1974 Annual Financial Report it
ANNUAL FINANCIAL REPORT
. _
of the
CITY OF FRIDLEY ,• MINNESOTA
for the year ended
DECEMBER 31 , 1914
DEPARTMENT Of FINANCE
;a1 MARVIN C. BRUNSELL, DIRECTOR OF FINANCE
MEMBER OF MUNICIPAL FINANCE OFFICERS' ASSOCIATION
OF THE UNITED STATES AND CANADA
it
CITY OF FRIDLEY, MINNESOTA
ELECTED AND APPOINTED OFFICIALS
DECEMBER 31 , 1974
CITY COUNCIL •
Term of office
expires January
Elected
Mayor - Frank G. Liebl 1975
Council
Wallace R. Starwalt 1977
Everett F. Utter 1975
William J. Nee 1976
Tim F. Breider 1976
Effective January 1975
Mayor - William J. Nee 1978
Council
Carroll A. Kukowski 1978
Edward J. Fitzpatrick 1976
Tim F. Breider 1976
Wallace R. Starwalt 1977
APPOINTED OFFICERS
Appointed
City "tanager - Nasim M. Qureshi
Clerk-Treasurer - Marvin C. Brunsell
Attorney - Vircil C. Herrick
Assessor - Mervin Herrmann
Engineer - Richard N. Sobiech
CITY OF FRIDLEY
ORGANIZATION CHART
IPEOPLE OF FRIDLEY 1
MAYOR AND CITY COUNCIL 1
V
e• << V.Charter Commission I
Parks& Recreation Commission J Illimokof Appeals nireaeaawiMee CATV Commission J -- Police Commission
I 'd Board of Health
Housing& Redevelopment Authority
ICITY MANAGER I
ILEGAL
LlipPuERSONNEL
RCHASING I
TURE INTERPRETATION ARK& RECREATION PUBLIC WORKS FINANCE DEPARTMENT POLICE FIRE
Accounting&
Parks Engineering Processing Processing Polio.Protection Ike Protection
Recreation Utilities Assessing& Animal Control j Fire Prevention J
Special Assessments
Band Street Maintenance Civil Delege! 1
Elections i
Planing Registration
Inspection Liquor Stores
--, CITY OF FRIDLEY, MINNESOTA
TABLE OF CONTENTS
Page
Letters of Transmittal
Accountant's Opinion
i ..
FINANCIAL SECTION
Combined Balance Sheet - All Funds 1
General - Special Revenue Funds
Balance Sheet 3
Analysis of Fund Balances 4
General Fund
Statement of Revenue - Actual Compared with Budget Estimates 5
Statement of Expenditures - Actual Compared with Budget Estimates 6
Special Revenue Funds - Statements of Revenue and Expenditures 13
Capital Project Fund
Balance Sheet 14
^.� Analysis of Fund Balance 14
Statement of Revenue and Expenditures 15
Investment Fund
Balance Sheet 16
Statement of Revenue and Expenditures 16
Analysis of Fund Balance 16
Special Assessment Funds
Combined Balance Sheet 17
Combined Statements of Cash Receipts and Disbursements 18
Balance Sheet - Construction Funds 19
Balance Sheet - Debt Service Funds 21
Analysis of Construction Fund Balances 25
Analysis of Debt Service Fund Balances 26
Individual Statements of Cash Receipts & Disbursements -
Construction Funds 27
Individual Statements of Cash Receipts & Disbursements -
Debt Service Funds 33
.. Liquor Fund
Balance Sheet 37
Statement of Income 38
Analysis of Changes in Retained Earnings 38
Statement of Operating Expenses 39
Statement of Changes in Financial Position 41
CITY OF FRIDLEY, MINNESOTA ' i
TABLE OF CONTENTS (CONTINUED)
1
Page
Water and Sewer Revenue Bond Fund
i
Balance Sheet 42
Operating and Maintenance Account - Statement of Income 43
Analysis of Changes in Retained Earnings 43 f
Statement of Changes in Financial Position 44
Statement of Changes in Assets Restricted for Revenue Bond
Debt Service n
Sinking Account 45 II
Reserve Account 45
Construction Account 46
Trust and Agency Funds
Balance Sheets 46
Statement of Cash Receipts and Disbursements 46
71
Statement of General Fixed Assets 47
Statement of General Long-Term Debt 48 fl
General Debt Service Funds
Balance Sheet 49
(71
Statement of Cash Receipts and Disbursements 49
Notes to the Financial Statements 50 fl
STATISTICAL SECTION
Miscellaneous Information 7I
Statement of Cash and Security for Deposits 51
Summary Statement of Cash Receipts and Disbursements 51
Statement of Investments 52
71
Bonds Payable All Funds 53
Debt Service Requirements - All Funds 58
Debt Service Requirements - General Obligation Bonds 59
il Debt Service Requirements - Special Assessment Bonds - Permanent 60
Debt Service Requirements - Special Assessment Bonds - Temporary 61
Debt Service Requirements - Public Utility Revenue & Water 62
Improvement Bonds 71
Assessed Valuations , Tax Levies and Mill Rates 63
Statement of Valuations , and Levies by Classes of Property 64
Tax Levies and Tax Collections 66
71
Insurance Coverage 66
Employee's Surety Bonds
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/IJTYIIF/'IIIIILII'I
The Honorable Mayor and City Council
City of Fridley
Fridley, Minnesota 55432
N
Gentlemen:
•
L This letter is the preface to the 1974 annual financial report
of the City of Fridley. The report has been prepared and
submitted in accordance with Section 7.14 of the City Charter.
-- o The report has been prepared under the direct supervision of
Marvin C. Brunsell , Director of Finance.
by the George
The accounts and fiscal affairs have been audited b ge
2
M. Hansen Company an independent firm of Certified Public
W Accountants.
u. The report is presented in three parts, a letter of transmittal ,
• the financial section, and the statistical section. The
financial section shows combined financial information and
financial information by fund, summarizes the financial condition
= of the City, and is certified by the George M. Hansen Company.
The statistical section contains tables and data having reference
cc value for those who invest in the City of Fridley bonds and
others interested in financial statistics of municipalities.
This fiscal report represents the detailed and comprehensive
financial statement of the City and is designed to show the
a City's financial condition and operation of city government. A
careful analysis of the financial activity will verify sound
fiscal management and supports the City's A-1 bond rating.
Very truly yours,
Nas M Q .P.,., .
• Nasim M. Qureshi
City Manager
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C I T Y O F F R I D L E Y
flMr. Nasim M. Qureshi
City Manager
flCity of Fridley
Dear Mr. Qureshi :
fl The annual financial report of the City of Fridley for the fiscal year ended
December 31 , 1974 is herewith submitted.
flACCOUNTING SYSTEM AND REPORTS
The organization form and contents of this report were prepared generally in
n accordance with standards described by the Municipal Finance Officers Association of
( � the United States and Canada, the American Institute of Certified Public Accountants,
the State Auditor's office, State of Minnesota, and the City Charter.
1 The City of Fridley has computerized substantially all of its financial operations.
This has been done through the use of computer facilities and programs available through
the "LOGIS" organization.
The Local Government Information Systems Association, "LOGIS," was formed under the
Minnesota Joint Powers Act to provide an organization through which a number of
municipalities may jointly and cooperatively provide for the establishment, operation
and maintenance of data processing facilities and management information systems for
the use and benefit of the members and others. The articles of agreement became
effective May 25, 1972 and the by-laws were adopted May 26, 1972.
The LOGIS organization contracted with Optimum Systems, Incorporated of Palo Alto,
California, for the purchase and transfer of computer software packages. The computer
1 is presently located at Optimum Systems, Incorporated office in California, although,
it is expected that the transfer of the system to the Hennepin County Data Processing
Center will be completed sometime during the summer of 1975. The Hennepin County Data
Processing Center will act as a local operating agency for LOGIS.
The objective of LOGIS as established by the membership is to establish a computer
based management information system for use by Minnesota Municipalities through the
facquisition and transfer of the Sunnyvale/Gemunis System for operation in Minnesota,
The City of. Fridley was chosen as the "Pilot City" to test the Gemunis System for
feasibility of operation in the Minnesota environment. The schedule which has been
followed for the startup of the operating modules by the City of Fridley is as follows:
ri May, 1973 - Payroll Module
July, 1973 - Utility Billing Module
September, 1973 - Financial Module
January, 1974 - Equipment Control Module
iri
�-- -- _ -ter- --___ _ -s
1974 was , therefore, the first full year of operation on the new LOGIS Gemunis System. il
Along with the transfer to the LOGIS computerized accounting system, the City of Fridley
has embarked on the start of a program budgeting system. This program budgeting was done
i'
on an informal basis in 1974. The official budget for the year 1974 was still the
traditional departmental line item budget. The efforts made in 1974 did provide valuable fl
experience for the various departments in operating under a program budgeting environment.
. GENERAL GOVERNMENT FUNCTIONS
During the year, the City received $508,485.65 from interest on investments. This is
4
an increase of $112,079.28 over the previous year. The staff's policy is to invest
all idle funds at maximum interest rates in accordance with the City's overall fiscal
plan, coordinated with operating needs and programs.
In 1972, the City was awarded an "A" financial bond rating by Moody's Investors
Service. An "A-1" bond rating was granted on March 1 ,1975 by Moody's Investors Service. 11
GENERAL FUND
The General Fund was established to account for the revenues and expenditures necessary
to provide basic governmental services to the City such as general government, public
safety and highway maintenance.
In the following statements, revenues are recorded by source, while expenditures are
recorded by program. . Included in "General y " ee
property taxes" in the statement of
revenue are property and bank excise taxes and payments from the State property tax fl
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 and
actual amount expended. A condensed summary of revenue and expenditures is
shown below:
REVENUE
1974 1973 a
Budget Budget
Actual Estimates Actual Estimates .
General property taxes $1 ,344,632 $1 ,327,963 $1,087,173 $1 ,053,955 rl
Licenses and permits 124,456 103,834 123,859 101 ,607 il
Fines and forfeitures 54,686 25,000 33,844 24,000
From use of money and property 66,417 38,300 61,117 36,100
Intergovernmental revenue 576,372 597,891 502,955 577,298 1
Charges for current services 58,243 53,500 57,100 54,625
Other revenue 71,045 14,960 31,895 18,80
Transfers from other funds 323,690 280,072 263,245 263,282
Prior year's fund balance 10,520 97,756
Total revenue $2,619,541 $2,542,040 ' $2x161,188 $2,227,483
/1
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f EXPENDITURES
1974 1973
Budget Budget
Actual Estimates Actual Estimates
J + Generalgovernment $ 451 ,404 463,013 371 ,333 386663
Public safety $ $ $fety 976,856 978,147 844,248 862,360
11 Highways 522,404 527,438 470,028 476,176
1 Sanitation and waste removal 25,135 28,944 24,978 35,730
Board of health 11 ,244 8,822 1,609 7,715
n City band 1 ,337 1 ,600 1 ,393 1 ,600
� ( Recreation 112,527 110,490 83,722 86,767
Municipal parks 345,823 348,905 322,828 324,027
Naturalist 33,473 34,946 -0- -0-
Reserve for contingencies -0- 39,735 4,200 46,445
Total expenditures $2,480,203 $2,542,040 $2,124,339 $2,227,483
11 The General Fund balance increased by $152,929 resulting in a year end balance of
$962,964. Actual revenues exceeding budget ($77,501 ) and an unused Reserve for
Contingencies ($39,735) were the main reasons.
Shown on the balance sheets are amounts to be provided for land, building and equipment
P � 9 EW P�
acquisition. Repayment is to be made in annual installments and financed by current
11 tax levies.
SPECIAL REVENUE FUNDS
flMunicipal 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 , 1974, $679,566 of the fund balance was -
available for future seal coating.
riPark 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
fand State grants in aid.
, ,,( Revenue Sharinc�Fund - The Revenue Sharing Fund was established to account for revenue
ri 1 rece1ved from he 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 1974 was $173,955, of which $47,985 is to be
(i :a received in 1975.
11 INVESTMENT FUND
This fund was established in 1973 to more effectively handle the accounting for invest-
ments and interest earned thereon.
All investments are carried in this account during the year and transferred to their
nrespective funds at the year end.
Consequently, at December 31 , 1974, this fund shows only interest earned but not yet
n received.
f I SPECIAL ASSESSMENT FUND
Special assessment funds are established to account for special assessments levied
to finance improvements or services deemed to benefit the properties against which
I e the assessments are levied. Primarily, the transactions accounted for in special
assessment construction funds are receipt of bond proceeds awl disbursement of bond
proceeds for construction work done. Special assessment debt service funds account
SImainly for collection of assessments against benefited property owners and disburse-
ik ment of assessment collections for the payment of bonds and interest.
flSPECIAL_ASSESSMENT FUN DS (Cont. )
Several special assessment construction funds showed cash deficits as of December 31 , ri
1974. These deficits 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. ti
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
ri
will be canceled or reduced accordingly.
Special Improvements Revolving Fund - The purpose of this fund is to provide temporary r
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 fl and improvement escrow deposits.
GENERAL DEBT SERVICE FUNDS
These funds are being used for.the accumulation of monies for payment of general iml
obligation bonds and interest thereon. General property taxes provide the necessary
revenue. '
LIQUOR FUND 11
This fund was established to account for the operations and financing of the City-
owned liquor stores. 1
—3wn below is a condensed summary of liquor store operations for 1974, 1973 and 1972: (
1974 1973 1972 fJ
Percent Percent Percent
of Sales of Sales of Sales
Sales
II
Off sale $1 ,074,169 100.0 $1 ,067,330 100.0 $1 ,069,472 100.0
On sale -0- -0- -0- -0- -0- -0-
Total sales $1,074,169 1 0.0 $1 ,067,330 TWO $1 ,069,472 160.0 ri
Cost of sales 828,326 77.1 832,148 78.0 807,136 75.5
Gross profit $ 245,843 22.9 $ 235,182 22.0 $ 262,336 24.5 ri
Operating expenses 166,552 15.5 202,308 18.9 188,057 17.6
Operating profit $ 79,291 7.4 $ 32,874 3.1 $ 74,279 6.9 fl
Other income and
expenses (net) 28,048 2.6 19,235 1.8 25,772 2.4 fi
Net income $ 107,339 10.0 $ 52,109 4.9 $ 100,051 9.3
— fl
1974 _ 1973 1972 ("Li
Percent Percent Percent
Net Income Net Income, Net Income Income
to other $ ? 000 69.8 $ -0- -0- $ 136,500 136.4 fl City funds "'
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pm 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 $345,000 of these bonds were outstanding at
December 31 , 1974 and payable in future years. Debt service accounts for these bond
I i. 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
rn equal to the principal and interest maturities of the revenue bonds due in the
II following year be pledged as collateral .
..--, Shown below is a condensed summary of operations of the water and sewer operation
i account for 1974, 1973 and 1972:
1974 1973 1972
r- Water account
Operating revenue $548,467 $413,027 $362,708
Operating expenses 458,314 416,621 332,606
r•
Operating income (loss) $ 90,153 $ (3,594) $ 30,102
Sewer account
I I Operating revenue $596,560 $611 ,448 $643,903
Operating expenses 414,726 407,545 473,615
f Operating income (loss) $181 ,834 $203,903 $170,288
The receivable from the Metropolitan Waste Control Commission represents the City's
share of the equity in the Minneapolis Sewer system which was acquired by the
Board on January 1 , 1971 , and the balance of the reserve capacity charges which were
advanced to the Commission during 1971 and 1972. The reserve capacity charges of
$58,882 at December 31 , 1974 will be repaid with interest directly to the City over
the next fourteen years. The remainder will be paid to the City by means of issuing
credit against future sewer billings from the Commission. These credits will be
applied in annual installments , with interest, through 1999. Sewer operating
expenses for 1974 include $268,470 in rental charges as compared with $255,629 in 1973.
The City follows the practice of not including as part of fixed assets in this fund
I 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
r, General Fixed Assets.
In 1969, the Fund assumed a $770,000 liability for bonds payable along with future
Oft
interest obligations of the Water No. 75 Improvement Bonds. Although deferred tax
, I 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 $21 ,955 representing the current
Ii year's charges on this bond issue.
The Water and Sewer Revenue Bond Fund has transferred monies to the special assessment
1 debt service funds to pay principal and interest on some bond issues, although it is
nnot required to do so. As a result, the City considers such transfers as direct charges
against retained earnings and not against income.
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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 II
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. Both the Police Relief and Pension funds have been closed into the
General Fund as of December 31 , 1974.
TI
INDEPENDENT AUDIT
Section 7. 13 of the City Charter requires an annual audit to be made of the books of ► I
account financial records and transactions of all administrative departments of the
City by a certified public accountant or the State Auditor's department of the State
of Minnesota. This requirement has been complied with and the opinion of the George I
M. Hansen Company, Certified Public Accountants , is included with this report.
ACKNOWLEDGEMENT
Ti
The preparation of this report on a timely basis could not be accomplished without
the efficient and dedicated services of the entire staff of the Finance Department,
and I want to express my appreciation for the assistance given. I wish to also rrl
thank the office of the City Manager and members of the City Council for their
interest and support in planning and conducting the financial operations of the
City in a responsible and progressive manner. Ti
Very truly yours, 1.''
!yam ate..c
Marvin C. Brunsell r-±
Asst. City Manager/Finance Director ( i
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GEORGE M. HANSEN COMPANY
I \ Certified Public Accountants
SOUTH PLAZA BUILDING
MINNEAPOLIS.MINNESOTA 55416
X0'1
The City Council
Fridley, Minnesota
We have examined the financial statements of the various funds and account
groups of the City of Fridley for the year ended December 31, 1974, listed
in the foregoing table of contents. Our examination was made in accordance
with generally accepted auditing standards, and accordingly included such
tests of the accounting records and such other auditing procedures as we
considered necessary in the circumstances.
In our opinion, the aforementioned financial statements present fairly the
financial position of the various funds and account groups of the City of
Fridley at December 31, 1974, and the results of operations of such funds
and the changes in financial position of the enterprise funds for the year
then ended, in conformity with generally accepted accounting principles
applied on a basis consistent with that of the preceding year.
The accompanying supplemental schedules and related information presented on
Pages 51 to 66 are not necessary for a fair presentation of the financial
statements, but are presented as additional analytical data. This information
has been subjected to the tests of other auditing procedures applied in the
examination of the financial statements mentioned above and, in our opinion,
r% is fairly stated in all material respects in relation to the financial
statements taken as a whole.
✓'
•� May 28, 1975
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_CITY OF FRI DLEY , MINNESOTA
BALANCE SHEETS - ALL FUNDS J-1 .,
DECEMBER 31 , 1974
r
1,
General J
(Memo) and Capital ''�
Combined Special Project II
Total Revenue Fund
ASSETS r- ,
Cash (deficit) $ (69 ,541 ) $ (15 ,073) $ 881
Investments , at cost plus accrued interest
U. S. Government obligation 4,147,326 1 ,877,958 3,630 I i
City of Fridley temporary bonds 2 ,180,000
Accounts recei vabl e 1 ,176,058 179,525
Taxes receivable 67,969 65,224 f
Special assessments receivable 5,747,501 10,267
Inventories , at cost 175 ,423 6,727
ri
Prepaid expenses 47,247 19,826 1
I l
Fixed assets , at cost less accumulated 1
depreciation 25,591 ,099
Unassessed construction 920,000
1
Total assets $39,983,082 $2,144,454 $4,561
LIABILITIES, RESERVES AND FUND BALANCE
Accounts and contracts payable $ 621 ,053 $ 178,901 r
Deposits payable 185,306 11 ,829 � f_
Bonded indebtedness - Future maturities
Definitive bonds r
Principal 6 ,705,000 1 1
Interest 249 ,415
Temporary bonds (held by City of Fridley)
Principal 2 ,180,000
Reserves 582,069 75,491 $4,561
Investment in general fixed assets 23,448,561
Retained earnings 2 ,853,354
11
Fund balance
Appropriated 2,683,180 1 ,083 ,927
Unappropriated 475 ,144 794,306 ;
�
Total liabilities , reserves and I I
fund balance $39,983,082 $2 ,144,454 $4,561 r
7
See accompanying Notes to Financial Statements. n
11
1
1,
2
I ,
General Water and Trust
Investment Special Debt Municipal Sewer and General
Fund _ Assessment Service Liquor Utilities Agency Fixed Assets
$(119,289) $ 59,428 $ 5,100 $ (588)
815,253 $ 40,838 92,147 1 ,317,450
2,180,000
119,289 163,438 713,806
2,060 $685
5,737,234
162,598 6,098
14,636 12,785
r-, 238,102 1 ,904,436 $23,448,561
920,000
$ -0- $9,711 ,915 $42,898 $676,021 $3,953,987 $685 $23,448,561
$ 417,703
$ 12,298 $ 12 ,151
169,959 3,518
5,345,000 $360,000 1 ,000,000
249,415
2,180,000
•-, 2,060 499,272 $685
$23,448,561
663,723 2,189,631
1 ,599,253
(319,162)
i $ -0- $9,711 ,915 $ 42,898 $676,021 $3,953,987 $685 $23,448,561
r
3 TT
CITY OF FRIDLEY , MINNESOTA r
GENERAL AND SPECIAL REVENUE FUNDS J "
BALANCE SHEETS
DECEMBER 31 , 1974 1
Municipal Revenue r
Combined General State-Aid Sharing I ,.
ASSETS 9-4
Cash (deficit) $ (15,073) $ 886 $(16,032) $ 73
Investments, at cost plus
accrued interest 1 ,877,958 1 ,117,215 695,598 65,145
7 '
Accounts receivable -
Due from Federal Government 47,9 85 47,9 85
State of Minnesota 122 ,500 122,500 5 Other 9,040 9,040
Taxes receivable
Unremitted 10,956 10,956
Delinquent 54,268 54,268 I !
Delinquent special
assessments receivable 10,267 10,267
Inventories, at cost 6,727 6,727
Prepaid expenses 19,826 19,826
Total assets $2,144,454 $1 ,229,185 $802,066 $113,203
LIABILITIES, RESERVE AND FUND
BALANCE 11,
Accounts payable $ 1 78,901 $ 178,901 '
Deposits payable 11 ,829 11 ,829 fl
Reserve for uncollected .
taxes and special assessments 75,491 75 ,491
Reserve for construction 122,500 $122,500 r
Fund balance II
Appropriated 922,435 93,330 715,902 $113,203
Unappropriated 833,298 869,634 (36 ,336) 1.7 Total liabilities ,
reserves and fund
balance $2,144,454 $1 ,229,185 $802,066 $113,203_ r
1
I
See accompanying Notes to Financial Statements.
7
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CITY OF FRIDLEY, MINNESOTA
11 GENERAL AND SPECIAL REVENUE FUNDS
i G ANALYSIS OF FUND BALANCES
YEAR ENDED DECEMBER 31z 1974.
rl
Municipal Revenue
Combined General State Aid Sharing_
rlFund balance,
n January 1 , 1974 $1 ,432,738 $ 810,035 $537,478 $ 85,225
Revertrle $3,063,846. $1,, $253,491 $177,050
riExpenditures 2,740,851_ 2. 6 111 ,403 149.072
n Fund balance,
December 31 , 1974 $1 ,755,733 $ 962,964 $679,566 $113,203
-7,4%) (--
f
See accompanying Notes to Financial Statements.
Tl
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'117'
CITY OF FRI ULEY , MINNESOTA
II
5 GENERAL FUND
STATEMENT OF REVENUE - YEARS ENDING DECEMBER 31 , 197k AND 19+7?
Actual
1974 _ Prior
Budget Actual _ Year ��
General property and other taxes �!
Current ad valorem $1 ,074,963 $1 ,090,350 $ 360,331
Homestead credit 235,000 235,346 162,461 -rt
Personal property replacement --- --- 39,319
Delinquent ad valorem 15,000 17,856 23,889
Tax forfei t 3,000 1 ,080 _, 1 ,173
$1 ,327,963 $1 ,344,6317-571,087,173
Licenses and permits El Business regulatory licenses $ 38,774 $ 48,783 $ 39,683
Nonbusiness licenses and permits 65,060 , 75,673 84,176
$ 103,834 $oE-T24,4564'$ 123,859 r
1
Fines and forfeitures - Municipal Court $ 25,000 $ 54,686 $ 33,844
Revenue from use of money and property fl
Interest earned $ 30,800 $ 57,001 $ 55,343
Rents 7,500 9,416 5,774
$ 38,300 $ 66,417?T 61 ,117
Intergovernmental revenue _
Cigarette and liquor taxes $ --- $ --- $ 53,549 In
Mobile home registration --- --- ---
Local government aid 593,891 573,094 414,949 ......1...
Gasoline tax --- --- 22,350
Mortgage registry 4,000 3,278_1, 12,107
$ 597,891 $ 576,372'V $ 502,955
Charges for current services
General Government $ 10,035 $ 7,209 $ 15,247 [1._
' Public Safety 5,810 10,844 " 8,138
Conservation of Health -1 15,700 9,328 Pc 10,388
Recreation 0., 21 ,955 30,3627 23,327
o$5 $ 53,500 $ 58,243 4'$ 57,100
S
Transfers from other funds
Municipal Liquor Operating Fund 6 I $ 75,000 $ 75 ,000 $ ---
Municipal State-Aid Fund - Seal Coating 21 ,000 21 ,000 21 ,000
Revenue Sharing 149,072 149,072 207,245
State Aid Surplus 35,000 - 37,322 35,000
Park Capital --- 41 ,296 ---
$ 280,072 $ 323,690111 263,245
Other revenue $ 14,960 $ 71 ,045 $ 31 ,895
Prior years ' fund balance $ 100,520 --- ---
Total revenue $2,542,040 $2,619,541 $2,161 ,188
I
See accompanying Notes to Financial Statements.
6
I 'm CITY OF FRIDLEY, MINNESOTA
"'R GENERAL FUND
' I STATEMENT OF EXPENDITURES - YEARS ENDING DECEMBER 31 , 1974 AND 1973
r Actual
1974 Prior
Budget Actual Year
GENERAL GOVERNMENT
Mayor and Council
Personal services $ 28,719 $ 28,660 $ 22,800
PR Contractual services 400 402 12,715
i ; Commodities 1 ,100 913 1 ,654
Other charges 27,500 26,380 9,213
o...., Capital outlay 200 --- 91
$ 57,919 $ 56,355 $ 46,473
Manager
P Personal services $ 68,159 $ 67,916 $ 49,196
Contractual services --- 2,099 6,734
Commodities 6,700 7,275 1 ,059
*., Other charges 16,500 13,530 1 ,966
; Capital outlay 250 693 721
$ 91 ,609 $ 91 ,513 - $ 59,676
Personnel
Personal services $ --- $ 138 $ ---
Contractual services --- --- 1 ,674
Commodities --- 211
Other charges 1 ,750 1 ,266 ---
$ 1 ,750 $ 1 ,615 ,'$ 1 ,674
.j � Elections and Voters' Registration
Personal services $ 9,262 $ 8,581 $ 1 ,280
1.1 Contractual services --- --- 221
Commodities 700 421 158
Other charges 2,015 1 ,568 133
r
$ 11 ,977 $ 10,570-- $ 1 ,792
� . Finance
Clerk-Treasurer
.�. Personal services $ 43,748 $ 47,968 $ 49,381
Contractual services 75 2,465 8,801
Commodities 4,200 2,542 2,560
01 Other charges 10,240 9,418 3,180
Capital outlay 820 4,144 2,018
Refunds 100 319 204
$ 59,183 $ 66,856_, $ 66,144
I Assessor
` r Personal services $ 60,133 $ 56,347 $ 46,076
Contractual services 75 4 3,898
Commodities 925 191 105
Other charges 6,300 5,187 2,126
Capital outlay 485 1 ,348 100
�' $ 67,918 $ 63,077,/$ 52,305
See accompanying Notes to Financial Statements.
7 i
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND rril
STATEMENT OF EXPENDITURES - YEARS ENDING DECEMBER 31 , 1974 AND 1973 ;.,
Actual i1
1974 Prior
Budget Actual Year II
GENERAL GOVERNMENT (Continued) I '
Finance �
Data Processing ► l
Personal services $ 958 $ 6,794 $ ---
Contractual services --- 15,960 ---
Commodities --- 67 202 r
Other charges 29,616 669 16,988
Capital outlay 800 613 457
$ 31 ,374 $ 24,103-$ 17,647 ;"�
Auditing Il
Personal services $ 309 $ 2,290 $ ---
Contractual services 5,100 4,705 4,450 rl
Commodities --- 56
$ 5,409 $ 7,051 . $ 4,450
ri /
Legal
Personal services $ 2,400 $ 32 $ 30,520
Contractual services 400 1 ,195 (7 ,
Commodities --- --- 1
Other charges 30,670 32,132$ 33,470 $ 33,359/ $ 30,520
ri Boards and Commissions
Planning Commission
Personal services $ --- $ 4 $ l (
Commodities --- 309 Other charges 2,500 163$ 2,500 $ 476-$ -0- q
a
Industrial Development
Personal services $ 150 $ --- $ n
Contractual services 300 --- I '
Commodities 150 ---Other charges 710 45$ 1 ,310 $ 45 i$ -0-
Ilior
Police Commission
Personal services $ 175 $ --- $ ---
))
Contractual services 75 --- --- "
Other charges 210 194 ---
$ 460 $ 194. $ -0-
ri' l
Human Relations
Personal services $ --- $
352 $ --- �� 'I
Contractual services --- 32 11
Commodities 100 --- ---
Other charges 110 115
$ 210 $ 467,, $ 32
1
See accompanying Notes to Financial Statements. 7:"
' ' 8
CITY OF FRIDLEY, MINNESOTA
i '4Th
GENERAL FUND
STATEMENT OF EXPENDITURES - YEARS ENDING DECEMBER 31 , 1974 AND 1973
Actual
r, 1974 Prior
Budget Actual Year
GENERAL GOVERNMENT (Continued)
', Boards and Commissions
1 Environmental
Personal services $ 300 $ 534 $ ---
r- Contractual services 75 --- ---
; ', Other charges 225 --- ---
$ 600 $ 534,/$ -0-
CATV
i Personal services $ 1 ,200 $ 795 $ ---
Contractual services 100 --- ---
~' Commodities --- 1 ---
Other charges 2,200 1 ---
$ 3,500 $ 797,,$ -0-
.,
Planning and Zoning
Personal services $ 28,267 $ 26,975 $ 24,199
r, Contractual services --- 8 2,759
Commodities 1 ,000 852 582
Other charges 2,870 5,108 636
Capital outlay 150 --- ---
'"'; $ 32,287- $ 32,943=$ 28,176
General Government Buildings
Personal services $ 20,530 $ 22,796 $ 17,763
, ' Contractual services 1 ,000 7,072 31 ,177
1
Commodities 9,012 2,486 2,319
,, Other charges 27,795 25,684 5,287
Capital outlay 3,200 3,411 5,530
$ 61 ,537 $ 61 ,449.. $ 62,076
r~ Total General Government $ 463,013 $ 451 ,404 $ 370,965
1 1
PUBLIC SAFETY
Police Protection
- Personal services $ 574,184 $ 583,547 $ 391 ,764
Contractual services --- 3,377 37,048
Commodities 29,550 30,429 19,271
Other charges 57,698 46,027 21 ,107
+� Capital outlay 32,063 29,053 45,004
t` $ 693,495 $ 692,433 .- 514,194
See accompanying Notes to Financial Statements.
9 ri
1 '
CITY OF FRIDLEY, MINNESOTA r,
GENERAL FUND (,.J�`
STATEMENT OF EXPENDITURES - YEARS ENDING DECEMBER 31 , 1974 AND 1973 H
Actual 1I
1974 Prior
Budget Actual Year PI
PUBLIC SAFETY (Continued)
Fire Protection
Personal services $ 136,727 $ 144,325 $ 108.780 r
Contractual services 750 407 17,842
Commodities 7,150 10,836 10,452
Other charges 28,055 19,037 10,669
il
Capital outlay 4,450 2,493 87,547
$ 177,132 $ 177,098 - $ 235,290
Protective Inspection ;11--
Personal services $ 70,027 $ 67,757 $ 56,391
Contractual services 7,000 7,791 11 ,492
Commodities 1 ,500 1 ,554 895
71
Other charges 7,050 6,349 2,030
Capital outlay --- 102 795
Refunds 150 102 301
$ 85,727 $ 83,655.-- $ 71 ,904 i__
Civil Defense n
Personal services $ 9,678 $ 8,975 $ 8,778
Contractual services --- --- 1 ,232
Commodities 400 327 27
Other charges 2,540 2,877 1 ,178
Capital outlay 3,000 3,302 6,545
$ 15,618 $ 15,481 .,$ 17,760 j�
Animal Control � !
Personal services $ --- $ 20 $ ---
Contractual services 6,000 7,575 5,100
FT
Commodities 175 105 ---
Other charges --- 489 ---
$ 6,175 $ 8,189,4 5,100
Total Public Safety $ 978,147 $ 976,856 $ 844,248 il
- ri
HIGHWAYS
Engineering
Personal services $ 54,428 $ 50,198 $ 53,793 1_
Contractual services 600 127 6,462
Commodities 2,900 4,232 3,566
Other charges 7,900 9,160 4,985
Capital outlay 4,050 3,460 3,908 c
$ 69,878 $ 67,177.....$ 72,714
See accompanying Notes to Financial Statements.
F
I
10
fl
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
I STATEMENT OF EXPENDITURES - YEARS ENDING DECEMBER 31 , 1974 AND 1973
Actual
r, 1974 Prior
Budget Actual Year
,,� HIGHWAYS (Continued)
Street and Alley
Personal services $ 145,602 $ 129,797 $ 110,604
Contractual services 1 ,450 2,790 26,957
^ Commodities 23,400 40,448 23,739
Other charges 47,705 39,658 31 ,886
Capital outlay 23,700 34,124 13,510
r, $ 241 ,857 $ 246,817-4 206,696
Snow and Ice Removal
Personal services $ 25,041 $ 16,290 $ 12,902
Contractual services --- --- 4,059
Commodities 5,700 14,453 2,775
Other charges 9,580 2,776 1 ,437
^ Capital outlay 3,400 1 ,887 6,399
$ 43,721 $ 35,406.4 27,572
,..•-1 Traffic Signs and Signals
Personal services $ 7,837 $ 17,703 $ 6,803
Contractual services 5,000 53 10,261
Commodities 5,500 6,644 6,922
r% Other charges 9,700 12,662 X120
Capital outlay 23,500 463 23,950
r,
$ 51 ,537 $ 37,525--$ 48,056
Equipment Maintenance
Personal services $ 14,961 $ 26,135 $ 23,711
ms Contractual services 400 442 12,505
ii Commodities 6,200 7,986 9,001
Other charges 8,450 7,286 1 ,827
Capital outlay 45,534 48,006 27,377
'P.,i $ 75,545 $ 89,855 .4 74,421
Street Lighting
m, Personal services $ --- $ 92 $
Contractual services --- --- 40,569
Other charges 44,900 45,532 ---
.-, $ 44,900 $ 45,624,-$ 40,569
Total Highways $ 527,438 $ 522,404 $ 470,028
n
i �
/'1
�r
I
See accompanying Notes to Financial Statements
, i
r�
11 1
CITY OF FRIDLEY, MINNESOTA •+
I
GENERAL FUND
STATEMENT OF EXPENDITURES - YEARS ENDING DECE"13ER 31 , 1974 AND 1973 1
Actual II
1974 Prior
Budget Actual Year it
SANITATION AND WASTE REMOVAL
Storm Sewers �
Personal services $ 6,978 $ 11 ,061 $ 2,280 11
Contractual services --- --- 6,996
Commodities 2,000 628 4,988
Other charges 8,500 6,500 53
$ 17,478 $ 18,1894e$ 14,317
Weed Eradication 1'
Personal services $ 5,086 $ 2,185 $ 2,900
Contractual services 5,500 4,594 7,731
Commodities 150 --- 25 il
Other charges 530 167 5 `
$ 11 ,266 $ 6,946 ,4 10,661
Pest Control Ti
Contractual services $ 200 $ --- -$ ---
Total Sanitation and Waste Removal $ 28,944 $ 25,135 $ 24,978 fl
.
71
Board of Health I
Personal services $ 7,107 $ 10,678 $ 1 ,524
Contractual services 1 ,500 455 2
Commodities 80 69 --- I '
Other charges 135 42 83
$ 8,822 $ 11 ,24440$ 1 ,609
City rl
Cty
Personal services $ 950 $ 1 ,003 $ 954
Contractual services --- --- 426 n
Commodities 650 334 13 +
$ 1 ,600 $ 1 ,337./$ 1 ,393 n
Recreation ! '
Personal services $ 81 ,710 $ 83,100 $ 62,523
Contractual services 1 ,080 1 ,546 3,874 n
Commodities 24,300 12,450 16,384 I '
Other charges 3,400 15,113 900
Refunds --- 318 41
$ 110,490 $ 112,527/$ 83,722
n
�1
See accompanying Notes to Financial Statements . II
12
n
CITY OF FRIDLEY, MINNESOTA
~` GENERAL FUND
� � STATEMENT OF EXPENDITURES - YEARS ENDING DECEMBER 31 , 1974 AND 1973
Actual
1974 Prior
Budget Actual Year
Municipal Parks
i Personal services $ 190,148 $ 182 ,390 $ 131 ,199
Contractual services 5,600 12,225 44,003
Commodities 21 ,100 35,305 18,447
Other charges 41 ,248 38,003 13,218
Capital outlay 90,809 77,900 115,961
$ 348,905 $ 345,823,.$ 322,828
it
Naturalist
^ Personal services $ 17,567 $ 15,587
Contractual services 669
Commodities 3,325 2,062
Other charges 10,804 3,548
Capital outlay 3,250 11 ,607
$ 34,946 $ 33,473.,,`$ ---
+�� Reserve for Contingencies $ 39,735 $ --- $ 4,200
Total expenditures $2,542,040 $2,480,203 $2 ,123,971
it
See accompanying Notes to Financial Statements.
ll
li
13
CITY OF FRIDLEY, MINNESOTA
SPECIAL REVENUE FUNDS r"
STATEMENTS OF REVENUE AND EXPENDITURES
YEAR ENDED DECEMBER 31 , 1974
n
it
Municipal Revenue
Combined State-Aid Sharing r..
Revenue
State-aid construction approtionment $ 39,371 $ 39,371
Federal Revenue Sharing Grants 173,956 $173,956
Interest on investments 47,035 43,941 3,094
Transfers from 1973 Street en
Construction Fund 170,179 170,179 _ ! �
Total revenue $430,541 $253,491 $177,050
n
it
Expenditures
Transfers to other Funds �-
General Fund 205,072 $ 56,000 $149,072 ' 1
1972 Street Construction Fund 16,032 16,032
1973 Street Construction Fund 39,371 39,371 �..�
Total expenditures $260,475 $111 ,403 $149,072
II
Revenue over (under) expenditures $170,066 $142,088 $ 27,978
1
See accompanying Notes to Financial Statements.
�1-
II
("NT. -
14
CITY OF FRIDLEY, MINNESOTA
CAPITAL PROJECT FUND
^J BALANCE SHEET
ii DECEMBER 31 , 1974
ASSETS
1i
Cash $ 881
Investments, at cost plus accrued interest 3,680
Total assets $ 4,561
LIABILITIES, RESERVES AND FUND BALANCE
Reserve for authorized construction
r.,
Appropriated $ 4,561
! Total liabilities, reserves and
fund balance $ 4,561
I
CAPITAL PROJECT FUND
ANALYSIS OF FUND BALANCES
YEAR ENDED DECEMBER 31 , 1974
Fund balance, January 1 , 1974 $11 ,970
; i Revenue $37,563
Expenditures 44,972
Fund balance, December 31 , 1974 $ 4,561
l
See accompanying Notes to Financial Statements.
•
r•
15
r 1
CITY OF FRIDLEY, MINNESOTA
CAPITAL PROJECT FUND
STATEMENTS OF REVENUE AND EXPENDITURES
YEAR ENDED DECEMBER 31 , 1974
Revenue —
State Grant $37,200
Interest on investments 363 ..
Total revenue $37,563
Expenditures
Transfers to other funds
General Fund $10,294
Other 34,678 —
Total expenditures $44,972
Revenue over (under) expenditures $57,409)
See accompanying Notes to Financial Statements.
--i
16
rm CITY OF FRIDLEY , MINNESOTA
INVESTMENT FUND
n BALANCE SHEET
DECEMBER 31 , 1974
n
ASSETS
Cash (deficit) $ (119,289)
I + Accrued interest receivable 119,289
Total Assets $ -0-
INVESTMENT FUND
STATEMENT OF REVENUE AND EXPENDITURES
PM
YEAR ENDED DECEMBER 31 , 1974
ti
Revenues
ti Interest earned $ 397,758
Distributed to other funds
•. General $ 50,976
Special revenue 43,941
Debt service 1 ,019
Capital projects 364
Enterprise funds 82 ,355
Trust and agency 5,507
Special assessments 213,596
' I Total disbributed to other funds $ 397,758
Revenue over (under) expenditures $ -0-
4
INVESTMENT FUND
ANALYSIS OF FUND BALANCE
I ! YEAR ENDED DECEMBER 31 , 1974
Fund balance, January 1 , 1974 $ -0-
n
i t Add
Revenue 397,758
P,
i Deduct
Expenditures 397,758
^j Fund balance, December 31 , 1974 $ -0-
'
t
See accompanying Notes to Financial Statements.
it
rn
" l
17 CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT FUNDS r+,
BALANCE SHEETS r
DECEMBER 31 , 1974 r,
I
Special Special Special
Assessment Assessment Improvements r,
Combined Construction Debt Service Revolving I
ASSETS
Cash (deficit) $ 59,428 $( 129,114) $ 138,540 $ 2
Investments , at cost plus accrued
interest
n
Other 815,253 199,300 313,440 302 ,513 I
City of Fridley temporary bonds 2,180,000 2 ,180,000
Accounts receivable
en
I1
Special assessments receivable fl
Delinquent 800,631 782,751 17,880 II
Deferred
Principal 4,936,603 4,797,037 13,2,566 • n
ii
Unassessed construction costs 920,000 920,000
Total assets $9,711 ,915 $ 70,186 ';9,181 ,768 $ 459,961 7
LIABILITIES, RESERVES,
rl
AND FUND BALANCE
Accounts and contracts payable $ 417,703 $ 417,703 fl
Deposits payable 169,959 $ 169,959
Bonded indebtedness - Future maturities
Definitive bonds
71
Principal 5 ,345,000 $ 5,345,000
Temporary bonds (held by City
of Fridley)
Principal 2,180,000 2 ,180,000
Fund balance 1 ,599,253 (347,517) 1 ,656,768 290,002 I
Total liabilities ,
reserves and
71
fund balance $9,711 ,915 $ 70,186 $9,181 ,768 $ 459,961
eim
' I
See accompanying Notes to Financial Statements. 11
11
T1
1 ,
18
CITY OF FRIDLEY, MINNESOTA
p..
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31, 1974
Special Special Special
pl
r Assessment Assessment Improvements
Combined Construction Debt Sevice Revolving
Cash balance, January 1, 1974 $( 214,777) $( 21 ,470) $( 193,436) $ 129
Receipts
71 Proceeds from sale of temporary
bonds $ 920,000 $ 920,000
Special assessments 1 ,279,641 $1 ,235,401 $ 44,240
General property taxes 21 21
, i Penalty and interest on
, i special assessments 17,556 17,254 302
Interest on investments 238,937 22,507 195,670 20,760
Investments sold 3,574,805 304,805 2,995,000 275 ,000
17i Escrow deposits 16,974 16 ,974
Transfers from other funds 716,254 114,838 601 .416
P.
!
i ` Total receipts $6,764,188 $1 ,362,150 $5,044,762 $357,276
Disbursements
Th Capital outlay
Transfers to other funds -
Interest during construction $ 7,717 $ 7,717
Other 1 ,096,090 1 ,096,090
$1 ,103,807 $1 ,103,807
Retirement of bonds
.� Principal 1 ,227,000 $1 ,227,000
, i Interest 412,592 412 ,592
Investments purchased 2,995,254 199,301 2,493,440 $302,513
Transfers to other funds 729,631 166,686 518,705 44,240
rlRefund of escrow deposits 10,499 10,499
Other disbursements 11 ,200 11 ,049 151
n Total disbursements $6,489,983 $1 ,469,794 $4,662,786 $357,403
1
Cash balance, December 31 , 1974 $ 59,428 $( 129,114) $ 188,540 $ 2
7
n
ij
See accompanying Notes to Financial Statements.
, 1
n
19 --'
r-,
CITY OF FRIDLEY , MINNESOTA
SPECIAL ASSESSMENT CONSTRUCTION FUNDS
BALANCE SHEETS
DECEMBER 31 , 1974
ASSETS I i
rlCash Investments
Sewer and Water No. 50 $ 10 ,721 n
Storm Sewer No. 82 15,816 7
Sewer and Water No. 93 6,840
Sewer and Water No. 102 38,590
Storm Sewer and Sewer and Water No. 103 2 ,630 , �
Locke Lake Dam No. 104 $ 166
Storm Sewer and Sewer and Water No. 105 3,781
Sewer and Water No. 106 17,039
Storm Sewer and Sewer and Water No. 107 ( 10,047)
Sewer and 'Dater No. 112 5 ,058
Sewer and Water No. 113 (117,040)
Storm Sewer and Sewer and ';Dater No. 114 25,625
Sewer and Water No. 115 8,509
Sewer and !:Dater No. 116 ( 1 ,101 )
1970 Street 4,778 ` I
1971 Street 6 ,992
1972 Street 16 ,032 5 ,633
1973 Street 22 ,545 I
1974 Street 24,743 !
1975 Street ( 16,915)
1976 Street ( 209) 'l
Combined $(129,114) $199,300
it
it
See accompanying Notes to Financial Statements. it
n
rl
20
rim
r
7
1
1
r,
H LIABILITIES
Accounts
and
PI Total contracts Total
assets payable Fund Balance liabilities
$ 10,721 $ 7,408 $ 3,313 $ 10,721
1 I 15,816 11 ,000 4,816 15,816
6,840 5,764 1 ,076 6 ,840
•, 38,590 37,330 1 ,260 38,590
■ I 2,630 2,031 599 2,630
166 240 (74) 166
3,781 299 3,482 3,781
17,039 17,039 17,039
(10,047) (10,047) (10,047)
5,058 4,720 338 5,058
., (117,040) 99,437 (216,477) (117,040)
25,625 56,650 (31 ,025) 25,625
8,509 12,367 (3,858) 8,509
(1 ,101 ) 114,210 (115,311 ) (1 ,101 )
4,778 3,817 961 4,778
6,992 6,513 479 6 ,992
21 ,665 16,333 5,332 21 ,665
1 22 ,545 22,545 22,545
24,743 24,743 24,743
(16,915) (16 ,915) (16,915)
PR (209) (209) (209)
I ; 1
j $ 70,186 $417,703 $(347,517) $ 70,186
, i
P1
P•
I1
7
ii
21
r,
CITY OF FRIDLEY , MINNESOTA
SPECIAL ASSESSMENT DEBT SERVICE FUNDS _r,
BALANCE SHEETS 1 '
DECEMBER 31 , 1974
n
Regular
Special
Combined Assessment n
ASSETS
Cash (deficit) $ 188,540 $ 52 ,921
Investments , at cost plus accrued interest
Government securities 313,440 313,440 n
City of Fridley temporary bonds 2 ,180,000 718,310
n
Special assessments receivable
Delinquent 782 ,751 67,282
Deferred 71
Principal 4,797,037 47,907
Unassessed contruction costs 920,_000 _
Total assets $9 ,181 ,768_ $1 ,199,860 (-7
rl
LIABILITIES AND FUND BALANCE
Bonded indebtedness - Future maturities f
Definitive bonds
Principal $5,345,000 $ 185,000
Temporary bonds (held by City of Fridley
Principal 2,180,000 ri
Fund balance 1 ,656,768 1 ,014,860
Total liabilities and fund balance $9,181 ,768 $1 ,199,860 71
71
II
See accompanying Notes to Financial Statements. n
H1
n
li
22
Storm
Sewer
Sewer Storm and Sewer Sewer Sewer
li and Water Sewer and Water and Water and Water 1972 1973
No. 48 No. 106 No. 112 No. 114 No. 115 Street Street
$(37,061 ) $(2,081) $ 8,081 $(76,708) $ 46 ,569
68,985 3,748 10,288 49,074
72,992 69,225 74,110 484,813 585,955
Ii $460,000 $40,000
$104,916 $70,892 $92,479 $460,000 $40,000 $457,179 $632,524
$65,000 $85,000 $460,000 $40,000 $430,000 $680,000
$104,916 5,892 7,479 27,179 (47,476)
$104,916 $70,892 $92,479 $460,000 $40,000 $457,179 $632,524
7
,
I II
23
CITY OF FRIDLEY, MINNESOTA (17
SPECIAL ASSESSMENT DEBT SERVICE FUNDS_
BALANCE SHEETS (CONTINUED)
DECEMBER 31 , 1974
JI
Improve-
ment fl
1974 Bonds of
Street 1960
ASSETS f
Cash (deficit) $ (3)
Investments, at cost plus accrued interest
rl
Government securities
City of Fridley temporary bonds 374,067 rr��
� i
Special assessments receivable '�
Delinquent 74,217 � !
Deferred
Principal 232,738
Unassessed construction costs $420 000
Total assets $420,000 $681 ,019
' I
LIABILITIES AND FUND BALANCE
Bonded indebtedness - Future maturities
Definitive bonds
Principal $540,000
Temporary bonds (held by City of Fridley)
Principal $420,000
Fund balance 141 .019_ fl
Total liabilities and fund balance $420,000 $681 ,019
1
' I
See accompanying Notes to Financial Statements. r
11
n
it
24
n
II
Improve- Improve- Improve- Improve- Improve Improve- Refund-
n ment ment ment ment ment ment ing
Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of
1962 1963 1965 1967 1970 1972 1964
P1
$ 56,423 $ (64,037) $204,436
$91 ,872 $196,450 $289,366 $375,187 134,748
n
� ) 14,187 39,125 78,079 91 ,374 83,859 129,775 72,758
20,506 15,227 124,366 471 ,321 659,415 1 ,838,579 99,883
$126,565 $250,802 $491 ,811 $937,882 $934,445 $1 ,904,317 $377,077
n
7"I $ 55,000 $260,000 $325,000 $740,000 $875,000 $1 ,800,000 $565,000
I
71 ,565 (9,198) 166,811 197,882 59,445 104,317 (187,923)
$126,565 $250,802 $491 ,811 $937,882 $934,445 $1 ,904,317 $377,077 .
71
7
25
CITY OF FRIDLEY, MINNESOTA rr
ANALYSIS OF SPECIAL ASSESSMENT CONSTRUCTION FUND BALANCES
YEAR ENDED DECEMBER 31 , 1974
n
'
Fund Fund
Balance Balance
January December I`
1 , 1974 Revenue Expenditures 31 , 1974
FUND
71
Sewer and Water No. 50 $ 2,882 $ 431 $ 3,313
Storm Sewer No. 82 3,764 1 ,052 4,816 il Sewer and Water No. 93 629 503 $ (56) 1 ,076
Sewer and Water No. 102 (1 ,362) 2,622 1 ,260
Storm Sewer, Sewer and Water No. 103 (23) 2,622 (2,000) 599
Locke Lake Dam No. 104 (80) 6 (74)
71
Storm Sewer, Sewer and Water No. 105 3,225 257 3 ,482
Storm Sewer, Sewer and Water No. 106 (15,817) 15,817
Storm Sewer, Sewer and Water No. 107 (8,737) (1 ,310) ( 10,047)
Sewer and Water No. 112 338 338 rl
Sewer and Water No. 113 (3,754) (212 ,723) (216 ,477)
Sewer and Water No. 114 (37,330) 462,211 (455 ,906) (31 ,025)
Sewer and Water No. 115 40,000 (43,858) (3,858) rn
Sewer and Water No. 116 (115 ,311 ) (115,311 )
1970 Street 509 452 961
1971 Street 479 479
1972 Street 5,332 5 ,332
1973 Street 189,374 8,506 (197,880)
1974 Street (7,691 ) 461 ,316 (428,882) 24,743
1975 Street (16,915) (16 ,915)
1976 Street (209) (209)
Total all construction funds $125,589 $1 ,001 ,944 $(1 ,475,050) $(347 ,517) fl
' I
i4
See accompanying Notes to Financial Statements. it
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26
eal CITY OF FRIDLEY, MINNESOTA
' SPECIAL ASSESSMENT DEBT SERVICE AND REVOLVING FUND
el ANALYSIS OF FUND BALANCES
YEAR ENDED DECEMBER 31 , 1974
Fund Reduction Fund
i1Balance of Future Balance
January Expendi- Taxes December
1 , 1974 Revenue tures Receivable 31 , 1974
fl FUND
Regular Special Assessments $ 952,547 $ 78,162 $ 15,849 $1 ,014,860
Sewer & Water No. 48 104,767 6,085 5,936 104,916
77 Storm Sewer, Sewer & Water
No. 102 (348,956) 365,406 16,450
■, Sewer and Water
i I, No. 106 20,169 7,758 22,035 5,892
Storm Sewer, Sewer & Water
No. 112 1 ,612 8,842 2,975 7,479
Sewer and Water No. 114 -0-
7 Sewer and Water No. 115 -0-
1972 Street 8,594 58,667 40,082 27,179
r 1973 Street (680,000) 820,505 187,981 (47,476)
` 1974 Street -0-
Improvement Bonds of 1960 135,356 47,888 42,225 141 ,019
Improvement Bonds of 1962 67,820 7,543 3,798 71 ,565
Improvement Bonds of 1963 300,937 29,594 18,129 $321 ,600 (9,198)
Improvement Bonds of 1965 149,121 29,339 11 ,649 166,811
Improvement Bonds of 1967 191 ,448 68,773 62,339 197,882
^ Improvement Bonds of 1970 85,419 75,219 101 ,193 59,445
! i Improvement Bonds of 1972 415,847 199,526 511 ,056 104,317
Refunding Bonds of 1964 291 ,068 74,618 25,728 527,881 (187,923)
Total Special Assessment
Debt Service Funds $1 ,695,749 $1 ,877,925 $1 ,067,425 $849,481 $1 ,656,768
" Revolving Fund 287 147 47 246 - -
9 $ � $ $ 44,391 $ 0 $ 290,002
n
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7
See accompanying Notes to Financial Statements.
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27 ,",
CITY OF FRI'3LEY , MINNESOTA
SPECIAL ASSESSMENT CONSTRUCTION FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31 , 1974
Sewer fl
and Water
Combined No. 50
Cash balance , January 1 , 1974 $( r 21 ,470) $ 290
Receipts n
Proceeds from sale of temporary bonds $ 920,000
Interest on investments 22,507 $ 431
Investments sold 304,805 10,000
71
Transfers from other funds 114,838 _Total receipts $1 ,362 ,150 $10,431 ^1
Disbursements
Interest during construction $ 7 ,717
Other 1 ,096 ,090 -
Investments purchased 199,301 $10 ,721
Transfers to other funds 166,686
ri
Total disbursements $1 ,469,794 $10,721
ri
Cash balance, December 31 , 1974 $( 129 ,114) $ -0-
I l
II
n
See accompanying Notes to Financial Statements. n
71
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28
h
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Storm Storm
Sewer Sewer
., Storm Sewer Sewer and Sewer Locke and Sewer Sewer
j Sewer and Water and Water and Water Lake Dam and Water and Water
No. 82 No. 93 No. 102 No. 103 No. 104 No. 105 No . 106
$ 764 $1 ,607 $ 521 $ 8,015 $249 $3,524 $ 1 ,233
r
$ 1 ,052 $ 503 $ 2,621 $ 238 $ 6 $ 257 $ 82
n 14,000 6,805 38,000
1 I 2,384 15,735
r $15,052 $7,308 $40,621 $ 2 ,622 $ 6 $ 257 $15,817
i i.
i
$2,075 $ 2,552 $ 8,007 $ 89 $ 11
$15,816 6,840 38,590 2,630 $3,781 17,039
p
1
t � $15,816 $8,915 $41 ,142 $10,637 $ 89 $3,781 $17,050
' $ -0- $ -0- $ -0- $ -0- $166 $ -0- $ -0-
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29
CITY OF FRIDLEY , MINNESOTA , I
t
SPECIAL ASSESSMENT CONSTRUCTION FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31 , 1974
Storm
Sewer
and Sewer Sewer 77
and Water and Water
No. 107 No. 112
Cash balance, January 1 , 1975 $( 8,737) $4,946 77
Receipts 71
Proceeds from sale of temporary bonds
Interest on investments $ 338
Investments sold
Trarsfers from other funds
Total receipts $ -0- $ 338 *�
i
Disbursements
Interest during construction $ 655
Other 655 $ 226 1
Investments purchased 5,058
Transfers to other funds _
Total disbursements $ 1 ,310 $5 ,284
Cash balance, December 31 , 1974 $(10,047) $ -0-
I
See accompanying Notes to Financial Statements .
I 1
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r, Sewer Sewer Sewer Sewer
and Water and Water and Water and Water 1970 1971 1972
No. 113 No. 114 No. 115 No. 116 Street Street Street
^ $( 3,754) $( 37,330) $ -0- $ -0- $7,186 $6,705 $ 628
�-a
$ 460,000 $40,000
2,211 $ 452 $ 478 $ 5,332
47,000
55,403
$ -0- $ 462,211 $40,000 $ -0- $ 452 $ 478 $107,735
r.., $ 1 , $ 1 , $ 15
111 ,493 793 381829,327 $31 ,34150 1 1 ,086 $2,860 $ 191 $ 86,697
25,625 8,509 4,778 6,992 5,634
16,100
$ 113,286 $ 424,881 $40,000 $ 1 ,101 $7,638 $7,183 $ 92,331
$(117,040) $ -0- $ -0- $(1 ,101 ) $ -0- $ -0- $ 16,032
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7?CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT CONSTRUCTION FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS—TCONTINUED) i
YEAR ENDED DECEMBER 31 , 1974
; I
1973 197 %
Street Street
r•
Cash balance, January 1 , 1975 $ 374 $( 7,691 )
Receipts
Proceeds from sale of temporary bonds $ 420,000
Interest on investments $ 8,506
Investments sold 189,000
Transfers from other funds 41 ,316
Total receipts $197,506 $ 461 ,316 .�
Disbursements
Interest during construction $ 3,298
Other $ 24,749 425,584
Investments purchased 22 ,545 24,743
Transfers to other funds 150,586
Total disbursements $197,880 $ 453,625
"1 Cash balance, December 31 , 1974 $ -0- $ -0-
' I
7I
See accompanying Notes to Financial Statements . fl
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ii 1975 1976
Street Street
it $ $
r•
0• •■ $ 277
16,638 $ 209
$ 16,915 $ 209
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$(16,915) $(209)
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CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT DEBT SERVICE FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31 , 1974 !
Regular
Special • I
Combined Assessment
Cash balance, January 1 , 1974 $ (193,436) $ 34,338
Receipts
Special assessments $1 ,235 ,401 $ 63,198 '_
General property taxes 21
Penalty and interest on special assessments 17,254 774 n
Interest on investments 195,670 72,108 11
Investments sold 2,995,000 1 ,100,000
Transfers from other funds 601 ,416 r,
Total receipts $5,044,762 $1 ,236,080 f i
Disbursements
Retirement of bonds
Principal $1 ,227,000 $ 172,000 p
Interest 412,592 13,082
Investments purchased 2,493,440 1 ,031 ,750
Transfers to other funds 518,705
Other disbursements 11 ,049 665 71
Total disbursements $4,662,786 $1 ,217,497
rl
Cash balance, December 31 , 1974 $ 188,540 $ 52,921
fl
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See accompanying Notes to Financial Statements. I
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Sewer
F"‘ Sewer Sewer Storm Water and Sewer
and Water and Water Sewer Storm Sewer and Water 1972 1973
No. 48 No. 102 No. 106 No. 112 No, 114 Street Street
fl $(58,870) $ 1 ,044 $ 808 $ 153 $ -0- $(173,766) $ -0-
n
I $ 24,314 $30,501 $ 6,050 $ 136,956 $ 88,141
n 811 116 36 184 363
ii 529 817 166
23,000 14,000
.. $365,406 $16,100 145,880
$ 25,125 $365,406 $54,146 $20,903 $16,100 $ 137,140 $234,550
rTh
., $350,000 $35,000 $10,000
16,450 6,300 2,975 $16,100 $ 40,082 $ 50,925
15,735 135,179
Ii $ 3,316 1 ,877
$ 3,316 $366,450 $57,035 $12,975 $16,100 $ 40,082 $187,981
$(37,061 ) $ -0- $(2,081) $ 8,081 $ -0- $(76,708) $ 46,569
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CITY OF FRIDLEY, MINNESOTA r,
�
i
SPECIAL ASSESSMENT DEBT SERVICE FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS (CONTII4UED) ^,
YEAR ENDED DECEMBER 31 , 1974
Improve- Improve-
ment ment
Bonds of Bonds of
1960 1962
Cash balance, January 1 , 1974 $ 444 $ 114
Receipts '^
Special Assessments $ 68,460 $ 7,280
General property taxes
Penalty and interest on special assessments 2,670 65
Interest on investments 28,696 5,904
Investments sold 380,000 87,000
Transfers from other funds .�
Total receipts $479,826 $100,249
Disbursements
Retirement of bonds
Principal $ 80,000 $ 5,000
Interest 26,040 2,185
Investments purchased 374,067 91 ,872
Transfers to other funds *.,
Other disbursements 166 1 ,306 iI
Total disbursements $480,273 $100,363
71
Cash balance, December 31 , 1974 $ (3) $ -0-
I
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it
See acccompanying Notes to Financial Statements.
II
71
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Improve- Improve- Improve- Improve- Improve- Refund-
pp ment ment ment ment ment ing
ii Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of
1963 1965 1967 1970 1972 1964
7 $ 273 $ 598 $ 259 $ 321 $ 771 $ 77
n
$ 12,121 $ 40,823 $171 ,981 $168,036 $366,487 $ 51 ,053
21
n
1 ,720 2,488 2,627 1 ,612 3,081 707
i 15,547 18,023 29,976 15,349 8,555
212,000 269,000 359,000 161 ,000 175,000 215,000
11 ,300 4,920 57,810
ii
$252,688 - $330,334 $563,584 $350,917 $544,568 $333,146
^ $ 45,000 $ 30,000 $150,000 $ 95,000 $150,000 $105,000
11 ,485 11 ,500 38,470 64,785 91 ,375 20,838
196 ,450 289,366 375,187 134,748
•-,
26 66 186 282 367,791
2 ,949
• $252,961 $330,932 $563,843 $294,815 $609,376 $128,787
$ -0- $ -0- $ -0- $ 56,423 $(64,037) $204,436
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CITY OF FRIDLEY , MINNESOTA
LIQUOR FUND
BALANCE SHEET
DECEMBER 31 , 1974
ASSETS rl
Current assets
Cash $ 5,100
Investments, at cost plus accrued interest 92,147 ' 1
Accounts receivable 3,239
Inventory, at cost 162,598
Contract for deed receivable 12,152
Prepaid expenses 14,636 . �
Total current assets $289,87
Property, plant and equipment, substantially all at cost ■
Land and improvements $195,600
Furniture, fixtures and equipment 63,036
Signs and automotive 13194
$271 ,830
Less accumulated depreciation 33,728
Net property, plant and equipment $238,102 (7
Contract for deed receivable, less current portion above $148,047
Total assets $676,021 ■
flLIABILITY AND RETAINED EARNINGS
Current liability
Accounts payable $ 7,435
Accrued sales tax 4,863 ' I
$ 12 ,298
Retained earnings $663,723 II
Total liabilities and retained earnings $676,021
ri
If
See accompanying Notes to Financial Statements. II
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I
CITY OF FRIDLEY, MINNESOTA
LIQUOR FUND
STATEMENT OF INCOME
� YEAR ENDED DECEMBER 31 , 1974
n
, Store
, I
Total No. 2 No. 3 No. 4
71 Sales $1 ,074,169 $ 19,424 $513,118 $541 ,627
Cost of Sales 828,326 13,654 396,092 418,580
Gross Profit $ 245,843 $ 5,770 $117,026 $123,047
Percent of sales 22.9 29.7 22.8 22.7
r,
t
Operating exoenses $ 166,551 $ 21 ,659 $ 73,336 $ 71 ,556
Percent of sales 15.5 111 .5 14.3 13.2
r.
j Operating profit (loss) $ 79,292 $(15,889) $ 43,690 $ 51 ,491
Percent of sales 7.4 _(81 .8) 8.5 9.5
Other income $ 34,973 $ 20,174 $ 10,729 $ 4,070
Percent of sales 3. 3 103.9 2.0 0.8
1 Other expense $ 6,926 6,926 --- ---
Percent of sales 0.6 --- ---
Net income $ 107,339 $ (2,641) / $ 54,419 ./ $ 55,561
7
, ; Percent of sales 10.0 (13.6) 10.6 10.3
ANALYSIS OF CHANGES IN RETAINED EARNINGS
YEAR ENDED DECEMBER 31 ,1974
'~ Retained earnings
� � January 1 , 1974 $631 ,384
: , Net income
107,339
it
Transferred to General Fund 75 ,000
1
7
' , Retained earnings
r,
December 31 , 1974 $663,723
I
rm
r ' Note: Store No. 2 ceased operations on April 1 , 1974.
_
See accompanying Notes to Financial Statements.
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CITY OF FRIDLEY , MINNESOTA I
LIQUOR FUND n
STATEMENT OF OPERATING EXPENSES
YEAR ENDED DECEMBER 31 , 1974 '
; i
Percent Percent Percent
Total of sales No. 2 of sales No. 3 of sales
Operating Expense
Selling
Salary - Clerks $ 69,626 6.5 $ 4,459 23.0 $ 34,512 6.7
Bags & Wrapping 2,131 .2 --- .0 1 ,047 .2
Licenses 114 .0 --- .0 57)k .0
Uncollectable Checks 389 .0 331 1 .7 16 - .0
Cash Shortage 79 .0 (3) .0 71 " .0
Other Selling Expenses 31 .0 --- .0 30 .0 Fl
$ 72,370 6.7 $ 4,787 24.7 $ 35,733 6.9
Overhead f
Utilities $ 7,906 .7 $ 815 4.2 $ 4,423 .9
Insurance 5,524 .5 (207) (1 .1 ) 2,732 .5
Rent 19,880 1 .9 12,500 64.3 --- .0 7
Laundry 704 .0 38 .2 287 .0
Repair & Maintenance 2,783 . 3 507 2.6 1 ,018 .2
Supplies 318 .0 1 .0 280 .0
Communications 2,129 .2 209 1 .1 1 ,075 .2 rl
Alarm Service 493 .0 163 .8 174 .0
Advertising 1 ,112 . 1 373 1 .9 444 .0
Depreciation 10,369 1 .0 656 3.4 7,238 1 .4 rl
Other Overhead Expense 1 ,169 . 1 245 1 .3 488 .0
$ 52,387 4.8 $ 15,300 78.7 $ 18,159 3.2 '�
General I
Management Expense $ 16,681 1 .6 $ 831 4.3 $ 7,685 1 .5
Inventory Control 5,007 .5 91 .5 2,392 .5 7
Accounting 7,578 .7 137 .7 3,620 .7
Warehouse Expense 3,263 .3 74 .4 1 ,451 .3
Data Processing 5,625 .5 102 .5 2,687 .5
Other General
Overhead Expense 3,640 .3 337 1 .7 1 ,609 .3
$ 41 ,794 3.9 $ 1 ,572 8.1 $ 19,444 3.8
Total Operating Expense $166,551 15.4 $ 21 ,659 111 .5 $ 73,336 13.9 f1
it
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See accompanying Notes to Financial Statements.
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40
► "-'1
Percent
No. 4 of sales
$ 30,655 5.7
1 ,084 .2
57 .0
42 .0
11 .0
1 .0
$ 31 ,850 5.9
$ 2,668 .5
2,999 .6
7,380 1 .4
379 .0
1 ,258 .2
37 .0
845 .1
156 .0
•, 295 .0
1 2,475 .5
436 .0
$ 18,928 3.3
$ 8,165 1 .5
r 2,524 .5
3,821 .7
1 ,738 .3
2,836 .5
1 ,694 .3
$ 20,778 3.8
$ 71 ,556 13.0
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CITY OF FRIDLEY, MINNESOTA r
LIQUOR FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED DECEMBER 31 . 1974
n
SOURCE OF FUNDS
Operations:
Net income for the year $107,339
Items not requiring current outlay of funds
Depreciation 10,368
Decrease in long term contracts receivable 12 ,152
Loss on sale of fixed assets 6,926 r,
Fixed assets sold 6,806 I
Total operations $143,591
APPLICATION OF FUNDS
Increase in long term contract receivable $ 8,300
Transfer to General Fund 75,000
Addition to fixed assets 1 ,843
Increase in working capital 58,448.
Total application of funds $143,591
Various Elements of Net Increase in
Working Capital : .7
Cash $( 3; 36)
Investments 65,147
Accounts receivable 3,239
Inventories (33,490)
Contract for deed receivable 2 ,180
^,ccounts payable 10 ,072
Prepaid expenses 14,636
Total $ 58,448
i
See accompanying Notes to Financial Statements.
n CITY OF FRIDLEY, MINNESOTA
42
'' WATER AND SEWER REVENUE BOND FUND
BALANCE SHEET
DECEMBER 31 , 1974
y
fin ASSETS
Current Assets
Cash (deficit) $ (588)
: ?;: Investments, at cost 1 ,029,586
it Accounts receivable 244,684
Inventory of meters 6,098
Prepaid expenses 12,785
fl $1 ,292,565
Restricted assets - Revenue Bond Accounts
Sinking Account
Investments, at cost $ 257,714
Reserve Account
Investments 30,150
fl s Account receivable Metropolitan Sewer Board 469,122
Total restricted assets $ 756,986
r Property, plant and equipment, substantially all at cost
Land and improvements $ 154,590
Buildings 737,068
ri Machinery and equipment 1 ,802,718
Other improvements 7,219`
701 ,595
Less accumulated depreciation $2,797,159
r-) Net property, plant and equipment $1904,436
Total assets $3,953.987
IILIABILITIES, RESERVES AND RETAINED EARNINGS
Current liabilities
flAccounts payable - Other $ 12,151
Bonds payable within one year 35,000
Total current liabilities $ 47,151
fl Other liabilities
Bonds payable less portion due within one year $ 965,000 -
Deposits payable 3,518
flTotal other liabilities $ 968,518
Reserves
ri Metropolitan Sewer Board current value credit $ 469,122
Reserve for Sinking Account debt service 249,415
Reserve for Reserve Account 30,150
Total reserves $ 748687
11 Retained earnings $2,189,631
nTotal liabilities, reserves and retained earnings $3,953,987
ISee accompanying Notes to Financial Statements.
43 'I]
CITY OF FRIDLEY, MINNESOTA
WATER AND SEWER UTILITIES REVENUE BOND FUND )
OPERATION AND MAINTENANCE ACCOUNT
f]
STATEMENT OF INCOME
YEAR ENDED DECEMBER 31 , 1974
Combined Water Swer L
Operating revenue
Water sales and sewer rents $1 ,108,435 $524,916✓ $583,5191 [1
Connection permits 5,061 1 ,590v 3,471
Sales of materials and miscellaneous service 31 ,531 21 ,961✓ 9,57011
Total operating revenue $1,145,027 $548,467 $596,560 (J
lJ
Operating expenses
Source of supply $ 293,865 13 $ 25,395'; $268,470
Power and pumping 143,491 pyo i 123,494'' 19,997 k:,-,.::: 2, {I
Purification 56,069 :=3--:› 56,069 '
Transmission and distribution 159,358 sbbs 77,774x' 81 ,584S 1R o
Customer accounting and collecting 52,617 g-7/( 34,562K 18,055 `3'Q- fl
Administrative and general 51 ,828 31 ,168 20,66O-i
Depreciation 115,812 109,852 5,960
Total operating expenses $ 873,040 $458,314 $414,726, fi
Operating income $ 271 ,987 $ 90,153 $181_,834
Other income and (expense) ri
Interest income 79,754
Connection charges 3,814`'
Interest expense (63,531) L1
Net income $ 292,024
0
ANALYSIS OF CHANGES IN RETAINED EARNINGS
YEAR ENDED DECEMBER 31 , 1974
fl
Retained earnings January 1 , 1974 $1 ,701 ,616
Add
Adjustment of prior year's balance - operating accounts 144,831 fl
Net income 292,024
Reduction of reserve for debt service 63,192
Transfer-in - construction accounts 19,775
Deduct
Transfer-out - special assessment funds (29,790) 0
Increase in reserve - reserve accounts (2 017)'
Retained earnings, December 31 , 1974 $2,189!631
1.
See accompanying Notes to Financial Statements.
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CITY OF FRIDLEY, MINNESOTA
WATER AND SEWER REVENUE BOND FUND
n STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED DECEMBER 31 , 1974
e1 Source of Funds
Operations:
r"1
Net income of the year $292,024
Items not requiring current outlay of funds:
Depreciation 115,812
Total operations $407,836
Fixed assets converted to inventory 6 ,098
Inventory adjustment 1 ,268
71 Prior year's adjustment 144,831
Total $560,033
Application of Funds
7"."\ Additions to Utility Plant in Service $ 42,876
Payment of Long-Term Debt 75,000
Transfer to Special Assessment Funds 29,790
Transfer to Restricted Accounts 81 ,636
Increase in Working Capital 327,831
Increase in Other Payables 2,900
Total $560,033
Various Elements of Net Increase in
Working Capital
Cash $ 1 ,247
Accounts receivable 3,080
Investments 201 ,586
{ Inventory 6 ,098
Prepaid Expenses 12,785
(Increase) decrease in current liabilities:
r1 Accounts payable 48,035
Current portion of long-term payable 55,000
Increase in working capital $327,831
P1
See accompanying Notes to Financial Statements.
45 7
CITY OF FRIDLEY, MINNESOTA ri �..
WATER AND SEWER REVENUE BOND FUND 11
ANALYSIS OF CHANGES IN RESERVE, SINKING AND CONSTRUCTION ACCOUNTS
YEAR ENDED DECEMBER 31 , 1974
n
Sinking Reserve Construction
Combined Account Account Account
Cash Balance, January 1 , 1974 $ 14,918 $ 23,091 $ 28,133 $(36,306)
Receipts 1
Interest on investments $ 18,036 $ 16,019 $ 2,017 -
Transfer from Water and Sewer
Operating Fund 186,071 127,113 $ 58,958 ;�
Investments sold 231 ,000 231 ,000 1
Total receipts $435,107 $374,132 $ 2 ,017 $ 58,953
Disbursements 71
Bonds $ 90,000 $ 90,000
Interest 49,255 49,255
Fiscal agents service charge 254 254 ,
Construction costs 22,649 $ 22,649
Investments purchased 3 3
Transfers to operating accounts 287,864 257,714 $ 30,150
Total disbursements $450,025 $397,223 $ 30,150 $ 22 ,652
Cash balance, December 31 , 1974 $ --- $ --- $ --- $ --- q
Investment balance, January 1 , 1974 $231 ,000 $231 ,000 $ ---
Additions 287,864 257,714 $ 30,150
Deductions
231 ,000) (231 ,000)
Investment balance, December 31 , 1974 $287,864 $257,714 $ 30,150 $ --- ri
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71
See accompanying
Notes to Financial Statements.
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46
CITY OF FRIDLEY, MINNESOTA
TRUST AND AGENCY FUNDS
I BALANCE SHEETS - DECEMBER 31 , 1974
n
, 1 Firemen's Police
Relief Relief PERA
Association Association Pension
7 Combined Fund Fund Fund
ASSETS
71 Taxes receivable
Unremitted $ 19 $ 19 $ $
...I Delinquent 666 666
Total Assets $ 685 $ 685 $ -0- $ -0-
I el
' l RESERVES
7 Reserve $ 685 $ 685 $ -0- $ -0-
,..,Th STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31 , 1974
Cash balance, January 1 , 1974 $ 10,052 $ 254 $ 925 $ 8,873
ri
Receipts
General property taxes $ 192 $ 192 $ $
•1 Insurance premium tax 29,909 29,909
l Interest earned 316 316
Total receipts $ 3,0,417 $ 30,101 $ -0- $ 316
Disbursements
Police Relief Association $ 925 . $ $ 925 $
n Firemen's Relief Association 30,355 30,355
! Transfers to General Fund 9,189 9,189
r1 Total disbursements $ 40,469 $ 30,355 $ 925 $ 9,189
Cash balance, December 31 , 1974 $ -0- $ -0- $ -0- $ -O-
n
See accompanying Notes to Financial Statements.
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CITY OF FRIDLEY, MINNESOTA (--)
PI
STATEMENT OF GENERAL FIXED ASSETS II
DECEMBER 31 , 1974
71
General fixed assets
Land $ 811 ,855
Building and structures 1 ,281 ,597 h
Improvements other than buildings
19,406 ,748 _4
Furniture , fixtures and office equipment 179,487
Machinery and equipment 672,949
Construction in progress 1 ,095,925 71
Total general fixed assets $23,448,561
Investment in general fixed assets
Special assessments $19,834,036
State-aid 231 ,022 I {
General fund 2,096,460
Municipal liquor dispensary
15 ,260 1
Contributions 413,427 1
General obligation bonds 856,597
Water and sewer utilities 1 ,759 71
Total investment in general fixed assets $23,448,561
71
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See accompanying Notes to Financial Statements.
+ 1
48
IL
CITY OF FRIDLEY , MINNESOTA
STATEMENT OF GENERAL LONG-TERM DEBT
DECEMBER 31 , 1974
n
Amount available and to be provided for the payment
el of general long-term debt
( Amount available in General Debt Service Fund $ 40,838
71 Amount to be provided by future taxes 430,200
Total available and to be provided $471 ,038
General long-term debt payable - Serial bonds payable $360,000
Fund balance - Unappropriated 111 ,038
$471 ,038
n
See accompanying Notes to Financial Statements.
r"1
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49
CITY OF FRIDLEY , MINNESOTA
GENERAL DEBT SERVICE FUNDS _,
BALANCE SHEETS - DECEMBER 31 , 1974 ' 1
� '
-
Civic
Center
Bonds Li
of 1965
ASSETS TI
Investments $ 40,838
Taxes receivable
71
Un remi tted 346
Delinquent 1 ,714
Total assets $ 42,898
RESERVE AND FUND BALANCE
Reserve for uncollected taxes receivable $ 2,060
Fund balance 40,838
il Total reserve and fund balance $ 42,898
7
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31, 1974
Civic '_•
• Park Bonds Center
of 1962 Bonds '�
Combined and 1963 of 1965 it
Cash balance, January 1 , 1974 $ 68,702 $ 30,740 $ 37,962
Receipts
Property taxes $ 39,868 $ 262 $ 39,606
Interest on investments 1 ,018 1 ,018
Total receipts $ 40,886 $ 262 $ 40,624
Disbursements
Bonds $ 25,000 $ 25,000 J I,
Interest 12,685 12,685
Investments purchased 40,838 40,838
Fiscal agent service charge 63 63 II
Transferred to General Fund 31 ,002 Total disbursements $109,588 31 ,002 $ 78,586
Cash balance, December 31 , 1974 $ -0- $ -0- $ -0- ! '
1
See accompanying Notes to Financial Statements. fl
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CITY OF FRIDLEY 50
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31 , 1974
^ Note 1 - Summary of Significant Accounting Policies
The City statements are presented on the accrual basis of accounting with the
exception of the follcMing minor exceptions.
(a) General property taxes - revenue is recognized in the year of
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anticipated collection;
(b) Interest expense on general bonded indebtedness and special assessment
bonds - Interest expense is recorded as an expenditure when paid;
interest is not accrued unless fully matured and not paid;
i
(c) Interest revenue on special assessments receivable - Interest revenue
is recognized in the year of anticipated collection of the current
principal installment;
(d) Bond and interest payments due January 1 - expenditures are recognized
e) when amounts are remitted to the fiscal agent (usually in December)
l for payment of bonds and interest.
Investments - Investments are carried at cost which approximates market. Investment
71 revenue is recorded as earned and is allocated to the respective funds.
Inventories - Inventories held by the Enterprise Funds are stated at cost.
Property and equipment - Enterprise Funds - The property and equipment of the
Enterprise Funds are stated at cost. Depreciation has been provided using the
'l straight line method over the estimated useful lives of the assets.
J
General Long-term Debt - The general long-term liabilities , except for enterprise
and special assessment funds , are not carried as a liability of a fund but rather
are set up in a separate self-balancing group of accounts known as the "general
long-term debt group of accounts".
General Fixed Assets - General Fixed Assets purchased are recorded as expense in
funds other than Enterprise Funds at time of purchase. Such assets are capitalized
at cost in the general fixed asset group of accounts. No depreciation has been
provided on general fixed assets.
Note 2 - Litigation
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j 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
n 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 FRIDLEY, MINNESOTA
STATEMENT OF CASH AND SECURITY FOR DEPOSITS ''1
DECEMBER 31 , 1974 L1
Face amount 1i
of securities
pledged as
Cash collateral L
Checking accounts - Fridley State Bank,
Fridley, Minnesota
71
General Account $ (75,041 ) $225,000*
Petty cash and change funds 5 ,500 "1
Total cash $ (69,541) i
Certificates of Deposit (included in investments) r,
First National Bank, Saint Paul $ 650,000 $1 ,100,000*
Fidelity State Bank, Minneapolis 700,000 710,000*
Fidelity State Bank, Edina 200,000 200,000* '1
Total investments in Certificates of Deposit $1 ,550,000 $2 ,010,000 7
*Additional security of $100,000 is provided by the Federal Deposit Insurance Corporation.
SUMMARY STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
ALL FUNDS
YEAR ENDED DECEMBER 31 , 1974 ri
Cash Cash
balance balance 1
January 1 , December 31 , --
Fund 1974 Receipts Disbursements 1974
General Fund $ (2,659) $ 5,925,150 $ 5,921 ,605 $ 886 7,1
Special revenue funds 12,519 1 ,043,153 1 ,070,750 (15 ,078)
Investment Fund (118,626) 14,147,385 14,148,048 (119,289)
Special assessment funds (214,777) 6,764,188 6,489,983 59,428 i_
General debt service funds 68,702 43,064 111 ,766 ---
Liquor Fund 8,436 1 ,227,168 1 ,230,504 5,100
Water and Sewer Revenue --- ,
Bond Fund 13,083 2 ,472,272 2,485,943 (588) _-
Trust and agency funds 10,052 117,223 127,275 --- _
Total $(223,270) $31 ,739,603 $31 ,585 ,874 $ (69,541 )'4
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eftk CITY OF FRIDLEY, MINNESOTA
STATEMENT OF INVESTMENTS
r DECEMBER 31 , 1974
; i
Interest
el Rate Maturity Cost
! i
Federal Intermediate Credit Bank Bonds 8.80% 2/3/75 $ 125,000
Federal Intermediate Credit Bank Bonds 9.25 4/1/75 100,000
Federal Intermediate Credit Bank Bonds 9.60 7/1/75 100,000
Federal National Mortgage Association 6.70 6/10/76 150,000
Federal National Mortgage Association 6.25 12/10/76 200,000
71 4 Federal National Mortgage Association 7.05 3/10/77 200,000
Federal National Mortgage Association 8.625 3/15/75 200,000
Federal Home Loan Bank Bonds 7.95 8/25/75 125,773
Federal Home Loan Bank Bonds 6 .75 11/25/77 500,000
I Federal Land Bank Bonds 6.19 10/20/77 50 ,781
Federal Land Bank Bonds 8.70 1/23/78 200 ,000
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U.S. Treasury Bills 6.80 1/9/75 119,343
rj U.S. Government Insured Merchant Marine 9.25 5/2/75 100;090
Bank for Cooperatives 7.40 2/3/75 78,070
Bank for Cooperatives 10.84 3/3/75 348,359
Certificate of Deposit - First National , St. Paul 8.50 3/21/75 253,000
' Certificate of Deposit - First National , St. Paul 8.50 3/22/75 100,000
Certificate of Deposit - First National , St. Paul 8.60 3/27/75 300,033
■■, Certificate of Deposit - Fidelity, Minneapolis 8.625 4/10/75 200,000
Certificate of Deposit - Fidelity, Minneapolis 9.30 2/4/75 150,000
Certificate of Deposit - Fidelity, Minneapolis 9.125 2/17/75 103,009
Certificate of Deposit - Fidelity, Edina 8.34 2/24/75 200,000
i I Certificate of Deposit - Fidelity, Minneapolis 8.75 4/10/75 250,000
City of Fridley Temporary Bonds
77 Sewer, Water and Storm Sewer No. 106 7.00 7/1/75 65.000
1972 Street 7.00 9/1/75 430 ,000
1973 Street 7.00 8/1/76 680,000
Sewer, Water and Storm Sewer No. 112 7.00 9/1/76 85,000
71 Sewer, Water and Storm Sewer No. 114 7.00 4/1/77 460,000
1974 Street 7.00 8/1/77 420,000
,i°t Sewer, Water and Storm Sewer No. 115 7.00 19/1/77 40,000
Total $6,327,326
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Allocation by funds
General Fund . $1 ,115,445
Special Revenue Funds 807,031
j Enterprise Funds 1 ,409,596
Special Improvements Revolving Fund 302,513
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Special Assessment Construction Funds 2,493,440
Special Assessment Debt Service Funds 199,301
n Total $6,327,326
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CITY OF FRIDLEY, MINNESOTA ^
BONDS PAYABLE - ALL FUNDS
ri I
DECEMBER 31 , 1974 rn
Issue Interest Maturity Principal ,�
date rate date amount_
Special Assessment Debt Service
Funds - Definitive Bonds 'l
Regular
Water and Sewer Improvement *n
Bonds
$20,000 per year 5/1/55 3.60% 2/1/75 $ 20,000 —
$20,000 per year 3.60 8/1/75 20,000 ,,
General Obligation Improvement I
Bonds
$20,000 per year 10/155 3.60 2/1/75 20,000 n
$20,000 per year 3.60 8/1/75 20,000 : (
Improvement Bonds
August 1 , 1975 8/1/56 4.75 8/1/75 50,000 71
August 1 , 1976 4.75 8/1/76 55.,000
Total Regular Special Assessment Debt Service Funds $ 185,000
Improvement Bonds of 1960
$80,000 per year 10/1/60 4.20 1/1/76-78 240,000 el
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
71
Total Improvement Bonds of 1960 Special Assessment Debt
Service Fund $ 540,000
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Improvement Bonds of 1962
February 1 , 1975 5/1/62 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 5030
February 1 , 1979 3.80 2/1/79 10,300
71
$5,000 per year 3.80 2/1/80-82 15,000
Total Improvement Bonds of 1962 Special Assessment Debt fl
Service Fund $ 55,000
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CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
DECEMBER 31 , 1974
FIN Issue • Interest Maturity Principal
; 1 date rate date
amount
Special Assessment Debt Service
' t Funds - Definitive Bonds (Continued)
Improvement Bonds of 1963
l $30,000 per year 1/1/63 3.70% 1/1/ -
$30,000 per year 3.80 1/1/78 76-77 79 $ 60,000 60,000
$35,000 per year 3.80 1/1/80-83 140,000
71 Total Improvement Bonds of 1963 Special Assessment Debt
Service Fund $ 260,000
71 Refunding Bonds of 1964
$105,000 per year 2/1/64 3.30 2/1/75 $ 105;000
$105,000 per year 3.40 2/1/76-79 420,000
'� February 1 , 1980
� � 3.40 2/1/80 40,000
Total Refunding Bonds of 1964 Special Assessment Debt
7Th Service Fund
$ 565 ,000
Improvement Bonds of 1965
$30,000 per year 5/1/65 3.20 2/1/75 $ 30,000
$30,000 per year
r � $30,000 per year 3.30 2/1/76-78 90,000
February 1 , 1981 3.40 2/1/79-80 60;000
� $25,000 per 3.40 2/1/81 25,000
' � 00 pr year 3.50 2/1/82-85 100,000
February a 1e86
3.50 2/1/86 20,000
r� Total Improvement Bonds of 1965 Special Assessment Debt
; � Service Fund $ 325,000
AN Improvement Bonds of 1967
$140,000 per year • 10/1/67 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
01 $ 30-,000 per year 4.50 1/1/83-87 150,000
11 January 1 , 1988 4.50 1/1/88 20,000
Total Improvement Bonds of 1967 Special Assessment Debt
! Service Fund $ 740,000
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CITY OF FRI DLEY , MINNESOTA n
ri J
BONDS PAYABLE - ALL FUNDS (CONTINUED)
DECEMBER 31 , 1974
Issue Interest Maturity Principal r 7
date rate date amount__
Special Assessment Debt Service
Funds - Definitive Bonds (Continued)
Improvement Bonds of 1970
$95,')00 per year 7/1/70 6.50% 1/1/76-79 $ 380,000 `
$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 90,003
$40,000 per year 7.00 1/1/85-89 200,030
$15,000 per year 7.00 1/1/90-91 30,000
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Total Improvement Bonds of 1970 Special Assessment Debt $ 875 ,000
Service Fund
Improvement Bonds of 1972
$150,000 per year 10/1/72 3.80 1/1/76 $ 150,000 I �
$150,000 Per year 4.10 1/1/77-78 300 ,030
$150,000 per year 4.40 1/1/79-80 300,000 n
$150,000 per year 4.60 1/1/81-82 330,000
$ 75,000 per year 4.80 1/1/83-84 150,000
$ 75,900 per year 5.00 1/1/85-86 150 ,000
January 1 , 1987 5.10 1/1/87 75,000 i el
January 1 , 1988 5.20 1/1/88 75 ,000
January 1 , 1989 5.20 1/1/89 50,000
$ 50,000 per year 5 .25 1/1/90-91 100,300
$ 50,00 0 p er year '�
ear 5.30 1/1/92-94 150,000 ► t
Total Improvement Bonds of 1972 Special Assessment Debt $1 ,800,000
Service Fund
Total Special Assessment Definitive Bonds $5,345,000
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General Debt Service Funds
Civic Center Bonds
year 5/1/65 3.20 2/1/75 $ 25 ,000 it
$25,000 pe r y 3.30 2/1/76-78 75,000
$25,000 per year 3.40 2/1/79-81 90,000
$30,000 per year 3.50 2/1/82 33,000 7
February 1 , 1982
$35 ,000 per year 3.50 2/1/83-86 140,003
fl Total Ci vi c Center Bonds $ 360,000
Total General Debt Service Funds $ 360,030
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CITY OF FRIDLEY , MINNESOTA
, m BONDS PAYABLE - ALL FUNDS (CONTINUED)
DECEMBER 31 , 1974
p...
Issue Interest Maturity Principal
date rate date amount
REVENUE BONDS
!7 Public Utilities Sinking Fund
Water and Sewer Revenue Bonds of 1956
; I
$15,000 per year 9/1/56 4.50% 9/1/75-76 $ 30,000
Total Water and Sewer Revenue Bonds of 1956 $ 30,000
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Water No. 75
February 1 , 1975 5/1/65 3.20 2/1/75 $ 20,000
r, February 1 , 1976 3.30 2/1/76 35,000
I $50,000 per year 3.30 2/1/77-78 100,000
$50,000 per year 3.40 2/1/79-81 150,000
$50,009 per year 3.50 2/1/83-87 300,000
7 February 1 , 1988 3.50 2/1/88 20,000
Total Water No. 75 Bonds $ 625 ,000
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Water Bonds of 1970
$45,000 per year 7/1/70 6.50 1/1/76-77
$ 90,000
$50,000 per year 6 .50 1/1/78-79 100,000
j ( $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
ii Total Water Bonds of 1970 $ 345 ,000
ry Total Water and Sewer Revenue Bonds $1 ,000,000
i
Total Definitive Bonds $6,705 ,000
i Special Assessment Debt Service
Funds - Temporary Bonds
1'1 Sewer, Water and Storm Sewer No. 106 7/1/72 7.00 7/1/75 $ 65,000
if
1972 Street 9/1/72 7.00 9/1/75 $ 430,000
i 1973 Street 8/1/73 7.00 8/1/76
$ 680,000
Sewer, Water and Storm Sewer No. 112 9/1/73 , 7.00 9/1/76 $ 85 ,000
11, Sewer, Water and Storm Sewer No. 114 4/1/74 7.00 4/1/77 $ 460,000
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CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED) ^
DECEMBER 31 , 1974 � (
Issue Interest Maturity Principal ^�
date rate date amount _
Special Assessment Debt Service
Funds - Temporary Bonds (Continued) 71
1974 Street 8/1/74 7.00 8/1/77 $ 420,000
Sewer and Water No. 115 10/1/74 7.00 10/1/77 $ 40,000
Total Special Assessment Temporary Bonds $2 ,180,000
Total bonds outstanding $8,885,000
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CITY OF FRIDLEY, MINNESOTA 58
DEBT SERVICE REQUIREMENTS - ALL FUNDS
J ,L..... DECEMBER 31 , 1974
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I YEAR PRINCIPAL INTEREST TOTAL
PI 1975 $ 830,000.00 $ 338,260.00 $ 1 ,168,260.00
{ 1976 1 ,575,000.00 394,127.50 1 ,969,127.50
1977 1 ,680,000.00 288,742.50 1 ,968,742.50
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
1981 505,000.00 121 ,990.00 626,990.00
'�
1 500,000.00 98,730.00 598,730.00
7 19983 82 295,000.00 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
i 1986 250,000.00 44,512.50 294,512.50
1987 195,000.00 33,862 .50 228,862.50
,1 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
1991 65,000.00 9,787.50 74,787.50
7 1992 50,000.00 6,625.00 56,625.00
I 1993 50,000.00 3,975.00 53,975.00
1994 50,000.00 1 ,325.00 _ 51 ,325.00
$ 8,885,000.00 $ 2,133,887.50 $ 11 ,018,887.50
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SUMMARY OF OUTSTANDING BONDED INDEBTEDNESS
{ Bonds Outstanding January 1 , 1974
Special Assessment - Permanent $ 6,657,000.00
r'� General Debt Service 410,000.00
1 Public Utilities - Sinking 1 ,130,000.00
Special Assessment - Temporary 1 ,655,000.00
7 $ 9,852,000.00
Bonds Issued During 1974
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Special Assessment - Temporary $ 920,000.00
Bonds Retired During 1974
Special Assessment - Permanent $ 1 ,312,000.00
P, General Debt Service 50,000.00
Public Utilities - Sinking 130,000.00
Special Assessment - Temporary 395,000.00
n $- 1 ,887,000.00
Balance and Purpose of Bonds Outstanding on December 31 , 1974
Special Assessment - Permanent $ 5,345,000.00
Pi,. General Debt Service 360,000.00
Public Utilities 1 ,000,000.00
Special Assessment - Temporary 2,180,000.00
r., $ 8,885,000.00
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CITY OF FRIDLEY, MINNESOTA (
DEBT SERVICE REQUIREMENTS - GENERAL OBLIGATION BONDS
PARK AND CIVIC CENTER
il
DECEMBER 31 , 1974
Year Principal Interest Total ii
1975 $ 25,000.00 $ 11 ,885.00 $ 36,885.00 r,
1976 25,000.00 11 ,072.50 36,072.50 l
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
7
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 r,
1983 35,000.00 4,287.50 39,287.50
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 n
$ 360,000.00 $ 80,292.50 $ 440,292.50
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,l'-‘1 CITY OF FRIDLEY, MINNESOTA
'r` DEBT SERVICE REQUIREMENTS - PERMANENT BONDS
) I SPECIAL ASSESSMENT FUNDS
DECEMBER 31 , 1974
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Year Principal Interest Total
n 1975 $ 275,000.00 $ 140,212.50 $ 415,212.50
1976 690,000.00 223,040.00 913,040.00
1977 640,000.00 193,132.50 833,132.50
7 1978 625,000.00 165,677.50 790,677.50
) 1 1979 535,000.00 140,132.50 675,132.50
1980 465,000.00 117,662.50 582,662.50
r, 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
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1984 175,000.00 58,115.00 233,115.00
1985 170,000.00 49,262.50 219,262.50
/ I 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
11 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
--� 1992 50,000.00 6,625.00 56,625.00
1993 50,000.00 3,975.00 53,975.00
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1994 50,000.00 1 ,325.00 51 ,325.00
1 i $5,345,000.00 $1 ,485,530.00
$6,830,530.00
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CITY OF FRIDLEY, MINNESOTA
DEBT SERVICE REQUIREMENTS - TEMPORARY BONDS II
SPECIAL ASSESSMENT FUNDS
DECEMBER 31 , 1974
71
Year Principal Interest Total
1975 $ 495,000.00 $ 152,400.00 $ 647,400.00 71
1976 765,000.00 117,950.00 882,950.00
1977 920,000.00 48,300.00 968,300.00
71
$2,180,000.00 $ 318,650.00 $2,498,650.00
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CITY OF FRIDLEY, MINNESOTA
on JEBT SERVICE REQUIREMENTS
PUBLIC UTILITY REVENUE & WATER IMPROVEMENT BONDS
DECEMBER 31 , 1974
on
Year Principal Interest Total
7 1975 $ 35,000.00 $ 33,762.50 $ 68,762.50
1976 95,000.00 42,065.00 137,065.00
1977 95,000.00 37,062. 50 132,062.50
r1 1978 100,000.00 32,325.00 132,325.00
1979 100,000.00 27,400.00 127,400.00
1980 105,000.00 22,287.50 1'27,287.50
1981 105,000.00 16,943.75 121 ,943.75
1982 95,000.00 11 ,843.75 106,843.75
1983 50,000.00 8,575.00 58,575.00
1984 50,000.00 6,825.00 56,825.00
n 1985 50,000.00 5,075.00 55,075.00
iI 1986 50,000.00 3,325.00 53,325.00
1987 50,000.00 1 ,575.00 51 ,575.00
0 1988 20,000.00 350.00 20,350.00
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$1 ,000,000.00 $ 249,415.00 $1 ,249,415.00
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CITY OF FRIDLEY, MINNESOTA rjil
ASSESSED VALUATIONS, TAX LEVIES AND MILL RATES
(Shown by Year of tax collectibility) n
1972 1973 1974 1975 il
Assessed Valuations
Real Estate $24,721 ,145 $89,400,378 $100,626,812 $107,937,152 n
Personal Property 4,080,720 6,187,860 6,838,247 6,943,210 —
Total Assessed $28,801 ,865 $95,588,238 $107,465,059 $114,880,362* I
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Taxable Valuation --
Real Estate $104,896,399 el
Personal Property 6,843,210 Il
Total $111 ,739,609** jl
Tax Levies
General Fund $ 923,625 $ 1 ,075,464 $ 1 ,178,854 $ 1 ,624,144
P. E. R. A. 59,566 53,954 95,895 None !�
Firemen's Relief Assoc. Fund 17,602 13,776 None None � '
Police Pension Assoc. Fund 57,547 49,992 75,723 None
General Debt Service Funds 81 ,531 67,200 39,200 38,4007
Total $ 1 ,139,871 $ 1 ,260,386 $ 1 ,389,672 $ 1 ,662,544 _-
Mill Rate n
General Fund 32.07 10.84 10.97 14.53
P. E. R. A. 2.07 .54 .89 .00
Firemen's Relief Assoc. Fund .61 .14 .00 .00 rl
Police Pension Assoc. Fund 2.00 .51 .71 .00
General Debt Service Funds 2.83 .68 .37 .35
Total 39.58 12.71 12.94 14.88 '_!
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*Effective in 1975, the values on which Fridley' s Mill Rate is calculated will not be the
assessed value, but taxable value (part of the Assessed Value goes into a Metro Tax rl value pool) .
**Taxable value on which the Fridley Mill Rate is applied. n
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flCITY OF FRIDLEY 64
STATEMENT OF VALUATIONS AND LEVIES BY CLASSES OF PROPERTY
(1974 Valuation for 1975 tax)
Ratio
itl"-)
V Tax LLev
Assessed Val Valuation Assessed Val of Adj. Tax on
before Contr Contr to Contr by Adjusted Assess. Adjusted
n Class of N to Metro Tax Metro Tax Metro Tax Assessed Value Assessed
Property Pool Pool Pool Value to Tot. Value
flCommercial $ 12,443,899 $ 1 ,439,631 $ $11 ,004,268 9.848 $ 163,743.51
Industrial . 25,655,391 2,968,065 22,687,326 20.304 337,587.41
11 F.M.C. #85 3,752,051 434,074. 3,317,977 2.
.696 49,371.50
flGas - Electric 3,179,377 367,821 2,811 ,556 2.516 41 ,835.95
Billboards, etc. 11 ,782 1 ,363 10,419 .009 155.03
flReal Estate-P.U. 381 ,287 44,112 337,175 .302 5,017.16
Vacant Land 1 ,184,693 1 ,184,693 1.060 17,628.23
Apartments 11 ,609,084
11 ,609,084 10.389 172,743.17
Residential 56,662,798 56,662,798 50.710 843,142.43
Received from Metro Pool $2,114,313 $ 2,114,313 01.893 31 ,460.98
FILLS $114,880,362> $ 5,255,066 $2,114,313 $111 ,739,609 .100.00 $1 ,662,685.37
flThe "Fiscal Disparities" Law changed the way mill rates are with the 1974/75 tax year. Of the first six categories listedpabove, the sCi/ty lost
ctive
$5,255,066 in assessed value. In return, the City received a credit of 2,
assessed value from the Metro Tax Pool . This resulted in a net loss of $3,140,753 in
taxable valuation
flThe assessed value shown on the first six categories is reduced for local taxable value
to 88.43%. This taxable value is then multiplied by the applicable local mill rates.
The balance of the value is then multiplied by the Metro mill rate of (121.49) . This
II money then goes into the Metro Pool. Out of this Pool , the City of Fridley receives
$31460.98. This equals the return of Assessed Value of $2,114,313 multiplied by
Fridley's Mill Rate of 14.88 mills.
flThe tax for line ten, Residential , is the total amount received by the City. The
homeowners do not pay this full amount, for up to $325 per homestead credit is paid
by the State to the County, and the County in turn distributes it to the various local
fl governments as part of the levy.
nProperties in Fridley pay into the Metro Pool $638,437.97. In turn various levels
of government lying within the corporate limits of the City of Fridley receive
reimbursement in the amount of $214,754.85. This creates a net loss of tax dollars- of
$423,683. 12 for Fridley taxpayers.
rI
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65 fl
rill,
CITY OF FRIDLEY, MINNESOTA
fl
TAX LEVIES AND TAX COLLECTIONS
YEARS 1965 THROUGH 1974 n
Collections Percentage Collection
of current of levy of prior Ratio ri
year's taxes collected year's taxes of total
Year Total during fiscal during fiscal during fiscal Total collections rl
collected tax levy period period period collections to tax levy
1965 $ 565,667 $ 547,313 96.76 $ 7,658 $ 544,9.71 .9811 :1
1966 641 ,945 618,252 96.31 10,003 628,255 .9787:1
1967 753,242 721 ,568 95.79 16,160 737,728 .9794:1 il
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 .9375:1 rl
1970 1 ,068,629 1,038,922 97.22 12,177 1 ,051 ,099 .9833:1 - fl
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 (l
1973 1 ,260,386 1 ,245,095 98.78 30,551 1 ,275,646 1 .0112:1 1177
1974 1 ,389,672 1 ,365,737 98.28 18,974 1 ,384,711 .9964:1 f
R I
A
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il66
CITY OF FRIDLEY, MINNESOTA
4 INSURANCE COVERAGE
11 DECEMBER 31 , 1974
All risk, direct physical loss coverage
II Buildings and contents (except liquor stock) - 90% Co-insurance $4,531 ,900
Boiler insurance 500,000
Contractor's equipment 300,376
flSigns 30,000
Fire and extended coverage - Liquor contents (include stock) 264,842
flComprehensive liability, including automobiles
Bodily injury
Each person 100,000
11 Each occurrence 300,000
Property damage 100,000/300,000
il t
L penes y� ' 1 #000,000
Open stock burglar 10,000
Comprehensive and collision, automobile
Passenger vehicles Actual cash value
ri ,
Other vehicles Stated value
Business interruption, liquor stores 91 ,000
17) Money and securities, inside and outside
premises, all locations 15,000
1 _
ri Workmen's compensation Statutory
fEMPLOYEES' SURETY BONDS
DECEMBER 31 , 1974
RSurety
Position bond
fl Nasim M. Qureshi City Manager
$ 25,000
Marvin C. Brunsell City Clerk 1 ,000
flMarvin C. Brunsell Treasurer 25,000
ri Mervin J. Herrmann Assessor 500
Leon Madsen Deputy Assessor
p y 500
flWalter J. Mulcahy Appraiser 500
( ' All employees ark covered by a blanket faithful performance bond of 100,000
n
Ail ,
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