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1991 Audit ReportFILE COPY CITY OF MONTICELLO, MINNESOTA COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended December 31, 1991 Gru n "� Bold & A dues A 06/19/92 13:49 0612 295 61:72 (;JA MONT I CELLO [a no I � � flet Mf'nfAlr frit Ai1ma.L Ylr R++. 117. Wnr 1 Rarer 0.04b,' MM.., nal II\IR. 1111 Ilwl, I},M+. BOP[i�D Mlrn/,rfnnl!nnlf �AMvltkal4�, MN 57NJ .^ItSM'i �.\Stitt fW:.i'•ht 173W,11, C�/�lso ■�/'�^ /i//rn/1,1 I'.minlnngl mut 1Y•mll Wu r.. It"frJ 14'in,•f f7lnr Qr Mapk 4r1w. hIN NatO aF4: wl & AsWalcs E'AXOGRA01 DATEe. NO. Of PAGES-.. —. _ (nicL AI m PAROOAM PAGE) va w+vM, e ADOREMe PAR to 1 1 PHONE #t I PRO![! COMPANY: GROV S Ok A9300UX^T1a I P . A . ADDRP"M 611 WALNUT 9TRZOU'r, OU:L-VIR 01 P.O. BOX 417 MONTICL;].L.O, MN 55362-0417 PAR #! ( 612 295-50'/2 PHONE ie (612) 295-5871 i (The infortaatiun cuntained in thio facnimile mesnage is intended only for the use of the individual or ontity to which it is addressed and may contain information that in privileged, confidential And exempt from disclosure under applicable law. Tf the reader of this message in not the intended recipient or the employee or agent responsible for delivering the message to the intended recipient, you are hereby fortified thAt any dissemination, distribution or copying of this communication is strictly prohibited. if you have received this communication in error, please notify us immediately by telephone, and return the original message to us at the above address via the D.B. Poatal Service. Thank you.) mom iw" ® Wi1 mal USA 620 &�.,j w C City of Monticello GraphsSelected As ofand for • ' ii December 31, •• Prepared by Gruys Borden Carlson & Associates P.A. CITY OF MONTICELLO GENERAL FUND REVENUES LICENSE LICENSE { PERMITS INTER ■ PE NM I TS {96.994 GOVERNMENTAL {99,{06 {140.124 OTHER 6• {279.177 CHARGES FOR SERVICES {109.721 TAMES TAX •,.621.796 {1.27 1991 Revenues 6/92 Gruys Borden Carlson & Associates P.A. INTER GOVERNMENTAL THER 99,744 CHARGESFOR SERVICES {87,659 1990 Revenues 1..W- Ltw aw Bs' ur wiiiir ow vw ow Ems' E'! ww OW MP 4w 41 9 w c - PUBLIC SAFETY 8366.e46 O E NERAL GOVERNMENT 6860.401 PUBLIC SAFETY 6377,207 COMMUNITY mr1.11OEVEL.WELFARE677,667 6100,623 SANITATION / Xi ON `NAYS8231,364 ./" STREETS CULTURE 8466,189 RECREATi ON 883.664 1991 Expenditures 8/92 Gruys Borden Carlson 8 Associates P.A. INELFAR 664.664 SAN, GENERAL (I OV ERNMENT 2 10 YAYe TREETS 374,660 8248,790 CULTURE RECREATION 892,010 1990 Expenditures 500 400 300 200 100 0 CITY OF MONTICELLO GENERAL GOVERNMENT REVENUES AND EXPENDITURES PER CAPITA 1988 1989 1990 1991 Year = Revenues = Expenditures 6/92 Gruys Borden Carlson d Associates P.A. 50,/-,. 25% w CITY OF MONTICELLO GENERAL GOVERNMENT REVENUES 6; 92 Gruys Borden Carlson 8 Associates m1m 50% 25% 0% CITY OF MONTICELLO GENERAL GOVERNMENT EXPENDITURES "4PP toes 1990 ,eo, A— age � Oe•er■t Oerer nln.nt � Call,—•� .��• � ►uelle Work• ►.r.. a ►.er.r— ►Pelle safety 9.nIHrICn M••Itn WIr■ri 6/92 - Gruys Borden Carlson 8 Associates Millions S7 CITY OF MONTICELLO LONG-TERM DEBT S6 $5 $4 S3 $2 $t So Year Ge^tee Oo pa' _ boec a 4eseee^�•^' - 692 Gruys Borden Carlson & Associates P A. CITY OF MONTICELLO TOTAL DEBT TO MARKET VALUATION Millions 500 400 300 200 100 2.8092 .597 2.526 2.332 0 1988 1989 1990 1991 Year = Market Valuation = Total Indebtedness = Percent 6/92 - Gruys Borden Carlson & Associates CITY OF MONTICELLO 7,000 6,000 5,000 4.291 4,000 3,000 2,000 POPULATION STATISTICS 4,668 5.045 5.102 1988 1989 1990 1991 Year 8/92 Gruys Borden Carlson & Associates P.A. CITY OF MONTICELLO, MINNESOTA COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended December 31, 1991 CITY OF HONTICELLO, MINNESOTA TABLE OF CONTENTS I. INTRODUCTORY SECTION Hiscellaneous Data II. FINANCIAL SECTION Page Independent Auditor's Report on Financial Statements 1 A. General Purpose 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 Combined Statement of Revenues, Expenses and Changes in Retained Earnings - All Proprietary Fund Types 3 5 Combined Statement of Canh Flows - All Proprietary Fund Types 4 6 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual - General and Special Revenue Fund Types 5 7 Notes to Financial Statements 8-26 Statement 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 Orderly Annexation Fund, Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-4 34 0 CITY OF NONTICELLO, MINNESOTA TABLE OF CONTENTS B. Combininq 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 Funds Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-6 36 Housing and Redevelopment Authority Fund, Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) anc Actual B-7 37 Urban Development Action Grant Fund, ■ Statement of Revenues, Expenditures and i Changes in Fund Balance - Budget (GAAP Basis) and Actual B-8 38 Economic Development Authority Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP ' Basis) and Actual B-9 39 Water Improvement Fund: Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-10 40 ' Sewer Improvement Funds Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP IBasis) and Actual B-11 41 Debt Service Funds, Combining Balance Sheet C-1 42-45 Combining Statement of Revenues, Expenditures and Changes in Fund Balances C-2 46-49 Capital Projects Funds Combining Balance Sheet D-1 50 Combining Statement of Revenues, Expenditures and Changes in Fund Balance D-2 51 CITY OF MONTICELLO, MINNESOTA TABLE OF CONTENTS B. Combininq and Individual Fund Statements - Continued Statement Page Proprietary Funds, Combining Balance Sheet E-1 52 Combining Statement of Revenues, Expenses and Changes in Retained Earnings E-2 53-54 Combining Statement of Cash Flow E-3 55 Sewer Fund: Comparative Balance Sheets E-4 56 Comparative Statements of Revenues, Expenses and Changes in Retained Earnings - Budget (GAAP Basis) and Actual E-5 57 Comparative Statements of Cash Flows E-6 5B Water Fund. Comparative Balance Sheets E-7 59 Comparative Statements of Revenues, Expenses and Chanyes in ReLaiued Eat7iiuys - BudyeL (GAAP Basis) and Actual E-8 60 Comparative Statements of Cash Flows E-9 61 Liquor Funds Comparative Balance Sheets E-10 62 Comparative Statements of Revenues, Expenses and Changes in Retained Earnings E-11 63 Comparative Statements of Cash Flows E-12 64 Comparative Statements of Revenues and Expenditures - Budget (GAAP Basis) and Actual E-13 65 Transportation Fund, Comparative Balance Sheets E-14 66 Comparative Statements of Revenues, Expenses and Changes in Retained Earnings - Budget (GAAP Basis) and Actual E-15 67 Comparative Statements of Cash Flows E-16 68 CITY OF MONTICELLO, MINNESOTA TABLE OF CONTENTS C. Other Financial Statements Schedule of Sources and Uses of Public Funds For IXI 81 - A Tax Increment Financing District Schedule of Sources and Uses of Public Funds For Metcalf -Larson 02 - A Tax Increment Financing District Schedule of Sources and Uses of Public Funds For FSI 03 - A Tax Increment Financing District Schedule of Sources and Uses of Public Funds For ISI 04 - A Tax Increment Financing District Schedule of Sources and Uses of Public Funds For Const. 5 05 - A Tax Increment Financing District Schedule of Sources and Uses of Public Fundb Por Raindance 0 - A Tax Increment Financing District Schedule of Sources and Uses of Public Funds For NAWCO 47 - A Tax Increment Financing District Schedule of Sources and Uses of Public Funds for NSP 98 - A Tax Increment Financing District Schedule of Sources and Uses of Public Funds for TAPPER 09 - A Tax Increment Financing District Schedule of Sources and Uses of Public Funds for RE14ELE 010 - A Tax Increment Financing District Schedule of Sources and Uses of Public Funds for MARTIE 011 - A Tax Increment Financing District Schedule of Sources and Uses of Public Funds for AROPLAX 012 - A Tax Increment Financing District Schedule of Sources and Uses of Public Funds for MART O1-1 - A Tax Increment Financing District Statement Page F-1 69 F-2 70 F-3 71 F-4 72 F-5 73 F-6 74 F-7 75 F-8 76 F-9 77 F-10 78 F-11 79 F-12 80 F-13 81 CITY OF MONTICELLO, KDWESOTA 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 80-85 Bonded Indebtedness - General Obligation Tax Increment Bonds 0 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 CITY OF HDNTICELLO, MINNESOTA MISCELLANEOUS DATA Term Officials - 1991 Sires Mayor Ken Haus 12-31-92 Council Member Dan Blonigen 12-31-92 Council Member Clint Herbst 12-31-94 Council Member Brad Pyle 12-31-94 Council Member Shirley Anderson 12-31-92 Clerk-Treasurer and Administrator Rick Molfsteller Appointed Gy u� i•rlyi,vl H,M, I U.hw„N on Nu l• 1 111— Yn� - 1N1µ, III] 11x, 15 Bonien A„iiurr4r„s „m/ \I wti rll r, \IN 554._ 2, SX'I WII,I„ \IN 11 311 4W2-17(,2 ,'S15i V. /bum,. t:,l,.,durnrr 14ur IknJ I Woe. ,yso. war,., Carlson .I.yd,•t 1, r.. 5,. 51Vr, ,/rl-�„„ Bic A.cE�cialls A. 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, 1991, 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, 1991, 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. nur 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 7, 1992 GRUYS BORDEN CARLSON & ASSOCIATES P.A. Certified Public Accountants -1- See acMewfill lofts to financial Stateacts. 5z CITY OF MONTICUL0, MINNESOTA Exhibit 1 COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1991 With Comparative Totals at December 31, 1990 MpIllyny HOST w 60t51581RAL IM TYPIS MO ffPIS AGUCS ACCOUT 6900P5 TOTAL jPV0 Oft11 6turll 6eatul Special Debt Capital Apeacy Reel Loop -Ten k"ral Rtuou 5e Tice traitcts fattmise read_ alsets Debt 1111 _ 119 _ ISSM cash sed lorestamu 11,132,969 S 799,032 $ },031,805 S 394,119 8 ULSSI 3 6,241,193 S 5,116,191 Itteleabits Iccouts 29,161 5,971 161,995 191,1}2 237,$59 Special uearrats - deterred 31231 245,373 11095,516 9,104 I,}53,111 1,196,627 Special uusnmts - delinquent 610 I,U6 891,199 2,121 81$,101 1,121,221 Due trot ether tends 139,000 220,000 151,000 195,000 gee trot ether gournental costs 51,91$ 12,535 43,197 6,006 124,136 65,201 Land held tot reule 188,825 1131825 183,825 Long -ten nceirabie 314,190 311,110 315,164 Inventory 191, 291 191,191 151,155 Prepaid upeases 28,438 359 18,092 331880 1$,302 Itetrlcud cub acd lorestamts 10,210 Gm ul filed assets $10,453,320 10,453,320 10,112,181 Property ad egolpelt (get of accuslated depreciation) 10,117,992 10,117,992 101111,501 Incst Infl„.'lt +r Mt Service fuh S 2,IS3,739 21/511119 1,919,597 Mount to lx provided for ntirc a nt of geatnl loap-ten debt 6,970,180 010,190 8,027,966 8tosmt to be provided for ntirtunt of general lcap•ten leases payable 11,166 14,166 65,115 Other useta - dtttrced cotpmutioa plan at auht I U7.782 18 127,782 10,672 NTA, ASSdfS95 l 15.40.}01S 9S , 10,631}S 14.1341l 1 S 1S 11.732 !0 iS . S$,32093 ,433.385 MUM 2332 60 218 08 See acMewfill lofts to financial Stateacts. 5z I CITY OF MONTICMW, HINNE',SOTA COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1991 With Comparative Totals at December 31, 1990 LIABIL17115 Cub deficit Accoosta payable Contracts payable other accrued evpenses Iscra deposit paysble out to other fonds Deferred revenue Genital obligation bonds payable Gtntral obligation tan increunt oars payable Genital obligation Us Wittier bonds payable Special assessatnt beads payable Loag•ten lines payable Deferred coape4satioo funds held for participants Total Liabilities IM 10111" Contributed capital fstestant in literal fired assets Dtuited tarnitg3 Darnerved rand ealanct peservid for cooearreat loans receivable Deserved for tired assets held for resale Deserved for debt service Dartstrtei Designated for subsequent years' erpenditoru Cadesignatti foul fund laity 1011L LIA3wlits AID TCDD Iy0IT1 See Accorpaayicg 13tes U financial sutt9mu. Exhibit 1 (Continued) 110MITAI1 TIM AID 009161( IAL TCDD TRIS I'M MID d6IAty ACMM 0..0D1I WT}S (FM 0ILT2 General Genital special Debt Capital Agtocy Tired Lost -Teri General •tenet Service proecte Eotearlse told Assets Debt 199!99! Q S 2,791 S 629,463 S 6.456 S 1,216 S 8,976 let 14,86 2, in 10,166 27.163 186,146 5,542 31,475 249,000 110,000 3,142 248,649 1,961,435 11,626 IS 21.712 S 111,961Si 06.1662S .616'190 S 31,100 S 151.251IS 21,782 S 9,291,614 S 660,438 S 903,918 S10,03,320 25,928 27.163 1,930, 677 10,315 SS,720 S 314,190 143,243 114,912 113,125 181,125 11,810 S 2,453,139 359,000 145,000 S 1,115,491 S 161,259 2,151,SS2 2,9:7,845 S 2,315,000 21535,00) 2,775,000 19,219 19,219 21,563 1,945.000 1,945,000 2,020,000 4,87S.000 4,171,000 S,S60,000 11,166 16,266 65,us 127,752 40.472 $.433,335 S 12,935,04 S 14,359,S31 S 9,291,614 S 912931624 S 91327,409 S10,03,320 10, 453, 320 10,312,7V 1,930, 677 1,910,672 1,154,294 S 314,190 314,190 335,316 113,125 181,125 188,825 S 2,453,139 2,453,739 1,943,997 S 1,115,491 S 161,259 1,478,750 l'uO.W8 116.91 MAID 936,423 626.396 1S .271,9951 4 I 23 .153,139 1 3631259 1 224 30lgi1 AS3.32Q 7 OSS 1482SS .158,960 1139039 414 6313S 34.114 l 361 $S8L-111,192 !Q 4i • 59,320 93 438.7ES 10 QS2 382 4Q3 ,118.196 -3- ISee accompanying Notes to Financial Statements. -4 CITY OF MONTICELLO, MINNESOTA Exhibit 2 COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES For The Year Ended December 31, 1991 With Comparative Totals at December 31, 1990 GOVERNMENTAL FUND TYPES TOTALS (HEM ONLYI Special Debt Capital General Revenue Service Proiects 1991 1990 Revenues Taxes S 1,321,796 S 511,730 S 938,190 $ 2,771,716 $ 2,810,866 Collections on special assessments 44,366 964,190 1,008,556 310,219 Licenses and permits 95,394 95,394 93,606 Intergovernmental 140,124 14,762 55,950 210,836 68,450 Charges for services 103,721 43,325 +° t," p -4 147,046 132,626 Fines and forfeits p °ti 25,038 '' G �a` ' 25,038 14,437 Miscellaneous r' 194.139 80.872--l. 1 163.567) S 169.270' 607.848 517.624 Total Revenues S 1.880.212 S 695.055 1 S 2.121.897 S 169.270 S 4.866,434 S 3,947,828 Expenditures General government S 580,401 S 35,354 S 615,755 $ 673,371 Public safety 365,645 28,345 393,990 362,755 Public works 455,189 455,189 374,850 Sanitation 231,354 231,354 248,636 Health and welfare 100,823 100,823 54,664 Parks and recreation 83,554 34,045 117,599 115,731 Community development 27,552 27,552 49,415 Caoit-Al otniort.a 21-5,372 S 607,524 1522,896 1,482,324 Debt service Principal retirement 14,344 S 1,065,000 1,079,344 1,647,150 Interest and fiscal charges 17.541 717,659 735.200 735,980 Total Expenditures S 1.844.518 ,S 345.001 S 1.782.659 S 607,524 S 4,579.702 S 5.744.876 Excess (Deficiency) of Revenues over Expenditures $ 35.694 ,S 350.054 S 339.238 S (438,254) S 286.732 S(1.797.048) Other Financing Sources (Uses) Proceeds of general obligation bonds S 4,420 $ 508,561 $ 512,981 S 1,803,335 Operating transfers in $ 200,000 161,484 14,654 376,138 1,422,038 Operating transfers out S (10.209) (250.375) (1.110) (2¢1,694) (1.284,038) Total Other Financing Sources (Uses) S (10.209) $ (50.375) S 165.904 S 522.105 S 627.425 S 1.941.335 Excess (Deficiency) of Revenues and Other Sources over Expenditures and Other Uses $ 25,485 S 389,679 S 505,142 S 83,851 S 914,157 S 144,287 Fund Balances at Beginning of Year 1,246,510 984,455 1,948,597 279,408 4,458,970 4,313,066 Prior Period Adjustment 1.617 FUND BALANCES AT END OF YEAR S 1.271.995 S 1.284.134 S 2,453,739 S 363.259 S 5.373.127 S 4.458.970 ISee accompanying Notes to Financial Statements. -4 CITY OF MONTICELLO, MINNESOTA Exhibit 3 COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES For The Years Ended December 31, 1991 and 1990 Operating Revenues Charges for services Gross profit Total Operating Revenues Operating Expenses Salaries and employee benefits Professional services Supplies and materials Repairs and maintenance Utilities Depreciation Equipment rental Other Total Operating Expenses Operating Income (1naa) Non -Operating Revenues (Expenses) Interest income Other Total Non -Operating Revenues (Expenses) Net Income (Loss) Before Operating Transfers Operating transfers (out) Net Income (Loss) Retained earnings at beginning of year Add depreciation on 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 EAO INGStCONTMUTED CAPITAL AT END OF YEAR See accompanying Notes to Financial Statements. -5- PROPRIETARY FUND TYPES Enterprise Enterprise 1991 1990 S 629,505 $ 582,847 331.419 296,050 S 960,924 $ 878,897 $ 214,383 S 201,979 350,237 328,994 36,479 47,753 14,042 32,683 48,511 49,605 522,235 496,817 57,542 52,653 60,612 56.180 S 1.304,041 S 1,,266,664 (343,117) $ 1387.767) 66,426 $ 59,859 67.180 40.697 133.606 S 100.556 $ (209,511) S (287,211) (114.444) (138.000) S (323,955) S (425,211) 1,759,794 1,712,627 494.838 472,378 S 1.930.677 S 1.759.794 S 9,327,409 $ 9,550,155 461,053 249,632 (494,Q38) (472.37Q) S 9,293,624 S 9,327,409 S 11.224,301 S 11,087.203 CITY OF HONTICELW, MINNESOTA Exhibit 4 COMBINED STATEMENT OF CASH FLOWS - ALL PROPRIETARY FUND TYPES For The Years Ended December 31, 1991 and 1990 PROPRIETARY FUND TYPES Enterprise Enterprise Cash flows from operating activities, 1991 1990 Net income (loss) before transfers S (209,511) S (287,211) Adjustments to reconcile net income to net cash provided by operating activities, Depreciation 522,235 496,817 Changes in assets and liabilities (Increase) decrease in accounts receivable 26,042 (35,671) (Increase) decrease in NSF checks receivable (311) (52) (Increase) decrease in inventory (33,536) (26,915) (Increase) decrease in prepaid expenses 821 (1,821) (Increase) decrease in special assessments receivable - deferred 5,701 (3,475) (Increase) deer+ase in special assessments receivable - delinquent (1,167) (709) (Increase) decrease in due from other governmental units (4,294) (1,627) Increase (decrease) in accounts payable (11,760) (1,751) Increase (decrease) in accrued expenses 5,125 13,791 Increase (decrease) in due to other funds 110,000 Increase (decrease) in deferred revcnuc 14.534) 4.184 Net Cash Provided by Operating Activities $ 404.811 S 155.566 Cash flows from investing activities, Capital expenditures Equipment S (33,029) S 4,749 Building and improvements (1,642) Transfers out (114,444) (138.000) Net Cash Provided (Used) in Investing Activities S (149,115) S (133.251) Cash flows from financing activities Increase (decrease) in due to other governmental units S (350) Net Cash Provided (Used) In Financing Activities S (350) j Net increase (decrease) in cash and cash equivalents S 255,696 $ 21,965 I Cash and cash equivalents at beginning of year 625.081 603.116 Cash and Cash Equivalents at End of Year S 880.777 � I S 625.081 Non -Cash Transactions, Contributed Assets Land, Buildings and Improvements S 461.053 S 249.632 Total Non -Cash Transactions S 461.053 S 249.632 See accompanying Notes to Financial Statements. -6- CITY OF MONTICELLO, MINNESOTA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND TYPES Year Ended December 31, 1991 Revenues Taxes Special assessments Licenses Intergovernmental Charges for services Fines and forfeits Miscellaneous Total Revenues Expenditures General government Public safety Public works Sanitation Health and welfare Parks and recreation Community development Capital projects Debt service Total Expenditures Excess (Deficiency) of Revenues over Expenditures Other Financing Sources (Uses) 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 FUND BALANCES AT END OF YEAR See accompanying Notes to Financial Statements. -7- Exhibit 5 GENERAL FUND SPECIAL REVENUE FUND TYQES Variance Variance Favorable Favorable Budqet Actual (Unfavorable) Budqet Actual (Unfavorable) S 1,444,290 S 1,321,796 S (122,494) S 513,064 S 511,730 S (1,334) 5,300 44,366 39,066 78,525 95,394 16,869 59,800 140,124 80,324 400 14,762 14,362 79,000 103,721 24,721 18,000 43,325 25,325 8,000 25,038 17,038 131.390 194.139 62.749 62.490 80,872 18.382 S 1.801.005 S 1.880,212 S 79.207 S 599,254 S 695,055 S 95.801 S 590,880 S 580,401 S 10,479 S 44,350 S 35,354 S 8,996 348,000 365,645 (17,645) 31,625 28,345 3,280 414,255 455,189 (40,934) 222,550 231,354 (8,804) 60,375 100,823 (40,448) 122,745 83,554 39,191 26,500 34,045 (7,545) 42,200 27,552 14,648 21,500 30,079 (8,579) 331,000 185,293 145,707 31,885 31,885 S 1,801.005 S 1.844.518 S (43.513) S 486,860 S 345,001 S 141,859 S -0- S 35.694 S 35.694 S 112.394 S 350,054 S 237.660 S 200,000 S 200,000 S (10.209) S 10,209 S (165,035) (160,375) 4,660 S 110.209) S 10.209 S (165,035) S 39,625 S 204.660 -0- $ 25,485 S 25.485 S (52,641) S 389,679 S 442,320 1.246.510 984,455 ,S 1.271,995 51,374,134 CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 Note 1 Summary of Significant Accountino 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. Reporting Entitv 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 statements: a. Housing and Redevelopment Authority (HRA( --The HRA was created by the City to provide economic development and redevelopment financial assistance 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 statements on its own. c. Monticello Volunteer Fire Relief Association (Association) --The Association 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 funding is obtained in accordance with Minnesota statutes whereby state aids flow to the Association and tax levies are determined by the Association and reviewed by the City. B. Basis of Presentation --Fund Accounting The operations of the City are recorded in the following fund types and account groups, Governmental Fund ?vines 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. -B- CITY OF HONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 Note 1 Summkary of Sianificant Accountina 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 Qroiect 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). Proprietary Fund Tvpes Enterprise 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 and AoencX 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 Fixed Asset Account Group --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 Lona -Term Debt Account Group --This account group is used to account for all long-term obligations of the City except those accounted for in proprietary and trust funds. C. Basis of Accountina The modified accrual basis of accounting is followed by governmental funds, expendable trust funds, and agency funds. Under the modified accrual basis of accounting, revenues are recorded when they become measurable and available to pay liabilities of the current period. Revenues not considered available are recorded as deferred revenues. Expenditures are recorded when the liability is incurred except for interest on general long-term obligations, which is recorded when due. -9- CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 Note 1 Summary of Sianificant Accountina Policies - Continued In applying the susceptible to accrual concept to intergovernmental revenues, 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 revenues when received. Investment earnings are recorded as earned. The accrual basis of accounting is used by proprietary funds and nonexpendable trust funds. Unbilled service revenue is accrued in proprietary funds. D. Budgets and Budgetary Accountinq The City follows these procedures in establishing the budgetary data reflected 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 expenditures 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 between 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 accounting principles. Budgeted amounts are as originally adopted, or as amended by the City Council. -10- CITY OF HONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 Note 1 Summary of Significant Accounting 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 =ountc not collected within 60 days after year end are unavailable fog 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. Propertv. Plant and Equipment - Proprietary Funds Property, plant and equipment used by proprietary funds are stated at cost or estimated historical cost. Contributed fixed assets are recorded at estimated fair market value at the time received. Net interest costs are capitalized on projects during the construction period. WC CITY OF IIDNTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 Note—I Summary of Sionificant 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 j 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 Pav 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 vacation is recognized when it is earned. Employees are entitled to paid Sick leave at varinug ratan for oarh 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 halt of the unused sick leave times �1 the hourly rate at the time of giving notice. r, L. Total Columns on Combined Statements U 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. Comoarative Data Comparative total data for the prior year has been presented in the accompanying financial statements in order to provide an understanding of changes in the City's financial position and operations. However, 1 comparative 1i.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 MONTICELLO, MINNESOTA H07ES TO FINANCIAL STATEMENTS December 31, 1991 Note 2 Stewardshio. Comoliance. and Accountabilitv A. Deficit Fund Balances Deficit fund balances as of December 31, 1991, are as follows: Special Revenue Funds Library S 2.306 Debt Service Funds 1978 Sewer and Nater Bond S 303,758 General Obligation Improvement Bonds of 1981 75,755 General Obligation Improvement Bond of 1979 249.552 S 629,065 Capital Project Funds County Road 75 and 39 Signal S 3,926 Public Works Building Expansion 3,068 1992 School Boulevard 1,316 Hart Boulevard Storm Sewer 3.151 S 11.461 The 1978, 1979 and 1981 G.O. debt service fund deficits have accumulated because special assessment revenues haven't been received as anticipated. The deficits in the Capital Project Funds are due to project costs incurred during the preliminary and planning phases. Future bond proceeds are expected to be used for financing the projects. B. Excesses of expenditures over budget in individual funds. Expenditures Over Expenditures Budget Budoet Sewer Fund S 765,170 S 415,890 S 349,280 Hater Fund 291,515 133,755 157,760 Housing and Redevelopment Authority 61,654 51,135 10,519 General Fund 1,844,518 1,801,005 43,513 Library 34,045 26,500 7,545 Sewer Improvement 98,136 95,000 3,136 Liquor Fund 179,740 159,075 20,665 -13- CITY OF HONTICELW, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 ' Nate 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 identifying 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 1101 of deposits in excess of FDIC or FSLIC insurance (1401 if collateralized with nates secured by first mortgages). The carrying amount of the City's deposits with financial institu- tions was $4,576,155 and the bank balance was S4,783,835. The bank balance is categorized as follows: Insured by FDIC or FSLIC insurance S 1,776,338 Covered by collateral assigned to City and not redeposited in the financial institution furnishing the collateral 1,945,000 Not covered by collateral 1.062,497 Total Bank Balance S 4.783.835 B. Investments - 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 investments are in the aforementioned securities, obligations of the state of Minnesota or its municipalities, bankers' acceptances, futures' contracts, 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 I - 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 department or agent but not in the City's name. -14- CITY OF MONTICELUD, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 I Note 3 Cash and Investments - Continued Carrying Market Category Amount Value Minnesota Municipal Honey Market Fund 1 S 175,106 S 175,106 American Express Daily Dividend 1 4,676 4,676 U.S. Securities 1 847.373 860,793 Total Investments S 1.027.155 S 1.040,575 Note 4 Property 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 May 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 because such amounts are not expected to be material. Cities in Minnesota operate under a levy limitation law. The total amount of taxes levied by or for any city, for any and all general and special purposes, exclusive of taxes levied for special assessments for local improvments on property specifically benefited thereby, shall not exceed per capita limit of S54 plus a cost of living adjustment. The cost of living adjustment formula is prescribed by state statute. Note 5 Due From Other Governments I Due from other governmental units includes the following: 1 State of Minnesota - Transportation Grant S 5,222 Monticello Township Fire Contract 9,187 Big Lake Township 720 Wright County - Nuclear Power Reimbursement 4,601 Wright County - Property taxes 100,358 Other 4,848 i $I 24.936 I -15- I 1 CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 1 Note 6 General Fixed Assets General fixed assets as of December 31, 1991, are as follows# Beginning Ending Balance Additions Balance Land S 920,678 $ 2,445 $ 923,123 Buildings 1,902,963 1,902,963 Equipment 1,272,579 65,897 1,338,476 Other Improvements 6.216.567 77.191 6.293.758 Total S 10.312.787 S 145.533 S 10.458.320 Note 7 Defined Benefit Pension Plans - Statewide A. Plan Descriotion 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 (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the Public Employees Police and Fire Fund (PEPFF) which are cost-sharing multiple -employer retirement pians. 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, 1991, was $616,117; the City's total payroll was 5728,730. PERA provides retirement benefits as well as disability benefits 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 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 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 -16- CITY OF MDNTICELLO, MINNESOTA ' NOTES Tit FINANCIAL STATDOINTS December 31, 1991 ' Note 7 Defined Benefit Pension Plans - Statewide - Continued 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 Required 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. 4(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, atutory paxes Required St to ee Employer Rates ` PERF (Basic & Coordinated Plans 4.449 4.81% 10.04% PEPFF 8.00% 12.00% 17.56% Total contributions made by the City during fiscal year 1991 were, Percentage of ' Amounts Covered Payroll ftplavee Employe Emplovee Employer PERF S 26,061 $ 27,602 4.231 4.48% J, The City's contribution for the year ended June 30, 1990, to the PERP represented less than one percent of the total contributions required of all participating entities. For the PEFFF, the City was not required to make any contributions for the year ended June 30, 1991. ' -17- ICITY OF MONTICELLO, MINNESOTA I NOTES TO FINANCIAL STATEMENTS December 31, 1991 INote 7 Defined Benefit Pension Plans - Statewide - Continued IC. Funding Status and Progress Pension Benefit Obligation I 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 step -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, 1991, are shown below. (In Thousands) PERF PEPFF Total pension benefit obligation S 4,458,010 S 732,911 Net assets available for benefits, at cost )Market Values for PERF e $3,662,769; PEPFF a 5872,430) 3.524.071 823.125 Unfunded (assets in excess of) pension benefit obligation S 933.939 S (90.214) The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30, 1991. Net assets available to pay pension benefits were valued as of June 30, 1991. Changes in Benefit Provisions During the 1991 legislative session, benefit improvements were obtained for survivors of members in the Basic Plan and the Police and Fire Fund. In the Basic Plan, the maximum family death benefit was increased from S1,000 per month to 70 percent of the member's average salary. In the Police and Fire Fund, children's benefits were restored for families of disabled members who had chosen the joint and survivor annuity option before death. The effect of these changes increased the pension benefit obligation in the PERF by $4,016,869 and had essentially no effect on the pension benefit obligation in the PEPFF. -18- CITY OF HONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 Note 7 Defined Benefit Pension Plans - Statewide - Continued D. Ten Year Historical Trend Information Ten-year historical trend information is presented in PERA's Comprehensive Annual Financial Report for the year ended June 30, 1991. 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, 1991, and for the fiscal year then ended, PERA held no securities issued by the City or other related parties. Citv of Monticello Fire Relief Association Plan Description The City contributes to the City of Monticello Fire Relief Association (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 follows: (a) Benefits accrue and vest to members based on $1,175 per year of active service in the fire department and Association with 1002 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. The City passes through state aids allocated to the plan in accordance with enabling state statutes. Related party Investments During 1991 and as of December 31, 1991, the Association held no securities issued by the City or other related parties. -19- CITY OF HQNTICEUO, HINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 Note 7 Defined Benefit Pension Plans - Continued Fundina Status and Progress 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. 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 1991. Ten -Year Historical Trend Information Ten-year historical trend information related to the pension plan is not maintained by the Association. Note 8 Deferred Compensation The City offers its employees a deferred compensation pian created in accordance with Internal Revenue Code Section 057. The plan, available to all City employees, permits them to defer a portion of their salary until future years. The deferred compensation is not 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 employee 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' 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 liability 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. -20- CITY OF MONTICELLO, HINHESOTA ' NOTES TO FINANCIAL STATEMENTS December 31, 1991 Note 8 Deferred Comoensatlon - Continued 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, 1991, Growth Stock Fund S 42,401 Asset Allocation Fund 20,824 t Guaranteed Fund 45,765 11 Guaranteed Plus Fund 14,121 Index Fund 491 Bond Fund 4,180 Total S 127.782 Note 9 Construction and Other Sianificant Commitments The City of Honticello has an agreement with Honticello Township whereby the City will pay 527,500 per year through 1995. This agreement pertains to the orderly annexation agreement that was stipulated in 1974. Note 10 Chances in Lono-Term Debt The following is a summary of long-term debt transactions for the year ended December 31, 1991, Payable Payable Beginning End of year Additions Pavments of Year General obligation bonds S 2,775,000 S 190,000 S 2,585,000 Special assessment debt with governmental commitments 5,160,000 S 515,000 800,000 4,875,000 General obligation tax increment bonds 2,020,000 75,000 1,945,000 General obligation tax increment note 21,563 2,344 19,219 Lease purchase obligations 65435 51,269 14.166 TOTAL S 10.041998 S 515,000 S 1.118.613 L&43843$5 -21- CITY OF MONTICELLO, HINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 Note 10 Chances in Lona -Term Debt - Continued Bonds and notes payable at December 31, 1991, are comprised of the following individual issues. Initial Average Amount Maturity Interest Outstanding Description Issued Date Rate Principal General Obligation Bonds. 1981 Library Bond S 255,000 Feb., 1992 8.1575% S 40,000 1985 Improvement Bonds 860,000 Feb., 1997 8.6683% 625,000 1986 Sewer Interceptor Improvement Bonds 1,050,000 Feb., 2002 6.7294% 900,000 19888 Improvement Bonds 1,100,000 Feb., 2004 6.99431 1.020.000 Total General Obligation Bonds $ 2.585.000 General Obligation Tax Increment Bonds. 1984 Tax Increment Bonds S 155,000 Feb., 1994 8.3861% S 70,000 1985 Tax Increment Bonds 350,000 Feb., 2006 8.28931 320,000 1987A Tax Increment Bonds 365,000 Feb., 1999 7.1477% 305,000 19878 Tax Increment Bonds 155,000 Feb., 1997 8.7999% 125,000 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% 305.000 Total General Obligation Tax Increment Bonds $ 1.945.000 General Obligation Tax Increment Note, 1983 Tax Increment Note S 32,000 Feb., 1997 9.8% 19.219 CP*Z CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 Note 10 Chances in Lona -Tenn Debt - Continued Initial Average Amount Maturity Interest Outstanding Oesezictian Issued Date Rate Principal Special Assessments Bonds: 1975 Sewer and Water Bonds 775,000 Feb., 1992 6.47E $ 75,000 1976 Sewer and Nater Bonds 1,300,000 Feb., 1993 5.75E 210,000 I 1977 Sewer, Water and Street Bonds 3,470,000 Feb., 1999 5.21E 930,000 1980 Improvement Bonds 160,000 Feb., 1992 8.1462E 20,000 1981 Improvement Bonds 490,000 Feb., 1992 11.6161E 50,000 1984 Improvement Bonds 170,000 Feb., 1995 8.6376E 80,000 I 1986 Improvement Bands t 385,000 Feb., 2002 7.4850E 325,000 198M Improvement Bonds 1,625,000 Feb., 2004 7.2532% 1,515,000 1989E Improvement Bonds 245,000 Feb., 2000 6.6118E 230,000 1990B Improvement Bonds 730,000 Feb., 2001 6.6143531 675,000 1990C Improvement Bonds 250,000 Feb., 2002 6.75062E 250,000 1991A Improvement Bonds 515,000 Feb., 1999 5.7265E 515.000 Total Special Assessment Bonds $ 4.875.000 The annual requirements to amortize all long-term debt outstanding as of December 31, 1991, including interest of $3,661,601 are as follows: fYear ! 1992 $ 1,635,862 1993 1,641,101 1994 1,299,448 1995 1,258,943 1996 1,226,364 1997 and thereafter 6.038.268 The legal debt margin of the City is approximately $7,964,015. -23- CITY OF MONfICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 Note 11 Interfund Receivables and Pavables General Fund - Due from HNA Fund S 139,000 Capital Outlay Revolving - Due from NRA Fund 20,000 Economic Development Authority - Due from urban Development Action Grant 90,000 Economic Development Authority - Due from Liquor Fund 110.000 S 359.000 Note 12 Fund Equity The following fund balances have been designated or reserved as of December 31, 1991, Special Revenue Funds Urban Development Action Grant Reserved for noncurrent loans receivable S 180,705 Economic Development Authority Reserved for noncurrent loans receivable S 136,185 Capital Outlay Revolving Reserved for fixed assets held for resale S 188,825 Debt Service Funds Future debt retirement S 2,653,739 Capital Projects Funds Future capital expenditures $ 363,259 General Fund Designated for working capital S 929,576 Designated for contingencies S 185,915 -24- CITY OF MDNTICELL0, KENNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 Note 13 Tax Increment Finance Districts Ieaelf - Iau of @istrict1J 111 t"a Ill 151 1) 11114 Coast. 9 IS faltdaact #6 RICO 17 I11_- Is _ Tavel 19 basalt 110 Battu III inllaa III fern 11.1 6cotcsic Icaaatic Icaacsic Icaoatic 3caaotic kcootic Ic000tic Iconvic Icaaatic Iconic Typt of District, offflurot Iedeielaostat Ito{ p at Bt"I00teet Itde4tlr,m tedevelo L 0e4 It c;mt It4ela a/at DeftlopmaL 6tttl4 teal F{ 7'itat Iett)t un Dfrtlepnt year fatatiisbtd, 1981 5983 1134 1934 list 3985 1937 1939 1993 1990 1990 1991 1990 But In Capacity 3 409 3 111418 S 2,554 f 653 S 21331 S 121 S 21811 S 931 S 21141 3 2,469 S 142 S 1,108 S 2,815 Cantat Tu Capacity 10,136 45,322 56,928 22,630 11,116 62,111 11,067 9,653 1,641 2,465 442 1,703 2,815 Captated Tax Capacity 9,457 36,417 54,133 21,911 15,114 60,900 19,196 I,66d -0• -0- -0- -0- •0- letaieed By Batharity 9,457 36,411 51,133 11,931 21,411 60,900 31,196 81104 Q. -0- •0- •0• 0- BButd with oulr Moo Disudcu -0- -0- -0- -0• 0• -0• -0• SO 2,641 21155 441 lads 2,111 Total loads issatd 260,000 ISS'Nol 365,000 3$0,000 ISI.800 145.000 165,005 560,000 Total Lams Iowrred 16,7SI 32,000 191,SS0 23,050 Jammu ltdetud 36,151 12,781 85,00 52,SS0 10,400 30,000 30,000 3,000 oautudiay toads no Loans 12-31.90 -0- 279,219 10,001 139,000 101,000 320,004 323,000 20,000 140,100 365,000 -0- -0- 560,005 Note 14 Segment Information The City maintains four proprietary funds which account for transportation, sewer utilities, water utilities and a municipal liquor store. Segment information for the year ended December 31, 1991, is as follows, Trans- Total Sewer Water Liquor portation Proprietary Fund Fund Fund Fund Fund Operating revenues S 479,153 S 142,698 S 331,419 S 7,654 S 960,924 Operating expenses before depreciation and amortization 423,249 130,836 160,105 Depreciation and amortization 341.921 160.679 19.635 Operating income (loss) S (286,017) $ (148,817) S 151,679 Other revenues (expenses) 3.600 5.471 60.564 Net income (loss) S (282,417) $ (143.346) S 97.799 Capital contributions S 280.611 S 180.442 Capital acquisition S 4.535 S 3.682 S 26.454 Net Working Capital S 150.233 S 108.735 S 843.731 Total Assets $7.130.374 S 3.120.708 S 1.124.902 Total Equity 57.119.307 S 3.100.749 S 1,000.635 -25- 67,616 S (59,962) 63.971 S 4.009 S 3.610 S 5.574 S 3.610 781,806 522.235 (343,117) 133.606 S (323.955) S 461.053 S 19.165 S 1.106.309 511.381.558 $11.224.301 CITY OF MDNTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 Note 15 Lona -Term Receivable A long-term receivable of $180,705 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 $243,500. 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 $134,185 is shown in the Economic Development Authority fund. The Greater Monticello Enterprise Fund, a revolving loan fund, was established for the purpose of supplementing conventional financing sources for existing and new businesses within Monticello. The GMEF loaned $88,000 to a local industrial business in July of 1990. The loan requires monthly payments of S736.07 including interest at 8% through July 13, 1997, at which time the remaining balance shall be fully due and payable. At December 31, 1991, the balance was 548,845. In October of 1990, a loan of 550,000 was made to a local commercial business. The loan requires monthly payments of $418.22 includingng interest at 8% through November 1, 1995, at which time the entire remaining balance shall be fully due and payable. At December 31, 1991, the balance was 585,340. -26- CITY OF MONTICELLO, MINNESOTA Statement A-1 GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1991 With Comparative Actual Amounts For The Year Ended December 31, 1990 -27- 1991. 1990 Budqet Actual Actual Revenues General property taxes S 1,444,290 S 1,321,796 S 1,270,823 Licenses, fees and permits 78,525 95,394 93,606 Fines and penalties 8,000 25,038 14,437 Animal impoundment fees 9,000 18,640 12,856 Intergovernmental Revenue HACA 79,085 Fire department aid 37,000 29,138 35,239 Police aid 18,000 18,923 17,490 Recycling incentive 4,800 9,210 6,561 Other grants 3,768 7,998 Deputy registrar fees 70,000 85,081 74,813 Other Income Recycling income 8,414 6,970 Interest income 64,100 78,122 81,449 Rents 4,700 2,531 4,740 Miscellaneous income 4,875 6,537 3,958 Refunds and reimbursements 11,000 44,621 76,561 Street - C.S.A.H. Maintenance 4,000 5,274 Township contract 42,715 53.914 46.355 Total Revenues S 1,801.005 S 1,880.212 S 1,759.130 Expenditures Mayor and Council Salaries $ 12,525 S 12,360 S 11,200 Other 4.600 5.366 2.702 Total S 17.125 i 17,7261 S 13,902 Administration Salaries and employee benefits S 124,450 S 159,535 S 139,425 Supplies 4,200 9,197 9,460 Other 21.450 26.476 19.906 Total S 150.100 $ 195.208 S 168,791 Finance Salaries and employee benefits $ 75,475 S 59,633 S 61,671 Other 725 1.885 2,255 Total S 76,200 5 61,518 S 63,926 Computer S 51,725 S 48,832 S 95,700 Audit S 11.500 S 11.800 S 11,000 -27- CITY OF MONTICELLO, KDOMSOTA Statement A-1 (Continued) GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1991 With Comparative Actual Amounts For The Year Ended December 31, 1990 Expenditures - Continued Legal Insurance Planning and Zoning Salaries and employee benefits Professional services Other Total Deputy Registrar Salaries and employee benefits Other Total City Hall 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 Other Total Animal Control Public Works - Administration and Engineering Salaries and employee benefits Professional services Other Total -28- 1991 1990 Budget Actual Actual S 26,175 S 21.605 S 23.223 S 51,025 $ 49.568 S 46.708 S 32,075 S 26,478 $ 26,698 45,000 13,798 3,733 1,900 2.840 1,87? S 78,975 $ 43.116 S 32,303 S 58,625 S 58,522 S 57,364 1,300 1.790 1.337 S 59,925 S 60.312 S 58.701 S 3,450 S S,367 S 4,732 10,750 11,992 11,438 20,725 6,449 9,503 16,850 14.709 19.037 S 51.175 ,S 38.517 S 46„71_0 S 172.050 ,S 172.043 S 150.081 S 61,350 S 53,383 $ 59,859 55,850 44,278 51,485 32.775 61.488 11.385 S 149.975 S 159,149 S 152.729 S 6,200 S 4,142 S 4,080 72x5 798 468 S 6,925 ,S 4,940 S 4,5548 $ 19,050 S 29,513 S 19,849 S 53,800 S 52,445 S 66,855 10,250 28,309 9,392 ¢.B;§ 3,544 8.§67 S 70,875 S 84.298 S 86.809 CITY OF MONTICELLO, MINNESOTA Statement A-1 (Continued) GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1991 With Comparative Actual Amounts For The Year Ended December 31, 1990 1991 1990 Expenditures - Continued Budoet Actual Actual Public Works - Streets and Alleys Salaries and employee benefits S 96,700 S 125,914 S 116,245 Supplies 37,000 43,900 42,759 Capital outlay 47,500 29,513 30,453 Other 10.209 7.38Q 7.372 Total $ 191.400 S 206.715 S 196.829 Public Works - Snow and Ice Salaries and employee benefits S 3,000 S 15,629 S 9,280 Other 10.100 12.775 9.197 Total r5 13.100 S 28.404 18.477 Public Works - Inspections S 29.425 S 28.268 � S 1.275 Public Works - Street Lighting S 40.000 S 45.606 � S 51.118 Public Works - Public Parking Lot S 3.425 S 955' S 770 Public Works - Shop and Garage S 21.600 S 23.225 - S 21.572 Refuse Collection S 222.550 S 231.354 ' S 248.636 Senior Citizens/Museum Salaries and employee benefits S 31,400 S 22,617 S 26,654 Other 4.475 53.706 4.010 Total S 35.875 S 76.323 S 30.664 YMCA/Community Education S 24.500 S 24.500 - S 24.000 Parks and Recreation/Cemetery Salaries and employee benefits $ 90,500 S 52,683 S 52,310 Capital outlay 10,350 5,801 4,167 Other 21.895 25.070 35,533 Total S 122.745 S 83.554 — S 92.010 Community Development S 42.200 S 27,552 S 49,415 Building Official - Inspections ,S 44.430 S 37.718 i $ 23.493 Elections S 2.825 Severance Benefits S 4.138 P 37.260 -29- CITY OF MONTICELLO, MINNESOTA Statement A-1 (Continued) GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1991 With Comparative Actual Amounts For The Year Ended December 31, 1990 Budget Assessment Salaries and employee benefits S 6,505 Other 9,850 Total S 16,355 Total Expenditures S 1.801.005 Excess (Deficiency) of Revenues over Expenditures $ -0- Other Financing Sources fUses) Transfers out Excess (Deficiency) of Revenues and Other Sources over Expenditures and Other Uses S -0- Fund Balance at Beginning of Year FUND BALANCE AT END OF YEAR -30- 1991 1990 Actual Actual S 18,879 S 18,357 9.182 9.468 S 28.061/' S 27.825 S 1,844,518 S 1,797,149 S 35,694 S (38,019) (10.209) S 25,485 S (38,019) 1.246.510 1,284.529 S 1,271,995 S 1,246,510 art a9 ID)mallo; EMSOTA Statneat 8.1 Camtnls Mutt slid} Oecesbtr 11, 1991 lith Catparative Main for Umber 31, 1990 a tdteL esssrs S 81.651 S 1.81b S 623.918 s I:1 2x6 9H 310 297!i 9.101 _111 __7 S29,600 IS •190•!02 1 IIS 901 L1ABlLITIIS 00 IUD BALAICIS Liabilities Capital Bassin? and Urban Icemic later Sever Cash deficit Shade Orderly Outlay Redevelopment Development Devtlepteat Ieprove- Isprove- TOTALS ASSSTS fret Annexation Bevolviaa Library Authority Actiaa Grant Aothmtt seat neat 1991 1550 Cub and investleats $ BI,BtS $ 11081 $ 208,152 S 226,154 S 121,5$5 $ 16,516 S 111,3)9 $ 24,010 $ 199;032 S 620,511 Receivables 159,000 $ 90,000 119,000 195,070 Dat to other goverueoul mita Special assessments - deterred 911 243,916 Deferred revenue I9 2S8 215,313 263,811 Special useumats - deliapent 76 S 331 3,124 253.913 total Liabilities S 11017S 11,010 16 1,216 130 Acco sts tact at alluance for S 331 6 SHIMS 62,453 land Balatces estiasted uncollectibles) 263 1'-9 Inserted for noncurrent loans receivable 900 1,650 5,971 9,826 Due Eras other gmememul snits 552 Sal 9,886 1 159 315 606 12,535 5,158 Due trot other foods unreserved - andesigotted f 82,610 1 1.826 20,000 5 12,3063 62,560 200,000 S 112 ,209 S 29,266 210,000 23,000 Prepaid expenses S 82,610 1 1,8261 16,948 BS 261 S 62 S60 S 220,298 S JSO 101 1 112,299 S 29,266 S 1,214,124 350 271 Land held for resale 188,825 113,825 118,825 Long -ten receivable 180,705 139.185 111.813 335.311 a tdteL esssrs S 81.651 S 1.81b S 623.918 s I:1 2x6 9H 310 297!i 9.101 _111 __7 S29,600 IS •190•!02 1 IIS 901 L1ABlLITIIS 00 IUD BALAICIS Liabilities Cash deficit S 2,791 S 2,191 S 939 Account& payable 6 contracts payable 61 $ 125 186 1,111 Accrued expenses 278 51264 S,S12 660 Put to other tends 159,000 $ 90,000 119,000 195,070 Dat to other goverueoul mita Deferred revenue 1 011 j241,040 259 S 331 219.119 253.913 total Liabilities S 11017S 11,010 1 3,130 S 164.3BI6 90.000 S x18 S 331 6 SHIMS 62,453 land Balatces Inserted for noncurrent loans receivable S 110,105 S 111,185 S 111,890 S IIS,114 Reserved for fixed assets held for resale $ 188,825 113,825 189,825 unreserved - andesigotted f 82,610 1 1.826 138,121 5 12,3063 62,560 39.595 216.516 S 112 ,209 S 29,266 780.119 160.216 Total runs palates S 82,610 1 1,8261 16,948 (2,3061 S 62 S60 S 220,298 S JSO 101 1 112,299 S 29,266 S 1,214,124 1 911.155 L0116 LIAB1LIMS AID FORD 1XIMCIS S83,651 S 1,826 6S 13.918 S 824 116 919 310 S3 350 101 112,40 S 29.6001129 -IM -2 1S .116.909 -31- CITY of 90111C 1 EMSOTA Staueeot 0-2 SPICIU 11P1191 fum COHIIIIG BfAYll w O9 y199 m, P3 MITUIOS 03 Cww 11 Fm BAIh m Tot The Test laded Decethet 31, 1991 lith Cotparative Totals for The Teat DeemAr )l, 1991 Ircess IDeflcfency) at Revenues over l>peodiurer S 16,530 $ 1,470 S 115,261 1 15,5071 Other Pioancino sources (Uses) Proceeds trot bonds Operating trusters in lout) Istria (Deficiency) of levua!s and Other Sources over lrpeadiures ted 261,359 S 19,107 S 11,263 1 19,213 S (66,622) 3 310,054 $ (25,9061 256,835 1160,3151 190.0001 200,000 150.3751 130,0321 Otber user S 16,530 S 11110 S 115,261 S IS,SOII S 80,991 S (10,893) S 211,263 9 19,213 S 166,6221 S 299,619 S 200,699 Prior period adjasueat 11617 fast balances at beginnlag at year 68.110 356 111.681 3.201 111,424) 291.183 139.459 92.996 95.889 916,45S 181.939 TRIO eAWC6S AT IID Of 959 S 87.610 S I,E26 61%,!19 5_1 1 r 62� L -L- iso y07 II2 709 S 19,766 135 • 46.131 $ 981.155 -32- Capital Eoulmg and urban Economic later 511tr Sbade Orderly Outlay ledevelopsent Develop eat Developseot Improve- Improve- TOTALS Tree aotiatjrq Revolving Library 11tharityActie6 Grant Authority scot sent 1991 1990 Rlvtaaee Tares S 35,597 1 27,819 S 138,720 8 26,307 S 285,281 S 511,1)0 S 111,219 latergoveroseatal 2,110 I,IIS 8,305 1,111 1,055 11,762 1,16E Chargee for services 3,641 S 11,600 S 28,082 43,325 61,957 Miscellaneous 3,420 2,711 6,201 1,685 Interest 5,084 lit 11,021 161611 S 19,107 S 11,551 7,613 3,432 16,668 66,116 Collections no uaesseetu 41.366 11.365 !4.261 Total Revenues S 49.184 S 29,411 S 202,418 118,5I8 L 301,013 1 19,171 1 11,55) 1 19,213 8 31,516 L MASS S 559,170 lmoditares Public safety S 28,111 S 28,345 3 35,569 Parks and recreation S N,015 31,015 21,121 General goverweot S 35,354 )S,3S4 23,006 Debt service 8 HAS 31,885 20,831 Capiul projects 1 $7.157 29.169 S 310 1 93,116 215.172 482.557 Totallipeadlurem S 3S,351 S 28.315 S 87,151 S_3y S 61,654 5 310 2 9y38 45.001 1 5856`4 Ircess IDeflcfency) at Revenues over l>peodiurer S 16,530 $ 1,470 S 115,261 1 15,5071 Other Pioancino sources (Uses) Proceeds trot bonds Operating trusters in lout) Istria (Deficiency) of levua!s and Other Sources over lrpeadiures ted 261,359 S 19,107 S 11,263 1 19,213 S (66,622) 3 310,054 $ (25,9061 256,835 1160,3151 190.0001 200,000 150.3751 130,0321 Otber user S 16,530 S 11110 S 115,261 S IS,SOII S 80,991 S (10,893) S 211,263 9 19,213 S 166,6221 S 299,619 S 200,699 Prior period adjasueat 11617 fast balances at beginnlag at year 68.110 356 111.681 3.201 111,424) 291.183 139.459 92.996 95.889 916,45S 181.939 TRIO eAWC6S AT IID Of 959 S 87.610 S I,E26 61%,!19 5_1 1 r 62� L -L- iso y07 II2 709 S 19,766 135 • 46.131 $ 981.155 -32- CITY OF NDNTICULD, MINNESOTA Statement B-3 SHADE TREE FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN M BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1991 With Comparative Actual Amounts For The Year Ended December 31, 1990 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 -33- 1991 1990 Budqet Actual Actual S 39,135 S 35,597 S 16,563 2,140 1,500 3,643 6,567 3,700 5,084 5,262 15 3,420 60$ S 44,350 S 49,884 S 28.997 S 14,650 S 8,763 S 8,945 14,000 8,755 11,050 600 885 869 1,100 2,454 750 14.000 14,497 1,390 S 44.350 S 35,354 S 23.004 S -0- S 14,530 S 5,993 68,110 62.317 S 82.640 S 68.110 CITY OF NONTICEU,0, MINNESOTA statement B-4 ORDERLY ANNEXATION FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1991 With Comparative Actual Amounts For The Year Ended December 31, 1990 Revenues Property taxes Interest income Intergovernmental Total Revenues Expenditures 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- 1991 1990 Budget Actual Actual S 30,225 $ 27,819 S 28,098 1,000 181 1,379 400 1.815 1j162 S 31.625 S 29.815 L 0,639 S 1,400 S 785 S 1,155 2,725 60 6,893 27,500 27.500 27.500 S 31.625 S 28.345 S 35,548 S -0- S 1,470 S (4,909) 356 5.265 S 1.826 1_ 356 CITY OF MDNTICELL,O, MINNESOTA Statement B-5 CAPITAL OUTLAY REVOLVING FUND STATEWENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1991 With Comparative Actual Amounts For The Year Mded December 31, 1990 Revenues Property taxes Intergovernmental Interest income Collections on assessments Total Revenues Exeenditures Capital improvements Excess (Deficiency) of Revenues over Expenditures Other Financinq Sources (Uses) Transfers out Excess (Deficiency) of Revenues Over Expenditures and Other Financing Sources (Uses) Beginning fund balance ENDING FUND BALANCE -35- 1991 1990 Budget Actual Actual $ 151,754 S 138,720 S 95,952 8,305 10,200 11,027 13,398 5,300 44,366 14,268 S 167,254 S 202,418 S 123,618 S 236,000 S 87,157 S 121,111 S (68,746) S 115,261 S 2,507 S (37,945) S (68,746) S 115,261 S (35,438) 311,687 347,125 S 426,948 S 311,687 CITY OF MONTICELLO, MINNESOTA Statement 8-6 LIBRARY FUND STATEMENT OF REVENUES, EXPENDITURES AND CHARGES IN FUND BALANCE - BUDGEP (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1991 With Comparative Actual Amounts For The Year Ended December 31, 1990 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 ENDING FUND BALANCE -36- 1991 1990 Budaet Actual Actual S 26,400 S 24,307 S 28,389 100 2,784 1,082 1.447 S 26.500 S 28,538 S 29.471 S 3,450 S 3,521 S 2,059 2,000 2,026 2,245 6,475 7,164 6,422 7,350 7,504 6,863 1,550 1,472 1,464 1,750 10,529 1,870 800 1,030 745 310 574 3.125 489 1.479 S 26.500 S 34.045 S 23.721 S -0- S (51507) S 5,750 3.201 12,549) S t2.306) S 3.201 CITY OF HONTICELLO, MINNESOTA Statement B-7 HOUSING AND REDEVELOPMENT AUTHORITY FUND STATEME " OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL. For The Year Ended December 31, 1991 with Comparative Actual Amounts For The Year Ended December 31, 1990 Revenues Taxes Interest income Intergovernmental Sale of land Total Revenues Expenditures Land acquisitions Legal and professional fees Interest Principal payments Other Total Expenditures Excess (Deficiency) of Revenues over Expenditures Other Financing Sources (Uses) 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 BALANCE -37- 1991 1990 Budget Actual Actual S 265,550 $ 285,287 S 262,247 13,300 16,671 13,964 1,055 1 S 278,850 S 303,013 S 276,212 S 200,059 $ 11,500 S 15,309 81,920 17,541 17,541 18,694 14,344 14,344 2,150 7,750 14.460 73.227 S 51,135 S 61,654 S 376,750 S 227,715 S 241,359 S (100.538) S 256,835 S (165,035) S (160,375) (134,726) S (165,035) S (160,375) S 122,109 S 62,680 $ 80,984 S 21,571 (18,424) (41,612) 1,617 S 62,560 S (18,424) CITY OF MONTICELLO, MINNESOTA Statement B-8 URBAN DEVELOPMENT ACTION GRANT FUND STATEMENT OF REVENUES, EXPENDITURES AND CHARGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL, For The Year Ended December 31, 1991 With Comparative Totals For The Year Ended December 31, 1990 Revenues Interest $ Total Revenues S Excess (Deficiency) of Revenues over Expenditures S Other Financing Sources (Uses) Operating transfers out Excess (Deficiency) of Revenues and Other Sources over Expenditures and Other Uses S Beginning fund balance ENDING FUND BALANCE 1991 1990 Budoet Actual Actual 13.225 S 19.107 S 15,442 13,925 S 19.107 S 15,442 -38- 13,925 S 19,107 $ 15,442 (90.000) 13.925 S (70,893) S 15,442 291,183 275.741 S 220,290 ,5 291.183 CITY OF HONTICELLO, MINNESOTA Statement 8-9 ECONOMIC DEVEIAPId.?FP AUTHORITY FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1991 With Comparative Totals For The Year Ended December 31, 1990 1991 1990 Budget Actual Actual Revenues Interest income 10.850 S 11.553 S 3.697 Total Revenues S 10.850 S 11.553 S 3.697 Expenditures Legal and professional fees S 1,824 Interest 275 Other S 2.250 S }10 140 Total Expenditures 4 2.250 S 310 S 2.239 Excess (Deficiency) of Revenues over Expenditures S 8.600 S 11.243 S 1.458 Other Financing Sources Transfers in S 200.000 S 138.000 Excess (Deficiency) of Revenues and Other Sources over Expenditures and Other Uses $ 8.600 $ 211,243 S 139,458 Beginning Fund Balance 139.458 -0- ENDING FUND BALANCE S 350.701 S 139.458 -39- CITY OF HDNTICELJA, MINNESOTA Statement 8-10 HATER IM?ROVEKENT FUND STATEHENT OF REVENUES, EXPENDITURES AMID CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1991 With Comparative Totals For The Year Ended December 31, 1990 Revenues Hook-up fees Interest Total Revenues Excess (Deficiency) of Revenues over Expenditures Beginning fund balance ENDING FUND BALANCE -40- 1991, 1990 Budaet Actual Actual S 6,500 $ 11,600 S 15,600 4,600 7.613 6,526 ; 11.300 S 19.213 S 22,126 S 11.100 S 19,213 S 22,126 92.996 70.870 S 112.209 5 92.996 CITY OF MONTICELLO, MINNESOTA Statement B-11 SEWER IMPROVEMENT FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1991 With Comparative Totals For The Year Ended December 31, 1990 Revenues Hook-up fees Interest Total Revenues Expenditures Capital improvements Total Expenditures Excess (Deficiency) of Revenues over Expenditures Beginning fund balance ENDING FUND BALANCE -41- 1991 1990 Budget Actual Actual S 10,000 S 28,082 S 22,790 4.800 3.432 6.778 S 14.800 S 31,514 S 29.568 S 95.000 $ 98.136 S 3,301 S 95,000 S 98.136 S 3,301 S 180.200) S (66,622) S 26,267 9 5. 888 69.621 S 29.266 S 95.888 tiff 0191dMML0. BIMSOTI oral MVICS Im CWHIS tun MIT Dettlber 11, 1995 Pith Colparatiit Tows irr Otteder 11, 1990 Genital General General ! Obligation Genital Genital Obligation Oblipatica Library Oblipitics Obligation lire Sall Seem touolidited j Saildiag fu Iocreseat fu Torment Ceostroctioa liumptor Iaproetaeat onds of 1911 kods of 191 foods of 19B$loads ol 1981ads of 1986 lools of 1110 6SSM Caab and ineesueau 1 533,246 1 26,645 S 37,821 S 144,300 i $2,117 S 120,!41 One fres other poeerueoul aoiu 960 2,247 2,476 SI Special dutaalentl E Deterred S Oelispeat 174 f' 10126 d558lS L_13_41 A4 24 66 S31,131 t(6 541 SI 6 LI 1 111,636 t) 111211 1111 In ll9D ILLMCIS Liabilities Cash define Deferred reianat low Liabilities S S 779 lead Selancel .I harried for debt services 3 )34,146 S 2MO L 31.827 1 116,541 L S4.653 I 176 8 7 foul lend Salamis tDeticiu) S 134,116 1 AMSS 31.821 S It6.S41 S 54353110,117 , 1 101161.19111f26S BSD IM BAMM I 134.14s 2614 S 31,827116 1 S Sg.653 1 121,6% I t i iJ Il 111' '!I I —42- I Imam 0.1 General General General Obligation Obligation obligation General Sam and kceral 5taera2 General Patting Sever acd Sever and Obligation Yater Obligation Obligation obligation facility later Water laproveaeat laproveneet liprovmeat laprovneat tapmataeet Woad$ Of 1971 lull at 1 Woada of 1916 100# of 1117 Woods of 1971vd$ of 1979 103doof 1980 ood of l99 1 8,293 S 351,785 S 295,277 S 782,920 S 58,887 1,608 8,112 9,676 f 215 7 g 182 29,959 85,332 298,723 S 16,517 85,045 31,021 _. 3.396 _ 1 13.602 6,117 282,822 81.588 1,01 74,79S 1 9 9 41 IO 2 S 1,091,296L 159 398 ti My 56 SH L-206 -03 S 303,758 S 289,168 S IS,931 46 834 8 93i S 309.500 A1,191 !71.233 1 68H 10S.121 S 3.3% $0,039 1 93,914 1 30S.100 1 163.1si 1 818.001 1 1,e81 S 111.751 8 l ;S1,39) 1 301,389 8 19,116 10 1 (141,5121 1 14,894 1S 7 S 8.14) A9.39) j 303.09 1 792,191(303,151 1 1219.991j 1 34,894 1 119.7551 1--J-lm LAMM 802 23 9 0 1296 1 359,398 j_ -M-4 i S6 L -10 -Mol -43- 1� U -44— tin Or EDVICCi W, ETS33SOrA �I CDGISIDS LWCE MI? Dtceaber 31, 1991 lith Coapuatire fault Tcr Deceaber 31, 1990 katral kural 6eural kaeral katral katral katral oblipatito oblipatiot Obllpatioa Oblipatisa oblipatiea Oblipatioa obliptiaa fat iatreuat fu iurtrat I4roreaeat later tuablt iaproteuat taputeetat foods Saadi lams 8oadt Scads 4ads at 914 Bonds of ON Series 15874 Win MIS Witt I9d8A Stria 1908 Series 3999. mm Casb ad ioreaueau 1 31,046 8 188,982 1 13,323 1 13,412 1 325,011 S 109,665 1 29,421 Dat frog other portruntal Was 415 Loll 3,131 2,S8I Special Asaessgtau Deferred 1,521 18,080 181,131 Dtliaquat M i tolls ASTM 1 01.031 i 2ig,3SI S3 23 i 412 321 15 1l 16 !t 4 a2! 1 1IABILITIBS AD MD SALPHIS 11ahi11du tub deficit Deferred Time S 8.528 1 13,090 i 193.001 total Liabilities 3 8,528 1 78,080 193,004 Ind salutes Reserved for debt ferrite 1 31,530 8 ! P 23 $3.)2 1 27,412148 1 111,246 1 24 1 tout laid Dalurn +Dtficiu5 3 38,510 1 3 0 OI3 $3,123 r 43 1 128,144 1 132,20 1 29,421 ?OYU 11A8UMIS ASD NSD IMCES S Ci,OSB 228 5 L S1 3231 41 S2 1 332 2 6 1 19.62! 1� U -44— Stattseat 0.1 IGaatioatdl General Central General General General General Obligatioa Obligation Obligation Obligatica Obligation Obligation lsproveseat Tar IDereaeat lagroveaeat isproveseat taxable tar lagraveamt Bonds loads Banda loads lonrestat toads toads totals Series 19898 Strito 19904 Series 19908 Series 1990C Series 19900 Se ' e 1991A 1991 1990 S 51,126 S 21,321 S 16,618 S 92,659 S 30,618 1 3,855 S 3,031,809 $ 2,181,562 561 15,028 2 68,191 26,116 21,111 93,331 HIM 1,091,536 1,115, 204 316 112,910 891,899 1,119,859 8 B6•I81 S 21,321 S 591.150 IBIS S 30,618 L__].185 S5.030.631 S S,II6,E0p 1 629,163 S 861,111 1 21.191 S 506.111 S 91,696 1.981.4 M31,062 1 21,191 I 506,216 S 91,96M16,898 1 3,458,203 S 58.911 1 21,326 S 91,506 S 92.161 S 30.668 1 3.865 1 2,153,139 S 1,919.591 g 58.981 1 21,321 1 91,506 1 92,161 1 30,611 S 3,88921 .153.139 1 1,941,591 S 86.111 L__27.121 1 591.150 I 111,135 S 30.619 7IIIS� .a7a,6II S_5.116,M —45— —46— 11 an 0T BOIl1caw, KIMSM 11 I HBBT MVIC6 nos COININ STITMIT Of f19BM1168, BI9®If= BID CIM 915 It IM BALBIDIS j for The Seat Laded Hecetber 31, 1991 I f With Cotparative totals for The Tear Boded Dtceaber 31, 1990 General General Gtaeral 1 Obligation General Gtatral Obligation Obligation Library Obligation Obligation Sift Ball Sever consolidated 1 Sailditg TU Ineresut Tu lacrestot construction Interceptor faproveest cods of 1911 Boods of 1984 !ads of 1181 lools of 1985and of 1131 loads of 196 ReveM Tun S 0,119 $ 99,611 1 110,040 lattrg:vtrmaul 2,490 S,9S3 6,5N Ints[gt on iovesutats 1,145 S 826 S 1,122 6,658 $ 8,929 collectfoms so aastsmats 963 Toul Revenues i OEO 826 ! 1.522 112 121 3 116.591 1 9,892 11peGfitures Heft service E Iriacipal retireent $ IS,OOD S 20,000 1 10,000 S 501000 S $5,000 interest and fiscal charges $.111 TAR tf.67d Si.140 62.631 Saul fspeadituru S 40,111 1 27,412S 36.616 3 106,140 1 jimn fiats IDeficitacyl of ReTtaaus Orer frpeodiures S 11,561 S (26,SE63 S 13$1154) S 4,224 S (421 S 9,892 1 Other Tioanciae Sources lusts) Traasitu is 24,825 31,275 i Transfers not food proceeds [lease (Defieitey) of Koreans and ' Met Sources Over Itpeodiurts ad Other gets S 11,963 S (1,7611 S (879) 1 61281 S 1421 S 9,892 food balances at begiaaiag of year 122.183 28.106 10.701 140,263 54,653 110,961 FM lBLMS BT KID Of TfAA S 131.116 L--_2_66-41 L—JI21 141,541 120.ISI 11 i !I —46— 11 Suttaeat 8.2 General Gtntul General S 39,130 S 112,991) 1 (134,1131 1 (IS,514) S (44,1211 Obligation 05ligttioo Obligatica General Sever and General General General luting Sever end Serer and obtigatica War Obligation Obligation Obligation facility bur later 11portaent la,2raeeueot llproreatot lapraveaeot laprovetett Bacd of 1914 loada ot 1911Banda of 1976 ood$ it 1911 loads of 1978 hall ct 079 hads of 1980 hods of 91 9 661116 S 13,453 S 231,366 $ 292 S 8,OE9 I_ 2,769 4, HI 13,159 17 441 S 594 13,429 26,165 11,126 4,011 643 21,819 11,677 63,119 5 10,106 1 1.161 1,05} 12,716 1,191 3 16,451 1 121,676 S 156,110 5 10,106 3 1363 1 7,429 3 HIM ! 65,400 S 100,000 ! 260,000 S 115,000 S 20,000 S 90,000 1,811 16,100 91,040 3 23,097 21,381 2,973 IME6 S 72,807 116,100 S 317,040 1 2),097 S 136 9l 1 22,97) 69 686 '❑ S 1,191 ! 13,646 S 5,516 S 39,730 1 (12,991) 1 1134,1111 S (15,516) S 144,1211 S 1,191 ! 13,616 S 5,571 S 39,130 S 112,991) 1 (134,1131 1 (IS,514) S (44,1211 1.09! )45.141 297,813 152,14 1290,161) 1114,8391 70,439 1 H. 334) L-9.2-91 L -A -391 }0 389 19 1 S -330},158) L 1219,SS21 SI 8 ig 1SS) -47- CIII 01 KINITIC11IM, AIRS= DEBT SCMIOI FORDS ccIC11411G STITmy 01 RI uns, uncimm RID mu it 1013mum Sot The year Laded Otcesht 11, 1991 Yitb Rapuative Totals for The Year Inded Dectsher It. 1990 Geaeral 4e0etal General General i( General Gtatral General Obligation Obligation Obligation Obligatica Obligation Obligatfta Obligation tea incraseat In latreatat laproveuot Yater Taable Gproveaent taptottant Bonds loads loads Londa fonds foods of 1111 goods of 1111 tries 1947A Iftlis JISTI-Stries 148SA Serifs 1111 Wits 1989A Fmoues Saxes S 11,576 $ 29,361 S 139,025 $ 114,635 latergoveraatcul 1,211 1,751 81292 6,631 Iatertst as inrestattu 1,115 91161 $ I,858 S ISS 14,607 3,SS7 $ 11181 cailtcttcu on asstsmata 2,316 16,829 210,660 Tout Revenm $ 25314 S SS.234 S 1,85E 1 953 6 Z72,514$ 11LOS9 3 MIT lrotoditares Debt Service Iff 7 91locipal regiment S is, 000 3 20,000 S 30,000 1 IS,ON S 85,000 S SO1000 Interest ad fiscal ebarges 8.270 24.681 22,219 11,941 109,81Z 71,117 1 21,016 total lapeoditores S 23,270 1 44,687 1 $2,251 1 26.443 S 194,411 121,117 S 21.016 Q loess (Deficiency) of Revenues over 11modlitorts S 3,566 $ 10,597 1 (50,4011 S (25,036) S 77,772 $ 3,942 1 121,829)' Other Reaocial Sauces loses) Transftn to /B,S50 21,950 T6,S15 ' Traasfen out lard proceeds Irma (Deficiency) of lemoes and 1 Other Sources Over tapeodituras and Other Ova $ 3,6d4 1 10,S47 S (1,8521 1 (1,016) S 77,772 1 3,442 1 4,746 fund balaom at beginning of year 31.866 139,416 $1.174 21.493 250,376 10,304 21.115 IOTO U61Ic6S IT m of T57919 S 1-0-0013 $ -53,321 3 21,412 S 328,241 L 11 t.2os L-219J41 Suttstat C•2 (Continued) General General General General General General Obligation Obligation Obligation Obligation OSligatica Obligation Iaproveeot Tat iscreemt Isproment laproveseot Teteble Tat [egroeaeot Baa13 Bands Bonds Bonds lncrumt Bonds Bands fouls Series 19398 Suits MOA Series 1990B Series 19900 Series 19900 Series 1991A 1991 1990 ! 21.29S S 91 ! 933,190 S 1,108,791 1,210 6 55,950 31118 3 2,861 6,271 1 3,019 S 103 163,567 195,319 8.211 8 616,031 75.819 961.190 295.951 $ 33.921 S 2,161 1 616,031 1 82.190 S 3.019 S 1031g ,111,891 5 I S90 121 S 15,000 S SS,000 $ 1,065,000 S 1,615.000 IS.616 S 38.968 51.000 1 I2.543 1 20.651 1 638 711.659 73S.9S0 S 30.611 S 38.988 S 112,000 1 12,93 S 20,651 S 638IS .752.6592s .310,50 S 3,308 1 136,1215 S 501,031 $ 69,611 S 111,6351 S IS351 S 339,238 3 (790,156) 119 910 1,200 161,111 1, 301, 311 (1,118, 3681 1,120 1.120 725.250 S 3,103 S (31,9951 S 501,031 3 70,621 3 (16,135) S 3,885 S 505,112 S 81,337 SS`619 61.319 1412 325) 21.831 11.097 1.913.591 1.361.260 SS 931 S 21,311 91 $06 S 91.161 S 3g, 618 L__] l9S19 ,IS1 7391 918 S97 —49— Us"S Cash wad lotesueats TOTAL 6SSM LIABILIIIBS AID ICIS IALAICIS Liabilities Cash deficit Aceoants payable Coauatts payable Tout liabilities rand Balances Eesiplud for capital isprotersu TOTAL t3AEILIMS ASE ILEO MAJI S tin OF 6061 MLO, 11In66801A CAIIIAL ?R= FM COMING BAL86C6 6®61 Btcaut 31, 1991 SLIURDt 0.1 Couty toad seventh 1985 Iablic locks 1992 Earl Sallow 79 ad 39 Street tater Streeutape suatiq Saildiol Stiar Urdiaal school Baaletard Wage Signal Is row ve Reservoir froiect vat t ao og__ Oaks pile Eoaleard $Lots Sever Toul 20,457 234,121 S 15,307 1` 92.006 1 33,544 3S 91.039 s to•l91 ! -0• j_ 0. L 31221 S 25.302 g -0• S -0" S 91.006 33 1 S 0" S 0• 39l S I,31S S 1,316 S 1,197 ; 6,119 1,691 S T,OSI S 3,322 1,991 It,37b 1.317 I.BSq 10•.}16 S 3,068 S 11,365 S 91261 $ 1,316 s 31111 S 31,130 S 17.308 S 23.9263 S__0' S 234.121 1_ 15,307 S - 0693 1 74.61: 1 21,141 ; 11,3163 S 13,151 5 363 259 d 6 7 L --O- L --C- S_._2y L -U 7 S - L-- -B' i Si,m S l 141 L --O- 3_ _�0'13 9i•}39 —50— Cln of ROITIC1110, IQ0.ISOTh 0111111 ROUCTS fm CO1011116 MMMT Of MMS, 91FIRDITUIHS AID allSU II im imma for The year Boded Detester 31, 1991 Sutennt D-2 -51- Comfy Bead Seventh 1918 fablit forts 119E Hart falloo iS and 19 Street later Streetscape Sandberg Building Briar Cardinal School Boulevard Avenue Sigill WroeeMat Beauvoir Proiect lost Bmaaeloa Oaks Bills Boulevard Stors Sever foul Revenues Interest lsccse S 181 S 129 S 19,168 S 21322 S 951 S 5,006 S 1,677 S 30,061 Other1$ 39,,06 139.206 total Revenues S 119,206 1 111 1 129 3 19,168 1 2,322 S 181 S 5.006 1 611 159,00 Sreeediurej - Capital Fmjecta Construction coatrecto S 126,596 S 770 S 7,180 S 1121819 8 116,170 S I21,18S logineeriog ani other 18.106 3 1.172 S 1,692 41,561 8 4,114 11150 S 3.068 59.131 35.991 1 11116 S 3 ISl 182.639 Total expenditures S 113,29E 1 113 S 1.692 S 42,331 S 1.411 S 11,930 S 3,066 1 231,011 1 157 ,63 S 1,316 3 ),ISI 1 601 SEB Btcess (Deficiency) of Revenues over 14mliurea S (6,081) S (7,2511 S 11,56)) S (22,565) 1 (2,122) S 113,919) S (3,069) S (226,007) S (ISI,111) S 11,3161 S 13,1521 $ (118,231) Other finsocinu Sources Meal Truster in ),3ES 1,909 4,111 1,116 11,651 Truster out (129) (581) 11,1101 load proceeds 21.314 305.645 MAN S08,S61 Bmaa (Deficiency) of leveoues and Other Sources Over Btpeadiures and Other Uses S 17,308 S (3,926) S 217 S PLUS) S 2,322 S (9,9511 $ 13,068) S 19,638 S 21,316 $ (1,316) S 13,1311 S B3,151 Rand balance at beginning of year 12111 256,616 12.985 9.951 219.109 FM MUCH AT ® Of THU 11 303 ] 921) S -0 234,121 S IS,307 S -0- ) 0681 S 19.6)8 E9 316Lj 1_3 1 Q 3 ISI) S 363,259 -51- -52- CITY OF HDNTICELLO, MINNESOTA Statement E-1 PROPRIETARY FUNDS COMBINING BALANCE SHEET December 31, 1991 With Comparative Totals for December 31, 1990 Trans- TOTALS Sewer Nater Liquor portation December 31, December 31, Fund Fund Fund Fund 1991 1990 ASSETS Current Assets Cash and investments $ 21,794 S 88,967 S 771,792 S 882,553 S 664,919 Accounts receivable 126,338 35,242 418 161,998 187,729 Due from other governmental units 283 149 S 5,574 6,006 1,712 Inventory 191,291 191,291 157,755 Prepaid expenses 3.245 2.350 4.497 10.092 10.913 Total Current Assets S 151.660 S 126.708 S 967.998 ,S 5.574 S 1.251.940 S� 1.023.028 Proverty and Eouinment Land, buildings, and improvements $10,062,087 S 4,593,305 S 242,665 S 14,898,057 S 14,490,929 Equipment 134.720 88.76 73.597 297.079 223.989 $10,196,807 $ 4,682,067 $ 316,262 S 15,195,136 S 14,714,918 Less, accumulated depreciation 3.227.733 1.690.053 159.358 5.077.144 4.570.415 Property and Equipment - Net S 6,969,074 S 2.992.014 S 156.904, S 10.117,992 S 10.144.503 Other Assets Special assessments receivable - deferred S 8,079 $ 1,225 $ 9,304 S 15,005 Special assessments receivable - delinquent 1.561 761 2.322 1.155 Total Other Assets S 9.640 S 1.986 S 11.626 S 16.166 TOTAL ASSETS S 7.130.374 S 3,120,708 S 1.124.902 S 5,574 511,381.558 ,511,183,691 LIABILITIES AND EQUITY Current Liabilities Cash deficit S 1,776 $ 1,776 S 39,838 Accounts payable S 33 S 1,650 $ 558 139 2,380 14,140 Accrued expenses 1,394 16,323 13,709 49 31,475 26,350 Due to other funds 110.000 110.000 Total Current Liabilities $ 1,427 S 17,973 S 124,267 S 1,964 S 145,631 S 80,328 Deferred revenue 9.640 1.986 11,626 16,160 Total Liabilities S 11.067 S 19.959 S 124.267 ,5 1,964 S 157.257 S 96.488 Equity Contributed capital $ 6,308,345 S 2,985,279 S 9,293,624 S 9,327,409 Retained earnings 810.962 115.470 $ 1.000.635 ; 3.610 a.93Q,677 1.759.794 Total Equity S 7.119.307 S 3.100.749 S 1.000.635 ,S 3.610 S 11.224.301 S 11.087.203 TOTAL LIABILITIES AND EQUITY S 7.130.374 S 3.120.708 S 1.124.902 $ 5.574 S 11.381.558 $ 11.183.691 -52- CITY OF IDNTICELLO, MINNESOTA PROPRIETARY FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For The Year Ended December 31, 1991 With Comparative Totals For The Year Ended December 31, 1990 Sales and Cost of Sales Sales Cost of Sales Gross Profit Oceratina Revenues Utility user fees, connections, inspection fees and other operating revenues Total Gross Profit and Operating Revenues Ooeratino Expenses Salaries and employee benefits Utilities Supplies and materials Repairs and maintenance Depreciation Insurance Professional fees Advertising Equipment rental Miscellaneous Total Operating Expenses Operating Income (Loss) Other Revenues (Expenses) Property taxes Interest income Intergovernmental Cash over (short) Miscellaneous income Interest expense Rental income Total Other Revenues (Expenses) Income (Loss) Before Operating Transfers -53- Statement E-2 Trans- TOTALS Sewer Water Liquor portation December 31, December 31, Fund Fund Fund Fund 1991 1990 S 1,412,127 S 1,412,127 S 1,261,389 1.080.708 1.080.708 965.339 S 331,419 S 331,419 S 296,050 S 479.153 ,S 142.698 S 7.654 629.505 566.625 S 479.153 $ 142.698 S 331.419 S 7.654 S 960.924 S 862.675 S 39,780 S 59,987 S 106,295 S 8,321 S 214,383 S 201,979 2,291 35,077 11,143 48,511 49,605 11,044 17,375 7,908 152 36,479 47,753 7,192 2,186 4,664 14,042 32,683 341,921 160,679 19,635 522,235 496,817 17,772 6,406 17,587 41,765 38,627 344,105 3,132 3,000 350,237 328,994 7,542 522 8,064 5,111 57,542 57,542 52,653 1.065 6.673 1.966 1.079 10.783 12.442 S 765.170 $ 291.515 S 179.740 S 67.616 S 1.304.041 S 1.266.664 S (286.017) ,S (148.817) $ 151.679 S 159.962) S (343.117) S (403.989) S (1,200) S 18,133 S 16,933 S 15,502 $ 5,471 S 60,749 206 66,426 59,859 44,148 44,148 41,319 (185) (185) (164) 1,484 1,484 1,735 (5,768) 4.800 4.800 4.295 S 3.600 S 5.471 S 60.564 S 63.971 S 133.606 S 116.778 S (282.417) S (143.346) $ 212.243 S 4.009 S (209.511) S (287.211) CITY OF MONTICEI.1 , MINNESOTA Statement E-2 (Continued) PROPRIETARY FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For The Year Ended December 31, 1991 With Comparative Totals For The Year Ended December 31, 1990 Oneratina Transfers Transfers out Total Operating Transfers Net Income (Lass) 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 END OF YEAR -54- Sewer Nater Liquor Fund Fund Fund S 1114.444) S (114.444) S (282,417) S (143,346) S 97,799 755,574 101,783 902,836 337.805 157.033 S 810.962 S 115.470 S 1,000,635 S 6,365,539 S 2,961,870 280,611 180,442 (337.805) 1157.033) S 6.308.345 S 2.985.279 Trans- TOTALS portation December 31, December 31, Fund 1991 1990 S (114.444) S 1138.000) S (114.444) S (138.000) $ 4,009 S (323,955) S (425,211) (399) 1,759,794 1,712,627 494.838 472.378 S 3.610 S 1.930.677 ; 1.759.794 S 9,327,409 S 9,550,155 461,053 249,632 (494.838) (472.378) S 9.293.624 ,S 9.327.409 S 7.119.307 S 3.100.749 S 1.000.635 S 3.610 S 11.224.301 � 11.087.203 CITY OF MONTICELLO, MINNESOTA PROPRIETARY FUNDS COHBINING STATEMENT OF CASH FLOWS For The Year Ended December 31, 1991 With Comparative Totals For The Year Ended December 31, 1990 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 governmental units Increase (decrease) in accounts payable Increase (decrease) in accrued expenses Increase (decrease) in due to other funds 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 -55- Statement E-3 Trans- TOTALS Sewer Mater Liquor portation December 31, December 31, Fund Fund Fund Fund 199i 1990 S (282,417) S (143,346) S 212,243 S 4,009 S (209,511) $ (287,211) 341,921 160,679 19,635 522,235 496,817 15,409 10,028 605 26,042 (35,671) (311) (311) (52) (33,536) (33,536) (26,915) 1,235 (67) (347) 821 (1,821) 4,112 1,589 5,701 (3,475) (823) (344) (1,167) (709) (283) 877 (4,888) (4,294) (1,627) (11,763) (409) 273 139 (11,760) (1,751) 633 (306) 5,007 (209) 5,125 13,797 110,000 110,000 (3.289) (1.245) (4.534) 4,184 S 64.735 S 27.456 S 312.964 $ (344) S 404.811 S 155.566 $ (4,535) S (3,682) S (24,812) S (33,029) S 4,749 (1,642) (1,642) 1114.444) (114„444) (138,000) S (4.535) S (3.6821 S (140.898) S (149.115) S (133.251) S (350) S (350) $ 60,200 S 23,774 S 172,066 S (344) $ 255,696 S 21,965 (38.406) 65.193 599,726 (1.432) 625.081 603.116 S 21.794 S 88.967 S 771,792 (1.776) S 880.777 S 625,081 CITY OP HONTICuw, HINNESOTA Statement E-4 SEWER FUND COMPARATIVE BALANCE SHEETS December 31, 1991 and 1990 -56- 1991 1990 ASSETS Current Assets Cash S 21,794 Accounts receivable 126,338 S 141,747 Due from other governmental units 283 Prepaid insurance 3.245 4,480 Total Current Assets S 151.660 S 146,227 Prooerty and Eauioment Land, buildings and improvements $10,062,087 S 9,797,767 Equipment 134.720 113.893 $10,196,807 S 9,911,660 Less, accumulated depreciation (3,227.733) 2.885,811 Total Property and Equipment -net S 6.969,074 S 7,025.849 Other Assets Special assessments receivable - deferred S 8,079 S 12,191 Special assessments receivable - delinquent 1.561 738 Total Other Assets S 9.640 S 12.929 TOTAL ASSETS S 7,130.374 S 7.185.005 LIABILITIES AND EOUITY Current Liabilities Cash deficit S 38,406 Accounts payable S 33 11,796 Accrued expenses 1,394 761 Total Current Liabilities S 1,427 S 50,963 Deferred Revenue 9,640 12.929 Total Liabilities S 11.067 S 63.892 pity Contributed capital s 6,308,345 S 6,365,539 Retained earnings 810.962 755,574 Total Equity S 7.119.307 S 7,121,113 TOTAL LIABILITIES AND EQUITY S 7.130.374 ,S 7.185.005 -56- CITY OF MONTICELLO, MINNESOTA Statement E-5 SEWER FUND COMPARATIVE STATEIO;NTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1991 With Comparative Totals For The Year Ended December 31, 1990 Ooeratinq Expenses Salaries and employee benefits S Telephone Utilities Supplies Gas and oil Repairs and maintenance Travel and conferences Professional fees Insurance Depreciation Miscellaneous Total Operating Expenses S Operating Income (Loss) S Other Revenues (Expenses) Property taxes - rental $ Rental income Interest expense Total Other Revenue (Expenses) S 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 -57- 1991 1990 Actual Actual S 465,462 $ 412,068 6,190 3,955 3,320 2,548 3,031 1,307 1,150 13 S 479.153 S 419.891 35,400 S 39,780 S 33,845 400 240 240 1,900 2,051 2,177 10,650 10,448 9,793 700 596 866 2,350 7,192 22,262 200 35 337,600 344,105 322,097 18,960 17,772 18,104 6,800 341,921 329,595 930 1.065 3.549 415.890 S 765.170 S 742.563 6.200 S (286.017) S (322.672) (11500) S (1,200) S (720) 4,800 4,800 4,295 (5.768) 3.300 S 3.60D S 12.193) 9.500 S (282,417) S (324,865) 755,574 756,464 337.805 323.975 S 810,962 S 755.574 S 6,365,539 $ 6,578,555 280,611 110,959 (337.805) (323.975) S 6.308.345 $ 6.365.539 S 7,119,307 S 7.121.113 1991 Budget Operatinq Revenue Utility user fees S 420,065 Assessment revenue 225 Penalties 800 Inspection fees - improvement projects 1,000 Miscellaneous Total Revenue S 422.090 Ooeratinq Expenses Salaries and employee benefits S Telephone Utilities Supplies Gas and oil Repairs and maintenance Travel and conferences Professional fees Insurance Depreciation Miscellaneous Total Operating Expenses S Operating Income (Loss) S Other Revenues (Expenses) Property taxes - rental $ Rental income Interest expense Total Other Revenue (Expenses) S 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 -57- 1991 1990 Actual Actual S 465,462 $ 412,068 6,190 3,955 3,320 2,548 3,031 1,307 1,150 13 S 479.153 S 419.891 35,400 S 39,780 S 33,845 400 240 240 1,900 2,051 2,177 10,650 10,448 9,793 700 596 866 2,350 7,192 22,262 200 35 337,600 344,105 322,097 18,960 17,772 18,104 6,800 341,921 329,595 930 1.065 3.549 415.890 S 765.170 S 742.563 6.200 S (286.017) S (322.672) (11500) S (1,200) S (720) 4,800 4,800 4,295 (5.768) 3.300 S 3.60D S 12.193) 9.500 S (282,417) S (324,865) 755,574 756,464 337.805 323.975 S 810,962 S 755.574 S 6,365,539 $ 6,578,555 280,611 110,959 (337.805) (323.975) S 6.308.345 $ 6.365.539 S 7,119,307 S 7.121.113 CITY OF HONTICMLO, MINNESOTA Statement C-6 SEWER FUND COMPARATIVE STATEMENTS OF CASH FANS For The Years Ended December 31, 1991 and 1990 Cash and Cash Equivalents at End of Year -58- $ 21.794 $ (38,406) 1991 1990 Cash flows from operating activities, Net income (loss) $ (282,417) $ (324,865) Adjustments to reconcile net income to net cash provided by operating activities, Depreciation 341,921 329,595 Changes in assets and liabilities (Increase) decrease in accounts receivable 15,409 (29,051) (Increase) decrease in prepaid expenses 1,235 (813) (Increase) decrease in special assessments receivable - deferred 4,112 (2,477) (Increase) decrease in special assessments receivable - delinquent (823) (467) (increase) decrease in due from other governmental units (283) 42 Increase (decrease) in accounts payable (11,763) (3,681) Increase (decrease) in accrued expenses 633 (529) Increase (decrease) in deferred revenue (3,289) 2,?44 Net Cash Provided by Operating Activities S 64.735 S (29,302) Cash flows from investing activities, Capital expenditures Equipment S (4.535) Net Cash Provided (Used) in Investing Activities S (4.535) Net increase (decrease) in cash and cash equivalents $ 60,200 S (29,302) Cash and cash equivalents at beginning of year 138,406) (9.104) Cash and Cash Equivalents at End of Year -58- $ 21.794 $ (38,406) CITY OF HQNTICEMD, MINNESOTA Statement E-7 MATER FUND COMPARATIVE BALANCE SHEETS December 31, 1991 and 1990 ASSETS 1991 1990 Current Assets Cash and investments $ 88,967 S 65,193 Accounts receivable 35,242 45,270 Due from other governmental units 149 1,026 Prepaid insurance 2.359 2.283 Total Current Assets S 126.708 S 113,772 Property and Equipment Land, buildings and improvements S 4,593,305 S 4,452,139 Equipment 88,762 45.804 $ 4,682,067 $ 4,497,943 Less, accumulated depreciation (1,690.053) (1,529,374) Total Property and Equipment -net S 2,992,014 S 2,968,569 Other Assets Special assessments receivable - deferred $ 1,225 S 2,814 Special assessments receivable - delinquent 761 417 Total Other Assets S 1.986 S 3,231 TOTAL ASSETS S 3.120.708 S 3,085,572 LIABILITIES AND EQUITY Current Liabilities Accounts payable S 1,650 S 2,059 Accrued expenses 16.323 16.629 Due to other governmental units Total Current Liabilities $ 17,973 S 18,688 Deferred Revenue 1.9§6 3.231 Total Liabilities $ 19.959 S 21,919 Equity Contributed capital S 2,985,279 S 2,961,870 Retained earnings 115.470 101.783 Total Equity S 3,100,749 $ 3.063.653 TOTAL LIABILITIES AND EQUITY eL 3.120,748 $ 3.085.572 -59- CITY OF MONTICELLO, MINNESOTA Statement E-8 WATER FUND COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS -BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1991 With Comparative Totals For The Year Ended December 31, 1990 -60- 1991 1991 1990 Budget Actual Actual Ooerating Revenues Utility user fees S 135,180 $ 131,609 $ 133,398 Penalties 500 1,286 2,012 Inspection fees - improvement projects 1,000 1,028 1,307 Miscellaneous 300 23 391 Special assessment revenue 75 2,752 2,386 Total Operating Revenues ,S 137.055 $ 142.695 S 139,494 Operating Expenses Salaries and employee benefits S 54,850 S 59,987 $ 63,423 Professional services 7,000 3,132 2,857 Insurance 5,850 6,406 5,048 Telephone 900 808 816 Utilities 25,900 34,269 35,124 Supplies 30,100 16,790 26,384 Gas and oil 800 585 896 Repairs and maintenance 2,400 2,186 6,519 Depreciation 3,100 160,679 151,313 Travel and conferences 300 65 306 Miscellaneous 2.§55 6.608 5,257 Total Operating Expenses S 133.755 $ 291.515 S 297,943 Operating Income (Loss) S 3.300 S ,(148,817) S (158.449) Other Revenues (Expenses) Interest income S 4,000 P 5.471 4,802 Total Other Revenues (Expenses) S 4,000 $ 5.471 S 4.802 Net Income (Loss) S 7,300 S (143,346) S (153,647) Retained earnings at beginning of year 101,783 107,027 Depreciation - contributed assets 151.033 148,403 Retained Earnings at End of Year P 115.470 S 101.783 Contributed capital at beginning of year S 2,961,870 $ 2,971,600 Assets contributed during year 180,442 138,673 Depreciation - contributed assets (157,033) (148,403} Contributed Capital at End of Year S 2,985,279 S 2,961,870 RETAINED EARNINGS/CONTRIBUTED CAPITAL AT END OF YEAR S 3,100,749 S 3,063,653 -60- CITY OF HONTICKUJO, MINNESOTA Statement E-9 NATER FUND COMPARATIVE STATEMENT OF CASH FWWS For The Years Ended December 31, 1991 and 1990 Ilk 1991 1990 Cash flows from operating activities. Net income (loss) before transfers S (143,346) S (153,647) Adjustments to reconcile net income to net cash provided by operating activities. Depreciation 160,679 151,313 Changes in assets and liabilities (Increase) decrease in accounts receivable 10,028 18,139) (Increase) decrease in prepaid expenses (67) (810) (Increase) decrease in special assessments receivable - deferred 1,589 (998) (Increase) decrease in special assessments receivable - delinquent (344) (242) (Increase) decrease in due from other governmental units 877 (983) Increase (decrease) in accounts payable (409) (1,756) Increase (decrease) in accrued expenses (306) 10,383 Increase (decrease) in deferred revenue (1.245) 1.240 Net Cash Provided by Operating Activities S 27.456 S 1127) Cash flows from investing activities, Capital expenditures Equipment S (3,682) S 4.749 Net Cash Provided (Used) in Investing Activities S (3.682) ,S 4.749 Cash flows from financing activities. Increase (decrease) in due to other governmental units S (350) Net Cash Provided (Used) in Financing Activities S 1350) Net increase (decrease) in cash and cash equivalents S 23,774 S 4,272 Cash and cash equivalents at beginning of year 65.193 60.921 Cash and Cash Equivalents at End of Year $ 88.967 S 65.193 Ilk CITY OF MONTICELLO, MINNESOTA Statement E-10 LIQUOR FUND COMPARATIVE BALANCE SHEETS December 31, 1991 and 1990 -62- 1991 1990 ASSETS Current Assets Cash and investments $ 771,792 S 599,726 Inventory 191,291 157,755 NSF checks receivable 418 107 Prepaid insurance 4.497 4,150 Total Current Assets S 967.998 S 761,738 Prooertv and Eouioment Land S 6,840 $ 6,840 Building and improvements 196,074 194,432 Parking lot 39,751 39,751 Furniture and fixtures 73.597 64.292 $ 316,262 S 305,315 Less, accumulated depreciation (159.358) (155,230) Total Property and Equipment S 156,904 S 150.085 TOTAL ASSETS S 1,124,902 S 911.823 LIABILITIES AND RETAINED EARNINGS Current Liabilities Accounts payable S 558 S 285 Accrued expenses 13,709 8,702 Due to other funds 110,000 Total Current Liabilities S 124,267 S 8.987 Retained Earnings S 1,000,635 $ 902.836 TOTAL LIABILITIES AND EQUITY S 1.124.902 $ 911.823 -62- clIf of 10111CID,1nIasaTA Sutement 1.11 LIQ001 POID C04PAUTIR SUMSITS Of UTHIB65, 61PBDSBS AID CW;93 31 1ITIIISD IAREIGS Por Tbq tear jo!ed Oemw 31. 1991 for The Year Wed Oe IWI 31. 1990 cost of Grote Perctot cast of Gross Perceat Sales Sales profit to sales sites Sales Profit to Silts Ott Sale Liquor S 382,719 S 2801619 S 102,010 26.67 S 360,989 S 216,193 3 86,799 26.06 line 159,224 91,381 61,131 39.84 150,532 19,626 61,408 40.71 Beer 122.601 661,153 155.349 18.19 70135Z 569.919 134,604 19.10 S 1,364,545 S 1,815,219 S 319,266 23.40 1 1,216,373 S 933,562 S 282,511 23.25 liscellaum imbsadise 67,512 ?9.911 17,650 37.09 13.016 26.025 18,901 12,19 foul Off -Sale 1 1411121Is ,075,211 1 136,916 23.86 p 1,261,389 S 959,531 S 301,502 21.93 Less. freight 5.697 .39 5.752 .I6 Groes Profit S 331,619 23.0 S 296,050 23.11 Ooerati" Itoeases Salaries and employee beatfiu S 106,295 S 96,951 Suppllas 7,901 1,652 Repair$ add sai0teoance 4,664 3,902 Otil ides 10,191 10,314 Telephone 952 110 Professional fees 31000 3,953 Insurance 11,597 15,415 Depreciation 19,535 IS,909 Idvertisldq expense 1,50 1,256 liscel laaeoas 1,966 3.175 Total Operatiog Irpeosee 179.110 12.73 162,395 12.87 Operating Iacor- S 151,67) 10.14 S 133,652 10.60 Other Incor (Imecsel, interest idcar - insesuents 60,749 4.30 S $5,034 4.36 oeposlu and retards (1,3651 Cash over (short) (11 51 1612 Toul S 60 5`1 1.01) i 53303 1.121 Iocose before Operating Transfers S 212,243 10.13 S 197,117 10.18 Operating Transfers out 111 1111 Im.0001 let Income S 97,799 15.03 S 49,IS7 14.11 Retained earaiags at begieaiag of Year 902,636 IS3.679 MAIM WmIGS AT BID Of YEAR 000 6) S 902.116 -63- CITY OF HONTICELLO, MINNESOTA Statement E-12 LIQUOR FUND COMPARATIVE STATEMENTS OF CASH FLOWS For The Years Ended December 31, 1991 and 1990 -64- 1991 1990 Cash flows from operating activities Net income (loss) before transfers S 212,243 S 187,157 Adjustments to reconcile net income to net cash provided by operating activities - Depreciation 19,635 15,909 Changes in assets and liabilities (Increase) decrease in NSF checks (311) (52) (Increase) decrease in inventory (33,536) (26,915) (Increase) decrease in prepaid expenses (347) (198) Increase (decrease) in accounts payable 273 220 Increase (decrease) in accrued expenses 5,007 3,685 Increase (decrease) in due to other funds 110.000 Net Cash Provided by Operating Activities S 312,964 S 179.806 Cash flows from investing activities Capital expenditures Building and improvements S (1,642) Equipment (24,812) Transfers out (114.444) S (138.000) Net Cash Provided (Used) in Investing Activities S (140.898) S (138.000) Net increase (decrease) in cash and cash equivalents S 172,066 S 41,806 Cash and cash equivalents at beginning of year 599.726 557.920 Cash and Cash Equivalents at End of Year S 771.792 S 599.726 -64- CITY OF MDNTICELLD, MINNESOTA Statement E-13 LIQUOR FUND COMPARATIVE STATEMENTS OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1991 Budqet Actual Off Sale Gross Profit Liquor S 84,700 $ 102,080 Nine 51,450 61,837 Beer 143,000 155,349 Miscellaneous 11.100 17.654 Total S 290,250 S 336,916 Less, freight 6.000 5,497 Total Gross Profit $ 284,250 S 331,419 Operatiga Expenses Salaries and employee benefits S 96,950 S 106,295 Supplies 6,900 7,908 Repairs and maintenance 3,700 4,664 Utilities 10,700 10,191 Telephone 800 952 Professional fees 3,000 3,000 Insurance 15,700 17,587 Depreciation 15,500 19,635 Advertising expense 4,500 7,542 Miscellaneous 1,325 1,966 Total Operating Expenses 159,075 179.740 Operating Income $,325,175 S 151,679 Other income (Exvensgs) Interest income - investments S 33,500 S 60,749 Deposits and refunds Cash over (short) (200) 1185) Miscellaneous income 50 Total Other Income (Expenses) S 33.350 S 60,564 INCOME BEFORE OPERATING TRANSFERS S 158,525 LZIL243 -65- CITY OF MONTICELLO, MINNESOTA TRANSPORTATION FUND COMPARATIVE BALANCE SHEETS December 31, 1991 and 1990 ASSETS Current Assets Accounts receivable Due from other governmental units TOTAL ASSETS LIABILITIES AND EOUITY Current pabilities Cash deficit Accounts payable Accrued expenses Total Current Liabilities Retained Earnings TOTAL LIABILITIES AND EQUITY -66- Statement E-14 1991 1990 S 605 S 5.574 686 S 5.574 S 1.291 S 1,776 S 1,432 139 49 258 S 1.964 S 1.650 S 3.610 S {399) $ 5.574 S 1.291 CITY OF MONTICELLO, MINNESOTA Statement E-15 TRANSPORTATION FUND COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1991 With Comparative Totals For The Year Ended December 31, 1990 Operating Revenue Passenger fares Property taxes Total Revenue Operatina Expenses Salaries and employee benefits Supplies Equipment rental Advertising Travel and conferences Miscellaneous Total Operating Expenses Operating Income (Loss) Other Revenues (Expenses) Intergovernmental Miscellaneous Interest income Interest expense Total Other Revenues (Expenses) Net Income (Loss) Retained Earnings at beginning of year Retained Earnings at End of Year 1991 1991 1990 Budoet Actual Actual $ 9,310 S 7,654 S 7,240 19.787 18.133 16.222 S 29.097 S 25.787 $ 23.462 S 12,955 S 8,321 S 7,754 1,299 152 2,162 56,485 57,542 52,653 2,000 522 825 45 66 1.034 300 S 72.739 S 67.616 S 63.760 S (43.642) S (41.829) S (40.298) S 43,642 $ 44,148 S 41,319 1,484 3,100 206 23 S 43.642 S 45.838 S 44.442 S -0- S 4,009 S 4,144 1399) (4.543) S 3.610 S (399) -67- CITY OF MONTICELLO, MINNESOTA Statement E-16 TRANSPORTATION FUND COMPARATIVE STATEMENTS OF CASH FLOWS For The Years Ended December 31, 1991 and 1990 1991 1990 Cash flows from operating activitiest Net income S 4,009 S 4,144 Adjustments to reconcile net income to net cash provided by operating activities - Changes in assets and liabilities (Increase) decrease in accounts receivable 605 (Increase) decrease in due from other governmental units (4,888) Increase (decrease) in accounts payable 139 Increase (decrease) in accrued expenses (209) Net Cash Provided (Used) by Operating Activities S (344) Net increase (decrease) in cash and cash equivalents S (344) Cash and Cash Equivalents at beginning of year (1.432) Cash and Cash Equivalents at End of Year $ (1.776) -68- 1,519 (686) (46) 258 S 5.189 $ 5,189 (6.621) S (1.432) O CITY OF MONTICELLO, MINNESOTA Statement F-1 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For IXI 01 - A TAS INCREMENT FINANCING DISTRICT December 31, 1991 Accounted Original for in Current Amount Budoet Prior Years Year Remaining Sources of Funds, Bond proceeds (loan) S 36,751 S 36,751 Tax increments received 63,759 55,537 $ 8,301 S (79) Real estate sales (Note 1) ¢.Q00 8.000 Total Sources of Funds S 108.510 S 100.288 S 8.301 S (79) Uses of Funds. Land acquisition $ 36,751 S 36,751 Loan payments Principal 36,751 26,750 $ 10,000 S 1 Interest 14,400 15,958 800 (2,358) Administrative costs 3.QOQ 2.411 589 Total Uses of Funds S 90.902 ,S 81.870 S 10.800 S (1.768) District Balance (or Deficiency) S 17.608 18.418 S (2,499) S 1.689 Note I Propertv Description Authoritv's Cost Sale Price E 112 of Lot 7, Blk 3 S 36,751 $ 8,000 Oakwood Ind. Park -69- CITY OF MONTICELLO, MINNESOTA Statement F-2 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For METCALF-LRRSON 02 - A TAX INCREMENT FINANCING DISTRICT December 31, 1991 Accounted Original Amended for in Current Amount Budqet Budqet Prior Years Year Remaininq Sources of Fundst Loan proceeds S 32,000 S 32,000 S 32,000 Bond proceeds 260,000 257,367 S 2,633 Tax increments received 106,725 714,840 80,460 $ 31,858 662,522 Interest on invested funds 4,293 1,187 (5,480) Real estate sales (Note 1) 10,000 68,000 66,000 2,000 Other (Note 2) 3,230 (3,230) Application fee 820 (820) Total Sources of Funds S 148.725 S 1.134.840 S 444.170 S 33.045 S 657,625 Uses of Fundse Land Acquisition $ 33,535 S 271,515 $ 294,058 S (22,543) Site improvements or preparation costs 5,000 21,500 16,582 $ 839 4,079 Bond payments Principal 260,000 260,000 Interest loan payments 350,531 23,440 23,016 304,075 Loan payments Principal 32,000 32,000 10,438 2,344 19,218 Interest 25,172 25,172 15,839 1,941 7,392 Administrative costs 3,083 30,537 30,122 415 Other - relocation 15.00Q 15.000 Total Uses of Funds S 90.790 $ 1.006,255 S 405.479 S 28.140 S 572.636 District Balance (or Deficiency) S 49.935 $ 128.585 S 38,691 S 4.905 S 04.989 Note 1 Prooerty Descriotion 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 35,535 S 10,000 Parcel 0155010-051011 S 1/2 of Lots 1, 2, & 3, Blk 50 Parcel 0155010-051040 E 25 1/2' of Lot 4, & W 5 1/2' Lot 5, Blk 51 Parcel 0155010-051050 Lot 5, Blk 51, exc. W 5 1/2' S 260,523 S 56,000 Nate 2 Payment by developer to guarantee sufficient revenue to meet NRA Debt obligations first year. -70- CITY OF MONTICELLO, MINNESOTA Statement F-3 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For FSI B3 - A TAB INCREMENT FINANCING DISTRICT December 31, 1991 Sources of Funds, Bond proceeds Tax increments received Interest on invested funds Real estate sales (Note 1) Other - UDAG grant Other - application fee Loan repayment Total Sources of Funds Uses of Funds, Land acquisition Bond payments Principal Interest Administrative cost and legal Other - loan to developer Total Uses of Funds District Balance (or Deficiency) Accounted Original for in Budget Prior Years S 155,000 S 155,000 272,000 229,008 11,985 25,000 25,000 243,500 243,500 2,500 235.315 36.664 S 930.815 S 703.657 $ 130,000 S 130,000 155,000 65,000 84,731 72,492 30,000 20,466 235.31q 235.315 S 635.046 S 523.273 Current Amount Year Remaining 5 47,737 S (4,745) 826 (12,811) (2,500) 198.651 S 48.563 S 178.595 S 20,000 $ 70,000 7,412 4,827 9,534 5 27,412 S 84.361 S 295,769 S 180.384 S 21,151 S 94.234 Note 1 Property Descriotion Lot 6, 7, 6 8, Blk 2 Lauring Hillside Terrace -71- Authoritv's Cost Sale Price S 130,000 S 25,000 CITY OF MONTICELLO, MINNESOTA Statement F-4 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For IXI 04 - A TAX INCREMENT FINANCING DISTRICT December 31, 1991 Accounted Original for in Current Amount Budaet Prior Years Year Remaining Sources of Funds, Bond proceeds (loan) S 191,550 S 191,550 Tau increments received 160,000 111,921 S 19,295 S 28,784 Real estate sales (Note 11 417.590 21,051 26.449 Total Sources of Funds S 399,050 S 324.522 S 19.295 S 55,233 Uses of Funds, Land acquisition S 191,550 S 191,672 S (122) Loan payments Principal 191,550 29,550 S 23,000 139,000 Interest 73,000 85,133 12,960 (25,093) Administrative costs 13,000 5,576 7,424 Other - contingency expense 11.000 180 108 10.712 Total Uses of Funds S 480.100 P 312.111 S 36.068 S 131.921 District Balance (or Deficiency) S (81.050) S 12,411 S (16,773) S (76.(88) Note I Property Descriotion Authoritv's Cost Sale Price N 1/2 of Lot 7 6 the N 175'of E 1/2 of Lot 7, Blk 3, Oakwood Ind. Park and Lot 6, Blk 3, Oakwood Ind. Park S 114,150 S 21,051 -72- CITY OF MONTICELLO, MINNESOTA Statement F-5 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For CONST. 5 05 - A TAB INCREMENT FINANCING DISTRICT December 31, 1991 Original Budget Sources of Funds, Bond proceeds S 390,000 Tax increments received 625,000 Interest on invested funds Special assessment income Total Sources of Funds S 1.015.000 Uses of Funds. Installment of public utilities and improvements $ 301,300 Bond payments Principal 390,000 Interest 378,000 Administrative costs 22.790 Total Uses of Funds S 1.092.090 District Balance Accounted for in Current Amount Prior Years Year Remaining S 359,269 S 30,731 148.495 S 66.173 410,332 20,017 1,858 (21,875) 2.288 (2.288) S 530.069 S 68.031 S 416.900 S 359,410 S (58,110) 30,000 S 30,000 330,000 77,759 22,259 277,982 8.162 14.628 S 475.331 S 52.259 S 564.500 (or Deficiency) S (77.090) S 54,738 S 15,772 -73- S(147.600) CITY OF MONTICELLO. KDWESOTA Statement F-6 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For RAINDANCE 46 - A TAX INCREMENT FINANCING DISTRICT December 31, 1991 Accounted Original Amended for in Current Amount Budaet 8udaet Prior Years Year Remaining Sources of Funds, Bond proceeds $ 350,000 S 350,000 S 350,000 Tax increments received 815,250 815,250 163,478 $ Interest on invested funds 14,616 Real estate sdirs (Note 1) 64,150 Other - application fee 2.50Q Total Sources of Funds S 1,165.250 S 1.165.250 S 594.744 S 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 20,000 S Interest payments 395,243 395,243 134,779 Administrative costs 38,150 38,150 31,006 Other - (Describe) Total Uses of Funds $ 1.087.393 S 1.140.393 ; 546.465 S District Balance (or Deficiency) S 77,857 S 24,857 S 48.279 S 53,458 S 598,314 1,523 (16,139) (64,150) (2.500) 54.981 S 515.525 S (3,076) (604) 10,000 320,000 26,676 233,788 7,144 36.676 S 557,252 18.305 S (41,727) Note 1 Prooertv Descriotion Authoritv's Cost Sale Price Lots 1-10, Blk 15 including 20' of Highway right of way easement S 232,076 S 64,150 -74- CITY OF HONTICELLO, MINNESOTA Statement F-7 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For NANCO 47 - A TAX INCREKNT FINANCING DISTRICT December 31, 1991 Accounted Original for in Current Amount Budoet Prior Years Year Remainino Sources of Funds, Bond proceeds S 155,000 S 153,240 S 1,760 Tax increments received 247,200 65,583 S 33,528 148,089 Interest on invested funds 2,035 955 (2,990) Real estate sales (Note 1) 15,000 15,000 Other - application fees 2,500 2,500 Total Sources of Funds S 419.700 S 238,359 S 34,483 S 146,859 Uses of Funds, Land acquisition $ 122,200 S 122,394 S (194) Bond payments Principal 155,000 15,000 15,000 125,000 Interest 90,986 42,086 :1,991 36,909 Administrative costs 27.300 16.8§4 10,446 Total Uses of Funds S 395.486 S 196,334 S 26,991 S 172.161 District dance (or Deficiency) S 24,214 S 42,024 S 7,492 S (25,302) Note I Propertv Description Authoritv's Cost Sale Price Lots 11 6 12, elk 2 Oakwood Ind. Park S 122,394 $ 15,000 1 -75- CITY OF MONTICELLO, MINNESOTA Statement F-8 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For NSP O8 - A TAX INCREMENT FINANCING DISTRICT December 31, 1991 Acccunted Original for in Current Amount Budcet Prior Years Year Remaining Sources of Funds, Loan Proceeds $ 34,000 $ 23,000 $ 11,000 Tax increment, received 40,289 S 7,173 33,116 Real estate sales (Note 1) 1 1 Total Sources of Funds S 74.290 S 23.001 S 7.173 ,S 44,116 Uses of Funds, Land acquisition S 21,200 S 21,200 Public improvements 1,800 1,800 Bond payments Principal 23,000 S 3,000 S 20,000 Interest 11,277 2,395 1,840 7,042 Administrative costs 4.000 2.043 1.957 Total Uses of Funds $ 61.277 S 27.438 S 4.840 S 28,999 District Balance (or Deficiency) ,S 13.013 S (4,437) S 2.333 L__154117 Note I Proverty Description Part of Lot 4, Blk 3 Oakwood Ind. Park -76- Authoritv's Cost Sale Price S 23,000 S i CITY OF HOWICELLO, MINNESOTA Statement F-9 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For TAPPER 09 - A TAH INCREMENT FINANCING DISTRICT December 31, 1991 Accounted Original Amended for in Current Amount Budget Budqat Prior Years Year Remaininq Sourcgs of Funds( Bond proceeds S 125,000 S 140,000 S 139,233 S 767 Tax increments received 216,239 216,239 216,239 Interest on invested funds -0- -0- 295 S 3,019 (3,314) Real estate sales (tide 1) 1 1 1 Total Sources of Funds S 341.240 S 356.240 S 139.529 S 3.019 S 213.692 Uses of Funds, Land Acquisition S 77,500 S 74,000 S 74,000 Site improvements or preparation costs 15,500 S 15,500 Bond payments Principal 125,000 140,000 $ 140,000 Interest loan payments 69,800 74,548 9,292 65,256 Administrative costs 20.000 20.900 20.92$ 174 (273) Total Uses of Funds S 292,300 S 324.948 S 94.998 S 24.966 S 204,984 District Balance (or Deficiency) S 48.940 S 31,292 S 44.531 S (21,947) ,S 8,708 Note 1 Prooertv Description Authoritv's Cost Sale Price Lot 4, Blk 2, Oakwood Industrial Park S 74,000 S 1 -77- CITY OF NONTICELID, NINM:SOTA Statement F-10 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For REt4ELE 410 - A TAR INCRE O NNT FINANCING DISTRICT December 31, 1991 Accounted Original for in Current Amount Budqet Prior Years Year Remaininq Sources of Funds. Bond proceeds S 165,000 S 164,042 S 958 Tax increments received 270,864 270,864 Interest on invested funds -0- 348 (348) Real estate sales (Note 1) 1 1 Total Sources of Funds S 435.865 S 164.391 S -0- S 271,474 Uses of Funds. Land Acquisition S 120,000 S 126,059 $ (6,059) Site improvements or preparation costs 65,000 65,000 Installation of public utilities and improvements 55,000 55,000 Bond payments Principal 165,000 165,000 Interest loan payments 89,694 S 10,950 78,744 Administrative costs 40.000 21,0§3 150 14.787 Total Uses of Funds S 534.694 S 216.122 S 11.100 S 307.472 District Balance (or Deficiency) S (98.829) S (51.731) S (11.100) S (35.998) Note I Propertv Description Authority's Cost Sale Price Lot 6, Block 1, Oakwood Industrial Park and East 33' of Fallon Ave, and part of Sec. 13, Twp 121, Range 25 $ 126,059 S 1 _78- CITY OF MONTICELLO, MINNESOTA Statement F-31 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For HARTIE 011 - A TAS INCREHENf FINANCING DISTRICT December 31, 1991 Accounted Original for in Current Amount Budoet Prior Years Year Remaining Sources of Funds, Bond proceeds S 36.038 Total Sources of Funds S 36.038 S -0- S Uses of Funds, Land Acquisition S 17,500 Administrative costs 3.600 S 3.456 $ Total Uses of Funds S 21.100 S 3,456 S District Balance (or Deficiency) S 14.938 S (3.456) S -79- S 36.038 -0- S 36,038 S 17,500 144 -0- S 17,644 -0- S 18,394 CITY OF MONTICELLO, HIM)MSOTA Statement F-12 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For AROPLAX d12 - A TAX INCREMENT FINANCING DISTRICT December 31, 1991 Accounted Original for in Current Amount Budget Prior Years Year Remaininq Sources of Funds. Bond proceeds S 225,000 Tax increments received 169,127 Interest on invested funds Real estate sales (Note 1) 1 Other - application fee Total Sources of Funds S 394,128 $ Uses of Funds, Land Acquisition $ 90,000 Site improvements or preparation costs Installation of public utilities and improvements 75,000 Bond payments Principal 225,000 Interest payments 145,225 Administrative costs 25,000 Other - (Describe) Total Uses of Funds S 560,225 $ District Balance (or Deficiency) S (166.097) $ -80- S 225,000 169,127 1 -0- S 394,128 S 90,000 75,000 225,000 145,225 S 8,284 16,716 -0- S 8,284 S 551,941 -0- S (8,284) S (157,813) CITY OF MONTICMW, MINNESOTA Statement F-13 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS For MART 01-1 - A TAA INCREHENT FINANCING DISTRICT December 31, 1991 Accounted Original for in Current Amount Budget Prior Years Year Remaining Sources of Funds, Bond proceeds S 560,000 S 554,486 S 5,514 Tax increments received 795,054 795,054 Interest on invested funds -0- 2,136 S 2.865 ___,__(SIMI ) Total Sources of Funds S 1.355,054 S 55o.62� S 2,865 S 795.567 Uses of Funds, Land Acquisition $ 203,000 $ 120,371 S 82,629 Site improvements or preparation costs 4,000 3,662 338 Installation of public utilities and improvements 224,000 331,174 (107,174) Bond payments Principal 560,000 560,000 Interest loan payments 229,042 620 S 38,988 189,434 Administrative costs 40.000 4,0.043 (43) Total Uses of Funds S 1,260,042 S 495,870 S 38.988 S 725,184 District Balance (or Deficiency► S 95,012 S 60.752 S (36.123) S 70,383 Note I Property Descriotion Authority's Cost Sale Price Part of Nit 1/4 of SN 1/4 of Sec. 11, Twp 121, Range 25 S 120,371 S -0- -81- CITY OF MONTICMLO, MINNESOTA COMPUTATION OF LEGAL DEBT MARGIN December 31, 1991 Market valuation Debt limit - 2 percent of market valuation Total indebtedness subject to limitation Lessi deductions allowed by law Agset4 in debt service fl!ndq &vatlehlP for payment of principal $ 2,453,739 Special assessment bonds 4,875,000 Tax increment bonds 1,945,000 Tax increment note 19.219 Total Deductions Total Amount of Debt Applicable to Debt Limit LEGAL DEBT MARGIN -82- S 9,424,219 9.292.958 Schedule 1 $ 404.763.800 S 8,095,276 131.261 $ 7.964.015 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 CITY OF MONTICELLO, MINNESOTA BONDED INDEBTEDNESS - GENEAAL OBLIGATION BONDS December 31, 1991 General Obligation General Obligation General Obligation Library Improvement Series A Sewer Interceptor Bond of 1 81 Fire Nall Bond of 1985 Bond Serieeg 1986A Principal Interest Principal interest Principal Interest $ 40,000 S 1,650 S 50,000 S 51,550 S 55,000 $ 57,398 100,000 45,450 60,000 53,975 110,000 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 Water System Bond Series 1988B Principal Interest $ 50,000 S 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 Principsl Interest S 195,000 S 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 51,005 200,000 37,725 215,000 23,228 105,000 11,950 115.000 4.111 TOTAL S 40,000 S 1.650 S 625,000 S 181.925 S 900,000 S 375.575 S 1.020.000 S 524.101 X5,2,585.000 S 1.083.251 Original Amount Average rate of interest Payment dates $ 255.000 S 860.000 S 1,050,000 S 1,100.000 8.1575% 8.6689% 6.7294% 6.9943% February i February i February i February i February 1 February 1 February i February 1 August 1 August 1 August 1 August 1 -83- (in Of MITIC6314, ATIllSOTA 10IC80 Ii068T ass - 61IIIAl OBL16AI101 SFICIAL ASSISSMI B003 camber 31, 1991 2001 2002 loci 2004 TOTAL 5 iS.COQ 1 2.559 1 210,06 1 12,450 s 93._000 1 III 46 S N.000 I m S_ °$00,000 i_ y Original Aaout 175,000 RaeralObligation OeaeralObligatiea general Obligation 6etealObligation 6eaeralObligation Slit Stitt and Water State and taut Stvetfvattr ad Sum 11provemot lapromect Wits I ftbmuy i ftbrury i 105d of 1975 Baud of 1916 gond of 1977 lead of 1910 loci of 1981 Angost 1 friatipal InterestPic ociyal Istellst Principal Interest Link latertst Principal latereat 1992 8 151000 S 2,SSO S 110,000 8 91100 1 2101000 $ 12,618 S 20,000 S 82S 8 501000 1 31000 1993 300,000 3,050 284,000 tl,Ots 1994 65,000 11,117 197f 65,000 15,230 1996 6s,000 11,658 1997 60,000 8,250 1998 60,000 4,950 7999 60,000 I'm 2000 2001 2002 loci 2004 TOTAL 5 iS.COQ 1 2.559 1 210,06 1 12,450 s 93._000 1 III 46 S N.000 I m S_ °$00,000 i_ y Original Aaout 175,000 S !.300.00031 •110,0001}, 60.040 S 491.094 Average tau of interest 6.111 Slit 5.211 8.24621 11.61611 Payatat dates ftbrury 7 ftbraary 7 Iebrury 1 itbrury t ftbmuy i ftbrury i ftbmrty l ftbmary 1 febtury 7 ftbreary 7 Angaat 1 Angast I AOgatt 1 Angost 1 Aagest 1 w Schedule 3 General Obligation Central Obligation General Obligation General Obligation General Obligation General wigatiaa General Obligation isproteseat Isproreseat Series A Igrotesest Isproeesmt 11proresent Ilproeerct Isproteseat had of 1981 Road o9 1986 Bond Series 1988A Bold series 19593 Road series 19908 Road Serie! 19900 loci of 1991A Total friacipal Interest Priacioal laterest Principal Interest Principal Interest Principal Interest Principal 11terest Prioci al Interest Prioeioal Interest f 20,000 8 6,ISO S 20,000 S 22,970 S 90,000 S 103,198 S 20,000 S 11,113 S $5,000 S 11,270 S 16,300 S 21,116 S 730,000 S 209,250 20,000 1,130 25,000 21,507 901000 91,122 25,000 12,111 S51000 37,913 S 20,000 15,690 S 75,000 15,951 695,000 216,783 20,000 2,689 25,000 19,BSS 95,000 91,119 25,000 11,171 60,000 36,120 20,000 11,160 75,000 2212SS 385,000 211,168 20,000 900 25,000 18,115 100,Ou 11,598 IS,000 9,591 60,000 30,115 20,000 13,215 75,000 18,111 390,000 190,808 25,000 16,310 IOS,000 11,619 15,000 7,998 651000 26,808 25,000 11.736 75.000 11.101 395.000 166.160 30,010 11,375 110,000 10,160 25,000 6,390 IO,000 22,531 23,090 10,196 75,000 10,239 395,000 112,327 30,000 12,170 110,000 61,69S 25,000 1,713 75,000 17,915 25,000 8,571 70,000 6,107 395,000 117,151 15,000 9,119 120,000 SI,S85 30,000 2,910 15,000 13,011 25,000 6,921 10,000 2,061 113,000 90,933 3S,400 7,105 125,000 45,825 30,000 990 10,000 8,000 30,000 5,085 1;0,000 67,005 35,002 1,127 130,000 36,613 80,000 2,690 30,000 3,069 275,000 16,188 19,000 1,510 110,000 26,825 30,003 1,025 210,000 29,793 115,000 16,191 115,000 16,191 ISS.000 5.619 ISS.000 5.619 80 000 Lit 1E0li 25.000IS 19.215ISIS 0001$ 13,31229 30.000 L 10 769 615 Q00 S 235 165 S 210 ,000 3 105.330SS IS.000 8 121.8711 86 , 15.000SS •623.153 170,000 S 381.Oep S 1 629 0c0 N5 000 130 000 S 210 100SS 115.000 1.63761 7.19501 7.25321 6.61181 6.61111 6.75061 5.72651 February 1 FebnuT 1 February 1 hbroary 1 February I febroary I February 1 February I Pebraary I February 1 February 1 Mruary I February I February I August 1 Rapt 1 Roper 1 1up3t 1 lapast 1 137ast I August 1 -85- 1992 1991 I944 1996 1991 1449 1949 2000 2001 2002 2003 2004 NOS 2006 2007 TOTAL critical Aaaut Average rate of taterrat Payaeot Was Girt of lVMMLO, lI[91SO2A NE D ISD89f6=S - 6138AA 011tGAPm1 TAI MAIM DO DS Decubet 31, 1491 Scbtdale General Obligation Otatra3 Obligatiao General Obligation Wets] Obligutoo General Obligation gtatrai Obligation btntral Obiilaticn in laautat Tat I4creaent Tai locrtattt Par iocresett Tai lecumt Tar Wrenn Tu iocrtaent load of 1984 load of 1935 load of 1991A good of 19371 Bond Aeries 19891 gond Series 1990A Pan! Series 1190D Total Prixfoat lattrist PriociPal totereit ltiatipat 1pterest priscipal laterest Priteiaal littrut t r iii Inteteu Principal Interest Principal Iatere t S 20,000 S 5,131 S 10,000 S 25,STS S 10SOO S 20,091 E 15,000 S 10,333 S 51000 S 22,450 E 35,510 S 26,128 1 66,000 S 1091856 25,000 31250 16,000 24,165 31,000 18,449 20,000 6,835 5,606 22,030 S SS,000 33,662 S 30,900 25.611 HIM 116,412 25,000 1,094 15,800 23,950 15,000 95,667 20,000 7,105 5,004 2!,1^± f:,C:3 30,340 30,100 22,944 590,400 122,904 iS.000 22,125 35,000 11,555 20,806 MIS 10,0ce 20,969 65,040 26,494 351000 20,142 1801006 109,329 35,000 23,674 44,000 10,985 25,006 31362 10,000 20,120 70,004 22,260 35,004 17,091 195,400 95,49S iS,000 20,485 43,000 61345 25,000 1,125 10,000 19,16S 74,000 17,833 41,040 13,795 200,000 80,645 20,000 19,015 15,000 51040 15,000 18,130 15,090 13,210 15,000 10,012 200,000 65,521 20,060 17,415 45,000 1,687 18,000 16,936 64,040 81210 65,000 6,003 201,000 50,250 20,000 15,805 15,000 IS,643 85,000 2,805 451000 2,00? 165,096 36,215 25,000 1b9S/ 20,000 14,030 45,400 24,014 25,000 11,891 20,000 12,315 45,000 24,226 30,000 9,615 20,000 10,535 $0,000 20,200 10,000 7,t2S 25,000 1310 55,000 15,735 3S,000 4,410 25,000 5,410 60.000 10,820 35,000 1,470 30,000 31912 65.000 3,452 30.000 1.128 30.000 1.328 L2G.004 S 9,431 320,000 1 240.103- 05.M4 S 93,471 i 125.400 i 36.i1i S 260,0842$ 11,065Sea 6.009 190 846 L --RS ,000lS 11,196 S 1,945,000 S449,171 155400 350 004 365 000it SS, 008 0000S; 60.000 LAS 8.3361% 0.23931 1.14771 9.00471 1.61011 6.S6011 8.99121 Ptbrairy I Ttbrnury 1 f4lraary i Pebruary, I iebuarS I lebroary 1 lebrusry I Ptt try 1 lebrasrl 3 Pttrotry 9 tt::tlrT t Ptbruary 7 Ttbrtary l February I Aagnt i in, It I Aug^at l etgast 1 host i August i Autast I -86- 1992 1993 1994 1995 1996 1997 TOTAL Original Amount Average rate of interest Payment dates CITY OF NONTICELLO, HINNESOTA Schedule 5 INDEBTEDNESS - TAR INCREMENT NOTE December 31, 1991 -87- General Obligation Tax Increment Note of 1983 Principal Interest S 2,555 S 1,729 2,784 1,500 3,035 1,249 3,308 976 3,606 678 3.931 354 S 19.219 S 6.486 S February 1 32.000 9.00% February 1 August 1 i CITY OF HONTICELIA, HINNESOTA Schedule b INDEBTEDNESS - LEASE PURCHASE OBLIGATIONS December 31, 1991 Computer Lease Purchase Principal Interest 1992 S 18,166 S 280 S 10,166 S 280 �. Original Amount L—A ,000 Average rate of interest Y_gt w CITY OF MONTICELLO, MINNESOTA TAX LEVIES TO RETIRE BONDED INDEBTEDNESS December 31, 1991 ✓ �.li'Il General General General General General Obligation Obligation Obligation Obligation Obligation Year of Improvement Improvement Tax Increment Improvement Improvement Levy Collection Bond of 1976 Bond of 1977 Bond of 1984 Bond of 1984 Bond of 1985 1991 1992 S 64,986 S 257,580 S 30,779 S 22,094 S 157,028 �! 1992 1993 14,260 28,547 20,624 158,918 1993 1994 14,115 19,133 159,716 1994 1995 13,969 159,380 1995 1996 8,505 131,618 1996 1997 8,580 l 1997 1998 8,655 1998 1999 1999 2000 T 2000 2001 1 2001 2002 2002 2003 2003 2004 2004 2005 2005 2006 TOTAL S 64.986 S 325.664 S 59,326 S 61.851 S 766,660 -89- J. r r Schedule 7 General General General General General General General General General General Obligation Obligation Obligation Obligation Obligation Obligation Obligation Obligation obligation Obligation Sewer Tax Increment Tax Increment Improvement Water System Improvement Nater System Improvement Mater System Improvement Interceptor Bond Series Bond Series Bond Series Bond Series Bond Series Bond Series Bond Series Bond Series Band of 1986 Bond of 1986 1987A 1987B 1988A 19888 1989A 19898 1990A 19908 3 36,543 S 121,564 S 56,903 $ 31,180 $ 147,366 $ 126,948 S 28,602 S 26,101 S 100,190 35,460 123,034 54,606 29,374 148,484 128,618 28,161 25,160 100,190 34,323 124,053 52,211 27,547 149,246 129,899 32,965 24,207 100,190 33,109 124,672 55,005 30,949 149,655 125,531 32,073 23,240 100,190 37,091 124,882 52,065 28,613 149,709 126,344 31,180 22,260 100,190 35,414 124,672 54,291 143,985 126,743 35,527 21,267 100,190 S 52,095 38,955 124,032 50,794 148,646 126,717 34,173 25,510 100,190 83,183 36,822 128,200 141,196 126,255 32,818 24,138 100,190 84,087 34,651 126,310 145,242 130,597 36,698 79,315 37,689 129,203 148,091 128,864 34,871 144,929 126,712 4 33,033 146,643 129,384 36,446 34,136 37,076 34.28E S 360.057 S 1,250.622 S 375.881 S 147,663 S 1,769.192 $ 1532.612 S 502.047 $ 191.883 S 801.520 ,S 298.680 CQM Year of j&vy_ Collection 1991 1992 1992 1993 1993 1994 1994 1995 1995 1996 1996 1997 1997 1998 1998 1999 1999 2000 2000 2001 2001 2002 2002 2003 2003 2004 2004 2005 2005 2006 TOTAL CITY OF MONTICELLO, HIHNESOTA TAR LEVIES TO RETIRE BONDED INDEBTEDNESS December 31, 1991 1 General General Obligation Obligation Improvement Improvement Bond Series Bond Series 1990C 1990D S 19,600 20,924 20,362 25,040 24,113 S 1,363 23,160 4,898 22,181 907 26,425 25,054 23,668 Schedule 7 (Continued) General Obligation Improvement Bond Series 1991A S 2,097 583 1,875 2,971 3,907 ,S 230.527 S 7,168 S 11.433 -91- Gru irrlf,rvl /Y+Mn 11111 u'Inm v 1111 INn ^, Swl,•1 11— P.*..a nal 11k1µ, 1111 IIv) 25 M. BO.. j -. .tl ar NeeeGUUx a+kl tk mrl'ik., 1}\' S5 k12 2'+4.5N'i PoilttN+, 51\ 55114 (W:-1 `n2 1"4to N+ 11Y`ile�fl/ fhu N+ru !'r1n u.In(+u. IIn,r IMn111714 a. 11:62 14 irm•t llmr j:; i. on 51y+k lin nl, 5i� 55,ke1 12,17m, C7► tiS.til)l'IawsPA. Auditor's Report on Legal Compliance 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, 1991, and have issued our report thereon dated May 7, 1992. We conducted our audit in accordance with generally accepted auditing standards and the provisions of the Minnesota Lecal Comoliance Audit Guide for Local Government, promulgated by the Legal Compliance Task Force pursuant to Minn. Stat. 6.65. Accordingly, the audit included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. The Minnesota Leaal Compliance, Audit Guide for Local r?overnment 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 indicated that, for the items tested, the City of Monticello complied with the material terms and conditions of applicable legal provisions, except as described below. Further, for the items not tested, based on our audit and the procedures referred to above, nothing came to our attention to indicate that the City of Monticello had not complied with such legal provisions except as already noted. The City of Monticello did not have sufficient pledged collateral at several times during the year. Additional collateral was attained subsequent to year end. 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 is a matter of public record. .M��%�►2dCti��NrOrDr.p"ef Gam+. GRVYS BORDEN CARLSON & ASSOCIATES P.A. Certified Public Accountants May 7, 1992