1972 Financial Statements A.
CITY OF FRIDLEY, MINNESOTA ,
FINANCIAL STATEMENTS
DECEMBER 31 , 1 972
.
GEORGFE AN:SEN`.COMPANY ,
Certified Public Accountants
MINNEAPOLIS,MINNESOTA 584•L8
PM CITY OF FRIDLEY, MINNESOTA
ELECTED AND APPOINTED OFFICIALS
DECEMBER 31 , 1972
Term of office
expires January
Elected
Mayor - Frank G. Liebl 1975
Councilmen
Donald R. Mittelstadt 1973
Tim F. Breider 1973
Wallace R. Starwalt 1974
Everett F. Utter 1975
Effective January 1973
Mayor - Frank G. Liebl 1975
Councilmen
/'1 Wallace R. Starwalt 1974
Everett F. Utter 1975
William J. Nee 1976
Tim F. Breider 1976
Appointed
City Manager - Gerald R. Davis
Clerk-Treasurer - Marvin C. Brunsell
Attorney - Virgil C. Herrick
Assessor - Mervin Herrmann
Engineer - Nasim Qureshi
r.
CITY OF FRIDLEY, MINNESOTA
TABLE OF CONTENTS
Page
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 79
Special assessment funds
Balance sheets 20
Statements 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 fo changes in retained earnings 30
Statement of changes in financial position 33
Statement of operating expenses 34
CITY OF FRIDLEY, MINNESOTA "-
TABLE OF CONTENTS (CONTINUED)
Page
Municipal Building Reserve Bond Fund
Statement of changes in assets restricted for liquor revenue
bond debt service
Sinking Account 36 —
Reserve Account 36
Water and Sewer Revenue Bond Fund _
Balance Sheet 36
Operation and Maintenance Account - Statement of income 37
Analysis of changes in retained earnings 37
Statement of changes in financial position 38 —
Statement of changes in assets restricted for revenue bond
debt service
Sinking Account 39 -,
Reserve Account 39
Construction Account 39
Trust and agency funds
Balance sheets 40
Statements of cash receipts and disbursements 40
Statement of general fixed assets 41
Miscellaneous information -
Statement of cash and security for deposits 43
Summary statement of cash receipts and disbursements 43
Bonds payable - All funds 44 -
Debt service requirements - All funds 50
Certificates of indebtedness - General Fund 50
Assessed valuations , tax levies and mill rates 51
Tax levies and tax collections 52
Insurance coverage 53
Employees' surety bonds 53
r
GEORGE M. HANSEN COMPANY
Certified Public Accountants
SOUTH PLAZA BUILDING
MINNEAPOLIS,MINNESOTA 55416
wm
nn
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 , 1972.
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, such financial statements present fairly the financial position
of the respective funds of the City of Fridley, Minnesota at December 31 , 1972
and the results of their operations for the year then ended , in conformity with
generally accepted governmental accounting principles applied on a consistent
basis.
72? .2)-44i,e0-,24-1 Co7rdr-
August 2, 1973
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 _,
budget estimates and other information.
GENERAL FUND
IEJ
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 credit.
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:
REVENUE
1972 1971
Budget Budget
Actual estimates Actual estimates
General property taxes $ 973,103 $ 905,153 $ 955 ,838 $ 982,166
Licenses and permits 166,776 93,930 97,393 64,373
Fines and forfeitures 25,680 24,000 22,668 20,000
From use of money and property 59,251 33,600 40,660 24,400
Intergovernmental revenue 541 ,938 524,372 395,384 368,891
Charges for current services 47,761 53,565 56.254 50,890
Other revenue 30,805 17,190 26,352 10,600
Transfers from other funds 156,500 202,000 239,000 239,000
Prior year's fund balance 84,035 47,880
Total revenue $2,001 ,814 11 ,937,845 $1 ,833,549 $1 ,808,200
3
EXPENDITURES
1972 1971
Budget Budget
Actual estimates Actual estimates
General government $ 343,947 $ 351 ,601 $ 302,310 $ 320,540
Public safety 652,201 693,703 621 ,908 655,045
Highways 432,092 448,387 378,320 403,898
Sanitation and waste removal 21 ,590 39,178 39,847 42,475
Conservation of health 6,125 7,415 6,922 6,900
City band 1 ,259 1 ,600 1 ,381 1 ,600
Recreation 82,803 97,282 82,365 79,871
Municipal parks 267,677 264,099 257,787 260,571
Reserve for contingencies 34,580 37 ,300
Total expenditures $1 ,807,694 $1 ,937,845 $1 ,690,840 $1 ,808,200
Actual revenues exceed actual expenditures during 1972 by $194,120 increasing the
- fund balance to $769,536 at December 31 , 1972. 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 , 1972, $338,432 of the fund balance was
available for future seal coating.
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 $137,744 from the Federal Government
represent the balance due from grants are reflected on the balance sheet. Additional
revenue of $25,967 will be required to finance construction costs incurred to date.
Revenue Sharing Fund - The Revenue Sharing Fund was established to account for revenue
received from the Federal Government in accordance with the "State and Local Fiscal
Assistance Act of 1972." Expenditures can only be made from this Fund as outlined in
the Act. The City's share of revenue for 1972 was $132,407, of which $67,633 was
received in December, 1972 and $64,774 is to be received in 1973. No appropriations
had been made as of December 31 , 1972.
INVESTMENT FUND
This fund was established to more effectively handle the accounting for investments
(Th 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 , 1972, this fund shows only interest earned but not yet
received.
4
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
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 , -
1972. 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 shows a deferred tax levy of
$381 ,000 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.
The debt service fund for the Refunding Bonds of 1964 shows a deferred tax levy of
$658,300. 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-
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
agent for payment when due. These issues in original amounts were:
Improvement Bonds dated January 1 , 1959 $ 270,000
Improvement Bonds dated December 15, 1959 505,000
Improvement Bonds of 1961 , dated May 1 , 1961 1 ,250,000
$2,025,000
During 1972, the final payment was made on the refunded issues and the escrow account
closed. The escrow account cash balance of $26,592 was paid to the City and
deposited in the Refunding Bonds of 1964 Fund.
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 provide the necessary
revenue.
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 1972, 1971 and 1970:
1972 1971 1970
Percent Percent Percent
of sales of sales of sales
Sales
Off sale $1 ,069,472 100.0 $1 ,137,712 78.4 $1 ,169,734 76.2
— e"' On sale 312,647 21 .6 365,028 23.8
Total sales $1 ,069,47£ 00 0 $1 ,450,359 00 0 $1 ,534.762 00 0
Cost of sales 807,136 75.5 952,302 65.7 988,084 64.4
Gross profit $ 262,336 24.5 $ 498,057 34.3 $ 546,678 35.6
Operating expenses 188,057 17.6 370,031 25.5 343,122 22.4
Operating profit $ 74,279 6.9 $ 128,026 8.8 $ 203,556 13.2
Other income and
expenses (net) 25,772 2.4 86,874 6.0 16,387 1 .1
Net income $ 100,051 9.3 $ 214,900 14.8 $ 219,943 14.3
Percent of Percent of Percent of
net income net income net income
Transfers to other
City funds $ 136,500 136.4 $ 224,175 104.3 $ 216,000 98.2
The City sold both on-sale liquor stores in September 1971 for $252,000 resulting in a
gain of $66,848. Accounts receivable of $171 ,124 from the sale of the stores is re-
flected on the balance sheet at December 31 , 1972.
•
^ 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 $520,000 of these bonds were outstanding at
.• December 31 , 1972 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 1972, 1971 and 1970.
1972 1971 1970
•. Water account
Operating revenue $362,708 $364,261 $349,257
Operating expenses 332,606 268,791 238,442
Operating income $ 30,102 $ 95,470 $110,815
Sewer account
Operating revenue $643,903 $359,205 $279,262
Operating expenses 473,615 434,299 176,868
Operating income (loss) $170,288 $(75,094) $102,394
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
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 1972 include $352,557 in rental charges as compared with $317,060 in 1971 .
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 Improvement Bonds . 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 on this bond issue and to
provide the necessary revenues from the Water and Sewer Revenue Bond Fund. Included
in interest expense of the Water and Sewer Fund is $23,715 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 considers 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 the pension contributions.
-
8
—
CITY OF FRIDLEY, MINNESOTA (-.,,
BALANCE SHEETS - ALL FUNDS
DECEMBER 31 , 1972
General
and —
Combined Special
Total Revenue
ASSETS
—
Cash $( 20,148) $ 9,531
Cash with fiscal agent 756,109
Investments , at cost plus accrued interest "`
City of Fridley temporary bonds 540,000
U. S. Government obligation 5,068,893 1 ,235,000
Accounts receivable 1 ,272,647 277 ,966 —
Due from other funds 193 ,280 193 ,280 ,
Taxes receivable 1 ,646,770 57 ,727
Special assessments receivable 6,082,384 12,359
Inventories , at cost 235,756 3,172
Fixed assets , at cost less accumulated depreciation 22,443 ,695
Amounts to be provided 2,760,967 441 ,664
—
Total assets $40,980,353 $2,230,699
LIABILITIES, RESERVES AND FUND BALANCE
Accounts and contracts payable $ 1 ,205,655 $ 562,118 —
Due to other funds 193,280 193 ,280
Deposits payable 465,998 19,847
Bonded indebtedness - Future maturities
Definitive bonds
Principal 9,216,000
Interest 2,295,716
Certificates of indebtedness
Principal 16,735 16,735
Interest 1 ,261 1 ,261
Temporary bonds (held by City of Fridley)
Principal 540,000
Interest 113,400
Reserves 2,911 ,247 70,086
Unencumbered appropriation balances 59,468 PI
Investment in general fixed assets 20,139,793
Retained earnings 2,157 ,326
Fund balance 1 ,664 ,474 1 ,367 ,372 r,
Total liabilities , reserves and fund balance $40,980,353 $2,230,699
9
General Water and Trust
Investment Special Debt Municipal Sewer and General
Fund Assessment Service Liquor Utilities Agency Fixed Assets
$(87,622) $( 9,328) $ 853 $ 10,774 $( 1 ,715) $57,359
678,286 27,667 50,156
540,000
2,884,893 69,000 67,000 813,000
87,622 25,719 171 ,124 710,216
1 ,039,866 541 ,312 7,865
6,070,025
-- 232,584
103,405 2,200,497 $20,139,793
2,319,303
$ -0- $13,548,764 $638,832 $584,887 $3,772,154 $65,224 $20,139,793
-
$ 596,457 $ 5,612 $ 10,584 $30,884
204,302 241 ,849
7,546,000 $470,000 1 ,200,000
2,187,331 108,385
540,000
113,400
2,031 ,179 60,447 741 ,670 7,865
59,468
$20,139,793
579,275 1 ,578,051
270,627 26,475
$ -0- $13,548,764 $638,832 $584,887 $3,772,154 $65,224 $20,139,793
10 CITY OF FRIDLEY, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS
BALANCE SHEETS -
DECEMBER 31 , 1972
Municipal Park Revenue
Combined General State-Aid Capital Sharing
ASSETS
Cash $ 9,531 $ 6,276 $ 53 $ 569 $ 2,633
Investments, at cost plus -
accrued interest 1 ,235,000 875,000 266,000 29,000 65,000
Accounts receivable
State of Minnesota 61 ,639 55,543 6,096
Other 216,327 13,809 137,744 64,774
Due from other funds 193,280 193,280
Taxes receivable
IDnremitted 14,007 14,007
Delinquent 43,720 43,720
Delinquent special
assessments receivable 12,359 12,359
Inventories , at cost 3,172 3,172 .
Amount to be provided
For equipment 83,996 83,996
For land and buildings 331 ,701 331 ,701
From General Fund for
reimbursement of n-,
construction costs 25,967 25,967
Total assets $2,230,699 $1 ,439,583 $465,429 $193,280 $132,407
LIABILITIES, RESERVES AND FUND
BALANCE ^'
Accounts payable $ 164,417 $ 164,417
Contracts payable 397,701 397,701
Due to other funds 193,280 $193,280
Deposits payable 19,847 19,847
Certificates of Indebtedness .,
Principal 16,735 16,735
Interest 1 ,261 1 ,261
Reserve for uncollected
taxes and special assessments 70,086 70,086 ^,
Fund balance 1 ,367,372 -. 769,536 $465,429 $132,407
Total liabilities,
reserves and
fund balance $2,230,699 $1 ,439,583 $465,429 $193,280 $132,407
$7,178 of State Aid Fund Construction in progress will be found in General Fixed Assets.
$306,343 of Park Capital Fund Construction in progress will be found in General Fixed
Assets.
7
7
.
11
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE - ACTUAL COMPARED WITH BUDGET ESTIMATES
YEAR ENDED DECEMBER 31 , 1972
Budget
Actual estimates
General property and other taxes
Current ad valorem $ 907,587 $ 890,153
Delinquent ad valorem 65,516 12,000
Tax forfeit -- 3,000
- $ 973,103 $ 905,153
Licenses and permits
Business regulatory licenses $ 30,311 $ 39,280
Nonbusiness licenses and permits 136,465 54,650
$ 166,776 $ 93,930
Fines and forfeitures - Municipal Court $ 25,680 $ 24,000
Revenue from use of money and property
Interest earned $ 51 ,494 $ 25,000
Rents 7,757 8,600
$ 59,251 $ 33,600
"- Intergovernmental revenue
Cigarette and liquor taxes $ 107,870 $ 105,530
Mobile home registration fee 2,336 5,490
Per capita apportionment 391 ,937 383,727
Gasoline tax 22,350 22,125
Mortgage registry 17,445 7,500
-. $ 541 ,938 $ 524,372
Charges for current services
General Government $ 7,527 $ 7,565
Public Safety 5,973 3,900
Conservation of Health 12,450 19,500
Recreation 21 ,811 22,600
$ 47,761 53,565
Other revenue $ 30,805 $ 17,190
Transfers from other funds
Municipal Liquor Operating Fund $ 136,500 $ 182,000
Municipal State-Aid Fund - Seal Coating 20,000 20,000
$ 156,500 $ 202,000
Prior years' fund balance $ 84,035
Total revenue $2,001 ,814 $1 ,937,845
12
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND r
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES
YEAR ENDED DECEMBER 31 , 1972
Budget
Actual estimates
General Government "-
Mayor and Council
Personal services $ 18,923 $ 18,650
Contractual services 13,634 13,850 _
Commodities 935 875
Other charges 6,178 6,331
Capital outlay 233 200
$ 39,903 $ 39,906 ^"
Manager
Personal services $ 46,173 $ 51 ,478 "'
Contractual services 6,480 6,000
Commodities 1 ,186 1 ,325
Other charges 1 ,957 1 ,125
Capital outlay 1 ,660 825
$ 57 ,456 $ 60,753
Elections and Voters' Registration
Personal services $ 8,976 $ 9,327
Contractual services 1 ,030 880 n
Commodities 1 ,098 1 ,300
Other charges 3,553 3,785
$ 14,657 $ 15,292
Finance
Clerk-Treasurer
Personal services $ 39,515 $ 38,732
Contractual services 7,885 7 ,375
Commodities 3,659 4,200
Other charges 8,706 8,910
Capital outlay 3,498 1 ,450
Refunds - 200
Assessor
Personal services • 45,232 47,288 „
Contractual services 4,368 5,075
Commodities 347 925
Other charges 1 ,978 1 ,760 ,,
Capital outlay 175 100
Independent auditing and accounting 4,625 5,500
$ 119,988 $ 121 ,515
Legal
Personal services $ 27,146 $ 27,425
Contractual services 510 250 -,
Commodities 104 120
Other charges 138 150
$ 27 ,898 $ 27,945
7
.. 13
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED)
.. YEAR ENDED DECEMBER 31 , 1972
Budget
Actual estimates
General Government (Continued)
.. Administrative Offices .
Planning Commission
Personal services $ - $ 2,000
Industrial Development Commission
Personal services - 150
Contractual services 262 1 ,710
Commodities 77 150
"' Civil Service
Personal services - 100
Contractual services 42 410
- Human Relations
Contractual services - 160
Commodities - 125
$ 381 $ 4,805
Planning and Zoning
-, Personal services $ 21 ,139 $ 22,071
�,� Contractual services 3,944 1 ,150
,,ate Commodities 1 ,056 1 ,000
Other charges 452 422
Capital outlay 511 100
$ 27,102 $ 24,743
General Government Buildings
Personal services $ 15,180 $ 12,976
Contractual services 30,551 32,017
Commodities 1 ,800 1 ,412
Other charges 5,860 7,212
Capital outlay 3,171 3,025
$ 56,562 $ 56,642
Total General Government $ 343,947 $ 351 ,601
Public Safety
Police Protection
Personal services $ 336,114 $ 362,190
Contractual services 22,337 21 ,634
Commodities 15,602 18,100
Other charges 18,769 18,967
Capital outlay 14,403 15,550
"' $ 407,225 $ 436,441
..
•
14 CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED) /'1
YEAR ENDED DECEMBER 31 , 1972
Budget _
Actual estimates
Public Safety (Continued)
Fire Protection
Personal services $ 99,882 $ 99,390
Contractual services 16,985 17,250
Commodities 5,840 6,750
Other charges 10,650 8,567
Capital outlay 22,771 25,006
Refunds 50 -
$ 156,178 $ 156,963
Protective Inspection
Personal services $ 46,214 $ 53,324
/ Contractual services 12,758 13,100
tr Commodities 743 1 ,200
�� Other charges 1 ,968 2,400
Capital outlay 1 ,853 800
Refunds 106 150
$ 63,642 $ 70,974
Civil Defense
Personal services $ 8,231 $ 9,130
Contractual services 819 1 ,314 n
Commodities 118 250
Other charges 1 ,105 1 ,169
Capital outlay 10,919 10,067
$ 21 ,192 $ 21 ,930 .^
Animal Control
Personal services $ - $ 2,120 -,
Contractual services 3,900 5,000
Commodities 64 275
$ 3,964 $ 7,395
Total Public Safety $ 652,201 $ 693,703
Highways
Engineering
Personal services $ 53,557 $ 54,016
Contractual services 7,281 7 ,800
Commodities 2,186 2,500
Other charges 4,494 4,080
Capital outlay 3,262
$ 70,780 $ 68,396
Street and Alley $ 87 ,162 $ 116,279
Personal services 24,594 19,300
Contractual services
Commodities 26,638 20,200
Other charges 31 ,315 31 ,075
Capital outlay 28,794 21 ,300 '„
$ 198,503 $ 208,154
15
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED)
YEAR ENDED DECEMBER 31 , 1972
Budget
Actual estimates
Highways (Continued)
Snow and Ice Removal
Personal services $ 15,843 $ 21 ,500
Contractual services 5,034 7,900
., Commodities 5,192 5,700
Other charges 1 ,177 4,400
Capital outlay 10,885 6,000
,_ $ 38,131 $ 45,500
Traffic Signs, Signals and Markings
Personal services $ 5,924 $ 5,000
Contractual services 9,125 8,824
Commodities 9,806 6,826
Other charges 104 200
_. Capital outlay 21 ,030 23,850
$ 45,989 $ 44,700
Equipment Maintenance
Personal services $ 6,187 $ 5,000
Contractual services 6,370 5,850
Commodities 2,736 3,500
Other charges 1 ,776 1 ,435
Capital outlay 22,516 25,552
$ 39,585 $ 41 ,337
Street Lighting - Contractual services $ 39,104 $ 40,300
Total Highways $ 432,092 $ 448,387
Sanitation and Waste Removal
Storm Sewers
Personal services $ 5,459 $ 5,600
Contractual services 2,313 6,628
Commodities 2,365 1 ,400
.. Other charges 94 900
$ 10,231 $ 14,528
Pest Control - Contractual services $ - $ 200
Weed Eradication
Personal services $ 3,934 $ 4,400
t: �'' Contractual services 7,409 19,775
V4 Commodities 11 200
Other charges 5 75
$ 11,359 $ 24,450
Total Sanitation and Waste Removal $ 21 ,590 $ 39,178
16
CITY OF FRIDLEY,. MINNESOTA
GENERAL FUND -
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED)
YEAR ENDED DECEMBER 31 , 1972
Budget
Actual estimates
Conservation of Health '-
Personal services $ 5,986 $ 5,750
Contractual services 34 1 ,520
Commodities 18 80 -
Other charges 87 65
Total Conservation of Health $ 6,125 $ 7,415
City Band
Personal services $ 950 $ 950
Commodities 193 549
Other charges 15 - '"
Capital outlay 101 101
Total City Band $ 1 ,259 $ 1 ,600
Recreation
Personal services $ 62,459 $ 70,469
Contractual services 3,265 4,000 -
Commodities and capital outlay 16,790 22,333
Other charges 216 480
Refunds 73 -
Total Recreation $ 82,803 97,282
Municipal Parks
Personal services $ 118,997 $ 113,434
Contractual services 31 ,515 29,649
Commodities 18,968 18,585
Other charges 12,618 10,865
Capital outlay 85,579 91 ,566
Total Municipal Parks $ 267 ,677 $ 264,099
Reserve for contingencies $ - $ 34,580 ..
Total expenditures $1 ,807,694 $1 ,937 ,845
p.
Fund balance January 1 , 1972 $ 575,878 $ 491 ,843
Revenue over (under) expenditures 194,120 -0-
Adjustment of prior year's accounts payable &
receivable ( 462)
Fund balance December 31 , 1972 $ 769,536 $ 491 ,843
1
r,
i
• I L
•. 17
CITY OF FRIDLEY, MINNESOTA
SPECIAL REVENUE FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31 , 1972
Municipal Park Revenue
Combined State-Aid Capital Sharing
., Cash balance, January 1 , 1972 $ (7,151 ) $ 3,530 $(10,681 ) $ -0-
Receipts •
State-aid construction apportionment $158,326 $158,326
Federal Revenue Sharing 67,633 $67,633
Interest on investments 22,638 21 ,929 $ 709
Investments matured (at cost) 370,000 370,000
- Transfers from other funds
1971 Street Construction Fund 47,719 47,719
General Fund 8,382 8,382
State-aid 113,280 113,280
Matching Funds, State of Minnesota 30,500 30,500
Total receipts $818,478 $597,974 $152,871 $67,633
Disbursements
Purchase of investments $360,000 $266,000 $ 29,000 $65,000
Interest expense 2,813 2,813
Land purchase 109,808 109,808
Transfers to other funds
General Fund 20,000 20,000
1971 Street Construction Fund 43,844 43,844
1972 Street Construction Fund 158,327 158,327
Park Capital Fund ( Temporary
transfer) 113,280 113,280
Total disbursements $808,072 $601 ,451 $141 ,621 $65,000
Cash balance, December 31 , 1972 $ 3,255 $ 53 $ 569 $ 2,633
..r
19
CITY OF FRIDLEY, MINNESOTA
INVESTMENT FUND
BALANCE SHEET
DECEMBER 31 , 1972
Imet
ASSETS
Cash (deficit) $ (87,622)
Accrued interest receivable 87,622
Total assets $ -0-
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31 , 1972
._ Cash balance, January 1 , 1972 $ (78,903)
Receipts
Investments Matured $2,663,032
Accrued Interest Received 140,294
Interest Earned - Current Period 133,403
Transfers in From Other Funds (Investment Principal ) 5,608,893
Total receipts $8,545,622
Disbursements
Investments Purchased $4,778,070
Distributed to Other Funds (Investment Principal ) 3,493,855
Interest distributed to other City funds
General 46,983
Special Revenue 21 ,929
Special Assessment 148,394
General Debt Service 878
Municipal Liquor 7,183
Water and Sewer Utilities 56,187
Trust & Agency 862
Total disbursements $8,554,341
Cash balance, December 31 , 1972 $ (87,622)
20 -
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT FUNDS
BALANCE SHEETS
DECEMBER 31 , 1972
Special Special Special --
Assessment Assessment Improvements
Combined Construction Debt Service Revolving
ASSETS
Cash (deficit) $( 9,328) $( 88,957) $ 77,984 $ 1 ,645
Cash with fiscal agents 678,286 678,286
Investments, at cost plus accrued
interest ..
City of Fridley temporary bonds 540,000 540,000
Other 2,884,893 384,000 2,210,893 290,000
Accounts receivable 25,719 25,719
Taxes receivable -
Delinquent 566 566
Deferred 1 ,039,300 1 ,039,300
Special assessments receivable -
Delinquent 745,770 727,909 17,861
Deferred
Principal 3,846,173 3,680,750 165,423 n
Interest 1 ,478,082 1 ,478,082
Amounts to be provided for
Construction 335,163 335,163
Debt retirement 1 ,984,140 _ 1 ,984,140 -
Total assets $13,548,764 $ 655,925 $12,417,910 $ 474,929
LIABILITIES, RESERVES, APPROPRIATIONS
AND FUND BALANCE �.
Accounts and contracts payable $ 596,457 $ 596,457
Deposits payable 204,302 $ 204,302
Bonded indebtedness - Future maturities '^
Definitive bonds
Principal 7,546,000 $ 7,546,000
Interest 2,187,331 2,187,331 -,
Temporary bonds (held by City
of Fridley)
Principal 540,000 540,000
Interest 113,400 113,400
Reserves for debt retirement 2,031 ,179 2,031 ,179
Unencumbered appropriation balances 59,468 59,468
Fund balance 270,627 270,627
rN
Total liabilities, reserves
appropriations and
fund balance $13,548,764 $ 655,925 $12,417,910 $ 474,929
. 1 E9^"
21
CITY OF FRIDLEY , MINNESOTA
SPECIAL ASSESSMENT FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31 , 1972
Special Special Special
Assessment Assessment Improvements
Combined Construction Debt Service Revolving
Cash balance, January 1 , 1972 $( 19,885) $ 55,255 $( 76,178) $ 1 ,038
'Receipts
Proceeds from sale of temporary
bonds $ 3,094,300 $ 985,000 $2,109,300
Special assessments 1 ,223,690 1 ,159,031 $ 64,659
General property taxes 240 240
Penalty and interest on
-- special assessments 30,153 29,753 400
Interest on investments 269,812 37,354 216,919 15,539
Investments sold 3,478,855 712,000 2,686,855 80,000
Other governmental units 260,062 260,062
Escrow deposits 212,660 212,660
Transfers from other funds 2,272,761 328,102 1 ,944,659
f.Th Total receipts $10,842,533 $2,322,518 $8,146,757 $373,258
Disbursements
Capital- outlay
Transfers to other funds -
Interest during construction $ 28,785 $ 28,785
Other 1 ,382,364 1 ,382,364
$ 1 ,411 ,149 $1 ,411 ,149
Retirement of bonds
Principal 2,729,000 $2,729,000
Interest 458,529 458,529
Investments purchased 3,424,893 384,000 2,750,893 $290,000
Transfers to other funds 2,773,401 671 ,581 2,041 ,021 60,799
Refund of escrow deposits 21 ,826 21 ,826
Other disbursements 13,178 13 ,152 26
Total disbursements $10,831 ,976 $2,466,730 $7,992,595 $372,651
Cash balance, December 31 , 1972 $( 9,328) $( 88,957) $ 77,984 $ 1 ,645
• i
22 —
CITY OF FRIDLEY, MINNESOTA n
SPECIAL ASSESSMENT CONSTRUCTION FUNDS —'
BALANCE SHEETS
DECEMBER 31 , 1972
ASSETS —
Accounts
receivable -
Cash Investments Other
Sewer and Water No. 50 $ 9,624
Storm Sewer No. 82 `13,797
Sewer and Water No. 93 9,408
Storm Sewer No. 100 663
Storm Sewer No. 101 ( 2,748) —
Sewer and Water No. 102 (132,768)
Storm Sewer and Sewer and Water No. 103 838 $ 37,000
Locke Lake Dam No. 104 3,178 �1_
Storm Sewer and Sewer and Water No. 105 9,177
Sewer and Water No. 106 6,399
Storm Sewer and Sewer and Water No. 107 ( 8,160)
1970 Street 9,398 —
1971 Street $ 25,719
1972 Street 68 347,000
1973 Street ( 7,831 ) —
Combined $( 88,957) $384,000 $ 25,719
Construction in progress in the amount of $1 ,286,591 will be found in General Fixed —
Assets.
23
LIABILITIES AND APPROPRIATIONS
Amount Accounts Total
to be and Unencumbered liabilities
provided for Total contracts appropriation and
construction assets payable balance appropriations
$ 9,624 $ 7,408 $ 2,216 $ 9,624
13,797 11 ,000 2,797 13,797
$ 4,566 13,974 13,974 13,974
818 1 ,481 1 ,481 1 ,481
2,748
280,867 148,099 148,099 148,099
14,128 51 ,966 51 ,966 51 ,966
_^ 80 3,258 3,258 3,258
9,177 6,309 2,868 9,177
15,965 22,364 22,364 22,364
8,160
9,398 9,398 9,398
25,719 10,270 15,449 25,719
347,068 310,930 36,138 347,068
7,831
$ 335,163 $ 655,925 $596,457 $ 59,468 $ 655,925
24 '"
CITY OF FRIDLEY, MINNESOTA —
n
SPECIAL ASSESSMENT DEBT SERVICE FUNDS
BALANCE SHEETS —
DECEMBER 31 , 1972
Regular
Special
• Combined Assessment —
ASSETS
Cash (deficit) $ 77,984 $ 1 ,119
Cash with fiscal agents 678,286
Investments, at cost plus accrued interest
City of Fridley temporary bonds 540,000 160,000
Other 2,210,893 1 ,010,000
Taxes receivable
Delinquent 566
Deferred 1 ,039,300
Special assessments receivable
Delinquent 727,909 78,854 —
Deferred
Principal 3,680,750 170,660
Interest 1 ,478,082 18,719
Amount to be provided for debt retirement 1 ,984,140
Total assets $12,417,910 $1 ,439,352
LIABILITIES AND RESERVE —
Bonded indebtedness - Future maturities
Definitive bonds
Principal $ 7,546,000 $ 531 ,000 —
Interest 2,187,331 42,720
Temporary bonds (held by City of Fridley)
Principal 540,000 —
Interest 113,400
Reserve for debt retirement 2,031 ,179 865,632
Total liabilities and reserve $12,417,910 $1 ,439,352 ..
25
Improve- Improve- Improve- Refund-
Sewer Storm ment ment ment ing
.. and Water Sewer 1972 Bonds of Bonds of Bonds of Bonds of
No. 48 No. 106 Street 1960 1962 1963 1964
$(94,145) $ 8,233 $ 3,778 $ 591 $ 111 $ 156,455
112,595 96,338 60,787
380,000
83,000 230,000 52,893
566
381 ,000 658,300
70,821 84,266 16,375 55,038 86,254
124,173 116,655 326,962 32,647 28,809 168,240
41 ,169 95,330 107,813 9,786 5,462 42,455
$520,300
$254,613 $220,218 $520,300 $999,157 $142,399 $761 ,207 $1 ,165,163
$110,000 $775,000 $ 70,000 $415,000 $ 775,000
2,255 160,603 12,145 78,277 97,192
$110,000 $430,000
23,100 90,300
142,358 87,118 63,554 60,254 267,930 292,971
$254,613 $220,218 $520,300 $999,157 $142,399 $761 ,207 $1 ,165,163
26 —
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT DEBT SERVICE FUNDS
BALANCE SHEETS CONTINUED —
DECEMBER 31 , 1972
Improve- Improve-
_ ment ment
Bonds of Bonds of
1965 1967
ASSETS _
Cash (deficit) $ 549 $ 448
Cash with fiscal agents 175,689
Investments, at cost plus accrued interest —
City of Fridley temporary bonds
Other 233,000 314,000
Taxes receivable
Delinquent
Deferred
Special Assessments receivable
Delinquent 99,006 113,820 —
Deferred
Principal 183,749 747,508
Interest 69,021 238,207 n._
Amount to be provided for debt retirement
Total assets $585,325 $1 ,589,672
LIABILITIES AND RESERVE "'
Bonded indebtedness - Future maturities
Definitive bonds
Principal $385,000 $1 ,190,000
Interest 87 ,140 261 ,495
Temporary bonds (held by City of Fridley)
Principal
Interest
Reserve for debt retirement 113,185 138,177
Total liabilities and reserve $585,325 $1 ,589,672
27
Improve- Improve-
ment ment
Bonds of Bonds of
1970 1972
$ 512 $ 333
133,783 99,094
114,000 174,000
77,056 46,419
911 ,886 869,461
476,720 373,400
2,553 1 ,461 ,287
$1 ,716,510 $3,023,994
$1 ,160,000 $2,135,000
556,510 888,994
$1 ,716,510 $3,023,994
28
CITY OF FRIDLEY, MINNESOTA
GENERAL DEBT SERVICE FUNDS
BALANCE SHEETS - DECEMBER 31 , 1972
Civic
Park Bonds Center
of 1962 Bonds -
Combined and 1963 of 1965
ASSETS
Cash $ 853 $ 412 $ 441
Cash with fiscal agent 27,667 27,667
Investments at cost plus accrued interest 69,000 39,000 30,000 -
Taxes receivable
Delinquent 4,712 2,557 2,155
Deferred 536,600 27,200 509,400
Total assets $638,832 $ 96,836 $541 ,996
LIABILITY AND RESERVE
Liability - Bonded indebtedness Future maturities
Bonds $470,000 $ 65,000 $405,000
Interest 108,385 2,002 106,383 n Reserve for Debt Retirement 60,447 29,834 _ 30,613
Total liability and reserve $638,832 $ 96,836 $541 ,996 _.
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31 , 1972
Cash balance, January 1 , 1972 $ 28,816 $ 1 ,353 $ 27,463
Receipts
Property taxes $ 81 ,683 $ 45,321 $ 36,362
Interest on investments 2,982 2,261 721
Investment maturities , at cost 40,000 40,000
Total receipts $124,665 $ 87,582 $ 37 ,083
Disbursements
Investment purchases $ 69,000 $ 39,000 $ 30,000
Bonds 60,000 40,000 20,000
Interest 23,520 9,475 14,045 --
Fiscal agent service charge 108 48 60
Total disbursements $152,628 $ 88,523 $ 64,105
Cash balance, December 31 , 1972 $ 853 $ 412 $ 441
29
CITY OF FRIDLEY, MINNESOTA
LIQUOR FUND
-• BALANCE SHEET
DECEMBER 31 , 1972
ASSETS
Current assets
Cash $ 10,774
Investments, at cost plus accrued interest 67,000
Inventories, at cost 232,584
Contract for deed receivable 9,253
Total current assets $319,611
Property, plant and equipment, substantially all at cost
Land and improvements $ 64,076
Furniture, fixtures and equipment 70,639
Truck 3,084
Construction in progress 7,747
$145,546
Less accumulated depreciation 42,141
Net property, plant and equipment $103,405
/Th Contract for deed receivable, less current portion above $161 ,871
Total assets $584,887
LIABILITY AND RETAILED EARNINGS
Current liability
Accounts payable $ 5,612
Retained earnings $579,275
Total liability and retained earnings $584,887
30
CITY OF FRIDLEY, MINNESOTA n
LIQUOR FUND
STATEMENT OF INCOME —
YEAR ENDED DECEMBER 31 , 1972
Off-Sale Stores
Total No. 1 No. 2
Sales $1 ,069,472 • $128,207 $240,508 —
Cost of sales 807,136 97,296 181 ,762
Gross profit $ 262,336 $ 30,911 $ 58,746
Percent of sales 24.5 24.1 24.4
Operating expenses $ 188,057 $ 38,328 $ 50,935
Percent of sales 17.6 29.9 21 .2
Operating profit (loss) $ 74,279 $ (7 ,417) $ 7 ,811
Percent of sales 6.9 (5.8) 3.2
Other income $ 25,772 $ 403 $ 8,185 —
Percent of sales 2.4 .3 3.4
Net income $ 100,051 $ (7,014) $ 15,996 (Th.,
Percent of sales 9.3 (5.5) 6.6
ANALYSIS OF CHANGES IN RETAINED EARNINGS --
YEAR ENDED DECEMBER 31 , 1972
Retained earnings
January 1 , 1972 $615,724
—
Net income 100,051
Transfer to General Fund (136,500)
Retained earnings
December 31 , 1972 $579,275
7
7
31
No. 3 No. 4
$243,979 $456,778
189,733 338,345
$ 54 ,246 $118,433
22.2 25.9
$ 42,267 $ 56,527
17.3 12.4
$ 11 ,979 $ 61 ,906
4.9 13.5
$ 11 ,204 $ 5,980
4.6 1 .3
$ 23,183 $ 67 ,886
9.5 14.8
33
CITY OF FRIDLEY, MINNESOTA
LIQUOR FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED DECEMBER 31 , 1972
Fund Provided
Operations
Net income $100,051
Depreciation 6,956
$107,007
Decrease in contracts receivable 9,353
$116,360
Funds Applied
Additions to property, plant and equipment $ 74,826
Transfers to other City funds 136,500
--
$211 ,326
Decrease in working capital $(94,966)
Changes in elements of working capital
Increase (decrease) in current assets
Cash $ 533
Contract for deed 766
Investments (98,000)
Prepaid expense (914)
Inventories (7,230)
(Increase) decrease in current liabilities
Accounts payable 9,879
Decrease in working capital $(94,966)
34
CITY OF FRIDLEY, MINNESOTA
LIQUOR FUND
STATEMENT OF OPERATING EXPENSES -
Off-Sale Stores
Percent Percent Percent
Total of sales No. 1 of sales No. 2 of sales
Salaries and wages $104,229 9.7 $ 20,470 15.9 $ 29,020 12.0
Employee benefits 8,671 .8 2,113 1 .6 1 ,838 .8 -
Supplies 3,846 .4 593 .5 925 .4
Laundry and cleaning 2,462 .2 577 .5 649 .3
Rent 23,113 2.2 4,295 3.3 6,231 2.6 -
Utilities 10,841 1 .0 2,595 2.0 3,014 1 .3
Repairs and maintenance 3,542 .3 475 .4 1 ,649 .7
Insurance 16,799 1 .6 3,871 3.0 3,968 1 .6
Depreciation 6,956 .7 2,055 1 .6 2,186 .9
Mileage and automobile
expense 866 .1 218 .2 210 .1
Professional fees 1 ,338 .1 323 .3 323 .1 -
Alarm service 1 ,858 .2 520 .4 674 .3
Cash (over) short 7 (4)
Miscellaneous 3,536 .3 216 .2 252 .1 /" ..-
$188,057 17.6 $ 38,328 29.9 $ 50,935 21 .2
-
35
Percent Percent
No. 3 of sales No. 4 of sales
$ 24,594 10.1 $ 30,145 6.5
1 ,971 .8 2,749 .5
1 ,008 .4 1 ,320 .3
510 .2 726 .2
5,406 2.2 7,181 1 .6
2,090 .9 3,142 .7
692 .3 726 .2
4,473 1 .8 4,487 1 .0
548 .2 2,167 .5
218 .1 220 .1
323 .1 369 .1
92 572 .1
(18) 15
360 .2 2,708 .6
$ 42,267 17.3 $ 56,527 12.4
•
CITY OF FRIDLEY, MINNESOTA
36 WATER AND SEWER REVENUE BOND FUND
BALANCE SHEET
DECEMBER 31 , 1972 —
ASSETS
Current Assets
Cash $ (29,846)
Investments , at cost 575,000
Accounts receivable 268,419 --
Total current assets $ 813 ,573
Restricted assets - Revenue Bond Accounts
Sinking Account
Cash $ 24,951
Cash with fiscal agent 50,156
Investments, at cost 213,000 $ 288,107
Reserve Account
Cash $ 1 ,313
Investment, at cost 25,000 26,313 --
Construction Account
Cash $ 1 ,867 1 ,867
Accounts receivable Metropolitan Sewer Board 441 ,797 .,
Total restricted assets $ 758,084
Property, plant and equipment, substantially all at cost
Land and improvements $ 149,076
Buildings 737 ,067
Meters
229,766
Machinery and equipment 1 ,776,387 r-' --
$2,892,296
Less accumulated depreciation 691 ,799
Net property, plant and equipment $2,200,497
Total assets $3,772,154
LIABILITIES , RESERVES AND RETAINED EARNINGS --
Current liabilities
Accounts payable - Other $ 8,717 .,
Bonds payable within one year 70,000
Total current liabilities $ 78,717
Other liabilities
Accounts payable from restricted assets (Construction Account) $ 1 ,867
Bonds payable less portion due within one year 1 ,130,000
Meter deposits payable 241 ,849
Total other liabilities $1 ,373,716
Reserves
Metropolitan Sewer Board current value credit $ 441 ,797
Reserve for Sinking Account debt service 273,560
Reserve for Reserve Account 26,313
Total reserves $ 741 ,670
Retained earnings $1 ,578,051
Total liabilities , reserves and retained earnings $3,772,154
n
37
CITY OF FRIDLEY, MINNESOTA
WATER AND SEWER UTILITIES REVENUE BOND FUND
OPERATION AND MAINTENANCE ACCOUNT
STATEMENT OF INCOME
YEAR ENDED DECEMBER 31 ,1972
Combined Water Sewer
Operating revenue
Water Sales and sewer rents $ 993,472 $356,638 $636,834
Connection permits 7,800 2,590 5,210
Sales of materials and miscellaneous services 5,339 3 ,480 1 ,859
Total operating revenue $1 ,006,611 $362,708 $643,903
Operating expenses
Source of supply $ 376,495 $ 23,938 $352,557
Power and pumping 35,909 35,909
Purification 38,230 38,230
Transmission and distribution 173,728 82,617 91 ,111
Customer accounting and collecting 37,290 22,357 14,933
Administrative and general 24,448 11 ,972 12,476
Depreciation 120,121 117,583 2,538
Total operating expenses $ 806,221 $332,606 $473,615
fTh
Operating income (loss) $ 200,390 $ 30,102 $170,288
Other income and (expense)
Adjustment of 1971 disposal charges 19,622
Interest income 39,475
Connection charges 7,599
Interest expense (57,465)
Net income $ 209,621
ANALYSIS OF CHANGES IN RETAINED EARNINGS
YEAR ENDED DECEMBER 31 , 1972
Retained earnings January 1 , 1972, before adjustments $1 ,369,416
Net income 209,621
Transferred from Construction Account 41 ,430
.. Transfers to other funds (42,416)
Retained earnings December 31 , 1972 $1 ,578,051
38
•
CITY OF FRIDLEY, MINNESOTA
WATER AND SEWER REVENUE BOND FUND
STATEMENTS OF CHANGES IN FINANCIAL POSITION _-
YEAR ENDED DECEMBER 31 , 1972
Working capital provided from
Net income $ 209,621
Add expenses not requiring working capital -
Depreciation 120,121
Working capital provided from operations $ 329,742 .-
Transfers from other funds 41 ,430
Increase in reserves 638,085
Total working capital provided $1 ,009,257
Working capital used for
Reduction of long-term debt $ 580,948
Additions to property, plant and equipment 49,143 --
Increase in restricted assets 180,682
Transfers to other funds 42,416
Total working capital used $ 853,189 -,
Increase in working capital $ 156,068
Changes in elements of working capital n
Increase (decrease) in current assets
Cash $ (33,061 )
Accounts receivable 70,768 —
Investments (5,000)
(Increase) decrease in current liabilities
Accounts payable 183,361
Current portion of long-term payable (60,000)
Increase (decrease) in working capital $ 156,068
r,
39
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 , 1972
•
Sinking Reserve Construction
Combined Account Account Account
Cash balance, January 1 , 1972 $ 30,965 $ 24,004 $ 4,478 $ 2,483
Receipts
Interest on investments $ 16,711 $ 14,876 $ 1 ,835
Transfer from Water and Sewer
Operating Fund 163,446 131 ,579 $ 31 ,867
Investments sold 270,000 210,000 20,000 40,000
Total receipts $450,157 $356,455 $ 21 ,835 $ 71 ,867
Disbursements
Bonds $ 85,000 $ 85,000
Interest 57,240 57,240
Fiscal agents service charge 268 268
Construction costs 31 ,053 $ 31 ,053
Transfer to Water and Sewer
Operating Fund 41 ,430 41 ,430
Investments purchased 2_,___38000 213 ,000 $ 25,000
Total disbursements $452,991 $355,508 $ 25,000 $ 72,483
.. Cash balance, December 31 , 1972 $ 28,131 $ 24,951 $ 1 ,313 $ 1 ,867
Investment balance, January 1 , 1972 $270,000 $210,000 $ 20,000 $ 40,000
Additions 238,000 213,000 25,000
Deductions (270,000) (210,000) (20,000) (40,000)
Investment balance, December 31 , 1972 $238,000 $213,000 $ 25,000 $ -O-
..
40 CITY OF FRIDLEY, MINNESOTA
TRUST AND AGENCY FUNDS
BALANCE SHEETS - DECEMBER 31 , 1972
Firemen's Police -
Relief Relief P,E.R.A.
Association Association Pension
Combined Fund Fund Fund ..
ASSETS
Cash $ 57,359 $ 7,273 $ 23,611 $ 26,475
Taxes receivable
Unremitted 1 ,946 301 809 836
Delinquent . 5,919 1 ,141 1 ,980 2,798
Total assets $ 65,224 $ 8,715 $ 26,400 $ 30,109
RESERVE AND FUND BALANCE
Accounts payable $ 30,884 $ 7,273 $ 23,611
Reserve for uncollected taxes 7,865 1 ,442 2,789 $ 3,634 ^'
Fund Balance 26,475 26,475
Total reserve and fund
balance $ 65,224 $ 8,715 $ 26,400 $ 30,109
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31 , 1972
Cash balance January 1 , 1972 $ 16,466 $ 16,466
Receipts
General property taxes $140,761 $ 19,041 $ 59,892 $ 61 ,828
Insurance premium tax 44,756 22,992 21 ,764 ,.
Interest earned 862 862
Total receipts Ti86779 $ 42,033 $ 81 ,656 $ 62,690
Disbursements
Police Relief Association $ 58,045 $ 58,045
Firemen's Relief Association 34,760 $ 34,760
Pension Contribution 52,681 $ 52,681
Total disbursements $145,486 $ 34,760 $ 58,045 $ 52,681
Cash balance December 31 , 1972 $ 57,359 $ 7,273 $ 23,611 $ 26,475
•
41
CITY OF FRIDLEY, MINNESOTA
STATEMENT OF GENERAL FIXED ASSETS
DECEMBER 31 , 1972
General fixed assets
Land $ 593,649
Building and structures 783,742
Improvements other than buildings 16,406,503
Furniture, fixtures and office equipment 155,635
Machinery and equipment 590,489
Construction in progress 1 ,609,775
Total general fixed assets $20,139,793
Investment in general fixed assets
Special assessments $17,167,520
'"� State-aid 198,019
General fund 1 ,594,886
Municipal liquor dispensary 38,570
Contributions 283,715
General obligation bonds 856,597
Water and sewer utilities 486
Total investment in general fixed assets $20,139,793
General fixed assets were shown at cost except that fixed assets for which cost
information was not available were priced at appraised values.
-- 43
- CITY OF FRIDLEY, MINNESOTA
e
STATEMENT OF CASH AND SECURITY FOR DEPOSITS
DECEMBER 31 , 1972
Face amount
•
of securities
Cash and pledged as
deposits collateral
Checking accounts - Fridley State Bank,
Fridley, Minnesota
General account $(32,648) $225,000*
Petty cash and change funds 12,500
Total cash $(20,148)
*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 , 1972
/Th Cash Cash
balance balance
January 1 , December 31 ,
Fund 1972 Receipts Disbursements 1972
General Fund $ 4,799 $ 4,723,942 $ 4,722,465 $ 6,276
Special revenue funds (7,151 ) 818,478 808,072 3,255
Investment Fund (78,903) 8,545,622 8,554,341 (87,622)
Special assessment funds (19,885) 10,842,533 10,831 ,976 (9,328)
General debt service funds 28,816 124,665 152,628 853
Liquor Fund 10,241 1 ,716,549 1 ,716,016 10,774
Water and Sewer Revenue
Bond Fund 34,180 2,131 ,389 2,167,284 (1 ,715)
Trust and agency funds 16,466 186,379 145,486 57,359
Total $( 11 ,437) $29,089,557 $29,098,268 $( 20,148)
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CITY OF FRIDLEY , MINNESOTA —
BONDS PAYABLE - ALL FUNDS
DECEMBER 31 , 1972
Issue Interest Maturity Principal
date rate date amount
Special Assessment Debt Service —
Funds - Definitive Bonds
Regular
Sewer Improvement Bonds
May 1 , 1973 5/1/54 3.00% 5/1/73 $ 4,000
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 8/1/73-74 40,000 —
Water and Sewer Improvement
Bonds of 1954 (Series B) _
$20,000 per year 8/1/54 4.00 2/1/73-74 40,000
Water and Sewer Improvement
Bonds n$20,000 per year 11/1/54 4.00 2/1/73-74 40,000
Water and Sewer Improvement _
Bonds
$20,000 per year 5/1/55 3.60 2/1/73-75 60,000
$20,000 per year 3.60 8/1/73-75 60,000
General Obligation Improvement
Bonds
$20,000 per year 10/1/55 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 8/1/73-74 60,000
August 1 , 1975 4.75 8/1/75 50,000
August 1 , 1976 4.75 8/1/76 55,000
Total Regular Special Assessment Debt Service Funds $ 531 ,000
Sewer and Water No. 48
January 1 , 1973 10/1/61 4.10 1/1/73 $ 110,000
Total Sewer and Water No. 48 Special Assessment Debt .,
Service Fund $ 110,000
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45
CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
DECEMBER 31 , 1972
,_ Issue Interest Maturity Principal
date rate date amount
Special Assessment Debt Service
Funds - Definitive Bonds (Continued)
Improvement Bonds of 1960
-- January 1 , 1973 10/1/60 4.10% 1/1/73 $ 80,000
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 $ 775,000
Improvement Bonds of 1962
February 1 , 1973 5/1/62 3.50 2/1/73 $ 10,000
/Th 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 $ 70,000
Improvement Bonds of 1963
January 1 , 1973 1/1/63 3.50 1/1/73 $ 60,000
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 $ 415,000
Refunding Bonds of 1964
$105,000 per year 2/1/64 3.30 2/1/73-75 $ 315,000
$105,000 per year 3.40 2/1/76-79 420,000
�"1 February 1 , 1980 3.40 2/1/80 40,000
.. Total Refunding Bonds of 1964 Special Assessment Debt
Service Fund $ 775,000
46 -
CITY OF FRIDLEY, MINNESOTA
-
BONDS PAYABLE - ALL FUNDS (CONTINUED) r"1
DECEMBER 31 , 1972
Issue Interest Maturity Principal
date rate date amount
Special Assessment Debt Service
Funds - Definitive Bonds (Continued) -
Improvement Bonds of 1965
$30,000 per year 5/1/65 3.20% 2/1/73-75 $ 90,000 --
$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 $ 385,000
Improvement Bonds of 1967 _
$150,000 per year 10/1/67 4.20 1/1/73-75 $ 450,000
$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
Total Improvement Bonds of 1967 Special Assessment Debt
Service Fund $1 ,190,000
--Improvement Bonds of 1970
$95,000 per year 7/1/70 6.50 1/1/73-79 $ 665,000
$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
$15,000 per year 7.00 1/1/90-91 30,000 -
Total Improvement Bonds of 1970 Special Assessment Debt
Service Fund $1 ,160,000
Improvement Bonds of 1972
January 1 , 1973 10/1/72 3.80 1/1/73 $ 75,000
January 1 , 1974 3.80 1/1/74 110,000
$150,000 per year 3.80 1/1/75-76 300,000
$150,000 per year 4.10 1/1/77-78 300,000
$150,000 per year 4.40 1/1/79-80 300,000 -
$150,000 per year 4.60 1/1/81-82 300,000
$75,000 per year 4.80 1/1/83-84 150,000 �,
$ 75,000 per year 5.00 1/1/85-86 150,000 _.
January 1 , 1987 5.10 1/1/87 75,000
January 1 , 1988 5.20 1/1/88 75,000
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47
CITY OF FRIDLEY, MINNESOTA
eTh
BONDS PAYABLE - ALL FUNDS (CONTINUED)
DECEMBER 31 , 1972
"^ Issue Interest Maturity Principal
date rate date amount
Special Assessment Debt Service
Funds - Definitive Bonds (Continued)
Improvement Bonds of 1972 (Continued)
January 1 , 1989 10/1/72 5.20% 1/1/89 $ 50,000
$50,000 per year 5.25 1/1/90-91 100,000
$50,000 per year 5.30 1/1/92-94 150,000
Total Improvement Bonds of 1972 Special Assessment Debt
Service Fund $2,135,000
Total Special Assessment Definitive Bonds $7,546,000
General Debt Service Funds
Park Bonds
February 1 , 1973 5/1/62 3.40 2/1/73 $ 20,000
January 1 , 1973 1/1/63 3.50 1/1/73 20,000
January 1 , 1974 3.50 1/1/74 25,000
-- Total Park Bonds $ 65,000
Civic Center Bonds
._ February 1 , 1973 5/1/65 3.20 2/1/73 $ 20,000
$25,000 per year 3.20 2/1/74-75 50,000
$25,000 per year 3.30 2/1/76-78 75,000
430,000 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 $ 405,000
Total General Debt Service Funds $ 470,000
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49
CITY OF FRIDLEY, MINNESOTA
eTh BONDS PAYABLE - ALL FUNDS (CONTINUED)
DECEMBER 31 , 1972
Issue Interest Maturity Principal
date rate date amount
REVENUE BONDS
Public Utilities Sinking Fund
Water and Sewer Revenue Bonds of 1956
$15,000 per year 9/1/56 4.50% 9/1/73-76 $ 60,000
Total Water and Sewer Revenue Bonds of 1956 $ 60,000
Water No. 75
February 1 , 1973 5/1/65 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 $ 680,000
Water Bonds of 1970
January 1 , 1973 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
$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 Water and Sewer Revenue Bonds $1 ,200,000
Total Definitive Bonds $9,216,000
Special Assessment Debt Service
Funds - Temporary Bonds
Sewer, Water and Storm Sewer No. 106 7/1/72 7.00 7/1/75 $ 110,000
1972 Street 9/1/72 7.00 9/1/75 $ 430,000
Total Special Assessment Temporary Bonds $ 540,000
Total bonds outstanding $9,756,000
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CITY OF FRIDLEY, MINNESOTA -
DEBT SERVICE REQUIREMENTS - ALL FUNDS
DECEMBER 31 , 1972 _
Year Principal Interest Total
-
1973 $ 1 ,019,000 $ 406,216 $ 1 ,425,216
1974 932,000 389,528 1 ,321 ,528
1975 1 ,435,000 351 ,150 1 ,786,150 -
1976 810,000 276,178 1 ,086,178
1977 760,000 240,442 1 ,000,442
1978 750,000 207,426 957,425 -
1979 665,000 176,032 841 ,032
1980 600,000 147,430 747 ,430
1981 505,000 121 ,990 626,990
1982 500,000 98,730 598,730 -
1983 295,000 80,572 375,572
1984 260,000 68,002 328,002
1985 255,000 56,176 311 ,175 -
1986 250,000 44,512 294,512
1987 195,000 33,862 228,863
1988 155,000 24,850 179,850
1989 90,000 18,000 108,000
1990 65,000 13,462 78,463
1991 65,000 9,788 74,788 r1-
1992 50,000 6,625 56,625
1993 50,000 3,975 53,975
1994 50,000 1 ,325 51 ,325
$ 9,756,000 $ 2,776,271 $ 12,532,271
CERTIFICATES OF INDEBTEDNESS - GENERAL FUND
DECEMBER 31 , 1972
-
Interest Maturity Principal
rate date amount
-
Certificates of Indebtedness
maturing
July 1 , 1973 5 3/8% 7/1/73 $10,000
July 1 , 1974 5 3/8% 7/1/74 6,735
-
Total certificates of indebtedness $16,735
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51
CITY OF FRIDLEY, MINNESOTA
ASSESSED VALUATIONS, TAX LEVIES AND MILL RATES
(Shown by year of tax collectibility)
1970 1971 1972 1973
Assessed Valuations
Real estate $19,189,965 $23,921 ,229 $24,721 ,145 $89,400,378
Personal property 3,245,428 3,687,092 4,080,720 6,187,860
Actual assessed $22,435,393 $27,608,321 $28,801 ,865 $95,588,238
Exempt personal 1 ,155,935 1 ,210,692 N/A N/A
Total $23,591 ,328 $28,819,013 $28,801 ,865 $95,588,238
Tax Levies
General Fund $ 909,650 $. 1 ,001 ,209 $ 923,625 $ 1 ,075,464
.. Public Employees ' Retirement
Association Fund 90,312 47,402 59,566 53,954
Firemen 's Relief Association
Fund 24,057 27,523 17,602 13,776
Police Pension Association
Fund 44,610 55,862 57,547 49,992
General Debt Service Funds 83,590 81 ,531 67,200
Total $ 1 ,068,629 $ 1 ,215,586 $ 1 ,139,871 $ 1 ,260,386
Mill Rates
General Fund 38.56 34.74 32.07 10.84
" Public Employees ' Retirement
Association Fund 3.83 1 .64 2.07 .54
Firemen's Relief Association
-- Fund 1 .02 .96 .61 .14
Police Pension Association
Fund 1 .89 1 .94 2.00 .51
._ General Debt Service Funds 2.90 2.83 .68
Total 45.30 42.18 39.58 12.71
Note: The City of Fridley will receive $46,101 directly from the State of Minnesota
as a partial replacement for personal property tax in 1973.
The 1971 Minnesota State Legislature exempted from assessment most personal
property not previously exempted. The Legislature also set market value as the basis
for the assessment of real property. The effect is an increase in the assessed value
of real property and a reduction in the mill rate.
52
CITY OF FRIDLEY, MINNESOTA
1 n
TAX LEVIES AND TAX COLLECTIONS
YEARS 1963 THROUGH 1972 -
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
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 w.
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
1969 904,756 877,150 96.95 16,349 893,499 .9875:1 (M-
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
1972 1 ,139,871 1 ,119,975 98.25 75,812 1 ,195,787 1 .0490:1
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53
CITY OF FRIDLEY, MINNESOTA
INSURANCE COVERAGE
DECEMBER 31 , 1972
All risk, direct physical loss coverage
Buildings and contents (except liquor stock) - 90% Co-insurance $3,618,168
Boiler insurance 500,000
Contractor's equipment 229,997
Signs 10,000
Fire and extended coverage - Liquor contents (include stock) 504,000
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
I
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 , 1972
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