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1990 Audit ReportFILE COPY CITY IF KWICEIJ , '41ME90TA 03NPfZE7EMIVE ANNUAL FINAWIAL RII f Year E►dad Dwmber 31, 1990 Gruys, Johnson and Asmistes, Ltd. CERTUIED PUBLIC ACCOUNTANTS MONTICELLO. MINNESOTA Q i r 1 CITY OF MONTICELW, MINNESOTA COMPREMEWNSM ANNUAL FINANCIAL REPORT 1 Year Ended December 31, 1990 CITY OF MONTICELLO, MINNESOTA TABLE OF CONTENTS I. INTRODUCTORY SECTION Miscellaneous Data II. FINANCIAL SECTION Pagg Independent Auditor's Report on Financial Statements 1 A. General Puroose Financial Statements Exhibit Combined Balance Sheet - All Fund Types and Account Groups 1 2-3 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types 2 4 1 i Combined Statement of Revenues, Expenses and Changes in Retained Earnings - All Proprietary Fund Types 3 5 '1 Combined Statement of Cash Flaws - All Proprietary Fund Types 4 6 I Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual - General and Special Revenue Fund Types 5 7 I+ Notes to Financial Statements 8-26 tatement B. Combining and Individual Fund Statements General Fund, Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget (GAAP Basis) and Actual A-1 27-30 Special Revenue Funds Combining Balance Sheet B-1 31 Combining Statement of Revenues, Expenditures and Changes in Fund Balances B-2 _ 32 Shade Tree Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-3 33 1 Orderly Annexation Fund, Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual O B-4 34 C, CITY OF HONTICELIO, N33D(ESOTA TABLE OF CONTENTS B. Combinina and Individual Fund Statements - Continued Statement Page Capital Outlay Revolving Fund, Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-5 35 Library Fund, Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual 8-6 36 Housing and Redevelopment Authority Fund, j Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-7 37 Park and Recreation Fund, Statement of Revenues, Expenditures and Changes in Fund Balance B-8 38 Urban Development Action Grant Fund, Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-9 39 Economic Development Authority Fund Statement of Revenues, Expenditures and Changes in Fund Balance 8-10 60 Mater Improvement Fund, Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual 8-11 41 Sewer Improvement Fund, Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-12 42 Debt Service Funds, Combining Balance Sheet l C-1 63-46 l Combining Statement of Revenues, Expenditures and Changes in Fund Balances C-2 47-50 Capital Projects Funds Combining Balance Sheet D-1 51 Combining Statement of Revenues, Expenditures and Changes in Fund Balance D-2 52 CITY OF NONTICELLo, KDOMSOTA TABLE OF CONTEMS B. Combining and Individual Fund Statements - Continued Sttemen Page Proprietary Funds, Combining Balance Sheet E-1 53 Combining Statement of Revenues, Expenses and Changes in Retained Earnings E-2 54-55 Combining Statement of Cash Flow E-3 56 Sewer Fund: Comparative Balance Sheet E-4 57 Comparative Statement of Revenues, Expenses and Changes in Retained Earnings - Budget (GAAP Basis) and Actual E-5 58 Comparative Statement of Cash Flows E-6 59 Nater Fund, Comparative Balance Sheet E-7 60 Comparative Statement of Revenues, Expenses and Changes in Retained Earnings - Budget (GAAP Basis) and Actual E-8 61 Comparative Statement of Cash Flows E-9 62 Liquor Fund, Comparative Balance Sheet E-10 63 Comparative Statement of Revenues, Expenses and Changes in Retained Earnings E-11 64 Comparative Statement of Cash Flows E-12 65 Comparative Statement of Revenues and Expenditures - Budget (GAAP Basis) and Actual E-13 66 Transportation Pund, Comparative Balance Sheet E-14 67 Comparative Statement of Revenues, Expenses and Changes in Retained Earnings - Budget (GAAP Basis) and Actual E-15 68 Comparative Statement of Cash Flows E-16 69 CITY OF MONTICELLO, MINNESOTA TABLE OF CONTENTS C. Other Financial Statements Statement Page Schedule of Sources and Uses of Public Funds For ffi 01 - A Tax Increment Financing District F-1 70 Schedule of Sources and Uses of Public Funds For Metcalf -Larson 02 - A Tax Increment Financing District F-2 71 Schedule of Sources and Uses of Public Funds For FSI 03 - A Tax Increment Financing District F-3 72 Schedule of Sources and Uses of Public Funds For M 00 - A Tax Increment Financing District F-4 73 Schedule of Sources and Uses of Public Funds For Const. 5 05 - A Tax Increment Financing District F-5 74 Schedule of Sources and Uses of Public Funds For Raindance 06 - A Tax Increment Financing District F-6 75 Schedule of Sources and Uses of Public Funds For NAWC0 07 - A Tax Increment Financing District F-7 76 Schedule of Sources and Uses of Public Funds for NSP 08 - A Tax Increment Financing District F-8 77 Schedule of Sources and Uses of Public Funds for TAPPER 09 - A Tax Increment Financing District F-9 78 Schedule of Sources and Uses of Public Funds for REMME E 010 - A Tax Increment Financing District F-10 79 Schedule of Sources and Uses of Public Funds for MARTIE 011 - A Tax Increment Financing District F-11 80 Schedule of Sources and Uses of Public Funds for RMART 01-1 - A Tax Increment Financing District F-12 81 CITY OF MDNTICELL,O, MINNESOTA TABLE OF CONTENTS III. SUPPLEMENTAL INFORMATION Schedule Computation of Legal Debt Margin 1 82 Bonded Indebtedness - General Obligation Bonds 2 83 Bonded Indebtedness - General Obligation Special Assessment Bonds 3 84-85 Bonded Indebtedness - General Obligation Tax Increment Bonds 4 86 Indebtedness - Tax Increment Note 5 87 Indebtedness - Lease Purchase Obligations 6 88 Tax Levies to Retire Bonded Indebtedness 7 89-91 Auditor's Comments on Compliance with Minnesota Statutes 92-93 CITY OF MONTIm. I , KUMESOTA MISCELLANEOUS DATA Term 91Eicials - 1990 Expires Mayor Ren Maus 12-31-90 Council Member Dan Blonigen 12-31-92 Council Member Marren Smith 12-31-90 Council Member Fran Fair 12-31-90 Council Member Shirley Anderson 12-31-92 Clerk-Treasurer and Administrator Rick Molfsteller Appointed Brun. s, 7ofinson " a , P�.w carw�.. or.exs s«em a N�'ai. 'M�,a� Sa�.n d CY4M ano(.Wssoclales, L10( CERTIFIED PUBLIC ACCOUN7ONIS INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS To the Mayor and City Council City of Monticello, Minnesota We have audited the accompanying general purpose financial statements of the City of Monticello, Minnesota, as of and for the year ended December 31, 1990, as listed in the table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of Monticello, Minnesota as of December 31, 1990, and the results of operations and the changes in cash flows of its proprietary fund types for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining, individual fund and schedules listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of Monticello, Minnesota. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. Hay 15, 1991 A� N AND AS SOC TES, L Ce4i ed Publie Accountants 611 WYM Swa. San I1. Mulo[No. MN 55363 $955671 6160 Senna Or— Sun 640, Brook" Cam,. MN SSam 561.00" P16t6 Pron6fona Bua6a10. 1111 H". 25 No. Bu6ab. MN 55313 663 1763 473.0036 -1- afl091931maw, emsm Omibit 1 0010IM 081610 m" - 166 f® TTP09 w mw 090095 Oceetber ll, 1990 See anesspmllap lutes to 96euoelal Stlulats. Da POOplIST81T no Sm GOMIUM 9010 ft71S rm ffm am AMM 680049 TOT61 Ilm 09671 Omen] 6eun1 Special Debt hpiul lquep Sited loaq-Ten Omenl lemgt Wrict Miecu loterprise foo Ateeubefit92 90 1919 Cub and Westport S 1,013,216 3 (20,541 S 2,911,562 S 332,627 S 666,919 S 5,686,193 S 5,396,191 Oecei►ablm Acmmu 33,SBS 365,170 1,711 187,129 569,202 609,286 Special useteaau - deterred 2,605 263,813 1,515,206 15,005 1,796,617 1,785,938 Special uemumu - deliogamt 18 130 1,119,858 1,155 1,111,211 1,007,700 oa Du trothr foods 172,000 23,000 195,200 207,000 0n troy otter goveramul alts 31,457 5,158 25,876 1,712 65,203 108,139 bud bald for resale 188,815 188,820 152,282 IlvmurT 157,755 157,755 130,860 prepaid twain 27,111 271 10,913 38,302 31,985 Ouu)eted cub and lavmtern • !0,210 10,210 10,351 Gmenl fired unto 510,312,187 10,312,T81 10,166,379 Impart] and egaipamt (get of ucculeted depreciation) 10,144,503 10,166,50 10,396,07 Aa®t sellable in Debt Service Soda S 1190,597 1,90,597 11861,260 hout to be provided for retiramt of gmerel log -ten debt 8,027,916 1,627,966 7,917,45) Amort to be provided for retintat of geoenl ling -un lessee papble 65,135 65,435 113,259 Owr state - defend eotpeautioo plu at fuht i 90,672 90.612 01095 MM LISM S 1.360,87 51,446.901 61680 Lji)15 869 LSAR MM 7-87 1 0 1 998 S 10.211.191 39 Il See anesspmllap lutes to 96euoelal Stlulats. Da LIABILITIES Cub deficit icco®u parable Contracts parable Other accrued tWms Isrros deposit parable One to other governmental units One to other funds Deferred reveme General obligation bonds parable General obligation to incresent nota parable General obligation tea iacresest bands ptrthle Special assessment bonds parable wag -tea leases parable Deferred cupenaation tends held for ptrticipeu Total Liabilities ISD IMQ Contributed capital Imestunt in petrel find assets leuiud eaeiags Unnerved Told talus Iturved for amonrtmt loan reeeiveble Ituned for tired nuts held for male Reserved for debt service Omesentd Designated for subsegmat Team' Meditans bdeelgmted Total rod Iqutr TOM UH11ITM A® I® Im" Bee accupenying taw to financial Stauaets. CITY o9 ®ITIC812,0, MOTS Iibibu I (Conthmed) MIDI® BIL9CB mu - BLL rm ft9S Ion ACCOW GA00PS Dece6er 31, 1190 Cm FROFRIIT91 50 Bon G09IFORITAL FORD MIS Fm IMS am BCCOM RES TOTAL [am GILT) General Geerel Specie! Debt Capital Spiry Fired Loag4tre ktral Revenue Service Proiecta Iatarorise food Debt 1990 1989 5 939 S 863,111 8 39,99 8 901,918 S 891,115 1 11,395 11911 S 217 11,110 27,663 44,917 55,720 55,720 36,035 67,902 660 26,350 116,912 61,739 11,810 11,110 10,351 14,954 195,000 195,000 207,000 2,680 263,943 2,615,062 16,160 2,917,865 2,661,63) 1 1,111,000 2,115,000 2,930,000 21,563 21,%3 23,713 2.020,000 2,020,000 1,230,000 51160,000 5.160.000 5.595,000 65,635 65,131 113,259 s 90.672 90,602 69.095 1 113.717/f 62.653 S) 69 L 51.937 S 16,488 1 90.672 S I 1l 9 ISI .359.539 S 14,00,974 8 9,321,109 S 9,327,409 S 91550,115 $10,312,187 10, 312, 787 10,166, 319 1,759,14 1,159, 796 1,712,627 S 3351344 335,344 217,031 168,825 181,825 152,212 8 1,918,597 1,918,597 1,861,260 11,010,600 S 279,408 1,350,001 385,338 165.910 460.286 626.196 1.01.151 11.216.510 8 986.155 11,941,597 1 279.108It 1 .067,2031 1 1 1 IS 5.818.!60 125,742,217 11160.291 51.446.9086 800 L-11 345 11 I3 9 LAM to I2117 URL 98 LU -11L 93!1 .al:.ton Cm 0 See accompanying Notes to Financial Statements. -4- CITY OF MDNTICMW, MINNESOTA Exhibit 2 COMBINED STATE)O;ZIT OF REVENUES, EBPENDITURES AND CHANCES I21 FUNK BALANCES - ALL GOVERNMENTAL FUND TYPES For The Year Ended December 31, 1990 GOVERNMENTAL FUND TYPES TOTALS {MEND ONLY) Special Debt Capital General Revenue Service protects 1990 1989 Revenues Taxes $ 1,270,823 S 431,249 S 1,108,794 $ 2,810,866 S 2,353,547 Collections on special assessments 14,268 295,951 310,219 464,327 Licenses and permits 93,606 93.606 72,121 Intergovernmental 67,288 1,162 68,450 320,456 Charges for services 87,669 44,957 132,626 133,079 Fines and forfeits 14,437 14,437 34,974 Miscellaneous 225.307 68.134 185.379 S 38,804 517.¢24 612.526 Total Revenues S 1.759.130 S 559.770 S 1.590.124 S 38.804 S 3,947,828 S 3.991.030 Expenditures General government S 699,782 S 35,548 S 735,330 S 629,517 Public safety 327,207 327,207 290,966 Highways and streets 374,850 374,850 437,849 Sanitation 248,636 23,004 271,640 206,283 iWelfare 54,664 23,721 78,385 55,748 Culture and recreation 92,010 92,010 132,542 Capital projects 501,251 S 981,073 1,482,324 1,295,965 Debt service Principal retirement 2,150 S 1,645,000 1,647,150 916,973 Interest and fiscal charges 735.980 735,9§,0 753.391 Total Expenditures S 1,797.149 S 585.674 S 2,380,980 S 981.073 S 5,744,876 S 4,719,234 Excess (Deficiency) of Revenues over Expenditures $ (38,019) S (25,904) $ 4790.856) S (942.269) S(1.797,048) S (728,204) Other Financing Sources (Uses) Proceeds of general obligation bonds S 256,835 S 725,250 S 821,250 $ 1,803,335 S 500,726 Operating transfers in 1,301,311 120,727 1,422,038 119,501 Operating transfers out (30,032) (1,148,368) (105,638) (1,284,038) (119,501) Total Other Financing Sources (Uses) S 226.803 S 878.193 S 836.339 S 1.941.335 S 500.726 Excess (Deficiency) of Revenues and Other Sources over Expenditures and Other Uses S (38,019) S 200,899 S 87,337 S (105,930) $ 144,287 S (227,478) Fund Balances at Beginning of Year 1,284.529 781,939 1.861,260 385.338 4,313,066 4.540,544 Prior Period Adjustment 1,617 1,617 FUND BALANCES AT END OF YEAR S 1,246,510 S 984,455 S 1,948,597 S 279.408 S 4.458.970 S 4.313.066 See accompanying Notes to Financial Statements. -4- CITY OF HONTICELLO, MINNESOTA Exhibit 3 COMBINED STATEMENT OF REVENUES, ESPENSES AND CHANCES IN RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES For The Years Ended December 31, 1994 and 1989 Ron -Operating Revenues (Expenses) Interest income PROPRIETARY FUND TYPE $ 53,648 Enterprise Enterprise t98$) 1990 1989 Operating Revenues Net Income Before Operating Transfers S (287,211) Charges for services $ 582,847 S 491,717 Gross profit 296.050 262.743 Total Operating Revenues S 878,897 S 754.460 Operating Expenses Add depreciation on contributed assets 472,378 Salaries and employee benefits $ 201,979 S 170,494 Professional services 328,994 311,845 Supplies and materials 47,753 53,669 Repairs and maintenance 32,683 15,106 Utilities 49,605 43,818 Depreciation 496,817 489,972 Equipment rental 52,653 3,885 Other 56.180 50.153 Total Operating Expenses S 1,266.664 S 1.138,942 Operating Income (Loss) S (387.767) S 1384.482) Ron -Operating Revenues (Expenses) Interest income S 59,859 $ 53,648 Other 40.697 t98$) Total Non -Operating Revenues (Expenses) S 100.556 $ 52.660 Net Income Before Operating Transfers S (287,211) S (331,822) Operatinn transfers (out) t138.000) Net Income (Loss) S (425,211) S (331,822) Retained earnings at beginning of year 1,712,627 1,580,397 Add depreciation on contributed assets 472,378 464.052 Retained Earnings at End of Year S 1.759.7% S 1,712,627 Contributed capital at beginning of year S 9,550,155 S 9,513,101 Assets contributed during year 249,632 501,106 Depreciation -contributed assets 72,378) (464„052) Contributed Capital at End of Year ¢ 9.327.409 S 9.550.151 RETAINED EARRINGSICONTURTMX) CAPITAL AT END OF YEAR S 11.087.203 S 11.262,782 See accompanying Notes to Financial Statements. -5- CITY OF MDNTICMW, K DWMA Exhibit 4 COMBINED STATEMENT OF CASH FIM - ALL PROPRIETARY FUND TYPES For The Years Ended December 31, 1990 and 1989 PROPRIETARY FUND TYPES Enterprise Enterprise Cash floes from operating activities, 1990 1'?89 Net income (loss) before transfers S (287,211) S (331,822) Adjustments to reconcile net income to net cash provided by operating activities, Depreciation 496,817 489,972 Changes in assets and liabilities (Increase) decrease in accounts receivable (35,671) 1,988 (Increase) decrease in NSF checks receivable (52) 155 {Increase) decrease in inventory (26,915) (11,120) (Increase) decrease in prepaid expenses (11821) 1,352 (Increase) decrease in special assessments receivable - deferred (3,475) (3,242) (Increase) decrease in special assessments receivable - delinquent (709) 167 (Increase) decrease in due from other funds (Increase) decrease in due from other governmental units (1,627) 334 Increase (decrease) in accounts payable (1,751) 11,038 Increase (decrease) in accrued expenses 13.797 2,268 Increase (decrease) in deferred revenue ¢,184 3.076 Net Cash Provided by Operating Activities S 155.566 S 164.166 Cash floes from investing activities, Capital expenditures Equipment $ 4,749 S (8,546) Building and improvements (8,987) Furniture and fixtures Transfers out (138.000) Net Cash Provided (Used) in Investing Activities S (133.251) S (17.533} Cash flows from financing activities Increase (decrease) in due to other governmental units S (350) S (163) Net Cash Provided (Used) in Financing Activities S (350) S (163) Net increase (decrease) in cash and cash equivalents S 21,965 S 146,470 Cash and cash equivalents at beginning of year 603.116 456.646 Cash and Cash Equivalents at End of Year S 625.05'{ S 603,116 Non-Cash Transactions: Contributed Assets Land, Buildings and Improvements S 242,632 S SO1.306 Total Non-Cash Transactions S 249.632 S 501.106 See accompanying Notes to Financial Statements. -6- CITY OF MONTICELLO, MINNESOTA COMBTNM STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET (GAAP BASIS) AND ANAL - GENERAL AND SPECIAL REVENUE FUND TYPES Year Ended December 31, 1990 Revenues Taxes Special assessments Licenses Intergovernmental Charges for services Fines and forfeits Miscellaneous Total Revenues Expenditures General government Public safety Highway and streets Sanitation Welfare Culture and recreation Capital projects Debt service Total Expenditures Excess (Deficiency) of Revenues over Expenditures Other Financing Sources (Uses) Proceeds of general obligation bonds Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Excess (Deficiency) of Revenues and Other Sources over Expenditures and Other Uses Fund balances at beginning of year Prior Period Adjustment FUND BALANCES AT END OF YEAR Exhibit 5 GENERAL FUND SPECIAL REVENUE FUND TYQES Variance Variance Favorable Favorable Budaet Actual (Unfavorable) Budget Actual JUnfavorable) S 1,285,765 S 1,270,823 S (14,942) S 444,425 S 431,249 S (13,176) 3,975 14,268 10,293 65,200 93,606 28,406 48,500 67,288 18,788 200 1,162 962 74,000 87,669 13,669 16,400 44,957 28,557 8,000 14,437 6,437 149.975 225.307 75.332 40.400 64.437 24.037 S 1.631.440 S 1.759.130 S 127.690 S 505.400 S 556.073 $ 50.673 S 623,255 S 699,782 S (76,527) S 29,600 S 35,548 S (5,948) 301,975 327,207 (25,232) 314,310 374,850 (60,540) 222,000 248,636 (26,636) 22,250 23,004 (754) 57,975 54,664 3,311 111,925 92,010 19,915 28,875 23,721 5,154 149,925 499,013 (349,088) 2.150 4.150 S 1.631.440 S 1.797.149 $ (165.709) S 232.800 S 583.436 $ (350.636) $ -0- S (38.019) S (38.019) S 272.600 S (27.363) S (299.963) S 256,835 S 256,835 4,639 4,639 S (144.550) (172.670) 128.120) S -0- S -0- S -0- S (144.550) S 88.804 $ 233.354 $ -0- S (38,019) S (38.019) S 128.050 S 61,441 S (66.609) 1,284,529 781,939 1.617 S 1.246.510 S 844.997 Due to the lack of a formal budget, the Economic Development Authority Fund has been excluded from this financial statement. See accompanying Notes to Financial Statements. -7- CITY OF HONTICEL D, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1990 Note 1 Summary of Significant Accountina Policies The accounting policies of the City of Monticello, Minnesota, conform to generally accepted accounting principles as applicable to governmental units. The following is a summary of the more significant policies, A. Fenortino EntitY The City's financial statements include the operations of all organiza- tions for which the City Council exercises oversight responsibility. Oversight responsibility is demonstrated by financial interdependency, selection of governing authority, designation of management, ability to significantly influence operations, and accountability for fiscal matters. Based on the aforementioned oversight criteria, the operations of the following entities have been included in or excluded from the accompany- ing financial statements. Entities included in the financial statementso a. Housing and Redevelopment Authority (HRA) --The HRA was created by the City to provide economic development and redevelopment financial as- sistance through creation of Tax Increment Finance Districts. Debt issues of the HRA are City general obligations. Entities excluded from the financial statements( b. Independent School District No. 882, Monticello, Minnesota --The School District is established in accordance with State statutes as a separate and distinct governmental unit. It has its own elected Board, levies its own taxes and prepares and submits financial state- ments on its own. c. Monticello Volunteer Fire Relief Association (Association) --The Asso- ciation is organized as a non-profit organization by its members to provide pension and other benefits to such members in accordance with Minnesota statutes. The Association's Board of Directors is elected by the membership of the Association. All finding is obtained in ac- cordance with Minnesota statutes whereby state aids flow to the Asso- ciation and tax levies are determined by the Association and reviewed by the City. B. Basis of presentation --Fund Accosting The operations of the City are recorded in the following fund types and account groups( Governmental Fund 14M General Fund --The general fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. -a- �r CITY OF NONTICELGO, MINNESOTA NDTB,S TO FINANCIAL STATEMENTS December 31, 1990 Note I Summary of Significant Accounting Policies - Continued Special Revenue Funds --Special revenue funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. Debt Service Funds --Debt service funds are used to account for the accumulation of resources for, and the payment of, general long-term debt principal, interest, and related costs. Capital Proiect Funds --Capital project funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds and trust funds). Eroprietary Fund TvM to rise Funds --Enterprise funds are used to account for activities that are similar to those often found in the private sector. The measurement focus is upon determination of net income and capital maintenance. Fiduciary Fund Types Trust d Agencv Funds; -Fiduciary funds are used to account for assets held by the City in a trustee capacity or as an agent. Nonexpendable trust funds and pension trust funds are reported as proprietary funds. Expendable trust funds are reported as governmen- tal funds. Agency funds are custodial in nature and do not involve measurement of results of operations. Account Groups General Pixed (asset Account Grqup--This account group is used to account for all fixed assets of the City, other than those accounted for In proprietary and trust funds. General Long-aernj Debt Accourjb GMM --This account group is used to account for all long-term obligations of the City except those ac- counted for in proprietary and trust funds. C. Basis of Accounting The modified accrual basis of accenting is followed by governmental funds, expendable trust funds, and agency funds. Under the modified accrual basis of accounting, revenues are recorded when they become mea- surable and available to pay liabilities of the current period. Rev- enues not considered available are recorded as deferred revenues. Ex- penditures are recorded when the liability is incurred except for inter- est on general long-term obligations, which is recorded when due. -9- CITY OF MONTICELLO, KINNESOTA NOTES TO FINANCIAL STATENENTS December 31, 1990 Note 1 Summary of Sianificant Accountino Policies - Continued In applying the susceptible to accrual concept to intergovernmental rev- enues, evenues, there are essentially two types of revenues. In one, moneys must be expended on the specific purpose or project before any amounts will be paid to the City; therefore, revenues are recognized based upon the expenditures incurred. In the other, moneys are virtually unrestricted and are usually revocable only for failure to comply with prescribed compliance requirements. These resources are reflected as revenues at the time of receipt or earlier if the susceptible to accrual criteria are met. Property taxes are recognized as revenue in the year for which taxes have been levied, provided they are collected within 60 days after year-end. Special assessments are recorded as revenue in the year the individual installments are collected. Licenses and permits, fines and forfeitures, and miscellaneous revenues are generally recorded as rev- enues when received. Investment earnings are recorded as earned. The accrual basis of accounting is used by proprietary funds and nonexpendable trust tunds. Unbilled service revenue is accrued in pro- prietary funds. D. Budaets and Budaetary Accounting The City follows these procedures in establishing the budgetary data re- flected in the financial statements. a. Prior to September 1, the City administrator submits to the City Council a proposed operating budget for the fiscal year commencing the following January 1. The operating budget includes proposed ex- penditures and the means of financing them. b. Public hearings are conducted to obtain taxpayer comments. c. The City Administrator is authorized to transfer budgeted amounts be- tween departments within any fund; however, any revisions that alter the total expenditures of any fund must be approved by the City Council. d. Formal budgetary integration is employed as a management control device during the year for the general fund, special revenue funds and enterprise funds. Formal budgetary integration is not employed for the capital projects and debt service funds. e. Budgets are adopted on a basis consistent with generally accepted ac- counting principles. Budgeted amounts are as originally adopted, or as amended by the City Council. Mt -D CITY OF MONTICELLO, HINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1990 Note I Summary of Sianificant Accountino Policies - Continued E. Cash and Investments Cash balances from all funds are combined and invested to the extent available in certificates of deposit and other allowable investments. Earnings from investments are allocated to the respective funds on the basis of applicable cash balance participations by each fund. Temporary cash investments are stated at cost plus accrued interest, which approximates market. F. Special Assessment Receivables Special assessment receivables include the following components a. Delinquent installments including interest remaining unpaid as of year end. b. Deferred installments which will be billed to property owners in the future. In accordance with generally accepted accounting principles, such amounts not collected within 60 days after year end are unavailable for current operations and, therefore, are deferred. G. Inventories Inventories are valued at lower of cost (first -in, first -out) or market. H. General Fixed Assets General fixed assets are recorded as expenditures in the governmental funds and capitalized at cost in the general fixed assets account group. Contributed fixed assets are recorded at their estimated fair market value at the time received. Certain improvements such as roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems are not capital- ized. Such assets normally are immovable and of value only to the City. Therefore, the purpose of stewardship for capital expenditures is satisfied without recording these assets. Depreciation is not provided on general fixed assets. I. Property. Plant and Eauiwment - Proprietary Finds Property, plant and equipment used by proprietary funds are stated at cost or estimated historical cost. Contributed fixed assets are re- corded at estimated fair market value at the time received. Net inter- est costs are capitalized on projects during the construction period. -11- CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1990 Note 1 Summary of Significant Accountina Policies - Continued Depreciation is provided using the straight-line method over estimated useful lives ranging from 25 to 50 years for buildings, 10 to 20 years for improvements other than buildings, and 3 to 10 years for equipment. J. Fund Balances Reserved fund balance indicates the portion of fund equity which has been legally segregated for specific purposes. Unreserved designated fund balance indicates the portion of fund equity for which the City has made tentative plans. Unreserved undesignated fund balance indicates the portion of fund equity which is available for budgeting in future periods. K. Vacation and Sick Pay City employees earn vacation days based upon the number of completed years of service. The City compensates employees for unused vacation upon termination of employment. Accordingly, the expenditure for vaca- tion is recognized when it is earned. Employees are entitled to paid sick leave at various rates for each month of full-time service. Full-time employees who resign or leave city employment voluntarily and in good standing, after giving proper notice, shall be compensated for up to 50 days of unused sick leave under the following guide lines, After 5 years of employment, one fourth of the unused sick leave times the hourly rate at the time of giving notice. After 10 years of employment, one half of the unused sick leave times the hourly rate at the time of giving notice. L. Total Columne on Combined Statements Total columns on the combined statements are captioned 'Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns does not present financial position or results of operations in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. H. =arati.e Data Comparative total data for the prior year has been presented in the ac- companying financial statements in order to provide an understanding of changes in the City's financial position and operations. However, com- parative (i.e., presentation of prior year totals by fund type) data have not been presented in each of the statements since their inclusion would make the statements unduly complex and difficult to read. -12- CITY OF NONTICEL(A, KDOMSDTA NOTES TO FINANCIAL STATEMMS December 31, 1990 Note 2 Stewardship. Comoliance. and Accountabilitv A. Deficit Fund Balances Deficit fund balances as of December 31, 1990, are as follows Special Revenue Funds Housing and Redevelopment Authority 18.424 Debt Service Funds 1978 Sewer and Water Bond S 290,767 General Obligation Improvement Bond Series 19908 412,525 General Obligation Improvement Bonds of 1981 31,334 General Obligation Improvement Band of 1979 114.839 S 849,465 Capital Project Funds Seventh Street Improvement S 217 The Transportation Fund has a retained deficit of $399. The HRA fund deficit is a carryover from prior years when capital outlay costs were incurred on tax increment projects that exceeded project budgets. The fund deficit has been reduced by S22,000 in 1990, and anticipated revenues from tax increment projects are expected to eliminate deficits. The 1978, 1979, 1981, and 1990 (B) G.O. debt service fund deficits have accumulated because special assessment revenues haven't been received as anticipated. Subsequent to the 12/31/90 audit balances, the City has received a $483,300 payment on delinquent assessments for the 1990 (B) debt service fund and is implementing procedures to increase the special assessment collections for other bond funds. The 7th Street capital improvement project fund deficit was caused by improvement project cost exceeding estimated costs. The deficit will be eliminated by funds being transferred from the capital revolving improvement fund. The transportation fund deficit is a carryover from prior years from etart-vn expenditures exceeding revenues. The deficit has been reduced by $4,144 during 1990, and anticipated revenues are expected to ; eliminate the deficit. -13- 7 CITY Of MONTICEUO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1990 Note 2 Stewardship. Comvliance. and Accountability - Continued S. Excesses of expenditures over budget in individual funds. Expenditures Over Expenditures Budget Sudaet Sever Fund S 742,563 S 729,920 S 12,643 Water Fund 297,943 275,653 22,290 Housing and Redevelopment Authority 376,751 40,575 336,176 General Fund 1,797,149 1,631,440 165,709 Shade Tree 23,004 22,250 754 Sewer Hookups 3,301 3,301 Orderly Annexation 35,548 29,600 5,948 Capital Outlay Revolving 121,111 111,500 9,611 Liquor Fund 162,398 160,650 1,748 Note 3 Cash and Investments Cash balances of City funds are combined (pooled) and invested to the extent available in various investments authorized by state statutes. Each funds portion of this pool (or pools) is displayed on the - financial statements as 'Cash and investments'. For purposes of iden- tifying risk of investing public funds, the balances and related restrictions are summarized below, A. Deposits - Minnesota statutes require that all deposits with finan- cial institutions must be collateralized in an amount equal to 110% of deposits in excess of FDIC or FSLIC insurance (140% if collateralized with notes secured by first mortgages). The carrying amount of the City's deposits with financial institu- tions was $3,602,864 and the bank balance was 53,903,404. The bank balance is categorized as follows, Insured by FDIC or FSLIC insurance S 2,199,000 Covered by collateral assigned to City and not redeposited in the financial institution furnishing the collateral 1,704,404 – Total 3=k B-0--t.ce S 3.903,404 B. IByestments - Minnesota state statutes authorize the City to invest in obligations of the U. S. Treasury, agencies and instrumentalities of the United States, shares of investment companies whose only Invest- ments are in the aforementioned securities, obligations of the State of -14- CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATOGNTS December 31, 1990 Note 3 Cash and Investments - Continued Minnesota or its municipalities, bankers' acceptances, futures' con- tracts, repurchase agreements, and commercial paper of the highest quality with a maturity of no longer than 270 days. Investments held by the City at year end are classified as to credit risk as follows, Category 1 - Insured or registered, or securities held by the City's agent in the City's name. Category 2 - Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the City's name. Category 3 - Uninsured and unregistered, with securities held by the counterparty, or by its trust de- partment or agent but not in the City's name. Carrying Market Cateaory Amount Value Minnesota Municipal Money Market Fund S 231,248 S 231,248 U.S. Securities 1 758.373 758.373 Total Investments S 989.621 S 989.621 Note 4 Rrooerty Taxes Property tax levies are set by the City Council in October of each year, and are certified to the County Auditor for collection in the following year. In Minnesota, counties act as collection agents for all property taxes. Such taxes become a lien on property on January 1 and are recorded as receivables by the City at that date. Real property taxes may be paid by taxpayers in two equal installments on Nay 15 and October 15. Personal property taxes may be paid on February 28 and June 30. The County provides tax settlements to cities and other taxing districts three times a year. Taxes which remain unpaid at December 31, are classified as delinquent and are not recognized as revenue because they are not known to be available to finance current expenditures. No allowance for uncollectible taxes has been provided bezauae such amounts are not effected to be material. Cities in Minnesota operate under a levy limitation law which restricts cities to a 31 increase in the taxes levied in 1988, payable in 1989, increased by a growth adjustment equal to the greater of the percentage increase in population or in the number of households between 1988 and 1989. The limit does not include various special levies, such as levies for bonded indebtedness. -15- CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1990 Note 5 Due From Other Governments Due from other governmental units includes the following, State of Minnesota - Transportation Grant S 14,343 Monticello Township Fire Contract 2,881 Big Lake Township Fire Contract 645 Wright County - Recycling Incentive 1,232 Wright County - Property taxes 43,688 Other 2.414 L_&5_203 Note 6 General Fixed Assets General fixed assets as of December 31, 1990, are as follows, Beginning Ending Balance Additions Balance Land S 870,695 S 49,983 S 920,678 Buildings 1,882,041 20,922 1,902,963 Equipment 1,204,524 68,055 1,272,579 Other Improvements 6.209.119 7,448 6.216.567 Total S 10.166.379 S 146.408 S 10.312.787 Note 7 Defined Benefit Pension Plans - Statewide! IA. Plan Description All full-time and certain part-time employees of the City of Monticello are covered by defined benefit pension plans adminis- tered by the Public Employees Retirement Association of Minnesota (PEM). PERA administers the Public Employees Retirement Fund I (PERF) and the Public Employees Police and Fire Fund (PEPFF) which are cost-sharing multiple -employer retirement plans. PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated members are covered by Social Security and Basic members are not.All new members must participate in the Coordinated Plan. The payroll for employees covered by PERF for the year ended December 31, 1990, was $581,244; the City's total 0 payroll was $626,534. PEM provides retirement benefits as well as disability benefits a to members, and benefits to survivors upon death of eligible members. Benefits are established by State Statute, and vest after three years of credited service. The defined retirement benefits are based on a member's average salary for any five a successive years of allowable service, age, and years of credit at termination of service. Two methods are used to compute benefits for Coordinated and Basic members. The retiring member receives I -16- CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1990 Note 7 Defined Benefit Pension Plans - Statewide, - Continued the higher of step -rate benefit accrual formula (Method 1) or a level accrual formula (Method 2). Under Method 1, the annuity accrual rate for a Basic member is 2 percent of average salary for each of the first 10 years of service and 2.5 percent for each remaining year. For a Coordinated member, the annuity accrual rate is 1 percent of average salary for each of the first 10 years and 1.5 percent for each remaining year. Using Method 2, the annuity accrual rate is 2.5 percent of average salary for Basic members and 1.5 percent for Coordinated members. For PEPFF members, the annuity accrual rate is 2.5 percent for each of the first 25 years and 2 percent for each remaining year. For PERF members whose annuity is calculated using Method 1, and for all PEPFF members, a full annuity is available when age plus years of service equal 90. There are different types of annuities available to members upon retirement. A normal annuity is a lifetime annuity that ceases upon the death of the retiree. No survivor annuity is payable. There are also various types of joint and survivor annuity options available which will reduce the monthly normal annuity amount, because the annuity is payable over joint lives. Members may also leave their contributions in the fund upon termination of public service, in order to qualify for a deferred annuity at retirement age. Refunds of contributions are available at any time to members who leave public service, but before retirement benefits begin. B. Contributions Rewired and Contributions Made Minnesota Statutes Chapter 353 sets the rates for employer and - employee contributions. The City makes annual contributions to the pension plans equal to the amount required by state statutes. According to Minnesota Statutes Chapter 356.215, Subd. 0(g), the - date of full funding required for the PERF and the PEPFF is the year 2020. As part of the annual actuarial valuation, PERA's actuary determines the sufficiency of the statutory contribution rates towards meeting the required full funding deadline. The actuary compares the actual contribution rates to a 'required' contribution rate. Current combined statutory contribution rates and actuarially required contribution rates for the plans are as follows, _9tatutory Rates Required Employee Empiove Rates PERP (Basic 6 Coordinated Plans 4.07% 6.82% 8.83% PEPFF 8.00% 12.001 16.211 -17- CITY OF MDNPICMW, tQHIiFSOTA NOTES TO FINANCIAL STATEMENTS December 31, 1990 Note 7 Defined Benefit Pension Plans - S t w d - Continued Total contributions made by the City during fiscal year 1990 were, Percentage of Amounts Covered Pavroll Employee Employe Employee Emv1QVQr PERF S 24,586 S 26,039 4.23% 4.48% Totals LAL81 " 3 The City's contribution for the year ended June 30, 1990, to the PERF represented less than one percent of the total contributions required of all participating entities. For the PEPFF, the City was not required to make any contributions for the year ended June 30, 1990. C. Funding Status and Progress 1. Pension Benefit Obligation The -pension benefit obligation' is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and sup -rate benefits, estimated to be payable in the future as a result of employee service to date. The measure, which is the actuarial present value of credited projected benefits, is intended to help users assess PERA's funding status on a going -concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among Public Employees Retirement Systems and among employers. PERA does not make separate measurements of assets and pension benefit obligation for individual employers. The pension benefit obligations as of June 30, 1990, are shown below, (In Thousands) Total pension benefit obligation S 4,089,960 $ 657,453 Net assets available for benefits, at cost (Market Values for PERP $3,547,243; PEPFF - $803,320) 3,250,157 739.068 Unfunded (assets in excess of) pension benefit obligation S 839,803 $_ (81,615) The measurement of the pension benefit obligation is based on 1 an actuarial valuation as of Jute 30, 1990. Net assets available to pay pension benefits were valued as of June 3C, 1990. -18- .1 CITY OF MONfICELLD, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1990 Note 7 Defined Benefit Pension Plans - Statewide - Continued 2. Changes in Actuarial Methods and Benefit Provisions. For the fiscal year 1990 actuarial valuation, the PERA Board of Trustees approved the use of new withdrawal rates. The change was made to reduce, if not eliminate, the series of large, annually recurring actuarial losses in the last few years due to lower than expected terminations. With the adoption of new withdrawal rates, the pension benefit obligation increased $59,962,000 in the PERF and 56,97$,000 in the PEPFF. 0. e'en Year Historical Trend Information Ten-year historical trend information is presented in PERA's Comprehensive Annual Financial Report for the year ended June 30, 1990. This information is useful in assessing the pension plan's accumulation of sufficient assets to pay pension benefits as they become due. E. Related Party Investments As of June 30, 1990, and for the fiscal year then ended. PERA held no securities issued by the City or other related parties. City of Monticello Fire Relief Association Plan Description The City contributes to the City of Monticello Fire Relief Asso- ciation (Association), a single employer retirement system that acts as a common investment manager and administrator for the City's firefighters. All active members of the fire department are members of the Association. Upon approval by the Board of Trustees, lump sum retirement benefits are either paid or deferred as follower (a) Benefits accrue and vest to members based on $1,175 per year of active service in the fire department and Association with 1001 vesting at twenty years. (b) There is no maximum retirement benefit. (c) Members retiring with less than ten years of service forfeit their accrued benefits. (d) Members who separate from service and have at least ten years of active service and membership but are less than 50 years of age are entitled to a deferred service pension payable upon reaching the age of 50. The Association also provides death benefits, whereby upon approval of application, the beneficiaries of each deceased active member would receive $1,175 per year of service. -19- CITY OF HONTICELLO, NCM ESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1990 Note 7 Defined Benefit Pension Plans - Continued The City passes through state aids allocated to the plan in accordance with enabling state statutes. Related Partv Investments During 1990 and as of December 31, 1990, the Association held no securi- ties issued by the City or other related parties. Funding Status and Proqress The Association provides benefits in lump sum as allowed by state statutes and is not required to have an actuarial study to determine its unfunded pension benefit obligation. Therefore, the amount shown below as the 'pension benefit obligation' represents the amount of retirement benefits earned by members but unpaid as of December 31, 1990, as determined in ac- cordance with state statutes. The net assets available for benefits and the unfunded pension benefit obligation information is unavailable. Contributions Required and Made. Prior to August 1 of each year, the Association must certify to the City Clerk the amount of municipal support required in the following year. The City's minimum obligation is the financial requirement for the succeeding year less anticipated state aids and interest earnings. Any additional payments by the City are used to amortize the unfunded liability of the Association. The City made no contributions to the Association in 1990. Ten -Year Historical Trend Information Ten-year historical trend information related to the pension plan is not maintained by the Association. Note a Deferred Comvensation The City offers its employees a deferred compensation plan created in ac- cordance with Internal Revenue Code Section 657. The plan, available to all City employees, permits them to defer a portion of their salary until future years. The deferred compensation is riot available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the em- ployee or other beneficiary) solely the property and rights of the City (without being restricted to the provisions of benefits under the plan), subject only to the claims of the City's general creditors. Participants' -20- CITY OF HONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1990 Note 8 Deferred Compensation - Continued rights under the plan are equal to those of general creditors of the City in an amount equal to the fair market value of the deferred account for each participant. It is the opinion of the City's legal counsel that the City has no liabil- ity for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The City believes that is unlikely that it will use the assets to satisfy the claims of general creditors in the future. The Plan is entirely funded by contributions from electing employees. No contribution is provided by the City. Assets are held in the various investment funds of the plan. They consist of the following as of December 31, 1990. Fixed Fund S 47,993 Balanced Fund 14,993 Bond Fund 2,973 Stock Fund 24.713 Total ° 90.672 Note 9 Construction and Other Sionificant Commitments The City of Monticello has an agreement with Monticello Township whereby the City will f $27,500 per year through 1995. This agreement pertains to the orderly annexation agreement that was stipulated in 1974. Note 10 Chanes in Lona -Term Debt The following is a summary of long-term debt transactions for the year ended December 31, 1990, Payable Payable Beginning End of Year Additions Pavments of Year General obligation bonds S 2,930,000 S 155,000 S 2,775,000 Special assessment debt with governmental commitments 5,595,000 S 980,000 2,015,000 5,160,000 General obligation tax increment bonds 1,230,000 865,000 75,000 2,020,000 General obligation tax increment note 23,713 2,150 21,563 Lease purchase obligations 113.259 47.824 65.435 TOTAL S 9.891.972 S 1.845.000 S 2.294.974 S 10.041.998 -21- CITY OF MDNTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1990 Note 10 Chanaes in Lono-Term Debt - Continued Bonds and notes payable at December 31, 1990, are comprised of the following individual issues, -22- Initial Average Amount Maturity Interest Outstanding Descriptipn issued Date Rate Principal General Obligation Bonds, 1981 Library Bond S 255,000 Feb., 1992 8.1575% S 75,000 1985 Improvement Bonds 860,000 Feb., 1997 8.6689% 675,000 1986 Sewer Interceptor Improvement Bonds 1,050,000 Feb., 2002 6.7294% 955,000 19888 Improvement Bonds 1,100,000 Feb., 2004 6.9943% 1.070.000 Total General Obligation Bonds S 2.775.000 General Obligation Tax Increment Sonde, 1984 Tax Increment Bonds S 155,000 Feb., 1994 8.3863% S 90,000 1985 Tax Increment Bonds 350,000 Feb., 2006 8.2893% 330,000 1987A Tax Increment Bc..ds 365,000 Feb., 1999 7.1477% 335,000 19878 Tax Increment Bonds 155,000 Feb., 1997 8.7999% 140,000 1989A Tax Increment Bonds 260,000 Feb., 2007 8.8708% 260,000 1990A Tax Increment Bonds 560,000 Feb., 2000 6.5603% 560,000 1990D Tax Increment Bonds 305,000 Feb., 2000 8.9928% 305.006 Total General Obligation Tax Increment Bonds S 2.020.000 General Obligation Tax Increment Note, 1983 Tax Increment Note S 32,000 Feb., 1997 9.8% S 21.563 -22- CITY OF NONTICE l , MINNESOTA NOTES TO FINANCIAL STATEKMM December 31, 1990 Note 10 Cpaes in Lona -Term = - Continued -23- Initial Average Amount Naturrity Interest Outstanding Description Issued Date Rate Principal Special Assessments Bonds, 1975 Sever and Mater Bonds 775,000 Feb., 1992 6.47% S 140,000 1976 Sever and Nater Bonds 1,300,000 Feb., 1993 5.75% 310,000 1977 Sever, Nater and Street Bonds 3,470,000 Feb., 1999 5.21% 1,190,000 1979 Improvement Bonds 1,170,000 Feb., 1991 5.6134% 115,000 1980 Improvement Bonds 160,000 Feb., 1992 8.1462% 40,000 1981 Improvement bonds 490,000 Feb., 1992 11.6161% 100,000 1984 Improvement Bonds 170,000 Feb., 1995 8.6376% 95,000 1986 Improvement Bonds 385,C00 Feb., 2002 7.4850% 345,000 1988A Improvement Bonds 1,625,000 Feb., 2004 7.2532% 1,600,000 19898 Improvement Bonds 245,000 Feb., 2000 6.6118% 245,000 19908 Improvement Bonds 730,000 Feb., 2001 6.6143531 730,000 19900 Improvement Bonds 250,000 Feb., 2002 6.75062% 250.000 Total Special Assessment Bands S 5,160,000 The annual requirements to amortize all long-term debt outstanding as of December 31, 1990, including interest of $4,192,657 are as follows, IM 1991 S 1,774,542 1992 1,610,406 1993 1,540,150 1994 1,202,190 1995 1,165,529 1996 and thereafter 6.941.838 S 14.234.655 The legal debt margin of the City is approximately $7,125,519. -23- CITY OF IONTICEUD, HDOMSSOTA NOTES TO FINANCIAL STATFMEM December 31, 1990 Note 11 Interfund Receivables and Payables General Fund - Due from HRA Fund S 172,000 Capital Outlay Revolving - Due from EDTA Fund 23.000 L-125.000 Note 12 Fund Eouity The following fund balances have been designated or reserved as of December 31, 1990, Special Revenue Funds Urban Development Action Grant Reserved for noncurrent loans receivable S 198,163 Economic Development Authority Reserved for noncurrent loans receivable S 137,181 Capital Outlay Revolving Reserved for fixed assets held for resale S 188,825 Debt Service Funds Future debt retirement S 1,908,597 Capital Projects Funds Future capital expenditures S 279,008 General Fund Reserved for working capital S 1,080,600 1 -24- CITY OF 31ONTICQd40, K[NNESOTA NOTES TO FINANCIAL STATQKENTS December 31, 1990 Note 13 Tax Increment Finance Districts Kartit III Kurt 11.1 Bcamsic Rome Betcslt - Devilustat DertlerstatDeVvInsent 1990 IM of District M it Lam 12 M 81 111 #4 Con. 5 #5 0aiadaece 6 HIM 17 SSf, t8 Tooft 09 toaatiC femme lcmaic 2,465 lcoouc Stumic tmmkic ft" of District ala a 9edert10meat kvilown k1elawat Idullorseet 8edeselowat DMIMRIt DIVelopult Unloput Tea hubllsbd, 1982 1983 1984 1981 1984 1985 1981 1989 1990 Bae in tsguiq f 809 S 11,418 8 21914 S 653 S 2,331 S 221 $ 1,111 S 981 3 2,N1 Cement in upsoity, 18,265 45,322 96,928 22,634 18,116 61,121 41,061 9,653 2,N6 Csymw fa Gfaitf 91651 31,411 54,393 n,931 15,866 60,900 38,196 8,666 -0- Isuiaed By kation► 91451 36,411 54,383 21,981 TS18414 60,900 381191 8,104 -0- naed Vitt aver Unit Districts -0 -0- -0- 4- -0- -0- -0- 562 t,iil foul Bob issad 260,000 115,000 365,000 350,000 155,004 140,000 foul Waal Iocaned 36,TS1 32,000 1911551 23,000 leomu hdimed 16,151 101431 65,OW Its% 301000 20,000 15,000 onsuadin9 Bods sad Sacs 12.31.90 10,E 211,563 90,009 1621000 335,000 330,000 140,000 23,000 140,000 Note 14 Seament Information The City maintains four proprietary funds which account for transportation, sever utilities, water utilities and a municipal liquor store. Segment information for the year ended December 31, 1990, is as follows, Trans- Total Sewer Nater Liquor portation Proprietary Fund Fund Fund Fund Fund Operating revenues S 419,891 S 139,494 S 296,050 S 23,462 S 878,897 Operating expenses before depreciation and amortization 412,968 146,630 146,489 63,760 769,847 Depreciation and amortization 329,595 151,313 15,909 4%,817 Operating income (loss) S (322,672) S (158,449) $ 133,652 S (40,298) (387,767) Other revenues (expenses) (2.193} 4,802 53.505 44.442 100.556 Net income (lass) S (324,865) S (153,647) S IkJ7,157 S 4.144 � (287-U) Capital contributions S 110.959 S 138.673 S 249.632 Capital acquisition S 1,254 S_ 1,254 Net Working Capital S 95,264 S 95,084 S 752,751 S (399} S 942,700 Total Assets $7.185,005 S 3.085,572 S 911.823 S 1.291 Sb1.183.691 Total Equity $7.121,113 S 3.063,653 S 902.836 S (399) 511.087.203 -25- Rnsele 110 Kartit III Kurt 11.1 Bcamsic Rome 8coamic Devilustat DertlerstatDeVvInsent 1990 1990 1990 S 21465 S 442 S 21011 2,465 442 2,815 4- -0- 4- -0- -0- 4- 2,465 Nl 2,115 165,000 566.000 145,000 -0- $60,000 YY • ._•,irk»WrOW."Vi;1 NOTES TO FINANCIAL, STATEfS December 31, 1990 Note 15 Lona -Term Receivable A long-term receivable of $198,163 is shown in the Urban Development Action Grant Fund. This receivable resulted from an economic development grant that the City received in the amount of 5213,500. The City loaned $235,315 to a local business with interest being accrued on the loan in accordance with the grant agreement. The City keeps all of the repayments which are to be used to finance other development in accordance with the grant agreement. A long-term receivable of $137,181 is shown in the Economic Development Authority fund. This receivable resulted from the establishment of the Greater Monticello Enterprise Fund, a revolving loan fund, for the purpose of supplementing conventional financing sources for existing and new businesses within Monticello. The City has committed $200,000 of liquor store funds for the GMT revolving loan program. The City has loaned 588,000 to a local industrial business with repayments being amortized over 20 years with a principal balloon payment due in 7 years. The City has also leaned 550,000 to a local commercial business with repayments amortized over 20 years with a 5 -year principal balloon payment. Note 16 Prior Period Adlustment The fund balance of the Housing Redevelopment Authority Fund was restated for the year ended December 31, 1989. The final payment made on a contract was $1,617 less than what had been set up in contracts payable in prior years. Note 17 Contingency In March of 1988 the City was named as a defendant In a lawsuit. The complaint alleges that the City did not compensate the Senior Citizen's Director in accordance with the City's policy for full-time employees. The City is of the opinion that the position did not constitute full-time status. The claimant is seeking back pay, plus additional damages. Thus far, attempts to negotiate a settlement have been unsuccessful. The eventual outcome of the suit cannot be determined, nor can the potential liability of the City be estimated at this time. -26- CITY OF H0NTICELLO, MINNESOTA Statement A-1 GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGEP (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1990 With Comparative Actual Amounts For The Year Ended December 31, 1989 -27- 1990 1989 Budget Actual Actual Revenues General property taxes S 1,285,765 S 1,270,823 S 974,349 Licenses, fees and permits 65,200 93,606 72,121 Fines and penalties 8,000 14,437 34,974 Animal impoundment fees 9,000 12,856 10,897 Intergovernmental Revenue Local governmental aid 180,990 Homestead credit 40,942 Fire department aid 32,000 35,239 31,816 Police aid 16,500 17,490 17,245 Recycling incentive 6,561 Other grants 7,998 1,372 Deputy registrar fees 65,000 74,813 75,102 Other Income Recycling income 6.970 Interest income 78,750 81,449 92,725 Rents 4,700 4,740 4,115 Miscellaneous income 20,650 3,958 5,621 Refunds and reimbursements 2,000 76,561 93,810 Street - C.S.A.H. Maintenance 3,200 5,274 5,420 Township contract 40.675 46.355 37.x39 Total Revenues S 1.631.440 S 1.759,130 S 1.678.729 Expenditures Mayor and Council Salaries S 11,800 S 11,200 S 11,332 Other 4.425 2.702 2.80 Total S 16.225 S 13.902 S 14.212 Administration Salaries and employee benefits S 119,500 S 139,425 S 121,322 Supplies 4,200 9,460 7,195 Other 16.775 19.906 15.336 Total S 140.475 S 168.791 S 143.853 Finance Salaries and employee benefits S 69,055 S 61,671 $ 59,743 Other 6.575 2,255 5.971 Total S 75.630 S 63.926 S 65.714 Computer S 56.000 S 95.700 45.623 Audit S 11.750 S 11.000 11.469 -27- CITY OF MONTICELLO, miNKE�0* 7'A Statement A-1 GENERAL. FUND (Continued) STATEMENT OF REVENUES, EXPENDITURES AMID CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1990 With Comparative Actual Amounts For The Year Ended December 31, 1989 Expenditures - Continued Legal Insurance Planning and Zoning Salaries and employee benefits Professional services Other Total Deputy Registrar Salaries and employee benefits Other Total City Nall Salaries and employee benefits Utilities Capital outlay Other Total Law Enforcement Fire Department Salaries and retirement benefits Capital outlay Other Total Civil Defense Salaries and employee benefits Capital outlay Other Total Animal Control Public Works - Administration and Engineering Salaries and employee benefits Professional services Other Total 1990 1989 Budaet Actual Actual S 23.175 S 23.223 S 28.754 S 46.050 S 46.708 S 50,435 S 27,300 S 26,698 $ 26,733 3,000 3,733 5,251 1.00Q 1.872 x.31}2 S 31.300 S 32.303 S 33.366 $ 58,000 S 57,364 S 42,602 1.250 1.337 1.232 S 59.250 S 58.701 S 43.834 S 3,975 S 4,732 S 3,806 9,850 11,438 11,524 12,225 9,503 28,936 13.400 49.037 22.422 1 39.450 ,S 44.710 S 66.688 VWKI ELP S 55,975 $ 59,859 S 50,841 38,625 51,485 36,108 33.725 41.385 47.6b6, S 128.325 S 152.729 S 124,565 S 6,150 S 4,080 S 4,037 B00 4¢e. W S 6,950 S 4.548 S 4.399 S 16.600 S 19.849 S 17.412 i S 54,560 S 66,855 S 48,465 10,000 9,392 18,444 4.226 8.562 4.179 S 68.785 S 84.809 S 71.079 -28- CITY OF l47NTICELIA, KOWESOTA Statement A-1 (Continued) GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND OUMES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1990 With Comparative Actual Amounts For The Year Ended December 31, 1989 1990 1989 Expenditures - Continued Budaet Actual Actual Public storks - Streets and Alleys Salaries and employee benefits S 101,850 $ 116,245 $ 117,435 Supplies 27,950 42,759 34,313 Capital outlay 31,500 30,453 142,267 Other 5,400 7.372 6.768 Total S 166.700 S 196,829 , 300.783 Public Works - Snow and Ice Salaries and employee benefits S 3,950 S 9,280 S 4,162 Other 4.409 9,197 10,280 Total S 12.250 S 18.477 S 14,442 Public Works - Inspections S 1,275 Public Works - Street Lighting S 38.500 S 51.118 S 36.063 Public Works - Public Parking Lot S 3.425 $ 770 1.306 Public Works - Shop and Garage S 24.650 S 21,572 $ 14.176 Refuse Collection S 222,000 S 248,636 S 187,091 Senior Citizens/Museum Salaries and employee benefits S 29,200 S 26,654 $ 26,215 Other 4,,77§ 4,010 6.(}34 Total S 33.975 S 30,664 $ 32.248 YMC.A/Community Education S 24,000 S 24.000 $ 23.500 Parks and Recreation/Cemetery Salaries and employee benefits S 87,230 S 52,310 S 60,264 Capital outlay 6,320 4,167 17,253 Other ;Q,375 35.533 17.71k Total S 111,925 S 92,010 $ 95.228 Cable $ S 3 7,j�05 Cosmamity Development S 53.025 S 49.415 $ 39.614 Building Official - inspections S 46.975 S 23.493 S 23.987 Elections $ 8.800 S 2.825 Severance Benefits S 37,260 -29- CITY OF IONTim-, , mINNESOTA Statement A-1 (Continued) GENERAL FUND STATEMENT OF REVENUES, MWENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1990 With Comparative Actual Amounts For The Year Ended December 31, 1989 Assessment Salaries and employee benefits Other Total Total Expenditures Excess (Deficiency) of Revenues over Expenditures Other Ftnanctno Sources (Uses) Transfers in Transfers out Exccca (Deficiency) of Revenues and Other Sources over Expenditures and Other Uses Fund Balance at Beginning of Year Prior period adjustment FUND BALANCE AT END OF YEAR 1990 1989 Most Actual Actual S 14,050 S 18,357 S 21,520 b.1Q0 9.468 894 S 15.150 S 27.825 S 22.414 S 1.631.440 S 1.797.149 S 1.663.850 S -0- S (38,019) S 14,879 3,300 S -0- S (38,019) S 18,179 1,284,529 1,266,350 -30- 3m tub tad innstuntt Receivabiu Special usessmnta - deterred Special umasmnts - dehmest bccoats (let at allovaue for tsuuted GcoliettIDlta) On from otber govtm xnul mita 0a tram other fnado Prepaid etpeues Lad held for resale Lng-ten rectivable Mu L11flIL1M AID M OIL Liabilities Wb deficits bccomu payable i coatracta payable ircraed upmses On to otter funds Dae to other goveramnul airs Deterred rermne Total Liabilities food haimm Reserved for oueeamt lout receinble Rauread for find assets tell for :tela gu mrred - designated Onremna9 - adaignated foul Pad Ralutee mu ULIMM33 An Im mum ti99 of 19891=2, mmm stateant 8.1 smlu u9tiCE POmS Weibel Sl, 1990 Vice toapuaun Tbuls for Deculxr 71, 1989 L -5 -OA 3 1,295 3 574.!45 3 3.2u 1 178.!49 f-0 83 1 139,453 8 92.796 S 96,420 11,446,908 S 1.081,876 S I,III S 41 434 194,000 �34 s 211,271 3 IN 3.111 1.211,196 1It 1 11.7,111 3 a - S P3! S T,i55 9 197 1,911 12,269 660 199,000 207,000 14,019 ]1S 269.911 4+ sn 1 4 ! 302.937 S 198,163 ! U7,181 S 113,344 1 217,034 S 118,625 111,et8 152,282 t WIN 1 356 111,861L --LM 1111,124 i_.9: 1131Q �L� 312,196 i2iM �f X21 WHO1 MAI 1 3,111 S 118.48 1 Q- I pull1 13g.451 S 52,994 1 mus 1156.455 1 711,939 19 Capital Rowing tad Part and Ortu Icoanic Baur Sever Stade Orderly Oatiay Rtdevelquat lurtatru Develop ent Deniopmat lagron- Fpron- TOW ee Anne tionero o !1 b�a o 't aPG d «'o ant datboritr lent mat 1990 1989 S 661709 $ 96,261 8 2,271 $ 178,826 6 97,020 S 2,277 S 18,996 1 92,189 S 6ZO,S41 S 623,816 200 263,278 335 261,813 62,114 IN 110 1,152 571 1,000 3,900 9,826 1,590 Sl S 11295 1,601 126 13 S,ISB 4,T41 23,000 27,000 21,000 111 271 219 188,827 111,825 152,282 198.163 131,181 115,144 217,034 L -5 -OA 3 1,295 3 574.!45 3 3.2u 1 178.!49 f-0 83 1 139,453 8 92.796 S 96,420 11,446,908 S 1.081,876 S I,III S 41 434 194,000 �34 s 211,271 3 IN 3.111 1.211,196 1It 1 11.7,111 3 a - S P3! S T,i55 9 197 1,911 12,269 660 199,000 207,000 14,019 ]1S 269.911 4+ sn 1 4 ! 302.937 S 198,163 ! U7,181 S 113,344 1 217,034 S 118,625 111,et8 152,282 t WIN 1 356 111,861L --LM 1111,124 i_.9: 1131Q �L� 312,196 i2iM �f X21 WHO1 MAI 1 3,111 S 118.48 1 Q- I pull1 13g.451 S 52,994 1 mus 1156.455 1 711,939 19 Revenues yuan :::er,:rertttatal Chugs for services Kiscellansm Interest Collectioce oa assurance Total Remus hwaditzris Pablic safety Caltan and seeraatoa c ..i Debt service �. Capital projects Total bpeadium Well IOeficiem) of Remus over tp dltcrts 0th fiwina julep 110 Pneeeda Ir® bonds Operating truafera tutu (Deficiency) of Remus and Otber S=ts our Sytadltute sad Other Uses Prior period adjutant Pond balances at begitoltg of Year P® 861x1® 6f ® Of 101 CITY Of 10IflCR1,6O, BIWSOfB Statesent 1.2 SRClu am FD1m CMMS MMM Of R898RD69, CPMIM13 8m MRS 0 FORD 81181CR5 for the year Rnded Oecuber 11, 1990 pith Cospantite Totals for The feu Otceshr 11, 1989 5,993 1 ({,9091 1 2,107 S 5,550 1 1100,938; 1 256,835 137.1151(134,726 1.639 1 15,442 J 1,158 J 22,126 1 26,267 S 115,1041 S 166,113 256,835 285,320 118.000 110.6321 1119,5011 1 5,993 1 (/,909) 1 113,1361 1 5,750 1 21,571 S 1,639 3 15,442 1 139,158 J 22,126 S 26,267 S 200,899 1 SS6,132 1,617 1,617 61,117 _5,265 117.125 (1.541l 111.6121 11,6191 115,711 + 70,870 69.611 511.919 21S•7o7 S cLm L---" t 91.687 S -1M i__114M L t i__1i1.14a i 119.15, 1 92,996 1 95.888 L 911,155 1 781,99 PC Capital Iminq sad part and Urban Rcooesic pater Seur Shade Orderly Outlay Rtdeulopsent Runatioo Developtat Oevelopmt laprove- lepnre- TOTIIS Tree InentioA Revolvingi6 bran lathoray (o_ 6etioo Grant jethority sent Hot 19m 1989 J 36,563 S 28,098 S 95,951 J 0,389 S I62,217 S 131,219 S 613,259 1,162 1, l61 16, iS9 6,567 S HIM $ 22,790 44,957 17,080 605 1,082 1 1,688 57,786 5,262 1,179 13,198 13,961 S 15,162 S 3,697 6,525 6,778 66,116 50,771 14,261 1 5 .811 991 J 10,6396 8 1 29,171 11 S -0- N IS 3,657 S 22.126 9 6 i�,770 9_ i�6E 1 35,5{8 1 15,518 S 32,549 S 23,721 23,721 37,111 21,901 19,192 S 2,150 21150 1,793 S 121,111 311.600 S 2.239 1 1,301501,251 308.205 1 23.001 J 35,518 1 121.111 1 23,721176,710 1 -0• 219 S 3.301 S 135 ,04 i 399.053 5,993 1 ({,9091 1 2,107 S 5,550 1 1100,938; 1 256,835 137.1151(134,726 1.639 1 15,442 J 1,158 J 22,126 1 26,267 S 115,1041 S 166,113 256,835 285,320 118.000 110.6321 1119,5011 1 5,993 1 (/,909) 1 113,1361 1 5,750 1 21,571 S 1,639 3 15,442 1 139,158 J 22,126 S 26,267 S 200,899 1 SS6,132 1,617 1,617 61,117 _5,265 117.125 (1.541l 111.6121 11,6191 115,711 + 70,870 69.611 511.919 21S•7o7 S cLm L---" t 91.687 S -1M i__114M L t i__1i1.14a i 119.15, 1 92,996 1 95.888 L 911,155 1 781,99 PC CITY OF HDNTICMLO, KIM SOTA Statement S-3 SHADE TREE FUND STATEMENT OF REVENUES, EEPENDIT RIES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1990 With Comparative Actual Amounts For The Year Ended December 31, 1989 Revenues Property taxes Intergovernmental Tree removal and replacement Interest income Other Total Revenues Expenditures Salaries and employee benefits Contracted services Supplies Other Capital outlay Total Expenditures Excess (Deficiency) of Revenues over Expenditures Beginning fund balance ENDING FUND BALANCE 1990 1989 Budaet Actual Actual S 16,800 S 16,563 S 42 1,800 6,567 5,560 3,950 5,262 6,695 100 605 160 8 22,250 S 28,997 S 12,257 $ 14,625 S 8,965 S 5,607 4,000 11,050 13,076 550 869 236 75 750 273 3,000 1.390 S 22,250 S 23.004 S 19,192 S -0- S 5,993 S (6,935) 62,117 69,052 S 68,110 S 62.117 QcEM CITY OF MONTICELLO, MINNESOTA Statement 8-4 ORDERLY ANNEXATION FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1990 With Comparative Actual Amounts For The Year Ended December 31, 1989 Revenues Property taxes Interest income Intergovernmental Total Revenues gxcepditures Salaries - board members and secretary Other Aid to other governments Total Expenditures Excess (Deficiency) of Revenues over Expenditures Beginning fund balance ENDING FUND BALANCE -34- 1990 1989 Budaet Actual Actual S 28,300 S 28,098 S 26,902 1,100 1,379 1,057 $00 1.162 1.675 S 29.600 S 30,639 S 29.634 S 1,400 S 1,155 $ 1,263 700 6,893 3,786 27.500 27.500 27,500 S 29,600 S 35.54$ S 32.549 5 -0- S (4,909) $ (2,915) 5.265 P. ISO S 356 S 5,265 CITY OF MM`ICMLO, HDOMSOTA Statement B-5 CAPITAL OUTLAY REVOLVING FUND STATEMENT OF REVENUES, ESPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Luded December 31, 2990 With Comparative Actual Amounts For The Year Ended December 31, 1989 Revenue Property taxes Intergovernmental Interest income Reimbursements Collections on assessments Total Revenues 0xL)end1tWVq Capital improvements Excess (Deficiency) of Revenues over Expenditures Other Financing Sources lows) Transfers out Total Other Financing Sources (Uses) Excess (Deficiency) of Revenues Over Expenditures and Other Pinancing Sources (Uses) Beginning fund balance ENDIRG FUND BALANCE 1990 1989 Budget Actual Actual S 95,825 S 95,952 S 312,928 13,156 11,700 13,398 10,554 J.975 14,268 53.811 S 123.61$ S 390,449 S 111,500 S 121,111 S 148.437 S -0- 9 2.507 S 242.012 S (37,945) S (37.945) S -Q- S (35,438) S 242,012 347,125 105.113 S 311.687 L_347,125 -35- CITY OF MONTICELLO, HIMMSOTA Statement B-6 LIBRARY FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1990 With Comparative Actual Amounts For The Year Ended December 31, 1989 Revenues Property taxes Other revenue Intergovernmental Total Revenues Expenditures Salaries and employee benefits Supplies Professional services Utilities Insurance Repairs and maintenance Other Interest Capital outlay Total Expenditures Excess (Deficiency) of Revenues over Expenditures Beginning fund balance FADING FUND BALANCE S 28.875 S 23.721 S -0- S 5,750 S (3,695) (2.549) 1.146 S 3.201 S (2.549) MIfl 1999 1989 Budaet Actual Actual S 28,625 S 28,389 S 23,968 250 1,082 1,626 1.00¢ S 28.875 S 29.471 S 26.600 S 5,050 S 2,059 S 6,438 1,500 2,245 2,706 5,800 6,422 5,460 7,650 6,863 7,484 1,450 1,464 1,399 1,a00 1,870 1,658 1.625 745 2;893 574 665 S 28.875 S 23.721 S -0- S 5,750 S (3,695) (2.549) 1.146 S 3.201 S (2.549) MIfl CITY OF MONTIM-1l3, MINMSOTA Statement B-7 HOUSING AND REDEVELOPMENT AUTHORITY FUND STATMM OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1990 With Comparative Actual Amounts For The Year Ended December 31, 1989 Revenues Taxes Interest income Intergovernmental Sale of land Total Revenues Expenditure$ Land acquisitions Legal and professional fees Interest Principal payments Other Total Expenditures Excess (Deficiency) of Revenues over Expenditures Other Financing Sou Bond proceeds Transfers out Total Other Financing Sources Excess (Deficiency) of Revenues and Other Sources over Expenditures and Other Uses Beginning fund balance Prior Period Adjustment ENDING FUND MAHCE 1990 1989 Sudaet Actual Actual $ 274,875 S 262,247 $ 269,416 4,600 13,964 5,317 922 1 56,000 S 279,475 S 276,212 S 331,655 S 200,059 S 77,761 S 12,000 81,920 37,525 18,550 18,694 19,186 2,150 2,150 1,973 7,035 73,927 19.630 C 0.475 c 376,750 c 1,56,079 S 238.900 S (100,538) S 175,580 S 256,835 S 215,320 S (144,550) (134,726) (116,201) S (144,550) S 122,109 S 99,119 S 94,350 S 21,571 S 274,699 (41,612) (316,311) 1,617 L_11§") S (41.612) -37- CITY OF HONTICELLO, lD wsDTA Statement B-8 PARR AND RECREATION FUND STATMGNT OF REMUES, EVENDITURES AND GRANGES a FUND BALANCE For The Year Ended December 31, 1990 With Comparative Totals For The Year Ended December 31, 1984 Revenues Property taxes Total Revenues Expenditures Interest Capital improvements Total Expenditures Excess (Deficiency) of Revenues over Expenditures Other Finaacina Sources Transfers in Excess (Deficiency) of Revenues and Other Sources over Expenditures Beginning fund balance ENDING FUND BALANCE -38- 1990 1989 4.639 S 4,639 S (7,016) (4.634) 2,377 $ -0- S (4.639) S -0- S 3 S -0- S 211 6.808 s -0- S 7.014 S -0- S (7,016) 4.639 S 4,639 S (7,016) (4.634) 2,377 $ -0- S (4.639) 0 cITY OF 1K,1MCMW, KUQMSOTA Statement B-9 URBAN DEVMOFFfl' M ACTION GRANT FUND STATEKEN T OF REVENUES, EVENDITURPS AND CHANGES IN FUND BALANCE For The Year Ended December 31, 1990 With Comparative Totals For The Year Ended December 31, 1989 1990 Budget Actual 1989 Revenues Interest S 13,550 S 15,442 S 11,145 Total Revenues S 13,550 S 15,442 S 11,145 Excess (Deficiency) of Revenues over Expenditures S 13,550 S 15,442 S 11,145 Beginning fund balance 275,741 264,596 ENDING FUND BALANCE S 291,183 S 275,741 -39- CITY OF MONTICELLO, MnWSOTA Statement 5-10 EC0.04IC DEVELOPMENT AUTHORITY FUND SRATEMM OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE For The Year Ended December 31, 1990 Revenues 1990 Interest income S 3.691 Total Revenues S 3,697 Expenditures Legal and professional fees S 1,824 Interest 275 Other 140 Total Expenditures S 2,239 Excess (Deficiency) of Revenues over Expenditures S 1,458 Other Financing Sources Transfers in S 138.000 Total Other Financing Sources (Uses) S 138,000 Excess (Deficiency) of Revenues and Other Sources over Expenditures and Other Uses S 139,458 Beginning Fund Balance -0- ENDIM FUND BAINCE S 139,458 -40- CITY OF M NTICELLO, KDMESOTA Statement B-11 MATER DagtOVEHM FUND STATEHMM OF REVENUES, MWENDITURFS AND CHANGES IN FUND BALANCE BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1990 With Comparative Totals For The Year Ended December 31, 1989 Revenue Hook-up lees Interest Total Revenues Excess (Deficiency) of Revenues over Expenditures Beginning fund balance ELIDING FUND BALANCE -41- 1990 1989 Budoet Actual Actual S 6,000 S 15,600 S 17,820 2,550 6,526 10,826 S 8,550 S 22,126 S 28,666 S 8,550 S 22,126 S 28,646 70,870 42,224 S 92,996 S 70,670 M CITY OF NONTIM-1 , KMESOTA Statement B-12 SEWER DGIMEMENT FUND STATEMENT OF REVENUES, nac&"onto AND CHANGES IN FUND BALANCE BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1990 With Comparative Totals For The Year Ended December 31, 1989 Revenues Hook-up fees Interest Total Revenues Exoenoiturgs Capital improvements Total Expenditures Excess (Deficiency) of Revenues over Expenditures Other Financino Sources {Uses} Operating transfer Excess (Deficiency) of Revenues and Other Sources over Expenditures and Other Uses Beginning fund balance ENDING FUND BALANCE 1990 1989 Budget Actual Actual S 9,000 S 22,790 S 23,700 2,600 6,778 5,377 S 11,600 S 29,568 S 29,077 $ -Q- S 3,301 S 5,486 S -0- S 3,301 S 5,486 -42- S 11,600 $ 26,267 S 23,591 S 26,267 S 20,291 69,621 49,330 S 95,888 S 69,621 CIO la loon dA, IID650t1 MY MVICI !DSOs Cowin I8Li1C1 2m oeeesber 3t, 1990 Sitb Cowntim Totals for Dettaber it, 2989 Caecal lateral General 1 9 chilatioa lateral General obiigatim Obligation Word Library obliqulaa obiifatim fire Sall Imr Consolidated Obliptios Iaildia0 In luraeat !at tatraat Comtractloo taterceptor Ispromsmt Ispromtmt 04141 Of 1111 10011Of 1984and Of 983 floods of 1981Boads of Sl loodi of 60 judl at till Cub ad iammrats S 122,001 1 28,406 S 38,106 S 119,199 S 54,189 S IIo,922 S One trot other lamrwatai mita 116 464 Sol 44 Special 8sataatmu Deferred 918 CeliaTtent lie lom 8517!8 f fZx,l!} S 28.106 i $8.106 261 3 6 S 112.651 S -0• LI3IILITM LSD 8110 11lddlCl3 ti Liabilities Caab deficit Ietrmd remn 1 1,681 1} �} Total Liabilities fmd Ialmea l) Imrmd for deb[ services S 122.111 S 18.146 S 38.106 1 HUSS 1 54,6911 110.915 3 -o- Total fmd lalmces IDefitital S 122,1e1 S ts.06 S 33.70 1 140,3154,691 1 6 f -0. TOM LISIILItIit im IIID Si1iiCSS S 122•!11 1 d S 140.263 S 51.695 L 112.65 L___- 0.0 11 U Stamen C-1 10,067 99,927 311,715 S 83,270 15,899 3,011 73,311 S 82 1.989 196 18,371 6.588 281.810 09,444 1.101 19.172 8 81 86 IO 116 1 1.100.199 ! 365.080 1 173.839 f 11,881 1111.701 S 290,767 S 115,315 S 13,029 1 62 1 3.9x9 1 10.163 1 118.298 9311.3333 365,08Q 173.103 1-!,141 111.001 S82 3 3.939 S 10.163 1 111.298 1 Will i 655,847 1210,471 1_ 4.444 1 _146.91 S -0- 1 1.096 a N5.111 S 217,013 S 152.166 1 1290,1671 1 (111.8191 1 70.131 1 01,334 S -0• 1 7,016 1 111.711 1 291.111 S 152,44 S 1290,7611 1 1114,331 1 70.138 S 111.3311 L----81 L --UM 3 31 1 116.111 LJA= L --Mm L -J= L --ILL L-JiLm -11- .:. General General general General Obligation Obligation Obligation General Sever and General general General Obligating Parting Sever and Sever and Obligation later Obligation Obligation Obligation Ivpromeat facility later later Iiprommt Ivpromeat Ivprovernt IWromeat Itprment 0o of 91foods 1opo da at 1915 Boado of IyA loads at 11 Pouds of 19TS Bonds at 19 Inch of 98 ooda 7f 198 1 7,029 1 U1,627 S 297,031 S 716,589 S 70,100 61 1,120 730 5,877 S S36 338 1 1,695 10,067 99,927 311,715 S 83,270 15,899 3,011 73,311 S 82 1.989 196 18,371 6.588 281.810 09,444 1.101 19.172 8 81 86 IO 116 1 1.100.199 ! 365.080 1 173.839 f 11,881 1111.701 S 290,767 S 115,315 S 13,029 1 62 1 3.9x9 1 10.163 1 118.298 9311.3333 365,08Q 173.103 1-!,141 111.001 S82 3 3.939 S 10.163 1 111.298 1 Will i 655,847 1210,471 1_ 4.444 1 _146.91 S -0- 1 1.096 a N5.111 S 217,013 S 152.166 1 1290,1671 1 (111.8191 1 70.131 1 01,334 S -0• 1 7,016 1 111.711 1 291.111 S 152,44 S 1290,7611 1 1114,331 1 70.138 S 111.3311 L----81 L --UM 3 31 1 116.111 LJA= L --Mm L -J= L --ILL L-JiLm -11- .:. VABTHIIB9 Sao IOLO Ciff 9f mm=, s>I>asoTe Liabilities I OIBf SlIvifl 109719 Cub deficit Deterred revenue CO®IIIIG Illm MIT DecWar 11, 1990 S 811179 Ij 1 279.108 J foul Llabilltiu 6 n 65.179 lith Casparative Totals for Cutter ll, 1989 1111 Reserved for debt serviees S -0- S 34,866 General Geotral General General Il S 119,116 General General General Obligatim Obligation Obligation Obligation Obligation Obligation Obligation Tat Iocrnent Tu Incrtsent isprovenot Baur liproment IVrovenot 1 provueat Boade Boada Bonds Bonds 1 loads of 1951 Boadi of 1984and of 1936tries 1927A Series98TB Seriti 19W Series 1988 SSS Cub end invesutau S 11,187 S 178,956 S 59,111 S 28,198 S 211,885 S 107,819 One Iron aver goverosenul units 79 SIO 2,191 IBs Special Batessmate ,} Deferred 10,170 85,179 215,24 U Delinquent 7.BS9 TUTU ISM S -0- f IS,016 :2I 6ss g SS,11I a I9e S S29•IBI 9 IOs,7D1 I, VABTHIIB9 Sao IOLO Liabilities Cub deficit Deterred revenue B 10,110 S 811179 Ij 1 279.108 J foul Llabilltiu 6 -0- S 10,1TOS 65.179 S 119.111 Food Balances Reserved for debt serviees S -0- S 34,866 S 139.4% 1 55,17421,493S 150.376 1 iQI.lQ4 11! Tout food Baleneu (Deficits) 1 -0- S 31.866 S 119,116 1 31 ,174 S 28,498 t210,176 S 108.701 TOM LIu2SSf33 BIB I® 8MM S -41031 165 SS 11 998 1 SH.181 L108,701 I� L--& 6TS i 6S.T87 L_63 719 068 6 L_11,631 f 11.087 LjA46.800 798 1 f 421,970 S 861,141 1 170,251 ( 77.104 1.096,811 2,05,062 :.167.426 8 11.101 8 + f 6.680,737 8 + 1 + S 7.198.201 1 3,537,271 S 24,175 S 99.679 3 11,19 1 6112.5211 S 21.171 1 41,083S 1.918.591 1 1.861.260 S 11,615 S 55,679 S 61,119 f 1112.5251 1 21,014 S 47,081 S 1,148.597 1 1,BSUR 11.675 1 88.1876 19 1 1.4{8.262 S 11.811 I 11.081 L46_801 1 S M .j3i -46- Suuaent c•1 ICOnUMM General General General General General General Obligauon Obligation Obligation obligation Obligation Obligation Taxable Iaproeeseat Tax Increment Iepraeeamt ISprateseat Taxable Tat BODIES Bonds Bonds Bonds Bands lacruent Bonds Totals Stries 9 9 Series 19898 Series 990Series 9908 Series 1910C 311114 19900 199_ 1919 S 11,119 S 91,178 S 61,119 S 21,871 S 11,081 S 2,181,862 1 1,961,107 771 9 11,119 26,876 68,108 32,578 187, SB5 1,115,291 1,711.833 926 611,272 1,119,855 1,055,176 L--& 6TS i 6S.T87 L_63 719 068 6 L_11,631 f 11.087 LjA46.800 798 1 f 421,970 S 861,141 1 170,251 ( 77.104 1.096,811 2,05,062 :.167.426 8 11.101 8 + f 6.680,737 8 + 1 + S 7.198.201 1 3,537,271 S 24,175 S 99.679 3 11,19 1 6112.5211 S 21.171 1 41,083S 1.918.591 1 1.861.260 S 11,615 S 55,679 S 61,119 f 1112.5251 1 21,014 S 47,081 S 1,148.597 1 1,BSUR 11.675 1 88.1876 19 1 1.4{8.262 S 11.811 I 11.081 L46_801 1 S M .j3i -46- Ciff of mlflt3D,10, IIIIIBDTI 01" SaTIC1 roma cmmx MISIM of 61111013, 111MIT® Bm man II I m 881dm65 for The rear Bailed Decesber Il, 1990 lith Coaparative fatale far The fear Boded Denesber 31, 1989 -47- general general knurl Obligation geatral ;ural obligation Obligetlao General Library Obligation Obligation fire Ball Stet Consolidated Obligation Building Tu Iacreamt fu Increment Coutractim Interceptor Iaprotoeat Iaproetent Dads of 1931 BondsBonds of 1985 Bonds of 1915 Bondioil of 110and of 1171 Reeoaes gates S 12,616 g 111,991 1 181,672 1 10 laterp rermmtal Interest an ine:statats 1,692 B 11080 1 1,981 6,451 20,219 Colleetim an ustmmn 1.344 foul Retmnn I 50.111 S 1.080 1 1.566 B tle•dlt S 121.612 S 11.111 S -0• ImodimRa Debt eersice rrmcipal reu[eteat 1 30,000 1 20,000 1 10,000 1 45,OD0 1 50,000 1 29,000 Interest and fiscal dArps 1,731 8.981 27,351 59,118 61.920 1,211 local bwatam S 31.111 1 28.984 S 31.391 1 104,818 S 114,920 1 26.261 S -0- heeas (Deticie cyl of Revenues One Rpenditares 1 12,193 1 (21,9011 1 (15,1121 1 131191 1 6,151 1 114,4811 8 -0- Other flotation Sources Ike Transfers in 22,100 13,150 fraosterl art (26,601) Bend proceeds Imm (Ddicieany) of Retems end Othar Scrams One Itoenditum and Other Dann 1 12,593 1 (5,606) 1 (211221 1 13,893 S 61132 S 614,1811 1 (26,601) fund balum at beginning of year 109.5% 34,010 41,121 121.070 47,"1 125.112 86,101 FM ROlalts9 H ® Of MI 1 122,163 l28a441 S 31,41 i 10.163 i $4,111 1 110,90 -47- stateleat f-2 82 106,391 (19,192) 1121 1 (191629) 1 91219 1 1,190 General General central 19.629 12,193 341,917 259,601 696.902 1186.1111 629.6331 76.181 11.861 S - L-17 S )65.111 General Obllpum Obligauon Obligation General Sever ad Genera! General General Obligatilo hrtim Sever and Sever and Obligation later ObliQatioo Obligatian Obligation Iiprovelmt facility later later Iaprovmt Iaproventat Iiproveuat Isprov mt Iaproveaeat alO do of 191) lagh ot 1974ads a 971 lopla16ondt s of 1911 hafta 1 oda of 1979 loods of 900 Botho 99 1 12,215 S 72,593 1 219,129 S 21,016 1 9,050 1 IS 25,161 19,256 44,739 S 5,123 s 81 9.111 12.108 23.260 16.116 1 j3.(Jj30.353 1.101 8.991 S $1 1 9,219 S 79.861 S 115.109 1 310.613 1 11,418 1629 1 11.121 S 19.031 S 1 65,000 1 95,000 1 215,000 1 115.000 3 15,000 3 50.000 12.dn 21,902 70.049 1 24,11511.615 4,274 14,229 1 -0_ 1 -0• 1 17•071 1 13,902315,049 1 Z4,181136,635 S 19.270 1 68.229 1 81 1 91289 S 21190 S 1111939 1 55,56/ 1 (10,121( S (85,2061 1 (6,6169 S (50,198) 82 106,391 (19,192) 1121 1 (191629) 1 91219 1 1,190 1 (1,793) S 55,544 1 95,591 S (89,1061 1 96,1161 1 150,1981 19.629 12,193 341,917 259,601 696.902 1186.1111 629.6331 76.181 11.861 S - L-17 S )65.111 S 191.89) 252 16 i l S 61lum S 10.178 ) 336 -48- CITY Of BDITIMW, IIIMT8 CUT MYICB mms WBBIIIIG STdTm O9 68YBm, imrm ,9 BID C8816ly II 9179 88111CIS for The fear Boded Decider 31, 1990 lith Caspuitive Totals for The fear Boded Detester 11, 1989 General central General kneral II General General General Obligation Obligation Obligatiae Obligation Obligation Obligation Obligation Tu locreuet Tu locreeut Ispraveutt firer liprovenent leproveseat liprovamt Boody Bondi Bonds loads and of 1983ondi of 1984node of 1936 Series 1957A Series 19STS Series 1938A Series 1928 leveecea fuer S 11,265 S 18,952 S 32,110 S 168,126 S 116,623 (� Iaterquenuatal Interest as invutseou 1,838 9,053 1 1,169 5 873 10,915 3,837 Collectiou on usesesenu 31.111 2.889 21,398 68.529 Total Imms 1 78.376 S 23.619 1 62.921 1 11169 S 873 S 57 ,900 0 60 ( J limuditares Debt Serrice Principal retireeat 1 715.000 S 15.000 S20.000 s 30,000 S I1,000 1 15.100 1 ?0,000 Interest and fiscal chargee 51,917 9.191 26.073 21,989 11.212 611.559 73,312 Total lapeeditana S 799,947 1 14,49246,01353,989 1 28.262 S 138,559 1 103,312 !( 1 latest IDeticingl of hittm 0verB4mdltares ! 1121,5711 S (813) S 16,888 S (52,220) 1 121,369) S 69,311 S 17,118 (j Other floucina Soarces Pull I ?=firs in 1„011,891 50,300 26,925 Treaters oat �I Bed proceeds lanes (Deficiency) of perones ad Other Sources Over Bipediteres and (( Otter Uses S 320,322 1 (813) 1 16,888 1 (11920) S (6111 1 69,311 1 17,118 fed Winces at begictieg of yar 1320,3211 IS.619 122.588 91.091 28.912 181.035 91.156 fOtO B81m 8T ® Of 1688 1 -0- ! N•866 i 179.116 S SS•Ill 69 SI50,716 i 108.1 1 I Sutamt t-2 (Continued) General General General General General General Obligation Obligation Obligation Obligation Obligation Obligation 9aiable Igroeomt fes Incmmt IsMvumt Ilproeesent risible tan Bonds Bonds Bonds Bondi Bonds Ineresent Bondi fouls Series 19891 Series 19898 Ser 19901 Series 19905 Series 199QC eries990 990 939 S 29,15( 8 15,500 8 1,108,191 1 715,919 31,332 S 2,175 21137 S 1,039 31238 S 21,831 S 2,733 IS5,379 187,828 8.928 195.951 110.516 2,1351 10.216 S 3,039 1 18.738 8 21.131 S 2,7331,590,1218 1,375,615 S 1,615,000 S 915,000 9 23.110 1 IS 881 1 610 8 39,370 735.980 753.391 1 23,1!0 1 0.881 S 62o S 39.370 S -0• S -0- O 980 g 1.668.391 1 (20,615) S 21,332 8 1,619 S 9,368 S II'm 1 2,733 3 (790,8561 S 6292,7765 1,650 18,218 1,301,311 116,201 (1,011,893) (1,118,1686 60.700 U0,000 48.350 725.150 48.181 1 (181825) 1 I1,SSO S 11,119 1 (112,525) 1 21,831 S 17,083 1 87,117 1 (128,191) 13,500 13,129 -0" _0- 1,851.160 1.989,01 1 21.615 1 SS.679 1 63.319 II S 1 11.811 1 17,08) 1 591 S 1,861.260 ISfD mm tub at intme is Bccomu receivable 6IAB�A" 1010 816m Militia u papbit Coctrecto "Table total Liabilities ,n- - Ofmj#ri.-r Suuuat 0.1 elms 9807&71 tmm COBIM Bum 5861! Decoder 31,19" Oalvoodl Seemtb 1988 leeches ldgbut 25 A9aairaip8t Stmt Scut lest Cotatl Stuttatape Sudterg Second Bridge Odrt 1"n"Wat ItlervoirSa 39 Froiect gilt Idditiol Tout S 1,151 S 2361358 $ 53,161 S 18,217 S 332,827 .1,710 1..._.. 2,111 L 259.1!6 L --:L 1 55.161 L 335.365 8 217 S 217 1,851 1 2.130 8 62.116 B 6 95.128 3 -0- 8 -0- 1 31061 B 21830 1 -0- S 12,176 1 8,263 i -0- S 53,937 had Balances Designated for capitol iWomou 1 -0- S -0- 1 1111 1 251,6861 -0- S 12.985 S 9,95# 1 + 1 211,408 TOM L28m "m An FM KLUAM 1 + L ---L- L --M U&116 L--4- 1 55.161 Ltd M i + L 3u.365 •u- -52- fm d3 m1 MUM, f73tts5of$ Suuetat 0.2 CUML 56512(555 fOm fmm x Sn1mm al mm, m mI9 m $® t'i.ES it r1m 041A 1a for Mt Tur $ended hoot tr 11, 1990 Oahtwl Seim b 199E Itadan eigh ar 25 eiaiui"i $trot lour Wt toutr Streetucape Sad0er4 Seeo d Sridak * mn eaa �aa9 ii _ Imim +r additla foul eves e iatertm lame 1 2,181 ! 164 S 25,989 i 4,757 3 122 1 571 1 34,009 Ot6tr 1,314 1 3,445 1 1,195 foul him" t d. t 2,183 1 1,314 2 %L_$9 I 1.0i I Mil t� )11 1 M I )VIII 1>pmdluR$ • Capital rrojecu Cmatrocuoo emtmu S 5,608 S 270,311 1 55,068 S 2,180 1 29,$19 1 165,782 1 17,155 1 606,11$ I"itHri 9 ad otht[ 1 611 224,935 SI.571 Com 5.116 51,161 29.621 314,715 foul14mumm 9.6$$ 1_f74 1 115,214 %_}11,642 2 1,424 1 35,151 1 217,263 1146 1_211,973 um (Otfiaitm) of Imuts aver spmdtmru S 15,6081 1 1,509 ! 1193,7171 S (SS,653) S 11,9191 S (30,493) 1 1216,9211 S (106,402) 1 (942,2691 Greet limim Soorm IOatvl Treater is 33,306 13,067 68,127 5,527 120,127 ?=!tr „'t 436,$444 (68,$271 1105,63$1 good Mceeda 413,500 N6,87J -loolm -821,254 bto" (Oefidt0y! of 1evu:u VA Otter Swarm Over Stpmdltom tad outr Gan 3 27,698 1 (35,102) 1 12,$50 1 (156,40 1 63,$6$ 1 (30,14+) 1 1,954 1 -0- 1 (105,9301 toad Oban et 5epioaia$ of Im 127.6481 35,102 (1).067! X21.10 _(51,14.1) 43.443 -- 109 6$181+ $T Sm Of c6$1 L.;� L----t S ttllt L 256A L--A: 1 12.985 L 4.954 1- -0' 1,21+411 -52- I.MMITZ£S AND EOUITY Current Liabilities Cash deficit Accounts payable Accrued expenses Due to other governmental units Total Current Liabilities Deferred revenue Total Liabilities Equity contributed capital Retained earnings Total Equity TOTAL LIABILITIES AND EQUITY S 38,406 S 1,432 11,796 $ 2,059 S 285 761 16,629 8,702 258 S 50,963 S 18,688 S 8,987 S 1,690 12,929 3,231 S 63,892 S 21.919 S 8.987 S 1,690 Statement E-1 TOTALS December 31, December 31, 1990 1989 S 664,919 S 618,841 187,729 152,006 1,712 85 157,755 130,840 10.913 9.092 S 1,023,028 S 910.864 S 14,490,929 S 14,241,298 223.989 228,738 S 14,714,918 S 14,470,036 4.570.415 4,073.599 S 10,144,503 S 10,396,437 S 15,005 S 11,530 1,155 446 S 16,160 S 11,976 S 11,183,691 S 11,319,277 S 39,838 S CITY OF MONTIiCELLO, mnw.SOTA 14,140 15,891 26,350 PROPRIETARY FUNDS 35O COMBDIM BALANCE SHEET 44,519 December 31, 1990 With Comparative Totals for December 31, 1989 Trans - Sewer Water 'Liquor portation ASSETS Fund Fund Fund Fund Current Assets Cash and investments S 65,193 $ 599,726 Accounts receivable S 141,747 45,270 107 S 605 Due from other governmental units 1,026 686 Inventory 157,755 Prepaid expenses 4.480 2,283 4.150 Total Current Assets S 146.227 1 113,772 S 761,738 S 1.29 prpmerty aqd J�auloment. Land, buildings, and improvements S 9,797,767 S 4,452,139 $ 241,023 Equipment 113.V3 45.80Q fi4.292 S 9,911,660 S 4,497,943 $ 305,315 Leas, accumulated depreciation 2,885,811 1.529 155.230 Property and Equipment - Net S 7,025.849 S 2,968.569 S 150,085 Other Assets Special assessments receivable - deferred S 12,191 S 2,814 Special assessments receivable - delinquent 7M 417 Total Other Assets S 12,929 S 3,231 TOTAL ASSETS S 7.185.005 S 3.085.572 S 911.823 S 1,291 I.MMITZ£S AND EOUITY Current Liabilities Cash deficit Accounts payable Accrued expenses Due to other governmental units Total Current Liabilities Deferred revenue Total Liabilities Equity contributed capital Retained earnings Total Equity TOTAL LIABILITIES AND EQUITY S 38,406 S 1,432 11,796 $ 2,059 S 285 761 16,629 8,702 258 S 50,963 S 18,688 S 8,987 S 1,690 12,929 3,231 S 63,892 S 21.919 S 8.987 S 1,690 Statement E-1 TOTALS December 31, December 31, 1990 1989 S 664,919 S 618,841 187,729 152,006 1,712 85 157,755 130,840 10.913 9.092 S 1,023,028 S 910.864 S 14,490,929 S 14,241,298 223.989 228,738 S 14,714,918 S 14,470,036 4.570.415 4,073.599 S 10,144,503 S 10,396,437 S 15,005 S 11,530 1,155 446 S 16,160 S 11,976 S 11,183,691 S 11,319,277 S 39,838 S I5,725 14,140 15,891 26,350 12,553 35O S 80,328 S 44,519 16.160 IL 976 S 96.488 S 56.495 S 6,365,539 S 2,961,870 S 9,327,409 S 9,550,155 55,574 101,783 S 902,836 S 1399) 1,759,794 1.712,627 S7,121.113 S 3,063.653 S 902_836 S 13991 $11,087,203 S 11,262,782 S 7,185,005 S 3.085.572 S 931,823 S 1,291 S 11,183,691 S 11,319,277 ..83_ R CITY OF MONFiCE1.1A, MINNESOTA PROPRIETARY FUNDS COMBINING STATEKENF OF REVENI S, En?EtSES AND CHARGES IN RETAINED FJ MINGS For The Year Ended December 31, 1990 With Comparative Totals For The Year Ended December 31, 1989 Sa;ep and Cost of Sales Sales Cost of Sales Gross Profit Operating Revenues Utility user fees, connections, inspection fees and other operating revenues Total Gross Profit and Operating Revenues Operating Expenses Salaries and employee benefits Utilities Supplies and materials Repairs and maintenance Depreciation Travel and conferences Insurance Professional fees Advertising Equipment rental Miscellaneous Total Operating Expenses Operating Income (Loss) Statement E-2 Trans- TDTA14 Sewer Water Liquor portation December 31, December 31, Fund Fund Fund Fund 1990 1989 S 1,261,389 S 1,261,389 $ 1,197,863 265.3q 965.139 935.120 S 296,050 S 296,050 S 262,743 S 419.891 S 139,494 S 23,462 582,847 491.717 $ 419.891 S 139,494 S 296.050 S 23,462 ,S 878.897 S 754.460 S 33,845 S 63,423 S 96,957 S 7,754 S 201,979 S 170,494 2,417 35,940 11,084 164 49,605 43,818 10,659 27,280 7,652 2,162 47,753 53,669 22,262 6,519 3,902 32,683 15,106 329,595 151,313 15,909 496,817 489,972 35 306 66 407 365 18,104 5,048 15,475 38,627 40,815 322,097 2,857 3,958 82 328,994 311,845 4,286 825 5,111 4,608 52,653 52,653 3,885 3.542 5.257�•b75, A 12.Q31 4.365 S 742.563 S 297,943 S162.398 63.760 S 1.266,664 S 1,138,942 $ {322.672) S {158,449) S 133,652 Other Revenues (Expenses) Property taxes S (720) Interest income 3 4,802 Intergovernmental Cash over (short) Deposits and refunds Miscellaneous income Interest expense (5,768) Rental income 4,295 Total Other Revenues (Expenses) S (2,193) S 4,802 Net Intone (Loss) Before Operating Transfers 3 (324,865) 3 (153,647 -54- S (387,767) S (384.482) S (720) S (1,730) S 55,034 S 23 59,859 53,648 41,319 41,319 2,124 (164) (164) 790 (1,365) (1,365) (3,899) 3,100 3,100 1,139 (5,768) (1,812) 4,295 2.VQ S 187,157 S 4.144 S (287.211) S (331,822) e CITY OF NONTICELLO, M]]WMTA PROPRIETARY FUNDS COMBnmz STATEHE TT OF REVENUES, EEPENSES AND CHANGES IN RETAINED EARNINGS For The Year Ended December 31, 1990 With Comparative Totals For The Year Ended December 31, 1989 Oogratinq Transfers Transfers out Total Operating Transfers Net Income (Lose) Retained earnings at beginning of year Depreciation -contributed assets Retained Earnings at End of Year Contributed capital at beginning of year Assets contributed during year Depreciation -contributed assets Contributed Capital at End of Year RETAINED EARNINGSMONTRIBUTED CAPITAL END OF YEAR Sever Nater Liquor Fund Fund Fund S (138.000) S (138.000) S (324,865) S (153,647) S 49,157 756,464 107,027 853,679 323.975 148.403 S 755.574 S 101.783 ; 902.836 S 6,578,555 S 2,971,600 110,959 138,673 (323.975) (148.403) S 6.365.539 S 2.961.870 Statement E-2 (Continued) Trans- TOTALS portation December 31, December 31, Fund 1990 1989 S (138.000) S (138.000) S 4,144 $ (425,211) S (331,822) (4,543) 1,712,627 1,580,397 472,378 464.054 S 1399) S 1.75'UM S 1.712.627 $ 9,550,155 $ 9,513,101 249,632 501,106 1472.378) (464.052) S 9,327,409 S 9,550.155 S 7.121.113 S 3.063.653 S 902.836 S (399,) S 11.087.203 S 11.262.782 -55- Cash flows from operating activities, Net income (loss) before transfers Adjustments to reconcile net income to net cash provided by operating activities. Depreciation Changes in assets and liabilities (Increase) decrease in accounts receivable (increase) decrease in NSF checks receivable (Increase) decrease in inventory (Increase) decrease in prepaid expenses (Increase) decrease in special assessments receivable - deferred (Increase) decrease in special assessment receivable - delinquent (Increase) decrease in due from other funds (Increase) decrease in due from other governmental units Increase (decrease) in accounts payable Increase (decrease) in accrued expenses Increase (decrease) in deferred revenue Net Cash Provided by Operating Activities Cash flows from investing activities Capital Expenditures Equipment Building and improvements Transfers out Net Cash Provided (Used) in Investing Activities Cash flows from financing activities Increase (decrease) in due to other governmental units Net Cash Provided (Used) in Financing Activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and Cash Equivalents at End of Year An CITY OF MORrICELIA, MINNESOTA PROPRIETARY FUNDS COMBINING STATE?= OF CASH FLOWS For The Year Ended December 31, 1990 With Comparative Totals For The Year Ended December 31, 1989 Statement E-3 Trans- TOTALS Sewer Water Liquor portation December 31, December 31, Fund Fund Fund Fund 1990 1989 S (324,865) S (153,647) S 187,157 S 4,144 S (287,211) S (331,822) 329,595 151,313 15,909 496,817 489,972 (29,051) (8,139) 1,519 (35,671) 1,988 (52) (52) 155 (26,915) (26,915) (11,120) (813) (810) (198) (1,821) 1,352 (2,477) (998) (3,475) (3,242) (467) (242) (709) 167 42 (983) (686) (1,627) 334 (3,681) 1,756 220 (46) (1,751) 11,038 (529) 10,383 3,685 258 13,797 2,268 2.944 1,240 4.184 3,076 S (29,302) S 1127) $ 179,806 S 5.189 S 155,566 S 164.166 S S 4,749 S 4,749 S (8,546) (8,987) ,S (138.000) (138.000) S S 4.749 S 1138,000) S (133,251) S 117,533) S. (350) S 1350) S (163) S (350) S (350) S (163) S (29,302) S 4,272 S 41,806 S 5,169 S 21,965 S 146,470 19.104) 60.921 _ 557.920 16.621) 603.116 456,646 $ (38.406) S 65.193 S 599.71§ S (1,432) S 625.081 $ 603.116 -56- CITY OF NONTICELLO, MXNESOTA Statement E-4 SEWER FUND COMPARATIVE BALANCE SHEET December 31, 1990 and 1989 -57- 1990 1989 ASSETS Current Assets, Accounts receivable S 141,747 S 112,696 Due from other governmental units 42 Prepaid insurance 4,480 3,667 Total Current Assets S 146,227 $ 116.405 grooertv and Eauiament Land, buildings and improvements S 9,797,767 S 9,686,809 Equipment 113,893 113.893, S 9,911,660 S 9,800,702 Less, accumulated depreciation 2,885,811 2,556,217 Total Property and Equipment -net S 7,025,849 S 7,244,485 Other Assets Special assessments receivable - deferred S 12,191 S 9,714 Cpecial assessments receivable - delinquent 738 47k Total Other Assets S 12,929 $ 9.985 TOTAL ASSETS S 7,185,005 $ 7.370.875 LIABILITIES AND EOl Current Liabilities Cash deficit S 38,406 S 9,104 Accounts payable 11,796 15,477 Accrued expenses 761 1.290 Total Current Liabilities S 50,963 S 25,871 Deferred Revenue 12,929 9,985 Total Liabilities S 63.892 $ 35.856 Equity Contributed capital S 6,365,539 S 6,578,555 Retained earnings 755,574 756,464 Total Equity S 7,121,113 S 7,335,019 TOTAL LIABILITIES AND EQUITY S 7.185.005 S 7,370,875 -57- CITY OF lONTICELLO, HINNFSOTA Statement E-5 SERER FUND COHPARATIVE STATEKENT OF REVENUES, EIPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1990 With Comparative Totals For The Year Ended December 31, 1989 Operating Revenue Utility user fees Assessment revenue Penalties Inspection fees - improvement projects Hiscellaneous Total Revenue ODeratinm Exoenses Salaries and employee benefits Telephone Utilities Supplies Gas and oil Repairs and maintenance Travel and conferences Professional fees Insurance Depreciation Hiscellaneous Total Operating Expenses Operating Income (Loss) Qther Revenues (Expenses) Property taxes - rental Rental income Interest income Interest expense Total Other Revenue (Expenses) Net Income (Loss) Retained earnings at beginning of year Depreciation - contributed assets Retained Earnings at End of Year Contributed capital at beginning of year Assets contributed during year Depreciation - contributed assets Contributed Capital at End of Year RETAINED EARNINGS/CONTRIBUTED CAPITAL AT END OF YEAR 1990 1990 1989 Budget Actual Actual 5 407,120 S 412,068 S 343,433 275 3,955 1,598 300 2,548 467 1,000 1,307 1,681 13 1.584 ,S 408.695 S 419.891 S 348.763 S 31,250 S 33,845 S 28,891 250 240 403 1,500 2,177 1,640 9,750 9,793 11,319 500 866 678 3,300 22,262 7,789 200 35 265 328,070 322,097 304,629 20,025 18,104 18,486 334,975 329,595 327,058 100 4.542 $06 S 729.920 S 742.563 S 701.664 S 1322,672) S 1352,901 (1,450) S (720) S (1,730) S 4,800 4,295 2,400 150 (5,768) (1.782) S 1317.725) S (324,865) S (354,013) 756,464 790,201 ar S 6,578,555 S 6,895,531 110,959 3,300 (323.975) (320.276) S 6.365.539 S 6.578.555 -58- S 7.121.113 S 7.335.019 CITT OF IOHTICELLO, M2W-4OTA Statement E-6 SEWER FUND COMPARATM STATEMENT OF CASH FIM For The Years Ended December 31, 1990 and 1989 Cash and cash equivalents at beginning of year Cash and Cash Equivalents at End of Year -59- 1990 19R9 Cash flows from operating activities. Net income (loss) before transfers S (324,865) S (354,013) Adjustments to reconcile net income to net cash provided by operating activities. Depreciation 329,595 327,058 Changes in assets and liabilities (Increase) decrease in accounts receivable (29,051) 8,739 (Increase) decrease in prepaid expenses (813) 27 (Increase) decrease in special assessments receivable - deferred (2,477) (1,879) (Increase) decrease in special. assessments receivable - delinquent (467) 60 (Increase) decrease in due from other governmental units 42 236 Increase (decrease) in accounts payable (3,681) 14,187 Increase (decrease) in accrued expenses (529) 503 Increase (decrease) in deferred revenue 2,944 1.819 Net Cash Provided by Operating Activities S 129,302) S (3,263) Cash flows from investing activities. Capital expenditures Equipment S (2,092) Net Cash Provided (Used) in Investing Activities S (2,092) Net increase (decrease) in cash and cash equivalents S (29,302) S (5,355) Cash and cash equivalents at beginning of year Cash and Cash Equivalents at End of Year -59- CITY OF MONTICELLO, tIIMM= Statement E-7 MATER FUND COMPARAME BALANCE SHEET December 31, 1990 and 1989 ASSETS 1990 1989 Current Assets Cash and investments S 65,193 $ 60,921 Accounts receivable 45,270 37,131 Due from other governmental units 1,026 43 Prepaid insurance 2.283 1.173 Total Current Assets S 113,772 S 99.568 Party and Equipment Land, buildings and improvements S 4,452,139 $ 4,313,466 Equipment 45.804 50.553 S 4,497,943 S 4,364,019 Leas, accumulated depreciation 1.529.374 ' 1.378.061 Total Property and Equipment -net S 2.968,569 S 2.985.958 Other Aspets Special assessments receivable - deferred S 2,814 S 1,816 Special assessments receivable - delinquent 4;7 175 Total Other Assets S 3.231 $____L= TOTAL ASSETS S 3,085,572 S 3.087.517 LLABILr= ARD EQUITY Uf trent Liabilities Accounts payable S 2,059 $ 303 Accrued expenses 16,629 6,246 Due to other governmental units 350 Total Current Liabilities S 18,688 S 6,899 Deferred Revenue 3.231 1.991 Total Liabilities S_ 21.919 S 8.890 rMi Contributed capital S 2,961,870 S 2,971,600 Retained earnings 101.783 107.027 Total Equity S 3.063.653 S 3.078.627 TOTAL LL;att.trtr_a AND EQUITY 53,085.572 S 3.087.517 -60- CITY OF HONTICELLO, KDOMSOTA Statement E-8 MATER FUND COMPARATIVE STATMOIT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS -BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1990 With Comparative Totals For The Year Ended December 31, 1989 Operating Revenues Utility user fees Penalties Inspection fees - improvement projects Miscellaneous Special assessment revenue Total operating Revenues Operating Expenses Salaries and employee benefits Professional services Insurance Telephone Utilities Supplies Gas and oil Repairs and maintenance Depreciation Travel and conferences Miscellaneous Total Operating Expenses Operating Income (Loss) Other Revenues (Expenses) Property taxes Interest income Total Other Revenues (Expenses) Net Income (Loss) Retained earnings at beginning of year Depreciation - contributed assets Retained Earnings at End of Year Contributed capital at beginning of year Assets contributed during year Depreciation - contributed assets Contributed Capital at End of Year RETAINED D EARNINGS/CONTRIBU CAPITAL AT END OF YEAR 1990 1990 1989 Budget Actual Actual S 141,200 S 133,398 S 138,884 300 2,012 413 1,000 1,307 1,681 391 748 1Q0 2.346 602 S 142.600 S 139.494 $ 142.328 S 50,050 S 63,423 S 52,766 13,600 2,857 3,154 4,900 5,048 5,065 1,200 816 1,629 23,000 35,124 29,648 31,750 26,384 31,335 400 896 590 2,000 6,519 3,389 148,403 151,313 146,855 250 306 100 IN 5.257 949 S 275.653 S 297.943 $ 275.470 S (133.053) S (158.449) S (133.142) S 2.650 S 4.802 ,S 4.471 S 2.650 S 4.802 $ 4.471 S (130.403) S (153,647) S (128,671) 107,027 91,922 148.403 143.776 az S 2,971,600 S 2,617,570 138,673 497,806 (148.403) (143.776) S 2.961.870 S 2.971.600 Sf c S 3.063.653 S 3.078.627 CITY OF NONRICMID, KDW.SOTA Statement E-9 MATER FUND COMPARATIVE STATEMENT OF CASH FLDWS For The Years Ended December 31, 1990 and 1989 1990 1989 Cash flows from operating activities, Net income (loss) before transfers S (153,647) S (128,671) Adjustments to reconcile net income to net cash provided by operating activitiesi Depreciation 151,313 146,855 Changes in assets and liabilities (Increase) decrease in accounts receivable (8,139) (4,627) (Increase) decrease in prepaid expenses (810) 907 (Increase) decrease in special assessments receivable - deferred (998) (1,363) (Increase) decrease in special assessments receivable - delinquent (242) 107 (Increase) decrease in dim from other governmental units (983) 98 Increase (decrease) in accounts payable 1,756 (1,793) Increase (decrease) in accrued expenses 10,383 1,406 Increase (decrease) in deferred revenue 1,240 1,257 Net Cash Provided by Operating Activities S (127) 4 14,176 Cash flows from investing activitiest Capital expenditures Equipment S 4,749 S (6,454) Net Cash Provided (Used) 1n Investing Activities S 4,749 S 16,454) Cash flows from financing activitiest Increase (decrease) in due to other governmental units S 1350) S (163) Net Cash Provided (Used) in Financing Activities S (350) S (164) Net increase (decrease) in cash and cash equivalents S 4,272 S 7,559 Cash and cash equivalents at beginning of year 60,921 53,362 Cash and Cash Equivalents at End of Year -62- CITY OF HONPICELIN, wNffSOTA Statement E-10 LIQUOR FUND COMPARATIVE BALANCE SHCET December 31, 1990 and 1989 1990 1989 ASSETS Current Assets Cash and investments S 599,726 S 557,920 Inventory 157,755 130,840 NSP checks receivable 107 55 Prepaid insurance 4.150 3.252 Total Current Assets S 761.736 S 692.767 grooe;ty and Equipment Land S 6,840 S 6,840 Building and improvements 194,432 194,432 Parking lot 39,751 39,751 Furniture and fixtures 64.292 64.292 S 305,315 S 305,315 Less. accumulated depreciation 155.230 139.321 Total Property and Equipment S 150.085 S 165.994 TOTAL ASSETS S 911.823 S 858.761 LIASU.PPIES AND RETAINED gNM2 GS Current Liabilities Accounts payable S 285 S 65 Accrued expenses - other 8.702 §.017 Total Current Liabilities S 8.987 S 5.082 ed Earnings S 902.836 S 853.679 TOTAL LIABILITIES AND EQUITY S 911.823 S 858.761 -63- Ott Sale Upor fine Beer eleeellaoeou arehaodire Toul Ott -Sale Acus freight Gross Profit OnentiV !messes, Salaries end uplo$ee haefits Supplies Repairs sed eriAuume Utilities Tele*w Professional tees lourmee Depreciation Advertising up- Rlutlls mr Trul OPenting bp= Operating ImmN other form IRmmul Deposits and moods Cud over (short) Toul Iet Is= from Operation Otser rneou Inurat Woo - Investments kt Incas humten out Retained eatmimp at degimloq of Sar an of NUIC4410, ermsm Suuunt 1.11 ugmi I® WARATITS MMM Of 11MM, C81M 10 MIM 1111TAIM MUM Por The Ieu joded Decemher 31. 1990 12.87 Sar The Tear dtded Oecesher 91. 1989 10.60 s 11,3631 11611 ILS291 Cort of Gran Percent 55.034 Cort of Gross Percent Salera e iPnt tSalesale 1 85),619 $ S -Um a1S erelro.it to Saler f 350,989 1 211,190 $ 86,799 21.01 1 336,770 $ 2S91179 $ T7,291 22.95 150,832 19,121 61,408 44.71 110,072 90,584 19,688 35.33 704.552 569.948 131.604 19.96 681 550,668 170.610 19.18 S 1,216,373 1 933,562 1 282,811 23.25 ! I,IS3,180 S 900,731 1 257,449 22.23 15.016 11,025 18.991 11.19 39,683 18.823 10.860 27.37 S 1.261.331 S 959,581 S 301,802 23.93 S 1.197,161 S 929.551 S 268,309 22.10 5.752 .86 1,50 .Ir S 296,050 23.11 S 262,713 21.93 1 96,957 1,652 ),f02 10,7!1 no 3,9SB 15,475 15,909 4,286 1.175 162.398 12.87 $ 133,652 10.60 s 11,3631 11611 ILS291 I.Ili $ 132,123 10.48 55.034 4.36 $ 187,137 14.14 (138,000) 698,274 853,679 1 85),619 $ S -Um il- 153.545 12.82 ! 109,198 9.11 ! U,r6m1 �9 I1,f701 1.251 s 106,218 8.86 19.177 4.11 ! 155,445 11.91 698,274 1 85),619 CITY OF MNTICELUO, tMOWSMA Statement E-12 LIQUOR FUND COMPARATIVE STATENWT OF CASH P1ANS For The Years Ended December 31, 1990 and 1989 Cash flows from investing activitiesi Capital expenditures Building and improvements 5 S (8,987) Transfers out (138.000) Not Cash Provided (Used) in Investing Activities , S (138.000) S (8,987) Net increase (decrease) in cash and cash equivalents S 41,806 S 150,887 Cash and cash equivalents at beginning of year 557.920 407.033 Cash and Cash Equivalents at End of Year S 599,726 S 557.920 -65- 1990 1989 Cash flows from operating activities Net income (loss) before transfers S 187,157 S 155,405 Adjustments to reconcile net income to net cash provided by operating activities, Depreciation 15,909 16,059 Changes in assets and liabilities (Increase) decrease in NSF checks (52) 155 (Increase) decrease in inventory (26,915) (11,120) (Increase) decrease in prepaid expenses (198) 418 Increase (decrease) in accounts payable 220 (1,402) Increase (decrease) in accrued expenses 3.685 3§9 Net Cash Provided by Operating Activities S 179.806 S 159.874 Cash flows from investing activitiesi Capital expenditures Building and improvements 5 S (8,987) Transfers out (138.000) Not Cash Provided (Used) in Investing Activities , S (138.000) S (8,987) Net increase (decrease) in cash and cash equivalents S 41,806 S 150,887 Cash and cash equivalents at beginning of year 557.920 407.033 Cash and Cash Equivalents at End of Year S 599,726 S 557.920 -65- CITY OF MONTIM.1 , FDON ATA Statement E-13 LIQUOR FUND COMPARATIVE STATEMENT OF REVENUES AND EXPENDITURES - BUDOET (GMP BASIS) AND ACTUAL For The Year Ended December 31, 1990 Off Sale Gross Profit Liquor Mine Beer Miscellaneous Total Lease freight Total Gross Profit Mina Expenses Salaries and employee benefits Supplies Repairs and maintenance Utilities Telephone Professional fees Insurance Depreciation Advertising expense Miscellaneous Total Operating Expenses Operating Income Other Ezaenses Deposits and refunds Cash over (short) Miscellaneous intone Total Other Expenses Other Income Interest income - investments Total Other Income NET IIiODME Budget S 73,600 44,200 125,100 8,000 S 250,900 6,000 S 244,900 S 95,400 6,550 3,700 .10,400 900 4,100 17,225 17,000 2,500 2,875 160,650 S 84,250 Actual S 86,799 61,408 134,604 18,991 S 301,802 5.752 S 296,050 S 96,957 7,652 3,902 10,314 770 3,958 15,475 15,909 4,286 3,175 162, S 133,652 S (1,400) S (1,365) (200) (164) 100 (1,500) (1,529) -66- CITY OF MONTICELL O, MINNESOTA Statement 2-14 TRANSPORTATION FUND COMPARATIVE BALANCE SHEET December 31, 1990 and 1989 1990 1989 ASSM Current Assets Accounts receivable S 605 S 2,124 Due from other governmental units 686 TOTAL ASSETS S 1.291 S 2,124 hVWPXMS AND EQU Current 14ab4lities Cash deficit Accounts payable Accrued expenses Total Current Liabilities Retained Earninas TOTAL ijmn Z r=S AND EQUITY -67- S 1,432 S 6,621 46 25§ S 1,690 S 6.667 S (399) S (4,543) S 1,291 S 2,124 CITY OF MONTICELIA, KDD[CSOTA Statement E-15 TRANSPORTATION FUND COMPARATIVE STATEMENT OF REVENUES, E8PENSES AND CHANGES IN RETAIM EARNINGS -BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1990 With Comparative Totals For The Year Ended December 31, 1989 Operating Revenue Passenger fares Property taxes Total Revenue Qoer¢tina Exoenaes Salaries and employee benefits Telephone Supplies Professional fees Equipment rental Advertising Travel and conferences Miscellaneous Total Operating Expenses Operating Income (Lees) Other Revenues (Expenses) Intergovernmental Miscellaneous Interest income Interest expense Total Other Revenues (Expenses) Net Income (Lose) Retained Earnings at beginning of Year Retained Earnings at End of Year 1990 1990 1989 Budaet Actual Actual S 11,700 16,475 S 7,240 16.222 S 23.462 S 626 S 626 S 28,175 S 11,525 $ 7,754 S 442 164 109 1,050 2,162 3,185 82 642 51,300 52,653 3,885 825 66 5A S 63.875 S 63,760 S 8.263 S (35.700) S, (49.298) S (7.637) S 36,000 S 41,319 S 2,124 3,100 1,000 23 (30) S 36.000 s_ 44.442 s_3.094 s 300 s 4,144 S (4,543) (4,543) S (399) 5.543) -68- CITY OP HONTICELLO, 1lOTA Statement E-16 TRANSPORTATION PUNA COMPARATIVE STATMENT OP CASH PLOWS For The Years Ended December 31, 1990 and 1989 Cash !lova from operating activities, 1990 1989 Net income (lose) before transfers S 4,144 S (4,543) Adjustments to reconcile net income to net cash Provided by operating activities ' Changes in assets and liabilities (increase) decrease in accounts receivable _- 1,519 (2,124) (Increase) decrease in due from other governmental units (686) (Increase) decrease in accounts payable (46) 46 (Increase) decrease in accrued expenses 258 Net Cash Provided (Used) by Operating Activities S 5.189 S (6.621) Net increase (decrease) in cash and cash equivalents S 5,189 $ (6,621) Cash and Cash Equivalents at beginning of year 16.621) -0- Cash and Cash Equivalents at End of Year S (1.432) S (6,621) -69- CITY OF MMICELLO, NIMMOTA Statement P-1 SCHEDULE OF SOURCES AND USES OF PUBLIC MW for ISI 01 - A TAX INC OM FINANCING DISTRICT December 31, 1996 Accounted Original for in Budget Prior Yearn Sourcgs of Funds, Bond proceeds (loan) S 36,751 S 36,751 Tax increments received 63,759 47,554 Real estate sales (Note 1) _ 8,000 8.000 Total Sources of hands S 108.510 S 92.305 Uses of Funds, Land acquisition S 36,751 S 36,751 Loan payments Principal 36,751 24,750 Interest 14,400 14,998 Administrative casts M90 2,061 Total Uses of Funds S 90.902 S 78.560 District Balance (or Deficiency) S 17.608 S 13.745 Pagperty Description Authority's Cost E 1/2 of Lot 7, Blk 3 S 36,751 Oakwood Ind. Park _70_ Current Amount Year Remaining S 7,583 S 8,222 S 7.983 S 8.222 S 2,000 S 10,001 960 (11558) 350 589 S 3.310 S 9.032 L --LM L --AM) Sale Price $ 8,000 CITY OF NDRTICELIA, MINNESOTA Statement F-2 SC}O;DULE OF SOURCES AND USES OF PUBLIC FUNDS For HE CALF-LARSON 02 - A TAX INCREMENT FINANCING DISTRICT December 31, 1990 Accounted Original Amended for in Current Amount Budaet Budaet Prior Years Year Remainina Sources of Funds, Loan proceeds S 32,000 S 32,000 S 32,000 Bond proceeds 260,000 257,367 S 2,633 Tax increments received 106,725 774,840 55,299 S 25,161 694,380 Interest on invested funds 1,857 2,436 (4,293) Real estate sales (Note 1) 10,000 68,000 66,000 2,000 Other (Note 2) 3,230 (3,230) Application fee 820 {gg0} Total Sources of Funds S 148.725 S 1.134,840 $ 416.573 S 27.597 $ 690.670 UsefL of Funds, Land Acquisition S 33,535 S 271,515 S 294,058 S (22,543) Site improvements or preparation costs 5,000 21,500 16,582 4,918 Bond payments Principal 260,000 330 260,000 Interest loan payments 350,531 S 23,110 327,091 Loan payments Principal 32,000 32,000 8,288 2,150 21,562 Interest 25,172 25,172 13,705 2,134 9,333 Administrative costs 3,083 30,537 26,622 3,500 415 Other - relocation 15.Q00 }S.Q00 Total Uses of Funds S 98.790 S 1.006.255 S 374,585 s 30,894 600.776 District Balance (or Deficiency) S 49.935 P 128.585 S 41.988 S (3.297) $ 89.894 Note 1 Property Description, Authoritv's Cost Sale Price N50' of Lots 8, 9, & 10, Blk 50 Parcel 01555010-051010 & 20 N 1/2 of Lots 1, 2, & 3, Blk 50 S 33,535 S 10,000 Parcel #155010-051011 S 1/2 of Lots 1, 2, 6 3, Blk 50 Parcel #155010-051040 E 25 1/2' of Lot 4, 6 N 5 1/2' Lot 5, Blk 51 Parcel #155010-051050 Lot 5, Blk 51, exc. N 5 1/2' S 260,523 S 56,000 Note 2 Payment by developer to guarantee sufficient revenue to meet HRA Debt obligations first year. -71- CITY OF NONTICEI.IA, HMD1ESOTA Statement F-3 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For FSI 03 - A TAX INCREHENT FINANCING DISTRICT December 31, 1990 -72- Accounted Original for in Current Amount Budget Prior Years Year Remaining Sources of Funds Bond proceeds S 155,000 S 155,000 Tax increments received 272,000 183,268 S 45,740 S 42,992 Interest on invested funds 10,905 1,080 Real estate sales (Note 1) 25,000 25,000 (11,985) Other - UDAG grant 243,500 243,500 Other - application fee 2,500 (2,500) Loan repayment 235.315 18.281 18.383 198.651 Total Sources of Funds S 930.815 S 638.454 S 65.203 S 227,158 Ages of Fundst Land acquisition S 130,000 S 130,000 Bond payments Principal 155,000 45,000 S 20,000 S 90,000 Interest 84,731 63,508 8,984 12,239 Administrative cost and legal 30,000 12,966 7,500 9,534 Other - loan to developer 235.315 , 235.315 Total Uses of Funds S 635.046 S 486,789 S 36.484 S 111,773 District Balance (or Deficiency) S 295.769 S 151.665 S 28.719 S 115.385 Note 1 Property Description Authority's Cost Sale Price Lot 6, 7, 6 8, Blk 2 Lauring Hillside Terrace S 130,000 S 25,000 -72- CITY OF MONTIM, .7 1 HINT SOTA Statement F'4 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For IRI 04 - A TAX IHCREKWT F71U1NCING DISTRICT December 31, 1990 Original Budget Sources of Funk. Bond proceeds (loan) S 191,550 Tau increments received 160,000 Real estate sales (Note 1) 47,500 Total Sources of Funds S 399.050 uses of Funds. Accounted for in Current Amount Prior Years Year Remaininq S 191,550 93,449 S 18,472 S 48,079 21,051 26,449 3 306.058 S 18.472 S 74,528 Land acquisition S 191,550 S 191,672 S (122) Loan payments Principal 191,550 19,550 $ 10,000 162,000 Interest 73,000 71,373 13,760 (12,133) Administrative costs 13,000 5,576 7,424 Other - contingency expense 11,000 125 10,820 Total Uses of Funds S 480,100 S 288.226 S 23,885 S 167,989 District Balance (or Deficiency) $ 181,050) S 17,824 S (5,413) S (93,461) Note 1 Property Description Authority's Cost Sale Price Y 1/2 of Lot 7 6 the N 175'of E 1/2 of Lot 7, 81k 3, Oakwood Ind. Park and Lot 6, Blk 3, Oakwood Ind. Park S 114,150 $ 21,051 -73- CITY OF NDNTICEUA), K MMSOTA Statement F-5 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For CONST. 5 05 - A TAB INCREMENT FINANCING DISTRICT December 31, 1990 Accounted Original for in Current Amount Budget Prior Years Year Remaining Sources of Fui}ds, Bond proceeds S 390,00C Tax increments received 625,OOC Interest on invested funds Special assessment income Total Sources of Funds S 1.015.000 Uses of, gunds, Installment of public utilities and improvements S 301,300 Bond payments Principal 390,000 Interest 378,000 Administrative costa 22,790 Total Uses of Funds &-1.092.090 S 359,269 S 30,731 86,446 S 62,049 476,SO5 18,248 1,769 (20,017) ?x.288 (2.2$8} S 466.251 S 63.818 S 484,931 S 359,410 S 30,000 53,769 23,990 4.662 3,500 S 417.841 S S7,490 District Balance (or Deficiency) S (77.090) S 48.410 S 6.328 -74- S (58,110) 360,000 300,241 14.628 S 616.759 CITY OF HDNTICELI,O, MINNESOTA Statement F-6 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For RAIIEDANCE t6 - A TAX INCREKENT FINANCING DISTRICT December 31, 1990 Accounted Original Amended for in Current Amount Budget Budaet Prior Years Year Remainina 8ourcga of Funds, Bond proceeds S 350,000 S 350,000 S 350,000 Tax increments received 815,250 815,250 112,501 Interest on invested funds 13,030 Real estate sales (Nota 1) 64,150 Other - application fee 2.500 Total Sources of Funds S 1,165.250 S 1,165.250 $ 542.181 Uses of Funds, Land Acquisition S 229,000 S 229,000 S 232,076 Site improvements or preparation costs 28,000 28,000 Installation of public utilities and improvements 75,000 100,000 100,604 Bond payments Principal 350,000 350,000 10,000 Interest payments 395,243 395,233 107,421 Administrative costs 38,150 38,150 19,506 Other - (Describe) Total Uses of Funds S 1.087,393 S 1.140,393 S 497.607 District Balance (or Deficiency) S 77.857 S 24,857 S 44,574 Note 1 grooertv Description Authoritv's Cost Lots 1-10, Blk 15 including 20' of Highway right of ray easement S 232,076 -75- S 50,977 S 651,772 1,586 (14,616) (64,150) (2,500) S 52.563 S 570.506 S (3,076) (604) S 10,000 330,000 27,358 260,464 11,500 7,144 S 48,858 S 593,928 S 3,705 S (23.422) Sale Price S 64,150 CITY OF MNfICELIA, WNESOTA Statement F-7 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For NAYCO 07 - A TAX nWRENENT FINANCING DISTRICT December 31, 1990 -76- Accounted Original for in Current Amount Budget Prior Yearn Year Remaining Sourcqs of Fundsi Bond proceeds S 155,000 S 153,240 S 1,760 Tax increments received 247,200 33,463 S 32,120 181,617 Interest on invested funds 1,162 873 (2,035) Real estate sales (Note 1) 15,000 15,000 Other - application fees ?L500 2.500 Total Sources of Funds S 419,700 S 205.365 S 32.993 S 181.342 Uses of Funds. Land acquisition S 122,200 S 122,394 S (194) Bond payments Principal 155,000 S 15,000 140,000 Interest 90,986 28,844 13,242 48,900 Administrative costs 27.300 11.854 5.000 10.446 Total Uses of Funds $ 395.486 S 163.092 S 33.242 S 199.152 District Balance (or Deficiency) S 24.214 S 42.273 S (249) S 117.810) )cote 1 Property Description puthoritv's Coo; Sale Price Lots 11 b 12, Blk 2 Oakwood Ind. Park S 122,394 S 15,000 -76- CITY OF NDNTIC10:I0, MMESOTA Statement F-8 SCHEDUIE OF SOURCES AND USES OF PUBLIC FUNDS For NSP 48 - A TAX INCREMENT FINANCING DISTRICT December 31, 1990 Accounted Original for in Current Amount Budget Prior Years Year Remaining Sources of Fugda: Loan proceeds S 34,000 S 23,000 S 11,000 Tax increments received 40,289 40,289 Real estate sales (Note 1) b Total Sources of Funds S 74.290 S 23.001 S -0- S 51.289 Uses of Funds,, Land acquisition S 21,200 S 21,200 Public improvements 1,800 1,800 Bond payments Principal 23,000 S 23,000 Interest 11,277 555 S 1,840 8,882 Administrative costs 4.000 1,543 500 1.957 Total Uses of Funds S 61.277 S 25,098 S 2.340 S 33.839 District Balance (or Deficiency) S 13.013 S 12.097) S 12.340) L__17_.4_50 Note 1 Prooertv Description puthorltv's Cost Sale Price Part of Lot 4, Blk 3 Oakwood Ind. Park S 23,000 $ 1 -77- CITY OF HOVTICELW, KU4MSOTA Statement F-9 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For TAPPER #9 - A TAX INCREMENT FINANCING DISTRICT December 31, 1990 Accounted Original Amended for in Current Amount Budaet Ndaet Prior Years Year Remaining Sources of runSt$, Bond proceeds S 125,000 S 140,000 Tax increments received 216,239 216,239 Interest on invested funds -0- -0- Real estate sales (Note 1) 1 b Total Sources of Funds S 341,240 S 356,240 S Uses of rund4s Land Acquisition S 77,500 S 74,000 Site improvements or preparation costs 15,500 Bond payments Principal 125,000 140,000 Interest loan payments 69,800 74,548 Administrative costs ?0.000 20.,E Total uses of Funds S 292,300 S 324.948 S District Balance (or Deficiency) S 48.940 S 31.292 S S 139,233 S 767 -0- 216,239 295 (295) 3 -0- S 139,529 S 216.711 $ 74,000 S 15,500 140,000 74,548 20,998 19M -0- S 94.998 S 229,950 -0- S 44.531 S (13.239 Note 1 ProperDescriotioq Authoritv's Cost Sale Price Lot 4, Blk 2, Oakwood Industrial Park S 74,000 $ 1 -78- CITY OF 1DNTICMJ , KI NiESOTA Statement P-10 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For MD00LLE 010 - A TAX INCREKENT FINANCING DISTRICT December 31, 1990 Accounted Original for in Current Amount Budget Prior Yearn Year Remaining Sources of Punds, Bond proceeds S 165,000 Tai increments received 270,864 Interest on invested funds -0- Real estate sales (Note 1) 1 Total Sources of Funds S 435,865 S Uses of Funds, Land Acquisition S 120,000 Site improvements or preparation costs 65,000 Installation of public utilities and improvements 55,000 Bond payments Principal 165,000 Interest loan payments 69,694 Administrative costs 40,000 Total Uses of Funds S 534,694 S District Balance (or Deficiency) S (98. 29) S S 164,042 $ 958 -0- 270,864 348 1348) 1 -0- S 164,391 S 271,474 S 126,059 S (6,059) 65,000 55,000 165,000 89,694 25,063 14,937 -0- S 216,122 S_ 318,572 -0- S (51,731) S (47,098) Property Description Authority's Cost Sale Price Lot 6, Block 1, Oakwood Industrial Park and Mat 33' of Fallon Ave, and part of Sec. 13, Twp 121, Range 25 S 126,059 S L -79- CITY OF MONTICELLO, HnDMSOTA Statement F-11 SCHEDULE OF SOURCES AND USES OF PLUM FUNDS For MARTIE t11 - A TAX MCREMW FIRRMING DISTRICT December 31, 2990 Original &.ildcre6 Sources of Funds. Bond proceeds S 36.038 Total Sources of Funds S 36.038 Uses of Fundso Land Acquisition S 17,500 Administrative costs 3.600 Total Uses of Funds S 21.100 ! District Balance (or Deficiency) S 14.938 1 1 i 1 1 1 Q t t Accounted for in Current Amount Prior ears Year Remaining S 36.038 -0- S -0- S 36.035 S 17,500 S 3.456 144 S -0- S 3.456 S 17.644 S -0- S (3.456) S 18.394 -50- CITY OF IONTIM-1 , NDMMOTA Statement F-12 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For MART •1-1 - A TAX INCREHM FINANCING DISTRICT December 31, 1990 I Note 1 frooertv, Descriation I Part of NN 1/4 of SM 1/4 of Sec. 11, Twp 121, Range 25 -81- Accounted for in Current Amount Prior Years Year Remaining S 554,486 S 5,514 -0- 795,054 2.136 (2.136) S -0- S 556.622 S 798.432 S 120,371 S 82,629 3,662 338 331,174 (107,174) 560,000 620 228,422 44.443. (43) -0- $x,495$ 870 S 764.172 S -0- S 60.752 S34,260 Authority's Cost Sale Price S 120,371 S -0- Original Pudget Sources of Funds. Bond proceeds S 560,000 Tax increments received 795,054 Interest on invested funds -0- Total Sources of Funds S 1.355.054 Uses of Funds. Land Acquisition S 203,000 Site improvements or preparation costs 4,000 Installation of public utilities and improvements 224,000 Bond payments Principal 560,000 Interest loan payments 229,042 Administrative costs 40,000— Total Uses of Funds X1.260.042 District Balance (or Deficiency) S 95.012 I Note 1 frooertv, Descriation I Part of NN 1/4 of SM 1/4 of Sec. 11, Twp 121, Range 25 -81- Accounted for in Current Amount Prior Years Year Remaining S 554,486 S 5,514 -0- 795,054 2.136 (2.136) S -0- S 556.622 S 798.432 S 120,371 S 82,629 3,662 338 331,174 (107,174) 560,000 620 228,422 44.443. (43) -0- $x,495$ 870 S 764.172 S -0- S 60.752 S34,260 Authority's Cost Sale Price S 120,371 S -0- CITY OP mNTICELLO, KnmmOTA COMPUTATION OF LOGAL DEBT MARGIN December 31, 1990 Market valuation Debt limit - 2 percent of market valuation Total indebtedness subject to limitation Lessi deductions allowed by law Assets in debt service funds available for payment of principal S 1,948,597 Special assessment bonds 5,160,000 Tax increment bonds 2,020,000 Tax increment note 21,563 Total Deductions Total Amount of Debt Applicable to Debt Limit LEGAL DEBT MARGIN -82- $ 9,976,563 Schedule i S 397.596.100 S 7,951,922 826.403 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 CITY OF HONTICELLO, WYNESOTA BONDED INDEBTEDNESS - GENERAL OBLIGATION BONDS December 31, 1990 General Obligation General Obligation General Obligation Library Improvement Series A Sever Interceptor Bond of 1981 Fire Hall Bond of 1985 Bond Series 1986A Principal Interest Principal Interest Principal Interest S 35,000 $ 4,718 $ 50,000 S 55,488 S 55,000 S 60,601 40,000 1,650 50,000 51,550 55,000 57,398 95,000 100,000 45,450 60,000 53,975 11,950 110,000 36,730 65,000 50,160 120,000 26,950 70,000 45,940 130,000 16,070 75,000 41,335 115,000 5,175 80,000 36,335 85,000 30,930 90,000 25,110 100,000 18,695 105,000 11,672 115,000 4,025 General Obligation Sever Interceptor Bond Series 19888 Principal Interest S 50,000 S 70,452 50,000 67,428 55,000 64,198 60,000 60,602 65,000 56,632 65,000 52,440 70,000 48,017 75,000 43,195 80,000 37,962 85,000 32,310 95,000 26,053 100,000 19,203 105,000 11,950 115,000 4,111 Schedule 2 Total, Principal Interest S 190,000 S 191,259 195,000 178,026 215,000 163,623 235,000 147,492 255,000 129,522 270,000 109,845 265,000 89,527 160,000 74,125 170,000 63,072 185,000 5i,005 200,000 37,725 215,000 23,228 105,000 11,950 115.004 4.111 TOTAL S 75.000 S 6.368 S 675,000 S 237,413 S 955,000 S 436,176 S 1.070.000 $ 594.553 S 2,775,000 S 1,274,510 Original Amount Average rate of interest Payment dates S 255,000 S 860.000 S 1,050.000 S 1,100.000 8.1515% 8.6689% 6.7294% 6.9943% February 1 February i Pebruary 1 February i February i February 1 February 1 February 1 August 1 August 1 August 1 August 1 -93- Cif 0910MCM4, GmSO11 1GEM 1) MM MJGITIOI SPIM 655155®9 BOW Oeteaher 31, 5990 General Obligatiaa General Obligatioa Geard Obligation General Obligation General Obligation Seer Gd [aur Seer and Baur Sever/liter ad Street Itprareseat Igrareeest 1004 of 1915 Band of 1916 Bond of 1977 0044 0f 1979 land o9 1980 Priociptl Interest frincipal InterestPrixiwl Intertit Priecipal0 e rine[pal lattryst 1991 65,000 7,278 100,000 15,100 260,000 96,515 115,000 31220 20,000 2,660 1992 T5,000 2,550 110,000 9,406 270,000 12,688 20A00 425 1993 200,000 1,050 285,000 28,048 1996 61,000 11,710 1995 HIM 25,210 1996 HIM 11,688 1997 60,000 1,150 1998 60,000 4,950 1999 60,000 1,650 2000 2001 2002 2003 2006 TOM L l6o& L-1-111 L nO.Oo1 L 21.11/ 1;.IM 1 A7 L 115.000 3 1,221LAM L 1.2A5 Original Annan L—mm UJOR 141 LLM 4 1.170.900 L—ALM Irenga rate of interest 6.471 5.141 1.211 1.61211 8.14621 Pafaent dam February I febmul 1 febroarf 1 februrf 1 februarf 1 Febrsuy 2 February 1 felrury I febraatf 1 febmry 1 lsgatt t Iq= 1 August 1 Ingot I Ingest 1 -14- General Obligation Central Obligation General Obligation General Obligation General Obligation General Obligation General Obligation Uprnmmt Strict 8 iagrostunt Ispromeatt Series A Ia4rosea n 11prosarnt Iipmseaeat tagrsseaeat gon4 of 1981 kno of 1981 8a 1586 Boal Seriel 19MA Bond Series 19898 IM)eries 19908 Pont Series 19900 total ocl igtereit Ittatiod Interest Priaeiwl Interest Principal Interest. Principal Interest friatipal Interest 'act Interest fraWal latetut 1 501000 1 81937 S 15,400 1 1,619 8 NO 1 24,210 1 85,000 1 109,404 S 15,000 1 13,I12 S 55,000 S 1e, 422 S 12,225 1 800,000 S 311,282 10,000 3,000 M,00n 6,150 20,000 22,970 40,000 103,198 20,000 14,14] SS,OOO 41,270 16,300 73D,000 262,191 10,000 4,430 25,000 21,507 40,000 97,422 25,000 12,111 55,000 37,943 $ 20,000 15,690 620,000 220,831 10,000 21680 25,000 19,858 95,000 91,179 25,000 11,111 60,000 34,420 20,000 14,460 310,000 192,$10 24.000 904 25,000 11,145 100,000 84,555 25,000 9,591 60,000 32,71$ 20,040 13,2IS 315,000 112,494 25,000 16,370 105,000 11,679 25,000 7,998 65,000 26,808 25,000 11,796 310,000 152,339 30,000 11,315 110,000 70,340 25,000 6,390 10,000 22,531 25,000 10,196 320,000 132,088 40,000 12,170 110,000 62,695 2s,000 4,713 13,000 17,915 21,040 8,571 325,000 111,111 35,000 9,118 120,000 S4,S85 30,000 2,910 75,000 13,011 21,000 1,921 345,000 88,951 35,000 7,105 125,000 /5,825 30,000 990 SO,000 8,000 30,000 5,085 300,000 67,005 35,000 4,427 130,000 76,613 56,000 2,680 ]0,000 3,068 275,000 16,788 10,000 3,540 140,000 26,825 ]0,000 1.028 210,000 21,391 145,000 36,494 115,E 16,414 SS 5.619 151.000 1,13 1 IOpM 6 11.931 1 95,000 1 21.719 1 315,000 L" 1 1.600.900 1 882.176 1 000 1 BS, 981 13b.a1B [ 187,787 1 2SO E S 111.555 ! 5.160,070 OS 6 1 690,440 S 170.400 1 365.006 1 1.62000 1 245,000 1 130.000 1 258.060 11.61615 1.61161 7.48501 1.25326 1.61181 6.0/41 6.14061 fehroary I February I February 1 Febtom I febmuy I febrery I February 1 Ftbrery t febmary I fehroary I Febrom 1 febmM 1 febrery I Fehmary 1 gaper 1 luget I August 1 Asgmt 1 gapet I gopost I Anpet I Ct➢ 1991 1991 6993 1994 1993 1996 1997 1998 1999 2088 209 202 203 2004 2009 206 2409 L& Original Amort Avenge ato of iauau hpemt dam 1 155,00 [ 350.00 LAM Um 1 260,00 UM 1 X5.04 1.38611 8.21931 7.9418 9.00A 1.87081 6.96131 8.99283 febaap 1 Itbr urT 1 It8ruri 1 febam t febm" 1 ftbmq 3 ftbntq 5 fthmm I 9tbrurT 7 TaTurT t 9tlnan I hbaarp 1 februq 3 febnurp 1 Aupaut I A04au 1 beset I I*n I tngut i Aagoat I umt 1 -86- cm of 19mfTimw, S>5560f! SeOtdnle 4 lam lumen 01555 - 619m 08M1101 182 IlI:B= lam 0eceuber 31, 1990 Geoeiil Obllpatiaa Gmeral Ob1180uoo G aenl Obligtim itatal Obligation Runt Obiifatim katral Obfiguim Went Obligation fu Iuttmt Tu iocr amt fu Iacm nt Tu lurtuat Tu Inutunt Tu loertuot Tu IactmAt Bong of 1984 "d of 1915 eoad of 99018 1m4 of 19010 _Oaod Wits 2989A bond Stria 19901 Soni Striel 19900 foul Modal W ren1@r aded lourtit inoeloaj muttePrm iog latereft princilal laurtstpriatioal laterist principal wrest hite Wl Interest 1 20,000 0 6,162 1 10,00 1 26,203 1 30,000 f 11,035 1 13,000 1 11,589 S 22,660 1 31,S02 1 201446 1 IS100 1 141,611 20,00 5,137 10,00 25,313 30,00 10,03 13,00 10,331 1 5100 22,450 35,540 26,721 80,00 145.891 25,00 I'm 10,00 2i,16S 35,00 18,099 20,00 8,855 51000 2:1030 1 SS,v00 11,80 S 30,00 2S,471 10140 116,611 25,00 1,094 13,000 23,950 35,000 15,817 20,00 7,905 5,000 21,608 0,004 30,310 30,00 22,940 110,400 122,904 15,000 21,825 35,00 13,558 20,00 S,155 10104 20,969 65,400 26,150 35,004 20,142 110,00 109,329 15,00 21,610 40,00 10,905 25,00 3,362 10104 20,120 14,004 2I1260 13,001 11,098 195,00 93,193 iS,01 10,685 10,00 0,265 25,40 1,125 10,00 19,165 70,000 17,833 10,000 13,195 200,000 80,618 20,00 19,08 45,00 5,460 15,00 tell" 15,00 13,210 45,000 10,012 200100 65,321 24,00 11,445 45,00 1,01 15,00 16,900 80,00 8,210 45,000 6,008 20S,00 501254 20,00 15,805 15,00 15,603 15,011 45,060 2,002 165,00 16,215 25,400 13,531 20,00 14,080 45,00 25,034 25,000 11,891 20,000 12,333 45,08 24,226 30,000 9,615 24,04 20,585 30,00 20120 30,00 7,125 25,00 i,6t0 15,00 13,733 35,00 1,410 25,00 6,410 64,00 10,820 35,04 1,474 34,40 3,902 65,00 5,452 00 1,311 30.00 1,324 S 90.00 34 43 1 -mm Ujh 2 LMA 1 113.329 S 146.00 LAM Like 0 I Z57.1251 560,00 8 229M 0 4 0 1 164,212 f 2.0!0.090S !. 96.149 1 155,00 [ 350.00 LAM Um 1 260,00 UM 1 X5.04 1.38611 8.21931 7.9418 9.00A 1.87081 6.96131 8.99283 febaap 1 Itbr urT 1 It8ruri 1 febam t febm" 1 ftbmq 3 ftbntq 5 fthmm I 9tbrurT 7 TaTurT t 9tlnan I hbaarp 1 februq 3 febnurp 1 Aupaut I A04au 1 beset I I*n I tngut i Aagoat I umt 1 -86- CITY OF NDNTIM-1 o MnrA OTA Schedule 5 - TAH nKTd2aW NOTE December 31, 1990 Original Amount S 32.000 Average rate of interest 9.005 Payment dates February 1 February 1 August 1 -87- General Obligation Tax Increment Note of,1983 Principal Interest 1991 S 2,344 S 1,941 1992 2,555 1,729 1993 2,784 1,500 1994 3,035 1,249 1995 3,308 976 1996 3,606 678 1997 3.931 354, TOTAL S 21.563 S 8.427 Original Amount S 32.000 Average rate of interest 9.005 Payment dates February 1 February 1 August 1 -87- 1991 1992 Original Amount Average rate of interest CITY OF MSNTICEUO, MINNESOTA INDEBTEDNESS - LEASE PURCHASE OBLIGATIONS December 31, 1990 Fire Truck Lease Purchase Pri cioa Intere 5 24,324 S S 24.324 S L_122.171 6.730% Computer Lease Purc¢ase at Principal Interest 1,824 $ 26,945 S 1,946 14.166 280 1.824 S 41.111 S 2.226 5 6LM 7.51 Schedule 6 Totals Principal Interest S 51,269 S 3,770 14.166 280 S 65.435 S 4.050 CITY OF MONTICELLO, KMMSOTA TAX LEVIES TO RETIRE BONDED INDEBTEDNESS December 31, 1990 General General General General General General General General Obligation Obligation Obligation Obligation Obligation Obligation Obligation Obligation Year of Improvement Improvement Improvement Library Improvement Tax Increment Improvement Improvement Levy Collection Bond of 1975 Bond of 1976 pond of 1977 Bond of 1981 Bond of 1983 Bond of 1984 Bond of 1984 Bond of 1985 1990 1991 S 50,565 S 80,015 S 253,174 S 45,465 S 47,033 S 27,261 S 23,522 S 108,728 1991 1992 64,986 257,580 49,580 30,779 22,094 157,028 1992 1993 14,260 68,019 28,547 20,624 158,918 1993 1994 14,115 68,418 19,133 159,716 1994 1995 13,969 159,380 1995 1996 8,505 131,618 1996 1997 8,580 1997 1998 8,655 1998 1999 1999 2000 2000 2001 2001 2002 2002 2003 2003 2004 2004 2005 2005 2006 TOTAL S 50.565 S 145.001 S 578.838 S 45.465 S 233.050 S 86,587 $ 85.373 S 875.388 -89- General General General General General General General General Obligation Obligation Obligation Obligation Obligation Obligation Obligation Obligation Sewer Tax Increment Tax Increment Improvement Water System Improvement Water System Improvement Interceptor Bond Series Bond Series Bond Series Bond Series Bond Series Bond Series Bond of 1986 Bond of 1986 1987A 19878 1988A 19888 1989A 19898 $ 32,036 S 119,721 S 53,543 $ 27,269 S 151,499 S 124,901 S 28,743 S 21,453 36,543 121,564 56,903 31,180 147,366 126,948 28,602 26,101 35,460 123,034 54,606 29,374 148,484 128,618 28,161 25,160 34,323 124,053 52,217 27,547 149,246 129,899 32,965 24,207 33,109 124,672 55,005 30,949 149,655 125,531 32,073 23,240 37,091 124,882 52,065 28,613 149,709 126,344 31,180 22,260 35,414 124,672 54,291 143,985 126,743 35,527 21,267 38,955 124,032 50,794 148,646 126,717 34,173 25,510 36,822 128,200 147,196 126,255 32,818 24,138 34,651 126,310 145,242 130,597 36,698 37,689 129,203 148,091 128,864 34,871 144,929 126,712 33,033 146,643 129,384 36,446 34,136 37,076 34.288 S 392.093 S 1,370,343 S 429,424 S 174,932 S 1,920,691 S 1.657,513 $ 530.790 213.336 .90- Schedule 7 General General Obligation Obligation Improvement Water System Bond Series Bond Series 1990A 19908 S 100,190 100,190 100,190 100,190 100,190 100,190 S 52,095 100,190 83,183 100,190 84,087 79,315 $ 801.520 S 298.680 -91- CITY OF MONTICELLO, MINNESOTA Schedule 7 TAX LEVIES TO RETIRE BONDED INDEBTEDNESS (Continued) December 31, 1990 General General Obligation Obligation Improvement Improvement Year of Bond Series Bond Series Levy _ Collection 1990C L990D 1990 1991 1991 1992 S 19,600 1992 1993 20,924 1993 1994 20,362 1994 1995 25,040 1995 1996 24,113 S 1,363 1996 1997 23,160 4,898 1997 1998 22,181 907 1998 1999 26,425 1999 2000 25,054 2000 2001 23,668 2001 2002 2002 2003 2003 2004 2004 2005 2005 2006 TOTAL S 230,527 S 7.168 -91- .gory. s, 76,6 ison ro�.m Cwroaw P..cQ+9.cm.a. ri r..ryou 9xsr a Gare Parc MtP,uNe ano'.7ssocr"afes, &01 CEATIFiED PUBLIC ACCOUNTANTS Auditor's Comments on Compliance with Minnesota Statutes Members of the Council of the City of Monticello, Minnesota We have audited the general purpose financial statements of the City of Monticello as of and for the year ended December 31, 1990, and have issued our report thereon dated may 15, 1991. We conducted our audit in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General of the United States; and the provisions of the Hinnesqta legal Compliance Audit Guide for Local Government, promulgated by the Legal Compliance Rask Force pursuant to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatements. General Purpose Financial Statements Compliance with laws, regulations, contracts, and grants applicable to the City of Monticello, is the responsibility of the City of Monticello's management. As part of obtaining reasonable assurance about whether the general purpose financial statements are free of material misstatement, we performed tests of the City of Monticello's compliance with certain provisions of laws, regulations, contracts, and grants. However, our objective was not to provide an opinion on overall compliance with such provisions. The results of our tests indicated that, with respect to the items tested, the City of Monticello complied, in all material respects, with the provisions referred to in the preceding paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the City of Monticello had not complied, in all material respects, with those provisions. Legal Compliance The Minnesota Leaal Compliance Audit Guide for Local Gavernment covers five main categories of compliance to be tested, contracting and bidding, deposits and investments, conflicts of interest, public indebtedness, and claims and disbursements. Our study included all of the listed categories. The results of our tests indicate that for the items tested, the City of oil WYM S"al safe ei. Mo Mott. MN STMT 2%.3671 oleo S-1 01", SaM M6, 8M*k" C -W. MN 3640 3014011 Plug p,oMeel rw alto% 1111 Nw7, 23 No.. Bu6eb. MN SW17 002.1762 1734676 -01- Members of the Council of the City of Monticello, Minnesota Page Two Monticello complied with the material terms and conditions of applicable legal provisions. further, for the items not tested, based an our audit and Procedures referred to above, nothing came to our attention to indicate that the City of Monticello had not complied with such legal provisions. This report is intended solely for the use of the City of Monticello, office of the State Auditor and other state agencies and should not be used for any other purpose. This restriction is not intended to limit the distribution of this report which, upon acceptance by the City, is a matter of public record. Hay 15, 1991 H AND TES, LTD. Ce d Public Accountants -93-