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Home My WebLink About1977 CAFRCITY OF ST, ANTHONY, MINNESOTA FINANCIAL STATEMENTS DECEMBER 31, 1977 CITY OF ST. ANTHONY, MINNESOTA ELECTED AND APPOINTED OFFICIALS DECEMBER 31, 1977 Elected Term of office expires on the first official business day of January Mayor - Duane R. Miedtke 1978 Council Donna Stauffer 1978 Robert Sundland 1978 Sally Haik 1980 William Sauer 1980 Effective January 1, 1978 Mayor - Sally Haik 1980 Council Richard Letourneau * 1980 William Sauer 1980 Clarence Ranallo 1982 Robert Sundland 1982 Appointed Manager - James W. Fornell Clerk -Treasurer - Carol Johnson Assessor - Harry C. Lekson * Appointed to fill vacancy created when Sally Haik elected Mayor. CITY OF ST, ANTHONY, MINNESOTA TABLE OF CONTENTS Page Comments I 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 14 Statements of changes in fund balance 14 Special Assessment Fund Balance sheet 15 Statement of changes in fund balance 16 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 changes in 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 council for the proper administration of all affairs relating to the City." The council is composed of five members, including the mayor who is chairman. The City manager is appointed by the council. GENERAL FUND The General Fund is used to account for all revenues and the activities financed by them which are not accounted for in a special fund. The principal sources of revenues are property taxes, licenses and permits, fines and forfeitures and intergovernmental revenue. Expenditures are for general government, public safety, street and highways, recreation and other functions. During 1977, $153,800 was transferred to the General Fund from the Special Assessment Fund. Revenues exceeded expenditures by $139,705 during 1977 and increased the fund balance to $124,543 at December 31, 1977. 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 Health, sanitation and waste removal Community services Parks maintenance Other functions SPECIAL REVENUE FUNDS 1977 Budget Actual $ 419,356 $ 408,881 10,500 20,143 16,000 23,705 1976 Budget Actual $ 372,556 $ 360,163 8,000 16,238 17,000 13,781 500 2,000 2 169,888 170,225 170,588 168,893 84,780 75,298 80,600 83,169 348.000 509.108 371.558 331.5.58 51.049.024 51.207.360 X7.022.302 S 973.804 $ 195,961 448,165 189,991 16,501 18,429 179,977 $x,,049 024 $ 207,710 447,662 189,709 16,447 18,337 183,068 $ 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 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. I SPECIAL REVENUE FUNDS.(CONTINUED) Community Development Fund - This fund was established to account for revenue received from the Federal Government in accordance with the Housing and Community Development Block Grant Program. Expenditures can only be made from this fund for approved projects as outlined in the Act. As of December 31, 1977, there is no fund balance. 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 1977 were for commodities to repair and maintain City streets. The fund balance at December 31, 1977, was $15,307. CETA Fund - Salaries and related expenses that are reimbursed by Federal grants through Hennepin and Ramsey Counties are accounted for in this fund. The fund balance was $635 at December 31, 1977. 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 Goverrment in accordance with the "State and Local Fiscal Assistance Act of 1972." Expenditures can only be made from this fund as outlined in the Act. The City's share of revenue for 1977 was $46,565, of which $11,049 will be received during 1978. During 1977 $40,000 was transfered to the General Fund for salaries and other expenditures. As of December 31, 1977, $95,077 was available for future expenditures. Anti -recession funds received during 1977 amounted to $1,264 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 1977, $11,174 was received from the State of Minnesota for 1977 insurance premium taxes. Expenditures for 1977 were $2,500, a transfer to the General Fund. As of December 31, 1977 the fund balance was $18,251. 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. $4,959 was used to purchase a new public safety vehicle. The fund balance was $32,485 at December 31, 1977. 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 $185,268, from the State of Minnesota, is the City's unencumbered construction allotment balance at December 31, 1977. 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 and the sale of equipment will finance these acquisitions. 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 construction 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 maintained to account for the operations of the City -owned liquor stores. Percentages and detailed statements by stores are included in the report as additional aids in reviewing results of operations. Shown below is a condensed summary of liquor store operations for 1977, 1976 and 1975. Sales Cost of sales Gross profit Operating expense Operating income Other income less other expense Net incone Transfers to other funds Equivalent mill rate of transfers PUBLIC UTILITY FUNDS 1977 Percent of sales $2,062,428 100.00 1,256,670 60.93 $ 805,758 39.07 506,382 24.55 $ 299,376 14.52 23,965 1.16 $ 323.341 15,68 1977 Percent of net income S 275 000 85.05 1976 Percent of sales $1,968,468 100.00 1,200,000 60.96 $ 768,468 39.04 531,327 26.99 $ 273,141 12.05 20,960 1.06 258.101 13.11 1976 Percent of net income S 300.000 116.23 7_92 1975 Percent of sales $2,029,367 100.00 1.247,655 61.48 $ 781,712 38.52 511.519 25.21 $ 270,193 13.31 39,233 1.94 309 6 1975 Percent of net income 00 000 96.95 i Water Operating Fund - This fund accounts for the operations of the City -owned water system. The fund had income of $40,002 in 1977. 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 had income of $18,573 for 1977. 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, $130,424 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: Water Operating Fund Operating revenue Operating expense (less depreciation) Other income and (expense) Income before depreciation Depreciation Net income Sewer Operating Fund Operating revenue Operating expense (less depreciation) Other income and (expense) Income (loss) before depreciation Depreciation 1977 $ 163,621 (107,385) 9,093 1976 $ 193,732 ( 88,342) 6,878 $ 65,329 $ 112,268 ( 25,327) 16,249 $ 206,062 (196,874) 12,261 $ 21,449 ( 2,876) $ 151,731 (170,456) 12,906 $( 5,819) ( 2,056) 1975 $ 142,826 ( 75,165) 4,849 $ 72,510 ( 38,062) 4 44 $ 155,178 (141,727) 12,815 $ 26,266 ( 2,836) Net income (loss)? Operating expense for 1977 include disposal charges of $157,266 as compared with $139,323 and $117,150 in 1976 and 1975 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 $57,116 at December 31, 1977 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 1977, leaving $10,000 payable in 1978. IV r- i r GEORGE M. HANSEN COMPANY Certified Public Accountants SOUTH PLAZA BUILDING MINNEAPOLIS. MINNESOTA 55416 Honorable City Council City 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, 1977, shown on pages 3 through 33. Our examination 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, 1977, and the results of operations of such funds and the changes in financial position of the Liquor and Public Utility 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 19, 1978 CITY OF ST. ANTHONY, MINNESOTA GENERAL FUND BALANCE SHEET DECEMBER 31, 1977 ASSETS Cash $ 100,767 Petty cash and change funds 100 Accounts receivable 25,877 Due from other funds Municipal Liquor Fund 30,000 Special Assessment Fund 194 Taxes receivable Unremitted 16,698 Delinquent 13,936 Allowance for delinquent taxes receivable ( 13,936) Special assessments receivable Unremitted 43 Delinquent 85 Total assets LIZL.L64 LIABILITIES AND FUND BALANCE Liabilities Accounts payable $ 19,354 Accrued liabilities 25,391 Due to other funds CETA Fund 462 General Debt Service Fund 134 Deferred revenue 3,880 Fund balance - Unappropriated 124,543 Total liabilities and fund balance S173.764 STATEMENT OF GRANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1977 Budget estimate Actual Fund balance (deficit) January 1, 1977 $( 15,162) $( 15,162) Receipts and disbursements excluding investment transactions Receipts Disbursements Increase in receivable Increase in due from Municipal Liquor Fund Decrease in liabilities Fund balance (deficit) December 31, 1977 See accompanying notes to financial statements. 1,049,024 1,207,360 (1,049,024) (1,062,933) 1,758 ( 20,000) 13,520 3 4 CITY OF ST. ANTHONY, MINNESOTA Other revenue Charges for current services 1977 6,507 1976 5,521 Budget Actual Actual General property taxes 1,022 Refunds and reimbursements Taxes $341,068 $297,205 State property tax relief fund 27,921 39,177 Homestead tax aid 63,106 61,165 13,753 $417,556 $404,174 $358,370 Tax forfeit sale 6,726 550 Penalties and interest on taxes 1,800 4,157 1,793 $419,356, $408,881 $360,163 Licenses and permits Licenses $ 6,500 $ 10,418 $ 7,681 Permits 4,000 9,725 8,557 3,525 $ 10,500 $ 20,143 $ 16,238. Fines, forfeitures and penalties $ 16,000 $ 23,705 $ 13,781 Revenue from use of money and property - 1,419 Interest $ 500 $ 2 Intergovernmental revenue 326 Humanities Conference Local government aid $167,734 $167,734 $167,734 Attached machinery aid 554 554 554 Mobile home registration 1,000 1,383 22 County street allotments 600 554 583 $ $169,888 $170,225 $168,893 Other revenue Charges for current services $ 6,507 $ 5,521 Sale of equipment and unclaimed property 1,362 1,022 Refunds and reimbursements Hennepin and Ramsey Counties - CETA 27,921 39,177 Independent School District No. 282 2,264 13,753 City of Columbia Heights 9,682 6,726 Metro Council 4,453 3,327 Municipal Liquor Fund 1,970 4,114 State of Minnesota Dutch elm 3,694 3,263 Civil defense 3,525 718 Traffic control 9,256 442 Insurance claims and refunds 1,419 1,849 Bicentennial Committee 326 Humanities Conference 1,018 Other _$_84,780 2,165 1,073 $ 74,218 $ 82,329 Permit surcharge $ 1,080 $ 840 See accompanying notes to financial statements. r - CITY OF ST. ANTHONY, MINNESOTA Transfers from other funds Revenue Sharing Fund Water Operating Fund Sewer Operating Fund Municipal Liquor Fund Special Police Department Fund Special Fire Department Fund Special Assessment Fund Home Improvement Grant Fund Total budgeted receipts Investment maturities, at cost Total receipts 1977 1976 Budget Actual Actual $ 40,000 $ 40,000 $ 32,000 7,500 7,500 7,634 7,500 7,500 7,634 275,000 295,000 275,000 7,250 9,290 10,750 2,500 153,800 2,808 $ 348,000 $ 509,108 331,558 51.049.024 51,207.360 $973,804 100 973 904 See accompanying notes to financial statements. 5 11 CITY OF ST. ANTHONY, MINNESOTA DISBURSEMENTS - ACTUAL COMPARED WITH BUDGET YEARS ENDED DECEMBER 31, 1977 AND 1976 General government Mayor and Council Personal services Contractual services Commodities Other charges Manager Personal services Contractual services Other charges Municipal court Personal services Contractual services Other charges Elections Personal services Contractual services Commodities Other charges Assessing Personal services Contractual services Commodities Other charges Accounting - Finance Personal services Contractual services Commodities Other charges Independent accounting and audit Contractual services Legal - Contractual services 1977 1976 Budget Actual Actual $ 10,800 $ 10,800 $ 9,240 1,836 1,798 2,778 60 47 59 26 26 19 $ 12,722 $ 12,671 $ 12,096 $ 35,348 $ 35,348 $ 38,089 2,095 2,095 1,768 275 272 248 $ 37,718 $ 37,715 $ 40,105 $ 1,250 $ 1,246 $ 1,200 11,000 10,947 13,357 100 90 97 $ 12,350 $ 12,283 $ 14,654 $ 425 $ 424 $ 1,382 195 193 296 58 58 269 50 38 96 $ 728 $ 71.3 $ 2,043 $ 8,480 $ 8,480 $ 8,275 585 581 746 350 346 257 50 45 35 $ 9,465 $ 9,452 $ 9,313 $ 39,466 $ 52,167 $ 52,156 3,861 3,840 3,445 3,925 3,919 3,495 3,466 3,465 2,813 $ 50,718 $ 63,391 $ 61,909 $ 4,000 $ 4,000 $ 3,750 $ 20,485 $ 20,036 $ 20,685 See accompanying notes to financial statements. 7 CITY OF ST, ANTHONY, MINNESOTA xln"La - H4Iu[ll.. liyl•1t ZU wlln nuL ML no YEARS ENDED DECEMBER 31, 1977 AND 1976 General government (Continued) Planning and zoning Contractual services Commodities General government buildings Personal services Contractual services Commodities Other charges Capital outlay Total general government Public safety Police protection Personal services Contractual services Commodities Other charges Capital outlay Fire protection Personal services Contractual services Commodities Other charges Capital outlay Protective inspection Personal services Contractual services Commodities Other charges 1977 Budget Actual $ 117 25 $ 142 $ 11,855 33,658 400 720 1.000 $ 47,633 $ 195,961 $ 116 25 $ 141 $ 11,855 33,618 400 665 770 $ 47,308 $ 207,710 1976 Actual $ 59 25 $ 84 $ 14,125 29,254 798 705 42.008 $_ 86,890 $ 251,529 $ 213,822 $ 213,768 $ 214,832 6,838 3,741 $ 6,775 Contractual services 6,858 3,329 466 3,270 150 2,960 212 Other charges 209 172 8,263 1,000 8,082 1,571 4,965 $ 232,464 $ 232,104 $ 229,787 $ 195,187 $ 195,171 $ 176,020 3,002 2,979 3,385 2,525 2,523 2,983 696 690 376 725 711 611 $ 202,135 $ 202,074 $ 183,375 $ 6,765 $ 6,765 $ 7,865 280 276 320 25 15 75 75 93 $ 7,145 $ 7,131 $ 8,278 Civil defense Personal services $ 3,750 $ 3,741 $ 3,550 Contractual services 473 454 466 Commodities 150 135 49 Other charges 2 Capital outlay 1,000 975 1,571 $ 5,373 $ 5,305 $ 5,638 See accompanying notes to financial statements. 0 CITY OF ST, ANTHONY, MINNESOTA Public safety (Continued) Animal control Contractual services Commodities Total public safety Highways Engineering - Contractual services Street Personal services Contractual services Commodities Other charges Maintenance garage Personal services Contractual services Commodities Capital outlay Street lighting Total highways Health, sanitation and waste removal Weed inspection and tree care Personal services Contractual services Commodities Other charges Capital outlay Storm sewer Contractual services Commodities Health Personal services Contractual services Total health, sanitation and waste control $ 15,310 3,150 30,237 1,495 $ 50,192 $ 12,820 $ 189,991 $ 15,260 3,048 30,220 1.494 $ 50,022 $ 12,814 $ 189,709 $ 9,000 $ 9,000 1,475 1,442 3,953 3,952 285 284 $ 14,713 $ 14,678 $ 24.9 397 $ 646 $ 1,142 $ 1,142 $ 16,501 See accompanying notes to financial statements. $ 245 389 $ 634 $ 1,135 $ 1,135 $ 16,447 $ 14,232 3,055 26,852 207 $ 44,346 $ 17,320 $ 177,281 $ 8,200 25 2,115 2,083 700 $ 13,123 $ 979 284 $ 1,263 $ 913 35 $ 948 $ 15,334 1977 1976 Budget Actual Actual $ 1,023 $ 1,023 $ 1,340 25 25 $ 1,048 $ 1,048 $ 1,340 $ 448,165 $ 447,662 $ 428,418 $ 1,417 $ 1,417 $ 2,649 $ 101,402 $ 101,402 $ 97,324 5,270 5,243 4,343 18,550 18,525 11,192 340 286 107 $ 125,562$ 125,456 $ 112,966 $ 15,310 3,150 30,237 1,495 $ 50,192 $ 12,820 $ 189,991 $ 15,260 3,048 30,220 1.494 $ 50,022 $ 12,814 $ 189,709 $ 9,000 $ 9,000 1,475 1,442 3,953 3,952 285 284 $ 14,713 $ 14,678 $ 24.9 397 $ 646 $ 1,142 $ 1,142 $ 16,501 See accompanying notes to financial statements. $ 245 389 $ 634 $ 1,135 $ 1,135 $ 16,447 $ 14,232 3,055 26,852 207 $ 44,346 $ 17,320 $ 177,281 $ 8,200 25 2,115 2,083 700 $ 13,123 $ 979 284 $ 1,263 $ 913 35 $ 948 $ 15,334 0 i CITY OF ST, ANTHONY, MINNESOTA GENERAL FUND .. cmAm LT,fMTT M] nTCWTVCPMAMTC - Ar -MAT. MMPARPn WTTW RTInr 1977 Budget Actual Community services Personal services Contractual services Commodities Other charges Total community services Parks - Maintenance 1976 Actual $ 24,037 1,470 4,248 447 $ 30,202 Personal services $ 9,045 $ 9,035 $ 11,130 Contractual services 1,007 Commodities 4,619 4,556 1,943 Other charges 65 63 310 Capital outlay 4,700 4,683 7,816 Total parks - maintenance $ 18,429 $ 18,337 $ 22,206 Other functions Human relations $ 991 Liquor store disbursements - Reimbursed $ 1,962 4,125 Contingencies $ 10,094 10,055 5,554 Insurance 55,568 55,568 38,051 Pensions, contributions and employees insurance 114,315 114,322 101,472 Permit surcharge remittances 1,161 606 Bicentennial 380 Refunds and reimbursements X150 Total other functions $ 179,977 $ 183,068 $ 151,329 Transfers to other funds Community Services Fund $ 6,453 Home Improvement Grant Fund 2,921 $ 9,374 Total budgeted disbursements 51.049 024 51.062.933 $1,085,673 Investment purchases 100 Total disbursements $1.085.77Z3 See accompanying notes to financial statements. L. 10 CITY OF ST.. ANTHONY, MINNESOTA SPECIAL REVENUE FUNDS BALANCE SHEETS - DECEMBER 31, 1977 ASSETS Cash (deficit) Investments Accounts receivable Due from General Fund Total assets LIABILTIY AND FUND BALANCE Liability Accounts payable Fund balance Appropriated Unappropriated Total liability and fund balance STATEMENTS OF CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1977 Fund balance January 1, 1977 Add: Revenue Deduct: Expenditures Fund balance December 31, 1977 See accompanying notes to financial statements. Community Development Combined Fund $( 3,259) $( 6,830) 143,190 24,929 7,623 462 S 16x5 72 1---= $ 3,37'6 $ 793 191 161,755 $ 165.322 $ 793 $ 134,911 $ -0- 106,644 7,623 79,609 7,623 -0- 11 $ 337 $ 2,246 $ 191 15,307 635 $ 95,077 18,251 32,485 $ 15.644 S 2.881 $ 191 $ 95.077 $ 18.251 S 32 485 $ 21,239 $ -0- Home $ 84,657 Special Special 7,941 6,257 Improvement Revenue Fire Police State -aid CETA Grant Sharing Department Department Fund Fund Fund Fund Fund Fund $ 2,639 $( 3,838) $ 191 $( 1,157) $ 8,251 $( 2,515) 13,005 85,185 10,000 35,000 6,257 11,049 462 S 15.644 $ 2.881 191 $ 95.077 S 18 251 $ 32 485. $ 337 $ 2,246 $ 191 15,307 635 $ 95,077 18,251 32,485 $ 15.644 S 2.881 $ 191 $ 95.077 $ 18.251 S 32 485 $ 21,239 $ -0- $ 113 $ 84,657 $ 9,482 $ 19,420 7,941 6,257 5,078 50,452 11,269 18,024 13,873 5,622 5,000 40,032 2,500 4,959 S 15.307 $ 635 $ 191 95 077 S 18,251 S 32.485 12 CITY OF ST. ANTHONY, MINNESOTA SPECIAL FIRE DEPARTMENT FUND State -aid revenue $ 9,300 $ 11,174 $ 9,594 Interest earned 95 1,050 Transfer from Revenue Sharing Fund - Capital outlay 26,723 Total revenue $ 9,300 $ 11,269 $ 37,367 SPECIAL POLICE DEPARTMENT FUND State -aid revenue $ 7,300 1977 $ 7,236 Interest earned 1976 300 Budget Actual Actual COMMUNITY DEVELOPMENT FUND Total revenue $ 7,300 $ 18,024 $ 8,159 Hennepin County Grant $ -0- $ 7,623 STATE -AID FUND State -aid revenue $ 9,000 $ 7,575 $ 7,575 Interest earned 366 1,104 Total revenue $ 9,000 T7_7 �941 8 679 CETA FUND Hennepin and Ramsey Counties - Grant $ -0- $ 6,257 HOME IMPROVEMENT GRANT FUND State of Minnesota - Grant $ 5,000 $ 113 Interest earned 78 Total revenue $ -0- $ 5,078 $ 113 REVENUE SHARING FUND U. S. Treasury Revenue sharing grant $ 41,000 $ 46,565 $ 46,877 Anti -recession grant 1,264 1,109 $ 41,000 $ 47,829 $ 47,986 Interest earned 2,623 3,622 Total revenue $ 41,000 $ 50,452 $ 51,608 SPECIAL FIRE DEPARTMENT FUND State -aid revenue $ 9,300 $ 11,174 $ 9,594 Interest earned 95 1,050 Transfer from Revenue Sharing Fund - Capital outlay 26,723 Total revenue $ 9,300 $ 11,269 $ 37,367 SPECIAL POLICE DEPARTMENT FUND State -aid revenue $ 7,300 $ 17,714 $ 7,236 Interest earned 300 923 Other 10 Total revenue $ 7,300 $ 18,024 $ 8,159 Total special revenue funds revenue 66,600 6 644 105 926 See accompanying notes to financial statements. 13 CITY OF ST, ANTHONY, MINNESOTA EXPENDITURES - ACTUAL COMPARED WITH BU YEARS ENDED DECEMBER 31, 1977 AND 1976 COMMUNITY DEVELOPMENT FUND Improvement costs STATE -AID FUND Commodities CETA FUND Personal services HOME IMPROVEMENT GRANT FUND Contracted 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 Capital outlay Transfer to General Fund Total expenditures Total special revenue funds expenditures See accompanying notes to financial statements. 1977 1976 Budget Actual Actual $ -0- $ 7,623 10,000 13,873 9,342 $ -0- $ 5,622 $ -0- $ 5,000 $ 32 $ 75 26,723 $ 40,000 40.,000 32,000 $ 40,000 $ 40,032 $ 58,798 $ 63,240 8,250 $ 2,500 $ 8,250 $ 2,500 $ 63,240 $ 4,959 $ 550 $ 7,250 9,290 $ 7,250 $ 4,959 $ 9,840 65,500 $ 79,609 AIL220 14 CITY OF ST, ANTHONY, MINNESOTA CAPITAL PROJECT FUNDS BALANCE SHEETS DECEMBER 31, 1977 State -aid Capital Construction Improvement Combined Fund Fund ASSETS 31, 1977 Cash $ 5,124 $167,604 $ 5,124 Investments 2,250 2,250 Account receivable Statement of Minnesota 185,268 $185,268 $ 74,330 Due from Special Assessment Fund 69,490 69,490 1,470 Total assets 5262.132 4 7 8 7 3 4 FUND BALANCE 28 Fund balance 69,490 6969490 Appropriated $185,268 $185,268 $143,820 Unappropriated 76,864 69,490 $ 7,374 Total fund balance $262,132 $254,7583 4 STATEMENTS OF CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1977 Fund balance January 1, 1977 $167,604 $161,728 $ 5,876 Revenue Construction allotment $ 74,330 $ 74,330 Charges for current services 1,470 $ 1,470 Interest earned 28 28 Transfer from Special Assessment Fund 69,490 6969490 $145,318 $143,820 $ 1,498 Expenditures Improvement costs $ 50,790 50,790 Fund balance December 31, 1977 $262,132 $254,758 L_7 , -U4 See accompanying notes to financial statements, CITY OF ST. ANTHONY MINNESOTA SPECIAL ASSESSMENT FUND BALANCE SHEET DECEMBER 31, 1977 15 Construction Debt Service See accompanying notes to financial statements. Total account account ASSETS Cash (deficit) $ 54,642 $( 283) $ 54,925 Cash with paying agents 73,590 73,590 Investments 885,764 33,021 852,743 Taxes receivable Unremitted 753 753 Delinquent 529 529 Allowance for delinquent taxes receivable ( 529) ( 529) Special assessments receivable Unremitted 6,310 6,310 Delinquent 14,480 14,480 Deferred principal 715,945 715,945 Due from other funds Special Assessment Fund Construction account 92,548 92,548 Debt service accounts 121,108 121,108 Sewer Operating Fund 29,862 29,862 Total assets S1 995.002 S 18,708 $1 811 294 LIABILITIES AND FUND BALANCE Liabilities Accounts payable $ 1,526 $ 1,526 Contracts payable 13,197 $ 13,197 Due to other funds " General Fund 194 194 Special Assessment Fund Construction account 121,108 121,108 Debt service accounts 92,548 92,548 General Debt Service Fund 1,152 1,152 State -aid Construction Fund 69,490 69,490 Bonds payable Bonds and interest due January 1, 1978 73,590 73,590 Future bond maturities 11075,000 1,075,000 Fund balance Appropriated 251,823 251,823 Unappropriated 295,374 8,473 286,901 Total liabilities and fund balance 51.995.002 $ 183.708 1.811.294 See accompanying notes to financial statements. 16 CITY OF ST. ANTHONY, MINNESOTA SPECIAL ASSESSMENT FUND STATEMENT OF CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1977 Construction Debt Service. Total account accounts Fund balance (deficit) January 1, 1977 $591,036 $(80,489) $671,525 Adjustment for interest recorded on assessments recertified (13,040) 13 0.40) Fund balance (deficit) January 1, 1977 after adjustment 577,996 $(80,489) $658,485 Additions: State of Minnesota - Construction aid $ 50,790 $ 50,790 Refinance construction account 108,649 108,649 $ 52,648 Interest on special assessments 50,884 $ 50,884 Increase in special assessments 112,042 112,042 General property taxes 14,687 14,687 Interest earned 43,505 1,890 41,615 Refunds and reimbursements 1,149 1,149 21,399 Transfer to other funds $381,706 $162,478 $219,228 Deductions: Improvement costs $ 4,026 $ 4,026 Interest expense 52,648 $ 52,648 Service charges 512 512 Contractual services 1,375 1,375 Refunds 224 224 Refinance construction account 108,649 108,649 Decrease in special assessments 21,399 21,399 Transfer to other funds General Fund 154,182 154,182 State -aid Construction Fund 69,490 69,490 $412,505 73,516 $338,989 Fund balance December 31, 1977 47 97 8 47 8 7 See accompanying notes to financial statements. 17 CITY OF ST. ANTHONY, MINNESOTA SPECIAL ASSESSMENT FUND STATEMENT OF RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31, 1977 Debt Construction Service Total account accounts Cash balance (deficit) January 1, 1977 $ 7,102 $(13,445) 20,547 Receipts State of Minnesota - Construction aid $ 50,790 $ 50,790 $ 145,000 General property taxes 17,664 $ 17,664 Special assessment collections 232,567 232,567 Interest on investments 46,000 1,968 44,032 Refunds 1,149 1,149 153,800 Transfer from other funds 59,562 $ 59,562 General Debt Service Fund 344 66,700 344 State -aid Maintenance Fund 1,817 1,817 $2,010,584 Investments maturities, at cost 1,834,055 83,700 1,750,355 S( 283) $2,184,386 $139,424 $2,044,962 Disbursements Bond payments $ 145,000 $ 145,000 Interest on bonds 52,648 52,648 Service charges 512 512 Refunds 224 224 Transfer to General Fund 153,800 153,800 Improvement costs 59,562 $ 59,562 Investment purchases 1,725,,100 66,700 1,658,400 $2,136,846 $126,262 $2,010,584 Cash balance (deficit) December 31, 1977 $ 54.642 S( 283) $ 54 925 See accompanying notes to financial statements. 18 CITY OF ST, ANTHONY, MINNESOTA MUNICIPAL LIQUOR FUND BALANCE SHEET DECEMBER 31, 1977 AND 1976 ASSETS CURRENT ASSETS Cash (deficit) Petty cash and change funds Accounts receivable Inventories Prepaid insurance Total current assets PROPERTY, PLANT AND EQUIPMENT, at cost Land, building and improvements Furniture, fixtures and equipment Less accumulated depreciation 1977 1976 $( 4,106) $ 3,336 77,175 77,175 18,774 13,022 254,606 216,589 26,386 7,115 $372,835 $317,237 $458,833 $458,833 166,173 171,043 $625,006 $629,876 263,324 242,295 361 682 $387,581 Total assets $734,517 IZQA�8U LIABILITIES AND RETAINED EARNINGS CURRENT LIABILITIES Accounts payable Due to General Fund Accrued liabilities Salaries Payroll taxes Sales and stadium taxes RETAINED EARNINGS $ 64,334 $ 64,647 30,000 50,000 13,043 11,800 1,188 438 11,143 8,976 $119,708 $135,861 $614,809 $568,957 Total liabilities and retained earnings $734,51770 81 See accompanying notes to financial statements. IF 19 CITY OF ST. ANTHONY, MINNESOTA MUNICIPAL LIQUOR FUND STATEMENT OF INCOME AND RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1977 AND 1976 f 1977 1976 r Percent Percent Store #1 Store #2 Total of sales Total of sales Sales $1,181,906 $880,522 $2,062,428 100.00 $1,968,468 100.00 Cost of sales 682,748 573,922 1,256,670 60.93 1,200,000 60.96 Gross profit $ 499,158 $306,600 $ 805,758 39.07 $ 768,468 39.04 Operating expenses 296,451 209,931 506,382 24,55 531,327 26.99 Operating income $ 202,707 $ 96,669 $ 299,376 14.52 $ 237,141 12.05 Other income and expense Commissions $ 11,334 $ 3,885 $ 15,219 .74 $ 15,489 .79 Check cashing income 9,077 2,169 11,246 .55 9,105 .46 Check cashing expense ( 1,768) ( 241) ( 2,009) ( .10) ( 3,144) ( .16) Miscellaneous income 489 232 721 .03 345 .01 Miscellaneous expense_(_ 844) _( 368) ( 1,212) ( .06) ( 835) ( .04) $ 18,288 $ 5,677 $ 23,965 1.16 $ 20,960 1.06 Net income$ 220,995 10 46 S 3?_3 341 15.68 $ 258 101 13.11 Retained earnings Balance, Beginning of year $ 568,957 $ 610,856 Add: Net income 323,341 258,101 Deduct: Prior period adjustments ( 2,489) Transfer to General Fund ( 275,000) ( 300,000) Balance, End of year S 614 80� $ 568.957 See accompanying notes to financial statements. 20 CITY OF ST, ANTHONY, MINNESOTA. MUNICIPAL LIQUOR FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1977 AND 1976 SOURCE OF FUNDS Operations Net income for the year Items not requiring current outlay of funds Depreciation Loss on disposal of equipment Elimination of fixed assets less depreciation Decrease in working capital Total APPLICATION OF FUNDS Additions to property, plant and equipment, net Prior period adjustment Transfer to General Fund Increase in working capital Total Various elements of net increase (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 Increase (decrease) in working capital See accompanying notes to financial statements. 1977 1976 $323,341 $258,101 23,617 27,410 21 3,456 14,727 $ 1,195 $ 238 2,489 275,000 300,000 71.751 $350,435 00 38 $( 7,442) $ 23,601 ( 500) 5,752 ( 913) ( 830) 38,017 (24,949) 19,271 13 313 14,990 ( 4,160) { 1,139) 20,000 25 000) 71,751 14 ) 21 CITY OF ST. ANTHONY, MINNESOTA MUNICIPAL LIQUOR FUND STATEMENT OF GROSS PROFIT YEARS ENDED DECEMBER 31, 1977 AND 1976 Cost of Gross Percent Sales Sales Profit to Sales Store No. 1 1977 Off sale Liquor $ 304,935 $236,635 $ 68,300 22.40 Wine 101,678 74,622 27,056 26.61 Beer 282,241 230,490 51,751 18.34 Other 21,482 8,751 12,731 59.26 On sale 471,570 132,250 339,320 71.96 51.131.906 682 4 9 58 42.23 1976 1976 Off sale 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 70.65 160,672 51.124.876 $475,485 42.27 Store No. 2 1977 Off sale Liquor $ 317,642 $249,912 $ 67,730 21.32 Wine 109,322 75,591 33,731 30.85 Beer 221,726 181,288 40,438 18.24 Other 20,654 7,789 12,865 62.29 On sale 211,178 59,342 151,836 71.90 L --g80,522 $573,922 306,600 34.82 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 S 843.592 V -U,981 34.73 See accompanying notes to financial statements. r1 CITY OF ST. ANTHONY, MINNESOTA MUNICIPAL LIQUOR FUND STATEMENT OF OPERATING EXPENSES YEARS ENDED DECEMBER 31, 1977 AND 1976 Service expense Total operating expense $ 18,215 96 45 See accompanying notes to financial statements. $ 3,094 $ 21,309 $ 10,265 5511.519 23 1977 1976 Store #1 Store #2 Total Total Bar wages $ 80,508 $ 48,325 $128,833 $151,684 Off sale wages 44,592 43,043 87,635 96,334 Custodians' wages 16,708 5,019 21,727 23,511 Managers' salaries 19,006 19,006 38,012 35,816 Bookkeepers' salaries 11,983 11,983 23,966 24,508 Medical - Life insurance 3,787 3,924 7,711 7,568 Pension contribution 16,768 11,241 28,009 31,936 Unemployment compensation 1,325 510 1,835 1,029 Payroll expense $194,677 $143,051 $337,728 $372,386 Laundry $ 3,421 $ 1,991 $ 5,412 $ 5,611 Bar supplies 1,761 669 2,430 2,712 Off sale supplies 2,717 2,507 5,224 5,079 Cleaning supplies 645 1,064 1,709 1,543 Office expense 1,411 1,336 2,747 1,457 Travel 1,243 1,224 2,467 2,359 Supplies expense $ 11,198 8,791 $ 19,989 $ 18,761 Rent and leases $ .2,356 $ 17,126 $ 19,482 $ 17,583 Heat and fuel 1,812 1,150 2,962 2,083 Utilities 10,719 5,817 16,536 16,983 Telephone 615 987 1,602 1,636 Sanitation expense 787 770 1,557 1,374 Casualty and liability insurance 25,647 24,616 50,263 29,738 Repairs and maintenance 7,764 3,573 11,337 11,487 Depreciation 22,661 956 23,617 29,223 Occupancy expense 72,361 $ 54,995 $127,356 $110,107 Security service $ 1,239 $ 1,287 $ 2,526 $ 815 Advertising 1,252 963 2,215 2,766 Accounting legal and licenses 1,104 844 1,948 2,328 Music service 14,620 14,620 4,356 Service expense Total operating expense $ 18,215 96 45 See accompanying notes to financial statements. $ 3,094 $ 21,309 $ 10,265 5511.519 23 24 CITY OF ST, ANTHONY, MINNESOTA PUBLIC UTILITY FUNDS BALANCE SHEETS DECEMBER 31, 1977 PROPERTY, PLANT AND EQUIPMENT Land $ 9,827 $ 6,182 $ Water Distribution and collection Operating funds Construction system Combined Water Sewer Fund Building and structures ASSETS 650,982 Machinery and equipment CURRENT ASSETS 80,478 46,862 Cash (deficit) $ 1,927 $( 1,394) $ 3,321 Less accumulated depreciation Investments 300,670 240,397 60,273 Total property, plant Current portion of long-term and equipment receivable 3,561 $ 3,561 LONG-TERM RECEIVABLE Accounts receivable 84,482 34,822 49,660 Metropolitan Waste Control Prepaid insurance 750 542 208 Commission Inventories 957 957 146,506 Less current portion included Restricted assets above Cash 18,651 6,787 3,561 $ 11,864 Investments 70,252 25,000 142,945 45,252 Cash with paying agent 26,000 26,000 Total current assets $ 507,250 $ 333,111 $ 117,023 $ 57,116 PROPERTY, PLANT AND EQUIPMENT Land $ 9,827 $ 6,182 $ 3,645 Distribution and collection system 2,379,486 1,386,668 992,818 Building and structures 650,982 650,982 Machinery and equipment 127,340 80,478 46,862 $3,167,635 $2,124,310 $1,043,325 Less accumulated depreciation 1,402,345 987,550 414,795 Total property, plant and equipment $1,765,290 $1,136,760 $ 628,530 LONG-TERM RECEIVABLE Metropolitan Waste Control Commission $ 146,506 $ 146,506 Less current portion included above 3,561 3,561 Total long-term receivable $ 142,945 $ 142,945 Total assets 52.415 485 51,469,71 S 888 498 S 57 116 See accompanying notes to financial statements Operating funds Combined Water Sewer LIABILITIES, CONTRIBUTIONS AND RETAINED EARNINGS/FUND BALANCE CURRENT LIABILITIES Accounts payable $ 10,953 $ 3,535 $ 7,418 Bonds and interest due January 1, 1978 26,000 26,000 Current portion of long-term debt 50,000 50,000 Accrued liabilities Payroll and payroll taxes 3,308 2,166 1,142 Interest 438 438 Due to Metropolitan Waste Control Commission 8,688 8,688 Due to Special Assessment Fund 29,862 29,862 Total current liabilities $ 129,249 $ 82,139 $ 47,110 LONG-TERM DEBT Water revenue bonds $ 75,000 $ 75,000 Less current portion included above 50,000 50,000 Total long-term debt $ 25,000 $ 25,000 OTHER LIABILITIES Meter deposits $ 41,878 $ 41,878 Deferred revenue - Metropolitan Waste Control Commission - Current value credit 130,424 $ 130,424 Total other liabilities $ 172,302 $ 41,878 $ 130,424 Total liabilities $ 326,551 $ 149,017 $ 177,534 CONTRIBUTIONS IN AID TO CONSTRUCTION $1,358,859 RETAINED EARNINGS/FUND BALANCE $ 730,075 Total liabilities, contributions and retained earnings/fund balance $2.415 485 Water Construction Fund $ 795,176 $ 563,683 $ 525,678 $ 147,281 $ 57,116 51.469 871 $ 888.498 S 57,116 25 26 CITY OF ST. ANTRONY, MINNESOTA UTILITY OPERATING FUNDS Water Fund Sewer Fund Retained Retained Earnings Contributions Earnings Contributions Balance January 1, 1977 $ 493,176 $ 820,178 $ 136,208 $ 582,457 Income (loss) for year 40,002 18,573 Transfer to General Fund ( 7,500) ( 7,500) Depreciation transferred to contributions in aid to construction 25,002) ( 18,774) Balance December 31, 1977 $525 678 S 79.5.176 S 147.281 S 563 68 See accompanying notes to financial statements. 27 CITY OF ST. ANTHONY, MINNESOTA UTILITY OPERATING FUNDS STATEMENTS OF INCOME AND EXPENSE YEARS ENDED DECEMBER 31, 1977 AND 1976 See accompanying notes to financial statements. 1977 1976 f Water Sewer Combined Combined Operating revenue Water sales $ 160,998 $ 160,998 $ 190,203 ! Sewer sales $ 205,724 205,724 151,431 Connection charges 945 150 1,095 1,625 Other 1,678 188 1,866 2,204 Total 163,621 $ 206,062 $ 369,683 $ 345,463 Operating expenses (less depreciation) Disposal charges Current period $ 148,578 $ 148,578 $ 121,784 Prior period 8,688 8,688 17,539 $ 157,266 $ 157,266 $ 139,323 Personal services $ 41,365 20,300 61,665 59,333 Contractual services 48,789 12,664 61,453 41,163 Commodities 12,235 3,353 15,588 9,671 Other charges 4,996 3,291 8,287 9,308 Total $ 107,385 $ 196,874 $ 304,259 $ 258,798 Operating income $ 56,236 $ 9,188 $ 65,424 $ 86,665 Other income and expense Interest income $ 12,597 $ 3,483 $ 16,080 $ 15,786 Miscellaneous income 1,040 1,040 1,211 Interest expense ( 4,544) ( 4,544) ( 5,991) Metropolitan Waste Control Commission credits 8,778 8,778 8,778 $ 9,093 $ 12,261 $ 21,354 $ 19,784 Income before depreciation $ 65,329 $ 21,449 $ 86,778 $ 106,449 Less depreciation On assets acquired with own funds ( 25,327) ( 2,876) ( 28,203) ( 18,305) On assets acquired from contri - butions in aid to construction ( 25,002) ( 18,774) ( 43,776) ( 43,775) Net income (loss) $ 15,000S1( 201) $ 14,799 $ 44,369 Disposition of income (loss) Net income (loss) $ 15,000 $( 201) $ 14,799 $ 44,369 Add credit arising from transfer of depreciation to contributions in aid to construction account 25,002 18,774 43,776 43,775 - Income (loss) transferred to retained earnings $ 40,002 S 18,573 S 58,575 �`,S $�144 See accompanying notes to financial statements. ffj CITY OF ST. ANTHONY, MINNESOTA UTILITY OPERATING FUNDS STATEMENTS OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1977 AND 1976 SOURCE OF FUNDS Operations Net income Depreciation Increase in meter deposits Reduction of long-term receivable Increase in deferred revenue 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 dererred revenue Income in long-term receivable Increase in working capital Various elements of net increase (decrease) in working capital Cash Investments Cash with paying agent Accounts receivable Prepaid insurance Inventories Accounts payable Bonds and interest payable Accrued liabilities Due to Metropolitan Waste Control Commission Due to Special Assessment Fund Increase (decrease) in working capital $( 10,075) $( 12,154) $( 22,229) $ 3,176 1977 4,958 1976 Water Sewer Combined Combined $ 40,002 $ 18,573 $ 58,575 $ 96,019 25,327 2,876 28,203 16,249 $ 65,329 $ 21,449 $ 86,778 $ 112,268 2,255 ( 2,255 2,665 ( 559) 6,669 559) 6,833 6,833 162 ( 5,611) 22,361 22,361 14,507 67 584 1_50 ,643 S 118,227 ^3 136 109 500 ( 4,600) 283 299 582 $ 7,875 ( 2,056) $ 5,819 $ 7,500 $ 7,500 $ 15,000 15,000 6,802 35,163 41,965 12,479 50,000 50,000 50,000 5,262 7,980 7,980 3,282 3,282 47,549 $ 67,584 50643$ 118.227 $ 136,1Q9 $( 10,075) $( 12,154) $( 22,229) $ 3,176 8,851 8,851 ( 12,584) 29,862) ( 29,862) $ 3,282 $( 22,361) $( 19,079) $ 33',042 See accompanying notes to financial statements. 18,677 4,958 23,635 43,535 ( 500) ( 500) 4,600 ( 4,932) 11,200 6,268 1,199 ( 274) ( 42) ( 316) 169 ( 559) ( 559) 296 162 ( 5,611) ( 5,449) ( 1,834) 500 500 ( 4,600) 283 299 582 ( 915) 8,851 8,851 ( 12,584) 29,862) ( 29,862) $ 3,282 $( 22,361) $( 19,079) $ 33',042 See accompanying notes to financial statements. CITY OF ST. ANTHONY, MINNESOTA WATER CONSTRUCTION FUND STATEMENT OF CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1977 Fund balance, January 1, 1977 Revenue - Interest on investments Fund balance, December 31, 1977 See accompanying notes to financial statements. $56,665 451 JaZ 116 M 30 CITY OF ST, ANTHONY, MINNESOTA GENERAL DEBT SERVICE FU TD BALANCE SHEET DECEMBER 31, 1977 ASSETS Cash (deficit) $( 1,008) Due from other funds General Fund 134 Special Assessment Fund 1,152 Taxes receivable Unremitted 547 Delinquent Allowance for delinquent taxes receivable 325 ( 325) Total assets S 825 FUND BALANCE Fund balance - Appropriated S 825 STATEMENT OF CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1977 Fund balance January 1, 1977 $ 967 Revenue General property taxes $ 10,669 Expenditures Bonds $ 10,000 Interest expense 800 Service charges 11 $ 10,811 Fund balance December 31, 1977 $ 825 STATEMENT OF GENERAL LONG-TERM DEBT DECEMBER 31, 1977 Amount available and to be provided for the payment of general long-term debt Amount available in General Debt Service Fund $ 825 Amount to be provided by future taxes 9,175 Total available and to be provided $ 10,000 General long-term debt payable - Serial bonds payable L-1-0-10-0 See accompanying notes to financial statements. 31 CITY OF ST. ANTHONY, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1977 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 Cenral 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. The only other items of inventory would be a small quantity of supplies which were expensed as purchased. 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 principles require their inclusion in the financial statements. L 32 CITY OF ST. ANTHONY, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31, 1977 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, 1977. 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 $85,692 for the year ended December 31, 1977. 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 (CONTINUED) DECEMBER 312 1977 Note 8 - Vacation and Sick Leave Accred vacation and sick leave are not recorded as liabilities at December 31, 1977. 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, 1977 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. Note 10 - Lease The City leases space for the Apache Liquor store. The lease, expiring November 1, 1980 requires annual rentals of $15,990 plus the pro rata share of common center expense. Note 11 - Deficiency in Pledged Collateral Minnesota statutes require depositories for City funds to pledge collateral to secure balances in excess of F.D.I.C, insurance coverage. At December 31, 1977 the collateral pledged by the City's depository was approximately $220,000 below the statutory requirement. iL L. 33 34 CITY OF ST, ANTHONY, MINNESOTA BALANCE SEEM - ALL FUNDS DECEMBER 31, 1977 Special General revenue Fund funds ASSETS Cash (deficit) $ 100,767 $( 3,259) Petty cash and change funds 100 Cash with paying agents Investments 143,190 Accounts receivable 25,877 24,929 Due from other funds 30,194 462 Taxes receivable Unremitted 16,698 Delinquent 13,936 Allowance for delinquent taxes receivable ( 13,936) Special assessments receivable Unremitted 43 Delinquent 85 Deferred 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 assetsSi_17T ,764 S 165,322 LIABILITIES, CONTRIBUTIONS AND FUND BALANCE Liabilities Accounts payable $ 19,354 $ 3,376 Contracts payable Due to other funds 596 Deposits payable Accrued liabilities 251391 Deferred revenue 3,880 Bonded indebtedness Bonds and interest due January 1, 1978 Future bond maturities Retained earnings Contributions Fund balance Appropriated 191 Unappropriated 124,543 161,755 Total liabilities, contributions and fund balance Sil_73�764$ 165.322 35 General Long- term Debt $ 825 9,175 $ 262 132S1 995.002 $ 734,517 52.415 485 5 825 S 10 000 $ 1,526 $ 64,334 $ 19,641 13,197 General Captial Special Municipal Public Debt project Assessment Liquor utility Service funds Fund Fund funds Fund 26,000 $ 5,124 $ 54,642 $( 4,106) $ 20,578 $( 1,008) 672,959 77,175 1,358,859 $ 262,132 251,823 73,590 295,374 26,000 57,116 2,250 885,764 $2.415.485 $ 825 S 10 000 370,922 185,268 18,774 230,988 69,490 243,518 1,286 753 547 529 325 ( 529) ( 325) 6,310 14,480 715,945 26,386 750 254,606 957 361,682 1,765,290 General Long- term Debt $ 825 9,175 $ 262 132S1 995.002 $ 734,517 52.415 485 5 825 S 10 000 $ 1,526 $ 64,334 $ 19,641 13,197 284,492 30,000 29,862 41,878 25,374 3,746 130,424 73,590 26,000 1,075,000 75,000 $ 10,000 614,809 672,959 1,358,859 $ 262,132 251,823 $ 825 295,374 57,116 $ 262,132 $1,995,002 $ 734,517 $2.415.485 $ 825 S 10 000 36 CITY OF ST, ANTHONY, MINNESOTA STATEMENT OF CASH INVESTMENTS AND SECURITY FOR DEPOSITS DECEMBER 31, 1977 Cash Investments Cash St. Anthony National Bank General Fund checking account $176,844 Liquor Fund checking account ( 4,106) Savings account $ 152,127 Certificate of deposit 1,250,000 Total cash 2 7 p .127 Face amount of securities pledged as collateral Additianal 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, 1977, the bank deposits at St. Anthony National Bank were in excess of this requirement. Cash balance Cash balance January 1, December 31, 1977 Receipts Disbursements 1977 Fund General Fund $( 43,660) $1,207,360 $1,062,933 $ 100,767 Special revenue funds Community Development Fund 6,830 ( 6,830) State -aid Fund 17,500 23,948 38,809 2,639 CETA Fund 3,838 ( 3,838) Home Improvement Grant Fund 2,921 11,151 13,881 191 Revenue Sharing Fund 22,615 161,260 185,032 ( 1,157) Special Fire Department Fund 9,482 17,269 18,500 8,251 Special Police Department Fund 19,420 37,024 58,959 ( 2,515) Capital project funds Capital Improvement Fund 1,876 7,298 4,050 5,124 Special Assessment Fund Construction accounts ( 13,445) 139,424 126,262 ( 283) Debt service accounts 20,547 2,044,962 2,010,584 54,925 Municipal Liquor Fund 3,336 2,460,293 2,467,735 ( 4,106) Public Utility funds Operating Funds Water 15,468 743,882 753,957 5,393 Sewer 15,475 322,463 334,617 3,321 Water Construction Fund 56,665 50,199 95,000 11,864 General Debt Service Fund ( 984) 11,131 11,155 ( 1,008) Total 2 216 $7.237.664 57.192,142 $ 172.738 CITY OF ST. ANTHONY, MINNESOTA BONDS PAYABLE - ALL FUNDS DECEMBER 31, 1977 Issue date Special Assessment Fund Improvement Bonds of 1973 March 1, 1978 6/1/73 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 1963 $20,000 per year 7/1/63 Improvement Bonds of 1968 January 1, 1979 10/1/68 $40,000 per year $40,000 per year $40,000 per year $40,000 per year Total Improvement Bond Redemption Total Special Assessment Fund General Long -Term Debt Certificates of Indebtedness November 1, 1978 5/1/75 Water Revenue Bonds General Obligation Waterworks Bonds of 1961 January 1, 1979 1/1/62 Interest Maturity rate date 4.15% 4.20 4.25 4.30 4.35 4.40 4.45 4.50 3.50 4.60 4.60 4.70 4.80 4.90 3/1/78 3/1/79 3/1/80 3/1/81 3/1/82 3/1/83 3/1/84 3/1/85 Principal $ 65,000 65,000 65,000 65,000 65,000 65,000 65,000 90.000 $ 545,000 1/1/79-80 $ 40,000 1/1/79 1/1/80-82 1/1/83-84 1/1/85-86 1/1/87-90 4.60 11/1/78 4.00 1/1/79 $ 50,000 120,000 80,000 80,000 160.000 $ 490,000 $ 530,000 $1,075,000 $ 10,000 $ 25,000 37 KM CITY OF ST, ANTHONY, MINNESOTA BONDS PAYABLE - ALL FUNDS (CONTINUED) DECEMBER 31, 1977 Issue date Water Revenue Bonds (Continued) Water Utility Revenue Bonds of 1963 $25,000 per year 10/1/63 Total water revenue bonds Total bonds payable - All funds Interest Maturity rate date Principal 3.50% 10/1/78-79 $ 50,000 $ 75,000 6 0 Note - January 1, 1978 maturities are considered matured December 31, 1977. STATEMENT OF CHANGES IN BONDED INDEBTEDNESS YEAR ENDED DECEMBER 31, 1977 Outstanding Outstanding January 1, 1977 Issued Redeemed December 31, 197, Special Assessment Fund $1,220,000 $145,000 $1,075,000 General Long-term Debt 20,000 10,000 10,000 Water Revenue Bonds 125,000 50,000 75,000 51.365.000 $ -0_ =51-000 000 $1 160.000 CITY OF ST. ANTHONY, MINNESOTA DEBT SERVICE REQUIREMENTS f ALL FUNDS DECEMBER 31, 1977 Year 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 Year 1978 Special assessment bonds Principal Interest Total $ 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 51.075.000 S 251,823 $1.326.823 Certificates of Indebtedness Principal Interest Total S 10.000 S 4.60 S 10,460 Water revenue bonds Principal Interest Total $ 50,000 $ 2,750 $ 52,750 25,000 875 25,875 75.000 S X625 S 78,625 39 Note - January 1 maturities are considered matured December 31, of the preceding year. 1- 40 Year 1976 1977 Year 1976 1977 Total levy $398,382 $443,508 Total ley_ $231,669 $146,481 CITY OF ST. ANTHONY, MINNESOTA TAX LEVIES AND COLLECTIONS Collection of current year's levy $396,315 $431,355 Percentage of levy collected. 99.48% 97.26% Collection of prior year's levy $2,240 $1,847 SPECIAL ASSESSMENT.LEVIES AND COLLECTIONS Collection of current year's levy $224,013 $140,801 Percentage of levy collected 96.70% 96.12% Collection of prior year's levy $ 6,201 $12,395 Percentage of total Total collections collections to levy $398,555 100.04% $433,202 97.687 Percentage of total Total collections collections to levy $230,214 99.37% $153,196 104.58% 41 EMPLOYEES' SURETY BONDS DECEMBER 31, 1977 Carol Johnson Clerk -Treasurer $ 100,000 All employees are covered by an honesty blanket position bond of $100,000. CITY OF ST, ANTHONY, MINNESOTA ASSESSED VALUATIONS. TAX LEVIES AND MILL RATES (Shown by year of collectibility) I 1975 1976 1977 1978 j Assessed valuation $35,377,631 $37,531,536 $40,666,128 $40,932,278 Contribution to fiscal disparities pool ( 579,340) ( 391,712) ( 391,712) ( 656,197) Distribution from fiscal disparities pool 572,150 761,622 732,464 835,184 Taxable valuationsX35.370 i 441 �7 901.446 541.006.880 41.111.26,E Tax levies General Fund $ 299,163 $ 370,789 $ 417,556 $ 506,983 Bonds and interest 25,007 27,591 25,910 10,983 Total I 324.170 S 398 380 S 443,466 S 517 96� Mill rates General Fund 8.458 9.783 10.189 12.368 Bonds and interest .707 .728 ,632 .268 Total 9.165 10.511 10.821 12.636 EMPLOYEES' SURETY BONDS DECEMBER 31, 1977 Carol Johnson Clerk -Treasurer $ 100,000 All employees are covered by an honesty blanket position bond of $100,000.