HRA Annual Financial Report 1990FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1990
TABLE OF CONTENTS
Page
Organization
1
Independent Auditor's Report
4
Combined Financial Statements
Combined Balance Sheet - All Fund Types and Account Group
6
Combined Statement of Revenues, Expenditures and Fund Balance -
All Governmental Fund Types
7
Notes to Financial Statements
8
Combining and Individual Fund Financial Statements
Debt Service Fund
Comparative Balance Sheet
18
Comparative Statement of Revenues, Expenditures and Fund Balance
19
Capital Project Funds
Combining Balance Sheet
22
Combining Statement of Revenues, Expenditures and Fund Balance
24
Comparative Statement of General Long -Term Debt
29
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
Organization
DECEMBER 31, 1990
Commissioners
Larry Commers, Chairman
Walter Rasmussen
John Meyer
Virginia Schnabel
Duane Prairie
__
1
VOTO, TAUTGES, REDPATH & CO., LTD.
CERTIFIED PUBLIC ACCOUNTANTS
V lrlq�*4w
Birch Lake Professional Building • 1310 E. Hwy. 96 • White Bear Lake, MN 55110 • Fax (612) 426-5004
• Phone(612)426-3263
ROBERT I. VOTO, CPA
ROBERT G. TAUTGES. CPA
TAMES S. REDPATH. CPA
INDEPENDENT AUDITOR'S REPORT
D. KENNETH GEORGE. CPA
DAVID I. MOL, CPA
To the Honorable Mayor and
Members of the City Council
City of Fridley, Minnesota
Honorable Chairperson and
Members of the Commission
Fridley Housing and Redevelopment Authority
We have audited the combined financial statements of the Fridley Housing and Redevelopment
Authority, a component unit of the City of Fridley, Minnesota as of and for the year ended
December 31, 1990 as listed in the table of contents. These financial statements are the
responsibility of the City's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the component unit financial statements referred to above present fairly, in all
material respects, the financial position of the Fridley Housing and Redevelopment Authority, a
component unit of the City of Fridley, Minnesota, as of December 31, 1990, and the results of its
operations for the year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the component unit financial
statements taken as a whole. The combining, individual fund, and account group financial
statements, listed in the table of contents is presented for purposes of additional analysis and is not
a required part of the component unit financial statements of the Fridley Housing and
Redevelopment Authority, a component unit of the City of Fridley, Minnesota. Such information
has been subjected to the auditing procedures applied in the audit of the component unit financial
statements and, in our opinion, is fairly stated in all material respects in relation to the general
purpose financial statements taken as a whole.
May 14, 1991
b�bz
VOTO, TAUTGES, REDPATH & CO., LTD.
Certified Public Accountants
MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • PRIVATE COMPANIES PRACTICE SECTION
MINNESOTA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
MUNICIPAL FINANCE OFFICERS ASSOCIATION • MINNESOTA ASSOCIATION OF SCHOOL BUSINESS OFFICIALS
4
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUP
December 31, 1990
Account
Group
Governmental Fund'rypes General Totals
Debt Capital Long Term Memorandum Only
Assets Service Projects Debt 1990 1989
Cash and cash equivalents $
Deposits with trustee
Investments
Receivables
Accounts
Taxes -
Unremitted
Delinquent
Interest
Mortgage
Current
Delinquent
Deferred
Due from other governments
Amount available in debt
service fund
Amount to be provided for
retirement of general
long term debt _
Total assets
Liabilities and Fund Balance
Liabilities:
Account payable
Contracts payable
Deferred revenue
Due to other governments
Bonds payable
Total liabilities
Fund Balance (deficit):
Reserved for construction
Reserved for debt service
Total Fund Balance
Total liabilities and
fund balance
$1,185,085 $
$1,185,085
$1,890,107
9,218,200
510,354 4,026,014
4,536,368
5,754,077
11,275
11,275
203,152
8,765
8,765
20,174
326,462
326,462
635,912
95,915
95,915
197,903
4,000
4,000
7,960
7,960
982,000
982,000
990,000
220
220
510,354
510,354
11,336,950
12, 024, 646 12,024,646 12,213,050
$510,354 $6,647,696 $12,535,000 $19,693,050 $42,256,373
3,748
3,748
9,171
20,768
1,320,423
1,320,423
1,625,912
147,177
147,177
203,152
12,535,000 12,535,000
23,550,000
0 1,471,348
12,535,000 14,006,348
25,409,023
5,176,348 5,176,348 5,510,400
510,354_ 510,354 11,336,950
510,354 5,176,348 0 5,686,702 16,847,350
$510,354 $6,647,696 $12,535,000 $19,693,050 $42,256,373
See Accompanying Notes to Financial Statement
E
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
COMBINED STATEMENT OF REVENUES EXPENDITURES AND FUND BALANCE
ALL GOVERNMENTAL FUND TYPES
Year Ended December 31, 1990
Governmental Fund Types
Totais
Debt
Capital
Memorandum Only
Service
Projects
1990
1989
Revenues:
Tax increment
$
$2,510,294
$2,510,294
$2,342,665
State credits
15,200
Interest on investments
37,596
333,616
371,212
642,761
Rental
66,147
66,147
29,050
Miscellaneous
2,785
2,785
4,827
Total revenues
37,596
2,912,842
2,950,438
3,034,503
Expenditures:
Professional services
224,674
224,674
86,895
Land purchase
271,917
271,917
311,152
Site improvement
11,622
11,622
1,088,858
Buildings
999,142
999,142
498,495
Principal payment
11,440,000
11,440,000
1,055,000
Interest expense
728,039
728,039
1,035,568
Refunding bond issuance costs
83,655
83,655
Agent fees
21,726
21,726
27,844
Refunds to school districts
272,578
272,578
196,617
Miscellaneous
194,242
194,242
194,002
Total expenditures
12,273,420
1,974,175
14,247,595
4,494,431
Excess (deficiency) of
revenues over expenditures
(12,235,824)
938,667
(11,297,157)
(1,459,928)
Other financing sources (uses):
Proceeds of refunding bonds
9,394,489
9,394,489
Operating transfer in
10,490,919
2,047,311
12,538,230
3,873,272
Operating transfers out
(9,218,200)
(3,320,030)
(12,538,230)
(3,873,272)
Payment to refunded bond escrow agent
(9,257,980)
(9,257,980)
Total other financing
sources (uses)
1,409,228
(1,272,719)
136,509
0
Deficiency of revenues and
other financing sources
over expenditures and
other financing uses
(10,826,596)
(334,052)
(11,160,648)
(1,459,928)
Fund Balance January 1
11,336,950
5,510,400
16,847,350
18,307,278
Fund Balance December 31
$510,354
$5,176,348
$5,686,702
$16,847,350
See Accompanying Notes to Financial Statement
7
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY. MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1990
1. Summary of Significant Accounting Policies
The Fridley Housing and Redevelopment Authority (HRA), Fridley, Minnesota was established in 1980 by
the City Council of Fridley, Minnesota under the Statutes of the State of Minnesota to complement and
account for any public redevelopment and housing projects undertaken within the City which would fall
under the statutory authority of the HRA.
The Housing and Redevelopment Authority is a component unit of the City of Fridley and an integral part
of the City.
The accounting policies of the HRA conform to generally accepted accounting principles. The following
is a summary of the more significant policies:
A. Fund Accounting
The accounts of the HRA are organized on the basis of funds and account group, each of which
is considered a separate accounting entity. The operations of each tund are accounted for with
a separate set of self -balancing accounts that comprise its assets, liabilities, fund equity, revenues
and expenditures. Resources are allocated to and accounted for in individual funds basedupon
the purposes for which they are to be spent and the means by which spending activities are
controlled. The various funds are grouped, in the financial statements in this report, into two
generic fund types as follows:
GOVERNMENTAL FUNDS
Debt Service Fund - The Debt Service Fund is used to account for the accumulation of resources
for, and the payment of, general long-term debt principal, interest and related costs.
Capital Projects Funds - The Capital Projects Funds are used to account for the acquisition of
property or construction of improvements set forth by the Housing and Redevelopment Authority.
B. Fixed Assets and Long -Term Liabilities
The accounting and reporting treatment applied to the fixed assets and long-term liabilities
associated with a fund are determined by its measurement focus. All governmental funds are
accounted for on a spending or 'financial flow' measurement focus. This means that only current
assets and current liabilities are generally included on their balance sheets; accordingly, their
reported fund balance is considered a measure of *available spendable resources.' Governmental
fund operating statements present increases and decreases in net current assets. Accordingly,
they are said to present a summary of sources and uses of "available spendable resources' during
a period. Land was acquired by the HRA and later sold at a loss. This is considered a cost of
the program. Therefore, the HRA has no fixed assets.
C. Basis of Accounting
Basis of accounting refers to when revenues and expenditures are recognized in the accounts
and reported in the financial statements. Basis of accounting relates to the timing of the
measurements made, regardless of the measurement focus applied.
All funds of the HRA are accounted for using the modified accrual basis of accounting. Their
revenues are recognized when they become measurable and available as net current assets.
6
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1990
1. Summary of Significant Accounting Policies (Continued)
C. Basis of Accounting (Continued)
Expenditures are generally recognized under the modified accrual basis of accounting when the
related fund liability is incurred. Exceptions to this general rule are principal and interest on
general long-term debt which is recognized when due.
D. Total Columns on Combined Statements
Total columns on the combined statements are captioned 'Memorandum Only' to indicate that
they are presented only to facilitate financial analysis: Data in these columns do not present
financial position or results of operations, in conformity with generally accepted accounting
principles. Neither are such data comparable to a consolidation. Interfund eliminations have not
been made in the aggregation of the data.
E. Assets, Liabilities and Fund Equity
1) Cash and Cash Equivalents and Investments
Cash balances from all funds are combined and invested to the extent available in
certificates of deposit, U.S. government securities and other securities authorized by State
Statute. Earnings from such investments are allocated to the respective funds on the basis
of applicable cash balance participation by each fund. Investments are stated at cost
which approximates market. The HRA considers cash equivalents to be those investments
with original maturities of three months or less.
2) Annual Leave
There is no accrued liability for vacation pay and other employee benefits as the HRA
contracts with the City to provide professional services. The HRA funds have no liability
for employee benefits at December 31, 1990.
F. Revenues and Expenditures
Tax Increment (Property Taxes) - Revenue is recognized in the year of collection, with amounts
due from the County and received early in the following year set up as receivable (unremitted
receivables). Uncollected (delinquent) taxes receivable are fully offset by deferred revenue as
they are not available to finance current expenditures.
Interest on Investments - Interest is recorded as revenue in the year earned.
9
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1990
2. Fund Deficits
The following funds had deficit fund balances at December 31, 1990:
Capital Projects Funds
Center City $ 1,167
North Area/University industrial Park 23
Lake Pointe 1,766'
Area Wide 147,373
3. Deposits and Investments
A. Deposits
In accordance with applicable Minnesota Statutes, the Housing and Redevelopment Authority
maintains deposits at depository banks authorized by the Housing and Redevelopment Authority
Commission. All such depositories are members of the Federal Reserve System.
Minnesota Statutes require that all deposits be protected by insurance, surety bond or collateral.
If collateral is pledged as protection for the deposits, the market value of the collateral must, at a
minimum, be 110% of the deposits not covered by insurance or bonds (140% in the case of
mortgage backed collateral). Repurchase agreements are intentionally overcollateralized at 105%
to insure that the safety of investment principal is attained and losses do not occur from rapid
overnight deterioration.
Balances at December 31, 1990 are as follows:
Bank Carrying
Balances Amount
1) Insured or collateralized by securities held $14,862 $5,226
by the City or its agent in the City's name
2) Collateralized with securities held by the pledging
institution trust department in the City's name
3) Uncoilateralized or collateralized with
securities not in the City's name
Totals lfi,226
Categories 2 and 3 are not procedures that are authorized by Minnesota statutes.
10
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUEDI
DECEMBER 31, 1990
3. Deposits and Investments (Continued)
B. investments
The City is authorized by Minnesota Statutes to invest in the following:
(a) Direct obligations or obligations guaranteed by the United States or its agencies.
(b) Shares of investment companies registered under the Federal Investment Company Act of 1940
and whose only investments are in securities described in (a) above.
(c) General obligations of the State of Minnesota or any of its municipalities.
(d) Bankers acceptance of United States banks eligible for purchase by the Federal Reserve
System.
(e) Commercial paper issued by United States Corporations or their Canadian subsidiaries, of the
highest quality, and maturing in 270 days or less.
(f) Repurchase or reserve repurchase agreements with banks that are members of the Federal
Reserve System with capitalization exceeding $10,000,000 a primary reporting dealer in U.S.
9 government securities to the Federal Reserve Bank of New York, or certain Minnesota
II securities broker dealers.
y (g) Future contracts sold under authority of Minnesota Statutes 471.56, subd.5.
The City's investments are categorized below to give an indication of the level of risk assumed at year
end. The level of risk is defined by the following criteria set out by the Governmental Accounting
Standards Board within Statement No. 3. Category 1 includes investments that are insured or registered
for which the securities are held by the City or its agent in the City's name. Category 2 includes uninsured
and unregistered investments for which the securities are held by the counterparty, or dealers trust
department or agent in the City's name. Category 3 includes uninsured and unregistered investments for
which the securities are held by the counterparty or dealer, or its trust department or agent but not in the
City's name.
l
r
I
k
11
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1990
4. Long -Term Debt (Continued)
The difference between the cash flows required to service the $10,045,000 (old) debt and the cash flows
required to service the $9,485,000 (new) debt and complete the refunding and the economic gain or loss
resulting from the transaction are below:
Cash Flow Difference:
Old debt service cash flows
New debt service cash flows
Less accrued interest included
in payment 4/10/90
Cash flow difference
Economic Gain (Loss):
Present value of old debt service
cash flows
Present value of new debt service
cash flows
Economic loss
13,529,490
19,782,141
(48,685) 19,733,456
(6,203,966)
9,127,696
9,310,834
(183,138)
Annual requirements to amortize long-term debt outstanding at December 31, 1990 including principal and
interest payments of $23,869,503 are as follows:
Year Ended
December 31
1991
$1,137,514
1992
1,138,695
1993
1,137,714
1994
1,134,470
1995
1,133,740
1996-2000
5,167,000
2001-2005
7,295,190
2006-2009
5,725,180
$23,869,503
There are a number of limitations and restrictions contained in the various bond indentures. The Housing
and Redevelopment Authority is in compliance with all significant limitations and restrictions.
14
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1990
S. Tax Increment Districts
The Fridley Housing and Redevelopment Authority is the administrating authority for the
following Tax
Increment Financing Districts:
Retained
Year
Tax Capacity Values
Fiscal
By
Established
District Original Current Captured
Dis ari
Authori
1979
1 257,692 929,460 671,768
0
671,768
1981
2 72,646 229,019 156,373
0
156,373
1982
3 254,067 1,303,700 1,049,633
191,264
858,369
1984
4 108,967 463,463 354,496
0
354,496
1984
5 24,041 42,454 18,413
0
18,413
1985
6 142,172 309,840 167,668
0
167,668
1986
7 10,960 126,192 115,232
0
115,232
1986
8 26,449 38,674 12,225
0
12,225
1989
9 1,045,007 1,059,180 14,173
0
14,173
1990
10 - - -
-
-
1,942,001 4,501,982 2,559,981
191,264
2,368,717
All debt issued is pooled debt. Total bonds issued is $38,575,000. Total amount of bonds redeemed is
$26,040,000.
Outstanding bonds at December 31, 1990, is $12,535,000.
All taxable value is currently
retained by the Housing and Redevelopment Authority.
-
15
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
DEBT SERVICE FUND
COMPARATIVE BALANCE SHEET
December 31, 1990 and 1989
Assets
Cash
Deposits with trustee
Investments
Total assets
liabilities and Fund Balance
Liabilities:
Accounts Payable
Due to other governments
Total liabilities
Fund Balance:
Reserved for debt service
Total liabilities and fund balance
18
1990 1989
9,218,200
510,354 2,120,365
$510,354 $11,338,565
0
510,354
$510,354
1,615
11,336,950
$11,338,565
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
DEBT SERVICE FUND
COMPARATIVE STATEMENT OF REVENUES EXPENDITURES AND FUND BALANCE
December 31. 1990 and 1989
1990
1989
Revenues:
Interest on investments
$37,596
$121,846
Expenditures:
Debt service -
Principal payment
11,440,000
1,055,000
Interest expense
728,039
1,035,568
Refunding bond issuance costs
83,655
Agent fees
21,726
27,844
Total expenditures
12,273,420
2,118,412
Deficiency of revenues over
expenditures
(12,235,824)
(1,996,566)
Other financing sources (uses):
Proceeds of refunding bonds
9,394,489
Operating transfers in
10,490,919
1,531,220
Operating transfer out
(9,218,200)
Payment to refunded bond escrow agent
(9,257,980)
Total other financing sources
1,409,228
1,531,220
Deficiency of revenues and other
financing sources over expenditures
(10,826,596)
(465,346)
Fund Balance January 1
11,336,950
11,802,296
Fund Balance December 31
$510,354
$11,336,950
f
19
Assets
Cash and cash equivalents
Investments
Receivables
Accounts
Taxes -
Unremitted
Delinquent
Interest
Mortgage
Current
Delinquent
Deferred
Due from other governments
Total assets
Liabilities and fund balance
Liabilities:
Accounts payable
Contracts payable
Deferred revenue
Due to other governments
Total liabilities
Fund balance (deficit):
Reserved for construction
Total fund balance
Total liabilities and
fund balance
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
December 31, 1990
With Comparative Totals for December 31, 1989
North Area/
Center Moore Univ. Ind. Johnson
Revolvina city Lake Area Park Skvwood Pachske
$1,185,085 $ $ $ $ $
4,026,014
10,703 498
8,765
326,462
95,915
4,000
7,960
32,000 100,000 850,000
196
$5,652,944 $44,458 $100,196 $850,000 $0 $0
795
23
326,463
43,960
100,000
850,000
870
326,463
45,625
100,000
850,023 0 0
5,326,481
(1,167)
196
(23)
5,326,481
(1,167)
196
(23) 0 0
$5,652,944 $44,458 $100,196 $850,000 $0 $0
22
Lake 57th Area Northco Pro Totals
Pointe Place Onan Wide Phase 111 Engineering 1990 1989
$ $ $ $ $ $ $1,185,085 $1,890,107
4,026,014 3,633,712
74 11,275
8,765 20,174
326,462 635,912
95,915 197,903
4,000
7,960
982,000 990,000
24 99n
$0
$0 $0 $98 $0
$0 $6,647,696
$7,367,808
1,752
1,178
3,748
7,556
0
20,788
1,320,423
1,625,912
14
146,293
147,177
203,152
1,766
0 0 147,471 0
0 1,471,348
1,857,408
(1,766)
(147,373)
5,176,348
5,510,400
(1,766)
0 0 (147,373) 0
0 5,176,348
5,510,400
$0 $0 $0 $98 $0 $0 $6,647,696 $7,367,808
23
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES EXPENDITURES AND FUND BALANCE
Year Ended December 31, 1990
With Comparative Totals for Year Ended December 31, 1989
Revenues:
Tax increment
State credits
Interest on investments
Rental
Miscellaneous
Total revenues
Expenditures:
Professional services
Land purchase
Site improvement
Buildings
Refunds to school districts
Miscellaneous
Total expenditures
Excess (deficiency) of
revenues over expenditures
Other financing sources (uses):
Operating transfer in
Operating transfers out
Total other financing
sources (uses)
Center Moore
Revolving Citv Lake Area
$2,510,294 $ $
North Area/
Univ. Ind. Johnson
Park Skvwood Pachske
327,316 6,300
66,147
858 1,927
2,904,615 0 8,227 0 0 0
22,528 1,408 451
42,417 229,500
11,622
999,142
108,128 18,471
0 1,183,837 249,379 451 0 0
2,904,615 (1,183,837) (241,152) (451) 0 0
1,253,627 246,349 563
(3,320,030)
(3,320,030) 1,253,627 246,349 563 0 0
Deficiency of revenues and
other financing sources
over expenditures and
other financing uses (415,415) 69,790 5,197 112 0 0
Fund Balance (deficit) January 1
5,741,896 (70,957) (5,001) (135) 0 0
Fund Balance (deficit) December 31 $5,326,481 ($1,167) $196 ($23) $0 $0
24
Lake
57th
Area
Northco
Pro
Totals
Pointe
Place
Onan
Wide
Phase 111
Engineering
1990
1989
$
$
$
$
$
$
$2,510,294
$2,342,665
0
15,200
333,616
520,915
66,147
29,050
2,785
4,827
0
0
0
0
0
2,912,842
2,912,657
10
11,324
2,694
181,217
3,477
1,575
1224,67-4-
86,895
`271,917
311,152
11,622
1,088,858
999,142
498,495
272,578
272,578
196,617
53,190
14,225
228
194,002
64,514
2,694
0
468,020
3,705
1,575
�.'-1�94y2--%
T974,175
2,376,019
(64,514)
(2,694)
0
(468,020)
(3,705)
(1,575)
938,667
536,638
72,415
2,694
0
466,383
3,705
1,575
2,047,311
2,342,052
(3,320,030)
(3,873,272)
72,415
2,694
0
466,383
3,705
1,575
(1,272,719)
(1,531,220)
7,901
0
0
(1,637)
0
0
(334,052)
(994,582)
(9,667)
0
0
(145,736)
0
0
5,510,400
6,504,982
($1,766)
$0
$0
($147,373)
$0
$0
$5,176,348
$5,510,400
25
r^
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
COMPARATIVE STATEMENT OF GENERAL LONG-TERM DEBT
December 31. 1990 and 1989
1990
1989
Amount available and to be provided for
the payment of general long-term debt
Amount available in Debt Service Fund
$510,354
$11,336,950
Amount to be provided by future taxes
12,024,646
12,213,050
Total available and to be provided
$12,535,000
$23,550,000
General long-term debt payable
Variable rate general obligation
tax increment bonds
$10,845,000
General obligation tax increment
refunding bonds
9,425,000
Tax increment revenue refunding bonds
3,050,000
3,280,000
General obligation tax increment
refunding bonds of 1990
9,485,000
Total general long-term debt payable
$12,535,000
$23,550,000
29
F