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HRA Annual Financial Report 1992FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY, MINNESOTA DECEMBER 31, 1992 Prepared By : Department of Finance Craig A_ Ellestad HRA Accountant FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY ANNUAL FINANCIAL REPORT DECEMBER 31, 1992 TABLE OF CONTENTS Page organization 1 Independent Auditor's Report 4 Combined Financial Statements Combined Balance Sheet - ALL Fund Types and Account Group u Combined Statement of Revenues, Expenditures and Fund Balance - ALL Governmental Fund Types 7 Notes to Financial Statements B Combining and Individual Fund Financial Statements Debt Service Fund Comparative Balance Sheet 16 Comparative Statement of Revenues, Expenditures and Furl Balance 17 Capital Project Funds Combining Balance Sheet 20 Combining Statement of Revenues, Expenditures and Furl Balance 22 Comparative Statement of GeneraL Long -Term Debt 2 5 Supplemental Section Schedule of Assessed Valuation and Long -Term Debt 2 8 ScheduLe of Sources and Uses 29 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY, MINNESOTA organization DECEMBER 31, 1992 COMMISSIONERS : LARRY COMMERS, CHAIRMAN JIM MCFARLAND JOHN MEYER VIRGINIA SCHNABEL DUANE PRAIRIE 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, 1992 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, 1992, 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 and supporting schedules as 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. June 10, 1993 TAUTGES, REDPATH & CO., LTD. Certified Public Accountants 4 48+0 ,1, Sa-w I., 6; 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, 1992 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 7,661 124,486 16,533 1,590,039 256,520 16,055,000 7,681 1,987,578 16,055,000 132,167 9,299 16,533 Account 1,590,039 1,447,366 256,520 181,841 16,055,000 Group 18,050,259 13,943,592 Governmental Fund Types General Totals Debt Capital Long Tenn Memorandum Only Assets Service Projects Debt 1992 1991 Cash and cash equivalents $20,514 $20,514 $953,598 Deposits with trustee Investments 413,175 7,766,714 8,179,889 6,034,968 Receivables Accounts 5,345 5,345 14,428 Taxes - Unremitted 636,322 638,322 10,766 Delinquent 495,366 Interest 86,261 _ 86,261 172,889 Mortgage - Current Delinquent Deferred 951,717 951,717 952,000 Due from other governments 21,588 21,588 23,913 Amount available in debt service fund 405,494 405,494 473,604 Amount to be provided for retirement of general longterm debt 15,649,506 15,649,506 11,316,396 Total assets $413,175 $9,490,461 $16,055,000 $25,958,636 $20,947,928 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 7,661 124,486 16,533 1,590,039 256,520 16,055,000 7,681 1,987,578 16,055,000 132,167 9,299 16,533 15,086 1,590,039 1,447,366 256,520 181,841 16,055,000 12,290,000 18,050,259 13,943,592 7,502,883 7,502,883 6,530,732 405,494 405,494 473,604 405,494 7,502,883 0 7,908,377 7,004,336 $413,175 $9,490,461 $16,055,000 $25,958,636 $20,947,928 See Accompanying Notes to Financial Statement 1.9 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 Y,3,r cn,fnr !`), b,3• VIP? Revenues: Tax increment Special assessment Sale of property Interest on investments Rental Miscellaneous Total revenues Expenditures : Professional services Land purchase Site improvement Buildings Principal payment Interest expense Agent fees Refunds to school districts Miscellaneous Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources (uses) Proceeds of increment bonds Operating transfer in Operating transfers out 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 See Accompanying Notes to Financial Statement Governmental Fund Types Debt Capital Service Projects $2,931,681 112,059 34,363 48,618 420,739 86,834 206 48,618 3,585,882 23,810 241,402 4,749,411 116,350 265,000 873,695 11,002 366,500 107,461 1,173,507 5,583,124 Totals Memorandum Only 1992 1991 $2,931,681 $2,662,381 112,059 69,591 34,363 117,500 469,357 359,855 86,834 108,414 206 409 3,634,500 3,318,150 265,212 258,041 4,749,411 54,057 116,350 - 19,590 125,000 265,000 245,000 873;695 892,514 11,002 3,323 368,500 310,272 107,461 92,689 6,756,631 2,000,516 (1,124,889) (1,997,242) (3,122,131) 1,317,634 4,026,172 1,000,895 9,413,422 (3,970,288) (6,444,029) 1,056,779 2,969,393 (68,110) 972,151 4,026,172 10,414,317 1,915,347 (10,414,317) (1,915,347) 4,026,172 O 904,041 1,317,634 473,604 6,530,732 7,004,336 5,686,702 $405,494 $7,502,883 $7,908,377 $7,004,336 7 FRIDLEY NOISING AND REDEVELOPH MT AUTHORITY a component unit of the CITY OF FRIDLEY, MINNESOTA MOTES TO FINANCIAL STATEMENTS DECEMBER 31. 1992 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 in part of the City. The accounting policies of the HRA conform to generally accepted accounting principtes. 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 Dint Service Fund - The Debt Service Fund is used to accent 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. a. Fixed Assets and Long -Tera 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. 0 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a covalent unit of the CITY OF FRIDLEY, MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECETRIER 31. 1992 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. 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 Furl 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) Annuat 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 NRA funds have no liability for employee benefits at December 31, 1992. 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 an Investments - Interest is recorded as revenue in the year earned. 0 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a caaoorrent reit of the CITY OF FRIDLEY, MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1992 2. Fund Deficits The following funds had deficit fund balances at December 31, 1992: Capital Projects Furls Center City S 117,007 North Area 50 Lake Pointe 9,135 Area Nide 195,130 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 tommission. - Ali 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 minis , 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, 1992 are as follows: Categories 2 and 3 are not procedures that are authorized by Minnesota statutes. 10 Bank Carrying Balances Amount 1) insured or collateralized by securities held f 30,904 E 20,514 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 S 30,904 S 20.514 Categories 2 and 3 are not procedures that are authorized by Minnesota statutes. 10 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a unit of the CITY OF FRIDLEY, MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1992 S. Deposits 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 order 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 FR10LET HOUSING AND REDEVELOPMENT AUTHORITY a camorent reit of the CITY OF FRIDLEY, MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 1992 3. Deposits end Irrvestment5 (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: Cash and cash equivalents and investments per accorparrying financial statement: Cash and cash equivalents $20,514 Investments 8,179,889 Total 58.200.403 12 Credit Risk Category Carrying Market Securities Type 1 2 3 Amount Value U.S. Government securrtes $1,102,601 $1,102,801 $1,153,974 U.S. Government agencies or instrumentalities 6,290.618 6,290,618 6,297,075 Commercial paper Repurchase agreements 786,469 786,469 786,469 Total investments ..$Z,493.419 $0 $786.46958.179.888 $8.237.518 Cash and cash equivalents and investments per accorparrying financial statement: Cash and cash equivalents $20,514 Investments 8,179,889 Total 58.200.403 12 FRIDLEY NOOSING AND REDEVELOPMENT A1ITHORITY a CORCMIerit unit of the CITY OF FRIDLEY. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1992 .- Long -Tem Debt The following is a summary of long-term debt transactions of the Housing and Redevelopment Authority for the year ended December 31, 1992: Bonds payable at January 1, 1992 $12,290.000 Bonds issued 4,030,000 Bonds retired (265.000) Bonds payable at December 31, 1992 $16,055,000 Bonds payable at December 31, 1992 are comprised of the following individual issues (in thousands of dollars): 54,070,000 Tax Increment Revenue Refunding Bonds of 1985 due in varying annual 52,540 installments of $265,000 - 460,000 through February 1, 1999; interest at 7.05% - 9.00% $9,485,000 General Obligation Tax Increment Refunding Bonds of 1990 due in varying 9,485 annual installments of $810,000 - 1,270,000 through August 1, 2009; interest at 6.60% - 7.00% $4,030,000 General Obligation Tax Increment Bonds of 19920 due in varying annual 4,030 installments of $155,155 - $4,185,155 through December 1, 1995; interest at 3.3%. 816 055 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 cawonent unit of the CITY OF FRIDLEY, MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 1992 4. Long -Term Debt (Continued) Annual requirements to amortize long-term debt outstanding at December 31, 1992 including principal and interest payments of $26,088,759 are as follows: Year Ended December 31 1993 $1,292,869 1994 1,289,625 1995 5,318,895 1996 1,130,300 1997 1,128,835 1998-2002 5,827,665 2003-2007 7,293,870 2008-2009 2,806,700 126.088.759 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 $42,605,000. Total amount of bonds redeemed is $26,550,000. Outstanding bonds at December 31, 1992, is 516,055,000. All taxable value is currently retained by the Housing and Redevelopment Authority. 14 Tax Capacity Values Retained Year Fiscal By Established District Original Current Captured Disparity Authority 1979 1 $251,798 $869,315 $617,517 $0 $617,517 1981 2 71,077 838,514 767,437 0 767,437 1982 3 244,534 1,472,246 1,227,712 275,561 952,151 1984 4 105,308 138,794 33.486 0 33,486 1984 5 48,101 40,186 0 0 0 1985 6 137,028 172,546 35,518 0 35,518 1986 7 10,960 85,899 74,939 0 74,939 1986 8 26,742 35,989 9,247 0 9,247 1989 9 970,180 978,368 8,188 0 8,188 1990 10 20,938 4,888 0 0 0 1992 11 63,148 100,992 37,844 0 37,844 1992 12 110,573 109,342 0 0 0 2387 $4.847.079 $2.811.888 27$ 5.561 2 536 327 All debt issued is pooled debt. Total bonds issued is $42,605,000. Total amount of bonds redeemed is $26,550,000. Outstanding bonds at December 31, 1992, is 516,055,000. All taxable value is currently retained by the Housing and Redevelopment Authority. 14 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY, MINNESOTA DEBT SERVICE FUND COMPARATIVE BALANCE SHEET December 31, 1992 and 1991 Assets Cash Investments Total assets Liabilities and Fund Balance Liabilities : Accounts Payable Due to other governments Total liabilities Fund Balance : Reserved for debt service Total fund balance Total liabilities and fund balance iL 1992 1991 $ $419 413,175 473,604 $413,175 $474,023 7,681 $419 7,681 419 405,494 479,604 405,494 473,604 $413,175 $474,023 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDM. MINNESOTA DEBT SERVICE FUND COMPARATIVE STATEMENT OF REVENUES EXPENDITURES AND FUND BALANCE December 31, 1992 and 1991 1992 1991 Revenues: Interest on investments $48,618 $22.713 Expenditures : Debt service: Principal payment 265,000 245,000 Interest expense 873,695 892,514 Increment bond issuance costs 23,810 Agent fees 11,002 3,323 Total expenditures 1,173,507 1,140,837 Deficiency of revenues over expenditures (1,124 869) (1,118,124) Other financing sources (uses) Proceeds of increment bonds 4,026,172 Operating transfers in 1,000,895 1,081,374 Operating transfer out (3,970,288) Total other financing sources (uses) 1,056,779 1,081,374 Deficiency of revenues and other financing sources over expenditures (68,110) (36.750) Fund Balance January 1 473,604 510,354 Fund Balance December 31 $405,494 $473,604 17 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY MINNESOTA CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET December 31, 1992 With Comparative Totals for December 31, 1991 Fund balance (deficit) : (50) Reserved for construction 7,619,494 (117,007) Total fund balance 7,819,494 (117,007) 0 (50) 0 Total liabilities and 0 fund balance $8 516,486 $2,478 $30,000 $856,324 20 North Area/ Center Moore Univ. Ind. Johnson Revolving city Lake Area Park Skywood Assets Cash and cash equivalents ($571) $2,500 Investments 7,766,714 Receivables 4'172 (22) Accounts Taxes — Unremitted Delinquent 638,322 86,261 Interest Mortgage — Current Delinquent 30,000 856,324 Deferred Due from other governments 21,588 $8,516,486 $2,478 $30,000 $856,324 $0 Total assets Liabilities and fund balance Liabilities: 117,591 50 Accounts payable Contracts payable 1,533 Deposits payable 30,000 856,324 Deferred revenue 638,322 361 Due to other governments 58,670 119,485 30,000 856,374 0 Total liabilities 696,992 Fund balance (deficit) : (50) Reserved for construction 7,619,494 (117,007) Total fund balance 7,819,494 (117,007) 0 (50) 0 Total liabilities and 0 fund balance $8 516,486 $2,478 $30,000 $856,324 20 Lake Shore- Area University/ McGlynn Totals 69 Pointe Onan wood Wide Osborne Bakeries 1992 1991 $3,585 $15,000 $20,514 $953,179 8,880 $7,766,714 5,561,364 1195 $5,345 14,428 15,086 65,393 10,766 $638,322 495,366 3,491 $86,261 172,889 65,393 $951,717 952,000 $21,588 23913 $0 $0 $65,393 $0 $4,780 415,000 $9,490,461 $8,183,905 5,644 1,132 69 $124,486 8,880 15,000 $16,533 15,086 65,393 $1,590,039 1,447,366 3,491 193,998 $256,520 181,841 9,135 0 65,393 195,130 69 15,000 $1,987,578 1,653,173 (9,135) (195,130) 4,711 $7,502,883 6,530,732 (9,135) O O (195,130) 4,711 0 7,502,883 6,530,732 $0 $0 $65,393 $0 $4,780 $15,000 $9,490,461 $8,183,905 21 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLOL MINNESOTA CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES ExPENDITURES AND FUND BALANCE Year Ended December 31, 1992 With Comparative Totals for Year Ended December 31, 1991 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 Sk wood. $2,931,681 112,059 34,363 405,635 15,104 86,834 206 3,570,778 151104 0 O 0 17,475 314 38,465 116,350 11,863 O 184,153 O 314 0 3,570,778 (169,049) 0 (314) 0 3,970,288 74,971 (6,442,152) (2,471,864) 74,971 1,098,914 (94,078) r 0 264 0 0 (50) 0 6,720,580 (22,929) 0 $7,819,494 ($117,007) $0 S$) $O 22 Lake Pointe O 18,281 4,710,946 Shore- Onan Wood &%CC's! 35,309 4,764,536 5,464 Area University/ McGlynn Wide Osborne Bakeries Totals 1992 1991 $2,931,681 $2,662,361 $112,059 69,591 $34,363 117,500 $420,739 337,142 $66,834 108,414 $206 409 O 0 0 3,585,882 3,295,437 194,548 438 4,882 $241,402 258,041 873 $4,749,411 54,087 4,756,819 _ 5464 582,153 $116,350 19,590 (1,877) ($6,444,029) 125,000 368,500 $368,500 310,272 49,377 10,912 $107,461 92,689 _ 0 612,425 438 15,794 5,583,124 859,679 (4,764,536) (5,464) 0 (612,425) (438) . (15,794) (1,997,242) 2,435,758 873 (3,393) 6,530,732 4,756,819 _ 5464 582,153 4,276 19,187 $9,413,422 833,973 (1,877) ($6,444,029) (1,915,347) $7,502,883 $6,530,732 4,756,819 5,464 O 580,276 4,276 19,187 2,969,393 (1,081,374) (7,717) 0 O (32,149) 3,838 3,393 972,151 1,354,384 (1,418) O (162,981) 873 (3,393) 6,530,732 5,176,348 ($9,135) $0 $0 ($195,130) $4,711 $0 $7,502,883 $6,530,732 23 FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY a component unit of the CITY OF FRIDLEY, MINNESOTA COMPARATIVE STATEMENT OF GENERAL LONG—TERM DEBT December 31, 1992 and 1991 Amount available and to be provided for the payment of general long—tens debt : Amount available in Debt Service Fund Amount to be provided by future taxes Total available and to be provided General long—tens debt payable: Tax increment revenue refunding bonds of 1985 General obligation tax increment refunding bonds of 1990 General obligation temporary tax increment bonds of 1992 Total general long—term debt payable P461 1992 1991 $405,494 $473,604 15,649,506 11,816,396 $16,055,000 $12,290,000 �11 MIM 6,61 I . WIXIMIM $16,055,000 $12,290,000 CITY OF FRIDLEY MINNESOTA JLE OF ASSESSED VALUATION AND LONG—TERF FOR THE TAX INCREMENT FINANCING DISTRICT DECEMBER 31 1992 Redevelopment District Original Tax Capacity Current Tax Capacity Captured Tax Capacity — retained by the Authority Bonds Issues: General Obligation Tax Increment Bonds of 1981 General Obligation Tax Increment Bonds of 1982 General Obligation Tax Increment Bonds of 1983 Tax Increment Revenue Refunding Bonds of 1985 General Obligation Tax Increment Redevelopment Bonds of 1985 General Obligation Tax Increment Refunding Bonds of 1986 General Obligation Tax Increment Refunding Bonds of 1990 General Obligation Temp Tax Increment Bonds of 1992C Total bonds issued Amounts Redeemed: Paid Bonds defeased — prior Total amount redeemed Outstanding bonds at December 31, 1992 28 $2,060,387 4,847,079 2,536,327 $2,200,000 625,000 600,000 4,070,000 11,550,000 10,045,000 9,485,000 4,030,000 42, 0056 00 (3,270,000) (23,280,000) (26,550,000)- $1_-_. 1 055 000 CITY OF FRIDLEY, MINNESOTA SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS inn —,Pc TAY INCREM =NT F R1AtXU4G �kI&TRICT INCEPTION TO DECEMBER 31, 1992 Sources of Funds: Proceeds of bond sale Tax increments received Special assessments Interest on invested funds Sale of property Rental Home ownership revenue Other Total sources of funds Uses of Funds: Land acquisition Building acquisition Site improvements or preparation costs Installation of public utilities and improvements Bond payments Principal Interest and agent fees Refunding bond issuance cost Payment to refunded bond escrow agent Refund to school districts Refund of tax increment overpayment Administrative costs Other Total uses of funds District Balance Current Year Prior Years Total $4,026,172 $40,199,956 $44,226,128 2,931,681 12,714,320 15,646,001 112,059 72,591 184,650 469,357 4,635,553 5,104,910 34,363 501,971 536,334 86,834 463,286 550,120 265,212 10,125 10,125 206 307,028 307,234 7,660,672 58,904,830 66,565,502 4,749,411 10,787, 235 15,536,646 1,193,971 1,193,971 116,350 3,956,879 4,073,229 1,096,775 1,096,775 265,000 13,935,000 14, 200,000 884,697 6,780,312 7,665,009 83,655 83,655 9,257,980 9,257,980 368,500 786,618 1,155,118 94,897 94,897 265,212 3,315,381 3,580,593 107,461 628,878 736,339 6,756,631 51,917,581 58,674,212 $904,041 $6,987,249 $7,891,290 29