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HomeMy WebLinkAbout1976 CAFRCITY OF ST. ANTHONY. MINNESOTA FINANCIAL STATEMENTS DEMMER 31, 1976 CITY OF ST. ANTHONY, MINNESOTA ELECTED AND APPOINTED OFFICIALS DECEMBER 31, 1976 Elected Mayor - Duane R. Miedtke Council Donna Stauffer Robert J. Sundland Sally Haik William Sauer Appointed Manager - Jerry L. Dulgar Clerk - Treasurer - Carol B. Johnson Assessor - Harry C. Lekson 0 Term of office expires on the first official business day of January 1978 1978 1978 1980 1980 CITY OF ST. ANTHONY, MINNESOTA TABLE OF CONTENTS Page Comments 1 Accountants' opinion 1 General Fund Balance sheet 3 Statement of changes in fund balance 3 Statement of receipts - Actual compared with budget estimates 4 Statement of disbursements - Actual compared with budget estimates 6 Special revenue funds Balance sheets 10 Statements of changes in fund balance 10 Statements of revenue - Actual compared with budget estimates 12 Statement of expenditures - Actual compared with budget estimates 13 Capital project funds Balance sheets 15 Statements of revenue, expenditures and fund balance 15 Special Assessment Funds Balance sheet 16 Statement of changes in fund balance 17 Statement of receipts and disbursements 17 Municipal Liquor Fund Balance sheet 18 Statement of income and retained earnings 19 Statement of changes in financial position 20 Statement of gross profit 21 Statement of operating expenses 23 Public utility funds Balance sheets 24 Statement of changes in contributions and retained earnings 26 Statements of income and expense 27 Statements of changes in financial position 28 Water Construction Fund - Statement of changes in fund balance 29 General Debt Service Fund Balance sheet 30 Statement of revenue and fund balance 30 Statement of general long-term debt 30 Notes to the Financial Statements 31 CITY OF ST. ANTHONY, MINNESOTA TABLE OF CONTENTS (CONTINUED Page Supplemental information Balance sheets - All funds 34 Statement of cash, investments and security for deposits 36 Summary statement of receipts and disbursements - All funds 36 Bonds payable - All funds 37 Statement of changes in bonded indebtedness 38 Debt service requirements - All funds 39 Tax levies and collections 40 Special assessment levies and collections 40 Assessed valuations, tax levies and mill rates 41 Employees" surety bonds 41 CITY OF ST. ANTHONY, MINNESOTA COMMENTS The City of St. Anthony operates under "Optional Plan B" as defined in the State of Minnesota Statutes. Optional Plan B is known as the council-manager plan. Under this plan, as specified in the Statutes, "The council shall exercise the legislative power of the City and determine all matters of policy. The City manager shall be the head of the administrative branch of the City government and shall be responsible to the counc.il for the proper administration of all affairs relating to the City." The council is composed of five members, includ- ing the mayor who is chairman. The City manager is appointed by the council. GENERAL FUND The General Fund is used to account for all receipts and the activities financed by them which are not accounted for in a special fund. The principal sources of receipts are property taxes, licenses and permits, fines and forfeitures and intergovernmental revenue. Disbursements are for general government, public safety, street and highways, recreation and other functions. Expenditures exceeded revenues by $72,026 during 1976 and decreased the fund balance to a deficit of $15,162 at December 31, 1976. A condensed summary of receipts and disbursements, excluding investment transactions, is shown below. RECEIPTS General property taxes Licenses and permits Fines and forfeitures Revenue from use of money and property Intergovernmental revenue Other revenue Transfers from other funds DISBURSEMENTS General government Public safety Highways Sanitation and waste removal Community services Parks maintenance Other functions SPECIAL REVENUE FUNDS 1976 Budget Actual $ 372,556 8,000 17,000 2,000 170,588 80,600 371,558 $ 360,163 16,238 13,781 2 168,893 83,169 331,558 j,022 302 S 973.804 $ 253,358 400,038 178,864 15,590 30,214 22,562 147,143 51.047,769 $ 251,529 428,418 177,281 15,334 30,202 22,206 160,703 51.085,673 1975 Budget Actual $ 300,640 8,500 12,000 3,000 170,034 30,300 331,000 $ 300,381 10,228 18,150 1,668 168,373 52,352 310,200 L-35 5.474 J__8 61.352 $ 164,442 398,512 164,855 13,706 48,696 13,590 133,574 S 937.375 $ 166,384 398,448 164,728 13,705 48,696 13,570 134,429 Special revenue funds are established to account for taxes and other revenues set aside for a particular purpose. Following is a brief description of each fund. L_ I SPECIAL REVENUE FUNDS CONTINUED State Aid Fund - Gasoline tax collections apportioned to the City from the State of Minnesota for street maintenance are accounted for in this fund. Expenditures during 1976 were for commodities to repair and maintain City streets. The fund balance at December 31, 1976, was $21,239. Community Services Fund - This fund accounts for the City recreation program which is carried on in co-operation with Independent School District No. 282. The activities of this fund were taken over by Independent School District No. 282, during the year. A transfer from the General Fund eliminated the deficit fund balance and closed the fund. Home Improvement Grant Fund - This fund accounts for revenue received from the Minnesota Housing Finance Agency. Expenditures are to finance home improvements within the City. Revenue Sharing Fund - This fund was established to account for revenue received from the Federal Government in accordance with the "State and Local Fiscal Assisstance Act of 1972." Expenditures can only be made from this fund as out- lined in the Act. The City's share of revenue for 1976 was $46,877, of which $11,736 will be received during 1977. Transfers made during 1976 to the General Fund and Special Fire Department Fund were for salaries and capital outlay respectively. As of December 31, 1976, $83,548 is available for future expenditures. Anti -recession funds received during 1976 amounted to $1,109 and are available for future expenditures. Special Fire Department Fund - This fund was established to account for the State of Minnesota insurance premium tax revenue and other monies appropriated for the benefit of the City Fire Department. During 1976, $9,594 was received from the State of Minnesota for 1976 insurance premium taxes. Expenditures for 1976 were $63,240. These funds were used to purchase a new fire truck. A transfer from the Revenue Sharing Fund of $26,723 was used to defray the cost of the truck. As December 31, 1976 the fund balance was $9,482. Special Police Department Fund - This fund was established to account for the State of Minnesota Town Police Aid reimbursement and other monies appropriated for the benefit of the City Police Department. $9,290 was transferred to the General Fund for cost incurred when the City offices were remodeled. The fund balance was $19,420 at December 31, 1976. CAPITAL PROJECT FUNDS State -aid Construction Fund - Gasoline tax collections apportioned to the City from the State of Minnesota for street construction are accounted for in this fund. The account receivable of $161,728, from the State of Minnesota, is the City's unencumbered construction allotment balance at December 31, 1976. This allotment is available only for approved projects. Capital Improvement Fund - This fund was established to account for purchases of capital outlay items to be used by the City's maintenance department. Transfers from the General Fund will finance these acquisitions. Equipment Fund - This fund was established to account for the purchase of a street sweeper. Proceeds were from the sale of certificates of indebtedness bonds and used to purchase the sweeper at a cost of $29,700. This fund was closed during 1976. II SPECIAL ASSESSMENT FUND Special assessment funds are established to account for assessments levied to finance improvements or services deemed to benefit the properties against which the assessments are levied. Primarily, the transactions accounted for in the special assessment construction accounts are receipt of bond proceeds for con- struction work done. Special assessment debt service accounts account mainly for collection of assessments against benefited property owners and disbursements of assessment collections for the payment of bonds and interest. The appropriated fund balance represents the interest on the bonded indebtedness which is payable in future years. MUNICIPAL LIQUOR FUND This fund is maintanined to account for the operations of the City -owned liquor i stores. Percentages and detailed statements by stores are included in the report as additional aids in reviewing results of operations. Shown below is a con- densed summary of liquor store operations for 1976, 1975 and 1974. i 1976 1975 1974 Percent Percent Percent of sales of sales of sales Sales $1,968,468 100.0 $2,029,367 100.0 $2,054,998 100,0 Cost of Sales 1,200,000 61.0 1,247,655 61.5 1,308,703 63.7 Gross profit $ 768,468 39.0 $ 781,712 38.5 $ 746,295 36.3 Operating expense 531,327 27.0 511,519 25.2 470,124 22,9 I Operating income $ 237,141 12.0 $ 270,193 13.3 $ 276,171 13.4 Other income less other expense 20,960 1.1 39,233 1.9 21,290 1.1 Net income $ 258,101 13.1 $ 309,426 15.2 S 297.461 14.5 Transfers to other funds Equivalent mill rate of transfers PUBLIC UTILITY FUNDS 1976 1975 1974 Percent of Percent of Percent of net income net income net income 300,000 116.23 $ 300,000 7.92 96.95 $ 275,000 JL.45 8_11 Water Operating Fund - This fund accounts for the operations of the City -owned water system. The fund had income of $96,019 in 1976. Revenues of the fund are pledged for payment of the Water Revenue Bonds of 1961 and 1963. III PUBLIC UTILITY FUNDS (CONTINUED) Sewer Operating Fund - This fund accounts for the operations of the City -owned sewer system. The fund reported a loss of $7,875 for 1976. During 1971, the Metropolitan Waste Control Commission purchased the City's equity in the Minneapolis sewer system. Payment is being made over a 30 -year period by means of annual credits against future sewer billings from the Commission. The amount payable by the Commission in future years, $123,591, is included as a receivable on the balance sheet. A condensed summary of operations for the Water and Sewer Operating Funds for the last three years is presented below: Operating expenses for 1975 include disposal charges of $139,323 as compared with $117,150 and $80,083 in 1975 and 1974 respectively. WATER CONSTRUCTION FUND Proceeds from the issuance of Water Revenue Bonds of 1961 and 1963 were received in this fund and used to finance the cost of various water improvements. A balance of $56,665 at December 31, 1976 is available for future construction. GENERAL DEBT SERVICE FUND This fund was established to accumulate resources, primarily property taxes, for the redemption of certificates of indebtedness and interest thereon. During 1975, certificates in the amount of $30,000 were issued. $10,000 was paid during 1976, leaving $20,000 payable $10,000 per year in 1977 and 1978. IV 1976 1975 1974 Water Operating Fund Operating revenue $ 193,732 $ 142,826 $ 157,348 Operating expense (less depreciation) ( 88,342) ( 75,165) ( 68,434) Other income and (expense) 6,878 4,849 11,715 Income before deprecication $ 112,268 $ 72,510 $ 100,629 Depreciation ( 16,249) ( 38,062) ( 36,513) Net income $ 96,019 S 34.448 $ 64.116 Sewer Operatia& Fund Operating revenue $ 151,731 $ 155,178 $ 108,701 Operating expense (less depreciation) (170,456) (141,727) (102,109) Other income and (expense) 12,906 12,815 27,322 Income (loss) before depreciation $( 5,819) $ 26,266 $ 33,914 Depreciation _(_1,056) 2,836 3,086) Net income (loss) 7.875) $ 23.430 $ 30,828 Operating expenses for 1975 include disposal charges of $139,323 as compared with $117,150 and $80,083 in 1975 and 1974 respectively. WATER CONSTRUCTION FUND Proceeds from the issuance of Water Revenue Bonds of 1961 and 1963 were received in this fund and used to finance the cost of various water improvements. A balance of $56,665 at December 31, 1976 is available for future construction. GENERAL DEBT SERVICE FUND This fund was established to accumulate resources, primarily property taxes, for the redemption of certificates of indebtedness and interest thereon. During 1975, certificates in the amount of $30,000 were issued. $10,000 was paid during 1976, leaving $20,000 payable $10,000 per year in 1977 and 1978. IV GEORGE M. HANSEN COMPANY C"tified Public Accountants SOUTH PLAZA BUILDING MINNEAPOLIS, MINNESOTA 55416 The City Council of St. Anthony, Minnesota We have examined the accompanying financial statements of the various funds and the general long-term debt group of accounts of the City of St. Anthony for the year ended December 31, 1976, shown on pages 3 through 30. Our ex- amination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. The City has not maintained a record of its general fixed assets and accordingly, these items are not included in the financial report as required by generally accepted accounting principles. The General Fund statements of cash receipts and disbursements do not give effect to accrued items of income and expense. Accordingly, these statements do not present the results of operations in conformance with generally accepted accounting principles. In our opinion the accompanying financial statements, other than the items referred to in the preceeding paragraphs, present fairly the financial position of the various funds and the general long-term debt group of accounts of the City of St. Anthony at December 31, 1976, and the results of operations of such funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. The accompanying supplemental schedules and related information presented on pages 34 to 41 are not necessary for a fair presentation of the financial statements, but are presented as additional analytical data. This information has been subjected to the tests and other auditing procedures applied in the examination of the financial statements mentioned above and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. June 21, 1977 L, 1_. r CITY OF ST. ANTHONY, MINNESOTA GENERAL FUND BALANCE SHEET DECEMBER 31, 1976 ASSETS Cash (deficit) Petty cash and change funds Accounts receivable Due from other funds Municipal Liquor Fund Home Improvement Grant Fund Taxes receivable Unremitted Delinquent Allowance for delinquent taxes receivable Deferred special assessments receivable Total assets LIABILITIES AND FUND BALANCE Liabilities Accounts payable Accrued liabilities Deferred revenue Fund balance (deficit) - Unappropriated Total liabilities and fund balance STATEMENT OF CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1976 3 $( 43,660) 100 24,045 50,000 2,808 14,120 3,803 ( 3,803) 166 S 47 579 $ 23,291 35,691 3,759 ( 15,162) $ 47,579 Budget estimate Actual Fund balance January 1, 1976 $ 56,864 $ 56,864 Receipts and disbursements excluding investment transactions Receipts 1,022,302 973,804 Disbursements (1,047,769) (1,085,673) Increase in accounts receivable 37,380 Increase in due from Municipal Liquor Fund 25,000 Increase in liabilities ( 22,537) Fund balance (deficit) December 31, 1976 $ 31,397 I( 1,x,162) See accompanying notes to financial statements. 4 CITY OF ST. ANT}?ONY, MINNESOTA Licenses and permits Licenses $ 6,000 1976 $ 6,664 7975 2,000 Budget Actual Mobile home registration Actual General property taxes $ 10,228 Fines, forfeitures and penalties $ 17,000 $ 13,781 Taxes 6,726 $ 297,205 $ 248,161 State property tax relief fund Interest $ 2,000 $ 2 $ 1,668 Homestead tax aid 3,546 61,165 1,849 50,239 Bicentennial Committee $ 370,756 $ 358,370 $ 298,400 Penalties and interest on taxes 1,800 1,793 870 1,981 $ 82,329 $ 372,556 $ 360,163 $ 300,381 Licenses and permits Licenses $ 6,000 $ 7,681 $ 6,664 Permits 2,000 8,557 3,564 Mobile home registration $ 8,000 $ 16,238 $ 10,228 Fines, forfeitures and penalties $ 17,000 $ 13,781 18,150 6,726 Revenue from use of money and property - $ 168,893 $ 168,373 1,312 Interest $ 2,000 $ 2 $ 1,668 Intergovernmental revenue Local government aid $ 168,288 $ 167,734 $ 166,023 Attached machinery aid 717 554 554 Mobile home registration 1,700 22 1,156 County street allotments 600 583 640 6,726 $ 170,588 $ 168,893 $ 168,373 Other revenue Charges for current services $ 5,521 $ 6,192 Sale of equipment and unclaimed property 1,022 717 Refunds and reimbursements Hennepin and Ramsey Counties - CETA 39,177 21,689 Independent School District No. 282 13,753 8,978 City of Columbia Heights 6,726 1,772 Metro Council 3,327 1,312 Municipal Liquor Fund 4,114 6,445 State of Minnesota 4,535 3,546 Insurance claims and refunds 1,849 551 Bicentennial Committee 326 Humanities Conference 1,018 Other 961 870 $ 80,600 $ 82,329 $ 52,072 Permit surcharge $ 840 $ 280 See accompanying notes to financial statements. L L_ 5 CITY OF ST, ANTHONY, MINNESOTA GENERAL FUND STATEMENT OF RECEIPTS - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED YEARS ENDED DECEMBER 31, 1976 AND 1975 See accompanying notes to financial statements. 1976 1975 Budget Actual Actual Transfers from other funds Revenue Sharing Fund $ 32,000 $ 32,000 $ 25,000 Water Operating Fund 7,634 7,634 5,100 Sewer Operating Fund 7,634 7,634 5,100 Municipal Liquor Fund 300,000 275,000 275,000 Special Police Department Fund 16,290 9,290 Special Fire Department Fund 8,000 371,55 $ 331,558 310,200 Total budgeted receipts 1.022.302 $ 973,804 $ 861,352 Investment maturities, at cost 100 79,900 Total receipts90 S 941.252 See accompanying notes to financial statements. R CITY OF ST. ANTHONY, MINNESOTA GENERAL FUND STATEMENT OF DISBURSEMENTS - ACTUAL COMPARED WITH BUDGET ESTIMATES YEARS ENDED DECEMBER 31, 1976 AND 1975 $ 1,100 Contractual services 1976 1975 13,357 Budget Actual Actual General government 35 97 2,814 Mayor and Council $ 9,313 $ 14,704 $ Personal services $ 9,240 $ 9,240 $ 7,080 Contractual services 2,778 2,778 2,308 Commodities 60 59 60 Other charges 25 19 75 296 $ 12,103 12,096 $ 9,523 Manager Personal services $ 38,090 $ 38,089 $ 35,116 Contractual services 1,775 1,768 1,655 Other charges 250 248 192 $ 40,115 $ 40,105 $ 36,963 Municipal court Personal services $ 1,200 $ 1,200 $ 1,100 Contractual services 13,404 Commodities 13,357 257 16,741 Other charges 100 35 97 2,814 16 $ 9,313 $ 14,704 $ 14,654 $ 17,857 Elections Independent accounting and audit Personal services $ 1,382 $ 1,382. $ 319 Contractual services 296 $ 18,507 296 262 Commodities 569 269 166 Other charges 100 96 4 2,347 $ 2,043 $ 751 Assessing Personal services $ 8,275 $ 8,275 $ 7,000 Contractual services 760 746 505 Commodities 257 257 232 Other charges 35 35 60 2,814 9,327 $ 9,313 $ 7,797 Accounting - Finance Personal services $ 52,443 $ 52,156 $ 38,917 Contractual services 3,457 3,445 2,820 Commodities 3,500 3,495 3,045 Other charges 2,814 2,813 3,465 $ 62,214 $ 61,909 $ 48,247 Independent accounting and audit Personal,services 3,750 $ 3,750 $ 4,200 Legal - Personal services 20,685 $ 20,685 $ 18,507 See accompanying notes to financial statements. F, CITY OF ST, ANTHONY, MINNESOTA FAMMI 7 I 1976 1975 Budget Actual Actual General government (Continued) Planning and zoning Contractual services $ 60 $ 59 $ 72 Commodities 25 25 17 $ 85 84 $ 89 General government buildings Personal services $ 14,125 $ 14,125 $ 5,000 Contractual services 29,675 29,254 15,703 Commodities 800 798 359 Other charges 705 705 600 Capital outlay 42,723 42,008 788 88,028 $ 86,890 22,450 Total general government 253,358 251,52 166,384 Public safety Police protection Personal services $ 198,823 $ 214,832 $ 201,177 Contractual services 6,872 6,858 4,921 Commodities 2,960 2,960 2,822 Other charges 195 172 139 Capital outlay 5,342 4,965 269 214,192 $ 229,787 209,328 Fire protection Personal services $ 162,705 $ 176,020 $ 168,592 Contractual services 3,389 3,385 2,986 Commodities 3,010 2,983 3,027 Other charges 393 376 301 Capital outlay 906 611 1,107 170,403 $ 183,375 176,013 Protective inspection Personal services $ 7,865 $ 7,865 $ 6,836 Contractual services 330 320 345 Other charges 115 93 99 8,310 $ 8,278 $ 7,280 Civil defense Personal services $ 3,550 $ 3,550 $ 3,030 Contractual services 513 466 452 Commodities 50 49 29 Other charges 20 2 Capital outlay 1,600 1,571 1,012 $ 5,733 $ 5,638 $ 4,523 See accompanying notes to financial statements. Ee CITY OF ST. ANTHONY, MINNESOTA 1976 1975 Budget Actual Actual Public safety (Continued) Animal control Contractual services $ 1,400 $ 1,340 $ 1,281 Commodities 23 $ 1,400 $ 1,340 $ 1,304 Total public safety 400,03 $ 428,418 $ 398,448 Highways Engineering - Contractual services 2,750 $ 2,649 $ 1,851 Street Personal services $ 98,327 $ 97,324 $ 95,999 Contractual services 4,358 4,343 3,787 Commodities 11,265 11,192 9,568 Other charges 107 107 241 $ 114,057 112,966 $ 109,595 Maintenance garage $ 14,261 $ 14,232 $ 14,179 Contractual services 3,056 3,055 2,605 Commodities 27,033 26,852 23,419 Capital outlay 207 207 294 $ 44,557 44,346 $ 40,497 Street lighting 17,500 $ 17,320 12,785 Total highways $ 178,864 $ 177,281 $ 164,728 Sanitation and waste removal Weed inspection Personal services $ 8,200 $ 8,200 $ 7,500 Contractual services 2,518 2,327 50 Commodities 12896 1,896 2,552 Capital outlay 700 700 700 $ 13,314 13,123 $ 10,802 Storm sewer Contractual services $ 1,007 $ 979 $ 264 Commodities 284 284 1,198 Other charges 68 1,291 $ 1,263 1,530 Health Personal services $ 950 $ 913 $ 1,348 Contractual services 35 35 25 $ 985 $ 948 $ 1,373 Total sanitation and waste control $ 15,590 $ 15,334 $ 13,705 See accompanying notes to financial statements. E CITY OF ST. ANTHONY, MINNESOTA $ 11,130 $ 9,389 Contractual services f GENERAL FUND Commodities STATEMENT OF DISBURSEMENTS - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED) YEARS ENDED DECEMBER 31, 1976 AND 1975 f 585 f 1976 Capital outlay 1975 7,816 Budget Actual Actual Community services $ 13,570 Other functions Personal services $ 24,037 $ 24,037 $ 40,692 Contractual services 1,479 1,470 3,093 Commodities 4,248 4,248 3,964 Other charges 450 447 464 Capital outlay 29,888 Pensions, contributions and employees 483 Total community services 30,214 $ 30,202 48,696 Parks - Maintenance Personal services $ 11,200 $ 11,130 $ 9,389 Contractual services 1,007 1,007 Commodities 1,954 1,943 2,881 Other charges 585 310 324 Capital outlay 7,816 7,816 976 Total parks - maintenance 22,562 $ 22,206 $ 13,570 Other functions Human relations $ 991 $ 991 $ 1.,458 Liquor store disbursements - Reimbursed 4,125 6,530 Contingencies 5,554 5,554 12,067 ' Insurance 38,051 38,051 29,888 Pensions, contributions and employees insurance 101,561 101,472 82,270 Permit surcharge remittances 606 606 416 Bicentennial 380 380 Refunds and reimbursements 150 Total other functions $ 147,143 $ 151,329 132,629 Transfers to other funds Community Services Fund $ 6,453 Home Improvement Grant Fund 2,921 Capital Improvement Fund 1,800 $ 9,374 $ 1,800 Total budgeted disbursements S1 047 769 $1,085,673 $ 939,960 Investment purchases 100 39,900 Total disbursements t_ 1.085.773 79.860 LSee accompanying notes to financial statements. 10 CITY OF ST. ANTHONY, MINNESOTA SPECIAL REVENUE FUNDS BALANCE SHEETS - DECE1,U3ER 31, 1976 ASSETS Cash Investments Accounts receivable - United States Government Total assets LIABILITIES AND FUND BALANCE Liabilities Accounts payable Due to other funds General Fund Special Assessment Fund Fund balance (deficit) Appropriated Unappropriated Total liabilities and fund balance STATEMENTS OF CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1976 Fund balance (deficit) January 1, 1976 before adjustment Adjustment to eliminate contracts payable Fund balance (deficit) January 1, 1976 after adjustment Add: Revenue Deduct: Expenditures Fund balance December 31, 1976 See accompanying notes to financial statements. Combined $ 71,938 56,318 11,736 $992 $ 456 2,808 1,817 113 134,798 9 2 $ 113,172 49,375 $ 162,547 $ 130,693 158,329 $134.911 11 f $ 456 $ 2,808 1,817 113 21,239 $ 84,657 $ 9,482 $ 19,420 23 12 S -0- 2 921 �� S 9,x/82 S 19.420 $( 27,473) $( 7,658) Home $ 91,847 Special Special 49,375 Community Improvement Revenue Fire Police State -aid Services Grant Sharing Department Department Fund Fund Fund Fund Fund Fund $ 17,500 17,109 $ 2,921 $ 22,615 $ 9,482 $ 19,420 6,012 50,306 $ .4 82 S 19.420 11,736 512 S -0- S 2921 Z S 9 482 S 19.420 $ 456 $ 2,808 1,817 113 21,239 $ 84,657 $ 9,482 $ 19,420 23 12 S -0- 2 921 �� S 9,x/82 S 19.420 $( 27,473) $( 7,658) $ -0- $ 91,847 $ 35,355 $ 21,101 49,375 $ 21,902 $( 7,658) $ -0- $ 91,847 $ 35,355 $ 21,101 $ 8,679 $ 24,767 $ 113 $ 51,608 $ 37,367 $ 8,159 9,342 17,109 58,798 63,240 9,840 S 21 239 $ .4 82 S 19.420 12 CITY OF ST. ANTHONY, MINNESOTA SPECIAL REVENUE FUNDS %VENUE - ACTUAL COMPARED WITH 1 STATE -AID FUND State -aid revenue Interest earned Total revenue COMMUNITY SERVICES FUND Charges for current services Transfer from General Fund Total revenue HOME IMPROVEMENT GRANT FUND State of Minnesota - Grant Total revenue REVENUE SHARING FUND U. S. Treasury Revenue sharing grant Anti -recession grant Interest earned Total revenue SPECIAL FIRE DEPARTMENT FUND State -aid revenue Interest earned Transfer from Revenue Sharing Fund - Capital outlay Total revenue SPECIAL POLICE DEPARTMENT FUND State -aid revenue Interest earned Other Total revenue Total special revenue funds revenue See accompanying notes to financial statements. 1976 1975 Budget Actual Actual $ 7,575 1,104 $ -0- 8,679 $ 18,314 6,453 $ 7,575 1,211 $ 8,786 $ 40,069 $ 40,069 S 82 723 1. 6,Q� 114 8 113 $ -0- 113 $ 40,000 $ 46,877 $ 43,294 1,109 $ 40,000 $ 47,986 $ 43,294 3,622 3,973 $ 40,000 51,608 47,267 $ 9,000 $ 9,594 $ 8,837 1,050 1,155 26,723 26,723 35 723 37,367 $ 9,992 $ 7,000 $ 7,236 $ 7,657 923 925 52 $ 7,000 $ 8,159 $ 8,634 S 82 723 1. 6,Q� 114 8 I 13 CITY OF ST, ANTHONY, MINNESOTA STATE -AID FUND Commodities Capital outlay Total expenditures COMMUNITY SERVICES FUND Recreational services REVENUE SHARING FUND Commodities Transfer to Special Fire Department Fund - Capital outlay Transfer to General Fund Total expenditures SPECIAL FIRE DEPARTMENT FUND Capital outlay Transfer to General Fund Total expenditures SPECIAL POLICE DEPARTMENT FUND Commodities Capital outlay Transfer to General Fund - Capital outlay Total expenditures Total special revenue funds expenditures See accompanying notes to financial statements. 1976 1975 Budget Actual Actual $ 9,342 $ 6,017 49,375 $ _0_ 9,342 55,392 $ -0- 17,109 40,951 $ 5,000 $ 75 $ 1,420 26,723 26,723 32,000 32,000 25,000 63,723 58,798 $ 26,420 $ 35,000 8,000 43,000 $ 13,000 16,290 29,290 $ 63,240 $ 63,240 $ 550 9,290 9,840 $ 9,396 9,396 158 132 159 15 CITY OF ST. ANTHONY, MINNESOTA CAPITAL PROJECT FUNDS BALANCE SHEETS DECEMBER 31, 1976 State -aid Capital Construction Improvement Equipment Combined Fund Fund Fund ASSETS Cash $ 1,876 $ 1,876 Account receivable State of Minnesota 161,728 $ 161,728 Other 4.000 4.000 Total assets S 167 604 6 28 5.876 RESERVE AND FUND BALANCE Reserve for authorized improvements $ 161,728 $ 161,728 Fund balance - Unappropriated 5,876 $ 5,876 Total reserve and fund balance S 16 60 161 28 S 5 876 S OF REVENUE Fund balance January 1, 1976 Revenue Sale of equipment Interest earned Expenditures Transfer to General Debt Service Fund Fund balance December 31, 1976 1,897 $ -0- $ 1,800 $ 97 $ 4,000 $ 4,000 76 76 4,076 4,076 $ -0- 97 97 97 $ 97 5 876 S -0- S 5.87 ,$_ -0- See accompanying notes to financial statements. 16 CITY OF ST. ANTHONY, MINNESOTA SPECIAL ASSESSRr:NT FUND BALANCE SHEET DECEMBER 31, 1976 ASSETS Cash (deficit) Cash with paying agents Investments Taxes receivable Unremitted Delinquent Allowance for delinquent taxes receivable Special assessments receivable Unremitted Delinquent Deferred principal Due from other funds Special Assessment Fund Construction accounts Debt service accounts State -aid Maintenance Fund General Debt Service Fund Total assets LIABILITIES AND FUND BALANCE Liabilities Contracts payable Due to Special Assessment Fund Construction accounts Debt service accounts Bonds payable Bonds and interest due January 1, 1977 Future bond maturities Fund balance (deficit) Appropriated Unappropriated Total liabilities and fund balance See accompanying notes to financial statements. Construction Debt Service Total accounts accounts $ 7,102 $( 13,445) $ 20,547 131,273 131,273 997,215 50,099 947,116 2,760 2,760 271 271 ( 271) ( 271) 14,135 14,135 321229 32,229 794,304 794,304 92,548 92,548 12,458 12,458 1,817 1,817 344 344 ��2_.2. � S 50.929 S2 035 256 $ 38,870 $ 38,870 12,458 $ 12,458 92,548 92,548 131,273 1,220,000 131,273 1,220,000 304,470 304,470 286,566 ( 80,489) 367,055 $7. 086 185 S 50 929 S2 035.256 r- 17 Deduct Improvement costs $ 321,584 $ 321,584 Interest expense 61,021 $ 61,021 Service charges 447 447 Refinance construction account 12,458 12,458 Decrease in special assessment 15,034 15,034 $ 410,544 $ 321,584 $ 88,960 Fund balance December 31, 1976 S 591.036 80 489) 6 25 STATEMENT OF RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31, 1976 Cash balance (deficit) January 1, 1976 $ 206,240 $( 24,020) $ 230,260 Receipts CITY OF ST. ANTHONY, MINNESOTA State of Minnesota - Construction aid $ 218,823 $ 218,823 SPECIAL ASSESSMENT FUND $ 12,082 Special assessment collections 314,283 STATEMENT OF CHANGES IN FUND BAIANCE 314,283 Interest on investments 48,476 YEAR ENDED DECEMBER 31, 1976 Refunds 4,794 4,794 Investments maturities, at cost 3,251,100 540,800 2,710,300 $3,849,558 $ 771,003 $3,078,555 Construction Debt Service Bond payments Total accounts accounts Fund balance January 1, 1976 $ 637,658 $ 15,254 622,404 Add 447 Improvement costs 310,128 $ 310,128 State of Minnesota - Construction aid $ 218,823 $ 218,823 L Interest on special assessments 65,842 S 2.102 $ 65,842 Increase in special assessments 12,469 12,469 General property taxes 13,764 13,764 Interest earned 52,691 6,685 46,006 Refunds and reimbursements 333 333 $ 363,922 $ 225,841 $ 138,081 Deduct Improvement costs $ 321,584 $ 321,584 Interest expense 61,021 $ 61,021 Service charges 447 447 Refinance construction account 12,458 12,458 Decrease in special assessment 15,034 15,034 $ 410,544 $ 321,584 $ 88,960 Fund balance December 31, 1976 S 591.036 80 489) 6 25 STATEMENT OF RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31, 1976 Cash balance (deficit) January 1, 1976 $ 206,240 $( 24,020) $ 230,260 Receipts State of Minnesota - Construction aid $ 218,823 $ 218,823 General property taxes 12,082 $ 12,082 Special assessment collections 314,283 314,283 Interest on investments 48,476 6,586 41,890 Refunds 4,794 4,794 Investments maturities, at cost 3,251,100 540,800 2,710,300 $3,849,558 $ 771,003 $3,078,555 Disbursements Bond payments $ 215,000 $ 215,000 Interest on bonds 61,021 61,021 i_ Service charges 447 447 Improvement costs 310,128 $ 310,128 Investment purchases 3,462,100 450,300 3,011,800 L $4,048,696 $ 760,428 $3,288,268 Cash balance (deficit) December 31, 1976 S 2.102 S( 13 445) S 20 547 L_ - See accompanying notes to financial statements. w IU CITY OF ST. ANTHONY, MINNESOTA MUNICIPAL LIQUOR FUND BALANCE SHEET DECEMBER 31, 1976 AND 1975 1976 1975 ASSETS CURRENT ASSETS Cash (deficit) $ 3,336 $( 20,265) Petty cash and change funds 77,175 77,675 Accounts receivable 13,022 13,935 Due from General Fund 830 Inventories 216,589 241,538 Prepaid insurance 7,115 7,102 Total current assets $ 317,237 $ 320,815 PROPERTY, PLANT AND EQUIPMENT, at cost Land, building and improvements $ 458,833 $ 458,833 Furniture, fixtures and equipment 171,043 170,805 $ 629,876 $ 629,638 Less accumulated depreciation 242,295 214,885 $ 387,581 $ 414,753 Total assets 4 818 J-735 568 LIABILITIES AND RETAINED EARNINGS CURRENT LIABILITIES Accounts payable Due to General Fund Accrued liabilities Salaries Payroll taxes Sales taxes RETAINED EARNINGS Total liabilities and retained earnings See accompanying notes to financial statements. $ 64,647 50,000 11,800 438 8,976 135,861 $ 568,957 $ 79,637 25,000 10,447 1,100 8,528 $ 124,712 S 610,856 S 704 818 !-Z35 568 CITY OF ST. ANTHONY, MINNESOTA MUNICIPAL LIQUOR FUND STATEMENT OF INCOME AND RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1.976 AND 1975 r ' Sales Cost of sales m Gross profit Operating expenses Operating income Other income and expense Commissions Check cashing income Check cashing expense Settlement antitrust lawsuit Miscellaneous income Miscellaneous expense Net income 1976 $ 11,282 $ 4,207 $ 15,489 Percent Store #1 Store X62 Total of sales ( 2,955) ( $1,124,876 $ 843,592 $1,968,468 100.00 649,391 550,609 1,200,000 60.96 $ 475,485 $ 292,983 $ 768,468 39.04 306,705 224,622 531,327 26.99 $ 168,780 $ 68,361 $ 237,141 12,05 $ 11,282 $ 4,207 $ 15,489 .79 7,414 1,691 9,105 .46 ( 2,955) ( 189) ( 3,144) ( .16) 124 221 345 .01 ( 433) ( 402) ( 835) ( .04) $ 15,432 $ 5,528 $ 20,960 1.06 S 184. 212 S x,,889 S 258.101 .3.11_ Retained earnings Balance, Beginning of year Add net income Deduct transfer to General Fund Balance, End of year See accompanying notes to financial statements. $ 610,856 258,101 ( 300,000) S 568 957 19 1975 Total $2,029,367 1.247.655 $ 781,712 511,519 $ 270,193 $ 15,116 9,186 ( 825) 16,207 681 ( 1,132) $ 39,233 S 309 426 $ 601,430 309,426 ( 300,000) S 610 856 20 CITY OF ST, ANTHONY, MINNESOTA MUNICIPAL LIQUOR FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1976 AND 1975 SOURCE OF FUNDS Operations Net income for the year Items not requiring current outlay of funds Depreciation Decrease in working capital Total APPLICATION OF FUNDS Additions to property, plant and equipment, net Transfer to General Fund Total Various elements of net decrease in working capital Cash Petty cash and change funds Accounts receivable Due from General Fund Inventories Prepaid insurance Accounts payable Accrued liabilities Due to General Fund Total See accompanying notes to financial statements, 1976 1975 $ 258,101 $ 309,426 27,410 29,223 14,727 1,924 300.238 5 340.573 $ 238 $ 40,573 300,000 300,000 $ 300,23$ S 340,573 $ 23,601 $( 49,381) { 500) 565 ( 913) 13,935 ( 830) ( 316) ( 24,949) 2,038 13 ( 4,555) 14,990 61,946 ( 1,139) ( 1,156) ( 25,000) ( 25,000) 14 7 ) Sl 1 ) CITY OF ST. ANTHONY, MINNESOTA r MUNICIPAL LIQUOR FUND STATEMENT OF GROSS PROFIT r YEARS ENDED DECEMBER 31, 1976 AND 1975 Cost of Gross Sales Sales Profit Store No. 1 21 Percent to Sales 1976 Off sale Liquor $ 299,772 $ 227,974 $ 71,798 23.95 Wine 88,865 67,151 21,714 24.44 Beer 257,912 211,346 46,566 18.06 Other 23,197 9,344 13,853 59.72 On sale 455,130 133,576 321,554 70.65 S1 124.876 S 649.391 S 475.485 42.27 1975 Off sale Liquor $ 320,895 $ 249,296 $ 71,599 22.31. Wine 93,056 64,044 29,012 31.18 Beer 258,320 214,429 43,891 16.99 Other 27,009 10,083 16,926 62.67 On sale 427,841 129,574 298,267 69.72 $1,127.121 S 667 426 459.6, 40.78 Store No. 2 1976 Off sale Liquor $ 298,408 $ 240,052 $ 58,356 19.56 Wine 93,436 70,721 22,715 24.31 Beer 201,532 163,718 37,814 18.76 Other 20,602 7,176 13,426 65.17 On sale 229,614 68,942 160,672 69.98 $ 843.592 34.73 1975 Off sale Liquor $ 325,888 $ 254,262 $ 71,626 21.98 Wine 98,484 67,364 31,120 31.60 Beer 202,162 163,776 38,386 18.99 Other 21,898 8,142 13,756 62.82 On sale 253,814 86,685 167,129 65.85 S 902,246 S 580.229 322.017 35.69 See accompanying notes to financial statements. 23 CITY OF ST. ANTHONY, MINNESOTA MUNICIPAL LIQUOR FUND STATEMENT OF OPERATING EXPENSES YEARS ENDED DECEMBER 31, 1976 AND 1975 t= LSee accompanying notes to financial statements. 1976 1975 Store 461 Store 462 Total Total Bar wages $ 83,962 $ 53,103 $137,065 $151,684 Off sale wages 45,640 47,476 93,116 96,334 Custodians' wages 17,218 5,694 22,912 23,511 r Managers' salaries 18,478 18,478 36,956 35,816 Bookkeepers' salaries 13,688 13,688 27,376 24,508 Medical - Life insurance 3,325 3,415 6,740 7,568 Pension contribution 18,625 12,357 30,982 31,936 Unemployment compensation 1,115 6,228 7,343 1,029 Payroll expense $202,051 $160,439 $362,490 $372,386 Laundry $ 3,406 $ 1,991 $ 5,397 $ 5,611 Bar supplies 4,096 1,510 5,606 2,712 Off sale supplies 3,004 2,577 5,581 5,079 Cleaning supplies 1,118 870 1,988 1,543 Office expense 758 684 1,442 1,457 Travel 1,126 1,126 2,252 2,359 Supplies expense $ 13,508 $ 8,758 22,266 $ 18,761 Rent $ 17,184 $ 17,184 $ 17,583 Heat and fuel $ 1,300 1,579 2,879 2,083 Utilities 10,576 6,316 16,892 16,983 Telephone 653 838 1,491 1,636 Sanitation expense 789 768 1,557 1,374 Casualty and liability insurance 18,516 17,732 36,248 29,738 Repairs and maintenance 7,443 3,777 11,220 11,487 Depreciation 23,089 4,321 27,410 29,223 Occupancy expense $ 62,366 $ 52,515 $114,881 $110,107 Security service $ 812 $ 878 $ 1,690 $ 815 Advertising 1,294 402 1,696 2,766 Accounting, legal and licenses 1,184 1,018 2,202 2,328 Music service 25,490 612 26,102 4,356 1 Service expense $ 28,780 $ 2,910 $ 31,690 $ 10,265 - Total operating expense $306.705 $531,327Ii11 519 t= LSee accompanying notes to financial statements. 24 CITY OF ST. ANTHONY, MINNESOTA PUBLIC UTILITY FUNDS BALANCE SHEETS DECEMBER 31, 1976 ASSETS CURRENT ASSETS Cash (deficit) Current portion of long-term receivable Investments Accounts receivable Prepaid insurance Inventories Restricted assets Cash Cash with paying agent Total current assets PROPERTY, PLANT AND EQUIPMENT Land Distribution and collection system Building and structures Machinery and equipment Less accumulated depreciation Total property, plant and equipment LONG-TERM RECEIVABLE Metropolitan Waste Control Commission Less current portion included above Total assets Combined $ 1,145 5,262 302,035 76,513 1,066 1,516 86,463 26,500 $ 500,500 $ 9,827 2,348,390 649,641 122.040 $3,129,898 1,334,594 $1,795,304 $ 140,227 Water Operating funds Construction Water Sewer Fund $( 14,330) $ 246,720 39,754 816 1,516 29,798 26,500 $ 330,774 $ 6,182 1,385,434 649,641 80.478 $2,121,735 941,448 $1,180,287 15,475 5,262 55,315 36,759 250 $ 56,665 $ 113,061 $ 56,665 $ 3,645 962,956 41,562 $1,008,163 393,146 $ 615,017 $ 140,227 5,262 5,262 $ 134,965 $ 134,965 52.430 769 51.511 061 $ 863,043 See accompanying notes to financial statements. 25 OTHER LIABILITIES Meter deposits Deferred revenue - Metropolitan Waste Control Commission - Current value credit Total other liabilities Total liabilities $ 39,623 $ 39,623 123,591 $ 163,214 $ 342,085 CONTRIBUTIONS IN AID TO CONTSTRUCTION $1,402,635 RETAINED EARNINGS/FUND BALANCE $ 686,049 Total liabilities, contributions and retained earnings/fund balance $2,430,769 $ 39,623 $ 197,707 $ 820,178 $ 493,176 $ 123,591 $ 123,591 $ 144,378 $ 582,457 $ 136,208 $ 56,665 $1,511,061 $ 863,043 $ 56,665 Water Operating funds Construction Combined Water Sewer Fund LIABILITIES, CONTRIBUTIONS AND RETAINED EARNINGS/FUND BALANCE CURRENT LIABILITIES Current portion of long-term debt $ 50,000 $ 50,000 Accounts payable 5,504 3,697 $ 1,807 Bonds and interest due January 1, 1977 26,500 26,500 Accrued liabilities Payroll and payroll taxes 3,672 2,231 1,441 Interest 656 656 Due to Metropolitan Waste Control Commission 17,539 172539 Total current liabilities $ 103,871 $ 83,084 $ 20,787 LONG-TERM DEBT Water revenue bonds $ 125,000 $ 125,000 Less current portion included above 50,000 50,000 Total long-term debt $ 75,000 $ 75,000 OTHER LIABILITIES Meter deposits Deferred revenue - Metropolitan Waste Control Commission - Current value credit Total other liabilities Total liabilities $ 39,623 $ 39,623 123,591 $ 163,214 $ 342,085 CONTRIBUTIONS IN AID TO CONTSTRUCTION $1,402,635 RETAINED EARNINGS/FUND BALANCE $ 686,049 Total liabilities, contributions and retained earnings/fund balance $2,430,769 $ 39,623 $ 197,707 $ 820,178 $ 493,176 $ 123,591 $ 123,591 $ 144,378 $ 582,457 $ 136,208 $ 56,665 $1,511,061 $ 863,043 $ 56,665 99 CITY OF ST. ANTHONY, MINNESOTA UTILITY OPERATING FUNDS STATEMENT OF CHANGES IN CONTRIBUTIONS AND RETAINED EARNINGS YEAR ENDED DECEMBER 31, 1976 Balance January 1, 7.976 Income (loss) for year Elimination of reserve for debt retirement Transfer to General Fund Depreciation transferred to contributions in aid to construction Balance December 31, 1976 Water Fund Sewer Fund Retained Retained Earnings Contributions Earnings Contributions $ 375,690 $ 845,180 $ 151,583 $ 601,230 96,019 28,967 ( 7,500) $ 493.176 See accompanying notes to financial statements. ( 7,875) ( 7,500) ( 25,002) ( 18,773) ,A20�178 $ 136.208 S 582.457 f CITY OF ST. ANTHONY, MINNESOTA $ 139,323 18,563 r' UTILITY OPERATING FUNDS 41,163 2,079 9,671 STATEMENTS OF INCOME AND EXPENSE $ 170,456 $ 258,798 r I YEARS ENDED DECEMBER 31, 1976 AND 1975 1976 1975 Water Sewer Combined Combined I Operating revenue Water sales $ 190,203 $ 190,203 $ 138,175 Sewer sales $ 151,431 151,431 155,018 Connection charges 1,625 1,625 840 Other 1,904 300 2,204 3,971 Total $ 193,732 $ 151,731 $ 345,463 $ 298,004 Operating expenses (less depreciation) Disposal charges Current period Prior period Personal services Contractual services Commodities Other charges Total Operating income (loss) Other income and expense Interest income Miscellaneous income Interest expense Metropolitan Waste Control Commission credits $ 40,770 34,951 7,592 5.029 $ 88,342 $ 105,390 $ 11 ,711 1,158 ( 5,991) $ 6,878 Income (loss) before'depreciation $ 112,268 Less depreciation On assets acquired with own funds ( 16,249) On assets acquired from contri- butions in aid to construction ( 25,002) Net income (loss) S 71,017 Disposition of income (loss) Net income (loss) Add credit arising from transfer of depreciation to contributions in aid to construction account Income (loss)transferred to retained earnings $ 71,017 25,002 $ 121,784 $ 121,784 17,539 17,539 $ 139,323 $ 139,323 18,563 59,333 6,212 41,163 2,079 9,671 4,279 9,308 $ 170,456 $ 258,798 $( 18,725) $ 86,665 $ 4,075 $ 15,786 53 1,211 ( 5,991) 8,778 8,778 $ 12,906 $ 19,784 $( 5,819) $ 106,449 ( 2,056) ( 18,305) ( 18,773) ( 43,775) S( 26.648) S44,369 $( 26,648) $ 44,369 18,773 43,775 1_16 ,O19 S( 7.875) $ 88,144 LSee accompanying notes to financial statements. $ 112,195 4,955 $ 117,150 53,882 30,326 8,858 6,676 $ 216,892 $ 81,112 $ 15,514 668 ( 7,296) 8,778 $ 17,664 $ 98,776 ( 40,898) ( 43,775) S __l4103 $ 14,103 43,775 S 57.878 27 M CITY OF ST. ANTHONY, MINNESOTA UTILITY OPERATING FUNDS STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1976 AND 1975 SOURCE OF FUNDS Operations Net income Depreciation Increase in meter deposits Reduction of long-term receivable Decrease in working capital APPLICATION OF FUNDS Operations Net loss Depreciation Transfer to General Fund Purchase of property and equipment Reduction of long-term debt Reduction of deferred revenue Increase in working capital Various elements of net increase (decrease) in working capital Cash Investments Cash with paying agent Accounts receivable Accrued interest receivable Prepaid insurance Inventories Accounts payable Bonds and interest payable Accrued payables Current portion of long-term debt Due to Metropolitan Waste Control Commission Due to General Fund Increase (decrease) in working capital $ 7,875 $ 7,875 ( 2,056) ( 2,056) 1976 5,819 1975 Water Sewer Combined Combined a 7,500 15,000 $ 96,019 6,000 $ 96,019 $ 57,878 16,249 16,249 40,898 $ 112,268 50,000 $ 112,268 $ 98,776 2,665 50,000 2,665 1,824 $ 6,669 6,669 6,326 5,262 14,507 14,507 47,549 X114,933 S 21.176 $ 136,109 S 106,926 $ 7,875 $ 7,875 ( 2,056) ( 2,056) S 47,549 S( 14,507) $ 33,042 S 34 267 See accompanying notes to financial statements. $ 5,819 $ 5,819 $ 7,500 7,500 15,000 $ 6,000 9,884 2,595 12,479 11,397 50,000 50,000 50,000 5,262 5,262 5,262 47,549 47,549 34,267 $ 114,933 x_21,176 S 136,109 t_106,926 $( 20,338) $ 23,514 $ 3,176 $ 35,552 64,720 ( 21,185) 43,535 ( 19,000) 4,600 4,600 ( 400) 3,460 ( 2,261) 1,199 11,203 ( 323) 150 19 169 ( 51) 296 296 285 ( 751) ( 1,083) ( 1,834) 6,332 ( 4,600) ( 4,600) 400 12 ( 927) ( 915) ( 185) ( 5,000) ( 12,584) ( 12,584) 1,254 4,200 S 47,549 S( 14,507) $ 33,042 S 34 267 See accompanying notes to financial statements. M CITY OF ST. ANTHONY, MINNESOTA WATER CONSTRUCTION FUND STATEMENT OF CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1976 Fund balance, January 1, 1976 $ 54,268 Revenue - Interest on investments 2,397 Fund balance, December 31, 1976 L---j6-,j6-5- L56 665 See accompanying notes to financial statements. 30 CITY OF ST. ANTHONY, MINNESOTA GENERAL DEBT SERVICE FUND BALANCE SHEET DECEMBER 31, 1976 ASSETS Cash (deficit) $( 984) Cash with paying agents 100 Taxes receivable Unremitted 2,295 Delinquent 70 Allowance for delinquent taxes receivable ( 70) Total assets 421 LIABILITIES AND FUND BALANCE Liabilities Due to Special Assessment Fund $ 344 Matured interest 100 Fund balance - Appropriated 967 Total liabilities and fund balance 1 1 STATEMENT OF REVENUE AND FUND BALANCE YEAR ENDED DECEMBER 31, 1976 Fund balance January 1, 1.976 $ 394 Add: General property taxes $ 12,539 Interest earned 28 Transfer from Equipment Fund 97 12,664 Deduct: Bonds $ 10,000 Interest expense 2,080 Service charges 11 $ 12,091 Fund balance December 31, 1976 L___967 STATEMENT OF GENERAL LONG-TERM DEBT DECEMBER 31, 1976 Amount available and to be provided for the payment of general long-term debt Amount available in General Debt Service Fund $ 967 Amount to be provided by future taxes 19,033 Total available and to be provided $ 20.000 General long-term debt payable - Serial bonds payable S 20.000 See accompanying notes to financial statements. 31 CITY OF ST. ANTHONY, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1976 Note 1 - Summary of Significant Accounting Policies The accounting policies of the City of St. Anthony conform to generally accepted accounting principles as applicable to governmental units, except as explained in Notes 2 and 3. The following is a summary of the significant policies. Basis of accounting - The accrual basis of accounting is followed (with minor exceptions) by all funds other than the General Fund and Special Revenue Funds. The General Fund balance sheet is presented on the modified accrual basis of accounting and the operating statements are presented on the cash basis for comparison with budget. Financial statements of the Special Revenue Funds are presented on the modified accrual basis of accounting. Under the modified accrual basis of accounting: Revenues are recognized at the time cash is, or normally should be, received or when susceptible to accrual (measurable and available), although not yet received in cash. Expenditures are recognized when a liability is incurred, except for interest on long-term debt which is recognized when due. Investments - Investments are stated at cost which approximates market. Invest- ment revenue is recorded as earned and is allocated to the respective funds. Inventories - Inventories held by the Enterprise Funds are stated at cost which is lower than market on a first -in first -out basis. Property and equipment - Enterprise funds - The property and equipment of the Enterprise funds are stated at cost. Depreciation has been provided using the straight-line method over the estimated useful lives of the assets. The depreciation on Public Utility Fund property and equipment which was financed by special assessments, grants and contributions is charged to current revenues but then redistributed as a charge to the contributions in aid to construction account. General Long-term Debt - The general long-term liabilities, except for enterprise and special assessment funds, are not carried as a liability of a fund, but rather are set up in a separate self -balancing group of accounts known as the "general long-term debt group of accounts". Note 2 - General Fixed Assets General fixed assets owned by the City are not included in the financial state- ments since records thereof are not maintained. Generally accepted accounting L principles require their inclusion in the financial statements. L- L 32 CITY Or ST. ANTHONY,^ MINNESOTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 1976 Note 3 - General Fund Operations The General Fund statements of cash receipts and disbursements do not give effect to accrued items of income and expense. Accordingly, these statements do not present the results of operations in conformance with generally accepted accounting principles. Note 4 - Metropolitan Waste Control Commission Under the terms of an agreement with the Metropolitan Waste Control Commission, the City will be repaid the reserve capacity charges advanced to the Commission in annual installments including interest through 1988. These advances were charged against net income of prior years and the repayment will be reflected as income when received. The receivable from the Metropolitan Waste Control Commission represents the City's share of equity in the City's and Minneapolis Sewer system which was acquired by the Commission January 1, 1971. This receivable will be paid to the City by issuing credits, annually through 1999, against future sewer billings from the Commission. Note 5 - Bonded Debt The City has three types of bonded debt outstanding at December 31, 1976. There are general obligation bonds, special assessment improvement bonds and water revenue bonds. The first type of bonds are payable solely from general property taxes. The second and third types are payable primarily from special assessments and utility revenue with any deficiency to be provided for by general property taxes. See the supplemental information for schedules of bond and interest maturities. Note 6 - Revenue Bonds The revenues of the Water Operating Fund are pledged for payment of the Water Revenue Bonds of 1961 and 1963. The bond indentures have placed certain restrictions on Water Operating Fund operations. The City has complied with the provisions of the bond covenants. Note 7 - Retirement Plan The City participates in a state-wide contributory pension plan under the Public Employees' Retirement Association, Minnesota Statutes Chapter 353, which covers all employees except temporary and seasonal employees. The City's contribution for pension costs, under the state-wide plan, was $80,849 for the year ended December 31, 1976. Under existing Minnesota law, the City has no future contingent obligations or commitments to the plan or its participants except to make continuing contributions as determined from time to time by the State Legislature. CITY OF ST. ANTHONY MINNESOTA NOTES TO THE FINANCIAL STATEMENTS (CONTIMED) DECEMBER 31, 1976 Note_.8 - Vacation and Sick Leave Accrued vacation and sick leave are not recorded as liabilities at December 31, 1976. City employees are entitled to vacation and sick leave based on length of employment, and the payment thereof is treated as expense in the period paid. The amount of accrued leave at December 31, 1976 was not determined. Note.9 - Litigation The City had the usual and customary types of miscellaneous claims pending at year end, mostly of a minor nature and usually all covered by insurance carried for that purpose. The City also carries personal injury insurance against suits for false arrest, libel, slander, violation of privacy, wrongful entry, etc., which suits can arise from enforcement of the City code and general laws. There were no such suits pending at year end which would, in the opinion of the City Attorney's office, incur any material liability, and any such liability would be covered by insurance. z 33 34 CITY OF ST. ANTHONY, MINNESOTA BALANCE SHEETS - ALL FUNDS DECEMPER 31, 1976 LIABILITIES. RESERVES AND FUND BALANCE Liabilities Accounts payable Contracts payable Due to other funds Deposits payable Accrued liabilities Deferred revenue Bonded indebtedness Matured interest Bonds and interest due January 1, 1977 Future bond maturities Reserves Retained earnings Contributions Fund balance (deficit) Appropriated Unappropriated Total liabilities, reserves and fund balance Special revenue funds $ 71,938 56,318 11,736 S 139 992 $ 23,291 $ 456 4,625 35,691 3,759 ( 15,162) $ 47,579 113 134,798 $ 139,992 General Fund ASSETS Cash (deficit) $( 43,660) Petty cash and change funds 100 Cash with paying agents Investments Accounts receivable 24,045 Due from other funds 52,808 Taxes receivable Unremitted 14,120 Delinquent 3,803 Allowance for delinquent taxes receivable ( 3,803) Special assessments receivable Unremitted Delinquent Deferred 166 Prepaid expense Inventories, at lower of cost or market Property, plant and equipment, at cost less accumulated depreciation Amount available in General Debt Service Fund Amount to be provided by future revenue Total assets S 47„579 LIABILITIES. RESERVES AND FUND BALANCE Liabilities Accounts payable Contracts payable Due to other funds Deposits payable Accrued liabilities Deferred revenue Bonded indebtedness Matured interest Bonds and interest due January 1, 1977 Future bond maturities Reserves Retained earnings Contributions Fund balance (deficit) Appropriated Unappropriated Total liabilities, reserves and fund balance Special revenue funds $ 71,938 56,318 11,736 S 139 992 $ 23,291 $ 456 4,625 35,691 3,759 ( 15,162) $ 47,579 113 134,798 $ 139,992 Capital project funds $ 1,876 165,728 Special Assessment Fund $ 7,102 131,273 997,215 107,167 2,760 271 ( 271) 14,135 32,229 794,304 Municipal Liquor Fund Public utility funds General Debt Service Fund $ 3,336 $ 87,608 $( 984) 77,175 26,500 100 302,035 13,022 216,740 2,295 70 ( 70) 35 General Long- term Debt 7,115 1,066 216,589 1,516 387,581 1,795,304 $ 967 19,033 S 167.604 $2.086.185 S 704.818 52.430.769 S 1,411 S 20.000 $ 64,647 $ 23,043 $ 38,870 105,006 50,000 $ 344 39,623 21,214 4,328 123,591 100 131,273 26,500 1,220,000 125,000 $ 20,000 $ 161,728 568,957 629,384 1,402,635 304,470 967 5;876 286,566 56,665 S 167.604 2 086 S 704.818 52.430.769 S 1.411 S 20.000 36 CITY OF ST. ANTHONY, MINNESOTA AND Cash Investments Cash State Bank of St. Anthony Village, St. Anthony, Minnesota General Fund checking account $ 123,880 Liquor Fund checking account 3,336 Savings account $1,355,568 Face amount of securities pledged as collateral S1.050 000 Total cash $ 127.216 5L..355 -*568 Additional coverage of $40,000 for demand deposits and $100,000 for time deposits is provided at each depository by the Federal Deposit Insurance Corporation. Minnesota law stipulates that the amount of deposits cannot exceed the F.D.I.C. insurance plus ninety percent of the market value of securities pledged as collateral by the bank. On December 31, 1976, the bank deposits at State Bank of St. Anthony Village were in excess of this requirement. SUMMARY STATEMENT OF RECEIPTS AND DISBURSEMENTS ALL FUNDS YEAR ENDED DECEMBER 31, 1976 Cash Balance January 1, Fund 1976 Receipts Disbursements General Fund $ 68,209 $ 973,904 $1,085,773 Special revenue funds State -aid Fund Community Services Funds Home Improvement Grant Fund Revenue Sharing Fund Special Fire Department Fund Special Police Department Fund Capital project funds Capital Improvement Fund Equipment Fund Special Assessment Fund Construction accounts Debt service accounts Municipal Liquor Fund Public Utility funds Operating Funds Water 35,806 Sewer ( 8,039) Water Construction Fund 168 General Debt Service Fund 394 1,645 ( 6,204) -0- 27,144 355 3,201 1,800 97 ( 24,020) 230,260 ( 20,265) Total 86,241 25,123 2,921 237,770 107,367 68,159 3,676 771,003 3,078,555 2,163,437 1,016,824 362,359 165,597 13,493 1 ' 1 70,386 18,919 242,299 98,240 51,940 3,600 97 760,428 3,288,268 2,139,836 1,037,162 338,845 109,100 14,871 Cash Balance December 31, 1976 $( 43,660) 17,500 -0- 2,921 22,615 9,482 19,420 1,876 _0- ( 13,445) 20,547 3,336✓ 15,468 15,475 56,665 ( 984) CITY OF ST. ANTHONY, MINNESOTA BONDS PAYABLE - ALL FUNDS DECEMBER 31, 1976 Special Assessment Fund Improvement Bonds of 1973 March 1, 1977 March 1, 1978 March 1, 1979 March 1, 1980 March 1, 1981 March 1, 1982 March 1, 1983 March 1, 1984 March 1, 1985 Total Improvement Bonds of 1973 Improvement Bond Redemption Improvement Bonds of 1962 $10,000 per year Improvement Bonds of 1963 $20,000 per year Improvement Bonds of 1968 January 1, 1978 January 1, 1979 $40,000 per year $40,000 per year $40,000 per year $40,000 per year Issue Interest Maturity date rate date 6/1/73 4.10% 4.15 4.20 4,25 4.30 4.35 4.40 4.45 4.50 3/1/77 3/1/78 3/1/79 3/1/80 3/1/81 3/1/82 3/1/83 3/1/84 3/1/85 10/1/62 3.70 1/1/78 7/1/63 3.50 10/1/68 4.30 4.60 4.60 4.70 4.80 4.90 Total Improvement Bond Redemption Total Special Assessment Fund General Long -Term Debt Certificates of Indebtedness November 1, 1977 November 1, 1978 Water Revenue Bonds General Obligation Waterworks Bonds of 1961 825,000 per year 1/1/78-80 1/1/78 1/1/79 1/1/80-82 1/1/83-84 1/1/85-86 1/1/87-90 Principal $ 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 90.000 $ 610,000 $ 10,000 $ 60,000 $ 50,000 50,000 120,000 80,000 80,000 160.000 $ 540,000 $ 610,000 $1,220,000 5/1/75 4.40 11/1/77 $ 10,000 4.60 11/1/78 10,000 $ 20,000 1/1/62 4.00 1/1/78-79 $ 50,000 37 M OF ST. ANTHONY. MINNESOTA BONDS PAYABLE - ALL FUNDS (CONTINUED) DECEMBER 31, 1976 Water Revenue Bonds (Continued) Water Utility Revenue Bonds of 1963 $25,000 per year Total water revenue bonds Total bonds payable - All funds Issue Interest Maturity date rate date Principal 10/1/63 3.50% 10/1/77-79 $ 75,000 $ 125,000 $1.365.000 Note - January 1, 1977 maturities are considered matured December 31, 1976. STATEMENT OF CHANGES IN BONDED INDEBTEDNESS YEAR ENDED DECEMBER 31, 1976 Outstanding Outstanding January 1, 1976 Issued Redeemed December 31, 1976 Special Assessment Fund $1,435,000 $215,000 $1,220,000 General Long -Term Debt 30,000 10,000 20,000 Water Revenue Bonds 175,000 50,000 125,000 S1, 640.000 $ -0- $275,000 Il 365 000 u Year 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 Year 1977 1978 CITY OF ST. ANTHONY, MINNESOTA DEBT SERVICE. REQUIREMENTS ALL FUNDS DECEMBER ,R 313_1976 Special assessment bonds Principal Interest Total $ 145,000 $ 52,647 $ 197,647 135,000 46,576 181,576 125,000 40,862 165,862 105,000 35,927 140,927 105,000 31,308 136,308 105,000 26,656 131,656 105,000 21,933 126,933 105,000 17,176 122,176 130,000 11,785 141,785 40,000 7,840 47,840 40,000 5,880 45,880 40,000 3,920 43,920 40,000 1,960 41.960 1 22Q,000 $ 304 $1,524 470 Certificates of Indebtedness Principal Interest Total $ 10,000 $ 900 $ 10,900 10,000 460 10,460 S 20.000 S 1.360 S 21 360 Water revenue bonds Principal $ Interest Total $ 50,000 $ 4,625 $ 54,625 50,000 2,750 52,750 25,000 875 25,875 125,000 S 8.250 133_250 Note - January 1 maturities are considered matured December 31 of the preceding year. 39 40 CITY OF ST. ANTHONY, MINNESOTA TAX LEVIES AND COLLECTIONS SPECIAL ASSESSMENT LEVIES AND COLLECTIONS Percentage Collection Percentage Collection of total Total of current of levy of prior Total collections Year levy year's levy collected year's levy collections to levy 1976 $ 398,382 $ 396,315 99.48% $ 2,240 $ 398,555 100.04% SPECIAL ASSESSMENT LEVIES AND COLLECTIONS Percentage Collection Percentage Collection of total Total of current of levy of prior Total collections Year 14v year's levy collected year's levy collections to levy 1976 $ 231,669 $ 224,013 96.707. $ 6,201 V 230,214 99.37% r - I CITY OF ST. ANTHONY, MINNESOTA f ASSESSED VALUATIONS TAX LEVIES AND MILL RATES (Shown by year of collectibility) r Assessed valuation ` Contribution to fiscal disparities pool Distribution from fiscal dispartities pool Taxable valuations Tax levies General Fund Bonds and interest Total Mill rates General Fund Bonds and interest Total Carol Johnson 1974 1975 $33,918,351 $35,377,631 ( 579,340) 572,150 533.918.351 S35 370.441 41 1976 1977 $37,531,536 $40,666,128 ( 391,712) ( 391,712) 761,622 732,464 $37.901.446 $41.006.880 $ 274,230 $ 299,163 $ 370,789 $ 417,556 25,032 25,007 27,591 25,910 S 299.262 S 324.170 $ 398.380 S 443.466 8.085 8.458 9.783 10.189 .738 .707 .728 .632 8.823 2.165 10.511 10.821 EMPLOYEES' SURETY BONDS DECEMBER 31 1976 Clerk -Treasurer $ 100,000 All employees are covered by an honesty blanket position bond of $100,000.