HRA Annual Financial Report 1991FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY MINNESOTA
DECEMBER 31, 1991
Prepared by:
Department of Finance
Paul S. Hansen
HRA Accountant
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1991
TABLE OF CONTENTS
Page
Organization 1
Independent Auditor's Report 4
Combined Financial Statements
Combined Balance Sheet - All Fund Types and Account Group 6
Combined Statement of Revenues, Expenditures and Fund Balance -
AII Governmental Fund Types 7
Notes to Financial Statements 8
Combining and Individual Fund Financial Statements
Debt Service Fund
Comparative Balance Sheet 16
Comparative Statement of Revenues, Expenditures and Fund Balance 17
Capital Project Funds
Combining Balance Sheet 20
Combining Statement of Revenues, Expenditures and Fund Balance 22
Comparative Statement of General Long -Term Debt 27
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY. MINNESOTA
Organization
DECEMBER 31, 1991
Commissioners
Larry Commers, Chairman
Jim McFarland
John Meyer
Virginia Schnabel
Duane Prairie
#TAU'TGES, REDPATH & CO., LTD.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and
Members of the City Council
City of Fridley, Minnesota
Honorable Chairperson and
Members of the Commission
Fridley Housing and Redevelopment Authority
We have audited the general purpose financial statements of the Fridley Housing and
Redevelopment Authority, a component unit of the City of Fridley, Minnesota as of and for the
year ended December 31, 1991 as listed in the table of contents. These financial statements are the
responsibility of the City's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the component unit financial statements referred to above present fairly, in all
material respects, the financial position of the Fridley Housing and Redevelopment Authority, a
component unit of the City of Fridley, Minnesota, as of December 31, 1991, and the results of its
operations for the year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the component unit financial
statements taken as a whole. The combining, individual fund, and account group financial
statements, listed in the table of contents is presented for purposes of additional analysis and is not
a required part of the component unit financial statements of the Fridley Housing and
Redevelopment Authority, a component unit of the City of Fridley, Minnesota. Such information
has been subjected to the auditing procedures applied in the audit of the component unit financial
statements and, in our opinion, is fairly stated in all material respects in relation to the general
purpose financial statements taken as a whole.
May 15, 1992
'ra
TAUTG✓ESS,, 'REDPATH & CO., LTD.
Certified Public Accountants
White Bear Lake. Minnesota 55110 • 612/426-7000 FAX/426-5004
4F310 White Bear Parkway
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUP
December 31. 1991_
Assets
Cash and cash equivalents
Deposits with trustee
Investments
Receivables
Accounts
Taxes -
Unremitted
Delinquent
Interest
Mortgage
Current
Delinquent
Deferred
Due from other governments
Amount available in debt
service fund
Amount to be provided for
retirement of general
long term debt
Total assets
Liabilities and Fund Balance
Liabilities:
Account payable
Deposits payable
Deferred revenue
Due to other governments
Bonds payable
Total liabilities
Fund Balance (deficit):
Reserved for construction
Reserved for debt service
Total Fund Balance
Total liabilities and
fund balance
$419 $953,179 $
473,604 5,561,364
14,428
10,766
495,366
172,889
952,000
23,913
473,604
Totals
Memorandum Only
1991 1990
$953,598 $1,185,085
6,034,968 4,536,368
14,428 11,275
10,766
Account
495,366
Group
Governmental Fund Types
General
Debt Capital
Long Term
Service Projects
Debt
$419 $953,179 $
473,604 5,561,364
14,428
10,766
495,366
172,889
952,000
23,913
473,604
Totals
Memorandum Only
1991 1990
$953,598 $1,185,085
6,034,968 4,536,368
14,428 11,275
10,766
8,765
495,366
326,462
172,889
95,915
4,000
7,960
952,000 982,000
23,913 220
473,604 510,354
11,816,396 11,816,396 12,024,646
$474,023 $8,183,905 $12,290,000 $20,947,928 $19,693,050
419 8,880
9,299
3,748
15,086
15,086
1,447,366
1,447,366
1,320,423
181,841
181,841
147,177
12,290,000
12,290,000
12,535,000
419 1,653,173 12,290,000
13,943,592
14,006,348
6,530,732 6,530,732 5,176,348
473,604 473,604 510,354
473,604 6,530,732 0 7,004,336 5,686,702
$474,023 $8,183,905 $12,290,000 $20,947,928 $19,693,050
See Accompanying Notes to Financial Statement
19
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
COMBINED STATEMENT OF REVENUES EXPENDITURES AND FUND BALANCE
ALL GOVERNMENTAL FUND TYPES
Year Ended December 31, 1991
Revenues:
Tax increment
Special assessment
Sale of property
State credits
Interest on investments
Rental
Miscellaneous
Total revenues
Expenditures:
Professional services
Land purchase
Site improvement
Buildings
Principal payment
Interest expense
Refunding bond issuance costs
Agentfees
Refunds to school districts
Miscellaneous
Total expenditures
Excess (deficiency) of
revenues over expenditures
Other financing sources (uses):
Proceeds of refunding bonds
Operating transfer in
Operating transfers out
Payment to refunded bond escrow agent
Total other financing
sources (uses)
Excess (deficiency) of revenues and
other financing sources
over expenditures and
other financing uses
Fund Balance January 1
Fund Balance December 31
Governmental Fund Types
Debt Capital
Service Projects
$ $2,662,381
69,591
117,500
Totals
Memorandum Only
1991 1990
$2,662,381 $2,510,294
69,591
117,500
22,713 337,142 359,855 371,212
108,414 108,414 66,147
409 409 2,785
22,713 3,295,437 3,318,150 2,950,438
(1,118,124) 2,435,758 1,317,634 (11,297,157)
1,081,374 833,973
(1,915,347)
1,081,374 (1,081,374)
(36,750) 1,354,384
510,354 5,176,348
9,394,489
1,915,347 12,538,230
(1,915,347) (12,538,230)
(9,257,980)
0 136,509
1,317,634 (11,160,648)
5,686,702 16,847,350
$473,604 $6,530,732 $7,004,336 $5,686,702
See Accompanying Notes to Financial Statement
7
258,041
258,041
224,674
54,087
54,087
271,917
19,590
19,590
11,622
125,000
125,000
999,142
245,000
245,000
11,440,000
892,514
892,514
728,039
83,655
3,323
3,323
21,726
310,272
310,272
272,578
92,689
92,689
194,242
1,140,837
859,679
2,000,516
14,247,595
(1,118,124) 2,435,758 1,317,634 (11,297,157)
1,081,374 833,973
(1,915,347)
1,081,374 (1,081,374)
(36,750) 1,354,384
510,354 5,176,348
9,394,489
1,915,347 12,538,230
(1,915,347) (12,538,230)
(9,257,980)
0 136,509
1,317,634 (11,160,648)
5,686,702 16,847,350
$473,604 $6,530,732 $7,004,336 $5,686,702
See Accompanying Notes to Financial Statement
7
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1991
1. Summary of Significant Accounting Policies
The Fridley Housing and Redevelopment Authority (HRA), Fridley, Minnesota was established in 1980
by the City Council of Fridley, Minnesota under the Statutes of the State of Minnesota to complement
and account for any public redevelopment and housing projects undertaken within the City which would
fall under the statutory authority of the HRA.
The Housing and Redevelopment Authority is a component unit of the City of Fridley and an integral
part of the City.
The accounting policies of the HRA conform to generally accepted accounting principles. The following
is a summary of the more significant policies:
A. Fund Accounting
The accounts of the HRA are organized on the basis of funds and account group, each of
which is considered a separate accounting entity. The operations of each fund are accounted
for with a separate set of self -balancing accounts that comprise its assets, liabilities, fund equity,
revenues and expenditures. Resources are allocated to and accounted for in individual funds
based upon the purposes for which they are to be spent and the means by which spending
activities are controlled. The various funds are grouped, in the financial statements in this
report, into two generic fund types as follows:
GOVERNMENTAL FUNDS
Debt Service Fund - The Debt Service Fund is used to account for the accumulation of
resources for, and the payment of, general long-term debt principal, interest and related costs.
Capital Projects Funds - The Capital Projects Funds are used to account for the acquisition
of property or construction of improvements set forth by the Housing and Redevelopment
Authority.
B. Fixed Assets and Long -Term Liabilities
The accounting and reporting treatment applied to the fixed assets and long-term liabilities
associated with a fund are determined by its measurement focus. All governmental funds are
accounted for on a spending or 'financial flow' measurement focus. This means that only
current assets and current liabilities are generally included on their balance sheets; accordingly,
their reported fund balance is considered a measure of 'available spendable resources.'
Governmental fund operating statements present increases and decreases in net current assets.
Accordingly, they are said to present a summary of sources and uses of 'available spendable
resources' during a period. Land was acquired by the HRA and later sold at a loss. This is
considered a cost of the program. Therefore, the HRA has no fixed assets.
C. Basis of Accounting
Basis of accounting refers to when revenues and expenditures are recognized in the accounts
and reported in the financial statements. Basis of accounting relates to the timing of the
measurements made, regardless of the measurement focus applied.
All funds of the HRA are accounted for using the modified accrual basis of accounting. Their
revenues are recognized when they become measurable and available as net current assets.
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1991
1. Summary of Significant Accounting Policies (Continued)
C. Basis of Accounting (Continued)
Expenditures are generally recognized under the modified accrual basis of accounting when the
related fund liability is incurred. Exceptions to this general rule are principal and interest on
general long-term debt which is recognized when due.
D. Total Columns on Combined Statements
Total columns on the combined statements are captioned *Memorandum Only' to indicate that
they are presented only to facilitate financial analysis. Data in these columns do not present
financial position or results of operations, in conformity with generally accepted accounting
principles. Neither are such data comparable to a consolidation. Interfund eliminations have
not been made in the aggregation of the data.
E. Assets, Liabilities and Fund Equity
1) Cash and Cash Equivalents and Investments
Cash balances from all funds are combined and invested to the extent available in
certificates of deposit, U.S. government securities and other securities authorized by
State Statute. Earnings from such investments are allocated to the respective funds on
the basis of applicable cash balance participation by each fund. Investments are stated
at cost which approximates market. The HRA considers cash equivalents to be those
investments with original maturities of three months or less.
2) Annual Leave
There is no accrued liability for vacation pay and other employee benefits as the HRA
contracts with the City to provide professional services. The HRA funds have no liability
for employee benefits at December 31, 1991.
F. Revenues and Expenditures
Tax Increment (Property Taxes) - Revenue is recognized in the year of collection, with amounts
due from the County and received early in the following year set up as receivable (unremitted
receivables). Uncollected (delinquent) taxes receivable are fully offset by deferred revenue as
they are not available to finance current expenditures.
Interest on Investments - Interest is recorded as revenue in the year earned.
0
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1991
2. Fund Deficits
The following funds had deficit fund balances at December 31, 1991:
Capital Projects Funds
Center City $ 22,929
Johnson/Skywood 1,418
McGlynn Bakeries 3,392
Area Wide 162,982
3. Deposits and investments
A. Deposits
In accordance with applicable Minnesota Statutes, the Housing and Redevelopment Authority
maintains deposits at depository banks authorized by the Housing and Redevelopment Authority
Commission. All such depositories are members of the Federal Reserve System.
Minnesota Statutes require that all deposits be protected by insurance, surety bond or collateral.
If collateral is pledged as protection for the deposits, the market value of the collateral must,
at a minimum, be 110% of the deposits not covered by insurance or bonds (140% in the case
of mortgage backed collateral). Repurchase agreements are intentionally overcollateralized at
105% to insure that the safety of investment principal is attained and losses do not occur from
rapid overnight deterioration.
Balances at December 31, 1991 are as follows:
Bank Carrying
Balances Amount
1) Insured or collateralized by securities held $ 280 ($18,072)
by the City or its agent in the City's name
2) Collateralized with securities held by the pledging
institution trust department in the City's name
3) Uncollateralized or collateralized with
securities not in the City's name
Totals 280 18 072
Categories 2 and 3 are not procedures that are authorized by Minnesota statutes.
10
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1991
3. Deppsits and Investments (Continued)
B. Investments
The City is authorized by Minnesota Statutes to invest in the following:
(a) Direct obligations or obligations guaranteed by the United States or its agencies.
(b) Shares of investment companies registered under the Federal Investment Company Act
of 1940 and whose only investments are in securities described in (a) above.
(c) General obligations of the State of Minnesota or any of its municipalities.
(d) Bankers acceptance of United States banks, eligible for purchase by the Federal Reserve
System.
(e) Commercial paper issued by United States Corporations or their Canadian subsidiaries,
of the highest quality, and maturing in 270 days or less.
(f) Repurchase or reserve repurchase agreements with banks that are members of the
Federal Reserve System with capitalization exceeding $10,000,000, a primary reporting
dealer in U.S. government securities to the Federal Reserve Bank of New York, or certain
Minnesota securities broker dealers.
(g) Future contracts sold under authority of Minnesota Statutes 471.56, subd.5.
The City's investments are categorized below to give an indication of the level of risk assumed at year
end. The level of risk is defined by the following criteria set out by the Governmental Accounting
Standards Board within Statement No. 3. Category 1 includes investments that are insured or
registered for which the securities are held by the City or its agent in the City's name. Category 2
includes uninsured and unregistered investments for which the securities are held by the counterparty
or dealers trust department or agent in the City's name. Category 3 includes uninsured and
unregistered investments for which the securities are held by the counterparty or dealer, or its trust
department or agent but not in the City's name.
11
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1991
3. Deposits and Investments (Continued)
The Category 1 securities consist of the various investment types shown below which are held by a
trustee in the City's name.
The carrying value, market value and credit risk of the investments held by the City at year end are as
follows:
Securities
U.S. Government securities
U.S. Government agencies
or instrumentalities
Commercial paper
Repurchase agreements
Total investments
Credit Risk Category
1 2 3
2,491,133
998,750
2,545,085
6,034,968
971,670
Carrying Market
Amount Value
2,491,133
2,690,603
998,750
1,000,900
2,545,085
2,545,085
971,670
971,670
971,670 7,006,638 7,208,258
Cash and cash equivalents and investments per accompanying financial statement:
Cash and cash equivalents
Investments
Total
12
$953,598
6,034,968
$6,988,566
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1991
4. Lona -Term Debt
The following is a summary of long-term debt transactions of the Housing and Redevelopment Authority
for the year ended December 31, 1991:
Bonds payable at January 1, 1991 $12,535,000
Bonds issued -0-
Bonds retired (245,000)
Bonds payable at December 31, 1991 $12,290,000
Bonds payable at December 31, 1991 are comprised of the following individual issues (in thousands
of dollars):
$4,070,000 Tax Increment Revenue Refunding Bonds of 1985 due in varying
annual installments of $265,000 - 460,000 through February 1, 1999; interest at
7.05% - 9.00% $2,805
$9,485,000 General Obligation Tax Increment Refunding Bonds of 1990 due in
varying annual installments of $810,000 - 1,270,000 through August 1, 2009;
interest at 6.60% - 7.00%
ME
The Tax Increment Revenue Refunding Bonds are payable solely from increment revenue that is
generated from the related increment district. General Obligation Tax Increment Refunding Bonds are
payable primarily from tax increment revenue with any deficiency to be provided by general property
taxes.
13
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1991
4. Long -Term Debt (Continued)
Annual requirements to amortize long-term debt outstanding at December 31, 1991 including principal
and interest payments of $22,731,989 are as follows:
Year Ended
December 31
1992
$1,138,695
1993
1,137,714
1994
1,134,470
1995
1,133,740
1996
1,130,300
1997-2001
5,495,830
2002-2006
7,293,940
2007-2009
4,267,300
$22,731,989
There are a number of limitations and restrictions contained in the various bond indentures. The
Housing and Redevelopment Authority is in compliance with all significant limitations and restrictions.
5. Tax Increment Districts
The Fridley Housing and Redevelopment Authority is the administrating authority for the following Tax
Increment Financing Districts:
All debt issued is pooled debt. Total bonds issued is $38,575,000. Total amount of bonds redeemed
is $26,285,000. Outstanding bonds at December 31, 1991, is $12,290,000. All taxable value is currently
retained by the Housing and Redevelopment Authority.
14
Retained
Year
Tax Capacity Values
Fiscal
By
Established
District
Original
Current
Captured
Disparity
AuthoritV
1979
1
257,692
959,426
701,734
0
701,734
1981
2
71,352
548,625
477,273
0
477,273
1982
3
254,067
1,530,622
1,276,555
224,881
1,051,674
1984
4
116,609
393,244
276,635
0
276,635
1984
5
30,294
42,359
12,065
0
12,065
1985
6
142,171
323,456
181,285
0
181,285
1986
7
10,960
139,068
128,108
0
128,108
1986
8
27,132
38,741
11,609
0
11,609
1989
9
1,045,007
1,029,856
0
0
0
1990
10
12,710
9,484
0
0
0
1,967,994
5,014,881
3,065,264
224,881
2,840,383
All debt issued is pooled debt. Total bonds issued is $38,575,000. Total amount of bonds redeemed
is $26,285,000. Outstanding bonds at December 31, 1991, is $12,290,000. All taxable value is currently
retained by the Housing and Redevelopment Authority.
14
Cash
Deposits with trustee
Investments
Total assets
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
DEBT SERVICE FUND
COMPARATIVE BALANCE SHEET
December 31, 1991 and 1990
Assets
Liabilities and Fund Balance
Liabilities:
Accounts Payable
Due to other governments
Total liabilities
Fund Balance:
Reserved for debt service
Total liabilities and fund balance
16
1991 1990
$419 $
473,604
$474,023
419
419
473,604
$474,023
510,354
$510,354
510,354
$510,354
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
DEBT SERVICE FUND
COMPARATIVE STATEMENT OF REVENUES EXPENDITURES AND FUND BALANCE
December 31, 1991 and 1990
Other financing sources (uses):
Proceeds of refunding bonds 9,394,489
Operating transfers in 1,081,374 14,490,919
Operating transfer out (9,218,200)
Payment to refunded bond escrow agent (3,257,980)
Total other financing sources 1,081,374 1,409,228
Deficiency of revenues and other
financing sources over expenditures (36,750) (10,826,596)
Fund Balance January 1 510,354 11,336,950
Fund Balance December 31 $473,604 $510,354
17
1991
1990
Revenues:
Interest on investments
$22,713
$37,596
Expenditures:
Debt service —
Principal payment
245,000
11,440,000
Interest expense
892,514
728,039
Refunding bond issuance costs
83,655
Agent fees
3,323
21,726
Total expenditures
1,140,837
12,273,420
Deficiency of revenues over
expenditures
(1,118,124)
(12,235,824)
Other financing sources (uses):
Proceeds of refunding bonds 9,394,489
Operating transfers in 1,081,374 14,490,919
Operating transfer out (9,218,200)
Payment to refunded bond escrow agent (3,257,980)
Total other financing sources 1,081,374 1,409,228
Deficiency of revenues and other
financing sources over expenditures (36,750) (10,826,596)
Fund Balance January 1 510,354 11,336,950
Fund Balance December 31 $473,604 $510,354
17
Assets
Cash and cash equivalents
Investments
Receivables
Accounts
Taxes -
Unremitted
Delinquent
Interest
Mortgage
Current
Delinquent
Deferred
Due from other governments
Total assets
Liabilities and fund balance
Liabilities:
Accounts payable
Contracts payable
Deposits payable
Deferred revenue
Due to other governments
Total liabilities
Fund balance (deficit):
Reserved for construction
Total fund balance
Total liabilities and
fund balance
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
December 31, 1991
With Comparative Totals for December 31, 1990
Revolving
$953,179 $
5,561,364
13,555
10,766
495,366
172,889
23,913
North Area/
Center Moore Univ. Ind. Johnson
City Lake Area Park Skvwood
100,000 852,000
$7,231,032 $0 $100,000 $852,000 $0
1,196
15,086
495,366
100,000 852,000
21,733
510,452 22,929 100,000 852,000 0
6,720,580 (22,929)
6,720,580 (22,929) 0 0 0
$7,231,032 $0 $100,000 $852,000 $0
20
Lake 57th
Pointe Place
Area University/ McGlynn
Wide Osborne Bakeries 1991
Totals
1990
$ $ $ $ $ $953,179 $1,185,085
5,561,364 4,026,014
873 14,428 11,275
10,766 8,765
495,366 326,462
172,889 95,915
4,000
7,960
952,000 982,000
23,913 220
$0 $0 $0 $873 $0 $8,183,905 $6,647,696
1,418
3,081
3,185
8,880
3,748
15,086
1,447,366
1,320,423
159,901
207
181,841
147,177
1,418
0 162,982
0
3,392
$1,653,173
1,471,348
(1,418)
(162,982)
873
(3,392)
6,530,732
5,176,348
(1,418)
0 (162,982)
873
(3,392)
6,530,732
5,176,348
$0
$0 $0
$873
$0
$8,183,905
$6,647,696
21
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES EXPENDITURES AND FUND BALANCE
Year Ended December 31. 1991
With Comparative Totals for Year Ended December 31, 1990
Revenues:
Tax increment
Special assessment
Sale of property
Interest on investments
Rental
Miscellaneous
Total revenues
Expenditures:
Professional services
Land purchase
Site improvement
Buildings
Refunds to school districts
Miscellaneous
Total expenditures
Excess (deficiency) of
revenues over expenditures
Other financing sources (uses):
Operating transfer in
Operating transfers out
Total other financing
sources (uses)
Deficiency of revenues and
other financing sources
over expenditures and
other financing uses
Fund Balance (deficit) January 1
Fund Balance (deficit) December 31
North Area/
Center Moore Univ. Ind. Johnson
Revolving City Lake Area Park Skvwood
$2,662,381 $ $ $
69,591
117,500
330,842 6,300
108,414
335 74
3,289,063 0 6,374 0 0-
19,546 87
54,087
19,590
125,000
1,178 221
22,565 1,788
0 240,788 1,875 1,178 221
3,289,063 (240,788) 4,499 (1,178) (221)
6,374 219,026 1,679 1,201 221
(1,901,338) (6,374)
(1,894,964) 219,026 (4,695) 1,201 221
1,394,099 (21,762) (196) 23 0
5,326,481 (1,167) 196 (23) 0
$6,720,580 ($22,929) $0 $0 $0
22
Lake 57th Area University/ McGlynn Totals
Pointe Place Wide Osborne Bakeries 1991 1990
$ $ $ $ $ $2,662,381 $2,510,294
69,591
117,500
337,142 333,616
108,414 66,147
409 2,785
0 0 0 0 0 3,295,437 2,912,842
10,669 2,288 214,090
6,777 3,185 258,041
224,674
(334,052)
54,087
271,917
5,176,348
19,590
11,622
125,000
999,142
310,272
310,272
272,578
44,435 23,694
207 92,689
194,242
55,104 2,288 548,056
6,777 3,392 859,679
1,974,175
(55,104) (2,288) (548,056) (6,777) (3,392) 2,435,758 938,667
55,452 2,288 540,082 7,650 0 833,973 2,047,311
(7,635) (1,915,347) (3,320,030)
55,452 2,288 532,447 7,650 0 (1,081,374) (1,272,719)
348 0 (15,609)
(1,766) 0 (147,373)
($1,418) $0 ($162,982)
873
(3,392)
1,354,384
(334,052)
0
0
5,176,348
5,510,400
$873
($3,392)
$6,530,732
$5,176,348
23
FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
a component unit of the
CITY OF FRIDLEY, MINNESOTA
COMPARATIVE STATEMENT OF GENERAL LONG-TERM DEBT
December 31, 1991 and 1990
Amount available and to be provided for
the payment of general long-term debt
Amount available in Debt Service Fund
Amount to be provided by future taxes
Total available and to be provided
General long-term debt payable
Tax increment revenue refunding bonds
General obligation tax increment
refunding bonds of 1990
Total general long-term debt payable
27
1991 1990
$473,604 $510,354
11,816,396 12,024,646
$12,290,000 $12,535,000
2,805,000 3,050,000
9,485,000 9,485,000
$12,290,000 $12,535,000