The URL can be used to link to this page

HRA Annual Financial Report 1994 MOD FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY, MINNESOTA ANNUAL FINANCIAL REPORT DECEMBER 31,1994 Prepared By : Department of Finance Craig A. Ellestad HRA Accountant MEM FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY, MINNESOTA OMEN ANNUAL FINANCIAL REPORT DECEMBER 31,1994 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 Special Revenue Fund Comparative Balance Sheet 16 Comparative Statement of Revenues, Expenditures and Fund Balance 17 Debt Service Fund Comparative Balance Sheet 20 Comparative Statement of Revenues, Expenditures and Fund Balance 21 Capital Project Funds Combining Balance Sheet 24 Combining Statement of Revenues, Expenditures and Fund Balance 26 Agency Fund Statement of Changes in Assets and Liabilities 29 Comparative Statement of General Long-Term Debt 31 — Supplemental Section Schedule of Assessed Valuation and Long-Term Debt 34 MEM Schedule of Sources and Uses 3 5 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY, MINNESOTA DECEMBER 31,1994 ORGANIZATION COMMISSIONERS : LARRY COMMERS, CHAIRMAN JIM McFARLAND JOHN MEYER DUANE PRAIRIE VIRGINIA SCHNABEL iMIMM 1 OPINION TAUTGES, REDPATH & CO., LTD. CERTIFIED PUBLIC ACCOUNTANTS 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 accompanying 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, 1994 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 and Government — Auditing Standards issued by the Comptroller General of the United States. 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 general purpose 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 general purpose 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, 1994, 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 general purpose 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 are presented for purposes of additional analysis and are not a required part of the general purpose 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 general purpose 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 7, 1995 <4441, /41,04/ TAUTGES, REDPATH& CO.,LTD. — Certified Public Accountants 4 4810 White Bear Parkway • White Bear Lake, Minnesota 55110 • 612/426-7000 • FAX/426-5004 • Member of HLB International • COMBINED FINANCIAL STATEMENTS 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, 1994 Fiduciary Account Governmental Fund Types Fund Types Group Totals Special Debt Capital General Long Memorandum Only Assets Revenue Service Projects Agency Term Debt 1994 1993 --- Cash and cash equivalents $18,077 .$1,061,695 $14,305 $ $1,094,077 $1,307,774 Cash with trustee $6,136 6,136 1,892 Investments 8,523,103 8,523,103 7,909,337 "" Receivables Accounts 650 650 1,037 Taxes- Unremitted 93,022 93,022 86,650 Delinquent 331,848 331.848 311,059 Interest 90,416 90,416 62,149 Mortgage - Current /Ma Delinquent Deferred 6,614 1,134,807 1,141,421 1,084,036 Due from other governments 279 279 141.111 _ Due from other funds 5,790 Amount available in debt service fund 1,061,593 1,061,593 1,049,523 Amount to be provided for .. long term debt 14,403,407 14,403,407 14,720,477 .. Total assets $24,691 $1,061,695 $10,188,430 $6,136 $15,465,000 $26,745,952 $26,680,835 Liabilities and Fund Balance Liabilities: Account payable $4,061 $102 $31,524 $ $35,687 $15,754 ... Deposits payable 500 $6,136 6,636 1,892 Salaries payable 966 966 856 Deferred revenue 331,848 331,848 311.059 Due to other funds 5790 Due to other governments 12,550 150,985 163,535 216,611 Bonds payable 15,465,000 15,465,000 15,770.000 Total liabilities 18,077 102 514.357 6,136 15,465,000 16,003,672 16.321,962 Fund Balance(deficit) : Reserved for debt service 1,061,593 1,061,593 1,049,523 Reserved for mortgage rec 6,614 1,134,807 1,141,421 1,084,036 Unreserved,Undesignated 8.539,266 8,539,266 8,225,314 Total Fund Balance 6,614 1,061,593 9,674,073 0 0 10,742,280 10,358,873 Total Liabilities and Fund Balance $24,691 $1,061,695 $10,188,430 $6,136 $15,465,000 $26,745,952 $26,680,835 See Accompanying Notes to Financial Statement - 6 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 31,1994 Governmental Fund Types Totals Special Debt Capital Memorandum Only Revenue Service Projects 1994 1993 Revenues: Tax increment $ $2,734,021 $2,734,021 $3,184,395 _ Special assessment 86,288 $86,268 103,057 Interest on investments 502,927 $502,927 504,952 Sale of real estate Rental $253 43,185 $43,418 70,164 _ Miscellaneous 4,703 $4,703 4,705 Total revenues 253 0 3,371,084 3,371,337 3,847,273 • • • • Expenditures: Personal services 47,089 184.905 $231,994 202,410 Supplies&other charges 57.282 660.898 3718.180 489,376 Capital outlay 315,373 430,085 $745,458 359,863 Principal payment 305,000 $305,000 285.000 Interest expense 984,625 $984,625 1,007,869 Bond Issuance costs Agent fees 2,873 $2,873 3,970 Total expenditures 419,744 1,292,298 1,275,888 2,987,930 2,348,494 Revenues over expenditures (419.491) (1,292,298) 2,095,198 383,407 1,498,779 Other financing sources (uses) : Proceeds of bond sale Operating transfer in 425,033 1,304,368 3.808,784 $5,538,785 3,509,605 Operating transfers out (5,538,785) ($5,538,785) (3,509,605) Total other financing sources (uses) 425,633 1.304.368 (1,730.001) 0 0 Excess(deficiency) of revenues and other financing sources over expenditures and other financing uses 6,142 12,070 365,195 383,407 1,498,779 Fund Balance January 1 472 1,049,523 9,308,878 10,358,873 8.860,094 Fund Balance December 31 $6,614 $1,061,593 $9,674,073 $10,742,280 $10,358,873 See Accompanying Notes to Financial Statement • 7 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a -component Unit—blithe" CITY OF FRIDLEY, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1994 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 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 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. Special Revenue Fund - The Special Revenue Fund is used to account for the acquisition of property and the administration of relative HRA programs. 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. The HRA has no fixed assets. ... The cost of office space and office equipment for its single employee is reimbursed to the city. The land acquired by the HRA is only a temporary holding until it can be used for redevelopment. 8 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY 'a component unit of the CITY OF FRIDLEY. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1994 .... 1. Summary of Significant Accounting Policies (Continued) 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 Fund Equity 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. 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. 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 unfit of the CITY OF FRIDLET. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 1994 2. 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. Minnesota Statutes require that all deposits be protected by insurance, surety bond or collateral. If collateral is pledged as protection for the deposits, State Statues require that it be held by a third party in the HRA's name. 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. • Due to wire transfers & tax settlements credited by the bank at the end of the day, there were several occasions during the year when overnight deposits were undercollateralized. Each occasion lasted only one day, as the excess balance was invested in another financial institution the following day. Balances at December 31, 1994 are as follows: Bank Carrying Balances Amount 1) Insured or collateralized by securities held S 40,647 S 4,497 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 $ 40,647 $ 4,497 Categories 2 and 3 are not deposits 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 (CONTINUED) DECEMBER 31. 1994 2. Deposits and Investments (Continued) B. Investments The HRA 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 under authority of Minnesota Statutes 471.56, subd.5. The HRA'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 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY, MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 1994 2_ Deposits and Investments (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: — Credit Risk Category Carrying Market Securities Type 1 2 3 Amount Value US Gov't securities $1,213,668 $1,213,668 $1,227,749 US Gov't agencies or instrumentalities $6,316,952 $6,316,952 $5,887,178 Commercial paper $ 992,483 $ 992,483 $ 989,408 Repurchase agreements $1,075,932 $1,075,932 $1,075,932 Subtotal $8,523,103 $1,075,932 $9,599,035 $9,180,267 •� Investment in money market fund (at market) 13,648 13,648 Investment in deferred compensation plan (at market) 6,136 6,136 Total Investments $9,618,819 $9,200,051 Cash & cash equivalents, cash with trustee and investments per accompanying financial statement: Cash & cash equivalents $ 1,094,077 — Cash with trustee 6,136 Investments 8,523,103 Total $ 9,623,316 12 • FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a...component unit of the CITY OF FRIDLEY. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 1994 3. Long-Term Debt The following is a summary of long-term debt transactions of the Housing and Redevelopment Authority for the year ended December 31, 1994: Bonds payable at January 1, 1994 $15,770,000 Bonds issued 0 Bonds retired (305,000) Bonds payable at December 31,1994 $15,465,000 Bonds payable at December 31, 1994 are comprised of the following individual issues : $4,070,000 Tax Increment Revenue Refunding Bonds of 1985 due in varying annual S 1,950,000 installments of $285,000 - 460,000 through February 1, 1999; interest at 7.75% - 9.00% $9,485,000 General Obligation Tax Increment Refunding Bonds of 1990 due in varying 9,485,000 annual installments of $810,000 - 1,270,000 through August 1, 2009; interest at 6.60% -7.00% • $4,030,000 General Obligation Temporary Tax Increment Bonds of 1992C for $4,030,000 4,030,000 due on December 1, 1995; interest at 3.3%. $15.465,000 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 6omponent. unit.o -.t e. CITY OF FRIDLEY, MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1994 • 3. Long-Term Debt (Continued) — Annual requirements to amortize long-term debt outstanding at December 31, 1994 including principal and interest . payments of $24,146,760 are as follows: Year Ended December 31 . 1995 5,318,895 1996 1,130,300 — 1997 1,128,835 • 1998 1,128,905 1999 1,129,830 2000-2004 6,483,990•2005-2009 .7,185,510 . $23,506,265 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. 4. Tax Increment Districts The Fridley Housing and Redevelopment Authority is the administrating authority for the following Tax Increment ` Financing Districts: Tax Capacity Values Fiscal Retained Year Disparity/ By Established District Current Original Captured Adjustments Authority 1979 1 $862,596 $ 249,506 $ 613,090 $ 0 $ 613,090 1981 2 789,548 71,034 718,514 0 718,514 1982 3 1,607,093 244,444 1,362,649 <299,180> 1,063,469 1984 4 0 0 0 0 0 1984 5 0 0 0 0 0 1985 6 0 0 0 0 0 1986 7 84,135 10,960 73,175 0 73,175 1986 8 35,287 27,015 8,272 0 8,272 1989 9 867,149 950,093 0 0 0 1990 10 0 0 0 0 0 1992 11 73,910 61,952 11,958 16,050 28,008 1992 12 183,670 106,711 76,959 0 76,959 $4,503,388 $1,721,715 $2,864,617 $<275,561> $2,581,487 All debt issued is pooled debt. Total bonds issued are $42,605,000. Total amount of bonds redeemed are $27,140,000. Outstanding bonds at December 31, 1994, are $15,465,000. All taxable value is currently retained by the Housing and Redevelopment Authority. 5. Contingent Liability In 1993, the HRA entered into a limited tax increment revenue note with a developer whereby the HRA shall pay the developer the lessor of the scheduled payment or available tax increment. Whether a payment will occur and if so, the amount of the payment are uncertain since all payments are dependent on the HRA receiving tax increments from the developer's project. As such, this liability has not been recorded in the financial statements. — As of December 31, 1994, the maximum possible payment to the developer is $1,565,561. 14 EMMI • ImEm • SPECIAL REVENUE FUND STATEMENTS FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY, MINNESOTA — SPECIAL REVENUE FUND COMPARATIVE BALANCE SHEET December 31, 1994 and 1993 1994 1993 Assets Cash &cash equivalents $18,077 Investments Mortgage receivable — Current Deliquent Deferred 6,614 $472 Due from other governments 11,613 Total assets $24,691 $12,085 Liabilities and Fund Balance _. Liabilities : Accounts payable $4,061 $2,997 — Deposits payable 500 Salaries payable 966 856 Due to other funds 5,790 Due to other governments 12,550 1,970 Total liabilities 18,077 11,613 Fund Balance : Reserved for mortgage rec 6,614 472 Total fund balance 6,614 472 Total Liabilities and Fund Balance $24,691 $12,085 16 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the - CITY OF FRIDLEY, MINNESOTA SPECIAL REVENUE FUND COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE December 31, 1994 and 1993 1994 1993 Revenues : Rental $253 $0 Expenditures Personal services 47,089 32,850 Supplies&other charges 57,282 19,066 Capital outlay 315,373 1.698 Total expenditures 419,744 53,614 Excess (Deficiency) of revenues over expenditures (419,491) (53,614) Other financing sources (uses) : Proceeds of bond sale Operating transfers in 425,633 54,086 Operating transfer out Total other financing sources (uses) 425,633 54,086 Excess (Deficiency) of revenues and other financing sources over expenditures 6,142 472 Fund Balance January 1 472 0 Fund Balance December 31 $6,614 $472 imm NNW 17 ..•••••• ' ••:.• -.•.:.• ' ••:.'.. • •••••• • . •• ' ' • Owe moo • DEBT SERVICE FUND STATEMENTS 19 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a.component unit of the. CITY OF FRIDLEY, MINNESOTA — DEBT SERVICE FUND COMPARATIVE BALANCE SHEET December 31. 1994 and 1993 1994 1993 Assets Cash & cash equivalents $1,061,695 $1,049,631 Investments 0 0 MEM Total assets 1,061,695 1,049,631 Liabilities and Fund Balance Liabilities : _ Accounts Payable $102 $108 Due to other governments Total liabilities 102 108 ■ Fund Balance : _ Reserved for debt service 1,061,593 1,049,523 Total fund balance 1,061,593 1,049,523 Total Liabilities and Fund Balance $1,061,593 $1,049,523 20 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, 1994 and 1993 1994 1993 Revenues : Interest on investments $0 $0 Expenditures : Supplies& other charges 94 Principal payment 305,000 285,000 _ Interest expense 984,625 1,007,869 Bond issuance costs Agent fees 2,673 3,976 Total expenditures 1,292,298 1,296,939 Excess (Deficiency) of revenues over expenditures (1,292.298) (1.296,939) Other financing sources (uses) : Proceeds of bond sale Operating transfers in 1,304,368 1,940,968 Operating transfer out Total other financing sources (uses) 1.304,368 1,940,968 Excess (Deficiency) of revenues and other financing sources over expenditures 12,070 644,029 Fund Balance January 1 1,049,523 405,494 Fund Balance December 31 $1,061,593 $1,049,523 21 CAPITAL PROJECTS FUNDS STATEMENTS a 23 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY, MINNESOTA — CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET December 31, 1994 With Comparative Totals for December 31, 1993 — North Area/ — Center Moore Univ. Ind. Johnson Revolving City Lake Area Park Skywood Assets Cash and cash equivalents ($6,991) $ Investments 8,361,890 $9,744 Receivables: — Accounts 650 Taxes — Unremitted 93,022 — Delinquent 331,848 Interest 90,416 Mortgage— _ Current Delinquent Deferred $30,000 $724,911 Due from other governments 279 Due from other funds Total assets $8,871,114 $9,744 $30,000 $724,911 $0 — Liabilities and Fund Balance Liabilities : Account payable $9,744 $ $ $ Deposits payable _ Salaries payable Deferred revenue $331,848 Due to other funds Due to other governments — Total liabilities 331,848 9,744 0 0 0 Fund balance : Reserved for mortgage rec 30,000 724,911 Unreserved, undesignated 8,539,266 0 ORM Total fund balance 8,539,266 0 30,000 724,911 0 Total Liabilities and _ Fund Balance $8,871,114 $9,744 $30,000 $724,911 $0 • 24 Lake Shore- Area University/ McGlynn Totals Pointe Onan wood Wide Osborne Bakeries 1994 1993 $13,497 $ $7,799 $ $14,305 $258,143 $151,469 8,523,103 7,909,337 650 1,037 93,022 86,650 331,848 311,059 90,416 62,149 _ $54,896 325,000 1,134,807 1,083,564 279 129,498 5,790 $13,497 $0 $54,896 $476,469 $7,799 $0 $10,188,430 $9,847,227 $13,497 $ $ $484 $7,799 $ $31,524 $12,649 331,848 311,059 150,985 150,985 214,641 13,497 0 0 151,469 7,799 0 514,357 538,349 54,896 325,000 1,134,807 1,083,564 0 0 0 0 8,539,266 8,225,314 0 0 54,896 325,000 0 0 9,674,073 9,308,878 $13,497 $0 $54,896 $476,469 $7,799 $0 $10,188,430 $9,847,227 25 a component unit of the CITY OF,FRIDLEY, MINNESOTA CAPITAL PROJECTS FUNDS — COMBINING STATEMENT OF REVENUES. EXPENDITURES AND FUND BALANCE Year Ended December 31, 1994 With Comparative Totals for Year Ended December 31, 1993 North Area/ Center Moore Univ. Ind. Johnson — Revolvinq City Lake Area Park Skywood Revenues : — Tax increment $2,734,021 $ $ Special assessment 86,268 Interest on investments 432,379 $3,000 $62,116 — Sale of real estate Rental 43,165 Miscellaneous 4,703 — Total revenues 3,300,536 0 3,000 62,116 0 Expenditures : Personal services — Supplies&other charges 177,508 868 692 Capital outlay 429,170 Total expenditures 0 606,678 868 692 0 — Excess (deficiency) of revenues over expenditures 3,300,536 (606,678) 2,132 61,424 0 — Other financing sources (uses): Operating transfer in 1,276,101 1,203,612 — Operating transfers out (4,262,685) (596,934) (2,132) (129,706) Total other financing sources (uses) (2,986,584) 606,678 (2,132) (129,706) 0 — Excess (Deficiency) of revenues and other financing sources over expenditures and other uses 313,952 0 0 (68,282) 0 Fund Balance January 1 8,225,314 0 30,000 793,193 0 Fund Balance December 31 $8,539,266 $0 $30,000 $724,911 $0 26 - Lake Shore- Area University/ McGlynn Totals Pointe Onan Wood Wide Osborne Bakeries 1994 1993 • $ $ $ $ $ $2,734,021 $3,164,395 86,268 103,057 $5,432 502,927 504,952 43,165 70,164 4,703 4,705 - O 0 5,432 0 0 0 3,371.084 3,847,273 184,905 184,905 169,560 82,179 4,581 339,160 17,085 38,825 660,898 470,216 915 430,085 358,165 - 83,094 4,581 0 524,065 17,085 38,825 1,275,888 997,941 - (83,094) (4,581) 5,432 (524,065) (17,085) (38,825) 2,095,196 2,849,332 - 83,094 4581 1,146,661 17,085 77,650 3,808,784 1,514,551 (10,907) (497,596) (38,825) (5,538,785) (3,509,605) 83,094 4,581 (10,907) 649,065 17,085 38,825 (1,730,001) (1,995,054) - O 0 (5,475) 125,000 0 0 365,195 854,278 O 0 60,371 200,000 0 0 9,308,878 8,454,600 $0 $0 $54,896 $325,000 $0 $0 $9,674,073 $9,308,878 - 27 • AGENCY FUND STATEMENT -' IMO MEM 28 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the, CITY OF FRIDLEY, MINNESOTA AGENCY FUND STATEMENT OF CHANGES IN ASSETS AND LIABIUTIES Year Ended December 31, 1994 OEMS Balance Balance January 1 Additions Deletions December 31 HRA Deferred Compensation Assets Deferred compensation — at market $1,892 $4,330 $87 $6,136 Total assets $1,892 $4,330 $87 $6,136 Liabilities Deposits payable $1,892 $4,244 $6,136 MPONI Total liabilities $1,892 $4,244 $0 $6,136 SEIM 29 • • GENERAL LONG-TERM DEBT ACCOUNT GROUP IMEN Maim 30 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the ... CITY OF FRIDLEY, MINNESOTA COMPARATIVE STATEMENT OF GENERAL LONG—TERM DEBT December 31, 1994 and 1993 1994 1993 Amount available and to be provided for the payment of general long—term debt : Amount available in Debt Service Fund $1,061,593 $1,049,523 Amount to be provided by future taxes 14,403,407 14,720,477 Total available and to be provided $15,465,000 $15,770;000 General long—term debt payable : Tax increment revenue refunding bonds of 1985 1,950,000 2,255,000 General obligation tax increment refunding bonds of 1990 9,485,000 9,485,000 General obligation temporary tax increment bonds of 1992 4,030,000 4,030,000 Total general long—term debt payable $15,465,000 $15,770,000 i 31 SUPPLEMENTAL SECTION alms 33 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY — a component unit of the CITY OF FRIDLEY, MINNESOTA SCHEDULE OF ASSESSED VALUATION AND LONG—TERM DEBT FOR THE TAX INCREMENT FINANCING DISTRICT DECEMBER 31, 1994 Schedule of Assessed Valuation Current Tax Capacity $4,303,202 Original Tax Capacity 1,721,715 — Net Captured Tax Capacity — Retained by the Authority $2,581,487 — Schedule of Long—Term Debt Bonds Issues: General Obligation Tax Increment Bonds of 1981 $2,200,000 — General Obligation Tax Increment Bonds of 1982 625,000 General Obligation Tax Increment Bonds of 1983 600,000 Tax Increment Revenue Refunding Bonds of 1985 4,070,000 General Obligation Tax Increment Redevelopment — Bonds of 1985 11,550,000 General Obligation Tax Increment Refunding — Bonds of 1986 10,045,000 General Obligation Tax Increment Refunding — Bonds of 1990 9,485,000 General Obligation Temp Tax Increment Bonds of 1992C 4,030,000 Total bonds issued 42,605,000 — Amounts Redeemed: Paid (3,860,000) Bonds defeased — prior (23,280,000) — Total amount redeemed (27,140,000) Outstanding bonds at December 31, 1994 $15,465,000 — 34 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY • a component unit of the CITY OF FRIDLEY, MINNESOTA _ SCHEDULE OF SOURCES AND USES OF FUNDS INCEPTION TO DECEMBER 31, 1994 Current Year Prior Years Total — Sources of Funds: Proceeds of bond sale $0 $44,226,128 $44,226,128 Tax increments received 2,734,021 18,715,499 21,449,520 -- Special assessments 86,268 287,707 373,975 Interest on invested funds 502,927 5,609,862 6,112,789 Real estate sales 536,334 536,334 — Rental 43,165 620,284 663,449 Other 4;703 322,064 326,767 — Total sources of funds 3,371,084 70,317,878 73,688,962 — Uses of Funds: Land acquisition 445,932 15,807,839 16,253,771 Building acquisition 12,411 1,262,440 1,274,851 — Site improvements or preparation costs 287,115 3,140,015 3,427,130 Installation of public — utilities and improvements 0 1,096,775 1,096,775 Bond payments Principal 305,000 14,485,000 14,790,000 -- Interest and fiscal charges 987,298 8,760,509 9,747,807 Payment to refunded bond escrow agent 0 9,257,980 9,257,980 Refund to school districts 296,246 1,499,105 1,795,351 — Administrative costs 515,022 3,925,254 4,440,276 Other 138,653 724,088 862,741 Total uses of funds 2,987,677 59,959,005 62,946,682 Balance $383,407 $10,358,873 $10,742,280 35