2015 Summary Financial Report CITY OF FRIDLEY,MINNESOTA
SUMMARY FINANCIAL REPORT
The purpose of this report is to provide a summary of financial information concerning the City of Fridley,Minnesota to interested citizens. The
complete financial statements may be examined at the City Hall,6431 University Ave NE. It can also be found on our website at www.FridleyMN.gov.
Questions about this report should be directed to the Finance Director at(763)572-3520.
REVENUE AND EXPENDITURES FOR GENERAL OPERATIONS
(GOVERNMENTAL FUNDS)
FOR THE YEAR ENDING DECEMBER 31,2015 and 2014 , •
Percent
Increase
Revenues: 2015 2014 (Decrease)
Taxes $11,805,580 $11,554,557 2.17%
Special assessments 542,248 938,290 -42.21%
Licenses and permits 1,549,785 1,171,365 32.31%
Intergovernmental revenue 4,375,972 3,208,442 36.39%
Charges for services 2,374,896 2,518,062 -5.69%
Fines and forfeits 184,940 226,922 -18.50%
Investment income 157,281 565,245 -72.17%
Miscellaneous 429,713 314.416 36.67%
Total revenues $21,420.415 $20,497,299 4.50%
Per capita 764 733 4.18%
Expenditures:
Current:
General government $3,777,688 $3,732,056 1.22%
Public safety 7,319,564 7,165,678 2.15%
Public works 3,575,252 4,635,752 -22.88%
Community development 1,081,549 894,785 20.87%
Parks and recreation 1288,684 1,422,405 -9.40%
Debt service 1,350,356 1,344,040 0.47%
Capital outlay 3,645,425 1290,008 182.59%
Total Expenditures $22,038,518 $20,484,724 7:59%
Per capita 786 733 7.25%
Total general obligation long-term indebtedness $4, 40,000 $5,530,000 -21.52%
Per capita 155 198 -21.76%
Governmental funds unassigned fund balance as of December 31 $8,815,156 $8,144,619 8.23%
Per capita 314 291 7,90% #- -
CITY OF FRIDLEY,MINNESOTA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
DECEMBER 31,2015
Assets: Liquor Water Sewer Storm Water Totals
Current assets:
Cash and cash equivalents $137,754 $1,958,298 $1,604,174 $1,963,161 $5,663,387
Accounts receivable 6,115 1,144,922 1,371,831 347,547 2,870,415
Special assessments receivable - 5,666 - 26,918 32,584
Due from other governments - - 4,167 90,990 95,157
Inventories,at cost 627.491 174.617 - - 802,108
Total current assets 771.360 3,283.503 2,980,172 2,428,616 9,463,651
Noncurrent assets:
Capital assets:
Land 151,946 154,531 306,477
Buildings and structures 130,211 3,157,688 8,770 - 3,296,669
Improvements other than buildings 824,749 9,655,530 2,906,353 2,066,534 15,453,166
Machinery and equipment 248,221 2,000,032 986,439 172,215 3,406,907
Infrastructure - 10,510,258 7,052,855 7,852,788 25,415,901
Construction in progress 33.575 461,600 187.827 115.327 798,329
Total capital assets 1,388,702 25,939,639 11,142,244 10,206,864 48,677,449
Less: Allowance for depreciation (798202) (15,045.978) (7,401.880) (5.937,797) (29,183.857)
Net capital assets 590,500 10,893,661 3,740,364 4,269,067 19,493,592
Total noncurrent assets 590,500 10.893,661 3,740,364 4,269.067 19.493.592
Total assets 1.361,860 14.177,164 6.720,536 6,697,683 28,957.243
Liabilities:
Current liabilities:
Accounts payable 363,828 68,452 4,317 8,552 445,149
Accrued interest payable - 70,801 5,396 4,078 80,275
Contracts payable - 76,671 76,671
Due to other governments 55,664 238,293 380,181 - 674,138
Salaries payable 7,357 9,842 4,891 6,876 28,966
Unearned Revenue 358 - - - 358
Bonds payable-current - 555.000 30,000 25.000 610.000
Total current liabilities 427,207 1,019.059 424,785 44.506 1,915,557
Noncurrent liabilities:
Other post employment benefits 21,240 33,027 23,604 1,473 79,344
Bonds payable-noncurrent - 3,983.881 380,000 285,000 4.648.881
Total noncurrent liabilities 21,240 4,016,908 - 403,604 286,473 4,728.225
Total liabilities 448.447 5,035,967 828.389 330.979 6.643,782
Net position:
Net invested in capital assets 590,500 6,354,780 3,330,364 3,959,067 14,234,711
Unrestricted 322.913 2.786,417 2.561.783 2,407,637 8.078,750
Total net position $913,413 $9,141,197 $5,892,147 A6,366,704 $22,313,461
CITY OF FRIDLEY,MINNESOTA
STATEMENT OF REVENUES,EXPENSES AND CHANGES IN NET ASSETS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31,2015
Liquor Water Sewer Storm Water Totals
CITY OF FRIDLEY,MINNESOTA
STATEMENT OF REVENUES,EXPENSES AND CHANGES IN NET ASSETS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31,2015
Liquor Water Sewer Storm Water Totals
Sales $5,256,840
Cost of sales (3,909.856) $-
$ $-- $5,256,840
Gross profit
1.346,984 - (3.909,856)
Operating revenues; 1,346,984
Customer billings - 2,902,635 4,809,679 1,223,973 8,936,287
Other revenues - 4.488
Total operating revenues - 1.180 5.668
- 2,907,123 4.809.679 1,225.153 8.941,955
Total gross profit and operating revenues 1,346,984 2,907,123 4,809,679 1,225.153 10,288,939
Operating expenses:
Personal services 501,470 664,979 297,122 393,151 1,856,722
Supplies and other charges:
Disposal charges
-
Other - 3,688,859 - 3,688,859
Depreciation 426,578 1,510,125 725,282 130,195 2,792,180
69.299 748,329 309,628 252,430 1.379.686
Total operating expenses 997,347 2.923.433 5.020.891 775,776 9,717,447
Operating income(loss) 349,637 (16.310) (211,212) 449,377 571.492
Nonoperating revenues(expenses):
Intergovernmental revenue
- -Interest and dividends 93,403 93,403
(375) 25,919 12,270 20,505 58,319
Net change in the fair value of investments 165 (5,471) (3,846)
Insurance reimbursement 6,115 (6,445) (15,597)
Interest expense 6,115
Other - (171,882) (13,025) (9,850) (194,757)
5,600 - 10,672 4,616 20.888
Total nonoperating revenues(expenses) 11.505 (151,434) 6,071 102,229 (31,629)
Income(loss)before transfers 361,142 (167,744) (205,141) •551,606 539,863
Transfers and Capital Contributions:
Transfers out (338,600) (154,194) 154,194
Capital contributions-intergovernmental - (331.00)
- ,800
Total transfers and contributions 37 1 - 3(7 00
(338.600) 176,806 154.194 (7, )
,600)
Change to net position 22,542 9,062
Net position-January 1 (50,947) 551,606 532,263
890.871 9.132,135 5,943,094 5,815,098 21,781,198
Net position-December 31 $913,413 $9,141,197 $5,892,147 $6,366,704 $22,313,461
CITY OF FRIDLEY,MINNESOTA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31,2015
Liquor Water Sewer Storm Water Totals
Cash flows from operating activities:
Receipts from customers and users $5,263,183 $2,891,582 $5,027,958 $1,203,954 $14,386,677
Payment to suppliers (4,319,712) (1,440,413) (4,042,339)
Payment to employees (155,539) (9,958,003)
Operating contributions (521,764) (676,435) (314,969) (384,802) (1,897,970)
5.600 5,600
Net cash flows from operating activities 427.307 774.734 670,650 663.613 2.536.304
Cash flows from noncapital financing activities:
Operating grants
Transfers out - - 154,194 - 154,194
Net cash flows from noncapital financingactivities (338,600) (154.194) - (492,794)
(338.600) (154,194) 154.194 (338,600)
Cash flows from capital and related financing activities
Acquisition of capital assets (99,519) (1,575,370)
Capital Grants (239,519) (113,865) (2,028,273)
Principal received on special assessments - 331,000 - 2,413 333,413
- -Insurance reimbursement 4,616 4,616
6,115 6,115
Principal paid on revenue bonds - (530,000) (30,000)
Interest and paying agent fees on revenue bonds (25,000) (585,000)
Net cash flows from capital and related financingactivities ,9(153,867) (13.400)1 41,999) (203.060)1
(93,404) ' (1,953,867) (282,919) (141,999) (2,472,189)
Cash flows from investing activities:
Investment income (210) 20,448 8.424 14,060 42,722
Net increase(decrease)in cash and cash equivalents (4,907) (1,312,879) 550,349 535,674
Cash and cash equivalents-January1 (.895.1 0
142.661 3,271,177 1,053,825 1,427.487 5,895,150
Cash and cash equivalents-December 31 $137,754 $1,958,298 $1,604,174 $1,963,161 $5,663,387
Current cash and cash equivalents
Current assets $137,754 $1,958,298 $1,604,174 $1,963,161
Restricted assets - - - -
$5,663,387 PPP
Total cash and cash equivalents-December 31 $137,754 $1,958,298 $1,604,174 $1,963,161 $5,663,387
Published in the
Columbia Hgt-Fridley Sun Focus
June 24,2016
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