/64 3.30 2/1/72 $ 155,000
/.Th $105,000 per year 3.30 2/1/73-75 315,000
.... $105,000 per year 3.40 2/1/76-79 420,000
February 1, 1980 3.40 2/1/80 40,000
Total Refunding Bonds of 1964 Special Assessment Debt
Service Fund $ 930,000
46
CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
DECEMBER 31, 1971
Issue Interest Maturity Principal
date rate date amount
Special Assessment Debt Service
Funds - Definitive Bonds (Continued)
Improvement Bonds of 1965 wm
$30,000 per year 5/1/65 3.20% 2/1/72-75 $ 120,000
$30,000 per year 3.30 2/1/76-78 90,000
$30,000 per year 3.40 2/1/79-80 60,000 ...
February 1, 1981 3.40 2/1/81 25,000
$25,000 per year 3.50 2/1/82-85 100,000
February 1, 1986 3.50 2/1/86 20,000
Total Improvement Bonds of 1965 Special Assessment Debt
Service Fund $ 415,000
Improvement Bonds of 1967
$150,000 per year 10/1/67 4.20 1/1/72-75 $ 600,000
$140,000 per year 4.20 1/1/76-77 280,000 (-•-
$130,000 per year 4.40 1/1/78 130,000
$ 40,000 per year 4.40 1/1/79-82 160,000
$ 30,000 per year 4.50 1/1/83-87 150,000
January 1, 1988 4.50 1/1/88 20,000 .,I
Total Improvement Bonds of 1967 Special Assessment Debt
Service Fund $1,340,000 .-
Improvement Bonds of 1970
$95,000 per year 7/1/70 6.50 1/1/72-79 $ 760,000
$85,000 per year 6.50 1/1/80 85,000
$45,000 per year 6.75 1/1/81-82 90,000
$45,000 per year 6.90 1/1/83-84 90,000
$40,000 per year 7.00 1/1/85-89 200,000 ''1
$15,000 per year 7.00 1/1/90-91 30,000
Total Improvement Bonds of 1970 Special Assessment Debt
Service Fund $1,255,000 7
Total Special Assessment Definitive Bonds $6,270,000
7
General Debt Service Funds
Park Bonds 7
$20,000 per year 5/1/62 3.40. 2/1/72-73 $ 40,000
$20,000 per year 1/1/63 3.50 1/1/72-73 40,000 n
January 1, 1974 3.50 1/1/74 25,000
1
Total Park Bonds $ 105,000
7I
47
CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
DECEMBER 31, 1971
Issue Interest Maturity Principal
date rate date amount
General Debt Service Funds (Continued)
Civic Center Bonds
.. $20,000 per year 5/1/65 3.20'/, 2/1/72-73 $ 40,000
$25,000 per year 3.20 2/1/74-75 50,000
$25,000 per year 3.30 2/1/76-78 75,000
$30,000 per year 3.40 2/1/79-81 90,000
February 1, 1982 3.50 2/1/82 30,000
$35,000 per year 3.50 2/1/83-86 140,000
Total Civic Center Bonds $ 425,000
Water No. 75
$35,000 per year 5/1/65 3.20 2/1/72 $ 35,000
February 1, 1973 3.20 2/1/73 20,000
February 1, 1974 3.20 2/1/74 35,000
""'.". February 1, 1975 3.20 2/1/75 20,000
February 1, 1976 3.30 2/1/76 35,000
$50,000 per year 3.30 2/1/77-78 100,000
-- $50,000 per year 3.40 2/1/79-81 150,000
$50,000 per year 3.50 2/1/82-87 300,000
February 1, 1988 3.50 2/1/88 20,000
Total Water No. 75 Bonds $ 715,000
Total General Debt Service Funds $1,245,000
REVENUE BONDS
Public Utilities Sinking Fund
Water and Sewer Revenue Bonds of 1956
$15,000 per year 9/1/56 4.50 9/1/72-76 $ 75,000
Water Bonds of 1970
$35,000 per year 7/1/70 6.50 1/1/73 $ 35,000
.. $40,000 per year 6.50 1/1/74-75 80,000
$45,000 per year 6.50 1/1/76-77 90,000
$50,000 per year 6.50 1/1/78-79 100,000
$55,000 per year 6.50 1/1/80 55,000
MR
$55,000 per year 6.75 1/1/81 55,000
$45,000 per year 6.75 1/1/82 45,000
Total Water Bonds of 1970 $ 460,000
Total Public Utilities Sinking Fund $ 535,000
Total Definitive Bonds $8,050,000
49
CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
DECEMBER 31, 1971
Issue Interest Maturity Principal
date rate date amount
Special Assessment Debt Service
Funds - Temporary Bonds
1969 Street 7/1/69 7.00% 7/1/72 $ 325,000
m.
1970 Street 7/1/70 7.00 7/1/73 $ 325,000
Sewer, Water & Sanitary Sewer No. 100 1/1/71 7.00 1/1/74 $ 60,000
1971 Street 6/30/71 7.00 6/30/74 $ 150,000
1970 Street 11/1/71 7 .00 11/1/74 $ 75,000
Water, Sewer and Sanitary
""/•Th Sewer No. 103 11/1/71 7.00 11/1/74 $ 325,000
Locke Lake Dam No. 104 12/1/71 7.00 12/1/74 $ 10,000
1970 Street 12/1/71 7.00 12/1/74 $ 235,000
Sewer, Water and Sanitary
Sewer No. 105 12/1/71 7.00 12/1/74 $ 100,000
Total Special Assessment Temporary Bonds $1,605,000
Total bonds outstanding $94655,000
..
50
CITY OF FRIDLEY, MINNESOTA
DEBT SERVICE REQUIREMENTS - ALL FUNDS _
DECEMBER 31, 1971
Year Principal Interest Total
1972 $ 1,294,000 $ 449,575 $ 1,743,575
1973 944,000 387,475 1,331,475
1974 2,102,000 320,213 2,422,213
1975 745,000 227,275 972,275
1976 660,000 195,802 855,802
1977 610,000 165,993 775,993
1978 600,000 139,125 739,125
1979 515,000 114,107 629,107 -
1980 450,000 92,105 542,105
1981 355,000 73,415 428,415
1982 350,000 57,055 407,055
1983 220,000 44,148 264,148
1984 185,000 35,177 220,177
1985 180,000 27,025 207,025
1986 175,000 19,112 194,112
1987 120,000 12,250 132,250
1988 80,000 7,100 87,100
1989 40,000 3,500 43,500 r- --
1990 15,000 1,575 16,575
1991 15,000 525 15,525
$ 9,655.000 $ 2,372,552 $12.027.552
CERTIFICATES OF INDEBTEDNESS - GENERAL FUND
DECEMBER 31, 1971
Interest Maturity Principal
rate date amount
Certificates of Indebtedness
maturing
$5,000 per year 5 3/8% 6/1/72 $ 5,000
Total certificates of indebtedness $ 5,000
51
CITY OF FRIDLEY, MINNESOTA
ASSESSED VALUATIONS, TAX LEVIES AND MILL RATES
(Shown by year of tax collectibility)
1969 1970 1971 1972
Assessed Valuations
Real estate $17,404,548 $19,189,965 $23,921,229 $24,721,145
Personal property 2,311,980 3,245,428 3,687,092 4,080,720
Actual assessed $19,716,528 $22,435,393 $27,608,321 $28,801,865
Exempt personal 966,800 1,155,935 1,210,692 N/A
•■ Total $20,683,328 $23,591,328 $28,819,013 $28,801,865
Tax Levies
General Fund $ 727,902 $ 909,650 $ 1,001,209 $ 923,625
Public Employees' Retirement
Association Fund 60,288 90,312 47,402 59,566
Firemen's Relief Association
Fund 20,683 24,057 27,523 17,602
Police Pension Association
�•/, Fund 20,683 44,610 55,862 57,547
General Debt Service Funds 75,200 83,590 81,531
Total $ 904,756 $ 1,068,629 $ 1,215.586 $ 1,139,871
Mill Rates
General Fund 35.16 38.56 34.74 32.07
Public Employees' Retirement
Association Fund 2.91 3.83 1.64 2.07
•^ Firemen's Relief Association
Fund .95 1.02 .96 .61
Police Pension Association
Fund .95 1.89 1.94 2.00
General Debt Service Funds 3.63 2.90 2.83
Total 43.60 45.30 42. 18 39.58
W.
WO
52
CITY OF FRIDLEY, MINNESOTA
TAX LEVIES AND TAX COLLECTIONS .-
YEARS 1962 THROUGH 1971
Collections Percentage Collection
of current of levy of prior Ratio _
year's taxes collected years' taxes of total
Year Total during fiscal during fiscal during fiscal Total collections
collected tax levy period period period collections to tax levy
1962 $ 355,994 $ 351,707 98.79% $ 3,828 $ 355,535 .9987:1
1963 407,343 394,611 96.87 5,011 399,622 .9810: 1 _
1964 471,095 456,350 96.87 7,243 463,593 .9840: 1
1965 565,667 547,313 96.76 7,658 544,971 .9811: 1 -
1966 641,945 618,252 96.31 10,003 628,255 .9787:1
1967 753,242 721,568 95.79 16,160 737,728 .9794:1
1968 757,325 743,851 98.22 29,672 773,523 1.0213: 1 n
1969 904,756 . 877,150 96.95 16,349 893,499 .9875: 1
1970 1,068,629 1,038,922 97.22 12,177 1,051,099 .9835: 1
1971 1,215,586 1,136,296 93.47 27,563 1,163,859 .9574: 1
r
53
PM
CITY OF FRIDLEY, MINNESOTA
INSURANCE COVERAGE
DECEMBER 31, 1971
All risk, direct physical loss coverage
Buildings and contents (except liquor stock) - 9O7 Co-insurance $3,592,300
,% Boiler insurance 500,000
Contractor's equipment 213,497
Signs 10,000
Fire and extended coverage - Liquor contents (include stock) 414,000
Comprehensive liability, including automobiles
.• Bodily injury
Each person 100,000
Each occurrence 300,000
Property damage 100,000/300,000
Liquor liability 1,000,000
Open stock burglary 10,000
Comprehensive and collision, automobile
Passenger vehicles Actual cash value
Other vehicles Stated value
Business interruption, liquor stores 350,000
Money and securities, inside and outside
premises, all locations 15,000
Depository, forgery bond 10,000
Workmen's compensation Statutory
EMPLOYEES' SURETY BONDS
DECEMBER 31, 1971
Surety
Name Position bond
Gerald R. Davis City Manager $ 25,000
Marvin C. Brunsell City Clerk 1,000
,., Marvin C. Brunsell Treasurer 25,000
Mervin J. Herrmann Assessor 500
Leon Madsen Deputy Assessor 500
Walter J. Mulcahy Appraiser 500
All employees are covered by a blanket faithful performance bond of 15,000