1973 Financial Statements r
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CITY OF FRIDLEY, MINNESOTA
FINANCIAL STATEMENTS
DECEMBER 31 , 1973
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1EN'N
CITY OF FRIDLEY, MINNESOTA
ELECTED AND APPOINTED OFFICIALS
DECEMBER 31 , 1973
mu
Term of office
expires January
Elected
Mayor - Frank G. Liebl 1975
Councilmen
Wallace R. Starwalt 1974
Everett F. Utter 1975•
William J. Nee 1976
Tim F. Breider 1976
Effective January 1974
Mayor - Frank G. Liebl 1975
`"°h Councilmen
Everett F. Utter 1975
William J. Nee 1976
Tim F. Breider 1976
Wallace R. Starwalt 1977
Appointed
City Manager - Nasim M. Qureshi
Clerk-Treasurer - Marvin C. Brunsell
Attorney - Virgil C. Herrick
Assessor - Mervin Herrmann
•- Engineer - Nasim M. Qureshi
CITY OF FRIDLEY, MINNESOTA
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TABLE OF CONTENTS
Page
Accountant's opinion 1
'^ Comments 2
Balance sheets - All funds 8
General and special revenue funds
Balance sheets 10
General and Special Revenue Funds - Analysis of fund balances 11
General Fund
Statement of revenue - Actual compared with budget estimates 12
Statement of expenditures - Actual compared with budget estimates 13
Special Revenue funds - Statements of revenue and expenditures 18
Investment Fund
Balance sheet 19
Statement of cash receipts and disbursements 19
Special assessment funds
Balance sheets 20
Statements of cash receipts and disbursements 21
Individual fund balance sheets
Construction 22
Debt service 24
Special assessment construction funds - Statements of cash receipts
and disbursements 28
Special Assessment debt service funds - Statements of cash receipts
and disbursements 32
General debt service funds •
Balance sheets 36
Statements of cash receipts and disbursements 36
Liquor Fund
Balance sheet 37
Statement of income
38
Analysis of changes- in retained earnings 38
Statement of changes in financial position 41
r, Statement of operating expenses 42
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CITY OF FRIDLEY, MINNESOTA
TABLE OF CONTENTS (CONTINUED)
Page
Water and Sewer Revenue Bond Fund .,
Balance sheet 44
Operation and Maintenance Account - Statement of income 45
Analysis of changes in retained earnings 45
Statement of changes in financial position 46
Statement of changes in assets restricted for revenue bond
debt service
Sinking Account 47
Reserve Account
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47
Construction Account 47
Trust and agency funds
Balance sheets 48
Statements of cash receipts and disbursements 48
Statement of general fixed assets 49
Miscellaneous information
Statement of cash and security for deposits 50
Summary of statement of cash receipts and disbursements 50
Statement of investments 51
Bonds payable - All funds 52
Debt service requirements - All funds 57
Debt service requirements - General obligations bonds 58
Debt service requirements - Permanent bonds - Special assessment funds 59
Debt service requirements - Temporary bonds - Special assessment funds 60
Debt service requirements - Public utility revenue and water
improvement bonds 61
Assessed valuations, tax levies and mill rates 62
Comparison of valuations and levies of classes of property 63
Tax levies and tax collections 64
Insurance coverage 65
Employees' surety bonds 65
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GEORGE M. HANSEN COMPANY
Certified Public Accountants
SOUTH PLAZA BUILDING
MINNEAPOLIS, MINNESOTA 55416
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•% 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, 1973. Our examination was made in accordance
with generally accepted auditing standards and accordingly in-
cluded such tests of the accounting records and such other
auditing procedures as we considered necessary in the circumstances.
1-‘1Th In our opinion, these statements, page 8 to page 56, present fairly
the financial position of the respective funds of the City of Fridley,
.. Minnesota at December 31, 1973 and the results of their operations
for the year then ended, in conformity with generally accepted
governmental accounting principles applied on a consistent basis
_4e-err. 77?.
July 3, 1974
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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 accural 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
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 71
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 f
1973 1972
Budget Budget rl
Actual estimates Actual estimates II
General property taxes $1 ,087,173 $1 ,053,955 $ 973,103 $ 905,153
Licenses and permits 123,859 101 ,607 166,776 93,930 ri
Fines and forfeitures 33,844 24,000 25,680 24,000
From use of money and property 61 ,117 36,100 59,251 33,600
Intergovernmental revenue 502,955 577,298 541 ,938 524,372 71
Charges for current services 57,100 54,625 47,761 53,565
Other revenue 31 ,895 18,860 30,805 17,190
Transfers from other funds 263,245 263,282 156,500 202,000
Prior year's fund balance 97,756 84,035
Total revenue $2,161 ,188 $2,227,483 $2,001 ,814 $1 ,937,845.
71
7 EXPENDITURES 3
1973 1972
^" Budget Budget
Actual estimates Actual estimates
General government $ 371 ,333 $ 386,663 $ 343,947 $ 351,601
Public safety 844,248 862,360 652,201 693,703
Highways 470,028 476,176 432,092 448,387
., Sanitation and waste removal 24,978 35,730 21 ,590 39,178
Conservation of health 1 ,609 7,715 6,125 7,415
City band 1 ,393 1 ,600 1 ,259 1 ,600
Recreation 83,722 86,767 82,803 97,282
Municipal parks 322,828 324,027 267,677 264,099
Reserve for contingencies 4,200 46,445 34,580
Total expenditures $2,124,339 $2,227,483 $1 ,807,694 $1 ,937,845
Actual revenues exceed actual expenditures during 1973 by $36,849 increasing the
fund balance to $810,035 at December 31 , 1973. A substantially unused reserve for
contingencies was the main reason 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 , 1973, $537,478 of the fund balance was
., available for future seal coating.
Park Capital Fund - This fund accounts for the acquistion and improvement of parks
in the City. Revenue has been provided by transfers from other funds along with
Federal and State grants in aid.
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 i f,
the Act. The City's share of revenue for 1973 was $152,520, of which $38,992 is to be
m.
received in 19.74.
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 , 1973, this fund shows only interest earned but not yrt
r received.
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SPECIAL ASSESSMENT FUNDS
Special assessment funds are established to account for special assessments levied 1_
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 ,
1973. 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
$321 ,600 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
$527,900, This tax levy was set up in the bond resolution for payment of the total
bond issued; 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.
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.
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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.
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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 1973, 1972 and 1971 :
r,
1973 1972 1971
Percent Percent Percent
r of sales of sales of sales
Sales
Off sale $1 ,067,330 100.0 $1 ,069,472 100.0 $1 ,137,712 78.4
r, On sale 312,647 21 .6
Total sales $1 ,067,330 100.0 $1 ,069,472 100.0 $1 ,450,359 100.0
7 Cost of sales 832,148 78.0 807,136 75.5 952,302 65.7
Gross profit $ 235,182 22.0 $ .262,336 24.5 $ 498,057 34.3
Operating expenses 202,308 18.9 188,057 17.6 370,031 25.5
Operating profit $ 32,874 3.1 $ 74,279 6.9 $ 128,026 8.8
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Other income and
expenses (net) 19,235 1 .8 25,772 2.4 86,874 6.0
Net income $ 52,109 4.9 $ 100,051 9.3 $ 214,900 14.8
Percent of Percent of Percent of
'^ net income net income net income
Transfers to other
City funds $ -0- $ 136,500 136.4 $ 224,175 104.3
The City sold both on-sale liquor stores in September 1971 for $252,000 resulting in a
gain of $66,848. Accounts receivable of $161 ,871 from the sale of-the stores is re-
flected on the balance sheet at December 31 , 1973.
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 $470,000 of these bonds were outstanding at
December 31 , 1973 and payable in future years. Debt service accounts for these bond
p. 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 .
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Shown below is a condensed summary of operations of the water and sewer operation
account for 1973, 1972 and 1971 .
1973 1972 1971
Water account
Operating revenue $413,027 $362,708 $364,261
Operating expenses - 416,621 332,606 268,791
Operating income (loss) $ (3;594) $ 30,102 $ 95,470
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Sewer account
Operating revenue $611 ,448 $643,903 $359,2.05
Operating expenses 407,545 473,615 434,299
Operating income (loss) $203,903 $170,288 $(75,094)
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 1973 include $255,629 in rental charges as compared with $352,557 in 1972
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 $22,835 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 considers such transfers as direct charg:
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 Relie
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.
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CLAIMS AND LITIGATION
With the exception of the below mentioned item, the City had the usual and customary
types of miscellaneous claims pending at year-end, mostly of a minor nature and
usually all covered by insurance carried for that purpose.
The City of Fridley and the City of Columbia Heights have been named as co-defendants
in the case of John Glover Houses Inc. The plaintiff has requested two million
dollars in damages and alledges that these damages resulted from work performed by
the defendants at Sullivan Lake. Although the City is of the opinion that they have
no liability in the case, the City Attorney is of the opinion that, "if there is any
liability, the primary liability lies with the City of Columbia Heights." He also
states he does "not anticipate that the liability, if any, associated with the City
of Fridley would exceed the insurance coverage."
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CITY OF FRID1.EYt?INNESOTA
BALANCE SHEETS - ALL FUNDS
DECEMBER 31 , 1973
General
and
nd ,
Combined Special
Total Revenue
ASSETS ^
Cash $ (223,269) $ 9,861
Cash with fiscal agent 685,699 ..
Investments, at cost plus accrued interest.
City of Fridley temporary bonds 1 ,655,000
U. S. Government obligation 4,557,805 1 ,552,000
Accounts receivable 1,023,802 76 ,068
Taxes receivable 1 ,370,491 42,827
Special assessments receivable 8,465,103 11 ,227
Inventories, at cost 205,895 9,807 71
Fixed assets, at cost less accumulated depreciation 24,264,988
Amounts to be provided 1 ,616 ,011 289,606.
Total assets $43,621 ,525 $1 991 ,486
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LIABILITIES, RESERVES AND FUND BALANCE
Accounts and contracts payable $ 710,738 $ 449,232 ,,,
Due to other funds
Deposits payable 442,405 21 ,180 I
Bonded indebtedness - Future maturities n
Definitive bonds I I
Principal 8,197,000
Interest 1 ,981 ,850 r.,
Temporary bonds (held by City of Fridley)
Principal 1 ,655,000
Interest 310,450
Reserves 4,165,630 54,054 I
Unencumbered appropriation balances 200,383
Investment in general fixed assets 21 ,862,029
Retained earnings 2,333,000
Fund balance 1 ,763,040 1 ,467,020
Total liabilities , reserves and fund balance $43,621 .525 $1 ,991 ,486
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General Water and Trust
Investment Special Debt Municipal Sewer and General
Fund Assessment Service Liquor Utilities Agency F ixeg ws el
r-
$(118,626) $( 214,777) $ 68,702 $ 8,436 $ 13,083 $10,052
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606,239 25,438 54,022
1 ,655,000
1 ,919,805 27,000 1 ,059,000
118,626 161 ,871 667,237
849,502 472,457 5,705
8,453,876
r, 196,088
260,359 2,142,600 $21 ,862,029
1 ,326,315
r $ -0- $14,595,960 $566,597 $653,754 $3,935,942 515,757 121 ,862,02.9
$ 157,746 $ 22,370 $ 80,211 $ 1 ,179
163,484 257,741
6,657,000 $410,000 1 ,130,000
1 ,888,434 93,416
1 ,655,000
310,450
3,276,316 63,181 766,374 $ 5,705
200,383
$21 ,862,029
^, 631 ,384 1 ,701 ,616
287,147 - 8,873
-0- $14,595,960 $566,597 $65 3,7541 13,935,942 $15,757 21 ;8s24fg3
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CITY OF FRIDLEY.,, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS
BALANCE SHEETS
DECEMBER 31 , 1973
Municipal Park Revenue
Combined General State-Aid Capital Sharing
ASSETS
Cash $ 9,861 $ (2,658) $ 478 $ 11 ,970 $ 71
Investments, at cost plus
accrued interest 1 ,552,000 968,838 537,000 46,162 _,
Accounts receivable
Due from Federal Government 48,526 9,534 38,992
State of Minnesota 22,312 22,312
Other 5,230 5,230
Taxes receivable
Unremitted 7,521 7,521
Delinquent 35,306 35,306 .,
Delinquent special
assessm,In i:s receivable 11 ,227 11 ,227
Inventories, at cost 9,807 9,807
Amount to be provided
For land and buildings .__ 289,696 289,696
Total assets $1 ,991 ,486 $1 ,334,501 $559,790 $ 11 ,970 $ 85,225 ^
LIABILITIES, RESERVES AND FUND
BALANCE
Accounts payable $ 159,536 $ 159,536
Contracts payable 289,696 289,696
Deposits payable 21 ,180 21 ,180
Reserve for uncollected
taxes and special assessments 54,054 54,054
Resolution for authorized
construction 22,312 22,312
Fund balance 1 ,444,708 810,035 $537,478 $ 11 ,970 $ 85,225
Total liabilities,
reserves and
fund balance $1 ,991 ,486 $1 ,334,501 $559,790 $ 11 ,970 $ 85,225
$7,178 of State Aid Fund Construction in progress will be found in General Fixed Assets. ..
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CITY OF FRIDLEY, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS
ANALYSIS OF FUND BALANCES
YEAR ENDED DECEMBER 31 , 1973
Municipal Park Revenue
Combined General State Aid Capital Sharing
Fund balance, January 1 , 1973. $1 ,367,372 $ 769,536 $465,429 $ -0- $132,407
Add
Revenue $2,620,819 $2,161 ,188 $277,906 $ 21 ,662 $160,063
Adjustment of prior years'
amounts payable and
receivable 3,650 3,650
Total additions $2:624,469 $2,164,838 $277,906 $ 21 ,662 $160,063
Deduct
Expenditures $2,531 ,345 $2,124,339 $199,761 $207,245
r. Reserve for authorized
expenditures
January 1 , 1973 6,096 6,096
Adjustment of prior years'
amount receivable 9,692 - $ 9;692
Total deductions $2,547,133 $2,124,339 $205,857 $ 9 ,692 $207,245
Fund balance
December 31 , 1973 $1 ,444,708 $ 810,035 $537,478 $ 11 ,970 $ 85225
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CITY OF FRIDLEY,. MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE - ACTUAL COMPARED WITH BUDGET ESTIMATES
YEAR ENDEDDECEMFER 31, 1973
Budget
Actual Estimates -,
General property and other taxes
Current ad valorem $ 860,331 $ 839,124
5% Homestead credit 162,461 158,501
Personal property replacement 39,319 38,330
Delinquent ad valorem 23,889-- 15,000
Tax forfeit 1 ,173 3,000_ "'
$1 ,087,173 T1 ,053,955
Licenses and permits ..
Business regulatory licenses $ 39,683 $ 39,909
Nonbusiness licenses and permits 84,176 61 698
$p' 123,859 T 10_, 07
Fines and forfeitures - Municipal Court $ 33, _8844 $ 24,000
• Y
Revenue from use of money and property
Interest earned $ 55,343 $ 30,500
Rents 5,774 5,600
$----61 ,117 $ 3€ ,100 .
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Intergovernmental revenue _ -
Cigarette and liquor taxes $ • 53,549 $ 114,000
Mobile home registration --- 17,000
Local government aid 414,949 414,948
Gasoline tah 2%",350 22,350
Mortgage registry 12,107 9,000
$w 502,955 V 77, 298
Charges for current services .,
General Government $ 15,247 $ 8,025
Public Safety 8,138 5,150
Conservation of Health 10,388 19,500
Recreation 23.,327 21 ,950
$- -57, 00 $ 54,625
Other revenue $ _ 31 ,895 $ 18,860 T
Transfers from other funds
Municipal Liquor Operating Fund _-- $ -- ^
Municipal State-Aid Fund - Seal Coating 56,000 56,000
• Revenue Sharing 207,245 _ 207,282•
____•.'r.____�? _ 203,___ _ .-,
Prior year!i' fund balance $ 97,75
Total revenue $2,161 ,188 %�4 r ,
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r CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
r STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES
' YEAR ENDED DECEMBER 31 , 1973
Budget
Actual Estimates
General Government
Mayor and Council
Personal services $ 22,800 $ 26,233
Contractual services 12,715 13,900
Commodities • 1 ,654 650 +
Other charges 9,213 5,930
r • Capital outlay 91 200
H $ 46,473 $ 46,913
Manager
Personal services $ 49,196 $ 50,302
Contractual services 6,734 6,950
Commodities 1 ,059 1,600
Other charges 1 ,966 1 ,979 979
Capital outlay 721 500
$ 59,676 $ 61 ,331
`'h Personnel
Contractual service $ 1 ,674 $ 2,200
Elections and Voters' Registration
Personal services $ 1 ,280 $ 1,363
Contractual services 221 1 ,035
Pm
Commodities 158 600
Other charges 133 1 ,110
$ 1 ,792 $ 4,108
P.m
Finance
Clerk-Treasurer
r. Personal services $ 49,381 $ 49,468
Contractual services 8,801 7,825
Commodities 2,560 4,200
Other charges 3,180 3,581
Capital outlay 2,018 1 ,142
Refunds 204 200
Assessor
Personal services 46,076 47,252
Contractual services 3,898 4,965
Commodities 105 925
^, Other charges 2,126 2,009
I Capital outlay 100 100
Data Processing
.f'\ Commodities 202 500
Other charges 16,988 20,000
Capital outlay 457 500
Independent auditing and accounting 4,450 5,000
$ 140,546 $ 147,667
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CITY OF FRIDLEY, MINNESOTA ."
GENERAL FUND
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED)
YEAR ENDED DECEMBER 31 , 1973 -- - _
Budget
General Government (Continued) Actual Esi:imates.
Legal
Personal services $ 30,520 $ 29,800
Contractual services 250
Commodities --
Other charges L -_ 400 ^,
• v ~30,520 ^30,600
Administrative Offices
• Industrial Development •~
o"/ Personal services $ - $ 150 --
Contractual services -- 910
Commodities
el Civil Service -- 15.0
0
Personal services 235 125
Contractual services 133 410 '-
v Human Relations
Contractual services 32 150
Conmod i tiez -- 125 .-
t)
1/ Environmental Commission
Personal services --• 100
Contractual services 200
$ 4000
/ Planning and Zoning .
Personal services $ 24,199 $ 25,474
CP ,, Contractual services_ 2,759 1 ,550
Commodities 582 1,000
0ther charges
636 652 �,
Capital outlay -- _ • 500
28,1b -17. 29,176
General Government Buildings ^.,
Personal services $ 17,763 $ X6,842
Contractual services 31 ,177 31 ,377
Commodities 2,319 2,0i2 ^
Other charges 5,287 5,952
Capital outlay 5,530 6,155
I- 62,076 $ 62,338- .,
Total General Government
$ 371 ,133 3861 653
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CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
rTh STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED)
r YEAR ENDED DECEMBER 31 , 1973
I •
Budget
Actual Estimates
j Public Safety ^_
Police Protection
Personal services $ a91 ,764 $ 423,000
iii Contractual services 37,048 26,720
Commodities 19,271 22,639
Other charges 21 ,107 22,704
Capital outlay 45,004 34,779
) ' $ 514,194 $ 529,542
Fire Protection
7 Personal services $ 108,780 $ 111 ,021
Contractual services 17,842 16,950
Commodities 10,452 6,650
Other charges 10,669 11 ,567
Capital outlay 87,547 89,400
$ 235,290 $ 235,588
' ' Protective Inspection
Personal services $ 56,391 $ 55,990
Contractual services 11 ,492 .12,500
'� Commodities 895 1 ,200
''sr- Other charges 2,030 2,154
P•1 Capital outlay 795 650
Refunds 301 150
$ 71 ,904 $ 72,644
Civil Defense
Personal services $ 8,778 $ 9,320
Contractual services 1 ,232 1 ,485
Commodities 27 300
Other charges 1 ,178 1 ,206
Capital outlay 6,545 5,700
^ $ 17,760 $ 18,011
Animal Control
Contractual services $ 5,100 $ 6,000
r, Commodities 275
$ 5,100 $-^- 6,275
Total Public Safety $ 844,248 $ 862,360
Hi9hw ys
rEngineering
71 Personal services $ 53,793 $ 56,716
Contractual services 6,462 8,600
f) Commodities 3,566 2,500
Other charges 4,985 4,632
1 Capital outlay 3,908 3,800
$------7-2 Trir r-----F6 -24-8.
7
16
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED)
YEAR ENDED DECEMBER 31 , 1973
Budget
Actual Estimates
Highways (Continued)
Street and Alley
Personal services $ 110,604 $ 110,092
Contractual services 26,957 22,100
Commodities 23,739 21 ,400 P.
Other charges 31 ,886 31 ,437
Capital outlay 13,510 22,000
$ 206,696 $ 207,029
Snow and Ice Removal li
Personal services $ 12,902 $ 13,075
Contractual services 4,059 4,400
Commodities 2,775 2,400 rj
Other charges 1 ,437 1 ,400
Capital outlay 6,399 8,000
$ 27,572 $ 29,275 fl
Traffic Signs, Signals and Markings ' I
Personal services $ 6,803 $ 7,250 11
Contractual services 10,261 13,300
Commodities 6,922 5,600
Other charges 120 200
Capital outlay 23,950 21 ,950 r1
$ 48,056 $ 48,300
Equipment Maintenance
Personal services $ 23,711 $ 23,750 rl
Contractual services 12,505 11 ,050
Commodities 9,001 8,400 rl
Other charges 1 ,827 2,028 I
Capital outlay 27,377 29,496
$ 74,421 $ _74,724 r.
Street Lighting Ii
Contractual services $ 40,569 $ 40,600
Total Highways $ 470,92.8 $ 476,176 rl
Sanitation and Waste Removal n
Storm Sewers ! f
Personal services $ 2,280 $ 5,880
Contractual services 6,996 6,400 n
Commodities 4,988 1 ,400 II
Other charges 53 900
$ 14,31-7 $ 14,580
- nil
n
7�' 17
7
CITY OF FRIDLEY, MINNESOTA
rM GENERAL FUND
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED)
r YEAR ENDED DECEMBER 31 , 1973
n Budget
Actual Estimates
Sanitation and Waste Removal (Continued)
Weed Eradication
fl ,_, Personal services $ 2,900 $ 2,900
N. Contractual services 7,731 17,775
Commodities 25 200
Other charges 5 75
, , $ 10,661 $ 20,950
., Pest Control - Contractual services $ -- $ 200
Total Sanitation and Waste Removal $ 24,978 $ 35,730
, Conservation of Health
/ Conservation
Personal services $ 1 ,524 $ 6,050
� Contractual services 2 1 ,520
�� Commodities -- 80
Other charges 83 65
Total Conservation of Health $ 1 ,609 $ 7,715
%') City Band
Personal services $ 954 $ 950
r, Contractual services 426 650
1 I Commodities 13 --
Total City Band $ 1 ,393 $ 1 ,600
^ Recreation
Personal services $ 62,523 $ 67,362
Contractual services 3,874 4,500
, Commodities . 16,384 14,425
Other charges 900 480
Refunds 41 --
Total Recreation 83,722 $ 86,767
1
Municipal Parks
Personal services $ .131 ,199 $ 137,650
Contractual services 44,003 36,770
Commodities 18,447 16,630
Other charges 13,218 12,648
-• Capital outlay 115,961 120,329
Total Municipal Parks $ 322,828 $ 324,027
Reserve for contingencies $ 4,200 $ 46,445
71 Total expenditures $2,124,339 $2,227,483
18 r-
CITY OF FRIDLEY, MINNESOTA
SPECIAL REVENUE FUNDS
STATEMENTS OF REVENUE AND EXPENDITURES
YEAR ENDED DECEMBER 31 , 1973
Municipal Park Revenue
Combined State-Aid vital Sharing
cvenue P.
State-aid construction apportionment $143,761 $143,761
Federal Revenue Sharing Grants 152,520 $152,520
Interest on investments 30,668 19,671 $ 3,458 7,539
Transfers from other funds
General Fund 18,208 18,204 4
1962 Street Construction Fund 114,474 114,474
Total revenue $459,631 $277,906 $ 21 ,662 $160,063 ri
I ;
_xpenditures
Transfers to other Funds
General Fund $263,245 $ 56,000 $207,245
1971 Street Construction Fund 12,830 12,830
1973 Street Construction Fund 130,931 x"0,9 1
Total expenditures $407,006 _ $199,761 $207,245
Revenue over (under) expenditures $ 52,625 $ 78,145 $ 21 ,662 $(47,182) r
n
n
pm
r
rl
rl 19
CITY OF FRIDLEY, MINNESOTA
INVESTMENT FUND
BALANCE SHEET
DECEMBER 31 , 1T73
I '
ASSETS
•
r Cash (deficit) $ (118,626)
Accrued interest receivable 118,626
II Total Assets $
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31 1973
Cash balance, January 1 , 1973 1. _87,622)
Receipts
Investments Matured $5,079,752
Accrued Interest Received 186,257
Interest Earned Current Period 157,556
L,., Transfers in From Other Funds (Investment Principal ) 6,212,805
Total receipts $11 ,636,370
Disbursements �.
Investments Purchased
$5,683,664.
Distributed to Other Funds (Investment Principal ) 5,608,893
ri Interest distributed to other City funds
General 51 ,326
Special Revenue 27,210
r Debt Service 3,182
Capital Projects 3,457
Exterprise Funds 65,245
Trust & Agency 882
Special Assessment 223,515
fl Total disbursements $11 ,667,374
riCash balance, December 31 , 1973
� I
"1
20 r.
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT FUNDS
BALANCE SHEETS
DECEMBER 31 , 1973 •
Special Special Special
Assessment Assessment Improvements r,
Combined Construction Debt Service Revolving
ASSETS
Cash (deficit) $ (214,777) $ (21 ,470) $ (193,436) $ 129
Cash with fiscal agents 606,239 606,239
io estments, at cost plus accrued
interest ^
City of Fridley temporary bonds. 1 ,655,000 ' • 1 ,655,000
Other 1 ,919,805 304,805 1 ,340,000 275,000
Accounts receivable
Taxes receivable .
Delinquent 2 2
Deferred 849,500 849,500
Special assessments receivable r
Delinquent 741 ,420 724,891 16,529
Deferred
Principal 5,184,526 5,025,553 158,973 r
Interest 2,527,930 2,527,930 i
Amounts to be provided for
Construction 74,794 74,794
Debt .retirement 1 ,251 ,521 1 ,251 ,521.
Total assets $14,595,960 $ 358,129 $13,787,200 $. 450,631_
n
LIAILITI£S_, RESERVES, APPROPRIATIONS
AND FUND BALANCE rr
Accounts and contracts payable $ .157,746. $ 157,746
Deposits payable 163,484 $ 163,484
bonded indebtedness —Future maturities 7
Definitive bonds
Principal 6,657,000 $6,657,000
Interest 1 ,888,434 1 ,888,434 rr
Temporary bonds (held by City li
of Fridley)
Principal 1 ,655,000 1 ,655,000 r,
Interest 310,450 310,450
Reserves for debt retirement 3,276,316 a,276,316
Unencumbered appropriation balances 200,383 200,383
Fund balance 287,147 287,147 r,
i ;
Total liabilities, reserves ,
appropriations and ^
fund balance $14,595,960 $ 358,129 $13,787,200 $ 450,631`
$7,992 construction in progress for Revolving Fund r\-1
will be found in General Fixed Assets ,
ri
l l 21
pCITY OF FRIDLEY) MINNESOTA
i !
n SPECIAL ASSESSMENT FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31 , 1973
r.,
Special Special Special
Assessment Assessment Improvements
Combined Construction Debt Service Revolving`_
Cash balance, January 1 , 1973 $( 9,328) $( 88,957) $ 77,984 $ 1 ,645
1 '
Receipts
Proceeds from sale of temporary
7 bonds $ 1 ,125,000 $1 ,125,000
' Special assessments 1 ,119,877 $1 ,051 ,004 $ 68,873
General property taxes 72 72-
r� Penalty and interest on
special assessments 25,682 24,859 823
Interest on investments 242,514 19,863 202,069 20,582
Investments sold 3,424,893 384,000 2,750,893 290,000
li Other governmental units - 12,393 12,393
Escrow deposits 33,047 33,047
Transfers from other funds 746,440 534,753 210,015 1T671
Total receipts $ 6,729,918 $2,076,009 $4,238,913: $414,995
n Disbursements
Capital outlay
Transfers to other funds -
Interest during construction $ 73,563 $ 73,563
Other 1 ,465,940 1 ,465,940
$ 1 ,539,503 $1 ,539,503
Retirement of bonds
Principal 809,000 $ 809,000
Interest 347,906 347,906
Investments purchased 3,574,805 304,805 2,995,000 $275,000
n Transfers to other funds 595,961 164,214 344,173 87,574
H Refund of escrow deposits 53,865 53,865
Other disbursements 14 1327 14,254 73
11 Total disbursements $ 6,935,367 $2,008,522 $4,510,333 $416,512.
n
Cash balance, December 31 , 1973 $( 214,777 ) $( 21 ,470) $( 193,436)_ 129
II
22
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT CONSTRUCTION FUNDS
BALANCE SHEETS
DECEMBER 31 , 1973
ASSETS
• -- `—` aunt
to be
provided for
Cash Investments construction
Sew,-2r and Water No. 50 $ $ 10,000
Storm Sewer No. 82 764 14,000
Sewer •:;d Water No. 93 1 ,607 6,805
Sewer and Water No. 102 521 38,000 $ 1 ,362
S um Sower and Sewer and Water No. 103 3.015
Locke Lake D No. 104 249 80
Storm Sower and Srwer and Water No. 105 3,594
Sewer and Wa .:r No. 106 1 ,233 15,817
Storm Sewer an:a Sewer and Water No. 107 (8,737) 8,737
S4: er and Water No. 112 4,946
Sewer :nd water No. 113 (3,754) 3,75 n
Storm .yt.:;,.r and Sewer and Water NG. 114 (37,330) 37,330
1970 Street 7,186
1971 Street 6,705
197 Street 62 ; 47,000
1973 Street 374 189,000"
1973 Street (7,691) 7,691 II
Combined $ t71 ,470 1304,815 L 74z794
Construction in progress in the amount of $679,069 will be found in General Fixed
Assets. -
. 1,
rl
! I
li
11
23
LIABILITIES AND APPROPRIATIONS
'recounts .__ �.._._.._.._.., Total
(� and Unencumbered liabilities
Total contracts appropriation and •
assets payable __._.._balance a..pre r ati o pi
$ 10,290 $ 7,408 $ 2,882 $ 10,290
14,764 11 ,000 3,764 14,764
8,412 • 7,783 629 8,412
39,883 39,883 39,883
8,038 8,038 8,03}
329 329 329
3,524 299 3,225 3,524
17,050 17,050 17,050
4,946 4,946 4,946
fl 7,186 6,677 509 7,186
6,705 6,705 - 6,705
47,628 47,628 47,628
189,374 189,374 189,374
$ 358,129 $ 1.511746 L200,383 $ 3583129
ii
24
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT DEBT SERVICE FUNDS
BALANCE SHEETS
DECEMBER 31 , 1973
Regular
Special
_Combined Assessment
ASSETS
Cash (deficit) $ (193,436) $ 34,338
Cash with fiscal. agents • 606,239
Investments, at cost plus accrued interest
City of Fridley temporary bonds 1 ,655,000 1,100,000
Other 1 ,340,000
Taxes receivable r^
Delinquent 2
Deferred 849,500
Special assessments receivable r,
Delinquent 724,891 70,461 1
Deferred
Principal 5,025,553 104,748
Interest 2,527,930 9,530 `l
Alount to be provided for debt retirement 1 ,251 ,521
Total assets
•
. $13,787,200 $1 ,319,077 r-±
LIABILITIES AND RESERVE
Bonded indebtedness - Future maturities
Definitive bonds n
Principal $ 6,657,000 $ 357,000
Interest 1 ,888,434 22,842 '
• Temporary bonds (held by City of Fridley)
Principal 1 ,655,000
Interest 310,450
Reserve for debt retirement 3,276,316 939,235
Total liabilities and reserve $13,787,200 $1 ,319,077 fl
n
II
II 25
I •
(-)
•
II
Sewer, Improve-
r and Sewer Water Sewer Storm Water & menu
& Water Sewer Storm S. 1972 1973 Bonds of
No. 48 No. 102 No 106 No 112 Street Street 1960
$(58,870) $ 1 ,044 $ 808 $ 153 $(173,766) $ -A44
89,668
380,000
n 23,000 14,000
I I 75,892 1 ,519 1 ,100 85,890
r1.7 87,745 94,842 82,459 611 ,260 274,354
422,456
71 ,229 66,720 264,787 81 ,193
$822,800
I $104,767 $423,500 $191 ,398 $163,332 $703,381 $822,800 $911,5 !9
$695,000
129,848
(� $350,000 $100,000 $ 95,000 $430,000 $680,000
� I 73,500 14,000 19,950 60,200 142,800
$104,767 77,398 48,382 213,181 _ 86,70
n $104,767 $423,500 $191 ,398 $163,332 $703,381 $822,8001 $91.1 ,549
�1
I '
26 r,
r•
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT DEBT SERVICE FUNDS n
BALANCE SHEETS (CONTINUED
DECEMBER 31 , 1973
Improve- Improve-
ment ment --
Bonds of Bonds of
1962 1963
ASSETS
r-
Cash (deficit) $ 114 $ 273
Cash with fiscal agents 56,618
Investments, at cost plus accrued interest
City of Fridley temporary bonds - 87,000 ' 88,000
Other 124,000
Taxes receivable
Delinquent
Deferred 321 ,600
Special assessments receivable
Delinquent 14,531 44,517
Deferred
Principal 26,175 20,929
Interest 7,369 3,912
Amount to be provided for debt retirement
Total assets $135,189 $659,849
LIABrLITIES AND RESERVE r
Bonded indebtedness . .. Future maturities
Definitive bonds
Principal $ 60,000 $355,000
Interest 9,690 63,993
Temporary bonds (held by City of Fridley) r-
Principal
Interest
Reserve for debt retirement 65,499 240,856 r.,
Total liabilities and reserve $135,189 $659,849
2
27
n
Improve- Improve- Improve- Improve- Refund-
ment ment ment ment ing
n Bonds of Bonds of Bonds of Bonds of Bonds of
II 1965 1967 1970 1972 1964
$ . 598 $ 259 $ 321 . $ 771 $ 77
172,531 130,687 156,735
269,000 359,000 161 ,000 175,000 215,000
n 2
527,900
88,827 103,505 78,976 70,137 89,536
I
145,696 - 596,153 779,435 2,073,204 128,553
r"„-Th 51,429 180,598 390,779 1 ,371 ,294 29,090
6,265
$555,550 $1 ,412,046 $1,547,463 $3,847,141 $990,158
I �
n
7 $355,000 $1 ,040,000 $1 ,065,000 $2,060,000 $670,000
74,680 213,575 482,463 818,453 72,890
fl125,870 158,471 - 968,688 247,268
$555,550 $1 ,412,046 $1 ,547,463 $3,847,141 $990,158
,
28 r-
CITY OF FRIDLEY, MINNESOTA
- SPECIAL ASSESSMENT CONSTRUCTION FUNDS
• STATEMENTS OF CASH: RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31 , 1973
Sewer
and Water
Combined No. 50
Cash balance, January 1 , 1973 $( 88,957) $ 9,623
r
Receipts
Proceeds. from sale of temporary bonds $ 1 ,125,000
Interest on investments 19,863 $ 667 •
Investments sold 384,000
Other governmental units 12,393
. Transfers from other funds 534,753
Total receipts $ 2,076,009 $ 667 r
7"
• Disbursements
Interest during construction $ 73,563
!1 : ,r 1 ,465,940
Investments purchased 304,805 $ 10,000 71
Transfers to other funds 164,214
Total disbursements $ 2,008,522 $ 10,000 rm
Cash. balance, December 31 , 1973 -- $( at..470)-- . $ • 290 .
r'
r
r-,
p
II 29
•
r�
Ii
Storm
Sewer
Storm Sewer Storm Storm Sewer and Sewer Locke
Sewer and Water Sewer Sewer and Water and Water Lake Darr
No. 82 No. 93 No. 100 No. 101 No. 102 No. 103 No. 104
$ 13,797 $ 9,408
$ 663 $( 2,748) $(132,768) $ 838 - $ 3,179
I !
$ 350,000
n $ 967 $ 629 $ 38 $ 872
I I 37,000
$ 2,748 55,733 49,788
n $ 967 $ 629 $ 38 $ 2,748 $ 405,733 $ 87,660
$ 29,248 $ 10,575
$ 506 205,196 69,908 $ 2,930
$ 14,000 ,809 38,000
$ 701
$ 14,000 $ 8,430 $ 701 $ 272,444 Is 80,483 2,930
$ 764 $ 1,607 $ 0 - $ - 0 _ _ $ 521 . $ 8,015 t 249--
7
n
mi
n
n
r.
30 • ;
r
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT CONSTRUCTION FUNDS
' STATEMENTS OF CASH RECEIPTS 'AND-7171 URSt ENTS (-CONTINUED)
YEAR ENDED DECEMBER 31 , 1973
Storm Storm
Sewer Sewer
•
and Sewer Sewer and Sewer Sewer
and Water and Water and Water and Water
No. 105 No. 106 No 107 No. 112
Cash balance, January 1 , 1973 $ 9,177 $ 6,399 $( 8,160) $ - 0
Receipts
Proceeds from sale of temporary bonds $ 95,000
Interest on investments $ 358 $ 149 r.
Investments sold
Other governmental units
Transfers from other funds
Total receipts $ 358 $ 149 $ 95,000 II
Disbursements
Interest during construction $ 1 ,385 ---
Other $ 6,011 $ 5,315 $- 577 76,083
Investments purchased
Transfers to other funds 12,58H
Total disbursements - $ 6,011 $ 5,315 $ 577 $ 90,054, n
-Cash balance, December 31 , 1973 $ 32524 $ 1,233 $( 8,737) $ 4,946
rl
n
r
rTh
n
II 31
r
n
Storm
.,
Sewer
•
Sewer and Sewer
and Water and Water 1970 1971 1972 1973 1974
No. 113 No. 114 Street Street Street Street Street
nn
I !$ - 0 - $ - 0 - $ 9,398 $ - 0 - $ 68 $( 7,831) $ - 0 -
I ! $ 680,000
$ 509 $ 1 ,868 $ 12,216 1 ,590
F" 347,000
12,393
19,420 259,833 147,231
$ 509 $ 33,681 $ 619,049 $ 828,821
i $ 32,355
$ 3,754 $ 37,330 $ 2,721 $ 3,565 421 ,060 $ 623,293 $ 7,691
r• 47,000 189,000
23,411 118,074 8,323 3,754 $ 37,330 $ 2,721 $ 26,976 $ 618,489 $ 820,616 $ 7,091
I i$( 3,754) $( 37,330) $ 7,186 $ 6,705 $ 628 $ 374
r-r.)
,!
li
i
Ii
II
p
I �
32 r.
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT DEBT SERVICE FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31 , 1973
Regular r,
Special
Combined Assessment
Cash balance, January 1 , 1973 $ 77,984 $ 1 ,119 r-
Receipts
Special assessments $1 ,051 ,004 $ 83,113
General -property taxes. 72
Penalty and interest on special assessments 24,859 2,000
Interest on investments 202,069 72,778
Investments sold 2,750,893 1 ,170,000
Transfers from other funds 210,016
Total- receipts $4,238,913 $1,327,891.
Pa"
Disbursements
Retirement of bonds
Principal $ 809,000 $ 174,000
Interest 347,906 . 19,878 ! '
Investments purchased 2,995,000. 1 ,100,000
Transfers to other funds 344,173
Other disbursements 14,254 794
Total disbursements $4,510,333 $1 ,294,672
Cash balance, December 31 , 1973 $ 193,436) $ 34,338
wr
7 33
7
rTh
ri
?1
Sewer, Improve- Improve-
�' Sewer Sewer Storm Water and ment ment
I ! and Water and Water Sewer Storm Sewer 1972 Bonds of Bonds of
No. 48 No. 102 No. 106 No. 112 _ Street 1960 1962
fl $(94,145) $ 8,233 $ 3,778 '$ 91 .
I $ 38,872 $32,325 $ 80,295 $ 70,865 $10,394
•. 1 ,533 96 2,648 276
$ 23 775 $ 182 1 ,726 27,483 5,329
380,000 83,000
1 ,021 13,971 32,869 .
1 $ 40,405 $1 ,044 $33,100 $14,153 $ 114,986 $480,996 $98,999
� $10,000 $ 75,000 $10,000
I 7,525 $ 30,100 29,115 2,455
• 23,000 $14,000 - 380,000 87,000
ri $ 5,130 258,652
215 21
5,130 $40,525 $14,000 $ 288,752 $484,330 $99,475
ri $(58,870) $1 ,044 $ 808 $ 153 $1173,766) $ 444 $ 114
n
7 .
, ,
; ,
7
rE.
...., .
, I
34 �-
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT DEBT SERVICE FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS (CONTINUED
___. �E YEAR NDED 1E , •
Improve- Improve-
ment ment
Bonds of Bonds of
•
1963 1965
Cash balance, January 1 , 1973 $ 111 $ 549
Receipts "'
Special assessments $ 19,902 . $ 59,256
General property taxes 2,904 3,635
Penalty and interest on special assessments 15,751 15,687
Interest on investments
Investments sold 230,000 233,000
Transfers from other -funds 13,773
Total receipts $282,330 $311 ,578
Disbursements
Retirement of bonds
Principal $ 50,000 $ 30,000 ,..,
Interest 13,235 12,460
Investments purchased 212,000 269,000
Transfers to other funds
Other disbursements 6,933 69
Total disbursements $282,168 $311 ,529
Cash balance, December 31 , 1973 $ 273 $ 598
1
n 35
riIi
n
Improve- Improve- Improve- Refund-
anent ment ment • ing
nBonds of Bonds of Bonds of Bonds of
1967 1970 1972 1964
ri n $ 448 $ 512 $ 333 $156,455
n $206,696 $192,188 $210,514 $ 46,584
72 •
�
6,965: 3,296 1 ,283 ,223
I I 26,125 12,756 15,706 7,748
314,000 114,000 174,000 52,893
1.1 _ 4,910 62,913 80,559
$553,786 $327,150 $46+,416 $188,079
n
�
''� $150,000 $ 95,000 $110,000 $105,000
it 44,770 70,960 93,105 24,303
359,000 161 ,000 175,000 215,000
85,521
I 205 321 352 1s4 •
$553,975 $327,341 $463,978 $344,457
n 4 259 $ 321 $ 771 $ 77
n
II
r
CITY OF FR I DLEY, MINNESOTA fl
GENERAL DEBT SEPV;C: FUNDS n
BALANCE CHE': t - DE CE K 37 , 1973
- il
Civic
Park Bonds Center
of 1962 Bonds ri
Combined. and 1963 of 1965
ASSETS
ri
Cash $ 68,702 $ 30,740 $ 37,962
Cash with fiscal agent 25,438 25,438
Taxes receivable
Unremitted 529 237 292
Delinquent 2,522 1 ,261 1 ,267
Deferred 469,400 _- 469,400
il
Total assets $566,597 ? S7 57,676 8
21
. n I
LIABILITY AND RESERVE
Liability Bonded indebtedness ' rl
Future maturities
Bonds $410,000 $ 25,000 $385,000 . �n
Interest 93,416 438 92,978 l.`
Reserve for Debt Retirement 61,18i 32 238 30,943
Total liability and reserve . r 597 $ 57,676 $508,921 I
___..._____
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS 11
_____________________________
YEAR ENDED DECEMB►_ 31 , 1973
Cash balance, January 1 , 1973 g 8,3 $ 12 L 441 I n
_ _
Receipt,;
Prep rty taxes $ 68,499 $ 2,,502 $ 39,997 interest do investments 3,182 2,194 938 1
a 0 i 30,00C
r n�ees L,�ent maturities, at cost 65,000 :�.,,
Adjustment of cash witn fiscal agent 6, P r� 6 Z��+>•`
Total receipts , ?Y.561 ; i6,` I �_`-'_'� fl
iDiet sFmeetS rl
`Erne : $ 65,000 $ 45,000 $ 20,000
Interest 14,520 1 ,215 13,40 5
Fiscal agent service cherge 0.� - 33 59
Total disbursements $79.712 . 4C,248 ;3=46`_ n
Cash balance, December 31 , 1973 $ 68,i02 $ 30,74" 137,962
^I
n
37
CITY OF FRIDLEY, MINNESOTA
LIQUOR FUND
BALANCE SHEET
DECEMBER 31 , 1973
fl ASSETS
Current assets
Cash $ 8,436
ri Investments, at cost plus accrued interest 27,000
Inventories, at cost 196,088
Contract for deed receivable 9,972
fl Total current assets $241 ,496
Property, plant and equipment, substantially all at cost
Land and improvements $180,750
Furniture, Fixtures and equipment 92,511
Truck 3,084
Work in progress 13,163
$289,508
Less accumulated depreciation 29,149
Net property, plant and equipment $260,359
Contract for deed receivable, less current portion above $351 ,899
Total assets $653,754
^" LIABILITY AND RETAINED EARNINGS
Current liability
1.1 Accounts payable $ 22,370
Retained earnings $631 ,384
r Total liability and retained earnings $653,754
F1
,fl
II
n
38
7
CITY OF FRIDLEY, MINNESOTA n
LIQUOR FUND I
STATEMENT OF INCOME
YEAR ENDED': DECEMBER 31 , 1973
n
Store
Total No. 1 No. 2 fl Sales $1 ,067,330 $ 52,832 $187,072
Cost of Sales 832,148 _ 43,064 144,449 II
Gross profit $ 235,182 $ 9,768 $ 42,623
Percent of sales 22.0 18.5 22.8 fl
Operating expenses $ 202,308 $ 21 ,164 $ 52,205
Percent of sales 18.9 40.1 27.9__ n
Operating profit (loss) $ 32,874 $(11,396) $ (9,582)
Percent of sales 3.1 (21 .6) (5.1 )
rl
$ 337 $ 6,499
Other income $ 19,235
Percent of sales 1 .8 .7 3.4 _ fl
Net income $ 52,109 $(11 ,059) $ (3,083)
Percent of sales 4.9 (20.9) (1 .7)
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ANALYSIS OF CHANGES IN RETAINED EARNINGS
YEAR ENDED DECEMBER 31 , 1973
rl
Retained earnings n
January 1 , 1973 $579,275
Net income 52,109
Retained earnings 1I
December 31 , 1973 - $631 ,384
n
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(..)
Store
No 3 No 4
$353,921 $473,505
ri 282,822 361 ,813
$ 71 ,099 $111 ,692
20.1 23.6
$ 64,354 $ 64,585
18.2 13.6
$ 6,745 $ 47,107
1 .9 10.0
$ 8 ,956 $ 3,443
2.5 .7
$ 15,701 • $ 50,550
4.4 10.7
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n
CITY OF FRIDLEY, MINNESOTA
LIQUOR FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED DECEMBER 31 , 1973
Fund Provided
Operations
fl Net income $ 52,109
Depreciation 9,633
$ 61 ,742
j Decrease in long-term contracts receivable 9,972
$ 71 ,714
n Funds Applied
Additions to property, plant, and equipment $ 166,587
Decrease in working capital $ (94,873)
Changes in elements of working capital
Increase (decrease) in current assets
Cash $( 2,338)
"1 Contract for deed 719
Investments ( 40,000)
Inventories ( 36,496)
(Increase) decrease in current liabilities
Accounts payable ( 16,758)
Decrease in working capital
$( 94,873)
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42
CITY OF FRIDLEY, MINNESOTA
LIQUOR FUND
STATEMENT OF OPERATING EXPENSES
YEAR ENDED DECEMBER 31 , 1973
r
Off-Sale Stores r
Percent Percent percent
Total of sales No. 1 of sales No. 2 of sales
Salaries and wages $110,372 10.4 $ 8,926 16.9 $ 27,942 14.9
Employee benefits 10,438 1 .0 822 1 .6 2,352 1 .3
Supplies 5,452 .5 331 .6 1 ,482 .8
Laundry and cleaning 2,249 .2 219 .4 600 .3 ri Rent 18,883 1 .8 1 ,822 3.4 6,369 3.4
Utilities 10,542 1 .0 1 ,000 1 .9 2,782 1 .4
Repairs and maintenance 4,273 .4 64 .1 1 ,394 .7 rl
Insurance 16,483 1 .5 1 ,917 3.7 3,919 2.2 I
Depreciation 9,633 .9 925 1 .9 2,450 1 .3
Mileage and automobile
expense 893 .1 76 .1 272 .1 11
Professional fees 1 ,000 ,1 250 ,5 250 .1
Alarm service 1 ,142 .1 234 .4 216 .1
Cash (over) short 78 14 32
Advertising 1 ,585 .1 300 .6 267 .2 ril
Data processing 1 ,511 .1 --- 355 .2
Loss on-sale of fixtures 5,814 .5 3,929 7,4 666 .4 rl Miscellaneous 1 960 .2 335 _ .6 857 .5
$202,308 18.9 $ 21 ,164 40.1 $ 52,205 27.9 (''�
11
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Percent Percent
No. 3 of sales No. 4 • of sales
$ 33 6,853
3603 10.5 $ 36,651 7.7
1 .0 3,661 .8
1 ,814 .5 1 ,825 .4
627 .2 803 .2
3,173 .9 7,519 1 .6
3,769 1 .1 2,991 .6
843 .2 1 ,972 .4
f 6,276 1 .8 4,371 .9
3,519 1 .0 2,739 .6
272 .1 273 .1
' 250 250 .1
526 .1 166
42 (10)
677 .2 341 .1
568 .2 588 .1
1 ,022 .3 197
• - 520 .1 248
$ 64,354 18.2 $ 64,585 13.6
7
44
CITY OF FRIDLEY, MINNESOTA
WATER AND SEWER REVENUE BOND FUND
BALANCE SHEET
DECEMBER 31 , 1973
ASSETS
' Current Assets '
Cash (deficit) $ (1 ,835)
Investments, at cost 828,000
Accounts receivable 241 ,604
Total current assets $1 ,067,769
Restricted assets - Revenue Bond Accounts 7
Sinking Account
Cash $ 23,091
Cash with fiscal agent 54,022
Investments, at cost 231 ,000 $ 308,113
Reserve Account
Cash 28,133 n
Construction Account It
Cash (36,306)
Accounts receivable Metropolitan Sewer Board 425,633
Total restricted assets $ 725,573 II
Property, plant and equipment, substantially all at cost
Land and improvements $ 149,086 7
Buildings 737,0.68 i
Meters 241 ,948 ---
-Maainery an3 equipment _1,.788,3 r
Work in progress ,
$2,953,012
Less accumulated depreciation 810,412
Net property, plant and equipment $2,142,600 fl
Total assets $3,935,942
rl
LIABILITIES RESERVES AND RETAINED EARNINGS
Current liabilities
Accounts payable - Other $ 60,186 I
Bonds payable within one year 90,000 I
Total current liabilities $ 150,186
Other liabilities rl
Accounts payable from restricted assets (Construction Account) $ 20,025
Bonds payable less portion due within one year 1 ,040,000
Meter deposits payable 257,741
Total other liabilities $1 ,317,766 I
Reserves
Metropolitan Sewer Board current value credit $ 425,633
7
Reserve for Sinking Account debt service 312,608
Reserve for Reserve Account 28,133
Total reserves $ 766,374 fl
Retained earnings $1 ,701 ,616
Total liabilities, reserves and retained earnings $3,935,942 r.Th
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n CITY OF FRIDLEY, MINNESOTA
rTh
WATER AND SEWER UTILITIES REVENUE BOND FUND
OPERATION AND MAINTENANCE ACCOUNT
STATEMENT OF INCOME
YEAR ENDED DECEMBER 31 , 1973
n Combined Water Sewer
" ' Operating revenue
Water sales and sewer rents $1 ,007,445 $402,688 $604,757
Eln Connection permits 8,529 2,790 5,739
Sales of materials and miscellaneous services 8,501 7,549 952
Total operating revenue $1 ,024,475 $413,027 $611 ,448
71 Operating expenses
Source of supply $ 291 ,989 $ 36,360 $255,629
Power and pumping 51 ,929 51 ,929
Purification 68,457 68,457
Transmission and distribution 226,451 104,131 122,320
Customer accounting and collecting 38,785 24,351 14,434
-7 Administrative and general 23,959 13,310 10,649
' 1 Depreciation 122,596 118,083 4,513
Total operating expenses $ 824,166 $416,621 $407,545
-lperating income (loss) $ 200,309 $ (3,594) $203,903
Other income and (expense)
Interest income $ 64,124
Connection charges 4,169
Interest expense (54,790)
Ti i Net income $ 213,812
77
ANALYSIS OF CHANGES IN RETAINED EARNINGS
YEAR ENDED DECEMBER 31 , 1973
Retained earnings January 1 , 1973, before adjustments $1,578,051
n Net income - operating accounts 213,812
Transfers to other funds 90,247
Retained earnings December 31 , 1973 $1 ,701 ,616
1
46
CITY OF FRIDLEY, MINNESOTA
WATER AND SEWER REVENUE BOND FUND
STATEMENTS OF CHANGES IN FINANCIAL POSITION
YEAR ENDED DECEMBER 31 , 1973
Working capital provided from fl
Net income $213,812
Add expenses not requiring working capital -
Depreciation 122,596
Working capital provided from operations $336,408
Transfers from other funds
Increase in reserves 24,704 n
Decrease in restricted assets 32,511 1
Increase in other liabilities 34,050
Total working capital provided $427,673 n
Working capital used for
Reduction of long-term debt $ 90,000
Additions to property, plant and equipment 64,699 r1
Transfers to other funds 90,247
Total working capital used $244,946
Increase in working capital $182,727 to.r1 .
Changes in elements of working capital
Increase (decrease) in current assets fl Cash $ 28,011
Accounts receivable (26,815)
Investments 253,000
(Increase) decrease in current liabilities II
Accounts payable (51 ,469)
Current portion of long-term payable (20,000)
ri
Increase in working capital $182,727
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n
CITY OF FRIDLEY, MINNESOTA
ri WATER AND SEWER REVENUE BOND FUND
STATEMENT OF CHANGES IN ASSETS RESTRICTED FOR REVENUE BOND DEBT SERVICE
YEAR ENDED DECEMBER 31 , 1973
n
Sinking Reserve Construction
Combined Account Account Account
Cash Balance, January 1 , 1973 $ 28,131 $ 24,951 $ 1 ,313 $ 1 ,867
nReceipts
Interest on investments $ 17,133 $ 15,313 $ 1 ,820
Transfer from Water and Sewer
nOperating Fund 175,687 129,482 $ 46,205
Investments sold 238,000 ',213,000 25,000
Total receipts $430,820 $357,795 $ 26,820 $ 46,205
1 Disbursements
Bonds $ 75,000 $ 75,000
Interest 53,410 53,410
Fiscal agents service charge 245 245
Construction costs 84,378 $ 84,378
Investments purchased 231 ,000 231 ,000
Total disbursements $444,033 $359,655 $ -- $ 84,378
-Cash balance, December 31 , 1973 $ 14,918 $ 23,091 $ 28,133 $(36,306)
' Investment balance, January 1 , 1973 $238,000 $213,000 $ 25,000 $
n --
Additions 231 ,000 231 ,000
Deductions (238,000) (213,000) (25,000)
n Investment balance, December 31 , 1973 $231 ,000 $231 ,000 $ -- $ - --
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48
CITY OF FRIDLEY, MINNESOTA
TRUST AND AGENCY FUNDS
BALANCE SHEETS - DECEMBER 31 , 1973
Firemen's Police
Relief Relief
Association Association Pension
Combined Fund Fund Fund
ASSETS
Cash $ 10,052 $ 254 $ 925 $ 8,873
Taxes receivable
Unremitted 937 162 364 411
Delinquent 4,768 781 1 ,659 2,328
Total Assets $ 15,757 $ 1 ,197 $ 2,948 $ 11 ,612
LIABILITY, RESERVE AND FUND BALANCE
Liability - Accounts payable $ 1 ,179 $ 254 $ 925
Reserve for uncollected taxes 5,705 943 2,023 $ 2,739
' Fund Balance 8,873 8,873 n
Total liability, reserve
and fund balance $ 15,757 $ 1 ,197 $ 2,948 $ 11 ,612
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31 , 1973
Cash balance January 1 , 1973 $ 57,359 $ 7,273 $ 23,611 $ 26,475 fl
Receipts
General property taxes $119,900 $ 14,243 $ 51 ,292 $ 54,365
Insurance premium tax 48,635 25,901 22,734 II
Interest earned 883 883
Refunded 17 17
Total receipts $169,435 $ '40,144 $ 74,026 $ 55,265 fl
Disbursements I '
Police Relief Association $96,712 $ 96,712 n
Firemen's Relief Association 47,163 $ 47,163 t
Pension Contribution 72,867 $ 72,867
Total disbursements $216,742 $ 47,163 $ 96,712 $ 72,867
Cash balance December 31 , 1973 $ 10,052 $ 254 $ 925 $ 8,873
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rR CITY OF FRIDLEY, MINNESOTA
STATEMENT OF GENERAL FIXED ASSETS
DECEMBER 31 , 1973
General fixed assets
i ' Land $ 637,740
p Building and structures 1 ,071 ,659
Improvements other than buildings 18,648,743
rFurniture, fixtures and office equipment 166,046
Machinery and equipment 643,602
Construction in progress 694,239
Total general fixed assets $21 ,862,029
Investment in general fixed assets
Special assessments $18,757,533
L,Th State-aid 198,019
General fund 1 ,597,854
Municipal liquor dispensary 38,570
.., Contributions 412,970
General obligation bonds 856,597
Water and sewer utilities 486
Total investment in general fixed assets $21 ,862,029
General fixed assets were shown at cost except that fixed assets for which cost
information was not available were priced at appraised values.
II
50
CITY OF FRIDLEY, MINNESOTA
STATEMENT OF CASH AND SECURITY FOR DEPOSITS
DECEMBER 31 , 1973
Face amount
r
of securities
pledged as
Cash collateral
Checking accounts - Fridley State Bank,
Fridley, Minnesota
General account $(232,070) $225,000* •,
Petty cash and change funds 8,800
Total cash $(223,270)
*Additional security of $20,000 is provided by the Federal Deposit Insurance Corporation.
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SUMMARY STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS r,
ALL FUNDS i
YEAR ENDED DECEMBER 31 , 1973
n
Cash Cash
balance balance
January 1 , December 31 ,
Fund 1973 Receipts Disbursements 1973
General Fund $ 6,276 $ 5,171 ,905 $ 5,180,840 $ (2,659) n
Special revenue funds 3,255 1 ,192,712 1 ,183,448 12,519 ! 1
Investment Fund (87,622) 11 ,636,370 11 ,667,374 (118,626)
Special assessments funds (9,328) 6,729,918 6,935,367 (214,777)
General debt service funds 853 147,561 79,712 68,702 I I
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Liquor Fund 10,774 1 ,202,586 1 ,204,924 8,436
Water and Sewer Revenue
Bond Fund (1 ,715) 2,180,307 2,165,509 13,083
Trust and agency funds 57,359 169,435 216,742 10,052
Total $( 20,148) $28,430,794 $28,633,916 $(223,270).
71
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r CITY OF FRIDLEY, MINNESOTA
STATEMENT OF INVESTMENTS
DECEMBER 31 , 1973
i
Interest
I Rate Maturity Cost
Federal Intermediate Credit Bank Bonds 7.84% 1/2/74 $ 258,611
11 Federal Intermediate Credit Bank Bonds 7.35 3/4/74 190,042
Federal Intermediate Credit Bank Bonds 7,94 5/1/74 255,046
Federal Intermediate Credit Bank Bonds 7.85 6/3/74 255,386
Federal Intermediate Credit Bank Bonds 7.81 7/1/74 254,026
11 Federal Intermediate Credit Bank Bonds 7,85 9/3/74 100,531
Federal Intermediate Credit Bank Bonds 7.81 9/3/74 477,785
7 Federal Intermediate Credit Bank Bonds 8,10 10/1/74 100,000
II Federal National Mortgage Association 6.62 3/11/74 104,989
Federal National Mortgage Association 6.82 3/11/74 418,472
r. • Federal National Mortgage Association 7.75 3/11/74 102,317
Federal National Mortgage Association 6.70 6/10/76 150,000
Federal National Mortgage Association 6.25 12/10/76 200,000
Federal Home Loan Bank Notes 6.35 5/27/74 175,000
^ Federal Home Loan Bank Notes 7.95 8/25/75 125,773
� � Federal Home Loan Bank Notes 6.75 11/25/77 500,000
Federal Land Bank Bonds 5.30 10/21/74 425,375
r, Federal Land Bank Bonds 6.19 10/20/77 50,781
Federal Land Bank Bonds 5.34 1/22/79 28,085
U.S. Treasury Notes 8.22 2/15/74 385,586
City of Fridley Temporary Bonds
' Sewer, Water and Storm Sewer No. 106 7.00 7/1/75 100,000
1972 Street 7.00 9/1/76 .430,000
7 Sewer, Water and Storm Sewer No. 102 7.00 8/1/76 350,000
1 1973 Street 7.00 8/1/76 680,000
Sewer, Water and Storm Sewer No. 112 7.00 9/1/76 95,000
n
, I Total $6,212,805.
Allocation by funds
General Fund $ 968,838
Special Revenue Funds 583,162
1 Enterprise Funds 1 ,086,000
Special Improvements Revolving Fund 275,000
Special Assessment Construction Funds 304,805
Special Assessment Debt Service Funds 2,995,000
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Total $6,212,805
7
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CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS
DECEMBER 31 , 1973 —
Issue Interest Maturity Principal
date rate Date amount
Special Assessment Debt Service
Funds - Definitive Bonds
Regular
Sewer Improvement Bonds
May 1, 1974 5/1/54 3.00% 5/1/74 $ 2,000
Water and Sewer Improvement
Bonds of 1954
$20,000 per year 8/1/54 4.00 8/1/74 20,000 17
Water and Sewer Improvement r
Bonds of 1954 (Series B) I
$20,000 per year 8/1/54 4.00 2/1/74 - 20,000
Water and Sewer Improvement
Bonds
$20,000 per year 11/1/54 4.00 2/1/74 20,000 _:.
Water and Sewer Improvement
Bonds
$20,000 per year • 5/1/55 3.60 2/1/74-75 40,000 r
- $20,000 per year 3.60- 8/1/74-75 40,000 II
General Obligation Improvement
Bonds
$20,000 per year 10/1/55 3.60 2/1/74-75 40,000 I n
I
$20,000 per year 3.60 8/1/74.-75 . 40,000
Improvement Bonds n
$30,000 per year 8/1/56 4.75 8/1/74 30,000
August 1 , 1975 4.75 8/1/75 50,000
August 1 , 1976 4.75 8/1/76 55,000 n
Total Regular Special Assessment Debt Service Funds $ 357,000
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7 CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
r,j7
DECEMBER 31 , 1973
n� Issue Interest Maturity Principal
I ; date rate date amount
Special Assessment Debt Service
^' Funds - Definitive Bonds (Continued)
Improvement Bonds of 1960
January 1 , 1974 10/1/60 4.10% 1/1/74 $ 75,000
1 $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
i i 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 $ 695,000
7 Improvement Bonds of 1962
February 1 , 1974 5/1/62 3.50 2/.1/74 $ 5,000
February 1 , 1975 3.80 2/1/75 10,000
r, 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 $ 60,000
Improvement Bonds of 1963
r. January 1 , 1974 1/1/63 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 $ 355,000
Refunding Bonds of 1964
7 $105,000 per year 2/1/64 3.30 2/1/74-75 $ 210,000
' ; $105,000 per year 3.40 2/1/76-79 420,000
February 1 , 1980 3.40 2/1/80 40,000
i1 Total Refunding Bonds of 1964 Special Assessment Debt
Service Fund $ 670,000
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CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
DECEMBER 31 , 1973
Issue Interest Maturity Principal
date rate date amount
Special Assessment Debt Service .-
Funds - Definitive Bonds (Continued)
Improvement Bonds of 1965 r,,,
$30,000 per year 5/1/65 3.20% 2/1/74-75 $ 60,000
$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 r.
Service Fund $ 355,000
Improvement Bonds of 1967
$150,000 per year 10/1/67 4.20 1/1/74-75 $ 300,000
$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 r
Total Improvement Bonds of 1967 Special Assessment Debt i
Service Fund $1 ,040,000
Improvement Bonds of 1970
$95,000 per year 7/1/70 6.50 1/1/74-79 $ 570,000
$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 1 7.00 1/1/90-91 30,000
Total Improvement Bonds of 1970 Special Assessment Debt _
Service Fund $1 ,065,000 ! !
Improvement Bonds of 1972
January 1 , 1974 10/1/72 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 1/1/8344 150,000
$ 75,000 per year 5.00 1/1/85-86 150,000
January 1 , 1987 5.10 1/1/87 75,000 , 1
January 1, 1988 5.20 1/1/88 75,000
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r CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
DECEMBER 31 , 1973
n 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
II Total Improvement Bonds of 1972 Special Assessment Debt
Service Fund $2,060,000
Total Special Assessment Definitive Bonds $6,657,000
General Debt Service Funds
ri
Park Bonds
January 1 , 1974 1/1/63 3.50 1/1/74 $ 25,000
t"'"\ Total Park Bonds $ 25,000
Civic Center Bonds
$25,000 per year 5/1/65 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
7 Total Civic Center Bonds $ 385,000
Total General Debt Service Funds $ 410,000
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CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
DECEMBER 31 , 1973
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% 9/1/74-76 $ 45,0001
Total Water and Sewer Revenue Bonds of 1956 $ 45,000 „,
Water No. 75
February 1 , 1974 5/1/65 3.20 2/1/74 $ 35,000
February 1 , 1975 3.20 2/1/75 20,0007
February 1 , 1976 3.30 2/1/76 35,0001
$50,000 per year 3.30 2/1/77-78 100,000
$50,000 per year 3.40 2/1/79-81 150,000 r•
$50,000 per year 3.50 2/1/83-87 300,000
February 1 , 1988 3.50 2/1/88 20,000
Total Water No. 75 Bonds $ 660,0
Water Bonds of 1970
$40,000 per year 7/1/70 6.50 1/1/74-75 $ 80,000 Iii
$45,000 per year 6.50 1/1/76-77 90,000 1i
$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 $ 425,000 r%
Total Water and Sewer Revenue Bonds $1 ,130,000
Total Definitive Bonds $8,197,000 ri
Special Assessment Debt Service
Funds - Temporary Bonds i )
Sewer, Water and Storm Sewer No. 106 7/1/72 7.00 7/1/75 $ 100,000
1972 Street 9/1/72 7.00 9/1/75 $ 430,000
Sewer, Water and Storm Sewer No. 102 8/1/73 7.00 8/1/76 $ 350,000 n
1973 Street 8/1/73 7.00 8/1/76 $ 680,00
Sewer, Water and Storm Sewer No. 112 9/1/73 7.00 9/1/76 $ 95,00u f1
Total Special Assessment Temporary Bonds $1 ,655,000 7
Total bonds outstanding $9,852,000
7 57
CITY OF FRIDLEY, MINNESOTA,
! ! DEBT SERVICE REQUIREMENTS - ALL FUNDS
DECEMBER 31 , 1973
r,
Year Principal Interest Total
1974 $ 932,000.00 $ 467,577.50 $ 1 ,399,577.50
1975 1 ,425,000.00 429,200.00 1 ,854,200.00
1976 1 ,935,000.00 354,927.50 2,289,927.50
1977 760,000.00 240,442.50 1,000,442.50
n
1978 750,000.00 207,425.00 957,425.00
1979 665,000.00 176,032.50 841 ,032.50
1980 600,000.00 147,430.00 747,430.00
II 1981 505,000.00 121 ,990.00 626,990.00
1982 500,000.00 98,730.00 598,730.00
1983 295,000.00 80,572.50 375,572.50
1984 260,000.00 68,002.50 328,002.50
1985 255,000.00 56,175.00 311 ,175.00
1986 250,000.00 44,512.50 294,512.50
1987 195,000.00 33,862.50 228,862.50
r 1988 155,000.00 24,850.00 179,850.00
1989 90,000.00 18,000.00 108,000.00
1990 65,000.00 13,462.50 78,462.50
7' —‘1991 65,000.00 9,787.50 74,787.50
1992 50,000.00 6,625.00 56,625.00
1993 50,000.00 3,975.00 53,975.00
1994 50,000.00 1 ,325.00 51 ,325.00
$ 9,852,000.00 $ 2,604,905.00 $12,456,905.00
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CITY OF FRIDLEY, MINNESOTA n
DEBT SERVICE REQUIREMENTS - GENERAL OBLIGATION BONDS
PARK AND CIVIC CENTER
DECEMBER 31 , 1973
Year Principal Interest Total
1974 $ 50,000.00 $ 13,122.50 $ 63,122,50
1975 25,000.00 11 ,885.00 36,885.00
1976 25,000.00 11 ,072.50 36,072.50
1977 25,000.00 10,247.50 35,247.50
1978 25,000.00 9,422.50 34,422.50
1979 30,000.00 8,500.00 38,500.00
1980 30,000.00 7,480.00 37,480.00
1981 30,000.00 6,460.00 36,460.00 '
1982 30,000.00 5,425.00 35,425.00
1983 35,000.00 4,287.50 39,287.50 II
1984 35,000.00 3,062.50 38,062.50
1985 35,000.00 1 ,837.50 36,837.50
1986 35,000.00 612.50 35,612.50 7
$ 410,000.00 $ 93,415.00 $ 503,415.00
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n CITY OF FRrDLEY, MINNESOTA
f DEBT SERVICE REQUIREMENTS- - PERMANENT BONDS
SPECIAL.ASSE$SIENT FUNDS
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DECEMBER31, 1973
Year Principal Interest Total
r1 1974 $ 792,000.00 $ 288,050.00. $1 ,080,050.00
1975 795,000.00 255,065.00 1 ,050,065.00
1976 690,000.00 223,040.00 . 913,040.00
1977 640,000.00 193,132.50 " - 833,132.50
1978 625,000.00. 165,677.50 790,677.50
1979 535,000.00. 140,132.50 675,132.50
7 1980 465,000.00 117,662.50 582,662.50
1981 370,000.00 98,586.25 468,586.25
1982 375,000.00 , 81 ,461 .25 456,461 ,25
1983 210,000.00 67,710.00 277,710.00
1984 175,000.00 58,115.00- 233,115.00
1985 170,000.00 49,262.50 219,262.50
1986 165,000.00 40,575.00 205,575.00
'^ 1987 145,000.00 . 32,287.50 177,287.50
' 1988 135,000.00 24,500.00 159,500.00
1989 90,000.00 18,000.00 108,000.00
• 1990 65,000.00 13,462.50 78,462.50
" 1991 65,000.00 9,787.50 74,787.50
`-- f992 50,000.00 6,625.00 56,625.00
• 1993 50,000.00 3,975.00 53,975.00
1994 50,000.00 1 ,325.00 51 ,325.00
$6,657,000.00 $1 ,888,432.50 $8,545,432.50
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CITY OF FRIDLEY, MINNESOTA
DEBT SERVICE REQUIREMENTS - TEMPORARY BONDS
SPECIAL ASSESSMENT FUNDS
DECEMBER 31 , 1973
Year Principal Interest Total
1974 $ $ 115,850.00 $ 115,850.00
1975 530,000.00 115,850.00 645,850.00
1976 1 ,125,000.00 78,750.00 1 ,203,750.00
$1 ,655,000.00 $ 310,450.00 $1 ,965,450.00
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CITY OF FRIDLEY, MIiNNESOTA
1.7 DEBT.SERVICE REQUIREMENTS
PUBLIC UTILITY REVENUE & WATER IMPROVEMENT BONDS
r, DECEMBER 31 , 1973
7
Year Print Interest
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Total
1974 $ 90,000.00
197 75,000.00 $ 50,555.00 $ . 140,555.00
1976 95,000.00 46,400.00 1.21 ,400.00
�' 1977
42,065.00 137,065.00
1978 95,000.00 37,062.50 132,062.50
1978 1 27,400.00 32,325.00
100,000.00 127,400.00
1980 105,000.00 ,400.00 127,4Q0.00
' 22,287.50 127,287.50
' 1981 105,000.00
1982 95,000.00 16,943.75 121 ,943.75
n1983 50,000.00 11 ,843.75 106,843.75
7984 - 50,000.00 8,575..00 58,575.00
1985 50,000.00 6,825.00 56,825.00
1985 5,075.00 55,075.00
n1987 50,000.00 3,325.00
50,000.00 53,575.00
1988 20,000.00 1 ,575.00 51 ,575.00
350.00 20,350.00
j "1 $ 1 ,130,000.00 $ 312,607.50 $1 ,442,607.50
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CITY OF FRIDLEY, MINNESOTA
ASSESSED VALUATIONS, TAX LEVIES AND MILL RATES ' L
(Shown by year of tax collectibility)
Pm
1971 1972 1973 1974
Assessed Valuations
Real Estate $23,921 ,229 $24,721 ,145 $89,400,378 $100,626,812
Personal Property 3,687,092 4,080,720 6,187,860 6,838,247
Actual Assessed $27,608,321 $28,801 ,865 $95,588,238 $107,465,059
Exempt Personal 1 ,210,692 N/A N/A N/A
Total $28,819,013 $28,801 ,865 $95,588,238 $107,465,059
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Tax Levies
General Fund $ 1 ,001 ,209 $ 923,625 $ 1 ,075,464 $ 1 ,178,854
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Public Employees' Retirement
Association Fund 47,402 59,566 53,954 95,895
Firemen's Relief Association
Fund 27,523 17,602 13,776 None n
Police Pension Association
Fund 55,862 57,547 49,992 75,723
General Debt Service Funds 83,590 81 ,531 67,200 39,200 rr
Total $ 1 ,215,586 $ 1 ,139,871 $ 1 ,260,386 $ 1 ,389,672
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Mill Rate
General Fund 34.74 32.07 10.84 10.97
Public Employees' Retirement n
Association Fund 1 .64 2.07 .54 .89
Firemen's Relief Association
Fund .96 .61 .14 .00 n
Police Pension Association ' I
Fund 1.94 2.00 .51 .71
General Debt Service Funds 2.90 2.83 .68 .37 7
Total 42.18 39.58 12.71 12.94
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Note: The 1971 Minnesota State Legislature exempted from assessment most personal
property not previously exempted. The Legislature also set market value as the bans
for the assessment of real property. The effect is an increase in the assessed va e
of real property and a reduction in the mill rate.
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CITY OF FRIDLEY
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COMPARISON OF VALUATIONS AND LEVIES OF CLASSES OF PROPERTY
n (1973 Valuation for 1974 Tax)
Class of Property Assessed Value Percent of Total Tax Levy
-- Commercial $12,158,766 11 .314% $ 157,229.68
7 Industrial 23,626,350 21.985% 305,521.42
F. M. C. #85 3,752,051 3.491% 48,519.21
7 Gas - Electric 3,074,070 2.861%
39,751.98
7 Advertising-Billboards, Etc. 12,126 .011% 156.81
Public Utilities Real Est. 370,207 .345% = 40.007% 4,787.29
n Vacant Land 1 ,262,781 V 1.175% 16,329.51
nn Apartments 10,051 ,418 9.353% 129,978.75
fl Residential 53,157,290 49.
465 687,397.35
n $107,465,059 100.00% $1,389,672.00
7 The above shows the Assessed Value for each class of ro ert . in
P p y
n Fridley. The City Tax Levies are actual. In the instance of
flresidential property the city receives
Y a substantial amount of
n reimbursement from State funds for Homestead Credit. This reduces
taxes paid by owners of residential property. The amount of
flreimbursement is not yet available for 1974 and may not be until
7 n March or April. In 1973, this amounted to $178,481 .41 . The
residential valuation includes the first 1
$ 2,000 of value for
n those apartments in which owner resides. This is an insignificant
amount.
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CITY OF FRIDLEY, MINNESOTA
TAX LEVIES AND TAX COLLECTIONS
YEARS 1964 THROUGH 1973
Collections Percentage Collection !
of current of levy of prior Ratio
year's taxes collected year's taxes of. tot.. r'!
Year Total during fiscal during fiscal during fiscal Total collecti. I !
collected tax levy period _ period period collections to tax 1_
1964 $ 471 ,095 $ 456,350 96.87 $ 7,243 $ 463,593 -.9840: n
1965 565,667 547,313 96.76 - 7,658 544,971 .9811 :
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1966 641 ,945 618,252 96.31 10,003 628,255 .9787:
1967 753,242 721 ,568 95.79 16,160 737,723 .9794:
1968 757,325 743,851 98.22 29,672 773,523 1 .021
1969 904,756 877,150 96.95 16,349 893,499 .9875: n
1970 1 ,068,629. 1 ,038,922 97.22 12,177 1,051 ,099 .9835:.
1971
1,215,586 1 ,136,296 93.47 27,563 1 ,163,859 .9574: fi
1972 1 ,139,871 1 ,119,975 93.25 75,812 1,195,787 1 .0490
1973 1 ,260,386 1 ,245,095 98.78 30.551 1,275,646 1 .0112:
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fl CITY OF FRIDLEY, MINNESOTA
INSURANCE COVERAGE
,J DECEMBER 31 , 1973
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r, All risk, direct physical loss coverage
1 Buildings and contents (except liquor stock) - 90% Co-insurance $3,810,022
Boiler insurance 500,000
Contractor's equipment 259,469
"1 Signs 30,000
Fire and extended coverage - Liquor contents (include stock) 470,670
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
rl Passenger vehicles Actual cash value
Other vehicles Stated value
Business interruption, liquor stores 91 ,000
Ei-- Money and securities, inside and outside
flpremises, all locations 15,000
Depository, forgery bond 10,000
n Workmen's compensation Statutory
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EMPLOYEES' SURETY BONDS
fl DECEMBER 31 , 1973
Surety
riName Position bond
Nasim M. Qureshi City Manager $25,000
7 Marvin C. Brunsell City Clerk 1,000
rl Marvin C. Brunsell Treasurer 25,000
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Mervin J. Herrmann Assessor 500
rLeon Madsen Deputy Assessor 500
Walter J. Mulcahy Appraiser 500
All employees are covered by a blanket faithful performance bond of 15,000
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