1979 Annual Financial Report ANNUAL FINANCIAL REPORT
of the
CITY OF FRIDLEY, MINNESOTA
for the year ended
DECEMBER 31, 1979
DEPARTMENT OF FINANCE
MARVIN C. BRUNSEII, DIRECTOR OF FINANCE
MEMBER OF MUNICIPAL FINANCE OFFICERS' ASSOCIATION
OF THE UNITED STATES AND CANADA
CITY OF FRIDLEY, MINNESOTA
TABLE OF CONTENTS
Exhibit
Number Page
SECTION I
INTRODUCTORY SECTION
Letter of Transmittal I-XII
Auditor's Opinion XIII
Certificate of Conformance XIV-XV
Elected and Appointed Officials XVI
Organizational Chart XVII
SECTION II
COMBINED FINANCIAL SECTION
Combined Balance Sheet - All Funds I 1
Combined Statement of Revenue, Expenditures, and
Changes in Fund Balances - All Governmental
Fund Types II 2
Statement of Income and Changes in Retained
Earnings - Proprietary Fund Type III 3
Statement of Changes in Financial Position -
Proprietary Fund Type IV 4
Statement of Cash and Security for Deposits V 5
Statement of Investments VI 6
Bonds Payable - All Funds VII 9
Combined Statement of Delinquent Taxes
Receivable by Funds VIII 14
r ■
CITY OF FRIDLEY, MINNESOTA
TABLE OF CONTENTS (CONTINUED)
Exhibit
Number Page
SECTION III
FINANCIAL SECTION BY FUNDS
General Fund
Balance Sheet IX 15
Analysis of Changes in Fund Balance X 16
Statement of Revenue - Estimated and Actual XI 17
Statement of Expenditures - Compared with
,r Authorizations XII 19
Special Revenue Funds
r- Combining Balance Sheet XIII 22
Combining Statement of Changes in Fund Balances XIV 23
Statement of Revenue and Expenditures XV 24
General Debt Service Fund
Balance Sheet XVI 25
Statement of Revenue, Expenditures and Analysis
Of Fund Balance XVII 26
Capital Project Funds
Balance Sheets XVIII 27
Analysis of Changes in Fund Balance XIX 28
Statement of Revenue and Expenditures XX 29
Special Assessment Funds
Balance Sheets XXI 30
Analysis of Changes in Fund Balances XXII 31
I — Statements of Revenue and Expenditures XXIII 32
1 Statements of Cash Receipts and Disbursements XXIV 33
I -- ii
CITY OF FRIDLEY, MINNESOTA
TABLE OF CONTENTS (CONTINUED)
Exhibit
Number Page
Enterprise Funds
Balance Sheets XXV 34
Combined Statement of Income and Changes in
Retained Earnings XXVI 35
Combined Statement of Changes in Financial
Position XXVII 36
Municipal Liquor Fund
Balance Sheet XXVIII 37
Analysis of Changes in Retained Earnings XXIX 38
Statement of Income XXX 39
Statement of Operating Expenses XXXI 40
...� Statement of Changes in Financial Position - XXXII 41
Public Utility Fund
Balance Sheet XXXIII 42
Analysis of Changes in Retained Earnings XXXIV 43
Statement of Income XXXV 44
Statement of Changes in Financial Position XXXVI 45
Christenson Building Fund
Balance Sheet XXXVII 46
Analysis of Changes in Retained Earnings XXXVII 46
Statement of Income XXXVIII 47
'— Statement of Changes in Financial Position XXXVIII 47
iii
CITY OF FRIDLEY, MINNESOTA
TABLE OF CONTENTS (CONTINUED)
Exhibit
Number Page
Trust and Agency Funds
Balance Sheets XXXIX 48
Analysis of Changes in Fund Balance XXXX 49
Statement of Revenue and Expenditures XXXXI 50
General Fixed Assets
Statement of General Fixed Assets XXXXII 51
Schedule of General Fixed Assets by Functions
and Activities XXXXIII 52
Statement of Changes in General Fixed Assets XXXXIV 53
General Long-Term Debt
Statement of General Long-Term Debt XXXXV 54
Notes to the Financial Statements
Note 1 - Summary of Significant Accounting Policies 55
Note 2 - Pending Litigation 56
Note 3 - Deferred Credit - Metropolitan Waste
Control Commission (Public Utility Fund) 57
Note 4 - Pension Plans (All Funds) 57
Note 5 - Leases 60
-� Note 6 - Bonded Debt 60
Note 7 - Revenue Bonds 60
Note 8 - Bond Covenants 61
Note 9 - Industrial Revenue Bonds 61
Note 10 - Vacation and Sick Leave 61
—. iv
CITY OF FRIDLEY, MINNESOTA
TABLE OF CONTENTS (CONTINUED)
SECTION IV
STATISTICAL SECTION
Table
Number Page
General Fund Expenditure Analysis by Function Table 1 62
General Fund Revenue by Source Table 2 63
-- Tax Levies and Tax Collections Table 3 64
Assessed Value and Estimated Market Value of
all Taxable Property Table 4 65
History of Tax Levies and Mill Rates Table 5 66
"' Statement of Valuations and Levies by Classes
of Property (1979 Valuation for Taxes Payable
in 1980) Table 6 67
-.� Significant Minnesota Tax Polices Table 7 68
Special Assessment Levies and Collections Table 8 69
Debt Service Requirements - All Funds Table 9 70
-- Summary of Outstanding Bonded Indebtedness Table 9 70
Debt Service Requirements - General Obligation Bonds Table 10 71
.. Assessment Bonds
Debt Service Requirements - Permanent Special
Assessment Bonds Table 11 72
Debt Service Requirements - Temporary Special Table 12 73
Assessment Bonds
Debt Service Requirements - Public Utility Revenue
and Water Improvement Bonds Table 13 74
Computation of Legal Debt Margin Table 14 75
Property Tax Rates and Tax Levies - All Overlapping
"' Governmental Units Table 15 77
/'1 Computation of Direct and Overlapping Bonded Debt
and Comparative Debt Ratios Table 16 78
v
CITY OF FRIDLEY, MINNESOTA
TABLE OF CONTENTS (CONTINUED)
Table
Number Page
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Government
Expenditures Table 17 79
Ratio of Net Bonded Debt to Property Values and
Net Bonded Debt per Capita Table 18 80
Schedule of Insurance in Force Table 19 81
Principal Officials Annual Salaries and Surety Bonds Table 19 81
City Capital Improvement Financing Policy Table 20 82
Miscellaneous Statistical Information Table 21 83
General Information Table 22 86
vi
INTRODUCT(°'RY SECTION I'`
•
May 31 , 1980
Mr. Nasim M. Qureshi , City Manager
Mayor William J. Nee and Council Members
Fridley, Minnesota 55432
Dear Mr. Qureshi , Mayor Nee and Council Members:
The annual financial report for the City of Fridley for the fiscal year ended
December 31 , 1979 is herewith submitted.
ACCOUNTING SYSTEM AND REPORTS
The organizational form and contents of this report were prepared generally
in accordance with standards prescribed by the Municipal Finance Officers
Association of the United States and Canada, the American Institute of
Certified Public Accountants, the State of Minnesota Auditor's Office, and
the City Charter.
General and Special Revenue, and General Debt Service funds are presented
on a modified accrual basis of accounting. All other funds are presented on
an accrual basis of accounting. (See NOTES TO FINANCIAL STATEMENTS. )
A complete budgetary system of accounts is maintained for the General and
Special Revenue funds:
Budgetary control is maintained in compliance with City Charter Requirements.
The Charter provides that it is the duty of the City Manager to strictly enforce
the provisions of the budget. The management policy of the City is such that
the existence of a particular item or appropriation in the approved budget
does not mean that it will or must automatically be expended. It is the
policy of the City to control budgets at the division level . Budget adjustments
between City divisions are made upon approval of a resolution by the City
Council . The City Charter provides that the City Council shall not have power
to increase the total amount of the budget, whether by insertion of new items
or otherwise, beyond the estimated revenue unless the actual revenue exceeds
such revenue estimates, and in that event not beyond such actual revenue.
There is a constant review Process. Expenditures are not approved until it has
been determined that 1 ) adequate funds have been appropriated, 2) the expendi-
ture is necessary, and 3) funds are available.
The City has not borrowed funds during the past year, either on a short- or
long-term basis, to meet current operating expenses.
I
Page 2
May 31 , 1980
City Manager, Mayor and Council Members
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 Local Government Information Systems
Association (LOGIS) . ..-
LOGIS was formed under the Minnesota Joint Powers Act to provide an organiza-
tion through which a number of .municipalities could 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 accounting modules which have been computerized are for payroll , utility
billing, financial control , equipment control , fixed asset, and liquor —
inventory. Programs have also been developed for special applications.
The following is a brief explanation of the purpose of each type of fund
used in managing and accounting for City operations.
GENERAL FUND �-
Putcpo4 e
The General Fund was established to account for revenue and expenditures
necessary to provide basic governmental services to the City, such as general
government, public safety, highway maintenance, park and recreation services.
This is one of the four operating funds of the City. The other three operating —
funds are the Municipal Liquor, Public Utility, and the Christenson Building
funds.
Commen-ta
On December 31 , 1979, the General Fund showed an unappropriated fund balance
\of $2,280,353 and an appropriated fund balance of $115,125. —
The General Fund Balance Sheet as presented reflects the City's accrued
liability for vacation benefits for all City employees. It also includes the —
estimated potential liability for sick leave benefits for all City employees.
One-third of the total sick leave accumulation for all City employees was
used as the basis for estimating the City's liability for sick leave. —
The unappropriated fund balance of $2,280,353 is available to finance future
City budgets. In actual practice, the bulk of this amount represents working
capital for the General Fund operations. The City receives most of its tax
revenue during the months of July and December. This necessitates carrying
a relatively high fund balance in order to maintain the City's policy of
not borrowing to fund General Fund operating expenditureso The General Fund —
balance increased by $560,362 in 1979. Of the $560,362, $363,596 was the
result of actual expenditures being under budgeted expenditures; and $175,934
was the result of actual revenue being over the estimate. Revenue exceeded
I I --
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May 31 , 1980
- City Manager, Mayor and Council Members
estimates in several areas including license revenue, grants, fines, interest
earnings and insurance rebates from the State of Minnesota used to finance fire
and police pensions. Revenue in these areas was higher than expected and can
be expected to return to a more normal pattern in the future. Expenditures
- were under the budget in several areas. For additional detail , see
Exhibits XI and XII.
In the financial statements which follow, revenue is recorded by source while
expenditures are recorded by division. Included in intergovernmental revenue
in the statement of revenue are payments received from the State Property Tax
Relief Fund for Homestead Credit.
A plan of financial operations of the General Fund is set forth in the annual
budget adopted by the City Council . General Fund statements are prepared to
- show the budget estimate and the actual amount expended. A condensed summary
of revenue and expenditures is shown below.
Revenue received for General Fund operations totaled $4,819,893 in 1979, an
increase of $353,228, or 7.9% over the previous year. The following table
represents an analysis of the major revenue sources for the General Fund for
__ the years 1979, 1978 and 1977.
1979 1978 1977
Revenue Source Budget Actual Actual Actual
General Property Taxes $1 ,899,500 $1 ,954,651 $1 ,846,370 $1 ,703,364
--, Special Assessments 5,600 7,026 9,362 5,116
Licenses and Permits 178,614 211 ,263 179,868 191 ,243
Intergovernmental Revenue 1 ,513,351 1 ,639,892 1 ,576,630 1 ,346,412
- Charges for Current Services 98,056 103,267 104,069 99,755
Fines and Forfeitures 79,000 92,376 85,789 79,166
From Use of Money and Property 89,000 182,414 133,386 88,042
Interfund Transfers 417,500 417,000 388,628 384,743
Other Revenue 158,700 212,004 142,563 142,594
Prior Year's Fund Balance 204,638 -0- -0- -0-
- Total $4,643,959 $4,819893 $4,466,665 $4,040.435
Expenditures for general governmental operations totaled $4,280-,363 in 1979, an
__ increase of $308,547, or 7.8% over 1978.
Expenditure by Function
General Government $ 631 ,386 $ 586,836 $ 572,381 $ 484,663
- Public Safety 1 ,538,798 1 ,499,660 1 ,446,302 1 ,239,730
Civic Center 126,014 121 ,937 102,444 109,647
Engineering and Inspection 359,340 322,167 353,833 311 ,092
_ Highways 735,760 699,297 674,761 617,650
Naturalist 74,300 65,598 152,988 152,275
Parks 716,744 716,327 371 ,027 426,256
Recreation 317,774 268,541 298,080 260,620
Reserve for Contingencies 143,843 -0- -0- -0-
Total $4,643,959 $4,280.363 $3,971 .816 $3,601 ,933
__ III
Page 4
May 31 , 1980
City Manager, Mayor and Council Members —
Levy Limitations
Minnesota Levy Limit Law was adopted in 1972 and in general has placed a
limitation on the amount of property tax a City can levy. The amount of _
.increase Wimited to 6% per capita per year. Since inception, various amend-
ments to the law have been enacted, but the basic principle has remained the
same. The following table summarizes the City's compliance with the law for
the years 1980, 1979, 1978 and 1977.
Shown by Year Collectible 1980 1979 1978 1977
Authorized Levy $2,301 ,446 $1 ,993,192 $1 ,869,304 $1 ,756,263
Base Adjustment 82,946 294,889 -0- -0-
Plus Allowable Special Levies 442,060 328,580 339,266 398,149 _
Total Allowable Levy $2,826,452 $2,616,661 $2,208,570 $2,154,412
Actual Levy 2,512,176 2,348,124 2,199,318 2,057,083
Excess Not Used $ 314,2276 $ 268,537 $ 9,252 1o� 973 29 —
The City is operating within the authorized levy limitation. For the taxes
collectible in the year 1979, the City was $268,537 under the levy limitation
and will be $314,276 under the limitation for 1980. —
Fiscal Vicespatz i tLes
The State Legislature enacted a "Fiscal Disparity Law" in 1971 which was not
implemented until taxes payable in 1975 due to a constitutional challenge. The
law provides for the "pooling" of 40% of all new commercial and industrial _
property valuations in the seven-county metropolitan area. In turn, valuation
from this "pool " is to be redistributed to taxing jurisdictions according to
specific criteria. _
lthough it is impossible to determine the future impact of the "Fiscal Disparity
Law" on the City of Fridley, the law had the effect of reducing the City's
taxable valuation by $7,376,217 for the taxes collectible in 1979. —
Tax Increment V4tiz-i.ct
The City Council took action on May 7, 1979 to form a Tax Increment District.
The Fridley Housing and Redevelopment Authority has also been reactivated. The
Authority has been reactivated for the purpose of administering the Tax Increment
project. The project consists of the possible redevelopment of properties located —
near the center of the City, and near the Fridley Civic Center. The creation of
the Tax Increment District has the effect of lowering the assessed valuation of
the City that can be used for other purposes by $954,050 for taxes collectible —
in 1980.
IV
Page 5
May 31 , 1980
City Manager, Mayor and Council Members
SPECIAL REVENUE FUNDS
Pu'.po4 e
Special Revenue funds are used to account for revenue derived from specific
taxes or other earmarked revenue sources. They are usually required by
Statute, Charter provisions or local ordinance to finance particular functions
or activities of government.
Munic Lpa e State-Aid Fund
Gasoline tax collections apportioned to the City by the State of Minnesota for
street construction are accounted for in this fund. Gasoline tax apportionments
used for maintenance purposes are accounted for in the General Fund. Transfers
are also made back to this fund from Special Assessment funds. These funds
are derived from the excess of the construction funds received from the State
of Minnesota plus the special assessments levied less the cost of the project.
This excess is transferred back to the Municipal State-Aid Fund where the funds
are earmarked for seal coating projects, or the City's share of sidewalk or
street improvement projects.
— Revenue Sha.wing Fund
The Revenue Sharing Fund was established to account for the revenue received
from the Federal Government in accordance with the "State and Local Fiscal
Assistance Act of 1972." Expenditure of these funds can be made only in
accordance with the provisions of that act. The City's share of these Revenue
Sharing funds for the year 1979 was $224,478.
Revenue Sharing funds are transferred from the Revenue Sharing Fund to the
General Fund where the actual expenditures are budgeted.
STEP Fund
The STEP Fund was set up to account for phase II of the Selective Traffic
Enforcement Program. The program is being funded by a grant from the State
of Minnesota and City funds.
Teen Center. Fund
The Teen Center Fund was set up to account for the revenue and expenditures
associated with the operation of a teen center and teen dances.
Community Development Bloch Grant
A $140,000 Community Development Block Grant was approved for the City of
Fridley in 1977. Funds are received from HUD as money is spent, and HUD is
billed. Of the $140,000 grant, $93,500 is scheduled for home rehabilitation
grants, $20,400 for housing maintenance, $21 ,000 for administration, and $5,100
for a resource center.
V
Page 6
May 31 , 1980
City Manager, Mayor and Council Members
Lange Fam 2y Home Ownens hip Fund
A grant of $120,000 was approved in 1979 by HUD for the City of Fridley, The
purpose of the grant is to facilitate home ownership for large, low-income
families.
GENERAL DEBT SERVICE FUND
Putpose —
The General Debt Service Fund accounts for money devoted to the payment of
interest and principal on long-term general obligation debt (other than Special
Assessment Debt Service) . —
This fund is used for the accumulation of monies for payment of general obli-
gation bonds and interest thereon. Property taxes provide the necessary —
revenue. The City has one general obligation issue outstanding which is
carried in this fund. This is a $500,000 issue for the Civic Center dated
May 1 , 1965. On December 31 , 1979, $230,000 was outstanding on this bond issue. —
CAPITAL PROJECT FUNDS
Punpos e
Capital Project funds receive and disburse monies used for acquisition of —
capital facilities other than those financed by Special Assessments and
Enterprise funds.
Capita Impnovement Fund
This fund was established to account for the revenue and expenditures of a
revolving-type Capital Improvement Fund. No expenditures have been made from
this fund to date.
I4&tnd4 a6 Peace
This fund was established to account for the Islands of Peace Project. A
$150,000 grant has been received from the State of Minnesota for the purpose of —
constructing a shelter building. This project is substantially complete.
North Path Fund
This fund has been established to account for the special North Park Project.
The North Park area is currently being developed by a private non-profit
foundation and the City as a nature center. A $27,000 grant was received in —
1976 from the State of Minnesota for use on this project.
VI —
Page 7
May 31 , 1980
City Manager, Mayor and Council Members
Locke Punk Fund
This fund has been set up to account for three separate trail grants. Grants
in the amounts of $5,000, $38,000 and $40,240 for trail systems in Locke Park
have been approved by the State.
Seams Fund
This fund was set up to account for the receipts and disbursements relating to
the purchase of park land formerly owned by Sears Roebuck. The City received
— a LAWCON grant of $206,625 in 1979 for the purchase of the property. Additional
revenue in the amount of $90,454 was received from the sale of easements, and
a $65,000 transfer from the General Fund.
— NoAth Pank Visitation Centetc Fund
This fund was set up to account for the receipts and disbursements relating to
— the construction of a Visitation Center Building in North Park. A grant of
$365,000 has been approved by the Metropolitan Council for this project.
$30,000 was received in 1979.
Garage ConAttuction Fund
This fund was set up to account for the receipts and disbursements relating to
constructing an addition to the City Garage. The project is being financed by
a transfer of $26,700 from the General Fund, a transfer of $17,540 from the
Public Utility Fund, and a loan of $41 ,313 by the Public Utility Fund which
will be repaid by users of the garage facility over a three-year period.
ENTERPRISE FUNDS
Putcpo4s e
Enterprise Funds account for the financing of services to the general public
in which all or most of the cost involved is paid in the form of charges by
the users of such a service. In the City of Fridley, Enterprise Funds are
used to account for the operation of the Public Utility System, the municipal
liquor stores, and the operation of a small shopping center. Except for
ownership, Enterprise Funds bear a close resemblance to privately-owned
utility or service enterprises.
Muvi i.c Lpat L-.quotc Fund
The Municipal Liquor Fund was established to account for the operation and
financing of the two City-owned municipal liquor stores. One is located at
6289 Highway 65; the other is located at 6586 University Avenue Northeast.
The City owns the land, building and fixtures at the Highway 65 location.
The City leases the building at the University Avenue location. A new lease
was negotiated in 1978 for the University Avenue location.
VII
Page 8
May 31 , 1980
City Manager, Mayor and Council Members —
Shown below is a summary of liquor store operations for the years 1979, 1978,
1977, 1976 and 1975:
1979 1978 1977 1976 1975
Sales $1 ,461 ,144 $1 ,323,462 $1 ,160,937 $1 ,061 ,562 $1 ,100,224
Gross Profit 275,862 260,941 228,106 214,480 231 ,768
Net Profit 117,404 119,607 98,681 98,963 90,939 _
Transfers to the
General Fund $ 85,000 $ 85,000 $ 85,000 $ 85,000 $ 75,000
Retained earnings of the Municipal Liquor Fund were $774,349 on December 31 ,
1979, compared to $741 ,933 on December 31 , 1978.
Pubti.c UtU ty Fund —
This fund accounts for the operation and financing of the City-owned sewer and
water systems. In 1970, bonds in the amount of $460,000 were issued. In 1975, —
these bonds were refunded and a new bond issue substituted. On December 31 ,
1979, $105,250 of these bonds were outstanding and payable in future years.
In 1969, the fund assumed a $770,000 liability for bonds payable along with
future interest obligations of the Water No. 75 Improvement Bonds. A total
principal amount of $420,000 for this bond issue was outstanding on December
31 , 1979. Although deferred tax levies are set forth in the resolution for r^'
retirement of the bonds and interest, it is the intention of the City to
cancel the tax levies annually for this bond issue and to provide the necessary
revenue from the Public Utility Fund.
The receivable from the Metropolitan Waste Control Commission of $494,427
represents the City's share of the equity in the Minneapolis Sewer System _
which was acquired by the Board on January 1 , 1971 , the balance of the
reserve capacity charges which were advanced to the Commission during 1971 and
1972, and final cost allocation from 1978. The reserve capacity charges of
$45,684 at December 31 , 1979 will be repaid with interest directly to the City —
over the next ten 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. —
The assets for the Water and Sewer Distribution System, originally financed by
special assessments, were transferred from General Fixed Assets to the Public —
Utility Fund in 1978. Additional Fixed Assets were transferred in 1979. Those
improvements to the utility system paid for or financed directly by the Public
Utility Fund have always been carried in the Public Utility Fund and depreciated.
The City Council has a policy of not depreciating water and sewer lines paid for
by special assessments. The reasoning for this is that Fridley is still a
young community. The original water and sewer lines have not been fully paid
for by the property owners. To require these same property owners to pay for
the lines by special assessments and also via their utility bills would require
the same customers to pay twice for the system. If depreciation were charged
on the water and sewer lines financed by special assessments, the income of the
Public Utility Fund would have been $203,334 less.
VIII —'
Page 9
_ May 31 , 1980
City Manager, Mayor and Council Members
The Public Utility Fund has transferred monies to the Special Assessment Debt
Service Funds to pay principal and interest on some bond issues although
theres is no legal requirement to do so. As a result, the City considers such
transfers as direct charges against retained earnings and not against income.
Retained earnings on December 31 , 1979 Were $13,811 ,353 compared to $13,554,769
on December 31 , 1978.
On December 12, 1977, the City Council took action to increase sewer rates by
10.3% for all classes of customers. It is expected that the Public Utility
Fund will be able to operate on a self-sustaining basis for at least another
year before another rate adjustment is necessary.
Shown below is a summary of operations of the Public Utility Fund for the
years 1979, 1978, 1977, 1976 and 1975:
1979 1978 1977 1976 1975
Water Account
Operating income $621 ,856 $615,741 $650,272 $707,872 $554,174
Operating expenses 513,356 472,763 440,440 460,948 419,532
Operating income $108,50Q $l42.97B mum $.246.924 $134,642
Sewer Account
Operating income $772,724 $788,718 $625,924 $579,091 $615,086
Operating expenses 724,148 827,225 698,712 647,182 581 ,386
Operating
income (loss) _148,576 $(38,507) $(72.788) $( 8.091 ) $ 33,700
Ch 4. tewson Bonding Fund
On September 1 , 1978, the City entered into a lease/option agreement with
0.H. Peterson, Jr. for the property known as the Christenson Building. The
property consists of 2.66 acres of land, an older shopping center building,
a house, and a cement block commercial garage building. The initial lease ran
until July 31 , 1979. The lease contained provisions for two one-year extensions.
The City exercised the option for the first one-year extension. The lease
agreement also provided that the City has the option to purchase the property
for $275,000. The purpose of the City entering into the lease agreement with
_ Dr. Peterson is to hold the property together as one parcel pending possible
redevelopment (see comments under Tux Inetcement V-us tLct) . The City is
currently operating the property as a shopping center. The City pays $1 ,700
month rent plus all other operating expenses, and in turn collects rent from
-- the tenants.
TRUST AND AGENCY FUNDS
Trust and Agency Funds account for assets held by the City as a trustee or
agent for individuals, private organizations, and other governmental units.
IX
Page 10
May 31 , 1980
City Manager, Mayor and Council Members '-
The Trust and Agency Fund maintained by the City is for the purpose of holding
escrow deposits relating to industrial development revenue bond and mortgage
issues.
SPECIAL ASSESSMENT FUNDS
Pufcpo4 e —
Special Assessment Funds are employed to finance and account for the construc-
tion and financing of certain public improvements such as street improvements, —
sidewalk improvements, storm sewers, and water and sewer lines which may be
paid wholly or in part from the special assessments levied against benefited
property. The fact that the special improvements are paid for completely or _
in part by property owners in a limited geographical area who specially
benefit distinguishes them from improvements which benefit the entire commu-
nity and which are paid for out of general revenue or through the issuance
of general obligation bonds. —
Comments
The City employs the practice of issuing temporary three-year bonds to finance
the improvements during the construction period of projects. The temporary
bonds usually are in force past the time the special assessment rolls are
adopted by the City Council . Permanent bonds are normally issued after the
assessment rolls have been approved by the City Council and after the initial
prepayments of assessments have been made by property owners. This practice
allows the City to keep the amount of permanent bonds issued by the City to --
a minimum. Construction in progress is shown in the General Fixed Asset
Group of Accounts.
Spec,iat A44e64men-4 Revo.ev-Lng Fund
The purpose of this fund is to provide temporary financing for small _
improvement projects.
SpecLat A44e64ment4 ConztnuctLon Fund
The transactions accounted for in the Special Assessment Construction Funds
are the receipt of bond proceeds and the disbursement of the proceeds for
construction work performed.
Spec La C. A4s4 easmen-s Debt Service Fund
The Special Assessments Debt Service Funds are used to account for the —
collection of assessments against benefited property owners and the
disbursement of assessment collections for the payment of bonds and interest
thereon.
f,.
X
Page 11
May 31 , 1980
City Manager, Mayor and Council Members
GENERAL FIXED ASSETS GROUP OF ACCOUNTS
Puhpo4s e
General Fixed Assets are those fixed assets of a governmental jurisdiction
which are not accounted for in an Enterprise Fund. To be classified as a
fixed asset in this cateogry, a specific piece of property must possess
three attributes: 1 ) it must be tangible in nature, 2) it must have a life
longer than the fiscal year, and 3) it must be of significant value.
GENERAL LONG-TERM DEBT GROUP OF ACCOUNTS
Putpo4e
General obligation bonds, and other forms of long-term debt supported by
general revenue, are obligations of a governmental unit as a whole and not its
individual constituent funds. Moreover, the proceeds of such debt may be
spent on facilities which are utilized in the operation of several funds. For
these reasons, the amount of unmatured long-term indebtedness which is backed
by a full faith and credit of the City is accounted for and reported in a
separate self-balancing group of accounts entitled "General Long Grou p of
Accounts. " The group includes (in addition to conventional term debt) general
obligation bonds, time warrants and notes which have a maturity of more than
one year from date of issuance.
Comments
As of December 31 , 1979, the long-term debt of the City consisted of $230,000
in definitive bonds issued for the purpose of financing the Civic Center,
-- and $65,836 in long-term contracts payable issued for the purpose of financing
the addition to the City's municipal garage.
CITY INVESTMENT POLICY
The City follows a policy of pooling the investments for all City funds and
-' prorating the interest earned back to each fund on the basis of each fund's
average cash balance. During the year 1979, the interest earnings totaled
$841 ,030. This is an increase of $149,963 over the $681 ,067 earned in the
year 1978.
BOND RATING
The City's current bond rating is Aa. This rating was initially awarded for
the Improvement Bond Sale held May 16, 1977 and was continued for the
$1 ,755,000 bond issue dated May 1 , 1980. This bond issue was to refund
temporary three-year improvement bonds or to finance construction projects
already underway. The 1980 issue will be repaid entirely from special assess-
.... ments. The City previously held an A-1 bond rating which was awarded for the
first time on March 1 , 1975.
XI
Page 12
May 31 , 1980
City Manager, Mayor and Council Members __
PENSIONS -
Comments
Employees in the City of Fridley are covered by five pension plans:
1 ) Fridley Fire Relief Association for Volunteer Firefighters; 2) Fridley
Police Pension Association, for Police Officers hired prior to December 15,
1975; 3) Public Employees Retirement Police and Fire Plan, covering the City's —
full-time Firefighters and newly-hired Police Officers; 4) the Basic Public
Employees Retirement Plan, which covers certain other City civilian employees;
and 5) Coordinated Public Employee Pension Plan, which covers the balance of —
the City civilian employees. The employees covered by the Coordinated Public
Employees Retirement Plan are also covered by Social Security.
—
The City is currently making all contributions required by law.
For additional background information on the pension plans covering City
employees, see NOTES TO THE FINANCIAL STATEMENTS. —
Independent Audit
Section 7.13 of the City Charter requires an annual audit to be made of the
books of 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 M. Hansen Company, Certified Public
Accountants, is included with this report.
know dg emen t
(::: ot e preparation of this report on a timely basis could not be accomplished —
thout the efficient and dedicated services of the entire staff of the
nance Department. I want to express my special appreciation to Sid Inman,
an Chri stianson and Kathleen Williams for their assistance. _
ry truly yours,
/dill V n C. Brunsel
Asst. City Mgr./Fin. Dir. —
XII —
GEORGE M. HANSEN COMPANY
Certified Public Accountants
SOUTH PLAZA BUILDING
MINNEAPOLIS, MINNESOTA 55415
ACCOUNTANTS ' REPORT
To The City Council
City of Fridley, Minnesota
We have examined the financial statements of the various funds and account
groups of the City of Fridley, Minnesota for the year ended December 31, 1979,
-- listed in Sections II and III of 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, Minnesota at December 31, 1979, and the results of operations of
such funds and the changes in financial position of the proprietary funds for
the year then ended, in conformity with generally accepted accounting
principles applied on a basis consistent with that of the preceding year.
Our examination did not include the statistical information presented in
Section IV.
(2.194.7(
June 27, 1980
XIII
Certificate
of
Conformance
- in Financial
Reporting
Presented to
Ctt of d.le J IT•n esota
For its Annual Financial Report
for the Fiscal Year Ended
'December 31,1976
A Certificate of Conformance in Financial Reporting is presented
by the Municipal Finance Officers Association of the United States and Canada
to governmental units whose annual financial reports are judged to
substantially conform to the financial reporting principles and
standards promulgated by the National Council on Governmental Accounting.
i..`
■014
p
.7 7 dWjr� J
tive Director /
= i =. ••
Date OCtobQx12.,1977
XIV
The Municipal Finance Officers Association of the United States and Canada
(MFOA) awarded a Certificate of Conformance in Financial Reporting to the City
of Fridley for our Annual Financial Report for the fiscal year ended December
31 , 1976.
In order to be awarded a Certificate of Conformance, a governmental unit must
publish an easily readable and efficiently organized comprehensive Annual
Financial Report, whose contents conform to industry standards. Such reports
must satisfy both generally accepted accounting principles and applicable
— legal requirements.
A Certificate of Conformance is valid for a period of three years subject to
— two Annual Reviews. Our Annual Financial Report for the fiscal year ended
December 31 , 1978 successfully passed its required Annual Review. We believe
our current report continues to conform to Certificate of Conformance Program
requirements, and we are submitting it to MFOA for another required Annual
Review."
XV
CITY OF FRIDLEY, MINNESOTA
ELECTED AND APPOINTED OFFICIALS
DECEMBER 31, 1979
ELECTED OFFICIALS
_ Term of office
expires January
Elected
'- Mayor - William J. Nee 1981
Council
Robert L. Barnette, Councilmember-at-Large 1981
.- Cheryl Lee Moses, Ward I 1982
Dennis L. Schneider, Ward II 1980
Edward J. Fitzpatrick, Ward III 1979
Effective January 1980
Mayor - William J. Nee 1981
Council
Robert L. Barnette, Councilmember-at-Large 1981
Cheryl Lee Moses, Ward I 1982
Dennis L. Schneider, Ward II 1983
Edward J. Fitzpatrick, Ward III 1982
APPOINTED OFFICIALS
Appointed
City Manager - Nasim M. Qureshi
Clerk - Treasurer - Marvin C. Brunsell
Attorney - Virgil C. Herrick
_ Department Heads
Finance Director - Marvin C. Brunsell
Public Safety Director - James P. Hill
Parks and Recreation Director - Charles A. Boudreau
Fire Chief - Robert D. Aldrich
Public Works Director - John Flora
Division Heads
City Assessor - Mervin Herrman
Accounting Officer - Sidney Inman
Liquor Stores Manager - Robert L. McGuire
Public Works Superintendent - Ralph S. Volkman
Community Development Director - Darrel G. Clark
-- Civil Defense Director - Robert D. Aldrich
City Planner - Jerrold Boardman
XVI
COMBINED FINANCIAL SECTION
n
r
B,
;
I„
I,.•"•
�:
$ i i
y
1
•
I I I I I I I I 1 / I I I I I I I 1 1i) I I
) CITY OF FRIDLEY, MINNESOTA
COMBINED BALANCE SHEET EXHIBIT I
ALL FUNDS AND ACCOUNT GROUPS
DECEMBER 31, 1979
Proprietary
Governmental Fund Types Fund Type Trust & Agency Account Groups Total
General Industrial General General
Special Debt Capital Special Revenue Fixed Long Term December 31, December 31,
General Revenue Service Project Assessment Enterprise Bonds Assets Debt 1979 1978
ASSETS*
Cash (deficit) $ (355,258) $ 190,534 $ 1,851 $(98,445) $ (124,774) $ ( 45,478) $17,254 $ (414,316) $ (57,942)
Investments, at cost
U.S. Government and other short term
obligations (Exhibit VI) 1,309,428 972,544 62,532 326,976 5,256,803 2,697,956 10,626,239 10,396,311
City of Fridley temporary bonds (Exhibit VI) 1,620,000 1,620,000 545,000
Accounts receivable 557,338 389,741 137,250 2,880 728,168 1,815,377 1,488,192
Taxes receivable 21,424 378 409 22,211 15,528
Special assessments receivable 7,919 3,602,810 41,313 3,652,042 3,771,441
Inventories, at cost 19,738 177,543 197,281 176,102
Prepaid expenditures or expenses 107,150 47,438 154,588 127,893
Fixed assets, at cost less accumulated 8epreciation 12,003,718 $17,727,734 29,731,452 27,709,068
Amount available in General Debt Service Fund $ 64,383 64,383 60,071
Amount to be provided by future taxes 231,453 231,453 295,746
Unassessed construction costs 1,145,000 1,145,000 500,000
Total assets $3,287,739 $1,552,819 $64,761 $366,190 $9,882,719 $15,650,658 $17,254 $17,727,734 $295,836 $48,945,191 $45,027,410
■j' LIABILITIES, RESERVES AND FUND EQUITY
1
Liabilities
Accounts and contracts payable $ 861,209 $ 5,000 $ 4,911 $ 98,327 $ 23,670 $16,243 $65,836 $ 1,075,196 $ 1,235,899
Deposits payable 1,709 143,141 185 145,035 170,480
Deferred revenue or income 29,343 $ 378 409 493,854 523,984 531,679
Bonded indebtedness - future maturities
- Definitive bonds
Principal (Exhibit VII) 4,169,750 525,250 230,000 4,925,000 5,840,000
Temporary bonds (held by City of Fridley)
Principal (Exhibit VII) 1,620,000 1,620,000 545,000
Total Liabilities $ 892,261 $ 5,000 $ 378 $ 5,320 $6,031,218 $ 1,042,959 $16,243 $ -0- $295,836 $8,289,215 $ 8,323,058
Reserves
Fund equity $17,727,734 $17,727,734 $15,637,067
Investment in general fixed assets
Retained earnings $10,166,680 10,166,680 10,166,680
Contributions 1,837,038 -0- 1,837,038 1,905,321
Investment in fixed assets 2,603,981 2,603,981 2,226,343
Unappropriated
Fund balance
Appropriated $ 115,125 $1,449,658 $64,383 $ 59,117 $3,851,501 $ 1,011 5,540,795 4,794,702
Unappropriated 2,280,353 98,161 301,753 2,680,267 1,974,239
Total reserves and fund equity $2,395,478 $1,547,819 $64,383 $360,870 $3,851,501 $14,607,699 $ 1,011 $17,727,734 $ -0- $40,614,090 $36,704,352
Total liabilities, reserves
and fund equity $3,287,739 $1,552,819 $64,761 $366,190 $9,882,719 $15,650,658 $17,254 $17,727,734 $295,836 $48,945,191 $45,027,410
*A portion of the assets are restricted for debt retirement. See Public Utility Fund financial statements.
See accompanying Notes to Financial Statements.
EXHIBIT II
CITY OF FRIDLEY, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FINK) BALANCES
ALL GOVERNMENTAL FUND TYPES
DECEMBER 31, 1979
Governmental Fund Types
General Trust I4
Special Debt Capital Special Agency 1979 1978
General Revenue Service Project Assessment Funds Total Total
Revenue
Taxes $1,954,651 $34,300 $ 37,024
$2,025,975 $1,919,786
Special assessments levied 7,026 $ 598,618 605,644 84,975
Licenses and permits 211,263 211,263 179,868
Intergovernmental revenue
Federal 98,095 98,095 254,886
State 1,457,784 $ 336,117 5,781 6,291 1,805,973 1,460,097
Grants 84,013 334,855 236,625 655,493 549,869
Other 2,748
Charges for current services 103,267 103,267 117,764
Fines and forfeits 92,376 22,189 114,565 85,789
Interest and rents 182,414 81,488 2,792 23,012 389,658 $14,365 693,729 545,877
Unassessed construction costs 500,000
Miscellaneous revenue 212,004 150,274 268,878 631 156 529,279
Total revenue $4,402,893 $ 752,466 $42,873 $453,226 $1,279,343
$14,365 15,340 ,Hmi 6,230,938
Other sources
Proceeds of General Obligation Bonds 1,145,000 1,145,000 520,000
Transfers from other funds 417,000 165,241 116,700 203,398 902,339 759,263
N Total revenue and other sources 14,819,893 $ 917,701 $42,873 $569,926 $2,621,741 114,365 $8,92, 494 $7,510,201
1
Expenditures
Current
General government $ 586,836
Public safety 1,426,776 $ 107,843 $ 586,836 $ 572,381
$13,354 1,547,973 1,479,008
Civic center 121,937 121,937 102,444
Public works 951,415 76,599 $1,074,221 2,102,235 1,863,067
Parks and recreation 985,466 9,493 $462,718 1,457,677 920,755
Debt service
Principal $30,000 30,000 545,000
Interest and fiscal charges 8 561 266,228 274,789 296,533
Total expenditures 14,072,430 $ 193,945 13$;551 )162,718 $1,340,443 $13,354 $6,121,447 $5,779,188
Other uses
Transfers to other funds 1. 207,933 $ 355,761
$ 248,344 $`812,036 $ 661,307
Total expenditures and other uses $4,280,363 $ 549,696 $38,561 $462,718 $1,588,793 $13,354 $6,,933,485 $6,440,495
Revenue over (under) expenditures $ 539,530 $ 368,005 $4,312 $107,208 $1,038,948 $ 1,011
$2,059,014 $1,069,706
Adjustments to fund balance 20,832 (105,618) 608 (522,715) (606,893) 127,294
Net increase (decrease) in fund
balance during year $ 560,362 $ 262,387 $ 4,312 $107,816 $ 516,233 $ 1,011 $1,452,121 $1,197,000
Fund balance, January 1 1,835,116 1,285,432 60,071 253,054 3,335,268 6,768,941 $5,571,941
Fund balance, December 31 $2,395,478 $1,547,819 $64,383 $360,870 $3,851,501 $ 1,011
$8,221,062 $6,768,941
See accompanying Notes to Financial Statements.
•
I A) 1 1 1 1 1 1 1 v, 1 , , , I , ' 1 1 1
EXHIBIT III
CITY OF FRIDLEY, MINNESOTA
STATEMENT OF INCOME AND CHANGES IN RETAINED EARNINGS
PROPRIETARY FUND TYPE (ENTERPRISE FUNDS)
YEARS ENDED DECEMBER 31,1979 AND 1978
1979 1978
Sales and cost of sales
Sales $ 1,461,144 $ 1,323,462
Cost of sales 1,185,282 1,062,521
Gross profit $ 275,862 $ 260,941
Operating income
Water sales and sewer rents $ 1 ,313,764 $ 1,319,213
Rental income 45,527 14,805
Other 82,339 85,246
Total operating income $ 1,441,630 $ 1,419,264
Operating expenses $ 1,481,112 $ 1,494,558
— Operating income $ 236,380 § 185,647
Other income and (expense)
Interest on investments $ 173,467 $ 153,687
Other interest 35,637 20,600
Other income 21,494 17,779
Interest expense (24,273) (28,964)
— Fiscal agent charges ) 163)
Total other income and (expense) 6,2O9 ,
— Net income $ 442,496 $ 348,586
Retained earnings January 1 14,298,344 3,744,255
$14,740,840 $ 4,092,841
Adjustments
Contribution of water and sewer lines $10,166,680
'- Elimination of other liability-Deferred credit 123,118
Add -
Current value credits received $ 13,033 13,158
-- Write-off of accounts payable 1,722 503
Deduct - Transfers to other funds (90,301 ) (97,956)
Retained earnings December 31 $14,665,294 $14,298,344
.
See accompanying Notes to Financial Statements.
-3-
EXHIBIT IV
CITY OF FRIDLEY, MINNESOTA
STATEMENT OF CHANGES IN FINANCIAL POSITION em
PROPRIETARY FUND TYPE (ENTERPRISE FUNDS)
YEARS ENDED DECEMBER 31, 1979 AND 1978
SOURCE OF FUNDS 1979 1978
Operations:
Net income for the year $442,496 $348,586
Items not requiring current outlay of funds
Depreciation 115,649 118,358
$558,145 $466,944
Decrease in receivables -0- 47,182
Sale of fixed assets -0- 1 ,797
Adjustment of accounts payable 1,722 503
Metropolitan Waste Control Commission
credits received 13,033 13,158
Total source of funds $572 900 $529,584
-
APPLICATION OF FUNDS
Adjustment of prior year interest $ 133 $ -0-
Purchase of property and equipment 47,367 22,709 j
Decrease in other liabilities
Deferred income 1,415 1,579
Deposits payable (45) 668 -
Bonds payable less portion due within one year 1 5,241
Transfers to sinking accounts 82,641 83,316
Transfers to other funds 90,301 97,956 _
Increase in working capital 351,087 318,115
Total application of funds $572,900 $529,584
Various elements of net increase in working capital
Cash and investments $206,439 $334,931
Accounts and contracts receivable 10,045 13,583
Inventory 5,907 17,897
Prepaid expenses 6,330 39,028
Accounts payable 80,779 (81 ,808) ,--
Bonds payable within one year (1 ) (5,241 )
Deferred income 275 (275)
Due from other funds 41,313 -0-
Increase in working capital $351 ,087 $318,115
See accompanying Notes to Financial Statements.
-4-
EXHIBIT V
CITY OF FRIDLEY, MINNESOTA
STATEMENT OF CASH AND SECURITY FOR DEPOSITS
DECEMBER 31, 1979
Face amount
of securities
pledged as
Cash collateral
Checking account - Fridley State Bank,
Fridley, Minnesota
.- General Account $ (420,116) $ 200,000*
Petty cash and change fund 5,800
Total cash $ (414,316)
Certificates of Deposit (included in investments)
Farmers &Mechanics Savings Bank, Minneapolis $ 575,000 720,100*
-- Fidelity Bank & Trust Company, Minneapolis 1,200,000 $2,675,000*
First Federal Savings & Loan, Roseville 100,000
First National Bank, Minneapolis 100,000 1,205,000*
Hennepin Federal Savings & Loan, Minneapolis 700,000 781,094*
Midwest Federal, Saint Anthony 160,000 400,000*
Minnesota Federal Savings & Loan, New Brighton 50,000
Northern Federal Savings & Loan, St. Paul 400,000 1,847,244*
—' Northwestern National Bank, Minneapolis 1,000,000 1,190,000*
Northwestern National Bank, St. Paul 140,000 550,000*
Twin City Federal Savings & Loan, Fridley 300,000 298,136*
Total invested in certificates of deposit $ 4,725,000 $9,666,574
Government securities 5,901,239
City of Fridley temporary bonds 1,620,000
.— Total investments $12,246,239
*Additional security of $40,000 for demand deposits and $100,000 for time deposits is
provided at each depository by the Federal Deposit Insurance Corporation or the Federal
Savings and Loan Insurance Corporation.
-^ See accompanying Notes to Financial Statements.
.. -5-
EXHIBIT VI ..
CITY OF FRIDLEY, MINNESOTA
STATEMENT OF INVESTMENTS
YEAR ENDED DECEMBER 31, 1979 em
Interest .. „'
Rate Maturity Cost
Certificate of Deposit - Farmers & Mechanics, 10.50% 03/24/80 $ 100,000
Minneapolis
Certificate of Deposit - Farmers & Mechanics, 14.10 05/19/80 150,000
Minneapolis "-
Certificate of Deposit - Farmers & Mechanics, 13.15 05/28/80 150,000
Minneapolis
Certificate of Deposit - Farmers & Mechanics, 13.15 06/30/80 175,000 ..
Minneapolis
Certificate of Deposit - Fidelity, Minneapolis 6.75 01/24/80 100,000
Certificate of Deposit - Fidelity, Minneapolis 6.75 01/24/80 300,000
Certificate of Deposit - Fidelity, Minneapolis 7.50 01/25/80 100,000
Certificate of Deposit - Fidelity, Minneapolis 7.00 03/11/80 200,000
Certificate of Deposit - Fidelity, Minneapolis 13.35 06/26/80 200,000
Certificate of Deposit - Fidelity, Minneapolis 8.70 07/21/80 200,000 --
Certificate of Deposit - Fidelity, Minneapolis 8.55 07/27/80 100,000
Certificate of Deposit - First Federal Savings & 14.25 05/23/80 100,000
Loan, Roseville .-
Certificate of Deposit - First National Bank of 10.75 03/24/80 100,000
Minneapolis
Certificate of Deposit - Hennepin Federal Savings & 10.25 01/12/80 200,000
Loan, Minneapolis /7
Certificate of Deposit - Hennepin Federal Savings & 10.25 04/11/80 100,000
Loan, Minneapolis
Certificate of Deposit - Hennepin Federal Savings & 9.75 12/23/80 300,000 —
Loan, Minneapolis
Certificate of Deposit - Hennepin Federal Savings & 9.63 07/26/84 100,000
Loan, Minneapolis —
Certificate of Deposit - Midwest Federal 12.75 06/03/80 110,000
Saint Anthony
Certificate of Deposit - Midwest Federal . 7.50 02/23/81 50,000
Saint Anthony
Certificate of Deposit - Minnesota Federal Savings 7.50 04/08/81 50,000
& Loan, New Brighton
Certificate of Deposit - Northern Federal Savings & 10.60 01/18/80 150,000 .-
Loan, Saint Paul
Certificate of Deposit - Northern Federal Savings & 10.10 07/18/80 150,000
Loan, Saint Paul
Certificate of Deposit - Northern Federal Savings & 10.10 07/18/80 100,000
Loan, Saint Paul
Certificate of Deposit - Northwestern National Bank, 6.45 01/24/80 150,000
Minneapolis
Certificate of Deposit - Northwestern National Bank, 6.65 05/16/80 140,000
Minneapolis
Certificate of Deposit - Northwestern National Bank, 6.75 06/24/80 100,000 _-
Minneapolis
See accompanying Note to Financial Statements.
-6-
EXHIBIT VI CONTINUED
CITY OF FRIDLEY, MINNESOTA
STATEMENT OF INVESTMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 1979
Interest
Rate Maturity Cost
Certificate of Deposit - Northwestern National Bank, 6.82% 07/24/80 $ 100,000
Minneapolis
Certificate of Deposit - Northwestern National Bank, 6.90 12/23/80 150,000
Minneapolis
Certificate of Deposit - Northwestern National Bank, 6.25 12/16/81 500,000
Minneapolis
Certificate of Deposit - Twin City Federal Bank 10.00 04/03/80 100,000
Fridley
Certificate of Deposit - Twin City Federal Bank 12.75 06/14/80 200,000
Fridley
Farm Credit Bank Bonds 10.07 05/01/80 100,516
Farm Credit Bank Bonds 12.25 09/02/80 200,000
Federal Home Loan Bank Bonds 9.75 08/25/80 100,000
Federal Home Loan Bank Bonds 9.72 08/25/80 200,625
Federal Home Loan Bank Bonds 9.74 08/25/80 175,000
Federal Home Loan Bank Bonds 5.98 11/25/80 306,692
Federal Home Loan Bank Bonds 12.30 11/25/80 200,500
Federal Intermediate Credit Bank Bonds 10.50 02/04/80 200,000
Federal Intermediate Credit Bank Bonds 6.73 04/01/82 100,000
Federal Land Bank Bonds 7.30 10/20/80 100,000
Federal National Mortgage Association 8.70 10/10/80 200,000
Federal National Mortgage Association 8.61 10/10/80 202,618
Federal National Mortgage Association 11 .00 07/11/83 200,000
Federal National Mortgage Association 8.50 09/12/83 100,000
Federal National Mortgage Association 8. 17 04/10/84 100,387
Federal National Mortgage Association 9.03 07/10/84 300,640
Federal National Mortgage Association 9.04 07/10/84 200,578
Federal National Mortgage Association 11.70 10/10/84 239,114
Federal National Mortgage Association 7.55 12/10/84 250,000
Government National Mortgage Association 8.13 07/01/2008 272,911
Government National Mortgage Association 9.00 09/01/2008 246,290
Government National Mortgage Association 7.00 12/01/2008 242,508
Overnight Investments 9.63 Indefinite 415,000
Small Business Loan 8.90 12/16/85 72,021
U. S. Treasury Notes 7.12 11/15/80 200,118
U. S. Treasury Notes 8.75 12/31/80 200,000
U. S. Treasury Notes 7.41 11/15/82 400,124
U. S. Treasury Notes 8.75 12/31/82 275,000
U. S. Treasury Notes 7.95 08/15/86 100,597
City of Fridley Temporary Bonds
Storm Sewer No. 125 7.00 09/1/81 10,000
Street Improvement No. 1976-3 7.00 01/15/82 65,000
Street Improvement No. 1975-4 7.00 01/15/82 100,000
Street Improvement No. ST. 1978-1, 2 & 4 7.00 05/15/81 450,000
See accompanying Note to Financial Statements.
-7-
EXHIBIT VI CONTINUED
CITY OF FRIDLEY, MINNESOTA
STATEMENT OF INVESTMENTS (CONTINUED)
YEAR ENDED DECEMBER 31 , 1979
Interest
Rate Maturity Cost
Street Improvement No. 1979-1 & 2 7.00% 08/01/82 $ 400,000 --
Water, Sewer and Storm Sewer No. 121 7.00 08/01/82 15,000
Water, Sewer and Storm Sewer No. 126 7.00 08/01/82 20,000
Water, Sewer and Storm Sewer No. 127 8.00 09/15/82 450,000
Water, Sewer and Storm Sewer No. 128 8.00 12/01/82 110,000
Total $12,246,239
Allocated by funds
General Fund $ 2,929,428
Special Revenue Funds 972,544
General Debt Service Fund 62,532
Capital Project Funds 326,976
Special Assessment Funds 5,256,803
Enterprise Funds 2,697,956
Total $12,246,239 --
-8-
EXHIBIT V:
a
CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS
YEAR ENDED DECEMBER 31, 1979
Issue Interest Maturity Principal
Date Rate Date Amount
SPECIAL ASSESSMENT DEBT SERVICE
FUNDS - DEFINITIVE BONDS
r Improvement Bonds of 1960 p
January 1, 1981 10/1/60 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 $145,000
Improvement Bonds of 1962 5Ckb
$ 5,000 per year 05/01/62 3.80 02/dl/80-827`T$ 15,000
Total Improvement Bonds of 1962 Special Assessment Debt
Service Fund �$ 15,000
Improvement Bonds of 1963 0
$ 35,000 per year 01/1/63 3.80 01/01/81-82/7 -3 1 105,000
Total Improvement Bonds of 1963 Special Assessment Debt
Service Fund $105,000
Refunding Bonds of 1964 / U
February 1 , 1980 3.40 02/01/80 . 40 000
Total Refunding Bonds of 1964 Special Assessment Debt
-- Service Fund $ 40,000
Improvement Bonds of 1965 3d edQ
February 1, 1980 05/01/65 3.40 $ 30,000
February 1, 1981 3.40 02/01/81 25,000
$ 25,000 per year 3.50- 02/01/82-85 100,000
February 1, 1986 3.50 02/01/86 20,000
Total Improvement Bonds of 1965 Special Assessment Debt
Service Fund — 175,000
See accompanying Notes to Financial Statements.
•
.. -9r
EXHIBIT VII CONTINUED
r1
CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
YEAR ENDED DECEMBER 31 , 1979
Issue Interest Maturity Principal
Date Rate Date Amount
SPECIAL ASSESSMENT DEBT SERVICE
FUNDS - DEFINITIVE BONDS
Improvement Bonds of 1967
$ 40,000 per year 10/01/67 4.40% 01/01/81-82 80,000
$ 30,000 per year 4.50 01/01/83-87 p ,. 150,000
January 1 , 1988 4.50 01/01/88 1 20,000 "-
Total Improvement Bonds of 1967 Special Assessment Debt
Service Fund $ 250,000
Improvement Bonds of 1972
$150,000 per year 10/01/72 4.60 01/01/81-82 $ 300,000
$ 75,000 per year 4.80 01/01/83-84 150,000
$ 75,000 per year O 5.00 01/01/85-86 150,000
January 1, 1987 5.10 01/01/87 \ 75,000
January 1, 1988 5.20 01/01/88 l 75,000
January 1, 1989 5.20 01/01/89 / 50,000
$ 50,000 per year 5.25 01/01/90-91 100,000
$ 50,000 per year 5.30 01/01/92-94 150,000
Total Improvement Bonds of 1972 Special Assessment Debt
Service Fund $1,050,000
Refunding bonds of 1975 (Improvement Bond Portion) d
January 1, 1981 3/01/75 6.00 01/01/81 $ 47,250
January 1 , 1982 6.00 01/01/82 47,500
$ 50,000 per year 6.00 01/01/83-84 9 100,000
January 1, 1985 6.00 01/01/85 �j 40,000
$ 45,000 per year 6.00 01/01/86-88 135,000
January 1, 1989 6.00 01/01/89 10,000
Total Refunding Bonds of 1975 Special Assessment Debt
Service Fund $ 3793750
See accompanying Notes to Financial Statements.
-10-
EXHIBIT VII CONTINUE[
TW
e
CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
'- YEAR ENDED DECEMBER 31, 1979
— Issue Interest Maturity Principal
Date Rate Date Amount
SPECIAL ASSESSMENT DEBT SERVICE
FUNDS - DEFINITIVE BONDS
Improvement Bonds of 1976
-- February 1, 1980 02/01/76 4.30% 02/01/80 $ 175,000
February 1, 1981 4.50 02/01/81 \ 175,000
February 1, 1982 4.70 02/01/82 175,000
.. February 1, 1983 4.90 02/01/83 75,000
February 1 , 1984 5.00 02/01/84 ' 25,000
' February 1, 1985 5.10 02/01/85 75,000
February 1, 1986 5.25 02/01/86 25,000
." February 1, 1987 5.40 02/01/87 25,000
February 1, 1988 5.60 02/01/88 25,000
February 1 , 1989 5.80 02/01/89 25,000
-- February 1, 1990 6.00 02/01/90 25,000
Total Improvement bonds of 1976 Special
.. Assessment Debt Service Fund $1,025,000
.
Improvement Bonds of 1977
February 1, 1980 05/01/77 3.70 02/01/80 $ 110,000
"' February 1, 1981 3.90 02/01/81 10,000
February 1, 1982 4.00 02/01/82 10,000
February 1, 1983 4.20 02/01/83 10,000
•. February 1 , 1984 4.30 02/01/84 10,000
• February 1, 1985 4.40 02/01/85 110,000
February 1, 1986 4.60 02/01/86 110,000
r., February 1, 1987 4.70 02/01/87 115,000
February 1, 1988 4.80 02/01/88 50,000
February 1, 1989 4.90 02/01/89 50,000
Total Improvement Bonds of 1977 Special
Assessment Debt Service Fund $ 985,000
Total Special Assessment Debt Service Funds -
Definitive Bonds $4,169,750
.C.. See accompanying Notes to Financial Statements.
.. -11•
EXHIBIT VII CONTINUED
CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
YEAR ENDED DECEMBER 31, 1979
Issue Interest Maturity Principal
Date Rate Date Amount
GENERAL DEBT SERVICE FUND-
DEFINITIVE BONDS (CONTINUED)
Civic Center Bonds of 1965 --
$ 30,000 per year 05/01/65 3.40% 02/01/80-81 $ 60,000
February 1, 1982 3.50 02/01/82 30,000
$ 35,000 per year 3.50 02/01/83-86 140,000
Total General Debt Service Fund Bonds $ 230,000
Public Utility Fund Definitive Revenue Bonds /
Waterworks Bonds of 1965 (W-75)
50,000 per year 05/01/65 3.40 02/01/80-81 $ 100,000
$ 50,000 per year 3.50 02/01/82-87 300,000
February 1 , 1988 3.50 02/01/88 20,000
Total Waterworks Bonds of 1965 (W-75)
Public Utility Fund $ 420,000
Refunding Bonds of 1975 (Water Utility Portion)
January 1 , 1981 03/01/75 6.00 01/01/81 $ 57,750
January 1, 1982 6.00 01/01/82 47,500 m.
Total Refunding Bonds of 1975 (Water Utility Portion) $ 105,250
Total Public Utility Fund Revenue Bonds $ 525,250
Total Definitive Bonds $4,925,000
See accompanying Notes to Financial Statements.
-12-
EXHIBIT VII CONTINUI
7•t
CITY OF FRIDLEY, MINNESOTA
BONDS PAYABLE - ALL FUNDS (CONTINUED)
YEAR ENDED DECEMBER 31, 1979
Issue Interest Maturity Principal
Date Rate Date Amount
SPECIAL ASSESSMENT DEBT SERVICE
FUND - TEMPORARY BONDS
Water, Sewer and Storm Sewer No. 121 08/01/77 7.00% 08/01/80 $ 15,000
Street Improvement Projects ST. 1978-1,
ST. 1978-2 and ST. 1978-4 05/15/78 7.00 05/15/81 $ 450,000
Storm Sewer No. 125 09/01/78 7.00 09/01/81 $ 10,000
i Street Improvement Project 1976-3 01/15/79 7.00 01/15/82 $ 65,000
,.� Street Improvement Project 1975-4 01/15/79 7.00 01/15/82 $ 100,000
Water and Sewer Project No. 126 08/01/79 7.00 08/01/82 $ 20,000
Street Improvement Project 1979.1
and 1979-2 08/01/79 8,00 09/15/82 $ 400,000
P- Water, Sewer and Storm Sewer
Project No.127 09/15/79 8.00 09/15/82 $ 450,000
Water, Sewer and Storm Sewer
Project No. 128 12/01/79 8.00_ 12/01/82 $ 110,000
Total Special Assessment Debt Service Fund
Temporary Bonds $1,620,000
•- Total Bonds Outstanding $6,545,000
See accompanying Notes to Financial Statements.
-13-
EXHIBIT VIII
CITY OF FRIDLEY, MINNESOTA
^
COMBINED STATEMENT OF DELINQUENT
TAXES RECEIVABLE BY FUNDS
YEAR ENDED DECEMBER 31, 1976 THROUGH 1979
1976
and
Funds Exhibit Total Prior 1977 1978 1979
General Fund IX $39,677 $16,156 $2,973 $5,562 $14,986
Capital Improvement Fund XVIII 573 102 69 115 287
General Debt Service Fund XVI 1,066 606 59 108 293
Total $41,316 $16,864 $3,101 $5,785 $15,566
See accompanying Notes to Financial Statements.
-14-
EXHIBIT IX
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
BALANCE SHEET
DECEMBER 31, 1979 AND 1978
ASSETS 1979 1978
Cash (deficit) $ (355,258) $ 26,242
Investments, at cost 2,929,428 2,074,989
Accounts receivable 42,623 70,006
Taxes receivable
Delinquent $ 39,677 $ 44,469
Unremitted 21,424 14,939
Less: Estimated uncollectible (39,677) 21,424 (44,469) 14,939
Special assessments receivable
Delinquent 9,137 3,375
Deferred - Principal 7,919 16,020
Less: Estimated uncollectible (9, 137) 7,919 (3,375) 16,020
Accrued interest receivable 514,715 412,870
Inventories, at cost 19,738 16,751
Prepaid expenditures 107,150 86,785
Total assests $3,287,739 $2,718,602
LIABILITIES AND FUND BALANCE
Liabilities
.., Accounts payable $ 485,892 $ 491,389
Leave payable 375,317 341,921
Deposits payable 1,709 19,217
Deferred revenue - Taxes and special
assessments receivables 29,343 30,959
Fund balance
Appropriated 115,125 204,638
Unappropriated 2,280,353 1,630,478
Total liabilities and fund balance $3,287,739 $2,718,602
See accompanying Notes to Financial Statements.
-15.
EXHIBIT X
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
ANALYSIS OF CHANGES IN FUND BALANCE
YEARS ENDED DECEMBER 31, 1979 AND 1978 •
.-
1979 1978
Add
Revenue $4,819,893 $4,466,665
Accounts payable canceled 2,621 175
Adjustment to gas/oil inventory 2,383
Other adjustments of prior year's balance 403
Adjustment of leave payable 17,808
$4,840,725 $4,469,223 --
Deduct:
Expenditures $4,280,363 $3,971 ,816 �'✓
Accounts receivable canceled 2,032
Adjustment of leave payable 18,038
$4,280,363 $3,991,886
Increase in fund balance $ 560,362 $ 477,337
Fund balance, January 1 1,835,116 1,357,779
--
Fund balance, December 31 $2,395,478 $1,835,116
�-�—s
See accompanying Notes to Financial Statements.
-16-
EXHIBIT XI
"1 CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE
YEARS ENDED DECEMBER 31, 1979 and 1978
1979 Budget 1979 1978
As Adopted As Amended Actual Actual
General property and other taxes
Current ad valorem $1,863,500 $1,863,500 $1,847,971 $1,749,512
„ Delinquent ad valorem 31,000 31,000 30,944 35,454
Tax forfeit 5,000 5,000 9,347 11,846
Fiscal disparities 60,490 42,122
Penalties and interest 5,899 7,436
.. $1,899,500 $1,899,500 $1,954,651
$1,846,370
Special Assessments $ 5,600 $ 5,600 $ 7,026 $ 9,362
Licenses and permits
Licenses
Contractors $ 8,300 $ 8,300 $ 15,452 $ 12,375
Business 78,239 81,764 105,789 76,882
All other 5,800 5,800 3,041 3,265
Permits 82,750 - 82,750 86,981 87,346
$ 175,089 $ 178,614 $ 211,263 $ 179,868
Intergovernmental revenue
C.E.T.A. $ 93,041 $ 93,039 $ 249,385
Civil defense $ 11,020 11,020 5,056 5,501
State aid - maintenance 26,205 26,205 26,490 30,849
Local government aid 988,765 1,038,765 1,103,291 905,499
Homestead Credit 320,058 320,058 328,003 301,617
Grants
Federal 7,000 7,000 9,698 34,136
State 17,262 17,262 55,586 46,895
Local
$1,370,310 18,729 2,748
-, $1,513,351 $1,639L892 $1,576,630
Charges for current services _
General government $ 11,210 $ 11,210 $ 12,417 $11,897
Public safety 15,624 15,624 21,916 18,858
Conservation of health 19,665 19,665 14,910 20,014
Recreation 51,557 51,557 53,936 53,300
$ 98,056 $ 98,056 $ 103,179 $ 104,069
Fines and forfeitures $ 79,000 $ 79,000 $ 92,376 $ 85,789
See accompanying Notes to Financial Statements.
-17-
EXHIBIT XI CONTINUED
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE (CONTINUED)
YEARS ENDED DECEMBER 31, 1979 and 1978
1979 Budget 1979 1978
As Adopted As Amended Actual Actual
Revenue from use of money
and property
Interest on investments $ 85,000 $ 85,000 $ 166,055 $ 121,638 --
Rents 4,000 4,000 16,359 11,748
$ 89,000 $ 89,000 $ 182,414 $ 133,386 _
Transfers from other funds
Liquor Fund $ 85,000 $ 85,000 $ 85,000 $ 85,000 ■-''"
Revenue Sharing Fund 217,000 217,000 217,000 186,520
Other funds 115,500 115,500 115,000 117,108
$ 417,500 $ 417,500 $ 417,000 $ 388,628 -
Other revenue $ 122,200 $ 158,700 $ 212,092 142,563
Prior year's fund balance $ 94,750 $ 204,638
Total revenue $4,351,005 $4,643,959 $4,819,893 $4,466,665
See accompanying Notes to Financial Statements.
-18-
EXHIBIT XII
CITY OF FRIDLEY, MINNESOTA
"'1 GENERAL FUND
- STATEMENT OF EXPENDITURES
YEARS ENDED DECEMBER 31, 1979 and 1978
1979 Budget 1979 1978
As Adopted As Amended Actual Actual
GENERAL GOVERNMENT
--
Mayor and Council
Personal services $ 49,910 $ 49,916 $ 33,616 $ 47,063
^, Other expenditures 26,320 26,320 30,960 14,786
Capital outlay 144
$ 76,230 $ 76,236 $ 64,576 $ 61,993
Planning Commission
Personal services $ 23,336 $ 23,538 $ 20,486 $ 18,557
Other expenditures 7,608 7,608 4,352 4,308
- Capital outlay 143
$ 30,944 $ 31,146 $ 24,838 $ 23,008
Other Commissions
Personal services $ 7,427 $ 7,735 $ 4,667 $ 4,364
Other expenditures 6,227 9,752 12,817 4,300
"-1/4--N, $ 13,654 $ 17,487 $ 17,484 $ 8,664
City Manager
Personal services $ 99,047 $114,521 $ 98,182 $115,040
-- Other expenditures 37,253 37,253 31,867 26,435
Capital Outlay 2,650 2,650 16,798 2,756
$138,950 $154,424 1146,647 $144,231
Personnel
Personal services $ 18,903 $ 25,531 $ 23,710 $ 21 ,335
Other expenditures 6,426 8,318 6,222 2,568
Capital outlay 125
$ 25,329 $ 33,845 $ 29,932 $ 24,028
- Legal
Personal services $ 2,816 $ 2,816 . $ 14
Other expenditures 50,100 50,100 46,857 $ 53,134
$ 52,916 $ 52,916 $ 46,871 $ 53,134
Elections
Personal services $ 8, 103 $ 8,103 $ 3,949 $ 14,306
- Other expenditures 3,366 3,366 1,664 1,503
Capital outlay 200 200 480
_. Finance $ 11,669 $ 11,669 $ 5,613 $ 16,289
Personal services $ 87,289 $ 89,681 $ 93,293 $ 83,171
Other expenditures 51,300 51,300 44,365 44,351
Capital outlay 3,760 3,760 4,322 2 125
$12
$142,349 $144,741 $141,980 9,647
- See accompanying Notes to Financial Statements.
-19-
EXHIBIT XII CONTINUED
CITY OF FRIDLEY, MINNESOTA .,
GENERAL FUND
STATEMENT OF EXPENDITURE$ (CONTINUED) ;_
YEARS ENDED DECEMBER 31 , 1979 and 197$
1979 Budget 1979 1978
As Adopted As Amended Actual Actual --
GENERAL GOVERNMENT (CONTINUED)
Assessing
Personal services $ 97,408 $ 97,433 $ 98,339 $ 101 ,413
Other expenditures 11,285 11 ,285 10,356 9,383
Capital outlay 200 200 591
$ 108,893 $ 108,918 $ 108,695 $ 111,387
Total general government $ 600,934 $ 631 ,386 $ 586,836 $ 572,381
PUBLIC SAFETY
Police --
Personal services $ 964,445 $ 997,505 $ 892,087 $ 910,555
Other expenditures 140,833 143,268 205,547 150,548
Capital outlay 56,220 59,830 68,296 53,793 "-$1,161,498 $1,200,603 $1 ,165,930 $1 ,114,896
Fire
Personal services $ 253,073 $ 262,073 $ 249,958 $ 251 ,433 ,...-
Other expenditures 42,720 50,877 44,973 52,703
Capital outlay 1,400 1,400 19,309 11,432
$ 297,193 $ 314,350 $ 314,240 $ 315,568
Civil Defense
Personal services $ 14,480 $ 14,480 $ 11,607 $ 13,266
Other expenditures 5,365 5,365 3,883 2,572
Capital outlay 4,000 4,000 4,000
$ 23,845 $ 23,845 ,
Total Public Safety $1,482,536 $1 ,538,798 9, iiiii3g --
CIVIC CENTER
Personal services $ 43,970 $ 45,664 $ 43,312 $ 45,134 .-
Other expenditures 63,750 63,750 61,419 40,785
Capital outlay 16,600 16,600 17,206 16,525
Total Civic Center $ 1Z4,320 $ 126,014 $ 121,937 $ 102,444
PUBLIC WORKS
Code Enforcement
Personal services $ 133,806 $ 135,821 $ 100,774 $ 120,230
Other expenditures 25,600 25,600 25,354 53,368
Capital outlay 1,225 1 ,225 512 1 ,613 ._
$ 160,631 $ 162,646 $ 126,640 $ 175,211
/--\
See accompanying Notes to Financial Statements.
-20- ...
EXHIBIT XII CONTINUED
- CITY OF FRIDLEY, MINNESOTA
"-„,„ GENERAL FUND
STATEMENT OF EXPENDITURES (CONTINUED)
YEARS ENDED DECEMBER 31 , 1979 and 1978
1979 Budget 1979 1978
As Adopted As Amended Actual Actual
PUBLIC WORKS (CONTINUED)
Planning
Personal services $ 60,318 $ 63,828 $ 64,936 $ 74,651
Other expenditures 36,818 36,818 30,530 11,724
Capital outlay 5,000 694
$ 97,136 $ 100,646 $ 100,466 $ 87,069
-- Engineering
Personal services $ 67,050 $ 69,444 $ 67,349 $ 54,484
Other expenditures 19,954 „ 19,954 21,933 30,673
Capital outlay 6,650 6,650 5,779 6,396
$ 93,654 $ 96,048 $ 95,061 $ 91,553
Public Works
^' Personal services $ 275,779 $ 280,545 $ 269,089 $ 248,011
Other expenditures 329,490 329,490 307,503 302,122
Capital outlay 125,725 125,725 122,705 124,628
-..... $ 730,994 $ 735,760 $ 699,297
Total Public Works $T,082,415 $1,095,100 $1,021,464 , ,
_. PARKS AND RECREATION
Naturalist
Personal services $ 45,701 $ 48,720 $ 46,657 $ 105,558
"" Other expenditures 22,345 . 22,345 16,117 47,096
Capital outlay 3,235 3,235 2,824 333
$ 71,281 $ 74,300 $ 65,598 $ 152,987
-- Parks
Personal services $ 235,100 $ 241,705 $ 216,499 $ 122,113
Other expenditures 225,436 225,436 263,883 105,964
Capital outlay 103,103 249,603 235,945 139,410
$ 563,639 $ 7T6,744 $ 716,327 $ 367,487
Recreation
Personal services $ 214,767 $ 230,883 $ 190,257 $ 238,742
"- Other expenditures 82,378 82,378 76,087 61,707
Capital outlay 3,735 4,513 2,197 1,172
$ 300,880 $ 317,774 268,541 $ 301,62T
Total Parks and Recreation $ 935,800 $1,108,818 $1,050,466 $ 822,095
RESERVE FOR CONTINGENCIES
Total Reserve for Contingencies $ 125,000 $ 143,843 $ -0- $ -0-
Total expenditures $4,351,005 $4,643,959 $4,280,363 $3,971,816
-- See accompanying Notes to Financial Statements.
-21-
SPECIAL REVENUE FUNDS
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for
revenues derived from specific taxes or other
earmarked revenue sources. They are usually
required by statute, charter provision, or
local ordinance to finance particular functions
or activities of government.
x\,, i i i i i J1 I r I I I I � I i
EXHIBIT XIII
CITY OF FRIDLEY, MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEETS
DECEMBER 31, 1979
Municipal Revenue Teen Community Home
Combined State Aid Sharing STEP Center Development Ownership
ASSETS
Cash (deficit) $ 190,534 $, 1317;066 $ 92,883 $(27,701) $(1,463) $(2,107) $(1,144)
Investments, at cost 972,544 949,893 20,478 2,046 127
Accounts receivable
N Federal government 56,692 56,692
State of Minnesota 330,427 313,123 7,223 9,047 1,034
Other 2,622 2,622
Total assets $1,552,819 $1,395,704 $149,575 $ -0- $ 583 $ 7,067 $ (110)
LIABILITY AND FUND BALANCE
Liability - Accounts payable $ 5,000 $ 5,000
Fund balance
Reserve for construction 313,123 $ 313,123
Appropriated 1,136,535 -¢,986,960 $149,575
Unappropriated 98,161 95,621 -,6 ., $ 583 $ 7,067 $(5,110)
Total liability
and fund balance
$1,552,819 $1,395,704 $149,575 $ -0- $ 583 $ 7,067 $ (110)
See accompanying Notes to Financial Statements.
EXHIBIT XIV
CITY OF FRIDLEY, MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF CHANGES IN FUND BALANCES
YEAR ENDED DECEMBER 31, 1979
Municipal Revenue Teen Community Home
Combined State Aid Sharing STEP Center Development Ownership
Fund balance January 1, 1979
before adjustment $1,285,432 $1,138,798 $133,423 $ 2,009 $1,666 $ 9,536
Adjustment: To Fund Balance
w Accounts receivable (105,618) (105,618)
1
Fund balance January 1, 1979
after adjustment $1,179,814 $1,033,180 $133,423 $ 2,009 $1,666 $ 9,536
Revenue 917,701 501,285 233,155 105,834 8,410 67,983 $ 1,034
Expenditures 549,696 138,761 217,003 107,843 9,493 70,452 6,144
Fund balance December 31,1979 $1,547,819 $1,395,704 $149,575 $ -0- $ 583 $ 7,067 $(5,110)
See accompanying Notes to Financial Statements.
1 r:) I 1 1 1 1 _I J ' __1 1 a J 1 l 1 \_ 1 1
i ' \ 1 1 1 1 I 1 1 .)11 1 1 I I 1 1 I 1
•
EXHIBIT XV
•
CITY OF FRIDLEY, MINNESOTA
SPECIAL REVENUE FUNDS •
COMBINING STATEMENT OF REVENUE AND EXPENDITURES
YEAR ENDED DECEMBER 31, 1979
Community Home
Combined Municipal State Aid Revenue Sharing STEP Teen Center Development Ownership
Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual
Revenue
State-aid construction apportionment $211,909 $336,117 $211,909 $336,117
I Grants and donations 418,645 334,855 $216,612 $224,478 $115,833 $ 32,950 $9,500 $ 8,410 $70,550 $67,983 $ 6,150 $ 1,034
? Interest on investments 67,500 81,488 64,000 72,811 3,500 8,677
Transfers 165,241 92,357 72,884
Prior years' fund balance 51,000 51,000
Total revenue $749,054 $917,701 $326,909 $501,285 $220,112 $233,155 $115,833 $105,834 $9,500 $ 8,410 $70,550 $67,983 $ 6,150 $ 1,034
Expenditures
Transfers to other funds
General fund $523,521 $332,000 $303,409 $115,000 $220,112 $217,000
1977 Street Construction Fund 3,500 3,520 3,500 3,520
1978 Street Construction Fund 20,000 20,241 20,000 20,241
Other $202,033 $193,935 3 $115,833 $107,843 $9,500 $ 9,493 $70,550 $70,452 $6,150 $ 6,144
Total expenditures $749,054 $549,696 $326,909 $138,761 $220,112 $217,003 $115,833 $107,843 $9,500 $ 9,493 $70,550 $70,452 $6,150 $ 6,144
Revenue over(under) expenditures $ -0- $368,005 $ -0- $362,524 $ -0- $ 16,152 $ -0- $ (2,009) $ -0- $(1,083) $ -0- $(2,469) $ -0- $(5,110)
See accompanying Notes to Financial Statements.
DEBT SERVICE FUNDS
DEBT SERVICE FUNDS
Debt Service Funds are created to account for
the payment of interest and principal on long-
term, general obligation debt other than that
payable from special assessments and debt issued
for and serviced primarily by a governmental
enterprise.
•
EXHIBIT XVI
CITY OF FRIDLEY, MINNESOTA
GENERAL DEBT SERVICE FUND
CIVIC CENTER BONDS OF 1965
BALANCE SHEET
DECEMBER 31, 1979
ASSETS
Cash $ 1,851
Investments, at cost 62,532
Taxes receivable
Delinquent $1,066
Unremitted 378
Less: Estimated uncollectible taxes ( 1,066) 378
Total assets $64,761
LIABILITY AND FUND BALANCE
Liability - Deferred revenue $ 378
Fund balance - Appropriated 64,383
Total liability and fund balance $64,761
See accompanying Notes to Financial Statements.
-25-
EXHIBIT XVII
CITY OF FRIDLEY, MINNESOTA
GENERAL DEBT SERVICE FUND
CIVIC CENTER BONDS OF 1965
STATEMENT OF REVENUE, EXPENDITURES AND ANALYSIS OF FUND BALANCE
YEAR ENDED DECEMBER 31, 1979
—
Budget Actual
Revenue
Property taxes $39,102 $34,300
Homestead credit 5,781
Interest on investments 1,000 2,792
Total revenue $40,102 $42,873
Expenditures
Bonds $30,000 $30,000 /-'
Interest 8,500 8,500
Fiscal agent service charge 100 61
Contingencies 1,502
Total expenditures $40, 102 $38,561
Revenue over expenditures $ 4,312
Fund balance, January 1, 1979 $60,071 60,071
Fund balance, December 31, 1979 $60,071 $64,383
.-
See accompanying Notes to Financial Statements
-26- ...
CAPITAL PROJECTS FUNDS
CAPITAL PROJECTS FUNDS
Capital Projects Funds are created to account for
all resources used for the acquisition of capital
facilities by a governmental unit except those
financed by special assessment and enterprise funds.
4f
I
J l 1 1 1 1 1 1 J1 1 1 1 1 1 1 J j 1
EXHIBIT XVIII
CITY OF FRIDLEY, MINNESOTA
CAPITAL PROJECT FUNDS
BALANCE SHEETS
DECEMBER 31, 1979
Capital Islands North Locke North Park
Combined Improvement of Peace Park Park Sears Visitation Garage
ASSETS
Cash (deficit) $(98,445) $ 10,783 $ 615 $ 202 $ 410 $(111,124) $ 669
Investments, at cost 326,976 288,846 4,800 5,079 11,469 16,782
Taxes receivable
Delinquent $ 573 $ 573
Unremitted 409 409
Less: estimated
ry Uncollectible taxes (573) . 409 (573) 409
V
Due from other -government 137,250 137,250
Total assets $366,190 $300,038 $5,415 $5,281 $11,879 $ 26,126 $17,451 $-0-
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable $ 4,911 $1,811 $3,100
Deferred revenue 409 $ 409
Fund Balance
Appropriated 59,117 3,661 $11,879 $ 26,126 $17,451
Unappropriated 301,753 299,629 (57) 2,181
Total liabilities and
fund balance $366,190 $300,038 $5,415 $5,281 $11,879 $ 26,126 $17,451 $-0-
See accompanying Notes to Fiancial Statements.
•
EXHIBIT XIX
CITY OF FRIDLEY, MINNESOTA
CAPITAL PROJECT FUNDS
ANALYSIS OF CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1979
Capital Islands North Locke North Park
Combined Improvement of Peace Park Park Sears Visitation Garage
Fund balance (deficit)
1 January 1, 1979 $253,054 $212,646 $27,347 $1,804 $11,257
ra
co
1 Adjustment for accounts
payable 608 608
Revenue 569,926 86,983 3,408 377 857 $362,079 $30,669 $85,553
Expenditures 462,718 27,759 235 335,953 13,218 85,553
Fund balance December 31, 1979 $360,870 $299,629 $ 3,604 $2,181 $11,879 $ 26,126 $17,451 $ -0-
See accompanying Notes to Financial Statements.
1 :) 1 1 1 ) ) l 1 _1 l _ l ____ 1 1 1 I / 1 1
1
1 V \J\ 1 1 1 1 I )I 1 . 1 1 1 1 1 " , 1 I
EXHIBIT XX
CITY OF FRIDLEY, MINNESOTA
CAPITAL PROJECT FUNDS ..
STATEMENT OF REVENUE AND EXPENDITURES
YEAR ENDED DECEMBER 31, 1979 lr
Capital Islands North Locke North Park
Combined Improvement of Peace Park Park Sears Visitation Garage
Revenue
Property taxes $ 37,024 $37,024
Homestead credit 6,291 6,291
Interest on investments 23,012 18,668 $ 2,441 $377 $857 $ 669
Grants 236,625 $206,625 30,000
'
N Transfer from other fund 116,700 25,000 65,000 $26,700
up Other 150,274 967 90,454 58,853
1
Total revenue $569,926 $86,983 $ 3,408 $377 $857 1362,079 $30,669 $85,553
Expenditures
Interest $ 4,996 $ 4,996
Other 457,722 $ 27,759 $235 330,957 $13,218 $85,553
Total Expenditures $462,718 $ -0- ; 27,759 $-0- $235 $335,953 $13,218 $85,553
Revenue over (under)
Expenditures $107,208 $86,983 $(24,351) $377 $622 $ 26,126 $17,451 $ -0
See accompanying Notes to Financial Statements.
SPECIAL ASSESSMENT FUNDS
Special Assessment Funds are employed to finance and
account for the construction and financing of certain
public improvements such as residential streets,
sidewalks, or storm sewers or the provision of services
which are to be paid for wholly or in part from special
assessments levied against benefited property. The
fact that special assessment improvements are paid for
completely or in part by property owners in a limited
geographical area deemed to be specially benefited
distinguishes them from improvements which benefit the
entire community and which are paid for out of general
revenues or through the issuance of general obligation
bonds.
EXHIBIT XXI
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT FUNDS
BALANCE SHEETS
DECEMBER 31 , 1979
Special Special Special
Assessment Assessment Assessment
-- Combined Construction Debt Service Revolving
ASSETS
Cash (deficit) $ (124,774) $(224,325) $ 82,234 $ 17,317
Investments, at cost 5,256,803 370,792 4,444,019 441,992
Due from the State of Minnesota 2,880 2,880
Special assessments receivable
Delinquent 379,149 373,488 5,661
Deferred - Principal 3,223,661 3,142,373 81,288
Unassessed construction costs 1,145,000 1,145,000
Total assets $9,882,719 $ 146,467 $9,189,994 $546,258
LIABILITIES AND FUND BALANCE
Liabilities
Accounts and contracts payable $ 98,327 $ 98,300 $ 27 •
Deposits payable 143,141 $143,141
Bonded indebtedness
Future maturities
Definitive bonds
Principal 4,169,750 4,169,750
Temporary Bonds (held by
(City of Fridley)
Principal 1,620,000 1,620,000
Fund balance (deficit) - Appropriated 3,851,501 48,167 3,400,217 403,117
Total liabilities and
fund balance $9,882,719 $ 146,467 $9,189,994 $546,258
See accompanying Notes to Financial Statements.
-- -30-
EXHIBIT XXII
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT FUND 1
ANALYSIS OF CHANGES IN FUND BALANCES '
YEAR ENDED DECEMBER 31 , 1979
Special Special Special
Assessment Assessment Assessment
Combined Construction Debt Service Revolving
Fund balance (deficit)
January 1 , 1979 $3,335,268 $ (90,369) $3,024,699 $400,938
(Adjust prior year unassessed
construction costs (500,000) (500,000)
(Adjust prior year assessments
receivable (7,633) (88) (7,545)
Other adjustment (15,082) (15,082)
Revenue 2,627,741 1 ,338,333 1 ,229,589 59,819
Expenditures 1 ,588,793 1 ,184,715 353,983 50,095
Fund balance (deficit)
December 31 , 1979 Imam. $3_,9(1.217, x;403. 7 _
n
See accompanying Notes to Financial Statements,
-31-
EXHIBIT XXIII
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT FUNDS
STATEMENT OF REVENUE AND EXPENDITURES
YEAR ENDED DECEMBER 31 , 1979
Special Special Special
Assessment Assessment Assessment
Combined Construction Debt Service Revolving
Revenue
Proceeds from sale of bonds $1,145,000 $1, 145,000
Special assessments levied 598,618 $ 578,157 $20,461
Interest on assessments 240,897 234,228 6,669
Penalties and interest on assessments 22,189 22,046 143
County share of project 2,880 2,880
Interest on investments 389,658 25,879 331,233 32,546
Other 25,101 25,101
Transfers from other funds 203,398 142,353 61,045
Total revenue $2,627,741 $1,338,333 $1,229,589 $59,819
Expenditures
Construction costs $1,062,465 $1,062,465
Bond interest 262,597 262,597
Fiscal agent charges 3,631 3,631
Other 11,756 11,743 13
Transfers to other funds 248,344 122,250 76,012 50,082
Total expenditures $1,588,793 $1 ,184,715 $ 353,983 $50,095
Revenue over expenditures $1,038,948 $ 153,618 $ 875,606
$ 9,724
See accompanying Notes to Financial Statements.
-32-
EXHIBIT XXIV
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT FUNDS
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31 , 1979
Special Special Special
Assessment Assessment Assessment
Combined Construction Debt Service Revolving
Cash balance
(deficit) January 1, 1979 $ (92,555) $ (69,656) $ (25,400) $ 2,501
Receipts
Proceeds from sale of bonds $1,145,000 • $1, 145,000
Special assessments •984,497 $ 952,341 $ 32,156
Penalties and interest on assessments 22,188 22,045 143 --
Interest on invetments 389,658 25,879 331,233 32,546
Escrow deposits 25,221 25,221
Other 25,102 25,102 fir,
Transfers from other funds 653,441 142,353 61,045 450,043
Investments matured 4,503,997 117,016 4,386,981
Total receipts $7,749,104 $1,455,350 $5,753,645 $540,109
Disbursements
Construction costs $1,116,977 $1,116,977
Bond retirement
Principal 848,035 $ 848,035
Interest 262,597 262,597
Fiscal agent charges 3,605 3,605 -`
•
Refund of escrow deposits 33,205 $ 33,205
Other 11,757 11,743 14
Transfers to other funds 248,344 122,250 76,012 50,082 -�
Investments purchased 5,256,803 370,792 4,444,019 441,992
Total disbursements $7,781,323 $1,610,019 $5,646,011 $525,293 ,,
Cash balance
(deficit) December 31, 1979 $ (124,774) $ (224,325) $ 82,234 $ 17,317
n
See accompanying Notes to Financial Statements.
-33-
ENTERPRISE FUNDS
Enterprise funds are established to account for
the financing of self-supporting activities of
governmental units which render services on a user
charge basis to the general public. The most
universal type of government enterprise is the
public utility engaged in the provision of such
basic services as water, electricity, and natural
gas. Sanitary sewer systems financed by user
charges have also assumed the status of public
utility operations in many urban areas, and many
cities have combined water and sewer systems under
the same management. Another type of government
enterprise in Minnesota is the Municipal Liquor
Operation.
EXHIBIT XXV
CITY OF FRIDLEY, MINNESOTA
ENTERPRISE FUNDS
"''•, BALANCE SHEETS
DECEMBER 3T, 1979
Public Christenson
Liquor Utility Building
Combined Fund Fund Fund
ASSETS
Current assets
Cash (deficit) $ (54,811 ) $ (2,458) $ (52,293) $ (60)
Investments, at cost 2,468,774 393,076 2,065,926 9,772
Accounts receivable 304,194 1,413 302,781
- Inventories, at cost 165,258 161,409 3,849
Prepaid expenses 47,438 5,163 42,275
Due from other funds 41,313 41,313
- Total Current assests $ 2,972,166 $558,603 $ 2,403,851
Restricted assets
Sinking account
'- Cash $ 9,333 $ 9,333
Investments, at cost 229,182 229,182
Accounts receivable - Metropolitan
Waste Control Commission 494,427 494,427
Total restricted assets $ 732,942 $ 732,942
Property, plant and equipment,
Substantially all at cost less
accumulated depreciation 12 003,718 $215,991 $11,787,727
Total assets , 08, $774,594 $14,924,520 9,
LIABILITIES AND RETAINED EARNINGS
Current liabilities .
Accounts payable $ 23,670 $ 245 $ 23,425
Bonds payable within one year 106,964 106,964
Total current liabilities $ 130,634 $ 245 $ 130,389 T-707:
Other liabilities
.. Bonds payable less portion due
within one year $ 418,286 $ 418,286
Deferred income 494,427 494,427
- Deposits payable 185 185
Total other liabilities $ 91Z,898 $ -0- $ 912,898
- Retained earnings
Contributions $10,166,680 $10,166,680
Invested in property, plant
and equipment 1,837,038 $215,991 1,621,047
Unappropriated 2,661,576 558,358 2,093,506 9,7
Total retained earnings $14,665,294 $774,349 $13,881,233 12
,
Total liabilities and
retained earnings $15,708,826 $774,594 $14,924,520 $9,712
- See accompanying Notes to Financial Statements.
-34-
EXHIBIT XXVI
CITY OF FRIDLEY, MINNESOTA
ENTERPRISE FUNDS - t
COMBINED STATEMENT OF INCOME AND CHANGES IN RETAINED EARNINGS
YEAR ENDED DECEMBER 31 , 1979
Public Christenson
Liquor Utility Building
Combined Fund Fund Fund
Sales and cost of sales
Sales $ 1 ,461 ,144 $1 ,461 ,144 ..
Cost of sales 1,185,282 1,185,282
Gross profit $ 275,862 $ 275,862
Operating income ..
Water sales and sewer rents $ 1,313,764 $ 1,313,764
Rental income 45,527 $45,527
Other 82,339 80,816
Total operating income $ 1,441,630 $ -0- $ 1,394,580 ,
Operating expenses $ 1,481,112 $ 203,210 $ 1 ,237,504 $40,398 _.
Operating income $ 236,380 $ 72,652 $ 157,076 $ 6,652
Other income and (expense)
Interest on investments $ 173,467 $ 29,813 $ 143,654
Other interest 35,637 1,413 34,224
Other income 21 ,494 13,526 7,968
Interest expense (24,273) (24,273)
Fiscal agent charges (209) (209)
Total other income and
(expense) $ 206,116 $ 44,752 $ 161 ,364
Net income $ 442,496 $ 117,404 $ 318,440 $ 6,652
Retained earnings January 1 $14,298,344 $ 741,933 $13,554,769 $ 1 ,642
Add
Current value credits received 13,033 13,033
Write-off of accounts payable 1,722 $ 12 292 $ 1,418
Deduct - transfers to other funds (90,301 ) (85,000) (5,301 )
Retained earnings December 31 $14,665,294 $ 774,349 $13,881,233 $ 9,712
See accompanying Notes to Financial Statements.
/'N
-35-
EXHIBIT XXVI
- CITY OF FRIDLEY, MINNESOTA
ENTERPRISE FUNDS
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED DECEMBER 31, 1979
Public Christenson
- Liquor Utility Building
Combined Fund Fund Fund
SOURCE OF FUNDS
Operations:
Net income for the year $442,496 $117,404 $318,440 $ 6,652
Items not requiring current
outlay of funds
Depreciation 115,649 8,312 107,337
$558,145 $125,716 $425,777 $ 6,652
Adjustment of accounts payable $ 1,722 $ 12 $ 292 $ 1,418
Metropolitan Waste Control
Commission credits received _ 13,033 13033
Total source of funds $572,900 $125,728 $439,102 $8,070
APPLICATION OF FUNDS
Adjustment of prior years interest $ 133 $ 133
Purchase of property and equipment 47,367 16,030 $ 31,337
"' Decrease in other liabilites
Deferred income 1,415 1,415
Deposits payable (45) (45)
Bonds payable less portion due within
one year 1 1
Transfers to sinking accounts 82,641 82,641
Transfers to other funds 90,301 85,000 5,301
Increase in working capital 351,087 23,150 319,867 $ 8,070
Total application of funds $572,900 $125,728 $439,102 $ 8,070
Various elements of net increase in
working capital
- Cash and investments $206,439 $(67,088) $263,688 $ 9,839
Accounts receivable 10,045 ( 1,729) 15,349 (3,575)
Inventory 5,907 5,681 226
Prepaid expenses 6,330 5,163 1,167
Accounts payable 80,779 81,123 ( 1,875) 1,531
Bonds payable within one year 275 (1)
Deferred income 275
Due from other funds 41,313 41,313
n. Increase in working capital 1351,087 $ 23,150 $319,867 $ 8,070
See accompanying Notes to Financial Statements.
-36-
EXHIBIT XXVIII
CITY OF FRIDLEY
LIQUOR FUND
BALANCE SHEET
DECEMBER 31, 1979 AND 1978
ASSETS 1979 1978
Current assets
Cash $ (2,458) $ 6,326
Investments, at cost 393,076 451,247
Accounts receivable - anti-trust 1,413 3,142
Inventory at cost 161,409 155,728 .,
Prepaid expenses 5,163
Total current assets $558,603 $616,443
Property, plant and equipment, substantially all at cost
Land and buildings $198,641 $198,641
Furniture, fixtures and equipment 77,967 62,538
Signs and automotive 14,229 13,628
Less accumulated depreciation 74 846) 66,534)
Net property, plant and equipment
$215,991
0
Total assets $774,594 $824,716
LIABILITIES AND RETAINED EARNINGS
Current liabilities
Accounts payable $ 245 $ 75,223
Accrued sales tax 6,145
Total current liabilities $ 245 $ 81,368
Reserve for anti-trust $ 1,415
Retained earnings $774,349 741,933
Total liabilities and retained earnings $774,594 $824,716
See accompanying Notes to Financial Statements.
-37-
EXHIBIT XXIX
CITY OF FRIDLEY, MINNESOTA
LIQUOR FUND
ANALYSIS OF CHANGES IN RETAINED EARNINGS
YEARS ENDED DECEMBER 31, 1979 AND 1978
1979 1978
Retained earnings January 1 $741,933 $707,306
Net income 117,404 119,607
Adjustment of accounts payable 12 20
Transferred to General Fund (85,000) (85,000)
Retained earnings December 31 $774,349 $741,933
/'N See accompanying Notes to Financial Statements.
-38-
EXHIBIT XXX
CITY OF FRIDLEY, MINNESOTA
LIQUOR FUND
STATEMENT OF INCOME
YEARS ENDED DECEMBER 31, 1979 AND 1978
Store No. 3 Store No. 4
Combined Store No. 2 Hwy. 65 Holly Center
. 1979 1978 1979 1978 1979 1978 1979 1978
Sales $1,461,144 $1,323,462 $776,716 $686,195 $684,428 $637,267
Cost of Sales 1,185,282 1,062,521 630,036 550,355 555,246 512,166
Gross Profit $ 275,862 $ 260,941 $146,680 $135,840 $129,182 $125,101
Percent of sales 18.9 19.7 18.9 19.8 18.9 19.6
I
GO 101,180 $ 91,019 $102,030 $ 90,388
1' Operating expenses $ 203,210 $ 181,407 $101,180
of sales 13.9 13.7 13.0 13.3 14.9 14.2
Operating profit $ 72,652 $ 79,534 45,500 $ 44,821 $ 27,152 $ 34,713
Percent of sales 5.0 6.0 5.9 6.5 4.0 5.4
Other income $ 44,752 $ 40,073 $2,781 $ 23,656 $ 19,359 $ 21,096 $ 17,933
Percent of sales 3.0 3.0 3.1 2.8 3.1 2.8
Net income $ 117,404 $ 119,607 $-0- $2,781 $ 69,156 $ 64,180 $ 48,248 $ 52,646
Percent of sales 8.0 9.0 8.9 9.3 7.0 8.2
See accompanying Notes to Financial Statements.
1 ___ l l l 1 l __ 1 __ l =_\ __l 1 __l __ 1 1 1 1 1 l
I ' 1 1 I 1 1 I I 1 )I 1 1 1 I 1 I 1 I
EXHIBIT XXXI
CITY OF FRIDLEY, MINNESOTA
LIQUOR FUND
STATEMENT OF OPERATING EXPENSES
YEARS ENDED DECEMBER 31, 1979 and 1978
Store No. 3 Store No. 4
Combined Hwy. 65 Molly Center
1979 1978 1979 1978 1979 1978
Operating expenses
Selling
Salary - clerks $ 90,269 $ 86,552 =:44,717 $42,536 $ 45,552
$44,016
Bags & wrapping 3,801 3,395 1,923 1,732 1,878 1,663
Uncollectable checks 1,113 543 572 191 541 352
Cash shortage 132 38 28 (10) 104 48
Licenses 53 108 27 54 26 54
• Sales tax shortage 99) $-50-54) 10 32 �109) (74)
$ 47,277 $44,535 I-47-992- $46,059
Percent of sales 6.5 6.9 6,1 6.5 7.0 7.2
Overhead
Utilities $ 10,524 $ 8,282 $ 6,345 $ 5,226 $ 4,179 $ 3,056
1 Insurance 17,956 13,667 9.282 6,971 8,674 6,696
o Rent 12,399 8,357 12,399 8,357
1 Laundry 1,262 1,100 510 619 652 481
Repair and maintenance 5,470 4,055 3,079 2,350 2,391 1,705
Supplies 1,183 594 639 342 544 252
Communications 1,093 1,126 686 531 407 595
Alarm service 873 561 289 315 584 246
Advertising 1,656 1,467 1,186 918 470 549
Depreciation 8,312 8,223 6,953 6,943 1,359 1,280
Other overhead expense 2,260 1 835 458 1,079 802 756
$ 62,988 x,267 X1 0 ,527 $25,294 $ 32,461 $23,973
Percent of sales 4.3 3.7 3.9 3.7 4.7 3.8
General
Management expense $ 20,904 $ 20,992 $ 10,870 $10,706 $ 10,034 $10,286
Inventory control 6,436 6,254 3,347 3,190 3,089 3,064
Accounting 10,719 7,568 5,574 3.860 5,145 3,708
Warehouse expense 32 16 16
Data processing 5,591 5,699 2,907 2,907 2,684 2,792
Other general overhead _-_,1 306 _-.,1 00] • 679 511 627 490
44,956 $ 41,345 1.23,377 $21,190 $ 21,579 $20,356
Percent of sales 3.0 3.1 3.0 3.1 3.2 3.2
Total operating expenses $203,213 $181,407 $101,181 $91,019 $102,032 $90,388
Total percent of sales 13.9 13.7 13.0 13.3 14.9 14.2
See accompanying Notes to Financial Statements.
EXHIBIT XXXII
CITY OF FRIDLEY, MINNESOTA
LIQUOR FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31 , 1979 AND 1978
1979 1978
SOURCE OF FUNDS
Operations:
Net income for the year $117,404 $119,607
Items not requiring current outlay of funds
Depreciation 8,312 8,223
$125,716 $127,830
Decrease in long-term contracts receivable 45,687 ..
Decrease in anti-trust receivables 1,495
Adjustment of accounts payable 12 20
Total source of funds $125,728 $175,032
APPLICATION OF FUNDS ^'
Adjustment of prior year interest $ 133
Purchase of property and equipment 16,030
Transfer to General Fund 85,000 $ 85,000
Decrease in deferred income 1,415 1,579
Increase in working capital 23,150 88,453 ..
Total application of funds $125,728 $175,032
Various elements of net increase in working capital:
Cash $ (8,917) $ 2,041
Investments (58,171 ) • 140,187
Accounts receivable (1 ,729) 1,643
Inventory 5,681 17,645
Contracts for deed receivable (6,917)
Accounts payable 74,978 (65,771 )
Accrued sales tax 6,145 (363)
Prepaid expenses 5 163 (12)
Increase in working capital s $ 88,453
See accompanying Notes to Financial Statements. n
-41-
'- EXHIBIT XXXIII
CITY OF FRIDLEY, MINNESOTA
PUBLIC UTILITY FUND
,, BALANCE SHEET
DECEMBER 31, 1979 AND 1978
1979 1978
ASSETS
Current assets
Cash (deficit) $ (520293) $ 4,855
Investments, at cost 2,065,926 1,745,090
Accounts receivable 302,781 287,432
Inventory of meters 3,849 3,623
Prepaid expenses 42,275 41,108
Due from other funds 41,313
Total current assets $ 2,403,851 $ 2,082,108
Restricted assets
Sinking accounts
Cash $ 9,333 $ 3,893
Investments, at cost 229,182 258,944
Accounts receivable - Metropolitan Waste Control Comm. 494,427 498,441
Total restricted assets $ 732,9 2 $ 761,278
Property, plant and equipment, substantially all at cost
Land and improvements $ 154,881 $ 152,793
Buildings 754,608 737,067
Machinery and equipment 1,915,270 1,903,563
Other improvements 123,909 123,909
Water and sewer lines 10,166,680 10,166,680
$13,115,348 $13,084,012
Less accumulated depreciation 11327,621 1,220,284
Net property, plant and equipment $11,787,727 $11,863,728
Total assets $14,924,520 $14,707,114
LIABILITIES AND RETAINED EARNINGS
Current liabilities
Accounts payable - other $ 23,425 $ 21,550
Bonds payable within one year 106,964 106,965
Total current liabilities $ 130,389 $ 128,515
Other liabilities
Bonds payable less portion due within one year $ 418,286 $ 525,249
Deferred income - Metropolitan Waste Control Commission 494,427 498,441
Deposits payable 185 140
Total other liabilities $ 912,898 $ 1,023,830
Retained earnings
Contributions from other funds $10,166,680 $10,166,680
Invested in property, plant and equipment 1,621,047 1,697,048
Unappropriated 2,093,506 1,691,041
Total retained earnings $13,881,233 $13,554,769
Total liabilities and retained earnings $14,924,520 $14,707,114
'- See accompanying Notes to Financial Statements.
-42-
EXHIBIT XXXIV
ti
CITY OF FRIDLEY, MINNESOTA
PUBLIC UTILITY FUND
ANALYSIS OF CHANGES IN RETAINED EARNINGS
YEARS ENDED DECEMBER 31, 1979 AND 1978
1979 1978
Retained earnings January 1 , before adjustments $13,554,769 $ 3,036,949
Adjustments --
Contribution of water and sewer lines 10,166,680
Elimination of other liability - deferred credit -0- 123,118
Retained earnings January 1, after adjustments $13,554,769 $13,326,747
Add
Net income $ 318,440 $ 227,337 e^
Current value credits received 13,033 13,158
Write-off of accounts payable 322 483
Deduct
Transfer out 553
Transfer out = Special Assessment Fund 4,748 12,956
Adjustment of accounts receivable 30
Retained earnings, December 31 $13,881,233 $13,554,769
See accompanying Notes to Financial Statements.
-43-
I I I I l I I I I I I I I I I I
EXHIBIT XXX.
CITY OF FRIDLEY, MINNESOTA
PUBLIC UTILITY FUND
STATEMENT OF INCOME
YEARS ENDED DECEMBER 31, 1979 AND 1978
1979 1978 1979 1978 1979 1978
Combined Combined Water Water Sewer Sewer
Operating income
Water sales and sewer rents $1,313,764 $1,319,213 $563,599 $551,300 $750,165 $767,913
Connection permits 5,524 6,119 1,737 1,950 3,787 4,169
Sales of materials and miscellaneous service 75,292 79,127 56,520 62,491 18,772 16,636
Total operating income $1,394,580 $1,404,459 $621,856 $615,741 $772,724 $788,718
Operating expenses
Source of supply $ 557,867 $ 591,356 $ 37,607 $ 1,895 $520,260 $589,461
Power and pumping 126,542 135,392 97,261 106,780 29,281 28,612
Purification 70,897 46,047 70,897 46,047
Transmission and distribution 252,518 291,568 127,254 134,946 125,264 156,622
Customer accounting and collecting 80,909 77,967 53,243 53,778 27,666 24,189
- Administrative and general 41,434 47,523 33,276 33,187 8,158 14,336
I Depreciation 107,337 110,135 93,818 96,130 13,519 14,005
Total operating expenses $1,237,504 $1,299,988 $513,356 $472,763 $724,148 $827,225
Operating income (loss) $ 157,076 $ 104,471
$108,500 $142,978 $ 48,576 $(38,507)
Other income and (expense)
Interest on investments - operating account $ 143,654 $ 112,530
Interest on investments - sinking account 16,534 18,083
Other interest - operating account 17,690 17,819
Connection charges 7,968 3,561
Interest expense (24,273 ) (28,964)
Fiscal agents' charges - sinking accounts (209) (163)
Total other income and (expense) $ 161,364 $ 122,866
Net income $ 318,440 $ 227,337
See accompanying Notes to Financial Statements.
EXHIBIT XXXVI
CITY OF FRIDLEY, MINNESOTA
PUBLIC UTILITY FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31 , 1979 AND 1978
1979 1978
SOURCE OF FUNDS
Operations
Net income for the year $318,440 $227,337
Items not requiring current outlay of funds
Depreciation 107,337 110, 135
$425,777 $337,472
Metropolitan Waste Control Commission credits received $ 13,033 $ 13,158
Sale of fixed assets 1,797
Write-off of accounts payable (receivable) 292 483
Total source of funds $439,102 $352,910
APPLICATION OF FUNDS
Purchase of property and equipment $ 31,337 $ 22,709 ,
Decrease in other liabilities ,
Deposits payable (45) 668
Bonds payable less portion due within one year 1 5,241
Transfers to sinking accounts 82,641* 83,316*
Transfers to other funds - Special Assessment Fund 4,748 12,956
Transfer to other funds 553 -•
Increase in working capital 319,867 228,020
Total application of funds $439, 102 $352,910 �.
Various elements of net increase in working capital - -
Cash and investments $263,688 $192,830
Accounts receivable 15,349 15,282
Inventory 226 252
Prepaid expenses 1 ,167 39,040
Accounts payable ( 1 ,875) ( 14,143) ^
Bonds payable within one year ( 1) (5,241 )
Due from other funds 41 ,313
Increase in working capital $319,867 $228,020
*Net of bonds paid less decrease in restricted assets - sinking accounts
See accompanying Notes to Financial Statements.
-45- ..
EXHIBIT XXXUII
CITY OF FRIDLEY, MINNESOTA
CHRISTENSON BUILDING FUND
BALANCE SHEET
DECEMBER 31, 1979 AND 1978
ASSETS 1979 1978
Cash & Investments (deficit) $9,712 $( 127)
Accounts receivable $600 $3,575
Less Reserve for doubtful accounts 600 3,575
Total assets $9,712 $3,448
LIABILITIES AND RETAINED EARNINGS
Liabilities
Accounts payable $1,531
Deferred income 275
Retained earnings - Unappropriated $9,712 $1,642
Total liabilities and
retained earnings $9,712 $3,448
CHRISTENSON BUILDING FUND
ANALYSIS OF CHANGES IN RETAINED EARNINGS
YEARS ENDED DECEMBER 31 , 1979 AND 1978
-- 1979 1978
Retained earnings January 1 before Adjustments $1,642
Adjustments
Accounts payable canceled 1,418
Retained earnings January 1 after Adjustments $3,060 $ -0-
Add net income 6,652 1,642
Retained earnings December 31 $9,712 $1,642
See accompanying Notes to Financial Statements.
-46-
EXHIBIT XXXVIII
CITY OF FRIDLEY, MINNESOTA
CHRISTENSON BUILDING FUND
• STATEMENT OF INCOME 7
YEARS ENDED DECEMBER 31 , 1979 AND 1978
1979 1978
Operating income
Rent $45,527 $14,805
Other income 1,523
Total operating income $47,050 $14,805
Operating expenses
Salaries $ 1,186
Professional services 821 $ 25 -.
Rent 20,181 6,800
Taxes 14,474 4,761
Repair and maintenance 2,689
Insurance 578 1,441
Other operating expenses 126 16
Lot maintenance 343 120
Total operating expenses $40,398 $13,163
Net income $ 6,652 $ 1,642
CITY OF FRIDLEY, MINNESOTA
CHRISTENSON BUILDING FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31, 1979 AND 1978
SOURCE OF FUNDS 1979 1978
Operations
Net income for the year $ 6,652 $ 1,642
Write off of accounts payable 1,418
$ 8,070 $ 1,642
APPLICATION OF FUNDS
Increase in working capital $ 8,070 $ 1,642
Various elements of net increase in working capital
Cash and Investments $ 9,839 $ (127)
Accounts receivable (3,575) 3,575
Accounts payable 1,531 (1 ,531 )
Deferred income 275 (275)
Increase in working capital $ 8,070 $ 1,642 rTh
See accompanying Notes to Financial Statements.
-47- "�
•
TRUST AND AGENCY FUNDS
Trust and Agency Funds account for assets held by
the City as a trustee or agent for individuals,
private organizations, and other governmental
units.
•
EXHIBIT XXXIX
CITY OF FRIDLEY, MINNESOTA
TRUST AND AGENCY FUND
BALANCE SHEETS
DECEMBER 31, 1979
ASSETS
Cash (deficit)
$17,254
Total assets $17,254
LIABILITIES AND FUND BALANCE
Liabilities
Deposits payable
$16;243
Fund balance (deficit) 1,011
Total liabilities and fund balance $17,254
See accompanying Notes to Financial Statements.
-48-
EXHIBIT XXXX
CITY OF FRIDLEY, MINNESOTA
TRUST AND AGENCY FUND
ANALYSIS OF CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1979
Fund balance (deficit) January 1 , 1979 $ -0-
Revenue 14,365
Expenditures 13,354
Fund balance December 31 , 1979 $ 1,011
See accompanying Notes to Financial Statements.
-49- --
EXHIBIT XXXXI
CITY OF FRIDLEY, MINNESOTA
TRUST AND AGENCY FUND
STATEMENT OF REVENUE AND EXPENDITURES
YEAR ENDED DECEMBER 31, 1979
Revenue
Fees $13,304
Interest on investments 1,061
Total revenue $14,365
Expenditures
Other $13,354
Total expenditures $13,354
Revenue over (under) expenditures $ 1,011
See accompanying Notes to Financial Statements,
-50-
GENERAL FIXED ASSETS
GROUP OF ACCOUNTS
General Fixed Assets are those fixed assets of a
governmental jurisdiction which are not accounted
for in an Enterprise, Working Capital , or Trust
Fund. To be classified as a fixed asset in this
category, a specific piece of property must possess
these attributes:
(1 ) tangible nature; (2) a life longer than the
current fiscal year; and (3) a significant value.
Whdriv 10 &-i +'` EXHIBIT X X X I I
Msue CI\v\ 1N*girrjdl
i
~ CITY OF FRIDLEY, MINNESOTA
STATEMENT OF GENERAL FIXED ASSETS
DECEMBER 31, 1979
General fixed assets
°
Land
$ 1,656,320
Building and structures `;b�. 1,200,801 10
Improvements other than buildings 9 a 740 11,709,629 V)
Furniture, fixtures, and office equipment S4 711 273,957 S
Machinery and equipment 1, 188,030 1
lyi Sa3
Specialized equipment 1a
4W 59,043 3
Construction in progress 1,639,954
Total general fixed assets $17,727,734
Investment in general fixed assets f
Special assessments $11,716,292
State aid 302,497
General Fund 3,638,283
Other funds 510,174
Liquor Fund
15,421
Contributions 676,969
General obligation bonds 856,597
Public Utility Fund 2,522
Grants
8,979
Total investment in general fixed assets
$17,727,734
°
See accompanying Notes to Financial Statements.
-51-
•
EXHIBIT XXXXIII
CITY OF FRIDLEY, MINNESOTA
SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTIONS AND ACTIVITIES
YEAR ENDED DECEMBER 31, 1979
Furniture
Other and Specialized
Total Land Buildings Improvements Machinery Equipment Equipment
General Government
City Manager $ 27,331 $ 7,344 $ 19,696 $ 291
Accounting 58,173 58,173
Assessing 7,379 7,379
Elections 24,681 24,681
Planning 17,646 5,850 11,796
Civic Center 713,139 $ 18,448 $ 664,690 30,001
Total General Government $1 848,349 $ 18,448 $ 664,690 $ 13,194 $151,726 $ 291
Public Safety $ TS 1,692 $ 34,140 5,439
Police Protection $ 191,271 $
Fire Protection 343,781 $ 70,281 238,965 15,115 19,420
Inspectional Services 2,001 1,626 375
Civil Defense 29,069 26,980 2,089
cn
'� Total Public Safety $ 566,122 $ 70,281 $ 419,263 $ 51,344 $25,234
Public Works
Engineering $ 52,353 $ 26,931 $ 24,982 $ 440
Street Improvements 7,327,081 $ 5,103 $ 6,857,445 464,533
Water, Sewer and
Storm Sewer 4,333,716 4,333,716 3 ,7
Traffic Signal 101,561
City Garage 464,784 97,940 333,114 21,701 11,827 202
Total Public Works $12,279,495 $ 103,043 $ 333,114 $11,292,722 $ 513,165 $ 36,809 $ 642
Parks/Naturalist
Parks $2,319,784 $1,527,409 $ 119,702 $ 384,920 $ 228,778 $ 26,099 $32,876
Naturalist 74,030 7,420 13,014 31,987 13,630 7,979
Total Parks Naturalist $ 2,393,814 $1,534,829 $ 132,716 $ 416,907 $ 242,408 $ 34,078 $32,876
Total General Fixed
Assets Allocated
to Functions $16,087,780 $1,656,320 $1,200,801 $11,709,629 $1,188,030 $273,957 $59,043
Construction in Progress $ 1,639,954
Total Fixed
Assets $17,727,734
See accompanying Notes to Financial Statements.
_1 ! - 1 _1 , .l l l _, _1 1 1 1 J
J
EXHIBIT XXXXIV
CITY OF FRIDLEY, MINNESOTA
STATEMENT OF CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION, ACTIVITY AND SOURCE
YEAR ENDED DECEMBER 31, 1979
- Function January 1 , 1979 Additions Deductions December 31 , 1979
General Government
- City Manager $ 27,040 $ 291 $ 27,331
Accounting 54,610 3,563 58,173
Assessing 6,788 591 7,379
Elections - voter registration 24,681 24,681
Planning 17,646 17,646
Civic Center 712,583 556 713,139
$ 843,348 $ 5,001 $ -0- $ 848,349
Public Safety
Police protection $ 141,178 $ 50,093 $ 191 ,271
Fire protection 324,361 19,420 343,781
- Inspection services 1,626 375 2,001
Civil Defense 29,069 29,069
$ 496,234 $ 69,888 $ -0- $ 566,122
Highways
Engineering $ 52,353 - $ 52,353
Street improvements 6,625,995 $ 701,086 7,327,081
Water, sewer and storm sewer 4,312,685 21 ,031 4,333,716
Traffic signals 101 ,561 101,561
City Garage 373,860 90,924 464,784
"` $11,466,454 $ 813,041 $ -0- $12,279,495
Parks
- Parks $ 1,825,925 $ 493,859 $ 2,319,784
Naturalist 39,996 34,034 74,030
$ 1,865,921 $ 527,893 $ -0- $ 2,393,814
-
Construction in progress T 965,110 $1,523,349 $848,505 $ 1,639,954
Total $15,637,067 $2,939,172 $848,505 p17,727,734
Source
Special assessments $10,686,180 $1,725,187 $695,075 $11,716,292
-- State aid 236,883 65,614 302,497
General fund 2,959,615 678,668 3,638,283
Other funds 193,901 469,703 153,430 510,174
-. Liquor fund 15,421 15,421
Contributions 676,969 676,969
General obligation bonds 856,597 856,597
Water/ Sewer Public Utility Fund 2,522 2,522
Grants 8,979 8,979
J^ Total $15,637,067 $2,939,172 $848,505 $17,727,734
See accompanying Notes to Financial Statements.
-53-
GENERAL LONG - TERM DEBT
GROUP OF ACCOUNTS
General obligation bonds and other forms of long-
term debt supported by general revenues are
obligations of a governmental unit as a whole and
not its individual constituent funds. Moreover,
the proceeds of such debt may be spent on facilities
which are utilized in the operations of several
funds. For these reasons, the amount of unmatured
long-term indebtedness which is backed by the full
faith and credit of the government should be recorded
and accounted for in a separate self-balancing group
of accounts titled the "General Long-Term Debt Group
of Accounts." This debt group will include, in
addition to conventional general obligation bonds,
time warrants and notes which have a maturity of
more than one year from date of issuance.
EXHIBIT XXXXV
CITY OF FRIDLEY, MINNESOTA
STATEMENT OF GENERAL LONG-TERM DEBT
YEAR ENDED DECEMBER 31, 1979
Amount available and to be provided for the payment
of general long-term debt
Amount available in General Debt Service Fund $ 64,383
Amount to be provided by future taxes 272,766
Total available And to be provided $337,149
General long-term debt payable
Serial Bonds $230,000
Contracts - City Garage and Garage Addition 65,836
Due to Public Utility Fund 41,313
Total general long-term debt payable $337,149
See accompanying Notes to Financial Statements.
-54-
FINANCIP.L SEC 'ION BY FUND III
THE GENERAL FUND
The General Fund accounts for all revenues and
expenditures of a governmental unit which are
not accounted for in other funds, and it is
usually the largest and most important accounting
activity for state and local governments. It
normally receives a greater variety and number of
taxes and other general revenues than any other
fund. This fund has flowing into it such revenues
as general property taxes, licenses and permits ,
fines and penalties , rents , charges for current
services, state-shared taxes, and interest earnings.
The fund's resources also finance a wider range of
activities than any other fund. Most of the current
operations of governmental units will be financed
from this fund.
S1N3W31N1S 1VIONVNI3
01 S310N
CITY OF FRIDLEY, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31 , 1979
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Fridley conform to generally accepted
accounting principles. The following is a summary of the significant policies:
Basis of Accounting
Governmental Funds. Revenue and expenditures are recognized on the modified
accrual basis. Under the modified accrual basis, revenue is recognized in
the accounting period in which they become available and measurable.
Expenditures are recognized in the accounting period in which the fund
incurred the liability, if measurable, except for unmatured interest on
general long-term debt and special assessment debt.
Proprietary Funds. Income and expenses are recognized on the accrual
basis. Under the accrual basis, income is recognized in the accounting
period in which they are earned and become measurable; expenses are
recognized in the period incurred, if measurable.
The following transactions are accounted for as described below:
General Property Taxes. Revenue is recognized in the year of anticipated
collection, with amounts due from the County and received early in the
following year set up as a receivable (unremitted taxes) . Allowances are
provided for the full amount of delinquent taxes receivable. This procedure
has the effect of recognizing general property taxes as revenue when cash is
received because of the uncertainty of collection of the delinquent amount.
Interest Revenue on Special Assessments Receivable. Interest revenue is
recognized in the year of anticipated collection oT the current principal
installment.
Interest Expense on General Bonded Indebtedness, Special Assessment Bonds
and Utility Revenue Bonds. Interest expense is recorded as an expenditure
when paid; interest is not accrued unless fully matured and not paid.
Bond and Interest Payments Due January 1 . Expenditures are recognized when
amounts are remitted to the paying agent (usually in December) for payment
of bonds and interest.
Investments. Investments are carried at cost, which approximates market.
Cost includes principal, accrued interest and premium or discount.
Investment revenue is recorded as earned and is allocated to the respective
funds on the basis of applicable participation by each fund.
-55-
CITY OF FRIDLEY, MINNESOTA _
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31 , 1979 —
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Inventories. Inventories held by the General Fund and Enterprise Funds are
stated at cost which is lower than market on a first-in first-out basis and
accounting controls are maintained under a perpetual system. The only other _
items of inventory would be a small quantity of supplies which were expensed
when purchased.
Property, Plant and Equipment-Enterprise Funds. The property, plant and '-
equipment of the Enterprise funds are stated at cost. Depreciation has been
provided using the straight-line method over the estimated useful lives of
the assets. No depreciation has been taken on water and sewer lines as
Council has adopted a policy of not depreciating assets contributed by other
funds. If depreciation had been charged on those assets financed by other
funds, the income of the Public Utility Fund would have been $112,628, a —
decrease of $205,812.
General Fixed Assets. General Fixed Assets purchased are recorded as
expenditures 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 the general fixed assets.
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."
Budget. A plan of financial operation is set forth in the annual budget _
adopted by the City Council . The amounts shown in the financial statements
represent the original budgeted amount and all revisions made during the
year.
NOTE 2 - PENDING LITIGATION
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. At the present time, there is no significant
litigation pending not covered by the City's insurance. The City is involved
in several litigations; however, any liability on these cases is covered by an
adequate amount of liability insurance.
-56- —
CITY OF FRIDLEY, MINNESOTA
_ NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31 , 1979
NOTE 3 - DEFERRED CREDIT -
METROPOLITAN WASTE CONTROL COMMISSION (PUBLIC UTILITY FUND)
The deferred credit of the Public Utility Fund represents:
1 . The City's share of equity in the City's sewer interceptors is
$378,290 (the interceptors were acquired by the Commission on January
1 , 1971 ) . This receivable will be paid to the City in annual
installments with interest through 1999. Repayment will be made by
issuing credits against future disposal charges from the Commission.
2. The amount of $45,684, which will be repaid with interest through
1988, is for advances made to the Commission during 1971 and 1972.
3. The remaining balance of $70,453 represents the final cost allocation
for 1978. This amount will be credited against disposal charges from
the Commission in 1980.
NOTE 4 - PENSION PLANS (ALL FUNDS)
The City has no pension funds as such. Other agencies are responsible for the
administration of all of the pension plans covering City employees. Employees
of the City of Fridley are covered by five pension plans: 1 ) Fridley
Volunteer Firefighter's Relief Association for volunteer firefighters; 2)
Fridley Police Pension Association for police officers hired prior to December
15, 1975; 3) Public Employees Retirement Association (P.E.R.A. ) Police and
Fire Plan covering the City's full-time firefighters and newly-hired police
officers; 4) the basic Public Employees Retirement Association (P.E.R.A.)
covering certain other City civilian employees; and 5) the Coordinated Public
Employees Retirement Association (P.E.R.A.) which covers the balance of the
City civilian employees. The employees covered by the Coordinated P.E.R.A.
Plan are also covered by Social Security.
The City is currently making all pension contributions required by law.
A brief explanation of each of the pension plans follows:
1 . Fridley Volunteer Firefighters ' Relief Association
As of December 31, 1979, there were thirty-seven active volunteer
firefighters covered by this pension system. The employer's
contribution in 1979 was $52,043. The pension plan provides benefits
for volunteer firefighters only. It provides no benefits for full-time
firefighters. The City's full-time firefighters are covered by the
P.E.R.A. Police and Fire Plan. The Fridley Volunteer Firefighters '
Relief Association plan is actuarially sound; an audit report prepared
by the State Auditor's Office as of December 31, 1979 shows an actuarial
surplus in the Fund of $143,860. Funding for the pension plan is
provided entirely from the 2% rebate received from the State of
Minnesota. The source of revenue for this rebate is a 2% levy on all
fire insurance premiums written in the City of Fridley. In 1979 this
source of revenue provided $52,043 to the Fund which was in excess of
the amount needed to meet the normal pension requirements.
-57-
CITY OF FRIDLEY, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31 , 1979
NOTE 4 - PENSION PLANS (ALL FUNDS) (CONTINUED)
2. Fridley Police Pension Association
The Fridley Police Pension Association was incorporated on December 26,
1966 to be effective January 1, 1967. On December 31 , 1979, the plan --
covered twenty-four active orn police officers. In 1979, the
employer 's contribution wa 1121 ,8 An actuarial report prepared for
the Fridley Police Pension • ion by Gabriel , Roeder, Smith & —
Company shows an unfunded actuarial deficit of $588,573 as of December
31 , 1978. Assets of the Association were shown as $1 ,265,283 and total
liabilities of $1 ,853,856.
On December 15, 1975, the City Council adopted an ordinance which had
the effect of placing all newly-hired police officers in the state-wide
P.E.R.A. Police and Fire Plan. This action of the City Council had the
effect of substantially reducing the City's liability for newly-hired
officers as the statewide P.E.R.A. Police and Fire Plan has retirement
benefits less liberal than those of the Fridley Police Pension —
Association. This action of the City Council has been upheld by the
Minnesota District Court. In addition, a special bill was adopted by
the State Legislature with an effective date of July 11, 1977, which
also provided for putting new officers in P.E.R.A. The special Bill
requires that the deficit in this fund be retired by 2010.
The normal cost of the pension plan is 24.03% of payroll , according to —
Gabriel , Roeder, Smith & Company, actuaries. In addition to meeting
this normal cost, the 1969 Guidelines Act requires that interest on the
deficit in the amount of 5% be paid to the Association. This is the —
funding level that is required to be reached by the year 1980. The
interest on the deficit amounts to approximately 3.9% of payroll . The
total funding requirements of the plan, therefore, are approximately —
27.93% of covered payroll with the employees contributing 8% and the
City 19.93%.
The City receives a 2% surcharge on automobile insurance policies —
written in the City. This is channeled through the State of Minnesota
to the City for the purpose of helping to pay the employer 's share of
pension costs. In 1979, this amounted to $62,983. The City contributed —
$65,542 of its own money during 1979. The total contribution to the
fund for the employer's share was $125,525. This compares with a normal
cost for the employer's share of--Tre--plan, assuming there was no _
deficit, of $80,584. The amount the City and the employees contributed
is in excess of the level of funding that must be reached by 1980.
Because of the Council 's action in placing newly-hired police officers
in the statewide P.E.R.A. Police and Fire Plan, the Fridley Police —
Pension Association Plan will eventually be phased out. It is the
-58-
CITY OF FRIDLEY, MINNESOTA
NOTES TO THE FINANCIAL STATEEMTNS (CONTINUED
-- DECEMBER 31 , 1979
NOTE 4 - PENSION PLANS (ALL FUNDS) (CONTINUED)
— 2. Fridley Police Pension Association (continued)
intent of the City to meet or exceed the funding requirements as
provided by the Guildeines Act for this pension plan and to retire the
deficit entirely on or before 2010 as is provided for by State
legislation. The City bears the ultimate funding responsibility for the
fund except for the amount contributed by the employees.
3. Public Employees Retirement Association - Police and Fire Plan
As of December 31, 1979, there were eleven full-time employees in the
statewide P.E.R.A. Police and Fire Plan. The employer 's contribution in
1979 was $21 ,122.17. The normal cost of this plan is 20% of payroll .
The employee contributes 8% of payroll and the employer contributes
— 12%. According to the Financial Report of the Public Employees
Retirement Association, this plan was 86% funded as of June 30, 1979.
The City's funding responsibility is limited to the 12% employer 's
-- contribution.
4. Basic Public Employees Retirement Association Plan
On December 31, 1979, there were thirty permanent employees covered by
the statewide Basic Public Employees Retirement Association Plan.
Employees under this plan are not covered by Social Security. This is a
statewide pension system covering local government employees throughout
the State of Minnesota with the exception of the City of Minneapolis.
The normal cost of this pension plan is 16% of payroll plus 2-1/2% to
-- make up the actuarial deficit. Employees contribute 8% of payroll , and
employer contibutes 8% plus an additional 2-1/2% which is applied toward
the acutuarial deficit. The City's contribution to this plan was
$56,490.86 in 1979. State law provides that the actuarial deficit is to
be retired by 1997. According to the Financial Report, the plan was 57%
funded as of June 30, 1979.
5. Coordinated Public Employees Retirement Association
As of December 31, 1979, there were fifty-seven permanent employees and
twenty-six temporary employees covered under this plan. The employer's
contribution in 1979 was $51 ,028.84. Employees covered by this plan
receive approximately one-half of the benefits of those employees
covered by the Basic P.E.R.A. Plan. In addition, they receive Social
Security benefits, The normal cost of this plan is 8% of payroll plus
an additional 1-1/2% to make up the actuarial deficit of the fund. The
employee contributes 4% of payroll and the employer 4% of payroll, plus
an additional 1-1/2% to retire the actuarial deficit. Under State law,
the actuarial deficit is scheduled to be retired by 1997. The Financial
Report shows the plan was 112% funded as of June 30, 1979. The City's
responsibility is limited to the 5.5% contribution. The funding rate
for the Basic and Coordinated P.E.R.A. plans, taken as a whole, was 71%
on June 30, 1979. CETA employees are covered by Social Security, but no
other pension plan.
-59-
CITY OF FRIDLEY, MINNESOTA —
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31 , 1979
NOTE 5 - LEASES
The City leases space for Liquor Store No. 4 at the Holly Shopping Center, —
6586 University Avenue Northeast. A new eight-year lease was entered into on
October 30, 1978 which provides for the following rental payments effective
May 1 , 1979: —
$13,600 per annum for each of the first four lease years
$13,192 per annum for each of the fifth throught eighth years —
In addition to the above amounts, the City is required to pay $61 each month
for the first four years of the lease for lot maintenance and $73 per month
during the fifth through the eighth years for lot maintenance. The City will —
also share on a pro rata basis any increase in taxes over the base year of
1978.
In addition, the City has a lease-purchase agreement for the purchase of real
estate located within Fridley, known as the Christenson property. The
agreement expired July 31 , 1979 but contained provision for two one-year
extensions. The City has the option of purchasing the property for $275,000.
Presently the City pays $1 ,700 per month rent, or $20,400 annually, plus all
other operating expenses. —
NOTE 6 - BONDED DEBT
The City had four types of bonded debt outstanding at December 31 , 1978. They
were: 1 ) general obligation bonds for the Civic Center, 2) general obligation
improvement bonds, 3) general obligation utility revenue bonds, and 4) public
utility revenue bonds.
The general obligation bonds are payable solely from general property taxes.
The general obligation improvement bonds and general obligation utility —
revenue bonds are payable primarily from other sources such as special
assessments and utility revenue, respectively, with any deficiency to be
provided for by general property taxes. The public utility revenue bonds are —
payable solely from the revenue of the City's utilities fund. See the
supplemental information for schedules of bond and interest maturities.
NOTE 7 - REVENUE BONDS
At December 31 , 1979, the Public Utility Fund had $525,250 of revenue bonds —
outstanding. The net income of the Public Utility Fund, together with general
property taxes has been pledged to pay the principal and interest on the
bonds. The City has not had to levy taxes for the payment of these bonds or
interest.
-60-
-- CITY OF FRIDLEY, MINNESOTA
NOTES TO THE FINANCIAL STATEMENT (CONTINUED)
DECEMBER 31 , 1979
NOTE 8 - BOND CONVENANTS
The revenue bond issues have specific covenants which are to be followed by
the City. The City has complied with these covenants.
Note 9 - Industrial Revenue Bonds
On December 31 , 1979 the following industrial development revenue bond issues
Were outstanding:
Safetrans Corporation $1 ,500,000
Perlman-Rocque Company 2,500,000
Medtronics Corp. 1,000,000
$5;000,000
NOTE 10 - VACATION AND SICK LEAVE
The General Fund balance sheet as presented reflects the City's accrued
liability for vacation benefits for all City employees. It also includes the
estimated potential liability for sick leave benefits for all City employees.
The City' s liability for sick leave accrual was estimated on the basis of
one-third of the total sick leave accumulations for all City employees.
NOTE 11 - FIXED ASSETS
Property, plant and equipment, and construction work in progress are stated at
cost, estimated cost, or market value at the date of gift.
General Fixed Assets
Property, plant and equipment, and construction work in progress are recorded
as expenditures of the General , Special Revenue, Capital Projects, Special
Assessments, and Trust and Agency Funds at the time of their purchase. Such
assets are then capitalized in the General Fixed Assets group. No
depreciation is provided for these assets.
Enterprise Funds
Property, plant and equipment are capitalized when purchased, and depreciation
is recorded using the straight-line method applied over the useful life of the
asset. Depreciation rates are summarized as follows:
Water and Sewer lines 2% annually
Buildings 5% annually
Furniture & Fixtures 10% annually
Automotive Equipment 20% annually
-61-
STATISTICAL SECTION IV
TABLE 1
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND EXPENDITURE ANALYSIS BY FUNCTION
YEARS ENDED DECEMBER 31, 1970 THROUGH 1979
General Civic Public Public Parks and
Year Government Center Safety Works Recreation Total
1970 $230,473 $50,051 $ 565,629 $ 352,661 $327,552 $1 ,526,366
1971 255,423 53,809 621,908 418, 167 341,533 1,690,840
1972 293,510 56,562 652,201 453,682 351 ,739 1 ,807,694
1973 310,866 62,076 848,448 495,006 407,943 2,124,339
1974 357,012 61 ,449 893,201 675,381 493, 160 2,480,203
1975 436,032 77,753 1,016,774 755,904 582,982 2,869,445
1976 476,286 80,067 1, 146, 181 879,626 699,304 3,281,464
1977 484,663 109,647 1,239,730 928,742 839, 151 3,601,933
1978 572,381 102,444 1 ,446,302 1 ,028,594 822,095 3,971 ,816
1979 586,836 121,937 1,499,660 1,021,464 1 ,050,466 4,280,363
. -62-
TABLE 2
CITY OF FRIDLEY, MINNESOTA
GENERAL FUND REVENUE BY SOURCE
YEARS ENDED DECEMBER 31 , 1970 THROUGH 1979
Charges Inter- -
General Licenses, for govern- Inter-
Property Permits Current mental Fund Other Total
Year Tax and Fines Services Revenue Transfers Revenue Revenue -
1970 $ 894, 153 $ 96,994 $ 45, 172 $ 331 ,699 $157,890 $ 73,340 $1 ,599,248
1971 955,838 120,061 56,254 395,384 239,000 67,012 1 ,833,549
1972 973, 103 192,456 47,761 541 ,938 156,500 90,056 2,001 ,814
1973 1 ,087,173 157,703 57,100 502,955 263,245 93,012 2,161 ,188
1974 1 ,344,632 179, 142 58,243 601 ,266 323,690 112,568 2,619,541
1975 1 ,619,966 174,630 59,936 648,872 335,693 115,753 2,954,850
1976 1 ,762,205 210,904 63,200 811 ,406 385,388 179,736 3,412,839
1977 1 ,703,364* 270,409 99,755 1 ,346,412 384,743 235,752 4,040,435
1978 1 ,846,370* 265,657 104,069 1 ,576,630 388,628 285,311 4,466,665
1979 1 .948,751* 303,639 103,267 1,646,918 417,000 400,317 4,819,892
*Homestead credit received for these years is reported as part of Inter-governmental
Revenue rather than the General Property Tax source.
-63-
TABLE 3
CITY OF FRIDLEY, MINNESOTA
TAX LEVIES AND TAX COLLECTIONS
YEARS ENDED DECEMBER 31 , 1970 THROUGH 1979
Collections Percentage Collection
of Current of Levy of Prior Ratio
Year 's Taxes Collected Year 's Taxes of Total
Year Total during Fiscal during Fiscal during Fiscal Total Collections
Collected Tax Levy Period Period Period Collections to Tax Levy
1970 $1 ,068,629 $1 ,038,922 97.22% $12,177 $1 ,051 ,099 .9836: 1
1971 1 ,215,586 1 ,136,296 93.48 27,563 1 ,163,859 .9574: 1
1972 1 , 139,871 1 , 119,975 98.25 75,812 1 , 195,787 1 .0491 : 1
1973 1,260,386 1 ,245,095 98.79 30,551 1 ,275,646 1 .0121 : 1
-- 1974 1 ,389,672 1 ,365,737 98.28 18,974 1 ,384,711 .9964: 1
1975 1 ,662,544 1,629,395 98.01 29,767 1,659, 162 .9980: 1
1976 1 ,854,061 1 ,812,739 97.77 32,401 1 ,845, 140 .9952: 1
1977 2,057,083 2,033,169 98.84 39,505 2,072,674 1 .0076: 1
1978 2, 199,318 2,177,318 99.00 48,922 2,226,240 1 .0122: 1
1979 2,348,124 2,318,648 98.74 41,503 2,360,151 1 .0051 : 1
Note: Taxes collected include the "Homestead Credit" remitted directly to the City
from the State of Minnesota. This amounted to $340,075 in 1979.
— -64-
TABLE 4
CITY OF FRIDLEY, MINNESOTA
ASSESSED VALUE AND ESTIMATED MARKET VALUE OF ALL TAXABLE PROPERTY
(SHOWN BY YEAR OF COLLECTIBILITY)
YEARS ENDED DECEMBER 31, 1971 THROUGH 1980
Fiscal Period Fiscal Period
19/1 1972 1973 19/4 1975 1976 1977 1978 1979 1980
Population 29,636 30,340 31,143 (2) 32,542 32,486 (3) 31,570 31,940 31,940*** 33,450 32,664
Real property
Estimated market value $215,276;076 $224,892,331 $266,730,657 294,$ 415,,5x299 $325,394,031 $367,264,013 $405,285,288 $456,038,596 $474,610,022 $555,096,298
Assessor's L11V 1 6/,811,964 $ 69,941,515 $242,991,629 $270,273 4 $288,949,935 $327,232,236 $363,541,172 $408,865,261 $458,973,683 $522,308,032
Assessed value
Homestead $ 5,271,642 $ 5,295,419 $ 16,233,935 $ 16,582,864 $ 17,104,208 $ 17,644,329 $ 19,607,606 $ 20,453,732
$ 21,633,558 $ 24,392,539
Excess and non-homestead 18,649,587 19,425,726 73,166,443 84,043,948 90,832,944 105,665,396 117,424,505 124,640,289 134,204,943 141,946,084
Area-wide allocation (3,140,753) (4,541,034) (4,812,211) (6,271,738) (7,376,217) (8,858,508)
Tax-increment value
Taxable value $ 23,92T,229 $ 24 721,145 $ 89,400,378 $100,626,812 (954,050)
$104,796,399 $118,768,691 $132,219,900 $138,822,283 $148,462,284 ;156,526,065
Personal Property
Estimated market value
Taxable property $ 32,262,943 $ 36,379,141 $ 15,796,166 $ 17,323,420 $ 18,183,599 $ 18,073,064 $ 18,167,447 $ 19,340,803 $ 17,424,500 $ 17,899,900
Exempt property 10,593,848
Total market value $ 42,856,791 $ 36,379,141 $ 15,796,166 $ 17,323,420 $ 18,183,599 $ 18,073,064 $ 18,167,447 $ 19,340,803 $ 17,424,500 $ 17,899,900
Assessor's value
Taxable property $ 10,162,827 $ 11,313,913(1)$ 14,390,307 $ 15,902,900 $ 16,147,000 $ 16,103,100 $ 16,296,200 $ 17,348,700 $ 17,424,500 $ 17,899,900
I Exempt property 3,337,062
rn Total assessor's value $ 13,499,889 $ 11,31,913 $ 14,390,307 $ 15,902,900 $ 16,147,000 $ 16,103,100 $ 16,296,200 $ 17,348 700
cn Taxable value: , $ 17,424,500 $ 17,899,900
{
Taxable ro ert
P P Y $ 3,687,092 $ 4,080,7200nf 6,187,860 $ 6,838,247 $ 6,943,210 $ 6,924,333 $ 7,007,366 $ 7,459,941 $ 7,492,535 $ 7,6 96,957
Exempt property 1,210,692
Taxable value $ 4,897,784 $ 4,080,720 $ 6,187,860 $ 6,838,247 $ 6,943,210 $ 6,924,333 $ 7,007,366 $ 7,459,941 $ 7,492,535 $ 7,696,957
Total real and personal property
Estimated market value $258,132,867 $261,271,472 $282,526,823 $311,738,949 $343,577,630 $385,337,077 $423,452,735 $475,379,399
Limited market value $ 81,311,853 $476,398,583 $572,996,198
81,255,428 $257,381,936 $286,176,356 I ,�'•,' $343,335,336 $379,837,3/2 $426,213,961 $476,398,183 $540,207,932
Total taxable value $ 28,819,013 $ 28,801,865 $ 95,588,238 $107,465,059 ,•I'' $125,693,024 $139,227,266 $146,282,224 $155,954,819 $164,223,027
Ratio of market value
To limited market value .315:1** .311:1** .911:1* .918:1* .888:1* .891:1* .897:1* .897:1* .968:1 .943:1
To taxable value .112:1 .110:1 .338:1 .345:1 .325:1 .326:1 .329:1 .308:1 .317:1 .287:1
Per capita valuations
Estimated market value $ 8,710 $ 8,640 $ 9,072 9,580 $ 10,576 12,206 12,689 $ 14,884 $ 14,710
Taxable value $ 972 $ 952 $ 3,069 $ 3,302 $ 3,440 $ 3,981 $ 4,359 $ 17,542
$ 4,580 4,662 $ 5,028
Beginning with taxes levied in 1972, collectible in 1973, Minnesota assessed
*Source - State of Minnesota Department of Revenue values tripled through elimination of the 33 1/3 ratio previously used to
**Source - Anoka County Assessor's Office arrive at "adjusted" market values. Tax rates are one-third of past rates.
***No census figure for 1978 is available, therefore, the 1977 figure is used.
(3) Property values include net amount allocated pursuant to Laws of 1971, Extra
(1) Beginning in 1972, the value of inventories and fixtures was dropped. Cities were Session, Chapter 23, from Area-Wide 'Pool."
reimbursed by the State via other State Aids_
Beginning with taxes levied in 1974, collectible in 1975, the value on which
(2) 1972 and subsequent valuations reflect changes as provided for in Laws of 1971, Extra the City of Fridley's mill rate is calculated, is not the City's assessed
Session, Chapter 31, amended. value but a taxable value based on the City of Fridley's assessed value
minus the net loss to the Metro Tax Pool.
i I I I
I I i i I I I I t I I I I I I I / t I
TABLE 5
CITY OF FRIDLEY, MINNESOTA
HISTORY OF TAX LEVIES AND MILL RATES
(SHOWN BY YEAR OF TAX COLLECTIBILITY)
YEAR ENDED DECEMBER 31, 1979
1971 1972 1973 1974 1975 1976 1977 1978 1979 1980
Tax levies
General Fund $1,001,209 $ 923,625 $1,075,464 $1,178,854 $1,624,144 $1.,769,965 $1,974,563 $2,114,917 $2,264,856 $2,428,376
P.E.R.A. Fund 47,402 59,566 53,954 95,895
Fire Relief Association Fund 27,523 17,602 13,776
Police Pension Association Fund 55,862 57,547 49,992 75,723
General Debt Service Funds 83,590 81,531 67,200 39,200 38,400 37,500 36,600 41,000 39,900 38,800
Capital Improvement Fund 46,596 45,920 43,401 43,368 45,000
Cn
t Total $1,215,586 $1,139,871 $1,260,386 $1,389,672 $1,662,544 $1,854,061 $2,057,083 $2,199,318 $2,348,124 $2,512,176
Mill rate
General Fund 34.74 32.07 10.84 10.97 14.53 14.09 14.18 14.47 14.52 14.795
P.E.R.A. Fund 1.64 2.07 .54 .89
Fire Relief Association Fund .96 .61 .14
Police Pension Association Fund 1.94 2.00 .51 .71
General Debt Service Funds 2.90 2.83 .68 .37 .35 _30
Capital Improvement Fund .37 .27 .28 .28 .237
.33 .30 .28 .274
_42.18 39.58 12.71 12.94 14.88 14.76 14.78 15.05 15.06 15.306
NOTES:
1. Beginning in 1972, the value of inventories and fixtures was dropped. Cities 3. Property values include net amount allocated pursuant to Laws of 1971, Extra Session,
were reimbursed by the State via other State Aids. Chapter 23, from Area-Wide "Pool.'
2. 1972 and subsequent valuations reflect changes as provided for in Laws of 1971, Beginning with taxes levied in 1974, collectible in 1975, the value on which The City of
Extra Session, Chapter 31, amended. Fridley's mill rate is calculated is not the City's assessed value but a taxable value
based on the City of Fridley's assessed value plus the net addition or deletion from the
Beginning with taxes levied in 1972, collectible in 1973, Minnesota assessed Metro Tax Pool.
values tripled through elimination of the 33 1/3 ratio previously used to arrive
at "adjusted" market values. Tax rates are one-third of past rates.
TABLE 6
CITY OF FRIDLEY, MINNESOTA
STATEMENT OF VALUATIONS AND LEVIES BY CLASSES OF PROPERTY
(1979 VALUATION FOR TAXES PAYABLE IN 1980)
YEAR ENDED DECEMBER 31, 1979
Assessed
Valuation Assessed Assessed
Before Valuation Assessed Valuation
Contribution Contribution Value Allocated to Adjusted Percent Dollars
Class of to Metro Tax to Metro Tax Received from Tax Increment Assessed of Total of City
Property Pool Pool Metro Pool Financing Value City Tax Tax
Commercial $ 23,107,469 $ (4,341,790) $ (97,309) $ 18,668,370 11.373%
$ 285,717.66
Industrial 44,560,814 (8,372,777) 36,188,037 22.048 553,881.87
F.M.C. #85 3,993,969 (750,449) 3,243,520 1.976 49,645.63
Gas 1,222,963 (229,789) 993,174 .605 15,195.16
Electric 2,480,025 (465,986) 2,014,039 1.227 30,827.95
P.U.-R.E. and
cm
Mach.* 393,646 (73,964) 319,682 .195 4,886.77
V
Vacant Land 1,314,811 (4,945) 1,309,866 .799 20,057.61
Apartments 19,327,048 (850,296) 18,476,752 11.257 282,800.19
Residential 77,634,835 (1,500) 77,633,335 47.298 1,188,213.01
Distribution $5,376,247(1) 3.222 80,950.15
TOTALS $174,035,580 $(14,234,755) $5,376,247 $(954,050) $158,846,775 100.00% $2,512,176.00
*Public Utilities (Real Estate and Machinery)
(1) This represents the °assessed value° distributed to Fridley from the metro tax pool. The previous year's City mill rate is used
to arrive at the $80,950.15 distribution.
The assessed value for the first six classes of property shown above has been reduced for local taxable value to 81.2104% of the
actual assessed value. This taxable value is then multiplied by the applicable local mill rates. The balance of the assessed value
is multiplied by the Metro Mill Rate of 110.552. This money then goes into the Metro Pool. The City of Fridley received $80,950.15
from this pool.
The tax shown for Residential is the total amount received by the City. Owners of Homestead Residential properties do not pay this
full amount. The State pays up to $550 per homestead in credit to the County, and the County in turn distributes this to various
local governments as part of the levy request. An additional refund may be received by the taxpayer directly from the State depending
on income and age.
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
TABLE 7
CITY OF FRIDLEY, MINNESOTA
SIGNIFICANT MINNESOTA TAX POLICIES
_ YEAR ENDED DECEMBER 31 , 1979
GENERAL
All non-exempt property in Minnesota is subject to taxation by local taxing districts.
-- The tax levied on a property is determined by multiplying its assessed value by the tax
rate. The tax rate (mills) is determined by the County Auditor, dividing each tax levy
by the assessed valuation (taxable value) .
Properties are valued by assessors at least once every four years. Minnesota laws limit
the amount by which any property may be increased in one year. A Limited Market Value
(LMV) is used to determine a property's assessed value for tax purposes.
The Minnesota Department of Revenue appraises representative properties annually,
comparing sales or market values with the LMV. Sales ratios are averaged over three
years to determine an average sales ratio. The sales ratio is also used in determining
municipal and school district state aids.
The Limited Market Value is multiplied by the appropriate percentage to arrive at
assessed value. This percentage varies by class of property.
Residential homestead property. Part of the- LMV said to be "homestead" ($21 ,000 for
— taxes due in 1980) is assessed at 18%, and the balance at 30%. The assessed value of a
homestead residence with a LMV of $50,000 would be $12,480 for taxes collectible in 1980
(see "Homestead Credit" note below) .
Residential non-homestead property of 1-2-or-3 units is assessed at 32% of its LMV. The
assessed value of a non-homestead residence rental property) with a LMV of $50,000 is
$16,000. Apartments of 4 units or more are assessed at 40% ($50,000 value x 40% =
$20,000).
Industrial/commercial/utility property is assessed at 43% of LMV. (LMV of utilities is
computed by the Minnesota Department of Revenue. )
HOMESTEAD CREDIT Homestead taxes are reduced by a 50% credit (maximum $550) . This
credit is subtracted on the tax statement, and the taxpayer pays only the net amount;
homestead credits are reimbursed by the State to the taxing districts in proportion to
their levies, thus relieving the property tax burden.
"CIRCUIT BREAKER" TAX RELIEF Further residential property tax credits are gauged by
percentages of the gross property tax to household income: To the extent a homeowner 's
tax or a renter's imputed tax exceeds certain percentages of household income ( 1% for
— lower income groups, up to 4% for incomes of $100,000 or more), homeowners or renters
may receive State credits up to $1 ,000 (combined homestead and income-adjusted credits) .
-68-
TABLE 8
CITY OF FRIDLEY, MINNESOTA
SPECIAL ASSESSMENT LEVIES AND COLLECTIONS
YEARS ENDED DECEMBER 31 ,1969 THROUGH 1979
Ratio Total
Ratio of Outstand- _
of Total ing
Current Collec- Current
Collec- Delin- tions and
Current Current tions to quent to Delin- -
Assess- Assess- Amount Assess- Current quent
Fiscal ments ments Due ments Total Levy Assess-
Year Due Collected (Percent) Collected Collected (Percent) ments
1969 $683, 141 $563,413 82.47% $158,713 $722, 126 105.71% $744,043
1970 681 ,841 572,939 83.03 62,085 635,024 93.13 818,438
1971 688,887 606,297 88.01 133,150 739,447 104.34 751 ,726
1972 746,971 634,697 84.97 119,204 753,901 100.93 727,909
1973 697,797 619,236 88.74 87,793 707,029 101 .32 724,891 _
1974 913,497 742, 105 81 .24 81 ,990 824,095 90.21 782,751
1975 953,453 696, 193 73.02 273,771 969,964 101 .73 736,530 --
1976 942,965 767,498 81 .39 223,843 991 ,341 105.13 706,413
1977 918,918 801,584 87.23 168,821 970,405 105.60 655,073
1978 777,007 699,145 89.98 288,525 987,670 127.11 439,385
1979 678,501 606,763 89.43 134,352 741 ,115 109.23 379,149
-69-
TABLE 9
CITY OF FRIDLEY, MINNESOTA
DEBT SERVICE REQUIREMENTS - ALL FUNDS
YEAR ENDED DECEMBER 31 , 1979
Year Principal Interest Total
1980 $ 440,000 $ 280,042.50 $ 720,042.50
1981 795,000 292,255.00 1 ,087,255.00
1982 2,410,000 240,562.50 2,650,562.50
-- 1983 585,000 123,985.00 708,985.00
1984 500,000 99,432.50 599,432.50
1985 440,000 78,035.00 518,035.00
1986 390,000 59,103.75 449, 103.75
1987 340,000 41 ,990.00 381 ,990.00
1988 235,000 27,800.00 262,800.00
1989 135,000 18,250.00 153,250.00
1990 75,000 12,637.50 87,637.50
1991 50,000 9,262.50 59,262.50
1992 50,000 6,625.00 56,625.00
1993 50,000 3,975.00 53,975.00
1994 50,000 1 ,325.00 51 ,325.00
1995
$6,545,000 $1 ,295,281 .25 $7,840,281 .25
SUMMARY OF OUTSTANDING BONDED INDEBTEDNESS
Bonds outstanding January 1, 1979
General debt service $ 260,000
Special assessment - permanent 4,947,785
Public utilities - sinking 632,215
Special assessment - temporary 545,000
$6,385,000
Bonds issued during 1979
Special assessment - temporary $1 , 155,000
Bonds retired during 1979
General debt service $ 30,000
Special assessment - permanent 778,035
Public utilities - sinking 106,965
Special assessment - temporary 80,000
$ 995,000
Balance and purpose of bonds outstanding on December 31 , 1979
General debt service $ 230,000
Special assessment - permanent 4, 169,750
— Public utilities - sinking 525,250
Special assessment - temporary 1,620,000
$6,545,000
-70-
TABLE 10
CITY OF FRIDLEY, MINNESOTA _
DEBT SERVICE REQUIREMENTS - GENERAL OBLIGATION BONDS
CIVIC CENTER
YEAR ENDED DECEMBER 31 , 1979
Year Principal Interest Total
1980 $ 30,000 $ 7,480.00 $ 37,480.00
1981 30,000 6,460.00 36,460.00
1982 30,000 5,425.00 35,425.00
1983 35,000 4,287.50 39,287.50
1984 35,000 3,062.50 38,062.50
1985 35,000 1 ,837.50 36,837.50
1986 35,000 612.50 35,612.50 _
$230,000 $29, 165.00 $259, 165.00
-71-
TABLE 11
CITY OF FRIDLEY, MINNESOTA
DEBT SERVICE REQUIREMENTS - PERMANENT BONDS
SPECIAL ASSESSMENT FUNDS
— YEAR ENDED DECEMBER 31 , 1979
Year Principal Interest Total
1980 $ 360,000 $138,717.21 $ 498,717.21
— 1981 657,250 167,529.77 824,779.77
1982 662,500 137,842.57 800,342.57
1983 500,000 111, 122.50 611 , 122.50
_ 1984 415,000 89,545.00 504,545.00
1985 355,000 71 , 122.50 426, 122.50
1986 305,000 55, 166.25 360, 166.25
r 1987 290,000 40,415.00 330,415.00
1988 215,000 27,450.00 242,450.00
1989 135,000 18,250.00 153,250.00
1990 75,000 12,637.50 87,637.50
— 1991 50,000 9,262.50 59,262.50
1992 50,000 6,625.00 56,625.00
1993 50,000 3,975.00 53,975.00
_ 1994 50,000 1 ,325.00 51 ,325.00
$4,169,750 $890,985.80 $5,060,735.80
-72-
TABLE 12
CITY OF FRIDLEY, MINNESOTA
DEBT SERVICE REQUIREMENTS - TEMPORARY BONDS —
SPECIAL ASSESSMENT FUNDS
YEAR ENDED DECEMBER 31, 1979
Year Principal Interest Total
1980 $ 119,000.00 $ 119,000.00
1981 102,200.00 102,200.00
1982 $1 ,620,000.00 85,750.00 1 ,705,750.00
$1 ,620,000.00 $ 306,950.00 $1 ,926,950.00
-73-
TABLE 13
CITY OF FRIDLEY, MINNESOTA
DEBT SERVICE REQUIREMENTS
PUBLIC UTILITY REVENUE AND WATER IMPROVEMENT BONDS
YEAR ENDED DECEMBER 31 , 1979
Year Principal Interest Total
1980 $ 50,000 $14,845.29 $ 64,845.29
-- 1981 107,750 16,065.23 123,815.23
1982 97,500 11 ,544.93 109,044.93
1983 50,000 8,575.00 58,575.00
1984 50,000 6,825.00 56,825.00
1985 50,000 5,075.00 55,075.00
1986 50,000 3,325.00 53,325.00
1987 50,000 1 ,575.00 51 ,575.00
1988 20,000 350.00 20,350.00
$525,250 $68, 180.45 $593,430.45
-74-
TABLE 14
CITY OF FRIDLEY, MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN
YEAR ENDED DECEMBER 31 , 1979
Assessed value $174,035,580
(A) Debt limit 6.667 percent of assessed value $11,602,952 —
Amount of debt applicable to debt limit:
Total bonded debt $ 6,545,000
(B) Deductions
General debt service fund assets $ 64,383
Special assessment bonds 5,789,750
Water revenue and improvement bonds 525,250 6,379,383
Total amount of debt applicable to debt
Limit
165,617
Legal Debt Margin $11 ,437,335
*Includes $8,858,508 negative adjustment from "Fiscal Disparity" area wide tax base.
Note (A) : M.S.A. Section 475.53 (see following page)
Note (B) : M.S.A. Section 475.51 (see following page) -
-75-
TABLE 14 CONTINUED
CITY OF FRIDLEY, MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN (CONTINUED)
YEAR ENDED DECEMBER 31 , 1979
Note (A) :
M.S.A. Section 475.53 et seq. Limit on Net Debt
"Subdivision 1 . Generally. Except as otherwise provided in section
475.51 , no municipality, except a school district or a city of the
first class, shall incur or be subject to a net debt in excess of 6.67
percent of the assessed value."
Note (B):
M.S.A. Section 475.51 Definitions
"Subdivision 4. "Net Debt" means the amount remaining after deducting
from its gross debt the amount of current revenues which are applicable
within the current fiscal year to the payment of any debt, and the
aggregate of the principal of the following:
(1 ) Obligations issued for improvements which are payable wholly or
partly from the proceeds of special assessments levied upon property
specially benefited thereby, including those which are general
obligations of the municipality issuing them, if the municipality is
entitled to reimbursement in whole or in part from the proceeds of the
special assessments.
(2) Warrants or orders having no definite or fixed maturity.
— (3) Obligations payable wholly from the income from revenue producing
conveniences.
(4) Obligations issued to create or maintain a permanent improvement
revolving fund.
(5) Obligations issued for the acquisition, and betterment of public
waterworks systems, and public lighting, heating or power systems, and
of any combination thereof or for any other public convenience from
which a revenue is or may be derived.
(6) Debt service loans and capital loans made to a school district
under the provisions of sections 124.42 and 124.43.
(7) Amount of all money and the face value of all securities held as a
debt service fund for the extinguishment of obligations other than
those deductible under this subdivision.
(8) All other obligations which under the provisions of law
authorizing their issuance are not to be included in computing the net
debt of the municipality."
-76-
TABLE 15
CITY OF FRIDLEY, MINNESOTA
PROPERTY TAX RATES PER 1,000 OF ASSESSED VALUE AND TAX LEVIES
ALL OVERLAPPING GOVERNMENTS
YEARS ENDED DECEMBER 31, 1971 THROUGH 1980
Tax Rates Totals
Schoo Schoo hoo Schoo pecia hoo hoo '2 boo
District District District District Districts Districts Districts Districts District
Year City No. 11 No. 13 No. 14 No. 16 County Total No. 11 No. 13 No. 14 No. 15
1971 42.18 Mills 257.09 Mills 211.08 Mills 273.11 Mills 217.43 Mills 67.78 Mills 2.87 Mills 369.92 Mills 323.91 Mills 385.94 Mills 330.26 Mills
1972 39.58 173.68 162.66 • 160.27 172.87 73.59 5.60 292.45 281.43 " 279.04 291.64 u
1973 12.71 " 54.92 49.88 " 52.54 56.01 " 21.77 • 2.38** • 91.78 • 86.74 89.40 92.87 °
1974 12.94 54.85 • 53.49 55.04 ' 54.44 • 29.49 2.89** • 100.17 98.81 100.36 99.76 "
1975 14.88 " 60.19 " 54.12 60.33 66.05* " 22.22 4.77** " 102.06 " 95.99 • 102.20 107.92 "
1976 14.76 " 55.27 " 49.16 55.18 • 61.60* • 22.16 3.23** • 95.42 • 89.31 95.33 " 101.75 °
1977 14.78 " 58.40 " 47.26 54.65 • 63.62* • 22.21 3.43** • 98.82 87.68 " 95.07 • 104.04 "
1978 15.05 55.84 ° 46.53 • 54.26 " 61.68* " 24.40 • 3.14** " 98.43 " 89.12 • 96.85 ' 104.27 •
1979 15.06 " 47.71 " 45.04 47.17 62.25* " 24.29 3.35** ' 90.41 • 87.74 • 89.87 104.95 '
1980 15.31 " 43.21 " 46.73 " . 45.08 " 61.83 25.84 3.60** • 87.44 • 91.48 • 89.83 106.58 •
*Vocational/Technical District No. 916 included in District No. 16.
V
v **No Water Shed District in School District No. 11.
i
This table reflects the new method of determining assessed valuations as required by 1971 legislation. This change results in an assessed valuation of
approximately 35% of market value instead of approximately 11% under the previous formula.
Yearly Tax Total
Total Local Percentage Net Contribution Increment_ Tax
Year Tax Levies Tax Levies Increase To Metro Pool District Levies
1971 $1,164,519 $230,075 $1,418,753 $3,711,783 $1,391,814 $1,871,292 $ 79,236 $ 9,867,472 17%
1972 1,139,978 171,539 1,087,369 2,292,156 1,195,816 2,119,529 161,290 8,167,677 -21%
1973 1,214,927 183,201 1,108,087 2,570,517 1,182,508 2,080,956 204,380 8,544,576 5%
1974 1,390,598 211,658 1,332,878 3,001,552 1,314,940 2,201,959 297,343 9,750,928 14%
1975 1,662,685 268,717 1,414,161 3,417,636 1,617,961* 2,482,854 520,369 11,384,383 17%
1976 1,855,229 300,800 1,403,823 3,537,777 1,698,993* 2,785,357 380,806 11,962,785 5%
1977 2,057,083 360,242 1,499,855 3,863,402 1,948,613* 3,092,238 454,078 13,275,511 11%
1978 2,199,318 355,565 1,568,135 3,987,358 2,017,736* 3,569,286 426,450 14,123,848 6%
1979 2,348,124 330,743 1,634,858 3,668,695 2,204,204* 3,788,253 470,367 14,445,244 2% $ 922,702 $15,367,946
1980 2,512,176 319,712 1,786,183 3,606,461 2,395,401* 4,235,650 542,080 15,397,663 7% 1,083,986 X5,221 16,566,870
*Includes Vocational/Technical District No. 916.
I I I I I 1 I I t 1 I I I I I 1 I I
TABLE 16
CITY OF FRIDLEY
COMPUTATION OF DIRECT AND OVERLAPPING
BONDED DEBT AND'COMPARATIVE DEBT RATIOS
YEAR ENDED DECEMBER 31, 1979
—" % of Debt Net Debt
Gross Sinking Net Applicable Applicable
Governmental unit Debt Funds Debt to City to City
Direct & overlapping debt
Direct debt:
City of Fridley $ 6,545,000 $ 4,829,151 $ 1,715,849 100.00% $1,715,849
Overlapping debt:
School Districts
No. 11 $ 30,800,000* $ 4,126,130 $ 26,673,870 1.739 $ 463,859
_. No. 13 4,540,000* 1,500,974 3,039,026 32.413 985,039
No. 14 3,713,000* 514,265 3,198,735 100.000 3,198,735
No. 16 8,175,000* 2,633,059 5,541,941 44.549 2,468,879
Metro Transit $ 17,850,000 $ 2,206,000 $ 15,644,000 1.501 $ 234,816
Metro Council $ 35,660,000 $21,731,857 $ 13,928,143 1.738 $ 242,071
Anoka County $ 605,000 $ 92,992 $ 512,008 22.478 $ 115,089
Vocational/Technical
District No. 916 $ 6,840 000 1. 814,249 $ 6,025,751 2.803 $ 168,902
Total overlapping
debt $108,183,000 $33,619,526 $ 74,5631474 $7,877,390
Total direct and
overlapping debt $114,728,000 $38,448,677 $ 76,279,323 $9,593,239
Direct Overlapping
Total Debt Debt
Ratio of net debt to taxable value 1:17.12 1:95.71 1:20.85
Percent of net debt to taxable value 5.84% 1.04% 4.80%
Ratio of net debt to market value 1:59.73% 1:333.94 1:72.74
Percent of net debt to market value 1.67% 0.30% 1.37%
Per capita debt $293.69 $ 52.53 $241.16
The above debt excludes the City's share of debt applicable to the Metropolitan Council,
Metropolitan Waste Control Commission, the Metropolitan Airport Commission and the North
Suburban Hospital District which is paid from users' fees.
*Does not include State loans.
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TABLE 17
CITY OF FRIDLEY, MINNESOTA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL BONDED DEBT TO TOTAL GENERAL
GOVERNMENT EXPENDITURES _
YEARS ENDED DECEMBER 31 ,1970 THROUGH 1979
Total Total Ratio of Debt
Fiscal Debt General Service to
Year Principal Interest Service Expenditures General Expenditures _
1970 $60,000 $45,975 $105,975 $1 ,687,787 .0628: 1
1971 90,000 48,495 138,495 1 ,846,757 .0750: 1
1972 60,000 23,520 83,520 1 ,953,180 .0428: 1
r
1973 65,000 14,620 79,620 2,341 ,081 .0340: 1
1974 25,000 12,685 37,685 2,520,672 .0150: 1
1975 25,000 11,885 36,885 2,899,724 .0127: 1
1976 25,000 11 ,073 36,073 3,281 ,818 .0110: 1 --
1977 25,000 10,247 35,247 3,601 ,933 .0098: 1
1978 25,000 9,422 34,422 3,971 ,816 .0087: 1
1979 30,000 8,500 38,500 4,280,363 .0090: 1
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I 1 1 I I I I 1 I I F> I 1 I I I I I ) I I
TABLE 18
CITY OF FRIDLEY, MINNESOTA
RATIO OF NET BONDED DEBT
TO PROPERTY VALUES AND NET BONDED DEBT PER CAPITA
GOVERNMENT EXPENDITURES
YEARS ENDED DECEMBER 31, 1970 THROUGH 1979
Net Ratio of Net Net Bonded
Fiscal Taxable Gross Less Debt Bonded Bonded Debt to Debt Per
Year Population Value Bonded Debt Service Funds Debt Assessed Value Capital
ao 1970 29,233 $ 23,591,328 $9,672,000 $3,913,038 $5,758,962 .2441:1 197
0
1971 29,636 28,819,013 9,655,000 3,655,759 5,999,241 .2082: 1 202
1972 30,240 28,801,865 9,756,000 3,870,814 5,885,186 .2043: 1 194
1973 31, 143 95,588,238 9,852,000 3,801,883 6,050,117 .0633: 1 194
1974 32,542 107,465,059 8,885,000 3,010,682 5,874,318 .0547:1 181
1975 32,486 111,739,609 9,385,000 3,623,017 5,761,983 .0516: 1 177
1976 31,570 125,693,024 8,210,000 4,300,690 3,909,310 .0311 : 1 124
1977 31 ,940 139,227,266 6,775,000 4,209,680 2,565,320 .0184:1 80
1978 33,450 146,282,224 6,385,000 4,684,489 1,700,511 .0116: 1 51
1979 32,664 155,954,819 6,545,000 4,829,151 1,715,849 .0110: 1 53
TABLE 19
CITY OF FRIDLEY, MINNESOTA
INSURANCE COVERAGE
YEAR ENDED DECEMBER 31 , 1979 —
All risk, direct physical loss coverage
Building and contents (except liquor stock) - 90% co-insurance $ 5,645,002 _
Boiler insurance 500,000
Contractor's equipment 429,292
. Signs 16,148
All risk, fire and extended coverage-liquor stores and stock 193,000
Comprehensive liability —
Bodily injury
Each person 500,000
Each occurrence 500,000
Property damage 100,000 —
Liquor liability 300,000/500,000
Excess liability 1 ,000,000
Automobile
Liability 250,000/500,000
Comprehensive and collision
Passenger vehicles Actual cash value
Other vehicles Stated value
Business interruption, liquor stores 141 ,000
Money and securities, inside and outside
premises, all locations 15,000
Workers ' compensation Statutory —
Errors and ommission insurance 1 ,000,000
PRINCIPAL OFFICIALS' ANNUAL SALARIES AND SURETY BONDS —
YEAR ENDED DECEMBER 31 , 1979
Surety
Name Position Salary Bond
Nasim M. Qureshi City Manager $39,650 $50,000 —
Virgil C. Herrick City Attorney 15,600** None*
Marvin C. Brunsell City Clerk 29,500 1 ,000
Marvin C. Brunsell Treasurer 29,500 50,000
Vacant Public Works Director 30,400 None*
James P. Hill Public Works Director 30,000 None*
Robert Aldrich Fire Chief 24,800 None*
Charles A. Boudreau Parks and Recreation Director 26,750 None* —
*All employees are covered by a blanket faithful performance bond of $100,000. —
**Covers first thirty hours per month of basic service, balance billed at $40 per
hour.
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TABLE 20
CITY OF FRIDLEY, MINNESOTA
CITY CAPITAL IMPROVEMENT FINANCING POLICY
YEAR ENDED DECEMBER 31 , 1979
— The policy of the City of Fridley regarding financing of major capital
improvements is as follows:
STREET, CURB AND GUTTER, SIDEWALK AND STORM SEWER IMPROVEMENTS
It is the policy of the City to assess 100% of the cost of street surfacing,
curb and gutter improvements and storm sewer improvements against benefited
properties, less aid for construction received from the State of Minnesota.
Properties owned by the City, the school districts, or other tax exempt
organizations are treated in the same manner and assessed at the same rate as
taxable properties.
WATER AND SEWER IMPROVEMENTS
Water and sewer lateral improvements are 100% assessed against benefited
properties. Properties owned by tax exempt organizations are treated the same
as taxable properties. The water and sewer main system has been substantially
assessed against benefited properties. An exception to the above policy has
been the cost of looping certain water system main lines which benefited no
particular properties. This unassessed portion of the improvement cost is
being financed by the Public Utility Fund.
WELLS, RESERVOIRS, PUMPING STATIONS, ETC.
These improvements have been financed from the income of the Public Utility
Fund.
ACQUISITION OF PARK LAND, CIVIC CENTER, ETC.
It is the policy of the City to finance small park capital improvements out of
the current General Fund operating budget. It is the policy of the City to
finance major park capital improvements, such as the purchase of large parcels
of land, with general obligation bonds. The City currently has one general
obligation bond issue outstanding. This is for the Civic Center. The balance
outstanding for this issue on December 31 , 1979 was $230,000.
OTHER CAPITAL IMPROVEMENTS
It is the policy of the City to finance capital improvements such as fire
trucks and public works equipment, etc. from the current General Fund
operating budget. In order to stop fluctuations in the amount budgeted
annually for such items, the City started a Capital Improvement Revolving Fund
in 1976. The balance in this fund on December 31 , 1979 was $299,629. The
purpose of the fund is to finance capital outlay items normally financed
through the General Fund. No purchases have been made through this fund to
date.
REVENUE SHARING
The General Fund is used as the vehicle for budgeting and expenditure of
Revenue Sharing monies. In 1979, 24% of Revenue Sharing funds were used for
capital outlay items, 32% for other expenses and 44% for personal services.
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TABLE 21
CITY OF FRIDLEY, MINNESOTA
MISCELLANEOUS STATISTICAL INFORMATION
YEAR ENDED DECEMBER 31 , 1979 —
Date of Incorporation (Village of Fridley) July 1 , 1949 —
Date of Adoption of City Charter September 10, 1957
effective
September 25, 1957 —
Form of Government Council/Manager
Fiscal year begins January 1 —
Area of City 11 square miles
Bond rating Aa
Miles of streets and sidewalks ( including State and County)
City streets 100.8 —
Trunk highways 10.8
County roads 16.0
Sidewalks 9.5 —
Miles of sewer
Storm 37.61
Sanitary 98.27
Miles of water mains 102.49
Fire protection
Number of stations 1
Volunteer Firefighters 34 _
Full-time Firefighters 5
Fire rating Class 5
Police protection —
Number of stations 1
Number of sworn officers 33
ALL BUILDING PERMITS
Residential Multiple Commercial/
Year No. Value Dwellings Industrial All Other Total —
1970 50 $ 1,286,900 $1 ,330,000 $3,073,600 $6,310,674 $12,001 ,174
1971 96 2,380,125 5,045,486 764,400 5,824,504 14,014,515 —
1972 418 11 ,270,165 9,501,531 4,780,947 2,408,115 27,960,758
1973 99 2,507,865 -0- 4,482, 184 630,014 7,620,063
1974 115 3,025,142 -0- 4,354,649 3,810,271 11 ,190,062
1975 109 3,845,673 175,850 4,683,913 1 ,337,616 10,043,052
1976 179 6,786,840 -0- 6,303,847 1 ,164,862 14,255,549
1977 223 8,805,695 5, 170,196 5,596,312 3,271 ,108 22,843,311
1978 92 3,988,131 425,208 5,247,268 1,532,535 11 ,193,142 —
1979 108 4,250,781 88,600 7,755,397 1 ,850,709 13,945,487
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TABLE 21 CONTINUED
CITY OF FRIDLEY, MINNESOTA
MISCELLANEOUS STATISTICAL INFORMATION (CONTINUED)
YEAR ENDED DECEMBER 31 , 1979
Number of street lights 907
Number of traffic signal installations 28
Number of other special signal installations 1
Number of civil defense warning sirens 8
Permanent Employees--As of December 31 Number
1970 115
1971 105
1972 109
1973 118
1974 123
1975 130*
1976 129*
1977 148*
1978 141*
1979 122
Elections
Registered voters--last General Election ( 1978) 14,405
Number of votes cast last General Election ( 1978) 11 , 143
Percent (%) voting 77%
Population
1950 Federal Census 3,796
1960 Federal Census 15,182
1965 Special Federal Census 24,789
1970 Federal Census 29,233
1971 Estimated by Metropolitan Council 29,636
1972 Estimated by Metropolitan Council 30,240
1973 Estimated by Metropolitan Council 31 , 143
_ 1974 Estimated by Metropolitan Council 32,542
1975 Estimated by Metropolitan Council 32,486
1976 Estimated by Metropolitan Council 31 ,570
1977 Estimated by Metropolitan Council 31 ,940
1978 Estimated by Metropolitan Council 33,450
1979 Estimated by Metropolitan Council 32,664
*Includes CETA
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TABLE 21 CONTINUED —
CITY OF FRIDLEY, MINNESOTA
MISCELLANEOUS STATISTICAL INFORMATION (CONTINUED)
YEAR ENDED DECEMBER 31 , 1979
Parks and Recreation Areas
Developed 425 Acres —
Undeveloped 125 Acres
Total 550 Acres —
City Parks Schools Total
Number of:
Hockey rinks 10 0 10
General skating rinks 20 0 20
Playgrounds 10 9 19 —
Swimming beaches 1 0 1
Swimming pools 0 1 1
Wading pools 0 0 0 —
Picnic grounds 1 0 1
Day camp sites 1 0 1
Baseball diamonds 1 5 6
Softball diamonds 16 16 32 —
Outdoor basketball courts 19 13 32
Tennis courts 22 17 39
Horseshoe courts 8 0 8
Archery ranges 1 0 1
Permanent playground buildings 0 0 0
Permanent picnic shelters 8 0 8
Soccer fields 1 0 1
Football fields 1 9 10
Municipal water system source —
Primary source City of Fridley Water Plant
(wells)--Capacity of 15
million gallons per day —
Secondary source City of Minneapolis
(Mississippi River)--35
million gallons per day
Number of water connections December 31 , 1979 7,266 Connections
Daily average consumption (gallons) 3. 1 million gallons —
Elevated storage capacity 5 million gallons
Number of fire hydrants 1 ,005
Municipal Sewer System —
Disposal--through Metropolitan Waste Control
Commission
Number of connections December 31 ,1979 7,399 —
Average daily flow ( includes infiltration/inflow) 3.42 million gallons
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TABLE 22
CITY OF FRIDLEY, MINNESOTA
_ GENERAL INFORMATION
YEAR ENDED DECEMBER 31 , 1979
LOCATION - TRANSPORTATION
The City of Fridley, with a total land area of eleven square miles and an estimated
population of 32,664, is located at the north boundary of Minneapolis and Columbia
Heights, about eight miles from the Minneapolis central business district. Freight
service is provided the area by local and interstate truck lines and the Burlington
Northern Railroad and Minnesota Transfer Railway; transportation is available
— through Metropolitan Transit Commission facilities. Highways serving Fridley
include Interstate #694 (beltline around the metropolitan area) and State Highways
#65 and #47. Commercial airline service is available at Minneapolis-St. Paul
— International Airport, approximately twenty-five miles south, and private business
aviation facilities are available at the Anoka County and Crystal Airports, both
operated by the Metropolitan Airport Commission.
LARGER EMPLOYERS
Larger employers in the City include:
No. of
Employer Product or Service Employees
FMC Corporation Pumps and naval ordinance 3,640
Onan Corporation Portable generators, electronic 1 ,900
— equipment
Medtronics, Inc. Electra-medical devices 1 ,800
Unity Hospital Medical services 1 ,500
Target Stores & Warehouse Discount store & warehouse 1 ,230
Burlington Northern Railroad Northtown Yard 1 ,043
Totino's Finer Foods Frozen foods 453
Kurt Manufacturing Machine parts 375
LaMaur, Inc. Cosmetics 347
Holiday Village North Discount department store 325
Independent School District #14 Fridley School District 315
Carter-Day Company Air control equipment 300
Minco Products, Inc. Electronic devices 280
Safetran Systems Corporation Railroad accessories 277
_ Barry Blower Company Air moving devices 250
Midland Cooperatives Warehousing and oil blending 226
plant
Holly Shopping Center Retail and service establishments 200
— Strite-Anderson Manufacturing Aluminum die castings 175
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TABLE 22 CONTINUED
CITY OF FRIDLEY, MINNESOTA
GENERAL INFORMATION (CONTINUED)
YEAR ENDED DECEMBER 31 , 1979
LIMITED MARKET VALUE
Fifteen of the largest taxpayers include:
1979 Payable 1980
Value
Market
Rank Taxpayer Business Value —
1 . Onan Corporation Portable electric generators $15,458,700
2. FMC Corporation Naval ordinance 14,814,300
3. Medtronics, Inc. Electro-medical devices 14,068,100 —
4. Target Stores Discount store & warehouse 9,304,400
5. Maurice Fillister Georgetown apartments 7,213,000
6. LaMaur, Inc. Cosmetics 5,858,900 —
7. Midland Cooperatives Warehousing & oil & grain products 4,485,600
8. Five Sands Development Meadowrun Apartments 4,465,000
9. Carter-Day Air control equipment 4,068,700
10. Holiday Village Discount department store 4,005,800 --
11 . Honeymead Products Lindseed oil & grain products 3,925,000
12. Pillsbury Totino' s Frozen foods 3,604,800
13. Black Forest Apartments Apartments 3,524,600
14. Rice Creek Townhouses Townhouses 3,446,100
15. Wickes (Twin Stores) Discount furniture show/warehouse 2,420,600
Of the City' s total assessed value, approximately 56% is residential ( including
apartments, mobile home parks and nursing homes) and 44% commercial , industrial and
utility property.
FINANCIAL SERVICES —
The Fridley State Bank has had deposits as follows as of December 31 each year:
1974 $11,002,894 1977 16,585,000 —
1975 12,759,779 1978 18,032,565
1976 13,898,431 1979 17,884,000
Twin City Federal Savings and Loan Association, Minneapolis, has one of its branch
offices in Fridley.
MEDICAL FACILITIES
Medical facilities in Fridley include Unity Hospital , a 275-bed hospital with an
adjacent clinic (Unity Professional Building) , Fridley Convalescent Home, the Fridley --
Medical Center; and another nursing home, Lynwood Manor . _
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TABLE 22 CONTINUED
CITY OF FRIDLEY, MINNESOTA
GENERAL INFORMATION (CONTINUED)
YEAR ENDED DECEMBER 31 , 1979
EDUCATION
Fridley is served by four school districts, the major portion located within Fridley
Independent School District No. 14. The Fridley School District operates three
elementary schools, a junior high and a senior high school , employing 232 certified
personnel and 82 additional employees in the education of about 3,955 students.
Grace Parochial High School has an enrollment of 996. Portions of the Columbia
Heights School District (13), the Spring Lake Park School District ( 16) and
Anoka/Hennepin School District ( 11 ) also lie within the City of Fridley. Those
districts have an enrollment of 2,748 students living within the City of Fridley.
— Colleges and universities, vocational-technical and specialized training schools are
located throughout the metropolitan area within easy commuting distances of Fridley.
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