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HomeMy WebLinkAbout1984 CAFRCITY OF ST. ANTHONY ST. ANTHONY, MINNESOTA REPORT ON AUDIT YEAR ENDED DECEMBER 31, 1984 C O N T E N T S INTRODUCTORY SECTION Comments FINANCIAL SECTION ACCOUNTANTS' REPORT RYWTRTT Page 1- 3 4- 5 A - Combined Balance Sheet - All Fund Types 6 B - Combined Statement of Revenue, Expenditures and Fund Balance - All Governmental Fund Types 7 C - Combined Statement of Revenue, Expenditures and Fund Balance - Budget and Actual - General and Special Revenue Fund Types 8 D - Combined Statement of Operations and Changes in Retained Earnings - All Proprietary Fund Types 9 E - Combined Statement of Changes in Financial Position - All Proprietary Fund Types 10 Notes to Financial Statements SCHEDULE General Fund 1 - Balance Sheet 17 2 - Statement of Changes in Fund Balance 18 3 - Statement of Revenue 19 4 - Statement of Expenditures 20-22 Special Revenue Funds 5 - Combining Balance Sheet 23 6 - Combining Statement of Revenue, Expenditures and Fund Balance 24 Statements of Revenue, Expenditures and Fund Balance 7 - General Reserve Fund 25 8 - Revenue Sharing Fund 25 9 - Community Development Fund 26 C ONTE NT S (Continued) Page SCHEDULE Capital Projects Funds 10 - Combining Balance Sheet 27 11 - Combining Statement of Revenue, Expenditures and Fund Balance 28 Liquor Fund 19 - Balance Sheet Special Assessment Funds 36 12 - Combining Balance Sheet 29 13 - Combining Statement of Revenue, Expenditures and Fund Balance 30 22 - Statement of General Debt Service Fund 39 14 - Balance Sheet 31 15 - Statement of Revenue, Expenditures and Fund Balance 32 Enterprise Funds 16 - Combining Balance Sheet 33 17 - Combining Statement of Operations and Changes in Retained Earnings 34 18 - Combining Statement of Changes in Financial Position 35 Liquor Fund 19 - Balance Sheet Balance Sheet 36 20 - Statement of Income and Changes in Retained Earnings 37 21 - Statement of Changes in Financial Position 38 22 - Statement of Operating Expenses 39 Utilitv Funds 23 - Combining Balance Sheet 40 24 - Combining Statement of Changes in Fund Equity 41 25 - Combining Statement of Operations 42 26 - Combining Statement of Changes in Financial Position 43 STATISTICAL SECTION Assessed Valuations, Tax Levies and Mill Rates 44 Tax Levies and Collections 45 Special Assessment Levies and Collections 45 Combined Schedule of Bonded Indebtedness 46 Bonds Payable 47 Debt Service Requirements 47 ADDITIONAL REPORTS Accountants' Report on Internal Accounting Control 48-49 Accountants' Comments on Compliance 50-51 INTRODUCTORY SECTION CITY OF ST. ANTHONY 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 accounts for all revenue and the related activities not required to be accounted for in another fund. The principal sources of revenue are general property taxes, intergovernmental revenue and transfers from other funds. Expenditures are for general government, public safety, public works and park maintenance. A plan of financial operation of the General Fund is set forth in the annual budget adopted by the City Council. Expenditures exceeded revenue by $7,906 during 1984 decreasing the fund balance to $680,667 at December 31, 1984, of which $51,405 is appropriated to balance the 1985 budget and for severance payments. A condensed summary of revenue and expenditures compared with the budget for the year ended December 31, 1984 is shown below: Expenditures and Other Uses General Government $ 368,258 $ 371,917 Public Safety 774,759 766,444 Public Works 370,319 368,940 Park Maintenance 35,145 35,090 Transfers to Other Funds 15,000 15,000 $1,563,481 $1,557,391 -1- Budget Actual Revenue and Other Sources General Property Taxes $ 588,000 $ 578,835 Licenses and Permits 27,781 73,461 Intergovernmental Revenue 384,700 399,277 Fines and Forfeitures 65,000 64,265 Charges for Current Services 6,000 3,026 Other Revenue 72,000 66,621 Transfers from Other Funds 420,000 364,000 $1,563,481 $1,549,485 Expenditures and Other Uses General Government $ 368,258 $ 371,917 Public Safety 774,759 766,444 Public Works 370,319 368,940 Park Maintenance 35,145 35,090 Transfers to Other Funds 15,000 15,000 $1,563,481 $1,557,391 -1- CITY OF ST. ANTHONY COMMENTS Special Revenue Funds Special Revenue Funds are established to account for proceeds from specific revenue sources to be expended for a specified purpose. Following is a brief description of each fund. General Reserve Fund - The General Reserve Fund was established to accumulate resources from the Special Assessment Funds, which are available to be appropriated by the City Council. The fund balance was $363,444 at December 31, 1984. Revenue Sharing Fund - This fund accounts for revenue received from the Federal Government in accordance with the "State and Local Fiscal Assistance Act of 1972." Expenditures can be made only as outlined in the Act. The City's share of the Federal Revenue Sharing Grant for 1984 was $33,675. During the year ended December 31, 1984 transfers of $24,000 and $20,000 were made to the General Fund and Capital Equipment Fund, respectively. The fund balance was $34,450 at December 31, 1984. Community Development Fund - This fund accounts 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 and are fully reimbursable. Capital Project Funds These funds are used to account for resources to be used for the acquisition of capital facilities by the City. 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 $325,779 from the State of Minnesota at December 31, 1984 is the City's construction allotment balance, which is unencumbered and available for approved projects. Capital Equipment Fund - This fund was established to account for the revenue required to finance the replacement of capital assets on a revolving basis. Revenue exceeded expenditures by $58,691, increasing the fund balance to $133,665, which is available for future capital acquisitions. Housing and Redevelopment Authority - The Housing and Redevelopment Authority of St. Anthony, a separate entity, has been included in the accompanying financial statements. -2- CITY OF ST. ANTHONY COMMENTS Special Assessment Funds The 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. Revolving Fund - This fund provides temporary financing of construction projects and the subsequent collection of assessments against benefited property owners. Debt Service Fund - This fund accounts mainly for the collection of assessments against benefited property owners and expenditure of assessment collections for the payment of bonds and interest issued to finance the cost of improvement projects. The appropriated fund balance represents the interest on bonded indebtedness payable in future years. General Debt Service Fund This fund accumulates resources, primarily general property taxes, for the redemption of certificates of indebtedness and interest thereon. These certificates are completely retired and the fund balance of $2,306 is unappropriated. Enterprise Funds Enterprise Funds account for operations providing goods or services to the general public. Costs associated with these operations are financed primarily through user charges. Liquor and utility operations of the City are maintained as enterprise funds. Detailed statements are included in this report as additional aids in reviewing the results of operations for each fund. Liquor Fund - Net income for the year ended December 31, 1984 was $337,707 compared to $333,002 in 1983. Transfers to the General Fund were $340,000 and $385,000 in 1984 and 1983, respectively. Utility Funds - For the years ended December 31, 1984 and 1983, the net loss of the Water Fund was $108,406 and $77,695, respectively. The Sewer Fund had a net loss of $33,097 in 1984 compared to $80,228 in 1983. General Long -Term Debt General obligation bonds and other long-term liabilities intended to be financed from governmental funds are accounted for in the General Long -Term Debt Account Group. The City has no general long-term debt outstanding at December 31, 1984. -3- FINANCIAL SECTION ADRIAN HELGESONI R AND COMPANY Certified Public Accountants 1221 Nicollet Mall Minneapolis, MN 55403 May 31, 1985 ACCOUNTANTS' REPORT Honorable Mayor and Members of the City Council City of St. Anthony, Minnesota We have examined the combined financial statements of the City of St. Anthony, Minnesota as of and for the year ended December 31, 1984, as listed in the table of contents. 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. As described more fully in Note 1, the combined financial statements referred to above do not include financial statements of the general fixed assets account group, which should be included to conform with generally accepted accounting principles. In our opinion, except that the ommission of the financial statements described above results in an incomplete presentation, as explained in the preceding paragraph, the combined financial statements referred to above present fairly the financial position of the City of St. Anthony, Minnesota at December 31, 1984 and the results of its operations and the changes in financial position of its proprietary fund types for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. -4- Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole. The combining and individual fund financial statements and schedules listed in the table of contents are presented for purposes of additional analysis and are not a required part of the combined financial statements of the City of St. Anthony, Minnesota. The information has been subjected to the auditing procedures applied in the examination of the combined financial statements and, in our opinion, is fairly stated in all material respects in relation to the combined financial statements taken as a whole. our examination did not include the statistical information presented in the statistical section. Certified Public Accountants —5— ASSETS Cash and Short -Term Investments Note and Accounts Receivable Other Receivables Taxes Receivable Unremitted Delinquent Allowance for Delinquent Taxes Receivable Special Assessments Receivable Unremitted Delinquent Deferred Due from Other Funds Inventories, at Lower of Cost or Market Prepaid Insurance Deposit on Land Acquisition Property, Plant and Equipment, at Cost Less Accumulated Depreciation Restricted Cash and Short -Term Investments Totals LIABILITIES AND FUND EQUITY Liabilities Note and Accounts Payable Accrued Payroll and Related Taxes Due to Other Funds Deposits Deferred Income Bonds Payable Total Liabilities Fund Equity Contributed Capital Retained Earnings Reserved Unreserved Fund Balance Appropriated Unappropriated Total Fund Equity Totals CITY OF ST. ANTHONY COMBINED BALANCE SHEET - ALL FUND TYPES DECEMBER 31, 1984 Governmental Fund Types $641,825 25,238 9,219 2,597 11,400 (11,400) 36,405 $715,284 $ 14,787 19,830 34,617 $334,148 63,746 $397,894 $198,440 325,779 710 25,000 $549,929 $ 25,711 5,000 30,711 $693,702 26,509 1,509 3,556 228,868 $954,144 $ 87,306 290,000 377,306 $2,306 Proprietary Fund Types Enterprise Funds $ 239,997 154,659 143,510 Account Group General Long -Term Debt 602,393 14,939 1,796,830 9,260 $2,306 $2,961,588 - $ 171,178 14,817 56,683 102,772 345,450 1,098,371 PY14TRTT A Totals (Memorandum Onl 1984 $2,110,418 595,931 152,729 3,307 11,400 (11,400) 1,509 3,556 228,868 602,393 14,939 25,000 1,796,830 45,665 $5,581,145 $ 298,982 34,647 61,683 102,772 290,000 788,084 1,098,371 1983 $2,109,751 440,271 135,231 6,698 13,879 (13,879) 10,394 3,323 308,395 48,125 574,286 10,894 1,920,962 42,196 $5,610,526 $ 150,924 31,610 48,125 60,108 109,403 395,000 795,170 1,144,298 General Special Capital Special Debt General Revenue Project Assessment Service Fund Funds Funds Funds Fund $641,825 25,238 9,219 2,597 11,400 (11,400) 36,405 $715,284 $ 14,787 19,830 34,617 $334,148 63,746 $397,894 $198,440 325,779 710 25,000 $549,929 $ 25,711 5,000 30,711 $693,702 26,509 1,509 3,556 228,868 $954,144 $ 87,306 290,000 377,306 $2,306 Proprietary Fund Types Enterprise Funds $ 239,997 154,659 143,510 Account Group General Long -Term Debt 602,393 14,939 1,796,830 9,260 $2,306 $2,961,588 - $ 171,178 14,817 56,683 102,772 345,450 1,098,371 PY14TRTT A Totals (Memorandum Onl 1984 $2,110,418 595,931 152,729 3,307 11,400 (11,400) 1,509 3,556 228,868 602,393 14,939 25,000 1,796,830 45,665 $5,581,145 $ 298,982 34,647 61,683 102,772 290,000 788,084 1,098,371 1983 $2,109,751 440,271 135,231 6,698 13,879 (13,879) 10,394 3,323 308,395 48,125 574,286 10,894 1,920,962 42,196 $5,610,526 $ 150,924 31,610 48,125 60,108 109,403 395,000 795,170 1,144,298 See accompanying Notes to Financial Statements. 9,260 9,260 9,260 1,508,507 1,508,507 1,606,376 51,405 401,398 31,385 484,188 391,961 629,262 $397,894 117,820 545,453 $2,306 1,692,735 1,663,461 680,667 397,894 519,218 576,838 2,306 2,616,138 4,793,061 4,815,356 $715,284 $397,894 $549,929 $954,144 $2,306 $2,961,588 - $5,581,145 $5,610,526 See accompanying Notes to Financial Statements. CITY OF ST. ANTHONY COMBINED STATEMENT OF REVENUE Revenue General Property Taxes Licenses and Permits Intergovernmental Revenue Fines and Forfeitures Charges for Current Services Other Revenue Total Revenue Other Sources Proceeds from Sale of Bonds Transfers from Other Funds Total Other Sources Total Revenue and Other Sources Expenditures General Government Public Safety Public Works Park Maintenance Improvement and Other Costs Debt Service Other Expenditures Total Expenditures Other Uses Transfers to Other Funds Total Expenditures and Other Uses Excess (Deficiency) of Revenue and Other Sources Over Expenditures and Other Uses Fund Balance at Beginning of Year Fund Balance at End of Year EXHIBIT B AND FUND BALANCE YEAR ENDED DECEMBER 31, 1984 General Special Capital Special Debt Totals General Revenue Project Assessment Service (Memorandum Only) Fund Funds Funds Funds Fund 1984 1983 $ 578,835 $ 12,515 $ 209 $ 591,559✓ $ 554,045 73,461 73,461 29,109 399,277 $ 61,531 109,122 $151,510 721,440 ✓ 592,246 64,265 64,265 61,030 3,026 3,026 3,413 66,621 41,549 22,145 90,580 661 221,556✓ 574,668 1,185,485 103,080 143,782 242,090 870 1,675,3 7 1,814,511 15,000 15,000 30,000 364,000 70,000 84,752 15,000 533,752 440,705 364,000 85,000 84,752 15,000 548,752 470,705 1,549,485 103,080 228,782 326,842 15,870 2,224,059 2,285,216 371,917 371,917 322,121 766,444 10,648 777,092 768,481 368,940 25,020 393,960 355,026 35,090 35,090 30,200 27,872 20,533 239,071 287,476 423,121 17,176 15,055 32,231 52,829 11,040 11,040 14,784 1,542,391 27,872 56,201 267,287 15,055 1,908,806 1,966,562 15,000 94,000 84,752 193,752 55,705 1,557,391 121,872 140,953 267,287 15,055 2,102,558 2,022,267 (7,906) (18,792) 87,829 59,555 815 121,501 262,949 688,573 416,686 431,389 517,283 1,491 2,055,422 1,792,473 $ 680,667 $397,894 $519,218 $576,838 $ 2,306 $2,176,923 $2,055,422 See accompanying Notes to Financial Statements. dC Revenue General Property Taxes Licenses and Permits Intergovernmental Revenue Fines and Forfeitures Charges for Current Services Other Revenue Total Revenue Other Sources Transfers from Other Funds Total Revenue and Other Sources Expenditures General Government Public Safety Public Works Park Maintenance Improvement and Other Costs Total Expenditures Other Uses Transfers to Other Funds Total Expenditures and Other Uses Excess (Deficiency) of Revenue and Other Sources Over Expenditures and Other Uses Fund Balance at Beginning of Year Fund Balance at End of Year CITY OF ST. ANTHONY OF REVENUE, EXPENDITURES AND FUND BALANCE - - GENERAL AND SPECIAL REVENUE FUND TYPES YEAR ENDED DECEMBER 31, 1984 FYUTRTT r See accompanying Notes to Financial Statements. Q:11 Totals General Fund Special Revenue Funds (Memorandum Only) Budget Actual Budget Actual Budget Actual $ 588,000 $ 578,835 $ 588,000 $ 578,835 27,781 73,461 27,781 73,461 384,700 399,277 $33,000 $ 61,531 417,700 460,808 65,000 64,265 65,000 64,265 6,000 3,026 6,000 3,026 72,000 66,621 41,549 72,000 108,170 1,143,481 1,185,485 33,000 103,080 1,176,481 1,288,565 420,000 364,000 420,000 364,000 1,563,481 1,549,485 33,000 103,080 1,596,481 1,652,565 368,258 371,917 368,258 371,917 774,759 766,444 774,759 766,444 370,319 368,940 370,319 368,940 35,145 35,090 35,145 35,090 27,872 27,872 1,548,481 1,542,391 27,872 1,548,481 1,570,263 15,000 15,000 94,000 94,000 109,000 109,000 1,563,481 1,557,391 94,000 121,872 1,657,481 1,679,263 $ - (7,906) ($61,000) (18,792) ($ 61,000) (26,698) 688,573 416,686 1,105,259 $ 680,667 $397,894 $1,078,561 See accompanying Notes to Financial Statements. Q:11 COMBINED STAT CITY OF ST. ANTHONY AND CHANGES IN RETAINED EARNINGS RV RTTMn TVRFC YEAR ENDED DECEMBER 31, 1984 Sales and Cost of Sales Sales Cost of Sales Gross Profit Operating Income User Charges Other Gross Operating Income Total Gross Profit and Operating Operating Expenses Personal Services Supplies Contracted Services Disposal Charges Depreciation Total Operating and Other Charges Expenses Operating Income (Loss) Other Income Commissions Check Cashing Credits and Refunds Received Interest Earned Insurance Proceeds Miscellaneous Total Other Income Other Expense Interest Miscellaneous Total Other Expense Net Income for Year Retained Earnings at Beginning of Year Income Redistribution of Depreciation to Contributed Capital Transfer to General Fund Retained Earnings at End of Year EXHIBIT D Totals (Memorandum Only) 1984 1983 $3,432,951 $2,521,561 2,532,759 1,622,479 900,192 899,082 539,062 459,495 6,425 4,884 545,487 464,379 1,445,679 1,363,461 594,497 581,239 41,867 42,343 391,762 314,848 289,342 252,233 135,455 123,724 1,452,923 1,314,387 (7,244) 49,074 15,670 18,453 39,696 40,097 10,903 14,303 36,704 61,076 108,284 4,873 7,378 216,130 141,307 208,886 190,381 9,796 13,161 2,886 2,141 12,682 15,302 196,204 175,079 1,615,636 1,779,628 45,927 45,929 (340,000) (385,000) $1,517,767 $1,615,636 See accompanying Notes to Financial Statements. WE CITY OF ST. ANTHONY EXHIBIT E COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION ALL PROPRIETARY FUND TYPES YEAR ENDED DECEMBER 31. 1984 See accompanying Notes to Financial Statements. -10- Totals (Memorandum Only) 1984 1983 Working Capital Provided By Operations Net Income for Year $196,204 $175,079 Adjustment for Items Not Affecting Working Capital Depreciation 135,455 123,724 Loss on Disposal of Equipment 69 250 Total Working Capital Provided By Operations 331,728 299,053 Proceeds from Disposal of Equipment 1,900 Decrease in Other Receivables 7,422 10,571 Total Working Capital Provided 341,050 309,624 Working Capital Applied To Transfer to General Fund 340,000 385,000 Acquisition of Equipment 13,292 89,930 Decrease in Other Liabilities 6,631 9,858 Total Working Capital Applied 359,923 484,788 Decrease in Working Capital ($ 18,873) ($175,164) Changes in Working Capital By Components Increases (Decreases) in Current Assets Cash and Short -Term Investments ($134,458) ($274,355) Accounts Receivable 42,168 (6,007) Other Receivables 28,816 (19,171) Inventories 28,107 227,126 Prepaid Insurance 4,045 1,732 (31,322) (70,675) Increases (Decreases) in Current Liabilities Accounts Payable 31,586 53,026 Accrued Payroll and Related Taxes 2,515 923 Due to Other Funds (48,125) 48,125 Meter Deposits 1,575 2,415 (12,449) 104,489 Decrease in Working Capital (18,873) (175,164) Working Capital at Beginning of Year 817,371 992,535 Working Capital at End of Year $798,498 $817,371 See accompanying Notes to Financial Statements. -10- CITY OF ST. ANTHONY NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1984 Note 1. Significant Accounting Policies The City of St. Anthony (the City) is incorporated under statutes of the State of Minnesota and operates under a council-manager plan. Accounting policies adopted by the City conform to generally accepted accounting principles and reflect practices common to local governmental units, except for the lack of a general fixed assets account group. The more significant accounting policies are summarized below. Fund Accounting and Budget - The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. Operations of each fund are accounted for in a separate set of self -balancing accounts. Activities accounted for in individual funds are based upon the purpose for which the fund was established. The various funds are arranged in the financial statements into seven fund groups and into three broad fund types. A plan of financial operation is set forth in the annual budget adopted by the City Council. The amounts shown in the financial statements represent the original budgeted amount and all revisions made during the year. Governmental Fund Types - Revenue and expenditures are recognized on the modified accrual basis of accounting. Under the modified accrual basis, revenue is recognized in the accounting period in which it becomes available and measurable. Expenditures are recognized in the accounting period in which the liability is incurred by the fund, if measurable, except for unmatured interest on long-term debt and accumulated unpaid vacation and sick pay, which are not accrued. Proprietary Fund Types - Income and expenses are recognized on the accrual basis of accounting. Income is recognized in the accounting period in which it is earned and becomes measurable; expenses are recognized in the period incurred, if measurable. Fiduciary Fund Type - The basis of accounting for this fund type is essentially the same as for governmental fund types. Account Groups - Account groups are concerned only with the measurement of financial position and are not involved with the measurement of results of activities or operations. Cash and Short -Term Investments - Cash available in excess of immediate needs is invested in certificates of deposit and short-term government obligations. Interest income is recognized as earned. Interest earnings are allocated to City funds on the basis of average cash balances. Investments are stated at cost, which approximates market. General Property Taxes - Revenue is recognized in the year of anticipated collection, with amounts due from the County and received early in the following year recorded as unremitted taxes receivable. Allowances are provided for the full amount of delinquent taxes receivable. This procedure has the effect of recognizing general property taxes as revenue when cash is received because of the uncertainty of collection of the delinquent amount. -11- CITY OF ST. ANTHONY NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1984 Note 1. Significant Accounting Policies (Continued) Inventories - Inventories held by the proprietary fund types (Liquor and Utility Funds) are stated at the lower of cost or market based on the first -in, first -out valuation method. Expendable supplies are expensed as purchased. Property, Plant and Equipment - Property, plant and equipment of the proprietary fund types are recorded at cost. Depreciation has been provided using the straight-line method over the estimated useful lives of the assets. Depreciation on Utility Funds property, plant and equipment, which has been financed by special assessments, grants and other contributions, is charged against current income and is then redistributed as a charge against the contributed capital account. General Fixed Assets - General fixed assets owned by the City are not included in the financial statements because records of such assets are not maintained. Generally accepted accounting principles require that a statement of general fixed assets be included in the financial statements. General Long -Term Debt - Long-term liabilities of governmental fund types are accounted for in this account group, except for special assessment improvement bonds which are recorded in the Special Assessment Funds. Bonded Indebtedness - Liabilities recorded in the Special Assessment Funds are for improvement bonds payable. There are no outstanding general obligation bonds or certificates of indebtedness at December 31, 1984. Interest expense is recorded as an expenditure when paid; interest is not accrued unless fully matured and not paid. Interest payments due January 1 are recognized as expenditures when amounts are remitted to the paying agent (usually in December) for payment of interest. Vacation, Sick Leave and Severance Pay - City employees are entitled to vacation and sick leave based upon length of employment and the payment thereof is treated as an expenditure in the period paid. The amount of accrued vacation and sick leave at December 31, 1984 was approximately $475,000 and is not recorded in the financial statements. The City has established a severance pay policy for employees. This policy provides for severance payments based upon the number of days of sick leave accrued, subject to certain regulations. The City has appropriated funds to provide necessary funding for anticipated severance payments. Combined Statements - Total columns on the combined statements are captioned "memorandum only" to indicate that they are presented only to facilitate financial analysis. Data in these columns does not present financial position, results of operations or changes in financial position in conformity with generally accepted accounting principles. Interfund transactions have not been eliminated in the aggregation of this data. -12- CITY OF ST. ANTHONY NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1984 Note 2. Reporting Entity For the year ended December 31, 1984 the City has implemented National Council on Governmental Accounting Statement No. 3, Defining the Governmental Reporting Entity. In accordance with Statement No. 3, the City's financial statements for financial reporting purposes include all funds, account groups and other organizations over which the City Council exercises oversight responsibility. The determination of oversight responsibility includes the following criteria; public scope of organization, selection of governing board, designation of management and financial interdependency including review and approval of budgets and approval of property tax levies. As a result of applying the criteria above, the Housing and Redevelopment Authority of the City of St. Anthony, Minnesota (HRA) has been included in the City's financial statements. The HRA was established by the City under statutes of the State of Minnesota to assist and support housing and redevelopment projects undertaken within the City which are under the statutory authority of the HRA. The governing board and management of HRA are appointed by the City Council which also reviews and approves budgets and tax levies. The St. Anthony Firefighters Relief Association is organized as a nonprofit organization to provide pension and other benefits to its members in accordance with Minnesota statutes. The board of directors is appointed by the membership of the Association. The Association receives state aids and pays benefits directly to its members. As a result, the activities of the Association have not been included in the accompanying financial statements. Note 3. Property, Plant and Equipment The following is a summary of the property, plant and equipment of the proprietary fund types at December 31, 1984: Liquor Water Sewer Fund Fund Fund Land and Improvements Buildings and Structures Distribution and Collection System Furniture, Fixtures and Equipment Less Accumulated Depreciation $ 11,152 $ 7,006 491,129 665,202 1,468,292 334,671 116,708 836,952 2,257,208 468,154 1,374,673 $368,798 $ 882,535 MRD $ 3,645 9,000 1,046,615 69,337 1,128,597 583,100 $ 545,497 CITY OF ST. ANTHONY NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1984 Note 4. Metropolitan Waste Control Commission Under 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 City received from the Metropolitan Waste Control Commission a refund for past sewer availability charges. Credits against future sewer availability charges payable will be issued by the Commission to repay this refund. Income will be recorded as credits are received from the Commission. Deferred income is recorded for the remaining balance due to the uncertainty of when credits will be issued to the City. Another receivable from the Metropolitan Waste Control Commission, and the corresponding deferred gain of the Utility Funds, represents the City's equity in the City's sewer system which was acquired by the Commission January 1, 1971. This receivable will be paid to the City by issuing credits annually through the year 2000, with interest, against future disposal charges from the Commission. These credits will be reflected in the statement of operations as received. Note 5. Bonded Indebtedness The City has special assessment improvement bonds outstanding at December 31, 1984. These bonds are payable primarily from the collection of special assessments with any deficiency to be provided for by general property taxes. During 1984 it was determined that sufficient funds were available to extinguish all debt service payments required in 1985. As a result, property taxes levied for debt retirement collectible in 1985 have been cancelled. In addition, no property taxes were collected for debt retirement in 1984. Special assessment improvement bonds payable is comprised of the following two individual issues: $960,000 Improvement Bonds of 1968 $675,000 Improvement Bonds of 1973 Maturities Interest Rates Amount 1985-1990 4.80-4.90% $200,000 1985 4.50% 90,000 $290,000 -14- Note 5 CITY OF ST. ANTHONY NOTES TO FINANCIAL STATEMENTS DECEMBER 31. 1984 Bonded Indebtedness (Continued) The following is a summary of bond transactions for the year ended December 31, 1984: Payable at Payable at January 1, December 31, 1984 Issued Redeemed 1984 Certificates of Indebtedness $15,000 $ 15,000 Special Assessment Improvement Bonds $395,000 105,000 $290,000 $395,000 $15,000 $120,000 $290,000 Scheduled maturities of bonded indebtedness for each of the next five years are as follows: 1985 - $130,000; 1986 - $40,000; 1987 - $40,000; 1988 - $40,000; 1989 - $40,000. Note 6. Contributed Capital A substantial portion of the property, plant and equipment in the Utility Funds was financed by special assessments, grants and other contributions. When such assets are acquired they are credited to the contributed capital account. Depreciation on contributed assets is charged against current income, but is then redistributed as a charge against the contributed capital account. The rates charged by the City are not intended to generate sufficient income to recover the depreciation on contributed assets and replacement of these assets is expected to be financed primarily by future contributions. Note 7. Fund Deficits The Sewer Fund has a retained earnings deficit of $25,235 at December 31, 1984. Note 8. Operations of Enterprise Funds Segment information for each of the enterprise funds maintained by the City for the year ended December 31, 1984 are as follows: own CITY OF ST. ANTHONY NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1984 Note 8. Operations of Enterprise Funds (Continued) Note 9. 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 approximately $113,300 for the year ended December 31, 1984. 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. Note 10. Leases The City presently leases space for its administrative offices under a lease agreement which expires August 1986. The lease requires annual rental payments of $36,000. In addition, the City leases space for two of its liquor stores. One lease, expiring November 1985, requires annual rentals of $15,990 plus the pro rata share of common center expense. The other lease expiring in September 1985 requires monthly rental payments of $1,667. -16- Liquor Water Sewer Fund Fund Fund Total Sales (Less Cost of Sales of $2,532,759) $ 900,192 $ 900,192 Operating Income $ 188,817 $356,670 545,487 Operating Expenses 740,328 320,616 391,979 1,452,923 Operating Income (Loss) 159,864 (131,799) (35,309) (7,244) Other Income 177,843 23,393 2,212 203,448 Net Income (Loss) 337,707 (108,406) (33,097) 196,204 Redistribution of Depreciation 25,002 20,925 45,927 Transfer to General Fund (340,000) (340,000) Net Change in Retained Earnings ($ 2,293)($ 83,404)($ 12,172)($ 97,869) Total Assets $1,261,345 $1,134,759 $565,484 $2,961,588 Working Capital (Deficit) $ 710,705 $ 191,865 ($104,072) $ 798,498 Total Equity $1,088,763 $1,074,400 $452,975 $2,616,138 Note 9. 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 approximately $113,300 for the year ended December 31, 1984. 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. Note 10. Leases The City presently leases space for its administrative offices under a lease agreement which expires August 1986. The lease requires annual rental payments of $36,000. In addition, the City leases space for two of its liquor stores. One lease, expiring November 1985, requires annual rentals of $15,990 plus the pro rata share of common center expense. The other lease expiring in September 1985 requires monthly rental payments of $1,667. -16- CITY OF ST. ANTHONY SCHEDULE 1 GENERAL FUND BALANCE SHEET DECEMBER 31, 1984 AND 1983 ASSETS 1984 1983 Cash and Short -Term Investments $641,725 $599,569 Petty Cash and Change Fund 100 100 Accounts Receivable 25,238 10,350 Taxes Receivable Unremitted 2,597 6,343 Delinquent 11,400 12,672 Allowance for Delinquent Taxes Receivable (11,400) (12,672) Accrued Interest Receivable 9,219 13,115 Due from Liquor Fund 48,125 Restricted Cash and Short -Term Investments (Severance) 36,405 32,936 Totals $715,284 $710,538 LIABILITIES AND FUND BALANCE Liabilities Accounts Payable $ 14,787 $ 2,657 Accrued Payroll and Related Taxes 19,830 19,308 Total Liabilities 34,617 21,965 Fund Balance Appropriated Fund Reserve 15,000 Severance Payments 36,405 32,936 Unappropriated 629,262 655,637 Total Fund Balance 680,667 688,573 Totals $715,284 $710,538 -17- CITY OF ST. ANTHONY GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE YEARS ENDED DECEMBER 31, 1984 AND 1983 Revenue and Other Sources Expenditures and Other Uses Excess (Deficiency) of Revenue and Other Sources Over Expenditures and Other Uses Fund Balance at Beginning of Year Fund Balance at End of Year -18- SCHEDULE 2 1984 1983 Budget Actual Actual $1,563,481 $1,549,485 $1,487,296 1,563,481 1,557,391 1,445,670 - (7,906) 41,626 688,573 688,573 646,947 $ 688,573 $ 680,667 $ 688,573 CITY OF ST. ANTHONY GENERAL FUND STATEMENT OF REVENUE - ACTUAL COMPARED WITH BUDGET YEARS ENDED DECEMBER 31, 1984 AND 1983 SCHEDULE 3 -19- 1984 1983 Budget Actual Actual General Property Taxes Taxes $ 539,035 $ 470,067 Fiscal Disparities Distribution 38,338 28,655 $ 585,500 577,373 498,722 Penalties and Interest on Taxes 2,500 1,462 3,203 588,000 578,835 501,925 Licenses and Permits Licenses 12,000 17,333 8,103 Permits 15,781 56,128 21,006 27,781 73,461 29,109 Intergovernmental Revenue State Property Tax Relief Fund - Homestead Credit 142,000 142,051 129,832 Local Government Aid 192,100 205,107 250,159 Attached Machinery Aid 998 Street Maintenance Aid 9,000 7,815 7,815 Insurance Premium Tax 29,000 29,048 28,489 Civil Defense Aid 7,000 7,072 5,191 County Aid - Street Maintenance 5,600 8,184 7,796 Metro Council - Section 8 Housing Grant 1,660 384,700 399,277 431,940 Fines and Forfeitures 65,000 64,265 61,030 Charges for Current Services 6,000 3,026 3,413 Other Revenue Interest Earned 40,000 44,454 41,063 Rental of Property 12,000 13,444 12,370 Other 12,000 5,684 5,511 Refunds and Reimbursements Independent School District No. 282 - Labor and Supplies 5,000 3,039 4,258 Administrative Fees and Other 3,000 1,677 72,000 66,621 64,879 Total Revenue 1,143,481 1,185,485 1,092,296 Other Sources Transfers from Other Funds Revenue Sharing Fund 24,000 24,000 10,000 Liquor Fund 396,000 340,000 385,000 Total Other Sources 420,000 364,000 395,000 Total Revenue and Other Sources $1,563,481 $1,549,485 $1,487,296 -19- CITY OF ST. ANTHONY GENERAL FUND STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET YEARS ENDED DECEMBER 31, 1984 AND 1983 General Government Mayor and Council Personal Services Contracted Services and Other Charges Contingency Management Personal Services Contracted Services and Other Charges Elections - Contracted Services and Other Charges Finance Personal Services Supplies Contracted Services and Other Charges Assessing Personal Services Contracted Services and Other Charges Legal - Contracted Services Engineering - Contracted Services General Government Buildings Personal Services Supplies Contracted Services and Other Charges Capital Outlay Total General Government -20- 1984 Budget Actual SCHEDULE 4 Sheet 1 1983 Actual $ 14,850 $ 15,320 $ 13,070 4,450 6,092 4,956 22,500 14,667 10,583 41,800 36,079 28,609 61,445 61,931 56,829 4,475 3,766 4,198 65,920 65,697 61,027 3,300 3,528 815 33,937 34,405 32,772 6,000 6,421 5,821 61,500 68,594 59,183 101,437 109,420 97,776 3,045 2,907 2,912 17,245 17,177 14,927 20,290 20,084 17,839 27,000 30,352 27,232 3,250 1,386 2,982 23,311 23,429 22,125 850 3,301 993 80,700 77,943 62,577 400 698 146 105,261 105,371 85,841 368,258 371,917 322,121 CITY OF ST. ANTHONY SCHEDULE 4 GENERAL FUND Sheet 2 STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET YEARS ENDED DECEMBER 31, 1984 AND 1983 -21- 1984 1983 Budget Actual Actual Public Safety Civil Defense Personal Services $ 18,785 $ 18,300 $ 16,400 Supplies 250 34 43 Contracted Services and Other Charges 2,340 757 1,601 Capital Outlay 675 431 906 22,050 19,522 18,950 Police Protection Personal Services 423,002 421,905 417,622 Supplies 8,303 8,451 5,521 Contracted Services and Other Charges 28,733 19,582 28,404 Capital Outlay 1,344 816 1,303 461,382 450,754 452,850 Fire Protection Personal Services 251,435 257,757 251,554 Supplies 5,535 5,825 5,833 Contracted Services and Other Charges 11,220 9,620 7,326 Capital Outlay 8,680 8,190 3,202 276,870 281,392 267,915 Protective Inspection Personal Services 12,157 12,838 11,266 Contracted Services and Other Charges 550 298 333 12,707 13,136 11,599 Animal Control - Contracted Services 1,750 1,640 1,251 Total Public Safety 774,759 766,444 752,565 Public Works Street Maintenance Personal Services 183,345 184,930 166,375 Supplies 49,150 57,507 46,526 Contracted Services and Other Charges 36,500 33,162 33,276 268,995 275,599 246,177 Maintenance Garage Personal Services 31,319 31,156 29,292 Supplies 46,800 39,924 42,862 Contracted Services and Other Charges 4,100 3,853 4,372 Capital Outlay 1,750 1,352 1,850 83,969 76,285 78,376 -21- CITY OF ST. ANTHONY GENERAL FUND STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET YEARS ENDED DECEMBER 31, 1984 AND 1983 Public Works (Continued) Tree Care and Weed Inspection Personal Services Supplies Contracted Services and Other Charges Capital Outlay Total Public Works Park Maintenance Personal Services Supplies Contracted Services and Other Charges Capital Outlay Total Park Maintenance Total Expenditures Other Uses Transfers to Other Funds General Debt Service Fund Capital Equipment Fund Total Other Uses Total Expenditures and nnc.r TT..c -22- SCHEDULE 4 Sheet 3 1984 1983 Budget Actual Actual $ 14,955 $ 14,760 $ 10,235 500 491 378 1,250 1,243 442 650 562 176 17,355 17,056 11,231 370,319 368,940 335,784 27,495 27,227 22,937 2,850 2,937 2,344 3,800 3,973 4,513 1,000 953 406 35,145 35,090 30,200 1,548,481 1,542,391 1,440,670 15,000 15,000 5,000 15,000 15,000 5,000 $1,563,481 $1,557,391 $1,445,670 CITY OF ST. ANTHONY SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1984 AND 1983 SCHEDULE 5 -23- General Revenue Community Reserve Sharing Development Combined Fund Fund Fund 1984 1983 ASSETS Cash and Short -Term Investments (Deficit) $338,444 $25,990 ($30,286) $334,148 $401,291 Note Receivable 25,000 25,000 Accounts Receivable 8,460 30,286 38,746 15,395 Totals $363,444 $34,450 $ - $397,894 $416,686 FUND BALANCE Fund Balance - Unappropriated $363,444 $34,450 $ - $397,894 $416,686 -23- CITY OF ST. ANTHONY SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE YEARS ENDED DECEMBER 31, 1984 AND 1983 SCHEDULE 6 :wzM General Revenue Community Reserve Sharing Development Combined Fund Fund Fund 1984 1983 Revenue Intergovernmental Revenue Federal Grants Revenue Sharing $33,675 $ 33,675 $ 33,062 Community Development $27,856 27,856 15,093 33,675 27,856 61,531 48,155 Other Revenue Interest Earned $ 37,047 4,502 41,549 33,175 Total Revenue 37,047 38,177 27,856 103,080 81,330 Expenditures Other Expenditures Improvement and Other Costs 27,856 27,856 13,635 Administrative 16 16 1,484 Total Expenditures 16 27,856 27,872 15,119 Other Uses Transfers to Other Funds General Fund 24,000 24,000 10,000 Capital Equipment Fund 50,000 20,000 70,000 20,000 Total Other Uses 50,000 44,000 94,000 30,000 Total Expenditures and Other Uses 50,000 44,016 27,856 121,872 45,119 Excess (Deficiency) of Revenue Over Expenditures and Other Uses (12,953) (5,839) - (18,792) 36,211 Fund Balance at Beginning of Year 376,397 40,289 416,686 380,475 Fund Balance at End of Year $363,444 $34,450 $ - $397,894 $416,686 :wzM CITY OF ST. ANTHONY GENERAL RESERVE FUND STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE YEARS ENDED DECEMBER 31, 1984 AND 1983 Revenue Interest Earned Expenditures and Other Uses Transfer to Capital Equipment Fund Excess (Deficiency) of Revenue Over Expenditures and Other Uses Fund Balance at Beginning of Year Fund Balance at End of Year CITY OF ST. ANTHONY REVENUE SHARING FUND 1984 Budget Actual SCHEDULE 7 1983 Actual $ 37,047 $ 30,754 $ 50,000 50,000 (50,000) (12,953) 376,397 376,397 $326,397 $363,444 STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE YEARS ENDED DECEMBER 31, 1984 AND 1983 Revenue Federal Grant - U.S. Treasury Revenue Sharing Grant Interest Earned Total Revenue Expenditures Contracted Services Other Uses Transfers to Other Funds General Fund Capital Equipment Fund Total Other Uses Total Expenditures and Other Uses Excess (Deficiency) of Revenue Over Expenditures and Other Uses Fund Balance at Beginning of Year Fund Balance at End of Year -25- 1984 Budget Actual $ 33,000 $ 33,675 4,502 33,000 38,177 16 30,754 345,643 $376,397 SCHEDULE 8 1983 Actual $ 33,062 2,421 35,483 26 24,000 24,000 10,000 20,000 20,000 20,000 44,000 44,000 30,000 44,000 44,016 30,026 (11,000) (5,839) 5,457 40,289 40,289 34,832 $ 29,289 $ 34,450 $ 40,289 CITY OF ST. ANTHONY COMMUNITY DEVELOPMENT FUND STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE YEARS ENDED DECEMBER 31. 1984 AND 1983 SCHEDULE 9 1984 1983 Budget Actual Actual Revenue Federal Grant - Community Development $27,856 $15,093 Expenditures Improvement and Other Costs 27,856 13,635 Administrative 1,458 Total Expenditures 27,856 15,093 Excess of Revenue Over Expenditures Fund Balance at Beginning of Year Fund Balance at End of Year -26- ASSETS Cash and Short -Term Investments Due from State of Minnesota Accounts Receivable Taxes Receivable Unremitted Delinquent Allowance for Delinquent Taxes Receivable Deposit on Land Acquisition Totals LIABILITIES AND FUND BALANCE Liabilities Note Payable Accounts Payable Deposit Total Liabilities Fund Balance Appropriated Unappropriated (Deficit) Total Fund Balance Totals -27- CITY OF ST. ANTHONY CAPITAL PROJECT FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1984 AND 1983 SCHEDULE 10 State Aid Capital Housing and 711 711 Construction Equipment Redevelopment 5,000 Combined Fund Fund Authority 1984 1983 $133,665 (15,845) $ 54,164 $133,665 $10,611 $198,440 $134,811 325,779 $549,929 $436,992 325,779 301,410 625 710 710 146 717 (717) 25,000 25,000 $379,943 $133,665 $36,321 $549,929 $436,992 $25,000 $ 25,000 711 711 $ 603 5,000 5,000 5,000 30,711 30,711 5,603 $379,943 21,455 401,398 310,464 $133,665 (15,845) 117,820 120,925 379,943 133,665 5,610 519,218 431,389 $379,943 $133,665 $36,321 $549,929 $436,992 CITY OF ST. ANTHONY CAPITAL PROJECT FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE YEARS ENDED DECEMBER 31, 1984 AND 1983 Revenue General Property Taxes Taxes Fiscal Disparities Distribution Intergovernmental Revenue State Property Tax Relief Fund - Homestead Credit Street Construction Aid Other Revenue Interest Earned Sale of Property and Equipment Other Total Revenue Other Sources Proceeds from Sale of Bonds Transfers from Other Funds General Fund Revenue Sharing Fund General Reserve Fund Total Other Sources Total Revenue and Other Sources Expenditures Public Safety - Capital Outlay Public Works - Capital Outlay Improvement Costs Acquisition of Property Contracted Services and Other Charges Interest Total Expenditures Other Uses Transfer to Special Assessment Fund Total Expenditures and Other Uses Excess (Deficiency) of Revenue and Other Sources Over Expenditures and Other Uses Fund Balance at Beginning of Year Fund Balance at End of Year -28- SCHEDULE 11 State Aid Capital Housing and 50,000 50,000 Construction Equipment Redevelopment 55,000 Combined Fund Fund Authority 1984 1983 25,020 25,020 19,242 $12,515 $ 12,515 $ 25,541 $133,665 $ 5,610 $519,218 $431,389 1,004 12,515 12,515 26,545 4,538 $109,122 109,122 100,562 109,122 109,122 105,100 5,163 $ 9,359 123 14,645 9,263 376,466 7,500 7,500 5,163 9,359 7,623 22,145 385,729 114,285 9,359 20,138 143,782 517,374 15,000 15,000 30,000 5,000 20,000 20,000 20,000 50,000 50,000 84,752 85,000 85,000 55,000 114,285 94,359 20,138 228,782 572,374 10,648 10,648 15,916 25,020 25,020 19,242 325,000 20,533 20,533 72,357 3,889 35,668 20,533 56,201 436,404 84,752 84,752 20,705 84,752 35,668 20,533 140,953 457,109 29,533 58,691 (395) 87,829 115,265 350,410 74,974 6,005 431,389 316,124 $379,943 $133,665 $ 5,610 $519,218 $431,389 CITY OF ST. ANTHONY SPECIAL ASSESSMENT FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1984 AND 1983 Debt Revolving Service Fund Fund ASSETS C/.11C T11T D 1 7 Combined 1984 1983 Cash and Short -Term Investments $ 17,308 $676,394 $693,702 $598,243 Accounts Receivable 26,509 468,722 26,509 67,445 509,393 Special Assessments Receivable 517,283 Totals $154,751 $799,393 $954,144 Unremitted 1,509 1,509 10,394 Delinquent 153 3,403 3,556 3,323 Deferred 110,781 118,087 228,868 308,395 Totals $154,751 $799,393 $954,144 $920,355 LIABILITIES AND FUND BALANCE Liabilities Accounts Payable $ 87,306 $ 87,306 $ 8,072 Bonds Payable $290,000 290,000 395,000 Total Liabilities 87,306 290,000 377,306 403,072 Fund Balance Appropriated 31,385 31,385 48,561 Unappropriated 67,445 478,008 545,453 468,722 Total Fund Balance 67,445 509,393 576,838 517,283 Totals $154,751 $799,393 $954,144 $920,355 -29- CITY OF ST. ANTHONY SPECIAL ASSESSMENT FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE YEARS ENDED DECEMBER 31, 1984 AND 1983 SCHEDULE 13 Debt Revolving Service Combined Fund Fund 1984 1983 Revenue Intergovernmental Revenue State Aid - Construction $151,510 $151,510 $ 412 Other Revenue Interest Earned $ 64,429 64,429 53,659 Interest on Assessments 13,745 12,248 25,993 35,352 Other 158 158 1,874 13,745 76,835 90,580 90,885 Total Revenue 165,255 76,835 242,090 91,297 Other Sources Transfer from State Aid Construction Fund 84,752 84,752 20,705 Total Revenue and Other Sources 250,007 76,835 326,842 112,002 Expenditures Improvement Costs - Contracted Services Interest Interest on Bonds Service Charges Total Expenditures Excess of Revenue and Other Sources Over Expenditures Fund Balance at Beginning of Year Fund Balance at End of Year -30- 239,071 239,071 10,645 10,795 10,795 10,895 17,176 17,176 21,933 245 245 173 249,866 17,421 267,287 43,646 141 59,414 59,555 68,356 67,304 449,979 517,283 448,927 $ 67,445 $509,393 $576,838 $517,283 CITY OF ST. ANTHONY GENERAL DEBT SERVICE FUND BALANCE SHEET DECEMBER 31. 1984 AND 1983 Cash and Short -Term Investments Taxes Receivable Unremitted Delinquent Allowance for Delinquent Totals ASSETS Taxes Receivable FUND BALANCE SCHEDULE 14 1984 1983 $2,306 $1,282 209 490 (490) $2,306 $1,491 Fund Balance - Unappropriated $2,306 $1,491 -31- CITY OF ST. ANTHONY GENERAL DEBT SERVICE FUND STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE YEARS ENDED DECEMBER 31, 1984 AND 1983 Revenue General Property Taxes Taxes Fiscal Disparities Distribution Intergovernmental Revenue State Property Tax Relief Fund - Homestead Credit SCHEDULE 15 1984 1983 $ 209 $24,110 1,465 209 25,575 6,639 Other Revenue Interest Earned 661 Total Revenue 870 32,214 Other Sources Transfer from General Fund 15,000 Total Revenue and Other Sources 15,870 32,214 Expenditures - Debt Service Debt Retirement Interest Total Expenditures Excess of Revenue and Other Sources Over Expenditures Fund Balance at Beginning of Year Fund Balance at End of Year -32- 15,000 30,000 55 723 15,055 30,723 815 1,491 1,491 $ 2,306 $ 1,491 ASSETS Current Assets Cash and Short -Term Investments (Deficit) Petty Cash and Change Funds Accounts Receivable Other Receivables Inventories, at Lower of Cost or Market Prepaid Insurance Total Current Assets Property, Plant and Equipment - At Cost Land and Improvements Buildings and Structures Distribution and Collection System Furniture, Fixtures and Equipment Less Accumulated Depreciation Total Property, Plant and Equipment Other Assets Restricted Cash and Short -Term Investments - Severance Other Receivables - Metropolitan Waste Control Commission Total Other Assets Totals LIABILITIES AND FUND EQUITY Current Liabilities Accounts Payable Accrued Payroll and Related Taxes Accrued Sales Tax Due to General Fund Meter Deposits Total Current Liabilities Other Liabilities Deferred Income Deferred Gain on Disposal of Property and Equipment - Metropolitan Waste Control Commission Total Other Liabilities Total Liabilities Fund Equity Contributed Capital Retained Earnings Reserved for Severance Payments Unreserved Total Fund Equity Totals -33- CITY OF ST. ANTHONY $ 10,391 $ 135,090 SCHEDULE 16 ENTERPRISE FUNDS 3,022 14,817 12,302 COMBINING BALANCE SHEET 36,088 36,453 DECEMBER 31, 1984 AND 1983 48,125 Liquor Utility Combined Fund Funds 1984 1983 $ 170,589 ($ 33,867) $ 136,722 $ 271,180 103,275 103,275 103,275 106,803 154,659 154,659 112,491 413 28,775 29,188 372 601,405 988 602,393 574,286 7,605 7,334 14,939 10,894 883,287 157,889 1,041,176 1,072,498 11,152 10,651 21,803 21,803 491,129 674,202 1,165,331 1,163,923 $3,124,464 2,514,907 2,514,907 2,514,512 334,671 186,045 520,716 529,314 836,952 3,385,805 4,222,757 4,229,552 468,154 1,957,773 2,425,927 2,308,590 368,798 1,428,032 1,796,830 1,920,962 9,260 9,260 9,260 114,322 114,322 121,744 9,260 114,322 123,582 131,004 $1,261,345 $1,700,243 $2,961,588 $3,124,464 $ 124,699 $ 10,391 $ 135,090 $ 103,139 11,795 3,022 14,817 12,302 36,088 36,088 36,453 48,125 _ 56,683 56,683 55,108 172,582 70,096 242,678 255,127 475 475 2,600 102,297 102,297 106,803 102,772 102,772 109,403 172,582 172,868 345,450 364,530 1,098,371 1,098,371 1,144,298 9,260 9,260 9,260 1,079,503 429,004 1,508,507 1,606,376 1,088,763 1,527,375 2,616,138 2,759,934 $1,261,345 $1,700,243 $2,961,588 $3,124,464 Sales and Cost of Sales Sales Cost of Sales Gross Profit Operating Income User Charges Other Gross Operating Income Total Gross Profit and CITY OF ST. ANTHONY ENTERPRISE FUNDS COMBINING STATEMENT OF OPERATIONS AND CHANGES IN RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1984 AND 1983 Operating Income Operating Expenses Personal Services Supplies Contracted Services and Other Charges Disposal Charges Depreciation Total Operating Expenses Operating Income (Loss) Other Income Commissions Check Cashing Credits and Refunds Received Interest Earned Insurance Proceeds Miscellaneous Total Other Income Other Expense Interest Miscellaneous Total Other Expense Net Income (Loss) for Year Retained Earnings at Beginning of Year Redistribution of Depreciation to Contributed Capital Transfer to General Fund Retained Earnings at End of Year -34- SCHEDULE 17 Liquor Utility Combined Fund Funds 1984 1983 $3,432,951 $3,432,951 $2,521,561 2,532,759 2,532,759 1,622,479 900,192 900,192 899,082 $539,062 539,062 459,495 6,425 6,425 4,884 545,487 545,487 464,379 900,192 545,487 1,445,679 1,363,461 450,238 144,259 594,497 581,239 24,559 17,308 41,867 42,343 214,117 177,645 391,762 314,848 289,342 289,342 252,233 51,414 84,041 135,455 123,724 740,328 712,595 1,452,923 1,314,387 159,864 (167,108) (7,244) 49,074 15,670 15,670 18,453 39,696 39,696 40,097 10,903 10,903 14,303 13,227 23,477 36,704 61,076 108,284 108,284 3,123 1,750 4,873 7,378 180,000 36,130 216,130 141,307 339,864 (130,978) 208,886 190,381 9,796 9,796 13,161 2,157 729 2,886 2,141 2,157 10,525 12,682 15,302 337,707 (141,503) 196,204 175,079 1,091,056 524,580 1,615,636 1,779,628 45,927 45,927 45,929 (340,000) (340,000) (385,000) $1,088,763 $429,004 $1,517,767 $1,615,636 CITY OF ST. ANTHONY ENTERPRISE FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1984 AND 1983 SCHEDULE 18 -35- Liquor Utility Combined Fund Funds 1984 1983 Working Capital Provided By Operations Net Income (Loss) for Year $337,707 ($141,503) $196,204 $175,079 Adjustment for Items Not Affecting Working Capital Depreciation 51,414 84,041 135,455 123,724 (Gain) Loss on Disposal of Equipment (660) 729 69 250 Total Working Capital Provided By (Applied To) Operations 388,461 (56,733) 331,728 299,053 Proceeds from Disposal of Equipment 1,900 1,900 Decrease in Other Receivables 7,422 7,422 10,571 Total Working Capital Provided (Applied) 390,361 49,311) 341,050 309,624 Working Capital Applied To Transfer to General Fund 340,000 340,000 385,000 Acquisition of Plant and Equipment 10,197 3,095 13,292 89,930 Decrease in Other Liabilities 6,631 6,631 9,858 Total Working Capital Applied 350,197 9,726 359,923 484,788 Increase (Decrease) in Working Capital $ 4.0,164 (S 59,037) ($ 18,873) ($175,164) Changes in Working Capital By Components Increases (Decreases) in Current Assets Cash and Short -Term Investments $ 1,318 ($135,776) ($134,458) ($289,455) Petty Cash and Change Funds 15,100 Accounts Receivable 42,168 42,168 (6,007) Other Receivables 413 28,403 28,816 (19,171) Inventories 28,525 (418) 28,107 227,126 Prepaid Insurance 1,375 2,670 4,045 1,732 31,631 (62,953) (31,322) (70,675) Increases (Decreases) in Current Liabilities Accounts Payable 37,278 (5,327) 31,951 33,985 Accrued Payroll and Related Taxes 2,679 (164) 2,515 923 Accrued Sales Tax (365) (365) 19,041 Due to General Fund (48,125) (48,125) 48,125 Meter Deposits 1,575 1,575 2,415 _ (8,533) (3,916) 12,449) 104,489 Increase (Decrease) in Working Capital 40,164 (59,037) (18,873) (175,164) Working Capital at Beginning of Year 670,541 146,830 817,371 992,535 Working Capital at End of Year $710,705 $ 87,793 $798,498 $817,371 -35- CITY OF ST. ANTHONY LIQUOR FUND BALANCE SHEET DECEMBER 31. 1984 AND 1983 ASSETS Current Assets 1984 Cash and Short -Term Investments $ 170,589 Petty Cash and Change Funds 103,275 Other Receivable 413 Inventory of Merchandise, at Lower of Cost or Market 601,405 Prepaid Insurance 7,605 Total Current Assets 883,287 Property, Plant and Equipment - At Cost Land and Improvements Building and Structures Furniture, Fixtures and Equipment Less Accumulated Depreciation Total Property, Plant and Equipment Other Asset Restricted Cash and Severance Totals Short -Term Investments - LIABILITIES AND FUND EQUITY Current Liabilities Accounts Payable Accrued Payroll and Related Taxes Accrued Sales Tax Due to General Fund Total Current Liabilities Fund Equity Retained Earnings Reserved for Severance Payments Unreserved Total Fund Equity Totals -36- 11,152 491,129 334,671 836,952 468,154 368,798 9,260 $1,261,345 $ 124,699 11,795 36,088 172,582 9,260 1,079,503 1,088,763 $1,261,345 SCHEDULE 19 1983 $ 169,271 103,275 572,880 6,230 851,656 11,152 489,721 343,269 844,142 432,887 411,255 9,260 $1,272,171 $ 87,421 9,116 36,453 48,125 9,260 1,081,796 1,091,056 $1,272,171 CITY OF ST. ANTHONY SCHEDULE 20 LIQUOR FUND STATEMENT OF INCOME AND CHANGES IN RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1984 AND 1983 Sales Cost of Sales Gross Profit Operating Expenses Personal Services Supplies Contracted Services and Other Charges Depreciation Total Operating Expenses Operating Income Other Income Commissions Check Cashing Interest Earned Insurance Proceeds Miscellaneous Total Other Income Other Expense Miscellaneous Net Income Retained Earnings at Beginning of Year Transfer to General Fund Retained Earnings at End of Year 1984 Percent Total of Sales $3,432,951 100.00% 2,532,759 73.78 900,192 26.22 450,238 13.11 24,559 .71 214,117 6.24 51,414 1.50 740,328 21.56 159,864 4.66 15,670 .46 39,696 1.16 13,227 .38 108,284 3.15 3,123 .09 180,000 5.24 339,864 9.90 2,157 .06 337,707 9.84% (385,000) 1,091,056 $1,091,056 (340,000) $1,088,763 -37- 1983 Percent Total of Sales $2,521,561 100.00% 1,622,479 64.34 899,082 35.66 440,504 17.47 23,318 .93 161,974 6.42 39,206 1.56 665,002 26.38 234,080 9.28 18,453 .73 40,097 1.59 37,790 1.50 4,473 .18 100,813 4.00 334,893 13.28 1,891 .07 333,002 13.21% 1,143,054 (385,000) $1,091,056 CITY OF ST. ANTHONY LIQUOR FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1984 AND 1983 SCHEDULE 21 1984 1983 Working Capital Provided By Operations Net Income for Year $337,707 $333,002 Adjustment for Items Not Affecting Working Capital Depreciation 51,414 39,206 Gain on Disposal of Equipment (660) Total Working Capital Provided By Operations 388,461 372,208 Proceeds from Disposal of Equipment 1,900 Total Working Capital Provided 390,361 372,208 Working Capital Applied To Transfer to General Fund 340,000 385,000 Acquisition of Equipment 10,197 88,929 Total Working Capital Applied 350,197 473,929 Increase (Decrease) in Working Capital $ 40,164 ($101,721) Changes in Working Capital By Components Increases Decreases in Current Assets Cash and Short -Term Investments $ 1,318 ($251,655) Petty Cash and Change Funds 15,100 Other Receivable 413 (5,847) Inventory 28,525 227,361 Prepaid Insurance 1,375 (353) 31,631 (15,394) Increases (Decreases) in Current Liabilities Accounts Payable 37,278 18,616 Accrued Payroll and Related Taxes 2,679 545 Accrued Sales Tax (365) 19,041 Due to General Fund (48,125) 48,125 (8,533) 86,327 Increase (Decrease) in Working Capital 40,164 (101,721) Working Capital at Beginning of Year 670,541 772,262 Working Capital at End of Year $710,705 $670,541 CITY OF ST. ANTHONY SCHEDULE 22 LIQUOR FUND STATEMENT OF OPERATING EXPENSES YEARS ENDED DECEMBER 31, 1984 AND 1983 Salaries 1984 1983 On Sale $115,288 $142,031 Off Sale 160,893 125,331 Custodians 23,069 22,327 Managers 65,113 61,802 Bookkeepers 33,679 36,094 Employees' Insurance 15,432 17,038 Pension Contributions 36,764 35,881 Personal Services 450,238 440,504 Laundry 3,042 3,480 On Sale Supplies 4,294 4,058 Off Sale Supplies 8,991 7,324 Cleaning Supplies 2,498 3,284 Office Expense 5,734 5,172 Supplies 24,559 23,318 Rentals and Leases 35,114 25,302 Utilities 42,721 28,579 Repairs, Maintenance and Janitorial 25,220 28,545 Insurance 37,285 34,568 Telephone 5,206 3,267 Sanitation 4,788 2,787 Security 3,744 4,698 Advertising and Decorating 41,147 16,005 Accounting and Other Services 5,505 5,463 Travel 4,187 3,810 Music 9,200 8,950 Contracted Services and Other Charges 214,117 161,974 Depreciation 51,414 39,206 Totals $740,328 $665,002 -39- ASSETS Current Assets Cash and Short -Term Investments (Deficit) Accounts Receivable Other Receivables Inventory of Supplies, at Lower of Cost or Market Prepaid Insurance Total Current Assets Property, Plant and Equipment - At Cost Land and Improvements Building and Structures Distribution and Collection System Equipment Less Accumulated Depreciation Total Property, Plant and Equipment Other Receivables Metropolitan Waste Control Commission Totals LIABILITIES AND FUND EQUITY Current Liabilities Accounts Payable Accrued Payroll and Related Taxes Meter Deposits Total Current Liabilities Other Liabilities Deferred Income Deferred Gain on Disposal of Property and Equipment - Metropolitan Waste Control Commission Total Other Liabilities Total Liabilities Fund Equity Contributed Capital Retained Earnings (Deficit) Total Fund Equity Totals -40- CITY OF ST. ANTHONY SCHEDULE 23 UTILITY FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1984 AND 1983 Water Sewer Combined Fund Fund 1984 1983 $ 198,955 ($ 232,822) ($ 33,867) $ 101,909 48,114 106,545 154,659 112,491 74,012 28,775 28,775 372 988 988 1,406 4,167 3,167 7,334 4,664 252,224 (94,335) 157,889 220,842 7,006 3,645 10,651 10,651 665,202 9,000 674,202 674,202 1,468,292 1,046,615 2,514,907 2,514,512 116,708 69,337 186,045 186,045 2,257,208 1,128,597 3,385,805 3,385,410 1,374,673 583,100 1,957,773 1,875,703 882,535 545,497 1,428,032 1,509,707 114,322 114,322 121,744 $1,134,759 $ 565,484 $1,700,243 $1,852,293 $ 1,615 $ 8,776 $ 10,391 $ 15,718 2,061 961 3,022 3,186 56,683 56,683 55,108 60,359 9,737 70,096 74,012 475 475 2,600 102,297 102,297 106,803 102,772 102,772 109,403 60,359 112,509 172,868 183,415 620,161 478,210 1,098,371 1,144,298 454,239 (25,235) 429,004 524,580 1,074,400 452,975 1,527,375 1,668,878 $1,134,759 $ 565,484 $1,700,243 $1,852,293 CITY OF ST. ANTHONY SCHEDULE 24 UTILITY FUNDS COMBINING STATEMENT OF CHANGES IN FUND EQU: YEARS ENDED DECEMBER 31, 1984 AND 1983 RETAINED EARNINGS Balance (Deficit) at Beginning Net Loss for Year Redistribution of Depreciation to Contributed Capital Balance (Deficit) at End of Year $537,643 ($ 13,063) $ 524,580 $ 636,574 (108,406) (33,097) (141,503) (157,923) 25,002 Water Sewer Combined CONTRIBUTED CAPITAL Fund Fund 1984 1983 Balance at Beginning of Year $645,163 $499,135 $1,144,298 $1,190,227 Redistribution of Depreciation from Retained Earnings (25,002) (20,925) (45,927) (45,929) Balance at End of Year $620,161 $478,210 $1,098,371 $1,144,298 RETAINED EARNINGS Balance (Deficit) at Beginning Net Loss for Year Redistribution of Depreciation to Contributed Capital Balance (Deficit) at End of Year $537,643 ($ 13,063) $ 524,580 $ 636,574 (108,406) (33,097) (141,503) (157,923) 25,002 20,925 45,927 45,929 $454,239 ($ 25,235) $ 429,004 $ 524,580 -41- CITY OF ST. ANTHONY SCHEDULE 25 UTILITY FUNDS COMBINING STATEMENT OF OPERATIONS YEARS ENDED DECEMBER 31, 1984 AND 1983 Operating Income Water Sales Sewer Charges Other Total Operating Income Operating Expenses Personal Services Supplies Contracted Services and Other Charges Disposal Charges Depreciation Total Operating Expenses Operating Loss Other Income Permits Interest Earned Miscellaneous Metropolitan Waste Control Commission Credits Received Total Other Income Other Expense Interest Loss on Disposal of Equipment Total Other Expense Net Loss -42- Water Sewer Combined Fund Fund 1984 1983 $182,392 $182,392 $175,133 $356,670 356,670 284,362 6,425 6,425 4,884 188,817 356,670 545,487 464,379 89,558 54,701 144,259 140,735 12,342 4,966 17,308 19,025 161,317 16,328 177,645 152,874 289,342 289,342 252,233 57,399 26,642 84,041 84,518 320,616 391,979 712,595 649,385 (131,799) (35,309) (167,108) (185,006) 315 60 375 895 23,477 23,477 23,286 330 1,045 1,375 2,010 10,903 10,903 14,303 24,122 12,008 36,130 40,494 (107,677) 23,301) (130,978) (144,512) 9,796 9,796 13,161 729 729 250 729 9,796 10,525 13,411 ($108,406)($ 33,097)($141,503)($157,923) CITY OF ST. ANTHONY UTILITY FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31, 1984 AND 1983 Working Capital Provided By Operations Net Loss for Year Adjustment for Items Not Affecting Working Capital Depreciation Loss on Disposal of Equipment Working Capital Provided By (Applied To) Operations Decrease in Other Receivables Total Working Capital Provided (Applied) Working Capital Applied To Acquisition of Equipment Decrease in Other Liabilities Total Working Capital Applied SCHEDULE 26 Water Sewer Combined Fund Fund 1984 1983 ($108,406)($ 33,097)($141,503)($157,923) 57,399 26,642 84,041 84,518 729 729 250 (50,278) (6,455) (56,733) (73,155) 7,422 7,422 10,571 (50,278) 967 3,095 6,631 3,095 6,631 (49,311) (62,584) 3,095 1,001 6,631 9,858 9,726 10,859 Decrease in Working Capital ($ 53,373)($ 5,664)($ 59,037)($ 73,443) Changes in Working Capital By Components Increases (Decreases in Current Assets Cash and Short -Term Investments ($ 58,983)($ 76,793)($135,776)($ 37,800) Accounts Receivable 7,102 35,066 42,168 (6,007) Other Receivables 28,403 28,403 (13,324) Inventory (418) (418) (235) Prepaid Insurance 809 1,861 2,670 2,085 (51,490) (11,463) (62,953) (55,281) Increases (Decreases) in Current Liabilities Accounts Payable 484 (5,811) (5,327) 15,369 Accrued Payroll and Related Taxes (176) 12 (164) 378 Meter Deposits 1,575 1,575 2,415 1,883 (5,799) (3,916) 18,162 Decrease in Working Capital Working Capital (Deficit) at Beginning of Year Working Capital (Deficit) at End of Year -43- (53,373) (5,664) (59,037) (73,443) 245,238 (98,408) 146,830 220,273 $191,865 ($104,072) $ 87,793 $146,830 STATISTICAL SECTION CITY OF ST. ANTHONY ASSESSED VALUATIONS, TAX LEVIES AND MILL RATES Shown by Year of Collectibility Tax Levies General $ 639,614 $ 727,500 $ 801,000 Capital Outlay 32,704 10,000 Housing and Redevelopment Authority 21,311 6,500 Totals $ 693,629 $ 727,500 $ 817,500 .tII n... .__ General 10.385 11.359 12.645 Capital Outlay .531 .158 Housing and Redevelopment Authority .363 .103 Totals 11.279 11.359 12.906 -44- 1983 1984 1985 Assessed Valuations Assessed Valuations $62,173,003 $64,554,066 $65,229,642 Contribution to Fiscal Disparities Pool (3,362,866) (3,889,909) (5,442,134) Distribution from Fiscal Disparities Pool 2,997,403 3,524,608 4,212,774 Increment Financing (100,967) (117,709) (149,543) Taxable Valuations $61,706,573 $64,071,056 $63,850,739 Tax Levies General $ 639,614 $ 727,500 $ 801,000 Capital Outlay 32,704 10,000 Housing and Redevelopment Authority 21,311 6,500 Totals $ 693,629 $ 727,500 $ 817,500 .tII n... .__ General 10.385 11.359 12.645 Capital Outlay .531 .158 Housing and Redevelopment Authority .363 .103 Totals 11.279 11.359 12.906 -44- Year 1980 1981 1982 1983 1984 Total Levy $102,170 102,125 93,461 113,689 102,189 Total Year Levy 1980 $509,892 1981 520,810 1982 593,620 1983 693,629 1984 727,500 Year 1980 1981 1982 1983 1984 Total Levy $102,170 102,125 93,461 113,689 102,189 SPECIAL ASSESSMENT LEVIES AND COLLECTIONS Current CITY OF ST. ANTHONY of Levy Collections Collected TAX LEVIES AND COLLECTIONS 100,722 98.63 88,081 94.24 112,622 99.06 Percentage Current Percentage Prior of Total Year's Levy of Levy Years' Levy Total Collections Collections Collected Collections Collections To Levy $504,555 98.95% $8,226 $512,781 100.57% 519,020 99.66 3,454 522,474 100.32 575,557 96.96 2,003 577,560 97.29 684,322 98.66 (1,563) 682,759 98.43 718,046 98.70 1,479 719,525 98.90 SPECIAL ASSESSMENT LEVIES AND COLLECTIONS Current Percentage Year's Levy of Levy Collections Collected $100,420 98.29% 100,722 98.63 88,081 94.24 112,622 99.06 101,825 99.64 -45- Prior Years' Levy Total Collections Collections $6,346 $106,766 1,848 102,570 1,263 89,344 6,298 118,920 521 102,346 Percentage of Total Collections To Levy 104.50% 100.44 95.59 104.60 100.15 CITY OF ST. ANTHONY COMBINED SCHEDULE OF BONDED INDEBTEDNESS DECEMBER 31, 1984 -46- Date Bonds Due in 1985 Interest Date of of Final Rates Issue Maturity Authorized Issued Redeemed Outstanding Principal Interest Bonded Indebtedness Special Assessment Improvement Bonds Improvement Bonds of 1968 4.80-4.90% 10/1/68 1/1/90 $ 960,000 $ 960,000 $ 760,000 $200,000 $ 40,000 $ 9,760 Improvement Bonds of 1973 4.50 6/1/73 3/1/85 675,000 675,000 585,000 90,000 90,000 2,025 Total Bonded Indebtedness $1,635,000 $1,635,000 $1,345,000 $290,000 $130,000 $11,785 -46- CITY OF ST. ANTHONY BONDS PAYABLE DECEMBER 31, 1984 Note - January 1, 1985 maturities are considered matured December 31, 1984. CITY OF ST. ANTHONY DEBT SERVICE REQUIREMENTS DECEMBER 31, 1984 Date of Interest Date of Principal Principal Issue Rate Maturity Amount Special Assessment Improvement Bonds $141,785 1986 40,000 7,840 Improvement Bonds of 1968 10/1/68 40,000 5,880 45,880 January 1, 1986 40,000 4.80% 1/1/86 $ 40,000 January 1, 1987 through 1990; $40,000 1,960 4.90 1/1/87-90 160,000 Total Improvement Bonds of 1968 $321,385 200,000 Improvement Bonds of 1973 6/1/73 March 1, 1985 4.50 3/1/85 90,000 Total Special Assessment Improvement Bonds $290,000 Note - January 1, 1985 maturities are considered matured December 31, 1984. CITY OF ST. ANTHONY DEBT SERVICE REQUIREMENTS DECEMBER 31, 1984 Note - January 1 maturities are considered matured December 31 of the preceding year. -47- Special Assessment Improvement Bonds Principal Interest Total 1985 $130,000 $11,785 $141,785 1986 40,000 7,840 47,840 1987 40,000 5,880 45,880 1988 40,000 3,920 43,920 1989 40,000 1,960 41,960 Totals $290,000 $31,385 $321,385 Note - January 1 maturities are considered matured December 31 of the preceding year. -47- ADDITIONAL REPORTS ADRIAN HELGESOM lqk AND COMPANY Certified Public Accountants 1221 Nicollet Mall Minneapolis, MN 55403 May 31, 1985 Honorable Mayor and Members of the City Council City of St. Anthony, Minnesota We have examined the combined financial statements of the City of St. Anthony, Minnesota as of and for the year ended December 31, 1984, as listed in the table of contents, and have issued our report thereon dated May 31, 1985, which was qualified due to omission of general fixed assets. As part of our examination, we made a study and evaluation of the City's system of internal accounting control to the extent we considered necessary to evaluate the system as required by generally accepted auditing standards and the standards for financial and compliance audits contained in the U.S. General Accounting Office's Standards for Audit of Governmental Organizations, Programs Activities and Functions. For the purpose of this report, we have classified the significant internal accounting controls in the following categories. - Revenue and Cash Receipts - Expenditures and Cash Disbursements - General Ledger Maintenance - Financial Reporting Our study included all of the control categories listed above. The purpose of our study and evaluation was to determine the nature, timing, and extent of the auditing procedures necessary for expressing an opinion on the City's combined financial statements. Our study and evaluation was more limited than would be necessary to express an opinion on the system of internal accounting control taken as a whole or on any of the categories of controls identified above. -48- The management of the City of St. Anthony is responsible for establishing and maintaining a system of internal accounting control. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. The objectives of a system are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. Because of inherent limitations in any system of internal accounting control, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree of compliance with the procedures may deteriorate. Our study and evaluation made for the limited purpose described in the first paragraph would not necessarily disclose all material weaknesses in the system. Accordingly, we do not express an opinion on the system of internal accounting control of the City of St. Anthony taken as a whole or on any of the categories of controls identified in the first paragraph. However, our study and evaluation disclosed the following condition that we believe to be a material weakness. The City does not maintain records of general fixed assets and, accordingly, such assets are not included in the finanical statements. This report is intended solely for the use of management, the cognizant Federal audit agency and other Federal audit agencies and should not be used for any other purpose. Certified Public Accountants -49- ADRIAN HELGES01 q AND COMPANY Certified Public Accountants 1221 Nicollet Mall Minneapolis, MN 55403 May 31, 1985 Honorable Mayor and Members of the City Council City of St. Anthony, Minnesota We have examined the combined financial statements of the City of St. Anthony, Minnesota as of and for the year ended December 31, 1984, as listed in the table of contents, and have issued our report thereon dated May 31, 1985, which was qualified due to omission of general fixed assets. 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. As part of our examination, we also performed tests of compliance with the Revenue Sharing Act and regulations as detailed in the "Commentary on the Audit Requirements of the 1980 Amendments to the State and Local Fiscal Assistance Act" issued by the Office of Revenue Sharing, U.S. Department of the Treasury, and compared the data on the appropriate Bureau of Census Form F -21A with the audited financial statements of the City of St. Anthony, Minnesota. We understand that procedures and systems in conformity with the criteria contained in the commentary are considered by Revenue Sharing to be adequate for its purposes in accordance with the provisions of the Revenue Sharing Act as amended. Based on this understanding and our study and evaluation, we believe the City's procedures and systems were adequate for Revenue Sharing purposes. -50- In our opinion, for the items tested, the City of St. Anthony, Minnesota complied with the aforementioned provisions of the Revenue Sharing Act and regulations, except for the following matter: Information reported on the original Form F -21A to the Bureau of Census did not include the financial activity of all of the funds of the City. An amended Form F -21A was filed with the Bureau of Census, which was in substantial agreement with audited financial statements. Further, based upon our examination and the procedures referred to above, nothing came to our attention to indicate that the City of St. Anthony, Minnesota had not complied with the aforementioned provisions of the Revenue Sharing Act and regulations, except as noted above. This report is intended solely for the use of management, the cognizant Federal audit agency and other Federal audit agencies and should not be used for any other purpose. Certified Public Accountants -51-