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1974 Annual Financial Report it ANNUAL FINANCIAL REPORT . _ of the CITY OF FRIDLEY ,• MINNESOTA for the year ended DECEMBER 31 , 1914 DEPARTMENT Of FINANCE ;a1 MARVIN C. BRUNSELL, DIRECTOR OF FINANCE MEMBER OF MUNICIPAL FINANCE OFFICERS' ASSOCIATION OF THE UNITED STATES AND CANADA it CITY OF FRIDLEY, MINNESOTA ELECTED AND APPOINTED OFFICIALS DECEMBER 31 , 1974 CITY COUNCIL • Term of office expires January Elected Mayor - Frank G. Liebl 1975 Council Wallace R. Starwalt 1977 Everett F. Utter 1975 William J. Nee 1976 Tim F. Breider 1976 Effective January 1975 Mayor - William J. Nee 1978 Council Carroll A. Kukowski 1978 Edward J. Fitzpatrick 1976 Tim F. Breider 1976 Wallace R. Starwalt 1977 APPOINTED OFFICERS Appointed City "tanager - Nasim M. Qureshi Clerk-Treasurer - Marvin C. Brunsell Attorney - Vircil C. Herrick Assessor - Mervin Herrmann Engineer - Richard N. Sobiech CITY OF FRIDLEY ORGANIZATION CHART IPEOPLE OF FRIDLEY 1 MAYOR AND CITY COUNCIL 1 V e• << V.Charter Commission I Parks& Recreation Commission J Illimokof Appeals nireaeaawiMee CATV Commission J -- Police Commission I 'd Board of Health Housing& Redevelopment Authority ICITY MANAGER I ILEGAL LlipPuERSONNEL RCHASING I TURE INTERPRETATION ARK& RECREATION PUBLIC WORKS FINANCE DEPARTMENT POLICE FIRE Accounting& Parks Engineering Processing Processing Polio.Protection Ike Protection Recreation Utilities Assessing& Animal Control j Fire Prevention J Special Assessments Band Street Maintenance Civil Delege! 1 Elections i Planing Registration Inspection Liquor Stores --, CITY OF FRIDLEY, MINNESOTA TABLE OF CONTENTS Page Letters of Transmittal Accountant's Opinion i .. FINANCIAL SECTION Combined Balance Sheet - All Funds 1 General - Special Revenue Funds Balance Sheet 3 Analysis of Fund Balances 4 General Fund Statement of Revenue - Actual Compared with Budget Estimates 5 Statement of Expenditures - Actual Compared with Budget Estimates 6 Special Revenue Funds - Statements of Revenue and Expenditures 13 Capital Project Fund Balance Sheet 14 ^.� Analysis of Fund Balance 14 Statement of Revenue and Expenditures 15 Investment Fund Balance Sheet 16 Statement of Revenue and Expenditures 16 Analysis of Fund Balance 16 Special Assessment Funds Combined Balance Sheet 17 Combined Statements of Cash Receipts and Disbursements 18 Balance Sheet - Construction Funds 19 Balance Sheet - Debt Service Funds 21 Analysis of Construction Fund Balances 25 Analysis of Debt Service Fund Balances 26 Individual Statements of Cash Receipts & Disbursements - Construction Funds 27 Individual Statements of Cash Receipts & Disbursements - Debt Service Funds 33 .. Liquor Fund Balance Sheet 37 Statement of Income 38 Analysis of Changes in Retained Earnings 38 Statement of Operating Expenses 39 Statement of Changes in Financial Position 41 CITY OF FRIDLEY, MINNESOTA ' i TABLE OF CONTENTS (CONTINUED) 1 Page Water and Sewer Revenue Bond Fund i Balance Sheet 42 Operating and Maintenance Account - Statement of Income 43 Analysis of Changes in Retained Earnings 43 f Statement of Changes in Financial Position 44 Statement of Changes in Assets Restricted for Revenue Bond Debt Service n Sinking Account 45 II Reserve Account 45 Construction Account 46 Trust and Agency Funds Balance Sheets 46 Statement of Cash Receipts and Disbursements 46 71 Statement of General Fixed Assets 47 Statement of General Long-Term Debt 48 fl General Debt Service Funds Balance Sheet 49 (71 Statement of Cash Receipts and Disbursements 49 Notes to the Financial Statements 50 fl STATISTICAL SECTION Miscellaneous Information 7I Statement of Cash and Security for Deposits 51 Summary Statement of Cash Receipts and Disbursements 51 Statement of Investments 52 71 Bonds Payable All Funds 53 Debt Service Requirements - All Funds 58 Debt Service Requirements - General Obligation Bonds 59 il Debt Service Requirements - Special Assessment Bonds - Permanent 60 Debt Service Requirements - Special Assessment Bonds - Temporary 61 Debt Service Requirements - Public Utility Revenue & Water 62 Improvement Bonds 71 Assessed Valuations , Tax Levies and Mill Rates 63 Statement of Valuations , and Levies by Classes of Property 64 Tax Levies and Tax Collections 66 71 Insurance Coverage 66 Employee's Surety Bonds r t 11 /IJTYIIF/'IIIIILII'I The Honorable Mayor and City Council City of Fridley Fridley, Minnesota 55432 N Gentlemen: • L This letter is the preface to the 1974 annual financial report of the City of Fridley. The report has been prepared and submitted in accordance with Section 7.14 of the City Charter. -- o The report has been prepared under the direct supervision of Marvin C. Brunsell , Director of Finance. by the George The accounts and fiscal affairs have been audited b ge 2 M. Hansen Company an independent firm of Certified Public W Accountants. u. The report is presented in three parts, a letter of transmittal , • the financial section, and the statistical section. The financial section shows combined financial information and financial information by fund, summarizes the financial condition = of the City, and is certified by the George M. Hansen Company. The statistical section contains tables and data having reference cc value for those who invest in the City of Fridley bonds and others interested in financial statistics of municipalities. This fiscal report represents the detailed and comprehensive financial statement of the City and is designed to show the a City's financial condition and operation of city government. A careful analysis of the financial activity will verify sound fiscal management and supports the City's A-1 bond rating. Very truly yours, Nas M Q .P.,., . • Nasim M. Qureshi City Manager z W U V r^ C I T Y O F F R I D L E Y flMr. Nasim M. Qureshi City Manager flCity of Fridley Dear Mr. Qureshi : fl The annual financial report of the City of Fridley for the fiscal year ended December 31 , 1974 is herewith submitted. flACCOUNTING SYSTEM AND REPORTS The organization form and contents of this report were prepared generally in n accordance with standards described by the Municipal Finance Officers Association of ( � the United States and Canada, the American Institute of Certified Public Accountants, the State Auditor's office, State of Minnesota, and the City Charter. 1 The City of Fridley has computerized substantially all of its financial operations. This has been done through the use of computer facilities and programs available through the "LOGIS" organization. The Local Government Information Systems Association, "LOGIS," was formed under the Minnesota Joint Powers Act to provide an organization through which a number of municipalities may jointly and cooperatively provide for the establishment, operation and maintenance of data processing facilities and management information systems for the use and benefit of the members and others. The articles of agreement became effective May 25, 1972 and the by-laws were adopted May 26, 1972. The LOGIS organization contracted with Optimum Systems, Incorporated of Palo Alto, California, for the purchase and transfer of computer software packages. The computer 1 is presently located at Optimum Systems, Incorporated office in California, although, it is expected that the transfer of the system to the Hennepin County Data Processing Center will be completed sometime during the summer of 1975. The Hennepin County Data Processing Center will act as a local operating agency for LOGIS. The objective of LOGIS as established by the membership is to establish a computer based management information system for use by Minnesota Municipalities through the facquisition and transfer of the Sunnyvale/Gemunis System for operation in Minnesota, The City of. Fridley was chosen as the "Pilot City" to test the Gemunis System for feasibility of operation in the Minnesota environment. The schedule which has been followed for the startup of the operating modules by the City of Fridley is as follows: ri May, 1973 - Payroll Module July, 1973 - Utility Billing Module September, 1973 - Financial Module January, 1974 - Equipment Control Module iri �-- -- _ -ter- --___ _ -s 1974 was , therefore, the first full year of operation on the new LOGIS Gemunis System. il Along with the transfer to the LOGIS computerized accounting system, the City of Fridley has embarked on the start of a program budgeting system. This program budgeting was done i' on an informal basis in 1974. The official budget for the year 1974 was still the traditional departmental line item budget. The efforts made in 1974 did provide valuable fl experience for the various departments in operating under a program budgeting environment. . GENERAL GOVERNMENT FUNCTIONS During the year, the City received $508,485.65 from interest on investments. This is 4 an increase of $112,079.28 over the previous year. The staff's policy is to invest all idle funds at maximum interest rates in accordance with the City's overall fiscal plan, coordinated with operating needs and programs. In 1972, the City was awarded an "A" financial bond rating by Moody's Investors Service. An "A-1" bond rating was granted on March 1 ,1975 by Moody's Investors Service. 11 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 program. . Included in "General y " ee property taxes" in the statement of revenue are property and bank excise taxes and payments from the State property tax fl relief fund for homestead tax credit. 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 and actual amount expended. A condensed summary of revenue and expenditures is shown below: REVENUE 1974 1973 a Budget Budget Actual Estimates Actual Estimates . General property taxes $1 ,344,632 $1 ,327,963 $1,087,173 $1 ,053,955 rl Licenses and permits 124,456 103,834 123,859 101 ,607 il Fines and forfeitures 54,686 25,000 33,844 24,000 From use of money and property 66,417 38,300 61,117 36,100 Intergovernmental revenue 576,372 597,891 502,955 577,298 1 Charges for current services 58,243 53,500 57,100 54,625 Other revenue 71,045 14,960 31,895 18,80 Transfers from other funds 323,690 280,072 263,245 263,282 Prior year's fund balance 10,520 97,756 Total revenue $2,619,541 $2,542,040 ' $2x161,188 $2,227,483 /1 (If f EXPENDITURES 1974 1973 Budget Budget Actual Estimates Actual Estimates J + Generalgovernment $ 451 ,404 463,013 371 ,333 386663 Public safety $ $ $fety 976,856 978,147 844,248 862,360 11 Highways 522,404 527,438 470,028 476,176 1 Sanitation and waste removal 25,135 28,944 24,978 35,730 Board of health 11 ,244 8,822 1,609 7,715 n City band 1 ,337 1 ,600 1 ,393 1 ,600 � ( Recreation 112,527 110,490 83,722 86,767 Municipal parks 345,823 348,905 322,828 324,027 Naturalist 33,473 34,946 -0- -0- Reserve for contingencies -0- 39,735 4,200 46,445 Total expenditures $2,480,203 $2,542,040 $2,124,339 $2,227,483 11 The General Fund balance increased by $152,929 resulting in a year end balance of $962,964. Actual revenues exceeding budget ($77,501 ) and an unused Reserve for Contingencies ($39,735) were the main reasons. Shown on the balance sheets are amounts to be provided for land, building and equipment P � 9 EW P� acquisition. Repayment is to be made in annual installments and financed by current 11 tax levies. SPECIAL REVENUE FUNDS flMunicipal 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 , 1974, $679,566 of the fund balance was - available for future seal coating. riPark Capital Fund - This fund accounts for the acquistion and improvement of parks in the City .. Revenue has been provided by transfers from other funds along with fand State grants in aid. , ,,( Revenue Sharinc�Fund - The Revenue Sharing Fund was established to account for revenue ri 1 rece1ved from he Federal Government in accordance with the "State and Local Fiscal Assistance Act of 1972." Expenditures can only be made from this fund as outlined in the Act. The City's share of revenue for 1974 was $173,955, of which $47,985 is to be (i :a received in 1975. 11 INVESTMENT FUND This fund was established in 1973 to more effectively handle the accounting for invest- ments and interest earned thereon. All investments are carried in this account during the year and transferred to their nrespective funds at the year end. Consequently, at December 31 , 1974, this fund shows only interest earned but not yet n received. f I SPECIAL ASSESSMENT FUND Special assessment funds are established to account for special assessments levied to finance improvements or services deemed to benefit the properties against which I e the assessments are levied. Primarily, the transactions accounted for in special assessment construction funds are receipt of bond proceeds awl disbursement of bond proceeds for construction work done. Special assessment debt service funds account SImainly for collection of assessments against benefited property owners and disburse- ik ment of assessment collections for the payment of bonds and interest. flSPECIAL_ASSESSMENT FUN DS (Cont. ) Several special assessment construction funds showed cash deficits as of December 31 , ri 1974. These deficits 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. ti 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 ri will be canceled or reduced accordingly. Special Improvements Revolving Fund - The purpose of this fund is to provide temporary r 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 fl and improvement escrow deposits. GENERAL DEBT SERVICE FUNDS These funds are being used for.the accumulation of monies for payment of general iml obligation bonds and interest thereon. General property taxes provide the necessary revenue. ' LIQUOR FUND 11 This fund was established to account for the operations and financing of the City- owned liquor stores. 1 —3wn below is a condensed summary of liquor store operations for 1974, 1973 and 1972: ( 1974 1973 1972 fJ Percent Percent Percent of Sales of Sales of Sales Sales II Off sale $1 ,074,169 100.0 $1 ,067,330 100.0 $1 ,069,472 100.0 On sale -0- -0- -0- -0- -0- -0- Total sales $1,074,169 1 0.0 $1 ,067,330 TWO $1 ,069,472 160.0 ri Cost of sales 828,326 77.1 832,148 78.0 807,136 75.5 Gross profit $ 245,843 22.9 $ 235,182 22.0 $ 262,336 24.5 ri Operating expenses 166,552 15.5 202,308 18.9 188,057 17.6 Operating profit $ 79,291 7.4 $ 32,874 3.1 $ 74,279 6.9 fl Other income and expenses (net) 28,048 2.6 19,235 1.8 25,772 2.4 fi Net income $ 107,339 10.0 $ 52,109 4.9 $ 100,051 9.3 — fl 1974 _ 1973 1972 ("Li Percent Percent Percent Net Income Net Income, Net Income Income to other $ ? 000 69.8 $ -0- -0- $ 136,500 136.4 fl City funds "' t . ' Y pm WATER AND SEWER REVENUE BOND FUND This 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 $345,000 of these bonds were outstanding at December 31 , 1974 and payable in future years. Debt service accounts for these bond I i. 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 rn equal to the principal and interest maturities of the revenue bonds due in the II following year be pledged as collateral . ..--, Shown below is a condensed summary of operations of the water and sewer operation i account for 1974, 1973 and 1972: 1974 1973 1972 r- Water account Operating revenue $548,467 $413,027 $362,708 Operating expenses 458,314 416,621 332,606 r• Operating income (loss) $ 90,153 $ (3,594) $ 30,102 Sewer account I I Operating revenue $596,560 $611 ,448 $643,903 Operating expenses 414,726 407,545 473,615 f Operating income (loss) $181 ,834 $203,903 $170,288 The receivable from the Metropolitan Waste Control Commission represents the City's share of the equity in the Minneapolis Sewer system which was acquired by the Board on January 1 , 1971 , and the balance of the reserve capacity charges which were advanced to the Commission during 1971 and 1972. The reserve capacity charges of $58,882 at December 31 , 1974 will be repaid with interest directly to the City over the next fourteen years. The remainder will be paid to the City by means of issuing credit against future sewer billings from the Commission. These credits will be applied in annual installments , with interest, through 1999. Sewer operating expenses for 1974 include $268,470 in rental charges as compared with $255,629 in 1973. The City follows the practice of not including as part of fixed assets in this fund I 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 r, General Fixed Assets. In 1969, the Fund assumed a $770,000 liability for bonds payable along with future Oft interest obligations of the Water No. 75 Improvement Bonds. Although deferred tax , I levies are set forth in the resolution for retirement of the bonds and interest, it is the intention of the City to cancel the tax levies annually on this bond issue and to provide the necessary revenues from the Water and Sewer Revenue Bond Fund. Included ^, in interest expense of the Water and Sewer Fund is $21 ,955 representing the current Ii year's charges on this bond issue. The Water and Sewer Revenue Bond Fund has transferred monies to the special assessment 1 debt service funds to pay principal and interest on some bond issues, although it is nnot required to do so. As a result, the City considers such transfers as direct charges against retained earnings and not against income. Y 1 t IL 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 II Association 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 the pension contributions. Both the Police Relief and Pension funds have been closed into the General Fund as of December 31 , 1974. TI INDEPENDENT AUDIT Section 7. 13 of the City Charter requires an annual audit to be made of the books of ► I account financial records and transactions of all administrative departments of the City by a certified public accountant or the State Auditor's department of the State of Minnesota. This requirement has been complied with and the opinion of the George I M. Hansen Company, Certified Public Accountants , is included with this report. ACKNOWLEDGEMENT Ti The preparation of this report on a timely basis could not be accomplished without the efficient and dedicated services of the entire staff of the Finance Department, and I want to express my appreciation for the assistance given. I wish to also rrl thank the office of the City Manager and members of the City Council for their interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner. Ti Very truly yours, 1.'' !yam ate..c Marvin C. Brunsell r-± Asst. City Manager/Finance Director ( i fl ll r" GEORGE M. HANSEN COMPANY I \ Certified Public Accountants SOUTH PLAZA BUILDING MINNEAPOLIS.MINNESOTA 55416 X0'1 The City Council Fridley, Minnesota We have examined the financial statements of the various funds and account groups of the City of Fridley for the year ended December 31, 1974, listed in the foregoing table of contents. 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, the aforementioned financial statements present fairly the financial position of the various funds and account groups of the City of Fridley at December 31, 1974, and the results of operations of such funds and the changes in financial position of the enterprise funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. The accompanying supplemental schedules and related information presented on Pages 51 to 66 are not necessary for a fair presentation of the financial statements, but are presented as additional analytical data. This information has been subjected to the tests of other auditing procedures applied in the examination of the financial statements mentioned above and, in our opinion, r% is fairly stated in all material respects in relation to the financial statements taken as a whole. ✓' •� May 28, 1975 rI+ I. 1 7 _CITY OF FRI DLEY , MINNESOTA BALANCE SHEETS - ALL FUNDS J-1 ., DECEMBER 31 , 1974 r 1, General J (Memo) and Capital ''� Combined Special Project II Total Revenue Fund ASSETS r- , Cash (deficit) $ (69 ,541 ) $ (15 ,073) $ 881 Investments , at cost plus accrued interest U. S. Government obligation 4,147,326 1 ,877,958 3,630 I i City of Fridley temporary bonds 2 ,180,000 Accounts recei vabl e 1 ,176,058 179,525 Taxes receivable 67,969 65,224 f Special assessments receivable 5,747,501 10,267 Inventories , at cost 175 ,423 6,727 ri Prepaid expenses 47,247 19,826 1 I l Fixed assets , at cost less accumulated 1 depreciation 25,591 ,099 Unassessed construction 920,000 1 Total assets $39,983,082 $2,144,454 $4,561 LIABILITIES, RESERVES AND FUND BALANCE Accounts and contracts payable $ 621 ,053 $ 178,901 r Deposits payable 185,306 11 ,829 � f_ Bonded indebtedness - Future maturities Definitive bonds r Principal 6 ,705,000 1 1 Interest 249 ,415 Temporary bonds (held by City of Fridley) Principal 2 ,180,000 Reserves 582,069 75,491 $4,561 Investment in general fixed assets 23,448,561 Retained earnings 2 ,853,354 11 Fund balance Appropriated 2,683,180 1 ,083 ,927 Unappropriated 475 ,144 794,306 ; � Total liabilities , reserves and I I fund balance $39,983,082 $2 ,144,454 $4,561 r 7 See accompanying Notes to Financial Statements. n 11 1 1, 2 I , General Water and Trust Investment Special Debt Municipal Sewer and General Fund _ Assessment Service Liquor Utilities Agency Fixed Assets $(119,289) $ 59,428 $ 5,100 $ (588) 815,253 $ 40,838 92,147 1 ,317,450 2,180,000 119,289 163,438 713,806 2,060 $685 5,737,234 162,598 6,098 14,636 12,785 r-, 238,102 1 ,904,436 $23,448,561 920,000 $ -0- $9,711 ,915 $42,898 $676,021 $3,953,987 $685 $23,448,561 $ 417,703 $ 12,298 $ 12 ,151 169,959 3,518 5,345,000 $360,000 1 ,000,000 249,415 2,180,000 •-, 2,060 499,272 $685 $23,448,561 663,723 2,189,631 1 ,599,253 (319,162) i $ -0- $9,711 ,915 $ 42,898 $676,021 $3,953,987 $685 $23,448,561 r 3 TT CITY OF FRIDLEY , MINNESOTA r GENERAL AND SPECIAL REVENUE FUNDS J " BALANCE SHEETS DECEMBER 31 , 1974 1 Municipal Revenue r Combined General State-Aid Sharing I ,. ASSETS 9-4 Cash (deficit) $ (15,073) $ 886 $(16,032) $ 73 Investments, at cost plus accrued interest 1 ,877,958 1 ,117,215 695,598 65,145 7 ' Accounts receivable - Due from Federal Government 47,9 85 47,9 85 State of Minnesota 122 ,500 122,500 5 Other 9,040 9,040 Taxes receivable Unremitted 10,956 10,956 Delinquent 54,268 54,268 I ! Delinquent special assessments receivable 10,267 10,267 Inventories, at cost 6,727 6,727 Prepaid expenses 19,826 19,826 Total assets $2,144,454 $1 ,229,185 $802,066 $113,203 LIABILITIES, RESERVE AND FUND BALANCE 11, Accounts payable $ 1 78,901 $ 178,901 ' Deposits payable 11 ,829 11 ,829 fl Reserve for uncollected . taxes and special assessments 75,491 75 ,491 Reserve for construction 122,500 $122,500 r Fund balance II Appropriated 922,435 93,330 715,902 $113,203 Unappropriated 833,298 869,634 (36 ,336) 1.7 Total liabilities , reserves and fund balance $2,144,454 $1 ,229,185 $802,066 $113,203_ r 1 I See accompanying Notes to Financial Statements. 7 ei. __ i 7 4 (5 CITY OF FRIDLEY, MINNESOTA 11 GENERAL AND SPECIAL REVENUE FUNDS i G ANALYSIS OF FUND BALANCES YEAR ENDED DECEMBER 31z 1974. rl Municipal Revenue Combined General State Aid Sharing_ rlFund balance, n January 1 , 1974 $1 ,432,738 $ 810,035 $537,478 $ 85,225 Revertrle $3,063,846. $1,, $253,491 $177,050 riExpenditures 2,740,851_ 2. 6 111 ,403 149.072 n Fund balance, December 31 , 1974 $1 ,755,733 $ 962,964 $679,566 $113,203 -7,4%) (-- f See accompanying Notes to Financial Statements. Tl ) t YB '117' CITY OF FRI ULEY , MINNESOTA II 5 GENERAL FUND STATEMENT OF REVENUE - YEARS ENDING DECEMBER 31 , 197k AND 19+7? Actual 1974 _ Prior Budget Actual _ Year �� General property and other taxes �! Current ad valorem $1 ,074,963 $1 ,090,350 $ 360,331 Homestead credit 235,000 235,346 162,461 -rt Personal property replacement --- --- 39,319 Delinquent ad valorem 15,000 17,856 23,889 Tax forfei t 3,000 1 ,080 _, 1 ,173 $1 ,327,963 $1 ,344,6317-571,087,173 Licenses and permits El Business regulatory licenses $ 38,774 $ 48,783 $ 39,683 Nonbusiness licenses and permits 65,060 , 75,673 84,176 $ 103,834 $oE-T24,4564'$ 123,859 r 1 Fines and forfeitures - Municipal Court $ 25,000 $ 54,686 $ 33,844 Revenue from use of money and property fl Interest earned $ 30,800 $ 57,001 $ 55,343 Rents 7,500 9,416 5,774 $ 38,300 $ 66,417?T 61 ,117 Intergovernmental revenue _ Cigarette and liquor taxes $ --- $ --- $ 53,549 In Mobile home registration --- --- --- Local government aid 593,891 573,094 414,949 ......1... Gasoline tax --- --- 22,350 Mortgage registry 4,000 3,278_1, 12,107 $ 597,891 $ 576,372'V $ 502,955 Charges for current services General Government $ 10,035 $ 7,209 $ 15,247 [1._ ' Public Safety 5,810 10,844 " 8,138 Conservation of Health -1 15,700 9,328 Pc 10,388 Recreation 0., 21 ,955 30,3627 23,327 o$5 $ 53,500 $ 58,243 4'$ 57,100 S Transfers from other funds Municipal Liquor Operating Fund 6 I $ 75,000 $ 75 ,000 $ --- Municipal State-Aid Fund - Seal Coating 21 ,000 21 ,000 21 ,000 Revenue Sharing 149,072 149,072 207,245 State Aid Surplus 35,000 - 37,322 35,000 Park Capital --- 41 ,296 --- $ 280,072 $ 323,690111 263,245 Other revenue $ 14,960 $ 71 ,045 $ 31 ,895 Prior years ' fund balance $ 100,520 --- --- Total revenue $2,542,040 $2,619,541 $2,161 ,188 I See accompanying Notes to Financial Statements. 6 I 'm CITY OF FRIDLEY, MINNESOTA "'R GENERAL FUND ' I STATEMENT OF EXPENDITURES - YEARS ENDING DECEMBER 31 , 1974 AND 1973 r Actual 1974 Prior Budget Actual Year GENERAL GOVERNMENT Mayor and Council Personal services $ 28,719 $ 28,660 $ 22,800 PR Contractual services 400 402 12,715 i ; Commodities 1 ,100 913 1 ,654 Other charges 27,500 26,380 9,213 o...., Capital outlay 200 --- 91 $ 57,919 $ 56,355 $ 46,473 Manager P Personal services $ 68,159 $ 67,916 $ 49,196 Contractual services --- 2,099 6,734 Commodities 6,700 7,275 1 ,059 *., Other charges 16,500 13,530 1 ,966 ; Capital outlay 250 693 721 $ 91 ,609 $ 91 ,513 - $ 59,676 Personnel Personal services $ --- $ 138 $ --- Contractual services --- --- 1 ,674 Commodities --- 211 Other charges 1 ,750 1 ,266 --- $ 1 ,750 $ 1 ,615 ,'$ 1 ,674 .j � Elections and Voters' Registration Personal services $ 9,262 $ 8,581 $ 1 ,280 1.1 Contractual services --- --- 221 Commodities 700 421 158 Other charges 2,015 1 ,568 133 r $ 11 ,977 $ 10,570-- $ 1 ,792 � . Finance Clerk-Treasurer .�. Personal services $ 43,748 $ 47,968 $ 49,381 Contractual services 75 2,465 8,801 Commodities 4,200 2,542 2,560 01 Other charges 10,240 9,418 3,180 Capital outlay 820 4,144 2,018 Refunds 100 319 204 $ 59,183 $ 66,856_, $ 66,144 I Assessor ` r Personal services $ 60,133 $ 56,347 $ 46,076 Contractual services 75 4 3,898 Commodities 925 191 105 Other charges 6,300 5,187 2,126 Capital outlay 485 1 ,348 100 �' $ 67,918 $ 63,077,/$ 52,305 See accompanying Notes to Financial Statements. 7 i CITY OF FRIDLEY, MINNESOTA GENERAL FUND rril STATEMENT OF EXPENDITURES - YEARS ENDING DECEMBER 31 , 1974 AND 1973 ;., Actual i1 1974 Prior Budget Actual Year II GENERAL GOVERNMENT (Continued) I ' Finance � Data Processing ► l Personal services $ 958 $ 6,794 $ --- Contractual services --- 15,960 --- Commodities --- 67 202 r Other charges 29,616 669 16,988 Capital outlay 800 613 457 $ 31 ,374 $ 24,103-$ 17,647 ;"� Auditing Il Personal services $ 309 $ 2,290 $ --- Contractual services 5,100 4,705 4,450 rl Commodities --- 56 $ 5,409 $ 7,051 . $ 4,450 ri / Legal Personal services $ 2,400 $ 32 $ 30,520 Contractual services 400 1 ,195 (7 , Commodities --- --- 1 Other charges 30,670 32,132$ 33,470 $ 33,359/ $ 30,520 ri Boards and Commissions Planning Commission Personal services $ --- $ 4 $ l ( Commodities --- 309 Other charges 2,500 163$ 2,500 $ 476-$ -0- q a Industrial Development Personal services $ 150 $ --- $ n Contractual services 300 --- I ' Commodities 150 ---Other charges 710 45$ 1 ,310 $ 45 i$ -0- Ilior Police Commission Personal services $ 175 $ --- $ --- )) Contractual services 75 --- --- " Other charges 210 194 --- $ 460 $ 194. $ -0- ri' l Human Relations Personal services $ --- $ 352 $ --- �� 'I Contractual services --- 32 11 Commodities 100 --- --- Other charges 110 115 $ 210 $ 467,, $ 32 1 See accompanying Notes to Financial Statements. 7:" ' ' 8 CITY OF FRIDLEY, MINNESOTA i '4Th GENERAL FUND STATEMENT OF EXPENDITURES - YEARS ENDING DECEMBER 31 , 1974 AND 1973 Actual r, 1974 Prior Budget Actual Year GENERAL GOVERNMENT (Continued) ', Boards and Commissions 1 Environmental Personal services $ 300 $ 534 $ --- r- Contractual services 75 --- --- ; ', Other charges 225 --- --- $ 600 $ 534,/$ -0- CATV i Personal services $ 1 ,200 $ 795 $ --- Contractual services 100 --- --- ~' Commodities --- 1 --- Other charges 2,200 1 --- $ 3,500 $ 797,,$ -0- ., Planning and Zoning Personal services $ 28,267 $ 26,975 $ 24,199 r, Contractual services --- 8 2,759 Commodities 1 ,000 852 582 Other charges 2,870 5,108 636 Capital outlay 150 --- --- '"'; $ 32,287- $ 32,943=$ 28,176 General Government Buildings Personal services $ 20,530 $ 22,796 $ 17,763 , ' Contractual services 1 ,000 7,072 31 ,177 1 Commodities 9,012 2,486 2,319 ,, Other charges 27,795 25,684 5,287 Capital outlay 3,200 3,411 5,530 $ 61 ,537 $ 61 ,449.. $ 62,076 r~ Total General Government $ 463,013 $ 451 ,404 $ 370,965 1 1 PUBLIC SAFETY Police Protection - Personal services $ 574,184 $ 583,547 $ 391 ,764 Contractual services --- 3,377 37,048 Commodities 29,550 30,429 19,271 Other charges 57,698 46,027 21 ,107 +� Capital outlay 32,063 29,053 45,004 t` $ 693,495 $ 692,433 .- 514,194 See accompanying Notes to Financial Statements. 9 ri 1 ' CITY OF FRIDLEY, MINNESOTA r, GENERAL FUND (,.J�` STATEMENT OF EXPENDITURES - YEARS ENDING DECEMBER 31 , 1974 AND 1973 H Actual 1I 1974 Prior Budget Actual Year PI PUBLIC SAFETY (Continued) Fire Protection Personal services $ 136,727 $ 144,325 $ 108.780 r Contractual services 750 407 17,842 Commodities 7,150 10,836 10,452 Other charges 28,055 19,037 10,669 il Capital outlay 4,450 2,493 87,547 $ 177,132 $ 177,098 - $ 235,290 Protective Inspection ;11-- Personal services $ 70,027 $ 67,757 $ 56,391 Contractual services 7,000 7,791 11 ,492 Commodities 1 ,500 1 ,554 895 71 Other charges 7,050 6,349 2,030 Capital outlay --- 102 795 Refunds 150 102 301 $ 85,727 $ 83,655.-- $ 71 ,904 i__ Civil Defense n Personal services $ 9,678 $ 8,975 $ 8,778 Contractual services --- --- 1 ,232 Commodities 400 327 27 Other charges 2,540 2,877 1 ,178 Capital outlay 3,000 3,302 6,545 $ 15,618 $ 15,481 .,$ 17,760 j� Animal Control � ! Personal services $ --- $ 20 $ --- Contractual services 6,000 7,575 5,100 FT Commodities 175 105 --- Other charges --- 489 --- $ 6,175 $ 8,189,4 5,100 Total Public Safety $ 978,147 $ 976,856 $ 844,248 il - ri HIGHWAYS Engineering Personal services $ 54,428 $ 50,198 $ 53,793 1_ Contractual services 600 127 6,462 Commodities 2,900 4,232 3,566 Other charges 7,900 9,160 4,985 Capital outlay 4,050 3,460 3,908 c $ 69,878 $ 67,177.....$ 72,714 See accompanying Notes to Financial Statements. F I 10 fl CITY OF FRIDLEY, MINNESOTA GENERAL FUND I STATEMENT OF EXPENDITURES - YEARS ENDING DECEMBER 31 , 1974 AND 1973 Actual r, 1974 Prior Budget Actual Year ,,� HIGHWAYS (Continued) Street and Alley Personal services $ 145,602 $ 129,797 $ 110,604 Contractual services 1 ,450 2,790 26,957 ^ Commodities 23,400 40,448 23,739 Other charges 47,705 39,658 31 ,886 Capital outlay 23,700 34,124 13,510 r, $ 241 ,857 $ 246,817-4 206,696 Snow and Ice Removal Personal services $ 25,041 $ 16,290 $ 12,902 Contractual services --- --- 4,059 Commodities 5,700 14,453 2,775 Other charges 9,580 2,776 1 ,437 ^ Capital outlay 3,400 1 ,887 6,399 $ 43,721 $ 35,406.4 27,572 ,..•-1 Traffic Signs and Signals Personal services $ 7,837 $ 17,703 $ 6,803 Contractual services 5,000 53 10,261 Commodities 5,500 6,644 6,922 r% Other charges 9,700 12,662 X120 Capital outlay 23,500 463 23,950 r, $ 51 ,537 $ 37,525--$ 48,056 Equipment Maintenance Personal services $ 14,961 $ 26,135 $ 23,711 ms Contractual services 400 442 12,505 ii Commodities 6,200 7,986 9,001 Other charges 8,450 7,286 1 ,827 Capital outlay 45,534 48,006 27,377 'P.,i $ 75,545 $ 89,855 .4 74,421 Street Lighting m, Personal services $ --- $ 92 $ Contractual services --- --- 40,569 Other charges 44,900 45,532 --- .-, $ 44,900 $ 45,624,-$ 40,569 Total Highways $ 527,438 $ 522,404 $ 470,028 n i � /'1 �r I See accompanying Notes to Financial Statements , i r� 11 1 CITY OF FRIDLEY, MINNESOTA •+ I GENERAL FUND STATEMENT OF EXPENDITURES - YEARS ENDING DECE"13ER 31 , 1974 AND 1973 1 Actual II 1974 Prior Budget Actual Year it SANITATION AND WASTE REMOVAL Storm Sewers � Personal services $ 6,978 $ 11 ,061 $ 2,280 11 Contractual services --- --- 6,996 Commodities 2,000 628 4,988 Other charges 8,500 6,500 53 $ 17,478 $ 18,1894e$ 14,317 Weed Eradication 1' Personal services $ 5,086 $ 2,185 $ 2,900 Contractual services 5,500 4,594 7,731 Commodities 150 --- 25 il Other charges 530 167 5 ` $ 11 ,266 $ 6,946 ,4 10,661 Pest Control Ti Contractual services $ 200 $ --- -$ --- Total Sanitation and Waste Removal $ 28,944 $ 25,135 $ 24,978 fl . 71 Board of Health I Personal services $ 7,107 $ 10,678 $ 1 ,524 Contractual services 1 ,500 455 2 Commodities 80 69 --- I ' Other charges 135 42 83 $ 8,822 $ 11 ,24440$ 1 ,609 City rl Cty Personal services $ 950 $ 1 ,003 $ 954 Contractual services --- --- 426 n Commodities 650 334 13 + $ 1 ,600 $ 1 ,337./$ 1 ,393 n Recreation ! ' Personal services $ 81 ,710 $ 83,100 $ 62,523 Contractual services 1 ,080 1 ,546 3,874 n Commodities 24,300 12,450 16,384 I ' Other charges 3,400 15,113 900 Refunds --- 318 41 $ 110,490 $ 112,527/$ 83,722 n �1 See accompanying Notes to Financial Statements . II 12 n CITY OF FRIDLEY, MINNESOTA ~` GENERAL FUND � � STATEMENT OF EXPENDITURES - YEARS ENDING DECEMBER 31 , 1974 AND 1973 Actual 1974 Prior Budget Actual Year Municipal Parks i Personal services $ 190,148 $ 182 ,390 $ 131 ,199 Contractual services 5,600 12,225 44,003 Commodities 21 ,100 35,305 18,447 Other charges 41 ,248 38,003 13,218 Capital outlay 90,809 77,900 115,961 $ 348,905 $ 345,823,.$ 322,828 it Naturalist ^ Personal services $ 17,567 $ 15,587 Contractual services 669 Commodities 3,325 2,062 Other charges 10,804 3,548 Capital outlay 3,250 11 ,607 $ 34,946 $ 33,473.,,`$ --- +�� Reserve for Contingencies $ 39,735 $ --- $ 4,200 Total expenditures $2,542,040 $2,480,203 $2 ,123,971 it See accompanying Notes to Financial Statements. ll li 13 CITY OF FRIDLEY, MINNESOTA SPECIAL REVENUE FUNDS r" STATEMENTS OF REVENUE AND EXPENDITURES YEAR ENDED DECEMBER 31 , 1974 n it Municipal Revenue Combined State-Aid Sharing r.. Revenue State-aid construction approtionment $ 39,371 $ 39,371 Federal Revenue Sharing Grants 173,956 $173,956 Interest on investments 47,035 43,941 3,094 Transfers from 1973 Street en Construction Fund 170,179 170,179 _ ! � Total revenue $430,541 $253,491 $177,050 n it Expenditures Transfers to other Funds �- General Fund 205,072 $ 56,000 $149,072 ' 1 1972 Street Construction Fund 16,032 16,032 1973 Street Construction Fund 39,371 39,371 �..� Total expenditures $260,475 $111 ,403 $149,072 II Revenue over (under) expenditures $170,066 $142,088 $ 27,978 1 See accompanying Notes to Financial Statements. �1- II ("NT. - 14 CITY OF FRIDLEY, MINNESOTA CAPITAL PROJECT FUND ^J BALANCE SHEET ii DECEMBER 31 , 1974 ASSETS 1i Cash $ 881 Investments, at cost plus accrued interest 3,680 Total assets $ 4,561 LIABILITIES, RESERVES AND FUND BALANCE Reserve for authorized construction r., Appropriated $ 4,561 ! Total liabilities, reserves and fund balance $ 4,561 I CAPITAL PROJECT FUND ANALYSIS OF FUND BALANCES YEAR ENDED DECEMBER 31 , 1974 Fund balance, January 1 , 1974 $11 ,970 ; i Revenue $37,563 Expenditures 44,972 Fund balance, December 31 , 1974 $ 4,561 l See accompanying Notes to Financial Statements. • r• 15 r 1 CITY OF FRIDLEY, MINNESOTA CAPITAL PROJECT FUND STATEMENTS OF REVENUE AND EXPENDITURES YEAR ENDED DECEMBER 31 , 1974 Revenue — State Grant $37,200 Interest on investments 363 .. Total revenue $37,563 Expenditures Transfers to other funds General Fund $10,294 Other 34,678 — Total expenditures $44,972 Revenue over (under) expenditures $57,409) See accompanying Notes to Financial Statements. --i 16 rm CITY OF FRIDLEY , MINNESOTA INVESTMENT FUND n BALANCE SHEET DECEMBER 31 , 1974 n ASSETS Cash (deficit) $ (119,289) I + Accrued interest receivable 119,289 Total Assets $ -0- INVESTMENT FUND STATEMENT OF REVENUE AND EXPENDITURES PM YEAR ENDED DECEMBER 31 , 1974 ti Revenues ti Interest earned $ 397,758 Distributed to other funds •. General $ 50,976 Special revenue 43,941 Debt service 1 ,019 Capital projects 364 Enterprise funds 82 ,355 Trust and agency 5,507 Special assessments 213,596 ' I Total disbributed to other funds $ 397,758 Revenue over (under) expenditures $ -0- 4 INVESTMENT FUND ANALYSIS OF FUND BALANCE I ! YEAR ENDED DECEMBER 31 , 1974 Fund balance, January 1 , 1974 $ -0- n i t Add Revenue 397,758 P, i Deduct Expenditures 397,758 ^j Fund balance, December 31 , 1974 $ -0- ' t See accompanying Notes to Financial Statements. it rn " l 17 CITY OF FRIDLEY, MINNESOTA SPECIAL ASSESSMENT FUNDS r+, BALANCE SHEETS r DECEMBER 31 , 1974 r, I Special Special Special Assessment Assessment Improvements r, Combined Construction Debt Service Revolving I ASSETS Cash (deficit) $ 59,428 $( 129,114) $ 138,540 $ 2 Investments , at cost plus accrued interest n Other 815,253 199,300 313,440 302 ,513 I City of Fridley temporary bonds 2,180,000 2 ,180,000 Accounts receivable en I1 Special assessments receivable fl Delinquent 800,631 782,751 17,880 II Deferred Principal 4,936,603 4,797,037 13,2,566 • n ii Unassessed construction costs 920,000 920,000 Total assets $9,711 ,915 $ 70,186 ';9,181 ,768 $ 459,961 7 LIABILITIES, RESERVES, rl AND FUND BALANCE Accounts and contracts payable $ 417,703 $ 417,703 fl Deposits payable 169,959 $ 169,959 Bonded indebtedness - Future maturities Definitive bonds 71 Principal 5 ,345,000 $ 5,345,000 Temporary bonds (held by City of Fridley) Principal 2,180,000 2 ,180,000 Fund balance 1 ,599,253 (347,517) 1 ,656,768 290,002 I Total liabilities , reserves and 71 fund balance $9,711 ,915 $ 70,186 $9,181 ,768 $ 459,961 eim ' I See accompanying Notes to Financial Statements. 11 11 T1 1 , 18 CITY OF FRIDLEY, MINNESOTA p.. STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31, 1974 Special Special Special pl r Assessment Assessment Improvements Combined Construction Debt Sevice Revolving Cash balance, January 1, 1974 $( 214,777) $( 21 ,470) $( 193,436) $ 129 Receipts 71 Proceeds from sale of temporary bonds $ 920,000 $ 920,000 Special assessments 1 ,279,641 $1 ,235,401 $ 44,240 General property taxes 21 21 , i Penalty and interest on , i special assessments 17,556 17,254 302 Interest on investments 238,937 22,507 195,670 20,760 Investments sold 3,574,805 304,805 2,995,000 275 ,000 17i Escrow deposits 16,974 16 ,974 Transfers from other funds 716,254 114,838 601 .416 P. ! i ` Total receipts $6,764,188 $1 ,362,150 $5,044,762 $357,276 Disbursements Th Capital outlay Transfers to other funds - Interest during construction $ 7,717 $ 7,717 Other 1 ,096,090 1 ,096,090 $1 ,103,807 $1 ,103,807 Retirement of bonds .� Principal 1 ,227,000 $1 ,227,000 , i Interest 412,592 412 ,592 Investments purchased 2,995,254 199,301 2,493,440 $302,513 Transfers to other funds 729,631 166,686 518,705 44,240 rlRefund of escrow deposits 10,499 10,499 Other disbursements 11 ,200 11 ,049 151 n Total disbursements $6,489,983 $1 ,469,794 $4,662,786 $357,403 1 Cash balance, December 31 , 1974 $ 59,428 $( 129,114) $ 188,540 $ 2 7 n ij See accompanying Notes to Financial Statements. , 1 n 19 --' r-, CITY OF FRIDLEY , MINNESOTA SPECIAL ASSESSMENT CONSTRUCTION FUNDS BALANCE SHEETS DECEMBER 31 , 1974 ASSETS I i rlCash Investments Sewer and Water No. 50 $ 10 ,721 n Storm Sewer No. 82 15,816 7 Sewer and Water No. 93 6,840 Sewer and Water No. 102 38,590 Storm Sewer and Sewer and Water No. 103 2 ,630 , � Locke Lake Dam No. 104 $ 166 Storm Sewer and Sewer and Water No. 105 3,781 Sewer and Water No. 106 17,039 Storm Sewer and Sewer and Water No. 107 ( 10,047) Sewer and 'Dater No. 112 5 ,058 Sewer and Water No. 113 (117,040) Storm Sewer and Sewer and ';Dater No. 114 25,625 Sewer and Water No. 115 8,509 Sewer and !:Dater No. 116 ( 1 ,101 ) 1970 Street 4,778 ` I 1971 Street 6 ,992 1972 Street 16 ,032 5 ,633 1973 Street 22 ,545 I 1974 Street 24,743 ! 1975 Street ( 16,915) 1976 Street ( 209) 'l Combined $(129,114) $199,300 it it See accompanying Notes to Financial Statements. it n rl 20 rim r 7 1 1 r, H LIABILITIES Accounts and PI Total contracts Total assets payable Fund Balance liabilities $ 10,721 $ 7,408 $ 3,313 $ 10,721 1 I 15,816 11 ,000 4,816 15,816 6,840 5,764 1 ,076 6 ,840 •, 38,590 37,330 1 ,260 38,590 ■ I 2,630 2,031 599 2,630 166 240 (74) 166 3,781 299 3,482 3,781 17,039 17,039 17,039 (10,047) (10,047) (10,047) 5,058 4,720 338 5,058 ., (117,040) 99,437 (216,477) (117,040) 25,625 56,650 (31 ,025) 25,625 8,509 12,367 (3,858) 8,509 (1 ,101 ) 114,210 (115,311 ) (1 ,101 ) 4,778 3,817 961 4,778 6,992 6,513 479 6 ,992 21 ,665 16,333 5,332 21 ,665 1 22 ,545 22,545 22,545 24,743 24,743 24,743 (16,915) (16 ,915) (16,915) PR (209) (209) (209) I ; 1 j $ 70,186 $417,703 $(347,517) $ 70,186 , i P1 P• I1 7 ii 21 r, CITY OF FRIDLEY , MINNESOTA SPECIAL ASSESSMENT DEBT SERVICE FUNDS _r, BALANCE SHEETS 1 ' DECEMBER 31 , 1974 n Regular Special Combined Assessment n ASSETS Cash (deficit) $ 188,540 $ 52 ,921 Investments , at cost plus accrued interest Government securities 313,440 313,440 n City of Fridley temporary bonds 2 ,180,000 718,310 n Special assessments receivable Delinquent 782 ,751 67,282 Deferred 71 Principal 4,797,037 47,907 Unassessed contruction costs 920,_000 _ Total assets $9 ,181 ,768_ $1 ,199,860 (-7 rl LIABILITIES AND FUND BALANCE Bonded indebtedness - Future maturities f Definitive bonds Principal $5,345,000 $ 185,000 Temporary bonds (held by City of Fridley Principal 2,180,000 ri Fund balance 1 ,656,768 1 ,014,860 Total liabilities and fund balance $9,181 ,768 $1 ,199,860 71 71 II See accompanying Notes to Financial Statements. n H1 n li 22 Storm Sewer Sewer Storm and Sewer Sewer Sewer li and Water Sewer and Water and Water and Water 1972 1973 No. 48 No. 106 No. 112 No. 114 No. 115 Street Street $(37,061 ) $(2,081) $ 8,081 $(76,708) $ 46 ,569 68,985 3,748 10,288 49,074 72,992 69,225 74,110 484,813 585,955 Ii $460,000 $40,000 $104,916 $70,892 $92,479 $460,000 $40,000 $457,179 $632,524 $65,000 $85,000 $460,000 $40,000 $430,000 $680,000 $104,916 5,892 7,479 27,179 (47,476) $104,916 $70,892 $92,479 $460,000 $40,000 $457,179 $632,524 7 , I II 23 CITY OF FRIDLEY, MINNESOTA (17 SPECIAL ASSESSMENT DEBT SERVICE FUNDS_ BALANCE SHEETS (CONTINUED) DECEMBER 31 , 1974 JI Improve- ment fl 1974 Bonds of Street 1960 ASSETS f Cash (deficit) $ (3) Investments, at cost plus accrued interest rl Government securities City of Fridley temporary bonds 374,067 rr�� � i Special assessments receivable '� Delinquent 74,217 � ! Deferred Principal 232,738 Unassessed construction costs $420 000 Total assets $420,000 $681 ,019 ' I LIABILITIES AND FUND BALANCE Bonded indebtedness - Future maturities Definitive bonds Principal $540,000 Temporary bonds (held by City of Fridley) Principal $420,000 Fund balance 141 .019_ fl Total liabilities and fund balance $420,000 $681 ,019 1 ' I See accompanying Notes to Financial Statements. r 11 n it 24 n II Improve- Improve- Improve- Improve- Improve Improve- Refund- n ment ment ment ment ment ment ing Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of 1962 1963 1965 1967 1970 1972 1964 P1 $ 56,423 $ (64,037) $204,436 $91 ,872 $196,450 $289,366 $375,187 134,748 n � ) 14,187 39,125 78,079 91 ,374 83,859 129,775 72,758 20,506 15,227 124,366 471 ,321 659,415 1 ,838,579 99,883 $126,565 $250,802 $491 ,811 $937,882 $934,445 $1 ,904,317 $377,077 n 7"I $ 55,000 $260,000 $325,000 $740,000 $875,000 $1 ,800,000 $565,000 I 71 ,565 (9,198) 166,811 197,882 59,445 104,317 (187,923) $126,565 $250,802 $491 ,811 $937,882 $934,445 $1 ,904,317 $377,077 . 71 7 25 CITY OF FRIDLEY, MINNESOTA rr ANALYSIS OF SPECIAL ASSESSMENT CONSTRUCTION FUND BALANCES YEAR ENDED DECEMBER 31 , 1974 n ' Fund Fund Balance Balance January December I` 1 , 1974 Revenue Expenditures 31 , 1974 FUND 71 Sewer and Water No. 50 $ 2,882 $ 431 $ 3,313 Storm Sewer No. 82 3,764 1 ,052 4,816 il Sewer and Water No. 93 629 503 $ (56) 1 ,076 Sewer and Water No. 102 (1 ,362) 2,622 1 ,260 Storm Sewer, Sewer and Water No. 103 (23) 2,622 (2,000) 599 Locke Lake Dam No. 104 (80) 6 (74) 71 Storm Sewer, Sewer and Water No. 105 3,225 257 3 ,482 Storm Sewer, Sewer and Water No. 106 (15,817) 15,817 Storm Sewer, Sewer and Water No. 107 (8,737) (1 ,310) ( 10,047) Sewer and Water No. 112 338 338 rl Sewer and Water No. 113 (3,754) (212 ,723) (216 ,477) Sewer and Water No. 114 (37,330) 462,211 (455 ,906) (31 ,025) Sewer and Water No. 115 40,000 (43,858) (3,858) rn Sewer and Water No. 116 (115 ,311 ) (115,311 ) 1970 Street 509 452 961 1971 Street 479 479 1972 Street 5,332 5 ,332 1973 Street 189,374 8,506 (197,880) 1974 Street (7,691 ) 461 ,316 (428,882) 24,743 1975 Street (16,915) (16 ,915) 1976 Street (209) (209) Total all construction funds $125,589 $1 ,001 ,944 $(1 ,475,050) $(347 ,517) fl ' I i4 See accompanying Notes to Financial Statements. it n r Li ! I r, , I 26 eal CITY OF FRIDLEY, MINNESOTA ' SPECIAL ASSESSMENT DEBT SERVICE AND REVOLVING FUND el ANALYSIS OF FUND BALANCES YEAR ENDED DECEMBER 31 , 1974 Fund Reduction Fund i1Balance of Future Balance January Expendi- Taxes December 1 , 1974 Revenue tures Receivable 31 , 1974 fl FUND Regular Special Assessments $ 952,547 $ 78,162 $ 15,849 $1 ,014,860 Sewer & Water No. 48 104,767 6,085 5,936 104,916 77 Storm Sewer, Sewer & Water No. 102 (348,956) 365,406 16,450 ■, Sewer and Water i I, No. 106 20,169 7,758 22,035 5,892 Storm Sewer, Sewer & Water No. 112 1 ,612 8,842 2,975 7,479 Sewer and Water No. 114 -0- 7 Sewer and Water No. 115 -0- 1972 Street 8,594 58,667 40,082 27,179 r 1973 Street (680,000) 820,505 187,981 (47,476) ` 1974 Street -0- Improvement Bonds of 1960 135,356 47,888 42,225 141 ,019 Improvement Bonds of 1962 67,820 7,543 3,798 71 ,565 Improvement Bonds of 1963 300,937 29,594 18,129 $321 ,600 (9,198) Improvement Bonds of 1965 149,121 29,339 11 ,649 166,811 Improvement Bonds of 1967 191 ,448 68,773 62,339 197,882 ^ Improvement Bonds of 1970 85,419 75,219 101 ,193 59,445 ! i Improvement Bonds of 1972 415,847 199,526 511 ,056 104,317 Refunding Bonds of 1964 291 ,068 74,618 25,728 527,881 (187,923) Total Special Assessment Debt Service Funds $1 ,695,749 $1 ,877,925 $1 ,067,425 $849,481 $1 ,656,768 " Revolving Fund 287 147 47 246 - - 9 $ � $ $ 44,391 $ 0 $ 290,002 n 7 7 See accompanying Notes to Financial Statements. 0 l r 1 ' r, 27 ,", CITY OF FRI'3LEY , MINNESOTA SPECIAL ASSESSMENT CONSTRUCTION FUNDS STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31 , 1974 Sewer fl and Water Combined No. 50 Cash balance , January 1 , 1974 $( r 21 ,470) $ 290 Receipts n Proceeds from sale of temporary bonds $ 920,000 Interest on investments 22,507 $ 431 Investments sold 304,805 10,000 71 Transfers from other funds 114,838 _Total receipts $1 ,362 ,150 $10,431 ^1 Disbursements Interest during construction $ 7 ,717 Other 1 ,096 ,090 - Investments purchased 199,301 $10 ,721 Transfers to other funds 166,686 ri Total disbursements $1 ,469,794 $10,721 ri Cash balance, December 31 , 1974 $( 129 ,114) $ -0- I l II n See accompanying Notes to Financial Statements. n 71 i1 28 h i r, Storm Storm Sewer Sewer ., Storm Sewer Sewer and Sewer Locke and Sewer Sewer j Sewer and Water and Water and Water Lake Dam and Water and Water No. 82 No. 93 No. 102 No. 103 No. 104 No. 105 No . 106 $ 764 $1 ,607 $ 521 $ 8,015 $249 $3,524 $ 1 ,233 r $ 1 ,052 $ 503 $ 2,621 $ 238 $ 6 $ 257 $ 82 n 14,000 6,805 38,000 1 I 2,384 15,735 r $15,052 $7,308 $40,621 $ 2 ,622 $ 6 $ 257 $15,817 i i. i $2,075 $ 2,552 $ 8,007 $ 89 $ 11 $15,816 6,840 38,590 2,630 $3,781 17,039 p 1 t � $15,816 $8,915 $41 ,142 $10,637 $ 89 $3,781 $17,050 ' $ -0- $ -0- $ -0- $ -0- $166 $ -0- $ -0- f 7 l rw n r.. 29 CITY OF FRIDLEY , MINNESOTA , I t SPECIAL ASSESSMENT CONSTRUCTION FUNDS STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS (CONTINUED) YEAR ENDED DECEMBER 31 , 1974 Storm Sewer and Sewer Sewer 77 and Water and Water No. 107 No. 112 Cash balance, January 1 , 1975 $( 8,737) $4,946 77 Receipts 71 Proceeds from sale of temporary bonds Interest on investments $ 338 Investments sold Trarsfers from other funds Total receipts $ -0- $ 338 *� i Disbursements Interest during construction $ 655 Other 655 $ 226 1 Investments purchased 5,058 Transfers to other funds _ Total disbursements $ 1 ,310 $5 ,284 Cash balance, December 31 , 1974 $(10,047) $ -0- I See accompanying Notes to Financial Statements . I 1 { l el f I 30 r ii r. r, Sewer Sewer Sewer Sewer and Water and Water and Water and Water 1970 1971 1972 No. 113 No. 114 No. 115 No. 116 Street Street Street ^ $( 3,754) $( 37,330) $ -0- $ -0- $7,186 $6,705 $ 628 �-a $ 460,000 $40,000 2,211 $ 452 $ 478 $ 5,332 47,000 55,403 $ -0- $ 462,211 $40,000 $ -0- $ 452 $ 478 $107,735 r.., $ 1 , $ 1 , $ 15 111 ,493 793 381829,327 $31 ,34150 1 1 ,086 $2,860 $ 191 $ 86,697 25,625 8,509 4,778 6,992 5,634 16,100 $ 113,286 $ 424,881 $40,000 $ 1 ,101 $7,638 $7,183 $ 92,331 $(117,040) $ -0- $ -0- $(1 ,101 ) $ -0- $ -0- $ 16,032 rTh li li r 11 31 7?CITY OF FRIDLEY, MINNESOTA SPECIAL ASSESSMENT CONSTRUCTION FUNDS STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS—TCONTINUED) i YEAR ENDED DECEMBER 31 , 1974 ; I 1973 197 % Street Street r• Cash balance, January 1 , 1975 $ 374 $( 7,691 ) Receipts Proceeds from sale of temporary bonds $ 420,000 Interest on investments $ 8,506 Investments sold 189,000 Transfers from other funds 41 ,316 Total receipts $197,506 $ 461 ,316 .� Disbursements Interest during construction $ 3,298 Other $ 24,749 425,584 Investments purchased 22 ,545 24,743 Transfers to other funds 150,586 Total disbursements $197,880 $ 453,625 "1 Cash balance, December 31 , 1974 $ -0- $ -0- ' I 7I See accompanying Notes to Financial Statements . fl 11 n_ _ 32 n li ii 1975 1976 Street Street it $ $ r• 0• •■ $ 277 16,638 $ 209 $ 16,915 $ 209 .r, li $(16,915) $(209) t Y, n 33 CITY OF FRIDLEY, MINNESOTA SPECIAL ASSESSMENT DEBT SERVICE FUNDS STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31 , 1974 ! Regular Special • I Combined Assessment Cash balance, January 1 , 1974 $ (193,436) $ 34,338 Receipts Special assessments $1 ,235 ,401 $ 63,198 '_ General property taxes 21 Penalty and interest on special assessments 17,254 774 n Interest on investments 195,670 72,108 11 Investments sold 2,995,000 1 ,100,000 Transfers from other funds 601 ,416 r, Total receipts $5,044,762 $1 ,236,080 f i Disbursements Retirement of bonds Principal $1 ,227,000 $ 172,000 p Interest 412,592 13,082 Investments purchased 2,493,440 1 ,031 ,750 Transfers to other funds 518,705 Other disbursements 11 ,049 665 71 Total disbursements $4,662,786 $1 ,217,497 rl Cash balance, December 31 , 1974 $ 188,540 $ 52,921 fl 11 r, See accompanying Notes to Financial Statements. I ' 1 i ( n it ., 34 r r, Sewer F"‘ Sewer Sewer Storm Water and Sewer and Water and Water Sewer Storm Sewer and Water 1972 1973 No. 48 No. 102 No. 106 No. 112 No, 114 Street Street fl $(58,870) $ 1 ,044 $ 808 $ 153 $ -0- $(173,766) $ -0- n I $ 24,314 $30,501 $ 6,050 $ 136,956 $ 88,141 n 811 116 36 184 363 ii 529 817 166 23,000 14,000 .. $365,406 $16,100 145,880 $ 25,125 $365,406 $54,146 $20,903 $16,100 $ 137,140 $234,550 rTh ., $350,000 $35,000 $10,000 16,450 6,300 2,975 $16,100 $ 40,082 $ 50,925 15,735 135,179 Ii $ 3,316 1 ,877 $ 3,316 $366,450 $57,035 $12,975 $16,100 $ 40,082 $187,981 $(37,061 ) $ -0- $(2,081) $ 8,081 $ -0- $(76,708) $ 46,569 r r 35 r, CITY OF FRIDLEY, MINNESOTA r, � i SPECIAL ASSESSMENT DEBT SERVICE FUNDS STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS (CONTII4UED) ^, YEAR ENDED DECEMBER 31 , 1974 Improve- Improve- ment ment Bonds of Bonds of 1960 1962 Cash balance, January 1 , 1974 $ 444 $ 114 Receipts '^ Special Assessments $ 68,460 $ 7,280 General property taxes Penalty and interest on special assessments 2,670 65 Interest on investments 28,696 5,904 Investments sold 380,000 87,000 Transfers from other funds .� Total receipts $479,826 $100,249 Disbursements Retirement of bonds Principal $ 80,000 $ 5,000 Interest 26,040 2,185 Investments purchased 374,067 91 ,872 Transfers to other funds *., Other disbursements 166 1 ,306 iI Total disbursements $480,273 $100,363 71 Cash balance, December 31 , 1974 $ (3) $ -0- I r, it See acccompanying Notes to Financial Statements. II 71 i 36 7 r, Improve- Improve- Improve- Improve- Improve- Refund- pp ment ment ment ment ment ing ii Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of 1963 1965 1967 1970 1972 1964 7 $ 273 $ 598 $ 259 $ 321 $ 771 $ 77 n $ 12,121 $ 40,823 $171 ,981 $168,036 $366,487 $ 51 ,053 21 n 1 ,720 2,488 2,627 1 ,612 3,081 707 i 15,547 18,023 29,976 15,349 8,555 212,000 269,000 359,000 161 ,000 175,000 215,000 11 ,300 4,920 57,810 ii $252,688 - $330,334 $563,584 $350,917 $544,568 $333,146 ^ $ 45,000 $ 30,000 $150,000 $ 95,000 $150,000 $105,000 11 ,485 11 ,500 38,470 64,785 91 ,375 20,838 196 ,450 289,366 375,187 134,748 •-, 26 66 186 282 367,791 2 ,949 • $252,961 $330,932 $563,843 $294,815 $609,376 $128,787 $ -0- $ -0- $ -0- $ 56,423 $(64,037) $204,436 .., it n n (-- r 7 n 37 CITY OF FRIDLEY , MINNESOTA LIQUOR FUND BALANCE SHEET DECEMBER 31 , 1974 ASSETS rl Current assets Cash $ 5,100 Investments, at cost plus accrued interest 92,147 ' 1 Accounts receivable 3,239 Inventory, at cost 162,598 Contract for deed receivable 12,152 Prepaid expenses 14,636 . � Total current assets $289,87 Property, plant and equipment, substantially all at cost ■ Land and improvements $195,600 Furniture, fixtures and equipment 63,036 Signs and automotive 13194 $271 ,830 Less accumulated depreciation 33,728 Net property, plant and equipment $238,102 (7 Contract for deed receivable, less current portion above $148,047 Total assets $676,021 ■ flLIABILITY AND RETAINED EARNINGS Current liability Accounts payable $ 7,435 Accrued sales tax 4,863 ' I $ 12 ,298 Retained earnings $663,723 II Total liabilities and retained earnings $676,021 ri If See accompanying Notes to Financial Statements. II - -r — rn ' I 38 I CITY OF FRIDLEY, MINNESOTA LIQUOR FUND STATEMENT OF INCOME � YEAR ENDED DECEMBER 31 , 1974 n , Store , I Total No. 2 No. 3 No. 4 71 Sales $1 ,074,169 $ 19,424 $513,118 $541 ,627 Cost of Sales 828,326 13,654 396,092 418,580 Gross Profit $ 245,843 $ 5,770 $117,026 $123,047 Percent of sales 22.9 29.7 22.8 22.7 r, t Operating exoenses $ 166,551 $ 21 ,659 $ 73,336 $ 71 ,556 Percent of sales 15.5 111 .5 14.3 13.2 r. j Operating profit (loss) $ 79,292 $(15,889) $ 43,690 $ 51 ,491 Percent of sales 7.4 _(81 .8) 8.5 9.5 Other income $ 34,973 $ 20,174 $ 10,729 $ 4,070 Percent of sales 3. 3 103.9 2.0 0.8 1 Other expense $ 6,926 6,926 --- --- Percent of sales 0.6 --- --- Net income $ 107,339 $ (2,641) / $ 54,419 ./ $ 55,561 7 , ; Percent of sales 10.0 (13.6) 10.6 10.3 ANALYSIS OF CHANGES IN RETAINED EARNINGS YEAR ENDED DECEMBER 31 ,1974 '~ Retained earnings � � January 1 , 1974 $631 ,384 : , Net income 107,339 it Transferred to General Fund 75 ,000 1 7 ' , Retained earnings r, December 31 , 1974 $663,723 I rm r ' Note: Store No. 2 ceased operations on April 1 , 1974. _ See accompanying Notes to Financial Statements. n ' I n 39 CITY OF FRIDLEY , MINNESOTA I LIQUOR FUND n STATEMENT OF OPERATING EXPENSES YEAR ENDED DECEMBER 31 , 1974 ' ; i Percent Percent Percent Total of sales No. 2 of sales No. 3 of sales Operating Expense Selling Salary - Clerks $ 69,626 6.5 $ 4,459 23.0 $ 34,512 6.7 Bags & Wrapping 2,131 .2 --- .0 1 ,047 .2 Licenses 114 .0 --- .0 57)k .0 Uncollectable Checks 389 .0 331 1 .7 16 - .0 Cash Shortage 79 .0 (3) .0 71 " .0 Other Selling Expenses 31 .0 --- .0 30 .0 Fl $ 72,370 6.7 $ 4,787 24.7 $ 35,733 6.9 Overhead f Utilities $ 7,906 .7 $ 815 4.2 $ 4,423 .9 Insurance 5,524 .5 (207) (1 .1 ) 2,732 .5 Rent 19,880 1 .9 12,500 64.3 --- .0 7 Laundry 704 .0 38 .2 287 .0 Repair & Maintenance 2,783 . 3 507 2.6 1 ,018 .2 Supplies 318 .0 1 .0 280 .0 Communications 2,129 .2 209 1 .1 1 ,075 .2 rl Alarm Service 493 .0 163 .8 174 .0 Advertising 1 ,112 . 1 373 1 .9 444 .0 Depreciation 10,369 1 .0 656 3.4 7,238 1 .4 rl Other Overhead Expense 1 ,169 . 1 245 1 .3 488 .0 $ 52,387 4.8 $ 15,300 78.7 $ 18,159 3.2 '� General I Management Expense $ 16,681 1 .6 $ 831 4.3 $ 7,685 1 .5 Inventory Control 5,007 .5 91 .5 2,392 .5 7 Accounting 7,578 .7 137 .7 3,620 .7 Warehouse Expense 3,263 .3 74 .4 1 ,451 .3 Data Processing 5,625 .5 102 .5 2,687 .5 Other General Overhead Expense 3,640 .3 337 1 .7 1 ,609 .3 $ 41 ,794 3.9 $ 1 ,572 8.1 $ 19,444 3.8 Total Operating Expense $166,551 15.4 $ 21 ,659 111 .5 $ 73,336 13.9 f1 it n See accompanying Notes to Financial Statements. flI 1 40 ► "-'1 Percent No. 4 of sales $ 30,655 5.7 1 ,084 .2 57 .0 42 .0 11 .0 1 .0 $ 31 ,850 5.9 $ 2,668 .5 2,999 .6 7,380 1 .4 379 .0 1 ,258 .2 37 .0 845 .1 156 .0 •, 295 .0 1 2,475 .5 436 .0 $ 18,928 3.3 $ 8,165 1 .5 r 2,524 .5 3,821 .7 1 ,738 .3 2,836 .5 1 ,694 .3 $ 20,778 3.8 $ 71 ,556 13.0 r I 41 ri CITY OF FRIDLEY, MINNESOTA r LIQUOR FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEAR ENDED DECEMBER 31 . 1974 n SOURCE OF FUNDS Operations: Net income for the year $107,339 Items not requiring current outlay of funds Depreciation 10,368 Decrease in long term contracts receivable 12 ,152 Loss on sale of fixed assets 6,926 r, Fixed assets sold 6,806 I Total operations $143,591 APPLICATION OF FUNDS Increase in long term contract receivable $ 8,300 Transfer to General Fund 75,000 Addition to fixed assets 1 ,843 Increase in working capital 58,448. Total application of funds $143,591 Various Elements of Net Increase in Working Capital : .7 Cash $( 3; 36) Investments 65,147 Accounts receivable 3,239 Inventories (33,490) Contract for deed receivable 2 ,180 ^,ccounts payable 10 ,072 Prepaid expenses 14,636 Total $ 58,448 i See accompanying Notes to Financial Statements. n CITY OF FRIDLEY, MINNESOTA 42 '' WATER AND SEWER REVENUE BOND FUND BALANCE SHEET DECEMBER 31 , 1974 y fin ASSETS Current Assets Cash (deficit) $ (588) : ?;: Investments, at cost 1 ,029,586 it Accounts receivable 244,684 Inventory of meters 6,098 Prepaid expenses 12,785 fl $1 ,292,565 Restricted assets - Revenue Bond Accounts Sinking Account Investments, at cost $ 257,714 Reserve Account Investments 30,150 fl s Account receivable Metropolitan Sewer Board 469,122 Total restricted assets $ 756,986 r Property, plant and equipment, substantially all at cost Land and improvements $ 154,590 Buildings 737,068 ri Machinery and equipment 1 ,802,718 Other improvements 7,219` 701 ,595 Less accumulated depreciation $2,797,159 r-) Net property, plant and equipment $1904,436 Total assets $3,953.987 IILIABILITIES, RESERVES AND RETAINED EARNINGS Current liabilities flAccounts payable - Other $ 12,151 Bonds payable within one year 35,000 Total current liabilities $ 47,151 fl Other liabilities Bonds payable less portion due within one year $ 965,000 - Deposits payable 3,518 flTotal other liabilities $ 968,518 Reserves ri Metropolitan Sewer Board current value credit $ 469,122 Reserve for Sinking Account debt service 249,415 Reserve for Reserve Account 30,150 Total reserves $ 748687 11 Retained earnings $2,189,631 nTotal liabilities, reserves and retained earnings $3,953,987 ISee accompanying Notes to Financial Statements. 43 'I] CITY OF FRIDLEY, MINNESOTA WATER AND SEWER UTILITIES REVENUE BOND FUND ) OPERATION AND MAINTENANCE ACCOUNT f] STATEMENT OF INCOME YEAR ENDED DECEMBER 31 , 1974 Combined Water Swer L Operating revenue Water sales and sewer rents $1 ,108,435 $524,916✓ $583,5191 [1 Connection permits 5,061 1 ,590v 3,471 Sales of materials and miscellaneous service 31 ,531 21 ,961✓ 9,57011 Total operating revenue $1,145,027 $548,467 $596,560 (J lJ Operating expenses Source of supply $ 293,865 13 $ 25,395'; $268,470 Power and pumping 143,491 pyo i 123,494'' 19,997 k:,-,.::: 2, {I Purification 56,069 :=3--:› 56,069 ' Transmission and distribution 159,358 sbbs 77,774x' 81 ,584S 1R o Customer accounting and collecting 52,617 g-7/( 34,562K 18,055 `3'Q- fl Administrative and general 51 ,828 31 ,168 20,66O-i Depreciation 115,812 109,852 5,960 Total operating expenses $ 873,040 $458,314 $414,726, fi Operating income $ 271 ,987 $ 90,153 $181_,834 Other income and (expense) ri Interest income 79,754 Connection charges 3,814`' Interest expense (63,531) L1 Net income $ 292,024 0 ANALYSIS OF CHANGES IN RETAINED EARNINGS YEAR ENDED DECEMBER 31 , 1974 fl Retained earnings January 1 , 1974 $1 ,701 ,616 Add Adjustment of prior year's balance - operating accounts 144,831 fl Net income 292,024 Reduction of reserve for debt service 63,192 Transfer-in - construction accounts 19,775 Deduct Transfer-out - special assessment funds (29,790) 0 Increase in reserve - reserve accounts (2 017)' Retained earnings, December 31 , 1974 $2,189!631 1. See accompanying Notes to Financial Statements. • Ti 7 44 CITY OF FRIDLEY, MINNESOTA WATER AND SEWER REVENUE BOND FUND n STATEMENT OF CHANGES IN FINANCIAL POSITION YEAR ENDED DECEMBER 31 , 1974 e1 Source of Funds Operations: r"1 Net income of the year $292,024 Items not requiring current outlay of funds: Depreciation 115,812 Total operations $407,836 Fixed assets converted to inventory 6 ,098 Inventory adjustment 1 ,268 71 Prior year's adjustment 144,831 Total $560,033 Application of Funds 7"."\ Additions to Utility Plant in Service $ 42,876 Payment of Long-Term Debt 75,000 Transfer to Special Assessment Funds 29,790 Transfer to Restricted Accounts 81 ,636 Increase in Working Capital 327,831 Increase in Other Payables 2,900 Total $560,033 Various Elements of Net Increase in Working Capital Cash $ 1 ,247 Accounts receivable 3,080 Investments 201 ,586 { Inventory 6 ,098 Prepaid Expenses 12,785 (Increase) decrease in current liabilities: r1 Accounts payable 48,035 Current portion of long-term payable 55,000 Increase in working capital $327,831 P1 See accompanying Notes to Financial Statements. 45 7 CITY OF FRIDLEY, MINNESOTA ri �.. WATER AND SEWER REVENUE BOND FUND 11 ANALYSIS OF CHANGES IN RESERVE, SINKING AND CONSTRUCTION ACCOUNTS YEAR ENDED DECEMBER 31 , 1974 n Sinking Reserve Construction Combined Account Account Account Cash Balance, January 1 , 1974 $ 14,918 $ 23,091 $ 28,133 $(36,306) Receipts 1 Interest on investments $ 18,036 $ 16,019 $ 2,017 - Transfer from Water and Sewer Operating Fund 186,071 127,113 $ 58,958 ;� Investments sold 231 ,000 231 ,000 1 Total receipts $435,107 $374,132 $ 2 ,017 $ 58,953 Disbursements 71 Bonds $ 90,000 $ 90,000 Interest 49,255 49,255 Fiscal agents service charge 254 254 , Construction costs 22,649 $ 22,649 Investments purchased 3 3 Transfers to operating accounts 287,864 257,714 $ 30,150 Total disbursements $450,025 $397,223 $ 30,150 $ 22 ,652 Cash balance, December 31 , 1974 $ --- $ --- $ --- $ --- q Investment balance, January 1 , 1974 $231 ,000 $231 ,000 $ --- Additions 287,864 257,714 $ 30,150 Deductions 231 ,000) (231 ,000) Investment balance, December 31 , 1974 $287,864 $257,714 $ 30,150 $ --- ri + i 71 See accompanying Notes to Financial Statements. li n • r.. i 1 r1 7 H 46 CITY OF FRIDLEY, MINNESOTA TRUST AND AGENCY FUNDS I BALANCE SHEETS - DECEMBER 31 , 1974 n , 1 Firemen's Police Relief Relief PERA Association Association Pension 7 Combined Fund Fund Fund ASSETS 71 Taxes receivable Unremitted $ 19 $ 19 $ $ ...I Delinquent 666 666 Total Assets $ 685 $ 685 $ -0- $ -0- I el ' l RESERVES 7 Reserve $ 685 $ 685 $ -0- $ -0- ,..,Th STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31 , 1974 Cash balance, January 1 , 1974 $ 10,052 $ 254 $ 925 $ 8,873 ri Receipts General property taxes $ 192 $ 192 $ $ •1 Insurance premium tax 29,909 29,909 l Interest earned 316 316 Total receipts $ 3,0,417 $ 30,101 $ -0- $ 316 Disbursements Police Relief Association $ 925 . $ $ 925 $ n Firemen's Relief Association 30,355 30,355 ! Transfers to General Fund 9,189 9,189 r1 Total disbursements $ 40,469 $ 30,355 $ 925 $ 9,189 Cash balance, December 31 , 1974 $ -0- $ -0- $ -0- $ -O- n See accompanying Notes to Financial Statements. 1 i r ,T. fl 47 CITY OF FRIDLEY, MINNESOTA (--) PI STATEMENT OF GENERAL FIXED ASSETS II DECEMBER 31 , 1974 71 General fixed assets Land $ 811 ,855 Building and structures 1 ,281 ,597 h Improvements other than buildings 19,406 ,748 _4 Furniture , fixtures and office equipment 179,487 Machinery and equipment 672,949 Construction in progress 1 ,095,925 71 Total general fixed assets $23,448,561 Investment in general fixed assets Special assessments $19,834,036 State-aid 231 ,022 I { General fund 2,096,460 Municipal liquor dispensary 15 ,260 1 Contributions 413,427 1 General obligation bonds 856,597 Water and sewer utilities 1 ,759 71 Total investment in general fixed assets $23,448,561 71 11 rl rwr See accompanying Notes to Financial Statements. + 1 48 IL CITY OF FRIDLEY , MINNESOTA STATEMENT OF GENERAL LONG-TERM DEBT DECEMBER 31 , 1974 n Amount available and to be provided for the payment el of general long-term debt ( Amount available in General Debt Service Fund $ 40,838 71 Amount to be provided by future taxes 430,200 Total available and to be provided $471 ,038 General long-term debt payable - Serial bonds payable $360,000 Fund balance - Unappropriated 111 ,038 $471 ,038 n See accompanying Notes to Financial Statements. r"1 /Th ) 1 49 CITY OF FRIDLEY , MINNESOTA GENERAL DEBT SERVICE FUNDS _, BALANCE SHEETS - DECEMBER 31 , 1974 ' 1 � ' - Civic Center Bonds Li of 1965 ASSETS TI Investments $ 40,838 Taxes receivable 71 Un remi tted 346 Delinquent 1 ,714 Total assets $ 42,898 RESERVE AND FUND BALANCE Reserve for uncollected taxes receivable $ 2,060 Fund balance 40,838 il Total reserve and fund balance $ 42,898 7 STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31, 1974 Civic '_• • Park Bonds Center of 1962 Bonds '� Combined and 1963 of 1965 it Cash balance, January 1 , 1974 $ 68,702 $ 30,740 $ 37,962 Receipts Property taxes $ 39,868 $ 262 $ 39,606 Interest on investments 1 ,018 1 ,018 Total receipts $ 40,886 $ 262 $ 40,624 Disbursements Bonds $ 25,000 $ 25,000 J I, Interest 12,685 12,685 Investments purchased 40,838 40,838 Fiscal agent service charge 63 63 II Transferred to General Fund 31 ,002 Total disbursements $109,588 31 ,002 $ 78,586 Cash balance, December 31 , 1974 $ -0- $ -0- $ -0- ! ' 1 See accompanying Notes to Financial Statements. fl 71 CITY OF FRIDLEY 50 NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31 , 1974 ^ Note 1 - Summary of Significant Accounting Policies The City statements are presented on the accrual basis of accounting with the exception of the follcMing minor exceptions. (a) General property taxes - revenue is recognized in the year of r'1 anticipated collection; (b) Interest expense on general bonded indebtedness and special assessment bonds - Interest expense is recorded as an expenditure when paid; interest is not accrued unless fully matured and not paid; i (c) Interest revenue on special assessments receivable - Interest revenue is recognized in the year of anticipated collection of the current principal installment; (d) Bond and interest payments due January 1 - expenditures are recognized e) when amounts are remitted to the fiscal agent (usually in December) l for payment of bonds and interest. Investments - Investments are carried at cost which approximates market. Investment 71 revenue is recorded as earned and is allocated to the respective funds. Inventories - Inventories held by the Enterprise Funds are stated at cost. Property and equipment - Enterprise Funds - The property and equipment of the Enterprise Funds are stated at cost. Depreciation has been provided using the 'l straight line method over the estimated useful lives of the assets. J General Long-term Debt - The general long-term liabilities , except for enterprise and special assessment funds , are not carried as a liability of a fund but rather are set up in a separate self-balancing group of accounts known as the "general long-term debt group of accounts". General Fixed Assets - General Fixed Assets purchased are recorded as expense in funds other than Enterprise Funds at time of purchase. Such assets are capitalized at cost in the general fixed asset group of accounts. No depreciation has been provided on general fixed assets. Note 2 - Litigation r1 j With the exception of the below mentioned item, the City had the usual and customary types of miscellaneous claims pending at year-end, mostly of a minor nature and usually all covered by insurance carried for that purpose. The City of Fridley and the City of Columbia Heights have been named as co-defendants in the case of John Glover Houses, Inc. The plaintiff has requested two million n dollars in damages and alledges that these damages resulted from work performed by the defendants at Sullivan Lake. Although the City is of the opinion that they have no liability in the case, the City Attorney is of the opinion that, "if there is any liability, the primary liability lies with the City of Columbia Heights." He also states he does "not anticipate that the liability, if any, associated with the City of Fridley would exceed the insurance coverage." Pm! el 1 51 P, j CITY OF FRIDLEY, MINNESOTA STATEMENT OF CASH AND SECURITY FOR DEPOSITS ''1 DECEMBER 31 , 1974 L1 Face amount 1i of securities pledged as Cash collateral L Checking accounts - Fridley State Bank, Fridley, Minnesota 71 General Account $ (75,041 ) $225,000* Petty cash and change funds 5 ,500 "1 Total cash $ (69,541) i Certificates of Deposit (included in investments) r, First National Bank, Saint Paul $ 650,000 $1 ,100,000* Fidelity State Bank, Minneapolis 700,000 710,000* Fidelity State Bank, Edina 200,000 200,000* '1 Total investments in Certificates of Deposit $1 ,550,000 $2 ,010,000 7 *Additional security of $100,000 is provided by the Federal Deposit Insurance Corporation. SUMMARY STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS ALL FUNDS YEAR ENDED DECEMBER 31 , 1974 ri Cash Cash balance balance 1 January 1 , December 31 , -- Fund 1974 Receipts Disbursements 1974 General Fund $ (2,659) $ 5,925,150 $ 5,921 ,605 $ 886 7,1 Special revenue funds 12,519 1 ,043,153 1 ,070,750 (15 ,078) Investment Fund (118,626) 14,147,385 14,148,048 (119,289) Special assessment funds (214,777) 6,764,188 6,489,983 59,428 i_ General debt service funds 68,702 43,064 111 ,766 --- Liquor Fund 8,436 1 ,227,168 1 ,230,504 5,100 Water and Sewer Revenue --- , Bond Fund 13,083 2 ,472,272 2,485,943 (588) _- Trust and agency funds 10,052 117,223 127,275 --- _ Total $(223,270) $31 ,739,603 $31 ,585 ,874 $ (69,541 )'4 I it r.r i i 52 eftk CITY OF FRIDLEY, MINNESOTA STATEMENT OF INVESTMENTS r DECEMBER 31 , 1974 ; i Interest el Rate Maturity Cost ! i Federal Intermediate Credit Bank Bonds 8.80% 2/3/75 $ 125,000 Federal Intermediate Credit Bank Bonds 9.25 4/1/75 100,000 Federal Intermediate Credit Bank Bonds 9.60 7/1/75 100,000 Federal National Mortgage Association 6.70 6/10/76 150,000 Federal National Mortgage Association 6.25 12/10/76 200,000 71 4 Federal National Mortgage Association 7.05 3/10/77 200,000 Federal National Mortgage Association 8.625 3/15/75 200,000 Federal Home Loan Bank Bonds 7.95 8/25/75 125,773 Federal Home Loan Bank Bonds 6 .75 11/25/77 500,000 I Federal Land Bank Bonds 6.19 10/20/77 50 ,781 Federal Land Bank Bonds 8.70 1/23/78 200 ,000 rl U.S. Treasury Bills 6.80 1/9/75 119,343 rj U.S. Government Insured Merchant Marine 9.25 5/2/75 100;090 Bank for Cooperatives 7.40 2/3/75 78,070 Bank for Cooperatives 10.84 3/3/75 348,359 Certificate of Deposit - First National , St. Paul 8.50 3/21/75 253,000 ' Certificate of Deposit - First National , St. Paul 8.50 3/22/75 100,000 Certificate of Deposit - First National , St. Paul 8.60 3/27/75 300,033 ■■, Certificate of Deposit - Fidelity, Minneapolis 8.625 4/10/75 200,000 Certificate of Deposit - Fidelity, Minneapolis 9.30 2/4/75 150,000 Certificate of Deposit - Fidelity, Minneapolis 9.125 2/17/75 103,009 Certificate of Deposit - Fidelity, Edina 8.34 2/24/75 200,000 i I Certificate of Deposit - Fidelity, Minneapolis 8.75 4/10/75 250,000 City of Fridley Temporary Bonds 77 Sewer, Water and Storm Sewer No. 106 7.00 7/1/75 65.000 1972 Street 7.00 9/1/75 430 ,000 1973 Street 7.00 8/1/76 680,000 Sewer, Water and Storm Sewer No. 112 7.00 9/1/76 85,000 71 Sewer, Water and Storm Sewer No. 114 7.00 4/1/77 460,000 1974 Street 7.00 8/1/77 420,000 ,i°t Sewer, Water and Storm Sewer No. 115 7.00 19/1/77 40,000 Total $6,327,326 P-1 Allocation by funds General Fund . $1 ,115,445 Special Revenue Funds 807,031 j Enterprise Funds 1 ,409,596 Special Improvements Revolving Fund 302,513 r. Special Assessment Construction Funds 2,493,440 Special Assessment Debt Service Funds 199,301 n Total $6,327,326 r II i r'1 1I 53 — CITY OF FRIDLEY, MINNESOTA ^ BONDS PAYABLE - ALL FUNDS ri I DECEMBER 31 , 1974 rn Issue Interest Maturity Principal ,� date rate date amount_ Special Assessment Debt Service Funds - Definitive Bonds 'l Regular Water and Sewer Improvement *n Bonds $20,000 per year 5/1/55 3.60% 2/1/75 $ 20,000 — $20,000 per year 3.60 8/1/75 20,000 ,, General Obligation Improvement I Bonds $20,000 per year 10/155 3.60 2/1/75 20,000 n $20,000 per year 3.60 8/1/75 20,000 : ( Improvement Bonds August 1 , 1975 8/1/56 4.75 8/1/75 50,000 71 August 1 , 1976 4.75 8/1/76 55.,000 Total Regular Special Assessment Debt Service Funds $ 185,000 Improvement Bonds of 1960 $80,000 per year 10/1/60 4.20 1/1/76-78 240,000 el 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 71 Total Improvement Bonds of 1960 Special Assessment Debt Service Fund $ 540,000 Ti Improvement Bonds of 1962 February 1 , 1975 5/1/62 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 5030 February 1 , 1979 3.80 2/1/79 10,300 71 $5,000 per year 3.80 2/1/80-82 15,000 Total Improvement Bonds of 1962 Special Assessment Debt fl Service Fund $ 55,000 r) Ii ,1 11 .., 54 CITY OF FRIDLEY, MINNESOTA BONDS PAYABLE - ALL FUNDS (CONTINUED) DECEMBER 31 , 1974 FIN Issue • Interest Maturity Principal ; 1 date rate date amount Special Assessment Debt Service ' t Funds - Definitive Bonds (Continued) Improvement Bonds of 1963 l $30,000 per year 1/1/63 3.70% 1/1/ - $30,000 per year 3.80 1/1/78 76-77 79 $ 60,000 60,000 $35,000 per year 3.80 1/1/80-83 140,000 71 Total Improvement Bonds of 1963 Special Assessment Debt Service Fund $ 260,000 71 Refunding Bonds of 1964 $105,000 per year 2/1/64 3.30 2/1/75 $ 105;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 7Th Service Fund $ 565 ,000 Improvement Bonds of 1965 $30,000 per year 5/1/65 3.20 2/1/75 $ 30,000 $30,000 per year r � $30,000 per year 3.30 2/1/76-78 90,000 February 1 , 1981 3.40 2/1/79-80 60;000 � $25,000 per 3.40 2/1/81 25,000 ' � 00 pr year 3.50 2/1/82-85 100,000 February a 1e86 3.50 2/1/86 20,000 r� Total Improvement Bonds of 1965 Special Assessment Debt ; � Service Fund $ 325,000 AN Improvement Bonds of 1967 $140,000 per year • 10/1/67 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 01 $ 30-,000 per year 4.50 1/1/83-87 150,000 11 January 1 , 1988 4.50 1/1/88 20,000 Total Improvement Bonds of 1967 Special Assessment Debt ! Service Fund $ 740,000 0 rTh r; i1 rw , E MI 55 CITY OF FRI DLEY , MINNESOTA n ri J BONDS PAYABLE - ALL FUNDS (CONTINUED) DECEMBER 31 , 1974 Issue Interest Maturity Principal r 7 date rate date amount__ Special Assessment Debt Service Funds - Definitive Bonds (Continued) Improvement Bonds of 1970 $95,')00 per year 7/1/70 6.50% 1/1/76-79 $ 380,000 ` $85,000 per year 6.50 1/1/80 85 ,000 $45,000 per year 6 .75 1/1/81-82 90,000 $45,000 per year 6.90 1/1/83-84 90,003 $40,000 per year 7.00 1/1/85-89 200,030 $15,000 per year 7.00 1/1/90-91 30,000 !1 Total Improvement Bonds of 1970 Special Assessment Debt $ 875 ,000 Service Fund Improvement Bonds of 1972 $150,000 per year 10/1/72 3.80 1/1/76 $ 150,000 I � $150,000 Per year 4.10 1/1/77-78 300 ,030 $150,000 per year 4.40 1/1/79-80 300,000 n $150,000 per year 4.60 1/1/81-82 330,000 $ 75,000 per year 4.80 1/1/83-84 150,000 $ 75,900 per year 5.00 1/1/85-86 150 ,000 January 1 , 1987 5.10 1/1/87 75,000 i el January 1 , 1988 5.20 1/1/88 75 ,000 January 1 , 1989 5.20 1/1/89 50,000 $ 50,000 per year 5 .25 1/1/90-91 100,300 $ 50,00 0 p er year '� ear 5.30 1/1/92-94 150,000 ► t Total Improvement Bonds of 1972 Special Assessment Debt $1 ,800,000 Service Fund Total Special Assessment Definitive Bonds $5,345,000 i General Debt Service Funds Civic Center Bonds year 5/1/65 3.20 2/1/75 $ 25 ,000 it $25,000 pe r y 3.30 2/1/76-78 75,000 $25,000 per year 3.40 2/1/79-81 90,000 $30,000 per year 3.50 2/1/82 33,000 7 February 1 , 1982 $35 ,000 per year 3.50 2/1/83-86 140,003 fl Total Ci vi c Center Bonds $ 360,000 Total General Debt Service Funds $ 360,030 i'1 71 1 56 el CITY OF FRIDLEY , MINNESOTA , m BONDS PAYABLE - ALL FUNDS (CONTINUED) DECEMBER 31 , 1974 p... Issue Interest Maturity Principal date rate date amount REVENUE BONDS !7 Public Utilities Sinking Fund Water and Sewer Revenue Bonds of 1956 ; I $15,000 per year 9/1/56 4.50% 9/1/75-76 $ 30,000 Total Water and Sewer Revenue Bonds of 1956 $ 30,000 r1 Water No. 75 February 1 , 1975 5/1/65 3.20 2/1/75 $ 20,000 r, February 1 , 1976 3.30 2/1/76 35,000 I $50,000 per year 3.30 2/1/77-78 100,000 $50,000 per year 3.40 2/1/79-81 150,000 $50,009 per year 3.50 2/1/83-87 300,000 7 February 1 , 1988 3.50 2/1/88 20,000 Total Water No. 75 Bonds $ 625 ,000 � -, Water Bonds of 1970 $45,000 per year 7/1/70 6.50 1/1/76-77 $ 90,000 $50,000 per year 6 .50 1/1/78-79 100,000 j ( $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 ii Total Water Bonds of 1970 $ 345 ,000 ry Total Water and Sewer Revenue Bonds $1 ,000,000 i Total Definitive Bonds $6,705 ,000 i Special Assessment Debt Service Funds - Temporary Bonds 1'1 Sewer, Water and Storm Sewer No. 106 7/1/72 7.00 7/1/75 $ 65,000 if 1972 Street 9/1/72 7.00 9/1/75 $ 430,000 i 1973 Street 8/1/73 7.00 8/1/76 $ 680,000 Sewer, Water and Storm Sewer No. 112 9/1/73 , 7.00 9/1/76 $ 85 ,000 11, Sewer, Water and Storm Sewer No. 114 4/1/74 7.00 4/1/77 $ 460,000 n , j 1 57 CITY OF FRIDLEY, MINNESOTA BONDS PAYABLE - ALL FUNDS (CONTINUED) ^ DECEMBER 31 , 1974 � ( Issue Interest Maturity Principal ^� date rate date amount _ Special Assessment Debt Service Funds - Temporary Bonds (Continued) 71 1974 Street 8/1/74 7.00 8/1/77 $ 420,000 Sewer and Water No. 115 10/1/74 7.00 10/1/77 $ 40,000 Total Special Assessment Temporary Bonds $2 ,180,000 Total bonds outstanding $8,885,000 it fl ri • rs- i 1 ' 1 it it r1 EI fl P 1 { CITY OF FRIDLEY, MINNESOTA 58 DEBT SERVICE REQUIREMENTS - ALL FUNDS J ,L..... DECEMBER 31 , 1974 P''‘ I YEAR PRINCIPAL INTEREST TOTAL PI 1975 $ 830,000.00 $ 338,260.00 $ 1 ,168,260.00 { 1976 1 ,575,000.00 394,127.50 1 ,969,127.50 1977 1 ,680,000.00 288,742.50 1 ,968,742.50 1978 750,000.00 207,425.00 957,425.00 1979 665,000.00 176,032.50 841 ,032.50 1980 600,000.00 147,430.00 747,430.00 1981 505,000.00 121 ,990.00 626,990.00 '� 1 500,000.00 98,730.00 598,730.00 7 19983 82 295,000.00 80,572.50 375,572.50 1984 260,000.00 68,002.50 328,002.50 1985 255,000.00 56,175.00 311 ,175.00 i 1986 250,000.00 44,512.50 294,512.50 1987 195,000.00 33,862 .50 228,862.50 ,1 1988 155,000.00 24,850.00 179,850.00 : 1989 90,000.00 18,000.00 108,000.00 1990 65,000.00 13,462.50 78,462.50 1991 65,000.00 9,787.50 74,787.50 7 1992 50,000.00 6,625.00 56,625.00 I 1993 50,000.00 3,975.00 53,975.00 1994 50,000.00 1 ,325.00 _ 51 ,325.00 $ 8,885,000.00 $ 2,133,887.50 $ 11 ,018,887.50 n ( SUMMARY OF OUTSTANDING BONDED INDEBTEDNESS { Bonds Outstanding January 1 , 1974 Special Assessment - Permanent $ 6,657,000.00 r'� General Debt Service 410,000.00 1 Public Utilities - Sinking 1 ,130,000.00 Special Assessment - Temporary 1 ,655,000.00 7 $ 9,852,000.00 Bonds Issued During 1974 rl Special Assessment - Temporary $ 920,000.00 Bonds Retired During 1974 Special Assessment - Permanent $ 1 ,312,000.00 P, General Debt Service 50,000.00 Public Utilities - Sinking 130,000.00 Special Assessment - Temporary 395,000.00 n $- 1 ,887,000.00 Balance and Purpose of Bonds Outstanding on December 31 , 1974 Special Assessment - Permanent $ 5,345,000.00 Pi,. General Debt Service 360,000.00 Public Utilities 1 ,000,000.00 Special Assessment - Temporary 2,180,000.00 r., $ 8,885,000.00 rl 59 H r CITY OF FRIDLEY, MINNESOTA ( DEBT SERVICE REQUIREMENTS - GENERAL OBLIGATION BONDS PARK AND CIVIC CENTER il DECEMBER 31 , 1974 Year Principal Interest Total ii 1975 $ 25,000.00 $ 11 ,885.00 $ 36,885.00 r, 1976 25,000.00 11 ,072.50 36,072.50 l 1977 25,000.00 10,247.50 35,247.50 1978 25,000.00 9,422.50 34,422.50 1979 30,000.00 8,500.00 38,500.00 7 1980 30,000.00 7,480.00 37,480.00 1981 30,000.00 6,460.00 36,460.00 1982 30,000.00 5,425.00 35,425.00 r, 1983 35,000.00 4,287.50 39,287.50 1984 35,000.00 3,062.50 38,062.50 1985 35,000.00 1 ,837.50 36,837.50 1986 35,000.00 612.50 35,612.50 n $ 360,000.00 $ 80,292.50 $ 440,292.50 p ____ 1 p il 11 p Cl n ! 1 riv- 11 n n I � 60 en ,l'-‘1 CITY OF FRIDLEY, MINNESOTA 'r` DEBT SERVICE REQUIREMENTS - PERMANENT BONDS ) I SPECIAL ASSESSMENT FUNDS DECEMBER 31 , 1974 rrr ■ Year Principal Interest Total n 1975 $ 275,000.00 $ 140,212.50 $ 415,212.50 1976 690,000.00 223,040.00 913,040.00 1977 640,000.00 193,132.50 833,132.50 7 1978 625,000.00 165,677.50 790,677.50 ) 1 1979 535,000.00 140,132.50 675,132.50 1980 465,000.00 117,662.50 582,662.50 r, 1981 370,000.00 98,586.25 468,586.25 , 1982 375,000.00 81 ,461 .25 456,461 .25 1983 210,000.00 67,710.00 277,710.00 pl 1984 175,000.00 58,115.00 233,115.00 1985 170,000.00 49,262.50 219,262.50 / I 1986 165,000.00 40,575.00 205,575.00 1987 145,000.00 32,287.50 177,287.50 ^ 1988 135,000.00 24,500.00 159,500.00 11 1989 90,000.00 18,000.00 108,000.00 1990 65,000.00 13,462.50 78,462.50 - 1991 65,000.00 9,787.50 74,787.50 --� 1992 50,000.00 6,625.00 56,625.00 1993 50,000.00 3,975.00 53,975.00 Pli 1994 50,000.00 1 ,325.00 51 ,325.00 1 i $5,345,000.00 $1 ,485,530.00 $6,830,530.00 n / { n en n r, i ; .. : i r• i � 1I 61 - n CITY OF FRIDLEY, MINNESOTA DEBT SERVICE REQUIREMENTS - TEMPORARY BONDS II SPECIAL ASSESSMENT FUNDS DECEMBER 31 , 1974 71 Year Principal Interest Total 1975 $ 495,000.00 $ 152,400.00 $ 647,400.00 71 1976 765,000.00 117,950.00 882,950.00 1977 920,000.00 48,300.00 968,300.00 71 $2,180,000.00 $ 318,650.00 $2,498,650.00 11 11 fl n 11 Il 1.1 11 n ■It 11 cl T1 1 � 62 on CITY OF FRIDLEY, MINNESOTA on JEBT SERVICE REQUIREMENTS PUBLIC UTILITY REVENUE & WATER IMPROVEMENT BONDS DECEMBER 31 , 1974 on Year Principal Interest Total 7 1975 $ 35,000.00 $ 33,762.50 $ 68,762.50 1976 95,000.00 42,065.00 137,065.00 1977 95,000.00 37,062. 50 132,062.50 r1 1978 100,000.00 32,325.00 132,325.00 1979 100,000.00 27,400.00 127,400.00 1980 105,000.00 22,287.50 1'27,287.50 1981 105,000.00 16,943.75 121 ,943.75 1982 95,000.00 11 ,843.75 106,843.75 1983 50,000.00 8,575.00 58,575.00 1984 50,000.00 6,825.00 56,825.00 n 1985 50,000.00 5,075.00 55,075.00 iI 1986 50,000.00 3,325.00 53,325.00 1987 50,000.00 1 ,575.00 51 ,575.00 0 1988 20,000.00 350.00 20,350.00 it $1 ,000,000.00 $ 249,415.00 $1 ,249,415.00 r---1 on n n n r'1 ii rr, n r r r, ► I n 63 n CITY OF FRIDLEY, MINNESOTA rjil ASSESSED VALUATIONS, TAX LEVIES AND MILL RATES (Shown by Year of tax collectibility) n 1972 1973 1974 1975 il Assessed Valuations Real Estate $24,721 ,145 $89,400,378 $100,626,812 $107,937,152 n Personal Property 4,080,720 6,187,860 6,838,247 6,943,210 — Total Assessed $28,801 ,865 $95,588,238 $107,465,059 $114,880,362* I I Taxable Valuation -- Real Estate $104,896,399 el Personal Property 6,843,210 Il Total $111 ,739,609** jl Tax Levies General Fund $ 923,625 $ 1 ,075,464 $ 1 ,178,854 $ 1 ,624,144 P. E. R. A. 59,566 53,954 95,895 None !� Firemen's Relief Assoc. Fund 17,602 13,776 None None � ' Police Pension Assoc. Fund 57,547 49,992 75,723 None General Debt Service Funds 81 ,531 67,200 39,200 38,4007 Total $ 1 ,139,871 $ 1 ,260,386 $ 1 ,389,672 $ 1 ,662,544 _- Mill Rate n General Fund 32.07 10.84 10.97 14.53 P. E. R. A. 2.07 .54 .89 .00 Firemen's Relief Assoc. Fund .61 .14 .00 .00 rl Police Pension Assoc. Fund 2.00 .51 .71 .00 General Debt Service Funds 2.83 .68 .37 .35 Total 39.58 12.71 12.94 14.88 '_! 11 *Effective in 1975, the values on which Fridley' s Mill Rate is calculated will not be the assessed value, but taxable value (part of the Assessed Value goes into a Metro Tax rl value pool) . **Taxable value on which the Fridley Mill Rate is applied. n n r-c--- p 7 flCITY OF FRIDLEY 64 STATEMENT OF VALUATIONS AND LEVIES BY CLASSES OF PROPERTY (1974 Valuation for 1975 tax) Ratio itl"-) V Tax LLev Assessed Val Valuation Assessed Val of Adj. Tax on before Contr Contr to Contr by Adjusted Assess. Adjusted n Class of N to Metro Tax Metro Tax Metro Tax Assessed Value Assessed Property Pool Pool Pool Value to Tot. Value flCommercial $ 12,443,899 $ 1 ,439,631 $ $11 ,004,268 9.848 $ 163,743.51 Industrial . 25,655,391 2,968,065 22,687,326 20.304 337,587.41 11 F.M.C. #85 3,752,051 434,074. 3,317,977 2. .696 49,371.50 flGas - Electric 3,179,377 367,821 2,811 ,556 2.516 41 ,835.95 Billboards, etc. 11 ,782 1 ,363 10,419 .009 155.03 flReal Estate-P.U. 381 ,287 44,112 337,175 .302 5,017.16 Vacant Land 1 ,184,693 1 ,184,693 1.060 17,628.23 Apartments 11 ,609,084 11 ,609,084 10.389 172,743.17 Residential 56,662,798 56,662,798 50.710 843,142.43 Received from Metro Pool $2,114,313 $ 2,114,313 01.893 31 ,460.98 FILLS $114,880,362> $ 5,255,066 $2,114,313 $111 ,739,609 .100.00 $1 ,662,685.37 flThe "Fiscal Disparities" Law changed the way mill rates are with the 1974/75 tax year. Of the first six categories listedpabove, the sCi/ty lost ctive $5,255,066 in assessed value. In return, the City received a credit of 2, assessed value from the Metro Tax Pool . This resulted in a net loss of $3,140,753 in taxable valuation flThe assessed value shown on the first six categories is reduced for local taxable value to 88.43%. This taxable value is then multiplied by the applicable local mill rates. The balance of the value is then multiplied by the Metro mill rate of (121.49) . This II money then goes into the Metro Pool. Out of this Pool , the City of Fridley receives $31460.98. This equals the return of Assessed Value of $2,114,313 multiplied by Fridley's Mill Rate of 14.88 mills. flThe tax for line ten, Residential , is the total amount received by the City. The homeowners do not pay this full amount, for up to $325 per homestead credit is paid by the State to the County, and the County in turn distributes it to the various local fl governments as part of the levy. nProperties in Fridley pay into the Metro Pool $638,437.97. In turn various levels of government lying within the corporate limits of the City of Fridley receive reimbursement in the amount of $214,754.85. This creates a net loss of tax dollars- of $423,683. 12 for Fridley taxpayers. rI , . ____ , ___ 65 fl rill, CITY OF FRIDLEY, MINNESOTA fl TAX LEVIES AND TAX COLLECTIONS YEARS 1965 THROUGH 1974 n Collections Percentage Collection of current of levy of prior Ratio ri year's taxes collected year's taxes of total Year Total during fiscal during fiscal during fiscal Total collections rl collected tax levy period period period collections to tax levy 1965 $ 565,667 $ 547,313 96.76 $ 7,658 $ 544,9.71 .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 il 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 .9375:1 rl 1970 1 ,068,629 1,038,922 97.22 12,177 1 ,051 ,099 .9833:1 - fl 1971 1 ,215,586 1 ,136,296 93.47 27,563 1 ,163,859 .9574:1 1972 1 ,139,871 1 ,119,975 98.25 75,812 1 ,195,787 1 .0490:1 (l 1973 1 ,260,386 1 ,245,095 98.78 30,551 1 ,275,646 1 .0112:1 1177 1974 1 ,389,672 1 ,365,737 98.28 18,974 1 ,384,711 .9964:1 f R I A C1 rkil ' -11 11 ............. il66 CITY OF FRIDLEY, MINNESOTA 4 INSURANCE COVERAGE 11 DECEMBER 31 , 1974 All risk, direct physical loss coverage II Buildings and contents (except liquor stock) - 90% Co-insurance $4,531 ,900 Boiler insurance 500,000 Contractor's equipment 300,376 flSigns 30,000 Fire and extended coverage - Liquor contents (include stock) 264,842 flComprehensive liability, including automobiles Bodily injury Each person 100,000 11 Each occurrence 300,000 Property damage 100,000/300,000 il t L penes y� ' 1 #000,000 Open stock burglar 10,000 Comprehensive and collision, automobile Passenger vehicles Actual cash value ri , Other vehicles Stated value Business interruption, liquor stores 91 ,000 17) Money and securities, inside and outside premises, all locations 15,000 1 _ ri Workmen's compensation Statutory fEMPLOYEES' SURETY BONDS DECEMBER 31 , 1974 RSurety Position bond fl Nasim M. Qureshi City Manager $ 25,000 Marvin C. Brunsell City Clerk 1 ,000 flMarvin C. Brunsell Treasurer 25,000 ri Mervin J. Herrmann Assessor 500 Leon Madsen Deputy Assessor p y 500 flWalter J. Mulcahy Appraiser 500 ( ' All employees ark covered by a blanket faithful performance bond of 100,000 n Ail , ____