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1968 Financial Statements r- � .. ^ ^ CITY OF FRIDLEY, MINNESOTA FINANCIAL STATEMENTS DECEMBER 31, 1968 ...� _t\ .., ^� . _, CITY OF FRIDLEY, MINNESOTA � EI�ECTED AND APPOINTED OFFICIALS .� • DECEMBER 31, 1968 -- - Term of office expires January _, Elected Mayor - Jack 0. Rirkham 1972 City Council .— David 0. Harris 1972 Frank G. Liebl 1970 Leonard W. Samuelson 1970 _ Raymond E. Sheridan 1971 Appointed ^ City Manager - Homer R. Ankrum Clerk-Treasurer - Marvin C. Brunsell Attorney - Virgil Herrick �� Assessor - Mervin Herrmann Engineer - Nasim Qureshi , ^ � ..., ... • . � CITY OF FRIDLEY, MINNES�TA � � . TABLE OF CONTENTS .. " Pa�e ^ Independent certified public accountant's opinion 1 Comments 2 � . Balance sheets - All funds 8 �' General and special revenue funds Balauce sheets 10 General Fund _ Statement of revenue - Actual compared with budget estimates 11 Statement of expenditures - Actual compared with budget estimates 12 Special Revenue ftinds - Statements of cash receipts and disbursements 18 ^ Civic Center Bond Fund Balance sheet 19 Analpsis of changes in unencumbered appropriation balance 19 Special assessment funds Balance sheets 20 ..� � Statement of cash receipts and disbursements 21 Individual fund balance sheets Construction 22 Debt Service 24 General debt service funds BaZance sl�eets . . 28 — Statements of cash recei�ts and disbursements 28 Municipal Building Revenue Bond Fund (Liquor Dispensary) _ Balance sheet 29 Liquor Operating Account Statement of income 30 Aaalysis of changes in retained earnings - 30 '" Statement of operating expenses 32 Statement of changes in assets restricted for liquor revenue - bond debt service ' .- Sinking Account 34 Iteserve Account 34 Water and Sewer Revenue Bond Fund r _ Balance sheet 35 Operation and Maintenance Account - Statement of income 36 Analysis of changes in retained earnings 36 " Statement of changes in assets restricted for revenue bond debt� service /� Sinking Account 37 .- Reserve Accaunt g7 .... .-, ' CITY OF FRIDLEY, MINNESOTA TAB LE OF CONTENTS (CONTINUED) � .--, P.age Trust and agency funds ^ Balance sheets 38 Statements of cash receipts and disbursements 38 - .� . Statement of general fixed assets 39 I i ; Miscellaneous information ._, : Statement of cash and security for deposits 40 Summary statement of cash receipts and disbursements 40 Bonds payable - Al1 funds �+1 Debt service requirements - All funds 47 � Certificates of Indebtedness - General Fund 47 �ssessed valuations, tax levies and mill rates 48 Tax levies and tax collections 49 ^ ' Insurance coverage 51 Employees� surety bonds 51 •-. �^ � , ..., � � .. �. � - � /'� , --, ' —, I GEORGE M . HANSEN C ❑ MPANY "" Certified Public Accouiata�ets � � . � � 175 SOUTH PLA2A BUILDING WAYZATA BOULEVARD AT HIGHWAY 100 . � � . � � MINNEAPOLIS, MINNESOTA 55416 � ^ 545-5657 . �. � June 9, 1969 ^ To the City Council of Fridley, Minnesota We have examined the accompanying financial statements of the respective funds of the City of Fridley, Minnesota for the year ended December 31, 1968. Our ^� examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other suditing procedures as we considered necessary in the circumstances. "" In our opinion, these statements present fairly the financial position of the respective funds of the City of Fridley, Minnesota at December 31,1968 and the results of their operations for the year then ended, in conformity with — generally accepted govesnmental accounting principles applied on a basis consistent with that of the preceding year. - ��,,,.-9,� �'y1 . � Ca�.y¢.`� � � � : � � ..., CITY OF FRIDLEY, MINNESOT�� ^ COMMENTS /� ' --, The _Village of Fridley attained City status in accordance with a charter approved by the electorate September 10, 1957. The Charter provides for a form of govern- .�. ment designated a.s the "Council-Manager Plan." Under this plan as set forth in , the Charter, "All discretionary powers of the city, both legislative and executive shall vest in and be exercised by the city council. It shall have complete control � over the city administration, but shall exercise this control exclusively through ; the city manager and shall not itself attempt to perform any administrative work." The council is elected by popular vote and consists of five members, including the mayor who is chairman. The city manager is appointed by the council. ^ The city financial statements are presented on the accrual basis of accounting whereby revenues are recorded when earned, except for general property taxes and ... General Fund special assessments which are considered as revenue in the year collected. The financial statements which follow have been prepared to set forth individual fund balance sheets, analysis of changes in fund balance, actual revenue �, compared with budget estimates and other informatiqn. GENERAL FUND . The General Fund was established to account for the revenues and expenditures � necessary to provide basic governmental services to the city such as general govern- ment, public safety and highway maintenance. ^^ In the following statements revenues are recorded by source, while expenditures are recorded by department. Included in " General property and other taxes" in the statement of revenue are property and bank excise taxes and payments from the State property tax rel.ief fund for homestead tax and exempt property tax replacement. � A plan of financial operation of the Fund is set forth. in the annual budget adopted by Council. The General Fund statements are prepared to show the budget estimate, ^ actaal amount and balance. A condensed summary of �evenue and expenditures is s�own below: � REVENUE 1968 1967 Amount Percent Amount Percent � General property taxes $ 623;882 50.8 $564;880 60.3 Licenses and permits 103,539 8.4 76,599 8.2 Fines and forfeitures 17,947 1.4 23,997 2.6 -� From use of money and property 15,981 1.3 11,059 1.2 From other agencies 254,062 20.7 99,809 10.7 Charges for current services 34,450 2.8 13,437 1.4 �, . Other revenue 7,213 .5 5,690 .6 Transfers from other funds 174,000 14.1 140,000 15:0 Tota2 revenue S 1,231,074 100.0 ,�935�471 100.0 �'" . /'� _. , - ..., ^ � 3 EXPENDITURES 1968 1967 � Cost per Cost per . Amount capita capita '� General government $' 240,605 $ 7.99 $204,569 $ 7.23 ^ Public safety 375,458 12.48 320,957 11.34 Highways 285,109 9.47 217,199 7.67 Sanitation and waster removal 23,814 .79 6,417 � .23 : .-. Conservation of health 4,792 .16 5,112 .18 ' Library 3,000 .11 City band 1,164 .04 1,549 .05 ^ Recreation _ 44,849 1.49 39,631 1.40 Municipal parks 123,595 4.11 92,630 3.27 Hospitalization insuran:.e . 8,873 .29 8,188 .29 " Total expenditures 51,108,259 6.82 89 2 2 1 77 - Population estimate 30,100 28,300 ^ Actual revenues exceeded budget estimates, during 1968, by $105,177 of which $51,159 was from nonbusiness licensas and permit fees. Expenditures were under •tiudget by $17,638. As a result, the fund balance increased ;5122,815, during 1968, to $303,899 � at December 31, 1968. Shown on the balance sheets are amounts to be provided for land, building and equipment -- acquisition. Repayment is to be made in annual installments and financed by current tax levies. ^� SPECIAL REVENUE FUNDS Municipal State Ai3 Fund - Gasoline tax collections apportioned to the city from the State of Minnesota for street construction are accounted for in this fund. Transfers — are also made to this fund from special assessment debt service funds. At December 31, 1968, $114,856 of the fund balance was available for future seal coating. � Flood and Tornado Disaster Fund - This fund was established to account for expenses incurred by the city resulting from tornado and flood damage in 1965. As a result of an audit, the city refunded $30,896 of Federal aid received in prior years. An ad- ditional amount of Federal aid, approximating $11,000, is subject to refund by the city " pending negotiation of additional costs incurred. CZVIC CENTEFc BOND FUND _, Civic Center Bonds in the amount of $500,000 were issued in 1965 for construction of additional city hall facilities. Substantially all of the construction has been com- pleted with an unencumbered balance of $4,781 available for further construction at December 31, 1968. SPECIAL ASSESSMENT FUNDS , Special assessment funds are established to account for special assessments levied — to finance improvements or services deemed to benefit the properties against which the assessments are levied. Primarily, the transactions accounted for in special assessment construction funds are receipt of bond proceeds and disbursement of bond _ proceeds for construction work done. Special assessment debt service funds account mainly for collection of assessments against benefited property owners and disburse- � ment of assessment collections for the payment of bonds and interest. .. � 4 SPECIAL ASSESSMENT FUNDS (CONTINUED) ^ . � Several special assessment construction funds showed cash deficits as of December 31, � 1968. These deficits mean, in effect, that monies belonging to other city funds have -� been used as a means of temporary financing until sufficient bonds are sold and special assessments receivable collected to pay current expenditures and eliminate the deficits. � .. The debt service _•funds for Water No. 75 and Improvement Bonds of 1963 show deferred tax levies of $1,061,900 and $567,000, respectively, to pay costs of water and sewer system expansion not assessed against benefited property. It is anticipated that ^ the unassessed costs will. be paid from earnings of the Water and Sewer Utilities Operating Fund and that annual collectible amounts of the levy will be canceled or reduced accordingly. _. The debt service fund for the Refunding Bonds of 1964 shows a deferred tax levy of $1,326,000. This tax levy was set up in the bond resolution for paymeat of the total bond issue; no consideration was given to the deferred special assessments ^ receivable. The collections by the city of deferred special assessments, as well as the transfers from the Sewer and Water Utilities Operating Fund, could be used to cancel or reduce the annual collectible amount of the deferred tax levy. ^ The balance sheets for the debt service funds show future interest on both special assessments receivable and related bonds payable. It should be noted that pro- ._, spective interest receivable or payable becomes an actual asset or liability, , respectively, strictly as a function of time. Prepayments of special assessments have the effect of reducing the amount of interest collectible. Conversely, redeucption of bonds before maturity would reduce the amount of interest to be paid. �^ &efunding bonds were sold by the city in 1964 for the advance payment of the re- maining bonds of three city bond issues. Proceeds were deposited with the escrow ^ agent for'. payment when due. These issues in original amounts were: Improvement Bonds dated January 1, 1959 $ 270,000 .... Improvement Bonds dated December 15, 1959 505,000 ' Improvement •Bonds of 1961, dated May 1, 1�J61 1,250,000 � S2,025,000 � At December 31, 1968, the above bonds were outstanding in the amount of $1;425,000. ^ Account balances reported by the escrow agent at December 31, 1968 were as follows: Cash $ 48,610 .. Investment 1,443,162 $1,491,772 Bonds payable 1,425,000 � Reserve for future interest and call premium S 66i772 Special Improvements Revolving Fund - The purpose of this fund is to provide temporary -- financing for small improvement projects. It has been used also to provide cash tu • special assessment debr_ service funds which have incurred cash deficits due to bond and /-� interest maturities in advance of collection of corresponding special assessments �:e- ,� ceivable. Money for t}iese purposes has been provided mainly from balances in old inactive construction :ind debt service funds, water and sewer connection assessmen:s and improvement escrow deposits. .� , 5 . ^ GENERAL DEBT SERVICE FUNDS � These funds are being used for the accumulation of monies for payment of general obligation bonds and interest thereon. General property taxes are being collected — to provide the necessary revenue. MUNICIPAL BUILDING REVENUE BOND FUND (M[JNICIPAL LIQUOR DISPENSARY) _ ^ This fund was established to account for the operations and financing of the city-owned liquor stores .. Shown below is a condensed summary of liquor store operations for 1968, 1967 and 1966: 1968 1967 1966 - Percent Percent Percent -- of sales of sales of sales Sales Off sale $1,068,010 77.8 $ 993,950 77.0. ..' $ 902,339 75.2 _ On sale 304,945 22.2 ?96,869 23.0 297,915 24.8 Total sales $1,372,955 100.0 $1,290,819 100.0 $1,200,254 100.0 � Cost of sales 903s044 65.8 852,767 66.1 _ 793,270 66.1 Gross profit $ 469,911 34.2 $ 438,052 33.9 $ 406,984 33.9 -- Operating expenses 291,787 21.3 269 642 20.9 243i144 20.3 Operating profit $ 178,124 12.9 $ 168,410 13.0 $ 163,840 13.6 � Other income and expenses (net) 13,167 1.0 9,959 .8 6,725 .6 " Net income $ 191,?91 13.9 S 178,369 13•8 S - 170,565 14•2 -. , Percent of Percent of Percent of net income net income net income Transfers to other city funds $ 160,000 83.6 S 180,832 101 S 100 000 58.6 � Debt service accounts are being maintained in accordance with bond sale agreements. Of an original bond issue of $230,000 sold in 1956 and 1957 to be paid for from revenues of liquor stores, $54,000 was payable after December 31, 1968. ^ WATER AND SEWER REVENUE BOND FUND This fund accounts for the operations and financing of the city-owned sewer and water systems. In 1956, revenue bonds were issued in the amount of $170,000 of which $105,000 .� of these bonds were outstanding at December 31, 1968 and payable in future years. � Debt service accounts for this bond issue are being maintained in accordance with the provisions of the bond sales agreement. The agreement provides that net revenues of .., the water and sewer operations equal to the principal and interest maturities of the revenue bonds due in the following year be pledged as collateral. ^ Current years revenue includes an amount of $72,667 collected from customers for " sewer connection charges. This amount, along with prior years collection revenues, total $117,019 and are shown on the balance sheet as "Reserve for Sewer Connection C:�arges" pending the outcome of a court action against the city challenging. the .., Iegality of such charges. The related connectior. costs incurred by the city for the current year totaled $82,775 and are classified as part of source of supply exgenses. ... � � �. WATER AND SEWER REVENUE BOND FUND (CONTINUED) The financial statements include a liability of $213,175 to the North Suburban � Sanitary Sewer District for connection charges to the NSSSD system. The city has ^ available extra capacity in the Minneapolis sewer system and wants to transfer this extra capacity to the District in lieu of payment of all or a portion of such con- . nection charges. The District refused to accept this method as a means of payment for the connection charges and has brought legal action against the city in District "' Court. The Court ruZed in favor of the city, but,the NSSSD has since appealed the matter to the _Minnesota Supreme Court. •- The city follows the practice of not including as part of fixed assets in this fund the cost of the distribution system, which is paid for by assessment against benefited property or by deferred tax levies. Such fixed assets are carried as a part of _.. General Fixed Assets. Although the Water and Sewer Revenue Bond Fund has transferred monies to the special assessment debt service funds to pay principal and interest on some bond issues, " the fund does not have an obligation to do so. Therefore, the city considers such tr.�nsfers as direct charges against retained earnings and not against income. .-. TRUST AND AGENCY FUNDS , Trust and agency funds are established to account for cash or other assets held by the municipaZity as a trustee or agent. The city funds of this nature- include the Firemen's Re2ief Assvciation Fund, the Public Employees' Retirement Association ^ Fund and the Police Pension Fund. These funds account for collection of general property taxes levied for the benefit of these associations and subsequent remit- tance of such co2lections to them. ^� ... .... ` ._ .., ` .... � _.. /'1 -, CITY OF FRIDLEY, MINNESOTA ^ � BALANCE SHEETS - ALL FUNDS � . DECEMBER 31, 1968 .-, General and . Special ^ Combined Revenue ' � ASSETS Cash $ 89,022 $ 1,364 "'� Cash witb fiscal agent � 546,246 Investments, at cost plus accrued interest City of Fridley temporary bonds 1,257,647 � Other 3,301,683 465,371 � ; Accounts receivable 200,296 78,468 Due from other funds 29,909 21,918 Taxes receivable 3,881,883 44,158 -' Special assessments receivable 6,936,075 2,008 Inventories, at cost 199,478 313 FixeZ assets, at cost less accumulated depreciation 17,877,247 ^ Amounts to be provided 1,064,793 266,969 Total assets 535,,384,,279 S880,569 .� � LIABILITIES, RESERVES AND FUND BALANCE - �.� Accounts and contracts payable $ 752,551 $267,779 Due to other funds 29,909 7,991 Deposits payable 201,433 810 -, Honded indebtedness - Future maturities Definitive bonds _, �rincipal 8,986,000 ,� Interest . 2,148,802 Certificates of indebtedness � Principal 20,000 20,000 Interest 2,688 2,688 "' Temporary bonds (held by City of Fridley) Principal 1,245,000 Interest 158,125 � Reserves 2,626,849 98,608 Unencumbered appropriation balances 292,077 Investment in general fixed assets 15,938,881 „ Retained earnings 2,183,793 Fund balance 798,I71 482,693 Total liabilities, reserves and fund balance 535,,�84,279 880 569 ^ ' /� Note - Assets in the total amount of $67,33� are restricted in the Liquor and -+ Utilities funds as detailed on Pages 29 and ?5, � � ; ^ • 9 i • ,.. ' � . Civic General Water and Trust ., Center Special Debt Municipal Sewer and General Bond Asse.�ssment Service Liquor Utilities A enc Fixed Assets _ $ I,016 $ 23,117 $ 696 $ 60,863 $ 1,360 $ 606 529,366 16,880 � I,257,647 - 10,065 2,092,286 44,353 192,273 494,3I5 3,020 121,828 7,991 ^ 2,976,534 857,258 3,933 6,934,067 Z99,165 233,114 1,705,252 $15,938,881 '�' 753,577 44,247 � I Il. 81 514,574,,585 ,�919,187 68 41 '�Z.322.755 � $15,938,881 � � I � � $ 5,000 $ 158,190 $ 34,515 $ 239,194 $ 47,873 � 21,918 _ I5,225 185,398 8,142,000 $685,000 54,000 105,000 - 1,961,585 187,217 1,245,000 158,125 �" 1,30U 2,338,656 38,580 145,772 3,933 4,781 240,326 46,970 $15,938,881 - 536,402 1,647,391 315,478 � _ 8I $14,574,585 919 1 7 68 415 22 5,� 1 06 515,938,881 � /� . �t� --� ; CITY OF FRIDLEY, MINNESOTA -� � GENERAL AND SPECIAL REVENUE FUNDS /" BALANCE SHEETS DECEMBER 31, 1968 � � � Flood and � ' Municipal Tornado Combined. General State Aid Disaster ^ ASSETS ! ` i �i $ 1,364 $ 1,137 $ 161 $ 66 - �stments, at cost plus accrued -' `:nterest 465,371 298,158 154,837 12,376 ! :ounts receivable �tate of Minnesota 72,931 41,144 31,787 ^ )ther 5,537 5,537 from other funds 21,918 21,918 �:inquent taxes receivable 44,158 44,158 .� -:;rLquent special assessments receivable 2,008 2,008 -�id expense 313 313 �t to be provided for �d arid buildings 229,816 229,816 '^ �ipment 37,153 37,153 Total assets ,5880,569 .�681.342 5186,785 S 12,442 �-, LIABILITIES, RESERVES AND FUND BALANCE _, �.�°�.nts and contracts payable $267,779 $267,779 ,: to other funds 7,991 $ 7,991 °osits payable , 810 810 '-' °�ificates of indebtedness � ?rincipal 20,000 20,000 :nterest 2,688 2,688 -• �erves for Incollected taxes and special assessments 46,166 46,166 ^ �ncumbrances 52,442 40,000 $ 12,442 .:-.zi balance 482,693 303,899 ll8y794 Total liabilities; reserves '� and fund balance ,S$80,569 ,�$�� 18 �_� � � . /� � , � I � ,.., .., , � 1� "^ CITY OF FRIDLEY, MINN�SOTA : "'� . GENERAL FUND - � STATEMENT OF REVENUE - ACTUAL COMPARED "�1ITH BUDGET ESTIMATES YEAR ENDED DECEMBER 31, 1968 � Budget Actual estimates General property and other taxes Current ad valorem $ 604,272 $ 595,402 - Delfnquent ad valorem 19,610 4,000 � $ 623,882 . $ 599,402 _ L icenses and permits Business regulatory licenses $ 14,165 $ 13,135 Nonhusiness licenses and permits 89,374 38,215 � $ 103,539 � 51,350 Fines and forfeitures - Municipal Court $ 17,947 $ 18,950 -. Revenue from use of money and property Interest earned $ 15,553 $ 5,500 Rents , 428 600 _� $ 15,981 � 6,100 Revenae from other agencies Shared State taxes " Cigarette and Iiquor $ 84,787 $ 84,000 Mobile home registration fee 14,169 12,500 Per capita apportionment 129,399 133,860 _ Gasoline tax , 18,405 18,OOD Mortgage registry 7,302 8,000 $ 254,062 $ 256,360 � Charges for current services General Goverr.ment $ 5,902 $ 4,000 Public Safety 2,262 2,250 - Conservation of Health 18,111 600 Recreation 8,175 8,035 �S 34,450 $ 14,885 ^ Other reveaue � $_ . . . �•_,2;13.' $ 4,85 0 Transfersfrom other funds "�' Municipal Liquor Operating Fund � $ 160,000 $ 160,000 Municigal State Aid Fund - Seal coating 14�000 14,000 •$ 174,000 $ 174,000 Total revenue _�1,291,074 $1,125?897 � . � �� _-. ..., CITY OF FRIDLEY, MINNESOTA "'1 GENERAL FUND �- STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES YEAR Ei�TD-ED DECEMBER 31, 1968 ^ � Budget i Actual estimate General Government � �" Mayor and Council Personal services $ 14,288 $ 13,300 Contractual services 2,605 5,350 '-+ Commodities 2,773 1,720 ' Other charges 1,780 1,200 Capital outlay 75 � 21 446 21 645 Manager Personal services $ 28,868 $ 29,300 � Contractual services 3,924 3,715 Commodities 1,537 1,500 Other charges 159 270 -- Capital outlay 1,797 1,930 36 285 36 715 Municipal Court �^ Personal services $ 19,514 $ 19,450 Contractual services 516 455 Commodities 396 675 '� Other charges 56 65 Capital outlay 309 200 � 20 791 20 845 -� � Elections and Voters' Registration Personal services $ 10,6b0 $ 12,700 „ Contractual services 494 255 Commodities 1,558 1,600 Other charges 96 70 Capital outlay 4,011 2,300 ^ 16 819 16 925 Finance -� Clerk-Treasurer Personal services $ 19,193 $ 21,537 Contractual services 3,246 3,175 ,� Commodities 3,474 4,550 , Other charges 1,346 780 Capital outlay 2,887 1,110 -, - /'1 � . � j --, _'� . 13 ^ CITY OF FRIDLEY, MINNESOTA � � GENERAL FUND ,� STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED) YEAR ENDED DECEMBER 31, T968 Budget � Actual estimate — General Government (continued) . Ffnance (continued) Assessor ^ Personal services $ 24,731 $ 24,482 Contractual services 1,609 1,580 Commodities 506 935 Other charges 390 430 " Capital outlay 42 400 Independent auditing and accounting 5,500 5,500 62 924 64 479 ^ Legal Personal services $ 13,281 $ 14,400 ... Contractual services 50 Cammodities 377 50 13 658 14 500 %� Administrative Offices Charter Commission - Contractual services $ 300 Industrial Development Commission ._ Personal services 150 Contractual services $ 924 875 Commodities 13 150 ..., Civi1 Service Personal services ' 76 75 Contractual services 96 135 Board of Appeals - Contractual services 61 25 ^ 1 170 1 710 Planning and Zoning ,� Personal services $ 11,633 $ 12,008 N,�", ,� Contractual services 443 225 �� Gommodities 1,002 400 Other charges 40 �" 13 118 12 633 General Government Buildings — Personal services $ 8,707 $ 7,900 - � Contractual services . 26,366 17,120 Gommodities 1,308 2,100 _ Other charges 1 745 2 100 > > Reatal of Fire Station 13,556 13,560 ^ Gapital outlay 2,712 11,800 . , 54 394 54 580 Total Geueral Government 240 605 244. 032 .., . .-, � CITY OF FRIDLEY, MINNESOTA � GENERAL FUND �` STATEMEN� OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED) YEAR ENDED DECEMBER 31, 1968 � ' .--� _ Budget Actual estimate .� Public Safety Poliee Protection Personal services $194,381 $198,187 Contractual ser�vices 10,229 9,600 � Commodities 12,465 12,350 Other charges 6,106 4,700 Capital outlay 9,081 10,150 ^ 232 262 234 987 Fire Protection _. Personal services $ 47,772 $ 46,244 Contractual services 10,158 11,550 Commodities 3,978 5,782 Other charges 3,735 3 975 � � Capital outlay 13,180 12,260 78 823 79 811 /'`^ Protective Inspection Personal services $ 32,913 $ 33,162 �a � Contractual services � 9,578 9,300 ,^ � Commodities 898 1,000 Other charges 562 650 Capital outlay 292 1,150 � 44 243 45 262 ^ Civil Defense Personal services $ 6,574 $ 6,720 -� Contractual services 485 2,020 Commodities 147 769 Other charges 156 120 _., Capital outlay 9,118 16,250 16 480 25 879 Animal Control ^ Contractual services $ 3,650 $ 3,900 Commodities 125 3 650 $ 4,025 -� Total Public Safety 375 458 389 964 .� . /� � � � � � �� --, "' • 15 - CITY OF FRIDLEY. MINNESOTA � � GENERAL FUND ^ STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED) YEAR ENDED DECEMBER 31, 1968 .. . Budget Actual estimate Highways Engineering ^ Personal services $ 36,077 $ 37,821 Contractual services 4,657 4,650 Commodities 4,800 3,000 Other charges 863 1,150 `- Capital outlay _ 4,027 4,200 50 424 50 821 ..., Street and Alley Personal services $ 60,450 $ 62,861 Contractual services 13,302 10,650 Commodities 13,506 20,950 -" Other charges 24,632 24,300 Capital outlay 15,045 14,400 126 935 133 161 "�� . Snow and Ice Removal Personal services $ 6,777 $ 5,059 ^ Contractual services 2,025 1,600 Commodities 3,384 2,900 Other charges 1,561 100 Capital outlay 6,920 5,500 "" ' 20 667 15 159 Traffic Signs, Signals and Markings -- Personal services $ 3,500 Contractual services $ 6,307 3,250 Commodities 3,513 2,500 _, Other charges 46 100 Capital outlay 29,831 30i765 39 697 40 115 "" Equipment Maintenance Personal services $ 2,831 $ 1,100 Contractual services 7,311 5,350 - Commodities 3,205 1,800 Other charges 1,882 2,600 Capital outlay 3,037 7,400 _ 18 266 18 250 ^ Street Lighting - Contractual services 29 120 29 150 " Total HigY:ways 285 109 286 656 ..., 3 , . .., CITY OF FRIDLEY, MINNESOTA '-' . /'_ � GENERAL FUND STATEMENT OF EXPEN�T�T''JRES - ACT'UAL COMPARED WITH BUDGET ESTIrSATES (CONTINUED) -� YEAR ENDED DECEI�IBER 31, 1968 - Budget . Actual estimate � =anitation and Waste Removal � Storm Sewers Personal services $ 696 $ 700 -, Contractual services 1,887 800 Commodities 304 830 Other charges 500 700 � 3 387 3 030 Weed Eradication - Salaries $ 4,111 $ 5,325 Cy �� Contractual services 16,164 16,330 � � Commodities 152 145 ' 20 427 21 800 _.. Total Sanitation and Waste Removal 23 814 24 830 Conservation of Health Personal services $ 4,358 $ 4,135 �� { o� Contractual services 326 1,250 � Commodities ig Capital outlay I 90 "' Total Conservation of Health 4 792 5 385 -ty Band , ^ Personal services $ 950 $ 950 Commodities 214 650 Total City Band 1 164 1 600 .. �creation ' Personal services $ 34,815 $ 37,875 Contractual services 1,652 1,650 -� Commodities and capital outlay 7,595 7,650 � ather charges 787 835 Total Recreation 44 849 48 O10 ., zicipal Parks Personal services $ 53,246 $ 49,636 Contractual services 16,469 16,150 � Commodities 11,889 5,600 � Other charges 6,505 7,260 Capital outlay 35,486 41,865 —� Total Municipal Parks 123 595 120 511 � ^ .. .-, � ... ' ° 17 ,� CITY OF FRIDLEY. MINNESOTA '� GENERAL FWi D - STATEMENT OF EXPENDITLIRES - ACT*uAL COMPARED WITH BUDGET ESTIMATES (CONTINUED) �" YEAR ENDED DECEMBER 31, 1968 ... - Budget Actual estimate ... City contribution - Hospitalization insurance 8 873 9 000 .. Total expenditures $1,108,259 1.129e988 _ Fund balance January 1, 1968 $ 181,084 $ 181,084 Re�enue over (under) expenditures 122,815 ( 4,091) -- Fund balance December 31, 1968 � � 179,993 _� � .... . !� i i I .. i _ � � � � _ . ; � � - . . .... CITY OF FRIDLEY, MINNESOTA .� � SPECIAL REVENUE FUNDS � STATEl�1ENTS OF CASH RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31, 1968 ^ .., ' Municipal Flood and Combined State Aid Tornado --� �ash balance, January 1, 1968 � 168 167 $148,233 19 934 Receipts State aid construction apportionment $ 88,291 $ 88,291 � Interest on investments 1,286 $ 1,286 Investments matured (at cost) 41,984 41,984 Transfer from 1966 Street Construction Fund 52,728 52,728 ^ Total receipts 184 289 141 019 43' 270 � Jisbursements ' Street maintenance $ 1,386 $ 1,386 Refund to State of Minnesota 30,896 $ 30,896 Purchase of investments 187,079 154,837 32,242 "�i Transfers to other funds � General Fund - Seal coating appropriation 14,000 14,000 1967 Street Construction Fund 12,420 12,420 �-� 1968 Street Construction Fund 75,871 75,871 1967 Street Debt Service Fund 30,577 30,577 � Total disbursements� 352 229 289 091 63 138 ;:ash balance, December 3I, 1968 S 227 S 161 S E6 '-' .., _-. ^ . ^ .� /'� ' .--� ! .. "� • 19 ._ CITY OF FRIDLEY, MINNESOTA � . CIVIC CENTER BOND FUND �.. . BALANCE SHEET � DECEMBER 31,1968 .. ASSETS �. Cash $ 1,016 Investments, at cost plus accrued interest 10,065 Total assets 081 LIABILITIES, RESERVE, AND APPROPRIATION BALANCE �. Contract payable $ 5,000 Reserve for encumbrances 1,300 Unencumbered appropriation balance 4,781 Total\ liabilities, reserve and appropriation balance . � _^ ANALYSIS OF CHANGES IN UNENCUMBERED APPROPRIATION BALANCE YEAR ENDED DECEMBER 31, 1968 . � �. Balance, January 1, 1968 447 " Additions � Interest on investments $ 1,521 Adjustment of prior year's encumbrances 2,813 _ Total additions 4 334 Balance, December 31, 1968 � .. � < -.. __ �r} . , -, CITY OF FRIDLEY, MINNESOTA -- SPECIAL ASSESSMENT FUNDS � . BALANCE SHEETS ... DECEMBER 31, 1968 Special Special '-' _ Assessment Assessment Special Con- Debf; Improvements Cambined struction , Ser�ice Revolving - ASSETS � �h $ 23,117 $ 6,433 $ 15,017 $ 1,667 :h with fiscal agents 529,366 529,366 ^ ;estments, at cost plus accrued :nterest City of Fridley temporary bonds 1,257,647 1,257,647 " Other 2,092,286 517,848 1,479,170 95,268 from other funds 7,991 7,991 es receivable ��elinquent 2,534 2,534 ^ .eferred 2,974,000 2,974,000 cial assessments receivable '}elinquent 836,510 812,821 23,689 ^ �eferred Principal 4,392,474 4,180,019 212,455 Interest 1,705,083 1,705,083 /'�^ �mounts to be provided for Construction 6,508 6,508 Debt retirement 747,069 747,069 .-. � Total assets 514,574,58� 8 78 513,.]02,726 ��Q]� '��BILITIES, RESERVES, APPROPRIAT•IONS '-' AND FUND BALANCE aunts and contracts payable $ 158,190 $155,814 $ 2,376 ^ osits payable 15,225 15,225 ded indebtedness - Future aturities Definitive bonds � Principal 8,142,000 $ 8,142,000 Interest 1,961,585 1,961,585 Temporary bonds (held by City ^ of Fridley) Principal 1,245,000 1,245,000 Interest 158,125 158,125 ^ -erves for :ncumbrances I42,640 142,640 ebt retirement 2,196,016 2,196,016 ,^ zcumbered appropriation balances 240,326 240,326 - d balance 315,478 315,478 ^ Total liabilities, reserves, � appropriations and ' fund balance 514,574,585 5�5.'38,780 513.707,726 5333,079 _. "' . 21 .� CITY OF FRIDLEY, MINNySOTA "'1 , SPECIAL ASSESSMENT FUNDS . STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS - YEAR ENDED DECEMBER 31, 1968 � � Special Special Special � Assessment Assessment Improvements � Combined Construction Debt Service Revolving Cash balance, January 1, 1968 $ ►22,547 $ 7,428 $ 12,648 $ 2,471 " Receipts Proceeds from sale of temporary bonds _ $ 885,000 $ 885,000 - Special assessments 993,376 $ 948,283 $ 45,093 General property taxes 2,066 2,066 Interest on investments 165,217 16,669 142,543 6,005 ,_ Other governmental units � 53,994 53,994 Investments sold 3,299,053 387,477 2,837,665 73,911 Transfers from other funds 464,252 167,565 296,687 ' ' Total receipts $5,862,958 $1,510,705 $4,227,244 $ 125,009 � Disbursements . Capital outlay .., Transfers to other funds Interest during construction $ 30,321 $ 30,321 Reimbursement of costs 33,869 33,869 Other 831,602 831,602 "" s $ 895,792 $ 895,792 � ' Retirement of bonds ,_ Principal $ 949,000 $ 949,000 Interest 393,316 393,316 . Investments purchased 3,439,105 $ 557,135 2,798,360 $ 83,610 Transfers to other funds 180,016 58,773 81,876 39,367 "�' Other disbursements 5,159 2,323 2,836 Total disbursements $5,862,388 ,�1,SI1,700 $4,224,875 S� 125,813 Cash _balance, December 3I, 1968 � 23,117 �S 6,433 ,$ 15,017 $ 1,667 � . ��, � CITY OF FRIDLEY, riINNESOTA ^ SPECIAL ASSESSMENT CONSTRUCTION FUNDS � - BALANCE SHEETS ., DECENIBER 31, 1968 ..-. ASSETS Accounts receivable - Cash Investments Other funds ...� Storm Sewer No. 5 $ 3,978 $ 14,141 Storm Sewer No. I2 ( 2,515) Water No. 34 76 —" Sewer �nd Water No. 50 1,423 6,185 Water No. 75 1,427 142,661 Storm Sewer, Sewer and Water No. 79 235 4,024 ^ Storm Sewer No. 80 ( 322) Storm Se�aer No. 81 1,a64 Storm Sewer No. 82 162 13,081 ..., Storm Sewer, Sewer and Water No. 84 ( 895) 15,285 �torm Sewer No. 87 1,739 Storm Sewer, Sewer and Water No. 88 212 16,101 Storm Sewer No. 89 ( 169) /�'^' Sewer and Water No. 90 ( 244) 1966 Street 283 12,228 1967 Street 630 8,152 -, 1968 Street � 746 285,990 $ 7,991 1969 Street 1 397) Combined ' ,�� l.�3� $517,848 $ 7,991 ^ �-, i --• -, I � � _ � ^ .. . .... - . . 23 i _ i � � . LIABILITIES, RESERVES AND APPROPRIATIONS .. Amount Accounts Total to be and Reserve Unencumbered liabilities provided for Total contracts • ' for appropriation reserves and construction assets payable encumbrances balance appropriations . $ 18,119 $ 1,370 $ 16,749 $ 18,119 $ 4,376 - 1,861 1,861 1,861 - 76 76 76 7,608 7,608 7,608 144,088 2,772 $ 21,954 119,362 144,088 _„ 4,259 4:259 4,259 322 -0- 1,064 214 850 1,064 13,243 13,146 97 13,243 "" 14,390 2,699 11,691 14,390 1,739 1,009 730 � 1,739 . 16,313 4,806 11,507 16,313 ---, 169 -0- 244 -0-. 12,511 11,959 552 12,511 8,782 7,414 1,368 8,782 294,727 96,621 120,686 77,420 294,727 I,397 -0- �'�-$ 3� ' � �� '-�`�� 24 ' ^ CITY OF FRIDLEY, r1INNESJTA ., . SPECIAL ASSESSMENT DEBT SERVICE FUNDS � . BALANCE SHEETS DECEMBER 31, 1968 ^ -� � - Regular Sewer Special and Water Water .� Combined Assessment No. 48 No. 75 ASSETS i $ 15,017 $( 1,275) $ 823 $ 425 � � with fiscal agent 529,366 132,275 :stments, at cost plus accrued �terest • -� City of Fridley temporary bonds 1,257,647 1,227,400 30,247 Other 1,479,170 26,508 125,338 157,036 es receivable ,_ �elinquent 2,534 .ferred 2,974,000 19,100 1,061,900 :ial assessments receivable � � �?inquent 812,821 100,614 94,077 � ::�-��erred ! 8'rincipal 4,180,019 460,875 291,034 Interest 1,705,083 93,767 113,856 �---� ::�o3cnt to be provided for debt za�t irement 747,06 9 Total assets � �13_702.726 1.907.889 �$Q� 7�Q �51,219�361 ^ .LIABILITIES AND RESERVE � ^ �ed indebtedness - Future maturities �Tfinitive bonds _. Principal $ 8,142,000 $1,137,000 $590,000 $ 770,000 Interest 1,961,585 184,400 59,655 299,221 :?mporary bonds (held by City ^ of Fridley1 Principal 1,245,000 Interest 158,125 ��rve for debt retirement 2,196,016 586,489 157,095 150,140 ^ Total liabilities and reserve 513.702,726 51,907,,889 S806,750 S1,219,361 -� �, ^ � . ...� - • � 25 "� � Storm Sewar, Storm Sewer; Storm ��Sewer Storm Sewer Improvement �Sew�r and Water Sewer and Water 1967 1968 Bonds No. 82 No. 84 No. 87 ' No. 88 Street Street of 1960 • - $ 1,815 $ 6,036 $ 455 $ 1,380 $ 1,102 $ 965 97,728 4,024 374,152 .... -- 2,065 475 4,449 2,761 93,243 106,168 103,371 49,951 215,759 136,760 554,424 _� 67,750 66,909 32,980 139,161 59,197 244,332 705 750 41,319 "" 1'/7-798 . .�� ,�'�`�..$�, 5356,300 �, 1 82 ,5705,750 51,406,163 $1,090,000 316,163 $115,000 $120,000 $ 60,000 $230,000 $105,000 $615,000 � 11,250 12,000 6,750 29,500 7,875 90,750 ._ 51,548 44,791 25,109 96,800 86,945 177 � 98 176 1 1 8 5356,3QQ 82 ,�705,,750 $1,�Ob,163 � . � .,,,, ..... , " 27 \ ,_ CITY OF FRIDI,EY. MINNESOTA '1. � SPECIAL ASSESSMENT DEBT SERVICE FUNDS (CONTINUED) BAIANCE SHEETS ^ DECEMBER 31, 1968 Improve- Improve- Improve- Improve- Improve- ment ment ment ment ment .. Bonds of Bonds of Bonds of Bonds of Bonds of 1962 - 1963 1965 1967 1964 ASSETS • " Cash $ 1,501 � $( 184) $ 584 $ 602 $ 788 Cash with fiscal agent. 97,487 201,876 Investments, at cost plus -- accrued interest � City af Fridley temporary bonds Other 62,531 142,818 176,376 149,778 260,609 ., Taxes receivable ' Delinquent 2 534 Deferred 567,000 1,326,000 Special assessments receivable " Delinquent 25,675 128,011 148,253 90,378 122,820 Deferred Principal 53,739 183,246 308,036 1,382,625 334,031 Interest 23,152 30,840 147,061 568,394 117,684 �Amount to be provided for debt retirement Total assets �,S�Q$ $1,149,218 780 IO 52,393,653 52,164,466 " LIABILITIES AND RESERVE . Bonded indebtedness - Future maturities .., DefiniCive bonds � Principal $100 000 $ 705 000 $565 000 $1,790 000 Interest 24�570 157�658 149�460 529�600 $1�240�85�8 , > > > > Temporary bonds (held by City , � of Fridley) Principal Interest — Reserve for debt retirement 42,028 286,560 65,850 . 74,053 528,608 Total liabilities and ,_ reserve 66 8 �1,,149,218 78 1 52,393,,65� $2,164,466 � ^ ..., . _ ' � � I CITY OF FRIDLEY, MINNESOTA -� � . GENERAL DEBT SERVICE FUNDS � , BALANCE SHEETS - DECEMBER 31, 1968 ,..� �� Civic �� I ' P,ark Bonds Center ' � of 1962 Bonds Combined and 1963 of 1965 -+ ASSETS 1 Cash $ � 696 $ 456 $ -240 ,� Cash with fiscal agent 16,880 16,880 ; Investments at cost plus accrued interest 44,353 24,769 19,584 ' Taxes receivable Delinquent 4,858 2,902 1,956 '' Deferred 852,400 197,100 655,300 Total assets ,�919,187 ,5.2 2 10 �677,080 _. LIABILITIES AND RESERVES _, I,iabilities - Bonded indehtedness � , Future maturities Bonds $685,000 $200,000 $485,000 �� Interest 187,217 20,815 166,402 Reserve for debt retirement 46,970 21,292 25,678 Total liabilities and reserves $919,187 ,�242�107 ,�677,080 -, STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31, 1968 ^ Cash balance, Janua�y�, l, 1968 35 818 22 979 �Y2 839 ,..� Receipts Current property taxes $ 75,498 $ �3�',963 $ 37,535 '� Delinquent property taxes 2,286 1,305 981 "' Interest on investmeat 53 53 Total receipts 77 837 39�268 38 569 _ Disbursements Investment purchases (net) $ 44,353 $ 24,769 $ 19,584 Bonds 45,000 30,000 15,000 --� Interest 23,510 6,985 16,525 Fiscal agent service charge 96 37 59 Total disbursements 112 959 61 791 51 168 ^ Cash balance, December. 31, 1968 ,� 696 ,� 456 S 240 /'\ ..-. "". , 2 9 CITY OF FRIDLEY, MINNESOTA ..-. � • MUNICIPAL BUILDING REVENUE BOND FUND � (MUNICIPAL LIQUOR DISPENSARY) ' BALANCE SHEET DECEMBER 31, 1968 �.. ASSETS Current assets Cash $ 78,666 ^ Investments, at cost plus accrued interest 135,890 Inventories, at cast ' 199,165 Total current assets 413 721 Restricted assets - MunicipaZ Building Revenue Bond Accounts Sinking Account - Cash $ 5,254 ,,,� Reserve Account Cash $(23,057) Investments 56,383 33,326 _ Total restricted assets 38 580 Property, plant and equipmeut, substantially all at cost Land and improvements $ 40,155 _ Buildings 198 418 Furniture, fixtures and equipment 121,191 Truck 2,123 _� $361,887 Less accumulated depreciation 128,773 Net property, plant and equipment 233 114 "' Net assets ,�,$5,415 LIABILITIES, RESERVE AND FUND BALANCE Current liabilities Accounts payable — General Fund $ 21,918 Other 34,515 Bonds payable within one year* 18 000 . � ... � $ 74,433 Long-term liabilities - Bnads payable less portion due within one year 36,000 Total liabilities 110 433 " Reserves Reserve for Sinking Accoun.t debt service $ 5,254 Reserve for Reserve Accaunt 33,326 — Total reserves 38 580 Retained earnings - 536 402 ... -Total lialsilities, reserve and fund balazce ,�685�415 � � Note - Under terms af bond sale agreements, net rev�nues of the liquor operations — equal to the principal and interest maturities of Manicipal Building Revenue Bonds during the following year are pledged as collateral. ,� * Payable from restricted assets 30 � ' -1 CITY OF FRIDLEY, MINNESOTr1 ' � i MUNICIPAL BUILDING REVENUE BOND FUND � � . LIQUOR OPERATING ACCOUNT STATEMENT OF INCOME �' YEAR ENDED DECEMBER 31, 1968 �� On Sale Stores Total No. 22 No. 33 _ -. Sales $1,372,955 $ 138,599 $ 166,346 I Cost of sales 903,044 42,190 48,647 ^ Gross profit $ 469,911 $ 96,409 $ 11Z,699 Percent of sales 34.2 69.6 70.8 _.. Operating expenses $ 291,787 $ 66,143 $ 92,671 Percent o€ sales 21.3 47.8 55.7 � Operating profit $ 178,124 $ 30,266 $ 25,028 Percent of sales 12.9 21.8 • 15.1 Other incame $ 15,798 $ 4,840 $ 3,493 � (Interest expense) (2i631) (1,754) $ 13,167 $ 4,840 $ 1,739 �� Percent of sales 1.0 3.5 1.0 ! Net income $ 191,291 $ 35,106 $ 26,767 Percent of sales 13.9 25.3 16.1 � � -�, ANALYSIS OF CH,ANGES IN RETAINED FARNINGS I YEAR ENDED DECEMBER 31, 1968 -� Retained earnings 3anuary 1, 1968 . $ 581,944 -' Net income 191,291 Adjustment - Bonds p3yable January 1, 1968 ^ previouslp reflected in equity (72,000) Transfer to General Fund (160,000) Transfer to Sinking Account - (4,833) ,� Retained earnings December 31, 1968 ,S 536.402 .. . � � , -, i .; , .... . 31 . � � . Off Sale Stores ,,,, No. 1 No. 2 No. 3 No. 4 $ 148,405 $ 311,058 $ 223;942 $ 384,605 "' 110,624 235,538 170,562 295,483 $ 37,781 $ 75,520 $ 53,380 $ 89,122 ^ 25.5 24.3 23.8 23.2 $ 26,702 $ 34,711 $ 30,171 $ 41,389 _ 18.0 11.2 13.5 10.8 $ 11,079 $ 40,809 $ 23,209 $ 47,733 7.5 13.1 10.3 12.4 ' $ 829 $ 2,482 $ 1,368 $ 2,786 $ 829 (877) �...� $ 2,482 $ 491 $ 2,786 .6 .8 .2 .7 _ $ 1I,908 $ 43,291 $ 23,700 $ 50,519 8.1 13.9 10.5 �3,1 .... .., � �� . . ...� i CITY OF FRIDLEY, MINNESOTA -� _ I MUNICIPAL BUILDING REVENUE BOND FU?VD � I . LIQUOR OPERATING ACCOUNT ,� STATEMENT OF OPERATING EXPENSES ' YEAR ENDED DECEMBER 31, 1968 � On Sale Stores ' Total No. 22 No. 33 ,--, Salaries and wages $196,782 $ 48,924 $ 65,669 �� Employee benefits 13,350 3,254 4,366 Supplies 5,441 750 1,790 ,, Laundry and cleaning 4,413 1,312 1,701 Rent 9,775 Utilities _ 14,109 2,501 4,142 Repairs and maintenance 11,314 2,148 5,514 '-' Insurance 15,142 2,149 3,073 I3epreciation 14,204 3,265 4,450 . Mileage and automobile expense 1,338 409 409 -� Professianal fees 1,000 150 150 Alarm service 2,871 559 731 Gash (over) short 217 80� 194 ,,,� Uncollectible checks 965 515 289 I Miscellaneous 866 127 193 2 78 66 1 3 92 6 1 �"i .� � ...� ; i , � � : � ; � i � ( � .� ' , s �1 ! ; � .� ; j : — . � 33 ... � � ^ Off Sale Stores • No. 1 � No. 2 No. 3 No. 4 "" $ 14,157 $ 24,929 $ 2fl,157 $ 22,946 1,002 1,730 1,354 1,644 158 903 970 870 — 533 178 78 611 4,064 5,711 1,932 1,126 1,592 2,816 ,� 372 1,468 1,291 521 � � 1,759 2,665 2,579 2,917 1,854 I,036 1,367 2,232 134 124 � 124 I38 " 100 200 200 200 468 280 365 468 36 (57) (33) ( 3) — 161 133 129 127 157 �� 2 02 L o i i - 41,389 _ .� � � � . . ^ CITY OF FRIDLEY, MINNESOTA ,.., MUNICIPAL BUILDING REVENUE BOND FUND �' STATEMEN� OF CHANGES IN ASSETS RESTRICTED FOR LIQUOR REVENUE BOND DEBT SERVICE YEAR ENDED DECEMBER 31, 1968 � �, � Sinking Reserve �I � Combined Account Account .-, sh balance, January 1, 1968 � 1 532 951 581 �eipts Transfer from Operating Account $ 25,464 $ 25,464 '�' Interest on investments 2,414 $ 2,414 Investments sold 39,947 391947 Total receipts 67 825 25 464 42 361 — isbursements Bonds $ 18,000 $ 1$,000 ,..� Interest 3,126 3,126 Fiscal agents service charge 35 35 Purchase of investments 65,999 65 999 Total disbursements 87 160 21 161 65 999 '�' Cash balance, December 31, 1968 17 803) 5 254 23 057) /��, ":vestment balance, January 1, 1968 $ 30,616 $ 30,616 �dditions 65,999 65,999 ^ Jeductions 40 232 4( 0,232) -.vestment balance, December 31, 1968 56 383 56 383 � �tal restricted assets, Deeember 31, 1968 ,� 38.5E�0 ,� �� S 33,326 � --� .� ' .... _.. ^ � .� _ . , — • � 35 CITY OF FRI�LEY, M3NNESOTA WATER. AND SEWER REVENUE BOND FUND � . BALANCE SHEET � . DECEMBER 31, 1968 ASSETS - Current assets Cash $ 3,547 ., Investments, at cost plus accrued interest 463,375 Accounts receivable 121,828 Total current assets ' � 588,750 Restricted assets - Revenue Bond Accounts Sinking Account - Cash $ 8,550 Reserve Account — Cash $(10,737) � Investments 30,940 20,203 Total restricted assets $ 28,753 Property, plant and equipment, substantially all at cost* Land and improvements $ 90,827 Buildings 533,908 — Meters 185,445 Machinery and equipment 1,250,538 $2,060,718 —� Less accumulated depreciation 355,466 Net property, plant and equipment $1,705,252 ,.., Total assets ,52�322�7� LIABILITIES, RESERVE AND FUND BALANCE "' , Current liabilities Accounts payable $ 239 194 � _ Bonds payable within one year** 10,000 Total current liabilities $ 249,194 Other liabilities Bonds payable less portion due within one year 95,000 -- Meter deposits payable 185,398 Total liabilities $ 529,592 ,_ Reserves . Reserve for Sewer Connection charges* $ 117,019 - Reserve for Sinking Account debt service 8,550 Reserve for Reserve Account 20,203 "' Total reserves $ 145,772 Retained earnings ' . $1,647 391 � Total liabilities, reserve and fund balance $2.322,755 � �' * See Comments, Pages 5 and 6. ** Payable from restricted assets 36 • ' .� � CITY OF FRIDLEY, MINNESOTA -. i - WATER AND SEWER UTILITIES REVENUE BOND FUND �" � . OPERATION AND MAINTENANCE ACCOUNT STATEMENT OF INCOME i YEAR ENDED DECEMBER 31, 1968 �1 Combined Water Sewer � � Qperating revenue ' ' Water. sales and sewer rents $514,538 $279,205 $235,333 Less discounts 7 566) 3 783) 3 783) $506,972 $275,422 $231,550 "1 I Connection permits%� 79,107 2,240 76,867 � Sales of materials and miscellaneous ' services 3,316 3,255 61 .-. Total operating revenue 589 395 280 917 308 478 ; Operacing expenses Source of supply* $151,387 $ 9,684 $141,703 � Power and pumping 25,731 25,731 � Purification 23,311 23,311 Trarssmission and distribution 134,070 58,605 75,465 ^ Customer accounting and collecting 20,976 14,216 6,7f0 ! Administrative and general 33,962 7,327 26,635 Depreciation* 79,288 76,495 2,793 �... Total operating expenses 468 725 215 369 253 356 �gerating income $120,670 65•548 ,� 55�122 � �'ther income and (expenses) I Interest income 22,535 � Interest expense � 5 063 ^ � bfet f.ncome ,S 138,142 .,, � � �, ANALYSIS OF CHANGES IN RETAINED EARNINGS YEAR ENDED DECEMBER 31, 1968 �j � Ret.ained earnings, �January 1, 1968 $1,878,917 � 1�et income 138,142 ^ Adjustment - Bonds payable, January 1,1968, previously reflected in equity (115,OQ0} Transfer to Reserve for Sewer Connection Charges (II7,Q14) '�' Transfers to other funds (I37,649) /'�. �etained earnings, Decf�mber 31, 1968 S2.647,3g1 � * See comments, Pages S and 6. � � i ^ 37� .-. CITY OF FRIDLEY, MINNESOTA , � WATER AND SEWER REVENUE BOND FUND STATEMENT OF CHANGES IN ASSETS RESTRICTED FOR REVENUE BOND DEBT SERVICE YEAR ENDED BECE;IBER 31, 1968 - Sinking Reserve Combined Account Account ^ . Cash balance, January 1, 1968 9 016 8 686 330 Receipts "' Transfer from Operation and Maintenance Account $ 15,063 $ 15,063 Interest on investments 1,655 $ 1,655 Investments sold 32,910 32,910 — Total receipts 49 628 15 063 34 565 Disbursements _, Bonds $ 10,000 $ 10,000 Interest 5,175 5,175 Fiscal agents service charge 24 24 Purchase of investments 45,632 45 632 "" Total disbursements 60 831 $ 15,199 45 632 Cash balance, December 31, 1968 2 187) 8 550 10 737) —� Investment balance, January 1, 1968 $ 18,218 $ 18,218 _ Additions 45,632 45,632 Deductions 32 910) 32 910 _ Investment balance, December 31, 1968 30 940 30 940 Total restricted assets, December 31, 1968 $ 28,753 � 20 203, �. . .... � r 38 ' -. CITY OF FRIDLEY, MINNESOTA --. TRUST AND AGENCY FUNDS /' . BALANCE SHEETS - DECEMBER 31, 1968 - .. Public � Firemen's Employees' -� Relief Retirement Police Association Association Pension Combined Fund Fund Fund ,� ASSETS ' Cash $ 606 $ 606 Investments, at cost plus accrued '^ interest 3,020 3,020 Delinquent taxes receivable 3,933 $ 1,327 1,772 $ 834 To be provided by future revenues 44,247 44,247 -� Total assets S 51,806 � 1,327 $ 49,645 � 834 � LIABILITY AND RESERVE Account payable Public Employees' Retirement � Association $ 47,873 $ 47,873 Reserve for uncollected taxes 3,933 1 327 1,772 834 �^ Total liability and reserve ,S 51,806 ,S 1,327 �� 834 ., STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS ' YEAR ENDED DECEMBER 31, 1968 _.. Cash balance January 1, 1968 3 684 3 684 ..., Receipts General property taxes $ 69,790 $ 18,514 $ 32,946 $ 18,330 Transfers from other City funds � Municipal Liquor Operating Fund 15,899 15,899 Sewer and Water Utilities Operating Fund 20,830 20,830 Total receipts $106,519 $ 18,514 $ 69,675 $ 18,330 ^ Disbursements Police Pension Fund $ 18,330 $ 18,330 � Firemen's Relief Association 18,514 $ 18,514 Public Employees' Retirement Association 72,753 72 753 .. Total disbursements 109 597 18 514 $ 72,753 18 330 Cash balance December 31, 1968 � QC2 $ -0- ,� 606 .� -0- n � , 39 "' CITY OF FRIDLEY. MINNESOTA � STATEMENT OF GENERAL FIXED ASSETS ... • DECEMBER 31, 1968 —" General fixed assets Land $ 422,929 ^ Buildings and sturctures ' 222 459 � Improvements other than buildings 13,812,508 ^ Furniture, fixtures, and office equipment 94,003 Machinery and equipment 318 734 , _ Construction in progress 1 068 248 > > Total general fixed assets $15,938.881 Investment in general fixed assets . ... Special assessments $14,071,851 State aid 117,458 ^� Current revenues 815,936 : Municipal liquor dispensary 38,570 "' Contributions 39,884 General obligation bonds - 854,496 -- Water and sewer utilitie,s 686 � Total investment in general fixed assets �15,938,881 .. General fixed assets were shown at cost except that fixed assets for which cost information was not available were priced at appraised values. ... � - 40 > � �� CITY OF FRIDLEY, MINNESOTA ^ STATEMENT OF CASH AND SECURITY FOR DEPOSITS � • DECEMBER 31, 1968 -. Face amount � of securities , Cash and pledged as deposits collateral .. Checking accounts - Fridley State Bank, Fridley, Minnesota General account $ 27,759 Liquor account 40,363 ... $ 68,122 $325,000 Yetty cash and change funds 20,900 Total cash 9 022 - � Certificates of deposit (included in investments) First National Bank, Minneapolis, Minnesota $300,000 $355,000 -� First National Bank, St. Paul, Minnesota 200,000 468,000 Additional security of $15,000 at each bank is provided by the Federal Deposit ,^ Insurance Corporation. /"'-' StJMMARY STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS ALL FUNDS YEAR ENDED DECEMBER 31, 1968 ^ , Cash Cash ^ balance balance January 1, December 31, 1968 Receipts Disbursements 1968 ... Fund � General Fund $ 259 $ 1,606,603 $ 1,605,725 $ 1,137 � Special revenue funds 168,167 184,289 352,229 227 Bond funds . ( 2,288) 39,869 36,565 1,016 Special assessment funds 22,547 5,862,958 5,862,388 23,117 ^ General debt service funds 35,818 77,837 112,959 696 Trust and agency funds 3,684 106,519 109,597 606 Municipal Building Revenue ... Bond Fund (Liquor Dispensary) 52,090 1,672,036 1,663,262 60,864 Water and Sewer Revenue Bond Fund 747 1,002,297 1,001,6$5 1,359 �. Total ,�28].,024 ,�10,552,4U8 ,�10,744,410 89 022. - — /� ... -' 41 .-. CITY OF FRIDLEY. MINNESOTA � - BONDS PAYABLE - ALL FUNDS � • DECEMBER 31, 1968 " Date , Maturity Interest Principal . of issue date rate amount _, Special Assessment Debt Service Funds - Definitive Bonds . , Regular . ^ Sewer Impravement Bonds maturing $4,000 per year 5/1%54 5/1/69-73 3.00% $ 20,000 May 1, 1974 5/1/74 3.00 2,000 Water and Sewer Improvement Bonds of I954 maturing . ,.., $15,000 per year 8/1/54 8/1/69-70 4.00 30,000 $20,000 per year - 8/1/71-74 4.00 80,000 Water and Sewer Improvement �' Bonds of I954 (Series B) maturing $15,000 per year 8/1/54 2/1/69-70 4.00 30,000 -� $20,000 per year 2/1/71-74 4.00 80,000 Water and Sewer Zmprovement .. Bonds maturing $15,OOQ per year 11/1/54 2/1/69-70 4.00 30,000 $20,000 per year 2/1/71-74 4.00 80,000 - Water and Sewer Improvement Bonds maturing $15,000 per year 5/1/55 2/1/69-71 3.60 45,000 _ $15,000 per year 8/1/69-71 3.60 45,000 $20,000 per year 2/1/72-75 3.60 80,000 $20,000 per year 8/1/72-75 3.60 80,000 ^ General Obligation Improvement Bonds maturing $15,000 per year 10/1/55 2/1/69-72 3.60 60,000 - . $15,000 per year 8/1/69-72 3.60 60,d00 $20,OOQ per year 2/1/73-75 3.60 60,000 $20,000 per year 8/1/73-75 3.6Q" 60,000 - � Improvement Bonds maturing $35,000 per year 8/1/56 8/1/69-70 4.50 70,000 ^ $30,000 per year 8/1/71-74 4.75 120,000 Aug>>st }., 1975 . 8/1/75 4.75 50,000 August 1, 1976 8/1/76 4.75 55,000 � - - "' Total Begu2ar Special Assessment D?bt Service Funds ,�1,137,000 � j �� , CITY OF FRIDLEY, MINNESOTA � . � � � BONDS PAYABLE - ALL FUNDS (CONTINUED) • DECEMBER 31, 1968 ^ - ,,,, Date Maturity Interest Principal I of issue date rate amount �-., Special Assessment Debt Service � ' Funds - Definitive Bonds (continued) -, Sewer and Water No. 48 � $I20,000 per year 10/1/61 1/1/69-72 4.10% $ 480,000 sanuary 1, 1973 1/1/73 4.10 110,000 -, Total Sewer and Water No. 48 Special Assessment Debt I Service Fund � 590,000 � I Water No. 75 $I0,000 per year 5/1/65 2/1/69-70 3.20 $ 20,000 $35,000 per year 2/1/71-72 3.20 70,000 "! February 1, 1973 2/1/73 3.20 20,000 ' �ebruary 1, 1974 2/1/74 3.20 35,000 February 1, 1975 2/1/75 3.20 20,000 �,..� February 1, 1976 2/1/76 3.30 35,000 $50,000 per year 2/1/77-78 3.30 100,000 $50,000 per year 2/1/79-81 3.40 150,000 $50,000 per year 2/1/82-87 3.50 300,000 �' February 1, 1988 2/1/88 3.50 20,000 ' Total Water No. 75 Special Assessment Debt Service Fund $ 770,000 i . Improvement Bonds of 1960 maturing January 1, 1969 10/1/60 1/1/69 4.00 $ 75,000 � January 1, 1970 1/1/70 4.00 80,000 $80,000 per year T/1/71-73 4.10 240,000 January 1, 1974 1/1/74 4.10 75,000 ., $80,000 per year 1/1/75-78 4.20 320,000 January 1, 1979 1/1/79 � 4.20 75,000 January 1, 1980 1/1/80 4.20 80,000 January 1, 1981 1/1/81 4.20 70,000 � January 1, 1982 1/1/82 4.20 75,000 Total Improvement Bonds of 1960 Special Assessment Debt � Servi�e Fund $1,090,000 ... . � .-, ^ • . 43 ' '"' CITY OF FRIDLEY, MINNESOTA � " BONDS PAYABLE - ALL FUIGDS (CONTINUED) .. ' DECEMBER 31, 1968 : ^ Date Maturity Interest Principal - of issue date rate amount - S�ecial Assessment Debt Service _ Funds - Definitive Bonds (continued) , ... Improvement Bonds of 1962 maturing February I, 1969 . 5/1/62 2/1/69 3.10% $ 10,000 February 1, 197Q 2/1/70 3.50 5,000 February I, 1971 2/1/71 3.50 10,000 ^ February I, 1972 2/1/72 3.50 5,000 February 1, 1973 2/1/73 3.50 10,000 February I, 1974 � 2/1/74 3.80 5,000 - February I, 1975 2/1/75 3.80 10,000 February Z, 1976 2/1/76 3.80 5,000 � February I, 1977 2/1/77 3.80 10,000 ; ,.., February I, 1978 2/1/78 3.80 5,000 February I, I979 2/1/79 3.80 10,000 $5,000 per year 2/1/80-82 3.80 15,000 � ^"� TotaZ Improvement Bonds of 1962 Special Assessment Debt j Service Fund $ 100,000 ! � -- Improvement Bonds of 1963 maturing $85,OU0 per year 1/I/63 1/1/69-70 3.20 $ 170,000 $60,000 per year 1/1/71-73 3.50 180,000 _ January 1, 1974 1/1/74 3.50 50,000 January I, 1975 ' 1/1/75 3.70 45,000 $30,QOO per year 1/1/76-77 3.70 60,000 $30,(100 per year 1/1/78-79 3.80 60,000 "" $35,(}UO per year 1/1/80-83 3.80 140,000 Total Improvement Bonds of 1963 Special Assessment Debt _ Service Fund S 705,000 Improvement Bands af 1965 maturing $50,adQ ger year 5/1/65 2/1/69-71 3.20 $ 150,000 -' $30,000 per year 2/1/72-75 3.20 120,000 $30,QOO per year 2/1/76-78 3.30 90,000 $30,000 per year 2/1/79-80 3.40 60,000 ^ Febraary L, I98I 2/1/81 3.40 25,000 � $25,Q00 per qear 2/1/82-85 3.50 100,000 February I, I986 2/1/86 3.50 20,000 ^ Total Improvement Bonds of 1965 Special Assessment Debt ^ - Service Fund . $ 565,000 .... ��:. , � CITY OF FRIDLEY, MINNESOTA "! ' �- BOIdDS PAYABLE - ALL FUNDS (CONTINUED) • DECEMBER 31, 1968 � Date Maturity Interest Principal ^ - - of issue date rate amount ' Special Assessment Debt Service . ^ Funds - Definitive Bonds (continued) � Improvement Bonds of 1967 maturing -, $150,000 per year 10/1/67 1/1/69-75 *4.20% $1,050,000 $140,000 per year 1/1/76-77 *4.20 280,000 ' $130,000 per year 1/1/78 *4.40 130,000 $4�,000 per year 1/1/79-82 *4.40 160,000 ^ $30,000 per year 1/1/83-87 *4.50 150,000 I January I, 1988 1/1/88 *4.50 20,000 ... Total Improvement Bonds of 1967 Special Assessment Debt � Service Fund $1,790,000 _. I * Plus additional interest at the rate of 1.5d% per annum on all bonds (except those maturing in 1968) from January 1, 1968 to January 1, 1969. �� xefunding Bonds of 1964 maturing $155,OOQ per year 2/1/64 2/1/69-71 3.10 $ 465,OOq February I, 1972 2/1/72 3.30 155,000 --� $lOS,000 per year 2/1/73-75 3.30 315,000 ; $105,000 per year 2/1/76-79 3.40 420,000 February I, 1980 2/1/80 3.40 40,000 ,,,� Total Refunding Bonds of 1964 Special Assessment Debt I Service Fund $1,395,000 ... Total Special Assessment Definitive Bonds $8,142,000 .. General Debt Service Funds Park Boads maturing $15,000 per year S/1/62 2/1/69 3.00 $ 15,000 � February I, 1970 2/1/70 3.40 15,000 ' $20,000 per -year 2/1/71-73 3.40 60,000 $15,000 per year 1/1/63 1/1/68-70 3.20 30,000 ^ January I, 1971 1/1/71 3.50 15,000 � $20,000 per year 1/1/72-73 3.50 40,000 January 1, 1974 1/1/74 3.50 25,000 � Total Park Bonds � 200,000 ^ .� ^ 45 ^" CITY OF FRIDLEY< MINNESOTA � ' . � BONDS PAYABLE - ALL FUNDS (CONTINUED) - — � DECEMBER 31, 1968 . Date Maturity Interest Principal of issue date rate amount .... General Debt Service Funds (continued) ' '-' Civic Center Bonds maturing $20,000 per year � 5/1/65 2/1/69-73 3.20% $ 100,000 $25,000 per year , 2/1/74-75 3.20 50,000 — $25,000 per year 2/1/76-78 3.30 75,000 $30,000 per year 2/1/79-81 3.40 90,000 February 1, 1982 . 2/1/82 3.50 30,000 ^„ $35,000 per year 2/1/83-86 3.50 140,000 Total Civic Center Bonds ,S 485,000 Total General Debt Service Bonds �S 685,000 —� REVENUL BONDS Municipal Liquor Sinking Fund ,,,, $15,000 per year 9/1/56 9/1/69-71 4.25 $ 45,000 $3,000 per year 12/1/57 9/1/69-71 4.80 9,000 . ^ Total Municipal Liquor Sinking Fund $ 54,000 Public Utilities Sinking Fund .., Water and Sewer Revenue Bonds maturing $10,000 per year 9/1/56 9/1/69-71 4.50 $ 30,000 $15,000 per year 9/1/72-76 4.50 75,000 ^.. � Total Public Utilities Sinking Fund $ 105,000 ^ . Total Definitive Bonds ,�8,986,000 Special Assessment Debt Service _ Funds - Temporary Bonds _ Storm Sewer No. 82 11/1/66 11/1/70 5.00 $ 30,000 ,,,� 12/1/67 12/1/70 5.00 60,000; 9/15/68 9/15/71 5.00 25,000 ^ Total Storm Sewer No. 82 $ 115,G00 Sanitary Sewer, Water and Storm Sewer No. 84 8/1/67 8/1/70 5.00 $ 120,C00 . � 4� ' - CITY OF F'RIDLEY, MINNESOTA "" . � BONDS PAYABLE - ALL FUNDS (CONTINUED) • DECEMBER 31, 1968 --� Date Maturity Interest Principal � . of issue date rate amount Svecial Assessment Debt Service _ �' Funds - Temporary Bonds (continued) : �� , Storm Sewer No. 87 12/1/67 12/1/70 5.00% $ 45,000 ...� 9/1/68 9/1/71 5.00 15,000 i Total Storm Sewer No. 87 $ 60,000 ., Sanitary Sewer, Water and Storm � Sewer No. 88 4/1/68 4/1/71 5.00 $ 200,000 10/1/68 10/1/71 5.00 30,000 -- Total Sanitary Sewer, Water and Storm Sewer No. 88 �5 230,000 -, I9bT Street 6/1/67 6/1/70 5.00 $ 105,000 T96:8 Street 3/1/68 3/1/71 5.00 $ 60,000 11/1/68 11/1/71 5.00 555,000 �—' Total 1968 Street $ 615,000 .-, I Total Special Assessment Temporary Bonds �,245,000 .,, , , Total Bonds Outstanding � 10�231,000 � .� � � � � -, , . � .... � ' -. .-. � � .� , , 47 - , . � CITY OF FRIDLEY, MZNNESOTA � DEBT SERVICE REQUIREMENTS - ALL FUNDS ' DECEMBER 31, 1968 - Year � Principal Interest Total 1969 $ 907,000 � $ 401,685 $ 1,308,685 1970 1,207,000 351,640 1,558,640 1971 1,782,000 298,184 2,080,184 1972 874,000 226,852 1,100,852 1973 814,000 194,815 1,008,815 "" 1974 687,000 166,265 853,265 1975 610,000 141,602 751,602 1976 520,000 119,068 639,068 .-. 1977 470,000 98,358 568,358 1978 455,000 80,752 535,752 1979 370,000 65,160 435,160 1980 310,000 52,420 362,420 1981 255,000 41,655 296,655 1982 260,000 31,708 291,708 1983 175,000 23,390 198,390 ^� 1984 140,000 17,525 157,525 1985 140,000 12,325 152,325 1986 135,000 , 7,212 142,212 ' 1987 80,000 3,150 83,150 ( 1988 40,000 _ 800 40,800 ,�10�231,000 52 334 566 $12,.�65,566 i i-- CERTIFICATES OF INDEBTEDNESS - GENERAL FUND ` DECEMBER 31, 1968 i '... Issue Interest Maturity Principal date rate date amount �' Certificates of Indebtedness maturing $5,000 per year 6/1/68 5 3/8% 6/1/69 $ 5,000 - $5,000 per year 5 3/8 6/1/70 5,000 $5,000 per year 5 3/8 6/1/71 5,000 $5,000 per year 5 3/8 6/1/72 5,000 Total certificates of indebtedness �-�Q � � � � ... 48 � CITY OF FRIDLEY, MINNESOTA ^ >ASSESSED VALUATIONSi TAX LEVIES AND MILL RATES � � • (Shown by year of tax coll.ectibility) .., 1966 1967 1968 1969 ., � � , ; Assessed valuations �� Real estate $12,273,175 $14,346,874 $15,099,699 $17,404,548 Personal property 2,463,857 , 2i777,864 3,050,012* 3,151,988* � Total • �514,737,032 ,�17,124,]38 �18,149,.711 S20,556,536 .-, Tax levies � _ General Fund $ 497,375 $ 576,210 $ 583,337 $ 693,108 Public Employees' Retirement - -� Association Fund 19,747 � 15,128 31,331 57,406 , Firemen's Relief Ass�ociation Fund 14,737 17,125 17,310 18,775 ^ Police Pension Fund 17,125 - 17,310 18,775 ; General debt service funds 56,885 74,592 73,046 71,605 Improvement bond. funds 53,201 53,062 .� Total �S 641 945 $ 753,242 ,� 722,334 �, 859,669 Mill. rates /�-- General Fund 33.75 33.65 34.08 35.16 Public Employees' Retirement Association Fund � 1.34 .88 1.83 2.91 _, Firemen's Relief Association Fund 1.00 1.00 1.01 .95 Police Pension Fund 1.00 1.01 .95 General debt service funds , 3.86 4.36 4.26 3.63 ^ Improvement bond funds 3.61 3.09 Total 43.56 43•98 42.19 43.60 ... * Includes personal property of $840,008 exempted under laws enacted in 1967 by the Minnesota Legislature. Related tax levies exclude approximately $43,000 being paid � from the State Property Tax Relief Fund. ... . •�. .� �� ..., ^ . ' 49. " CITY OF FRIDLEY, MINNESOTA � . _ TAX LEVIES AND TAX COLLECTIONS .- � YEARS 1960 THROUGH 1968 . Collections Percentage �ollection � of current of levy of prior Ratio year's taxes collected years' taxes of total ^ Year Total during fiscal dur�ng fiscal during fiscal Total collections collected tax levy period period period collections to tax levy ., 1960 $205,608 $202,592 98.53% $ 3,806 $206,398 1.0038:1 1961 250,182 243,007 97.13 3,970 246,977 .9871:1 - 1962 355,994 351,707 98.79 3,828 355,535 .9987:1' 1963 407,343 394,611 96.87 5,011 399,622 .98i0:1 .� 1964 4�1,095 456,350 96.87 7,243 463,593 .9840:1 ,_ 1965 565,667 547,313 96.76 7,658 544,971 .9811:1 1966 641,945 618,252 96.31 10,003 628,255 .9787:1 ""'� 1967 753,242 721,568 95.79 16,160 737,728 .9794:1 1968 762,760 743,851 97.52 29,672 773,523 1.0141:1 �� i �� . " . . . . .. �� . . � .. . . __ . 51 ... � • CITY OF FRIDLEY, MINNESOTA ,,. � ' INSURANCE COVERAGE DECEMBER 31, 1968 ^ All risk, direct physical loss coverage Buildings and contents (except liquor stock) - 90% Co-insurance $2,278,495 � _ Boiler insurance - 500,000 , Contractors' equipment , I87,952 Signs 10,000 ... Fire and extended coverage - Liquor stock 285,000 Comprehensive liability, including automobiles ' �" Bodily injury � Each person 100,000 Each occurrence � 300,000 �-- Property damage 50 000 � Liquor Iiability 1 000 000 > > ._ Comprehensive and collision, automobile , Passenger vehicles Actual cash value �� Other vehicles Stated value Business interruption, liquor stores 250,000 .— Money and securities, inside and outside premises, all locations 15,000 ^ Depository forgery bond ` 10,000 Workmea`s compensation Statutory ... EMPLOYEES ' SURETY BONDS DECEMBER 31, 1968 ... .. Surety Name Position bond Marvin C. Brunsell City Clerk $ 1,000 �. Marvin C. Brunsell Treasurer 25,000 ... Mervin J. Herrmann . Assessor 500 ^ Leon Madsen Deputy Assessor 500 � All employees are co��ered by a blanket faithful performance bond of 15,000 .�