1970 Financial Statements CITY OF FRIDLEY, MINNESOTA
FINANCIAL STATEMENTS
DECEMBER 31, 1970
GEORGE M . HANSEN COMPANY
Certified Public Accountants
MINNEAPOLIS,MINNESOTA
CITY OF FRIDLEY, MINNESOTA
ELECTED AND APPOINTED OFFICIALS
DECEMBER 31, 1970
Term of office
expires January
Elected
Mayor - Jack 0. Kirkham 1972
Councilmen
Raymond E. Sheridan 1971
David 0. Harris 1972
Frank G. Liebl 1973
Tim F. Breider 1973
Effective January 1971
Mayor - Jack 0. Kirkham 1972
Councilmen
David 0. Harris 1972
Frank G. Liebl 1973
Tim F. Breider 1973
Robert E. Kelshaw 1974
Appointed
Acting City Manager - Marvin C. Brunsell
Clerk-Treasurer - Marvin C. Brunsell
Attorney - Leonard T. Juster
Virgil C. Herrick, appointed January 4, 1971
Assessor - Mervin Herrmann
Engineer - Nasim Qureshi
CITY OF FRIDLEY, MINNESOTA
TABLE OF CONTENTS
Page
Independent certified public accountants' opinion 1
Comments 2
Balance sheets - All funds 8
General and special revenue funds
Balance sheets 10
General Fund
Statement of revenue - Actual compared with budget estimates 11
Statement of expenditures - Actual compared with budget estimates 12
Special Revenue funds — Statements of cash receipts and disbursements 18
Civic Center Bond Fund
Analysis of changes in unencumbered appropriation balance 19
Investment Fund
Balance sheet 21
Statement of cash receipts and disbursements 21
Special assessment funds
Balance sheets 22
Statement of cash receipts and disbursements 23
Individual fund balance sheets
Construction 24
Debt service 26
General debt service funds
Balance sheets 28
Statements of cash receipts and disbursements 28
Municipal Building Revenue Bond Fund (Liquor Dispensary)
Balance sheet 29
Liquor Operating Account
Statement of income 30
Analysis of changes in retained earnings 30
Statement of operating expenses 32
Statement of changes in assets restricted for liquor revenue
bond debt service
Sinking Account 34
Reserve Account 34
/'1
CITY OF FRIDLEY, MINNESOTA
TABLE OF CONTENTS (CONTINUED) y'
Page
Water and Sewer Revenue Bond Fund
Balance sheet 35
Operation and Maintenance Account — Statement of income 36
Analysis of changes in retained earnings 36
Statement of changes in assets restricted for revenue bond
debt service
Sinking Account 37
Reserve Account 37 —
Construction Account 37
Trust and agency funds
Balance sheets 38
Statements of cash receipts and disbursements 38
Statement of general fixed assets 39 —
Miscellaneous information
Statement of cash and security for deposits 40 /
Summary statement of cash receipts and disbursements 40
Bonds payable - All funds 41
Debt service requirements - All funds 46
Certificates of Indebtedness - General Fund 46
Assessed valuations, tax levies and mill rates 47
Tax levies and tax collections 48
Insurance coverage 49
Employees' surety bonds 49
mm
GEORGE M . HANSEN COMPANY
Certified Public Accountants
175 SOUTH PLAZA BUILDING WAYZATA BOULEVARD AT HIGHWAY 100
MINNEAPOLIS,MINNESOTA 55416
546-2566
June 8, 1971
• • To the City Council of
Fridley, Minnesota
We have examined the accompanying financial statements of the respective
funds of the City of Fridley, Minnesota for the year ended December 31, 1970.
Our examination was made in accordance with generally accepted auditing
standards and accordingly included such tests of the accounting records and
such other auditing procedures as we considered necessary in the
circumstances.
In our opinion, these statements present fairly the financial position of the
respective funds of the City of Fridley, Minnesota at December 31, 1970 and
the results of their operations for the year then ended, in conformity with
'- generally accepted governmental accounting principles applied on a basis
consistent with that of the preceding year.
,9ae.„6„iffe 797. CO"Dzr
OMNI
2
CITY OF FRIDLEY, MINNESOTA
COMMENTS ...
The City of Fridley operates under a charter which provides for a form of government
designated as the "Council-Manager Plan." Under this plan as set forth in the
Charter, "All discretionary powers of the city, both legislative and executive shall
vest in and be exercised by the city council. It shall have complete control over
the city administration, but shall exercise this control exclusively through the city
manager and shall not itself attempt to perform any administrative work." The council
is elected by popular vote and consists of five members, including the mayor who is ..,
chairman. The city manager is appointed by the council.
The city financial statements are presented on the accrual basis of accounting
whereby revenues are recorded when earned, except for general property taxes and
General Fund special assessments which are considered as revenue in the year collected.
The financial statements which follow have been prepared to set forth individual fund
balance sheets, analysis of changes in fund balance, actual revenue compared with
budget estimates and other information.
GENERAL FUND "'
The General Fund was established to account for the revenues and expenditures necessary
to provide basic governmental services to the City such as general government, public
safety and highway maintenance. -
In the following statements, revenues are recorded by source, while expenditures are
recorded by department. Included in "General property taxes" in the statement of
revenue are property and bank excise taxes and payments from the State property tax
relief fund for homestead tax and exempt property tax replacement.
A plan of financial operation of the Fund is set forth in the annual budget adopted
by Council. The General Fund statements are prepared to show the budget estimate,
actual amount and balance. A condensed summary of revenue and expenditures is
shown below:
REVENUE
1970 1969
Budget Budget .�
Actual estimates Actual estimates
General property taxes $ 894,153 '. $ 891,457 $ 720,572 $ 713,344
Licenses and permits 73,298 112,560 90,241 89,409
Fines and forfeitures 23,696 ' 16,000 19,035 10,000
From use of money and property 33,629 21,500 29,575 20,400 .�
Intergovernmental revenue 331,699 313,825 263,780 256,529
Charges for current services 45,172 43,380 24,957 44,130
Other revenue 39,711 25,190 10,203 20,332
Transfers from other funds 157,890 171,753 212,123 207,000
Prior year' s fund balance 51,294 30,865
Total revenue $1,599,248 $1.646,959 $1.370.486 $1,392,009
3
EXPENDITURES
1970 1969
Budget Budget
Actual estimates Actual estimates
General government $ 272,071 $ 290,286 $ 247,103 $ 261,621
Public safety 559,692 575,892 491,858 511,724
Highways 321,711 374,725 335,159 349,473
Sanitation and waste removal 27,254 36,625 29,860 34,353
Conservation of health 5,509 6,626 5,898 5,642
City band 1,130 1,600 1,516 1,600
Recreation 69,909 70,628 55,813 59,369
Municipal parks 253,089 251,907 141,047 142,627
Reserve for contingencies 20,920 15,600
Hospitalization insurance 16,001 17,750 12,456 10,000
Total expenditures $1.526,366 $1.646,959 $1,320.710 $1,392.009
Actual revenues exceeded actual expenditures during 1970 by $72,882 increasing the
fund balance to $434,892 at December 31, 1970. An unused reserve for contingencies
and less than anticipated highway expenditures were the main reasons for the increase
in the fund balance.
Shown on the balance sheets are amounts to be provided for land, building and equipment
acquisition. Repayment is to be made in annual installments and financed by current
tax levies.
SPECIAL REVENUE FUNDS
Municipal State-Aid Fund - Gasoline tax collections apportioned to the City from the
State of Minnesota for street construction are accounted for in this fund. Transfers
are also made to this fund from special assessment debt service funds. Any excess of
"- amounts assessed over construction costs have been restricted in this fund for payment
of seal coating expenditures. At December 31, 1970, $296,619 of the fund balance was
available for future seal coating.
1969 Flood Fund - This fund was established to account for expenses incurred by the
City resulting from flood damage in 1969. Reflected on the balance sheet is a
receivable for Federal aid in the amount of $68,912, for which the City has received
approval from the Office of Emergency Preparedness. An additional $2,568 of revenue
will be required to finance costs incurred in excess of those financed by Federal aid.
Park Capital Fund - This fund accounts for the acquisition and improvement of parks
in the City. A grant of $71,500 was receivable at December 31, 1970 from the Federal
Government. As of December 31, 1970, $27,700 was reserved for land acquisition.
CIVIC CENTER BOND FUND
The construction of the City Hall facilities had been completed in prior years. The
fund was closed out during the year with its remaining balance transferred to the
General Fund.
INVESTMENT FUND
This fund was established to more effectively handle the accounting for investments
and interest earned thereon.
4
INVESTMENT FUND (CONTINUED) e"-
All investments are carried in this account during the year and transferred to their
respective funds at the year end. —
Consequently, at December 31, 1970, this fund shows only interest earned but not yet
received.
SPECIAL ASSESSMENT FUNDS
Special assessment funds are established to account for special assessments levied
to finance improvements or services deemed to benefit the properties against which
the assessments are levied. Primarily, the transactions accounted for in special
assessment construction funds are receipt of bond proceeds and disbursement of bond
proceeds for construction work done. Special assessment debt service funds account -
mainly for collection of assessments against benefited property owners and disburse-
ment of assessment collections for the payment of bonds and interest.
Several special assessment construction funds showed cash deficits as of December 31,
1970. These deficits mean, in effect, that monies belonging to other City funds have
been used as a means of temporary financing until sufficient bonds are sold and
special assessments receivable collected to pay current expenditures and eliminate
the deficits.
The debt service fund for Improvement Bonds of 1963 show a deferred tax levy of --
$483,100 to pay costs of water and sewer system expansion not assessed against
benefited property. It is anticipated that the unassessed costs will be paid from
earnings of the Water and Sewer Utilities Operating Fund and that annual collectible •
amounts of the levy will be canceled or reduced accordingly.
The debt service fund for the Refunding Bonds of 1964 shows a deferred tax levy of
$929,900. This tax levy was set up in the bond resolution for payment of the
total bond issue; no consideration was given to the deferred special assessments
receivable. The collections by the City of deferred special assessments, as well
as the transfers from the Sewer and Water Utilities Operating Fund, could be used _.
to cancel or reduce the annual collectible amount of the deferred tax levy.
The balance sheets for the debt service funds show future interest on both special
assessments receivable and related bonds payable. It should be noted that pro-
spective interest receivable or payable becomes an actual asset or liability,
respectively, strictly as a function of time. Prepayments of special assessments
have the effect of reducing the amount of interest collectible. Conversely, -
redemption of bonds before maturity would reduce the amount of interest to be paid.
Refunding bonds were sold by the City in 1964 for the advance payment of the re-
maining bonds of three City bond issues. Proceeds were deposited with the escrow
agent for payment when due. These issues in original amounts were:
Improvement Bonds dated January 1, 1959 $ 270,000
Improvement Bonds dated December 15, 1959 505,000
Improvement Bonds of 1961, dated May 1, 1961 1,250,000
$2,025,000
At December 31, 1970, the above bonds were outstanding in the
amount of $635,000.
5
SPECIAL ASSESSMENT FUNDS (CONTINUED)
Account balances reported by the escrow agent at December 31, 1970 were as follows:
`" Cash $ 536
Investments 674,607
$675,143
— Bonds payable 635,000
Reserve for future interest and call premium $ 40,143
Special Improvements Revolving Fund - The purpose of this fund is to provide temporary
financing for small improvement projects. It has been used also to provide cash to
special assessment debt service funds which have incurred cash deficits due to bond
and interest maturities in advance of collection of corresponding special assessments
receivable. Money for these purposes has been provided mainly from balances in old
inactive construction and debt service funds, water and sewer connection assessments
and improvement escrow deposits.
GENERAL DEBT SERVICE FUNDS
These funds are being used for the accumulation of monies for payment of general
obligation bonds and interest thereon. General property taxes and transfers from
other City funds are providing the necessary revenue.
r Although deferred tax levies are set forth in the resolution for retirement of the
bonds and interest on the Water No. 75 Improvement Bonds, it is the intention
of the City to cancel the tax levies annually on this bond issue and to provide
— the necessary revenues by transfers from the Water and Sewer Revenue Bond Fund.
E
MUNICIPAL BUILDING REVENUE BOND FUND (MUNICIPAL LIQUOR DISPENSARY)
This fund was established to account for the operations and financing of the City-
owned liquor stores.
Shown below is a condensed summary of liquor store operations for 1970, 1969 and 1968:
1970 1969 1968
- Percent Percent Percent
of sales of sales of sales
Sales
-
Off sale $1,169,734 76.2 $1,126,316 76.9 $1,068,010 77.8
On sale 365,028 23.8 337,917 23.1 304,945 22.2
— Total sales $1,534,762 100.0 $1,464,233 100.0 $1,372,955 100.0
- Cost of sales 988,084 64.4 946,949 64.7 903,044 65.8
Gross profit $ 546,678 35.6 $ 517,284 35.3 $ 469,911 34.2
Operating expenses 343,122 22.4 306,298 20.9 291,787 21.3
Operating profit $ 203,556 13.2 $ 210,986 14.4 $ 178,124 12.9
-
— Other income and
expenses (net) 16,387 1. 1 14,194 .9 13,167 1.0
Net income $ 219.943 14.3 $ 225,180 15.3 $ 191.291 13.9
Transfers to other
City funds $ 216.000 98.2 $ 180,000 79.9 $ 160.000 83.6
7
WATER AND SEWER REVENUE BOND FUND
fund accounts for the operations and financing for City-owned sewer and water
_ systems. In 1956 and 1970, revenue bonds in the amounts of $170,000 and $460,000,
respectively, were issued of which $545,000 of these bonds were outstanding at
December 31, 1970 and payable in future years. Debt service accounts for these bond
issues are being maintained in accordance with the provisions of the bond sales
▪ agreements. The agreements provide that net revenues of the water and sewer operations
equal to the principal and interest maturities of the revenue bonds due in the following
year be pledged as collateral.
Shown below is a condensed summary of operations of the water and sewer operation account
for 1970, 1969 and 1968.
1970 1969 1968
Water account
Operating revenue $349,257 $353,762 $280,917
Operating expenses 238,442 272,711 215,369
Operating income $110.815 $ 81,051 $ 65,548
• Sewer account
Operating revenue $279,262 $286,798 $308,478
Operating expenses 176,868 174,505 253,356
Operating income $102,394 $112,293 $ 55.122
Effective January 1, 1971, ownership of the sewer interceptors was transferred to the
..^Metropolitan Sewer Board. The Sewer Board will issue credit, with interest, over a
thirty-year period as payment for these interceptors. The amount of the credit has
not been determined.
The Sewer Board also assumed control of the functions of the North Suburban Sanitary
Sewer District of which the City was a member. Upon dissolution of the District in
1970, the City received $16,859 of which $14,013 was received in the form of a credit
• against 1970 sewer charges and $2,846 was received in cash.
The City follows the practice of not including as part of fixed assets in this fund
._ the cost of the distribution system, which is paid for by assessment against benefited
property or by deferred tax levies. Such fixed assets are carried as a part of
General Fixed Assets.
• In 1969, the Fund assumed a $770,000 liability for bonds payable along with future
interest obligations of the Water No. 75 (General Debt Service) Fund. An interfund
receivable and payable is shown on the respective fund balance sheets. Included in
▪ interest expense of the Water and Sewer Fund is $25,555 representing the current years
charges on this bond issue. The Water and Sewer Revenue Bond Fund has transferred
monies to the special assessment debt service funds to pay principal and interest on
._ some bond issues, although it is not required to do so. As a result, the City con-
siders such transfers as direct charges against retained earnings and not against income.
TRUST AND AGENCY FUNDS
Trust and agency funds are established to account for cash or other assets held by the
City as a trustee or agent. The City funds of this nature include (1) Firemen's Relief
/-1Association Fund, (2) Police Relief Association Fund and (3) Pension Fund. The first
• two funds account for collections of general property taxes and subsequent remittance
of these collections to the respective association. The Pension Fund accounts for the
accumulation of resources needed to finance the City's share of pension contributions.
8
—
CITY OF FRIDLEY, MINNESOTA
BALANCE SHEETS - ALL FUNDS —
DECEMBER 31, 1970
General
and
Special Investment
Revenue Fund
ASSETS
Cash $ 15,929 $(70,262)
Cash with fiscal agent
Investments, at cost plus accrued interest
City of Fridley temporary bonds
Other 738,999 70,262
Accounts receivable 206,710
Due from other funds 25,068
Taxes receivable 55,752 _
Special assessments receivable 7,403
Inventories, at cost
Fixed assets, at cost less accumulated depreciation
Amounts to be provided 173,776 —
Total assets $1,223,637 $ -0-
—
LIABILITIES, RESERVES AND FUND.BALANCE
Accounts and contracts payable $ 290,563
Due to other funds 8,069
Deposits payable 7,390
Bonded indebtedness - Future maturities .-
Definitive bonds
Principal
Interest _
Certificates of indebtedness
Principal 10,000
Interest 806
Temporary bonds (held by City of Fridley)
Principal
Interest
Reserves 90,854 ...
Unencumbered appropriation balances
Investment in general fixed assets
Retained earnings
Fund balance 815,955
Total liabilities, reserves and fund balance $1,223,637 $ -0-
Note - Assets in the total amount of $878,827 are restricted in the Liquor and Utilities
funds as detailed on Pages 29 and 35 ,
9
General Water and Trust
Special Debt Municipal Sewer and General
Assessment Service Liquor Utilities Agency Fixed Assets
$ 226,548 $ 74,120 $ 49,111 $( 335,652) $ 25,553
598,135 16,400 15,113
672,750
1,839,000 198,000 162,282 1,003,752
99 131,527
761,431 8,069
1,420,196 702,414 7,460
6,327,430
252,297
209,085 2,202,826 $17,396,959
1,744,527 27,078
$12,828,685 $1,779,443 $672,775 $3,025,635 $ 33,013 $17,396.959
$ 182,083 $ 3,094 $ 138,464 $ 5,666
25,855 760,644
31,875 210,246
7,124,000 $1,335,000 18,000 545,000
1,859,151 392,089
650,000
113,750
1,900,506 52,354 26,544 732,316 7,460
693,517
$17,396,959
599,282 638,965
.. 273,803 19,887
$12.828,685 $1,779,443 $672.775 $3,025,635 $ 33.013 $17.396,959
/'\
10
CITY OF FRIDLEY, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS -
BALANCE SHEETS
DECEMBER 31, 1970
Municipal 1969 Park -
Combined General State-Aid Flood Capital
ASSETS
-
Cash (deficit) $ 15,929 $ 35,184 $ 93,990 $(71,480) $(41,765)
Investments, at cost plus accrued
interest 738,999 465,999 273,000 -
Accounts receivable
State of Minnesota 57,402 45,364 12,038
Other 149,308 8,896 68,912 71,500 -
Due from other funds 25,068 25,068
Delinquent taxes receivable 55,752 55,752
Delinquent special assessments
receivable 7,403 7,403 -
Amount to be provided
For land and buildings 152,333 152,333
For equipment 10,806 10,806 -
From General Fund for
Flood costs 2,568 2,568
Reimbursement of construction -
costs 8,069 8,069
Total assets $1,223,637 $806,805 $379,028 $ -0- $ 37,804
-
LIABILITIES, RESERVES AND FUND BALANCE
Accounts and contracts payable $ 290,563 $290,563
Due to other funds 8,069 $ 8,069
Deposits payable 7,390 7,390 -
Certificates of indebtedness
Principal 10,000 10,000
Interest 806 806
Reserves for -
Uncollected taxes and special
assessments 63,154 63,154
Land acquisition 27,700 27,700 -
Fund balance 815,955 434,892 $379,028 2,035
Total liabilities,
-
reserves and fund
balance $1,223,637 $806,805 $379,028 $ -0- $ 37.804
11
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE - ACTUAL COMPARED WITH BUDGET ESTIMATES
YEAR ENDED DECEMBER 31, 1970
Budget
Actual estimates
General property and other taxes
Current ad valorem $ 884,344 $ 876,457
.. Delinquent ad valorem 9,105 12,000
Tax forfeit 704 3,000
$ 894,153 $ 891,457
Licenses and permits
Business regulatory licenses $ 17,112 $ 35,510
Nonbusiness licenses and permits 56,186 77,050
$ 73,298 $ 112,560
Fines and forfeitures - Municipal Court $ 23,696 $ 16,000
Revenue from use of money and property
Interest earned $ 25,016 $ 9,100
Rents 8,613 12,400
_
$ 33,629 $ 21,500
Intergovernmental revenue
Cigarette and liquor taxes $ 91,967 $ 95,000
Mobile home registration fee 16,694 14,000
Per capita apportionment 196,859 196,825
Gasoline tax 21,496
Mortgage registry 4,683 8,000
$ 331,699 $ 313,825
.. Charges for current services
General Government $ 5,004 $ 9,770
Public Safety 466 350
Conservation of Health 22,539 22,850
Recreation 17,163 10,410
$ 45,172 $ 43,380
Other revenue $ 39,711 $ 25,190
Transfers from other funds
Municipal Liquor Operating Fund $ 137,353 $ 137,353
Municipal State-Aid Fund - Seal coating 16,000 34,400
Civic Center Bond Fund 4,537
$ 157,890 $ 171,753
Prior years fund balance $ 51,294
Total revenue $1,599,248 $1.646.959
12
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES
YEAR ENDED DECEMBER 31, 1970
Budget
Actual estimate -
General Government
Mayor and Council -
Personal services $ 22,345 $ 22,400
Contractual services 5,220 6,050
Commodities 627 2,100 -
Other charges 4,508 2,850
Capital outlay 300
$ 32,700 $ 33,700
Manager
Personal services $ 33,816 $ 34,351
Contractual services 4,147 4,500 -
Commodities 991 1,725
Other charges 213 220
Capital outlay 200 _
$ 39,167 $ 40,996
Elections and Voters' Registration
Personal services $ 7,965 $ 7,662 -
Contractual services 353 480
Commodities 228 900
Other charges 3,172 3,546 -
Capital outlay 2,668 480
$ 14,386 $ 13,068
-
Finance
Clerk-Treasurer
Personal services $ 28,002 $ 32,546
Contractual services 7,733 3,775 -
Commodities 2,803 4,720
Other charges 5,889 5,635
Capital outlay 750 1,075 -
Refunds 70 200
Assessor
Personal services 37,474 39,808
Contractual services 3,425 4,125 -
Commodities 173 600
Other charges 531 530
Capital outlay 632 125 -
Independent auditing and accounting 4,500 5,775
$ 91,982 $ 98,914
13
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED)
YEAR ENDED DECEMBER 31, 1970
Budget
Actual estimate
General Government (continued)
Legal
Personal services $ 23,681 $ 25,580
Contractual services 289 250
Commodities 60 100
Other charges 137
$ 24,167 $ 25,930
_ Administrative Offices
Charter Commission
Personal services $ 400
Contractual services 600
Industrial Development Commission
Personal services $ 406 150
Contractual services 171 1,700
—� Commodities 34 150
Civil Service
Personal services 124 75
Contractual services 6 410
Board of Appeals
Contractual services 164
Commodities 97 100
$ 1,002 $ 3,585
Planning and 2.ning
Personal services $ 15,970 $ 21,118
Contractual services 2,044 1,250
t,," Commodities 537 1,200
';-11 Other charges 65 100
Capital outlay 300
•$ 18,616 $ 23,968
General Government Buildings
Personal services $ 13,416 $ 11,181
Contractual services 26,685 27,032
Commodities 1,714 912
Other charges 6,368 7,700
Capital outlay - 1,868 3,300
$ 50,051 $ 50,125
Total General Government $272,071 $290,286
/'\
14
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND -
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED)
YEAR ENDED DECEMBER 31, 1970
Budget
Actual estimate -
Public Safety
Police Protection -
Personal services $286,743 $291,706
Contractual services 18,109 13,700
Commodities 13,648 16,850 -
Other charges 8,778 9,260
Capital outlay 16,251 16,250
$343,529 $347,766
-
Fire Protection
Personal services $ 78,783 $ 88,196
Contractual services 14,568 12,700 -
Commodities 5,957 6,407
Other charges 5,871 4,984
Capital outlay 12,369 12,547
$117,548 $124,834
Protective Inspection
Personal services $ 54,995 $ 55,911 -
t� Contractual services 12,271 10,700
g' Commodities 1,020 1,200
Other charges 1,028 1,100 _
Capital outlay 300
$ 69,314 $ 69,211
Civil Defense
Personal services $ 8,576 $ 8,010
Contractual services 954 2,050
Commodities 11 460 -
Other charges 201 280
Capital outlay 15,815 17,656
$ 25,557 $ 28,456 _
Animal Control
Contractual services $ 3,660 $ 5,500
Commodities 84 125 -
$ 3,744 $ 5,625
Total Public Safety $559,692 $575,892 -
15
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED)
YEAR ENDED DECEMBER 31, 1970
Budget
- Actual estimate
Highways
Engineering
Personal services $ 36,105 $ 46,800
Contractual services 6,407 4,600
Commodities 2,478 3,800
Other charges 1,614 1,450
Capital outlay 3,915 1,750
$ 50,519 $ 58,400
Street and Alley
Personal services $ 88,013 $ 88,912
Contractual services 19,033 12,000
- Commodities 16,537 17,450
Other charges 24,849 26,075
Capital outlay 22,917 30,319
_.� $171,349 $174,756
Snow and Ice Removal
Personal services $ 5,849 $ 21,500
Contractual services 4,393 7,050
Commodities 4,481 5,200
Other charges 1,348 3,100
Capital outlay 2,265 1,850
$ 18,336 $ 38,700
Traffic Signs, Signals and Markings
Personal services $ 183 $ 3,500
Contractual services 7,375 5,450
Commodities 17,527 3,600
Other charges 189 100
Capital outlay 30,500
$ 25,274 • $ 43,150
Equipment Maintenance
Personal services $ 2,063 $ 3,000
Contractual services 4,465 5,100
Commodities 2,702 2,400
Other charges 646 1,200
Capital outlay 12,380 13,057
$ 22,256 $ 249757
Street Lighting - Contractual services $ 33,977 $ 34,962
Total Highways $321,711 $374,725
16
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND -
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED)
YEAR ENDED DECEMBER 31, 1970
Budget
Actual estimate
Sanitation and Waste Removal
Storm Sewers -
Personal services $ 3,090 $ 5,600
Contractual services 1,501 3,200
Commodities 1,108 1,200 -
Other charges 149 1,100
Capital outlay 13
$ 5,861 $ 11,100
^
Weed Eradication
Personal services $ 4,381 $ 4,500
Contractual services 16,882 20,775 -
Commodities 130 250
$ 21,393 $ 25,525
Total Sanitation and Waste Removal $ 27,254 $ 36,625 -
Conservation of Health
,A Personal services $ 5,224 $ 4,826
-4 Contractual services 285 1,700
Commodities 100
Total Conservation of Health $ 5,509 $ 6,626 -
City Band
Personal services $ 950 $ 950
-'
Commodities 180 650
Total City Band $ 1,130 $ 1,600
Recreation
Personal services $ 52,050 $ 52,608
Contractual services 2,104 2,050
Commodities and capital outlay 10,971 13,550 .,
Other charges 4,599 2,420
Refunds 185
Total Recreation $ 69,909 $ 70,628
Municipal Parks
Personal services $ 92,469 $ 91,102
Contractual services 32,956 21,250 ^
Commodities 26,613 13,300
Other charges 6,982 8,245 /"."•
Capital outlay 94,069 118,010 -
Total Municipal Parks $253,089 $251,907
Reserve for contingencies $ 20,920
17
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED)
YEAR ENDED DECEMBER 31, 1970
Budget
Actual estimate
Hospitalization insurance $ 16,001 $ 17,750
Total expenditures $1,526,366 $1,646,959
Fund balance January 1, 1970 $ 353,675 $ 302,381
Revenue over (under) expenditures 72.882 -0-
Adjustment of prior year' s accounts payable 8,335
Fund balance December 31, 1970 $ 434,892 $ 302,381
/""N
18
CITY OF FRIDLEY, MINNESOTA
SPECIAL REVENUE FUNDS -
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31, 1970
Municipal 1969 Park
Combined State-Aid Flood Capital --
Cash balance, January 1, 1970 $ 82,033 $106,919 $(58,465) $ 33,579
Receipts
State-aid construction apportionment $124,575 $124,575
Interest on investments 28,647 21,533 $ 5,458 $ 1,656 _
Investments matured (at cost) 173,000 173,000
Federal grant for flood relief 3'6,300 36,300
Transfers from other funds
1969 Street Construction Fund 75,878 75,878
Water and Sewer Revenue Bond Fund 8,069 8,069
Total receipts $446,469 $394,986 $ 41,758 $ 9,725 -
Disbursements
Costs incurred as a result of flood $ 54,773 $ 54,773 Construction costs 8,069 $ 8,069
Purchase of investments 273,000 $273,000
Land purchase 77,000 77,000
Transfers to other funds
General Fund - Seal coating
appropriation 16,000 16,000
1969 Street Construction Fund 25,775 25,775 -
1970 Street Construction Fund 86,562 86,562
1969 Street Debt Service Fund 6,578 6,578
Total disbursements $547,757 $407,915 $ 54,773 $ 85,069
Cash balance, December 31, 1970 $(19,255) $ 93.990 $(71,480) $(41,765)
19
CITY OF FRIDLEY, MINNESOTA
CIVIC CENTER BOND FUND
ANALYSIS OF CHANGES IN UNENCUMBERED APPROPRIATION BALANCE
YEAR ENDED DECEMBER 31, 1970
Balance, January 1, 1970 $ 4,537
Deduct - Transfer to General Fund $ 4,537
Balance, December 31, 1970 _ -0-
..
21
CITY OF FRIDLEY, MINNESOTA
— INVESTMENT FUND
BALANCE SHEET
DECEMBER 31, 1970
ASSETS
Cash $( 70,262)
Accrued interest receivable 70,262
Total assets $ -0-
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS.
YEAR ENDED DECEMBER 31, 1970
Cash balance, January 1, 1970 $( 32,386)
Receipts - Transfers from other City funds $5,349,852
Disbursements - Distribution of investments and interest
income to other City funds $5,387,728
Cash balance, December 31, 1970 $( 70,262)
22
CITY OF FRIDLEY, MINNESOTA r-■
SPECIAL ASSESSMENT FUNDS -
BALANCE SHEETS
DECEMBER 31, 1970
Special Special Special
Assessment Assessment Improvements
Combined Construction Debt Service Revolving -
ASSETS
Cash $ 226,548 $ 67,053 $ 159,356 $ 139 --
Cash with fiscal agents 598,135 598,135
Investments, at cost plus accrued
interest -
City of Fridley temporary bonds 672,750 672,750
Other 1,839,"000 1,750,000 89,000
Accounts receivable 99 99
Taxes receivable -
Delinquent 1,396 1,396
Deferred 1,418,800 1,418,800
Special assessments receivable -
Delinquent 837,960 818,438 19,522
Deferred
Principal 4,040,113 3,843,096 197,017 _
Interest 1,449,357 1,449,357
Amounts to be provided for
Construction 808,448 808,448
Debt retirement 936,079 936,079 -
Total assets $12,828.685 $ 875.600 $11.647,407 $ 305,678
LIABILITIES, RESERVES, APPROPRIATIONS
AND FUND BALANCE
Accounts and contracts payable $ 182,083 $ 182,083
Deposits payable 31,875 $ 31,875
Bonded indebtedness - Future maturities -
Definitive bonds
Principal 7,124,000 $ 7,124,000
Interest 1,859,151 1,859,151
Temporary bonds (held by City -
of Fridley)
Principal 650,000 650,000
Interest 113,750 113,750 _
Reserves for debt retirement 1,900,506 1,900,506
Unencumbered appropriation balances 693,517 693,517
Fund balance 273,803 273,803
Total liabilities, reserves,
appropriations and
fund balance $12,828.685 $ 875.600 $11.647.407 $ 305,678 -
23
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT FUNDS
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31, 1970
Special Special Special
Assessment Assessment Improvements
Combined Construction Debt Service Revolving ,
▪ Cash balance, January 1, 1970 $( 322,056) $ 73,198 $( 353,966) $( 41,288)
Receipts
▪ Proceeds from sale of temporary
bonds $1,934,533 $ 620,000 $1,314,533
Special assessments 906,947 2,577 849,232 $ 55,138
General property taxes 162 162
Interest on special assessments 12,363 11,569 794
Interest on investments 231,427 20,015 204,313 7,099
Other governmental units 37,098 37,098
• Investments sold 1,963,340 1,789,340 174,000
Escrow deposits 31,363 31,363
Transfers from other funds 3,173,714 720,691 2,453,023
Total receipts $8,290,947 $1,400,381 $6,622,172 $ 268,394
- Disbursements
Capital outlay
Transfers to other funds
Interest during construction $ 17,278 $ 17,278
Other 1,375,766 1,369,962 $ 5,804
$1,393,044 $1,387,240 $ 5,804
Retirement of bonds
Principal 984,000 $ 984,000
Interest 335,029 335,029
Investments purchased 2,172,000 2,040,000 132,000
Transfers to other funds 2,819,080 19,286 2,748,425 51,369
Refund of escrow deposits 27,363 27,363
- Other disbursements 11,827 1,396 10,431
Total disbursements $7,742,343 $1,406,526 $6,108,850 $ 226,967
Cash balance, December 31, 1970 $ 226,548 $ 67,053 $ 159,356 $ 139
24
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT CONSTRUCTION FUNDS -
BALANCE SHEETS
DECEMBER 31, 1970
ASSETS -
Amount
Accounts to be
receivable - provided for Total -
Cash Other Construction assets
Sewer and Water No. 50 $ 8,349 $ 8,349 -
Storm Sewer No. 82 12,205 12,205
Sewer and Water No. 84 1,599 1,599
Sewer and Water No. 87 967 967
Sewer and Water No. 91 1,530 1,530 -
Sewer and Water No. 92 480 480
Sewer and Water No. 93 25,658 $265,451 291,109
Sewer and Water No. 98 123 288 411 -
Sewer and Water No. 99 92 92
Storm Sewer No. 100 (36,342) 53,218 16,876
Storm Sewer No. 101 ( 369) 369 _
1968 Street 18,294 18,294 n
1969 Street 12,024 $ 99 12,123
1970 Street 32,991 478,574 511,565
1971 Street (10,548) 10,548 -
Combined $ 67,053 $ 99 $808,448 $875,600
pm
25
.,. LIABILITIES AND APPROPRIATIONS
Accounts Total
and Unencumbered liabilities
contracts appropriation and
payable balance appropriations
$ 7,408 $ 941 $ 8,349
11,259 946 12,205
1,231 368 1,599
197 770 967
242 1,288 1,530
477 3 480
11,109 280,000 291,109
411 411
92 92
16,876 16,876
— ^ 16,874 1,420 18,294
11,278 845 12,123
104,629 406,936 511,565
$182,083 $693,517 $875,600
/'\
26
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT DEBT SERVICE FUNDS -
BALANCE SHEETS
DECEMBER 31, 1970
-
Regular Sewer
Special and Water 1969
Combined Assessment No. 48 Street
ASSETS
Cash $ 159,356 $ 6,034 $ 47,426 $(35,464)
Cash with fiscal agents 598,135 127,343 -
Investments, at cost plus accrued interest
City of Fridley temporary bonds 672,750 336,375
Other 1,750,000 875,000 -
Taxes receivable
Delinquent 1,396
Deferred 1,418,800 5,800
Special assessments receivable -
Delinquent 818,438 91,494 88,336
Deferred
Principal 3,843,096 308,225 186,751 366,169
Interest 1,449,357 47,854 66,065 166,273
Amount to be provided for debt retirement 936,079
Total assets $11,647,407 $1,664,982 $521.721 $496.978 -
LIABILITIES AND RESERVE -
Bonded indebtedness - Future maturities
Definitive bonds -
Principal $ 7,124,000 $ 849,000 $350,000
Interest 1,859,151 101,780 21,115
Temporary bonds (held by City of Fridley)
Principal 650,000 $325,000 -
Interest 113,750 45,500
Reserve for debt retirement 1,900,506 714 202 150,606 126,478
Total liabilities and reserve $11,647,407 $1,664,982 $521,721 $496978
27
Improve- Improve- Improve- Improve- Improve- Improve-
- ment ment ment Refunding ment ment ment
1970 Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of
Street 1960 1962 1963 1964 1965 1967 1970
$( 3,783) $ 2,998 $ 10,599 $ 62,132 $ 10,400 $ 15,519 $ 43,495
99,626 69,768 182,102 119,296
336,375
50,000 67,000 180,000 169,000 184,000 225,000
1,396
483,100 929,900
87,482 24,354 99,936 117,237 123,665 123,298 62,636
441,046 42,548 80,452 255,579 243,422 1,049,909 868,995
168,334 15,055 11,852 77,464 103,008 378,223 415,229
/393,250 542.829
- $393,250 $1,179,080 $151,955 $935,707 $1,612.708 $664.495 $1,974.051 $2.052,480
$ 935,000 $ 85,000 $535,000 $1,085,000 $465,000 $1,490,000 $1,330,000
231,953 17,843 113,148 159,337 115,260 376,235 722,480
- $325,000
68,250
12,127 49,112 287,559 368,371 84,235 107,816
▪ $393.250 $1,179,080 $151,955 $935,707 $1,612,708 $664.495 $1,974,051 $2,052,480
28
CITY OF FRIDLEY, MINNESOTA /-.,
GENERAL DEBT SERVICE FUNDS "-
BALANCE SHEETS - DECEMBER 31, 1970
Civic
Park Bonds Center
of 1962 Bonds Water _
Combined and 1963 of 1965 No. 75
ASSETS
Cash $ 74,120 $ 37,658 $ 24,392 $ 12,070
Cash with fiscal agent 16,400 16,400
Investments at cost plus accrued interest 198,000 198,000
Taxes receivable
Delinquent 3,914 2,160 1,754
Deferred 698,500 117,500 581,000
Due from other City funds
Water and Sewer Revenue Bond Fund 760,644 760,644
Municipal Building Revenue Bond Fund 787 787
Amount to be provided for debt retirement 27,078 27,078
Total assets $1,779,443 $173,718 $607,933 $997,792
LIABILITY AND RESERVE /-•--
Liability - Bonded indebtedness
Future maturities
Bonds $1,335,000 $140,000 $445,000 $750,000 .,
Interest 392,089 9,185 135,112 247,792
Reserve for Debt Retirement 52,354 24,533 27,821
Total liability and reserve $1,779,443 $173,718 $607,933 $997.792
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31, 1970
Cash balance, January 1, 1970 $ 48,949 $ 27,244 $ 21,408 $ 297 -.
Receipts
Delinquent property taxes $ 1,086 $ 567 $ 519
Interest on investments 19,167 3,076 1,894 $ 14,197
Investment maturities, at cost 181,000 181,000
Transfer from other City funds
Water and Sewer Revenue Bond Fund 50,207 50,207
Municipal Building Revenue Bond Fund 78,647 41,900 36,747
Total receipts $ 330,107 $ 45,543 $ 39,160 $245,404
Disbursements
Investment purchases $ 198,000 $198,000 ,.
Bonds 60,000 $ 30,000 $ 20,000 10,000
Interest 45,975 5,095 15,325 25,555
Fiscal agent service charge 961 34 851 76
Total disbursements $ 304,936 $ 35,129 $ 36,176 $233,631
Cash balance, December 31, 1970 $ 74,120 $ 37,658 $ 24,392 $ 12,070
29
CITY OF FRIDLEY, MINNESOTA
MUNICIPAL BUILDING REVENUE BOND FUND
(MUNICIPAL LIQUOR DISPENSARY)
BALANCE SHEET
DECEMBER 31, 1970
ASSETS
Current assets
Cash $ 22,567
Investments, at cost plus accrued interest 162,282
Inventories, at cost 252,297
Total current assets $437,146
Restricted assets - Municipal Building Revenue Bond Accounts
Sinking Account - Cash $( 8,471)
Reserve Account - Cash 35,015
Total restricted assets $ 26,544
Property, plant and equipment, substantially all at cost
Land and improvements $ 40,155
Buildings 198,418
Furniture, fixtures and equipment 118,204
Truck 2,222
$358,999
Less accumulated depreciation 149,914
Net property, plant and equipment $209,085
Net assets $672,775
LIABILITIES, RESERVE AND RETAINED EARNINGS
Current liabilities
Accounts payable
General Fund $ 25,068
Civic Center Bonds of 1965 Fund 787
Other 3,094
Bonds payable within one year* 18000
,
Total liabilities $ 46,949
Reserve for Sinking and Reserve Accounts $ 26,544
Retained earnings $599,282
Total liabilities, reserve and retained earnings $672.775
Note - Under terms of bond sale agreements, net revenues of the liquor operations
equal to the principal and interest maturities of Municipal Building Revenue Bonds
during the following year are pledged as collateral,
-. * Payable from restricted assets
30
CITY OF FRIDLEY, MINNESOTA
MUNICIPAL BUILDING REVENUE BOND FUND
LIQUOR OPERATING ACCOUNT
STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 1970 --
On-Sale Stores —
Total No. 22 No. 33
Sales $1,534,762 $153,944 $211,084
Cost of sales 988,084 45,315 60,907
Gross profit $ 546,678 $108,629 $150,177
Percent of sales 35.6 70.6 71. 1
Operating expenses $ 343,122 $ 78,799 $109,815
Percent of sales 22.4 51.2 52.0
Operating profit $ 203,556 $ 29,830 $ 40,362
Percent of sales 13.2 19.4 19.1
Other income $ 17,984 $ 5,071 $ 5,076 /-,.-.
(Interest expense) ( 1,597) ( 1,065)
$ 16,387 $ 5,071 $ 4,011
Percent of sales 1.1 3.3 1.9
Net income $ 219,943 $ 34,901 $ 44,373
Percent of sales 14.3 22.7 21.0
ANALYSIS OF CHANGES IN RETAINED EARNINGS .-.
YEAR ENDED DECEMBER 31, 1970
Retained earnings
January 1, 1970 $576,497
Net income 219,943
Transfer from Sinking Account 18,842
Transfer to General Fund (137,353)
Transfer to General debt service funds ( 78,647)
Retained earnings
December 31, 1970 $599,282
n
31
Off-Sale-Stores
No. 1 No. 2 No. 3 No. 4
$137,426 $314,102 $258,732 $459,474
101,432 238,492 198,376 343,562
$ 35,994 $ 75,610 $ 60,356 $115,912
26.1 24.1 23.3 25.2
-' $ 29,743 $ 39,867 $ 35,312 $ 49,586
21.6 12.7 13.6 10.8
$ 6,251 $ 35,743 $ 25,044 $ 66,326
4.5 11.4 9.7 14.4
$ 621 $ 2,112 $ 1,553 $ 3,551
( 532)
$ 621 $ 2,112 $ 1,021 $ 3,551
.5 .7 .4 .8
$ 6,872 $ 37,855 $ 26,065 $ 69,877
5.0 12.1 10. 1 15.2
32
CITY OF FRIDLEY, MINNESOTA
MUNICIPAL BUILDING REVENUE BOND FUND
LIQUOR OPERATING ACCOUNT
STATEMENT OF OPERATING EXPENSES
YEAR ENDED DECEMBER 31, 1970 -
On-Sale Stores
Total No. 22 No. 33
Salaries and wages $240,570 $ 59,808 $ 81,320
Employee benefits 17,060 3,962 7,038
Supplies 8,957 1,162 2,856 .,
Laundry and cleaning 5,571 1,337 1,693
Rent 10,764
Utilities 15,087 2,584 4,636
Repairs and maintenance 8,295 2,084 2,599
Insurance 15,399 2,463 3,311
Depreciation 14,229 3,258 4,442
Mileage and automobile expense 1,302 441 441
Professional fees 1,000 150 150
Alarm service 2,324 559 366
Cash (over) short 183 118 211 t" --
Uncollectible checks 1,689 769 649
Miscellaneous 692 104 103
$343,122 $ 78,799 $109,815
33
Off-Sale Stores
No. 1 No. 2 No. 3 No. 4
$ 16,549 $ 29,531 $ 24,257 $ 29,105
1,061 1,929 1,445 1,625
598 1,331 1,815 1,195
605 516 551 869
4,064 6,700
2,024 1,183 1,799 2,861
360 921 1,054 1,277
1,619 2,644 2,451 2,911
1,848 1,101 1,354 2,226
97 106 106 111
150 200 200 150
468 280 183 468
26 8 ( 7) ( 173)
153 118
121 117 104 143
$ 29,743 $ 39,867 $ 35.312 $ 49,586
34
CITY OF FRIDLEY, MINNESOTA /1"".-
MUNICIPAL BUILDING REVENUE BOND FUND --
STATEMENT OF CHANGES IN ASSETS RESTRICTED FOR LIQUOR REVENUE BOND DEBT SERVICE
YEAR ENDED DECEMBER 31, 1970
--Sinking Reserve
Combined Account Account
Cash balance, January 1, 1970 $15,696 $10,339 $ 5,357 '-
Receipts
Interest on investments $ 205 $ 205 —
Investments sold 29,453 29,453
Total receipts $29,658 $29,658
Disbursements
Bonds $18,000 $18,000
Interest 810 810
Total disbursements $18,810 $18,810 —'
Cash balance, December 31, 1970 $26,544 $(8,471) $35,015
Investment balance, January 1, 1970 $29,498 $29,498
Deductions - Investments sold (29,498) (29,498)
Investment balance, December 31, 1970 $ _0_ $ -0-
Total restricted assets, December 31, 1970 $26,544 $(8.471) $35,015 --
35
CITY OF FRIDLEY, MINNESOTA
WATER AND SEWER REVENUE BOND FUND
BALANCE SHEET
DECEMBER 31, 1970
ASSETS
Current assets
Cash $( 367,816)
Investments, at cost plus accrued interest 606,752
Accounts receivable
_ Other funds 8,069
Other 131,527
Total current assets $ 378,532
Restricted assets — Revenue Bond Accounts
Sinking Account
Cash $(13,223)
Cash with fiscal agent 15,113 $ 1,890
Reserve Account - Cash 22,826
Construction Account
Cash $ 22,561
Investments 397,000
Construction in progress 408,006 827,567
Total restricted assets $ 852,283
Property, plant and equipment, substantially all at cost*
Land and improvements $ 119,035
Buildings 539,127
Meters 212,305
Machinery and equipment 1,436,210
$2,306,677
Less accumulated depreciation 511,857
Net property, plant and equipment $1,794,820
Total assets $3,025,635
LIABILITIES, RESERVES AND RETAINED EARNINGS
Current liabilities
Accounts payable from restricted assets (Construction Account) $ 119,967
Accounts payable - Other 18,497
Bonds payable within one year** 10,000
Total current liabilities $ 148,464
Other liabilities
Bonds payable less portion due within one year 535,000
Meter deposits payable 210,246
Due to General Debt Service Fund, Water No, 75 760 644
Total liabilities $1,654,354
Reserves
Reserve for Construction Account $ 707,600
Reserve for Sinking Account debt service 1,890
Reserve for Reserve Account 22,826
Total reserves $ 732,316
Retained earnings $ 638,965
Total liabilities, reserves and retained earnings $3,025,635
* See Comments, Page 7
** Payable from restricted assets
36
CITY OF FRIDLEY, MINNESOTA
WATER AND SEWER UTILITIES REVENUE BOND FUND .-.
OPERATION AND MAINTENANCE ACCOUNT
STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 1970 _
Combined Water Sewer --
Operating revenue
Water sales and sewer rents $619,533 $346,138 $273,395 -
Connection permits 6,614 980 5,634
Sales of materials and miscellaneous services 2,372 2,139 233
Total operating revenue $628,519 $349,257 $279,262
Operating expenses
Source of supply $ 84,976 $ 2,786 $ 82,190
Power and pumping 32,347 32,347 '-'
Purification 29,257 29,257
Transmission and distribution 133,614 65,407 68,207
Customer accounting and collecting 28,478 17,385 11,093 --
Administrative and general 26,925 13,825 13,100
Depreciation 79,713 77,435 2,278
Total operating expenses $415,310 $238,442 $176,868
Operating income $213,209 $110,815 $102,394
Other income and (expense)
Interest income 46,862
Distribution of net assets of N.S.S.S.D. 16,859
Interest expense (29,929)
Net income $247,001
ANALYSIS OF CHANGES IN RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1970
Retained earnings January 1, 1970, before adjustments $1,192,957
Adjustments
Prepaid utility billings $(75,223)
Accounts payable 422 ( 74,801) - I
Retained earnings January 1, 1970, after adjustments $1,181,156
Net income 247,001
.,
Utility plant additions from completed special
assessment funds 191,590
Bonds issued ( 460,000)
Transfers to other funds ( 457,782)
Retained earnings December 31, 1970 $ 638.965
37
CITY OF FRIDLEY, MINNESOTA
WATER AND SEWER REVENUE BOND FUND
STATEMENT OF CHANGES IN ASSETS RESTRICTED FOR REVENUE BOND DEBT SERVICE
YEAR ENDED DECEMBER 31, 1970
Sinking Reserve Construction
Combined Account Account Account
Cash balance, January 1, 1970 $( 20,541) $ 8,577 $ 21,170 $( 50,288)
Receipts
Transfer from Operation and
Maintenance Account $ 7,138 $ 7,138
-' Interest on investments 21,769 473 $ 1,656 $ 19,640
Reimbursement 183 183
Bond proceeds 454,601 454,601
Transfer from Water and Sewer
Operating Fund 392,464 392,464
Investments sold 134,000 134,000
Total receipts $1,O1Oe155 $ 7,611 $ 1,656 $1,000,888
Disbursements
Bonds $ 10,000 $ 10,000
Interest 19,350 19,350
Fiscal agents service charge 61 61
Construction costs 531,039 $ 531,039
Investments purhcased 397,000 397,000
Total disbursements $ 957,450 $ 29,411 $ 928,039
Cash balance, December 31, 1970 $ 32,164 $(13,223) $ 22.826 $ 22,561
Investment balance, January 1, 1970 $ 134,000 $ 134,000
Additions 397,000 397,000
Deductions ( 134,000) ( 134,000)
Investment balance, December 31, 1970 $ 397,000 $ 397,000
38
CITY OF FRIDLEY, MINNESOTA
TRUST AND AGENCY FUNDS
BALANCE SHEETS - DECEMBER 31, 1970
Firemen's Police
Relief Relief _
Association Association Pension
Combined Fund Fund Fund
ASSETS -
Cash $ 25,553 $ 25,553
Delinquent taxes receivable 7,460 $ 1,557 $ 1,847 4,056
Total assets $ 33.013 $ 1,557 $ 1,847 $ 29,609
LIABILITY, RESERVE AND FUND BALANCE
Account payable _
Pension Fund $ 5,666 $ 5,666
Reserve for uncollected taxes 7,460 $ 1,557 $ 1,847 4,056
Fund balance 19,887 19,887
Total liability, reserve
and fund balance Q 33,013 $ 1,557 $ 1.847 $ 29.609
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS ,^
YEAR ENDED DECEMBER 31, 1970
Cash balance January 1, 1970 $ 17,354 $ 17,354
Receipts
General property taxes $155,698 $ 23,647 $ 43,579 $ 88,472
Insurance premium tax 13,922 13,922 -�
Total receipts $169,620 $ 37,569 $ 43,579 $ 88,472
Disbursements
^
Interest expense $ 710 $ 710
Police Relief Association 43,579 $ 43,579
Firemen' s Relief Association 37,569 $ 37,569
Pension contributions 79,563 79,563
Total disbursements $161,421 $ 37,569 $ 43,579 $ 80,273
Cash balance December 31, 1970 $ 25,553 $ -0- $ -0- $ 25.553 ..
39
CITY OF FRIDLEY, MINNESOTA
STATEMENT OF GENERAL FIXED ASSETS
DECEMBER 31, 1970
General fixed assets
Land $ 543,085
Buildings and structures 766,612
Improvements other than buildings 14,730,977
Furniture, fixtures, and office equipment 136,891
Machinery and equipment 436,348
"' Construction in progress 783,046
Total general fixed assets $17,396,959
Investment in general fixed assets
Special assessments $15,131,570
State-aid 116,708
Current revenues 407,127
Municipal liquor dispensary 38,570
Contributions 90,203
General obligation bonds 1,612,095
'Water and sewer utilities 686
Total investment in general fixed assets $17,396.959
General fixed assets were shown at cost except that fixed assets for which cost
information was not available were priced at appraised values.
40
CITY OF FRIDLEY, MINNESOTA �.
STATEMENT OF CASH AND SECURITY FOR DEPOSITS —
DECEMBER 31, 1970
Face amount _,
of securities
Cash and pledged as
deposits collateral
Checking accounts - Fridley State Bank,
Fridley, Minnesota
General account $(64,164) —
Liquor account 28,611
$(35,553) $200,000
Petty cash and change funds 20,900 _,
Total cash $(14,653)
Additional security of $20,000 is provided by the Federal Deposit Insurance
Corporation.
SUMMARY STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
ALL FUNDS
YEAR ENDED DECEMBER 31, 1970
Cash Cash
balance balance
January 1, December 31, —
1970 Receipts Disbursements 1970
Fund
General Fund $( 5,507) $ 3,947,270 $ 3,906,579 $ 35,184
Special revenue funds 82,033 446,469 547,757 ( 19,255)
Bond funds 5,638 5,638
Investment Fund ( 32,386) 5,349,852 5,387,728 ( 70,262)
Special assessment funds (322,056) 8,290,947 7,742,343 226,548
General debt service funds 48,949 330,107 304,936 74,120 —
Municipal Building Revenue
Bond Fund (Liquor Dispensary) 70,951 1,671,885 1,693,725 49,111
Water and Sewer Revenue
Bond Fund 171,167 2,093,799 2,600,618 (335,652)
Trust and agency funds 17,354 169,620 161,421 25,553
Total $ 36,143 $22,299,949 $22.350.745 $( 14,653)
41
CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS
DECEMBER 31, 1970
Issue Interest Maturity Principal
date rate date amount
Special Assessment Debt Service
Funds - Definitive Bonds
Regular
Sewer Improvement Bonds
$4,000 per year 5/1/54 3.00% 5/1/71-73 $ 12,000
May 1, 1974 3.00 5/1/74 2,000
Water and Sewer Improvement
Bonds of 1954
$20,000 per year 8/1/54 4.00 8/1/71-74 80,000
Water and Sewer Improvement
Bonds of 1954 (series B)
$20,000 per year 8/1/54 4.00 2/1/71-74 80,000
Water and Sewer Improvement
Bonds
$20,000 per year 11/1/54 4.00 2/1/71-74 80,000
Water and Sewer Improvement
Bonds
$15,000 per year 5/1/55 3.60 2/1/71 15,000
$15,000 per year 3.60 8/1/71 15,000
$20,000 per year 3.60 2/1/72-75 80,000
$20,000 per year 3.60 8/1/72-75 80,000
General Obligation Improvement
Bonds
$15,000 per year 10/1/55 3.60 2/1/71-72 30,000
$15,000 per year 3.60 8/1/71-72 30,000
$20,000 per year 3.60 2/1/73-75 60,000
$20,000 per year 3.60 8/1/73-75 60,000
Improvement Bonds
$30,000 per year 8/1/56 4.75 8/1/71-74 120,000
-- August 1, 1975 4.75 8/1/75 50,000
August 1, 1976 4.75 8/1/76 55,000
Total Regular Special Assessment Debt Service Funds $ 849,000
Sewer and Water No. 48
$120,000 per year 10/1/61 4.10 1/1/71-72 $ 240,000
January 1, 1973 4. 10 1/1/73 110,000
Total Sewer and Water No. 48 Special Assessment Debt
Service Fund $ 350,000
42
CITY OF FRIDLEY, MINNESOTA /""
BONDS PAYABLE - ALL FUNDS (CONTINUED) -
DECEMBER 31, 1970
Issue Interest Maturity Principal
date rate date amount
Special assessment Debt Service
Funds - Definitive Bonds (Continued)
Improvement Bonds of 1960
$80,000 per year 10/1/60 4. 10% 1/1/71-73 $ 240,000
January 1, 1974 4.10 1/1/74 75,000 _
$80,000 per year 4.20 1/1/75-78 320,000
January 1, 1979 4.20 1/1/79 75,000
January 1, 1980 4.20 1/1/80 80,000
January 1, 1981 4.20 1/1/81 70,000
January 1, 1982 4.20 1/1/82 75,000
Total Improvement Bonds of 1960 Special Assessment Debt .-.
Service Fund $ 935,000
Improvement Bonds of 1962
February 1, 1971 5/1/62 3.50 2/1/71 $ 10,000 t-‘--
February 1, 1972 3.50 2/1/72 5,000
February 1, 1973 3.50 2/1/73 10,000
February 1, 1974 3.80 2/1/74 5,000
February 1, 1975 3.80 2/1/75 10,000
February 1, 1976 3.80 2/1/76 5,000
February 1, 1977 3.80 2/1/77 10,000 ,..,
February 1, 1978 3.80 2/1/78 5,000
February 1, 1979 3.80 2/1/79 10,000
$5,000 per year 3.80 2/1/80-82 15,000
Total Improvement Bonds of 1962 Special Assessment Debt
Service Fund $ 85,000
Improvement Bonds of 1963
$60,000 per year 1/1/63 3.50 1/1/71-73 $ 180,000
January 1, 1974 3.50 1/1/74 50,000
January 1, 1975 3.70 1/1/75 45,000
$30,000 per year 3.70 1/1/76-77 60,000
$30,000 per year 3.80 1/1/78-79 60,000
$35,000 per year 3.80 1/1/80-83 140,000
Total Improvement Bonds of 1963 Special Assessment Debt
Service Fund $ 535,000 -•
43
CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
.. DECEMBER 31, 1970
Issue Interest Maturity Principal
date rate date amount
Special Assessment Debt Service
Funds - Definitive Bonds (Continued)
Refunding Bonds of 1964
$155,000 per year 2/1/64 3. 10% 2/1/71 $ 155,000
February 1, 1972 3.30 2/1/72 155,000
- $105,000 per year 3.30 2/1/73-75 315,000
$105,000 per year 3.40 2/1/76-79 420,000
February 1, 1980 3.40 2/1/80 40,000
Total Refunding Bonds of 1964 Special Assessment Debt
Service Fund $1,085,000
Improvement Bonds of 1965
$50,000 per year 5/1/65 3.20 2/1/71 $ 50,000
$30,000 per year 3.20 2/1/72-75 120,000
$30,000 per year 3.30 2/1/76-78 90,000
$30,000 per year 3.40 2/1/79-80 60,000
February 1, 1981 3.40 2/1/81 25,000
$25,000 per year 3.50 2/1/82-85 100,000
February 1, 1986 3.50 2/1/86 20,000
Total Improvement Bonds of 1965 Special Assessment Debt
Service Fund $ 465,000
Improvement Bonds of 1967
.. $150,000 per year 10/1/67 4.20 1/1/71-75 $ 750,000
$140,000 per year 4.20 1/1/76-77 280,000
$130,000 per year 4.40 1/1/78 130,000
$ 40,000 per year 4.40 1/1/79-82 160,000
$ 30,000 per year 4.50 1/1/83-87 150,000
January 1, 1988 4.50 1/1/88 20,000
Total Improvement Bonds of 1967 Special Assessment Debt
Service Fund $1,490,000
Improvement Bolds of 1970
$75,000 per year 7/1/70 6.50 1/1/71
$95,000 per year $ 75,000
$85,000 per year 6.50 1/1/72-79 760,000
$45,000 per year 6.50 1/1/80 85,000
6.75 1/1/81-82 90,000
$45,000 per year 6.90 1/1/83-84 90,000
$40,000 per year 7.00 1/1/85-89 200,000
- $15,000 per year 7.00 1/1/90-91 30,000
Total Improvement Bonds of 1970 Special Assessment Debt
Service Fund $1,330,000
Total Special Assessment Definitive Bonds $7,124,000
44
CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED) -
DECEMBER 31, 1970
Issue Interest Maturity Principal
date rate date amount
General Debt Service Funds
Park Bonds
$20,000 per year 5/1/62 3.40% 2/1/71-73 $ 60,000
January 1, 1971 1/1/63 3.50 1/1/71 15,000
$20,000 per year 3.50 1/1/72-73 40,000 _,
January 1, 1974 3.50 1/1/74 25,000
Total Park Bonds $ 140,000
1
Civic Center Bonds
$20,000 per year 5/1/65 3.20 2/1/71-73 $ 60,000
$25,000 per year 3.20 2/1/74-75 50,000 -.
$25,000 per year 3.30 2/1/76-78 75,000
$30,000 per year 3.40 2/1/79-81 90,000
February 1, 1982 3.50 2/1/82 30,000 ..
$35,000 per year 3.50 2/1/83-86 140,000
\
Total Civic Center Bonds $ 445,000
Water No 75
$35,000 per year 5/1/65 3.20 2/1/71-72 $ 70,000
February 1, 1973 3.20 2/1/73 20,000 _,
February 1, 1974 3.20 2/1/74 35,000
February 1, 1975 3.20 2/1/75 20,000
February 1, 1976 3.30 2/1/76 35,000
$50,000 per year 3.30 2/1/77-78 100,000
$50,000 per year 3.40 2/1/79-81 150,000
$50,000 per year 3.50 2/1/82-87 300,000
February 1, 1988 3.50 2/1/88 20,000 -.
Total Water No. 75 Bonds $ 750,000
Total General Debt Service Funds $1,335,000
REVENUE BONDS -•
Municipal Liquor Sinking Fund
$15,000 per year 9/1/56 4.25 9/1/71 $ 15,000
$ 3,000 per year 12/1/57 4.80 9/1/71 3,000
Total Municipal Liquor Sinking Fund $ 18,000 T\
45
CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
DECEMBER 31, 1970
Issue Interest Maturity Principal
date rate date amount
REVENUE BONDS (CONTINUED)
Public Utilities Sinking Fund
Water and Sewer Revenue Bonds of 1956
$10,000 per year 9/1/56 4.50% 9/1/71 $ 10,000
.. $15,000 per year 4.50 9/1/72-76 75,000
Total Water and Sewer Revenue Bonds of 1956 $ 85,000
Water Bonds of 1970
$35,000 per year 7/1/70 6.50 1/1/73 $ 35,000
$40,000 per year 6.50 1/1/74-75 80,000
$45,000 per year 6.50 1/1/76-77 90,000
$50,000 per year 6.50 1/1/78-79 100,000
$55,000 per year 6.50 1/1/80 55,000
$55,000 per year 6.75 1/1/81 55,000
$45,000 per year 6.75 1/1/82 45,000
Total Water Bonds of 1970 $ 460,000
Total Public Utilities Sinking Fund $ 545,000
Total Definitive Bonds $9,022,000
Special Assessment Debt Service
Funds - Temporary Bonds
1969 Street 7/1/69 7.00 7/1/72 $ 325,000
1970 Street 7/1/70 7.00 7/1/73 $ 325,000
Total Special Assessment Temporary Bonds $ 650,000
Total Bonds Outstanding $9,672,000
46
CITY OF FRIDLEY, MINNESOTA
DEBT SERVICE REQUIREMENTS - ALL FUNDS -
DECEMBER 31, 1970
YEAR PRINCIPAL INTEREST TOTAL
1971 $ 972,000 $ 421,832 $ 1,393,832
1972 1,294,000 382,725 1,676,725
1973 1,269,000 320,625 1,589,625
1974 822,000 260,712 1,082,712
1975 745,000 227,275 972,275
1976 660,000 195,802 855,802
1977 610,000 165,992 775,992
1978 600,000 139,125 739,125
1979 515,000 114,108 629,108
1980 450,000 92,105 542,105 -
1981 355,000 73,415 428,415
1982 350,000 57,055 407,055
1983 220,000 44,148 264,148 -
1984 185,000 35,178 220,178
1985 180,000 27,025 207,025
1986 175,000 19,112 194,112
1987 120,000 12,250 132,250 t'
1988 80,000 7,100 87,100 -
1989 40,000 3,500 43,500
1990 15,000 1,575 16,575 -
1991 15,000 525 15,525
$ 9.672.000 $ 2.601.184 $12.273,184 _
CERTIFICATES OF INDEBTEDNESS - GENERAL FUND -
DECEMBER 31, 1970
Issue Interest Maturity Principal
Date Rate Date Amount
r -
Certificates of Indebtedness
maturing
$5,000 per year 6/1/68 5 3/8% 6/1/71 $ 5,000 -
$5,000 per year 5 3/8 6/1/72 5,000
Total certificates of indebtedness $10.000 _
/Th
47
CITY OF FRIDLEY, MINNESOTA
ASSESSED VALUATIONS, TAX LEVIES AND MILL RATES
(Shown by year of tax collectibility)
1968 1969 1970 1971
Assessed Valuations
Real estate $15,099,699 $17,404,548 $19,189,965 $23,921,229
Personal property 2,210,004 2,311,980 3,245,428 3,687,092
Actual assessed $17,309,703 $19,716,528 $22,435,393 $27,608,321
Exempt personal 840,008 966,800 1,155,935 1,210,692
Total $18,149,711 $20,683.328 $23,591,328 $28,819.013
Tax Levies
General Fund $ 611,635 $ 727,902 $ 909,650 $ 1,001,209
Public Employees' Retirement
Association Fund 32,690 60,288 90,312 47,402
Firemen' s Relief Association
Fund 18,150 20,683 24,057 27,523
Police Pension Association
Fund 18,150 20,683 44,610 55,862
General Debt Service Funds 76,700 75,200 83,590
PINs
Total $ 757,325 $ 904.756 $ 1.068.629 $ 1,215.586
Mill Rates
General Fund 33.70 35.16 38.56 34.74
Public Employees' Retirement
Association Fund 1.81 2.91 3.83 1.64
Firemen' s Relief Association
Fund 1.00 .95 1.02 .96
Police Pension Association
Fund 1.00 .95 1.89 1.94
General Debt Service Funds 4.22 3.63 2.90
Total 41.73 43.60 45.30 42.18
r�
48
CITY OF FRIDLEY, MINNESOTA
TAX LEVIES AND TAX COLLECTIONS -
YEARS 1961 THROUGH 1970
Collections Percentage Collection
of current of levy of prior Ratio
year' s taxes collected years' taxes of total _.
Year Total during fiscal during fiscal during fiscal Total collections
collected tax levy period period period collections to tax levy
1961 $ 250,182 $ 243,007 97. 13% $ 3,970 $ 246,977 . 9871: 1
1962 355,994 351,707 98.79 3,828 355,535 . 9987: 1
1963 407,343 394,611 96.87 5,011 399,622 . 9810: 1
1964 471,095 456,350 96.87 7,243 463,593 .9840: 1 -
1965 565,667 547,313 96.76 7,658 544,971 .9811: 1
1966 641,945 618,252 96.31 10,003 628,255 .9787: 1
1967 753,242 721,568 95.79 16,160 737,728 .9794:1
1968 757,325 743,851 98.22 29,672 773,523 1.0213: 1
1969 904,756 877,150 96.95 16,349 893,499 .9875:1
1970 1,068,629 1,038,922 97.22 12,177 1,051,099 .9835: 1
49
CITY OF FRIDLEY, MINNESOTA
INSURANCE COVERAGE
DECEMBER 31, 1970
All risk, direct physical loss coverage
Buildings and contents (except liquor stock) - 90% Co-insurance $2,282,495
Boiler insurance 500,000
Contractors' equipment 187,952
Signs 10,000
Fire and extended coverage - Liquor stock 295,000
Comprehensive liability, including automobiles
Bodily injury
Each person 100,000
Each occurrence 300,000
Property damage 200,000
Liquor liability 1,000,000
Open stock burglary 10,000
Comprehensive and collision, automobile
Passenger vehicles Actual cash value
Other vehicles Stated value
Business interruption, liquor stores - 70% Co-insurance 250,000
Money and securities, inside and outside
premises, all locations 15,000
Depository forgery bond 10,000
Workmen's compensation Statutory
EMPLOYEES' SURETY BONDS
DECEMBER 31, 1970
Surety
Name Position bond
Marvin C. Brunsell City Clerk $ 1,000
Marvin C. Brunsell Treasurer 25,000
Mervin J. Herrmann Assessor 500
Am` Leon Madsen Deputy Assessor 500
All employees are covered by a blanket faithful performance bond of 15,000