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HRA Annual Financial Report 1997 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY A COMPONENT UNIT OF THE CITY OF FRIDLEY, MINNESOTA ANNUAL FINANCIAL REPORT DECEMBER 31, 1997 y., Prepared by: Department of Finance Craig A. Ellestad HRA Accountant FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY. MINNESOTA December 31. 1997 TABLE OF CONTENTS Reference PAGE Organization 1 Independent Auditor's Report 2 Combined Financial Statements: Combined Balance Sheet-All Fund Types and Account Group Statement 1 4 Combined Statement of Revenues, Expenditures and Fund Balance- All Governmental Fund Types Statement 2 5 Notes to Financial Statements 6 Combining and Individual Fund Financial Statements: Special Revenue Fund: Comparative Balance Sheet Statement 3 14 Comparative Statement of Revenues, Expenditures and Fund Balance Statement 4 15 Debt Service Fund: Combining Balance Sheet Statement 5 16 Combining Statement of Revenues, Expenditures and Fund Balance Statement 6 17 Capital Project Funds: Combining Balance Sheet Statement 7 18 Combining Statement of Revenues, Expenditures and Fund Balance Statement 8 20 Agency Fund: Statement of Changes in Assets and Liabilities Statement 9 22 Comparative Statement of General Long-Term Debt Statement 10 23 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the — CITY OF FRIDLEY. MINNESOTA DECEMBER 31. 1997 ORGANIZATION COMMISSIONERS: LARRY COMMERS, CHAIRMAN .. JIM McFARLAND JOHN MEYER DUANE PRAIRIE — VIRGINIA SCHNABEL a .. a 1 HL Tautges Redpath, Ltd. .- Certified Public Accountants and Consultants INDEPENDENT AUDITOR'S REPORT To the Honorable Chair and Commissioners of the Fridley Housing and Redevelopment Authority Fridley,Minnesota 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, 1997,as listed in the table of contents. These general purpose financial statements are the responsibility of the Commission's management. Our responsibility is to express an opinion on these general purpose 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 general purpose 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 general purpose 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,as of December 31, 1997,and the results of its operations and the cash flows of its proprietary fund types 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 and individual fund and account group financial statements 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. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and,in our .ma opinion,is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. June 12, 1998 eke 7;44 TD. , 1 HLB TAUTGES REDPATH, Certified Public Accountants a 4810 White Bear Parkway, White Bear Lake, Minnesota 55110, USA Telephone: 612 426 7000 Fax: 612 426 5004 HLB Tautges Redpath,Ltd is a member of IE International. A world-wide organization of 2counting firms and business advisers. COMBINED FINANCIAL STATEMENTS "' 3 Statement 1 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. 1997 -r Account Governmental Fund Types Group Totals Special Debt Capital General Long (Memorandum Only) Revenue Service Projects Term Debt 1997 1996 Assets Cash $66,587 $18,547 $64,027 $ - $149,161 $143,285 Cash with trustee - - - - - 22,116 Investments - 2,387,164 6,378,131 - 8,765,295 6,224,801 Receivables: Accounts 40,077 - 2,550 - 42,627 14,883 Taxes: Unremitted - - 55,066 - 55,066 65,541 Delinquent - - 40,165 - 40,165 75,310 Interest - - 40,562 - 40,562 46,638 Mortgage: Deferred 2,032,319 - 909,387 - 2,941,706 2,739,215 Allow for uncollectible accounts (99,000) - - - (99,000) (77,000) .. Amount available in debt service fund - - - 939,775 939,775 921,330 Amount to be provided for retirement of general long term debt - - - (59,775) (59,775) 343,670 Total assets $2,039,983 $2,405,711 $7,489,888 $880,000 $12,815,582 $10,519,789 _„ Liabilities and Fund Balance Liabilities: Accounts payable $1,432 $ - $10,935 $ - $12,367 $29,990 -4 Due to other governments 1,062 102 174,987 - 176,151 172,461 Due to City - - - - - 125 Salaries payable 5,170 - - - 5,170 3,291 .. Deferred revenue - - 40,165 - 40,165 75,309 Deposits payable - - 25,000 - 25,000 42,116 Loan payable to City - 1,465,834 - - 1,465,834 - Bonds payable - - - 880,000 880,000 1,265,000 Total liabilities 7,664 1,465,936 251,087 880,000 2,604,687 1,588,292 Fund balance(deficit): - Reserved for debt service - 939,775 - - 939,775 921,330 Reserved for mortgage receivable 2,032,319 - 909,387 - 2,941,706 2,739,215 Unreserved, undesignated - - 6,329,414 - 6,329,414 5,270,952 Total fund balance(deficit) 2,032,319 939,775 7,238,801 - 10,210,895 8,931,497 Total liabilities and Fund balance $2,039,983 $2,405,711 $7,489,888 $880,000 $12,815,582 $10,519,789 See Accompany Notes to Financial Statements 4 Statement 2 ^ 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. 1997 Governmental Fund Types Totals Primary Government Special Debt Capital (Memorandum Only) Revenue Service Projects 1997 1996 Revenues: Property taxes $ - $ - $3,297,964 $3,297,964 $3,274,851 Special assessment - - - - 88,822 " Interest earnings 81,995 - 532,479 614,474 429,199 Rental 3,270 - 9,600 12,870 17,495 Sale of real estate 63,591 - - 63,591 1,029,804 - Miscellaneous 8,965 - 1,000 9,965 22,193 Total revenues 157,821 0 3,841,043 3,998,864 4,862,364 ..expenditures: Personal services 78,172 - 250,622 328,794 313,351 Supplies and other charges 106,839 - 863,929 970,768 1,102,788 Capital outlay 142,371 - - 142,371 831,155 Principal payment - 385,000 - 385,000 355,000 Interest expense - 132,205 - 132,205 126,170 Agent fees - 1,013 - 1,013 849 Total expenditures 327,382 518,218 1,114,551 1,960,151 2,729,313 Revenue over(under)expenditures (169,561) (518,218) 2,726,492 2,038,713 2,133,051 )they financing sources (uses): Operating transfer in 612,062 2,891,222 2,794,240 6,297,524 6,969,646 Operating transfers out - (2,354,559) (3,942,965) (6,297,524) (6,969,646) Transfers out to City - - (759,315) (759,315) (797,365) Total other financing sources (uses) 612,062 536,663 (1,908,040) (759,315) (797,365) -`-xcess (deficiency)of revenues and other financing sources over expenditures and other financing ^ uses 442,501 18,445 818,452 1,279,398 1,335,686 Fund balance-January 1 1,589,818 921,330 6,420,349 8,931,497 7,595,811 =und balance- December 31 $2,032,319 $939,775 $7,238,801 $10,210,895 $8,931,497 -- See Accompanying Notes to Financial Statements 5 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY. MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31. 1997 1. Summary of Significant Accountina 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. However, the HRA doesn't have any component units. The accounting policies of the HRA conform to generally accepted accounting policies. 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 groups, 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 governmental funds are grouped, in the financial statements in this report, into three generic fund types as follows: Special Revenue Fund -Special Revenue Fund is used to account for the acquisition of property and the administration of relative HRA programs. Debt Service Fund - 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 - Capital Projects Funds are used for the acquisition of property or construction of improvements set forth by the HRA. 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 two employees is reimbursed to the city. The land acquired by the HRA is only a temporary holding until it can be used for redevelopment. a 6 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY,MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1997 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. Allowance for Uncollectible Accounts - 5% of the Housing Loan Program loans is being used. It is reflected as a contra asset account, i.e., netted out, to Mortgage Receivable-Deferred. a a FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY.MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31. 1997 2. Deposits and Investments A. Deposits In accordance with applicable Minnesota Statutes, the HRA 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 Statutes 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. Balances at December 31, 1997 are as follows: Bank Carrying Balances Amount 1) Insured or collateralized by securities held by the City or its agent in the City's name. $349,184 $342,161 2) Collateralized with securities held by the pledging „O% institution trust department in the City's name - - 3) Uncollateralized or collateralized with securities not in the City's name - - Totals $349,184 $342,161 Categories 2 and 3 are not procedures that are authorized by Minnesota statutes. 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. a 8 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY.MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31. 1997 (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. 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 U.S.Government securities $1,131,900 $ - $ - $1,131,900 $1,204,749 U.S.Government agencies or instrumentalities 3,302,051 - - 3,302,051 3,362,433 Commercial paper 1,011,615 - - 1,011,615 1,012,547 $5,445,566 $ - $ - 5,445,566 5,579,729 Investment in money market fund(at market) 3,126,729 3,126,792 Total investments $8,572,295 $8,706,521 •� Cash and investments per accompanying financial statement: Cash $342,161 Investments 8,572,295 Total $8,914,456 a 9 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY,MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1997 3. Lona-Term Debt The following is a summary of long-term debt transactions of the HRA for the year ended December 31, 1997: Bonds payable at January 1, 1997 $1,265,000 Bonds issued - Bonds retired (385,000) Bonds payable at December 31, 1997 $880,000 Bonds payable at December 31, 1997 are comprised of the following individual issues: $4,070,000 Tax Increment Revenue Refunding Bonds of 1985 due in varying annual installments of$285,000-$460,000 through February 1, 1999; interest at 7.75%-9.00%. $880,000 The Tax Increment Revenue Refunding Bonds are payable solely from increment revenue that is generated from the related increment district. Annual requirements to amortize long-term debt outstanding at December 31, 1997 including principal and interest payments of$80,475 are as follows: Year Ended December 31 1998 $479,775 1999 480,700 2000 - 2001 - Total $960,475 There are a number of limitations and restrictions contained in the various bond indentures. The HRA is in compliance with all significant limitations and restrictions. a a 10 a FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the "' CITY OF FRIDLEY. MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31. 1997 4. Tax Increment Districts The Fridley Housing and Redevelopment Authority is the administrating authority for the following Tax Increment Financing Districts: Fiscal/ Retained Year Tax Capacity Values Disparity By Established District Current Original Captured Adjustments Authority ` 1979 1 $831,745 $253,952 $577,793 $ - $577,793 1981 2 840,479 71,896 768,583 - 768,583 1982 3 1,820,827 244,445 1,576,382 (351,045) 1,225,337 1984 4 Terminated - - - - 1984 5 Terminated - - - - 1985 6 - - - - - 1986 7 86,743 10,960 75,783 - 75,783 1986 8 - - - - - 1989 9 889,422 943,902 - - - 1990 10 Terminated - - - - 1992 11 95,766 60,352 35,414 - 35,414 1992 12 173,200 96,111 77,089 - 77,089 1995 13 5,359 5,561 - - - .. 1995 14 21,294 24,697 - - - 1997 15 - - - - - 1997 16 - - - - - _ 1995 HR1/04 209 965 - - - 1995 HR1/05 455 377 78 - 78 1995 HR1/06 - 48 - - - $4,765,499 $1,713,266 $3,111,122 ($351,045) $2,760,077 5. Risk Management The HRA is covered under the City's various insurance programs. The HRA reimburses the City for the costs involved. The City has a Self Insurance Fund which provides coverage up to a maximum of$50,000 for each liability and property claim with an annual aggregate of$100,000 for all claims. The City purchases .. insurance through the League of Minnesota Cities Insurance Trust for all claims in excess of coverage provided by the fund and for all other risks of loss. 11 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the "' CITY OF FRIDLEY. MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31. 1997 6. Contingency 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, 1997,the maximum possible payment to the developer is$1,295,325. 7. Commitments The HRA has pledged future tax increment to the City of Fridley for the City's general obligation tax increment debt. Total general obligation tax increment debt recorded by the City of Fridley at December 31, 1997 is$13,665,000. 8. Reserved Fund Balances Fund balance reservations at December 31, 1997 were as follows: Special Revenue: Reserved for mortgage receivable $2,032,319 Debt Service: Reserved for debt service 939,775 Capital Projects: Reserved for mortgage receivable 909,387 Total governmental funds $3,881,481 12 COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS a 13 Statement 3 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY. MINNESOTA SPECIAL REVENUE FUND COMPARATIVE BALANCE SHEET December 31. 1997 and 1996 Totals Assets 1997 1996 Cash $66,587 $67,599 Receivables: Accounts 40,077 14,883 Mortgage receivable: - Deferred 2,032,319 1,589,818 Allow for uncollectible accounts (99,000) (77,000) Total assets $2,039,983 $1,595,300 Liabilities and Fund Balance Liabilities: " Accounts payable $1,432 $2,191 _ Due to other governments 1,062 - Salaries payable 5,170 3,291 Total liabilities 7,664 5,482 Fund balance: — Reserved for mortgage receivable 2,032,319 1,589,818 Total fund balance 2,032,319 1,589,818 Total liabilities and fund balance $2,039,983 $1,595,300 -� 14 Statement 4 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. 1997 and 1996 Totals 1997 1996 Revenues: Interest earnings $81,995 $34,338 Rental 3,270 7,895 Sale of real estate 63,591 69,500 Miscellaneous 8,965 122 Total revenues 157,821 111,855 Expenditures: Personal services 78,172 70,029 Supplies and other charges 106,839 155,871 Capital outlay 142,371 280,400 Total expenditures 327,382 506,300 Excess(deficiency)of revenues over(under)expenditures (169,561) (394,445) Other financing sources(uses): Operating transfers in 612,062 1,895,840 Total other financing sources(uses) 612,062 1,895,840 — Excess (deficiency)of revenues and other financing sources sources over(under)expenditures 442,501 1,501,395 Fund balance-January 1,589,818 88,423 Fund balance-December 31 $2,032,319 $1,589,818 — 15 Statement 5 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY.MINNESOTA DEBT SERVICE FUND COMPARATIVE BALANCE SHEET December 31. 1997 and 1996 Totals Assets 1997 1996 Cash $18,547 $ - - Investments 2,387,164 921,330 Total assets $2,405,711 $921,330 Liabilities and Fund Balance Liabilities: Due to other governments $102 $ - Loan payable to City 1,465,834 - Total liabilities 1,465,936 0 Fund balance: Reserved for debt service 939,775 921,330 Total fund balance 939,775 921,330 Total liabilities and fund balance $2,405,711 $921,330 16 Statement 6 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. 1997 and 1996 Totals 1997 1996 Revenues $ - $ - Expenditures: Principal payment 385,000 355,000 Interest expense 132,205 126,170 Agent fees 1,013 849 Total expenditures 518,218 482,019 Excess (deficiency)of revenues over(under)expenditures (518,218) (482,019) Other financing sources(uses): Operating transfers in 2,891,222 1,417,969 Operating transfer out (2,354,559) (921,330) Total other financing sources(uses) 536,663 496,639 Excess (deficiency)of revenues and other financing sources sources over(under)expenditures 18,445 14,620 -. Fund balance-January 921,330 906,710 Fund balance-December 31 $939,775 $921,330 "` 17 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY.MINNESOTA CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET December 31.1997 With Comparative Totals for December 31.1996 North Area/ Center Moore Univ.Ind. Lake Revolving City Lake Area Park Pointe Onan Assets Cash $35,518 $792 $ - $18,464 $9,200 $ - Investments 5,045,671 - - - 203,653 - Receivables: Accounts - - - - - - -- Taxes: Unremitted 55,066 - - - - - Delinquent 40,165 - - - - - Interest 40,562 - - - - - Mortgage: Deferred - - 22,084 559,349 - - • Total assets $5,216,982 $792 $22,084 $577,813 $212,853 $0 Liabilities and Fund Balance Liabilities: Accounts payable - 792 - 964 3,875 - Due to other governments - - - - 5,325 - Due to City - - - - - - Deferred revenue 40,165 - - - - - Deposits payable - - - 17,500 - - Total liabilities 40,165 792 0 18,464 9,200 0 Fund balance: — Reserved for mortgage receivable - - 22,084 559,349 - - Unreserved,undesignated 5,176,817 - - - 203,653 - Total fund balance 5,176,817 0 22,084 559,349 203,653 0 Total liabilities and fund balance $5,216,982 $792 $22,084 $577,813 $212,853 $0 a 18 Statement 7 Area University/ McGlynn Business Community 57th Avenue Totals - Shorewood Wide Osborne Bakeries Center Railway Redevelopment 1997 1996 $ - $ - $ - $ - $ - $53 $ - $64,027 $75,686 - 1,014,302 27,124 82,260 5,121 - - 6,378,131 5,303,471 - 2,550 - - - - - 2,550 - - - - - - - - 55,066 65,541 - - - - - - - 40,165 75,310 - - - - - - - 40,562 46,638 35,337 145,756 - - 146,861 - - 909,387 1,149,397 $35,337 $1,162,608 $27,124 $82,260 $151,982 $53 $0 $7,489,888 $6,716,043 - 5,251 - - - 53 - 10,935 $27,799 - 169,662 - - - - - 174,987 172,461 - - - - - - - - 125 - - - - - - - 40,165 75,309 •=. - 7,500 - - - - - 25,000 20,000 0 182,413 0 0 0 53 0 251,087 295,694 35,337 145,756 - - 146,861 - - 909,387 1,149,397 - 834,439 27,124 82,260 5,121 - - 6,329,414 5,270,952 35,337 980,195 27,124 82,260 151,982 0 0 7,238,801 6,420,349 $35,337 $1,162,608 $27,124 $82,260 $151,982 $53 $0 $7,489,888 $6,716,043 19 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 Years Ended December 31.1997 With Comparative Totals for Year Ended December 31.1996 North Area/ Center Moore Univ.Ind. Lake Revolving City Lake Area Park Pointe Onan Revenues: Tax increment $3,134,942 $ - $ - $ - $ - $ - Property taxes 163,022 - - - - - Special assessments - - - - - - Interest earnings 460,562 - 923 47,991 - - Rental 9,600 - - - - - Sale of real estate - - - - - - Miscellaneous 1,000 - - - - - Total revenues 3,769,126 0 923 47,991 0 0 Expenditures: Personal services - - - - - - Supplies and other charges - 7,954 1,189 9,957 307,678 6,441 :.••• Capital outlay - - - - - - Total expenditures 0 7,954 1,189 9,957 307,678 6,441 Excess(deficiency)of -. revenues over expenditures 3,769,126 (7,954) (266) 38,034 (307,678) (6,441) Other financing sources(uses): Operating transfer in 1,649,822 10,432 11,625 - 338,261 6,441 Operating transfers out (3,793,143) (9,744) - (129,171) - - Transfers out to City (759,315) - - - - - Total other financing ". sources(uses) (2,902,636) 688 11,625 (129,171) 338,261 6,441 Excess(deficiency)of revenues and other financing sources over expenditures and other financing uses 866,490 (7,266) 11,359 (91,137) 30,583 0 - Fund balance-January 1 4,310,327 7,266 10,725 650,486 173,070 - - Fund balance-December 31 5,176,817 - 22,084 559,349 203,653 - A. ..• 20 Statement 8 Area University/ McGlynn Business Community 57th Avenue Totals Shorewood Wide Osborne Bakeries Center Railway Redevelopment 1997 1996 $ - $ - $ - $ - $ - $ - $ - $3,134,942 $3,274,851 - - - - - - - $163,022 - - - - - - 88,822 3,818 12,324 - - 6,861 - - 532,479 394,861 - - - - - - - 9,600 9,600 - - - - - - - - 960,304 - - - - - - - 1,000 22,071 3,818 12,324 0 0 6,861 0 0 3,841,043 4,750,509 - 250,622 - - - - - 250,622 243,322 - 402,142 26,026 77,144 856 10,609 13,933 863,929 946,917 1 - - - - - - - - 550,755 I. 0 652,764 26,026 77,144 856 10,609 13,933 1,114,551 1,740,994 ^ 3,818 (640,440) (26,026) (77,144) 6,005 (10,609) (13,933) 2,726,492 3,009,515 - 649,064 26,026 77,144 883 10,609 13,933 2,794,240 3,655,837 - (10,907) - - - - - - (3,942,965) (6,048,316) - - - - - - - (759,315) (797,365) (10,907) 649,064 26,026 77,144 883 10,609 13,933 (1,908,040) (3,189,844) (7,089) 8,624 0 0 6,888 0 0 818,452 (180,329) 42,426 971,571 27,124 82,260 145,094 - - 6,420,349 6,600,678 35,337 980,195 27,124 82,260 151,982 - - 7,238,801 6,420,349 21 Statement 9 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY.MINNESOTA AGENCY FUND STATEMENT OF CHANGES IN ASSETS AND LIABILITIES Year Ended December 31. 1997 Balance Balance January 1 Additions Deletions December 31 HRA Deferred Compensation Assets: Deferred compensation -at market $22,116 $ - $22,116 $ - Liabilities: Deposits payable $22,116 $ - $22,116 $ - 22 Statement 10 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the - CITY OF FRIDLEY. MINNESOTA COMPARATIVE STATEMENT OF GENERAL LONG-TERM DEBT December 31. 1997 and 1996 1997 1996 — Amount available and to be provided for the payment of general long-term debt: Amount available in Debt Service Fund $939,775 $921,330 Amount to be provided by future taxes (59,775) 343,670 Total available and to be provided $880,000 $1,265,000 General long-term debt payable: Tax increment revenue refunding bonds of 1985 $880,000 $1,265,000 Total general long-term debt payable $880,000 $1,265,000 .► 23