HRA Annual Financial Report 1992FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
DECEMBER 31, 1992
Prepared By :
Department of Finance
Craig A_ Ellestad
HRA Accountant
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1992
TABLE OF CONTENTS
Page
organization 1
Independent Auditor's Report 4
Combined Financial Statements
Combined Balance Sheet - ALL Fund Types and Account Group u
Combined Statement of Revenues, Expenditures and Fund Balance -
ALL Governmental Fund Types 7
Notes to Financial Statements B
Combining and Individual Fund Financial Statements
Debt Service Fund
Comparative Balance Sheet 16
Comparative Statement of Revenues, Expenditures and Furl Balance 17
Capital Project Funds
Combining Balance Sheet 20
Combining Statement of Revenues, Expenditures and Furl Balance 22
Comparative Statement of GeneraL Long -Term Debt 2 5
Supplemental Section
Schedule of Assessed Valuation and Long -Term Debt 2 8
ScheduLe of Sources and Uses 29
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
organization
DECEMBER 31, 1992
COMMISSIONERS :
LARRY COMMERS, CHAIRMAN
JIM MCFARLAND
JOHN MEYER
VIRGINIA SCHNABEL
DUANE PRAIRIE
INDEPENDENT AUDITOR'S REPORT
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 general purpose 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, 1992 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, 1992, 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 and supporting schedules as 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.
June 10, 1993
TAUTGES, REDPATH & CO., LTD.
Certified Public Accountants
4
48+0 ,1, Sa-w I., 6;
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, 1992
Liabilities and Fund Balance
Liabilities : -
Account payable
Deposits 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
7,661 124,486
16,533
1,590,039
256,520
16,055,000
7,681 1,987,578 16,055,000
132,167
9,299
16,533
Account
1,590,039
1,447,366
256,520
181,841
16,055,000
Group
18,050,259
13,943,592
Governmental
Fund Types
General
Totals
Debt
Capital
Long Tenn
Memorandum Only
Assets
Service
Projects
Debt
1992
1991
Cash and cash equivalents
$20,514
$20,514
$953,598
Deposits with trustee
Investments
413,175
7,766,714
8,179,889
6,034,968
Receivables
Accounts
5,345
5,345
14,428
Taxes -
Unremitted
636,322
638,322
10,766
Delinquent
495,366
Interest
86,261
_
86,261
172,889
Mortgage -
Current
Delinquent
Deferred
951,717
951,717
952,000
Due from other governments
21,588
21,588
23,913
Amount available in debt
service fund
405,494
405,494
473,604
Amount to be provided for
retirement of general
longterm debt
15,649,506
15,649,506
11,316,396
Total assets
$413,175
$9,490,461
$16,055,000
$25,958,636
$20,947,928
Liabilities and Fund Balance
Liabilities : -
Account payable
Deposits 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
7,661 124,486
16,533
1,590,039
256,520
16,055,000
7,681 1,987,578 16,055,000
132,167
9,299
16,533
15,086
1,590,039
1,447,366
256,520
181,841
16,055,000
12,290,000
18,050,259
13,943,592
7,502,883 7,502,883 6,530,732
405,494 405,494 473,604
405,494 7,502,883 0 7,908,377 7,004,336
$413,175 $9,490,461 $16,055,000 $25,958,636 $20,947,928
See Accompanying Notes to Financial Statement
1.9
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
Y,3,r cn,fnr !`), b,3• VIP?
Revenues:
Tax increment
Special assessment
Sale of property
Interest on investments
Rental
Miscellaneous
Total revenues
Expenditures :
Professional services
Land purchase
Site improvement
Buildings
Principal payment
Interest expense
Agent fees
Refunds to school districts
Miscellaneous
Total expenditures
Excess (deficiency) of
revenues over expenditures
Other financing sources (uses)
Proceeds of increment bonds
Operating transfer in
Operating transfers out
Total other financing
sources (uses)
Excess (deficiency) of revenues and
other financing sources
over expenditures and
other financing uses
Fund Balance January 1
Fund Balance December 31
See Accompanying Notes to Financial Statement
Governmental Fund Types
Debt Capital
Service Projects
$2,931,681
112,059
34,363
48,618 420,739
86,834
206
48,618 3,585,882
23,810 241,402
4,749,411
116,350
265,000
873,695
11,002
366,500
107,461
1,173,507 5,583,124
Totals
Memorandum Only
1992 1991
$2,931,681
$2,662,381
112,059
69,591
34,363
117,500
469,357
359,855
86,834
108,414
206
409
3,634,500
3,318,150
265,212
258,041
4,749,411
54,057
116,350 -
19,590
125,000
265,000
245,000
873;695
892,514
11,002
3,323
368,500
310,272
107,461
92,689
6,756,631
2,000,516
(1,124,889) (1,997,242) (3,122,131) 1,317,634
4,026,172
1,000,895 9,413,422
(3,970,288) (6,444,029)
1,056,779 2,969,393
(68,110) 972,151
4,026,172
10,414,317 1,915,347
(10,414,317) (1,915,347)
4,026,172 O
904,041 1,317,634
473,604 6,530,732 7,004,336 5,686,702
$405,494 $7,502,883 $7,908,377 $7,004,336
7
FRIDLEY NOISING AND REDEVELOPH MT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
MOTES TO FINANCIAL STATEMENTS
DECEMBER 31. 1992
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 in part of the
City.
The accounting policies of the HRA conform to generally accepted accounting principtes. 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 fund 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 based upon 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
Dint Service Fund - The Debt Service Fund is used to accent 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.
a. Fixed Assets and Long -Tera 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.
0
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a covalent unit of the
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECETRIER 31. 1992
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.
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 Furl 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) Annuat 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 NRA funds have no liability for employee
benefits at December 31, 1992.
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 an Investments - Interest is recorded as revenue in the year earned.
0
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a caaoorrent reit of the
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1992
2. Fund Deficits
The following funds had deficit fund balances at December 31, 1992:
Capital Projects Furls
Center City S 117,007
North Area 50
Lake Pointe 9,135
Area Nide 195,130
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 tommission. - Ali
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 minis , 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, 1992 are as follows:
Categories 2 and 3 are not procedures that are authorized by Minnesota statutes.
10
Bank
Carrying
Balances
Amount
1)
insured or collateralized by securities held
f 30,904
E 20,514
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)
Uncollateralized or collateralized with
securities not in the City's name
Totals
S 30,904
S 20.514
Categories 2 and 3 are not procedures that are authorized by Minnesota statutes.
10
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a unit of the
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1992
S. 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. government
securities to the Federal Reserve Bank of New York, or certain Minnesota securities broker
dealers.
(g) Future contracts sold order 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.
11
FR10LET HOUSING AND REDEVELOPMENT AUTHORITY
a camorent reit of the
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1992
3. Deposits end Irrvestment5 (Continued)
The Category 1 securities consist of the various investment types shown below which are held by a trustee in
the City's name.
The carrying value, market value and credit risk of the investments held by the City at year end are as follows:
Cash and cash equivalents and investments per accorparrying financial statement:
Cash and cash equivalents $20,514
Investments 8,179,889
Total 58.200.403
12
Credit Risk Category
Carrying
Market
Securities Type
1 2 3
Amount
Value
U.S. Government securrtes
$1,102,601
$1,102,801
$1,153,974
U.S. Government agencies
or instrumentalities
6,290.618
6,290,618
6,297,075
Commercial paper
Repurchase agreements
786,469
786,469
786,469
Total investments
..$Z,493.419 $0 $786.46958.179.888
$8.237.518
Cash and cash equivalents and investments per accorparrying financial statement:
Cash and cash equivalents $20,514
Investments 8,179,889
Total 58.200.403
12
FRIDLEY NOOSING AND REDEVELOPMENT A1ITHORITY
a CORCMIerit unit of the
CITY OF FRIDLEY. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1992
.-
Long -Tem Debt
The following is a summary of long-term debt transactions of the Housing and Redevelopment Authority for the
year ended December 31, 1992:
Bonds payable at January 1, 1992 $12,290.000
Bonds issued 4,030,000
Bonds retired (265.000)
Bonds payable at December 31, 1992 $16,055,000
Bonds payable at December 31, 1992 are comprised of the following individual issues (in thousands of dollars):
54,070,000 Tax Increment Revenue Refunding Bonds of 1985 due in varying annual 52,540
installments of $265,000 - 460,000 through February 1, 1999; interest at 7.05% - 9.00%
$9,485,000 General Obligation Tax Increment Refunding Bonds of 1990 due in varying 9,485
annual installments of $810,000 - 1,270,000 through August 1, 2009; interest at 6.60%
- 7.00%
$4,030,000 General Obligation Tax Increment Bonds of 19920 due in varying annual 4,030
installments of $155,155 - $4,185,155 through December 1, 1995; interest at 3.3%. 816 055
The Tax Increment Revenue Refunding Bonds are payable solely from increment revenue that is generated from the
related increment district. General Obligation Tax Increment Refunding Bonds are payable primarily from tax
increment revenue with any deficiency to be provided by general property taxes.
13
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a cawonent unit of the
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1992
4. Long -Term Debt (Continued)
Annual requirements to amortize long-term debt outstanding at December 31, 1992 including principal and interest
payments of $26,088,759 are as follows:
Year Ended
December 31
1993
$1,292,869
1994
1,289,625
1995
5,318,895
1996
1,130,300
1997
1,128,835
1998-2002
5,827,665
2003-2007
7,293,870
2008-2009
2,806,700
126.088.759
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.
5. Tax Increment Districts
The Fridley Housing and Redevelopment Authority is the administrating authority for the following Tax Increment
Financing Districts:
All debt issued is pooled debt. Total bonds issued is $42,605,000. Total amount of bonds redeemed is
$26,550,000. Outstanding bonds at December 31, 1992, is 516,055,000. All taxable value is currently retained
by the Housing and Redevelopment Authority.
14
Tax Capacity
Values
Retained
Year
Fiscal
By
Established
District
Original
Current
Captured
Disparity
Authority
1979
1
$251,798
$869,315
$617,517
$0
$617,517
1981
2
71,077
838,514
767,437
0
767,437
1982
3
244,534
1,472,246
1,227,712
275,561
952,151
1984
4
105,308
138,794
33.486
0
33,486
1984
5
48,101
40,186
0
0
0
1985
6
137,028
172,546
35,518
0
35,518
1986
7
10,960
85,899
74,939
0
74,939
1986
8
26,742
35,989
9,247
0
9,247
1989
9
970,180
978,368
8,188
0
8,188
1990
10
20,938
4,888
0
0
0
1992
11
63,148
100,992
37,844
0
37,844
1992
12
110,573
109,342
0
0
0
2387
$4.847.079
$2.811.888
27$ 5.561
2 536 327
All debt issued is pooled debt. Total bonds issued is $42,605,000. Total amount of bonds redeemed is
$26,550,000. Outstanding bonds at December 31, 1992, is 516,055,000. All taxable value is currently retained
by the Housing and Redevelopment Authority.
14
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
DEBT SERVICE FUND
COMPARATIVE BALANCE SHEET
December 31, 1992 and 1991
Assets
Cash
Investments
Total assets
Liabilities and Fund Balance
Liabilities :
Accounts Payable
Due to other governments
Total liabilities
Fund Balance :
Reserved for debt service
Total fund balance
Total liabilities and fund balance
iL
1992 1991
$ $419
413,175 473,604
$413,175 $474,023
7,681
$419
7,681
419
405,494
479,604
405,494
473,604
$413,175
$474,023
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDM. MINNESOTA
DEBT SERVICE FUND
COMPARATIVE STATEMENT OF REVENUES EXPENDITURES AND FUND BALANCE
December 31, 1992 and 1991
1992 1991
Revenues:
Interest on investments $48,618 $22.713
Expenditures :
Debt service:
Principal payment
265,000
245,000
Interest expense
873,695
892,514
Increment bond issuance costs
23,810
Agent fees
11,002
3,323
Total expenditures
1,173,507
1,140,837
Deficiency of revenues over
expenditures
(1,124 869)
(1,118,124)
Other financing sources (uses)
Proceeds of increment bonds
4,026,172
Operating transfers in
1,000,895
1,081,374
Operating transfer out
(3,970,288)
Total other financing sources (uses)
1,056,779
1,081,374
Deficiency of revenues and other
financing sources over expenditures
(68,110)
(36.750)
Fund Balance January 1
473,604
510,354
Fund Balance December 31
$405,494
$473,604
17
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
December 31, 1992
With Comparative Totals for December 31, 1991
Fund balance (deficit) : (50)
Reserved for construction 7,619,494 (117,007)
Total fund balance
7,819,494 (117,007) 0 (50) 0
Total liabilities and
0
fund balance $8 516,486 $2,478 $30,000 $856,324
20
North Area/
Center
Moore
Univ. Ind. Johnson
Revolving
city
Lake Area
Park Skywood
Assets
Cash and cash equivalents
($571)
$2,500
Investments
7,766,714
Receivables
4'172
(22)
Accounts
Taxes —
Unremitted
Delinquent
638,322
86,261
Interest
Mortgage —
Current
Delinquent
30,000
856,324
Deferred
Due from other governments
21,588
$8,516,486
$2,478
$30,000
$856,324 $0
Total assets
Liabilities and fund balance
Liabilities:
117,591
50
Accounts payable
Contracts payable
1,533
Deposits payable
30,000
856,324
Deferred revenue
638,322
361
Due to other governments
58,670
119,485
30,000
856,374 0
Total liabilities
696,992
Fund balance (deficit) : (50)
Reserved for construction 7,619,494 (117,007)
Total fund balance
7,819,494 (117,007) 0 (50) 0
Total liabilities and
0
fund balance $8 516,486 $2,478 $30,000 $856,324
20
Lake Shore- Area University/
McGlynn
Totals
69
Pointe Onan wood Wide Osborne
Bakeries
1992
1991
$3,585
$15,000
$20,514
$953,179
8,880
$7,766,714
5,561,364
1195
$5,345
14,428
15,086
65,393
10,766
$638,322
495,366
3,491
$86,261
172,889
65,393 $951,717 952,000
$21,588 23913
$0 $0 $65,393 $0 $4,780 415,000 $9,490,461 $8,183,905
5,644
1,132
69
$124,486
8,880
15,000
$16,533
15,086
65,393
$1,590,039
1,447,366
3,491
193,998
$256,520
181,841
9,135
0 65,393
195,130
69
15,000
$1,987,578
1,653,173
(9,135)
(195,130)
4,711
$7,502,883
6,530,732
(9,135)
O O
(195,130)
4,711
0
7,502,883
6,530,732
$0
$0 $65,393
$0
$4,780
$15,000
$9,490,461
$8,183,905
21
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLOL MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES ExPENDITURES AND FUND BALANCE
Year Ended December 31, 1992
With Comparative Totals for Year Ended December 31, 1991
Revenues:
Tax increment
Special assessment
Sale of property
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)
Deficiency of revenues and
other financing sources
over expenditures and
other financing uses
Fund Balance (deficit) January 1
Fund Balance (deficit) December 31
North Area/
Center Moore Univ. Ind. Johnson
Revolving city Lake Area Park Sk wood.
$2,931,681
112,059
34,363
405,635 15,104
86,834
206
3,570,778 151104 0 O 0
17,475 314
38,465
116,350
11,863
O 184,153 O 314 0
3,570,778 (169,049) 0 (314) 0
3,970,288 74,971
(6,442,152)
(2,471,864) 74,971
1,098,914 (94,078)
r
0 264 0
0 (50) 0
6,720,580 (22,929) 0
$7,819,494 ($117,007) $0 S$) $O
22
Lake
Pointe
O
18,281
4,710,946
Shore-
Onan Wood
&%CC's!
35,309
4,764,536 5,464
Area University/ McGlynn
Wide Osborne Bakeries
Totals
1992 1991
$2,931,681
$2,662,361
$112,059
69,591
$34,363
117,500
$420,739
337,142
$66,834
108,414
$206
409
O 0 0 3,585,882
3,295,437
194,548
438 4,882 $241,402
258,041
873
$4,749,411
54,087
4,756,819 _ 5464 582,153
$116,350
19,590
(1,877)
($6,444,029)
125,000
368,500
$368,500
310,272
49,377
10,912 $107,461
92,689
_
0 612,425
438 15,794 5,583,124
859,679
(4,764,536) (5,464) 0 (612,425)
(438) . (15,794) (1,997,242)
2,435,758
873
(3,393)
6,530,732
4,756,819 _ 5464 582,153
4,276 19,187 $9,413,422
833,973
(1,877)
($6,444,029)
(1,915,347)
$7,502,883
$6,530,732
4,756,819 5,464 O 580,276
4,276 19,187 2,969,393
(1,081,374)
(7,717) 0 O (32,149) 3,838 3,393 972,151 1,354,384
(1,418)
O
(162,981)
873
(3,393)
6,530,732
5,176,348
($9,135)
$0
$0 ($195,130)
$4,711
$0
$7,502,883
$6,530,732
23
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
COMPARATIVE STATEMENT OF GENERAL LONG—TERM DEBT
December 31, 1992 and 1991
Amount available and to be provided for
the payment of general long—tens debt :
Amount available in Debt Service Fund
Amount to be provided by future taxes
Total available and to be provided
General long—tens debt payable:
Tax increment revenue refunding bonds of 1985
General obligation tax increment refunding
bonds of 1990
General obligation temporary tax increment
bonds of 1992
Total general long—term debt payable
P461
1992 1991
$405,494 $473,604
15,649,506 11,816,396
$16,055,000 $12,290,000
�11 MIM
6,61
I
. WIXIMIM
$16,055,000 $12,290,000
CITY OF FRIDLEY MINNESOTA
JLE OF ASSESSED VALUATION AND LONG—TERF
FOR THE TAX INCREMENT FINANCING DISTRICT
DECEMBER 31 1992
Redevelopment District
Original Tax Capacity
Current Tax Capacity
Captured Tax Capacity —
retained by the Authority
Bonds Issues:
General Obligation Tax
Increment Bonds of 1981
General Obligation Tax
Increment Bonds of 1982
General Obligation Tax
Increment Bonds of 1983
Tax Increment Revenue
Refunding Bonds of 1985
General Obligation Tax
Increment Redevelopment
Bonds of 1985
General Obligation Tax
Increment Refunding
Bonds of 1986
General Obligation Tax
Increment Refunding
Bonds of 1990
General Obligation Temp Tax
Increment Bonds of 1992C
Total bonds issued
Amounts Redeemed:
Paid
Bonds defeased — prior
Total amount redeemed
Outstanding bonds at December 31, 1992
28
$2,060,387
4,847,079
2,536,327
$2,200,000
625,000
600,000
4,070,000
11,550,000
10,045,000
9,485,000
4,030,000
42, 0056 00
(3,270,000)
(23,280,000)
(26,550,000)-
$1_-_. 1 055 000
CITY OF FRIDLEY, MINNESOTA
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
inn —,Pc TAY INCREM =NT F R1AtXU4G �kI&TRICT
INCEPTION TO DECEMBER 31, 1992
Sources of Funds:
Proceeds of bond sale
Tax increments received
Special assessments
Interest on invested funds
Sale of property
Rental
Home ownership revenue
Other
Total sources of funds
Uses of Funds:
Land acquisition
Building acquisition
Site improvements or
preparation costs
Installation of public
utilities and improvements
Bond payments
Principal
Interest and agent fees
Refunding bond issuance cost
Payment to refunded bond escrow agent
Refund to school districts
Refund of tax increment overpayment
Administrative costs
Other
Total uses of funds
District Balance
Current Year Prior Years Total
$4,026,172
$40,199,956
$44,226,128
2,931,681
12,714,320
15,646,001
112,059
72,591
184,650
469,357
4,635,553
5,104,910
34,363
501,971
536,334
86,834
463,286
550,120
265,212
10,125
10,125
206
307,028
307,234
7,660,672
58,904,830
66,565,502
4,749,411 10,787, 235 15,536,646
1,193,971 1,193,971
116,350 3,956,879 4,073,229
1,096,775 1,096,775
265,000
13,935,000
14, 200,000
884,697
6,780,312
7,665,009
83,655
83,655
9,257,980
9,257,980
368,500
786,618
1,155,118
94,897
94,897
265,212
3,315,381
3,580,593
107,461
628,878
736,339
6,756,631
51,917,581
58,674,212
$904,041 $6,987,249 $7,891,290
29