1975 Annual Financial Report r
71
II
n ANNUAL FINANCIAL REPORT
rTh of the
CITY OF FRIDLEY , MINNESOTA
71
for the year ended
DECEMBER 31 , 1915
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DEPARTMENT Of FINANCE
MARVIN C. BRUNSELL, DIRECTOR OF FINANCE
MEMBER OF MUNICIPAL FINANCE OFFICERS' ASSOCIATION
7'1 OF THE UNITED STATES AND CANADA
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CITY OF FRIDLEY, MINNESOTA
.� ELECTED AND APPOINTED OFFICIALS
DECEMBER 31 , 1975
CITY COUNCIL
Term of office
expires January
Elected
Mayor - William J. Nee 1978
Council
Wallace R. Starwalt 1977
Carroll A. Kukowski 1978
Edward J . Fitzpatrick 1976
Tim F. Breider 1376
Effective January 1976
Mayor - William J. Nee 1978
Council
Carroll A. Kukowski 1978
Edward J. Fitzpatrick 1979
Edward L. Hamernik 1979
Wallace R. Starwalt 1977
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APPOINTED OFFICERS
Appointed
4-4 City Manager - Nasim M. Qureshi
Clerk-Treasurer - Marvin C. Brunsell
Attorney - Virgil C. Herrick
r., Assessor - Mervin Herrmann
Engineer - Richard N. Sobiech
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CITY OF FRIDLEY
ORGANIZATION CHART
I PEOPLE OF FRIDLEY
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IMAYOR AND CITY COUNCIL I
Planning Commission I - ,
Charter Commission CATV Commission
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Community Development Commission Human Resources Commission Police Commission Board of Health
Parks & Recreation Commission Appeals Commission Housing & Redevelopment Authority --
Environmental Quality Commission
, ICITY MANAGER
LEGAL I IPERSONNELI
`PURCHASING,
' NATURE INTERPRETATION PARK & RECREATION PUBLIC WORKS FINANCE DEPARTMENt POLICE FIRE
Parks Engineering Accounting & Police Protection Fire Protection
Data Processing
Recreation Utilities e Animal Control Are Prevention.
Assessing &
Special Assessments
Band ' Street Maintenance Civil Defense
Elections &
Planning Registration
. Building Inspection Liquor Stores
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CITY OF FRIDLEY, MINNESOTA
TABLE OF CONTENTS
11 Page
Letters of Transmittal
TiAccountant's Opinion
ilFINANCIAL SECTION
General - Special Revenue Funds
Balance Sheet 1
Analysis of Fund Balances 2
General Fund
Statement of Revenue - Actual Compared with Budget Estimates 3
n Statement of Expenditures - Actual Compared with Budget Estimates 4
Special Revenue Funds - Statements of Revenue and Expenditures 7
11 Capital Project Fund
Balance Sheet 8
Analysis of Fund Balance 8
Statement of Revenue and Expenditures 9
11 Investment Fund •
Balance Sheet 10
fl Statement of Revenue and Expenditures 10
Analysis of Fund Balance 10
Special Assessment Funds
r Combined Balance Sheet 11
Combined Statements of Cash Receipts and Disbursements 12
Balance Sheet - Construction Funds 13
n Balance Sheet - Debt Service Funds 15
Analysis of Construction Fund Balances 21
Analysis of Debt Service Fund Balances 22
n Individual Statements of Cash Receipts & Disbursements -
Construction Funds 23
Individual Statements of Cash Receipts & Disbursements -
flDebt Service Funds 29
Liquor Fund
Balance Sheet 35
n Analysis of Changes in Retained Earnings 36
j Statement of Income 37
Statement of Operating Expenses 39
riStatement of Changes, in Financial Position 41
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CITY OF FRIDLEY , MINNESOTA
TABLE OF CONTENTS (CONTINUED)
• Page :i-i
Water and Sewer Revenue Bond Fund
Balance Sheet 42 ri
Operating and Maintenance Account - Statement of Income 43
Analysis of Changes in Retained Earnings 43
Statement of Changes in Financial Position 45
Statement of Changes in Assets Restricted for Revenue Bond
Debt Service
Sinking Account . 46
Reserve Account 46
Trust and Agency Funds n
Balance Sheets 47
Statement of Cash Receipts and Disbursements 47
Statement of General Fixed Assets 48
General Debt Service Funds
Balance Sheet 49 riStatement of Revenue and Expenditures 49 ��
Statement of General Long-Term Debt 50
Notes to the Financial Statements 51 CI
STATISTICAL SECTION fl
Supplemental Informati on
Combined Balance Sheets - All Funds 55
Statement of Cash and Security for Deposits 57 11
Summary of Statement of Cash Receipts and Disbursements 57
Statement of Investments 58 n
Bonds Payable - All Funds 59
Debt Service Requirements - All Funds 64
Debt Service Requirements - General Obligation Bonds 65
Debt Servi ce Requirements - Special Assessment Bonds - Permanent 66 T1
Debt Service Requirements - Special Assessment Bonds - Temporary 67 j l�
Debt Service Requirements - Public Uti 1 i ty Revenue & Water
Improvement Bonds 68 j�
Computation of Legal Debt Margin 69 1 (
Tax Levies and Mill Rates 71
Assessed Values and Estimated Market Values 73
Tax Levies and Tax Collections 75 fl
Statement of .Valuations , and Levies by Classes of Property 76
Insurance Coverage 77
Employees' Surety Bonds 77
City Policy Regarding Capital Improvement Financial , 78 T1
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!iifaim ANOKA COUNTY
fmi l 6431 UNIVERSITY AVENUE NE FRIDLEY, MINNESOTA 55432
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The Honorable Mayor and City Council
City of Fridley
Fridley, Minnesota 55432
Counci 1 Members :
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This letter is the preface to the 1975 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.
The report has been prepared under the direct supervision of
Marvin C. Brunsell , Director of Finance.
The accounts and fiscal affairs have been audited by the George
M. Hansen Company an independent firm of Certified Public
Accountants.
- 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
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
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 ,
/j04,t,<,:A Ait- (24,4M41
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Nasim M. Qureshi
City Manager
C I T Y O F F R I D L E Y
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Mr. Nasim M. Qureshi
City Manager
City of Fridley
Dear Mr. Qureshi :
The annual financial report of the City of Fridley for the fiscal year ended
December 31 , 1975 is herewith submitted.
ACCOUNTING SYSTEM AND REPORTS
I The organization form and contents of this report were prepared generally in
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.
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.
r., 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 could jointly and cooperatively p y provide for the establishment,
operation, and maintenance, of data processing facilities and management information
7-Th 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 objective of LOGIS is to provide a computer based management information
system for use by Minnesota Municipalities.
The LOGIS organization contracted with Optimum Systems , Incorporated of Santa
.•{ Clara, California, for the purchase and transfer of computer software packages.
This system transfer was successfully completed June 1 , 1975. The LOGIS organization
is presently buying time on a computer located at the Hennepin County Data
Processing Center. Hennepin County is acting as a local operating agency for LOGIS.
Hennepin County presently utilizes an IBM Model 370/168 computer.
I Prior to June, 1975 , LOGIS was "on line" on Optimum Systems' computer located at
Santa Clara, California. The transfer to local service has resulted in a reduction
in service charges of twenty to twenty-six percent.
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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 he.s
been followed for the startup of the operating modules by the City of Fridley is
as follows:
May, 1973 - Payroll Module
•1 July, 1973 - Utility Billing Module
September, 1973 - Financial Module
eJanuary, 1974 - Equipment Control Module
February, 1976 - Fixed Asset Module
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Following is a brief explanation of the purpose of each type of fund used in
managing and accounting for City operations.
GENERAL FUND
The General Fund was established to account for the revenues and expenditures I �
necessary to provide basic governmental services to the City such as general
government, public safety and highway maintenance. This is one of the three 1•1
operating funds of the City. The other two being, the Public Utility Fund and 11
the Municipal Liquor Fund.
In the financial statements which follow, revenues are recorded by source, while
expenditures are recorded by division. Included in "General property taxes" in
the statement of revenue, are taxes, and payments from the State property tax
relief fund for homestead tax credit. fl
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 1
expenditures is shown below:
REVENUE fl
1975 1974 1973
Budget
Actual Estimates Actual Actual 11 1 General property taxes $1 ,619,966 $1 ,582,359 $1 ,344,632 $1 ,087,173
Licenses and permits 111 ,728 111 ,785 124,456 123,859
Intergovernmental revenue 648,872 622 ,240 601 ,266 502,955
en
Charges for current services 59,936 56 ,550 58,243 57,100
Fines and forfeitures 62,902 33,000 54,686 33,844
From use of money and property 68,126 56,000 66,417 61 ,117 Ti Other revenue 47,627 33,800 46,151 31 ,895 '
Interfund transfers 335,693 329,093 323,690 263,245
Prior year' s fund balance 93,330
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Total revenue $2,954,850 $2,918,157 $2,619,541 $2 ,161 ,188
EXPENDITURES fl
General government $ 436,032 $ 441 ,354 $ 389 ,955 $ 309,257
Public safety 1 ,016,774 1 ,017,043 893,201 772 ,344
Civic Center 77,753 83,873 61 ,449 62 ,076 II
Engineering & Inspection 230,742 242,452 169 ,022 156,888
Highways 525 ,162 525,730 473,416 411 ,631
Naturalist 77,248 77,263 33,473 Ti
Recreation 210,809 138,860 113,864 85,115
Parks 294,925 367,071 345,823 322,828
Reserve for contingencies 24,511 4,200 'l
Total expenditures $2 ,869,445 $2 ,918,157 $2,480,203 $2 .124.339
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The General Fund balance increased by $91 ,196, resulting in a year end fund balance
of $1 ,054,159. The principal reasons for the increase in fund balance was that
actual revenues exceeded estimated revenues by $36,693, and expenditures were
$48,712 under budgeted expenditures , including $24,511 remaining in the Reserve for
Contingency Account. 71
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Shown on the balance sheets are amounts to be provided for land, building and
equipment acquisition (contracts payable) . Repayment is to be made in annual
installments and financed by current tax levies.
SPECIAL REVENUE FUNDS
Municipal State-Aid Fund - Gasoline tax collections apportioned to the City from
the State of Minnesota for street construction are accounted for in this fund.
Transfers are also made to this fund from special assessment debt service funds.
Any excess of amounts assessed over construction costs have been restricted in
this fund for payment of seal coating, and other street- and sidewalk work. On
December 31 , 1975, $757,085 of the fund balance was available for this type of
future work.
Revenue Sharing Fund - The Revenue Sharing Fund was established to account for
revenue received from the Federal Government in accordance with the "State and
Local Fiscal Assistance Act of 1972." Expenditures can only be made from this
fund as outlined in the Act. The City's share of revenue for 1975 was $203,064,
of which $53,546 is to be received in 1976.
Revenue sharing funds are transferred to the General Fund, where the actual
expenditures are accounted for. This policy is followed so that the regular
government expenditures are accounted for in one fund. It is the policy of the
City Council to use Revenue Sharing Funds for capital outlay items only.
Capital Project Fund - The Capital Project Fund was established to account for
"—T receipts and expenditures of the Islands of Peace Project.
INVESTMENT FUND
This fund was established in 1973 to more effectively handle the accounting for
investments and interest earned thereon.
All investments are carried in this account during the year and transferred to
their respective funds at the year end.
Consequently, at December 31 , 1975 , this fund shows only interest earned but not
yet received.
During the year, the City earned $492,497 from interest on investments. This is
an increase of $94,739 over the previous year. The department's policy is to
invest all idle funds at maximum interest rates in accordance with the City's
overall fiscal plan, coordinated with operating p ating needs and programs.
SPECIAL ASSESSMENT FUNDS
Special assessment funds are established to account for special assessments levied
to finance improvements or services deemed to benefit the properties against which
71 the assessments are levied. Primarily, the transactions accounted for in special
assessment construction funds are receipt of bond proceeds and disbursement of
bond proceeds for construction work done. Special assessment debt service funds
account mainly for collection of assessments against benefited property owners
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and disbursement of assessment collections for the payment of bonds and interest.
Some special assessment construction funds showed cash deficits as of
December 31 , 1975. These deficits mean, in effect, that monies belonging to r
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. 1
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 Ii
the levy will be canceled or reduced accordingly.
Special Improvements Revolving Fund - The purpose of this fund is to provide rl
temporary financing for small improvement projects. It has been used also to ! I
provide cash to special assessment debt service funds which have incurred cash
deficits due to bond and interest maturities in advance of collection of
corresponding special assessments receivable. Money for these purposes has been
provided mainly from balances in old inactive construction and debt service
funds , water and sewer connection assessments and improvement escrow deposits.
GENERAL DEBT SERVICE FUNDS
These funds are being used for the accumulation of monies for payment of general
obligation bonds and interest thereon. General property taxes provide the II
necessary revenue. I )
LIQUOR FUND n
This fund was established to account for the operations and financing of the l
City-owned liquor stores. This fund is an operating fund.
The City presently operates two off-sale liquor stores. One is located at 7
6289 Highway 65 and the other at 6586 University Avenue Northeast. The City
closed one off-sale store on April 1 , 1974.
Shown below is a condensed summary of liquor store operations for 1975, 1974, I
1973 and 1972.
1975 1974 1973 1972 fl
Sales $1 ,100,224 $1 ,074,169 $1 ,067,330 $1 ,069,472
Gross profit 231 ,768 245,843 235,182 262,336 I I
Net profit 90,939 107,339 52,109 100,051
Transfers to the General Fund $ 75,000 $ 75,000 -0- $ 136 ,500
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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. In 1975, the bonds issued in 1970 were refunded and a
new bond issue was substitued. On December 31 , 1975, $327,270 of these bonds
were oustanding and payable in future years. Debt service accounts for these bond
issues are being maintained in accordance with the provisions of the bond sales
agreements. The agreements provide that net revenues of the water and sewer
operations equal to the principal and interest maturities of the revenue bonds
due in the following year be pledged as collateral.
In 1969, the Fund assumed a $770,000 liability for bonds payable along with future
interest obligations of the Water No. 75 Improvement Bonds. A total principal
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..,� amount of $605,000 for this bond issue was outstanding on December 31 , 1975.
Although deferred tax levies are set forth in the resolution for retirement
of the bonds and interest, it is the intention of the City to cancel the tax
levies annually on this bond issue and to provide the necessary revenues from
the Water and Sewer Revenue Bond Fund.
r' The receivable from the Metropolitan Waste Control Comission of $448,901
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 $55,596 at December 31 , 1975 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 Comission. These credits will be applied in annual,
installments , with interest, through 1999. Sewer operating expenses for 1975
includes $416,341 in rental charges compared with $268,470 in 1974.
The City follows the practice of not including as part of fixed assets in this
fund the cost of the distribution system, which is paid for by assessment
against benefited property or by deferred tax levies. Such fixed assets are
carried as a part of General Fixed Assets.
The Water and Sewer Revenue Bond Fund has transferred monies to the special
assessment debt service funds to pay principal and interest on some bond issues ,
although, it is not required to do so. As a result, the City considers such
transfers as direct charges against retained earnings and not against income.
Shown below is a condensed summary of operations of the water and sewer operation
account for 1975, 1974, 1973 and 1972.
1975 1974 1973 1972
Water account
fl Operating revenue $554,174 $548,467 $413,027 $362 ,708
Operating expenses 419,532 458,314 416,621 332,606
Operating income (loss) $134,642 $ 90,153 $ (3,594) $ 30,102
Sewer account
Operating revenue $615,086 $596,560 $611 ,448 $643,903
Operating expenses 581 ,386 414,726 407,545 473,615
Operating income (loss) $ 33,700 $181 ,834 $203,903 $170,288
TRUST AND AGENCY FUNDS
Trust and agency funds are established to account for cash or other assets held
II by the City as a trustee or agent. In the past the City has maintained funds
of this nature which included (1 ) Firemen's Relief Association Fund; (2) Police
Relief Association Fund; (3) P.E.R.A. Pension Fund. The first two funds were
^' used to account for collections of general property taxes and subsequent remittance
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of these collections to the respective associations. The P.E.R.A. Pension Fund p
accounted for the accumulation of resources needed to finance the City's share
of the pension contribution. The Police Relief Association Fund and the
P.E.R.A. Pension Fund were closed into the General Fund as of December 31 , 1974.
The Fire Relief Association Fund was closed into the General Fund as of
December 31 , 1975. The cost of pensions is now accounted for and shown as part
of the operation of the General Fund for all regular governmental operations.
An exception are those pension costs associated with the liquor operation, the
public utility operation, or pension costs associated with special assessment
improvement projects. These costs are shown in the respective funds.
CITY BOND RATING
The City's current bond rating is A-1 . This rating was awarded for the •-.
Improvement Bond sale held February 9, 1976. The amount of this bond issue was
$1 ,550,000. The purpose of the bond issue was to refund temporary three year
Improvement Bonds. The 1976 bond issue is payable 100% from special assessments
which were levied in 1975, or prior years. The City was awarded an A-1 bond
rating for the first time on March 1 , 1975.
PENSIONS
Employees of the City of Fridley fall into five separate pension groups. These
are, Volunteer Firemen, Sworn Police Officers , full time Firemen, City employees
on the basic State Wide P.E.R.A. Pension plan, and City employees on the r,
Coordinated Pension Plan (Social Security plus approximately one-half the basic
P.E.R.A. benefits). A brief explanation of each pension system follows :
Pension System - Volunteer Firemen - On December 31 , 1975, there were thrity-seven (16^
active Volunteer Firemen in this pension system. The pension plan is actuarially
sound. The audit report for the Fridley Volunteer Firemen's Relief Association
as of December 31 , 1974 showed an actuarial surplus in the fund of $76,470.81 .
The City Council took action on September 22, 1975 to increase benefits of
retired Volunteer Firemen by twenty percent. A letter from Stennes and Associates ,
consulting actuaries , dated August 14, 1975 states that with this increase in
benefits the fund will still have a surplus. The normal cost of the plan will be
$22,090 per year (one-half the difference between $21 ,197 and $22,982) , which
is less than the funding provided to the fund. This funding is in the form of a
two percent rebate on fire insurance policies written in the City of Fridley.
For the year 1975, the City received $30,167.93 from this insurance rebate. This
compares with the normal cost of the pension plan , after the changes mentioned
above have been made, of $22 ,090 per year. This pension plan has no actuarial r,
deficit e cit and is in excellent financial nancial conditon.
Police Pension Fund - As of December 31 , 1975, there were twenty-nine Sworn
Officers in the Fridley Police Pension Association Retirement Plan. This plan
was designed to serve all Sworn Police Officers. On December 15, 1975, the City
• Council adopted an ordinance which has as its effect the placing of all newly
hired Police Officers in the State Wide P.E.R.A. Police and Fire Plan. This
action of the City Council has the affect of substantially reducing the City's
future liability for newly hired Police Officers. The State Wide P.E.R.A. Police
and Fire Plan has less liberal retirement benefits compared to the Fridley Police _■
Pension Association Plan.
An actuarial report prepared by Hewitt Associates for the Fridley Police Pension
Association, Inc. as of December 31 , 1974, showed an unfunded accrued pension �^
liability of $376,483 as of December 31 , 1974.
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In 1969, the State Legislature adopted legislation requiring all municipalities
in the State to gradually increase their contributions to pension plans, such
as the Fridley Police Pension Association Plan , so that by the year 1980 the
level of funding would be such that the plan would maintain a frozen deficit
amount. The purpose of the legislation was to prevent an increase in unfunded
pension liabilities in this type of pension plan. The City has proceeded ahead
*� of schedule in increasing its contributions to the plan. For the year 1976, the
fi difference between that which would have been required by 1980, and the amount
budgeted by Fridley for the pension plan will be only $2 ,109.
The normal cost of the pension plan is 25.85% of payroll . In addition, interest
on the actuarial liability is assumed to be five percent. This is the funding
level required under State law by 1980. The interest on the deficit amounts
to about five percent of payroll . Total funding requirements are therefore
about thirty-one percent of payroll , with the employee paying six percent. The
City receives a two percent rebate on automobile insurance written in the City.
By law, this can only be used for Police Pension financing. This amounted to
5.5% of payroll in 1975. This leaves about 19.5% of payroll which must be
financed by general property taxes.
Because of the action taken by the City Council in placing newly hired Officers
in the State Wide plan, this pension system is self liquidating. It is the intent
of the City to meet or exceed the funding requirements under State law for this
pension plan.
P.E.R.A. Police and Fire Plan - At the end of 1975, there were five full time
7•1 Firemen and the Public Safety Director in the State Wide Police and Fire Pension
Plan. The normal cost of this plan is twenty percent of payroll . The employee
contributes eight percent of payroll , and the employer twelve percent. According
to the Executive Secretary of the Public Employees Retirement Association, their
actuary states that this plan was eighty-three percent funded as of June 30, 1975.
Basic Public Employees Retirement Plan - As of December 31 , 1975, there were thirty-
", three permanent employees and two temporary employees covered by this retirement
plan. Employees covered by this plan are not covered by Social Security. , This
is a State Wide pension system covering local governmental employees throughout
the State of Minnesota, with the exception of the City of Minneapolis. The normal
cost of this pension plan is sixteen percent of payroll , plus 22% to make up the
actuarial deficit. Employees contribute eight percent of payroll , and employers
contribute eight percent plus 22% which is applied towards the actuarial deficit.
State law provides that the actuarial deficit is to be retired by 1997. According
to the Executive Secretary of P.E.R.A. , the plan was sixty-two percent funded
as of June 30, 1975.
rCoordinated P.E.R.A. Plan - As of December 31 , 1975, there were sixty-two permanent
employees and eight temporary employees covered by this plan. Employees covered
by this plan receive approximately one-half of the benefits of those employees
covered by the basic P.E.R.A. plan , and in addition receive Social Security
benefits. The normal cost of this plan is six percent of payroll , plus an
additional 12% to make up the actuarial deficit in the fund. The employee
r contributes three percent of payroll and the employer three percent of payroll ,
plus an additional 12% to retire the actuarial deficit. Under law, the actuarial
deficit is scheduled to be retired by 1997. The Executive Secretary of P.E.R.A.
has stated their actuarial projections show the plan to be sixty-two percent funded
as of June 30, 1975.
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INDEPENDENT AUDIT
Section 7.13 of the City Charter requires an annual audit to be made of the
books of account financial records and transactions of all administrative
departments of the City by a certified public accountant or the State Auditor's
department of the State of Minnesota. This requirement has been complied with
and the opinion of the George M. Hansen Company, Certified Public Accoutants ,
is included with this report.
ACKNOWLEDGEMENT
The preparation of this report on a timely basis could not be accomplished 7
without the efficient and dedicated services of the entire staff of the Finance
Department. I want to express my special appreciation to Randy Fury and Shirley
Haapala for their assistance. I wish to also thank the office of the City
Manager and members of the City Council for their interest and support in j
planning and conducting the financial operations of the City in a responsible
and progressive manner.
Very truly yours ,
"Marvin rriwi nsel1
Assistant City Manager/Finance Director
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GEORGE M. HANSEN COMPANY
Certified Prblic Accountants
SOUTH PLAZA BUILDING
MINNEAPOLIS,MINNESOTA 6541 d
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fl 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, 1975, listed
fl 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
nconsidered necessary in the circumstances.
l 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, 1975, 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.
r] The accompanying supplemental schedules and related information presented on
Pages 51 to 76 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,
ri is fairly stated in all material respects in relation to the financial
statements taken as a whole.
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fApril 8, 1976
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CITY OF FRIDLEY, MINNESOTA 4
GENERAL AND SPECIAL REVENUE FUNDS '1
BALANCE SHEETS
DECEMBER 31 , 1975 n
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Municipal Revenue Youth
Combined General State-Aid Sharing Service T_I
ASSETS
Cash (deficit) $ 42,771 $ 63,756 $(21 ,000) $15
Investments, at cost 2,070,918 1 ,104,929 895,977 $ 70,012
Accounts receivable n'
Federal Government 53,546 53,546
Other 16,150 16,150
Taxes receivable
Delinquent 59,949 59,949
Unremitted 12,160 12,160
Delinquent special
Assessments receivable 12,939 12,939
Inventories , at cost 3,064 3,064
Prepai d expenses 9,913 _ 9,913
Total assets $2,281 ,410 $1 ,282,860 $874,977 $123,558 $15 t
LIABILITIES, RESERVE AND FUND
BALANCE
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Accounts payable $ 131 ,071 $ 131 ,071
Deposits payable 12,582 12,582 - - I
Reserve for uncollected
taxes and special assessments 85,048 85,048 1
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Fund balance iii__
Appropriated 1 ,247,655 302,604 $823,085 $121 ,951 $15
Unappropriated 805,054 751 ,555 51 ,892 1 ,607
T
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otal liabilities
of ,
reserves and fund
balance $2,2812410 $1 ,282,860. $874,977 $123,558 $15 ! t
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erl
CITY OF FRIDLEY , MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS
ANALYSIS OF FUND BALANCES
YEAR ENDED DECEMBER 31 , 1975
n
R Municipal Revenue Youth
� I Combined General State Aid Sharing Service
Fund balance,
January 1 , 1975 $1 ,755,733 $ 962,964 $679,566 $113,203 $-0-
•� Adjustment of beginning
I balance $ 5 ,790 $ 5 ,790
Revenue 3,562,246 2,954,850 $400,140 $207,131 $125
t Expenditures 3,271 ,060 2,869,445 204,729 196
, 196,776 110
Fund balance,
December 31 , 1975 $2,052,709 $1 ,054,159 $874,977 $123,558 $ 15
fl
li
it
See accompanying Notes to Financial Statements .
! l
r
3 CITY OF FRIDLEY , MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE - YEARS ENDING DECEMBER 31 , 1974 AND 1975
iriN
1975 1974
Budget Actual Actual n
General property and other taxes
Current ad valorem $1 ,567,359 $1 ,330,877 $1 ,090,350
ri.
Delinquent ad valorem 15,000 24,556 17,856
Tax forfei t -0- 4,271 1 ,080
Homestead Credit -0- 260,262 235 ,346 (�
$1 ,582,359 $1 ,619,966 $1 ,344,632 I
Licenses and permits n
Contractors $ 6,475 $ 7,475 $ 7,075 I l
Business 35,240 36,281 41 ,708
All other 5,450 7,784 7,175
Permits 64,620 60,188 68,498
11.
$ 111 ,785 $ 111 ,728 $ 124,456
Intergovernmental revenue r
C.E.T.A. $ 40,379 $ 41 ,077 $ -0-
Ci vi 1 Defense 5,250 5,408 7,274
State Aid - Maintenance 23,220 23,342 20,898 i
Sales tax 550,891 577,045 573,094
Grants 2,000 2,000 -0-
$ 622,240 $ 648,872 $ 601 ,266 1
Charges for current services '
General Government $ 11 ,500 $ 4,670 $ 7,209
Public Safety 9,225 15,419 10,844
Conservation of Health 10,700 7,187 9,328 1
Recreation 25,125 32,660 30,862
$ 56,550 $ 59,936 $ 58,243
Fines and forfeitures tures $ 33,000 $ 62 ,902 $ 54,686 1.
Revenue from use of money and property
Interest $ 49,500 $ 58,280 $ 57,001 ri
Rents 6 ,500 9,846 9,416
$ 56,000 $ 68,126 $ 66,417 n
Il
Transfers from other funds
Liquor Fund $ 75,000 $ 75,000 $ 75,000
Revenue Sharing Fund 196 ,776 196,776 149 ,072
Other Funds 57,317 63,917 99,618
$ 329,093 $ 335,693 $ 323,690
Other revenue $ 33,800 $ 47,627 $ 46,151 11
Prior years' fund balance $ 93,330 $ -0- $ -0-
rin
•
Total revenue $2,918,157 $2 ,954,850 $2,619,541
I i
See accompanying Notes to Financial Statements.
rt
_ _ - - ..,
Fl 4
CITY OF FRIDLEY, MINNESOTA
/11 GENERAL FUND !
flSTATEMENT OF EXPENDITURES - YEARS ENDING DECEMBER 31 , 1974 AND 1975
1975 1974
Budget Actual Actual
flGENERAL GOVERNMENT
Mayor and Council
Personal Services $ 36,764 $ 45,651 $ 28,660
rl Other Expenses 33,300 24,374 27,695
$ 70,064 $ 70,025 ,- $ 56,355
n Planning Commission
Ii Personal Services $ 9,703 $ 14,062 $ 4
Other Expenses 5,314 872 472
rl $ 15,017 $ 14,934/ $ 476
Other Commissions
Personal Services $ 1 ,437 $ 3,127 $ 1 ,681
1 71
I
I Other Expenses 2,585 816 356
Capital Outlay -0- 500 -0-
$ 4,022 $ 4,443- $ 2,037
El City Manager
Personal Services $ 89,685 $ 74,686 $ 67,916
Other Expenses 21 ,130 23,737 22,904
Capital Outlay 250 631 693
$111 ,065 $ 99,054 $ 91 ,513
Personnel
Personal Services $ 2,294 $ 14,034 $ 138
Other Expenses 2,300 1 ,893 1 ,477
r $ 4,594 $ 15,927 $ 1 ,615
Legal
n Personal Services $ -0- $ 77 $ 32
Other Expenses 38,840 38,432 33,327
$ 38,840 $ 38,509., $ 33,359
ri Elections
Personal Services $ 7,882 $ 5,446 $ 8,581
Other Expenses 1 ,890 2,155 1 ,989
$ 9,772 $ 7,601 / $ 10,570
Finance
Personal Services $ 64,924 $ 68,410 $ 57,052
ri Other Expenses 43,518 38,221 36,201
Capital Outlay 970 840 4,757
R $109,412 $107,471 / $ 98,010
Assessing
eli Personal Services $ 69,872 $ 69,574 $ 56,347
r Other Expenses 7,734 7,622 5,382
I ) Capital Outlay 962 872 1 ,348
$ 78,568 $ 78,068r $ 63,077
I1 See accompanying Notes to Financial Statements.
5 ill
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND r v
STATEMENT OF EXPENDITURES - YEARS ENDING DECEMBER 31 , 1974 AND 1975 1.1
1975 1974
Budget Actual Actual
Police rl
Personal Services $671 ,070 $677,700 $583,547
Other Expenses 80,333 80,338 79,833
Capital Outlay 39,550 34,627 29,053
$790,953 $792,665 / $692,433
Animal Control
Personal Services $ 1 ,492 $ 459 $ 20 I II
I
Other Expenses 12,400 11 ,520 8,169
$ 13,892 $ 11 ,979/ $ 8,189 n
Fire I
Personal Services $157,845 $158,590 $144,325
Other Expenses 33,155 33,434 30,280 n
Capital Outlay 4,671 3,639 2,493
$195,671 $195,663 , $177,098
Civil Defense T1
Personal Services $ 10,907 $ 10,743 $ 8,975
Other Expenses 3,620 3,724 3,204
Capital Outlay 2,000 2,000 3,302
$ 16,527 $ 16,467. $ 15,481 (7-1
Community Development and Health nJ
Personal Services $117,349 $113,986 $107,595
Other Expenses 33,470 33,654 27,091
Capital Outlay 3,950 3,386 102 n
$154,769 $151 ,026 $134,788 I l
Civic Center
il
Personal Services $ 27,423 $ 30,517 $ 22,796 '
Other Expenses 55,450 43,186 35,242
Capital Outlay 1 ,000 4,050 3,411
$ 83,873 $ 77,7534 $ 61 ,449
fl
Engineering
Personal Services $ 71 ,591 $ 61 ,316 $ 50,198
Other Expenses 15,400 17,963 13,519 ri
Capital Outlay 692 437 3,460
$ 87,683 $ 79,716 / $ 67,177
ri
Public Works
Personal Services $215,848 $210,747 $201,078
Other Expenses 208,941 214,021 187,858
Capital Outlay 100,941 100,394 84,480
$525,730 $525,162 ,/ $473,416 n
II
See accompanying Notes to Financial Statements. Ti► 1
II 6
CITY OF FRIDLEY, MINNESOTA
^ GENERAL FUND
fl STATEMENT OF EXPENDITURES - YEARS ENDING DECEMBER 31 , 1974 AND 1975
1975 1974
flBudget Actual Actual
Naturalist
n Personal Services $ 48,888 $ 46,782 $ 15,587
Other Expense 22,200 27,725 6,279
Capital Outlay 6,175 2,741 11 ,607
rl $ 77,263 $ 77,248-- $ 33,473
Parks
Personal Services $ 194,123 $ 127,646 $ 182,390
il Other Expenses 66,860 75,188 85,533
Capital Outlay 106,088 92,091 77,900
$ 367,071 $ 2.94,925 - $ 345,823
Recreation
Personal Services $ 109,005 $ 164,712 $ 84,103
Other Expenses 29,855 45 ,500 29,761
Capital Outlay -0- 597 -0-
$ 138,860 $ 210,809 $ 113,864
Reserve for Contingencies $ 24,511 $ -0- $ -0-
nTotal Expenditures $2,918,157 $2,869,445 $2,480,203
ilSee accompanying Notes to Financial Statements.
Ti
71
1I
T1
Ileir
4
Llri _----...-----._....._-----------------
r7
7
r-
CITY OF FRIDLEY, MINNESOTA
SPECIAL REVENUE FUNDS ^
STATEMENTS OF REVENUE AND EXPENDITURES 1M
YEAR ENDED DECEMBER 31 , 1975
Municipal Revenue Youth
I !
Combined State-Aid Sharing Service
Revenue fl
State-aid construction apportionment $303,824 $303,824 n
Federal Revenue Sharing Grants 203,064 $203,064 I
Interest on investments 64,924 60,857 4,067
Transfers from 1974 Street, n
principal and interest 35,459 35 ,459 I
Other 125 $125
Total revenue $607,396 $400,140 $207,131 $125 n
Expenditures j� 1
Transfers to other Funds t
General Fund $254,093 $ 57,317 $196,776
1974 Street Construction Fund 11 ,240 11 ,240
1975 Street Construction Fund 134,878 134,878
1974 Street, principal and interest 1 ,294 1 ,294 $110
Other 110 R
Total expenditures $401 ,615 $204,729 $196,776 $110
Revenue over (under) expenditures $205,781 $195,411 $
10,355 $ 15 `
n '
il
See accompanying Notes to Financial Statements. fl
1
if
r1
n.
8
CITY OF FRIDLEY, MINNESOTA
J-1-) ISLANDS OF PEACE - CAPITAL PROJECT FUND
^ BALANCE SHEET
` I DECEMBER 31 , 1975
ASSETS
Cash $ 81
II Total assets $ 81
flLIABILITIES AND FUND BALANCE
Contracts payable $ 48,000
11 Fund Balance (47,919)
fl Total liabilities and fund
balance $ 81
i
CAPITAL PROJECT FUND
ANALYSIS OF FUND BALANCES
YEAR ENDED DECEMBER 31 , 1975
flFund balance January 1 , 1975 $ 4,561
Revenue $ 255
Expenditures 52,735
Fund balance, December 31 , 1975 $(47,919)
1
it
Fl
See accompanying Notes to Financial Statements.
relTh
I
n
9 n
(.1/
CITY OF FRIDLEY, MINNESOTA `
ISLANDS OF PEACE - CAPITAL PROJECT FUND
STATEMENTS OF REVENUE AND EXPENDITURES
YEAR ENDED DECEMBER 31 , 1975
Revenue 11
Interest on investments $ 255
Total revenue $ 255 it
ji
Expenditures
Capital Outlay $ 52,735
Total Expenditures $ 52,735
Revenue over (under) expenditures $(52,480) `j
�
I
i
1
See accompanying Notes to Financial Statements
I
Jt
1
____
7 10
7L.� CITY OF FRIDLEY, MINNESOTA
1
INVESTMENT FUND
7
DECENB-ERE31, 1975
flASSETS
II Cash (deficit) $ (228,493)
II Accrued interest receivable 228,493
11 Total Assets $ -0-
INVESTMENT FUND
nSTATEMENT OF REVENUE AND EXPENDITURES
YEAR ENDED DECEMBER 31 , 1975
n Revenues
', I Interest earned $ 492,497
7 Distributed to other funds
General $ 53,635
Special revenue 64,923
Debt service 1 ,168
71 Capital projects 255
I - Enterprise funds 111 ,248
Special assessments 261 ,268
7 Total distributed to other funds $ 492,497
Revenue over (under) expenditures $ -0-
1
1
INVESTMENT FUND
ANALYSIS OF FUND BALANCE
7 YEAR ENDED DECEMBER 31 , 1975
Fund balance, January 1 , 1975 $ -0-
11 Add
Revenue 492,497
7
Deduct Expenditures 492,497
fl
Fund balance, December 31, 1975 $ -0-
it
See accompanying Notes to Financial Statements.
11
∎ 1
r.,
■
11
CITY OF FRIDLEY, MINNESOTA ri
SPECIAL ASSESSMENT FUNDS
BALANCE SHEETS
DECEMBER 31, 1975
Special Special Special
Assessment Assessment Improvements
Combined Construction Debt Service Revolving
ASSETS
Cash (deficit) $ 49,065 $(37,482) $ 113,664 $(27,117)
Investments , at cost
Government securities 757,942 757,942
City of Fridley temporary bonds 3,560,000 43,774 3,146,416 369,810
Special assessments receivable
Delinquent 750,994 736,530 14,464
Deferred
Principal 4,988,328 4,859,162 129,166
Unassessed construction costs 1 ,305 ,000 1 ,305,000
Total assets $11 ,411 ,329 $764,234 $10,160,772 $486,323 7
LIABILITIES, RESERVES,
AND FUND BALANCE l i
Accounts and contracts payable $ 221 ,019 $221 ,019
Deposits payable 174,580 $174,580
Bonded indebtedness Future maturities
Definitive bonds
Principal 4,557,730 $ 4,557,730 r
Temporary bonds (held by City f `
of Fridley) —
Pri nci pal 3,560,000 3,560,000
Fund balance 2,898,000 543,215. $ 2,043,042 $311 ,743 1 1
Total liabilities ,
reserves and
fund balance $11 ,411,329 $764,234 $10,160,772 $486,323 ` l
See accompanying Notes to Financial Statements. n
►1
n
I 12
CITY OF FRIDLEY, MINNESOTA
STATEMENTS OF CASH RECEIPTS MD DISBURSEMENTS
7
YEAR ENDED DECEMBER 31 , 1975
II
Special Special Special
Assessment Assessment Improvements
I Combined Construction Debt Service Revolving
flCash balance, January 1 , 1975 $ 59,428 $ (129,114) $ 188,540 $ 2
Receipts
7 Proceeds from sale of temporary
bonds $1 ,680,000 $1 ,680,000
Special assessments 1 ,407,598 $1 ,361 ,601 $ 45,997
Penalty and interest on
7 special assessments 28,716 28,453 263
Interest on investments 271 ,065 21 ,331 227,418 22,316
Investments sold 3,042,823 246,870 2,493,440 302,513
7 Escrow deposits 50,732 50,732
Transfers from other funds 616,160 188,950 414,587 12,623
From other governmental units`- 130,189 130,189
7 Total receipts $7,227,283 $2,137,151 $4,655,688 $434,444
Disbursements
r----) Capital outlay
Transfers to other funds -
Interst during construction $ 2,818 $ 2,818
7
Other 1 ,122,656 1 ,122,656
i
Retirement of bonds
Principal 1 ,073,393 $1 ,073,393
I I Interest 415,909 415,909
Investments purchased 4,317,942 801 ,716 3,146,416 $369,810
Transfers to other funds 255,563 118,329 93,546 43,688
7 Refund of escrow deposits 46,112 46,112
Other disbursements 3,253 1 ,300 1 ,953
pTotal disbursements $7,237,646 $2,045,519 $4,730,564 $461 ,563
Cash balance, December 31 , 1975 $ 49,065 $ (37,482) $ 113,664 $(27,117)
7
7
See accompanying Notes to Financial Statements.
I
(--,
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it
1-1
11
13
CITY OF FRIDLEY , MINNESOTA
SPECIAL ASSESSMENT CONSTRUCTION FUNDS
BALANCE SHEETS
DECEMBER 31 , 1975
ASSETS
Cash Investments
Storm Sewer No. 82 $ (2,403) $ 19,443 7
Sewer and Water No. 93 7,265
Storm Sewer and Sewer and Water No. 103 1 ,454
Sewer and Water No. 106 1 ,187
ri
Storm Sewer and Sewer and Water No. 107 (21 ,186)
Sewer and Water No. 112 2,297
Sewer and Water No. 113 (15,745) 22,433
Sewer and Water No. 114 ( 12) 3,606
Sewer and Water No. 115 1 ,407
Sewer and Water No. 116 1 ,800
Sewer and Water No. 117 ( 24) 2 ,776 f+
Sewer and Water No. 118 ( 698)
Sewer and Water No. 119 ( 1 ,519)
1971 Street 4,596
1972 Street 10,978
1973 Street ( 1 ,658) 16,829
1974 Street 11 ,821 r•
1975 Street 42 708,852
1976 Street ( 9,307)
Combined $(37,482) $801 ,716 r
See accompanying Notes to Financial Statements. { I
li
(l
n
7 14
II
n
1I
fl LIABILITIES
Accounts
and
7 Total contracts Total
assets payable Fund Balance liabilities
n $ 17,040 $ 1 1 ,000 $ 6,040 $ 17,040
7,265 5,764 1 ,501 7,265
1 ,454 701 753 1 ,454
1 ,187 600 587 1 ,1 87
I (21 ,186) (21 ,186) (21 ,186)
2,297 1 ,673 624 2,297
6,688 11 ,741 ( 5,053) 6,6 88
7 3,594 55,308 (51 ,714) 3,594
1 ,407 1 ,430 ( 23) 1 ,407
1 ,800 1 ,800 1 ,800
111 (
2,752 698) ( 2,752 698) ( 2,752
698)
( 1 ,519) ( 1 ,519) ( 1 ,519)
4,596 3,638 958 4,596
7 10,978 4,405 6,573 10,978
15,171 13,716 1 ,455 15,171
11 ,821 11 ,888 ( 67) 11 ,821
n 708,894 66,899 641 ,995 708,894
( 9,307) 30,456 (39,763) ( 9,307)
$764,234 $221 ,019 $543,215 $764,234
F-1
n
rTh
7
15 I I
CITY OF FRIDLEY, MINNESOTA ('
SPECIAL ASSESSMENT DEBT SERVICE FUNDS
BALANCE SHEETS
DECEMBER 31 , 1975 (�
� 1
Regular
Special
Combined Assessment -
ASSETS ! !
Cash (deficit) $ 113,664
Investments, at cost
City of Fridley temporary bonds 3,146,416 $1 ,113,744 II
Special assessments receivable I_I
Delinquent 736,530 85,292
Deferred I I
Principal 4,859,162 58,505 f '
Unassessed construction costs 1 ,305,000
Total assets $10,160,772 $1 ,257,541
LIABILITIES AND FUND BALANCE
Bonded indebtedness - Future maturities (�
Definitive bonds ! !
Principal $ 4,557,730 $ 55,000
Temporary bonds (held by City of Fridley)
Principal 3,560,000
Fund balance 2,043,042 1 ,202,541
Total liabilities and fund balance $10:160,772 $1 ,257,541 n
r
n
H
See accompanying Notes to Financial Statements. fl
•
1
n
1 16
7,1"
n
n Storm
Sewer
Sewer and Sewer Sewer Sewer Sewer Sewer Sewer
n and Water and Water and Water and Water and Water and Water and Water
( I No. 106 No. 112 No. 113 No. 114 No. 115 No. 116 No. 117
ri $ 15,692 $ 30,605 $(8,314) $ 37,145
l $18,489 $18,088 136,685 6,505
rl .
5,366 3,102 190
n 43,210 67,933 103,431 331 ,970 40,777 95,610
$85,000
7..... $67,065 $89,123 $255,808 $362,765 $38,968 $132,755 $85,000
! I
n
fl $60,000 $80,000 $245,000 $330,000 $40,000 $130,000 $85,000
7,065 9,123 10,808 32,765. (1 ,032) 2,755
$67,065 $89,123 $255,808 $362,765 $38,968 $132,755 $85,000
Fl
n
n
n
r
II
n
1
71
17
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT DEBT SERVICE FUNDS fl
BALANCE SHEETS (CONTINUED)
DECEMBER 31 , 1975
1972 1973 11
Street Street
ASSETS fl
Cash (deficit) $ 16,756
Investments, at cost Fl City of Fridley temporary bonds $ 41 ,254 88,291
Special assessments receivable
p a
Delinquent 29,728 53,225
Deferred
rl
Principal 393,853 500,629
Unassessed construction costs
Total assets $464,835 $658,901
ri
LIABILITIES AND FUND BALANCE
Bonded indebtedness - Future maturities
rl Definitive bonds
Principal
Temporary bonds (held by City of Fridley) ri Principal $430,000 $640,000
Fund balance 34,835 18,901
Total liabilities and fund balance $464,835 $658,901 II
! !
! 1
rlSee accompanying Notes to Financial Statements.
�1
fl
I l 18
0
n
Improve- Improve- Improve- Improve- Improve-
ment ment ment ment ment
n 1974 1975 Bonds of Bonds of Bonds of Bonds of Bonds of
fl Street Street 1960 1962 1963 1965 1967
$ (8,345) $ (860) $(16,085)
1� $375,084 93,685 $191 ,238 $315,493 399,798
71
54,883 11 ,964 30,678 65,866 78,663
251 ,622 193,046 17,045 13,679 99,320 366,806
$1 ,220,000
$243,277 $1 ,220,000 $623,013 $121 ,834 $235,595 $480,679 $829,182
El
•
$460,000 $ 45,000 $230,000 $295,000 $600,000
Fl $300,000 $1 ,220,000
(56,723) 163,013 76,834 5,595 185,679 229,182
$243,277 $1 ,220,000 $623,013 $121 ,834 $235,595 $480,679 $829,182
II
E
n
n
19 n
CITY OF FRIDLEY, MINNESOTA ell
SPECIAL ASSESSMENT DEBT SERVICE FUNDS it
BALANCE SHEETS (CONTINUED)
DECEMBER 31 , 1975
n
Improve- Refund-
ment ing ri
Bonds of Bonds of l
1972 1964
ASSETS f 1
Cash (deficit) $ 2,522 $ 44,548
Investments, at cost ri
City of Fridley temporary bonds 10,633 139,385
rlSpecial assessments receivable
Delinquent 173,363 63,553
Deferred
Principal 1 ,641 ,239 73,569 !j�
I I
Unassessed construction costs
Total assets $1 ,827,757 $321 ,055 1
LIABILITIES AND FUND BALANCE II
Bonded indebtedness - Future maturities rl Definitive bonds
Principal $1 ,650,000 $460,000
Temporary bonds (held by City of Fridley) rl
Principal l
Fund balance 177,757 (138,945)
Total liabilities and fund balance $1 ,827,757 $321 ,055 ' I
11
n
See accompanying Notes to Financial Statements. 11
n
11
ri
20
n
` Refund-
ing
n Bonds of
I ' 1975
� I
$198,044
80,657
n 566,918
(� $845,619
n
II $762,730
82,889
n $845,619
1
l l
n
rl
21 ri
r 1
CITY OF FRIDLEY, MINNESOTA 11
ANALYSIS OF SPECIAL ASSESSMENT CONSTRUCTION FUND BALANCES
YEAR ENDED DECEMBER 31 , 1975 ' I
Fund Fund n
Balance Balance Il
January December
1 , 1975 Revenue Expenditures 31 , 1975
FUND
Sewer and Water No. 50 $ 3,313 $ 403 $ 3,716 nii
Storm Sewer No. 82 4,816 1 ,224 $ 6,040 ' '.
Sewer and Water No. 93 1 ,076 425 1 ,501
Sewer and Water No. 102 1 ,260 1 ,304 2 ,564 R
Storm Sewer, Sewer and Water No. 103 599 154 753 I �
Locke Lake Dam No. 104 (74) 74
Storm Sewer, Sewer and Water No. 105 3,482 144 3,626
Storm Sewer, Sewer and Water No. 106 587 587
il
Storm Sewer, Sewer and Water No. 107 (10,047) 11 ,139 (21 ,186)
Sewer and Water No. 112 338 286 624
Sewer and Water No. 113 (216,477) 247,769 36,345 (5,053)
Sewer and Water No. 114 (31 ,025) 893 21 ,582 (51 ,714)
Sewer and Water No. 115 (3,858) 8,606 4,771 (23)
Sewer and Water No. 116 (115,311) 136,053 20,742 n
Sewer and Water No. 117 85,110 82,358 2 ,752 I
Sewer and Water No. 118 698 (698)
Sewer and Water No. 119 1 ,519 (1 ,519)
1970 Street 961 186 1 ,147 II
1971 Street 479 479 958 II
1972 Street 5,332 1 ,241 6,573
1973 Street 1 ,455 1 ,455 n
1974 Street 24,743 42,293 67,103 (67) Il
1975 Street (16,915) 1 ,361 ,666 702 ,756 641 ,995
1976 Street (209) 39,554 (39,763)
Total all construction funds $(347,517) $1 ,890,352 $999,620 $543,215
n
n
See accompanying Notes to Financial Statements.
n
(...)
►1
11
l i 22
CITY OF FRIDLEY, MINNESOTA
ril1 SPECIAL ASSESSMENT DEBT SERVICE AND REVOLVING FUND
ANALYSIS OF FUND BALANCES
YEAR ENDED DECEMBER 31 , 1975
Fund Reduction Fund
Balance of Future Balance
n January Expendi- Taxes December
1 , 1975 Revenue tures Receivable 31 , 1975
FUND
nRegular Special Assessments $1 ,014,860 $ 195,073 $ 7,392 $1 ,202,541
Sewer & Water No. 48 104,916 1 ,394 19,122 $ 87,188 -0-
__ Sewer and Water
No. 106 5,892 5,723 4,550 7,065
Storm Sewer, Sewer & Water
No. 112 7,479 7,594 5,950 9,123
'7 Sewer and Water
No. 113 -0- 20,783 9,975 10,808
Sewer and Water No. 114 -0- 128,978 32,254 63,959 32,765
7 Sewer and Water No. 115 -0- 8,682 9,714 (1 ,032)
Sewer and Water No. 116 -0- 13,358 10,603 2,755
1972 Street 27,179 48,910 41 ,254 34,835
1973 Street (47,476) 113,277 46,900 18,901
(j 1974 Street -0- 33,476 90,199 (56,723)
►► �� Improvement Bonds of 1960 141 ,019 44,830 22,836 163,013
Improvement Bonds of 1962 71 ,565 7,189 1 ,920 76,834
Improvement Bonds of 1963 (9,198) 24,666 9,873 5,595
1 ' Improvement Bonds of 1965 166,811 29,472 10,604 185,679
Improvement Bonds of 1967 197,882 63,634 32,334 229,182
Improvement Bonds of 1972 104,317 158,427 84,987 177,757
nRefunding Bonds of 1964 (187,923) 66,525 17,547 (138,945)
Refunding Bonds of 1975 59,445 82,562 59,118 82,889
n Total Special Assessment
Debt Service Funds $1 ,656,768 $1 ,054,553 $517,132 $151 ,147 $2,043,042
nRevolving Fund $ 290,002 $ 67,382 $ 45,641 $ -0- $ 311 ,743
n
r11
1.1 See accompanying Notes to Financial Statements.
n
r
r
7
23 '--J
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT CONSTRUCTION FUNDS
it
STATEMENTS OF CASH RECEIPTS MD DISBURSEMENTS
YEAR ENDED DECE1 R 31, 1975
Sewer
and Water
Combined No. 50
Cash balance, January 1 , 1975 $ (129,114) $ -0-
Receipts
Proceeds from sale of temporary bonds $1 ,680,000 �(
Interest on investments 21 ,331 $ 403 I I
. Investments sold 246,870 10,721
Transfers from other funds 188,950
Total receipts $2 ,137,151 $11 ,124 -
Disbursements I
Interest during construction $ 2,818
Other 1 ,122,656
Investments purchased 801 ,716 Il
Transfers to other funds 118,329 $11 ,124
Total disbursements $2,045,519 $11 ,124 n
Cash balance, December 31 , 1975 $ (37,482) $ -0-
Il
.See accompanying Notes to Financial Statements.
r
p
n
24
rk
r
nStorm Storm
Sewer Sewer
rl Storm Sewer Sewer and Sewer Locke and Sewer Sewer
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
il $ -0- $ -0- $ -0- $ -0- $166 $ -0- $ -0-
ii
$ 1,224 $ 425 $ 1 ,304 $ 153 $ 3 $ 144 $ 587
15,816 6,840 38,590 2,631 3,781 17,039
n $17,040 $7,265 $39,894 $2,784 $ 3 $3,925 $17,626
7
$39,894 $1 ,330 $169 $3,925 $16,439
$19,443 $7,265 1 ,454 1 ,187
n $19,443 $7,265 $39,894 $2 ,784 $169 $3,925 $17,626
$(2,403) $ -0- $ 4- $ -0- $-0- $ -0- $ -0-
ri
n
! l
1 ;
r
ri
25 n
CITY OF FRIDLEY , MINNESOTA -n
SPECIAL ASSESSMENT CONSTRUCTION FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31 , 1975 n
Storm I
Sewer
and Sewer Sewer
and Water and Water
No. 107 No. 112 .
n
Cash balance, January 1 , 1975 $(10,047) $ -0-
Receipts
Proceeds from sale of temporary bonds n
Interest on investments $ 287 II
Investments sold 5,058
Transfers from other funds
Total receipts $ -0- $5,345 I I
Disbursements I
Interest during construction $ 1 ,173
Other 1 ,723 $3,048
Investments purchased 2,297
rl
Transfers to other funds 8,243
Total disbursements $ 11 ,139 $5 ,345
Cash balance, December 31 , 1975 $(21 ,186) $ -0- n
n
See accompanying Notes to Financial Statements.
n
n
ri)
11
II
n
7 26
1:1-.
7
II
n Sewer Sewer Sewer Sewer Sewer Sewer Sewer
) I and Water and Water and Water and Water and Water and Water and Water
No. 113 No. 114 No. 115 No. 116 No. 117 No. 118 No. 119
$(117,040 $ -0- -0- 0 ,101) -0- -0- -0-
0
$ 245,000 $1 30,000 $85,000
n 2,769 $ 893 $ 292 110
' 25 ,625 8,509
8,314 6,053
n $ 247,769 $26,518 $17,115 $136,053 $85,110 $ -0- $ -0-
I $ 168 $ 227 $ 3 $ 17 $ 12
$ 95,916 $12,574 13,424 125 ,830 82 ,355 681 1 ,507
II 22,433 3,606 2,776
28,125 10,350 2,116 7,095
n $ 146,474 $26,530 $15,708 $133,152 $85 ,134 $ 698 $ 1 ,519
fl $ (15,745) $ (12) $ 1 ,407 $ 1 ,800 $ (24) $(698) $(1 ,519)
fl
7
fl
fl
(-)
1
II
27 I I
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT CONSTRUCTION FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS I CONTINUED)
YEAR ENDED DECEMBER 31 , 1975 ► I
1970 1971
Street Street
► 1
Cash balance, January 1 , 1975 $ -0- $ -0-
I
Receipts
Proceeds from sale of temporary bonds
Interest on investments $ 186 $ 479 II
Investments sold 5,058 6,992
Transfers from other funds
Total receipts $5,244 $7,471 f I
Disbursements
Interest during construction
Other $5,244 $2,875
Investments purchased 4,596
Transfers to other funds
Total disbursements $5,244 $7,471
Cash balance, December 31 , 1975 $ -0- $ -0-
See accompanying Notes to Financial Statements.
n
II
n
28
1
1972 1973 1974 1975 1976
Street Street Street Street Street
� ) $16,032 $ -0- $ -0- $ (16,915) $ (209)
$ 1 ,241 $ 1 ,455 $ 2,588 $1 ,226,788
5,634 22,545 24,743 22,545 $24,743
39,705 134,878
n $ 6,875 $24,000 $67,036 $1 ,384,211 $23,743
fl $ 1 ,070 $ 148
$11 ,929 $ 8,829 $ 3,939 657,332 33,693
10,978 16,829 708,852
51 ,276
$22,907 $25,658 $55,215 $1 ,367,254 $33,841
$ -0- $(1 ,658) $11 ,821 $ 42 $(9,307)
II
ti _
29 fl
t
CITY OF FRIDLEY, MINNESOTA n
SPECIAL ASSESSMENT DEBT SERVICE FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31 , 1975 il
Regular n
Special
Combined Assessment
Cash balance, January 1 , 1975 $ 188,540 $ 52,921 fl
Receipts fl
Special assessments 1 ,361 ,601 66,848
Penalty and interest on special assessments 28,453 2,112
Interest on investments 227,4.18 79,188
Investments sold 2,493,440 1 ,031 ,750
Transfers from other funds 414,587 18,317
Other governmental units 130,189 f1
Total receipts $4,655,688 $1 ,198,215
(.7
Disbursements
Retirement of bonds
Principal $1 ,073,393 $ 130,000
Interest 415,909 7,148
Investments purchased 3,146,416 1 ,113,744
Transfers to other funds 93,546 il
Other Disbursements 1 ,300 244
Total disbursements $4,730,564 $1 ,251 ,136
Cash balance, December 31 , 1975 $ 113,664 $ -0-
n
n
See Accompanying Notes to Financial Statements. j.1
r)
11.
ri
n
30
riTh
n
n Sewer Sewer Sewer Sewer Sewer Sewer
and Water and Water and Water and Water and Water and Water
No. 48 No. 106 No. 112 No. 113 No. 114 No. 115
fl $(37,061 ) $(2,081 ) $ 8,081 $ -0- $ -0- $ -0- _
H $ 54,789 $29,590 $18,922 $ 14,241 $ 63,881 $ 7,564
1 ,030 112 1 ,591 7 1 ,158 217
364 418 444 2,423 3,620 124
145,681 108,934
15,266
fl $ 56,183 $30,120 $20,957 $162,352 $192,859 $ 7,905
7
$ 5,000 $ 5,000 $130,000
fl $ 805 4,550 5,950 $ 9,975 32,200 $ 1 ,400
18,489 18,088 136,685 6,505
18,317 8,314
n 54
$ 191 ,22 $28,039 $29,038 $146,660 $162,254 $16,219
rl
$ -0- $ -0- $ -0- $ 15,692 $ 30,605 $(8,314)
fl .
77
(]
it
5
1.1
ri
31
CITY OF FRIDLEY, MINNESOTA it
SPECIAL ASSESSMENT DEBT SERVICE FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS (CONTINUED)
ri
YEAR ENDED DECEMBER 31 , 1975
Sewer
and Water 1972
No. 116 Street
Cash balance, January 1 , 1975 -0- $(76,708) rl
•
Receipts • rl
Special assessments $ 40,489 $146,667
Penalty and interest on special assessments 6,172 n
Interest on investments 814 II
Investments sold
Transfers from other funds 6,445
Other governmental units I I
Total receipts $ 47,748 $152,839
—1-1
Disbursements
Retirement of bonds
Principal
Interest $ 4,550 $ 34,877
Investments purchased 41 ,254
Transfers to other funds 6,053
ri
Other disbursements
Total disbursements $ 10,603 $ 76,131
ri
Cash balance, December 31 , 1975 $ 37,145 $ -0-
1
11 t
See accompanying Notes to Financal Statements. r
it
te.).
_I I
11
32
r".1Th
n
ilImprove- Improve- Improve- Improve-
ment ment ment ment
n 1973 1974 Bonds of Bonds of Bonds of Bonds of
` ! Street Street 1960 1962 1963 1965
n $ 46,569 $ -0- $ (3) $ -0- $ -0- $ -0-
'
r.
� $103,100 $ 65,870 $ 71 ,611 $ 6 ,282 $ 10,072 $ 43,909
267 847 1 ,616 176 579 1 ,777
7 2,640 3,599 30,629 6,415 15,573 21 ,045
374,067 91 ,872 196,450 289,366
39,371 16,615 8,437
ri114,923 ,
$145,378 $201 ,854 $477,923 $104,745 $231 ,111 $356,097
7
$ 40,000 $120,000 $ 80,000 $ 10,000 $ 30,000 $ 30,000
I I 46,900 29,400 22,680 1 ,900 9,820 10,540
88,291 375,084 93,685 191 ,238 315,493
60,799
fl156 20 53 64
$175,191 $210,199 $477,920 $105,605 $231 ,111 $356,097
II
$ 16,756 $ (8,345) $ -0- $ 860) $ -0- $ -0-
11
1
I I
n
n
5
n
33
r
CITY OF FRIDLEY, MINNESOTA II
SPECIAL ASSESSMENT DEBT SERVICE FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31 , 1975 ! I
Improve- Improve-
ment ment ' I
Bonds of Bonds of
1967 1972 fl Cash balance, January 1 , 1975 $ -0- $(64,037)
Receipts fl
Special assessments $145,651 $292,902
Penalty and interest on special assessments 2,560 5,495
Interest on investments 32,649 2,376
rl Investments sold 375,187
Transfers from other funds 11 ,406
Other governmental units
ri
Total receipts $556,047 $312,179
n
Disbursements - 1
Retirement of bonds
Principal $140,000 $150,000 �j
Interest 32,170 84,626 ! I
Investments purchased 399,798 10,633
Transfers to other funds 63
Other disbursements 164 298
Total disbursements $572,132 $245,620 n
' I
Cash balance, December 31 , 1975 $(16,085) .$—.2-t. ?-2._
n
' 1
! I
See Accompanying Notes to Financial Statements. (l
rl
Hi
n
n34
r■IM
; I
Refund- Refund-
ing ing
Bonds of Bonds of
1964 1975
n $204,436 $ 56,423
$ 38,471 $140,742
717 2,020
8,065 17,032
n 134,748
54,791 4,590
n $102,044 $299,132
n
$105,000 $ 98,393
'. 17,373 59,045
139,385 198,044
174 73
� I $261 ,932 $355,555
$ 44,548 $ -0-
n
n
n
n
35 n
rr
CITY OF FRIDLEY, MINNESOTA
El
LIQUOR FUND
BALANCE SHEET
DECEMBER 31 , 1975
1975 1974
ASSETS fl
Current assets
Cash $(23,276) $ 5 ,100 (�
Investments, at cost plus accrued interest 196,784 92,147 ► I
Accounts receivable - Anti-trust 1 ,736 3,239
Inventory, at cost 127,851 152,598 n
Contract for deed receivable 13,103 12,152 II
Prepaid expenses 7,318 14,636
Total current assets $323,516 $289,872
Property, plant and equipment, substantially all at cost 7
Land and buildings $195,600 $195,600
Furniture, fixtures and equipment 62,826 63,336 7
Signs and automotive 13,194 13,194
$271 ,620 $271 ,830
Less accumulated depreciation 42,291 33,728_
Net property, plant and equipment $229,329 $238,102 ri
Other assets
Contracts for deed receivable, less current portion $134,943 $148,047 r
Anti-trust accounts receivable, less current portion 5,107 -0- _,
Total contracts for deed and anti-trust receivable $140,050 $148,047
Total assets $692,895 $676,021 1
LIABILITIES AND RETAINED EARNINGS I I
Current liabilities
Accounts payable $ 6,389 $ 7,435 fl
Accrued sales tax -0- 4,863 _ .
Total current liability $ 6,389 $ 12,298
Reserve for Anti-trust $ 6 ,844 -0- II
Retained earnings $679,662 $663,723
Total liabilities and retained earnings $692,895 $676,021
n
See accompanying Notes to Financial Statements.
II
n
36
n
' I CITY OF FRIDLEY, MINNESOTA
LIQUOR FUND
ANALYSIS OF CHANGES IN RETAINED EARNINGS
rl YEAR ENDED DECEMBER 31
rl
1975 1974
1l Retained earnings
1 January 1 $663,723 $631 ,384
fl Net income 90,939 107,339
Transferred to General Fund 75,000 75,000
nRetained earnings
December 31 $679,662 $663,723
n
n
n See accompanying Notes to Financial Statements.
fl
n
n
n
n
i _
n
37 f
CITY OF FRIDLEY , MINNESOTA (41
r
LIQUOR FUND n
STATEMENT OF INCOME II
YEAR ENDED DECEMBER 31
!NI
Combined Store No. 2
1975 1974 1975 1974 fl
Sales $1 ,100,224 $1 ,074,169 -0- $ 19,424 fl
Cost of Sales • 868,456 828,326 -0- 13,654
Gross Profit $ 231 ,768 $ 245,843 -0- $ 5,770 f1
Percent of sales 21.1 22.9 -0- 29.7
Operating expenses $ 169,453 $ 166,551 -0- $ 21 ,659 fl Percent of sales 15.4 15.5 -0- 111 .5
Operating profit (loss) $ 62,315 $ 79,292 -0- $(15,889) ri
Percent of sales 5.7 7.4 -0- (81.8)
Other income $ 28,624 $ 34,973 $5,217. $ 20,174
Percent of sales 2.6 3.3 -0- 103.9
7
Other expense $ -0- $ 6,926 -0- $ 6,926
Percent of sales -0- 0.6 -0- 35.7 n
Net income $ 90,939 $ 107,339 $5,217 $ (2,641) I I
Percent of sales 8.3 10.0 -0- (13.6) n
Note: Store No. 2 ceased operations on April 1 , 1974. fl
See accompanying Notes to Financial Statements. II
n
n
11
II
38
n
n
Store No. 3 Store No. 4
1975 1974 1975 1974
$538,352 $513,118 $561 ,872 $541 ,627
n431 ,612 396,092 436,844
418,580
$106,740 $117,026 $125,028 $123,047
n 19.8 22.8 22.3 22.7
$ 89,051 $ 73,336 $ 80,402 $ 71 ,556
n 16.5 14.3 14.3 13.2
$ 17,689 $ 43,690 $ 44,626 $ 51 ,491
n3.3 8.5 7. 9 9.5
r ' $ 15,110 $ 10,729 $ 8,297 $ 4,070
2.8 2.0 1 .5 0.8
$ -0- $ -0- $ -0- $ -0-
n -0- -0- -0- -0-
$ 32,799 $ .54,419 $ 52,923 $ 55,561
6.1 10.6 9.4 10.3
n
! l
n
n
n
n
n
39 n
CITY OF FRIDLEY , MINNESOTA
LIQUOR FUND
STATEMENT OF OPERATING EXPENSES
YEAR ENDED DECEMBER 31
Combined Store No. 2 Store No. 3 fl
1975 1974 1975 1974 1975 1974
Operating Expense 7
Selling
Salary - Clerks $ 75,706 $ 69,626 $ 4,459 $ 40,401 $ 34,512
Bags & Wrapping 2,738 2,131 1 ,439 1 ,047 I
Licenses 114 57
Uncollectable Checks 1 ,527 389 331 728 16
Cash Shortage 38 79 (3) 51 71 *l
Other Selling Expenses 1 ,586 31 1 ,585 30
$ 81 ,595 $ 72,370 $ 4,787 $ 44,204 $ 35 ,733
Percent of Sales 7.4 6.7 24.7 8.2 6.9 fl
1
Overhead
Utilities $ 9,288 $ 7,906 $ 815 $ 6,303 $ 4,423 j,
Insurance 7,100 5,524 (207) 3,851 2 ,732 II
Rent 7,932 19,880 12 ,500
Laundry 872 704 38 381 287
Repair & Maintenance 4,486 2,783 507 2 ,507 1 ,018
r
Supplies 844 318 1 655 280
Communications 1 ,298 2,129 209 788 1 ,075
Alarm Service 725 493 163 397 174 fl
Advertising 970 1 ,112 373 300 444
Depreciation 8,731 10,369 656 7,184 7,238
Other Overhead Expense 2,328 1 ,169 245 1 ,302 488 n$ 44,574 $ 52,387 $ 15,300 $ 23,668 $ 18,159
Percent of Sales 4.1 4.8 78.7 4.4 3.2
General l
Management Expense $ 17,177 $ 16,681 $ 831 $ 8,405 $ 7,685
Inventory Control 5,329 5,007 91 2,607 2 ,392 ' I
Accounting 9,058 7,578 137 4,432 3,620 ' I
Warehouse Expense 3,024 3,263 - 74 1 ,480 1 ,451
Data Processing 7,533 5,625 102 3,686 2,687 n
Other General
Overhead Expense 1 ,163 3,640 337 569 1 ,609
$ 43,284 $ 41 ,794 $ 1 ,572 $ 21 ,179 $ 19 ,444
Percent of Sales 3.9 3.9 8.1 3.9 3.8
Total Operating Expense $169,453 $166,551 $-0- $ 21 ,65.9 $ 89,051 $ 73,336 II
Total Percent of Sales 15.4 15.4 111 .5 16.5 13.9
See accompanying Notes to Financial Statements. 11
n
40
n
nStore No. 4
1975 1974
II
$ 35,305 $ 30,655
n 1 ,299 1 ,084
I ' 57
799 42
(11 ) 11
$ 37,391 $ 31 ,850
n 6.7 5.9
$ 2,985 $ 2,668
3,249 2,999
7,932 7,380
491 379
1 ,979-L, 1 ,258
189 ' 37
510 845
n 328 156
670 295
1 ,547 2,475
n 1 ,026 436
$ 20,906 $ 18,928
3.7 3.3
11
$ 8,772 $ 8,165
2,722 2,524
4,626 3,821
1 ,544 1,738
3,847 2,836
594 1,694
(� $ 22,105 $ 20,778
J 1 3.9 3.8
$ 80,402 $ 71 ,556
J In 14.3 13.0
II
41
CITY OF FRIDLEY, MINNESOTA (2:1
LIQUOR FUND I
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED DECEMBER 31 , 1975
fl
SOURCE OF FUNDS
Operations : f I
Net income for the year $ 90,939
Items not requiring current outlay of funds II
Depreciation 8,731
Decrease in long term contracts receivable 13,104
Anti-trust receivables used 1 ,737 fl
Fixed assets sold 42
Total operations $114,553
APPLICATION OF FUNDS
Transfer to General Fund $ 75 ,000
Increase in working capital 39,553
Total application of funds $114,553
Various Elements of Net Increase in
Working Capital :
Cash $(28,376) (�
I nvestments 104,637
Accounts receivable (1 ,503)
Inventories (34 ,747)
Contract for deed receivable 951
Accounts payable 5,909
Prepaid expenses (7,318)
Total $ 39 ,553
n
See accompanying Notes to Financial Statements. ► I
(0)
n
17
n
CITY OF FRIDLEY, MINNESOTA 42
WATER AND SEWER REVENUE BOND FUND
•- BALANCE SHEET
,`, December December
31 , 1975 31 , 1974
I i ASSETS
Current Assets
r Cash (deficit) $ (14,913) $ (588)
Investments, at cost 1 ,112,598 1 ,029,586
Accounts receivable 253,780 244,684
11 Inventory of meters 5,520 6,098
Prepaid expenses 6,392 12 ,785
Total current assets $1 ,363,377 $1 ,292,565
flRestricted assets - Revenue Bond Accounts
Sinking Account
Investments , at cost $ 286,308 $ 257,714
11 Reserve Account
Investments 32 ,484 30,150
Accounts receivable Metropolitan Waste Control Commission 448,901 469,122
riTotal restricted assets $ 767,693 $ 756,986
Property, plant and equipment, substantially all at cost
Land and improvements $ 154,590 $ 154,590
n Bui 1 dings 737,068 737,068
Machinery and equipment 1 ,80$,449 1 ,802 ,718
Other improvements 131 ,645 7,219
�...� $2,831 ,752 $2,701 ,595
j Less accumulated depreciation 887,558 797,159
Net property, pl ant and equipment $1 ,944,194 $1 ,904,436
7 Total assets $4,075,264 $3,953,987
LIABILITIES, RESERVES AND RETAINED EARNINGS
flCurrent liabilities
Accounts payable - Other $ 4,736 $ 12 ,151
il Bonds payable within one year 96,607 35,000
Total current liabilities $ 101 ,343 $ 47,151
Other liabilities
flBonds payable less portion due within one year $ 835,663 $ 965,000
Deferred credit - Metropolitan Waste Control Commission 448,901 469 ,122
Deposits payable 818 3,518
flTotal other liabilities $1 ,285,382 $1 ,437,640
Reserves
ri Reserve for Sinking Account debt service $ 195,275 $ 249,415
Reserve for Reserve Account 32,484 30,150
Total reserves $ 227,759 $ 279,565
1.1__ Retained earnings $2,460,780 $2,189,631
Total liabilities, reserves and retained earnings $4,075,264 $3,953,987
5
See accompanying Notes to Financial Statements.
5
43 it
CITY OF FRIDLEY , MINNESOTA
WATER AND SEWER UTILITIES REVENUE BOND FUND
OPERATION AND MAINTENANCE ACCOUNT rftl
STATEMENT OF INCOME
YEAR ENDED DECEMBER 31
1975 1974
Combined Combined fl
Operating revenue
Water sales and sewer rents $1 ,103,656 $1 ,108,4 35
Connection permits 3,945 5,061
Sales of materials and miscellaneous service 61 ,659 31 ,531
Total operating revenue $1 ,169,260 $1 ,145 ,027
Operating expenses n
Source of supply $ 419,239 $ 293,865
Power and pumping 127,151 143,491 fl
Purification 55 ,567 56,069
Transmission and distribution 180,510 159,358
Customer accounting and collecting 69,195 52,617
Administrative and general 39,347 51 ,828
Depreciation 109,909 115,812
Total operating expenses $1 ,000,918 $ 873,040 7.
Operating income $ 168,342 $ 271 ,987 f
Other income and (expense)
Interest income - operating accounts $ 91 ,822' $ 61 ,718
Interest income - princ and int. & res. accounts 20,237",
Connection charges 816✓ 3,814 ,-,
Interest expense (45,380) (63,192) } I
Fiscal agents' charges - princ. and int. accounts (423) (339)
Net income $ 235 ,414 $ 292,024 5
• ANALYSIS OF CHANGES IN RETAINED EARNINGS
YEAR ENDED DECEMBER 31 7
_._
Retained earnings January 1 $2 ,189,6 31 $1 ,701 ,616
Add 7
Adjustment of prior year's balance 144,831
Adjustment of future principal and interest (5,116)
Net income 235,414 292 ,024
Current value credits used 16,935
Transfer-in - General Fund 5,000
Transfer-in - construction accounts 19,775
Reduction in reserve for debt service 45,380 63,192
Deduct Et Transfer-out - special assessment funds (24,130) (29,790)
Increase in reserve - reserve accounts (2,334) (2 ,017) /"
Retained earnings , December 31 $2 ,460,780 $2 ,189,631 11
See accompanying Notes to Financial Statements.
ri
44
r,
I �
1975 1974 1975 1974
Water Water Sewer Sewer
$509,830 / $524,916 $593,826✓ $583,519
1 ,2401 1,590 2,705 3,471
43,104✓ 21,961 18,555 9,570
$554,174 $548,467 $615,086 $596,560
$ 2,898/ $ 25,395 $416,341✓ $268,470
102,910V 123,494 24,241✓ 19,997
55,567/ 56,069
11 82,815✓ 77,774 97,695` 81 ,584
45,929" 34,562 23,266 18,055
27,843' 31 ,168 11 ,504✓ 20,660
101 ,570 109,852 8,339 5,960
$419,532 $458,314 $581,386 $414,726
$134,642 $ 90,153 $ 33,700 $181 ,834
n
n
n
r
I 1
II
I
45 l
(41
CITY OF FRIDLEY, MINNESOTA
WATER AND SEWER REVENUE BOND FUND ri
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED DECEMBER 31 , 1975
ri
Source of Funds 11
t
Operations: fl Net income for the year $235,414
Items not requiring current outlay of funds
Depreciation 110,181 rl
Metropolitan Sewer Board credits used 16,935
Total operations $362,530 fl
Application of Funds fl Additions to Utility Plant in Service
(Fixed Assets Purchased) $149,939
Decrease in other liabilities (Deposits Payable) 2,700 I
Payment of Long-Term Debt 61 ,607
Transfer to Other Funds (Principal and Interest Accounts) 107,534*
Transfer to Other Funds - Special Assessment Funds 24,130
Increase in Working Capital 160,620
Total $362,530
Various Elements of Net Increase in j
Working Capital
Cash and Investments $ 68,687
Accounts Receivable 9,096
il Inventory (578)
Prepaid Expenses (6,393)
(Increase) decrease in current liabilities
Accounts payable 7,415 rl
Current portion of long-term payable (61 ,607)
Increase in working capital $ 16,620 + i
*Net of transfers plus interest earned, less interest expense.
e;
Il
See accompanying Notes to Financial Statements.
n
fl46
I H CITY OF FRIDLEY , MINNESOTA
7 WATER AND SEWER REVENUE BOND FUND
ANALYSIS OF CHANGES IN SINKING AND RESERVE ACCOUNTS
YEAR ENDED DECEMBER 31 , 1975
rel Sinking Reserve
Combined Account Account
II Cash Balance, January 1 , 1975 $ -0- $ -0- $ -0-
Receipts
7 Interest on investments $ 20,065 $ 17,731 $ 2 ,334
Transfer from General Fund 5,000 5,000
Transfer from Water and Sewer
'1 Operating Fund 133,100 133,100
Other interest earnings 172 172
Investments sold 287,864 257,714 30,150
Total receipt $446,201 $413,717 $ 32,484
Disbursements
Bonds $ 81 ,607 $ 81 ,607
1 Interest 45,380 45 ,380
I Fiscal agents service charge 423 423
Investments purchased 318,791 286,307 32,484
7 Total disbursements $446,201 $413,717 $ 32,484
Cash balance, December 31 , 1975 $ -0- $ -0- $ -0-
287 864 257 714 30,1 50
Investment balance, January 1 , 1975 $ $ $
Additions 318,791 286,307 32 ,484
I { Deductions (287,864) (257,714) (30,150)
Investment balance, December 31 , 1975 $318,791 $286,307 $ 32,484
II
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n See accompanying Notes to Financial Statements.
cim
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47 n
CITY OF FRIDLEY, MINNESOTA (JP/
TRUST AND AGENCY FUNDS
[1
BALANCE SHEETS - DECEMBER 31 , 1975
Firemen's
Relief
Association
Fund
ASSETS
Taxes receivable ' I
Unremitted $ -0-
Delinquent -0-
Total Assets $ -0- !
RESERVES
Reserve $ -0-
r,
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31 , 1975 �--�
Cash balance, January 1 , 1975 $ -0-
Receipts
General property taxes $ 111
Insurance premium tax 30,168
Total receipts $ 30,279 ►
Disbursements
Firemen's Relief Association $ 30,279
Total disbursements $ 30,279
Cash balance, December 31, 1975 $ -0-
n
► I
See accompanying Notes to Financial Statements.
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11
I I 48
7-) CITY OF FRIDLEY, MINNESOTA
STATEMENT OF GENERAL FIXED ASSETS
DECEMBER 31 , 1975
General fixed assets
Land $ 829,096
Building and structures 1 ,302 ,750
Improvements other than buildings 20,823,562
n Furniture, fixtures and office equipment 194,604
I, I
Machinery and equipment 753,846
Construction in progress 805,628
flTotal general fixed assets $24,709,486
Investment in general fixed assets
Special assessments $20,928,318
State-aid 198,007
General fund 2,258,557
Municipal liquor dispensary 15,260
Contributions 450 ,988
General obligation bonds 856,597
Water and sewer utilities 1 ,759
Total investment in general fixed assets $24,709,486
fl See accompanying Notes to Financial Statements.
49 II
CITY OF FRIDLEY , MINNESOTA
GENERAL DEBT SERVICE FUND
BALANCE SHEET - DECMEBER 31 , 1975 n
Civic
Center
Bonds
of 1965
ASSETS I 1
Investments $ 44,145
Taxes receivable
Un remi t ted 380
Delinquent 1 ,937
Total assets $ 46,462 ' I
RESERVE AND FUND BALANCE
Reserve for uncollected taxes receivable $ 1 ,374
Fund bal an ce 44,145 fl
i
Total reserve and fund balance $ 45,519
STATEMENT OF REVENUE AND EXPENDITURES
YEAR ENDED DECEMBER 31 , 1975
Civic
Center
Bonds -�
of 1965
Fund balance, January 1 , 1975 $ 40,838
Revenue
Property taxes $ 39,085
Interest on investments 1 ,168 fl
Total revenue $ 40,253
Disbursements r
Bonds $ 25,000
Interest 11 ,885
Fiscal agent service charge 61
Total disbursements $ 36,946 n
Fund balance, December 31 , 1975 $ 44,145
(1;1
See accompanying Notes to Financial Statements. II
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CITY OF FRIDLEY, MINNESOTA
STATEMENT OF GENERAL LONG-TERM DEBT
f I DECEMBER 31 , 1975
n
11 Amount available and to be provided for the payment
of general long-term debt
n Amount available in General Debt Service Fund $ 44,145
II Amount to be provided by future taxes 391 ,800
flTotal available and to be provided $435,945
General long-term debt payable - Serial bonds payable $335,000
i Fund balance - Unappropriated 100,945
$435,945
n
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rl
See accompanying Notes to Financial Statements.
/"Th
it
51
CITY OF FRIDLEY
NOTES TO THE FINANCIAL STATEMENTS ri
DECEMBER 31 , 1975
ri
Note 1 - Summary of Significant Accounting Policies
The City statements are presented on the accrual basis of accounting with the
following minor exceptions.
(a) General property taxes - revenue is recognized in the year of 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; iI
(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
when amounts are remitted to the fiscal agent (usually in December) 11
for payment of bonds and interest.
Investments - Investments are carried at cost which approximates market. Investment (7
revenue is recorded as earned and is allocated to the respective funds.
Inventories - Inventories held by the Enterprise Funds are stated at cost. (l
Property and equipment - Enterprise Funds - The property and equipment of the II
Enterprise Funds are stated at cost. Depreciation has been provided using the
straight line method over the estimated useful lives of the assets.
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 rl
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 II
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 r1
provided on general fixed assets. � y
Note 2 - Litigation
With the exception of the below mentioned item, the City had the usual and customary 1I
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 were named as co-defendants
in the case of John Glover Houses, Inc. The plaintiff had asked for two million
dollars in damages. The plaintiff alledged that these damages resulted from work fl
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CITY OF FRIDLEY 52
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31 , 1975
performed by the defendants at Sullivan Lake. The case was tried in November of
II 1975. The court determined the plaintiff was entitled to damages against the
defendants in the amount of $281 ,500. The City of Columbia Heights has paid the
judgement. The court has ruled and made findings that this ends all claims of the
plaintiff and other persons who participated in the development of this land from
any further claims against the two cities. The City of Fridley and the City of
Columbia Heights had entered into a hold-harmless agreement because the storm
sewer project on Sullivan Lake was wholly within the bounds of the City of
II Columbia Heights. The City of Columbia Heights would like to have the City of
Fridley participate in the settlement for a dollar amount not to exceed $25,000.
1I Note 3 - Deferred Credit - Metropolitan Waste Control Commission
The deferred credit of the utility fund represents :
1 . The amount of $393,305 which will be repaid to the City in equal annual
installments, with interest, through the year 2000. This repayment is
for the City's equity in sewer interceptors which were acquired by the
Commission. Repayment will be made by credits against future sewer
billings from the Commission.
2. The amount of $55,596 which will be repaid, with interest , through 1988.
This repayment is for advances made to the Commission during 1971 and 1972.
Note 4 - Retirement Plans
The City levies annually for required pension contributions to the Fridley Police
Pension Association, Inc. The association has approximately 30 members to which
the annual levy applies. The pension levy for the year was $110,740. The most
recent actuarial report for the association , as of December 31 , 1974, showed an
unfunded accrued liability of $376,483.
i
The City participates in contributory pension plans administered by the State of
Minnesota which covers substantially all other employees. The combined annual
cost of these plans including amortization of estimated prior service cost was
$102,267 for the year ended December 31 , 1975. Prior service cost is being amortized
over a period of 40 years and is being funded as a percent of gross wages participating
n in the state association. It is the policy of the City to fund pension costs accrued.
I ( Note 5 - Lease
The City leases space for Liquor Store No. 4. The lease, expiring July 31 , 1979 ,
requires annual rentals as follows :
8/1/75 to 7/31/76
$7,932
8/1/76 to 7/31/77 8,232
8/1/77 to 7/31/78 8,232
r 8/1/78 to 7/31/79 8,532
T There is no provision in the lease for the City to pay a pro rata share of common
center expense or for increases in property taxes or other expense.
I
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53 CITY OF FRIDLEY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) n
DECEMBER 31 , 1975 (' I
r
Note 6 - Bonded Debt
' I
The City has four types of bonded debt outstanding at December 31 , 1975. There ' I
are (1 ) general obligation bonds for the Civic Center, (2) general obligation
improvement bonds , (3) general obligation utility revenue bonds and (4) water
and sewer revenue bonds. fl
The first type of bonds are payable solely from general property taxes. The
second and third type are payable primarily from other sources , special assessments
and utility revenue, with any deficiency to be provided for by general property j
taxes. The fourth type of bonds is payable solely from the revenue of the City's
utilities fund.
See the supplemental information for schedules of bond and interest maturities.
n
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5 _i
CITY OF FRIDLEY, MINNESOTA
ri:1
BALANCE SHEETS - ALL FUNDS
DECEMBER 31 , 1975
ri
General
(Memo) and Capital
ri
Combined Special Project
Total Revenue Fund
ASSETS f I
Cash (deficit) $ (174,765) $ 42,771 $ 81
Investments, at cost n
U. S. Government obligation 4,501 ,179 2 ,070,918
f
City of Fridley temporary bonds 3,560,000
Accounts receivable 1 ,155,759 69,696 Ti
Taxes Receivable 74,426 72,109 ►1
Special assessments receivable 5,752 ,261 12 ,939
Inventories, at cost 136,435 3,064 ri
Prepaid expenses 23,623 9,913
Fixed assets , at cost less accumulated
depreciation 26,883,009
Unassessed construction 1 ,305,000 fl
Amount available in General Debt Service
Fund 44,145
Amount to be provided by future taxes 391 ,800
71
Total assets $43,652 ,872 $2,281 ,410 $ 81
LIABILITIES, RESERVES AND FUND BALANCE
Accounts and contracts payable $ 411 ,215 $ 131 ,071 $ 48,000 n
Deposits payable 187,980 12,582
Bonded indebtedness - Future maturities
Definitive bonds
Principal 5,825,000 II
Temporary bonds (held by City of Fridley)
Principal 3,560,000
Reserves 770,869 85,048
Investment in general fixed assets 24,709,486
Retained earnings 3,140,442
Fund balance n
Appropriated 4,141 ,881 1 ,247,655 (47,919)
Unappropriated 905,999 805,054
Total liabilities , reserves and 11
fund balance $43,652 ,872 $2 ,281 ,410 $ 81
1
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7 56
k1
I1
Water and General General
7l Investment Special Municipal Sewer General Debt Long-Term
Fund Assessment Liquor Utilities Fixed Assets Service Debt
ill A
$(228,493) $ 49,065 $(23,276) $ (14,913)
7 757,942 196,784 1 ,431 ,390 $44,145
3,560,000
228,493 154,889 702 ,681
ri5,739,322 2,317
127,851 5,520
7 7,318 6,392
229,329 1 ,944,194 $24,709,486
1 ,305,000
11 $ 44,145
391 ,800
$ -0- $11 ,411 ,329 $692,895 $4,075,264 $24,709,486 $46,462 $435,945
! I
$ 221 ,019 $ 6,389 $ 4,736
7 174,580 818
' I 4,557,730 932,270 $335,000
3,560,000
6,844 676,660 $ 2,317
' I $24,709,486
679,662 2,460,780
f I 2,898,000 44,145
100,945
I I $ -0- $11 ,411 ,329 $692,895 $4,075,264 $24,709,486 $46,462 $435,945
ell)
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57 CITY OF FRIDLEY , MINNESOTA r
STATEMENT OF CASH AND SECURITY FOR DEPOSITS -,
DECEMBER 31 , 1975 / ;-
Face amount -,-
of securities
pledged as
Cash collateral
l
Checking accounts - Fridley State Bank,
Fridley, Minnesota $ (180,265) $ 200,000*
General Account 7
Petty cash and change funds 5 ,500
Total cash
$ (174,765) !1
Certificates of Deposit (included in investments) 1 ,475,000 $1 ,530,000*5
Fidelity Bank & Trust Company, Minneapolis $1 ,475,000 200,000*Southwest Fidelity State Bank, Edina 1 ,000,000 1 ,110,000*
Northwestern National Bank, Minneapolis 100,000 *
Northwestern National Bank, St. Paul 100,000 *
Northwestern National Bank , Hopkins Branch 100,000 *
7
Northwestern National Bank, Lake Crystal Branch 100,000 *
Northwestern National Bank, Central Branch ^-1
Total investments in Certificates of Deposit $3,075 ,000 $2 ,840,000 i
*Additional security of $100,000 is provided by the Federal Deposit Insurance Corporation. n
SUMMARY STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
ALL FUNDS
YEAR ENDED DECEMBER 31 , 1975
Cash Cash
balance balance
January 1 , December 31 ,
Fund 1975 Receipts Disbursements 1975 r!
General Fund $ 886 $ 6 ,604 ,325 $ 6,541 ,455 $ 63,756
Special revenue funds (15,078) 1 ,377,809 1 ,383,635 (20,904) r,.,
Investment Fund (119,289) 12 ,867,714 12,976,918 (228,493)
Special assessment funds 59,428 7,227,283 7,237,646 49,065
General debt service funds -0- 81,091 81 ,091 -0-
Liquor Fund 5,100 1 ,323,023 1 ,351 ,399 (23,276) �' �I
'
�
Water and Sewer Revenue
Bond Fund (588) 2,811 ,025 2,825,350 (14,913)111 111 -0-
Trust and agency funds -0-
7
Total $ (69,541 ) $32,292,381. $32,397,605 $(174,765)
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CITY OF FRIDLEY, MINNESOTA
7 58
STATEMENT OF INVESTMENTS
-» DECEMBER 31 , 1975
,-Th Interest
I-1 Rate Maturity Cost
Federal National Mortgage Association 6.70% 6/10/76 $ 150,000
Federal National Mortgage Association 6.25 12/10/76 200,000
7 Federal National Mortgage Association 7.05 3/10/77 200,000
Federal Land Bank Bonds 6.10 10/20/77 50,781
Federal Land Bank Bonds 8.69 1/23/78 200,000
ri Federal Home Loan Bank Bonds 6.75 11/25/77 500,000
U.S. Treasury Bills 6.49 9/30/76 51 ,092
U.S. Treasury Bills 5.30 2/5/76 29,737
U.S. Treasury Bills 5.30 2/19/76 44,569
7 Certificate of Deposit - Fidelity, Minneapolis 6.60 2,25/76 200,003
Certificate of Deposit - Fidelity, Minneapolis 6.35 1/4/76 300,000
Certificate of Deposit - Fidelity, Minneapolis 7.10 4/15/76 200,000
Certificate of Deposit - Fidelity, Minneapolis 7.10 5/11/76 100,030
Certificate of Deposit - Fidelity, Minneapolis 7.10 6/25/76 375 ,000
Certificate of Deposit - Fidelity, Minneapolis 8.10 8/16/76 100,000
Certificate of Deposit - Fidelity, Minneapolis 7.05 11/15/76 200,000
P Certificate of Deposit - Southwest Fidelity, Edina 6.875 3/8/76 200,000
Certificate of Deposit - Northwestern, Main Bank 6.75 3/18/76 100,000
Certificate of Deposit - Northwestern, Hopkins Branch 6.75 3/18/76 100,300
"' Certificate of Deposit - Northwestern , Main Bank 6.75 3/26/76 150,000
Certificate of Deposit - Northwestern , Lake Crystal Br. 6.75 3/26/76 100,000
Certificate of Deposit - Northwestern, St. Paul Bank 6.75 3/26/76 100,300
rCertificate of Deposit - Northwestern , Main Bank 6.875 3/29/76 150,000
Certificate of Deposit - Northwestern, Main Bank 7.25 7/12/76 500,000
Certificate of Deposit - Northwestern , Main Bank 6.75 10/15/76 100,000
Certificate of Deposit - Northwestern , Central Branch 6.75 10/15/76 1 00 ,000
7 City of Fridley Temporary Bonds
Sewer, Water and Storm Sewer No. 106 7.00 7/1/75 60,000
R 1972 Street 7.00 9/1/75 430,000
� ` 1973 Street 7.00 8/1/76 640,000
Sewer, Water and Storm Sewer No. 112 7.00 9/1/76 80,000
Sewer, Water and Storm Sewer No. 114 7.00 4/1/77 330,000
7 1974 Street 7.00 8/1/77 300,000
Sewer, Water and Storm Sewer No. 115 7.00 10/1/77 40,000
Sewer, Water and Storm Sewer No. 113 7.00 1/15/78 245,000
7 Sewer, Water and Storm Sewer No. 116 7.00 2/1/78 130,000
I 1975 Street 7.00 3/15/78 1 ,220,000
Sewer, Water and Storm Sewer No. 117 7.00 10/15/78 85,000
riTotal $8,061 ,179
Allocated by funds
17 General $1 ,104,929
Special Revenue Funds 1 ,010,133
Enterprise Funds 1 ,628,1 73
iiSpecial Improvements Revolving Fund 369,810
Special Assessment Construction Funds 801 ,716
n Special Assessment Debt Service Funds 3,146,418
rr Total $8,361 ,1 79
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59 I I
CITY OF FRI DLEY , MINNESOTA
(41
BONDS PAYABLE - ALL FUNDS
DECEMBER 31 , 1975 I I
Issue Interest Maturity Principal
rl
date rate date amount
Special Assessment Debt Service Ti
Funds - Definitive Bonds
Regular Assessment Fund
Improvement Bonds fl
August 1 , 1976 8/1/56 4.75% 8/1/76 $ 55,000
Total Regular Special Assessment Debt Service Funds $ 55,000 (1
Improvement Bonds of 1960
$80,000 per year 10/1/60 4.20 1/1/77-78 $ 160,000
January 1 , 1979 4.20 1/1/79 75,000 �I
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 �1
Total Improvement Bonds of 1960 Special Assessment Debt �� (l
Service Fund $ 460,000 r--,
Improvement Bonds of 1962
February 1 , 1976 5/1/62 3.80 2/1/76 $ 5,000
February 1 , 1977 3.80 2/1/77 10,000 I
February 1 , 1978 3.80 2/1/78 5 ,000
February 1 , 1979 3.80 2/1/79 10,000
$5,000 per year 3.80 2/1/80-82 15,000 P
Total Improvement Bonds of 1962 Special Assessment Debt
Service Fund $ 45,000
7
Improvement Bonds of 1963
$30,000 per year 1/1/63 3.70 1/1/77 $ 30,000
$30,000 per year 3.80 1/1/78-79 60,000 I
$35,000 per year 3.80 1/1/80-83 140,000 .
Total Improvement Bonds of 1963 Special Assessment Debt I '
Service Fund $ 230,000
Refunding Bonds of 1964
$105,000 per year 2/1/64 3.40 2/1/76-79 $ 420,000 Fll
February 1 , 1980 3.40 2/1/80 40,000
Total Refunding Bonds of 1964 Special Assessment Debt ,
Service Fund $ 460,000
1 ;
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I 60
flCITY OF FRIDLEY , MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
DECEMBER 31 , 1975
Issue Interest Maturity Principal
fldate rate date amount
Special Assessment Debt Service
Funds - Definitive Bonds (Continued)
Improvement Bonds of 1965
$30,000 per year 5/1/65 3.30% 2/1/76-78 $ 90,000
ri $30,000 per year 3.40 2/1/79-80 60,000
February 1 , 1981 3.40 2/1/81 25,000
$25,000 per year 3.50 2/1/82-85 100,000
flFebruary 1 , 1986 3.50 2/1/86 20,000
Total Improvement Bonds of 1965 Special Assessment Debt $ 295 ,000
7 Servi ce Fund
1 I Improvement Bonds of 1967
$140,000 per year 10/1/67 4,20 1/1/77 $ 140,000
7 $130,000 per year 4.40 1/1/78
$ 40,000 per year 4.40 1/1/79-82 160,000
$ 30,000 per year 4.50 1/1/83-87 150,000
fl January 1 , 1988
4.50 1/1/88 20,000,
Total Improvement Bonds of 1967 Special Assessment Debt $ 600,000
n - Service Fund
' 1 Improvement Bonds of 1972
$150,000 per year 10/1/72 4.10 1/1/77-78 $ 300,000
$150,000 per year 4.40 1/1/79-80 300,000
$150,000 per year 4.60
1/1/81-82 300,000
$ 75,000 per year 4.80 1/1/83-84 150,000
$ 75,000 per year 5.00 1/1/85-86 150,000 0
I I January 1 , 1987 5.10 1/1/87 75,000
January 1 , 1988 5.20 1/1/88 50,000
January 1 , 1989 5.20 1/1/89
fi $ 50,000 per year 5.25 1/1/90-91 100,000
$ 50,000 per year 5.30 1/1/92-94 150,J00
n Total Improvement Bonds of 1972 Special Assessment Debt $1 ,650,000
Service Fund
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CITY OF FRIDLEY, MINNESOTA l
BONDS PAYABLE - ALL FUNDS CONTINUED) fl
DECEMBER 31 , 1975
Issue Interest Maturity Principal 11
date rate date amount
Special Assessment Debt Service
Funds - Definitive Bonds (Continued)
Refunding Bonds of 1975 (Improvement Bond Portion) .,
$98,393 per year 3/1/75 6.00% 1/1/77 $ 98,393
$98,276 per year 6.00 1/1/78-79 196,552
$88,035 per year 6.00 1/1/80 88,035 jl
$47,250 per year 6.00 1/1/81 47,250 � I
$47,500 per year 6,00 1/1/82 47,500
$50,000 per year 6.00 1/1/83-84 100,000
$40,000 per year 6.00 1/1/85 40,000
ri
$45,000 per year 6.00 1/1/86-88 135,000
$10,000 per year 6.00 1/1/89 10,000
Total Refunding Bonds of 1975 Special Assessment Debt
il
Service Fund $ 762,730
Total Special Assessment Definitive Bonds fl
p $4,557,730
General Debt Service Funds
Civic Center Bonds
$25,000 per year 5/1/65 3.30 2/1/76-78 $ 75,000
$30,000 per year 3.40 2/1/79-81 90,000 i l
February 1 , 1982 3.50 2/1/82 30,000
$35,000 per year 3.50 2/1/83-86 140,000
1
Total Civic Center Bonds $ 335,000
Total General Debt Service Funds $ 335 ,000
REVENUE BONDS
Public Utilities Sinking Fund
Water and Sewer Revenue Bonds of 1956 •
$15,000 per year 9/1/56 4.50 9/1/76 $ 15,000 .,
$ 15 ,000
Total Water and Sewer Revenue Bonds of 1956 � I
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62
CITY OF FRIDLEY, MINNESOTA
il BONDS PAYABLE - ALL FUNDS (CONTINUED)
DECEMBER 31 , 1975
II Issue Interest Maturity Principal
date rate date amount
it Public Utilities Sinking Fund (Continued)
Water No. 75
n February 1 , 1976
5/1/65 3.30% 2/1/76 $ 35,000
$50,000 per year 3.30 2/1/77-78 100,000
$50,000 per year 3.40 2/1/79-81 150,000
$50,000 per year 3.50 2/1/83-87 300,000
El February 1 , 1988 3.50 2/1/88 20,000
Total Water No. 75 Bonds $ 605,000
II Refunding Bonds of 1975 (Water Utility Portion)
$46,607 per year 3/1/75 6.00 1/1/77 $ 46,607
$51 ,724 per year 6.00 1/1/78-79 103,448
' $56,965 per year 6.00 1/1/80 56,965
$57,750 per year 6.00 1/1/81 57,750
$47,500 per year 6.00 1/1/82 47,500
1 Total Refunding Bonds of 1975 (Water Utility Portion) $ 312,270
flTotal Water and Sewer Revenue Bonds $ 932 ,270
Total Definitive Bonds $5,825,000
1 1 Special Assessment Debt Service
Funds - Temporary Bonds
■ Sewer, Water and Storm Sewer No. 106 7/1/72 7.00 l/1/76 $ 60,000
1972 Street 9/1/72 7.00 3/1/76 $ 430,000
II1973 Street 8/1/73 7.00 8/1/76 $ 640,000
1
Sewer, Water and Storm Sewer No. 112 9/1/73 7.00 9/1/76 $ 80,000
rl Sewer, Water and Storm Sewer No. 114 4/1/74 7.00 4/1/77 $ 330,000
fl 1974 Street 8/1/74 7.00 8/1/77 $ 300,000
Sewer and Water No. 115 10/1/74 7.00 10/1/77 $ 40,000
1 ' Sewer and Storm Sewer No. 113 . 1/15/75 7.00 1/15/78 $ 245,000
r'' Sewer, Storm Sewer and Water No. 116 2/1/75 7.00 2/1/78 $ 130,000
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CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED) ' l
DECEMBER 31 , 1975
7
Issue Interest Maturity Principal
date rate date amount -�
Special Assessment Debt Service
Funds - Temporary Bonds (Continued)
1975 Street 9/15/75 7.00% 9/15/78 $1 ,220,000
Water and Sewer No. 117 10/15/75 7.00 10/15/78 $ 85,000
Total Special Assessment Temporary Bonds $3,560,000
Total bonds outstanding $9,385 ,000
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7 CITY OF FRIDLEY, MINNESOTA
64
FDEBT SERVICE REQUIREMENTS - ALL FUNDS
II,�1 DECEMBER 31 , 1975
' I Year Principal Interest Total
1976 $1 ,480,000 $ 389,795.00 $ 1 ,869,795.00
n 1977 1 ,435,000 385,907.51 1 ,820,907.51
II 1978 2,435,000 304,827.50 2,739,827.50
1979 670,000 169,385.00 839,385.00
1980 605,000 141 ,195.01 746,195.01
ri 1981 510,000 116,180.00 626,180.00
1982 505,000 93,332.50 598,332.50
1983 300,000 75,415.00 375,415.00
II
' I 1984 265,000 62,950.00 327,950.00
1985 255,000 51 ,375.00 306,375.00
1986 255,000 39,962.50 294,962.50
n1987 200,000 29,412.50 229,412.50
1988 160,000 20,500.00 180,500.00
1989 60,000 14,800.00 74,800.00
1990 50,000 11 ,887.50 61 ,887.50
7 1991 50,000 9,262.50 59,262.50
1992 50,000 6,625.00 56,625.00
1993 50,000 3,975.00 53,975.00
fl 1994 50,000 1 ,325.00 51 ,325.00
$9,385,000 $1 ,928,112.52 $11 ,313,112.52
n SUMMARY OF OUTSTANDING BONDED INDEBTEDNESS
f1 Bonds Outstanding January 1 , 1975
Special Assessment - Permanent $5,345,000
n General Debt Service 360,000
Public Utilities - Sinking 1 ,000,000
Special Assessment - Temporary 2 ,180,000
n $8,885,000
; I
Bonds Issued During 1975
Special Assessment - Permanent $ 861 ,123
I
' J Public Utilities - Sinking 358,877
Special Assessment - Temporary
1 ,680,000
fl $2,900,000
Bonds Retired During 1975
Special Assessment - Permanent $1 ,648,393
11 General Debt Service 25,000
Public Utilities - Sinking 426,607
Special Assessment Temporary 300,000
$2,400,000
17 Balance and Purpose of Bonds Outstanding on December 31 , 1975
/T Special Assessment - Permanent $4,557,730
General Debt Service 335,000
ri Public Utilities 932,270
Special Assessment - Temporary 3,560,000
ri $9,385,000
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CITY OF FRIDLEY, MINNESOTA P DEBT SERVICE REQUIREMENTS - GENERAL OBLIGATION BONDS
CIVIC CENTER
DECEMBER 31 , 1975
Year Principal Interest Total _
1976 $ 25,000.00 $ 11 ,072.50 $ 36,072.50
1977 25,000.00 10,247.50 35,247.50
1978 25,000.00 9,422.50 34,422.50
1979 30,000.00 8,500.00 38,500.00
1980 30,000.00 7,480.00 37,480.00
1981 30,000.00 6,460.00 36,460.00
1982 30,000.00 5,425.00 35,425.00
1983 35,000.00 4,287.50 39,287.50
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
$ 335,000.00 $ 68,407.50 $ 403,407.50 ^
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nCITY OF FRIDLEY, MINNESOTA
DEBT SERVICE REQUIREMENTS - PERMANENT BONDS
rrii SPEDECEMBERE31,EN975UNDS
nYear Principal Interest Total
1976 $ 195,000 $ 116,996.31 $ 311 ,996.31
7 1977 643,393 187,670.28 831 ,063.28
1978 628,276 160,444.11 788,720.11
1979 538,276 135,103.69 673,379.69
n 1980 468,035 112,758.22 580,793.22
14 1981 372,250 93,654.77 465,904.77
1982 377,500 76,362.57 453,862.57
7 1983 215,000 62,552.50 277,552.50
1984 180,000 53,062.50 233,062.50
1985 170,000 44,462.50 214,462.50
1986 170,000 36,025.00 206,025.00
n1987 150,000 27,837.50 177,837.50
' ! 1988 140,000 20,150.00 160,150.00
1989 60,000 14,800.00 74,800.00
7 1990 50,000 11 ,887.50 61 ,887.50
1991 50,000 9,262.50 59,262.50
1992 50,000 6,625.00 56,625.00
1993 50,000 3,975.00 53,975.00
f7 1994 50,000 1 ,325.00 51 ,325.00
$4,557,730 $1 ,174,954.95 $5,732,684.95
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CITY OF FRIDLEY, MINNESOTA fl
DEBT SERVICE REQUIREMENTS - TEMPORARY BONDS
SPECIAL ASSESSMENT FUNDS
DECEMBER 31 , 1975
n
Year Principal Interest Total
1976 $1 ,210,000 $232,050.00 $1 ,442 ,050.00
1977 670,000 152,950.00 822,950.00
1978 1 ,680,000 104,475.00 1 ,784,475.00
$3,560,000 $489,475.00 $4,049,475.00 n
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ri... CITY OF FRIDLEY, MINNESOTA
. 111
r, DEBT SERVICE REQUIREMENTS
Fl PUBLIC UTILITY REVENUE & WATER IMPROVEMENT BONDS
DECEMBER 31 , 1975
rlYear Principal Interest Total
n 1976 $ 50,000.00 $ 29,676.19 $ 79,676.19
II 1977 96,607.00 35,039.73 131 ,646.73
1978 101 ,724.00 30,485.89 132,209.89
1979 101 ,724.00 25,781 .31 127,505.31
R 1980 106,965.00 20,956.79 127,921 .79
I ' 1981 107,750.00 16,065.23 123,815.23
1982 97,500.00 11 ,544.93 109,044.93
il 1983 50,000.00 8,575.00 58,575.00
1984 50,000.00 6,825.00 56,825.00
1985 50,000.00 5,075.00 55,075.00
1986 50,000.00 3,325.00 53,325.00
1987 50,000.00 1 ,575.00 51 ,575.00
1988 20,000.00 350.00 20,350.00
R $ 932,270.00 $ 195,275.07 $1 ,127,545.07
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CITY OF FRIDLEY, MINNESOTA '
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COMPUTATION OF LEGAL DEBT MARGIN
December 31 , 1975
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Assessed Value * $111 ,739,609
(A) Debt Limit 6.667 Percent of Assessed Value $7,449,680
i
Amount of Debt Applicable to Debt Limit:
Total Bonded Debt $ 9,385,000
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(B) Deductions:
General Debt Service Fund Assets $ 43,560
Special Assessment Bonds 8,117,730 fl
>s Water Revenue & Improvement Bonds 932,270 9,093,460
Total Amount of Debt
Applicable to Debt Limit 291 ,540 r7
id: Legal Debt Margin $7,158,140 r
p
*Includes $3,140,753 negative adjustment from ii,
"Fiscal Disparity" area wide tax base.
Note: (A) M.S.A. Section 475.53 (see following page)
Note: (B) M.S.A. Section 475.51 (see following page) ' I
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B. Conserving Regional Financial Resources -.
A variety of financial resources are available to goVernp ental`units within
the Region. Bonds and grants usually provide monieslor capital
expenditures; revenues raised through property taxes, fees, service
charges, etc. , provide monies for operation and maintenance expenditures.
Are these resources limited? Should they be conserved/ The major
components of regional resources are discussed below.
1. Bonds
tifln.bond�of a municipality or
•
The rating on a general oblige.
metropolitan agency has a direct_influence on the local taxpayer. A
lower bond rating means h igherrnterest rates and thus, higher taxes I
or service charges. The institutions establishing bond ratings attempt ..::.;..:
. to provide criteria by which the potential bond buyer can make
comparisons between various investment possibilities. Six factors
generally used are total debt, overlapping:.debt, rate of successful tax
• collection, debt per dollar of assessed valuation (or market valuation),
debt per capita and total population. Three additional factors are
important in evaluation, but are less precise: the trend in the market
value of property, future debt requirements and future funding resources
•
• Maintaining high bond ratings can best be achieved by managing the •
size of outstanding debt and by relating today's needs to future-tax
bases (such as assessed valuation or market valuation) and coordinatingi,
them with longer range plans.
One approach, taken by,the state,_is to limit the de• _ ocal
governmental units. The net debt of most ci - excluding Cities of
the first class) , towns, and counties;ca - exceed 6 2/3 .percent the
assessed value in_their jurisdictions. _.'chool districts may cur
net debt in excess of ten percent of the s+arket val ble and
-) exempt property within their corporate limits. In addition, state stet
limits the maximum interest payable on general obligation bonds, to
seven percent. Statutory debt limits on metropolitan agencies and
special districts vary depending on-the agency and its function. They
range from a limit of $40 million oress in outstanding debt for the
Metropolitan Parks and Open Space Commission issued by the F;
•
Metropolitan Council to no limit on the Metropolitan Waste Control
Commission's outstanding debt (issued by the Metropolitan Council).
•
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CITY OF FRIDLEY
MINNESOTA
flCOMPUTATION OF LEGAL DEBT MARGIN (CONTINUED)
December 31 , 1975
Note (A) :
M.S.A. Section 475.53 et seq. Limit on Net Debt
II "Subdivision 1 . Generally. Except as otherwise provided in
section 475.51 , no municipality, except a school district or
n a city of the first class, shall incur or be subject to a
) I net debt in excess of 6.67 percent of the assessed value. "
Note (B) :
M.S.A. Section 475.51 Definitions
"Subdivision 4. 'Net Debt' means the amount remaining after
71 deducting from its gross debt the amount of current revenues
II which are applicable within the current fiscal year to the
payment of any debt, and the aggregate of the principal of
Flthe following:
(1) Obligations issued for improvements which are payable
wholly or partly from the proceeds of special assessments
levied upon property specially benefited thereby, including
those which are general obligations of the municipality issuing
them, if the municipality is entitled to reimbursement in whole
or in part from the proceeds of the special assessments.
(2) Warrants or orders having no definite or fixed maturity.
(3) Obligations payable wholly from the income from revenue-
producing conveniences.
(4) Obligations issued to create or maintain a permanent
improvement revolving fund.
R (5) Obligations issued for the acquisition, and betterment of
) ` public water-works systems , and public lighting, heating or
power systems , and of any combination thereof or for any other
public convenience from which a revenue is or may be derived.
(6) Amount of all money and the face value of all securities
held as a sinking fund for the extinguishment of obligations
'1 other than those deductible under this subdivision.
(7) All other obligations which under the provisions of the
PM law authorizing their issuance are not to be included in
computing the net debt of the municipality.
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CITY OF FRIDLEY, MINNESOTA (j `
TAX LEVIES AND MILL RATES
(Shown by Year Of Tax Collectibility)
1966 1967 1968 1969 n
. Tax Levies it
General Fund $497,375 $576,210 $611 ,635 $727,902 n
P.E.R.A. Fund 19,747 15,128 32,690 60,288 7 I
Fire Relief Assoc. Fund 14,737 17,125 18,150 20,683
Police Pension Assoc. Fund --- 17,125 18,150 20,683
General Debt Service Funds 56,885 74,592 76,700 75,200 ' I
Improvement Bonds 53,201 53,062 --- ---
Total $641 ,945 $753,242 $757,325 $904,756 71
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Mill Rate
General Fund 33.75 33.65 33.70 35.16
7
P.E.R.A. Fund 1 .35 .88 1 .81 2.91
Fire Relief Assoc. Fund 1 .00 1 .00 1 .00 .95
Police Pension Assoc. Fund -- 1 .00 1 .00 .95
11
General Debt Service Funds 3.86 4.36 4.22 3.63
Improvement Bonds 3.61 3.09 -- --
Total 43.57 43.98 41 .73 43.60 1
(2) 1973/73 and subsequent mill rates reflect changes as provided in Laws of 1971 , r
Extra Session, Chapter 31 , as amended.
Beginning with taxes levied in 1972, collectible in 1973, Minnesota assessed fl
values tripled through elimination of the 33 1/3 ratio previously used to arrive Il
at "adjusted" market values. Tax rates are one-third of past rates.
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1970 1971 1972 1973 1974 1975
I (2) (3)
$ 909,650 $1 ,001 ,209 $ 923,625 $1 ,075,464 $1 ,178,854 $1 ,624,144
! 1 90,312
24,057 47,402
27,523 59,566
17,602 53,954
13,776 95,895
44,610 55,862 57,547 49,992 75,723
7 ____ 83,590 81_531 67,200 39,200 -38,400
--
II $1 ,068,629 $1 ,215,586 $1 ,139,871 $1 ,260,386 $1 ,389,672 $1 ,662,544
7 38.56
3.83 34.74
1 .64 32.07
2.07 10.84
.54 10.97
.89 14.53
1 .02 .96 .61 .14 --- ---
n 1 .89 1 .94 2.00 .51 .71 ---
II 2.90 2.83 .68 .37 .35
--- --- --- --- --- ___
rTh 45.30 42.18 39.58 12.71 12.94 14.88
''-' (3) Property values include net amount allocated pursuant to Laws 1971 , Extra
Session, Chapter 23, from Area-Wide "Pool ."
1-1 Beginning with taxes levied in 1974, collectible in 1975, the value on
which the City of Fridley's mill rate is calculated, is not the City assessed
value but a taxable value based on the City of Fridley's assessed value plus
1-1 the net addition or deletion from the Metro Tax Pool .
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73 CITY OF FRIDLEY, MINNESOTA ri
ASSESSED VALUE AND ESTIMATED MARKET VALUE OF
11
ALL TAXABLE PROPERTY
(Shown by Year of Collectibility)
Years 1966 Through 1975 n
Fiscal Period r
1966 1967 1968 1969
Population (*Actual ) 25,289 26,431 27,670 28,235
Real Property
Estimated Market Value $120,188,236 $134,883,953 $144,183,369 $161 ,803,359 ri
Assessor's Full and True $ 37,618,918 $ 42,893,097 $ 44,985,211 $ 50,968,058 -
Assessed Value
Homestead $ 4,531 ,816 $ 4,566,013 $ 4,727,610 $ 4,901 ,847
Excess and Non-Homestead 7,741 ,359 9,780,861 10,372 ,089 12,502,701 [1
Area-Wide Allocation --- --- --- ---
Net Taxable Value $ 12,273,175 $ 14,346,874 $ 15,099,699 $ 17,404,548 n
Personal Property I`
Estimated Market Value
Taxable Property $ 21 ,258,719 $ 23,698,836 $ 18,679,981 $ 19,435,721
Exempt Property --- --- 8,077,000 8,127,429 —
Total Market Value $ 21 ,258,719 $ 23,698,836 $ 26,756,981 $ 27,563,150
Full and True Value: i
Taxable Property $ 6,653,979 $ 7,536,230 $ 5,828,154 $ 6 ,122,252
Exempt Property --- --- 2,520,024 2,560,140
Total Full and True Value $ 6,653,979 $ 7,536,230 $ 8,348,178 $ 8,682,392
Assessed Value:
Taxable Property $ 2,463,857 $ 2 ,777,864 $ 2,210,004 $ 2 ,311 ,980
Exempt Property --- --- 840,008 966,800
Total Assessed Value $ 2,463,857 $ 2,777,864 $ 3,050,012 $ 3,278,780 i...
Total Real and Personal Property
Estimated Market Value $141 ,446,955 $158,582,789 $170,940,350 $189,366,509 r'
Full and True Value $ 44,272,897 $ 50,429,327 53,333,389 1-n,650,450 ! i
Taxable Value $ 14,737,032 $ 17,124,738 $ 18,149,711 $ 20,683,328
Ratio of Market Value r
To Full and True Value .313:1** .318:1** .312 :1** .315:1** -
To Taxable Value .104:1 .108: 1 .106:1 . 109:1
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Per Capita Valuations ) !
Estimated Market Value $ 5,593 $ 6,000 $ 6,178 $ 6,707
Assessed Value $ 583 $ 648 $ 656 733
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(1) Beginning with the year 1968, business had the option of deleting either their
inventory or fixtures. The City was reimbursed by the State for this lost value.
il
Beginning in 1972, the value of inventories and fixtures was dropped. Cities were -
reimbursed by the State via other State Aids.
(2) 1972 and subsequent valuations reflect changes as provided for in Laws 1971 ,
er`
Extra Session, Chapter 31 , amended.
Beginning with taxes levied in 1972, collectible in 1973, Minnesota assessed values `
tripled through elimination of the 33 1/3 ratio previously used to arrive at
"adjusted" market values. Tax rates are one-third of past rates.
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Fiscal Period
1970 1971 1972 1973 1974 1975
rl 29,233* 29,636 30,240 31 ,143 32,542 32,514
(1 ) (2) (3)
n $179,336,929 $215,276,076 $224,892,331 $266,730,657 $294,415 ,529 $325,394,071
fI $ 55,773,785 $ 67,811 ,964 $ 69,941 ,515 $242 ,991 ,629 $270,273,456 $288,949,935
n $ 5,126,387 $ 5,271 ,642 $ 5,295,419 $ 16,233,935 $ 16,582,864 $ 17,104,208
14,063,578 18,649,587 19,425,726 73,166,443 84,043,948 90 ,832,944
(3,140,753)
$ 19,189,965 $ 23,921 ,229 $ 24,721 ,145 $ 89,400,378 $100,626,812 $104,796,399
it
" $ 28,671 ,122 $ 32,262,943 $ 36,379,141 $ 15,796,166 $ 17,323,420 $ 18,183,599
10,211 ,890 10,593,848 --- --- --- ---
$ 38,883,012 $ 42,856,791 $ 36,379,141 $ 15,796,166 $ 17,323,420 $ 18,183,559
11 $ 8,916,719 $ 10,162,827 $ 11 ,313,913 $ 14,390,307 $ 15,902,900 $ 16,147,000
3,175,898 3,337,062 --- --- --- ---
$ 12 ,092,617 $ 13,499,889 $ 11 ,313,913 $ 14,390,307 $ 15,902,900 $ 16 ,147,000
1 $ 3,245,428 $ 3,687,092 $ 4,080,720 $ 6,187,860 $ 6,838,247 $ 6,943,210
1 ,155,935 1 ,210,692 --- --- ---
71 $ 4,401 ,363 $ 4,897,784 $ 4,080,720 $ 6,187,860 $ 6,838,247 $ 6,943,210
$218,219,941 $258,132,867 $261 ,271 ,472 $282,526,823 $311 ,738,949 $343,577,630
$ 67,866,402 $ 81 ,311 ,853 $ 81 ,255,428 $257,381 ,936 $286,176,356 $305,096,935
$ 23,591 ,328 $ 28,819,013 $ 28,801 ,865 $ 95,588,238 $107,465,059 $111 ,739,609
11 .311 :1** .315: 1** .311 :1** .911 :1* .918:1* .888:;*
rl .108:1 . 112 :1 .110:1 .338:1 .345:1 .325:1
$ 7,465 $ 8,710 $ 8,640 $ 9,072 $ 9,580 $ 10,567
$ 807 $ 972 $ 952 3,069 3,302 3,437
rl (3) Property values include net amount allocated pursuant to Laws 1971 , Extra Session,
fl Chapter 23, from Area-Wide "Pool ."
Beginning with taxes levied in 1974, collectible in 1975, the value on which the
City of Fridley' s mill rate is calculated, is not the City assessed value but a
In\ taxable value based on the City of Fridley's assessed value plus the net addition
or deletion from the Metro Tax Pool .
* Source - State of Minnesota, Department of Revenue
ii ** Source - Anoka County Assessor's Office
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CITY OF FRIDLEY, MINNESOTA ` I
TAX LEVIES AND TAX COLLECTIONS ` 1
YEARS 1966 THROUGH 1975 n
Collections Percentage Collection II
of current of levy of prior Ratio
year's taxes collected year's taxes of total
Year Total during fiscal during fiscal during fiscal Total collections
collected tax levy period period period collections to tax levy II
1966 $ 641 ,945 $ 618,252 96.31 $10,003 $ 628,255 .9787:1 il
1967 753,242 721 ,568 95.79 16,160 737,728 .9794:1
1968 757,325 743,851 98.22 29,672 773,523 1 .0213:1 11
1969 904,756 877,150 96.95 16,349 893,499 .9875:1
risi
1970 1 ,068,629 1 ,038,922 97.22 12,177 1 ,051 ,099 .9835:1 1
1971 1 ,215,586 1 ,136,296 93.47 27,563 1 ,163,859 .9574:1
1972 1 ,139,871 1 ,119,975 98.25 75,812 1 ,195,787 1 .0490:1
1973 1 ,260,386 1 ,245,095 98.78 30,551 1 ,275,646 1 .0112:1 fl
1974 1 ,389,672 1 ,365,737 98.28 18,974 1 ,384,711 .9964:1
1975 1 ,662,544 1 ,629,395 98.01 29,767 1,659,162 .9980:1 fl
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71t- CITY OF FRIDLEY, MINNESOTA
STATEMENT OF VALUATIONS AND LEVIES BY CLASSES OF PROPERTY
rl (1974 Valuation for Taxes Payable in 1975)
I1 Assessed
Valuation Assessed Ratio of Tax Levy
n Before Valuation Valuation Adjusted Based on
Contribution Contribution Contribution Adjusted Assessed Adjusted
Class of to Metro Tax to Metro Tax by Metro Tax Assessed Value to Assessed
FTProperty Pool Pool Pool Value Total Value
Comnerci al $ 12,443,899 $1 ,439,631 $ $ 11 ,004,268 9.848 $ 163 743.51
FT Industrial 25,655,391 2,968,065 22,687,326 20.304 337,587.41
i F.M.C. #85 3,752,051 434,074 3,317,977 2.969 49,371 .50
ri Gas - Electric 3,179,377 367,821 2,811 ,556 2.516 41 ,835.95
f Billboards , etc. 11 ,782 1 ,363 10,419 .009 155.03
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Real Estate-P.U. 381 ,287 44,112 337,175 .302 5,017.16
r1Iacant Land 1 ,184,693 1 ,184,693y- 1 .060 17,628.23
Apartments 11,609,084 11 ,609,084 10,389 172,743.17
j Residential 56,662,798 56,662,798 " 50.,710 843,142.43
Received from .
7- Metro Pool $2,114,313 $ 2,114,313 01 .893 $ 31 ,460.98
-. TOTALS $114,880,362 $5,255,066 $2,114,313 $111 ,739,609 100.00 $1 ,662,685.37
) (
The assessed value for the first six classes or property shown above has been reduced for
fl local taxable value to 88.43% of the actual assessed value. This taxable value is then
multiplied by the applicable local mill rates. The balance of the assessed value is
multiplied by the Metro mill rate of (121 .49) . This money then goes into the Metro Pool .
.41- The City of Fridley received $31 ,460.00 from this pool . This equaled the return of
1 f Assessed Value of $2,114,313 multiplied by Fridley's Mill Rate of 14.88 mills. ---,
7 Properties in Fridley paid $638,437 into the Metro Pool in 1975. In turn , various
levels of government lying within the corporate limits of the City of Fridley received
reimbursement in the amount of $214,754. This created a net loss of tax dollars of
$423,683 for Fridley taxpayers.
rip% The tax shown for Residential is the total amount received by Y the City. Owners of
Residential properties do not pay this full amount. Up to $325 per homestead in credit
ri is paid by the State to the County, and the County in turn distributes this to various
1 t local governments as part of the levy request.
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CITY OF FRIDLEY, MINNESOTA
INSURANCE COVERAGE rill
DECEMBER 31 , 1975
n
All risk, direct physical loss coverage
Buildings and contents (except liquor stock) - 90% Co-insurance $4,975,525 (�
Boiler insurance 500,000 ) 1
Contractor' s equipment 321 ,142
Signs 30,000
Fire and extended coverage - Liquor contents 183,700 —fl
Fire and extended coverage - Liquor stock 129,851
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Comprehensive liability, including automobiles
Bodily injury 100,000
Each person f
Each occurrence 300,000
Property damage 100,000/300,000
Excess liability 1 ,000,000 F Open stock burglary 10,000
Comprehensive and collision, automobile
Passenger vehicles Actual cash value
Other vehicles Stated value 17
Business interruption, liquor stores 91 ,000 (7
Money and securities, inside and outside
premises, all locations 15 ,000 1
Workmen's compensation Statutory fi
Errors and ommission insurance 1 ,000,000
EMPLOYEES' SURETY BONDS
DECEMBER 31 , 1975
Surety
Name Position bond r
Nasim M. Qureshi City Manager
$ 25,000
Marvin C. Brunsell City Clerk 1 ,000 f t
Marvin C. Brunsell Treasurer 25,000
1
Mervin J. Herrmann Assessor 500
Leon Madsen Deputy Assessor 500
Walter J. Mulcahy Appraiser 500
All employees are covered by a blanket faithful performance bond of 100,000 • 11
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CITY POLICY REGARDING CAPITAL IMPROVEMENT FINANCING
[1) The present policy of the City of Fridley regarding financing of major capital
improvements is as follows:
STREET, CURB AND GUTTER, SIDEWALK AND STORM SEWER IMPROVEMENTS:
flIt is the policy of the City to assess 100% of the cost against benefited property
with the exception of aid for construction received from the State of Minnesota.
Property owned by the City, the school district, or other tax exempt organizations
flis treated in the same manner and assessed at the same rate as taxable property.
WATER AND SEWER IMPROVEMENTS
it Water and sewer lateral improvements are assessed 100% against benefited property.
Property owned by tax exempt organizations is treated the same as taxable property.
The sewer and water main system has been substantially assessed against benefited
n property. An exception to the above policy has been the cost of looping certain
; 1 water system main lines which benefited no particular property. This unassessed
portion of the improvement cost is being financed from the public utility operation.
it WELLS, RESERVOIRS, PUMPING STATIONS, ETC. :
These types of improvements have been financed from the revenues of the municipal
rlwater utility system.
r-4) ACQUISITION OF PARK LAND, CIVIC CENTER, ETC. :
It is the policy of the City to finance small park capital improvements out of the
current general fund operating budget. It has been the policy of the City to finance
major park capital improvements, such as the purchase of large parcels of land with
general obligation bonds. The City currently has one G.O. bond issue outstanding.
This is for the Civic Center. The balance outstanding for this issue on December 31 ,
1975 was $335,000.
OTHER CAPITAL IMPROVEMENTS:
It is the policy of the City to finance capital improvements such as fire trucks, and
public works equipment, etc. from the current operating budget. For the budget year
1976, the City Council appropriated $45,664 for the purpose of starting a Capital
flImprovement Revolving Fund. It is the purpose of this fund to even out financing
requirements for the Capital Outlay items normally financed through the general fund.
REVENUE SHARING
PIt is the policy of the City to use Revenue Sharing Funds for Capital Outlay items
only. Revenue Sharing monies have been used to finance Capital Outlay items through
pthe General Fund.
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